Acciona SA

Latest Results (17.02.2026):

Acciona SA — Q2 2025 (reporting H1 2025 results): The group posted strong first‑half 2025 results with revenues of €9,231m, EBITDA of €1,557m (+57.3% y/y) and attributable net profit of €526m (up >4.5x). Results were driven by higher power prices in Spain, solid construction margins, Nordex improvement and significant asset‑rotation gains (notably the sale of 626 MW of hydro assets). Management confirmed full‑year EBITDA guidance and financial targets while continuing an active asset‑rotation program.

Key headline figures

H1 2025 revenues €9,231m (+5.2% y/y); EBITDA €1,557m (+57.3%); Profit before tax €715m (+251%); Attributable net profit €526m (+353%). EBITDA includes €443m from Asset Rotation.

Energy (ACCIONA Energía)

Energy revenues €1,469m (+10.2%). ACCIONA Energía EBITDA €908m (+116.9%), split ≈€464m operations and €443m asset rotation (gain from hydro sale). Added 448 MW in H1; revised 2025 installations target to ~0.6 GW (from 1 GW); maintained ~€1,300m investment target and commitment to reduce leverage.

Infrastructure

Infrastructure revenues +8.2% and EBITDA +6.3% in H1. Backlog €29,400m (+3% vs Dec‑24); aggregate backlog (including equity projects) €57,846m (+7.4%). Strong activity in Oceania, US, Morocco, Spain and Peru with several notable awards.

Nordex

Nordex reported EBITDA €188m (H1) and ACCIONA’s total contribution from Nordex €273m (+24%). Turbine orders €4,134m (+38.3%) and backlog €14,326m (+12.1%). EBITDA margin in line with guidance (5.0–7.0%).

Asset rotation & divestments

Completed sale of 626 MW hydro assets in Spain for ≈€1,000m (gain ≈€450m). Agreement signed to sell San Juan de Marcona wind farm (136 MW) for USD253m and later agreed sale of a 440 MW Spanish wind portfolio for ≈€530m (expected ~€190m result). Asset rotation contributed €443m to H1 EBITDA; full‑year Asset Rotation target €500–€750m.

Cash, debt and liquidity

Net financial debt (including IFRS16) €7,714m (up €586m vs Dec‑24). Cash + available liquidity €9,310m. Average cost of debt 4.40%; 60% of debt at variable rates. Major financings closed in H1 (IFC-led USD ~600m, €800m syndicated loan, €410m Schuldschein). Credit ratings reaffirmed (DBRS and JCR).

Capex & cash flow

Ordinary capex H1 €1,242m (Energy €935m, Infrastructure €256m, Nordex €55m). Net investment cashflow €716m, including €599m proceeds from divestments (hydro sale net of held‑for‑sale debt). Working capital consumption was €296m.

Outlook & guidance

Group maintains FY 2025 EBITDA guidance €2,700–€3,000m (Operations €2,200–€2,250m; Asset Rotation €500–€750m). ACCIONA Energía reiterates total EBITDA target ~€1,500–€1,750m and updated price/production expectations (Spain captured price €70–75/MWh; consolidated production ~26 TWh). Target net debt/EBITDA <3.5x year‑end.

ESG and workforce highlights

Workforce +5.1% y/y; 98% of eligible CAPEX aligned with EU taxonomy; 80% of gross corporate debt classed as sustainable. Scope 1+2 emissions rose (29.4%) driven by new high‑emission projects; avoided emissions ~7.6 Mt CO₂ in H1.