• INFRASTRUCTURE. The total backlog rose to €53.84 billion (+58.1%) and the business division improved its margin to 9.4% (+2.3pp).

• ACCIONA ENERGÍA.Total installed capacity increased to 15.35GW (+2GW) and asset rotation plan is progressing solidly.

• NORDEX. Turnover of €7.3 billion (+12.5%), with an EBITDA margin of 4.1% and portfolio of €12.78 billion (+21.3%).

ACCIONA closed 2024 with a net profit of €422 million (-22%), record revenues of €19.19 billion (+12.7%) in an environment of lower electricity prices, and gross operating profit (EBITDA) of €2,45 billion (+24%), achieving its targets for the year.

For comparative purposes, the 2023 accounts included a non-recurring positive impact derived mainly from the change in the consolidation method of Nordex, a manufacturer of wind turbines, and Renomar, an operator of wind farms in the Valencian Community.

The group's results for 2024 reflect the robust evolution of margins in both Infrastructure (9.4%, +2.3pp) and Nordex (4.1%, +4.1pp), as well as a strong pace of renewable capacity installation (+2GW) and a solid improvement in electricity prices in Spain during the second half of the year – €76.9/MWh in December versus €64.4/MWh in July (+19.4%) –despite prices falling by 29.5% on an annual basis.

In addition, in line with its previously-announced asset rotation plan, in 2024 ACCIONA Energía agreed the sale of 801MW of hydroelectric assets for around €1.3 billion, of which almost €300 million were sold in the period (175MW to Elawan) and an additional approximately €1 billion sold this week (623MW to Endesa).

ACCIONA's total revenues amounted to €19.19 billion (+12.7%). Infrastructure recorded a turnover of €8.15 billion (+5.5%), a new all-time high. Wind turbine manufacturer Nordex contributed total sales of €7.3 billion, (+38.4%). ACCIONA Energía recorded €3.05 billion (-14.1%). The remaining activities (Real Estate, Bestinver, Urban Electric Mobility, Airport Handling, Services and ACCIONA Cultura) generated a total of €1.47 billion (+20.7%).

During 2024, ACCIONA maintained a solid growth strategy – combined with strong discipline in risk, profitability and balance sheet management – which is reflected in a net investment flow of €2.4 billion (-27.8%).

Of this, ACCIONA Energía invested €1.54 billion; Infrastructure, €898 million, and Nordex €159 million, while the areas grouped under Other Activities invested €184 million. The company carried out divestments during the year worth €314 million. In addition, €65 million of cash was generated in the Real Estate activity.

ACCIONA closed the year with a net financial debt of €7.13 billion, which represents a net debt/EBITDA ratio of 2.90 times, down from 3.31 times the previous year.

In 2024, the group maintained the DBRS Morningstar investment category in its annual review, with a BBB (Low) rating and a stable outlook.

ACCIONA ENERGÍA

ACCIONA Energía achieved an attributable net profit of €357 million (-31.9%) in 2024. Its turnover amounted to €3.05 billion (-14.1%) Of its total revenues, €1.64 billion correspond to the wholesale generation business and €1.41 billion to marketing activity.

ACCIONA Energía's EBITDA for the year was €1.12 billion (-12.6%), comfortably meeting its EBITDA target of €1 billion, thanks to the improvement in electricity prices in Spain during the second half of the year.

The average generation price obtained in 2024 by ACCIONA Energía in all the countries in which it operates was €68.7/MWh (-20,4%).

In 2024, ACCIONA Energía added 2GW of new capacity, mainly due to the development of its own portfolio in countries such as Australia, India, Canada, the United States, Spain and Croatia, as well as the one-off acquisition of 297MW of wind power from the Green Pastures complex, in Texas (USA). Total installed capacity amounts to 15.35GW. 62.75% of the company's renewable energy fleet is located outside Spain.

ACCIONA Energía's ordinary net investment amounted to €1.54 billion and divestments in the period generated proceeds of €314 million, notably the sale of 175MW of hydropower in Spain to Elawan for €293 million.

ACCIONA Energía's total clean electricity production grew to 26,708GWh (+7.3%) thanks to the new assets commissioned.

In 2024, ACCIONA Energía maintained its Fitch credit rating of 'BBB- with a Stable outlook', which demonstrates the company's commitment to its investment grade ratings and its balance sheet management.

INFRASTRUCTURE

ACCIONA's Infrastructure division posted revenues of €8.15 billion (+5.5%) in 2024, a record figure. Australia and Southeast Asia (35%) contributed the highest percentage of revenues, followed by Latin America (22%), Spain (20%), Europe, the Middle East and Africa (17%) and North America (6%).

The business unit closed the year with EBITDA of €762 million (+38.4%) and a margin of 9.4% (+2.3pp), mainly driven by the improvement in profitability in the Construction and Concessions activities.

In 2024, the company won new awards, including the I-10 interstate highway Calcasieu Bridge in Louisiana (USA); the first batch of tunnels of the Suburban Rail Loop East project, in Melbourne (Australia); the desalination plants of Alkimos, in Perth (Australia) and Ras Laffan 2 (Qatar) and the Peripheral Road Ring of Lima (Peru). In addition, as of December 31, 2024, the group had contracts pending signature for €5.58 billion, including the Express Lane SR400 highway in Georgia (USA) and the Central West Orana Renewable Energy Zones (REZ) in New South Wales (Australia).

The total aggregate infrastructure backlog once again broke its all-time record and increased to €53.84 billion (+58.1%), with almost 90% outside Spain.

Within the Infrastructure division, the Construction unit recorded revenues of €6.68 billion (+6%) with EBITDA of €472 million (+27.4%). In this business area, the construction of Line 6 of the Sao Paulo Metro (Brazil), the Western Harbour Tunnel in Sydney (Australia), Collahuasi desalination plant (Chile), electricity transmission lines in Peru, works at the Palma de Mallorca airport and data centers in Spain stand out as ongoing projects.

The Concessions area earned €86 million (+72%) and recorded strong EBITDA growth to €170 million (+152.8%), thanks to the good execution of Line 6 of the Sao Paulo Metro (Brazil) and the financial closure of the I-10 highway in Louisiana (USA).

ACCIONA continued in 2024 to accelerate the growth of its Concessions business. As of December 31, 2024, it had a portfolio of 79 assets with a cumulative investment of €669 million. This portfolio, which includes contracts in preferred bidder status, has additional contribution commitments of €2.3 billion to 2032 and will generate estimated dividends of around €58 billion, with a weighted average outstanding life of 53 years.

The Water business had a turnover of €1.19 billion (-2%) with EBITDA of €93 million (-1.7%), due to the lower contribution of the projects under construction in Saudi Arabia, as they near completion. This decline is not offset by the early-stage progress of some large contracts, such as the desalination plants in Casablanca (Morocco) or Alkimos in Perth (Australia).

Urban Services and Environment closed with a turnover of €210 million (+27.2%) and EBITDA of €27 million (+47.9%).

NORDEX

Nordex consolidated last year a change of operational and financial direction that began in 2023. Its turnover reached €7.3 billion (+12.5%), driven by higher levels of activity, higher sales price per installation and growth in sales in the services segment. Nordex's contribution to ACCIONA's EBITDA was €470 million (+302%).

Its total backlog reached €12.78 billion (+21.3%). Of this figure, €7.8 billion (+12.9%) correspond to projects and €4.97 billion (+37.2%) to services.

Turbine orders in 2024 amounted to 8,336MW (+13.3%), representing €7.46 billion (+20.1%) of revenues in 24 countries, principally Germany, Turkey, Spain, Canada and South Africa.

OTHER ACTIVITIES

The Real Estate division achieved total revenues of €435 million (+124.7%), with 1,119 homes delivered during the year (+55%). Of note is the delivery of 455 homes corresponding to a build-to-rent building in Mendez Álvaro (Madrid) and 104 homes in Vistahermosa, El Puerto de Santa María (Cádiz). The pre-sale portfolio reached 674 units. The Gross Asset Value (GAV) of ACCIONA's real estate portfolio stood at €1.74 billion (-3.8%), reflecting the acceleration of asset rotation.

Bestinver recorded a turnover of €113 million (+17.5%) and EBITDA of €51 million (+41.6%). Assets under management as of December 31, 2024, stood at €6.79 billion (+14.7%).

ADVANCES IN ESG

ACCIONA made significant progress during 2024 in its primary environmental, social and governance (ESG) indicators.

The share of CAPEX aligned with the European taxonomy of sustainable activities increased slightly to 99.6% (+0.6pp). As a group, ACCIONA avoided the emission of 14.3 million tonnes of CO₂ in 2024 (+5.1%). The efficiency of operations in terms of tonnes of CO₂ emitted per million euros of turnover improved by 8,7%.

23.1% of managerial and executive positions (+0.4pp) are held by women.

With regard to financing, progress continued in the inclusion of sustainability structures in new issuances, now representing 81% of the company's gross corporate debt.