Acciona Energías Renovables (ANE) H1 2025 earnings summary

Executive summary

• H1 2025 delivered strong revenue and EBITDA growth, with revenue up 10.2% to €1,469M and EBITDA up 117% to €908M, driven by robust operations and asset rotation.

• Asset rotation strategy advanced, securing €2bn in proceeds since 2024, with major disposals in Spain (626 MW hydro for €1B, 440 MW wind for €530M) and Peru (136 MW wind for $253M), and further transactions in negotiation.

• Installed 448 MW in H1 2025, progressing toward a 0.6 GW year-end target; total capacity reached 15.1 GW.

• Strategic focus on asset rotation, deleveraging, prudent investment, and maintaining balance sheet strength.

• Regulatory uncertainty in the US led to a pause in 400 MW of storage projects, but a 1.4 GW pipeline remains active.

Financial highlights

• Net attributable profit surged to €455M, up 604% year-over-year, driven by asset rotation gains; profit before taxes was €750M, up 251%.

• Net investment cash flow was €337M, with CapEx at €1.3bn; net financial debt rose to €4,237M as of June 2025.

• EBITDA from operations reached €464M, with asset rotation contributing €443M to total EBITDA.

• Nordex contributed €273M to group EBITDA, with a 59% increase in its own EBITDA and a 5.7% margin.

• Installed capacity reached 15,147 MW (+1.2 GW YoY); consolidated production grew 0.8% to 12,041 GWh.

Outlook and guidance

• Full-year EBITDA guidance reaffirmed at €1,500–1,750M, with ~€1,000M from operations and €500–750M from asset rotation.

• Asset rotation proceeds expected at €1.5–1.7bn (additional to hydro sale), with €500–750M EBITDA from asset rotation.

• Net investment cash flow guidance unchanged at €1.3bn; net financial debt targeted at ~€3.5bn by year-end.

• Capacity additions moderated to 0.6 GW in 2025, reflecting a more selective approach.

• Output guidance revised to ~26 TWh for 2025, reflecting asset disposals and lower resource availability.