Acciona S A : 9m trading statement 2025 (acciona attaches q3 2025 trading statement)

About this update from Acciona Sa

0 LEGAL DISCLAIMER This Trading Statement has been prepared by ACCIONA, S.A. ("ACCIONA", the "Group" or, together with its subsidiaries, the "ACCIONA Group") for the sole purpose of providing the market with an update of the main trends and high-level operational data for 9M 2025. 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. 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, and 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. This document 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" or the "Company"), 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. E X E C U T I V E S U M M A R Y As of 30 September 2025, ACCIONA maintains a solid financial and strategic position, consolidating its growth across its main business lines. The Group reaffirms its full-year guidance, with Nordex playing a key role and a positive performance in Infrastructure, offsetting lower than expected output in Energy. By activity, the evolution of ACCIONA's businesses in the third quarter of the year was as follows: Regarding ACCIONA Energía, its operational performance, together with the expected closing of asset rotation transactions in Spain, Peru and Costa Rica before year-end, supports reiterating the full-year EBITDA target in a range of €1,500-1,750 million, with an EBITDA from Operations around 5% below the initial expectation of ~€1,000 million and an EBITDA from Asset Rotation in line with the target range of €500-750 million. From an operational standpoint, third-quarter trends were broadly consistent with the first half, with energy prices in line with expectations and output below the Company's expectations. Lower output reflects mainly the slower and more complex commissioning of new assets, which is expected to have only a temporary impact, and, to a lesser extent, lower energy resource in certain markets. As a result, the current expectation for consolidated production for the full year stands at around ~25 TWh, compared to the previously expected ~26 TWh. Regarding the asset rotation programme, transactions representing proceeds of ~€800 million were agreed during the first nine months of the year, which, together with the closing of the hydro assets transaction in Spain early in the year, result in an Asset Rotation EBITDA within the target range for the year. Additionally, ACCIONA Energía is working on further transactions representing an aggregate value of around €1,000 million, which could be agreed shortly, albeit with some delay compared to the initial schedule. Furthermore, in a more positive environment for the renewables sector compared to previous quarters, ACCIONA Energía has recently approved investments in new developments in the Philippines, Thailand and Chile. As a result, investment estimate before asset rotation for the year stands at €1,400-1,450 million, compared to €1,300 million previously forecasted. Infrastructure business: The main milestone in the third quarter was the financial close of the SR-400 highway in Atlanta, USA, for €9,620 million. This is the largest public-private partnership (PPP) bond-financed project ever carried out in the US market and adds approximately €1,900 million to ACCIONA's global backlog and around €62,600 million to the aggregate backlog. As a result of this and other significant awards (such as the Central West Orana Transmission Line in Australia and the water treatment and sewage networks projects of Cesan and Sanepar in Brazil), the global Infrastructure backlog stands at €30,551 million at 30 September 2025, up 7.0% vs 31 December 2024. The aggregate Infrastructure backlog, which includes equity-accounted projects, stands at €121,241 million, 125% higher than at 31 December 2024. In terms of activity, the Infrastructure business grew at similar rates to the first half, with all divisions increasing revenues compared to the same period of the prior year, particularly Water and Concessions. Regarding the portfolio of concessional assets, cumulative equity invested at 30 September 2025 amounts to €725 million, with additional equity commitments of €1,880 million between the remainder of 2025 and 2035. This portfolio is expected to generate ~€53,000 million in dividends and capital distributions for ACCIONA, with a weighted average remaining life of 52 years. Nordex experienced an exceptional improvement in profitability in the third quarter, driven by efficient project execution and sustained growth in the higher-margin services business. Reported EBITDA for the first nine months of 2025 amounted to €324 million, compared to €189 million in 9M 2024, with an EBITDA margin of 6.5%, versus 3.7% a year ago. Considering this strong operational improvement, Nordex has revised its EBITDA margin guidance for 2025 upwards, from the previous range of 5-7% to the new range of 7.5-8.5%. Operationally, turbine orders in the first nine months of 2025 increased by +31.1% compared to the same period last year, reaching 6,661 MW, with a 2.6% increase in average selling prices, resulting in a backlog of €14,911 million at 30 September 2025 (+16.7% vs December 2024). Out of this figure, €5,588 million (€4,974 million at 31 December 2024) correspond to the Services segment. Other Activities: Living (Property Development): 502 units were delivered in the first nine months of 2025, compared to 193 in the same period last year (+160.1%). For the full year, the Company expects to deliver ~1,200 units, with a high concentration in the fourth quarter, as has typically been the trend. The pre-sales backlog increased significantly, from 703 units at the end of the first half to 1,790 units at 30 September 2025, representing a 166% increase vs December 2024. This strong growth is mainly due to the signing of a sales contract for several buildings located in Madrid, Barcelona and Tarrasa, totalling 1,016 units, in an advanced stage of construction and scheduled for delivery between 2025 and 2026. Meanwhile, the Gross Asset Value (GAV) of ACCIONA's property development portfolio amounted to €1,908 million at 30 September 2025, up 9.9% vs 31 December 2024. Bestinver: Bestinver continued its good performance from previous quarters driven by a 9.3% increase in Average Assets Under Management, which reached €6,980 million compared to €6,385 million in the same period last year. Assets Under Management at 30 September 2025 stood at €7,328 million, 7.9% higher than at 31 December 2024. ACCIONA's net ordinary capex during the first nine months of the year amounted to ~€1,700 million, including around €1,200 million of gross investment in Energy, €87 million from Nordex, approximately €350 million in Infrastructure and ~€20 million in Other Activities. Divestments during the period totalled ~€600 million, mainly from the sale of 626 MW of hydro assets in Spain-net of €350 million of debt classified as Held for Sale. Additionally, approximately €100 million was invested in real estate inventories. Key financing operations during the first nine months of 2025 included the drawdown of the green financing facility arranged with IFC (International Finance Corporation, part of the World Bank Group) and other multilateral institutions (FMO, Proparco, DEG and ICO) for a total amount of USD600 million. In May, the extension of the syndicated financing in Australia for AUD225 million was signed, along with the syndicated financing in euros for €800 million. On 10 June, ACCIONA completed the largest Schuldschein loan ever issued in the Iberian Peninsula, for €410 million with maturities of 3, 5, 7 and 10 years. During the first nine months, €2,444 million of debt was refinanced and €1,106 million of new debt was raised, reaffirming market support and diversifying funding sources. The average cost of debt during the period was 4.34% (4.25% for corporate debt and 7.04% for project finance). 63% of ACCIONA's debt is at variable rates. Most 2025 maturities relate to commercial paper. ACCIONA maintains high liquidity levels, amounting to €8,097 million at 30 September 2025, including cash and cash equivalents as well as undrawn available liquidity. On 12 May 2025, the company maintained its DBRS 'BBB (low) Stable' credit rating, reflecting ACCIONA's commitment to its investment-grade rating. Regarding the outlook for 2025: Consolidated EBITDA: Maintained in the range of €2,700-€3,000 million, with a higher contribution from Nordex than initially expected and Energy contributing at the lower end of its target range of €1,500-€1,750 million. Investment Cash Flow (before asset rotation): Reduced from €2,800 million to approximately €2,500 million, with an increase in Energy capex to €1,400-€1,450 million, due to the start of new developments, and a decrease in capex for the rest of the Group mainly due to the postponement to 2026 of certain investments. Net Debt/EBITDA ratio: Target of <3.5x by year-end is maintained. O P E R A T I N G P E R F O R M A N C E Energy 30-Sep-25 30-Sep-24 Chg. (%) Total capacity (MW) 15,159 14,333 5.8% Consolidated capacity (MW) 13,437 12,757 5.3% Total production (GWh) 20,213 19,757 2.3% Consolidated production (GWh) 17,855 17,585 1.5% Average price (€/MWh) 62.3 66.0 -5.6% Infrastructures 30-Sep-25 31-Dec-24 Chg. (%) Aggregate Infrastructure backlog (€m) 121,241 53,843 125.2% Global Infrastructure backlog (€m) 30,551 28,555 7.0% D&C backlog (Construction & Water) (€m) 19,992 19,585 2.1% Nordex 30-Sep-25 31-Dec-24 Chg. (%) Backlog (€m) 14,911 12,778 16.7% 30-Sep-25 30-Sep-24 Chg. (%) Order intake turbine (€m) 6,146 4,572 34.4% Average selling price - order intake (ASP) (€m/MW) 0.92 0.90 2.6% Installations (MW) 5,580 4,981 12.0% Other activities 30-Sep-25 30-Sep-24 Chg. (%) Deliveries (nº of units) 502 193 160.1% 30-Sep-25 31-Dec-24 Chg. (%) Stock of pre-sales (nº of housing units) 1,790 674 165.6% Property development- Gross Asset Value (GAV) (€m) 1,908 1,736 9.9% Bestinver - Assets Under Management (€m) 7,328 6,791 7.9% 30-Sep-25 31-Dec-24 Chg. (%) Average worforce 68,135 66,021 3.2% B U S I N E S S L I N E H I G H L I G H T S E N E R G Y 9M 2025 financial and operating performance - ACCIONA Energía's operational performance during the first nine months of the year, together with the expected closing of asset rotation transactions in Spain, Peru and Costa Rica before year-end, supports the reaffirmation of the full-year EBITDA target in the range of €1,500-1,750 million. Operationally, third-quarter trends were broadly consistent with the first half, with energy prices in line, and output below the Company's expectations. Lower output reflects mainly the slower and more complex commissioning of new assets, which is expected to have only a temporary impact, and, to a lesser extent, lower energy resource in certain markets. As a result, consolidated production for the year is now expected to be ~25 TWh, compared with the previous estimate of ~26 TWh. EBITDA from Operations is now projected to be about 5% below the prior estimate of €1,000 million. The Company continues to make solid progress on its asset rotation programme. During the first nine months, transactions representing proceeds of ~€800 million were agreed, with closing expected before 31 December 2025. Together with the sale of hydro assets in Spain earlier in the year, these deals would enable the Company to meet its targeted EBITDA from Asset Rotation of €500-750 million. In addition, ACCIONA Energía is working on several incremental transactions worth ~€1,000 million in aggregate. These disposal processes are well advanced and may be finalised soon, enabling the Company to achieve its target of €1,500-1,700 million, albeit with some delay in securing the related proceeds. The disposal target does not include the hydro sale completed in February 2025. During the third quarter, new investment opportunities were assessed and approved, reinforcing the Company's commitment to profitable and sustainable growth. Renewable sector and new investment opportunities - The Company sees a positive outlook for the sector, underpinned by rising PPA prices, a stable supply chain - with cost reductions in key components such as batteries - and strong growth expectations for electricity demand, largely driven by Artificial Intelligence and Data Processing Centres. In line with this, ACCIONA Energía has recently committed to investments in new developments aligned with its corporate strategy and profitability criteria. During the third quarter, ACCIONA Energía and The Blue Circle (TBC) completed the reorganisation of their partnership in Southeast Asia. Following this decision, ACCIONA Energía will operate independently focusing on projects in Philippines, Thailand and Vietnam. In this context, the company has strengthened its presence in the Philippines, having recently secured awards in the GEA-4 auction for the Kalayaan II wind farm (101 MW), currently under construction, as well as the Daanbantayan solar plant (181 MW). It is also preparing to participate in the upcoming offshore GEA-5 tender, scheduled for the first half of 2026. In Thailand, ACCIONA Energía has begun planning with its partner for the construction of the AC8 wind farm, with a total capacity of 90 MW. Battery Energy Storage Systems (BESS) is emerging as an increasingly competitive technology, driven by a more than 50% drop in battery pack prices over the past 18 months. This trend creates attractive investment opportunities in well-regulated markets where efficient energy management creates value. ACCIONA Energía has recently announced the investment in a storage project (200 MW/1,000 MWh) located within its Malgarida solar plant in Chile (238 MW), with commissioning expected in early 2027, and is assessing further initiatives in the country. The company continues to explore opportunities in other key markets such as Germany, the UK, Italy, Australia, Spain, ERCOT (USA) and the Dominican Republic. The company is evaluating repowering opportunities across different markets, leveraging existing sites to increase renewable output without occupying new land, reduce costs and accelerate decarbonisation. In this context, the Spanish PERTE (Strategic Projects for Economic Recovery and Transformation), expected to be launched by the Ministry for Ecological Transition and Demographic Challenge, represents a significant opportunity to drive this plan, particularly if it includes capacity increases in selected projects. Alternatives and mechanisms to enable its development over the coming years are currently under review. Installed capacity - As of 30 September 2025, total installed capacity reached 15,159 MW (13,437 MW on a consolidated basis), following the installation of 462 MW during the period. This includes 167 MW and 105 MW at the Juna (India) and Aldoga (Australia) solar plants, respectively, 63 MW at the Forty Mile wind project (Canada), 77 MW at the repowering of the Tahivilla wind farm (Spain), and 50 MW at the Logrosán biomass plant (Spain). In this period, the Company completed the sale of 626 MW of hydro assets and decommissioned 31 MW, mainly related to the repowering works at Tahivilla. Capacity under construction as of 30 September stands at 404 MW, distributed across Peru (178 MW), the Philippines (101 MW), the Dominican Republic (83 MW) and Spain (42 MW). In the third quarter of 2025, ACCIONA Energía commissioned the Juna solar plant - its largest project in India - and Aldoga in Australia, which achieved COD nine months ahead of schedule. Renewable production - Consolidated output reached 17,855 GWh, up 1.5% year-on-year. This increase was driven by the International business (+25.1%), supported by new assets, which offset the decline in Spain (-25.2%), mainly due to the sale of hydro assets and weaker resource. In Spain, on a like-for-like basis - excluding the impact of new assets and asset disposals - fell by 8.9% compared to the previous year, primarily due to lower wind resource. Like-for-like production in the International business grew by 6.7%, with higher output in key markets like USA & Canada, Mexico and Australia, partially offset by declines in Chile and the Rest of Europe. Average achieved price - The average price captured by ACCIONA Energía's generation business in the first nine months of 2025 stood at €62.3/MWh, representing a 5.6% decrease compared to the same period last year. This decline was mainly driven by the International business, where the average price fell by 12.0% to €53.1/MWh, primarily due to the addition of assets with prices below the portfolio average and lower merchant prices in certain geographies. Captured prices were lower across almost all regions, particularly in Australia, USA & Canada, with higher prices only recorded in Other Americas and Rest of the World. In Spain, the pool price was 20.9% higher than in the same period last year, which was marked by unusually low levels in the early months. This, together with the adjustment of regulatory bands, contributed to an average captured price in Spain of €79.9/MWh, up 10.2% year-on-year. Hedging in Spain - Currently, the total generation volume contracted for the full year 2025 amount to 5.2 TWh, at an average price of €63/MWh. This average figure reflects prices of ~€66/MWh under short-term financial hedges (1.4 TWh), and ~€62/MWh under PPAs (3.8 TWh). Additionally, around 2 TWh of the Company's production is also covered by effective regulatory protection, raising overall contracted/protected volumes in Spain to 82% of expected output for 2025. For 2026, beyond regulatory protection, the Company currently has approximately 4 TWh contracted through medium and long-term agreements with clients, as well as an additional 0.3 TWh in financial hedges, at an average price close to €63/MWh. ACCIONA Energía maintains its target of keeping contracted/regulatory coverage for domestic production at around 80%. Asset rotation activity - ACCIONA Energía continues to make solid progress on its Asset Rotation strategy. During the first nine months of 2025, announced disposals totalled approximately €800 million, and the Company is working on additional transactions that could be signed in the coming months, with an estimated value of ~€1,000 million. On 26 February 2025, the Company successfully closed the sale of 626 MW of hydro assets to Endesa, a transaction that will contribute €450 million to EBITDA from Asset Rotation in 2025. Regarding transactions announced during 2025, on 30 October 2025 ACCIONA Energía completed the sale of a 65% stake in the Chiripa wind farm (Costa Rica, 50 MW) to Ecoenergía, a minority partner in the project, for a total asset value of €71 million. The contribution to EBITDA from Asset Rotation from this transaction is not material. The other two transactions announced during the period - an agreement with Luz del Sur for the sale of the San Juan de Marcona wind farm (136 MW) in Peru and with Opdenergy for the sale of 440 MW of wind assets in Spain - are expected to close in the coming weeks, with an aggregated value of around €750 million. Furthermore, ACCIONA Energía continues to analyse and execute sales of projects under development, in line with its asset rotation strategy. Financing and liquidity - On 3 October, ACCIONA Energía launched a Consent Solicitation process aimed at bondholders of the four public bonds issued under AEFF's EMTN programme, each with a nominal value of €500 million. The process sought authorisation for a technical amendment to the bond documentation (allowing a change of guarantor), with the goal of providing greater flexibility to ACCIONA Energía's financial structure. At the bondholder meetings held on 29 October, the proposed amendment was approved for series 3 and 4, maturing in 2030 and 2031. Meetings for series 1 and 2 were held on 13 November, and the amendment was also approved for these series. Regarding financing transactions during the period, two syndicated loan extensions were formalised: one for AUD 400 million maturing in December 2028, and another for €750 million maturing in May 2030. Since August, the consolidation of TBC has resulted in an increase in debt of €74 million as of September. Available liquidity from bilateral and syndicated facilities, including cash and equivalents as well as undrawn committed lines, remains strong at approximately €2,357 million. The average cost of financing as of September stood at 4.52% (4.29% for corporate debt and 7.43% for project debt). The proportion of variable-rate debt increased from 46% in December 2024 to 58% in September 2025. On 12 May, DBRS confirmed the Company's credit rating at 'BBB (middle) Stable'. Outlook for 2025 - ACCIONA Energía maintains its full-year EBITDA target in a range of €1,500-1,750 million. The Company is revising down its initial EBITDA from Operations target of ~€1,000 million by approximately 5%, reflecting lower expected production for the year, now projected at around 25 TWh versus ~26 TWh expected in July. The target for EBITDA from Asset Rotation (€500-750 million) is expected to be met by year-end based on the transactions already agreed, which represent approximately €600 million. Expected Investment before asset rotation for the year as a whole is currently expected to be €1,400-1,450 million, which includes new opportunities identified during the last quarter, including the consolidation of TBC, the battery storage project in Chile and other projects in Southeast Asia. Proceeds of transactions closed by December are estimated at ~€800 million, versus the initial target of €1,500-1,700 million. As a result, reported net debt at year-end is expected to close at ~€4.2 billion, as the proceeds of ongoing disposals, expected to be signed by year-end 2025, will now materialise in 2026. O P E R A T I N G P E R F O R M A N C E 30-Sep-25 30-Sep-24 Chg. (%) Total capacity (MW) 15,159 14,333 5.8% Consolidated capacity (MW) 13,437 12,757 5.3% Total production (GWh) 20,213 19,757 2.3% Consolidated production (GWh) 17,855 17,585 1.5% Average Load Factor (%) 25.6% 25.9% -0.3pp Average price (€/MWh) 62.3 66.0 -5.6% Availability (%) 95.1% 96.4% -1.3pp Total installed capacity reached 15.2 GW at the end of September 2025, compared to 14.3 GW in the previous year, representing significant growth given the two asset disposals completed in 2024 and early 2025, which totalled 801 MW. Consolidated capacity increased from 12.8 GW to 13.4 GW over the last twelve months. During the first nine months of the year, 462 MW of new capacity was added, comprising 167 MW from the Juna solar plant in India, 105 MW from the completion of the Aldoga solar plant in Australia, 63 MW from the Forty Mile wind farm in Canada, and 127 MW in Spain for the repowering of the Tahivilla wind farm and the construction of the Logrosán biomass plant. As of 30 September 2025, capacity under construction amounted 404 MW, including 101 MW at the Kalayaan II wind farm in the Philippines, 83 MW of solar PV at Pedro Corto in the Dominican Republic, 35 MW at the Senda y Camino wind farm in Spain, and 7 MW from the repowering of Tahivilla in Spain. Total production for the first nine months increased by 2.3% compared to the same period last year, driven by a strong increase in International (+25.0%), almost entirely offset by a 24.0% decline in Spain following the sale of hydro assets in November 2024 and February 2025. Consolidated output grew by 1.5% to 17,855 GWh. The average price stood at €62.3/MWh, 5.6% lower than in September 2024, reflecting price normalisation in the International business. S P A I N 30-Sep-25 30-Sep-24 Chg. (%) Total capacity (MW) 5,194 5,903 -12.0% Consolidated capacity (MW) 4,666 5,376 -13.2% Total production (GWh) 6,949 9,145 -24.0% Consolidated production (GWh) 6,168 8,242 -25.2% Average Load Factor (%) 22.7% 25.4% -2.7pp Average price (€/MWh) 79.9 72.5 10.2% As of 30 September 2025, total installed capacity in Spain stood at 5,194 MW, representing a net reduction of 709 MW over the past twelve months and 524 MW in the first nine months of the year. In terms of new capacity, 127 MW were added during this period, including 77 MW from the repowering of the Tahivilla wind farm and 50 MW from the construction of the Logrosán biomass plant. On the other hand, 626 MW hydro capacity exited the consolidation perimeter due to the disposals, and an additional 79 MW were dismantled in the Tahivilla wind site for repowering. Consolidated production in Spain decreased by 25.2% compared to the first nine months of 2024, mainly due to the sale of hydro assets and lower wind resource at existing sites. In an environment where average pool prices were €63.4/MWh during the first nine months of the year, the average achieved price in Spain was €79.9/MWh, compared to €72.5/MWh in the previous year with exceptionally low pool prices and the reinstatement of regulatory liabilities corresponding to two additional wind vintages which qualify for accounting recognition under regulatory criteria (banding mechanism). The average price obtained by ACCIONA Energía for the sale of its consolidated output in the Spanish wholesale market during the period was €67.5/MWh. Hedged positions and PPAs covering 3.8 TWh at an average price of €62.8/MWh, reduced the average price by €1.0/MWh. On this basis, the net price achieved on sales of energy in the market was €66.4/MWh. The Spanish government set the regulated revenues for the current interim regulatory period (2023-25) in a scenario of high prices, and thus regulatory income will remain marginal until the next period. These revenues did not have a material impact (€3.9/MWh) on the average price obtained during the period. The net effect of the regulatory banding mechanism in the first nine months of 2025 increased the average price by €9.5/MWh. (€/MWh) 30-Sep-25 30-Sep-24 Chg. (€m) Chg. (%) Achieved market price 67.5 52.7 14.8 28.0% Hedging -1.0 15.7 -16.7 -106.5% Achieved market price with hedging 66.4 68.4 -1.9 -2.8% Regulatory income 3.9 3.0 0.9 30.2% Banding (estimated) 9.5 1.1 8.4 772.1% Average price 79.9 72.5 7.4 10.2% I N T E R N A T I O N A L 30-Sep-25 30-Sep-24 Chg. (%) Total capacity (MW) 9,965 8,430 18.2% Consolidated capacity (MW) 8,771 7,382 18.8% Total production (GWh) 13,263 10,613 25.0% Consolidated production (GWh) 11,687 9,343 25.1% Average Load Factor (%) 27.2% 26.3% +0.8pp Average price (€/MWh) 53.1 60.3 -12.0% As of 30 September 2025, the consolidated international installed capacity stood at 8,771 MW, with an increase of 1,389 MW over the previous twelve months. During the first nine months of 2025, consolidated capacity grew by 332 MW. Consolidated production from international portfolio increased by 25.1% compared to the same period in 2024, reaching 11,687 GWh, mainly driven by the contribution of newly commissioned assets. Even on a like-for-like basis, underlying production also grew by 6.7%, due to higher generation in key markets such as the USA & Canada, Mexico and Australia, which partially offset lower contribution from Chile and the Rest of Europe. The average international price fell by 12.0%, with declines across nearly all geographies-particularly in Australia, the USA & Canada, and the Rest of the World-while increases were only achieved in Other Americas and the Rest of Europe. (€/MWh) 30-Sep-25 30-Sep-24 Chg. (€m) Chg. (%) USA & Canada (*) 33.1 41.1 -8.0 -19.4% Mexico 78.2 78.8 -0.5 -0.7% Chile 54.9 56.4 -1.5 -2.7% Other Americas 57.4 51.9 5.5 10.6% Americas 49.7 55.3 -5.5 -10.0% Australia 38.9 50.1 -11.2 -22.4% Rest of Europe 101.0 99.0 1.9 1.9% Rest of the World 72.7 82.2 -9.5 -11.6% Average price 53.1 60.3 -7.2 -12.0% Note: The average price in the USA includes €1.2/MWh representing the activity of the battery energy storage system (BESS, which contributed €4.7 million to the margin and injected 74 GWh of power into the grid (€63/MWh). 1,508 MW situated in the USA also receive a "normalised" PTC of $30.9/MWh. I N F R A S T R U C T U R E C O N S T R U C T I O N Construction activity increased in the third quarter of 2025 at similar rates to the first half compared to the same period of 2024, highlighting the strong performance of the business in Australia, Spain, Brazil and Chile, where works continue at a steady pace on the Western Harbour Tunnel in the bay of Sydney, the M-80 ring road, the Central West Orana Transmission Line and the Suburban Rail Loop in Australia, and Line 6 of the São Paulo Metro in Brazil, mainly. In geographical terms, Australia accounts for 42% of ACCIONA's Construction business, followed by Spain (18%), Brazil (8%), and Chile and Poland (6% each). C O N C E S S I O N S Concessions activity continued to accelerate in the third quarter of the year, driven by the start of operations at the Kwinana waste-to-energy plant in Australia, the financial close of the SR-400 toll-road in the United States, and the construction works of transmission lines in Peru. In the first nine months of 2025, equity investments in transport, social infrastructure and transmission line concessions totalled €51 million, resulting in a cumulative equity investment of €556 million at 30 September 2025. A detail of the concessions portfolio at 30 September 2025 is provided in Annex 3. W A T E R Revenues from the Water business, which include both Design & Construction (D&C) and Water Cycle activities (Operation & Maintenance and water services or infrastructure concessions), grew significantly in 9M 2025 vs 9M 2024, due to the strong growth of the backlog in 2024. Key projects in progress include the desalination plants of Alkimos in Perth, Australia, Collahuasi in Chile, Casablanca in Morocco and Ras Laffan in Qatar. In the first nine months of 2025, the company has invested €6 million in the equity of water concessions, resulting in a cumulative equity investment of €169 million at 30 September 2025. A detail of the main water concessions portfolio at 30 September 2025 is provided in Annex 4. C O N C E S S I O N A S S E T S Taking into account all infrastructure concession projects undertaken by ACCIONA, the book value of the equity invested in concession assets at 30 September 2025 stands at €725 million (€169 million in water concessions and €556 million associated with transport concessions, transmission lines, social infrastructure and waste treatment plants). This investment is associated with a portfolio of 77 assets, with a weighted average remaining life of over 52 years and with additional equity commitments of €1,880 million to be made between the remaining months of 2025 and 2035. This portfolio is expected to generate more than €53,000 million in dividends and capital distributions for ACCIONA. Future equity commitments estimated now are lower than those expected at the H1 2025 stage (€2,252 million), mainly due to the lower equity contribution to be made at the SR-400, following the optimization of its financial structure compared to the initial offer. 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. On this basis, the global Infrastructure backlog, classified according to the three categories mentioned above, grew by 7.0% to reach €30,551 million at 30 September 2025 vs €28,555 million at 31 December 2024. Including equity-accounted contracts (on the basis of effective percentage ownership), the aggregate Infrastructure backlog totalled €121,241 million at 30 September 2025, 125.2% more than at 31 December 2024. This growth was mainly driven by the incorporation of the Managed Lane SR-400 in Atlanta, United States. Other key projects awarded in the first nine months of the year include the Central West Orana Transmission Line in Australia, the sanitation and sewage networks of 48 municipalities in the state of Paraná, Brazil, and the Cesan water treatment and sewage networks project in Brazil. In addition, ACCIONA has a significant pipeline of Managed Lane projects in the United States, having been short-listed for the I-285 highway in Georgia and prequalified for the I-24 highway in Tennessee. Global Backlog Aggregate Backlog (Million Euro) 30-Sep-25 31-Dec-24 Chg. (%) 30-Sep-25 31-Dec-24 Chg. (%) Construction D&C 18,144 17,637 2.9% 18,267 17,703 3.2% Water D&C 1,848 1,948 -5.1% 1,952 2,076 -6.0% D&C Backlog 19,992 19,585 2.1% 20,218 19,780 2.2% O&M Backlog 2,658 2,612 1.7% 3,510 3,578 -1.9% Total Project Backlog - D&C & O&M 22,649 22,197 2.0% 23,729 23,358 1.6% Concesional Assets 7,902 6,358 24.3% 97,513 30,485 219.9% TOTAL BACKLOG 30,551 28,555 7.0% 121,241 53,843 125.2% Global Backlog Aggregate Backlog (Million Euro) 30-Sep-25 31-Dec-24 Chg. (%) 30-Sep-25 31-Dec-24 Chg. (%) Spain 4,952 4,936 0.3% 5,428 5,448 -0.4% International 25,599 23,618 8.4% 115,814 48,395 139.3% TOTAL BACKLOG 30,551 28,555 7.0% 121,241 53,843 125.2% A breakdown of the Infrastructure backlog by activity is as follows: Construction D&C: the construction D&C backlog totals €18,144 million, an increase of 2.9% vs 31 December 2024. The aggregate backlog including equity-accounted projects totals €18,267 million. Among the most significant awards in 9M 2025 are the SR-400 highway in the United States and the Central West Orana Transmission Line in Australia. The share of collaborative contracts continued to grow and now accounts for 61% of the backlog in Australia and 24% of the total D&C Construction backlog. Meanwhile, contracts associated with concessions in which the Group holds stakes represent a further 33% of the backlog and contracts with price review clauses account for another 23%. Accordingly, these three categories together represent 80% of the D&C Construction backlog. Water D&C: the water D&C backlog totals €1,848 million, a decrease of 5.1% vs 31 December 2024 due to the strong pace of execution of projects in the portfolio and to negative forex impact. The aggregate backlog including equity-accounted contracts amounts to €1,952 million, 6.0% less than at 31 December 2024. O&M: the O&M backlog includes the O&M water businesses, O&M concessions, and Urban and Environmental Services. As of 30 September 2025, it stands at €2,658 million, up 1.7% vs 31 December 2024. The aggregate backlog stood at €3,510 million at 30 September 2025. Concessional Assets: the aggregate concession assets backlog, including equity-accounted contracts, stands at €97,513 million, 219.9% more than at 31 December 2024, mainly due to the incorporation of SR-400 highway. 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, and the Sanepar and Cesan water treatment and sewage networks projects in Brazil. The Infrastructure backlog is geographically diversified with a presence in more than 30 countries. Contracts worth ~€8,904 million were awarded in the first nine months of 2025. Key awards were as follows: SR-400 Express Lane in Atlanta, USA (construction + concession) worth €1,888 million corresponding to ACCIONA's share of construction, awarded in August 2024 with commercial closure having taken place in November 2024 and financial close completed in August 2025. This contract includes the design, construction, financing, operation and maintenance of the SR-400 Express Lane, one of the largest highway construction projects in the United States, that will become the main north-south link between the major employment hubs of Atlanta and residential districts in Fulton and Forsyth counties. Construction is expected to take five years. The estimated total project capex is ~USD10,900 million. ACCIONA holds a 50% stake in the construction vehicle and a 33.3% stake in the concession operator. Central West Orana Transmission Line in Australia (construction + concession) worth €1,259 million. Contract for the design, construction, operation, maintenance and transfer of 250 kilometres transmission lines and several substations for the NSW-Sydney Renewable Energy Zone grid. Construction is expected to take six years. Financial close was completed in the early months of 2025. The estimated total project capex is ~AUD8,720 million. ACCIONA holds a 50% stake in the construction vehicle and a 36% stake in the concession operator. Sanepar water and sewage networks project worth a total €639 million. Contract for the provision of sanitary sewage networks in 48 municipalities across the Western and Central-Eastern microregions of the state of Paraná, in southern Brazil. Cesan water and sewage networks project worth €541 million. Contract for the provision of sanitary sewage services in municipalities in the southeastern region of Brazil, Espírito Santo (Lot B). Key unsigned pre-awards at 30 September 2025 totalled €1,794 million, mainly Logan & Gold Coast Faster Rail in Brisbane, Australia, worth €608 million, pre-awarded in the first quarter of the year. The project will double the number of Gold Coast railway lines between Kuraby and Beenleigh from 2 to 4, and will include the modernization of track systems, station upgrades and the removal of level crossings. Additionally, ACCIONA has an extensive pipeline of large-scale opportunities in Managed Lanes in the US, with an investment value of approximately USD80bn over the medium term (2-3 years), in various states (including Georgia, Tennessee and North Carolina), with the most immediate projects as follows: I-285 East Express Lanes, Atlanta (Georgia): This project serves as a bypass around Atlanta and includes infrastructure upgrades through the addition of toll lanes. It is the most advanced initiative currently underway, with the consortium formed by ACCIONA, ACS and Meridian shortlisted in February 2025. Bid submission is expected to take place during the first half of 2026. I-24 Choice Lanes, Nashville (Tennessee): 41 kilometres of managed lanes connecting Nashville and Murfreesboro. The consortium involving ACCIONA, ACS and Meridian have been pre-qualified for the award process of this project, with bid submission estimated for the first half of 2026. N O R D E X Nordex's results for the first nine months of the year reflect solid operating performance, driven by effective execution in both the Project turbine business and the Services segment. Between January and September 2025, revenues fell by 1.8% compared to the same period in 2024, to €5,014 million, mainly attributable to seasonal dynamics and temporary supplier related delays in Turkey. However, the gross margin increased by 9.7% to €1,333 million, representing 26.6% of sales versus 20.2% in 9M 2024. The EBITDA margin for 9M 2025 period stood at 6.5% compared to 3.7% in the prior year, generating EBITDA of €324 million versus €189 million in 9M 2024. In Q3 2025 alone, the EBITDA margin rose to 8.0%, compared to 4.3% in Q3 2024. In light of this performance, Nordex has revised its EBITDA margin guidance for 2025 upwards, from the previous range of 5.0-7.0% to a new interval of 7.5-8.5%. The rest of the guidance remains unchanged: revenues between €7,400-7,900 million, working capital ratio below -9%, and estimated investments of ~€200 million. In addition, the medium-term target of achieving an 8% EBITDA margin appears fully attainable, consolidating the company's competitive position in the market. In terms of operating performance, orders for wind turbines in the first nine months of 2025 totalled 6,661 MW compared to 5,083 MW in the same period of the previous year, an increase of 31.1%. The average selling price (ASP) was €0.92 million per megawatt, up 2.6% compared to the prior year (€0.90 million per megawatt in 9M 2024). The markets with the greatest individual weight in Q3 2025 were Germany and Canada. The Nordex Group's backlog totalled €14,911 million at 30 September 2025 (€12,778 million at 31 December 2024), up 16.7%, of which €9,324 million (€7,804 million at 31 December 2024) related to the Project turbine segment (+19.5%) and €5,588 million (€4,974 million at 31 December 2024) to the Services segment (+12.3%). Nordex installed 420 wind turbines across 20 countries, totalling 5,580 MW in the first nine months of 2025, 12.0% above installations of 4,981 MW in 9M 2024. Europe accounted for 82% of installations, followed by the rest of the world (10%), North America (6%) and Latin America (2%). O T H E R A C T I V I T I E S L I V I N G ( P R O P E R T Y D E V E L O P M E N T ) Key operating metrics 30-Sep-25 30-Sep-24 Chg. (%) Deliveries (nº of units) 502 193 160.1% Pre-sales (nº of units) 1,618 329 391.8% 30-Sep-25 31-Dec-24 Chg. (%) Orderbook of pre-sales (nº of units) 1,790 674 165.6% Gross Asset Value (€m) 1,908 1,736 9.9% In the first nine months of 2025, ACCIONA delivered 502 units compared to 193 in the same period of the previous year, in line with the delivery target for the year of ~1,200 units. In terms of commercial activity, pre-sales for 9M 2025 amounted to 1,618 units versus 329 units in the same period of the prior year, an exponential increase driven by the signing of a sales contract for several buildings located in Madrid, Barcelona and Tarrasa, currently at an advanced stage of construction, which includes a total of 1,016 units. Of this figure, ~400 units will be delivered in 2025, and the remainder is scheduled for 2026. As a result, the orderbook of pre-sales (including reservations) at 30 September 2025 stood at 1,790 units, valued at €640 million (€357,000 average selling price), representing a 166% increase compared to December 2024. Gross Asset Value (GAV) of ACCIONA's property development portfolio was €1,908 million at 30 September 2025, up 9.9% compared to €1,736 million at 31 December 2024. Residential developments make up 70% of GAV, while rental properties, which include ACCIONA Campus in Madrid, account for the remaining 30%. B E S T I N V E R Bestinver performed well in 9M 2025. Assets Under Management totalled €7,328 million at 30 September 2025, €538 million more than at 31 December 2024, representing an increase of 7.9%. Meanwhile, Average Assets Under Management reached €6,980 million in the period from January to September 2025, representing like-for-like growth of 9.3% compared to 9M 2024. C O R P O R A T E A N D O T H E R S Corporation & Other Activities include Urban Electric Mobility, Airport Handling and Facility Services, among other businesses. Regarding Mobility, Silence (ACCIONA's electric vehicle manufacturer) sold 2,522 units between motorbikes and cars in 9M 2025, representing a 45.5% increase compared to 9M 2024. C O N T A C T I N F O R M A T I O N I N V E S T O R R E L A T I O N S D E P A R T M E N T Avenida de la Gran Vía de Hortaleza, 3 28033 Madrid, Spain Mail: [email protected] Tel: +34 91 663 22 88 A N N E X 1 - I N S T A L L E D C A P A C I T Y 9M 2025 Installed capacity (MW) 9M 2024 Installed capacity (MW) Var MWs 30-Sep-2025 Total Consol. Equity Acc. Minorit. Net Total Consol. Equity Acc. Minorit. Net Total Consol. Net Spain 5,194 4,666 252 -154 4,764 5,903 5,376 252 -154 5,473 -709 -709 -710 Wind 4,681 4,167 246 -152 4,261 4,643 4,130 246 -152 4,224 38 38 38 Hydro 67 67 0 0 67 867 867 0 0 867 -800 -800 -800 Solar PV 333 318 6 0 324 332 317 6 0 324 1 1 1 Biomass 111 111 0 -2 109 61 61 0 -2 59 50 50 50 Storage 2 2 0 0 2 0 0 0 0 0 2 2 2 International 9,965 8,771 391 -802 8,360 8,430 7,382 360 -754 6,988 1,535 1,389 1,372 Wind 5,839 5,235 96 -636 4,695 5,167 4,710 65 -636 4,139 672 526 557 Mexico 1,076 1,076 0 -150 925 1,076 1,076 0 -150 925 0 0 0 USA 1,428 1,278 22 -141 1,159 984 984 0 -141 842 444 294 316 Australia 1,513 1,174 31 -67 1,138 1,441 1,123 32 -68 1,087 72 52 51 India 164 164 0 -21 142 164 164 0 -21 142 0 0 0 Italy 156 156 0 -39 117 156 156 0 -39 117 0 0 0 Canada 460 430 0 -38 393 289 259 0 -38 222 171 171 171 South Africa 138 138 0 -81 57 138 138 0 -81 57 0 0 0 Portugal 120 120 0 -36 84 120 120 0 -36 84 0 0 0 Poland 101 101 0 -25 76 101 101 0 -25 76 0 0 0 Costa Rica 50 50 0 -17 32 50 50 0 -17 32 0 0 0 Chile 312 312 0 -11 301 312 312 0 -11 301 0 0 0 Croatia 102 102 0 -8 95 93 93 0 -8 86 9 9 9 Hungary 0 0 0 0 0 24 0 12 0 12 -24 0 -12 Vietnam 84 0 42 0 42 84 0 21 0 21 0 0 21 Peru 136 136 0 0 136 136 136 0 0 136 0 0 0 Solar PV 3,872 3,281 295 -150 3,427 3,009 2,418 295 -102 2,611 863 863 815 Chile 610 610 0 0 610 610 610 0 0 610 0 0 0 South Africa 94 94 0 -55 39 94 94 0 -55 39 0 0 0 Portugal 46 46 0 -11 34 46 46 0 -11 34 0 0 0 Mexico 405 0 202 0 202 405 0 202 0 202 0 0 0 Egypt 186 0 93 0 93 186 0 93 0 93 0 0 0 Ukraine 100 100 0 -3 96 100 100 0 -3 97 0 0 0 USA 1,313 1,313 0 0 1,313 1,313 1,313 0 0 1,313 0 0 0 Dominican Rep. 221 221 0 -80 141 124 124 0 -32 92 97 97 49 Australia 485 485 0 0 485 131 131 0 0 131 354 354 354 India 413 413 0 0 413 0 0 0 0 0 413 413 413 Solar Thermoelectric (USA) 64 64 0 -16 48 64 64 0 -16 48 0 0 0 Storage (USA) 190 190 0 0 190 190 190 0 0 190 0 0 0 Total Installed capacity 15,159 13,437 643 -956 13,124 14,333 12,757 612 -908 12,461 826 679 662 Total Wind 10,519 9,403 341 -788 8,957 9,810 8,839 311 -788 8,362 710 563 594 A N N E X 2 - P R O D U C T I O N A N N E X 3 - M A I N C O N C E S S I O N A S S E T S ( E X C L U D I N G W A T E R ) * Name Description Period Country ACCIONA Status Accounting method Asset type A2 - Section 2 Remodeling, restoration, operation and maintenance of a 76.5km strech of an existing road between km 62 (A-2) and km 139 (border of province of Soria-Guadalajara). Shadow toll 2007 - 2026 Spain 100% In operation Global integration Intangible asset Carreteras de Aragón Added lanes, operation and maintenance of road A127 (section Gallur-Ejea de los Caballeros - lote 11) 2023 - 2049 Spain 98% Under construction Global integration Financial asset Toowoomba Second Range Crossing (Nexus) Design, construction and operation of 41km of the north ring road in Toowoomba (Queensland), from Helidon Spa to Athol, through Charlton. Availability payment (25 year 2015 - 2043 Australia 20% In operation Equity method Financial asset operation from construction end) Puhoi to Warkworth Finance, design, construct and maintain the new Pūhoi to Warkworth motorway. The Pūhoi to Warkworth project will extend the four-lane Northern Motorway (SH1) 18.5km 2016 - 2046 New Zealand 10% In operation Equity method Financial asset from the Johnstone's Hill tunnels to just north of Warkworth I-10 Calcasieu Bridge Design, construction and OM of the Interstate 10 (10kms) replacing the existing bridge over the Calcasieu River in Lake Charles 2024 - 2081 USA 30% Under construction Equity method Both methods Design, construction, finance, operation, maintenance and toll road management of the Project that will add sections of 1 and 2 express lanes in each direction along of the SR400 existing SR400 corridor. Located in north of Atlanta (Georgia) between MARTA North Spring Station, Fulton County and approximately 0.9 miles north of the SR400/Mc Farland 2025 - 2081 USA 33% Under construction Equity method Intangible asset Parkway Interchange Anillo Vial Design, construction and OM of 35 km urban toll road consisting of three sections (Lima, Peru). 2024 - 2084 Peru 33% Under construction Equity method Both methods Consorcio Traza(Tranvía Zaragoza) Construction & operation of the streetcar that crosses the city (12.8km) 2009 - 2044 Spain 17% In operation Equity method Both methods Road Rail Canal Port Hospital WTE Transmission lines Construction of civil works and systems, provision of rolling stock, operation, conservation, maintenance and expansion of public transport services of Linea 6 - Laranja of Metro 2020 - 2044 Brasil 48% Under construction Equity method Financial asset de Sao Paulo. Design, construction and O&M of 12km rail line from Circular Quay via George Street to Central Station crossing Surry Hills to Moore Park, Kensington, Kingsford and Randwick. It 2014 - 2036 Australia 5% In operation Equity method Financial asset includes operation of Inner West line Design, construction, operation and maintenance of a 48km (30 mile) flood prevention canal between Fargo (North Dakota) and Moorhead (Minnesota). 2021 - 2056 USA 43% Under construction Equity method Financial asset Construction & operation of the Roda de Bara marina. Revenues from moorings, shops & parkings (191,771m2) 2005 - 2035 Spain 50% In operation Equity method n.m Design, construction, equipment and O&M of the hospital (184 beds) 2005 - 2030 Mexico 100% In operation Global integration Financial asset Design, construction, equipment and O&M of the hospital (668 beds) 2022 - 2042 Chile 100% Under construction Global integration Financial asset Design, construction, operation and maintenance of a new transformation and waste to energy plant 2025 - 2054 Australia 10% Under construction Equity method n.m Design, construction, operation and maintenance of a new transformation and waste to energy plant 2025 - 2054 Australia 100% In operation Global integration n.m Design, Build, Operate and Transfer of two transmission lines and two new substations with the expansion of two existing substations 2022 - 2056 Peru 100% Under construction Global integration Financial asset Design, Build, Operate and Transfer of two transmission lines and two new substations with the expansion of two existing substations 2023 - 2057 Peru 100% Under construction Global integration Financial asset Design, Build, Operate and Transfer of three transmission lines and six new substations with the expansion of six existing substations 2024 - 2058 Peru 100% Under construction Global integration Financial asset Build and Operate 220 kV Machupicchu - Quencoro - Onocora - Tintaya transmission line and related substations 2025 - 2058 Peru 100% Under construction Global integration Financial asset Design, built, operate and maintenance of 250 kms of transmission lines and several substations for Renewable Energy Zone in NSW - Sydney 2024 - 2059 Australia 36% Under construction Equity method Financial asset Concessionaria Linha Universidade Sydney Light Rail Fargo Nova Darsena Esportiva de Bara Hospital de Leon Bajio Hospital La Serena East Rockingham WTE Kwinana TL Reque - Nueva Carhuaquero TL Nueva Tumbes - Tumbes TL ICA - Poroma TL Cáclic - Jaen Norte TL Poroma - Colectora TL San José - Repartición (Arequipa) TL San Isidro (Bella Unión) - Pampa (Chala) ATN3 (TL Machupicchu - Quencoro - Onocora - Tintaya) Central West Orana A N N E X 4 - M A I N W A T E R C O N C E S S I O N S Name Description Period Country ACCIONA Status Accounting method Asset type EDAR 8B Construction, operation and maintenance of the wastewater treatment plant "08B Zone" of Aragon 2008 - 2031 Spain 100% In operation Full consolidation Intangible asset EDAR 7B Construction, operation and maintenance of the wastewater treatment plant "07B Zone" of Aragon 2011 - 2031 Spain 100% In operation Full consolidation Intangible asset IDAM Fouka Construction, operation and maintenance of the sea water desalination plant in Tipaza 2008 - 2036 Argelia 26% In operation Equity method Financial asset PTAR Atotonilco Construction, operation and maintenance of the wastewater treatment plant in Atotonilco 2010 - 2035 Mexico 24% In operation Equity method Financial asset WWTP Mundaring Construction, operation and maintenance of the wastewater treatment plants in Mundaring 2011 - 2048 Australia 25% In operation Equity method Financial asset PTAR La Chira Construction, operation and maintenance of the wastewater treatment plants in La Chira 2011 - 2037 Peru 50% In operation Equity method Financial asset Red de saneamiento en Andratx Construction, operation and maintenance of the wastewater treatment plants in Andratx 2009 - 2044 Spain 100% In operation Full consolidation Intangible asset Port City Water Design, construction, financing, operation and maintenance of a water treatment plant and storage reservoirs in Saint 2016 - 2048 Canada 40% In operation Equity method Financial asset John Sercomosa Public-private company whose principal activity is the water supply to Molina de Segura 1998 - 2040 Spain 49% In operation Equity method Intangible asset Somajasa Public-private company to manage integrated water cycle of public services in some relevant Municipalities of 2007 - 2032 Spain 60% In operation Equity method Intangible asset Province of Jaen Gesba Water supply service in Andratx and Deiá (Mallorca) 1994 - 2044 Spain 100% In operation Full consolidation Intangible asset Costa Tropical Integrated water cycle service in Costa Tropical (Granada) 1995 - 2045 Spain 49% In operation Proportional integration Intangible asset Boca del Rio Integrated water cycle of public services in Boca del Rio ( Veracruz ) 2018 - 2047 Mexico 70% In operation Full consolidation Intangible asset Shuqaiq 3 Development, design, financing, construction, commissioning, operation and maitenance of SWRO plant 2019 - 2046 Saudi Arabia 10% In operation Equity method Financial asset Veracruz Integrated water cycle of public services and wastewater treatment in Veracruz and Medellin 2016 - 2046 Mexico 100% In operation Full consolidation Intangible asset Los Cabos Contract for Engineering, executive project, procurement, construction, start-up and operation of the Desalination 2023 - 2048 Mexico 50% Under construction Equity method Financial asset Plant of Agua de Mar de Cabos San Lucas, municipality of Los Cabos Madinah 3 Development, design, financing, construction, commissioning, operation and maitenance of ISTP plant 2022 - 2049 Saudi Arabia 35% In operation Equity method Financial asset Buraydah 2 Development, design, financing, construction, commissioning, operation and maitenance of ISTP plant 2022 - 2049 Saudi Arabia 35% In operation Equity method Financial asset Tabuk 2 Development, design, financing, construction, commissioning, operation and maitenance of ISTP plant 2022 - 2049 Saudi Arabia 35% In operation Equity method Financial asset Casablanca Design, financing, construction, operation and maitenance in Public-Private Partnership, of a desalination plant in the 2024 - 2054 Morocco 50% Under construction Equity method Financial asset Gran Casablanca area Sanepar Provision of sanitary sewerage services in the municipalities of the Western Microregion of Paraná (Lot 2) 2025 - 2049 Brazil 100% In operation Full consolidation Both methods CESAN - Brasil - Lote B Provision of sanitary sewerage service in municipalities of the southeastern region of Brazil - Espírito Santo (Lot B) 2025 - 2048 Brazil 100% Under construction Full consolidation Both methods

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