Acciona S A : Company Overview

March 2022

ACCIONA

Company Overview

DISCLAIMER

This document has been prepared ACCIONA. S.A. ("the "Company" or "The Group") exclusively for use as support material for the introduction of ACCIONA Group's activity. 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, 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 securities 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 securities potentially to be issued by ACCIONA Group as described in this document 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 those securities in the United States.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking information and statements about 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 Group securities are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of ACCIONA Energía, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.

Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of ACCIONA a. 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.

This 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. These measures should not be considered as an alternative to measures derived in accordance with IFRS, have limited use as analytical tools, should not be considered in isolation and, may not be indicative of the Company's results of operations. Recipients should not place undue reliance on this information. The financial information included herein has not been reviewed for accuracy or completeness and, as such, should not be relied upon.

The definition and classification of the pipeline of ACCIONA Energía, which comprises both secured and under construction projects, highly visible projects and advanced development projects, as well as other additional opportunities, may not necessarily be the same as that used by other companies engaged in similar businesses. As a result, the expected capacity of ACCIONA Energía's pipeline may not be comparable to the expected capacity of the pipeline reported by such other companies. In addition, given the dynamic nature of the pipeline, ACCIONA Energía's pipeline is subject to change without notice and certain projects classified under a certain pipeline category as identified above could be reclassified under another pipeline category or could cease to be pursued in the event that unexpected events, which may be beyond the ACCIONA Energía's control, occur.

ACCIONA AT A GLANCE

A leading greenfield developer and operator of sustainable Energy & Infrastructure assets

ENERGY: ONE OF THE WORLD'S LARGEST OPERATORS OF RENEWABLE GENERATION

• ›82,73% stake in ACCIONA ENERGÍA, listed on July 2021

• ›11.2 GW of installed capacity (Wind, Solar, Hydro, CSP and Biomass) as of Dec 2021

• ›24.5 TWh of production in 2021

INFRASTRUCTURES: DELIVERY OF SOME OF THE MOST COMPLEX AND HIGH-PROFILE PROJECTS IN THE WORLD

›€8.546m of new project awards in FY 2021

REVENUES 2021 €8,104M

OTHER ACTIVITIES: SUSTAINABLE PROPERTY DEVELOPMENT AND URBAN MOBILITY

CONSTITUENT OF IBEX-35, SPAIN'S BENCHMARK STOCK INDEX

• ›Market cap (current) ≈ €9.0bn

• ›Enterprise value ≈ €14.8bn

• ›Family owned company with more than 100 years of history

GLOBAL PRESENCE - 61% OF ITS REVENUES FROM INTERNATIONAL MARKETS

CARBON NEUTRAL SINCE 2016 AND A KEY PLAYER IN THE LOW CARBON TRANSITION

CORE STRENGTHS

LEADING DEVELOPER AND OPERATOR OF ESSENTIAL INFRASTRUCTURES MAKING A REAL IMPACT › Strategy aligned with Sustainable Developments Goals challenge - long-term Growth Megatrends › IPO of ACCIONA Energía - a major potential catalyst to accelerate profitable growth with Net Zero 2050 as horizon

STABLE AND RESILIENT BUSINESS DELIVERING UTILITY-LIKE CASHFLOWS › ≈ 65% of EBITDA from contracted assets and LT infrastructure management contracts

SOLID CAPITAL STRUCTURE AND HIGHLY CASH GENERATIVE BUSINESS › Virtually no maintenance capex - vast majority of capex is discretionary › Capacity to pursue significant growth-enhancing investment opportunities

STRONG GEOGRAPHIC DIVERSIFICATION WITHIN OECD COUNTRIES › Representing over ≈80% of revenues

CONSISTENT TRACK RECORD OF FINANCIAL RISK MANAGEMENT AND RESILIENCE

• › Demonstrated proactive response to challenging situations such as 2012-13 crisis and COVID-19 pandemic in 2020

• › Dividend flexibility, capex modulation and divestments - established track record

• › Prudent financial policy of <4.0x Net Debt/EBITDA consistent with dominant cashflow-generating asset business

• › IPO of ACCIONA Energía as significantly positive credit event

SUSTAINABLE DEVELOPMENT AS CORNERSTONE OF THE BUSINESS

• › Family-owned company - cross-generational vision

• › Excellence in sustainability performance

• › Focus on maximising the positive contribution to society of our energy & infra projects

FINANCIAL RESULTS HIGHLIGHTS - FY 2021

FY 2021

(€m)

% Chg. vs FY 2020 (1)FY 2021

(€m)FY 2020

(€m)

Revenues

EBITDA

8,104 1,483

25% 31%

Gross Investment

1,543

843

EBT

575

11%

FY 2021

(€m)FY 2020

(€m)

of which Nordex contribution

-81

Attributable net profit

(2)

332

-14%

Net Financial Debt

4,344

4,733

NFD/EBITDA

2.93x

4.18x

Strong growth across all profit lines, with a positive operating performance of the different activities and a significant reduction of the group financial leverage, driven by the funds coming from ACCIONA Energía IPO

• 1. Re-statement of 2020 financial statements: recognition of impacts in the Spanish regulated business consistent with the banding mechanism

• 2. Like-for-like growth in net profit would have been +63%, excluding from 2020's the reversal of Nordex impairment (€145m) and the positive impact of the asset life extension of certain energy assets (€79m) and from 2021 the positive outcome of the hydro levy court dispute (€67.2m)