Acciona S A : La sociedad remite declaración intermedia de gestión del tercer trimestre de 2020 (inglés)

N o v e m b e r 2 0 2 0

RESULTS 9M 2020

J a n u a r y - S e p t e m b e r

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TABLE OF CONTENTS

EXECUTIVE SUMMARY	4
CONSOLIDATED INCOME STATEMENT	6
CONSOLIDATED BALANCE SHEET AND CASH FLOW	9
RESULTS BY DIVISION	12
Energy business	12
Infraestructure business	14
Other activities	16
SUSTAINABILITY	17
RELEVANT INFORMATION, DIVIDEND AND SHARE DATA	20
CONTACT INFORMATION	25
ACCOUNTING CRITERIA AND GLOSSARY OF TERMS	26
ANNEX 1: MW BREAKDOWN	29
ANNEX 2: PRODUCTION BREAKDOWN	30
ANNEX 3: TRANSPORT AND HOSPITAL CONCESSIONS BREAKDOWN	31
ANNEX 4: DETAILS OF WATER CONCESSIONS UNDER IFRIC12	32

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LEGAL DISCLAIMER

This document has been prepared by ACCIONA, S.A. ("ACCIONA" or the "Company") exclusively for use during the presentation of financial results. Therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior written consent of the Company.

The Company does not assume any liability for the content of this document if used for different purposes thereof.

The information and any opinions or statements made in this document have not been verified by independent third parties, nor audited; 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.

Neither the Company, its subsidiaries or any entity within ACCIONA 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 have been bought or sold, or on the performance of those securities, cannot be used to predict the future performance of securities issued by ACCIONA.

Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.

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 request 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.

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" 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 generally beyond the control of ACCIONA, 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 or identified in the documents sent by ACCIONA to 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 the auditors of ACCIONA. 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 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, 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.

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EXECUTIVE SUMMARY

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

• The company's results during the first months of the year continue to be affected by the COVID19 pandemic, although during the third quarter a gradual recovery in activity and an improvement in financial results can be observed. The negative impact of COVID19, accumulated during the first nine months of the year, reached €759 million in revenue and €195 million in EBITDA mostly on the Infrastructure business.
• ACCIONA is making progress with the implementation of measures to protect its solid financial position and its growth plans, and despite the difficult environment, the company has considerably strengthened its growth potential in both Energy and Infrastructure, with a growing portfolio of approved renewable projects and a backlog of construction and water projects at record highs. The Company believes that it is well positioned to take advantage of the economic recovery stimulus plans, which is expected to be centered on the sustainable/transformative sectors.
• Revenues stood at €4,554 million, declining by 13.9% compared to 9M 2019. Energy and
  Infrastructure reduced its sales by 15.3% and 13.9% respectively. Revenues from Other Activities increased by 4.1%.
• EBITDA stood at €760 million, 23.8% below 2019. This figure includes the contribution of assets consolidated by the equity method whose activity is analogous to that of the group.
• The Energy division reduced its EBITDA by 3.7%:
• • In Spain, the Generation business EBITDA fell by 10.8% mainly due to the effect of lower wholesale electricity prices and the decrease in regulated revenues as a result of the three-year regulatory review.
  • The International Generation business grew by 5.3% driven by the contribution of the new operating assets.
• The EBITDA generated by the Infrastructure business fell by 63.4%, mainly due to the contribution from the Sydney Light Rail settlement in 2019 and the effects of the pandemic in 2020, especially in the Industrial segment and some activities within the Services business.

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Other Activities' EBITDA increased by 18.1% as a result of the increase in the contribution of the property development business.

Attributable net profit was €78 million, 63.4% lower than 2019, reflecting the COVID impact.

• Net ordinary capex stood at €618 million in the first 9M of the year. Most of which was allocated to the Energy division, which invested €502 million in new renewable capacity, mainly wind plants in Mexico, USA and Chile. ACCIONA installed 392MW in the period, with 682MW under construction by September 2020. In recent months ACCIONA has approved investment in an additional 2,491 MW that will start to be built in 2021.

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