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The Rooftop Revolution FY 2024 Results Presentation May 5, 2025
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2 Forward looking statements This communication contains forward-looking statements related to Holaluz (the “Company”) These data do not represent estimates within the meaning of CommissionDelegatedRegulation(Eu) No. 2019/979 or No. 2019/980. Such forward-looking statementsinclude, but are not limited to, statementsrelated to: the Company’s leadership team and talent development; the Company’s financial and operating guidance and expectations; the Company’s business plan, trajectory and expectations in 2022 and beyond, market leadership, competitive advantages, operational and financial results and metrics (and the assumptions related to the calculation of such metrics); the ongoing, anticipated, or potential impacts of the COVID-19 pandemic and its variants; the Company’s momentum in the company’s business strategies, expectations regarding market share, total addressable market, customer value proposition, market penetration, financing activities, financing capacity, product mix, and ability to manage cash flow and liquidity; the growth of the solar industry; the Company’s ability to manage suppliers, inventory, and workforce; supply chains and regulatory impacts affecting supply chains; factors outside of the Company’s control such as macroeconomic trends, public health emergencies, natural disasters, and the impacts of climate change; the legislative and regulatory environment of the solar industry and the potential impacts of proposed, amended, and newly adopted legislation and regulation on the solar industry and our business; expectationsregardingthe Company’sstorage and energy services businesses,anticipatedemissionsreductionsdue to utilization of the Company’s solar systems; the Company’s ability to derive value from the anticipated benefits of partnerships, new technologies, and pilot programs; expectations regarding the growth of home electrification, electric vehicles, virtual power plants, and distributed energy resources. These statements are not guaranteesof future performance; they reflect the Company’scurrent views with respect to future events and are based on assumptionsand estimatesand are subject to known and unknown risks, uncertaintiesand other factors that may cause actual results, performanceor achievementsto be materiallydifferent from expectations or results projected or implied by forward-looking statements. The risks and uncertainties that could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statementsinclude: the impact of COVID-19 and its variants on the Company’soperations; the Company’s continued ability to manage costs and compete effectively; the availability of additional financing on acceptable terms; worldwide economic conditions,includingslow or negativegrowth rates; rising interest rates; changesin policies and regulations,includingnet meteringand interconnectionlimits or caps and licensing restrictions; the Company’s ability to attract and retain the Company’s solar partners; supply chain risks and associated costs, strategic transactions,or acquisitions,and integratingthose acquisitions; the Company’sleadershipteam and ability to retract and retain key employees; changes in the retail prices of traditional utility generated electricity; the availability of rebates, tax credits and other incentives; the availability of solar panels, batteries, and other components and raw materials; the Company’s business plan and the Company’s ability to effectively manage the Company’s growth and labor constraints; the Company’sability to meet the covenants in the Company’sinvestmentfunds and debt facilities; factors impacting the solar industry generally. All forward-looking statements used herein are based on information available to us as of the date hereof, and we assume no obligation to update publicly these forward-looking statementsfor any reason, except as requiredby law.
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3 Agenda About Us 2024 Review Summary
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4 We are building the largest and mostimpactful green energy community in Europe, unleashing the full potential of electrifying energy demand by scaling distributed Solar and Storage Our commitment to fully decarbonize the world
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5 About us We connect people to green energy through the power of tech and data • Leading the highly critical energy transition, a disrupter and innovator • 14 years as a GreenTech leader in Spain • Connecting green energy producers and customers through our Energy Management technology platform • Leading customer proposition in Solar and Storage installation , best product offering with largest savings for customers in a significantly underpenetrated market • Strong foothold in Energy Management, anchored by our innovative fixed rate subscription - based product: "Tarifa Justa” • Significant growth potential, with Solar installation penetration still < 5% in Spain and a unique and differentiated business model - combining Solar, Storage and Energy Management
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6 Getting vertically integrated into electricity generation through distributed solar and storage and connecting these distributed producers with end customers through our energy management tech platform creates a strong and sustainable competitive advantage in the sourcing cost of electricity for decades. This will allow the company to offer green and affordable electricity through a subscription -based product to millions of people . Business model Distributed, decarbonized, democratized and affordable clean energy thanks to by-passing T&D costs and using the proximity grid instead To From Centralized oligopoly, polluting and with very expensive T&D costs Energy management Tech platform
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7 We are sophisticating the market with our unique value proposition combining the best of Solar and Energy Management What Holaluz can doWhat the average player can do Solar self-consumption installations Distributed Generation installations maximizing rooftop potential to share electricity with neighbouring customers leveraging proximity network and preparing for demand electrification Home Energy System operator integrating PV, batteries, EV chargers and heat pumps in our platform to optimize client's electricity consumption and surplus sharing Virtual Power Plant operator leveraging our installed fleet of batteries to participate in balancing, wholesale and capacity markets Flexible assets (Battery, EV chargers, heat pumps) installations with a very limited interaction with the end user Basic energy management offering a fixed price for surplus electricity Most competitive subscription-based energy management product leveraging the ecosystem of decentralized producers- consumers benefitting from proximity grid regulation to skip T&D costs
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8 Holaluz ecosystem combining distributed Solar PV and Energy Management enables our differentiated business model Transform every sqm of rooftop into green electricity production and storage … buys that electricity from the surplus production generated by its Solar customers with PV installations, whose rooftop potential is completely leveraged … Solar & Storage business Holaluz sells electricity to its Supply customers without solar installations … Energy Management business Connect people to green energy Holaluz technological ecosystem … and then centrally manages its portfolio of Solar customers through the development of a technological platform aimed at optimizing customer’s production/ consumption patterns through communication to smart assets (PV inverters, batteries, EV chargers) A flywheel powered by trust and tech Optimize economic value of entire portfolio
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9 We have the greatest customer value proposition Customer value proposition includes 70%+ guaranteed savings and an end-to-end customer relationship and manage electricity with a #1 ESG 100% renewable energy subscription -based product Savings We provide the maximum savings (70%+) to our customer through rooftop maximization and energy management of storage assets End-to-end customer relationship We manage the end-to-end installation process Energy management is constantly monitored thanks our technological platform and our maintenance product to ensure maximization of customer lifetime value Sustainability We guarantee all our electricity is sourced from 100% renewable origin , both from neighbouring decentralized customers and centralized PPA plants We are the #1 ESG player worldwide in our category Subscription-based We guarantee the savings delivered to our clients after solar and battery installation through a monthly fixed subscription -based invoice (Tarifa Justa), leveraging our heavy use on technology and data to deliver the maximum savings
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10 Agenda About Us 2024 Review Summary
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11 2024 Overview Resilient performance despite industry and economic headwinds Resilient performance Achieved positive normalised EBITDA of 3.5 M € despite industry and economic headwinds Significant efficiencies AI-driven optimization Leveraged AI tools and analytics to drive operational efficiencies, enhance customer experience, and support data -driven decision making across the business Market gains Continued growing presence in marketplace, with an increase in solar contracts under management Ongoing innovation Market leading products and customer proposition with innovative and cost effective ‘Tarifa Justa’ monthly subscription product Decisive action Enhanced leadership team taking decisive actions to mitigate against weaker backdrop and optimise the business
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12 2024 KPIs Financial Brand and ESGOperational 300,000+ Total energy contracts 15,000+ Total solar contracts 3x Battery penetration vs. 2023 *2010 to 2023 (1 MWh equals 0.25 t CO2) 4.1/5 Trustpilot score 40% Women on the team 2.9M+ Tons of CO2e saved* 3,5M€ Normalised EBITDA 38% ↓ YoY Normalised operating costs ~4 CLTV/CAC
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13 Energy Management • The business has generated positive EBITDA of 0.9 M€ and normalized EBITDA of 14.7 M€ in the year, benefiting from the lower customer support demand from customers in the ‘Tarifa Justa’ subscription product. • Despite 34%* decline in revenue, ‘Tarifa Justa’ expanding the gross margin to 21% (19,6% in FY 2023; excluding RtM revenue) with gross profit of 40.9 M€ (62.8 M€ in FY 2023). • Record per customer unit economics, and historically low levels of non-payments with bad debt down 64% to 4.0 M€ (11.1 M€ in FY 2023) in a very robust portfolio. • 20% YoY reduction in Normalized operating costs thanks to ‘Tarifa Justa’ migration and cost reduction policy at all levels (marketing, brand, personnel and OPEX). • Implementation of AI tools to increase efficiencies and maximize savings for customer. *Excluding route to market
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14 Energy Management P&L Key Points • Revenue: Significant decrease in electricity price YoY impacting revenue but not gross profit (2023: av 99 EUR/MWh; 2024: av 73 EUR/MWh (23% reduction)) • Portfolio: Consolidation of a very strong and robust portfolio since the customer migration to highly cost effective ‘Tarifa Justa’ product in Q2 2023; generating relevant savings in bad debts; cost-to-serve and historical low churn levels. • Gross margin: 21% over sales despite very low prices period in Q2’24; excellence in unit economics (Tarifa Justa). • Normalized operating costs: 20% YoY reduction thanks to ‘Tarifa Justa’ migration and cost reduction policy at all levels (marketing, brand, personnel and OPEX). • Significant improvement in unit economics and cost structure optimized are positioning the company in a very strong starting point to execute the Business Plan, reaching positive 0.9M€ of EBITDA in 2024 and 14.7 M€ of Normalized EBITDA. Revenues1 169.6 258.2 -34% Gross profit (M€) 35.5 50.6 -30% Gross margin (% sales) 21.0% 19.6% Normalised Operating costs2 -20.8 -26.0 -20% Normalised EBITDA3 14.7 24.6 -40% EBITDA (Stat. Acccounts) 0.9 -2.5 NM Total number of contracts 300,000+ 325,000+ NM Average market electricity price (€/MWh) 73 99 -23% Solar contracts under management 15,237 14,509 5% 2024 2023 % variation Key P&L figures (€M) KPIs 1.4pp 1. Revenue figures does not include RtM (89,3 M€ FY2024; 331,5M€ FY2023) 2. Normalized operating costs do not include: CAC amortization (12,2M€) and other extraordinary one-off events (0.7 M€) 3. Normalized EBITDA differs from EBITDA in two aspects: (a) it does not include amortization of capitalized CAC investments and (b) it does not include one-off extraordinary effects out of the business as usual. More detail on normalization can be found in our Management Report
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15 Solar and Storage • Normalized EBITDA improved by 45% , from –20.3M€ in FY2023 to –11.3M€ in FY2024 despite a 56% reduction in installations over the same period. • Gross margin expansion from larger system sizes and higher battery penetration. Gross margin per installation increased by 54%, rising from 2,326€ in 2023 to 3,596€ in 2024 and battery attachment rate x3, reaching ~45% by year-end, compared to ~15% in 2023 • Decisive cost optimization and the implementation of AI across key operational processes • Holaluz’s market share ~2%* Market conditions remained challenging due to : • Persistently high interest rates • Lower electricity prices • The phase-out of NEXTGEN subsidies *According to estimations by UNEF and APPA in 2025
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16 Solar P&L Key Points Spanish residential solar market continued its contraction in 2024 due to high-interest rates environment and low energy prices, affecting # of installations executed. However, thanks to a strong focus on i) increasing average installation selling price (mainly through higher battery penetration) ii) cost of sales optimization iii) efficiencies: • Gross Profit: Average selling price of 10,211€ in 2024, +16% vs FY22. COGS decreased by 46% y-o-y, thanks to cost reduction initiatives in procurement, management and installation. Gross Profit per installation 54% higher than 2023 despite installing less solar systems. • Operating costs: 49% improvement YoY. Significant cost optimization achievements such as the diversification of lead acquisition channels and headcount resizing to the level of sales. 1. Impact from layoffs and other one-off items is excluded from normalized operating costs (1.7 m€) Solar systems installed 1,232 2,793 Average selling price € 10,211 8,772 16% CSAT (Solar customers) 8.7 / 10 8.3 / 10 4% KPIs -56% Revenues 12.2 24.9 -51% Gross profit (M€) 5.4 12.2 56% Gross margin (% sales) 44% 49% Total operating costs -16.7 -32.5 -49% Normalised EBITDA1 -11.3 -20.3 -44% EBITDA (Stat. Acccounts) -12.9 -20.3 -36% 2024 2023 Key P&L figures (€m) -5 p.p. Gross Profit / installation (€) 3,592 2,326 54% Battery penetration (%) 45 15 +30 p.p % variation
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17 Consolidated P&L Revenues1 181.8 COGS -140.8 Gross profit 40.9 62.8 Direct Costs -14.7 -40.9 Marketing Brand & CAC -17.1 -22.0 Contribution Margin 9.2 -0.2 Overheads -21.2 -22.6 EBITDA (Stat. Accounts) -12.0 -22.8 D&A & Other Results -14.3 -10.8 EBIT -26.4 -33.6 Financial Result -5.1 -4.0 EBT -31.5 -37.6 Income Tax - Net result -31.5 -27.7 Normalized EBITDA2 3.5 4.3 €M FY24 FY23 283.1 -220.3 10.0 -36% -36% -35% -23% NM -64% -47% -6% 33% -21% 27% -16% 14% - -19% Key Points • Revenue: Group revenue declined by 36% due to the electricity price decline and other headwinds + complex Spanish solar market since 2023. Best unit economics in history in Solar (higher battery penetration) and in Energy Management (successful Tarifa Justa). • Gross Margin: 23% (2024) vs. 22% (2023). Despite complex market in solar and headwinds in energy market, unit economics excelled in both businesses improving margin over sales vs 2023 by 1 pp. • Normalized operating costs: 38% improvement consolidating cost rationalization actions undertaken since Q42022 at all levels (bad debts, cost-to-serve, marketing and brand, tech, personnel, etc.). Thanks to these cost savings, EBITDA improved by 47% vs 2023. • Normalized EBITDA: 3.5 M€. Excellent unit economics, cost optimization and debt restructuring position the company at an optimal level to accomplish the business plan for the coming years. 1. Revenue figures does not include RtM (89.3 M€ FY2024; 331,5M€ FY2023) 2. Normalised EBITDA differs from EBITDA in two aspects: (a) it does not include amortization of capitalized CAC investments and (b) it does not include one-off effects. More detail on normalization can be found in our Management Report % variation
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18 Normalized EBITDA, M€ Audited figures Sustained Positive Normalised EBITDA Performance with Improving Solar Segment 7.0 24.6 9.8 14.7 -12.4 -20.3 -5.9 -11.3 FY 2023 H1 2024 FY 2024 EM H1 2023 -5,4 3,9 3,5 4,3 Solar
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19 Consolidated Balance Sheet (1/2) €M Non-current assets Current assets Total assets 59.3 30.5 0.9 1.6 21.9 4.4 51.0 1.1 27.3 11.1 9.2 2.2 110.3 31.12.24 Tangible assets Long term Fin. Invest. Deferred taxes Long term periodif. Inventories Trade debtors Short term Fin. Invest. Short term periodif. Cash Intangible assets 76.7 34.7 1.6 8.6 22.8 9.0 96.7 4.3 52.7 19.4 12.5 7.9 173.5 31.12.23 Total Assets: 110.3M€ Non-current assets: 59.3M€ • 4.7M€ decrease in Intangible Assets (R&D at minimum). • Long-term financ. invest: 1.6M€: 7M€ reduction coming from the sale of 800 rooftop loans (which generated a 4.1M€ of cash -in) + 0,7M€ reduction in derivatives balances. • Deferred taxes : 21.9M€ (11M€ tax credit). • Long & short term period: 13.6M€, of which 10.1M€ correspond to CAC accruals (according to LTV). Current assets: 51.0M€ • Inventories : 1.1 M€ (100% solar stock). Gas stock sold in August (1.3M€ stock value). • Trade debtors : 27.3M€; 25,4M€ reduction vs 2023: TJ flattens billings (no seasonality) i.e. lower trade debtors balances + low prices environment vs 2023 reduces indexed trade debtor balances + 10M€ VAT debtors balances reduction. • Short term financ. Invest.: 11.1 M€; 8.8M€ reduction in short term derivatives • Cash: 2.2 M€; 5.7 M€ reduction
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20 Consolidated Balance Sheet (2/2) €M Net equity: -17.2M€ • Own funds: -12.8 M€; decrease due to net losses of the year (Net Equity of the Parent Company is 34.4M€). 4.8M€ capital increase registered as a part of the Phase I of the 22M€ Capital Increase transaction with Icosium Investment, SL. • Valuation adjust.: -4.4M€ (75% derivatives MtM) Total Liabilities: 127.5M€ Non-Current liabilities: 20.1M€ • Long & term borrowings: 20.1 M€. Reduction in derivatives by 6.5M€ + long- term debts increase by 4M€ (Pagarés MARF reclass from short to long term) Current liabilities: 107.4M€, 33.6M€ reduction • Short-term debt: 31.2 M€: 32.6M€ reduction in Pagarés MARF (- 17.4M€; 3.5M€ reclass to long term) and 16.6M€ reduction in short term borrowings (financed SEPA, VAT financing) • Accounts payable: 77.1 M€ Net equity -17.2 9.9 Own funds -12.8 14.4 Valuation adjusts. -4.4 -4.5 Non-current liabilities 20.1 22.6 Long-term debt 20.1 22.6 Deferred taxes 0 0 Current liabilities 107.4 141.0 Short-term debt 31.2 63.9 Accounts Payable 76.2 77.1 Total liabilities 127.5 163.6 31.12.24 31.12.23
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21 Net Debt Position €M 31.12.24 Cash at banks -2.2 -7.9 Long-term liabilities with financial entities 20.0 16.0 Short-term liabilities with financial entities 23.3 57.3 NET DEBT 41.1 65.4 31.12.23 NOTE: Long-term debt in BS includes: €16.0M in long-term debts with financial entities + €6.6M in Derivatives = €22.6M Short-term debt in BS includes: €57.3M in debts short-term debts with financial entities + €6.6M in Derivatives = €63.9M Net Debt: 41.1M€ • 24.3 M€ decrease vs 2023: SEPA financing cancelled (11.1M€ balance at 31.12.23) + VAT financing canceled (2M€) + net balance reduction in MARF Promissory Notes by 12.2M€. • Standstill agreement reached in Sept’24 with primary financial creditors, with an initial deadline of 18th Dec’24 (extended until 14th March’25). Commitment to maintain Working Capital instruments under existing terms + grace period on the principal repayment of the loans for the same duration. • Restructuring Plan approved with a majority exceeding the required by applicable legislation the 10th of March (including Loans, Working Capital instruments, MARF Notes and Guarantees). Judicial approval pending + disbursement of the investment committed by Icosium Investment, SL (15,5M€ pending), the Plan will take full effect. The Plan is structured around the full payment of credits (no reductions or discounts).
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22 Holaluz debt capacity evolution, M€ Debt capacity • Significant change in the debt capacity picture after signing the Restructuring Plan with Financial Debtors in March 2025. • VAT financing and SEPA financing cancelled in 2024 and not included in the Restructuring Plan. • 1% debt return in 2025 according to the Restructuring Plan (proportional to all financial debtors), with minimum cash impact and pushing the company towards the accomplishment of the business plan 16.8 13.4 18.2 17.6 2022 19.8 13.1 9.0 17.6 13.1 2023 6.7 8.3 7.0 21.7 6.5 3.53.8 7.0 21.7 2025 6.6 8.2 7.0 21.6 2025 RP* 72.6 72.6 43.7 36.0 43.4 2024 Confirmings OverdraftsBank loans SEPA&VAT FinancingComm. Paper * 2025 RP: according to restructuring plan. There is no additional debt.
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23 Financing update Q1 2025 • Incorporation of a strategic partner, Icosium Investment, SL with a 22 M€ 2-phases investment to strengthen Holaluz’s growth strategy: 6.5 M€ concluded in March 2025 and 15.5 M€ upon a convertible loan to be capitalized after the GSM (23rd April 2024) and not later than the 30th of April. • Standstill agreement reached in Sept’24 with primary financial creditors, with an initial deadline of 18th Dec’24 (extended until 14th March’25). Commitment to maintain Working Capital instruments under existing terms + grace period on the principal repayment of the loans for the same duration. • Restructuring Plan approved the 10th of March with a majority exceeding the required by applicable legislation (including Loans, Working Capital instruments, MARF Notes and Guarantees). With Judicial approval (pending) and the disbursement of the investment committed by Icosium Investment, SL (15,5M€ pending) the Plan will take full effect. The Plan is structured around the full payment of credits (no reductions or discounts).
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24 ESG Milestones 2024 Environment ● The company's carbon emission science-based reduction targets along with the Decarbonization Plan were approved by the Science Based Targets initiative (SBTi) ● First Climate Transition Report published with roadmap to achieve net-zero emissions by 2040. ● Holaluz has avoided 2.9 million tons of CO2e emissions since inception, aligned with 1.5ºC global warning limit Social ● Creating the largest energy community in Europe by connecting people who produce and share green energy locally, transforming rooftops into distributed power sources ● Gender equality commitment promoting women in tech and equal opportunities across teams. ● Customer obsession: average 8,7/10 scoring for Customer Satisfaction after solar installation, >80% first contact resolution (FCR). Governance ● Consolidation of robust policies and procedures, including the Ethical Code, the ESG Policy, and the Regulatory Compliance Program, among others. ● Dedication to protecting and promoting human rights across the entire value chain, with new policy and framework implemented. ● Active and influential player in the energy sector, evident through its participation in associations and forums promoting renewables, contributing to the advancement of Sustainable Development Goals.
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In 2018, Holaluz becam e the first EU energy compa ny to join the B Corp movement. By 2 022 , the company updated its impact assessm ent, achieving a higher score and securing the top positionamong com panies with revenue over 1.5 million in Spain. As a member of the United Nations Glob al Comp act, the company is comm itted to im plementing univers al sustainability princip les across its op erationsand m axim izing its contribution to the SDGs. In January 2 023, Holalu z ranked nº1 worldwide in Sustaina lytics’ ESG Risk Rankingfor in dep end ent power p rod uction a nd traders, achieving thetop- rated recognition within the industry (utilities). Sustainalytics is a leading independent ESG research, ratings, and data firm. EcoVa dis Gold M eda l, awarded for its sustainability perform ance. The company achieved a score of 73/100, positioning it in the top 5 percent of companies globally with the highest scores. 4 out of 5 stars rating on Trus tpilot, a platform for collecting customer reviews. Throughout 2023, Holaluz maintained the highest industry rating with a 'Very Good' rating and 4 stars (4.0 points), based on over 5,400 customer reviews on the platform . Opera tional excellence is achieved through the implementation of certified man agement systems: ISO 9001-certifiedQua lity Mana gement Sys tem within the Custom er Care team scope, ISO 14001-certified Environ mental Manag ement Sys tem in offices and main warehouses, and ISO 14064-certified Greenhouse Gas Emissions In ventory across all three scopes. Algorithmic transparen cy Certificate from Adigita l, demonstrating comm itment to a future of transparent, explainable, and inclusive AI. Confianza On lineis the leading In ternet quality certificate in Spa in, providing recognition for companies that ensure maximum transparency, security, and trust for users when buying and browsing their websites. First Spanish electricity compa nyto obtain the Bab y F riend ly Company certificate, which recognizes com panies that prom otework-life balanceand family-friendly policies. Foundingcompa nyof Conscious Ca pitalismin Spain, a philosophythat acknowledgesthe inherentpotentialfor businessesto contributepositivelyto th e world. Recognitions In 2022, the companyjoinedthe Bus iness Ambitionfor 1.5ºC in itiative, comm ittingto short- and long-term science-basedta rgets. In 2023, it submittedits ta rgets and decarbonizationplan to the Science BasedTargets initiative(SBTi) for validation.
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26 Key Aims for 2025 AI driven Operating costs optimization Targeting further reduction in operating costs at al levels YoY Customer acquisition Further YoY increase in av. installations selling price, and Solar breakeven Product and innovation Develop the first VPP in Spain and continue deploying the 0€ bill for 5 years Tarifa Justa for Solar + Battery customers Margin and profitability Keep leveraging technology to achieve optimal gross margin
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27 Agenda About Us 2024 Review Summary
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28 Summary • Delivered €3.5 million consolidated normalized EBITDA with record profitability per customer despite challenging market conditions • Increased margins through AI-based efficiencies and cost reductions • Secured €22 million strategic investment from Icosium Investment • Successfully implemented a debt restructuring plan with strong financial institution support • Continued industry-leading customer satisfaction with exceptional value Special thanks go to our team, investors, and all our stakeholders as we navigated a challenging 2024 and first months of 2025 The transformation is done, the stage is set. Either we will find a way, or we will make one.
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investors@holaluz.com