Acciona Energías Renovables (ANE) H2 2025 earnings summary

Executive summary

• EBITDA reached €1,546m, with €932m from operations and €614m from asset rotation, meeting guidance despite lower output and slower commissioning of new assets.

• Asset rotation consolidated as a core strategy, achieving €3.2bn in transactions agreed/completed for 2024-25, exceeding the €3bn target and advancing deleveraging.

• Net financial debt stable at €4,161m, with a further €900m reduction expected in 2026 from postponed transactions.

• Installed capacity reached 14.6 GW, with 532 MW added in 2025; 1.3 GW committed for 2026-27, though short-term growth moderated.

• Fitch revised outlook to Negative due to transaction delays, but credit ratings reaffirmed at BBB-/BBB (middle).

Financial highlights

• Revenues declined 4.1% year-over-year to €2,925m, mainly due to asset divestments and lower prices.

• EBITDA rose 38% year-over-year to €1,546m, driven by €614m from asset rotation; operational EBITDA fell 11%.

• Attributable net profit increased 83.4% to €655m; EBT up 53% to €735m.

• Average captured price was €61.9/MWh, down 10% year-over-year; Spain stable at €76.7/MWh, international down 12% to €54.1/MWh.

• Net financial debt/EBITDA improved to 2.69x from 3.63x year-over-year.

Outlook and guidance

• 2026 EBITDA expected at ~€1.2bn, with net financial debt below €3bn, supported by ~€2bn asset rotation proceeds.

• Investment cash flow for 2026 projected at ~€0.9bn; new installed capacity ~0.7 GW.

• Average captured price forecast at ~€55/MWh; consolidated output ~26 TWh.

• Dividend for 2025 (payable in 2026) set at €0.03/share; €0.44/share approved for 2024.

• Gradual acceleration of growth expected from 2026, with operational challenges in new project commissioning expected to be resolved.