Acciona S.A.

Investor Presentation • May 6, 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

COMISION NACIONAL DEL MERCADO DE VALORES

These materials are not an offer for sale of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be sold in the United States absent registration or an exemption from registration under the Securities Act.

Madrid, 6 de mayo de 2021

Muy Sres. nuestros:

Dear Sirs,

ACCIONA adjunta presentación en inglés que se seguirá en la multiconferencia de mañana día 7 de mayo a las 11:00h (CET). La presentación podrá ser seguida vía webcast a través de la Web de ACCIONA (www.acciona.com).

ACCIONA attaches the presentation that will be used in the conference call to be held tomorrow 7th May at 11:00am (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

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Este documento incluye referencias a una posible oferta pública inicial de acciones ordinarias de Corporación Acciona Energías Renovables, S.A. Unipersonal ("ACCIONA ENERGÍA"), la cual se encuentra en una fase de estudio preliminar por parte de su accionista único, ACCIONA, y sobre la cual no se ha adoptado ninguna decisión sobre si proceder o no. Cualquier compra o suscripción de acciones ordinarias de ACCIONA ENERGÍA debe realizarse únicamente sobre la base de la información que se incluya en el folleto que se registrará con la Comisión Nacional del Mercado de Valores (la "CNMV"), que será publicado en su momento, y que sustituirá a este documento en su totalidad. Una vez aprobado, el folleto estará disponible en el domicilio social de ACCIONA ENERGÍA, en su página web corporativa y en la página web de la CNMV (www.cnmv.es).

Ni este documento ni ninguna parte o copia del mismo puede ser llevado o transmitido a los Estados Unidos o publicado, divulgado, revelado o distribuido, directa o indirectamente, en los Estados Unidos, tal y como este término se define en la US Securities Act of 1933 (la "US Securities Act"). Este documento, así como cualquier parte o copia de la misma, no podrá ser publicado, divulgado, distribuido o revelado en Australia, Canadá, Sudáfrica o Japón. El incumplimiento de esta restricción puede constituir una violación de las leyes de valores de Estados Unidos, Australia, Canadá, Sudáfrica o Japón.

Este documento y la información contenida en el no constituyen una oferta de compra de valores ni una oferta de venta de valores en los Estados Unidos (en el sentido de la Regulation S de la US Securities Act). Las acciones ordinarias de ACCIONA ENERGÍA no han sido, ni serán, registradas bajo la US Securities Act y no pueden ser ofrecidas o vendidas en los Estados Unidos sin estar registradas bajo la US Securities Act, excepto en virtud de una exención de, o en el caso de una transacción no sujeta a, los requisitos de registro de la US Securities Act y en cumplimiento de las leyes de valores estatales pertinentes. No habrá oferta pública de las acciones ordinarias en los Estados Unidos.

This document includes references to a potential initial public offering of the ordinary shares of Corporación Acciona Energías Renovables, S.A. Unipersonal (referred to as "ACCIONA ENERGÍA"), which is under preliminary analysis by its sole shareholder, ACCIONA, and a decision has not been taken on whether to proceed with such transaction. Any purchase of or subscription for ordinary shares of ACCIONA ENERGÍA should be made solely on the basis of the information to be contained in a prospectus to be registered with, and approved by, the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores, the "CNMV"), that is to be published in due course and which would supersede this document in its entirety. Once approved, the prospectus will be available at ACCIONA ENERGÍA's registered offices, on its corporate website and on the website of the CNMV (www.cnmv.es).

Neither this document 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 document 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 document 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 ENERGIA 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.

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

7 Q 1 2 0 2 1 – J a n u a r y - M a r c h t h M a y 2021

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 the 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 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 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.

This document includes references to a potential initial public offering of the ordinary shares of Corporación Acciona Energías Renovables, S.A. Unipersonal (referred to as "ACCIONA ENERGÍA") which is under preliminary analysis by its sole shareholder, ACCIONA, and a decision has not been taken on whether to proceed with such transaction. Any purchase of or subscription for ordinary shares of ACCIONA ENERGÍA should be made solely on the basis of the information to be contained in a prospectus to be registered with, and approved by, the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores, the "CNMV"), that is to be published in due course and which would supersede this document in its entirety. Once approved, the prospectus will be available at ACCIONA ENERGÍA's corporate website and on the website of the CNMV (www.cnmv.es). The prospectus may contain information different from the information contained in this document.

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 ENERGIA 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 and 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 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 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 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).

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.

KEY HIGHLIGHTS Q1 2021

Solid start of the year in Energy and stable operating performance in Infrastructure

S T R O N G E N E R G Y B U S I N E S S D R I V E N B Y N E W I N T E R N A T I O N A L C A P A C I T Y & H I G H A C H I E V E D P R I C E S I N Q 1 › +20% in sales and +22% in EBITDA, accounting for 82% of group EBITDA

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

319MW installed in 1Q21 and 280MW under construction providing full visibility to the 599MW FY21 scheduled capacity additions

1,604MW starting construction in the coming months provides visibility to scheduled capacity additions for the coming years

I N F R A D I V I S I O N C O N V E R G I N G T O W A R D S P R E - C O V I D O P E R A T I O N A L L E V E L S

› Project backlog remains at historical highs, at €12.2bn, with €1.1bn of new projects awarded in Q1 2021

H I G H C O N C E N T R A T I O N O F A N N U A L I N V E S T M E N T I N Q 1 2 0 2 1

› Total investment in the quarter amounts to €950m, including €470m related to capex management to control Net Debt during 2020 in the COVID context

P O S I T I V E O U T L O O K F O R 2 0 2 1 A S A W H O L E

› Strong start of the year at Group EBITDA implies potential to grow above the +10-15% range

I P O O F A C C I O N A E N E R G Í A O N T R A C K F O R C O M P L E T I O N I N H 1 2 0 2 1

› Deleverage initial capital structure of ACCIONA Energía as an independent company already in progress through the capitalization of €1.8bn intragroup loans implemented in Q1

› IPO is expected to provide ACCIONA Group with additional financial flexibility and capacity to support its non-energy sustainable infrastructure businesses

FINANCIAL RESULTS HIGHLIGHTS Q1 2021

	Q1 2021 (€m)	Chg % Q1 2020 vs
EBITDA	362	11%
EBT	149	16%

	Q1 2021 (€m)	Chg % Q1 2020 vs		Q1 2021 (€m)	Q1 2020 (€m)
Revenues	1 710 ,	% 5	Investment Net	950	322
EBITDA	362	11%
EBT	149	16%		Q1 2021 (€m)	Q1 2020 (€m)
of which Nordex contribution	-22		Financial Debt Net	5 790 ,	5 621 ,
Attributable profit net	9 7	24%	Financial Debt Net (excl IFRS16)	298 5 ,	200 5 ,

INVESTMENT BY DIVISION

Net Investment breakdown			Key highlights
(Million Euro)	21 Jan-Mar	20 Jan-Mar
Energy	760	284
Infrastructure	121	29
Construction	87	12
Concessions	31	9
Water	2	2	business
Other Infrastructure Activities	1	6
Other Activities	6	4
Ordinary Net Capex	886	316
Development Property	64	6
Net Investment	950	322

Q1 2021 concentrated a significant part of the total investment expected for the year as a whole

Most of the investment effort has been allocated to the Energy business

Net investment cash flow amounted to €950 million, including €470 million of deferred payments related to the debt management carried out during 2020 in the context of the pandemic

NET DEBT EVOLUTION

Net debt reconciliation Q1 2021 (€m)

1. IFRS16 lease payments: €32m of which €6m is reflected in Financial results (net interest) and €26m in Derivatives, FX & IFRS16 principal

ENERGY BUSINESS

(Million Euro)	Jan-Mar 21	Jan-Mar 20	Chg.	Chg. (%)
Generation Spain	183	184	-1	-0.4%
Generation International	267	188	7 8	41.5%
Other & Adjustments	122	104	1 8	17.2%
Revenues	572	476	9 5	20.0%
Generation Spain	101	119	-18	-14.9%
International Generation	203	132	7 0	53.1%
Other & Adjustments	-7	-8	1	15.1%
EBITDA	297	244	5 4	22.1%
Generation Margin (%)	67.6%	67.5%

Key figures Q1 2021 EBITDA evolution (€m)

Total installed capacity at the end of March 2021 reaches 11,013MW

ENERGY BUSINESS

Intense construction activity during 2021

280MW under construction in March 2021 and 1,604MW to start construction in the coming months

ENERGY BUSINESS

Full visibility on FY2021 installations & higher price expectations

1. FY 2021 expected price price calculated on the basis of actual pool prices 1 Jan to 5 April + OMIP forward prices as of 5 April for the rest of the year

INFRASTRUCTURE BUSINESS

Key figures Q1 2021					EBITDA	evolution (€m)
(Million Euro)	Jan-Mar 21	Jan-Mar 20	Chg.	Chg. (%)
Construction
Revenues	693	674	1 8	2.7%
EBITDA	2 5	2 5	0	-0.4%
(%) Margin	3.6%	3.7%
Concessions
Revenues	1 0	2 1	-11	-54.1%
EBITDA	9	1 4	-4	-32.4%
(%) Margin	94.9%	64.4%
Water
Revenues	261	237	2 4	10.0%
EBITDA	2 1	1 8	3	17.4%	Backlog	(€m)
(%) Margin	8.2%	7.7%
Other Infrastructure Activities
Revenues	3 9	3 8	0	0.7%
EBITDA	4	3	1	31.3%
(%) Margin	11.3%	8.7%
Consolidation Adjustments	-6	-18	2 1	65.2%
Total Infrastructure
Revenues	995	952	4 3	4.5%
EBITDA	6 0	6 0	0	-0.5%

1. Spain not included

-0.5%

PROJECT BACKLOG REMAINS AT HISTORICAL HIGHS

€1.1bn of new project awards in Q1 2021

OTHER ACTIVITIES – PROPERTY DEVELOPMENT

Increase weight of high-value added projects focused on innovative sustainable solutions

All developments are certified under the most prestigious sustainability/green assessments: BREEAM & LEED

OTHER ACTIVITIES - BESTINVER

Leading independent provider of comprehensive financial services

CONCLUDING REMARKS

S T R O N G S T A R T O F T H E Y E A R D R I V E N B Y T H E E N E R G Y B U S I N E S S

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

S O L I D Q 1 S U P P O R T S V I S I B I L I T Y F O R G R O U P E B I T D A T O G R O W A B O V E T H E U P P E R R A N G E O F T H E E B I T D A O U T L O O K P R O V I D E D I N F Y 2 0 2 0 R E S U L T S

H I G H C O N C E N T R A T I O N O F I N V E S T M E N T A C T I V I T Y I N Q 1

› C L O S E T O € 1 B N , O U T O F U P T O € 2 B N F O R T H E Y E A R A S A W H O L E

I P O O F A C C I O N A E N E R G Í A O N T R A C K F O R C O M P L E T I O N I N H 1 2 0 2 1

› B R I N G I N G T O T H E M A R K E T T H E G L O B A L P U R E - P L A Y R E N E W A B L E E N E R G Y L E A D E R

04 A P P E N D I X

ACCIONA: EBITDA BY TYPE OF ACTIVITY

(Million Euro)	Jan-Mar 2021	Jan-Mar 2020		66%	LT CONTRACTED ASSETS & INFRA 69%
Renewable Generation	304	251			MANAGEMENT CONTRACTS (2)
Infrastructure Concessions Social & - Trans Water .,	13	18
Long-term Asset Business	317	269
Infrastructure Services	17	10	Non - LT
Financial Services	12	12	(24%) Contracted Generation		(16%)
Services Business	28	22
Greenfield Infrastructure Projects	35	34
Renewable Development Energy	- 2	- 6
Development Property	- 7	10
Greenfield Development Business	26	38
other Corporate &	-10	- 4
Total ACCIONA	362	325
(1) business % of total LT EBITDA asset as (1)(2) contracted infra of total LT & % EBITDA assets .mngt .contracts as	85% 66%	82% 69%			EBITDA

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 – Construction & Water 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

NET FINANCIAL DEBT

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

17

DEBT MATURITY & BREAKDOWN

Debt breakdown by nature

ENERGY – SCHEDULED CAPACITY ADDITIONS

									Scheduled	Additions Capacity	per
						M W				(1) year (MW)
Technology	Country	Asset name	% ANA stake	Total	Added YTD	Under const. Mar 2021	Start const. 2021	Start const. 2022	2021	2022	2023	Details
PV	Chile	Malgarida I y II	100%	238	176	33			209			Private PPA
Wind	Mexico	San Carlos	100%	198	53	92			145			Private PPA
Wind	Australia	Mortlake South	100%	158	90	50			140			PPA with State of Victoria
Wind	Spain	Celada 3	100%	48		48			48			Private PPA
Wind	Australia	MacIntyre Complex	70%	923			923			536	388	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	Mexico	DG Guanajuato	100%	19			19			19		Private PPA
PV	Spain	Petra	45%	8		8			8			Green hydrogen project - Majorca
PV	Spain	Lloseta	45%	8			8			8		Green hydrogen project - Majorca
PV	Spain	Extremadura	100%	125			125			125		Private PPA
PV	Spain	Ayora	100%	86			86			86		Private PPA
PV	Spain	Bolarque I	100%	50			50			50		Spanish renewable auction
PV	Spain	Escepar y Peralejo Hibridación	100%	57				57				57 Spanish renewable auction
PV	Spain	Tarifa	100%	21				21				21 Spanish renewable auction
PV	USA	High Point	100%	125			125			125		Private PPA + ITC
PV	USA	Fort Bend	100%	317		49	268		49	268		Financial hedge + ITC
PV	USA	Tenaska Portfolio	100%	765				765		413		352 Private PPA + ITC
Total				3,146	319	280	1,604	843	599	1,630	818

ENERGY – INSTALLED CAPACITY

Installed MW (31 March 2021)

	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	5,336	4,497	358	4,139
Wind	3,864	3,662	48	3,075
CSP	64	64	0	48
Solar PV	1,408	771	310	1,016
Total	11,013	8,950	952	9,153

ENERGY – EQUITY-ACCOUNTED CAPACITY

Proportional figures (31 March 2021)

	MW	GWh	(€m) EBITDA	(€m) NFD
Wind Spain	593	426	17	78
Wind International	48	22	0	-3
Australia	32	15	0	-2
Hungary	12	6	0	0
USA	4	2	0	0
Solar PV	310	153	5	47
Total accounted equity	952	600	22	123

ENERGY – WIND, DRIVERS BY COUNTRY

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

	Q1 2021		Q1 2020
	(€/MWh) price Av.	(%) LF	(€/MWh) price Av.	(%) LF	(€/MWh) price Av.
Spain Average	55.5	31.9%	66.8	26.3%	-17.0%
- Regulated Spain	64.2		82.0
regulated Spain - Not	38.9		41.1
Canada	55.9	37.4%	58.3	38.6%	-4.2%
(2) USA	168.7	20.8%	21.1	34.0%	701.2%
India	46.6	16.6%	52.1	15.7%	-10.5%
Mexico	58.0	43.4%	65.1	47.0%	-10.9%
Costa Rica	102.8	80.4%	112.1	77.4%	-8.3%
Australia	58.6	32.1%	59.9	33.8%	-2.1%
Poland	86.2	25.0%	74.5	41.6%	15.7%
Croatia	107.8	38.4%	108.8	31.7%	-0.9%
Portugal	87.7	31.5%	108.0	26.9%	-18.8%
Italy	150.8	24.5%	123.6	20.7%	22.0%
Chile	68.2	35.2%	62.8	41.2%	8.6%
South Africa	75.9	31.7%	76.4	34.1%	-0.6%

1. Prices for consolidated MWs

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

ENERGY – OTHER TECHNOLOGIES, DRIVERS BY COUNTRY

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

	Q1 2021		Q1 2020		Chg (%)
	(€/MWh) . price Av	(%) LF	(€/MWh) . price Av	(%) LF	(€/MWh) . price Av
Hydro
Spain	51 7	2% 26	43 9	9% 30	0% 18
Biomass
Spain	129 0	2% 77	129 7	0% 86	5% -0
Solar Thermoelectric
USA	169 0	10 7%	182 5	10 7%	-7 4%
Solar PV
South Africa	152 0	25 7%	153 0	25 5%	-0 7%
Chile	41 3	7% 26	57 9	9% 24	6% -28
Ukraine	129 0	8% 5	141 8	8 1%	-9 1%

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

7 Q 1 2 0 2 1 – J a n u a r y - M a r c h t h M a y 2021