Slide 1: H1 2025 Results Presentation
A C C I O N A H 1 2 0 2 5 R E S U L T S H1 2025 – January – June 2 9 th J u l y 2 0 2 5 RESULTS PRESENTATION
Slide 2: Table of Content
A C C I O N A H 1 2 0 2 5 R E S U L T S TABLE OF CONTENT 1 Introductory remarks 3 2 Key Highlights & Themes 5 2.1. ACCIONA Energía 6 2.2 Infrastructure, Nordex & Other Activities 14 3 Group Financial Information 18 3.1. ACCIONA Energía 23 3.2. Infrastructure 32 3.3. Nordex 41 3.4. Other Activities 4
Slide 3: Introductory Remarks
A C C I O N A H 1 2 0 2 5 R E S U L T S 01 INTRODUCTORY REMARKS
Slide 4: H1 2025 Highlights
A C C I O N A H 1 2 0 2 5 R E S U L T S H1 2025 HIGHLIGHTS NORDEX ✓ 4.5GW ORDER INTAKE (+34% yoy) ENERGY ✓ €273m EBITDA(1) (+24% yoy) ✓ Strong momentum of the German market €1,557m ✓ 15,147 MW INSTALLED CAPACITY ✓ Guidance for FY25 confirmed EBITDA ✓ €908m EBITDA (+117% yoy) +57.3% yoy ✓ On track to
Slide 5: Key Highlights & Themes
A C C I O N A H 1 2 0 2 5 R E S U L T S 02 KEY HIGHLIGHTS & THEMES
Slide 6: ACCIONA Energía
A C C I O N A H 1 2 0 2 5 R E S U L T S 2.1 ACCIONA Energía
Slide 7: ACCIONA Energía: Key Highlights H1 2025
A C C I O N A H 1 2 0 2 5 R E S U L T S ACCIONA ENERGÍA: KEY HIGHLIGHTS H1 2025 H1 ALIGNED WITH FY OUTLOOK: EBITDA TARGET ON TRACK › Operational performance aligned with full-year targets, albeit with a different mix: stronger captured pricing offsetting lower-than-expected production volumes › New
Slide 8: Delivering on 2025 Priorities
A C C I O N A H 1 2 0 2 5 R E S U L T S DELIVERING ON 2025 PRIORITIES 2025 PRIORITIES UPDATE PEAK CAPEX: TURNING THE CORNER GEOGRAPHICAL FOOTPRINT REPOSITIONING ~€1.3bn ~30% 2025 CAPEX target › Reduced investment target before asset rotation, › More balanced exposure to Spain following marking the s
Slide 9: Asset Rotation: Driving Execution Forward
A C C I O N A H 1 2 0 2 5 R E S U L T S ASSET ROTATION: DRIVING EXECUTION FORWARD ~€3bn Asset Rotation Proceeds Target for 2024-2025 ~€2bn proceeds from completed or agreed transactions ~65% of the 2024-25 proceeds target ~€900m EBITDA from AR ~€750m proceeds from agreed transactions ~50% of the 202
Slide 10: Sale of 440 MW Wind Portfolio in Spain
A C C I O N A H 1 2 0 2 5 R E S U L T S SALE OF 440 MW WIND PORTFOLIO IN SPAIN TRANSACTION OVERVIEW 48 MW › On 28 July 2025, ACCIONA Energía reached an agreement with Opdenergy – an Antin Infrastructure Partners company – for the sale of a portfolio of Spanish wind assets totalling 440MW, for an est
Slide 11: 2025: Capacity Placed in Service vs. New Additions
A C C I O N A H 1 2 0 2 5 R E S U L T S 2025: CAPACITY PLACED IN SERVICE VS. NEW ADDITIONS H1 INSTALLED CAPACITY H1 PLACED IN SERVICE CAPACITY 600 MW 2,237 MW Kalayaan II BESS Extremadura Juna +152 MW Logrosán Pedro Corto 448 MW Aldoga Tahivilla repowering +1,179 MW Juna Tahivilla repowering Juna 16
Slide 12: Shaping the Post-Peak Phase: Balanced Growth
A C C I O N A H 1 2 0 2 5 R E S U L T S SHAPING THE POST -PEAK PHASE: BALANCED GROWTH 2025 INVESTMENT STRATEGY EVOLUTION OF CAPEX AND ANNUAL CAPACITY ADDITIONS › Early Construction & Ready-to-Build projects reassessed for FID during H1 2025 given Ordinary capex (€bn) € 2.2 bn changing global environ
Slide 13: US Renewable Energy Market: Mixed Picture
A C C I O N A H 1 2 0 2 5 R E S U L T S US RENEWABLE ENERGY MARKET: MIXED PICTURE 1 SUPPLY CHAIN UNCERTAINTIES – TARIFFS & FEOC IMPLICATIONS ON THE ENERGY SECTOR › Tariffs impact key clean tech imports (solar, batteries, transformers), mainly from China › Higher cost of capital for new projects in t
Slide 14: Infrastructure, Nordex & Other Activities
A C C I O N A H 1 2 0 2 5 R E S U L T S 2.2 INFRASTRUCTURE, NORDEX & OTHER ACTIVITIES
Slide 15: Infrastructure: Securing Long-Term Growth
A C C I O N A H 1 2 0 2 5 R E S U L T S INFRASTRUCTURE: SECURING LONG -TERM GROWTH €58bn record backlog €126bn including preferred bidder €19bn D&C construction and water 25 concession contracts awarded between 2020 - 2025 €3bn equity in concessions in 2032 Weighted outstanding life of 52 years €58b
Slide 16: Nordex: Well Positioned to Benefit from Volume Growth
A C C I O N A H 1 2 0 2 5 R E S U L T S NORDEX: WELL POSITIONED TO BENEFIT FROM VOLUME GROWTH Strong order intake Backlog Services backlog 4.5GW in H1 2025 €14.3bn €5.5bn +33.8% yoy +12.1% vs Dec 2024 +10.0% vs Dec 2024 Path to 8% EBITDA margin target well on track 16
Slide 17: Other Activities: Bestinver & Property Development
A C C I O N A H 1 2 0 2 5 R E S U L T S OTHER ACTIVITIES: BESTINVER & PROPERTY DEVELOPMENT ➢ Leverage ACCIONA’s origination and development capabilities to grow Bestinver’s alternative funds ➢ Alternative funds: growing from the current ~10% of AUM ➢ Keep delivering high long-term returns in its tra
Slide 18: Group Financial Information
A C C I O N A H 1 2 0 2 5 R E S U L T S 03 GROUP FINANCIAL INFORMATION
Slide 19: Financial Results Highlights – H1 2025
A C C I O N A H 1 2 0 2 5 R E S U L T S FINANCIAL RESULTS HIGHLIGHTS – H1 2025 H1 2025 % Chg. H1 2025 H1 2024 (€m) vs H1 2024 (€m) (€m) Revenues 9,231 5% Net Investment Cashflow 716 1,715 EBITDA 1,557 57% H1 2025 FY 2024 EBT 715 251% (€m) (€m) Attributable net profit 526 353% Net Financial Debt 7,71
Slide 20: ESG Results Highlights – H1 2025
A C C I O N A H 1 2 0 2 5 R E S U L T S ESG RESULTS HIGHLIGHTS – H1 2025 Key ESG indicators ESG highlights Social H1 2025 H1 2024 % Chg. Social Workforce (FTE) 67,847 64,570 5.1% ▪ Slight increase of 5.1% in total workforce, primarily driven by growth in Spain, which added 1,297 Women in executive a
Slide 21: Investment by Division
A C C I O N A H 1 2 0 2 5 R E S U L T S INVESTMENT BY DIVISION • Australia: Aldoga & MacIntyre €935m • USA & Canada: Green Pastures & Forty Mile • Spain: Tahivilla repowering & Logrosán biomass plant • Construction machinery €256m • Concessions equity contributions • Divestments associated with the
Slide 22: Net Debt Evolution
A C C I O N A H 1 2 0 2 5 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation H1 2025 (€m) OPERATING CF NET INVESTMENT CF FINANCING/OTHERS CF €344m -€716m -€282m (74) (43) (3,126) (2,997) (3,691) (3,198) (1) Debt associated to work in progress IFRS16 adjustment Derivatives (1) Debt related to a
Slide 23: ACCIONA Energía
A C C I O N A H 1 2 0 2 5 R E S U L T S 3.1 ACCIONA Energía
Slide 24: ACCIONA Energía: H1 2025 Results Highlights
A C C I O N A H 1 2 0 2 5 R E S U L T S ACCIONA ENERGÍA: H1 2025 RESULTS HIGHLIGHTS H1 2025 % Chg. % Chg. H1 2025 (€m) vs H1 2024 vs H1 2024 Revenues 1,469 10% Total capacity (MW) 15,147 9% Generation Revenues 764 2% Consolidated capacity (MW) 13,425 9% EBITDA 908 117% Total production (GWh) 13,621
Slide 25: H1 2025 ESG Highlights
A C C I O N A H 1 2 0 2 5 R E S U L T S H1 2025 ESG HIGHLIGHTS Key ESG indicators ESG highlights Environmental H1 2025 H1 2024 Chg. ▪ Environmental CAPEX aligned with the low-carbon taxonomy (%) 100% 100% - › 100% of the company's CAPEX is aligned with the European Taxonomy of Sustainable Activities
Slide 26: Net Debt Evolution
A C C I O N A H 1 2 0 2 5 R E S U L T S NET DEBT EVOLUTION Net debt reconciliation H1 2025 (€m) NET FINANCING OPERATING CF INVESTMENT CF OTHERS CF €162m -€337 -€20m (10) (2,264) (2,213) (1,452) (1,297) (2) (1) Debt associated to work in progress (3) IFRS16 adjustment Derivatives 1. IFRS16 liability
Slide 27: ACCIONA Energía – Operating Results
A C C I O N A H 1 2 0 2 5 R E S U L T S ACCIONA ENERGÍA – OPERATING RESULTS Key figures H1 2025 EBITDA evolution (€m) (Million Euro) H1 2025 H1 2024 Chg. (€m) Chg. (%) Generation Spain 358 379 -20 -5.4% Generation International 405 371 35 9.4% Intragroup adjust., Supply & Other 705 584 121 20.7% +11
Slide 28: Spain – Revenue Drivers
A C C I O N A H 1 2 0 2 5 R E S U L T S SPAIN – REVENUE DRIVERS Consolidated output (GWh) Generation revenues (€m) %Chg. vs H1 2024 -38% -25% %Chg. vs H1 2024 +10% -5% -26% -41% 19% 18% +182% 45% 57% -4% 37% 24% Average achieved prices – regulated vs. wholesale (€/MWh) %Chg. vs H1 2024 Average achie
Slide 29: Spain – Operating Results
A C C I O N A H 1 2 0 2 5 R E S U L T S SPAIN – OPERATING RESULTS Key figures H1 2025 EBITDA evolution (€m) (Million Euro) H1 2025 H1 2024 Chg. (€m) Chg. (%) Generation 358 379 -20 -5.4% Intragroup adjust., Supply & Other 488 415 74 17.8% 307.3% Revenues 847 793 54 6.8% Generation 180 162 18 11.0% G
Slide 30: International – Revenue Drivers
A C C I O N A H 1 2 0 2 5 R E S U L T S INTERNATIONAL – REVENUE DRIVERS Consolidated output (GWh) Generation revenues (€m) +25% +4% +9% +4% %Chg. vs H1 2024 %Chg. vs H1 2024 +62% -18% 19% +24% 29% +19% -17% 11% +11% 10% 9% +57% 11% 20% +28% 28% 40% 23% Average achieved prices (€/MWh) %Chg. vs H1 202
Slide 31: International – Operating Results
A C C I O N A H 1 2 0 2 5 R E S U L T S INTERNATIONAL – OPERATING RESULTS Key figures H1 2025 EBITDA evolution (€m) (Million Euro) H1 2025 H1 2024 Chg. (€m) Chg. (%) Generation 405 371 35 9.4% USA & Canada 95 74 21 27.7% Mexico 114 102 11 11.1% Chile 43 51 -9 -16.7% Australia 35 28 7 24.4% +6.3% Res
Slide 32: Infrastructure
A C C I O N A H 1 2 0 2 5 R E S U L T S 3.2 INFRASTRUCTURE
Slide 33: Infrastructure - Financial Figures H1 2025
A C C I O N A H 1 2 0 2 5 R E S U L T S INFRASTRUCTURE - FINANCIAL FIGURES H1 2025 Key figures H1 2025 EBITDA evolution (€m) (Million Euro) H1 2025 H1 2024 Chg.(€m) Chg. (%) Construction Revenues 3,310 3,119 191 6.1% EBITDA 241 236 5 2.3% Margin (%) 7.3% 7.6% +6.3% Concessions Revenues 46 26 21 80.5
Slide 34: Infrastructure – Backlog Breakdown
A C C I O N A H 1 2 0 2 5 R E S U L T S INFRASTRUCTURE – BACKLOG BREAKDOWN Backlog by activities Global Backlog Chg. (%) Aggregate Backlog (2) Chg. (%) 30-Jun-25 31-Dec-24 Jun 2025 30-Jun-25 31-Dec-24 Jun 2025 €57,846m vs. Dec 2024 vs. Dec 2024 €53,843m Construction D&C 16,664 17,637 -6% 16,817 17,7
Slide 35: Infrastructure: Main Construction Projects
A C C I O N A H 1 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 36: Construction
A C C I O N A H 1 2 0 2 5 R E S U L T S CONSTRUCTION Key figures H1 2025 Key highlights H1 2025 (Million Euro) H1 2025 H1 2024 Chg. Chg. (%) ▪ 6.1% growth in Revenues and sustained EBITDA margin above 7% Revenues 3,310 3,119 191 6.1% ▪ Strong performance of the business in Australia, Brazil, USA, Pe
Slide 37: Concessions
A C C I O N A H 1 2 0 2 5 R E S U L T S CONCESSIONS Key figures H1 2025 Key highlights H1 2025 (Million Euro) H1 2025 H1 2024 Chg. Chg. (%) ▪ EBITDA increased by 32.5%, to €55m - ongoing execution of Line 6 and contribution of new and significant projects, mostly classified as financial assets, such
Slide 38: Water
A C C I O N A H 1 2 0 2 5 R E S U L T S WATER Key figures H1 2025 Key highlights H1 2025 ▪ 18.4% increase in revenues reaching €645m and 12.3% increase in EBITDA reaching (Million Euro) H1 2025 H1 2024 Chg. Chg. (%) €46m mainly driven by the solid progress of the desalination projects in Alkimos (Pe
Slide 39: Infrastructure – Investments in Concession Assets
A C C I O N A H 1 2 0 2 5 R E S U L T S INFRASTRUCTURE – INVESTMENTS IN CONCESSION ASSETS EQUITY COMMITMENTS 2025-2032 (€M) T R A N S P O R TAT I O N , H O S P I TA L AND TRANSMISSION LINES €2.3bn committed (2025 to 2032) €31.6bn (1) 2,964 o Dividends and cash distributions for ACCIONA: €56.4bn o Ba
Slide 40: Infrastructure – Concessions Calendar
A C C I O N A H 1 2 0 2 5 R E S U L T S INFRASTRUCTURE – CONCESSIONS CALENDAR Period Country Project 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Type of Asset (Construction + Operation) Brazil Line 6 Financial asset 24 years (2020-2044) USA I10 Both methods 57 years (2024-2081) USA Fargo
Slide 41: Nordex
A C C I O N A H 1 2 0 2 5 R E S U L T S 3.3 NORDEX
Slide 42: Nordex
A C C I O N A H 1 2 0 2 5 R E S U L T S NORDEX Key figures H1 2025 – Nordex reported Key highlights H1 2025 (Million Euro) H1 2025 H1 2024 Chg.(€m) Chg. (%) ▪ Nordex's revenues in H1 2025 amounted to €3,309m, -3.7% lower compared to H1 Revenues 3,309 3,434 -126 -3.7% 2024 mainly due to the timing of
Slide 43: Other Activities
A C C I O N A H 1 2 0 2 5 R E S U L T S 3.4 OTHER ACTIVITIES
Slide 44: Living (Property Development)
A C C I O N A H 1 2 0 2 5 R E S U L T S LIVING (Property Development) Key figures H1 2025 Key highlights H1 2025 ▪ EBITDA rose by 163.1%, to €5m, a notable turnaround from H1 2024, supported by the delivery of a student residence in Terrassa (Barcelona) with 359 rooms and the sale of non- (Million E
Slide 45: Bestinver
A C C I O N A H 1 2 0 2 5 R E S U L T S BESTINVER Key figures H1 2025 Key highlights H1 2025 ▪ 11.9% increase in Revenues and 10.2% growth in EBITDA, driven by the increase (Million Euro) H1 2025 H1 2024 Chg. Chg. (%) in Average Assets Under Management (AUM) and to the better performance of Bestinve
Slide 46: Outlook
A C C I O N A H 1 2 0 2 5 R E S U L T S 04 OUTLOOK
Slide 47: 2025 Outlook
A C C I O N A H 1 2 0 2 5 R E S U L T S 2025 OUTLOOK €2,700 - 3,000m €1,500 – 1,750m ~26 TWh C o n s o l i d at e d Spain ~9 TWh EBITDA from Operations: ~€1,000m EBITDA EBITDA from Operations: €2,200 - 2,250m EBITDA from Asset Rotation: €500 - 750m EBITDA from Asset Rotation: €500 - 750m Output Inte
Slide 48: Appendix (I)
A C C I O N A H 1 2 0 2 5 R E S U L T S 05 APPENDIX (I)
Slide 49: Net Financial Debt
A C C I O N A H 1 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) 4.76% 4.40% 8.16% 7.07% Project Debt 4.31% Corporate 4.57% Debt 30 Jun 202
Slide 50: Debt Maturity & Breakdown
A C C I O N A H 1 2 0 2 5 R E S U L T S DEBT MATURITY & BREAKDOWN Liquidity and gross debt maturity schedule (€m) 9,310 Available facilities 1,646 1,880 1,738 2,034 1,210 1,053 1,325 899 Cash Debt breakdown by nature Gross financial debt – Level Gross financial debt – Currency Gross financial debt –
Slide 51: Concessions – Assets
A C C I O N A H 1 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 52: Concessions – Main Water Assets
A C C I O N A H 1 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 53: Sustainable Finance
A C C I O N A H 1 2 0 2 5 R E S U L T S SUSTAINABLE FINANCE Gross Corporate Debt Financing Total 2025 Outstanding 2025 Amounts €9.576m Type of Financing Instruments (#) Instruments (#) (€m) Outstanding 20% Amount (€m) Green/Sust. Linked Corporate Debt Conventional 15 81 442 5,296 Green Financing Con
Slide 54: Appendix (II) ACCIONA Energía H1 2025 Results
A C C I O N A H 1 2 0 2 5 R E S U L T S 06 APPENDIX (II) ACCIONA Energía H1 2025 Results
Slide 55: Net Financial Debt
A C C I O N A H 1 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 56: Debt Maturity & Liquidity
A C C I O N A H 1 2 0 2 5 R E S U L T S DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) 2,588 Available facilities 1,250 614 594 620 315 319 437 Cash 111 56
Slide 57: Commercial Policy/Hedges Spain
A C C I O N A H 1 2 0 2 5 R E S U L T S COMMERCIAL POLICY/HEDGES SPAIN SPANISH CONSOLIDATED OUTPUT 2022-26 (TWH) 87% 78% 80% ~80% ~75% Contracted vs. Wholesale 11.1 TWh 10.1 TWh 9.3 TWh €62 ~9 TWh MWh €79 €167 >8 TWh MWh ~€70 MWh €89 MWh €102 MWh ~€55-60 2026: Assumes Spanish pool price at ~€63/MWh
Slide 58: Global Reach Across 5 Continents
A C C I O N A H 1 2 0 2 5 R E S U L T S GLOBAL REACH ACROSS 5 CONTINENTS With presence in 24 countries & 15.1 GW of total installed capacity in H1 2025 (1) OTHER AMERICAS Total Installed Total Consolidated (0.9 GW) SPAIN (5.2 GW) capacity capacity 0.7 GW Forty Mile 63 MW 4.7 GW 0.1 MW 2MW Rep. Tahiv
Slide 59: Under Construction & Secured Projects
A C C I O N A H 1 2 0 2 5 R E S U L T S UNDER CONSTRUCTION & SECURED PROJECTS (1) MW Scheduled MW Add. per year Total project Added Currently under Country Technology Asset name % ANE stake 2025 2026 2027 Details capacity 2025 const. Croatia PV Promina 100% 190 100 89 Croatian renewable auction Domi
Slide 60: Capex & Commodity Price Evolution
A C C I O N A H 1 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 60
Slide 61: Energy Resource in Context
A C C I O N A H 1 2 0 2 5 R E S U L T S ENERGY RESOURCE IN CONTEXT P50 Deviation 61
Slide 62: Installed Capacity
A C C I O N A H 1 2 0 2 5 R E S U L T S INSTALLED CAPACITY Installed MW (30 June 2025) Total Consolidated Eq. accounted Net Spain 5,181 4,653 252 4,751 Wind 4,668 4,154 246 4,248 Hydro 67 67 0 67 Solar PV 333 318 6 325 Biomass 111 111 0 109 Storage 2 2 0 2 International 9,966 8,772 370 8,340 Wind 5,
Slide 63: Equity Accounted Capacity
A C C I O N A H 1 2 0 2 5 R E S U L T S EQUITY ACCOUNTED CAPACITY Proportional figures (30 June 2025) MW GWh EBITDA (€m) NFD (€m) Wind Spain 246 258 14 -17 Wind International 75 98 0 -9 Australia 31 33 0 -9 Vietnam 21 31 0 0 USA 22 33 0 0 Solar PV 302 257 10 108 Total equity accounted 622 612 24 82
Slide 64: Equity Accounted Contribution to EBITDA
A C C I O N A H 1 2 0 2 5 R E S U L T S EQUITY ACCOUNTED CONTRIBUTION TO EBITDA (Million Euro) H1 2025 H1 2024 Chg. (€m) Chg. (%) Spain 6 -1 8 538.5% International -1 -8 7 89.2% Hungary 0 0 0 Egypt 2 -1 3 USA 0 0 0 Mexico -2 -8 6 Australia 0 1 -1 Total Generation EBITDA equity accounted (1) 6 -9 15
Slide 65: Spain – Achieved Prices
A C C I O N A H 1 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) H1 2025 Regulated 1,051 66.6 15.7 44.1 126.3 70 16 46 133 Wholesale - unhedged 843 77.2 77.2 65 65 Total - Gene
Slide 66: Wind – Drivers by Country
A C C I O N A H 1 2 0 2 5 R E S U L T S WIND – DRIVERS BY COUNTRY H1 2025 H1 2024 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 70.0 21.2% 71.8 23.9% -2.5% Spain - Regulated 94.0 97.2 -3.3% Spain - Not regulated 63.0 64.5 -2.4% Canada 38.8 24.6% 57.7 31.9
Slide 67: Other Technologies – Drivers by Country
A C C I O N A H 1 2 0 2 5 R E S U L T S OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) (1) H1 2025 H1 2024 Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 97.8 36.1% 82.6 36.1% 18.5% Biomass Spain 152.8 78.0% 15
Slide 68: Sustainable Finance & ESG Ratings
A C C I O N A H 1 2 0 2 5 R E S U L T S SUSTAINABLE FINANCE & ESG RATINGS OUTSTANDING FINANCING (1) H1 2025 Live H1 2025 Total Types of Financing Instruments Instruments Amount Amount Green UoP + Local Impact Indicator (#) (#) (€m) (€m) › Syndicated loan in Australia: AUD 400m. Three-year extension.
Slide 69: Spain – Market Overview
A C C I O N A H 1 2 0 2 5 R E S U L T S SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Jan-Jun Electricity demand H1 2024 H1 2025 2025 61.8 +58% +2.7% 114.6 117.7 (TWh) 2024 39.1 108.3 111.2 104.4 96.7 24,000 91.1 2024 2025 82.4 22,000 76.5 77.3 75.0 78.9 72.6 20,000 53.1 72.3 74.1 72.6 68.6 1
Slide 70: International – Market Overview
A C C I O N A H 1 2 0 2 5 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) 320 75 280 65 240 Monthly Demand (GW) 55 SD/MWh - A D/MWh 200 45 160 35 120 25 80 15 40 5 Dec-23 Nov-24 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Au
Slide 71: Results Presentation
A C C I O N A H 1 2 0 2 5 R E S U L T S H1 2025 – January – June 2 9 th J u l y 2 0 2 5 RESULTS PRESENTATION