Acciona Energías Renovables (ANE) Q3 2024 TU earnings summary

Executive summary

• On track to meet 2024 EBITDA target of ~€1 billion before capital gains, with strong renewable capacity additions and asset rotation progress.

• Consolidated production grew 14.5% year-over-year to 17,585 GWh, driven by new international assets and strong hydro in Spain.

• Asset rotation included sale of 175 MW Spanish hydro for €293 million and acquisition of 300 MW Green Pastures wind farms in Texas.

• Installed capacity reached 14,333 MW at September 2024, with 925 MW added in nine months; capacity under construction at 1,270 MW.

Financial highlights

• Average achieved price dropped to €66.0/MWh from €87.6/MWh year-over-year, mainly due to normalization of Spanish wholesale prices.

• Cumulative net ordinary capex for nine months was ~€1,100 million, with €56 million spent on share buy-back.

• Monetized US tax incentives for €133 million, expecting further €110 million rebates by year-end.

• Net ordinary capex for 2024 expected below initial guidance, with some investments deferred to 2025.

Outlook and guidance

• Maintains ~€1bn EBITDA before capital gains for 2024; expects consolidated output of ~24.5 TWh and average price of ~€70/MWh.

• Total investment for FY 2024 projected at €1,400–1,500 million, excluding divestment proceeds.

• Capital gains of €183 million secured to date, mainly from hydro asset sale.