Hello everyone, and welcome to the Q1 2021 results of Soltec Power Holdings, and thank you very much for joining us. I am Meritxell Perez, Head of Investor Relations, and with me, as always, are our Chief Executive Officer, Raul Morales, our Chief Financial Officer, José Núñez, and the Chief Executive Officer of Powertis, Pablo Otín. They will guide you through the presentation and afterwards there will be time for Q&A. From now, you can upload your questions to the platform. Now I would like to hand over to Raul Morales. Please, Raul, go ahead. Thank you, Meritxell. Good afternoon, everyone. Now let's just start with the highlights of the period. I am on page number six. We finished Q1 2021 with an all-time high order backlog. Our order backlog reached 306 million EUR, coming from 119 million EUR in full year 2020, and 183 million EUR in Q1 2020. It provides us a good visibility for the full year 2021. Revenues reached 28.4 million EUR, lower than in Q1 2020 due to lower activity levels. As a consequence of the increase in prices of raw materials and solar modules that affected our clients. As a continuation of the trend that we stated during the fourth quarter of the year 2020, as I will explain later on. Regarding our project development division, Powertis has been able to rotate 95 MW in Spain due to the agreement with Total. Additionally, we have partially recognized in our books the impact of the sale of 249 MW to Aquila that took place in December 2020. Powertis reached 6 GW of pipeline as of March 2021. As of today, we have already new projects in Denmark. As Pablo will explain later, during this year, we expect to enter new markets, including U.S.A. and Colombia. Going to further details about the global business environment, we believe the increase in the price of solar panels has contributed to some delays in finalizing certain negotiations and some delays in executing contracts already signed, delaying revenue recognition. There are additional challenges in the supply chain that we began to see in the fourth quarter, and that have created fragile conditions in the supply chain worldwide. Restrictions due to COVID seem to be finishing, even if there are still certain areas very affected. Nevertheless, the perspectives for the whole years worldwide remain very strong in the medium and long term, and our visibility and guidance for the full year remain intact. It is important to understand that our industry has high seasonality during the year, with often a stronger second half. We have taken several actions to provide us with the necessary visibility for the year. We have reinforced our presence in strategic markets, such as the U.S., with further contracts, as through the right positioning of Powertis. Our global diversification is key to avoid risks. As we have stated in several occasions, we pass through steel prices to our clients through different formulas. What we have very clear is that we do not take this risk, and it will not impact our financials. We have reinforced our relation with key suppliers worldwide, improving our ability to produce globally and increasing our manufacturing capacity. As we can see on the screen, we have a track record of 8.6 GW and a global diversified presence, which is key to avoid risks, and also to take advantage of the opportunities that we see in the different markets. LATAM represented 45% of our revenues. Europe, 17%. North America, 27%. Middle East, 8%. Asia Pacific, 3%. Going to the business, we had a Q1 with extraordinary backlog and pipeline. We have been able to close important contracts during the first months of the year. We signed a contract of 852 MW in Brazil for the largest bifacial tracker project in Latin America with Focus Energia. Also in March, we signed a contract with Enel North to supply solar trackers for 359 MW in Brazil. Despite the difficult market conditions, we are demonstrating a strong contract closing capacity. Regarding our pipeline, we have over 25 GW of projects with different probabilities, which accounts EUR 2.6 billion. We have a strong and solid pipeline and backlog, and our vision in the medium and long term for the sector and for the business is very strong. Finally, I would like to remark that second quarter results will be better than first quarter, and second half of the year will be better than the first one. With this, hand over to Pablo Otín. Thanks, Raul. Good morning, afternoon, everyone, and glad to be with you all today. Our team's goal for this 2020, as presented in our year-end call, focus on growth and execution. We aim to double the size of the company in this calendar year, both in terms of megawatts in the pipeline, as well as the number of markets in which we operate, and to increase the megawatts under construction in our initial markets, Brazil, Spain and Italy. Regarding these initial markets, we have managed to fulfill our growth goals by adding one gigawatt in this quarter, and more importantly, by increasing the quality of the pipeline, as we will see in the next slide. On new markets, we are glad to report the start of operations in Denmark, an upcoming market in which Soltec has been quite active in the past, and a market in which agrivoltaic solutions will be particularly important. Powertis is leading the way on agrivoltaic projects, especially in Italy, and Soltec technology is particularly well-suited for these type of solutions. We're making good progress as well in U.S.A. and Colombia. In summary, we are restating our goal of one gigawatt of pipeline in new markets before the end of the year. We are now moving on to slide 13, in which we provide full details on our portfolio. No surprises here, and the numbers we are reporting are in line with projections. In backlog, we have seen a slight increase from the figures reported in Q4 2020 after subtracting the sales in Brazil, with additional projects from Spain moving into backlog. This trend will continue through the year. Advanced stage and early stage perform in line with projections, while not presented here, we have a significant increase in the identified opportunity category. In this quarter, we are in full expansion mode in all markets. The identified opportunity category will grow significantly through the year. Looking at market risk, our portfolio is maintaining a healthy exposure between soft and hard currencies. In this quarter, the mix is 65/35 in favor of hard currencies. We anticipate a similar ratio through the year. On one end, Brazil will overtake Spain as a larger market. On the other, U.S.A. will balance off with new projects. Regarding project sales, we have sold a project to Total in Spain of 95 MW and met certain conditions to recognize half of the sale to Aquila in Italy for circa EUR 6 million. For the year 2021, we maintain our guidance of one gigawatt of project sales, which could be total or partial depending on the market. With that, over to you, José. Thank you, Pablo. Let's have a look now at our Q1 2021 financials. As you can see on slide 15, our consolidated revenues reached EUR 28.4 million, coming from EUR 60.8 million at the end of Q1 2020. Almost 100% of the revenues were generated by Soltec Industrial, which continued to be affected by delays caused by the increase in the price of raw materials and solar PV modules. The fact that our sales recognition suffered delays negatively impacted our financials, but at the same time, clearly improved our backlog as it has already been explained before. Therefore, despite these Q1 results, our expectations remain high due to the good visibility we have and our guidance for the year stance. We're already seeing improvements in revenues in Q2, and we expect to significantly increase our execution in the second half of the year. Consolidated adjusted EBITDA reached - EUR 7.1 million, a decrease compared to the Q1 2020 figure, - EUR 2.4 million, while consolidated net income was - EUR 4.5 million versus EUR 0.3 million at the end of March 2020. If we look now at the two businesses, Soltec Industrial sales were down from EUR 60.9 million- EUR 28.4 million. EBITDA was - EUR 8.6 million, coming from - EUR 1.1 million at the end of Q1, while net income was - EUR 6.7 million compared to - EUR 2.5 million at the end of March 2020. Powertis, on the other side, achieved a positive EBITDA of EUR 2.1 million compared to the Q1 2020 figure, EUR 1 million, and a positive net income of EUR 2.7 million compared to EUR 2.5 million at the end of March 2020, after transferring a new project to Total in Spain, La Cerámica, 95 MW, and being able to partially recognize income from the first Italian project sold to Aquila, around EUR 6 million. On slide 16, we can have a look at the breakdown of our revenues by geography at the end of March 2021. As you can see, 60% of our sales came from Latin America, reinforcing our position in that market, while at the same time, we kept a significant share of our sales coming from Spain and North America, 26% and 11% respectively. On the next Slide 17, we have calculated net financial debt as of March 2021. As you can see, net financial debt was negative, we had a net cash position of EUR 7.3 million at the end of that period, coming from a net financial debt position of EUR 105.6 million at the end of Q1 2020 and a net cash position of EUR 11.5 million at the end of last year. Without further delay, I leave the floor again to Raul to provide the closing remarks. Raul? Thank you, José. For the outlook and guidance for the year, I would like to reinforce our good visibility for 2021. In short, we maintain our guidance. I pass back to Meritxell. Okay, great. Thank you, Raul. We can go now to the Q&A session. Okay. First question is coming from Edward Bottomley from Berenberg. "How do you see revenues developing throughout the year? We know you will grow in 2021, and that Q1 was bad and disruptions remain. How do you see Q2 and H2?" Okay. Thank you, Edward. Basically, as we have explained during the presentation, what we see is that Q2 is going to be better than Q1 2021, and the second half of the year is definitely going to be better than the first half of the year. We see our execution increasing towards the end of the year. Okay. Next question is from Edward Bottomley from Berenberg. "What is your growth scenario in 2021, assuming in terms of disruptions?" I mean, known disruption are already discounted. We've been talking in this presentation and the last one, the result presentation, that we saw that increase in transportation costs, in raw materials, in solar panels. The disruption are already taken into account. We believe that we are sure, we are completely sure, that it's going to be a better scenario for the second quarter and for the second half of the year, much better, as we've been seeing this disruption all this time. We took all kind of measures, and we passed through all the prices of steel and also transportation costs. Only one is, we are positive with it. Okay. Next question are in fact several questions coming from Jorge Guimaraes from JB Capital. I'll take the first one, and then Raul will take the other ones. The first one is, "Is it possible to clarify what do you mean with reiterated guidance? Is it EBITDA for 2021, EBITDA margin for 2021, EBITDA margin for 2021, 2023?" Well, basically, when we talk about the fact that our guidance stands, we're talking about everything. Okay? As we explained during the IPO process and afterwards, in the different presentations we've had, at the end of Q3 and then, for the full year. We explained that, basically, for the purpose of our guidance, we're taking 2019 as our base case. Basically, in 2019, if we're talking about margins, we managed to achieve a 6.22x EBITDA margin for Soltec Industrial. What we're talking about is that we will be building on that particular margin for Soltec Industrial, and from there, we're planning to get closer over the years to 7%, based on the integration with Powertis and obviously the operational leverage that we're going to be achieving. Okay? In terms of sales, basically, we said that we, again, took 2019 as our base year, and we're saying that, essentially, we have two revenue streams. The first one is related to the projects, the trackers that we're selling, and construction services that we're selling to third parties. For that particular stream, what we're saying is that we will basically take the market share we had at the end of 2019, which was 10%, if we do not take into consideration Safe Harbor in the U.S. That 10% will be our market share for the coming years, therefore, we will grow as the market grows. We're considering based on the different studies prepared, and analysis prepared by the consulting firms, that the market will grow between 15%-20% in the coming years. That's the pace that we're assuming we're going to grow. We're keeping, as I said, our market share constant, which is a conservative approach to some degree, and we're growing at the same pace as the market. The second revenue stream is related to the projects developed by Powertis. We're not just selling projects, construction services, and trackers to third parties, but we're also selling projects, and trackers, and construction services to Powertis. For that particular second revenue stream, what we're saying is that about 15% of the amount of megawatts that we're selling for the first stream will be delivered to Powertis, including the full suite of additional services. Absolutely everything, installation, BOP, and EPC services. Okay? Yes. The second, third, and fourth part of the question from Jorge Guimaraes, I'm going to read everything together because all the questions are linked. "The profit warning issued by Array yesterday is a major event for the sector. Array seems to be questioning the ability of companies to pass on the customer higher costs, namely with raw materials and logistics. What is your view about this? Could you see a situation where tracker manufacturers need to accommodate higher costs on lower margins?" Third part, "If companies are not able to pass on costs up to clients, do you fear that Soltec will be in worse situation versus its peers due to its lower margins? Peers with EBITDA margins of 15% can accommodate lower prices, reduce margins, and get contracts. Soltec with margins in the 6%, when normalized, cannot compete with that, and either enter into losses or losses sales. Are you worried about such situation? When do you expect the steel cost to come back? Well, this is very simple. We've been talking all about the same in this result presentation and on the first one, and we've been talking all the time that we pass all the prices, and we lock the prices from our steel supplier at the same time that we sign the contract with our customers. It's a pass-through cost. Margins do not suffer, because it's a fixed margin and a gross margin with a certain cost. If the cost increase, obviously, the sale price increases. That is clear. Margins, they don't have to suffer. The steel prices, it's difficult to forecast what is going to happen. Obviously, we are nearly in all-time highs, that's why now prices are higher than before. Our margins remain the same. It doesn't matter if it's the increase of cost of steel, or transportation cost, or whatever other cost involved in our products. We pass through all the cost to the customer. It cannot be other way. It's not a question if we are going to absorb that increase in our margin because it's a fixed margin that we are on our cost, and it's fixed. Basically, the next question from Eduardo Domecq from Berenberg, "How do you anticipate the return to normal in terms of raw material, shipping, and personal costs through the rest of this year?" This obviously is difficult to know because we are talking about a worldwide disruption. We are seeing increases in prices, not only in steel, also in aluminum, also in copper, in almost in all raw materials. This is obviously linked with the pandemic situation. As far as everything comes to normal, this should be normalized. This is the theory. Obviously, no one knows what is going to happen, but I must say that, in terms of peaks, we believe that we have achieved that peak, or we are very close to that peak, and we are moving very fast to passing those increases to our customers. That is, in theory, we are not going to suffer more increases, or if we have those increases, we are going to pass through them to our customers. Next question is Edward Bottomley. "Berenberg, could you give us more information about Denmark? How relevant is that as a solar market, and what your aim is there? Is this a platform to take on the Nordics and Germany more broadly?" Edward, the Danish market is relatively small. We're talking about a baseline goal of 5.5 GW by 2030, based on the government's goal. We take the effort on that nature. We don't anticipate to build gigawatt of projects over there. While relatively small, a niche market, it's very attractive because of the nature of the products that the country, the buyers, are willing to buy. In this particular case, it's particularly well-suited for Soltec technology. What we've seen in Denmark is basically agrivoltaic facilities in which you need to leave a space for agriculture, for farming. As you know, the 2P, the two-in-portrait trackers from Soltec, are particularly well-suited because we give enough space between rows to basically utilize the land in more than just solar production. It's a relatively small market, but very attractive in terms of prices, margins, and our ability to capture opportunities. Looking at the second part of the question, we're currently just focusing on one market at a time. Right now, the effort is Denmark, the Danish market, and we're not planning to extend that team over the neighboring countries. Okay. Next question is actually a long one. It has several questions within it. It's coming from Flora Trindade from CaixaBank. I'll take the first one, and then Raul will take the second one, and Pablo the last one. The first one is, "What's your outlook guidance for 2021 for Industrial?" Basically what we've mentioned before. We take 2019 as our base case. From there, in terms of EBITDA margins, we're assuming that we'll be able to maintain basically the margins that we had back then in 2019. In that particular case, it was 6.22%, and from there to grow in the coming years to 7%. That's our guidance in terms of EBITDA margins. I've already mentioned about the guidance in terms of sales. Raul will answer the next question on the price of modules. Yeah. The question is about how can we recover the industrial margin, and when is going to normalize the price of steel and solar modules, and what could be the EBITDA margin for this year? Obviously, we don't know, but we believe that we are close to the peak, at least with the solar modules. With the steel, we don't know, but we believe that must be close. Let's see. Again, we are not losing margin for that. We are keeping our margin constant, as we've been telling all these times. We continue with our guidance, and our EBITDA is going to follow in the 5%-7% range, as we've been talking. Again, the price is going to increase or not depending on the cost of the steel. Again, we'll pass through on the costs. The third question is, I am going to translate, "Are Powertis sales already committed affected by these price evolutions? Do you have any way to protect margins versus these changing contracts?" A sort of literal translation. The answer is, the impact is relatively limited. In the case of Spain and Italy, we are able to pass through because of the current structures. We shouldn't forget that the PPA energy prices right now in both markets are in all-time highs. We have a combination that allow us to sort of limit that impact. We could have limited impact in Brazil, because we have a situation right now in which we have committed sales. In this particular case, the impact has been limited by two elements. One element is we are delaying our committed time for delivering power. Basically, we extended the deadline under the PPA. That was action number one. Action number two is that we've seen as well a spike in the inflation. Every revenue contract that we have in Brazil is linked to IPCA, i.e., inflation. In the long run, all this spike in commodities will pass through the inflation, as we've seen. I believe there has been news today and yesterday on that nature worldwide, and we will basically recapture some of the value through the inflation. Question Question from Edward Bottomley, Berenberg. How many more projects do you expect to rotate as part of the Total agreement? Currently, we have two more projects under the agreement with Total, which we're planning to rotate with them. Question from Virginia, Santander. There are several questions. I'm going to take the first one. How much cash inflow do you still have pending recognition from powertis as of sales 2021? On that one, the answer is we still have a cash flow recognition from a project in Brazil, and it's roughly BRL 45 million. Second part of the question is, what are ASP doing in new contracts? How do you deal with the higher transportation costs? Are revenues accelerating in Q2 2021 from what you have seen over the last six weeks? Would you expect EBITDA to move back to positive territory in this quarter? If revenues hold back on further delays, are you worried about your balance sheet situation moving forward and about your fixed cost structure? ASPs obviously are increasing. That is clear, because the costs are increasing, and we are passing through those costs. ASPs, we are selling at higher prices than we were selling just one year ago, just for instance. How are we dealing with the higher transportation costs? Obviously, passing through them and increasing also the final price of the tracker. That's the only way that we have to deal with this. Are revenues accelerating in Q2 2021 from what we have seen over the last six weeks? Yes. Q2 is going to be much stronger than Q1. As we said before, second half will be stronger than first half of the year. Yes, definitely. That is because a situation that doesn't happen with Array Technologies. Because in the rest of the world, the increases in raw materials and transportation, it was noticed the last two quarters, and we've been seeing this now. Most of our customers, they cannot delay more their projects because they have to supply their energy because they have compromises or PPAs to commit. Obviously, the EBITDA will increase, for sure. When, that we will see, but probably next quarter. Revenues, we are not worried because we have the visibility for the whole year, and we have also a very important backlog of more than EUR 300 million at the end of Q1, as we said before. Next question is from Juan Berríos from Securo Capital. Can we get more insights on margins and cost pressures? Basically, as it has already been explained before, when we're talking about increases in the price of raw materials or in case of steel, as Raul has explained before, or the price of other components, it's basically a pass-through to our customers now. I've seen all the questions, probably related to this particular issue, some people are asking, why do you have negative margin at the end of this quarter, or lower margins than last year? It's not because of the projects, it's because of the structure we have. Keep in mind that the sales at the end of Q1 were very low, EUR 28 million. EUR 28 million obviously is not enough to cover our structure cost. This is obviously something that just happened in Q1. We already mentioned that in Q2, we expect higher revenues than Q1, and the visibility that we have for the second half of the year is great. Obviously, this is just a temporary issue that will eventually get corrected, and throughout the year, we will be able to generate a positive EBITDA. Next question from Neeraj Kumar Sinha from NKS Industries. Who do you find your main competitor in 2P on global front? Thanks. Well, depends on the region. In Europe, I would say Ideematec and PV Hardware. In Asia, I would say Arctech. U.S., I would say FTC. Okay. Next question is coming from Francisco Javier Severio from LKS Screen. Oh, sorry. It's Juan Berríos from Securo Capital. If there is a pass-through to clients, why margins are lower than last year? What EBITDA margins should we expect? I guess I just answered a few minutes ago, the first part of the question. The margins that we expect are the ones we mentioned before, between 6 and 7% for the coming years, taking as our base case, the 2019 figures. Okay? Next question from Jorge Guimaraes, from JB Capital. Sorry to insist on the same question. Is it a risk that companies will start to compete on prices and not pass to client 100% of cost increase? The incentive to do so is large. Many thanks once again. Believe me, I do not see that risk because the industry margins are thin, about, as I said, 6%, 7%, 8%, without taking into account what Array said before. That's the customary margin. It doesn't make any sense to reduce those margins. I believe that all competitors are going to pass through those costs. Okay. There are no more questions at the platform at this moment. Thank you very much for your attendance to this webcast. We are all available to answer your questions if you have any further question at investor relations team. Thank you.