As 2022 closes, a year marked by conflict and energy volatility, the company reflects on a strong finish. The Ukraine war and the energy price surge shaped market conditions, yet the group reports a solid year with net profit contributions and robust earnings in the last quarter. In a statement to the National Securities Market Commission, the firm highlights that its annual EBITDA and cash generation were supported by the performance of its diversified energy portfolio and the ongoing liberalization of activities in key markets. The improved profitability is attributed to a favorable global energy backdrop, sustained demand, and higher prices for raw materials that benefited the company’s operations in both regulated and liberalized segments.
During the year, the regulated activities and network businesses achieved an EBITDA of 2,475 million euros, up 8.7% from 2021. Reduced operating costs in Spain and Latin America—enabled by the 2021 restructuring—contributed to the improvement, complemented by favorable exchange rates and inflation effects carried through the period. In parallel, liberalized activities delivered a total EBITDA of 2,574 million euros, marking an 86.3% increase year over year as market operations benefited from improved margins and stronger price realizations across regions.
Power generation grew notably through gas-fired plants and combined-cycle technology, contributing to more than a thousand megawatts of new capacity in 2022 and representing about a quarter of total electricity production in Spain, up from roughly 15% in 2021. This growth occurred amid a period of lower hydropower availability and elevated energy exports to neighboring countries, notably France, which helped diversify revenue streams and improve utilization of generation assets.
Regarding the corporate structure of the Geminis project, the company manages two entities: one focused on liberalized activities and the other on regulated activities. Announced a year prior, the project is progressing in its initial phases, though results are still pending with some delays and limited visibility. Despite these timing gaps, the company reiterates its commitment to the project’s viability and strategic importance, emphasizing alignment with long-term plans and stakeholder expectations.
Net debt cash generation declined to 12,070 million euros, influenced by working capital dynamics and favorable exchange-rate movements. On the shareholder side, the board proposed a supplementary dividend of 0.50 euros per share for 2022, atop the first and second interim dividends of 0.30 euros and 0.40 euros per share, respectively, paid in cash during the year. Consequently, the total shareholder remuneration for 2022—consistent with the company’s strategic framework—reaches 1.2 euros per share, reflecting the financial discipline outlined in the firm’s strategic plan for 2021-2025.