Atlantica reports 2021 financial results

February 28, 2022

• Revenue for the year 2021 increased by 19.6% year-over-year up to $1,211.7 million, and by 8.8% year-over-year on a comparable basis¹ .
• Adjusted EBITDA² was $824.4 in 2021, a 3.6% year-over-year increase, and a 13.8% increase on a constant currency basis and excluding the non-cash provision caused by electricity prices in Spain.
• Net loss for the year 2021 attributable to the Company was $30.1 million, compared with a net profit of $12.0 million for the year 2020.
• Net cash provided by operating activities was $505.6 million in 2021, compared with an operating cash flow of $438.2 million in 2020, a 15.4% year-over-year increase.
• Cash available for distribution (“CAFD”) increased by 12.4% year-over-year up to $225.6 million for the year 2021 and CAFD per share increased by 3.1% year-over-year to $2.03 per share for the year 2021.
• Quarterly dividend of $0.44 per share approved by the Board of Directors.
• 2022 CAFD target guidance established in the range of $230 million to $250 million.
• $110-120 million new equity investments already closed or earmarked for 2022.

Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or the “Company”) today reported its financial results for the year 2021. Revenue was $1,211.7 million, a 19.6% increase compared with the year 2020. Adjusted EBITDA increased by 3.6% up to $824.4 million. On a constant currency basis and excluding the $77.1 million negative non-cash provision recorded in our solar assets in Spain for the difference between expected and actual electricity market prices ($22.3 million positive provision in 2020) our Adjusted EBITDA would have increased by 13.8%. Growth in revenue and Adjusted EBITDA resulted mainly from the recent investments in new assets, higher production in our renewable energy business and foreign exchange differences and was partially offset by the provision previously mentioned. Net cash provided by operating activities was $505.6 million in 2021, compared with an operating cash flow of $438.2 million in 2020, a 15.4% year-over-year increase. Cash Available for Distribution was $225.6 million, a 12.4% increase compared with $200.7 million in 2020 and CAFD per share3 was $2.03 in 2021, a 3.1% increase compared to the year 2020.

¹ Adjusted EBITDA previously excluded share of profit/(loss) of associates carried under the equity method and did not include depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership) (which is equivalent to our pro-rata share of Adjusted EBITDA from unconsolidated affiliates) and now includes it (see reconciliation on page 17). Prior periods have been presented accordingly.
² Adjusted EBITDA previously excluded share of profit/(loss) of associates carried under the equity method and did not include depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership) (which is equivalent to our pro-rata share of Adjusted EBITDA from unconsolidated affiliates) and now includes it (see reconciliation on page 17). Prior periods have been presented accordingly.

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About Atlantica

Atlantica Sustainable Infrastructure Ltd. is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, storage, efficient natural gas, electric transmission, and water assets in North America, Europe, and South America (atlantica.com).

Chief Financial Officer
Francisco Martinez-Davis
E

Investor Relations & Communication
Leire Perez
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