Acciona Energías Renovables (ANE) Q4 2024 earnings summary

Executive summary

• Achieved €1,050m EBITDA from operations, exceeding €1bn target despite lower output; total EBITDA reached €1,123m.

• Installed capacity reached 15.4 GW, with a record 2 GW added in 2024; disposed of 175 MW.

• Asset rotation strategy delivered €1.3bn in disposals, with €227m gains in 2024 and ~€425m locked for 2025.

• Net debt at year-end was €4.1bn (3.63x Net Debt/EBITDA); pro-forma for Endesa hydro deal: €3.5bn.

• Net profit was €357m, down 32% year-over-year, with revenues of €3,048m, down 14%.

Financial highlights

• FY 2024 revenues declined 14% to €3,048m; EBITDA down 13% to €1,123m; net profit down 32% to €357m.

• Consolidated output grew 11% to 23,821 GWh; total production up 7% to 26,708 GWh.

• Average achieved price was €68.7/MWh, down 20% year-over-year; EBITDA margin at 63.4% (-6.7pp).

• Net investment cash flow was €1,224m; net financial debt rose to €4,076m.

• Gross ordinary capex was €1,434m, a 35% decrease from 2023; project capex cost deviation was minimal at 0.36%.

Outlook and guidance

• 2025 EBITDA from operations expected at ~€1,000m (flat like-for-like, excluding disposals); asset rotation EBITDA €0.5–0.75bn.

• Capex guidance for 2025 is ~€1.5bn; net financial debt targeted at ~€3.5bn.

• Output expected to reach ~27 TWh in 2025, with ~1 GW new capacity installed.

• Average captured price guidance: €55–60/MWh; Spain €65–70/MWh, international €50–55/MWh.

• Board proposes €0.44/share dividend for 2025, down 8.3% year-over-year, reflecting deleveraging focus.