Acciona (ANA) Q4 2025 earnings summary

Executive summary

• Achieved record EBITDA of EUR 3.211 billion in 2025, up 31% year-over-year, surpassing guidance, driven by strong Nordex, infrastructure, and asset rotation gains.

• Net profit attributable to shareholders rose 90% to EUR 803 million, with balanced EBITDA contributions: 48% from energy, 25% infrastructure, 23% Nordex.

• Maintained robust balance sheet, reducing net debt to EBITDA from 2.9x to 2.18x, well below the 3.5x target.

• Workforce grew 3.8% to over 68,000; improved health and safety metrics and expanded social impact programs.

Financial highlights

• Group revenues reached EUR 20,236 million (+5% YoY); infrastructure up 6.7%, water division up 16.5%.

• Acciona Energía revenues fell 4% to EUR 2,925 million; EBITDA rose 38% to EUR 1.546 billion, with asset rotation gains of EUR 614 million.

• Net investment cash flow was EUR 1.074 billion, supported by EUR 1.1 billion in asset rotation proceeds.

• Net financial debt decreased to EUR 6.989 billion; NFD/EBITDA improved to 2.18x.

• Dividend per share set at EUR 5.65 (+7.6%), with a temporary reduction for Acciona Energía to support credit metrics.

Outlook and guidance

• 2026 group EBITDA expected between EUR 2.8–3.1 billion; Acciona Energía 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.

• 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.

• Focus on deleveraging, selective growth, and operational efficiency in 2026.