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•	Revenue for the first three months of 2022 reached $247.5 million, a 7.0% increase year-over-year on a comparable basis1 and a 7.7% decrease year-over-year.

•	Adjusted EBITDA was $173.6 million for the first three months of 2022, a 4.8% increase year-over-year on a comparable basis1 and a 1.4% year-over-year increase.

•	Net loss for the first quarter of 2022 attributable to the Company was $12.0 million, compared with a net loss of $19.2 million in the first quarter of 2021.

•	Cash available for distribution (“CAFD”) increased by 6.3% year-over-year up to $54.4 million in the first quarter of 2022.

•	Quarterly dividend of $0.44 per share approved by the Board of Directors.

•	$140 - 150 million in equity investments already closed or earmarked for 2022.

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(in thousands of U.S. dollars)		Three-month period ended March 31,
		2022				2021
Revenue		$	247,452			$	268,178
Profit/(loss) for the period attributable to the Company			(12,042	)			(19,172	)
Adjusted EBITDA			173,626				171,249
Net cash provided by operating activities			137,315				147,155
CAFD			54,409				51,237

		Three-month period ended March 31,
		2022				2021
Renewable energy
MW in operation3			2,044				1,591
GWh produced4			1,094				606
Efficient natural gas & heat
MW in operation5			398				343
GWh produced6			625				542
Availability (%)			100.3	%			98.3	%
Transmission lines
Miles in operation			1,229				1,166
Availability (%)			99.9	%			100.0	%
Water
Mft3 in operation3			17.5				17.5
Availability (%)			104.5	%			97.5	%

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(in thousands of U.S. dollars)		Three-month period ended March 31,
		2022				2021
Revenue by geography
North America		$	74,304			$	60,585
South America			38,528				38,308
EMEA			134,620				169,285
Total Revenue		$	247,452			$	268,178

Adjusted EBITDA by geography
North America		$	58,266			$	40,287
South America			29,129				29,943
EMEA			86,231				101,019
Total Adjusted EBITDA		$	173,626			$	171,249

(in thousands of U.S. dollars)		Three-month period ended March 31,
		2022				2021
Revenue by business sector
Renewable energy		$	182,101			$	199,679
Efficient natural gas & heat			25,327				28,408
Transmission lines			26,620				26,614
Water			13,404				13,477
Total Revenue		$	247,452			$	268,178

Adjusted EBITDA by business sector
Renewable energy		$	122,223			$	117,036
Efficient natural gas & heat			21,699				23,182
Transmission lines			20,523				21,203
Water			9,181				9,828
Total Adjusted EBITDA		$	173,626			$	171,249

•

Chile TL4: In January 2022, Atlantica closed the acquisition of a 63-mile transmission line in Chile for a total equity investment of $47 million, including $8 million expected to be invested in 2022 or 2023 in an expansion of the asset. The asset has a long-term PPA in place, denominated in U.S. dollars, with an inflation escalator.

•

Italy: Atlantica closed the acquisition of two portfolios of PV plants in Italy with a combined capacity of approximately 6 MW. The total equity investment was approximately $8 million. The assets have a 10-year regulated feed in tariff remuneration.

•

In addition, Atlantica has closed or earmarked investments for 2022 in the range of $80 to $90 million including projects under construction. We are currently working on the construction of three PV plants with 15-year PPAs and a combined capacity of 40 MW.

•	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.

		For the three-month period ended March 31,
		2022				2021
Revenue		$	247,452			$	268,178
Other operating income			19,373				22,621
Employee benefit expenses			(19,469	)			(18,701	)
Depreciation, amortization, and   impairment charges			(100,925	)			(83,541	)
Other operating expenses			(87,933	)			(104,146	)
Operating profit		$	58,498			$	84,409
Financial income			992				1,112
Financial expense			(83,402	)			(85,166	)
Net exchange differences			3,073				(112	)
Other financial income/(expense), net			(1,130	)			2,975
Financial expense, net		$	(80,467	)		$	(81,192	)
Share of profit/(loss) of associates carried under the equity method			8,221				960
Profit/(loss) before income tax		$	(13,748	)		$	4,177
Income tax			3,906				(15,241	)
Profit/(loss) for the period (continued operations)		$	(9,842	)		$	(11,064	)
Loss/(profit) attributable to non-controlling interests			(2,200	)			(8,108	)
Profit/(loss) for the period attributable to the Company		$	(12,042	)		$	(19,172	)
Weighted average number of ordinary shares outstanding (thousands)			112,741				110,386
Weighted average number of ordinary shares diluted (thousands)			116,894				113,733
Basic earnings per share (U.S. dollar per share)		$	(0.11	)		$	(0.17	)
Diluted earnings per share (U.S. dollar per share)		$	(0.10	)		$	(0.17	)

		For the three-month period ended March 31,
		2022				2021
Profit/(loss) for the period		$	(9,842	)		$	(11,064	)
Financial expense and non-monetary adjustments			182,751				171,992
Profit for the period adjusted by financial expense and non-monetary adjustments		$	172,909			$	160,928
Variations in working capital			(19,048	)			17,099
Net interest and income tax paid			(16,546	)			(30,872	)
Net cash provided by operating activities		$	137,315			$	147,155
Investment in contracted concessional assets			(5,007	)			(6,341	)
Other non-current assets/liabilities			(804	)			1,921
Acquisitions of subsidiaries and entities under the equity method			(39,009	)			(10,744	)
Distributions from entities under the equity method			31,870				8,799
Net cash used in investing activities		$	(12,950	)		$	(6,365	)
Net cash provided by financing activities		$	(8,802	)		$	66,865
Net increase in cash and cash equivalents		$	115,563			$	207,655
Cash and cash equivalents at beginning of the period			622,689				880,487
Translation differences in cash or cash equivalent			749				(9,848	)
Cash & cash equivalents at end of the period		$	739,001			$	1,078,293

(in thousands of U.S. dollars)		For the three-month period ended March 31,
		2022				2021
Profit/(loss) for the period attributable to the Company		$	(12,042	)		$	(19,172	)
Profit/(loss) attributable to non-controlling interest			2,200				8,108
Income tax			(3,906	)			15,241
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership)			5,982				2,339
Financial expense, net			80,467				81,192
Depreciation, amortization, and impairment charges			100,925				83,541
Adjusted EBITDA		$	173,626			$	171,249

(in thousands of U.S. dollars)		For the three-month period ended March 31,
		2022				2021
Net cash provided by operating activities		$	137,315			$	147,155
Net interest and income tax paid			16,546				30,872
Changes in working capital			19,047				(17,099	)
Other non-monetary items			(10,413	)			6,834
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates and other			11,131				3,487
Adjusted EBITDA		$	173,626			$	171,249

(in thousands of U.S. dollars)		For the three-month period ended March 31,
		2022					2021
Profit/(loss) for the period attributable to the Company		$	(12,042	)			$	(19,172	)
Profit/(loss) attributable to non-controlling interest			2,200					8,108
Income tax			(3,906	)				15,241
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership)			5,982					2,339
Financial expense, net			80,467					81,192
Depreciation, amortization, and impairment charges			100,925					83,541
Adjusted EBITDA		$	173,626				$	171,249
Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates			(14,202	)				(3,298	)
Non-monetary items			10,413					(6,834	)
Accounting provision for electricity market prices in Spain			7,141					(659	)
Difference between billings and revenue in assets accounted for as concessional financial assets			18,169					9,167
Income from cash grants in the US			(14,643	)				(14,678	)
Other non-monetary items			(254	)				(664	)
Dividends from equity method investments			31,870					8,799
Interest and income tax paid			(16,546	)				(30,872	)
Principal amortization of indebtedness			(24,789	)				(14,972	)
Deposits into/ withdrawals from restricted accounts10			13,402					(26,576	)
Change in non-restricted cash at project level10			(103,116	)				(71,162	)
Dividends paid to non-controlling interests			(6,221	)				(4,215	)
Changes in other assets and liabilities			(10,030	)				29,118
Cash Available For Distribution		$	54,407				$	51,237

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Chief Financial Officer	Investor Relations & Communication
Francisco Martinez-Davis	Leire Perez
E ir@atlantica.com	E ir@atlantica.com
	T +44 20 3499 0465

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.