Atlantica Sustainable Infrastructure plc

Welcome to Atlantica's third quarter 2021 financial results conference call. Atlantica is a sustainable infrastructure company that owns a diverse portfolio of contracted renewable energy, storage, efficient natural gas, transmission lines, and water assets in North and South America and in certain markets in EMEA. Just a reminder that this call is being webcast live on the internet and the replay of this call will be available on Atlantica's corporate website. Atlantica will be making forward-looking statements during this call based on current expectations and assumptions which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements If any of our key assumptions are incorrect or because of other factors discussed in today's earnings presentation or because of other factors discussed, including the risk factors section of the accompanying presentation and in our latest reports and findings with the Securities and Exchange Commission, all of which can be found on our website. Atlantica does not undertake any duty to update any forward-looking statements. Joining us today for today's conference call our Atlantica CEO, Santiago Sige, and CFO, Francisco Martinez-Davies. As usual, at the end of the conference call, we will open the lines for the Q&A session. I will now pass you over to Mr. Sige. Please go ahead, sir.

Thank you very much. Good morning, and thank you for joining us for our third quarter conference call. A few opening remarks. During the first nine months of this year, 2021, we have delivered a CAVI of $168 million, which represents a growth of close to 13% versus the same period in the previous year. Our Board of Directors has decided to increase the dividend and has declared a quarterly dividend of $43 0.5 cents per share. Additionally, on the ESG front, we continue making progress. As you know, we have been very focused for the last years on ESG. And in the last few weeks, we have had our emissions target approved by the science-based targets initiative. um recognized organization that certifies that emission reduction targets are ambitious enough to be aligned with the goals set in the paris agreement to limit global warming for us having a third party is certifying that our plans in emission reductions comply let's say with with these goals is extremely important and we know that for a number of our investors, this is also important. So we are very happy to be able to communicate this. In addition, we have recently received the TerraCard seal, a recognition to our commitment to sustainability in an event at COP26, the United Nations Climate Change Conference, which is still ongoing in the UK, in Glasgow. I will now turn the call over to Francisco, who is in Florida at the EEI conference. I mention this because we have had some difficulties with the line, so I hope that everything will be okay. Francisco, over to you.

Thank you very much, Santiago, and good morning, everybody. Please turn to slide number four, where you can see our key financials for the first nine months of 2021. Revenue in the first nine months of 2021 reached $940.4 million, which represents an 8.4% growth on a comparable basis, excluding foreign exchange and the non-recurring impact in our renewable sector that we discussed in the second quarter. Adjusted EBITDA, including unconciliated affiliates, increased by 2.1% to $634.1 million. We generated $168.5 million of cash available for distribution in the first nine months of 2021, an increase of 12.9% year-over-year. If we look at our cap-tipper share, it stood at $1.52 year-to-date, a growth of 3.6 year-over-year. On the following slide, slide number five, you can see our performance by geography and business sector. In North America, revenue increased by 15% to $308.7 million in the first nine months of 2021, thanks to the recently acquired assets, while EBITDA increased by 2%. In South America, revenue in EBITDA increased by 5% and 1%, respectively, also due to to recent investments. EBITDA in the EMEA region increased by 2% compared to the first nine months of 2020, thanks to new assets, higher revenue at CACHU, and foreign exchange differences. If we look at EBITDA by business sector, we can see similar effects. Now, let's please turn to slide number six, where we will review our operational performance. Electricity produced by our renewable assets reached 3,460 gigawatt hours in the first nine months of 2021, an increase of 33% compared to the same period of 2020. The increase was largely due to the contribution of recently acquired assets. Production also increased in South Africa and Spain, where solar radiation was higher. On the other hand, solar radiation was lower than expected in the U.S., and the wind resource was lower than expected in our assets in North and South America. Looking at our availability-based contracts, efficient natural gas, transmission lines, and water assets have continued to achieve high availability levels in the first nine months of 2021. Let's now move to slide number seven to walk you through our cash flow. Our operating cash flow for the first nine months of 2021 reached $442 million, a very significant increase versus the same period of 2020, thanks to an improvement in variations in working capital. Investing cash flow for the first nine months of 2021 was $323 million, as a result of acquisitions closed during the period. Financing cash flow for the first nine months of 2020 corresponds primarily to the scheduled project debt repayment for approximately $256 million and $165 million of dividends paid to shareholders in non-controlling interest. Financing cash flow also includes a positive impact of $131 million of the equity raise closed in January, and $40 million for the refinancing of one of our note-issuing facilities with a proceeds of the 400 green notes issued in May. I will now turn the call back over to Santiago.