Atlantica 2022 Financial Results [Financial and Operational Highlights](index=2&type=section&id=Financial%20and%20Operational%20Highlights) The company reported decreased revenue and Adjusted EBITDA, but achieved comparable growth, a significantly reduced net loss, and increased CAFD Full Year 2022 Financial Performance (in thousands of U.S. dollars) | Metric | 2022 | 2021 | % Change | Comparable % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,102,029 | $1,211,749 | -9.1% | +2.9% | | Adjusted EBITDA | $797,100 | $824,388 | -3.3% | +1.5% | | Net Loss attributable to the Company | ($5,443) | ($30,080) | -81.9% | N/A | | Net cash provided by operating activities | $586,322 | $505,623 | +16.0% | N/A | | CAFD | $237,872 | $225,547 | +5.5% | N/A | Key Operational Indicators by Segment (2022 vs 2021) | Segment | Metric | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Renewable energy | MW in operation | 2,121 | 2,044 | | | GWh produced | 5,319 | 4,655 | | Efficient natural gas & heat | MW in operation | 398 | 398 | | | Availability (%) | 98.9% | 100.6% | | Transmission lines | Miles in operation | 1,229 | 1,166 | | | Availability (%) | 100.0% | 100.0% | | Water | Mft³ in operation | 17.5 | 17.5 | | | Availability (%) | 102.3% | 97.9% | [Segment Performance](index=4&type=section&id=Segment%20Performance) Geographic performance varied with growth in the Americas and a decline in EMEA, while the Renewable energy segment remained the largest contributor Revenue by Geography (in thousands of U.S. dollars) | Geography | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | North America | $405,047 | $395,775 | +2.3% | | South America | $166,441 | $154,985 | +7.4% | | EMEA | $530,541 | $660,989 | -19.7% | | **Total** | **$1,102,029** | **$1,211,749** | **-9.1%** | Adjusted EBITDA by Business Sector (in thousands of U.S. dollars) | Business Sector | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Renewable energy | $588,016 | $602,583 | -2.4% | | Efficient natural gas & heat | $84,560 | $99,935 | -15.4% | | Transmission lines | $88,010 | $83,635 | +5.2% | | Water | $36,514 | $38,235 | -4.5% | | **Total** | **$797,100** | **$824,388** | **-3.3%** | - Production in the renewable energy portfolio increased by **14.3%** in 2022, primarily due to contributions from recent investments and higher solar radiation in U.S. assets, though this was offset by lower resource availability in Spain and Uruguay[10](index=10&type=chunk) [Financial Position and Shareholder Returns](index=5&type=section&id=Financial%20Position%20and%20Shareholder%20Returns) The company maintained a solid liquidity position, managed its debt levels, and demonstrated commitment to shareholders by approving a quarterly dividend [Liquidity and Debt](index=5&type=section&id=Liquidity%20and%20Debt) Debt and Liquidity Position (as of Dec 31, 2022 vs 2021) | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Corporate Liquidity | $445.9 million | $528.3 million | | Net Project Debt | $4.01 billion | $4.50 billion | | Net Corporate Debt | $956.4 million | $934.8 million | | Net Corporate Debt / CAFD pre-debt service | 3.4x | N/A | [Dividend](index=5&type=section&id=Dividend) - On February 28, 2023, the Board of Directors approved a dividend of **$0.445 per share**, payable on March 25, 2023, to shareholders of record as of March 14, 2023[12](index=12&type=chunk) [Corporate and Strategic Updates](index=6&type=section&id=Corporate%20and%20Strategic%20Updates) Atlantica received strong ESG recognition, outlined its 2023 growth investments and guidance, and initiated a process to explore strategic alternatives [ESG Achievements](index=6&type=section&id=ESG%20Achievements) - Atlantica has received multiple ESG recognitions, including being ranked **1st globally on GRESB's Infrastructure Public Disclosure rating**, inclusion in the **CDP "A List"** for climate change, and being named one of the **World's 100 Most Sustainable Corporations**[13](index=13&type=chunk) [Growth and Development Pipeline](index=6&type=section&id=Growth%20and%20Development%20Pipeline) - The company has committed or earmarked investments for 2023 in a range of **$165-$185 million**, targeting battery storage, solar PV, and transmission line projects[14](index=14&type=chunk)[16](index=16&type=chunk) - Atlantica has a development pipeline of approximately **2.0 GW of renewable energy** and **5.6 GWh of storage**, with about 18% of these projects expected to be ready-to-build in 2023 or 2024[19](index=19&type=chunk) [2023 Guidance](index=8&type=section&id=2023%20Guidance) 2023 Full Year Guidance | Metric | Guidance Range | | :--- | :--- | | Adjusted EBITDA | $790 million - $850 million | | CAFD | $235 million - $260 million | [Strategic Review](index=8&type=section&id=Strategic%20Review) - On February 21, 2023, the board of directors initiated a process to explore and evaluate potential strategic alternatives to maximize shareholder value[22](index=22&type=chunk) [Consolidated Financial Statements](index=13&type=section&id=Consolidated%20Financial%20Statements) The consolidated statements show an improved net loss, total assets of $9.1 billion, and a 16% increase in net cash from operating activities [Consolidated Statement of Operations](index=13&type=section&id=Consolidated%20Statement%20of%20Operations) Key Metrics from Statement of Operations (Year ended Dec 31, in thousands of U.S. dollars) | Line Item | 2022 | 2021 | | :--- | :--- | :--- | | Revenue | $1,102,029 | $1,211,749 | | Operating profit | $277,693 | $353,890 | | Financial expense, net | ($310,934) | ($340,892) | | Profit/(loss) for the period attributable to the Company | ($5,443) | ($30,080) | | Basic earnings per share | ($0.05) | ($0.27) | [Consolidated Statement of Financial Position](index=14&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Key Metrics from Statement of Financial Position (As of Dec 31, in thousands of U.S. dollars) | Line Item | 2022 | 2021 | | :--- | :--- | :--- | | Total assets | $9,100,911 | $9,751,930 | | Total equity | $1,789,047 | $1,748,605 | | Long-term project debt | $4,226,518 | $4,387,674 | | Cash and cash equivalents | $600,990 | $622,689 | [Consolidated Cash Flow Statement](index=14&type=section&id=Consolidated%20Cash%20Flow%20Statement) Key Metrics from Cash Flow Statement (Year ended Dec 31, in thousands of U.S. dollars) | Line Item | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $586,322 | $505,623 | | Net cash used in investing activities | ($57,438) | ($351,155) | | Net cash used in financing activities | ($535,018) | ($380,163) | | Net decrease in cash and cash equivalents | ($6,134) | ($225,695) | [Reconciliation of Non-GAAP Measures](index=15&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section details the reconciliation of IFRS-reported figures to the company's key non-GAAP performance metrics, Adjusted EBITDA and CAFD [Reconciliation of Adjusted EBITDA and CAFD](index=15&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20and%20CAFD) - For the full year 2022, **Adjusted EBITDA of $797.1 million** is reconciled from a net loss of $5.4 million by adding back items such as financial expenses, depreciation and amortization, and income tax[46](index=46&type=chunk) - **Cash Available For Distribution (CAFD) of $237.9 million** for 2022 is derived from Adjusted EBITDA by adjusting for non-monetary items, interest and tax paid, and debt principal repayments[46](index=46&type=chunk) CAFD per Share Calculation (Full Year) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | CAFD (in thousands) | $237,872 | $225,547 | | Weighted average shares (in thousands) | 114,695 | 111,008 | | **CAFD per share** | **$2.0740** | **$2.0318** | [Reconciliation of 2023 Guidance](index=16&type=section&id=Reconciliation%20of%202023%20Guidance) - The **2023 CAFD guidance of $235-$260 million** is reconciled from the Adjusted EBITDA guidance of $790-$850 million, with major reconciling items including net interest, tax, and principal amortization of debt[47](index=47&type=chunk)

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]

Atlantica Sustainable Infrastructure plc (NASDAQ:AY) Q2 2022 Earnings Conference Call August 3, 2022 8:15 AM ET Company Participants Santiago Seage - Chief Executive Officer Francisco Martinez-Davis - Chief Financial Officer Conference Call Participants Julien Dumoulin-Smith - Bank of America David Quezada - Raymond James William Grippin - UBS Operator Welcome to Atlantica's Second Quarter 2022 Financial Results Conference Call. Atlantica is a sustainable infrastructure company. Just a reminder that this ca ...

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]