Acciona S A : 2024 ANNUAL RESULTS (results report 31December2024 acciona)

About this update from Acciona Sa

C O N T E N T S EXECUTIVE SUMMARY 4 CONSOLIDATED INCOME STATEMENT 9 CONSOLIDATED BALANCE SHEET AND CASH FLOW 12 RESULTS BY DIVISION 16 ENERGÍA 16 SPAIN 18 INTERNATIONAL 20 INFRASTRUCTURE 24 NORDEX 30 OTHER ACTIVITIES 32 SUSTAINABILITY 34 COMMUNICATIONS TO CNMV, DIVIDEND AND SHARE DATA 40 CONTACT INFORMATION 47 GLOSSARY OF TERMS 48 ANNEX 1: MW BREAKDOWN 51 ANNEX 2: PRODUCTION BREAKDOWN 52 ANNEX 3: MAIN CONCESSION ASSETS EXLUDING WATER 53 ANNEX 4: DETAILS OF WATER CONCESSIONS UNDER IFRIC12 54 1 LEGAL DISCLAIMER This document has been prepared by ACCIONA, S.A. ("ACCIONA" or the "Company" and, together with its subsidiaries, the "ACCIONA Group") exclusively for use in the presentation of financial results. Accordingly, it may not be disclosed or made public by any person or entity for any other purpose without the prior written consent of the Company. ACCIONA will not be liable for the contents of this document if used for any purpose other than that outlined above. The information, opinions and statements contained herein do not purport to be comprehensive and have not been verified or audited by independent third parties. In some cases they are based on management information and estimates and are subject to change and, therefore, ACCIONA offers no express or implied warranty as to the impartiality, accuracy, completeness or correctness of the information provided or the opinions expressed and statements made herein. Certain financial and statistical information contained in this document may be subject to rounding adjustments. Neither the Company and its subsidiaries, nor any entity controlled by the ACCIONA Group and its subsidiaries, nor any of its advisors or representatives will be liable in any way for any loss or damages arising from any use of this document or its contents, whether due to negligence or for any other reason. The information contained in this document on the prices at which securities issued by the ACCIONA Group have been bought or sold, and the performance of those securities, may not and should not be used to predict the future performance of securities issued by the ACCIONA Group. Neither this document nor any part of the same constitutes or may in any way be relied upon as legal, tax, investment, accounting, regulatory or any other type of advice regarding, about or in relation to the Company, nor may it be used or relied upon in connection with or as the basis for any contract, agreement or investment decision, or included or incorporated into such. IMPORTANT INFORMATION This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the Spanish Securities Market Act (Law 6/2023 of 17 March on the securities markets and investment services) and related secondary legislation. Likewise, this document does not constitute an offer of any kind for the purchase, sale or exchange of securities, a request for any offer to purchase, sell or exchange securities, or a solicitation for any vote or approval in any jurisdiction. In particular, this document does not constitute an offer to purchase, sell or exchange securities or a solicitation of any offer to purchase, sell or exchange securities. Neither this document nor any part or copy of it may be taken or transmitted to the United States or published, released, disclosed or distributed, directly or indirectly, in the United States, as that term is defined in the United States Securities Act of 1933, as amended (the US "Securities Act"). Neither this document nor any part or copy of it may be published, released, distributed or disclosed in Australia, Canada, South Africa or Japan. Failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian, South African or Japanese securities laws. This document and the information contained herein do not constitute a solicitation of an offer to buy securities or an offer to sell securities in the United States (within the meaning of Regulation S of the US Securities Act). The ordinary shares of ACCIONA have not been, and will not be, registered under the US Securities Act and may not be offered or sold in the United States absent registration under the Securities Act, except pursuant to an exemption from, or in the case of a transaction not subject to, the registration requirements of the Securities Act and in compliance with the relevant state securities laws. There will be no public offering of ordinary shares in the United States. FORWARD-LOOKING STATEMENTS This document contains forward-looking information and statements about ACCIONA, including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates", "pipeline" and similar expressions. Although ACCIONA understands that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ACCIONA shares are cautioned that forward-looking information and statements are subject to certain risks and uncertainties, many of which are difficult to predict and are generally beyond ACCIONA's control, which could cause actual results and developments to differ materially from those expressed in, or implied or projected 2 by, the forward-looking information and statements. These risks and uncertainties include those discussed in the documents filed by ACCIONA with the Comisión Nacional del Mercado de Valores, which are publicly available for consultation. Forward-looking statements are not guarantees of future performance. They have not been reviewed by ACCIONA's auditors. You are cautioned not to place undue reliance on the forward-looking statements, which contain information only up to the date on which they were made. All subsequent oral or written forward-looking statements attributable to ACCIONA, the ACCIONA Group or any of their respective members, directors, officers, employees or any persons acting on their behalf are expressly qualified in their entirety by the foregoing cautionary statement. All forward- looking statements included herein are based on information held by ACCIONA at the date of this document. Except as required by applicable law, ACCIONA does not undertake publicly to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Results Report contains certain non-IFRS financial measures of the Company derived from (or based on) its accounting records, which it regards as alternative performance measures (APMs) for the purposes of Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 and as defined in the European Securities and Market Authority Guidelines on Alternative Performance Measures dated 5 October 2015. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company, limiting the usefulness of such measures as comparative measures. These measures should not be treated as an alternative to measures calculated in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company's results of operations. Users of this document should not place undue reliance on this information. The financial information included herein has not been reviewed for accuracy or completeness and, as such, should not be relied upon. The definition and classification of the pipeline of the ACCIONA Group's Energy division, headed by Corporación Acciona Energías Renovables, S.A. ("ACCIONA Energía"), which comprises both secured and under construction projects, highly visible projects and advanced development projects, as well as other additional opportunities, may not necessarily be the same as that used by other companies engaged in similar businesses. Accordingly, the expected capacity of ACCIONA Energía's pipeline may not be comparable with the expected capacity of the pipeline reported by other companies. Given its dynamic nature, moreover, ACCIONA Energía's pipeline is subject to change without notice and certain projects classified under a given pipeline category as identified above could be reclassified to another pipeline category or could cease to be pursued in the event that unexpected events, which may be beyond ACCIONA Energía's control, should occur. 3 E X E C U T I V E S U M M A R Y ACCIONA achieved in 2024 all the operating and financial targets established at the beginning of the year. The Company has reached record levels of energy capacity additions for the second year in a row, adding 2GW of new capacity, has further increased the returns generated on its Infrastructure business, while Nordex has consolidated the turnaround in its results. Meanwhile, ACCIONA has accelerated its growth in the Concessions business and has been selected preferred bidder for the SR-400 project in Atlanta, Georgia, its first Managed Lane concession in the United States. At the same time, the company has made satisfactory progress with the new asset rotation strategy, resulting in the announcement of two transactions for the sale of hydro assets in Spain, for a combined value of approximately €1.3 billion, generating gains of around ~€650 million. Part of these gains (~€227 million) have been realized in 2024 and the remainder will crystallize in 2025. The sale of hydro assets to Elawan (175 MW) was completed in November 2024, and the transaction agreed with Endesa (626 MW) was closed on 26 February 2025. ACCIONA's revenues totalled €19,190 million in 2024, reflecting growth of 12.7% vs 2023, driven by the Infrastructure division and the contribution from Nordex, which contributed 12 months' operations in 2024 compared to only nine months' in 2023. Consolidated EBITDA was €2,455 million compared to €1,981 million in the prior year, an increase of 24.0%. EBITDA from operations came at €2,382 million, exceeding the target of €2,000 million, on the back of the good performance of Infrastructure and Nordex. Additionally, EBITDA from asset rotation came at €73 million. Operating profit was €1,316 million, 5.2% up on the €1,251 million reported in 2023. The positive result of €134 million accounted under Impairment of assets value in the income statement is mainly driven by the reversal of impairments related to the two sales of Spanish hydro assets for a total amount of €154 million (out of which €76 million were included in H1 2024) and an impairment of €32 million related to the commencement of dismantling of the Tahivilla windfarm in Spain, for repowering. For comparative purposes, it is worth noting that in 2023 the income statement included a positive result of ~€400 million under Other gains and losses , essentially resulting from the change in the consolidation method applied to Nordex and Renomar. Profit before tax totalled €765 million in 2024 vs €819 million in 2023, while Net attributable profit was €422 million vs. €541 million in the prior year, in a context of lower electricity prices, especially in the first half of the year. ACCIONA's net financial debt (including IFRS 16) rose to €7,128 million at 31 December 2024, while the Net Financial Debt/EBITDA ratio fell from 3.31x at 31 December 2023 to 2.90x at 31 December 2024. The Company maintained its investment grade status with DBRS Morningstar following the annual review, which resulted in a rating of BBB (Low) with a stable outlook. 4 ACCIONA Energía generated revenues of €3,048 million in 2024, down 14.1% compared to 2023, with Generation revenues of €1,637 million, with an average achieved price of €68,7/MWh, and revenues from Supply & Other businesses of €1,412 million. EBITDA was €1,123 million (-12.6%) of which €1,038 million corresponds to Generation EBITDA and €73 million to the contribution of the Asset Rotation activity. ACCIONA Energía's Attributable Net Profit was €357 million (-31.9%) in 2024. In terms of roll-out of new capacity, the Company added approximately 2 GW of new capacity in 2024, mainly through the development of its own pipeline in Australia, India, Canada, United States, Spain and Croatia, as well as the opportunistic acquisition of Green Pastures, a wind farm in Texas with aggregate capacity of 297 MW. As a result, the Group's total installed capacity reached 15,354 MW at 31 December 2024, while total consolidated capacity stood at 13,630 MW. Net ordinary capex totalled €1,538 million, while divestments contributed a total of €314 million, primarily obtained from the sale of 175 MW of hydro assets in Spain for €293 million. The Infrastructure division achieved revenue growth of 5.5% and growth in EBITDA of 38.4% in 2024, to €8,146 million and €762 million, respectively, driven by the strong performance of Construction and Concessions. The Global Infrastructure backlog amounted to €28,555 million at December 2024, an increase of 16.5% vs. 31 December 2023. Meanwhile, the Aggregate Infrastructure backlog, which includes equity-accounted projects, rose to €53,843 million, 58.1% higher than in 2023. Key awards achieved in 2024 include the I10 Calcasieu River Bridge highway in the USA, the first lot of tunnels in the Suburban Rail Loop East project in Melbourne and the Alkimos desalination plant in Perth, both in Australia, the Ras Laffan 2 desalination plant in Qatar, and the Peripheral Ring Road in Lima and three transmission lines in the Hub-Poroma concession, both in Peru. The Group also has unsigned pre-awarded contracts at 31 December 2024 worth €5,582 million, including the SR-400 Express Lane highway in Atlanta, Georgia (USA). In August 2024 a consortium including ACCIONA was selected as a preferred bidder for the contract to build and operate this infrastructure under a 50-year concession. The contract, which is ACCIONA's third USA concession, represents a milestone for the Group: it will be the largest concession project in its portfolio and will consolidate its position as a key player in the US Managed Lanes sector. The project will involve a total investment of around €10.5bn. ACCIONA has continued to grow its concessions business at a fast pace, and the concessions portfolio now includes 79 assets with total equity investment of €669 million at 31 December 2024. This portfolio, which includes preferred bidder contracts, has commitments to make additional contributions of c. €2.3bn between 2025 and 2032, and it is expected to generate dividends and cash distributions of ~€58bn for ACCIONA. The weighted average life of the concessions' portfolio is 53 years. Nordex has successfully consolidated the turnaround in its financial and operating performance in 2024. Revenues have grown by 12.5%, reaching €7,299 million, in line with the initial guidance of between €7,000 and €7,700 million. The EBITDA margin was 4.1%, reaching a total of €296 million in 2024, slightly exceeding the upper guidance range of 3-4%, driven by higher average selling prices, increased activity levels, and growth in service revenue. Nordex's contribution to ACCIONA's EBITDA totals €470 million, EBITDA compared to €117 million in 2023, including the reversal of €174 million of identified provisions due to the recalculation of Nordex Quality Program costs. Living (Property Development) revenues rose by 124.7% vs 2023, to reach a total of €435 million, and EBITDA reached €43 million, compared to €193 million and €4 million respectively, 5 in the previous year, driven by the increase in the number of housing units delivered: 1,119 residential units in 2024, meeting the full year target, compared to 720 units in 2023. The Gross Asset Value of ACCIONA's property development portfolio stood at €1,736 million at 31 December 2024, 3.8% less than at 31 December 2023, reflecting the substantial number of properties delivered and the acceleration in the portfolio rotation. Bestinver's revenues grew by 17.5%, to €113 million, and EBITDA by 41.6%, to €51 million, driven by the 15.1% increase in Average Assets Under Management, which stood at €6,487 million, and by the better performance of Bestinver Securities. Assets Under Management totalled €6,791 million at 31 December 2024, an increase of €872 million vs December 2023, driven by both good performance and positive net inflows. Net investment cash flow totalled €2,401 million in 2024. ACCIONA Energía invested €1,538 million in terms of net ordinary capex, while divestments for the year provided funds totalling €314 million. Infrastructure invested a total of €898 million, most significantly in the Kwinana waste-to-energy plant in Australia. Nordex invested €159 million, and a further €184 million were invested in Other Activities. Meanwhile, real estate inventories generated cash inflows of €65 million from the delivery of residential properties. ACCIONA's net financial debt (including IFRS 16) rose to €7,128 million at 31 December 2024, while the Net Financial Debt/EBITDA ratio fell to 2.90x from 3.31x in the prior year. Debt associated with assets classified as held-for-sale amounts to €1,249 million vs. €463 million at 31 December 2023, €350 million from hydro assets of the Endesa transaction already executed, a perimeter of wind assets in Spain, wind and solar PV assets in South Africa, an office building in Madrid and a waste-to-energy plant in Australia. The Company made significant progress with sustainability in 2024. In social responsibility, the 14.1% increase in the headcount was driven by the consolidation of Nordex and growth achieved in the LATAM and Australian business hubs. The number of women in executive and management posts continued to increase, reaching 23.1% of employees in management positions, an increase of 0.41pp vs 2023. Turning to environmental indicators , the ratio of EU Taxonomy-aligned CAPEX aligned to eligible CAPEX increased slightly. However, compared to 2023, the absolute amount decreased due to this being the first fiscal year of the full consolidation of Nordex. The increase primarily stems from the alignment efforts undertaken by the Construction and Water businesses in adapting their activities to the European taxonomy. The objective of maintaining the ratio above 90% has been achieved. Based on governance KPIs, ACCIONA has continued to make progress with the inclusion of sustainability structures in new debt issues, which now account for 81% of Gross Corporate Debt. ACCIONA contracted new green financing for a total of €1,891 million and issued sustainability-linked instruments for €194 million. Finally, ACCIONA Energía raised €448 million in new green bonds, facilities and promissory notes. These new issues increased Sustainable Financing to €12,081 million. 6 I N C O M E S T A T E M E N T D A T A (Million Euro) FY 2024 FY 2023 Chg. (%) Revenues 19,190 17,021 12.7% EBITDA 2,455 1,981 24.0% EBT 765 819 -6.6% Attributable net profit 422 541 -22.0% B A L A N C E S H E E T A N D C A P I T A L E X P E N D I T U R E (Million Euro) 31-Dec-24 31-Dec-23 Chg. (%) Attributable Equity 4,812 5,009 -3.9% Net financial debt (excluding IFRS16) 6,238 5,740 8.7% Net financial debt 7,128 6,551 8.8% NFD/EBITDA 2.90x 3.31x -12.2% (Million Euro) 31-Dec-24 31-Dec-23 Chg. (%) Ordinary Capex 2,779 3,122 -11.0% Net Investment Cashflow 2,401 3,327 -27.8% 7 O P E R A T I N G D A T A Energy 31-Dec-24 31-Dec-23 Chg. (%) Total capacity (MW) 15,354 13,523 13.5% Consolidated capacity (MW) 13,630 12,131 12.4% Total production (GWh) 26,708 24,894 7.3% Consolidated production (GWh) 23,821 21,433 11.1% Average price (€/MWh) 68.7 86.4 -20.4% Infrastructures 31-Dec-24 31-Dec-23 Chg. (%) Aggregate Infrastructure backlog (€m) 53,843 34,050 58.1% Global Infrastructure backlog (€m) 28,555 24,508 16.5% D&C backlog (Construction & Water) (€m) 19,585 17,514 11.8% Nordex 31-Dec-24 31-Dec-23 Chg. (%) Backlog (€m) 12,778 10,537 21.3% Order intake turbine (€m) 7,461 6,211 20.1% Average selling price - order intake (ASP) (€m/MW) 0.90 0.84 6.0% Installations (MW) 6,641 7,253 -8.4% Other activities 31-Dec-24 31-Dec-23 Chg. (%) Deliveries (nº of units) 1,119 720 55.5% Stock of pre-sales (nº of housing units) 674 1,393 -51.6% Property development- Gross Asset Value (GAV) (€m) 1,736 1,805 -3.8% Bestinver - Assets Under Management (€m) 6,791 5,919 14.7% 31-Dec-24 31-Dec-23 Chg. (%) Average worforce 66,021 57,843 14.1% E S G I N D I C A T O R S FY 2024 FY 2023 Var.(%) Women in executive and management positions (%) 23.1% 22.6% 0.4 pp CAPEX aligned with the EU taxonomy - mitigation and adaptation (%) 99.6% 99.0% 0.6 pp Avoided emissions (CO₂ million ton) 14.4 13.6 5.51% Scope 1+2 emissions (ktCO₂e) 208,431 220,887 -5.64% Sustainable financing (%) 81% 79% 2.0 pp 8 C O N S O L I D A T E D I N C O M E S T A T E M E N T (Million Euro) FY 2024 FY 2023 Chg.(€m) Chg. (%) Revenues 19,190 17,021 2,168 12.7% Other revenues 1,688 946 742 78.5% Changes in inventories of finished goods and work in progress -269 388 -657 -169.2% Total Production Value 20,609 18,356 2,253 12.3% Cost of goods sold -6,789 -5,853 -937 -16.0% Personnel expenses -3,423 -2,927 -496 -16.9% Other expenses -8,101 -7,747 -354 -4.6% Operating income from associated companies 160 152 8 5.2% EBITDA 2,455 1,981 475 24.0% Depreciation and amortisation -1,121 -943 -178 -18.8% Provisions -153 -157 5 3.0% Impairment of assets value 134 -14 148 n.m Results on non-current assets 3 2 2 81.6% Other gains or losses -3 383 -387 -100.9% EBIT 1,316 1,251 65 5.2% Net financial result -490 -344 -146 -42.4% Exchange differences (net) -58 -1 -56 n.m Var. provisions financial investments -1 0 -1 n.m Non-operating income from associated companies -2 -104 102 98.0% Profit and loss from changes in value of instruments at fair value 1 17 -17 -95.6% EBT 765 819 -54 -6.6% Income tax -156 -197 41 20.9% Profit after Taxes 609 621 -13 -2.0% Minority interest -187 -80 -107 -132.8% Attributable Net Profit 422 541 -119 -22.0% 9

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