Acciona Energías Renovables (ANE) Q3 2026 earnings summary

Executive summary

• Q3 operating performance remained consistent with the full-year EBITDA target of €1.2bn, supported by stronger captured prices and gains from completed asset disposals.

• Asset rotation proceeds are expected to fall short of the ~€2bn annual target due to transaction delays, particularly the MIP deal; full-year new capacity target remains ~0.7 GW.

Financial highlights

• 9M total production rose 2.6% YoY to 20.7 TWh; consolidated production increased 3.9% to 18.6 TWh.

• 9M average achieved price fell 8.1% YoY to €57.3/MWh, while improving from €54.8/MWh at H1; Spain was €64.1/MWh and International €54.4/MWh.

• The 2025 Spain price comparison included a positive non-recurring regulatory adjustment and a more favourable capture rate.

Outlook and guidance

• FY26 EBITDA target reiterated at ~€1.2bn; consolidated production is expected at ~25.5 TWh and average achieved price within €55–60/MWh.

• Year-end 2026 net debt is forecast at €3.25–3.50bn; ordinary net investment at €0.70–0.75bn, below the initial ~€0.9bn forecast.

• FY26 new installed capacity target remains ~0.7 GW; 463 MW had been added year to date.

• Year-end capacity under construction is expected to exceed 1 GW, up from 545 MW at Q3-end.