H1 2025 Results (acciona h1 2025 presentation)

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

1. thJ u l y 2 0 2 5

   
   
   

   1

   2

   3

   4

   5

   6

   TABLE OF CONTENT

   Introductory remarks 3

   Key Highlights & Themes 5

   1. ACCIONA Energía 6

2.2 Infrastructure, Nordex & Other Activities 14

Group Financial Information 18

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

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

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

+152 MW

Pedro Corto Tahivilla repowering

Ayora Aldoga

Juna

Cotoperí Forty Mile

Opor MacIntyre

1,058 MW

+1,179 MW

BESS Extremadura

Logrosán

Aldoga

Juna

Tahivilla repowering

Boraja

MacIntyre

Installed H1 To be installed H2 Placed in service H1 To be placed in service H2

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

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

› 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

ESG RESULTS HIGHLIGHTS - H1 2025

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

1. Includes Nordex, unlike the figure reported in H1 2024. 20

2. 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)

(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)

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

› 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)

1. 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

2. Commercial and business partners (non suppliers)

3. 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

1. IFRS16 liability as of December 2024 not included (€556m)

2. 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

3. 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

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%

+79% +26%

-21%

SPAIN - OPERATING RESULTS

-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