Slides
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Focused on Delivery S O L A R I A 2 0 2 5 C A P I T A L M A R K E T S D A Y N o v e m b e r 1 7 , 2 0 2 5
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2 Technology Diversification Country Diversification T H R E E P I L L A R S O F V A L U E C R E A T I O N Increase in ROE 20%+ and Growing via partnership and asset rotation 2025 CMD Presentation Gravyx Data Centers
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A G E N D A 2025 CMD Presentation 3 Delivery 1: New PPAs01 02 03 04 05 06 Delivery 2: BESS Delivery 3: European Expansion Delivery 4: Data Centers 2028 Outlook Q&A
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Delivery 1 New PPAs 2025 CMD Presentation 4 01 02 03 04 05 06 01
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DATA CENTER 2025 CMD Presentation 5 D E L I V E R Y 1 : N E W P P A s Energy Demand is Set to Skyrocket due to Data Centers, Electrification of the economy and Hydrogen Solaria is posicioned as a long-duration supplier into the structural European deficit
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180 MW 10Y Hybrid with our Garoña & Armus PV Plants. 6 D E L I V E R Y 1 : N E W P P A s First Wind PPA No need to build a new infra Very competitive capex and time- to-service Garoña Substation This PPA will help secure renewable electricity for leading green hydrogen player in Spain. 2025 CMD Presentation
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150 MW 10Y Catalonian PV plants 7 D E L I V E R Y 1 : N E W P P A s New 150 MW Solar PPA Reenforcing Solaria as the go-to renewables partner for Spain’s hydrogen champions. 2025 CMD Presentation
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445 MW 15Y 2025 CMD Presentation 8 D E L I V E R Y 1 : N E W P P A s First Data Center PPA This PPA will help secure renewable electricity for a leading data center operator in Spain. O T H E R N E G O T I A T I O N S I N P R O G R E S S
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Delivery 2 BESS 2025 CMD Presentation 9 01 02 03 04 05 06 02
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2025 CMD Presentation 10 Solaria will lead the European BESS landscape, two strategies already under execution D E L I V E R Y 2 : B E S S Hybrid European Strategy Very efficient capex (€70k/MWh) & faster time-to-service Energy arbitrage / capacity payments / ancillary services Vendor financing + PPA/tolling agreements 7 GWh portfolio 17%+ PV+BESS project IRR Standalone European Strategy Efficient Capex (€100k/MWh ) Energy arbitrage / capacity payments /ancillary services Vendor financing + New partnership 14 GWh portfolio in Europe 20%+ BESS project IRR
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11 D E L I V E R Y 2 : S T A N D A L O N E B E S S 2025 CMD Presentation New Company Creation NewCo Gravy x Who is Gravyx? Gravyx is a JV between Solaria and Stoneshield Capital that will install and operate standalone batteries across Europe. Gravyx currently holds a 14 GWh portfolio. How does Gravyx generate revenue? Gravyx will generate revenue through energy arbitrage, capacity payments and ancillary services. How does Gravyx finance its growth? Gravyx will deploy efficient capex funded by Stoneshield Capital. What profitability does Gravyx expect? Gravyx expects 20%+ project.
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2025 CMD Presentation 12 New Partnership to Boost and Finance High-Speed Installation D E L I V E R Y 2 : S T A N D A L O N E B E S S NEW JV 50% Solaria 50% Stoneshield Standalone BESS in Europe €200m initial Firepower NewCo Gravyx
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13 D E L I V E R Y 2 : H Y B R I D B E S S 2025 CMD Presentation First Hybrid BESS connected in Spain 11 MW 44 MWh Castile and León Spain Hybrid BESS Within a 30 MW PV Plant
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D E L I V E R Y 2 : H Y B R I D B E S S 2025 CMD Presentation 14 BESS Co-Location Improves Solar Project Profitability by 30% Model inputs: Capex Solar PV EUR 375,000/MW, BESS EUR 75,000/MWh (BESS replaced at year 13 at 50% capex), Opex PV €12k/year + 2% CPI, Opex BESS, 2,000/MWh. Asset lifetime and depreciation 30Y, Load factor 1915 Hours (single axis tracker), Degradation per year 0.3%, Merchant 100%, Tax 25%. EUR 42 Average PV Price EUR 61 Average BESS Spread Est. 12% Project IRR Est. 17% Project IRR 33 43 51 66 57 73 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 PV Price BESS Spread PV+Bess Spread EUR 68 Average BESS+PV Spread
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Delivery 3 European Expansion 2025 CMD Presentation 15 01 02 03 04 05 06 03
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2025 CMD Presentation 16 We Are Expanding Our Footprint Across Europe D E L I V E R Y 3 : E U R O P E A N E X P A N S I O N PROJECT PORTFOLIO (MW) Spain Portugal Italy Germany UK RoW Total In operation and under construction 3,918 63.3 16.7 - - 23.1 4,021 Of which already in operation 1,825.0 63.3 16.7 - - 23.1 1,928 Under development 2,250 475 2,000 2,200 - - 6,925 With positive EIS 450 424 190 200 - - 1,264 Wind hybridization under development 2,200 154 - - - - 2,354 BESS In operation and under construction 340 - - - - - 340 Of which already in operation 11 - - - - - 11 Under development 1,210 230 2,660 1,000 - - 5,100 With demand connection permit secured 235 - 1,605 50 - - 1,890 POWERED LAND Solutions under development 2,680 30 1,600 1,580 2,550 - 8,440 Of which demand connection permit secured 1,158 15 1,400 200 650 - 3,423
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2025 CMD Presentation 17 We Are Breaking Ground in Germany D E L I V E R Y 3 : E U R O P E A N E X P A N S I O N New Milestone 200 MW PV plants Financing & PPA under negotiation Estimated COD: Q4 2026 NORDLICHT ENERGY SOLAR I & II - 200 MW ✓ Grid connection ✓ Land ✓ EIS RTB: Q1 2026
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2025 CMD Presentation 18 1 GW Environmentally Approved By Year End In Italy D E L I V E R Y 3 : E U R O P E A N E X P A N S I O N New Milestone Positive EIS (VIA) Garaguso project 150 MW Largest PV plant in Basilicata Estimated RTB: Q4 2026Spina Solar will be one of the Biggest PV Plant in Italy and Europe PALERMO SOLAR - 110 MW ✓ Dual Grid connection ✓ Land VIA (EIS). Expected: Q4 2025 Est. RTB: Q4 2026 + 100 MW DC powered-land solution under development GARAGUSO SOLAR - 150 MW ✓ Dual Grid connection ✓ Land ✓ VIA (EIS) Estimated RTB: Q4 2026 + 150 MW DC powered-land solution under development LA SPINA SOLAR - 600 MW ✓ Dual grid connection ✓ Land VIA (EIS). Expected: Q4 2025-Q1 2026 Estimated RTB: Q4 2026 + 150 MW BESS & 400 MW DC powered-land solution under development
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2025 CMD Presentation 19 We Are Moving Faster in Portugal D E L I V E R Y 3 : E U R O P E A N E X P A N S I O N CASAL DA VALEIRA & VALE PEQUENO 424 MW SOLAR PV 154 MW WIND 230 MW BESS ✓ Powered Grid connection ✓ Land ✓ DIA (EIS) obtained in 2024. ✓ Connection agreement with REN signed in Sept. 2023. Pending construction of connection infrastructure by REN (Est. 2027) Estimated RTB 2026-2027 (PV+BESS); 2028 (Wind) VALE DE PEDRA 50 MW ✓ Grid connection ✓ Land DIA (EIS). Expected H2 2026 Estimated RTB H1 2027
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Delivery 4 Data Centers 2025 CMD Presentation 20 01 02 03 04 05 06 04
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2025 CMD Presentation 21 D E L I V E R Y 4 : D A T A C E N T E R S First Data Center Agreement 225 MW Supply of grid access, infrastructure and power This agreement will help provide power and infrastructure for a leading data center operator in Spain.
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EU DC requests EU 2025 Power Demand 2025 CMD Presentation D E L I V E R Y 4 : D A T A C E N T E R S “The biggest bottleneck for AI isn’t money or chips; it’s electricity” - Sam Altman, OpenAI (May 2025) European utilities have received c.280 GW of connection requests from new data centers. Equivalent to c. 90% of EU power demand. 280 GW 320 GW The DC development in the US has had a significant impact on the energy price environment. US PPA prices have doubled in 4 years. 31 42 50 57 61 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 US PPA price evolution (USD) Source: Goldman Sachs Global Investment Research 22
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2025 CMD Presentation 23 D E L I V E R Y 4 : D A T A C E N T E R S Behind the meter solution: Faster Solaria’s “Behind the Meter” Strategy Offering DC Operators connecting their data centers to Solaria’s own infrastructure: (i) secured grid Access, (ii) existing substations, (iii) hybrid connections potential and (iv) BESS integration. Accelerates time-to-power.Solar PV plant Hybrid(1) Data Center Solaria grid National grid $ PPA Fee Energy Supply Price (incl. costs) Wholesale Price Surplus Surplus Solaria’s Strategy Notes: (1) Hybridization project co-locating a 44MW wind plant (25% of PV capacity), and a 2-hour 40MW BESS. (2) €21/MWh cost savings × 70MW Data Center × 24 hrs/day × 365 days/year × 40% electricity self-consumption. (3) €21/MWh cost savings × 70MW Data Center × 24 hrs/day × 365 days/year × 60% electricity self-consumption.
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2025 CMD Presentation 24 D E L I V E R Y 4 : D A T A C E N T E R S Behind the meter solution: And Cheaper This strategy provides various benefits: It improves the overall economics of the data center project as it avoids paying additional costs for sourcing the energy directly from the grid. Solaria’s renewable projects can supply energy directly to the DC projects at attractive PPA terms (self- consumption). Estimated electricity savings for DC PV standalone saving: ~€21/MWh ~€5m/year(2) PV+Hybrid(1) saving: ~€8m/year(3) + PV ~40% Grid ~60% Consumption covered by self-consumption Consumption covered by the grid + 20% PV + Hybrid(1) v Notes: (1) Hybridization project co-locating a 44MW wind plant (25% of PV capacity), and a 2-hour 40MW BESS. (2) €21/MWh cost savings × 70MW Data Center × 24 hrs/day × 365 days/year × 40% electricity self-consumption. (3) €21/MWh cost savings × 70MW Data Center × 24 hrs/day × 365 days/year × 60% electricity self-consumption.
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Unique Value Proposition through Solaria’s Current RES Portfolio Best-in-class Project Development and Deployment Capabilities Sizeable and Geographically diversified Platform c.3GW RES capacity installed by Dec-25 c.100 substations next to Solaria’s assets c.1,000 km of power lines next to Solaria’s assets Land in-house capabilities through Generia, with proven track record in identification and lease negotiation Superior DC permitting capabilities with strong relationships with key stakeholders These capabilities translate into fast project delivery times, among the best in the industry 3.4 GW Secured Power 1.2GW 0.6 GW 0.2 GW1.4 GW 2025 CMD Presentation 25 D E L I V E R Y 4 : D A T A C E N T E R S Sizeable European Powered-Land Platform Data Centers • Leveraging its extensive renewable energy capacity available and experience to sign PPAs, on the back of own infra
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2025 CMD Presentation 26 D E L I V E R Y 4 : D A T A C E N T E R S Building a scalable data center portfolio across Europe 3.4 GW Power Secured for DC in Europe 400 ha Land secured and under negotiation +5.0 GW Power Requested for DC in Europe
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2028 Outlook 2025 CMD Presentation 27 01 02 03 04 05 06 05
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1.3 0.7 0.5 Solar PV BESS Wind 28 €2.5bn Selective Investments 2 0 2 8 O U T L O O K Country capex breakdown ~€2.5bn ~10% Cumulative capex breakdown 2026E-2028E ~41% ~34% ~15% 2025 CMD Presentation
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Today 2025E 2026E 2027E 2028E 2025 CMD Presentation 29 Capacity Will Triple by 2028 2 0 2 8 O U T L O O K Estimated Capacity Evolution 2028 vs. 2025 3 6.9 9.0 4.3 3.0 GW 0.03 GW 0.5 GW 6.3 GW 2.2 GW End 2025 End 2028 x 3 Installed Capacity Evolution (GW) 2.0
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187 231 194 281 411 137 175 110 2024A 9M2025 2026E 2027E 2028E EBITDA EBITDA Energy EBITDA Infrastructure 2025 CMD Presentation 30 EBITDA Will Double by 2028 2 0 2 8 O U T L O O K EBITDA evolution (€M) 250 331 456 521 +28% CAGR 2025-2028 We will beat Our 2025 Target Asset rotation Asset rotation
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2025 CMD Presentation 31 Financing Sources 2 0 2 8 O U T L O O K Operating Cash Flow Asset Rotation and Partnerships Project Finance
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-771 200 125 200 500 Equity needs Gravyx Asset rotation New partnership in Wind Operating Cash Flow 2026-2028 32 2 0 2 8 O U T L O O K 2025 CMD Presentation Our cash generation covers 130% of the equity needs €254m Equity bridge (€m) Room to improve shareholder remuneration
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33 2 0 2 8 O U T L O O K 2025 CMD Presentation Deleveraging while we Grow 1,400 2,5005.6x 4.8x 2,0 2,5 3,0 3,5 4,0 4,5 5,0 5,5 6,0 0 500 1000 1500 2000 2500 3000 End 2025E End 2028E Net Debt Evolution (€m) Net Debt to Ebitda Thanks to strong operating cash flow, we will reduce leverage by 14% during the period
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34 2 0 2 8 O U T L O O K 2025 CMD Presentation Asset rotation & shareholder remuneration to continue increasing our share buyback program up to and beyond the 10% target vs. today position 2.85% Starting Asset Rotation Program to continue improving shareholder remuneration Assets Country MW Technology Status Est. Close Regulated assets Spain 20 SOLAR PV Bank mandate Signed Q1 2026 Yarnel & Natelu Uruguay 22.7 SOLAR PV Bank mandate Signed Q1 2026
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35 2 0 2 8 O U T L O O K 2025 CMD Presentation New Partnerships = Source of equity + Value creation We expect to close new partnerships in the coming quarters that will continue to create value and improve Group financial strength Vehicle Activity Partner Cash inflows Renewable Land ≥ €125m Gravyx Pan-European BESS platform >€200m
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Q&A 2025 CMD Presentation 36 01 02 03 04 05 0606
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D I S C L A I M E R 37 This document has been prepared by SOLARIA ENERGÍA Y MEDIO AMBIENTE, S.A. (“Solaria”) for information purposes only and it does not constitute regulated information or information that has been subject to prior registration or review by the Spanish Securities Market Commission. By attending a meeting where this document is presented, or by reading the slides contained herein, you will be deemed to have: (i) agreed to the following limitations and notifications and made the following undertakings; and (ii) acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of this document. This document includes summarised audited and unaudited information. The financial and operational information, as well as the data on the acquisitions that have been carried out, included in the presentation, originates from the accounting records of Solaria. Such information may in the future be subject to audit, limited review or any other control by an auditor or an independent third party and therefore, this information may be modified or amended in the future. The ordinary shares of Solaria are listed on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges (the “Spanish Stock Exchanges”), and Solaria is therefore required to publish certain business and financial information in accordance with the rules and practices of the Spanish Stock Exchanges and the Spanish Securities Market Commission (the “Exchange Information”), which includes its audited annual financial statements. This information is available, in both the Spanish and English languages, on Solaria’s website (www.solariaenergia.com). Neither this document nor any information contained herein may be reproduced in any form, used or further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this obligation may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal penalties. This document is not an offer for the sale or the solicitation of an offer to subscribe for or buy any securities in the United States or to U.S. persons. The securities of Solaria may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Neither this document nor any copy of it shall be taken, transmitted into, disclosed, diffused, published or distributed in the United States, Canada, Australia or Japan. The distribution of this document in other jurisdictions may also be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restrictions. This document is not a prospectus and does not constitute or form part of, and should not be construed as, any offer, inducement, invitation, solicitation or commitment to purchase, subscribe to, provide, sell or underwrite any securities, services or products or to provide any recommendations for financial, securities, investment or other advice or to take any decision. This document includes, in addition to historical information, forward-looking statements about revenue and earnings of Solaria and about matters such as its industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, capital resources and other financial and operating information. Forward-looking statements include statements concerning plans, objective, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Words such as “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “will”, “may”, “should” and similar expressions identify forward-looking statements. Other forward looking statements can be identified from the context in which they are made. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of Solaria and the environment in which Solaria expects to operate in the future. These forward- looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors, which may be beyond Solaria’s control and which may cause the actual results, performance or achievements of Solaria, or industry results, to be materially different from those expressed or implied by these forward-looking statements. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the document. Many factors could cause the actual results, performance or achievements of Solaria to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. The information in this document has not been independently verified and will not be updated. The information in this document, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. Solaria expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data and any forward-looking statements, contained in this document, and will not publicly release any revisions that may affect the information contained in this document and that may result from any change in its expectations, or any change in events, conditions or circumstances on which any forward-looking statements are based or whichever other events or circumstances arising on or after the date of this document. Market and competitive position data used in this document not attributed to a specific source, if any, are estimates of Solaria and have not been independently verified. While Solaria believes, acting in good faith, that such estimates are reasonable and reliable, they and their underlying methodology and assumptions have not been verified by independent sources for accuracy or completeness and are subject to change. Additionally, certain data in this document has been obtained from third parties. While such data is believed, in good faith, to be reliable for the purposes for which they are used in this document, Solaria expressly disclaims any liability as to the accuracy or completeness of such data. Accordingly, you should not place undue reliance on this information. Certain financial and statistical information contained in this document is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Certain management financial and operating measures included in this document have not been subject to a financial audit nor have been independently verified by a third party. This document discloses neither the risks nor other material issues regarding an investment in the securities of Solaria. The information included in this presentation is subject to, and should be read together with, all publicly available information, including the Exchange Information. However, you should be aware that (i) Solaria’s business and results of operations are dependent on the regulatory environment and (ii) Solaria’s pipeline involves numerous risks and uncertainties. Regulation The development, construction and operation of solar PV parks are highly regulated activities and Solaria conducts its operations in many countries and jurisdictions, which are governed by different laws and regulations. Such laws and regulations require licenses, permits and other approvals to be obtained and maintained in connection with the operation of its activities. The procedures for obtaining such licenses, permits and other approvals vary from country to country, making it onerous and costly to track the requirements of individual localities and comply with the varying standard. In addition, this regulatory framework imposes significant actual, day-to-day compliance burdens, costs and risks on us. In particular, in the countries where Solaria operates, solar PV parks are subject to strict EU (for those located in Spain, Italy and Greece), national, regional and local regulations relating to their operation and expansion (including, among other things, land use rights, regional and local authorizations and permits necessary for the construction and operation of facilities, permits on landscape conservation, noise, hazardous materials or other environmental matters and specific requirements regarding the connection and access to the electric transmission and/or distribution networks). Non- compliance with such regulations could result in the revocation of permits, sanctions, fines or even criminal penalties. Compliance with regulatory requirements may result in substantial costs to Solaria’s operations that may not be recovered. In addition, Solaria cannot predict whether the permits will attract significant opposition (public or otherwise including on account of litigation) or whether the permitting process will be lengthened due to administrative complexities and appeals. Additionally, changes to these laws and requirements or of its interpretation by regulatory authorities and courts or the implementation of new such regulations affecting the solar PV parks in Solaria’s portfolio may result in significant additional expenses and may have a material adverse effect on Solaria’s business, financial condition, results of operations and cash flows to the extent that Solaria cannot comply with such laws. Thus, laws and regulations could be changed to provide for new rate programs that undermine the economic returns for both new and existing solar PV parks in operation by charging additional, non- negotiable fixed or demand charges or other fees or reductions in the number of solar PV projects allowed under net metering policies. These changes may make the development of a solar PV park infeasible or economically disadvantageous and any expenditure Solaria may have made on such solar PV park may be wholly or partially written off. Solaria also faces regulatory risks imposed by various transmission providers and operators, including regional transmission operators and independent system operators, and their corresponding market rules. These regulations may contain provisions that limit access to the transmission grid or allocate scarce transmission capacity in a particular manner, which could materially and adversely affect Solaria’s business, financial condition, results of operations and cash flows. To the extent Solaria enters into new markets in different jurisdictions, Solaria will face different regulatory regimes, business practices, governmental requirements and industry conditions. As a result, Solaria’s prior experiences and knowledge in other jurisdictions may not be relevant, and Solaria may spend substantial resources familiarizing itself with the new environment and conditions. Pipeline Solaria’s current business strategy requires the successful completion of the development and operation of the projects in its portfolio and its plans to further organically grow such portfolio of solar PV parks. As part of Solaria’s growth plan, Solaria may acquire solar PV parks in different development stages. The development of the projects in Solaria’s pipeline involves numerous risks and uncertainties and requires extensive funding, research, planning and due diligence. Solaria may be required to incur significant amounts of capital expenditure for land viability analysis, land and interconnection rights, preliminary engineering, permitting, legal and other expenses before it can determine whether a solar PV park is economically, technologically or otherwise feasible. Difficulties that Solaria may face when executing this development and growth strategy include: • obtaining and maintaining required construction, environmental and other permits, licenses and approvals; securing suitable project sites, necessary rights of way and satisfactory land rights (including land use) in the appropriate locations with capacity on the transmission grid; • unanticipated changes in project plans; • connecting to the power grid on schedule and within budget; • connecting to the power grid if there is insufficient grid capacity; • identifying, attracting and retaining qualified development specialists, technical engineering specialists and other key personnel; • entering into PPAs or other arrangements that are commercially acceptable and adequate to obtain third-party financing therefor; • securing cost-competitive financing on attractive terms; • the availability of solar PV modules and other specialized equipment, increases in their prices and negotiating favourable payment terms with suppliers; • negotiating satisfactory engineering, procurement and construction (“EPC”) agreements; • satisfactorily completing construction on schedule, avoiding defective or late execution by providers and contractors labour, including equipment and materials supply delays, shortages or disruptions, work stoppages or labour disputes; • cost over-runs, due to any one or more of the foregoing factors; • operating and maintaining solar PV parks efficiently to maintain the power output and system performance; and • accurately prioritizing geographic markets for entry, including estimates on addressable market demand. Accordingly, some of the pipeline solar PV projects may not be completed or even proceed to construction and Solaria may not be able to recover any of the amounts invested. All the foregoing shall be taking into account by those persons or entities which have to take decisions or issue opinions relating to the securities issued by Solaria. All such persons or entities are invited to consult all public documents and information of the Company registered within the Spanish Securities Market Commission, including the Exchange Information. 2025 CMD Presentation
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Thank you