Atlantica reports Q1 2024 financial results

May 08, 2024

• Revenue for the first quarter of 2024 remained stable at $242.9 million, compared with $242.5 million in the first quarter of 2023.
• Adjusted EBITDA was $164.2 million, a 0.9%1 year-over-year decrease on a comparable basis.
• Net loss for the first quarter of 2024 attributable to the Company was $5.4 million, compared with a net loss of $11.0 million in the first quarter of 2023.
• Operating Cash Flow increase of 57.3% year-over-year up to $65.6 million.
• Signed a 15-year PPA for a 100 MW solar + storage project in California.
• Closed the acquisition of two wind assets in operation in the UK at 6.6x EV² / EBITDA³ multiple.
• Quarterly dividend of $0.445 per share approved by the Board of Directors.
• Strategic Review ongoing.

Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or the “Company”) today reported its financial results for the first quarter of 2024. Revenue for the first quarter of 2024 was $242.9 million, a 0.2% increase compared with the first quarter of 2023. Adjusted EBITDA was $164.2 million, a 0.9% decrease year-over-year excluding the impact of the unscheduled outage at Kaxu¹, and a 5.7% decrease compared to the first quarter of 2023. Operating Cash Flow was $65.6 million, a 57.3% increase compared with $41.7 million in the first quarter of 2023. CAFD was $50.9 million, a 17% decrease compared with $61.0 million in the first quarter of 2023 which included $4.1 million from the sale of part of our equity interest in our development company in Colombia to a partner. CAFD per share4 was $0.44, a 17% decrease compared to the same period of the previous year and an 11% decrease excluding the equity sale in Colombia previously mentioned.

¹ Excluding the estimated impact of $8.5 million in the first quarter of 2024 of the unscheduled outage at Kaxu that started in 2023, and net of insurance income related to this event. The plant restarted operations in mid-February 2024.
² Enterprise Value is defined as Atlantica’s investment in these two assets.
³ EBITDA is calculated as the average net income for the years 2023 and 2022 after adding back depreciation, amortization and impairment charges, income taxes, and interest expenses (see reconciliation on page 16).

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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
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Investor Relations & Communication
Leire Perez
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