Mid Term Financial Statements 2025

Abbreviated consolidated interim financial statements relating to the six-month period ended 30 June 2025

ABBREVIATED CONSOLIDATED INTERIM FINANCIAL STATEMENT AT 30 JUNE, 2025 1

ABBREVIATED CONSOLIDATED INTERIM PROFIT & LOSS ACCOUNT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE, 2025 3

ABBREVIATED CONSOLIDATED INTERIM COMPREHENSIVE INCOME STATEMENT FOR THE SIX-MONTH PERIOD ENDED 30

JUNE, 2025 4

ABBREVIATED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN NET WORTH FOR THE SIX-MONTH PERIOD ENDED 30

JUNE, 2025 5

ABBREVIATED CONSOLIDATED INTERIM CASH FLOW STATEMENT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE, 2025 6

EXPLANATORY NOTES FOR THE ABBREVIATED CONSOLIDATED INTERIM FINANCIAL STATEMENT FOR THE SIX-MONTH

PERIOD ENDED 30 JUNE, 2025 7

1. GENERAL INFORMATION 7

   1. ACTIVITY 7

   2. GROUP STRUCTURE 8

   3. CHANGES IN THE SCOPE OF CONSOLIDATION 8

   4. COMPARISON OF INFORMATION 9

   5. PREPARATION OF THE INTERIM FINANCIAL STATEMENTS 11

2. BREAKDOWN OF THE MAIN ACCOUNTING POLICIES 12

   1. BASIS OF REPORTING 12

   2. CONSOLIDATION PRINCIPLES 12

   3. SEGMENT FINANCIAL REPORTING 13

   4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS 13

   5. SIGNIFICANT JUDGEMENTS WHEN APPLYING ACCOUNTING POLICIES 16

   6. NEW IFRS STANDARDS AND IFRIC INTERPRETATIONS 16

3. FINANCIAL RISK MANAGEMENT 17

   1. WORKING CAPITAL AND LIQUIDITY MANAGEMENT 18

   2. CREDIT RISK 20

   3. CLIMATE CHANGE RISK 20

   4. OTHER CIRCUMSTANTIAL RISKS 21

   5. FAIR VALUE ESTIMATION 22

4. SEGMENT FINANCIAL REPORTING 23

5. PROPERTY, PLANT AND EQUIPMENT 28

6. GOODWILL AND INTANGIBLE ASSETS 30

7. FINANCIAL ASSETS AND DERIVATIVES 31

8. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 32

9. CASH AND OTHER CASH EQUIVALENTS 33

10. SHARE CAPITAL AND SHARE PREMIUM 34

11. BORROWINGS 35

12. OTHER LIABILITIES 39

13. OBLIGATIONS TO PERSONNEL 40

14. PROVISIONS 42

15. TAX SITUATION 43

16. EARNINGS PER SHARE 46

17. CASH GENERATED FROM OPERATIONS 47

18. COMMITMENTS, GUARANTEES AND OTHER INFORMATION 47

19. BUSINESS COMBINATIONS 48

20. RELATED PARTY TRANSACTIONS 48

21. DISCONTINUED ACTIVITIES 50

22. SUBSEQUENT EVENTS 52

ANNEX I - Subsidiary Companies within the Scope of Consolidation 53

ANNEX II - Temporary Business Associations (UTEs) included in the Scope of Consolidation 58

ending 30 June

1. GENERAL INFORMATION

   1. ACTIVITY

      Global Dominion Access, S.A., hereinafter the Company or Parent Company, was incorporated on 1 June, 1999 and its registered domicile for mercantile and tax purposes and its corporate seat have been located in Bilbao (Spain), since 18 May, 2022 at plaza Pío Baroja, número 3, 1º planta, post code 48001.

      In accordance with Article 2 of its articles of association, Global Dominion Access, S.A. engages in the preparation of studies regarding the creation, structure and viability of companies and markets both in Spain and abroad, developing, promoting, directing and managing business activities grouped by production sectors by organizing human and material resources for the group of companies, acquiring those that are already in operation and creating new companies, merging, taking over, spinning off or liquidating them in order to directly carry out the activities as is most appropriate in each case for the most efficient management of the business. Its corporate purpose also includes, among other things, assessment, design, analysis, review, consultancy, assessment, supervision, technical assistance, development, updating, manufacturing, supply, installation, assembly, purchase, sale, rental, storage, distribution, deployment, importing, exporting, operations, repairs, maintenance, guarantees, training, education, educational support and the general marketing of products, solutions, equipment, systems and services that are either required or appropriate for their proper use or performance, of any material or immaterial nature, and other lawful activities involving the activities specified below and, in general, related to telecommunications and IT services, specifically those related to the implementation of complex projects that involve joint execution of a number of the aforementioned activities, through a turn-key model or not.

      The Group has historically defined itself as a global Services and Projects company with the aim of providing comprehensive solutions to maximise business process efficiency and sustainability by means of sector knowledge and applying technology with a different approach.

      The 2023-2026 Strategic Plan deemed it necessary to rethink how the Group's activity was explained, using simplification, recurrence and sustainability as key principles, and including a reflection on three types of transition -energy, industrial and digital - as the core drivers for future Group growth.

      In 2025, a new corporate structure was announced, in line with the strategic simplification process that had been implemented the previous year through the sale of the Group's energy activities and infrastructure. The focus on sustainability was also maintained, to improve the understanding and visibility of the Group's various core businesses. Two different management divisions have been set up to this regard:

       Global Dominion Environment (GDE): the division dedicated to industrial transition activities with a focus on decarbonisation and the circular economy.

       Global Dominion Tech-Energy (GDT): the division that integrates all activities related to energy and socio-digital transitions, focusing on energy, telecommunications and digitalisation infrastructures. Its operations are structured into two areas - 360 Projects and Services - reflecting a return to the Group's original core business.

      Accordingly, from financial year 2025 onwards, three different divisions were distinguished:

       GDE

       GDT Projects

       GDT Services

      Note 4 on Segmentation provides a detailed explanation of the contents of each segment and the areas of activity.

      The Group operates in more than 35 countries around the world. Appendices I and II to these interim financial statements list the subsidiaries, joint ventures and associates included in the scope of consolidation, as well as the temporary business associations and joint operations included, providing the details of their location.

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

   2. GROUP STRUCTURE

      The Company is the Parent of a Group of companies (hereafter, the Group or Dominion Group) in accordance with current legislation. In order to present a true and fair view of the Group's financial situation and the results of its operations, it is necessary to report abbreviated consolidated interim financial statements in accordance with accounting principles generally accepted in Spain.

      Appendix I to these explanatory Notes sets out the identification details of the Subsidiaries, partnerships and affiliates included in consolidation under the full consolidation method and equity method.

      Appendix II hereto sets out the identification details of the Temporary Business Associations (UTEs) and joint ventures included in the scope of consolidation under the proportional method.

      The Group assesses the existence of significant influence not only by the shareholding percentage but also by qualitative factors such as presence on the Board of Directors, participation in decision-making processes, exchange between management personnel as well as access to technical information.

      For joint arrangements, besides assessing the rights and obligations of the parties, other facts and circumstances are taken into account in determining whether the arrangement is a joint venture or a joint operation.

       Joint ventures: Investment in joint ventures are recorded applying the equity method.

       Joint operations: For joint operations, the Group recognises the following in the abbreviated consolidated interim financial statements:

      • Its assets, including its interest in the jointly-held assets;

      • Its liabilities, including its share in the jointly-incurred liabilities;

      • Its revenue from ordinary activities arising on the sale of its interest in the product deriving from the joint venture;

      • Its share in the revenue from ordinary activities arising on the sale of the product produced by the joint venture; and

      • Its expenses, including its share in the jointly-incurred expenses.

      The companies accounted for using the equity method are included in Note 8 of these notes to the consolidated statement.

   3. CHANGES IN THE SCOPE OF CONSOLIDATION

      Six-month period ended on 30 June, 2025

      During the first half of 2025, the corporate restructuring initiated at year-end 2024 was completed to reflect the change in structure, explained in Note 1, in order to reflect the organisational simplification undertaken in recent years and to focus on sustainability. To this regard, new holding companies were incorporated to hold the businesses of the GDE division, as explained below:

       General holding company: Global Dominion Environment, S.L. with the shares of the following two sub-holdings:

       Dominion Circular Economy, S.L., which has received the shares of the companies engaged in circular economy and waste management activities - Dominion Servicios Medioambientales, S.L. and Geshidro, S.L., together with their respective subsidiaries.

       Dominion Sustainable Services, S.L. Which has received the shares of the companies engaged in industrial decarbonisation activities: Beroa Technology Group, GmbH, Dominion E&C Iberia, S.A.U., Global Dominion Access USA, Dominion Global Pty, Ltd., Dominion Global France SAS, Cri Enerbility, SRL, Dominion Industry Arabia LLC and Dominion Tanks Dimoin, S.A.U.

      Annex I details this new structure in a more schematic manner. These amendments do not affect the Group's overall financial parameters.

      In addition, in the first half of 2025, new companies were incorporated in Peru, the United Arab Emirates and Oman for the minimum capital in each country with the following company names: Dominion Servicios Medioambientales Perú, S.A.C; Dominion Environenergy FZE and Dominion Sustainable Services SPC.

      In June 2025, the capital increase of the subsidiary Interbox Technology, S.L., approved in financial year 2023 was recorded in the Registry of Companies, after the judge lifted the precautionary suspension that was put in place following a court order received in 2024. With this change, the control percentage for the consolidation of this subsidiary in the Group went from 60% to 99.9%. This change does not affect the Group's total equity, however, it does result in reclassification from non-controlling interests to consolidated reserves.

      Six-month period ended on 30 June, 2024

      During the first half of 2024, there were no significant additions to the scope of consolidation.

      Only one branch of the freight transportation business, Unidad Productiva Terpil, S.L., was acquired for a sale price of

      €300 thousand, as explained in Note 19

      Additionally, it is worth highlighting that the subsidiary Interbox Technology, S.L. approved a capital increase of €60m during the 2023 financial year, leading to a change in shareholding from 60% to 99.9% since its integration, which took place at the close of the 2023 financial year. In the 2024 financial year, a court order was received enforcing a precautionary suspension of this increase. As a result, the subsidiary has been reintegrated, considering the ownership percentage of 60%, and the corresponding reclassification between minority and parent equity has been recorded.

   4. COMPARISON OF INFORMATION

      The abbreviated consolidated interim financial statements for the 6-month period ended on 30 June, 2024 were drawn up by the Board of Directors of the Parent Company on 23 July, 2024.

      As described in Note 36 to the consolidated annual financial statements approved by the General Meeting on 6 May, 2025, during the second half of 2024, following various unsuccessful attempts to sell the business line discontinued in 2022 relating to the construction of Steel Stacks in Denmark and Slovakia, the Group opted to continue the Steel Stacks business by incorporating it into the Group's industrial projects.

      For this reason, the assets and liabilities of this business were restated from Assets of disposable groups classified as held for sale" and "Liabilities of disposable groups classified as held for sale" to their specific lines in the consolidated financial statement. For the purpose of comparison with the same period of the current year, the figures for the six-month period ending on 30 June 2024 in both the financial and profit and loss statements have been restated. The cashflow statement for the six month period ending 30 June, 2024 was not restated as the changes were deemed immaterial, aside from the changes in the opening and closing balances of cash and cash equivalents.

      Set out below is the consolidated financial statement as at 30 June, 2024 and the consolidated profit and loss statement for the 6-month period ending 30 June, 2024 which was drawn up by the administrators:

      CONSOLIDATED FINANCIAL STATEMENT
      	30 June		30 June
      	2024 formulated		2024 restated
      NON CURRENT ASSETS Property, Plant and Equipment	181,120		193,198
      Intangible assets and goodwill	413,626		416,644
      Non-current financial assets	10,089		10,204
      Investments accounted for using the equity method	111,314		111,314
      Deferred tax assets	65,058		65,058
      Other non-current assets	19,413		19,413
      CURRENT ASSETS	800,620		815,831
      Inventories	128,294		128,829
      Trade and other receivables and assets per contract	473,700		493,356
      Other current assets	13,772		13,772
      Current tax assets	32,353		32,735
      Other current financial assets	104,030		104,030
      Cash and cash equivalents	164,091		166,406
      	916,240		939,128
      Disposable group assets classified as held for sale	151,199		113,100
      TOTAL ASSETS	1,868,059		1,868,059

      EQUITY		30 June 2024 formulated 312,350				30 June 2024 restated 312,350
      NON-CURRENT LIABILITIES
      Deferred income		73				73
      Non-current provisions		25,066				25,066
      Long-term borrowed capital		237,244				237,244
      Deferred tax liabilities		28,709				28,709
      Other non-current liabilities		31,354				40,544
      		322,446				331,636
      CURRENT LIABILITIES
      Current provisions		8,621				8,621
      Short-term borrowed capital		229,023				229,023
      Suppliers and other accounts payable and contract liabilities		759,611				782,552
      Current tax liabilities		28,604				28,717
      Other current liabilities		80,853				83,058
      		1,106,712				1,131,971
      Disposable group liabilities classified as held for sale		126,551				92,102
      TOTAL EQUITY AND LIABILITIES		1,868,059				1,868,059
      CONSOLIDATED PROFIT AND LOSS ACCOUNTS		6 month period				6 month period
      		ending 30 Jun				ending 30 Jun
      		2024 formulated				2024 restated
      CONTINUING OPERATIONS
      OPERATING INCOME		573,857				579,614
      Net turnover		571,440				577,197
      Other operating income		2,417				2,417
      OPERATING EXPENSES		(533,249)				(539,563)
      Consumption of raw materials and secondary materials		(258,687)				(254,998)
      Employee benefit expenses		(181,234)				(182,934)
      Amortisations		(30,728)				(30,957)
      Other operating expenses		(62,600)				(70,674)
      OPERATING RESULT		40,608				40,051
      Financial result		(20,536)				(20,568)
      PROFIT BEFORE TAX		20,072				19,483
      Income tax		1,425				1,400
      PROFIT ON CONTINUING OPERATIONS AFTER TAXES		21,497				20,883
      LOSS ON DISCONTINUED OPERATIONS AFTER TAX		(4,190)				(3,576)
      PROFIT FOR THE FY		17,307				17,307
      Profit//(loss) attributable to non-controlling interests		1,030				1,030
      PROFIT ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS		16,277				16,277
      1.5. PREPARATION OF THE INTERIM FINANCIAL STATEMENTS

      These abbreviated consolidated interim financial statements were drawn up by the Board of Directors of the Parent

      Company on 22 July, 2025.

2. BREAKDOWN OF THE MAIN ACCOUNTING POLICIES

   The accounting policies applied for the preparation of these abbreviated consolidated interim financial statements for the six-month period ended on 30 June, 2025, are consistent with those used to prepare the consolidated Annual Financial Statements for FY 2024 of Global Dominion Access, S.A. and subsidiaries. These abbreviated consolidated interim financial statements for the six-month period ended 30 June, 2025, were prepared pursuant to International Accounting Standard (IAS) 34, "Interim Financial Information" and must be read together with the consolidated Annual Financial Statements at 31 December, 2024, prepared pursuant to IFRS-EU of Global Dominion Access, S.A. and subsidiaries.

   1. BASIS OF REPORTING

      The abbreviated consolidated interim financial statements for the six-month period ending 30 June, 2025 have been drawn up in accordance with the International Financial Reporting Standards adopted for application in the European Union (IFRS-EU) and approved under European Commission Regulations in force at 30 June, 2025, specifically in accordance with International Accounting Standard 34 on Interim Financial Information.

      The abbreviated consolidated interim financial statements have been prepared on a historical cost basis, with the exception of financial assets and liabilities at fair value through profit or loss, the derivatives that qualify as hedge accounting and the defined pension plans.

      The abbreviated consolidated interim financial statements do not include all the notes that are usually included in the annual financial information. As a result, as explained above, these abbreviated consolidated interim financial statements must be read together with the consolidated Annual Financial Statements relating to the financial year ending on 31 December 2024 and any public notice made by the Dominion Group during the interim financial period.

      The preparation of the abbreviated consolidated interim financial statements as well as the consolidated Annual Financial Statements in accordance with IFRS-EU requires the application of certain significant accounting estimates. It also requires that Management exercise judgement in the process of applying the Group's accounting policies. The judgements and estimates made by the Management when preparing the abbreviated consolidated interim financial statements at 30 June, 2025, are consistent with those used to prepare the consolidated Annual Financial Statements at 31 December, 2024 of Global Dominion Access, S.A. and subsidiaries.

      The abbreviated consolidated interim profit and loss accounts for the first half of 2025 do not include any unusual items requiring breakdown or reconciliation of figures.

      It should also be pointed out that, given the industrial maintenance services it performs in the Summer and the delivery of major projects for States and major corporations that is typically faster in the last quarter, the Group has a statistically a record of higher income weight for the second half of the year, although in the specific case of 360 projects, they often depend on when they are performed, and do not follow a recurring seasonal pattern.

   2. CONSOLIDATION PRINCIPLES

      Appendix I hereto breaks down the identification details of the subsidiaries, partnerships and affiliates included in the scope of consolidation.

      The criteria employed in the consolidation process have not changed with respect to those employed in the financial year ended 31 December, 2024 of Global Dominion Access, S.A. and subsidiaries.

      The consolidation methods used are described in Note 1.2 of the consolidated Annual Financial Statements for the financial year ended on 31 December, 2024. The financial statements used in the consolidation process are, in all cases, those relating to the six-month period as of 30 June, 2025 and 31 December, 2024.

   3. SEGMENT FINANCIAL REPORTING

      Operating segments are reported consistently with the internal reporting provided to the chief operating decision-makers (Note 4). The highest decision-making body is responsible for allocating resources to and assessing the performance of the operating segments. The maximum decision-making body has been identified as being the Group's Executive Committee.

      As indicated in Note 1 to these abbreviated consolidated interim financial statements, the breakdown of information into segments has been modified with respect to previous years in order to adapt to the new approach to the context of the Group's activities, following the implementation of simplification and recurrence goals, as well as the strategic focus on our sustainability-related activities.

      Note 4 defines the new segments and how the new segmentation fits in with the previous segmentation. Note 5 of the consolidated Annual Financial Statements relating to financial year 2024 for Global Dominion Access, S.A. and subsidiaries describes the segments used to date.

   4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

      The Group makes estimates and judgements concerning the future. The resulting accounting estimates, by definition, will rarely match the corresponding actual results.

      In preparing these abbreviated consolidated interim financial statements, the important decisions made by the Management when applying the accounting policies of the Group and the major sources of uncertainty in the estimation were the same as those applied to the consolidated Annual Financial Statements pertaining to the financial year ending 31 December, 2024.

      Additionally, when making these critical accounting estimates and judgements, when applying the accounting policies, consideration has been given to the effects of variations during FY 2025 on price levels and interest rates.

      1. Estimated impairment of goodwill

         The Group tests annually whether goodwill has suffered any impairment.

         As explained in Note 1.1, in the context of the new divisions conceptualisation (Note 4), Group management has also re-estimated the CGU groups.

         To this regard, in line with the definition of a CGU or CGU group as the smallest group of assets that generates cash inflows irrespective of inflows from other assets or groups of assets, the defined CGU groups were as follows:

          CGU group - GDT Projects: This refers to projects with an 360 approach (end-to-end), both in the technology sector (e.g. healthcare, security and alert systems, data centres, etc.) and the energy sector (e.g. renewable energy and power grids). This type of project has a financial profile that is characterised by its higher profitability resulting from higher margins in relation to services, which do not require working capital consumption and is sometimes financed through advances. It is based on receivables and does not involve fixed annual recurrence.

          CGU group - GDT Tech-Energy Services: This refers to outsourcing services aimed at network maintenance processes in the telecommunications and energy sectors with high levels of recurrence, low CAPEX consumption and which normally consume working capital equivalent to approximately three months' revenue.

          CGU group - GDT Logistics-Commercial Services: This refers to logistics and commercial services outsourced by customers in the telecommunications and retail sectors, also with high recurrence, which sometimes produce agent service relationships, according to the accounting concept that underlies the

         relationship with the agent/principal customer and which, due to their financial operation, generate cash flow through working capital.

          GDE: This refers to the services and solutions in the industrial sector that promote the transition to a more sustainable industry through decarbonisation and circular economy-based actions, reducing the environmental impact of our customers' activities. This division works with high-profile customers and focuses on long-term relationships. It offers recurring services and benefits from significant geographic and sectoral diversification, which helps to mitigate any risks associated with industrial cycles.

         The most significant change in this new definition of CGU Groups with respect to the previous one relates to the creation of the new GDE structure and division to cover all services and solutions related to industrial transition. Previously, industrial solutions were included under the CGU Projects group, while service solutions were included under the Industrial Sustainability Services CGU group. The industrial solutions included in the GDE CGU Group are short-term projects that are managed in a similar way to the recurrent services of this business area and together form a single CGU group.

         Goodwill at 31 December 2024 was also reallocated to the new CGU groups as described above:
         Cash-Generating Units Groupings considered until 31.12.2024	2024
         360 Projects	190,855
         Intelligent Infrastructures Services	46,502
         Industrial Sustainability Services	48,704
         B2B2C Commercial Services	79,108
         Stakes in Infrastructures	-
         	365,169

         Cash-Generating Units Groupings considering new groupings from 2025	2024
         GDT Projects	89,083
         GDT Tech-Energy Services	48,347
         GDT Logistic - Commercial Services	79,108
         GDE	148,631
         	365,169

         At 2024 year-end, the Group performed the calculations required to verify whether there was any goodwill impairment or not. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates (Note 6).

         With respect to the assumptions made to project the EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization, essential for calculating free cash flow) of the CGU groups and their future growth, and the evolution of the profitability of the various CGU groups, we believe it suitable to maintain the levels estimated in financial year 2024, adapted to the newly-defined UGE groups, with no indicators detected that would indicate impairment risks which would modify the conclusions of the analysis and estimates made on 31 December, 2024, including sensitivity analysis.

         The changes to the CGU groups as a result of the Group's new activities structure do not affect the impairment analysis performed at 2024 year-end and, therefore, the conclusions reached at 2024 year-end are still valid for the six-month period ending 30 June, 2025.

      2. Estimate of the fair value of assets, liabilities and contingent liabilities associated with a business combination and effective takeover date

         In business combinations, the Group classifies or designates, at the acquisition date, the identifiable assets acquired and liabilities assumed as necessary, based on contractual agreements, financial conditions, accounting policies and

         operating conditions or other pertinent circumstances that exist at the acquisition date in order to subsequently measure the identifiable assets acquired and liabilities assumed, including contingent liabilities, at their acquisition date fair values. It may also be necessary to use estimates in these transactions in order to value the contingent amounts (Note 19).

         The measurement of the assets acquired and liabilities assumed at fair value requires the use of estimates that depend on the nature of those assets and liabilities in accordance with their prior classification and which, in general, are based on generally accepted measurement methods that take into consideration discounted cash flows associated with those assets and liabilities, comparable quoted prices on active markets and other procedures, as disclosed in the relevant notes to the annual report, broken down by nature in the relevant explanatory notes of the abbreviated consolidated interim financial statements. In the case of the fair value of property, plant and equipment, fundamentally consisting of buildings used in operations, the Group uses appraisals prepared by independent experts.

         The Parent Company's practices to modify the governing body at the companies and businesses acquired at the time the acquisition is formally concluded and obtains a majority of the members and Chairs of those bodies. From that time on it has the authority to take key decisions regarding the acquired business and the main policies to be followed, regardless of the time at which the payments agreed under the transactions are effectively made. (Notes 1 and 19).

      3. Degree of advancement or completion of the service agreements.

         The accounting of the contracts of construction according to the percentage of completion or ending of the same ones is based on estimations of the total of costs incurred on the total ones estimated for the completion. Changes in these estimations have an impact on the recognized results of the works underway. The estimates are constantly monitored and adjusted where appropriate.

         The Group operates, in its GDT Projects segment, in specific circumstances, via long-term contracts which may include different execution or performance obligations to be undertaken during different time periods.

         The accounting recognition of the revenue derived from these contracts requires the Group's Management to apply judgement and significant estimates both in the interpretation of the contracts and in the estimate of their costs and degree of completion and, more specifically in relation with:

          Identification of the different performance obligations.

          Assignment of the individual prices for each performance obligation.

          Identification of the time periods during which the different performance obligations take place.

          Estimate of the total costs required to complete the performance obligations and, subsequently, the planned margins for each of them.

          Control of the real costs incurred.

          Estimate of the amount of revenue to be registered as the specific performance obligation is being met.

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

         The estimates for revenue, the costs or the degree of completion towards finalisation are reviewed if the circumstances change. Any resulting increase or decrease in the estimated revenue or costs is reflected in the FY result where the circumstances which give rise to the review are known by the Management.

      4. Income tax

         The Group is subject to income taxes in numerous jurisdictions. A high degree of judgement is required in determining the worldwide provision for income taxes. The Group recognises deferred taxes which, in accordance with prevailing legislation in different tax jurisdictions, result from multiple temporary differences in respect of assets and liabilities. Nonetheless, there are certain transactions and calculations with respect to which the ultimate calculation of the tax is uncertain in the ordinary course of business.

         The calculation of income tax expense did not necessitate significant estimates except with respect to the amount of tax credits recognised in the year.

         At those companies that still record a negative tax base, the corresponding tax credits are not recognised until the Company is making a profit. For those that have generated a positive tax base, the tax credit generated in previous financial years has been recorded. No significant impact on the total capitalized tax credits at 30 June, 2025 and 31 December, 2024 were found in the sensitivity analysis that was performed.

      5. Fair value of derivatives or other financial instruments

         The fair value of financial instruments that are not quoted in an active market (e.g. OTC derivatives) is determined by using valuation techniques. The Group exercises judgement in selecting a range of methods and making assumptions which are based primarily on prevailing market conditions at the consolidated financial statement reporting date.

         Note 11 provides details of the conditions, notional amounts and evaluations on the date of the financial statement for these instruments.

      6. Pension benefits

         The present value of the Group's pension obligations depends on a series of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions will impact the carrying amount of pension obligations.

         The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension obligation.

         Other key assumptions for employee benefits are based in part on current market conditions. Note 22 of the consolidated Annual Financial Statements at 31 December, 2024 for Global Dominion Access, S.A. and subsidiaries contains further information and a sensitivity analysis for changes to the most significant estimates.

      7. Product warranty

      Warranty product risks are recognised when there is a firm claim not covered by the relevant insurance policy.

      The Senior Management estimates the related provision for future warranty claims based on historical warranty claim information, by considering the specific conditions of each claim as a function of technical reviews and estimations based on the experience with each of the rendered services, as well as recent trends that might suggest that past cost information may differ from future claims.

   5. SIGNIFICANT JUDGEMENTS WHEN APPLYING ACCOUNTING POLICIES

      The most significant judgements and estimates that have been taken into account when applying the accounting policies described in Note 2 of the consolidated financial statements relating to the financial year ending on 31 December, 2024, relate to:

       Estimate of the useful lives of tangible fixed assets

       Impairment losses of financial assets based on the indications of the IFRS 9.

   6. NEW IFRS STANDARDS AND IFRIC INTERPRETATIONS

      1. Mandatory standards, amendments and interpretations for all years starting on 1 January, 2025

          IAS 21 (Amendment) "Lack of Exchangeability"

         The Group has considered these amendments for the preparation of the present abbreviated consolidated interim financial statements, although they do not significantly change the Group's previous practice.

      2. Standards, amendments and interpretations not yet in force, although could be taken in advance

          Amendments to IFRS 9 and IFRS 7 "Amendments to Classification and Measurement of Financial Instruments".

         The Group has not opted for advance application and is studying these amendments, however it does not consider that their future application will have a significant impact on it.

      3. Standards, interpretations and amendments to existing standards that can not be adopted early or have not been adopted by the European Union

      On the date on which these interim financial statements were prepared, the IASB and IFRS Interpretations Committee had published the following standards, amendments and interpretations that have not yet been adopted by the European Union.

       IFRS 10 (amendment) and IAS 28 (amendment) "Sale or contribution of assets between an investor and its associate or joint venture"

       IFRS 18 "Presentation and Disclosure in Financial Statements"

       IFRS 19 "Subsidiaries without Public Accountability: Disclosures"

       Annual Improvements to IFRS Accounting Standard (Volume 11)

       Amendments to IFRS 9 and IFRS 7 "Contracts referring to electricity dependent on nature".

      The Group is analysing these changes but does not believe that their future application will have a material impact on the Group, other than changes in presentation and disclosures arising from the implementation of IFRS 18.

3. FINANCIAL RISK MANAGEMENT

   The Dominion Group's activities expose it to a variety of financial risks: Market risk (including currency risk, cash flow interest rate risk and price risk), credit risk, liquidity risk, climate change risk and other circumstantial risks. The Dominion Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group's financial performance. The Group uses derivative financial instruments to hedge certain risk exposures.

   While international market trends have affected market confidence and consumer spending patterns, the Dominion Group is still in good standing to increase ordinary income by means of ongoing innovation and the purchase and sale transactions it has entered into. The Group has reviewed their exposure to climate-related risks and other emerging corporate risks, and from 2022 has gradually incorporated these variables into its asset impairment analysis and earnings forecasts. On the other hand, there have been no significant market changes observed that could affect exchange and interest rate risks during the first half of 2025. Management is monitoring these risks on an ongoing basis.

   The market risk management policies the Group implemented (including currency risk, cash flow interest rate risk and price risk) have not changed with respect to those specified in Note 3.1 to the Consolidated Financial Statements for financial year 2024.

   The company has sufficient margins to meet its current financial debt covenants and sufficient working capital and undrawn credit facilities to cover its ongoing operating and investment operations.

   It should be noted that both the Group's equity as of 30 June, 2025 and the income statement for the six-month period ending on the same date are significantly affected by fluctuations in the exchange rates of currencies relevant to the Group's foreign companies and certain activities, most notably, those relating to the US dollar. In this regard, these abbreviated consolidated interim financial statements reflect the accounting translation into the Group's presentation currency, the euro, of foreign investments and the maintenance of receivables and payables in eurozone countries that are denominated in currencies other than the euro. This has resulted in a reduction in equity and a net foreign exchange loss, both of which are unrealised and which are subject to changes in line with fluctuations in the exchange rates of the relevant currencies.

   1. WORKING CAPITAL AND LIQUIDITY MANAGEMENT

      The prudent management of the liquidity risk entails maintaining sufficient cash and available financing through sufficient credit facilities. In this respect, the Group's strategy is to maintain, through its treasury department, the necessary financing flexibility through committed credit lines. Additionally, and on the basis of its liquidity needs, Dominion Group uses liquidity financial instruments (factoring without recourse and the sale of financial assets representing receivables, through which the risks and rewards on accounts receivable are transferred) that, in accordance with Group policy, do not exceed approximately one-thirds of overdue trade and other receivable balances in order to maintain liquidity levels and the structure of working capital required under its business plans.

      Management monitors the Group's liquidity reserve forecasts together with the evolution of the Net Financial Debt. To this regard, as a result of the actions undertaken in previous financial years intended to optimise liquidity possibilities in more precarious moments, as well as the implemented detailed monitoring culture, the Group still preserves solid solvency and liquidity, even taking account of the debt that is associated with renewable energy projects in the Stakes in Infrastructures segment.

      The Group's liquidity reserve calculation and the Net Financial Debt at 30 June 2025 and 31 December 2024 is provided

      below:

      	30.06.2025	31.12.2024
      Cash and cash equivalents (Note 9)	187,756	232,538
      Other current financial assets (Note 7)	73,306	39,483
      Undrawn borrowing facilities (Note 11)	287,610	296,399
      Liquidity reserve	548,672	568,420
      Liabilities with credit institutions (Note 11)	465,036	451,556
      Derived financial instruments (Note 11)	1,253	3,323
      Cash and cash equivalents (Note 9)	(187,756)	(232,538)
      Other current financial assets (Note 7)	(73,306)	(39,483)
      Net financial debt	205,227	182,858

      For the purposes of this calculation, the Group does not consider the heading of "Other current and non-current

      liabilities" to be financial debt (Note 12).

      The Finance Department monitors forecasts of the Group's liquidity needs in order to optimise cash while maintaining sufficient availability of credit facilities not drawn by the Group, whilst always considering the need to meet the limits and covenants set forth in financing.

      There are no restrictions regarding the use of cash/cash equivalents.

      As shown in the table above, the Dominion Group's net financial debt position at both 31 December, 2024 and 30 June, 2025 includes "Project Finance" financing for the energy infrastructure development projects of the GDT Projects division, financing that has no corporate guarantee. It should also be noted that, subsequent to 30 June, 2025 but prior to the drawing up of these abbreviated consolidated interim financial statements, an agreement was reached for the sale of the photovoltaic power stations constructed in the Dominican Republic. This represents a significant strengthening of the financial position, with an expected cash inflow of USD 102m (Note 22).

      Below is a table setting out a breakdown of the Working Capital reported in the Group's abbreviated consolidated interim statement of financial position at 30 June 2025, on a comparative basis with the figures at 31 December 2024:

      	30.06.2025	31.12.2024
      Inventories	117,330	133,960
      Trade and other receivables	172,499	153,397
      Assets per contract	213,004	244,177
      Other current assets	16,104	22,641
      Current tax assets	29,229	28,028
      Operating current assets	548,166	582,203
      Other current financial assets	73,306	39,483
      Cash and other cash equivalents	187,756	232,538
      CURRENT ASSETS	809,228	854,224
      Trade and other payables	596,509	620,877
      Contract liabilities	87,221	84,920
      Current tax liabilities	21,902	29,500
      Current Allowances (Note 14)	7,115	14,118
      Other current liabilities (*)	27,506	29,651
      Operating current liabilities	740,253	779,066
      Other current liabilities (*)	60,643	33,196
      Short-term bank debts (Note 11)	215,410	177,376
      Derived current financial instruments (Note 11)	1,253	836
      CURRENT LIABILITIES	1,017,559	990,474
      OPERATING WORKING CAPITAL	(192,087)	(196,863)
      TOTAL WORKING CAPITAL	(208,331)	(136,250)

      (*) Accrued wages and salaries and accruals and prepayments are included in other operating current liabilities. The other items analysed in Note 12 are carried as non-operating current liabilities.

      Although the magnitude of working capital taken into consideration in an isolated manner is not a key parameter for understanding the Group's financial statements, it actively manages working capital through net operating capital and net current and non-current financial debt, based on the solidity, quality and stability of relationships with its customers and suppliers, as well as the exhaustive monitoring of its situation with financial institutions, which in many cases automatically renew loans. It should also be noted that the business coming under the GDT Logistics-Commercial Services CGU group (previously the B2B2C Commercial CGU group) in the GDT Services division normally operates with negative working capital, with sales that are collected or received in cash, and expenses for purchases or services that are paid at their normal due date. In addition, the maintenance of undrawn credit facilities amounting to €288m (€296m at 31 December, 2024) ensures that there are no cash-flow constraints.

      One of the Group's strategic lines is to ensure the optimisation and maximum saturation of the resources devoted to the business. The Group therefore pays special attention to the net working capital invested in the business. In keeping with this and as in previous years, major efforts have been made to control and reduce the collection periods for trade

      and other receivables and to minimise services rendered pending invoicing. Similarly, the Company constantly optimises supplier payment terms, standardising policies and conditions throughout the Group.

      As a result of the above it may be confirmed that there are no liquidity risks at the Dominion Group.

   2. CREDIT RISK

      There have been no substantial changes in credit risk management during the first half of financial year 2025 compared to the details disclosed in the consolidated financial statements for financial year 2024.

      As indicated in the consolidated financial statements for FY 2024, the Group has four types of assets which are subject to the model of expected credit losses: Trade accounts receivable for the sale of services, assets under contracts related to any solutions in which revenue recognition is based on work progress, loans and receivables recorded at amortized cost, and cash and cash equivalents.

      During financial year 2025, a review was made of the performance of the credit risk of the different assets, adjusting the percentages for the expected loss considered in its broad spectrum, including the effect that increased inflation could have on the quality of the credit of accounts receivable, adjusting this in the provision for bad debts to be maintained.

   3. CLIMATE CHANGE RISK

      As part of the Sustainability Strategy and Transition Plan outlined in the consolidated statement of non-financial information and sustainability reporting (item E1-1), submitted in February, 2025, the Group assessed its resilience to climate change. Given the consolidated statement submitted in July 2025, the Group deems the conclusions drawn from this assessment to be fully up to date. For the aforementioned assessment, the Group identified and assessed climate change-related risks pursuant to IPCC guidelines, TCFD recommendations and the COSO Enterprise Risk Management (ERM) Framework.

      Accordingly, it considered potential physical climate risks, i.e. events directly related to climate change, classified according to the European Green Taxonomy as defined in Annex A of the Delegated Regulation (EU) 2021/2139 of 4 June 2021. It also accounts for potential chronic physical risks, related to long-term gradual changes, and transition risks, arising from the transition to a low-carbon economy. It also took climate opportunities into consideration, i.e. the potential benefits of addressing climate change.

      A semi-quantitative methodological approach was employed for the physical risk analysis. This approach combines quantitative and qualitative tools, leveraging mathematical models based on historical data, forecasts, and both quantitative and semi-quantitative methods. In addition to this, this information has been enhanced with qualitative insights based on expert knowledge of the Group's specific characteristics. Transition risk and opportunity analysis was qualitative, drawing on expert judgement.

      The analysis focused solely on risks and opportunities that could affect the assets and activities of the Group. Risks and opportunities relating to value chain actors were not identified or assessed due to limited information available on them.

      The following risks were identified as the result of the work carried out:

       Physical risks:

      • Injuries and/or adverse health effects to staff caused by increased temperatures and heatwaves.

      • The impact of rising temperatures and heatwaves on renewable energy production at photovoltaic power stations.

         Transition Risks:

      • The transition of value chain cost resulting from the introduction of a new Emissions Trading Scheme (EU ETS II).

         Climate Opportunities:

      • Higher demand for some specific services.

      The resilience analysis concluded that none of the identified physical, transition or opportunity risks (see section SBM-3 of the February, 2025 Report) are critical to the business' development, nor are they expected to occur in the short term. In other words, no "very high" priority risks have been identified that are expected to occur before 2040 for physical risks, or before 2028 for transition risks. This conclusion fully aligns with the business model, which does not involve owning significant assets over extended periods.

   4. OTHER CIRCUMSTANTIAL RISKS

      Global Geopolitical Situation:

      Eastern Europe has undergone a complex geopolitical situation since the outbreak of the war in Ukraine on 24 February 2022. There have been various attacks and military offensives by both sides over this period, as well as attempts to reach a ceasefire. As of June 2025, the front-line has been relatively stable, although the conflict is not expected to end as ceasefire negotiations remain unfruitful.

      Additionally, the Israeli-Palestinian war broke out on 7 October 2023 and is ongoing, with the conflict spreading to southern Lebanon. The ongoing war between Iran and its proxy groups in the region against Israel and the United States compounded this conflict during the first half of 2025. At the time these abbreviated consolidated interim financial statements were drawn up, there had been no significant progress. Despite calls from the international community for a ceasefire, no concrete progress had been made.

      Accordingly, these armed conflicts continue to impact the global economy, leading to a period of worldwide financial uncertainty as a result of the volatile geopolitical landscape.

      After analysing and assessing the direct impact that these conflicts could have on the continuity of the Group's business, there are no foreseeable liquidity or market risks for the Group that cannot be covered with the current existing situation. Notwithstanding this, there are a series of indirect impacts such as a broad-based rise in prices and a shortage of raw materials which, although it is not easy to measure their consequences, it can be said that they will have no significant effect on the Group's business margins in the short term or in the supply change.

      There has been no material impact on the Group's businesses since the start of the financial year that warrants disclosure.

      Import tariffs:

      In November 2024, following the U.S. presidential elections, Donald Trump was re-elected as President of the United States. On 20 January 2025, when he was sworn into office, he announced the introduction of reciprocal tariffs, a policy he had proposed during his election campaign, in order to protect the country's industry.

      His first actions on tariffs began in February. These affected countries such as Mexico, Canada, and China. However, it was not until 2 April 2025 that he generalised tariffs to other countries, announcing a base tariff of 10% on all imports from countries with a trade surplus with the United States - including the European Union and Spain. Various events have subsequently followed, including the suspension of these measures and the announcement of new special tariffs on European cars, aluminium and steel. Meanwhile, Europe is preparing a set of countermeasures in anticipation of negotiations with the United States.

      Given the considerable uncertainty surrounding the current tariff situation and its potential consequences, we have conducted a quantitative and qualitative analysis of the effects that the existing measures would have on the Group. Based on this, our conclusion is that product-specific tariffs will have no significant effect on the Group's activities. The Group would be unaffected by the general increase in tariffs, as it has a fully developed market in the United States, which minimises any potential detrimental effects these tariffs could have.

      EU Omnibus Package:

      On 26 February 2025, the European Commission published the first of the 'Omnibus' packages, which are aimed at simplifying sustainability reporting requirements. The objective is to reduce reporting burdens and increase the efficiency of sustainability reporting.

      Based on the analysis of this regulation's application in the Dominion Group, no significant effects are expected.

   5. FAIR VALUE ESTIMATION

      IFRS 13, 'Fair value measurements' explains how to estimate fair value when other international accounting standards so require. This standard stipulates the fair value disclosure requirements applicable to non-financial assets and liabilities.

      IFRS 13 defines fair value as the value that would be received or paid, in an orderly transaction on the measurement date, for an asset or liability, regardless of whether this value is directly observable or has been estimated using valuation techniques. To this end the data used must be consistent with the assumptions that market participants would use in considering such a transaction.

      Although IFRS 13 leaves the principles set down in other standards intact, it does establish the overall framework for measuring assets and liabilities at fair value when doing so is mandatory under other standards and stipulates additional fair value disclosure requirements.

      The Group complies with IFRS 13 requirements in measuring its assets and liabilities at fair value when such fair value measurement is required under other international financial reporting standards.

      On the basis of the contents of IFRS 13 and in accordance with IFRS 7 on financial instruments measured at fair value, the Group reports on how it estimates fair value by level using the following fair value hierarchy:

       Quoted prices (unadjusted) in active markets for identical assets and liabilities (Tier 1)

       Inputs other than Tier 1 quoted prices that are observable for the asset or liability, either directly (for example, as prices) or indirectly (for example, derived from prices) (Tier 2).

       Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Tier 3).

      The following table presents the assets and liabilities of the Group that are valued at fair value at 30 June, 2025 and 31 December, 2024:

      ASSETS AT FAIR VALUE	30.06.2025	31.12.2024
      Derived financial instruments (Note 7) (Tier 2)	-	837
      Financial assets at FV with change in profit and loss (Tier 3)	4,732	5,982
      	4,732	6,819

      LIABILITIES AT FAIR VALUE	30.06.2025	31.12.2024
      Derived financial instruments (Note 11) (Tier 2)	(3,258)	(3,323)
      Other liabilities valued at fair value (Tier 3)	(9,592)	(9,863)
      	(12,850)	(13,186)

      There were no transfers between Tier 1 and 2 during the 6 month periods ending on 30 June 2025 and 2024.

      1. Tier 2 financial instruments

         The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group has not changed its methods nor the hypotheses used for this valuation at 30 June 2025 with respect to 31 December 2024. Note 3.2.a) to the 2024 financial statements sets out the specific valuation techniques used to evaluate Tier 2 financial instruments.

         Tier 2 instruments relate to the derivative financial instruments.

      2. Financial instruments at fair value in Tier 3

      If one or more of the significant inputs are not based on data observable in the market, the financial instrument is included in Tier 3.

      Instruments included in Tier 3 correspond to the contingent compensation of the business combinations and with assets from the sale of business activities performed during recent financial years. These assets and liabilities have been valued according to the stipulations specified in the contract of purchase where include financial parameters (EBITDA and net financial debt) that must be considered in the future (Note 12).

      The key assumption to measure these liabilities is based on future expected returns to be generated by each company (Notes 1 and 12). The assumptions used for these estimates coincide with those detailed in the goodwill impairment test (Note 6). Given that the evolution of these businesses in the first half of financial year 2025 is in line with the business plans used to calculate these liabilities, we therefore maintain the same assumptions and conclusions at 31 December, 2024.

      Liabilities measured at fair value are derived from the best estimate at the time of the contingent payments for business combinations made in previous years based on envisaged future returns generated by the companies purchased. At 30 June, 2025 and 31 December, 2024, the fair value was calculated on these dates using an updated version of the key hypothesis for valuation, such as the forecast EBITDA and, in some cases, future cash flow generation, with no significant variations found in the updated assessment.

      Although, on the one hand, the estimates made using in the key assumptions for valuation of said liabilities found drops in the specific years which affect the calculation of these liabilities, on the other hand, no significant reductions were found in the 5-year forecasts which could result in any impairment of the acquired net assets, as specified in Notes

      2.4 a) and 6.

      At 30 June, 2025 and 31 December, 2024, the Group has no agreements to offset financial assets and liabilities.

4. SEGMENT FINANCIAL REPORTING

   The Group's Management Committee, comprised of a Chief Executive Officer and the members of the Group's executive Management, has been identified as the ultimate decision-making body in the Group. The Management Committee reviews the Group's internal financial information for the purposes of evaluating performance and assigning resources to segments.

   Management has determined operating segments based on the structure of the information examined by the Board of Directors. For these purposes, the Group's business is analysed from the point of view of projects and services offered, and the information is also classified geographically merely for informational purposes.

   As specified in Note 1, the 2023-2026 Strategic Plan introduces a concept of the Group based on simplification, recurrence and sustainability, and considers reflecting on three types of transition: energy, industrial and digital, as the core drivers for future company growth.

   In 2025, a new corporate structure was announced, in line with the strategic simplification process implemented the previous year through the sale of energy activities and assets. The focus on sustainability was also maintained, to improve understanding and visibility of the Group's various core businesses. Two different management divisions have been set up to this regard:

    Global Dominion Environment (GDE): the division dedicated to industrial transition activities with a focus on decarbonisation and the circular economy.

    Global Dominion Tech-Energy (GDT): the division that integrates all activities related to the energy and socio-digital transitions. Its operations are structured in two areas - 360 Projects and Services - reflecting a return to the Group's original core business.

   Accordingly, from financial year 2025 onwards, three different divisions were distinguished:

    GDT Projects: This refers to projects with an 360 approach (end-to-end), primarily in the technology sector (e.g. healthcare, security and alert systems, data centres, etc.) and the energy sector (e.g. renewable energy and power grids). This type of project has a higher margin profile compared to services, does not require working capital consumption and is sometimes financed through advances. It is based on receivables and does not involve fixed annual recurrence.

    GDT Services: This refers to services aimed at processes that customers want to outsource (BPO - Business Process Outsourcing) which are characterised by a high level of recurrence and low CAPEX consumption. These processes normally require a working capital of approximately three months of the revenue they generate.

    GDE: This refers to services and solutions in the industrial sector that promote the transition to a more sustainable industry through decarbonisation and the circular economy. This division works with high-profile customers and focuses on long-term relationships. It offers recurring services and benefits from significant geographic and sectoral diversification, which helps to mitigate any risks associated with industrial cycles.

   The Management Committee manages the aforementioned operating segments relating to continued activities based, mainly, on the evolution of the most relevant figures that are defined as turnover (sales) and the contribution margin (calculated as operating profits excluding depreciation or possible impairment and general structural expenses not directly attributed to the activities of the business segments).

   The information received by the Management Committee also includes all other income and expenses that make up the consolidated income statement, as well as investments in assets and the evolution of non-current assets, although all of these items and amounts are analysed and managed jointly and globally at the Group level.

   The most significant non-current investment item focuses on goodwill that is distributed among segments as follows:

   Segment	30.06.2025	31.12.2024 (*)
   GDT Projects	88,417	89,083
   GDT Services	127,458	127,455
   GDE	146,174	148,631
   	362,049	365,169
   (*) New corporate structure (Note 1.1).

   1. Segmented information

      Segment information submitted to the Management Committee relates to the contribution margin and this is the indicator that is used to manage the group's segments.

      	GDT Services	GDT Projects	GDE	Total
      30 June 2025
      Consolidated turnover	229,992	86,803	220,781	537,576
      Other direct operating income and expenses in the segments	(187,896)	(70,099)	(192,315)	(450,310)
      Contribution margin	42,096	16,704	28,466	87,266
      	GDT Services	GDT Projects	GDE	Total
      30 June 2024 (*)
      Consolidated turnover	289,313	72,338	215,546	577,197
      Other direct operating income and expenses in the segments	(248,000)	(53,386)	(191,062)	(492,448)
      Contribution margin	41,313	18,952	24,484	84,749
      (*) Figures restated (Notes 1.1, 1.4 and 21).

      Below is a reconciliation between the contribution margin provided by the segments and consolidated profits at 30 June 2025 and 30 June 2024:

      30.06.2025 30.06.2024 (*)

      Contribution margin:	87,266	84,749
      - Overall unattributed structural income and expenses (1)	(13,453)	(13,741)
      - Amortisations/impairment (Notes 5 and 6)	(35,187)	(30,957)
      - Financial profit (loss) (2)	(25,429)	(20,468)
      - Share in profits obtained by associates (Note 8)	(4,545)	(100)
      - Corporate income tax (Note 15)	(407)	1,400
      - Result after the tax on discontinued operations (Note 21) (1,702) (3,576)
      Consolidated profit/(loss)	6,543	17,307
      (*) Figures restated (Notes 1.4 and 21).

      1. These amounts fundamentally relate to fixed and general structural expenses (indirect personnel costs and other overheads) that are not directly attributable to business segments.

      2. Includes the headings: Financial income, financial expenses, Net exchange differences, Variation in the fair value of financial assets and liabilities attributed to profit and loss.

         Segment assets and liabilities and investments in the year are as follows:

         GDT Services GDT Projects GDE Total

         30.06.2025
         Property, Plant and Equipment	51,595		26,100		110,103		187,798
         Intangible assets and goodwill	147,968		94,574		163,811		406,353
         Associate investments	7,758		93,753		-		101,511
         Remaining Assets	241,727		494,322		277,641		1,013,690
         Total assets	449,048		708,749		551,555		1,709,352
         Total liabilities	217,396		892,560		331,487		1,441,443
         Fixed asset additions (Notes 5 y 6)	25,727		7,188		6,802		39,717
         Withdrawals of fixed assets net of depreciation (Notes 5 and 6)	(779)		(56)		-		(835)
         Net investments during the six-month period (Notes 5 and 6)	24,948		7,132		6,802		38,882

         GDT Services GDT Projects GDE Total

         31.12.2024 (*)
         Property, Plant and Equipment	49,075		3,972		119,209		172,256
         Intangible assets and goodwill	150,928		95,211		166,526		412,665
         Associate investments	7,774		98,033		-		105,807
         Remaining Assets	238,817		539,980		280,948		1,059,745
         Total assets	446,594		737,196		566,683		1,750,473
         Total liabilities	541,436		619,556		276,707		1,437,699
         Fixed asset additions (Notes 5 y 6)	25,331		1,059		7,022		33,412
         Withdrawals of fixed assets net of depreciation (Notes 5 and 6)	(218)		(1)		(226)		(445)
         Net investments during the six-month period (Notes 5 and 6)	25,113		1,058		6,796		32,967
         (*) New corporate structure (Note 1.1).

         Total assets and liabilities comprise the Assets and Liabilities classified as held for sale. The discontinued business which relates to the Cerritos wind farm in Mexico (Note 21) is part of the GDT Projects segment.

         Inter-segment sales are performed under market conditions and excluded from consolidation. There are no consolidation adjustments between segments, or any unassigned assets or liabilities.

         The amounts presented to the Management Committee for segment assets and ordinary turnover are measured using an approach which is consistent with that used for the financial statements. Segment assets are allocated based on the segment's activities.

   2. Information regarding geographical areas

      Information relating to the net revenues and non-current assets by geographic area is as follows:

      	30.06.2025	30.06.2024 (*)
      Turnover (according to final market)
      GDT Services
      Spain	137,362	193,819
      Rest of Europe and Africa	8,165	2,209
      America	84,465	93,285
      	229,992	289,313
      GDT Projects
      Spain	8,823	1,449
      Rest of Europe and Africa	23,570	2,494
      America	54,410	68,395
      	86,803	72,338
      GDE
      Spain	48,128	38,902
      Rest of Europe and Africa	62,382	69,939
      America	60,690	63,790
      Asia and Oceania	49,581	42,915
      	220,781	215,546
      Total	537,576	577,197
      (*) Figures restated (Notes 1.1, 1.4 and 21).

      Those countries in which the Group obtains a significant turnover within the large geographical areas shown in the previous table are: Germany with total sales amounting to €47,730 thousand (30 June 2024: €45,633 thousand), Mexico with total sales of €34,799 thousand (30 June 2024: €39,053 thousand), Chile with total sales of €46,139 thousand (30 June 2024: €35,054 thousand), the Dominican Republic with total sales of €11,749 miles thousand (30 June 2024:

      €42,147 thousand), USA with total sales of €35,707 thousand (30 June 2024: €33,067 thousand), Middle East countries (Saudi Arabia and the Arabic Gulf countries) with total sales of €23,572 thousand (30 June 2024: €15,681 thousand) and Peru with total sales of €23,233 thousand (30 June 2024: €25,830 thousand) and Colombia with sales of €27,713 thousand (30 June 2024: €21,192 thousand).

      	30.06.2025	31.12.2024
      Non-current assets (fixed tangible assets and intangible assets, by geographical location of the activity)
      Spain	349,642	379,965
      Rest of Europe and Africa	172,453	157,276
      America	58,436	32,158
      Asia and Oceania	13,620	15,522
      Total	594,151	584,921

      Excluding goodwill, those countries where a significant portion of the amount of the remaining non-current assets are concentrated would be Spain, Germany, Mexico and Argentina with a total of €191,112, 12,913, 2,875 and 45,329 thousand, respectively (31 December 2024: €172,754, 12,587, 3,478, 50,513 thousand, respectively).

   3. Customer details

   During the first half of 2025 and in FY 2024, no sales were made in excess of 10% of the consolidated turnover and the turnover for each segment, for any customer individually.

5. PROPERTY, PLANT AND EQUIPMENT

Set out below is a breakdown and movements of property, plant and equipment:

(*) Figures restated (Notes 1.4 and 21).

(**) It includes the effect of exchange movements affecting property, plant and equipment in the currency of foreign subsidiaries

amounting to €13.0m and certain reclassificaitons between items totalling a positive figure of €22.4m.

1. Property, plant and equipment by geographical area

   Set out in the table below is a breakdown of property, plant and equipment by geographical area at 30 June, 2025 and 31 December, 2024:

   EUR Million 30.06.2025 31.12.2024 Accrued Net book Accrued Net book Cost depreciation value Cost depreciation value

   Spain	312		(188)		124		252		(153)		99
   The rest of Europe	74		(42)		32		105		(80)		25
   America	100		(74)		26		93		(48)		45
   Asia and Oceania	21		(15)		6		22		(19)		3
   	507		(319)		188		472		(300)		172

2. Property plant and equipment not used in operations

At 30 June, 2025 and 31 December, 2024 there were no significant items of property plant and equipment not used in operations.