Acciona (ANA) Q1 2026 earnings summary

Executive summary

• Q1 2026 performance aligned with annual outlook, supported by higher international energy prices and increased output from new assets, despite low Spanish market prices in February.

• Asset rotation advanced as planned; Nordex showed strong volume and profitability; new water contract signed in Brazil post-quarter.

• No significant operational disruptions from Middle East conflict; geopolitical environment reinforces renewable energy strategy.

• 2026 targets reaffirmed: EBITDA €2,800–3,100M, investment cash flow €2,200–2,500M, net debt/EBITDA below 3x.

Financial highlights

• Nordex Q1 revenues up 10.6% YoY to €1,588M; EBITDA margin rose to 8.2% (+270 bps YoY); net cash €1,518M.

• ACCIONA Energía Q1 consolidated output up 3.1% YoY; average price €54.6/MWh, down 24.1% YoY.

• Infrastructure aggregate backlog at €120,867M (+1.1% vs Dec 2025); global backlog €28,499M (-2.8%).

• Net ordinary capex ~€300M in Q1; liquidity at €9,700M as of March 2026.

Outlook and guidance

• 2026 EBITDA target: €2,800–3,100M (of which ~€1,200M from Energía); investment cash flow €2,200–2,500M.

• Net debt/EBITDA to remain below 3x by year-end.

• Energía expects ~26 TWh production and maintains net debt target below €3,000M.

• Nordex guidance: revenues €8,200–9,000M, EBITDA margin 8–11%, capex ~€200M.