Corporacion Acciona Energias Renovables S.A.

Investor Presentation • Jul 30, 2024

COMISION NACIONAL DEL MERCADO DE VALORES

Madrid, 30 de julio de 2024

Muy Sres. nuestros:

Dear Sirs,

Corporación Acciona Energías Renovables, S.A. ("Acciona Energía") adjunta presentación en inglés que se seguirá en la multiconferencia de mañana día 30 de julio, a las 10:00h (CET). La presentación podrá ser seguida vía webcast a través de la Web de Acciona Energía (www.acciona-energia.com)

Corporación Acciona Energías Renovables, S.A. ("Acciona Energía"), attaches the presentation to follow the conference call to be held tomorrow 30th July at 10:00am (CET). The presentation can be followed via 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

3 0 t h H 1 2 0 2 4 – J a n u a r y – J u n e J u l y 2024

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 H1 2024

A T Y P I C A L P R I C E S / O U T P U T A N D O N E - O F F S I N H 1 M I T I G A T E D B Y H E D G I N G A N D A N C I L L A R Y S E R V I C E S

• › Extraordinary situation during the Spring lowest pool prices on record and heavy curtailments as the company chooses not to generate below its marginal cost
• › High degree of contracted volumes in Spanish business (hedges, regulation) and unique ancillary services capabilities protects the achieved price and reduces volatility
• › International output has been unusually low in Mexico, Australia, and to a lesser extent in the US
• › One-offs negative regulatory payable accounting (non-cash revenue impact) not fully offset by net positive in the impairment line in P&L. Large Renomar capital gain in H1 2023

E X P E C T H I G H E R O P E R A T I N G C O N T R I B U T I O N I N H 2 2 0 2 4

• › Strong recovery in power prices in Spain for the rest of 2024 and 2025 low risk of curtailments/low prices
• › Output should normalise during the rest of the year
• › Regulatory accounting will have significant net positive effect on achieved prices at year end
• › Outlook 2024 EBITDA of ~€1bn pre-cap gains assuming 25.5 TWh of cons. output and ~€60/MWh Spanish pool price. The company targets €200-300m of capital gains in the year

V A L U E C R Y S T A L L I S A T I O N A N D C R E D I T P R O F I L E P R O T E C T I O N I N M O T I O N – F I R S T R O T A T I O N A N N O U N C E D

• › Asset rotation programme 2024-25 underway and with plenty of optionality first transaction agreed for Spanish hydro portfolio (175 MW, €287m debt free) with total expected gain of approximately €170m in 2024 between impairment reversal (below EBITDA) and capital gain (EBITDA)
• › Strong commitment ~6 GW in potential deals under consideration to choose according to valuation and strategic fit
• › The company is managing the peak in its current investment cycle and related high point in leverage ratios targeting to return at year-end 2025 to levels similar to year-end 2023
• › Investment grade status maintained at 2024 annual review Fitch BBB- Stable (affirmed), and DBRS BBB, Stable (from BBB (high), Stable)
• › MacIntyre 30% monetisation achieved (~€335m already cashed between May and July)
• › Modest levels of committed capex for 2025 of ~€1bn will allow the company to reduce its work-in-progress and allow EBITDA to catch-up with its net debt

P R O G R E S S I N G T O W A R D 1 . 7 G W C A P A C I T Y T A R G E T

• › Capacity additions in H1 of 442 MW and 1.734 MW currently under construction
• › MacIntyre wind farm construction nearing completion and start of gradual process of connection scheduled for November
• › No disruptions in supply chain stable operating environment
• › Work-in-progress MWs under construction or limited contribution so far represent ~€2.6bn of investment and ~€200m of annual EBITDA (proportional to % of capex incurred)
• › Total pipeline stands at c.36.000 MW including c.16.500 MW of long-term opportunities
• › Data Centres ACCIONA Energía uniquely positioned to take advantage of new demand

KEY PRIORITIES FOR THE YEAR

1

› Assimilation of unprecedented investment levels 2023-24: ~€4.5bn in aggregate

4

2

3

› Value crystallization through asset rotation: private vs. public market value dislocation

5

› Delivery of 1.7 GW of capacity additions 2024 and get FID projects 2025-26 underway

6

› Prepare company to capture medium-term growth opportunities in changing renewable sector landscape

› Efficiency & geographical footprint optimization

› Increase long-term contracting in the Spanish generation business

ON TRACK TO MAINTAIN RECORD LEVELS OF GROWTH

E V O L U T I O N O F A N N U A L C A P A C I T Y A D D I T I O N S

› Flexible approach to future capex & moderation in investment in 2025 – focus on best IRR projects, Investment Grade Rating/Balance Sheet Sustainability

7

PIPELINE UPDATE

P I P E L I N E ( G W )

› Substantial pipeline to support upcoming growth combining traditional and new technologies & geographies

› Under Construction & Secured includes a recently awarded 12-year PPA (€56.9/MWh) with the Croatian energy market operator for the Promina 189 MWp PV project

^1. Secured: projects with FiD that have not started construction. Highly visible: It applies when the Project secures two of the three following milestones: land, interconnection, and key permits. Advanced development: project reaches/secures one of the three milestones previously indicated. Early stage pipeline and long-term opportunities: owned development (or acquired project, if it is not located in the previous categories) when the project still does not have land, key permits, or assured interconnection. Project with SPA signed and Condition Precedents met (transfer of shares executed).

0

0

5

10

15

20

25

109 €/MWh

5

10

15

20

25

30

SPANISH PRICES – UNUSUAL SPRING 2024 DYNAMICS

90 €/MWh

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Hydro reserves (and output) at extraordinary highs… …combined with low April demand and good wind & PV volumes

Higher incidence of zero (and negative) prices Contrast between and unusually wet Spring and hot Summer

4 €/MWh

90 €/MWh

SPANISH POWER PRICES STAGE A STRONG RECOVERY

S P A N I S H P O O L P R I C E S A T H I G H E R L E V E L S ( € / M W H )

S P A N I S H E L E C T R I C I T Y D E M A N D R E C O V E R I N G

› Current forwards imply H2 2024 pool prices at close to €80/MWh, doubling relative to H1 levels, which would result in the average power price for 2024 as a whole would end at €59.1/MWh

• › Power prices in the range of 71-90 €/MWh are driven by analyst and forward price expectations that natural gas prices will remain at relative high values of ~€36/MWh
• › Gas prices reflect potential supply problems (reduction of the Russian flow to Europe) and growing Asian competition for LNG
• › Increases in emission allowances are also expected due to a strong correlation in recent months with European gas prices
• › Electricity demand is expected to grow in the coming months due to heat waves and the forecast of colder winter weather relative to 2023-24

DATA CENTRE OPPORTUNITY – UNIQUELY POSITIONED

Integration with ACCIONA Group capabilities as the differentiation factor

› The only IPP with in-house access to Real Estate, Construction & Concessions capabilities

INCREASING LONG-TERM CONTRACTS IN 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 )

› Actual PPA/Supply long-term contracted volume increases towards 4.2 TWh in 2025

• › Targeting signing new LT "as produced" contracts backed by operating wind assets for +0.6 TWh during 2024 (delivery start 2025), and +0.3 TWh per annum in 2025-28
• › +0.6 TWh 2025 objective partly secured and included in 4.2 TWh 2025 actual contracted. The company is close to signing the remainder volume - very healthy demand for green energy
• › Reducing weight of short-term financial hedges as a result
• › Hedging levels and structures (baseload vs. as produced) to be adapted to potential asset disposals to avoid over-hedging in low output months
• › International Progressing on finalising PPAs for projects such as Red-Tailed Hawk, Juna, Kalayaan, and the South African wind projects. Secured PPA for Promina a 189 MWp PV project at Croatian market operator auction

VALUE CRYSTALLISATION & CREDIT PROFILE

SALE OF 175 MW HYDRO PORTFOLIO IN SPAIN

T R A N S A C T I O N O V E R V I E W

• › ACCIONA Energía and Elawan (Orix Corporation) reached an agreement on 29 July 2024 for the sale of 100% of Acciona Saltos de Agua, S.L. group (ASA) for a total consideration of €287m. ASA does not carry any financial indebtedness
• › The ASA portfolio comprises 23 hydropower 100%-owned plants totaling 175 MW of installed capacity located in the regions of Aragón, Cantabria and Cataluña
• › The agreement gives rise to a positive pre-tax result of €75.6m recorded in H1 2024 due to the reversal of past impairments to the carrying value of the asset portfolio. This positive result is recorded below the EBITDA line
• › Additionally, the company expects to record a capital gain of approximately €95m (at the EBITDA level) upon transaction closing
• › The transaction is subject to Foreign Direct Investment approval, which is expected to be obtained before year-end
• › The agreement highlights the scarcity value and quality of ACCIONA Energía's generation asset portfolio

P O R T F O L I O S U M M A R Y T R A N S A C T I O N P E R I M E T E R

PEAKING WORK IN PROGRESS & EMBEDDED EBITDA

D E B T A S S O C I A T E D T O W O R K I N P R O G R E S S ( € b n )

02

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

H1 2024 RESULTS HIGHLIGHTS

	H1 2024 ( m)	Chg % 2023 H1 vs		2024 H1	Chg % 2023 H1 vs
Revenues	1 333 ,	-24%	(MW) Total capacity	13 944 ,	14%
Generation Revenues	749	-17%	(MW) Consolidated capacity	12 329 ,	14%
EBITDA	419	-39%	(GWh) Total production	13 441 ,	8%
EBT	98	-83%	Consolidated production (GWh)	11 945 ,	14%
Attributable profit net	65	-84%	Supply volumes Portugal (GWh) Spain &	5 444 ,	4%

	H1	H1	Production	71	4pp
	2024	2023	contracted	1%	-5
	( m)	( m)	(%)
cash flow investment Net	847	1 544 ,	(1) residual contracted life (years) Average	6	-14%

	30-Jun-24 ( m)	31-Dec-23 ( m)	(€/MWh) price Average	62 7	-27%
financial debt Net	4 606 ,	3 726 ,	(%) EBITDA Generation margin	56 1%	-21 2pp

1. Average residual contracted life excludes short term hedges in Spanish market

2. Average age of assets including hydro assets: 13 years

		2024 H1	Chg % 2023 H1 vs
	(%) Load Average Factor	8% 26	-0 4pp
( m)	(%) Production contracted	1% 71	-5 4pp
	(1)
	(2) of - ex-hydro (years) Average assets age	11	-6%
( m)	(€/MWh) Average price	62 7	-27%
	(%) Availability	5% 96	17 +0 7pp

H1 2024 ESG HIGHLIGHTS

Key ESG indicators		ESG highlights
		ENVIRONMENTAL
		SOCIAL
		GOVERNANCE

(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.

ENVIRONMENTAL

• › 100% of the company's CAPEX is aligned with the European Taxonomy of Sustainable Activities.
• › The production of more than 13 TWh of renewable energy has avoided the emission of more than 7 million tons of CO2e into the atmosphere.
• › Scope 1 and 2 emissions have increased by 46%, mainly due to the commissioning of new assets, with higher consumption of electricity that has increased scope 2 emissions, which will be neutralized by the end of the year with the purchase of renewable attributes for the electricity consumed. Scope 1 emissions have slightly increased in the period mainly due to the start-up of biomass plants.
• › Generated emissions : avoided emissions ratio is 1:388
• › 98% of the waste generated has been valorized, through various circular economy programs for blades, ashes, and biomass slags and other valorized residues.

SOCIAL

• › The frequency index of own and subcontracted employees has increased because, despite having fewer accidents in the period, there has been a significant reduction in the number of hours worked.
• › 121 projects are being developed to create a positive impact in communities in 18 countries with more than 87,000 direct beneficiaries.

GOVERNANCE

• › The Criminal Compliance and Anti-bribery Management System has renewed its ISO 37001 and ISO 19601 certification in Spain and has been certified for the first time in Mexico under ISO 37001.
• › 100% of critical suppliers have been audited during the period (85 tier 1 and 16 tier 2).
• › The percentage of sustainable financing has increased by 8 points, with €5,129 million of corporate debt linked to sustainability objectives.

⁽²⁾ Commercial and business partners (non suppliers)

INVESTMENT

	Ordinary Gross	Capex	Ordinary
(Million Euro)	Capex	Deferral	Capex 146
Spain	110	36
& Canada USA	227	359	586
Mexico	6	0	6
Chile	1	0	1
Other Americas	-38	0	-38
Americas	196	359	555
Australia	100	-34	66
of Rest Europe	32	-12	20
of the World Rest	66	-5	60
International	394	307	701
Total	504	343	847

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), Logrosán (Spain) and Cotoperí (Dominican Republic), as well as direct investment in development and in the group's other energy businesses
• › The first payment from the partner at the MacIntyre project (approximately €170m) reduced the ordinary capex in the period

NET DEBT EVOLUTION

Net debt reconciliation H1 2024 (€m)

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

2. Includes Minority dividends, changes in perimeter, IFRS16 lease principal payments (€26m principal, with an additional €12m 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

Consolidated output (GWh)

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

Average achieved price composition (€/MWh)

(€/MWh)	H1 2024	H1 2023	Chg. (%)
Achieved market price	41.9	88.1	-52.5%
Clawback Gas	0.0	-3.8	n.m
Hedging	22.2	24.0	-7.5%
Achieved market with hedging price	64.1	108.3	-40.8%
Regulatory income	2.6	1.4	85.0%
Banding	-2.3	2.5	-193.6%
price Average	64.4	112.2	-42.6%

SPAIN – OPERATING RESULTS

Key figures H1 2024					EBITDA evolution (€m)
(Million Euro)	H1 2024	H1 2023	C g. ( m)	Chg. (%)
Generation	379	569	-190	-33.5%
adjust., Supply & Other Intragroup	415	655	-241	-36.7%
Revenues	793	1,224	-431	-35.2%
Generation	162	377	-215	-57.0%
accounted Generation - equity	-1	54	-55	-102.7%
Total Generation	161	430	-270	-62.7%
adjust., Supply & Other Intragroup	-7	-11	4	37.3%
EBITDA	154	419	-266	-63.3%
(%) Generation Margin	42.5%	75.6%

Consolidated production variation (GWh)

INTERNATIONAL – REVENUE DRIVERS

Consolidated output (GWh)

Note: The average price in the USA includes €2.4/MWh representing the activity of the battery energy storage system (BESS), which contributed €4.6 million to the margin in H1 2024 and fed 33.4 GWh into the power grid (€138/MWh) The average US price does not include tax incentives on the production of projects representing a total 753 MW, which receive a "normalized" PTC of \$27/MWh

INTERNATIONAL – OPERATING RESULTS

(Million Euro)	H1 2024	H1 2023	C g. ( m)	Chg. (%)
Generation	371	334	36	10.9%
USA & Canada	74	58	16	27.3%
Mexico	102	112	-10	-8.6%
Chile	51	33	18	55.8%
Australia	28	26	2	7.2%
of the World Rest	115	105	10	9.3%
adjust., Supply & Other Intragroup	170	201	-32	-15.7%
Revenues	540	535	5	0.9%
Generation	267	256	12	4.5%
& Canada USA	54	47	7	15.4%
Mexico	70	88	-18	-20.4%
Chile	39	23	16	66.5%
Australia	14	14	0	2.7%
of the World Rest	90	83	6	7.7%
accounted Generation - equity	-8	12	-20	-164.6%
Total Generation	259	268	-9	-3.2%
adjust., Supply & Other Intragroup	5	-1	6	n.m
EBITDA	265	267	-2	-0.8%
(%) Generation Margin	70.0%	80.2%

Key figures H1 2024 EBITDA evolution (€m)

Consolidated production variation (GWh)

03

A P P E N D I X

ACCIONA ENERGÍA – OPERATING RESULTS

Key figures H1 2024

(Million Euro)	H1 2024	H1 2023	( m) C g.	Chg. (%)
Generation Spain	379	569	-190	-33.5%
Generation International	371	334	36	10.9%
adjust., Supply Other Intragroup &	584	856	-272	-31.8%
Revenues	1,333	1,760	-426	-24.2%
Generation Spain	161	430	-270	-62.7%
Generation International	259	268	-9	-3.2%
Supply Other Intragroup adjust., &	-2	-12	11	-86.5%
EBITDA	419	686	-268	-39.0%
(%) Generation Margin	56.1%	77.3%

EBITDA evolution (€m)

Consolidated production variation (GWh)

Consolidated capacity variation (MW)

NET FINANCIAL DEBT

Average debt maturity (years) Av. maturity Credit Lines (years) Average cost of debt Project Debt Corporate Debt

Debt breakdown by nature

DEBT MATURITY & LIQUIDITY

Liquidity and debt principal maturity schedule (€m)

GLOBAL REACH ACROSS 5 CONTINENTS

With presence in 25 countries & 13.9 GW of total installed capacity in H1 2024 (1)

UNDER CONSTRUCTION & SECURED PROJECTS

				MW			(1) Scheduled MW Add. per year
Technology	Country	Asset name	% ANE stake	Total project capacity	Added up to Dec 2023	Added 2024	Currently under const.	Start const. H2 2024	2024	2025	2026	2027	Details
Wind	Australia	MacIntyre Complex	70%	923	473	262	177		439				PPA with CleanCo
PV	Australia	Aldoga	100%	487			487		249	238			Private PPA
Wind	Croatia	Opor	100%	27		27			27				Croatian renewable auction
Wind	Croatia	Boraja	100%	45			45		45				Croatian renewable auction
PV	Spain	Ayora	100%	86		66	20		86				Private PPA
PV	Spain	Escepar y Peralejo Hibridación	100%	49	29			20	20				Spanish renewable auction
Biomass	Spain	Logrosán	100%	50			50		50				Spanish renewable auction
PV	Spain	Hibridación Los Morrones	100%	30						30			Private PPA
Wind	Spain	Repotenciación Tahivilla	100%	84				84		84			Private PPA
PV	Spain	Viscofan	100%	48							48		Private PPA
Wind	Spain	Ouroso	100%	47							47		Private PPA
PV	Dominican Rep.	Cotoperi	51%	163			163		163				FIT
PV	Dominican Rep.	Pedro Corto	51%	83				83		83			FIT
Wind	South Africa	Zen	100%	100				100			100		Private PPA
Wind	South Africa	Bergriver	100%	94				94			94		Private PPA
PV	USA	Red Tailed Hawk	100%	458	371	87			87				Private PPA/ merchant + PTC
BESS	USA	BESS USA	100%	400							400		Merchant + ITC
PV	USA	Madison County	100%	125							125		Private PPA
PV	USA	Fleming County	100%	235							120		115 Private PPA
Wind	Canada	Forty Mile	100%	279			280		257	23			Private PPA
PV	India	Juna	100%	413			413		260	153			Private PPA
Wind	Philippines	Kalayaan 2	49%	101			101			101			Philippines renewable auction
PV	Croatia	Promina	100%	189							100		89 Croatian renewable auction
Total				4,516	874	442	1,734	381	1,681	710	1,035	204

CAPEX & COMMODITY PRICE EVOLUTION

ENERGY RESOURCE IN CONTEXT

INSTALLED CAPACITY

Installed MW (30 June 2024)

	Total	Consolidated	. accounted Eq	Net
Spain	887 5 ,	360 5 ,	252	457 5 ,
Wind	4 666 ,	4 153 ,	246	4 247 ,
Hydro	867	867	0	867
Solar PV	293	278	6	285
Biomass	61	61	0	59
International	8 057 ,	6 969 ,	364	6 610 ,
Wind	991 4 ,	493 4 ,	69	3 925 ,
CSP	64	64	0	48
Solar PV	2 812 ,	2 222 ,	295	2 447 ,
Storage	190	190	0	190
Total	13 944 ,	12 329 ,	616	12 068 ,

EQUITY ACCOUNTED CAPACITY

Proportional figures (30 June 2024)

	MW	GWh	( m) EBITDA	( m) NFD
Wind Spain	246	321	4	-35
Wind International	69	75	2	- 8
Australia	32	29	1	- 8
Hungary	12	12	0	0
Vietnam	21	34	0	0
USA	4	1	0	0
Solar PV	302	278	5	129
Total equity accounted	616	675	11	85

EQUITY ACCOUNTED CONTRIBUTION TO EBITDA

(Million Euro)	H1 2024	H1 2023	( m) C g	(%) Chg
Spain	- 1	54	-55
International	- 8	12	-20
Portugal	0	10	-10
Hungary	0	1	0
Egypt	- 1	3	- 3
USA	0	0	0
Mexico	- 8	- 2	- 6
Australia	1	1	0
(1) Total accounted Generation EBITDA equity	- 9	66	-75	-114 2%
(1) Others	- 3	- 1	- 2
(1) Total equity accounted EBITDA	-12	65	-77	-118 6%

SPAIN – ACHIEVED PRICES

	Consolidated	Ac ieved price ( )			( m) Revenues
	production (GWh)	Market	Rinv+Ro	Banding	Gas Clawback	Total	Market	Rinv+Ro	Banding	Gas Clawback	Total
H1 2024
Regulated	098 1 ,	3 41	0 14	-12 4		42 9	45	15	-14		47
Wholesale - hedged	3 410 ,	79 9				79 9	272				272
Wholesale - unhedged	1 370 ,	43 1				43 1	59			0	59
Total - Generation	5 879 ,	64 1	2 6	-2 3		64 4	377	15	-14	0	379
H1 2023
Regulated	1 070 ,	88 0	6 7	11 7		106 5	94	7	13		114
Wholesale - hedged	3 112 ,	126 4				126 4	393				393
Wholesale - unhedged	889	91 2			-21 7	69 6	81			-19	62
Total - Generation	5 070 ,	112 1	1 4	2 5	-3 8	112 2	569	7	13	-19	569
Chg (%)
Regulated	2 7%					-59 7%					-58 6%
Wholesale - hedged	9 6%					-36 8%					-30 7%
Wholesale - unhedged	54 1%					-38 1%					-4 6%
Total - Generation	15 9%					-42 6%					-33 5%

WIND – DRIVERS BY COUNTRY

		2024 H1		2023 H1	(%) Chg
		price ( ) Av.	(%) LF	price ( ) Av.	(%) LF	price ( ) Av.
	Spain Average	71 8	9% 23	106 6	0% 24	6% -32
	- Regulated Spain	97 2		96 .4		0 9%
	regulated Spain - Not	64 .5		111 8		-42 3%
	Canada	57.7	31 9%	63 6	30 .7%	-9 3%
	USA (2)	25 9	6% 22	26 8	.7% 23	.5% -3
	India	46 8	20 .7%	47.6	23 8%	-1 6%
	Mexico	67 8	33 3%	69 .7	34 6%	-2 8%
	Costa Rica	116 9	56 .4%	112 6	64 2%	3 8%
	Australia	52 .4	22 6%	46 .5	28 2%	12 9%
	Poland	105 9	9% 26	86 0	.4% 25	1% 23
	Croatia	132 9	30 9%	123 0	28 9%	8 0%
	Portugal	80 8	27 8%	104 0	25 9%	-22 3%
	Italy	111 8	19 6%	114 3	18 3%	-2 2%
	Chile	53 2	29 .4%	29 9	34 .5%	78 2%
	South Africa	80 6	2% 28	78 1	2% 30	2% 3
	Peru	28 9	45.5%	n.m	n.m	n.m

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

2. 753 MW located in the US additionally receive a "normalized" PTC of \$27/MWh

OTHER TECHNOLOGIES – DRIVERS BY COUNTRY

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

	H1 2024		H1 2023	Chg (%)
	( ) . price Av	(%) LF	( ) . price Av	(%) LF	( ) . price Av
Hydro
Spain	82 6	36 1%	131 1	22 5%	-37 0%
Biomass
Spain	154 3	6% 58	120 6	0% 74	9% 27
Solar Thermoelectric
USA	193 9	18 8%	192 7	17 1%	0 6%
Solar PV
South Africa	160 8	22 5%	156 1	23 0%	3 0%
Chile	53 2	21 1%	29 9	24 1%	78 2%
Ukraine	102 5	12 8%	101 3	10 8%	2% 1
USA	28 7	16 8%	50 0	25 9%	-42 7%
Dominican Rep	79 0	1% 19	136 2	8% 18	0% -42
Spain	41 3	0% 18	62 6	6% 26	1% -34

Total Amounts (€m)

Total Instruments (#)

2024 Amounts (€m)

SUSTAINABLE FINANCE AND ESG RATINGS

SPAIN – MARKET OVERVIEW

Pool price evolution (€/MWh)

1. Pool price Jan-Dec 2024: Actual prices until 19 of july 2024 and futures for the rest of the year.

Electricity demand

TTF Average H1 2024 29,6 Average H1 2023 44,4 Commodities

CO2

63,8

86,7

41

INTERNATIONAL – MARKET OVERVIEW

Electricity demand (GW)

Exchange rates

E / S A E /A S A AN A

	Average
		EUR/USD EUR/AUD
2023	1,082	1,631
H12024	1,077	1,642
Chg. (%)	0%	-1%

Monthly demand ( W)

	Closing
		EUR/USD EUR/AUD
2023	1,104	1,621
H12024	1,071	1,606
Chg. (%)	3%	1%

Commodities

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

3 0 t h H 1 2 0 2 4 – J a n u a r y – J u n e J u l y 2024