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Atlantica Sustainable Infrastructure (AY) investor relations material

Atlantica Sustainable Infrastructure Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary13 Nov, 2024

Executive summary

  • Revenue rose 7.0% to $918.7M for the nine months ended September 30, 2024, driven by higher regulated revenue in Spain, increased US solar production, and new asset contributions, offset by lower output at Kaxu and Chilean solar assets.

  • Adjusted EBITDA increased 4.8% to $657.5M, with growth in all major geographies and business sectors, especially renewable energy and efficient natural gas & heat.

  • Net income attributable to the company declined 29.1% to $32.7M, mainly due to higher operating expenses, increased depreciation and impairment charges, and a higher effective tax rate.

  • Operating cash flow declined 6.6% to $311.8M, and CAFD decreased 4.0% to $176.9M.

  • Acquisition by Bidco/Energy Capital Partners for $22/share is expected to close December 12, 2024, with all regulatory approvals received.

Financial highlights

  • Revenue: $918.7M (+7.0% YoY); Adjusted EBITDA: $657.5M (+4.8% YoY); Operating profit: $307.7M (+5.6% YoY).

  • Net income: $32.7M (down from $46.1M YoY); EPS: $0.28 (vs. $0.40 YoY).

  • CAFD per share: $1.52 (down from $1.59 YoY); CAFD: $176.9M (down 4.0% YoY).

  • Cash flow from operations: $311.8M (down 6.6% YoY); Net cash used in investing: $135.6M; Net cash used in financing: $192.2M.

  • Total assets: $8.59B; Total equity: $1.44B; Corporate liquidity: $320.3M.

Outlook and guidance

  • Management expects continued growth from new investments, including Imperial (100 MW PV+storage), UK Wind 1 & 2, and assets under construction such as Coso Batteries and Chile PMGD.

  • Pipeline includes 2.18 GW of renewables and 10.98 GWh of storage; 16% of projects expected to reach ready-to-build in 2024/2025.

  • Transaction with Bidco/Energy Capital Partners expected to close in December 2024, after which the company will be privately held.

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Frequently asked questions

Atlantica Sustainable Infrastructure plc owns, manages, and invests in renewable energy, storage, natural gas and heat, electric transmission lines, and water assets. It operates through the following segments: Atlantic Canada Renewable Power Group; U.S. West Renewable Power Group; Americas Thermal Power Group; International Thermal Power Group; Latin America Renewable Power Group; Western European Water Systems Group; U.S. Southeast Water Group; and Atlantica Yield.

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