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Acciona (ANA) investor relations material
Acciona Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EBITDA rose 57% to €1,557m and net profit increased over 4.5x to €526m in H1 2025, driven by asset rotation, strong energy prices, and robust operational performance.
Revenue grew 5% to €9.2bn, with all business lines posting growth and profit before tax up 251%.
Asset rotation delivered €2bn in proceeds and €443m EBITDA, with major sales in Spain and Peru.
Infrastructure backlog reached a record €58bn, with strong order intake at Nordex and major new project awards.
CapEx was reduced to €1.3bn for 2025, reflecting a prudent approach amid market volatility and project delays.
Financial highlights
H1 2025 revenues: €9,231m (+5% YoY); EBITDA: €1,557m (+57% YoY); net profit: €526m (+353% YoY).
EBITDA from operations was €1,113m, with €443m from asset rotation; profit before taxes rose 251% to €715m.
Net investment cash flow was €716m, with CapEx at €1.2bn and net debt at €7.7bn as of June 30, 2025.
80% of gross corporate debt is green or sustainability-linked, totaling €12.4bn in sustainable finance.
Operating cash flow improved to €344m, and working capital consumption reduced to €296m.
Outlook and guidance
Full-year 2025 EBITDA guidance reaffirmed at €2.7–3bn, with €2.2–2.25bn from operations and €500–750m from asset rotation.
Asset rotation proceeds expected at €1.5–1.7bn (additional to hydro sale), with €500–750m EBITDA from rotation.
Net investment cash flow guidance unchanged at €2.8bn; net debt/EBITDA targeted below 3.5x.
Capacity additions moderated to 600MW in 2025 and 2026, with a focus on financial flexibility.
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