Good morning, ladies and gentlemen. Welcome to the Acciona's 2025 results presentation.

Let me first introduce my colleagues on the table. To my left, Arantza Ezpeleta, CEO of Acciona Energía; to her left, Raimundo Fernández-Cuesta, Chief Financial Sustainability Officer at Acciona Energía; to my right, José Ángel Tejero, Chief Operating Officer at Acciona; and to his right, José Entrecanales, CFSO, Chief Financial and Sustainability Officer of Acciona.

Before reviewing the performance of each division, let me briefly frame the environment in which we're operating. It is a volatile and fragmented context with shifting trade dynamics and technological anxiety.

Governments continue to prioritize energy security, climate adaptation, and investment in critical infrastructure, which translate into a stronger, more investable pipeline across our core business. Infrastructure, including energy, of course, is no longer only about development.

It has become a cornerstone of competitiveness and resilience. Energy security, cost, and availability are the main constraints to industrial and technological development, while water and transport are critical in helping societies withstand climate-related disruptions and sustain growth.

This is not a cyclical rebound, but a structural shift. Rapid urbanization, accelerating electrification, digitalization, and the renewal of aging assets are converging into what may be described as a global infrastructure supercycle.

Estimates suggest that closing the global infrastructure gap will require several trillion dollars per year through 2040 across our main strategic segments: energy, transport, water, and social infrastructure. At the same time, public budgets are constrained, while private capital continues to seek long-duration, derisked opportunities supporting infrastructure as a mature and attractive asset class.

Acciona is one of the few players with an end-to-end platform spanning development, engineering, construction, operation, and long-term ownership across multiple infrastructure and energy solutions. This is already translating into strong results and record backlog visibility.

2025 was a good year where we achieved record EBITDA of €3.2 billion, representing a 31% year-on-year increase and exceeding the €2.7 billion to €3 billion target range set at the beginning of the year. This was driven primarily by the very strong performance of Nordex, together with a solid contribution from our Infrastructure division and the successful execution of our asset rotation strategy.

In this regard, Acciona Energía continues to be a structural pillar of the group, generating EBITDA of over €1.5 billion. Our infrastructure aggregated backlog exceeds €120 billion with a particularly strong increase in future concessions driven by managed lanes in the US and is expected to grow further in the coming months following the pre-award of a 35-year water sanitation concession in Brazil.

In energy, fundamentals remain supportive. Electricity demand is rising.

Energy security is now a political priority, and what was once a green premium is increasingly becoming a green discount as renewables combine lower LCOE, levelized cost of energy, and less fuel price volatility than fossil generation in many markets. Acciona Energía has an approximately 22 GW pipeline, while Nordex reached an all-time high backlog of €16 billion, positioning the group to capture demand selectively and profitably while providing a clear example of how structural demand is translating into tangible results.

As I was saying, the demand for wind continues to be structurally supported by electrification, rising global power consumption, repowering in mature markets, and the growing strategic imperative for secure, locally sourced, and independent energy supply, which more than offsets somewhat weaker climate policies, particularly in the US. The numbers back it up.

Global wind turbine order intake reached 215 GW in 2025, which is the second highest level ever recorded. In this context, Nordex is today the undisputed leader in Europe with almost 50% market share and the second largest global wind turbine manufacturer outside China.

Let's not forget Chinese competition is harsh and not always playing by the same rulebook than European or Western manufacturers. We need to bear that in mind when protecting and promoting our few industrial champions.

Those structural tailwinds continue to support our renewables platform, Acciona Energía. In 2025, we met our EBITDA target for the year and delivered strong progress in value crystallization with asset rotation transactions totaling €3.2 billion and approximately €900 million in capital gains since we launched our rotation program in 2024.

Electricity demand is increasing well above historical averages, driven by electrification, data centers, artificial intelligence, electric mobility, and the reshoring of industrial activity. Renewables are indeed the cheapest and quickest to deploy source of new power in many markets.

Improving storage economics are expanding the bankability of hybrid solutions and supporting more dispatchable renewable energy, reinforcing energy security and long-term investment attractiveness. This momentum is translating into tangible progress across our pipeline.

We secured awards in PPA auctions in the Philippines and Italy. We reached financial close on two wind projects in South Africa with strong returns, and improving battery economics enabled an attractive large-scale storage project in Chile.

Beyond storage, we are actively advancing opportunities in repowering and data centers, strengthening the quality and optionality of our development pipeline and, as always, prioritizing profitable growth. Despite a combination of extraordinary effects, including weaker than expected resource, some COD delays, and the accelerated execution of our asset rotation, which resulted in a lower EBITDA contribution from the assets sold during the year, overall, our energy business performance was resilient, and we strengthened our portfolio quality, the visibility of our results, while deleveraging and maintaining our credit ratings.

Looking ahead, our strategy continues to evolve from capacity build-up to a more selective growth strategy. 1.3 GW of projects already are committed until the end of 2027 while crystallizing value through asset rotation.

Turning into infrastructure, population growth, as I was saying, urbanization, decarbonization, and aging assets in general continue to drive demand across transport, water, and social infrastructure. In this environment, the market favors integrated, technically led partners with proven global execution capacity, rigorous risk control, and balance sheet strength.

Acciona Infraestructuras performed strongly in 2025 with the largest project pipeline in its history. Construction maintained solid profitability with margins between 6% and 7% and around 80% of the order book with risk mitigation clauses supporting our healthy outlook.

We achieved key milestones across our priority markets. As in North America, we reached the financial close of the SR 400 Express Lanes project in Atlanta, and we were awarded the Eglinton Crosstown West light rail expansion in Toronto under a collaborative contracting model consistent with our disciplined risk approach.

In Australia, we reached financial close of Central-West Orana and continued progress in the Western Harbour Tunnel, reinforcing the scale and complexity of our platform. In Latin America, we advanced flagship projects such as the Line 6 in the São Paulo subway grid and expanded our concession portfolio in Peru.

Water also made very strong progress, with EBITDA growing 50% in the year, driven by the efficient and faster than expected execution of key projects, such as the Collahuasi and Casablanca desalination plants, Collahuasi in Chile and Casablanca in Morocco. In Brazil, always in water, we continue to build a strong platform with the pre-award of the Pernambuco concession alongside additional awards that reinforce the country as strategic market for our water business.

Taken together, these results confirm our ability to translate structural demand into delivered, complex projects supported by disciplined execution and rigorous risk management. Other businesses also delivered solid progress, with Bestinver managing €8 billion in assets, supported by positive net inflows and continued progress in the alternative asset portfolio and top-tier investment performance.

In Real Estate, we continue to rationalize our capital employed, asset classes, and geographical focus, while delivering record returns. Silence, while still far from break-even, increased its unit sales by 41% in 2025 and continued to lead its categories both in electric scooters and microcars.

Our services business has reached a record level of activity, delivering all-time highs in both sales and margin contribution. In an environment where skilled labor in Western economies is becoming increasingly scarce and costly, a trend that I expect will continue to intensify, our services platform with a workforce of more than 20,000 employees provides a significant competitive advantage, serving not only our own projects, but also acting as a trusted workforce partner to third parties across multiple sectors and regions.

In summary, demand for our assets and for our solutions remains very strong. We operate at the heart of structural trends supported by an integrated platform, record backlog visibility, and the capabilities required to convert opportunities into sustained long-term value.

With that overview, let me now hand over first to the management team of Acciona Energía, followed then by the rest of the group, who will take you through a detailed operational and financial performance of '25. Thank you very much.

Arantza, please.

Thank you, José Manuel. Good morning.

2025 has been a year of good progress across many fronts, particularly on asset rotation, credit rating protection, and preparing the company for a new and more balanced period of growth. On the less positive side, output has been much lower than expected due to the ramp-up of new capacity, lower wind resources in some markets, and some asset rotation deals closing ahead of schedule.

This has translated into EBITDA from operation somewhat below our initial targets. The priorities we set for 2025 were aligned with our strategic adaptation announced in early 2024 around a more flexible and sustainable growth phase, asset rotation as a new business and source of funding, and the protection of our investment-grade credit profile.

With respect to asset rotation, our target for the period 2024-2025 was to deliver €3 billion of disposals in total. In 2025, the objective was to complete the sale of the hydro assets to Endesa signed at the end of 2024 for around €1 billion, and agree and complete another €1.5 billion to €1.7 billion worth of additional transactions.

All of this was oriented towards reducing our leverage and stabilizing the credit ratios within investment-grade threshold, as well as generating significant P&L gains and show through the value of our asset base. In 2025, we signed incremental transactions worth €1.9 billion, two of which will close in 2026.

Overall disposals completed during the year amount to approximately €1.8 billion, including the sale of the hydro assets to Endesa signed at the end of 2024. The impact on our headline net debt was €1.1 billion when we take into account the debt that was already classified as held for sale at the end of 2024.

EBITDA from asset rotation in 2025 amounted to just over €600 million. All in all, that is €3.2 billion of disposals during the last two years, generating approximately €900 million in total gains.

The only caveat is that the US-Mexico transaction with Mexico Infrastructure Partners and the sale of our interest in our two South African operating assets will close in 2026. The timing of these two transactions has resulted in net debt at year-end not fully reflecting the huge effort made on the asset rotation front.

Both rating agencies, DBRS and Fitch, maintained their investment-grade ratings. This was another key target for the year.

Still, Fitch moved its outlook from stable to negative, reflecting the delay in materializing the disposal proceeds and the somewhat weaker cash flow due to the low output. This is something we will address in the current financial year.

The other key chapter in our priority list was the addition of close to 1 GW of new capacity during the year and the commissioning of approximately 2 GW of capacity constructed the year before, reducing our work in progress. Here, we installed 532 MW of new capacity, having decided to put on hold the construction of two US battery storage projects representing 400 MW and which were expected to add 350 MW in 2025.

Key highlights here include the completion of Tahivilla, our second wind repowering project in Spain, the construction of our 50 MW biomass plant Logrosán, the completion of Aldoga PV in Australia, Forty Mile wind in Canada, and progress in the construction of Pedro Corto in the Dominican Republic. We are somewhat down on our adjusted target of 600 MW of new capacity a year without the US battery projects due to the slower progress on Calayan 2 in the Philippines and Pedro Corto in Dominicana.

On the commissioning side, the ramp-up phase has proven more complex and difficult than expected, particularly in MacIntyre. The initial contribution from these assets has fallen significantly short of our expectations as a result.

We have faced technical problems in some assets like MacIntyre, Forty Mile, and a faulty transformer at Juna in India, and several climate-related events. Most issues have been already resolved, and we will work through the rest over the course of 2026.

Commissioning of the Logrosán biomass plant is underway, and MacIntyre is undoubtedly our biggest task for the year. MacIntyre has been going through the complex Australian grid compliant process with many hold points to pass, and recently, blade issues have surfaced that we believe are related to damage caused during transport.

We have already started to repair the first set of blades while we continue with inspection across the wind farm to assess the full extent of the problem, and we are also developing our recovery plan, and our objective would be to commission the plant in full by year-end. In summary, the slow ramp-up, together with the low wind resource in some markets and the closing of asset rotation transactions ahead of schedule, have resulted in consolidated production of 24.4 TWh and EBITDA from operations below our target, even if average capture prices of €62/MWh were higher than expected thanks to Spain.

The very healthy level of capital gains from asset rotation of more than €600 million has resulted in satisfactory total EBITDA above €1.5 billion within the range we set at the beginning of the year. Finally, in our priority list, we also wanted to secure a good set of development opportunities to fuel our growth in 2026 and provide as much visibility as possible for 2027.

We think 2025 has been a good year for us on this front, with 1.3 GW of projects with FID under construction already or soon going into the construction phase. On the next slide, you can find a summary of the main asset rotation figures for the period 2024 and 2025 for your reference.

Let me move to the next slide. In this slide, we have laid out where we see the main opportunities and priorities for the year.

On the opportunity side, we see a gradual acceleration in our growth with around 700 MW of expected capacity additions in the year relative to the 500 MW the year before. This is part of the current batch of projects with FID currently under construction or about to start, which add up to over 1.3 GW of capacity to be installed within this year and next.

During the last few months, we have been revisiting our project pipeline and reevaluated our development strategy. I will cover the new development strategy in some detail in a minute.

On the priorities, a key objective for the year is to regain our stable outlook with Fitch ratings, and we have the next months or so to achieve this target. Critical for this objective is to close the transactions that were announced at the end of 2025, the US-Mexico deal and the sale of the South African assets, but also signing and closing an additional around €1 billion of disposals, taking the total debt reduction from rotation to around €2 billion.

We're going to put a strong focus on the delivery of the projects under construction, on budget, and schedule. The full commissioning of MacIntyre and other assets like Logrosán are very high on our priority list.

With respect to Southeast Asia, we acquired the majority of the Blue Circle last summer, and our key focus is on the Philippines with two assets under construction and a development pipeline, including offshore wind, awaiting forthcoming auctions and PPAs opportunities. We are constructing wind in Thailand and facing regulatory challenges in Vietnam.

Efficiency is also an important part of our focus in 2026, with a plan to cut corporate overheads in a material way. We are also re-evaluating some of our non-generation businesses from an strategic and financial perspective, apart from the new plans that we have for the energy services activity.

We are also considering selected opportunities to invest in battery storage. In Chile, we are about to start construction of the Malgarida 200 MW 5-hour battery and have the rest of our PV plants to consider hybridizing with returns that look very attractive given the reduction in the battery storage capex cost and the night and day price differentials and capacity payments and curtailments faced in the north of Chile.

On the repowering, we continuously review the older sections of our asset fleet for opportunities without straying from our core and distinctive life extension strategy. In the next slide, I want to briefly talk about the streamline of our development pipeline and our new strategy for the development activity.

With respect to the pipeline, we have optimized our development pipeline to 22 GW. It builds upon high quality of projects, geographical and technology diversification, and aims at preserving ample flexibility to adapt to quickly changing trends in markets and growing renewable energy saturation.

This pipeline, we believe, is an excellent base from which to build upon under new strategy for development activity. Our aim is to attain a level of 1.8 GW of investment opportunities per annum over time, whether these opportunities are for our own book or for third parties.

This would allow for Acciona Energía to extract full value from its development footprint and expertise and provides the opportunity to maximize early-stage development and greenfield opportunities independently of Acciona Energía investment capacity or strategy at any given time. Besides, if we have more capital, we can fully utilize this development capacity for ourselves.

In the next slide, you can see the projects that we will be delivering capacity during 2026 and support further growth acceleration beyond 2026. These projects total 1.3 GW and have obtained FID with strong return expectations at the upper part of our spread over WACC thresholds.

We bid high and succeeded in recent government auctions in Italy and the Philippines. A 20-year Italian state contract for difference with no curtailment support the construction of Pambianco and Venante PV plants, and the Philippines Green Energy Auction, also with 20-years contracts, will give visibility to Kalayaan 2 wind project and Daanbantayan solar PV.

We have also managed to structure one of the first set of private wind energy PPA deals in South Africa with Tenstene and Hartebeest, which recently completed a lengthy and complex financial process. The Promina PV plant in Croatia is starting its construction and is supported by a government 12-year PPA award at the 2024 auction.

In the Dominican Republic, the Pedro Corto PV plant is underway, also covered by a 15-year PPA with one of the local distribution companies. Finally, we are back to investing in Chile with the 1,000 MWh battery storage project at our Malgarida PV site that I was referring before, which is expected to deliver double-digit project returns and an excellent fit within our generation portfolio risk profile in Chile.

All in all, without wanting to sound overly optimistic, we detect some improvement in investment conditions for renewable energy as long as you have the ability to move fast from a market to another and are happy to discard projects that are subpar. We have also renegotiated a number of PPAs related to a project under construction and to development projects, resulting in a satisfactory and balanced outcome for all parties.

Challenges remain. This is intrinsic to our business, and we will have to control increasing module price resulting from Chinese changing government policies, and constructing some of our projects in more complex locations like Southeast Asia.

With that, let me now hand over to Raimundo.

Thank you, Arantza. I wanted to start with our priorities in terms of leverage and and credit ratings.

In this next slide, we show you our indicative uses and and sources of funds for 2026. We expect to generate around half a billion of operating cash flow, and we target proceeds from asset rotation of €2 billion.

With capex below €1 billion and very limited dividend distribution this year, we target reducing debt by around €1.5 billion, which would allow us not only to protect our ratings, but to return to to a stable outlook with with Fitch, which, as Arantza said, is one of the key priorities we laid out for the year. In terms of asset rotation, as discussed, we're expecting to close the South Africa and and the joint US-Mexico asset deal during 2026, which will bring around €900 million of incremental debt reduction, and we plan to agree and close another €1 billion or so in new asset rotation transactions during the year.

These these additional transactions are already in in the market or we are preparing to launch several others to ensure we have good headroom and flexibility to deliver the targeted the targeted amounts. We are considering assets both in in Spain and abroad across different technologies and transaction structures, whether this is outright sales or minority partnerships.

With respect to capex, we estimate it will amount to around €900 million, which compares to €1.4 billion in in 2025, which also included a significant net capex net capex deferrals, including the payment for the Green Pastures wind farms acquired at the end of of 2024. In 2026, there is limited net capex deferral as levels of activity have moderated, and investment converges more closely with capacity additions.

Capex related to projects under construction should be somewhere between half a billion and €600 million or so. This is what is committed.

We're budgeting another €200 million or so for new projects for '26 and and '27. This is this is projects that don't have an FID yet, but we're assuming that we will have FID by year-end and start spending some some capex.

This is over and above the 1.3 GW that we already have committed. Apart from capex related to identified and yet to be to be approved projects, there is investment in the development pipeline, as well as in energy services, EV charging networks, IT, and O&M.

Let's move to to the next slide with the the 2025 results highlights. Consolidated capacity fell by 5% from 13.6 GW to 12.9 GW, with capacity additions of of half a GW and asset disposals of 1.25 GW.

Revenues are down 4% to €2,925 million, of which €1.5 billion correspond to generation revenues, which fell 8% year-on-year on lower average prices at €62/MWh. This was down 10% year-on-year, and consolidated output of 24.4 TWh, which is 2% higher than the previous year.

Total EBITDA reached €1.546 billion. This is 38% higher than the previous year.

EBITDA from operations is down 11% to €932 million, while EBITDA from asset rotation amounted to €614 million. This compares to €73 million in 2024.

The rotation gains correspond, for the most part, to the Spanish hydro and wind disposals completed during the year. Profit attributable to the shareholders of Acciona Energía reached €655 million.

This is up 83% year-on-year. In terms of cash flow and net debt, net investment cash flow amounted to €372 million, with capex of over €1.4 billion compensated with approximately €1.1 billion of asset rotation proceeds.

Net debt stood at just under €4.2 billion. This compares with €4.1 billion at the end of the previous year, with debt associated to assets held for sale at the time of €821 million.

These assets have been sold already, and net debt held for sale at the end of 2025 is is just €50 million, there's a very significant reduction in underlying net debt. Moving to the ESG results and highlights for for the year, I would highlight that 100% of the capex continues to be aligned with the EU Taxonomy.

On the environmental side, our Scope 1 and 2 emissions have fallen by 12%, reflecting, in part, our efforts to decarbonize our vehicle fleet through electrification and and use of HVO. We have avoided also significant new emissions by using HVO in in the Logrosán biomass plant, which was firing its its boiler to clean and test it.

We have also reused 100% of slag and ashes from our biomass plants. This is the primary prime the primary source of our of our waste, and this represents almost 85% of of what we do.

With with respect to social, we are pleased to report no fatal accidents, whether our own employees or contractors, and the frequency index stood at 0.37, which is below our 0.4 target for for the year. On the next slide, on on summary of of investment, you can find the detail of our investment during the year, €1.4 billion, as we discussed, including €505 million of net capex deferrals, including the the the price for the Green Pastures wind farms acquired the previous day the previous year, as well as the tail end of payments for projects such as Aldoga, Forty Mile, and MacIntyre.

Investment has been concentrated in North America, also in Australia, Aldoga, MacIntyre, as mentioned, the Tahivilla and repowering in the Logrosán biomass plants in Spain, and elsewhere, we have the Juna plant in India and Kalayaan 2 in the Philippines, as well as the acquisition and consolidation of the other half of the Blue Circle joint venture in Southeast Asia that we didn't own. On the the next slide with the net debt evolution with respect to the cash flow movements that drive net debt, here, we show operating cash flow of €373 million, net investment of €372 million, which is made up, as discussed, of €1.1 billion of net disposal proceeds and €1.4 billion of capex.

Dividend last year amounted to €143 million, and all of this resulted in €4.2 billion of of net debt at at year-end. It's important to highlight the reduction in in in debt associated to work in progress, which stood at €1.8 billion at at the end of '25, and here, MacIntyre represents around €1.1 billion of work in progress, and Logrosán plant, which has been commissioned right now, that is another €190 million.

As these assets come online, we expect a significant reduction a further significant reduction in in work in progress. Moving to the operating results of of the of the Spanish and international fleets, starting with with Spain, in this slide, you can find the revenue drivers for the Spanish business.

Volumes fell by 24%. This is mostly the result of the hydro asset disposal in late 2024 and early 2025.

Disposals in Spain detracted more than 2.2 TWh of output, and we also had lower wind resource, which which meant a reduction of 4. 0.5 TWh relative to to where we should have been.

Merchant output represented 165 GWh of total total consolidated production. In terms of prices, the average recorded price amounted to €76.7/MWh.

This is flat year-on-year and higher than we expected initially. We had particularly good covariance in 2025, including very high capture prices in the hydro output while we we we had these assets with us, and also in in the wind perimeter, and also the regulatory accounting contributed more than expected, including some €20 million of positive one-offs in the in the in the banding mechanism.

You can see that hedging is less of a driver as our short-term and long-term hedges have converged to prices more consistent with the current power price environment, whereas last year, in 2024, we still benefited from certain hedges closed in the tail end of the energy crisis at more than €90/MWh. In the next slide with the Spanish operating results, revenues in generation fell by 24% to €648 million.

In this slide, you can see generation EBITDA of €341 million, down 26.6%, and total EBITDA from operations at €327 million relative to €443 million the previous year. In the chart, you can see how EBITDA was impacted primarily by the loss of output and contribution from the large asset disposal transactions and, to a lesser extent, by the lower output in in on a like-for-like basis.

Including asset rotation gains, EBITDA in Spain reached €933 million, which compares against €504 million the the the previous year. On the next slide on on the international revenue drivers, output increased by 26% to almost 16 TWh, principally due to new capacity in operation, which added 2.6 TWh of of production.

This is some improvement in output as well in the existing operating asset base during the year. Key growth assets include Forty Mile, Green Pastures, Union, and Redtail Hawk in North America.

This is the region which shows the largest increase in output, and MacIntyre and Aldoga in Australia, which increased its its output by more than 80%. In terms of prices, average capture prices fell by 12% to €54.1/MWh, with lower prices in in most regions, particularly the US and Australia, which saw very high prices in 2024.

The underlying performance of Chile is very good, as last year, the average price contained extraordinary recovery of PEC PEC tariff deficits for around $40 million embedded in that in that price, the underlying performance is is is quite good, actually. International generation revenues increased 10% by €862 million.

On the last slide in in in the Acciona Energía section, international operating results, generation EBITDA increases by 5.6% to €605 million, better output, and contribution from from the new assets, and we had negative impact from from FX. In terms of the the key geographies that are notable, we have the US, which grows on the large increase in new capacity, and that is despite the lower prices.

Mexico grows on better prices and output, and 2024 production was very weak. Chile has performed well, again, taking into account the extraordinary PEC revenues of $40 million the previous year.

Output was was poor, but we have seen better PPA margins and slightly higher injection prices in in PV. Australia improves thanks to the large increase in volumes and despite lower prices, but it should have been better.

While Aldoga reached COD ahead of schedule, MacIntyre was behind, as as discussed. This concludes the review of Acciona Energía operating results, and let me hand over to José Ángel Tejero.

Thank you, Raimundo. We will now turn to present Acciona 2025 results.

Starting with Infrastructure, 2025 has been another year of solid execution across our core activities, supported by a healthy backlog and a clear strategic focus. In construction, profitability has been maintained at solid levels, reflecting a strong focus on OECD countries, contracts with appropriate risk-sharing mechanisms, and an execution model that prioritizes predictability and margin protection.

This allows us to convert backlog into earnings with high degree of visibility, even in a volatile macro environment. Turning to water, EBITDA has grown to close to 50% compared to last year, being one of the standout contributors in 2025, reflecting both operational leverage and an efficient and faster than expected execution of several key projects.

In December, we have been selected as preferred bidder for a major contract in Brazil, the Pernambuco project, which further strengthens our positioning in this market and supports future growth. In concessions, 2025 marked an important milestone with the signing of our first managed lane project in the United States, the SR 400, as well as the Central-West Orana transmission line in Australia.

These are highly relevant steps, not only because these projects themselves, but because it validates our integrated construction plus concession model, our ability to structure, finance, and operate complex assets, and our ambition to grow selectively in markets with long duration and stable cash flows. Looking ahead, our priorities for 2026 are very clear: to maintain profitability in construction; to start operations of relevant concession contracts, as the first segment of Line 6 in São Paulo; and to continue advancing transmission lines in Australia and Peru, while exploring new opportunities in other markets; and to remain highly active in managed lanes opportunities in the US, with two tenders expected next year.

Going to the next slide, moving to Nordex, 2025 marks a very strong year, with all financial and operational targets achieved or even exceeded, including the medium-term margin target ahead of schedule. Nordex continues to strengthen its competitive position, increasing market share and consolidating its leadership in Europe, where it is now the number one player with a 48% market share and ranking second globally excluding China.

This performance highlights the strength of our product offering, execution capabilities, and customer relationships. A key driver of stability and visibility is the service business in Nordex.

Service backlog has reached already €6 billion, setting a solid foundation for stable, recurring growth. Nordex has now 48 GW under active service, with an average contract tenor of 13 years and availability rate of over 97% in the fourth quarter, reflecting the quality and reliability of the fleet under management.

Looking ahead to 2026, the focus remains on maintaining financial flexibility supported by strong balance sheet and ample liquidity, while targeting an EBITDA margin between 8% to 11% on sales of €8 billion to €9 billion. In addition, Nordex has introduced its first shareholder remuneration policy, targeting a minimum annual shareholder return of €50 million to be delivered either through dividends or share buybacks, and always subject to regulatory approvals, capital structure priorities, and stable market conditions.

Moving to the next slide and looking at other activities, mainly Bestinver and Real Estate, I would like to briefly highlight the performance of these two activities. Starting with Real Estate, 2025 has been an excellent year.

We delivered 1,244 units, beating the guidance, and continued to optimize our portfolio through the disposal of non-strategic land plots and the Ombú office building in Madrid. This performance has resulted in a record EBITDA of €84 million.

Looking ahead to 2026, our priorities are to maintain annual deliveries between 1,000 to 1,200 units, continue optimizing the land bank through selective disposals, and pursue targeted investments aligned with our long-term strategy. In asset management, Bestinver has delivered a very strong year, maintaining an excellent performance in its liquid funds, with a total year assets under management of €7.7 billion.

Bestinver Bolsa has ranked as Spain top-performing equity fund in 2025 with a 58% return. Looking at our 2026 priorities, one of our key initiatives is the planned launch in 2026 of our first fixed income fund for institutional investors in Luxembourg, which will further broaden the product offering and support growth.

With that, I will now hand over the floor to our CFO. Thanks.

Thank you, José Ángel. Good morning, everyone.

Let me walk you through Acciona's financial results for the full year 2025. Starting with the key financial highlights, we delivered solid full year 2025 results, beating guidance across the main metrics.

EBITDA increased by 31%, profit before taxes by 82%, and attributable net profit by 90%, primarily driven by the results from asset rotation in Acciona Energía, strong performance of Nordex, and together with a solid contribution from the Infrastructure business. EBITDA contribution was well balanced across activities, with 48% coming from Acciona Energía, 25% from Infrastructure, and 23% from Nordex, reflecting the good diversification of the group.

Net investment cash flow amounted to €1.1 billion, supported by a reduction in ordinary capex to €2.25 billion, compared to €2.8 billion in 2024, and €1.1 billion proceeds from asset rotation in Acciona Energía, and a positive net cash flow contribution of around €110 million from property development. As a result, we closed the year with a robust balance sheet and a significant reduction in leverage, with our net debt to EBITDA ratio declining from 2.9 times in December 2024 to 2.2 times at the end of 2025, which is well ahead of our target of remaining below 3.5 times.

With regards to non-financial results, our total workforce increased by 3.8% to more than 68,000 employees. Health and safety indicators improved also also improved this year, and the number of social impact programs implemented across Acciona's projects increased, reaching 2.2 million beneficiaries in 31 countries.

The group's Scope 1 and 2 greenhouse gas emissions amounted to 205,000 tons of CO2 equivalent, which represents a 4% increase year-on-year. Nevertheless, the company remains with within its Science Based Targets initiative trajectory, which aims to reduce emissions by 60% by 2030 compared to our 2017 baseline, and by 90% by 2040.

Circular economy indicators improved significantly, largely due to construction projects in Australia, which were able to recover a substantial portion of excavated materials, which are the the company's main waste product as of today. Investment levels aligned with EU Taxonomy remained comfortably above our 90% target, and this has enabled the issuance of 37 new green financings amounting to €2.4 billion, bringing the proportion of the group's debt classified as either green or sustainability sustainability-linked to around 84%.

During 2025, the group recorded €2.25 billion of gross investments, mainly across Acciona Energía and our Infrastructure division. Energy investments were concentrated in projects such as MacIntyre, Aldoga in Australia, Green Pastures and Forty Mile in the US and Canada, as well as the Tahivilla repowering project and the Logrosán biomass plant in Spain.

Infrastructure investments amounted to €624 million, mainly related to construction machine machinery, equity and equity contributions to concessions, particularly in the Line 6 project in São Paulo and Lima's Anillo Vial Periférico peripheral ring road, as well as the capex of transmission lines in in Peru. Divestments reached €1.1 billion, thanks to four main transactions: the sale of the hydro assets which Arantza mentioned at the beginning of the year, wind assets in Peru, Spain, and Costa Rica in the second half of 2025.

On this slide, you can see the main drivers behind the evolution of net debt for the group during 2025. Operating cash flow reached €2 billion, with a positive working capital contribution for the third year in a row of €656 million in 2025, mainly driven by Infrastructure due to a very good performance in terms of execution, advanced payments, and collections.

Net investment cash flow was €1.1 billion, and financing and other cash flows amounted to €830 million, including approximately €180 million invested in the acquisition of an additional 2.8% stake of Acciona Energía. As a result, net debt closed slightly below €7 billion, including IFRS adjustments, IFRS 16 adjustments, which is a €139 million reduction year-on-year.

It is important to highlight that a significant portion of this debt, €2.7 billion, is associated with energy assets under construction or not yet fully in operation, as well as debt linked to the real estate projects under development. Given that Raimundo has already covered Acciona Energía's financial performance, I will move straight to Infrastructure.

In our Infrastructure division, 2025 was a a a year a good year in terms of execution and growth. Revenues increased by 6.7%, with 82% of those revenues coming from OECD countries, reflecting the quality and geographic diversification of the portfolio.

Australia remains our main region, accounting for approximately 38% of revenues, followed by Spain, LatAm, and EMEA. In terms of backlog, we reached a historically high level of €30 billion in terms of global backlog backlog and €120 billion in terms of aggregate backlog, which includes our portion of the long-term revenues expected to be generated by the concession assets that we report on an equity-accounted basis.

This aggregate backlog is up 124% year-on-year, given mainly by the SR 400 project, which added about €60 billion to it. The average life of the construction D&C backlog is around 2.5 years, which is consistent with the project-based nature of the activity.

In water, operations and maintenance, the average backlog life extends to approximately 5.4 years, which reflects the more stable and recurring nature of those contracts. Lastly, our concessions asset portfolio has an average life of around 50 years.

Geographically, aggregate backlog is highly diversified, with a strong presence presence in North America and a clear focus on OECD markets. In the appendix of the full presentation, you have extensive details of the largest construction and concession concession projects in our backlog.

Turning to construction, profitability remained resilient, with EBITDA margins remaining at around 7%, in line with the previous year and reflecting a disciplined approach to project selection and strong risk control measures. Australia stood out, with 13% revenue growth driven by good progress in the execution of projects like the Western Harbour Tunnel, M80 Ring Road, or Central-West Orana, and and Suburban Rail Loop.

Construction backlog reached €18.1 billion, which is up 2.6% versus 2024, which reflects a moderate year-on-year increase despite the relevant awards added during the year due to mainly due to forex impact. Beyond the sheer size of the backlog, equivalent to approximately 2.5 years of activity, what stands out is the strong geographic diversification of it and its increasingly derisked profile, with 81% of of the total incorporating some sort of contractual risk mitigation mechanisms, whether it is collaborative contracts, contracts related to our own concession projects, or contracts with price protection clauses.

Moving to concessions, the portfolio remains young, with 90% of it remaining under construction, and therefore with limited P&L impact today. Sales grew by 103%, and EBITDA reached €160 million, driven by the financial close of the SR 400 project in Atlanta and the financial close of Central-West Orana in New South Wales, Australia.

The good performance of the Peruvian transmission lines also contributed, and the commissioning of the Kwinana waste-to-energy plant in Australia was also a an important factor. Equity invested in concessions concession assets reached €704 million, with €1.6 billion of equity commitments between 2026 and 20 2035.

The portfolio remains well balanced, with 54% of it with demand risk and 46% with availability-based payments. In 2025, our Water division delivered remarkable growth, with revenues up 16.5% and EBITDA increasing by around 50%, driven by good execution at Collahuasi and the Casablanca desalination plants.

Backlog also increased by approximately 11% to €7.7 billion, with key awards such as the Sanepar and Thesan projects in Brazil. These figures, these backlog figures, do not include the pre-award of Pernambuco, which has already been been mentioned and will add around €30 billion to the aggregate concessions backlog.

Given how relevant our concessions business has become for the group and, more importantly, how relevant we expect it to become in the next decade, let me spend a few minutes going into more detail. Over the last few years, Acciona has emerged as one of the leading global players in greenfield infra concessions, with particularly strong growth over the last three years.

Between 2023 and 2025, we were awarded 17 new projects, with total associated investments of €27 billion and an average project size of €1.6 billion. €27 billion is the total for 100% of these projects, not Acciona's share.

Since 2019, our average project size has quadrupled, and the average remaining life of our portfolio has tripled, which highlights the improvement in the quality of the portfolio over the period. 2025 was particularly significant, with important milestones such as the financial close of the SR 400 and the financial close of Central-West Orana in Australia, as well as the acquisition of transmission lines in Peru and major water awards in in Brazil.

The strategy underpinning our business model is to operate as an integrated development and asset platform, combining global expertise and structuring capabilities with strong local construction execution capacities. This differentiated approach allows us to originate, develop, finance, build, and operate large-scale infrastructure projects, while maintaining control over the risks that we are taking and the value that these projects generate throughout their life cycle.

It is our key competitive advantage in this respect. Our growth strategy is clearly focused on a number of priority segments, including managed lanes and toll roads, urban rail and metro systems, transmission lines, high-speed rail, as well as our selected or selected social and water concessions.

Geographically, our efforts are concentrated on the US, Australia, Brazil, and Peru and Chile, which is where we see the strongest pipeline and the most attractive risk-return profiles. A key feature of our model is the ability to take relevant equity stakes, either with control or with strong governance rights, combined with a flexible approach to asset rotation, allowing us to transform assets from greenfield to brownfield and optimize capital allocation over time.

Looking ahead, growth opportunities are substantial. We have identified a pipeline of approximately 130 greenfield opportunities, which represent around €300 billion of associated investment expected to be tendered in the coming years.

Within this pipeline, managed lanes will be a major growth driver. We have identified seven projects with high visibility that alone represent over $80 billion of total investment and around $30 billion of total equity investments.

Over the next two years, we expect to submit more than 49 proposals across our core markets. The opportunity, therefore, is compelling, and we believe we are very well positioned to capture this growth.

Our current concessions portfolio includes 78 assets in 11 countries, with total investment for 100% of the projects of more than €36 billion. On this slide, you can see both the geographical diversification of our portfolio, with a clear focus on OECD countries and a strong presence in Europe, North America, Australia, and LatAm, and the well-balanced nature of our portfolio, which spans transport infrastructure, water concessions, transmission lines, and waste-to-energy plants, combining different sectors and stages of development.

Total equity investment to date amounted to €879 million as of 31st of December '25, and we have additional equity commitments of approximately €1.9 billion between 2026 and 2035, which will take the total equity invested at the end of 2035 with the projects that we currently have in our portfolio to €2.7 billion. As you can see in the next slide, these investments are well spread out over the next seven years, with no significant concentration in any particular year.

The average remaining life of this portfolio is around 50 years, and it is expected to generate approximately €60 billion in dividends and cash distributions for Acciona over that period. With respect to Nordex, since the team presented results two days ago, outstanding results, if I may say so, I will not go into the details.

I will highlight, however, that Nordex contributed €749 million to Acciona's EBITDA, which includes €118 million from the reversal of provisions, which relate to the updated view of Nordex's quality cost program. That is on top of the €631 million EBITDA that Nordex reported.

Moving to other activities, Living, our Real Estate development business, has achieved extraordinarily good results in 2025 with an EBITDA that almost doubled versus 2024. Since José Ángel has already gone through the highlights of '25 and priorities for 2026, I will not go into more details, but let me just highlight that our gross asset value at the end of 2025 stood at €1.5 billion, which is an 8.4% decrease compared to '24, just consistent with the high number of units delivered and the asset sales and the strategy of land bank optimization through the sale of old stock.

Finally, Bestinver also delivered a solid year, with revenues increasing by 4.4%, EBITDA by 8% to €55 million, driven by higher assets average assets under management, which grew by 10% year-on-year. At year-end, assets under management reached €7.7 billion, up €870 million, as a combination of positive net inflows for another consecutive year and an outstanding performance of our of most of our funds, with a particularly good performance of Bestinver Bolsa, which ranked as Spain's top-performing equity fund in '25, delivering a 58% return.

With that, let me thank you for your attention, and I will hand the floor back to José Manuel for the outlook and opening of the Q&A session.

Thank you, José. Very briefly, I will do a 2026 outlook where we expect a stable operating EBITDA bringing total group EBITDA to a range of between €2.8 billion and €3.1 billion.

For Acciona Energía, the outlook is exceptionally volatile and difficult to predict due to uncertainties in the timing of asset rotation, in extraordinary weather conditions with very high hydrological inflows and reserves in Spain, with FX volatility, and timing of new assets reaching COD, which is, as commercial operation date. However, given all these caveats, we would expect about €1.2 billion total EBITDA for Acciona Energía.

A month ago or a couple of weeks ago, when we were finishing our final budget for the year, I would have said comfortably flat operational EBITDA. At this stage, with the exceptional rain and hydrological reserves in Spain, I would dare saying that it's going to be a small decrease expectation for the year.

For Acciona Group 2026, we will also expect an investment cash flow of between €2.2 billion and €2.5 billion, net debt to EBITDA to remain below 3 times, supported by asset rotation and capex discipline, basically in order to continue to maintain investment grade, and a dividend per share of €5.65, €5.65, which we aim to maintain stable with a small growth in the coming years. Beyond '26, volatility may persist.

Geopolitics may remain unpredictable, and execution environments will continue to be demanding. Our strategy, however, is focused on what we can control, which is disciplined capital allocation and operational excellence.

We are, as I was saying in the beginning, globally diversified. Our integrated model is built for resilience, and demand is not a question.

Obviously, the question is execution with selectivity and discipline and scale. Our strong asset base, deep technical capabilities, and record backlog allow us to remain focused and selective on projects where sustainability, complexity, and attractive returns genuinely reinforce each other.

Acciona enters in this new phase better than ever positioned to translate structural demand into long-term shareholder value by delivering essential infrastructure to what society needs. Thank you very much, and we will now enter the Q&A session, for which I anticipate my appreciation and thanks for the many questions we have received, which we will, in some cases, bundle together in order to save time.

To start with, we will handle the Energía questions. The first one comes from a number of market analysts from Caixa, JPMorgan, RBC, Kepler, JBCM, Santander, and HSBC.

I thank you all. The question is: Can you please clarify the target EBITDA for 2026 excluding asset rotations, as well as giving guidance post-2026?

Arantza, please.

Yes, thank you, José Manuel. In relation to 2026 EBITDA, and most concretely in the operating EBITDA, first of all, we have to take into consideration that the most relevant factor to do that is the timing of the closing of the asset disposals, as this can affect the perimeter, but also the contribution to the EBITDA that we have incorporated.

If we leave this aside and excluding the asset rotation gains, a couple of week ago, I would have said flat, but now, given the heavy rains that we have seen suffering in Spain the last couple of weeks, and the impact that this must have on the Spanish prices, I would now say that probably we could expect a small single-digit decline versus 2025. Regarding the asset rotation EBITDA, what I would expect is a more normalized amount than 2025, which was an extraordinary year in that front.

Post-2026, looking at mid-term 20 2030, you should take into consideration an consolidated output of around 30 TWh coming up from the 24.4 TWh we had last year, and this means around 1 TWh per year of production contribution. With this and your assumption in prices and in generation, you will see that this would guide you to an increase in our operating EBITDA a CAGR of around a mid-single digit.

Thank you, Arantza. Just let me make a very general rule of thumb: 2030, 30 TWh.

That's kind of easy to remember as things stand now. Obviously, that target is subject to improvement if we would have the ability to do so in terms of capital and balance sheet capacity.

Question number two: Impact of efficiency measures. What do you estimate to be the impact of the efficiency measures in an annual EBITDA?

This is from Flora at Caixabank. Arantza, please.

Or Raimundo,

okay,

whatever.

I'll pick that up if you want, José Manuel. We've prepared a plan to address some of the key structure cost categories starting 1st of January 2026.

When we look at the run rate, which should be achieved during 2027, we are considering around or targeting around €35 million of structure cost reductions. During 2026, it would be a part of it, half or more than half, we think it will be achieved during the current year.

Yeah.

Thank you. Question number three from Flora: Italian proposal on energy prices.

Can we make a comment on the Italian proposal to decouple CO2 prices from power prices?

Yes. I'll take this one.

I think first we have to take into consideration that our exposure to Italy is really limited. We have only 0.2 TWh, and in terms of revenues, around €30 million.

Having said that, the last week, the Italian government announced a decree law that incorporated some measures to reduce the electricity and gas cost and support the households and industry prices for the sake of competitiveness of the industry. The key proposal that was included within this decree law was to compensate the thermal generations for the CO2 allowance cost, preventing them from passing this into the market prices.

In an initial estimation, this could lower the price around €30/MWh. However, this measure would not be enter into effect until 1st January 2027, and it has to pass the usually complex process of the European Commission state aid approval, which also, given the potential conflicts with EU ETS and the internal market rules, might be a little bit challenging.

Having said that, from our perspective, we do not support the interventions in the generation market, especially those that weaken the decarbonization signals by shielding emitting technologies from CO2 costs.

Let me just underwrite that comment from Arantza. We find it somewhat surprising that sending the market decarbonization signals through carbon pricing and then offsetting those signals through opposite policies in the member states doesn't make a lot of sense.

It would make a lot more sense to help out, as Arantza mentioned, the energy-intensive industries or needed households, whatever, but on the demand side, not on the supply side, as we understand it. However, question number four from Beatriz Giannola at Mediobanca and Flora at Caixabank: What are our expectations for asset rotations this year in terms of timing and geography?

Besides Raimundo's specific answer to that question, let me say that, as a rule of thumb, you should be aware that we are extremely selective in the transactions we close in the matter of price. We have more transactions in the market than we need, and we will be selective and differentiate those which are more attractive.

Therefore, it is difficult to predict. Having said that, please, Raimundo.

Thank you. Just to recap, on the one hand, we have to close the transactions that were signed at the end of 2025.

This is basically South Africa plus the US PV minority, which is also combined with the sale of two wind farms in Mexico. This is roughly, in terms of incremental debt reduction, as we've been saying throughout the presentation, around €900 million of additional proceeds.

We want to close another €1 billion, €1.1 billion of opportunities, as José Manuel was saying. We're managing a portfolio that is in terms of opportunities to sell that is larger than what we need, as we did last year.

The moment is approximately 2.5 GW of capacity in different stages of negotiation and process. We cannot be too specific on the particular assets that are in our list, but in Spain, perhaps we can be a bit more specific.

We have potentially another large portfolio of wind in the market. We could also consider the sale of our residual or remaining hydro assets.

In the international business, we're looking across all the continents. We have a very wide portfolio of assets, as and presence.

Here, we're looking in some cases at selling outright 100% of these assets, in other cases, a large minority holding in there. With respect to what we're going to do beyond '26, in '27 and beyond, we would expect that the level of asset rotation is not as extreme or as high as what we've done in '24-'25 and we will need to do also in '26, but it will be more normal.

We've indicated that this is part of our ongoing business. This is a source of funding for our growth.

This is a source of capital gains, arbitrage between trading share prices and what we think the value of our assets is. This is going to continue happening, although probably in the 400 to 500 MW per annum range.

Thank you. Question number five comes from Flora: Why do we think it's so critical to maintain the rating and the consequences of losing it?

Quite frankly, I don't think maintaining the rating is critical. I think it's important.

I think it's a commitment we've made to the market, and it improves our weighted average cost of capital, and improves our liquidity, and it's a very nice to have. We will try to maintain it, and we will do our efforts to maintain it.

Frankly, at this stage, we expect this to remain this way, we think maintaining the rating is the best option. Anything to add, Raimundo, Arantza?

I think

this is pretty much it. As you say,

liquidity,

gives us access to the markets, reduces our cost of borrowing, and it's something that gives us very good support to our plans.

Very good, thank you. As for question number six from JPMorgan, Javier Garrido, Álvaro Soriano, Alantra, and Charles Swabey from HSBC: Within the 26 TWh production target for '26, how many correspond to assets that are planned to be sold?

Does it include any contribution from assets that will be commissioned during 2026? I guess the answer to that is the 26 TWh are net of reductions in rotated assets.

I don't know if there's anything to add to that. No.

What I would say is that yes, it's precisely what you were mentioning. These 26 TWh were net of the reduction from the asset rotation, but also incorporating the contribution of the new assets that are going to be put into operation during the years.

Of course, the final figure will depend of the timing of the disposals, which, as I was mentioning before, might have a significant impact of the operating EBITDA. As a general rule of thumb, what I would say is that you should expect that was mentioned before, these 30 TWh by 2030, which approximately will grow at 1 TWh per year, and I think that's what you should use for your calculations.

Thank you. Question number seven is from Javier Garrido at J.P.: What is our current open position in Spain and expectations for 2027?

Raimundo? Can I

pick it up? Okay.

In 2027, our production in Spain should be somewhere around 8 to 8.5 TWh, taking into account potential incremental rotation during 2026, and also the increased contribution from Logrosán biomass plant and other assets that, although they're not huge, but they contribute to growth in output as well from new capacity. Let's say this is 8, 8.5.

Out of that, we will have, including the Logrosán plant and assuming some of this wind that will be regulated that we sell, around 2 TWh of regulated output. Our long-term and medium-term contracts amount to around 4 TWh, so that's 6 out of 8, 8.5.

That would give you the portion that is contracted.

Thank you. Question number eight: What is our sensitivity of Spanish power prices in 2026 EBITDA?

Impact in EBITDA if power prices were to move -€5/MWh versus our assumption. Arantza, Raimundo?

Yes, well, our merchant position in Spain for 2026 is around 2.5 TWh, in addition to some adjustments due to the band mechanisms of the regulated assets that are also exposed to changes in the pool price. Taking both things into consideration, the impact should be around €20 million.

Next question from Fernando García at RBC is: How have you started in terms of output versus UP50 in January and February, and is your output guidance versus UP50 or incorporates the evolution of these two months? Arantza, Raimundo?

I'll take this one. In terms of the production, as I was mentioning before, the year has started very well, particularly in Spain, due to this strong resource and rains that has driven above expectation in terms of production.

This has been somehow offsetted by a more normal contribution for the international side. That on the production side.

On the other side, the prices have been, in particularly in Spain, precisely because of that, somehow below what we were expecting. In general, and answering to the question, the guidance that we have given for the production of the year fully incorporates the performance of these first two months.

Thank you, Arantza. Next question from José Porta at Kepler, Fernando García at RBC, and Óscar Najar at Santander is a classic, is update on strategic optionality on ANE.

My answer there is the same as has been over the years, which is there is intrinsic value on the optionality of maintaining Acciona Energía publicly traded. The options are constantly analyzed.

Maybe the only minor caveat that I may say there is that we have retained a bank to help us in that process of analyzing all the different alternatives. The situation remains to be the same as usual.

Thank you very much. Number 11: Merchant exposure, Pablo Cuadrado at JBCM, merchant exposure for this year in Spain and international markets.

Spain, I think we've answered that question, international markets, Raimundo?

Yeah. Spain is very much the same as we just discussed, and international markets tends to be around 70% hedged, and overall, we want to have roughly an 80/20 hedging across the portfolio.

Thank you. MacIntyre: When do we expect MacIntyre to be 100% commissioned?

Did you find out the problem of the blades, and could you be compensated for that? Are you seeing any further delays in the commissioning of assets from Pablo Cuadrado and Óscar Najar?

Arantza.

Yes, MacIntyre is currently going under the commissioning process. We successfully passed hold point 3 and got the authorization to go through the testing process for hold point 4.

During the commissioning process, we found damage associated to a significant number of blades. According to the preliminary analysis underway, we believe it is related to the transportation to site.

We continue carrying out the delivery, and in the meantime, we're working on one side on the insurance recovery, and on the other side, we're also working on having in place a repair plan blades on site, which is already taking place, and also, we are incorporating accelerating and mitigating measures. With all in mind, we have the target of having the wind farm fully commissioned by year-end.

Thank you. Question number 13 is from Pablo Cuadrado and Óscar Najar: Is the downgrade on gross installations guidance for the year a transitory decision to refocus on the leverage, or shall we assume a slowdown in the gross installation targets for the next few years?

Why not? Becoming ambitious again post-balance sheet improvement.

Let me take that one. Indeed.

Why not? We are, as you say, balancing out our balance sheet, and therefore, '25 and '26 installations are, I would say, somewhat lower than normal.

In the coming years, I would expect a installation or new capacity additions of between 1 and 1.2, 1, 1.5, and reductions of anywhere around half a gigawatt a year. Rotations of half a gigawatt a year to give a net of whatever, 0.7, 0.8.

The logics there is obviously that if we are generating a significant value in putting up new assets and rotating more mature ones, why forgo that? That will, in itself, maintain our balance sheet capacity, it's a good balance.

This last two years have been more tilted towards asset rotations because we hadn't rotated any assets in many years, the balance sheet balancing out process has to be charged in the beginning. Anyway, your comment we agree with it.

That should be expected in the coming years. As for the decision to cut the dividend from Beatrice Mediobanca, the decision to cut the dividend was being aimed at preserving investment-grade credit metrics.

Could you elaborate on the specific factors that prevented the approval of the previous dividend level? Why don't you take that one, Raimundo?

Thank you. The decision to reduce the dividend that we proposed to the board, and the board in turn is proposing to the AGM, is driven by the rating agency discussions.

This is one of the mitigating measures that we have agreed. It doesn't have a massive impact on leverage, but it's a strong signal, I think, to the rating agencies, and I think generally to our lenders, that we are serious about returning to a stable outlook.

This is it. In terms of dividends going forward, I guess, José Manuel, we would want to resume a normal dividend, a more normal dividend level post achieving the stable outlook under ratings.

Thank you very much. That does with the questions on Acciona Energía.

We go on to the questions on Acciona Group, for the rest of the company. The first one is from Flora, Fernando, and Óscar, RBC and Santander: We have many questions about Nordex.

One of which is: Considering the strong performance of Nordex, should a placement make sense? Are we comfortable with a high exposure?

Does this exposure fit an industrial company and in our strategy to invest and develop operating infra assets? What would be, and I guess it's four questions in one, what would be the minimum level of stake that allows you to maintain consolidation?

Let me answer the first part of it. We are very comfortable with Nordex.

Nordex is an integral part of the group. It's an integral part of the company.

I understand that the market or the analyst community often see Nordex as a financial investment, but I think you should change your approach, because that's not how we see it. It's an integral part of the group.

We were there when it needed help some years ago, were there when it's producing excellent results, and that's what business is about. The alternative that subliminally many people or you are suggesting is trading, and we're not into that business.

The other questions were whether we would sell 5%, I guess doesn't change much, and it would be a significant change in our policy toward Nordex to start trading stakes. Let me remind you that we started the OEM industry 25 years ago, and Nordex is a result of the Acciona Windpower merger with Nordex in 2016.

The company is, as a matter of fact, is called Nordex Acciona Windpower. Therefore, our affinity to Nordex is the same as we have had to this industry for many years.

Let me then end this question, the answer to this question on what I consider to be a very important comment that I somewhat made in my introductory words, which is the importance of maintaining industrial capacities within the European Union. Nordex is a success story of industrial capacity, of industrial success, and we're very proud to be an integral part of that, and I believe that needs to be protected, and needs to be enhanced, and encouraged.

The next question from Pablo is: Could you clarify the criteria for provision reversal at Nordex EBITDA? Do further provisions remain that could be reversed in the following years?

José.

We don't have any more provisions on Acciona's balance sheet related to Nordex's non-quality costs. There are some negligible provisions related to other risks.

The reversal is mainly due to the fact that Nordex has already incorporated these expenses into their results, and therefore we can't have them also on Acciona's books, and so we need to revert them. That is the underlying reason.

Next question is from Flora at Caixabank: Can you please share the list of potential awards in concessions? I don't have that list, but maybe you have it, José or José Ángel.

Happy to take this one. In the short term, over the next 12 to 18 months, we're going to be tendering around 14 projects in our core markets, heavy activity on new auctions, and new projects.

There's a strong focus in the US, both on managed lanes where we will be tendering in Tennessee, the I-24 Managed Lane project; in Georgia, the I-20 I-285 project; and shortly thereafter, the I-77 project in North Carolina. We expect awards of at least the first two within 2026, awards or a resolution of the participation in 2026, and the I-77 shortly thereafter.

Also in the US, we will be participating in transmission line bidding for two projects, one in MISO, one in SPP. There's also heavy activity in the short term in Brazil related to both metro lines and the extension of Line 6 and other metro lines that are being developed in São Paulo, as well as the water concessions, with a particular focus in Pernambuco, which we have our preferred bidders for and we need to sign in the coming months.

Thank you. Next question is an update on our asset divestment plans ex-Energía, including waste, water treatment plants, or real estate.

José, why don't you take that one?

We're always analyzing different options, and not only divestments, but also acquisitions. In our Real Estate business, it is business as usual, it is our day-to-day business.

In our portfolio of concession assets, the portfolio is still very young, 90% of it is still under construction, and therefore we don't think it is the optimal point for considering asset rotation. That is beyond the potential transaction around part of our waste-to-energy portfolio in Australia, which, as you will have seen, is part of the debt that is currently held for sale, given that is one of the most immediate transactions that we are considering in the group outside of or ex-Acciona Energía.

Thank you. Next question from José Porta at Kepler are on property development, the outlook, the EBITDA in the property development in our Living department.

José Ángel, why don't you take that one?

Thank you. This year has been affected by the results coming from the Ombú transaction.

There is an office building that we have obtained around €37 million of capital gain, but we still expect revenues and EBITDA to improve significantly like-for-like in 2026 based basically on the delivery of the similar number of units, but with a higher price per unit and the average selling price that these deliveries will be consistently higher because the product mix is a high-end product mix. We are talking about properties located in Marbella, Cádiz, and also Cataluña and Madrid.

Let me add to that that the Ombú transaction shouldn't be considered as a extraordinary event or extraordinary sale. The Ombú transaction is a classic case of a multi-year operational, normal operational transaction by which we have revampled an urban facility and improved it and sold it.

That's obviously a more than one-year process, which will be, I guess, recurrent, maybe not every year, but it's a recurrent activity. It's an important activity in our Living division.

Next question is from Óscar Najar: The improvement in net debt mainly working capital, why is it so positive, almost €1 billion in second half '25? José.

The typical seasonality of our working capital profile usually shows better performance in the second half of the year than in the first half of the year. The movement that we've seen in the second half of 2025 is, in fact, quite similar to what we had in the second half of 2024.

In the last three years have been working capital performance in the last two years has been particularly good in Infrastructure, with positive working capital for the third year third consecutive year in 2025. In the case of 2025, it has been mainly driven by good management of advance payments in Australia and the US, and good progress in some pending collections in the Infrastructure business.

Going forward for 2026, we should expect working capital to normalize and reach more moderate levels for the year ahead.

Thank you. Next question from Óscar is our expected net debt for 2026, assuming the disposals in Acciona Energía.

As I've said in my introduction, we will remain below 3, maybe lower, but our expectation is that our aim is to stay below 3. If the debt levels are temporarily lower than 3, which may be the case, we would use that additional slack to further investment.

The target is to be below 3. Next question from Óscar Najar is: When will you host a CMD on Infrastructure and Concessions?

Who wants to take that one? When are we holding a CMD?

Soon.

Yeah. I think that the answer to that is that we want to have a more visibility on the outcome of the bids of this year, and second thing, our portfolio is very young, and we would like to showcase an operating portfolio, and probably it will be soon by the end of this year or maybe beginning of next.

I'd like to have one, but there are some moving targets that I think is best if we have them tied down. Question number eight: From Óscar, what assets are held for sale in the balance sheet of ANA and ANE, Acciona and Acciona Energía?

Only South Africa or something else? How much?

José.

Besides the assets held for sale in Acciona Energía, which are our South African assets and our two wind assets in Mexico, the only asset held for sale in the rest of the business is the Kwinana waste-to-energy plant, which has associated debt of €322 million, and it is what I was referring to in my previous question regarding potential transactions this year.

Very good. That does with all the questions we've received.

Any doubts, further questions, kindly address us through our Investor Relations group or our Financial Department. I thank you very much for your attendance and look forward to seeing you in the Capital Markets Day or sooner in the next report or on our roadshows in the next few months.

Thank you very much. Goodbye.