Elecnor S A : Interim financial statements

Limited Review Report on Elecnor, S.A. and subsidiaries

(Together with the condensed consolidated interim financial statements and directors' report of Elecnor, S.A. and subsidiaries for the six- month period ended 30 June 2021)

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

KPMG Auditores, S.L.

Torre Iberdrola

Plaza Euskadi, 5

Planta 17

48009 Bilbao

Limited Review Report on the Condensed Consolidated

Interim Financial Statements

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

To the Shareholders of Elecnor, S.A. commissioned by management

Report on the Condensed Consolidated Interim Financial Statements

Introduction _________________________________________________________

We have carried out a limited review of the accompanying condensed consolidated interim financial

statements (the "interim financial statements") of Elecnor, S.A. (the "Company") and subsidiaries (together the "Group"), which comprise the statement of financial position at 30 June 2021, the

income statement, statement of comprehensive income, statement of changes in equity, statement of cash flows and the explanatory notes thereto for the six-month period then ended (all condensed and consolidated). The Directors of the Company are responsible for the preparation of these interim financial statements in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting" as adopted by the European Union, for the preparation of condensed interim financial statements, pursuant to article 12 of Royal Decree 1362/2007. Our responsibility is to express a conclusion on these interim financial statements based on our limited review.

Scope of Review______________________________________________________

We conducted our limited review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A limited review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit conducted in accordance with prevailing legislation regulating the audit of accounts in Spain and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be

identified in an audit. Accordingly, we do not express an audit opinion on the accompanying interim financial statements.

Conclusion___________________________________________________________

Based on our limited review, which can under no circumstances be considered an audit, nothing has

come to our attention that causes us to believe that the accompanying interim financial statements for the six-month period ended 30 June 2021 have not been prepared, in all material respects, in

accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting", as adopted by the European Union, for the preparation of condensed interim financial statements,

pursuant to article 12 of Royal Decree 1362/2007.

KPMG Auditores S.L., a limited liability Spanish company and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights

reserved.

Paseo de la Castellana, 259C 28046 Madrid

Reg. Mer Madrid, T. 11.961, F. 90, Sec. 8, H. M -188.007, Inscrip. 9 N.I.F. B-78510153

2

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

Emphasis of Matter ___________________________________________________

We draw your attention to the accompanying note 1, which states that these interim financial statements do not include all the information that would be required in a complete set of

consolidated financial statements prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The accompanying interim financial statements should therefore be read in conjunction with the Group's consolidated annual accounts for the year ended 31 December 2020. This matter does not modify our conclusion.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

The accompanying consolidated interim directors' report for the six-month period ended 30 June 2021 contains such explanations as the Directors of the Company consider relevant with respect to the significant events that have taken place in this period and their effect on the interim financial statements, as well as the disclosures required by article 15 of Royal Decree 1362/2007. The

consolidated interim directors' report is not an integral part of the interim financial statements. We have verified that the accounting information contained therein is consistent with that disclosed in

the interim financial statements for the six-month period ended 30 June 2021. Our work is limited to the verification of the consolidated interim directors' report within the scope described in this paragraph and does not include a review of information other than that obtained from the accounting records of Elecnor, S.A. and subsidiaries.

Other Matter _________________________________________________________

This report has been prepared at the request of management in relation to the publication of the six- monthly financial report required by article 119 of the Revised Securities Market Law, approved by Royal Legislative Decree 4/2015 of 23 October 2015 and enacted by Royal Decree 1362/2007 of 19 October 2007.

KPMG Auditores, S.L.

(Signed on original in Spanish)

Cosme Carral López-Tapia

29 July 2021

PRESIDENTE (No ejecutivo):	D. JAIME REAL DE ASUA ARTECHE	D.N.I. 14.906.314-Z
VICEPRESIDENTE:	D. IGNACIO PRADO REY-BALTAR	D.N.I. 14.899.260-K
CONSEJERO DELEGADO :	D. RAFAEL MARTIN DE BUSTAMANTE VEGA	D.N.I. 788.886-D
VOCALES::	D. FERNANDO AZAOLA ARTECHE	D.N.I. 14.500.614-B
	D. MIGUEL CERVERA EARLE	D.N.I. 05.390.195-F
	Dña. ISABEL DUTILH CARVAJAL	D.N.I. 5.392.056-M
	D. JOAQUÍN GÓMEZ DE OLEA Y MENDARO	D.N.I. 16.038.401-H
	Dña. IRENE HERNANDEZ ALVAREZ	D.N.I. 00.811.866-N
	D. JUAN LANDECHO SARABIA	D.N.I. 16.025.693-Y
	D. SANTIAGO LEÓN DOMECQ	D.N.I. 31.604.065-H
	D. MIGUEL MORENES GILES	D.N.I. 31.552.959-H
	D. GABRIEL DE ORAA Y MOYUA	D.N.I. 14.170.156-V
	D. RAFAEL PRADO ARANGUREN	D.N.I. 16.042.601-D
	D. EMILIO YBARRA AZNAR	D.N.I. 16.039.261-G

CONSEJERO -VICESECRETARIO: D. CRISTÓBAL GONZÁLEZ DE AGUILAR ALONSO-URQUIJO D.N.I. 1.397.142-F

En cumplimiento de lo dispuesto por la Legislación vigente, todos los miembros que componen en el día de la fecha la totalidad del Consejo de Administración de la Sociedad ELECNOR, S.A., han formulado los "Estados Financieros Intermedios Resumidos Consolidados e Informe de Gestión Intermedio" de Elecnor, S.A. y Sociedades dependientes que componen el Grupo ELECNOR (consolidado) correspondientes al período de seis meses terminado el 30 de Junio de 2021.

Asimismo y de conformidad con el apartado primero, letra b) del Artículo 8 del Real Decreto 1362/2007, los miembros del Consejo de Administración de ELECNOR, S.A., declaran que hasta donde alcanza su conocimiento, los "Estados Financieros Intermedios Resumidos Consolidados" del Grupo ELECNOR (consolidado) correspondientes al período de seis meses terminado el 30 de Junio de 2021, han sido elaborados de acuerdo con lo establecido por las Normas Internacionales de Información Financiera adoptadas por la Unión Europea, aplicando los principios de consolidación, políticas contables y criterios de valoración correspondientes, y muestran la imagen fiel del patrimonio consolidado, de la situación financiera consolidada y de los resultados de las empresas comprendidas en la consolidación tomados en su conjunto, de los cambios en el patrimonio neto consolidado y de sus flujos de tesorería consolidados, y que el "Informe de Gestión Intermedio" del Grupo ELECNOR (consolidado) correspondiente al período de seis meses terminado el 30 de Junio de 2021, incluye un análisis fiel de la evolución y resultados empresariales y de la posición de las empresas comprendidas en la consolidación tomadas en su conjunto, junto con la descripción de los principales riesgos e incertidumbres a los que se enfrenta el Grupo ELECNOR (consolidado).

Las cuentas consolidadas vienen constituidas por los documentos anexos que acompañan a este escrito.

En Bilbao, a veintiocho de Julio de dos mil veintiuno.