This article first appeared on GuruFocus .
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EBITDA:EUR3.2 billion, a 31% year-on-year increase.
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Infrastructure Backlog:Exceeds EUR120 billion.
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ACCIONA Energia EBITDA:Over EUR1.5 billion.
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Nordex Backlog:EUR16 billion.
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Asset Rotation Transactions:EUR3.2 billion with approximately EUR900 million in capital gains.
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Net Debt:Just under EUR4.2 billion.
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Revenue:EUR2.925 billion, down 4% year-on-year.
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Total EBITDA:EUR1.546 billion, a 38% increase from the previous year.
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Profit Attributable to Shareholders:EUR655 million, up 83% year-on-year.
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Construction Margins:Between 6% and 7%.
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Water Division EBITDA Growth:50% increase.
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Bestinver Assets Under Management:EUR8 billion.
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Real Estate Unit Sales Increase:41% in 2025.
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Net Debt-to-EBITDA Ratio:Declined from 2.9 times to 2.2 times.
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Gross Investments:EUR2.25 billion.
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Divestments:EUR1.1 billion.
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Operating Cash Flow:EUR2 billion.
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Aggregate Backlog:EUR120 billion, up 124% year-on-year.
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Nordex EBITDA Contribution:EUR749 million.
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Dividend Per Share:EUR5.65.
Release Date: February 27, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Acciona SA ( ACXIF ) achieved a record EBITDA of EUR3.2 billion in 2025, representing a 31% year-on-year increase, exceeding their target range.
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The company has a strong infrastructure backlog exceeding EUR120 billion, with significant growth in future concessions, particularly in the US and Brazil.
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Acciona Energia generated over EUR1.5 billion in EBITDA, supported by a robust 22 gigawatt pipeline and a high backlog for Nordex.
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The Water division saw a 50% growth in EBITDA, driven by efficient execution of key projects like desalination plants in Chile and Morocco.
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Nordex strengthened its market position, becoming the number one player in Europe with a 48% market share and the second largest globally outside China.
Negative Points
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Output was lower than expected due to ramp-up of new capacity, lower wind resources, and asset rotation deals closing ahead of schedule.
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Fitch moved its outlook from stable to negative, reflecting delays in materializing disposal proceeds and weaker cash flow due to low output.
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The commissioning of the MacIntyre project faced technical problems, including damage to blades during transport, causing delays.
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The company had to put on hold construction of two US battery storage projects, impacting capacity additions.
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There is a need to address increases in module prices due to changing Chinese government policies, affecting project costs.
Q & A Highlights
Q: Can you please clarify the target EBITDA for 2026 excluding asset rotations as well as giving guidance post 2026? A: (Arantza Ezpeleta, CEO of Acciona Energia) For 2026, excluding asset rotation gains, we initially expected flat EBITDA, but due to recent heavy rains in Spain, we now anticipate a small single-digit decline compared to 2025. Post-2026, we expect a mid-single-digit CAGR in operating EBITDA, with a consolidated output of around 30 terawatt hours by 2030.
Q: What do you estimate to be the impact of the efficiency measures in annual EBITDA? A: (Raimundo Fernandez-Cuesta, CFSO of Acciona Energia) We have a plan to reduce structural costs by around EUR35 million annually, with more than half of this expected to be achieved during 2026.
Q: Can you comment on the Italian proposal to decouple CO2 prices from power prices? A: (Arantza Ezpeleta, CEO of Acciona Energia) Our exposure to Italy is limited. The Italian government proposed compensating thermal generation for CO2 costs, potentially lowering prices by EUR30 per megawatt hour. However, this measure, effective from January 2027, faces challenges due to EU regulations. We do not support interventions that weaken decarbonization signals.
Q: What are your expectations for asset rotations this year in terms of timing and geography? A: (Raimundo Fernandez-Cuesta, CFSO of Acciona Energia) We aim to close transactions signed at the end of 2025, including South Africa and US-Mexico deals, bringing EUR900 million in debt reduction. We plan to close another EUR1 billion in new transactions, being selective with our portfolio, which includes 2.5 gigawatts of capacity in various stages of negotiation.
Q: Why is maintaining the credit rating critical, and what are the consequences of losing it? A: (Jose Manuel Entrecanales Domecq, CEO) Maintaining the rating is important as it improves our cost of capital and liquidity. While not critical, it is a commitment to the market and beneficial for our financial strategy.
Q: What is the sensitivity of Spanish power prices in 2026 EBITDA if prices were to move minus EUR5 a megawatt hour versus your assumption? A: (Arantza Ezpeleta, CEO of Acciona Energia) Our merchant position in Spain for 2026 is around 2.5 terawatt hours. A EUR5 decrease in prices would impact EBITDA by approximately EUR20 million.
Q: When do you expect the MacIntyre project to be 100% commissioned, and have you identified the problem with the blades? A: (Arantza Ezpeleta, CEO of Acciona Energia) MacIntyre is undergoing commissioning, with damage to blades identified as related to transportation. We are working on insurance recovery and repairs, aiming for full commissioning by year-end.
Q: Considering the strong performance of Nordex, should a placement make sense, and are you comfortable with the high exposure? A: (Jose Manuel Entrecanales Domecq, CEO) We are comfortable with Nordex as an integral part of the group. It is not seen as a financial investment but as a core business component. We are committed to maintaining our stake and supporting industrial capacity within the EU.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
