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<page method="xml-texts" num="1"><![CDATA[CEBU BRIDGE, PHILIPPINES Integrated Report 2025]]></page>
<page method="xml-texts" num="2"><![CDATA[ACCIONA Integrated Report 2025 Published by ACCIONA, June 2026 The information presented corresponds to the fiscal year ended December 31, 2025.]]></page>
<page method="xml-texts" num="3"><![CDATA[CONTENTS Letter from the Chairman OUR PURPOSE 01 ACCIONA in 2025 SOLUTIONS • ACCIONA Energía • Infrastructure - Construction - Concessions - Water • Nordex • Other Businesses 02 SOCIAL CASH FLOW ACCIONA AROUND THE WORLD 03 04 ATLAS 05]]></page>
<page method="xml-texts" num="4"><![CDATA[José Manuel Entrecanales Domecq CHAIRMAN & CEO OF ACCIONA Letter from the Chairman]]></page>
<page method="xml-texts" num="5"><![CDATA[“Infrastructure, water, and energy are increasingly at the center of economic, industrial, and strategic priorities.” ACCIONA Integrated Report 2025 As I do every year, I would like to use the Group’s Integrated Report to reflect on the past year and on the challenges and opportunities that lie ahead. In terms of both performance and context, 2025 marks a clear turning point in the investment cycle that underpins our business. In previous years, we described an environment that was becoming increasingly volatile and demanding. In 2025, that assessment was fully confirmed, but it was accompanied by something equally significant: the emergence of a new structural dynamic that places infrastructure, water, and energy at the center of the economic, industrial, and strategic priorities of virtually every market in which we operate. The global economy has become more fragmented, more interconnected, and increasingly shaped by considerations of economic security and strategic autonomy. Assets that for decades were viewed primarily as public expenditure or simply as supporting infrastructure for economic activity, including energy, transportation, water, and networks, are now rightly regarded as essential components of national sovereignty. At the same time, public-private partnerships have become the only viable way to meet these needs. Governments recognize this reality, as do capital markets. The result is an infrastructure and energy investment cycle that many analysts describe as a global supercycle, with annual investment requirements estimated at several trillion dollars through 2040. Within this context, ACCIONA benefits from a distinctive competitive advantage. We are one of the few companies in the world capable of integrating the development, design, engineering, financing, construction, operation, and long- term ownership of complex infrastructure, water, and energy assets. This integrated capability, developed over decades, is particularly well suited to the demands of the cycle ahead. Letter from the Chairman]]></page>
<page method="xml-texts" num="6"><![CDATA[€3,211 M Record EBITDA in 2025, a 31% increase over the previous year Letter from the Chairman]]></page>
<page method="xml-texts" num="7"><![CDATA[“Through disciplined execution, rigorous risk management, and a global presence, ACCIONA is well positioned to transform this structural demand into long-term value for shareholders” ACCIONA Integrated Report 2025 A YEAR OF STRONG PERFORMANCE 2025 was an exceptionally positive year for the company. EBITDA reached a record €3,210 million, representing a 31% increase over the previous year. The Infrastructure business achieved its largest- ever aggregated backlog of €120,500 million, driven by significant growth in future concessions, particularly through managed lanes projects in the United States. We achieved financial close on the SR-400 project in Atlanta and were awarded the Eglinton Crosstown West Light Rail Transit extension in Toronto, Canada, under a collaborative contracting model that aligns with our disciplined approach to risk management. In Australia, we achieved financial close on the Central West Orana project and made further progress on the Western Harbour Tunnel project. In Latin America, we continued to advance Line 6 of the São Paulo Metro, scheduled to enter service in 2026, while expanding our concessions portfolio in Peru. The Water business had an outstanding year, with EBITDA increasing by 50%, driven by the efficient execution of projects such as the Collahuasi and Casablanca desalination plants and further strengthened by the award of the Pernambuco water and sanitation concession in Brazil, a market that continues to grow in strategic importance for the company. ACCIONA Energía remains a core pillar of the Group, generating EBITDA of more than €1,500 million and maintaining a pipeline of approximately 22 GW. The asset rotation program launched in 2024 generated €3,211 million in transactions in 2025, bringing cumulative capital gains since its inception to almost €900 million. The strategy is shifting from a focus on installed capacity growth to a more selective approach centered on projects offering greater visibility and attractive returns, with 1.3 GW already committed through the end of 2027. During the year, we secured new awards in PPA auctions in the Philippines and Italy, achieved financial close on two wind projects in South Africa with strong returns, and capitalized on the improving competitiveness of battery technology to advance a large-scale energy storage project in Chile. Nordex delivered an outstanding performance, reaching a record order backlog of €16,000 million and strengthening its position as the clear market leader in Europe, with nearly a 50% market share, while also becoming the world’s second-largest wind turbine manufacturer outside of China. Global demand for wind energy continues to be driven by long-term structural trends, including electrification, rising electricity consumption, repowering in mature markets, and the growing importance of secure, domestic, and independent energy sources. Global turbine orders reached 215 GW in 2025, the second-highest level ever recorded. In this context, it is important to emphasize a reality that Europe cannot afford to ignore: competition from China in this sector is intense and does not always occur on a level playing field. This makes it all the more important to support and strengthen the few European industrial champions that remain. POSITIONED FOR THE FUTURE Looking ahead, the cycle we are entering appears particularly well aligned with the capabilities ACCIONA has spent decades building. Structural demand for essential infrastructure and for clean, secure, domestically sourced energy is no longer a hypothesis. It is a reality reflected in industrial strategies, regulatory frameworks, and investment flows across virtually every major market. The question is no longer whether this demand will exist, but who will be able to meet it with discipline, quality, and profitability. We modestly believe that few companies possess capabilities comparable to ours. Through disciplined execution, rigorous risk management, and a global presence, ACCIONA is well positioned to transform this structural demand into long-term value for shareholders while delivering the essential infrastructure society needs. Sincerely, José Manuel Entrecanales Domecq Chairman & Chief Executive Officer ACCIONA]]></page>
<page method="xml-texts" num="8"><![CDATA[ACCIONA Integrated Report 2025 OUR PURPOSE]]></page>
<page method="xml-texts" num="9"><![CDATA[OUR PURPOSE ACCELERATING THE TRANSITION TO A MORE SUSTAINABLE, RESILIENT, AND PROSPEROUS DEVELOPMENT MODEL]]>
<container id="_idContainer178" parent_id="_idContainer179"><![CDATA[ACCELERATING THE TRANSITION TO A MORE SUSTAINABLE, RESILIENT, AND PROSPEROUS DEVELOPMENT MODEL ACCIONA develops infrastructure, services, and solutions designed to meet both current and future societal needs. The company addresses major global challenges, including climate change, urbanization, population growth, and water stress, by providing high-quality, integrated, and locally tailored assets and services that foster prosperity and resilience. ACCIONA’s purpose is to accelerate the transition to a more sustainable, resilient, and prosperous development model. This commitment is reflected in the transformative capacity of its people, who represent a wide range of backgrounds and perspectives, and in the company’s proactive approach to addressing major global challenges.]]></container>
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<page method="xml-texts" num="10"><![CDATA[ACCIONA Integrated Report 2025 acciona In 2025 01]]></page>
<page method="xml-texts" num="11"><![CDATA[acciona In 2025 STRONG GROWTH ACROSS ALL BUSINESS AREAS]]>
<container id="_idContainer208" parent_id="_idContainer209"><![CDATA[STRONG GROWTH ACROSS ALL BUSINESS AREAS In 2025, ACCIONA reaffirmed the strength and diversification of its business model, achieving EBITDA of €3,200 million, driven by growth across all its business areas. ACCIONA Energía increased its total installed capacity to 14.6 GW, while Nordex strengthened its position as Europe’s leading wind turbine manufacturer and closed the year with an order backlog of €16,100 million. In Infrastructure, the aggregated backlog reached €120,600 million, reflecting a strong competitive position in strategic markets. The Real Estate business increased its gross asset value to €1,590 million, while Bestinver’s assets under management reached €7,660 million.]]></container>
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<page method="xml-texts" num="12"><![CDATA[ACCIONA In 2025 Record revenue of €20,236 M (+5.5%) EBITDA €3,211 M ACCIONA delivered record results, achieving strong and diversified growth 25% Infrastructure 47% Other activities ACCIONA Energía 23% Nordex 5%]]></page>
<page method="xml-texts" num="13"><![CDATA[Performance indicators Investments and cash generation NET INVESTMENT CASH FLOW €1,074 M (-55.3% vs. 2024) ORDINARY INVESTMENT (EXCLUDING REAL ESTATE AND DIVESTMENTS) €2,252 M (-19%) INVESTMENT BY BUSINESS AREA NET FINANCIAL DEBT €6,989 M NET DEBT /EBITDA RATIO 2.18x (vs. 2.90x in 2024) Other key metrics DISINVESTMENTS €1,065 M REAL ESTATE CASH GENERATION €114 M EMPLOYEES 68,502 (+3.76%) across more than 60 countries and 170 nationalities EU TAXONOMY-ALIGNED CAPEX 98.2% (-1.1 pp) EMISSIONS AVOIDED 15.7 million tCO 2 e (+9.4%) GHG EMISSIONS (SCOPE 1 + 2) 205,105 tCO 2 e (+4%) SUSTAINABLE FINANCING 84% (+3 pp) €1,437 M Energy €624 M Infrastructure €153 M Nordex €39 M Other activities]]></page>
<page method="xml-texts" num="14"><![CDATA[ACCIONA In 2025 PERFORMANCE BY BUSINESS LINE 1 ACCIONA Energía REVENUE €2,925 M (-4.1%) EBITDA €1,546 M (+37.7%) INSTALLED CAPACITY 14.6 GW Pipeline 22 GW ASSET ROTATION AND GROWTH €3,200 M in signed divestments (2024–2025 target achieved). 1.3 GW of projects committed for 2026–2027. (1) Excluding consolidation adjustments.]]></page>
<page method="xml-texts" num="15"><![CDATA[PERFORMANCE BY BUSINESS LINE 1 ACCIONA Energía REVENUE €2,925 M (-4.1%) EBITDA €1,546 M (+37.7%) INSTALLED CAPACITY 14.6 GW Pipeline 22 GW ASSET ROTATION AND GROWTH €3,200 M in signed divestments (2024–2025 target achieved). 1.3 GW of projects committed for 2026–2027. (1) Excluding consolidation adjustments. INFRASTRUCTURE INFRASTRUCTURE €8,690 M (+6.7%) EBITDA €801 M (+5.1%) TOTAL AGGREGATED BACKLOG 1 €120,590 M (+124%) REVENUE €1,574 M (+7.2%) EBITDA €156 M (+28.4%) OTHER ACTIVITIES (Real Estate, Bestinver, Acciona Cultura, Silence, facility management, and airport handling) highlighting the strong performance of the Real Estate activity. Nordex REVENUE €7,554 M (+3.5%) Europe’s leading wind turbine manufacturer and the world’s second-largest manufacturer outside China. EBITDA €631 M (+112.9%) TOTAL BACKLOG (PROJECTS AND SERVICES) €16,094 M (+29.7%) (1) Includes projects accounted for using the equity method.]]></page>
<page method="xml-texts" num="16"><![CDATA[ACCIONA Integrated Report 2025 SOLUTIONS 02]]></page>
<page method="xml-texts" num="17"><![CDATA[DELIVERING THE MOST COMPRENSIVE RANGE OF SUSTAINABLE INFRASTRUCTURE SOLUTIONS]]>
<container id="_idContainer445" parent_id="_idContainer446"><![CDATA[DELIVERING THE MOST COMPRENSIVE RANGE OF SUSTAINABLE INFRASTRUCTURE SOLUTIONS ACCIONA is a global company that develops sustainable infrastructure solutions across the entire value chain, from financing and design to construction, operation, and maintenance. Its activities are focused on strategic sectors that drive sustainable development, including renewable energy, social and transportation infrastructure, water management, urban services, electric mobility, real estate development, financial services, and cultural initiatives. The breadth of this portfolio, combined with the company’s technical expertise and financial strength, enables ACCIONA to deliver integrated solutions that address some of today’s most pressing economic, social, and environmental challenges, while helping to meet the needs of the future.]]></container>
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<page method="xml-texts" num="18"><![CDATA[SOLUTIONS ACCIONA Energía WORLD’S FIRST GLOBAL ENERGY OPERATOR DEDICATED EXCLUSIVELY TO RENEWABLE ENERGY Leading 100% renewable energy operator Global reach across multiple technologies Vertical integration built on operational excellence Customer-focused solutions Growth capacity and financial strength Pioneering sustainability and new technologies]]>
<container id="_idContainer514" parent_id="_idContainer557"><![CDATA[ACCIONA Energía provides renewable energy and energy solutions designed to support decarbonization, tailored and optimized to meet each client’s risk profile and specific needs. The company operates across the entire energy value chain, from project development and financing to asset operation and the management of energy solutions for industrial, public-sector, and corporate clients.]]></container>
<container id="_idContainer521" parent_id="_idContainer557"><![CDATA[Leading 100% renewable energy operator The world’s first global energy provider dedicated exclusively to renewable energy, with 14.6 GW of owned capacity and more than 30 years of experience.]]></container>
<container id="_idContainer528" parent_id="_idContainer557"><![CDATA[Global reach across multiple technologies Present in 22 countries across 5 continents, operating 6 renewable generation technologies and free from any fossil-fuel legacy.]]></container>
<container id="_idContainer535" parent_id="_idContainer557"><![CDATA[Vertical integration built on operational excellence Active across the entire value chain, maximizing efficiency through cross-functional expertise and advanced operational management.]]></container>
<container id="_idContainer542" parent_id="_idContainer557"><![CDATA[Customer-focused solutions A comprehensive range of solutions that helps customers and partners achieve full decarbonization.]]></container>
<container id="_idContainer549" parent_id="_idContainer557"><![CDATA[Growth capacity and financial strength Sustained, diversified, and profitable growth, supported by a strong financial position and extensive project development and asset-rotation capabilities.]]></container>
<container id="_idContainer556" parent_id="_idContainer557"><![CDATA[Pioneering sustainability and new technologies A global ESG leader in the power sector, with a strong focus on innovation. In 2025, the company invested more than €156.5 million in new business models and process optimization initiatives.]]></container>
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<page method="xml-texts" num="19"><![CDATA[“At ACCIONA Energía, we do not view the energy transition as a trend; we have been helping to build it from the ground up. Our responsibility is to demonstrate, year after year, that profitability and sustainability are not opposing forces, but rather the only viable formula for creating long-term value” Arantza Ezpeleta CEO, ACCIONA Energía]]></page>
<page method="xml-texts" num="20"><![CDATA[Acciona energía PALMAS ALTAS WIND FARM, UNITED STATES]]></page>
<page method="xml-texts" num="21"><![CDATA[MORE THAN 30 YEARS INVESTING IN DECARBONIZATION Key Highlights in 2025 • Transformation of the development model, supported by a 22 GW global pipeline, evolving toward a hybrid develop & hold/develop & sell platform designed to maximize flexibility and value creation. • Development of a portfolio of 1.3 GW of new projects committed for 2026–2027, with a focus on higher returns and greater geographic diversification. • Repowering of the Tahivilla Wind Farm in Spain, one of the company’s flagship industrial projects of the year, alongside strategic investments in MacIntyre (Australia), Forty Mile (Canada), and the Logrosán Biomass Plant (Spain). • Consolidation of energy storage as a new strategic growth driver through selective Battery Energy Storage System (BESS) projects in Chile and other international markets, integrated into the company’s 2026–2027 growth plan. • The production of more than 27 TWh of renewable electricity avoided more than 15 million tonnes of CO 2 e emissions. Financial Performance Asset-Rotation Strategy]]>
<container id="_idContainer602" parent_id="_idContainer610"><![CDATA[Financial Performance €1,546 M EBITDA €932 M Operating EBITDA €614 M Asset Rotation Strategy The business achieved EBITDA of €1,546 million, within the guidance range for the year, supported by its asset-rotation strategy, which enabled the company to meet its 2025 target.]]></container>
<container id="_idContainer609" parent_id="_idContainer610"><![CDATA[Asset-Rotation Strategy €3,200 M Transactions closed/agreed in 2024–2025 €1.2 M/MW Average transaction multiple €1,800 M Transactions signed in 2025 During the year, new agreements totaling €1,800 million were signed, while transactions in Spain, Peru, and Costa Rica totaling €1,800 million were completed, generating €614M in asset-rotation EBITDA. These transactions were executed at attractive valuation multiples above prevailing market levels.]]></container>
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<page method="xml-texts" num="22"><![CDATA[Acciona energía GLOBAL CAPACITY Total Installed Capacity 14.6 GW Total Generation 27,648 GWh MW Under Construction (December 2025) 334 MW +532 MW Total MW Added Consolidated Installed Capacity 12.9 GW Consolidated Generation 24,390 GWh ADDITIONS IN 2025 GENERATION Presence 1 across 5 continents and 22 countries (1) Presence in 22 countries: operating and under-construction generation assets (19); energy services operations (1); and countries where the company has direct employees or employees of affiliated companies (2).]]></page>
<page method="xml-texts" num="23"><![CDATA[MW ADDED IN 2025 (BY TECHNOLOGY) Onshore Wind Solar PV Solar Power (CSP) Hydropower Biomass Battery Energy Storage CAPACITY BY REGION United States 3.0 GW 1.4 GW 64 MW 1.3 GW 190 MW Mexico 1.5 GW 1.1 GW 0.4 GW Chile 0.9 GW 0.3 GW 0.6 GW Spain 4.8 GW 4.2 GW Tahivilla Repowering: 84 MW 64 MW 0.3 GW 0.1 GW Logrosán: 50 MW 2 MW Other Countries in the Americas 0.8 GW 0.5 GW Forty Mile: 63 MW 0.3 GW Pedro Corto: 63 MW Rest of Europe 0.6 GW 0.5 GW 0.1 GW Rest of the World 1.1 GW 0.4 GW 0.7 GW Juna: 167 MW Australia 2.0 GW 1.5 GW 0.5 GW Aldoga: 105 MW]]></page>
<page method="xml-texts" num="24"><![CDATA[SOLUTIONS Technical Leadership LOGROSÁN BIOMASS PLANT BENEFITS DATA]]>
<container id="_idContainer1259" parent_id="_idContainer1297"><![CDATA[CLEAN ENERGY FROM EXTREMADURA’S FORESTS The biomass project in Logrosán (Cáceres) promotes the generation of renewable electricity from locally sourced forestry and agricultural residues, thereby supporting the circular economy and the more sustainable management of the natural environment. With an installed capacity of 49.9 MW and an annual energy output of 376 GWh, the plant will supply enough energy to meet the needs of approximately 108,000 households. It will also help to reduce emissions, strengthen energy independence, and prevent wildfires through the sustainable use of forest biomass. Benefits for the Community The project will have a significant socioeconomic impact, creating more than 900 direct, indirect, and induced jobs during operation, as well as more than 400 jobs during the construction phase. It will also engage over 200 self-employed professionals and SMEs connected to the forestry and agricultural value chain, generating a steady income for the sector and creating new opportunities for local development. Furthermore, the recovery and use of agricultural and forestry residues will help to keep forests clean and reduce the risk of wildfires. Community Engagement ACCIONA Energía maintains ongoing two-way communication with the local community through information centers, meetings, educational materials, and participation channels open to residents, businesses, and local suppliers. The project also includes specific initiatives that promote employment and training opportunities, and the integration of local companies into the biomass supply chain.]]></container>
<container id="_idContainer1271" parent_id="_idContainer1297"><![CDATA[BENEFITS ENVIRONMENTAL PROTECTION The project has been designed in accordance with strict environmental criteria to minimize impacts on the surrounding area, including permeable fencing, wildlife shelters for bats and insects, ponds for amphibians, measures to encourage birds of prey, species monitoring programs, restoration of the Trampales Stream, and improvements to public forestland. CLEAN, LOCALLY SOURCED ENERGY Contributes to energy independence and the fight against climate change. WILDFIRE PREVENTION Forest management activities reduce wildfire risk by helping keep forests clear of excess fuel. CIRCULAR ECONOMY 100% of the slag and ash generated through biomass combustion is recovered and reused. AGRI-FORESTRY SECTOR Supports the local economy through contracts with approximately 200 self-employed professionals and SMEs, generating annual payments of €11 million.]]></container>
<container id="_idContainer1296" parent_id="_idContainer1297"><![CDATA[DATA 49.9 MW INSTALLED CAPACITY 376 GWh/year AVERAGE ANNUAL GENERATION 108,000 EQUIVALENT HOUSEHOLDS SUPPLIED 187,000 tCO2e/year EMISSIONS AVOIDED (≈ 40,415 CARS) 270,000 t/year BIOMASS CONSUMPTION 35 year ESTIMATED USEFUL LIFE 125 km SUPPLY RADIUS €1,235 M ESTIMATED CONTRIBUTION TO GDP 75% Forestry Residues 25% Agricultural Residues FEEDSTOCK: RESIDUES]]></container>
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<page method="xml-texts" num="25"><![CDATA[Highlighted Projects TAHIVILLA WIND FARM REPPOWERING SPAIN MACINTYRE WIND FARM Australia COTOPERÍ SOLAR COMPLEX DOMINICAN REPUBLIC Amareleja photovoltaic plant, Portugal]]>
<container id="_idContainer1337" parent_id="_idContainer1358"><![CDATA[MACINTYRE WIND FARM Australia A 923 MW onshore wind farm located in Queensland, comprising 162 Nordex Delta4000 wind turbines. The project generates enough renewable electricity to supply approximately 1.4 million households and contributes to the decarbonization of Australia’s electricity mix. Generation Capacity: 923 MW Approximately 1.4 million households supplied annually View project in ATLAS]]></container>
<container id="_idContainer1347" parent_id="_idContainer1358"><![CDATA[TAHIVILLA WIND FARM REPPOWERING SPAIN Repowering of the Tahivilla wind farm through the replacement of 98 wind turbines with 13 next-generation units, improving operational efficiency, increasing renewable energy generation, and extending the asset’s useful life. Emissions avoided: 108,000 tonnes of CO2 per year Wind farm reconfigured from: 98 turbines to 13 next-generation units View project in ATLAS]]></container>
<container id="_idContainer1357" parent_id="_idContainer1358"><![CDATA[COTOPERÍ SOLAR COMPLEX DOMINICAN REPUBLIC Development of the Cotoperí Solar Complex, located in La Romana and recognized as the largest photovoltaic complex in Central America and the Caribbean. The project consists of three interconnected solar plants with a total capacity of 163 MWp, supporting the country’s energy transition and strengthening ACCIONA Energía’s presence in the Caribbean. Emissions avoided: more than 210,000 tonnes of CO2 per year Approximately 166,000 households supplied annually View project in ATLAS]]></container>
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<page method="xml-texts" num="26"><![CDATA[2025 (€M) 2024 (€M) Change (€M) Change (%) Construction 6,949 6,680 268 4.0 % Concessions 175 86 89 102.7 % Water 1,385 1,189 196 16.5 % Urban and Environmental Services 222 210 12 5.6 % Consolidation Adjustments -40 -20 -20 -100.2 % Total Revenue 8,690 8,146 545 6.7 % Construction 478 472 6 1.3 % Concessions 160 170 -11 -6.3 % Water 140 93 46 49.7 % Urban and Environmental Services 24 27 -3 -11.3 % Total EBITDA 801 762 39 5.1 % EBITDA Margin (%) 9.2 % 9.4 % — — PROJECT DEVELOPMENT AND FINANCING SOLUTIONS INFRASTRUCTURE: A DRIVER OF PROSPERITY Infrastructure is no longer merely a physical support system. It has become one of the principal drivers of economic growth, competitiveness, and social cohesion. Roads, water networks, energy systems, and logistics infrastructure have become pivotal in determining a region’s ability to attract investment, generate economic activity, and respond to the major challenges of our time. Its impact, however, is not measured solely in terms of kilometers built, installed capacity, or volumes of desalinated water. The true value of infrastructure lies in its ability to improve people’s lives: connecting communities, strengthening resilience, boosting productivity, and facilitating efficient and sustainable access to essential services. This evolution has also transformed the way infrastructure is conceived. Infrastructure is no longer viewed as a collection of isolated assets, but rather as integrated platforms for services, mobility, energy, water, logistics, and connectivity, evaluated not only on their economic returns but also on the value they create for society and the regions they serve. As a result, design quality, technical innovation, and environmental integration have become just as important as the investment itself. AN UNPRECEDENTED OPPORTUNITY At the same time, the world is entering a new investment cycle of historic proportions. According to estimates by McKinsey & Company (2025), cumulative global infrastructure investment could reach US$106 trillion by 2040. Population growth, the electrification of the economy, the energy transition, digitalization, and the advancement of artificial intelligence are accelerating both the modernization of existing infrastructure and the development of new strategic assets worldwide. This environment represents an unprecedented opportunity for the sector. Companies that possess technical capabilities, operational expertise, and a long-term vision will play a decisive role in developing infrastructure that is more sustainable, resilient, and better prepared to meet the needs of the coming decades.]]></page>
<page method="xml-texts" num="27"><![CDATA[“During 2025, we strengthened our presence in the markets we currently regard as strategic and consolidated our position as a leader in our areas of specialization. We continue to promote an infrastructure model that delivers significant value wherever we operate, all thanks to the quality and dedication of our teams” José Díaz-Caneja CEO, Infrastructure]]></page>
<page method="xml-texts" num="28"><![CDATA[INFRASTRUCTURE SUSTAINED GROWTH AND A SHIFT TOWARD CONCESSIONS Construction D&C (Design & Construction) Water D&C O&M 2 (Operation & Maintenance) Concession Assets 2025 30,354 18,090 1,690 3,008 7,566 28,555 2024 17,637 1,948 2,612 6,358 AGGREGATED BACKLOG BY BUSINESS ACTIVITY (€M) Global project backlog Total aggregated backlog 1 120,591 2025 18,213 1,788 3,691 96,898 53,843 2024 17,703 2,076 3,578 30,485 SR-400 key award ACCIONA designs, finances, builds, and operates high-quality assets that address the world’s most important infrastructure needs. (1) Aggregated backlog includes ACCIONA’s share of projects accounted for under the equity method. (2) O&M backlog includes Water O&M, Concessions O&M, and Urban and Environmental Services.]]>
<container id="_idContainer1463" parent_id="_idContainer1464"><![CDATA[• Concession Assets: Aggregated backlog amounted to €96,898 M, up 217.9% from 2024, driven by the addition of major concession projects such as the SR-400 highway in the United States and new strategic assets in Australia, Peru, and Brazil. • Construction D&C: Backlog reached €18,090 M, up 2.6% from 2024, supported by strategic projects including the SR-400 and I-10 highways in the United States, as well as the Central-West Orana transmission network and the Western Harbour Tunnel in Australia. Eighty-one percent of the backlog includes risk-mitigation mechanisms, including collaborative contracting models, concessions, and price-adjustment clauses. • Water D&C: Backlog stood at €1,690 M, down 13.3% from 2024, primarily due to project execution progress and foreign-exchange impacts. • O&M: Backlog reached €3,008 M, an increase of 15.1% compared with 2024, driven by growth in operations and maintenance activities across water, concessions, and urban and environmental services.]]></container>
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<page method="xml-texts" num="29"><![CDATA[€18,090 M D&C Construction Backlog ATOTONILCO WASTEWATER TREATMENT PLANT, MEXICO]]></page>
<page method="xml-texts" num="30"><![CDATA[INFRASTRUCTURE 6.7% ARA TŪHONO – PŪHOI TO WARKWORTH MOTORWAY, NEW ZEALAND Infrastructure revenue growth in 2025]]></page>
<page method="xml-texts" num="31"><![CDATA[TOTAL REVENUE BREAKDOWN BY REGION (2025) 82% OECD €8,690 M North America LATAM 1 Europe, Middle East and Africa (EMEA) Australia and Southeast Asia Spain 20% 8% 18% 16% 38% AGGREGATED BACKLOG BY REGION (2025) +124% vs. the previous year €120,591 M Spain Australia and Southeast Asia LATAM EMEA 5% North America 59% 12% 20% 5% AGGREGATED BACKLOG BY REGION (2024) €53,843 M Australia and Southeast Asia Spain 10% LATAM 49% North America 13% EMEA 11% 17% Infrastructure revenue reached €8,690 M in 2025, an increase of 6.7% compared with the same period in 2024, while EBITDA rose to €801 M, up 5.1% year over year. Profit before tax amounted to €275 M, broadly in line with the previous year. Revenue growth was driven primarily by Australia, the United States, Spain, Morocco, Qatar, and Peru. Australia consolidated its position as the leading market for the Infrastructure business, accounting for 36% of total revenue. Revenue in Spain increased by 8% compared with 2024 and represented 20% of total revenue. (1) Includes Mexico]]></page>
<page method="xml-texts" num="32"><![CDATA[SOLUTIONS €6,949 M €478 M 2025 €6,680 M €472 M 2024 4% 1.3% Change Revenue EBITDA The Construction business develops complex infrastructure solutions that require a high level of technical expertise, project-management capabilities, and large-scale project coordination. The company participates in the design and delivery of transportation infrastructure, urban infrastructure, water projects, industrial infrastructure, and mining projects across multiple regions worldwide. Construction Differentiated value proposition Key 2025 Highlights]]>
<container id="_idContainer1614" parent_id="_idContainer1625"><![CDATA[Key 2025 Highlights • Resilient profitability and a stable EBITDA margin of around 7%, supported by project selectivity, technical excellence, and rigorous risk management. • Construction activity in Australia achieved a 13% increase in revenue, driven by progress on projects such as the Sydney Western Harbour Tunnel, the M80 Ring Road, Central West Orana, and the Suburban Rail Loop. • Key markets remained largely unchanged. Australia accounted for 42% of revenue in 2025, Spain represented 18% of the total, and Brazil contributed 8%, followed by Chile and Poland at 6% each, Canada at 5%, and the United States at 4%. • Global construction backlog stood at €18,090 million as of December 2025 (up 2.6% from 2024), with 81% of contracts incorporating risk-mitigation provisions.]]></container>
<container id="_idContainer1624" parent_id="_idContainer1625"><![CDATA[Differentiated value proposition The combination of international experience, operational reliability, and technological innovation positions ACCIONA as a strategic partner for the development of complex infrastructure projects. Its integrated model, spanning project development through the long-term operation of assets, enables the company to deliver solutions that address the challenges of global infrastructure transformation This approach is complemented by a regenerative vision, supported by advanced digital tools and verifiable impact-measurement systems.]]></container>
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<page method="xml-texts" num="33"><![CDATA[WALTERDALE BRIDGE, Canada 13% Construction revenue growth in Australia]]></page>
<page method="xml-texts" num="34"><![CDATA[Construction GLOBAL CONSTRUCTION BACKLOG DISTRIBUTION 2025 North America Spain LATAM Europe, Middle East and Africa 19% 14% 13% 9% 86% Total Backlog : €18,090 M OECD Australia and Southeast Asia 46%]]></page>
<page method="xml-texts" num="35"><![CDATA[7% Profitability and a stable EBITDA margin RISK MANAGEMENT APPROACH 81% of contracts include risk-mitigation provisions Concession- related contracts Collaborative contracts 32% 29% Contracts with price- adjustment clauses 20%]]></page>
<page method="xml-texts" num="36"><![CDATA[Construction BENEFITS Technical leadership CLIMATE RISK ANALYSIS Infrastructure risk analysis in the face of climate change. In 2025, climate-related disasters caused nearly $260 billion in global economic losses and claimed approximately 42,000 lives. Against this backdrop, climate risk analysis has become essential for identifying, assessing, and managing the impacts of climate change on critical infrastructure such as roads, bridges, highways, and power grids. This approach helps anticipate the effects of extreme events, including floods, heat waves, storms, and rising sea levels, on the safety, operational performance, and service life of assets. It combines future climate projections with assessments of the exposure and vulnerability of each system. In addition to reducing damage, economic costs, and loss of life, climate risk analysis supports the implementation of adaptation measures that strengthen the resilience and sustainability of infrastructure in an environment of increasing physical climate risks. Climate risk management in action. The Santa Cruz de Barillas Hospital project in Guatemala and the San Lorenzo Wastewater Treatment Plant in Paraguay, both commissioned by the Inter-American Development Bank (IDB), demonstrate the company’s expertise in applying climate risk analysis to infrastructure projects. In response to the threats identified at these facilities, ACCIONA developed hydraulic flood models, exposure assessments for mass-movement hazards, and comprehensive risk-management plans, incorporating short- and long-term measures aimed at slope stabilization, drainage improvements, and infrastructure protection. In addition, the company formulated recommendations covering emergency preparedness, monitoring systems, community training, and land-use planning to reduce vulnerability and strengthen operational resilience in the face of climate-related risks.]]>
<container id="_idContainer1712" parent_id="_idContainer1713"><![CDATA[BENEFITS Quantitative risk analysis using Representative Concentration Pathways (RCPs) ranging from 4.5 to 8.5. METHODOLOGY • Simplified probabilistic assessment using a Base scenario and an As-Built scenario.   RESULTS PRESENTATION • Estimated losses for each flood scenario • Expected Annual Loss (EAL) • Risk maps   MITIGATION MEASURES • Structural • Non-structural]]></container>
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<page method="xml-texts" num="37"><![CDATA[Highlighted Projects ONTARIO LINE NORTH – TUNNELS AND STATIONS CANADA Western Harbour Tunnel Australia I-10 CALCASIEU BRIDGE – HIGHWAY AND BRIDGES UNITED STATES QUITO METRO, ECUADOR]]>
<container id="_idContainer1753" parent_id="_idContainer1774"><![CDATA[Western Harbour Tunnel Australia The Western Harbour Tunnel is an underground highway project in Sydney that will connect North Sydney and Rozelle, improve mobility, and help reduce congestion across the city. ACCIONA is participating in the design and construction of Phase 2, which includes the excavation of twin tunnels and connections to the existing road network. 6.5 km of tunnel 2 tunnel bores View project in ATLAS]]></container>
<container id="_idContainer1763" parent_id="_idContainer1774"><![CDATA[ONTARIO LINE NORTH – TUNNELS AND STATIONS CANADA The Ontario Line North project forms part of Toronto’s new automated metro line and includes the construction of key underground infrastructure to expand the capacity and connectivity of the city’s public transportation network. As part of the project, ACCIONA is participating in the design and construction of tunnels, stations, and associated civil works, incorporating advanced construction solutions to minimize urban disruption and enhance sustainable mobility in one of Canada’s fastest-growing metropolitan areas. 3.2 km of twin tunnels under construction 2 new underground stations integrated into the Ontario Line. View project in ATLAS]]></container>
<container id="_idContainer1773" parent_id="_idContainer1774"><![CDATA[I-10 CALCASIEU BRIDGE – HIGHWAY AND BRIDGESUNITED STATES The I-10 highway project in Louisiana involves the modernization of one of the principal transportation corridors in the southern United States, improving connectivity and traffic capacity in the area surrounding the Calcasieu Bridge. ACCIONA is participating in the design and construction of new roadway infrastructure and associated bridges, incorporating construction solutions aimed at enhancing safety, reducing congestion, and increasing the resilience of this strategic logistics corridor. 9 km of upgraded highway corridor 1 new main bridge over the Calcasieu River. View project in ATLAS]]></container>
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<page method="xml-texts" num="38"><![CDATA[SOLUTIONS The Concessions business operates as an integrated platform for infrastructure development and management, combining global experience with local execution capabilities through an agile construction- and-concessions model. The company drives growth across the transportation, energy, water, and social infrastructure sectors, participating in every stage of the asset life cycle, from development and financing through operation and maintenance, with a selective focus on strategic geographies and the objective of maximizing long-term value creation. Concessions Differentiated value proposition Key 2025 Highlights]]>
<container id="_idContainer1802" parent_id="_idContainer1814"><![CDATA[Key 2025 Highlights • Young portfolio (90% under construction) with limited impact on profit and loss but strong cash-generation potential. • Revenue grew by 102.7% and EBITDA reached €160 million, driven by: - Financial close of the SR-400 Managed Lanes project in Atlanta. - Financial close of the Central West Orana transmission line project in Australia. - Strong performance of the transmission lines in Peru - Commissioning of the Kwinana Energy Recovery facility in Australia. • €704 million of capital invested in concession assets as of December 2025, with €1,600 million in capital commitments between 2026 and 2035. • Balanced portfolio, with 54% of projects exposed to demand risk and 46% operating under availability payment mechanisms.]]></container>
<container id="_idContainer1813" parent_id="_idContainer1814"><![CDATA[Differentiated value proposition Integrated business model combining development, construction, and concession capabilities to maximize efficiencies and create long-term value throughout all stages of a project. Strong structuring, bidding, and complex-project management capabilities, enabling the identification of off-market opportunities and the delivery of tailored solutions in demanding environments. Disciplined capital allocation and capital recycling, focused on driving new growth opportunities and optimizing value creation. Leading position in sustainable infrastructure and activities, supported by balanced risk management and strategic alignment between the construction and concessions businesses.]]></container>
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<page method="xml-texts" num="39"><![CDATA[€17,900 M Total investment associated with new concession contracts ATLANTA SKYLINE AND HIGHWAYS]]></page>
<page method="xml-texts" num="40"><![CDATA[Concessions LIMA SKYLINE ON THE PACIFIC COAST]]></page>
<page method="xml-texts" num="41"><![CDATA[PIPELINE BY CONCESSION TYPE (CURRENT + COMMITTED) Roads 59% Rail 28% Transmission lines Social infrastructure 11% 2% PIPELINE BY REGION (CURRENT + COMMITTED) North America LATAM 3 27% 48% Europe, Middle East, and Africa 1 Asia-Pacific 2 18% €199,000 M 7% (1) Includes Spain (2) Includes Asia, Australia, and New Zealand (3) Includes Mexico. €175 M €160 M 2025 €86 M €170 M 2024 102.7% -6.3% Change Revenue EBITDA]]></page>
<page method="xml-texts" num="42"><![CDATA[CONCESSIONS GLOBAL CAPACITY Infrastructure – Concession Assets INVESTED CAPITAL (EQUITY) Number of assets TRANSPORT 10 WATER 54 HEALTH AND OTHER 3 TRANSMISSION LINES 9 WASTE-TO-ENERGY 2 €879 M €1,870 M €2,749 M Invested capital (as of December 31, 2025) Committed capital (2026–2035) Total invested and committed equity capital Growth opportunities]]>
<container id="_idContainer2150" parent_id="_idContainer2151"><![CDATA[Growth opportunities The company operates as an integrated asset development and management platform, combining global experience and local execution through an agile construction + concessions model. • Key growth areas: managed lanes and toll roads, urban rail and metro systems, transmission lines, high-speed rail, and selective concessions across different sectors. • Priority geographic focus on the United States, Australia, Peru, and Brazil. • Flexible asset-rotation strategy, taking advantage of yield compression between the greenfield and brownfield phases.]]></container>
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<page method="xml-texts" num="43"><![CDATA[GEOGRAPHIC PRESENCE AND KEY PROJECTS 1 NORTH AMERICA 4 assets 39% of total capital PROJECTS Calcasieu I-10 Bridge & SR-400 MIDDLE EAST AND NORTH AFRICA 6 assets 5% of total capital PROJECTS Casablanca Desalination Plant EUROPE 42 assets 4% of total capital LATAM 20 assets 38% of total capital PROJECTS Peripheral Ring Road Line 6 and Pernambuco AUSTRALIA AND NEW ZEALAND 6 assets 14% of total capital PROJECTS Central West Orana & Kwinana (1) Includes contracts with preferred-bidder status as of December 31, 2025.]]></page>
<page method="xml-texts" num="44"><![CDATA[CONCESSIONS The story behind… SÃO PAULO LINE 6: AN EXAMPLE OF URBAN TRANSFORMATION AND SOCIAL IMPACT São Paulo, one of the world’s largest megacities, faces major challenges resulting from its rapid urban growth, including long commuting times, spatial inequality, and difficulties in accessing opportunities. In this context, Metro Line 6– Orange is a key piece of infrastructure for transforming urban mobility and generating a positive social impact. With a route extending more than 15 kilometers and including 15 stations, the new line will connect Brasilândia, one of the city’s most densely populated and underserved areas, to downtown São Paulo in just 23 minutes. It is currently the largest infrastructure project under construction in Latin America, with the capacity to transport more than 630,000 passengers per day and with benefits already reaching more than one million people during the construction phase. But beyond the civil works themselves, the project has been conceived as a driver of social transformation. It has generated local employment, provided more than 150,000 hours of technical training, and promoted the inclusion of women in a traditionally male-dominated sector, with more than 900 women employed on the project. SOLUTIONS TO IDENTIFIED CHALLENGES]]>
<container id="_idContainer2467" parent_id="_idContainer2468"><![CDATA[SOLUTIONS TO IDENTIFIED CHALLENGES IMPROVING THE EFFICIENCY OF URBAN MOBILITY São Paulo has one of the most congested transportation systems in Latin America, particularly in outlying areas, where commuting times can exceed an hour and a half. Tangible impact • Reduction in travel times: from 90 to 23 minutes. • Time saved per journey: 67 minutes (-74%.) • 53.3% renewable-energy use in construction activities in 2025. • Daily passengers served: 630,000. PROMOTING TERRITORIAL INTEGRATION Neighborhoods such as Brasilândia have historically been disconnected from the city’s main economic and educational centers. Tangible impact The new line directly connects these areas to the city center and university districts, facilitating access to employment and education. • Greater urban integration. • Improved access to educational and employment hubs • Enhanced social cohesion. FOSTERING WORKFORCE INCLUSION AND DIVERSITY Women living in areas surrounding the project face structural barriers such as lower levels of education and limited employment opportunities. Tangible impact Social and employment programs such as “ACCIONA for Her” and “Women in Construction” promote training, entrepreneurship, and women’s employability. • More than 900 women employed on the project. • Training and income-generation programs in local communities.]]></container>
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<page method="xml-texts" num="45"><![CDATA[Highlighted Projects LIMA PERIPHERAL RING ROAD PerU CENTRAL WEST ORANA Australia SR400 Express Lanes, Atlanta UNITED STATES]]>
<container id="_idContainer2508" parent_id="_idContainer2529"><![CDATA[CENTRAL WEST ORANAl Australia Australia’s first Renewable Energy Zone (REZ), located in New South Wales, comprising more than 240 km of transmission lines and eight substations designed to connect wind, solar, and energy-storage projects to the national electricity grid. The project will enable the integration of up to 4.5 GW of renewable generation capacity, enough to supply approximately 2 million households and accelerate the decarbonization of Australia’s power system. Transmission capacity 4.5 GW Estimated investment €12,400 M View project in ATLAS]]></container>
<container id="_idContainer2518" parent_id="_idContainer2529"><![CDATA[LIMA PERIPHERAL RING ROAD PerU The Lima Peripheral Ring Road is a project designed to improve connectivity and reduce traffic congestion in the Peruvian capital through the construction of an approximately 34-kilometer ring road that will connect the city’s main transportation corridors. Up to 40% reduction in travel times on the most congested sections. Concession for 30 years View project in ATLAS]]></container>
<container id="_idContainer2528" parent_id="_idContainer2529"><![CDATA[SR400 Express Lanes, Atlanta UNITED STATES The SR-400 Express Lanes project will expand and modernize Georgia’s State Route 400 by incorporating managed express lanes along approximately 26 kilome-ters of highway to improve mobility and reduce conges-tion across the Atlanta metropolitan area. More than 200,000 vehicles per day benefiting from reduced congestion. Concession for 50 years View project in ATLAS]]></container>
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<page method="xml-texts" num="46"><![CDATA[SOLUTIONS The Water business provides integrated solutions across the entire water cycle, combining technical expertise, innovation, and sustainability to ensure access to efficient and reliable water resources. Its approach encompasses the design and construction of water infrastructure, as well as its operation and management, creating value for both communities and investors. · Design and construction (D&C) of major water infrastructure, including desalination plants and wastewater treatment systems. · Operation and maintenance of water assets, including the management of large treatment plants and water-distribution networks, to ensure efficiency and continuity of service. · Water infrastructure concessions delivered through Public- Private Partnership (PPP) and Build-Operate-Transfer (BOT) models, optimizing capital deployment and risk allocation. · Water utility services, including municipal services, urban water supply, and integrated water-resource management. WATER Key 2025 Highlights Differentiated value proposition]]>
<container id="_idContainer2558" parent_id="_idContainer2570"><![CDATA[Key 2025 Highlights • Revenue increased by 16.5% and EBITDA rose by approximately 50%, driven by the efficient execution and faster-than-expected delivery of key projects, including the Collahuasi and Casablanca desalination plants. • The backlog increased by 11% to €7,716 million. Major contracts awarded during the year included the Sanepar and CESAN water-treatment and sewerage network projects in Brazil, as well as the Malabar contract in Australia for the modernization of Sydney Water’s wastewater system. • In December, ACCIONA was selected as preferred bidder for the concession to provide treated-water distribution and sewerage services in 151 municipalities in Pernambuco, northeastern Brazil. The project is expected to add approximately €30 billion to the aggregated backlog of concession assets. • As of December 2025, invested capital in water concession assets amounted to €175 million, with capital commitments of €293 million between 2026 and 2035.]]></container>
<container id="_idContainer2569" parent_id="_idContainer2570"><![CDATA[Differentiated value proposition Integrated solutions across the entire water cycle, from water abstraction, treatment, and desalination to distribution and reuse. Integrated model spanning the entire value chain, with in-house capabilities in design, construction, operation, and maintenance. Advanced technical and technological capabilities for the efficient delivery of complex projects, including digitalization, artificial intelligence, and design modularization. . Leading position in desalination, wastewater treatment, and operation and maintenance services]]></container>
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<page method="xml-texts" num="47"><![CDATA[7,716 million euros in backlog, representing an increase of 10.8% compared with 2024.]]></page>
<page method="xml-texts" num="48"><![CDATA[WATER €1,385 M €140 M 2025 €1,189 M €93 M 2024 16.5% 49.7% Change Revenue EBITDA ACCIONA, together with local company BRK, was awarded the contract to provide water supply and sanitation services to 153 municipalities and a district in northeastern Brazil. The concession will have a term of 35 years and will benefit seven million people.]]></page>
<page method="xml-texts" num="49"><![CDATA[BACKLOG DISTRIBUTION BY REGION (2025) BACKLOG EVOLUTION (€M) +41.3% Total backlog growth 5,462 2021 1,632 3,830 2022 5,446 4,193 5,819 2023 1,340 4,478 6,963 2024 1,948 5,015 7,716 2025 1,690 6,027 D&C Water Concessions & O&M 1,253 EMEA Australia and Southeast Asia LATAM 1 8% 26% 48% 62% OECD Spain 18% (1) Includes Mexico ACCIONA, together with local company BRK, was awarded the contract to provide water supply and sanitation services to 153 municipalities and a district in northeastern Brazil. The concession will have a term of 35 years and will benefit seven million people.]]></page>
<page method="xml-texts" num="50"><![CDATA[WATER KEY VALUE DRIVERS Technical Leadership A PIONEERING DIGITAL TWIN FOR DESALINATION The Digital Twin transforms infrastructure into intelligent assets. ACCIONA is transforming the management of critical infrastructure through a fully holistic Digital Twin (DT) approach. This technology consists of a dynamic virtual replica that integrates real-time data and machine learning to accurately simulate the behavior of the physical plant. By generating this parallel production system, it becomes possible to predict flows, optimize operations, and correct errors before they occur in the real-world environment. This disruptive approach, successfully implemented in landmark projects such as the Tseung Kwan O desalination plant in Hong Kong (130,000 m³/day), delivers tangible returns and superior operational efficiency from day one. The Digital Asset is supported by a centralized repository that integrates all the plant’s equipment, pipelines, and devices, including their technical properties and operating limits. The web-based platform consolidates data from multiple sources into a single source of truth, ensuring secure, consistent, and traceable information. It enables scalability and adaptability throughout the entire lifecycle, secure integration and collaboration among teams, and a reduction of errors in data management. Process intelligence and digital operations The system continuously compares its predictions with actual operating data, allowing algorithms to be retrained whenever deviations in accuracy are detected due to component aging. A global first This comprehensive digital twin project for a desalination plant is unique in the world, as an identical replica of the physical plant has been created at both the hydraulic and thermodynamic levels, a milestone for ACCIONA and for the water sector.]]>
<container id="_idContainer2888" parent_id="_idContainer2889"><![CDATA[KEY VALUE DRIVERS OPERATIONAL EFFICIENCY Cost reductions and improved production through predictive simulations and early fault detection. EXTENDED SERVICE LIFE Continuous monitoring makes it possible to manage asset aging and optimize maintenance cycles. SAFE TRAINING Provides a virtual environment to train operators without putting physical assets at risk. SUPPORT INFRASTRUCTURE Implementation of a high-performance network separate from the control network, ensuring the secure and periodic transfer of data.]]></container>
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<page method="xml-texts" num="51"><![CDATA[Highlighted Projects COLLAHUASI DESALINATION PLANT CHILE ALKIMOS DESALINATION PLANT Australia DIFFUSAIR®]]>
<container id="_idContainer2926" parent_id="_idContainer2947"><![CDATA[ALKIMOS DESALINATION PLANT Australia The new Alkimos seawater desalination plant in Perth will strengthen water security in a region particularly vulnerable to water scarcity and declining rainfall, exacerbated by climate change. ACCIONA is leading the consortium responsible for the design, cons-truction, operation, and maintenance of this strategic infrastructure for a period of ten years. The project will incorporate reverse osmo-sis technology and sustainable solutions aimed at ensuring a resi-lient, efficient, and reliable water supply for millions of people. The plant forms part of the water-infrastructure program promo-ted by Water Corporation to secure the long-term supply of drinking water in Western Australia. Initial production capacity: 150,000 m3/day Total future capacity: 300,000 m3/day Operation and maintenance: 10 years View project in ATLAS]]></container>
<container id="_idContainer2936" parent_id="_idContainer2947"><![CDATA[COLLAHUASI DESALINATION PLANT CHILE The Collahuasi desalination plant, located in the Tarapacá Region of Chile, will enhance water sustainability for one of the world’s largest copper-mining operations by reducing pressure on inland water resources in an area characterized by water scarcity. ACCIONA is responsible for the design, construction, operation, and maintenance of this strategic infrastructure for Compañía Minera Doña Inés de Collahuasi. The project encompasses marine works, pretreatment systems, reverse osmosis technology, and post-treatment processes to ensure a reliable water supply tailored to the requirements of mining operations. This initiative forms part of the C20+ development plan, which aims to ensure operational continuity and support a more sustainable and resilient mining model. Initial production capacity:1,050 l/s Daily production: 90,720 m3 View project in ATLAS]]></container>
<container id="_idContainer2946" parent_id="_idContainer2947"><![CDATA[DIFFUSAIR® This innovative solution developed by ACCIONA generates low-pres-sure microbubbles in water-treatment processes, eliminating the need for conventional equipment such as saturators and compressors. This approach optimizes the efficiency of technologies such as dissolved air flotation (DAF), improving operational performance while reducing resource consumption. Up to 20% energy savings compared with conventional systems 30% reduction in aeration equipment costs Learn more here]]></container>
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<page method="xml-texts" num="52"><![CDATA[Adelaida Fernández Díaz Project Director, Casablanca Seawater Desalination Plant “Casablanca represents a major milestone for ACCIONA, not only because of its scale, but also in terms of innovation, sustainability, and the development of integrated solutions” ACCIONA Integrated Report 2025]]></page>
<page method="xml-texts" num="53"><![CDATA[How is ACCIONA able to develop a project with the scale and social impact of the Casablanca Seawater Desalination Plant? Because we bring together a combination of capabilities that is rarely found within a single group. We have experience with concessions and PPP (public-private partnership) models; the ability to structure and finance complex projects, including access to sustainable financing; a strong track record in large-scale infrastructure projects across international markets; and extensive technical expertise in desalination and renewable energy. These capabilities allow us to undertake projects of unprecedented scale through an integrated and sustainable approach. How are these capabilities reflected in the project itself? This combination has been key to the development of a strategic infrastructure project that integrates financing, engineering, construction, and long-term operation, all while meeting the added challenge of operating entirely on renewable energy. We are talking about an unprecedented level of service capacity, efficiency, social impact, and carbon footprint reduction. How important is local knowledge to the success of a project of this nature? I firmly believe that major global projects succeed only when global expertise is combined with local talent. In Morocco, for example, where ACCIONA’s previous experience was more limited than in other markets, having technically qualified local teams has been essential to understanding the local environment and building solid relationships with stakeholders. These teams provide invaluable knowledge of local processes, working culture, and the country’s business and institutional environment, which translates into a greater capacity for adaptation and into infrastructure that is more efficient, sustainable, and aligned with the region’s actual needs. This combination of local knowledge and international experience enables ACCIONA to undertake complex projects in very different contexts while always maintaining the highest standards of excellence. Will experience on a project of this caliber help the company develop similar or even larger projects in the future? Definitely. Casablanca represents a significant milestone for ACCIONA, both in terms of its scale and because of what it represents in terms of innovation, sustainability, and integrated solutions. We are talking about the largest desalination plant developed by the company to date, and the largest desalination plant in the world powered entirely by renewable energy. Projects such as this greatly strengthen our positioning and ability to continue developing large-scale sustainable infrastructure in international markets. I also believe that this experience provides a clear indication of how the sector will evolve in the coming years. In what way? Projects such as Casablanca demonstrate how major infrastructure projects are evolving toward increasingly integrated and efficient solutions conceived through a shared vision of sustainability, resilience, and the energy transition. They are capable of providing solutions that simultaneously address environmental, social, and energy challenges. Through this project, we have already demonstrated that all of this is possible, and that we can go even further. Today, water security is a strategic challenge for many countries, particularly in regions with growing water stress. As I mentioned, this challenge demands infrastructure that is more efficient, resilient, and sustainable. In this sense, the Casablanca desalination plant represents a particularly important model, because it combines large-scale water production capacity with a clean, 100% renewable energy supply. It demonstrates that we can develop infrastructure that is not only larger in scale, but also more innovative, sustainable, and designed with a longer-term perspective. “Casablanca represents a major milestone for ACCIONA, not only because of its scale, but also in terms of innovation, sustainability, and the development of integrated solutions”]]></page>
<page method="xml-texts" num="54"><![CDATA[SOLUTIONS URBAN AND ENVIRONMENTAL SERVICES €222 M €24 M €20 M 2025 €210 M €27 M €36 M 2024 5.6% -11.3% Change Revenue EBITDA Investment DATA Revenue from Urban and Environmental Services increased by 5.6% to €222 million.]]>
<container id="_idContainer3007" parent_id="_idContainer3008"><![CDATA[URBAN AND ENVIRONMENTAL SERVICES ACCIONA’s Infrastructure division includes the Urban and Environmental Services (ASUMA) business unit, which encompasses the collection, treatment, and recycling of municipal solid waste, as well as the cleaning and maintenance of public infrastructure. Currently operating in the Spanish market, ASUMA is becoming an increasingly important part of the group’s strategy to contribute to a sustainable economy by implementing circular economy principles aimed at optimizing resource use, keeping cities clean, and preventing pollution.]]></container>
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<page method="xml-texts" num="55"><![CDATA[Technical Leadership OPERATIONS MANAGEMENT: CITIZEN CONTROL CENTER Optimizing service efficiency The Citizen Services Control Center is a platform developed by ACCIONA’s Citizen Studies and Projects Division, in collaboration with its Machinery and R&D teams, to optimize urban services and enhance operational sustainability. Its primary objective is to centralize and automate the management of machinery and services by integrating GPS telemetry systems, fuel-control tools, and real-time monitoring capabilities. This helps reduce costs, improve operational efficiency, and ensure regulatory compliance. The platform also consolidates data on service performance, fleet management, workshop maintenance, and fuel consumption, providing a comprehensive overview of operations. Its key functionalities include: • Calculating average collection rates by route and shift, while identifying uncollected containers. • Real-time fleet monitoring, displaying the latest vehicle locations and classifying vehicles according to inactivity levels through color-coded indicators. Overall, the system strengthens ACCIONA’s commitment to sustainable urban development by contributing to the reduction of emissions and waste through more efficient service management. Machinery monitoring and traceability (IoT and asset management) The system enables comprehensive monitoring of each unit through high-precision GPS technology, providing real- time visibility into location and operational status. It includes preventive and corrective maintenance management based on actual engine hours or mileage, reducing downtime and maximizing equipment lifespan. Refueling data is also integrated to enable real-time consumption monitoring. Waste services and operations management The platform automates the planning and monitoring of collection routes and calculates the CO 2 footprint of each route in real time. KEY VALUE DRIVERS]]>
<container id="_idContainer3038" parent_id="_idContainer3039"><![CDATA[KEY VALUE DRIVERS CUSTOMIZABLE DASHBOARDS FEATURING SERVICE OPERATIONAL KPIs ROUTE-COMPLIANCE RATE (%) REAL-TIME CARBON FOOTPRINT (CO2) ROUTE PERFORMANCE OPTIMIZATION IMPROVED ENERGY EFFICIENCY IN SERVICE DELIVERY]]></container>
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<page method="xml-texts" num="56"><![CDATA[CONTRIBUTION TO ACCIONA €7,554 M €749 M 2025 €7,299 M €470 M 2024 3.5% 59.4% Change Revenue EBITDA SOLUTIONS Nordex Key 2025 Highlights Nordex is a global wind turbine manufacturer with more than 35 years of experience and an installed base exceeding 57 GW across more than 40 markets. Headquartered in Hamburg, the company operates internationally with a workforce of more than 10,000 employees and production facilities in Europe, the Americas, and Asia. Its service business, with more than 41 GW under service agreements, represents a key source of recurring revenue and operational stability. In 2025, Nordex secured new contracts totaling more than 10 GW, equivalent to €9,400 million. The company is currently the market leader in Central Europe, with a 48% market share in the region. It is also the world’s second-largest wind turbine manufacturer and the fastest-growing player outside China. ACCIONA holds a 47.08% stake in the company, strengthening its presence across the wind- energy value chain and supporting Europe’s green reindustrialization. Nordex’s strategy focuses on three growth drivers: protecting its market position through industry leadership; improving competitiveness through the development of next- generation turbines, cost reductions, and enhanced global capabilities; and expanding through the co-development of onshore projects and the exploration of a dual-platform strategy to compete in ultra-low- cost electricity markets.]]>
<container id="_idContainer3081" parent_id="_idContainer3082"><![CDATA[Key 2025 Highlights • Nordex’s revenue increased by 3.5% in 2025, reaching €7,554 million, in line with company guidance. • Reported EBITDA increased by €335 million compared with 2024, reaching €631 million. The EBITDA margin improved to 8.4%, compared with 4.1% in the previous year, placing it at the upper end of the revised 7.5–8.5% range announced in October 2025. • Nordex contributed €749 million to ACCIONA’s EBITDA, including €118 million from the reversal of provisions, most of which were related to updated cost estimates under the Nordex Quality Program. • Nordex closed 2025 with a net cash position of €1,449 million. • In operational terms, turbine order intake increased by 22.5% in 2025, reaching 10,214 MW. Combined with a stable average selling price (ASP), this brought total accumulated backlog (including turbines and services) to €16,094 million as of December 31, 2025, up 25.9% compared with December 31, 2024. • The services backlog increased by 20.1% to €5,972 million, representing approximately 37% of total backlog, with an average duration of 13 years.]]></container>
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<page method="xml-texts" num="57"><![CDATA[22.5% Order intake grew by compared with 2024]]></page>
<page method="xml-texts" num="58"><![CDATA[Nordex]]></page>
<page method="xml-texts" num="59"><![CDATA[TURBINE ORDER INTAKE (MW) AVERAGE SELLING PRICE (ASP) OF ORDER INTAKE (€M/MW) TOTAL BACKLOG (PROJECTS + SERVICES) (€M) +22.5% +2% +25.9% 2024 2025 2024 2025 8,336 0.90 12,778 10,214 0.91 16,094 2024 2025]]></page>
<page method="xml-texts" num="60"><![CDATA[SOLUTIONS Key 2025 Highlights 2025 2024 Revenue EBITDA €457 M €84 M €435 M €43 M 5.2% 92.4% Change With more than 30 years of experience, ACCIONA’s Real Estate business is distinguished by its development of landmark projects recognized for their design excellence and focus on decarbonization, occupant well-being, the circular economy, and biodiversity conservation. Compared with 2024, Real Estate revenue increased by 5.2%, reaching €457 million, while EBITDA rose from €43 million to €84 million. This growth was driven by an increase in the number of homes delivered (1,244 units in 2025 compared with 1,119 in 2024), the sale of an office building on Ombú Street in Madrid, the disposal of non- strategic land assets, and cost-efficiency measures. A total of 1,244 homes were delivered during the year (1,130 in Spain, 100 in Mexico, and 14 in Poland), exceeding the annual target range of 1,000–1,200 units. In commercial terms, the presales backlog stood at 1,077 units as of December 31, 2025, equivalent to €438 million in future revenue. Of these, 596 units were presold in Madrid, Barcelona, and Terrassa as part of a joint agreement covering 1,016 units in total. As of December 31, 2025, Gross Asset Value (GAV) amounted to €1,590 million, an 8.4% decrease from December 31, 2024, reflecting the sale of non-strategic land assets, home deliveries during the year, and the sale of the Ombú office building. Real Estate]]>
<container id="_idContainer3178" parent_id="_idContainer3179"><![CDATA[Key highlights in 2025 • EBITDA nearly doubled compared with 2024, driven by home deliveries (1,244 units), the disposal of non-strategic land assets, the sale of the Ombú office building in Madrid, and efficiency measures. • The presales backlog stood at 1,077 units in December 2025, representing an increase of approximately 60% year over year. This growth was driven by a joint sales agreement covering 1,016 units in Madrid, Barcelona, and Terrassa, of which 420 were delivered in December 2025 and the remainder are expected to be delivered primarily in 2026. The presales backlog is valued at €438 million, implying an average selling price of €407,000. • As of December 31, 2025, Gross Asset Value (GAV) amounted to €1,590 million1, 8.4% lower than in December 2024, reflecting home deliveries, asset disposals, and the strategy of optimizing the land bank through the divestment of older inventory. (1) Includes the ACCIONA Campus.]]></container>
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<page method="xml-texts" num="61"><![CDATA[1,077 Presales Backlog Units as of December 2025 OMBÚ, SPAIN]]></page>
<page method="xml-texts" num="62"><![CDATA[REAL ESTATE 1,244 Number of homes delivered in 2025 Las Villas de Sotogrande, Spain (Cádiz)]]></page>
<page method="xml-texts" num="63"><![CDATA[RESIDENTIAL DEVELOPMENT IN SPAIN (GAV BREAKDOWN) RESIDENTIAL DEVELOPMENT (NUMBER OF UNITS) Total GAV 1 €1,590 M Residential Development in Spain International Residential Development Rental Properties 52% 18% 29% Land bank Under development Completed inventory 44% 48% 8% Presales backlog For sale Under development Land bank 36% 22% 17% 25% 1,077 1,077 1,077 751 1,828 1,077 751 949 2,777 1,077 751 949 1,557 4,334 (1) Total value of real estate assets]]></page>
<page method="xml-texts" num="64"><![CDATA[REAL ESTATE Technical Leadership OPTIMIZING BUILDING DESIGN WITH GENERATIVE AI This technology is designed to optimize the early stages of real estate development projects, particularly feasibility analysis, by facilitating the generation of design alternatives and supporting decision-making in highly complex and uncertain environments. Developed in collaboration with a startup through the I’mnovation program, the solution has become a standard tool, helping maximize site potential, enhance building design, incorporate sustainability criteria from the earliest project phases, and strengthen cost control and project profitability. XAZ NATURA RESIDENTIAL DEVELOPMENT, SPAIN]]></page>
<page method="xml-texts" num="65"><![CDATA[Highlighted Projects TERRASSA STUDENT RESIDENCE SPAIN AEG TERRASSA RESIDENTIAL DEVELOPMENT SPAIN OMBÚ SPAIN]]>
<container id="_idContainer3319" parent_id="_idContainer3334"><![CDATA[AEG TERRASSA RESIDENTIAL DEVELOPMENT SPAIN The AEG Terrassa project has become a landmark example of urban regeneration, with the construction of 420 new homes on a former industrial site that had remained unused since 2005. The project achieved an overall reduction of 2.400 tCO2 compared with the regulatory baseline, eliminating all Scope 1 emissions associated with the former factory. Contribution of 420 new homes in an area that serves as a link between neighboring communities that were previously disconnected. Explore more real estate projects]]></container>
<container id="_idContainer3326" parent_id="_idContainer3334"><![CDATA[TERRASSA STUDENT RESIDENCE SPAIN Within the AEG complex, the student residence has set a benchmark in sustainable building certification, achieving a BREEAM Excellent rating and ranking first in the region within its building category. 358 student rooms, contributing to the mixed-use character of the area and generating positive socioeconomic impact throughout the project’s life cycle.]]></container>
<container id="_idContainer3333" parent_id="_idContainer3334"><![CDATA[OMBÚ SPAIN Following a comprehensive refurbishment carried out between 2020 and 2022, which played a key role in the regeneration of the surrounding area, the Ombú building was managed by ACCIONA (including achieving 100% occupancy) over the following years, until its sale was completed in 2025. 14,000 m2 occupied by a leading company in its sector 12,000 m2 of new green spaces in a regenerated urban environment.]]></container>
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<page method="xml-texts" num="66"><![CDATA[SOLUTIONS “FRIDA KAHLO, LIFE & WORK” EXHIBITION CARBON-NEUTRAL CULTURE ACCIONA Cultura is a leading company in the design and delivery of museums, interiors, events, and immersive experiences. With more than 30 years of experience, it operates through a multidisciplinary approach to provide creative, technological, and sustainable solutions across the cultural, corporate, and entertainment sectors. With a global presence in markets including the United States, Mexico, the United Arab Emirates, Qatar, Saudi Arabia, and Spain, ACCIONA Cultura’s vision is rooted in cultural regeneration as a driver of sustainable development, ensuring the preservation of heritage through innovative and responsible solutions. DATA]]>
<container id="_idContainer3363" parent_id="_idContainer3364"><![CDATA[DATA 36 YEARS OF EXPERIENCE 43 COUNTRIEs 90+ AWARDs 200+ EXHIBITIONS 80+ mUSEUMS 70+ EXHIBITIONS AND PAVILIONS]]></container>
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<page method="xml-texts" num="67"><![CDATA[Art Masters Technical Leadership Art Masters ACCIONA Cultura designed and produced this virtual reality experience in collaboration with the Museo del Prado. On a journey through an imaginary museum, visitors can immerse themselves in five masterpieces from the Museo del Prado’s collection, exploring a universe that blurs the boundary between reality and dreams while uncovering the secrets hidden within these iconic paintings. With rigorous academic curation, the exhibition combines three- dimensional environments with an immersive narrative that brings the paintings and their characters to life, enabling a deeper connection with their symbolism and meaning. Creating immersive experiences]]>
<container id="_idContainer3389" parent_id="_idContainer3390"><![CDATA[Creating immersive experiences The virtual reality experiences developed by ACCIONA Cultura are based on a multi-user technology deployed within a dedicated physical space, allowing several visitors to share the same immersive environment simultaneously without cables or physical constraints. Using virtual reality headsets, participants move freely through virtual settings, interacting with narrative elements and triggering actions in real time. The technology platform combines tracking software and multi-user synchronization capabilities to ensure spatial consistency throughout the experience. In addition, the system ensures that all visitors share the same narrative and spatial environment, transforming the visit into a social, immersive, and highly interactive experience. See more • Multi-User Virtual Reality (MUVR) • 3D Environment Modeling • Wireless Technology]]></container>
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<page method="xml-texts" num="68"><![CDATA[SOLUTIONS Bestinver is an asset and wealth management firm specializing in independent investment and the management of investment funds, pension funds, and financial assets. Revenue increased by 4.4% to €118 million, driven by a 9.8% increase in average assets under management, which reached €7,124 million as of December 31, 2025. EBITDA increased by 8% to €55 million. Assets under management as of December 31, 2025, increased by €870 million to €7,661 million, up from €6,791 million the previous year. Bestinver is committed to responsible investment and integrates ESG criteria into its investment processes to generate positive impact, improve the sustainability performance of portfolio companies, and promote responsible investment as a driver of long- term value creation. BESTINVER INFRASTRUCTURE INVESTING Key 2025 Highlights BESTINVER OFFICE, MADRID]]>
<container id="_idContainer3418" parent_id="_idContainer3426"><![CDATA[Key 2025 Highlights • All funds delivered top-tier performance, with the firm’s equity-investment strategies achieving outstanding returns over the past three years. In 2025, Bestinver Bolsa was the top-performing equity fund in Spain, delivering a 58% return. • Positive double-digit returns were maintained across the funds for a third consecutive year, reinforcing the group’s position as one of the sector’s leading firms in Spain during this period. • Launch of two new funds, expanding Bestinver’s range of investment strategies. • Opening of three new regional offices (Zaragoza, San Sebastián, and Málaga), expanding the firm’s presence in Spain’s principal financial markets. • Achieved an excellent PRI (Principles for Responsible Investment) score of more than 4 out of 5, a significant improvement over the previous year. PRI is the world’s leading organization for responsible investment, and its rating assesses the strength and maturity of responsible investment practices.]]></container>
<container id="_idContainer3425" parent_id="_idContainer3426"><![CDATA[INFRASTRUCTURE INVESTING ACCIONA and Bestinver have established their alternative investments business as a benchmark in the infrastructure sector. In 2021, Bestinver launched its first infrastructure fund, which has reached €300 million invested in ten operational assets spanning renewable energy, transportation and social infrastructure. Building on the success of the initial fund, Bestinver introduced a second infrastructure fund in 2024, which has grown to €170 million in assets under management and currently holds three assets in its portfolio. Bestinver continues to expand its infrastructure investment strategy as part of its mission to generate long-term value for investors through a differentiated range of products and services.]]></container>
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<page method="xml-texts" num="69"><![CDATA[ASSETS UNDER MANAGEMENT (€m) +12.8% 6,791 7,661 €118 M €55 M €113 M €51 M 4.4% 8% 2025 2024 Revenue EBITDA Change AVERAGE ASSETS UNDER MANAGEMENT (€M) +9.8% 6,487 7,124 2024 2025 2024 2025]]></page>
<page method="xml-texts" num="70"><![CDATA[3,717 41 % 2025 2,637 2024 Change Units sold SOLUTIONS In the Mobility business, Silence maintained its leadership in Spain’s electric microcar category, achieving a market share of 36.2%. Founded in 2012 and headquartered in Barcelona, Silence designs, develops, and manufactures light electric vehicles and batteries using proprietary technology. It is also the only European manufacturer producing vehicles of this type with a standardized battery, enabling more efficient use and management throughout the battery’s life cycle. A new model for sustainable mobility The company manufactures various models of electric scooters and is ramping up production of its S04 Nanocar. Silence also offers an innovative Battery as a Service (BaaS) model and is deploying a related infrastructure network across Europe. Silence is also developing new business lines linked to Mobility as a Service (MaaS), supported by proprietary technology and telematics solutions. Its intellectual property and designs are registered throughout Europe, including the patented Battery Pack Extraction System, which facilitates battery use, maintenance, and circularity. Battery Repair Process All batteries requiring repair, regardless of the complexity of the issue, are analyzed and handled by specialized technicians in dedicated repair workshops. Thanks to this process, approximately 70% to 80% of the batteries received by the workshops are repaired and returned to the market, either for private use or through the BaaS model. This extends their useful life and reduces waste. MOBILITY & SILENCE]]></page>
<page method="xml-texts" num="71"><![CDATA[Battery Pack Management DATa TECHNICAL LEADERSHIP End-of-life battery management Batteries that do not pass the repair process are considered to have reached the end of their useful life for use in Silence vehicles. They are then categorized as waste and sent to an authorized waste-management operator, where they undergo a preparation-for-reuse process. This process involves the complete disassembly of the battery, the proper segregation of its materials (including aluminum, plastics, and WEEE, among others), and the individual analysis of the approximately 360 lithium cells contained within each battery. Cells that pass quality-control inspections and retain more than 40% of their remaining useful life are returned to the market for use in new applications, such as residential photovoltaic energy-storage systems, e-scooters, or drones. Cells that do not meet quality standards are sent for recycling, specifically through crushing processes that produce black mass. Through leaching and purification techniques, metals such as nickel, cobalt, and lithium are recovered and separated before being reintroduced into the value chain for the manufacture of new battery cells.]]>
<container id="_idContainer3530" parent_id="_idContainer3596"><![CDATA[DATA More than 60,000 electric scooters manufactured and approximately 185 battery-swapping stations. Silence provides the vehicles for ACCIONA’s motosharing service, which currently serves more than 600,000 users across Spain’s major cities. • 8 out of 10 batteries are repaired and returned to the market. • 70% of the cells analyzed during the preparation-for-reuse process are returned to the market. • 100% of the materials contained in the battery are recycled at the end of their useful life.]]></container>
<container id="_idContainer3595" parent_id="_idContainer3596"><![CDATA[Battery Pack Management BATTERY AS A SERVICE. All batteries manufactured and marketed by Silence are managed at the end of their useful life according to circular-economy principles. CLOSING THE BATTERY LOOP Life Cycle and Reuse Process Cells with >40% remaining useful life are returned to the market. Silence collects end-of-life batteries and sends them to an authorized waste-management operator for preparation for reuse. Cells that cannot be reused are crushed and converted into black mass. The battery is dismantled and its components are separated. Metallic components are separated and recovered, closing the loop. 7 out of 10 batteries remain in use (second life) Batteries reach the end of their useful life after 6–8 years. BATTERY CELL TYPE Li-ion CAPACITY 5.6 kWh BATTERY SWAP TIME 30 seconds]]></container>
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<page method="xml-texts" num="72"><![CDATA[SOLUTIONS DATa With over 50 years of experience, ACCIONA specializes in the management and delivery of outsourced services for private companies and public- sector organizations. Operating across a wide range of industries and service categories, ACCIONA develops customized solutions to meet the specific needs of each client, ensuring operational excellence and the sustainability of every service provided. ACCIONA brings innovation to its clients and continuously enhances processes to improve productivity, flexibility, and cost efficiency. · Leaders in the automotive and agri-food sectors, supported by a broad portfolio of references and success stories. · Sustainability and environmental stewardship embedded throughout all activities. • Strong commitment to business technology and innovation. • The only service provider in the market with a dedicated Lean methodology and continuous improvement team. • Certifications that ensure safety and operational excellence. • Financing solutions with attractive returns. Facility Services]]>
<container id="_idContainer3623" parent_id="_idContainer3624"><![CDATA[DATA In 2025, the business renewed its EU Ecolabel certification for interior-cleaning services at the ACCIONA Campus in Madrid. The company also implemented a pilot project involving the installation of flow meters at client facilities to enable real-time monitoring of water consumption in hygiene processes within the food industry. PROFESSIONALS ON THE TEAM 21,050 EMPLOYEES REVENUE €610.3 M EBITDA €20.6 M]]></container>
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<page method="xml-texts" num="73"><![CDATA[Technical Leadership Facade cleaning with drones Innovation in facade cleaning with drones The use of drones for facade cleaning represents an advanced technological solution that improves safety and efficiency in work carried out at height. These devices are equipped with high-pressure water-spraying systems and/or biodegradable cleaning products, allowing them to clean hard-to-reach surfaces without the need for scaffolding or cranes. They can operate at significant heights while maintaining a high degree of stability through GPS positioning systems and proximity sensors. In addition, they are equipped with real- time cameras that enable operators to monitor and control every cleaning area with precision. The use of drones has been shown to reduce intervention times and minimize occupational risks by eliminating the need for workers to be directly exposed to hazardous work at height. Highlighted drone cleaning projects ACCIONA currently operates three drone-cleaning teams across Spain, providing services both to external clients and to other ACCIONA business divisions. Drone cleaning has already been implemented in corporate buildings, food-processing facilities, hospitals, and other types of properties. Examples include: • ACCIONA Campus (Madrid) • Alejandro Miguel (La Rioja) • Álvaro Cunqueiro Hospital (Pontevedra) This technology reduces cleaning times by up to 60% compared with traditional methods, while promoting innovation and technological advancement. These drones have been used to clean metal structures, cladding systems, and glass facades, ensuring consistent and efficient results. Their ability to access complex areas also makes them ideal for the preventive maintenance of infrastructure. These devices also have a reduced environmental impact, as they optimize water consumption and enable the use of less aggressive cleaning products. DATa]]>
<container id="_idContainer3649" parent_id="_idContainer3650"><![CDATA[• Up to 700 m2 of surface cleaned per hour • Up to 30–50% reduction in operating costs • 20-minute flight time per battery • Improved safety by eliminating risks associated with work at height]]></container>
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<page method="xml-texts" num="74"><![CDATA[Federico García Guillén HEAD OF TECHNOLOGY, INNOVATION AND ARTIFICIAL INTELLIGENCE]]></page>
<page method="xml-texts" num="75"><![CDATA[PURPOSEFUL INNOVATION Innovation has become a key driver of success in the sector. Will its importance continue to grow in the future? Without a doubt. Innovation is no longer an option; it has become a prerequisite for competitiveness in the face of increasingly complex challenges that cannot be solved using the approaches of the past. The climate emergency, water stress, urbanization, and the energy transition are clear examples. However, I’m not referring to innovation as an end in itself, but rather to purposeful innovation. We must develop the capabilities that enable us to make better decisions, operate more effectively, and compete more successfully, with productivity always serving as the catalyst. Innovation must deliver tangible improvements in productivity, execution, and returns. It’s not about innovating for the sake of innovation. If innovation is synonymous with competitiveness and delivering results, how does ACCIONA remain at the forefront? It’s certainly not easy. Maintaining technical leadership is a major challenge in businesses characterized by high complexity, significant capital intensity, long development cycles, and critical assets, all while facing increasing demands and risks. Technical leadership is sustained through a combination of deep business knowledge, specialized talent, experience, continuous learning, and external collaboration through open innovation programs that connect us with the broader ecosystem to find solutions to real business challenges. The key is to transform innovation and technology into real-world solutions by integrating technical expertise, execution capability, and a long-term vision. Does this model make innovation everyone’s responsibility across the organization? Innovation, digitalization, and artificial intelligence cannot be viewed as the sole responsibility of a single department. We recognize the need for the capabilities, platforms, security, and governance required to scale initiatives effectively, and we understand that confining innovation to a corporate unit limits its potential impact. Our greatest opportunities for innovation are found on construction sites, in plants, and within our concessions. The people who work in these environments every day understand the real challenges, operational realities, inefficiencies, risks, and opportunities for improvement through innovation. We’re also entering a particularly exciting phase in which new AI tools will enable many more people to develop solutions, automate processes, and create assistants without needing to know how to code, bringing technology closer to employees throughout the organization. A great opportunity, but also a great responsibility? Bringing innovation closer to those who best understand the underlying processes has the potential to accelerate it significantly. However, it also carries risks for large, complex organizations with a broad geographic footprint, critical assets, and sensitive information. Powerful but decentralized and poorly governed innovation can create security, confidentiality, and decision-making risks that must be carefully managed. The goal is not to hold back innovation out of fear of those risks, but to establish a governance framework that allows us to innovate within clear security and confidentiality guardrails, without stifling that innovative potential. Will AI increase the scale of that innovative potential? Beyond specific applications or personal productivity tools, what matters is that the sustainable infrastructure sector is facing one of the greatest opportunities for transformation in the coming decades. It’s probably one of the sectors where new technologies have the greatest potential to create value. Technology will not only change how we manage infrastructure, but also how we conceive, design, build, finance, operate, and maintain it. It also helps break down silos across processes, from the preparation of tender bids through to asset maintenance once the infrastructure has been delivered. In sectors such as ours, characterized by high technical complexity, significant regulatory pressure, and substantial investment requirements, technology will be a key lever for enhancing competitiveness, reducing risk, and accelerating the transition toward more sustainable infrastructure. Does the breaking down of silos also apply to these technologies, given that they tend to reinforce one another? Absolutely. We’re talking about AI combined with advanced analytics, digital twins, sensors, computer vision, robotics, predictive models, and integrated platforms to transform decision-making. The fundamental question is not which technology we can use, but rather which business problem we want to solve and which technology can help us solve it. Technology must serve strategy, not the other way around. What kinds of solutions? And how do they benefit the people they serve and society as a whole? If we understand innovation as a means of solving technical challenges, we can point to hundreds of examples—from reducing concrete-related emissions by 50% on Sydney’s Western Harbour Tunnel project to achieving significant efficiency gains in biomass boilers. What matters is that every technical improvement translates directly into benefits for society. We see this when our water technologies provide millions of people with access to high-quality water, when electric machinery reduces noise and pollution on urban construction sites, or when renewable-energy technologies help mitigate one of the greatest challenges facing society: climate change. “It will change how we manage infrastructure and how we conceive, design, build, finance, operate, and maintain it”]]></page>
<page method="xml-texts" num="76"><![CDATA[ACCIONA Integrated Report 2025 ACCIONA AROUND THE WORLD 03]]></page>
<page method="xml-texts" num="77"><![CDATA[WE INVEST IN THE PLANET]]>
<container id="_idContainer3694" parent_id="_idContainer3695"><![CDATA[WE INVEST IN THE PLANET We have a strong international presence and an established track record in more than 60 countries across five continents, developing sustainable solutions that contribute to the social, economic, and environmental progress of the communities where we operate. Through our technical capabilities, global experience, and long-term vision, we participate in strategic projects that transform regions and accelerate the transition toward a decarbonized economy. Key Markets in 2025 SPAIN • AUSTRALIA • UNITED STATES • BRAZIL • CHILE • PERU • PHILIPPINES]]></container>
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<page method="xml-texts" num="78"><![CDATA[OPERATING IN MORE THAN 60 COUNTRIES ACROSS FIVE CONTINENTS ENERGY CONCESSIONS CONSTRUCTION REAL ESTATE WATER OTHER NORTH AMERICA Canada United States Mexico CENTRAL AND SOUTH AMERICA Argentina Brazil Chile Colombia Costa Rica Ecuador Panama Paraguay Peru Dominican Republic Other]]></page>
<page method="xml-texts" num="79"><![CDATA[Asia & OCEANiA Africa EUROPE Germany Andorra Austria Belgium Croatia Denmark Spain Estonia Finland France Greece Ireland Italy Lithuania Netherlands Norway Poland Portugal United Kingdom Romania Serbia Sweden Türkiye Ukraine Rest of Europe Algeria Egypt Morocco South Africa Saudi Arabia Australia Qatar United Arab Emirates Philippines Hong Kong India New Zealand Oman Vietnam China Singapore Rest of Asia]]></page>
<page method="xml-texts" num="80"><![CDATA[ACCIONA IN SPAIN Highlighted Projects Miajadas Biomass Plant (Cáceres) Operation and maintenance El Cabrito Wind Farm (Cádiz) Operation (Repowering) Port of Cadiz Container Terminal Construction 4,759 9,604 INSTALLED CAPACITY (MW) GENERATION (GWh) 4,092,377 EMISSIONS AVOIDED ( tCO 2 e ) Emissions avoided through the renewable generation of electricity €4,518 M 2 6 , 587 EMPLOYEES REVENUE (+4.61%) (+2.67%) Top Employer Certification Headquartered in Madrid, the organization represents the historic and strategic core of the group. Although established as a group in 1997, the company’s origins date back to 1862 with the creation of MZOV, one of Spain’s first railway construction companies, giving it a history of more than 150 years linked to infrastructure development. · Spain has served as the group’s primary testing ground for the transition toward a sustainability- focused business model, progressively integrating renewable energy, water, and infrastructure as key growth pillars. · In the energy sector, ACCIONA is one of the country’s leading renewable-energy operators, with a diversified portfolio that has helped position Spain as a European benchmark in the energy transition. · In infrastructure, the company has participated in some of Spain’s most significant engineering projects, including the development of the high- speed rail network, which has strengthened its technical capabilities in the delivery of complex projects.]]></page>
<page method="xml-texts" num="81"><![CDATA[TRANSPORTATION AND INFRASTRUCTURE WATER ENERGY Note: The information includes a selection of ACCIONA’s principal projects and active concessions in Spain in 2025. Line 11 Metro Extension (Madrid) Construction Alcalá Oeste WWTP (Madrid) Operation and maintenance A-5 Undergrounding Project (Madrid) Construction Formula 1 Circuit Project (Madrid) Construction Murcia Rail Undergrounding Project (Murcia) Construction Amazon Web Services (AWS) Data Center (Zaragoza) Construction Sants Station Renovation (Barcelona) Construction Els Escambrons Wind Farm (Lleida) Operation and maintenance Mediano Hydroelectric Plant (Huesca) Operation and maintenance Briviesca Biomass Plant (Burgos) Operation and maintenance Port of Valencia North Expansion Construction Valencia Wastewater Services Operation and maintenance Santa Eulària Desalination Plant (Ibiza, Balearic Islands) Operation and maintenance Bilbao Wastewater Network (Bilbao) Operation and maintenance Sangüesa Biomass Plant (Navarra) Construction, operation, and maintenance See more Spanish projects in Atlas Los Morrones Solar PV Plant (Granada) Operation]]></page>
<page method="xml-texts" num="82"><![CDATA[NORTH EXPANSION OF THE PORT OF VALENCIA Flagship projects]]>
<container id="_idContainer4288" parent_id="_idContainer4289"><![CDATA[NORTH EXPANSION OF THE PORT OF VALENCIAThe North Expansion of the Port of Valencia is a strategic infrastructure project designed to strengthen the logistics and commercial capacity of Spain’s leading Mediterranean port. Led by ACCIONA, the project involves the construction of new quays and port facilities that incorporate advanced efficiency and sustainability standards. The expansion will enhance the competitiveness of maritime transport and further consolidate Valencia’s position as a key hub for international trade.]]></container>
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<page method="xml-texts" num="83"><![CDATA[A-5 UNDERGROUNDING PROJECT (MADRID) MADRID METRO LINE 11]]>
<container id="_idContainer4316" parent_id="_idContainer4324"><![CDATA[MADRID METRO LINE 11 Madrid Metro Line 11 is one of the capital’s strategic metro corridors and is currently undergoing a major expansion. • The most significant section currently under construction will connect Plaza Elíptica and Conde de Casal, passing through key areas such as Madrid Río and Atocha. • This phase of the project includes the construction of new tunnels, stations, and intermodal connections, spanning approximately 6–7 km. • The consortium led by ACCIONA, together with Dragados and Rover, is carrying out the work using tunnel boring machines and advanced excavation technologies.]]></container>
<container id="_idContainer4323" parent_id="_idContainer4324"><![CDATA[A-5 UNDERGROUNDINGPROJECT (MADRID) The A-5 Undergrounding Project is one of the most significant urban infrastructure developments currently underway in Madrid and will transform one of the city’s main access routes. • The project includes the undergrounding of a 1.5 km section of the highway between Batán and the Casa de Campo area, improving mobility and reducing the impact of surface traffic. • The initiative will create a new urban corridor and green spaces, reconnecting historic neighborhoods in southwestern Madrid and reclaiming valuable public space for residents.]]></container>
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<page method="xml-texts" num="84"><![CDATA[ACCIONA IN AUSTRALIA 1,998 2,746 INSTALLED CAPACITY (MW) GENERATION (GWh) 2,398,306 EMISSIONS AVOIDED ( tCO 2 e ) Emissions avoided through the renewable generation of electricity 4,751 €3,195 M EMPLOYEES REVENUE (+10.82%) (+22.26%) Top Employer Certification Present in Australia since 2002, ACCIONA has established itself as a key player in renewable energy and sustainable infrastructure, making the country one of its most important international markets and a strategic platform for growth across the Asia-Pacific region. · ACCIONA Energía develops renewable energy projects across Australia, from development and construction to operations, working with local communities to create jobs and support the transition to a low- carbon economy. · In infrastructure, ACCIONA participates in renewable energy, transportation, water, and construction projects, delivering complex solutions on a national scale. · The company’s activities in Australia strengthen its position as a leading partner in the development of long-term sustainable infrastructure. Highlighted Projects Kwinana Energy Recovery (Kwinana) Construction (Waste-to-Energy) Mundaring Water Treatment Plant (Perth, Mundaring) Construction, O&M, 35-year concession Victoria Park–Canning Level Crossing Removal Project (Perth) Construction Bunbury Outer Ring Road (Dardanup) Construction Alkimos Desalination Plant (Perth, Western Australia) Construction, O&M, 10-year concession]]></page>
<page method="xml-texts" num="85"><![CDATA[WATER TRANSPORTATION ENERGY CONCESSION ASSETS M80 Ring Road (Melbourne) Construction Level Crossing Removal Project (Melbourne, Victoria) Design and construction Suburban Rail Loop (Melbourne, Victoria) Design and construction Brisbane Metro (Brisbane) Construction Coombabah Wastewater Treatment Plant (Gold Coast) Construction Gunning Wind Farm (New South Wales) Development and O&M Western Harbour Tunnel (Sydney, New South Wales) Design and construction Central-West Orana (New South Wales) Development, construction, 35-year concession HumeLink (New South Wales) Design and construction Malabar Wastewater Treatment Plant (Sydney, New South Wales) Upgrade, design, and construction Sydney Light Rail (New South Wales) Construction, O&M, 15-year concession Rookwood Weir (Queensland) Construction, O&M, 25-year concession MacIntyre Wind Farm (Queensland) Operation Logan and Gold Coast Faster Rail (Queensland) Construction Aldoga Solar Farm (Queensland) Development and O&M Waubra Wind Farm (Victoria) Development and O&M Western Renewables Link (Victoria) Development and construction Mt Gellibrand Wind Farm (Victoria) Development and O&M Majors Road Interchange (Adelaide) Construction Adelaide Desalination Plant (Port Stanvac) Design, operation, 20-year concession See more projects in Australia in Atlas Eyre Peninsula Desalination Plant (Cathedral Rocks) Construction and operation Mortlake South Wind Farm (Victoria) Development and O&M]]></page>
<page method="xml-texts" num="86"><![CDATA[WESTERN HARBOUR TUNNEL NEW SOUTH WALES Flagship projects]]>
<container id="_idContainer4577" parent_id="_idContainer4578"><![CDATA[WESTERN HARBOUR TUNNELNEW SOUTH WALESThe Western Harbour Tunnel is a major transportation infrastructure project that will improve mobility throughout Sydney by making travel faster, easier, and safer. Design optimizations have enabled the development of a construction solution that strikes a better balance between project feasibility and environmental and social impacts.]]></container>
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<page method="xml-texts" num="87"><![CDATA[ALKIMOS DESALINATION PLANT WESTERN AUSTRALIA ALDOGA SOLAR FARM (380 MW) QUEENSLAND MACINTYRE WIND FARM (923.4 MW) QUEENSLAND CENTRAL-WEST ORANA NEW SOUTH WALES]]>
<container id="_idContainer4617" parent_id="_idContainer4639"><![CDATA[ALKIMOS DESALINATION PLANTWESTERN AUSTRALIAThis project included the design and construction, and now encompasses the operation and maintenance, of a state-of-the-art desalination plant that provides a climate-resilient water supply for millions of residents. The facility reduces dependence on groundwater by 50,000 million liters per year, helping preserve wetlands, forests, parks, and public spaces.]]></container>
<container id="_idContainer4624" parent_id="_idContainer4639"><![CDATA[ALDOGA SOLAR FARM (380 MW)QUEENSLAND Developed and owned by ACCIONA Energía, the project has generated € 138 million in local procurement of goods and services. Construction was completed ahead of schedule, and the facility has been in operation since 2025.]]></container>
<container id="_idContainer4631" parent_id="_idContainer4639"><![CDATA[CENTRAL-WEST ORANANEW SOUTH WALES ACCIONA is participating in the design, financing, construction, operation, and maintenance of the project, which is being delivered in a consortium to strengthen electricity transmission infrastructure and facilitate the integration of renewable generation into the grid. The project includes: 90 km of 500 kV transmission lines and 150 km of 330 kV transmission lines.]]></container>
<container id="_idContainer4638" parent_id="_idContainer4639"><![CDATA[MACINTYRE WIND FARM (923.4 MW) QUEENSLAND Developed and owned by ACCIONA Energía, the project includes 162 wind turbines, each with a capacity of 5.7 MW.]]></container>
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<page method="xml-texts" num="88"><![CDATA[ACCIONA IN UNITED STATES 2,998 INSTALLED CAPACITY (MW) 5,314 GENERATION (GWh) 2,914,229 EMISSIONS AVOIDED ( tCO 2 e ) Emissions avoided through the renewable generation of electricity 1,130 EMPLOYEES (+22.56%) Top Employer Certification €1,104 M REVENUE (+103.3%) Present in North America since 2001, ACCIONA develops large- scale, complex infrastructure and energy projects, reinforcing its strong regional presence. · In energy, the company operates a diversified portfolio of wind, solar, and energy storage assets, with more than 2 GW of capacity in operation and development across states including Texas, Illinois, Kentucky, and Ohio. · In infrastructure, ACCIONA has strengthened its position in complex public-private partnership (PPP) projects, including the I-10 Calcasieu River Bridge in Louisiana, the SR 400 Express Lanes in Atlanta, and the Fargo-Moorhead Flood Diversion Project. · In water, the company operates the Tampa Bay Desalination Plant in Florida, one of the largest in the United States, supplying drinking water to approximately 2.5 million people, while also advancing new projects such as the Doheny Ocean Desalination Plant in California. Highlighted Projects Doheny Ocean Desalination Plant (Dana Point, California) Construction, O&M]]></page>
<page method="xml-texts" num="89"><![CDATA[WATER ENERGY TRANSPORTATION AND INFRASTRUCTURE CITIES / SOCIAL INFRASTRUCTURE CONCESSION ASSETS Fargo-Moorhead Flood Diversion Project (North Dakota / Minnesota) Design, financing, construction, and O&M Tatanka Wind Farm (North Dakota / South Dakota) Construction and operation High Point Solar Farm (Illinois) Development and operation Eco Grove Wind Farm (Illinois) Development and operation Green Pastures I and II Wind Farms (Texas) Operation and maintenance Fort Bend County Solar Farm (Texas) Design, construction and operation Red-Tailed Hawk Solar Farm (Texas) Operation Red Hills Wind Farm (Oklahoma) Construction and operation Union County Solar Farm (Ohio) Operation Hip Hop Museum (New York) Construction Ellis Island Museum (New York) Construction Tampa Bay Desalination Plant (Florida) Rehabilitation and construction SR 400 Express Lanes (Atlanta, Georgia) Design, financing, construction, O&M, 55-year concession I-10 Calcasieu River Bridge (Louisiana) Design, financing, construction, O&M, 50-year concession Cunningham Battery Energy Storage System (Texas) Construction and operation See more United States projects in Atlas]]></page>
<page method="xml-texts" num="90"><![CDATA[RENEWABLE SOLUTIONS PLATFORM Flagship projects]]>
<container id="_idContainer4883" parent_id="_idContainer4884"><![CDATA[RENEWABLE SOLUTIONS PLATFORM The United States remained one of ACCIONA Energía’s key international markets in 2025, both in terms of installed capacity and the volume of investment and new project development. As of year-end 2025, ACCIONA Energía operated sixteen renewable generation and storage assets in the United States, with a total installed capacity of nearly 3.0 GW. These assets include five wind farms in Texas, four solar farms, and one battery energy storage system.]]></container>
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<page method="xml-texts" num="91"><![CDATA[TAMPA BAY DESALINATION PLANT Florida SR 400 EXPRESS LANES Atlanta]]>
<container id="_idContainer4911" parent_id="_idContainer4919"><![CDATA[SR 400 EXPRESS LANES Atlanta In April 2026, ACCIONA, together with ACS and Meridiam (through the SR 400 Peach Partners consortium), began construction of the SR 400 Express Lanes project in Atlanta, Georgia. This €9.62 billion ($11 billion) project will improve mobility by adding 25 kilometers of new managed lanes, with the consortium responsible for operating the infrastructure for 55 years.]]></container>
<container id="_idContainer4918" parent_id="_idContainer4919"><![CDATA[TAMPA BAY DESALINATION PLANT Florida ACCIONA was awarded a 25-year contract to operate and maintain the Tampa Bay Desalination Plant on Florida’s west coast. Following three years of reconstruction and optimization work, the facility achieved fully automated operation. The plant has a daily capacity of 110,000 m3 and is designed to supply at least 10% of the water consumed in the Tampa Bay region.]]></container>
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<page method="xml-texts" num="92"><![CDATA[ACCIONA IN braZil 5,466 €736 M EMPLOYEES REVENUE (-7.25%) Top Employer Certification (-29.38%) In 2025, ACCIONA secured three new contracts in Brazil: two public-private partnerships (PPPs) for sanitation services in Paraná (Sanepar) and Espírito Santo (CESAN), and a 35-year concession in Pernambuco for the management of water supply and sanitation services across 153 municipalities and one district, benefiting more than eight million people. Highlighted Projects With nearly 30 years of presence in Brazil, ACCIONA has developed infrastructure projects and essential services across several states nationwide. · In transportation, the company is involved in flagship projects such as the São Paulo Metro Line 6, one of the country’s most significant urban infrastructure developments currently under construction. · In water and sanitation, ACCIONA maintains operations in the state of Paraná, in partnership with Sanepar, and in Espírito Santo, in collaboration with CESAN. The company was also recently awarded the Pernambuco sanitation contract as part of a consortium with BRK Ambiental. · ACCIONA has also delivered landmark infrastructure projects, including Terminal 2 at Porto do Açu in Rio de Janeiro and the transformation of São Paulo’s Júlio Prestes Railway Station into a world-class concert hall.]]></page>
<page method="xml-texts" num="93"><![CDATA[WATER TRANSPORTATION ENERGY URBAN INFRASTRUCTURE CONCESSION ASSETS See more projects in Brazil in Atlas São Paulo Metro Line 6– Orange Construction and concession Sala São Paulo (former Júlio Prestes Railway Station, São Paulo) Construction Luz Station (São Paulo) Construction Mário Covas Ring Road Northern Section – Lot IV (São Paulo) Construction Banco Santander Data Center, Campinas (São Paulo) Construction Sanepar (Paraná) O&M and 24-year concession covering 48 municipalities Santa Cruz do Capibaribe Sanitation System (Pernambuco) Construction CESAN (Espírito Santo) Construction, O&M, 23-year concession Expansion of São Paulo Metro Line 2–Green Construction Rodovia do Aço (BR-393, Lúcio Meira Highway) (Rio de Janeiro) Construction and 10-year operation LNG Regasification Terminal and Porto do Açu Terminal 2 (São João da Barra, Rio de Janeiro) Construction Volkswagen Plant (Resende, Rio de Janeiro) Construction]]></page>
<page method="xml-texts" num="94"><![CDATA[SANTA CRUZ SANITATION SYSTEM Pernambuco Flagship projects]]>
<container id="_idContainer5055" parent_id="_idContainer5056"><![CDATA[SANTA CRUZ SANITATION SYSTEMz Pernambuco ACCIONA’s contract includes the detailed engineering design for the municipality’s sanitation system, encompassing the construction of 18 kilometers of sewer collectors, four wastewater pumping stations, a wastewater treatment plant with a capacity of 360 liters per second, and a 300-meter outfall pipeline. The contract also includes 12 months of technical assistance during the operational phase.]]></container>
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<page method="xml-texts" num="95"><![CDATA[SÃO PAULO METRO LINE 6–ORANGE SÃO PAULO CESAN ESPíRITO SANTO]]>
<container id="_idContainer5083" parent_id="_idContainer5091"><![CDATA[CESAN ESPíRITO SANTO This public-private partnership contract covers urban sanitation services in eight municipalities in the state of Espírito Santo and includes the construction, operation, and maintenance of wastewater treatment infrastructure and sewer networks. The project encompasses the construction of four treatment plants, 65 pumping stations, and 320 kilometers of sewer networks. It will help expand access to sanitation services and improve the quality of life for approximately 250,000 people. The estimated investment amounts to €85 million.]]></container>
<container id="_idContainer5090" parent_id="_idContainer5091"><![CDATA[SÃO PAULO METRO LINE 6–ORANGE SÃO PAULO This concession covers the construction and operation, for a period of 19 years, of a 15-kilometer metro line with 15 stations. Line 6–Orange will connect downtown São Paulo with the northwestern edge of the city, passing through several districts that are home to the city’s main universities and linking the central region with the western and northern areas. The Line 6–Orange project is a public-private partnership and the largest infrastructure project currently under development in Latin America.]]></container>
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<page method="xml-texts" num="96"><![CDATA[ACCIONA IN chile Present in Chile since 1993, ACCIONA maintains a strong position in renewable energy, infrastructure, and integrated water solutions. · In energy, the company is a leader in renewable energy infrastructure, contributing to the advancement of the country’s energy transition. · In infrastructure, ACCIONA actively participates in both public and private civil engineering projects and maintains a presence in Chile’s mining sector, the world’s leading copper producer, with 5.4 million metric tons of output and more than 30% of global reserves. · In water, the company develops integrated solutions encompassing drinking water treatment, desalination, wastewater treatment, and environmental discharge. · ACCIONA also provides forwarding and handling services, including passenger and ramp services, at five airports across the country. 922 INSTALLED CAPACITY (MW) 1,561 GENERATION (GWh) 618,674 EMISSIONS AVOIDED ( tCO 2 e ) 5,889 EMPLOYEES (-1.8%) €829 M REVENUE (-10.06%) Emissions avoided through the renewable generation of electricity Top Employer Certification]]></page>
<page method="xml-texts" num="97"><![CDATA[ENERGY WATER TRANSPORTATION & INFRASTRUCTURE SOCIAL INFRASTRUCTURE / HEALTHCARE El Romero Solar PV Plant (Atacama) O&M Marga Marga Hospital (Valparaíso) Construction Punta Palmeras Wind Farm (Coquimbo) O&M San Gabriel and Tolpán Sur Wind Farms (La Araucanía) O&M Collahuasi Desalination Plant (Tarapacá) Design, construction, O&M Almeyda Solar PV Plant (Atacama) O&M Copiapó Desalination Plant (Atacama) Operation (water for mining/consumption) Malgarida I and II Solar PV Complex (Atacama) Construction and operation La Serena Hospital (Coquimbo, La Serena) Construction and concession ACCIONA Airport Services Chile (Santiago) Operation (Airport Services) Carén Tailings Storage Facility (Santiago) O&M Chuquicamata Tunnels (Antofagasta) Construction (mining infrastructure) Cerro Negro Water Supply System (Atacama) Design, construction, O&M Talabre Tailings Storage Facility (Antofagasta) Construction and expansion Chuquicamata Underground Mine (Antofagasta) Construction See more projects in Chile in Atlas Highlighted Projects]]></page>
<page method="xml-texts" num="98"><![CDATA[COLLAHUASI DESALINATION PLANT Flagship projects]]>
<container id="_idContainer5263" parent_id="_idContainer5264"><![CDATA[COLLAHUASI DESALINATION PLANTi The contract includes the design and construction of a seawater desalination plant at Patache Port, located 70 kilometers south of the city of Iquique in the Tarapacá Region. The facility will have an initial capacity of 1,050 liters per second and will supply desalinated water to the Collahuasi mining operation, with a capacity equivalent to the consumption of approximately 455,000 inhabitants.]]></container>
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<page method="xml-texts" num="99"><![CDATA[La Serena Hospital EL ROMERO SOLAR PV PLANT]]>
<container id="_idContainer5291" parent_id="_idContainer5299"><![CDATA[EL ROMERO SOLAR PV PLANT Connected to the grid at the end of 2016, the El Romero Solar PV Plant represented a major logistical and technological challenge that ACCIONA successfully overcame. With a peak capacity of 246 MWp, El Romero Solar can generate enough electricity to meet the consumption needs of approximately 240,000 Chilean households. Of its total capacity, 80 MW is dedicated to supplying Google’s data center in Chile. Located in the municipality of Vallenar, in the Atacama Region, 645 kilometers north of Santiago, the facility is capable of generating approximately 493 GWh of clean energy annually. This avoids the emission of 474,000 tonnes of CO2 that would have been produced by coal-fired power plants.]]></container>
<container id="_idContainer5298" parent_id="_idContainer5299"><![CDATA[La Serena Hospital The new La Serena Hospital will comprise more than 125,300 m² distributed over seven levels. With an investment of approximately $278 million, it will benefit more than 750,000 residents of the Coquimbo Region. The hospital is set to become one of the most modern healthcare facilities in Chile and a benchmark for the country’s northern region. Construction was more than 15% complete at year-end 2025, and the hospital is expected to become operational in 2027.]]></container>
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<page method="xml-texts" num="100"><![CDATA[ACCIONA EN brasil ACCIONA EN brasil ACCIONA IN perU Key Impact Data PRESENCE IN PERU More than 25 years REACH Millions of people benefiting from our solutions COMMITMENT Local development, employment, and sustainability 569 GENERATION (GWh) 297,287 EMISSIONS AVOIDED ( tCO 2 e ) Emissions avoided through the renewable generation of electricity 593 EMPLOYEES (-27.42%) €256 M REVENUE (+57.55%) Present in Peru since 1998, ACCIONA develops essential water, energy, and transportation infrastructure in a country particularly vulnerable to water stress and extreme climate phenomena such as El Niño. · In the water sector, the company has established a strong presence in desalination, treatment, and sanitation projects, helping to improve access to basic services in cities such as Lima, where major structural deficits persist. · In energy, ACCIONA plays a key role in concession- based electricity transmission infrastructure, with a portfolio of over 1,200 kilometers of transmission lines and dozens of substations strengthening system reliability and facilitating the integration of renewable energy. · In transportation and urban infrastructure, the company participates in projects aimed at improving connectivity and supporting economic development in areas experiencing significant demographic pressure. · Through acciona.org, ACCIONA promotes initiatives that provide access to water and energy in isolated communities, reinforcing its social contribution and commitment to inclusive development.]]></page>
<page method="xml-texts" num="101"><![CDATA[Key Impact Data PRESENCE IN PERU More than 25 years REACH Millions of people benefiting from our solutions COMMITMENT Local development, employment, and sustainability WATER TRANSPORTATION AND INFRASTRUCTURE ENERGY CONCESSION ASSETS La Chira Wastewater Treatment Plant (Lima) Construction and 25-year concession Pachacútec Wastewater Treatment Plant (Lima) Construction and O&M Lima Peripheral Ring Road Construction and 30-year concession Arequipa Wastewater Treatment Plant O&M Sunny I Solar PV Plant (225 MW) (Arequipa) Construction Machupicchu– Quencoro– Onocora– Tintaya Transmission Line (Cusco) Construction and concession Chinchero Airport (Cusco) Design and construction Northern Networks: Reque–Carhuaquero, Tumbes and Others (Northern Peru) 30-year concession Ica–Poroma Interconnection (Ica) Design, financing, construction, O&M Poroma Hub (Ica) Construction and O&M ITC Cáclic–Jaén Norte Interconnection (Cajamarca) Design, financing, construction, O&M Highlighted Projects]]></page>
<page method="xml-texts" num="102"><![CDATA[LA CHIRA WASTEWATER TREATMENT PLANT LIMA PERIPHERAL RING ROAD Flagship projects]]>
<container id="_idContainer5448" parent_id="_idContainer5456"><![CDATA[LA CHIRA WASTEWATER TREATMENT PLANT Located in Lima, La Chira Wastewater Treatment Plant is one of Peru’s largest wastewater treatment facilities. With a treatment capacity of 6.3 m³ per second, the plant improves sanitation services for over 2.5 million people and significantly reduces pollution along Lima’s coastline. Operational since 2016, the plant is a key piece of infrastructure supporting the country’s water and environmental sustainability.]]></container>
<container id="_idContainer5455" parent_id="_idContainer5456"><![CDATA[LIMA PERIPHERAL RING ROAD The Lima Peripheral Ring Road is one of Peru’s most important urban infrastructure projects, consisting of 34.8 kilometers of modern highway under a 30-year concession. Designed to transform mobility in the capital, the project will significantly reduce traffic congestion, reduce travel times for millions of people, and strengthen connectivity between key areas of Lima.]]></container>
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<page method="xml-texts" num="103"><![CDATA[ELECTRICITY TRANSMISSION NETWORKS]]>
<container id="_idContainer5476" parent_id="_idContainer5477"><![CDATA[ELECTRICITY TRANSMISSION NETWORKS ACCIONA develops and operates multiple concession-based electricity transmission projects, with more than 1,200 kilometers of transmission lines and dozens of substations across Peru. These projects strengthen the reliability of the electricity system and facilitate the integration of renewable energy, benefiting millions of people across different regions of the country.]]></container>
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<page method="xml-texts" num="104"><![CDATA[ACCIONA IN THE PHILIPPINES 560 €124 M EMPLOYEES REVENUE (+23.08%) Top Employer Certification Recognition of ACCIONA for innovation in occupational safety in the Philippines through a Silver Stevie® Award at the 2025 Asia-Pacific Stevie Awards for the initiative “Innovation to Redefine Workplace Safety.” (-4.49%) Since beginning operations in the Philippines, ACCIONA has helped improve access to drinking water through the delivery of advanced water treatment and supply infrastructure, particularly in densely populated areas such as Metro Manila and its surrounding region. · The company participates in the development of major railway corridors and landmark engineering projects, strengthening connectivity in one of Southeast Asia’s most congested urban systems and supporting the country’s economic growth. · In the energy sector, ACCIONA is advancing a growing portfolio of renewable energy projects, including wind and solar developments, aligned with national objectives for energy diversification and reduced dependence on fossil fuels. · ACCIONA’s activities in the Philippines are characterized by a focus on climate resilience and adaptation to the country’s archipelagic environment. The company integrates technical solutions that address extreme weather events, localized water scarcity, and electrification needs across dispersed territories. · ACCIONA also promotes a development model based on public-private collaboration and local engagement, generating employment, transferring knowledge, and helping strengthen the country’s economic fabric.]]></page>
<page method="xml-texts" num="105"><![CDATA[TRANSPORTATION AND INFRASTRUCTURE ENERGY SOCIAL / HEALTHCARE Bulalacao Offshore Wind Farm Project (Bulalacao) Development of offshore wind energy Putatán II Water Treatment Plant (Manila) Design, construction, O&M Light at Home – El Nido (Palawan) Rural electrification with solar home systems Malolos–Clark Railway 02 (Pampanga) Construction Malolos–Clark Railway 04 (Pampanga)Construction Basa Air Base Project for NAVFAC (Pampanga) Design and construction Laguna Lake Water Treatment Plant (Laguna) Construction East Bay 2 Water Treatment Plant (Laguna) Construction Kalayaan 2 Wind Farm (Laguna) Wind energy development Kalayaan 4 & 5 Wind Farm (Laguna) Wind energy development South Commuter Railway (Manila) Construction Museo del Galeón (Manila) ACCIONA Cultura Cebu–Cordova Link Expressway (CCLEX) (Cebu) Construction See more projects in the Philippines in Atlas Highlighted Projects Ibajay Wind Energy Project (Isla de Panay) Wind energy development]]></page>
<page method="xml-texts" num="106"><![CDATA[CEBU–CORDOVA BRIDGE CORDOVA Flagship projects]]>
<container id="_idContainer5672" parent_id="_idContainer5673"><![CDATA[CEBU–CORDOVA BRIDGE CORDOVA The Cebu–Cordova Bridge (CCLEX) is one of the Philippines’ most significant infrastructure projects, connecting the island of Cebu with Mactan Island. Spanning more than 8 kilometers, the structure combines a central cable-stayed bridge with approach viaducts. The bridge significantly improves regional connectivity and reduces travel times. Opened in 2022, it stands as one of the country’s most notable engineering achievements.]]></container>
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<page method="xml-texts" num="107"><![CDATA[MALOLOS– CLARK AIRPORT RAILWAY LINE PAMPANGA PUTATAN II WATER TREATMENT PLANT MUNTINLUPA, METRO MANILA]]>
<container id="_idContainer5700" parent_id="_idContainer5708"><![CDATA[PUTATAN II WATER TREATMENT PLANT Muntinlupa, Metro Manila Located in Muntinlupa (Metro Manila), the Putatan II Water Treatment Plant treats brackish water from Laguna Lake for drinking water supply. With capacity to serve nearly 6 million people, it has become a key piece of infrastructure for ensuring water security in one of the most densely populated areas of the country. Operational since 2016, the facility represents a milestone in the development of advanced water treatment solutions in the Philippines.]]></container>
<container id="_idContainer5707" parent_id="_idContainer5708"><![CDATA[MALOLOS–CLARK AIRPORT RAILWAY LINE PAMPANGA The Malolos–Clark Airport Railway project forms part of the rail system that will connect Manila with Clark International Airport. It includes the construction of strategic sections of a high-capacity railway line, helping to reduce congestion and improve mobility across Luzon. With an investment of approximately €965 million in the sections being delivered by ACCIONA, construction is progressing and the system is expected to become operational in the coming years.]]></container>
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<page method="xml-texts" num="108"><![CDATA[ACCIONA Integrated Report 2025 SOCIAL CASH FLOW 04]]></page>
<page method="xml-texts" num="109"><![CDATA[SOCIAL CASH FLOW CREATING WEALTH FOR ALL STAKEHOLDERS AND SOCIETY AS A WHOLE]]>
<container id="_idContainer5737" parent_id="_idContainer5738"><![CDATA[CREATING WEALTH FOR ALL STAKEHOLDERS AND SOCIETY AS A WHOLE Social cash flow reflects the economic value generated—that is, actual cash inflows—and the economic value distributed, represented by the company’s actual cash outflows. ACCIONA measures this contribution to value creation through both the cash flows it generates from customers and divestments and the cash flows it distributes, including payments to suppliers, public administrations, shareholders, and employees, among others.]]></container>
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<page method="xml-texts" num="110"><![CDATA[SOCIAL CASH FLOW ECONOMIC VALUE GENERATED AND DISTRIBUTED €23,339 M €21,814 M €14,308 M €2,252 M €585 M €2,389 M €288 M €692 M €2,703 M OPERATING RECEIPTS SUPPLIERS INVESTMENTS FINANCIAL PAYMENTS EMPLOYEE COMPENSATION DIVIDENDS OTHER PUBLIC ADMINISTRATIONS €1,065 M DIVESTMENTS €260 M OTHER RECEIPTS €200 M FINANCIAL INFLOWS ECONOMIC VALUE GENERATED ECONOMIC VALUE DISTRIBUTED]]></page>
<page method="xml-texts" num="111"><![CDATA[OPERATING RECEIPTS €21,814 M Spain 4,883,988,270 22% Rest of Europe 7,608,891,186 35% North America 1,549,789,671 7% Central and South America 2,623,051,499 12% Africa 374,156,966 2% Asia and Oceania 4,774,186,504 22% Total 21,814,064,096 100% PUBLIC ADMINISTRATIONS €2,703 M Spain 1,046,769,674 39% Rest of Europe 738,681,194 27% North America 129,556,635 5% Central and South America 337,665,589 12% Africa 5,749,874 1% Asia and Oceania 444,152,443 16% Total 2,702,575,410 100% OPERATING RECEIPTS, PUBLIC ADMINISTRATIONS, SUPPLIERS, AND EMPLOYEE COMPENSATION. BREAKDOWN BY REGION ACCIONA’s economic and social contribution through taxes paid to public administrations amounted to €2,703 million. Of this total, €1,165 million (43.11%) was attributable to taxes borne and €1,537 million (56.89%) to taxes collected. This tax contribution means that, for every €100 of revenue, €12 was paid in taxes. The largest tax contributions were made in Spain, Australia, France, Germany, Sweden, Chile, Finland, Mexico, the United Kingdom, the United States, Portugal, Poland, South Africa, Türkiye, Canada, Peru, Italy, Brazil, and India. Employment-related taxes once again represented the largest share of the Group’s tax contribution. ACCIONA has submitted its Annual Tax Transparency Report to Spain’s State Tax Administration Agency (AEAT) since 2016, following its adoption of the AEAT’s Code of Good Tax Practices (CBPT) in 2011. Since fiscal year 2016, the company has also submitted a Tax Transparency Report to the Australian Taxation Office (ATO). In line with its commitment to tax transparency, ACCIONA also submits its annual Country-by- Country Report to the Spanish tax authorities and has included this information in its Non-Financial Information Statement since fiscal year 2020.]]></page>
<page method="xml-texts" num="112"><![CDATA[SOCIAL CASH FLOW €345.66 M €74.64 M TAXES ON PROFITS PROPERTY TAXES €2,703 M TAXES BORNE TAXES COLLECTED TAX CONTRIBUTION. BREAKDOWN OF TAXES BORNE AND TAXES COLLECTED €77.60 M TAXES ON PROFITS €550.51 M EMPLOYMENT-RELATED TAXES €681.98 M EMPLOYMENT-RELATED TAXES €144.03 M TAXES ON PRODUCTS AND SERVICES €776.23 M TAXES ON PRODUCTS AND SERVICES €50.34 M ENVIRONMENTAL TAXES €1.10 M PROPERTY TAXES €0.45 M ENVIRONMENTAL TAXES]]></page>
<page method="xml-texts" num="113"><![CDATA[SUPPLIERS €14,308 M Spain 3,339,313,070 23% Rest of Europe 5,095,699,858 36% North America 1,029,845,434 7% Central and South America 1,733,911,096 12% Africa 322,279,601 2% Asia and Oceania 2,787,312,794 19% Total 14,308,361,852 100% EMPLOYEE COMPENSATION €2,389 M Spain 785,443,237 33% Rest of Europe 448,345,629 19% North America 223,117,530 9% Central and South America 364,399,436 15% Africa 16,895,998 1% Asia and Oceania 551,133,902 23% Total 2,389,335,733 100% TOTAL TAX CONTRIBUTION 2025 (€M) Country Borne Collected Total % Spain 571.3 475.5 1,046.8 38.7% Australia 156.2 252.5 408.7 15.1% Germany 93.8 102.8 196.6 7.3% Chile 45.1 97.6 142.7 5.3% France 14.5 98.1 112.6 4.2% United States 26.0 77.9 103.9 3.8% United Kingdom 4.5 80.3 84.7 3.1% Mexico 36.3 48.3 84.6 3.1% Poland 20.6 62.4 83.0 3.1% Sweden 2.6 69.9 72.5 2.7% Portugal 33.6 30.5 64.1 2.4% Brazil 55.5 -4.7 50.9 1.9% Finland 3.1 45.3 48.4 1.8% Türkiye 16.0 25.2 41.2 1.5% Peru 6.9 29.8 36.7 1.4% Italy 9.1 23.8 33.0 1.2% Canada 9.6 16.0 25.6 0.9% India 11.7 0.8 12.5 0.5% South Africa 8.2 -8.7 -0.5 0.0% Other countries 40.5 14.1 54.6 2.0% Total 1,165.2 1,537.4 2,702.6]]></page>
<page method="xml-texts" num="114"><![CDATA[OTHER REPORTS Annual Financial Statements Corporate Governance Report Sustainability Information]]></page>
<page method="xml-texts" num="115"><![CDATA[atlas The platform through which ACCIONA takes transparency a step further, offering detailed information on the impact of its projects and the local context in which they are developed. 05]]></page>
<page method="xml-texts" num="116"><![CDATA[Integrated Report 2025]]></page>
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