Slide 1: 1H24 Results Presentation
PROFITABLE ENERGY SUSTAINABLE WORLD 1H24 RESULTS PRESENTATION | October 2024
Slide 2: Disclaimer
DISCLAIMER This document may contain forward-looking statements and information (hereinafter, the “Information”) relating to Enerside Energy, S.A or Enerside Group (hereinafter “Enerside”, the “Company” or the “Enerside Group”). The Information reflects the current view of Enerside with respect to f
Slide 3: Table of Contents
Table of Contents 1. ABOUT ENERSIDE 2. OPERATIONAL RESULTS 3. FINANCIAL RESULTS 4. TAKEAWAYS 5. APPENDICES
Slide 4: 1. About Enerside
enerside 1. About Enerside
Slide 5: About Enerside – Executive Summary
ABOUT ENERSIDE – EXECUTIVE SUMMARY > Landmark transaction in Italy with 400MW of asset rotation > Positive Operating Cash Flow1 of €2.5m (+€7.3m vs 1H23) and EBITDA2 of +€2.9m (+€16.5m vs 1H23) 1H24 Results > ProForma Equity3 of €21m (+€14m vs 2H23) > Positive Limited Review from EY > New Equity Res
Slide 6: Strong positive impact of Plan Impulsa in all relevant KPIs
ABOUT ENERSIDE – PLAN IMPULSA KPIs Strong positive Impact of Plan Impulsa in all relevant KPIs Revenue1 (€m) Plan Impulsa The necessary steps for a successful turnaround • Acceleration of Asset Rotation leading to +€13m proceeds in 12 months 9.2 9.5 Other • Strong Reduction of Recurring Opex of +50%
Slide 7: 1H24 Consolidated Results: Strong growth under challenging circumstances
ABOUT ENERSIDE – 1H24 CONSOLIDATED RESULTS Strong growth under challenging circumstances Pipeline PV Pipeline BESS IPP Assets Sold 6.6 GW 2.8GWh 17 MW 503 MW1 +40% CAGR2017-24 BESS Stand Alone In Operation 3 MW at COD Equity Value GAV2 Net Debt Loan to Value3 JB Capital €241m €48m 25% €5,5/share €19
Slide 8: 2. Operational Results 1H24
2. OPERATIONAL RESULTS 1H24
Slide 9: Proven & flexible Business Model focused on Value Creation
OPERATIONAL RESULTS – ENHANCED FLEXIBILITY Proven & flexible Business Model focused on Value Creation Origination Project Development & Construction Flexible Strategy to crystallize Value Asset Rotation (Develop-to Sell & Build-to Sell) Sizable and Diversified Pipeline Originated +5 GW from scratch
Slide 10: International presence with unique exposure to Italy and BESS
OPERATIONAL RESULTS – 7.3GW DIVERSIFIED AND MATURE PIPELINE International presence with unique exposure to Italy and BESS 61% of Assets under Management in Europe & close to 75% to reach RTB by 2026/27 Present in 4 markets across Europe & Latam Pipeline Overview (Assets under Management in €m) Chile
Slide 11: Asset Rotation embedded into our strategy
KEY INVESTMENT HIGHLIGHTS – ACCELERATED ASSET ROTATION Asset Rotation embedded into our strategy 783 MW 6 MW Divestments key to create value and finance our growth strategy • 789 MW transacted in the past 3 years (Utility Scale & Distributed Generation) • Tier 1 counterparties: Brookfield, Chint Sol
Slide 12: Project Palmadula: a Landmark Transaction
OPERATIONAL RESULTS – ACCELERATED ASSET ROTATION Project Palmadula: a Landmark Transaction One of the largest Agrivoltaic Projects in Italy A signature project showing Enerside’s skills • Agrivoltaics project located in Sardinia, Italy 360 MW Origination in 2021 • Acquired from AGE in M&A Deal • 360
Slide 13: Strengthened position in Chile's PMGDs & BESS via M&A
KEY INVESTMENT HIGHLIGHTS – M&A AND STRATEGIC PARTNERSHIPS Strengthened position in Chile’s PMGDs1 & BESS via M&A An attractive transaction to strengthen our position in a proven, successful market Strategic Rationale • Acquisition of 37 MWp in 5 PMGD1 projects in late development stages (Thereof 25
Slide 14: IPP: 20 MW fully developed, constructed and operated internally
OPERATIONAL RESULTS – IPP 20 MW fully developed, constructed and operated internally PMGDs (DS 244) MWp COD Status Renaico • Public purchase agreement with the Chilean grid Renaico 7.5 2Q 2023 • Bridge financing through the issuance of green bonds €4M Linares • Public purchase agreement with the Chi
Slide 15: 3. Financial Results 1H24
3. FINANCIALS RESULTS 1H24
Slide 16: Profit & Loss Statement 1H24 – Management Accounts
FINANCIAL RESULTS 1H24 – P&L Profit & Loss Statement 1H24 – Management Accounts1 P&L Management Accounts - €m 1H24 1H23 Variation Asset Sales1 7,2 - 7,2 Positive EBITDA2 / Operating Cash Flow Construction - EPC / BOS 1,2 16,0 (14,7) reached in 1H 2024 IPP / O&M 1,2 0,1 1,1 Net Sales 9,6 16,1 (6,5) C
Slide 17: Balance Sheet 1H24 and Proforma including post closing events
FINANCIAL RESULTS 1H24 – BALANCE SHEET Balance Sheet 1H24 and Proforma including post closing events Consolidated Balance Sheet - €m Proforma 1H241 1H24 2023 Non-current assets 44,9 27,2 30,9 Strengthening of its Capital Structure reflected in the Balance Long-term financial investments 0,1 0,1 1,2
Slide 18: Gross Asset Value based on independent valuation (Big-4)
FINANCIAL RESULTS 1H24 – GAV Gross Asset Value based on independent valuation (Big-4) GAV – assets under Management (€m)1 Valuation Methodology & Assumptions 300 Dividend Discount Model Method • Equity value at RTB based on NPV of all future dividends 19 241 • Key DDM Assumptions 250 74 Cost of Equi
Slide 19: Refinancing of debt & new key investor opening way for ambitious growth
FINANCIAL RESULTS 1H24 – REFINANCING AND RECAPITALIZATION Refinancing of debt & new key investor opening way for ambitious growth Amortization schedule after refinancing process 1. €241m in Gross Asset Value (AuM) of the pipeline, with a 30,0 30,0 24,4 25,0 25,0 unique exposure to Italy 20,0 20,0 13
Slide 20: Sector improving with lower interest rates despite turbulent start
FINANCIAL RESULTS 1H24 – SUPPORT FROM MARKETS Sector improving with lower interest rates despite turbulent start Enerside share among the best performing in the industry Share Price Performance YTD 40% Peer 1; 29% 20% Enerside; 7% Peer 2; 3% Peer 3; 2% - (20%) Peer 4; (23%) (40%) Peer 5; (40%) Peer
Slide 21: 4. Takeaways
4. TAKEAWAYS
Slide 22: On track to a sustainable & profitable future
TAKEAWAYS On track to a sustainable & profitable future 1 2023 and 2024 have been a difficult year for renewables, impacting Enerside’s financial KPIs • Geopolitical Tensions, volatile Energy Prices and higher interest rates have been a huge challenge for the industry as a whole • Enerside has been
Slide 23: Plan Impulsa
STRATEGIC PLAN 2024-26 – PLAN IMPULSA ON TRACK Plan Impulsa Phase 1: Phase 2: Phase 3: Readjustment Stabilization Profitable Growth Principal Objectives 2H 23 – 1H 24 2H 24 2025 – 2026 • EPC discontinuation • Refinancing with • Investment in Main Milestones • Fixed cost reduction banks development c
Slide 24: Appendices
enerside Appendices
Slide 25: A Solar PV specialist since 2007
APPENDICES – PROVEN TRACK RECORD A Solar PV specialist since 2007 Reaching key Targets since 2007 Key Company Milestones 2007-2012. 2012-2017 2018-2020 2021-2023 2024-26 Inception Internationalization Integrated Platform IPO Profitable Growth PURE DEVELOPER TRANSFORMATION TO IPP • Asset Rotation • C
Slide 26: Integrated Platform capturing value across the projects' lifecycle
APPENDICES – BUSINESS MODEL & STRATEGIC POSITIONING Integrated Platform capturing value across the projects’ lifecycle 1 Development 2 Construction 3 Operating Development of PV Solar projects until EPCM provider from RTB to COD O&M IPP reaching RTB status • Market research for new opportunities • S
Slide 27: Value creation and cash flow through the life cycle of PV plant
APPENDICES – BUSINESS MODEL & STRATEGIC POSITIONING Value creation and Cash flow through the life cycle of PV plant Overview of a Generic Solar PV Project (Illustrative) Development Construction Operation 1 - 5 years < 1 year 25-30 years Returns: +3x invested capital Project IRR +10% Yield compressi
Slide 28: Profit & Loss Statement 1H24 vs Management Accounts
FINANCIAL RESULTS 1H24 – P&L Profit & Loss Statement 1H24 vs Management Accounts pre-RTB 1H24 P&L - €m 1H24 Sale (Management)1 Asset Sales2 - 7,2 7,2 Construction - EPC / BOS 1,2 - 1,2 IPP / O&M 1,2 - 1,2 Net Sales 2,4 - 9,6 Capitalized Expenses (Capex & Devex) 3,6 - 3,6 Total Revenue 6,0 7,2 13,2 C
Slide 29: Thank You
THANK YOU investors@enerside.com