Acciona (ANA) Q1 2025 earnings summary

Executive summary

• Strong operational and financial start to 2025, with higher-than-expected electricity prices and growing Infrastructure backlog.

• Asset rotation program progressing, targeting €1.5-1.7bn in disposals and €500-750m EBITDA from Asset Rotation in 2025.

• ACCIONA Energía saw higher achieved prices and increased output, especially internationally, maintaining a 27 TWh production target.

• Prudent investment approach adopted due to economic/geopolitical uncertainty; Texas battery projects paused.

• Infrastructure backlog reached €31.2bn (+9.4% vs Dec 2024); aggregate backlog €60.9bn (+13.1%).

Financial highlights

• Net investment cash flow in Q1: ~€200m, with €800m gross investment and €600m divestment inflows.

• Liquidity at €8,561m as of 31 March 2025.

• Average cost of financing in Q1: 4.49% (corporate debt 4.40%, project finance 6.91%).

• DBRS 'BBB (low) Stable' credit rating maintained in May 2025.

Outlook and guidance

• 2025 EBITDA guidance reiterated at €2,700-3,000m (Operations: €2,200-2,250m; Asset Rotation: €500-750m).

• Investment cash flow for 2025 adjusted to ~€2,800m; Net Debt/EBITDA from Operations ratio expected <3.5x.

• ACCIONA Energía maintains ~€1bn EBITDA from Operations and €500-750m from Asset Rotation for 2025.

• Target installed capacity for 2025 reduced to ~0.6 GW due to US project pause.