Letter from the Chairman

Dear Reader,

Fiscal year 2025 took place against a challenging international backdrop, marked by geopolitical uncertainty, volatility in energy markets, and the need to strengthen industrial competitiveness and energy independence. In this context, electrification and the advancement of renewable energy, particularly wind power, remain key elements in building a safer, more efficient, and more sustainable energy system. The sector is moving toward a phase of greater consolidation, with larger-scale projects and higher industrial demands.

Against this backdrop, GRI Renewable Industries has maintained solid performance and a significant position across the wind energy value chain. In 2025, the Group exceeded €1 billion in revenue and continues to strengthen its industrial Footprint with a presence in nine countries, supported by a robust production base and management that integrates sustainability, innovation, and operational excellence. Sustainability remains a strategic pillar of our 2023–2026 Plan, guiding our environmental, social, and governance decisions.

We took significant steps to strengthen our industrial positioning. The acquisition of a 45% stake in Windtechnic Engineering expands our portfolio of solutions and adds capabilities in hybrid and concrete towers, a segment of growing importance in the wind energy market. We also made progress in strengthening our production capacity, notably through the expansion of GRI Towers Sevilla and the industrial investments made to keep pace with evolving demand.

From a regulatory perspective, the implementation of the Carbon Border Adjustment Mechanism (CBAM) has been one of the main challenges of the year. Its implementation requires traceability, continuous document control, and robust systems to manage information related to the carbon emissions of materials. Throughout 2025, we have been preparing our plants to adapt to this new framework by strengthening internal processes, adapting reporting tools, and working in coordination with our supply chain to ensure compliance with the established requirements.

I would like to highlight our commitment to safety, health, and people. With more than 5,100 professionals, the talent and experience of our teams are essential for operating in an increasingly demanding environment. We will continue working to provide safe work environments and to strengthen an industrial culture based on continuous improvement.

I thank our shareholders, investors, customers, partners, and employees for the trust they continue to place in our project. We look to the future with determination and responsibility, convinced that a solid, innovative industrial foundation committed to sustainability is key to continuing to contribute to the progress of the energy transition.

Jon Riberas

Executive Chairman

GRI Renewable Industries