Acciona (ANA) Q2 2025 earnings summary

Executive summary

• EBITDA rose 57% year-over-year to €1,557m, with net profit up 353% to €526m, driven by asset rotation, strong operational performance, and high electricity prices in Spain.

• Revenues increased 5.2% to €9,231m, with all business lines posting growth; profit before tax reached €715m, up 251%.

• Asset rotation strategy advanced, securing €2bn in proceeds and €443m EBITDA, including major hydro and wind asset sales.

• Infrastructure, Nordex, and water businesses delivered robust growth, with a record €58bn infrastructure backlog and major project wins.

• Focused on deleveraging, prudent CapEx, and maintaining investment-grade ratings amid market volatility.

Financial highlights

• H1 2025 revenues: €9,231m (+5.2% YoY); EBITDA: €1,557m (+57.3% YoY); attributable net profit: €526m (+353.3% YoY).

• EBITDA from operations was €1,113m, with €443m from asset rotation; net investment cash flow was €716m.

• Net financial debt at June 2025 was €7,714m, up due to investment activity; liquidity remains high at €9.3bn.

• Major asset sales included 626 MW hydro in Spain (€1bn), 136 MW wind in Peru (USD 253m), and 440 MW wind in Spain (€530m).

• ACCIONA Energía revenues up 10% to €1,469m; EBITDA up 117% to €908m, with €443m from asset rotation.

Outlook and guidance

• Full-year 2025 EBITDA guidance maintained at €2,700–3,000m, with €2,200–2,250m from operations and €500–750m from asset rotation.

• Asset rotation proceeds target €1.5–1.7bn, with net investment cash flow expected at ~€2.8bn.

• Net debt/EBITDA targeted below 3.5x; ACCIONA Energía net debt target at ~€3.5bn.

• CapEx for 2025 reduced to €1.3bn, with further moderation in 2026; growth to focus on quality and balance sheet strength.

• Installed capacity addition revised to ~0.6 GW for 2025 due to US battery project suspensions.