Abengoa’s earnings after tax increased by 69.4 percent in the first quarter

• The Operating Result was 52.5 million euro, a 15.1 percent increase
• The Operating Result of its Industrial Engineering and Construction Business Unit increased 36.7 percent on the previous year

Seville, May 15, 2006 - Abengoa’s consolidated sales in the first quarter of 2006 were 534.6 million euro, which is a 15.1 percent increase on the previous year’s figure. All of Abengoa’s Business Units achieved an increase in sales during the first quarter of this financial year.

The Bioenergy Business Unit’s sales were 101.8 million euro as against the 88.5 million euro achieved the previous year. The Environmental Services Business Unit’s sales were 115.2 million euro in the first quarter of 2006 compared to 86.3 million euro for the same period the previous year. This is a 33.5 percent increase which is due mainly to the higher volume of waste treated in the aluminum sector and to the higher price of the metal. The Industrial Engineering and Construction Business Unit achieved sales of 226.3 million euro as against 202.4 million euro the previous year, which is an 11.8 percent increase. Finally, the Information Technologies Business Unit’s sales were 91.3 million euro compared to 87.0 million euro the previous year.

The Operating Result (Ebitda) also increased 15.1 percent to 52.5 million euro as against 45.6 million euro the previous year. Of note is the growth of the Industrial Engineering and Construction Business Unit which reached 24.1 million euro, a 36.7 percent increase on the 17.6 million euro the previous year. Especially noteworthy are the contribution from the construction of high-voltage lines in Brazil, and the results from the line concessions that are already operational.

The earnings before tax were 32.7 million euro which is a 78.2 percent increase on the 18.4 million euro in the first quarter of 2005. The financial result of 11.4 million euro derived from participations in officially listed shares is of note in the contribution to this magnitude. The earnings for this concept in the first quarter of the previous financial year were 2.9 million euro. If the impact of this financial result is eliminated in both periods, the growth level of the earnings before tax is 37.4 percent.

The earnings attributable to the parent company were 18.8 million euro, which is a 69.4 percent increase on the 11.1 million euro achieved the previous year (23.9 percent if the impact of the financial result derived from participations in officially listed shares is eliminated).

Abengoa is a technological company that applies innovative solutions for sustainable development in the infrastructure, environment and energy sectors. It is listed on the Stock Exchange with treasury stock of 2,300 million euro and is present in more than 70 countries in which it operates with its five Business Units, Solar, Bioenergy, Environmental Services, Information Technologies, and Industrial Engineering and Construction. (www.abengoa.com).