Acciona (ANA) Q4 2025 earnings summary

Executive summary

• FY 2025 delivered record results, with EBITDA up 31% to EUR 3.211 billion and attributable net profit up 90% to EUR 803 million, surpassing guidance, driven by strong Nordex, Infrastructure, and asset rotation performance.

• Balanced EBITDA mix: 48% Energy, 25% Infrastructure, 23% Nordex.

• Net financial debt/EBITDA improved to 2.2x, well below the 3.5x target, supported by strong cash generation and asset disposals.

• Asset rotation transactions totaled EUR 3.2 billion over two years, generating EUR 900 million in capital gains.

• Workforce grew 3.8% to over 68,000, with improved health and safety metrics and expanded social impact programs.

Financial highlights

• Revenues reached EUR 20,236 million (+5.5% YoY); EBITDA EUR 3,211 million (+31% YoY); attributable net profit EUR 803 million (+90% YoY).

• Infrastructure revenues up 6.7%, water division revenues up 16.5%, and Energy revenues down 4.1% to EUR 2,925 million; Energy EBITDA up 38% to EUR 1.546 billion, with EUR 614 million from asset rotation.

• Net investment cash flow was EUR 1.074 billion, supported by EUR 1.1 billion in asset rotation proceeds; ordinary capex reduced to EUR 2.25 billion.

• Net financial debt at EUR 6,989 million, with NFD/EBITDA at 2.18x.

• Dividend per share set at EUR 5.65, with a temporary reduction to support credit metrics.

Outlook and guidance

• 2026 group EBITDA expected between EUR 2.8–3.1 billion; Energy division EBITDA forecast at EUR 1.2 billion, with volatility due to asset rotation timing and weather.

• Net debt to EBITDA to remain below 3x, with investment cash flow guidance of EUR 2.2–2.5 billion and Energy capex ~EUR 900 million.

• Targeting 30 TWh consolidated output by 2030, growing ~1 TWh per year.

• Efficiency measures to deliver EUR 35 million in structural cost reductions by 2027.

• Asset rotation and deleveraging to continue, with further disposals expected to close in H1 2026.