- Record EBITDA - Achieved EUR 3.2 billion in 2025, a 31% YoY increase, surpassing the EUR 2.7-3 billion target.
- Infrastructure backlog - Exceeds EUR 120 billion, driven by strong concessions growth and a record project pipeline.
- Nordex backlog - Reaches EUR 16 billion, with wind turbine orders hitting 215 GW, the second-highest ever.
- Water EBITDA surge - Grew 50% to EUR 1.5 billion, bolstered by efficient project execution and a 35-year Brazil concession.
- Asset rotation proceeds - Generated EUR 3.2 billion in transactions, including EUR 900 million in capital gains, supporting debt reduction.
Financial Performance
The company's financial performance was robust, with a net debt-to-EBITDA ratio of 2.2x, ahead of the target of remaining below 3.5x. The company generated EUR 2 billion in operating cash flow and EUR 1.1 billion in proceeds from asset rotation in ACCIONA Energia. Gross investments stood at EUR 2.25 billion, mainly in ACCIONA Energia and Infrastructure divisions, while divestments reached EUR 1.1 billion, driven by the sale of hydro assets and wind assets in Peru, Spain, and Costa Rica.
Valuation Metrics
ACCIONA's current valuation metrics indicate a P/E Ratio of 15.41, P/B Ratio of 2.82, and EV/EBITDA of 9.07. The company's ROE stands at 17.78%, while the Net Debt / EBITDA ratio is 3.68. These metrics suggest that the company is trading at a reasonable valuation, considering its strong financial performance and growth prospects.
Infrastructure Division Performance
The Infrastructure division had a good year, with revenues increasing by 6.7% and a historically high backlog of EUR 30 billion. The Construction business maintained profitability, with EBITDA margins around 7%. The Concessions business had a significant year, with sales growing by 103% and EBITDA reaching EUR 160 million.
Energy Segment Outlook
ACCIONA Energia's EBITDA is expected to be around EUR 1.2 billion in 2026, with a possible small decrease due to exceptional rain and hydrological reserves in Spain. The company targets a consolidated output of around 30 terawatt hours by 2030, with a CAGR of mid-single digits in operating EBITDA.
Growth Strategy
The company's growth strategy is focused on priority segments, including managed lanes, urban rail and metro systems, transmission lines, and water concessions, with a geographic focus on the U.S., Australia, Brazil, and Peru. The company has identified a pipeline of approximately 130 greenfield opportunities, representing around EUR 300 billion of associated investment.