Acciona S A : Q1 2023 Trading Statement

LEGAL DISCLAIMER

This Trading Statement has been prepared by ACCIONA, S.A. ("ACCIONA", "the Group" and, together with its subsidiaries, the "ACCIONA Group") with the purpose of providing the market with an update on the main trends and high-level operational data corresponding to the Q1 2023 period. Therefore, it cannot be disclosed or made public by any person or entity for any other purpose without the prior written consent of ACCIONA. ACCIONA Group does not assume any liability for the content of this document if used for any purposes different from the one outlined above.

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 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 document may be subject to rounding adjustments.

Neither the Company or its subsidiaries, nor any entity within the ACCIONA Group or its subsidiaries, nor 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 Group 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 Group.

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, 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 the Spanish Securities Market Law ((approved by the Royal Decree 4/2015, 23rd October), 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 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.

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 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, 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", "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 are generally beyond the control of ACCIONA, which could cause actual results and developments to differ materially from those expressed in, 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 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 ACCIONA's auditors. You are cautioned not to place undue reliance on the forward-looking statements, which contain information only up to the date on which 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

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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 document 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. This document includes the list and definition of the Alternative Performance Measures (APMs). Other companies may calculate such financial information differently or may use such measures for different purposes than ACCIONA 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 ACCIONA'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 ACCIONA Group's Energy division, headed by Corporación Acciona Energías Renovables, S.A. ("ACCIONA Energía" or the "Company"), 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.

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K E Y H I G H L I G H T S

ACCIONA starts 2023 with good overall operating performance across its businesses. In Energy, electricity prices remain at high levels and generation output is recovering, while the Group saw strong levels of activity in Infrastructure and its solid backlog stands at record levels. Additionally, both AUMs at Bestinver and the GAV at the property development business grew during the quarter. With regards to the outlook for the 2023 financial year, ACCIONA Energía is not reassessing at this stage the EBITDA outlook provided to the market, while the performance of the rest of the ACCIONA group in Q1 2023 is consistent with the growth expected for the full year. Thus, ACCIONA maintains in broad terms its outlook for 2023.

ACCIONA Energía financial & operating performance - the Company starts yet another year of elevated electricity prices, with recovering output and on track to deliver the major ramp-upin capacity additions during the year of ~1.8 GW.

• Operating performance - achieved prices remain satisfactory in absolute terms and the
  Company's balanced commercial and hedging policy is contributing positively, mitigating the lower Spanish power prices relative to record-high Q1 2022 levels.
• Outlook 2023 - although Spanish forwards for the rest of 2023 have eased, taking into account gas market volatility and potential perimeter changes in progress that should be contributive, the Company is not reassessing at this stage the EBITDA outlook provided to the market.
  With respect to net investment cashflow for the year and Net Debt to EBITDA ratio at year-end, the Company's current expectations remain broadly aligned with the ~€1.8-1.9 billion and ~2.0x-or-below outlook presented at the end of February 2023.
• Spain - the Spanish generation business during Q1 2023 achieved prices above €100/MWh on average, although, as expected, the average captured price fell year on year. The portfolio of financial and long-term contracting positions - covering in excess of 50% of volumes generated in the quarter - contributed positively with a blended price well above pool prices during the period. As a result, achieved power prices were higher than the market price.
  Generation volumes during the quarter improved compared to the same period last year with better load factors and the contribution of new capacity, although these remain below long-term expected averages, particularly in hydro.
• International - volumes recovered in part during Q1 while average achieved prices generally declined in International markets. Exchange rates had a marginally positive impact.
• Positive industry outlook - the Company remains upbeat about the overall prospects for the renewable energy sector with sustained policy support across the globe to accelerate decarbonisation and energy independence. Supply chain tensions are ameliorating significantly, reducing uncertainty and project construction delays. With respect to the more structural challenges faced by the industry, there is a growing appreciation of the need to streamline permitting and grid access processes, increase the pace of transmission investments, and improve social acceptance; this is a positive development although a tangible read-through to short term pipelines may take some time to materialise.

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Appetite for clean, affordable, and secure energy is on the rise and the Company continues to see healthy demand and pricing for PPAs, reflecting the scarcity of short- term projects as well as higher financing and capex costs. Project returns in most regions remain adequate if selective, with offtake prices moving in tandem with the higher cost of investment.

The Company remains very well positioned to accelerate its growth on the back of its strong balance sheet position and excellent access to the capital markets, its large and profitable operating asset base, its diversified and dynamic pipeline, and its strong geographical footprint. ACCIONA Energía will continue to exercise discipline, prioritising returns and the preservation of its balance sheet strength/investment grade credit ratings over growth.

• Installed capacity - total installed capacity as of 31 March 2023 reached 11,942 MW. This implies a net increase of 116 MW compared to FY 2022, namely 118 MW of new capacity installed during the first quarter (74 MW in Australia, 43 MW in USA and 0.3 MW in Spain) and a reduction of 2 MW due to the decommissioning of a wind turbine in the USA.
  In consolidated terms, capacity stood at 10,012 MW, a net increase of 128 MW, with 118 MW of new capacity installed in Australia, USA and Spain, and 10 MW in Canada resulting from the increased stake in two projects. As of March 2023, total capacity under construction amounted to 2.1 GW, mainly in the US and Australia.
• Generation volumes - consolidated production amounted 5,724 GWh, up 6.7% year on year (+9.0% in Spain and +4.6% in International), with partial recovery of volumes and contribution from new capacity in operation. While output has improved, it still remains below long-term expected averages.
• Achieved generation prices - the average price captured by the Company's generation business decreased by 29.5% to €81.4/MWh, compared to €115.4/MWh in the same period last year. Despite the decline, these prices remain high relative to pre-Energy Crisis levels.
  The average Spanish pool price during the first three months of the year was €96.4/MWh. ACCIONA Energía's average captured price in the Spanish market - including the benefit of hedging, the now marginal regulated revenues, the regulatory banding mechanism, and the gas clawback windfall tax - fell to €103.5/MWh.
  With respect to the International portfolio, the average price achieved fell by 9.8% to €61.0/MWh, mainly due to the decrease in prices in USA, Chile and Italy, while prices in the rest of the Americas improved
• Hedging/contracted positions in Spain - ACCIONA Energía's current contracted volumes in the Spanish market for 2023 stand at approximately 5.6 TWh, equivalent to just over 50% of expected output, through a combination of shorter-termfinancial hedges (c. 3 TWh) and customer contracts (mostly long-term).The average price is €122/MWh reflecting the blend of financial forwards (€165/MWh) and end-usercontracts (€71/MWh for 2023) mostly of a long-termnature. The Company may moderately increase its hedged volumes for the current financial year.
  With respect to 2024, the Company is starting to close financial hedges for the year in accordance with its Default Hedge Line risk model, targeting around 3 TWh. These incremental hedged volumes will add to the existing ~3.5 TWh already locked-in under long-term contracts.
• Investment during the period - cumulative investment during the first quarter in terms of net investment cashflow reached just over €1 billion, concentrated in Australia and the

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