Corporacion Acciona Energias Renovables Sa · BME:ANE
Corporacion Acciona Energias Renovables Sa — ACCIONA Energía — FY2024 Earnings Presentation
44 slides from Corporacion Acciona Energias Renovables Sa's earnings presentation, Feb 28, 2025
Slide 1: Results Presentation FY 2024
FY 2024 – January - December 28 February 2025 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A E N E R G Í A F Y 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 FY 2024
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S KEY HIGHLIGHTS FY 2024 MEETING TARGET OF ~1BN EBITDA FROM OPERATIONS & PROTECTING THE BALANCE SHEET › Strong recovery in achieved prices in H2 compensates lower output in Mexico, US and Australia – EBITDA from Operations of €1,050m, total EBITDA
Slide 5: Good Strategic Progress in 2024
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S GOOD STRATEGIC PROGRESS IN 2024 GROWTH BALANCE SHEET ACTIONS +2 GW › New capacity of 2 GW – another record year €500m › Moderated capex 2024-25 by ~€500m. Contained added capacity capex moderation increase in Net Debt in 2024, resulting in 3.63x
Slide 6: Additional Highlights 2024
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S ADDITIONAL HIGHLIGHTS 2024 GROWTH → Commissioning of the company’s largest solar project: Red-Tailed Hawk (458 MW) in US → Start of energisation of Forty Mile wind farm (279 MW) in Canada → Commissioning of Cotoperí PV (163 MW) in the Dominican R
Slide 7: Record-High Investment in 2024 with 2 GW Added
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S RECORD-HIGH INVESTMENT IN 2024 WITH 2 GW ADDED EVOLUTION OF ANNUAL CAPACITY ADDITIONS PIPELINE UPDATE (GW) Investment cycle peak in 2023 -24 2.0 GW 4.1 GW Secured and 12% under 1.7 GW construction 3.3 GW 10% Highly Visible Q4 1,079 MW 15.2 GW 44%
Slide 8: ACCIONA Energía Footprint
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S ACCIONA ENERGÍA FOOTPRINT Expected consolidated Expected production Potential capacity Project pipeline for the GW capacity at year-end 2025 in 2025 additions 2025-27 period 2026-29 1 EUROPE GW 4.5 GW ~10 TWh 34% of total ~35% of total NORTH AMER
Slide 9: Renewable Energy Prospects in Our Markets
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S RENEWABLE ENERGY PROSPECTS IN OUR MARKETS RE capacity additions RE capacity additions Expected demand Non-renewable energy growth 2025-35 2025-35 (multiple). GW 2025-35 (GW). generation (%) as of 2023 Excl. hydro Excl. hydro EUROPE › RepowerEU –
Slide 10: ACCIONA Energia in the US Market
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S ACCIONA ENERGIA IN THE US MARKET ACCIONA ENERGIA PRESENCE IN THE US 3.4 GW ~5.5 TWh 2.9 GW 760 MW Expected capacity at year- Expected production in Pipeline 2025-29 (excl. Scheduled capacity additions end 2025. No offshore wind 2025 assets under
Slide 11: 2025: Consolidating ACCIONA Energía's Transformation
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S 2025: CONSOLIDATING ACCIONA ENERGÍA’S TRANSFORMATION 2 0 25 P R I ORI T I ES GEOGRAPHICAL › Lower weight of Spain, focus on strategic PEAK CAPEX: TURNING › Strong deleveraging & stabilisation at long- FOOTPRINT THE CORNER term sustainable IG rati
Slide 12: ACCIONA Energia in 2026 and Beyond
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S ACCIONA ENERGIA IN 2026 AND BEYOND STRONG BALANCE SHEET SELECTIVE AND FLEXIBLE GROWTH HIGH CASHFLOW VISIBILITY › Investment grade ratings protected and › No fixed MW targets › Maintain ~70% of revenues long-term preserved › A more moderate and st
Slide 13: Deleveraging 2025 – Falling Capex + Higher Rotation
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S DELEVERAGING 2025 – FALLING CAPEX + HIGHER ROTATION CAPEX & WORK IN PROGRESS APPROXIMATE USES & SOURCES PERIOD 2024-25 2.9 2.3 2.2 3 bn 3 bn 1.5 ~1.5 1.3 1.4 0.8 <1.0 ~0.5 1.2 bn 0.4 bn 0.5 0.7 bn Operating CF Asset Rotation Net Dividends & Debt
Slide 14: Asset Rotation in 2025
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S ASSET ROTATION IN 2025 Successful closing of 626 MW hydro sale to Endesa on 26 Feb 2025 contributing ~€425m of EBITDA from Asset Rotation in 2025 (1) ASSET ROTATION STRATEGY Flexible perimeters allowing market testing enabling selection of deals
Slide 15: Indicative Balance Sheet Capacity – 2026 Onwards
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S INDICATIVE BALANCE SHEET CAPACITY – 2026 ONWARDS CURRENT MARKET CONDITIONS INVESTMENT GRADE CREDIT RATIO CONSTRAINTS FFO Net Leverage CAPEX per MW Financing cost Captured price > > N D/EBITDA from Operations +1.25-1.50 GW p.a. 600-800 MW p.a. ~70
Slide 16: Outlook 2025
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S OUTLOOK 2025 € 1,500 - 1,750 m CONSOLIDATED ~27 TWh EBITDA 2025 EBITDA from Operations ~€1,000m Spain ~9.5TWh EBITDA from Asset Rotation €500-750m OUTPUT International ~17.5TWh INVESTMENT ~€ 1.5 bn NEW CAPACITY ~1 GW CASHFLOW Gross of asset rotat
Slide 17: Financial Information
02 FINANCIAL INFORMATION jacciona
Slide 18: FY 2024 Results Highlights
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S FY 2024 RESULTS HIGHLIGHTS FY 2024 % Chg. % Chg. FY 2024 (€m) vs FY 2023 vs FY 2023 Revenues 3,048 -14% Total capacity (MW) 15,354 14% Generation Revenues 1,637 -12% Consolidated capacity (MW) 13,630 12% EBITDA 1,123 -13% Total production (GWh) 2
Slide 19: FY 2024 ESG Highlights
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S FY 2024 ESG HIGHLIGHTS Key ESG indicators ESG highlights Environmental FY 2024 FY 2023 Chg. ENVIRONMENTAL CAPEX aligned with the low-carbon taxonomy (%) 100% 100% - › 100% of the company's CAPEX was aligned with the European Taxonomy of Sustainab
Slide 20: Investment
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S INVESTMENT Gross Ordinary Capex Ordinary Key highlights (Million Euro) Capex Deferral Capex Spain 250 -12 238 › Investment mainly related to the construction of new USA & Canada 653 276 929 generation assets Mexico 9 0 9 › Most of the investment
Slide 21: Net Debt Evolution
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation FY 2024 (€m) NET FINANCING OPERATING CF INVESTMENT CF OTHERS CF €807m -€1,224 €107m (2,213) (2,864) (1,307) (348) (2) (1) Debt associated to work in progress (3) IFRS16 adjustment 1. IFRS16 liability as
Slide 22: Spain – Revenue Drivers
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S SPAIN – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices – regulated vs. wholesale (€/MWh) +5% +10% -12% +14% -36% -29% 20% -21% 62% +2% 19% Generation revenues (€m) -23% Average achieved price composition (€/MWh) -18% (€/MWh) FY
Slide 23: Spain – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S SPAIN – OPERATING RESULTS Key figures FY 2024 EBITDA evolution (€m) (Million Euro) FY 2024 FY 2023 Chg. (€m) Chg. (%) Generation 855 1,105 -250 -22.7% Intragroup adjust., Supply & Other 1,034 1,321 -287 -21.7% Revenues 1,889 2,426 -538 -22.2% Gen
Slide 24: International – Revenue Drivers
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices (€/MWh) +25% +12% -19% -7% +7% -9% +104% -7% 22% -10% +4% 10% -24% 45% 15% 21% 32% Generation revenues (€m) +2% +5% +11% +86% 29% -16% 8% 15% +9% 27% %Chg. vs FY 20
Slide 25: International – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S INTERNATIONAL – OPERATING RESULTS Key figures FY 2024 EBITDA evolution (€m) (Million Euro) FY 2024 FY 2023 Chg. (€m) Chg. (%) Generation 782 746 36 4.8% USA & Canada 167 153 14 9.5% Mexico 211 252 -41 -16.2% Chile 114 61 52 85.8% Australia 61 55
Slide 26: Appendix
03 APPENDIX
Slide 27: ACCIONA Energía – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S ACCIONA ENERGÍA – OPERATING RESULTS Key figures FY 2024 EBITDA evolution (€m) (Million Euro) FY 2024 FY 2023 Chg. (€m) Chg. (%) Generation Spain 855 1,105 -250 -22.7% Generation International 782 746 36 4.8% Intragroup adjust., Supply & Other 1,4
Slide 28: Net Financial Debt
A C C I O N A E N E R G Í A F Y 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 29: Debt Maturity & Liquidity
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 2,660 Available facilities 1,135 696 572 587 613 Cash 223 195 106 29
Slide 30: Commercial Policy/Hedges Spain
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S COMMERCIAL POLICY/HEDGES SPAIN SPANISH CONSOLIDATED OUTPUT 2022-25 (TWH) 87% 78% 80% ~80% Contracted vs. Wholesale 11.1 TWh 10.1 TWh ~9.5 TWh 9.3 TWh €62 MWh €79 €167 MWh ~€70 MWh Assumes Spanish pool price at ~€75/MWh – final captured price of ~
Slide 31: Global Reach Across 5 Continents
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S GLOBAL REACH ACROSS 5 CONTINENTS With presence in 24 countries & 15.4 GW of total installed capacity in FY 2024 (1) OTHER AMERICAS Total Installed Total Consolidated (0.8 GW) SPAIN (5.7 GW) capacity capacity 0.6 GW 4.6 GW 0.3 GW 2MW 15.4 GW 13.6
Slide 32: Under Construction & Secured Projects
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S UNDER CONSTRUCTION & SECURED PROJECTS MW Scheduled MW Add. per year (1) % ANE Total project Added Currently Country Technology Asset name 2025 2026 2027 Details stake capacity 2024 under const. Australia PV Aldoga 100% 487 380 107 107 Private PPA
Slide 33: Capex & Commodity Price Evolution
A C C I O N A E N E R G Í A F Y 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 33
Slide 34: Energy Resource in Context – P50 Deviation
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S ENERGY RESOURCE IN CONTEXT P50 Deviation 34
Slide 35: Installed Capacity
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S INSTALLED CAPACITY Installed MW (31 December 2024) Total Consolidated Eq. accounted Net Spain 5,718 5,191 252 5,288 Wind 4,630 4,116 246 4,210 Hydro 693 693 0 693 Solar PV 333 318 6 325 Biomass 61 61 0 59 Storage 2 2 0 2 International 9,635 8,439
Slide 36: Equity Accounted Capacity
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S EQUITY ACCOUNTED CAPACITY Proportional figures (31 December 2024) MW GWh EBITDA (€m) NFD (€m) Wind Spain 246 582 16 -17 Wind International 76 159 3 -9 Australia 32 67 2 -9 Hungary 0 15 1 0 Vietnam 21 65 0 0 USA 23 12 0 0 Solar PV 302 540 16 125 T
Slide 37: Equity Accounted Contribution to EBITDA
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S EQUITY ACCOUNTED CONTRIBUTION TO EBITDA (Million Euro) FY 2024 FY 2023 Chg. (€m) Chg. (%) Spain 5 71 -65 -92.8% International -10 13 -23 -177.8% Portugal 0 10 -10 Hungary 0 1 -1 Egypt 1 4 -3 USA -1 0 -1 Mexico -11 -3 -8 Australia 1 1 0 Total Gene
Slide 38: Spain – Achieved Prices
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S SPAIN – ACHIEVED PRICES Consolidated Achieved price (€/MWh) Revenues (€m) production Market Rinv+Ro Banding Total Market Rinv+Ro Banding Total (GWh) FY 2024 Regulated 2,097 60.1 14.1 15.2 89.4 126 29 32 187 Wholesale - hedged 6,852 77.6 77.6 532
Slide 39: Wind – Drivers by Country
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S WIND – DRIVERS BY COUNTRY FY 2024 FY 2023 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 78.6 22.3% 103.6 22.8% -24.2% Spain - Regulated 114.8 89.7 28.0% Spain - Not regulated 68.6 107.5 -36.2% Canada 5
Slide 40: Other Technologies – Drivers by Country
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) (1) FY 2024 FY 2023 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 89.7 34.0% 126.0 22.9% -28.8% Biomass Spai
Slide 41: Sustainable Finance and ESG Ratings
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S SUSTAINABLE FINANCE AND ESG RATINGS OUTSTANDING FINANCING (1) 2024 Total 2024 Amount Total Amount Aldoga Project Types of Financing Instruments Instruments (€m) (€m) (#) (#) › Loan structure: Green loan + Local Impact Indicator (Type II). The ind
Slide 42: Spain – Market Overview
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Electricity demand Jan-Dec 2023 2024 2024 63.0 -28% 231.4 233.5 (TWh) +0.9% 1 . 2023 87.1 111.2 22,000 10 . 104.4 202 202 .0 .0 20,000 8 .7 0. 0.0 74.1 7 .7 74.2 72. 72. 72.2 1.1 8. 1 ,000 .4 .
Slide 43: International – Market Overview
A C C I O N A E N E R G Í A F Y 2 0 2 4 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) Exchange rates Commodities Average EUR/USD EUR/AUD 2023 1.082 1.631 2024 1.081 1.644 Chg. (%) 0% -1% Closing EUR/USD EUR/AUD 2023 1.104 1.621 2024 1.039 1.677 Chg. (%) 6% -3% 4
Slide 44: Results Presentation
FY 2024 – January - December 28 February 2025 RESULTS PRESENTATION