Company Reports

A renewables developer, Acciona Energia, was spun off from the Spanish industrial conglomerate Acciona in July 2021. The floating share is 8.9%. The rationale of the IPO was to revive capacity growth that had been subdued since a 2013 regulatory change in Spain drove a sharp cut in renewables' returns.

Acciona Energia reported first-half EBITDA of EUR 388 million, down 57% year on year due to absence of asset rotation contributions from last year's EUR 433 million and a 17% decline in EBITDA from operations. Results missed FactSet consensus, sending shares down 4%. Full-year guidance reaffirmed.

In its trading statement for the first quarter of 2026, Acciona Energia confirmed all of its 2026 targets, including EBITDA of EUR 1.2 billion based on a power output of 26 terawatt-hours and gross investments of EUR 900 million.

A renewables developer, Acciona Energia, was spun off from the Spanish industrial conglomerate Acciona in July 2021. The floating share is 17%. The rationale of the IPO was to revive capacity growth that had been subdued since a 2013 regulatory change in Spain drove a sharp cut in renewables' returns.

Acciona Energia’s 2025 EBITDA, including asset rotation gains, rose 38% to EUR 1.54 billion. Underlying EBITDA decreased by 11% to EUR 932 million, below the EUR 950 million guidance. The firm guides for 2026 EBITDA, including asset rotations, of EUR 1.2 billion, in line with our EUR 1.18 billion.

The European utilities sector increased by nearly 8% since the end of September, outperforming the market by 5% due to stabilizing interest rates, solid third-quarter results, and hopes that artificial intelligence growth will boost electricity consumption in Europe.

Acciona Energia agreed to sell a 49% stake in a 1.3-gigawatt portfolio of solar plants in the US (Illinois and Texas) and two wind farms in Mexico, totaling 321 MW, to Mexico Infrastructure Partners for $1 billion or EUR 855 million. The transaction is expected to close in the first half of 2026.

A renewables developer, Acciona Energia, was spun off from the Spanish industrial conglomerate Acciona in July 2021. The floating share is 16%. The rationale of the IPO was to revive capacity growth that had been subdued since a 2013 regulatory change in Spain drove a sharp cut in renewables' returns.

In its nine-month trading statement, Acciona Energia trimmed its 2025 EBITDA guidance and raised its expected net debt at year-end because of slow commissioning of new assets and the delayed proceeds from ongoing disposals, respectively. This sent shares down by 8% at the time of writing.

European utilities shares decreased by 3% since the end of June, underperforming the market by about 6%.

A renewables developer, Acciona Energia, was spun off from the Spanish industrial conglomerate Acciona in July 2021. The floating share is 16%. The rationale of the IPO was to revive capacity growth that had been subdued since a 2013 regulatory change in Spain drove a sharp cut in renewables' returns.

Net profit surged sevenfold in the first half thanks to capital gains from asset rotation. On July 28, the firm sold 440 megawatts of Spanish wind plants for EUR 530 million.

On July 1, 2025, the US Senate passed its version of the tax bill, with language tweaked to be more favorable toward renewable energy credits compared with the draft released over the previous weekend.

European utilities rose by 12% in the second quarter, outperforming the market by 10%.

In its trading statement for the first quarter of 2025, Acciona Energia announced that it paused two battery storage projects in Texas pending more clarity on US-China trade negotiations. Meanwhile, the firm maintained its 2025 EBITDA guidance.

On May 12, the US House Ways and Means Committee released its budget reconciliation bill. The bill includes updates to key clean energy incentives established or extended under the Inflation Reduction Act.

European utilities increased by about 10% in the first quarter of 2025 thanks to good full-year results, attractive shareholder remuneration, and limited exposure to US tariffs. The latter was key in the material outperformance of the sector.

A renewables developer, Acciona Energia was spun off from Spain industrial conglomerate Acciona in July 2021. The floating share is 16%. The rationale of the IPO was to revive capacity growth that had been subdued since a 2013 regulatory change in Spain drove a sharp cut in renewables' returns.

We confirm our EUR 25 fair value estimate pending the incorporation of no-moat Acciona Energia's 2024 results and 2025 guidance. The latter was set below FactSet consensus and our expectations. Shares are undervalued.

We confirm our fair value estimates for no-moat Acciona Energia and Endesa of EUR 25 and EUR 20, respectively, after the latter agreed to buy the bulk of the remaining Spanish hydro assets of the former for EUR 1 billion. The transaction is expected to close in the first half of 2025 upon antitrust and foreign investment clearances since Endesa is a subsidiary of Enel. Acciona Energia appears undervalued while Endesa looks fairly valued.