Acciona Sa · BME:ANA
Acciona Sa — FY 2025 Earnings Presentation
79 slides from Acciona Sa's earnings presentation, Feb 27, 2026
Slide 1: FY 2025 Results Presentation
A C C I O N A F Y 2 0 2 5 R E S U L T S FY 2025 – January – December 2 7 th F e b r u a r y 2 0 2 6 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A F Y 2 0 2 5 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
A C C I O N A F Y 2 0 2 5 R E S U L T S TABLE OF CONTENT 1 Introductory remarks 4 2 Key Highlights & Themes 7 2.1. ACCIONA Energía 8 2.2 Infrastructure, Nordex & Other Activities 17 3 Group Financial Information 21 3.1. ACCIONA Energía 26 3.2. Infrastructure 35 3.3. Nordex 45 3.4. Other Activities 4
Slide 4: Introductory Remarks
A C C I O N A F Y 2 0 2 5 R E S U L T S 01 INTRODUCTORY REMARKS
Slide 5: Global Infrastructure Supercycle
A C C I O N A F Y 2 0 2 5 R E S U L T S GLOBAL INFRASTRUCTURE SUPERCYCLE NAVIGATING A PERIOD OF HEIGHTENED VOLATILITY GEOPOLITICAL TENSIONS RENEWABLES RAPID URBANIZATION DEVELOPMENT $106 TRILLION FINANCIAL STRAINS TRANSPORT INVESTMENT IN ENERGY TRANSITION ENGINEERING & CONSTRUCTION MULTIPLE INFRA SO
Slide 6: FY 2025 Highlights
A C C I O N A F Y 2 0 2 5 R E S U L T S FY 2025 HIGHLIGHTS ACCIONA ENERGÍA 14.6GW TOTAL INSTALLED CAPACITY NORDEX €16bn BACKLOG INFRA #1EUROPEAN WIND OEM €3.2bn €120bn EBITDA BACKLOG LIVING €1.6bn BESTINVER GAV €8bn AUM 6
Slide 7: Key Highlights & Themes
A C C I O N A F Y 2 0 2 5 R E S U L T S 02 KEY HIGHLIGHTS & THEMES
Slide 8: ACCIONA Energía
A C C I O N A F Y 2 0 2 5 R E S U L T S 2.1 ACCIONA Energía
Slide 9: Key Highlights FY 2025
A C C I O N 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 › Strong year
Slide 10: 2025 at a Glance
A C C I O N 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-up of newly com
Slide 11: Delivering on Asset Rotation Strategy 2024-25
A C C I O N 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 • Five transact
Slide 12: 2026 Opportunities & Priorities
A C C I O N 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 across different ma
Slide 13: Business Development Model Transformation
A C C I O N 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 pipeline platform
Slide 14: Building a Strong Pipeline of Investments for 2026-27
A C C I O N 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. Republic) Senda y
Slide 15: Reduction in Leverage & Credit Rating Protection
A C C I O N 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 distribution wi
Slide 16: Outlook FY 2026 - ACCIONA Energía
A C C I O N A F Y 2 0 2 5 R E S U L T S OUTLOOK FY 2026 -ACCIONA Energía 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 17: Infrastructure, Nordex & Other Activities
A C C I O N A F Y 2 0 2 5 R E S U L T S 2.2 INFRASTRUCTURE, NORDEX & OTHER ACTIVITIES
Slide 18: Infrastructure 2025 Highlights 2026 Priorities
A C C I O N A F Y 2 0 2 5 R E S U L T S INFRASTRUCTURE 2025 HIGHLIGHTS ➢ Sustained profitability in Construction based on a healthy backlog ➢ ~50% growth in Water EBITDA and preferred bidder for a major contract in Brazil – Pernambuco 2026 PRIORITIES ➢ Strong commitment to Concessions: Signing of th
Slide 19: Nordex 2025 Highlights 2026 Priorities
A C C I O N A F Y 2 0 2 5 R E S U L T S NORDEX 2025 HIGHLIGHTS ➢ All financial and operational targets achieved (or exceeded) –reaching mid-term EBITDA margin target ➢ Increasing market share: #1 industry leader in Europe (48% market share) and #2 globally (ex- China) 2026 PRIORITIES ➢ €6bn Services
Slide 20: Other Activities: Living and Bestinver Highlights
A C C I O N A F Y 2 0 2 5 R E S U L T S OTHER ACTIVITIES LIVING 2025 HIGHLIGHTS 2026 PRIORITIES ➢ Maintain the level of between 1,000 and ➢ 1,244 units delivered, meeting guidance & 1,200 annual deliveries optimizing selling record EBITDA processes ➢ Disposal of non-strategic land plots & Ombú offic
Slide 21: Group Financial Information
A C C I O N A F Y 2 0 2 5 R E S U L T S 03 GROUP FINANCIAL INFORMATION
Slide 22: Financial Results Highlights – FY 2025
A C C I O N A F Y 2 0 2 5 R E S U L T S FINANCIAL RESULTS HIGHLIGHTS – FY 2025 FY 2025 % Chg. FY 2025 FY 2024 (€m) Vs FY 2024 (€m) (€m) Revenues 20,236 5% Net Investment Cashflow 1,074 2,401 EBITDA 3,211 31% EBT 1,392 82% Net Financial Debt 6,989 7,128 (1) Attributable net profit 803 90% NFD/EBITDA
Slide 23: ESG Results Highlights – FY 2025
A C C I O N A F Y 2 0 2 5 R E S U L T S ESG RESULTS HIGHLIGHTS – FY 2025 ESG highlights Key ESG indicators Social Social FY 2025 FY 2024 % Chg. ▪ Workforce scaled with growth; diversity progress was mixed: average workforce increased by +2,481 Workforce (FTE) 68,502 66,021 3.8% FTEs (+3.76%), mainly
Slide 24: Investment by Division
A C C I O N A F Y 2 0 2 5 R E S U L T S INVESTMENT BY DIVISION (Million Euro) FY 2025 FY 2024 • Australia: Aldoga & MacIntyre Energy 1,437 1,538 €1,437m • USA & Canada: Green Pastures & Forty Mile • Rest of the World: Kalayaan (Philippines), Tahivilla repowering & Infrastructure 624 898 Logrosán bio
Slide 25: Net Debt Evolution
A C C I O N A F Y 2 0 2 5 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation FY 2025 (€m) OPERATING CF NET INVESTMENT CF FINANCING/OTHERS CF €2,026m -€1,074m -€830m (43) (131) (2,696) (2,997) (3,288) (3,198) (1) Debt associated to work in progress IFRS16 adjustment Derivatives (1) Debt that re
Slide 26: ACCIONA Energía
A C C I O N A F Y 2 0 2 5 R E S U L T S 3.1 ACCIONA Energía
Slide 27: FY 2025 Results Highlights
A C C I O N 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) 27,648 4% EBITDA f
Slide 28: FY 2025 ESG Highlights
A C C I O N 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 Sustainable Activit
Slide 29: Investment
A C C I O N 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 the payment fo
Slide 30: Net Debt Evolution
A C C I O N 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. IFRS16 liabi
Slide 31: Spain – Revenue Drivers
A C C I O N 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 Average achie
Slide 32: Spain – Operating Results
A C C I O N 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% Generation 330 4
Slide 33: International – Revenue Drivers
A C C I O N 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) %Chg. vs FY
Slide 34: International – Operating Results
A C C I O N 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% Australia 89 61 28 46.
Slide 35: Infrastructure
A C C I O N A F Y 2 0 2 5 R E S U L T S 3.2 INFRASTRUCTURE
Slide 36: Infrastructure - Financial Figures FY 2025
A C C I O N A F Y 2 0 2 5 R E S U L T S INFRASTRUCTURE - FINANCIAL FIGURES FY 2025 Key figures FY 2025 EBITDA evolution (€m) (Million Euro) FY 2025 FY 2024 Chg.(€m) Chg. (%) Construction Revenues 6,949 6,680 268 4.0% EBITDA 478 472 6 1.3% Margin (%) 6.9% 7.1% +5.1% Concessions Revenues 175 86 89 102
Slide 37: Infrastructure – Backlog Breakdown
A C C I O N A F Y 2 0 2 5 R E S U L T S INFRASTRUCTURE – BACKLOG BREAKDOWN Global Backlog Chg. (%) Aggregate Backlog (2) Chg. (%) Backlog by activities €120,591m Dec 2025 Dec 2025 31-Dec-25 31-Dec-24 31-Dec-25 31-Dec-24 vs. Dec 2024 vs. Dec 2024 Construction D&C 18,090 17,637 3% 18,213 17,703 3% Wat
Slide 38: Construction
A C C I O N A F Y 2 0 2 5 R E S U L T S CONSTRUCTION Key figures FY 2025 Key highlights FY 2025 (Million Euro) FY 2025 FY 2024 Chg. Chg. (%) ▪ Profitability resilience and stable EBITDA margin around 7% as a result of project Revenues 6,949 6,680 268 4.0% selectivity, technical excellence and risk c
Slide 39: Concessions
A C C I O N A F Y 2 0 2 5 R E S U L T S CONCESSIONS Key figures FY 2025 Key highlights FY 2025 ▪ Young (90% under construction) portfolio with limited profit & loss impact but (Million Euro) FY 2025 FY 2024 Chg. Chg. (%) strong cash-flow potential Revenues 175 86 89 102.7% ▪ Sales grew by 102.7% and
Slide 40: Water
A C C I O N A F Y 2 0 2 5 R E S U L T S WATER Key figures FY 2025 Key highlights FY 2025 ▪ Remarkable +16.5% in revenues and +~50% in EBITDA, driven by the efficient and (Million Euro) FY 2025 FY 2024 Chg. Chg. (%) faster-than-expected execution of key projects, such as Collahuasi and Casablanca Rev
Slide 41: Emerging as a Leading Force in Global Concessions
A C C I O N A F Y 2 0 2 5 R E S U L T S EMERGING AS A LEADING FORCE IN GLOBAL CONCESSIONS Recent awards positions ACCIONA among the most active greenfield Infra developers worldwide Our portfolio has increased in scale and value… 2025 Milestones › Closed SR400 Express Lanes, Georgia › Pre-qualified
Slide 42: Business Model & Growth Opportunities
A C C I O N A F Y 2 0 2 5 R E S U L T S BUSINESS MODEL & GROWTH OPPORTUNITIES Large-scale opportunities with significant equity commitments, primarily concentrated in the United States BUSINESS MODEL GROWTH OPORTUNITIES ➢ Operating as an integrated development and asset platform, ➢ Identified pipeli
Slide 43: Infrastructure – Concession Assets
A C C I O N A F Y 2 0 2 5 R E S U L T S INFRASTRUCTURE – CONCESSION ASSETS We currently manage 78 assets in 11 countries, representing a total investment of over €36bn # assets NORTH AMERICA EUROPE Transport 10 4 assets 42 assets 39% total equity 4% total equity Water 54 Health and others 3 Noruega.
Slide 44: Infrastructure – Investments in Concession Assets
A C C I O N A F Y 2 0 2 5 R E S U L T S INFRASTRUCTURE – INVESTMENTS IN CONCESSION ASSETS EQUITY COMMITMENTS 2026-2035 (€M) T R A N S P O R TAT I O N , H O S P I TA L AND TRANSMISSION LINES €1.9bn committed (2026 to 2035) 2,749 €29.6bn (1) o Dividends and cash distributions for ACCIONA: €51.8bn o Ba
Slide 45: Nordex
A C C I O N A F Y 2 0 2 5 R E S U L T S 3.3 NORDEX
Slide 46: Nordex
A C C I O N A F Y 2 0 2 5 R E S U L T S NORDEX Key figures FY 2025 – Nordex reported Key highlights FY 2025 (Million Euro) FY 2025 FY 2024 Chg.(€m) Chg. (%) ▪ Nordex’s revenues in 2025 increased by 3.5% to €7,554m, in line with company guidance Revenues 7,554 7,299 255 3.5% ▪ EBITDA reported by Nord
Slide 47: Other Activities
A C C I O N A F Y 2 0 2 5 R E S U L T S 3.4 OTHER ACTIVITIES
Slide 48: Living (Property Development)
A C C I O N A F Y 2 0 2 5 R E S U L T S LIVING (Property Development) Key figures FY 2025 Key highlights FY 2025 ▪ EBITDA almost doubled versus 2024, supported by unit deliveries (1,244 units) the disposal of non-strategic land plots, the sale of the Ombú office building in Madrid and (Million Euro)
Slide 49: Bestinver
A C C I O N A F Y 2 0 2 5 R E S U L T S BESTINVER Key figures FY 2025 Key highlights FY 2025 ▪ Solid performance in the year. Revenues increased by 4.4% and EBITDA grew by 8%, to €55m, driven by the growth in Average Assets Under Management (+9.8% vs. FY24) and with positive net inflows for another
Slide 50: Outlook
A C C I O N A F Y 2 0 2 5 R E S U L T S 04 OUTLOOK
Slide 51: 2026 Group Outlook
A C C I O N A F Y 2 0 2 5 R E S U L T S 2026 GROUP OUTLOOK INVESTMENT CASHFLOW €2.2 - €2.5bn of which ACCIONA Energía ~ €900m EBITDA NET DEBT / EBITDA ~€2.8-3.1bn <3x ACCIONA Energía Net Debt <€3bn of which ACCIONA Energía ~€1.2bn DIVIDEND DPS: €5.65 to be paid in 2026, +7.6% vs. 2025 Stable dividen
Slide 52: Appendix (I)
A C C I O N A F Y 2 0 2 5 R E S U L T S 05 APPENDIX (I)
Slide 53: Net Financial Debt
A C C I O N A F Y 2 0 2 5 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 53
Slide 54: Debt Maturity & Breakdown
A C C I O N A F Y 2 0 2 5 R E S U L T S DEBT MATURITY & BREAKDOWN Liquidity and gross debt maturity schedule (€m) 10,635 Available facilities 1,889 1,961 1,833 1,863 2,083 1,509 976 Cash Debt breakdown by nature Gross financial debt – Level Gross financial debt – Currency Gross financial debt – Inte
Slide 55: Infrastructure: Main Construction Projects
A C C I O N A F Y 2 0 2 5 R E S U L T S INFRASTRUCTURE: MAIN CONSTRUCTION PROJECTS EUROPE NORTH AMERICA North London Heat and Power Project: €954m (100%) Apulia Aqueduct Networks Lots 4, 6 y 7: €256m (100%) I-10 Calcasieu River Bridge: €2,059m (50%) Moss Railway: €654m (45%) Palma de Mallorca Airpor
Slide 56: Concessions – Assets Concessions Excluding Water
A C C I O N A F Y 2 0 2 5 R E S U L T S CONCESSIONS – ASSETS CONCESSIONS EXCLUDING WATER 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 (border of pro
Slide 57: Concessions – Main Water Assets
A C C I O N A F Y 2 0 2 5 R E S U L T S CONCESSIONS – MAIN WATER ASSETS CONCESSIONS Name Description Period Country ACCIONA Status Accounting method Asset type EDAR 8B Construction, operation and maintenance of the wastewater treatment plant "08B Zone" of Aragon 2008 - 2031 Spain 100% In operation F
Slide 58: Infrastructure – Concessions Under Construction Calendar
A C C I O N A F Y 2 0 2 5 R E S U L T S INFRASTRUCTURE – CONCESSIONS UNDER CONSTRUCTION CALENDAR Period Type of Country Project 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 (Construction + Year of maturity Asset Operation) Brazil Line 6 Financial asset 24 years (2020-2044) 2044 USA I10 Both met
Slide 59: Sustainable Finance
A C C I O N A F Y 2 0 2 5 R E S U L T S SUSTAINABLE FINANCE Gross Corporate Debt Financing carried out in 2025 according to SIFF 2025 Instruments Outstanding 2025 Amount Total Outstanding Type of Financing €10,113m 15% (#) Instruments (#) (€m) Amount (€m) Green/Sust. Linked Corporate Debt Convention
Slide 60: Sustainable Finance – ESG Ratings
A C C I O N A F Y 2 0 2 5 R E S U L T S SUSTAINABLE FINANCE ESG RATINGS Rating Agency Rating Scale Score Change Ind Average Industry Score Ind Average Industry 0 to 100 86 41 Elec. Utilities D- to A A C Construction A C Elec. Utilities 32.4 100 to 0 32.3 High Risk Multi Utilities 12.2 Low Risk Renew
Slide 61: Appendix (II) ACCIONA Energía FY 2025 Results
A C C I O N A F Y 2 0 2 5 R E S U L T S 06 APPENDIX (II) ACCIONA Energía FY 2025 Results
Slide 62: ACCIONA Energía – Operating Results
A C C I O N 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 & Other 1,414 1,412
Slide 63: Net Financial Debt
A C C I O N 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 – Currency Gross fi
Slide 64: Debt Maturity & Liquidity
A C C I O N 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 64
Slide 65: Commercial Policy/Hedges Spain
A C C I O N 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 €55-60/MWh –
Slide 66: Global Reach Across 5 Continents
A C C I O N 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. Tahivilla 84MW 0
Slide 67: Under Construction & Committed Projects
A C C I O N 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 auction Dominican R
Slide 68: Capex & Commodity Price Evolution
A C C I O N 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 68
Slide 69: P50 Deviation
A C C I O N A F Y 2 0 2 5 R E S U L T S ENERGY RESOURCE IN CONTEXT P50 Deviation 69
Slide 70: Installed Capacity
A C C I O N 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 8,651 391 8,227 Win
Slide 71: Equity Accounted Capacity
A C C I O N 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 accounted 643 1,265
Slide 72: Equity Accounted Contribution to EBITDA
A C C I O N 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 accounted (1) 4 -5
Slide 73: Spain – Achieved Prices
A C C I O N 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 60.0 304 304 Wholesale
Slide 74: Wind – Drivers by Country
A C C I O N 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 36.0 25.4% 56.6
Slide 75: Other Technologies – Drivers by Country
A C C I O N 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 152.7 80.0% 152
Slide 76: Sustainable Finance
A C C I O N A F Y 2 0 2 5 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-Linked (type III) - - -
Slide 77: Spain – Market Overview
A C C I O N 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% 108.3 111.2 104.4 96.7 24,000 91.1 2024 2025 75.7 22,000 77.9 72.6 70.0 72.6 58.6 20,000 53.1 72.3 18,000 74.1 68.4 68.
Slide 78: International – Market Overview
A C C I O N A F Y 2 0 2 5 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) 280 75 240 65 200 Monthly Demand (GW) 55 SD/MWh - A D/MWh 160 45 120 35 80 25 15 40 5 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Slide 79: Results Presentation
A C C I O N A F Y 2 0 2 5 R E S U L T S FY 2025 – January – December 2 7 th F e b r u a r y 2 0 2 6 RESULTS PRESENTATION