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1. Company Snapshot

1.a. Company Description

Acciona, S.A., together with its subsidiaries, engages in the energy, infrastructure, and other businesses in Spain and internationally.The company develops, constructs, operates, and maintains wind, solar photovoltaic, solar thermal, hydro, and biomass plants.It also engages in designing, construction, maintenance, and management of infrastructure projects, including bridges, highways, motorways, roads, tunnels, railway, and metros and trams, as well as ports and water channels, airports, freight forwarding, data centers, substations, and transmission lines.


In addition, the company offers event planning and management services, as well as designs, constructs, and operates drinking water treatment plants, reverse osmosis desalination plants, wastewater treatment plants, and tertiary treatment plants for water reuse; and constructs, operates, and manages health infrastructure, and academic institutions and student residences.Further, it provides museum and art center solutions; urban services; and shared electric motorcycles, as well as undertakes real estate projects; and projects for the urban and social regeneration of spaces.Additionally, the company facility, airport handling, waste collection and treatment, logistics, rail, and other services.


It also engages in the fund management, stock broking, wine production, and other businesses.Acciona, S.A. is headquartered in Alcobendas, Spain.

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1.b. Last Insights on ANA

Acciona, S.A.'s recent performance was positively driven by favorable business conditions, particularly in the renewable energy sector. The company's wind turbine business is poised for growth, driven by increasing energy demand from AI-driven data center expansion in North America. Additionally, a recent earnings beat from Nordex, a key player in the wind turbine manufacturing industry, suggests a positive outlook for the sector. With no recent news on acquisitions, new products, or legal issues, Acciona's growth appears to be driven by organic expansion.

1.c. Company Highlights

2. ACCIONA's 2025 Results: Strong EBITDA and Cash Flow Generation

ACCIONA's 2025 results showed a record EBITDA of EUR 3.2 billion, a 31% year-on-year increase, driven by a strong performance from Nordex, a solid contribution from the Infrastructure division, and a successful asset rotation strategy. Revenues were EUR 2.925 billion in the energy segment, down 4% year-on-year, while EBITDA reached EUR 1.546 billion, a 38% increase. The company's EPS came in at EUR 3.37, slightly below analyst estimates of EUR 3.48.

Publication Date: Mar -03

📋 Highlights
  • 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.

3. NewsRoom

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Acciona SA (ACXIF) Full Year 2025 Earnings Call Highlights: Record EBITDA and Strategic Growth ...

Mar -07

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Nordex Surges 16% on Earnings Beat, Potential U.S. Expansion

Feb -25

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Financial Services Roundup: Market Talk

Feb -25

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Acciona (BME:ANA): Exploring the Stock’s Valuation After Extended Gains

Oct -13

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Europe Car Subscription Market Analysis Report 2025-2032: Renault Mobilize, Sixt+ and Acciona Lead Innovation with Flexible Models and EV Battery Services

Oct -02

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China Water Desalination Research Report 2025-2033: Growing Demand in Northern Regions and Coastal Plant Expansion Position Nation as Global Industry Leader

Sep -26

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3D Printing in Construction Market Global Forecast Report 2025-2030 Featuring Key Players - Acciona, AI Build, Apis, COBOD, CONCR3DE, ICON Technology

Sep -12

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Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.74%)

6. Segments

Infrastructure

Expected Growth: 6.15%

Acciona, S.A.'s infrastructure segment growth of 6.15% is driven by increasing demand for sustainable infrastructure, government investments in transportation and energy projects, and the company's strategic expansion into high-growth markets such as renewable energy and water management.

Nordex

Expected Growth: 8.37%

Nordex's 8.37% growth driven by increasing demand for renewable energy, Acciona's strategic expansion into emerging markets, and Nordex's technological advancements in wind turbine design, enabling higher capacity factors and reduced costs. Additionally, favorable government policies and declining renewable energy costs contribute to the growth.

Energy

Expected Growth: 10.55%

Acciona, S.A.'s 10.55% growth in Energy segment is driven by increasing demand for renewable energy, strategic acquisitions, and expansion into new markets. Additionally, investments in wind and solar power, as well as energy storage and grid integration, have contributed to the growth. Furthermore, favorable government policies and regulations supporting the transition to clean energy have also boosted the segment's performance.

Other Activities

Expected Growth: 6.37%

Acciona's 6.37% growth in Other Activities is driven by increasing demand for sustainable solutions, expansion of its water treatment business, and strategic partnerships. Additionally, the company's focus on innovation and digitalization has improved operational efficiency, contributing to the segment's growth.

7. Detailed Products

Renewable Energy

Acciona Energía is a global leader in the development, construction, and operation of renewable energy facilities, including wind, solar, hydro, and biomass power plants.

Infrastructure

Acciona Infrastructure is a leading provider of infrastructure development, construction, and operation services, including roads, highways, bridges, and buildings.

Water

Acciona Agua is a global leader in water treatment and management, providing solutions for water supply, wastewater treatment, and desalination.

Services

Acciona Services provides a range of services, including facility management, maintenance, and operation of infrastructure, industrial, and energy assets.

Construction

Acciona Construction is a leading construction company, specializing in building, civil engineering, and industrial construction projects.

Industrial

Acciona Industrial provides engineering, procurement, and construction (EPC) services for industrial projects, including power generation, oil and gas, and process industries.

8. Acciona, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Acciona, S.A. operates in the renewable energy industry, which has a moderate threat of substitutes. While there are alternative sources of energy, such as fossil fuels, the increasing demand for renewable energy and government regulations supporting its adoption reduce the threat of substitutes.

Bargaining Power Of Customers

Acciona, S.A. has a diversified customer base, including governments, corporations, and individuals. The bargaining power of customers is low due to the lack of concentration in the customer base and the company's ability to negotiate prices.

Bargaining Power Of Suppliers

Acciona, S.A. relies on a diverse range of suppliers for its operations, including equipment manufacturers and service providers. The bargaining power of suppliers is moderate due to the availability of alternative suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The renewable energy industry has a high threat of new entrants due to the increasing demand for clean energy and government incentives supporting the adoption of renewable energy. However, Acciona, S.A.'s established brand and expertise in the industry provide a barrier to entry for new competitors.

Intensity Of Rivalry

The renewable energy industry is highly competitive, with many established players competing for market share. Acciona, S.A. faces intense competition from companies such as Vestas, Siemens Gamesa, and Enercon, which increases the intensity of rivalry in the industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 67.68%
Debt Cost 7.08%
Equity Weight 32.32%
Equity Cost 7.12%
WACC 7.10%
Leverage 209.40%

11. Quality Control: Acciona, S.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Acciona

A-Score: 6.4/10

Value: 5.4

Growth: 7.6

Quality: 3.9

Yield: 5.6

Momentum: 9.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Ackermans & Van Haaren

A-Score: 6.2/10

Value: 6.8

Growth: 6.0

Quality: 5.4

Yield: 2.5

Momentum: 7.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Sacyr

A-Score: 6.1/10

Value: 4.7

Growth: 5.7

Quality: 3.6

Yield: 7.5

Momentum: 6.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Skanska

A-Score: 5.8/10

Value: 6.3

Growth: 4.1

Quality: 5.5

Yield: 5.6

Momentum: 5.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
SPIE

A-Score: 5.8/10

Value: 4.3

Growth: 6.1

Quality: 3.5

Yield: 4.4

Momentum: 9.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
DEME

A-Score: 5.0/10

Value: 7.5

Growth: 5.8

Quality: 5.6

Yield: 1.9

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

216.4$

Current Price

216.4$

Potential

-0.00%

Expected Cash-Flows