Informe semestral en inglés

1st HALF-YEARL Y FINANCIAL REPORT FOR FINANCIAL YEAR 2026

REPORTING DATE

Explanation of the main modifications with respect to the previously released periodic information:Registered Address: San Andrés, Nº 143, 4º, La Coruña Tax Identification

A70611538

II. SUPPLEMENTARY INFORMATION TO PREVIOUSLY RELEASED PERIODIC INFORMATION

AnnexGENERALANNEX I

I. IDENTIFICATION DATA

Registered Company Name: ECOENER, S.A.30/06/2026

CURRENT P.

30/06/2026CURRENT P.

31/12/2025

A) NON-CURRENT ASSETS 0040 311.330 304.668

1. Intangible assets: 0030 988 1.058 a) Goodwill 0031 - -

b) Other intangible assets 0032 988 1.058 2. Property. plant and equipment 0033 2.589 2.670 3. Investment property 0034 -

4. Long-term investments in group companies and associates 0035 302.704 297.045 5. Long-term financial investments 0036 471 1.052 6. Deferred tax assets 0037 4.578 2.843 7. Other non-current assets 0038 - -

B) CURRENT ASSETS 0085 45.602 34.569

1. Non-current assets held for sale 0050 - -

2. Inventories 0055 - -

3. Trade and other receivables: 0060 20.938 18.008 a) Trade receivables 0061 20.683 14.850 b) Other receivables 0062 255 3.158 c) Current tax assets 0063 - -

4. Short-term investments in group companies and associates 0064 14.738 10.776 5. Short-term financial investments 0070 94 157 6. Prepayments for current assets 0071 518 162 7. Cash and cash equivalents 0072 9.314 5.466

TOTAL ASSETS (A + B) 0100 356.932 339.237

CommentsIV. SELECTED FINANCIAL INFORMATION

1. INDIVIDUAL BALANCE SHEET (PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS)

Units: Thousand euros

ASSETS

CURRENT P.

30/06/2026CURRENT P.

31/12/2025

A) EQUITY (A.1 + A.2 + A.3) 0195 158.317 156.384

A.1) CAPITAL AND RESERVES 0180 158.317 156.384

1. Capital: 0171 18.224 18.224 a) Registered capital 0161 18.224 18.224 b) Less: Uncalled capital 0162 - -

2. Share premium 0172 99.326 99.326 3. Reserves 0173 32.313 30.596 4. Own shares and equity holdings 0174 (112) (52) 5. Prior periods’ profit and loss 0178 - -

6. Other shareholder contributions 0179 6.573 6.573 7. Profit (loss) for the period 0175 1.993 1.717 8. Less: Interim dividend 0176 - -

9. Other equity instruments 0177 - -

A.2) VALUATION ADJUSTMENTS 0188 - -

1. Available-for-sale financial assets 0181 - -

2. Hedging transactions 0182 - -

3. Other 0183 - -

A.3) GRANTS, DONATIONS AND BEQUESTS RECEIVED 0194 - -

B) NON-CURRENT LIABILITIES 0120 107.732 61.269

1. Long-term provisions 0115 222 210 2. Long-term debts: 0116 88.482 47.165 a) Debt with financial institutions and bonds and other marketable securities 0131 42.487 42.487 b) Other financial liabilities 0132 45.995 4.678 3. Long-term payables to group companies and associates 0117 19.028 13.894 4. Deferred tax liabilities 0118 - -

5. Other non-current liabilities 0135 - -

6. Long-term accrual accounts 0119 - -

C) CURRENT LIABILITIES 0130 90.883 121.584

1. Liabilities associated with non-current assets held for sale 0121 - -

2. Short-term provisions 0122 - -

3. Short-term debts: 0123 85.255 116.391 a) Bank borrowings and bonds and other negotiable securities 0133 13.643 29.028 b) Other financial liabilities 0134 71.612 87.363 4. Short-term payables to group companies and associates 0129 2.343 4.033 5. Trade and other payables: 0124 3.285 1.160 a) Suppliers 0125 286 69 b) Other payables 0126 2.999 1.091 c) Current tax liabilities 0127 - -

6. Other current liabilities 0136 - -

7. Current accrual accounts 0128 - -

TOTAL EQUITY AND LIABILITIES (A + B + C) 0200 356.932 339.237 IV. SELECTED FINANCIAL INFORMATION

1. INDIVIDUAL BALANCE SHEET (PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS) (2/2)

Units: Thousand euros

EQUITY AND LIABILITIES

Comments

PRESENT CURR.

PERIOD

(2nd HALF YEAR)PREVIOUS CURR.

PERIOD

(2nd HALF YEAR)CURRENT

CUMULATIVE

30/06/2026PREVIOUS

CUMULATIVE

30/06/2025

Amount Amount Amount Amount (+) Revenue 0205 - - 9.430 13.134 (+/-)Change in inventories of finished products and work in progress0206- - - -

(+) Own work capitalised 0207 - - - -

(-) Supplies 0208 - - - -

(+) Other operating revenue 0209 - - 12 18 (-) Personnel expenses 0217 - - (2.247) (2.588) (-) Other operating expenses 0210 - - (2.807) (3.443) (-) Depreciation and amortisation charge 0211 - - (183) (123) (+)Allocation of grants for non-financial assets and other grants0212- - - -

(+) Reversal of provisions 0213 - - - -

(+/-)Impairment and gain (loss) on disposal of fixed assets0214- - - -

(+/-) Other profit (loss) 0215 - - (3) (11)

= OPERATING PROFIT (LOSS) 0245 - - 4.202 6.987

(+)Finance income 0250 - - 87 4 (-)Finance costs 0251 - - (4.914) (5.282) (+/-) Changes in fair value of financial instruments 0252 - - - -

(+/-) Exchange differences 0254 - - 49 (1.934) (+/-)Impairment and gain (loss) on disposal of financial instruments0255- - 694 (1)

= NET FINANCE INCOME (COSTS) 0256 - - (4.084) (7.213)

= PROFIT (LOSS) BEFORE TAX 0265 - - 118 (226)

(+/-) (Expense) Income tax expense 0270 - - 1.875 1.466

= PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING 0280 - - 1.993 1.240

(+/-) Profit (loss) from discontinued operations. net of tax 0285 - - - -

= PROFIT (LOSS) FOR THE PERIOD 0300 - - 1.993 1.240

PRESENT CURR.

PERIOD

(2nd HALF YEAR)PREVIOUS CURR.

PERIOD

(2nd HALF YEAR)CURRENT

CUMULATIVE

30/06/2026PREVIOUS

CUMULATIVE

30/06/2025

0290 - - 0,04 0,02

0295 - - 0,04 0,02IV. SELECTED FINANCIAL INFORMATION

2. INDIVIDUAL PROFIT AND LOSS ACCOUNT

Units: Thousand euros

Diluted

CommentsEARNINGS PER SHARE

Basic

CURRENT PERIOD

30/06/2026PREVIOUS PERIOD

30/06/2025

A) PROFIT (LOSS) FOR THE PERIOD (from the profit and loss 0305 1.993 1.240

B) INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY 0310 - -

1. From measurement of financial instruments: 0320 - -

a) Available-for-sale financial assets 0321 - -

b) Other income/(expenses) 0323 - -

2. From cash flow hedges 0330 - -

3. Grants. donations and bequests received 0340 - -

4. From actuarial gains and losses and other adjustments 0344 - -

5. Other income and expense recognised directly in equity 0343 - -

6. Tax effect 0345 - -

C) TRANSFERS TO PROFIT OR LOSS 0350 - -

1. From measurement of financial instruments: 0355 - -

a) Available-for-sale financial assets 0356 - -

b) Other income/(expenses) 0358 - -

2. From cash flow hedges 0360 - -

3. Grants, donations and bequests received 0366 - -

4. Other income and expense recognised directly in equity 0365 - -

5. Tax effect 0370 - -

TOTAL RECOGNISED INCOME/(EXPENSE) (A + B + C) 0400 1.993 1.240

CommentsIV. SELECTED FINANCIAL INFORMATION

3. INDIVIDUAL STATEMENT OF CHANGES IN EQUITY

A. INDIVIDUAL STATEMENT OF RECOGNISED INCOME AND EXPENSE

Units: Thousand euros

Units: Thousand euros

CURRENT PERIOD

CapitalShare

premium and

Reserves Treasury

stockProfit (loss)

for the periodOther equity

instruments

Closing balance at 31/12/2025 3010 18.224 129.922 (52) 1.717 6.573 - - 156.384 Adjustments for changes in accounting policy 3011 - - - - - - - -

Adjustment for errors 3012 - - - - - - - -

Adjusted opening balance 3015 18.224 129.922 (52) 1.717 6.573 - - 156.384 I. Total recognised income/(expense) 3020 - - - 1.993 - - - 1.993 II. Transactions with shareholders or owners 3025 - - (60) - - - - (60) 1. Capital increases/ (reductions) 3026 - - - - - - - -

2. Conversion of financial liabilities into equity 3027 - - - - - - - -

3. Distribution of dividends 3028 - - - - - - - -

4. Net trading with treasury stock 3029 - (60) - - - - (60) 5. Increases/ (reductions) for business 3030 - - - - - - - -

6. Other transactions with shareholders or owners 3032 - - - - - - - -

III. Other changes in equity 3035 - 1.717 - (1.717) - - - -

1. Equity-settled share-based payment 3036 - - - - - - - -

2. Transfers between equity accounts 3037 - 1.717 - (1.717) - - - -

3. Other changes 3038 - - - - - - - -

Closing balance at 30/06/2026 3040 18.224 131.639 (112) 1.993 6.573 - - 158.317

CommentsIV. SELECTED FINANCIAL INFORMATION

3. INDIVIDUAL STATEMENT OF CHANGES IN EQUITY

B. INDIVIDUAL STATEMENT OF TOTAL CHANGES IN EQUITY (1/2)

(PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS)

Capital and reserves

Valuation

adjustmentsGrants.

donations

and

bequests

received Total equity

Units: Thousand euros

PREVIOUS PERIOD

CapitalShare

premium and

ReservesTreasury

stockProfit (loss)

for the periodOther equity

instruments

Closing balance at 31/12/2024 3010 18.224 127.559 (66) 7.362 1.575 - - 154.654 Adjustments for changes in accounting policy 3011 - - - - - - - -

Adjustment for errors 3012 - - - - - - - -

Adjusted opening balance 3015 18.224 127.559 (66) 7.362 1.575 - - 154.654 I. Total recognised income/(expense) 3020 - - - 1.240 - - - 1.240 II. Transactions with shareholders or owners 3025 - (1) (8) - - - - (9) 1. Capital increases/ (reductions) 3026 - - - - - - - -

2. Conversion of financial liabilities into equity 3027 - - - - - - - -

3. Distribution of dividends 3028 - - - - - - - -

4. Net trading with treasury stock 3029 - (1) (8) - - - - (9) 5. Increases/ (reductions) for business combinations 3030 - - - - - - - -

6. Other transactions with shareholders or owners 3032 - - - - - - - -

III. Other changes in equity 3035 - 2.364 - (7.362) 4.998 - - -

1. Equity-settled share-based payment 3036 - - - - - - - -

2. Transfers between equity accounts 3037 - 2.364 - (7.362) 4.998 - - -

3. Other changes 3038 - - - - - - - -

Closing balance at 30/06/2025 3040 18.224 129.922 (74) 1.240 6.573 - - 155.885

CommentsIV. SELECTED FINANCIAL INFORMATION

3. INDIVIDUAL STATEMENT OF CHANGES IN EQUITY

B. INDIVIDUAL STATEMENT OF TOTAL CHANGES IN EQUITY (2/2)

Capital and reserves

Valuation

adjustmentsGrants,

donations

and bequests

received Total equity

CURRENT

PERIOD

30/06/2026PREVIOUS

PERIOD

30/06/2025

CASH FLOWS FROM OPERATING ACTIVITIES (1 + 2 + 3 + 4) 0435 (8.450) (3.711)

Profit (loss) before tax 0405 118 (226) Adjustments to profit (loss): 0410 (345) 739 Depreciation and amortisation charge 0411 183 123 Other net adjustments to profit (loss) 0412 (528) 616 Changes in working capital 0415 (4.210) (1.398) Other cash flows from operating activities: 0420 (4.013) (2.826) Interest paid 0421 (4.634) (4.697) Dividends received 0422 615 1.850 Interest received 0423 87 4 Income tax recovered/(paid) 0430 (81) 17 Other sums received/(paid) from operating activities 0425 - -

CASH FLOWS FROM INVESTING ACTIVITIES (1 + 2) 0460 (983) (3.653)

Payments for investments: 0440 (7.575) (45.664) Group companies, associates and business units 0441 (7.400) (42.652) Property, plant and equipment, intangible assets and investment property 0442 (33) (1.210) Other financial assets 0443 60 (1.802) Non-current assets and liabilities classified as held-for-sale 0459 - -

Other assets 0444 (202) -

Proceeds from sale of investments 0450 6.592 42.011 Group companies, associates and business units 0451 5.794 41.985 Property, plant and equipment, intangible assets and investment property 0452 - -

Other financial assets 0453 798 26 Non-current assets and liabilities classified as held-for-sale 0461 - -

Other assets 0454 - -

CASH FLOWS FROM FINANCING ACTIVITIES (1 + 2 + 3) 0490 13.285 8.232

Sums received/(paid) in respect of equity instruments 0470 (60) 28 Issuance 0471 - -

Redemption 0472 - -

Acquisition 0473 (289) (292) Disposal 0474 229 320 Grants. donations and bequests received 0475 - -

Sums received/(paid) in respect of financial liability instruments: 0480 13.345 8.204 Issuance 0481 98.524 59.190 Repayment and redemption 0482 (85.179) (50.986) Payment of dividends and remuneration on other equity instruments 0485 - -

EFFECT OF FOREIGN EXCHANGE RATE CHANGES 0492 (4) (1.576)

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C

0495 3.848 (708)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 0499 5.466 6.453

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (E + F) 0500 9.314 5.745

CURRENT

PERIOD CURRENT PERIOD

30/06/2025

(+) 0550 9.314 5.745 (+) 0552 - -

(-) 0553 - -

0600 9.314 5.745 E)

F)

TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

CommentsG)

COMPONENTS OF CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

Cash on hand and at banks Other financial assets Less: Bank overdrafts repayable on demand2.

(+) (-)

3.

D)(+)

(-) (-)

(+)

(+)(+)

(+) (+)

C)

1.(-)

(-) 2.

(+)

(+)B)

1.

(-) (-)

(-)(-)

(+) (+)

(+/-)

(+/-)2.

(+)

(+/-)

3.

4.IV. SELECTED FINANCIAL INFORMATION

4. INDIVIDUAL STATEMENT OF CASH FLOWS

Units: Thousand euros A) 1.

CURRENT P.

30/06/2026CURRENT P.

31/12/2025

A) NON-CURRENT ASSETS 1040 788.639 759.006

1. Intangible assets: 1030 21.046 20.962 a) Goodwill 1031 3.905 3.905 b) Other intangible assets 1032 17.141 17.057 2.Property, plant and equipment 1033 695.695 671.174 3. Investment property 1034 - -

4.Investments accounted for using the equity method 1035 4.258 4.258 5. Non-current financial assets 1036 825 1.460 a) At fair value through profit or loss 1047 - -

Of which, “Designated upon initial recognition” 1041 - -

b) At fair value through other comprehensive income 1042 - -

Of which, “Designated upon initial recognition” 1043 - -

c) At amortised cost 1044 825 1.460 6. Non-current derivatives 1039 - -

a) Hedging 1045 - -

b) Other 1046 - -

7. Deferred tax assets 1037 53.649 48.570 8. Other non-current assets 1038 13.166 12.582

B) CURRENT ASSETS 1085 146.737 137.574

1. Non-current assets held for sale 1050 -

2. Inventories 1055 73 4.792 3. Trade and other receivables: 1060 49.207 43.954 a) Trade receivables 1061 18.414 12.657 b) Other receivables 1062 30.736 31.219 c) Current tax assets 1063 57 78 4. Current financial assets 1070 13.805 3.666 a) At fair value through profit or loss 1080 - -

Of which, “Designated upon initial recognition” 1081 - -

b) At fair value through other comprehensive income 1082 - -

Of which, “Designated upon initial recognition” 1083 - -

c) At amortised cost 1084 13.805 3.666 5. Current derivatives 1076 - -

a) Hedging 1077 - -

b) Other 1078 - -

6. Other current assets 1075 13.259 8.665 7. Cash and cash equivalents 1072 70.393 76.497

TOTAL ASSETS (A + B) 1100 935.376 896.580

CommentsIV. SELECTED FINANCIAL INFORMATION

5. CONSOLIDATED BALANCE SHEET (ADOPTED IFRS) (1/2)

Units: Thousand euros

ASSETS

CURRENT P.

30/06/2026CURRENT P.

31/12/2025

A) EQUITY (A.1 + A.2 + A.3) 1195 159.872 143.345

A.1) CAPITAL AND RESERVES 1180 149.238 146.860

1. Capital 1171 18.224 18.224 a) Registered capital 1161 18.224 18.224 b) Less: Uncalled capital 1162 - -

2. Share premium 1172 99.326 99.326 3. Reserves 1173 22.099 17.337 4. Less: Treasury stock 1174 (111) (52) 5. Prior periods’ profit and loss 1178 - -

6. Other shareholder contributions 1179 6.573 6.573 7. Profit (loss) for the period attributable to the parent 1175 3.127 5.452 8. Less: Interim dividend 1176 - -

9. Other equity instruments 1177 - -

A.2) ACCUMULATED OTHER COMPREHENSIVE INCOME 1188 (11.183) (23.352)

1. Items that are not reclassified to profit or loss for the period 1186 - -

a) Equity instruments through other comprehensive income 1185 - -

b) Others 1190 - -

2. Items that may subsequently be reclassified to profit or loss for the period 1187 (11.183) (23.352) a) Hedging transactions 1182 -

b) Translation differences 1184 (11.183) (23.352) c) Share in other comprehensive income for investments in joint ventures and 1192 - -

d) Debt instruments at fair value through other comprehensive income 1191 - -

e) Others 1183 - -

EQUITY ATTRIBUTABLE TO THE PARENT COMPANY (A.1 + A.2) 1189 138.055 123.508

A.3) NON-CONTROLLING INTERESTS 1193 21.817 19.837

B) NON-CURRENT LIABILITIES 1120 636.347 580.218

1. Grants 1117 12.714 12.990 2. Non-current provisions 1115 4.259 4.131 3. Non-current financial liabilities: 1116 604.335 549.398 a) Debt with financial institutions and bonds and other marketable securities 1131 495.125 484.840 b) Other financial liabilities 1132 109.210 64.558 4. Deferred tax liabilities 1118 11.649 10.193 5. Non-current derivatives 1140 - -

a) Hedging 1141 - -

b) Other 1142 - -

6. Other non-current liabilities 1135 3.390 3.506

C) CURRENT LIABILITIES 1130 139.157 173.017

1. Liabilities associated with non-current assets held for sale 1121 - -

2. Current provisions 1122 - -

3. Current financial liabilities: 1123 119.555 150.799 a) Debt with financial institutions and bonds and other marketable securities 1133 46.018 61.958 b) Other financial liabilities 1134 73.537 88.841 4. Trade and other payables: 1124 19.355 21.971 a) Suppliers 1125 2.056 3.799 b) Other payables 1126 14.683 15.367 c) Current tax liabilities 1127 2.616 2.805 5. Current derivatives 1136 - -

a) Hedging 1146 - -

b) Other 1147 - -

6. Other current liabilities 1136 247 247

TOTAL EQUITY AND LIABILITIES (A + B + C) 1200 935.376 896.580

CommentsUnits: Thousand euros

EQUITY AND LIABILITIESIV. SELECTED FINANCIAL INFORMATION

5. CONSOLIDATED BALANCE SHEET (ADOPTED IFRS) (2/2)

PRESENT CURR.

PERIOD

(2nd HALF PREVIOUS

CURR. PERIOD

(2nd HALF CURRENT

CUMULATIVE

30/06/2026PREVIOUS

CUMULATIVE

30/06/2025

(+) Revenue 1205 - - 54.163 42.092

(+/-)

progress 1206 - - (4.852) -

(+) Own work capitalised 1207 - - 3.158 4.294 (-) Supplies 1208 - - (6.574) (7.553) (+) Other operating revenue 1209 - - 4.272 175 (-) Personnel expenses 1217 - - (6.890) (7.100) (-) Other operating expenses 1210 - - (13.762) (12.582) (-) Depreciation and amortisation charge 1211 - - (13.135) (9.798) (+) Allocation of grants for non-financial assets and other 1212 - - 276 276 (+/-) Impairment and gain (loss) on disposal of fixed assets 1214 - - - -

(+/-) Gain (loss) on disposal of non-current assets 1216 - - (1.900) (913) (+/-) Other profit (loss) 1215 - - 66 169

= OPERATING PROFIT (LOSS) 1245 - - 14.822 9.060

(+) Finance income 1250 - - 1.090 466 1262 - - - -

1263 - - 1.090 466 (-) Finance costs 1251 - - (14.530) (9.269) (+/-) Changes in fair value of financial instruments 1252 - - - -

(+/-)Gain (loss) from reclassification of financial assets at

amortised

cost to financial assets at fair value1258

- - - -

(+/-)Gain (loss) from reclassification of financial assets at fair

value

through other comprehensive income to financial assets at

fair value1259

- - - -

(+/-) Exchange differences 1254 - - (450) 1.094 (+/-) Impairment and gain (loss) on disposal of financial 1255 - - 61 -

(+/-) Gain (loss) on disposal of financial instruments 1257 - - - -

1260 - - - -

1261 - - - -

= NET FINANCE INCOME (COSTS) 1256 - - (13.829) (7.709)

(+/-) Profit (loss) of equity-accounted investees 1253 - - (4) 3

= PROFIT (LOSS) BEFORE TAX 1265 - - 989 1.354

(+/-) Income tax expense 1270 - - 1.997 2.984

=PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING ACTIVITIES 1280

- - 2.986 4.338 (+/-) Profit (loss) from discontinued operations, net of tax 1285 - - - -

= CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD 1288 - - 2.986 4.338

1300 - - 3.127 4.289 1289 - - (141) 49 PRESENT CURR.

PERIOD

(2nd HALF PREVIOUS

CURR. PERIOD

(2nd HALF CURRENT

CUMULATIVE

30/06/2026PREVIOUS

CUMULATIVE

30/06/2025

1290 - - 0,05 0,08 1295 - - 0,05 0,08

CommentsEARNINGS PER SHARE

Basic

DilutedIV. SELECTED FINANCIAL INFORMATION

6. CONSOLIDATED PROFIT AND LOSS ACCOUNT (ADOPTED IFRS)

Units: Thousand euros A) Profit (loss) for the period attributable to the parent company B) Profit (loss) attributable to non-controlling interestsa) Financial instruments at amortised cost b) Other financial instrumentsa) Interest income calculated using the effective interest rate

b) Other

PRESENT CURR.

PERIOD

(2nd HALF YEAR)PREVIOUS CURR.

PERIOD

(2nd HALF YEAR)CURRENT PERIOD

30/06/2026PREVIOUS PERIOD

30/06/2025

A) CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD (from the profit and loss account) 1305 - - 2.986 4.338

B) OTHER COMPREHENSIVE INCOME – ITEMS THAT ARE NOT RECLASSIFIED TO PROFIT OR 1310 - - - -

1. From revaluation/(reversal of revaluation) of property. plant and equipment and intangible 1311 - - - -

2. From actuarial gains and losses 1344 - - - -

3. Share in other comprehensive income of investments in joint ventures and associates 1342 - - - -

4. Equity instruments through other comprehensive income 1346 - - - -

5. Other income and expenses that are not reclassified to profit or loss 1343 - - - -

6. Tax effect 1345 - - - -

C) OTHER COMPREHENSIVE INCOME – ITEMS THAT MAY SUBSEQUENTLY BE

RECLASSIFIED TO PROFIT OR LOSS:1350

- 24.886 12.260 1.576 1. Hedging transactions 1360 - - - -

a) Valuation gains/(losses) 1361 - - - -

b) Amounts transferred to profit or loss 1362 - - - -

c) Amounts transferred to initial carrying amount of hedged items 1363 - - - -

d) Other reclassifications 1364 - - - -

2. Translation differences: 1365 - 24.886 12.260 1.576 a) Valuation gains/(losses) 1366 - 24.886 12.260 1.576 b) Amounts transferred to profit or loss 1367 - - - -

c) Other reclassifications 1368 - - - -

3. Share in other comprehensive income of investments in joint ventures and associates: 1370 - - - -

a) Valuation gains/(losses) 1371 - - - -

b) Amounts transferred to profit or loss 1372 - - - -

c) Other reclassifications 1373 - - - -

4. Debt instruments at fair value through other comprehensive income 1381 - - - -

a) Valuation gains/(losses) taken to equity 1382 - - - -

b) Amounts transferred to profit or loss 1383 - - - -

c) Other reclassifications 1384 - - - -

5. Other income and expenses that may subsequently be reclassified to profit or loss 1375 - - - -

a) Valuation gains/(losses) taken to equity 1376 - - - -

b) Amounts transferred to profit or loss 1377 - - - -

c) Other reclassifications 1378 - - - -

6. Tax effect 1380 - - - -

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (A + B + C) 1400 - 24.886 15.246 5.914

a) Attributable to the parent 1398 - 23.567 15.296 5.162 b) Attributable to non-controlling interests 1399 - 1.635 (50) 1.068 CommentsUnits: Thousand eurosIV. SELECTED FINANCIAL INFORMATION

7. CONSOLIDATED OTHER COMPREHENSIVE INCOME (IFRS ADOPTED)

Units: Thousand euros

CURRENT PERIOD

CapitalShare premium

and Reserves Treasury stockProfit (loss) for the

period attributable

to the parent

companyOther equity

instruments

Closing balance at 31/12/2025 3110 18.224 116.663 (52) 5.452 6.573 (23.352) 19.837 143.345 Adjustments for changes in accounting policy 3111 - - - - - - - -

Adjustment for errors 3112 - - - - - - - -

Adjusted opening balance 3115 18.224 116.663 (52) 5.452 6.573 (23.352) 19.837 143.345 I. Total comprehensive income/(expense) for the period 3120 - - - 3.127 - 12.169 (50) 15.246 II. Transactions with shareholders or owners 3125 - (1) (59) - - - (375) (435) 1. Capital increases/ (reductions) 3126 - - - - - - - -

2. Conversion of financial liabilities into equity 3127 - - - - - - - -

3. Distribution of dividends 3128 - - - - - - (375) (375) 4. Purchase / sale of treasury stock 3129 - (1) (59) - - - - (60) 5. Equity increase/ (decrease) resulting from business combinations3130- - - - - - - -

6. Other transactions with shareholders or owners 3132 - - - - - - - -

III. Other changes in equity 3135 - 4.763 - (5.452) - - 2.405 1.716 1. Equity-settled share-based payment 3136 - - - - - - - -

2. Transfers among components of equity 3137 - 5.452 - (5.452) - - - -

3. Other changes 3138 - (689) - - - - 2.405 1.716 Closing balance at 30/06/2026 3140 18.224 121.425 (111) 3.127 6.573 (11.183) 21.817 159.872 IV. SELECTED FINANCIAL INFORMATION

8. CONSOLIDATED STATEMENT OF TOTAL CHANGES IN EQUITY (ADOPTED IFRS) (1/2)

CommentsEquity attributable to the parent company

Non-

controlling

interestsTotal

equityCapital and reserves

Valuation

adjustments

CapitalShare

premium

and

ReservesTreasury

stockProfit (loss) for

the period

attributable to the

parent

companyOther equity

instruments

Closing balance at 31/12/2024 3150 18.224 111.957 (66) 9.711 1.575 (3.691) 13.158 150.868 Adjustments for changes in accounting policy 3151 - - - - - - - -

Adjustment for errors 3152 - - - - - - - -

Adjusted opening balance (comparative period) 3155 18.224 111.957 (66) 9.711 1.575 (3.691) 13.158 150.868 I. Total comprehensive income/(expense) for the 3160 - - - 4.289 - (22.694) (567) (18.972) II. Transactions with shareholders or owners 3165 - (1) (8) - - - 726 717 1. Capital increases/ (reductions) 3166 - - - - - - - -

2. Conversion of financial liabilities in to equity 3167 - - - - - - - -

3. Distribution of dividends 3168 - - - - - - (375) (375) 4. Purchase /sale of treasury stock 3169 - (1) (8) - - - - (9) 5. Equity increase/ (decrease) resulting from business combinations3170- - - - - - - -

6. Other transactions with shareholders or owners 3172 - - - - - - 1.101 1.101 III. Other changes in equity 3175 - 4.713 - (9.711) 4.998 - - -

1. Equity-settled share-based payment 3176 - - - - - - - -

2. Transfers among components of equity 3177 - 4.713 - (9.711) 4.998 - - -

3. Other changes 3178 - - - - - - - -

Closing balance at 30/06/2025 3180 18.224 116.669 (74) 4.289 6.573 (26.385) 13.317 132.613 IV. SELECTED FINANCIAL INFORMATION

8. CONSOLIDATED STATEMENT OF TOTAL CHANGES IN EQUITY (ADOPTED IFRS) (2/2)

CommentsEquity attributable to the parent company

Non-

controlling

interestsTotal

equityCapital and reserves

Valuation

adjustmentsUnits: Thousand euros

PREVIOUS PERIOD

CURRENT PERIOD

30/06/2026PREVIOUS PERIOD

30/06/2025

A) 1435 7.980 16.974

1. 1405 989 1.354 2. 1410 18.481 15.632 (+) 1411 13.135 9.798 (+/-) 1412 5.346 5.834 3. 1415 4.261 7.702 4. 1420 (15.751) (7.714) (-) 1421 (14.673) (6.920) (-) 1430 - -

(+) 1422 - -

(+) 1423 1.088 (258) (+/-) 1424 (2.166) (536) (+/-) 1425 - -

B) 1460 (12.578) (78.801)

1. 1440 (13.798) (79.415) (-) 1441 (1) -

(-) 1442 (13.413) (79.212) (-) 1443 (384) (203) (-) 1459 - -

(-) 1444 - -

2. 1450 1.220 614 (+) 1451 - 43 (+) 1452 318 557 (+) 1453 902 14 (+) 1461 - -

(+) 1454 - -

3. 1455 - -

(+) 1456 - -

(+) 1457 - -

(+/-) 1458 - -

C) 1490 (4.319) 58.262

1. 1470 2.445 (9) (+) 1471 - -

(-) 1472 - -

(-) 1473 (289) (329) (+) 1474 2.734 320 2. 1480 (6.764) 58.271 (+) 1481 132.529 145.234 (-) 1482 (139.293) (86.963) 3. 1485 - -

4. 1486 - -

(-) 1487 - -

(+/-) 1488 - -

D) 1492 2.813 (5.805)

E) 1495 (6.104) (9.370)

F) 1499 76.497 71.356

G) 1500 70.393 61.986

CURRENT PERIOD

30/06/2026CURRENT PERIOD

30/06/2025

(+) Cash on hand and at banks 1550 70.393 61.986 (+) Other financial assets 1552 - -

(-) Less: Bank overdrafts repayable on demand 1553 - -

1600 70.393 61.986 COMPONENTS OF CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

CommentsOther sums received/(paid) from financing activities

EFFECT OF CHANGES IN FOREIGN EXCHANGE RATE

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C +

CASH AND CASH EQUIVALENTS AT THE START OF THE PERIOD

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (E + F)Issuance

Repayment and redemption Payment of dividends and remuneration on other equity instruments Other cash flows from financing activities

Interest paidIssuance

Redemption

Acquisition

Disposal

Sums received/(paid) in respect of financial liability instruments:Dividends received

Interest received

Other sums received/(paid) from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES (1 + 2 + 3 + 4)

Sums received/(paid) in respect of equity instrumentsProperty, plant and equipment, intangible assets and investment property Other financial assets Non-current assets and liabilities classified as held-for-sale

Other assets

Other cash flows from investing activitiesOther financial assets Non-current assets and liabilities classified as held-for-sale

Other assets

Proceeds from sale of investments Group companies. associates and business unitsOther sums received/(paid) from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES (1 + 2 + 3)

Payments for investments:

Group companies. associates and business units Property, plant and equipment, intangible assets and investment propertyInterest paid Payment of dividends and remuneration on other equity instruments

Dividends received

Interest received

Income tax recovered/(paid)Adjustments to profit (loss):

Depreciation and amortisation charge Other net adjustments to profit (loss) Changes in working capital Other cash flows from operating activities:IV. SELECTED FINANCIAL INFORMATION

9. A. CONSOLIDATED STATEMENT OF CASH FLOWS (INDIRECT METHOD) (ADOPTED IFRS)

Units: Thousand euros

CASH FLOWS FROM OPERATING ACTIVITIES (1 + 2 + 3 + 4)

Profit (loss) before tax

€ / share

(X.XX)Amount

(thousand

euros)No. of shares to be delivered€ / share

(X.XX)Amount

(thousand

euros)No. of shares to be

delivered

Ordinary shares 2158 - - - -

Other shares (non-voting shares, redeemable shares, etc.)2159 - - - -

Total dividends paid 2160 - - - -

a) Dividends charged to profit and loss 2155 - - - -

b) Dividends charged to reserves or 2156 - - - -

c) Dividends in kind 2157 - - - -

d) Flexible payment 2154 - - - -

CommentsIV. SELECTED FINANCIAL INFORMATION

10. DIVIDENDS PAID

CURRENT PERIOD PREVIOUS PERIOD

Units: thousand euros

PREVIOUS

PERIODCURRENT

PERIODPREVIOUS

PERIOD

Spanish market 12.818 10.986 15.840 International market 316 43.177 26.252 a) European Union 348 257 - -

a.1) Euro Area 277 174 - -

a.2) Non-Euro Area 71 83 - -

b) Other 64 59 43.177 26.252

TOTAL 13.134 54.163 42.092

CURRENT

PERIODPREVIOUS

PERIODCURRENT

PERIODPREVIOUS

PERIOD

4.641 7.487 1.066 2.892 6.171 8.413 67 1.818 36.282 16.165 8.781 2.054 6.850 5.975 1.129 185 219 4.052 (8.057) (2.611)

54.163 42.092 2.986 4.338 TOTAL 2235

CommentsWind farms 2222 Solar photovoltaic plants 2223 Other services2224 Commercialization 2225TECHNOLOGY Ordinary revenue Profit (loss) Hydropower plants 22212220 9.430 Units: thousand euros CONSOLIDATED2217

2218

22192210 9.018

2215

2216412 IV. SELECTED FINANCIAL INFORMATION

11. SEGMENT INFORMATION

Distribution of revenue by geographic area

GEOGRAPHIC AREA INDIVIDUAL CONSOLIDATED

CURRENT

PERIOD

CURRENT

PERIODCURRENT PERIOD PREVIOUS PERIOD

AVERAGE

WORKFORCE229541 221 254

Men 2296 26 148 171 Women 2297 15 73 83

CURRENT PERIOD PREVIOUS PERIOD

329 564

-

-

-

-

100 993

PREVIOUS PERIOD

1.284

CommentsMANAGERS:Amount (thousand euros)

CURRENT PERIOD

Total remuneration paid to managers 2325 1.009 Other items 2316 80 TOTAL 2320 974 Termination benefits 2314 -

Long-term savings systems 2315 - Variable remuneration in cash 2312 -

Share-based remuneration systems 2313 - Remuneration for membership on the 2310 330

Salaries 2311 564 13. REMUNERATION RECEIVED BY DIRECTORS AND MANAGERS

DIRECTORS:

Item of remuneration:Amount (thousand euros)17

IV. SELECTED FINANCIAL INFORMATIONIV. SELECTED FINANCIAL INFORMATION

12. AVERAGE WORKFORCE

46

29 INDIVIDUAL CONSOLIDATED

PREVIOUS

PERIOD

Units: thousand euros

EXPENSES AND REVENUE Significant

shareholdersDirectors and

managersGroup employees,

companies and

entitiesOther related

parties Total

1) Finance costs 2340 - 23 - - 23 2) Leases 2343 - - - - -

3) Services received 2344 175 - - - 175 4) Purchase of inventories 2345 - - - - -

5) Other expenses 2348 - - - - -

TOTAL EXPENSES (1+2+3+4+5) 2350 175 23 - - 198

6) Finance income 2351 - - - 97 97 7) Dividends received 2354 - - - - -

8) Services rendered 2356 54 - - 15 69 9) Sale of inventories 2357 - - - - -

10) Other income 2359 - - - - -

TOTAL REVENUE (6+7+8+9+10) 2360 54 - - 112 166

Significant

shareholdersDirectors and

managersGroup employees,

companies and

entitiesOther related

parties Total

Financing agreements: loans and capital contributions (lender)2372- - - - -

Financing agreements: loans and capital contributions (borrower)2375- - - - -

Guarantees and collateral given 2381 - - - - -

Guarantees and collateral received 2382 - - - - -

Commitments assumed 2383 - - - - -

Dividends and other earnings distributed 2386 - - - - -

Other transactions 2385 - - - - -

Significant

shareholdersDirectors and

managersGroup employees,

companies and

entitiesOther related

parties Total

1) Trade receivables 2341 31 - - - 31 2) Loans and credit given 2342 - - - - -

3) Other receivables 2346 4.258 - - - 4.258

TOTAL RECEIVABLES (1+2+3) 2347 4.289 - - - 4.289

4) Trade payables 2352 - - - - -

5) Loans and credit received 2353 - - - - -

6) Other payment obligations 2355 - - - - -

TOTAL PAYABLES (4+5+6) 2358 - - - - - IV. SELECTED FINANCIAL INFORMATION

14. RELATED-PARTY TRANSACTIONS AND BALANCES (1/2)

CommentsBALANCES ON THE REPORTING DATE:CURRENT PERIODCURRENT PERIOD

OTHER TRANSACTIONS:CURRENT PERIOD

Units: thousand euro

EXPENSES AND REVENUE Significant

shareholdersDirectors and

managersGroup employees,

companies and

entitiesOther related

parties Total

1) Finance costs 2340 - 24 - - 24 2) Leases 2343 - - - - -

3) Services received 2344 175 - - - 175 4) Purchase of inventories 2345 - - - - -

5) Other expenses 2348 - - - - -

TOTAL EXPENSES (1+2+3+4+5) 2350 175 24 - - 199

6) Finance income 2351 - - - 99 99 7) Dividends received 2354 - - - - -

8) Services rendered 2356 54 - - 13 67 9) Sale of inventories 2357 - - - - -

10) Other income 2359 - - - - -

TOTAL REVENUE (6+7+8+9+10) 2360 54 - - 112 166

Significant

shareholdersDirectors and

managersGroup employees,

companies and

entitiesOther related

parties Total

Financing agreements: loans and capital contributions (lender)2372- - - - -

Financing agreements: loans and capital contributions (borrower)2375- - - - -

Guarantees and collateral given 2381 - - - - -

Guarantees and collateral received 2382 - - - - -

Commitments assumed 2383 - - - - -

Dividends and other earnings distributed 2386 - - - - -

Other transactions 2385 - - - - -

Significant

shareholdersDirectors and

managersGroup employees,

companies and

entitiesOther related

parties Total

1) Trade receivables 2341 5 - - 4 9 2) Loans and credit given 2342 726 - - 3.936 4.662 3) Other receivables 2346 - - - 366 366

TOTAL RECEIVABLES (1+2+3) 2347 731 - - 4.306 5.037

4) Trade payables 2352 - - - - -

5) Loans and credit received 2353 - - - - -

6) Other payment obligations 2355 - - - - -

TOTAL PAYABLES (4+5+6) 2358 - - - - -

CommentsIV. SELECTED FINANCIAL INFORMATION

14. RELATED-PARTY TRANSACTIONS AND BALANCES (1/2)

PREVIOUS PERIOD

OTHER TRANSACTIONS:PREVIOUS PERIOD

BALANCES ON THE REPORTING DATE:PREVIOUS PERIOD

2

Ecoener, S.A. and

Subsidiaries

Condensed Consolidated Interim Financial Statements 30 June 2026

Consolidated Interim Directors’ Report 30 June 2026

(Free translation from the original in Spanish. In the event of discrepancy, the Spanish- language version prevails.)

3 Notes 30.06.2026 (*) 31.12.2025 A

SSETS

NON-CURRENT ASSETS

Intangible assets 4 8,080 8,205 Goodwill 3,905 3,905 Easement rights 848 930 Other intangible assets 3,327 3,370 Right-of-use assets 6 12,966 12,757 Property, plant and equipment 5 695,695 671,174 Land and buildings ‭ 125,027 117,131 Technical installations and other PPE 441,359 425,570 Under construction and advances 129,309 128,473 Non-current investments in related parties 4,258 4,258 Non-current investments 825 1,460 E quity investments 80 133 Loans to third parties 31 30 Other financial assets 714 1,297 Deferred tax assets 12 53,649 48,570 Other non-current assets 13,166 12,582 Total non-current assets 788,639 759,006

CURRENT ASSETS

Inventories 73 4,792 Products under construction 73 4,792 Trade and other receivables 7 49,150 43,876 Trade receivables for sales and services rendered 18,414 12,657 Other receivables 572 3,121 Public entities, other 12 30,164 28,098 Current tax assets 12 57 78 Financial investments in related parties 14 360 260 Current investments 13,445 3,406 Loans to third parties 9,799 56 Other financial assets 3,646 3,350 Other current assets 13,259 8,665 Cash and cash equivalents 8 70,393 76,497 Cash‭ on hand 70,393 76,497 Total current assets 146,737 137,574

TOTAL ASSETS 935,376 896,580

EQUITY AND LIABILITIES

EQUITY

Authorised capital 18,224 18,224 Share premium 99,326 99,326 Reserves 22,105 17,350 Reserves in equity consolidated companies (6) (13) Other shareholder contributions 6,573 6,573 Own shares (111) (52) Profit attributed to Parent company 3,127 5,452 Translation differences (11,183) (23,352) Equity attributed to Parent company 138,055 123,508 Non-controlling interests 21,817 19,837 Total equity 9 159,872 143,345

NON-CURRENT LIABILITIES

Non-current provisions 4,259 4,131 Other provisions 4,259 4,131 Non-current debts 10 604,335 549,398 Bank borrowings 424,125 409,736 Lease liabilities 10,374 10,380 Bonds and other marketable securities 71,000 75,104 Other financial liabilities 98,836 54,178 Deferred tax liabilities 12 11,649 10,193 Grants 11 12,714 12,990 Other non -current liabilities ‭ 3,390 3,506 Total non-current liabilities 636,347 580,218

CURRENT LIABILITIESCurrent debt 10 119,555 150,799

Bank borrowings 37,758 53,461 Lease liabilities 1,097 1,109 Bonds and other marketable securities 8,260 8,497 Other financial liabilities 72,440 87,732 Trade and other payables- 16,739 19,166 Suppliers 2,056 3,799 Other payables 10,955 12,339 Personnel 394 230 Public entities, other 12 3,334 2,796 Advances from customers - 2 Current tax liabilities ‭ 12 2,616 2,805 Other current liabilities 247 247 Total current liabilities 139,157 173,017

TOTAL EQUITY AND LIABILITIES 935,376 896,580

The accompanying notes and Appendix I form an integral part of the Condensed Consolidated Interim Financial Statements

at 30 June 2026.ECOENER, S.A. AND SUBSIDIARIES

(Thousands of euros)CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 30 JUNE 2026

(*) Unaudited

4

Notes 30.06.2026 (*) 30.06.2025 (*)

CONTINUING OPERATIONS

Revenues 13 54,163 42,092 Ordinary income 53,869 41,815 Other income 294 277 Changes in inventories of finished goods and work in progress (4,852) -

Self-constructed assets 3,158 4,294 Supplies (6,574) (7,553) Use of raw materials and other consumables (6,574) (7,553) Other operating income 4,272 175 Non-trading and other operating income 4,271 161 Operating grants taken to the income statement for the year 1 14 Personnel expenses (6,890) (7,100) Salaries, wages and similar (5,791) (5,897) Employee benefits expense 13 (1,084) (1,079) Provisions (15) (124) Other operating expenses (13,762) (12,582) External services (12,021) (10,928) Taxes (1,607) (1,645) Losses,‭ ‬impairment and change in trade provisions (130) -

Other general and administrative expenses (4) (9) Amortisation/depreciation (13,135) (9,798) Non-financial and other capital grants 276 276 Impairment and gains/(losses) on disposal of fixed assets (1,900) (913) Gains/(losses) on disposals and other (1,900) (913) Other gains/(losses) 66 169

OPERATING PROFIT/(LOSS) 14,822 9,060

Finance income 1,090 466 Finance cost (14,530) (9,269) Debt with third parties (14,482) (9,228) Provision adjustments (48) (41) Translation differences (450) 1,094 Impairment and gains/(losses) on disposal of financial instruments 61 -

FINANCIAL RESULT (13,829) (7,709)

EQUITY CONSOLIDATED PROFIT/(LOSS) (4) 3

PRE-TAX PROFIT/(LOSS) 989 1,354

Income tax 12 1,997 2,984

CONSOLIDATED PROFIT/(LOSS) FOR THE YEAR FROM CONTINUING OPERATIONS 2,986 4,338

DISCONTINUED OPERATIONS

Profit/(loss) for the year from discontinued operations, net of tax - -

CONSOLIDATED PROFIT/(LOSS) FOR THE PERIOD 2,986 4,338

PROFIT/(LOSS) ATTRIBUTED TO PARENT COMPANY 3,127 4,289

PROFIT/(LOSS) ATTRIBUTED TO NON-CONTROLLING INTERESTS (141) 49

EARNINGS PER SHARE (basic and diluted) 9.6 0'05 0'08 ECOENER, S.A. AND SUBSIDIARIES

The accompanying notes and Appendix I form an integral part of the Condensed Consolidated Interim Financial Statements at 30 June 2026. (*) UnauditedCONSOLIDATED INCOME STATEMENT FOR THE SIX-MONTH

PERIOD ENDED 30 JUNE 2026

(Thousands of euros)

5

Notes 30.06.2026 (*) 30.06.2025 (*)

CONSOLIDATED PROFIT/(LOSS) FOR THE PERIOD (I) 2,986 4,338

Consolidated profit/(loss) taken directly to equity-

Translation differences 12,260 ( 23,310)

TOTAL CONSOLIDATED PROFIT/(LOSS) TAKEN DIRECTLY TO CONSOLIDATED EQUITY (II) 12,260 (23,310)

Other consolidated comprehensive income that may be reclassified to the income statement for the period- - -

TOTAL OTHER CONSOLIDATED COMPREHENSIVE INCOME (III) - -

TOTAL CONSOLIDATED COMPREHENSIVE INCOME (I+II+III) 15,246 (18,972)

Attributed to:

Parent company 15,296 (18,405) Non-controlling interests (50) (567) ECOENER, S.A. AND SUBSIDIARIES The accompanying notes and Appendix I form an integral part of the Condensed Consolidated Interim Financial Statements at 30 June 2026.(Thousands of euros)PERIOD ENDED 30 JUNE 2026CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE SIX-MONTH

(*) Unaudited

2026 Consolidated Half -Yearly Accounts

6

Capital Share

premium Other

reserves Reserves in

equity

consolidated

companies Treasury shares and equity investments Profit/(loss) for the period

attributable to

the Parent Interim dividend Other shareholder

contributions Translation

differences Non-controlling

interests Total

CLOSING BALANCE AT 31 DECEMBER 2025 18,224 99,326 17,350 (13) (52) 5,452 - 6,573 (23,352) 19,837 143,345

Total comprehensive income - - - - - 3,127 - - 12,169 (50) 15,246 Transactions with shareholders-

Transactions in own shares or equity investments (net) - - (1) (59) - - - - - (60) Dividends - non-controlling interests - - - - - - - - - (375) (375) Other changes in equity-

Distribution of profit/(loss) for previous year - - 5,445 7 - (5,452) - - - - -

Consolidation scope changes - - (689) - - - - - - 2,405 1,716

CLOSING BALANCE AT 30 JUNE 2026 (*) 18,224 99,326 22,105 (6) (111) 3,127 - 6,573 (11,183) 21,817 159,872

Capital Share

premium Other

reserves Reserves in

equity

consolidated

companies Treasury shares and equity investments Profit/(loss) for the period

attributable to

the Parent Interim dividend Other shareholder

contributions Translation

differences Non-controlling

interests Total

CLOSING BALANCE AT 31 DECEMBER 2024 18,224 99,326 12,643 (12) (66) 9,711 (4,998) 6,573 (3,691) 13,158 150,868

Total comprehensive income - - - - - 4,289 - - (22,694) (567) (18,972) Transactions with shareholders-

Transactions in own shares or equity investments (net) - - (1) - (8) - - - - - (9) Dividend distribution - - - - - - - - - - -

Dividends - non-controlling interests - - - - - - - - - (375) (375) Other changes in equity-

Distribution of profit/(loss) for previous year - - 4,714 (1) - (9,711) 4,998 - - - -

Consolidation scope changes - - - - - - - - - 1,101 1,101

CLOSING BALANCE AT 30 JUNE 2025 (*) 18,224 99,326 17,356 (13) (74) 4,289 - 6,573 (26,385) 13,317 132,613

(**) The condensed consolidated statement of changes in equity for the six-month period ended 30 June 2026 is presented for comparative purposes only. (*) UnauditedThe accompanying notes and Appendix I form an integral part of the Condensed Consolidated Interim Financial Statements at 30 June 2026. ECOENER, S.A. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIOD ENDED

30 JUNE 2026

(Thousands of euros)

2026 Consolidated Half -Yearly Accounts

7 Notes 30.06.2026 (*) 30.06.2025 (*)

CASH FLOWS FROM OPERATING ACTIVITIES

Profit/(loss) for the period before tax 989 1 ,354 Adjustments for: 18,481 15,632 Amortisation/depreciation 13,135 9,798 Impairment adjustments 130 -

Change in provisions 15 124 Gains/(losses) on disposal of fixed assets 1,900 913 Impairment and gains/(losses) on disposal of financial instruments (61) -

Finance income (1,090) (466) Finance cost 14,530 9,269 Translation differences 450 (1,094) Grants recognised in the income statement (276) (276) Equity consolidated profit/(loss) 4 (3) Other income/expense (10,256) (2,633) Changes in operating assets and liabilities ‭ 4,261 7,702 Inventories 4,852 -

Trade and other receivables 4,166 (271) Other current assets (4,021) 1,433 Trade and other payables (618) 5,383 Other current liabilities ‭ (2) 172 Other non -current assets and liabilities ‭ (116) 985 Other cash flows from operating activities (15,751) (7,714) Interest paid (14,673) (6,920) Interest received ‭ 1,088 (258) Income tax received /(paid )‭ (2,166) (536)

CASH FLOWS FROM OPERATING ACTIVITIES 7,980 16,974

CASH FLOWS FROM INVESTING ACTIVITIES

Payments for investments ‭ Group companies and associates (1) -

Intangible assets (100) (315) Property, plant and equipment (13,313) (78,897) Other financial assets (384) (203) Proceeds from sale of investments Group companies and associates - 43 Intangible assets and PPE 318 557 Other financial assets 902 14

CASH FLOWS FROM INVESTING ACTIVITIES (12,578) (78,801)

CASH FLOWS FROM FINANCING ACTIVITIESProceeds from and payments for equity instruments Acquisition of own equity instruments 9.4 (289) (329) Disposal of own equity instruments 9.4 229 320 Sale of non-controlling interests 2,505 -

Proceeds from and payments for financial liability instruments ‭

Debt issue

Bank borrowings 23,492 100,732 Other debt 109,037 44,502 Redemption and repayment of other debt Bonds and similar securities 10.1 (4,341) (4,549) Bank borrowings (39,004) (32,430) Other debt (88,596) (39,969) Finance lease payables (622) (616) Interest paid (6,730) (9,399)

CASH FLOWS FROM FINANCING ACTIVITIES (4,319) 58,262

EFFECT OF EXCHANGE RATE FLUCTUATIONS (IV) 2,813 (5,805)

NET INCREASE IN CASH AND CASH EQUIVALENTS (I+II+III+IV) (6,104) (9,370)

Cash and cash equivalents at start of year 76,497 71,356 Cash and cash equivalents at year end 70,393 61,986 The accompanying notes and Appendix I form an integral part of the Condensed Consolidated Interim Financial Statements at 30 June 2026.ECOENER, S.A. AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENT FOR THE

SIX-MONTH PERIOD ENDED 30 JUNE 2026

(Thousands of euros)

(*) Unaudited

2026 Consolidated Half -Yearly Accounts

8 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish- language version prevails.) 1. Brief history, activity and composition of the Group Ecoener, S.A. (hereinafter, the Parent Company or Ecoener, together with its Subsidiaries, the Group) was incorporated under the name Grupo Ecoener, S.A. as a solely -owned public limited company (sociedad anónima unipersonal ) under Spanish law on 28 January 2020, and entered in the Companies Register of La Coruña in volume 3,716 of the archive, general section, page 40, sheet number C -59,313.

On 23 June 2023, the Parent Company’s board of directors approved a change of name to Ecoener, S.A.

Its registered office is at Calle San Andrés, No. 143 – 4º (La Coruña, Spain).

The corporate purpose of the Parent Company and Subsidiaries is the generation of electricity from renewable energy sources (such as wind, hydro, biomass and solar photovoltaic), as well as the design, promotion and development, construction, management, maintenance, operation, closure and dismantling of the relevant production facilities. These activities may be carried out directly or indirectly through the incorporation, acquisition and holding of shares, bonds, equity interests and rights in companies.

The corporate purpose also includes administration and management services, brokering commercial transactions of all kinds, provision of technical assistance services in general, as well as the administration and management of all kinds of assets, both movable and immovable, and their business development.

Ecoener, S.A. is part of the Luis de Valdivia group, whose parent company is Luis de Valdivia, S.L., with registered offices at calle San Andrés, No. 143 – 4º (La Coruña, Spain). The consolidated annual accounts of Luis de Valdivia S.L. and Subsidiaries for the year ended 31 December 2025 were authorised for issue on 31 March 2026 and are entered in the Companies Register of La Coruña.

Ecoener, S.A.’s shares have been listed on the Spanish stock exchange’s continuous market since 4 May 2021. The consolidated annual accounts of Ecoener S.A. and Subsidiaries for the year ended 31 December 2025 were approved on 19 June 2026.

The condensed consolidated interim financial statements of Ecoener, S.A. at 30 June 2026 were authorised for issue by the directors of the Parent Company on 24 September 2026.

2. Basis of presentation, accounting and measurement policies 2.1. Basis of presentation These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 (IAS 34) "Interim Financial Reporting" under International Financial Reporting Standards as adopted by the European Union ( IFRS -

EU). However, they do not include all information and disclosures required in consolidated annual accounts under the International Financial Reporting Standards adopted by the European Union (IFRS -EU). Accordingly, these condensed consolidated interim financial statements should therefore be read in conjunction with the consolidated annual accounts for the year ended 31 December 2025, which were prepared in accordance with IFRS -EU.

As a result, certain notes and estimates included in the aforementioned consolidated annual accounts have not needed to be repeated or restated. Instead, the accompanying selected notes include an explanation of events or changes, if any, that are material to the explanation of changes in the consolidated statement of financial position, the consolidated income statement, the consolidated statement of changes in equity and the consolidated statement of cash flows from 31 December 2025, the date of the aforementioned consolidated annual accounts, to 30 June 2026.

2026 Consolidated Half -Yearly Accounts

9 The condensed consolidated interim financial statements of Ecoener, S.A. have been prepared on the basis of the financial statements of Ecoener, S.A. and the companies that form part of the Group. Each company prepares its financial statements in accordance with the accounting principles of the country in which it operates. The adjustments and reclassifications needed to standardise principles and criteria in accordance with IFRS -EU have been made during the consolidation process. Furthermore, the accounting policies of the consolidated companies are changed when necessary to ensure consistency with the policies adopted by the Group.

The accounting policies used to prepare these financial statements are the same as those used to prepare the consolidated annual accounts for the year ended 31 December 2025.

The information contained in these condensed consolidated interim financial statements is the responsibility of the directors of the Parent Company.

2.2. New standards adopted

(a) IFRS -EU standards and IFRIC interpretations effective from 1 January 202 6

The following amendments published by the IASB and adopted by the European Union came into force in 2026 and have therefore been taken into account in the preparation of these condensed consolidated interim financial statements without having a material impact:

(b) Standards, amendments and interpretations that entered into force in previous years which have not been adopted by the European Union

Up until the date on which these condensed consolidated interim financial statements were prepared, the following IFRS and amendments to IFRS have been published by the IASB, but are not mandatory:

Standards and amendments to standards EU effective date

IFRS 18

Presentation and

disclosure in financial statements Sets out the requirements for presenting and disclosing information in financial statements, replacing IAS 1 (in force). 1 January 2027 Amendment to IFRS 7 and IFRS 9 Classification and measurement of financial instruments Clarifies the criteria for classifying certain financial assets and the criteria for derecognising financial liabilities settled using online payment systems. Additional disclosure requirements are also included. 1 January 2026 Amendment to IFRS 7 and IFRS 9

Nature -dependent

electricity contracts Clarifies how to account for electricity contracts, differentiating between purchase/sale agreements and those that need to be recorded as financial instruments. 1 January 2026

2026 Consolidated Half -Yearly Accounts

10 Standards and amendments to standards EU effective date

IFRS 19

Disclosures by

subsidiaries without

public accountability Details the disclosures that a subsidiary may optionally apply when issuing its financial statements. 1 January 2027 IFRS 20 Regulatory assets and regulatory liabilities Sets out the specific recognition, measurement, presentation and disclosure requirements for entities subject to tariff regulation, requiring the recognition of regulatory assets and regulatory liabilities arising from differences in timing between the services rendered and the amounts recovered via regulated tariffs. 1 January 2029 Amendments to IAS 21 The effects of changes in foreign exchange rates:

Translation to a hyperinflationary presentation currency Clarifies how an entity should translate its financial statements when the presentation currency is hyperinflationary, even if the functional currency is not. Sets out a consistent translation method to improve the comparability and usefulness of financial information. 1 January 2027

New standards, amendments and interpretations not yet adopted are not expected to have a material impact on the condensed consolidated interim financial statements.

(c) Industry regulation In the first half of 2026, several legal regulations with an impact on the Group's economic activity have been adopted, as described below:

- Order TED/53/2026 of 27 January, updating the remuneration parameters of standard facilities applicable to certain electricity production facilities using renewable energy sources, cogeneration and waste, to be applied to the regulatory period starting on 1 January 2026. New standard facilities and their relevant remuneration parameters are also approved.

- Royal Decree -Law 7/2026 of 20 March, approving the Comprehensive Plan for Addressing the Middle East Crisis. Reduction of 10% in the tax base of Spain’s tax on the value of electricity production (IVPEE) for the first quarter and 100% in the second quarter of 2026.

- On 26 June 2026, the Draft Final Resolution on the awarding of grants was published on the official website of the IDAE (Spanish Institute for Energy Diversification and Savings) in relation to the Resolution of 23 December 2025 by the IDAE Board of Direct ors. This resolution establishes the second call for grant applications to support investment in the repowering of wind farms and the technological and environmental modernisation of small hydroelectric power stations of up to 50 MW, as part of the Recover y, Transformation and Resilience Plan, which is funded by the European Union – NextGenerationEU.

- Royal Decree -Law 18/2026 of 29 June adopting certain measures within the framework of the Comprehensive Plan for Addressing the Middle East Crisis. Law 15/2012 on tax measures for energy sustainability is amended to establish a gradual reduction in the IVPEE rate:

o In 2027, the tax rate will be 3.5%.

o From 1 January 2028, the rate will be 0% indefinitely.

o The tax base and instalment calculations relating to the IVPEE for 2026 will be adjusted. To this end, the following remuneration percentages on the production and supply of electricity to the grid will not be taken into account:

o 10% of remuneration in the first quarter.

o 100% of remuneration in the second quarter.

o 30% of remuneration in the third quarter.

o 40% of remuneration in the fourth quarter.

2026 Consolidated Half -Yearly Accounts

11 2.3. Comparative information

The 2025 information included in these notes to the consolidated financial statements is presented solely and exclusively for comparison with the 2026 information.

2.4. Seasonality

Energy production using renewable sources is linked to meteorological factors causing certain volatility, although the technological and geographical diversification of our generating facilities enables the Group to mitigate the seasonal factor by generating recurring cash flows and income.

2.5. Consolidation principles The consolidation principles used in the preparation of these condensed consolidated interim financial statements are consistent with those used in the preparation of the consolidated annual accounts for the year ended 31 December 2025.

Details of the companies included in the scope of consolidation at 30 June 2026 and 31 December 2025, with an indication of the percentages of ownership, as well as other relevant information, are shown in accompanying Appendix I, which forms an integral part of this note to the condensed consolidated interim financial s tatements.

Consolidation scope changes The main changes in the Group's scope of consolidation in the six months ended 30 June 2026 were as follows:

- Sale of 4.38% of the stake in the Spanish subsidiary, Ecoener Emisiones 2, S.L. The degree of control over this company has not changed, with a 75.88% stake at the reporting date held via the Parent Company and a 4.75% stake via Ecodomener, S.R.L. The effect of this change is a €1,750 thousand increase in the Non -controlling interests heading.

- Sale of 100% of the stake in PT Ecoener Energy Indonesia, domiciled in Indonesia.

The main changes in the Group's scope of consolidation in the six months ended 30 June 2025 were as follows:

- Incorporation of the Mexican company, Aquis Querquennis México, S.A. de C.V., in which Aquis Querquennis, S.L. has a 99% stake and Ecoener Inversiones S.L. has a 1% stake.

- Incorporation of Ecoener Sol de Cocales, S.A., domiciled in Guatemala, in which the parent company has a 90% stake.

- Incorporation of Ecoener O&M, S.L., domiciled in Spain, in which the parent company has a 100% stake.

- Incorporation of Ecoener Rocca San Felice, S.R.L., with registered office in Italy and owned in full by Ecoener Italia, S.R.L.

- Incorporation of Ecoener Latiano , S.R.L. and Ecoener Salice Salentino, S.R.L., with registered offices in Italy, in which Ecoener Italia, S.R.L. has a 51% stake.

- Incorporation of Ecoener Braila, S.R.L. and Ecoener lasi, S.R.L., with registered addresses in Romania. They are owned in full by Ecoener Carpatica, S.R.L.

- Incorporation of Ecoener Bess Single Member, S.A. and Ecoener Hybrid I Single Member, S.A., domiciled in Greece and owned in full by Ecoener Hellas Single Member, S.A.

2.6. Accounting risks and estimates The main risks and uncertainties, as well as the main accounting estimates, coincide with those disclosed in the consolidated annual accounts for 2025, without significant changes since their publication.

2026 Consolidated Half -Yearly Accounts

12

- The calculation of the fair value of certain assets, specifically current and non -current financial investments.

- Recoverability of deferred tax assets.

- The useful lives of property, plant and equipment and intangible assets.

- Compliance with the covenants linked to the arranged financing.

- The calculation of provisions needed to cover the risks arising from insolvency or litigation.

- The assumptions used to calculate employee commitments.

- As estimate of the lease term and an estimate of the discount rates applied to the measurement of liabilities under IFRS 16. When calculating the lease term, consideration is given to relevant facts and circumstances that create a significant economic ince ntive for the lessee to renew and not to cancel. Renewal and cancellation options are only included in the determination of the lease term if it is reasonably certain that the lease will be renewed and not cancelled. If a significant event or a material ch ange in circumstances takes place that could affect the determination of the term, the Group reviews the measurements made when determining the lease term.

2.7. Foreign currency transactions The sensitivity analysis performed on potential fluctuations of five percent on the most relevant currencies compared to the functional currency of each Group company is not expected to have a significant impact on consolidated equity and the consolidated income statement at the 2026 reporting date.

3. Segment reporting Each operating segment is assigned at the level of the company that owns the activity, taking into account the technology with which the majority of its revenues are generated. These segments are the basis for regular review, discussion and assessment. Thus, the segments that have been identified are as follows:

- Operation of hydropower plants.

- Operation of wind farms.

- Operation of solar photovoltaic plants.

- The commercialisation of energy other than that produced at the facilities owned by the Group.

- Other services.

Furthermore, for the purposes of presenting its operating segments, and in relation to the Other operating expenses heading, the Group presents the sub -captions External services and Taxes grouped together on the same line and Losses, impairment and change s in trade provisions on a separate line.

2026 Consolidated Half -Yearly Accounts

13 The breakdown of the consolidated income statement and of the assets and liabilities in the consolidated statement of financial position for the interim periods ended 30 June 2026 and 2025, disclosed by operating segment, is as follows:

30.06.2026 (Thousands of euros)

Operation of

hydropower

plants (*) Operation of wind farms Operation of

solar

photovoltaic

plants Commerci

alisation Other

services Total

Revenues 4,641 6,171 36,282 6,850 219 54,163 Change in inventories of finished products and work in progress - - (4,852) - - (4,852) Self-constructed assets - - - - 3,158 3,158 Supplies (895) - (1,846) (5,512) 1,679 (6,574) Other operating income - 146 4,108 1 17 4,272 Personnel expenses - - - (67) (6,823) (6,890) External services, Tax and Other general and administrative expenses (972) (2,295) (5,457) (12) (4,896) (13,632) Losses, impairment and change in trade provisions - - (130) - - (130) Amortisation/depreciation (1,359) (4,182) (7,294) - (300) (13,135) Capital grants - 235 41 - - 276 Impairment and gains/(losses) on disposal of fixed assets (10) (7) - - (1,883) (1,900) Other gains/(losses) - - - - 66 66 Operating profit/(loss) 1,405 68 20,852 1,260 (8,763) 14,822

Finance income 16 45 767 - 262 1,090 Finance cost (212) (478) (12,268) (20) (1,552) (14,530) Impairment and gains/(losses) on disposal of financial instruments - - - - 61 61 Translation differences 9 - (18) (18) (423) (450) Financial result (187) (433) (11,519) (38) (1,652) (13,829)

Equity consolidated profit/(loss) - - - - (4) (4)

Pre-tax profit/(loss) 1,218 (365) 9,333 1,222 (10,419) 989 Income tax for the period (152) 432 (552) (93) 2,362 1,997 Profit/(loss) after tax 1,066 67 8,781 1,129 (8,057) 2,986

Intangible assets 4,979 552 185 - 2,364 8,080 Right -of-use assets 3,113 1,209 7,105 - 1,539 12,966 Property, plant and equipment 48,395 113,813 450,075 - 83,412 695,695 Non-current investments in related parties - - - - 4,258 4,258 Non-current investments 3 39 - - 783 825 Deferred tax assets 405 15,910 9,748 - 27,586 53,649 Other non -current assets 1,123 3,079 8,964 - - 13,166 Non-current 58,018 134,602 476,077 - 119,942 788,639 Current 13,357 10,797 74,355 5,079 43,149 146,737 Segment assets 71,375 145,399 550,432 5,079 163,091 935,376

Segment liabilities and equity 62,018 114,511 391,678 6,862 360,307 935,376

Additions due to non -current assets Intangible assets - - - - 100 100 Property, plant and equipment 31 468 8,686 - 8,075 17,260 31 468 8,686 - 8,175 17,360

(*) Information on the Xestosa power plant is disclosed in the Operation of wind farms segment, as this plant is owned by a company whose main activity is the operation of wind farms. The hydropower plant’s operation accounts for approximately 10% of the energy generated by the company holding the investment.

2026 Consolidated Half -Yearly Accounts

14 30.06.2025 (Thousands of euros)

Operation of

hydropower

plants (*) Operation of wind farms Operation of

solar

photovoltaic

plants Commerci

alisation Other

services Total

Revenues 7,487 8,413 16,165 5,975 4,052 42,092 Self-constructed assets - - - - 4,294 4,294 Supplies (1,031) - (901) (5,614) (7) (7,553) Other operating income 2 107 21 - 45 175 Personnel expenses - - - (60) (7,040) (7,100) External services, Tax and Other general and administrative expenses (1,245) (2,472) (2,821) (13) (6,031) (12,582) Amortisation/depreciation (1,445) (4,181) (3,819) (4) (349) (9,798) Capital grants - 235 41 - - 276 Impairment and gains/(losses) on disposal of fixed assets - - - - (913) (913) Other gains/(losses) - 122 (2) - 49 169 Operating profit/(loss) 3,768 2,224 8,684 284 (5,900) 9,060

Finance income 20 20 45 - 381 466 Finance cost (226) (387) (6,373) (5) (2,278) (9,269) Translation differences (8) - (207) (94) 1,403 1,094 Financial result (214) (367) (6,535) (99) (494) (7,709)

Equity consolidated profit/(loss) - - - - 3 3 Pre-tax profit/(loss) 3,554 1,857 2,149 185 (6,391) 1,354 Income tax for the period (662) (39) (95) - 3,780 2,984 Profit/(loss) after tax 2,892 1,818 2,054 185 (2,611) 4,338

Intangible assets 5,195 585 176 - 2,362 8,318 Right -of-use assets 3,115 1,249 3,398 - 4,828 12,590 Property, plant and equipment 49,619 120,960 186,164 4 298,243 654,990 Non-current investments in related parties - - - - 4,302 4,302 Non-current investments 4 39 - - 2,020 2,063 Deferred tax assets 403 15,462 8,734 - 21,601 46,200 Other non -current assets 1,348 1,041 - - 13 2,402 Non-current 59,684 139,336 198,472 4 333,369 730,865 Current 5,408 11,704 30,105 4,404 51,705 103,326 Segment assets 65,092 151,040 228,577 4,408 385,074 834,191

Segment liabilities and equity 52,655 102,731 170,267 4,402 504,136 834,191

Additions due to non -current assets Intangible assets 12 - 70 - 232 314 Property, plant and equipment 266 486 4,084 1 76,634 81,471 278 286 4,154 1 76,866 81,785

(*) Information on the Xestosa power plant is disclosed in the Operation of wind farms segment, as this plant is owned by a company whose main activity is the operation of wind farms. The hydropower plant’s operation accounts for approximately 10% of the energy generated by the company holding the investment.

2026 Consolidated Half -Yearly Accounts

15 Details of the consolidated income statement for the interim periods ended 30 June 2026 and 2025, as well as assets and liabilities, broken down by geographical region, are as follows:

30.06.2026 (Thousands of euros) Spain Guatemala Honduras Dominican Republic Colombia Other Total Revenues 10,986 16,906 1,238 19,259 5,694 80 54,163 Change in inventories of finished products and work in progress - - - (4,852) - - (4,852) Self-constructed assets 2,220 104 - 83 219 532 3,158 Supplies 120 (6,144) - 865 (1,415) - (6,574) Other operating income 205 3 - 3,881 182 1 4,272 Personnel expenses (4,917) (435) (36) (392) (463) (647) (6,890) External services, Tax and Other general and administrative expenses (6,316) (1,188) (284) (4,214) (868) (762) (13,632) Losses, impairment and change in trade provisions - - - - (130) - (130) Amortisation/depreciation (5,727) (2,559) (478) (3,099) (1,173) (99) (13,135) Capital grants 276 - - - - - 276 Impairment and gains/(losses) on disposal of fixed assets (1,752) - - (91) - (57) (1,900) Other gains/(losses) 18 47 - (1) 2 - 66 Operating profit/(loss) (4,887) 6,734 440 11,439 2,048 (952) 14,822

Finance income 135 21 458 13 360 103 1,090 Finance cost (1,938) (3,831) (298) (5,237) (2,981) (245) (14,530) Impairment and gains/(losses) on disposal of financial instruments (2) - - - - 63 61 Translation differences (702) 29 (54) 158 204 (85) (450) Financial result (2,507) (3,781) 106 (5,066) (2,417) (164) (13,829)

Equity consolidated profit/(loss) (4) - - - - - (4)

Pre-tax profit/(loss) (7,398) 2,953 546 6,373 (369) (1,116) 989 Income tax for the period 3,194 (315) - (803) (79) - 1,997 Profit/(loss) after tax (4,204) 2,638 546 5,570 (448) (1,116) 2,986

Intangible assets 6,619 951 20 121 1 368 8,080 Right -of-use assets 2,503 5,431 553 3,405 859 215 12,966 Property, plant and equipment 182,642 127,492 8,635 230,169 87,605 59,152 695,695 Non-current investments in related parties 455 - - - - 3,803 4,258 Non-current investments 517 2 - - - 306 825 Deferred tax assets 44,796 836 - 4,322 3,695 - 53,649 Other non -current assets 4,202 - - 8,964 - - 13,166 Non -current 241,734 134,712 9,208 246,981 92,160 63,844 788,639 Current 39,595 34,100 4,455 39,817 17,148 11,262 146,737 Segment assets 281,689 168,812 13,663 286,798 109,308 75,106 935,376

Segment equity and liabilities 504,950 150,822 10,173 176,819 61,679 30,933 935,376

Additions due to non -current assets Intangible assets 12 - - - - 88 100 Property, plant and equipment 221 - 27 8,160 3,639 5,213 17,260 233 - 27 8,160 3,639 5,301 17,360

2026 Consolidated Half -Yearly Accounts

16 30.06.2025 (Thousands of euros) Spain Guatemala Honduras Dominican Republic Colombia Other Total Revenues 15,840 11,316 1,424 11,217 2,256 39 42,092 Self-constructed assets 2,914 225 - 114 245 796 4,294 Supplies (7) (6,687) - (46) (813) - (7,553) Other operating income 171 3 - - 1 - 175 Personnel expenses (5,110) (525) (37) (264) (345) (819) (7,100) External services, Tax and Other general and administrative expenses (7,919) (787) (309) (2,041) (747) (779) (12,582) Amortisation/depreciation (5,597) (1,340) (522) (1,663) (587) (89) (9,798) Capital grants 276 - - - - - 276 Impairment and gains/(losses) on disposal of fixed assets (913) - - - - - (913) Other gains/(losses) 111 - - 24 9 25 169 Operating profit/(loss) (234) 2,205 556 7,341 19 (827) 9,060

Finance income 30 21 17 16 269 113 466 Finance cost (2,071) (2,267) (482) (2,919) (1,087) (443) (9,269) Translation differences 961 (249) (188) (474) 1,111 (67) 1,094 Financial result (1,080) (2,495) (653) (3,377) 293 (397) (7,709)

Equity consolidated profit/(loss) 3 - - - - - 3 Pre-tax profit/(loss) (1,311) (288) (99) 3,963 313 (1,224) 1,354 Income tax for the period 916 531 - (2,824) 4,418 (57) 2,984 Profit/(loss) after tax (395) 243 (99) 1,139 4,731 (1,281) 4,338

Intangible assets 6,891 1,139 6 129 1 152 8,318 Right -of-use assets 2,642 5,450 551 3,451 361 135 12,590 Property, plant and equipment 219,255 123,754 9,426 212,706 68,729 21,120 654,990 Non-current investments in related parties 502 - - - - 3,800 4,302 Non-current investments 1,825 2 - - - 236 2,063 Deferred tax assets 36,858 744 - 1,992 6,597 9 46,200 Other non -current assets 2,390 - - 12 - - 2,402 Non -current 270,363 131,089 9,983 218,290 75,688 25,452 730,865 Current 25,487 24,670 4,279 24,736 14,433 9,721 103,326 Segment assets 295,850 155,759 14,262 243,026 90,121 35,173 834,191

Segment equity and liabilities 468,440 139,695 10,923 124,834 42,945 47,354 834,191

Additions due to non -current assets Intangible assets 175 81 1 12 - 45 314 Property, plant and equipment 6,129 15,099 11 27,380 14,281 18,571 81,471 6,304 15,180 12 27,392 14,281 18,616 81,785

The Group's non- current assets (other than financial instruments, equity accounted investments and deferred tax assets) at 30 June 2026 and 31 December 2025 are located in the following geographical regions:

Thousands of euros

30.06.2026 31.12.2025

Spain 195,966 201,149 Guatemala 133,874 132,027 Honduras 9,208 9,524 Dominican Republic 242,659 230,392 Colombia 88,465 75,384 Other 59,735 56,242

729,907 704,718

2026 Consolidated Half -Yearly Accounts

17 Non-current assets are allocated according to the country of incorporation of the Group company that owns the asset.

Revenue from transactions with a single external customer representing 10% or more of revenue, by segment, as at 30 June 2026 and 2025 is as follows:

Thousands of euros

30.06.2026 30.06.2025

Operation of wind farms 6,057 8,201 Energy commercialisation 3,379 2,772 Operation of solar photovoltaic plants 15,983 13,467 Operation of hydropower plants 3,796 6,406 Other services 160 180

29,375 31,026

4. Intangible assets and goodwill Changes in intangible assets for the six- month period ended 30 June 2026 and the year ended 31 December 2025, are as follows:

Thousands of euros

31.12.2025 Additions Translation

differences 30.06.2026

Cost-

Easement rights 2,947 - 83 3,030 Other intangible assets 5,128 100 6 5,234 8,075 100 89 8,264

Accumulated amortisation

Easement rights (2,017) (105) (60) (2,182) Other intangible assets (1,758) (150) 1 (1,907) (3,775) (255) (59) (4,089)

Closing balance 4,300 4,175

Thousands of euros

31.12.2024 Additions/

Charges Disposals/

Reversals Translation

differences 31.12.2025

Cost -

Easement rights 3,332 - - (385) 2,947 Other intangible assets 5,599 477 (912) (36) 5,128 8,931 477 (912) (421) 8,075

Accumulated amortisation

Easement rights (2,042) (220) - 245 (2,017) Other intangible assets (1,488) (271) - 1 (1,758) (3,530) (491) - 246 (3,775)

Closing balance 5,401 4,300

2026 Consolidated Half -Yearly Accounts

18 Additions in 2026 relate mainly to the acquisition of rights of way for power lines and accesses for the operation of facilities.

Goodwill

Goodwill recognised on intangible assets relates to the positive difference on first- time consolidation arising from the integration of net assets from the following companies in the consolidated annual accounts (thousands of euros):

Company 30.06.2026 31.12.2025 Hidroeléctrica del Giesta, S.L. 3,669 3,669 Energías de Pontevedra, S.L. 236 236 Total 3,905 3,905

At 30 June 2026 and 31 December 2025, no movement in goodwill has been recorded.

Goodwill is allocated to each company’s cash generating units (CGUs) and is compared with the recoverable amount.

2026 Consolidated Half -Yearly Accounts

19

5. Property, plant and equipment Changes in property, plant and equipment for the six -month period ended 30 June 2026 and the year ended 31 December 2025, are as follows:

Thousands of euros

31.12.2024 Additions/

Charges Disposals/

Reversals Transfers Translation

differences 31.12.2025

Cost -

Land and buildings 140,353 1,269 - 40,699 (8,607) 173,714 Plant, machinery and other items 318,579 3,192 (115) 194,366 (10,771) 505,251 Under construction and advances 297,450 98,283 (163) (235,065) (32,032) 128,473 756,382 102,744 (278) - (51,410) 807,438

Accumulated depreciation

Land and buildings (52,223) (4,465) - - 2,437 (54,251) Plant, machinery and other items (65,829) (14,636) 34 - 750 (79,681) (118,052) (19,101) 34 - 3,187 (133,932)

Accumulated impairment -

Land and buildings (3,123) - 448 - 343 (2,332) (3,123) - 448 - 343 (2,332)

Closing balance 635,207 671,174

The main additions in the first six months of 2026 relate to investments in the construction of six solar photovoltaic plants in the Dominican Republic, Colombia and Panama, and a wind farm in Canada. Jointly, these investments reflect an increase in installed capacity of approximately 276 MW, as these facilities become operational.

Furthermore, in the first half of 2026 the Group has capitalised €6,731 thousand of interest relating to the finance cost of funding for the construction of the photovoltaic solar plants in Colombia, Guatemala and the Dominican Republic.

Disposals recorded at 30 June 2026 relate mainly to costs incurred on a project that has been discarded. The carrying amount of all disposals in the year amounts to €1,899 thousand.

Thousands of euros

31.12.2025 Additions Disposals Transfers Translation

differences 30.06.2026

Cost -

Land and buildings 173,714 1 - 7,351 3,719 184,785 Plant, machinery and other items 505,251 634 (144) 10,787 14,988 531,516 Under construction and advances 128,473 16,625 (2,178) (18,138) 4,527 129,309 807,438 17,260 (2,322) - 23,234 845,610

Accumulated depreciation

Land and buildings (54,251) (2,680) - - (415) (57,346) Plant, machinery and other items (79,681) (9,778) 105 - (803) (90,157) (133,932) (12,458) 105 - (1,218) (147,503) Accumulated impairment -

Land and buildings (2,332) - - - (80) (2,412) (2,332) - - - (80) (2,412)

Closing balance 671,174 695,695

2026 Consolidated Half -Yearly Accounts

20 The Group analyses the existence of impairment indicators, including the analysis of potential regulatory changes and a review of the cash flow projections of each CGU.

In addition, during 2026 the Group carried out work on its assets amounting to €3,158 thousand (€7,535 thousand at 31 December 2025), capitalised and recorded under the Self -

constructed assets heading in the consolidated income statement.

At 30 June 2026, the Group holds property, plant and equipment subject to guarantees linked to the green bonds issued on 10 September 2020 for €66,815 thousand (€69,654 thousand at 31 December 2025).

The Group takes out insurance policies to cover the possible risk of damage to its property, plant and equipment. The directors of the Parent Company believe that the insurance policies taken out are adequate, considering the various locations of items of property, plant and equipment.

6. Rights of use Movement in rights of use during the period ended 30 June 2026 and at 31 December 2025, is as follows:

Thousands of euros

31.12.2025 Additions Disposals Translation

differences 30.06.2026

Cost -

Land 13,000 10 (28) 370 13,352 Vehicles 179 117 (53) (1) 242 Offices 2,267 208 (284) 47 2,238 15,446 335 (365) 416 15,832

Accumulated depreciation

Land (1,731) (182) 9 (24) (1,928) Vehicles (150) (70) 53 21 (146) Offices (808) (170) 246 (60) (792) (2,689) (422) 308 (63) (2,866)

Closing balance 12,757 12,966

2026 Consolidated Half -Yearly Accounts

21 Thousands of euros

31.12.2024 Additions/

Charges Disposals Translation

differences 31.12.2025

Cost -

Land 13,938 462 (39) (1,361) 13,000 Vehicles 160 125 (105) (1) 179 Offices 979 1,292 - (4) 2,267 15,077 1,879 (144) (1,366) 15,446

Accumulated depreciation

Land (1,517) (400) 32 154 (1,731) Vehicles (80) (138) 68 - (150) Offices (480) (343) 13 2 (808) (2,077) (881) 113 156 (2,689)

Closing balance 13,000 12,757

Additions in 2026 relate chiefly to lease agreements on offices.

Lease liabilities

A breakdown of the minimum payments from future lease liabilities in these contracts, by maturity, is as follows:

Thousands of euros

30.06.2026 31.12.2025

Less than 1 year 1,486 1,459 1 to 5 years 5,400 5,108 Over 5 years 36,199 35,506

43,085 42,073

Furthermore, in relation to variable rents that do not depend on an index or rate and which are not included in the measurement of the lease liability and the right- of-use asset, the Group’s management has estimated future cash outflows on the basis that b oth the price of energy and production volume remain unchanged in terms of the assumptions made at the 2025 reporting date.

Taking into account these considerations, details of future payments are as follows:

Thousands of

euros

30.06.2026

Next year 1,025 2 to 5 years 4,927 Over 5 years 17,010

22,962

2026 Consolidated Half -Yearly Accounts

22 7. Trade and other receivables Details of trade and other receivables are as follows:

Thousands of euros

30.06.2026 31.12.2025

Trade receivables for sales and services rendered 24,779 18,953 Trade receivables, related parties 31 17 Impairment of receivables (6,396) (6,313) Public entities, other 30,164 28,098 Other receivables 572 3,121

49,150 43,876

Movement in the provision for impairment of loans is as follows:

Thousands of euros

30.06.2026 31.12.2025

Opening balance 6,313 7,376 Translation differences 83 (1,063) Closing balance 6,396 6,313

8. Cash and cash equivalents At 30 June 2026 and 31 December 2025, the Group has recognised cash and cash equivalents of €70,393 thousand and €76,497 thousand, respectively, of which €17,832 thousand (€20,235 thousand at 31 December 2025) relates to restricted cash as collateral for the reserve accounts set up in several bank financing agreements.

9. Equity

Details of consolidated equity and movement during the period are shown in the consolidated statement of changes in equity.

9.1 Capital

On 4 March 2021, the then sole shareholder of Ecoener, S.A., Luis de Valdivia, S.L., made a shareholder contribution by cancelling part of the loan it had with the Company for €6,500 thousand.

On 22 March 2021, the then sole shareholder carried out a capital increase of €12,240 thousand by issuing 122,400 new shares against freely distributable reserves. Simultaneously, the then sole shareholder amended the nominal value of all the shares by mea ns of a split of 312.5 new shares for each existing share. As a result of this transaction, share capital was set at 40,000,000 shares with a par value of €0.32.

On 30 April 2021, the then sole shareholder of Ecoener, S.A. increased share capital by €5,424 thousand by issuing 16,949,150 new Parent Company shares with a par value of €0.32 per share.

On 4 May 2021, the Parent Company was floated on the stock exchange with the flotation of all the shares issued on 30 April 2021 at a share premium of €5.58 per share. As a result, the total amount of the issue for the IPO was €100 million.

Following the foregoing transactions, the Parent Company’s share capital at 30 June 2026 and 31 December 2025 amounts to €18,224 thousand, represented by 56,949,150 shares with a par value of €0.32 each, fully subscribed and paid up.

Details of the Parent Company's shareholders with a stake of more than 3% are as follows:

2026 Consolidated Half -Yearly Accounts

23

Ownership percentage

30.06.2026 31.12.2025

Luis de Valdivia Castro (*) 72.90% 70.98% Carmen Ybarra Careaga (**) 8.13% 8.13% Ana Patricia Torrente Blasco (***) 4.98% 5.02% (*) Through his shareholding in Luis de Valdivia, S.L.

(**) Through her shareholding in Onchena, S.L.

(***) Through her shareholding in Torrblas, S.L.

At 30 June 2026 and 31 December 2025, the members of the board of directors or their related companies controlled 72.94% and 71.02%, respectively, of the Parent Company’s share capital.

9.2 Share premium At 30 June 2026 and 31 December 2025, share premium stands at €99,326 thousand.

This reserve is freely distributable.

9.3 Reserves

In accordance with the rewritten text of the Spanish Companies Act, 10% of profits must be transferred to the legal reserve each year until it represents at least 20% of share capital. The legal reserve may be used to increase capital in an amount equal to the portion of the balance that exceeds 10% of capital after the increase. Except for the aforementioned use, the legal reserve may only be used to offset retained losses, as long as no other reserves exist that may be used for that purpose and as long as the aforementioned 20% minimum level is respected.

At 30 June 2026 and 31 December 2025, the legal reserve stands at €3,645 thousand.

9.4 Own shares Movement in own shares (in thousands of euros) during the period ended 30 June 2026 and at 31 December 2025, is as follows:

Thousands of euros

30.06.2026 31.12.2025

Opening balance 52 66 Additions 289 710 Disposals (230) (724) Closing balance 111 52

2026 Consolidated Half -Yearly Accounts

24 On 17 March 2022, the Parent Company entered into a liquidity contract with a bank to manage its own shares. The Parent Company's share transactions carried out by the bank, within the framework of this contract, are performed on the Spanish stock exchanges and are intended to favour the liquidity of the transactions and the regularity of the listing of its shares.

On 27 April 2023, this contract’s maturity was notified and on 5 May 2023 a new contract was signed with another bank for the same purpose.

As at 30 June 2026, the Parent Company owns 32,176 own shares representing 0.056% of share capital at this date (18,620 own shares representing 0.033% of share capital at 31 December 2025). At 30 June 2026, own share transactions led to a negative result of one thousand euros, which is recorded under reserves in the consolidated statement of financial position (negative result of one thousand euros at 30 June 2025).

9.5 Translation differences Details of the translation differences, generated entirely by the conversion to euros of the interim financial statements of the companies located abroad as at 30 June 2026 and 31 December 2025, are as follows:

Thousands of euros

30.06.2026 31.12.2025

Country

Canada 296 262 Colombia (8,336) (1,980) Ecuador 267 335 Guatemala (230) 1,039 Honduras 724 773 Mexico 44 9 Panama (623) 631 Poland (18) (16) Dominican Republic 19,025 22,291 Indonesia - 8 Romania 34 -

Total translation differences 11,183 23,352 9.6 Earnings per share Basic earnings per share are determined by dividing net profit/(loss) attributable to equity holders of the Parent by the weighted average number of shares outstanding during the period, excluding, if applicable, the average number of own shares held durin g the period.

The Parent Company has no potentially dilutive effects, so basic earnings per share match diluted earnings per share.

At 30 June 2026 and 2025, basic and diluted earnings per share are as follows:

30.06.2026 30.06.2025

Number of shares 56,949,150 56,949,150

Average number of shares 56,923,744 56,924,978 Profit/(loss) attributable to Parent (thousands of euros) 3,127 4,289 Earnings per share (euros per share) Basic/diluted 0.05 0.08

2026 Consolidated Half -Yearly Accounts

25 10. Financial debt Details of financial debt at 30 June 2026 and 31 December 2025 are as follows:

Thousands of euros

30.06.2026 31.12.2025

Non-current Current Non-current Current

Unrelated parties

At amortised cost Bonds and other marketable securities 71,000 8,260 75,104 8,497 Bank borrowings 424,125 37,758 409,736 53,461 Lease payables 10,374 1,097 10,380 1,109 Other financial liabilities 98,836 72,440 54,178 87,732 604,335 119,555 549,398 150,799

10.1 Bonds and other marketable securities

On 10 September 2020, the subsidiary Ecoener Emisiones, S.A.U. issued two classes of green bonds listed on the Open Market (Freiverkerh) of the Frankfurt Stock Exchange, amounting to €130 million, the main features of which are as follows:

i. Class 1: These bonds have a nominal amount of €39,000 thousand and mature on 31 December 2040. The applicable interest rate is 2.35%.

ii. Class 2: These bonds have a nominal amount of €91,000 thousand and mature on 31 December 2040. The applicable interest rate is 2.35%.

On 30 June 2026, the Group paid €4,341 thousand in principal and €995 thousand in interest on the green bonds (€4,549 thousand and €1,104 thousand, respectively, at 30 June 2025).

At 30 June 2026, the terms set out in the marketable securities contract are met, as they were at 31 December 2025.

10.2 Bank borrowings

To finance the development and construction of its project portfolio, the Company and several subsidiaries have entered into loans with Spanish and foreign banks in the markets where the Group operates. These loans are subject to compliance with certain financial and non -

financial covenants. The covenants reflect the historic and expected relationship between the cash flows generated by the financed projects and the debt service, the statement of financial position’s financial structure and the geographical layout and income framework of the Group’s power plants. At 30 June 2026, the directors of the Parent Company expect these covenants to be met and expect to continue to meet the terms set out in the aforementioned marketable securities contract.

The Group company Llanos del Sur Fotovoltaica, S.A., located in Honduras, has a loan for 19,493 thousand dollars with an expiry date of 16 December 2028. At 30 June 2026 and 31 December 2025, the amount outstanding is €5,436 thousand and €6,008 thousand, respectively.

2026 Consolidated Half -Yearly Accounts

26

The Guatemalan subsidiary, Energías del Ocosito , S.A., has a loan agreement for a principal amount of 33,750 thousand dollars, maturing in 2042. At 30 June 2026, the outstanding capital totals €30,013 thousand (€29,582 thousand at 31 December 2025).

In October 2022, the Parent Company signed a sustainable financing agreement with a group of banks for €95,500 thousand. In March 2024, a second financing tranche was arranged for an additional €50,187 thousand, which is drawn down in full at the reporting date. Early repayments of €7,508 were made on this second tranche in September and November. The financing is used to construct wind farms and photovoltaic plants in Colombia, Guatemala and the Dominican Republic. The outstanding balance at 30 June 2026 is €53,294 thousand (€63,978 thousand at 31 December 2025). The financing will ultimately expire in March 2029. The interest rate is fixed according to the 6 -month EURIBOR plus a market rate.

In previous years, several Spanish subsidiaries signed loans for a total granted amount of €49,279 thousand for the construction of wind farms and solar plants. In 2026, the final loan tranche of €3,542 thousand was drawn down for a wind farm. At 30 June 2026, the outstanding balance totals €35,728 thousand (€33,820 thousand at 31 December 2025).

In June 2023, the subsidiary located in Colombia, Genersol, S.A.S., signed a financing agreement with a Colombian bank for 57,000 million Colombian peso to build a solar photovoltaic plant. This plant became operational during 2023 . This is a project finance arrangement, maturing in 2038 and with an initial 1 -year grace period. At 30 June 2026, the outstanding balance totals €13,344 thousand (€11,931 thousand at 31 December 2025).

In December 2023, the Dominican subsidiary EFD Fotovoltaica Dominicana, S.R.L. signed a syndicated loan agreement for a total amount of 75,500 thousand dollars with two banks for the construction of two solar photovoltaic plants, maturing in 2030. At 30 Ju ne 2026, the outstanding balance totals €58,851 thousand (€58,683 thousand at 31 December 2025).

In 2024, the Guatemalan subsidiaries Ecoener Sol del Puerto, S.A. and Ecoener Sol de Escuintla, S.A. arranged loans with fiduciary and fideicommissary guarantees to construct two solar photovoltaic plants for a total amount of 122,000 thousand dollars of w hich the full amount is drawn down at 30 June 2026. The loans, which mature in 2035 and 2038, respectively, have a grace period on the principal amount until 2026. At 30 June 2026, the outstanding balance totals €103,732 thousand (€101,932 thousand at 31 December 2025).

In July 2024, the Dominican subsidiary Renewable Energy World Dominicus, S.R.L. signed a syndicated loan agreement for a maximum amount of 50,000 thousand dollars with two banks for the construction of a solar photovoltaic plant. The loan, which matures in 2039, has a 12 -

month grace period on the principal amount. Furthermore, the loan has the standard collateral structure for project finance transactions. At 30 June 2026, the outstanding balance totals €40,803 thousand (€40,743 thousand at 31 December 2025).

2026 Consolidated Half -Yearly Accounts

27

Without being subject to any covenants, in October 2024 the Greek subsidiary Ecoener Hellas, S.A. signed a loan agreement for €2,072 thousand with a Spanish bank to finance wind, photovoltaic and storage projects in Greece. The loan, which matures in 2028, has a 12 -month grace period on the principal amount. At 30 June 2026, the outstanding balance totals €1,725 thousand (€2,034 thousand at 31 December 2025).

In December 2024, the Dominican subsidiary LCV Ecoener Solares Dominicana, S.R.L. signed a mortgage -backed loan for 41,472 thousand dollars to construct a solar photovoltaic plant.

In November 2025, the subsidiary arranged another mortgage -backed loan for 43,500 thousand dollars. Both loans mature in 2040 and were fully drawn down in November 2025. At 30 June 2026, the outstanding balance totals €72,167 thousand (€71,251 thousand at 31 December 2025).

In 2025, three Colombian subsidiaries signed a joint loan for 120,650 million Colombian peso with several banks to construct four solar photovoltaic plants. The loan is divided into two tranches, maturing in 2035 and 2040. At 30 June 2026, the outstanding balance totals €29,366 thousand (€26,769 thousand at 31 December 2025).

In August 2025, the Romanian subsidiary Ecoener Carpatica , S.L.R. signed a loan agreement for €1,500 thousand with a Spanish bank to finance wind and photovoltaic projects in Romania. At 30 June 2026, the outstanding balance totals €1,452 thousand (€1,446 thousand at 31 December 2025).

In 2026, the Colombian subsidiary, Wilches Colar 1, S.A.S., entered into a loan for 80,000 million peso. Of this amount, 42,397 million peso has not been drawn down and is available for the construction of a photovoltaic solar plant, maturing in 2040. At 30 June 2026, the outstanding balance totals €9,269 thousand.

All loans arranged by the Group accrue interest at market rates.

In addition, the Group has credit and foreign trade facilities with a limit of €14,000 thousand, of which €2,222 thousand are drawn down at 30 June 2026 (€11,504 thousand at 31 December 2025).

10.3 Lease payables Most of the lease agreements affected by this accounting standard relate to the land on which power generation facilities are located and offices (Note 6).

2026 Consolidated Half -Yearly Accounts

28

10.4. Other financial liabilities At 30 June 2026, Other financial liabilities within non -current liabilities include a debt arranged by Ecoener Inversiones, NAIF -SICAV PLC for €27,850 thousand (€33,000 thousand at 31 December 2025). This debt has 5 tranches of €8,300 thousand, €10,000 thousand, €4,550 thousand, €3,800 thousand and €1,200 thousand, maturing from 2027 to 2030 (6 tranches of €5,150 thousand, €8,300 thousand, €10,000 thousand, €4,550 thousand, 3,800 thousand and €1,200 thousand at 31 December 2025, maturing from 2027 to 2030).

In addition, at 30 June 2026, the Group has recorded €21,766 thousand as non -current debt convertible into grants (€13,318 thousand at 31 December 2025).

Moreover, in 2026 and 2025 the Parent Company maintained a green commercial paper notes programme, included on the Alternative Fixed -Income Market (MARF) on 28 November 2024 under the name “Green Commercial Paper Programme ECOENER 2024”, with a maximum outstanding balance of €75,000 thousand. In 2025, the Parent Company increased the programme’s maximum outstanding balance by an additional €50,000 thousand bringing the maximum outstanding balance to €125,000 thousand. This programme aims to diversify the Group’s lines of financing. The outstanding balance, both current and non -current, at 30 June 2026 of the notes issued under these programmes is €117,604 thousand (€92,038 thousand at 31 December 2025).

11. Grants

Details and movement in non -refundable grants received at 30 June 2026 and 31 December 2025 are as follows (in thousands of euros):

Thousands of euros

Amount

awarded Balance at 31.12.2025 Transfers to profit/(loss) Balance at

30.06.202

6

Grants awarded by official bodies 20,010 12,988 (276) 12,712 Other grants 11 2 - 2 20,021 12,990 (276) 12,714

Thousands of euros

Amount

awarded Balance at 31.12.2024 Additions Transfers to profit/(loss) Balance at

31.12.2025

Grants awarded by official bodies 20,010 10,679 2,866 (557) 12,988 Other grants 11 3 - (1) 2 20,021 10,682 2,886 (558) 12,990

In 2026, requirements were met to recognise subsidies granted by Spain’s Institute for Diversification and Energy Savings (IDAE) and the European Regional Development Fund (ERDF) to several subsidiaries. These subsidies are targeted at funding storage syst ems at several renewable energy power plants in the Canary Islands. These grants have been allocated in full.

2026 Consolidated Half -Yearly Accounts

29

12. Taxation

At 30 June 2026 and 2025, the tax rate applicable to pre -tax profit/(loss) is as follows (in thousands of euros):

30.06.2026 30.06.2025

Pre-tax profit/(loss) 989 1,354 Income tax for the period 1,997 2,984 Effective tax rate (%) 200.91% 220.38%

Details of balances with public entities at 30 June 2026 and 31 December 2025 are as follows (in thousands of euros):

30.06.2026 31.12.2025

Non-current Current Non-current Current

Assets -

Deferred tax assets 53,649 - 48,570 -

Current tax assets - 57 - 78 Value added tax - 20,048 - 16,674 Other tax - 10,116 - 11,424 53,649 30,221 48,570 28,176

Liabilities -

Deferred tax liabilities 11,649 - 10,193 -

Current tax liabilities - 2,616 - 2,805 Value added tax and similar taxes - 2,286 - 1,248 Social Security - 237 - 249 Withholdings - 527 - 436 Grants - 135 - 135 Other - 149 - 728 11,649 5,950 10,193 5,601

Movement in deferred tax assets and liabilities is as follows (in thousands of euros):

Thousands of euros

31.12.2025 Additions Disposals Translation

differences 30.06.2026

Deferred tax assets -

Assets for deductible temporary differences 16,499 2,302 (198) 53 18,656 Non-deductible amortisation 54 4 (2) - 56 Tax loss carryforwards 8,419 2,287 (30) 661 11,337 Rights to tax deductions 23,598 52 (50) - 23,600 48,570 4,645 (280) 714 53,649

Deferred tax liabilities -

Temporary differences 10,167 1,478 (23) - 11,622 Right -of-use leases 26 1 - - 27 10,193 1,479 (23) - 11,649

2026 Consolidated Half -Yearly Accounts

30 Thousands of euros

31.12.2024 Additions Disposals Translation

differences 31.12.2025

Deferred tax assets -

Assets for deductible temporary differences 13,350 4,071 (909) (13) 16,499 Non-deductible amortisation 47 7 - - 54 Tax loss carryforwards 5,377 3,336 (70) (224) 8,419 Rights to tax deductions 21,785 2,043 (230) - 23,598 40,559 9,457 (1,209) (237) 48,570

Deferred tax liabilities -

Temporary differences 4,629 5,534 - 4 10,167 Right -of-use leases 23 3 - - 26 4,652 5,537 - 4 10,193

At 30 June 2026, the Group has recorded a deferred tax asset of €53,649 thousand, of which €23,600 thousand relate to deductions for investments made in fixed assets of subsidiaries located in the Canary Islands.

The recording of the asset is based on analysis performed by the Group using the expected future results of the facilities that have generated the deduction and of other companies belonging to the tax group.

Recoverability analysis of deferred tax assets and capitalised tax credits- As stated in the accounting policies, the Group recognises deferred tax assets in the consolidated statement of financial position only when they can be recovered within a reasonable timeframe, taking into consideration the legal limitations set out for th eir application. For estimating the recovery of activated tax credits, a time horizon is considered in accordance with the Group’s current business situation, bearing in mind the maximum recoverability periods of such credits established by the applicable tax regulations.

The analysis of the recoverability of tax credits pending offset is carried out by the Group using estimates for each of the companies that has recognised such tax credits. These estimates include the necessary tax adjustments to determine the companies’ r elevant tax bases.

Additionally, the Group considers the limitations to the offsetting of tax bases established by the respective jurisdictions, carrying out a specific analysis for each of them. The Group also analyses the existence of deferred tax liabilities against which these tax losses can be offset in the future. In estimates and budgets, the Group considers the operating, financial and macroeconomic circumstances applicable to each company, such as usage level of the production capacity installed at each plant, the market sale prices of the energy produced and, where appropriate, the applicable regulatory remuneration regime, the financial framework applicable to each project and the operating expenses associated with it. These parameters are drawn u p using historical data and forecasts and reports from experts and independent bodies, as well as the objectives set by the Group.

2026 Consolidated Half -Yearly Accounts

31 13. Income and expense

a) Revenues

The breakdown of the Group's revenues by operating segment for the interim periods ended 30 June 2026 and 2025 is as follows:

Thousands of euros

30.06.2026 30.06.2025

Operation of hydropower plants 4,641 7,487 Operation of wind farms 6,171 8,413 Operation of solar photovoltaic plants 36,282 16,165 Energy commercialisation 6,850 5,975 Other services 219 4,052

54,163 42,092

b) Personnel expenses

Details of the employee benefits expense for the interim periods ended 30 June 2026 and 2025 are as follows:

Thousands of euros

30.06.2026 30.06.2025

Social Security payable by the company 1,072 1,056 Defined contribution plans 4 3 Other employee benefits expense 8 20

1,084 1,079

The average number of individuals employed by the Group in the first half of 2026 and 2025, distributed by gender, is as follows:

Number of employees

30.06.2026 30.06.2025

Male 148 171 Female 73 83

221 254

At 30 June 2026, the Group has 2 employees with a disability equal to or greater than 33% (1 employee at 30 June 2025).

At 30 June 2026 and 2025, the Parent Company’s board of directors comprises three women and seven men.

14. Related party balances and transactions The Group’s main balances with related parties excluded from the consolidation scope, equity accounted companies and related parties, including senior management personnel and members of the board of directors at 30 June 2026 and 31 December 2025, are as follows:

2026 Consolidated Half -Yearly Accounts

32 Thousands of euros

30.06.2026 31.12.2025

Non-current investments with related parties -

Equity instruments 370 370 Credits 3,888 3,888 Trade and other receivables -

Trade receivables, Group companies and associates (Note 7) 31 17 Current investments with related parties -

Credits - 260 Total assets with related parties 4,289 4,535

The main transactions with related parties excluded from the consolidation scope, equity accounted companies and related parties, including senior management personnel and members of the board of directors in the six -month period ended 30 June 2026 and 202 5, are

as follows:

Thousands of euros

30.06.2026 30.06.2025

Shareholders Directors Related parties Shareholders Directors Related parties

Finance cost - 23 - - 24 -

Services received 175 - - 175 - -

Total expenses 175 23 - 175 24 -

Finance income - - 97 - - 99 Services rendered 54 - 15 54 - 13 Total income 54 - 112 54 - 112 15. Information relating to the Group's senior management personnel and board of

directors

At 30 June 2026 and 2025, the board of directors comprises ten members.

At 30 June 2026, senior management functions are performed by ten people who are not on the board of directors (eleven people at 30 June 2025).

15.1 Director and senior management remuneration

At 30 June 2026, the Parent Company has paid the annual premium for directors' and executives' civil liability insurance amounting to €78 thousand. Below are details of the remuneration paid and received by members of the board of directors during the six -month periods ended 30 June 2026 and 2025:

Thousands of euros

30.06.2026 30.06.2025

Fixed pay 330 329 Salary 564 564 Other items 80 100 Total pay 974 993

2026 Consolidated Half -Yearly Accounts

33 In the six -month period ended 30 June 2026, employees deemed to be senior management have been paid €1,079 thousand (€1,284 thousand in the same period of 2025).

15.2 Conflicts of interest concerning the directors of the Parent Company

At the date of authorisation for issue of these condensed consolidated interim financial statements, none of the members of the Parent Company's board of directors or persons related to them have disclosed any conflicts of interest requiring notification in accordance with the provisions of art. 229 of the TRLSC.

However, the directors of the Parent Company have been informed that the chair of the board of directors holds management positions in other companies with the same, similar or complementary types of activity as the Company, belonging to the business group of which Luis de Valdivia, S.L. is the Parent Company. The consolidated annual accounts of Luis de Valdivia, S.L. and Subsidiaries for the year ended 31 December 2025 are filed at the Companies Register of La Coruña.

16. Guarantee commitments to third parties and other contingent liabilities At 30 June 2026 and 31 December 2025, the Group has pledged guarantees and surety certificates to secure the fulfilment of obligations or commitments acquired for the following amounts:

Thousands of euros

30.06.2026 31.12.2025

Fulfilment of facility commitments 30,848 26,079 Fulfilment of FEDER funds 19,081 8,123 Tax 1,151 1,151 Electricity network connection point reserve 64,678 57,267 Reserve fund hedge 9,016 9,016 Other 549 2,339 Total 125,323 103,975

In addition, a pledge has been granted on the shares of Ecoener Emisiones, S.A.U. as security for the debt held by the latter as a result of the bond issue on the Open Market (Freiverkerh) of the Frankfurt Stock Exchange.

The Parent Company has also pledged the shares in the subsidiaries LCV Ecoener Solares Dominicana, S.R.L. and Ecoardobelas II, S.A.S. to secure the sustainable loan arranged in 2022.

The Parent's board of directors does not expect any significant liabilities to arise for the Group in relation to the guarantees detailed above.

As mentioned in Note 5, the Group has items of property, plant and equipment subject to guarantees.

17. Subsequent events On 27 July 2026, the Parent Company issued ordinary, unsecured, senior bonds that are neither convertible nor exchangeable in the amount of €30 million (€30,000 thousand), maturing in 7 years.

On 7 August 2026, the Parent Company listed on the Alternative Fixed -Income Market (MARF) bonds totalling €15 million (€15,000 thousand) that must be converted into the company’s ordinary shares, maturing in 3 years.

2026 Consolidated Half -Yearly Accounts

34 The members of the Parent Company’s board of directors are not aware of any other significant event that has taken place between the 30 June 2026 and the date of authorisation for issue of these condensed consolidated interim financial statements that is not adequately disclosed herein.

Appendix I

35

ECOENER, S.A. AND SUBSIDIARIES

Information relating to Subsidiaries for the interim period ended 30 June 2026 (Free translation from the original in Spanish. In the event of discrepancy, the Spanish- language version prevails.) Company Address Activity % of

effective

interest

Ecoener Emisiones subgroup (*) -

Ecoener Emisiones, S.A. Spain Other services 100% Drago Renovables, S.L. Spain Wind farms 75% Energías de Pontevedra, S.L. Spain Wind farms 100% Hidroeléctrica de Ourol, S.L. (*) Spain Wind farms 70% Hidroeléctrica del Giesta, S.L. (*) Spain Hydropower plants 100% Mocan Renovables, S.L. Spain Wind farms 75% Soc. Lucense de Energía Hidráulica, S.L. Spain Hydropower plants 100% Yesquera de Aluce, S.L. Spain Wind farms 100%

Ecoener Inversiones SCA, SICAV -NAIF subgroup -

Ecoener Inversiones SCA, SICAV -NAIF (*) Malta Other services 100% Alamillo de Doramas, S.L. (*) Spain Wind farms 100% Cardo de Plata, S.L. (*) Spain Wind farms 100% Dama de Bandama, S.L.(*) Spain Solar photovoltaic plants 100% Siempreviva Gigante, S.L. Spain Wind farms 100% Amagante Herreño, S.L. Spain Wind farms 90.20% Cardoncillo Gris, S.L. Spain Solar photovoltaic plants 100%

Aquis Querquennis subgroup -

Aquis Querquennis, S.L. (*) Spain Other services 100% Aquis Querquennis Colombia, S.A.S. Colombia Other services 100% Aquis Querquennis Ecuador, S.A.S. Ecuador Other services 100% Aquis Querquennis Guatemala, S.A. Guatemala Other services 100% Aquis Querquennis Panamá, S.A.S. Panama Other services 100%

Coruener Generación México subgroup -

Coruener Generación México, S.A. de C.V. Mexico Other services 100% Coruener Generación México, S.A. de C.V. I Mexico Other services 100% Coruener Generación México, S.A. de C.V. II Mexico Other services 100% Coruener Generación México, S.A. de C.V. III Mexico Other services 100% Coruener Generación México, S.A. de C.V. IV Coruener Generación México, S.A. de C.V. V Mexico Other services 100% Mexico Other services 100%

Ecoener Carpatica subgroup -

Ecoener Carpatica, S.R.L. Romania Other services 100% Ecoener Frasinet, S.R.L. Romania Other services 100% Ecoener Tibanesti, S.R.L. Romania Other services 100% Ecoener Braila, S.R.L. Romania Other services 100% Ecoener Iasi, S.R.L. Romania Other services 100% CEF Delta Power, S.R.L. Romania Other services 100% EWD 2022, S.R.L Romania Other services 100%

Ecoener Énergie Canada subgroup -

Ecoener Énergie Canada, Inc. Canada Other services 100% Éolien Ecoener Devéo, Inc. Canada Other services 75% Hixon Wind GP Inc. Canada Other services 100% Hixon Wind Limited Partnership Canada Other services 100% KLO Wind Energy Corp. Canada Other services 100% Nilhts’i Ecoener Energy Corp Canada Other services 51%

Appendix I

36

Company Address Activity % of

effective

interest

Ecoener Inversiones de Centroamérica subgroup -

Ecoener Invers. de Centroamérica S.A. Guatemala Other services 100% Comercializadora Centroamericana de Energía La Ceiba, S.A. Guatemala Energy providers 100% Ecoener Solar de Guatemala, S.A. Guatemala Other services 100% Ecoener Sol del Valle, S.A. Guatemala Other services 100% Ecoener Ingeniería, S.A. Guatemala Other services 100% Ecoener Ingeniería Honduras, S.A. Honduras Other services 100% Llanos del Sur Fotovoltaica, S.A. Honduras Solar photovoltaic plants 50%

Hidro Quetzal subgroup -

Hidro Quetzal, S.A. Guatemala Other services 77.54% Energías del Ocosito, S.A. Guatemala Hydropower plants 77.54%

Ecoener Italia subgroup -

Ecoener Italia, S.R.L. Italy Other services 100% CEP Rinnovabili 8 S.R.L. Italy Other services 50% Ecoecep Altano, S.R.L. Italy Other services 50% Ecoecep Levante, S.R.L. Italy Other services 50% Ecoecep Volturno, S.R.L. Italy Other services 50% Ecoener Alfina, S.R.L. Italy Other services 100% Ecoener Piancastagnaio, S.R.L. Italy Other services 100% Ecoener Rocca San Felice, S.R.L. Italy Other services 100% Ecoener Calitri, S.R.L. (previously Ecoener Gesturi, S.R.L.) Italy Other services 100% Ecoener Latiano, S.R.L. Italy Other services 51% Ecoener Salice Salentino, S.R.L. Italy Other services 51%

Ecofund Italy subgroup -

Ecofund Italy, S.R.L. Italy Other services 100% Chub 1, S.R.L. Italy Other services 100% Chub 2, S.R.L. Italy Other services 100% Ecoener Benano, S.R.L. Italy Other services 100%

Ecoener Hellas subgroup -

Ecoener Hellas Single Member, S.A. Greece Other services 100% Ecoener Pyraichmis Single Member, P.C. Greece Other services 100% Ecoener Bess Single Member, S.A. Greece Other services 100% Ecoener Hybrid I Single Member, S.A. Greece Other services 100%

Ecoener Poland subgroup -

Ecoener Poland SP. Z O.O. Poland Other services 100% Ecoener Lipsko SP. Z O.O. Poland Other services 100% Ecoener Ozarow SP. Z O.O. Poland Other services 100% Ecoener Plonsk SP. Z O.O. Poland Other services 100%

Ecoener Emisiones 2 subgroup -

Ecoener Emisiones 2, S.L. Spain Other services 80% Renewable Energy World Dominicus (R.E.W.D.), S.R.L. (*) Dominican R ep. Other services 80%

Bejeque Rojo, S.L. Spain Other services 100% Bencomia de Risco, S.L. (*) Spain Solar photovoltaic plants 100% Canutillo de Sabinosa, S.L. (*) Spain Solar photovoltaic plants 100% Chajorra de Aluce, S.L. Spain Other services 100% Colino Majorero, S.L. Spain Other services 100% Ecoener Ingeniería, S.L. Spain Other services 100% Ecoener Inversiones, S.L. Spain Other services 100% Ecoener One, S.L. Spain Other services 100% Eólicos del Matorral, S.L. (*) Spain Wind farms 100% Fonte Dos Arcos, S.L. Spain Other services 100%

Appendix I

37 (*) Audited financial statements.

Company Address Activity % of

effective

interest

Helecho de Cristal, S.L. Spain Other services 100% Herdanera, S.L. Spain Other services 100% Hierba Muda, S.L. Spain Other services 100% Magarza del Andén, S.L. Spain Other services 100% Magarza Plateada, S.L. Spain Other services 100% Malva de Risco, S.L. Spain Other services 100% Oilean Telde Eolica Energy, S.L. (*) Spain Wind farms 100% Picocernicalo, S.L. Spain Other services 100% Risoela, S.L. Spain Other services 100% Rosalito Palmero, S.L. Spain Other services 100% Salvia Blanca, S.L. Spain Other services 100% Siempreviva Azul, S.L. Spain Other services 100% Sociedad Eólica Punta Maeda, S.L. Spain Other services 100% Tabaiba Solar, S.L. (*) Spain Solar photovoltaic plants 100% Tiraventos, S.L. Spain Other services 100% Violeta de Anaga, S.L. Spain Other services 100% Violeta Palmera, S.L. (*) Spain Wind farms 100% Ecoener O&M, S.L. Spain Other services 100% Ecoener Sol de Escuintla, S.A. (*) Guatemala Solar photovoltaic plants 100% Ecoener Sol del Puerto, S.A. (*) Guatemala Solar photovoltaic plants 100% Ecoener Sol del Sur, S.A. Guatemala Other services 100% Ecoener Sol de Cocales, S.A. Guatemala Other services 90% Ecoener del Norte Panamá S.A. Panama Other services 100% Ecoener del Sur Panamá S.A. Panama Other services 100% Ecoener Energías Panamá S.A. Panama Other services 100% Ecoener Generadora Panamá S.A. Panama Other services 100% Ecoener Industrial Panamá, S.A. Panama Other services 100% Ecoener Ingeniería Panamá, S.A. Panama Other services 100% Ecoener Productora Panamá S.A. Panama Other services 100% Ecoener Renovables Panamá, S.A. Panama Other services 100% Ecoener Solar Panamá, S.A. Panama Other services 100% Ecoener Técnicas Panamá S.A. Panama Other services 100% Ecoener Ingeniería Dominicana, S.R.L. Dominican Republic Other services 100% EFD Ecoener Fotovoltaica Dominicana, S.R.L. (*) Dominican Republic Solar photovoltaic plants 100% EID Ecoener Inversiones Dominicana S.R.L. Dominican Republic Other services 100% LCV Ecoener Solares Dominicana, S.R.L. (*) Dominican Republic Solar photovoltaic plants 100% Ecoardobela I, S.A.S. (*) Colombia Solar photovoltaic plants 100% Ecoardobela II, S.A.S. (*) Colombia Solar photovoltaic plants 100% Ecoener Ingenieria Colombia, S.A.S Colombia Other services 100% Wilches Solar 1, S.A.S (*) Colombia Other services 100% El Tamarindo Solar, S.A.S. (*) Colombia Other services 100% Genersol, S.A. (*) Colombia Solar photovoltaic plants 100% Ecoener Mirazul Dos, S.A. Nicaragua Other services 98% Amaluza -Copal Energy, S.A.S. Ecuador Other services 100% Amaluza -Cruzado Energy, S.A.S. Ecuador Other services 100% Amaluza -Negro Energy, S.A.S. Ecuador Other services 100% Amarillo Energy S.A.S. Ecuador Other services 100% Ecoener Ingeniería Ecuador, S.A.S. Ecuador Other services 100% El Rosario Energy Elroenergy, S.A.S. Ecuador Other services 74.99% Negro Energy, S.A.S. Ecuador Other services 100% Santa Rosa Sanenergy, S.A.S. Ecuador Other services 100% Ecoener Ingegnieria Italia, S.R.L. Italy Other services 100% Ecodomener, S.R.L. Italy Other services 100%

Equity integration -

Yerbamora, S.L. Spain Solar photovoltaic plants 50%

Appendix I

38

ECOENER, S.A. AND SUBSIDIARIES

Information relating to Group companies for the period ended 31 December 2025

Company Address Activity % of

effective

interest

Ecoener Emisiones subgroup (*) -

Ecoener Emisiones, S.A. Spain Other services 100% Drago Renovables, S.L. Spain Wind farms 75% Energías de Pontevedra, S.L. Spain Wind farms 100% Hidroeléctrica de Ourol, S.L. (*) Spain Wind farms 70% Hidroeléctrica del Giesta, S.L. (*) Spain Hydropower plants 100% Mocan Renovables, S.L. Spain Wind farms 75% Soc. Lucense de Energía Hidráulica, S.L. Spain Hydropower plants 100% Yesquera de Aluce, S.L. Spain Wind farms 100%

Ecoener Inversiones SCA, SICAV -NAIF subgroup -

Ecoener Inversiones SCA, SICAV -NAIF (*) Malta Other services 100% Alamillo de Doramas, S.L. (*) Spain Wind farms 100% Cardo de Plata, S.L. (*) Spain Wind farms 100% Dama de Bandama, S.L.(*) Spain Solar photovoltaic plants 100% Siempreviva Gigante, S.L. Spain Wind farms 100% Amagante Herreño, S.L. Spain Wind farms 90.20% Cardoncillo Gris, S.L. Spain Solar photovoltaic plants 100%

Aquis Querquennis subgroup -

Aquis Querquennis, S.L. (*) Spain Other services 100% Aquis Querquennis Colombia, S.A.S. Colombia Other services 100% Aquis Querquennis Ecuador, S.A.S. Ecuador Other services 100% Aquis Querquennis Guatemala, S.A. Guatemala Other services 100% Aquis Querquennis México S.A. de C.V. Mexico Other services 100% Aquis Querquennis Panamá, S.A.S. Panama Other services 100%

Coruener Generación México subgroup -

Coruener Generación México, S.A. de C.V. Mexico Other services 100% Coruener Generación México, S.A. de C.V. I Mexico Other services 100% Coruener Generación México, S.A. de C.V. II Mexico Other services 100% Coruener Generación México, S.A. de C.V. III Mexico Other services 100% Coruener Generación México, S.A. de C.V. IV Coruener Generación México, S.A. de C.V. V Mexico Other services 100% Mexico Other services 100%

Ecoener Carpatica subgroup -

Ecoener Carpatica, S.R.L. Romania Other services 100% Ecoener Frasinet, S.R.L. Romania Other services 100% Ecoener Tibanesti, S.R.L. Romania Other services 100% Ecoener Braila, S.R.L. Romania Other services 100% Ecoener Iasi, S.R.L. Romania Other services 100% CEF Delta Power, S.R.L. Romania Other services 100% EWD 2022, S.R.L Romania Other services 100%

Ecoener Énergie Canada subgroup -

Ecoener Énergie Canada, Inc. Canada Other services 100% Éolien Ecoener Devéo, Inc. Canada Other services 75% Hixon Wind GP Inc. Canada Other services 100% Hixon Wind Limited Partnership Canada Other services 100% KLO Wind Energy Corp. Canada Other services 100% Nilhts’i Ecoener Energy Corp Canada Other services 51%

Appendix I

39 Company Address Activity % of

effective

interest

Ecoener Inversiones de Centroamérica subgroup -

Ecoener Invers. de Centroamérica S.A. Guatemala Other services 100% Comercializadora Centroamericana de Energía La Ceiba, S.A. Guatemala Energy providers 100% Ecoener Solar de Guatemala, S.A. Guatemala Other services 100% Ecoener Sol del Valle, S.A. Guatemala Other services 100% Ecoener Ingeniería, S.A. Guatemala Other services 98% Ecoener Ingeniería Honduras, S.A. Honduras Other services 98% Llanos del Sur Fotovoltaica, S.A. Honduras Solar photovoltaic plants 50%

Hidro Quetzal subgroup -

Hidro Quetzal, S.A. Guatemala Other services 77.54% Energías del Ocosito, S.A. Guatemala Hydropower plants 77.54%

Ecoener Italia subgroup -

Ecoener Italia, S.R.L. Italy Other services 100% CEP Rinnovabili 8 S.R.L. Italy Other services 50% Ecoecep Altano, S.R.L. Italy Other services 50% Ecoecep Levante, S.R.L. Italy Other services 50% Ecoecep Volturno, S.R.L. Italy Other services 50% Ecoener Alfina, S.R.L. Italy Other services 100% Ecoener Piancastagnaio, S.R.L. Italy Other services 100% Ecoener Rocca San Felice, S.R.L. Italy Other services 100% Ecoener Calitri, S.R.L. (previously Ecoener Gesturi, S.R.L.) Italy Other services 100% Ecoener Latiano, S.R.L. Italy Other services 51% Ecoener Salice Salentino, S.R.L. Italy Other services 51%

Ecofund Italy subgroup -

Ecofund Italy, S.R.L. Italy Other services 100% Chub 1, S.R.L. Italy Other services 100% Chub 2, S.R.L. Italy Other services 100% Ecoener Benano, S.R.L. Italy Other services 100%

Ecoener Hellas subgroup -

Ecoener Hellas Single Member, S.A. Greece Other services 100% Ecoener Pyraichmis Single Member, P.C. Greece Other services 100% Ecoener Bess Single Member, S.A. Greece Other services 100% Ecoener Hybrid I Single Member, S.A. Greece Other services 100%

Ecoener Poland subgroup -

Ecoener Poland SP. Z O.O. Poland Other services 100% Ecoener Lipsko SP. Z O.O. Poland Other services 100% Ecoener Ozarow SP. Z O.O. Poland Other services 100% Ecoener Plonsk SP. Z O.O. Poland Other services 100%

Ecoener Emisiones 2 subgroup -

Ecoener Emisiones 2, S.L. Spain Other services 85% Renewable Energy World Dominicus (R.E.W.D.), S.R.L. (*) Dominican Rep . Other services 85%

Bejeque Rojo, S.L. Spain Other services 100% Bencomia de Risco, S.L. (*) Spain Solar photovoltaic plants 100% Canutillo de Sabinosa, S.L. (*) Spain Solar photovoltaic plants 100% Chajorra de Aluce, S.L. Spain Other services 100% Colino Majorero, S.L. Spain Other services 100% Ecoener Ingeniería, S.L. (*) Spain Other services 100% Ecoener Inversiones, S.L. Spain Other services 100% Ecoener One, S.L. Spain Other services 100% Eólicos del Matorral, S.L. (*) Spain Wind farms 100% Fonte Dos Arcos, S.L. Spain Other services 100%

Appendix I

40

(*) Audited financial statements.

Company Address Activity % of

effective

interest

Helecho de Cristal, S.L. Spain Other services 100% Herdanera, S.L. Spain Other services 100% Hierba Muda, S.L. Spain Other services 100% Magarza del Andén, S.L. Spain Other services 100% Magarza Plateada, S.L. Spain Other services 100% Malva de Risco, S.L. Spain Other services 100% Oilean Telde Eolica Energy, S.L. (*) Spain Wind farms 100% Picocernicalo, S.L. Spain Other services 100% Risoela, S.L. Spain Other services 100% Rosalito Palmero, S.L. Spain Other services 100% Salvia Blanca, S.L. Spain Other services 100% Siempreviva Azul, S.L. Spain Other services 100% Sociedad Eólica Punta Maeda, S.L. Spain Other services 100% Tabaiba Solar, S.L. (*) Spain Solar photovoltaic plants 100% Tiraventos, S.L. Spain Other services 100% Violeta de Anaga, S.L. Spain Other services 100% Violeta Palmera, S.L. (*) Spain Wind farms 100% Ecoener O&M, S.L. Spain Other services 100% Ecoener Sol de Escuintla, S.A. (*) Guatemala Solar photovoltaic plants 100% Ecoener Sol del Puerto, S.A. (*) Guatemala Solar photovoltaic plants 100% Ecoener Sol del Sur, S.A. Guatemala Other services 100% Ecoener Sol de Cocales, S.A. Guatemala Other services 90% Ecoener del Norte Panamá S.A. Panama Other services 100% Ecoener del Sur Panamá S.A. Panama Other services 100% Ecoener Energías Panamá S.A. Panama Other services 100% Ecoener Generadora Panamá S.A. Panama Other services 100% Ecoener Industrial Panamá, S.A. Panama Other services 100% Ecoener Ingeniería Panamá, S.A. Panama Other services 100% Ecoener Productora Panamá S.A. Panama Other services 100% Ecoener Renovables Panamá, S.A. Panama Other services 100% Ecoener Solar Panamá, S.A. Panama Other services 100% Ecoener Técnicas Panamá S.A. Panama Other services 100% Ecoener Ingeniería Dominicana, S.R.L. Dominican Republic Other services 100% EFD Ecoener Fotovoltaica Dominicana, S.R.L. (*) Dominican Republic Solar photovoltaic plants 100% EID Ecoener Inversiones Dominicana S.R.L. Dominican Republic Other services 100% LCV Ecoener Solares Dominicana, S.R.L. (*) Dominican Republic Solar photovoltaic plants 100% Ecoardobela I, S.A.S. (*) Colombia Solar photovoltaic plants 100% Ecoardobela II, S.A.S. (*) Colombia Solar photovoltaic plants 100% Ecoener Ingenieria Colombia, S.A.S Colombia Other services 100% Wilches Solar 1, S.A.S Colombia Other services 100% El Tamarindo Solar, S.A.S. (*) Colombia Other services 100% Genersol, S.A. (*) Colombia Solar photovoltaic plants 100% Ecoener Mirazul Dos, S.A. Nicaragua Other services 98% Amaluza -Copal Energy, S.A.S. Ecuador Other services 100% Amaluza -Cruzado Energy, S.A.S. Ecuador Other services 100% Amaluza -Negro Energy, S.A.S. Ecuador Other services 100% Amarillo Energy S.A.S. Ecuador Other services 100% Ecoener Ingeniería Ecuador, S.A.S. Ecuador Other services 100% El Rosario Energy Elroenergy, S.A.S. Ecuador Other services 74.99% Negro Energy, S.A.S. Ecuador Other services 100% Santa Rosa Sanenergy, S.A.S. Ecuador Other services 100% Ecoener Ingegnieria Italia, S.R.L. Italy Other services 100% Ecodomener, S.R.L. Italy Other services 100% PT Ecoener Energy Indonesia Indonesia Other services 100%

Equity integration -

Yerbamora, S.L. Spain Solar photovoltaic plants 50%

(Free translation from the original in Spanish. In the event of discrepancy, the Spanish- language version prevails.)

AUTHORISATION FOR ISSUE OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL

STATEMENTS AND CONSOLIDATED INTERIM DIRECTORS’ REPORT FOR THE PERIOD ENDED

30 JUNE 2026

The condensed consolidated interim financial statements and consolidated interim directors’ report for the six -month period ended 30 June 2026 have been authorised for issue by the board of directors of the Parent Company of Ecoener, S.A. at their meeting on 24 September 2026.

Luis de Valdivia Castro Chair Fernando Rodríguez Alfonso

Vice -chair

Ms Marta Fernández Currás Director Fernando Lacadena Azpeitia

Director

Juan Carlos Ureta Domingo Director Eduardo Serra Rexach

Director

Rafael Canales Abaitua Director Ms Ana Isabel Palacio del Valle Lersundi

Director

Ms María Casares Medrano Director Baldomero Navalón Burgos

Director

Ecoener, S.A. and

Subsidiaries

Consolidated interim directors’ report for the six-month period ended 30 June 2026

(Free translation from the original in Spanish. In the event of discrepancy, the Spanish-

language version prevails.)

2026 Half -Yearly Directors’ Report

DR-2

1. Company overview The Group’s main business activities are as follows:

a) The generation of electricity from renewable energy sources such as wind, hydropower, solar power, biomass and others, and the design, development, construction, management, maintenance, operation and closure and dismantling of the corresponding production facilities.

b) Ownership, through concession arrangements or administrative authorisations, of the activities and facilities described above.

c) Purchase and sale transactions, transfers, the arrangement of mortgages, leases and usufructs and any other legal transactions in relation to the production or facilities described above .

The Group currently specialises in the construction, management, development and maintenance of renewable energy facilities and the operation thereof. The Group operates hydropower plants, wind farms and solar photovoltaic plants, managing the three techno logies and generating energy in the long -term to support truly sustainable development.

The Group has a presence in 6 countries where it operates and builds renewable energy plants: Spain, Honduras, Guatemala, the Dominican Republic, Colombia and Panama. In addition, it operates in other locations where new projects are undertaken and classif ied according to the pipeline stages.

The Parent Company’s shares have been listed on the continuous market of Spain’s stock exchanges since 4 May 2021.

1.1. Operations

Segments and business divisions The operating segments are as follows: (i) operation of hydropower plants; (ii) operation of wind farms; (iii) operation of solar photovoltaic plants; (iv) energy commercialisation; and (v) other services. The other services segment includes all those activities that generate revenue and incur ex penses from sources other than electricity produced by the facilities owned by the Group, or energy commercialisation and renewable energy generation projects in progress, as well as the Group’s corporate management costs, including personnel working on th e construction and operation of generating facilities. Once completed, projects in progress are transferred to the “Operation of hydropower plants”, “Operation of wind farms” or “Operation of solar photovoltaic plants” segments.

The three main renewable energy technologies (hydropower, wind and solar photovoltaic) and, to a lesser extent, energy commercialisation, comprise the Group’s business lines and form the basis for assessing results, decision making at corporate level and p eriodically evaluating the business lines.

The Pipeline and Portfolio categories are important indicators of the operating segments’ current performance and growth potential, providing useful information on the trends and changes in activities in prior years.

The Group’s business management is based on its ability to successfully execute projects classified as Early Stage and Advanced Development, and to fully develop its Backlog projects.

These categories define our Pipeline project portfolio. Additionally, assets classified as “Under Construction” and “In Operation” are deemed to be included in our portfolio, but are not defined as Pipeline.

2026 Half -Yearly Directors’ Report

DR-3

In accordance with this classification, the following characteristics or requirements must be met by the projects at each stage thereof, as per our parameters:

• Early Stage: projects under analysis, where the suitability and viability of the selected site has been confirmed, and in which there is a certain (unquantified) likelihood of obtaining the right to use the land and obtaining the access and connection point.

• Advanced Development: projects in which there is at least a 50% likelihood of obtaining the right to use the land and at least a 90% likelihood of obtaining an access and connection point; and also those in which there is at least a 90% likelihood of obtaining the right to use the land and at least a 50% likelihood of obtaining the access and connection point.

• Backlog : refers to projects in respect of which: (i) agreements granting a right for the use of the land have been executed, there is a legal framework in place that allows such use without the need for an agreement; (ii) access and connection permits have been obtained; and (iii) certain permits have been obtained and there is, in any event, a 90% likelihood of obtaining all the permits required for construction.

2. Business performance and results 2.1. Significant events over the period The Group currently has eight photovoltaic plants under construction in the Dominican Republic, Colombia, Guatemala and Panama.

In 2026, three solar photovoltaic plants were commenced and commissioned: two in Colombia and one in the Dominican Republic.

Furthermore, an 80,000 million peso loan has been arranged in Colombia for the construction of a 27MW photovoltaic plant.

Additionally, the Group has a project portfolio at different stages of development. The plants will be constructed by the Group, as it has the employees needed to do this.

2.2. Key financial indicators The most noteworthy figures from the results obtained in the first half of 2026 and 2025 are as follows (thousands of euros):

30.06.2026 30.06.2025 Change Change (%) Revenues 54,163 42,092 12,071 28.68%

EBITDA 27,957 18,858 9,100 48.25%

EBITDA margin (%) 51.62% 44.80% Adjusted EBITDA 29,921 19,602 10,319 52.64% Adjusted EBITDA margin (%) 55.24% 46.57% Operating profit/(loss) 14,822 9,060 5,762 63.60% Net profit ) loss( / 2,986 4,338 (1,352) (31.17%)

2026 Half -Yearly Directors’ Report

DR-4

With respect to the balance sheet, as at 30 June 2026 the Group’s assets total €935,376 thousand, equity amounts to €159,872 thousand and current and non -current liabilities amount to €775,504 thousand, of which €461,883 thousand relate to bank borrowings.

Revenues

Ecoener has five main lines of business, namely: (i) operation of hydropower plants; (ii) operation of wind farms; (iii) operation of solar photovoltaic plants; (iv) energy commercialisation; and (v) other services.

Changes in energy production during the first half of 2026 versus the same period in 2025 were

as follows:

- Hydropower output fell to 65.31 GWh in 2026, down 20.38% (or 16.72 GWh) on 2025 when 82.03 GWh was produced.

- Wind power output increased to 109.38 GWh in 2026, representing a 5.27% (or 5.48 GWh) rise on 2025 when 103.9 GWh was produced.

- Solar photovoltaic output increased to 442.13 GWh in 2026, representing a 96.97% (217.66 GWh) rise on 2025 when 224.47 GWh was produced.

The breakdown of revenues by geographical area in the first six months of 2026 and 2025 is as follows (thousands of euros):

Revenues 30.06.2026 30.06.2025 Change Change (%)

Spain 10,986 15,840 (4,854) (30.64%) Guatemala 16,906 11,316 5,590 49.40% Honduras 1,238 1,424 (186) (13.06%) Dominican Republic 19,259 11,217 8,042 71.69% Colombia 5,694 2,256 3,438 152.39% Other 80 39 41 105.13% Total 54,163 42,092 12,071 28.68%

The breakdown of revenues by operating segment for the first half of 2026 and 2025 is as follows (thousands of euros):

Revenues 30.06.2026 30.06.2025 Change Change (%)

Hydropower facilities 4,641 7,487 (2,846) (38.01%) Wind farms 6,171 8,413 (2,242) (26.65%) Solar photovoltaic plants 36,282 16,165 20,117 124.45% Energy commercialisation 6,850 5,975 875 14.64% Other services 219 4,052 (3,833) (94.60%) Total 54,163 42,092 12,071 28.68%

Revenues increased by €12,071 thousand (28.68%) to €54,163 thousand in the first half of 2026 compared to €42,092 thousand in the first six months of 2025, due mainly to the commissioning of a photovoltaic plant in Guatemala and two in the Dominican Republic in the second half of 2025.

2026 Half -Yearly Directors’ Report

DR-5

Operating profit/(loss)

Operating profit increased 63.60% from €9,060 thousand in the first half of 2025 to €14,822 thousand in the first half of 2026. This was mainly due to higher revenue and was partially offset by the increase in external services expenses and the amortisation/depreciation of assets as a result of the Group’s current growth process and its assets becoming operational.

Pre-tax profit/(loss)

Pre-tax profit dropped 26.88% to €989 thousand in the first half of 2026 from €1,354 thousand in the first half of 2025. This was mainly due to higher finance costs.

2.2.1 Alternative performance measures The Group has prepared its consolidated financial statements for the first six- month period of 2026 in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS -EU”), including unaudited financial information for the first half of 2026.

The Group has also presented certain Alternative Performance Measures (“APMs”) to provide additional information that will contribute to the comparability and understanding of its financial information and facilitate decision -making and assessments of the Group’s performance. The APMs should be considered by users of the financial information as complementary to, and not as a substitute for, the aggregates presented in accordance with the basis of presentation of the consolidated annual accounts. The Group’ s most significant APMs are as follows:

A. EBITDA

Definition: Consolidated profit/(loss) for the year – financial result – income tax for the year – depreciation and amortisation.

Reconciliation: the reconciliation of this APM with the consolidated interim financial statements for the six- month period ended 30 June 2026 is as follows (thousands of euros):

30.06.2026 30.06.2025

Profit/(loss) for the period 2,986 4,338 (-) Equity consolidated profit/(loss) 4 (3) (-) Financial result 13,829 7,709 (-) Income tax for the year (1,997) (2,984) (-) Depreciation and amortisation 13,135 9,798

EBITDA 27,957 18,858

Explanation of use: EBITDA is considered to be a performance measure, as it provides information for analysing profit/(loss) for the year (before interest, tax, depreciation and amortisation) and an estimate of operating cash flows reflecting cash generati on.

Additionally, it is a measure widely used by investors to assess companies, as well as by rating agencies and creditors to assess the level of indebtedness by comparing EBITDA with net financial debt or with debt service.

2026 Half -Yearly Directors’ Report

DR-6

B. EBITDA MARGIN

Definition: EBITDA / revenues

Reconciliation: the reconciliation of this APM with the consolidated interim financial statements for the six- month period ended 30 June 2026 is as follows (thousands of euros):

30.06.2026 30.06.2025

EBITDA (I) 27,957 18,858

Revenues (II) 54,163 42,092 EBITDA margin (I/II) 51.62% 44.80%

Explanation of use: the EBITDA margin is considered by the Group to be a performance measure, as it provides information on the percentage contribution that EBITDA represents with respect to net revenues. This contribution allows comparative analyses to be conducted on the performance of project margins.

C. ADJUSTED EBITDA

Definition: EBITDA - Other gains/(losses) – losses, impairment and change in trade provisions – impairment and gains/(losses) from disposal of fixed assets.

Reconciliation: the reconciliation of this APM with the consolidated interim financial statements for the six- month period ended 30 June 2026 is as follows (thousands of euros):

30.06.2026 30.06.2025

EBITDA 27,957 18,858

(-) Other gains/(losses) (66) (169) (-) Losses, impairment and changes in trade provisions 130 -

(-) Impairment and gains/(losses) on disposals of fixed assets 1,900 913 Adjusted EBITDA 29,921 19,602

Explanation of use: Adjusted EBITDA is considered by the Group to be a performance measure, as it provides an analysis of the profit and loss from operations excluding income not arising strictly from its activity and impairment and disposals of non -curren t assets.

D. ADJUSTED EBITDA MARGIN

Definition: Adjusted EBITDA / revenues

Reconciliation: the reconciliation of this APM with the consolidated interim financial statements for the six-month period ended 30 June 2026 is as follows (thousands of euros):

2026 Half -Yearly Directors’ Report

DR-7

30.06.2026 30.06.2025

Adjusted EBITDA (I) 29,921 19,602 Revenues (II) 54,163 42,092 Adjusted EBITDA margin (I/II) 55.24% 46.57%

Explanation of use: the adjusted EBITDA margin is considered by the Group to be a performance measure, excluding income not arising strictly from its activity and impairment and disposals of non -current assets, and it provides information on the percentage contribution represented by adjusted EBITDA with respect to revenues.

E. WORKING CAPITAL

Definition: Total current assets – total current liabilities.

Reconciliation: the reconciliation of this APM with the consolidated interim financial statements for the six- month period ended 30 June 2026 is as follows (thousands of euros):

30.06.2026 31.12.2025

Total current assets (I) 146,737 137,574 Total current liabilities (II) 139,157 173,017 Working capital (I/II) 7,580 (35,443)

Explanation of use: Working capital is a financial aggregate used to measure performance, as it provides an analysis of the Group’s liquidity, operational efficiency and financial health in the short term.

F. NET FINANCIAL DEBT

Definition: Non -current + current debt – non-current and current lease liabilities – current financial investments – cash and cash equivalents.

Reconciliation: the reconciliation of this APM with the consolidated interim financial statements for the six- month period ended 30 June 2026 is as follows (thousands of euros):

30.06.2026 31.12.2025

Non-current financial debt (I) 604,335 549,398 Non-current lease liabilities (II) 10,374 10,380 Current financial debt (III) 119,555 150,799 Current lease liabilities (IV) 1,097 1,109 Current financial investments (V) 13,445 3,406 Cash and cash equivalents (VI) 70,393 76,497 Net financial debt (I -II+III -IV-V-VI) 628,581 608,805

Explanation of use: Net financial debt is an aggregate that measures the Group’s financial debt position. It is an aggregate widely used by investors when assessing net financial leverage, as well as by rating agencies and creditors to assess the level of net borrowings.

2026 Half -Yearly Directors’ Report

DR-8

2.2.2 Operating segments

30.06.2026 (Thousands of euros)

Hydropower

(*) Wind Solar PV Energy commercialisation Other Total

Revenues (I) 4,641 6,171 36,282 6,850 219 54,163 Profit/(loss) for the period 1,066 67 8,781 1,129 (8,057) 2,986 (-) Equity consolidated profit/(loss) - - - - 4 4 (-) Financial result 187 433 11,519 38 1,652 13,829 (-) Income tax for the period 152 (432) 552 93 (2,362) (1,997) (-) Depreciation and amortisation 1,359 4,182 7,294 - 300 13,135

Total EBITDA (II) 2,764 4,250 28,146 1,260 (8,463) 27,957

(-) Other gains/(losses) - - - - (66) (66) (-) Losses, impairment and changes in trade provisions - - 130 - - 130 (-) Impairment and gains/(losses) on disposals of fixed assets 10 7 - - 1,883 1,900 Adjusted EBITDA (III) 2,774 4,257 28,276 1,260 (6,646) 29,921 Total EBITDA margin (II/I) 59.56% 68.87% 77.58% 18.39% (3,864.38%

) 51.62%

Total adjusted EBITDA margin (III/I) 59.77% 68.98% 77.93% 18.39% (3,034.70%

) 55.24%

30.06.2025 (Thousands of euros)

Hydropower

(*) Wind Solar PV Energy commercialisation Other Total

Revenues (I) 7,487 8,413 16,165 5,975 4,052 42,092 Profit/(loss) for the period 2,892 1,818 2,054 185 (2,611) 4,338 (-) Equity consolidated profit/(loss) - - - - (3) (3) (-) Financial result 214 367 6,535 99 494 7,709 (-) Income tax for the period 662 39 95 - (3,780) (2,984) (-) Depreciation and amortisation 1,445 4,181 3,819 4 349 9,798

Total EBITDA (II) 5,213 6,405 12,503 288 (5,551) 18,858

(-) Other gains/(losses) - (122) 2 - (49) (169) (-) Impairment and gains/(losses) on disposals of fixed assets - - - - 913 913 Adjusted EBITDA (III) 5,213 6,283 12,505 288 (4,687) 19,602 Total EBITDA margin (II/I) 69.63% 76.13% 77.35% 4.82% (136.99%) 44.80% Total adjusted EBITDA margin (III/I) 69.63% 74.68% 77.36% 4.82% (115.67%) 46.57%

(*) Information on the Xestosa power plant is disclosed in the Operation of wind farms segment, as this plant belongs to a company whose main activity is the operation of renewable wind farms. This power plant accounts for approximately 10% of the electricity generated by the company that owns it.

2026 Half -Yearly Directors’ Report

DR-9

2.2.3 Geographical information 30.06.2026 (Thousands of euros) Spain Guatemala Honduras Dominican Republic Colombia Other Total

Revenues (I) 10,986 16,906 1,238 19,259 5,694 80 54,163 Profit/(loss) for the period (4,204) 2,638 546 5,570 (448) (1,116) 2,986 (-) Equity consolidated profit/(loss) 4 - - - - - 4 (-) Financial result 2,507 3,781 (106) 5,066 2,417 164 13,829 (-) Income tax for the period (3,194) 315 - 803 79 - (1,997) (-) Depreciation and amortisation 5,727 2,559 478 3,099 1,173 99 13,135

Total EBITDA (II) 840 9,293 918 14,538 3,221 (853) 27,957

(-) Other gains/(losses) (18) (47) - 1 (2) - (66) (-) Losses, impairment and changes in trade provisions - - - - 130 - 130 (-) Impairment and gains/(losses) on disposals of fixed assets 1,752 - - 91 - 57 1,900 Adjusted EBITDA (III) 2,574 9,246 918 14,630 3,349 (796) 29,921 Total EBITDA margin (II/I) 7.65% 54.97% 74.15% 75.49% 56.57% (1,066.25%) 51.62% Total adjusted EBITDA margin (III/I) 23.43% 54.69% 74.15% 75.96% 58.82% (995.00%) 55.24%

30.06.2025 (Thousands of euros) Spain Guatemala Honduras Dominican Republic Colombia Other Total

Revenues (I) 15,840 11,316 1,424 11,217 2,256 39 42,092 Profit/(loss) for the period (395) 243 (99) 1,139 4,731 (1,281) 4,338 (-) Equity consolidated profit/(loss) (3) - - - - - (3) (-) Financial result 1,080 2,495 653 3,377 (293) 397 7,709 (-) Income tax for the period (916) (531) - 2,824 (4,418) 57 (2,984) (-) Depreciation and amortisation 5,597 1,340 522 1,663 587 89 9,798

Total EBITDA (II) 5,363 3,547 1,076 9,003 607 (738) 18,858

(-) Other gains/(losses) (111) - - (24) (9) (25) (169) (-) Impairment and gains/(losses) on disposals of fixed assets 913 - - - - - 913 Adjusted EBITDA (III) 6,165 3,547 1,076 8,979 598 (763) 19,602 Total EBITDA margin (II/I) 33.86% 31.34% 75.56% 80.26% 26.91% (1,892.31%) 44.80% Total adjusted EBITDA margin (III/I) 38.92% 31.34% 75.56% 80.05% 26.51% (1,956.41%) 46.57%

2026 Half -Yearly Directors’ Report

DR-10

2.3. Key non -financial indicators

2.3.1 Production

All of the electricity generated by the Group comes from renewable sources: hydropower, wind power and solar photovoltaic, in the following regions:

Electricity production (GWh) Technology Country 30.06.2026 (*) 30.06.2025 (*) 30.06.2024 30.06.2023 Hydropower Spain (Galicia) 56.55 71.51 93.53 56.19 Hydropower Guatemala 8.76 10.52 4.70 8.39 Hydropower All 65.31 82.03 98.23 64.58

Wind Spain (Galicia) 25.65 23.15 31.44 30.88 Wind Spain (Canary Islands) 83.73 80.75 81.49 69.67 Wind All 109.38 103.90 112.93 100.55

Solar photovoltaic Spain (Canary Islands) 40.96 33.09 26.46 28.33 Solar photovoltaic Honduras 13.19 12.34 12.23 12.76 Solar photovoltaic Dominican Republic 163.39 90.98 95.85 -

Solar photovoltaic Colombia 68.46 29.06 30.78 -

Solar photovoltaic Guatemala 156.13 59.00 - -

Solar photovoltaic All 442.13 224.47 165.32 41.09 All All 616.82 410.40 376.48 206.22 (*) Production from the equity consolidated company’s photovoltaic solar plant is included.

Power in operation, by technology (MWh) Technology Country 30.06.2026 (*) 30.06.2025 (*) 30.06.2024 30.06.2023 Hydropower Spain (Galicia) 41 41 41 41 Hydropower Guatemala 14 14 14 14 Hydropower All 55 55 55 55

Wind Spain (Galicia) 21 21 21 21 Wind Spain (Canary Islands) 86 86 83 83 Wind All 107 107 104 104

Solar photovoltaic Spain (Canary Islands) 46 37 30 30 Solar photovoltaic Honduras 16 16 16 16 Solar photovoltaic Dominican Republic 218 96 96 -

Solar photovoltaic Colombia 88 41 41 -

Solar photovoltaic Guatemala 149 75 - -

Solar photovoltaic All 517 265 183 46 All All 679 427 342 205 (*) The equity consolidated company’s photovoltaic solar plant capacity is included.

2026 Half -Yearly Directors’ Report

DR-11

2.3.2. Pipeline and Portfolio The following table shows the capacity of the Group’s assets and facilities, measured in MW, as well as its project pipeline , by technology, as at 30 June 2026 and 2025:

30.06.2026

Assets Pipeline

In operation

(*) Under

construction Backlog Advanced Development Early Stage

Hydropower 55 - 99 - -

Wind 107 - 70 388 1,006 Solar photovoltaic 517 335 91 518 24

TOTAL 679 335 260 907 1,030

30.06.2025

Assets Pipeline

In operation

(*) Under

construction Backlog Advanced Development Early Stage

Hydropower 55 - 99 - 250 Wind 107 - 104 48 578 Solar photovoltaic 265 388 253 563 193

TOTAL 427 388 456 611 1,021

(*) The equity consolidated company’s photovoltaic solar plant capacity is included.

Details of the Group's international presence and assets at 30 June 2026 and 2025 are as

follows:

30.06.2026

Assets Pipeline

In operation

(*) Under

construction Backlog Advanced Development Early Stage

Spain 194 - - - -

Colombia 88 27 - 70 -

Guatemala 163 200 - - -

Honduras 16 - - - -

Dominican Republic 218 60 24 - -

Other locations - 48 236 837 1,030

TOTAL 679 335 260 907 1,030

30.06.2025

Assets Pipeline

In operation (*) Under construction Backlog Advanced Development Early Stage

Spain 185 10 - - -

Colombia 41 74 - 40 -

Guatemala 88 75 60 100 -

Honduras 16 - - - -

Dominican Republic 97 182 226 - -

Other locations - 47 170 471 1,021

TOTAL 427 388 456 611 1,021

(*) The equity consolidated company’s photovoltaic solar plant capacity is included.

2026 Half -Yearly Directors’ Report

DR-12

As at 30 June 2026, our asset portfolio amounts to 1,014 MW, distributed among assets in operation (679 MW) and assets under construction (335 MW) and established in 6 different geographical regions (Spain, Guatemala, Honduras, the Dominican Republic, Colombia and Panama).

Additionally, as at 30 June 2026, our pipeline projects represent 2,197 MW, with Backlog (260 MW), Advanced Development (907 MW) and Early Stage (1,030 MW) projects in different locations.

The technologically and geographically diversified nature of the Group’s portfolio means part of it is protected by a natural hedge known as the “portfolio effect”, enabling it to avoid fluctuations arising from the availability of resources at any given time. The remuneration schemes for projects are also tied to strong currencies.

2.3.3 Personnel

The average number of Group employees in the six -month period ended 30 June 2026 and 2025, broken down by gender, is as follows:

Number of employees

30.06.2026 30.06.2025

Male 148 171 Female 73 83

221 254

At 30 June 2026 and 2025, the Group has 2 employee with a disability equal to or greater than 33%.

The Group’s policy is to attract and retain qualified employees and so competitive and attractive remuneration policies have been adopted based on professional development, individual objectives and the Group’s general performance.

3. Liquidity and capital resources The main sources of financing for our projects are as follows:

- We have financed a significant portion of our portfolio with a €130 million non -recourse senior green bond (the Senior Bond) comprised of (i ) €39 million guaranteed class A1 bonds bearing a 2.35% interest rate maturing on 31 December 2040 and (ii) €91 million guaranteed class A2 bonds bearing a 2.35% interest rate maturing on 31 December 2040 to replace pre -

existing senior debt facilities, fun d project and corporate structure -related capital expenditures and pay issuing costs, which was subscribed by top -tier investors such as Manulife, Aviva and Schroders. The issuance of the Senior Bond allowed us to extend the maturity of our pre -existing de bt, reducing the financing cost of our operating projects in Spain and raising additional resources for financing the projects under construction in the Canary Islands in 2021.

- We also use bank loans under non- recourse project finance structures to finance our long term projects in Guatemala, Honduras, the Dominican Republic and Colombia with local banks, and the construction of several of our projects in the Canary Islands.

2026 Half -Yearly Directors’ Report

DR-13

- We are using an innovative financing structure in the Canary Islands which allows funds to be raised from private investors alongside specific tax profits available in the Canary Islands.

- In 2022 we arranged corporate financing with a syndicate of six banks (which was extended to seven in 2023) for the construction of new plants, speeding up the execution and commissioning of the projects until the definitive, long -term project finance arrangements are in place to replace the corporate financing. A second tranche of additional financing was arranged in 2024.

- In 2026, the Parent Company has maintained a green commercial paper notes programme on the Alternative Fixed -Income Market (MARF) to diversify the Group’s financing options.

The purpose of this financing is to develop our projects and associated construction costs, current operations, working capital requirements and debt service obligations. Thus, we mainly focus on maintaining adequate financing flexibility by formalising sh ort-term financing operations as well as maturities deferral when possible.

The Group uses part of available liquidity to meet the requirements of the current debt service. The Group’s current and non -current financial liabilities amount to €723,890 thousand at 30 June 2026 and €700,197 thousand at 31 December 2025, representing 9 3.34% at 30 June 2026 and 92.96% at 31 December 2025 of our total liabilities as of such dates. The increase in financial liabilities at 30 June 2026 relates chiefly to the drawing down of the loan in Colombia.

As a normal part of our business and depending on market conditions, the Group will, from time to time, consider opportunities to repay, redeem, repurchase or refinance our debt.

The Group has historically financed its liquidity and capital requirements primarily through non -

recourse project finance structures with banks at a local and/or international level, as well as collective investment entities or via other innovative financing means.

Changes to our operating plants, lower than anticipated electricity sales, increased expenses and other events may lead us to seek additional debt, capital or other financing in future periods.

In terms of our liquidity position, the cash flows from our operations are a significant source of cash financing for existing operations, capital expenditure, investments and interest and capital payment obligations. The Group also relies on external financing, including bonds or loans from banks. Our general financing policy consists of managing our liquidity to ensure the availability of funds required for future obligations.

2026 Half -Yearly Directors’ Report

DR-14

3.1 Financial obligations

The following table provides a breakdown of current and non -current financial liabilities at 30 June 2026 and 31 December 2025 (in thousands of euros):

30.06.2026 31.12.2025

Non-current Current Non-current Current

Bonds and other marketable securities 71,000 8,260 75,104 8,497 Bank borrowings 424,125 37,758 409,736 53,461 Lease payables 10,374 1,097 10,380 1,109 Other financial liabilities 98,836 72,440 54,178 87,732 604,335 119,555 549,398 150,799

The main non- current liability is the green bond. The maturities of the nominal value of the bond, in thousands of euros and categorised separately for Class A1 and Class A2, are as follows:

The amounts and maturities of green bonds and the project finance arrangements are subject to compliance with a number of financial and non -financial covenants that have been met to date.

The main current financial liability is the corporate financing arranged with a syndicate of seven banks in Spain.

3.2. Contractual obligations and off -balance sheet transactions

The Group is exposed to contingent liabilities relating to bank guarantees, surety certificates and other guarantees provided in the normal course of operations. At 30 June 2026, the proportional amount of guarantees provided totals €125,323 thousand (€103,975 thousand at 31 December 2025).

4. Main risks and uncertainties

4.1. Operating risks 4.1.1 Regulatory risk

a) Regulatory changes

Electricity generation activity is regulated in all jurisdictions in which the Group operates.

Therefore, regulation can have a direct impact on results. The Group is subject to the laws and regulations in force in the markets in which it operates, all of which may be amended and some of which may conflict with each other. The Group carries out its activities in a variety of locations, including emerging markets and markets with political uncertainties. Note 2.2.c of these condensed consolidated interim financial statements at 30 June 2026 describes the most important regulatory framework affecting the Group.

b) Licenses, authorisations, concessions and permits Thousands of euros Previous

maturities Second

half of

2026 2027 2028 2029 2030

2031 Subsequent

years Total

Class A1 14,895 1,291 2,581 2,340 1,821 1,720 1,700 12,652 39,000 Class A2 34,757 3,011 6,023 5,459 4,249 4,012 3,967 29,522 91,000 Total 49,652 4,302 8,604 7,799 6,070 5,732 5,667 42,174 130,000

2026 Half -Yearly Directors’ Report

DR-15

The Group is required to obtain various interconnection, environmental, construction and other administrative approvals in relation to its operations in the countries in which it operates. Failure to comply with applicable laws, regulations or standards or to obtain or renew the necessary permits and approvals may result in the loss of the right to operate facilities or continue operations, the imposition of administrative liabilities or the processing of non -compliance proceedings or other measures that co uld close or limit production from the Group’s generation facilities. This would affect its capacity to successfully compete within its operating segment, which could have a material adverse effect on the consolidated income statement.

4.1.2 Operational risk

a) Project pipeline

Changes to the structure of pipeline projects or the project portfolio may have a significant impact on the Group’s operating results. In general terms, the increase in the number of projects translates into a general increase in expenses in the Group's income statement.

b) Significant upfront investments in our projects

The Group makes significant upfront investments in connection with project analysis and feasibility studies, payments for land rights, payments for interconnection and grid connectivity arrangements, government permits, engineering, in addition to the pers onnel -hours worked by the Group’s employees, which affect results of operations.

c) Risks related to normal operations in the course of business The operational risk of the Group’s activities centres on the impossibility of generating electricity, or of completing the work of a solar photovoltaic, hydropower plant or wind farm. In order to minimise these risks, the Group adopts the following measures:

- Insurance: the majority of the aforementioned operational risks can be insured. The Group has an insurance programme, contracted with insurers of recognised solvency, to adequately cover the risks related to the operation of renewable energy assets, both in the construction and assembly phase and during operation of the plants. Adequ ate risk management and its appropriate transfer to the insurance market is one of the basic pillars of the policies. The insurance programme covers anticipated loss of profits, civil liability, risks of material damage, machinery breakdowns, loss of opera tional profit and civil liability for pollution.

- Quality process : the Group has adequate operational and maintenance processes so that uninsurable production stoppage events are minimal. Furthermore, the Group adopts spare part availability criteria at the plants to rapidly resolve production stoppages.

4.1.3 Customer concentration The Group operates with Power Purchase Agreements (PPAs) for the sale of energy or with regulated remuneration schemes where, in many cases, there is a main customer as the buyer of energy and an established energy sale price. This high concentration of customers is mitigated by the fact that the contracts are long -term and oblige the buyer to purchase energy during that period, so the loss of future business will only happen in the event of buyer insolvency, and not as a result of business decisions.

Additionally, the Group generates the remaining income by selling electricity through business remuneration systems, therefore selling the energy generated at market prices.

2026 Half -Yearly Directors’ Report

DR-16

4.2. Financial risk Risk is managed by the Group’s central finance department in accordance with policies. This department identifies, evaluates and mitigates financial risks in close collaboration with the Group's operational units.

4.2.1 Market risk Market risk is the risk that changes in market prices (such as exchange rates or interest rates) will affect the Group's income or the value of its financial instruments. The aim of market risk management is to manage and control exposure to such risks wit hin acceptable parameters, while optimising profitability. The Group arranges contracts to sell electricity in the long -term at a set price in order to manage market risk. All of the transactions are performed within the guidelines set out by the Group. The policies stipulate that power plants in markets outside Spain must operate within the framework of contracts that allow the sales price of the energy generated to be set on a l ong-term basis.

a) Interest rate risk

The Group does not have a considerable amount of remunerated assets and income is not significantly affected by fluctuations in market interest rates. Interest rate risk arises from non -

current borrowings.

b) Market price risk

The Group is exposed to the risk of energy market volatility. The energy market is an active market, in which prices are subject to certain volatility as a result of the interaction of supply and demand. This exposes the Group to the risk of compromising i ts results.

The Group signs certain agreements with customers to ensure the price of the energy sold (Power Purchase Agreements or PPAs) and operates the majority of its facilities within the framework of regulated remuneration systems, which ensure the price of electricity over a period of time. The Group’s policies stipulate that power plants in markets outside Spain must operate within the framework of contracts th at allow the sales price of the energy generated to be set on a long -term basis. They also stipulate that these agreements and regulated remuneration systems cover at least 70% of income, and at the end of the six -month period the figure was around 81%.

c) Currency risk

Currency risk is associated with future commercial transactions, recognised assets and liabilities, and net investments in foreign operations. The Group is exposed to transactional exchange rate risk, as it carries out transactions in currencies other than the functional currencies of the different subsidiaries that comprise the Group. Nonetheless, there are certain subsidiaries that operate with currencies other than the euro, especially the dollar, the Dominican peso, the Colombian peso, the lempira and t he quetzal.

To reduce the risk inherent to investments in foreign businesses with a functional currency other than the euro, the Group tries to borrow in the same currency as the cash flows generated by the assets it finances.

4.2.2. Credit risk

The Group’s exposure to credit risk is mainly influenced by the individual characteristics of each customer. However, the Parent Company’s directors also consider factors that may influence

2026 Half -Yearly Directors’ Report

DR-17

the credit risk of the Group’s customer base, including the risk of default associated with the industry and the country in which customers operate.

The study of payment history in a particular country is part of the Group’s investment choice strategy and a key factor when deciding whether to start operations in a new location. As the Group’s income is generated primarily from selling the electricity p roduced at the plants directly to the grid or the main distribution companies, payment history refers to the country’s electricity industry, which is systemic in all cases and unregulated in some, as the players are exclusively state -owned companies that b ack up their payments with the sovereign guarantee of the state.

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises essentially on trade receivables and debt instruments.

The objective of credit risk management is to reduce the impact of credit risk exposure as far as possible by means of the preventive assessment of the credit ratings of the Group's customers. When contracts are being performed, the credit quality of the o utstanding amounts receivable is periodically evaluated and the estimated recoverable amounts of doubtful receivables are adjusted.

The Group has a credit policy under which every new customer is analysed to ascertain their solvency.

Also, the Group maintains its cash and cash equivalents in highly -rated financial institutions.

4.2.3 Liquidity Risk

Liquidity risk is the risk that the Group could encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or other assets. The Group's objective when managing liquidity is to ensure, as far as pos sible, that it has enough liquidity to meet its liabilities when they mature, without incurring unacceptable losses or risk of damage to the reputation of the Group.

The Group has positive working capital of €7,580 thousand at 30 June 2026 from applying a prudent policy to cover its liquidity risk based on having sufficient cash and marketable securities, as well as the capacity to settle market positions.

Parent Company management and its directors constantly monitor and oversee the Group’s financial performance. The financial scenarios prepared by management take into consideration the continuity of recurring income from energy production, the standard repayment of debt upon maturity and the renewal of the promissory note programme. Similarly, management also considers the ordinary management of financing sources and the investment process at parks and farms that are in the completion stage and/or have spec ific funding that has already been signed.

5. Significant events after the reporting date

On 27 July 2026, the Parent Company issued ordinary, unsecured, senior bonds that are neither convertible nor exchangeable in the amount of €30 million (€30,000 thousand), maturing in 7 years.

On 7 August 2026, the Parent Company listed on the Alternative Fixed -Income Market (MARF) bonds totalling €15 million (€15,000 thousand) that must be converted into the company’s ordinary shares, maturing in 3 years.

2026 Half -Yearly Directors’ Report

DR-18

6. Outlook for the Group The Group will continue to seek investment for the development and construction of its pipeline projects.

The current business outlook positions the Group favourably, as indicated by current industry trends. In the medium and long -term, electricity is expected to exponentially gain market share and continue to evolve until becoming the energy supplier of choic e.

The Group is in an optimal position to capitalise on the push for renewable energies, based on its experience operating the three main technologies (hydro, wind and solar photovoltaic), controlling all stages of the value chain, from identifying opportunities to operating the facilities and the geographical diversification of its portfolio and pipeline.

The Backlog (260 MW), Advanced Development (907 MW) and Early Stage (1,030 MW) projects are markers of the Group’s strong business plan, its capacity for geographical expansion and its means to generate operational income and additional cash flows in the s hort and medium -

term.

Based on the foregoing, the strategy for future periods will be twofold:

i.To prioritise areas for growth on the basis of profitability and risk control criteria,

ii.and to ensure that this growth is sustainable from an environmental point of view and engages the communities where the projects are developed.

7. R&D activities In the first six months of 2026 and 2025, the Group did not make any significant investments in research and development activities.

8. Acquisition and disposal of treasury shares In 2022, the Parent Company entered into a liquidity contract to favour the liquidity of transactions and the regularity of its share price. On 27 April 2023, this contract’s maturity was notified and a new contract was signed with another bank for the same purpose on 5 May 2023.

At 30 June 2026, the Parent Company holds a total of 32,176 shares with a balance of €112 thousand recorded under Own shares in the consolidated statement of financial position.

9. Dividend policy The Group’s objective is to reinvest operational cash flows in developing pipeline projects and to increase value for shareholders by executing the business plan. During the year, the dividend policy will be reconsidered in accordance with the business outlook and financial performance.

Future dividend policies will depend on various factors, such as income and generation of cash flows, distributable profit, financial position, debt servicing obligations, cash requirements (including investment plans), compliance with obligations to be exceeded or not exceeded contained in the debt instrument agreements, future outlooks, market conditions and other factors that may be considered relevant. The Board of Directors shall be in charge of making the dividend payment proposal, and the general shareholders’ meeting shall be in charge of approving it.