Acciona (ANA) Q2 2026 earnings summary

Executive summary

• H1 2026 performance aligned with full-year targets, with record infrastructure backlog and pipeline, strong international energy prices, and asset rotation deals concentrated in H2.

• Infrastructure segment delivered strong execution, high earnings visibility, and expansion in Brazil's water business, contributing to a record €136bn concessional asset backlog.

• Nordex achieved record backlog, double-digit EBITDA growth, and secured a €2.5bn guarantee facility, reinforcing its growth profile.

• Renewables platform advanced with significant progress in battery storage, repowering, and new project approvals in Chile, Spain, the U.S., and the Dominican Republic.

• Group reiterates 2026 guidance: EBITDA €2.8–3.1bn, investment €2.2–2.5bn, and Net Debt/EBITDA below 3x.

Financial highlights

• H1 2026 revenues rose 10% year-on-year to €10,142m; EBITDA was €1,153m, down 26% due to lower asset rotation gains, while EBITDA from operations grew 4%.

• Attributable net profit was €83m, down 84% year-on-year; pro forma including July asset sales, net profit would be €360m.

• Ordinary capex fell 40% year-on-year to €743m, mainly due to lower investment in Energía; net investment cashflow €726m.

• Net financial debt stood at €8.2bn; pro forma for July asset sales, €7.7bn.

• Dividend of €5.75/share approved, totaling €310m, payable July 2026.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: EBITDA €2.8–3.1bn, investment €2.2–2.5bn, Net Debt/EBITDA below 3x.

• Asset rotation proceeds expected to support debt reduction and maintain leverage targets.

• Renewables capacity additions to reach close to 700 MW by year-end, with 1.75 GW FID visibility for 2027.

• Nordex outlook: €8.2–9.0bn revenues, 8–11% EBITDA margin.

• Second half expected to be stronger, with higher Spanish power prices and asset rotation gains.