Acciona Energías Renovables (ANE) Q3 2025 TU earnings summary

Executive summary

• Operational and financial performance for the first nine months of 2025 supports reaffirmation of full-year EBITDA target of €1,500–1,750 million, despite output below expectations due to slower commissioning and lower resource in some markets.

• Asset rotation transactions in Spain, Peru, and Costa Rica are expected to close by year-end, with proceeds of ~€800 million agreed and additional disposals worth ~€1,000 million in progress.

• New investments in battery storage and Southeast Asia reinforce commitment to profitable, sustainable growth; sector outlook remains positive with rising PPA prices and strong demand from AI and data centers.

Financial highlights

• Total installed capacity reached 15,159 MW (13,437 MW consolidated), up 5.8% year-over-year; 462 MW of new capacity added in 9M 2025.

• Consolidated production rose 1.5% to 17,855 GWh, with international output up 25.1% offsetting a 25.2% decline in Spain.

• Average achieved price was €62.3/MWh, down 5.6% year-over-year, mainly due to lower international prices.

• Asset disposals totaling ~€800 million announced, including €450 million from the sale of 626 MW hydro assets in Spain.

• Available liquidity stands at €2,357 million; average cost of financing is 4.52%.

Outlook and guidance

• Full-year EBITDA target reaffirmed at €1,500–1,750 million; EBITDA from Operations revised down by ~5% to reflect lower production (now ~25 TWh vs. ~26 TWh prior estimate).

• EBITDA from Asset Rotation (€500–750 million) expected to be met by year-end; net debt at year-end projected at ~€4.2 billion due to timing of disposal proceeds.

• Investment before asset rotation for 2025 expected at €1,400–1,450 million, including new projects and consolidation of TBC.