Edp Renewables Sa · EURONEXT:EDPR
Edp Renewables Sa — EDP Renováveis — FY2024 Earnings Presentation
28 slides from Edp Renewables Sa's earnings presentation, Feb 26, 2025
Slide 1: 2024 Results Presentation
Konary Hybrid Poland 2024 Results Picture Presentation February 26th, 2024 18:00 CET | 17:00 UK / Lisbon www.edpr.com
Slide 2: Disclaimer
Disclaimer This document has been prepared by EDP Renováveis, S.A. (the "Company") solely for Forward-looking statements include statements regarding: objectives, goals, strategies, use at the presentation to be made on this date and its purpose is merely of informative outlook and growth prospects;
Slide 3: Agenda
Agenda 1 Update on Strategy Execution 2 2024 results 3 Closing Remarks 4 Annex 3
Slide 4: Update on Strategy Execution
Update on Strategy Execution
Slide 5: Record additions of 3.8 GW in 2024 and €1.7bn recurring EBITDA
Record high additions of +3.8 GW in 2024 and €1.7bn recurring EBITDA, reflecting a 9% growth of underlying EBITDA and lower AR gains vs. 2023 2024 Main Highlights 2024 Key P&L Metrics • Record annual capacity additions of +3.8 GW in line with guidance, of which +2.5 GW added in 4Q24, installed capac
Slide 6: Delivering a record 3.8 GW of capacity additions in 2024
Delivery a record +3.8 GW of capacity additions in 2024, 79% in solar and BESS, with 85% in Europe and United States… 2024 strong execution in line with expectations… … supporting our diversified worldwide portfolio Capacity Additions 2024 Installed Capacity by Region Additions +3.8 GW (GW) 79% 3.8
Slide 7: Efficiency improvements leading to adj. Core OPEX per average MW -9%
… and continued efficiency improvements leading to an adj. Core OPEX per average MW-9% YoY Adj. Core OPEX/ Avg. MW in Operation(1) Strategy focused on efficient operations (€k) -9% 51 46 Europe Savings of €32m following efficiency measures North America South America Simplified structure under a reg
Slide 8: 2024 asset rotation of 1 GW and 2025 deals signed at good valuations
2024 asset rotation totaling 1 GW and 2025 started with 2 deals signed at good valuations 2025’s signed deals at solid valuations… … supportive of a cumulative contribution above €3bn over the following 2 years EV/MW by technology (€m) 2025&2026E 2024 Closed 2025 Signed >2.5 GW >€3bn Capacity to be
Slide 9: Battery storage will play a crucial role in the future of renewable energy
Battery storage will play a crucial role in the future of renewable energy and EDPR has built a robust short-term lifeline of contracted investments Several factors are driving BESS development … … in line with EDPR’s growth ambitions Robust risk/return metrics(1) Renewables Generation Variability ~
Slide 10: US strong power demand continues supporting RES growth
US strong power demand in medium term continue supporting RES growth, however prudently approaching investment decisions during 2025 Increasing electricity demand in the US requires fast … with EDPR currently focused on gaining clarity on renewable deployment … legislation developments US Power Dema
Slide 11: Europe with positive structural tailwinds, requiring permitting acceleration and grid investment
Europe with overall positive structural tailwinds, but requiring a real acceleration in permitting and investment in the grid Europe shows a positive growth outlook… … however, its realization requires Member States to act in the short term EU27+UK Power Demand(1) (Thousand TWh) Permitting accelerat
Slide 12: Moderating the pace of investment to 3.5 GW in 2025-26
Moderating the pace of investment to 3.5 GW in 2025-26, maintaining a strict risk/return investment criteria Capacity additions visibility for 2025 and 2026 (GW) Under Construction as of Today ~2.0 Solid risk/return for approved projects to enter in 2025-26(2) RoW 20% 20% >9% >70% >275bps IRRp Contr
Slide 13: 2024 Results
2024 Results
Slide 14: Electricity Sales +2% YoY with generation +6% and lower selling price
Electricity Sales +2% YoY with +6% growth in generation slightly offset by -3% lower avg. selling price Electricity Sales(1) (€m) 2023 2024 YoY YoY +2% Renewable Index Generation % 94% 98% +3pp 2,152 2,103 Electricity Generation TWh 34.6 36.6 +6% Europe TWh 11.6 11.5 -1% 1,062 Europe 1,111 -€49m Nor
Slide 15: Underlying Recurring EBITDA increasing +9% YoY
Underlying Recurring EBITDA increasing +9% YoY driven by better business performance and a strong cost control EBITDA 2024 (€m) YoY +2% 179 +9% 2,152 303 (751) ex. AR gains (199) 1,684 Electricity Sales Tax Equity Revenues AR Gains Core Opex Other Costs (net)(1) Rec. EBITDA +€49m +€72m -€281m -€33m
Slide 16: Financial Results +€60m YoY driven by higher nominal financial debt
Financial Results +€60m YoY driven by +€2.2bn nominal financial debt Financial Results (€m) +€60m +16% Financial results +€60m in the year, impacted by (65) (88) 373 +€2.2bn of nominal financial debt and €34m of FX & 313 (82) derivatives impact from Colombia 460 395 Financial results improving in 4Q
Slide 17: Net Debt at €8.3bn driven by Net Expansion Investments of €2.8bn
Net Debt at €8.3bn mainly driven by Net Expansion Investments of €2.8bn Net Debt Change Dec-23 to Dec-24 (€bn) • Includes €4.0bn Expansion Capex (of which €0.8bn from net payments reflected in changes in working capital to PP&E suppliers) • and €0.7bn Financial investments (of which €0.58bn from acq
Slide 18: Recurring Net Profit of €221m
Recurring Net Profit of €221m with YoY comparison impacted by outstanding asset rotation gains in 2023 and financial results increase 2024 Rec. EBITDA to Rec. Net Profit (€m) Recurring Net Profit (€m) YoY 513 +€120m Rec. EBITDA 1 684 (€161m) ex-gains D&A(1) (834) (€77m) 221 EBIT 849 (€238m) 2023 202
Slide 19: Closing Remarks
Closing Remarks
Slide 20: Closing remarks
Closing remarks Capacity additions increased +3.8 GW YoY (2.8 GW net of Asset rotation deconsolidation), with strong contribution from US solar projects and more than 90% of expected 2025 additions already under construction 2024 driven by an increase of +6% YoY in generation, tempered by the later
Slide 21: Q&A
Q&A 21
Slide 22: Annex
Annex
Slide 23: EDPR added ~3.8 GW with installed capacity of 19.3 GW in 2024
Since last year, EDPR added ~3.8 GW with installed capacity amounting to 19.3 GW in 2024 Installed Capacity YoY Net Capacity Factor FY24 Electricity Generation YoY (EBITDA + Equity GW) (%) (TWh) 2023 16.6 NCF YoY 2023 34.6 MW 25% -1pp 3.8 Added 2.5 30% +1pp ∆ MW 20.4 34% -7pp Load (0.5) Factor AR/ (
Slide 24: Ocean Winds: Long-term view player in the offshore wind industry
Ocean Winds: Long-term view player in the offshore wind industry Recent developments in Offshore projects New Projects Installed Projects Under Construction Moray West Noirmoutier 0.9 GW | 95% OW | Installed 2024 0.5 GW | 60% OW | COD 2025 Le Treport 0.5 GW | 61% OW | COD 2026 The UK project has bee
Slide 25: €777m of non-recurring items at net profit level, mainly Colombia impairment
In 2024, EDPR had €777m of non-recurring items at net profit level, mainly from Colombia impairment 2024 Non-recurring items impacting reported figures (€m) D&A + EBITDA Taxes Net Profit Provisions Colombia EDPR considered that these projects do not meet the company’s investment criteria and risk pr
Slide 26: Working towards Net Zero with best ESG practices
Working every day towards Net Zero, operating with the best ESG practices along the value chain ESG Performance 2024 2023 YoY CO2 avoided (kt) 20,570 20,424 +1% Environment Total recovered waste (%) 87 72 +15 p.p. Capex aligned with EU Taxonomy (%) 96.2 99.8 -3.6 p.p. Women employees (%) 34 34 -0.3
Slide 27: IR Contacts
IR Contacts E-mail: [email protected] Phone: +34 900 830 004 Parque Empresarial ADEQUA Avda. de Burgos, 89 EDIF 1 MOD A-B 28050, Madrid - Spain EDPR Online Site: www.edpr.com Link Results & Presentations 27
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