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Acciona (ANA) investor relations material
Acciona Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
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.
Energy EBITDA target: What offsets lower output?
SR-400: How did financial optimization reduce equity commitments?
Nordex: What sustains the improved EBITDA margin?
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Frequently asked questions
Acciona, S.A engages in the energy and infrastructure industry. Acciona develops, operates and maintains wind, solar and biomass plants in Spain, the United States, Brazil, Morocco, South Africa and Australia. The company also works with designs and manufactures electricity turbines for the wind industry; constructs and manages toll roads, water treatment plants and waste management facilities.
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