Acciona Sa · BME:ANA
Acciona Sa — H1 2019 Earnings Presentation
24 slides from Acciona Sa's earnings presentation, Jul 30, 2019
Slide 1: 30 July 2019
30t July 2019
Slide 2: Important information and forward-looking statements
jacciona This document has been prepared by ACCIONA, S.A. (“ACCIONA" or the “Company’”) exclusively for use during the presentation of financial results. Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior written
Slide 3: Operationally, H1 marked by
= Operationally, H1 marked by: - Weak hydro generation output in Spain - EPC business — SLR settlement comfortably offsets lower volumes in Large Construction Projects and back-end loaded ramp-up of new water contracts - Energy - over 1GW of assets under construction and reinforcing our 7.5GW pipeli
Slide 4: Group key financials
Revenues EBITDA EBITDA like-for-like EBT — ex. corp. transactions Attributable net profit Attributable net profit — ex. corp. transactions Total Net Investment” Net Financial Debt” (1) Total Net Investment includes investments in Property Development inventories. In H1 2018 it also included amounts
Slide 5: Total Investment breakdown
Total Investment breakdown (Million Euro) Jan-Jun 19 Jan-Jun 18 Energy Infrastructure 196 225 Civil, Social & Water Infrastructure 350 74 Construction & Industrial 26 16 Concessions 288 -3 Water 6 22 Service 30 39 Other Activities -6 32 Net Ordinary Capex 540 331 R.E. Property Development 161 58 Sha
Slide 6: Group: Net debt evolution
ACCIONA H1 2019 Results 6 | Group: Net debt evolution {acciona Net debt reconciliation H1 2019 (€m) Operating CF: €359m Net Investment Financing/Others CF: -€701m CF: -€63m (4,951 ) (540) (161) (48) (16 ) a (99) (39) mee |__| Net debt EBITDA Financial Working Other op. CF Net Ordinary R.E.Property D
Slide 7: Group: Net financial debt & liquidity overview
ACCIONA H1 2019 Results 7 | Group: Net financial debt & liquidity overview {acciona Gross financial debt - Level Gross financial debt - Interest rate Net financial debt breakdown by nature (€m) a ™ Corporate = Fixed 1,364 6,252 ™ Project © Variable 4,888 || [8 4,738 (1,514) Gross financial debt - Cu
Slide 8: Energy business
ACCIONA H1 2019 Results 8 | Energy business jacciona Key figures EBITDA evolution (€m) Output +1 (Million Euro) Jan-Jun19 Jan-Jun 18 Chg. Chg. (%) . Output -46 Price = -0 Spain 43 Price +35 Forex +6 Generation Spain 410 465 55-18% Intemational+20 | | Opex = Opex +0 Generation International 330 272 5
Slide 9: Infrastructure business
9 | Infrastructure business ACCIONA H1 2019 Results {acciona Key figures EBITDA evolution (€m) (Million Euro) Jan-Jun19 Jan-Jun 18 Chg. Chg. (%) 95 Revenues 2,465 2,329 136 5.8% (3) Ll 4 251 EBITDA 251 197 54 27.5% 197 (42) Margin (%) 10.2% 8.5% = H12018 Construction Concessions Water — Services. H1
Slide 10: Key figures by business line
jacciona Key figures by business line (Million Euro) Jan-Jun19 Jan-Jun 18 Chg. Chg. (%) C ion & - Revenues 1,759 1,624 135 8.3% EBITDA 201 106 95 90.2% Margin (%) 11.5% 6.5% Concessions Revenues 40 56 15 -27.9% EBITDA 21 24 -3 -13.2% Margin (%) 52.8% 43.9% Water Revenues 289 304 15 -4.9% EBITDA 13 5
Slide 11: Property Development
1 Property Development ACCIONA H1 2019 Results {acciona Key highlights Key figures (Million Euro) Jan-Jun19 Jan-Jun 18 Chg. Chg. (%) Revenues 56 15 41 281.5% EBITDA -9 -4 -5 -125.9% Margin (%) -16.4% -27.7% GAV breakdown - estimated as of June 2019 ™ Revenues increase due to the delivery of 279 resi
Slide 12: Bestinver key figures
Key figures (Million Euro) Jan-Jun19 — Jan-Jun 18 Chg. Chg. (%) Revenues 48 52 -4 -7.0% EBITDA 31 34 -3_-9.3% Margin (%) 64.2% 65.9% Assets Under Management (€m) 5,476 C007 FY 2018 H12019 Number of Clients 51,624 51,108 49,663 } || H12018 = FY2018 ~—H12019 jacciona Key Highlights Slightly lower cont
Slide 13: Summary and outlook
jacciona Energy - higher achieved prices in Spain and new operating assets broadly offset EBITDA impact of sale of CSP and low hydro output. 1GW of assets under construction Infrastructure - Sydney settlement drives operating result. Strong growth in backlog Resolution of Sydney Light Rail and ATLL
Slide 14: Appendix
ACCIONA H1 2019 Results Appendix
Slide 15: Long-term contracted assets and infra management contracts
LT CONTRACTED ASSETS 59% & 67% INFRA MANAGEMENT CONTRACTS (2) (1) (1)(2)
Slide 16: ACCIONA: Perimeter and IFRS16 effects
16 ACCIONA: Perimeter and IFRS16 effects ACCIONA H1 2019 Results jacciona Revenues 3,570 3,525 44 csP 0 43 -43 Rodovia 0 15 -15 ATLL 22 81 -59 Trasmediterranea 0 160 -160 Total perimeter variations 22 299 -277 IFRS16 0 0 0 Revenues (like for like) 3,548 3,226 321 EBITDA 659 618 41 csP 0 29 -29 Rodov
Slide 17: ACCIONA: Debt maturity breakdown
17} ACCIONA: Debt maturity breakdown ACCIONA H1 2019 Results {acciona Gross debt maturities (€m) — H1 2019 Proforma for €675m ESG syndicated loan Stable local investor base Very cost efficient Rolled over continuously ECP programme (€707m as of 30 June 19) Backed by €1.4bn LT unused facility Closing
Slide 18: Energy: Installed capacity
ACCIONA H1 2019 Results 18| Energy: Installed capacity {acciona Spain 5,681 4,456 593 5,036 Wind 4,740 3,516 593 4,098 Hydro 876 876 0 876 Solar PV 3 3 0 3 Biomass 61 61 0 59 Internacional 4,170 3,331 358 2,793 Wind 3,071 2,869 48 2,111 csP 64 64 0 43 Solar PV 1,035 398 310 639 EBITDA ontribution,.
Slide 19: Energy: Equity-accounted generation capacity
ACCIONA H1 2019 Results 19| Energy: Equity-accounted generation capacity Gacciona Wind Spain 593 716 32 113 2005 Wind International 48 63 4 -2 2005 Australia 32 42 3 -1 2005 Hungary 12 15 1 -1 2006 USA 4 6 0 0 2003 Solar PV 310 83 14 68 2017 (1) Average COD weighted per MW
Slide 20: Energy: H1 2019 installations and WIP
20| Energy: H1 2019 installations and WIP MW added and under construction Wind Chile Wind USA PV Chile PV Chile Wind Chile Wind Mexico Wind Mexico Wind Australia Pv Ukraine Pv Ukraine Wind USA San Gabriel Palmas Altas Almeyda Usya Tolpan Santa Cruz San Carlos Mortlake Gudzovka Arcyz Chalupa 198 145
Slide 21: Wind prices and load factors
Wind prices (€/MWh) and Load factors (%) 12019 Av. price (€/MWh) Spain Average 74.7 Spain - Regulated 86.0 Spain - Not regulated 52.0 57.8 27.3 52.9 63.3 99.7 68.9 87.0 EES croatia 109.0 EERE rortugal 109.4 EB ray 130.5 heel chile 103.2 = South Africa 79.7 () Prices for consolidated MWs (2) Prices i
Slide 22: Energy: Other technologies drivers by country
ACCIONA H1 2019 Results 22| Energy: Other technologies drivers by country jacciona Other technologies (€/MWh) and Load factors (%) EE Spain S77 23.8% 54.6 43.2% 5.6% pe CC | Spain 149.4 81.0% 147.1 75.1% 1.6% pec = USA 176.2 20.2% 162.7 22.0% 8.3% Ee = South Africa 159.1 25.2% 164.1 23.4% -3.1%
Slide 23: Infrastructure: Concessions
23| Infrastructure: Concessions # of concessions Proportional EBITDA H1 2019 (€m) Consolidated EBITDA H1 2019 (€m) Average life (yrs) Average consumed life (yrs) Invested capital’ (€m) ACCIONA H1 2019 Results {acciona OROKOIORORS } wont | rat | com | ron | ont | water | tors 7 2 1 1 5 52 68 29 3 1 0
Slide 24: 30 July 2019
30t July 2019