Dear customers, shareholders, investors, members of our community, and all members of our extended Visalia family,
In a world that is constantly evolving, I am delighted to introduce Visalia, a company poised to lead in the energy sector, and committed to a sustainable and prosperous future.
2022 marked a transformative time for our company. We have encountered significant challenges in the economic and energy sectors. However, thanks to our team’s dedication and commitment, alongside our strong corporate purpose, as well as our mission, vision, and values, we have successfully navigated these new challenges and progressed towards our strategic and business goals.
In recent years of significant volatility and high uncertainty in the energy sector, exacerbated by the consequences of the recent war in Ukraine, we have successfully continued on our growth trajectory in terms of customer numbers, revenue, and profitability. We have incorporated businesses that add value to Visalia from the outset, enabling us to look to the future with strong prospects.
Visalia concludes 2023 with revenue of €250 million and consolidates its EBITDA at €24.1 million through the integration of the Serosense networks.
By the end of 2024, we will have 110,000 customers for electricity, gas, diesel, fibre, and mobile phone services. Visalia boasts 500 km of electricity and fibre optic networks, positioning it as an independent energy company that is vertically integrated with electricity distribution networks, with the highest number of electricity supplies after the dominant operators. We currently have between 130,000 and 140,000 customers.
With the acquisition of Serosense’s network business, Visalia has raised its EBITDA margin to 9.7% of its revenue. Visalia’s profitability is even greater than the average of other independent operators with their own electricity distribution networks and significantly exceeds that of independent energy companies without networks, which generally report EBITDAS below 6%. This positions Visalia among the most profitable operators in the energy sector.
We are very pleased that these figures confirm the forecasts outlined in the earnings report and demonstrate our financial strength. This enables us to continue making steady progress in the execution of the 2022–2026 Strategic Plan.
I would also like to emphasise our focus on innovation and sustainability, which has been fundamental to our ongoing growth since our inception. At Visalia, we are dedicated to transitioning towards cleaner energy sources and promoting responsible practices across our entire value chain. We believe it is our responsibility not only to satisfy the energy needs of the present but also to ensure a sustainable future for generations to come. We aspire to be a significant player in the transformation our country is experiencing.
In recent years, we have restructured our business model and organisational structure to meet our customers needs, culminating in the appointment in 2023 of Alejandro Tejero-Garcés as Visalia’s new Managing Director. Furthermore, in 2024, aligning with our commitment to adopt best practices in corporate governance, we conducted a review of our Board of Directors. As a company listed on the Alternative Fixed Income Market (MARF), we strive to ensure a robust and transparent leadership structure that aligns with the interests of our investors and stakeholders. An indication of our commitment to best practices is that Clarity AI has awarded us a score of 81 out of 100 in its ESG assessment, ranking us as the highest-rated company among major utilities in Spain and Portugal.
We debuted on the MARF with a €34 million green bond programme rated BB+ with a positive outlook, which is a testament to our commitment to excellence. As of July 2024, Visalia has upgraded its rating to ‘Investment Grade’ following its entry into the distribution and telecommunications networks sector. We have started this 2025 with Clarity AI assisting us in enhancing our sustainability practices for our green bond programme, featuring a customised ESG risk score. None of this would have been possible without the ongoing support of our shareholders and investors, to whom I extend my heartfelt thanks for their trust. And of course, without the hard work and dedication of everyone who is part of this wonderful Visalia family.
Additionally, we acknowledge the significance of our responsibility to society as a whole. At Visalia, we are dedicated to fostering the development of vibrant communities and to being a responsible corporate citizen. Currently, over 2.6 million families in Spain experience energy poverty, meaning that every day, one in five households struggles with this issue. As a result, a person dies from this cause approximately every 74 minutes. In order to reduce these figures, and thanks to our partnership with Fundación Energía Responsable, by January 2025, we have provided a total of 315 personalised consultations for the most vulnerable consumers. Furthermore, we have processed over 229 applications for electricity subsidised rates, prevented 28 power supply cuts, and covered 204 payments on behalf of families facing economic hardship. Initiatives that encourage us to collaborate directly and continue seeking ways to make a positive impact on people’s lives.
I would also like to highlight the 32,000 litres of diesel that were donated in 2024 for emergency relief efforts during the DANA that impacted Valencia. Above all, we are proud to be the first company in the energy sector to establish the Energy Bank, a social programme initiated by Fundación Energía Responsable. This initiative aids in structuring, developing, implementing, and executing tailored Energy Banks for entities within the energy sector, operating in a manner akin to Food Banks that deliver food and supplies to families with limited resources.
As we look to the future, we encounter exhilarating challenges and opportunities arising from the integration of new businesses aimed at maximising commercial synergies. Additionally, we are committed to driving the company’s digital transformation, which is essential for delivering a distinctive value proposition to our customers.
The energy sector is undergoing a period of unprecedented evolution, and we are poised to lead this transformation with vision and determination. Our commitment to innovation, sustainability, and operational excellence will steer us towards fulfilling our corporate purpose and achieving a brighter, more sustainable future. In fact, in 2024, we will launch the first fixed-fee package in history, which combines the energy and telecommunications sectors. An important milestone for our company, which by the middle of that same year had already surpassed 1,000 customers.
On behalf of the entire team at Visalia, I would like to express my gratitude to our investors, shareholders, and customers for their ongoing support and trust. We look forward to continuing our journey together towards a more environmentally sustainable and energy-efficient world. We will continue to promote a new perspective on energy that is accessible to everyone.