Slide 1: FY 2023 Results Presentation
FY 2023 – January - December 1 st M a r c h 2 0 2 4 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A F Y 2 0 2 3 R E S U L T S DISCLAIMER This document has been prepared by ACCIONA. S.A. (“ACCIONA” or the “Company” and, together with its subsidiaries, the “ACCIONA Group”) FORWARD-LOOKING STATEMENTS exclusively for use during the presentation of financial results. Therefore, it cannot
Slide 3: Table of Content
TABLE OF CONTENT 1 Introductory Remarks 4 2 Group Financial Information 10 3 ACCIONA Energía 15 4 ACCIONA Infrastructure 29 5 Nordex 40 6 ACCIONA Other activities 42 7 Appendix 45
Slide 4: Introductory Remarks & Outlook
01 INTRODUCTORY REMARKS & OUTLOOK
Slide 5: Decarbonization & SDGs – biggest reallocation of capital in history
A C C I O N A F Y 2 0 2 3 R E S U L T S Decarbonization & SDGs ACCIONA – biggest reallocation of capabilities capital in history (1) Net Zero commitments Solid reputation, experience & asset are almost universal base Unparalleled Growth potential opportunity for SMART Unprecedented policy support In
Slide 6: "SMART" infrastructure developer
A C C I O N A F Y 2 0 2 3 R E S U L T S A C C I O N A – C O N S E J O D E A D M I N I S T R A C I Ó N Sustainable, Mitigating, Adaptative, Resilient, Transformative 99% CAPEX EU TAXONOMY “SMART” infrastructure developer ALIGNED SECTORS FUNDING SOURCES RETURNS Returns from operating assets Operating
Slide 7: Sectors
A C C I O N A F Y 2 0 2 3 R E S U L T S SECTORS ENERGY INFRASTRUCTURE 13.5 GW €34 bn backlog +1.7 GW in 2023 (3x previous) Record year (sales, backlog & operating margins) Global platform High growth in OECD countries Remarkable leap in Australia & US Emblematic construction projects completed New m
Slide 8: Sectors: Funding Sources and Returns
A C C I O N A F Y 2 0 2 3 R E S U L T S SECTORS FUNDING SOURCES Highly cash-generative asset base Investment Grade Financing Asset rotation Asset base Operating CF Rating DBRS and Fitch* Flexible tool to manage BS & (Renewables, concessions, Real Estate) optimize portfolio across sectors + Construct
Slide 9: ACCIONA - Positive Outlook
A C C I O N A F Y 2 0 2 3 R E S U L T S ACCIONA - POSITIVE OUTLOOK EBITDA GROWTH 2024: Single digit ex-capital gains from asset rotations; double digit all-in Mid-term: Double digit (ex-capital gains & all-in) NET INVESTMENT CASH-FLOW 2024: €2.0 - 2.5 bn Mid-term: Prioritise investment subject to in
Slide 10: Group Financial Information
02 GROUP FINANCIAL INFORMATION
Slide 11: Financial Results Highlights – FY 2023
A C C I O N A F Y 2 0 2 3 R E S U L T S FINANCIAL RESULTS HIGHLIGHTS – FY 2023 FY 2023 % Chg. FY 2023 FY 2022 (€m) vs FY 2022 (€m) (€m) Revenues 17,021 52% Net Investment Cashflow 3,327 2,004 EBITDA 1,981 -4% EBT 819 -6% Net Financial Debt 6,551 5,253 Attributable net profit 541 23% NFD/EBITDA 3.31x
Slide 12: ESG Results Highlights – FY 2023
A C C I O N A F Y 2 0 2 3 R E S U L T S ESG RESULTS HIGHLIGHTS – FY 2023 Metrics 2023 Highlights Social FY 2023 FY 2022 Chg. (%) Social Workforce (FTE) 57,843 45,892 26.0% There was a significant increase in total workforce, as a result of the Women in exec. and mang. positions (%) 22.64% 22.19% +
Slide 13: Investment by Division
A C C I O N A F Y 2 0 2 3 R E S U L T S INVESTMENT BY DIVISION Net Investment breakdown (€m) (Million Euro) FY 2023 FY 2022 Energy 2,321 1,279 Infrastructure 267 244 Construction 163 128 Concessions 67 92 €140m Water 14 14 construction machinery & €275m €67m in shareholder loan Land acquisition Urba
Slide 14: Net Debt Evolution
A C C I O N A F Y 2 0 2 3 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation FY 2023 (€m) OPERATING CF NET INVESTMENT CF FINANCING/OTHERS CF €1,900m -€3,327m 430m (11) (2,002) (3,651) 5 (2,745) (2,078) (1) (2) Debt associated to work in progress IFRS16 adjustment Derivatives 1. Note IFRS16 lea
Slide 15: ACCIONA Energía
03 ACCIONA Energía
Slide 16: Energy – Global Reach Across 5 Continents
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – GLOBAL REACH ACROSS 5 CONTINENTS With presence in 25 countries & 13.5 GW of total installed capacity in FY 2023 (2) OTHER AMERICAS SPAIN (5.8 GW) Total Installed Total Consolidated (0.4 GW) capacity capacity 0.4 GW 4.7 GW Alaiz y Aitzkibel 2 MW 0.2 GW
Slide 17: Energy – Ready to Capture Unique Sector Opportunity
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – READY TO CAPTURE UNIQUE SECTOR OPPORTUNITY Net Zero – once-in-a-lifetime ACCIONA Energía – growth opportunity privileged position Unprecedented policy support globally 30-year track-record and global reach 145 countries/regions with Net Zero O
Slide 18: Energy – Record Capacity Additions & Secured Growth
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – RECORD CAPACITY ADDITIONS & SECURED GROWTH EVOLUTION OF ANNUAL CAPACITY ADDITIONS Projects approved for investment & 1.7 GW 1.7 GW projects under construction +1,701 MW Record capacity additions 2023 +1.6 GW Under Construction as of Dec 2023 0.7 GW 0.
Slide 19: Energy – Additional Strategic Progress in 2023
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – ADDITIONAL STRATEGIC PROGRESS IN 2023 GROWTH COMMERCIAL NEW OPPORTUNITIES → 40+ GW of pipeline (onshore wind and → +1.5 TWh of long-term PPAs signed → Total certified investment in solar PV, storage, biomass, offshore globally innovation in 2023 reach
Slide 20: Energy – Targeting Increasing Long-Term Spanish PPAs
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – TARGETING INCREASING LONG-TERM SPANISH PPAs SPANISH CONSOLIDATED OUTPUT 2022-25 (TWH) 87% 78% 75% ~80% 50% ~80% Contracted vs. Wholesale Targeted Contracted vs. Wholesale 10.5 - 11.5 10.1 9.3 €79/MWh €167/MWh ~€80/MWh €102/MWh €219/MWh Increasing LT c
Slide 21: Energy – Ability to Manage Growth Cycle Within IG Ratings
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – ABILITY TO MANAGE GROWTH CYCLE WITHIN IG RATINGS CAPEX FLEXIBILITY AND ASSET ROTATION AS KEY LEVERS Committed capex – flexibility from 2025 onwards › Modest increase in Net Debt by year-end 2025 ₋ Only ~€700m of committed capex in 2025 and full flexib
Slide 22: Energy – Outlook 2024
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – OUTLOOK 2024 Consolidated Output 2024 ~26.5 TWh Average Achieved Price 2024 ~€65/MWh ~€1.1 bn ex-capital gains EBITDA 2024 5-10% growth with capital gains (~€1.4 bn) Medium-term Mid to high single-digit CAGR ex-capital gains EBITDA growth 2024-28 Net
Slide 23: Energy – FY 2023 Results Highlights
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – FY 2023 RESULTS HIGHLIGHTS FY 2023 % Chg. FY 2023 % Chg. (€m) vs FY 2022 (€m) vs FY 2022 Revenues 3,547 -18% Total capacity (MW) 13,523 14% Generation Revenues 1,851 -17% Consolidated capacity (MW) 12,131 23% EBITDA 1,285 -22% Total production (GWh) 2
Slide 24: Energy – Key Figures FY 2023
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – KEY FIGURES FY 2023 Key figures FY 2023 Key highlights FY 2023 FY 2023 results operating figures driven by the reduction in energy prices, particularly in Europe; achieved generation prices fell by 24% to €86/MWh In Spain, the average captured pri
Slide 25: Energy Spain – Revenue Drivers
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY SPAIN – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices – regulated vs. wholesale (€/MWh) +69% +9% -6% -35% +24% -53% 20% -57% 59% -36% 20% Generation revenues (€m) Average achieved price composition (€/MWh) -27% -29% (€/MWh) FY 2023 F
Slide 26: Energy Spain – Operating Results
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY SPAIN – OPERATING RESULTS Key figures FY 2023 EBITDA evolution (€m) (Million Euro) FY 2023 FY 2022 Chg. (€m) Chg. (%) Generation 1,105 1,555 -450 -28.9% Intragroup adjust., Supply & Other 1,321 1,643 -322 -19.6% Revenues 2,426 3,198 -772 -24.1% Generati
Slide 27: Energy International – Revenue Drivers
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Average achieved prices (€/MWh) +13% +9% -12% +14% +28% -4% 23% 0% +10% 11% -37% +4% 18% +19% +15% 27% 21% +9% Generation revenues (€m) 0% -20% 33% +14% +19% 7% 8% +27% 34% %Chg. vs FY 2022 17% N
Slide 28: Energy International – Operating Results
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY INTERNATIONAL – OPERATING RESULTS Key figures FY 2023 EBITDA evolution (€m) (Million Euro) FY 2023 FY 2022 Chg. (€m) Chg. (%) Generation 746 685 61 8.9% USA 129 101 27 26.9% Mexico 252 211 41 19.2% Chile 61 54 8 14.3% Australia 55 69 -13 -19.7% +37.3% R
Slide 29: Infrastructure
04 INFRASTRUCTURE
Slide 30: New Record Infrastructure Backlog – €24,508m
A C C I O N A F Y 2 0 2 3 R E S U L T S NEW RECORD INFRASTRUCTURE BACKLOG – €24,508m 11% yoy increase in the backlog (+12% in aggregated (1) terms), with €9,409m new projects awarded in 2023 EUROPE NORTH AMERICA Moss Railway: €654m (45%) Water Management Cerdeña: €209m (100%) Site C Dam: €1,400m (50
Slide 31: Infrastructure – Backlog Breakdown
INFRASTRUCTURE – BACKLOG BREAKDOWN Well diversified infrastructure backlog geographically and by activities Backlog by activities Backlog by region €34,050m (84% International) €22,020m €24,508m (82% International) (80% International) €24,508m +11% (1) Regionally balanced backlog, with OECD countr
Slide 32: Infrastructure – Concession Assets
INFRAESTRUCTURE – CONCESSION ASSETS Young, diversified and well-balanced risk-wise asset concession portfolio # assets NORTH AMERICA EUROPE Transport 9 3 assets 48 assets Water 58 12% total equity 8% total equity Health 2 Transmission lines 3 WTE 1 Equity invested €395m (31-12-2023) Equity committed
Slide 33: Infrastructure – Investments in Concession Assets
A C C I O N A F Y 2 0 2 3 R E S U L T S INFRASTRUCTURE – INVESTMENTS IN CONCESSION ASSETS Large part of our concession portfolio is under construction T R A N S P O R TAT I O N , Equity Commitments 2024-2031 (€m) SOCIAL AND WAT E R TRANSMISSION LINES Transport & others Water +€16.9bn(2) +€2.9bn(2) 1
Slide 34: Infrastructure – Main Concession Assets
INFRASTRUCTURE – MAIN CONCESSION ASSETS 4 large projects -3 of them recently awarded (1) – with a strong focus on energy transition Projects Under Construction Projects selected as Preferred Bidder São Paulo Metro L6 – €4bn Central-West Orana REZ (Renewable Energy Zone) – €5bn Brazil Australia Const
Slide 35: Infrastructure - Concession Assets Strategy
INFRASTRUCTURE - CONCESSION ASSETS STRATEGY Focus on high added value sectors in selected geographies Add 2-4 new transport concessions per year, with Equity IRR above 10% Increase the portfolio of water cycle management assets with special focus in Brazilian opportunities Consolidate our presence i
Slide 36: Infrastructure - Financial Figures FY2023
A C C I O N A F Y 2 0 2 3 R E S U L T S INFRASTRUCTURE - FINANCIAL FIGURES FY2023 Key figures FY 2023 EBITDA evolution (€m) (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) Construction Revenues 6,301 4,560 1,741 38.2% EBITDA 370 227 143 63.0% +49.3% Margin (%) 5.9% 5.0% Concessions Revenues 50 52 -2 -3
Slide 37: Construction
A C C I O N A F Y 2 0 2 3 R E S U L T S CONSTRUCTION Strong growth in revenues, profitability and backlog Key figures FY 2023 Key highlights FY 2023 38% growth in revenues (Oceania +63%, United Kingdom +80%, Chile +88%, Brazil (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) +32%). The main projects u
Slide 38: Concessions
A C C I O N A F Y 2 0 2 3 R E S U L T S CONCESSIONS Growing relevance with new significant project additions Key figures FY 2023 Key highlights FY 2023 EBITDA grew by 80.8%, due to the greater contribution of the Line 6 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) concession of the São Paulo under
Slide 39: Water
A C C I O N A F Y 2 0 2 3 R E S U L T S WATER O&M long-term oriented revenues account for 77% of backlog Key figures FY 2023 Key highlights FY 2023 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) 4,6% decrease in revenues, as a result of lower growth in in Design & Construction Revenues 1,214 1,272 -
Slide 40: Nordex
05 Nordex
Slide 41: Nordex
A C C I O N A F Y 2 0 2 3 R E S U L T S NORDEX Turning point in FY 2023 wit EBITDA margin breakeven reached Key figures FY 2023 (1) Key highlights FY 2023 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) Sales amounted to €6.5bn, +14% vs FY 2022, above company Revenues 6,489 5,694 796 14.0% guidance,
Slide 42: Other Activities
06 OTHER ACTIVITIES
Slide 43: Property Development
A C C I O N A F Y 2 0 2 3 R E S U L T S PROPERTY DEVELOPMENT High visibility of 2024 & 2025 deliveries with a backlog of pre-sales of 1,393 units at December 2023 Key figures FY 2023 Key highlights FY 2023 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) 720 units delivered in FY 2023, compared to 617
Slide 44: Bestinver
A C C I O N A F Y 2 0 2 3 R E S U L T S BESTINVER Strong recovery of AUM in FY 2023 Key figures FY 2023 Key highlights FY 2023 (Million Euro) FY 2023 FY 2022 Chg. Chg. (%) €5.9bn Assets Under Management (AUM) as of December 2023, a 15.7% Revenues 96 101 -5 -4.9% increase vs December 2022 EBITDA 36
Slide 45: Appendix
07 APPENDIX
Slide 46: Net Financial Debt
A C C I O N A F Y 2 0 2 3 R E S U L T S NET FINANCIAL DEBT Net financial debt breakdown (€m) Net debt & cash interest evolution (€m) Average Average Av. maturity undrawn cost of debt debt maturity (years) Credit Lines (years) Project Debt Corporate Debt 46
Slide 47: Debt Maturity & Breakdown
A C C I O N A F Y 2 0 2 3 R E S U L T S DEBT MATURITY & BREAKDOWN Liquidity and gross debt maturity schedule (€m) 7,891 Available facilities 1,928 1,770 1,460 922 991 839 986 806 Cash 309 Debt breakdown by nature Gross financial debt – Level Gross financial debt – Currency Gross financial debt – Int
Slide 48: Energy – Under Construction & Secured Projects
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – UNDER CONSTRUCTION & SECURED PROJECTS MW Scheduled MW Add. per year (1) % ANE Total project Added up to Added Currently Technology Country Asset name 2024 2025 2026 Details stake capacity Dec 2022 2023 under const. Wind Australia MacIntyre Complex 70%
Slide 49: Energy – Installed Capacity
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – INSTALLED CAPACITY Installed MW (31 December 2023) 49
Slide 50: Energy – Wind – Drivers by Country
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – WIND – DRIVERS BY COUNTRY Wind prices (€/MWh) and Load factors (%) (1) FY 2023 FY 2022 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 103.6 22.8% 147.6 23.6% -29.8% Spain - Regulated 89.7 174.6 -48.6% Spain
Slide 51: Energy – Other Technologies – Drivers by Country
A C C I O N A F Y 2 0 2 3 R E S U L T S ENERGY – OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Wind prices (€/MWh) and Load factors (%) (1) FY 2023 FY 2022 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 126.0 22.9% 171.8 20.1% -26.6% Biomass Spain 137.0 65.5% 157.
Slide 52: Concessions – Transport & Hospital Concessions Breakdown
A C C I O N A F Y 2 0 2 3 R E S U L T S CONCESSIONS – TRANSPORT & HOSPITAL CONCESSIONS BREAKDOWN Name Description Period Country ACCIONA Status Full Consolidation Asset type Remodeling, restoration, operation and maintenance of a 76.5km strech of an existing road between km 62 (A-2) and km 139 (bord
Slide 53: Concessions – Details of the Main Water Concessions Under IFRIC12
A C C I O N A F Y 2 0 2 3 R E S U L T S CONCESSIONS – DETAILS OF THE MAIN WATER CONCESSIONS UNDER IFRIC12 Name Description Period Country ACCIONA Status Full Consolidation Asset type EDAR 8B Construction, operation and maintenance of the wastewater treatment plant "08B Zone" of Aragon 2008 - 2031 Sp
Slide 54: Sustainable Finance
A C C I O N A F Y 2 0 2 3 R E S U L T S SUSTAINABLE FINANCE Gross Corporate Debt Financing 2023 Outstanding Total 2023 Amount 6,914 €M Type of financing Instruments (no.) instruments (no.) (€M) Outstanding Amount (€M) Green/Sust. Linked 21% Corporate Debt Conventional 11 54 1,484 4,276 Green Financi
Slide 55: Results Presentation
FY 2023 – January - December 1 st M a r c h 2 0 2 4 RESULTS PRESENTATION