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Registered number:
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
ACCIONA is a global group that develops and manages sustainable infrastructure solutions, especially in renewable energy. Acciona’s business spans the entire value chain, from design and construction through to operation and maintenance. Acciona’s long history has led to the aspiration to make the planet a better place through activities that provide sustainable solutions to the main challenges that will define the future relationship of humanity with the Earth. Solutions that Acciona consider essential for current and future generations to enjoy a better life in harmony with the planet consist of Water, Energy, Transport, Social, Cities Real Estate and Finance. With each of these concepts Acciona provides solutions as follows:
∙Water – Wastewater treatment and reuse, Desalination, Drinking water, Integral water cycle & Water for agriculture.
∙Energy - Wind power, Solar photovoltaic, Hydroelectric, Solar thermal, Biomass, Energy Storage, Energy Storage, Renewable Energy Supply, Energy Efficiency, Green Hydrogen and Electric mobility.
∙Transport – Bridges (Bridges and Motorways), Tunnels, Railways and railway service Subways and trams, Ports and water channels, Airports and airport services, Freight forwarding, Data centres & substations and transmission networks.
∙Social – Healthcare, University campuses, Ecosystem regeneration, Museums and exhibitions & Event design and management.
∙Cities - Efficient building, Electric mobility, Circular economy: waste management and recovery & Urban ecosystems.
∙Real Estate - Sustainable and eco-friendly housing, Offices, Hotels, tourist resorts & Industrial properties.
∙Financial - Financial asset management & Capital markets.
To create a positive impact with its activity, ACCIONA invests in technology development and in projects capable of regenerating the planet. Our society is facing the greatest challenges in history, which is why ACCIONA is concentrating its efforts on providing the best solutions to accelerate the decarbonisation of the economy and the mitigation of, and adaptation to, climate change. Essential to this transformation strategy is its investment in caring for biodiversity and in efficient methods of water consumption, access and treatment. ACCIONA is also working on the development of new business models based on circularity, aimed at reducing natural resource consumption and achieving the goal of zero waste.
ACCIONA began operating in the UK in 2003. In early 2022, the North London Waste Authority awarded ACCIONA a turnkey contract to develop the Edmonton Ecopark Waste-to-energy plant, located in North London, with a treatment capacity of 700,000 tons annually and the ability to supply electricity and heating to 50,000 homes.
ACCIONA is currently working on the design, construction, and commissioning of another (two) Energy from Waste plants in the United Kingdom (UK) named Ness (Aberdeen, Scotland), Kelvin (Birmingham, England) under finalisation of the construction works, to begin with commissioning activities.
ACCIONA under Water Division will renovate the Coppermills Water Treatment plant, which currently provides a third of the drinking water to the Greater London area. The company will be responsible for the design, construction, and commissioning of the infrastructure. Once the work is completed, the plant will be transferred to the client, Thames Water, a private company responsible for supplying water to most of the British capital.
The principal business of Acciona Agua UK Ltd (the company) is a global leader in sustainable water management, specializing in designing, constructing, and operating water treatment, purification, and desalination plants. The company supports over 90 million people in 30+ countries, focusing on desalination (reverse osmosis), wastewater treatment, and water reuse. Acciona Agua Uk Ltd is a wholly owned subsidiary of Acciona Agua S.A.U, a company incorporated in Spain. Both entities form part of the wider Acciona Group, ultimately owned by Acciona S.A, a company incorporated in Spain, and publicly listed on the Spanish stock exchange IBEX 35.
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STRATEGIC REPORT (CONTINUED)
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
Market and economic risk
The renovation of the ACCIONA-led Coppermills Water Treatment Plant involves a significant capital investment of approximately £400 million, exposing the project to market-related risks.
Any cost-related or logistical risks associated with the second phase of the project, including potential fluctuations in construction material prices, energy costs, availability of specialized labour, or disruptions in the supply chain shall be borne and managed by the Client. Given the scope and technical complexity involved in modernizing a 60-year-old facility, the Client will be responsible for addressing any impacts these factors may have on the procurement of specialized equipment and on the overall schedule and budget. This allocation of responsibilities ensures clarity regarding risk ownership and supports effective project governance.
Financing and interest rate fluctuations could also influence project economics, especially if funding structures are sensitive to changes in borrowing costs. Furthermore, the long project duration increases exposure to inflationary pressures, which may affect overall project profitability if not adequately mitigated through contractual protections.
The project is closely linked to long-term economic and demographic trends in Greater London, where population growth continues to drive demand for essential infrastructure such as drinking water supply.
Macroeconomic uncertainty in the UK, including slower economic growth or fiscal constraints, could impact public and private sector investment priorities in infrastructure. As the asset will ultimately be transferred to Thames Water, the financial stability and regulatory environment of the UK water sector represent an additional economic risk factor, particularly in relation to funding capacity, regulatory oversight, and long-term tariff frameworks.
Moreover, broader economic pressures, such as rising energy costs or changes in environmental and infrastructure regulation could affect operational sustainability expectations and lifecycle costs of the upgraded facility once commissioned.
Despite a continued challenging period in the construction industry, and while managing the inherent complexity of projects currently in their initial engineering and planning phases, ACCIONA AGUA is pleased to report that the resilience, expertise, and commitment of its teams have delivered tangible progress and material successes during the reporting period. This first year has been instrumental in establishing a solid technical and organizational foundation, positioning the projects positively for subsequent execution phases despite ongoing market headwinds.
∙Turnover – 2025- £9,800,508
∙Operating Profit – 2025- £994,140
∙Profit before tax –2025- £1,008,421
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∙For the Company's activities, the UK remains a market of reference, particularly around projects with a high technological component, like water and waste infrastructure projects, continuing to explore more opportunities for further projects in the future.
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∙Foreign exchange risk
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∙The company manages its exposure to fluctuations in foreign currency through appropriate treasury management. To mitigate exposure to fluctuation in foreign currency exposure the company negotiates multiple currency contracts with clients and in the absences of multi-currency contracts the appropriate hedging relationships are established with the banks.
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STRATEGIC REPORT (CONTINUED)
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
Liquidity risk
Forecasts are produced to assist management in identifying liquidity requirements. Liquidity is managed within the group to mitigate any risk to the operational activities.
Interest rate risk
There is minimal interest rate risk to the company.
Credit risk
The company's principal financial assets are bank balances & trade receivables. The company's credit risk is primarily attributable to its trade receivables. The company deem this credit risk to be low.
The directors consider the key financial performance indicators to be turnover, operating profit and profit before tax.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the 11 months period ended 31 December 2025.
The profit for the 11 months period, after taxation, amounted to £756,316.
There were no dividends paid in the year (2024 - £NIL).
The directors who served during the 11 months period were:
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DIRECTORS' REPORT (CONTINUED)
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
Looking ahead, ACCIONA will focus on progressing the project from the current engineering phase into full execution, ensuring that design maturity, procurement planning, and risk mitigation measures are fully embedded ahead of construction activities. Priority will be given to maintaining schedule discipline, cost control, and quality standards in an environment that continues to present market and economic challenges.
The next stages of the project will involve the commencement of construction works, further engagement with key suppliers, and continued collaboration with the client to ensure alignment with operational and regulatory requirements. Ongoing monitoring of market conditions; including inflation, supply chain dynamics, and foreign exchange movements will remain a key focus to safeguard project performance and long-term value creation.
The Acciona Corporation is continually exploring new opportunities within the UK market to expand its footprint within the country.
Engagement with suppliers
The Company can acquire the best value, service, and quality by cultivating close relationships with suppliers. The Company works with suppliers who are familiar with our industry and follow our procedures. Our procurement and operations teams work hard to understand our supply chain and build stronger, more strategic relationships with important vendors.
Directors' statement of compliance with duty to promote the success of the company
Section 172 (1) (a) to (f) requires the company directors to consider, both individually and collectively, that they have acted in the way that they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole in the decisions taken during the current year.
When making these decisions the directors have given regard to:
•The likely consequences of any decisions on the long-term;
•The interests of the company’s employees;
•The need to foster the company’s business relationships with suppliers, customers and others;
•The impact of the company’s operations on the community and environment;
•The desirability of the company maintaining a reputation for high standards of business conduct and
•The need to act fairly between shareholders of the company
The majority of stakeholder engagement is carried out by the board of directors who meet on a regular basis. The board considers and discusses information from across the organisation to help it understand the impact of the company’s operations, and the interests and views of our key stakeholders. It also reviews strategy, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance.
As a result of these activities, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.
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DIRECTORS' REPORT (CONTINUED)
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
ACCIONA’s greenhouse gas (GHG) reporting approach is aligned with internationally recognised standards and focuses on the transparent measurement and management of emissions arising from project activities. GHG emissions are identified, calculated, and reported in accordance with the Greenhouse Gas Protocol.
During the current reporting period, which corresponds to the initial engineering and planning phase of the project, GHG emissions are limited, reflecting the absence of large-scale construction activities. Emissions during this phase primarily relate to office-based engineering work, professional services, and business travel. As the project progresses into the construction phase, the scope of GHG reporting will expand to include emissions associated with construction activities, energy consumption, material use, and logistics.
ACCIONA continuously reviews data quality, assumptions, and methodologies to ensure consistency, accuracy, and comparability over time. Where feasible, measures are implemented to minimise emissions, and progress is monitored to support the project’s broader sustainability and decarbonisation objectives.
Energy Efficiency action taken in financial year 2025
The company is planning towards a net zero future and are also proactive in identifying and implementing energy saving projects where possible. The company implements measures to reduce CO2 emission in the construction operations. These measures included, but not limited to; priority given to renewable energy suppliers for temporary electrical supply; selective no use of diesel generators, where possible; carbon reduction in design, reducing concrete and utilising precast options; sustainable procurement; concrete wash out recycling & water and powerless wheel wash for delivery vehicles.
There have been no significant events affecting the company since the year end.
The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCIONA AGUA, UK LIMITED
We have audited the financial statements of Acciona Agua, UK Limited (the 'company') for the 11 months period ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCIONA AGUA, UK LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial 11 months period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCIONA AGUA, UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements.
The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
∙Management override of controls to manipulate the company’s key performance indicators to meet targets;
∙Timing and completeness of revenue recognition, specifically including managements estimate of amount recoverable on long-term contracts; and
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.
Our audit procedures to respond to these risks included:
∙Testing of journal entries and other adjustments for appropriateness;
∙Evaluating the business rationale of significant transactions outside the normal course of business;
∙Reviewing judgments made by management in their calculation of accounting estimates for potential management bias;
∙Enquiries of management about litigation and claims and inspection of relevant correspondence;
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations; and
∙Performing a disclosure checklist on the financial statements to ensure Companies Act 2006 requirements are satisfied.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ACCIONA AGUA, UK LIMITED (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
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BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 23 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
The company is a private limited company and is incorporated and domiciled in the United Kingdom. The address of its registered office is 49 Oxford Road, London, England, N4 3EY.
The principal actvities of the company are that of is the design, construction and commissioning of water treatment and related infrastructure projects.
2.Accounting policies
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
- paragraphs 76 and 79(d) of IAS 40 Investment Property; and
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Acciona Industrial S.A. as at 31 December 2025 and these financial statements may be obtained from www.acciona.com.
The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
Debt instruments at fair value through other comprehensive income
Debt instruments are subsequently measured at fair value through other comprehensive income where they are financial assets held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial liabilities
Fair value through profit or loss
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At amortised cost
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTHS PERIOD ENDED 31 DECEMBER 2025
The company is an undertaking of Acciona Agua S.A.U., a company incorporated in Spain. The ultimate parent undertaking and controlling party is the shareholders of Acciona S.A., a company incorporated in Madrid, Spain.
The largest and smallest group in which the results of the company are consolidated is that headed by
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