1H 2022 Results

September 2022

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1H 2022 Highlights

1

5

Solid performance by RES asset base with energy sales up 24.3% y-o-y to € 122.4m

  • 895MW of installed capacity at end-June 2022, +3.9% y-o-y(1)
  • 32% load factor in Greece in 1H 2022 vs. 28.9% In 1H 2021
  • 1.2TWh of green energy production, +16.7% y-o-y

2

Profitability growth on the back of top line performance

adj. EBITDA € 95.7m, +40.8% y-o-y(2)

adj. Net Income € 44.5m, +54.5% y-o-y(2)

Operating CF generation supports accelerated capex

3

€ 69.4m operating CF and € 138m cash capex (100% in RES)

€ 611m Net Debt and the end of 1H 2022, vs. € 528m in Dec'21

Leverage at 3.4x (Net Debt/LTM EBITDA)

4

2022 Investor Day held on May 16th

New 2029 capacity target of >6.4GW | Interim target (end-2025) of 3.3GW

  • Guidance: 2022 EBITDA of € 160-170m | 2029 EBITDA >€ 700m

1.2GW of projects underway

  • Kafireas 330MW wind project partial operation by end of 2022/start of 2023
  • Fokida 110MW and Kossos 72MW PV projects to be commissioned by end 2023
  • Amfilochia hydro pump storage entering construction phase (680MW | COD 2026)

Notes: 1. vs. previous period weighted average, Jun-21 installed capacity at 895MW 2. Continued ops

FINANCIAL RESULTS

RES asset base performance

Increased effective installed capacity vs. 1H 2021 and strong wind dynamics

No material exposure to merchant prices/risk due to long term regulated offtake agreements/hedges

Installed Capacity

Production Volumes

MW

Post Kafireas

GWh

1.225,3 commissioning

861,7

895,3

895,3

895,3

Weighted Jun-2021Dec-2021Jun-2022 Early 2023 Average

1H-2021

Load Factor

%

32,1%

33,1%

32,4%

28,9%

29,4%

26,2%

Greece

Bulgaria

Poland

1H 2021

1H 2022

1.207

1.035

1H 2021

1H 2022

Installed capacity off-take mix

16,9%

83,1%

Regulated tariffs

Hedges/PPAs

FINANCIAL RESULTS

1H 2022 Performance by business segment

% of total

44.2%

Revenue Energy

Amounts €

122.4m

Revenue

1H 2021: 98.5m

adj. EBITDA (1) 84.4m

1H 2021: 67.1m

EBT

37.5m

1H 2021: 34.3m

43.7%

Revenue Trading

120.9m

1H 2021: 26.6m

6.1m

1H 2021: -0.5m

6.0m

1H 2021: -0.5m

3.3%

8.7%

Revenue Concessions

Revenue Construction

9.2m

24.3m

1H 2021: 8.1m

1H 2021: 6.5m

0.8m

4.4m

1H 2021: 0.7m

1H 2021: 0.7m

1.5m

5.0m

1H 2021: 1.9m

1H 2021: 0.5m

Notes: 1. EBITDA adjusted for € 13,1m provision for stock option costs and excludes € 3,9m insurance compensation in the energy segment

FINANCIAL RESULTS

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Terna Energy SA published this content on 29 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2022 12:43:03 UTC.