Acciona (ANA) Q3 2024 earnings summary

Executive summary

• Infrastructure businesses delivered strong growth, with a record backlog of €27.2bn, up 11% from December 2023, and major new awards in the US and Australia.

• ACCIONA Energía added 925 MW in 9M 2024, progressing toward a 1.7 GW annual target, and completed a €293m hydro asset sale, generating €180m in capital gains.

• Nordex achieved a 14% revenue increase to €5.1bn and improved profitability, with EBITDA margin at 3.7% and order intake up 3.9% year-over-year.

• Net investment cash flow reached €2.2bn in 9M 2024, with major allocations to Energy and Infrastructure, and a year-end net debt/EBITDA ratio expected slightly above 3.5x.

Financial highlights

• Infrastructure backlog at €27,207m (+11% vs. Dec 2023); aggregated backlog at €40,952m (+20.3%).

• ACCIONA Energía: total capacity 14,333 MW (+10.7% YoY), consolidated production 17,585 GWh (+14.5% YoY), average price €66/MWh (-24.6% YoY).

• Nordex: revenue €5,105m (+14% YoY), gross margin €1,030m (+68.8% YoY), EBITDA €189m (3.7% margin), order backlog €11,494m (+9.1% vs. Dec 2023).

• Bestinver AUM at €6,688m (+13% vs. Dec 2023); property development GAV at €1,897m (+5.1%).

Outlook and guidance

• Group expects ~€2bn EBITDA for 2024 (excluding capital gains), split equally between ACCIONA Energía and the rest of the group.

• Net investment cash flow for 2024 estimated at ~€2.5bn; net debt/EBITDA to close slightly above 3.5x.

• ACCIONA Energía targets ~€1bn EBITDA before capital gains, 24.5 TWh output, and ~€70/MWh average price.

• Nordex expects full-year EBITDA margin at the top end of 3.0–4.0% range and maintains a mid-term 8% margin target.