H1 2026Results
Presentation
FINANCE OPERATIONS ESG ANNEX 2 H1 2026
R e s u l t s
Index
0302
0401Finance
The power plants depicted along this presentation belong to Ecoener’s portfolio.Operations ESG
Annex
INDEX
53% year-over-year
EBITDA growthConstruction begins on 200 MW in GuatemalaHighlights 01
0203
0405
06Over 1 GW in
assets - 1,015 MW3 FINANCE OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX Record generation in a half-year, with a 51% increase compared to H1 2025New installed capacity in Colombia - Tamarindo 1 and 2, 24 MWProjected
commissioning of
500 MW within 2 years
Key milestones
June
REPSOL
IBERDROLA
ENDESA
MOEVE
NATURGY
ENAGÁS
ECOENER
REDEIA
VEOLIA
EDP
E N E R G Y , G A S A N D W A T E R
01 02
03 04
05 06
07 08
09 104
FINANCE OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX E c o e n e r r e c e i v e s t h e h i g h e s t r a t i n g i n i t s f i r s t C D P a s s e s s m e n t .F i n a n c i a l c l o s e o f t h e P u e r t o W i l c h e s p h o t o v o l t a i c p l a n t w i t h B a n c o B o g o t á a n d F i n d e t e r .January
March May
E c o e n e r s e c u r e s € 8 . 4 m i l l i o n f r o m t h e N e x t G e n e r a t i o n E U F u n d s t o m o d e r n i s e f o u r s m a l l h y d r o p o w e r p l a n t s i n G a l i c i a .
P r e s e n t a t i o n o f 2 0 2 5 a n n u a l r e s u l t s .E c o e n e r r e c e i v e s t h e h i g h e s t c l i m a t e r a t i n g f r o m S & P G l o b a l R a t i n g s .
AprilFebruaryE c o e n e r i s r e c o g n i s e d a s o n e o f S p a i n ’ s m o s t r e p u t a b l e e n e r g y c o m p a n i e s i n t h e 2 0 2 6 M e r c o E m p r e s a s r a n k i n g .C o m m e r c i a l o p e r a t i o n b e g i n s a t t h e T a m a r i n d o 1 a n d T a m a r i n d o 2 p h o t o v o l t a i c p l a n t s i n C o l o m b i a , w i t h a c o m b i n e d c a p a c i t y o f 2 3 . 8 M W p .A w a r d e d 2 0 0 M W i n G u a t e m a l a ’ s l a r g e s t e l e c t r i c i t y a u c t i o n .
5 FINANCE
01.
Finance
Lalín Wind FarmOPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX
8 21 0 42 2 0 6 51 0 94 3 8 6 1 2 ( G W h ) ( % )Generation Hydro Wind Solar PV Latam SpainGENERATION BY TECHNOLOGY GENERATION BY REGIONLatam’s strong contribution drives energy production
H1 2025 H1 2026 H1 2025 H1 2026+51%
G e n e r a t i o n i n L a t a m h a s i n c r e a s e d b y m o r e t h a n 1 0 0 %406 4 0 6 5 0 % 5 0 %≈ 6 5 % ≈ 3 5 %6 R e c o r d p o w e r g e n e r a t i o n i n a h a l f - y e a rOPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
4 2 . 15 4 . 2 + 1 5 + 0 . 9
- 3 . 8 + 1 2 . 1 ( € m )Revenue by segment REVENUE REVENUE BREAKDOWNRevenue from power generation, up €15 million, drives revenue growth Generation Supply Co. Services4 7 . 1 6 . 9 0 . 2 5 4 . 27
H1 2025 H1 2026
H1 2026+47%C h a n g e v s .
1 H 2 0 2 5
Generation Supply Co. Services
OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
( € m )
Revenue by geography and type Revenue from Latam reaches 79%
H1 2025 H120268
( € m ) ( % ) REVENUE BY GEOGRAPHY TYPES OF REVENUE
1 9 . 72 2 . 4 1 1 . 24 3 . 1 Latam SpainL a t a m a c c o u n t s f o r 7 9 % o f r e v e n u e S e c u r e d r e v e n u e : 8 7 % o f e n e r g y s a l e s
Secured Merchant87%13%
OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
Ebitda
Ebitda grows by more than 50%
( € m ) EBITDA
+53%
H1 2025 H1 2026
+ 1 0 . 3D i f f e r e n c e v s
H 1 2 0 2 5
S t r e n g t h o f g e n e r a t i o n E b i t d a 1 9 . 62 9 . 99
OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
Ebitda m argin 8-point improvement in operating margin1 0
( % ) EBITDA MARGIN
4 7 %5 5 %
H1 2025 H1 2026+8 p.OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
I m p r o v e d O p e x a l l o c a t i o n
1 1 1 . 4 1
PROFIT BEFORE TAX
H1 2025 H1 2026
4 . 3 3
( € m ) NET PROFIT
H1 2025 H1 2026
( € m ) NET PROFIT BREAKDOWN
1 . 33 2 . 9 RI Accounting Adjustment Normalised Net Profit (1)H1 2025 H1 20260 . 1 Normalised Net Profit excludes the non-cash accounting adjustment relating to the return on investment under regulated revenue.(1) OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
( € m )Profit Normalised Net Profit grows along PL figures
1 5 x1 4 . 4 x 1 1 . 9 x 7 . 3 x
Debt
Debt reduction and a stronger balance sheet1 2
NET DEBT TO EBITDA
2024 2025
H1 2026 Base NormalizedT h e n o r m a l i z e d r a t i o e x c l u d e s d e b t l i n k e d w i t h a s s e t s w i t h o u t E b i t d a c o n t r i b u t i o n 6 0 8 . 36 2 8 . 6
2025 H1 2026OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
NET DEBT ( € m )
Strengthening the financial structure A robust balance sheet1 3
Profitability Equity
Solvency53% increase
in EbitdaNet equity iIncreased by 27.3 €m (21%) Reduction in the DFN/Ebitda ratio by nearly 3x to 11.9x 01 03 02
19.629.9
14.4
11.9
132.6159.8H 1 2 0 2 5
2 0 2 5H 1 2 0 2 5 H 1 2 0 2 6
H 1 2 0 2 6H 1 2 0 2 6OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
Capital raising moves New steps for financing growth1 4 15 €m convertible bond Corporate bondRecap set of assets 30 €m 7-year bullet bondConsolidation of individual financing facilities across one or more regionsConversion: €5 per share in 3 years 5% of post-capital increase equity 01 03 02 Issuance program of up to 100 €mOPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
1 5 02.
Operations
Yolanda Photovoltaic PlantOPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
1,015
M W
T O D A Y
1,015
M W
T O D A Y1 6
3 TECHNOLOGIES + BESS
D O M I N I C A N R E P . S P A I N G U A T E M A L A C O L O M B I A H O N D U R A S P A N A M AT A R G E T A C H I E V E D
ECOENER POWER CAPACITY IS MEASURED IN GIGAWATTS
2023
2024
2025
TODAY
MW MW
MW MW
558 283 787 815
1 GW+ 0.3 GWh
BESS
1,015 MW
IPO 2021
S P A I N
195 M W
( 2 0 % )
L A T A M
820 M W
( 8 0 % )U N D E R C O N S T R U C T I O N
335 M W
I N O P E R A T I O N
680 M W
1 GW includ es assets under construction and in operation.OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
1 7 Assets in operation in 2026 24 new MW in ColombiaL A T A M
C A P A C I T Y
23.8MWpT a m a r i n d o 1 & 2 88 MW IN OPERATION IN THE COUNTRYOPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
1 8
2027
PAYITA 2DOMINICAN REPUBLIC AND COLOMBIA
Payita 2Puerto
Wilches
CAPACITY
ESTIMATED COD
CAPACITY
ESTIMATED COD60
27.2MWp
MWpPayita 2
Puerto Wilches2027Assets under construction with COD 2027 Solar plants with 87 MW across 2 Latam countriesLATAM
PUERTO WILCHESPAYITA 2
TOTAL
87MWOPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
La Hulera
COD ESTIMADO
COD ESTIMADOPayita 2
20282028
Cocales1 9
PANAMA AND GUATEMALAAssets under construction with COD 2028 Solar plants with 248 MW across 2 Latam countriesLATAM
CAPACITY
ESTIMATED COD
Cocales
TOTAL2028CAPACITY
ESTIMATED COD
CAPACITY
ESTIMATED COD48
60 140
248MWp
MWp MWp
MWPanama
La HuleraSan Bartolo
La Mesa
Aguaviva
SantiagoOfftakers
COCALESPANAMAOPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
2 0 Growth in operating capacity More than 500 MW in 2 years
TODAY
E2027
E2028
MW MW
MW
680 767 1,197 1.2 GWIN OPERATION
G R O W T H +87
MW +430
MW +517
MWOPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
+ 0.4 GWh
BESS
2 1
Local team
30 G U A T E M A L AProjects with COD 2028
200 MWp - 120 MWh
H I G H R E G U L A T O R Y
S T A B I L I T Y : 1 0 - Y E A R
I S E X E M P T I O NI N S T A L L A T I O N O F A B E S S
W I L L P R O V I D E F L E X I B I L I T Y T O
T H E S Y S T E M I N A M A R K E T
T H A T W I L L E X P A N D W I T H I N
T H E R E G I O N A L M A R K E TS T R O N G I N D U S T R I A L
G R O W T H A N D I N C R E A S I N G
E N E R G Y D E M A N DH I G H L I Q U I D I T Y A N D
S O L V E N C Y I N T H E P P A M A R K E T
C o c a l e s
140 M W p
80 M W hL a H u l e r a
60 M W p
40 M W h
200
163GUATEMALA
Under construction
In operation
363M W
Yolanda Photovoltaic Plant (Guatemala)
O F F T A K E R
ECOENER: No. 1 IN PHOTOVOLTAIC ENERGYOPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
2 2 C O L O M B I AProjects with COD 2027–2028
S T R U C T U R A L N E E D T O
S T A B I L I Z E T H E E L E C T R I C I T Y
S Y S T E M W I T H S O L A R
P H O T O V O L T A I C SF R A M E W O R K
A G R E E M E N T F O R P P A s
F A V O R A B L E R E G U L A T O R Y
F R A M E W O R K F O R B E S SS U S T A I N E D G R O W T H I N
D E M A N D A N D R I S K O F
E N E R G Y S H O R T A G E S I N
T H E M E D I U M T E R M
COLOMBIA
C a c t u s
32MWp
P u e r t o W i l c h e s
27.2MWp
12.5MWpM i r a f l o r e s 70 88 27
Under construction
In operation
Under development72 MWp
Local team
31 185
M W Ardobela Photovoltaic Plant (Colombia)O F F T A K E R
OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
2 3 R O M A N I AProjects with COD 2027–2028
97 MW - 160 MWh
S T R U C T U R A L N E E D F O R
N E W R E N E W A B L E C A P A C I T YS O V E R E I G N O F F T A K E R :
C F D C O N T R A C T
R E G I O N A L E N E R G Y H U B
R E G U L A T O R Y S T A B I L I T YE U - B A C K E D G R E E N
T R A N S I T I O N P O L I C YM i r o s l o v e s t i
54.4MW
M o r t e n i
42.6MWp
160MWh
12188
Advanced development
Early stage
Backlog97
306M W
Local team
3 Lalín Wind Farm (Spain)
O F F T A K E ROPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
2 4 A l f i n a
29MWp
I T A L YProjects with COD 2028
41 MWp
N E T E N E R G Y I M P O R T E R ,
C U R R E N T I N A B I L I T Y T O
M E E T D E M A N DH I G H E S T E N E R G Y
P R I C E I N E U R O P E
P U B L I C P R O G R A M S
W I T H L O N G - T E R M
P A Y M E N T S C H E M E SD E P E N D E N C E O N
F O S S I L F U E L S
B e n a n o
12MWp
Team
3 116
Advanced development
Early stage224
340M WOPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
F A V O R A B L E C O N D I T I O N S
K E Y B E N E F I T S
O B J E C T I V E
2 4 € m
i n C A P E X
g r a n t sEnergy storage: the right time BESS hybridized with renewable power plants across three technologies
T E C H N I C A L
T e c h n o l o g y m a t u r i t yE C O N O M I C L o w e r
C A P E XR E G U L A T O R Y
S u p p o r t i v e r e g u l a t o r y f r a m e w o r k B e t t e r a v e r a g e p r i c e s + + I n c r e a s e d p r o f i t a b i l i t y2 5 S e c u r i n g / i m p r o v i n g P P A s P r i o r i t y i n a c c e s s r i g h t s / t e n d e r s G r e a t e r o p e r a t i o n a l s a f e t y OPERATIONS ESG ANNEXH1 2026
R e s u l t sINDEX FINANCE
2 6 03.
ESG Cumayasa 4 Photovoltaic PlantH1 2026 R e s u l t sH1 2026
R e s u l t sOPERATIONS ESG ANNEX INDEX FINANCE
2 7 Awards and accreditations
1REPSOL
2IBERDROLA
3ENDESA
4MOEVE
5NATURGY
6ENAGÁS
7ECOENER
8REDEIA
9VEOLIA
10EDP
E c o e n e r h a s b e e n r e c o g n i z e d a s o n e o f t h e e n e r g y c o m p a n i e s w i t h t h e b e s t r e p u t a t i o n i n S p a i n , a c c o r d i n g t o t h e M e r c o E m p r e s a s 2 0 2 6 r a n k i n g .
E c o e n e r r e c e i v e s t h e h i g h e s t r a t i n g i n i t s f i r s t C D P a s s e s s m e n t .T o p r a t i n g i n S & P G l o b a l R a t i n g s ’ C l i m a t e T r a n s i t i o n A s s e s s m e n t ( C T A ) .
ENERGY , GAS AND OILH1 2026
R e s u l t sOPERATIONS ESG ANNEX INDEX FINANCE
2 8 Transform ative Initiatives at the Regional Le vel
T R A N S P A R E N C Y A N D G O O D G O V E R N A N C E
2 0 2 5 S u s t a i n a b i l i t y R e p o r t v e r i f i e d b y T Ü V S Ü D .C L I M A T E L E A D E R S H I P 1 7 . 2 5 % r e d u c t i o n i n S c o p e 1 + 2 e m i s s i o n s . 2 0 2 5 c a r b o n f o o t p r i n t c a l c u l a t e d a n d v e r i f i e d .
E N V I R O N M E N T A L E X C E L L E N C E
R e g i s t r a t i o n o f C u m a y a s a 4 a n d P a y i t a 2 p l a n t s u n d e r t h e G o l d S t a n d a r d .
C O M M I T M E N T T O T H E E N V I R O N M E N T
P a r t i c i p a t i o n i n t h e L I B E R A P r o j e c t a l o n g s i d e E c o e m b e s w i t h c l e a n u p e f f o r t s a n d e n v i r o n m e n t a l a w a r e n e s s c a m p a i g n s i n C u m a y a s a .
S U P P O R T I N G L O C O S P O R T S
S p o n s o r s h i p o f t h e 3 r d M a s p a l o m a s G r a n C a n a r i a 2 0 2 6 U 1 4 I n t e r n a t i o n a l W o m e n ’ s B a s k e t b a l l T o u r n a m e n t .H1 2026
R e s u l t sOPERATIONS ESG ANNEX INDEX FINANCE
2 9
2 0 2 6 S U S T A I N A B I L I T Y R E P O R T
I N D E P E N D E N T V E R I F I C A T I O N
S T R A T E G Y A N D G O V E R N A N C E
C L I M A T E A C T I O NSustainability perform ance 2026 Closure of the 2023–2026 Strategic Sustainability Plan P r e p a r a t i o n o f t h e 2 0 2 6 S u s t a i n a b i l i t y R e p o r t i n a c c o r d a n c e w i t h G R I a n d V S M E s t a n d a r d s .
A s s e s s m e n t o f t h e d e g r e e o f c o m p l i a n c e w i t h t h e 2 0 2 3 – 2 0 2 6 S t r a t e g i c S u s t a i n a b i l i t y P l a n .
R e v i e w o f m a t e r i a l i s s u e s a n d d e f i n i t i o n o f p r i o r i t i e s f o r t h e n e x t s t r a t e g i c c y c l e .E x t e r n a l v e r i f i c a t i o n o f t h e 2 0 2 6 S u s t a i n a b i l i t y R e p o r t .U p d a t i n g t h e D o u b l e M a t e r i a l i t y A s s e s s m e n t .
D e f i n i n g t h e 2 0 2 7 – 2 0 3 0 S t r a t e g i c S u s t a i n a b i l i t y P l a n .U p d a t i n g t h e e m i s s i o n s i n v e n t o r y a n d c o n d u c t i n g a n e x t e r n a l v e r i f i c a t i o n o f t h e c a r b o n f o o t p r i n t .
U p d a t i n g t h e a n a l y s i s o f c l i m a t e - r e l a t e d r i s k s a n d o p p o r t u n i t i e s :
R e n e w a l o f p a r t i c i p a t i o n i n C D P C l i m a t e C h a n g e .2 0 2 6 w i l l b e a y e a r f o r c l o s i n g o u t , e v a l u a t i n g , a n d v a l i d a t i n g t h e 2 0 2 3 – 2 0 2 6 S t r a t e g i c S u s t a i n a b i l i t y P l a n , a s w e l l a s f o r d e f i n i n g t h e p r i o r i t i e s a n d o b j e c t i v e s o f t h e n e w 2 0 2 7 – 2 0 3 0 s t r a t e g i c c y c l e .
· Incorporation of two new assets in Romania · Inclusion of BESS technology in the analysis.
· Strengthening the integration of climate considerations into business management.H1 2026
R e s u l t sOPERATIONS ESG ANNEX INDEX FINANCE
3 0 04.
Annex
Wind Farms in the Canary IslandsOPERATIONS ESG ANNEX INDEX FINANCE
H1 2026
R e s u l t s
3 1 Profit & Loss(1/3)
30.06.2026 30.06.2025 CHG. (%) CHG. (€)
REVENUES 54.163 42.092 29% 12.071
Procurements (11.426) (7.553) 51% (3.873) Capitalized personnel costs 3.158 4.294 -26% -1.136 Other operating income 4.548 451 907% 4.097 Personnel expenses (6.890) (7.100) -3% 210 Other operating expenses (13.632) (12.582) 8% (1.050)
ADJUSTED EBITDA 29.921 19.602 53% 10.319
Impairment of fixed assets (1.900) (913) 108% (987) Changes in trade provisions (130) - 0% (130) Other income 66 169 -61% (103)
EBITDA 27.957 18.858 48% 9.099
Amortisations (13.135) (9.798) 34% (3.337)
EBIT/ OPERATING PROFIT 14.822 9.060 64% 5.762
Finance income 1.090 466 134% 624 Finance costs (14.530) (9.269) 57% (5.261) Changes in fair value of financial instruments 61 - 0% 61 Translation differences (450) 1.094 -141% (1.544)
NET FINANCIAL INCOME/COST (13.829) (7.709) 79% (6.120)
RESULTS OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD (4) 3 -233% (7)
PROFIT / (LOSS) BEFORE TAX 989 1.354 -27% -365
Corporate tax 1.997 2.984 -33% (987)
NET PROFIT 2.986 4.338 -31% (1.352)3 0 . 0 6 . 2 0 2 6 - € kOPERATIONS ESG ANNEX INDEX FINANCE
H1 2026
R e s u l t s
3 2 Profit & Loss(2/3)
PL SEGMENTS BREAKDOWN HYDRO WIND SOLAR PV SUPPLY CO. SERVICES TOTAL
REVENUE 4.641 6.171 36.282 6.850 219 54.163
Opex (1.867) (1.914) (8.006) (5.590) (6.865) (24.242)
ADJUSTED EBITDA 2.774 4.257 28.276 1.260 (6.646) 29.921
Other non-recurrent income / cost (10) (7) (130) - (1.817) (1.964)
EBITDA 2.764 4.250 28.146 1.260 (8.463) 27.957
Amortisations (1.359) (4.182) (7.294) - (300) (13.135)
EBIT/ OPERATING PROFIT 1.405 68 20.852 1.260 (8.763) 14.822
Finance income / cost (187) (433) (11.519) (38) (1.656) (13.833)
PROFIT / (LOSS) BEFORE TAX 1.218 (365) 9.333 1.222 (10.419) 989
Corporate tax (152) 432 (552) (93) 2.362 1.997
NET PROFIT 1.066 67 8.781 1.129 (8.057) 2.986OPERATIONS ESG ANNEX INDEX FINANCE
H1 2026
R e s u l t s 3 0 . 0 6 . 2 0 2 6 - € k
3 3 Profit & Loss(3/3)
PL GEOGRAPHIES BREAKDOWN SPAIN GUATEMALA HONDURAS DOMINICAN REP. COLOMBIA OTHER TOTAL
REVENUE 10.986 16.906 1.238 19.259 5.694 80 54.163
O p e x (8.412) (7.660) (320) (4.629) (2.345) (876) (24.242)
ADJUSTED EBITDA 2.574 9.246 918 14.630 3.349 (796) 29.921
Other non-recurrent income / cost (1.734) 47 - (92) (128) (57) (1.964)
EBITDA 840 9.293 918 14.538 3.221 (853) 27.957
Amortisations (5.727) (2.559) (478) (3.099) (1.173) (99) (13.135)
EBIT/ OPERATING PROFIT (4.887) 6.734 440 11.439 2.048 (952) 14.822
Finance income / cost (2.511) (3.781) 106 (5.066) (2.417) (164) (13.833)
PROFIT / (LOSS) BEFORE TAX (7.398) 2.953 546 6.373 (369) (1.116) 989
Corporate tax 3.194 (315) - (803) (79) - 1.997
NET PROFIT (4.204) 2.638 546 5.570 (448) (1.116) 2.986OPERATIONS ESG ANNEX INDEX FINANCE
H1 2026
R e s u l t s 3 0 . 0 6 . 2 0 2 6 - € k
3 4
Balance sheet
30.06.2026 30.06.2025 Chg. (%) Chg. (€)
Non-current assets
Intangible assets 8.080 8.205 -2% (125) Right of use assets 12.966 12.757 2% 209 Property, plant and equipment 695.695 671.174 4% 24.521 Long-term investments in group companies and associates4.258 4.258 0% -
Long-term financial investments 825 1.460 -43% (635) Deferred tax assets 53.649 48.570 10% 5.079 Other non-current assets 13.166 12.582 5% 584
TOTAL NON-CURRENT ASSETS 788.639 759.006
Current assets
Inventories 73 4.792 -98% (4.719) Trade and other receivables 49.150 43.876 12% 5.274 Current tax assets 57 78 -27% (21) Investments in related parties 360 260 38% 100 Current investments 13.445 3.406 295% 10.039 Other current assets 13.259 8.665 53% 4.594 Cash and cash equivalents 70.393 76.497 -8% (6.104)
TOTAL CURRENT ASSETS 146.737 137.574
TOTAL ASSETS 935.376 896.58030.06.2026 30.06.2025 Chg. (%) Chg. (€)
Non-current liabilities
Long-term provisions 4.259 4.131 3% 128 Long-term debts 604.335 549.398 10% 54.937 Deferred tax liabilities 11.649 10.193 14% 1.456 Grants 12.714 12.990 -2% (276) Non-current accounts payable - - 0% -
Other long-term payable accruals 3.390 3.506 -3% (116)
TOTAL NON-CURRENT LIABILITIES 636.347 580.218
Current liabilities
Short-term debts 119.555 150.799 -21% (31.244) Trade and other accounts payable 16.739 19.166 -13% (2.427) Current tax liabilities 2.616 2.805 -7% (189) Short-term accruals 247 247 0% -
TOTAL CURRENT LIABILITIES 139.157 173.017
Net equity
Equity attributed to Parent Company equity holders 138.055 123.508 12% 14.547 Non-controlling interest 21.817 19.837 10% 1.980
TOTAL NET EQUITY 159.872 143.345
TOTAL NET EQUITY AND LIABILITIES 935.376 896.5803 0 . 0 6 . 2 0 2 6 - € kOPERATIONS ESG ANNEX INDEX FINANCE
H1 2026
R e s u l t s
3 5
Assets
In operation
COUNTRY TECHNOLOGY PROJECTCAPACITY
(MW)FINANC. COD
GALICIA Hydro San Bartolomé 1.2 Green Bond 1997 GALICIA Hydro Cierves 5 Green Bond 2000 GALICIA Hydro Peneda 10 Green Bond 2003 GALICIA Hydro Arnoya 10 Green Bond 2003 GALICIA Wind Ourol 18 Green Bond 2007 GALICIA Hydro Landro 9.2 Green Bond 2008 GALICIA Hydro Xestosa 2.9 Green Bond 2008 GALICIA Wind Lalín 3 Green Bond 2008 HONDURAS Solar PV Llanos del Sur 16.2 Project Finance 2015 GUATEMALA Hydro Las Fuentes II 14.2 Project Finance 2016 CANARY ISLANDS Wind Llanos de la Aldea 20 Green Bond 2017 CANARY ISLANDS Wind San Bartolomé 9.2 Green Bond 2017 CANARY ISLANDS Wind La Caleta 5.6 Sicav 2020 CANARY ISLANDS Wind El Rodeo 4.8 Green Bond 2020 CANARY ISLANDS Wind Las Casillas 1 4 Sicav 2021 CANARY ISLANDS Wind Lomo del Moral 4 Project Finance 2021 CANARY ISLANDS Wind Arcos del Coronadero 4 Project Finance 2021 CANARY ISLANDS Solar PV Llanos de la Aldea I, II, III 7.2 Project Finance 2021 CANARY ISLANDS Solar PV El Matorral 11.5 Project Finance 2021 CANARY ISLANDS Solar PV Aldea Blanca I, II, III, IV 9.2 Project Finance 2021
CANARY ISLANDS Wind La Florida III 19.2 Project Finance 2022 COUNTRY TECHNOLOGY PROJECTCAPACITY
(MW)FINANC. COD
CANARY ISLANDS Wind La Gomera 11.8 Sicav 2022 DOMINICAN REP. Solar PV Cumayasa 1 60 Project Finance 2023 DOMINICAN REP. Solar PV Cumayasa 2 36 Project Finance 2023 COLOMBIA Solar PV Sunnorte 41 Project Finance 2023 GALICIA Hydro Cierves Ampliación 3 Own funds 2023 CANARY ISLANDS Solar PV Llanos de la Aldea I Ext. 1.6 Project Finance 2024 CANARY ISLANDS Wind Las Casillas 3.3 Sicav 2024 CANARY ISLANDS Solar PV Orone 4.7 Sicav 2024 CANARY ISLANDS Solar PV La Rosa 2.7 Sicav 2024 GUATEMALA Solar PV Yolanda 73.7 Project Finance 2024 DOMINICAN REP. Solar PV Cumayasa 4 61.7 Project Finance 2025 DOMINICAN REP. Solar PV Payita 1 60 Project Finance 2025 GUATEMALA Solar PV El Carrizo 74.7 Project Finance 2025 COLOMBIA Solar PV Ardobela 1 11.2 Project Finance 2025 COLOMBIA Solar PV Ardobela 2 11.5 Project Finance 2025 CANARY ISLANDS Solar PV Marfú 2.4 Sicav 2025 CANARY ISLANDS Solar PV Mejias 2.4 Sicav 2025 CANARY ISLANDS Solar PV Sequero 2.4 Sicav 2025 CANARY ISLANDS Solar PV Carrizal 2.4 Sicav 2025 COLOMBIA Solar PV Tamarindo 1 11.9 Project Finance 2026 COLOMBIA Solar PV Tamarindo 2 11.9 Project Finance 2026OPERATIONS ESG ANNEX INDEX FINANCE
H1 2026
R e s u l t s
3 6
Assets
COUNTRY TECHNOLOGY PROJECT CAPACITY (MW) LOAD FACTOR COD
DOMINICAN REP. Solar PV Payita 2 60 27% 2027 COLOMBIA Solar PV Puerto Wilches 27.2 24% 2027 PANAMA Solar PV San Bartolo / Aguaviva / Santiago / La Mesa 48 23% 2028 GUATEMALA Solar PV La Hulera 60 27% 2028 GUATEMALA Solar PV Cocales 140 27% 2028 3 3 5 I n d e v e l o p m e n tUnder
construction
COUNTRY TECHNOLOGY PROJECT CAPACITY (MW) LOAD FACTOR COD
ROMANIA Wind Miroslovesti 54.4 32% 2028 ROMANIA Solar PV Morteni 42.6 18% 2028 COLOMBIA Solar PV Miraflores 12.5 22% 2028 COLOMBIA Solar PV Cactus 32 24% 2028 ITALY Solar PV Alfina 29 20% 2028 ITALY Solar PV Benano 12 20% 2028
1 8 3OPERATIONS ESG ANNEX INDEX FINANCE
H1 2026
R e s u l t s
Disclaim er
T h i s d o c u m e n t a n d t h e i n f o r m a t i o n i t c o n t a i n s d o n o t c o n s t i t u t e a n o f f e r t o s e l l , e x c h a n g e , o r p u r c h a s e , n o r a s o l i c i t a t i o n o f a n o f f e r t o p u r c h a s e , n o r a n y r e c o m m e n d a t i o n o r a d v i c e r e g a r d i n g s e c u r i t i e s i s s u e d b y E c o e n e r , S . A . ( “ E c o e n e r ” o r t h e “ C o m p a n y ” ) . I n p a r t i c u l a r , t h i s d o c u m e n t d o e s n o t c o n s t i t u t e , n o r s h o u l d i t b e c o n s t r u e d a s , a p r o s p e c t u s , a p u b l i c o f f e r i n g o f s e c u r i t i e s , o r a n y o t h e r d o c u m e n t o f a s i m i l a r n a t u r e f o r t h e p u r p o s e s o f L a w 6 / 2 0 2 3 o f M a r c h 1 7 o n S e c u r i t i e s M a r k e t s a n d I n v e s t m e n t S e r v i c e s ( “ L a w 6 / 2 0 2 3 ” ) , o r R e g u l a t i o n ( E U ) 2 0 1 7 / 1 1 2 9 o f t h e E u r o p e a n P a r l i a m e n t a n d o f t h e C o u n c i l o f J u n e 1 4 , 2 0 1 7 ( “ R e g u l a t i o n ( E U ) 2 0 1 7 / 1 1 2 9 ” ) . T h i s d o c u m e n t h a s n o t b e e n r e g i s t e r e d , a p p r o v e d , o r r e v i e w e d b y t h e N a t i o n a l S e c u r i t i e s M a r k e t C o m m i s s i o n ( C N M V ) o r b y a n y o t h e r r e g u l a t o r y a u t h o r i t y . T h i s d o c u m e n t i s n o t i n t e n d e d f o r d i s t r i b u t i o n o r u s e i n t h e U n i t e d S t a t e s o f A m e r i c a o r i n a n y o t h e r j u r i s d i c t i o n w h e r e s u c h d i s t r i b u t i o n o r u s e w o u l d b e c o n t r a r y t o l a w o r w o u l d r e q u i r e r e g i s t r a t i o n o r a u t h o r i z a t i o n t h a t h a s n o t b e e n o b t a i n e d .
T h i s d o c u m e n t i s p r o v i d e d f o r i n f o r m a t i o n a l p u r p o s e s o n l y a n d d o e s n o t c o n s t i t u t e , n o r s h o u l d i t b e c o n s t r u e d a s , i n v e s t m e n t , l e g a l , t a x , o r a n y o t h e r t y p e o f a d v i c e , n o r a s a r e c o m m e n d a t i o n t o i n v e s t i n t h e C o m p a n y . P r o s p e c t i v e i n v e s t o r s s h o u l d c o n d u c t t h e i r o w n a n a l y s i s a n d s e e k s u c h a d v i c e a s t h e y d e e m n e c e s s a r y b e f o r e m a k i n g a n y i n v e s t m e n t d e c i s i o n .
T h i s d o c u m e n t m a y c o n t a i n s t a t e m e n t s r e g a r d i n g i n t e n t i o n s , e x p e c t a t i o n s , o r f o r e c a s t s . A l l s t a t e m e n t s i n t h i s d o c u m e n t t h a t a r e n o t h i s t o r i c a l f a c t s , i n c l u d i n g , b u t n o t l i m i t e d t o , t h o s e r e g a r d i n g o u r f i n a n c i a l c o n d i t i o n , b u s i n e s s s t r a t e g y , m a n a g e m e n t p l a n s , a n d o b j e c t i v e s f o r f u t u r e o p e r a t i o n s , a r e f o r w a r d - l o o k i n g s t a t e m e n t s . T h e s e s t a t e m e n t s a r e b a s e d o n t h e c o m p a n y ’ s c u r r e n t e x p e c t a t i o n s a n d a s s u m p t i o n s a n d d o n o t c o n s t i t u t e a g u a r a n t e e o f f u t u r e r e s u l t s . A c t u a l r e s u l t s m a y d i f f e r m a t e r i a l l y f r o m t h o s e e x p r e s s e d o r i m p l i e d b y t h e s e f o r w a r d - l o o k i n g s t a t e m e n t s . A n y o f t h e s e f o r w a r d - l o o k i n g s t a t e m e n t s m a y b e s u b j e c t t o r i s k s , u n c e r t a i n t i e s , a n d o t h e r r e l e v a n t f a c t o r s t h a t c o u l d c a u s e a c t u a l r e s u l t s t o d i f f e r m a t e r i a l l y . A c c o r d i n g l y , r e a d e r s a r e c a u t i o n e d n o t t o p l a c e u n d u e r e l i a n c e o n s u c h f o r w a r d - l o o k i n g s t a t e m e n t s .
S o m e o f t h e s e r i s k s i n c l u d e , a m o n g o t h e r s , c o m p e t i t i v e p r e s s u r e s i n t h e s e c t o r , m a c r o e c o n o m i c , p o l i t i c a l , r e g u l a t o r y , a n d c o m m e r c i a l c o n d i t i o n s , e x c h a n g e r a t e r i s k s , t e c h n o l o g i c a l r i s k s , r e s t r i c t i o n s o n f r e e t r a d e , a n d p o l i t i c a l i n s t a b i l i t y i n t h e m a r k e t s w h e r e t h e c o m p a n y o p e r a t e s o r i n t h e c o u n t r i e s w h e r e t h e G r o u p ’ s p r o j e c t s a r e c a r r i e d o u t . T h e r i s k s a n d u n c e r t a i n t i e s t h a t c o u l d a f f e c t f o r w a r d - l o o k i n g s t a t e m e n t s a r e d i f f i c u l t t o p r e d i c t . U n l e s s o t h e r w i s e r e q u i r e d b y a p p l i c a b l e l a w , t h e C o m p a n y a s s u m e s n o o b l i g a t i o n t o p u b l i c l y r e v i s e o r u p d a t e i t s f o r w a r d - l o o k i n g s t a t e m e n t s i n t h e e v e n t o f u n e x p e c t e d c h a n g e s , e v e n t s , o r c i r c u m s t a n c e s t h a t m a y a f f e c t t h e m . F o r a n a n a l y s i s o f t h e s e a n d o t h e r f a c t o r s t h a t m a y a f f e c t t h e f o r w a r d - l o o k i n g s t a t e m e n t s a n d E c o e n e r ’ s b u s i n e s s , f i n a n c i a l c o n d i t i o n , a n d o p e r a t i n g r e s u l t s , p l e a s e r e f e r t o t h e d o c u m e n t s a n d i n f o r m a t i o n f i l e d b y t h e C o m p a n y w i t h t h e S p a n i s h N a t i o n a l S e c u r i t i e s M a r k e t C o m m i s s i o n ( C M V ) . R e a d e r s a r e e n c o u r a g e d t o r e v i e w t h e c o n t e n t o f t h e s e d o c u m e n t s .
F o r t h e p u r p o s e s o f t h i s p r e s e n t a t i o n , “ M W u n d e r c o n s t r u c t i o n ” r e f e r s t o t h e i n s t a l l e d c a p a c i t y , m e a s u r e d i n M W , o f p r o j e c t s t h a t m e e t t h e f o l l o w i n g r e q u i r e m e n t s : t h e m a n a g e m e n t o f t h e w o r k s n e c e s s a r y t o c a r r y o u t t h e c o n s t r u c t i o n a c t i v i t i e s f o r s u c h f a c i l i t i e s , w h i c h i n c l u d e s , a m o n g o t h e r t h i n g s , o f o r g a n i z i n g a n d v e r i f y i n g t h e a p p r o p r i a t e t a s k s t h a t w i l l l e a d t o t h e s a t i s f a c t o r y c o m p l e t i o n o f t h e p h y s i c a l e x e c u t i o n o f t h e p r o j e c t s , s u c h a s t h e l a y o u t o f c o n s t r u c t i o n p r o j e c t s , t h e n e g o t i a t i o n , p r e p a r a t i o n , c o n t r a c t i n g , a n d m o n i t o r i n g o f c o n t r a c t s w i t h s u p p l i e r s , a s w e l l a s t h e t o o l s , i n s t r u m e n t s , a n d e q u i p m e n t n e c e s s a r y f o r t h e p r o j e c t ’ s c o n s t r u c t i o n ; i n t e r a c t i o n w i t h g o v e r n m e n t a g e n c i e s t o e n s u r e c o m p l i a n c e w i t h t h e r e q u i r e m e n t s e s t a b l i s h e d i n t h e r e l e v a n t r e s o l u t i o n s ( e n v i r o n m e n t a l , l i c e n s i n g , a n d a u t h o r i z a t i o n s ) p r i o r t o t h e s t a r t o f c o n s t r u c t i o n ; c o m m u n i c a t i o n w i t h l a n d o w n e r s t o e n s u r e c o m p l i a n c e w i t h t h e f o r m a l r e q u i r e m e n t s s e t f o r t h i n l e a s e a g r e e m e n t s , o r t a s k s r e l a t e d t o t h e p r o j e c t o w n e r ’ s c o m p l i a n c e , t o t h e e x t e n t a p p l i c a b l e , w i t h c u r r e n t r e g u l a t i o n s r e g a r d i n g l a b o r , s o c i a l s e c u r i t y , o c c u p a t i o n a l r i s k p r e v e n t i o n , a n d o c c u p a t i o n a l s a f e t y a n d h e a l t h . F o r t h e p u r p o s e s o f t h i s p r e s e n t a t i o n , “ M W i n o p e r a t i o n ” r e f e r s t o t h e i n s t a l l e d c a p a c i t y o f a s s e t s t h a t a r e i n o p e r a t i o n , f u n c t i o n i n g , a n d g e n e r a t i n g e l e c t r i c i t y , a n d “ M W u n d e r d e v e l o p m e n t ” r e f e r s t o p r o j e c t s i n t h e a n a l y s i s a n d d e v e l o p m e n t p h a s e , w h i c h i n c l u d e s , a m o n g o t h e r t h i n g s , t h e p r o c e s s i n g o f p e r m i t s a n d l i c e n s e s , a n d t h e a c q u i s i t i o n o f l a n d u s e r i g h t s a n d a n a c c e s s a n d c o n n e c t i o n p o i n t .
I n a d d i t i o n t o t h e f i n a n c i a l i n f o r m a t i o n p r e p a r e d i n a c c o r d a n c e w i t h t h e I n t e r n a t i o n a l F i n a n c i a l R e p o r t i n g S t a n d a r d s a d o p t e d b y t h e E u r o p e a n U n i o n ( “ I F R S ” ) a n d e x t r a c t e d f r o m o u r f i n a n c i a l s t a t e m e n t s , t h i s p r e s e n t a t i o n c o n t a i n s a l t e r n a t i v e p e r f o r m a n c e m e a s u r e s ( “ A P M s ” ) , a s d e f i n e d i n D e l e g a t e d R e g u l a t i o n ( E U ) 2 0 1 9 / 9 7 9 o f M a r c h 1 4 , 2 0 1 9 , a n d i n t h e G u i d e l i n e s o n A l t e r n a t i v e P e r f o r m a n c e M e a s u r e s p u b l i s h e d b y t h e E u r o p e a n S e c u r i t i e s a n d M a r k e t s A u t h o r i t y ( E S M A ) o n O c t o b e r 5 , 2 0 1 5 ( E S M A / 2 0 1 5 / 1 4 1 5 e n ) , a s w e l l a s o t h e r m e a s u r e s t h a t d o n o t c o m p l y w i t h I F R S ( “ N o n - I F R S M e a s u r e s ” ) . T h e s e f i n a n c i a l m e a s u r e s , w h i c h a r e c o n s i d e r e d A P M s a n d n o n - I F R S m e a s u r e s , h a v e b e e n c a l c u l a t e d b a s e d o n i n f o r m a t i o n p r e p a r e d b y E c o e n e r ; h o w e v e r , t h e s e f i n a n c i a l m e a s u r e s a r e n o t d e f i n e d o r d e t a i l e d w i t h i n t h e a p p l i c a b l e f i n a n c i a l r e p o r t i n g f r a m e w o r k , n o r h a v e t h e y b e e n a u d i t e d o r r e v i e w e d b y o u r a u d i t o r s . T h e s e A P M s a n d n o n - I F R S m e a s u r e s s h o u l d b e c o n s i d e r e d s u p p l e m e n t a r y i n f o r m a t i o n t o t h e I F R S - c o m p l i a n t m e a s u r e s a n d a r e n o t i n t e n d e d t o r e p l a c e t h e m . P l e a s e r e f e r t o t h e G r o u p ’ s a u d i t e d c o n s o l i d a t e d f i n a n c i a l s t a t e m e n t s f o r f i s c a l y e a r 2 0 2 1 f o r t h e d e f i n i t i o n o f t h e A P M s a n d n o n - I F R S m e a s u r e s i n c l u d e d i n t h i s d o c u m e n t .
S o u r c e : P r e l i m i n a r y , e s t i m a t e d , c o n s o l i d a t e d , a n d u n a u d i t e d f i n a n c i a l s t a t e m e n t s f o r t h e p e r i o d e n d e d J u n e 3 0 , 2 0 2 6 , o f E c o e n e r , S . A . a n d i t s s u b s i d i a r i e s , w h i c h h a v e b e e n p r e p a r e d b y t h e C o m p a n y i n a c c o r d a n c e w i t h t h e I n t e r n a t i o n a l F i n a n c i a l R e p o r t i n g S t a n d a r d s a s a d o p t e d b y t h e E u r o p e a n U n i o n ( “ I F R S - E U ” ) .