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Acciona S A : H1 2025 Results (acciona h1 2025 presentation)
Acciona S A : H1 2025 Results (acciona h1 2025
About this update from Acciona Sa
H 1 2 0 2 5 - J a n u a r y - J u n e R E S U L T S P R E S E N T A T I O N th J u l y 2 0 2 5 1 2 3 4 5 6 TABLE OF CONTENT Introductory remarks 3 Key Highlights & Themes 5 ACCIONA Energía 6 2.2 Infrastructure, Nordex & Other Activities 14 Group Financial Information 18 ACCIONA Energía 23 Infrastructure 32 Nordex 41 Other Activities 43 Outlook 46 Appendix (I) 48 Appendix (II) 54 01 I N T R O D U C T O R Y R E M A R K S H 1 2025 HIGHLIGHTS NORDEX 4.5GW ORDER INTAKE (+34% yoy) €273m EBITDA (1) (+24% yoy) Strong momentum of the German market Guidance for FY25 confirmed €1,557m EBITDA +57.3% yoy ENERGY 15,147 MW INSTALLED CAPACITY €908m EBITDA (+117% yoy) On track to asset rotation targets Prudent approach to capex INFRASTRUCTURE €58bn BACKLOG (+7% vs Dic 2024) €352m EBITDA (+6% yoy) Growth anchored in concessions Major projects secured in 2025 4 (1) Including €86m reversed provisions at ACCIONA consolidated level 02 K E Y H I G H L I G H T S & T H E M E S 2 . 1 A C C I O N A E n e r g í a ACCIONA ENERGÍA: KEY HIGHLIGHTS H 1 2025 H 1 A L I G N E D W I T H F Y O U T L O O K : E B I T D A T A R G E T O N T R A C K › Operational performance aligned with full-year targets, albeit with a different mix: stronger captured pricing offsetting lower-than-expected production volumes › New additions progressing toward the ~0.6 GW year-end target (+448 MW installed in H1 2025 and +152 MW expected in H2) - reflecting moderate growth after two consecutive years of extraordinary installation activity. Total capacity stands at 15.1 GW (13.4 GW consolidated) › Consolidated output remains broadly flat (+1% YoY) driven by assets sold, weaker resource and slower start of new projects. FY 2025 output guidance adjusted to ~26 TWh (vs. 27 TWh) including expected impact of additional asset disposals in H2 › Average achieved price of €63/MWh: Spanish captured price better than expected (€81/MWh); slightly stronger International prices (€53/MWh) › Supply business - April blackout in Spain accentuates trend of higher technical restriction costs, impacting profitability of fixed-price supply contracts S I G N I F I C A N T H 1 P R O G R E S S I N A S S E T R O T A T I O N & D E L E V E R A G I N G › Commitment to strong deleveraging by year-end, protecting IG ratings - capex containment, Work in Progress reduction, asset rotation, and efficiency › Asset rotation progressing according to plan: several transactions of significance in advanced stages, undisrupted by geopolitical volatility › Sale of 626 MW of hydro assets in Spain was completed in Feb 2025 with total proceeds of ~€1bn › Sale of San Juan de Marcona wind farm (136 MW, Peru) announced in June for USD 253m, with closing expected by year-end › Sale of 440 MW Spanish wind portfolio announced on 28 July for €530m, with closing expected by year-end › Total crystallised or secured rotation proceeds of ~€2bn and ~€0.9bn of related gains since start of asset rotation strategy › Full-year EBITDA from Asset Rotation target maintained at €500-750m, with €443m already recorded in H1 and close to €200m secured in agreed transactions with expected closing in H2 › Accomplished close to 50% of the incremental asset rotation proceeds target for the year of €1.5-1.7bn (additional to the €1bn hydro assets sale agreed in Nov 2024 and closed in Feb 2025) S E C O N D H A L F F O C U S : C O M M I S S I O N I N G P R O G R E S S & I N V E S T M E N T D I S C I P L I N E › A prudent and flexible approach to investment commitments for 2025 and 2026 continues to be maintained, in the light of the ongoing economic and geopolitical context › Short-term investment containment strategy in place, with a target to reduce total investment towards ~€1.3bn in 2025 and 2026 as transition year with more moderatlevels of capex › 1 GW placed in service during H1, with FY target at 2 GW, contributing to the reduction of Work in Progress - MacIntyre achieves Hold Point 2 milestone and generates with 81 turbines (462 MW) › USA - progressing construction of two BESS projects (400 MW) remains on hold; key projects protected under IRA safe harbour; tariff-related CAPEX uncertainty persists › All early-stage projects (whether in early construction or near start of construction) reassessed for suitability and returns - only US BESS projects have been paused 7 DELIVERING ON 2025 PRIORITIES 2025 P R I ORI T I ES UP DA T E ~€1.3bn 2025 CAPEX target 1 GW of new generation €2.0bn of Asset Rotation transactions secured 2024-25 YTD PEAK CAPEX: TURNING THE CORNER › Reduced investment target before asset rotation, marking the second year of leverage containment WORK IN PROGRESS REDUCTION › ~2GW to connect during 2025, with 1GW already generating CONSOLIDATING ASSET ROTATION AS A BUSINESS › Two new disposals worth €750m in total were signed this year, following the hydro asset disposal closed in February, representing ~50% of 2025 target ~30% weight of Spain (1) ~€0.3bn committed capex for 2026 ~€3.5bn 2025 Net Debt target GEOGRAPHICAL FOOTPRINT REPOSITIONING › More balanced exposure to Spain following disposal of ~1,250 MW Spanish assets in 2024-25 YTD DEVELOPMENT FLEXIBILITY › Preserving development flexibility through prudent & moderate investment commitments for 2026 DEBT & TREASURY OPTIMISATION › Commitment to maintain investment grade rating. Strong liquidity and extension of tenor of existing facilities Reducing the leverage level to protect Investment Grade Rating FFO Net Leverage max. 4.5x ND/EBITDA from Operations ~3.5x 8 1. Weight calculated based on production (GWh). Pro forma for asset disposal announced to date and full production of assets placed in service in FY 2025. ASSET ROTATION: DRIVING EXECUTION FORWARD ~ € 3 b n Asset Rotation Proceeds Target for 2024-2025 ~ € 2 b n proceeds from completed or agreed transactions ~65% of the 2024-25 proceeds target ~€900m EBITDA from AR ~ € 7 5 0 m proceeds from agreed transactions ~50% of the 2025 proceeds target ~200m EBITDA from AR Hydro sale to Elawan › 175 MW, Spain › ~€285m proceeds › ~€150m EBITDA from AR Hydro sale to Endesa › 626 MW, Spain › ~€1bn proceeds › ~€530m EBITDA from AR Wind sale to Luz del Sur › 136 MW, Peru › ~€220m proceeds › Non-material EBITDA from AR Wind sale to Opdenergy › 440 MW, Spain › ~€530m proceeds › ~€190m EBITDA from AR 1 2 3 4 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 29 July 2024 14 November 2024 25 June 2024 28 July 2024 SALE OF 440 MW WIND PORTFOLIO IN SPAIN 48 MW 1 1 20 MW 34 MW 1 5 150 MW 4 158 MW 1 30 MW T R A N S A C T I O N O V E R V I E W › On 28 July 2025, ACCIONA Energía reached an agreement with Opdenergy - an Antin Infrastructure Partners company - for the sale of a portfolio of Spanish wind assets totalling 440MW, for an estimated consideration of €530 million at transaction closing. The projects will not carry financial indebtedness at closing › The portfolio comprises 13 fully-owned onshore wind farms located in six Spanish regions with 2010 average COD. The portfolio includes 351 MWp of solar PV projects under development linked to the wind projects' hybridisation potential › The projects operate under the regulatory scheme, although they do not receive any regulatory income during the current regulatory period › The company expects to generate a positive result of approximately €190m at transaction closing › The transaction is subject to competition authority and foreign investment approvals and is expected to close before year-end 1 440 MW Spanish Wind portfolio ~1 TWh expected average annual output ~15 years average age of the portfolio €530m ~€190m of proceeds of EBITDA from Asset Rotation x Number of wind assets 10 1. Capacity-weighted average 2025 : CAPACITY PLACED IN SERVICE VS. NEW ADDITIONS H 1 I N S T A L L E D C A P A C I T Y H 1 P L A C E D I N S E R V I C E C A P A C I T Y 600 MW 2,237 MW Juna Aldoga Forty Mile Logrosán Tahivilla repowering 448 MW Kalayaan II Juna 50 MW 63 MW 105 MW 166 MW +152 MW Pedro Corto Tahivilla repowering Ayora Aldoga Juna Cotoperí Forty Mile Opor MacIntyre 1,058 MW +1,179 MW BESS Extremadura Logrosán 27 MW 228 MW 194 MW 163 MW 206 MW 155 MW 86 MW Aldoga Juna Tahivilla repowering Boraja MacIntyre 65 MW Installed H1 To be installed H2 Placed in service H1 To be placed in service H2 › Geographical footprint repositioning: 78% of new capacity by year end 2025 in the International market › New capacity mainly PV (59%), followed by wind (32%) and biomass (8%) › MacIntyre's Hold Point 1 and 2 completed with 81 turbines connected and 108 energized. Hold Point 3 tests are already in progress › Forty Mile already achieved COD by April 24 th and Aldoga in process of achieving COD by September 2025 (ahead of schedule) SHAPING THE POST- PEAK PHASE: BALANCED GROWTH 2 0 2 5 I N V E S T M E N T S T R A T E G Y › Early Construction & Ready-to-Build projects reassessed for FID during H1 2025 given changing global environment › Initial FY 2025 target of 1 GW reduced to ~0.6 GW due to the pause of the two BESS projects in the US › 448 MW already installed in H1 & 152 MW to be installed in H2 E V O L U T I O N O F C A P E X A N D A N N U A L C A P A C I T Y A D D I T I O N S Capacity additions (GW) € 1.4 bn ~€ 0.7 bn 1 ~€ 0.8 bn ~0.7 GW net additions € 0.6 bn 0.6 GW ~0.7 GW +1.25-1.50 GW gross additions 0.4 GW ~0.6 GW € 0.6 bn 0.7 GW ~€ 1.3 bn € 1.6 bn 1.7 GW 2.0 GW € 2.2 bn Ordinary capex (€bn) M I D - T E R M G R O W T H C A P A C I T Y +1.25 - 1.50 GW p.a. Gross capacity additions 600 - 800 MW p.a. Asset Rotation ~700 MW p.a. Net capacity additions › Approach to new investment in 2026 remains prudent › Selective investment in projects with IRR >200 bps over WACC Average 2021 2022 2023 2024 2025 2026 Mid-term 2016-2020 Growth › Broad pipeline allows for flexibility and adaptability to changing market attractiveness 12 1. Net of disposals US RENEWABLE ENERGY MARKET: MIXED PICTURE 1 I M P L I C A T I O N S O N T H E E N E R G Y S E C T O R › Higher cost of capital for new projects in the US and higher prices for consumers amid rising demand for power new build generation › Potential need to re-engineer supply chain - uncertainty remains about availability of local supply and cost › Upside for existing solar and wind; headwinds for new build - rush to get projects under construction by July 2026 and in service by 2029-30 › Battery storage tax credits treatment better than expected, though with more scrutiny S U P P L Y C H A I N U N C E R T A I N T I E S - T A R I F F S & F E O C › Tariffs impact key clean tech imports (solar, batteries, transformers), mainly from China and Europe › The new FEOC provisions limit access to IRA tax credits for projects using components from Prohibited Foreign Entities (PFEs) 1 › Technologies with globally integrated supply chains - like solar PV and battery storage - are particularly exposed 2 U S T A X I N C E N T I V E S - T H E O N E B I G B E A U T I F U L B I L L A C T Wind & Solar BESS › 48E (ITC) and 45Y (PTC) technology-neutral tax credits are being phased out over approximately 12 months I M P L I C A T I O N S O N A C C I O N A E N E R G Í A 2 I Short term II Medium to long term › › › Pause of 0.4 GW of BESS projects Currently 1.4 GW projects with safe harbour - 1 GW of BESS projects & 0.4 GW of PV projects Uncertainty regarding supply chain and capex costs and read-through to PPA prices › Another ~2 GW in pipeline eligible for safe habouring tax credits (with COD 2029-2030) › Start of Construction deadlines: to claim the tax credits, projects must commence construction on or before 4 July 2026 › Placed in Service deadlines: four calendar years under the existing Treasury guidance › Projects that start construction after 4 July 2026 may still claim tax credits if placed in service on or before 31 Dec 2027 › Full tax credit if construction starts by end of 2033. Phase-out schedule: 75% in 2034, 50% in 2035, 0% in 2036 › Tax credit transferability remains in place for the full duration of the credit lifecycle 2 . 2 I N F R A S T R U C T U R E , N O R D E X & O T H E R A C T I V I T I E S INFRASTRUCTURE: SECURING LONG- TERM GROWTH €58bn record €126bn including preferred bidder €19bn D&C construction and water 25 concession contracts awarded between 2020 - 2025 in in 2032 Weighted outstanding life of 52 years €58bn in dividends and cash distributions for ACCIONA Flexible approach to asset rotation NORDEX: WELL POSITIONED TO BENEFIT FROM VOLUME GROWTH Strong order intake 4.5GW in H1 2025 +33.8% yoy Backlog €14.3bn +12.1% vs Dec 2024 Services backlog €5.5bn +10.0% vs Dec 2024 Path to target well on track 16 OTHER ACTIVITIES: BESTINVER & PROPERTY DEVELOPMENT Leverage ACCIONA's origination and development capabilities to grow Bestinver's alternative funds Alternative funds: growing from the current ~10% of AUM Keep delivering high long-term returns in its traditional funds (1) BESTINVER Focus on land bank optimization through the sale of old stock with no short-term development plans in place Margin maximization driven by ACCIONA's unique product & team Invest strategically in singular and yielding projects 1. Bestinver Internacional & Bestinver Bolsa funds' have achieved a 15-21% annualized return in the last three years LIVING (PROPERTY DEVELOPMENT) 17 03 G R O U P F I N A N C I A L I N F O R M A T I O N FINANCIAL RESULTS HIGHLIGHTS - H 1 2025 H1 2025 (€m) % Chg. vs H1 2024 Revenues 9,231 5% EBITDA 1,557 57% EBT 715 251% Attributable net profit 526 353% H1 2025 (€m) H1 2024 (€m) Net Investment Cashflow 716 1,715 H1 2025 (€m) FY 2024 (€m) Net Financial Debt 7,714 7,128 ∼ €1.6bn EBITDA in H125, 57% growth versus H124, of which €1,113m from operations and €443m from asset rotation Strong performance in our non-energy businesses, particularly in Infrastructure and Nordex On track to achieving €2.7-€3bn EBITDA for the full year Major progress on asset rotation: 626 MW of hydro assets in Spain, 136 MW of wind in Peru and 440 MW of wind in Spain €716m net investment cashflow , including €1.2bn gross capex and €0.6bn from divestments, with a flexible approach to capex ESG RESULTS HIGHLIGHTS - H1 2025 Key ESG indicators Social H1 2025 H1 2024 % Chg. Workforce (FTE) 67,847 64,570 5.1% Women in executive and management positions (%) 23.0% 23.1% -0.2 pp Workforce with disabilities in Spain (%) 4.15% 4.47% -0.3 pp Accident frequency index - employees and contractors 1.4 1.4 -4.9% Fatalities - own workforce (no.) 0 0 0 Fatalities - Subcontractor workforce (no.) 1 0 1 Social Impact Management projects (no.) 264 (2) 251 5.2% Employee volunteering time (hours) 16,070 10,904 47.4% Environmental H1 2025 H1 2024 % Chg. CAPEX aligned with the EU taxonomy - mitigation and adaptation (%) 98.0% 99.0% -1.0 pp Renewable energy production (GWh) 13,621 13,441 1.3% Avoided emissions (CO₂ million ton) 7.6 7.2 4.4% Scope 1+2 emissions (ktCO₂e) 160,063 123,704 29.4% Renewable and recycled resources (%) 25% 9% 16.0 pp Waste valorization (%) 95% 91% 4.6 pp Waste to landfill (kt) 412 625 -34.1% Water consumed (hm³) 3.8 3.2 20.2% Voluntary plantings (no. of trees) 156,868 94,502 66.0% Governance- Ex Nordex H1 2025 H1 2024 % Chg. Total Suppliers with active purchases (nº) 20,618 26,700 -22.8% Audited strategic suppliers (%) 82.6% 89.0% -6.4 pp No Go Suppliers (no.) (2) Ethical Channel communications (no.) 382 266 (1) 189 155 102.1% 71.6% Third party due diligence process (no.) 145 200 -27.5% Sustainable financing (%) 80% 80% 0.0 pp Open controversies (no.) 0 0 0 ESG highlights Social Slight increase of 5.1% in total workforce, primarily driven by growth in Spain, which added 1,297 employees, Mexico 437 employees and Australia 395 employees. Nordex saw an increase of 649 employees. Social Impact Management methodology has been implemented in 264 projects globally, representing an increase of 5.2% compared to the first half of 2024, mainly driven by progress in Construction and Concessions. Environmental CAPEX aligned with the taxonomy for eligible activities slightly declined compared to the same period in 2024, reaching 98%, but still exceeding the target of maintaining a ratio above 90%. The decrease is due to comparisons with exceptional years that included the acquisition of Nordex and other assets. In Construction in Chile, the commissioning of high-emission projects such as Caren and Talabre has resulted in these works accounting for 30% of total emissions. In Oceania, construction activities in Australia have led to a significant increase in emissions following the commissioning of the Waste to Energy Kwinana project, which now represents 40% of the total. Governance There was an increase in communications through ethical channels compared to those in the first half of 2024, mainly due to Nordex's consolidation. Regarding third-party due diligence (non-suppliers) in the ACCIONA Group, 145 cases were analyzed and approved, representing a 27.5% decrease compared to the same period in 2024. This decline reflects the natural evolution of business operations. ACCIONA issued €1,883m in new green financing and €1,225m in new sustainability-linked instruments. ACCIONA Energía issued €973m in new green bonds, credit lines, and commercial paper. These new issuances raised total Sustainable Financing to €12,385m Includes Nordex, unlike the figure reported in H1 2024. 20 Modification of the project quantification criteria for those to which the GIS methodology is applied in ACCIONA Energía, to better reflect its operational reality. The figure reported in 2024 has been updated to 251 projects. Australia: Aldoga & MacIntyre USA & Canada: Green Pastures & Forty Mile Spain: Tahivilla repowering & Logrosán biomass plant Construction machinery Concessions equity contributions Divestments associated with the sale of 626 MW of hydro assets in Spain, net of €350m of debt classified as Held for Sale €935m €256m INVESTMENT BY DIVISION -€599m NET DEBT EVOLUTION Net debt reconciliation H1 2025 (€m) OPERATING CF €344m NET INVESTMENT CF -€716m FINANCING/OTHERS CF -€282m (74) (3,691) (3,198) Debt associated to work in progress (1) IFRS16 adjustment Derivatives ( 2,997 ) (43) (3,126) ( 1) Debt related to assets that are either under construction or that have not contributed a full year of production 22 3 . 1 A C C I O N A E n e r g í a ACCIONA ENERGÍA: H 1 2025 RESULTS HIGHLIGHTS H1 2025 (€m) % Chg. vs H1 2024 H1 2025 % Chg. vs H1 2024 Revenues 1,469 10% Total capacity (MW) 15,147 9% Generation Revenues 764 2% Consolidated capacity (MW) 13,425 9% EBITDA 908 117% Total production (GWh) 13,621 1% EBITDA from Operations 464 11% Consolidated production (GWh) 12,041 1% EBITDA from Asset Rotation 443 n.m Average price (€/MWh) 63.4 1% EBT 482 392% Captured price - Spain (€/MWh) 80.9 26% Attributable net profit 455 604% Captured price - International (€/MWh) 53.3 -13% Average Load Factor (%) 26.8% -0.0pp Production contracted (%) 71.9% +0.8pp H1 2025 (€m) H1 2024 (€m) Net investment cash flow 337 847 30-Jun-25 (€m) 31-Dec-24 (€m) Net financial debt 4,237 4,076 Average residual contracted life (years) (1) 9 34% Average age of assets (years) 10 -6% 24 1. Average residual contracted life excludes short term hedges in Spanish market H 1 2025 ESG HIGHLIGHTS Key ESG indicators ESG highlights Environmental H1 2025 H1 2024 Chg. Environmental CAPEX aligned with the low-carbon taxonomy (%) 100% 100% - Renewable production (GWh) 13,621 13,441 1.3% Avoided emissions (CO₂e million ton) 7.6 7.2 4.4% Generated scope 1+2 emissions (CO₂e thousand ton) 19.4 18.0 7.3% GHG emissions intensity (tCO2e/GWh) 1.42 1.34 5.8% Waste to landfill (thousand ton) 0.67 0.54 24.1% Recovered waste (%) 97% 98% -0.3pp Water consumed (hm³) 0.72 0.59 22.0% Net positive emissions through nature-based solutions (no. of trees planted) 98,503 94,385 4.4% Social H1 2025 H1 2024 Chg. Average Workforce (no.) 3,150 3,351 -6.0% Executive and manager women (%) 26.9% 27.0% -0.1pp People with disabilities in Spain (%) 2.0% 1.8% +0.2pp Social Impact Management projects (no.) 93 100 -7.0% Employees' hours of voluntary work (no.) 4,088 2,042 100.2% Accident frequency index - employees & contractors 0.46 0.50 -8.0% Fatalities (nº) - - n.m. Governance H1 2025 H1 2024 Chg. Suppliers (no.) 2,549 2,634 -3.2% Audited suppliers (%) (1) 100% 100% - No Go Suppliers (no.) 38 35 8.6% Due diligence of third parties (no.) (2) 32 73 -56.2% Sustainable financing (%) (3) 90% 92% -2.0pp Controversies (%) - - - › 100% of the company's CAPEX is aligned with the European Taxonomy of Sustainable Activities › The production of more than 13 TWh of renewable energy has avoided the emission of more than 7 million tons of CO2e into the atmosphere › Scope 1 and 2 emissions have increased by 7%, mainly due to higher electricity consumption in batteries in the USA and in MacIntyre windfarm; most of these scope 2 emissions will be neutralized by the end of the year with the purchase of renewable attributes for the electricity consumed. Scope 1 emissions have decreased by 17% driven mainly by lower emissions in NSO, in Sangüesa biomass plant and in vehicle fleet due to both fleet electrification and use of synthetic fuels › Generated emissions: avoided emissions ratio is 1:1,428 tCO2e › 97% of the waste generated has been valorized, through different circular economy programs, such as "Turbine Made": 10 prototypes of surfboards were made in Australia using a discarded blade and the second edition of the sneakers that incorporate blade materials into its sole was launched in May Social › 93 social impact projects have been developed to create lasting positive impact in communities, benefiting more than 100,000 people in 17 countries. The decrease compared to 2024 is due to less projects in development and asset rotation Governance › The scope of the anti-bribery management system has been extended to operations in the Dominican Republic, having obtained ISO 37001 certification › €5,396m in sustainable financing instruments (corporate debt). 2 new green instruments in first half 2025, including a local impact indicator to boost positive impact of financed projects (type II instruments, according to the Sustainable Financing Framework) Suppliers audited (no.): suppliers audited/suppliers that must be audited (suppliers classified as "strategic"); Not comparable until the end of the year, as it depends on the evolution of the contracting volume throughout the year 25 Commercial and business partners (non suppliers) Sustainable financing / total debt during the period (corporate debt) NET DEBT EVOLUTION Net debt reconciliation H1 2025 (€m) OPERATING CF €162m NET INVESTMENT CF -€337 FINANCING OTHERS CF -€20m (10) (2,213) (1,297) (1,452) (2) (1) (2,264) Debt associated to work in progress (3) IFRS16 adjustment Derivatives IFRS16 liability as of December 2024 not included (€556m) Includes Minority dividends, changes in perimeter, IFRS16 lease principal payments (€14m principal, with an additional €19m classified as financial results), as well as Derivatives & FX changes 26 Debt that reflects net investment in assets that are either under construction or that have not contributed a full year of production (prorated debt) ACCIONA ENERGÍA - OPERATING RESULTS Key figures H1 2025 EBITDA evolution (€m) (Million Euro) H1 2025 H1 2024 Chg. (€m) Chg. (%) Generation Spain 358 379 -20 -5.4% Generation International 405 371 35 9.4% Intragroup adjust., Supply & Other 705 584 121 20.7% +116.9% Revenues 1,469 1,333 135 10.2% Generation Spain 186 161 26 16.0% Generation International 290 259 31 11.8% Intragroup adjust., Supply & Other -12 -2 -10 632.6% EBITDA from Operations 464 419 46 11.0% Generation Margin (%) 62.4% 56.1% EBITDA from Asset Rotation 443 0 443 n.m EBITDA 908 419 489 116.9% Consolidated capacity variation (MW) Consolidated production variation (GWh) +1,097 MW +0.8% 27 SPAIN - REVENUE DRIVERS Consolidated output (GWh) Generation revenues (€m) %Chg. vs H1 2024 -38% -25% -26% 19% -4% 57% 24% %Chg. vs H1 2024 +10% -5% -41% 18% +182% 45% 37% Average achieved prices - regulated vs. wholesale (€/MWh) %Chg. vs H1 2024 Average achieved price composition (€/MWh) +194% (€/MWh) H1 2025 H1 2024 Chg. (%) Achieved market price 67.2 41.9 60.4% Hedging -0.5 22.2 -102.3% Achieved market price with hedging 66.7 64.1 4.1% Regulatory income 3.7 2.6 41.9% Banding 10.5 -2.3 -551.1% Average price 80.9 64.4 25.6% +79% +26% -21% SPAIN - OPERATING RESULTS Key figures H1 2025 EBITDA evolution (€m) (Million Euro) H1 2025 H1 2024 Chg. (€m) Chg. (%) Generation 358 379 -20 -5.4% Intragroup adjust., Supply & Other 488 415 74 17.8% Revenues 847 793 54 6.8% 307.3% Generation 180 162 18 11.0% Generation - equity accounted 6 -1 8 538.5% Total Generation 186 161 26 16.0% Intragroup adjust., Supply & Other -10 -7 -3 -43.0% EBITDA from Operations 176 154 23 14.8% Generation Margin (%) 52.0% 42.5% EBITDA from Asset Rotation 450 0 450 n.m EBITDA 626 154 472 307.3% Consolidated production variation (GWh) -24.7% 29 +9% INTERNATIONAL - REVENUE DRIVERS Consolidated output (GWh) +4% +25% %Chg. vs H1 2024 +62% -18% 19% +19% 11% +57% 10% 20% 40% Generation revenues (€m) +4% %Chg. vs H1 2024 +24% -17% 29% +11% 9% 11% +28% 28% 23% Average achieved prices (€/MWh) %Chg. vs H1 2024 0% -6% +1% -13% -23% -19% Note: The average price in the USA includes €1.3/MWh representing the activity of the battery energy storage system (BESS), which contributed €3.4 million to the margin in H1 2025 and fed 52 GWh into the power grid (€67/MWh) The average US price does not include tax incentives on the production of projects representing a total 1,508