Atlantica Sustainable Infrastructure (AY) 6-KCurrent report (foreign)

 FY 2022 Earnings Presentation  March 1, 2023 

 DISCLAIMER  Forward Looking Statements  This presentation contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "could," "estimate," "expect,“, "guidance," "intend," "may," "plan," "potential," "predict," "should" or "will" or the negative of such terms or other similar expressions or terminology.  By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this presentation and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect anticipated or unanticipated events or circumstances.  Investors should read the section entitled "Item 3.D.—Risk Factors" and the description of our segments and business sectors in the section entitled "Item 4.B. Information on the Company—Business Overview", each in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”), for a more complete discussion of the risks and factors that could affect us.  Forward-looking statements include, but are not limited to, statements relating to: expected value; new investments and projects, including the ones committed or earmarked for investment in 2023, projects currently under construction or expected to start construction, as well as statements with respect to our pipeline and expected combined output capacity; our focus on North America supported by the Inflation Reduction Act in the U.S. ; our anticipated exposure to current market risks, including the potential impact from foreign exchange rates and interest rates on cash available for distribution (“CAFD”); the impact from potential caps on market prices on the net value of our assets; taxes on electricity companies in Spain; equity investments; CAFD estimates, including per currency, geography, sector and escalation factors; net corporate leverage based on CAFD estimates; debt refinancing; the quality of our off-takers and the performance of our long-term contracts; self-amortizing project debt structure and debt reduction; the use of non-GAAP measures as a useful tool for investors; the possibility to extend asset life; dividends; achievement of environmental, social and governance goals; and various other factors, including those factors discussed under “Item 3.D.—Risk Factors” and “Item 5.A.—Operating Results” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with the SEC.  The CAFD, Adjusted EBITDA and other guidance referred to in this presentation are estimates as of March 1, 2023. These estimates are based on assumptions believed to be reasonable as of the date Atlantica Sustainable Infrastructure plc (“Atlantica”, the “Company”, “we” or “us”) published its 2022 Financial Results. We disclaim any current intention to update such guidance, except as required by law.   Non-GAAP Financial Measures  This presentation also includes certain non-GAAP financial measures, including Adjusted EBITDA, CAFD and CAFD per share. Non-GAAP financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or net cash provided by operating activities or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Please refer to the appendix of this presentation for a reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with IFRS as well as the reasons why management believes the use of non-GAAP financial measures (including CAFD, CAFD per share and Adjusted EBITDA) in this presentation provides useful information to investors.  In our discussion of operating results, we have included foreign exchange impacts in our revenue and Adjusted EBITDA growth. The constant currency presentation is not a measure recognized under IFRS and excludes the impact of fluctuations in foreign currency exchange rates. We believe that constant currency information provides valuable supplemental information regarding our results of operations. We calculate constant currency amounts by converting our current period local currency revenue and Adjusted EBITDA using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to be a substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation. 

 Key Messages  Revenue and Adjusted EBITDA year-over-year growth of 2.9%1 and 1.5%1 on a comparable basis  Compared to the year 2021, on a constant currency basis and adjusted for the consolidation of a non-recurrent Rioglass solar project in the year 2021.  +5.5% year-over-year CAFD growth in 2022 up to $237.9 million  2023 CAFD guidance established at $235M-$260M  +16.0% Operating Cash Flow year-over-year growth up to $586.3 million  Attractive growth opportunities including ~$165-185 million in investments already committed or earmarked for 2023 

 1. Financial Results  FY 2022 Results Presentation 

 ∆   Excluding FX impact & non-recurrent project   US$ in million (except CAFD per share)  2022  2021  ∆ Reported  Revenue  1,102.0  1,211.7  (9.1)%  Adjusted EBITDA  797.1  824.4  (3.3)%  CAFD  237.9  225.6  5.5%  CAFD per share2  2.07  2.03  2.1%  HIGHLIGHTS  5.5% CAFD Growth in 2022  Compared to 2021, on a constant currency basis and adjusted for the consolidation of a non-recurrent Rioglass solar project in 2021.  CAFD per share is calculated by dividing CAFD for the year by the weighted average number of shares for the year (see reconciliation on page 32).  2.9%1  1.5%1 

 HIGHLIGHTS  Performance by Region and Sector  WATER  2022  2021  ∆  53.8  53.9  0%  36.5  38.2  (4)%  RENEWABLES  US$ in million  2022  2021  ∆  ∆   Excl. FX impact & non- recurrent project1  Revenue  821.4  928.5  (12)%  +4%  Adjusted EBITDA  588.0  602.6  (2)%  +4%  EFFICIENT NAT. GAS & HEAT  2022  2021  ∆  113.6  123.7  (8)%  84.6  100.0  (15)%  TRANSMISSION LINES  2022  2021  ∆  113.2  105.6  +7%  88.0  83.6  +5%  By Sector  EMEA  NORTH AMERICA  US$ in million  2022  2021  ∆  Revenue  405.1  395.8  +2%  Adjusted EBITDA  310.0  311.8  (1%)  SOUTH AMERICA  2022  2021  ∆  ∆ Excl. FX impact & non- recurrent project1  530.5  660.9  (20)%  +2%  360.6  393.0  (8)%  +2%  By Region  2022  2021  ∆  166.4  155.0  +7%  126.5  119.6  +6%  Compared to 2021, on a constant currency basis and adjusted for the consolidation of a non-recurrent Rioglass solar project in 2021. 

 Includes 49% of Vento II production since its acquisition. Includes curtailment in wind assets for which we receive compensation.   Represents total installed capacity in assets owned or consolidated at the end of the year, regardless of our percentage of ownership in each of the assets, except for Vento II, for which we have included our 49% interest.  GWh produced includes 30% share of the production from Monterrey.  Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable.  Includes 43 MW corresponding to our 30% share in Monterrey and 55 MWt corresponding to thermal capacity from Calgary District Heating.  WATER  RENEWABLES  TRANSMISSION LINES  EFFICIENT NATURAL GAS & HEAT  2022  2021  Availability4  102.3%  97.9%  Mft3 in operation2  17.5  17.5  2022  2021  GWh produced1  5,319  4,655  MW in operation2  2,121  2,044  2022  2021  GWh produced3  2,501  2,292  Availability4  98.9%  100.6%  MW in operation5  398  398  2022  2021  Availability4  100.0%  100.0%  Miles in operation  1,229  1,166  KEY OPERATIONAL METRICS  Steady Operational Performance 

 Consolidated cash as of December 31, 2022, decreased by $21.7 million vs December 31, 2021, including FX translation differences of $(15.6) million.  CASH FLOW  Operating Cash Flow  US$ in million   2022  2021  Adjusted EBITDA  797.1  XX  824.4  Share in Adjusted EBITDA of unconsolidated affiliates  (45.8)  (31.1)  Net interest and income tax paid  (277.3)  (342.3)  Changes in working capital   78.8  )  (3.1)  Non-monetary adjustments and other  33.5  57.7  OPERATING CASH FLOW  586.3  505.6   Acquisitions of subsidiaries and entities under the equity method and investments in assets under development and construction  (87.3)  (369.5)   Distributions from entities under the equity method & other   29.9  18.3  INVESTING CASH FLOW  (57.4)  (351.2)  FINANCING CASH FLOW   (535.0)  (380.1)  Net change in consolidated cash1  (6.1)  (225.7)  +16.0% 

 Net debt corresponds to gross debt including accrued interest less cash and cash equivalents.  Net corporate debt is calculated as long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica’s corporate level.  Net project debt is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the consolidated project level.  Net corporate leverage is calculated as net corporate debt divided by 2022 CAFD before corporate debt service. CAFD pre-corporate debt service is calculated as CAFD plus corporate debt interest paid by Atlantica.  US$ in million  As of Dec. 31,  2022  As of Dec. 31,  2021  Net Corporate Debt2  956.4  934.8  Net Project Debt3  4,012.9  4,501.8  Net Corporate debt / CAFD pre corporate debt service4  3.4x  NET DEBT  Net Corporate Debt to CAFD pre corporate interest at 3.4x  Net Debt Position1 

 Climate Change “A List”  Leadership  S&P Global   Sustainability Yearbook  2023  GHG Emissions Reduction  Approved Science-Based GHG Emissions Reduction Target  Recipient of the Terra Carta Seal  c  3rd consecutive year  2nd consecutive year  2nd consecutive year  Utility Industry Top Rated  ESG Risk Rating  ESG  Our Efforts on ESG Continue to be Recognized  Climate Change “A List”  Leadership  Climate Change “A List”  Leadership  New  3rd consecutive year  3rd consecutive year  Ranked among World's 100 Most Sustainable  Corporations  Bloomberg   Gender-Equality Index  Equal and inclusive workplaces  GRESB Infrastructure Public Disclosure A Rating   Ranked 1st. Best performer 

 2. 2023 Outlook and Growth  FY 2022 Results Presentation 

 GROWTH UPDATE  $165-185 Million Already Committed or Earmarked for 2023  Already Committed or Earmarked for 2023  $165-185M1  Coso Batteries 1  Batteries US  $40-50M  PV  $80-85M  Expansion of our existing lines  Transmission  $18-20M  Storage, our first hydrogen project2 & others  Others  $25-30M  North America, South America & Europe  Estimation of equity already invested, committed or earmarked for investment in 2023 in projects currently under construction or expected to start construction in 2023, including expansions and repowerings.  10 MW PV and hydrogen electrolyzer and equipment. Recently won a $6.5 million grant. Most of the investment is expected in 2024-2025. 

 790  235  850  260  2023E Guidance1  Range in $ Millions  Adjusted EBITDA2  CAFD   -  -  See “Disclaimer – Forward Looking Statements”. See reconciliation of 2023E Guidance on page 33.   Adjusted EBITDA guidance includes a negative non-cash adjustment for approximately $60.2 million corresponding to the difference between billings and revenue in assets accounted for as concessional financial assets, primarily related to ACT, a negative non-cash provision of up to $65.5 million related to electricity market prices in Spain and a positive non-cash adjustment of $58.4 million corresponding to U.S. cash grants.  2023 TARGETS  2023E Target Guidance 

 Appendix  FY 2022 Results Presentation 

 CURRENCY  SECTOR  GEOGRAPHY  Based on CAFD estimates for the 2023-2026 period as of March 1, 2023, for the assets as of December 31, 2022, including assets that have reached COD before March 1, 2023. See “Disclaimer – Forward Looking Statements”.  Euro denominated cash flows from Spanish assets, net of euro-denominated corporate interest payments and general and administrative expenses, are hedged through currency options on a rolling basis 100% for the next 12 months and 75% for the following 12 months.  Based on weighted outstanding debt as of December 31, 2022.  of interest rates in project debt are fixed or hedged3  90  Denominated  in USD or hedged2  %  >  70% Renewable  15% Eff. Natural Gas & Heat  12% Transmission Lines   3% Water  40% North America  34% Europe  18% South America   8% RoW  SIZEABLE AND DIVERSIFIED ASSET PORTFOLIO  Portfolio Breakdown Based on Estimated CAFD1  INTEREST RATES  ~92  % 

 Calculated as the average net euro exposure expected for the years 2023-2026 multiplied by the difference between our average euro/dollar hedged rate for 2023 and the euro/dollar rate as of February 24, 2023, reduced by 5% and dividing the result by the midpoint CAFD 2023 Guidance.  Calculated as percentage of Adjusted EBITDA for the year 2022.  Expected annual impact calculated on outstanding debt as of December 31, 2022, with interest rates as of December 31, 2022, divided by the midpoint CAFD 2023 Guidance.  RISK MITIGATION STRATEGY  Limited Exposure to Market Risks  Limited Impact from Euro FX on CAFD  Natural hedge: distributions of assets in Europe are partially offset with corporate interest and corporate G&A paid in euros  The resulting net euro exposure is hedged through currency options on a rolling basis: 100% for the next 12 months and 75% for the following 12 months  After month 24: ~2% potential impact on CAFD calculated as the difference of net euro exposure converted at current rate reduced by 5% and at average hedged rate for 20231  ~50% of the Portfolio with Indexed Revenue  32% Indexed to inflation or formula based on inflation  15% Indexed to a fixed number  53% Not indexed  Interest Rate Risk   Highly Covered  An increase of 100bp in reference interest rates would have an impact on CAFD of ~1.5%3  Regulated Assets in Europe  No expected impact from potential caps on market prices on the net value of our assets  No material impact expected from taxes announced on energy companies  ü 

 HISTORICAL FINANCIAL REVIEW  Key Financials by Quarter (1/2)  “Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period. Prior periods have been recalculated to conform to this presentation.  Dividends are paid to shareholders in the quarter after they are declared.   (3) Number of shares outstanding on the record date corresponding to each dividend, except the shares issued under the ATM program between the dividend declaration date and the dividend record date.  2020  1Q21  2Q21  3Q21  4Q21  2021  1Q22  2Q22  3Q22  4Q22  2022  Revenue  1,013,260  268,178  342,997  329,244  271,331  1,211,749  247,452  307,832  303,121  243,624  1,102,029  Adjusted EBITDA  796,123  171,249  232,985  229,846  190,307  824,388  173,626  228,678  228,336  166,459  797,100  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates  (14,468)  (3,298)  (4,295)  (8,451)  (15,013)  (31,057)  (14,202)  (15,988)  (7,387)  (8,192)  (45,769)  Non-monetary items  (43,943)  (6,834)  8,625  33,675  20,346  55,809  10,413  10,940  10,839  (4,196)  27,996   Accounting provision for electricity   market prices in Spain  (22,311)  (659)  11,643  41,582  24,489  77,055  7,141  10,585  10,507  (2,980)  25,253   Difference between billings and revenue in assets accounted for as concessional financial assets  43,344  8,501  11,659  6,771  11,959  38,890  18,169  15,050  14,978  13,434  61,630   Income from cash grants in the US  (58,868)  (14,678)  (14,678)  (14,678)  (14,678)  (58,711)  (14,897)  (14,695)  (14,645)  (14,650)  (58,888)   Other non-monetary items  (6,108)  -  -  -  (1,424)  (1,424)  -  -  -  -  -  Maintenance Capex  (4,618)  (3,278)  (1,098)  (246)  (13,100)  (17,722)  (2,844)  (3,614)  (7,283)  (4,847)  (18,588)  Dividends from unconsolidated affiliates  22,246  8,799  4,431  11,385  10,268  34,883  31,870  11,921  12,411  11,493  67,695  Net interest and income tax paid  (287,239)  (30,872)  (132,857)  (45,301)  (133,234)  (342,263)  (16,546)  (112,705)  (32,885)  (115,148)  (277,284)  Changes in other assets and liabilities  4,140  35,459  (1,699)  (11,873)  21,806  43,696  (5,588)  6,415  52,186  49,885  102,896  Deposits into/withdrawals from debt service accounts1  90,433  (29,639)  17,229  (8,456)  23,595  2,729  11,805  8,020  (20,503)  33,696  33,018  Change in non-restricted cash at project companies1  (78,618)  (71,162)  47,730  (89,947)  115,588  2,209  (103,116)  51,501  (135,718)  125,662  (61,672)  Dividends paid to non-controlling interests  (22,944)  (4,215)  (7,395)  (11,717)  (4,807)  (28,134)  (6,221)  (9,800)  (10,421)  (12,767)  (39,209)  Principal amortization of indebtedness net of new indebtedness at projects  (260,422)  (14,972)  (104,999)  (40,336)  (158,684)  (318,991)  (24,789)  (112,427)  (27,912)  (183,183)  (348,311)  Cash Available For Distribution (CAFD)  200,691  51,237  58,657  58,580  57,073  225,547  54,407  62,941  61,662  58,862  237,872  Dividends declared2  173,494  47,643  47,807  48,493  49,479  193,422  50,202  51,332  51,645  51,645  204,824  # of shares3  110,797,738  111,178,846   111,477,263  112,451,438  114,095,845  115,352,085  116,055,126  116,055,126  DPS (in $ per share)  1.67  0.43  0.43  0.435  0.44  1.735  0.44  0.445  0.445  0.445  1.775  Key Financials  US$ in thousands 

  Debt Details  2020  1Q21  2Q21  3Q21  4Q21  2021  1Q22  2Q22  3Q22  4Q22  2022   Project Debt  5,237.6  5,200.2  5,374.2  5,278.9  5,036.2  5,036.2  5,037.0  4,735.5  4,621.9  4,553.1  4,553.1   Project Cash  (533.3)  (624.6)  (603.1)  (685.0)  (534.4)  (534.4)  (625.9)  (545.1)  (675.8)  (540.2)  (540.2)   Net Project Debt  4,704.3  4,575.6  4,771.1  4,593,9  4,501.8  4,501.8  4,411.1  4,190.4  3,946.1  4,012.9  4,012.9   Corporate Debt  993.7  965.3  1,025.1  1,030.1  1,023.1  1,023.1  1,056.1  1,000.1  955.5  1,017.2  1,017.2   Corporate Cash  (335.2)  (434.2)  (83.2)  (78.6)  (88.3)  (88.3)  (113.1)  (123.1)  (105.8)  (60.8)  (60.8)   Net Corporate Debt  658.5  531.1  941.8  951.5  934.8  934.8  943.0  877.0  849.7  956.4  956.4   Total Net Debt  5,362.8  5,106.7  5,713.0  5,545.1  5,436.6  5,436.6  5,354.1  5,067.4  4,795.8  4,969.3  4,969.3   Net Corporate Debt / CAFD pre corporate interests1  3.0x  2.6x2  3.4x  3.5x  3.5x  3.5x  3.3x  3.1x  3.0x  3.4x  3.4x  HISTORICAL FINANCIAL REVIEW  Key Financials by Quarter (2/2)  US$ in million  (1) Ratios presented are the ratios shown on each earnings presentation relating to such period.  (2) Net corporate debt as of March 31, 2021, was calculated pro-forma including the payment of $170 million for the Coso investment ($130 million equity investment paid in April 2021 and additional $40 million paid in July 2021 to reduce debt). 

 HISTORICAL FINANCIAL REVIEW  Segment Financials by Quarter           2020  1Q21  2Q21  3Q21  4Q21  2021  1Q22  2Q22  3Q22  4Q22  2022  by Geography        NORTH AMERICA  330,921  60,585  118,216  129,860   87,114  395,775  74,304  124,968  124,423  81,352  405,047  SOUTH AMERICA  151,460  38,308  40,043  38,778  37,856  154,985  38,528  39,804  44,217  43,892  166,441  EMEA        530,879  169,285  217,726  160,606  146,361  660,989  134,620  143,060  134,481  118,380  530,541  by Business Sector        RENEWABLES        753,089  199,679  271,945  254,132  202,768  928,525  182,101  238,234  232,423  168,619  821,377  EFFICIENT NAT. GAS & HEAT  111,030  28,408  30,097  35,019  30,168  123,692  25,327  28,091  28,526  31,647  113,591  TRANSMISSION LINES  106,042  26,614  26,975  26,840  25,251  105,680  26,620  28,234  28,425  29,994  113,273  WATER     43,099  13,477  13,979  13,253  13,143  53,852  13,404  13,273  13,747  13,364  53,788  Total Revenue     1,013,260  268,178  342,996  329,244  271,331  1,211,749  247,452  307,832  303,121  243,624  1,102,029  2020  1Q21  2Q21  3Q21  4Q21  2021  1Q22  2Q22  3Q22  4Q22  2022  by Geography     NORTH AMERICA     279,365  40,287  94,574  108,500  68,442  311,803  58,266  102,913  96,981  51,828  309,988  SOUTH AMERICA     120,023  29,943  30,279  30,404  28,921  119,547  29,129  29,715  36,236  31,471  126,551  EMEA     396,735  101,019  108,133  90,942  92,944  393,038  86,231  96,051  95,118  83,161  360,561  by Business Sector     RENEWABLES     576,285  117,036  177,995  169,830  137,722  602,583  122,223  174,606  173,022  118,165  588,016  EFFICIENT NAT. GAS & HEAT   101,006  23,182  24,039  29,166  23,548  99,935  21,699  22,315  22,794  17,752  84,560  TRANSMISSION LINES  87,272  21,203  21,319  21,721  19,392  83,635  20,523  22,656  23,047  21,784  88,010  WATER     31,560  9,828  9,633  9,129  9,645  38,235  9,181  9,102  9,473  8,758  36,514  Total Adjusted EBITDA  796,123  171,249  232,985  229,846  190,307  824,388  173,626  228,678  228,336  166,459  797,100  Adjusted EBITDA   Revenue  US $ in thousands 

    2020  1Q21  2Q21  3Q21  4Q21  2021  1Q22  2Q22  3Q22  4Q22  2022  RENEWABLES3 (GWh)        3,244  606  1,377  1,477  1,195  4,655  1,094  1,554  1,507  1,164  5,319   (GWh)4  2,574  542  501  622  627  2,292  625  626  647  603  2,501   (availability %)5           102.1%  98.3%  100.1%  101.1%  103.0%  100.6%  100.3%  99.9%  101.1%  95.1%  98.9%  TRANSMISSION LINES (availability %)5  100.0%  100.0%  99.9%  100.0%  100.0%  100.0%  99.9%  99.9%  100.0%  100.0%  100.0%  WATER (availability %)5  100.1%  97.5%  101.9%  99.8%  91.9%  97.9%  104.5%  99.9%  103.3%  101.4%  102.3%     2020  1Q21  2Q21  3Q21  4Q21  2021  1Q22  2Q22  3Q22  4Q22  2022  RENEWABLES1 (MW)  1,551  1,591  2,018  2,022  2,044  2,044  2,044  2,048  2,121  2,121  2,121  EFFICIENT NAT. GAS & HEAT2 (MW)  343  343  398  398  398  398  398  398  398  398  398  TRANSMISSION LINES (Miles)  1,166  1,166  1,166  1,166  1,166  1,166  1,229  1,229  1,229  1,229  1,229  WATER1 (Mft3/day)  17.5  17.5  17.5  17.5  17.5  17.5  17.5  17.5  17.5  17.5  17.5  Capacity in operation  (at the end of the period)  Production / Availability  Represents total installed capacity in assets owned or consolidated at the end of the period, regardless of our percentage of ownership in each of the assets, except for Vento II, for which we have included our 49% interest.   Includes 43 MW corresponding to our 30% share in Monterrey and 55 MWt corresponding to thermal capacity from Calgary District Heating since May 14, 2021.  Includes 49% of Vento II production since its acquisition. Includes curtailment in wind assets for which we receive compensation.  GWh produced includes 30% share of the production from Monterrey.  Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable.  EFFICIENT NAT. GAS & HEAT  HISTORICAL FINANCIAL REVIEW  Key Performance Indicators 

   Historical Capacity Factors1     2020  1Q21  2Q21  3Q21  4Q21  2021  1Q22  2Q22  3Q22  4Q22  2022   SOLAR      US     27.1%  18.0%  38.6%  31,0%  17.0%  26.1%  17.2%  39.1%  32.4%  16.6%  26.3%   Chile2  32.0%  28.4%  20.9%  20.6%  25.8%  23.9%  25.3%  20.4%  24.6%  28.8%  24.8%   Spain     16.8%  9.1%  24.8%  29.6%  10.7%  18.6%  7.3%  23.6%  27.9%  5.8%  16.2%   Italy  -  -  -  18.6%  8.3%  16.5%  12.7%  19.7%  20.0%  9.2%  15.4%   Kaxu  27.3%  38.9%  26.9%  20.2%  48.4%  33.6%  36.9%  27.2%  28.8%  44.6%  34.4%   US  -  -  -  21.6%  35.4%  28.3%  38.1%  35.6%  20.3%  34.8%  32.2%   Uruguay3     39.7%  32.6%  38.3%  38.2%  38.3%  36.9%  34.5%  27.7%  38.2%  41.8%  35.6%  Capacity factor ratio represents actual electrical energy output over a given period of time divided by the maximum possible electrical energy output assuming continuous operation at full nameplate capacity over that period. Historical Capacity Factors are calculated from the date of entry into operation or the acquisition of each asset. Some capacity factors are not indicative of a full period of operations.  Includes Chile PV 1 since Q2 2020, Chile PV 2 since Q1 2021 and Chile PV 3 since Q3 2022.  Includes curtailment production in wind assets for which we receive compensation.   HISTORICAL FINANCIAL REVIEW  Capacity Factors  WIND 

 Exchange rates as of December 31, 2022 (EUR/USD = 1.0705) and December 31, 2021 (EUR/USD = 1.1370).  Restricted cash is cash which is restricted generally due to requirements of certain project finance agreements.  US $ in million1  As of Dec. 31  2022  As of Dec. 31  2021  Corporate cash at Atlantica  60.8  88.3  Existing available revolver capacity  385.1  440.0  Total Corporate Liquidity  445.9  528.3  Cash at project companies  540.2  534.4   - Restricted2  207.6  254.3   - Other  332.6  280.1  LIQUIDITY  Liquidity Position 

 LIQUIDITY AND DEBT MATURITIES SUMMARY  Healthy Balance Sheet and Strong Liquidity  Strong Liquidity and No Significant Corporate Debt Maturities in the Short-term  ~$446 million  @ 31/12/22  Corporate Liquidity  ~4.2 years average maturity2 of current corporate debt  Revolving Credit Facility’s total limit is $450 million, of which $385.1 million was available as of December 31, 2022  $445.9 million available liquidity, out of which $60.8 million was corporate cash as of Dec. 31, 2022  Corporate Debt Maturities1  Corporate Debt is the indebtedness where Atlantica Sustainable Infrastructure plc. is the primary obligor.  Corporate Debt Maturities as of December 31, 2022.  Corporate Liquidity means cash and cash equivalents held a Atlantica Sustainable Infrastructure plc. level plus available capacity under the Revolving Credit Facility as of December 31, 2022.  Corporate Cash corresponds to cash and cash equivalents held at Atlantica Sustainable Infrastructure plc.  110  3  4 

 Key principle: non-recourse project financing in ring-fenced subsidiaries  100% project debt self-amortizing progressively before the end of the contracted life  Low interest rate risk, with +93% of interest rates fixed or hedged  ~$2bn planned debt reduction in the next 5 years1  FINANCING   Self-Amortizing Project Debt Structure  Project debt amortization schedule as of December 31, 2022. Does not include new project debt. 

 Weighted Average Life  Project debt term  PPAs with predefined prices for ~14 years on average1   Refinancing opportunities could increase CAFD in earlier years  Possibility to extend life in many assets (excluding   ATN and ATS)  Tails in most assets after debt amortization  Contract term2  Calculated as weighted average years remaining as of December 31, 2022 based on CAFD estimates for the 2023-2026 period, including assets that have reached COD before March 1, 2023. See “Disclaimer – Forward Looking Statements”.  Regulation term in the case of Spain and Chile TL3.  (3) From the total amount of $211 million project debt, $74 million are progressively repaid following a theoretical 2036 maturity, with a legal maturity in 2027. The remaining $137 million are expected to be refinanced in or before 2027.   LONG-TERM STABLE CASH FLOW  Portfolio of Assets  3 

 CORPORATE DEBT DETAILS  Corporate Debt as of December 31, 2022  No significant maturities in the near term  Exchange rates as of December 31, 2022 (EUR/USD = 1.0705).  Amounts include principal amounts outstanding, unless stated otherwise.  As of December 31, 2022, letters of credit with face value in an amount equal to $34.9 million were outstanding and $385.1 million were available under the Revolving Credit Facility. The latter has a total limit of $450 million.  US $ in million1  Maturity  Amounts2  Credit Facilities  (Revolving Credit Facility)3  2024  29.4  (Other facilities)4  2023 – 2026  30.1  Green Exchangeable Notes5  2025  107.0  2020 Green Private Placement6  (€ denominated)  2026  308.4  Note Issuance Facility 20207   (€ denominated)  2027  147.2  Green Senior Notes8  2028  395.1  Total  1,017.2  Other facilities include the Commercial Paper Program, accrued interest payable and other debt.   Senior unsecured notes dated July 17, 2020, exchangeable into ordinary shares of Atlantica, cash, or a combination of both, at Atlantica’s election.  Senior secured notes dated April 1, 2020, of €290 million.  Senior unsecured note facility dated July 8, 2020, of €140 million.  Green Senior Unsecured Notes dated May 18, 2021, of $400 million. 

 fixed or hedged1  Project Debt  Calculated as the weighted average of the % of fixed or hedged corporate debt and the % of fixed or hedged project debt based on outstanding balance as of December 31, 2022.  (2) See our Annual Report on Form 20-F for the fiscal year ended December 31, 2022 for additional information on the specific interest rates and hedges.  INTEREST RATE RISK COVERAGE  93%1 of Debt Fixed or Hedged2  ASSET  INTEREST TYPE  FIXED1,3  Solana  Fixed  100%  Mojave  Fixed  100%  Coso  Hedged  100%  Chile PV 1 & 2  Hedged  80%  Palmatir  Fixed  94%  Cadonal  Hedged  88%  Melowind  Hedged  75%  Solaben 2  Hedged  100%  Solaben 3  Hedged  100%  Solacor 1  Hedged  90%  Solacor 2  Hedged  90%  Helioenergy 1  Hedged  99%  Helioenergy 2  Hedged  99%  Helios 1/2  Fixed  100%  Solnova 1  Hedged  90%  Solnova 3  Hedged  90%  Solnova 4  Hedged  90%  Solaben 1/6  Fixed  100%  Kaxu  Hedged  58%  ACT  Hedged  75%  ATN  Fixed  100%  ATS  Fixed  100%  ATN 2  Fixed  100%  Quadra 1 & 2  Hedged  75%  Skikda  Fixed  100%  Tenes  Fixed  100%  Other  Hedged  64%           Hedged4   43.3%  Fixed4   49.0%     Total Fixed or Hedged   92.3%  (3) Percentage fixed or hedged.  (4) Weighted average based on outstanding balance as of December 31, 2022.   (5) Other facilities include the Commercial Paper Program, accrued interest payable and other debt.  INSTRUMENT    INTEREST TYPE  DEC. 31, 2022   Revolving Credit Facility (RCF)  Variable  29.4  Green Exchangeable Notes  Fixed  107.0  2020 Green Private Placement  Fixed  308.4  Note Issuance Facility 2020  Hedged (100%)  147.2  Green Senior Notes  Fixed  395.1  Other facilities5  Fixed  30.1  Total Outstanding Debt     1,017.2           Hedged4  14.5%     Fixed4  82.0%         Total Fixed or Hedged  96.5%  Corporate Debt  of Corporate Debt  ~96%  of Project Debt  & ~92% 

 Our management believes Adjusted EBITDA, CAFD and CAFD per share are useful to investors and other users of our financial statements in evaluating our operating performance because such measures provide investors with additional tools to compare business performance across companies and across periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Our management believes CAFD and CAFD per share are relevant supplemental measure of the Company’s ability to earn and distribute cash returns to investors and is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD and CAFD per share are used by our management team for determining future acquisitions and managing our growth. Our management uses Adjusted EBITDA, CAFD and CAFD per share as measures of operating performance to assist in comparing performance from period to period and aims to use them on a consistent basis moving forward. They also readily view operating trends as a measure for planning and forecasting overall expectations, for evaluating actual results against such expectations, and for communicating with our board of directors, shareholders, creditors, analysts and investors concerning our financial performance. Adjusted EBITDA, CAFD and CAFD per share are widely used by other companies in the same industry.  We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures employed by other companies and they may have limitations as analytical tools. These measures may not be fit for isolated consideration or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Some of the limitations of these non-GAAP measures are:  they do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;   they do not reflect changes in, or cash requirements for, our working capital needs;  they may not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments, on our debts;  although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and Adjusted EBITDA, CAFD and CAFD per share do not reflect any cash requirements that would be required for such replacements;  some of the exceptional items that we eliminate in calculating Adjusted EBITDA reflect cash payments that were made, or will be made in the future; and  the fact that other companies in our industry may calculate Adjusted EBITDA, CAFD and CAFD per share differently than we do, which limits their usefulness as comparative measures.  We define Adjusted EBITDA as profit/(loss) for the period attributable to the parent company, after previously adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in our consolidated financial statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership). Until September 30, 2021, Adjusted EBITDA excluded equity of profit/(loss) of entities carried under the equity method and did not include depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of our equity ownership). Prior periods have been presented accordingly. CAFD is calculated as cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including debt service and general and administrative expenses. CAFD per share is calculated by dividing CAFD for the year by weighted average number of shares for the year.  NON-GAAP FINANCIAL INFORMATION  Reconciliation of Non-GAAP Measures 

 Information presented as the pro-rata share of our unconsolidated affiliates reflects our proportionate ownership of each asset in our property portfolio that we do not consolidate and has been calculated by multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership thereto. Note 7 to our consolidated financial statements as of and for the year ended December 31, 2022 includes a description of our unconsolidated affiliates and our pro rata share thereof. We do not control the unconsolidated affiliates. Multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership may not accurately represent the legal and economic implications of holding a noncontrolling interest in an unconsolidated affiliate. We include pro-rata share of depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates because we believe it assists investors in estimating the effect of such items in the profit/(loss) of entities carried under the equity method (which is included in the calculation of our Adjusted EBITDA) based on our economic interest in such unconsolidated affiliates. Each unconsolidated affiliate may report a specific line item in its financial statements in a different manner. In addition, other companies in our industry may calculate their proportionate interest in unconsolidated affiliates differently than we do, limiting the usefulness of such information as a comparative measure. Because of these limitations, the information presented as the pro-rata share of our unconsolidated affiliates should not be considered in isolation or as a substitute for our or such unconsolidated affiliates’ financial statements as reported under applicable accounting principles.  NON-GAAP FINANCIAL INFORMATION  Reconciliation of Non-GAAP Measures 

 “Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period.   (in thousands of U.S. dollars)  For the three-month period ended December 31  For the year ended December 31     2022     2021  2022     2021  Profit/(loss) for the period attributable to the Company  4,030  (11,914)  (5,443)      (30,080)   Profit/(loss) attributable to non-controlling interest  (7,922)  7,442  3,356     19,162  Income tax  (22,664)  (6,170)  (9,689)     36,220  Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership)  7,395  6,954  24,304  18,753  Financial expense, net  86,041  89,470  310,934     340,892  Depreciation, amortization, and impairment charges  99,579  104,525  473,638     439,441  Adjusted EBITDA  166,459  190,307  797,100     824,388  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates  (8,192)  (15,013)  (45,769)     (31,057)  Non-monetary items  (4,196)  20,346  27,996  55,809   Accounting provision for electricity market prices in Spain  (2,980)  24,489  25,253  77,055   Difference between billings and revenue in assets accounted for as concessional financial assets  13,434  11,959  61,631  38,890   Income from cash grants in the US  (14,650)  (14,678)  (58,888)  (58,711)   Other non monetary items  -  (1,424)  -  (1,424)  Maintenance Capex  (4,847)  (13,100)  (18,588)  (17,722)  Dividends from equity method investments  11,493  10,268  67,695  34,883  Net interest and income tax paid  (115,148)  (133,234)  (277,284)     (342,263)  Changes in other assets and liabilities  49,885  21,806     102,896  43,696  Deposits into/ withdrawals from restricted accounts1  33,696  23,595  33,018     2,729  Change in non-restricted cash at project level1  125,662  115,588  (61,672)     2,209  Dividends paid to non-controlling interests  (12,767)  (4,807)  (39,209)     (28,134)  Debt principal repayments  (183,183)  (158,684)  (348,311)     (318,991)  Cash Available For Distribution  58,862  57,073  237,872     225,547  RECONCILIATION  Reconciliation of CAFD and Adjusted EBITDA to Profit for the period attributable to the Company 

 RECONCILIATION  Reconciliation of Adjusted EBITDA to Net Cash Provided by Operating Activities  (in thousands of U.S. dollars)  For the three-month period ended December 31  For the three-month period ended June 30  For the year ended December 31     2022  2021  2022  2021  Net cash provided by operating activities  70,595  63,683  586,322  505,623   Net interest and income tax paid   115,149  133,234  277,284  342,263  Changes in working capital   (31,027)  (1,451)  (78,805)  3,127  Non-monetary items & other  3,550  (20,172)  (33,470)  (57,682)  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates  8,192  15,013  45,769  31,057  Adjusted EBITDA  166,459  190,307   797,100  824,388  Reconciliation of CAFD to CAFD per share  For the three-month period ended December 31  For the year ended December 31     2022  2021  2022  2021  CAFD (in thousands of U.S. dollars)  58,862  57,073  237,872  225,547  Weighted average number of shares (basic) for the period (in thousands)  116,055  111,777  114,695  111,008  CAFD per share (in U.S. dollars)  0.5072  0.5106  2.0740  2.0318 

 RECONCILIATION  Reconciliation of 2023 Target Guidance for Adjusted EBITDA to CAFD   (in millions of U.S. dollars)  Guidance1     2023E  Adjusted EBITDA  790 – 850  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates  (40) – (50)  Dividends from equity method investments  50 – 60  Non-monetary items2  40 – 90  Net interest and income tax paid  (330) – (350)  Maintenance Capex  (30) – (50)  Dividends paid to non controlling interests  (10) – (20)  Principal amortization of indebtedness  (290) – (310)  Changes in other assets and liabilities and change in available cash at project level  0 – 80  Cash Available For Distribution  235 – 260  The forward-looking measures of 2023 Adjusted EBITDA and CAFD are non-GAAP measures that cannot be reconciled to the most directly comparable GAAP financial measure without unreasonable effort primarily because of the uncertainties involved in estimating forward looking income tax expense, mark-to-market changes in derivatives, profit attributable to non-controlling interest and Share of loss/(profit) of entities carried under the equity method to arrive at net income and which are subtracted therefrom to arrive to CAFD.  Non-monetary items include (1) a positive non-cash adjustment for approximately $60.2 million corresponding to the difference between billings and revenue in assets accounted for as concessional financial assets, primarily related to ACT, (2) a positive non-cash adjustment of up to $65.5 million related to electricity market prices in Spain and (3) a negative non-cash adjustment of approximately $58.4 million related to income from cash grants in the U.S. 

 As of March 1, 2023   ASSET  TYPE  STAKE  LOCATION  GROSSCAPACITY  OFFTAKER  RATING1  YEARS INCONTRACT LEFT6  CURRENCY  RENEWABLE   ENERGY  Solana  100%  USA (Arizona)  280 MW  APS  BBB+/A3/BBB+  21  USD  Mojave  100%  USA (California)  280 MW  PG&E  BB-/-/BB  17  USD  Coso  100%  USA (California)  135 MW  SCPPA & two CCAs4  Investment grade4  16  USD  Elkhorn Valley7   49%  USA (Oregon)  101 MW  Idaho Power Company  BBB/Baa1/--  5  USD  Prairie Star7  49%  USA (Minnesota)  101 MW  Great River Energy   --/A3/A-  5  USD  Twin Groves II7   49%  USA (Illinois)  198 MW  Exelon Generation Co.  BBB/Baa2/--  3  USD  Lone Star II7  49%  USA (Texas)  196 MW  n/a  n/a  n/a  USD  Chile PV 1  35%  Chile  55 MW  n/a  n/a  n/a  USD3  Chile PV 2  35%  Chile  40 MW  n/a  Not rated  8  USD3  Chile PV 3  35%  Chile  73 MW  n/a  n/a  n/a  USD3  La Sierpe  100%  Colombia  20 MW  Coenersa5  Not rated  13  COP  La Tolua  100%  Colombia  20 MW  Coenersa5  Not rated  10  COP  Tierra Linda  100%  Colombia  10 MW  Coenersa5  Not rated  10  COP  Albisu  100%  Uruguay  10 MW  Montevideo Refrescos  Not rated  15  UYU  Palmatir  100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-2  11  USD  Cadonal  100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-2  12  USD  Melowind  100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-2  13  USD  Mini-Hydro  100%  Peru  4 MW  Peru  BBB/Baa1/BBB  10  USD3  Reflects the counterparties’ issuer credit ratings issued by S&P, Moody’s and Fitch, respectively, as of February 17, 2023.  It refers to the credit rating of Uruguay, as UTE is unrated.  USD denominated but payable in local currency.  Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A rating from S&P; Southern California Public Power Authority, the third off-taker, is not rated.  AT A GLANCE  Sizeable and Diversified Asset Portfolio  (5) Largest electricity wholesaler in Colombia.   (6) As of December 31, 2022.  (7) Part of Vento II portfolio. 

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