TSK Electrónica y Electricidad, S.A.
and its subsidiaries Report on limited review Condensed consolidated interim financial statements for the six month period ended 30 June 2026 Consolidated interim management report
PricewaterhouseCoopers Auditores, S.L.
C/ Fray Ceferino, 2, 33001 Oviedo, España www.pwc.es Tel.: +34 985 208 550 / +34 902 021 111 R. M. Madrid, hoja M -63.988, folio 75, tomo 9.267, libro 8.054, sección 3.ª Inscrita en el R.O.A.C. con el número S0242 - NIF: B -79031290 1
This version of our report is a free translation from the original, which was prepared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of i nformation, views or opinions, the original language version of our report takes precedence over this translation.
Report on limited review of condensed consolidated interim
financial statements
To the shareholders of TSK Electrónica y Electricidad, S.A. :
Introduction
We have performed a limited review of the accompanying condensed consolidated interim financial statements (hereinafter, the interim financial statements) of TSK Electrónica y Electricidad, S.A.
(hereinafter, the Parent company) and its subsidiaries (hereinafter, the Group), which comprise the balance sheet as at 30 June 2026, and the income statement, statement of comprehensive income, statement of changes in net assets , cash flow statement and related notes, all condensed and consolidated, for the six -month period then ended. The Parent company's directors are responsible for the preparation of these interim financial statements in accordance with the requirements of International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the European Union, for the preparation of condensed interim financial statements, as provided in Article 12 of Royal Decree 1362/2007. Our responsibility is to express a conclusion on these interim financial statements based on our limited review.
Scope of review We conducted our limited review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A limited review of interim financial statements consists of m aking inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit conducted in accordance with legislation governing the audit practice in Spain and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.
Conclusion
Based on our limited review, that cannot be considered as an audit, nothing has come to our attention that causes us to believe that the accompanying interim financial statements for the six -month period ended 30 June 2026 have not been prepared, in all material respects, in accordance with the requirements of International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the European Union, as provided in Article 12 of Royal Decree 1362/2007, for the preparation of condensed interim financial statements.
2 TSK Electrónica y Electricidad, S.A. and its subsidiaries Emphasis of matters We draw attention to note 2 to the interim financial statements, in which it is mentioned that these interim financial statements do not include all the information required in a complete set of consolidated financial statements prepared in accordance wit h International Financial Reporting Standards, as adopted by the European Union, and therefore the accompanying interim financial statements should be read together with the consolidated annual accounts of the Group for the year ended 31 December 2025.
Our conclusion is not modified in respect of this matter.
Other matters
Consolidated interim management report The accompanying consolidated interim management report for the six -month period ended 30 June 2026 contains the explanations which the Parent company's directors consider appropriate regarding the principal events of this period and their impact on the interim financial statements presented, of which it does not form part, as well as the information required under the provisions of Article 15 of Royal Decree 1362/2007. We have verified that the accounting information contained in this management report is in agreement with that of the interim financial statements for the six -month period ended 30 June 2026. Our work as auditors is limited to checking the consolidated interim management report in accordance with the scope mentioned in this paragraph and does not include a review of information other than that obtained from TSK Electrónica y Electricidad, S.A. and its subsidiaries' accounting records.
Preparation of this review report This report has been prepared at the request of the directors of TSK Electrónica y Electricidad, S.A. in relation to the publication of the half -yearly financial report required by Article 100 of Law 6/2023, of March 17, on Securities Markets and Investment Services.
PricewaterhouseCoopers Auditores, S.L.
Original in Spanish signed by Conrado Cea Sánchez (19947)
11 September 2026
TSK Electrónica y Electricidad, S.A.
and Subsidiary Companies Consolidated Summar ised Interim Financial Statements and Consolidated Interim Management Report for the Six -Month Period Ended June 30, 2026
This version of the consolidated summarised interim financial statements is a free translation from the original, which was prepared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
TABLE OF CONTENTS
SUMMAR ISED CONSOLIDATED INTERIM BALANCE SHEETS AS OF JUNE 30, 2026, AND DECEMBER 31, 2025
SUMMAR ISED CONSOLIDATED INTERIM INCOME STATEMENTS FOR THE SIX -MONTH PERIODS ENDED JUNE
30, 2026, AND 2025
SUMMARISED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX -MONTH
PERIODS ENDED JUNE 30, 2026, AND 2025
SUMMAR ISED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN NET ASSETS FOR THE SIX -MONTH
PERIODS ENDED JUNE 30, 2026, AND 2025
SUMMAR ISED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS FOR THE SIX -MONTH PERIODS ENDED
JUNE 30, 2026, AND 2025
NOTES TO THE CONSOLIDATED SUMMARISED INTERIM FINANCIAL STATEMENTS FOR THE SIX -MONTH PERIOD
ENDED JUNE 30, 2026 ................................ ................................ ................................ ................................ ...... 1 1. Group TSK: Activity, history, and miscellaneous data ................................ ................................ .............. 1 2. Basis of presentation of the Summarised Consolidated Interim Financial Statements and consolidation principles ................................ ................................ ................................ ................................ ......................... 2 2.a Financial Reporting framework applicable to the Group ................................ ................................ ... 2 2.b True and fair view ................................ ................................ ................................ ............................. 2 2.c Applied non -mandatory accounting standards ................................ ................................ .................. 2 2.d Significant Estimates and Judgments ................................ ................................ ............................... 3 2.e Comparison of the information ................................ ................................ ................................ .......... 3 2.f Accounting Policies ................................ ................................ ................................ ........................... 3 2.g Changes in accounting criteria ................................ ................................ ................................ ......... 4 2.h Correction of errors ................................ ................................ ................................ ........................... 4 2.i Seasonality ................................ ................................ ................................ ................................ ....... 4 2.j Global geopolitical uncertainties ................................ ................................ ................................ ....... 4 3. Changes in the Group's Composition ................................ ................................ ................................ ....... 5 4. Segmented information ................................ ................................ ................................ .......................... 5 5. Intangible fixed assets ................................ ................................ ................................ ............................. 9 6. Tangible fixed assets ................................ ................................ ................................ ............................. 10 7. Real estate investments ................................ ................................ ................................ ........................ 12 8. Financial investments ................................ ................................ ................................ ............................ 13 9. Financial risk management ................................ ................................ ................................ .................... 13 10. Trade debtors and other receivables ................................ ................................ ................................ ..... 22 11. Net worth and Shareholder's equity ................................ ................................ ................................ ...... 23 12. Short -term provisions and contingent assets and liabilities ................................ ................................ ... 27 13. Long -term and short -term debts ................................ ................................ ................................ ........... 30 14. Corporate profits tax ................................ ................................ ................................ ............................. 33 15. Trade creditors and other accounts payable and advances from customers ................................ .......... 34 16. Income and expenses ................................ ................................ ................................ ............................ 35
17. Related -party balances and transactions ................................ ................................ ............................... 37 18. Other information ................................ ................................ ................................ ................................ . 38 19. Guarantees provided to third parties ................................ ................................ ................................ .... 39 20. Events after the reporting period ................................ ................................ ................................ .......... 39 APPENDIX I ................................ ................................ ................................ ................................ .................... 40 APPENDIX II ................................ ................................ ................................ ................................ ................... 41
CONSOLIDATED INTERIM MANAGEMENT REPORT CORRESPONDING TO THE SIX -MONTH PERIOD ENDED JUNE
30, 2026 ................................ ................................ ................................ ................................ ......................... 42 1. Business evolution in the period ................................ ................................ ................................ ........... 42 2. Financial and net worth status ................................ ................................ ................................ .............. 42 3. Main risks and uncertainties ................................ ................................ ................................ ................. 43 4. Relevant events of the period ................................ ................................ ................................ ............... 43 5. Events after closing date ................................ ................................ ................................ ....................... 44 6. Perspectives ................................ ................................ ................................ ................................ .......... 44 7. Other information ................................ ................................ ................................ ................................ . 45
30.06.2026 31.12.2025
ASSETS NOTES (not audited)
NON-CURRENT ASSETS: 181.948 169.296
Intangible fixed assets- 5 2.943 1.462 Consolidated companies’ goodwill 1.167 1.167 Other intangible fixed assets 1.776 295 Tangible fixed assets- 6 25.073 25.741 Plots and constructions 21.769 21.976 Technical installations and other property, plant and equipment 3.304 3.765 Real estate investments- 7 10.708 10.800 Long-term financial investments- 8 13.062 14.359 Equity instruments 3.069 3.371 Holdings in companies carried by the equity method 9.354 9.603 Other financial assets 639 1.385 Deferred tax assets 130.162 116.934
CURRENT ASSETS: 896.676 877.231
Inventories- 14.518 14.475 Advances to suppliers 14.518 14.475 Trade debtors and other receivables- 10 517.379 600.609 Clients for sales and services provided 412.094 490.994 Clients, Group companies and associates 17 205 1.570 Sundry debtors 20.261 23.891 Other credits from Public Authorities 84.819 84.154 Short-term financial investments- 8 100.728 100.001 Other financial assets 100.076 99.354 Debt securities 652 647 Short-term accruing 2.418 4.237 Cash and other equivalent liquid assets 261.633 157.909
TOTAL ASSETS 1.078.624 1.046.527
30.06.2026 31.12.2025
EQUITY AND LIABILITIES NOTES (not audited)
TOTAL EQUITY: 11 294.573 87.452
SHAREHOLDER'S EQUITY: 293.892 87.615
NET WORTH: 11 382.000 174.818
Capital and Share Premium 165.769 1.712 Reserves 174.282 142.514 Treasury stock (2.857) (2.857) Results attributable to the Parent Company 44.806 33.449
VALUATION ADJUSTMENTS: 11 (88.108) (87.203)
Translation differences (88.108) (87.203)
EXTERNAL SHAREHOLDERS 11 681 (163)
NON-CURRENT LIABILITIES: 77.895 33.362
Long-term debts- 13 54.569 32.977 Debts with credit institutions 17.301 1.486 Other financial liabilities 37.268 31.491 Deferred tax liabilities 23.326 385
CURRENT LIABILITIES: 706.156 925.713
Short-term provisions 12 37.691 33.393 Short-term debts- 13 199.130 286.853 Debts with credit institutions 81.791 186.517 Other financial liabilities 117.339 100.336 Trade creditors and other accounts payable- 15 459.134 598.189 Suppliers 436.559 569.481 Staff (remunerations pending payment) 4.248 4.096 Other debts with Public Authorities 18.327 24.612 Advances from customers 15 10.201 7.278
TOTAL EQUITY AND LIABILITIES 1.078.624 1.046.527 TSK GROUP
TSK ELECTRÓNICA Y ELECTRICIDAD, S.A. AND SUBSIDIARY COMPANIES
(Thousands of euros)SUMMARISED CONSOLIDATED INTERIM BALANCE SHEET
AS OF JUNE 30, 2026, AND DECEMBER 31,2025
2026 2025
NOTES (not audited) (not audited)
TOTAL OPERATING INCOME 480.558 463.948
Revenue from ongoing activity 16 479.660 460.531 Share of earnings from associated companies 8 (267) (204) Other operating income 1.165 3.621
TOTAL OPERATING EXPENSES (436.044) (435.009)
Procurements- (340.126) (333.905) Consumption of raw materials and other consumable materials (197.036) (214.306) Works performed by other companies (143.090) (119.599) Staff expenses- (40.620) (45.757) Wages, salaries and similar charges (31.818) (35.704) Social Security contributions (8.802) (10.053) Other operating expenses- (55.298) (55.347) External services (55.047) (54.553) Taxes (251) (794)
GROSS OPERATING INCOME 44.514 28.939
Depreciation of fixed assets 5, 6, and 7 (958) (1.340) Losses, impairment and variation of provisions 10 and 12 (6.404) 1.422 Other results 1.437 1.133
OPERATING INCOME 38.589 30.154
Financial income 16 1.747 1.974 Financial expenses 16 (5.170) (6.261) Other financial results 16 23.422 (20.292)
FINANCING INCOME 19.999 (24.579)
PRE-TAX RESULT 58.588 5.575
Corporate profit taxes 14 (13.780) 3.419
YEAR-END RESULTS FROM CONTINUING OPERATIONS 44.808 8.994
Results of the financial year from discontinued operations net of tax 16 - (7.342)
CONSOLIDATED RESULTS FOR THE YEAR 44.808 1.652
Results attributable to the Parent Company 44.806 2.825 Results attributable to external shareholders 11 2 (1.173) Profit/(Loss) per share from continuing operations attributable to holders of ordinary instruments of equity of the parent company:
Basic and diluted (euros per share) 11 0,48 0,10 Profit/(Loss) per share from discontinued operations attributable to holders of ordinary instruments of equity of the parent company:
Basic and diluted (euros per share) 11 - (0,07) Profit/(Loss) per share attributable to holders of ordinary instruments of equity of the parent company:
Basic and diluted (euros per share) 11 0,48 0,03 TSK GROUP
SUMMARISED CONSOLIDATED INTERIM INCOME STATEMENT FOR THE
SIX-MONTH PERIODS ENDED JUNE 30, 2026, AND 2025
(Thousands of euros)TSK ELECTRÓNICA Y ELECTRICIDAD, S.A. AND SUBSIDIARY COMPANIES
Earnings
BALANCE AS OF JANUARY 1, 2025 1.712 (2.857) 141.259 (86.387) 53.727 11.811 65.538
Global result:
Result for the year - - 2.825 - 2.825 (1.173) 1.652 Other global results:
Exchange rate differences - - - 4.600 4.600 - 4.600 Other variations of the equity - - 1.284 - 1.284 (914) 370 BALANCE AS OF JUNE 30, 2025 (not audited) 1.712 (2.857) 145.368 (81.787) 62.436 9.724 72.160
BALANCE AS OF JANUARY 1, 2026 1.712 (2.857) 175.963 (87.203) 87.615 (163) 87.452
Global result:
Result for the year - - 44.806 - 44.806 2 44.808 Other global results:
Exchange rate differences - - - (905) (905) - (905)
Capital Increase
Emission of new equity instruments 172.500 - - - 172.500 - 172.500 Costs associated to the emission of new equity instruments (8.443) - - - (8.443) - (8.443) Other variations of the equity - - (1.681) - (1.681) 842 (839) BALANCE AS OF JUNE 30, 2026 (not audited) 165.769 (2.857) 219.088 (88.108) 293.892 681 294.573 (Thousands of euros)SUMMARISED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN NET ASSETS FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2026, AND 2025 Treasury sharesCapital and Share
PremiumAdjustments for
valuation variations and
subsidiesEXTERNAL
SHAREHOLDERS TOTALSHAREHOLDERS'
EQUITY2026 2025
(not audited) (not audited)
CONSOLIDATED RESULT FOR THE YEAR (I) 44.808 1.652
Items that can be reclassified to gross profit—
- For cash flow hedging - (1)
- Subsidies, donations, and bequests received - -
- Exchange rate differences arising from the conversion of foreign operations (905) 4.601
TOTAL ITEMS THAT MAY BE RECLASSIFIED TO INCOME (II) (905) 4.600
TOTAL COMPREHENSIVE INCOME FOR THE FISCAL YEAR (I+II) 43.903 6.252
Gross profit attributable to shareholders of the parent company 43.901 7.425 Gross profit attributable to external shareholders 2 (1.173) Total recognised income and expenses for the year attributable to Parent Company,
arising from:
Continuing operations 43.901 14.021 Discontinued operations - (6.596)(Thousands of euros)TSK GROUP
TSK ELECTRÓNICA Y ELECTRICIDAD, S.A. AND SUBSIDIARY COMPANIES
SUMMARISED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2026, AND 2025
2026 2025
NOTES (not audited) (not audited)
CASH FLOWS FROM OPERATING ACTIVITIES (I) 4.101 (63.107)
Year-end results 44.808 1.652 Result for the year from continuing operations 44.808 8.994 Results of the financial year from discontinued operations - (7.342) Adjustments to the result- 11.980 15.644
- Income tax 13.780 (5.360)
- Depreciation and income of fixed assets 5, 6, and 7 958 3.017
- Financial Income and Expenses 3.423 5.320
- Exchange differences (12.721) 8.119
- Losses, impairment and variation of provisions for business transactions 10 and 12 6.404 (1.422)
- Income and results of companies included in the normal course of the business activities 267 204
- Impairment of non-current assets held for sale - 6.469
- Other results (131) (703) Changes in current capital- (46.604) (72.121)
- Debtors, creditors, and other payables and receivables 10 and 15 (48.423) (90.442)
- Other current assets 1.819 3.209
- Other current liabilities - 15.112 Other cash flows from operating activities- (6.083) (8.282)
- Interest payments (4.041) (7.294)
- Interest charges 1.743 1.919
- Income tax payments (3.785) (2.907)
CASH FLOWS FROM INVESTING ACTIVITIES (II) 5.563 13.216
Payments on investments- (1.680) (962)
- Other financial assets 8 - (627)
- Debt securities 8 (1) (16)
- Fixed assets and real estate investments 5, 6, and 7 (1.679) (319) Proceeds from divestitures- 7.243 14.178
- Equity instruments 6.352 8
- Credits to third parties 8 - 6.324
- Other financial assets 8 891 7.061
- Fixed assets and real estate investments 5, 6, and 7 - 785
CASH FLOWS FROM FINANCING TRANSACTIONS (III) 93.922 11.973
Collections and payments for equity instruments- 164.057 -
- Issuance of equity instruments 11 164.057 -
Collections and payments for financial liability Instruments- (69.955) 11.973
- Issuance
Borrowings from credit institutions 13 16.269 -
Other debts 13 78 49 Promissory notes issued on the Alternative Fixed-Income Market (MARF) 13 24.534 26.735
- Repayment and amortization:
Borrowings from credit institutions 13 (109.004) (14.398) Other debts 13 (1.832) (413) Dividend payments and remunerations from other equity instruments (180) -
EFFECTS OF EXCHANGE RATE VARIATIONS (IV) 138 -
DISCONTINUED ACTIVITIES 16 - 707
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (I+II+III+IV+V) 103.724 (37.211)
Cash and cash equivalents at the beginning of the financial year 157.909 117.154 Cash and cash equivalents at the end of the financial year 261.633 79.943 SUMMARISED CONSOLIDATED INTERIM CASH FLOW STATEMENT (Thousands of euros)TSK GROUP
TSK ELECTRÓNICA Y ELECTRICIDAD, S.A. AND SUBSIDIARY COMPANIES
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2026, AND 2025
1 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
TSK Electrónica y Electricidad, S.A. and
Subsidiary Companies
Notes to the Consolidated Summar ised Interim Financial Statements for the six -month period ended June 30, 2026 1. Group TSK : Activity, history, and miscellaneous data TSK Electrónica y Electricidad, S.A. ( hereinafter “the parent Company” ) was incorporated as a Public Corporation on June 5, 1963, with the name Transformación de Materiales Especiales, S.A. (TRAMAES S.A.). Its current name is the result of the take -over merger carried out on November 1, 1989, with the company TSK Electrónica y Electricidad, S.A., when the company name of the latter, which was wound up without liquidation, was adopted.
Its corporate purpose is the execution of studies, projects, designs and engineering, manufacture, assembly, supply, commissioning and advice of/on all types of energy and environmental industries or constructions, promotion and marketing of renewable ener gy plants and facilities related to the environment, electric power production and complementary activities, as well as the acquisition, alienation, holding and administration of shares or stockholdings in other companies using the corresponding subscripti on or acquisition, and also holding positions in them. Its current registered office is located at calle Ada Byron, 220 (Parque Científico y Tecnológico de Gijón [Science and Technology Park of Gijón]).
TSK Electrónica y Electricidad, S.A. is the Parent Company of a Group formed by the subsidiaries included in the scope of consolidation detailed in Appendix I (hereinafter, the "Group" or "TSK"). The parent company also has various permanent establishments in different countries to carry out its core business. In addition, the parent company participates in various joint operations with other partners, which have been consolidated on a proportional basis according to their share in these consolidated annual accounts and are detailed in Appendix I, as well as in temporary union companies (TUC), which are detailed in Note II. The Group also participates in the associated entities listed in Appendix I.
The Group's core business is focused on two main domains:
- Energy Transition and Digitalisation: aimed at delivering conventional or renewable power plants, high and medium voltage substations, transmission lines, interconnection systems and controls for industrial and power plants, data centres and grid stability substations.
- Handling and Mining: aimed at turnkey design and construction of advanced handling of material and mining systems.
Note 4 “Segment ed information” provides more information on each segment .
The individual annual accounts corresponding to the year closed on December 31, 2025 of the Parent Company were prepared by the Parent Company’s Directors in the Board of Directors held on March 30, 2026 and after the approval of the General Meeting of Shareholders held on May 4, 2026 were registered in the Registry of Asturias.
Group TSK’s consolidated annual accounts corresponding to the year 2025 under the General accounting plan in Spain IFRS -EU were issued by the Parent Company’s Directors in the Board of Directors held on March 30, 2026 and after the approval of the General Meeting of Shareholders held on May 4, 2026, were registered in the Registry of Companies of Asturias.
2 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Process of admission to trading on the Spanish continuous market On May 13, 2026 , the Parent Company completed the process of listing on the Spanish stock exchange. On that date, a capital increase was carried out through the issuance of 29,702,970 new common shares, each with a par value of 0.02 euros, at an issue price of 5.05 euros per share, for a total gross amount of 150,000 thousand euros.
In addition, the offering included a greenshoe option for up to 4,455,445 additional shares, which was exercised in full, for an additional gross amount of 22,500 thousand euros. As a result, the total number of new shares issued amounted to 34,158,415 shares, for a total gross amount of 172,500,000 e uros, of which 683,000 euros represented share capital and 171,817,000 euros represented a share premium.
As a result of that transaction, the parent company’s shares were admitted to trading on the Spanish stock exchanges and began trading on the Continuous Market under the ticker symbol “TSK” .
The amount raised through the bid, including the full exercise of the over -allotment option, net of costs directly attributable to the transaction, has resulted in an increase in the Group’s equity. The capital increase and, where applicable, the correspon ding share premium have been recorded in accordance with applicable accounting standards; see Note 11. This transaction is part of the Group's strategy to strengthen its capital structure, improve its financial flexibility, and support its growth plan.
2. Basis of presentation of the Summar ised Consolidated Interim Financial Statements and consolidation
principles
2.a Financial Reporting framework applicable to the Group These summar ised consolidated interim financial statements for the six -month period ended June 30, 2026, have been prepared in accordance with IAS 34, “Interim Financial Reporting”, and therefore do not include all the information that would be required in complete consol idated financial statements prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, and therefore the accompanying interim financial statements should be read in conjunction with the Group’s consolidated a nnual accounts for the year ended December 31, 2025, prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS -EU).
The figures in these summarised consolidated interim financial statements are presented in thousands of euros, unless otherwise indicated.
2.b True and fair view These summar ised consolidated interim financial statements, prepared from the individual accounting records of TSK Electrónica y Electricidad, S.A. and its subsidiary companies, joint operations and affiliates , show the fair image of the Group's consolidated equity, financial situation and consolidated results on June 30, 2026, as well as of the variations in consolidated net worth and consolidated cash flows related to this accounting period 2026.
In preparing these summar ised consolidated interim financial statements, the Group has not disclosed information or data that, due to its qualitative nature, has not been deemed material.
2.c Applied non -mandatory accounting standards Non -mandatory accounting standards have not been applied. In addition, the Board of Directors of the parent company has prepared these summar ised consolidated interim financial statements in accordance with all mandatory accounting principles and standards that have a significant effect on these condensed consolidated interim financial statements.
3 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
2.d Significant Estimates and Judgments In preparing these summar ised consolidated interim financial statements, the same judgments and estimates were applied as those used in the consolidated annual accounts for the year ended December 31, 2025, with the exception of the estimate of income tax expense, which, in accordance with IAS 34, is recogni sed in interim periods based on the best estimate of the weighted -average tax rate the Group expects for the annual period.
Estimation of Fair Value:
The valuation of financial assets and liabilities valued as per their fair value is broken down by levels following the hierarchy established below by the IFRS 13:
Level 1: Quoted price (not adjusted) in active markets for identical asset and liability instruments.
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability instrument, either directly (as prices) or indirectly (derived from prices).
Level 3: Inputs for the asset and liability instrument not based on observable market inputs.
As of the end of the six -month period ended June 30, 2026, and as of December 31, 2025, the Group’s assets measured at Level 1 fair value correspond to the stake that the group holds in a listed company in which it has no significant influence , for a total amount of 593 and 688 thousand euros, respectively, and at Level 2, debt securities (investment funds) , for a total amount of 652 and 647 thousand euros, respectively ; there are no other financial assets or liabilities other than those mentioned above that are measured at Levels 1, 2, or 3.
2.e Comparison of the information For comparative purposes, the summar ised consolidated interim income statement, the summar ised consolidated interim statement of comprehensive income, the consolidated summar ised interim statement of changes in equity, and the consolidated summar ised interim statement of cash flows as of June 30, 2026, are presented with information relating to the six -month period ended June 30, 2025, and the consolidated summar ised interim balance sheet is presented with information relating to the fiscal year ended December 31, 2025.
2.f Accounting Policies The accounting policies applied are consistent with those applied in the consolidated annual accounts for fiscal year 2025, except for tho se detailed below:
New IFRS -EU Standards Compulsory standards, amendments and interpretations for all the years started as of January 1, 2026
- IFRS 9 and IFRS 7 (Amendment) “Amendments to the Classification and Measurement of Financial Instruments”.
- IFRS 9 and IFRS 7 (Amendment) “Contracts Related to Weather -Dependent Electricity”.
- Annual Improvements to IFRS Accounting Standards, Volume 11.
The application of these amendments and interpretations has not had a significant effect on these summar ised consolidated interim financial statements.
4 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Rules, amendments and interpretations that have not yet entered into force but can be adopted in advance
- IFRS 18 “Presentation and Disclosure in Financial Statements” The IFRS 18 will replace IAS 1 "Presentation of Financial Statements", and introduces, among others, new requirements mainly for the presentation of the income statement, including new totals and subtotals and requiring the classification of income stateme nt entries into one of the following five categories: operating, investing, financing, income taxes and discontinued operations. Of these, the first three are new. The Group will apply the new standard once it comes into force mandatorily, January 1, 2027, with the required retrospective application. In this regard, the main effect deriving from the application of IFRS 18 will be the presentation of entries in the income statement, without causing changes in their re cognition or valuation.
Rules, amendments and interpretations of the existing regulations which cannot be adopted in advance, or which have not been adopted by the European Union At the date of preparation of these consolidated annual accounts, the IASB and the IFRS Interpretations Committee had published the following standards, amendments and interpretations, which are pending adoption by the European Union:
- IFRS 19 “Subsidiaries without public accountability: Breakdowns"
- IFRS 19 (Amendment) “Subsidiaries without public accountability: Breakdowns"
- IFRS 20 “Regulatory Assets and Regulatory Liabilities”
- IAS 28 (Amendment) “Amendments to the Fair Value Option for Investments in Associates and Joint
Ventures”
The Group has not yet performed any impact analysis of these standards on its consolidated annual accounts.
No significant impact is expected.
2.g Changes in accounting criteria During the six -month period ended June 30, 2026, there were no significant changes in accounting policies compared to those applied in fiscal year 2025.
2.h Correction of errors In the preparation of these summar ised consolidated interim financial statements, no material errors were identified that would have required the restatement of the amounts included in the consolidated annual accounts for fiscal year 2025.
2.i Seasonality
Given the Group's business activity, its operations are not cyclical or seasonal in nature. The term evolution should therefore be interpreted together with the portfolio of projects under execution, the milestone schedules and the information on risks and estimates, which may affect the accounting period in which the materiali sation of revenues and costs is recorded.
2.j Global geopolitical uncertainties As indicated in Note 1 of the consolidated annual accounts of financial year 2025, as of June 30, 2026 there are still certain macroeconomic, geopolitical and regulatory uncertainty factors that could influence, directly or indirectly, the evolution of the activity of the Group. During the first semester of the year, no significant impacts to the financial situation, the results or the daily operations of the Group have been identified, without prejudice to the ongoing monitoring of its progress .
5 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Monetary policy and risks to financial stability As of June 30, 2026, the Board of Directors continues with the monitoring of the interest rate and inflation environment, given its potential impact on the financing cost, the demand and the execution of projects.
Nevertheless, during the first semester of the financial year, ther e were no significant impacts on the Group arising from the evolution of monetary policies or risks associated to global financial stability.
Geopolitical tensions
As of June 30, 2026, the global geopolitical tensions are still an uncertainty factor, especially for their possible effects on energy prices and raw materials, logistics costs and supply chains. Up to the closing date of the mid-
year period, the Group has not identified any significant impacts in the Group's operations derived from these circumstances, although it maintains a continuous monitoring of its evolution.
Tariffs
As of June 30, 2026, the Group is still exposed to the evolution of commercial politics and tariffs in the markets where it develops its activity or executes projects with imported components, amongst which Mexico, Dominican Republic and Puerto Rico can be found. Although these measures do not directly affect the services associated to the integral contracts of the Group, they could have an indirect impact on costs, delivery deadlines, purchases and execution calendars , although during the first half of the 2026 financial year there have been no impacts on the Group's operations .
3. Changes in the Group's Composition The consolidation principles, criteria, and methods used in the preparation of this condensed consolidated interim financial information are consistent with those used in the preparation of the consolidated annual accounts for the fiscal year ended Decembe r 31, 2025.
Variations in the consolidation perimeter There were no changes in the scope of consolidation during the six -month periods ended June 30, 2026, or 2025.
4. Segmented information The definition of segment and the way in which the Group segments the financial information comply with IFRS 8. In this regard, the Group has established the reportable segments based on the financial information reviewed by the Parent Company's Board of Directors, the Group's highest operational decision -making body.
The segments are presented according to the structure of the Group's business, also providing information based on the geographic areas in which the Group operates. The Board of Directors analyses the performance of the operating segments based on an asses sment of the Gross Operating Income.
The Group's core business is focused on two main domains:
Energy transition and Digitali sation It is aimed at delivering conventional or renewable power plants, high and medium voltage substations, transmission lines, interconnection systems and controls for industrial and power plants, data centers and grid stability substations. In this business segment, the Group offers a comprehensive range of industrial and power generation solutions for its clients, focusing on the completion of the following plants and facilities:
- Flexible power plants: advanced and efficient open and combined cycle gas power plants, engine gas power plants and hydrogen generation.
6 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
- Hybrid and renewable plants: a broad portfolio that includes Concentrated Solar Power (CSP) with long -
term storage, hydropower, hybrid plants (combining CSP or photovoltaic technologies with thermal or battery energy storage), solar photovoltaic and wind f arms. Innovative projects using geothermal, biomass, biofuels and waste -to-energy technologies for sustainable energy generation are also recorded here.
- Electrical infrastructures: high and medium voltage substations, transmission lines, interconnection systems and advanced control solutions for industrial and power plants. The Group's capabilities extend to data centers , network stabili sation substations with synchronous condensers and manufacturing of electrical cabinets and rooms. Serving key sectors such as telecommunications, petrochemical, steel, cement, paper and environmental industries, the Group provides customi sed power and control systems to a broad customer base.
- Industrial and Environmental: green ammonia plants, sugar refineries, wastewater and industrial water treatment, purification plants, containeri sed and modular drinking water treatment plants (DWTP), as well as ultrafiltration, reverse osmosis and electrodeionisation systems.
This segment operates primarily in North America and Europe.
Handling & Mining It is aimed at turnkey design and construction of advanced handling of material and mining systems. The Group carries out this activity mainly through its subsidiary PHB Weserhütte, S.A.U., which is wholly owned by the Parent Company. This business segment offers three main solutions:
- Handling and Storage Systems: supply of integrated solutions for the efficient handling and storage of all types of bulk solid materials. Supply of proprietary equipment, including advanced stackers and reclaimers, designed to optimi se operations.
- Port Equipment: includes fully integrated warehousing systems to support port logistics. In addition, it supplies proprietary equipment, such as ship loaders and unloaders, designed for maximum reliability and high performance in demanding port environment s.
- Electromechanical Automation: conventional handling and storage solutions for customers requiring speciali sed electromechanical motion systems.
This segment operates primarily in Asia (Saudi Arabia, Oman, Jordan, Israel, the United Arab Emirates, among others) and Europe.
The details of the fully amortised assets by business segment for the six -month periods ended June 30, 2026, and 2025 is as follows:
7 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
June 30, 2026
Energy
transition and
Digitali sation Handling & Mining Unallocated TOTAL Operations
between
segments TOTAL
GROSS OPERATING INCOME 423,185 57,772 683 481,640 (1,082) 480,558
OPERATING EXPENSES (370,043) (40,845) (26,238) (437 ,126) 1,082 (436 ,044)
Procurements (306,191) (34,651) (366) (341 ,208) 1,082 (340 ,126) Staff expenses (25,398) (3,699) (11,523) (40,620) - (40,620) Other operating expenses (38,454) (2,495) (14,349) (55,298) - (55,298)
GROSS OPERATING INCOME 53,142 16,927 (25,555) 44,514 - 44,514
Depreciation of fixed assets (121) - (837) (958) - (958) Losses, impairment and variation of provisions (6,764) 360 - (6,404) - (6,404) Other operating income (416) (147) 2,000 1,437 - 1,437
OPERATING INCOME 45,841 17,140 (24,392) 38,589 - 38,589
Financial income - - 1,747 1,747 - 1,747 Financial expense - - (5,170) (5,170) - (5,170) Other financial results - - 23,422 23,422 - 23,422
PROFIT BEFORE TAXES 45,481 17,140 (4,393) 58,588 - 58,588
June 30, 2025
Energy
transition and
Digitali sation Handling & Mining Unallocated TOTAL Operations
between
segments TOTAL
GROSS OPERATING INCOME 435,566 28,916 197 464,679 (731) 463,948
OPERATING EXPENSES (393,124) (22,436) (20,180) (435,740) 731 (435,009)
Procurements (316,740) (17,896) - (334,636) 731 (333,905) Staff expenses (36,110) (3,568) (6,079) (45,757) - (45,757) Other operating expenses (40,274) (972) (14,101) (55,347) - (55,347)
GROSS OPERATING INCOME 42,442 6,480 (19,983) 28,939 - 28,939
Depreciation of fixed assets (30) - (1,310) (1,340) - (1,340) Losses, impairment and variation of provisions 2,263 (141) - 2,122 - 2,122 Other operating income 140 (72) 365 433 - 433
OPERATING INCOME 44,815 6,267 (20,928) 30,154 - 30,154
Financial income - - 1,974 1,974 - 1,974 Financial expense - - (6,261) (6,261) - (6,261) Other financial results - - (20,292) (20,292) - (20,292)
PROFIT BEFORE TAXES 44,815 6,267 (20,928) 5,575 - 5,575
Revenue from external customers, broken down by the location where the sale originated, for the first half of fiscal years 2026 and 2025 is detailed in Note 16.
Overhead expenses and functional departments that do not generate revenues or that may generate revenues that are only incidental to the Group's activities and that, in any case, cannot be allocated to any operating segment, are broken down in the "Unalloc ated" column. These costs are not allocated to segments due to their cross -functional nature, as they are not assigned to specific projects (corporate costs related to human resources, administration, and others); furthermore, if an allocation were made, i t would be arbitrary and would not reflect the Group’s operational reality. Unallocated costs include personnel expenses for staff not directly involved in the execution of the projects, i.e. those associated with structural personnel, which include financ e, human resources, back -office and management functions, as well as other operating expenses, mainly comprising independent professional services, insurance premiums, banking and similar services, and other services such as cleaning, security and customer service directly attributable to the projects.
The assets allocated to segments consist primarily of current operating assets (accounts receivable, OEPC, inventory), while non -current assets (real estate, investments) are presented as unallocated due to their corporate nature.
8 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Similarly, financial income and financial expenses are not allocated to segments because treasury management and financing activities are centrali sed in the parent company of Group TSK.
The results from discontinued operations are not broken down in this Note, since the segmentation criteria are determined by the two segments into which continuing operations are divided as the basis for operational decision -making. Accordingly, the result s from discontinued operations are not included in the segment ed information, in accordance with the Standard. The breakdown of discontinued operations as of June 30, 2025 is detailed in Note 16 .
The following table provides a breakdown of assets and liabilities by business segment for the six -month period ended June 30, 2026, and for the fiscal year ended December 31, 2025:
Energy transition and Digitali sation Handling & Mining Unallocated TOTAL 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 30.06.2026 31.12.2025 Assets 401,481 497,107 68,951 60,835 598,838 478,982 1,069,270 1,036,924 Associated companies 9,354 9,603 - - - - 9,354 9,603 Total assets 410,835 506,710 68,951 60,835 598,838 478,982 1,078,624 1,04 6,527 Total liabilities 445,159 569,147 53,571 61,726 285,321 328,202 784,051 959,075
The following is a breakdown of unallocated assets and liabilities according to their classification as current or
non-current:
Unallocated
30.06.2026 31.12.2025
Current assets 416,890 309,686 Non-current assets 181,947 169,296 Total unallocated assets 598,838 478,982
Current liabilities 207,426 294,840 Non-current liabilities 77,895 33,362 Total unallocated liabilities 285,321 328,202 In addition to the fixed assets associated with the Group’s business locations, as well as the investment property disclosed in Notes 6 and 7, respectively, the unallocated amounts include financial assets associated with project financing; see Note 8. The segment s’ assets and liabilities are valued in the same way as in the consolidated financial accounts. These assets are allocated based on the segment's activities and the physical location of the asset.
Practically all of the Group's non -current assets are located in Spain, with vehicles and furniture outside Spain not representing significant unit values.
With regard to cash flows, the Group analyzes them at the consolidated level; therefore, the cash flows for the six-month periods ended June 30, 2026, and 2025 are presented in the consolidated statement of cash flows included in these condensed consolidat ed interim financial statements.
9 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
5. Intangible fixed assets The changes during the six -month periods ended June 30, 2026, and 2025, in the various intangible asset accounts and their corresponding accumulated amorti sation were as follows:
June 30, 2026
Thousand euros
Opening Balance
01.01.2026 Incomings or endowments Outgoings or derecognition Final Balance
30.06.2026
Cost -
Consolidated companies’ goodwill 1,661 - - 1,661 Development 8,814 - - 8,814 Patent rights 69 - (60) 9 Computer applications 3,571 227 - 3,798 Insurance premiums - 1,403 - 1,403 14,115 1,630 (60) 15,685
Accrued amortisation -
Development (8,812) - - (8,812) Patent rights (7) - - (7) Computer applications (3,340) (89) - (3,429) (12,159) (89) - (12,248)
Impairment -
Goodwill (494) - - (494) Net 1,462 2,943
June 30, 2025
Thousand euros
Opening Balance
01.01.2025 Incomings or endowments Outgoings or derecognition Final Balance
30.06.2025
Cost -
Consolidated companies’ goodwill 1,661 - - 1,661 Development 8,814 - - 8,814 Patent rights 69 - - 69 Computer applications 3,375 167 (17) 3,525 13,919 167 (17) 14,069
Accrued amortisation -
Development (7,260) (494) - (7,754) Patent rights (7) - - (7) Computer applications (3,175) (95) - (3,270) (10,442) (589) - (11,031)
Impairment -
Goodwill (494) - - (494) Development (565) - - (566) Net 2,418 1,978 During the six -month periods ended June 30, 2026, and 2025, there were no significant additions or disposals;
the changes consisted primarily of depreciation charges.
There are no firm purchase or sale commitments with respect to intangible assets in force at the date of
10 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
preparation of these consolidated annual accounts.
The Group’s policy is to formalise insurance policies to cover the potential risks to which the various elements of its intangible are subject. In the opinion of the parent company’s management, as of the end of the first half periods of fiscal years 2026 and 2025, there was no coverage shortfall related to those risks.
Fully amortised assets The breakdown of fully depreciated assets as of June 30, 2026, and December 31, 2025, is as follows:
Thousand euros
2026 2025
Development 8,812 8,812 Patent rights 7 7 Computer applications 3,306 3,257 Total 12,125 12,076
6. Tangible fixed assets The changes during the six -month periods ended June 30, 2026, and 2025, in the various accounts for property, plant, and equipment and their corresponding accumulated depreciation were as follows:
June 30, 2026
Thousand euros
Opening
Balance
01.01.2026 Incomings or Endowments Outgoings or
Derecognitio
n Transfers Translation differences Final Balance
30.06.2026
Cost -
Plots and constructions 25,599 - - - - 25,599 Technical installations and similar, machinery and machinery tooling 6,171 47 - - (548) 5,670 Furniture 2,009 31 - - 325 2,365 Equipment for information processes 4,943 1 - - 579 5,523 Transportation elements and other fixed assets 1,698 - (136) - 12 1,574 40,421 79 (136) - 368 40,732
Accrued amortisation -
Constructions (3,623) (207) - - - (3,830) Technical installations and similar, Machinery and tooling (4,004) (146) - - 28 (4,122) Furniture (1,781) (79) - - (58) (1,918) Equipment for information processes (3,689) (323) - - (214) (4,226) Transportation elements and other fixed assets (1,583) (22) 47 - (5) (1,563) (14,680) (777) 47 - (249) (15,659) Net 25,741 25,073
11 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
June 30, 2025
Thousand euros
Opening
Balance
01.01.2025 Incomings or Endowments Outgoings or
Derecognitio
n Transfers Translation differences Final Balance
30.06.2025
Cost -
Plots and constructions 26,225 - (534) - (42) 25,649 Technical installations and others, tooling and ROU 5,930 17 (9) - (96) 5,842 Furniture 2,031 75 (46) - (35) 2,025 Equipment for information processes 4,197 60 (37) 26 (18) 4,228 Transportation elements and other fixed assets 1,742 - - - (54) 1,688 40,125 152 (626) 26 (245) 39,432
Accrued amortisation -
Constructions (3,828) (165) 534 - - (3,459) Technical installations and others, tooling and ROU (3,755) (231) - - 97 (3,889) Furniture (1,734) (37) - - 17 (1,754) Equipment for information processes (3,183) (191) - - 6 (3,368) Transportation elements and other fixed assets (1,550) (35) - - 30 (1,555) (14,050) (659) 534 - 150 (14,025) Net 26,075 25,407 During the six -month periods ended June 30, 2026, and 2025 there have been no significant additions or disposals, except for the sale ‒during the first half of 2025‒ of premises owned by the Group, one of the Parent Company's former head offices. It was fully depreciated and had an impact on the consolidated income statement amounting to 700 thousand euros, recorded under "Other results" (Note 4.a and 20).
The property, plant and equipment entry is mainly compose d of plots and buildings held by the Group where its headquarters are, in Gijón; see Note 1.
As of June 30, 2026, and 2025, there were no significant tangible fixed assets subject to ownership restrictions or pledged as collateral for liabilities.
Fully amortised assets Being part of the intangible fixed assets in operation as of June 30, 2026, and December 31, 2025, certain goods were fully amortised , whose total values are included in this detail :
Thousand euros
2026 2025
Constructions 1,066 1,066 Technical installations and similar, Machinery and tooling 2,301 2,264 Furniture 1,532 1,463 Equipment for information processes 2,995 2,825 Transportation elements 1,429 1,423 Other fixed assets 142 142 Total 9,465 9,183
Fixed assets purchase agreements As of the end of the periods ended June 30, 2026, and December 31, 2025, the Group did not have any firm fixed assets purchase agreements.
12 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Insurance policy
The Group’s policy is to formalise insurance policies to cover the potential risks to which the various elements of its tangible fixed assets are subject. It is estimated that the insurance cover contracted as of June 30, 2026, and December 31, 2025, is enough to cover the risks proper of the Group’s activities.
7. Real estate investments The changes during the six -month periods ended June 30, 2026, and 2025, under the heading “Real estate investments,” are as follows:
June 30, 2026
Thousand euros
Opening Balance
01.01.2026 Additions Derecognition Final Balance
30.06.2026
Cost -
Land and natural goods 3,117 - - 3,117 Constructions 10,031 - - 10,031 13,148 - - 13,148 Accrued amorti sation -
Constructions (2,348) (92) - (2,440) (2,348) (92) - (2,440) Total Real estate investments, net 10,800 10,708
June 30, 2025
Thousand euros
Opening Balance
01.01.2025 Additions Derecognition Final Balance
30.06.2025
Cost -
Land and natural goods 3,117 - - 3,117 Constructions 10,031 - - 10,031 13,148 - - 13,148 Accrued amorti sation -
Constructions (2,164) (92) - (2,256) (2,164) (92) - (2,256) Total Real estate investments, net 10,984 10,892
The Group has a plot in Gijón for property development, to obtain rents or added value in the future. At present, this building is leased to the Parent Company's administrators, by virtue of contracts entered into under market conditions (see Note 17). The financial terms of the lease, including rent, duration and other contractual clauses, have been established in accordance with customary practices between independent parties, as per the applicable regulations on related party transactions.
The fair value of real estate investment does not differ significantly from the book value recorded in the consolidated balance sheet.
Fixed assets purchase agreements As of the end of the six -month periods ended June 30, 2026, and 2025, the Group did not have any firm fixed assets purchase agreements for real estate investment.
13 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Insurance policy
The Group's policy is to formalise insurance policies to cover the potential risks to which the various elements of its real estate investments are subject. It is estimated that the insurance cover contracted as of June 30, 2026, and December 31, 2025, is enough to cover the risks proper of the Group’s activities.
8. Financial investments The breakdown of financial assets under the headings “Long -term financial investments” and “Short -term financial investments” in the condensed consolidated interim balance sheet as of June 30, 2026, and December 31, 2025, is as follows:
Thousand euros
30.06.2026 31.12.2025
Long -term financial investments -
Long -term stockholdings in the capital of listed companies 593 688 Unquoted equity instruments 8,588 8,795 Impairment of unquoted equity instruments (6,112) (6,112) Holdings in companies carried by the equity method (Appendix I) 9,354 9,603 Other receivables from companies accounted for using the equity method (Note 17) - 864 Credits to third parties 1,908 1,919 Impairment of credits to third parties (1,860) (1,871) Other long -term financial assets 591 473
13,062 14,359
Short -term financial investments -
Debt securities (investment funds) 652 647 Current accounts and other companies 15,435 12,552 Short -term deposits 16 -
Guarantees and deposits in the short -term 3,210 8,535 Project finance 79,199 77,008 Other short -term financial assets 2,216 1,259
100,728 100,001
Project finance
In 2019, financing was secured for nearly all the construction and commissioning costs of a project in Panama, along with the corresponding pledge guarantees, through Avanzalia Solar, S.L., which commenced operations in 2021 at a specified interest rate. T he change in the value of the aforementioned investment during the first half of fiscal year 2026 is attributable to the receipt of payments totaling 2.2 million euros, in addition to the positive effects of exchange rate fluctuations totaling 2.3 million euros, which were recorded under the “Exchange Rate Differences” line item in the accompanying consolidated summar ised interim income statement, and interest accrued during the period, amounting to 2 million euros, which was recorded as a credit under the “Other Operating Income” line item in the consolidated summar ised interim income statement.
As of July 2026, the Group received 82 million US dollars , or 71,876 thousand euros, valued at the closing exchange rate for the period, as repayment of the financing provided by the Company. The remaining amount, which accrues interest at 5% per annum, matures prior to the end of June 2027 and is backed by coll ateral; see Note 20.
9. Financial risk management Because of its geographical diversification and business nature, Group TSK is exposed to diverse financial risks.
The Parent Company’s global risk management program is focused on financial market uncertainty and tries to minimise the potential adverse eff ects on the Group’s economic performance.
14 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
The group's financial management controls risk management by following policies approved by the board of directors. From said Management, the necessary contracting of the financial risk coverage instruments is identified, assessed and, where relevant, exec uted. Financial Management provides written policies for managing global risk and specific matters, such as exchange rate risk, interest rate risk, liquidity risk, use of derivatives and non -derivatives and investment of the cash surpluses, among others. T his policy established the risks associated with the activities developed by the business lines of the Group TSK in all the geographical areas where it develops its activity. Below are indicated the main financial risks that have an impact on the Group:
Credit risk
Clients
The credit risk comprises the probability the counterparty to a contract does not comply with its contractual obligations, leading to an economic loss.
The Group has internal policies to ensure that sales are made to clients with an adequate credit record or, where relevant, that the corresponding guarantees are requested to ensure the return on investment. Once agreements are under execution, the credit quality of the amounts pending collection or invoicing and the estimated return amounts of those doubtful debts are regularly assessed. In any case, based on their experience and their assessment of the economic environment, the Parent Company's Directors make the necessary estimates to estimate the impairment of commercial loans or completed work pending certification needed in each case.
In addition, the Group assesses the risk of expected credit loss by applying a simplified approach for impaired trade accounts receivable, when not a significant financial component is involved.
Within the balance of the “Trade Receivables” line item in the attached consolidated balance sheet, the balance of the “Trade receivables” and “Work performed pending certification” line items consists of a large number of entities spread across various se ctors and geographic areas, with average collection periods established in the contracts at 30 days, which in practice have been met. The Group has no significant exposure to credit risk with any of its clients.
The Group has a reduced credit risk due to the high solvency and client diversification, supported mainly by public entities or big investors’ groups, and the short collection period established by contract. During the 202 6 accounting year, the Group has invoiced 609,725 thousand euros, of which 587,752 thousand euros were collected. As of the end of the period, the net book value of trade receivables past due for more than 180 days is virtually zero, as it was at the end of fiscal year 2025.
Moreover, the Group holds under the entry “Trade debtors and other receivables” an amount of 7,852 thousand euros (7,960 thousand euros a s of December 31, 2025) for withholding under guarantee for the activity the Group develops. These will be collected at the close of each project.
The amounts invoiced to the client are based on the different milestones established in the agreement and the maturity provided to the client through the contractual document, known as certification or landmark. In this way, the amounts recorded as income in a period do not have to match the amounts invoiced or certified by the client. On such amounts, completed not certified, policies similar to those for certified and invoiced trade receivables are established.
A large part of the credit risk is mitigated by the ad -hoc financing to clients linked to project execution, which constitutes a guarantee of collection. The Group reviews in detail the financing conditions of projects with its clients in the stages prior to contracting, ensuring that they are fully covered by lenders or through trusts or similar structures that guarantee the collection of the corresponding certifications.
15 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Ordinary revenue from external customers accounting for more than 10% of consolidated revenue is limited to four entities that represent 66% of total ordinary revenue for the first half of fiscal year 2026, primarily in the Dominican Republic, accounting f or 36% of total revenue for that period as of the end of the first half of fiscal year 2025 (107,458, 101,625, 59,884, and 48,521 thousand euros in 2026 and 42,490, 39,407, 61,616, and 50,458 thousand euros in 2025). With regard to the first half of fiscal year 2025, revenue was concentrated in four entities —located in Dominican Republic, United States and Mexico —which accounted for 69% of total revenue, amounting to 121,867 , 132,355 and 61,616 thousand euros, respectively. All these clients belong to the "Energy transition and digitali sation" domain (see Note 4). Similarly, external customers account for more than 10% of accounts receivable recorded under the line item “Trade receivables and other accounts receivable —Customers for sales and services,” all of which belong to the “Energy T ransition and Digitali sation” segment, totaling 124,904 thousand euros as of June 30, 2026 (133,904 as of December 31, 2025). Similarly, as of December 31, 2025, there were two external customers belonging to the same segment that accounted for more than 10% of the outstanding r eceivables, representing a value of 140,186 thousand euros as of the comparative closing date of these condensed consolidated interim financial statements.
However, even though certain customers exceed the 10% threshold in a given fiscal year, an analysis of the non -
performing loan portfolio shows that there is no significant concentration of risk. The multi -year nature of the contracts, with average duration s of about 40 months, means that when the portfolio is evaluated on an aggregate basis, the relative weight of each project is significantly diluted, with all of them accounting for less than 10% of total activity over the entire cycle. Overall, even thoug h there have been customers of significant accounting importance in certain fiscal years, the effective diversification of the portfolio and the even distribution of the remaining projects substantially mitigate concentration risk.
There are currently no guarantees or other credit enhancements to secure collections from clients.
Cash and cash equivalents Regarding the bank balance credit risk, generally, the Group operates in financial banks and institutions with a high credit rating. Moreover, the Group does not have significant concentration in a specific company.
Non -financial assets and liabilities As of June 30, 2026 and December 31, 2025, the Group does not account for non -financial assets and liabilities at fair value.
16 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
On the other hand, the maximum amount for Group credit risk exposure is broken down in the following table:
June 30, 2026
Thousand euros
Gross amount (Accumulated
impairment) Balance
balance
Long -term financial investments (Note 8) -
Long -term stockholdings in the capital of listed and unlisted companies i 9,181 (6,112) 3,069 Long -term credits i 1,908 (1,860) 48 Other long -term financial assets ii 837 (246) 591 11,926 (8,218) 3,708 Trade debtors and other receivables (Note 10) - iii Commercial loans 146,799 (26,262) 120,537 Completed work pending certification 294,243 (2,686) 291,557 Other trade debtors and other receivables 123,415 (18,335) 105,080
Short -term financial investments (Note 8) -
Debt securities (investment funds) 652 - 652 Other short -term financial assets ii 100,100 (24) 100,076
Cash and other equivalent liquid assets ii 261,633 - 261,633 926,842 (47,307) 879,535 i) The accumulated impairment is for doubtful balances ii) The accumulated impairment is for the 12 -month expected loss iii) The accumulated impairment is for expected loss throughout the operation (simplified method) December 31, 2025
Thousand euros
Gross amount (Accumulated
impairment) Balance
balance
Long -term financial investments (Note 8) -
Long -term stockholdings in the capital of listed and unlisted companies i 9,483 (6,112) 3,371 Long -term credits i 2,783 (1,871) 912 Other long -term financial assets ii 711 (238) 473 12,977 (8,221) 4,756 Trade debtors and other receivables (Note 10) - iii Commercial loans 126,131 (24,205) 101,926 Completed work pending certification 393,324 (4,256) 389,068 Other trade debtors and other receivables 127,110 (19,065) 108,045
Short -term financial investments (Note 8) -
Debt securities (investment funds) 647 - 647 Other short -term financial assets ii 99,725 (371) 99,354
Cash and other equivalent liquid assets ii 157,909 - 157,909 904,846 (47,897) 856,949 i) The accumulated impairment is for doubtful balances ii) The accumulated impairment is for the 12 -month expected loss iii) The accumulated impairment is for expected loss throughout the operation (simplified method)
Liquidity risk
The liquidity risk is that by which an entity or group could not meet the present and future obligations for not having the required funds for the development of its activity.
The Group prudently manages liquidity risk by maintaining sufficient cash and negotiable instruments, as well as ensuring financing availability through committed credit facilities and credit facilities agreed upon with financial entities. Given the dynami c features of the sector, with temporary imbalances in the amount of receipts
17 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
and payments made, the Group’s Financial Management has the main goal to maintain flexible financing with different financial entities for adequate amounts as per the business volume from the project portfolio under execution.
Understanding short -term net financial debt as the result of deducting all highly liquid financial assets, i.e.
261,633 thousand euros of cash and 1,245 thousand euros of highly liquid assets, consisting of long -term equity investments in listed companies and debt securities (investment funds); from the current financial debt incurred by the Group, which amounts to 186,836 thousand euros (Note 13), consisting of short -term debts with credit institutions amounting to 81,791 thousand euros, and other short -term financial liabilities amounting to 105,045 thousand euros, broken down in Note 13 into Promissory Notes issued on the Alternative Fixed Income Market and other promissory notes; at the end of the first half of fiscal year 2026, the Group’s net working c apital position amounted to 75 million euros, of which 93 million euros correspond to financing linked to renewable energy generation assets. Consequently, the current net cash position attributable to the Group's core business amounts to 168 million euros. However, including the net effect of the cash inflow resulting from the Group's listing process, the current net cash position stands at 4 million euros. This low level of leverage —both in terms of the portfolio and gross operating income —places the Group at comparatively low levels compared to other companies in the sector. The Group has working capital agreed and allocated amounting to 39,412 thousand euros (103,553 thousand euros as of December 31, 2025). The available amount at the closing date is 17,582 thousand euros (7,447 thousand euros available as of December 31, 2025).
This operating leverage combination, combined with a high ability to generate cash and expected improvements in liquidity access, allows us to conclude that the Group’s liquidity risk is limited and adequately managed following the financial policy approve d by the Board of Directors.
Liquidity risk is supervised by Control Equipment, which holds meetings every fifteen days to ensure that available resources cover the Group’s financing requirements and assesses the Group’s ability to meet its financial obligations based on compliance ex pectations for the treasury plan.
Exchange rate risk The Group has an international scope, exposing it to exchange rate risks in its foreign currency transactions. The exchange rate risk arises when future business transactions, recognised assets and liabilities and net investments in businesses abroad are d enominated in a currency that is not the functional currency of the Group.
The net assets from the net investment performed in foreign companies whose functional currency is different from the euro are subject to exchange rate fluctuation risk in the exchange of the financial statement of such companies in the consolidation proce ss.
Translation differences are also mainly from businesses abroad (see Note 11). The works contracts are usually made in euros or US dollars so that, in principle, any devaluations in these countries should not affect the income entered into the works. Likewi se, a good share of costs is contracted in the reference currency of the contract, which provides it with natural hedging and less exposure to exchange rate risk.
The currency in which Group TSK holds a more significant exposure in terms of net worth is the American dollar.
These differences would not worsen the present or future cash flow, as they reflect the differences seen in such currency appreciation, which is covered by the low actual exposure.
Although Group TSK is present in many countries, its financial debt is mainly supported in euros due to the centralised financing structure for its components. This leads to an exchange rate risk from having the assets in different currencies (receivables, financial investments, cash balances, etc.) not fully compensated by the liability exposure. Nevertheless, most costs are contracted in the reference currency of the contract which provides it with natural hedging and less exposure to exchange rate risk.
18 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
The following chart shows the exchange, average and the 2026 and 2025 end -year rate from the main currencies used by the Group to euro:
2026 2025 Relative variation Currency Closing Date:
June 30, 2026 Average for the First Half of 2026 Closing Date:
December
31, 2025 Average for the First Half of 2025 Closure Average
US dollar 1,141 1,167 1,176 1,093 (3.03%) 6.73% Mexican peso 19,959 20,401 21,148 21,814 (5.62%) (6.48%) Israeli Shekel 3,418 3,548 3,748 3,938 (8.82%) (9.91%) Emirati dirham 4,191 4,285 4,322 4,015 (3.03%) 6.74% Moroccan dirham 10,835 10,864 10,825 10,568 0.09% 2.80% CFA franc 655,957 655,957 655,957 655,957 - -
British pound 0,862 0,868 0,872 0,843 (1.11%) 2.98% Jordanian Dinar 0,809 0,827 0,834 0,775 (3.03%) 6.73% The detail of the most significant balances in foreign currencies, translated to euros at the year -end exchange rates, is as follows:
Thousand euros
30.06.2026 31.12.2025
Trade debtors and other receivables 253,559 352,492 Cash and other equivalent liquid assets 89,130 65,129 Trade and other payables 208,618 294,825 The following table details the Group's sensitivity to a 10% increase or decrease in the euro against the main foreign currencies.
June 30, 2026
Currency Variation 30.06.2026
Thousand euros
Trade debtors
receivables Cash and
other
equivalent
liquid assets Trade and
other
payables Impact on
Net Worth
US dollar
+/-10% +/- 21,149 +/- 8,615 +/- 14,916 +/- 14,847 Israeli Shekel +/- 100 +/- 172 +/- 26 +/- 298 Mexican peso +/- 1,405 +/- 51 +/- 2,107 +/- 651 Emirati dirham +/- 766 +/- 2 +/- 463 +/- 304 Moroccan dirham +/- 575 +/- 4 +/- 1,036 +/- 456 CFA franc +/- 16 - +/- 1,202 +/- 1,186 British pound +/- 692 +/- 35 +/- 405 +/- 323 Jordanian Dinar +/- 654 +/- 35 +/- 759 +/- 71 +/- 25,356 +/- 8,913 +/- 20,862 +/- 13,407
19 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
December 31, 2025
Currency Variation 31.12.2025
Thousand euros
Trade debtors
receivables Cash and
other
equivalent
liquid assets Trade and
other
payables Impact on
Net Worth
US dollar
+/-10% +/- 30,442 +/- 4,839 +/- 23,402 +/- 11,879 Israeli Shekel +/- 17 +/- 1,619 +/- 20 +/- 1,656 Mexican peso +/- 2,388 +/- 11 +/- 3,164 +/- 765 Emirati dirham +/- 783 +/- 10 +/- 433 +/- 360 Moroccan dirham +/- 597 +/- 32 +/- 113 +/- 517 CFA franc +/- 84 - +/- 1,212 +/- 1,129 British pound +/- 323 +/- 1 +/- 763 +/- 439 Jordanian Dinar +/- 617 +/- 1 +/- 415 +/- 202 +/- 35,249 +/- 6,513 +/- 29,483 +/- 12,280 The exposure presented in the above breakdowns is analysed together with the amount recorded under the heading "Other financial results" in the consolidated summar ised income statement, which arises from exchange rate variations in the currencies in which the Group operates, which, as shown above, can be significant.
Raw material price risk The Group is exposed to potential volatility and cost inflation related to the impact resulting from the increase in the raw material, transport service, and industry equipment prices, which are directly or indirectly required to develop its operations. This risk is assessed monthly, the project cost forecasts are adjusted, and the different providers efficiently manage the ongoing agreements.
The Group reviews monthly all project invoices to identify possible price imbalances, preparing probable scenarios and safeguards for its consideration. In the event of unforeseen cost increases, these are included in the estimate. If they exceed the foreseen whole agreement income, a provision for that surplus will be recogni sed (see Note 12).
The Group is affected by supply and price risk mainly during the period between the award of the project and the placing of orders with the subcontractors responsible for providing the supplies and components, as the risk is transferred to the subcontracto r from that time. This risk is significantly reduced thanks to the Group's strategy of encouraging relevant contracts not to be awarded directly through traditional tenders, but through FEED phases or LNTP agreements, which makes it possible to anticipate the issuance of purchase orders and negotiate supply conditions further in advance. This approach reduces exposure to price variations between the award date and the actual purchase date, a risk that was present in contracts awarded exclusively through ten dering processes.
Based on the Group's experience, the level of cost increases potentially incurred by the Group as a result of the volatility of the price of products and raw materials in its construction processes usually ranges on average between 5% and 12% over the init ial price considered at the time of bidding on the project.
However, the evaluation and hedging of these factors requires a high level of judgment and estimation that may not always be sufficiently accurate to fully hedge these risks, especially considering that the Group does not use derivatives to hedge this type of risk. The projects developed by the Group depend on the characteristics and preferences of the customers, which means that it is not always possible to know exactly the percentage of the specific metal to be used, which makes it difficult to define in advance the optimum mechanisms to cover the price variation of these products.
20 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
In this regard, the Group's Directors estimate that no significant interruptions in its supply chain will be experienced in the coming months. This includes the continued availability of key equipment, components and raw materials, as well as the timely fu lfilment of external suppliers and subcontractors and that procurement conditions will remain sufficiently stable.
Interest rate risk Interest rate risk arises from borrowings tied to floating rates, which expose the Group to cash flow interest rate risk. Borrowings at fixed interest rates expose the Group to interest rate risk on the fair value.
As of June 30, 2026, and December 31, 2025, the breakdown of the Group’s debt by interest rate is as follows:
Thousand euros
30.06.2026 31.12.2025
Fixed interest rate 172,212 190,161 Variable interest rate 81,487 129,669
253,699 319,830
In relation to fixed interest rate debt, these are recorded at amortised cost and therefore are not subject to interest rate risk as defined in IFRS 7, because neither the carrying amount nor the cash flows will fluctuate due to a change in market interest rates.
In relation to the variable interest rate debt, if interest rates had been 100 basis points higher/lower, the pre -
tax result for the six-months period would have been 407 thousand euros lower/higher.
The interest rates agreed upon by the Group with the financial institutions range from Euribor + 1.1% to Euribor + 2.55% (up to Euribor+4% at the end of the 2025 financial year ).
In relation to financial assets, the Group's income and operating cash flows are not very sensitive to fluctuations in market interest rates.
Risk on the contract execution term The nature of the agreements in the sector where the Group operates implies the assumption of firm commitments regarding the delivery dates. In the event of delays in the execution schedule solely attributable to the Group, the agreements typically provide for penalties or liquidated damages. These penalties are considered a form of variable compensation.
These penalties are related to the highly technical, complex, and long -term projects carried out by the Group that events which may lead to rescheduling or postponing the terms can arise, both due to clients’ requests or circumstances beyond the scope of the agreement. These penalties are valued either by the expected value metho d or by the most probable amount method (in each case whichever method is considered more appropriate) and provided that it is probable. In assessing the probability of penalties, it is considered, jointly with the technical analysis for each case, the exp erience with similar situations in both nature and the concerned counterpart, as well as existing communication with the client, on a case -by-case basis.
The experience of the Group shows that, although some projects executed have been delivered after the initially expected dates, these deviations are due to causes outside the Group's control. Therefore, there are no relevant contractual penalties.
Consequently, management believes that, as of the date of preparation of these condensed consolidated interim financial statements, there are no material impacts arising from this risk that would require the recognition of contract penalties. The geographi cal diversification of projects, ongoing communication with clients, and the
21 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
legal and contractual mechanisms available to mitigate the effects of relevant amendments to agreements enable the reduction of risks associated with the execution terms. However, these risks cannot be eliminated.
Capital risk management The Group's objectives in relation to capital management are based on guaranteeing commercial activity, offering its clients and potential customers sufficient equity to guarantee its capacity to meet the needs of present and future projects. The Group doe s not operate in sectors with specific capital requirements and complies with general legislation (Ley de Sociedades de Capital) on minimum capital requirements.
Environmental risk management The Group is mainly exposed to transition risks, particularly those which depend on regulatory development and could impact different clients. A progressively more demanding area can be translated into a vital reputation risk at a corporate level or discon tinuity in some economic activities.
On the other hand, within the area of climate change opportunities, the Group is well -positioned, thanks to its leadership in environmental care, diversification of activities, and adaptation to new trends. This allows it to benefit from the opportunities arising from the increased regulatory pressure in environmental matters. It has the technology and solutions adequate for the clients to face the increasing environmental requirements.
Transition risks
The environment in which the Group operates is increasingly exposed to changing regulatory and political frameworks, particularly in relation to climate change and the global energy transition. Changes in regulations, environmental legislation, emissions targets and permitting requirements could af fect the feasibility, scope and schedule of energy infrastructure projects, and could require the Group to adapt its service offering and cost structure.
In addition, the Group's activities, especially those carried out through the Energy Transition and Digitali sation business segment, depend to a certain extent on incentive -based public policies in the countries in which it operates, which aim to promote the production and sale of energy from renewable sources. Depending on the country, these measures may take the form of commitments and government plans for renewable energy production, direct or indirect subsidies to operators, purchase obligations at regulated tariffs, pricing rules for electricity produced from renewable sources, renewable energy supply quotas i mposed on non -state professional consumers, the issuance of tradable green certificates, priority access to distribution and transmission grids, and tax incentives. These policies and mechanisms often improve the commercial and financial feasibility of ren ewable energy plants and often make it easier for the Group to carry out its activities.
The availability and support of such policies and mechanisms depend on political developments and policies related to environmental concerns in a given country or region, which may be affected by a wide range of factors, including macroeconomic conditions, the financial situation of the electricity industry (particularly in view of potential revenue shortfalls to remunerate regulated services and activities), changes in government, and lobbying initiatives by various affected stakeholders (including the ren ewable energy industry, other electricity producers and consumers, environmental groups, agricultural companies, and others).
In addition, the Group is subject to strict environmental regulations. In the countries where it operates, there are local, regional, national and supranational bodies that regulate its activities and establish the applicable environmental regulations. The se laws may include strict liability regimes in the event of damage to natural resources, pollution exceeding established limits or threats to public health and safety. Strict liability or criminal liability regimes in environmental matters could imply joi nt and several liability or economic fines derived from possible environmental damage, even in cases where no actual environmental damage exists or has been proven and despite not having acted negligently.
22 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Physical risks
The Group's operations are exposed to natural disasters and extreme weather events, especially in the Caribbean region, where hurricanes, tropical storms, heavy rains, floods and other weather phenomena occur with increasing frequency and intensity. These events can cause substantial disruptions to construction schedules, damage to infrastructure and equipment, delays in project completion, and increased costs due to the need for repairs, rework, or additional safety measures.
In particular, hurricanes and tropical storms can cause temporary or prolonged suspension of construction activities, evacuation of personnel, and logistical difficulties in transporting materials and equipment. The Group could also face increased insuranc e premiums, reduced availability of coverage or uninsured losses in the event of catastrophic damage. The occurrence of these phenomena may also negatively affect the financial situation of the Group's customers, causing delays in payments or cancellations of projects.
10. Trade debtors and other receivables The details of this heading of the consolidated balance sheet as of June 30, 2026, and December 31, 2025, are
as follows:
Thousand euros
Concept 30.06.2026 31.12.2025
Trade debtors and other receivables -
Commercial loans 138,947 118,171 Impairment of trade receivables (19,804) (20,525) Expected loss in trade receivables (6,458) (3,680) Completed work pending certification 294,243 393,324 Expected loss on completed work pending certification (2,686) (4,256) Guarantee retentions 7,852 7,960 Clients, Group companies and associates (Note 17) 205 1,570 Sundry debtors 23,020 26,650 Impairment of sundry debtors (2,759) (2,759) Other credits from Public Authorities 100,395 100,460 Impairment of other credits from Public Authorities (15,576) (16,306)
517,379 600,609
The decrease in the balance of the account “ Completed work pending certification ” at the end of the period ended June 30, 2026, compared to the end of 2025, is due, in part, to balances from change orders that were invoiced and collected during the first half of fiscal year 2026. Additionally, under this entry there are receivables related to the invoice for the last milestone of projects fully completed at the end of the year, in delivery stage but with the issuance of the invoice associated with the last pending milestone, as per the contractual conditions. There are 34,192 thousand euros pending issuance (34,408 thousand euros at the end of 2025).
The balance reported under the “ Sundry debtors ” account corresponds primarily to amounts receivable arising from the sales, during the second half of fiscal year 2025, of various non -strategic assets , see Note 16 , which are being collected in accordance with the payment schedule set forth in the signed agreements.
The balance of the entry “Other credits from Public Authorities” represents accounts pending collection from several Public Authorities where the Group operates, primarily for VAT and corporate taxes. This balance has been high in recent years as a consequence of the Group’s operations in several countries, where VAT is paid according to the cash approach, which delays the recog nition of the return right. However, the Group has filed claims for refunds of this tax totaling nearly 70 million euros, virtually all of which have been collected, and it continues to work toward the same goal with respect to the remaining claims filed w ith the government authorities.
The Group applies the IFRS 9 simplified approach to assess credit losses based on the provision for expected losses for all the trade receivables and other debtors. We have re -grouped the trade receivables and other
23 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
debtors to assess the expected credit losses based on the shared credit risk features and the overdue days. On this basis, the impairment estimation for the expected loss as of June 30, 2026, has been updated, following internal information sources and, among other aspects, the historical evolution of the credit losses. As a result of this update, an amount of 1,208 thousand euros was charged in the first half of fiscal year 2026 (91 thousand euros in the first half of fiscal year 2025), charged to the “Losses, impairment, and variation of provisions” line item in the attached consolidated summar ised interim income statement.
The movement in impairment associated with trade and other receivables is as follows:
Period 2026
Thousand euros
Concept Opening
balance Provision Applications and other Provision
reversal Final
balance
Impairment of uncollectible commercial loans 20,525 505 (1,226) - 19,804 Expected loss on trade receivables 3,680 2,778 - - 6,458 Expected loss on completed work pending certification 4,256 - - (1,570) 2,686 Other trade debtors and other receivables impairment 19,065 - 105 (835) 18,335 47,526 3,283 (1,121) (2,405) 47,283
Period 2025
Thousand euros
Concept Opening
balance Provision Applications and other Provision
reversal Final
balance
Impairment of uncollectible commercial loans 21,563 26 (177) - 21,412 Expected loss on trade receivables 1,812 - - (78) 1,734 Impairment of completed work pending certification 12,478 - (12,478) - -
Expected loss on completed work pending certification 1,771 169 - - 1,940 Other trade debtors and other receivables impairment 24,222 - (2,829) - 21,393 61,846 195 (15,484) (78) 46,479
11. Net worth and Shareholder's equity Authorised capital and share premium As indicated in Note 1 to these condensed consolidated interim financial statements, on May 13, 2026, the Parent Company completed the process of listing on the Spanish stock exchange. On that date, a capital increase was carried out through the issuance of 29,702,970 new common shares, each with a par value of 0.02 euros, at an issue price of 5.05 euros per share, for a total gross amount of 150,000 thousand euros.
In addition, the offering included a greenshoe option for up to 4,455,445 additional shares, which was exercised in full, for an additional gross amount of 22,500 thousand euros. As a result, the total number of new shares issued amounted to 34,158,415 sha res, for a total gross amount of 172,500 thousand euros, of which 683 thousand euros represented share capital and 171,817 thousand euros represented the share premium.
In accordance with IAS 32, the incremental costs directly attributable to the transactions are deducted from the net worth. Consequently, the net amount registered in the net worth once costs are deducted has been 164,057 thousand euros.
As of June 30, 2026, the capital of the parent company amounts to 2,395 thousand euros, represented by 119,758,415 shares of 0.02 euros of nominal value each, fully subscribed and paid up.
According to the communications received by the parent company in compliance with the current legislation on the obligations of communication of percentages of participation (voting rights), the significant shareholders at closing date June 30, 2026, are:
24 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
% Direct
participation % Indirect
participation
Sabino García Vallina 60.305% -
Francisco Javier García García 3.724% -
Victor José González Menéndez 3.724% -
Santander Asset Management, S.A. SGIIC - 3.404% As of June 30, 2026, the parent company has 900,000 own shares, which amounts to a percentage of treasury shares of 0 .752%.
On September 16, 2025, the General Meeting of Shareholders resolved to unify the series of shares into which the capital stock of the Parent Company was divided and the consequent split of shares, unifying the Series A shares and the Series B shares into w hich the capital stock of the Company was divided, which is broken down below in this same section, into a single series, so that all the shares into which the capital stock of the Company is divided will have the same par value of eight euros (€8) per sha re, and the consequent issuance of new shares.
Likewise, it is resolved to approve the split of the number of shares into which the capital stock of the Parent Company is divided after the approved unification of series, i.e. 214,000 ordinary shares of the Company with a par value of eight euros each, in the proportion of 400 new shares for each old share, by reducing the unit par value of all the shares from eight euros to two euro cents and without variation of the nominal amount of the Company's capital stock. Consequently, the capital stock of the P arent Company is now divided into 85,600,000 common shares (900,000 of which are treasury shares) of the same series and class, each with a par value of two euro cents.
The composition of the share capital resulting from the above structure, as of the end of fiscal year 2025, is
shown below:
Legal reserve
In accordance with the Consolidated Text of the Law on Corporations, an amount equal to 10% of the benefits of the accounting period must be allocated to the legal reserve until it reaches at least 20% of the equity capital.
As of December 31, 2025, the Parent Company has fully set up such reserves for an amount of 342 thousand euros (same amount on both years). The legal reserve may be used to increase the capital on the part of its balance that exceeds 10% of the already increased capital. Except for the purpose above, and as long as it does not e xceed 20% of the share capital, this reserve can only be allocated to compensation of losses, provided that no other available reserves suffice for this purpose.
Voluntary reserves
The distributable voluntary reserves as of June 30, 2026, and December 31, 2025, amount to 67,865 thousand euros and 64,624 thousand euros, respectively. As at that date, there are no restrictions regarding the availability of the said balance.
No dividends were distributed during years 2026 and 2025.
The Parent Company, subject to article 25 of Law 27/2014 of the Corporate Tax, holds a capitalisation reserve of 11,789 thousand euros as of June 30, 2025, (the same amount as of December 31, 2025), calculated as 20% of the increase in equity for the last four accounting periods. This reserve is unavailable for 5 years from the end of the taxable period it has been provided, except for the existence of accounting losses in the company.
Shares Nominal value
(thousand euros)
Sabino García Vallina 72,220,000 1,444 Other minor shareholders < 10% 12,480,000 250 Treasury stock 900,000 18
85,600,000 1,712
25 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Consolidation reserves and reserves in consolidated companies The differences between recorded entries in the consolidation procedure and the final approval in the different partially owned companies are incorporated as a variation in the consolidated net worth in the following year, not historically relevant.
Consolidation reserves include those consolidation adjustments incorporated that affect the reserves of the Parent Company and correspond mainly to the removal of impairment losses on balances and shareholdings of fully consolidated entities.
Restricted reserves
The restricted reserves of subsidiary companies as of June 30, 2026, and December 31, 2025, from individual financial statements mainly correspond to legal reserves and capitalisation reserves amounting to 1,325 thousand euros (same amount at both dates).
Valuation adjustments
Translation differences
As established by Note 9, the Group has relevant investments in businesses denominated in foreign currency, especially in USA dollars. Therefore, the variations which occur in this currency exchange rate compared to the euro have a relevant impact under th e entry “ Translation differences ”. Regarding the nature of these assets, which are expected to be accomplished in the short term as they are primarily working capital and investments, which are not likely to be alienated in the short term, the differences will be offset without resulting i n relevant impacts on the future Group’s profit and loss accounts.
The details of this heading of the balance sheet as of June 30, 2026, and December 31, 2025, are as follows:
Currency Thousand euros
Functional Benefit/(Loss)
30.06.2026 31.12.2025
Mexican peso 25 (341) Egyptian pound 2,078 -
Dominican peso 421 928 Tanzanian shilling 1,914 3,073 Moroccan dirham (52) (37) Omani Rial 36 30 Rands (145) (169) CFA franc 10 (25) Lempira (18) (20) Mauritian rupee 2 1 Emirati dirham 2,492 2,482 British pound 849 (765) New Shekel (1,585) (14) Metical 844 1,300 Saudi riyal 665 1,073 Argentinian peso (67) 230 Bangladeshi Taka (1,598) (1,598) US dollars (91,316) (92,744) Kuwaiti dinar (2,611) (2,611) Jordanian Dinar (44) (57) Colombian peso (8) -
(88,108) (87,203)
The Group has recorded a significant amount of negative translation differences in equity. This accounting effect is due to changes in the exchange rate of the U.S. dollar against the euro and the way in which international financial reporting standards (I AS 21) require recognition of the translation of the financial statements of subsidiaries whose functional currency is the U.S. dollar.
26 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
In particular, several Group companies in Mexico operate in the U.S. dollar functional currency. Between fiscal years 2021 and 2023, the Mexican peso experienced an extraordinary appreciation against the U.S. dollar, reaching maximum valuation levels. This appreciation, together with the subsequent translation of the financial statements to euros, generated significant translation differences in the translation of assets, liabilities and results. These differences do not represent actual economic losses or cash outflows, but rather the accounting effect of applying different exchange rates for the translation of equity, income and closing items, as required by applicable regulations. These adjustments are recorded in full under "Other operating income" in net worth, without affecting income for the period.
The Group's activity in Mexico, whose presence is expected to be stable and long -term, as in other areas where the functional currency is the dollar, also has a strong natural hedge: both revenues and most of the costs are denominated and settled in dollar s, which virtually eliminates any economic exchange rate risk. Therefore, although fluctuations generate differences in equity conversion, the cash flow and profitability of the projects are not affected.
External shareholders
The balance under this entry in the consolidated balance statement records the value of the share of the shareholders or minority partners in the consolidated companies using the global integration method.
Moreover, the balance under the entry “ Results attributable to external shareholders ” of the consolidated profit and loss statement represents the participation of such shareholders or minority partners in the year results.
The details of the movements during the first half of fiscal years 2026 and 2025 in this heading of the consolidated balance sheet attached hereto are as follows:
June 30, 2026
Company Thousand euros
Opening
Balance Profits / (Loss) for the First Half of 2026
attributable to
external shareholders Other variations Final
balance
Solar Complex Las Animas y Versalles de las Cuatas (**) (1,022) - 1,022 -
Capella Solar TSK Gensun El Salvador de C.V. (458) 2 - (456) TSK Limited Egypt, LLC (98) - - (98) Powersun Solutions, Ltd 521 (63) (180) 278 TSK Muscat, LLC 21 (2) - 19 Capella Solar TSK Gensun, S.L. 873 65 - 938 (163) 2 842 681 (**) Formed by the companies Tai Durango Cinco P -10 Sapi de CV, Tai Durango Cinco P -15 Sapi de CV, Tai Durango Cuatro Neo Sapi de CV, Versalles de las Cuatas Uno Sapi de CV, Versalles de las Cuatas Dos Sapi de CV and Versalles de las Cuatas Tres Sapi de C V., Note 16.
June 30, 2025
Company Thousand euros
Opening
Balance Profits / (Loss) for the First Half of 2025
attributable to
external shareholders Other variations Final
balance
Solar Complex Las Animas y Versalles de las Cuatas (**) 10,489 (746) (915) 8,828 Capella Solar TSK Gensun El Salvador de C.V. (385) (74) - (459) TSK Limited Egypt, LLC (97) - - (97) Powersun Solutions, Ltd 750 (197) - 553 TSK Muscat, LLC 25 (2) - 23 Capella Solar TSK Gensun, S.L. 1,029 (153) - 876 11,811 (1,172) (915) 9,724 (**) Formed by the companies Tai Durango Cinco P -10 Sapi de CV, Tai Durango Cinco P -15 Sapi de CV, Tai Durango Cuatro Neo Sapi de CV, Versalles de las Cuatas Uno Sapi de CV, Versalles de las Cuatas Dos Sapi de CV and Versalles de las Cuatas Tres Sapi de C V., Note 16.
27 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Profits / (Loss) per share The computation of profit (or loss) per share for the period ended June 30, 2026, and 2025 , considering the 2025 share capital restructuring operation described in this same note , is as shown below:
30.06.2026 30.06.2025
Year -end results from continuing transactions 44,808 8,994 Year -end results from continuing transactions attributable to non -controlling interests 2 (426) Profit/(Loss) from continuing operations attributable to ordinary equity holders of the parent company (thousands of euros) 44,806 9,420 Weighted average number of common shares outstanding (thousands of shares) 93,339 84,700
BASIC EARNINGS / (LOSSES) PER SHARE FROM CONTINUING ACTIVITIES (in euros) 0.28 0.11
Net year -end result from interrupted transactions - (7,342) Net year -end result from discontinuing operations attributable to non -controlling interests. - (746) Profit/(Loss) from discontinued operations attributable to ordinary equity holders of the parent company (thousands of euros) - (6,596) Weighted average number of common shares outstanding (thousands of shares) 93,339 84,700
BASIC EARNINGS / (LOSSES) PER SHARE FROM DISCONTINUED ACTIVITIES (in euros) - (0.08 )
Profit for the year attributable to equity holders of the parent company (thousands of euros) 44,806 2,825 Weighted average number of common shares outstanding (thousands of shares) 93,339 84,700
BASIC EARNINGS / (LOSSES) PER SHARE (in euros) 0.48 0.03
Basic earnings per share are calculated by dividing the profit/(loss) for the period attributable to equity holders of the Parent Company by the weighted average number of common shares outstanding during the period, excluding treasury shares.
The weighted average price of common shares outstanding was calculated based on common shares outstanding at the beginning of the period and considering both the effect of shares issued during the period and the effect of treasury stock.
Diluted earnings per share are calculated by dividing net income attributable to ordinary shareholders of the Parent Company (after adjusting for potentially dilutive share interests) by the weighted average number of additional ordinary shares that would have been outstanding if all potential ordinary shares for the period had been converted into ordinary shares. Since the Parent Company does not have convertible financial instruments or other potentially dilutive instruments, diluted earnings per share co incide with basic earnings per share.
12. Short -term provisions and contingent assets and liabilities The provision registered in the consolidated balance covers the risks derived from the different activities the Group develops. This note includes details of all the entries regarding the provisions individually broken down into the liabilities of the cons olidated balance.
The changes during the periods ended June 30, 2026, and 2025 in these entries of non -current and current liabilities in the accompanying consolidated balance sheet were as follows:
28 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
June 30, 2026
Thousand euros
Opening
Balance Endowments/
Reversions Applications and other Transfers Final
Balance
Short -term provisions -
Provision for guarantees and completion of works 10,992 6,447 233 - 17,672 Provision for risks and expenses 22,035 (133) (2,088) - 19,814 Provision for invoiced losses 366 (788) 627 - 205 33,393 5,526 (1,228) - 37,691 33,393 5,526 (1,228) - 37,691 June 30, 2025
Thousand euros
Opening
Balance Endowments/
Reversions Applications and other Transfers Final
Balance
Long -term provisions -
Provision for risks and expenses 2,585 - - 6 2,591 2,585 - - 6 2,591 Short -term provisions -
Provision for guarantees and completion of works 19,986 (4,540) - (11,719) 3,727 Provision for risks and expenses 10,760 2,573 (10,573) 13,909 16,668 Provision for invoiced losses 15,960 54 (13,215) (2,196) 603 46,707 (1,913) (23,788) (6) 20,999 49,291 (1,913) (23,788) - 23,590
To register these provisions, the best risk and uncertainties estimations have been used, which are an inevitable part of the majority of the events and circumstances that affect said provisions.
“Applications and Others" primarily reflects the outflow of resources effectively generated by the provisions recorded in prior years, the amount of which has not been significantly deferred.
The amount reported under the heading “Short -term provisions” remained at similar levels between the end of fiscal year 2025 and the first half of 2026, having increased primarily due to the completion of certain significant projects.
Compared to the prior -year period, the balance of provisions at the end of fiscal year 2024 decreased in subsequent periods, both as of June 30, 2025, and as of December 31, 2025. This decrease is due to the effective utilisation of provisions set aside in prior fiscal years, resulting from work performed and agreements reached with customers and suppliers. In addition, transfers were made between the various categories of provisions, primarily from “Provision for guarantees and project completion” and “Provision for budgeted losses” to “Provision for risks and expenses,” as a result of the reassessment of the economic nature of the obligations covered.
Likewise, there was a significant reduction in the provision for expected losses, which had been unusually high in recent fiscal years due to macroeconomic and geopolitical developments during that period, as reported in the consolidated annual accounts fo r the relevant years. The Group has incurred the budgeted losses for these projects and has managed external factors more efficiently, resulting in virtually no budgeted losses for the projects the Group is currently executing and has in its portfolio, jus t as was the case at the end of fiscal year 2025.
During the first quarter of fiscal year 2026, the Group has put into commercial operation, and into use by customers, numerous infrastructures of different technologies, including industrial facilities, power plants and
29 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
renewable projects, among others. In this type of complex projects, it is common that, after start -up and during the contractual closing process, adjustments arise from discrepancies related to certain contractual obligations, both with clients and supplie rs.
At the end of the period, the Group is still in the process of reviewing and closing contracts for projects that have already been completed and are in commercial operation. Some of these processes include differences of criteria that are the subject of an exchange of positions between the parties. As a result, the Group has recorded provisions that reflect a prudent estimate of the possible impact, including in all cases the maximum reasonably possible scenario. Based on the available information, manageme nt believes that the identified risks are adequately covered and that no additional significant negative impacts are expected; it also considers it likely that certain out -of-court settlements will be reached.
Contingent assets and liabilities In connection with a combined cycle project that the Group has been developing in Southern Africa since fiscal 2021, which was approximately 82% complete, in April 2025 TSK gave notice of termination of the EPC contract in full compliance with applicable E nglish and Mozambican law, as a result of the numerous major forces that have had a prolonged impact on the project and the country (including Cyclones Freddy and Filipo, as well as episodes of social instability and other material disruptions). The prolon ged concurrence of causes of force majeure, objective and not attributable to the contractor, contractually entitles the automatic termination of the contract, without the need for acceptance by the client, obliging the latter to the immediate return of th e performance bond and the regulari sation of the advance payment bond within the framework of the contractual settlement. These conclusions, including the obligation of immediate repayment of the guarantees under the English law applicable to the contract, have been confirmed by legal report s issued by lawyers with expertise in English law, by a barrister in England and a concurring legal opinion in Mozambique.
Following the termination notified by TSK, the client filed an enforcement action against the guarantors of the advance payment guarantee for 4.7 million USD and the performance bond for 86 million USD. Such execution is undue, having been attempted after the termination of the contract and without a valid contractual basis.
Once the contractual relationship is terminated due to force majeure, the guarantees cease to be in force and must be returned to the Parent Company, and therefore their execution const itutes a serious breach by the client, potentially comparable to fraudulent conduct. Immediately, TSK obtained injunctive relief inaudita parte , granted on April 10, 2025, ordering the suspension of any payments in virtue of the guarantees. The resolution found the existence of a prima facie case in favour of TSK. A second hearing was held in January 2026 to decide on the opposition to the precau tionary measures. By order notified in February 2026, the Spanish court, with jurisdiction over the guarantor banks, confirmed the maintenance of the precautionary measures indefinitely until the resolution of the arbitration, also imposing costs on the cl ient. This means that there is no risk of disbursement for TSK throughout the arbitration proceedings, which are expected to be decided at the end of 2027 or the beginning of 2028.
In addition, TSK initiated international arbitration against the client under the Rules of the International Court of Arbitration of the ICC, based in London, in relation to the discrepancies arising after the termination of the contract. TSK claims, among other things, the validation of the contractual termination due to force majeure, the declaration that the client was not entitled to execute the guarantees, the collection related to the works executed and supplies delivered and not paid, compensations d erived from the contractual settlement, as well as the costs and damages derived from the client's breach of contract.
Since the enforcement of the guarantees has been suspended, the associated risk is no longer a contingent liability. The relevant risk is now exclusively the legal risk that TSK does not obtain all or part of the amount claimed, which, if it were to occur, would not generate additional losses or enforceable commitments for the Group or of the partial or total success of the counterclaims, in respect of which, on the basis of the reports elaborated by both internal and external advisors, the Directors of the Parent Company consider the likelihood of a significant outflow of resources that would have an impact on these consolidated summarised interim financial statements to be remote . On the contrary, TSK's claim in the arbitration, which includes amounts for
30 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
work performed, supplies delivered and other contractual items pending settlement, is now a contingent asset.
Its realisation will depend on the arbitration award.
On the other hand, there are claims arising primarily from the normal course of project execution that are in the process of preparation and/or submission and are at various stages of negotiation and/or private arbitration, which are expected to generate f uture revenue, for which the Group has received counterclaims as part of its normal project execution activities; the Parent Company’s management considers it remote that the aforementioned ongoing proceedings would result in significant liabilities affect ing these condensed consolidated interim financial statements.
13. Long -term and short -term debts The changes during the periods ended June 30, 2026, and 2025 in long -term and short -term debt are as follows:
June 30, 2026
Thousand euros
Opening
balance Provisions Returns Accrued interest Interest paid Final balance
Debts with credit institutions 188,003 16,269 (105,370) 2,563 (2,373) 99,092 Other financial liabilities in the long term and short term 131,827 27,327 (1,682) 2,607 (5,473) 154,607 319,830 43,596 (107,052) 5,170 (7,846) 253,699
June 30, 2025
Thousand euros
Opening
balance Provisions Returns Accrued interest Interest paid Final balance
Debts with credit institutions 200,463 35,096 (20,951) 3,742 (3,742) 214,608 Other financial liabilities in the long term and short term 111,870 48,673 (7,190) 3,552 (3,552) 153,353 312,333 83,769 (28,141) 7,294 (7,294) 367,961 The breakdown and information related to the interest rates of the Group's financial debt, as well as their sensitivity, is presented in Note 9 to these summar ised consolidated interim financial statements.
Debts with credit institutions As of June 30, 2026, and December 31, 2025, the Group had been granted the following loans and lines of credit by various financial institutions:
June 30, 2026
Thousand euros
Maturity of the Drawn Amounts Type of Financing Long -term Short -term
Bank loans 17,301 42,379 Credit accounts - 39,412
TOTAL 17,301 81,791
31 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
December 31, 2025
Thousand euros
Maturity of the Drawn Amounts Type of Financing Long -term Short -term
Bank loans 1,486 82,964 Credit accounts - 103,553
TOTAL 1,486 186,517
The aggregate limit on credit lines as of June 30, 2026, amounts to 57 million euros (111 million euros as of December 31, 2025); the aggregate limit is reported because many of these are multi -product credit lines. The change in the period is primarily du e to the debt restructuring, as the Group took out long -term loans as an alternative to the credit lines held at the end of fiscal year 2025, which matured during the first half of fiscal year 2026.
The financing agreements guaranteed by the Instituto de Crédito Oficial (“ICO”), which 40.4 million euros at the end of the period (68.9 million euros as of December 31, 2025), did not allow for the distribution of dividends using the financing provided; however, as of the date of preparation of these condensed consolidated interim financial statements, they have been fully amorti sed, and therefore no such restriction exists.
The maturity calendar established for the debts classified as long -term on June 30, 2026, and December 31, 2025, is shown below:
June 30, 2026
Thousand euros
Expiration 30.06.2026
2027 4,450
2028 6,964
2029 2,914
2030 2,232
2031 741
17,301
December 31, 2025 All the long -term debts had their maturity in 2027.
32 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Other financial liabilities The composition of the entries "Long -term debts - Other financial liabilities" and "Short -term debts - Other financial liabilities" of the attached consolidated summar ised interim balance sheet as of June 30, 2026, and December 31, 2025, attached hereto is as follows:
Thousand euros
30.06.2026 31.12.2025
Long
Term Short
Term Long
Term Short
Term
Refundable advances 2,093 826 2,513 860 Guarantees and deposits 7 - 8 -
Current accounts and other companies - 2,375 - 4,369 Promissory rates issued in the Alternative Fixed -Income Market
(MARF) 34,890 95,045 28,789 76,612
Other promissory notes - 10,000 - 10,000 Other financial liabilities 278 9,093 181 8,495 37,268 117,339 31,491 100,336 Promissory notes issued in the Alternative Fixed -Income Market and other promissory notes The Group has a program of promissory notes in the Alternative Fixed -Income Market (MARF) with maturities between 3 and 24 months, an interest rate ranging 3.5 % - 5.8 % and with a limit of 150 million euros, being the amount owed at the end of the first half of 2026 of 129,935 thousand euros (105,401 thousand euros at the closing of 2025). This debt is managed dynamically through the program itself, cancelling matured promissory notes with new issues, adjusted in cost and term according to marke t conditions and investor demand. In addition, the Group has issued promissory notes to a financial institution for an amount of 10,000 thousand euros (same amount at year -end 2025) with an annually renewable maturity.
Refundable advances
Refundable advances are loans granted by several entities that do not earn an explicit interest rate, or this is reduced. At the end of the periods closed at June, 30 2026 and December, 31 2025, the Group has estimated the current value of the said finance , and in both cases, it has decided not to record their implicit subsidy under the heading "Subsidies, donations and bequests received" of the summar ised consolidated interim balance sheet annexed hereto, as its impact is not significant.
Current accounts and other companies As a result of the proportional integration of the assets and liabilities of the Temporary Joint Ventures and Joint Ventures, as well as other joint operations, to the extent that the commercial and financial contributions made by the partners have not bee n proportional to the percentage of participation in them, assets and liabilities arise and are recorded under "Short -term financial investments - Accounts receivable from other companies" and "Other financial liabilities - Accounts payable to other compan ies", respectively. See Note 8.
Other financial liabilities During 2025, the Group signed a credit line with one of its clients for the payment of certain suppliers located in the country where the project executed for the client is being carried out, with a short -term extendible maturity and a fixed interest rate similar to the effective interest rate of the Group's financial debt.
33 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
14. Corporate profits tax Corporate profits tax For the Corporation Tax and since the accounting period 2008, the Group files consolidated tax returns as part of Group number 234/08, made up of TSK Electrónica y Electricidad, S.A., as the Parent Company, Ingeniería de Manutención Asturiana, S.A., Estudi os y Energías Renovables, S.A.U., PHB Weserhütte, S.A.U, Ingeniería Franco Española Omega, S.A., TSK Sustainability Technologies Center, S.L., Energy Financing Company 1, S.A.U. and Energy Financing Company 2, S.A.U. as subsidiary companies.
The remaining companies file individual corporation tax returns, being all foreign companies, except for Capella Solar TSK Gensun, S.L. and Servicios de Montaje y Mantenimiento TSK ISASTUR, S.L., whose percentage is under the 75 % required by the applicabl e tax regulations to be part of a tax group.
For each of the companies integrated within the consolidated tax group, the corporation tax for the year is calculated based on the accounting or economic profit and loss obtained by applying generally accepted accounting principles, which does not necessa rily match the taxable profit and loss, this being the tax base of the said tax.
Although the Parent Company of Group 234/08 will file the corporation tax corresponding to the group by the consolidated method, the companies that constitute it also file their tax returns.
As of June 30, 2026 the fiscal inspections are still ongoing for Group 234/08 regarding financial years 2020 to 2023, which encompass general concepts such as Income Tax, Value Added Tax (VAT) and retentions applicable to the Group in the referred tax peri ods (see Note 18 of the consolidated annual accounts for financial year 2025).
In relation to the obligation of public information related to the Income Tax stated in the additional disposition number 11 of Law 22/2015, the parent company is mandated to the submission of the Country -By-Country Report in the previous economic year and has proceeded to its submission according to the terms established by the current legislation.
Semiannual Income Tax The estimated average annual tax rate for the six -month period ended June 30, 2026, is 24% (55% as of June 30, 2025, a high figure resulting from the si se of the profit for that period).
There were no changes in the six -month period ended June 30, 2026 regarding the tax rates with whom the Group operates with, being the main tax rates applicable, apart from the nominal general type in Spain (25%), those from Mexico (30%), the UK (25%), Pue rto Rico (37,5%) and Dominican Republic (27%).
34 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
15. Trade creditors and other accounts payable and advances from customers The item "Trade creditors and other accounts payable" includes the balances corresponding to trade liabilities arising from the Group's ordinary activity. These amounts reflect contractual obligations assumed by third parties and are recorded in accordance with the accrual and recognition criteria established in the applicable accounting standards.
Thousand euros
30.06.2026 31.12.2025
Suppliers 152,647 176,352 Suppliers, invoices pending receipt 267,826 374,170 Long -term Suppliers 16,050 18,919 Sundry creditors 36 40 Remunerations pending payment 4,248 4,096 Other debts with Public Administrations 18,327 24,612
459,134 598,189
The book value of trade creditors and other accounts payable is close to their fair value.
Under the "Suppliers" entry there are amounts reflecting unpaid invoices that are included in financing agreements offered to suppliers with different financial institutions. These allow for the obtention of payment at a date prior to the contractual maturity date. On maturity of the invoice, the Group repays to these financial institutions all supplier invoices under this method. The aforementioned agreements establish payment terms, generally 60 days, disco unted by suppliers at money market interest rates, without significant fees or additional collateral, and there have been no significant changes to these terms during the period covered by these condensed consolidated interim financial statements.
Suppliers, invoices pending receipt The amounts included in this entry correspond to the recognition of costs incurred based on the degree of progress of the orders placed with each supplier. This recognition corresponds to the contractual obligation assumed by the Group at the time of the f irm purchase agreement, even if the invoicing and payment milestones established contractually differ from the accounting accrual of the obligation. As a result of these conditions, certain balances may be older than the calendar period, especially in cont racts that include reserves of critical equipment or supplies, or specific clauses (including back -to-back agreements) that condition invoicing to subsequent milestones or claim offsetting processes.
Long -term Suppliers This entry includes balances with suppliers which, due to the nature of the contracts, have a settlement period exceeding the current period, or is undefined, although they are classified under current liabilities since they will be settled in the normal o perating cycle. These amounts correspond mainly to withholdings made on invoices for various reasons, such as contractual guarantees, final acceptance of work or specific conditions linked to back -to-back agreements with clients. Under these agreements, th e supplier does not invoice for final delivery of certain supplies or services until the client has made the corresponding acceptance, which differs significantly from the invoicing and payment milestones established with the supplier. Consequently, these balances remain recorded as trade liabilities until the materiali sation of contractual conditions allowing their release.
On the other hand, the “Advances from customers” account records cash received from billing under contracts with customers before the revenue has been recogni sed. As the execution of the contract progresses, the client will compensate the amounts paid in advance on the different invoices and it is expected that the associated contracts will materiali se in a shorter period.
35 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
16. Income and expenses Income from ongoing activity The breakdown of operating revenue from operations for the periods ended June 30, 2026, and 2025, by geographic market, is as follows:
Thousand euros
30.06.2026 30.06.2025
Income from ongoing activity (*) -
National 9,527 21,462 Europe 54,876 34,329 North America 341,520 366,787 South America 4,459 5,728 Africa 3,325 5,941 Asia 59,097 19,913 Oceania 6,856 6,371
479,660 460,531
(*) The sales outside the national territory include invoicing projects corresponding to Spanish companies.
Revenue from the Europe geographic region consists primarily of operations in the United Kingdom; the North America region consists primarily of operations in the United States, the Dominican Republic, and Mexico; and the Asia region consists primarily of operations in Saudi Arabia and Israel.
Revenue from external customers, broken down by the segment in which the sale originated, for the six -month periods ended June 30, 2026, and 2025, is detailed in Note 4.
The breakdown of operating revenue from operations for the six -month periods ended June 30, 2026, and 2025, by contract currency, is as follows:
Thousand euros
30.06.2026 30.06.2025
Income from ongoing activity -
US dollar 255,748 330,673 Euro 204,409 117,381 New Israeli Shekel 5,634 8,785 Moroccan dirham 1,653 1,342 Emirati dirham 111 -
Jordanian dinar 2,870 1,346 British pound 8,051 -
Other currencies 1,184 1,004
479,660 460,531
36 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Staff
The Group’s average number of employees during the six -month periods ended June 30, 2026, and 2025 by category is as follows:
Average number
Professional standing 2026 2025
Board of Directors 8 5 Engineers, graduates and similar p ersonnel 466 491 Technical engineers, first -cycle g raduates and similar personnel 313 299 Site managers and foremen 201 247 Skilled workers 141 160 Semi -skilled workers 61 64 Grade 3 journeymen 41 39 Specialists 9 5 Technicians 84 153 Draftsmen 76 74 Administrative staff 107 89 Non-qualified assistants 28 73
1,535 1,699
Financing income
As financial income, we enter those from term treasury placements made by the Group.
The breakdown of the Group’s financial income and expenses as of June 30, 202 6 and 202 5 is as follows:
Concept Thousand euros
30.06.2026 30.06.2025
Financial income -
From negotiable instruments and other financial instruments 1,747 1,974
1,747 1,974
Financial expenses -
From debts with third parties (5,170) (6,261) (5,170 ) (6,261)
Other financial results -
Exchange rate differences 23,410 (20,295) Impairment and gains or losses on disposal of financial instruments 12 3
23,422 (20,292)
Exposure to exchange rate risk as shown in Note 9 explains the quantity recorded under "Other financial results
- Exchange rate differences" in the consolidated profit and loss statement, which arises from exchange rate variations in the currencies in which the Group operates, which, as shown above, can be significant.
Interrupted operations
As part of the divestment plan undertaken by the Group in previous financial years, the disposal of all energy assets whose activity focused on the sale of energy was completed during financial year 2025; these assets would have been classified as “Non -current assets hel d for sale” according of IFRS 5. As a result of said divestment, as of December 31, 2025 and June 30, 2026, there were no amounts classified on the headings “Non -current assets held for sale” or “Liabilities associated with non -current assets held for sale ”.
37 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
In accordance with the aforementioned IFRS 5, the activities carried out by the companies being sold were presented amongst the comparative information for the six -month period ended June 30, 2025 as discontinued activities, since they basically represent all the operations and cash flows of the Group in said segment and were distinguishable from the rest of the Group’s activities.
In the six -month period ended June 30, 2026 the Group did not register profit or loss nor cash flows belonging to discontinued operations. However, the consolidated interim profit and loss statement and the consolidated interim cash flow include the compar ative information as of June 30, 2025, in which the impact derived from said operations is reflected.
The detail of the impact registered in the comparative information of the consolidated interim profit and loss statement is as follows:
Thousand euros
30.06.2026 30.06.2025
Negev Energy – Ashalim Thermosolar - (1.406) Complejo Solar Las Ánimas y Versalles de las Cuatas - (4.976) Avant Energy Suministro - (960)
PROFIT FOR THE YEAR FROM D ISCONTINUED OPERATIONS - (7.342)
In the comparative consolidated interim cash flow statement as of June 30, 2025, said operations resulted in cash flows from operating activities for a total value of 3,599 thousand euros and negative cash flows from financing activities amounting to 4,306 thousand euros, resulting in a net decrease in cash and cash equivalents of 707 thousand euros. In the six -month period ended June 30, 2026, no cash flows associated with discontinued operations were registered.
Consequently, as of June 30, 2026 there are no assets or liabilities classified as held for sale, nor any results or cash flows arising from discontinued operations for the current period. Amoun ts receivables arising from the sales carried out in 2025 are included, where applicable, under the heading “ Sundry debtors ”, see Note 10, without this implying the existence of non -current assets held for sale nor liabilities linked to them.
17. Related -party balances and transactions Related -party transactions Operations during the six -month periods ended June 30, 2026, and 2025 with non -consolidated related companies and/or associated are not relevant. Additionally, some of the members of the Board of Directors of the Parent Company have leased a facility (see Note 7). The Group receives revenues for an amount of 90 thousand euros per year, in virtue of contracts executed under market conditions.
38 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
Balances with related companies Below are the details of the balances in the consolidated balance sheet with related companies as of June 30, 2026, and December 31, 2025:
Thousand euros
30.06.2026 31.12.2025
Long -term loans to associates -
TUC Altiplano Solar Gensun TSK - 864
- 864
Clients, Group companies and associates -
TUC Altiplano Solar Gensun TSK - 1,570 Servicios de Montaje y Mantenimiento TSK ISASTUR, S.L. 205 -
205 1,570
Debtor current accounts with associates -
Altiplano Solar Gensun TSK, S.A.S. 3,102 2,655 Servicios de Montaje y Mantenimiento TSK ISASTUR, S.L. 1,906 -
TUC Altiplano Solar Gensun TSK 6,366 -
11,374 2,655
Advances from customers TUC Altiplano Solar Gensun TSK - 85
- 85
In addition, as a result of the transactions with the members of the Board of Directors reported in this Note, there are outstanding balances amounting to 110 thousand euros at the end of 2025 (63 thousand euros at December 31, 2025).
18. Other information Information on the Directors At the end of the accounting period ending June 30, 2026, neither the Board members of the Parent Company nor the people related to them, as defined in the Law on Corporations, have communicated to the other board members any direct or indirect conflict si tuations they may have with the Group interest.
Remunerations to the Board of Directors and to Senior Management During the 2026 financial year, the members of the Board of Directors of the Parent Company received remuneration of €74 thousand for the exercise of their duties as Group Directors, in addition to the remuneration received in respect of salaries and wages , amounting to €227 thousand. The total amount of remuneration received by the Parent's executives during the financial years 2026 and 2025 amounted to €1,064 thousand and €906 thousand, respectively.
On the other hand, the remunerations received during the first semester of financial years 2026 and 202 5 by Senior Management, as wages and salaries, amounted to 1,064 and 906 thousand euros, respectively.
Sales commitments
As of June 30, 2026, the Group has performance obligations related to the EPC contracts which it executes , amounting to 1,254,091 thousand euros and will be materiali sed in the period 2026 -2028.
39 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence ove r this translation.
19. Guarantees provided to third parties As of the end of the periods ended June 30, 2026, and December 31, 2025, the Group had been granted by several financial institutions certain guarantees to warrant compliance, where relevant, of the obligations or commitments made with different clients, O fficial Institutions and other third parties:
Thousand euros
30.06.2026 31.12.2025
Technical guarantee of execution of works 104,236 80,139 Absolute compliance 555,504 528,105 Advances from customers 19,651 31,522 Refundable advances and subsidies 3,109 3,191 Tender 861 -
683,361 642,957
In 2021, Group TSK made an arrangement with certain financial entities for the grant of a guaranteed syndicated facility amounting to 520,480 thousand euros, with two allotments, one amounting 180,254 thousand euros and 340,226 thousand euros. The latter has a 50% cover from the ECESB. Additionally, in May 2025, the aforementioned line was extended with a third tranche in the amount of 48,200 thousand euros, adding a limit of 568,680 thousand euros in relation to the aforementioned line. This syndicated guarantee facility was initially extended through January 2026, and subsequently to January 2027, with the option to extend it to January 2028 upon fulfillment of certain conditions that, as of the date of preparation of these condensed consolidated interim financial statements , have been met. The aforementioned guideline requires compliance with a series of financial ratios based on parameters defined in the agreement itself, such as “Net Financial Debt,” “Gross Financial Debt,” “Financial Results,” “EBITDA,” “Equity,” and “CAP EX,” which do not strictly correspond to those presented in the consolidated annual accounts because their definitions exclude certain items that differ from the classification used for presentation in the financial statements. The directors of the parent company believe that there will be no breaches as of the review date of the conditions set forth in the guaranteed agreements, based on forecasts regarding the relevant metrics and the favorable assessment of those conditions on previous review dates.
In addition, the Group maintains a line of credit for guarantees with a specific financial institution in the amount of 30 million euros, intended to cover guarantee requirements associated with the execution of projects.
On the other hand, there are guarantees granted to customers that are not included in the aforementioned syndicated line, most of which are pre -existent and, with some exceptions, do not have agreed limits.
The guarantees provided are mostly to guarantee the excellent purpose of implementing the contracted projects, estimating that the liabilities could be, where applicable , significant.
20. Events after the reporting period From the end of the fiscal year through the date of preparation of these condensed consolidated interim financial statements, the following subsequent events are noteworthy:
As of July 2026, the Group has received 82 million US dollars , or 71,876 thousand euros, valued at the closing exchange rate for the period, as repayment of the financing provided by the Company to Avanzalia Solar S.L.
(see Note 8). The remaining amount, which bears interest at 5% per annum, matures prior to the end of June 2027 and is backed by collateral.
40 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report take s precedence over this translation.
APPENDIX I
Subsidiaries, joint ventures and associates as of 30.6.2026 and
31.12.2025 Effective
participation Main activity Registered office Subsidiaries (full consolidation method) -
PHB -Weserhütte , S.A.U. 100% Studies, projects and industrial installations Spain Ingeniería de Manutención Asturiana, S.A. 100% Studies, projects and mechanical and industrial installations Spain Ingeniería Franco Española Omega, S.L. 100% Business activities of engineering, roads and ports Spain Estudios y Energías Renovables, S.A. 100% Study, use and exploitation of natural resources Spain TSK Sustainability Technologies Center, S.L. 100% Research, development and innovation Spain Energy Financing Company 1, S.L. 100% Activities of holding companies Spain Energy Financing Company 2, S.L. 100% Activities of holding companies Spain Capella Solar TSK Gensun, S.L. 65% Studies, projects and industrial installations. Design and construction of thermosolar energy plants Spain TSK Flagsol Engineering GmbH 100% Design and construction of thermosolar energy plants Germany TSK USA Corp 100% Production of photovoltaic and thermosolar plants United States INGEMAS México Servicios, S.A. de C.V. 100% Photovoltaic energy production and distribution Mexico TSK Puerto Rico, Corporación 100% Photovoltaic energy production and distribution United States Ingemas México, S.A. de C.V. 100% Photovoltaic energy production and distribution Mexico TSK Moçambique, Limitada 100% Gas engine plant production Mozambique TSK Saudi Arabia Company LTD 100% Electricity works and energy conversion and generation plants Saudi Arabia TSK Ltd Egypt 98% Execution and maintenance of energy plants on a turnkey basis (industrial plants, energy plants, renewable energy and install ations related to the environment) Egypt TSK Energía Honduras SA de CV 100% Maintenance and exploitation of environmental systems Honduras TSK Chile 100% Studies and assistance of all type of energy industry plant facilities Chile Estudios y Explotación de Recursos, S.A.U. Israel Ltd. 100% Photovoltaic energy production and distribution Israel TSK SADC PTY Ltd (South Africa) 100% Engineering and industry construction services South Africa TSK República Dominicana, S.R.L. 100% Design and construction of thermosolar energy plants. Construction of the facilities for a wind farm Dominican Republic TSK Muscat, L.L.C. 70% Construction of the facilities for a wind farm Oman TSK Ingeniería y Construcción, S.A. 100% Studies, projects and industrial installations. Design and construction of thermosolar energy plants. Argentina TSK Panamá, S.A. 100% Studies, projects and industrial installations Panama TSK El Salvador 100% Construction of facilities and plants related to all types of energy El Salvador Capella Solar Gensun El Salvador S.A. de C.V. 65% Studies, projects and industrial installations. Design and construction of thermosolar energy plants El Salvador TSK Togo 100% Studies, projects and industrial installations. Design and construction of thermosolar energy plants Togo Construction et Montage Du Maroc 100% Studies, projects and industrial installations. Design and construction of thermosolar energy plants Morocco TSK Power & Industry Dubai 100% Studies, projects and industrial installations. Design and construction of thermosolar energy plants United Arab Emirates TSK Tanzania, LTD 100% Studies and assistance of all type of energy industry plant facilities Tanzania TSK Electrónica y Electricidad UK LLC 100% Photovoltaic energy production and distribution United Kingdom Powersun Solutions, Ltd. 70% Photovoltaic energy production and distribution Portugal TSK Energía Puerto Rico, LLC 100% Design and construction of energy plants United States Ben Ban O&M TSK - Enviromena 100% Operating and maintenance installation activities Egypt Solar Pro Holdings Limited 100% Facility and thermosolar plant construction United Arab Emirates Joint operations (proportional method) -
O&M Ressano, Lda. 50% Maintenance of industry plants Mozambique Powertecno Energía Mexicana S de RL de C 50% Photovoltaic energy production and distribution Mexico Solel Aben EPC Ashalim, L.P. 32% Facility and thermosolar plant construction Israel Associated companies (integration method: equity method) -
K2018266896 (Greefspan EPC) 30% Studies, projects and industrial installations South Africa GREEFSPAN II OM (PTY) LTD 30% Operating and maintenance installation activities South Africa Bokpoort EPC Consortium 30% Photovoltaic energy production and distribution South Africa PV Services El Salvador, S.A. de C.V. 50% Maintenance of industry plants El Salvador Ouarzate Solar 1, SALR 38% Photovoltaic energy production and distribution Morocco Servicios de Montaje y Mantenimiento TSK ISASTUR, S.L. 60% Maintenance of industry plants Spain
41 This version of the consolidated summarised interim financial statements is a free translation from the original, which was p repared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report take s precedence over this translation.
APPENDI X II
Temporary Unions of Companies and Joint Ventures as of June 30, 2026, and December 31, 2025 Effective participation Main activity Registered office
TUC Ashuganj North 50% T. Combined -cycle plant Ashuganj -Bangladesh Spain TUC Bokpoort 30% Thermosolar plant of 50 MW in Bokpoort (South Africa) Spain TUC Ouarzazate 37.5% Thermosolar plant of 160 MW in Ouarzazate (Morocco) Spain TUC Bloque 4 60% ArcelorMittal -Asturias Electrical installations Spain TUC Consortium 100% Tocoma substation and extension of the Guyana substation in Venezuela Spain TUC Cumana 100% 340 Mw thermoelectric plant Cumaná -(Venezuela) Spain TUC Jordan 50% Restoration and extension of the industrial terminal of the south port of AQABA, Jordan Spain TUC TAM 50% Mechanisation project of South quay vessels in the harbour of Cartagena, Spain Spain TUC Fibratel 50% Construction and equipment for the information technology room, Spain Spain TUC Gonzalez Ortega 50% Combined cycle in Mexico Spain TUC, San Luis del Rio Colorado 50% Combined cycle in Mexico Spain TUC Valladolid 50% Combined cycle in Mexico Spain TUC Merida 50% Combined cycle in Mexico Spain TUC TSK Insistel 60% System control migration work, Spain Spain SB-INGEMAS EPC D2025 LIMITED PARTNERSHIP 50% Combined Cycle in Israel Israel
42 TSK Electrónica y Electricidad, S.A. and
Subsidiary Companies
Consolidated Interim Management Report corresponding to the six -month p eriod ended June 30, 2026 1. Business evolution in the period During the first semester of 2026, Group TSK continued to carry out its ordinary business operations in its two main segments: Energy Transition and Digitali sation and Handling & Mining. Operations remained focused on the execution of industrial, energy, electrical infrastructure, renewable energy, data center, interconnection system s, and material handling and mining projects, according to the business structure described in the consolidated summarised interim financial statements.
Operating revenue totaled 480,558 thousand euros, compared to 463,948 thousand euros in the same period of the prior year, representing an increase of approximately 3.6%, which reflects the continued execution of the project portfolio.
When talking about segments, Energy Transition and Digitalisation still represented the most substantial part of the Group’s activity, with a gross operating revenue of 423,185 thousand euros, while Handling & Mining registered an operating revenue of 57,7 72 thousand euros, practically duplication the figure for the comparable period. Geographically, the activity continued to be concentrated mainly outside the domestic market, with Norh America, Europe and Asia standing out as key revenue -generating regions .
EBITDA reached 44,514 thousand euros, compared to 28,939 thousand euros in the first half of 2025, which represents an increase of approximately 53.8%. This improvement is mainly explained due to the favorable evolution of the margin of the projects in execution, the highest relative weight of certain activities, the improvements on the Handling & Mining segment and the lowest incidence of relevant deviations in projects that had affected previous years.
Operating income reached 38,589 thousand euros, as opposed to 30,154 thousand euros in the first semester of 2025. Meanwhile, financial income was positive, totaling 19,999 thousand euros, while in the precedent year the financial result was negative, for a total amount of 24,579 thousand euros, driven by a reduction in net financial expenses and the favorable evolution of other financial results, fundamentally linked to exchange rate differences.
As a consequence of all the above, profit before taxes stood at 58,588 thousand euros, compared to 5,575 thousand euros in the first half of 2025, and consolidated profit of the semester amounted to 44,808 thousand euros. The results attributable to the Parent Company were 44,806 thousand euros, with basic and diluted earnings per share of 0.48 euros.
From a management perspective, the firs t semester confirms the consolidation of the improvement of the margins, the significant reduction of financial risk and the continuity of a project portfolio with pluriannual visibility. These elements allow for a positive evaluation of the period, notwithstanding the inherent exposure associated with long -term turn -key contracts, international operations, foreign currency, supply of critical equipment, regulatory developments and financial conditions of the markets in which the Group operates on.
2. Financial and net worth status As of June 30, 2026 , total consolidated assets amounted to 1,078,624 thousand euros, against 1,046,527 thousand euros as of December 31, 2025. The assets’ structure is still characteri sed by a significant weight of current assets, mainly due to trade receivables and other accounts receivables, short -term financial investments and other equivalent liquid assets.
Consolidated equity strengthened significantly during the period as a consequence of the positive result of the
43 semester and, especially, the capital increase carried out as part of the parent company’s listing process. On May 13, 2026, a capital increase was executed through the issuance of 29,702,970 new common shares, each with a par value of 0.02 euros, at an issue price of 5.05 euros per share, for a total gross amount of 150,000 thousand euros. In addition, the over -allotment option was exercised in f ull, for an additional gross amount of 22,500 thousand euros, bringing the total gross amount of the transaction to 172,500 thousand euros.
The improvement in results for the period has been accompanied by a favorable trend in the Group’s financial and liquidity position. In this regard, operating cash flow generation, together with the funds obtained through the capital increase carried out i n connection with the admission to trading of the parent co mpany’s shares, have contributed to the strengthening of the financial structure and to a significant improvement of working capital as of the end of the previous economic year.
Total gross financial debt stood at 253,699 thousand euros at the end of the first half of the year, compared to 319,830 thousand euros at the end of 2025. Cash and other cash equivalents totaled 261,633 thousand euros, compared to 157,909 thousand euros a t the end of the previous fiscal year. As a result, the Group reported a net cash position as of June 30, 2026, taking into account total gross financial debt and cash and other cash equivalents.
The improvement in the financial structure is attributable to a combination of cash generation during the period, the reduction of certain sources of bank financing, the restructuring of maturities, and the inflow of funds resulting from the listing proces s. Furthermore, the Group maintains credit lines and commercial paper programs that enable it to dynamically manage its liquidity, working capital, and guarantee requirements associated with project execution.
Cash flows from operating activities were positive in the amount of 4,101 thousand euros, compared to an outflow of 63,107 thousand euros in the first half of 2025. This trend represents a significant improvement and should be interpreted in light of the c ollection and payment dynamics inherent in comprehensive projects, the certification schedule, customer advance payments, and post -closing collections.
After the closing date, the Group collected in July, 2026 a total amount of 82 million dollars, equivalent to 71,876 thousand euros valued at the closing exchange rate, as a repayment of the financing conceded to Avanzalia Solar, S.L. This collection is a relevant event after the reporting period; it reduces the financial exposure and additionally reinforces the liquidity position of the Group for the second half of the year.
3. Main risks and uncertainties The main risks and uncertainties to which the Group is exposed are those described in the note on financial risk management in the summarised consolidated interim financial statements, Note 9. These include credit risk, liquidity risk, foreign exchange risk, commodity price risk, interest rate risk, contract execution timing risk, and environmental risks —both transition and physical.
The Group maintains policies and procedures for monitoring and managing these risks, under the supervision of the Finance Department and the relevant governing bodies. In particular, prudent liquidity management, geographic and customer diversification, pe riodic review of the credit quality of outstanding receivables, natural foreign exchange hedging in numerous contracts, and ongoing monitoring of project budgets constitute key mitigation measures.
However, given the very nature of the projects carried out by the Group, it cannot be ruled out that developments in financial markets, foreign exchange rates, commodity prices, applicable regulations, or project timelines may have an impact in future peri ods.
4. Relevant events of the period As of May 13, 2026, the parent company concluded the process of admission to the Spanish stock market. On said date, a capital increase was carried out through the issuance of 29,702,970 new common shares, each with a par value of 0.02 euros, at an issue price of 5.05 euros per share, for a total gross amount of 150,000 thousand euros.
44 In addition, the transaction included an over -allotment option for up to 4,455,445 additional shares, which was exercised in full, for an additional gross amount of 22,500 thousand euros. As a result, the total number of new shares issued amounted to 34,15 8,415 shares, for a total gross amount of 172,500 thousand euros, of which 683 thousand euros corresponded to share capital and 171,817 thousand euros to the share premium.
The parent company’s shares were admitted to trading on the Spanish stock exchanges and began trading on the Continuous Market under the ticker symbol “TSK” . This transaction is part of the Group’s strategy to strengthen its capital structure, improve its financial flexibility, and support its growth plan.
During the first semester of 2026, the stock price reached a high of 7.76 euros per share and closed the period at 7.25 euros per share, remaining above the initial public offering price of 5.05 euros per share. As of June 30, 2026, the market capitalisati on stood at 868 million euros.
5. Events after closing date After the closing date of the period and up until the date of formulation of the summarised consolidated interim financial statements, the Group collected, in July 2026, 82 million dollars, equivalent to 71,876 thousand euros valued at the closing exchange rate, as a repayment of the financi ng conceded to Avanzalia Solar, S.L. The remaining amount accrues interests at a yearly 5% rate, has a due date prior to the closing date of June 2027 and it is backed by guarantees.
This after closing date event strengthens the liquidity position of the Group and confirms the materialisation of a relevant collection associated with project financing.
No other significant events after closing date that should be mentioned in this report apart from those described in the summarised consolidated interim financial statements have been identified.
6. Perspectives
During the first semester of 2026, the Group continued to strengthen its commercial activity by securing new contracts and agreements in strategic markets linked to the energy transition, digitali sation, and industrial activity. Among the most significant projects are various energy and industrial initiatives in the United States, the Middle East, and Europe, which help enhance the visibility of future activity and support the quality and sustainabil ity of the contracted portfolio.
The portfolio of performance obligations related to EPC contracts totaled 1,254,091 thousand euros at the end of the period, with completion expected between 2026 and 2028. This portfolio serves as a key benchmark for assessing the visibility of future rev enues, planning technical and human resources, managing procurement and subcontracting, utili sing sureties and guarantees, and determining the working capital requirements associated with each project.
From a management perspective, the portfolio should not be analy sed solely based on its aggregate amount, but also on its composition, execution schedule, degree of maturity, contractual risk profile, geographic location, currency denomination, financing requirements, and expected margin. The conversion of the portfolio into revenue and earnings will depend on the achievement of contractual milestones, the availability of critical supplies, coordination with clients and suppliers, and the Group’s ability to maintain budgeted margins through out the project’s life cycle.
The Group continues to prioriti se the selective contracting of projects in which it can contribute distinctive capabilities in engineering, execution management, technological expertise, and international experience. This approach aims to avoid growth based exclusively on volume and to f oster a portfolio that combines visibility, profitability, client credit quality, geographic balance, and control of execution risk.
Management priorities for the second half of the year focus on maintaining discipline in project execution, protecting the contribution margin, strengthening the conversion of earnings into cash, optimizing the use of credit lines and guarantees, and conso lidating the Group’s commercial positioning in markets with structural demand for investment in energy infrastructure, digitali sation, networks, data centers, critical raw materials,
45 and highly complex industrial solutions.
The outlook should be assessed in light of the macroeconomic, financial, regulatory, and geopolitical context of the markets in which the Group operates on, as well as trends in interest rates, foreign exchange rates, commodity prices, and project timelines. Based on the information available as of the date of this report, the Directors believe that the Group maintains an adequate financial structure to supp ort the ordinary course of its operations. However, as a publicly traded company, the Group considers it particularly important that the management report enable s the reader to understand not only the figures presented, but also the key business factors driving its performance, the risks that could affect future periods, and the drivers of value creation in the medium term.
The Group keeps a solid competitive position in the markets where it develops its activity and continues to look for growth opportunities associated with the investment in energy infrastructures, electrification, digitalisation and advanced industry. The e xistent portfolio and the commercial activity developed during the semester provide an adequate base of visibility to face the next periods with favorable expectations of activity.
7. Other information The operations with related parties carried out during the period were not significant, notwithstanding the information included on the summarised consolidated interim financial statements.
The average workforce of the Group amounts to 1,535 and 1,699 as of June 30, 2026 and 2025, respectively.
Likewise, at the close of the period, no variations in the consolidation perimeter nor significant changes in the accounting criteria applied with respect to those used in the consolidated accounts of financial year 2025 took place.