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Results Presentation 1Q25 grenergy.euMadrid, May 22 nd 2025
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By attending this presentation and/or by accepting this presentation you will be taken to have re- presented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer. The information contained in this presentation (“Presentation”) has been prepared by Grenergy Re- novables S.A. (the “Company”) and has not been independently verified and will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions con- tained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representa- tion. Neither the the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, under contract, tort or otherwise) for any loss howsoever arising from any use of this Pre- sentation or its contents or otherwise arising in connection with this Presentation. This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the Company’s publicly available information and, if applicable, the oral briefing provided by the Company. The information and opinions in this presen- tation are provided as at the date hereof and subject to change without notice. It is not the inten- tion to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This Presentation contains financial information regarding the businesses and assets of the Com- pany. Such financial information may not have been audited, reviewed or verified by any indepen- dent accounting firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such infor- mation’s portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. Certain financial and statistical information in this document has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total. Certain statements in this Presentation may be forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual re- sults or events to differ materially from those expressed or implied by the forward-looking state- ments. These include, among other factors, changing economic, business or other market condi- tions, changing political conditions and the prospects for growth anticipated by the Company’s management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Any forward-looking statements contained in this Pre- sentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obliga- tion to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The market and industry data and forecasts that may be included in this Presentation were obtai- ned from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affilia- tes, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. Ac- cordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. NEITHER THIS PRESENTATION NOR ANY OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER OF PURCHASE, SALE OR EXCHANGE, NOR A REQUEST FOR AN OFFER OF PURCHASE, SALE OR EXCHANGE OF SECURITIES, OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES. The securities of the Company may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act of 1933 or pursuant to a valid exemption from registration. DISCLAIMER 02
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$324m of Project Finance closed for Phase 4 (Gabriela) of Oasis de Atacama Quillagua 1 in operation with BESS and delivering higher efficiency levels 0.5TWh PPA 24x7 signed with Codelco for 15 years 390GWh PPA signed in Central Chile New agreement signed with BYD for 3.5 GWh to supply BESS to the sixth phase of Oasis de Atacama (Elena) Revenues €237m ( +116% yoy) EBITDA €62m ( +165% yoy) Net income €32m (+422% yoy) Capex of €165m (+124% yoy) driven by hybrid projects Net debt/one.numr €726m Total leverage 3.7x (1.3x corporate) Share buyback €27m Publication of our Climate Change Policy Publication of our Non-Financial Information Statement and Sustainability Report in compliance with the CSRD Directive One of the 15 th most sustainable worldwide companies by MSCI and top 16% by S&P Global in the Utilities sector Top-ranked in our industry in ESG ratings by S&P, MSCI (AAA) and Sustainalytics (10.8-low risk) Highlights Financial Review Sustainability 03 /one.numr Net debt ex IFRS16. BUSINESS HIGHLIGHTS FINANCIAL HIGHLIGHTS SUSTAINABILITY HIGHLIGHTS S t rategic plan 2025-2027 on C M D in May 28, 2025
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04 Highlights Financial Review Sustainability Key operating & financial data /one.numr Calculated as Net debt with recourse divided by LTM Relevant EBITDA. | /two.numr 1Q25 gross additions includes Quillagua I and distribution asset in Colombia. ✓ Total production +52% mainly driven by Chilean Assets ✓ 88% of total production was contracted (+80% YoY) ✓ Realized price +3% by an increase in merchant prices ✓ Revenues (+116%) and EBITDA (+165%) driven by asset rotation ✓ Energy revenues grew +56% thanks to Gran Teno ✓ Net debt stood at €726m, implying 3.7x EBITDA (1.3x Covenant) 1Q25 237.2 18.1 61.7 12.6 54.2 32.4 165.4 1Q25 963.7 456.9 725.6 242.2 3.7x 1.3x 1Q24 110.1 11.6 23.3 7.4 18.9 6.2 73.8 FY24 920.3 473.5 565.7 105.1 3.6x 0.7x Var. 116% 56% 165% 70% 186% 422% 124% Var. 5% (4%) 28% 130% (€m) Revenues ow Energy Revenues EBITDA ow Energy EBITDA EBIT Net Income Capex Tangible Fixed Assets Equity Net debt ow Corporate Net debt/EBITDA ow Covenant 1 KEY FINANCIAL DATA 1Q25 1.05 891 12 115 0.6 379,722 20,519 400,241 350,254 49,987 21% 45.2 47.9 25.9 1Q24 1.09 872 110 318 - 233,912 30,032 263,944 194,524 69,420 16% 44.0 54.9 13.4 Var. (4%) 2% (89%) (64%) - 62% (32%) 52% 80% (28%) 29% 3% (13%) 93% Avg. Forex ($/€) Total Capacity (MW) Net additions Gross additions/two.numr MW GWh Solar production Wind production Total production (MWh) ow Contracted ow Merchant Load Factor (%) Realized price (€/MWh) ow Contracted ow Merchant KEY OPERATING DATA
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05 Revenue & EBITDA breakdown /one.numr €3 million recorded as inventories and not as income from capitalize works due to the pre-agreed sale of solar plants under construction. | /two.numr Retail supply business in Chile. /three.numr Services include O&M (Operation and Maintenance) and AM (Asset Management). | /four.numr Revenues exclude income from capitalized works. ✓ D&C revenues +125% from the disposal of assets in Chile ✓ Energy Revenues grew +56% ✓ Retail revenues increased +108% driven by the increase of clients and prices ✓ 1Q25 EBITDA up to €62m (vs €23m in 1Q24) boosted by D&C division (+€35m) and Energy (+€5m) Margins EBITDA 176% €m 70% -64% 48% 39% 165% 55.0 12.6 0.1 0.4 -6.4 61.7 39%/four.numr 70% 1% 29% 36%/four.numr D&C Energy Retail Services Corporate Total REVENUE €m 125% 56% 108% 14% 116% D&C/one.numr Energy Retail/two.numr Services/three.numr Total 205.3 18.1 12.6 1.3 237.2 Highlights Financial Review Sustainability
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/one.numr Includes €3 million recorded as inventories due to the pre-agreed sale of solar plants under construction. 06 CAPEX ✓ Capex of €165m in 1Q25 including phases 1, 2 and 3 of Oasis de Atacama ✓ Latam capex concentrated in Chile (c.80%) ✓ Investments on a rump up phase (+€92m of Capex vs 1Q24) 1Q25 TOTAL CAPEX €m Development Capex & Others America Projects Spain Projects OA (I-II-III) Total Capex/one.numr 9.0 53.0 83.6 21.6 81.9 165.4 Highlights Financial Review Sustainability
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07 Cash flow ✓ €84m from changes in net working capital explained by supplier payments ✓ €165m of capex in America and Spain in line with our intention of keep growing the pipeline ✓ Share buyback completed €27m (of which €20m in 1Q25) with an average share price of €37.75 €m Highlights Financial Review Sustainability FX Diff. & Other Fin costs & taxes Change in NWK EBITDA Cash Position FY24 Capex Treasury Shares Divestments Bonds & CP Financial debt Other debts Cash Position 1Q25 -24.6-9.0 -84.261.7 374.0 -165.4 81.9 -20.4 7.9 55.5 -70.7 206.7
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08 Leverage & Liquidity /one.numr Calculated as Net debt including all PF debt divided by LTM EBITDA. | /two.numr Calculated as Net debt with recourse divided by LTM Relevant Ebitda (from Dividends earned from SPVs + EBITDA from O&M and Asset Mgmt activities + EBITDA from the sale of Projects and D&C activity + EBITDA generated by the SPVs with Recourse PF Debt). | /three.numr Considering the agreed sale of Jose Cabrera & Tabernas and Phases 1 to 3 of Oasis de Atacama. DEBT STRUCTURE ✓ Maintaining a low level of indebtedness which stands at 3.7x in 1Q25 (1.2x Proforma) ✓ Financing closed of Phase 4 of Oasis de Atacama for a total amount of $324m 33% CORPORATE 67% NON-RECOURSE NET DEBT & LEVERAGE (ex IFRS16) €m Total Leverage/one.numr Covenant Leverage/two.numr FY24 566 461 105 Total Non-recourse Corporate 3.6x 0.7x 1Q25 726 483 242 3.7x 1.3x 1Q25 Proforma/three.numr 406 330 76 1.2x 0.2x Highlights Financial Review Sustainability
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09 ESG Roadmap 2024-2026. ESG Action Plan – II Phase 1Q 2Q 3Q 4Q CLIMATE CHANGE ENVIRONMENT PEOPLE GOVERNANCE Development our “Grenergy Employer Branding” strategy Development of a corporate volunteering plan Elaboration of the Sustainability Report 2024 in response to the CSRD ESG risk map update Progress on the Internal Control over Non-Financial Information System Climate Change Policy Development Net Zero strategy update for the formalisation of emission re- duction targets in accordance with SBTi and CSRD Biodiversity Policy Development Preparation of the biodiversity risk management report in ac- cordance with TNFD ACHIEVEMENT OF 100% OF THE 1Q OBJECTIVES OF THE 2025 PLAN CLIMATE CHANGE POLICY Publication of our Climate Change Policy, defining its objective, key principles for action, and mechanisms for implementation and follow-up ELABORATION OF THE 2024 SUSTAINABILITY REPORT UNDER THE CSRD FRAMEWORK Publication of our Non-Financial Information Statement and Sustainability Report 2024, in accordance with the CSRD requirements and externally verified Highlights Financial Review Sustainability
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Recognition in ESG ratings. Confirmation of leadership in ESG ratings 10 10.8 Low Risk Strong management of all ESG material issues: Governance Business Ethics Community Relations Ocupacional Health and Safety Product Governance Land Use and Biodiversity Human Capital 2024 INDUSTRY GROUP Utilities 10 out of 644 GLOBAL UNIVERSE 413 out of 14,915 RANKING RATED BY NEW COVERAGE A- B+ 1. Acciona Energías Renovables SA 2. EDP Renovaveis SA 3. Encavis AG 4. Grenergy 5. Adani Green Energy Limited 1. National Grid PCL 2. Grenergy 3. Hydro One Limited 4. CMS ENergy Corporation 5. Veolia Environment SA 6. Centerpoint Energy, Inc AAA AAA AA AA A A CDP Climate Index recognizes the leadership and ambition of our climate strategy with a B score 2024 78/100 2024 2023 64/100 65/100 Discloser 2024 2024 2021 A AAA 2024 Highlights Financial Review Sustainability
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APPENDICES 11
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12 1Q25 Revenues & EBITDA. Breakdown by division 1Q25 205.3 139.4 65.9 18.1 12.6 1.3 237.2 1Q24 91.3 68.8 22.5 11.6 6.1 1.1 110.1 Var. 125% 103% 192% 56% 108% 14% 116% (€m) Development & Construction Income from customer sales Income from capitalize works Energy Retail Services Total REVENUES 1Q25 55.0 12.6 0.1 0.4 (6.4) 61.7 1Q24 19.9 7.4 0.3 0.2 (4.6) 23.3 Var. 176% 70% (64%) 48% 39% 165% (€m) Development & Construction Energy Retail Services Corporate Total EBITDA
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13 1Q25 Results. Profit and Losses (€m) Revenues Income from customer sales Income from capitalized Procurement Procurement from third Activated cost Gross Margin Personnel expenses Other operating expenses Other results EBITDA Depreciation and amortization EBIT Financial income Net financial results Other financial results Financial result Result before taxes Income tax Net Income PROFIT AND LOSSES 1Q25 237.2 171.4 65.9 (155.7) (95.0) (60.8) 81.5 (11.5) (8.5) 0.1 61.7 (7.5) 54.2 1.9 (10.9) (7.5) (16.5) 37.7 (5.4) 32.4 1Q24 110.1 87.5 22.5 (71.5) (53.5) (18.0) 38.6 (7.9) (7.5) 0.1 23.3 (4.4) 18.9 0.2 (8.4) 0.1 (8.2) 10.8 (4.6) 6.2 1Q24 110.1 87.5 22.5 (71.5) (53.5) (18.0) 38.6 (7.9) (7.5) 0.1 23.3 (4.4) 18.9 0.2 (8.4) 0.1 (8.2) 10.8 (4.6) 6.2 Var. 116% 96% 192% 118% 77% 238% 111% 45% 13% 4% 165% 71% 186% 1.013% 30% n.m 102% 250% 18% 422%
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14 1Q25 Results. Balance Sheet 1Q25 1,246.3 6.3 963.7 57.2 64.4 154.8 550.2 231.5 93.9 6.4 11.6 206.7 1,796.5 1Q24 1,209.2 6.3 920.3 59.9 54.6 168.1 666.0 196.8 82.3 4.3 8.6 374.0 1,875.2 Var. 37.1 (0.0) 43.4 (2.8) 9.8 (13.3) (115.8) 34.8 11.6 2.2 2.9 (167.3) (78.8) (€m) Non-current assets Intangible assets Fixed asset Assets with right of use Deferred tax assets Other fixed assets Current assets Inventories Accounts receivable Current financial investments Other current assets Cash & cash equivalents TOTAL ASSETS 1Q25 456.9 872.8 63.0 9.7 800.0 73.4 642.5 8.0 64.0 12.0 466.7 2.5 252.2 212.0 94.3 109.2 2.1 6.5 - 1,796.5 1Q25 456.9 872.8 63.0 9.7 800.0 73.4 642.5 8.0 64.0 12.0 466.7 2.5 252.2 212.0 94.3 109.2 2.1 6.5 - 1,796.5 FY24 473.5 784.9 59.6 9.6 715.6 51.6 576.4 7.0 65.9 14.6 616.8 3.8 310.7 302.3 108.1 119.8 1.5 4.9 68.1 1,875.2 Var. (16.6) 87.9 3.4 0.1 84.4 21.8 66.1 1.1 (1.9) (2.6) (150.1) (1.3) (58.5) (90.3) (13.8) (10.6) 0.6 1.6 (68.1) (78.8) (€m) Equity Non-current liabilities Deferred tax liabilities Non-current provisions Financial debt Bonds & Commercial Paper Debt with financial entities Derivatives Debts Finance lease Other debts Current liabilities Current provisions Accounts payable ST Financial debt Bonds & Commercial Paper Debt with financial entities Derivatives Debts Finance lease Other debts TOTAL EQUITY AND LIABILITIES BALANCE SHEET
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15 1Q25 Results. Cash Flow (€m) EBITDA + Change in operating NWK + Taxes and Financial Exp. Cash Funds from operations + Short term-Liquid Investments + Growth capex + Divestment Free cash flow + Bonds + Bank borrowings + Other debts + Share Buy-back programme + Exchange rates differences Net cash increase CASH FLOW 1Q25 61.7 (84.2) (9.0) (31.5) (0.7) (165.4) 81.9 (115.7) 7.9 55.5 (70.7) (20.4) (23.9) (167.3) 1Q24 23.3 (17.5) (11.6) (5.8) 0.1 (73.8) 50.5 (29.0) 19.1 78.1 - (14.2) (11.2) 42.7 1Q24 23.3 (17.5) (11.6) (5.8) 0.1 (73.8) 50.5 (29.0) 19.1 78.1 - (14.2) (11.2) 42.7 Var. 165% 381% (22%) 446% n.m. 124% 62% 299% (58%) (29%) - 43% 113% (491%) Var. 165% 381% (22%) 446% n.m. 124% 62% 299% (58%) (29%) - 43% 113% (491%)
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16 1Q25 Results. Net Debt TOTAL LEVERAGE/one.numr 3.7X TOTAL CORPORATE LEVERAGE/two.numr 1.3X (€m) Long-term financial debt Short-term financial debt Long-term Lease debt (IFRS 16) Short-term Lease debt (IFRS 16) Other short term debt Other current financial assets Cash & cash equivalents Corporate Net Debt with recourse Project Finance debt with recourse Project Finance cash with recourse Project Finance Net Debt with recourse Project Finance debt with non-recourse Project Finance cash with non-recourse Project Finance Net Debt with non-recourse Total Net Debt Total Net Debt ex IFRS16 NET DEBT 1Q25 212.8 178.8 63.5 6.1 12.0 - (156.3) 317.0 - (5.1) (5.1) 528.7 (45.3) 483.4 795.2 725.6 FY24 161.0 194.1 65.4 4.5 14.6 68.0 (330.0) 177.7 - (2.7) (2.7) 501.9 (41.3) 460.6 635.5 565.7 FY24 161.0 194.1 65.4 4.5 14.6 68.0 (330.0) 177.7 - (2.7) (2.7) 501.9 (41.3) 460.6 635.5 565.7 Var. 51.8 (15.3) (1.8) 1.6 (2.6) (68.0) 173.6 139.2 - (2.4) (2.4) 26.8 (4.0) 22.8 159.7 159.9 Var. 51.8 (15.3) (1.8) 1.6 (2.6) (68.0) 173.6 139.2 - (2.4) (2.4) 26.8 (4.0) 22.8 159.7 159.9 /one.numr Calculated as Total Net Debt exIFRS16 divided by the last-12 month EBITDA exIFRS16; | /two.numr Calculated as Net debt with recourse divided by the last-12 month EBITDA per the covenant definition (Dividends from SPVs + EBITDA from O&M and AM + EBITDA from D&C and sale of Projects + EBITDA from SPVs with Project Finance Debt with recourse until the date of the lifting of the debt service guarantees assumed by the Company as sponsor under the corresponding Projects).
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17 1Q25 Results. Net Debt/EBITDA Reconciliation (€m) Net Debt Impact IFRS16 Net Debt ex IFRS16 EBITDA LTM Impact IFRS16 EBITDA LTM ex IFR16 Corporate costs LTM EBITDA LTM ex IFRS16 (covenant) Net debt/EBITDA Net debt/EBITDA ex IFRS16 Net debt/EBITDA (per covenant) 1Q25 FY24 NET DEBT/EBITDA RECONCILIATION Total 795.2 69.6 725.6 198.4 2.0 196.4 (26.4) - 4.0x 3.7x - Corporate 311.8 69.6 242.2 155.6 2.0 153.6 (26.4) 179.9 2.0x 1.6x 1.3x Corporate 311.8 69.6 242.2 155.6 2.0 153.6 (26.4) 179.9 2.0x 1.6x 1.3x Non-Recourse 483.4 - 483.4 42.8 - 42.8 - - 11.3x 11.3x - Total 635.5 69.9 565.7 160.0 2.5 157.5 (24.6) - 4.0x 3.6x - Corporate 175.0 69.9 105.1 121.7 2.5 119.2 (24.6) 143.8 1.4x 0.9x 0.7x Corporate 175.0 69.9 105.1 121.7 2.5 119.2 (24.6) 143.8 1.4x 0.9x 0.7x Non-Recourse 460.6 - 460.6 38.3 - 38.3 - - 12.0x 12.0x -
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