Corporacion Acciona Energias Renovables Sa · BME:ANE
Corporacion Acciona Energias Renovables Sa — ACCIONA Energía — H1 2025 Earnings Presentation
39 slides from Corporacion Acciona Energias Renovables Sa's earnings presentation, Jul 29, 2025
Slide 1: H1 2025 Results Presentation
H1 2025 – January - June 29 July 2025 RESULTS PRESENTATION
Slide 2: Disclaimer
A C C I O N A E N E R G Í A H 1 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 H1 2025
A C C I O N A E N E R G Í A H 1 2 0 2 5 R E S U L T S 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 add
Slide 5: Delivering on 2025 Priorities
A C C I O N A E N E R G Í 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
Slide 6: Asset Rotation: Driving Execution Forward
A C C I O N A E N E R G Í 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 ~
Slide 7: Sale of 440 MW Wind Portfolio in Spain
A C C I O N A E N E R G Í 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 440
Slide 8: 2025: Capacity Placed in Service vs. New Additions
A C C I O N A E N E R G Í 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 repo
Slide 9: Shaping the Post-Peak Phase: Balanced Growth
A C C I O N A E N E R G Í 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
Slide 10: US Renewable Energy Market: Mixed Picture
A C C I O N A E N E R G Í 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
Slide 11: Outlook FY 2025
A C C I O N A E N E R G Í A H 1 2 0 2 5 R E S U L T S OUTLOOK FY 2025 EBITDA 2025: €1,500 - 1,750 m C O N S O L I D AT E D O U T P U T: ~ 2 6 T W h EBITDA from Operations ~€1,000 m Spain ~9 TWh EBITDA from Asset Rotation ~€500 - 750 m International ~17 TWh AVERAGE CAPTURED PRICE: ~€60/MWh Spanish po
Slide 12: Financial Information
02 FINANCIAL INFORMATION jacciona
Slide 13: H1 2025 Results Highlights
A C C I O N A E N E R G Í A H 1 2 0 2 5 R E S U L T S 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 1%
Slide 14: H1 2025 ESG Highlights
A C C I O N A E N E R G Í 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 Sustainabl
Slide 15: Investment
A C C I O N A E N E R G Í A H 1 2 0 2 5 R E S U L T S INVESTMENT Gross Ordinary Capex Ordinary Key highlights (Million Euro) Capex Deferral Capex Spain 116 28 144 › Investment related to the construction of new generation assets and significant USA & Canada 68 262 330 capex deferral which includes t
Slide 16: Net Debt Evolution
A C C I O N A E N E R G Í 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. IFR
Slide 17: ACCIONA Energía – Operating Results
A C C I O N A E N E R G Í 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
Slide 18: Spain – Revenue Drivers
A C C I O N A E N E R G Í 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
Slide 19: Spain – Operating Results
A C C I O N A E N E R G Í 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
Slide 20: International – Revenue Drivers
A C C I O N A E N E R G Í 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) %
Slide 21: International – Operating Results
A C C I O N A E N E R G Í 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 2
Slide 22: Appendix
03 APPENDIX
Slide 23: Net Financial Debt
A C C I O N A E N E R G Í 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 – Cur
Slide 24: Debt Maturity & Liquidity
A C C I O N A E N E R G Í 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 24
Slide 25: Commercial Policy/Hedges Spain
A C C I O N A E N E R G Í 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 pric
Slide 26: Global Reach Across 5 Continents
A C C I O N A E N E R G Í 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
Slide 27: Under Construction & Secured Projects
A C C I O N A E N E R G Í 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 renewabl
Slide 28: Capex & Commodity Price Evolution
A C C I O N A E N E R G Í 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 28
Slide 29: Energy Resource in Context: P50 Deviation
A C C I O N A E N E R G Í A H 1 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 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
Slide 31: Equity Accounted Capacity
A C C I O N A E N E R G Í 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
Slide 32: Equity Accounted Contribution to EBITDA
A C C I O N A E N E R G Í 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 accounte
Slide 33: Spain – Achieved Prices
A C C I O N A E N E R G Í 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 6
Slide 34: Wind – Drivers by Country
A C C I O N A E N E R G Í 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 2
Slide 35: Other Technologies – Drivers by Country
A C C I O N A E N E R G Í 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
Slide 36: Sustainable Finance & ESG Ratings
A C C I O N A E N E R G Í 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-y
Slide 37: Spain – Market Overview
A C C I O N A E N E R G Í 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 10 .3 111.2 10 . 6.7 2 000 1.1 202 2025 2. 22 000 76. 77.3 7 .0 7 . 72.6 20 000 3.1 72.3 7 .1 72.6 6
Slide 38: International – Market Overview
A C C I O N A E N E R G Í A H 1 2 0 2 5 R E S U L T S INTERNATIONAL – MARKET OVERVIEW Power markets Electricity demand (GW) 320 75 2 0 65 2 0 Monthly emand (GW) 55 /MWh 200 5 S /MWh - A 160 35 120 25 0 15 0 5 ec-23 ul-23 Aug-23 Sep-23 Oct-23 Nov-23 an-25 Feb-25 Mar-25 Apr-25 May-25 un-25 0 Nov-2 an-
Slide 39: Results Presentation
H1 2025 – January - June 29 July 2025 RESULTS PRESENTATION