Corporacion Acciona Energias Renovables Sa · BME:ANE
Corporacion Acciona Energias Renovables Sa — ACCIONA Energía — H1 2024 Earnings Presentation
42 slides from Corporacion Acciona Energias Renovables Sa's earnings presentation, Jul 30, 2024
Slide 1: H1 2024 Results Presentation
H1 2024 – January – June 3 0 th J u l y 2 0 2 4 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S DISCLAIMER This document has been prepared by Corporación Acciona Energías Renovables. S.A. (“ACCIONA Energía” or the “Company” and, together with FORWARD-LOOKING STATEMENTS its subsidiaries, “ACCIONA Energía Group”) exclusively for use during th
Slide 3: Key Highlights & Themes
01 KEY HIGHLIGHTS & THEMES jacciona
Slide 4: Key Highlights H1 2024
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S KEY HIGHLIGHTS H1 2024 ATYPICAL PRICES/OUTPUT AND ONE-OFFS IN H1 MITIGATED BY HEDGING A ND ANCILLARY SERVICES › Extraordinary situation during the Spring – lowest pool prices on record and heavy curtailments as the company chooses not to generate
Slide 5: Key Priorities for the Year
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S KEY PRIORITIES FOR THE YEAR 1 › Assimilation of unprecedented investment levels 2023-24: ~€4.5bn in aggregate 2 › Value crystallization through asset rotation: private vs. public market value dislocation 3 › Delivery of 1.7 GW of capacity additio
Slide 6: On Track to Maintain Record Levels of Growth
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S ON TRACK TO MAINTAIN RECORD LEVELS OF GROWTH EVOLUTION OF ANNUAL CAPACITY ADDITIONS 1.7 GW ~1.7 GW 2 0 2 6 O N WA R D S ~1.5 GW › 1.25-1.50 GW p.a. in combination with asset rotation could be compatible with prudent credit ratios in current Q4 7
Slide 7: Pipeline Update
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S PIPELINE UPDATE PIPELINE (GW) INCLUDES: 2.4 GW storage (BESS + Pumped) 5.0 GW offshore wind 1.8 GW hybridization Southeast Asia Brazil - projects excluded from the pipeline › Substantial pipeline to support upcoming growth combining traditional a
Slide 8: Spanish Prices – Unusual Spring 2024 Dynamics
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S SPANISH PRICES – UNUSUAL SPRING 2024 DYNAMICS Hydro reserves (and output) at extraordinary highs… …combined with low April demand and good wind & PV volumes -2% Total generation/ demand Coal Coal Aug Dec Jan Apr +110% Higher incidence of zero (an
Slide 9: Spanish Power Prices Stage a Strong Recovery
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S SPANISH POWER PRICES STAGE A STRONG RECOVERY SPANISH POOL PRICES AT HIGHER LEVELS (€/MWH) SPANISH ELECTRICITY DEMAND RECOVERING Demand – rolling 12 months Expected average electricity pool price 2024 = 59.1 €/MWh 9 0,2 100 7 9,0 8 2,0 7 5,5 7 5,3
Slide 10: Data Centre Opportunity – Uniquely Positioned
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S DATA CENTRE OPPORTUNITY – UNIQUELY POSITIONED POTENTIALLY EXPONENTIAL GROWTH IN AI ELECTRICITY DEMAND DATACENTERS: ESTIMATED GLOBAL ANNUAL CONSUMPTION AT FULL LOAD (TWH ) Active player in the main growth x3 markets for data centres (US, Spain & E
Slide 11: Increasing Long-Term Contracts in Spain
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S INCREASING LONG-TERM CONTRACTS IN SPAIN SPANISH CONSOLIDATED OUTPUT 2022-25 (TWH) 87% 78% 78% 65% 80% Contracted vs. Wholesale Targeted Contracted vs. Wholesale ~11.5 TWh ~11.5 TWh ~11.5 TWh › Actual PPA/Supply long-term contracted volume increas
Slide 12: Value Crystallisation & Credit Profile
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S VALUE CRYSTALLISATION & CREDIT PROFILE ✓ MacIntyre monetisation ~€335m Capital gains & private vs. public valuation arbitrage IG ratings ✓ retained at Asset disposal › Σ ~6 GW under consideration programme › Spain & International across technolog
Slide 13: Sale of 175 MW Hydro Portfolio in Spain
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S SALE OF 175 MW HYDRO PORTFOLIO IN SPAIN TRANSACTION OVERVIEW › ACCIONA Energía and Elawan (Orix Corporation) reached an agreement on 29 July 2024 for the sale of 100% of Acciona Saltos de Agua, S.L. group (ASA) for a total consideration of €287m.
Slide 14: Peaking Work in Progress & Embedded EBITDA
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S PEAKING WORK IN PROGRESS & EMBEDDED EBITDA DEBT ASSOCIATED TO WORK IN PROGRESS (€ bn) 2.9 €2.6bn investment with no 2.6 (or limited) EBITDA in the period 65% of estimated investment at completion 1.4 ~€200m latent EBITDA 1.3 (~€350m full EBITDA f
Slide 15: Outlook 2024
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S OUTLOOK 2024 ~25.5 TWh Based on output to date + P50 for the rest of the year Consolidated Output 2024 Spain ~11.5 TWh International ~14.0 TWh ~€65/MWh Assuming ~€60/MWh Spanish pool price 2024 Average Achieved Price 2024 Achieved price – Spain ~
Slide 16: Financial Information
02 FINANCIAL INFORMATION jacciona
Slide 17: H1 2024 Results Highlights
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S H1 2024 RESULTS HIGHLIGHTS H1 2024 % Chg. % Chg. H1 2024 ( m) vs H1 2023 vs H1 2023 Revenues 1,333 -24% Total capacity (MW) 13,944 14% Generation Revenues 749 -17% Consolidated capacity (MW) 12,329 14% EBITDA 419 -39% Total production (GWh) 13,44
Slide 18: H1 2024 ESG Highlights
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S H1 2024 ESG HIGHLIGHTS Key ESG indicators ESG highlights ENVIRONMENTAL › 100% of the company's CAPEX is aligned with the European Taxonomy of Sustainable Activities. › The production of more than 13 TWh of renewable energy has avoided the emissio
Slide 19: Investment
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S INVESTMENT Gross Ordinary Capex Ordinary Key highlights (Million Euro) Capex Deferral Capex Spain 110 36 146 › Investment mainly related to the construction of new USA & Canada 227 359 586 generation assets Mexico 6 0 6 › Most of the investment e
Slide 20: Net Debt Evolution
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation H1 2024 (€m) NET FINANCING OPERATING CF INVESTMENT CF OTHERS CF 77m - 7m - 3 m (2,611) (2,864) (1,481) (348) (2) (1) Debt associated to work in progress (3) IFRS16 adjustment 1. IFRS16 liability as of De
Slide 21: Spain – Revenue Drivers
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S SPAIN – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices – regulated vs. wholesale (€/MWh) +16% -37% +54% -43% +10% 23% -60% -38% 58% +3% 19% Generation revenues (€m) Average achieved price composition (€/MWh) -5% -33% (€/MWh) H1
Slide 22: Spain – Operating Results
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S SPAIN – OPERATING RESULTS Key figures H1 2024 EBITDA evolution (€m) (Million Euro) H1 2024 H1 2023 C g. ( m) Chg. (%) Generation 379 569 -190 -33.5% -63.3% Intragroup adjust., Supply & Other 415 655 -241 -36.7% Revenues 793 1,224 -431 -35.2% Gene
Slide 23: International – Revenue Drivers
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices (€/MWh) -17% -6% +32% +12% -6% -1% -13% +78% +14% 23% -8% -3% 9% 39% 16% 21% 32% +9% +11% Generation revenues (€m) +7% 31% +56% -9% 8% 14% +27% 28% %Chg. vs H1 2023
Slide 24: International – Operating Results
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S INTERNATIONAL – OPERATING RESULTS Key figures H1 2024 EBITDA evolution (€m) (Million Euro) H1 2024 H1 2023 C g. ( m) Chg. (%) 30 Generation 371 334 36 10.9% 267 20 6 265 USA & Canada 74 58 16 27.3% (14) (44) Mexico 102 112 -10 -8.6% Chile 51 33 1
Slide 25: Appendix
03 APPENDIX
Slide 26: ACCIONA Energía – Operating Results
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S ACCIONA ENERGÍA – OPERATING RESULTS Key figures H1 2024 EBITDA evolution (€m) (Million Euro) H1 2024 H1 2023 C g. ( m) Chg. (%) Generation Spain 379 569 -190 -33.5% 686 Generation International 371 334 36 10.9% 30 Intragroup adjust., Supply & Oth
Slide 27: Net Financial Debt
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S NET FINANCIAL DEBT Average Average debt Av. maturity Net financial debt breakdown (€m) cost of debt maturity (years) Credit Lines (years) Project Debt Corporate Debt Debt breakdown by nature Gross financial debt – Level Gross financial debt – Cur
Slide 28: Debt Maturity & Liquidity
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 2,144 Available facilities 1,110 735 695 497 601 598 Cash 308 421 265 119 28
Slide 29: Global Reach Across 5 Continents
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S GLOBAL REACH ACROSS 5 CONTINENTS With presence in 25 countries & 13.9 GW of total installed capacity in H1 2024 (1) OTHER AMERICAS SPAIN (5.9 GW) Total Installed Total Consolidated (0.4 GW) capacity capacity 0.4 GW 4.7 GW 0.3 GW Ayora 66 MW 13.9
Slide 30: Under Construction & Secured Projects
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S UNDER CONSTRUCTION & SECURED PROJECTS (1) MW Scheduled MW Add. per year % ANE Total project Added up to Added Currently Start const. Technology Country Asset name 2024 2025 2026 2027 Details stake capacity Dec 2023 2024 under const. H2 2024 Wind
Slide 31: Capex & Commodity Price Evolution
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S CAPEX & COMMODITY PRICE EVOLUTION Representative CAPEX costs in the market (1) Commodity price inflation (indexed to 100) (€m/MW, z €m/MWh for BESS) z 1. Capex costs do not include development costs/fees 31
Slide 32: Energy Resource in Context: P50 Deviation
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S ENERGY RESOURCE IN CONTEXT P50 Deviation 32
Slide 33: Installed Capacity
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S INSTALLED CAPACITY Installed MW (30 June 2024) Total Consolidated Eq. accounted Net Spain 5,887 5,360 252 5,457 Wind 4,666 4,153 246 4,247 Hydro 867 867 0 867 Solar PV 293 278 6 285 Biomass 61 61 0 59 International 8,057 6,969 364 6,610 Wind 4,99
Slide 34: Equity Accounted Capacity
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S EQUITY ACCOUNTED CAPACITY Proportional figures (30 June 2024) MW GWh EBITDA ( m) NFD ( m) Wind Spain 246 321 4 -35 Wind International 69 75 2 -8 Australia 32 29 1 -8 Hungary 12 12 0 0 Vietnam 21 34 0 0 USA 4 1 0 0 Solar PV 302 278 5 129 Total equ
Slide 35: Equity Accounted Contribution to EBITDA
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S EQUITY ACCOUNTED CONTRIBUTION TO EBITDA (Million Euro) H1 2024 H1 2023 C g. ( m) Chg. (%) Spain -1 54 -55 International -8 12 -20 Portugal 0 10 -10 Hungary 0 1 0 Egypt -1 3 -3 USA 0 0 0 Mexico -8 -2 -6 Australia 1 1 0 (1) Total Generation EBITDA
Slide 36: Spain – Achieved Prices
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S SPAIN – ACHIEVED PRICES Consolidated Ac ieved price ( ) Revenues ( m) production Gas Gas Market Rinv+Ro Banding Total Market Rinv+Ro Banding Total (GWh) Clawback Clawback H1 2024 Regulated 1,098 41.3 14.0 -12.4 42.9 45 15 -14 47 Wholesale - hedge
Slide 37: Wind – Drivers by Country
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S WIND – DRIVERS BY COUNTRY H1 2024 H1 2023 Chg. (%) Av. price ( ) LF (%) Av. price ( ) LF (%) Av. price ( ) Spain Average 71.8 23.9% 106.6 24.0% -32.6% Spain - Regulated 97.2 96.4 0.9% Spain - Not regulated 64.5 111.8 -42.3% Canada 57.7 31.9% 63.6
Slide 38: Other Technologies – Drivers by Country
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) (1) H1 2024 H1 2023 Chg. (%) Av. price ( ) LF (%) Av. price ( ) LF (%) Av. price ( ) Hydro Spain 82.6 36.1% 131.1 22.5% -37.0% Biomass Spain 154.3 58.6
Slide 39: Sustainable Finance and ESG Ratings
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S SUSTAINABLE FINANCE AND ESG RATINGS CORPORATE DEBT OUTSTANIDNG FINANCING (1) 8% 8% €342m 2024 Total €7.918m €325m Types of Financing Instruments Instruments 2024 Amounts Total Amounts Sustainable Corporate Debt (€m) (€m) (#) (#) Green Green 0 7 0
Slide 40: Spain – Market Overview
A C C I O N A E N E R G Í A H 1 2 0 2 4 R E S U L T S SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Electricity demand H1 2023 H1 2024 Jan-Jun (1) 113.0 113.7 (TWh) +0.6% 2024 39.1 -56% 2023 88.3 1. Pool price Jan-Dec 2024: Actual prices until 19 of july 2024 and futures for the rest of the y
Slide 41: International – Market Overview
S /MWh A /MWh 120 1 0 240 280 3 0 400 200 320 40 80 0 0,90 1,10 1,20 1,40 1,50 1,70 1,80 1,00 1,30 1, 0 ene 23 an 23 ME feb 23 eb 23 A C C I O N A mar 23 ( eynosa) Mar 23 abr 23 E S /MWh Apr 23 may 23 Exchange rates Power markets / S un 23 May 23 A ul 23 SA (E un 23 E N E R G Í A ago 23 ul 23 sep 23
Slide 42: Results Presentation
H1 2024 – January – June 3 0 th J u l y 2 0 2 4 RESULTS PRESENTATION