Acciona Energías Renovables (ANE) H2 2025 earnings summary

Executive summary

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

• Asset rotation program exceeded €3bn target for 2024-25, with €3.2bn in transactions agreed/completed and ~€0.9bn in capital gains, supporting deleveraging and future growth.

• Net financial debt remained stable at €4.2bn, with significant reduction in debt attributed to assets held for sale.

• Installed capacity reached 14.6 GW, with 532 MW added in 2025; 1.3 GW of projects committed or under construction for 2026-27.

• Board proposes a temporary dividend reduction to €0.03/share (from €0.44) to protect investment grade ratings.

Financial highlights

• Revenues declined 4% year-over-year to €2,925m; generation revenues fell 8%.

• EBITDA rose 38% to €1,546m, driven by asset rotation gains; EBITDA from operations declined 11%.

• Attributable net profit increased 83% to €655m; EBT up 53% to €735m.

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

• Average captured price was €61.9/MWh (-10% YoY); Spain stable at €76.7/MWh, international at €54.1/MWh (-12%).

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.

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

• Focus on deleveraging, selective growth, and operational efficiency; additional asset rotation and capex moderation planned.