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

Acciona SA reported strong H1 2025 financial results, with EBITDA jumping 57% to €1.56 billion and attributable net profit soaring 353% to €526 million, primarily driven by a significant 117% EBITDA increase in its energy division. The company is actively executing an asset rotation program, having secured €2 billion in proceeds, and is focused on investment containment and deleveraging to protect its investment grade rating, targeting a €3.5 billion net debt by year-end. Acciona remains on track for its full-year 2025 EBITDA target of €2.7-€3 billion, despite a slight adjustment in energy output guidance, as it continues its international expansion strategy.

Analysis

Acciona SA (BME:ANA) reported a robust financial performance for H1 2025, with attributable net profit soaring 353% year-over-year to €526 million and group EBITDA increasing 57% to €1.56 billion. The primary driver of this growth was the Energy division, which saw its EBITDA more than double by 117% to €908 million, marking a significant turnaround from the 30% decline reported in Q4 2024. The Infrastructure business contributed steady growth with a 6% EBITDA increase, supported by a record €58 billion backlog that enhances long-term revenue visibility. Concurrently, the company is executing a disciplined capital strategy focused on deleveraging and asset rotation, having already secured €2 billion, or 65% of its 2024-2025 target. This strategy, which includes reducing the 2025 investment target to €1.3 billion, is aimed at protecting its investment-grade rating and lowering net debt to approximately €3.5 billion. Despite this strong performance and confirmation of its €2.7-€3 billion full-year EBITDA guidance, the company has adopted a cautious operational stance, lowering its 2025 renewable capacity additions target to 600 MW from 1 GW due to paused projects in the US and trimming its energy output guidance to 26 TWh from 27 TWh.

Key Decisions for Investors

• The significant outperformance in the Energy division and the confirmation of full-year group EBITDA guidance provide a strong basis for a constructive view, especially as the company's deleveraging and asset rotation strategy is successfully de-risking the balance sheet.
• Investors should monitor for any further impacts from US market challenges, such as tariffs and supply chain issues, which have already prompted a reduction in the 2025 renewable capacity installation target.
• The record €58 billion infrastructure backlog and the 34% year-over-year increase in order intake at the Nordex subsidiary offer significant long-term revenue visibility, which may cushion against potential short-term volatility in the energy generation segment.
• Given the substantial 353% increase in net profit and ongoing value realization from asset sales, it is prudent to reassess valuation models to account for the company's improving financial health and earnings power.