Acciona SA

Latest Results (23.10.2026):

Acciona SA — H1 2026 (first half of 2026): Revenues were €10,142m (+9.9% y/y) while EBITDA from operations was €1,153m (-25.9% y/y). Profit before tax was €303m and attributable net profit was €83m (down sharply versus H1 2025, which included large asset-rotation gains). Net financial debt (including IFRS 16) stood at €8,243m and liquidity was €10,069m. The company reaffirmed its 2026 guidance and reported significant operational progress across Energy, Infrastructure and Nordex.

Top-line and profitability

Revenues: €10,142m (+9.9% versus H1 2025). EBITDA: €1,153m (-25.9%), impacted by the absence of H1 2025 asset-rotation gains. EBT: €303m. Attributable net profit: €83m (-84.3% y/y), primarily because H1 2025 included €443m of asset-rotation profit.

Energy (ACCIONA Energía)

H1 2026 Energy revenues €1,288m (-12.3% y/y); EBITDA from operations €388m (below prior year due to lower captured prices in Spain and prior-year one-offs). Consolidated capacity ~13,127 MW, total capacity 14,699 MW. Production ~12.5 TWh consolidated (+4.1%). Capacity under construction 763 MW. Energy ordinary capex H1: €324m. Net debt for ACCIONA Energía: €4,442m.

Asset rotation (notable post-period transactions)

Report highlights two July 2026 disposals (post-period): sale of 64 MW hydro in Spain for €66m (estimated €55m EBITDA from rotation) and sale of 361 MW wind in Spain to Galp New Energies for €432m (estimated €255m EBITDA). Together expected to generate ~€310m EBITDA from asset rotation and reduce debt by ~€500m.

Infrastructure and backlog

Infrastructure revenues +12.2% in H1 2026 and EBITDA +12.0% (EBITDA ~€384m). D&C & O&M backlog stable (~€22,429m) and Concessional Asset Backlog reached a record €136,050m (80 assets across 12 countries), providing long-term revenue visibility.

Nordex performance

Nordex contributed €3,767m to revenues (+13.8% y/y) and EBITDA €354m (+~30% y/y). Order intake reached 4,923 MW (+9.6% y/y) with successful entry into the U.S. (~800 MW secured). Total Nordex backlog €18,385m (+14.2% vs 31 Dec 2025).

Balance sheet, cash and financing

Net financial debt (incl. IFRS 16) €8,243m (+€1,253m vs Dec‑2025), driven by investments, working capital seasonality and certain derivative settlement changes. Liquidity €10,069m (cash + undrawn lines). Average cost of debt 4.20%; 63% variable / 37% fixed. New/extended financing and a €2,475m guarantee facility support liquidity and growth.

Capital expenditure and guidance

Group ordinary capex H1 2026 €743m (‑40.2% y/y). ACCIONA reaffirmed 2026 targets: total EBITDA €2,800–€3,100m, investment before asset rotation €2,200–€2,500m, and Net Debt/EBITDA <3x at year‑end.

Sustainability and ESG metrics

CAPEX aligned with EU Taxonomy 96.8%. Sustainable financing 81% of total debt. Group avoided emissions ~8.0 million tCO₂e in H1; Scope 1+2 emissions reported and small year‑on‑year changes noted. Company retains strong external sustainability recognitions.