Business
Acciona S A : 2025 Annual Results (fy 2025 results)
Acciona S A : 2025 Annual Results (fy 2025
About this update from Acciona Sa
C O N T E N T S EXECUTIVE SUMMARY 4 CONSOLIDATED INCOME STATEMENT 10 CONSOLIDATED BALANCE SHEET AND CASH FLOW 14 RESULTS BY DIVISION 18 ENERGÍA 18 SPAIN 21 INTERNATIONAL 23 INFRASTRUCTURE 26 NORDEX 32 OTHER ACTIVITIES 34 SUSTAINABILITY 36 COMMUNICATIONS TO CNMV, DIVIDEND AND SHARE DATA 45 CONTACT INFORMATION 49 GLOSSARY OF TERMS 50 ANNEX 1: MW BREAKDOWN 53 ANNEX 2: PRODUCTION BREAKDOWN 54 ANNEX 3: MAIN CONCESSION ASSETS (EXCLUDING WATER) 55 ANNEX 4: MAIN WATER CONCESSIONS 56 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 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. This document is published in Spanish and English and in case of discrepancy between both versions, the Spanish version shall prevail. E X E C U T I V E S U M M A R Y ACCIONA delivered solid results in FY 2025, meeting the strategic and financial targets communicated to the market at the beginning of the year. Revenues increased by 6%, EBITDA grew by 31%, Profit before tax rose by 82% and Attributable net profit increased by 90%. The most significant highlights of the year were as follows: Total EBITDA above guidance: ACCIONA's consolidated EBITDA in 2025 totalled €3,211 million, above the target range of €2,700-€3,000 million set at the beginning of the year. Reduction in financial leverage ahead of target: ACCIONA closed the year with a Net Financial Debt/EBITDA ratio of 2.2x, well below its target of remaining under 3.5x, mainly driven by strong cash generation at Nordex and the Infrastructure business, the completion of Energy asset disposals amounting to €1,065 million, and the positive contribution from the Property Development activity. Asset rotation target achieved: between 2024 and 2025, the company signed and/or completed energy asset disposal transactions totalling ~€3,200 million, generating capital gains of approximately ~€900 million. Transactions completed in 2025 amounted to €1,065 million, with €614 million of EBITDA from Asset Rotation, and two additional transactions were agreed for approximately €900 million, expected to close in H1 2026. The strong performance of the asset rotation activity, together with an average captured price slightly above expectations, helped offset more moderate production levels and delays in the commissioning of new assets, allowing ACCIONA Energía to meet both its Asset Rotation EBITDA target and its total EBITDA target for the year of €1,500-€1,750 million (reaching €1,546 million). Nordex turnaround successfully completed, entering profitable growth phase: Nordex contributed €749 million to ACCIONA's EBITDA in 2025, with an EBITDA margin of 8.4%, already reaching its mid-term target, with a record order intake of 10.2 GW and a total backlog of €16,094 million as of December 2025. Major concession projects secured: the development of infrastructure projects under long-term concession contracts has consolidated as one of ACCIONA's main growth driverr for the coming years. FY 2025 was marked by key strategic milestones, including the signing of the first Managed Lanes project in the United States (SR-400) and the Central West Orana Transmission Line in Australia, as well as the pre-award of the water distribution and sewerage contract in Pernambuco, Brazil. These contracts represent a total investment associated with 100% of these projects of approximately €17.9 billion. High profitability in the construction business: EBITDA margins in the construction business remained at historically high levels of around 7% for the second consecutive year, as a result of rigorous project selection, a strong focus on technical excellence and solid risk management. As of 31 December 2025, 81% of the construction backlog is supported by risk-mitigating clauses. Strong growth in the water business: EBITDA grew by almost 50% versus the previous year, driven by efficient and faster-than-expected execution of several key projects. ACCIONA's investment grade credit rating was reaffirmed by DBRS, and ACCIONA Energía's investment grade rating was reaffirmed by Fitch, although with a revision of the outlook from Stable to Negative. ACCIONA's revenues in 2025 totalled €20,236 million, representing growth of 5.5% vs 2024, while group EBITDA reached €3,211 million, compared to €2,455 million in the prior year, an increase of 30.8%. EBITDA from Operations amounted to €2,597 million, 9% higher than in 2024, despite a €118 million decline in Energy operating EBITDA (which stood at €932 million), due to strong growth in the contribution from other businesses, particularly Nordex, Water and Real Estate. Additionally, €614 million of EBITDA from Asset Rotation was recorded, mainly from the sale of 626 MW of hydro assets in Spain, announced in Q4 2024 and closed in Q1 2025, as well as 440 MW of wind assets in Spain, 136 MW of wind assets in Peru and 50 MW of wind assets in Costa Rica. Profit before tax reached €1,392 million, compared to €765 million in the previous year, an increase of 82.0%, while Attributable net profit in 2025 amounted to €803 million, vs €422 million in 2024, representing growth of 90.4%. In FY 2025, ACCIONA Energía met the EBITDA guidance communicated to the market, set in the range of €1,500-€1,750 million, with an EBITDA from Operations of €932 million and an EBITDA from Asset Rotation of €614 million. The Asset Rotation activity has consolidated itself as a structural component of ACCIONA Energía's business model, having executed transactions amounting to €3,200 million in divestments over 2024-2025 (of which €1,065 million were completed in 2025), and generating approximately ~€900 million in capital gains (of which €614 million were recognised in 2025). This performance has helped offset a more demanding operating environment, characterised by softer - than - initially - expected production and a more gradual commissioning of new projects, while the average captured price was slightly above expectations. FY 2025 also unfolded in a more favourable environment for the renewable energy sector, with improved returns in recently approved projects and significant progress in the renegotiation of PPAs at higher price levels. Regarding solvency and credit quality, Fitch reaffirmed ACCIONA Energía's BBB - investment - grade rating, although it revised the outlook from Stable to Negative. The Company remains committed to restoring a Stable outlook during 2026 through additional deleveraging, new asset rotation transactions and improvements in operating efficiency. The Infrastructure business recorded in 2025 a 6.7% increase in revenues, reaching €8,690 million, and a 5.1% increase in EBITDA, driven by the solid execution of key projects across both Construction-where EBITDA margins remained stable at around 7%-and Water, with works in Chile, Morocco, Australia and Qatar standing out. The global Infrastructure backlog stood at €30,354 million as of 31 December 2025, up 6.3% vs 31 December 2024. The Aggregate Infrastructure backlog, which includes equity-accounted projects, reached €120,591 million, 124% higher than at 31 December 2024. Key awards during the year include the SR-400 highway in Atlanta (USA), which contributes approximately €1,800 million to ACCIONA's global Infrastructure backlog as of December and ~€64,000 million to the aggregate backlog, the Central West Orana Transmission Line in Australia, and the Cesan and Sanepar water treatment and sewage networks project in Brazil. In addition, the pre-award of the concession for treated water distribution and sewerage services in Pernambuco (Brazil) took place at year-end; this project involves associated investment of approximately ~€3,700 million and is expected to generate life-of-concession revenues of around €30,000 million. The cumulative equity invested in the concessions portfolio as of 31 December 2025 reached €879 million, with additional equity commitments totalling €1,870 million between 2026 and 2035. This portfolio is expected to generate approximately ~€60,000 million in dividends and cash distributions for ACCIONA, with a weighted outstanding life of 50 years. Nordex delivered excellent results in 2025, making a significant contribution to ACCIONA's performance. Revenues totalled €7,554 million and reported EBITDA reached €631 million, compared to €296 million in the previous year, with an EBITDA margin of 8.4% vs 4.1% last year, reaching the upper end of the 7.5%-8.5% guidance range revised upwards in October 2025. Nordex's contribution to ACCIONA's EBITDA reached €749 million (vs €470 million in the prior year, up 59.4%). This figure includes €118 million from the reversal of provisions identified under the PPA, of which €83 million had already been recognised in H1 2025, mainly due to updated cost estimates for quality improvement programs carried out by Nordex. In operational terms, in 2025 Nordex received turbine orders worth €9,321 million, 24.9% higher than €7,461 million in 2024, and the backlog (including Projects and Services) increased by 25.9% to €16,094 million as of 31 December 2025, compared to €12,778 million as of 31 December 2024. The service backlog grew by 20.1% to €5,972 million, representing 37% of the total backlog. Within Other Activities, Living (Property Development) performed strongly, delivering EBITDA of €84 million vs €43 million in 2024, driven by the higher number of housing units delivered (1,244 units in 2025 vs 1,119 in 2024), the sale of an office building located on Ombú street in Madrid, the sale of non-strategic land, and cost efficiencies. The Gross Asset Value (GAV) of ACCIONA's real estate assets stood at €1,590 million as of 31 December 2025. Bestinver also performed well during the year, with a 9.8% increase in Average Assets Under Management to €7,124 million in 2025, resulting in EBITDA of €55 million, 8% higher than in 2024. As of 31 December 2025, Bestinver's Assets Under Management totalled €7,661 million, an increase of €870 million over the year. ACCIONA's net financial debt (including IFRS 16) stood at €6,989 million as of 31 December 2025, decreasing by €139 million vs December 2024. This reduction was mainly driven by strong EBITDA generation, the positive contribution from working capital amounting to €656 million vs €457 million in 2024, Energy asset rotation totalling €1,065 million, the increased positive contribution from changes in real estate inventories (€114 million in 2025 vs €65 million in the previous year), and lower investment levels (€2,252 million in 2025 vs €2,779 million in 2024). Tax payments for the year totalled €337 million, compared to €211 million in 2024. Additionally, €183 million were invested in the acquisition of a 2.8% stake in ACCIONA Energía, recorded under "Perimeter changes and others" in the consolidated cashflow statement. Following this transaction, ACCIONA's stake in ACCIONA Energía stood at 91.11% as of 31 December 2025. Debt associated with assets Held for Sale amounted to €372 million, compared to €1,249 million as of December 2024, and includes debt linked to wind and solar PV generation assets in South Africa and Mexico, as well as a waste-to-energy plant in Australia. In terms of relevant financing operations in FY 2025, the drawdown of green financing closed with IFC (International Finance Corporation, part of the World Bank Group) and other multilateral institutions (FMO, Proparco, DEG and ICO) stood out, for a total amount of approximately USD600 million. In addition, in May, the extension of the syndicated financing in Australia was signed for AUD225 million, together with a euro-denominated syndicated loan for €800 million. On 10 June, the new Schuldschein loan was disbursed for €410 million with maturities of 3, 5, 7 and 10 years, representing the largest Schuldschein loan to date in the Iberian Peninsula. During the last quarter of the year, several bilateral loans were also closed for a total amount of €355 million, together with a new syndicated facility for GBP100 million, expected to be drawn in early 2026. Overall, during FY 2025 ACCIONA renewed and extended maturities on €2,444 million of debt and issued €1,561 million of new debt, reflecting the financial markets' confidence in the Company and further strengthening the diversification of its funding sources. In addition, significant project finance transactions were closed, notably those related to the SR-400 Managed Lanes project in the United States, for USD7,211 million, and the Central West Orana Transmission Lines in Australia, for AUD7,274 million. The average cost of debt for the year stood at 4.31% (4.22% for corporate debt and 7.05% for project debt). 62% of ACCIONA's debt is at variable rates and 38% at fixed rates. Regarding maturities, most of the 2026 maturities relate to commercial paper and bank debt. In terms of liquidity, ACCIONA maintains high liquidity levels, reaching €10,635 million as of 31 December 2025, including cash and equivalents as well as undrawn available liquidity. Regarding ACCIONA's credit rating, on 12 May 2025 DBRS published its report reaffirming the rating at 'BBB (low) Stable', and on 23 July 2025 JCR released its assessment maintaining ACCIONA's rating at BBB+ Stable, underscoring the Group's commitment to preserving its investment grade rating. In terms of sustainability, ACCIONA is closing a five-year cycle in 2025 during which it has consolidated a model of structural transformation supported by four strategic pillars: integrating sustainability into decision-making - especially in origination processes through the application of the European Taxonomy -, the gradual decarbonisation of its operations, the development of a modern social function aimed at maximising the positive impact enabled by infrastructure, and a recognised track record of innovation in sustainable finance. The progress achieved is reflected across environmental, social and governance performance. By 2025, CAPEX aligned with the EU Taxonomy reached 98.2% (compared to a target of over 90%), consolidating a sustained upward trajectory. This consistency has allowed the share of revenue linked to sustainable activities to increase from 54.98% in 2020 to 89.90% in the most recent financial year. Additionally, sustainable financing now accounts for 84% of gross corporate debt, demonstrating the full integration of a sustainability approach in both capital allocation and the group's financial structure. In terms of decarbonisation, although GHG emissions grew by 4% due to increased mining activity in Chile, the Company remains below its 2021 science-based targets. On the social front, 314 projects were developed across 31 countries - all with external verification - benefiting 2,178,470 people and totaling an investment of €14.96 million. Regarding the value chain, the social safeguards monitoring model (SCRM) now covers 98.8% of procurement volume across a network of 29,822 active suppliers, thereby strengthening due diligence and responsible management throughout the supply chain. I N C O M E S T A T E M E N T D A T A (Million Euro) FY 2025 FY 2024 Chg. (%) Revenues 20,236 19,190 5.5% EBITDA 3,211 2,455 30.8% EBT 1,392 765 82.0% Attributable net profit 803 422 90.4% 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-25 31-Dec-24 Chg. (%) Attributable Equity 4,706 4,812 -2.2% Net financial debt (excluding IFRS16) 6,115 6,238 -2.0% Net financial debt 6,989 7,128 -2.0% NFD/EBITDA 2.18x 2.90x -25.0% (Million Euro) 31-Dec-25 31-Dec-24 Chg. (%) Ordinary Capex 2,252 2,779 -19.0% Net Investment Cashflow 1,074 2,401 -55.3% O P E R A T I N G D A T A Energy 31-Dec-25 31-Dec-24 Chg. (%) Total capacity (MW) 14,604 15,354 -4.9% Consolidated capacity (MW) 12,882 13,630 -5.5% Total production (GWh) 27,648 26,708 3.5% Consolidated production (GWh) 24,390 23,821 2.4% Average price (€/MWh) 61.9 68.7 -9.9% Infrastructures 31-Dec-25 31-Dec-24 Chg. (%) Aggregate Infrastructure backlog (€m) 120,591 53,843 124.0% Global Infrastructure backlog (€m) 30,354 28,555 6.3% D&C backlog (Construction & Water) (€m) 19,780 19,585 1.0% Nordex 31-Dec-25 31-Dec-24 Chg. (%) Backlog (€m) 16,094 12,778 25.9% 31-Dec-25 31-Dec-24 Chg. (%) Order intake turbine (€m) 9,321 7,461 24.9% Average selling price - order intake (ASP) (€m/MW) 0.91 0.90 2.0% Installations (MW) 7,663 6,641 15.4% Other activities 31-Dec-25 31-Dec-24 Chg. (%) Deliveries (nº of units) 1,244 1,119 11.2% 31-Dec-25 31-Dec-24 Chg. (%) Stock of pre-sales (nº of housing units) 1,077 674 59.8% Property development- Gross Asset Value (GAV) (€m) 1,590 1,736 -8.4% Bestinver - Assets Under Management (€m) 7,661 6,791 12.8% 31-Dec-25 31-Dec-24 Chg. (%) Average worforce 68,502 66,021 3.8% E S G I N D I C A T O R S FY 2025 FY 2024 Var.(%) Women in executive and management positions (%) 22.9% 23.1% -0.2 pp CAPEX aligned with the EU taxonomy - mitigation and adaptation (%) 98.2% 99.3% -1.1 pp Avoided emissions (CO₂ million ton) 15.7 14.4 9.4% Scope 1+2 emissions (ktCO₂e) 205,105 197,247 4.0% Sustainable financing (%) 0.84 0.81 3.0 pp 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 2025 FY 2024 Chg.(€m) Chg. (%) Revenues 20,236 19,190 1,046 5.5% Other revenues 1,952 1,688 264 15.6% Changes in inventories of finished goods and work in progress 253 -269 522 n.m Total Production Value 22,441 20,609 1,832 8.9% Cost of goods sold -6,779 -6,789 11 0.2% Personnel expenses -3,646 -3,423 -223 -6.5% Other expenses -8,941 -8,101 -839 -10.4% Operating income from associated companies 135 160 -25 -15.4% EBITDA 3,211 2,455 756 30.8% Depreciation and amortisation -1,119 -1,121 2 0.2% Provisions -234 -153 -81 -53.0% Impairment of assets value -70 134 -204 -152.5% Results on non-current assets -15 3 -18 n.m Other gains or losses 88 -3 92 n.m EBIT 1,862 1,316 546 41.5% Net financial result -465 -490 25 5.1% Exchange differences (net) -9 -58 49 85.1% Var. provisions financial investments 0 -1 1 77.5% Non-operating income from associated companies -1 -2 1 69.2% Profit and loss from changes in value of instruments at fair value 5 1 5 n.m EBT 1,392 765 627 82.0% Income tax -264 -156 -108 -69.0% Profit after Taxes 1,129 609 520 85.4% Minority interest -325 -187 -139 -74.2% Attributable Net Profit 803 422 381 90.4% R E V E N U E S (Million Euro) FY 2025 FY 2024 Chg.(€m) Chg.(%) Energy 2,925 3,048 -124 -4.1% Infrastructure 8,690 8,146 545 6.7% Nordex 7,554 7,299 255 3.5% Other Activities 1,574 1,468 106 7.2% Consolidation Adjustments -506 -771 264 34.3% TOTAL Revenues 20,236 19,190 1,046 5.5% Revenues increased by 5.5% vs 2024, reaching €20,236 million, with the following performance across the different business areas during FY 2025: Energy revenues declined by 4.1% to €2,925 million, mainly reflecting the impact of asset disposals, which were not fully offset by the commissioning of new assets. Infrastructure revenues increased by 6.7%, with all business lines growing vs the prior year, primarily driven by the stronger contribution from the Construction and Water businesses. Nordex contributed €7,554 million to revenues, up 3.5% year-on-year, in line with the company's guidance range of €7,400-€7,900 million, reflecting higher activity levels and growth in service revenues. Revenues from Other Activities rose by 7.2% to €1,574 million, mainly driven by Bestinver, reflecting higher Average Assets Under Management, and Living (Property Development), which generated revenues of €457 million. E B I T D A (Million Euro) FY 2025 % EBITDA FY 2024 % EBITDA Chg.(€m) Chg.(%) Energy 1,546 48% 1,123 45% 423 37.7% Infrastructure 801 25% 762 31% 39 5.1% Nordex 749 23% 470 19% 279 59.4% Other Activities 156 5% 122 5% 35 28.4% Consolidation Adjustments & Others -42 n.m -22 n.m -20 -93.8% TOTAL EBITDA 3,211 100% 2,455 100% 756 30.8% Margin (%) 15.9% 12.8% +3.1pp Note: EBITDA contributions calculated before consolidation adjustments ACCIONA's EBITDA in FY 2025 amounted to €3,211 million, up 30.8% vs the prior year, with growth across all businesses. Energy EBITDA increased by 37.7%, driven by asset disposals during the period totalling €614 million, which offset the decline in EBITDA from Operations from €1,050 million to €932 million. The Infrastructure business increased its EBITDA by 5.1%, mainly supported by Water (+49.7%) and, to a lesser extent, Construction (+1.3%), which more than compensated the 6.3% decline in Concessions. Nordex increased its EBITDA by 59.4% to €749 million. This figure includes €631 million of reported EBITDA (with an EBITDA margin of 8.4%, at the upper end of the 7.5%-8.5% guidance range) and an additional €118 million from the reversal of provisions identified under the PPA, mainly due to updated cost estimates for quality improvement programmes carried out by Nordex. Other Activities improved their EBITDA by 28.4%, supported by solid performance at Bestinver, which contributed €55 million to the Group's EBITDA, and Property Development (Living), which contributed €84 million, boosted by the sale of the Ombú Building, among other factors. E B I T Operating profit amounted to €1,862 million, 41.5% higher than the €1,316 million reported in 2024. The most significant items between EBITDA and EBIT were as follows: Depreciation and amortisation totalled €1,119 million, remaining broadly stable compared to the previous year. Provisions amounted to €234 million, compared to €153 million in the prior year, while Impairment of assets value stood at -€70 million, compared to a positive impact of €134 million in 2024. In FY 2025, applying a prudent approach and in light of a weaker-than-previously-expected outlook for future growth at Silence (electric vehicle manufacturer) and Solideo (self-consumption and energy efficiency solutions for residential and SME customers), the Group recognised provisions for onerous contracts and goodwill impairments related to these two subsidiaries, amounting to €50 million and €26 million, respectively. This item also includes impairments related to Energy projects under development in Brazil, provisions for project completion, and margin impairments on certain construction projects, among others. The positive impact of €134 million recorded under Impairment of assets value in 2024 included impairment reversals totalling €154 million related to two transactions for the sale of Spanish hydro assets, as well as an impairment of €32 million associated with the commencement of dismantling works at the Tahivilla wind farm in Spain. Under the "Other gains or losses" item, an amount of €88 million mainly reflects the accounting impact arising from the agreement reached with a third party to settle outstanding obligations related to several litigation portfolios whose future collection rights had been assigned in 2019, as well as a badwill of €46 million recognised in the purchase price allocation process following the acquisition of several companies engaged in the construction, operation and maintenance of high-voltage transmission lines in Peru. E B T (Million Euro) FY 2025 FY 2024 Chg.(€m) Chg.(%) Energy 667 407 260 63.8% Infrastructure 275 275 0 -0.1% Nordex 424 119 305 n.m Other Activities 65 -17 83 n.m Consolidation Adjustments & Others -38 -19 -19 -104.3% TOTAL EBT 1,392 765 627 82.0% Margin (%) 6.9% 4.0% +2.9pp Profit before tax reached €1,392 million, an increase of 82.0% vs €765 million in the prior year. Net financial expenses declined by €25 million, to €465 million, consistent with a lower average cost of debt, which decreased to 4.31% in FY 2025 from 4.76% in 2024. This reduction was mainly driven by the deconsolidation of project finance debt associated with divested energy assets, whose cost was higher than the Group average. By contrast, foreign exchange differences had a negative impact of -€9 million, compared to -€58 million in the previous year. The changes in the fair value of instruments were positive at €5 million, that include -€35 million, reflecting mark-to-market movements in energy hedging instruments, primarily in the US, due to the increase in the forward price curve, together with changes in the fair value of derivatives on the Parent Company's own shares, which had a positive effect of €49 million. A T T R I B U T A B L E N E T P R O F I T Attributable net profit as of 31 December 2025 amounted to €803 million, compared to €422 million in 2024, representing an increase of €381 million (+90.4%). C O N S O L I D A T E D B A L A N C E S H E E T A N D C A S H F L O W C O N S O L I D A T E D B A L A N C E S H E E T (Million Euro) 31-Dec-25 31-Dec-24 Chg.(€m) Chg.(%) PPE, Intangible assets & Real Estate investments 13,333 14,258 -925 -6.5% Right of use 839 876 -37 -4.3% Financial assets 423 323 100 30.9% Investments applying the equity method 978 798 180 22.6% Goodwill 1,316 1,365 -49 -3.6% Other non-current assets 3,230 2,762 468 16.9% NON-CURRENT ASSETS 20,119 20,382 -263 -1.3% Inventories 2,643 2,651 -8 -0.3% Accounts receivable 4,847 4,310 537 12.5% Other current assets 771 860 -89 -10.3% Other current financial assets 824 617 207 33.6% Cash and Cash equivalents 5,396 4,240 1,156 27.3% Assets held for sale 1,250 1,560 -310 -19.9% CURRENT ASSETS 15,731 14,238 1,494 10.5% TOTAL ASSETS 35,850 34,620 1,231 3.6% Capital 55 55 0 0.0% Reserves 3,889 4,382 -493 -11.3% Profit attributable to equity holders of the parent 803 422 381 90.4% Own Securities -41 -46 5 11.3% EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 4,706 4,812 -107 -2.2% MINORITY INTEREST 1,579 1,564 16 1.0% EQUITY 6,285 6,376 -91 -1.4% Interest-bearing borrowings 10,309 8,261 2,048 24.8% LT Leasing liabilities 742 754 -13 -1.7% Other non-currrent liabilities 5,275 4,986 290 5.8% NON-CURRENT LIABILITIES 16,326 14,002 2,324 16.6% Interest-bearing borrowings 2,027 2,834 -807 -28.5% ST Leasing liabilities 132 136 -4 -3.0% Trade payables 8,294 6,939 1,355 19.5% Other current liabilities 2,162 2,896 -734 -25.3% Liabilities associated to assets held for sale 625 1,438 -814 -56.6% CURRENT LIABILITIES 13,239 14,242 -1,003 -7.0% TOTAL LIABILITIES AND EQUITY 35,850 34,620 1,231 3.6% C O N S O L I D A T E D C A S H F L O W (Million Euro) FY 2025 FY 2024 Chg.(€m) Chg.(%) EBITDA 3,211 2,455 756 30.8% Financial Results -385 -451 66 14.7% Working Capital 656 457 199 43.5% Other operating cashflow -1,455 -287 -1,168 n.a. Operating cashflow 2,026 2,173 -147 -6.8% Ordinary Capex -2,252 -2,779 528 19.0% Divestments 1,065 314 751 n.m Real Estate investment 114 65 49 75.1% Net investment cashflow -1,074 -2,401 1,327 55.3% Treasury stock 0 -46 46 99.5% Derivatives -7 -27 20 74.7% Forex 54 -25 80 n.m Dividends -288 -266 -22 -8.2% Perimeter changes & other -590 94 -683 n.m Financing/Others cashflow -830 -271 -560 n.m. Change in net debt excluding IFRS16 + Decr. / - Incr. 122 -498 620 124.6% A T T R I B U T A B L E E Q U I T Y ACCIONA's attributable equity as of 31 December 2025 stood at €4,706 million, 2.2% lower than at 31 December 2024, mainly due to the negative impact of foreign exchange differences, driven by the depreciation of the USD and the AUD against the EUR. N E T F I N A N C I A L D E B T (Million Euro) 31-Dec-25 % Total 31-Dec-24 % Total Chg. (€m) Chg. (%) Project Debt 277 2% 409 4% -132 -32.2% Corporate Debt 12,058 98% 10,686 96% 1,372 12.8% Total interest-bearing debt 12,335 11,095 1,241 11.2% Cash + Cash equivalents -6,220 -4,857 -1,363 -28.1% Net financial debt excl. IFRS16 6,115 6,238 -122 -2.0% Net financial debt 6,989 7,128 -139 -2.0% ACCIONA's net financial debt (including the IFRS 16 effect) totalled €6,989 million as of 31 December 2025, €139 million lower than at December 2024, due to a combination of the following factors: Operating cashflow amounted to €2,026 million, including a positive working capital variation of €656 million (-€94 million in Energy, +€271 million in Nordex and +€478 million in the rest of the Group), compared to +€457 million in 2024. The "Other Operating cashflow" item, totalling -€1,455 million, mainly includes corporate income tax payments and EBITDA adjustments arising from (i) accruals of non-cash transactions, such as non-operating results from equity-accounted entities and the reversal of Nordex's PPA, and (ii) asset rotation capital gains, which are reported under the "Divestments" item. Net investment cashflow amounted to -€1,074 million, of which -€2,252 million correspond to Ordinary Capex: -€1,437 million invested in Energy, -€624 million in Infrastructure, -€153 million in Nordex and -€39 million in Other Activities. Net investment cashflow also includes €1,065 million in proceeds from asset divestments carried out during the period, net of debt classified as Held for Sale. Divestments executed during the year primarily relate to the sale of 626 MW of hydro assets in Spain to Endesa, the San Juan de Marcona wind farm (136 MW) in Peru to Luz del Sur, a 440 MW wind portfolio in Spain to Opdenergy, and a 50 MW wind farm in Costa Rica to Ecoenergía. Additionally, +€114 million from the rotation of real estate inventories is included. Financing and Others cashflow amounted to -€830 million, including -€288 million corresponding to dividend payments, the acquisition of a 2.8% stake in ACCIONA Energía amounting to €183 million, as well as principal repayments under IFRS 16 leases, perimeter changes and other items. The evolution of financial gearing was as follows: (Million Euro) 31-Dec-25 31-Dec-24 Gearing (Net Debt / Equity) (%) 111% 112% C A P I T A L E X P E N D I T U R E (Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Energy 1,437 1,538 -101 -6.6% Infrastructure 624 898 -275 -30.6% Construction 243 236 7 2.8% Concessions 310 580 -270 -46.5% Water 50 46 4 7.7% Urban & Enviromental Services 20 36 -16 -43.2% Nordex 153 159 -6 -3.8% Other Activities 39 184 -145 -78.9% Ordinary Capex 2,252 2,779 -528 -19.0% Property Development -114 -65 -49 -75.1% Divestments -1,065 -314 -751 n.a Net investment cashflow 1,074 2,401 -1,327 -55.3% Ordinary capex across ACCIONA's businesses in FY 2025 - excluding investment in property development inventories and divestments - declined to €2,252 million from €2,779 million in 2024, representing a decrease of 19.0%. ACCIONA Energía invested €1,437 million, 6.6% lower than in the previous year, mainly related to the payment for the acquisition of Green Pastures in the United States, investments in Aldoga and MacIntyre in Australia, Forty Mile in Canada, Kalayaan in the Philippines, the development of Logrosán and the repowering of the Tahivilla wind farm in Spain. The reorganisation of ACCIONA Energía's operations in Southeast Asia was also completed through the integration of The Blue Circle. Investment in Infrastructure amounted to €624 million in FY 2025, down 30.6% vs 2024. Construction invested €243 million, mainly in machinery. Concessions invested €310 million, including equity contributions to concession projects, the most significant being Line 6 of the São Paulo Metro and the Peripheral Ring Road in Peru, as well as Capital expenditure in concessions fully consolidate. Water invested €50 million and Urban & Environmental Services invested €20 million. Nordex investment totalled €153 million, corresponding to its ordinary capex, while Other Activities - which mainly include Bestinver, Property Development, Culture, Urban Mobility, Services and Nordex H2 - invested €39 million, compared to €184 million in 2024. R E S U L T S B Y D I V I S I O N E N E R G Í A During 2025, ACCIONA Energía consolidated its asset rotation activity as a structural component of its business model, while advancing its deleveraging strategy and aligning its growth pace with the new market environment following the intensive investment cycle in previous years. The year was marked by a very high levels of asset rotation activity, enabling the Company to achieve its target of signing €3.0 billion in disposals over the 2024-2025 period, as well as by progress in its selective growth strategy, with 1.3 GW of projects committed for the 2026-2027 period. The Company perceives a more favourable sector environment for renewable energy, reflected in improved expected returns for recently approved projects and progress in securing higher pricing through the renegotiation of certain PPAs within its portfolio. From an operational standpoint, output was impacted by delays and technical challenges in the commissioning of new projects, which are expected to be progressively resolved throughout 2026, as well as by weaker resource conditions in some markets, including Spain. ACCIONA Energía's EBITDA reached €1,546 million, within the guidance range communicated to the market. EBITDA from Operations amounted to €932 million, reflecting lower-than-expected output, although captured prices were slightly above expectations. EBITDA from Asset Rotation reached €614 million, in line with the communicated guidance. New capacity additions during the year were more moderate (~0.5 GW), consistent with the Company's deleveraging objective. ACCIONA Energía expects a gradual acceleration of growth from 2026 onwards which, combined with asset rotation, will support the maintenance of a solid credit profile. Net financial debt stood at €4,161 million, reflecting the postponement to 2026 of the closing of two transactions agreed in the fourth quarter, which together will result in an additional debt reduction of approximately €900 million during 2026. Fitch reaffirmed the Company's BBB- rating, although revising the outlook from Stable to Negative, reflecting mainly the delay in the closing of asset rotation transactions. DBRS confirmed its 'BBB (middle)' rating with Stable trends. ACCIONA Energía remains firmly committed to maintaining its investment-grade ratings and to further reducing financial leverage in 2026, combining capex moderation and dividend levels with asset rotation and operational efficiency measures. Total installed capacity amounted to 14,604 MW (12,882 MW on a consolidated basis), representing a net decrease of 750 MW over the last twelve months. During the year, the Company added 532 MW of new capacity through the development of its own pipeline in India (167 MW), Spain (135 MW), Australia (105 MW), Canada (63 MW) and the Dominican Republic (63 MW). Other relevant movements included the sale of 626 MW of hydro capacity and 440 MW of wind capacity in Spain, 136 MW of wind capacity in Peru and 50 MW in Costa Rica, as well as the decommissioning of 26 MW of wind capacity in Spain for repowering purposes and 3 MW from the Green Pastures wind farm (USA). As of 31 December 2025, capacity under construction stood at 334 MW, corresponding to projects in the Philippines (101 MW, Kalayaan II wind farm), Peru (178 MW, San José solar PV plant), the Dominican Republic (20 MW, Pedro Corto solar PV plant), and Spain (35 MW, Senda and Camino wind farms). Total output increased by 3.5% to 27,648 GWh. Consolidated production amounted to 24,390 GWh, representing a 2.4% increase compared to December 2024. This growth was mainly driven by the contribution from newly-commissioned capacity and improved resource conditions in the International business, partially offset by perimeter changes resulting from asset disposals and weaker resource conditions in Spain. Regarding the existing asset base, International consolidated production recovered compared to last year, particularly in the USA and Mexico. In Spain, hydro production during the first two months of the year, prior to the completion of the sale of the majority of its hydro assets, had a limited positive impact, while wind generation declined significantly due to weaker resource conditions. On a like-for-like basis, consolidated production in Spain decreased by 6.6%, while International production increased by 6.0%. The average captured price decreased by 9.9% to €61.9/MWh, compared to 2024. The average captured price in Spain remained broadly stable at €76.7/MWh (-0.2%). Internationally, the average price stood at €54.1/MWh, 12.1% below the previous year (€61.6/MWh), reflecting lower prices in the USA and Canada, Australia, Chile and Poland. ACCIONA Energía's revenues for 2025 amounted €2,925 million, representing a 4.1% decrease compared to 2024. Revenues from the Generation business totalled €1,510 million, down 7.7% versus the previous year, mainly reflecting lower average captured prices and the lower contribution from assets divested during the period. Supply and other businesses contributed €1,414 million in revenues. The Company's EBITDA reached €1,546 million, of which €947 million corresponded to the Generation business and €614 million to the Asset Rotation activity, while Supply and other businesses reported a negative EBITDA contribution of €14 million. The Company invested €1,437 million in terms of ordinary net investment, including €932 million allocated to the development of projects under construction, mainly in Spain, Australia, Canada and the Philippines, as well as cash outflows related to working capital movements associated with investments from previous years. This figure also includes the reorganization of ACCIONA Energía's operations in Southeast Asia through the integration of The Blue Circle in its perimeter. Divestments during the period generated proceeds of €1,065 million, net of debt classified as held for sale. As a result, net investment cash flow amounted to €372 million, compared with €1,224 million in 2024, marking the end of a two-year cycle of elevated investment levels. Regarding disposals, the Company completed four transactions during the year for a total consideration of ~€1,800 million. These included the sale of 626 MW of hydro assets in Spain to Endesa, the 136 MW San Juan de Marcona wind farm in Peru to Luz del Sur, a 440 MW wind portfolio in Spain to Opdenergy, and a 50 MW wind farm in Costa Rica to Ecoenergía. In addition, during the fourth quarter two new transactions were agreed - the sale of a 55% stake in a portfolio comprising 138 MW of wind and 94 MW of solar PV assets in South Africa, and the sale of a 49% minority stake in a 1.3 GW solar PV platform in the USA, together with two wind farms in Mexico (321 MW) - with closing expected in 2026. These transactions imply an enterprise value of ~€1,100 million. Considering debt classified as held for sale and other adjustments, their completion is expected to result in an additional debt reduction of approximately €900 million. ACCIONA Energía's net financial debt stood at €4,161 million, compared to €4,076 million at the end of 2024. Net financial debt associated with assets classified as held for sale amounted to €50 million, compared to €821 million in December 2024. Regarding key ESG indicators related to the environment, the Company maintains 96% of total CAPEX and 100% of eligible CAPEX aligned with the European taxonomy for sustainable activities. 27.6 TWh of renewable energy produced prevented the emissions of over 15 million tonnes of CO₂ into the atmosphere. Scope 1 and 2 emissions decreased by 12% due to fleet decarbonization, driven by its progressive electrification and the increased use of HVO (synthetic fuel) as a replacement for diesel, the lower gas consumption at Nevada Solar One and lower SF₆ leaks. The ratio of emissions generated to emissions avoided stands at 1:1,396. Turning to social indicators, no fatal accidents occurred among either the Company's own employees or contractors' employees; the accident frequency rate for own employees and subcontractors was 0.37, meeting the target set for the year (0.40). During 2025, 123 social impact projects were implemented, benefiting over 340,000 people across 19 countries. Key governance highlights include that 100% of strategic suppliers, both tier 1 and tier 2, have been audited, and that the supply chain due diligence process has been strengthened with new human rights related requirements. SPAIN Revenues in Spain amounted to €1,641 million, while Generation revenues reached €648 million, representing a 24.2% decrease. This decline was mainly driven by lower output following the rotation of hydro and wind assets exiting the perimeter, as well as weaker wind resource, which was not fully offset by improved captured prices. The EBITDA contribution of the Spanish Generation business stood at €341 million (-26.6%), while EBITDA from Asset Rotation reached €606 million, generated from the sale of hydro and wind assets. Total installed capacity in Spain as of 31 December 2025 amounted to 4,759 MW, compared to 5,718 MW in 2024, representing a decrease of 960 MW over the last twelve months. This reduction was primarily due to the sale of 626 MW of hydro capacity and 440 MW of wind capacity, as well as the dismantling of 26 MW of wind capacity for the repowering of the Tahivilla wind farm in Cádiz. This was partially offset by new installed capacity at Tahivilla (84 MW) and Logrosán (50 MW). Consolidated production declined by 2.7 TWh to 8,449 GWh (-24.0%). This decrease was mainly explained by perimeter changes resulting from the disposal of assets (626 MW) and lower wind resource availability. On a like-for-like basis, consolidated production in Spain fell by 6.6%. The average captured price achieved by the Spanish business reached €76.7/MWh (-0.2%), while the average wholesale market price increased from €63.0/MWh to €65.3/MWh (+3.6%). The average price obtained by energy sales in the wholesale market was €66.0/MWh. Hedging through financial derivatives and long-term contracts had a negative impact of €1.8/MWh. As a result, the average market price achieved after hedges was €64.2/MWh. Regulated revenues contributed €3.8/MWh (€32 million compared to €29 million in 2024). The net adjustment from the regulatory banding mechanism added €8,7/MWh (€74 million), including a non-recurring positive adjustment related to prior years. In accordance with the accounting criteria adopted by the Spanish securities regulator (CNMV), ACCIONA Energía recognizes in its revenues the adjustment for market price deviations - the regulatory banding mechanism - for those regulated assets with a positive Regulatory Asset Value (VNA), for which the Company estimates, as of 31 December 2025, that regulatory revenues are likely to be required in the future in order for that asset vintage to achieve the regulated return of 7.39%. SPAIN - REVENUE DRIVERS AND PRICE COMPOSITION INTERNATIONAL International Generation revenues increased by 10.3% to €862 million, supported by a 25.5% rise in consolidated production (15,940 GWh), which more than offset the impact of a lower average captured price in 2025 of €54.1/MWh. International EBITDA from Operations and Generation EBITDA amounted to €605 million. EBITDA from Asset Rotation contributed €8 million, including the impact of transactions completed during the year in Peru (136 MW) and Costa Rica (50 MW), as well as the return of three project developments from a sola PV portfolio in the USA acquired from Tenaska in October 2019. As of 31 December 2025, total installed International capacity stood at 9,845 MW. During the year, the Company added 397 MW of new capacity through the development of its own pipeline in India (Juna, 167 MW), Australia (Aldoga, 105 MW), Canada (Forty Mile, 63 MW) and the Dominican Republic (Pedro Corto, 63 MW). Consolidated output increased by 25.5% year-on-year to 15,940 GWh, driven by output from newly commissioned assets - particularly in the USA, Australia and India - and by the recovery of wind resource, which had been especially weak in key markets for the Company (Mexico and Australia, and to a lesser extent the USA) in the previous year. In Chile, output declined due to weaker resource and curtailments. The average captured price stood at €54.1/MWh, 12.1% lower than the previous year (€61.6/MWh). Prices declined particularly in the USA and Canada, Australia and Poland. In Chile, the average captured price decreased by 7.1% as the previous year contained extraordinary recovery of tariff revenues (PEC). INTERNATIONAL - REVENUE DRIVERS Note: The average price in the USA includes €1.2/MWh corresponding to the margin from the battery energy storage system (BESS) system, which contributed €5.9 million in margin during the period and injected 98 GWh of energy into the grid (average margin of €59.6/MWh). The average US price does not include tax incentives on the production of projects representing a total 1,508 MW, which receive a "normalised" PTC of $30.9/MWh. B R E A K D O W N O F I N S T A L L E D C A P A C I T Y A N D P R O D U C T I O N B Y T E C H N O L O G Y Further details of installed capacity and production are provided in annexes 1 and 2. I N F R A S T R U C T U R E (Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Construction 6,949 6,680 268 4.0% Concessions 175 86 89 102.7% Water 1,385 1,189 196 16.5% Urban & Enviromental Services 222 210 12 5.6% Consolidation Adjustments -40 -20 -20 -100.2% Revenues 8,690 8,146 545 6.7% Construction 478 472 6 1.3% Concessions 160 170 -11 -6.3% Water 140 93 46 49.7% Urban & Enviromental Services 24 27 -3 -11.3% EBITDA 801 762 39 5.1% Margin (%) 9.2% 9.4% EBT 275 275 0 -0.1% Margin (%) 3.2% 3.4% Infrastructure revenues in FY 2025 reached €8,690 million, 6.7% higher than in the same period of 2024, and EBITDA stood at €801 million, reflecting growth of 5.1% vs 2024. Earnings before taxes amounted to €275 million, in line with the prior year. By geography, revenue growth was particularly strong in Australia, the United States, Spain, Morocco, Qatar and Peru. Australia remains the most important market for the Infrastructure division, accounting for 36% of total revenues. Revenues in Spain increased by 8% vs 2024, contributing 20% to the Infrastructure division's total revenues. C O N S T R U C T I O N (Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Revenues 6,949 6,680 268 4.0% EBITDA 478 472 6 1.3% Margin (%) 6.9% 7.1% Construction revenues increased by 4.0% to €6,949 million. Growth was particularly strong in Australia, the United States, Peru and Spain, driven by higher activity with solid margins on key projects such as the Western Harbour Tunnel, Central West Orana, M-80 Ring Road and the Alkimos desalination plant, all in Australia, the Sunny photovoltaic plant in Peru, SR-400 Managed Lane and the I-10 Highway in the United States. EBITDA generated by the Construction business in 2025 increased by €6 million compared to 2024, reaching €478 million, while maintaining sustainable EBITDA margins of around 7% (6.9% in 2025 versus 7.1% in 2024). This strong and solid profitability is supported by a combination of disciplined contract selection, effective project execution, and a more balanced portfolio mix, enabling us to maintain stable and consistent profitability levels. In terms of geographical distribution of construction revenues in FY 2025, Australia contributed 42%, Spain 18%, Brazil 8%, Chile and Poland 6% each, Canada 5%, and the United States 4%. C O N C E S S I O N S (Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Revenues 175 86 89 102.7% EBITDA 160 170 -11 -6.3% Margin (%) 91.2% 197.5% EBITDA from the Concessions business stood at €160 million, compared to €170 million in the previous year, reflecting progress in the construction of Line 6 of the São Paulo Metro in Brazil, which has now reached an execution level of 80%, as well as advances in the transmission lines in Peru, together with the impacts associated with the financial close of the SR-400 highway in Atlanta and the Central West Orana Transmission Line in Australia. Annex 3 provides a detailed breakdown of the concessions portfolio as of 31 December 2025. W A T E R (Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Revenues 1,385 1,189 196 16.5% EBITDA 140 93 46 49.7% Margin (%) 10.1% 7.9% Water revenues and EBITDA increased by 16.5% and 49.7%, respectively, compared to the previous year, reaching €1,385 million and €140 million, respectively. The EBITDA margin improved to 10.1% in 2025, versus 7.9% the prior year. This strong growth was primarily driven by the solid progress of the Alkimos desalination plant in Perth, Australia; Casablanca in Morocco, Collahuasi in Chile and Ras Laffan 2 in Qatar. Annex 4 provides a detailed breakdown of the main water concessions portfolio as of 31 December 2025. U R B A N A N D E N V I R O N M E N T A L S E R V I C E S (Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Revenues 222 210 12 5.6% EBITDA 24 27 -3 -11.3% Margin (%) 10.8% 12.8% Urban & Environmental Services revenues increased by 5.6% to €222 million, while EBITDA declined by 11.3% to €24 million. C O N C E S S I O N A S S E T S Taking into account all of ACCIONA's infrastructure concession projects, cumulative equity investment in our portfolio amounted to €879 million as of 31 December 2025 (€175 million related to Water concessions and €704 million associated with transport concessions, transmission lines, hospitals and waste treatment plants). This investment comprises a portfolio of 78 assets in 11 countries (including projects for which ACCIONA has been appointed preferred bidder and which are pending contract signing or financial close), involving the management of investments worth approximately ~€36.2bn, with a weighted outstanding life of 50 years and additional equity commitments of €1,870 million between 2026 and 2035. This portfolio is expected to generate approximately ~€60bn in dividends and cash distributions for ACCIONA. I N F R A S T R U C T U R E B A C K L O G Since the end of the 2024 fiscal year, due to the increased weighting of new concessions in the Infrastructure division, the backlog is presented differently than in previous quarters and years, as follows: D&C project backlog: design & construction contracts in the Construction and Water businesses. O&M project backlog: long-term contracts generating recurring revenues (operation and maintenance of a range of infrastructures and environmental and urban services), mostly comprising O&M Water contracts. Concessional assets: the backlog comprises the sum of long-term revenues expected to be generated by concession assets. Accordingly, the global Infrastructure backlog, classified under the three categories mentioned above, increased by 6.3% compared to December 2024, reaching €30,354 million vs €28,555 million in 2024. Including equity-accounted contracts (based on the basis of effective percentage ownership), the aggregate Infrastructure backlog totalled €120,591 million as of 31 December 2025, 124% higher than at 31 December 2024. This strong growth was mainly driven by the incorporation of the SR-400 Managed Lane concession in Atlanta (United States), which contributes ~€64,000 million to the aggregate backlog. Other key projects awarded during the year include the Central West Orana Transmission Line in Australia, the sanitation and sewerage networks for 48 municipalities in the state of Paraná (Brazil), and the Cesan water treatment and sewage networks project in Brazil. A breakdown of the Infrastructure backlog by activity is as follows: Global Backlog Aggregate Backlog (Million Euro) 31-Dec-25 31-Dec-24 Chg. (%) 31-Dec-25 31-Dec-24 Chg. (%) Construction D&C 18,090 17,637 2.6% 18,213 17,703 2.9% Water D&C 1,690 1,948 -13.3% 1,788 2,076 -13.9% D&C Backlog 19,780 19,585 1.0% 20,001 19,780 1.1% O&M Backlog 3,008 2,612 15.1% 3,691 3,578 3.2% Total Project Backlog - D&C & O&M 22,787 22,197 2.7% 23,692 23,358 1.4% Concesional Assets 7,566 6,358 19.0% 96,898 30,485 217.9% TOTAL BACKLOG 30,354 28,555 6.3% 120,591 53,843 124.0% Global Backlog Aggregate Backlog (Million Euro) 31-Dec-25 31-Dec-24 Chg. (%) 31-Dec-25 31-Dec-24 Chg. (%) Spain 5,118 4,936 3.7% 5,611 5,448 3.0% International 25,236 23,618 6.8% 114,979 48,395 137.6% TOTAL BACKLOG 30,354 28,555 6.3% 120,591 53,843 124.0% Construction D&C: the construction D&C backlog totalled €18,090 million, representing an increase of 2.6% vs 2024. Including equity - accounted contracts, the aggregate backlog amounted to €18,213 million. Among the most relevant awards of the year were the SR-400 highway in the United States and the Central West Orana Transmission Line in Australia. The growing weight of contracts with risk - mitigating clauses is noteworthy, now accounting for 81% of the construction D&C backlog, including (i) collaborative contracts, which represent 29% of the total backlog (67% of the Australian backlog); (ii) contracts associated with concessions in which the Group holds stakes, accounting for a further 32%; and (iii) contracts with price review clauses, representing an additional 20% of the construction D&C backlog. Water D&C: the water D&C backlog totalled €1,690 million, a decrease of 13.3% vs 31 December 2024, mainly due to the strong pace of execution of projects in the backlog and the negative impact of foreign exchange. Including equity - accounted contracts, the aggregate backlog stands at €1,788 million. O&M: the O&M backlog includes Water O&M businesses, O&M concessions, and Urban & Environmental Services. As of 31 December 2025, it stood at €3,008 million, 15.1% higher than at December 2024. The aggregate backlog increased by 3.2% to €3,691 million. Concessional Assets: the aggregate concessional assets backlog, including equity - accounted contracts, stood at €96,898 million, 217.9% higher than at December 2024, mainly due to the incorporation of SR-400. Other new concession assets included in the backlog feature the Central West Orana Transmission Line in Australia, the Machupicchu - Quencoro - Onocora - Tintaya transmission lines and associated substations in Peru, and the Sanepar and Cesan water treatment and sewage networks project in Brazil. The Infrastructure backlog is geographically diversified with presence in more than 30 countries.