Corporacion Acciona Energias Renovables Sa · BME:ANE
Corporacion Acciona Energias Renovables Sa — ACCIONA Energía — FY2025 Earnings Presentation
39 slides from Corporacion Acciona Energias Renovables Sa's earnings presentation, Feb 27, 2026
Slide 1: Results Presentation FY 2025
FY 2025 – January - December 27 February 2026 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S DISCLAIMER This document has been prepared by Corporación Acciona Energías Renovables. S.A. (“ACCIONA Energía” or the “Company” and, together with FORWARD-LOOKING STATEMENTS its subsidiaries, “ACCIONA Energía Group”) exclusively for use during th
Slide 3: Key Highlights & Themes
01 KEY HIGHLIGHTS & THEMES jacciona
Slide 4: Key Highlights FY 2025
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S KEY HIGHLIGHTS FY 2025 €1,546M TOTAL EBITDA WITH LOWER OUTPUT, HIGHER PRICES, AND SUBSTANTIAL ROTATION GAINS › EBITDA target achieved (€1,546m), with EBITDA from Operations delivering €932m and Asset Rotation contributing €614m in line with plan
Slide 5: 2025 at a Glance
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S 2025 AT A GLANCE Operating figures Balance Sheet figures 24.4 GWh €61.9 /MWh 1.3 GW €4.2bn BBB- affirmed Consolidated output Average captured price With FID for 2026-27 Net Financial Debt no › Output impacted by lower resource and a slower ramp-u
Slide 6: Delivering on Asset Rotation Strategy 2024-25
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S DELIVERING ON ASSET ROTATION STRATEGY 2024 -25 ~€2.1bn ✓ ~€3bn €3.2bn closed during 2024-25 value of transactions Asset Rotation Target for (EV) agreed 2024-2025 during 2024-25 ~€1.1bn ~€0.9bn expected to be closed in debt reduction impact 2026 •
Slide 7: 2026 Opportunities & Priorities
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S 2026 OPPORTUNITIES & PRIORITIES Accelerating profitable growth Priorities for 2026 ➢ Acceleration in growth, with improving returns, driven by auctions and ➢ Committed to regaining Fitch Stable outlook during 2026 geographic diversification acros
Slide 8: Business Development Model Transformation
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S BUSINESS DEVELOPMENT MODEL TRANSFORMATION MAXIMISING THE VALUE OF ACCIONA ENERGÍA’S DEVELOPMENT CAPABILITIES Strategic Evolution 22 GW › Evolution from a pure develop-for-own-investment model to a hybrid develop & hold / develop & sell Total pipe
Slide 9: Building a Strong Pipeline of Investments for 2026-27
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S BUILDING A STRONG PIPELINE OF INVESTMENTS FOR 2026 -27 IMPROVING OUTLOOK FOR RENEWABLE ENERGY INVESTMENTS Capacity additions Expected project IRRs 1.3 GW Secured (FID) embedded in this portfolio of projects 685 MW 655 MW Pedro Corto (PV, Dom. Rep
Slide 10: Reduction in Leverage & Credit Rating Protection
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S REDUCTION IN LEVERAGE & CREDIT RATING PROTECTION INDICATIVE 2026 USES & SOURCES › Cash generated from operating activities & asset rotation to fund moderate capex and significant reduction in net debt to achieve credit metric targets › Dividend d
Slide 11: Outlook FY 2026
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S OUTLOOK FY 2026 EBITDA 2026 NET FINANCIAL DEBT ~€1,200m <€3bn Asset Rotation proceeds ~€2bn (€0.9bn from transactions agreed in 2025 & ~€1bn from further asset sales) AVERAGE CAPTURED PRICE CONSOLIDATED OUTPUT NEW INSTALLED CAPACITY INVESTMENT ~€
Slide 12: Financial Information
02 FINANCIAL INFORMATION jacciona
Slide 13: FY 2025 Results Highlights
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S FY 2025 RESULTS HIGHLIGHTS FY 2025 % Chg. % Chg. FY 2025 (€m) vs FY 2024 vs FY 2024 Revenues 2,925 -4% Total capacity (MW) 14,604 -5% Generation Revenues 1,510 -8% Consolidated capacity (MW) 12,882 -5% EBITDA 1,546 38% Total production (GWh) 27,6
Slide 14: FY 2025 ESG Highlights
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S FY 2025 ESG HIGHLIGHTS Key ESG indicators ESG highlights Environmental FY 2025 FY 2024 Chg. ENVIRONMENTAL CAPEX aligned with the low-carbon taxonomy (%) (1) 100% 100% - › 100% of the company’s CAPEX is aligned with the European Taxonomy for Susta
Slide 15: Investment
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S INVESTMENT Gross Ordinary Capex Ordinary Key highlights (Million Euro) Capex Deferral Capex Spain 221 16 238 › Investment related to the construction of new generation assets and significant USA & Canada 82 318 400 capex deferral, which includes
Slide 16: Net Debt Evolution
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation FY 2025 (€m) NET FINANCING OPERATING CF INVESTMENT CF OTHERS CF €373m -€372 -€104m (6) (10) (1,795) (2,213) (1,823) (1,297) (2) (1) Debt associated to work in progress (3) IFRS16 adjustment Derivatives 1
Slide 17: Spain – Revenue Drivers
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S SPAIN – REVENUE DRIVERS Consolidated output (GWh) Generation revenues (€m) -36% -24% -24% %Chg. vs FY 2024 %Chg. vs FY 2024 -24% -26% -43% 16% 16% +29% 47% 60% -5% 37% 24% Average achieved prices – regulated vs. wholesale (€/MWh) %Chg. vs FY 2024
Slide 18: Spain – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S SPAIN – OPERATING RESULTS Key figures FY 2025 EBITDA evolution (€m) (Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) -26.1% Generation 648 855 -207 -24.2% Intragroup adjust., Supply & Other 993 1,034 -41 -4.0% Revenues 1,641 1,889 -248 -13.1% Ge
Slide 19: International – Revenue Drivers
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Generation revenues (€m) +26% +4% +10% +12% %Chg. vs FY 2024 %Chg. vs FY 2024 +84% -16% +46% 28% +13% 20% -22% 15% +21% 10% +44% 10% 10% 19% +15% 30% 36% 22% Average achieved prices (€/MWh
Slide 20: International – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S INTERNATIONAL – OPERATING RESULTS Key figures FY 2025 EBITDA evolution (€m) -0.3% (Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Generation 862 782 81 10.3% USA & Canada 192 167 24 14.6% Mexico 255 211 44 21.0% Chile 89 114 -25 -22.1% Australi
Slide 21: Appendix
03 APPENDIX
Slide 22: ACCIONA Energía – Operating Results
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S ACCIONA ENERGÍA – OPERATING RESULTS Key figures FY 2025 EBITDA evolution (€m) (Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Generation Spain 648 855 -207 -24.2% -11.2% Generation International 862 782 81 10.3% Intragroup adjust., Supply & Oth
Slide 23: Net Financial Debt
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S NET FINANCIAL DEBT Average Average debt Av. maturity Net financial debt breakdown (€m) cost of debt maturity (years) Credit Lines (years) Project Debt Corporate Debt Debt breakdown by nature Gross financial debt – Level Gross financial debt – Cur
Slide 24: Debt Maturity & Liquidity
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 2,902 Available facilities 1,292 553 593 590 615 407 Cash 107 24
Slide 25: Commercial Policy/Hedges Spain
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S COMMERCIAL POLICY/HEDGES SPAIN SPANISH CONSOLIDATED OUTPUT 2022-26 (TWH) 87% 78% 80% 84% ~75% Contracted vs. Wholesale 11.1 TWh 10.1 TWh 9.3 TWh €62 MWh €79 8.4 TWh €167 ~8.5 TWh MWh MWh €89 €74 MWh MWh ~€50-55 2026: Assumes Spanish pool price at
Slide 26: Global Reach Across 5 Continents
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S GLOBAL REACH ACROSS 5 CONTINENTS With presence in 22 countries & 14.6 GW of total installed capacity in FY 2025 (1) OTHER AMERICAS Total Installed Total Consolidated (0.8 GW) SPAIN (4.8 GW) capacity capacity 0.5 GW Forty Mile 63 MW 4.2 GW Rep. Ta
Slide 27: Under Construction & Committed Projects
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S UNDER CONSTRUCTION & COMMITTED PROJECTS (1) MW Scheduled MW Additions % ANE Total project Added Currently Country Technology Asset name 2026 2027 Details stake capacity 2025 under const. Croatia PV Promina 100% 190 48 142 Croatian renewable aucti
Slide 28: Capex & Commodity Price Evolution
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S CAPEX & COMMODITY PRICE EVOLUTION Representative CAPEX costs in the market (1) Commodity price inflation (indexed to 100) (€m/MW, z €m/MWh for BESS) z 1. Capex costs do not include development costs/fees 28
Slide 29: Energy Resource in Context: P50 Deviation
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S ENERGY RESOURCE IN CONTEXT P50 Deviation 29
Slide 30: Installed Capacity
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S INSTALLED CAPACITY Installed MW (31 December 2025) Total Consolidated Eq. accounted Net Spain 4,759 4,231 252 4,328 Wind 4,248 3,735 246 3,829 Hydro 64 64 0 64 Solar PV 333 318 6 324 Biomass 111 111 0 109 Storage 2 2 0 2 International 9,845 8,651
Slide 31: Equity Accounted Capacity
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S EQUITY ACCOUNTED CAPACITY Proportional figures (31 December 2025) MW GWh EBITDA (€m) NFD (€m) Wind Spain 246 545 25 -19 Wind International 96 234 1 -9 Australia 31 76 1 -9 Vietnam 42 95 0 0 USA 22 63 0 0 Solar PV 301 486 18 104 Total equity accou
Slide 32: Equity Accounted Contribution to EBITDA
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S EQUITY ACCOUNTED CONTRIBUTION TO EBITDA (Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Spain 12 5 7 134.1% International -8 -10 2 23.0% Hungary 0 0 0 Egypt 3 1 2 USA 0 -1 1 Mexico -10 -11 1 Australia 0 1 -2 Total Generation EBITDA equity accou
Slide 33: Spain – Achieved Prices
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S SPAIN – ACHIEVED PRICES Consolidated Achieved price (€/MWh) Revenues (€m) production Market Rinv+Ro Banding Total Market Rinv+Ro Banding Total (GWh) FY 2025 Regulated 1,996 68.1 15.9 37.0 121.0 136 32 74 242 Wholesale - hedged 5,060 60.0 60.0 304
Slide 34: Wind – Drivers by Country
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S WIND – DRIVERS BY COUNTRY FY 2025 FY 2024 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 68.6 23.0% 78.6 22.3% -12.7% Spain - Regulated 97.2 114.8 -15.4% Spain - Not regulated 60.8 68.6 -11.3% Canada 36
Slide 35: Other Technologies – Drivers by Country
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) (1) FY 2025 FY 2024 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 95.7 22.6% 89.7 34.0% 6.7% Biomass Spain 1
Slide 36: Sustainable Finance
A C C I O N A E N E R G Í A F Y 2 0 2 5 E S G R E S U L T S SUSTAINABLE FINANCE Live Total (1) 2025 new 2025 new Types of financing instruments amount instruments (#) amount (€m) (#) (€m) Green UoP (type I) 2 418 8 2,697 Green Finance - - 6 1,910 Green UoP + Local Impact (type II) Sustainability-Lin
Slide 37: Spain – Market Overview
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Jan-Dec Electricity demand 2025 65.3 +3.56% 2024 2025 2024 63.0 233.6 240.3 (TWh) +2.9% 10 .3 111.2 104.4 9 .7 2 000 91.1 202 2025 75.7 22 000 77.9 72. 70.0 72. 5 . 20 000 53.1 72.3 1 000 74.1
Slide 38: International – Market Overview
A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) 2 0 75 2 0 65 200 Monthly emand (GW) 55 /MWh 160 5 S /MWh - A 120 5 0 25 15 0 5 an-25 Feb-25 Mar-25 Apr-25 May-25 un-25 ul-25 Aug-25 Sep-25 Oct-25 Nov-25 ec-25 0 an-2 Feb-2 Mar
Slide 39: Results Presentation
FY 2025 – January - December 27 February 2026 RESULTS PRESENTATION