Acciona S A : 2022 Annual results

T A B L E O F C O N T E N T S

EXECUTIVE SUMMARY	4
CONSOLIDATED INCOME STATEMENT	10
CONSOLIDATED BALANCE SHEET AND CASH FLOW	13
RESULTS BY DIVISION	16
ENERGY	16
INFRASTRUCTURE BUSINESS	21
OTHER ACTIVITIES	24
SUSTAINABILITY	26
COMMUNICATIONS TO CNMV, DIVIDEND AND SHARE DATA	31
CONTACT INFORMATION	34
GLOSSARY OF TERMS	35
ANNEX 1: MW BREAKDOWN	38
ANNEX 2: PRODUCTION BREAKDOWN	39
ANNEX 3: TRANSPORT AND HOSPITAL CONCESSIONS BREAKDOWN	40
ANNEX 4: DETAILS OF WATER CONCESSIONS UNDER IFRIC12	41

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LEGAL DISCLAIMER

This document has been prepared by ACCIONA, S.A. ("ACCIONA" or the "Company" and, together with its subsidiaries, the "ACCIONA 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 purpose 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 document may be subject to rounding adjustments.

Neither the Company or its subsidiaries, nor any entity within the ACCIONA Group or its subsidiaries, nor 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 Group 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 Group.

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, 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 the Spanish Securities Market Law (Law 24/1988, of July 28, as amended and restated from time to time), Royal Decree-Law 5/2005, of March 11, and/or Royal Decree 1310/2005, of November 4, and its implementing regulations.

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.

Particularly, this document does not constitute an offer to purchase, sell or exchange, or the solicitation of an offer to purchase, sell or exchange any securities.

Neither this document 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 document 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 document 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 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, including financial projections and estimates and their underlying assumptions, statements regarding plans, 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 believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ACCIONA shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of ACCIONA, which could cause actual results and developments to differ materially from those expressed in, implied, or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed

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in the documents filed by ACCIONA with the Comisión Nacional del Mercado de Valores, which are accessible to the public.

Forward-looking statements are not guarantees of future performance. They have not been reviewed by ACCIONA'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, the ACCIONA Group, or any of its respective 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 on the date hereof. Except as required by applicable law, ACCIONA 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). 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 the ACCIONA Group's Energy division, headed by Corporación Acciona Energías Renovables, S.A. ("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.

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E X E C U T I V E S U M M A R Y

K E Y H I G H L I G H T S

ACCIONA´s revenue in 2022 increased by 38.1% compared to 2021, to €11,195 million, EBITDA rose by 39.4% to €2,068 million, EBIT by 60.7% to €1,333 million, profit before tax reached €869 million, an increase of 51.1% compared to 2021, and net profit increased by 32.7% to €441 million.

These growth rates, achieved in a complex situation, were mainly due to the good management of our energy asset base, which enabled us to capture higher prices than in the previous year, and of construction contracts, a result of the excellent quality of our portfolio.

Starting with ACCIONA Energia, which accounts for 79% of ACCIONA's EBITDA, its results in 2022 show strong growth as a result of the high energy price environment across its markets, effective energy/risk management, and stable financial costs. The good results contribute to strengthening the company's financial position to face a complex global backdrop characterised by strong investment needs for decarbonisation and energy independence.

• Revenues amounted to €4,351 million (+76.0%), EBITDA reached €1,653 million (+52.2%) and Net Attributable Profit increased to €759 million (+109.0%). The results are also driven by the effect of reversing the regulatory banding mechanism in respect of all of the group's standard regulated facilities (IT) under the Spanish regulatory framework, except for the biomass generation plants.
• ESG indicators - on the social side include the increase of women in management and executive positions to 26.0%, the significant increase in projects with social impact management, and an accident frequency index of 0.39, lower than in 2021. In terms of Environmental indicators, CAPEX remained practically fully aligned with the Taxonomy, and CO2 emissions and water consumption fell by 39.5% and 2.5%, respectively. ACCIONA Energía is the most sustainable company within the utilities sector in Spain, and the second most sustainable in the world, according to S&P's Global Corporate Sustainability Assessment Questionnaire (CSA). In addition, MSCI, Sustainalytics and CDP analysed ACCIONA Energía for the first time in 2022, placing the company in a leading position in its first year, which is unprecedented in the sector.
• During 2022, the stock was included in major stock market indices such as S&P Global Clean Energy Index, IBEX 35 and Stoxx Europe 600, amongst others.
• With respect to the most relevant operating figures, total installed capacity reached 11,826 MW at December 2022 compared to 11,245 MW at the end of the previous year. This implies a net increase of 581 MW, reflecting on the one hand new capacity of 706 MW and, on the other, the exit of 124 MW due to changes in consolidation perimeter and the end of a hydro concession in Spain. In consolidated terms, capacity stood at 9,884 MW, a net increase of 715 MW, with 622 MW of new capacity, 99 MW due to changes in the consolidation perimeter, and a reduction of 5 MW due to the end of the hydro concession mentioned above.
• Capacity under construction as of 31 December 2022 stood at 2.2 GW, including the MacIntyre wind farm in Australia (912 MW under construction) and nearly 1.3 GW of solar PV generation in the US (Fort Bend, High Point, Union and Red Tailed Hawk).

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