Acciona Energías Renovables (ANE) Q1 2026 earnings summary

Executive summary

• Q1 2026 performance aligned with full-year objectives despite low Spanish prices in February, offset by stronger international prices, especially in Chile.

• High European gas prices due to the Iran war support Spanish pool prices, mitigating extreme hydrological impacts.

• Production increased year-over-year, driven by international growth and new assets, offsetting asset rotation impacts.

• Construction and development accelerated, with key projects like MacIntyre and Logrosán progressing.

• Asset rotation program on track, with over 1.5 GW in transactions launched and advanced disposals targeted before summer.

Financial highlights

• Average captured price for Q1 2026 was €54.6/MWh, down 24.1% year-over-year, mainly due to lower Spanish prices.

• Consolidated production reached 6,797 GWh, up 3.1% year-over-year, driven by international growth (+12.6%).

• Total installed capacity at 14,795 MW (13,073 MW consolidated), with 191 MW added in Q1 2026.

• Ordinary net investment in Q1 was ~€170 million, focused on project completions and new developments.

• Available liquidity at €2,800 million; average financing cost at 4.24%.

Outlook and guidance

• EBITDA target for 2026 maintained at ~€1,200 million; net debt expected below €3,000 million.

• Full-year production expected at ~26 TWh; total investment before asset rotation to reach €900 million.

• Domestic contracted/regulatory coverage targeted at 80% for 2026.