Full Year 2025 Acciona SA and Corporacion Acciona Energias Renovables SA Earnings Call Transcript
Key Points
- Corporacion Acciona Energias Renovables SA (CRPAY) achieved a record EBITDA of EUR3.2 billion in 2025, representing a 31% year-on-year increase.
- The company has a strong infrastructure backlog exceeding EUR120 billion, with significant growth in future concessions.
- Nordex, a key division, reached an all-time high backlog of EUR16 billion, positioning the group well for future demand.
- The company successfully executed asset rotation transactions totaling EUR3.2 billion, generating approximately EUR900 million in capital gains.
- Corporacion Acciona Energias Renovables SA (CRPAY) maintained its investment-grade credit ratings, despite some challenges, reflecting financial stability.
- Output was lower than expected due to ramp-up of new capacity and lower wind resources, impacting EBITDA from operations.
- The company faced technical problems in some assets, such as MacIntyre, which affected commissioning timelines.
- Fitch moved its outlook from stable to negative, reflecting delays in disposal proceeds and weaker cash flow.
- The company had to put on hold construction of two US battery storage projects, impacting capacity additions.
- There were challenges in regulatory environments, particularly in Southeast Asia, affecting project progress.
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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