Acciona, the Spanish group specialized in infrastructures, energy, and water management, closed the first half of the year with a net profit attributed of 83 million euros, which implies a drop of 84.3% compared to the result recorded in the same period of the previous year.
According to the accounts released this Thursday, the result of the year, including minority interests, stood at 189 million euros, a decrease of 71.6%, while the result before taxes from continuing activities fell by 57.6%, to 303 million euros.
The gross operating result (Ebitda) decreased by 25.9%, to 1,153 million euros, mainly due to the absence of capital gains from asset rotation, which in the first half of 2025 had contributed 443 million euros.
The combined expenses of Acciona in supplies, personnel, and other unspecified concepts amounted to 9,140 million euros, 1.6% more, although a positive effect of 70 million euros was recorded due to the operational equity method.
As of June 30, net financial debt reached 8,243 million euros, which represents 1,253 million more than at the end of December, an increase linked to the investments made, to the usual seasonality of working capital, and to the change in the settlement method of the derivatives of 1,338,421 shares of the parent company.
Revenues and evolution by divisions
In the revenue chapter, Acciona obtained a turnover of 10,142 million euros, 9.9% higher, to which are added other revenues of 526 million euros and a negative variation of inventories that deducted 444 million euros.
Acciona Energía achieved its financial objectives for 2026 despite the "geopolitical upheavals," supported by international electricity prices of 52.6 euros/MWh, above what was expected. Renewable energy production grew to 14,051 GWh, 3.2% more.
The turnover of this subsidiary stood at 1,288 million euros, 12.3% less, and its Ebitda decreased to 388 million euros, 57.3% less, due to the temporary absence of asset sale operations in the semester.
The infrastructure business achieved revenues of 4.481 billion euros and an Ebitda of 384 million euros, with increases of 12.2% and 12%, respectively, maintaining a stable Ebitda margin of 8.6%. The company emphasized the progress of billing in Australia, the United States, Canada, Spain, Brazil, Morocco, and Qatar.
The group has a portfolio of concession assets made up of 80 projects in the initial phase of construction or operation, spread across twelve countries, which will generate 136.050 billion euros over the next 49 years.
Once they are fully operational, these assets, including contracts in 'preferred bidder' status as of June 30, 2026, will translate into dividends and capital distributions of 61.043 billion euros.
Nordex, the German manufacturer of wind turbines in which Acciona has a stake, recorded an Ebitda of 354 million euros, an increase of 88.8%, and raised its order book to 18.385 billion euros, an increase of 28.3%.
The real estate area increased its revenues by 55.9%, to 131 million euros, and its Ebitda by 74%, to 8 million. In parallel, the manager Bestinver increased its billing to 62 million euros (7.7%) and the Ebitda to 29 million euros (14.2%).
For its part, Silence, the electric vehicle manufacturer of Acciona, sold 3,191 units between motorcycles and cars in the first half of 2026, an increase of 85%, and maintained its leadership in Spain in the "electric scooters" segment with a market share of 42.6%.
Forecasts and dividend policy
The company chaired by José Manuel Entrecanales has ratified its goals for 2026, which include an Ebitda in the range of 2.800 to 3.100 billion euros, net investments of 2.500 billion euros, and a leverage ratio of less than three times the Ebitda.
"Acciona continues to work on alternative and additional transactions significantly above the projected needs to meet the objectives for the year," the company stated in a press release.
In this regard, Acciona completed in July the sale of 64 MW of hydraulic power to White Summit Capital for 66 million euros and 361 MW of wind power to Galp New Energies for 432 million euros. Both parks, located in Spain, generated capital gains of 55 and 255 million euros, respectively.
The company recalled that on June 25, the general shareholders' meeting approved a dividend charged to the 2025 fiscal year, payable on July 9, of 5.65 euros per share, which was finally raised to 5.75 euros per title after an adjustment in the direct treasury stock of 310 million euros.