Slide 1: H1 2023 Results Presentation
H1 2023– January - June 2 8 th J u l y 2 0 2 3 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A H 1 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 15 3 ACCIONA Energía 21 4 ACCIONA Infrastructure 25 5 Nordex 30 6 ACCIONA Other activities 32 7 Appendix 36
Slide 4: Introductory Remarks
01 INTRODUCTORY REMARKS José Manuel Entrecanales Chairman & CEO
Slide 5: Leader in Sustainable Infrastructure Solutions: Megatrends
A C C I O N A H 1 2 0 2 3 R E S U L T S LEADER IN SUSTAINABLE INFRASTRUCTURE SOLUTIONS 99% of our investments aligned with the European taxonomy of sustainable activities +2,400GW +55% +203m additional renewable water demand increase by EV units capacity by 2027 2050 expected to be sold by 2030 M E
Slide 6: Leader in Sustainable Infrastructure Solutions
A C C I O N A H 1 2 0 2 3 R E S U L T S LEADER IN SUSTAINABLE INFRASTRUCTURE SOLUTIONS We are leading the investment in activities that are driving the new decarbonized model CAPEX (€m) +81% 70% Energy 6
Slide 7: ACCIONA Energía: Strong acceleration of our growth
A C C I O N A H 1 2 0 2 3 R E S U L T S ACCIONA ENERGÍA Strong acceleration of our growth CAPEX (€m) I N S TA L L E D C A PA C I T Y ( G W ) +2GW/yr +1.8GW/yr 2x +3 GW since IPO to 2023 year end 7
Slide 8: ACCIONA Energía: Better company and better prospects since IPO
A C C I O N A H 1 2 0 2 3 R E S U L T S ACCIONA ENERGÍA Better company and better prospects since IPO ✓ ✓ PROFITS ABOVE EXPECTATIONS POSITIVE CASHFLOW +€600m aggregated higher EBITDA €3.0bn investment; €1.1bn net debt increase ✓ ✓ INVESTMENT GRADE RATING DIVERSIFICATION Fitch & DBRS (obtained & reta
Slide 9: Infrastructure: Major opportunities in the market
A C C I O N A H 1 2 0 2 3 R E S U L T S INFRASTRUCTURE Major opportunities in the market: selective approach & focus on concessions KEY FIGURES (€m) €46bn* Total backlog 11.2% SPAIN 17.8% NORTH AMERICA 9.5% EMEA +37% Revenues 30.5% LATAM* 30.9% AUSTRALIA & NZ & SEA 73% OECD Selective approach to reg
Slide 10: Nordex
A C C I O N A H 1 2 0 2 3 R E S U L T S NORDEX Megatrends have significantly improved its growth prospects for the next decades Supportive policies: Optimized product portfolio European Net Zero, US IRA, and strong order intake Australian decarbonization momentum plans and others Nordex uniquely pos
Slide 11: Bestinver
A C C I O N A H 1 2 0 2 3 R E S U L T S BESTINVER €6bn A U M s TRADITIONAL FUNDS (+15% VS DEC 2022) B E AT I N G A L L T H E INDEXES % YTD Benchmark Dif. +17% w e i g h t e d BESTINFOND 18.3% 11.9% 6.3% a average return ytd INTERNACIONAL 18.2% 11.9% 6.3% a GRANDES CÍAS 19.8% 12.9% 6.9% a EQUITIES A
Slide 12: Property Development: Focused on Product Differentiation
A C C I O N A H 1 2 0 2 3 R E S U L T S PROPERTY DEVELOPMENT FOCUSED ON PRODUCT DIFFERENTIATION Build to Rent Build to Sell Iconic buildings Residential products ZORROTZAURRE TORRELODONES OMBÚ VISTAHERMOSA BILBAO MADRID MADRID CÁDIZ 12
Slide 13: Property Development: Leader in Bringing Sustainability Solutions
A C C I O N A H 1 2 0 2 3 R E S U L T S PROPERTY DEVELOPMENT LEADER IN BRINGING SUSTAINABILITY SOLUTIONS CAMPUS ACCIONA OMBÚ S E LV A D E M A R 13
Slide 14: Mobility
A C C I O N A H 1 2 0 2 3 R E S U L T S MOBILITY 2-WHEELER 4-WHEELER BATTERY 18% European share S04 commercial launch Battery as a service 14,000 units expected 2023 in H2 2023 Home & second life 14
Slide 15: Group Financial Information
02 GROUP FINANCIAL INFORMATION José Ángel Tejero Chief Financial & Sustainability Officer
Slide 16: Financial Results Highlights – H1 2023
A C C I O N A H 1 2 0 2 3 R E S U L T S FINANCIAL RESULTS HIGHLIGHTS – H1 2023 (1) H1 2023 % Chg. LfL % Chg. H1 2023 H1 2022 (€m) vs H1 2022 vs H1 2022 (€m) (€m) Revenues 7,056 36% 8% Net Investment Cashflow 2,200 1,217 EBITDA 924 -13% -13% H1 2023 FY 2022 EBT 691 55% 5% (€m) (€m) Attributable net p
Slide 17: ESG Results Highlights - H1 2023
A C C I O N A H 1 2 0 2 3 R E S U L T S ESG RESULTS HIGHLIGHTS - H1 2023 Key ESG indicators Governance (ex-Nordex) H1 2023 H1 2022 % Chg. Total Suppliers (nº) 18,183 16,594 9.6% Audited suppliers(%) 93.80% 86.40% +7.4pp No Go Suppliers (nº) 157 144 9.0% Ethical channel communications (nº) 118 40 195
Slide 18: Net Debt Evolution
A C C I O N A H 1 2 0 2 3 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation H1 2023 (€m) OPERATING CF NET INVESTMENT CF FINANCING/OTHERS CF €119m -€2,200m €479m (44) (3,425) (2,002) 5 (2,875) (1) (1) Debt associated to work in progress IFRS16 adjustment Derivatives 1. Note IFRS16 lease paymen
Slide 19: Investment by Division
A C C I O N A H 1 2 0 2 3 R E S U L T S INVESTMENT BY DIVISION Net Investment breakdown (€m) (Million Euro) H1 2023 H1 2022 Energy 1,544 770 Infrastructure 116 143 Construction 84 51 Concessions 8 87 Water 6 3 Urban & Enviromental Services 18 3 €275m Land acquisition shareholder loan (Spain & Poland
Slide 20: Updated 2023 Outlook
A C C I O N A H 1 2 0 2 3 R E S U L T S UPDATED 2023 OUTLOOK EBITDA ACCIONA ENERGÍA: €1.2-1.3 bn Rest of the Group: solid double digit growth + positive Nordex contribution GROSS CONSOLIDATED CAPEX €1.9 - €2.0 bn at ACCIONA Energía €1.1 - €1.2 bn in the rest of the ACCIONA group, including Nordex ow
Slide 21: Energy
03 ENERGY José Ángel Tejero Chief Financial & Sustainability Officer
Slide 22: ACCIONA Energía: Key figures H1 2023
A C C I O N A H 1 2 0 2 3 R E S U L T S ACCIONA ENERGÍA Key figures H1 2023 Key highlights H1 2023 ▪ H1 results operating figures driven by partial normalisation of power prices in Spain (Million Euro) H1 2023 H1 2022 Chg. (€m) Chg. (%) (€88/MWh vs. €206/MWh) and a prolonged period of low global ren
Slide 23: 2023 Capacity Delivery on Track – Multi-GW Leap
A C C I O N A H 1 2 0 2 3 R E S U L T S 2023 CAPACITY DELIVERY ON TRACK – MULTI-GW LEAP C A PA C I T Y A D D I T I O N S I N S TA L L E D C A PA C I T Y 2021-2023 2023 (MW) MacIntyre Wind 650 US PV Programme Others (Spain & Peru) 881 232 MacIntyre Wind (+650 MW) US PV Programme (+881 MW) Others: Spa
Slide 24: High Visibility – 2024-25
A C C I O N A H 1 2 0 2 3 R E S U L T S HIGH VISIBILITY – 2024-25 2024 2025 ~2 GW ~ 1.8 GW 2.2 GW Additional 2024 Wind + PV Rest of Europe India (imminent closing) projects PV Hybrid. Spain Cotoperi 1.7 GW Boraja PV Croatia Currently under construction – including Opor El Camino y la Senda PV Latam
Slide 25: Infrastructure
04 INFRASTRUCTURE José Ángel Tejero Chief Financial & Sustainability Officer
Slide 26: Infrastructure: Key figures H1 2023
A C C I O N A H 1 2 0 2 3 R E S U L T S INFRASTRUCTURE Key figures H1 2023 EBITDA evolution (€m) (Million Euro) H1 2023 H1 2022 Chg. Chg. (%) Construction Revenues 2,925 2,003 921 46.0% EBITDA 148 84 63 74.8% Margin (%) 5.0% 4.2% +55,3% Concessions Revenues 23 22 1 3.4% EBITDA 31 15 16 109.6% Margin
Slide 27: Construction
A C C I O N A H 1 2 0 2 3 R E S U L T S CONSTRUCTION Strong growth in revenues, profitability and backlog Key figures H1 2023 Key highlights H1 2023 ▪ 46% growth in revenues, operations being particularly strong in Australia (+75%), (Million Euro) H1 2023 H1 2022 Chg. Chg. (%) United Kingdom (+97%),
Slide 28: Concessions
A C C I O N A H 1 2 0 2 3 R E S U L T S CONCESSIONS Accelerating growth in OECD countries Key figures H1 2023 Key highlights H1 2023 ▪ EBITDA more than doubled due to the greater contribution of the Line 6 concession of (Million Euro) H1 2023 H1 2022 Chg. Chg. (%) the Sao Paulo underground – 32% com
Slide 29: Water
A C C I O N A H 1 2 0 2 3 R E S U L T S WATER O&M long-term oriented revenues account for 79% of backlog Key figures H1 2023 Key highlights H1 2023 (Million Euro) H1 2023 H1 2022 Chg. Chg. (%) ▪ 8.8% increase in revenues, as a result of strong growth in Operation & Maintenance (+16.7% yoy) and a 4.8
Slide 30: Nordex
05 Nordex José Ángel Tejero Chief Financial & Sustainability Officer
Slide 31: Nordex: Key figures H1 2023
A C C I O N A H 1 2 0 2 3 R E S U L T S NORDEX Key figures H1 2023 Key highlights H1 2023 Q1 2023 Q2 2023 H1 2023 H1 2022 Chg. Chg. (%) ▪ Large improvement in revenues the second quarter after a soft Q1, Revenues 1,217 1,536 2,753 2,126 627 29.5% resulting in €2.7bn in H1 23, c30% vs H1 2023, driven
Slide 32: Other Activities
06 OTHER ACTIVITIES José Ángel Tejero Chief Financial & Sustainability Officer
Slide 33: Other Activities: Key figures H1 2023
A C C I O N A H 1 2 0 2 3 R E S U L T S OTHER ACTIVITIES Key figures H1 2023 (Million Euro) H1 2023 H1 2022 Chg. Chg. (%) H1 2023 FY 2022 Chg. (%) Property Development Revenues 20 25 -5 -21.4% Property development EBITDA -14 -9 -5 -57.5% Margin (%) n.a n.a GAV (€m) €1,726m €1,473m +12.0% Bestinver B
Slide 34: Property Development
A C C I O N A H 1 2 0 2 3 R E S U L T S PROPERTY DEVELOPMENT Results affected by seasonality; positive outlook for the whole year Key figures H1 2023 Key highlights H1 2023 ▪ 24 units delivered in H1 2023, versus 108 in H1 2022, affected by seasonality (Million Euro) H1 2023 H1 2022 Chg. Chg. (%) ▪
Slide 35: Bestinver
A C C I O N A H 1 2 0 2 3 R E S U L T S BESTINVER Strong recovery of AUM in H1 2023 Key figures H1 2023 Key highlights H1 2023 (Million Euro) H1 2023 H1 2022 Chg. Chg. (%) ▪ €5.6bn Assets Under Management (AUM) as of June 2023, a 10.4% increase versus December 2022 Revenues 48 55 -7 -13.3% ▪ Bestinv
Slide 36: Appendix
07 APPENDIX
Slide 37: Net Financial Debt
A C C I O N A H 1 2 0 2 3 R E S U L T S NET FINANCIAL DEBT Net financial debt breakdown by nature (€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 37
Slide 38: Debt Maturity & Breakdown
A C C I O N A H 1 2 0 2 3 R E S U L T S DEBT MATURITY & BREAKDOWN Liquidity and gross debt maturity schedule (€m) 6,661 Available 3,560 facilities 1,690 1,851 1,175 1,082 918 947 850 606 275 3,101 Cash Debt breakdown by nature Gross financial debt – Level Gross financial debt – Currency Gross financ
Slide 39: Energy - H1 2023 Results Highlights
A C C I O N A H 1 2 0 2 3 R E S U L T S ENERGY - H1 2023 RESULTS HIGHLIGHTS H1 2023 % Chg. H1 2023 % Chg. (€m) vs H1 2022 (€m) vs H1 2022 Revenues 1,760 -20% Total capacity (MW) 12,267 9% Generation Revenues 903 -24% Consolidated capacity (MW) 10,829 16% EBITDA 686 -25% Total production (GWh) 12,482
Slide 40: Energy - Global Reach Across 5 Continents
A C C I O N A H 1 2 0 2 3 R E S U L T S ENERGY - GLOBAL REACH ACROSS 5 CONTINENTS With presence in 18 countries & 12.3 GW of total installed capacity in H1 2023 Total Installed Total Consolidated OTHER AMERICAS S PA I N ( 5 . 8 G W ) capacity capacity (0.3 GW) 4.7 GW 0.2 GW 12.3 GW 10.8 GW 0.3 GW Me
Slide 41: Energy – Under Construction & Secured Projects
A C C I O N A H 1 2 0 2 3 R E S U L T S ENERGY – UNDER CONSTRUCTION & SECURED PROJECTS MW Scheduled MW Additions per year (1) Asset % ANE Total project Added up to Currently Start const. Technology Country Added 2023 2023 2024 2025 2026 Details name stake capacity Dec 2022 under const. H2 2023 Wind
Slide 42: Energy – Installed Capacity
A C C I O N A H 1 2 0 2 3 R E S U L T S ENERGY – INSTALLED CAPACITY Installed MW (30 June 2023) Total Consolidated Eq. accounted Net Spain 5,807 5,279 252 5,377 Wind 4,681 4,167 246 4,261 Hydro 868 868 0 868 Solar PV 197 183 6 189 Biomass 61 61 0 59 International 6,460 5,550 394 5,225 Wind 4,322 4,0
Slide 43: Energy – Wind – Drivers by Country
A C C I O N A H 1 2 0 2 3 R E S U L T S ENERGY – WIND – DRIVERS BY COUNTRY Wind prices (€/MWh) (1) and Load factors (%) H1 2023 H1 2022 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 106.6 24.0% 169.2 24.2% -37.0% Spain - Regulated 96.4 212.7 -54.7% Spain
Slide 44: Energy – Other Technologies – Drivers by Country
A C C I O N A H 1 2 0 2 3 R E S U L T S ENERGY – OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) H1 2023 H1 2022 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 131.1 22.5% 171.6 26.6% -23.6% Biomass Spain 120.6
Slide 45: New Record Infrastructure Backlog – €22,964m (I)
A C C I O N A H 1 2 0 2 3 R E S U L T S NEW RECORD INFRASTRUCTURE BACKLOG – €22,964m (I) €22,964m of backlog at the end of H1 2023, +4,3% vs FY2022, with high presence in AUS & NZ and Latam Significant new project additions 2023 Construction Concessions Water Urban & Environmental Services 1, Should
Slide 46: New Record Infrastructure Backlog – €22,964m (II)
A C C I O N A H 1 2 0 2 3 R E S U L T S NEW RECORD INFRASTRUCTURE BACKLOG – €22,964m (II) €22,964m of backlog at the end of H1 2023, +4,3% vs FY2022, with high presence in AUS & NZ and Latam Backlog by activities Backlog by region (1) Significant new project additions €31,733m €280m; Philippines Nor
Slide 47: Concessions – Transport & Hospital Concessions Breakdown
A C C I O N A H 1 2 0 2 3 R E S U L T S CONCESSIONS – TRANSPORT & HOSPITAL CONCESSIONS BREAKDOWN Name Description Period Country ACCIONA Status Accounting method Asset type Remodeling, restoration, operation and maintenance of a 76.5km strech of an existing road between km 62 (A-2) and km 139 (borde
Slide 48: Concessions – Details of Water Concessions under IFRIC12
A C C I O N A H 1 2 0 2 3 R E S U L T S CONCESSIONS – DETAILS OF WATER CONCESSIONS UNDER IFRIC12 Nombre Descripción Periodo País ACCIONA Estado Metodología contable Tipo de activo Construcción, explotación y mantenimiento de las inst de depuración de aguas residuales en la "Zona 08B" del Plan de EDA
Slide 49: Sustainable Finance and Ratings
A C C I O N A H 1 2 0 2 3 R E S U L T S SUSTAINABLE FINANCE AND RATINGS SUSTAINABLE FINANCE OPERATIONS ESG RATINGS GREEN FINANCING RATING RATING STATUS S&P CSA Current rating: 88 • Submitted H1 2023 • Results: September Active operations 52 New or re-openings in 2022 6 CDP Climate Current rating: A
Slide 50: Results Presentation
H1 2023– January - June 2 8 th J u l y 2 0 2 3 RESULTS PRESENTATION