Acciona S.A.

Investor Presentation • Jul 27, 2023

COMISION NACIONAL DEL MERCADO DE VALORES

Madrid, 27 de julio de 2023

Muy Sres. nuestros:

Dear Sirs,

ACCIONA adjunta presentación en inglés que se seguirá en la multiconferencia de mañana día 28 de julio, 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 28th July 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

H1 2023- January - June

RESULTS PRESENTATION 28^th July 2023

A C C I O N A H 1 2 0 2 3 R E S U L T S

DISCLAIMER

This document has been prepared by ACCIONA. S.A. ("ACCIONA" or the "Company" and, together with its subsidiaries, the "ACCIONA 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 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, may not and should not be used to predict the future performance of securities issued by ACCIONA.

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.

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.

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 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 the ACCIONA Group, 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 in the documents filed by ACCIONA 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 the ACCIONA Group. 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, the ACCIONA Group or any of its respective 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.

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 the Energy division of the ACCIONA Group, headed by Corporación Acciona Energías Renovables, S.A. ("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.

TABLE OF CONTENT

1	INTRODUCTORY REMARKS	4
2	GROUP FINANCIAL INFORMATION	15
3	ACCIONA Energía	21
4	ACCIONA Infrastructure	25
5	Nordex	30
6	ACCIONA Other activities	32
7	Appendix	36

01 INTRODUCTORY REMARKS

José Manuel Entrecanales

Chairman & CEO

LEADER IN SUSTAINABLE INFRASTRUCTURE SOLUTIONS

99% of our investments aligned with the European taxonomy of sustainable activities

AC C I O N A

Wholistically aligned with the EU Taxonomy and SDGs

LEADER IN SUSTAINABLE INFRASTRUCTURE SOLUTIONS

ACCIONA ENERGÍA

Strong acceleration of our growth

+3 GW since IPO to 2023 year end

ACCIONA ENERGÍA

Better company and better prospects since IPO

INFRASTRUCTURE

Major opportunities in the market: selective approach & focus on concessions

Investment committed in concessions

NORDEX

Megatrends have significantly improved its growth prospects for the next decades

3 Global player (ex China) / #2 OEM in Europe

10

BESTINVER

€6bn AU Ms ( + 1 5 % V S D E C 2 0 2 2 )

+17% w e i g h t e d a v e r a g e r e t u r n y t d

A LT E R N AT I V E F U N D S B R O A D E N I N G O U R P R O D U C T B A S E

T R A D I T I O N A L F U N D S B E AT I N G A L L T H E I N D E X E S

		% YTD	Benchmark	Dif
	BESTINFOND	18 3%	11 9%	6 3%	a
	INTERNACIONAL	18 2%	11 9%	6 3%	a
	CÍAS GRANDES	8% 19	9% 12	9% 6	a
EQUITIES INTERNAT	MEGATENDENCIAS	15 0%	12 9%	2 1%	a
	CONSUMO GLOBAL	17 1%	12 9%	4 2%	a
	NORTEAMÉRICA	15 7%	14 2%	1 5%	a
	LATAM	1% 19	6% 18	5% 0	a
EQ SPAIN	BOLSA	19 7%	16 4%	3 3%	a
	CORTO PLAZO	1 8%	1 4%	0 3%	a
FIXED INCOME	RENTA	3 1%	2 0%	1 1%	a
	DEUDA CORP	3 6%	2 4%	1 2%	a

A C C I O N A H 1 2 0 2 3 R E S U L T S

PROPERTY DEVELOPMENT

F O C U S E D O N PRODUCT DIFFERENTIATION

A C C I O N A H 1 2 0 2 3 R E S U L T S

PROPERTY DEVELOPMENT

L E A D E R I N B R I N G I N G SUSTAINABILITY S O L U T I O N S

C A M P U S A C C I O N A O M B Ú S E LVA D E M A R

MOBILITY

18% European share 14,000 units expected 2023

4-WHEELER

S04 commercial launch in H2 2023

BATTERY

Battery as a service Home & second life

02 GROUP FINANCIAL INFORMATION

José Ángel Tejero Chief Financial & Sustainability Officer

FINANCIAL RESULTS HIGHLIGHTS – H1 2023

	H1 2023 (€m)	Chg % H1 2022 vs	(1) LfL Chg % H1 2022 vs		H1 2023 (€m)	H1 2022 (€m)
Revenues	056 7 ,	36%	8%	Cashflow Investment Net	2 200 ,	1 217 ,
EBITDA	924	-13%	-13%
EBT	691	55%	5%		H1 2023 (€m)	FY 2022 (€m)
Attributable profit net	467	132%	2%	Financial Debt Net	7 066 ,	5 253 ,

✓ Strong revenue and EBITDA growth in the non-energy businesses (+47% yoy), driven by Infrastructure ✓ Energy operating figures driven by partial normalisation of power prices in Spain, although still high versus historical levels ✓ Nordex, fully consolidated since April 1st, reached break-even at the EBITDA level in 2Q 2023 ✓ 2% lfl growth in net income vs H1 2022 ✓ Increased net debt due to the large investment effort; €2.2bn investment in H1 2023, +81% vs H1 2022

1. LfL change has been calculated eliminating the impact of the change in Nordex consolidation method

ESG RESULTS HIGHLIGHTS - H1 2023

Key ESG indicators

Environmental (ex-Nordex)	H1 2023	H1 2022	% Chg.
CAPEX aligned with the low-carbon taxonomy (%)	99%	91%	$+8.0$ pp
Renewable production (GWh)	12,485	12,476	0.1%
Avoided emissions (CO2 million ton)	6.97	6.83	2.0%
Generated scope 1+2 emissions (tCO 2 e)	97,606	84,178	16.0%
Renewable and recycled resources (%)	36.3%	11.5%	$+24.8pp$
Recovered waste (%)	82%	81%	$+1.3$ pp
Waste to landfill (kt)	1,370	771	77.7%
Water consumed (hm 3 )	2.88	2.68	7.5%
Volunteer plantations	55,539	31,720	75.1%
Social	H1 2023	H1 2022	% Chg.
Workforce (FTE)	49,132	44,476	10.5%
Workforce NORDEX (FTE)	4,715
Total workforce	53,847
Social (ex-Nordex)	H1 2023	H1 2022	% Chg.
Executive and manager women (%)	23.10%	21.80%	$+1.3$ pp
Workforce with disabilities in Spain (%)	4.1%	3.7%	$+0.4$ pp
Accident frequency index - employees and contractors	1.94	1.89	2.6%
Deceased	$\overline{2}$	$\overline{2}$	0.0%
Social Impact Management projects (no.)	246	216	13.9%

(ex-Nordex) Governance	H1 2023	H1 2022	Chg. %
Total Suppliers (nº)	18,183	16,594	9.6%
Audited suppliers(%)	93.80%	86.40%	+7.4pp
Suppliers (nº) No Go	157	144	9.0%
(nº) Ethical channel communications	118	40	195.0%
process (nº) Third due diligence party	190	139	36.7%
Sustainable financing(%)	65%	n.d	n.m
Open controversies	-	1	n.m

ESG highlights

• ESG Budget: the first ESG budget, a non-financial planning tool that ensures specific risks to achieve sustainability objectives and facilitate decision-making, has been implemented
• Sustainable Finance Impact Framework: A new Sustainable Finance framework has been implemented and published that brings together green finance and sustainability-linked instruments and introduces a local impact feature that, when combined with any of the instruments, creates a "Double Impact" structure
• TNFD: An analysis of the relationship with nature in various activities has been carried out through a methodological framework to identify and analyze natural dependencies, impacts, risks and opportunities at the project level, according to TNFD recommendations

NET DEBT EVOLUTION

Net debt reconciliation H1 2023 (€m)

1. Note IFRS16 lease payments H1 2023: €87m of which €15m is reflected in Financial results (net interest) and €72m in Financing/Others cashflow

INVESTMENT BY DIVISION

(Million Euro)	H1 2023	H1 2022
Energy	1 544 ,	770
Infrastructure	116	143
Construction	84	51
Concessions	8	87
Water	6	3
Urban Enviromental & Services	18	3
Nordex	302	139
Other Activities	103	84
Ordinary Capex	2 064 ,	136 1 ,
Development Property	136	82
investment cashflow Net	2 200 ,	1 217 ,

UPDATED 2023 OUTLOOK

EBITDA

ACCIONA ENERGÍA: €1.2-1.3 bn

Rest of the Group: solid double digit growth + positive Nordex contribution

GROSS CONSOLIDATED CAPEX

€1.9 - €2.0 bn at ACCIONA Energía

€1.1 - €1.2 bn in the rest of the ACCIONA group,

including Nordex own capex

PROFIT BEFORE TAXES

strong double-digit growth with a positive contribution from Nordex

03 ENERGY

José Ángel Tejero Chief Financial & Sustainability Officer

ACCIONA ENERGÍA

Key figures H1 2023

(Million Euro)	H1 2023	H1 2022	Chg. (€m)	(%) Chg.
Generation Spain	569	833	-264	-31.7%
International Generation	334	358	-24	-6.6%
adjust ., Supply & Other Intragroup	856	1,015	-158	-15.6%
Revenues	1,760	2,206	-446	-20.2%
Generation Spain	430	670	-240	-35.8%
Generation International	268	251	17	6.7%
adjust ., Supply Other Intragroup &	-12	-12	- 1	5.7%
EBITDA	686	909	-223	-24.6%
(%) Generation Margin	77.3%	77.4%

Consolidated capacity variation (MW)

Key highlights H1 2023

• H1 results operating figures driven by partial normalisation of power prices in Spain (€88/MWh vs. €206/MWh) and a prolonged period of low global renewable energy resource
• Hedging adds significant value with 60% of Spanish volume in the period contracted at ~€125/MWh through short-term instruments and long-term PPAs
• Consolidated production increased by 2.2% to 10,476 GWh but fell by 3.3% in like-for-like terms in a period of scarce wind and hydro resource, which sets at an all-time low
• 442 MW added in H1 2023 (12-month run-rate of 1.1 GW) and 2.2 GW under construction as of end of July 2023
• On track to install 1.8 GW in 2023, expected capacity additions of ~1.8 GW in 2024 and ~2 GW per annum going forward
• Focus on our strategy of value over growth: 20 GW total installed capacity to be reached in 2026-2027, 12-18 months delay versus the expectations at the IPO

Consolidated production variation (GWh)

2023 CAPACITY DELIVERY ON TRACK – MULTI-GW LEAP

I N S T A L L E D C A P A C I T Y 2 0 2 3 ( M W ) MacIntyre Wind US PV Programme Others (Spain & Peru) 650 881 232

MacIntyre Wind (+650 MW)

Broadly on schedule to deliver 650 MW by year-end. 38 x 5.7 MW machines erected as of June and increasing current installation pace from 10 machines per month to 12

US PV Programme (+881 MW)

Installation according to plan with no supply chain or weather disruptions. Opportunity in Red Tailed Hawk to increase planned installation from 150 MW to ~250-300 MW if the two-month improvement in the module procurement plan (JA Solar and Waaree) is crystallised

Others: Spain + Peru (+232 MW)

Imminent construction authorisation and local licenses – ready to start construction as soon as permits obtained Peru – on-track to deliver 136 MW by year-end

✓ Marked improvement in operating environment in 2023 – e.g. normalisation of supply chain & logistics

✓ Highly committed and confident on 2023 construction plan delivery

HIGH VISIBILITY – 2024-25 MacIntyre Additional 2024 projects ~ 1.8 GW 1.7 GW Red Tailed Hawk Aldoga Ayora Forty Mile Wind Farm PV Dominican Republic PV India Wind South Africa USA PJM PV + ERCOT BESS PV Latam ~2 GW India (imminent closing) PV Hybrid. Spain Wind + PV Rest of Europe PV Croatia Escepar y Peralejo Logrosán Los Morrones Hybrid. Caballos y Hocino El Camino y la Senda Opor Boraja Cotoperi PV Australia 2024 2025 2.2 GW Currently under construction – including Forty Mile project in Canada 1.6 GW Expected to be under construction as of Dec 2023 – mainly concentrated in Australia (Aldoga & MacIntyre) and North America (Red Tailed Hawk & Forty Mile)

✓ Visibility for 2024 increased with new projects: Forty Mile Wind Farm (Canada), Cotoperi (Dominican Rep.), Los Morrones (PV Hybrid Spain) and a large solar project in India with imminent closing

✓ Main opportunities medium-short-term: USA, Australia, Iberia hybrid projects

04 INFRASTRUCTURE

José Ángel Tejero Chief Financial & Sustainability Officer

INFRASTRUCTURE

Key figures H1 2023					EBITDA evolution (€m)
(Million Euro)	H1 2023	H1 2022	Chg.	Chg. (%)
Construction
Revenues	2,925	2,003	921	46.0%
EBITDA	148	84	63	74.8%
Margin (%)	5.0%	4.2%
Concessions
Revenues	23	22	1	3.4%
EBITDA	31	15	16	109.6%
Margin (%)	134.1%	66.2%
Water
Revenues	610	560	49	8.8%
EBITDA	45	44	1	2.3%
Margin (%)	7.3%	7.8%
Urban & Environmental Services
Revenues	80	71	9	12.3%
EBITDA	9	7	2	35.6%
Margin (%)	11.1%	9.2%
Revenues Consolidation Adj.	-3	-10	6	67.1%
Total Infrastructure
Revenues	3,634	2,648	987	37.3%
EBITDA	232	149	83	55.3%
Margin (%)	6.4%	5.6%

CONSTRUCTION

Strong growth in revenues, profitability and backlog

Key figures H1 2023

(Million Euro)	H1 2023	H1 2022	Chg.	Chg. (%)
Revenues	2,925	2,003	921	46.0%
EBITDA	148	84	63	74.8%
Margin (%)	5.0%	4.2%

Backlog evolution (€m)

Key highlights H1 2023

• 46% growth in revenues, operations being particularly strong in Australia (+75%), United Kingdom (+97%), Brazil (+34%) and Canada (+23%)
• C75% growth in EBITDA, with a 5.0% construction EBITDA margin, vs 4.2% in H1 2022, driven by the growth in international markets and the execution of large and capitalintensive projects. Initiation of the early works of the Sydney Western Harbour Tunnel construction contract, the largest contract of the portfolio
• Australia remains as ACCIONA's main construction market, accounting for c40% of revenues in H1 2023. Spain represents 15% of the total and Brazil another 8%, driven by the construction works at Linha 6 underground, in Sao Paulo
• Sound position in The Philippines- recent award of the South Commuter Railway Project for €280m
• Backlog reached a new record of €15.5bn and increasing weighting of collaborative contracts (Alliances), which represent more than 60% of our backlog in Australia (more than 20% of the total construction backlog)

Backlog by region

1. Mexico included

CONCESSIONS

Accelerating growth in OECD countries

Key figures H1 2023

(Million Euro)	H1 2023	H1 2022	Chg.	Chg. (%)
Revenues	23	22	1	3.4%
EBITDA	31	15	16	109.6%
Margin (%)	134.1%	66.2%

(2)

> €92bn

1. Includes Spain

Key highlights H1 2023

• EBITDA more than doubled due to the greater contribution of the Line 6 concession of the Sao Paulo underground – 32% completion as of June 2023
• Selected First Proponent for the first Australian transmission line mega-PPP (Central West Orana, in New South Wales), which includes design, construction, operation and maintenance of around 250 km of transmission lines, for 31 years, and with total investment of AUD 7.2bn.
• Award of our second concession project in the US, a contract to design, build, finance, operate and maintain the new Calcasieu River bridge for 50 years, part of the Interstate 10 (I-10) highway in Louisiana, with a total investment of US\$3.3bn
• €1.6bn (USD 1.8bn) investment in concessions over the next few years already committed, including the Central West Orana and the I-10 projects

WATER

O&M long-term oriented revenues account for 79% of backlog

(Million Euro)	H1 2023	H1 2022	Chg	(%) Chg
Revenues	610	560	49	8 8%
EBITDA	45	44	1	2 3%
(%) Margin	3% 7	8% 7

Backlog evolution (€m)

Key figures H1 2023 Key highlights H1 2023

• 8.8% increase in revenues, as a result of strong growth in Operation & Maintenance (+16.7% yoy) and a 4.8% increase in Design & Construction
• Significant presence in Middle East (Saudi Arabia, UAE and Qatar) which accounts for 50% of revenues
• €5.3bn backlog, with an increasing weighting of long-term oriented revenues: O&M contracts and water concessions accounting for 79% of the water backlog
• Award of our third water purification plant in the Philippines (East Bay 2 plant), new contract for water network management in Apulia (Italy)

O 5
Nordex

José Ángel Tejero Chief Financial & Sustainability Officer

NORDEX

Key figures H1 2023

	Q1 2023	Q2 2023	H1 2023	H1 2022	Chg.	(%) Chg.
Revenues	1,217	1,536	2,753	2,126	627	29.5%
profit Gross	108	186	293	246	48	19.3%
profit (%) Gross	8.9%	12.1%	10.7%	11.6%
EBITDA	-115	1	-114	-173	59	-34.0%
(%) Margin	-9.4%	0.0%	-4.2%	-8.1%	0.0%	0.0%
EBIT	-166	-41	-207	-261	55	-20.9%
(%) Margin	-13.6%	-2.7%	-7.5%	-12.3%

Key highlights H1 2023

• Large improvement in revenues the second quarter after a soft Q1, resulting in €2.7bn in H1 23, c30% vs H1 2023, driven by a substantially higher installation level
• Gross margins still impacted by extra costs but further improvement on a quarterly basis: 12.1% in Q2 2023 vs 8.9% in Q1 2023
• Breakeven at the EBITDA level in Q2 with €1m EBITDA, vs -9.4% in Q1. EBITDA margin is expected to improve further sequentially each quarter
• Almost 1% increase in total backlog and growth in the ASP of the order intake in H1 2023, to €0.89m/MW versus €0.79m/MW in H1/2022
• Guidance for 2023 and mid-term strategic target of 8% EBITDA margin confirmed

06 OTHER ACTIVITIES

José Ángel Tejero Chief Financial & Sustainability Officer

OTHER ACTIVITIES

Key figures H1 2023

(Million Euro)	H1 2023	H1 2022	Chg.	Chg. (%)
Development Property
Revenues	20	25	-5	-21.4%
EBITDA	-14	-9	-5	-57.5%
(%) Margin	n.a	n.a
Bestinver
Revenues	48	55	-7	-13.3%
EBITDA	19	28	-9	-30.9%
(%) Margin	39.7%	49.8%
& other Corp.
Revenues	478	409	69	16.8%
EBITDA	10	0	10	n.a
(%) Margin	2.0%	-0.1%
Total Other Activities
Revenues	546	490	56	11.4%
EBITDA	15	18	-4	-20.4%
(%) Margin	2.7%	3.7%

	H1 2023	FY 2022	Chg. (%)
Property development
GAV (€m)	€1,726m	€1,473m	+12.0%
Backlog of presales (units)	1,726	1,473	+17.2%
Bestinver Assets Under Management (€m)	€5,647m	€5,117m	+10.4%
Corp & other
Silence – vehicles sold (units)	5.917	6,529*	-9.4%
Facility Services – Backlog (€m)	€731m	€713m	+2.5%

*H1 2022

34

PROPERTY DEVELOPMENT

Results affected by seasonality; positive outlook for the whole year

(Million Euro)	H1 2023	H1 2022	Chg.	Chg. (%)
Revenues	20	25	-5	-21.4%
EBITDA	-14	-9	-5	-57.5%
(%) Margin	n.a	n.a

Key figures H1 2023 Key highlights H1 2023

• 24 units delivered in H1 2023, versus 108 in H1 2022, affected by seasonality
• Expected deliveries of 800 units in 2023, 95% of them concentrated in 4Q 2023
• ACCIONA's developments are proving to be resilient in the current environment of increasing interest rates and economic uncertainty, with an increase in the number of units presold in the first half of 2023 vs the same period of last year
• Backlog of pre-sales of 1.726 units as of 30 June 2023, +17% versus December 2022, equivalent to €555m of future revenues.
• Acquired land for €54m, in Spain (mainly Madrid Nuevo Norte) and Poland
• €1,726m Gross Asset Value (GAV) at June 30, 2023, +12% versus December 2022. 29% of Total GAV correspond to rental properties, Ombú office building and ACCIONA Campus (both in Madrid) being the main assets

BESTINVER

Strong recovery of AUM in H1 2023

(Million Euro)	H1 2023	H1 2022	Chg	Chg (%)
Revenues	48	55	-7	-13 3%
EBITDA	19	28	-9	-30 9%
(%) Margin	39 7%	49 8%

Key figures H1 2023 Key highlights H1 2023

• €5.6bn Assets Under Management (AUM) as of June 2023, a 10.4% increase versus December 2022
• Bestinver's three largest traditional equity and fixed income funds are 17% up YTD
• Operating results (-13% in revenues and -31% in EBITDA) reflect the lower average AUM and the discontinuation of the Italian subsidiary
• End of the commercialization of the Infrastructure Fund, having reached its €300m targeted size and with 9 assets in the portfolio, imminent launching of our first Real Estate investment vehicle and we've reached an agreement with BlackRock for the new Bestinver-BlackRock Private Equity Fund

07 APPENDIX

NET FINANCIAL DEBT

DEBT MATURITY & BREAKDOWN

Liquidity and gross debt maturity schedule (€m)

Debt breakdown by nature

ENERGY - H1 2023 RESULTS HIGHLIGHTS

	H1 2023 (€m)	Chg % H1 2022 vs		H1 2023 (€m)	Chg % H1 2022 vs
Revenues	1 760 ,	-20%	Total (MW) capacity	12 267 ,	9 %
Generation Revenues	903	-24%	Consolidated (MW) capacity	10 829 ,	16%
EBITDA	686	-25%	Total production (GWh)	12 482 ,	0 %
EBT	567	0 %	Consolidated production (GWh)	10 476 ,	2 %
Attributable profit net	405	4 %	Supply volumes Portugal (GWh) Spain &	5 219 ,	19%
			Load (%) Average Factor	27 2%	-1 0pp

	H1	H1	Production	76	-0
	2023	2022	contracted	5%	5pp
	(€m)	(€m)	(%)
cash flow Net investment	1 544 ,	770	(1) residual contracted life (years) Average	7	n.m.

	30-Jun-23 (€m)	31-Dec-22 (€m)	(€/MWh) Average price	86 2	-26%
financial debt Net	3 469 ,	2 021 ,	(%) Generation margin EBITDA	3% 77	-0 0pp

		H1 2023 (€m)	Chg % H1 2022 vs
	Load (%) Average Factor	27 2%	-1 0pp
(€m)	Production contracted (%)	76 5%	-0 5pp
	(1)
	(2) of - ex-hydro (years) Average assets age	1 2	n.m.
(€m)	(€/MWh) Average price	86 2	-26%
	Availability (%)	95 8%	+1 0pp

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

2. Average age of assets including hydro assets: 14 years

A C C I O N A H 1 2 0 2 3 R E S U L T S

ENERGY - GLOBAL REACH ACROSS 5 CONTINENTS

With presence in 18 countries & 12.3 GW of total installed capacity in H1 2023

1. Acquisition of Equinov, specialist provider of corporate energy efficiency and energy management services in France

ENERGY – UNDER CONSTRUCTION & SECURED PROJECTS

						M W				Scheduled Additions MW (1) per year
Technology	Country	Asset name	% ANE stake	Total project capacity	Added up to Dec 2022	Added 2023	Currently under const.	Start const. H2 2023	2023	2024	2025	2026	Details
Wind	Australia	MacIntyre Complex	70%	923	11	200	713		650	262			PPA with CleanCo
P V	USA	Fort Bend	100%	317	177	140			140				Private PPA + PTC
P V	USA	High Point	100%	127		45	82		127				Private PPA + ITC
P V	USA	Union	100%	417		23	394		417				Private PPA + ITC
P V	USA	Red Tailed Hawk	100%	462			466		198	264			Private PPA + ITC
P V	USA	Madison	100%	125									125 Private PPA + ITC
P V	USA	Fleming	100%	235									235 Private PPA + ITC
Wind	Peru	San Juan de Marcona	100%	136		24	112		136				Merchant + Private PPA
P V	Spain	Ayora	100%	86				52	52	34			Private PPA
P V	Spain	Bolarque	100%	50	40	10			10				Spanish renewable auction
P V	Spain	Escepar y Peralejo Hibridación	100%	49				49	32	17			Spanish renewable auction
P V	Spain	Dist. Generation Projects	100%	4	1	1	1	1	2	1			Private PPA
Wind	Croatia	Opor	100%	27			27			27			Croatian renewable auction
Wind	Croatia	Boraja	100%	45			45			45			Croatian renewable auction
Biomass	Spain	Logrosán	100%	50			50			50			Spanish renewable auction
P V	Spain	Hibridación Los Morrones	100%	29				29		29			Private PPA
Wind	Canada	Forty Mile	100%	280			280			280			Private PPA
P V	Dominican Rep.	Cotoperi	100%	163				163		163			FIT
P V	Dominican Rep.	Pedro Corto	100%	83							83		FIT
P V	Australia	Aldoga	100%	433				249		249	184		Private PPA
Wind	Spain	Caballos y Hocino	100%	106				106		106			Private PPA
Wind	Spain	El Camino y la Senda	100%	34						34			Private PPA
Wind	Spain	Ouroso	100%	45							45		Private PPA
Total				4,226	229	442	2,170	649	1,764	1,562	312	360

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

ENERGY – INSTALLED CAPACITY

Installed MW (30 June 2023)

	Total	Consolidated	. accounted Eq	Net
Spain	5 807 ,	5 279 ,	252	5 377 ,
Wind	4 681 ,	4 167 ,	246	4 261 ,
Hydro	868	868	0	868
Solar PV	197	183	6	189
Biomass	61	61	0	59
International	6 460 ,	550 5 ,	394	225 5 ,
Wind	4 322 ,	4 049 ,	69	3 480 ,
CSP	64	64	0	48
Solar PV	1 884 ,	1 247 ,	325	1 507 ,
Storage	190	190	0	190
Total	12 267 ,	10 829 ,	646	10 602 ,

ENERGY – WIND – DRIVERS BY COUNTRY

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

	H1 2023		H1 2022		Chg. (%)
	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)	LF (%)	Av. price (€/MWh)
Spain Average	106.6	24.0%	169.2	24.2%	-37.0%
Spain - Regulated	96.4		212.7		-54.7%
Spain - Not regulated	111.8		140.6		-20.5%
Canada	63.6	30.7%	65.8	36.3%	-3.3%
(2) USA	26.8	23.7%	33.0	24.3%	-18.7%
India	47.6	23.8%	50.6	21.8%	-5.9%
Mexico	69.7	34.6%	68.7	37.7%	1.4%
Costa Rica	112.6	64.2%	110.6	60.1%	1.8%
Australia	46.5	28.2%	83.0	28.5%	-44.0%
Poland	86.0	25.4%	102.5	30.3%	-16.1%
Croatia	123.0	28.9%	110.9	29.6%	10.9%
Portugal	104.0	25.9%	95.7	26.7%	8.7%
Hungary	102.9	23.9%	172.7	24.2%	-40.4%
Italy	114.3	18.3%	250.1	20.5%	-54.3%
Chile	29.9	34.5%	34.5	29.1%	-13.4%
South Africa	78.1	30.2%	84.6	29.3%	-7.7%
Vietnam	78.8	35.5%	0.0	n.m	n.m

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

2. 436 MW located in the US additionally receive a "normalized" PTC of \$27/MWh

ENERGY – OTHER TECHNOLOGIES – DRIVERS BY COUNTRY

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

	H1 2023		H1 2022		Chg (%)
	(€/MWh) . price Av	(%) LF	(€/MWh) . price Av	(%) LF	(€/MWh) . price Av
Hydro
Spain	131 1	5% 22	171 6	6% 26	6% -23
Biomass
Spain	120 6	9% 25	185 0	0% 0	8% -34
Solar Thermoelectric
USA	192 7	17 1%	164 5	22 7%	17 1%
Solar PV
South Africa	156 1	23 0%	169 3	21 2%	-7 8%
Chile	29 9	24 1%	34 5	24 5%	-13 4%
Ukraine	101 3	8% 10	33 1	0% 7	8% 205
Dominican Rep	136 2	24 7%	0 0	25 6%	n.m

NEW RECORD INFRASTRUCTURE BACKLOG – €22,964m (I)

€22,964m of backlog at the end of H1 2023, +4,3% vs FY2022, with high presence in AUS & NZ and Latam

Significant new project additions 2023 Construction Concessions Water Urban & Environmental Services

1, Should we include ACCIONA's stakes in equity accounted projects as well as projects awarded in July 2023 ("preferred bidder"), total infrastructure backlog would amount to €46,255m

NEW RECORD INFRASTRUCTURE BACKLOG – €22,964m (II)

€22,964m of backlog at the end of H1 2023, +4,3% vs FY2022, with high presence in AUS & NZ and Latam

Focus on sustainable greenfield investments that can provide future steady cash-flows, leveraging on the group's technical and financial capabilities

CONCESSIONS – TRANSPORT & HOSPITAL CONCESSIONS BREAKDOWN

	Name	Description	Period	Country	ACCIONA	Status	Accounting method	Asset type
	A2 - Section 2	Remodeling, restoration, operation and maintenance of a 76.5km strech of an existing road between km 62 (A-2) and km 139 (border of province of Soria-Guadalajara). Shadow toll	2007 - 2026	Spain	100%	Operational	Global integration	Intangible asset
Road	Toowoomba Second Range Crossing (Nexus)	Design, construction and operation of 41km of the north ring road in Toowoomba (Queensland), from Helidon Spa to Athol, through Charlton. Availability payment (25 year operation from construction end)	2015 - 2043 Australia		20%	Operational	Equity method	Financial asset
	Puhoi to Warkworth	Finance, design, construct and maintain the new Pūhoi to Warkworth motorway. The Pūhoi to Warkworth project will extend the four lane Northern Motorway (SH1) 18.5km from the Johnstone's Hill tunnels to just north of Warkworth		2016 - 2046 New Zealand	10%	Construction	Equity method	Financial asset
	Consorcio Traza (Tranvía Zaragoza)	Construction & operation of the streetcar that crosses the city (12.8km)	2009 - 2044	Spain	17%	Operational	Equity method	Both methods
Rail	Concessionaria Linha Universidade	Construction of civil works and systems, provision of rolling stock, operation, conservation, maintenance and expansion of public transport services of Linea 6 - Laranja of Metro de Sao Paulo.	2020 - 2044	Brasil	48%	Construction	Equity method	Financial asset
	Sydney Light Rail	Design, construction and O&M of 12km rail line from Circular Quay via George Street to Central Station crossing Surry Hills to Moore Park, Kensington, Kingsford and Randwick. It includes operation of Inner West line	2014 - 2034 Australia		5%	Operational	Equity method	Financial asset
Canal	Fargo	Design, construction, operation and maintenance of a 48km (30 mile) flood prevention canal between Fargo (North Dakota) and Moorhead (Minnesota).	2021 - 2056	EEUU	43%	Construction	Equity method	Financial asset
Port	Nova Darsena Esportiva de Bara	Construction & operation of the Roda de Bara marina. Revenues from moorings, shops & parkings (191,771m2)	2005 - 2035	Spain	50%	Operational	Equity method	n.m
Hospital	Hospital de Leon Bajio	Design, construction, equipment and O&M of the hospital (184 beds)	2005 - 2030	Mexico	100%	Operational	Global integration	Financial asset
	Hospital La Serena	Design, construction, equipment and O&M of the hospital (668 beds)	2022 - 2042	Chile	100%	Construction	Global integration	Financial asset
WTE	East Rockingham	Design, construction, operation and maintenance of a new transformation and waste to energy plant	2019 - 2052	Australia	10%	Construction	Equity method	n.m
	TL Reque - Nueva Carhuaquero TL Nueva Tumbes - Tumbes	Design, Build, Operate and Transfer of two transmission lines and and two new substations with the expansion of two existing substations 2022 - 2056		Peru	100%	Construction	Global integration	Financial asset
TL	LT ICA - Poroma LT Cáclic - Jaen Norte	Design, Build, Operate and Transfer of two transmission lines and and two new substations with the expansion of two existing substations 2023 - 2057		Peru	100%	Construction	Global integration	Financial asset

CONCESSIONS – DETAILS OF WATER CONCESSIONS UNDER IFRIC12

Nombre	Descripción	Periodo	País	ACCIONA	Estado	Metodología contable	Tipo de activo
EDAR 8B	Construcción, explotación y mantenimiento de las inst de depuración de aguas residuales en la "Zona 08B" del Plan de depuración de Aragón	2008 - 2031	España	100%	Operación	Integración global	Activo intangible
EDAR 7B	Construcción, explotación y mantenimiento de las instalaciones de depuración de aguas residuales en la "Zona 07B" del Plan de depuración de Aragón	2011 - 2031	España	100%	Operación	Integración global	Activo intangible
IDAM Javea	Construcción, explotación y mantenimiento de las instalaciones de desalación de agua de mar en Javea	2001 - 2023	España	100%	Operación	Integración global	Activo financiero
IDAM Fouka	Construcción, explotación y mantenimiento de las instalaciones de desalación de agua de mar en Tipaza	2008 - 2036	Argelia	26%	Operación	Puesta en equivalencia Activo financiero
IDAM Ibiza -Portmany	Reforma, explotación y mantenimiento de las instalaciones de desalación de agua de mar en San Antonio Portmany e Ibiza	2009 - 2024	España	50%	Operación	Puesta en equivalencia Activo financiero
PTAR Atotonilco	Construcción, explotación y mantenimiento de las instalaciones de depuración de aguas residuales en Atotonilco	2010 - 2035	Mexico	24%	Operación	Puesta en equivalencia Activo financiero
WWTP Mundaring	Construcción, explotación y mantenimiento de las instalaciones de depuración de aguas residuales en Mundaring	2011 - 2048	Australia	25%	Operación	Puesta en equivalencia Activo financiero
PTAR La Chira	Construcción, explotación y mantenimiento de las instalaciones de depuración de aguas residuales en La Chira	2011 - 2037	Perú	50%	Operación	Puesta en equivalencia Activo financiero
IDAM Arucas Moya	Ampliación, explotación y mantenimiento de las instalaciones de desalación de agua de mar en Arucas / Moya	2008 - 2024	España	100%	Operación	Integración global	Activo intangible
Red de saneamiento en Andratx	Construcción, explotación y mantenimiento de la red de saneamiento en Andratx	2009 - 2044	España	100%	Operación	Integración global	Activo intangible
Port City Water	Diseño, construcción, financiación, explotación y mantenimiento de una planta de tratamiento de agua potable en Saint John	2016 - 2048	Canadá	40%	Operación	Puesta en equivalencia Activo financiero
Sercomosa	Compañía público-privada, cuya actividad principal es el suministro de agua a Molina de Segura	1998 - 2040	España	49%	Operación	Puesta en equivalencia Activo intangible
Somajasa	Compañia público-privada para la gestión del ciclo integral del agua de los servicios públicos en algunos municipios de la provincia de Jaén	2007 - 2032	España	60%	Operación	Puesta en equivalencia Activo intangible
Gesba	Servicio de suministro de agua en Andratx y Deià (Mallorca)	1994 - 2044	España	100%	Operación	Integración global	Activo intangible
Costa Tropical	Servicio de ciclo integral del agua en Costa Tropical (Granada)	1995 - 2045	España	49%	Operación	Integración proporcional	Activo intangible
Boca del Rio	Servicio de ciclo integral del agua de los servicios públicos en Boca del Río (Veracruz)	2018 - 2047	Mexico	70%	Operación	Integración global	Activo intangible
Shuqaiq 3	Desarrollo, diseño, financiación, construcción, commissioning, operación y mantenimiento de planta de SWRO	2019 - 2046	Arabia Saudí	10%	Operación	Puesta en equivalencia Activo financiero
Veracruz	Servicio de ciclo integral del agua de los servicios públicos de agua y saneamiento en Veracruz y Medellín	2016 - 2046	Mexico	100%	Operación	Integración global	Activo intangible
Los Cabos	Contrato para Ingeniería, proyecto ejecutivo, procura, construccion, puesta en marcha y operacion de la planta Desaladora de Agua de Mar de Cabos San Lucas, municipio de Los Cabos	2023 - 2048	Mexico	50%	Construcción	Puesta en equivalencia Activo financiero
Madinah 3	Desarrollo, diseño, financiación, construcción, commissioning, operación y mantenimiento de planta de ISTP	2022 - 2049	Arabia Saudí	35%	Construcción	Puesta en equivalencia Activo financiero
Buraydah 2	Desarrollo, diseño, financiación, construcción, commissioning, operación y mantenimiento de planta de ISTP	2022 - 2049	Arabia Saudí	35%	Construcción	Puesta en equivalencia Activo financiero
Tabuk 2	Desarrollo, diseño, financiación, construcción, commissioning, operación y mantenimiento de planta de ISTP	2022 - 2049	Arabia Saudí	35%	Construcción	Puesta en equivalencia Activo financiero

SUSTAINABLE FINANCE AND RATINGS

SUSTAINABLE FINANCE OPERATIONS ESG RATINGS

GREEN FINANCING
Active operations	52
New or re-openings in 2022	6
(€m)(1) Current amount	4.606
FINANCING LINKED TO SUSTAINABILITY COMMITMENTS
Active operations	15
New or re-openings in 2022	4
(1) Current amount(€m)	3.958

RATING	RATING		STATUS
S&P CSA	Current rating: 88	• Submitted H1 2023	• Results: September
CDP Climate	Current rating: A list	• In process CDP Climate, Water and Forest- (Jul 26)	• Results: December
SUSTAINALYTICS	Current rating: 19,8 (Low risk) Previous rating: 19,6 (Low risk)	• Submitted January 2023	• Results = 17.8 (+2)
MSCI	Current rating: AA	• Constantly updated
ISS ESG	Current rating: C+ Prime	• Results: On hold
MOODYS ESG	Current rating: 62 (Advanced)	• Awaiting new review date with new methodology

SUSTAINABLE IMPACT FINANCE FRAMEWORK

ACCIONA ESG "Dual Impact": combines Green UoP or Sustainability-Linked financing instruments with a new Local Impact structure.

(1) For transactions in currencies other than EUR, the amount is considered at the exchange rate in effect at the closing date of June 30, 2023.

Gross Debt (30/06/2023)

H1 2023- January - June

RESULTS PRESENTATION 28^th July 2023