Earnings call transcript: Acciona Q2 2025 sees strong EBITDA growth

Acciona reported robust Q2 2025 financial results, with revenue increasing 5% to €9.2 billion, EBITDA surging 57% to €1.6 billion, and net attributable profit quadrupling to €526 million, while maintaining its full-year EBITDA guidance between €2.2-2.25 billion. The company advanced its renewable energy expansion by adding 450 MW of capacity and successfully executed its asset rotation strategy, securing €2 billion in disposals towards a €3 billion target by 2025-2026. Despite an increase in net debt to €7.7 billion and a cautious approach to U.S. CapEx due to regulatory uncertainties, Acciona emphasized its commitment to deleveraging, maintaining investment-grade ratings, and capitalizing on global clean energy demand through its diversified infrastructure and energy businesses.

Analysis

Acciona reported robust Q2 2025 financial results, with revenue increasing 5% to €9.2 billion and EBITDA surging 57% to €1.6 billion. Net attributable profit quadrupled year-on-year to €526 million, demonstrating strong operational leverage. The company maintained its full-year EBITDA guidance between €2.2 billion and €2.25 billion, signaling confidence in its operational trajectory despite H1 production shortfalls.

Strategic execution was highlighted by the successful asset rotation program, securing €2 billion in disposals towards a €3 billion target for 2024-2025, contributing €443 million to H1 EBITDA. Acciona added 450 MW of renewable capacity in H1, targeting 600 MW for the full year, while reducing 2025 CapEx to €1.3 billion. This reflects a cautious approach to capital allocation, particularly pausing two U.S. battery storage projects due to regulatory uncertainties and tariffs.

Beyond renewables, the infrastructure division showed strong performance with a €57.9 billion backlog and Nordex reported a 33.8% increase in order intake to 4.5 GW, improving its EBITDA margin to 5.7%. While net debt increased to €7.7 billion, management prioritizes deleveraging and maintaining investment-grade ratings. Regulatory challenges in the U.S. and market volatility remain key risks, influencing CapEx decisions and project timelines.

Key Decisions for Investors

• Monitor Acciona's deleveraging efforts and asset rotation progress, as these are critical for financial flexibility and future growth funding.
• Evaluate the impact of U.S. regulatory changes and trade policies on Acciona's future renewable energy projects, particularly the timeline for resuming paused battery storage developments.
• Assess the sustained performance of non-energy segments like Infrastructure and Nordex, which provide diversification and contribute significantly to overall group profitability and backlog stability.