Acciona S.A. — Investor Presentation 2020

May 7, 2020

COMISION NACIONAL DEL MERCADO DE VALORES

Madrid, 7 de mayo de 2020

Muy Sres. nuestros:

Dear Sirs,

ACCIONA adjunta presentación en inglés que se seguirá en la multiconferencia de mañana día 8 de mayo 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 8 th May 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

Q1 2020 — January-March Results presentation & COVID-19 update

8th May 2020

2 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 plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates" and similar expressions.

Although ACCIONA believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ACCIONA shares are cautioned that forwardlooking 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).

COVID-19 Update

C OV I D - 1 9 – Pa n d e m i c P ro t e c t i o n P l a n 2 0 2 0

Additional measures to be implemented as required by the evolution of the pandemic crisis

Preliminary implications of COVID-19 in Energy and Infra

C OV I D - 1 9 – E n e rg y b u s i n e s s 7

Operations & Maintenance

• Fleet operating according to Business Continuity Plan
  • Excellent performance in availability (97.2% Q1 2020 vs. 96.6% FY 2019) and safety
  • Seamless operations at control center (CECOER)
  • Lessons learnt to lead to future opex reductions

Markets

• Spanish generation: weak pool prices will hurt profitability but impact mitigated by regulatory banding mechanism and hedging strategy
  • Drop in demand, low price of commodities and high hydro production shape the decline in Spanish pool price (-43% vs. Q1 2019)
  • International generation: limited merchant exposure and low volume and counterparty risk

Projects under construction

No major delays so far, contingency plans and supply chain strategies in place

Growth plan

• Some near-term opportunities delayed, mid-term on track. Open to new prospects (projects and customers)
• Offtakers continue to show appetite for clean PPAs we continue to progress with existing PPA pipeline
• Renewables remain most competitive technology for new capacity additions, despite current oil&gas prices

Resilient operation despite challenging environment

Energy growth

1,061MW approved investments with CoD in 2020-2021 on track

Complex short-term picture in Construction but expect quick recovery

• Infrastructure considered 'essential activity' in our strategic countries and a tool for economic recovery
• Tendering activity remains at high levels in the market although some regions are highly affected (LatAm)
  • ACCIONA new project awards so far in line with targets, but expect some spill-over of 'win-and-do' production into 2021
• We envisage a material impact on 2020 production in EPC projects and higher costs (new H&S practices)
  • 'Win-and-do', temporary restrictions & lower productivity to bear on 2020 revenues
  • Impact on margins expected, but implementing fixed cost reduction counter measures
  • Working capital also will be affected in 2020
• Contractually, force majeure & change in law clauses as main avenues to recover time and cost impact
• Water business largely unaffected as considered essential service
• Service businesses highly impacted in non-essential segments (facility management, airport handling, mobility), but no impact experienced in essential services (hospitals, city services)
• Concessions only limited impact in two road concessions in Spain which are exposed to traffic risk

Positioned to benefit from investment-led economic recovery – pandemic impact expected to be temporary

C O V I D - 1 9 – I n f ra E P C p ro j e c t o v e r v i e w b y re g i o n 10

MIDDLE EAST 11% EPC Backlog

essential

EUROPE

45% EPC Backlog

On-going – Essential infrastructure

PPP

Qatar: works on-going as water projects are considered

Saudi Arabia: works on-going as water projects are

EAU: works on.going

considered essential

On-going – Works restarted

• Spain: after two weeks of suspension, 90% of works have restarted (140/153)
• Poland: all works on-going, only around 50% have slowed down
• Norway: works on-going. Agreement on COVID-19 impacts (EoT and Costs)

CANADA

12% EPC Backlog On-going – with one particular project affected PP

LATAM

18% EPC Backlog Suspensions and delays

• Ecuador: Metro suspended
• Mexico: works suspended. Restart expected on June 1
• Chile: projects on-going , but works delayed due to travel restrictions
• Peru, Panama: works suspended by clients, preparing plans to restart

SOUTH E EAST ASIA

5% EPC Backlog

Works suspended and remote for some activities

• Philippines: suspension of Works by Authorities, conversations to restart with a special permit
• Vietnam and Hong Kong: remote working for engineering activities. On site works on-going

AUSTRALIA & NEW ZEALAND

9% EPC Backlog

On-going – Works re-stated

• Australia: 100% works on-going with increased safety measures. Particular projects with supply issues
• New Zealand: works suspended by client three weeks. Activities restarting with additional safety measures. Agreements on EoT and Cost progressing

Temporary suspension of EPC works has been quite limited across our portfolio

Nevertheless, the majority of sites have some level of incidence-more restrictive mobility and H&S practices

Q1 2020 Results

Ke y h i g h l i g h t s Q 1 2 0 2 0 12

• Moderate impact from COVID-19 in Q1 (€24m EBITDA) given disruption concentrated on later part of March
• EBITDA remains flat:
  • Energy: weak prices and lower regulated revenues in Spain offset higher output and new capacity
  • Infrastructure: lower Construction due to higher Quito and Mexican airport contribution last year
• EBITDA figures are now presented including the contribution of equity-accounted investments when the underlying activity is analogous to the group's main businesses (i.e. renewables, concessions)
• Starting in Q1 2020, windfarms and solar PV facilities are depreciated over 30 years (vs. 25 years)
  • Lower depreciation charges from these generation assets going forward on net book value
  • One-off partial reversal of impairment recorded in 2013 due to the Spanish regulatory reform
• Overall investment at similar levels that previous year but heavily concentrated in Energy
  • Progressing with more than 1 GW of projects under construction during 2020
  • MacIntyre 1 GW mega wind project in Australia advancing in development and key agreements
  • Steep reduction in Real Estate inventory build-up
• Major increase in liquidity completed in April to accommodate potential prolonged disruption of ECP market

	Q1 2020	% Chg.
	(€m)	vs Q1 2019
Revenues	1,622	-5.1%
EBITDA	325	-0.2%
EBT	128	+8.4%
Attributable net profit	78	+6.9%
	Q1 2020	Q1 2019
	(€m)	(€m)
Total Investment	322	270
Net Financial Debt	5,200	4,733
Net Financial Debt incl. IFRS16	5,621	4,929

Total Investment breakdown Key highlights

(Million Euro)	Jan-Mar 20	Jan-Mar 19
Energy	284	101
Infrastructure	38	38
Construction	12	15
Concessions	9	1
Water	2	5
Service	16	17
Other Activities	-6	-2
Net Ordinary Capex	316	136
Real Estate	6	133
Total Investment	322	270

• Most of the investment goes to Energy growth:
  • -Construction of new windfarms mainly in Mexico (Santa Cruz, San Carlos), USA (Palmas Altas, La Chalupa) and Chile (Tolpan)
  • -New PV capacity in Chile (Usya)
• The investment in the Infrastructure division during the period mainly in equipment
• Other Activities includes the sale of Interfrisa
• Steep decline in investment in Real Estate development. Q1 2019 included the Mesena development project acquisition

Net debt reconciliation Q1 2020 (€m)

Increase in Net Debt driven by investment

16 G ro u p : N e t f i n a n c i a l d e b t

17 C u r re n t l i q u i d i t y p o s i t i o n

Successful actions to boost liquidity – comfortable position to address any market volatility

• Incremental liquidity actions COVID-19: since the start of the pandemic ACCIONA has proactively arranged incremental liquidity transactions amounting to more than €900m
  • €854m in bilateral committed facilities from our relationship banks
  • €30m NSV (German registered bond) with 15 year maturity
  • Ordinary renewal of bilateral credit lines and loans
• Extension of syndicated credit line of €1.44bn, and €1.3bn syndicated term loan from 2024 to 2025
• DBRS investment grade rating BBB, R-2 (middle) eligibility for ECB debt purchase programmes

Liquidity evolution and May-Dec 2020 debt maturities

(1) Adjusted for Nordex tender offer cash deposit. Deposit cancelled and facility repaid on 10 of Jan 2020. FY 2019 available facilities figure included €455m undrawn amounts from €675m ESG-linked syndicated term loan

(Million Euro)	Jan-Mar 20	Jan-Mar 19	Chg.	Chg. (%)
Generation Spain	184	211	-28	-13.0%
Generation International	188	183	5	3.0%
Other & Adjustments	104	150	-46	-30.8%
Revenues	476	545	-68	-12.5%
Generation Spain	119	128	-9	-6.8%
Generation International	132	128	4	3.4%
Other & Adjustments	-8	-17	9	54.1%
EBITDA	244	239	5	2.1%
Generation Margin (%)	67.5%	64.9%

Consolidated capacity variation (MW) Consolidated production (GWh)

Key figures EBITDA evolution (€m)

Flattish EBITDA on the back of higher output but lower realised prices in Spain

19 I n f ra s t r u c t u re

(Million Euro)	Jan-Mar 20	Jan-Mar 19	Chg.	Chg. (%)
Construction
Revenues	674	781	-107	-13.7%
EBITDA	25	47	-22	-47.2%
Margin (%)	3.7%	6.0%
Concessions
Revenues	21	19	2	8.2%
EBITDA	14	14	0	0.2%
Margin (%)	64.4%	69.5%
Water
Revenues	237	123	115	93.5%
EBITDA	18	15	3	20.8%
Margin (%)	7.7%	12.3%
Services
Revenues	194	190	4	2.1%
EBITDA	3	5	-2	-36.9%
Margin (%)	1.6%	2.5%
Consolidation Adjustments	-23	-5	-17	-316.5%
Total Infrastructure
Revenues	1,104	1,108	-4	-0.4%
EBITDA	60	80	-21	-25.8%

Key figures EBITDA evolution (€m)

Backlog (€m)

Property Development - Key figures

20 O t h e r A c t i v i t i e s

(Million Euro)	Jan-Mar 20	Jan-Mar 19	Chg.	Chg. (%)
Revenues	46	47	-1	-1.4%
EBITDA	10	-6	16	268.5%
Margin (%)	22.0%	-12.9%

Bestinver- Key figures

(Million Euro)	Jan-Mar 20	Jan-Mar 19	Chg.	Chg. (%)
Revenues	25	24	2	6.9%
EBITDA	12	15	-3	-18.1%
Margin (%)	49.5%	64.7%

GAV breakdown Assets under management (€m)

Outlook 2020 in the COVID-19 context

C OV I D - 1 9 – 2 0 2 0 o u t l o o k i n p a n d e m i c c o n t ex t 22

The 2020 outlook provided on 28 February (FY 2019 results presentation) is no longer valid post the pandemic outbreak

• ACCIONA envisages a reduction in its 2020 EBITDA relative to 2019 reported figures

  • Low degree of visibility of extent of impact in Infrastructure business
  • Q2 expected to bear the brunt of the impact, potential gradual recovery could come in Q3-Q4
  • We currently envisage group EBITDA falling by ^±15% relative to 2019 as working scenario

• Net Debt to EBITDA ratio expected to temporarily exceed our financial policy in 2020 – Our priority is to contain the increase in the FY 2020 ratio at ~4.5x

• ACCIONA remains committed to achieving ratios consistent with its financial policy of below 4.0x as the economic environment normalizes
• Preserving capital expenditure within a solid solvency position overriding objectives

Appendix

G ro u p : D e b t m a t u r i t y & b re a kd o w n 24

Debt breakdown by nature

(1) Extension of €1.3bn syndicated term loan from 2024 to 2025 signed in April

I n c o m e f ro m a s s o c i a t e s : A c c o u n t i n g p o l i c y c h a n g e 25

2019		2020
Revenues		Revenues
Operating costs		Operating income from associated companies
		Operating costs
EBITDA		EBITDA
Depreciation and amortisation		Depreciation and amortisation
Results on non-current assets		Results on non-current assets
Other gains or losses		Other gains or losses
EBIT		EBIT
Net financial result		Net financial result
Income from associated companies		Non-operating income from associated companies
P&L from changes in value of instruments at fair value		P&L from changes in value of instruments at fair value
EBT		EBT
Corporate purpose	P&L	Example

Similar to the Group Operating income from associates Windfarm Not analogous to the Group Non-operating income from associates Nordex

• It provides a more faithful representation of the company's performance of ordinary investments and operations and financial indicators, also aligned with rating agencies ratio calculations
• Endorsed by Decision EECS/0114-06 issued by ESMA and IASB Exposure Draft ED/2019/7

I n c o m e f ro m a s s o c i a t e s 2 0 1 9 & Q 1 2 0 2 0 b re a kd o w n 26

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

(1) The 2019 figures has been restated with contribution from associates with negative BV included in "other gains or losses"

	Installed MW
31-Mar-20	Total	Consolidated	Eq accounted	Net
Spain	5,676	4,451	593	5,013
Wind	4,738	3,514	593	4,078
Hydro	873	873	0	873
Solar PV	3	3	0	3
Biomass	61	61	0	59
International	4,565	3,726	358	3,173
Wind	3,312	3,109	48	2,348
CSP	64	64	0	43
Solar PV	1,189	553	310	783
Total	10,240	8,177	952	8,186

28 E n e rg y : Eq u i t y - a c c o u n t e d g e n e ra t i o n c a p a c i t y

	Q1 2020 (proportional figures)
31-Mar-20	MW	GWh	EBITDA	NFD	(1) Average COD
Wind Spain	593	378	9	101	2005
Wind International	48	25	1	-1	2005
Australia	32	17	0	-1	2005
Hungary	12	5	0	0	2006
USA	4	3	0	0	2003
Solar PV	310	147	6	63	2017
Total equity accounted	952	551	16	162

Technology	Country	Asset name	% ANA stake	Total MW	Consol. MW	Net MW	MW added YTD	MW const. Mar 2020	MW start const. 2020	Expected COD	Details
PV	Chile	Usya	100%	64	64	64	51	14	-	Q3 2020	Private PPA
Wind	Chile	Tolpán	100%	84	84	84	39	39	-	Q3 2020	PPA with Discoms + Private PPA
Wind	Mexico	Santa Cruz	100%	139	139	139	36	102	-	Q4 2020	Private PPA
Wind	Mexico	San Carlos	100%	198	198	198	-	198	-	Q3 2021	Private PPA
Wind	Australia	Mortlake	100%	158	158	158	-	158	-	Q1 2021	PPA with State of Victoria
Wind	USA	Chalupa	100%	198	198	198	-	198	-	Q4 2020	Financial hedge + PTC + Merchant
Wind	Spain	Celada 3	100%	48	48	48	-	-	-	no info.	Energy management / Merchant
PV	Chile	Malgarida	100%	226	226	226	-	-	226	Q2 2021	Private PPA
Total				1,115	1,115	1,115	126	709	226

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

	Q1 2020		Q1 2019		Chg. (%)
Av. price (€/MWh) LF (%)		Av. price (€/MWh)	LF (%)	Av. price (€/MWh)
Spain Average	66.8	26.3%	75.9	28.9%	-11.9%
Spain - Regulated	82.0		86.7
Spain - Not regulated	41.1		55.4
Canada	58.3	38.6%	59.2	38.0%	-1.4%
(2) USA	21.1	34.0%	27.6	34.7%	-23.7%
India	52.1	15.7%	51.8	16.6%	0.5%
Mexico	65.1	47.0%	65.6	48.6%	-0.7%
Costa Rica	112.1	77.4%	108.5	83.0%	3.3%
Australia	59.9	33.8%	72.2	29.2%	-17.0%
Poland	74.5	41.6%	83.2	38.7%	-10.5%
Croatia	108.8	31.7%	108.9	41.4%	-0.1%
Portugal	108.0	26.9%	108.6	28.3%	-0.5%
Italy	123.6	20.7%	132.1	27.3%	-6.5%
Chile	62.8	41.2%	100.8	20.6%	-37.7%
South Africa	76.4	34.1%	78.5	30.4%	-2.6%

(1) Prices for consolidated MWs

(2) 238MW located in the US additionally receive a "normalized" PTC of \$25/MWh

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

	Q1 2020		Q1 2019	Chg. (%)
	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)
Hydro
Spain	43.9	30.9%	61.4	16.9%	-28.6%
Biomass
Spain	129.7	86.0%	148.1	82.7%	-12.4%
Solar Thermoelectric
USA	182.5	10.7%	175.2	11.1%	4.2%
Solar PV
South Africa	153.0	25.5%	157.1	29.9%	-2.6%
Chile	57.9	24.9%	65.0	22.4%	-11.0%
Ukraine	141.8	8.1%	0.0	0.0%	n.a.

32 I n f ra s t r u c t u re : C o n c e s s i o n s

	Road	Rail	Canal	Port	Hospital	Water	TOTAL
# of concessions	6	2	1	1	5	53	68
Proportional EBITDA Q1 2020 (€m)	14	2	0	0	11	11	34
Consolidated EBITDA Q1 2020 (€m)	11	0	-1	0	6	8	22
Average life (yrs)	30	26	30	30	28	26	27
Average consumed life (yrs)	13	8	14	15	10	13	11
Invested capital¹ (€m)	335	368	75	17	342	259	1,406

Note: For construction concessions EBITDA and invested capital include -€3m and €10m from holdings respectively. Lives are weighted by BV excluding holdings

(1) Invested capital: Capital contributed by banks, shareholders and others finance providers

(2) Debt figure includes net debt concessions accounted by the equity method (€470m)

(3) Debt figure includes net debt from water concessions accounted by the equity method (€81m)

Q1 2020 — January-March Results presentation & COVID-19 update

8th May 2020