Acciona S.A.

Investor Presentation • Nov 5, 2020

COMISION NACIONAL DEL MERCADO DE VALORES

Madrid, 5 de noviembre de 2020

Muy Sres. nuestros:

Dear Sirs,

ACCIONA adjunta presentación en inglés que se seguirá en la multiconferencia de mañana día 6 de noviembre, a las 10:00h (CET). La presentación podrá ser seguida vía webcast a través de la Web de ACCIONA (www.acciona.com)

ACCIONA attaches the presentation to follow the conference call to be held tomorrow 6 th of November at 10:00am (CET). The presentation can be followed via webcast through Acciona's website (www.acciona.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

9 M 2 0 2 0 - J a n u a r y - S e p t e m b e r ⁶ N o v e m b e r ²⁰²⁰

| A C C I O N A 9 M 2 0 2 0 R E S U L T S

D I S C L A I M E R

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 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" 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.

Results Report includes the list and definition of the Alternative Performance Measures (APMs) used both in this presentation and the Results Report, according to the guidelines published by the European Securities and Markets Authority (ESMA).

K E Y H I G H L I G H T S 9 M 2 0 2 0

Q3 performance confirms the improving trend in the operating environment

G R A D U A L C O N V E R G E N C E T O W A R D S ' N O R M A L I S E D ' P R O F I T A B I L I T Y L E V E L S A C R O S S M O S T O F A C C I O N A ' S B U S I N E S S E S …

› …although the slope of recovery has proven to be less steep than anticipated at the outset of the Pandemic

E B I T D A 9 M 2 0 2 0 D O W N B Y 2 4 % - N A R R O W I N G T H E G A P R E L A T I V E T O H 1 W H E R E E B I T D A F E L L B Y 2 9 % …

› COVID-19 impact diminishing with €50m impact at EBITDA level in Q3 relative to €144m in H1

R E S I L I E N T E N E R G Y D E S P I T E L O W E R S P A N I S H R E G U L A T O R Y / W H O L E S A L E P R I C E S , A N D G E N E R A L L Y W E A K W I N D V O L U M E S

› Incremental EBITDA from newly commissioned projects contributes to mitigating lower 2020 prices/volumes

› ~80% of Energy EBITDA on an ongoing basis arising from regulated/contracted assets

I N F R A D I V I S I O N S U F F E R S A C U T E I M P A C T F R O M C 1 9 B U T B A C K T O P O S I T I V E E B I T D A I N Q 3

S I G N I F I C A N T A C C E L E R A T I O N I N G R O W T H P R O S P E C T S – E N E R G Y V I S I B I L I T Y A N D I N F R A B A C K L O G A T A L L - T I M E H I G H S D E S P I T E C 1 9

› Energy 5GW target: >100% covered by scheduled capacity additions (3.6GW) and high probability development projects in a mature stage (2.7GW)

› Infra project backlog as of September stands at €12.7bn with €7.5bn new additions, as well as >€1bn of potential projects as preferred bidder in October

› Megatrends continue to support ACCIONA's sustainable business model

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 A N D T H E B U S I N E S S P L A N – C 1 9 W I L L N O T S E T B A C K A C C I O N A ' S G R O W T H

› Net debt remains flat relative to H1 with controlled investment cash outflows and positive WC

› Asset disposal process on track

K E Y F I G U R E S 9 M 2 0 2 0

	9M 2020 (€m)	% Chg. vs 9M 2019		9M 2020 (€m)	9M 2019 (€m)
Revenues	4,554	-13.9%	Total Investment	660	982
EBITDA	760	-23.8%
EBT	136	-61.4%		9M 2020 (€m)	Dec 2019 (€m)
of which Nordex contribution	-56	62.6%	Net Financial Debt	(1) 5,230	4,915
Attributable net profit	78	-63.4%	Net Financial Debt (incl.IFRS16)	5,694	5,317

• Depreciation of wind and PV over 30 years lower depreciation charges and one-off partial reversal of 2013 impairment
• EBITDA figures presented including equity-accounted investments when underlying activity is analogous to the group's

Q U A R T E R L Y R E V E N U E & E B I T D A – C L O S I N G T H E G A P

Converging towards normalized levels of activity – expect trend to continue in Q4 and 2021

I N V E S T M E N T B Y D I V I S I O N

Total Investment breakdown Key highlights

(Million Euro)	Jan-Sep 20	Jan-Sep 19
Energy	502	346
Infrastructure	117	369
Construction	58	34
Concessions	9	288
Water	10	9
Service	40	37
Other Activities	-1	17
Net Ordinary Capex	618	731
Property Development	42	251
Total Investment	660	982

• Reduction in quarterly investment cash outflows to contain indebtedness, while protecting the business plan – no energy investments have been postponed
• Energy growth represents the majority of investment during the period:
  • Construction of new windfarms mainly in Mexico (Santa Cruz, San Carlos), USA (La Chalupa, Palmas Altas), Australia (Mortlake) and Chile (Tolpán)
  • New PV capacity in Chile (Usya)
• The investment in the Infrastructure division is associated mainly with the first instalment of LLE acquisition and, to a lesser extent, investment in equipment
• Steep decline in investment in property development, 9M 2019 included the Mesena development project acquisition

Quarterly investment evolution (€m)

N E T D E B T E V O L U T I O N

Net debt reconciliation 9M 2020 (€m)

D E S P I T E C O V I D - L E D F A L L I N E B I T D A , N E T D E B T I N C R E A S E S A R E C O N T A I N E D W I T H R E D U C E D I N V E S T M E N T C A S H F L O W S A N D H A L V E D D I V I D E N D , A S W E L L A S F L A T T I S H W O R K I N G C A P I T A L

• 1. IFRS16 adjustment as of December 2019 not included (€402m)
• 1. IFRS16 lease payments: €77m of which €18m is reflected in Financial results (interests) and €59m in Derivatives, FX & IFRS16 principal
• 1. Includesthe portfolio of Spanish concessions classified as held for sale (€127m)

N E T F I N A N C I A L D E B T

L I Q U I D I T Y A N D N E A R - T E R M D E B T M A T U R I T Y

Liquidity remains at peak levels and markets have normalised significantly in recent months

• Commercial paper market and EMTN activity recovering fast
• Bank of Spain/ECB remains supportive in commercial paper issuance
• Ordinary renewal and extension of bilateral and syndicated facilities throughout the worst of COVID
• Pipeline of targeted financing transactions leveraging on our green/ESG credentials and innovation

Liquidity evolution (€m)

Near-term debt maturities (€m)

1,577

E N E R G Y B U S I N E S S

(Million Euro)	Jan-Sep 20	Jan-Sep 19	Chg.	Chg. (%)
Generation Spain	491	571	-80	-13.9%
Generation International	486	493	-7	-1.4%
Other & Adjustments	291	434	-143	-32.9%
Revenues	1,268	1,497	-229	-15.3%
Generation Spain	270	302	-32	-10.8%
Generation International	342	325	17	5.3%
Other & Adjustments	-30	-22	-7	-33.0%
EBITDA	583	605	-23	-3.7%
Generation Margin (%)	62.6%	59.0%

Key figures 9M 2020 EBITDA evolution (€m)

Consolidated capacity variation (MW) Consolidated production variation (GWh)

E N E R G Y B U S I N E S S P L A N – H I G H V I S I B I L I T Y

Major increase in scheduled capacity additions

which 2.7 GW are high probability development projects in a mature stage

M O R E T H A N 1 0 0 % O F 5 G W T A R G E T C O V E R E D B Y S C H E D U L E D C A P A C I T Y A N D H I G H P R O B A B I L I T Y M A T U R E P R O J E C T S

I N F R A S T R U C T U R E B U S I N E S S

(Million Euro)	Jan-Sep 20	Jan-Sep 19	Chg.	Chg. (%)
Construction
Revenues	1,950	2,556	-606	-23.7%
EBITDA	22	232	-209	-90.4%
Margin (%)	1.1%	9.1%
Concessions
Revenues	59	58	1	1.7%
EBITDA	36	40	-4	-9.6%
Margin (%)	60.6%	68.2%
Water
Revenues	701	514	188	36.5%
EBITDA	65	52	13	25.7%
Margin (%)	9.3%	10.1%
Services
Revenues	535	605	-70	-11.5%
EBITDA	5	28	-23	-81.2%
Margin (%)	1.0%	4.6%
Consolidation Adjustments	-62	-33	-29	-88.9%
Total Infrastructure
Revenues	3,184	3,700	-516	-13.9%
EBITDA	128	351	-223	-63.4%

1. Spain not included

Total Backlog (€m)

I N F R A B A C K L O G - A D V A N C I N G D E S P I T E C O V I D - 1 9

Infrastructure activity – gradual stabilisation after Q2 disruption

• Activity resuming normality no suspended projects due to COVID, much improved logistics & procurement, and resuming International mobility
• Reaching agreements with a number of clients with respect to sharing COVID impacts in existing projects, new contracts contain COVID-specific clauses
• Successful delivery of projects: Dubai Metro inauguration, Sidney Light Rail opened to the public, and Quito Metro in final construction phase
• Backlog at historical highs closing of acquisition of LendLease Engineering projects, confirmation of Linha 6 metro project in São Paulo, together with other major awards (Millennium Line Broadway metro project in Canada, Malolos Railway in Philippines, etc.)

New project additions (€m) Infrastructure projects backlog (€m)

O T H E R A C T I V I T I E S

Property Development - Key figures 9M 2020 Bestinver - Key figures 9M 2020

(Million Euro)	Jan-Sep 20	Jan-Sep 19	Chg.	Chg. (%)
Revenues	107	71	36	50.8%
EBITDA	8	-4	12	n.a
Margin (%)	7.7%	-5.9%

(Million Euro)	Jan-Sep 20	Jan-Sep 19	Chg.	Chg. (%)
Revenues	76	72	4	4.9%
EBITDA	42	46	-4	-9.4%
Margin (%)	55.7%	64.5%

Estimated GAV breakdown and units delivered

C O N C L U D I N G R E M A R K S

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

› …despite COVID uncertainties in Q4

A C C I O N A ' S B U S I N E S S M O D E L R E M A I N S I N T A C T A N D V E R Y R E L E V A N T I N A P O S T - C O V I D W O R L D

› COVID impact is manageable and of a temporary nature – does not challenge our business plan

› Demand for sustainable energy & infrastructure remains strong and poised to benefit from recovery plans

Q 4 2 0 2 0 – I N T E N S E F O C U S O N O P E R A T I O N A L D E L I V E R Y A N D E X E C U T I O N O F P L A N N E D D I S P O S A L S

› containing temporary increase in Net Debt/EBITDA ratio within a range of 4.4-4.6x at year end

02

A P P E N D I X

A C C I O N A : E B I T D A B Y T Y P E O F A C T I V I T Y

(Million Euro)	Jan-Sep 2020	Jan-Sep 2019		LT CONTRACTED ASSETS & INFRA
Renewable Generation	612	627	71%	MANAGEMENT CONTRACTS (2)	63%
Infrastructure Concessions - Trans., Social & Water	53	65
Long-term Asset Business	665	692	6%
Infrastructure Services	31	57	9% Non - LT		23%
Financial Services	42	46	(15%) Contracted Generation
Services Business	73	104			10%
Greenfield Infrastructure - EPC	49	235		(10%)
Renewable Energy Development	-10	2
Property Development	8	-4	85%
Greenfield Development Business	48	233			67%
Corporate & other	-25	-32
Total ACCIONA	760	997
(1) LT asset business as % of total EBITDA	85%	67%
(1)(2) LT contracted assets & infra.mngt.contracts as % of total EBITDA	71%	63%	9M 2020	EBITDA (€m)	9M 2019

L O N G - T E R M A S S E T B U S I N E S S

Renewable Generation Infrastructure Concessions - Trans., Social & Water S E R V I C E S B U S I N E S S Infrastructure Services Financial Services

G R E E N F I E L D D E V E L O P M E N T B U S I N E S S

Greenfield Infrastructure – Infra projects Renewable Energy Development Property Development

RISK

1. Percentages are calculated on EBITDA before consolidation adjustments, corporate costs & others

2. Renewable Generation excluding Non-LT Contracted + Infrastructure Concessions + Infrastructure Services

D E B T M A T U R I T Y & B R E A K D O W N

Debt breakdown by nature

I N C O M E F R O M A S S O C I A T E S - 2 0 1 9 & 2 0 2 0 B R E A K D O W N

	Q1 2020	H1 2020	9M 2020	Q1 2019	H1 2019	9M 2019	FY 2019
Energy	28	37	51	17	30	39	46
Generation Spain	25	26	32	11	15	19	26
Generation International	4	10	17	5	13	17	17
Other	0	1	2	1	2	2	3
Infrastructure	7	1	12	17	16	25	35
Construction	-1	-15	-13	9	-3	-5	-5
Water	4	10	15	5	11	18	23
Services	0	0	0	0	0	0	0
Concessions	3	6	10	3	7	12	17
Other Activities	0	0	0	0	0	0	0
Operating income from associated companies	35	38	63	34	46	64	81
Non-operating income from associated companies (Nordex)	-22	-72	-56	-10	-33	-34	-20
Income from associated companies (1)	12	-34	7	24	12	30	61

E N E R G Y B U S I N E S S – S C H E D U L E D C A P A C I T Y A D D I T I O N S

	E N E R G Y	A C C I O N A 9 M 2 0 2 0 R E S U L T S	B U S I N E S S		–			S C H E D U L E D				C A P A C I T Y A D D I T I O N S
Technology	Country	Asset name	% ANA stake	Total	M W Added YTD	Under const. Sep 2020	Start const 2021	Scheduled Capacity Additions per year (MW) 2020	2021	2022	2023	Details
PV	Chile	Usya	100%	64	64			64				Private PPA
Wind	Chile	Tolpán	100%	78	78			78				PPA with Discoms + Private PPA
Wind	Mexico	Santa Cruz	100%	138	138			138				Private PPA
Wind	Mexico	San Carlos	100%	198	3	195		69	129			Private PPA
Wind	Australia	Mortlake	100%	158		158		41	117			PPA with State of Victoria
Wind	USA	Chalupa	100%	198	107	91		198				Financial hedge + PTC + Merchant
PV	Chile	Malgarida	100%	238		238		90	148			Private PPA
PV	Spain	Sierra Brava	100%	1	1			1				Innovative demostration project: grid-connected floating photovoltaic solar plant
Wind	Spain	Celada III	100%	48			48		48			Private PPA
PV	Spain	Extremadura	100%	125			125			125		Private PPA
PV	Spain	Ayora	100%	86			86			86		Private PPA
Wind	Australia	MacIntyre Complex	90%	1,026			1,026			536	490	Private PPA with CleanCo for 40% of the production. ACCIONA will own 923 MW and build 103 MW for CleanCo. In advanced negotiations with offtaker-investment partners and working on additional PPAs
PV	USA	Tenaska Portfolio	100%	890			890		125	360	405	Private PPA + Financial hedge + ITC
PV	USA	Fort Bend	100%	316			316		260	56		Financial helge + ITC
Total				3,565	392	682	2,491	680	827	1,163	895

Scheduled capacity additions of 3.6 GW cover 72% of 5 GW target for the period 2020-24

These projects represent capacity added so far this year (+392 MW) plus capacity under construction (+682 MW) or starting construction in 2021 (+2,491MW)

Additionally, ACCIONA has 2.7 GW of high probability projects in a mature stage - out of a total pipeline of 14.8 GW

Scheduled capacity additions together with the high probability mature stage pipeline cover more than 100% of the 5 GW target by 2024

E N E R G Y B U S I N E S S – I N S T A L L E D C A P A C I T Y

Installed MW (30 September 2020)

	Total	Consolidated	Eq accounted	Net
Spain	5,677	4,452	593	5,014
Wind	4,738	3,514	593	4,078
Hydro	873	873	0	873
Solar PV	4	4	0	4
Biomass	61	61	0	59
International	4,829	3,991	358	3,438
Wind	3,563	3,360	48	2,599
CSP	64	64	0	43
Solar PV	1,203	566	310	796
Total	10,506	8,443	952	8,452

E N E R G Y B U S I N E S S – E Q U I T Y - A C C O U N T E D C A P A C I T Y

Proportional figures (30 September 2020)

	MW	GWh	EBITDA (€m)	NFD (€m)	Average COD(1)
Wind Spain	593	861	27	28	2005
Wind International	48	74	2	0	2005
Australia	32	49	1	0	2005
Hungary	12	16	0	0	2006
USA	4	9	0	0	2003
Solar PV	310	566	22	0	2017
Total equity accounted	952	1,500	51	28

E N E R G Y – W I N D D R I V E R S B Y C O U N T R Y

Wind prices (€/MWh) (1) and Load factors (%)

		9M 2020		9M 2019	Chg. (%)
		Av. price (€/MWh)	LF (%)	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)
	Average	66.3	21.4%	75.6	24.0%	-12.3%
Spain	Regulated	81.8		88.5
	Not regulated	38.6		51.2
Canada		55.8	29.8%	57.7	28.2%	-3.2%
USA (2)		24.9	29.3%	30.9	33.2%	-19.5%
India		50.5	27.3%	53.8	31.5%	-6.1%
Mexico		62.8	34.1%	63.4	36.0%	-0.9%
Costa Rica		89.5	54.3%	84.0	62.6%	6.6%
Australia		58.6	32.4%	67.3	32.1%	-13.0%
Poland		86.1	25.6%	87.9	26.4%	-2.0%
Croatia		108.3	25.6%	109.1	29.4%	-0.7%
Portugal		99.4	27.0%	109.0	27.1%	-8.8%
Italy		118.7	16.3%	130.6	17.7%	-9.1%
Chile		57.1	31.1%	105.5	26.1%	-45.9%
South Africa		72.0	26.0%	79.7	26.8%	-9.7%

1. 238MW located in the US additionally receive a "normalized" PTC of \$25/MWh

E N E R G Y – O T H E R T E C H N O L O G I E S D R I V E R S B Y C O U N T R Y

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

	9M 2020		9M 2019		Chg. (%)
	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)
Hydro
Spain	41.6	33.2%	59.0	21.1%	-29.6%
Biomass
Spain	127.1	82.8%	146.8	81.5%	-13.4%
Solar Thermoelectric
USA	178.9	22.6%	177.7	23.3%	0.7%
Solar PV
South Africa	144.5	22.6%	159.3	23.8%	-9.3%
Chile	70.9	21.9%	73.3	20.0%	-3.3%
Ukraine	138.9	15.9%	156.2	19.7%	-11.1%

I N F R A S T R U C T U R E B U S I N E S S – C O N C E S S I O N S

	Road	Rail	Canal	Port	Hospital	Water	(1) Total
# of concessions	6	3	1	1	5	53	69
Proportional EBITDA 9M 2020 (€m)	33	4	3	0	24	39	94
Consolidated EBITDA 9M 2020 (€m)	29	0	0	0	15	32	26
Average life (yrs)	30	35	20	30	28	26	29
Average consumed life (yrs)	13	11	14	15	10	13	12
Invested capital (2) (€m)	318	373	75	17	327	267	1,390

• 1. For construction concessions EBITDA and invested capital include -€9m and €12m from holdings respectively. Lives are weighted by BV excluding holdings
• 1. Invested capital: Capital contributed by banks shareholders and others finance providers
• 1. Debt figure includes (i) net debt from concessions accounted by the equity method (€160m), (ii) net debt from the Spanish concessions portfolio held for sale accounted by the equity method (€308m) and (iii) net debt from the Spanish concessions portfolio held for sale fully consolidated (€115m)
• 1. Debt figure includes net debt from water concessions accounted by the equity method (€94m)

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

9 M 2 0 2 0 - J a n u a r y - S e p t e m b e r ⁶ N o v e m b e r 2020