Acciona (ANA) Q4 2024 earnings summary

Executive summary

• Achieved record EBITDA of €2.5bn in 2024, exceeding guidance, with over half from infrastructure and Nordex, and a record €54bn infrastructure backlog.

• Asset rotation delivered €1.3bn in proceeds at attractive valuations, with €227m gains in 2024 and further €425m expected in 2025.

• ACCIONA Energía added 2GW of new capacity, surpassing targets and marking the peak of its recent growth cycle.

• Nordex completed its turnaround, posting record order intake, improved margins, and robust cash position.

• Net attributable profit was €422m, down 22% year-over-year, mainly due to lower energy prices and higher financial costs.

Financial highlights

• Group revenues grew 13% to €19,190m; EBITDA increased 24% to €2,455m; operating profit €1,316m (+5.2%).

• Net profit reached €422m, with stronger H2 performance despite lower energy prices.

• Net debt/EBITDA ratio improved to 2.9x (2.2x pro forma for hydro deal), with net financial debt at €7,128m.

• ACCIONA Energía's revenues fell 14% to €3,048m, EBITDA down 13% to €1,123m, net profit down 32% to €357m.

• Dividend of €4.85/share paid in July 2024; €5.25/share proposed for 2024, up 8.3% year-over-year.

Outlook and guidance

• Targeting double-digit group EBITDA growth for 2025 and medium term, with 2025 guidance of €2.7–3.0bn.

• Investment cash flow of €3bn planned for 2025, stabilizing at €2.5–3bn in coming years.

• Net debt/EBITDA to remain below 3.5x, excluding capital gains from asset rotation.

• ACCIONA Energía expects around €1bn EBITDA from operations in 2025, with asset rotation gains targeted at €0.5–0.75bn.

• Plans to add 1GW of new capacity in 2025, focusing on profitable projects and maintaining investment grade.