Grenergy Renovables S.a · BME:GRE
Grenergy Renovables — 9M24 Earnings Presentation
26 slides from Grenergy Renovables's earnings presentation, Dec 3, 2024
Slide 1: Results Presentation 9M24
RESULTS PRESENTATION 9M24 RESULTS Madrid, 3rd December 2024 Guan Dong shipment with BESS for Phase 1 of Oasis de Atacama (589MWh) Batteries arrival at the site for being installed (Phase 1 of Oasis de Atacama)
Slide 2: Disclaimer
DISCLAIMER By attending this presentation and/or by accepting this presentation you will be cial condition or results of operations by the Company and should not be relied upon taken to have represented, warranted and undertaken that you have read and when making an investment decision. Certain finan
Slide 3: Business, Financial and Sustainability Highlights
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY BUSINESS FINANCIAL SUSTAINABILITY HIGHLIGHTS HIGHLIGHTS HIGHLIGHTS 15.6GW Solar PV platform (-0.2GW qoq) Revenues €278m, -21% yoy (+16% like-for-like1) 3Q objectives 25.0GWh BESS hybrid platform (3.3GWh qoq) EBITDA €53m (-48% yoy) of ESG Roa
Slide 4: Platform Overview – Solar PV & BESS
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY PLATFORM OVERVIEW – SOLAR PV & BESS 9M24 15.6GW & 25.0GWh USA 2028 Platform 4.9GW Identified Opportunities -0.2GW qoq 5.3GW & 3.4GWh Platform 3.2GWh +0.7GWh qoq 2027 Early Stage 4.8GW & 7.0GWh Advanced Development PIPELINE 2026 2.9GW & 7.7GWh
Slide 5: Solar PV & BESS Pipeline Update
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY SOLAR PV & BESS PIPELINE UPDATE ✓ US solar platform stood at 4.9GW (-0.2 qoq) ✓ Europe solar platform reached 5.1GW (-0.1 qoq) ✓ Latam solar platform added +0.1GW to 5.7GW ✓ BESS platform in the US added +0.7GWh to 3.2GWh ✓ BESS platform in
Slide 6: Oasis Atacama: Largest BESS Project in the World
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY OASIS ATACAMA Pioneers with the largest BESS project in the world Phases 2023 2024 2025 2026 2027 Phase 12 TOTAL CAPEX Phase 2 c$2.3bn Phase 3 Phase 4 Phase 5 Phase 62 Phase 7 c2.0GW + c.11GWh RTB COD PPA PV BESS PPA (peak-hours) Financing M
Slide 7: Oasis Atacama: Execution Well on Track
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY OASIS ATACAMA Execution well on track 1Q24 2Q24 3Q24 4Q24 1Q25 Phases 1-2 Phase 1 Phases 1-2 Phase 1 Phase 4 Phases 3-4 Phase 1 Strategic agreement BESS Project Finance BESS logistic Strategic Project COD with BYD for BESS supply FAT1 check
Slide 8: Oasis Atacama: Financing Closed for Phases 1-2
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY OASIS ATACAMA Financing already closed for Phases 1-2 with top international banks Issuing Banks Pool of Syndicated Banks QUILLAGUA (Phases 1-2) Financial close for $345m in July 2024 VICTOR JARA (Phase 3) Financial close expected before yea
Slide 9: Key Operating & Financial Data
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY KEY OPERATING & FINANCIAL DATA ✓ Total production and realized price affected by Duna Huambos and Belinchón disposals. Total organic1 growth production +0.3% ✓ Revenues and EBITDA impacted by the disposal of Belinchón ✓ 74% of total producti
Slide 10: Revenue & EBITDA Breakdown
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY REVENUE & EBITDA BREAKDOWN ✓ Revenues declined -21% yoy (increased +16% considering inventories1 as income from capitalize works) ✓ Energy Revenues declined -19% (+3% organically) ✓ Retail and services revenues increased +27% and +34% respec
Slide 11: Capex
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY CAPEX PV CAPEX BREAKDOWN PER MW €m ✓ Total capex of €419m in 9M24 includes €123m from the M&A deal 0.60 0.52 ✓ Latam capex concentrated in Chile (>90%) 0.50 0.43 0.39 ✓ Capex deflation of batteries and pannels still ongoing 0.40 0.30 0.20 9M
Slide 12: Cash Flow
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY CASH FLOW ✓ $345m non-recourse financing facility for Oasis Atacama Phase 1 and 2 ✓ €175m non-recourse financing facility for the construction of solar PV projects in Spain ✓ Other debts (€106m) corresponds to M&A pending payment for the pro
Slide 13: Leverage & Liquidity
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY LEVERAGE & LIQUIDITY Net debt & Leverage (ex IFRS16) ✓ Multiple options to accelerate asset rotation Total Non-recourse 975 ✓ Covenant leverage at 3.3x considering the agreed sale of Corporate 880 Jose Cabrera and Tabernas that will take pla
Slide 14: ESG Roadmap 2024-2026
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY ESG ROADMAP 2024-2026 EQUALITTY, DIVERSITY AND INCLUSION POLICY ESG Action Plan – I Phase Equality, diversity and ACHIEVEMENT OF 100% OF THE Q3 OBJECTIVES OF THE 2024 PLAN DIVERSITY EQUITY INCLUSIÓN inclusion policy as a of people, perspecti
Slide 15: Recognition in ESG Ratings
HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW SUSTAINABILITY RECOGNITION IN ESG RATINGS Confirmation of leadership in ESG ratings RATED BY NEW COVERAGE 2024 2023 Strong Management of 2024 10.8 Low Risk all ESG material issues: 80/100 1. CorporaciónAcciona Governance Energías Renovables SA Negl. Low Me
Slide 16: Appendices
APPENDICES
Slide 17: Platform Update: Projects in Operation, Under Construction & Backlog
PLATFORM UPDATE Projects In Operation, Under Construction & Backlog 2.3GW Solar PV & 3.6GWh BESS in operation & under construction Country Project Type Solar PV BESS1 B20 Resource COD2 Offtaker MW MWh (Hours) Spain Los Escuderos Solar PV 200 0 Yes 2,035 4Q21 PPA PV Profile 85% Chile PMGDs (15 project
Slide 18: Projects in Advanced Development
PLATFORM UPDATE Projects in Advanced Development 2.9GW & 7.7GWh to feed up our 2026 IPP targets Country Project Type Solar PV BESS1 Resource COD2 Offtaker Negotiation3 MW MWh (Hours) Italy Le Isole Projects Solar PV+BESS 376 449 1,864 4Q25-4Q26 PPA 60-70% Initial Poland Nowy Tomysl Solar PV+BESS 71
Slide 19: Platform with Relevant Growth Potential
PLATFORM WITH RELEVANT GROWTH POTENTIAL Project Portfolio Total Platfom1 Includes projects in operation and total pipeline Project with technical and financial feasibility, given that 1) there is the possibility 20-40% Success Rate Identified Opportunities of land, 2) access to the electricity grid is
Slide 20: 9M24 Revenues & EBITDA
9M24 REVENUES & EBITDA Divisional Breakdown Revenues (€m) 3Q24 3Q23 Var. 9M24 9M23 Var. Development & Construction 62.5 95.2 (34%) 211.9 280.5 (24%) Income from customer sales 4.7 65.9 (93%) 86.0 83.3 3% Income from capitalize works 57.8 29.3 97% 125.9 197.3 (36%) Energy 16.0 25.1 (36%) 41.9 52.0 (1
Slide 21: Profit and Losses
9M24 RESULTS Profit and Losses Profit and losses (€m) 3Q24 3Q23 Var. 9M24 9M23 Var. Revenue 85.4 125.4 (32%) 277.7 351.2 (21%) Income from customer sales 27.6 96.1 (71%) 151.7 154.0 (1%) Income from capitalize works 57.8 29.3 97% 125.9 197.3 (36%) Procurement (65.5) (30.9) 112% (196.2) (212.7) (8%) P
Slide 22: Balance Sheet
9M24 RESULTS Balance Sheet Balance Sheet (€m) 9M24 FY23 Var. (€m) 9M24 FY23 Var. Equity 344.7 343.7 1.0 Non-current assets 1,152.8 877.9 274.9 Non-current liabilities 842.6 584.6 258.1 Intangible assets 5.8 5.8 0.0 Deferred tax liabilities 42.3 33.7 8.6 Tangible asset 939.3 730.0 209.3 Non-current p
Slide 23: Cash Flow
9M24 RESULTS Cash Flow Cash Flow (€m) 3Q24 3Q23 Var. 9M24 9M23 Var. EBITDA 21.9 80.6 (73%) 52.9 102.2 (48%) + Change in operating WK (11.9) (51.7) (77%) (10.3) (75.6) (86%) + Financial costs & Taxes paid (10.3) (3.7) 181% (30.4) (17.6) 73% Funds from operations (0.3) 25.2 (101%) 12.2 9.0 34% + ST In
Slide 24: Net Debt
9M24 RESULTS Net Debt Total leverage1 18.3x Total corporate leverage2 10.2x Net Debt (€m) 9M24 FY23 Var. Long-term financial debt 133.7 154.5 (20.8) Short-term financial debt 196.4 160.6 35.8 Long-term Lease debt (IFRS16) 51.5 50.1 1.4 Short-term Lease debt (IFRS16) 2.5 2.7 (0.2) Other short term de
Slide 25: Net Debt/EBITDA Reconciliation
9M24 RESULTS Net Debt/EBITDA Reconciliation Net Debt/EBITDA Reconciliation 9M24 FY23 (€m) Total Corporate Non-Recourse Total Corporate Non-Recourse Net Debt 1,028.5 461.3 567.2 631.7 288.7 343.0 Impact IFRS16 53.9 53.9 - 52.7 52.7 - Net Debt ex IFRS16 974.5 407.3 567.2 578.9 236.0 343.0 EBITDA LTM 5
Slide 26: Solar PV + Storage
SOLAR PV + STORAGE EUROPE - USA - LATAM