Acciona Energías Renovables (ANE) Q1 2025 TU earnings summary

Executive summary

• Operating performance in Q1 2025 aligned with annual targets, with asset rotation and financial leverage control progressing as planned.

• Higher captured prices in Q1 2025, especially in Spain, due to wholesale price recovery and regulatory factors; international prices rose moderately.

• Annual consolidated production target of ~27 TWh remains achievable, though Q1 growth was modest due to hydro asset disposals.

• Temporary pause of two Texas battery storage projects (400 MW/800 MWh) due to US tariff policy uncertainty; minimal cost impact expected.

• Spanish nationwide power outage in April had no material financial impact; operations restored to 90% capacity within 24 hours.

Financial highlights

• Asset rotation plan on track; sale of 626 MW hydro assets to Endesa completed, contributing €450 million to 2025 EBITDA from Asset Rotation.

• Targeted proceeds from asset rotation for 2025 are €1.5-1.7 billion, with EBITDA from Asset Rotation of €500-750 million.

• Ordinary net investment in Q1 2025 was ~€650 million, focused on projects in Canada, Australia, Spain, and the USA.

• Available liquidity at €2,900 million; average cost of financing in Q1 was 4.63%.

• DBRS credit rating maintained at 'BBB (middle) Stable' as of May 2025.

Outlook and guidance

• 2025 EBITDA from Operations target remains at ~€1bn; EBITDA from Asset Rotation target at €500-750 million.

• Investment target before asset rotation reduced to ~€1.3 billion, reflecting a prudent approach amid global uncertainty.

• Capacity to be installed by year-end revised to ~0.6 GW due to paused US battery projects.

• Committed investment for 2026 remains moderate, with a focus on financial flexibility.