ACCIONA net profit rises to €803 million (+90.4%)

• ACCIONA ENERGÍA: Divestment plan executed (2024-2025) totaled approximately €3.2 billion; financial targets met, with EBITDA of €1.55 billion (+37.7%)
• INFRASTRUCTURE: Aggregate backlog increased to €120.59 billion (+124%), with significant projects awarded in the US, Australia and Brazil
• NORDEX: Following restructuring process, revenues accelerated to €7.55 billion (+3.5%); the subsidiary contributed €749 million (+59.4%) to group EBITDA
• EBITDA: Increased to €3.21 billion (+30.8%), above the target range set (€2.7 billion-€3 billion)
• NET DEBT: Fell to €6.99 billion (-2.0%) with a ratio to EBITDA of 2.2x (-70PP)

ACCIONA closed 2025 with a net profit of €803 million (+90.4%). The company reported solid results in all business areas, driven by several factors: the good performance and profitability of the Infrastructure business, successful execution of ACCIONA Energía’s asset rotation plan, and Nordex’s strong operating performance.

The group’s gross operating profit (EBITDA) reached €3.21 billion (+30.8%), exceeding the target range communicated to the market (between €2.7 billion and €3 billion). Consolidated turnover amounted to €20.24 billion (+5.5%).

Net financial debt stood €6.99 billion (-2.0%), reducing net debt/EBITDA ratio to 2.2x (-70PP).

Ordinary gross investment was €2.25 billion (-19.0%), of which €1.44 billion corresponded to Energía, €624 million to Infrastructure, €153 million to Nordex and €39 million to Other Activities.

DBRS and Fitch confirmed ACCIONA’s credit rating during the year, remaining within the investment grade range.

As part of the results announcement, ACCIONA’s Board of Directors has proposed the distribution of a dividend of €310 million (€5.6 per share) based on the results of the 2025 financial year.

ACCIONA ENERGÍA

ACCIONA’s clean energy subsidiary reported turnover of €2.93 billion (-4.1%) for the year and generated an EBITDA of €1.55 billion (+37.7%), meeting the target communicated to the market. Net profit increased to €655 million (+83.5%).

The results reflect the successful execution of previously-defined strategic priorities: asset rotation as a structural part of the business model and financial discipline, after the intense investment cycle undertaken in previous years.

In total, the divestment program launched by ACCIONA Energía in 2024 has generated transactions of around €3.2 billion. During the year, transactions totaling €1.07 billion were completed and two additional disposals were agreed for approximately €900 million, with closing expected in the first half of this year.

In 2025, ACCIONA Energía added 532MW of new capacity through the development of its own portfolio in India (167MW), Spain (135MW), Australia (105MW), Canada (63MW) and the Dominican Republic (63MW).

The company’s total installed capacity amounted to 14,604MW (-4.9%), reflecting portfolio turnover on the one hand and new installations on the other. In all, total production stood at 27,648GWh. (+3.5%). The average price captured was €61.9/MWh (-9.9%), slightly above the company’s expectations.

Ordinary net investment reached €1.44 billion (-6.6%), which includes €932 million for the development of ongoing projects – mainly in Spain, Australia, Canada and the Philippines – and the reorganization of Acciona Energía’s operations in Southeast Asia, through the integration of The Blue Circle, among other initiatives.

INFRASTRUCTURE

ACCIONA’s Infrastructure division had a turnover of €8.69 billion (+6.7%) in 2025. The period was defined by the award of major concession projects, such as the SR-400 Express Lane in Atlanta (USA), the Central West Orana transmission network (Australia) and a number of sanitation contracts in Brazil. In the Water business, highlights include the desalination plants in Alkimos, in Perth (Australia), Casablanca (Morocco), Collahuasi (Chile) and Ras Laffan 2 (Qatar).

Australia and Southeast Asia (38%) contributed the highest percentage of revenue, followed by Spain (20%), Latin America (18%), Europe, the Middle East and Africa (16%) and North America (8%). By business units, Construction reported turnover of €6.95 billion (+4.0%); Water, €1.39 billion (+16.5%); Concessions, €175 million (+102.7%) and Urban Services and Environment, €222 million (+5.6%).

The total EBITDA of the business division reached €801 million (+5.1%), divided between Construction (€478 million, +1.3%), Concessions (€160 million, -6.3%), Water (€140 million, +49.7%) and Urban Services and Environment (€24 million, -11.3%), with solid profitability (9.2% EBITDA margin).

The aggregate backlog incorporating consolidated projects by the equity method, reached €120.59 billion (+124%), a new annual record. At the end of the year, 81% of the construction portfolio was backed by price protection clauses.

ACCIONA continued to accelerate the growth of its Concessions business. As of December 31, 2025, it had a portfolio of 78 assets with a cumulative investment of €879 million. This portfolio, which also includes contracts with preferred bidder status, has additional contribution commitments of €1.87 billion to 2035 and will generate estimated dividends of around €60 billion, with a weighted outstanding average life of 50 years.

NORDEX

In 2025 Nordex strengthened its position as a major net contributor to the group’s results, delivering €749 million (+59.4%) to group EBITDA. The wind turbine manufacturer reported a turnover of €7.55 billion (+3.5%) with a margin of 9.9% (+350PP) in terms of contribution.

The subsidiary’s total backlog – including projects and services – reached €16.09 billion (+25.9%). The project backlog amounted to €10.12 billion (+29.7%) and the services backlog stood at €5.97 billion (+20.1%).

During the year, turbine orders were 10.2GW (+22.5%) for a total amount of €9.32 billion (+24.9%) in 23 countries. The average sales price amounted to €0.91 million/MW (+2.0%).

Nordex installed 1,313 wind turbines (+7.0%) in 26 countries during the year, with a total capacity of 7,663 MW (+15.4%).

OTHER ACTIVITIES

Within Other Activities, Real Estate delivered a good performance, achieving EBITDA of €84 million, double that of 2024, driven by the delivery of 1,244 homes, the sale of an office building on Calle Ombú (Madrid), the sale of non-strategic land and cost efficiency. The Gross Value of ACCIONA’s Real Estate Assets (GAV) as of December 31, 2025 amounted to €1.59 billion (-8.4%).

Bestinver also reflected a positive evolution in the year, with an increase in assets under management, to €7.66 billion (+12.8%), which resulted in an EBITDA of €55 million (+8%).

ESG PROGRESS

ACCIONA made significant progress during 2025 in its principal environmental, social and governance (ESG) indicators.

The proportion of CAPEX aligned with the European taxonomy of sustainable activities reached 98.2%, well exceeding the 90% threshold set in the company’s Sustainability Master Plan (PDS 2025) and extending an upward trend seen since 2021. As a group, ACCIONA avoided the emission of 15.7 million tons of CO₂ in 2025 (+9.4%).

22.9% of managerial and executive positions are held by women.

With regard to financing, progress continued on the inclusion of sustainability structures in new issuances. Sustainable financing now accounts for 84% of the group’s gross corporate debt, reflecting the full integration of sustainability into its capital structure. During the year, ACCIONA signed €1.45 billion in new green financing and €576 million in sustainability-linked instruments.