Corporacion Acciona Energias Renovables S.A.

Investor Presentation • Feb 27, 2025

COMISION NACIONAL DEL MERCADO DE VALORES

Madrid, 27 de febrero de 2025

Muy Sres. nuestros:

Dear Sirs,

Corporación Acciona Energías Renovables, S.A. ("ACCIONA Energía") adjunta presentación que se seguirá en la multiconferencia de mañana día 28 de febrero, a las 10:00h (CET). La presentación podrá ser seguida vía telefónica y webcast a través de la Web de Acciona Energía (www.accionaenergia.com)

Corporación Acciona Energías Renovables, S.A. ("ACCIONA Energía"), attaches the presentation to follow the conference call to be held tomorrow 28th February at 10:00am (CET). The presentation can be followed via conference call and webcast through Acciona Energía's website (www.accionaenergia.com)

Atentamente/Yours faithfully,

Jorge Vega-Penichet López Secretario del Consejo Company Secretary

R E S U L T S P R E S E N T A T I O N

F Y 2 0 2 4 – J a n u a r y - D e c e m b e r 2 8 F e b r u a r y 2025

DISCLAIMER

This document has been prepared by Corporación Acciona Energías Renovables. S.A. ("ACCIONA Energía" or the "Company" and, together with its subsidiaries, "ACCIONA Energía 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 purposes 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 Presentation may be subject to rounding adjustments.

Neither the Company, its subsidiaries or any entity within the ACCIONA Energía 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 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 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 or 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 Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017, on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC.

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.

Neither this presentation 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 presentation 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 presentation 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 Energía 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 Energía, including financial projections and estimates and their underlying assumptions, statements regarding plan, 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 Energía believes 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 various risks and uncertainties, many of which are difficult to predict and generally beyond the control of ACCIONA Energía, 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 in the documents filed by ACCIONA Energía with the CNMV, 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 or ACCIONA Energía. 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, ACCIONA Energía 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 forwardlooking statements included herein are based on information available to ACCIONA Energía, on the date hereof. 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.

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) used both in this presentation and the Results Report. 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 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.

01 K E Y H I G H L I G H T S & T H E M E S

KEY HIGHLIGHTS FY 2024

M E E T I N G T A R G E T O F ~ 1 B N E B I T D A F R O M O P E R A T I O N S & P R O T E C T I N G T H E B A L A N C E S H E E T

• › Strong recovery in achieved prices in H2 compensates lower output in Mexico, US and Australia EBITDA from Operations of €1,050m, total EBITDA of €1,123m
• › Total capacity reaches 15.4 GW (13.6 GW consolidated) with record 2 GW additions and disposal of 175 MW
• › Consolidated output grows by 11% to 23.8 GWh
• › Achieved price of close to €69/MWh higher than ~€65/MWh expectation
• › Spanish long-term PPAs and short-term financial hedges contain the negative impact of pool price normalisation and unusual market dynamics during the early Spring
• › No material capex cost deviation (0.36% vs. project capex costs projected values), no significant impairments
• › Contained increase in Net Debt which stood at €4.1bn at year-end and 3.63x Net Debt to EBITDA. Pro-forma for Endesa hydro deal already closed: €3.5bn Net Debt
• › Dividend Board proposes dividend of €0.44 p.s. (payable in 2025) relative to €0.48 p.s. the year before (-8.3%), signalling commitment to deleveraging efforts in 2025

M A J O R P R O G R E S S O N A S S E T R O T A T I O N S T R A T E G Y

• › Spanish hydro disposals worth €1.3bn already executed by Feb 2025 €1bn sale of hydro assets to Endesa closed on 26 Feb 2025
• › Disposals in line with targets set for 2024 and the commitments to credit ratings (Fitch affirmed BBB- Stable on 30 Dec)
• › Captured attractive valuation multiple (€1.6m/MW) above implicit trading multiples
• › Tota Asset Rotation gains of ~€650m secured/materialised for 2024-25 €227m in 2024, including reversal of prior impairments, and ~€425m in 2025
• › Large pipeline of incremental transactions Spain & International, across technologies
• › Disposal proceeds target for 2025 of >€1.5bn (excluding hydro assets rotation already completed) disposal transactions under consideration representing ~3x proceeds target

L O O K I N G T O 2 0 2 5 – Y E A R O F C O N S O L I D A T I O N

• › Deleveraging & credit rating protection reduce headline net debt to ~€3.5bn or below consistent with ratios of 4.5x FFO Net Leverage, ~3.5x Net Debt to EBITDA from Operations
• › Reduction of work-in-progress during 2025 with connection of MacIntyre wind farm and other large generation assets representing 2 GW in total
• › Geographic focus reduction in the weight of Spain and focus on strategic operations
• › Outlook 2025 ~€1,000m EBITDA from Operations (flattish on like-for-like basis/excluding impact of disposals), EBITDA from Asset Rotation of €0.50-0.75bn, capex ~€1.5bn

5

GOOD STRATEGIC PROGRESS IN 2024

GROWTH

+2 GW
added capacity

› New capacity of 2 GW – another record year

300 MW US wind deal

› Opportunistic acquisition of 300 MW operating US wind assets in Texas

MacIntyre Starting connection › Commenced the commissioning process of MacIntyre wind farm in Australia, our largest asset ever (923 MW)

ASSET ROTATION STRATEGY FINANCIALS

€1.3bn disposals executed

› Successful launch of Asset Rotation Strategy – €1.3bn executed by Feb 2025

€1.6m/MW transaction multiple › Capturing attractive valuation multiples

~€650m gains secured › Gains from Asset Rotation (EBITDA + impairment reversals) of €227m in 2024 and locked-in additional ~€425m for 2025

BALANCE SHEET ACTIONS

€500m capex moderation

~€600m monetisation

BBB- Stable

• › Moderated capex 2024-25 by ~€500m. Contained increase in Net Debt in 2024, resulting in 3.63x ND/EBITDA at peak of investment cycle
• › Monetisation of MacIntyre minority and US tax incentives ~€600m

• › Fitch rating affirmed BBB- Stable in June and Dec 2024 reviews. DBRS downgraded to BBB (middle) Stable in July

• €1.05bn EBITDA from Operations

• €227m Gains from Asset Rotation

0.36% Project capex cost deviation 2024

• › Met €1bn EBITDA pre-cap gains objective with some headroom despite low output
• › Achieved 2024 target of €200-300m gains from Asset Rotation with Spanish hydro disposals
• › Project capex costs within projected values (0.36% deviation) during 2024 and no significant impairments (decommissioning for repowering)

ADDITIONAL HIGHLIGHTS 2024

GROWTH

• → Commissioning of the company's largest solar project: Red-Tailed Hawk (458 MW) in US
• → Start of energisation of Forty Mile wind farm (279 MW) in Canada
• → Commissioning of Cotoperí PV (163 MW) in the Dominican Republic and start of construction of Pedro Corto (83 MW), our third solar plant in the country
• → Start of construction of ACCIONA Energía's first wind investment in the Philippines, Kalayaan (101 MW)
• → Return to investment in India, with Juna PV project (413 MW) in Rajasthan
• → Awarded a 12-year contract for differences to build Promina PV (190 MW) in Croatia
• → Second hybrid project, Peralejo (20 MW) in Spain, while construction advances on the Logrosán biomass plant (50 MW) and Tahivilla wind repowering (84 MW)
• → Progress in development in South Africa, Peru, Italy, and batteries in the US, amongst others
• → Sale of projects in development phase in India and Chile, to extract value from our existing pipeline

COMMERCIAL & NEW OPPORTUNITIES

• → Consolidated energy supply activity with large customers and SMEs in Iberia, with over 30,000 supply points
• → International expansion in EV charging: Croatia as new market
• → Agreement with Viscofan for a 48 MW self-consumption PV system in their facilities in Spain
• → New energy services projects in Mexico, the US and Canada
• → Start of installation of a new storage system using recycled batteries from EVs at its Extremadura I-II-III solar plant

› Capacity growth moderation in 2025 following a period of intense investment activity

› Flexible approach to future growth – focus on best IRR projects, Investment Grade Rating/Balance Sheet Sustainability

ACCIONA ENERGÍA FOOTPRINT

RENEWABLE ENERGY PROSPECTS IN OUR MARKETS

the need for grid stability

1. Market forecasts in Africa section only includes data for South Africa

Source: Internal analysis. Data source (extracted on February 17th): S&P Global Commodity Insights, ©2025 by S&P Global Inc. Forecasts are based on latest market developments, not announced net-zero pledges

ACCIONA ENERGIA IN THE US MARKET

A C C I O N A E N E R G I A P R E S E N C E I N T H E U S

3.4 GW Expected capacity at yearend 2025. No offshore wind <25% of total

~5.5 TWh Expected production in 2025 <20% of total

2.9 GW Pipeline 2025-29 (excl. assets under construction) <15% of total

760 MW Scheduled capacity additions 2025-27 21% of total

R E C E N T T R U M P ' S A D M I N I S T R A T I O N E N E R G Y P O L I C Y A C T I O N S

Trump's executive orders & policy signals Import tariffs Federal leases & permits for wind power IRA funds disbursement

ACCIONA Energía positioning

• › Two BESS projects (400MW/800MWh) commencing construction, with recent decline in capex costs providing ample headroom to absorb higher tariffs. Built flexibility into equipment procurement contracts
• › Current short-term pipeline geared to BESS and Solar PV no immediate wind projects. No offshore wind
• › Protected short and medium-term pipeline (2028) through Safe Harbour: locking-in entitlement to tax credits

U S R E N E W A B L E M A R K E T P O T E N T I A L

+717 GW New renewable energy capacity 2025-35 (excluding hydro)

22%

Electricity demand growth 2025-35

x2.5 GW

Increase in renewable energy capacity 2025-35 (excluding hydro)

77%

Non-renewable energy generation as of 2023

› ACCIONA Energía has limited short & medium-term exposure to US energy policy volatility and has worked in recent months to protect its pipeline

› The US market will remain one of the key global destinations for new investment once the market has time to adjust to the new paradigm

2025: CONSOLIDATING ACCIONA ENERGÍA'S TRANSFORMATION

2025 PRIORITIES

ACCIONA ENERGIA IN 2026 AND BEYOND

STRONG BALANCE SHEET

• › Investment grade ratings protected and preserved
• › More stable leverage metrics resulting from lower levels of work-in-progress and lower exposure to Spanish power prices

SELECTIVE AND FLEXIBLE GROWTH

• › No fixed MW targets
• › A more moderate and steady growth pace
• › Onshore wind, solar PV, stand-alone BESS

HIGH CASHFLOW VISIBILITY

• › Maintain ~70% of revenues long-term hedged
• › Highly cashflow-generative operating asset base with limited maintenance capex needs
• › Average age of fleet of 10years, aiming at 40+ years useful life

BALANCED GEOGRAPHIC FOOTPRINT OPERATIONAL EXCELLENCE DELIVERING SHAREHOLDER VALUE

• › Reduction in weight of Spain to ~30% of total
• › US & Australia as core LT growth markets
• › Onshore wind ~75% of output, solar PV ~25%

• › Selective presence in utility-scale Battery Storage (US, Australia)

• › Preserve state-of-the-art O&M with focus on availability, life extension, and efficiency

• › Cost base resized for new growth environment and containing inflationary pressures

• › Mid-single digit medium-term EBITDA from Operations CAGR

• › Attractive shareholder remuneration compatible with growing the asset base and maintaining prudent leverage

DELEVERAGING 2025 – FALLING CAPEX + HIGHER ROTATION

C A P E X & W O R K I N P R O G R E S S A P P R O X I M A T E U S E S & S O U R C E S P E R I O D 2 0 2 4 - 2 5

• › Capital expenditure and Work in Progress peaked in 2023
• › Reduction in capital expenditure by ~€500m in period 2024-25 (from €3.5bn initially planned to €3bn)
• › Work in Progress to fall significantly by year end 2025 as the company connects around 2 GW of capacity during the year
• › Capex currently committed for 2026 at this stage amounts to around €0.5bn
• › Strong role of asset rotation in 2024-25 to come back to sustainable debt levels by end of 2025
• › Asset Rotation to broadly compensate for investment during the period
• › Targeting cumulative debt reduction during the two-year period 2024-25 of approximately €0.7bn relative to €4.1bn at Dec 2023 (including debt attributable to assets held-for-sale)

ASSET ROTATION IN 2025

Successful closing of 626 MW hydro sale to Endesa on 26 Feb 2025 contributing ~€425m of EBITDA from Asset Rotation in 2025 (1)

A S S E T R O T A T I O N S T R A T E G Y

F l e x i b l e p e r i m e t e r s a l l o w i n g m a r k e t t e s t i n g e n a b l i n g s e l e c t i o n o f d e a l s t h a t m a x i m i z e t h e a s s e t s ' v a l u e

• › Portfolio sizes: large and small perimeters with ability to customize to buyer's needs
• › Geographies: asset disposals across all markets
• › Technologies: portfolios, wind, PV, BESS, residual hydro
• › Structures: 100% stake as well as disposal of minorities

O N G O I N G A S S E T R O T A T I O N P R O C E S S E S

A C C I O N A E n e r g í a i s w o r k i n g o n a v a r i e t y o f d i s p o s a l o p t i o n s t h a t r e p r e s e n t u p t o ~ 4 G W a n d ~ € 4 . 5 b n o f p o t e n t i a l p r o c e e d s , c o v e r i n g ~ 3 x t h e 2 0 2 5 t a r g e t

• › Spanish wind: large wind portfolio with hybridization and repowering potential
• › LATAM: sale of selected assets in Mexico, Costa Rica, Peru, and Chile, as well as potential full platforms
• › US PV Platform: sale of minority and majority stakes in 1.3 GW of recently commissioned US solar PV assets
• › Rest of the World: other asset-specific transactions in progress in Europe, Australia, and Africa

2025 Consolidating asset rotation activity as a business › FY 2025 proceeds target of €1.5 - 1.7 bn (excluding hydro assets sales already completed) › Strong market interest and wide range of potential transactions to deliver rotation targets

INDICATIVE BALANCE SHEET CAPACITY – 2026 ONWARDS

› Pace of new capacity additions determined by balance sheet constraints and ability to generate asset rotation proceeds

› Large pipeline of profitable opportunities

› Medium-term balance sheet capacity compatible with 1.25-1.50 GW p.a. combined with healthy levels of asset rotation

OUTLOOK 2025

EBITDA 2025	€ 1,500 - 1,750 m EBITDA from Operations ~€1,000m EBITDA from Asset Rotation €500-750m	CONSOLIDATED OUTPUT	~27 TWh Spain ~9.5TWh International ~17.5TWh
INVESTMENT CASHFLOW	~€ 1.5 bn Gross of asset rotation	NEW CAPACITY INSTALLED	~1 GW Gross of asset rotation
NET FINANCIAL DEBT	~ € 3.5 bn Asset rotation proceeds ~€1.5-1.7bn (excluding hydro assets sales already completed)	AVERAGE CAPTURED PRICE	€ 55 - 60 /MWh Assuming ~€75/MWh Spanish pool price 2025 Captured price - Spain ~€65-70/MWh Captured price - International ~€50-55/MWh

02

F I N A N C I A L I N F O R M A T I O N

FY 2024 RESULTS HIGHLIGHTS

FY 2024 (€m)	Chg % 2023 vs FY
FY 2024	FY 2023
(€m)
31-Dec-24	31-Dec-23
(€m)

	2024 FY (€m)	Chg % vs FY 2023		FY 2024	Chg % vs FY 2023
Revenues	3 048 ,	-14%	(MW) Total capacity	15 354 ,	14%
Generation Revenues	1 637 ,	-12%	Consolidated (MW) capacity	13 630 ,	12%
EBITDA	1 123 ,	-13%	(GWh) Total production	26 708 ,	% 7
EBT	482	-38%	Consolidated production (GWh)	23 821 ,	11%
Attributable profit net	357	-32%	(GWh) Supply volumes Spain & Portugal	9 893 ,	-6%
			Load (%) Average Factor	26 4%	-0 0pp
	FY 2024 (€m)	FY 2023 (€m)	(%) Production contracted	7% 72	-0 8pp
cash flow Net investment	1 224 ,	2 321 ,	(1) residual contracted life (years) Average	7	8 %
			age of (years) Average assets	1 0	-8%
	31-Dec-24 (€m)	31-Dec-23 (€m)	(€/MWh) Average price	68 7	-20%
financial debt Net	4 076 ,	3 726 ,	(%) Generation margin EBITDA	4% 63	-6 7pp
/EBITDA financial debt Net	3 63x	2 90x	Availability (%)	96 3%	+0 7pp

FY 2024 ESG HIGHLIGHTS

Key ESG indicators ESG highlights

Environmental	FY 2024	FY 2023	Chg.
CAPEX aligned with the low-carbon taxonomy (%)	100%	100%	-
Renewable production (GWh)	26,708	24,894	7.3%
Avoided (CO₂e million ton) emissions	14.4	13.6	5.5%
(CO₂e ton) Generated scope 1+2 emissions thousand	12.8	11.8	8.2%
(tCO2e/GWh) GHG emissions intensity	0.48	0.47	0.8%
Waste to landfill (thousand ton)	0.87	0.92	-5.2%
Recovered waste (%)	98%	97%	+1.0pp
(hm³) Water consumed	1.34	1.08	24.0%
Net positive emissions through nature-based solutions (no. trees planted) of	147,215	118,738	24.0%
Social	FY 2024	FY 2023	Chg.
Average Workforce (no.)	3,224	3,099	4.0%
and manager women (%) Executive	27.2%	27.3%	-0.1pp
People with disabilities (%) in Spain	4.3%	4.0%	+0.3pp
(no.) Social Impact Management projects	136	133	2.3%
Employees' hours of voluntary work (no.)	5,304	7,008	-24.3%
Accident frequency index - employees & contractors	0.34	0.39	-12.8%
Fatalities (nº)	3	1	n.m.
Governance	FY 2024	FY 2023	Chg.
(no.) Suppliers	3,415	3,409	0.2%
(1) Audited suppliers (%)	100%	100%	-
No Go Suppliers (no.)	38	34	11.8%
(no.) (2) Due diligence of third parties	131	92	42.4%
(%) (3) financing Sustainable	95%	96%	-1.0pp
(no.) Controversies	0	0	-

ENVIRONMENTAL

• › 100% of the company's CAPEX was aligned with the European Taxonomy of Sustainable Activities
• › The generation of close to 27 TWh (total) of renewable electricity has avoided the emission of more than 14 million tons of CO2e into the atmosphere
• › Scope 1+2 emissions have increased by 8%, mainly due to higher scope 1 emissions in CSP plant Nevada Solar One. Still, emissions remain well below the annual SBTi target (-63%). 99% of the electricity consumed is now renewable, which enabled the company to reduce its scope 2 emissions by 73%
• › Ratio of Generated emissions to Avoided emissions stood at 1: 1,124 tCO2e
• › 98% of the waste generated was recovered through different circular economy programs. Wind blades from the dismantling of the Tahivilla plant for repowering are expected to be 100% recovered

SOCIAL

• › Three fatalities (subcontractors' employees): Health and Safety Action Plan has been launched to further reinforce safety culture across own employees and subcontractors, applicable to all countries and activities
• › The frequency index of own and subcontracted employees is 0.34, 13% lower than the previous year, with 7% more hours worked
• › 136 social impact projects were implemented to deliver positive impact to communities where the company operates. More than €3m spent in social investment with more than 300,000 direct beneficiaries

GOVERNANCE

• › The due diligence process on third-parties (business partners and consultants) continues to be reinforced, with a 42% increase in due diligence assessments performed
• › 100% of criticalsuppliers were audited during the period (115 tier 1 & 16 tier 2)
• › Seven corporate policies were adapted to CSRD and approved by the Audit and Sustainability Committee
• › €5,519m in sustainable financing instruments (corporate debt). Four new green instruments in 2024, type I & type II (according to ACCIONA & ACCIONA Energía's Sustainable Financing Framework)

(1) Suppliers audited (no.): suppliers audited/suppliers that must be audited (suppliers classified as "strategic"); Not comparable until the end of the year, as it depends on the evolution of the contracting volume throughout the year

(2) Commercial and business partners (non suppliers)

(3) Sustainable financing / total debt during the period (corporate debt)

INVESTMENT

	Gross Ordinary	Capex	Ordinary
(Million Euro)	Capex	Deferral	Capex
Spain	250	-12	238
Canada USA &	653	276	929
Mexico	9	0	9
Chile	-1	0	-1
Other Americas	12	6	19
Americas	673	282	956
Australia	207	-94	113
of Rest Europe	51	-14	37
of the World Rest	253	-58	194
International	1 184 ,	116	1 300 ,
Total	1,434	104	1,538

Key highlights

• › Investment mainly related to the construction of new generation assets
• › Most of the investment effort related to ongoing capacity delivery in Australia (Aldoga), Canada (Forty Mile), Juna (India), Tahivilla (Spain) and Cotoperí (Dominican Republic), as well as direct investment in development and in the group's customeroriented energy businesses

NET DEBT EVOLUTION

Net debt reconciliation FY 2024 (€m)

1. IFRS16 liability as of December 2023 not included (€514m)

2. Includes Minority dividends, changes in perimeter, IFRS16 lease principal payments (€9m principal, with an additional €25m classified as financial results), as well as Derivatives & FX changes

3. Debt that reflects net investment in assets that are either under construction or that have not contributed a full year of production (prorated debt)

SPAIN – REVENUE DRIVERS

Average achieved prices – regulated vs. wholesale (€/MWh)

Average achieved price composition (€/MWh)

(€/MWh)	FY 2024	FY 2023	Chg. (%)
Achieved market price	61.9	84.4	-26.7%
Hedging	9.5	20.9	-54.8%
Achieved market with hedging price	71.3	105.4	-32.3%
Regulatory income	2.7	1.1	147.8%
Banding	2.9	2.5	14.7%
price Average	76.9	108.9	-29.5%

SPAIN – OPERATING RESULTS

Key figures FY 2024					EBITDA evolution (€m)
(Million Euro)	FY 2024	FY 2023	Chg. (€m)	Chg. (%)
Generation	855	1,105	-250	-22.7%
Intragroup adjust., Supply & Other	1,034	1,321	-287	-21.7%
Revenues	1,889	2,426	-538	-22.2%
Generation	460	678	-218	-32.1%
Generation - equity accounted	5	71	-65	-92.8%
Total Generation	465	749	-283	-37.9%
Intragroup adjust., Supply & Other	-23	-10	-12	-122.1%
EBITDA from Operations	443	739	-296	-40.0%
Generation Margin (%)	54.4%	67.8%
EBITDA from Asset Rotation	61	0	61	n.m
EBITDA	504	739	-235	-31.8%

Consolidated production variation (GWh)

INTERNATIONAL – REVENUE DRIVERS

Generation revenues (€m)

Average achieved prices (€/MWh)

Note: The average price in the USA includes €2.0/MWh representing the activity of the battery energy storage system (BESS), which contributed €7.9 million to the margin in FY 2024 and fed 67.8 GWh into the power grid (€116.3/MWh) The average US price does not include tax incentives on the production of projects representing a total 1,508 MW, which receive a "normalized" PTC of \$30.4/MWh

INTERNATIONAL – OPERATING RESULTS

Key figures FY 2024					EBITDA evolution (€m)
(Million Euro)	FY 2024	FY 2023	(€m) Chg.	Chg. (%)
Generation	782	746	36	4.8%
Canada USA &	167	153	14	9.5%
Mexico	211	252	-41	-16.2%
Chile	114	61	52	85.8%
Australia	61	55	6	10.7%
of the World Rest	229	225	4	1.7%
adjust ., Supply & Other Intragroup	378	375	2	0.6%
Revenues	1,159	1,121	38	3.4%
Generation	583	537	46	8.5%
& Canada USA	127	103	24	23.1%
Mexico	157	186	-29	-15.7%
Chile	93	47	46	98.5%
Australia	28	28	0	0.0%
of the World Rest	178	173	5	2.9%
Generation - equity accounted	-10	13	-23	-177.8%
Total Generation	573	550	23	4.1%
adjust ., Supply & Other Intragroup	34	- 4	38	n.m
from EBITDA Operations	607	547	61	11.1%
(%) Generation Margin	73.3%	73.8%
from Rotation EBITDA Asset	12	0	12	n.m
EBITDA	619	547	72	13.2%

03

A P P E N D I X

ACCIONA ENERGÍA – OPERATING RESULTS

Key figures FY 2024

(Million Euro)	FY 2024	FY 2023	(€m) Chg.	Chg. (%)
Generation Spain	855	1,105	-250	-22.7%
International Generation	782	746	36	4.8%
adjust., Supply Other Intragroup &	1,412	1,696	-285	-16.8%
Revenues	3,048	3,547	-499	-14.1%
Generation Spain	465	749	-283	-37.9%
International Generation	573	550	23	4.1%
adjust., Supply Other Intragroup &	12	-14	26	184.2%
from Operations EBITDA	1,050	1,285	-235	-18.3%
(%) Generation Margin	63.4%	70.2%
from Rotation EBITDA Asset	73	0	73	n.m
EBITDA	1,123	1,285	-163	-12.6%

Consolidated capacity variation (MW)

EBITDA evolution (€m)

Consolidated production variation (GWh)

NET FINANCIAL DEBT

Debt breakdown by nature

DEBT MATURITY & LIQUIDITY

Liquidity and debt principal maturity schedule (€m)

COMMERCIAL POLICY/HEDGES SPAIN

S P A N I S H C O N S O L I D A T E D O U T P U T 2 0 2 2 - 2 5 ( T W H )

GLOBAL REACH ACROSS 5 CONTINENTS

With presence in 24 countries & 15.4 GW of total installed capacity in FY 2024 (1)

Notes: (1) Presence in 24 countries: Operational and under construction generation assets (19), energy services company (1) and where we have own employees or participated companies' employees (4)

(2) Includes 150 MW of the 15% acquisition of Briscoe in USA (equity accounted)

(3) Acquisition of Eqinov in 2022, specialist provider of corporate energy efficiency and energy management services in France

UNDER CONSTRUCTION & SECURED PROJECTS

				M W			Scheduled Add MW . per year			(1)
Country	Technology	Asset name	% ANE stake	Total project capacity	Added 2024	Currently under const.	2025	2026	2027	Details
Australia	P V	Aldoga	100%	487	380	107	107			Private PPA
Canada	Wind	Mile Forty	100%	279	217	63	63			Private PPA
Croatia	P V	Promina	100%	190				100	90	renewable Croatian auction
Dominican Rep.	P V	Pedro Corto	100%	83			83			FIT
India	P V	Juna	100%	413	245	167	167			Private PPA
South Africa	Wind	Zen	100%	100				100		Private PPA
Africa South	Wind	Bergriver	100%	94				94		Private PPA
Spain	P V	Viscofan	100%	48				48		Private PPA
Spain	P V	Hibridación Los Morrones	100%	30				30		Private PPA
Spain	P V	Ampliación Merck	100%	3			0.1			Private PPA
Spain	Wind	Ouroso	100%	41					41	Private PPA
Spain	Wind	Repotenciación Tahivilla	100%	84		84	84			Private PPA
Spain	Biomass	Logrosán	100%	50		50	50			Spanish renewable auction
Philippines	Wind	Kalayaan 2	49%	101		101	101			Philippines renewable auction
USA	P V	Madison County	100%	125				125		Private PPA
USA	P V	Fleming County	100%	235				120	115	Private PPA
USA	BESS	Adelite	100%	230			230			Merchant + ITC
USA	BESS	Coneflower	100%	170			120	50		Merchant + ITC
Total				2,762	842	572	1,005	667	246

1. Capacity constructed, not equivalent to plant COD; subject to change depending on business development progress

CAPEX & COMMODITY PRICE EVOLUTION

ENERGY RESOURCE IN CONTEXT

INSTALLED CAPACITY

Installed MW (31 December 2024)

	Total	Consolidated	. accounted Eq	Net
Spain	718 5 ,	191 5 ,	252	288 5 ,
Wind	4 630 ,	4 116 ,	246	4 210 ,
Hydro	693	693	0	693
Solar PV	333	318	6	325
Biomass	61	61	0	59
Storage	2	2	0	2
International	9 635 ,	8 439 ,	371	8 009 ,
Wind	5 781 ,	5 176 ,	76	4 615 ,
CSP	64	64	0	48
Solar PV	3 600 ,	3 009 ,	295	3 155 ,
Storage	190	190	0	190
Total	15 354 ,	13 630 ,	623	13 297 ,

EQUITY ACCOUNTED CAPACITY

Proportional figures (31 December 2024)

	MW	GWh	(€m) EBITDA	(€m) NFD
Wind Spain	246	582	16	-17
Wind International	76	159	3	- 9
Australia	32	67	2	- 9
Hungary	0	15	1	0
Vietnam	21	65	0	0
USA	23	12	0	0
Solar PV	302	540	16	125
Total equity accounted	623	1 281 ,	3 6	9 9

EQUITY ACCOUNTED CONTRIBUTION TO EBITDA

(Million Euro)	FY 2024	FY 2023	(€m) Chg	(%) Chg
Spain	5	71	-65	-92 8%
International	-10	13	-23	8% -177
Portugal	0	10	-10
Hungary	0	1	- 1
Egypt	1	4	- 3
USA	- 1	0	- 1
Mexico	-11	- 3	- 8
Australia	1	1	0
(1) Total accounted Generation EBITDA equity	- 5	84	-89	-106 1%
(1) Others	- 5	- 3	- 2
(1) Total accounted equity EBITDA	-10	81	-91	-112 7%

SPAIN – ACHIEVED PRICES

	Consolidated production (GWh)	(€/MWh) Achieved price			(€m) Revenues
		Market	Rinv+Ro	Banding	Total	Market	Rinv+Ro	Banding	Total
FY 2024
Regulated	2 097 ,	60 1	14 1	15 2	89 4	126	29	32	187
Wholesale - hedged	6 852 ,	6 77			6 77	532			532
Wholesale - unhedged	2 174 ,	62 4			62 4	136			136
Total - Generation	11 123 ,	71 3	2 7	2 9	76 9	793	29	32	855
FY 2023
Regulated	2 063 ,	84 5	5 3	12 3	102 0	174	11	25	211
Wholesale - hedged	6 011 ,	121 5			121 5	730			730
Wholesale - unhedged	2 072 ,	79 4			79 4	165			165
Total - Generation	10 146 ,	105 4	1 1	2 5	108 9	1 069 ,	11	25	1 105 ,
(%) Chg
Regulated	1 6%				-12 4%				-11 0%
Wholesale - hedged	14 0%				-36 1%				-27 2%
Wholesale - unhedged	0% 5				-21 5%				6% -17
Total - Generation	6% 9				5% -29				7% -22

WIND – DRIVERS BY COUNTRY

	FY 2024		FY 2023		Chg (%)
	(€/MWh) price Av.	(%) LF	(€/MWh) price Av.	(%) LF	(€/MWh) price Av.
Spain Average	78 6	22 3%	103 6	22 8%	-24 2%
Spain - Regulated	114.8		89 .7		0% 28
regulated Spain - Not	68 6		107 .5		-36 2%
Canada	56 6	30 .5%	62 .7	29 .5%	-9 8%
USA (2)	29 0	.5% 20	31 9	0% 21	2% -9
India	46 6	25 .1%	47.2	27 .7%	-1.2%
Mexico	77.7	35 0%	76 2	39 2%	1.9%
Costa Rica	87 6	48 .7%	84 0	56 9%	4.3%
Australia	47.8	27 2%	44.4	27 .7%	7.6%
Poland	103 2	25 .4%	86 6	25 .1%	19 2%
Croatia	132 9	28 0%	123 0	28 .1%	8 0%
Portugal	78 .7	.4% 27	103 .4	8% 25	9% -23
Italy	126 3	16 8%	113 3	18 .4%	11.4%
Chile	61 0	29 .1%	29 9	31 0%	104 0%
South Africa	83 .4	.1% 28	78 .7	.1% 29	0% 6
Peru	32 9	51.2%	n.m	n.m	n.m

1. Prices and load factors for consolidated MWs do not include previous years' regularizations

2. 1,508 MW located in the US additionally receive a "normalized" PTC of \$30.4/MWh

OTHER TECHNOLOGIES – DRIVERS BY COUNTRY

Other technologies prices (€/MWh) and Load factors (%) (1)

	FY 2024		FY 2023	(%) Chg
	(€/MWh) . price Av	(%) LF	(€/MWh) . price Av	(%) LF	(€/MWh) . price Av
Hydro
Spain	89 7	0% 34	126 0	9% 22	8% -28
Biomass
Spain	152 5	1% 70	137 0	5% 65	3% 11
Solar Thermoelectric
USA	194 0	4% 16	192 2	6% 16	9% 0
Solar PV
South Africa	166 5	3% 24	157 6	9% 23	7% 5
Chile	61 0	9% 19	29 9	4% 22	0% 104
Ukraine	105 6	7% 12	90 5	0% 12	7% 16
USA	36 7	9% 16	81 0	3% 20	7% -54
Dominican Rep	81 2	8% 18	125 7	7% 18	4% -35
Spain	52 8	0% 18	81 1	4% 18	9% -34

SUSTAINABLE FINANCE AND ESG RATINGS

OUTSTANDING FINANCING (1)

Types of Financing		2024 Total Instruments Instruments (#) (#)		2024 Amount (€m)	Total Amount (€m)
Green	Green UoP	1	8	128	2,606
Financing	Green UoP + Local Impact	3	6	320	1,963
Sustainable	Sustainability-Linked (SL)	-	-	-	-
Financing	SL + Local Impact	0	2	0	950
	Total	4	16	448	5,519

ESG RATINGS

Rating agency	Official scale	ACCIONA ENERGÍA
		Scoring	Industry average	Sector
	0 a 100	84	37	Elec. Utilities
Clima	D- a A	A	C	Elec. Utilities
	100 a 0	9.4 Negligible Risk	25 Medium Risk	Utilities
	D- a A+	A - Prime	B+	Renewable electricity
	0 a 100	82 Platinum	--	Electricity, gas, steam & air conditioning supply

Aldoga Project

• › Loan structure: Green loan + Local Impact Indicator (Type II). The indicator chosen is LII8. Regenerative Agricultural Programmes for Farmers around Aldoga's project, whose compliance involves a spread reduction of 2.5 bps.
• › Financing for AEFF Australia of approx. AUD 453m with corporate guarantee (CAER) and CESCE coverage (80%), in order to finance around 68% of the investment needs in the Aldoga PV project (486 MW)

SUSTAINALYTICS: "Top Rated ESG Company" by industry and region (Feb 2025)

› Sustainalytics recognizes ACCIONA Energía as one of the companies that best manages ESG risks, compared to companies in its industry and region, with an ESG Risk Rating score de 9.4 (negligible Risk). 7th utility out of 650 worldwide

CDP: Included in CDP A List Climate Change (Feb 2025)

› CDP recognises the company's climate action strategy, its alignment with a low-carbon economy, the quality of its public information and its science-based targets

S&P: Included in the top 5% of Sustainability Yearbook 2025 (Feb 2025)

› Out of 7,690 companies analysed in 62 industries, only 780 have been included in the Yearbook. In the electric utilities sector, there are 10 tier 5% worldwide

SPAIN – MARKET OVERVIEW

Pool price evolution (€/MWh)

Spanish production mix and hydro reserves evolution

Jan-Dec

Electricity demand 2023231.4

2024

233.5

Commodities

GWh

NBP CO2Average 2024 9.9 65.3

(TWh) +0.9%

INTERNATIONAL – MARKET OVERVIEW

Power markets

Exchange rates

Commodities

R E S U L T S P R E S E N T A T I O N

F Y 2 0 2 4 – J a n u a r y - D e c e m b e r 2 8 F e b r u a r y 2025