Grenergy Renovables S.a · BME:GRE
Grenergy Renovables — FY2024 Earnings Presentation
28 slides from Grenergy Renovables's earnings presentation, Feb 27, 2025
Slide 1: Results Presentation FY24
Results Presentation FY24 Madrid, February 27th 2025 grenergy.eu
Slide 2: Disclaimer
DISCLAIMER By attending this presentation and/or by accepting this presentation you will be taken to have re- be relied upon when making an investment decision. Certain financial and statistical information in presented, warranted and undertaken that you have read and agree to comply with the conten
Slide 3: Business, Financial and Sustainability Highlights
Highlights Business Review Financial Review Sustainability BUSINESS HIGHLIGHTS FINANCIAL HIGHLIGHTS SUSTAINABILITY HIGHLIGHTS Crystalizing the value of Oasis de Atacama: Sale of Phases 1, 2 and 3 of Oasis de Atacama Completion of the ESG Roadmap 2024 Revenues €643m (+61% yoy) (451MW + 2.54GWh) for a
Slide 4: Platform overview. Solar PV & BESS
Highlights Business Review Financial Review Sustainability Platform overview. Solar PV & BESS FY24 USA 16.6GW 26.9GWh +0.9 qoq +1.9 qoq 5.1GW +0.3GW qoq Identified 2.7GWh Opportunities 5.9GW 6.4GWh -0.4GWh qoq EUROPA Early Stage 4.9GW 5.9GWh 4.2GW PIPELINE -0.9GW qoq 5.9GWh PLATFORM Advanced Develop
Slide 5: Solar PV & BESS pipeline update
Highlights Business Review Financial Review Sustainability Solar PV & BESS pipeline update EUROPE ✓ Solar platform 4.2GW (-0.9GW qoq) EUROPE ✓ BESS pipeline 5.9GWh (+1.2GWh qoq) Solar PV BESS LATAM ✓ Solar platform added 1.6GW to 7.3GW LATAM ✓ BESS pipeline in Chile 18.3GWh (+1.1GWh qoq) USA ✓ Solar
Slide 6: Pioneers with the largest BESS project in America
Highlights Business Review Financial Review Sustainability Pioneers with the largest BESS project in America c$2.3bn c2.0GW + c.11GWh TOTAL CAPEX 2023 2024 2025 2026 2027 PV BESS PPA (peak-hours) FINANCING MW MW MWh YEARS OUPUT OFFTAKER Phase 1 Quillagua 1 103 95 589 15 128GWh/y EMOAC Closed Phase 2
Slide 7: Execution well on track
Highlights Business Review Financial Review Sustainability Execution well on track 2024 Phases 1-4 Strategic agreement for BESS supply: BYD (phases 1, 2 and 3) and CATL (phase 4) Phase 4 Hybrid PPA signed Phases 1-3 Project finance closed ($644m) Phases 1-3 M&A deal with ContourGlobal (a KKR company
Slide 8: Oasis Atacama: c.$1bn financing already closed
Highlights Business Review Financial Review Sustainability OASIS ATACAMA. c.$1bn Financing already closed for Phases 1-4 with top international banks Issuing Banks Pool of Syndicated Banks $345m QUILLAGUA Financial close in (Phases 1-2) July 2024 $299m VICTOR JARA Financial close in (Phase 3) Decemb
Slide 9: Successful asset rotation in 2024, bringing an EV of $1.1bn
Highlights Business Review Financial Review Sustainability Grenergy shatters records with successful asset rotation in 2024, bringing an EV of $1.1bn Rotation of 625MW and 2.54GWh in Latam for a VICTOR JARA total Enterprise Value of $1,112m1 CHILE PV + BESS PV + BESS CHILE Sale of Phases 1, 2 and 3
Slide 10: Key operating & financial data
Highlights Business Review Financial Review Sustainability Key operating & financial data ✓ Total production and realized price affected by the disposals of ✓ Revenues (+61%) and EBITDA (+53%) driven by asset rotation Duna Huambos and Belinchón ✓ Energy revenues declined -7% (+2% organic1) ✓ 76% of
Slide 11: Revenue & EBITDA breakdown
Highlights Business Review Financial Review Sustainability Revenue & EBITDA breakdown ✓ D&C revenues +77% from the disposal of assets in Chile and Peru which include €76m from Peruvian assets and €341m from OA ✓ Energy Revenues declined -7% (+2% organically) ✓ Retail and services revenues increased
Slide 12: CAPEX
Highlights Business Review Financial Review Sustainability CAPEX PV CAPEX BREAKDOWN PER MW €m ✓ Total capex of €649m in FY24 0.60 0.52 0.50 ✓ Latam capex concentrated in Chile (>90%) 0.43 0.40 0.39 ✓ Capex deflation of batteries and solar modules still ongoing 0.30 0.20 0.10 0.00 FY24 TOTAL CAPEX 20
Slide 13: Cash flow
Highlights Business Review Financial Review Sustainability Cash flow ✓ €222m from changes in net working capital explained by positive supplier CAPEX financing and anticipated receivables from asset rotation ✓ €340m divestments related to the asset rotation in Chile and Peru ✓ Other debts correspond
Slide 14: Leverage & Liquidity
Highlights Business Review Financial Review Sustainability Leverage & Liquidity NET DEBT & LEVERAGE (ex IFRS16) ✓ Total leverage down to 3.6x in 2024 vs 5.6x in 2023 €m 579 ✓ Covenant leverage decreased sharply to 0.7x thanks to 566 asset rotation (vs 2.8x in 2023) ✓ Financing closed of Phases 1 to
Slide 15: ESG Roadmap 2024-2026. ESG Action Plan – I Phase
Highlights Business Review Financial Review Sustainability ESG Roadmap 2024-2026. ESG Action Plan – I Phase ACHIEVEMENT OF 100% OF THE Q4 OBJECTIVES OF THE 2024 PLAN BIODIVERSITY STRATEGY Q1 Q2 Q3 Q4 Climate change risks and opportunities report in line with TCFD Publication of our strategy to CLIMA
Slide 16: Recognition in ESG ratings
Highlights Business Review Financial Review Sustainability Recognition in ESG ratings. Confirmation of leadership in ESG ratings Discloser 2024 RANKING Strong management of CDP Climate Index recognizes the INDUSTRY GROUP all ESG material issues: 2024 leadership and ambition of our climate Governance
Slide 17: Highlights of the 2024 Non-financial Information Statement and Sustainability Report
Highlights Business Review Financial Review Sustainability Highlights of the 2024 Non-financial Information Statement and Sustainability Report 580 employees (FTE) We continue to expand rapidly, Biodiversity We are committed to conserving with a 137% growth in our Strategy and restoring biodiversity
Slide 18: Appendices
APPENDICES 18
Slide 19: Platform update. Projects In Operation, Under Construction & Backlog
Platform update. Projects In Operation, Under Construction & Backlog BESS Resource Country Project Type MWp COD2 Offtaker MWh1 (Hours) Spain Los Escuderos Solar PV 200 0 2,035 4Q21 PPA PV Profile 85% Chile PMGDs (16 projects) Solar PV 151 0 2,109 4Q21-4Q24 Stabilized Price Chile Gran Teno Solar PV 2
Slide 20: Platform update. Projects in Advanced Development
Platform update. Projects in Advanced Development BESS Resource Country Project Type MWp COD2 Offtaker Negotiation3 MWh1 (Hours) Italy Isole & Penisola Projects Solar PV + BESS 415 737 1,864 1Q27-4Q28 PPA 60-70% Initial Poland Nowy Tomysl Solar PV + BESS 71 84 1,100 3Q27 PPA 60-70% Initial Spain Cla
Slide 21: Platform with relevant growth potential. Project Portfolio
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 of land, 2) access IDENTIFIED OPPORTUNITIES 20-40% to the electricity grid is operation
Slide 22: FY24 Revenues & EBITDA. Breakdown by division
FY24 Revenues & EBITDA. Breakdown by division REVENUES (€m) 4Q24 4Q23 Var. FY24 FY23 Var. Development & Construction 338.4 29.8 1,034% 550.3 310.4 77% Income from customer sales 358.8 6.0 5,894% 444.8 89.3 398% Income from capitalize works (20.4) 23.8 (186%) 105.5 221.1 (52%) Energy 18.6 13.3 41% 60
Slide 23: FY24 Results. Profit and Losses
FY24 Results. Profit and Losses PROFIT AND LOSSES (€m) 4Q24 4Q23 Var. FY24 FY23 Var. Revenues 365.2 49.0 645% 642.9 400.2 61% Income from customer sales 385.6 25.2 1,431% 537.4 179.1 200% Income from capitalized works (20.4) 23.8 (186%) 105.5 221.1 (52%) Procurement (233.2) (30.6) 663% (429.4) (243.
Slide 24: FY24 Results. Balance Sheet
FY24 Results. Balance Sheet BALANCE SHEET (€m) FY24 FY23 Var. (€m) FY24 FY23 Var. Equity 473.5 343.7 129.8 Non-current assets 1,209.2 877.9 331.3 Non-current liabilities 784.9 584.6 200.3 Intangible assets 6.3 5.8 0.5 Deferred tax liabilities 59.6 33.7 25.9 Fixed asset 920.3 730.0 190.3 Non-current
Slide 25: FY24 Results. Cash Flow
FY24 Results. Cash Flow CASH FLOW (€m) 4Q24 4Q23 Var. FY24 FY23 Var. EBITDA 107.1 2.3 4,579% 160.0 104.5 53% + Change in operating NWK 232.7 48.6 379% 222.4 (27.0) (923%) + Taxes and Financial Exp. Cash out (1.2) (26.7) (95%) (31.7) (44.3) (28%) Funds from operations 338.6 24.2 1,300% 350.7 33.2 956
Slide 26: FY24 Results. Net Debt
FY24 Results. Net Debt TOTAL LEVERAGE1 3.6X TOTAL CORPORATE LEVERAGE2 0.7X NET DEBT (€m) FY24 FY23 Var. Long-term financial debt 161.0 154.5 6.5 Short-term financial debt 194.1 160.6 33.5 Long-term Lease debt (IFRS 16) 65.4 50.1 15.3 Short-term Lease debt (IFRS 16) 4.5 2.7 1.8 Other short term debt
Slide 27: FY24 Results. Net Debt/EBITDA Reconciliation
FY24 Results. Net Debt/EBITDA Reconciliation NET DEBT/EBITDA RECONCILIATION FY24 FY23 (€m) Total Corporate Non-Recourse Total Corporate Non-Recourse Net Debt 635.5 175.0 460.6 631.7 288.7 343.0 Impact IFRS16 69.9 69.9 - 52.7 52.7 - Net Debt ex IFRS16 565.7 105.1 460.6 578.9 236.0 343.0 EBITDA LTM 16
Slide 28: Green Must Go On
““GREEN MUST GO ON GRENERGY 3 7) grenergy. eu