9M 2022 Results

December 2022

Disclaimer

We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise. You and your directors, officers, employees, agents and affiliates must hold this document and any oral information provided in connection with this document in strict confidence and may not communicate, reproduce, distribute or disclose it to any other person, or refer to it publicly, in whole or in part at any time except with our prior written consent. If you are not the intended recipient of this document, please delete and destroy all copies immediately.

We have prepared this document and the analyses contained in it based, in part, on certain assumptions and information obtained by the directors, officers, employees, agents, affiliates and/or from other sources. We and our affiliates and our and their respective officers, employees and agents expressly disclaim any and all liability which may be based on this document and any errors therein or omissions therefrom. Neither we nor any of our affiliates, or our or their respective officers, employees or agents, make any representation or warranty, express or implied, that any transaction has been or may be effected on the terms or in the manner stated in this document, or as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views or terms contained herein are preliminary only, and are based on financial, economic, market and other conditions prevailing as of the date of this document and are therefore subject to change. We undertake no obligation or responsibility to update any of the information contained in this document. Past performance does not guarantee or predict future performance.

This document and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy any security, commodity or instrument or related derivative, nor do they constitute an offer or commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to participate in any trading strategies, and do not constitute legal, regulatory, accounting or tax advice to the recipient. We recommend that the recipient seek independent third party legal, regulatory, accounting and tax advice regarding the contents of this document. This document does not constitute and should not be considered as any form of financial opinion or recommendation by us or any of our affiliates.

Notwithstanding anything herein to the contrary, each recipient hereof (and their employees, representatives, and other agents) may disclose to any and all persons, without limitation of any kind from the commencement of discussions, the U.S. federal and state income tax treatment and tax structure of the proposed transaction and all materials of any kind (including opinions or other tax analyses) that are provided relating to the tax treatment and tax structure. For this purpose, "tax structure" is limited to facts relevant to the U.S. federal and state income tax treatment of the proposed transaction and does not include information relating to the identity of the parties, their affiliates, agents or advisors.

This document is provided by Terna Energy ABETE, you must contact Terna Energy ABETE regarding this document or any of the information contained herein.

2

9M 2022 Highlights

1

5

Notes: 1. Continued ops

Solid performance by RES asset base with energy sales up 16.3% y-o-y to € 175.2m

  • 895MW of installed capacity at end-September 2022
  • 31.5% load factor in Greece in 9M 2022 vs. 28.6% in 9M 2021
  • 1.7TWh of green energy production, +14.3% y-o-y

2

Profitability growth on the back of top line performance

adj. EBITDA at € 150.9m, +42.8 y-o-y(1)

adj. Net Income € 72.0m, +67.1% y-o-y(1)

Operating CF generation supports accelerated capex

3

€ 149.1m operating CF and € 180.4m cash capex

€ 598.8 Net Debt and the end of 9M 2022, vs. € 528m in Dec'21

Leverage at 2.9x (Net Debt/LTM adj. EBITDA)

Strong RES performance during 3Q 2021 complemented by trading

4

Revenues at € 171.9m, +60,2% y-o-y

Positive contribution from trading in 3Q 2022 on the back of market backdrop

adj. EBITDA at € 51.3m, +35.3.0% y-o-y

Outlook

  • Kafireas wind project approaches completion - Commercial operation by end 1Q 2023
  • Amfilochia started construction - First cash grant instalment (€ 100m) received
  • Guidance: FY 2022 adj. EBITDA € 170-180m (vs. previous € 160-170m)

FINANCIAL RESULTS

3

1,547

RES asset base performance

Increased effective installed capacity vs. 9M 2021 and strong wind dynamics

No material exposure to merchant and no impact from regulatory interventions (i.e. windfall taxes) due to long

term regulated offtake agreements/hedges

Production Volumes

Installed Capacity

MW

Post Kafireas

GWh

Projects

1225,3

commissioning

in trial

1,768

operation

895,3 895,3 895,3

9M 2021

9M 2022

Sep-2021

Dec-2021

Sep-2022

Early 2023

Load Factor

Installed capacity off-take mix

%

31,5%

16,9%

28,6%

28,2%

27,3%

25,7%

23,3%

83,1%

Regulated tariffs Hedges/PPAs

Greece

Bulgaria

Poland

9M 2021

9M 2022

FINANCIAL RESULTS

4

9M 2022 Performance by business segment

% of total

39%

Amounts €

Revenue Energy

Revenue

175.2m

9M 2021: 150.6m

adj. EBITDA (1) 124.0m

9M 2021: 104.3m

EBT

46.1m

9M 2021: 53.3m

51%

Revenues Trading

229.7m

9M 2021: 69.5m

24.3m

9M 2021: -0.2m

24.0m

9M 2021: -0.3m

3.4%

Revenue Concessions

15.2m

9M 2021: 12.1m

1.9m

9M 2021: 1.3m

3.6m

9M 2021: 3.3m

6.4%

Revenues Construction

28.6m

9M 2021: 14.8m

0.6m

9M 2021: 0.7m

1.2m

9M 2021: 0.8m

Notes: 1. EBITDA adjusted for € 20.9m provision for stock option costs in the energy segment

FINANCIAL RESULTS

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Terna Energy SA published this content on 01 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2022 15:53:01 UTC.