Acciona Sa · BME:ANA
Acciona Sa — H1 2018 Earnings Presentation
22 slides from Acciona Sa's earnings presentation, Jul 27, 2018
Slide 1: 27 July 2018
27" July 2018
Slide 2: Disclaimer
| Disclaimer jacciona This document has been prepared by ACCIONA, S.A. ("ACCIONA” or the Company”) exclusively for use during the presentation of financial results for the first half of 2018 (H1 2018). Therefore it cannot be disclosed or made public by any person or entity with an aim other than the
Slide 3: Key highlights
Key highlights = Good set of results confirming positive trends seen in Q1 - Growth in operating profits and the bottom line - Energy -—higher profitability driven by better output - Infrastructure - Construction drives growth, on higher operating margins Successful completion of CSP and Trasmediter
Slide 4: Key figures
| Key figures Revenues EBITDA EBT — ex. Corp. trans. Attributable net profit — ex. Corp. trans. Attributable net profit Gross Capex Net Investment Cash-flow! Net Financial Debt * Net Investment Cash-flow is equivalent to net capex +/- change in Real Estate inventories +/- change in payable to capex
Slide 5: Group: capex by division
| Group: capex by division Capex breakdown jacciona Key highlights (Million Euro) Jan-Jun 18 Jan-Jun 17 Energy 169 156 Infrastructure 79 263 Construction & Industrial 16 240 Concessions 5 6 Water 18 12 Service 40 5 Other Activities 6 65 Gross capex 254 484 Divestments -981 -13 Net capex 727 472 Net
Slide 6: Group: Net debt evolution
ACCIONA H1 Results presentation 6 | Group: Net debt evolution jacciona Net debt reconciliation H1 2018 (€m) ! || Net Investment CF Operating CF 51 317 — 113 a H 77 (618) 58 a Netdebt EBITDA Financial Working Other Gross Divestment RealEstate Other Share Buy- Derivatives Forex Perimeter Netdebt Net D
Slide 7: Gross debt - Level and net debt allocation
31-Dec-17 30-Jun-18 Gross debt - Level OMEN) Net debt Corporate pa Project Debt Gross debt Gxhe Net debt allocation C. Equiv. H Project Energy 3,971 2,n9 1,226 3,345 “345 3,000 I corporate Infrastructure 351 1,297 400 1,697 -1,013 684 Construction 134 951 24 975 -555 420 Industrial -90 “12 0) -12 -8
Slide 8: Group: Debt & liquidity
8 | Group: Debt & liquidity Maturity profile of Group gross debt as of 30 June 2018 ACCIONA H1 Results presentation 136 (EE 364 65 291 285 828 1,095 280 447 244 320 Bee 150 223 i 157 H 15 4 E 38 11 H 91 2018 2019 2020 2021 2022 2023 >2024 Credit lines MLoans mECP ™ Bonds ™ Project Debt repayments Li
Slide 9: Energy
| Ene rgy jacciona Key figures EBITDA evolution (€m) (Million Euro) Jan-Jun18 — Jan-Jun17 Chg. Chg. (%) Generation Spain 465 424 40 9.5% 367 54 7 4 392 Generation International 272 244 28 11.3% Ha _—o —__ Development & Other 286 201 85 42.2% (15) (21) (4) Revenues 1,023 870 153 17.6% Generation Spai
Slide 10: Infrastructure
| Infrastructure Key figures Backlog by activity (Million Euro) Jan-Jun18 — Jan-Jun17 Chg. Chg. (%) 18,429 18,831 18,205 Revenues 2,329 2,289 40 18% EBITDA 197 182 5 8.3% Margin (%) 85% 7.9% 8 30-Jun-17 31-Dec-17 30-Jun-18 ™ Construction Industrial Water ™ Services EBITDA evolution (€m) Backlog by c
Slide 11: Infrastructure: key figures by activity
| Infrastructure jacciona Key figures by activity Highlights by activity (Million Euro) Jan-Jun18 — Jan-Jun17 Chg. Chg. (%) Construction Construction: Revenues relatively flat but EBITDA up on Reomiee 1,487 1,432 55 3.8% the back of higher margins, driven largely by the high EBITDA 103 78 25 31.5% l
Slide 12: Other Activities
| Other Activities Other Activities: Key figures Key Highlights (Million Euro) Jan-Jun18 — Jan-Jun17 Chg. Chg. (%) = Trasmediterranea: Trasmediterranea 160 190 30 15.6% — Disposal completed in Q2 2018 Exits Real Estate 5 26 -12 -44.3% consolidation perimeter from 1 June Bestinver 52 46 6 13.1% Corp.
Slide 13: Closing remarks
| Closing remarks Good H1 results - positive outlook for the full year 2018 FY 2018 targets * Single-digit EBITDA growth (like-for-like) * Gross investment ~€900m' * Working capital outflow ~€250m * NFD/ EBITDA <4.0x Investing for profitable growth and with a large pipeline of opportunities + ~550 M
Slide 14: Appendix
Appendix
Slide 15: Group: corporate debt breakdown
| Group: corporate debt breakdown Corporate Debt (Million Euro) 30-Jun-18 orate 31-Dec-17 see Bank Debt 2,666 59% 3,247 67% Commercial paper program 565 12% 379 8% Bonds 849 19% 862 18% Others (ECAs, Supranational) 442 10% 367 8% Total Non-Bank Debt 1,856 41% 1,608 33% Total Corporate Debt 4,522 100
Slide 16: Energy: installed capacity
ACCIONA H1 Results presentation 16| Energy: installed capacity {acciona Spain 5,651 4,373 619 4,979 Wind 4,710 3,433 619 4,042 Hydro 876 876 0 876 CSP 0 0 0 0 Solar PV 3 3 0 3 Biomass 61 61 0 59 Internacional 3,353 3,105 78 2,286 Wind 2,902 2,700 48 1,942 csP 64 64 0 43 Solar PV 386 341 30 301
Slide 17: Energy: equity-accounted generation capacity
ACCIONA H1 Results presentation 17| Energy: equity-accounted generation capacity jacciona Wind Spain 619 817 34 145 2005 Wind International 48 57 3 1 2005 Australia 32 38 2 1 2005 Hungary 12 11 1 1 2006 USA 4 8 0 0 2003 Solar PV 30 27 10 54 2008 Note: Average COD weighted per MW
Slide 18: Energy: H1 2018 installations and WIP
ACCIONA H1 Results presentation 18| Energy: H1 2018 installations and WIP jacciona MW added and under construction Wind Mexico El Cortijo 183 84 99 0 Q3 2018 PPA + CELS + Capacity with CFE Wind Chile San Gabriel 183 0 0 183 Q12020 PPA with Discoms + Private PPA Wind Australia Mont Gellibrand 132 0 1
Slide 19: Energy: wind drivers by country
| Energy: wind drivers by country Wind prices (€/MWh) and Load factors (%) H1 2018 Av. price (€/MWh) Spain Average 66.6" Spain - Regulated 77.1* Spain - Not regulated 47.0 | | Canada 56.5 FB isa” 276 = India 52.8 EH Mexico 65.7 Costa Rica 94.8 Australia 59.1 — Poland 67.8 a Croatia 107.4 2 | Portuga
Slide 20: Energy: Other technologies drivers by country
ACCIONA H1 Results presentation 20| Energy: Other technologies drivers by country jacciona Other technologies (€/MWh) and Load factors (%) EE Spain 54.6 43.2% 48.5 31.1% 12.6% pe OC EE Spain 147.6 75.1% 146.4 70.1% 0.8% peste B= usa 162.7 22.0% 180.2 24.3% 9.7% ee CS South Africa 164.1 23.4% 160.0 2
Slide 21: Infrastructure: Concessions
ACCIONA H1 Results presentation 21| Infrastructure: Concessions Faas Pen | cot ne | tnt | vee rot 10 2 1 1 6 55 75 {acciona # of concessions Proportional EBITDA H1 2018 (€m) 32 2 1 i} 13 71 113 Consolidated EBITDAHI2018(Em) a 0 o | | . 5 eo 8 Average life (yrs) 29 26 30 30 28 27 28 Average consumed
Slide 22: 27 July 2018
27" July 2018