Acciona Energías Renovables (ANE) H2 2025 earnings summary

Executive summary

• EBITDA reached €1,546m, with €932m from operations and €614m from asset rotation, meeting guidance despite lower output and slower commissioning; asset rotation consolidated as a core strategy with €3.2bn in transactions agreed/completed for 2024-25, supporting deleveraging.

• Net financial debt was €4,161m, with a further €900m reduction expected in 2026 from postponed transactions; debt reduction attributed to assets held for sale.

• Installed capacity reached 14.6 GW, with 532 MW added in 2025 and 1.3 GW of projects committed or under construction for 2026-27; new capacity additions moderated to 0.5 GW in 2025.

• Board proposes a temporary dividend reduction to €0.03/share (from €0.44) to protect investment grade ratings; credit ratings reaffirmed at BBB-/BBB (middle), though Fitch revised outlook to Negative due to transaction delays.

• Selective growth and operational efficiency prioritized, with asset rotation and capex moderation planned.

Financial highlights

• Revenues declined 4.1% year-over-year to €2,925m, mainly due to asset divestments and lower prices; generation revenues fell 8%.

• EBITDA rose 38% to €1,546m, driven by €614m from asset rotation; operational EBITDA declined 11% to €932m.

• Attributable net profit increased 83.4% to €655m; EBT up 53% to €735m.

• Net financial debt/EBITDA improved to 2.69x from 3.63x year-over-year.

• Gross ordinary capex was €932m, down 35% year-over-year.

Outlook and guidance

• 2026 EBITDA expected at ~€1.2bn, with net financial debt below €3bn, supported by ~€2bn asset rotation proceeds.

• Investment cash flow for 2026 projected at ~€0.9bn; new installed capacity ~0.7 GW.

• Dividend for 2025 (payable in 2026) set at €0.03/share; commitment to maintaining investment-grade ratings and further deleveraging.

• Gradual acceleration of growth expected from 2026, supported by asset rotation and selective capex.

• Operational challenges in new project commissioning expected to be resolved progressively in 2026.