Acciona Energías Renovables (ANE) H1 2026 earnings summary

Executive summary

• Delivered strong H1 2026 results with infrastructure and renewables platforms performing well despite geopolitical tensions, supporting targets of ~26 TWh output, ~€1,200m EBITDA, and net debt below €3,000m by year-end.

• Infrastructure backlog and pipeline reached record highs, with significant growth in concessions and water projects, especially in Brazil and the U.S.

• Asset rotation remains a core strategy, with two major disposals in Spain in July expected to generate €310m asset rotation EBITDA and reduce debt by nearly €500m.

• Maintained full-year guidance for EBITDA, investment cash flow, and leverage, expecting a stronger second half as asset rotation and higher power prices materialize.

• Approved major battery and solar projects in Chile, Spain, U.S., and Dominican Republic, providing visibility for 2027 capacity growth.

Financial highlights

• Consolidated revenues for H1 2026 were €1,288m, down 12.3% year-on-year, mainly due to lower prices and asset disposals in Spain.

• Group EBITDA from operations was €388m, down 16.5% year-on-year; total EBITDA (including asset rotation) dropped 57.3%.

• Net attributable profit was -€18m, compared to €455m in H1 2025; pro forma net profit including July asset sales would be €360m.

• Ordinary CapEx fell 40% year-on-year to €295m, mainly for projects in South Africa, Peru, Australia, and Spain.

• Net financial debt increased to €4,442m from €4,161m at year-end 2025; pro forma for July asset sales, net debt would be €3.9bn.

Outlook and guidance

• Reiterated full-year 2026 guidance: ~26 TWh output, ~€1,200m EBITDA, investment cash flow €0.9–2.5bn, net leverage below 3x.

• Expect stronger H2 performance, with asset rotation and higher Spanish power prices driving results and deleveraging.

• High visibility for 2027 with 1,148 MW of new capacity additions already secured.

• Medium-term growth target for Energía: 1.0–1.2 GW new capacity per year, with 0.4–0.5 GW asset rotation.