Acciona (ANA) Q3 2025 earnings summary

Executive summary

• As of 30 September 2025, a solid financial and strategic position is maintained, with growth across main business lines and full-year guidance reaffirmed, supported by Nordex and Infrastructure, offsetting lower Energy output.

• Nordex delivered exceptional profitability improvement, while Infrastructure achieved major project wins, notably the SR-400 highway in Atlanta, boosting backlog significantly.

• Asset rotation transactions in Energy are on track, with proceeds of ~€800 million agreed and further deals in progress.

Financial highlights

• Nordex EBITDA for 9M 2025 reached €324 million (up from €189 million in 9M 2024), with margin rising to 6.5% from 3.7%.

• Infrastructure global backlog at €30,551 million (+7.0% vs 31 Dec 2024); aggregate backlog at €121,241 million (+125%).

• Net ordinary capex for 9M 2025 was ~€1,700 million; divestments totaled ~€600 million.

• High liquidity of €8,097 million at 30 September 2025.

Outlook and guidance

• Consolidated EBITDA guidance for 2025 maintained at €2,700–3,000 million, with Nordex contributing more than expected and Energy at the lower end of its range.

• Investment cash flow (before asset rotation) reduced to ~€2,500 million, with increased Energy capex and some postponed investments.

• Net Debt/EBITDA target of <3.5x by year-end reaffirmed.