This article first appeared on GuruFocus .
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EBITDA:Record EBITDA of EUR3.2 billion, a 31% year-on-year increase.
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ACCIONA Energia EBITDA:Over EUR1.5 billion.
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Asset Rotation Transactions:Totaling EUR3.2 billion with approximately EUR900 million in capital gains.
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Net Income:Profit attributable to shareholders reached EUR655 million, up 83% year-on-year.
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Revenue:Down 4% to EUR2.925 billion.
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Net Debt:Stood at just under EUR4.2 billion.
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Consolidated Capacity:Fell by 5% from 13.6 gigawatts to 12.9 gigawatts.
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International Generation Revenues:Increased by 10% to EUR862 million.
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Construction Backlog:Reached EUR18.1 billion.
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Water Division EBITDA:Grew by 50% year-on-year.
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Nordex EBITDA Contribution:EUR749 million.
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Real Estate EBITDA:Record EUR84 million.
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Bestinver Assets Under Management:EUR7.7 billion.
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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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Corporacion Acciona Energias Renovables SA ( CRPAY ) achieved a record EBITDA of EUR3.2 billion in 2025, representing a 31% year-on-year increase.
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The company has a strong infrastructure backlog exceeding EUR120 billion, with significant growth in future concessions.
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Nordex, a key division, reached an all-time high backlog of EUR16 billion, positioning the group well for future demand.
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The company successfully executed asset rotation transactions totaling EUR3.2 billion, generating approximately EUR900 million in capital gains.
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Corporacion Acciona Energias Renovables SA ( CRPAY ) maintained its investment-grade credit ratings, despite some challenges, reflecting financial stability.
Negative Points
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Output was lower than expected due to ramp-up of new capacity and lower wind resources, impacting EBITDA from operations.
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The company faced technical problems in some assets, such as MacIntyre, which affected commissioning timelines.
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Fitch moved its outlook from stable to negative, reflecting delays in disposal proceeds and weaker cash flow.
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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 were challenges in regulatory environments, particularly in Southeast Asia, affecting project progress.
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) For 2026, excluding asset rotation gains, we expect a small single-digit decline in operating EBITDA due to recent heavy rains in Spain affecting prices. Post-2026, we anticipate a mid-single-digit CAGR in operating EBITDA, with a target of 30 terawatt hours by 2030.
Q: What do you estimate to be the impact of the efficiency measures in annual EBITDA? A: (Raimundo Fernandez, CFSO) We are targeting around EUR35 million in structural cost reductions by 2027, with more than half expected to be achieved in 2026.
Q: Can you comment on the Italian proposal to decouple CO2 prices from power prices? A: (Arantza Ezpeleta, CEO) Our exposure to Italy is limited. The Italian government's proposal could lower prices by EUR30 per megawatt hour, but it faces challenges in gaining EU approval. 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, CFSO) We aim to close transactions signed at the end of 2025, including South Africa and US PV minority deals, totaling EUR900 million. We plan to close another EUR1 billion in new transactions, being selective with a portfolio of 2.5 gigawatts in negotiation.
Q: Why is maintaining the credit rating critical, and what are the consequences of losing it? A: (Jose Manuel Entrecanales, CEO) Maintaining the rating is important for reducing our cost of capital and improving liquidity. It's a commitment to the market, but not critical. We believe it's the best option for now.
Q: Within the 26 terawatt hour production target for 2026, how many correspond to assets planned to be sold? A: (Arantza Ezpeleta, CEO) The 26 terawatt hours are net of reductions from asset rotations and include contributions from new assets. The final figure will depend on the timing of disposals.
Q: What is the sensitivity of Spanish power prices in 2026 EBITDA if prices were to move minus EUR5 a megawatt hour? A: (Arantza Ezpeleta, CEO) 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 MacIntyre to be 100% commissioned, and have you identified the problem with the blades? A: (Arantza Ezpeleta, CEO) MacIntyre is undergoing commissioning, with damage to blades likely caused during transport. We aim for full commissioning by year-end, working on insurance recovery and repairs.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
