1H26 Results – Significant underlying EBITDA downgrades

Research evidence excerpt

1H26 Results – Significant underlying EBITDA downgrades

Update

July 31, 2026 01:56 AM GMT

Morgan Stanley Europe S.E., Paris Branch+MCorporacion Acciona Energia Renovables | Europe Arthur Sitbon, CFA

Equity Analyst

1H26 Results – Significant Arthur.Sitbon@morganstanley.comMorgan Stanley & Co. International plc+ +33 1 42 90 71-03

Marina Fuentes Juan

Research Associateunderlying EBITDA downgrades Marina.Fuentes.Juan@morganstanley.com +44 20 7425-2268

Robert Pulleyn

AlphaSignals Earnings Reaction Equity Analyst and Commodity Strategist

Robert.Pulleyn@morganstanley.com +44 20 7425-4388

Unchanged Meaningful shortfall Meaningful revision lower Sarah E Lester, CFA

Impact to our thesis Financial results versus consensus Direction of next 12-month Equity Analyst

consensus EPS Sarah.Lester@morganstanley.com +44 20 7425-0551

Source: Company data, Morgan Stanley Research Arthur Descazeaud

Research Associate

Arthur.Descazeaud1@morganstanley.com +44 20 7677-1282

Key Takeaways

Corporacion Acciona Energia Renovables (ANE.MC, ANE

We expect a negative reaction from Acciona Energia shares following the group's

SQ)

1H26 results.

Utilities | Spain

Acciona Energia reported a net loss for 1H26, meaningfully below consensus Stock Rating Equal-weight

expectations. Industry View Attractive

Price target €21.00

The group reiterated its 2026 total EBITDA target, but given the significant Shr price, close (Jul 30, 2026) €22.52

52-Week Range €25.24-19.12

contribution from rotation gains, we think this implies significant EPS Mkt cap, curr (mn) €7,314

Net debt (12/26e) (mn)* €2,854

downgrades. EV, curr (mn)* €11,949

We think today's announcements could imply 2026 EBITDA from Operations * = GAAP or approximated based on GAAP

potentially in the €800-900mn range.