Acciona (ANA) Q4 2025 earnings summary

Executive summary

• EBITDA reached €3.211 billion in 2025, up 31% year-over-year, surpassing guidance, with net profit attributable to shareholders rising 90% to €803 million, driven by strong Nordex, infrastructure, and asset rotation performance.

• Asset rotation transactions totaled €3.2 billion over two years, generating €900 million in capital gains and supporting deleveraging.

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

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

• Major infrastructure concessions secured in the US, Australia, and Brazil, with associated investments of €17.9 billion.

Financial highlights

• Revenues reached €20,236 million (+5.5% YoY); EBITDA €3,211 million (+30.8% YoY); attributable net profit €803 million (+90.4% YoY).

• Net investment cash flow was €1,074 million, supported by €1.1 billion in asset rotation proceeds; ordinary capex reduced to €2.25 billion.

• Net financial debt decreased to €6,989 million; NFD/EBITDA improved to 2.18x.

• Dividend per share set at €5.65 for 2025, with a temporary reduction for ACCIONA Energía to support credit metrics.

• Balanced EBITDA contributions: 48% Energy, 25% Infrastructure, 23% Nordex.

Outlook and guidance

• 2026 group EBITDA expected between €2.8–3.1 billion; ACCIONA Energía EBITDA forecast at €1.2 billion, with volatility due to asset rotation timing and weather.

• Net debt/EBITDA to remain below 3x, with investment cash flow guidance of €2.2–2.5 billion.

• Targeting 30 TWh consolidated output by 2030, growing ~1 TWh per year.

• Efficiency measures to deliver €35 million in structural cost reductions by 2027.

• Commitment to restoring stable credit outlooks and maintaining investment grade ratings.