ACCIONA Surges 353% in H1 2025 Profit on Energy and Infrastructure Boom

Company posts €526 million net profit, driven by strong performance across key business units.

ACCIONA has announced a staggering first-half net profit of €526 million for 2025, a remarkable 353.3% increase compared to the same period last year. This significant financial growth is propelled by a confluence of factors, including robust infrastructure project profitability, favorable electricity price trends, a successful asset rotation strategy in its energy division, and the consistent performance of Nordex.

Operational Excellence Drives Profitability

The group’s gross operating result, or EBITDA, soared by 57.3% to €1,557 million. This figure is composed of €1,113 million from ongoing operations and €443 million generated through asset rotation initiatives. Consolidated business revenue for the semester climbed 5.2% to €9,231 million, showcasing broad-based growth across ACCIONA’s diverse portfolio.

Financial Health and Strategic Investments

ACCIONA’s net financial debt saw a decrease of 6.3%, settling at €7,714 million. The company managed a net investor inflow of €716 million during the period. Ordinary gross investment for the first half was €1,242 million, a 23.8% reduction, with €935 million allocated to energy, €256 million to infrastructure, and €55 million to Nordex.

In a testament to its stable financial standing, DBRS reaffirmed ACCIONA’s credit rating at ‘BBB (Low) stable’ in May, keeping it within the investment-grade bracket. The company is on track to meet its full-year 2025 targets, projecting consolidated EBITDA between €2,700 million and €3,000 million, with asset rotation contributing €500 million to €750 million. Net indebtedness is expected to remain below 3.5 times the net debt to EBITDA ratio for operations.

Energy Division Powers Ahead with Strategic Disposals

ACCIONA Energía demonstrated exceptional growth, with its net result leaping 603.6% to €455 million. Revenue increased by 10.2% to €1,469 million, and EBITDA surged by 116.9% to €908 million, bolstered by €443 million from its asset rotation program.

During the first half, the company finalized the sale of its Spanish hydraulic assets (626MW) for €1 billion. An agreement was also reached for the sale of the San Juan de Marcona wind farm (136MW) in Peru for US$253 million (€218 million). More recently, ACCIONA Energía signed a deal with Opdenergy for a €530 million portfolio of Spanish wind assets totaling 440MW.

ACCIONA’s total installed capacity reached 15,147MW, marking a 1.2GW increase over the past twelve months. Total production stood at 13,621GWh, a modest 1.3% rise. The company integrated 448MW of new renewable capacity in India, Spain, Australia, and Canada during the semester. Projects under construction include facilities in the Philippines, Dominican Republic, and India, alongside the repowering of the Tahivilla Wind Park in Spain.

The company adjusted its 2025 new capacity installation target to 600MW, down from an initial 1GW, due to the temporary halt of two storage projects in the US. The average electricity price captured during the semester was €63.4/MWh, reflecting varied market performances with notable increases in Spain and Chile, contrasted by decreases in Australia and North America.

Infrastructure Projects Drive International Growth

The infrastructure division achieved €4,098 million in billings, an 8.2% increase, with EBITDA growing by 6.3% to €352 million, largely attributed to positive momentum in international markets. Key projects include the Western Harbor Tunnel and M-80 Ring Road in Australia, the I-10 Highway in Louisiana and SR-400 in Atlanta in the US, and the Lima ring road in Peru.

Concessions, a significant growth area for ACCIONA, saw accumulated investment of €711 million by June 30. The company currently manages 78 concession assets with an average remaining life of 52 years, projected to generate approximately €58 billion in dividends and capital distributions. The total infrastructure portfolio expanded by 70.7% to €57,846 million, driven by new awards in Australia, Brazil, and the United Arab Emirates.

Nordex and Other Ventures Show Mixed Results

Nordex, the wind turbine manufacturer, reported a business figure of €3,309 million, a slight 3.7% decrease, but saw its EBITDA jump 59.1% to €188 million. Its order book expanded by 38.3% to €4,134 million, contributing to a total accumulated portfolio of €14,326 million.

Within its other ventures, the real estate division, “good Living,” posted a positive EBITDA of €5 million after delivering 435 units and selling non-strategic land. The gross value of ACCIONA’s real estate assets stood at €1,879 million. Separately, Bestinver increased its EBITDA by 10.2% to €26 million, supported by a growing assets under management volume of €6,951 million.