Solaria Energia y Medio Ambiente SA: 1Q26 results – Strong beat on Gravyx & Infra

Research evidence excerpt

Solaria Energia y Medio Ambiente SA: 1Q26 results – Strong beat on Gravyx & Infra

Update

May 18, 2026 11:22 AM GMT

Morgan Stanley Europe S.E., Paris Branch+MSolaria Energia y Medio Ambiente SA | Europe Arthur Sitbon, CFA

Equity Analyst

1Q26 results – Strong beat on Arthur.Sitbon@morganstanley.comMorgan Stanley & Co. International plc+ +33 1 42 90 71-03

Marina Fuentes Juan

Research AssociateGravyx & Infra Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Robert Pulleyn

Reaction to earnings Equity Analyst and Commodity Strategist

Robert.Pulleyn@morganstanley.com +44 20 7425-4388

Strengthens our thesis Meaningful upside Meaningful revision higher Sarah E Lester, CFA

Impact to our thesis Financial results versus consensus Direction of next 12-month Equity Analyst

consensus EPS Sarah.Lester@morganstanley.com +44 20 7425-0551

Source: Company data, Morgan Stanley Research

Solaria Energia y Medio Ambiente SA (SLRS.MC, SLR

SM)

Key Takeaways

Utilities | Spain

We expect a positive reaction from Solaria shares to the group's 1Q26 results. Stock Rating Equal-weight

Industry View Attractive

Solaria reported 1Q26 EBITDA ~60% above expectations, driven by Gravyx Price target €21.00

capital gain and Infra contribution. Shr price, close (May 15, 2026) €23.90

52-Week Range €25.85-6.38

No change to 2026 EBITDA guidance yet, but we think an upgrade later in the Mkt cap, curr (mn) €2,942

Net debt (12/26e) (mn)* €1,861

year is likely (with lower Energy Sales though). EV, curr (mn)* €4,382

Pickup in power production volumes is reassuring too (albeit captured prices are * = GAAP or approximated based on GAAP

very low).

CMD confirmed in 2H26.

1Q26 results significantly above expectations, thanks to Infra & partnerships.