Edp Renewables Sa · EURONEXT:EDPR
Edp Renewables Sa — EDP Renováveis — Q1 2022 Earnings Presentation
26 slides from Edp Renewables Sa's earnings presentation, May 4, 2022
Slide 1: EDPR 1Q22 Results
EDPR 1Q22 RESULTS May 4th, 2022 15:00 CET | 14:00 UK / Lisbon www.edpr.com
Slide 2: Disclaimer
Disclaimer This document has been prepared by EDP Renováveis, S.A. (the "Company") solely for use Forward-looking statements include statements regarding: objectives, goals, strategies, at the presentation to be made on this date and its purpose is merely of informative nature outlook and growth pro
Slide 3: Agenda
Agenda 1 Update on strategy execution 2 1Q22 Results 3 Closing remarks 4 Annex 3
Slide 4: Update on strategy execution
Update on strategy execution 4
Slide 5: EDPR continues with its solid execution in the 1Q22
EDPR continues with its solid execution in the 1Q22 9.2 TWh EBITDA +46% to €394m, installed capacity +13%, renewables resources +2% vs. LT avg., 1Q22 (+14% YoY) average selling price +12% €0.6bn Growth Revenues 1Q22 Net profit +75% to €66m reflecting strong EBITDA performance (+27% YoY) +0.5 GW Addi
Slide 6: 6 GW total capacity committed for 2022-23, 86% of growth target
6 GW total capacity committed for 2022-23, represent 86% of our 2022-23 growth target, with a ramp up trend from 2022 to 2023 Well advanced for 2022-23 capacity additions Short-term challenges will imply some transfers target with 6 GW already committed of capacity additions from 4Q22 to 1Q23 Annual
Slide 7: New focus on energy independence on top of decarbonization targets
New focus on energy independence on top of decarbonization targets support bold actions by government to ramp-up renewables growth Recent government measures in Europe should support renewables growth Reviewing their offshore targets for Reviewing their strategy to reduce 2030 and planning reforms t
Slide 8: ~50% of 2021-25 renewable capacity additions target already committed
~50% of 2021-25 renewable capacity additions target already committed reinforcing medium-term growth prospects ~50% of the 20 GW target of capacity additions in 2021- Renewables will be reinforced in the medium 25, are already committed term growth prospects in our key markets Capacity Committed 202
Slide 9: Costs environment is being translated into increased PPA pricing
Costs environment is being translated into increased PPA pricing Despite higher costs and higher contract prices… ... appetite for RES PPAs continue during 2022 +1.1 GW of long-term contracts signed YTD(2) Capex PPA avg. increased avg. price increased 5% - 15%(1) 10% - 15% YoY YoY … ~6 GW of PPAs sh
Slide 10: Gradual hedges roll over expected to have a positive impact on avg. selling price
Gradual hedges roll over expected to have a positive impact on avg. selling price over the 2023-2025 period Hedges roll over and hedging strategy optimization … despite negative short-term impact (up to 1Y) from increase exposure to merchant prices over 2023-25… government interventions in the elec
Slide 11: Strong asset rotations expected in 2022
Strong asset rotations expected in 2022 with one transaction already closed contributing to the total €1.8bn proceeds cashed in 2021-22 Out of the 3 transactions signed for 2022, EDPR … and continue to have good prospects for the rest of managed to executed €0.3bn proceeds YTD… the year with AR tran
Slide 12: Ocean Winds also continues to grow with a total portfolio of 11 GW
Ocean Winds also continues to grow with a total portfolio of 11 GW GW Gross Total portfolio 11 GW vs ~6.5 GW in March 2021 1.5 2.6 Projects with revenues secured in Europe well protected against inflation 11 6.5 7.0 Jan-22: Awarded exclusive rights to develop 1 GW (Caledonia) in UK at the ScotWind s
Slide 13: 1Q22 Results
1Q22 Results 13
Slide 14: Strong results benefitting from solid performance of EDPR base portfolio
Strong results benefitting from solid performance of EDPR base portfolio 1Q22 Key Figures Highlights EBITDA €394m Clean generation of 9.2 TWh, up +14% YoY +46% YoY; +€125m Higher EBITDA on the back of impressive top line performance from base portfolio Net Profit €66m Strong financials in EU mainly
Slide 15: EDPR portfolio increased to 14 GW; Generation +14% YoY
EDPR portfolio increased to 14 GW, +1.6 GW YoY; Generation +14% YoY on capacity expansion and and strong renewables resources Installed Capacity YoY Net Capacity Factor 1Q22 Electricity Production YoY (EBITDA + Equity MW) (%) (TWh) NCF YoY 1Q21 12,458 1Q21 8.1 32% +0.1pp MW 2,759 Added ∆ MW 0.9 38
Slide 16: Revenues +27% YoY on higher installed capacity and renewable resource
Revenues +27% YoY on the back of higher installed capacity, higher renewable resource, positive forex & others EDPR Avg. Selling Price Revenues (€/MWh) (€ million) 1Q22 YoY (1) +27% +12% 569 57.9 €85.9 +15% 51.7 448 $43.8 +2% R$ 252.6 +4% 1Q21 1Q22 1Q21 1Q22 Avg. price of EDPR’s portfolio increase
Slide 17: Net Profit +75% YoY to €66m
Net Profit +75% YoY to €66m, driven by top line partially offset by higher financial costs and non controlling interests 1Q22 EBITDA to Net Profit (€ million) €m YoY EBITDA 394 +€125m Top line performance (+46% YoY) D&A (162) -€15m On the back of YoY capacity additions EBIT 232 +€105m Financial (74
Slide 18: Net Debt and Tax Equity increased €1.3bn
Net Debt and Tax Equity increased €1.3bn 1Q22 from RCF to Debt & TEI variance 1Q22 Financial Debt Breakdown (€ million) (%) +365 (1,639) +252 Variable 12% 18% Other 44% (1,262) 55% Fixed (240) Loans 88% with EDP 27% 56% RCF ex-Gains AR proceeds Cash capex (1) WC, FX and ND/TEI other increase Type Cu
Slide 19: EDPR is recognized as a top renewables player while guaranteeing the best ESG standards
EDPR is recognized as a top renewables player while guaranteeing the best ESG standards throughout its operations EDPR guarantees the best ESG standards while… … continuing to be recognized as best in class Environment 1Q22 ∆% YoY EDPR is in the top 20 of S&P’s Global Clean Energy Index Capex aligne
Slide 20: Closing remarks
Closing remarks 20
Slide 21: Key takeaways
Key takeaways Strong 1Q22 results, driven by 2% above LT average renewables resources and 12% increase of avg. selling price, resulting in EBITDA of €394m (+46%) and Net profit of €66m (+75% YoY) 6 GW total capacity committed for 2022-23, representing 86% of our 2022-23 growth target, with a ramp up
Slide 22: Annex
renewables 22
Slide 23: EDPR 9.6 GW of committed capacity until 2025
EDPR 9.6 GW of committed capacity until 2025 4.0 2.9 North America Europe GW GW 46% committed 43% committed 1.5 GW 2.5 GW 0.2 GW 6.7 1.5 GW 0.9 GW 0.5 GW post 2025 8.8 20 GW1 Gross 0.4 GW post 2025 Additions 2021-25 1.4 South America 2.0 2.9 APAC 0.7 GW GW 70% committed 53% committed 1.5 GW 0.5 GW 0
Slide 24: Ocean Winds growing with operating capacity of 1.5 GW and total portfolio of 11 GW
Ocean Winds also continues to grow with operating capacity increasing to 1.5 GW in 2022 and a total portfolio of 11 GW Total portfolio of 11 GW with Ocean Winds very active expanding its footprint MW PPA/Tariff Name Country COD gross secured Windplus 25 2020 SeaMade 487 2021 • 1.5 GW fully opera
Slide 25: IR Contacts
IR Contacts Miguel Viana, Head of IR Pia Domecq Duarte Andrada María Banda Álvaro Goenaga E-mail: ir@edpr.com Phone: +34 914 238 402 Fax: +34 914 238 429 Serrano Galvache 56, Edificio Olmo, 7th Floor 28033, Madrid - Spain EDPR Online Site: www.edpr.com Link Results & Presentations
Slide 26: edp
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