Acciona (ANA) Q2 2024 earnings summary

Executive summary

• Group revenues rose 24% year-over-year to €8,772 million in H1 2024, driven by strong Infrastructure and Nordex performance, offsetting weaker Energy results due to low electricity demand, high hydro/wind output, and record-low Spanish pool prices.

• EBITDA increased 7% to €990 million, with Infrastructure and Nordex showing robust growth, while Energy EBITDA declined 39% year-over-year.

• Attributable net profit fell 75% to €116 million, impacted by lower energy prices and the absence of positive non-recurring items from H1 2023.

• Asset rotation strategy is progressing, with the first hydro asset sale announced and strong market interest in further disposals, supporting funding for growth and credit profile protection.

• Investment grade credit rating maintained, though DBRS downgraded to BBB flat/Low.

Financial highlights

• Energy EBITDA fell 39% to €419 million due to lower prices and output, while Infrastructure EBITDA rose 42.9% to €331 million.

• Group net profit reached €116 million, including a €75.6 million positive impact from hydro asset impairment reversal.

• Net financial debt increased to €8,229 million, mainly from high CapEx and working capital outflows.

• Generation revenues dropped 17% to €749 million; total revenues down 24% to €1,333 million year-on-year in energy.

• Net investment cash flow reached €1.7 billion, supporting 1.7 GW of new capacity installations and growth in infrastructure concessions.

Outlook and guidance

• Full-year group EBITDA expected around €2 billion, with €1 billion from energy and €1 billion from other divisions, excluding capital gains.

• Targeting €200–300 million in annual capital gains, supported by asset rotation.

• Net investment cash flow for 2024 projected at €2.5 billion.

• Energy capacity additions for 2024 will be back-loaded, with 1.2 GW to be installed in H2; 2025 target is 1 GW, not dependent on asset rotation.

• Leverage ratios expected to normalize by end-2025 as EBITDA catches up with investment.