Atlantica Sustainable Infrastructure (AY) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 increased 3.0% year-over-year to $571.2 million, with stable Adjusted EBITDA at $407.3 million.

• Net profit attributable to the company declined to $16.0 million from $24.7 million in H1 2023.

• Operating cash flow rose 2.3% year-over-year to $141.9 million, while CAFD fell 4.5% to $119.0 million.

• Board approved a quarterly dividend of $0.445 per share.

• Entered into a definitive agreement for acquisition by California Buyer Limited (Energy Capital Partners) at $22 per share; transaction expected to close in Q4 2024 or early Q1 2025.

Financial highlights

• Revenue: $571.2 million for H1 2024, up from $554.6 million in H1 2023.

• Adjusted EBITDA: $407.3 million, stable year-over-year.

• Net profit: $16.0 million, down from $24.7 million year-over-year.

• Operating cash flow: $141.9 million, up from $138.7 million.

• CAFD per share: $1.02, down from $1.07 in H1 2023.

Outlook and guidance

• Pipeline includes approximately 2.29 GW of renewable energy and 6.3 GWh of storage, with 24% at advanced development and 22% expected to reach ready-to-build in 2024 or 2025.

• 10-year PPA signed for Caparacena project in Spain, with COD expected in early 2026.