ACCIONA posted an attributable net income of €526 million in the first half of 2025 (+353.3%), a profit 4.5 times higher than the same period last year. The company has been boosted by four main factors: the high profitability of the Infrastructure business, the evolution of electricity prices, the successful implementation of ACCIONA Energía's asset rotation plan, and the growing, solid performance of Nordex.

The group's gross operating profit (EBITDA) reached almost €1.56 billion (+57.3%), with EBITDA from operations totaling over €1.11 billion (+12%) and EBITDA from asset rotation of €443 million. Consolidated turnover for the first half of the year rose to €9.23 billion (+5.2%). 

ACCIONA's net financial debt stood at €7.71 billion (-6.3%), with a net investment of €716 million over the period. Ordinary gross capital expenditure amounted to €1.24 billion (-23.8%), of which €935 million went to ACCIONA Energía, €256 million to Infrastructure and €55 million to Nordex. 

In May, DBRS confirmed ACCIONA's credit rating at ‘BBB (low) Stable’, remaining within the investment grade range. 

The company also ratified its targets for the end of 2025: consolidated EBITDA of between €2.7 billion and €3 billion, of which €500 million to €750 million will come from asset rotation, and net debt at the end of the year of less than 3.5 times the net debt/EBITDA ratio from operations.  

ACCIONA ENERGÍA

ACCIONA Energía kept making progress on its strategic priorities with strong growth in net profit, which rose to €455 million (+603.6%). Its revenue stood at €1.47 billion (+10.2%) and its EBITDA reached €908 million (+116.9%), of which €443 million came from the contribution of the asset rotation plan implemented by the subsidiary.

During the first half of the year, the company closed the sale of 626MW of hydropower assets in Spain for €1 billion. In addition, it reached an agreement for the sale of the 136MW San Juan de Marcona wind farm in Peru for US$253 million (€218 million). Additionally, after the end of the first half of 2025, ACCIONA Energía signed a deal today with Opdenergy for the sale of a 440MW wind asset portfolio in Spain, worth €530 million.

Its total installed capacity amounted to 15,147MW, with growth of 1.2GW over the last twelve months. Total generation stood at 13,621GWh (+1.3%). During the first half of the year, the company added 448MW of new renewable energy in India (166MW), Spain (115MW), Australia (105MW), and Canada (63MW).  

As of June 30th, ACCIONA Energía had a pipeline of projects under construction in the Philippines (101MW), the Dominican Republic (83MW), and India (413MW); it also continued to work on repowering the Tahivilla wind farm (84MW) in Spain. The company plans to install 600MW of new capacity this year, after adjusting its initial target of 1GW due to the temporary suspension of two battery storage projects totaling 400MW in the US. 

The average price registered during the half-year was €63.4/MWh (+1.1%). The figure reflects increases in Spain (+25.6%) and Chile (+1.3%), as well as reductions in markets such as Australia (-23.2%) and North America (-18.7%), among others. 

INFRASTRUCTURE

The Infrastructure business achieved €4.01 billion in revenue (+8.2%) and EBITDA of €352 million (+6.3%), mainly due to the positive performance of international markets.  
Noteworthy projects include the Western Harbour Tunnel, M-80 Ring Road, and Suburban Rail Loop in Australia; the I-10 highway in Louisiana and preliminary work on the SR-400 toll road in Atlanta in the US; the Peripheral Ring Road in Lima and various transmission lines in Peru; as well as the Casablanca desalination plant in Morocco, the development of the docks at the port of Valencia, and the S19 motorway in Poland.

A significant part of these projects are concessions, a unit that has continued to grow during the first half of the year with a cumulative investment of €711 million as of June 30th. In this business division, ACCIONA already has 78 assets with a weighted remaining service life of 52 years that will generate approximately €58 billion in dividends and capital distributions.

The aggregate Infrastructure backlog rose to almost €57.85 billion (+70.7%), mainly thanks to new contracts awarded in Australia (the Central West Orana transmission network), Brazil (sanitation in Paraná) and the United Arab Emirates (a desalination plant on Saadiyat Island).

NORDEX

Nordex posted revenues of €3.31 billion (-3.7%), with EBITDA of €188 million (+59.1%). The wind turbine manufacturer secured orders in the first half of the year worth over €4.13 billion (+38.3%). The company's total order backlog amounts to €14.33 billion (+29.9%), split between projects (€8.85 billion) and services (€5.47 billion). 

OTHER ACTIVITIES

As for Other Activities, Living (Real Estate) performed particularly well, achieving positive EBITDA of €5 million after delivering 435 units and various sales of non-strategic land. ACCIONA's Gross Asset Value (GAV) in real estate as of June 30th stood at €1.88 billion.

Meanwhile, Bestinver increased its EBITDA to €26 million (+10.2%), driven by the volume of assets under management, totaling over €6.95 billion (+2.4%) as of June 30th, and the strong performance of Bestinver Securities. 

2025 RESULTS: ACCIONA

INCOME STATEMENT

BALANCE SHEET AND CAPITAL EXPENDITURE

OPERATING DATA 

2024 RESULTS: ACCIONA ENERGÍA

INCOME STATEMENT

NET DEBT AND CAPITAL EXPENDTITURE

OPERATING DATA 

Note: the average residual maturity excludes short-term hedges in the Spanish market.