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SG Bernstein Virtual field trip J A N U A R Y 15 TH , 2025
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FORWARD - LOOKING STATEMENTS By viewing or receiving or reading the presentation that follows (the “Presentation”)or attendingany meetingwherethis Presentationis made, you agreeto be boundby the limitations,qualificationsand restrictionsset out below: The activity and the financialconditionof Voltalia S.A. (the “Company”) and the group to which it belongs (the “Group”) are described in the universalregistrationdocument(documentd’enregistrementuniversel) of the Companywhichwas filedwith the Autoritédes marchésfinanciers(the “AMF”) on April 12, 2024 under number D.24-0282 (the “Universal RegistrationDocument”). The UniversalRegistrationDocumentis available free of chargefrom the Company. The UniversalRegistrationDocumentis also availableon the website of the Company (www.voltalia.com) and of the AMF (www.amf-france.org). The existence and content of this Presentationdoes not constitute and shouldnot be construedas a contractor an offerto contractor a publicor non-public,bindingor nonbinding,offer to sell or a solicitationof an offer to buy any securities, investment products, share of funds or other financialproductor servicesin any jurisdiction. This Presentationis not directedto, or intendedfor distributionto or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, transmission,publication,availabilityor use would be contraryto law or regulationor which would requireany registrationor approvalwithinsuch jurisdiction. The distributionof this Presentationand any informationcontainedherein in certainjurisdictionsmay be restrictedby law or regulationand persons into whosepossessionthis documentcomesshouldmake themselvesaware of the existenceof, and observeany suchrestriction. The informationcontainedin this Presentationis of an indicativenature and has not been verified independently. No representationor warranty, whether express or implied, is given regarding the accuracy, comprehensivenessor accuracyof the informationand opinionscontained in this Presentation. This Presentationis not meantto serveas a basis for, and shall not be used in connection with, an investment decision. No person shall be entitled to rely on, or shall have any claims against the Company,any of its affiliates,officers,directors,employees,any of their advisers, consultantsor any other person arising from this Presentation. The informationcontainedin this Presentationis indicativeas at the date of this Presentationand may have to be updated,amendedor completed significantly. This Presentation contains only summary information and does not purportto be comprehensive. The Company does not undertake to update, amend or complete the information contained in the Presentationin order to reflect new information,new events or for any other reason and the informationcontained in this Presentationmay be modifiedwithoutpriornotification. This Presentationcontains forward-looking statements about the Group and its subsidiaries. These statements include financial projections and estimates and their underlyingassumptions,statementsregarding plans, objectivesand expectationswith respect to future operations,products and services, and statements regarding future performance. Forward- looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “anticipates”, “projects”, “seeks”, “endeavors”, “strives”, “aims”, “hopes”, “plans”, “may”, “goal”, “objective”, “projection”, “outlook” and similar expressions. Although the management of the Group believes that the expectationsreflectedin such forward-looking statementsare reasonably made investors and holders of the Group's securitiesare cautioned that forward-looking informationand statementsare subject to various risks, whetherknownor unknown,uncertaintiesand otherfactors,whichmay be beyond the control of the Group and which may cause actual results, performanceor achievementsto be materiallydifferentfrom any future results, performance or achievement expressed or implied by such forward-looking statements. These risks and uncertaintiesinclude those discussedor identifiedin filingswith the AMF made or to be made by the Group,includingin particularthe risk factorsdescribedin Chapter2 “Risk factorsand risk management”of the UniversalRegistrationDocument. The Group undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information,future events, or otherwise. Any informationrelatingto past performancecontainedherein is not a guarantee of future performance. Nothing herein should be construedas an investmentrecommendationor as legal,tax, investmentor accountingadvice. The market data and certain industry forecasts included in this Presentationwere obtainedfrom internalsurveys,estimates,reports and studies, where appropriate,as well as from external market research, publicly available information and industry publications. Neither the Company, nor its affiliates, directors, officers, advisors, employees, consultants or agents have independentlyverified the accuracy of any external market data and industry forecasts and do not make any undertakingsrepresentationsor warrantiesin relation thereto. Such data and forecastsare includedhereinfor informationpurposesonly.
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3 T O D A Y ’ S S P E A K E R S Sylvine Bouan Chief Financial Officer JOINED VOLTALIA IN 2022 20 years of experience in finance, including 7 years in KPMG followed by 13 years at Auchan Retail as finance director (subsidiaries and group) Loan DUONG Head of Communication & Marketing (including IR) JOINED VOLTALIA IN 2019 17 years of experience including 9 years in the energy sector in Business Development, Investor Relations and Communication managing positions Armel AHIDAZAN Investor Relations manager JOINED VOLTALIA IN 2023 10 years of experience in Investment Banking, including 6 years within BNP Paribas in Strategy & Organization specialized on structured products deals and ESG operations
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INTRODUCTION Mubuga, 8.7 MW Cacao, 5.1 MW
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5 R E N E W A B L E E N E R G Y I S A F A S T- G R O W I N G M A R K E T 89% renewables in 2050(1) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 Coal Gas Oil Nuclear Hydrogen Wind Solar Other renewables Others Strong and unprecedented political support • Paris Agreement • European Green Deal and REPowerEU • Brazil Carbon neutrality target • US Bipartisan infrastructure law Worldwide commitment to reduce global warming CO2 Competitiveness of renewable energies • Long-term trend of renewable cost reduction to resume when commodity/shipping cycles back to normal and thanks to technological progress • Increased competitiveness given the high natural gas price • In Europe, new urgency to build up local renewable capacity • In Europe, acceleration of energy efficiency investments • All other continents follow the same trend, more or less rapidly Reducing dependence on energy imports Short and long term growing demand Switch from non-electric to electric, for instance • Electric vehicles • Electric building heating • Electric water heating • Green hydrogen Source: Bloomberg NEF 2021, green scenario | Note: (1) Electricity generation, renewables includes wind, solar and other renewables.
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6 V O L T A L I A ’ S B U S I N E S S M O D E L Independent renewable power producer Owner of solar, wind, biomass, hydro, storage power plants In 3 core regions: Europe, Africa, Latin America Service provider Development of renewable projects from scratch Engineering, procurement and construction Operation and maintenance POWER PRODUCER SERVICE PROVIDER Synergy Africa 11% Europe 38% Latin America 51% 3.3 GW Capacity in operation and under construction Services 39% Energy Sales 61% €549m Turnover Services 15% Energy Sales 85% €260m EBITDA LTM as of June 2024
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7 A D D R E S S I N G D I V E R S I F I E D C L I E N T S A S O F D E C E M B E R 2 0 2 3 Integrated utilities Oil majors Financial sponsors Independent green power producers Corporates States and utilities Traders Shell Trading Total Trading EDF Trading Key PPA counterparties KEY service clients
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KEY PILLARS VSM 2, 128 MW
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9 Capturing margins otherwise paid to development, construction and maintenance providers Scale effects from dual internal- and-third-party business Higher portfolio quality after selectively selling internally developed projects 2023 ACHIEVEMENTS €14m early generation EBITDA EBITDA generated pre-PPA thanks to the flexibility of the integrated business model1 K e y s t r a t e g i c p i l l a r # 1 I N T E G R A T E D P L A Y E R D E V E L O P I N G , B U I L D I N G A N D M A I N T A I N I N G P L A N T S F O R I T S E L F A N D F O R T H I R D P A R T I E S of which x7.5 from Development Construction & Procurement +48% from Operations & Maintenance x6.8 total EBITDA from Services to third party clients 32% EBITDA margin from Services to third party clients 2023 high level is mainly driven by more than 800 MW of projects sold (1) Also include revenues generated between two PPAs 9
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10 17.1 years remaining PPA life (weighted average) €8.0 billion future revenues under contracted portfolio 74% of revenues from PPAs1 are indexed on inflation 93% of the portfolio is competitive2 98% power volume under PPAs(1) K e y s t r a t e g i c p i l l a r # 2 P O W E R P L A N T S B A C K E D B Y L O N G- T E R M , I N F L A T I O N- I N D E X E D S A L E S C O N T R A C T S ( P P A S ) Castellet, France - 8.2 MW (1) PPAs (“Power Purchase Agreements”): long-term power sales contract (2) A plant is competitive if its levelized cost of energy (LCOE) is lower than the one of the thermal technology (fuel oil, gas, coal, nuclear) 2023 ACHIEVEMENTS Lower risk thanks to long-term and non-subsidised PPAs Higher value creation from inflation-indexed contractual revenues impacting positively profitability 10
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11 Coordinated platform for corporate PPAs (Voltalia) and self-production / energy-efficiency (Helexia) ACHIEVEMENTS SINCE HELEXIA’S ACQUISITION 1.4 GW corporate PPAs awarded since 2019 Leader in France, Pioneer in Brazil and the UK, Largest corporate PPA in South Africa 650 MW portfolio of self-production PPAs since mid 2019 Contract portfolio x11.6 Capacity in operation x6.2 Fast expansion since Helexia’s acquisition in 2019 Fastest-growing market thanks to solar competitiveness and, in Europe since war in Ukraine, fast-track implementation of solar rooftops K e y s t r a t e g i c p i l l a r # 3 C O V E R I N G T H E F U L L S P E C T R U M O F C O R P O R A T E M A R K E T T H A N K S T O H E L E X I A 11 South Farm, UK
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12 2023 ACHIEVEMENTS K e y s t r a t e g i c p i l l a r # 4 A P R O J E C T P I P E L I N E T O F U E L T H E G R O W T H Diversified pipeline across technologies and geographies Europe expanding very rapidly while Africa becoming a stronger geographic pillar Solar now dominating pipeline 12 South Farm, UK 16.6 GW development pipeline +17% compared to 2022 5.8x Pipeline-to-capacity multiple 37% 40% 23% Latin America Africa Europe 16.6 GW 29% 62% 9% Solar Storage/hydro /biomass Wind 16.6 GW
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2019 – 2023 STRATEGIC PLAN VSM 2, 128 MW
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14 S T R O N G A N D P R O F I T A B L E G R O W T H Capacity (total) Turnover EBITDA (published) Net income (Group share) 2019 2023 1.07 2.85 2019 2023 151 496 2019 2023 65 241 2019 2023 5 30 In GW In €m In €m In €m x2.7 x3.3 x3.7 x6.4 +28% p.a. +35% p.a. +44% p.a. +59% p.a. 2023 vs 2019 MULTIPLE 2023 vs 2019 MULTIPLE 2023 vs 2019 CAGR
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2024 OPERATIONAL TARGET REACHED
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16 V O L T A L I A R E A C H E S I T S 2 0 2 4 C A P A C I T Y O B J E C T I V E S 3.3 GW in operation or under construction Vs a ~3.3 GW target Of which 2.5 GW in operation Vs a ~2.5 GW target
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17 678 1015 1126 1571 2370 2514 397 352 588 1022 480 742 Série 1 Série 2 By region By technology E V O L U T I O N O F T H E C A P A C I T Y I N O P E R A T I O N A N D U N D E R C O N S T R U C T I O N 26% 71% 3% Solar Hydro/biomass /storage Wind 3,256 MW 38% 51% 11% Latin America Africa Europe 3,256 MW In operation In construction Energy Sales’ capacity 1.1GW 1.4GW 1.7GW 2.6GW 2.9GW Total in GW 2019 2020 2021 2022 2023 x3 2024 3.3GW
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18 6 3 7 M W A W A R D E D I N 2 0 2 4 CPPA - 109 MW Main awarded contracts By region By technology 100% - Solar 637 MW 31% 7% 62% Latin America Africa Europe 637 MW PPA – 425 MW Helexia - 103 MW Main awarded contracts Sagdoud (Tunisia) +130 MW Sarimay Solar (Uzbekistan) +126 MW Menzel Habib (Tunisia) +139 MW Helexia Europe +59 MW Helexia Brazil +44 MW Main awarded contracts CERN (France) +27 MW
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19 7 4 2 M W I N C O N S T R U C T I O N A S O F D E C E M B E R2024 Helexia 165 MW UK 124 MW • Clifton • Higher Stockbridge • East Gate Brazil 8 MW • Cafesoca South Africa 148 MW • Bolobedu Uzbekistan 126 MW • Sarimay Solar Albania 100 MW • Spitalla Solar French Guyana 11 MW • Sinnamary France • Serranon • Terres salées • Le Deffend • Yusco 61 MW
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LAST HIGHLIGHTS Vale Serrão, 2.4 MW
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21 N E W C E O • Leadership transition: Robert Klein appointed CEO as of January 1, 2025, to drive Voltalia’s next growth phase, following Sébastien Clerc 13 year leadership • Robert Klein's background: Founder of Voltalia’s Brazil operations in 2006, led Latin America and North Africa growth and successes with deep renewable energy experience • Experience in the oil and gas sector, and a key role in the international development of a subsidiary of the Fives group, where he prospected and secured contracts in regions such as the Middle East and Asia. • Member of the Board of Directors of Leroy Merlin Brazil since 2018, a position he held until 2020. Member of the Board of Directors of the France-Brazil Chamber of Commerce since 2017, a Foreign Trade Advisor for France, Robert Klein as Voltalia’s new CEO
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22 N E W A C T I V I T Y I N E L E C T R I C V E H I C L E C H A R G I N G S T A T I O N S • Creation of a Charging Point Operators (CPO) a subsidiary of Voltalia called Yusco, develops, finances and operates EV charging stations • Collaborative Initiative: with Auchan, DECATHLON, and Leroy Merlin to deploy EV charging stations on 350 parking lots • Infrastructure and Deployment: Targeting 5,000 charging points by 2028, with options from slow to ultra-fast • Customer-Centric Solutions: The "Le Plein" platform, run by the partners, offers integrated, affordable charging with perks like discounts, points, or free charging linked to purchases Website : Yusco - Rechargez comme vous vivez
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23 E N E R G Y P R O D U C E R ( 1 / 2 ) • Voltalia and TAQA Arabia to repower Egypt's Zafarana plant, initially commissioned 20 years ago by the government • The project will feature up to 1.1 GW of wind and 2.1 GW of solar, with 550 MW of wind and 1,050 MW of solar allocated to Voltalia. Commissioning in 2028 3.2 GW Repowering in Egypt • Two 15-year Corporate PPAs for 26.8 MW of solar energy • CERN focuses on energy reduction, efficiency, and waste energy recovery • 130 MW for Menzel Habib project in Gabès, providing clean energy for 700,000 residents and cutting CO2 emissions • Construction will start in the fourth quarter of 2025, with commissioning in 2027 CPPA signed with CERN 2nd PPA in Tunisia 27 MW 130 MW
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24 E N E R G Y P R O D U C E R 2 / 2 • First project: A 10.7 MW photovoltaic park on a 15-hectare fallow agricultural site & allow agricultural activities • Second project: A 6.2 MW fixed-structure solar park • Third project: An 8.2 MW fixed-structure solar park, recently launched 25 MW 100 MW • Construction of the Spitalla solar plant • Launched end of 2024 • 100 MW • Backed by public and private contracts • Commissioning planned for the first half of 2028 Construction of three photovoltaic projects New construction in Albania
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25 S E R V I C E S • Voltalia is building a 135 MW solar plant in Seville, starting in 2024 and commissioned in 2025 • Voltalia in Spain: Active for 15+ years, Voltalia manages 775 MW, develops solar and wind projects, and operates 51 plants via Helexia 135 MW Construction • Sale of La Faye power plant an operating wind farm, located in the municipalities of La Faye and Chèvrerie • Voltalia, through its subsidiary Greensolver, will provide technical management services • Sale of the Paddock photovoltaic power plant in construction since April 2024 • Voltalia will manage the O&M of the park under a 2-year contract Development Development 12 MW 50 MW
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26 S E C U R I N G F I N A N C I N G Initial bank loan upsized thanks to a successful syndication • Two additional banks (Itau Bank and Standard Bank) joined the July 2024 bank pool (nine banks) • Securing the refinancing of all corporate credit lines maturing until 2026, including the convertible bonds maturing in January 2025 • Maturity of 5-year (extendable to 7 years) revolving credit facility of 176,4 million euros and a 5-year term loan of 147,6 million euros €324m New project financing • In Albania with IFC, EBRD and Intesa Sanpaolo for 93 million euros • In Uzbekistan with the EBRD, for 55 million of US dollars • In the United Kingdom with Natwest, for 50 million pounds In Europe with BPI France and La Banque Postale (including LBP AM) for 60 million euros building upon the previous 90 million euros secured in June 2023
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2024 AND BEYOND Mubuga, 8.7 MW
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28 2 0 2 4 O P E R A T I O N A L O B J E C T I V E S R E A C H E D 3.3 GW in operation or under construction of which 2.5 GW In operation Capacity
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29 C O N F I R M A T I O N O F 2 0 2 4 E B I T D A A F T E R I M P A C T O F C U R T A I L M E N T Curtailment redistribution between substations in the north-east of the country since mid september, resulting in reduced curtailment at some Voltalia power plants A new transmission line capable of carrying up to 800 MW began operating on October 16. Located in the north-east of the country, it will allow to fluidify the transmission of electricity from this region to the region of high demand (south-east) Transmission line Dispatching Confirmation of the 2024 EBITDA after impact of curtailment (40m€) ~215m€ As a reminder: Voltalia is confident in reaching a favourable outcome in the short and medium term Preliminary decision in favour of generators, which reinforce the application of the federal law that legislates that all curtailments should be reimbursed despite their nature, this decision is not a final one, but reinforce the case of Voltalia H2 2024December
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30 2027 AMBITIONS (1) Calculated with an average annual EUR/BRL exchange rate of 5.5 and a long-term average wind, solar and hydraulic production. >5 GW in operation or under construction of which 4.2 GW In operation Energy >8 GW operated for third-parties Services ~€475m normalised EBITDA(1) of which ~€430m from Energy Sales Financial performance
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31 M I S S I O N O B J E C T I V E S More than 4 million tonnes of CO2e emissions avoided thanks to Voltalia's activity 1.6 million tonnes in 2023 of solar held capacity under construction with a Stakeholder Engagement Plan aligned with IFC standards (World Bank Group1) 44% by the end of 2023 of solar held capacity in operation located on co-used or upgraded soil2 39% by the end of 2023 of carbon intensity for solar held capacity under construction (kgCO2/MW vs 2022) -4% by the end of 2023 (1) World Bank Group - Société Financière Internationale ou International Finance Corporation (IFC) (2) i.e. land combining solar energy and other human activity (such as buildings, parking lots, agriculture and grazing) or located on soils with low biodiversity value or agricultural or economic potential (such as deserts, brownfields and disused quarries 2027 objectives 2030 objective 100% 50% -35% 4 million 31
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32 w w w . v o l t a l i a . c o m THANK YOU