Investor Presentation • May 24, 2023
Investor Presentation
Open in ViewerOpens in native device viewer

Madrid, 24th May 2023
Escuderos Solar PV - Spain

By attending this presentation and/or by accepting this presentation you will be taken to have represented, 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 Renovables 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 contained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representation. 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 Presentation 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 presentation are provided as at the date hereof and subject to change without notice. It is not the intention 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 Company. Such financial information may not have been audited, reviewed or verified by any independent 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 information'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 results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, 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 Presentation 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 obligation 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 obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affiliates, 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. Accordingly, 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.
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.


EXECUTION
FINANCIAL PERFORMANCE
14.0GW Total Platform (+1.5GW qoq) 1.8GW in Operation & U/C 9.8GWh Storage pipeline
728MW PPAs in 1Q23 (1.4GW in total) €2.0bn revenues globally contracted 1.5GW PPAs under negotiation
B2S of 21.6MW in Chile (2 PMGDs) Valkyria (1.1GW) process on track Revenues €96.0m (+105% yoy) EBITDA €14.3m (+94% yoy) Net income €4.9m (+15% yoy)
Total capex €77.6m Declining module and logistic costs IRRs stable at double digits
Net debt (exIFRS16) €445m Leverage 7.9x Fully funded for 2023-24
ESG
Q1 objectives of 2023 ESG Roadmap accomplished
First Sustainability report 2022 audited without deviations
Top-ranked in ESG ratings by ISS, CDP, MSCI and Sustainalytics




| ✓ Good progress in Spain (0.8GW in Op & U/C) |
|---|
| ✓ Italian platform reach 1.2GW of solar capacity |
✓ Poland exceeding 1.0GW of solar capacity
| SOLAR PV | |||||||
|---|---|---|---|---|---|---|---|
| MW | In | Under Const |
Backlog | Advanced Dev |
Early Stage |
Ident. Opp. |
Total Pipeline |
| Probability of execution |
Operation | 100% | 90% | 70% | 50% | 20-40% | |
| USA | 171 | 2,977 | 850 | 3,998 | |||
| Total USA | 171 | 2,977 | 850 | 3,998 | |||
| Spain | 350 | 472 | 575 | 750 | 1,797 | ||
| Italy | 251 | 133 | 828 | 1,212 | |||
| UK | 95 | 96 | 140 | 331 | |||
| Poland | 74 | 359 | 631 | 1,064 | |||
| Total Europe | 350 | 472 | 995 | 588 | 2,349 | 4,403 | |
| Chile | 245 | 505 | 135 | 1,033 | 993 | 2,666 | |
| Colombia | 72 | 60 | 48 | 110 | 300 | 518 | |
| Mexico | 35 | 155 | 155 | ||||
| Peru | 96 | 450 | 283 | 829 | |||
| Total Latam | 352 | 601 | 195 | 1,081 | 1,708 | 583 | 4,168 |
| Total | 702 | 1,073 | 195 | 2,247 | 5,273 | 3,782 | 12,569 |
| #Projects | 29 | 29 | 18 | 33 | 49 | 98 | 227 |
| WIND | |||||||
|---|---|---|---|---|---|---|---|
| MW | In | Under Const |
Backlog | Advanced Dev |
Early Stage |
Ident. Opp. |
Total Pipeline |
| Probability of execution |
Operation | 100% | 90% | 70% | 50% | 20-40% | |
| Argentina | 24 | ||||||
| Peru | 36 | 40 | 40 | ||||
| Chile | 600 | 600 | |||||
| Total Latam | 60 | 40 | 600 | 640 | |||
| Total | 60 | 40 | 600 | 640 | |||
| #Projects | 3 | 2 | 1 | 3 |
✓ Wind portfolio of 640MW (-200MW qoq)

✓ Storage pipeline of 9.8GWh (+2.1GWh qoq) ✓ Chile is the most advanced market (4.0GWh) ✓ On track to meet our 1.0GWh target in 2025
| MW | Backlog | Early Advanced Dev. Stage |
Total | Total | ||
|---|---|---|---|---|---|---|
| Probability of execution |
90% | 70% | 50% | MWh | ||
| USA | 695 | 695 | 3,033 | |||
| Total USA | 695 | 695 | 3,033 | |||
| Spain | 88 | 314 | 402 | 904 | ||
| Italy | 74 | 39 | 113 | 386 | ||
| UK | 180 | 180 | 359 | |||
| Poland | 345 | 345 | 1,117 | |||
| Total Europe | 162 | 878 | 1,040 | 2,766 | ||
| Chile | 15 | 356 | 530 | 901 | 3,965 | |
| Total Latam | 15 | 356 | 530 | 901 | 3,965 | |
| Total | 15 | 518 | 2,093 | 2,636 | 9,764 | |
| #Projects | 2 | 17 | 45 | 64 | 64 |
800 700 600 500 400 300 200 100 0 Capacity GWh CAGR 31% CAGR 66% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Energy Storage Annual Capacity, GWh

Source: BNEF, Wood Mackenzie.


✓ 1.4GW of PPAs signed in Spain and Chile ✓ 728MW in Spain in 1Q23 (#2 in Europe1 ) ✓ Another 1.5GW of PPAs under negotiation ✓ 75% of Spanish output with PPAs from 2026
✓ €2.0bn of revenues contracted at group level


ESG REVIEW

✓ +44% in total output on new capacity and better load factors ✓ 72% of total output from contracted volumes (+75%) ✓ +6% in realized prices driven by contracted assets
| Key Operating Data | |||
|---|---|---|---|
| 1Q23 | 1Q22 | Var. | |
| Avg. Forex (\$/€) | 1.06 | 1.10 | (4%) |
| Total Capacity (MW) | 762 | 566 | 35% |
| Additions | 50 | 25 | |
| Solar production | 232,653 | 152,820 | 52% |
| Wind production | 41,266 | 37,801 | 9% |
| Total production (GWh) | 273,919 | 190,621 | 44% |
| ow PPAs | 198,553 | 113,402 | 75% |
| ow Merchant | 75,366 | 77,219 | (2%) |
| Load Factor (%) | 23.5% | 18.9% | 24% |
| Realized priced (€/MWh) | 42.3 | 40.0 | 6% |
| ow PPAs | 46.6 | 41.7 | 12% |
| ow Merchant | 30.1 | 37.1 | (19%) |
✓ Results driven by Energy and asset rotation in Chile ✓ Capex mainly devoted to Belinchón and Gran Teno ✓ Net debt increase due to higher capex and WK needs
| (€m) | 1Q23 | 1Q22 | Var. |
|---|---|---|---|
| Revenues | 96.0 | 46.9 | 105% |
| ow Energy Revenues | 11.6 | 8.4 | 38% |
| EBITDA | 14.3 | 7.4 | 94% |
| ow Energy EBITDA | 8.5 | 6.7 | 27% |
| EBIT | 10.6 | 4.8 | 119% |
| Net Income | 4.9 | 4.2 | 15% |
| Capex | 77.6 | 27.3 | 184% |
| 1Q23 | FY22 | Var. | |
| Tangible Fixed Assets | 653.6 | 582.1 | 12% |
| Equity | 272.7 | 244.8 | 11% |
| Net debt ex IFRS16 | 444.5 | 313.3 | 42% |
| ow Corporate | 153.9 | 85.1 | 81% |
| Net debt/EBITDA | 7.9x | 6.4x | |
| ow Covenant | 4.5x | 3.1x |

✓ D&C division includes €11m from the disposal of two PMGD projects (21.6MW) in Chile
✓ Energy division mainly driven by higher output (+44%) on greater installed capacity and better load factors



✓ Capex per MW back down to pre-covid levels ✓ Deflation in modules (c€0.18/MW) and logistic costs ✓ IRRs stable at double digits



✓ Working capital outflows due to seasonal effects and the reclassification of supplier debt into financial debt (€44m)

HIGHLIGHTS BUSINESS REVIEW FINANCIAL REVIEW
ESG REVIEW



1 Calculated as Net debt including all PF debt divided by LTM EBITDA (€57m)
2 Calculated as Net debt with recourse divided by LTM Relevant Ebitda (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).
Cash & equivalents Undrawn credit lines
99
107
ESG Action Plan – III Phase
| Q1 Q2 Q3 Q4 |
|||
|---|---|---|---|
| GOVERNANCE | DEFINE THE CORPORATE PURPOSE | SUSTAINABILITY REPORT 2022 | |
| APPROVAL OF THE INFORMATION SECURITY POLICY | • Preparation and publication of the first | ||
| PREPARATION OF THE SUSTAINABILITY REPORT 2022 WITH EXTERNAL VERIFICATION |
2022 sustainability report verified by an accredited third party under the ISAE 3000 standard without deviations. |
||
| ESG GOALS IN OUR STRATEGY |
IT TOOL FOR MEASUREMENT AND MONITORING OF ESG PERFORMANCE |
SCIINF - SYGRIS | |
| ESG RISKS MANAGEMENT |
ELABORATE CLIMATE CHANGE RISKS AND OPPORTUNITIES MAP ACCORDING TO TCFD RECOMMENDATIONS |
• Implementation of an Internal Control System for Non-Financial Information |
|
| PERFORM ESG ASSESSMENT OF A SELECTION OF SUPPLIERS | ("SCIINF" Spanish acronym) under the Sygris software tool. |
||
| ESTABLISH A FORMAL BENEFIT PLAN | • Improvement in the capture of ESG information, ensuring transparency, |
||
| ESG IMPACTS | APPROVAL OF A CORPORATE PROCEDURE FOR DIALOGUE WITH THE COMMUNITIES |
reliability and traceability of data. | |
| PRESENTATION OF THE EMPLOYEE PERFORMANCE AND WORKPLACE CLIMATE EVALUATION PROCESS |
COMPLIANCE TRAINING AND COMMUNICATION PLAN | ||
| ESG COMMUNICATION |
IMPLEMENTATION OF A COMPLIANCE COMMUNICATION | • Internal training plan for Compliance, Code of Conduct and Whistleblowing Channels. |
|
| AND TRAINING PLAN | • Communication plan, launching of | ||
| DEVELOPING A CLIMATE CHANGE REPORT | quarterly activities to raise awareness. | ||
| INTERNAL SUSTAINABILITY TRAINING |

Confirmation of leadership in ESG ratings
Recognition by CDP of the level of ambition of Grenergy's climate strategy, placing it in the Leadership category, with a score of A-, two notches higher than the score received in the previous year, B-.


Expansion of index coverage, in this case Refinitiv, where Grenergy has obtained a score of 81/100, ranking 2nd out of 78 companies in the renewable energy sector.
| A Grenergy Renovables |
|
|---|---|
| Azure Power Global Ltd. | B+ |
| EDP Renovaveis SA | B+ |
| Encavis AG | B+ |
| Greencoat Renewables plc | B+ |
| RATED BY | NEW COVERAGE | ||||
|---|---|---|---|---|---|
| 2022 | 2022 2021 |
||||
| 2021 | Low Risk | Strong Management of | MSCI AAA |
1. Grenergy Renovables | A |
| 13.6 Low Risk |
10.2 | all ESG material issues: | MSCI ESG Ratings A ESG Ratings |
2. Solaria | |
| Negl. Low Med. High Severe | Negl. Low Med. High Severe | Governance Land Use and |
ccc ccc BBB BBB A AA AAA BBB BBB A AA AAA |
EDPR Scatec |
B+ |
| 0-10 10-20 20-30 30-40 40+ | 0-10 10-20 20-30 30-40 40+ | Business Biodiversity Ethics |
3. Voltalia | ||
| Ranking | Product Human Governance Capital |
Neoen | B | ||
| INDUSTRY GROUP | SUBINDUSTRY | Community Ocupacional |
2022 2021 |
4. Iberdrola | B |
| 5 Utilities out of 712 |
Renewable Power 4 Production out of 99 |
Relations Health and Safety |
56/100 54/100 |
5. Acciona | C+ |


| Country | Project | Type | MW | B20 | Resource (Hours) |
COD | Offtaker |
|---|---|---|---|---|---|---|---|
| Peru | Duna Huambos | Wind | 36 | Yes | 4,900 | 4Q20 | Auction 18 Yrs 100% |
| Chile | Quillagua | Solar | 103 | Yes | 2,950 | 4Q20 | Basket of PPAs + Merchant |
| Mexico | San Miguel de Allende | Solar | 35 | Yes | 2,300 | 1Q21 | Auction 20 Yrs 100% |
| Argentina | Kosten | Wind | 24 | Yes | 5,033 | 1Q21 | Auction 20 Yrs 100% |
| Spain | Los escuderos | Solar | 200 | Yes | 2,128 | 4Q21 | PPA PV Profile 85% |
| Chile | PMGDs (14) | Solar | 142 | Yes | 2,109 | 4Q21-3Q22 | Stabilized Price 12 Yrs |
| Colombia | Distribution (6 projects) | Solar | 72 | Yes | 1,990 | 4Q21-4Q22 | PaP 100% 15 Yrs |
| Spain | Belinchón | Solar | 150 | Yes | 2,150 | 2Q23 | PPA PaP 65% 12 Yrs |
| Total in Operation | 762 (Vs. 712 in FY22) |
||||||
| Chile | PMGDs | Solar | 156 | No | 2,000-2,700 | 2Q23-1Q24 | Stabilized Price 14 Yrs |
| Chile | PMGDs | Solar | 60 | Yes | 2,000-2,700 | 2Q23-4Q23 | Stabilized Price 14 Yrs |
| Chile | Gran Teno | Solar | 240 | Yes | 2,186 | 4Q23 | PPA PaP 66% 12 Yrs |
| Chile | Tamango | Solar | 49 | Yes | 2,200 | 1Q24 | PPA PaP 90% 15 Yrs |
| Peru | Matarani | Solar | 96 | Yes | 2,750 | 2Q24 | Est. PPA PaP 90% 15 Yrs |
| Spain | Tabernas | Solar | 250 | Yes | 2,358 | 2Q24 | PPA PaP 75% 15 Yrs |
| Spain | Ayora | Solar | 172 | Yes | 2,212 | 2Q24 | PPA PaP 75% 15 Yrs |
| Spain | José Cabrera | Solar | 50 | Yes | 2,156 | 2Q24 | PPA PaP 75% 15 Yrs |
| Total Under Construction | 1,073 | (Vs. 901 in FY22) | |||||
| Peru | Nairas | Wind | 40 | No | 5,100 | 4Q24 | Est. PPA Pap 80% 15 Yrs |
| Chile | PMGDs (13 Projects) | Solar | 135 | Yes | 2,300 | 3Q23-2Q24 | Stabilized Price 14 Yrs |
| Colombia | Distribution (4 Projects) | Solar | 60 | Yes | 1,990 | 2Q24-4Q24 | Est. PPA PaP 100% 15 Yrs |
| Total Backlog | 235 | (Vs. 457 in FY22) |

| Country | Project | Type | MW | Resource (Hours) |
COD | Offtaker | Negotiation |
|---|---|---|---|---|---|---|---|
| Spain | Clara Campoamor | Solar | 575 | 2,000 | 2Q25 | PPA PaP 75% 15 Yrs (259MW) | Contracted |
| UK | Solstice Projects | Solar | 95 | 1,100 | 1Q26 | PPA 60-70% | In Progress |
| Italy | Le Isole Projects | Solar | 251 | 1,250 | 2Q25 | PPA 60-70% | In Progress |
| Poland | Jesionowo | Solar | 74 | 1,100 | 4Q25 | PPA 60-70% | Initial |
| USA USA |
Coosa Pines Creed |
Solar Solar |
108 63 |
1,689 1,681 |
4Q25 4Q25 |
PPA 100% PPA 100% |
Advanced Advanced |
| Chile | PMGDs (12 Projects) | Solar | 129 | 2,500 | 4Q23-3Q25 | Stabilized Price | Contracted |
| Chile | Quillagua2 | Solar | 111 | 2,950 | 3Q24 | PPA 60-70% | Advanced |
| Chile | Gabriela | Solar | 264 | 2,800 | 3Q24 | PPA 60-70% | Advanced |
| Chile | Victor Jara | Solar | 240 | 2,800 | 2Q25 | PPA 60-70% | Initial |
| Chile | San Carlos middle size | Solar | 48 | 2,200 | 4Q24 | PPA 60-70% | Initial |
| Chile | Algarrobal | Solar | 240 | 2,300 | 3Q25 | PPA 60-70% | Initial |
| Colombia | Sol Santander | Solar | 48 | 1,990 | 4Q25 | PPA PaP 100% | Initial |
| Total Advanced Development | 2,246 | (vs. 2,156 in FY22) |
SOURCE: Company ı COD: Commercial Operation Date ı In progress: searching for a proper offtaker ı Initial: conversation taking place with several offtakers ı Advanced: Negotiation moving forward to completion 17 at a good pace ı Completed: Already secured the stabilization of energy sales with offtaker or public auctions.
Project Portfolio

| Total Platfom1 | Includes projects in operation and total pipeline | |
|---|---|---|
| 20-40% Success Rate |
Identified Opportunity 3,782MWMW |
Identified opportunities (20-40%): Project with technical and financial feasibility, given that 1) there is the possibility of land, 2) access to the electricity grid is operationally viable and/or 3) there is the possibility of sale to third parties. |
| 50% Success Rate |
Early Stage 5,873MW |
Early Stage (50%): Based on an identified opportunity, the project is approved internally to enter the investment phase, with applications for grid access being made and negotiations for land commencing. |
| 70% Success Rate |
Advanced Development 2,247MW |
Projects with an advanced technical and financial stage: • +50% Probability to secure land; and/or • +90% Probability to get grid access; and/or • Environmental permits requested |
| 90% Success Rate |
Backlog 235MW |
Projects in a final phase before construction: • Secured land and grid access; and/or • +90% Probability to obtain environmental permits • Off-take agreements, PPA, or bankable scheme of stabilized prices secured / ready to be signed |
| Ready to Build | Ready to Build: Financing close, PPA in place or negotiation of EPC | |
| 100% | Under Construction 1,073MW |
Under Construction: EPC provider has been mandated to start construction works |
| Success Rate | In operation 762MW |
In Operation: Plant fully operational or at least Mechanical Completion achieved and under commissioning |

| Profit and losses | |||
|---|---|---|---|
| (€m) | 1Q23 | 1Q22 | Var. |
| Revenue | 96.0 | 46.9 | 105% |
| Income from customer sales | 30.9 | 18.1 | 71% |
| Income from capitalize works | 65.1 | 28.8 | 126% |
| Procurement | (70.1) | (32.8) | 114% |
| Procurement from third parties | (8.1) | (5.4) | 50% |
| Activated cost | (62.0) | (27.4) | 126% |
| Gross Margin | 25.9 | 14.1 | 83% |
| Personnel expenses | (5.6) | (3.0) | 89% |
| Other incomes | 0.1 | 0.0 | 410% |
| Other operating expenses | (6.1) | (3.7) | 64% |
| Other results | (0.0) | (0.1) | (94%) |
| EBITDA | 14.3 | 7.4 | 94% |
| Depreciation & Amortization | (3.8) | (2.6) | 46% |
| EBIT | 10.6 | 4.8 | 119% |
| Net financial costs | (4.9) | (2.7) | 80% |
| Other financial results | (0.7) | 2.9 | n.m. |
| Financial result | (5.6) | 0.2 | n.m. |
| Result before taxes | 5.0 | 5.0 | (0%) |
| Income tax | (0.1) | (0.8) | (85%) |
| Net Income | 4.9 | 4.2 | 15% |

| Balance Sheet | |||||||
|---|---|---|---|---|---|---|---|
| (€m) | 1Q23 | FY22 | Var. | (€m) | 1Q23 | FY22 | Var. |
| Equity | 272.7 | 244.8 | 27.9 | ||||
| Non-current assets | 741.6 | 681.8 | 59.8 | Non-current liabilities | 467.0 | 420.9 | 46.1 |
| Intangible assets | 0.1 | 0.2 | (0.2) | Deferred tax liabilities | 25.1 | 20.4 | 4.7 |
| Tangible asset | 653.6 | 582.1 | 71.5 | Provisions | 13.7 | 16.4 | (2.7) |
| Rights-of-use assets | 28.3 | 28.2 | 0.1 | LT Financial debt | 428.1 | 384.1 | 44.0 |
| Deferred tax assets | 37.8 | 47.3 | (9.5) | Bonds & Commercial Paper | 73.4 | 83.2 | (9.9) |
| Other non-current assets | 21.9 | 23.9 | (2.11) | Bank debt | 328.1 | 254.2 | 73.8 |
| Derivatives | 753 | 20.6 | (19.8) | ||||
| Lease liabilities | 25.9 | 26.1 | (150) | ||||
| Current assets | 217.7 | 205.1 | 12.5 | Current liabilities | 219.6 | 221.3 | (1.7) |
| Inventories | 8.4 | 6.0 | 1.8 | Provisions | 4.7 | 8.2 | (3.5) |
| Accounts receivable | 98.3 | 80.0 | 18.3 | Accounts payable | 57.6 | 94.5 | (36.9) |
| Current financial investments | 0.6 | 12.0 | (11.3) | ST Financial debt | 157.3 | 118.6 | 38.7 |
| Other current assets | 11.1 | 0.8 | 10.2 | Bonds & Commercial Paper | 58.3 | 34.5 | 23.7 |
| Cash & cash equivalents | 99.2 | 105.7 | (6.5) | Bank debt | 83.4 | 46.3 | 37.1 |
| Derivatives | 14.0 | 36.1 | (22.1) | ||||
| Lease liabilities | 1.5 | 1.5 | (0.0) | ||||
| Other financial liabilities | 0.1 | 0.1 | - | ||||
| TOTAL ASSETS | 959.2 | 887.0 | 72.3 | TOTAL EQUITY AND LIABILITIES | 959.2 | 887.0 | 72.3 |

| Cash Flow | |||
|---|---|---|---|
| (€m) | 1Q23 | 1Q22 | Var. |
| EBITDA | 14.3 | 7.4 | 94% |
| + Change in operating WK | (51.1) | 17.9 | 186% |
| + Financial costs & Taxes paid | (10.2) | (31.9) | 162% |
| Funds from operations | (46.9) | (14.4) | n.m. |
| + ST Investments | - | (1.6) | - |
| + Capex | (77.6) | (31.8) | 184% |
| Free cash flow | (124.5) | (47.7) | 16% |
| + Bonds & Commercial Paper | 13.9 | 18.6 | (25%) |
| + Bank debt | 110.9 | 31.0 | 258% |
| + Other debts | - | (0.0) | - |
| + Share Buy-back | (4.5) | 0.2 | n.m. |
| + FX differences | (2.2) | (5.5) | (59%) |
| + Other | - | - | - |
| Net cash increase | (6.5) | (3.4) | n.m. |

| Net Debt | |||
|---|---|---|---|
| (€m) | 1Q23 | FY22 | Var. |
| Long-term financial debt | 81.2 | 92.4 | (11.1) |
| Short-term financial debt | 107.8 | 41.7 | 66.1 |
| Long-term Lease debt (IFRS16) | 25.1 | 25.2 | (0.1) |
| Short-term Lease debt (IFRS16) | 1.1 | 1.2 | (0.0) |
| Other short term debt | 0.1 | 0.1 | - |
| Other current financial assets | (0.6) | (0.6) | - |
| Cash & cash equivalents | (45.9) | (61.1) | 15.3 |
| Corporate Net Debt with recourse | 168.9 | 98.8 | 70.1 |
| Project Finance debt with recourse | 16.5 | 16.4 | 0.2 |
| Project Finance cash with recourse | (5.3) | (3.7) | (1.7) |
| Project Finance Net Debt with recourse | 11.2 | 12.7 | (1.5) |
| Project Finance debt with non-recourse | 338.6 | 269.1 | 69.6 |
| Project Finance cash with non-recourse | (48.0) | (40.9) | (7.1) |
| Project Finance Net Debt with non-recourse | 290.7 | 228.2 | 62.4 |
| Total Net Debt | 470.8 | 339.7 | 131.1 |
| Total Net Debt ExIFRS16 | 444.5 | 313.3 | 131.2 |
1 Calculated as Total Net Debt exIFRS16 divided by the last-12 month EBITDA exIFRS16 (€56);
2 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).

| Net Debt/EBITDA Reconciliation | |||||||
|---|---|---|---|---|---|---|---|
| 1Q23 | FY22 | ||||||
| (€m) | Total | Corporate | Non-Recourse | Total | Corporate | Non-Recourse | |
| Net Debt | 470.8 | 180.1 | 290.7 | 339.7 | 111.5 | 228.2 | |
| Impact IFRS16 | 26.3 | 26.3 | - | 26.4 | 26.4 | - | |
| Net Debt ex IFRS16 | 444.5 | 153.9 | 290.7 | 313.3 | 85.1 | 228.2 | |
| EBITDA LTM | 57.1 | 25.7 | 31.4 | 50.2 | 19.9 | 30.3 | |
| Impact IFRS16 | 1.0 | 1.0 | - | 1.0 | 1.0 | - | |
| EBITDA LTM ex IFR16 | 56.1 | 24.7 | 31.4 | 49.2 | 18.9 | 30.3 | |
| Corporate costs | (9.2) | (9.2) | - | (8.5) | (8.5) | - | |
| EBITDA LTM ex IFRS16 (covenant) | 56.1 | 33.9 | - | 49.2 | 27.4 | - | |
| Net debt/EBITDA | 8.2x | 7.0x | 9.3x | 6.8x | 5.6x | 7.5x | |
| Net debt/EBITDA ex IFRS16 | 7.9x | 6.2x | 9.3x | 6.4x | 4.5x | 7.5x | |
| Net debt/EBITDA (per covenant) | 7.9x | 4.5x | - | 6.4x | 3.1x | - |


Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.