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27 F e b r u a r y 2026F Y 2 0 2 5 – J a n u a r y - D e c e m b e r R E S U L T S P R E S E N T A T I O N
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2 DISCLAIMER This document has been prepared by Corporación Acciona Energías Renovables. S.A. (“ACCIONA Energía” or the “Company” and, together with its subsidiaries, “ACCIONA Energía Group”) exclusively for use during the presentation of financial results. Therefore, it cannot be disclosed or made public by any person or entity for any other purposes without the prior written consent of the Company. The Company does not assume any liability for the content of this document if used for any purposes different from the one outlined above. The information and any opinions or statements made in this document do not purport to be comprehensive and have not been verified by independent third parties nor audited, and in some cases are based on management information and estimates and are subject to change; therefore, no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Certain financial and statistical information contained in this Presentation may be subject to rounding adjustments. Neither the Company, its subsidiaries or any entity within the ACCIONA Energía Group or subsidiaries, any of its advisors or representatives assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. The information contained in this document on the price at which securities issued by ACCIONA Energía have been bought or sold, or on the performance of those securities, may not and should not be used to predict the future performance of securities issued by ACCIONA Energía. Neither this document nor any part thereof constitutes and may not be relied on in any manner as, legal, tax, investment, accounting, regulatory or any other type of advice on, about or in relation to the Company nor may it be used or relied upon in connection with, form the basis of, or for incorporation into or construction of, any contract or agreement or investment decision. IMPORTANT INFORMATION This document does not constitute an offer or invitation to purchase or subscribe shares in accordance with the provisions of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017, on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a solicitation for any vote or approval in any other jurisdiction. Neither this presentation nor any part or copy of it may be taken or transmitted into the United States or published, released, disclosed or distributed, directly or indirectly, in the United States, as that term is defined in the United States Securities Act of 1933, as amended (the “Securities Act”). Neither this presentation nor any part or copy of it may be published, released, distributed or disclosed in Australia, Canada, South Africa or Japan. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian, South African or Japanese securities laws. This presentation and the information contained herein are not a solicitation of an offer to buy securities or an offer for the sale of securities in the United States (within the meaning of Regulation S under the Securities Act). The ordinary shares of ACCIONA Energía have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration under the Securities Act except pursuant to an exemption from, or in the case of a transaction not subject to, the registration requirements of the Securities Act and in compliance with the relevant state securities laws. There will be no public offering of the ordinary shares in the United States. FORWARD-LOOKING STATEMENTS This document contains forward-looking information and statements about ACCIONA Energía, including financial projections and estimates and their underlying assumptions, statements regarding plan, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “pipeline” and similar expressions. Although ACCIONA Energía believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ACCIONA Energía shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of ACCIONA Energía, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed in the documents filed by ACCIONA Energía with the CNMV, which are accessible to the public. Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of ACCIONA or ACCIONA Energía. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to ACCIONA, ACCIONA Energía or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward- looking statements included herein are based on information available to ACCIONA Energía, on the date hereof. Except as required by applicable law, ACCIONA Energía does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Results Report contains certain non-IFRS financial measures of the Company derived from (or based on) its accounting records, and which it regards as alternative performance measures (APMs) for the purposes of Commission Delegated Regulation (EU) 2019/979 of March 14, 2019, and as defined in the European Securities and Market Authority Guidelines on Alternative Performance Measures dated October 5, 2015. The Results Report includes the list and definition of the Alternative Performance Measures (APMs) used both in this presentation and the Results Report. Other companies may calculate such financial information differently or may use such measures for different purposes than the Company does, limiting the usefulness of such measures as comparative measures. These measures should not be considered as an alternative to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and may not be indicative of the Company's results of operations. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed for accuracy or completeness and, as such, should not be relied upon. The definition and classification of the pipeline of ACCIONA Energía, which comprises both secured and under construction projects, highly visible projects and advanced development projects, as well as other additional opportunities, may not necessarily be the same as that used by other companies engaged in similar businesses. As a result, the expected capacity of ACCIONA Energía’s pipeline may not be comparable to the expected capacity of the pipeline reported by such other companies. In addition, given the dynamic nature of the pipeline, ACCIONA Energía’s pipeline is subject to change without notice and certain projects classified under a certain pipeline category as identified above could be reclassified under another pipeline category or could cease to be pursued in the event that unexpected events, which may be beyond the ACCIONA Energía’s control, occur. A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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01 K E Y H I G H L I G H T S & T H E M E S
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› EBITDA target achieved (€1,546m), with EBITDA from Operations delivering €932m and Asset Rotation contributing €614m in line with plan › Strong year in terms of disposals and progress in securing future growth opportunities › Consolidated output reflecting weaker resource in key markets and the slower and more complex commissioning of new assets – the gap is expected to be progressively closed during 2026 › Average captured price above expectations (€61.9/MWh), with Spain broadly stable (€76.7/MWh) and international markets normalising (€54.1/MWh) › Moderation in short-term growth with +532 MW installed in the year (vs. ~1.8 GW on average during 2023-24). Total capacity stands at 14.6 GW › Net financial debt broadly stable at €4.2bn, while debt attributed to assets held for sale fell from €821m to €50m › More positive environment for renewables – improvement in expected returns in recently approved projects. Renegotiation of several PPAs at higher prices › €3bn target for 2024-2025 achieved with transactions worth €3.2bn (EV) agreed and/or completed, with ~€0.9bn of total capital gains (including impairment reversals). New transactions signed during 2025 amount to €1.9bn (EV) › Transactions completed during 2025, across Spain, Peru and Costa Rica, reach €1.8bn (€1.1bn proceeds net of debt held for sale), with €614m of EBITDA from Asset Rotation, within the €500-750m target range for the year › Two additional transactions in South Africa, US & Mexico agreed in late 2025 for ~€1.1bn (EV). Transactions to close in 2026 with incremental debt reduction impact of ~€0.9bn › Overall, 2024-25 asset rotation programme executed at attractive valuation multiples (€1.2m/MW on average), above implied trading levels › Ratings protected – Fitch affirmed its investment-grade rating at BBB- (outlook from Stable to Negative due to closing of asset disposals slipping to 2026); DBRS confirmed its BBB with Stable trend › Several incremental asset rotation opportunities are currently in progress and under assessment › Protecting investment grade and restoring the Stable outlook – additional asset rotation, capex and dividend moderation, and higher operational efficiency › Efficiency measures underway, including reduction of overhead and structure costs and redefinition of non-generation businesses › Capturing attractive growth opportunities across diversified markets (BESS in Chile, South-East Asia, Italy & South Africa), with 1.3 GW of projects committed and/or under construction for 2026-27 › Operational focus on delivery of new projects and commissioning of MacIntyre › Outlook 2026 – ~€1.2bn EBITDA, investment cashflow ~€0.9bn, Net Debt <€3bn supported by ~€2bn asset rotation proceeds › Dividend 2025 payable in 2026 – Board proposes a temporary reduction in dividend distribution (€0.03 per share relative to €0.44 p.s. in previous year), as signal of the Company’s commitment to its IG credit ratings KEY HIGHLIGHTS FY 2025 A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S € 1 , 5 4 6 M T O T A L E B I T D A W I T H L O W E R O U T P U T , H I G H E R P R I C E S , A N D S U B S T A N T I A L R O T A T I O N G A I N S S U C C E S S F U L 2 0 2 4- 2 5 A S S E T R O T A T I O N P R O G R A M M E 2 0 2 6 : F O C U S O N D E L E V E R A G I N G , S E L E C T I V E G R O W T H A N D O P E R A T I O N A L E F F I C I E N C Y 4
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2025 AT A GLANCE 5 A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S Operating figures › Output impacted by lower resource and a slower ramp-up of newly commissioned assets. Average captured price above initial expectations › Moderation in short-term growth with +0.5 GW installed during the year › Preparing for pick-up in activity in 2026 and beyond, with 1.3 GW of projects committed & under construction – improving IRR trends 24.4 GWh Consolidated output 1.3 GW With FID for 2026-27 €61.9 /MWh Average captured price €3.2bn Deals closed/agreed 2024-25 €1.2m/MW Avg. transactions multiple €1.9bn Deals signed in 2025 Asset Rotation Strategy › €3bn target for 2024-25 achieved, consistent with deleveraging commitment › Transactions executed at attractive valuation multiples, above trading levels › €1.9bn worth of new transactions signed during the year › Closed transactions in 2025 totalling €1.8bn (€1.1bn net of debt classified as held for sale) across Spain, Peru and Costa Rica, generating €614m gains from Rotation Balance Sheet figures › Net debt broadly stable at €4.2bn, while debt attributed to assets held for sale falling from €821m to €50m as transactions consummated. Capex moderation & strong rotation execution, although the closing of two transactions slips to 2026 › Fitch affirmed its IG rating of BBB-, revising the outlook from Stable to Negative – ACCIONA Energía is committed to restoring the Stable outlook during 2026. DBRS confirmed its BBB rating with Stable trend €4.2bn Net Financial Debt €1.546m EBITDA €932m EBITDA from Operations €614m EBITDA from Asset Rotation Profit & Loss figures › Delivered €1.546m EBITDA, within the guidance (€1.5-1.75bn), despite lower output › Achieved 2025 target of €500-750m EBITDA from Asset Rotation, supported by the closing of four transactions BBB- affirmed no
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Implicit multiple €1.2m/MW 6 A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S DELIVERING ON ASSET ROTATION STRATEGY 2024 -25 ~€3bn Asset Rotation Target for 2024-2025 Rotation gains €0.9bn €3.2bn value of transactions (EV) agreed during 2024-25 ~€2.1bn closed during 2024-25 ~€1.1bn expected to be closed in 2026 ✓ Capacity sold 2.6 GW › Successful asset rotation strategy – signed €3.2bn of transactions during 2024-25, of which €2.1bn correspond to transactions closed as of Dec 2025 › The transactions completed to date comprise a well-diversified portfolio of assets across geographies and technologies and generated strong capital gains and attractive implicit valuation multiples • Five transactions closed in 2024-2025: › 2024: EV €293m; €73m EBITDA from AR + €154m impairment reversals – Spain › 2025: EV €1.8bn, €614m EBITDA from AR – Spain, Peru & Costa Rica • Two transactions expected to be closed in 2026: › EV €1.1bn – South Africa, US & Mexico ~€0.9bn debt reduction impact
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2026 OPPORTUNITIES & PRIORITIES 7 A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S Accelerating profitable growth Priorities for 2026 ➢ Acceleration in growth, with improving returns, driven by auctions and geographic diversification across different markets (Chile, South-East Asia, Italy, South Africa & LatAm), as well as selected BESS opportunities ➢ Good visibility for 2026-27 with 1.3 GW with FID (out of which ~0.7 GW gross capacity additions in 2026) ➢ Indicative medium-term balance sheet capacity – ~0.7 GW net per annum (1.0-1.2 GW gross; 0.4-0.5 GW of asset rotation) ➢ More dynamic approach in Development activity – medium-term target of delivering ~1.8 GW of annual investment opportunities, for own investment and sale of development projects to third parties ➢ Redefinition of Energy Services scope and growth ambitions – selective expansion into advanced decarbonization technologies ➢ Committed to regaining Fitch Stable outlook during 2026 ➢ Securing ~€2bn rotation proceeds – closing of South Africa & US- Mexico transactions (~€900m net proceeds) + signing & closing an additional ~€1bn ➢ Delivery of projects under construction according to plan ➢ Full commissioning of MacIntyre in Australia wind farm ➢ Consolidation of South-East Asia business ➢ Efficiency measures – reduction of structure costs ➢ Ongoing strategic review of non-generation businesses ➢ Selective battery storage as well as repowering initiatives under evaluation across multiple markets
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8 A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S BUSINESS DEVELOPMENT MODEL TRANSFORMATION M A X I M I S I N G T H E V A L U E O F A C C I O N A E N E R G ÍA ’ S D E V E L O P M E N T C A P A B I L I T I E S 22 GW Total pipeline Strategic Evolution › Evolution from a pure develop-for-own-investment model to a hybrid develop & hold / develop & sell platform › ACCIONA Energía to retain access to strategic development opportunities while increasing capital allocation flexibility Value Creation & Financial Impact › Accelerate generation of development opportunities towards ~1.8 GW per annum for ACCIONA Energía or sale to third-parties › Maximise value of ACCIONA Energía’s development capabilities independently from its investment capacity or strategic focus at any point in time › Generation of new recurring revenue streams and enhanced value crystallization of the pipeline › Improved margins through focus on early-stage development and timely asset rotation Competitive Positioning › Unique developer with global footprint and end-to-end engineering capabilities › Improving pipeline conversion and cost efficiency › Expanded market penetration through partnerships and third-party client relationships 3.5 GW 2.4 GW 8.6 GW 7.7 GW
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High single-digit project IRRs for developed markets 9 A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S BUILDING A STRONG PIPELINE OF INVESTMENTS FOR 2026 -27 I M P R O V I N G O U T L O O K F O R R E N E W A B L E E N E R G Y I N V E S T M E N T S › Considering additional opportunities to further accelerate growth in 2027 – Focus on profitability and balanced risk profile › Investment criteria thresholds unchanged at 200-300bps over WACC Low double-digit project IRRs for developing markets Zen (Wind, South Africa) Promina (PV, Croatia) AC8 (Wind, Thailand) Malgarida (BESS, Chile) San José (PV, Peru) Kalayaan II (Wind, Philippines) Senda y Camino (Wind, Spain) Pedro Corto (PV, Dom. Republic) 685 MW 655 MW Zen (Wind, South Africa) Promina (PV, Croatia) AC8 (Wind, Thailand) Daanbantayan (PV, Philippines) Panbianco (PV, Italy) Berg River (Wind, South Africa) Benante (PV, Italy) Capacity additions 1.3 GW Secured (FID) Expected project IRRs embedded in this portfolio of projects
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Asset rotation as structural activity – driver for deleveraging, recycling capital, strategic focus, and capital gains generation. Targeting ~€2bn of proceeds in 2026 from transactions already agreed and new asset rotation deals. Diversified pipeline for new deals: • Spain: wind portfolio, considering other technologies • International: both minority & 100% stakes, across different geographies and technologies (PV & wind) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S REDUCTION IN LEVERAGE & CREDIT RATING PROTECTION S O U R C E S U S E S 1 Asset Rotation 2 Capex & Capacity Additions Sustainable growth trajectory – moderation of capacity additions and capital expenditure. Balance sheet capacity estimated at ~0.7 GW net of asset rotation 3 Debt reduction Targeting FY 2026 ratios within investment grade thresholds of FFO Net Leverage of 4.5x, equivalent to approximately 3.5x Net Debt to EBITDA from Operations (pre-capital gains) I N D I C A T I V E 2 0 2 6 U S E S & S O U R C E S › Cash generated from operating activities & asset rotation to fund moderate capex and significant reduction in net debt to achieve credit metric targets › Dividend distribution will remain minimal as a temporary measure to accelerate deleveraging while maintaining investment in growth F F O N e t L e v erage N D / E BITDA f r om Ope rati ons Capacity additions (GW) Ordinary capex (€bn) 1. Gross of asset disposals. Includes development & non-generation activities capex (1)
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11 OUTLOOK FY 2026 A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S EBITDA 2026 ~€1,200m AVERAGE CAPTURED PRICE ~€55/MWh Spanish pool price 2026 expected: ~€55-60/MWh Captured price: o Spain: €60-65/MWh o International: ~€50/MWh CONSOLIDATED OUTPUT ~26 TWh Spain: ~8.5 TWh International: ~17.5 TWh NET FINANCIAL DEBT <€3bn NEW INSTALLED CAPACITY ~0.7 GW Gross of asset rotation Asset Rotation proceeds ~€2bn (€0.9bn from transactions agreed in 2025 & ~€1bn from further asset sales) INVESTMENT ~€0.9bn DIVIDEND €0.03/share Payable in 2026
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02 F I N A N C I A L I N F O R M A T I O N
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FY 2025 (€m) % Chg. vs FY 2024 FY 2025 % Chg. vs FY 2024 Revenues 2,925 -4% Total capacity (MW) 14,604 -5% Generation Revenues 1,510 -8% Consolidated capacity (MW) 12,882 -5% EBITDA 1,546 38% Total production (GWh) 27,648 4% EBITDA from Operations 932 -11% Consolidated production (GWh) 24,390 2% EBITDA from Asset Rotation 614 745% Average price (€/MWh) 61.9 -10% EBT 735 53% Captured price - Spain (€/MWh) 76.7 0% Attributable net profit 655 83% Captured price - International (€/MWh) 54.1 -12% Average Load Factor (%) 26.3% -0.1pp FY 2025 (€m) FY 2024 (€m) Production contracted (%) 72.4% -0.4pp Net investment cash flow 372 1,224 Average residual contracted life (years) 9 29% Average age of assets (years) 10 5% 31-Dec-25 (€m) 31-Dec-24 (€m) Net financial debt 4,161 4,076 Net financial debt /EBITDA 2.69x 3.63x 13 FY 2025 RESULTS HIGHLIGHTS 1. Average residual contracted life excludes short term hedges in Spanish market (1) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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Environmental FY 2025 FY 2024 Chg. CAPEX aligned with the low-carbon taxonomy (%) (1) 100% 100% - Renewable production (GWh) 27,648 26,708 3.5% Avoided emissions (CO₂e million ton) 15.7 14.4 9.6% Generated scope 1+2 emissions (CO₂e thousand ton) 11.3 12.8 -11.9% GHG emissions intensity (tCO2e/GWh) 0.41 0.48 -14.2% Waste to landfill (thousand ton) 0.47 0.87 -46.2% Recovered waste (%) 99% 98% +1.0pp Water consumed (hm³) 1.15 1.07 7.5% 136,283 147,215 -7.4% Social FY 2025 FY 2024 Chg. Average Workforce (no.) 3,134 3,224 -2.8% Executive and manager women (%) 26.8% 27.2% -0.5pp People with disabilities in Spain (%) 4.0% 4.3% -0.3pp Social Impact Management projects (no.) 123 111 10.8% Employees' hours of voluntary work (no.) 4,133 5,304 -22.1% Accident frequency index - employees & contractors 0.37 0.34 8.8% Fatalities (nº) - 3 n.m. Governance FY 2025 FY 2024 Chg. Suppliers (no.) 3,335 3,415 -2.3% Audited suppliers (%) (2) 100% 100% - No Go Suppliers (no.) 41 38 7.9% Due diligence of third parties (no.) (3) 59 131 -55.0% Sustainable financing (%) (4) 99% 95% +4.0pp Controversies (no.) - - - Net positive emissions through nature-based solutions (no. of trees planted) 14 FY 2025 ESG HIGHLIGHTS ESG highlightsKey ESG indicators A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S (1) % CAPEX aligned over CAPEX eligible. % CAPEX aligned over total CAPEX is 96% (2) Suppliers audited (no.): suppliers audited/suppliers that must be audited (suppliers classified as “strategic”); Not comparable until the end of the year, as it depends on the evolution of the contracting volume throughout the year (3) Commercial and business partners (non suppliers) (4) Sustainable financing / total debt during the period (corporate debt) ENVIRONMENTAL › 100% of the company’s CAPEX is aligned with the European Taxonomy for Sustainable Activities › The production of more than 27 TWh of renewable energy has avoided the emission of more than 15 million tons of CO2e into the atmosphere › Scope 1 and 2 emissions decreased by 12% due to fleet decarbonization (electrification and use of HVO), lower gas consumption at Nevada CSP plant, and fewer SF6 leaks. 1,018 tons of CO2 emissions were avoided from boiler blowing in Logrosán biomass plant, driven by to the use of HVO instead of fossil fuel › Generated emissions: avoided emissions ratio is 1:1,396 tCO2e › 99% of the waste generated has been valorized; Slags and ashes from biomass plants, which represent 84% of the total waste have been fully recovered › With the planting of 136,283 trees, a total of 600,317 trees have been planted in the period 2021-25 period, thus achieving the goal set in Sustainability Master Plan 2025 (540,000 trees) SOCIAL › In 2025, there have been no fatal accidents involving either own employees or contractor’s employees › The accident frequency index involving own employees and contractors was 0.37, better than the target set for the year (0.40) › 123 social impact management projects were carried out, benefiting more than 340,000 people in 19 countries GOVERNANCE › 100% of critical suppliers have been audited during the period (tier 1 and tier 2) › 99% of corporate gross debt is either green (96%) or linked to sustainability objectives (3%). The outstanding amount totals €5,557m, with two new green financings in 2025 (€418m)
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Gross Ordinary Capex Ordinary (Million Euro) Capex Deferral Capex Spain 221 16 238 USA & Canada 82 318 400 Mexico 0 0 0 Chile 3 0 3 Other Americas 108 -11 97 Americas 193 307 500 Australia 226 140 365 Rest of Europe 72 52 124 Rest of the World 220 -11 209 International 711 488 1,199 Total 932 505 1,437 15 INVESTMENT Key highlights › Investment related to the construction of new generation assets and significant capex deferral, which includes the payment for the acquisition of Green Pastures wind farms in January › Main investments in assets located in Australia (Aldoga and MacIntyre), Canada (Forty Mile), Philippines (Kalayaan), Spain (Logrosán, the repowering of the Tahivilla wind farm) and in India (Juna) › Investment in 2025 includes the reorganization of ACCIONA Energía’s operations in Southeast Asia carried out through the integration of The Blue Circle A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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16 NET DEBT EVOLUTION Net debt reconciliation FY 2025 (€m) OPERATING CF €373m NET INVESTMENT CF -€372 FINANCING OTHERS CF -€104m 1. IFRS16 liability as of December 2024 not included (€556m) 2. Includes Minority dividends, changes in perimeter, IFRS16 lease principal payments (€21m principal, with an additional €29m classified as financial results), as well as Derivatives & FX changes 3. Debt that reflects net investment in assets that are either under construction or that have not reached full operation IFRS16 adjustment (2) (1) Debt associated to work in progress (1,823)(1,297) (2,213) (3) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S (1,795) Derivatives (10) (6)
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(€/MWh) FY 2025 FY 2024 Chg. (%) Achieved market price 66.0 61.9 6.7% Hedging -1.8 9.5 -119.2% Achieved market price with hedging 64.2 71.3 -10.0% Regulatory income 3.8 2.7 41.7% Banding 8.7 2.9 204.4% Average price 76.7 76.9 -0.2% 17 SPAIN – REVENUE DRIVERS Consolidated output (GWh) 60% 16% 24% Average achieved price composition (€/MWh) -5% -26% -36% -24% A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S %Chg. vs FY 2024 Average achieved prices – regulated vs. wholesale (€/MWh) +35% -23% +18% -0% %Chg. vs FY 2024 Generation revenues (€m) 47% 16% 37% +29% -43% -24% -24%%Chg. vs FY 2024
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(Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Generation 648 855 -207 -24.2% Intragroup adjust., Supply & Other 993 1,034 -41 -4.0% Revenues 1,641 1,889 -248 -13.1% Generation 330 460 -131 -28.4% Generation - equity accounted 12 5 7 134.1% Total Generation 341 465 -124 -26.6% Intragroup adjust., Supply & Other -14 -23 8 36.8% EBITDA from Operations 327 443 -116 -26.1% Generation Margin (%) 52.7% 54.4% EBITDA from Asset Rotation 606 61 545 n.m EBITDA 933 504 429 85.2% Consolidated production variation (GWh) 18 SPAIN – OPERATING RESULTS -24.0% Key figures FY 2025 EBITDA evolution (€m) -26.1% A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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19 INTERNATIONAL – REVENUE DRIVERS 19 Consolidated output (GWh) Average achieved prices (€/MWh) 36% 19% 10% 15% 20% +44% +13% -16% +84% +26%+12% -20% +7% -7% -21% -12% -7% Note: The average price in the USA includes €1.2/MWh representing the activity of the battery energy storage system (BESS), which contributed €5.9 million to the margin in FY 2025 and fed 98 GWh into the power grid (€59.6/MWh) The average US price does not include tax incentives on the production of projects representing a total 1,508 MW, which receive a “normalized” PTC of $30.9/MWh A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S %Chg. vs FY 2024 Generation revenues (€m) 22% 30% 10% 10% 28% +15% +21% -22% +46% +10%+4% %Chg. vs FY 2024 %Chg. vs FY 2024
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(Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Generation 862 782 81 10.3% USA & Canada 192 167 24 14.6% Mexico 255 211 44 21.0% Chile 89 114 -25 -22.1% Australia 89 61 28 46.0% Rest of the World 238 229 9 3.9% Intragroup adjust., Supply & Other 422 378 44 11.7% Revenues 1,284 1,159 125 10.8% Generation 613 583 30 5.1% USA & Canada 153 127 26 20.2% Mexico 187 157 30 18.8% Chile 60 93 -33 -35.8% Australia 40 28 12 43.0% Rest of the World 174 178 -4 -2.3% Generation - equity accounted -8 -10 2 23.0% Total Generation 605 573 32 5.6% Intragroup adjust., Supply & Other 0 34 -34 n.m EBITDA from Operations 605 607 -2 -0.3% Generation Margin (%) 70.2% 73.3% EBITDA from Asset Rotation 8 12 -4 n.m EBITDA 613 619 -6 -0.9% 20 INTERNATIONAL – OPERATING RESULTS Consolidated production variation (GWh) +25.5% Key figures FY 2025 EBITDA evolution (€m) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S -0.3%
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03 A P P E N D I X
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(Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Generation Spain 648 855 -207 -24.2% Generation International 862 782 81 10.3% Intragroup adjust., Supply & Other 1,414 1,412 3 0.2% Revenues 2,925 3,048 -124 -4.1% Generation Spain 341 465 -124 -26.6% Generation International 605 573 32 5.6% Intragroup adjust., Supply & Other -14 12 -26 -222.7% EBITDA from Operations 932 1,050 -118 -11.2% Generation Margin (%) 62.7% 63.4% EBITDA from Asset Rotation 614 73 541 n.m EBITDA 1,546 1,123 423 37.7% Consolidated production variation (GWh) 22 ACCIONA ENERGÍA – OPERATING RESULTS Key figures FY 2025 -748 MW Consolidated capacity variation (MW) +2.4% EBITDA evolution (€m) -11.2% A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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23 NET FINANCIAL DEBT Net financial debt breakdown (€m) Debt breakdown by nature Gross financial debt – Level Gross financial debt – Currency Gross financial debt – Interest rate Corporate debt Average debt maturity (years) Av. maturity Credit Lines (years) Average cost of debt Project Debt Corporate Debt A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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24 DEBT MATURITY & LIQUIDITY Liquidity and debt principal maturity schedule (€m) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S 2,902 Cash Available facilities 553 593 407 107 590 615 1,292
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10.1 TWh 9.3 TWh €113 MWh €133 MWh €219 MWh €167 MWh 25 S P A N I S H C O N S O L I D A T E D O U T P U T 2 0 2 2- 2 6 ( T W H ) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S 8.4 TWh 84% Contracted vs. Wholesale €71 MWh €158 MWh €102 MWh €79 MWh €60 MWh €95 MWh €89 MWh €62 MWh FY 2022 FY 2023 FY 2024 FY 2025 COMMERCIAL POLICY/HEDGES SPAIN 11.1 TWh €59 MWh €66 MWh €121 MWh €74 MWh 80%78%87% FY 2026 current ~€55 MWh ~€60 MWh ~€95-100 MWh ~€50-55 MWh ~8.5 TWh ~75% 2026: Contracted PPA/Supply at €59/MWh – final captured price of ~€55/MWh assumes covariance discount on €55-60/MWh average pool price 2026: Financial hedges at €67/MWh – final captured price of ~€60/MWh assumes covariance discount on €55-60/MWh average pool price 2026: Assumes Spanish pool price at €55-60/MWh – final captured price of €50-55/MWh assumes covariance discount
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Notes: (1) Presence in 22 countries: Operational and under construction generation assets (19), energy services company (1) and where we have own employees or participated companies’ employees (2) (2) Acquisition of Eqinov in 2022, specialist provider of corporate energy efficiency and energy management services in France With presence in 22 countries & 14.6 GW of total installed capacity in FY 2025 (1) Total Installed capacity 14.6 GW Total Production 27.648 GWh 4.2 GW0.5 GW Forty Mile 63 MW U S A ( 3 . 0 G W ) S P A I N ( 4 . 8 G W ) ( 0 . 6 G W ) A U S T R A L I A ( 2 . 0 G W ) C H I L E ( 0 . 9 G W ) M E X I C O ( 1 . 5 G W ) O T H E R A M E R I C A S ( 0 . 8 G W ) R E S T O F T H E W O R L D ( 1 . 1 G W ) 64 MW 0.1 GW 0.5 GW 0.1 GW 1.5 GW 0.4 GW 0.7 GW 1.4 GW 64 MW 1.1 GW 0.4 GW 0.3 GW 0.6 GW 0.3 GW MW added in FY 2025 1.3 GW 190 MW 0.3 GW -750 MW Net variation in total installed capacity in the last 12 months +532 MW Total MWs added in FY2025 Total Consolidated capacity 12.9 GW -748 MW Net variation in total consolidated capacity in the last 12 months Consolidated Production 24.390 GWh R E S T O F E U R O P E (2) Onshore Wind Solar PV Hydro Biomass CSP Battery storage A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S 26 GLOBAL REACH ACROSS 5 CONTINENTS 0.5 GW Aldoga 105 MW Juna 167 MW 2MW Logrosán 50 MW Pedro Corto 63 MW Rep. Tahivilla 84MW +532 MW Total MWs added in FY2025
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Scheduled MW Additions Country Technology Asset name % ANE stake Total project capacity Added 2025 Currently under const. 2026 2027 Details Croatia PV Promina 100% 190 48 142 Croatian renewable auction Dominican Rep. PV Pedro Corto 51% 83 63 20 20 FIT South Africa Wind Zen 51% 100 83 18 Private PPA South Africa Wind Bergriver 51% 94 94 Private PPA Spain Wind Senda y Camino 100% 35 35 35 Private PPA Philippines Wind Kalayaan 2 100% 101 101 101 Philippines renewable auction Sep 25 Philippines PV Daanbantayan 100% 181 181 Philippines renewable auction Sep 25 Thailand Wind AC8 50% 90 21 69 Private PPA Peru PV San José 100% 178 178 178 Private PPA Italy PV Panbianco 100% 101 101 Italian FER-X auction Sep 25 Italy PV Benante 100% 50 50 Italian FER-X auction Sep 25 Chile BESS Malgarida 100% 200 200 Private PPA Total 1,403 63 334 685 655 MW 27 UNDER CONSTRUCTION & COMMITTED PROJECTS 1. Capacity constructed, not equivalent to plant COD; subject to change depending on business development progress (1) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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28 CAPEX & COMMODITY PRICE EVOLUTION z z Representative CAPEX costs in the market (€m/MW, €m/MWh for BESS) Commodity price inflation (indexed to 100) 1. Capex costs do not include development costs/fees (1) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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29 ENERGY RESOURCE IN CONTEXTP50 Deviation A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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Total Consolidated Eq. accounted Net Spain 4,759 4,231 252 4,328 Wind 4,248 3,735 246 3,829 Hydro 64 64 0 64 Solar PV 333 318 6 324 Biomass 111 111 0 109 Storage 2 2 0 2 International 9,845 8,651 391 8,227 Wind 5,653 5,050 96 4,528 CSP 64 64 0 48 Solar PV 3,938 3,347 295 3,462 Storage 190 190 0 190 Total 14,604 12,882 643 12,556 30 INSTALLED CAPACITY Installed MW (31 December 2025) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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MW GWh EBITDA (€m) NFD (€m) Wind Spain 246 545 25 -19 Wind International 96 234 1 -9 Australia 31 76 1 -9 Vietnam 42 95 0 0 USA 22 63 0 0 Solar PV 301 486 18 104 Total equity accounted 643 1,265 44 76 31 EQUITY ACCOUNTED CAPACITY Proportional figures (31 December 2025) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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(Million Euro) FY 2025 FY 2024 Chg. (€m) Chg. (%) Spain 12 5 7 134.1% International -8 -10 2 23.0% Hungary 0 0 0 Egypt 3 1 2 USA 0 -1 1 Mexico -10 -11 1 Australia 0 1 -2 Total Generation EBITDA equity accounted 4 -5 9 180.0% Others -5 -5 0 Total EBITDA equity accounted -1 -10 9 86.5% 32 EQUITY ACCOUNTED CONTRIBUTION TO EBITDA 1. Share of pre-tax profit (1) (1) (1) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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Consolidated Achieved price (€/MWh) Revenues (€m) production (GWh) Market Rinv+Ro Banding Total Market Rinv+Ro Banding Total FY 2025 Regulated 1,996 68.1 15.9 37.0 121.0 136 32 74 242 Wholesale - hedged 5,060 60.0 60.0 304 304 Wholesale - unhedged 1,393 73.6 73.6 102 102 Total - Generation 8,449 64.2 3.8 8.7 76.7 542 32 74 648 FY 2024 Regulated 2,097 60.1 14.1 15.2 89.4 126 29 32 187 Wholesale - hedged 6,852 77.6 77.6 532 532 Wholesale - unhedged 2,174 62.4 62.4 136 136 Total - Generation 11,123 71.3 2.7 2.9 76.9 793 29 32 855 Chg. (%) Regulated -4.8% 35.4% 28.9% Wholesale - hedged -26.1% -22.6% -42.9% Wholesale - unhedged -35.9% 17.9% -24.5% Total - Generation -24.0% -0.2% -24.2% 33 SPAIN – ACHIEVED PRICES A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Spain Average 68.6 23.0% 78.6 22.3% -12.7% Spain - Regulated 97.2 114.8 -15.4% Spain - Not regulated 60.8 68.6 -11.3% Canada 36.0 25.4% 56.6 30.5% -36.4% USA 26.5 24.7% 29.0 20.5% -8.6% India 42.9 28.8% 46.6 25.1% -7.9% Mexico 81.5 39.8% 77.7 35.0% 4.9% Costa Rica 90.2 48.7% 87.6 48.7% 3.0% Australia 40.6 24.8% 47.8 27.2% -15.1% Poland 87.5 21.6% 103.2 25.4% -15.3% Croatia 114.9 26.7% 132.9 28.0% -13.5% Portugal 69.4 25.6% 78.7 27.4% -11.8% Italy 141.3 15.2% 126.3 16.8% 11.9% Chile 56.7 26.0% 61.0 29.1% -7.1% South Africa 86.5 27.1% 83.4 28.1% 3.8% Peru 30.2 47.8% 32.9 51.2% -7.9% FY 2025 FY 2024 WIND – DRIVERS BY COUNTRY 34 1. Prices and load factors for consolidated MWs do not include previous years’ regularizations 2. 1,508 MW located in the US additionally receive a “normalized” PTC of $30.9/MWh (2) A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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Chg. (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) LF (%) Av. price (€/MWh) Hydro Spain 95.7 22.6% 89.7 34.0% 6.7% Biomass Spain 152.7 80.0% 152.5 70.1% 0.1% Solar Thermoelectric USA 189.0 16.0% 194.0 16.4% -2.6% Solar PV South Africa 172.5 22.1% 166.5 24.3% 3.6% Chile 56.7 15.9% 61.0 19.9% -7.1% Ukraine 123.7 12.6% 105.6 12.7% 17.2% USA 27.5 18.5% 36.7 16.9% -25.1% Dominican Rep. 82.1 18.7% 81.2 18.8% 1.1% Australia 25.4 24.4% n.m n.m n.m India 32.2 24.6% n.m n.m n.m Spain 41.2 16.3% 52.8 18.0% -22.0% FY 2025 FY 2024 35 OTHER TECHNOLOGIES – DRIVERS BY COUNTRY Other technologies prices (€/MWh) and Load factors (%) (1) 1. Prices and load factors for consolidated MWs and do not include previous years’ regularizations A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S
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ACCIONA Energía Rating Agency Rating scale Score Industry Average Industry D- a A A C Electric utilities 100 a 0 12.2 Low Risk 32.4 High risk Renewable energy D- a A+ A- Prime B- Renewable energy 0 a 100 88 Platinum N/A Electricity, gas, steam and air conditioning supply 0 a 100 84 N/A Utilities 36 SUSTAINABLE FINANCE Types of financing (1) 2025 new instruments (#) 2025 new amount (€m) Live instruments (#) Total amount (€m) Green Finance Green UoP (type I) 2 418 8 2,697 Green UoP + Local Impact (type II) - - 6 1,910 Sustainable Finance Sustainability-Linked (type III) - - - - Sustainability-Linked + Local Impact (type IV) - - 2 950 Total 2 418 16 5,557 (1) Corporate debt. Project Finance not included A C C I O N A E N E R G Í A F Y 2 0 2 5 E S G R E S U L T S SUSTAINALYTICS: “Top Rated ESG Company” global, by industry and region (February 2026) Sustainalytics recognizes ACCIONA Energía as one of the companies that best manages ESG risks, compared to companies in its industry and region, with an ESG Risk Rating score of 12.2 (Negligible Risk). 11th utility out of 637 worldwide ECOVADIS: Platinum Distinction Ecovadis is the leading global standard for assessing sustainability across supply chains, covering environmental, labour and human rights, ethics, and sustainable procurement criteria. The company achieved a score of 88 out of 100 (+6 points versus its previous assessment), earning the Platinum distinction and ranking within the top 1% of companies in its sector EthiFinance has recognized ACCIONA Energía as one of the most advanced companies in climate transition in its Climate Transition Assessment Report 2025 ESG Ratings (31 December 2025)
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74.1 40.0 20.3 13.7 30.4 5 .1 72.3 91.1 72. . 104.4 111.2 9 .7 10 .3 53.1 2 . 1 .9 72. 70.0 .4 1.0 75.7 5 . 77.9 an Feb Mar Apr May un ul Aug Sep Oct Nov ec 202 2025 Jan-Dec 2025 65.3 2024 63.0 10 000 12 000 1 000 16 000 1 000 20 000 22 000 2 000 an Feb Mar Apr May un ul Aug Sep Oct Nov ec GWh 202 2025 37 SPAIN – MARKET OVERVIEW Pool price evolution (€/MWh) Spanish production mix and hydro reserves evolution Electricity demand Commodities A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S +2.9%(TWh) 20 30 40 50 0 70 0 90 Oct Nov ic ne Feb Mar Abr May un ul Ago Sep ydro reserves 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 202 Average last 5 years +3.56% 2024 2025 233.6 240.3 Renewable Non-Renewable 2024 59% 41% 2025 57% 43% NBP CO2 Average 2025 10,4 73,9 Average 2024 10,0 65,3
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EUR/USD EUR/AUD 2024 1.081 1.644 2025 1.131 1.752 Chg. (%) -4% -6% EUR/USD EUR/AUD 2024 1.039 1.677 2025 1.175 1.760 Chg. (%) -12% -5% Average Closing 38 INTERNATIONAL – MARKET OVERVIEW Power markets Exchange rates Electricity demand (GW) Commodities A C C I O N A E N E R G Í A F Y 2 0 2 5 R E S U L T S 0 25 50 75 100 125 0 10 20 ene-25 feb-25 mar-25 abr-25 may-25 un-25 ul-25 ago-25 sep-25 oct-25 nov-25 dic-25 S /bbl - S /ton S /MM tu N - S /MM A S A IA GAS - S /MM F - S /MM W I - S / N / - S / API A A 2 - S / ON 0 0 0 120 160 200 2 0 2 0 an-2 Feb-2 Mar-2 Apr-2 May-2 un-2 ul-2 Aug-2 Sep-2 Oct-2 Nov-2 ec-2 an-25 Feb-25 Mar-25 Apr-25 May-25 un-25 ul-25 Aug-25 Sep-25 Oct-25 Nov-25 ec-25 S /MWh - A /MWh M ICO ( eynosa) - S /MWh SA ( CO South ub) - S /MWh C I (Polpaico) - S /MWh A S A IA ( ictoria) - A /MWh 0 90 1 00 1 10 1 20 1 0 1 0 1 50 1 60 1 70 1 0 ene-2 feb-2 mar-2 abr-2 may-2 un-2 ul-2 ago-2 sep-2 oct-2 nov-2 dic-2 ene-25 feb-25 mar-25 abr-25 may-25 un-25 ul-25 ago-25 sep-25 oct-25 nov-25 dic-25 O/ S O A O/ A A S A IANO 5 15 25 5 5 55 65 75 an-2 Feb-2 Mar-2 Apr-2 May-2 un-2 ul-2 Aug-2 Sep-2 Oct-2 Nov-2 ec-2 an-25 Feb-25 Mar-25 Apr-25 May-25 un-25 ul-25 Aug-25 Sep-25 Oct-25 Nov-25 ec-25 Monthly emand (GW) CO ( SA) M ICO A S A IA C I
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27 F e b r u a r y 2026F Y 2 0 2 5 – J a n u a r y - D e c e m b e r R E S U L T S P R E S E N T A T I O N