Acciona Sa · BME:ANA
Acciona Sa — H1 2026 Earnings Presentation
76 slides from Acciona Sa's earnings presentation, Jul 30, 2026
Slide 1: H1 2026 Results Presentation
A C C I O N A H 1 2 0 2 6 R E S U L T S H1 2026 – January – June 3 0 th J u l y 2 0 2 6 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A H 1 2 0 2 6 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 H 1 2 0 2 6 R E S U L T S TABLE OF CONTENT 1 INTRODUCTORY REMARKS 4 2 KEY HIGHLIGHTS & THEMES 8 2.1. ACCIONA ENERGÍA 10 3 GROUP FINANCIAL INFORMATION 18 3.1. ACCIONA ENERGÍA 23 3.2. INFRASTRUCTURE 32 3.3. NORDEX 42 3.4. OTHER ACTIVITIES 44 4 OUTLOOK 47 5 APPENDIX (I) 49 6 APPENDIX ACCI
Slide 4: Introductory Remarks
A C C I O N A H 1 2 0 2 6 R E S U L T S 01 INTRODUCTORY REMARKS
Slide 5: Infrastructure: The Cycle
A C C I O N A H 1 2 0 2 6 R E S U L T S THE CYCLE I n f r a s t r u c t u r e i s n a t i o n a l a n d e c o n o m i c security Structural forces Geopolitics · Technology Global infrastructure investment n e e d s b y 2 0 4 0 : $106Tn The constraint is not demand or capital. I t i s execution 5
Slide 6: Energy: Capital shifting toward electrification, grids & storage
A C C I O N A H 1 2 0 2 6 R E S U L T S ENERGY Capital shifting toward electrification, grids & storage Price volatility a n d e x t r e m e p r i c e e v e n t s c o n t i n u e t o r i s e A I - d r i v e n d a t a c e n t e r demand i s p u t t i n g u p w a r d p r e s s u r e o n P P A prices B
Slide 7: H1 2026 at a Glance
A C C I O N A H 1 2 0 2 6 R E S U L T S H1 2026 AT A GLANCE ACCIONA Energía INFRASTRUCTURE NORDEX Delivering Decades of visibility Europe's wind champion • FY 2026 Outlook reaffirmed • Record backlog and pipeline • 4.9 GW new orders • Asset rotation progress • EBITDA +12% • Ramp-up in North America
Slide 8: Key Highlights & Themes
A C C I O N A H 1 2 0 2 6 R E S U L T S 02 KEY HIGHLIGHTS & THEMES
Slide 9: ACCIONA: Key Highlights H1 2026
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA: KEY HIGHLIGHTS H1 2026 ENERGY › H1 2026 performance remains in line with full-year targets, with stronger-than-expected captured prices in International, in line with H1 2025, partially offsetting lower domestic prices. EBITDA to be more heavily weigh
Slide 10: ACCIONA Energía
A C C I O N A H 1 2 0 2 6 R E S U L T S 2.1 ACCIONA Energía
Slide 11: ACCIONA Energía: Key Highlights H1 2026
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: KEY HIGHLIGHTS H1 2026 H1 ALIGNED WITH 2026 TARGETS › H1 operational performance aligned with full-year targets, with better than expected captured pricing offsetting softer production. 2026 results expected to be back-end loaded given strong
Slide 12: Delivering on 2026 Priorities
A C C I O N A H 1 2 0 2 6 R E S U L T S DELIVERING ON 2026 PRIORITIES KEY PRIORITIES OUTLINED FOR 2026 AND RELEVANT MILESTONES ACHIEVED Deleveraging Delivery of key projects as planned › Two additional transactions closed in July securing >€500m › MacIntyre to reach 70-80% total capacity in operatio
Slide 13: Sale of 361 MW Wind and 64 MW Hydro Portfolio (Spain)
A C C I O N A H 1 2 0 2 6 R E S U L T S SALE OF 361 MW WIND AND 64 MW HYDRO PORTFOLIO (SPAIN) 1 MW hydro 72 MW wind 63 MW hydro HYDRO TRANSACTION OVERVIEW WIND TRANSACTION OVERVIEW › On 2 July 2026, ACCIONA Energía and 86 MW › On 27 July 2026, ACCIONA Energía and White Summit Capital closed the sale
Slide 14: Asset Rotation Progress
A C C I O N A H 1 2 0 2 6 R E S U L T S ASSET ROTATION PROGRESS ILUSTRATIVE TIMING 2024 -2025 2026 Q4 12 nov. 24 26 feb. 25 25 jun. 25 17 sep. 25 3 dic. 25 175 MW hydro Spain - Elawan 64 MW mini-hydro 361 MW wind Spain - White Summit Capital Spain – Galp New Energies 626 MW hydro Spain - Endesa 138
Slide 15: Securing Opportunities in a Favorable Market
A C C I O N A H 1 2 0 2 6 R E S U L T S SECURING OPPORTUNITIES IN A FAVORABLE MARKET RECENT RELEVANT INVESTMENT APPROVALS Malgarida BESS El Romero BESS Fleming PV Bani PV › Hybridisation of Malgarida PV plant, › Hybridisation of El Romero PV plant, › Located in Kentucky, USA › Located in the Dominic
Slide 16: Increasing Visibility of Mid-Term Capacity Additions
A C C I O N A H 1 2 0 2 6 R E S U L T S INCREASING VISIBILITY OF MID -TERM CAPACITY ADDITIONS CAPACITY ADDITIONS - 2026 CAPACITY ADDITIONS - 2027 1,148 MW 650-700 MW Hibridación El Romero 196 MW ~400-450 MW Benante 50 MW Panbianco 101 MW 200 MW Malgarida Fleming 235 MW 21 MW AC8 71 MW Kalayaan II AC
Slide 17: ACCIONA Energía: Maintaining Outlook FY 2026
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: MAINTAINING OUTLOOK FY 2026 E B I T DA: ~ € 1, 200 m I NVEST MENT: ~ € 0. 9 b n NE T F I NANCI AL D E BT: < € 3 b n 17
Slide 18: Group Financial Information
A C C I O N A H 1 2 0 2 6 R E S U L T S 03 GROUP FINANCIAL INFORMATION
Slide 19: Financial Results Highlights – H1 2026
A C C I O N A H 1 2 0 2 6 R E S U L T S FINANCIAL RESULTS HIGHLIGHTS – H1 2026 H1 2026 % Chg. H1 2026 H1 2025 (€m) Vs H1 2025 (€m) (€m) Revenues 10,142 10% Ordinary Capex 743 1,242 EBITDA 1,153 -26% Property Development -17 73 Energy 388 -57% Divestments 0 -599 Infrastructure 384 12% Net investment
Slide 20: ESG Results Highlights – H1 2026
A C C I O N A H 1 2 0 2 6 R E S U L T S ESG RESULTS HIGHLIGHTS – H1 2026 Key ESG indicators ESG highlights Social H1 2026 H1 2025 % Chg. Social Workforce (FTE) 69,695 67,847 2.7% ▪ Workforce: Workforce growth was mainly concentrated in markets linked to the progress of strategic Women in executive a
Slide 21: Investment by Division
A C C I O N A H 1 2 0 2 6 R E S U L T S INVESTMENT BY DIVISION (Million Euro) H1 2026 H1 2025 Energy 324 935 €324m Mainly: • South Africa: Zen & Bergriver & Wolseley windfarm Infrastructure 286 245 • Peru: San José PV Plant • Spain: Logrosan biomass plant & Senda y Camino windfarm Construction 72 13
Slide 22: Net Debt Evolution
A C C I O N A H 1 2 0 2 6 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation H1 2026 (€m) OPERATING CF NET INVESTMENT CF FINANCING/OTHERS CF -€132m -€726m -€383m (139) (131) (3,039) (2,696) (3,288) (4,177) (1) Debt associated to work in progress IFRS16 adjustment Derivatives (1) Debt that refl
Slide 23: ACCIONA Energía
A C C I O N A H 1 2 0 2 6 R E S U L T S 3.1 ACCIONA ENERGÍA
Slide 24: ACCIONA Energía: H1 2026 Results Highlights
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: H1 2026 RESULTS HIGHLIGHTS H1 2026 % Chg. % Chg. H1 2026 (€m) vs H1 2025 vs H1 2025 Revenues 1,288 -12% Total capacity (MW) 14,699 -3% Generation Revenues 687 -10% Consolidated capacity (MW) 13,127 -2% EBITDA 388 -57% Total production (GWh) 14
Slide 25: ACCIONA Energía: H1 2026 ESG Highlights
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: H1 2026 ESG HIGHLIGHTS Key ESG indicators ESG highlights Environmental H1 2026 H1 2025 Chg. ENVIRONMENTAL CAPEX aligned with the low-carbon taxonomy (%) (1) 100% 100% +0pp › 100% of CAPEX is aligned with the EU Taxonomy for Sustainable Activit
Slide 26: ACCIONA Energía: Investment
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: INVESTMENT Gross Ordinary Capex Ordinary (Million Euro) Capex Deferral Capex Spain 29 42 71 USA & Canada -27 7 -20 Mexico 6 0 6 Chile 74 -63 10 Other Americas 50 20 70 Americas 102 -36 66 Australia 66 27 93 Rest of Europe 29 -14 15 Rest of the
Slide 27: ACCIONA Energía: Net Debt Evolution
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: NET DEBT EVOLUTION Net debt reconciliation H1 2026 (€m) NET FINANCING OPERATING CF INVESTMENT CF OTHERS CF €160m -€324m -€135m (25) (6) (2,126) (1,795) (1,771) (1,823) (2) (1) Debt associated to work in progress (3) IFRS16 liability Derivative
Slide 28: ACCIONA Energía: Spain – Revenue Drivers
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: SPAIN – REVENUE DRIVERS Consolidated output (GWh) Generation revenues (€m) %Chg. vs H1 2025 +33% -9% %Chg. vs H1 2025 -19% -33% -32% -20% 239 53 28% 109 22% -41% 50% 45% -14% 78 22% 33% Regulated Wholesale - Wholesale - Total Hedged Unhedged R
Slide 29: ACCIONA Energía: Spain – Operating Results
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: SPAIN – OPERATING RESULTS Key figures H1 2026 EBITDA evolution (€m) (Million Euro) H1 2026 H1 2025 Chg. (€m) Chg. (%) -52.9% Generation 239 358 -119 -33.2% Intragroup adjust., Supply & Other 401 488 -88 -18.0% Revenues 640 847 -207 -24.4% Gene
Slide 30: ACCIONA Energía: International – Revenue Drivers
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Generation revenues (€m) +12% -8% +10% +0% %Chg. vs H1 2025 %Chg. vs H1 2025 +87% -10% +93% 24% 17% +5% +30% 19% 15% +5% +5% 8% 12% 19% +1% 27% 37% 21% Average achieved prices (€/MWh) %
Slide 31: ACCIONA Energía: International – Operating Results
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: INTERNATIONAL – OPERATING RESULTS Key figures H1 2026 EBITDA evolution (€m) (Million Euro) H1 2026 H1 2025 Chg. (€m) Chg. (%) Generation 447 405 42 10.3% +5.8% USA & Canada 96 95 1 1.3% Mexico 119 114 5 4.5% Chile 55 43 13 29.6% Australia 67 3
Slide 32: Infrastructure
A C C I O N A H 1 2 0 2 6 R E S U L T S 3.2 INFRASTRUCTURE
Slide 33: Infrastructure - Financial Figures H1 2026
A C C I O N A H 1 2 0 2 6 R E S U L T S INFRASTRUCTURE - FINANCIAL FIGURES H1 2026 Key figures H1 2026 EBITDA evolution (€m) (Million Euro) H1 2026 H1 2025 Chg.(€m) Chg. (%) Construction Revenues 3,681 3,310 372 11.2% EBITDA 270 241 28 11.6% +12.0% Margin (%) 7.3% 7.3% Water Revenues 740 645 94 14.6
Slide 34: Infrastructure – €22,429m D&C & O&M Backlog
A C C I O N A H 1 2 0 2 6 R E S U L T S INFRASTRUCTURE – €22,429m D&C & O&M BACKLOG RISK PROFILE €22,667m €22,429m 85% of contracts with risk- mitigating €22,429m mechanisms -1.1% SOLUTIONS €22,429m 31- Dec-25 30-Jun-26 GEOGRAPHIES €22,429m Average Life (Years) 2.7 2.6 34
Slide 35: Construction
A C C I O N A H 1 2 0 2 6 R E S U L T S CONSTRUCTION Key figures H1 2026 Key highlights H1 2026 (Million Euro) H1 2026 H1 2025 Chg. Chg. (%) ▪ Revenue up 11% YoY, to €3.7bn, driven by strong execution across key Revenues 3,681 3,310 372 11.2% infrastructure projects in core markets, including the We
Slide 36: Water
A C C I O N A H 1 2 0 2 6 R E S U L T S WATER Key figures H1 2026 Key highlights H1 2026 (Million Euro) H1 2026 H1 2025 Chg. Chg. (%) ▪ +14.6% increase in revenues and +12.4% in EBITDA, - most relevant projects being the desalination plants of Alkimos (Australia), Casablanca (Morocco) and Facility E
Slide 37: Concessions
A C C I O N A H 1 2 0 2 6 R E S U L T S CONCESSIONS Key figures H1 2026 Key highlights H1 2026 ▪ Sales reached €84m and EBITDA €62m, with most assets still at a relatively early stage (Million Euro) H1 2026 H1 2025 Chg. Chg. (%) (91% of the portfolio under construction) Revenues 84 46 38 82.1% ▪ €79
Slide 38: Concessional Assets
A C C I O N A H 1 2 0 2 6 R E S U L T S CONCESSIONAL ASSETS* We currently manage 80 assets in 12 countries, representing a total investment of €39,655m(1), 77% under construction # assets NORTH AMERICA EUROPE Transport 11 4 assets 42 assets 37%(2) total equity 3%(2) total equity Water 55 Health and
Slide 39: Concessional Assets: €136,050m Backlog
A C C I O N A H 1 2 0 2 6 R E S U L T S CONCESSIONAL ASSETS: €136,050m BACKLOG (1) RISK PROFILE €140,437m €136,050m €4,387m €2,948m(2) €61,043m €96,898m SOLUTIONS €2,948m(2) Dividends & cash distributions for GEOGRAPHIES ACCIONA (2026-2085) 31-Dec-25 30-Jun-26 (Incl. Preferred) 30-Jun-26 €2,948m(2)
Slide 40: Concessional Assets: Equity Invested & Committed
A C C I O N A H 1 2 0 2 6 R E S U L T S CONCESSIONAL ASSETS: EQUITY INVESTED & COMMITTED EQUITY COMMITMENTS 2H 2026-2035 (€M) €1.9bn committed (2026 to 2035) 2,948 1,028 Water ~€307m Transport ~€1.6bn & Other 49 years average outstanding life & ~€61bn dividends & cash distributions 40
Slide 41: Concessional Assets: Dividends & Cash Distributions Cover Equity Commitments
A C C I O N A H 1 2 0 2 6 R E S U L T S CONCESSIONAL ASSETS: DIVIDENDS & CASH DISTRIBUTIONS FULLY COVER NEXT 10 YEARS OF EQUITY COMMITMENTS ~€61bn in 2026-2085 €1.9bn in 2026-2035 €1.9bn 41
Slide 42: Nordex
A C C I O N A H 1 2 0 2 6 R E S U L T S 3.3 NORDEX
Slide 43: Nordex
A C C I O N A H 1 2 0 2 6 R E S U L T S NORDEX Key figures H1 2026 Key highlights H1 2026 (Million Euro) H1 2026 H1 2025 Chg.(€m) Chg. (%) ▪ Double-digit revenues (+13.8%) and EBITDA (+29.7%(1)) growth, driven by solid execution Revenues 3,767 3,309 458 13.8% and continued operational discipline. 9.
Slide 44: Other Activities
A C C I O N A H 1 2 0 2 6 R E S U L T S 3.4 OTHER ACTIVITIES
Slide 45: Living (Property Development)
A C C I O N A H 1 2 0 2 6 R E S U L T S LIVING (PROPERTY DEVELOPMENT) Key figures H1 2026 Key highlights H1 2026 ▪ Revenues were up 56% YoY, to €131m, driven by a richer sales mix and higher-value (Million Euro) H1 2026 H1 2025 Chg. Chg. (%) deliveries. Units delivered in H1 2026 amounted to 345 vs.
Slide 46: Bestinver
A C C I O N A H 1 2 0 2 6 R E S U L T S BESTINVER Key figures H1 2026 Key highlights H1 2026 ▪ Solid performance in H1 2026, with Revenues up by 7.7% and EBITDA up by 14.2%, (Million Euro) H1 2026 H1 2025 Chg. Chg. (%) driven by the growth in Average Assets Under Management (+15.4% vs H1 2025) Reven
Slide 47: Outlook
A C C I O N A H 1 2 0 2 6 R E S U L T S 04 OUTLOOK
Slide 48: Outlook FY 2026, Reiterated
A C C I O N A H 1 2 0 2 6 R E S U L T S OUTLOOK FY 2026, REITERATED E B I T DA: € 2 . 8- 3. 1bn of which ACCIONA Energía ~€1.2bn I NVEST MENT: € 2 . 2 - 2. 5bn of which ACCIONA Energía ~€900m NE T D E BT/ EBI TDA: < 3 x ACCIONA Energía Net Debt <€3bn 48
Slide 49: Appendix (I)
A C C I O N A H 1 2 0 2 6 R E S U L T S 05 APPENDIX (I)
Slide 50: Net Financial Debt
A C C I O N A H 1 2 0 2 6 R E S U L T S NET FINANCIAL DEBT Net financial debt breakdown (€m) Gross Debt and Gross Financial Expense Evolution (€m) Average Average Av. maturity undrawn cost of debt debt maturity (years) Credit Lines (years) Project Debt Corporate Debt 50
Slide 51: Debt Maturity & Breakdown
A C C I O N A H 1 2 0 2 6 R E S U L T S DEBT MATURITY & BREAKDOWN Liquidity and gross debt maturity schedule (€m) 10,069 Available facilities 2,345 2,513 1,662 1,755 1,432 1,740 1,761 Cash Debt breakdown by nature Gross financial debt – Level Gross financial debt – Currency Gross financial debt – In
Slide 52: Infrastructure – Main Construction Projects
A C C I O N A H 1 2 0 2 6 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%) SR 400 Express Lanes: €3,776m (50%) Moss Railway: €654m (45%) Palma de Mallorca Airport Term
Slide 53: Concessions – Assets Excluding Water
A C C I O N A H 1 2 0 2 6 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 54: Concessions – Main Water Assets
A C C I O N A H 1 2 0 2 6 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 55: Infrastructure – Concessions Under Construction Calendar
A C C I O N A H 1 2 0 2 6 R E S U L T S INFRASTRUCTURE – CONCESSIONS UNDER CONSTRUCTION CALENDAR Period Type of Year Country Project 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 (Construction + Asset of maturity Operation) Brazil Line 6 Financial asset 24 years (2020-2044) 2044 USA I10 Both met
Slide 56: Sustainable Finance
A C C I O N A H 1 2 0 2 6 R E S U L T S SUSTAINABLE FINANCE Gross Corporate Debt Financing carried out in 2026 according to SIFF 2026 Outstanding 2026 Total Outstanding Type of Financing €10,608m 19% Instruments (#) Instruments (#) Amount (€m) Amount (€m) Green/Sust. Linked Corporate Debt Convention
Slide 57: Sustainable Finance: ESG Ratings
A C C I O N A H 1 2 0 2 6 R E S U L T S SUSTAINABLE FINANCE ESG Ratings Rating Agency Rating Scale Score Ind Average Industry Score Ind Average Industry 0 to 100 84 41 Elec. Utilities n.a. n.a. n.a. D- to A A B Construction B C Utilities 100 to 0 20.2 Med Risk 32.3 High Risk Multi Utilities 12.2 Low
Slide 58: Appendix (II) ACCIONA Energía H1 2026 Results
A C C I O N A H 1 2 0 2 6 R E S U L T S 06 APPENDIX (II) ACCIONA ENERGÍA H1 2026 Results
Slide 59: ACCIONA Energía: Operating Results
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: OPERATING RESULTS Key figures H1 2026 EBITDA evolution (€m) (Million Euro) H1 2026 H1 2025 Chg. (€m) Chg. (%) -16.5% Generation Spain 239 358 -119 -33.2% Generation International 447 405 42 10.3% Intragroup adjust., Supply & Other 601 705 -104
Slide 60: ACCIONA Energía: Net Financial Debt
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: NET FINANCIAL DEBT Net financial debt breakdown (€m) Average Average debt Av. maturity cost of debt maturity (years) Credit Lines (years) Project Debt Corporate Debt Debt breakdown by nature Gross financial debt – Level Gross financial debt –
Slide 61: ACCIONA Energía: Debt Maturity & Liquidity
A C C I O N A H 1 2 0 2 6 R E S U L T S ACCIONA ENERGÍA: DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 2,832 Available facilities 1,447 752 596 621 487 459 Cash 112 61
Slide 62: Commercial Policy/Hedges Spain
A C C I O N A H 1 2 0 2 6 R E S U L T S COMMERCIAL POLICY/HEDGES SPAIN SPANISH CONSOLIDATED OUTPUT 2022-26 (TWH) 78% 80% 84% 80% 77% Contracted vs. Wholesale 11.1 TWh 10.1 TWh €62 8.4 TWh MWh €79 ~8 TWh MWh ~8 TWh €89 €70 MWh MWh ~€55-60 €102 MWh ~€55-60 MWh MWh €121 MWh ~€95-100 €95 MWh ~€100 -105
Slide 63: Global Reach Across 5 Continents
A C C I O N A H 1 2 0 2 6 R E S U L T S GLOBAL REACH ACROSS 5 CONTINENTS With presence in 22 countries & 14.7 GW of total installed capacity in H1 2026 (1) OTHER AMERICAS Total Installed Total Consolidated (1 GW) SPAIN (4.8 GW) capacity capacity 0.5 GW 4.3 GW 0.1 GW 2 MW Senda y Camino 35 MW 14.7 GW
Slide 64: Under Construction & Secured Projects
A C C I O N A H 1 2 0 2 6 R E S U L T S UNDER CONSTRUCTION & SECURED PROJECTS MW Scheduled MW Add. per year (1) Total project Added Currently under Country Technology Asset name % ANE stake 2026 2027 2028 Details capacity 2026 const. Croatia PV Promina 100% 190 190 67 124 Croatian renewable auction
Slide 65: Capex & Commodity Price Evolution
A C C I O N A H 1 2 0 2 6 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 300 700 Copper, Aluminium, Steel Rebar & Polysilicon 1,37 1,39 1,39 600 1,35 1,35 250 1,20 1,09 500 200 0,95
Slide 66: Energy Resource in Context: P50 Deviation
A C C I O N A H 1 2 0 2 6 R E S U L T S ENERGY RESOURCE IN CONTEXT P50 Deviation Cumulative Resource Deviation vs. P50 Throughout the Year The dotted lines represent the historical cumulative deviations in renewable resource availability over the course of the year. While cumulative deviations can b
Slide 67: Installed Capacity
A C C I O N A H 1 2 0 2 6 R E S U L T S INSTALLED CAPACITY Installed MW (30 June 2026) Total Consolidated Eq. accounted Net Spain 4,794 4,266 252 4,364 Wind 4,284 3,770 246 3,864 Hydro 64 64 0 64 Solar PV 333 318 6 324 Biomass 111 111 0 109 Storage 2 2 0 2 International 9,905 8,861 368 8,405 Wind 5,
Slide 68: Equity Accounted Capacity
A C C I O N A H 1 2 0 2 6 R E S U L T S EQUITY ACCOUNTED CAPACITY Proportional figures (30 June 2026) MW GWh EBITDA (€m) NFD (€m) Wind Spain 246 270 5 -14 Wind International 73 93 4 -10 Australia 31 35 0 -10 Vietnam 42 57 4 0 USA 0 1 0 0 Solar PV 301 243 3 105 Total equity accounted 620 606 12 81 68
Slide 69: Equity Accounted Contribution to EBITDA
A C C I O N A H 1 2 0 2 6 R E S U L T S EQUITY ACCOUNTED CONTRIBUTION TO EBITDA (Million Euro) H1 2026 H1 2025 Chg. (€m) Chg. (%) Spain 0 6 -7 -104.3% International -9 -1 -8 n.m. Egypt 2 2 0 Mexico -8 -2 -6 Australia 0 0 0 Vietnam -2 0 -2 Thailand -1 0 -1 Total Generation EBITDA equity accounted (1)
Slide 70: Spain – Achieved Prices
A C C I O N A H 1 2 0 2 6 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) H1 2026 Regulated 900 47.8 48.1 -9.2 86.7 43 43 -8 78 Wholesale - hedged 2,021 53.9 53.9 109 109 Wholesale - un
Slide 71: Wind – Drivers by Country
A C C I O N A H 1 2 0 2 6 R E S U L T S WIND – DRIVERS BY COUNTRY Wind prices (€/MWh) and Load factors (%) (1) H1 2026 H1 2025 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 55.5 21.8% 70.0 21.2% -20.7% Spain - Regulated 68.3 94.0 -27.3% Spain - Not regula
Slide 72: Other Technologies – Drivers by Country
A C C I O N A H 1 2 0 2 6 R E S U L T S OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) (1) H1 2026 H1 2025 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 59.6 35.0% 97.8 36.1% -39.1% Biomass Spain 140.1 80.0% 1
Slide 73: Sustainable Finance & ESG Ratings
A C C I O N A H 1 2 0 2 6 R E S U L T S SUSTAINABLE FINANCE & ESG RATINGS OUTSTANDING FINANCING (1) H1 2026 Live H1 2026 Total Types of Financing Instruments Instruments Amounts Amounts (#) (#) (€m) (€m) Green Green UoP -- 8 -- 2,774 Finance Green UoP+Local Impact -- 6 -- 1,979 Sustainability-Linked
Slide 74: Spain – Market Overview
A C C I O N A H 1 2 0 2 6 R E S U L T S SPAIN – MARKET OVERVIEW Pool price evolution(1) (€/MWh) Electricity demand 2025 2026 Jan-Jun 25 Jan-Jun 26 2025 2026 Jan-Jun 25 Jan-Jun 26 24.000 121 120 108,3 22.000 120 96,7 93,5 93,6 95,9 87,5 91,0 120 20.000 77,9 +1.7% 71,7 75,7 119 72,6 18.000 GWh 61,0 TW
Slide 75: International – Market Overview
A C C I O N A H 1 2 0 2 6 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets 280 Electricity demand (GW) 75 240 65 200 Monthly Demand (GW) 55 SD/MWh - A D/MWh 160 45 120 35 80 25 15 40 5 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25
Slide 76: H1 2026 Results Presentation
A C C I O N A H 1 2 0 2 6 R E S U L T S H1 2026 – January – June 3 0 th J u l y 2 0 2 6 RESULTS PRESENTATION