ACEA (ACE) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with pro forma EBITDA of €1.42 billion, up 10% year-over-year, exceeding plan targets and at the upper end of guidance.

• Net profit reached €481 million, up 45% versus 2024, driven by operational excellence, asset disposals, and strategic investments.

• Board proposes a dividend of €1.20 per share (+26% vs. 2024), including a €0.25 one-off from record results and asset sales.

• Completed strategic asset rotation, consolidating focus on regulated infrastructure and divesting non-core assets.

• 96% of EBITDA and 94% of capex from regulated businesses, strengthening position as a vertically integrated operator.

Financial highlights

• Pro forma revenues grew 3% year-over-year to €3.0 billion, with regulated revenues up 7%.

• Pro forma EBITDA increased 8–10% to €1,420 million, driven by organic growth and water service quality bonuses.

• Net profit after non-controlling interests surged 45% to €481 million; recurring net profit up 15% to €376 million.

• CapEx totaled €1.53 billion in 2025, with €1.24 billion net of subsidies; 91% allocated to regulated businesses.

• Net Debt/EBITDA pro-forma improved to 3.28x from 3.34x, below guidance.

Outlook and guidance

• 2026 EBITDA expected to grow 3–5% versus 2025 restated, excluding one-offs and disposed assets.

• Net Debt/EBITDA guidance for 2026 set at 3.5–3.6 times.

• 2026 guidance assumes 6% average water tariff growth and excludes bonuses for technical/contractual quality and Acea Energia contribution.

• Investments planned at ~€1.5 billion (€1.2 billion net of grants).