Acciona S A : Q1 2024 trading statement

LEGAL DISCLAIMER

This Trading Statement has been prepared by ACCIONA, S.A. ("ACCIONA", the "Group" or, together with its subsidiaries, the "ACCIONA Group") for the sole purpose of providing the market with an update of the main trends and high-level operational data for Q1 2024. 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 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, ACCIONA 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 controlled by the ACCIONA Group and its subsidiaries, nor any of its advisors or representatives will be liable in any way for any loss or damages arising from any use of this document or its contents, whether due to negligence or for any other reason.

The information contained in this document on the prices at which securities issued by the ACCIONA Group have been bought or sold, and the performance of those securities, may not and should not be used to predict the future performance of securities issued by the ACCIONA Group.

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 connection 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 (Act 6/2023, of the Securities Markets and Financial 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 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 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 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 understands 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 certain risks and uncertainties, many of which are difficult to predict and are generally beyond ACCIONA's control, 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 uncertainties include those discussed in the

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documents filed by ACCIONA 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'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 their respective members, directors, officers, employees or any persons acting on their behalf are expressly qualified in their entirety by the foregoing cautionary statement. All forward- looking statements included herein are based on information held by ACCIONA at the date of this document. Except as required by applicable law, ACCIONA does not undertake publicly to 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 Guidelines on Alternative Performance Measures dated 5 October 2015. 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 as comparative measures. 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 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. 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, moreover, 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 unexpected events, which may be beyond ACCIONA Energía's control, should occur.

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

ACCIONA has begun 2024 progressing well towards its objective of installing 1.7 GW of new renewable energy capacity for the second year in a row, and achieving strong performance in Infrastructure, in terms of activity, profitability and backlog. It is worth highlighting the very positive contribution from Nordex, which generated in Q1 2024 an EBITDA margin in line with expectations for the full year. Meanwhile, both Bestinver's Assets Under Management (AUM) and the Gross Asset Value (GAV) of the property portfolio increased compared to December 2023. Also, ACCIONA has continued to make headway with its asset rotation plan, which will allow the Group to grow profitably while maintaining a sound financial position.

ACCIONA Energía performance in the first quarter was defined by operational and regulatory stability, rising output thanks to the new capacity installed/consolidated and improved hydro resource in Spain, the atypical behaviour of pool prices in Spain, which was due to a combination of extreme weather conditions (high wind and very high hydro resource), and stable demand due to mild winter temperatures. However, the captured prices that ACCIONA Energía was able to achieve were significantly above market thanks to extensive short- and long-term hedges. However, the trend has changed in recent weeks, and futures prices have recovered significantly compared to the level in the first quarter.

Levels of activity and profitability in the Infrastructure business continued the positive trend of recent years, driven by the strong performance of the Construction business in Australia & Latin America. Some of the largest contracts currently under construction in these geographies are the Western Harbour Tunnel and the North East Link, both in Australia, or Line 6 of Sao Paulo metro in Brazil.

Infrastructure backlog stands at €24,910 million at 31 March 2024, an increase of 1.6% versus December 2023. Including orders for projects consolidated using the equity method, the aggregate Infrastructure backlog reached €34,351 million at the end of Q1 2024, 0.9% more than 31 December 2023. Key contracts awarded in the first quarter include the first lot of tunnels for the Suburban Rail Loop East project in Melbourne, and a new package under the Sydney Southern Program Alliance.

The Group continues increasing its presence in concession projects. The accumulated equity invested in transport and social infrastructure projects, transmission lines and water assets reached €462 million at 31 March 2024, with commitments for additional contributions of €1.1bn between 2024 and 2032. This portfolio is estimated to generate ~€14.7bn in dividends and capital distributions for ACCIONA.

Nordex enjoyed a strong start to the year: order intake increased by more than 100% compared to Q1 2023 to reach a total of 2,086 MW, while revenues rose 29.3% to €1,574 million over the first quarter and the Q1 EBITDA margin grew to 3.3% vs -9.4% in the opening three months of 2023. Nordex has maintained its guidance of 2-4% EBITDA margin for the year as a whole.

The Property Development division delivered 82 residential units in Q1 2024, significantly more than in the first quarter of 2023, and presold 87 units. As a result, the pre-sales backlog at 31 March 2024 stood at 1,398 units, largely unchanged versus 31 December 2023, worth €516 million (at an average sale price of €369,000). The Gross Asset Value (GAV) of ACCIONA's property portfolio was €1,871 million at 31 March 2024, 3.7% more than at 31 December 2023.

Bestinver's Assets Under Management totalled €6,445 million at 31 March 2024, having risen by €526 million over the course of the first quarter. This growth was mainly driven by performance. Meanwhile, Average Assets Under Management grew by 11% to €6,090 million in Q1 2024, compared to €5,468 in Q1 2023.

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ACCIONA's overall net Investment cash flow in the first three months of the year amounted to ~€1,000 million. ACCIONA Energía invested ~€480 million vs €1,000 million in Q1 2023, while Infrastructure invested a further €500 million, Nordex €50 million and Other Activities €40 million. In Infrastructure, it is worth highlighting the investment in a Waste-to-Energy plant in Australia (Kwinana) following an agreement with Macquarie Capital and Dutch Infrastructure Fund. ACCIONA will finish construction of the plant, which is scheduled for completion in late 2024, and will then operate it indefinitely. Accordingly, ACCIONA has included this asset in its long-term projects' portfolio.

As part of its financing operations, in February 2024, ACCIONA became the first Spanish company to conclude a samurai loan in Japan (i.e. a yen-denominatedcross-border loan raised in the Japanese market by an international issuer). This ¥45,000 million (€280 million) green financing issue was structured in two tranches maturing at three and five years, respectively. The average cost of financing in the first quarter was 4.60% (average cost of 4.37% for corporate debt and 8.29% for project financing). ACCIONA has almost 50% of its debt at variable rates, which will allow the Company to benefit from the shifts in central banks' monetary policies expected in the second half of the current year. The majority of maturities in 2024 relate to commercial paper. ACCIONA maintains a high level of liquidity, including cash, cash equivalents and available facilities, amounting to some €6,000 million at 31 March 2024.

Outlook for 2024: - Given current energy price forecasts and lower than expected electricity output so far this year, the expectation for ACCIONA's EBITDA growth at the consolidated level versus 2023 is lower than the Outlook communicated to the market at the end of February. ACCIONA maintains its expectation of net investment of around €2.5 billion and a financial leverage in terms of Net Debt/EBITDA of around 3.5x.

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O P E R A T I N G

P E R F O R M A N C E

Energy	31-Mar-24	31-Mar-23	Chg. (%)
Total capacity (MW)	13,717	11,942	14.9%
Consolidated capacity (MW)	12,325	10,012	23.1%
Total production (GWh)	7,028	6,889	2.0%
Consolidated production (GWh)	6,262	5,724	9.4%
Average price (€/MWh)	57.5	81.4	-29.3%

Infrastructures	31-Mar-24	31-Dec-23	Chg. (%)
Infrastructure backlog (€m)	24,910	24,508	1.6%
Project backlog (Construction & Water) (€m)	17,929	17,514	2.4%
Water O&M backlog (€m)	4,519	4,478	0.9%

Nordex	31-Mar-24	31-Dec-23	Chg. (%)
Backlog (€m)	11,125	10,537	5.6%
	31-Mar-24	31-Mar-23	Chg. (%)
Order intake turbine (€m)	1,765	917	92.4%
Average selling price - order intake (ASP) (€m/MW)	0.85	0.90	-5.8%
Installations (MW)	1,103	1,319	-16.4%
Other activities	31-Mar-24	31-Dec-23	Chg. (%)
Stock of pre-sales (nº of housing units)	1,398	1,393	0.4%
Property developmen - Gross Asset Value (GAV) (€m)	1,871	1,805	3.7%
Bestinver - Assets Under Management (€m)	6,445	5,919	8.9%
	31-Mar-24	31-Dec-23	Chg. (%)
Average worforce	63,994	57,843	10.6%

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B U S I N E S S L I N E S

H I G H L I G H T S

E N E R G Y

• Financial and operating performance Q1 2024- the year starts in a stable operational and regulatory environment, which should allow the Company to build around 1.7 GW of new capacity for the second year running, deliver on its asset-rotationgoals, and maintain a strong balance sheet in a period of intense investment activity.
  Production grew in the first quarter driven by new installed/consolidated capacity and better hydro levels in Spain. However, wind output came below historical averages and the levels achieved in the prior year as a result of instances of very low prices during the quarter, with the Company deciding not to generate under such market conditions.
  The process of Europe-wide normalisation of energy prices continued during the quarter. In Spain, the performance of Q1 pool prices was markedly atypical due to exceptional weather conditions (high wind and very high hydraulic resource) coupled with stable demand in what was a mild winter. However, a shift in trend is expected as forward prices have begun to recover significantly, with pool price expectations for 2024 as a whole in the vicinity of €60/MWh. Additionally, ACCIONA Energía maintains a high level of hedging in Spain for 2024, enabling the Company to capture higher prices relative to spot and mitigate the current volatility. Meanwhile, achieved prices in the International business as a whole remained at similar levels to the previous year.
  Considering the above, and lower than expected electricity output so far this year, the expectation for EBITDA 2024 is lower than the level communicated to the market at the end of February.
• Investment by Ark Energy-KoreanZinc in MacIntyre- Ark Energy, ACCIONA Energía's partner with a 30% interest in the MacIntyre wind project in Australia, informed the company in mid-Aprilthat it had made a positive final investment decision.
  The final investment approval by Ark Energy is a significant milestone for ACCIONA Energía as it represents the monetisation of a relevant portion of its investment in the project and the strengthening of the relationship with its partner. As of current date, ACCIONA Energía has been refunded for a significant portion of the capex it incurred to date on behalf of its partner, and expects to recover the remainder in the near term.
• Asset rotation- ACCIONA Energía is progressing according to plan with the sale of a first package of renewable energy assets and envisages announcing an agreement in the coming months. This initial package comprises Spanish wind assets.
  The Company is preparing further disposals for the period 2024-25 involving assets from its global portfolio, the proceeds of which will help finance growth, crystallise value and optimise ACCIONA Energía's geographical footprint.
• Installed capacity- Total installed capacity at 31 March 2023 reached 13,717 MW (consolidated capacity of 12,325 MW), having added 195 MW in the first quarter. New additions comprise 108 MW of new installed capacity in MacIntyre and 87 MW from the completion of construction work at the 458 MW Red Tailed Hawk PV facility, closing a first US PV investment cycle that amounted to 1.3 GW of new capacity.

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ACCIONA Energía aims to build 1.7 GW of new capacity over the course of 2024.

• Renewable production- Consolidated production was 6,262 GWh, a year-on-year increase of 9.4% (+13.7% in Spain and +5.4% in International). This growth was driven primarily by the commissioning of new assets and consolidation of Renomar as of 30 April 2023.
  Meanwhile, the underlying production was relatively flat, with good hydroelectric generation in Spain offsetting the weaker performance of assets in North and South America.
• Average achieved price- The average price achieved by ACCIONA Energía's generation business was €57.5/MWh, compared to an average €81.4/MWh in Q1 2023, driven primarily by the downward trend in wholesale prices in Spain.
  The non-recurring booking of regulatory liabilities in the first quarter of 2024 in respect to certain wind assets - which in the current scenario of lower prices are once again subject to regulatory accounting - together with the declining pool prices in the period
  (average €44.9/MWh) explain the average achieved price in Spain of €56.0/MWh.
  In Spain, financial hedging and PPAs accounted for more than 50% of total Q1 production, allowing the Company to realise prices of more than €80/MWh over the quarter on these contracted volumes.
  The average achieved price in the International business stayed relatively flat at €59.1/MWh, resulting from lower Q1 prices in the Americas and Rest of Europe, and higher prices in Australia and Rest of the World.
• Hedging in Spain- The total generation volume contracted for FY 2024 as a whole stands at 6.3 TWh at an average price of €80/MWh. This average price reflects prices of around €95/MWh (~3.1 TWh) under short-term financial derivatives and ~€65/MWh (~3.2 TWh) under PPAs. Around 2.4 TWh of the Company's production is also covered by effective regulatory protection, raising overall contracted/protected volumes to approximately 75% of expected output for 2024.
  With regards to 2025, besides the regulatory protection, the company currently has approximately 3.6 TWh under medium and long-term contracts, as well as 0.8 TWh of financial hedges, with average prices close to €60/MWh.
  ACCIONA Energía will continue to hedge additional volumes in the coming quarters to increase its contracted production in 2025 and the following years, in line with its strategy of maintaining around 80% of production protected in Spain.
  The Company's objective is to gradually substitute a portion of its short-term financial hedges with medium and long-term hedges with either financial counterparties or end customers, to the extent that there is sufficient liquidity in the market. The company will adapt its hedging strategy to potential changes in the profile of the company's generation output that could result from asset disposals.
• Investment over the period- Cumulative investment in the first quarter in terms of the net investment cash flow was ~€480 million.
• Completion of the share buy-backprogramme- ACCIONA Energía completed the share buy-backprogramme launched on 27 August 2023 at the end of February 2024. The Company invested €57 million in Q1 2024 in this respect.
  Overall, the programme has entailed total investment of €121.1 million in own shares (4,938,759 shares representing 1.5% of share capital at an average price of €24.52 per share).

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The Board of Directors has proposed the redemption of 4,448,759 shares (approximately 1.36% of share capital) to the shareholders at the Annual General Meeting scheduled for 6 June 2024, in line with the objectives set when the programme was announced.

• Financing and liquidity- Debt maturities for the financial year are limited to the outstanding balance of commercial paper which currently amounts to c. €300 million.
  Liquidity available in bilateral and syndicated facilities remains at very comfortable levels totalling approximately €1,850 million.
  The average cost of financing in the first quarter was 4.86% (average cost of 4.28% for corporate debt and 8.60% for project financing). The share of floating-rate debt is close to 50%, which will allow the Company to benefit from the shift in central banks' monetary policies expected in the second half of the current year.
• Development activity and new pipeline- ACCIONA Energía has acquired 80% of Freya Renewables Inc., a Philippine renewables developer with a pipeline of domestic projects totalling some 880 MW. Key projects include the 170 MWp Daantabantayan PV plant. In March, ACCIONA Energía signed an MoU with the Provincial Government of Cebu in relation to a grant of land for the development, construction and maintenance of this plant.
  ACCIONA Energía and The Blue Circle, its partner in Southeast Asia, have started construction of the 100 MW Kalayaan II wind farm in the Philippines, which is scheduled to be commissioned in July 2026.
  ACCIONA Energía has approved the investment for an additional 83 MWp PV plant in the Dominican Republic. The Pedro Corto project will be operated under a feed-in tariff scheme with a price over €80/MWh. Commissioning is scheduled for late 2025.
  In the area of battery energy storage systems, the Company has approved investment in an additional project (Coneflower project, 170 MW/340 MWh), which is part of its 1 GW pipeline in Texas. Commissioning is scheduled for late 2025. Meanwhile, the Aldoga BESS storage project (400 MW/800 MWh) is in an advanced stage of development and conversations are in progress with potential offtakers interested in entering into tolling agreements as grid-forming solutions.
  The Company has continued analysing opportunities to acquire operational wind assets in the United States with potential for repowering and/or efficiency and availability improvement.
  During the first quarter, ACCIONA Energía decided to reorganise its operations in Brazil by downsizing its existing structure and pipeline in the country in order to adapt to prevailing market conditions.
• Supply chain- The Company continues to operate in a scenario of relative supply chain stability, and it has not suffered any particular problems as a result of the situation in the Red Sea given the location of its current projects under construction and the ability to accommodate the logistics for early stage projects.
  ACCIONA Energía is not experiencing any delays when procuring components.
  With regard to investment and materials costs, solar modules prices (ex USA) have fallen to a historic low, while the cost of wind turbines remains stable. ACCIONA Energía has been able to benefit from the new situation in the PV market.
  The Company has no short-term US PV pipeline. Hence, it does not expect to be affected by any disruptions in the solar module market that could arise from a potential further

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investigation by the US Department of Commerce into alleged unfair trade practices by Chinese-owned solar component manufacturers in Southeast Asia.

• 2024 Construction plan- Capacity under construction at 31 March totalled 1.8 GW following the commencement of work on the 413 MW Juna PV project in India, adding to other major projects in progress including MacIntyre (remaining 331 MW of wind capacity under construction in Australia), Aldoga (487 MW PV plant in Australia), Forty Mile (280 MW wind farm in Canada).
  Additionally, ACCIONA Energía has projects currently under construction in the Dominican Republic (163 MW), Spain (50 MW) and Croatia (72 MW).
  The Company has also started the repowering of the 84 MW Tahivilla wind farm in Spain, which will be the second such project to date.
  The Company maintains its target of adding 1.7 GW of new capacity (pre asset rotation) in 2024. Construction of an additional 200-250 MW is planned for the second quarter of 2024 (MacIntyre in particular) and ~1,250 MW for the second half of the year (primarily at Juna and Aldoga, where work recently commenced, as well as Forty Mile and Cotoperí). The installation profile is similar to that of 2023.
• Outlook for 2024- Given current price forecasts and lower than expected electricity output so far this year, the expectation for EBITDA 2024 is lower than the level communicated to the market at the end of February.
  The Company envisages that the EBITDA contribution during second half of the year will be higher than the first half's given increasing pool price expectations for the coming quarters, the non-recurring recognition of regulatory liabilities in the first quarter, and the contribution from new assets.
  ACCIONA Energía continues to expect net investment before asset rotation of €1.8-1.9 billion (including the MacIntyre monetisation, the already completed share buy-back, and monetisation of tax incentives in the USA).

O P E R A T I N G P E R F O R M A N C E

	31-Mar-24	31-Mar-23	Chg. (%)
Total capacity (MW)	13,717	11,942	14.9%
Consolidated capacity (MW)	12,325	10,012	23.1%
Total production (GWh)	7,028	6,889	2.0%
Consolidated production (GWh)	6,262	5,724	9.4%
Average Load Factor (%)	29.5%	31.3%	-1.8pp
Average price (€/MWh)	57.5	81.4	-29.3%
Availability (%)	96.9%	96.0%	+0.9pp

Total installed capacity reached 13.7 GW at 31 March 2024 vs. 11.9 GW at the end of Q1 2023. Consolidated capacity grew from 10.0 GW to 12.3 GW over the last 12 months.

Consolidated capacity grew by 195 MW in the first quarter with 108 MW of new installed capacity in Australia (MacIntyre) and 87 MW in the United States (completion of Red Tailed Hawk).

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