Acciona Sa · BME:ANA
Acciona Sa — Investor Presentation (April 2025)
56 slides from Acciona Sa's investor presentation, April 2025
Slide 1: ACCIONA Company Overview
April 2025 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 Infrastructure, Water, Services and Renewable Energies ✓ Leading greenfield developer and operator of sustainable Infrastructure solutions Sustainability as our main strategic guideline ✓ Focus on the energy transition and the gl
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 ✓ Top 2 Global wind
Slide 6: >25 Years of Sustainable Solutions
>25 YEARS OF SUSTAINABLE SOLUTIONS 15.4 GW >10m sqm. of houses, Installed capacity industrial, commercial or office buildings 6,250 kms of roads >380 TWh produced 650 major bridges Valdebebas Madrid Fort Bend County Cunningham 3,000 km of rail Cebu bridge Philippines 1,200 km Texas Texas (high-speed
Slide 7: Present in More Than 40 Countries
PRESENT IN MORE THAN 40 COUNTRIES €54bn Backlog + €84bn Preferred Bidder NORTH EMEA + AMERICA 15GW €12bn + €2bn 66K €7bn + €74bn 6.7GW 3.4GW SEA €1bn 0.5GW ANZ LATAM €8bn + €26bn + €6bn €2bn 1.9GW 2.8GW 7
Slide 8: Immense Growth Opportunity
INMENSE GROWTH OPPORTUNITY Railways Corridors | €27bn Green Deal | €1.1tn REPowerEU | €300bn Infrastructure investment and Jobs Clean Industrial Deal I €100bn Act | $1.2tn* IRA | $370bn for energy security* Industrial Plan of the National Railway | €190bn AI Infrastructure | $500bn Qatar National Vi
Slide 9: 2024 Highlights
2024 HIGHLIGHTS Financial Results Revenues by region Net Debt/EBITDA Ordinary Capex (€m) EBITDA €2,455m €19,190m 3.31x -0.41x 2.90x +24% vs. 2023 3.31x €2,779m +12.7% yoy NET PROFIT FY 2023 FY 2024 €422m Other Energy Spain International Businesses -22% vs. 2023 Total Installed Capacity (MW) Aggregat
Slide 10: Group EBITDA Breakdown
GROUP EBITDA BREAKDOWN EBITDA 2024: €2,455m ND/EBITDA 2.90x 45% 31% 19% 5% ENERGY INFRASTRUCTURE NORDEX OTHER ACTIVITIES EBITDA: €1,123m EBITDA: €762m EBITDA: €470m EBITDA: €122m (63.4% Generation margin) (9.4% margin) (6.4% margin) (8.3% margin) ▪ Listed c.€5.6bn market cap (100%) ▪ Four businesses
Slide 11: ACCIONA Energía
O02 ACCIONA Energia
Slide 12: ACCIONA Energía
A C C I O N A E N E R G I A – 8 8 . 3 3 % (1) S T A K E O W N E D B Y A C C I O N A A renewable energy & sustainability pioneer with 30 years track-record FY 2024 RESULTS €3bn €1.1bn Revenues EBITDA At the forefront of innovation with longstanding credentials in new 1st operator in the world 15.4 GW
Slide 13: ACCIONA Energía - Operating Figures at a Glance
A C C I ONA E NERGÍ A - OPE RATI NG F I G URES F Y 2 0 24 A T A G L A NCE (1) 15.4 GW (2) 26.7 TWh 73% contracted output (3) INSTALLED CAPACITY TOTAL PRODUCTION 7 years average residual contracted life 15.4 GW Total installed capacity FY 2024 operating figures Consolidated Avoided emissions Contract
Slide 14: ACCIONA Energía - Global Reach Across 5 Continents
ACCIONA ENERGÍA - GLOBAL REACH ACROSS 5 CONTINENTS With presence in 24 countries & 15.4 GW of total installed capacity in FY 2024 (1) OTHER AMERICAS Total Installed Total Consolidated (0.8 GW) SPAIN (5.7 GW) capacity capacity 0.6 GW 4.6 GW 0.3 GW 2MW 15.4 GW 13.6 GW Forty Mile 217 MW Ayora 86 MW Hib
Slide 15: 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 16: 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 & profitable growth VALUE CREATION Increase maximum value Value crystallization Growth in capacity from existing asset base through Asset Rotation additions ▪ Life extension & ▪ Most efficient source of capital
Slide 17: ACCIONA Energía - Asset Rotation in 2024 and Beyond
ACCIONA ENERGÍA - ASSET ROTATION IN 2024 AND BEYOND ASSET ROTATION STRATEGY › Spanish hydro disposals worth €1.3bn already executed by Feb 2025 with total gains of ~€650m materialised for 2024-25 o €300m sale of hydro assets to Elawan closed on 12 Nov 2024 2025 o €1bn sale of hydro assets to Endesa
Slide 18: ACCIONA Energía in 2026 and Beyond
ACCIONA ENERGIA IN 2026 AND BEYOND STRONG BALANCE SHEET SELECTIVE AND FLEXIBLE GROWTH HIGH CASHFLOW VISIBILITY › Investment grade ratings protected and › No fixed MW targets › Maintain ~70% of revenues long-term preserved › A more moderate and steady growth pace hedged › More stable leverage metrics
Slide 19: Investment Grade Rating as Cornerstone of Our Investment Case
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 Fitch Ratings BBB- F3 Stable 30 Dec 2024 INVESTMENT GRADE RATINGS DBRS Mornin
Slide 20: Emblematic Energy Projects
EMBLEMATIC ENERGY PROJECTS MACINTYRE WIND FARM ALDOGA PV PLANT FORTY MILE WIND FARM 923 MW 486 MW 279 MW ACCIONA Energía's largest plant to date ACCIONA Energía’s first PV investment in ACCIONA Energía's largest wind farm in and one of the biggest in APAC Australia, one of the largest in the country
Slide 21: Infrastructure
03 INFRASTRUCTURE
Slide 22: 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 2024 RESULTS CONSTRUCTION €8.2bn €762m › Specialist in large civil construction projects
Slide 23: Infrastructure Aggregate Backlog
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 : € 5 3 , 8 4 3 m Backlog by activities at Dec 2024 €28,555m EUROPE €24,508m NORTH AMERICA North London Heat and Power Project: €954m Palma de Mallorca Airport Terminal: €218m (100%) Tunnel Road S19 Domaradz-Iskrzynia: €184m (100%) Vancouver
Slide 24: Focus on Concessions: Recent Milestones
F O C US O N C O NCES S I ONS : R E CENT MI L E S TONES Equity invested (31-12-2024) €669m Equity committed (2025 - 2032) €2,251m Total equity invested €2,920m & committed • New Calcasieu River Bridge (I-10) • Los Cabos desalination • SR-400 (managed lane) plant • Casablanca desalination plant • Saa
Slide 25: Main Concession Assets
MAIN CONCESSION ASSETS SR 400 EXPRESS LANES, ATLANTA TRANSMISSION LINES PERU AUSTRALIA 25km of managed lanes 1,116km 250km €10.5bn total investment €0.8bn total investment €4.9bn total investment 55 years 2025-2081 34 years 2024-2058 35 years 2024-2059 Largest managed lane tendered and largest publi
Slide 26: Recent Emblematic Infrastructure Projects
RECENT EMBLEMATIC INFRASTRUCTURE PROJECTS CEBU BRIDGE WESTERN HARBOUR TUNNEL VANCOUVER METRO Philippines Australia Canada Sydney’s third harbour crossing, featuring twin, three-lane, A bridge with a 640-metre cable-stayed section, A 5.7 km extension of an existing fully 4.8km tunnels, to create a we
Slide 27: Nordex
04 NORDEX
Slide 28: Nordex - 47.1% Stake Owned by ACCIONA
N O RDEX - 4 7 . 1% s t ake own e d b y A C C I ONA A global industry leader in the onshore wind turbine market Global Onshore ▪ Innovative global manufacturer of onshore wind ▪ Onshore wind energy is the key technology for turbine systems: Among the Top 2 industry the irrevocable transition to rene
Slide 29: Nordex - Turn-around Completed
N O RDEX - T U RN- AROUND C OMPLETED Stabilisation Profitable growth 8% Period of volatility (2021 – 2022) (2023 - 2024) (2025+) × Ukraine and Russia conflict ✓ Policy momentum and the ✓ Turbine prices improved favorable economics of × Supply chain disruptions onshore wind will propel its ✓ Costs st
Slide 30: Nordex - Key Figures
N O RDEX – K E Y F I G URES 2023 2024 2025 guidance Sales €6.5bn €7.3bn €7.4-7.9bn EBITDA margin 0.0% 4.1% 5.0% to 7.0% WC ratio -11.5% -9.1% Below -9% Approx. ~€200m Capex €131m €153m Guidance is based on the assumptions of a stable supply chain 30
Slide 31: Other Activities
O05 OTHER ACTIVITIES
Slide 32: 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 2024 FY 2024 RESULTS Assets Under RESULTS Management (€m) €113m 6,79
Slide 33: Financing
06 FINANCING
Slide 34: Net Debt Evolution
NE T DE BT E V OLUTI ON Net debt reconciliation FY 2024 (€m) OPERATING CF NET INVESTMENT CF FINANCING/OTHERS CF €2,173m -€2,401m -€271m (24) (11) (2,997) (3,651) (3,217) (2,078) (1) Debt associated to work in progress IFRS16 adjustment Derivatives 34 (1) Debt related to assets that are either under
Slide 35: 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 35
Slide 36: Debt Maturity & Breakdown
D E BT MA T URI TY & B R EAKDOWN Liquidity and gross debt maturity schedule (€m) 9,325 Available facilities 2,710 1,783 1,849 1,120 1,120 974 579 844 Cash Debt breakdown by nature Gross financial debt – Level Gross financial debt – Currency Gross financial debt – Interest rate Corporate debt 36
Slide 37: Key Figures - EBITDA Evolution (2018-2024)
KEY FIGURES - EBITDA EVOLUTION (2018–2024) Covid-19 Covid-19 Transmediterranea Disposal Covid-19 Covid-19 37
Slide 38: Leverage Evolution (2010-2024)
LEVERAGE EVOLUTION (2010–2024) Gross debt (€m) ▪ 2010-2012: leverage > 5x net EBITDA (€m) debt/EBITDA ▪ 2013: 5.7x leverage (regulatory 11,095 reform in Spain) implemented plan 10,064 (incl. cancellation of dividend) to reduce leverage to 4.5-4.0x 8,211 8,954 9,047 6,990 ▪ 2014 -2018: 4.2x average 7
Slide 39: ESG at the Heart of Our Strategy
07 ESG AT THE HEART OF OUR STRATEGY
Slide 40: ACCIONA - The First Company of a New Sector
ACCIONA-THE FIRST COMPANY OF A NEW SECTOR Energy: The company owns and operates renewable energy assets such as onshore wind, photovoltaic, biomass, hydroelectric and solar thermal EU TAXONOMY ALIGNMENT power facilities REVENUES CAPEX OPEX Transport: ACCIONA constructs and operates infrastructure fo
Slide 41: Sustainable Finance
S U S T AI NABLE F I NA NCE Gross Corporate Debt Financing Total 2024 Outstanding 2024 Amount Type of Financing Outstanding Instruments (#) Instruments (#) (€m) €8,688m 19% Amount (€m) Green/Sust. Linked Conventional 74 25 1,087 5,404 Green Corporate Debt Financing Conventional + 15 9 1,252 3,331 Im
Slide 42: ESG Results Highlights - FY 2024
E S G R E S ULTS H I G HLI GHTS – F Y 2 0 24 Key ESG indicators ESG highlights Social Social FY 2024 FY 2023 % Chg. Social Workforce (FTE) 66,021 57,843 14.1% ▪ There was a significant increase in the total workforce, resulting from the full Women in executive and management positions (%) 23.1% 22.6
Slide 43: Appendix - FY 2024 Results & 2025 Outlook
08 APPENDIX – FY 2024 RESULTS & 2025 OUTLOOK
Slide 44: Financial Results Highlights - FY 2024
F I NANCI AL R E SULTS H I G HLI GHTS – F Y 2 0 24 FY 2024 % Chg. FY 2024 FY 2023 (€m) vs FY 2023 (€m) (€m) Revenues 19,190 13% Net Investment Cashflow 2,401 3,327 EBITDA 2,455 24% EBT 765 -7% Net Financial Debt 7,128 6,551 (1) Attributable net profit 422 -22% NFD/EBITDA 2.90x 3.31x • High profitabi
Slide 45: ACCIONA Energía - Financial Figures FY 2024
A C C I ONA E NERGÍ A – F I NANCI AL F I G URES F Y 2 024 Key figures FY 2024 Key highlights FY 2024 (Million Euro) FY 2024 FY 2023 Chg. (€m) Chg. (%) ▪ Revenues of €3,048m in 2024, down 14.1% compared to 2023, and €1,123m EBITDA, - 12.6% yoy, due to lower average capture price (-20.4% vs 2023, to €
Slide 46: Infrastructure - Financial Figures FY 2024
I N F RAS T RUCTURE - F I NANCI AL F I G URES F Y 2 0 24 Key figures FY 2024 EBITDA evolution (€m) (Million Euro) FY 2024 FY 2023 Chg.(€m) Chg. (%) Construction Revenues 6,680 6,301 380 6.0% EBITDA 472 370 101 27.4% Margin (%) 7.1% 5.9% +38.4% Concessions Revenues 86 50 36 72.0% EBITDA 170 67 103 15
Slide 47: Construction
C O NSTRUCTI ON High profitability & backlog growth Key figures FY 2024 Key highlights FY 2024 ▪ 6.0% growth in Revenues and 27.4% growth in EBITDA reaching €472m, with record (Million Euro) FY 2024 FY 2023 Chg. Chg. (%) margins of 7.1% vs 5.9% in 2023 Revenues 6,680 6,301 380 6.0% ▪ This margin inc
Slide 48: Concessions
C O NCESSI ONS Young portfolio gradually increasing its contribution to group financial results Key figures FY 2024 Key highlights FY 2024 ▪ Revenues grew by 72.0% reaching €86m and EBITDA by 152.8% to €170m (Million Euro) FY 2024 FY 2023 Chg. Chg. (%) (€67m in FY 2023) due to the greater contributi
Slide 49: Water
WA T ER Stable margins & growth in backlog Key figures FY 2024 Key highlights FY 2024 ▪ 2.0% decrease in revenues and 1.7% decrease in EBITDA reaching €93m as a result of (Million Euro) FY 2024 FY 2023 Chg. Chg. (%) the lower contribution from projects under completion in Arabia, which is not offset
Slide 50: Nordex
NO RDEX Delivery on all targets and guidance Key figures FY 2024 – Nordex reported Key highlights FY 2024 (Million Euro) FY 2024 FY 2023 Chg.(€m) Chg. (%) ▪ Nordex's revenues in 2024 increased by 12.5% to €7.299m, in line with company Revenues 7,299 6,489 810 12.5% €7-7.7bn guidance, and gross margi
Slide 51: Living (Property Development)
L I V I NG ( P r o p e r ty D e v e l opment) >1.100 housing deliveries with high margin Key figures FY 2024 Key highlights FY 2024 ▪ 124.7% increase in Revenues and €43m EBITDA as a result of the increase in the (Million Euro) FY 2024 FY 2023 Chg. Chg. (%) number of houses delivered, 1,119 units in
Slide 52: Bestinver
B E S T I NVER Strong growth of EBITDA and AUM in FY 2024 Key figures FY 2024 Key highlights FY 2024 ▪ 17.5% increase in Revenues, in line with the increase in the average Assets Under (Million Euro) FY 2024 FY 2023 Chg. Chg. (%) Management (AUM) Revenues 113 96 17 17.5% ▪ 41.6% growth in EBITDA, du
Slide 53: Investment by Division
I N V ESTMENT B Y D I V I SI ON (Million Euro) FY 2024 FY 2023 Net Investment breakdown (€m) Energy 1,538 2,321 Infrastructure 898 267 Construction 236 163 Concessions 580 67 Water 46 14 Urban & Enviromental Services 36 23 Nordex 159 376 Other Activities 184 158 Ordinary Capex 2,779 3,122 Property D
Slide 54: ACCIONA - 2025 Outlook
A C C I ONA - 2 0 25 OU TLOOK €2,700 - 3,000m EBITDA EBITDA Operations: €2,200 - 2,250m + EBITDA Rotation: €500 - 750m Mid-term: double-digit growth Investment ~€3bn €1.5bn from ACCIONA Energía + €1.5bn from the rest of the group cashflow Mid-term: €2.5 - 3bn Net leverage <3.5x Net debt/EBITDA Mid-t
Slide 55: ACCIONA Energía - 2025 Outlook
ACCIONA ENERGÍA – 2025 OUTLOOK € 1,500 - 1,750 m CONSOLIDATED ~27 TWh EBITDA 2025 EBITDA from Operations ~€1,000m Spain ~9.5TWh EBITDA from Asset Rotation €500-750m OUTPUT International ~17.5TWh INVESTMENT ~€ 1.5 bn NEW CAPACITY ~1 GW CASHFLOW Gross of asset rotation INSTALLED Gross of asset rotatio
Slide 56: ACCIONA Company Overview
April 2025 ACCIONA Company Overview