Acciona (ANA) Q4 2024 earnings summary

Executive summary

• Achieved record EBITDA of EUR 2.5 billion in 2024, exceeding guidance, with over half from infrastructure and Nordex, and a record EUR 54 billion infrastructure backlog.

• Infrastructure EBITDA grew 38% to EUR 762 million, and Nordex completed its turnaround, contributing EUR 470 million to group EBITDA, with record order intake and improved margins.

• Attributable net profit was EUR 422 million, down 22% year-over-year, mainly due to lower energy prices and higher financial costs, with stronger performance in H2.

• Asset rotation delivered EUR 1.3 billion in proceeds at attractive valuations, with EUR 227 million gains in 2024 and 2 GW of new energy capacity added.

• Net financial debt rose to EUR 7.1 billion, with a net debt/EBITDA ratio of 2.9x, improving to 2.2x pro forma after hydro asset disposal.

Financial highlights

• Group revenues grew 13% year-over-year to over EUR 19 billion; EBITDA increased 24% to EUR 2,455 million.

• EBT fell 7% to EUR 765 million; attributable net profit declined 22% to EUR 422 million.

• Net investment cash flow reached EUR 2.4 billion, with record investments in energy and infrastructure.

• ACCIONA Energía's revenues fell 14% to just over EUR 3 billion, mainly due to lower power prices; EBITDA fell 13% to EUR 1,123 million; net profit down 32% to EUR 357 million.

• Asset rotation gains of EUR 227 million in 2024, with further EUR 425 million expected in 2025.

Outlook and guidance

• Targeting double-digit group EBITDA growth for 2025 and medium term, with 2025 guidance of EUR 2.7–3.0 billion EBITDA.

• Investment cash flow of EUR 3 billion planned for 2025, split equally between ACCIONA Energía and the rest of the group.

• Net debt to EBITDA to remain below 3.5x, excluding capital gains from asset rotation; dividend of EUR 5.25/share (+8.3%) payable in 2025.

• ACCIONA Energía expects around EUR 1 billion EBITDA from operations in 2025, with asset rotation gains targeted at EUR 750 million, capex ~EUR 1.5 billion, and net debt ~EUR 3.5 billion.

• Plans to add 1 GW of new capacity in 2025, focusing on profitable projects and maintaining investment grade.