Individual Annual Accounts 2025

Audit Report

Annual accounts as of December 31, 2025 Management report

To the shareholders of Global Dominion Access, S.A.:

Opinion

We have audited the annual accounts of Global Dominion Access, S.A. (the Company), which include the balance sheet as of December 31, 2025, the profit and loss account, the statement of changes in equity, the statement of cash flows and the annual report for the year ended on that date.

In our opinion, the accompanying financial statements express, in all material respects, a true and fair view of the Company's equity and financial position as of December 31, 2025, as well as its results and cash flows for the year ended on that date, in accordance with the applicable regulatory framework for financial reporting (which is identified in note 2.1 of the report) and, in particular, with the accounting principles and criteria contained therein.

Basis of the opinion

We have carried out our audit in accordance with the regulations governing the activity of auditing accounts in force in Spain. Our responsibilities under these standards are described below in the Auditor's Responsibilities in Relation to the Audit of the Annual Accounts section of our report.

We are independent of the Company in accordance with the requirements of ethics, including those of independence, which are applicable to our audit of the annual accounts in Spain as required by the regulations governing the activity of auditing accounts. In this regard, we have not provided services other than those of the audit of accounts, nor have there been situations or circumstances that, in accordance with the provisions of the aforementioned regulatory regulations, have affected the necessary independence in such a way that it has been compromised.

We consider that the audit evidence we have obtained provides a sufficient and adequate basis for our opinion.

Key audit issues

The key audit issues are those issues that, in our professional judgement, have been of the greatest significance in our audit of the annual accounts for the current period. These issues have been addressed in the context of our audit of the annual accounts as a whole, and in the formation of our opinion on them, and we do not express a separate opinion on these matters.

PricewaterhouseCoopers Auditores, S.L.

Plaza de Euskadi, 5, 48009 Bilbao, Spain

https://www.pwc.es Tel.: +34 944 288 800 / +34 902 021 111

R. M. Madrid, page M-63.988, folio 75, volume 9.267, book 8.054, section 3 Registered in the R.O.A.C. under number S0242 - NIF: B-79031290

Long-term and short-term investments in group

companies and associates represent a significant percentage of the Company's assets and amounted to €551,668 thousand and

€294,358 thousand, respectively, as of December 31, 2025 (notes 8 and 9).

At least at the end of the financial year, the necessary valuation adjustments are made whenever there is objective evidence that the carrying amount of an investment will not be recoverable. The amount of the valuation adjustment is the difference between its carrying amount and the recoverable amount, understood as the greater of its fair value less costs to sell and the present value of the future cash flows derived from the investment. Unless there is better evidence of the recoverable amount, the equity of the investee entity is taken into account, corrected for the tacit capital gains existing at the valuation date (Note 3.5.c).

Note 2.2 of the report details the key hypotheses used, as well as the sensitivity analyses that management has carried out on them.

This issue is key because it involves the application of critical judgements and significant estimates by management on the key assumptions used, subject to uncertainty, and the fact that future significant changes therein could have a significant impact on the annual accounts.

Our audit procedures have included, but are not

limited to, the following:

• Understanding of the process that the Company has established for the analysis of the recovery of these investments.

• Identification of investments in group companies and associates that require impairment testing in accordance with the requirements of accounting regulations.

• For those cases in which the equity of the subsidiary is lower than the carrying amount of the investment, evaluation of the adequacy of the valuation models used, verification that they are based on the plans and budgets approved by the management, and validation of the key assumptions used (EBITDA on sales, projection of growth rates and discount rates), by contrasting them with available comparables, among others, historical results.

• In relation to discount rates, with the collaboration of our valuation experts, we verify that the methodology applied for their estimation is adequate, and that the value of these is within a reasonable range.

• Verification of the mathematical accuracy of the models prepared by management, and comparison of the calculated recoverable amount with the net book value of the investments.

• Verification of the reasonableness of the sensitivity analyses carried out, as well as the coherence of the variations of hypotheses considered.

• Verification of the breakdowns included in the report in accordance with the applicable regulations.

  As a result of our analyses and tests, we consider that management's approach and conclusions are consistent with the evidence obtained.

  Other information: Management report

  The other information includes only the management report for the 2025 financial year, the formulation of which is the responsibility of the Company's directors and does not form an integral part of the annual accounts.

  Our audit opinion on the annual accounts does not cover the management report. Our responsibility for the management report, in accordance with the requirements of the regulations governing the activity of auditing accounts, consists of:

  1. To verify only that the statement of non-financial information, certain information included in the Annual Corporate Governance Report and the Annual Report on Directors' Remuneration, referred to in the Audit of Accounts Act, have been provided in the manner provided for in the applicable regulations and, if not, to report on it.

  2. To evaluate and report on the consistency of the rest of the information included in the management report with the annual accounts, based on the knowledge of the entity obtained in the performance of the audit of the aforementioned accounts, as well as to evaluate and report on whether the content and presentation of this part of the management report are in accordance with the applicable regulations. If, based on the work we have done, we conclude that there are material misstatements, we are obliged to report it.

  Based on the work carried out, as described above, we have verified that the information mentioned in section a) above is provided in the manner provided for in the applicable regulations and that the rest of the information contained in the management report is in accordance with that of the annual accounts for the 2025 financial year and its content and presentation are in accordance with the applicable regulations.

  Responsibility of the directors and the audit and compliance committee in relation to the annual accounts

  The directors are responsible for preparing the accompanying annual accounts, in such a way as to give a true and fair view of the Company's assets, financial position and results, in accordance with the regulatory framework for financial reporting applicable to the entity in Spain, and for the internal control they deem necessary to allow the preparation of annual accounts free of material misstatement. due to fraud or error.

  In preparing the annual accounts, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing as appropriate the issues relating to the going concern and using the going concern accounting principle unless the directors intend to liquidate the Company or cease operations. or there is no other realistic alternative.

  The audit and compliance committee is responsible for supervising the process of preparing and presenting the annual accounts.

  Auditor's responsibilities in relation to the audit of the annual accounts

  Our objectives are to obtain reasonable assurance that the annual accounts as a whole are free from material misstatement, due to fraud or error, and to issue an auditor's report containing our opinion.

  Reasonable assurance is a high degree of security, but it does not guarantee that an audit carried out in accordance with the regulations governing the activity of auditing accounts in force in Spain will always detect a material misstatement when it exists. Misstatements may be due to fraud or error and are considered material if, individually or in the aggregate, they can reasonably be expected to influence the economic decisions that users make on the basis of the annual accounts.

  As part of an audit in accordance with the regulations governing the activity of auditing accounts in force in Spain, we apply our professional judgement and maintain an attitude of professional scepticism throughout the audit. Also:

• We identify and assess risks of material misstatement in the financial statements, due to fraud or error, design and implement audit procedures to respond to such risks and obtain sufficient and appropriate audit evidence to provide a basis for our opinion. The risk of failure to detect a material misstatement due to fraud is higher than in the case of a material misstatement due to error, as

  fraud may involve collusion, falsification, deliberate omissions, intentional misrepresentation, or circumvention of internal control.

• We obtain knowledge of the internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, and not for the purpose of expressing an opinion on the effectiveness of the entity's internal control.

• We evaluate whether the accounting policies applied are adequate and the reasonableness of the accounting estimates and the corresponding information disclosed by the administrators.

• We conclude on whether the use by directors of the going concern accounting principle is appropriate and, based on the audit evidence obtained, we conclude on whether or not there is material uncertainty related to facts or conditions that may raise significant doubts about the Company's ability to continue as a going concern. If we conclude that there is material uncertainty, we are required to draw attention in our auditor's report to the relevant information disclosed in the annual accounts or, if such disclosures are not adequate, to express a modified opinion. Our findings are based on audit evidence obtained to date from our audit report. However, future events or conditions may cause the Company to cease to be a going concern.

• We evaluate the overall presentation, structure and content of the annual accounts, including the information disclosed, and whether the annual accounts represent the underlying transactions and events in a way that conveys a true and true view.

We communicate with the entity's audit and compliance committee regarding, among other matters, the scope and timing of the planned audit and significant audit findings, as well as any significant internal control deficiencies that we identify in the course of the audit.

We also provide the entity's audit and compliance committee with a statement that we have complied with the ethics requirements relating to independence and have contacted the entity to report matters that may reasonably pose a threat to our independence and, where appropriate, the safeguards taken to eliminate or reduce the threat.

Among the issues that have been the subject of communication to the entity's audit and compliance committee, we determine those that have been of the greatest significance in the audit of the annual accounts for the current period and that are, consequently, the key issues of the audit.

We describe these matters in our audit report unless the law or regulation prohibits public disclosure of the matter.

Single European electronic format

We have examined the digital file of the Single European Electronic Format (ESEF) of Global Dominion Access, S.A. for the financial year 2025 that includes an XHTML file with the annual accounts for the year, which will form part of the annual financial report.

The directors of Global Dominion Access, S.A. are responsible for submitting the annual financial report for the financial year 2025 in accordance with the format requirements established in EU Delegated Regulation 2019/815, of 17 December 2018, of the European Commission (hereinafter the ESEF Regulation). In this regard, the Annual Corporate Governance Report and the Annual Directors' Remuneration Report have been incorporated by reference into the management report.

Our responsibility is to examine the digital file prepared by the Company's directors, in accordance with the regulations governing the activity of auditing accounts in force in Spain. This regulation requires us to plan and execute our audit procedures in order to verify whether the content of the annual accounts

included in said file corresponds entirely to that of the annual accounts that we have audited, and whether the format of the same has been carried out in all material respects, in accordance with the requirements established in the EUSF Regulation.

In our opinion, the digital file examined corresponds entirely to the audited annual accounts, and these are presented, in all material respects, in accordance with the requirements established in the EUSF Regulation.

Additional report to the audit and compliance committee

The opinion expressed in this report is consistent with what was stated in our additional report to the Company's audit and compliance committee dated February 26, 2026.

Recruitment period

The Ordinary General Meeting of Shareholders held on May 6, 2025 appointed us as auditors for a period of one year for the year ended December 31, 2025.

Previously, we were appointed by agreement of the Ordinary General Meeting of Shareholders for the initial period and we have been carrying out the audit work of accounts uninterruptedly since the year ended December 31, 1999.

Services provided

The services, other than the audit of accounts, that have been provided to the audited entity are broken down in note 29 of the annual accounts report.

The services, other than auditing accounts, that have been provided to the audited entity and its subsidiaries are broken down in note 35 of the consolidated financial statements.

PricewaterhouseCoopers Auditores, S.L. (S0242)

Antonio Velasco Dañobeitia (22286) February 26, 2026

GLOBAL DOMINION ACCESS, S.A.

Annual accounts and management report for the year ended 31 December 2025

INDEX OF INDIVIDUAL ANNUAL ACCOUNTS

BALANCE SHEET AS OF DECEMBER 31, 2025 9

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2025 10

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2025 13

1. GENERAL INFORMATION 14

2. RULES OF PRESENTATION 15

3. ACCOUNTING CRITERIA 20

4. FINANCIAL RISK MANAGEMENT 34

5. INTANGIBLE FIXED ASSETS 39

6. PROPERTY, PLANT AND EQUIPMENT 40

7. ANALYSIS OF FINANCIAL INSTRUMENTS 41

8. SHAREHOLDINGS IN GROUP COMPANIES AND ASSOCIATES 44

9. LOANS AND RECEIVABLES 51

10. CASH AND CASH EQUIVALENTS 53

11. CAPITAL AND SHARE PREMIUM 53

12. RESERVES AND RESULTS OF PREVIOUS YEARS 55

13. RESULT OF THE YEAR 55

14. EXTERNAL RESOURCES 56

15. FINANCIAL LIABILITIES 60

16. TAXES 62

17. PROVISIONS AND CONTINGENCIES 64

18. INCOME AND EXPENSES 64

19. INCOME TAX AND TAX SITUATION 66

20. FINANCIAL RESULT 68

21. CASH FLOWS FROM OPERATING ACTIVITIES 69

22. CASH FLOWS FROM INVESTING ACTIVITIES 69

23. CASH FLOWS FROM FINANCING ACTIVITIES 70

24. COMMITMENTS 70

25. TEMPORARY JOINT VENTURES (UTES) 70

26. REMUNERATION OF THE BOARD OF DIRECTORS AND SENIOR 71

    MANAGEMENT

27. TRANSACTIONS WITH GROUP COMPANIES, ASSOCIATES AND RELATED 73

    COMPANIES

28. ENVIRONMENTAL INFORMATION 78

29. AUDITORS' FEES 79

30. SUBSEQUENT EVENTS 79

31. DECLARATION OF ASSETS AND RIGHTS ABROAD, OBLIGATION TO FILE 79 FORM 720 TAX AGENCY OF SPAIN

As of December 31

As of December 31

NON-CURRENT LIABILITIES

Fiscal year ended

December 31

1. STATEMENT OF RECOGNIZED INCOME AND EXPENSES FOR THE YEAR ENDED 31 December 2025

   Fiscal year ended

   December 31

   	2025	2024
   Profit or loss from continuing operations	(6,489)	27,867
   Income and expenses charged directly to equity
   Valuation of financial instruments (net of tax effect)	1,025	(3,197)
   Conversion differences	(30)	50
   All income and expenses charged directly to equity	995	(3,147)
   TOTAL RECOGNISED INCOME AND EXPENSES	(5,494)	24,720
   TOTAL INCOME AND EXPENSES RECOGNISED FROM CONTINUING OPERATIONS	(5,494)	24,720

   
   
   

   GLOBAL DOMINION ACCESS, S.A.

   STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2025 (Expressed in Thousands of Euros)

2. TOTAL STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 December 2025

Share capital Share premium Reservations

Own shares and equity holdings

Profit for the year

Conversion

differences Total

(Note 11) (Note 11) (Note 11) (Note 11) (Note 12) Balance as of December 31, 2023 18,893 79,640 13,906 (5,818) 12,467 409 119,497

Other movements - - (1,245) - - - (1,245)

Balance as of December 31, 2024 18,893 79,640 6,407 (4,255) 27,867 459 129,011

Fiscal year ended December 31

Note 2025 2024

1. GENERAL INFORMATION

   Global Dominion Access, S.A., (hereinafter the Company) was incorporated on June 1, 1999 and has its registered office, tax office and main offices in Bilbao (Spain), since May 18, 2022 at Plaza Pio Baroja, number 3, 1st floor, postal code 48001.

   The corporate purpose of Global Dominion Access, S.A. is described in article 2 of its bylaws, and consists of carrying out studies on the creation, structure and viability of companies and markets, both national and foreign, to encourage, promote, develop, direct and manage business activities grouped by production sectors, through the corresponding organisation of the personal and material resources applied to the set of companies; acquiring those that are already in operation or creating them as a new plant; merge, absorb, split or dissolve them to develop the activities directly, according to the dictates in each case of the most efficient management.

   The activities of evaluation, design, analysis, study, consulting, advice, supervision, technical assistance, development, updating, manufacturing, supply, installation, assembly, purchase, sale, rental, storage, distribution, deployment, import, export, operation, repair, maintenance, warranty, training, training, pedagogical support and marketing in general of the products, solutions, equipment, systems and those services necessary or convenient for its proper use or performance, of any nature, material or intangible, and other lawful activities referring to the activities listed below and in general related to telecommunications and computing.

   Specifically, the execution as an integrator of complex projects that involve the joint realisation of several of the activities described, through or without the turnkey modality.

   The Company is the parent of a group of companies (hereinafter the Dominion Group or the Group) in accordance with the laws in force. The presentation of consolidated financial statements is necessary, in accordance with generally accepted accounting principles and standards, to present a true and fair view of the Group's financial position and results of operations. The consolidated financial statements of Global Dominion Access, S.A. and its subsidiaries have been prepared in accordance with International Financial Reporting Standards adopted by the European Union (EU-IFRS). These consolidated financial statements have included, in accordance with the integration methods applicable in each case, all the companies of the Dominion Group, in accordance with Article 42 of the Commercial Code. These consolidated financial statements show a net worth, including net income for the year and non-controlling interests, of €273,600 thousand (2024: €312,774 thousand) and a consolidated profit from continuing operations of €19,756 thousand (2024: €42,449 thousand).

   The Group has historically defined itself as a global Services and Projects company, whose objective is to provide comprehensive solutions to maximize the efficiency and sustainability of business processes thanks to sectoral knowledge and the application of technology with a different approach.

   The 2023-2026 Strategic Plan considered that a rethinking was required in the way in which the Group's activity was explained, using simplification, recurrence and sustainability as keys, and considering a reflection on three types of transition (energy, industrial and digital) as fundamental catalysts for the Group's future growth.

   In the 2025 financial year, a new corporate structure was announced, in line with the strategic simplification that has been carried out since the previous year, and continued to focus on sustainability in order to allow greater understanding and visibility of the different businesses. In this sense, three types of segments have been created:

   ⏐ GDE

   ⏐ GDT Projects

   ⏐ GDT Services

   The details of the companies that make up the Group are included in Appendix II. The changes in 2025 and 2024 of the companies in which the Company has a direct stake are detailed in Note 8.

   The Company has been listed on the stock exchange since April 27, 2016.

2. BASES OF PRESENTATION

   1. FAITHFUL IMAGE

      The accompanying annual accounts have been prepared on the basis of the Company's accounting records and are presented in accordance with current commercial legislation and with the rules established in the General Accounting Plan approved by Royal Decree 1514/2007 and the amendments incorporated therein, the latest being those incorporated by Royal Decree 1/2021. of 12 January, in force for financial years beginning on or after 1 January 2021, in order to show a true and fair view of the Company's assets, financial position and results, as well as the veracity of the cash flows included in the statement of cash flows. These annual accounts, which have been prepared by the Company's directors, will be submitted for approval by the General Shareholders' Meeting, and it is estimated that they will be approved without any modification. For its part, the annual accounts for the 2024 financial year were approved by the General Shareholders' Meeting held on May 6, 2025.

   2. CRITICAL ASPECTS OF THE ASSESSMENT AND ESTIMATION OF UNCERTAINTY

      The preparation of the annual accounts requires the Company's use of certain estimates and judgements regarding the future that are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the current circumstances.

      The resulting accounting estimates, by definition, will rarely equal the corresponding actual results. The following explains the estimates and judgements that have a significant risk of giving rise to a material adjustment in the carrying values of assets and liabilities within the following financial period.

      Impairment of the valuation of shareholdings in group companies and associates

      The Company annually checks whether the investments in the equity of group companies and associates have suffered any impairment loss, in accordance with the accounting policy in Note 3.5. The impairment calculation is determined as a result of comparing the carrying amount of the investment with its recoverable value.

      The recoverable amount of a shareholding in a group company and associates is determined on the basis of calculations of the value in use minus the net financial debt. Value-in-use calculations are based on cash flow projections based on management-approved financial budgets covering a five-year period. Cash flows beyond the five-year period are extrapolated assuming a conservative assumption regarding growth rates, which in any case are lower than the long-term average growth rate for the business in which each of the group companies under consideration operates. Net financial debt considers global positions, both debtors and creditors, with credit institutions and Group financial accounts.

      However, and in certain cases, unless there is better evidence of the recoverable amount of the investment, the estimation of the impairment takes into account the equity of the investee company, adjusted, where appropriate, to the accounting principles and standards generally accepted in the applicable Spanish regulations, corrected for the net tacit capital gains existing at the valuation date. If the investee company forms a subgroup of companies, the equity shown in the consolidated financial statements, to the extent that they are formulated, and, if not, the equity in the individual financial statements are taken into account.

      In cases where the recoverable value is taken as comparable for the impairment analysis, a series of assumptions are used to calculate this value, including:

      | The pre-tax discount rate defined from the weighted average cost of capital (CMPC) plus a premium for the tax effect. This rate has been determined based on the "Capital Asset Princing Model" (CAPM), generally accepted to determine this type of discount. In the calculation of the discount rate, in certain cases and additionally, a premium for specific risk has been taken into account in view of the characteristics of each company and the inherent risk profile of the projected flows in each of the companies of the group.

      Likewise, the macroeconomic situation has led to variations in the main components of the calculation of the discount rate, in this sense, the effect that has most affected the discount rate derives mainly from the reduction of interest rates by the ECB, affecting to a lesser extent the macroeconomic uncertainty currently existing in each country.

      For the purposes of these individual financial statements and the assessment of the individual recovery of each investee company, the discount rates applied to the projections of the main holdings in group companies amount to:

      	2025		2024
      The Phone House Spain, S.L.U.	6,00%		6,00%
      Beroa Technology Group, GmbH (*)	-		8,29%
      Cri Enerbility, SRL (*)	-		7,25%
      Mexicana de Electrónica Industrial, S.A. de C.V.	12,99%		11,22%
      Dominion E&C Iberia S.A.U. (*)	-		6,50%
      Dominion Global France SAS (*)	-		7,01%
      Dominion Global PTY Ltd	-		7,80%
      Dominion Circular Economy, S.L.	5,68%		-
      Dominion SPA	10,18%		11,19%
      Dominion Colombia, S.A.S	16,19%		12,10%
      Global Dominion Access USA (*)	-		8%
      Connected World Services Europe, S.L.	5,67%		6,00%
      Dominion Polska Z.o.o.	-		8,80%
      (*) Company transferred to Global Dominion Enviroment, S.L. (Note 8)

      Subsidiaries not included in the table above have a carrying amount higher than the investment in these companies.

      This discount rate is after tax and reflects the specific risk related to the relevant investee companies and has been applied in the analysis of the financial years 2025 and 2024.

      The main variations in the discount rates with respect to those used in the previous year are mainly determined by the variations experienced in the risk-free rates.

      | The budgeted EBITDA (Operating profit plus depreciation and possible impairments) is determined by the Group's management in its strategic plans, considering the global situation of the markets in which the group operates, their expected evolution, a group activity with a similar structure to the current one and based on the experience of previous years. These EBITDAs vary between different scales depending on the type of business.

      For the purposes of these individual financial statements, the EBITDA on sales considered in the projections of the main holdings in group companies is as follows:

      EBITDA on sales

      	2025	2024
      The Phone House Spain, S.L.U.	(3,79%) - 6,80%	5,3% - 7%
      Beroa Technology Group, GmbH (**)	-	2%-7%
      Cri Enerbility, SRL (**)	-	10%
      Mexicana de Electrónica Industrial, S.A. de C.V.	8,59%	5%-6,3%
      Bygging India Limited	-	7%
      Dominion Global France SAS (**)	-	0%-4%
      Dominion Circular Economy, S.L.	-	10,2%-10,5%
      Dominion Global PTY Ltd (**)	-	6,3%-7,2%
      Dominion SPA	13%	4,6% - 6%
      Dominion Colombia, S.A.S	6% - 6,5%	6,5%-7%
      Global Dominion Access USA (**)	-	2,5%-7%
      Connected World Services Europe, S.L. (*)	-	24,4%-31,7%
      Dominion Polska Z.o.o. (**)	-	4,5%-8%
      Dominion E&C Iberia S.A.U. (**)	-	1%-6%

      (*) It is mainly based on the business linked to the leasing of mobile phones where the expense linked to these terminals is accrued annually through amortisation.

      (**) Company transferred to Global Dominion Enviroment, S.L. (Note 8)

      With respect to the assumptions used to determine EBITDA and its future growth, the most likely scenario has been used according to Management's estimates so that negative distortions are not likely. On the other hand, the effects that the hypotheses of risk due to climate change and sustainability could have, as well as the increase in consumer prices, have been taken into account, concluding that there is sufficient slack to withstand these variations which, in any case, do not significantly affect.

      In companies whose activity relates to projects where a new production process or a new infrastructure is created, where subsequent maintenance is designed, executed and carried out and are normally of a multi-year nature and with long commercial maturation processes, greater diversity is expected in the type of projects and in geographical areas. based on the current portfolio of projects and the growing pipeline of opportunities based on the transversality and consolidation of the inorganic growth of the Group's businesses. In companies whose activity is based on framework contracts for outsourcing operations and maintenance and on process improvement projects within sectors such as health, education or telecommunications, the projections show the materialisation of the efficiency measures adopted, the focus on profitability and the achievement of significant new contracts. Finally, in the activity related to framework contracts for outsourcing of operation and maintenance and process improvement projects within sectors such as solutions for the metallurgical, petrochemical, glass or cement sectors, among others, there is the consolidation of the process of integration of inorganic growth together with scenarios of increased demand in accordance with the foreseeable evolution of political and macroeconomic measures in certain geographies.

      | The sales projections of the approved business plan contemplate a compound average annual growth rate (CAGR) of 0.5, in line with the foreseeable organic growth required of the Group's businesses.

      | These EBITDAs are adjusted for other expected net cash movements and tax-related flows until reaching the after-tax free cash generated in each year.

      The result of using pre-tax cash flows and a pre-tax discount rate does not differ significantly from the result of using after-tax cash flows and an after-tax discount rate.

      Cash flows beyond the five-year period, the period covered by the Group's forecasts, are calculated by taking a normalised and sustainable flow over time based on the estimate of the fifth year, assuming a conservative

      assumption regarding the expected future growth rate (growth rate of 1.5% - 2%) based on the GDP growth estimates and the inflation rate of the different markets and valuing the level of the necessary investment for these growths. For the calculation of the residual value, these flows are updated, considering the discount rate applied in the projections deducted by the growth rate considered.

      The Company has proceeded to carry out a sensitivity analysis on the discount rate by applying an increase and decrease of the same by 10%. As a result of this analysis, no different conclusions have been reached in relation to the results of the recovery analysis carried out by the Management. It should also be noted that a sensitisation of 0.5% of the growth rate in perpetuity does not significantly alter the conclusions of the recovery analysis carried out.

      Corporate Income Tax

      The legal situation of the tax regulations applicable to the Company implies that there are estimated calculations and an uncertain ultimate quantification of the tax. The calculation of the tax is made based on the best estimates of the Directorate according to the situation of the current tax regulations and taking into account the foreseeable evolution of the same (Note 19). The Company recognises those deferred taxes on assets that it considers will be recovered in the coming years. In the preparation of these financial statements, the Management has assessed the expected recovery of the tax credits accrued both individually and under the tax consolidation regime over a reasonable time horizon and not exceeding 10 years.

      Where the final tax result is different from the amounts that were initially recognised, such differences shall have an effect on income tax in the year in which such determination is made.

      The calculation of Corporation Tax has not required significant estimates to be made, except for the figure for the recognition of tax credits for the year. If the premises used for this estimate had been modified by 10%, the effect on the result of the year would not be significant.

      Personnel benefits

      In the profit-sharing and bonus plans of its current employees, the Company makes estimates on the amounts of the benefits to be paid and the group of people to whom it is applicable, based on the historical experience of the response of employees in the receipt of benefits and actuarial criteria and hypotheses of general application in these cases.

      Any change in the number of people who are definitively included in the aforementioned plans or in the assumptions taken into account will have an effect on the carrying amount of the corresponding provisions, as well as on the income statement.

      These estimates are revalued at the end of each accounting year, adjusting the provisions to the best estimates existing at each closing.

      Value adjustments for certain current assets

      The Company makes value adjustments to the accounts receivable that are made based on its estimate of the recoverable value calculated as the present value of the estimated future cash flows.

      Estimated goodwill impairment loss

      The Company annually checks whether goodwill has suffered any impairment loss and, if so, its impairment is verified, in accordance with the accounting policy in Notes 3.1 and 3.4. These calculations require the use of estimates (Note 5(a)).

      With respect to the assumptions used to determine EBITDA and its future growth, the most reasonable scenario has been used according to Management's estimates so that negative distortions are not likely.

      Useful lives of fixed assets and estimation of impairment of tangible and intangible assets

      The Company's management determines the estimated useful lives and the corresponding depreciation charges for its fixed assets. This estimate is based on the depreciation actually arising for its operation, use and enjoyment. Management will increase or decrease the depreciation charge when useful lives are less or more than previously estimated lives or write down or eliminate technically obsolete or non-strategic assets that have been abandoned or sold.

      At the end of the year or when indications of impairment are identified, the Company proceeds to estimate the recoverable value of tangible and intangible assets by discounting estimated future flows.

      Fair value of derivatives or other financial instruments

      The fair value of financial instruments that are not traded on an active market is determined by means of third-party confirmation. The Company uses the valuation received from the credit institution with which it has contracted financial instruments to determine this value (Note 14).

      Degree of progress or completion of contracts for the provision of services

      The accounting of contracts for the provision of services according to the degree of completion or progress of the same is based, in most cases, on estimates of the total costs incurred over the totals estimated for the execution of the work. Changes in these estimates have an impact on the recognised results of the works in progress. Estimates are continuously monitored and adjusted if necessary.

      The Company operates, in certain circumstances, through long-term contracts that may include different performance or compliance obligations to be carried out in differentiated periods of time.

      The accounting recognition of the income derived from these contracts requires the Group's Management to apply significant judgements and estimates, both in the interpretation of the contracts and in the estimation of their costs and degree of progress, and more specifically in relation to:

      | Identification of the different compliance obligations.

      | Allocation of individualised prices for each performance obligation.

      | Identification of the time periods in which the different compliance obligations are carried out.

      | Estimation of the total costs necessary to complete the compliance obligations and, consequently, the expected margins of each of them.

      | Control of actual costs incurred.

      | Estimate of the amount of revenue to be recorded as the specific performance obligation is satisfied.

      | Analysis of other possible agreements not included in the main contract.

      Estimates of revenue, costs, or the degree of progress toward completion are revised if circumstances change. Any resulting increase or decrease in estimated revenues or costs is reflected in the profit or loss for the year in which the circumstances giving rise to the review are known to Management.

   3. COMPARISON OF INFORMATION

      The information referring to the previous year is presented for comparative purposes only.

   4. GROUPING OF ITEMS

      In order to facilitate the understanding of the balance sheet, the profit and loss account, the statement of changes in equity and the statement of cash flows, these statements are presented in a grouped manner, and the required analyses are included in the corresponding notes to the report.

   5. PRESENTATION CURRENCY

      The annual accounts have been expressed, unless specifically indicated otherwise, in thousands of euros.

3. ACCOUNTING CRITERIA

   1. INTANGIBLE FIXED ASSETS

      Goodwill

      Goodwill represents the excess, at the acquisition date, of the cost of the business combination over the fair value of the identifiable net assets acquired in the transaction. Consequently, goodwill will only be recognised when it has been acquired for consideration and corresponds to future economic benefits from assets that could not be individually identified and recognised separately.

      Goodwill is allocated to cash-generating units (CGUs) that are expected to benefit from the business combination in which the goodwill arose.

      Goodwill recognised separately is amortised on a straight-line basis over its estimated useful life, and is measured at its acquisition price less accumulated amortisation and, where applicable, the cumulative amount of the recognised impairment allowances. The useful life is determined separately for each of the CGUs to which it has been assigned and is estimated to be 10 years (unless proven otherwise). At least annually, it is analysed whether there are indications of impairment in the value of the cash-generating units to which goodwill has been allocated and, if so, its possible impairment is checked.

      Impairment allowances recognised in goodwill are not subject to reversal in subsequent periods. Development

      Development expenses incurred in a project are recognised as intangible fixed assets, if it is feasible from a technical and commercial perspective, the costs incurred can be reliably determined and the generation of profits is likely. The development costs that are activated are amortised on a straight-line basis during the estimated useful life of each project, not exceeding 5 years.

      Computer applications

      Software licences purchased from third parties are capitalised on the basis of the costs incurred in acquiring them and preparing them to use the specific software. These costs are amortised over their estimated useful lives, which do not exceed four years.

      Expenses related to the development or maintenance of software are recognised as expenses when incurred. Costs directly related to the production of unique and identifiable software controlled by the Company, and which are likely to generate economic benefits in excess of costs for more than one year, are recognised as intangible assets. Direct costs include the costs of staff developing the software and an appropriate percentage of overheads.

      The development costs of software recognised as assets are amortised over their estimated useful lives (not exceeding 3 years).

   2. PROPERTY, PLANT AND EQUIPMENT

      Items of property, plant and equipment are recognised at their acquisition price or cost of production less accumulated depreciation and the accumulated amount of recognised losses.

      The costs of expanding, modernising or improving property, plant and equipment are incorporated into the asset as the higher value of the asset only when they involve an increase in its capacity, productivity or extension of its useful life, and whenever it is possible to know or estimate the carrying value of the items that are removed from the inventory because they have been replaced.

      Recurring maintenance expenses are charged to the profit and loss account during the period in which they are incurred.

      The depreciation of property, plant and equipment is calculated by the straight-line method according to the useful life of the respective assets, taking into account the depreciation effectively suffered by their operation, use and enjoyment. The depreciation of property, plant and equipment is carried out on the basis of cost values by applying the following estimated useful life years:

      Years of service life

      Technical installations and machinery 6-10

      Other facilities, tools and furniture 7

      Transport elements 5

      Information processing equipment 4

      The residual value and useful life of the assets is reviewed, adjusted if necessary, at the date of each balance sheet.

      When the carrying amount of an asset is higher than its estimated recoverable amount, its value is immediately reduced to its recoverable amount (Note 3.4).

      Gains and losses on the sale of property, plant and equipment are calculated by comparing the proceeds from the sale with the carrying amount and are recorded in the profit and loss account.

      Disposals and disposals are reflected by eliminating the cost of the item and the corresponding accumulated depreciation.

   3. INTEREST COSTS

      Financial expenses directly attributable to the acquisition or construction of fixed assets that require a period of time of more than one year to be in working condition are incorporated into their cost until they are in operating condition.

   4. IMPAIRMENT LOSSES ON NON-FINANCIAL ASSETS

      Assets are tested for impairment losses whenever an event or change in circumstances indicates that the carrying amount may not be recoverable. An impairment loss is recognised for the excess of the carrying amount of the asset over its recoverable amount, understood as the fair value of the asset less costs to sell or the value in use, whichever is greater. For the purpose of assessing impairment losses, assets are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units).

   5. FINANCIAL ASSETS

      1. Financial assets at fair value through profit and loss

         This category includes equity instruments that are held for trading, or that should be measured at cost, and for which the irrevocable choice has been made at the time of their initial recognition to present subsequent changes in fair value directly to the income statement.

         In addition, those financial assets that are irrevocably designated at the time of initial recognition as measured at fair value through profit or loss account, and that would otherwise have been included in another category, are included in order to eliminate or significantly reduce a valuation inconsistency or accounting mismatch that would otherwise arise from the measurement of the assets or liabilities on a different basis.

         Initial assessment

         Financial assets included in this category shall initially be measured at fair value, which, unless there is evidence to the contrary, shall be the transaction price, which shall be equivalent to the fair value of the consideration paid. Transaction costs directly attributable to them shall be recognised in the profit and loss account for the year.

         Subsequent assessment

         After initial recognition, the company will measure the financial assets included in this category at fair value with changes in the income statement.

      2. Financial assets at amortised cut-off

         This category includes those financial assets, including those admitted to trading on an organised market, in which the Company holds the investment with the aim of receiving the cash flows derived from the execution of the contract, and the contractual conditions of the financial asset give rise, on specified dates, to cash flows that are only collections of principal and interest on the amount of the outstanding principal.

         Contractual cash flows that are only principal and interest collections on the outstanding principal amount are inherent in an agreement that is in the nature of an ordinary or common loan, without prejudice to whether the transaction is agreed at a zero or below-market interest rate.

         This category includes credits for commercial operations and credits for non-commercial operations:

         ⏐ Credits for commercial operations: are those financial assets that originate in the sale of goods and the provision of services for the company's traffic operations with deferred collection, and

         ⏐ Credits for non-commercial transactions: these are those financial assets that, not being equity instruments or derivatives, do not have a commercial origin and whose collections are of a determined or determinable amount, which come from loan or credit operations granted by the company.

         Initial assessment

         Financial assets classified in this category shall initially be measured at fair value, which, unless there is evidence to the contrary, shall be the transaction price, which shall be equivalent to the fair value of the consideration paid, plus the transaction costs directly attributable to them.

         However, receivables for commercial transactions with a maturity of no more than one year and which do not have an explicit contractual interest rate, as well as loans to staff, dividends receivable and disbursements required on equity instruments, the amount of which is expected to be received in the short term, are measured at their nominal value to the extent that the effect of not discounting cash flows is considered to be it is not significant.

         Subsequent assessment

         Financial assets included in this category will be measured at their amortised cost. The interest accrued shall be recognised in the profit and loss account, applying the effective interest rate method.

         However, loans with a maturity of no more than one year which, in accordance with the provisions of the previous paragraph, are initially measured at their nominal value, continue to be measured at that amount, unless they have been impaired.

         When the contractual cash flows of a financial asset change due to the issuer's financial difficulties, the company considers whether an impairment loss should be accounted for.

         Impairment

         The necessary valuation adjustments are made, at least at closing and whenever there is objective evidence that the value of a financial asset, or of a group of financial assets with similar risk characteristics measured collectively, has been impaired as a result of one or more events that have occurred after its initial recognition and that cause a reduction or delay in future estimated cash flows. which may be motivated by the insolvency of the debtor.

         In general, the impairment loss on these financial assets is the difference between their carrying amount and the present value of future cash flows, including, where applicable, those from the enforcement of collateral and personal guarantees, which are estimated to be generated, discounted at the effective interest rate calculated at the time of their initial recognition. For variable interest rate financial assets, the effective interest rate corresponding to the closing date of the annual accounts is used in accordance with the contractual conditions.

         Impairment allowances, as well as their reversal when the amount of such loss decreases due to causes related to a subsequent event, are recognised as an expense or income, respectively, in the income statement. The reversal of impairment is limited to the carrying amount of the asset that would be recognised on the date of reversal if the impairment had not been recorded.

      3. Financial assets at cost

      In any case, the following are included in this valuation category:

      ⏐ Investments in the assets of group companies, joint ventures and associates.

      ⏐ Other investments in equity instruments whose fair value cannot be determined by reference to a price quoted on an active market for an identical instrument, or cannot be reliably estimated, and derivatives underlying these investments.

      ⏐ Hybrid financial assets whose fair value cannot be reliably estimated, unless the requirements for their accounting at amortised cost are met.

      ⏐ Contributions made as a result of a joint venture agreement and the like.

      ⏐ Participative loans whose interest is contingent, either because a fixed or variable interest rate is agreed on the fulfilment of a milestone in the borrowing company (for example, the obtaining of profits), or because they are calculated exclusively by reference to the evolution of the activity of the aforementioned company.

      ⏐ Any other financial asset that should initially be classified in the fair value portfolio with changes in the income statement when it is not possible to obtain a reliable estimate of its fair value.

      Initial assessment

      Investments included in this category will initially be measured at cost, which is equivalent to the fair value of the consideration delivered plus the transaction costs that are directly attributable to them, the latter not being incorporated in the cost of investments in group companies.

      However, in cases where there is an investment prior to its classification as a group company, joint venture or associate, the cost of said investment is considered to be the book value that it should have had immediately before

      the company becomes that classified.

      The amount of the preferential subscription rights and similar rights that, where appropriate, have been acquired is part of the initial valuation.

      Subsequent assessment

      Equity instruments included in this category are measured at cost, less, where applicable, the cumulative amount of impairment allowances.

      When these assets must be valued due to derecognition from the balance sheet or other reason, the weighted average cost method is applied by homogeneous groups, understood as the securities that have equal rights.

      In the case of the sale of preferential subscription rights and similar rights or segregation of them to exercise them, the amount of the cost of the rights decreases the carrying amount of the respective assets.

      Contributions made as a result of a joint venture and similar account agreement will be valued at the cost, increased or decreased by the profit or loss, respectively, that correspond to the company as a non-managing participant, and less, where appropriate, the accumulated amount of the impairment allowances.

      The same criterion applies to participative loans whose interest is contingent, either because a fixed or variable interest rate is agreed upon on the fulfilment of a milestone in the borrowing company (for example, the making of profits), or because they are calculated exclusively by reference to the evolution of the activity of the aforementioned company. If, in addition to contingent interest, an irrevocable fixed interest is agreed, the latter is accounted for as financial income based on its accrual. Transaction costs are charged to the profit and loss account on a straight-line basis over the life of the equity loan.

      Impairment

      At least at the end of the financial year, the necessary valuation adjustments are made whenever there is objective evidence that the carrying amount of an investment will not be recoverable. The amount of the valuation adjustment is the difference between its carrying amount and the recoverable amount, understood as the greater of its fair value less costs to sell and the present value of the future cash flows derived from the investment, which in the case of equity instruments is calculated, either by estimating the dividends expected to be received as a result of the distribution of dividends made by the investee company and the disposal or derecognition of the investment in it, or by estimating its share in the cash flows expected to be generated by the investee company, from both its ordinary activities and its disposal or derecognition of accounts.

      Unless there is better evidence of the recoverable amount of investments in equity instruments, the estimate of the impairment loss of this asset class is calculated on the basis of the investee's equity and the tacit capital gains existing at the valuation date, net of the tax effect. In the determination of this value, and provided that the investee company has invested in another company, the net worth included in the consolidated annual accounts prepared applying the criteria of the Commercial Code and its implementing regulations is taken into account.

      The recognition of impairment allowances and, where appropriate, their reversal, is recognised as an expense or income, respectively, in the income statement. The reversal of impairment is limited to the carrying amount of the investment that would be recognised on the date of reversal if the impairment had not been recorded.

      However, in the event that there has been an investment in the company, prior to its classification as a group company, joint venture or associate, and prior to that classification, valuation adjustments have been made directly imputed to the equity derived from such investment, such adjustments are maintained after the classification until the sale or deregistration of the investment. At which time they are recorded in the profit and loss account, or until the following circumstances occur:

      ⏐ In the case of previous valuation adjustments due to increases in value, the impairment allowances will be recognised against the item in equity that includes the valuation adjustments previously made up to the amount of the same, and the excess, if applicable, is recognised in the income statement. The impairment allowance directly attributed to equity is not reversed.

      ⏐ In the case of previous valuation adjustments for reductions in value, when the recoverable amount is subsequently higher than the carrying amount of the investments, the latter is increased, up to the limit of the aforementioned reduction in value, against the item that has included the previous valuation adjustments and from that moment on the new amount arising is considered the cost of the investment. However, where there is objective evidence of impairment in the value of the investment, the losses accrued directly in equity are recognised in the income statement.

   6. FINANCIAL DERIVATIVES AND ACCOUNTING HEDGING

      Financial derivatives are measured, both at the initial time and at subsequent valuations, at fair value. The method of recognising the resulting gains or losses depends on whether the derivative has been designated as a hedging instrument or not and, if applicable, the type of hedging. The Company designates certain derivatives as:

      1. Fair value coverage

         Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

         Where the hedged item is an unrecognised firm commitment or a component thereof, the cumulative change in the fair value of the hedged item after its designation is recognised as an asset or a liability, and the corresponding gain or loss is reflected in the profit and loss account.

         Changes in the carrying amount of hedged items that are measured at amortised cost imply the correction, either from the time of the modification, or subsequently from the cessation of hedge accounting, of the effective interest rate of the instrument.

      2. Hedging cash flows

         The gain or loss on the hedging instrument, in the part that constitutes an effective hedge, is recognised directly in equity. Thus, the equity component that arises as a result of the hedge is adjusted so that it is equal, in absolute terms, to the lower of the following two values:

         ⏐ The cumulative gain or loss of the hedging instrument since the start of the hedging.

         ⏐ The cumulative change in the fair value of the hedged item (i.e., the present value of the cumulative change in hedged expected future cash flows) since the inception of the hedge.

         Any remaining gain or loss on the hedging instrument or any gain or loss required to offset the change in the cash flow hedging adjustment calculated in accordance with the preceding paragraph represents an ineffectiveness of the hedge that is recognised in profit or loss.

         If a hedged highly probable anticipated transaction subsequently results in the recognition of a non-financial asset or non-financial liability, or a hedged expected transaction relating to a non-financial asset or non-financial liability becomes a firm commitment to which fair value hedge accounting applies, This amount is removed from the cash flow coverage adjustment and is included directly in the initial cost or other carrying amount of the asset or liability. The same criterion applies to hedging the exchange rate risk of the acquisition of an investment in a group company, joint venture or associate.

         In all other cases, the adjustment recognised in equity is transferred to the income statement to the extent that the expected future cash flows hedged affect profit or loss.

         However, if the adjustment recognised in equity is a loss and it is expected that all or part of it will not be recovered in one or more future periods, that amount that is not expected to be recovered is immediately reclassified in profit or loss.

   7. NET WORTH

      The share capital is represented by ordinary shares.

      The costs of issuing new shares or options are presented directly against equity, such as lower reserves.

      In the case of the acquisition of the Company's own shares, the consideration paid, including any directly attributable incremental costs, is deducted from equity until its cancellation, reissue or disposal. When these shares are subsequently sold or reissued, any amount received, net of any directly attributable incremental transaction costs, is included in equity.

   8. FINANCIAL LIABILITIES

      1. Financial liabilities at amortised cost

         In general, debits for commercial transactions and debits for non-commercial transactions are included in this category:

         ⏐ Debits for commercial operations: are those financial liabilities that originate in the purchase of goods and services for the company's traffic operations with deferred payment, and

         ⏐ Debits for non-commercial transactions: these are those financial liabilities that, not being derivative instruments, do not have a commercial origin, but come from loan or credit operations received by the company.

         Participative loans that have the characteristics of an ordinary or common loan are also included in this category without prejudice to the agreed interest rate (zero or below the market).

         Initial assessment

         Financial liabilities included in this category are initially measured at fair value, which is the transaction price, which is equivalent to the fair value of the consideration received adjusted for the transaction costs that are directly attributable to them.

         However, debits for commercial transactions with a maturity of no more than one year and which do not have a contractual interest rate, as well as disbursements demanded by third parties on shareholdings, the amount of which is expected to be paid in the short term, are measured at their nominal value, when the effect of not discounting cash flows is not significant.

         Subsequent assessment

         Financial liabilities included in this category are measured at amortised cost. Accrued interest is recognised in the profit and loss account, applying the effective interest rate method.

         However, debits with a maturity of no more than one year that are initially valued at their nominal value continue to be measured at that amount.

      2. Financial liabilities at fair value through profit and loss

      This category includes financial liabilities that meet any of the following conditions:

      ⏐ Liabilities that are held for negotiation.

      ⏐ Those irrevocably designated from the time of initial recognition to be accounted for at fair value through profit or loss, given that:

      • An inconsistency or "accounting mismatch" with other instruments at fair value through profit and loss is eliminated or significantly reduced; or

      • A group of financial liabilities or financial assets and liabilities is managed and their performance is measured on the basis of fair value in accordance with a documented risk management or investment strategy, and group information is also provided on the basis of fair value to key management personnel.

      ⏐ Non-segregable hybrid financial liabilities included optionally and irrevocably.

      Initial and subsequent assessment

      Financial liabilities included in this category are initially measured at fair value, which is the transaction price, which is equivalent to the fair value of the consideration received. Transaction costs that are directly attributable to them are recognised in the profit and loss account for the year.

      After initial recognition, financial liabilities in this category are measured at fair value through changes in the income statement.

      In the case of convertible bonds, the fair value of the liability component is determined by applying the interest rate for similar non-convertible bonds. This amount is accounted for as a liability on the basis of the amortised cost until settlement at the time of conversion or maturity. The rest of the income earned is allocated to the conversion option that is recognised in equity.

      In the event of a renegotiation of existing debts, it is considered that there are no substantial changes in the financial liability when the lender of the new loan is the same as the one that granted the initial loan and the present value of the cash flows, including net fees, does not differ by more than 10% from the present value of the cash flows outstanding from the original liability calculated under the same method.

   9. CURRENT AND DEFERRED TAXES

      The expense (income) for income tax is the amount that, for this concept, is accrued in the year and that includes both the expense (income) for current tax and for deferred tax.

      Both current and deferred tax expense (income) are recorded in the profit and loss account. However, the tax effect related to items that are directly recognised in equity is recognised in equity.

      Current tax assets and liabilities are measured at the amounts expected to be paid or recovered from the tax authorities, in accordance with the regulations in force or approved and pending publication at the end of the financial year.

      Deferred taxes are calculated, according to the liability method, on the temporary differences that arise between the tax bases of assets and liabilities and their carrying amounts. However, if deferred taxes arise from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction does not affect either the accounting result or the taxable base of the tax, they are not recognised. Deferred tax is determined by applying the regulations and tax rates approved or about to be approved at the balance sheet date and expected to be applied when the corresponding deferred tax asset is realised or the deferred tax liability is settled.

      Deferred tax assets are recognised to the extent that it is likely that future taxable gains will be available to offset temporary differences.

      With effect from 1 January 2015, the regional tax group was constituted, the parent group being: Global Dominion Access, S.A. and the rest:

      ⏐ Dominion Investigación y Desarrollo, S.L.U.

      ⏐ Dominion E&C Iberia, S.A.

      ⏐ Dominion Energy, S.A.

      ⏐ Instalaciones Eléctricas Scorpio, S.A.

      ⏐ Energy Renewables 8, S.L.

      ⏐ Dominion Servicios Medioambientales, S.L.

      ⏐ Desarrollos Green BPD 1, S.L.U.

      ⏐ Desarrollos Green BPD 2, S.L.U.

      ⏐ Desarrollos Green BPD 3, S.L.U.

      ⏐ Desarrollos Green BPD 4, S.L.U.

      ⏐ Desarrollos Green BPD 5, S.L.U.

      ⏐ Desarrollos Green BPD 6, S.L.U.

      ⏐ Dominion Renewable 1, S.L.U.

      ⏐ Dominion Renewable 2, S.L.U.

      ⏐ Dominion Renewable 3, S.L.U.

      ⏐ Dominion Renewable 5, S.L.U.

      ⏐ Dominion Renewable 6, S.L.U.

      ⏐ Dominion Renewable 7, S.L.U.

      ⏐ Linderito Solar, S.L.U.

      ⏐ Pamaco Solar, S.L.U.

      ⏐ Pico Magina Solar, S.L.U.

      ⏐ Pico del Terril Solar Project, S.L.U.

      ⏐ Rio Alberite Solar, S.L.U.

      ⏐ Villaciervitos Solar, S.L.U.

      ⏐ Kinabalu Solar Park I, S.L.U.

      ⏐ Basde Solar I, S.L.U.

      ⏐ Jambo Renovables I, S.L.U.

      ⏐ Pico Abadias Solar, S.L.U.

      ⏐ Tormes Energías Renovables, S.L.U.

      ⏐ Cayambe Solar Power, S.L.U.

      ⏐ Cerro Bayo Renewable Energy, S.L.U.

      ⏐ Cerro Galan Solar, S.L.U.

      ⏐ El Pedregal Solar, S.L.U.

      ⏐ Cero Lastarria, S.L.U.

      ⏐ Cerro Acotango, S.L.U.

      ⏐ Cerro Las Tórtolas, S.L.U.

      ⏐ Cerro Juncal, S.L.U.

      ⏐ Cerro Marmolejo, S.L.U.

      ⏐ Cerro Vicuña, S.L.U.

      ⏐ Dominion Energy Projects, S.L.U.

      ⏐ Pico Ocejón Solar, S.L.U.

      ⏐ Torimbia Green Energy, S.L.U.

      ⏐ Bas Buelna Solar, S.L.U.

      ⏐ Desarrollos Green Ancón, S.L.U.

      ⏐ Domwind Solar, S.L.U.

      ⏐ Desarrollos Piedralaves, S.L.U.

      ⏐ Vidiago Energy, S.L.U.

      ⏐ Peñalara Energía Green, S.L.U.

      ⏐ Rancho Luna Power, S.L.U.

      ⏐ Chinchilla Green, S.L.U.

      ⏐ Somontín Power, S.L.U.

      ⏐ Generación Cobijeru, S.L.U.

      ⏐ Generación El Turbón, S.L.U.

      ⏐ Bakdor Renovables, S.L.U.

      ⏐ Molares Green Renovables, S.L.U.

      ⏐ Pecan Green Soluciones, S.L.U.

      ⏐ Sajas Renewable Energy, S.L.U.

      ⏐ Albala Energy, S.L.U.

      ⏐ Greenmidco 1, S.A.

      ⏐ Bas Project Corporation, S.L.

      ⏐ Bas Project Development 1, S.L.

      ⏐ Bas Project Development 2, S.L.

      ⏐ Bas Project Development 4, S.L.

      ⏐ Bas Project Development 5, S.L.

      ⏐ Bas Project Development 7, S.L.

      ⏐ Bas Project Development 8, S.L.

      ⏐ Bas Project Development 9, S.L.

      ⏐ Bas Project Development 10, S.L.

      ⏐ El Llano Photovoltaic Generation

      ⏐ Bas Caribe 1, S.L.

      ⏐ Phase 2 WCG, S.L.

      ⏐ Puerto Villamil, S.L.

      ⏐ Caliope Energy, S.L.

      ⏐ Levitals Grupo Inversor, S.L.

      ⏐ Dominion Circular Economy, S.L.

      ⏐ Unidad de Recuperación de Cartagena, S.L. (formerly Wydgreen, S.L.U.)

      ⏐ Tarragona Environmental Hub, S.L. (formerly Cerro Torre Solar, S.L.U.)

      ⏐ Dominion Field Iberia, S.L.U (formerly Trujillo Watts, S.L.U.)

      ⏐ Dominion Sustainable Services, S.L.U. (Incorporated in 2025)

      ⏐ Global Dominion Environment, S.L.U. (Incorporated in 2025)

   10. EMPLOYEE BENEFITS

       1. Severance payments

          Severance payments are paid to employees as a result of the Company's decision to terminate their employment contract before the normal retirement age or when the employee agrees to voluntarily resign in exchange for such benefits. Agreed compensation derived from redundancy plans with termination of the employment contract before retirement age is included. The Company recognises these benefits when it has demonstrably committed to terminate employment of workers in accordance with a detailed formal plan without the possibility of withdrawal or to provide severance pay as a result of an offer to encourage voluntary resignation. Benefits that are not to be paid within twelve months of the balance sheet date are discounted at their present value.

       2. Profit-sharing and bonus plans

       The Company recognises a liability and an expense for bonuses and profit sharing based on a formula that takes into account the profit attributable to its shareholders after certain adjustments. The Company recognises a provision when it is contractually bound or where past practice has created an implied obligation.

       The Company has also implemented a plan for the participation of its main executives in the share capital. Based on this plan, the Parent has granted a loan to these executives for the acquisition of shares in the Company, which will be repaid in 2028 once the consolidated financial statements for the year ended December 31, 2027 have been published. The discounted amount of loans granted is recorded as a non-current asset.

   11. PROVISIONS AND CONTINGENT LIABILITIES

       Provisions are recognised when the Company has a present obligation, whether legal or implied, as a result of past events, it is likely that an outflow of resources will be necessary to settle the obligation and the amount can be reliably estimated. No provisions are recognised for future operating losses.

       Provisions are measured at the present value of the disbursements that are expected to be necessary to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the specific

       risks of the obligation. Adjustments in the provision due to its updating are recognised as a financial expense as they are accrued.

       Provisions with a maturity of less than or equal to one year, with a non-significant financial effect are not discounted.

       Where part of the disbursement required to settle the provision is expected to be reimbursed by a third party, the repayment is recognised as a separate asset, provided that its receipt is virtually certain.

       Contingent liabilities are considered to be those possible obligations arising as a result of past events, the materialisation of which is conditional on the occurrence or not of one or more future events independent of the Company's will. These contingent liabilities are not subject to accounting records, and details of them are presented in the report.

   12. BUSINESS COMBINATIONS

       Merger, spin-off and non-monetary contribution of a business between group companies are recognised in accordance with the provisions for transactions between related parties (Note 3.17).

       Merger or spin-off operations other than those mentioned above and business combinations arising from the acquisition of all the assets of an undertaking or of a part constituting one or more businesses, are recorded in accordance with the acquisition method.

       In the case of business combinations arising as a result of the acquisition of shares or holdings in the capital of a company, the Company recognises the investment in accordance with the provisions for investments in the equity of group companies, joint ventures and associates (Note 3.5.c).

   13. JOINT VENTURES

       a) Jointly controlled holdings and assets

       The Company recognises its proportional share of jointly controlled assets and liabilities incurred jointly based on the percentage of participation, as well as the assets assigned to the joint operation that are under control and the liabilities incurred as a result of the joint venture. Likewise, the income statement recognises the corresponding part of the income generated and expenses incurred by the joint venture. In addition, the expenses incurred in relation to the participation in the joint venture are recorded.

       Unrealized results arising from reciprocal transactions are eliminated in proportion to the share, as well as the amounts of reciprocal assets, liabilities, income, expenses, and cash flows.

   14. REVENUE RECOGNITION

Revenue is recognised when control of goods or services is transferred to customers. At that time, income is recorded for the amount of consideration that is expected to be entitled in exchange for the transfer of committed goods and services arising from contracts with customers, as well as other income not derived from contracts with customers that constitute the ordinary activity of the Company. The amount recorded is determined by deducting from the amount of the consideration for the transfer of goods or services committed to customers or other income corresponding to the ordinary activities of the Company, the amount of discounts, refunds, price reductions, incentives or rights given to customers, as well as value added tax and other taxes directly related to them that must be passed on.

In cases where there is an amount of variable consideration in the price set in contracts with customers, the best estimate of the variable consideration is included in the price to be recognised to the extent that it is highly likely that there will not be a significant reversal of the amount of revenue recognised when the uncertainty associated with the