Slides
Page 1
Focused on Delivery: Executing the 2028 Roadmap Ahead of Plan From Spanish solar developer to a long - duration, grid - connected power capacity platform serving Europe’s digital and industrial re - armament F Y 2 0 2 5 R E S U L T S P R E S E N T A T I O N F e b r u a r y 26 , 2 0 2 6
Page 2
2 K E Y H I G H L I G H T S 2025 delivery – A record-breaking year Installed capacity +82% YoY to 3.1 GW and first hybrid batteries commissioned Results surpassed guidance: FY25 EBITDA +6% above target Infrastructure services up 76% YoY to €74m Executing the CMD strategic plan First hybrid PPA: 426 MW Solar PV + 600 MWh BESS Second Data Centers agreement signed: 213 MW DC Services and DC PPAs will generate more than €3bn revenues Capital-light growth: Strategic partnerships (DC platform, Generia, Gravyx) Asset Rotation Program Underway Outlook High visibility on 2026 EBITDA target of €331m On track to deliver the 2028 plan presented at CMD FY 2025 Results Presentation
Page 3
FY 2025 Results Presentation 3 F Y 2 5 - D E L I V E R Y A N D O U T P E R F O R M A N C E Installed capacity almost doubled to 3.1 GW, delivering the 2025 baseline of our CMD plan +1.4 2024E BESS Addition Solar Addition FY 2025 Results CASTILE AND LEÓN 1 11 MW/44 MWh CASTILE AND LEÓN 2 18 MW/72 MWh Evolution of the capacity in operation (GW) +82% 1.7 GAROÑA 710 MW CATALUÑA 200 MW PERALVECHE 150 MW AQUARII 130 MW SCORPIUS 85 MW CENTAURUS 55 MW TUCANA 45 MW 3.1 + 0.03 +1.4 GW Capacity addition First Hybrid Batteries Installed in Spain Heavy and hard-to- replicate asset base, creating strong entry barriers: Permitting, Land, Grid connection rights, Local acceptance…
Page 4
FY 2025 Results Presentation 4 F Y 2 5 - D E L I V E R Y A N D O U T P E R F O R M A N C E Disciplined, Demand-Driven Growth 1 0.3 FY2025 results Solar PV under construction BESS under construction Capacity in operation and under construction 3.1 VILLAVICIOSA 515 MW OLIVA 175 MW MANTIA 150 MW CIRCINUS & MENSA 120 MW MARTE & PALACIOS 22 MW HYBRID BESS SPAIN 4.4 BESS SOLAR PV Portfolio status (GW) SOLAR PV Selective growth driven by customer demand Solar PV: Progressive commissioning in 2026 and 2027 BESS: Commissioning in 2026
Page 5
FY 2025 Results Presentation 5 Delivering Ahead of 2028 Roadmap – Scaling Infrastructure Revenue Stream F Y 2 5 - D E L I V E R Y A N D O U T P E R F O R M A N C E FY 2025 FY 2024 % chg. Production (GWh) 2,434 2,543 -4% Sales (€m) 197.4 176.9 +12% Energy 123.3 134.9 -9% Infrastructure services 74.1 42.0 +76% 53.0 50.7 FY 2024 FY 2025 Average selling price (€/MWh) 75% 25% Contracted/Merchant LT Contracted Merchant Production Production decreased by 4% to 2,434 GWh mainly due to lower solar radiation and prices, but offset partially by the commissioning of new assets. Sales + 12% In 2025, Sales rose from €176.9m to €197.4m thanks to higher infrastructure services up 76%.
Page 6
FY 2025 Results Presentation 6 Results Surpassed Guidance – FY25 EBITDA +6% above target F Y 2 5 - D E L I V E R Y A N D O U T P E R F O R M A N C E FY 2025 FY 2024 % chg. EBITDA (€m) 266.1 201.3 +32% EBIT (€m) 217.7 157.6 +38% Net Profit (€m) 137.4 88.6 +55% Beating guidance FY25 EBITDA of €266.1m exceeds the 2025 CMD target/guidance by 6%. Net profit Net profit increased by 55%, reflecting the company’s robust cash generation.
Page 7
7 Sound financial position to fund the 2026–2028 plan, with Capital Discipline at the Core F Y 2 5 - D E L I V E R Y A N D O U T P E R F O R M A N C E FY 2025 Results Presentation 1. Excluding derivative financial instruments
Page 8
8 Three pillars of Value Creation F O C U S E D O N C M D D E L I V E R Y Technology diversification Country diversification Increase in ROE 20%+ and growing via partnerships and asset rotation FY 2025 Results Presentation
Page 9
Execution Committed at CMD Delivered since CMD + next milestones PPAs 775 MW PPAs signed with H2 & DC players Other negotiations in progress First Hybrid PPA signed 426 MW Solar PV + 600 MWh BESS BESS 11 MW/44 MWh First hybrid BESS connected New Gravyx Platform 18 MW/72MWh Second hybrid BESS connected EUROPE Italy: Garaguso Solar 150 MW EIS Germany 200MW RTB in Q1 2026 Italy: New 80 MW EIS received in Sicily Germany: On track to be RTB on Q1 2026 >Next milestones 600 MW EIS La Spina Solar in Italy DATA CENTERS First DC deal. 225 MW Second DC deal. 213 MW Ongoing negotiations on 500 MW 9 CMD Execution Scorecard (Nov-25 → Feb-26) F O C U S E D O N C M D D E L I V E R Y FY 2025 Results Presentation
Page 10
10 PPA - First Hybrid PPA signed F O C U S E D O N C M D D E L I V E R Y Long-term renewable supply under self-consumption PPA 426 MW 40 years - 15y at a fixed price Long-term BESS supply to deliver more energy to DC beyond solar hours 600 MWh 10 years FY 2025 Results Presentation
Page 11
1.1GW Solar 1.7GWh BESS 10 years 7 Tier 1 players Attractive price Germany and Spain 11 PPA – 1 GWh Hybrid PPA under negotiation Revenue Upside Premium PPA pricing vs. standalone solar Risk Mitigation Enhanced revenue predictability More dispatchable generation profile Stronger Bankability Long-term contracted cash flows Better lender comfort due to predictable output Alignment with evolving grid regulations F O C U S E D O N C M D D E L I V E R Y FY 2025 Results Presentation
Page 12
12 PPA - A European PPA Champion with Long-Term Cash flow Visibility 2019 tender European utility European utility F O C U S E D O N C M D D E L I V E R Y PPA portfolio of 2.5 GW provides long-term cash flow visibility and underpins the CMD de-risking strategy FY 2025 Results Presentation
Page 13
13 Data centers - Second agreement signed F O C U S E D O N C M D D E L I V E R Y Agreement signed for the supply of grid access and infrastructure 213 MW FY 2025 Results Presentation Data centers - Second agreement signed 213 MW Supply of grid access, infrastructure and power This agreement will help provide power and infrastructure for a leading data center operator in Spain.
Page 14
14 Data centers - Leading grid-connection and behind-the- meter solutions for data centers in Europe These agreements are expected to generate significant cash inflows and long-term visibility F O C U S E D O N C M D D E L I V E R Y Feb 2026 Nov 2025 More to come Merlin 1 225 MW Supply of grid access and infrastructure + 445 MW/40y PPA Merlin 2 213 MW Supply of grid access and infrastructure + 426 MW/40y Solar and 600 MWh /10y BESS PPAs Tier 1 players 500 MW Supply of grid access and infrastructure + 1,000MW/40y PPA FY 2025 Results Presentation
Page 15
15 Data centers - DC Services Will Generate €0.7bn in Revenues 70 110 165 110 210 137 175 110 2026E 2027E 2028E 2029E 2030E DC Services Revenues EBITDA Infrastructure Services target DC Powered Services Revenues (€M) Spain 1 GW €0.7bn 5Y F O C U S E D O N C M D D E L I V E R Y Spanish DC revenues cover 80% of our infrastructure services targets Exceptional EBITDA conversion from revenues FY 2025 Results Presentation
Page 16
16 Data centers - DC PPAs are expected to generate €3bn in Revenues Long-term revenues secured under a 40- year power purchase agreements (PPA) High EBITDA conversion from revenues 40Y contracts €3bn revenues during this period >€1bn free cash flow Spain 2 GW €3bn 40Y F O C U S E D O N C M D D E L I V E R Y FY 2025 Results Presentation
Page 17
17 Capital-light growth - Driving durable returns through strategic partnerships, capital-light and ROE accretive F O C U S E D O N C M D D E L I V E R Y Platform Activity Partner Cash inflows Pan-European Data Centers Platform More to come ≥ €0.7bn Pan-European Renewable Land Platform ≥ €125m Gravyx Pan-European BESS platform > €200m Create long-term value Reinforcing Financial Discipline Risk Diversification Partnerships + asset rotation are key levers to deliver 20%+ ROE as per CMD FY 2025 Results Presentation
Page 18
18 F O C U S E D O N C M D D E L I V E R Y European Expansion will be a key growth driver and a major derisking lever 2028 targets by country and technology (MW) Portugal Italy Germany 544 vs. 63.3 today 1,000 vs.16.7 today 600 154 - - 230 1,260 100 Main projects status Casal da Valeira & Vale Pequeno 800MW Hybrid Project. RTB secured. Discussion with Portugal and REN to accelerate construction of connection infrastructure (Est. 2027) Palermo Solar 81 MW EIS approval for 81 MW + New request to hybrid with 100 MW BESS La Spina Solar 750 MW Hybrid project Pending EIS . Expected Q2-Q3 Norlicht Energy I & II 200 MW. Est. RTB Q1 2026 PPA and financing preliminary discussions FY 2025 Results Presentation
Page 19
19 O U T L O O K From Renewable Equity to Strategic Energy Infrastructure Positioned for the AI Power Supercycle FY 2025 Results Presentation Scarce & Heavy Assets • Grid-connected installed capacity • Secured land and permitting rights • Infrastructure not replicable in the short and medium term System Relevance & European Alignment • Expanding in storage and grid balancing • Anchor in AI-driven power scarcity • Fully aligned with European strategic autonomy Long-Cycle Contracted Platform • 40-year PPAs with data centers and strategic consumers • Increasing share of contracted, infrastructure-grade revenues • Long-duration tangible asset base
Page 20
20 O U T L O O K High Visibility on 2026 EBITDA in line with CMD Higher Installed capacity Data Centers services payments Hybrid BESS + Gravyx Transaction Asset rotation on track High visibility on 2026 EBITDA target of €331m Full commitment to continue the share buyback program at the highly attractive current valuation Up to 10% vs. today position 4% FY 2025 Results Presentation ≈
Page 21
21 O U T L O O K New Capital Markets Day 2026 Breaking Borders Scaling faster FY 2025 Results Presentation
Page 22
Appendix FY 2025 Results Presentation 22 22
Page 23
FY 2025 RESULTS Data Center Portfolio FY 2025 Results Presentation 23 30 MW 1.4 GW 0.6 GW 1.2 GW ~3.4GW Power Secured 0.2 GW Veneto I 157 MW Lombardia II 400 MW Puertollano 40 MW Madrid 593 MW 525 MW Swansea 200 MW North Cluster Trajouce 15 MW Cascais da Marmeleira 15 MW Lombardia I 200 MW Bari 400 MW Leipzig 200 MW Blyth 200 MW Newcastle 250 MW Lazio 200 MW
Page 24
FY 2025 RESULTS Solaria Data Center Behind-the-meter solution FY 2025 Results Presentation 24
Page 25
FY 2025 RESULTS FY 2025 FY 2024 % chg. Capacity (MW) 2,352.0 1,658 +42% Spain 2,248.9 1,555 +45% Portugal and Greece 63.7 63.7 - Uruguay 22.7 22.7 - Italy 16.7 16.7 - Production (GWh) 2,434.0 2,543.0 -4% Spain 2,297.9 2,395.6 -4% Portugal and Greece 85.0 98.0 -13% Uruguay 32.0 29.3 9% Italy 19.1 20.1 -5% Operating data FY 2025 Results Presentation 25 FY 2025 FY 2024 % chg. Energy Sales (EUR M) 123.3 134.9 -9% Spain 109.4 116.3 -6% Portugal and Greece 2.2 3.1 -29% Uruguay 3.7 3.4 +8% Italy 8.0 12.1 -34% Average price (EUR/MWh) 50.7 53.0 -4% Spain 47.4 48.5 -2% Portugal and Greece 28.2 31.6 -11% Uruguay 115.6 116.0 - Italy 454.5 602.0 -24%
Page 26
FY 2025 RESULTS 26 Income Statement FY 2025 Results Presentation (EUR M) FY 2025 FY 2024 Relative change (%) Net sales 197.4 176.9 12 Other income 105.5 33.5 215 Other results - 28.9 - Equity method profit 0.5 - - Total revenues 303.4 239.3 27 Personnel expenses (21.3) (21.2) 0 Operating expenses (16.1) (17.0) -5 EBITDA 266.1 201.3 32 Amortisation (48.4) (43.7) 11 EBIT 217.7 157.6 38 Financial Income/Loss (47.6) (37.5) 27 Profit before tax 170.1 120.1 42 Tax (32.7) (31.5) 4 NET PROFIT 137.4 88.6 55
Page 27
FY 2025 RESULTS 27 Balance Sheet FY 2025 Results Presentation Assets (Eur M) FY 2025 FY 2024 Relative change (%) Non-current assets 2,239.4 1,806.9 24 Intangible assets 0.3 0.3 - Surface rights 186.6 144.1 29 Tangible fixed assets 1,837.7 1,528.0 20 Other non-current financial assets 75.7 87.5 -13 Investments accounted for using the equity method 96.5 - - Deferred tax assets 42.5 47.0 -10 Current assets 204.1 161.8 26 Non-current assets held for sale 28.9 28.9 - Trade and other receivables 89.3 70.5 27 Other current assets (derivatives) 12.5 7.9 58 Cash and other equivalent assets 73.3 54.3 35 Total Assets 2,443.5 1,968.6 24 Liabilities (Eur M) FY 2025 FY 2024 Relative change (%) Equity 709.4 617.8 15 Capital and share premium 310.9 310.9 - Reserves 260.6 167.1 56 Non-controlling interest 5.2 4.0 30 Profit for the year 137.4 88.6 55 Treasury shares -50.0 - - Value adjustments 45.3 47.2 -4 Non-current liabilities 1,339.7 1,057.5 27 Capital grants 5.1 - - Obligations and long-term bonds 111.0 109.1 2 Financial liabilities with credit institutions 969.4 747.0 30 Financial lease creditors 176.9 138.7 28 Derivative financial instruments 17.2 23.1 -26 Deferred tax liability 60.1 39.7 51 Current liabilities 394.4 293.3 34 Obligations and short-term bonds 149.8 79.2 89 Financial liabilities with credit institutions 84.6 56.7 49 Financial lease creditors 17.0 16.8 1 Derivative financial instruments 0.7 1.3 -46 Commercial creditors and other accounts payable 142.3 139.3 2 Total Equity and Liabilities 2,443.5 1,968.6 24
Page 28
D I S C L A I M E R 28 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, objectives, 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 taken 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.
Page 29
Thank you