Acciona Group keeps its objectives unchanged through the end of 2026 and expects to close the year in the upper range of its EBITDA forecast, located between 2,800 and 3,100 million euros, as it has notified this Thursday to the National Securities Market Commission.
At the same time, the ordinary net investment expected for the whole of 2026 is now around 2,000 million euros, below the initial range, which stood at between 2,200 and 2,500 million.
Likewise, with a view to the level of financial indebtedness as of December 31, 2026, Acciona insists on its goal of keeping the net debt/EBITDA ratio below 3.0x.
In the business trends report for the first nine months of 2026, the company chaired by José Manuel Entrecanales highlights the all-time high reached by its portfolio of concession assets, composed of 79 projects in 12 countries. These assets will generate revenues over the next 49 years for a total of 141,282 million euros, taking into account Acciona’s participation percentage in each concession, which implies an increase of 45.8% versus December 2025 and 3.8% compared to June 2026.
The company attributes this strong growth to the entry of two contracts in Brazil: the water and sanitation project for Pernambuco, which added around 36,000 million euros to the portfolio at the time it was incorporated, and the contract for operating sanitary sewer services in 85 municipalities of Alto Piranhas, in the state of Paraíba, with about 3,800 million. Added to this is the Northland Corridor highway, in New Zealand, with a value of 1,500 million.
Once all these assets are fully operational, it is estimated that the portfolio will generate for Acciona dividends and capital returns of close to 64,000 million euros through 2085.
The company also points out that Brazil has turned the Water business into a "growth engine", since, with the Pernambuco and Paraíba projects, this area’s concession portfolio practically multiplies by seven, reaching 46,322 million.
By contrast, in the Water area, the D&C order book stood at 1,379 million, which represents a decline of 22.9% compared with December 2025 and 11.6% compared with June. This decline is explained by the "high level of activity" recorded in the first nine months of 2026, driven by the progress of the Alkimos and Eyre desalination plants and the Malabar treatment plant, in Australia, as well as increased activity in Morocco and Qatar.
In the Construction business, the order book as of September 30, 2026 reached 18,650 million euros, after growing by 2.4% compared with December 2025 and by 2.3% versus June 2026, an evolution supported by the award of the Northland Corridor highway in New Zealand.
In the Concessions area, the 'equity' invested across the portfolio of concession assets at the end of September (including Concessions and Water) amounted to 1,071 million euros. Of this amount, 796 million correspond to concessions for transport, transmission lines, hospitals and waste treatment plants, and the remainder to the water business, which represents an increase of 192 million versus the 879 million recorded at the end of 2025.
Increase in production and delays at Acciona Energía
With regard to Acciona Energía, the group highlights an increase in electricity generation of 3.9% year-on-year, to 18,558 GWh, along with an increase in the average price to 57.3 euros/MWh, above the price captured in the first half, of 54.8 euros/MWh.
Regarding asset rotation, the company acknowledges the delay in the planned divestments in Mexico and the United States, although it maintains that South Africa should meet the closing expectation in the last quarter of the year.
Overall, the group’s operating performance, together with the capital gains obtained from the sales of assets closed so far, allows it to reaffirm its annual Ebitda target of around 1,200 million euros.
However, with regard to the asset rotation program, Acciona no longer expects to achieve the target of around 2,000 million euros set for the year, due to delays in several transactions, mainly the transaction with MIP announced in December 2025, in which "the necessary conditions precedent have not been met" for its closing, according to the company.