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power grid towers Greening 2025 results

GREENING RETURNS TO POSITIVE EBITDA AND INCREASES REVENUE BY 18% IN 2025

  • The positive performance of the international business has driven revenue to €154 million, while the company’s EBITDA reached €6.7 million in 2025.
  • The financial discipline implemented by the company has resulted in a 19% improvement in structural cost efficiency.
  • This year, Greening has launched a new strategic plan, New Greening, aimed at evolving into an integrated energy platform with more recurring revenue, improved cash visibility, and a solid structure for sustainable growth.

Madrid, April 30, 2026

Greening has announced its 2025 results, a period in which it achieved double-digit revenue growth in a challenging environment, driven by strategic decisions focused on improving group efficiency. Specifically, the company increased its sales by 18%, reaching approximately €154 million.

These results correspond to a previous stage, prior to the current transformation phase initiated this year under the new Greening strategy, supported by its 2026–2030 Strategic Plan and the renewal of its executive team following the appointment of Pablo Otín and Felipe García Agustín as CEO and CFO, respectively.

EBITDA returned to positive territory, reaching €6.7 million, representing an operational improvement of more than €9.4 million and reflecting a shift in the group’s profitability trend. These figures highlight the company’s financial discipline policy, which has led to a 19% improvement in structural cost efficiency and a 13% reduction in other operating expenses.

At the same time, the company’s investment efforts in already-built generation assets in Spain and Mexico, which are expected to contribute recurrently to EBITDA in the coming years, along with the exit from unprofitable markets such as France and Germany and the closure of its hydraulic infrastructure business unit, demonstrate the execution of a strategy focused on optimization and higher-value assets. In this context, net losses totaled €11 million in 2025, compared to €13.2 million the previous year, reflecting the temporary impact of this investment cycle, the reorganization process, the divestment of non-strategic activities and markets, and other non-cash impairments.

Portfolio evolution and commercial activity

The company closed the year with a global project pipeline of 10.7 GW at different stages of development across Europe and North America. Approximately 4.9 GW correspond to photovoltaic plants, while around 5.6 GW relate to battery storage systems.

Additionally, the energy retail business reached 150 GWh in 2025, reinforcing revenue diversification and the group’s vertical integration, with a model that reduces exposure to price volatility through contracts between generation and commercialization. The company also now has a portfolio of more than 8,500 customers in Spain and Italy, strengthening its commercial positioning in both markets.

New phase and outlook for 2026

The company has recently presented its 2026–2030 Strategic Plan, driven by the appointment of Pablo Otín as CEO and Felipe García Agustín as CFO. Through this roadmap, the new Greening will transform its business model into an integrated energy platform with more recurring revenue, greater cash visibility, and a solid structure for sustainable growth.

This new phase builds on over fifteen years of experience and the strategic complementarity between Greening and EiDF. It is supported by three key value drivers: its main business units (industrial self-consumption, energy retail, and energy flexibility systems), complemented by value-added businesses and inorganic operations.

Through this roadmap, Greening expects to maintain its growth trajectory in 2026, with estimated revenues of €195 million and EBITDA of approximately €20 million. The company also plans to expand its energy retail business to reach 13,000 customers in 2026, increasing the share of recurring revenue and progressively improving cash generation.

“These results correspond to a previous stage of the company, but they already clearly reflect the group’s operational improvement and the impact of the measures implemented. Today, we have a defined strategic plan that is not only underway but is already being executed with discipline and a strong focus on profitability, cash generation, and sustainable growth,” said Pablo Otín, CEO of Greening.

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Arianna Tinaburri – CLO ITALY (Chief Legal Officer Italy)

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Alejandro Ruiz – COUNTRY MANAGER ITALY

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Christof Glasmacher – Key Account Manager

In dieser Rolle verantwortet er die strategische Betreuung und Weiterentwicklung von Schlüsselkundenbeziehungen. Mit einem klaren Fokus auf nachhaltige Lösungen und partnerschaftliche Zusammenarbeit entwickelt er individuelle Konzepte, die sowohl ökologische als auch wirtschaftliche Mehrwerte schaffen.

Seit über 30 Jahren ist er im Vertrieb erklärungsbedürftiger technischer Produkte tätig und bringt umfassende Erfahrung in der Kundenbetreuung und Projektentwicklung mit.

Durch seine ausgeprägte Kundenorientierung, Marktkenntnis und Kommunikationsstärke trägt er maßgeblich zum Wachstum und zur Positionierung der Greening GmbH als innovativen Anbieter im Bereich nachhaltiger Technologien bei.

Sein Fokus liegt auf nachhaltigen Energielösungen und der partnerschaftlichen Zusammenarbeit mit Kunden und Ingenieuren.

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Josu Egea – Country Manager Germany

Geschäftsführer mit über 20 Jahren Erfahrung in der Leitung technischer und multidisziplinärer Teams in anspruchsvollen internationalen Umgebungen.

Josu verfügt über umfassende Erfahrung in den Bereichen erneuerbare Energien, Photovoltaik und Energiespeichersysteme (BESS), mit einem klaren Fokus auf Innovation, operative Effizienz und nachhaltiges Wachstum. Experte für Verhandlungsführung, kaufmännisches Management, industrielle Abläufe und internationale Geschäftsentwicklung.

Josu hat eine fundierte technische Ausbildung als Industrieingenieur, ergänzt durch einen MBA, wodurch er seine strategischen Visionen mit der operativen Umsetzung optimal verbinden kann.

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Pilar Monzón Rubio – Head of Development – Investments

Pilar Monzón leitet den Bereich Projektentwicklung für Erneuerbare Energien bei der Greening Group in Deutschland, mit Sitz in der Zentrale in Düsseldorf. Sie ist verantwortlich für die Expansionsstrategie von Investments auf dem deutschen Markt und koordiniert alle Phasen der Projektentwicklung – von der Identifikation von Chancen bis hin zur Strukturierung und Umsetzung.

Mit über einem Jahrzehnt Erfahrung im Bereich Erneuerbare Energien, Ingenieurwesen und Unternehmensentwicklung in Deutschland bringt Pilar eine strategische Sichtweise, eine hohe Umsetzungskompetenz und eine klare Ergebnisorientierung mit. Ihr Führungsstil basiert auf sorgfältiger Analyse, der Zusammenarbeit mit interdisziplinären Teams und einem starken Engagement für Nachhaltigkeit als Wachstumsmotor.

Sie ist Architektin und besitzt einen Master in Energiemanagement und Internationalisierung von Projekten, eine Ausbildung, die ihren technischen Fokus stärkt und ihr eine globale Sichtweise verleiht, die an anspruchsvolle regulatorische Rahmenbedingungen angepasst ist.

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Hartmut Bergs – Head of Operations Germany

Hartmut Bergs ist ein erfahrener Bau- und Projektmanager mit über 20 Jahren internationaler Expertise in erneuerbaren Energien, Industrie- und Großbauprojekten. 

Seit Dezember 2023 leitet er als Head of Operations bei der Greening Group operative Abläufe und Projektumsetzungen. 

Zuvor verantwortete er bei EnviTec Biogas AG, ENERCON und weltweit Bau, Installation und Inbetriebnahme komplexer Anlagen im Bereich Biogas und Windenergie. Seine Karriere begann er als Bauleiter im Industrie- und Photovoltaikdachbau bei Pohlen Bedachungen/ Solar sowie als Bauleiter in der Petrochemie.
Absolvent der Rheinischen Fachschule Köln als staatlich geprüfter Techniker für Hochbau und Fachkraft für Arbeitssicherheit, verfügt er über ausgeprägte Führungsqualitäten in der Leitung großer, multinationaler Baustellenteams. Mit technischer Präzision, Organisationsstärke und einem hohen Sicherheitsbewusstsein sorgt er für den reibungslosen Ablauf und die erfolgreiche Umsetzung komplexer Projekte im internationalen Umfeld.

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Antonio Nievas – COO Solutions

Master Civil Engineer with an MBA and C-Suite executive education from IESE, with additional specializations in corporate sustainability and renewable energy investment and financing. He has over 25 years of senior management experience in both large-scale civil infrastructure and energy sectors.

He has led complex projects and strategic initiatives in national and international markets, including Ireland, United Kingdom, and, for the past 12 years, United States. His profile combines strong technical expertise with strategic vision, contributing to innovation and operational excellence. 

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Tobias Deissler - Head of Business Development USA

Originally from Germany, Tobias is the Chief Commercial Officer (CCO) of Greening  and has over 16 years of experience in the renewable energy sector. He joined Greening Ingeniería in 2019 as Managing Director, leading the company’s international expansion since then. Tobias holds a degree in Civil Engineering and a master’s in international economics. He began his professional career in Germany, where he gained experience in Procurement and Logistics at companies such as Berner Group and Riese & Müller. Throughout his career, he has held international leadership positions, including Chief Operating Officer (COO) of the Assyce Group in Spain and Managing Director of its Asian division.

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Adrian Ortega – Development Director USA

Development Director at Greening USA, where he leads the full-cycle development of large-scale energy projects. With a degree in Industrial Engineering from the Polytechnic University of Madrid and an MBA from the Granada Chamber of Commerce, Adrian brings strong technical and strategic insight to the company. Since joining Greening in 2019, he has developed solar projects across Spain, Mexico, and the United States. His expertise includes resource assessment, technical and economic feasibility analysis, and the design, optimization, and management of energy recovery facilities.

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Claudia Pastor – Finance Director USA

Finance Director for Greening USA, overseeing financial operations and tax planning across North America. With over 12 years of experience in international finance and strategic planning, including the last 7 years dedicated to the solar photovoltaic industry, she brings deep sector knowledge and a global perspective to the team. Her role is pivotal in ensuring full regulatory compliance while driving the company’s long-term financial sustainability and growth in the region. Claudia’s leadership strengthens Greening’s position as a reliable and future-ready partner in the U.S. renewable energy market.

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Florencia Ortiz – Head of Legal USA

Head of Legal at Greening USA, where she leads all legal, commercial, and regulatory matters for the region. With extensive experience advising multinational companies in the renewable energy and infrastructure sectors, she serves as both in-house and external counsel on complex transactions and regulatory compliance across the U.S., Brazil, and Argentina. Her legal expertise and strategic counsel play a key role in ensuring the success and integrity of Greening’s operations in dynamic and highly regulated markets.

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Antonio Palacios - MANAGING DIRECTOR INVESTMENTS SPAIN

Ingeniero de Caminos, Canales y Puertos, con formación directiva en San Telmo. Cofundador de Greening Group en 2011, ha desarrollado su trayectoria profesional en el sector de las energías renovables, ocupando diversos cargos dentro de la compañía.

Ha liderado proyectos estratégicos tanto a nivel nacional como internacional, acumulando una valiosa experiencia durante dos años en Marruecos y cinco en México. Su perfil destaca por la combinación de un sólido conocimiento técnico, una consolidada capacidad directiva y una visión estratégica orientada al crecimiento y la innovación.

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Vladimir Núñez - MANAGING DIRECTOR SOLUTIONS SPAIN

Ingeniero Industrial y Licenciado en Ciencias Ambientales, cuenta con más de 23 años de experiencia en empresas de referencia como Drace (Dragados, Grupo ACS), además de tres años en Grupo Greening. A lo largo de su trayectoria, ha liderado proyectos complejos en el ámbito de la energía fotovoltaica, así como en infraestructuras hidráulicas, incluyendo depuradoras, desaladoras y tanques de tormentas.

Ha desempeñado funciones clave como Director de Construcción en proyectos internacionales y Director de Compras, combinando una sólida experiencia técnica con una visión estratégica de la gestión. Su trayectoria lo posiciona como un activo fundamental para impulsar la innovación y la excelencia operativa en cualquier organización.

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Samuel Gamito - Managing Director Energy Spain

Con una licenciatura en Matemáticas y un Máster en Ingeniería Matemática por la UCM, ha desarrollado una carrera de 19 años en el sector energético, especializándose en mercados de materias primas, negociación de contratos de energía y desarrollo de comercializadoras. Ha liderado equipos multidisciplinares en varios países y ha ocupado cargos de responsabilidad en Fortia Energía, EnergyHouse, Solaria y Eleia Energía. Desde octubre de 2024, es Director General Global de Greening Smart Energy, la comercializadora del grupo Greening, con presencia en Europa, Estados Unidos y Latinoamérica.

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Jaime López -Global Managing Director O&M

Industrial Technical Engineer specialized in Mechanics and Master’s in Renewable Energies, with over 16 years of experience in the Environmental and Sustainability sector, working in companies such as Befesa (Abengoa) and Environmental Solutions Design.He began his professional career in the R&D+i area of Renewable Energies, later moving into international commercial roles in recycling and sustainable materials companies, subsequently managing an industrial plant, and finally taking on the technical direction of the industrial group.These roles have allowed him to gain knowledge in all areas of the production chain, developing efficient operations and always maintaining a focus on business results.

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Jaime López - Global Managing Director O&M

Industrial Technical Engineer specialized in Mechanics and Master’s in Renewable Energies, with over 16 years of experience in the Environmental and Sustainability sector, working in companies such as Befesa (Abengoa) and Environmental Solutions Design.He began his professional career in the R&D+i area of Renewable Energies, later moving into international commercial roles in recycling and sustainable materials companies, subsequently managing an industrial plant, and finally taking on the technical direction of the industrial group.These roles have allowed him to gain knowledge in all areas of the production chain, developing efficient operations and always maintaining a focus on business results.

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Juan Manuel Ruiz - MANAGING DIRECTOR SUN SUPPORT SPAIN

Profesional con amplia experiencia en el sector de las energías renovables desde 2019. Con formación en dirección empresarial (MBA) y dirección financiera, ha demostrado una sólida capacidad de liderazgo y visión estratégica. Actualmente lidera tres compañías del sector, desde donde impulsa la rentabilidad, la eficiencia operativa y la expansión internacional. Previamente, fundó y dirigió con éxito una empresa que superó los 100 empleados, consolidando su trayectoria como referente en la creación y desarrollo de proyectos empresariales sostenibles.

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Pablo López - MANAGING DIRECTOR AQUA SPAIN

Ingeniero de Caminos, Canales y Puertos con un Executive MBA por ESADE, y cuenta con más de 10 años de experiencia internacional en la gestión de empresas y proyectos de gran envergadura. A lo largo de su carrera, ha liderado iniciativas estratégicas y operativas en sectores clave, destacando en la planificación, ejecución y control de proyectos con presupuestos superiores a los 400 millones de euros. Su trayectoria le ha permitido trabajar en entornos multiculturales y altamente exigentes, desarrollando competencias avanzadas en dirección de operaciones, liderazgo de equipos y gestión de recursos. Su perfil combina visión estratégica con una sólida base técnica, lo que le permite abordar con eficacia la gestión de proyectos complejos y contribuir de manera significativa al cumplimiento de objetivos organizativos y al desarrollo de soluciones sostenibles.

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OMAR VALLECILLOS – COUNTRY MANAGER SPAIN

Ingeniero Industrial por la Universidad Politécnica de Cataluña, con formación ejecutiva a través de un MBA en la Universidad Internacional de Casablanca y un Máster en Alta Dirección por el Instituto Internacional San Telmo. Cuenta con más de 12 años de experiencia en el sector de las energías renovables, destacando por su perfil directivo internacional, visión estratégica y capacidad de liderazgo en entornos multiculturales.

Dentro de Greening ha ocupado cargos de alta responsabilidad, como la Dirección General de Sunsupport, donde lideró una transformación industrial y la expansión internacional a Europa y Latinoamérica, y la creación desde cero de la filial en Marruecos, donde consolidó un equipo de más de 90 personas y desarrolló proyectos en África Occidental.

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ANTONIO NIEVAS – COO (Chief Operating Officer)

Master Civil Engineer with an MBA and C-Suite executive education from IESE, with additional specializations in corporate sustainability and renewable energy investment and financing. He has over 25 years of senior management experience in both large-scale civil infrastructure and energy sectors.

He has led complex projects and strategic initiatives in national and international markets, including Ireland, United Kingdom, and, for the past 12 years, United States. His profile combines strong technical expertise with strategic vision, contributing to innovation and operational excellence.

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Sergio Prado – General Manager USA

General Manager of Greening USA, responsible for executing the company’s strategic vision and expansion across the North American market. With a background in chemical engineering and a Master’s in Sustainable Energy Systems from the University of Edinburgh, he brings a strong technical foundation and industry insight.

Throughout his career, Sergio has held leadership roles in various companies specialized in photovoltaic energy, building a track record of successful growth and market entry strategies. His combined experience in engineering, sales, and management makes him a key driver of Greening’s growth in the United States.

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Diego Puerta – GLOBAL MANAGING DIRECTOR

International executive with over 30 years of leadership experience in the consumer goods and food sectors. He has held CEO positions at companies such as Lactalis, Galbani, and Puleva, leading large and complex organizations in more than 15 countries. He has been responsible for 57 factories and over 28,000 employees, managing a business volume exceeding 4 billion euros.
He stands out for his ability to lead organizations through transformation and strategic realignment, improving profitability, operational discipline, and team cohesion. His hands-on approach, strategic vision, and cross-functional expertise will be key in guiding Greening through its next phase of structured and sustainable growth.

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José María Galdón - COUNTRY MANAGER MÉXICO

Ingeniero de Caminos con más de 10 años de experiencia en posiciones directivas dentro del sector energético, ha desarrollado su carrera liderando tanto comercializadoras de energía como el desarrollo de proyectos de energías renovables. Su trayectoria combina visión estratégica, liderazgo operativo y expansión internacional, con experiencia en mercados como España, Panamá y México. Actualmente es Country Manager de Greening México, desde donde impulsa el crecimiento del grupo en Latinoamérica, consolidando su presencia en proyectos de transición energética con alto impacto sostenible.

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Josu Egea - COUNTRY MANAGER GERMANY

Director General con más de 20 años de experiencia liderando equipos técnicos y multidisciplinares en entornos internacionales altamente exigentes. Amplia trayectoria en sectores como energías renovables, energía fotovoltaica y sistemas de almacenamiento energético (BESS), con un enfoque centrado en la innovación, la eficiencia operativa y el crecimiento sostenible. Experto en negociación, gestión comercial, operaciones industriales y desarrollo de negocio a nivel internacional. Combinación de sólida formación técnica como Ingeniero Industrial, complementada con un MBA, que me permite alinear la visión estratégica con la ejecución operativa.

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Alejandro Ruiz Aguilera - COUNTRY MANAGER ITALY

Ingeniero de Caminos por la UPM, con un Executive MBA en la Luiss Business School y una especialización en Inversión y Financiación de Energías Renovables por el IEB. Su trayectoria profesional abarca toda la cadena de valor de las energías renovables, desde la construcción y ejecución de proyectos hasta el desarrollo y la financiación, con experiencia en España e Italia. Combina conocimiento técnico, visión estratégica y liderazgo de equipos internacionales, lo que le permite impulsar proyectos sostenibles con una perspectiva global y orientada a resultados.

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Samuel Gamito - Global General Director Energy

With a degree in Mathematics and a master’s in mathematical engineering from the Complutense University of Madrid (UCM), Samuel has built a 19-year career in the energy sector, specializing in commodity markets, energy contract negotiation, and the development of energy retail companies. He has led multidisciplinary teams across several countries and has held senior positions at Fortia Energía, EnergyHouse, Solaria, and Eleia Energía.
Since October 2024, he has served as Global General Director of Greening Smart Energy, the Greening Group’s energy retail subsidiary, with operations in Europe, the United States, and Latin America.

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Carlos Madrid - Global Managing Investments

A Civil Engineer from the Polytechnic University of Madrid, Carlos has a solid track record in the comprehensive management of business units within the renewable energy sector, with responsibilities spanning P&L, development, construction, and asset operations. He has worked with a wide range of technologies including solar, wind, biomethane, BESS, and hydrogen, as well as in water sector projects such as treatment and desalination plants.
His experience covers multiple international markets and areas such as VPPAs, onsite PPAs, M&A, structured financing, EPC, and O&M. Throughout his career, he has held senior executive positions across both strategic and operational roles.

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Tobias Deissler - CCO (Chief Commercial Officer)

Originally from Germany, Tobias is the Chief Commercial Officer (CCO) of Greening and has over 16 years of experience in the renewable energy sector. He joined Greening Ingeniería in 2019 as Managing Director, leading the company’s international expansion since then. Tobias holds a degree in Civil Engineering and a master’s in international economics. He began his professional career in Germany, where he gained experience in Procurement and Logistics at companies such as Berner Group and Riese & Müller. Throughout his career, he has held international leadership positions, including Chief Operating Officer (COO) of the Assyce Group in Spain and Managing Director of its Asian division.

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Isidro Ramírez - CHRO (Chief Human Resources Officer)

He holds a degree in Business Administration and has developed his career in highly dynamic environments, ranging from the retail sector to the technology and financial industries, including Spain’s first credit rating agency. He is a specialist in talent development, innovative people management, and organizational transformation, with extensive experience in M&A processes and company integrations. With over 25 years of experience leading complex projects and international strategies, he combines strong technical expertise with broad executive experience, enabling him to drive innovation and operational excellence in any organization.

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Raquel Lacilla - CLO (Chief Legal Officer)

She holds a dual degree in Law and Business Administration from the University of Zaragoza, with additional studies at the University of Bologna, and is a member of the Madrid Bar Association (ICAM). She has over 15 years of experience in corporate legal advisory, particularly in the renewable energy and infrastructure sectors. She currently serves as Global Legal & Compliance Director at Greening Group, and as Non-Director Secretary of the Board of Directors and its delegated Audit and Appointments & Remuneration Committees. She has held key positions at ENGIE Spain and SICE (part of the ACS Group, now under Vinci Group), and has practiced as a corporate lawyer and external advisor to companies in law firms in Spain and Ireland, specializing in corporate, contractual, and financial matters.

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María Dolores Cuadrado - GMD Assistent

Titulada en Secretariado de Dirección Bilingüe y Licenciada en Ciencias Políticas y Sociología posee una larga trayectoria desarrollando el rol de Asistente de Dirección en empresas multinacionales como ITM Ibérica, apoyando a la alta dirección en la organización, planificación y gestión de tareas clave. Esta experiencia le ha permitido adquirir una gran capacidad de organización, comunicación efectiva y un enfoque resolutivo en entornos exigentes. Además, cuenta también con amplia experiencia profesional en el area comercial y de atención al cliente, trabajando en diferentes sectores y liderando equipos orientados a resultados.

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D. Ignacio Salcedo Ruiz

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