Speaking at ACCIONA's Annual General Meeting today, chairman and CEO José Manuel Entrecanales said that “infrastructure is no longer simply a driver of growth; it has become critical to strategic sovereignty and social cohesion.”

José Manuel Entrecanales noted that investment in infrastructure “has become one of the few areas of consensus across the Western political spectrum.” In this regard, he highlighted that the world is expected to invest more than US$150 trillion in infrastructure over the next 25 years, with annual investment rising from US$4.4 trillion today to US$7 trillion by 2050.

ACCIONA's chairman said this new era will drive unprecedented investment in energy, transport and water, sectors that account for more than half of all global infrastructure spending, and in which the company holds a leading international position.

“We are entering an infrastructure hypercycle,” he said, driven by the pursuit of strategic sovereignty and greater social cohesion, as well as the rapid electrification of the economy, the need to modernize aging infrastructure across the developed world, the construction of new infrastructure in emerging economies, and climate change.

José Manuel Entrecanales explained that, for many years, the response to climate change focused primarily on mitigation. “Today, however, a second dimension is becoming increasingly important: adaptation. A certain degree of warming is already unavoidable, and it is placing growing pressure on infrastructure through droughts, floods, wildfires, water stress and rising sea levels.”

He stressed that these challenges require “a new generation of more resilient infrastructure: robust and digitalized energy networks, storage systems, water infrastructure capable of managing both scarcity and extreme weather events, coastal protection, and transport systems designed for more demanding conditions.”

“Climate resilience is no longer simply an environmental consideration; it has become an economic imperative,” José Manuel Entrecanales said, adding that, in this context, the past financial year represented “a defining year for ACCIONA.”

KEY MILESTONES

During his address, ACCIONA's chairman highlighted the company's key strengths in 2025: record EBITDA of €3.211 billion (+31%); an infrastructure backlog exceeding €120 billion, more than double the level of two years ago; and a net debt-to-EBITDA ratio of 2.2x.

He also highlighted ACCIONA's global leadership in integrated water management and desalination, Nordex’s position as the world's second-largest non-Chinese wind turbine manufacturer, and ACCIONA's early commitment to renewable energy.

In this regard, he noted that ACCIONA Energía closed 2025 with EBITDA of more than €1.5 billion and pointed to new growth opportunities in energy storage, repowering of mature assets and power supply for data centers.

“The future belongs to infrastructure conceived as integrated systems rather than isolated assets. That is why our capabilities across energy, water, transport, cities and social infrastructure represent an increasingly valuable competitive advantage,” he said.

Among the milestones highlighted during his speech were the financial close of the SR-400 project in Atlanta, one of the most significant urban transport concessions in the United States; the financial close of the Central-West Orana transmission network in Australia; progress on the Western Harbour Tunnel in Sydney; and São Paulo Metro Line 6 in Brazil, which is due to enter service shortly.

José Manuel Entrecanales also noted that, across the Group, the next generation of infrastructure projects is becoming increasingly integrated, combining multiple capabilities and technologies. Examples include roads that generate their own energy and desalination plants powered by renewable energy facilities, such as the Casablanca plant in Morocco, which will be the world's largest desalination facility operated entirely on clean energy.

AGM RESOLUTIONS

ACCIONA's AGM approved, among other matters, the 2025 Annual Accounts and the Sustainability Report for the year, as well as the distribution of a gross dividend of €5.65 per share, which will be paid on July 9, 2026.

Shareholders also approved the reappointment of KPMG as the Company's auditor through 2029, the renewal of the mandates of independent directors María Salgado Madriñán and Teresa Sanjurjo González, and the re-election of Jerónimo Marcos Gerard Rivero as an external director.