UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20509 Form 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Company Overview - Atlantica operates in high-demand sectors, with 2,121 MW of renewable generation (~73% solar)[8] - The company focuses on North America & Europe and certain markets in South America[8] - Atlantica has 100% contracted or regulated assets, providing stable revenue[8, 11] - Over 90% of CAFD is in USD or hedged, minimizing currency risk[8, 10] Financial Performance and Strategy - Atlantica reported a 6.2% CAFD growth in the first 9 months of 2022[42] - The company maintains a conservative corporate leverage, with net corporate debt representing ~18% of net consolidated debt[16] - Over 94% of interest rates are fixed or hedged, mitigating interest rate risk[18] - The company has strong corporate liquidity, with $546 million as of September 30, 2022[20] - Atlantica is committed to ESG priorities, with 88% Adjusted EBITDA from low-carbon footprint assets[24] Growth and Investments - The company announced ~$150 million in new investments in November 2022, including storage and solar PV projects[29] - Atlantica is developing a 100 MWh battery storage system at its Coso geothermal plant, expected COD in 2024[31] - The company acquired a 73 MW operating PV plant in Chile and intends to add 100 MWh of batteries in 2023[29] Risk Mitigation - The company hedges its net euro exposure through currency options, with 100% coverage for the next 12 months and 75% for the following 12 months[18, 38] - A 100bp increase in reference interest rates would have an impact on CAFD of ~1.5%[38]

Financial Data and Key Metrics Changes - Revenue for the first nine months of 2022 reached $858 million, representing a 4.9% growth on a comparable basis [6] - Adjusted EBITDA amounted to $631 million, reflecting an increase of 4.3% on the same comparable basis [6] - Cash available for distribution increased by 6.2% year-over-year to $179 million [5][6] - Net corporate debt ratio stood at three times as of the end of September, providing significant financial flexibility [5] Performance by Business Lines - In North America, revenue increased by 5% to $324 million, while EBITDA increased by 6% due to recent acquisitions [7] - In South America, both revenue and EBITDA increased by 5% to $123 million and $95 million, respectively, also attributed to recent acquisitions [7] - EMEA region saw a revenue decrease of 20% and EBITDA decrease of 5%, primarily due to foreign exchange impacts and a nonrecurring effect from the previous year [8] Market Data and Key Metrics Changes - Electricity produced by renewable assets reached 4,155 gigawatt hours, a 20% increase compared to the same period in 2021 [9] - Operating cash flow increased by 16.7% to $516 million compared to the first nine months of 2021 [10] - Net project debt decreased by over $500 million compared to the end of 2021, standing at $3,946 million as of September 30, 2022 [11] Company Strategy and Development Direction - Company committed close to $150 million in new investments, including a stand-alone battery storage system and a solar PV plant [12] - The battery storage project in California is expected to have a capacity of around 100-megawatt hours and is set to start operation in 2024 [12] - The company aims to leverage opportunities in the Southwest region for storage and renewable energy projects [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the Inflation Reduction Act, which is expected to be a game changer for the sector [12] - The company has a hedging strategy to limit exposure to foreign exchange fluctuations and protect against inflation [14][15] - Management indicated that the growth outlook remains strong, with a focus on developing a pipeline of projects in the U.S. [35] Other Important Information - The company maintains a dividend policy with an approximate 80% payout ratio, subject to Board discretion [38] - The company is exploring opportunities with Algonquin as a source of growth [40] Q&A Session Summary Question: Do you have PPAs for the battery investments? - Management indicated that different options are being considered, including full PPAs and fixed payments through resource adequacy, both expected to yield good returns [19] Question: What are the expected CAFD yields from the new investments? - Management mentioned that the expected EV to EBITDA multiples for the projects are 10 times and 6 times, indicating strong returns [21] Question: Any updates on growth projections for CAFD per share? - Management stated that guidance will be provided in February during the annual results announcement [25] Question: Can you discuss the U.S. pipeline and interconnection challenges? - Management confirmed that the Inflation Reduction Act will help develop a pipeline of projects, particularly in storage and PV [35] Question: Will you increase retained cash to fund new projects? - Management reiterated the current policy of an 80% payout ratio, with future decisions at the Board's discretion [38] Question: What are the plans for the Lone Star II wind project? - Management indicated that the short-term intention is to sell to the market, with potential for repowering in the future [30]

Financial Performance - The company reported a total revenue of €290 million ($284 million) for the 2020 Green Private Placement, maturing on June 20, 2026[4]. - Adjusted EBITDA for the latest quarter was reported at €137 million ($137 million), reflecting a significant increase compared to the previous year[4]. - Total revenue for the nine-month period ended September 30, 2022, was $858,405, a decrease of 8.7% compared to $940,418 for the same period in 2021[25]. - Operating profit for the nine-month period was $219,005, down from $283,121 in the previous year, reflecting a decline of 22.7%[25]. - Profit attributable to the Company for the period was a loss of $9,473, compared to a loss of $18,166 in the same period last year, indicating an improvement[25]. - Total comprehensive income for the period was $105,105, compared to $9,765 in the previous year, indicating a substantial increase[27]. - The company recorded a loss attributable to the parent company of $9.5 million for the nine-month period, an improvement from a loss of $18.2 million in the same period of 2021[76]. - Basic earnings per share for the nine-month period ended September 30, 2022, were $(0.08), consistent with the diluted earnings per share[177]. Cash Flow and Liquidity - The company reported cash available for distribution of €100 million ($98 million), which is a 20% increase year-over-year[5]. - Cash and cash equivalents increased to $781,575 as of September 30, 2022, compared to $622,689 as of December 31, 2021, an increase of 25.5%[18]. - The Company paid dividends of $151,462 to shareholders during the nine-month period, compared to $141,968 in the same period of 2021, reflecting a commitment to returning value to shareholders[41]. - The company declared a dividend of $0.44 per share for the fourth quarter of 2021, totaling $49.7 million, and a similar dividend for the first quarter of 2022, totaling $50.3 million[140]. - The company declared a dividend of $0.445 per share for Q2 2022, totaling $51.5 million, paid on September 15, 2022[141]. Assets and Liabilities - Total non-current assets decreased to $7,912,107 as of September 30, 2022, from $8,585,025 as of December 31, 2021, a decline of 7.8%[18]. - Total equity as of September 30, 2022, was $1,805,368, up from $1,748,605 as of December 31, 2021, reflecting a growth of 3.3%[22]. - Total liabilities as of September 30, 2022, were $7,340,964 thousand, compared to $8,003,325 thousand as of December 31, 2021[81][88]. - Total assets as of September 30, 2022, amounted to $9,146,332 thousand, a decrease from $9,751,930 thousand as of December 31, 2021[80][88]. - The accumulated deficit as of September 30, 2022, was $(402,519), compared to $(388,820) as of September 30, 2021, indicating a slight increase in accumulated losses[33]. Investments and Acquisitions - The company is actively pursuing new acquisitions, with a right of first offer on several renewable energy assets valued at approximately $150 million[9]. - The Company closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million, with an expected additional investment of approximately $8 million for expansion in 2023-2024[45]. - The Company completed the acquisition of Italy PV 4, a 3.6 MW solar portfolio in Italy for a total equity investment of $3.7 million, which has regulated revenues under a feed-in tariff until 2031[45]. - The Company invested $7.7 million to acquire a 35% equity interest in Chile PV 3, a 73 MW solar PV plant, and plans to install approximately 100MWh of batteries in 2023 to increase capacity payments[46]. - The Company completed the acquisition of Coso, a 135 MW geothermal plant in the United States, for $130 million, with an 18-year average contract life for PPAs[47]. - The Company acquired Calgary District Heating in Canada for a total equity investment of $22.9 million, which has availability-based revenue with a 20-year weighted average contract life[47]. Market and Regulatory Environment - The company plans to expand its operations in the EMEA region, targeting a 15% increase in market share by 2025[11]. - The company is facing regulatory challenges in Spain, which may impact its solar asset remuneration structure[11]. - The market price for electricity in Spain for 2022 was revised to €121.9 per MWh, up from €48.82 per MWh, impacting revenue components for solar assets[57]. - Regulatory changes in Spain are expected to reduce revenue from Rinv by €5.6 million and from Ro by €42.7 million for 2022, but higher market electricity prices are anticipated to offset these reductions[196]. - A proposed extraordinary tax on energy sector profits in Italy is not expected to impact the company's assets due to the threshold criteria[200]. Operational Efficiency - The company anticipates a 10% growth in revenue for the next fiscal year, driven by increased demand for renewable energy solutions[11]. - Net cash provided by operating activities for the nine-month period was $515,726, an increase from $441,940 in the previous year, reflecting better operational efficiency[41]. - The share of profit from associates carried under the equity method increased to $20,668 for the nine-month period, compared to $4,245 in the same period last year, a significant increase of 387.5%[25]. Debt and Financing - The company has secured a $400 million green senior note due in 2028 to enhance its liquidity and fund future projects[7]. - The company issued Green Exchangeable Notes totaling $115 million, with a maturity date of July 15, 2025, and an interest rate of 4.00%[149]. - Total corporate debt as of September 30, 2022, was $955.54 million, down from $1,023.07 million as of December 31, 2021, representing a decrease of approximately 6.6%[143]. - Project debt totaled $4.62 billion as of September 30, 2022, down from $5.04 billion as of December 31, 2021, reflecting a decrease of approximately 8.2%[155]. - The company has a Revolving Credit Facility of $450 million, with $440 million available as of September 30, 2022[144].

Financial Data and Key Metrics Changes - Revenue for the first half of 2022 reached $555 million, representing a 4.7% growth on a comparable basis [5] - Adjusted EBITDA amounted to $402 million, reflecting a 3.7% increase on the same comparable basis [5] - Cash available for distribution (CAFD) grew by 6.7% year-over-year to $117 million [4][5] - Operating cash flow increased by 7.2% to $264 million compared to the first half of 2021 [8] - Net project debt and total net debt decreased by more than $300 million in the first half of 2022 [12] Business Line Data and Key Metrics Changes - In North America, revenue increased by 11% to $199 million, with EBITDA rising by 19% due to recently acquired assets [6] - Revenue and EBITDA in South America remained stable, with lower wind resources offsetting contributions from new assets [6] - EMEA region saw a revenue decrease of 22% and EBITDA decrease of 13%, primarily due to foreign exchange impacts and a nonrecurring effect from the previous year [6][7] Market Data and Key Metrics Changes - Energy produced by renewable assets reached 2,647 gigawatt hours, a 33% increase compared to the same period in 2021 [7] - The company continues to achieve high availability levels in transmission lines and water sectors [7] Company Strategy and Development Direction - The company has earmarked investments between $160 million and $180 million for growth in the first half of the year [4] - Future investments are expected to be between $60 million and $80 million in assets under construction [9] - The company aims to create value through CAFD generation and debt repayment, reinforcing a conservative debt structure [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for repowering and hybridizing existing projects with storage technologies, contingent on legislative support [19] - The supply chain situation is gradually improving, with management optimistic about future availability of equipment [27] - The market for asset pricing is becoming more rational, with sellers adjusting expectations to more reasonable levels [29] Other Important Information - The Board of Directors declared a quarterly dividend of $0.445 per share [4] Q&A Session Summary Question: Impact of FX on cost structure and capital structure - Management explained that revenues in euros from Spanish projects are naturally hedged by euro-denominated debt and G&A expenses [15][17] Question: Opportunities for repowering and storage - Management acknowledged potential opportunities for repowering and hybridizing projects, depending on tax advantages from legislation [19] Question: Expansion opportunities in Europe - Management indicated that while existing assets are fully contracted, there are opportunities for expansions and new projects in Spain and Italy [25] Question: Supply chain availability of equipment - Management noted that supply chain issues are improving, allowing for continued project plans without major disruptions [27] Question: Asset pricing and acquisition opportunities - Management observed a shift towards more rational pricing in the market, with opportunities for value creation in future acquisitions [29] Question: Impact of inflation-linked PPAs - Management confirmed that inflation-linked contracts will provide more significant benefits in the coming years, with some early impacts already being felt [32]

Atlantica Sustainable Infrastructure plc (NASDAQ:AY) Q1 2022 Earnings Conference Call May 9, 2022 8:15 AM ET Company Participants Santiago Seage - Chief Executive Officer Francisco Martinez-Davis - Chief Financial Officer Conference Call Participants Colton Bean - Tudor, Pickering, Holt & Co. Julien Dumoulin-Smith - Bank of America Mark Strouse - JPMorgan Mark Jarvi - CIBC David Quezada - Raymond James William Grippin - UBS Operator Welcome to Atlantica’s First Quarter 2022 Financial Results Conference Call ...

Financial Performance - Atlantica's CAFD increased by 124% year-over-year in 2021, reaching $2256 million[5] - The company's Q4 2021 dividend was $044 per share[5] - Atlantica's 2022 CAFD target guidance is established at $230 million-$250 million[5] - Adjusted EBITDA increased to $8244 million in 2021[8], a 36% increase compared to $7961 million in 2020[8] - Revenue increased by 196% to $12117 million in 2021[8] from $10133 million in 2020[7] Investments and Growth - Approximately $110 million-$120 million in new equity investments are already closed or earmarked for 2022[5, 30] - Atlantica is targeting a CAFD per share Compound Annual Growth Rate in the range of 5%-8% from 2021 until the year 2025[41] Operational Metrics - Renewables production reached 4,655 GWh in 2021[15] - Efficient Natural Gas & Heat production reached 2,292 GWh in 2021[15] - Transmission Lines availability was 1000% in 2021[16]