Full Year 2025 Acciona SA and Corporacion Acciona Energias Renovables SA Earnings Call Transcript
Key Points
- Acciona SA (ACXIF) achieved a record EBITDA of EUR3.2 billion in 2025, representing a 31% year-on-year increase, exceeding their target range.
- The company has a strong infrastructure backlog exceeding EUR120 billion, with significant growth in future concessions, particularly in the US and Brazil.
- Acciona Energia generated over EUR1.5 billion in EBITDA, supported by a robust 22 gigawatt pipeline and a high backlog for Nordex.
- The Water division saw a 50% growth in EBITDA, driven by efficient execution of key projects like desalination plants in Chile and Morocco.
- Nordex strengthened its market position, becoming the number one player in Europe with a 48% market share and the second largest globally outside China.
- Output was lower than expected due to ramp-up of new capacity, lower wind resources, and asset rotation deals closing ahead of schedule.
- Fitch moved its outlook from stable to negative, reflecting delays in materializing disposal proceeds and weaker cash flow due to low output.
- The commissioning of the MacIntyre project faced technical problems, including damage to blades during transport, causing delays.
- The company had to put on hold construction of two US battery storage projects, impacting capacity additions.
- There is a need to address increases in module prices due to changing Chinese government policies, affecting project costs.
Good morning, ladies and gentlemen. Welcome to the Acciona's 2025 results presentation. Let me first introduce my colleagues. On the table to my left: Arantza Ezpeleta, CEO of Acciona Energia; to her left Raimundo Fernandez Cuesta, Chief Financial Sustainability Officer at ACCIONA Energia; to my right, Jose Angel Tejero, Chief Operating Officer at Acciona ; and to his right; Jose Entrecanales, CFSO, Chief Financial and Sustainability Officer of ACCIONA.
Before reviewing the performance of each division, let me briefly frame the environment in which we're operating. It is a volatile and fragmented context with shifting trade dynamics and technological anxiety. Governments continue to prioritize energy security, climate adaptation and investment in critical infrastructure, which translate into a stronger, more investable pipeline across our core business.
Infrastructure including energy, of course, is no longer only about development, only about development. It has become a cornerstone of
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