Q3 2024 Grenergy Renovables SA Earnings Call Transcript
Key Points
- Grenergy Renovables SA (XMAD:GRE) is undergoing a significant transformation, focusing on hybrid PV and storage projects, which is expected to enhance value creation.
- The company has signed a strategic agreement with CATL, a world leader in battery storage, ensuring a reliable supply for future projects.
- Grenergy's CapEx has increased significantly, indicating strong investment in growth, with a focus on projects like Oasis Atacama.
- The company has achieved 100% of its ESG targets for the third quarter, maintaining a top ranking in sustainability ratings.
- Grenergy is expanding its geographical diversification, with significant growth expected in Europe and the US, enhancing its global footprint.
- Revenues declined by 21% year-on-year, primarily due to the disposal of assets and lower energy prices.
- EBITDA decreased significantly from the previous year, impacted by the absence of large asset disposals like those in 2023.
- Net debt has increased to EUR 975 million, with a high leverage ratio, though the company expects to reduce this through asset rotations.
- The company faces challenges in the US market due to regulatory uncertainties and potential trade issues affecting solar and battery imports.
- Merchant prices have been low, particularly in Spain and Chile, affecting revenue from energy sales.
Okay, so good morning and welcome to Grenergy's nine months 2024 results presentation. I'm Ruben Gomez, Head of Investor Relations. The presentation is going to be led by David Ruiz, our Executive Chairman; Daniel Lozano, our Chief of Strategy and Capital Markets Officer; and RocÃÂo Fernández, Head of Sustainability. They are going to take you through our business, financial, and ESG review. And at the end of the presentation, there will be a conversation for sell-side analysts, please.
Please, David, the floor is yours.
Thank you. Thank you very much and good morning everyone.
I think my first comment is we keep improving on the execution of the company and we keep executing this process of transformation from being a purely PV company with maybe some wind assets to being primarily AP V and storage company, which is going through a profound transformation through hybridizing
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