ACCIONA closed 2025 with a net profit of €803 million, marking a 90.4% increase compared to the previous year. The strong performance was supported by solid results across all business areas, driven by the profitability of the Infrastructure division, the successful execution of ACCIONA Energía’s asset rotation plan, and robust performance from Nordex. The group’s gross operating profit (EBITDA) reached €3.21 billion, up 30.8%, exceeding the market guidance of €2.7–3.0 billion.
Consolidated turnover amounted to €20.24 billion, a 5.5% increase, while net financial debt decreased 2% to €6.99 billion, reducing the net debt-to-EBITDA ratio to 2.2x. Ordinary gross investment for the year was €2.25 billion, down 19%, with €1.44 billion allocated to ACCIONA Energía, €624 million to Infrastructure, €153 million to Nordex, and €39 million to Other Activities. Credit rating agencies DBRS and Fitch confirmed ACCIONA’s investment-grade rating during the year. Based on these results, the Board of Directors proposed a dividend distribution of €310 million, equivalent to €5.6 per share.
ACCIONA Energía, the company’s renewable energy subsidiary, reported turnover of €2.93 billion, a 4.1% decrease, while EBITDA grew 37.7% to €1.55 billion, meeting market expectations. Net profit increased to €655 million, up 83.5%, reflecting the successful execution of strategic priorities, including asset rotation as a structural element of the business model and disciplined financial management following a significant investment cycle.
The asset rotation program initiated in 2024 generated transactions totaling approximately €3.2 billion. In 2025, completed transactions amounted to €1.07 billion, with two additional divestments agreed for around €900 million, expected to close in the first half of 2026. During the year, ACCIONA Energía added 532 MW of new capacity from projects in India (167 MW), Spain (135 MW), Australia (105 MW), Canada (63 MW), and the Dominican Republic (63 MW). Total installed capacity reached 14,604 MW, down 4.9% due to portfolio turnover, while total production grew 3.5% to 27,648 GWh.
The average price captured was €61.9/MWh. Ordinary net investment reached €1.44 billion, including €932 million for ongoing project development and operational reorganization in Southeast Asia, notably through the integration of The Blue Circle.
The Infrastructure division reported turnover of €8.69 billion, up 6.7%, driven by major concession and sanitation projects, including the SR-400 Express Lane in Atlanta, the Central West Orana transmission network in Australia, and multiple water projects in Brazil. Notable water initiatives included desalination plants in Alkimos (Australia), Casablanca (Morocco), Collahuasi (Chile), and Ras Laffan 2 (Qatar). By region, Australia and Southeast Asia contributed 38% of revenue, followed by Spain (20%), Latin America (18%), Europe, the Middle East, and Africa (16%), and North America (8%).
Business units reported turnover as follows: Construction €6.95 billion (+4.0%), Water €1.39 billion (+16.5%), Concessions €175 million (+102.7%), and Urban Services & Environment €222 million (+5.6%). EBITDA for the division reached €801 million (+5.1%), with Construction at €478 million (+1.3%), Concessions €160 million (-6.3%), Water €140 million (+49.7%), and Urban Services & Environment €24 million (-11.3%), achieving an overall EBITDA margin of 9.2%.
The total backlog, including equity-method projects, reached a record €120.59 billion (+124%), with 81% of the construction portfolio protected by price escalation clauses. The Concessions business continued expanding, holding 78 assets with cumulative investments of €879 million and additional commitments of €1.87 billion to 2035, expected to generate estimated dividends of around €60 billion with a weighted average life of 50 years.
Nordex contributed €749 million (+59.4%) to group EBITDA, solidifying its position as a major contributor to the group’s results. The wind turbine manufacturer reported turnover of €7.55 billion (+3.5%) and a contribution margin of 9.9% (+350 basis points). Its total backlog, including projects and services, reached €16.09 billion (+25.9%), with project backlog at €10.12 billion (+29.7%) and services backlog at €5.97 billion (+20.1%).
During 2025, Nordex received turbine orders totaling 10.2 GW (+22.5%) across 23 countries, valued at €9.32 billion (+24.9%), with an average sales price of €0.91 million/MW (+2.0%). The company installed 1,313 wind turbines (+7.0%) across 26 countries, bringing total capacity to 7,663 MW (+15.4%).
Within Other Activities, the Real Estate business delivered EBITDA of €84 million, double that of 2024, supported by the delivery of 1,244 homes, the sale of an office building in Madrid, non-strategic land sales, and improved cost efficiency. Gross asset value for Real Estate amounted to €1.59 billion (-8.4%). Bestinver also showed strong performance, increasing assets under management to €7.66 billion (+12.8%), generating EBITDA of €55 million (+8%).
ACCIONA also advanced its environmental, social, and governance (ESG) commitments during 2025. CAPEX aligned with the European taxonomy for sustainable activities reached 98.2%, surpassing the 90% target in the company’s Sustainability Master Plan (PDS 2025). Group-wide CO₂ emissions avoided totaled 15.7 million tonnes (+9.4%).
Women held 22.9% of managerial and executive positions. In financing, sustainable instruments continued to expand, accounting for 84% of the group’s gross corporate debt. During 2025, ACCIONA issued €1.45 billion in new green financing and €576 million in sustainability-linked instruments, reflecting the full integration of sustainability into its capital structure.
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