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Acciona
Acciona (ANA) investor relations material
Acciona Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
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.
What specific actions will restore ACCIONA Energía's Fitch Stable outlook?
Detail the US Managed Lanes pipeline opportunities
What was the rationale for Silence and Solideo impairments?
MacIntyre: timeline for full commissioning?
Nordex: strategic rationale for integral group role?
Concessions: how to capture EUR 300B pipeline?
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Next Acciona earnings date
Q1 20267 May, 2026
Acciona
Next Acciona earnings date
Q1 20267 May, 2026
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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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