Voltalia (VLTSA) H2 2023 earnings summary

Executive summary

• 2019–23 ambitions met: 2.85 GW in operation and construction versus 2.80 GW targeted; normalized EBITDA was €271m versus ~€275m targeted.

• FY 2023 turnover was €495.2m (+6%), reported EBITDA €241.1m (+76%), and net income attributable to shareholders €29.6m, versus a €7.2m loss in 2022.

• 795 MW was commissioned in 2023; 2024 and 2027 objectives call for continued capacity and EBITDA growth.

Financial highlights

• Turnover was €495.2m, up 6% YoY; Energy Sales contributed 60% and Services 40%.

• Reported EBITDA rose 76% to €241.1m; EBITDA margin increased to 48.7% from 29.4%.

• Normalized EBITDA reached €271m, using EUR/BRL of 6.3 and long-term average renewable production.

• Net income attributable to shareholders was €29.6m versus a €7.2m loss in 2022.

• EBIT was €119.3m versus €55.7m; depreciation, amortization and provisions increased 40% to €103.7m.

Outlook and guidance

• 2024 targets: ~3.3 GW in operation and construction, including ~2.5 GW operating; EBITDA of ~€255m, including ~€230m from Energy Sales.

• 2027 targets: more than 5 GW in operation and construction, third-party operated capacity above 8 GW, and normalized EBITDA of ~€475m, including ~€430m from Energy Sales.

• The 2024 published EBITDA objective includes cyclical assumptions, including an El Niño wind effect.

• The 2023–27 construction plan totals €2.5bn–€3bn; €300m was invested in 2023 and €500m planned for 2024, with construction of over 400 MW of additional projects due to start in 2024.

• ESG targets include avoided emissions above 4m tonnes CO2e by 2027 and 35% lower solar-construction carbon intensity by 2030 versus 2022.