Earnings release
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2 LEGAL DISCLAIMER This Trading Statement has been prepared by Corporación Acciona Energías Renovables, S.A. (“ACCIONA Energía”, the “Company” or, together with its subsidiaries, the “ACCIONA Energía Group”) for the sole purpose of providing the market with an update on the main trends and high -level operational data for Q1 2025. Accordingly, it may not be disclosed or made public by any person or entity for any other purpose without the prior written consent of the Company. ACCIONA Energía will not be liable for the contents of this document if used for any purpose other than that outlined above. The information, opinions and statements contained herein do not purport to be comprehensive and have not been verified or audited by independent third parties. In some cases they are based on management information and estimates and are subject to change and, therefore, the Company offers no express or implied warranty as to the impartiality, accuracy, completeness or correctness of the information provided or the opinions expressed and statements made herein. Certain financial and statistical information contained in this document may be subject to rounding adjustments. Neither the Company and its subsidiaries, nor any entity within the ACCIONA Energía Group and its subsidiaries, nor any of its advisors or representatives will accept any liability of any kind, whether for negligence or any other reason, for any damages 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 of the same constitutes or may in any way be relied upon as legal, tax, investment, accounting, regulatory or any other type of advice regarding, about or in relation to the Company, nor may it be used or relied upon in c onnection with or as the basis for any contract, agreement or investment decision, or included or incorporated into such. IMPORTANT INFORMATION This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the Spanish Securities Market Act (Law 6/2023 of 17 March on the securities markets and investment services) and related secondary legislation. Likewise, this document does not constitute an offer of any kind for the purchase, sale or exchange of securities, a request for any offer to purchase, sell or exchange securities, or a solicitation for any vote or approval in any jurisdiction. In particular, this document does not constitute an offer to purchase, sell or exchange securities or a solicitation of any offer to purchase, sell or exchange securities. This document and the information contained herein do not constitute a solicitation of an offer to buy securities or an offer to sell securities in the United States (within the meaning of Regulation S of the US Securities Act). The ordinary shares of ACCIONA Energía have not been, and will not be, registered under the US 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 c ase of a transaction not su bject to, the registration requirements of the Securities Act and in compliance with the relevant state securities laws. There will be no public offering of 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 plans, objectives and expectations with respect to future operatio ns, 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 understands 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 certain ris ks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company, and which 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
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3 uncertainties include those discussed in the documents filed by ACCIONA Energía with the Comisión Nacional del Mercado de Valores, which are publicly available for consultation. Forward-looking statements are not guarantees of future performance. They have not been reviewed by ACCIONA Energía’s auditors. You are cautioned not to place undue reliance on the forward -looking statements, which contain information only up to the date on which they were made. All subsequent oral or written forward-looking statements attributable to ACCIONA, ACCIONA Energía or any of their members, directors, officers, employees or any persons acting on their behalf are expressly qualified in their entire ty by the foregoing cautionary statement. All forward- looking statements included herein are based on information available to ACCIONA Energía at the date of this document. 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. This document contains certain non-IFRS financial measures of the Company derived from (or based on) its accounting records, which it regards as alternative performance measures (APMs) for the purposes of Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 and as defined in the European Securities and Market Authority (ESMA) Guidelines on Alternative Performance Measures dated 5 October 2015. The Results Report includes a list and definitions of these Alternative Performance Measures (APMs). Other companies may calculate such financial information differently or may use such measures for different purposes than the Company, limiting the usefulness of such measures for comparative purposes. These measures should not be treated as an alternative to measures calculated 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. Users of this document 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 ACCIONA Energía pipeline, 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 th e same as that used by other companies engaged in similar businesses. Accordingly, the expected capacity of ACCIONA Energía’s pipeline may not be comparable with the expected capacity of the pipeline reported by other companies. Given its dynamic nature, m oreover, ACCIONA Energía’s pipeline is subject to change without notice and certain projects classified under a given pipeline category as identified above could be reclassified to another pipeline category or could cease to be pursued in the event that un expected events, which may be beyond ACCIONA Energía’s control, should occur.
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4 E X E C U T I V E S U M M A R Y ▪ 9M 2025 financial and operating performance – ACCIONA Energía’s operational performance during the first nine months of the year, together with the expected closing of asset rotation transactions in Spain, Peru and Costa Rica before year-end, supports the reaffirmation of the full-year EBITDA target in the range of €1,500-1,750 million. Operationally, third -quarter trends were broadly consistent with the first half, with energy prices in line, and output below the Company’s expectations. Lower output reflects mainly the slower and more complex commissioning of new assets, which is expected to have only a temporary impact, and, to a lesser extent, lower energy resource in certain markets. As a result, consolidated production for the year is now expected to be ~25 TWh, compared with the previous estimate of ~26 TWh. EBITDA from Operations is now projected to be about 5% below the prior estimate of €1,000 million. The Company continues to make solid progress on its asset rotation programme. During the first nine months, transactions representing proceeds of ~€800 million were agreed, with closing expected before 31 December 2025. Together with the sale of hydro assets in Spain earlier in the year, these deals would enable the Company to meet its targeted EBITDA from Asset Rotation of €500-750 million. In addition, ACCIONA Energía is working on several incremental transactions worth ~€1,000 million in aggregate. These disposal processes are well advanced and may be finalised soon, enabling the Company to achieve its target of €1,500-1,700 million, albeit with some delay in securing the related proceeds. The disposal target does not include the hydro sale completed in February 2025. During the third quarter, new investment op portunities were assessed and approved, reinforcing the Company’s commitment to profitable and sustainable growth. ▪ Renewable sector and new investment opportunities – The Company sees a positive outlook for the sector, underpinned by rising PPA prices, a stable supply chain — with cost reductions in key components such as batteries — and strong growth expectations for electricity demand, largely driven by Artificial Intelligence and Data Processing Centres. In line with this, ACCIONA Energía has recently committed to investments in new developments aligned with its corporate strategy and profitability criteria. During the third quarter, ACCIONA Energía and The Blue Circle (TBC) completed the reorganisation of their partnership in Southeast Asia. Following this decision, ACCIONA Energía will operate independently focusing on projects in Philippines, Thailand and Vietnam. In this context, the company has strengthened its presence in the Philippines, having recently secured awards in the GEA-4 auction for the Kalayaan II wind farm (101 MW), currently under construction, as well as the Da anbantayan solar plant (181 MW). It is also preparing to participate in the upcoming offshore GEA -5 tender, scheduled for the first half of 2026. In Thailand, ACCIONA Energía has begun planning with its partner for the construction of the AC8 wind farm, with a total capacity of 90 MW. Battery Energy Storage Systems (BESS) is emerging as an increasingly competitive technology, driven by a more than 50% drop in battery pack prices over the past 18 months. This trend creates attractive investment opportunities in well-regulated markets where efficient energy management creates value. ACCIONA Energía has recently announced the investment in a storage project (200 MW/1,000 MWh) located within its Malgarida solar plant in Chile (238 MW), with commissioning expected in early 2027, and
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5 is assessing further initiatives in the country. The company continues to explore opportunities in other key markets such as Germany, the UK, Italy, Australia, Spain, ERCOT (USA) and the Dominican Republic. The company is evaluating repowering opportunities across different markets, leveraging existing sites to increase renewable output without occupying new land, reduce costs and accelerate decarbonisation. In this context, the Spanish PERTE (Strategic Projects for Economic Recovery and Transformation) , expected to be launched by the Ministry for Ecological Transition and Demographic Challenge, represents a significant opportunity to drive this plan, particularly if it includes capacity increases in selected projects. Alternatives and mechanisms to enable its development over the coming years are currently under review. ▪ Installed capacity – As of 30 September 2025, total installed capacity reached 15,159 MW (13,437 MW on a consolidated basis), following the installation of 462 MW during the period. This includes 167 MW and 105 MW at the Juna (India) and Aldoga (Australia) solar plants, respectively, 63 MW at the Forty Mile wind project (Canada), 77 MW at the repowering of the Tahivilla wind farm (Spain), and 50 MW at the Logrosán biomass plant (Spain). In this period, the Company completed the sale of 626 MW of hydro assets and decommissioned 31 MW, mainly related to the repowering works at Tahivilla. Capacity under construction as of 30 September stands at 404 MW, distributed across Peru (178 MW), the Philippines (101 MW), the Dominican Republic (83 MW) and Spain (42 MW). In the third quarter of 2025, ACCIONA Energía commissioned the Juna solar plant — its largest project in India — and Aldoga in Australia, which achieved COD nine months ahead of schedule. ▪ Renewable production – Consolidated output reached 17,855 GWh, up 1.5% year -on- year. This increase was driven by the International business (+25.1%), supported by new assets, which offset the decline in Spain (-25.2%), mainly due to the sale of hydro assets and weaker resource. In Spain, on a like-for-like basis — excluding the impact of new assets and asset disposals — fell by 8.9% compared to the previous year, primarily due to lower wind resource. Like- for-like production in the International business grew by 6.7%, with higher output in key markets like USA & Canada, Mexico and Australia, partially offset by declines in Chile and the Rest of Europe. ▪ Average achieved price – The average price captured by ACCIONA Energía’s generation business in the first nine months of 2025 stood at €62.3/MWh, representing a 5.6% decrease compared to the same period last year. This decline was mainly driven by the International business, where the average price fell by 12.0% to €53.1/MWh, primarily due to the addition of assets with prices below the portfolio average and lower merchant prices in certain geographies. Captured prices were lower across almost all regions, particularly in Australia, USA & Canada, with higher prices only recorded in Other Americas and Rest of the World. In Spain, the pool price was 20.9% higher than in the same period last year, which was marked by unusually low levels in the early months. This, together with the adjustment of regulatory bands, contributed to an average captured price in Spain of €79.9/MW h, up 10.2% year-on-year. ▪ Hedging in Spain – Currently, the total generation volume contracted for the full year 2025 amount to 5.2 TWh, at an average price of €63/MWh. This average figure reflects prices of ~€66/MWh under short-term financial hedges (1.4 TWh), and ~€62/MWh under PPAs (3.8 TWh).
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6 Additionally, around 2 TWh of the Company’s production is also covered by effective regulatory protection, raising overall contracted/protected volumes in Spain to 82% of expected output for 2025. For 2026, beyond regulatory protection, the Company currently has approximately 4 TWh contracted through medium and long -term agreements with clients, as well as an additional 0.3 TWh in financial hedges, at an average price close to €63/MWh. ACCIONA Energía maintains its target of keeping contracted/regulatory coverage for domestic production at around 80%. ▪ Asset rotation activity – ACCIONA Energía continues to make solid progress on its Asset Rotation strategy. During the first nine months of 2025, announced disposals totalled approximately €800 million, and the Company is working on additional transactions that could be signed in the coming months, with an estimated value of ~€1,000 million. On 26 February 2025, the Company successfully closed the sale of 626 MW of hydro assets to Endesa, a transaction that will contribute €450 million to EBITDA from Asset Rotation in 2025. Regarding transactions announced during 2025, on 30 October 2025 ACCIONA Energía completed the sale of a 65% stake in the Chiripa wind farm (Costa Rica, 50 MW) to Ecoenergía, a minority partner in the project, for a total asset value of €71 million. The contribution to EBITDA from Asset Rotation from this transaction is not material. The other two transactions announced during the period — an agreement with Luz del Sur for the sale of the San Juan de Marcona wind farm (136 MW) in Peru and with Opdenergy for the sale of 440 MW of wind assets in Spain — are expected to close in the coming weeks, with an aggregated value of around €750 million. Furthermore, ACCIONA Energía continues to analyse and execute sales of projects under development, in line with its asset rotation strategy. ▪ Financing and liquidity – On 3 October, ACCIONA Energía launched a Consent Solicitation process aimed at bondholders of the four public bonds issued under AEFF’s EMTN programme, each with a nominal value of €500 million. The process sought authorisation for a technical amendment to the bond documentation (allowing a change of guarantor), with the goal of providing greater flexibility to ACCIONA Energía’s financial structure. At the bondholder meetings held on 29 October, the proposed amendme nt was approved for series 3 and 4, maturing in 2030 and 2031. Meetings for series 1 and 2 were held on 13 November, and the amendment was also approved for these series. Regarding financing transactions during the period, two syndicated loan extensions were formalised: one for AUD 400 million maturing in December 2028, and another for €750 million maturing in May 2030. Since August, the consolidation of TBC has resulted in an increase in debt of €74 million as of September. Available liquidity from bilateral and syndicated facilities, including cash and equivalents as well as undrawn committed lines, remains strong at approximately €2,357 million. The average cost of financing as of September stood at 4.52% (4.29% for corporate debt and 7.43% for project debt). The proportion of variable-rate debt increased from 46% in December 2024 to 58% in September 2025. On 12 May, DBRS confirmed the Company’s credit rating at ‘BBB (middle) Stable’. ▪ Outlook for 2025 – ACCIONA Energía maintains its full -year EBITDA target in a range of €1,500–1,750 million. The Company is revising down its initial EBITDA from Operations
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7 target of ~€1,000 million by approximately 5%, reflecting lower expected production for the year, now projected at around 25 TWh versus ~26 TWh expected in July. The target for EBITDA from Asset Rotation (€500-750 million) is expected to be met by year-end based on the transactions already agreed, which represent approximately €600 million. Expected Investment before asset rotation for the year as a whole is currently expected to be €1,400-1,450 million, which includes new opportunities identified during the last quarter, including the consolidation of TBC, the battery storage project in Chile and other projects in Southeast Asia. Proceeds of transactions closed by December are estimated at ~€800 million, versus the initial target of €1,500 -1,700 million. As a result, reported net debt at year -end is expected to close at ~€4.2 billion, as the proceeds of ongoing disposals, expected to be signed by year-end 2025, will now materialise in 2026. O P E R A T I N G P E R F O R M A N C E OVERVIEW Total installed capacity reached 15.2 GW at the end of September 2025, compared to 14.3 GW in the previous year, representing significant growth given the two asset disposals completed in 2024 and early 2025, which totalled 801 MW. Consolidated capacity increased from 12.8 GW to 13.4 GW over the last twelve months. During the first nine months of the year, 462 MW of new capacity was added, comprising 167 MW from the Juna solar plant in India, 105 MW from the completion of the Aldoga solar plant in Australia, 63 MW from the Forty Mile wind farm in Canada, and 127 MW in Spain for the repowering of the Tahivilla wind farm and the construction of the Logrosán biomass plant. As of 30 September 2025, capacity under construction amounted 404 MW, including 101 MW at the Kalayaan II wind farm in the Philippines, 83 MW of solar PV at Pedro Corto in the Dominican Republic, 35 MW at the Senda y Camino wind farm in Spain, and 7 MW from the repowering of Tahivilla in Spain. 30-Sep-25 30-Sep-24 Chg. (%) Total capacity (MW) 15,159 14,333 5.8% Consolidated capacity (MW) 13,437 12,757 5.3% Total production (GWh) 20,213 19,757 2.3% Consolidated production (GWh) 17,855 17,585 1.5% Average Load Factor (%) 25.6% 25.9% -0.3pp Average price (€/MWh) 62.3 66.0 -5.6% Availability (%) 95.1% 96.4% -1.3pp
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8 Total production for the first nine months increased by 2.3% compared to the same period last year, driven by a strong increase in International (+25.0%), almost entirely offset by a 24.0% decline in Spain following the sale of hydro assets in November 2024 and February 2025. Consolidated output grew by 1.5% to 17,855 GWh. The average price stood at €62.3/MWh, 5.6% lower than in September 2024, reflecting price normalisation in the International business. SPAIN As of 30 September 2025, total installed capacity in Spain stood at 5,194 MW, representing a net reduction of 709 MW over the past twelve months and 524 MW in the first nine months of the year. In terms of new capacity, 127 MW were added during this period, including 77 MW from the repowering of the Tahivilla wind farm and 50 MW from the construction of the Logrosán biomass plant. On the other hand , 626 MW hydro capacity exited the consolidation perimeter due to the disposals, and an additional 79 MW were dismantled in the Tahivilla wind site for repowering. Consolidated production in Spain decreased by 25.2% compared to the first nine months of 2024, mainly due to the sale of hydro assets and lower wind resource at existing sites. In an environment where average pool prices were €63.4/MWh during the first nine months of the year, the average achieved price in Spain was €79.9/MWh, compared to €72.5/MWh in the previous year with exceptionally low pool prices and the reinstatement of r egulatory liabilities corresponding to two additional wind vintages which qualify for accounting recognition under regulatory criteria (banding mechanism). The average price obtained by ACCIONA Energía for the sale of its consolidated output in the Spanish wholesale market during the period was €67.5/MWh. Hedged positions and PPAs covering 3.8 TWh at an average price of €62.8/MWh, reduced the average price by €1.0/MWh. On this basis, the net price achieved on sales of energy in the market was €66.4/MWh. The Spanish government set the regulated revenues for the current interim regulatory period (2023-25) in a scenario of high prices, and thus regulatory income will remain marginal until the next period. These revenues did not have a material impact (€3.9/MWh) on the average price obtained during the period. The net effect of the regulatory banding mechanism in the first nine months of 2025 increased the average price by €9.5/MWh. 30-Sep-25 30-Sep-24 Chg. (%) Total capacity (MW) 5,194 5,903 -12.0% Consolidated capacity (MW) 4,666 5,376 -13.2% Total production (GWh) 6,949 9,145 -24.0% Consolidated production (GWh) 6,168 8,242 -25.2% Average Load Factor (%) 22.7% 25.4% -2.7pp Average price (€/MWh) 79.9 72.5 10.2%
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9 INTERNATIONAL As of 30 September 2025, the consolidated international installed capacity stood at 8,771 MW, with an increase of 1,389 MW over the previous twelve months. During the first nine months of 2025, consolidated capacity grew by 332 MW. Consolidated production from international portfolio increased by 25.1% compared to the same period in 2024, reaching 11,687 GWh, mainly driven by the contribution of newly commissioned assets. Even on a like -for-like basis, underlying production also grew by 6.7%, due to higher generation in key markets such as the USA & Canada, Mexico and Australia, which partially offset lower contribution from Chile and the Rest of Europe. The average international price fell by 12.0%, with declines across nearly all geographies — particularly in Australia, the USA & Canada, and the Rest of the World —while increases were only achieved in Other Americas and the Rest of Europe. Note: The average price in the USA includes €1.2/MWh representing the activity of the battery energy storage system (BESS, which contributed €4.7 million to the margin and injected 74 GWh of power into the grid (€63/MWh). 1,508 MW situated in the USA also receive a “normalised” PTC of $30.9/MWh. (€/MWh) 30-Sep-25 30-Sep-24 Chg. (€m) Chg. (%) Achieved market price 67.5 52.7 14.8 28.0% Hedging -1.0 15.7 -16.7 -106.5% Achieved market price with hedging 66.4 68.4 -1.9 -2.8% Regulatory income 3.9 3.0 0.9 30.2% Banding (estimated) 9.5 1.1 8.4 772.1% Average price 79.9 72.5 7.4 10.2% 30-Sep-25 30-Sep-24 Chg. (%) Total capacity (MW) 9,965 8,430 18.2% Consolidated capacity (MW) 8,771 7,382 18.8% Total production (GWh) 13,263 10,613 25.0% Consolidated production (GWh) 11,687 9,343 25.1% Average Load Factor (%) 27.2% 26.3% +0.8pp Average price (€/MWh) 53.1 60.3 -12.0% (€/MWh) 30-Sep-25 30-Sep-24 Chg. (€m) Chg. (%) USA & Canada (*) 33.1 41.1 -8.0 -19.4% Mexico 78.2 78.8 -0.5 -0.7% Chile 54.9 56.4 -1.5 -2.7% Other Americas 57.4 51.9 5.5 10.6% Americas 49.7 55.3 -5.5 -10.0% Australia 38.9 50.1 -11.2 -22.4% Rest of Europe 101.0 99.0 1.9 1.9% Rest of the World 72.7 82.2 -9.5 -11.6% Average price 53.1 60.3 -7.2 -12.0%
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10 C O N T A C T I N F O R M A T I O N I N V E S T O R R E L A T I O N S D E P A R T M E N T ─ Avenida de la Gran Vía de Hortaleza, 3 28033 Madrid, Spain ─ Mail: investors.energia@acciona.com ─ Tel: +34 91 663 22 88
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11 A N N E X 1 : I N S T A L L E D C A P A C I T Y 30-Sep-2025 Total Consol. Equity Acc. Minorit. Net Total Consol. Equity Acc. Minorit. Net Total Consol. Net Spain 5,194 4,666 252 -154 4,764 5,903 5,376 252 -154 5,473 -709 -709 -710 Wind 4,681 4,167 246 -152 4,261 4,643 4,130 246 -152 4,224 38 38 38 Hydro 67 67 0 0 67 867 867 0 0 867 -800 -800 -800 Solar PV 333 318 6 0 324 332 317 6 0 324 1 1 1 Biomass 111 111 0 -2 109 61 61 0 -2 59 50 50 50 Storage 2 2 0 0 2 0 0 0 0 0 2 2 2 International 9,965 8,771 391 -802 8,360 8,430 7,382 360 -754 6,988 1,535 1,389 1,372 Wind 5,839 5,235 96 -636 4,695 5,167 4,710 65 -636 4,139 672 526 557 Mexico 1,076 1,076 0 -150 925 1,076 1,076 0 -150 925 0 0 0 USA 1,428 1,278 22 -141 1,159 984 984 0 -141 842 444 294 316 Australia 1,513 1,174 31 -67 1,138 1,441 1,123 32 -68 1,087 72 52 51 India 164 164 0 -21 142 164 164 0 -21 142 0 0 0 Italy 156 156 0 -39 117 156 156 0 -39 117 0 0 0 Canada 460 430 0 -38 393 289 259 0 -38 222 171 171 171 South Africa 138 138 0 -81 57 138 138 0 -81 57 0 0 0 Portugal 120 120 0 -36 84 120 120 0 -36 84 0 0 0 Poland 101 101 0 -25 76 101 101 0 -25 76 0 0 0 Costa Rica 50 50 0 -17 32 50 50 0 -17 32 0 0 0 Chile 312 312 0 -11 301 312 312 0 -11 301 0 0 0 Croatia 102 102 0 -8 95 93 93 0 -8 86 9 9 9 Hungary 0 0 0 0 0 24 0 12 0 12 -24 0 -12 Vietnam 84 0 42 0 42 84 0 21 0 21 0 0 21 Peru 136 136 0 0 136 136 136 0 0 136 0 0 0 Solar PV 3,872 3,281 295 -150 3,427 3,009 2,418 295 -102 2,611 863 863 815 Chile 610 610 0 0 610 610 610 0 0 610 0 0 0 South Africa 94 94 0 -55 39 94 94 0 -55 39 0 0 0 Portugal 46 46 0 -11 34 46 46 0 -11 34 0 0 0 Mexico 405 0 202 0 202 405 0 202 0 202 0 0 0 Egypt 186 0 93 0 93 186 0 93 0 93 0 0 0 Ukraine 100 100 0 -3 96 100 100 0 -3 97 0 0 0 USA 1,313 1,313 0 0 1,313 1,313 1,313 0 0 1,313 0 0 0 Dominican Rep. 221 221 0 -80 141 124 124 0 -32 92 97 97 49 Australia 485 485 0 0 485 131 131 0 0 131 354 354 354 India 413 413 0 0 413 0 0 0 0 0 413 413 413 Solar Thermoelectric (USA) 64 64 0 -16 48 64 64 0 -16 48 0 0 0 Storage (USA) 190 190 0 0 190 190 190 0 0 190 0 0 0 Total Installed capacity 15,159 13,437 643 -956 13,124 14,333 12,757 612 -908 12,461 826 679 662 Total Wind 10,519 9,403 341 -788 8,957 9,810 8,839 311 -788 8,362 710 563 594 Total other technologies 4,639 4,034 301 -168 4,167 4,523 3,918 302 -121 4,099 116 116 68 9M 2025 Installed capacity (MW) 9M 2024 Installed capacity (MW) Var MWs
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12 A N N E X 2 : P R O D U C T I O N 30-Sep-2025 Total Consol. Equity Acc. Minorit. Net Total Consol. Equity Acc. Minorit. Net Total Consol. Net Spain 6,949 6,168 374 -165 6,376 9,145 8,242 434 -191 8,485 -24% -25% -25% Wind 5,993 5,227 367 -151 5,443 6,712 5,826 427 -181 6,071 -11% -10% -10% Hydro 334 334 0 0 334 1,873 1,873 0 0 1,873 -82% -82% -82% Solar PV 304 288 7 0 294 295 278 7 0 286 3% 3% 3% Biomass 319 319 0 -14 305 266 266 0 -10 255 20% 20% 19% Storage 0 0 0 0 0 0 0 0 0 0 n.m n.m n.m International 13,263 11,687 547 -1,337 10,897 10,613 9,343 548 -1,179 8,712 25% 25% 25% Wind 9,359 8,559 159 -1,177 7,541 7,209 6,799 118 -1,058 5,859 30% 26% 29% Mexico 2,174 2,174 0 -350 1,823 1,838 1,838 0 -284 1,554 18% 18% 17% USA 2,348 2,040 46 -200 1,886 1,375 1,364 1 -146 1,219 71% 50% 55% Australia 1,658 1,414 52 -147 1,319 1,059 960 50 -136 873 57% 47% 51% India 347 347 0 -46 302 319 319 0 -41 278 9% 9% 8% Italy 151 151 0 -38 113 164 164 0 -41 123 -8% -8% -8% Canada 661 608 0 -73 535 325 266 0 -67 200 103% 128% 168% South Africa 219 219 0 -129 90 251 251 0 -148 103 -13% -13% -13% Portugal 195 195 0 -60 135 211 211 0 -66 145 -8% -8% -7% Poland 135 135 0 -34 101 163 163 0 -41 122 -17% -17% -17% Costa Rica 203 203 0 -71 132 162 162 0 -57 105 26% 26% 26% Chile 535 535 0 -16 519 600 600 0 -20 580 -11% -11% -10% Croatia 84 84 0 -12 72 56 56 0 -14 42 51% 51% 72% Hungary 0 0 0 0 0 31 0 15 0 15 -100% n.m -100% Vietnam 195 0 60 0 60 211 0 53 0 53 -7% n.m 15% Peru 453 453 0 0 453 446 446 0 0 446 2% 2% 2% Solar PV 3,826 3,049 388 -141 3,297 3,322 2,463 430 -100 2,793 15% 24% 18% Chile 612 612 0 0 612 821 821 0 0 821 -25% -25% -25% South Africa 127 127 0 -75 52 138 138 0 -81 57 -7% -7% -7% Portugal 53 53 0 -13 40 62 62 0 -16 47 -15% -15% -15% Mexico 435 0 217 0 217 524 0 262 0 262 -17% n.m -17% Egypt 342 0 171 0 171 335 0 168 0 168 2% n.m 2% Ukraine 100 100 0 -4 97 98 98 0 -3 95 2% 2% 2% USA 1,731 1,731 0 0 1,731 1,270 1,270 0 0 1,270 36% 36% 36% Dominican Rep. 170 170 0 -49 121 74 74 0 0 74 129% 129% 63% Australia 122 122 0 0 122 0 0 0 0 0 n.m n.m n.m India 133 133 0 0 133 0 0 0 0 0 n.m n.m n.m Solar Thermoelectric (USA) 79 79 0 -20 59 81 81 0 -20 61 -3% -3% -3% Storage (USA) 0 0 0 0 0 0 0 0 0 0 n.m n.m n.m Total Production 20,213 17,855 921 -1,502 17,273 19,757 17,585 982 -1,370 17,197 2% 2% 0% Total Wind 15,352 13,786 526 -1,328 12,984 13,921 12,624 545 -1,239 11,930 10% 9% 9% Total other technologies 4,861 4,069 395 -175 4,289 5,836 4,961 437 -130 5,267 -17% -18% -19% Var % GWh9M 2025 Production (GWh) 9M 2024 Production (GWh)