Acciona H1 2025 slides: EBITDA surges 57% as asset rotation strategy advances

Spanish infrastructure and renewable energy group Acciona SA (BME:ANA) reported strong financial results for the first half of 2025, with EBITDA jumping 57% year-over-year to €1.56 billion and attributable net profit soaring 353% to €526 million, according to the company’s H1 2025 results presentation on July 29.

Quarterly Performance Highlights

Acciona delivered robust performance across all its business segments in the first half of 2025. Group revenues increased by 5% to €9.23 billion, while EBT (earnings before tax) grew by 251% to €715 million compared to the same period last year.

As shown in the following financial results highlights:

The company’s energy division was a standout performer, with EBITDA more than doubling (+117%) to €908 million. This represents a significant turnaround from the 30% decline in energy segment EBITDA reported in Q4 2024, demonstrating the success of the company’s strategic initiatives in this area.

Acciona’s infrastructure business continued its steady growth trajectory with a 6% increase in EBITDA to €352 million, supported by a record €58 billion backlog, which grew 7% compared to December 2024.

The following slide provides a comprehensive overview of the company’s performance across its three main business segments:

Nordex (ETR:NDXG), Acciona’s wind turbine manufacturing subsidiary, also delivered strong results with order intake increasing by 34% year-over-year to 4.5 GW and EBITDA growing by 24% to €273 million. The company highlighted strong momentum in the German market and confirmed its full-year 2025 guidance.

As illustrated in the Nordex performance metrics:

Strategic Initiatives

A key focus of Acciona’s strategy has been its asset rotation program, which aims to optimize the company’s portfolio and strengthen its balance sheet. The company has made significant progress in this area, with approximately €2 billion in proceeds from completed or agreed transactions, representing about 65% of its 2024-2025 target.

The following chart illustrates the company’s asset rotation strategy and execution:

One of the most recent transactions was the sale of a 440 MW wind portfolio in Spain to Opdenergy, an Antin Infrastructure Partners company, for €530 million. The portfolio comprises 13 fully-owned onshore wind farms across six Spanish regions, with an average commissioning date of 2010.

The details of this significant transaction are shown in the following slide:

Acciona is also implementing a strategy of investment containment and deleveraging to protect its investment grade rating. The company has reduced its 2025 investment target to approximately €1.3 billion, down from €2.2 billion in 2024, and is targeting a net debt of approximately €3.5 billion by the end of 2025.

Operational Developments

In the first half of 2025, Acciona Energía placed 1,058 MW of renewable capacity into service and installed 448 MW of new capacity. The company expects to add another 152 MW in the second half of the year, bringing the total new additions for 2025 to approximately 600 MW, below the initial target of 1 GW due to the pause of two battery energy storage system (BESS) projects in the US.

The company’s infrastructure division continues to secure long-term growth with a record backlog of €58 billion, including 25 concession contracts awarded between 2020 and 2025. The division is targeting €3 billion in equity in concessions by 2032, with a weighted outstanding life of 52 years.

The geographical distribution of Acciona’s main construction projects is illustrated in the following map:

Forward-Looking Statements

Looking ahead, Acciona is on track to achieve its full-year 2025 EBITDA target of €2.7-€3 billion. The company will maintain its focus on asset rotation, with a target of approximately €3 billion in proceeds for 2024-2025, of which about 65% has already been secured.

In the energy division, Acciona has adjusted its full-year 2025 output guidance to approximately 26 TWh, down from the previous target of 27 TWh. The company is taking a prudent approach to capital expenditure, with a focus on commissioning progress and investment discipline in the second half of the year.

For Nordex, the company confirmed its full-year 2025 guidance and stated that it is well on track to achieve its 8% EBITDA margin target. The division is well-positioned to benefit from volume growth, with a strong order intake and growing backlog.

Acciona Energía’s H1 2025 results and key performance indicators are detailed in the following slide:

Despite challenges in the US renewable energy market, including supply chain uncertainties related to tariffs and foreign entities of concern, Acciona remains committed to its international expansion strategy. By the end of 2025, 78% of the company’s new capacity is expected to be in international markets, reflecting its geographical repositioning efforts.

Overall, Acciona’s H1 2025 results demonstrate strong performance across all business segments and significant progress in its strategic initiatives, positioning the company well for continued growth and value creation in the coming years.

Full presentation:

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