Acciona Sa · BME:ANA
Acciona Sa — Investor Presentation (April 2026)
56 slides from Acciona Sa's investor presentation, April 2026
Slide 1: ACCIONA Company Overview
April 2026 ACCIONA Company Overview
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by ACCIONA. S.A. (“Company” or “ACCIONA”) exclusively for use as support material for the introduction of the Securities Act) unless they are qualified institutional buyers as defined in Rule 144A under the Securities Act (“Rule 144A”). The Securities ACCIO
Slide 3: Company Overview
O01 COMPANY OVERVIEW
Slide 4: ACCIONA at a Glance
ACCIONA AT A GLANCE Global leader in the development and management of sustainable infrastructure projects ✓ Leading greenfield developer and operator of sustainable Infrastructure solutions Sustainability as our main strategic guideline ✓ Focus on the energy transition and the global megatrends for
Slide 5: A Unique Business Model
A UNIQUE BUSINESS MODEL SUSTAINABLE CHALLENGES ACCIONA’S SOLUTIONS ACCIONA ENERGÍA ✓ > 30 years of experience ✓ Geographic and technologically diversified ✓ 100% renewable asset base ✓ Integrated business model ✓ Pioneer developer ✓ Independent listed company CLIMATE CHANGE NORDEX ✓ #1 industry lead
Slide 6: Immense Growth Opportunity
INMENSE GROWTH OPPORTUNITY APPROVED PLANS Key target countries Other countries with ACCIONA’s presence PHILIPPINES (3) NORTH AMERICA Build Better More | $142 bn US: Water Supply and Sanitation | $ 18 bn - Infrastructure investment and Jobs Act | $1.2 tn Renewables net capacity additions (2025-30) |
Slide 7: 2025 Highlights
2025 HIGHLIGHTS Financial Results Geographical Diversification Net Debt/EBITDA Ordinary Capex (€m) REVENUES €20,236m Revenues 2.90x -0.72x 2.18x €20,236m 3.31x €2,252m +5% vs. 2024 +5% yoy EBITDA FY 2024 FY 2025 €3,211m Other Energy Spain International Businesses +31% vs. 2024 EBIT €1,862m +41% vs.
Slide 8: 2025 EBITDA Breakdown by Business
2025 EBITDA BREAKDOWN BY BUSINESS EBITDA 2025: €3,211m ND/EBITDA 2.18x 48% 25% 23% 5% ENERGY INFRASTRUCTURE NORDEX OTHER ACTIVITIES EBITDA: €1,546m EBITDA: €801m EBITDA: €749m EBITDA: €156m (62.7% Generation margin) (9.2% margin) (9.9% margin) (9.9% margin) ▪ Listed (91.1% owned by ACCIONA) ▪ Leader
Slide 9: ACCIONA Energía
O02 ACCIONA Energia
Slide 10: ACCIONA Energía – 91.1% Stake Owned by ACCIONA
ACCIONA ENERGIA – 91.1% STAKE OWNED BY ACCIONA A renewable energy & sustainability pioneer with >30 years track-record LEADING INDEPENDENT RENEWABLE ENERGY PURE-PLAY › Pioneer in the large-scale deployment and operation of renewables across the globe › Large, efficient & cashflow generative operatin
Slide 11: ACCIONA Energía – Operating Figures FY2025 at a Glance
A C C I ONA E NERGÍ A - O P E R A T I N G F I G U R E S F Y 2 0 2 5 A T A G L A N C E (1) 14.6 GW (2) 27.6 TWh 72% contracted output (3) INSTALLED CAPACITY TOTAL PRODUCTION 9 years average residual contracted life 14.6 GW Total installed capacity FY 2025 operating figures Consolidated Avoided emissi
Slide 12: ACCIONA Energía – Global Reach Across Continents
ACCIONA ENERGÍA - GLOBAL REACH ACROSS 5 CONTINENTS 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 0.3 GW 2MW 14.6 GW 12.9 GW 0
Slide 13: ACCIONA Energía – Fully Integrated Across the Value Chain
A C C I ONA E NERGÍ A - F U L LY I NTEGRATED A C R OS S T HE V A L UE C H A I N PROJECT ENGINEERING & O&M AND ASSET ENERGY SUPPLY CHAIN MANAGEMENT DEVELOPMENT CONSTRUCTION MANAGEMENT ▪ Local hubs with global reach ▪ In-house capabilities ▪ Large scale – purchasing power ▪ Higher availability than ma
Slide 14: ACCIONA Energía – Value Creation Strategy
A C C I ONA E NERGÍ A - V A L UE C R EATI ON S T RATEGY Key value drivers: Life extension, asset rotation & profitable growth 1 2 3 Increase maximum value from existing asset base Value crystallization through Asset Rotation Growth in capacity additions ▪ Life extension & operational excellence ▪ Mo
Slide 15: ACCIONA Energía – Delivering on Asset Rotation Strategy
A C C I ONA E NERGÍ A - DE LI VERI NG O N A S S ET R O T AT I ON S T RAT EGY ~€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 expected to be closed in 2026 Rotation Implicit Capacity gains multiple sold €0.9bn €
Slide 16: ACCIONA Energía – Building a Strong Pipeline of Investments for 2026-27
A C C I ONA E NERGÍ A - B U I LDI NG A S T RONG P I P E LI NE O F I NVESTMENTS F O R 2 0 26 -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
Slide 17: ACCIONA Energía – Investment Grade Rating as Cornerstone
ACCIONA ENERGÍA - INVESTMENT GRADE RATING AS CORNERSTONE OF OUR INVESTMENT CASE Provide full credibility to our growth plan and optimize the cost of finance in order to maximize value creation Agency Long-term Short-term Trend Last revision INVESTMENT GRADE RATINGS Fitch Ratings BBB- F3 Negative 23-
Slide 18: Infrastructure
03 INFRASTRUCTURE
Slide 19: Leader in Transformative Infrastructure Projects
L E ADER I N T R ANSFORMATI VE I NF R AS TRUCTURE P R O J ECT S Differentiation through specialization and ground-breaking use of technology, providing innovative, sustainable and impactful solutions globally FY 2025 RESULTS CONSTRUCTION › Specialist in large civil construction projects with core ca
Slide 20: Infrastructure Aggregate Backlog: €121bn
I N F R A S T R U C T U R E A G G R E G AT E B A C K L O G : € 1 2 1 b n Backlog by activities at Dec 2025, +124% yoy Global Backlog (1) (1) (2) Aggregate Backlog (3) (1) Design and Construction Representing projects with total value >€100m Significant new projects additions 2025 Construction Conces
Slide 21: Emerging as a Leading Force in Global Concessions
E ME RGI NG A S A L E ADI NG F O R CE I N G L OBAL C O N CES S I ONS 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 Larger (x4 in average project size si
Slide 22: Young Portfolio of Concessional Assets
Y O U NG PO R TFOLI O O F C O NCESSI ONAL A S S ETS 78 assets in 11 countries, 76% under construction, with total associated 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. Oportunidades en
Slide 23: Concessions Business Model & Growth Opportunities
C O NCESSI ONS B U S I NESS MODEL & G R OWT H O P P O RT UNI TI ES 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 pipeline of appro
Slide 24: Nordex
04 NORDEX
Slide 25: Nordex – A Global Leader in the Onshore Wind Turbine Industry
N O RDEX - A G L OBAL L E ADER I N T HE O NS HORE WI ND T U RBI NE I NDUS T RY 47.1% stake owned by ACCIONA Global Onshore ▪ Innovative global manufacturer of onshore wind ▪ Onshore wind energy is the key technology for the turbine systems: Top 1 industry leader in Europe irrevocable transition to r
Slide 26: Nordex: Turnaround Successfully Completed
N O R D E X : T U R N A R O U N D S U C C E S F U L LY C O M P L E T E D ✓ All financial and operational targets met ✓ Record 10.2GW order intake (+22.5% yoy,) equivalent to €9,321m (+25% yoy) • Main orders from core European markets and Canada • Ongoing stable pricing environment 2025 HIGLIGHTS ✓ 8
Slide 27: Nordex – Key Figures & Outlook
N O RDEX – K E Y F I G URES & OU TLOOK 2024 2025 2026 guidance Sales €7.3bn €7.6bn €8.2-9.0bn EBITDA margin 4.1% 8.4% 8.0% to 11.0% WC ratio -9.1% -12.4% Below -9% Approx. ~€200m Capex €153m €169m New mid-term EBITDA margin target range of 10-12% 27
Slide 28: Other Activities
O05 OTHER ACTIVITIES
Slide 29: Other Activities
OTHER ACTIVITIES BESTINVER LIVING (Property Development) Leading independent provider of comprehensive A unique player specialized in high value-added financial services development projects with innovative sustainable solutions FY 2025 FY 2025 RESULTS Assets Under RESULTS Management (€m) €118m 7,66
Slide 30: Financing
06 FINANCING
Slide 31: Net Debt Evolution
NE T DE BT E V OLUTI ON 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 reflects net investment in assets tha
Slide 32: Net Financial Debt
NE T F I NANCI AL DE BT 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 32
Slide 33: Debt Maturity & Breakdown
D E BT MA T URI TY & B R EAK DOWN 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 – Interest rate Corporate debt 33
Slide 34: Key Figures - EBITDA Evolution (2018-2025)
KEY FIGURES - EBITDA EVOLUTION (2018–2025) 2025A Other Activities EBITDA Breakdown (€m) 156 122 11% 104 86 84 22% 35% 79 9% 1% 73 1% 54 19% 42% 65% 84% 74% 79% 25% 64% 53% 67% 36% 10% 24% 24% 26% 4% 17% 8% -3% 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A Transmediterranea Property Development Bes
Slide 35: Leverage Evolution (2010-2025)
LEVERAGE EVOLUTION (2010–2025) Gross debt (€m) ▪ 2010-2012: leverage > 5x net debt/EBITDA 1,211 ▪ 2013: 5.7x leverage (regulatory reform EBITDA14,000 (€m) 1,312 1,431 1,062 1,087 1,174 1,192 1,275 1,245 1,437 1,133 1,483 2,068 1,981 2,455 3,211 7.0x in Spain) implemented plan (incl. 12,335 cancellat
Slide 36: ESG at the Heart of Our Strategy
07 ESG AT THE HEART OF OUR STRATEGY
Slide 37: ESG Results Highlights – FY 2025
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 in ACCIONA Facility Services (+1,758),
Slide 38: Structurally Aligned with the EU Taxonomy
STRUCTURALLY ALIGNED WITH THE EU TAXONOMY Taxonomy coverage across all business units EU Taxonomy alignment through capital discipline(1) (2020–25) CCM CCA BIO WTR CE PPC Climate Climate Water & Circular Pollution Biodiversity Mitigation Adaptation Marine R. Economy Prevention 98,83 99,6 97,96 98,14
Slide 39: Sustainability Master Plan 2020-25
SUSTAINABILITY MASTER PLAN 2020–25 SMP 2020–25 achieved measurable ESG transformation at scale, laying the groundwork for the upcoming iSMP 2030. People at the Centre Positive Planet Exponential Leadership Integrate to Transform Building a high-performance, inclusive and safe Capital allocation stru
Slide 40: Sustainable Finance
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 Conventional 24 86 1,154 5,610 14% €12,058m Green
Slide 41: Sustainable Finance – ESG Ratings
SUSTAINABLE FINANCE ESG Ratings Rating Agency Rating Scale Score Change Ind Average Industry Score Change Ind Average Industry 0 to 100 86 41 Elec. Utilities D- to A A C Construction A C Elec. Utilities 32.3 32.4 100 to 0 19.9 Low Risk Multi Utilities 12.2 Low Risk Renewable Power High Risk High Ris
Slide 42: Appendix – FY 2025 Results & 2026 Outlook
08 APPENDIX – FY 2025 RESULTS & 2026 OUTLOOK
Slide 43: Financial Results Highlights – FY 2025
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 2.18x 2.90x ✓ Solid FY 2025 results beat
Slide 44: ACCIONA Energía – Financial Figures FY 2025
ACCIONA ENERGÍA – FINANCIAL FIGURES FY 2025 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 from Operations 932 -11%
Slide 45: Infrastructure - Financial Figures FY 2025
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 89 102.7% EBITDA 160 170 -11 -6.3% Margin (%)
Slide 46: Infrastructure – Backlog Breakdown
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% Water D&C 1,690 1,948 -13% 1,788 2,076 -14%
Slide 47: Construction
C O N S TRUCTI ON 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 control ▪ Construction in Australia
Slide 48: Concessions
C O NCESSI ONS 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 EBITDA stood at €160m driven by EBIT
Slide 49: Water
WA T ER 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 Revenues 1,385 1,189 196 16.5% desalinati
Slide 50: Nordex
N O RDEX 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 Nordex increased by €335m versus 2024, rea
Slide 51: Living (Property Development)
L I V I NG ( Pr op e rty De v e l opment) 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) FY 2025 FY 2024 Chg. Chg. (
Slide 52: Bestinver
B E S T I NVER 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 consecutive year (Million Euro) FY
Slide 53: Investment by Division
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 biomass plant (Spain) • Reorganization of A
Slide 54: 2026 Group Outlook
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 dividend growth 54
Slide 55: 2026 ACCIONA Energía Outlook
2026 ACCIONA Energía OUTLOOK 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 ~€55/MWh ~26 TWh ~0.7 GW ~€0.9bn Spanish po
Slide 56: ACCIONA Company Overview
April 2026 ACCIONA Company Overview