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This article first appeared on GuruFocus.

EBITDA: Record EBITDA of EUR3.2 billion, a 31% year-on-year increase. ACCIONA Energia EBITDA: Over EUR1.5 billion. Asset Rotation Transactions: Totaling EUR3.2 billion with approximately EUR900 million in capital gains. Net Income: Profit attributable to shareholders reached EUR655 million, up 83% year-on-year. Revenue: Down 4% to EUR2.925 billion. Net Debt: Stood at just under EUR4.2 billion. Consolidated Capacity: Fell by 5% from 13.6 gigawatts to 12.9 gigawatts. International Generation Revenues: Increased by 10% to EUR862 million. Construction Backlog: Reached EUR18.1 billion. Water Division EBITDA: Grew by 50% year-on-year. Nordex EBITDA Contribution: EUR749 million. Real Estate EBITDA: Record EUR84 million. Bestinver Assets Under Management: EUR7.7 billion. Dividend Per Share: EUR5.65.

Warning! GuruFocus has detected 8 Warning Signs with CRPAY. Is CRPAY fairly valued? Test your thesis with our free DCF calculator.

Release Date: February 27, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Corporacion Acciona Energias Renovables SA (CRPAY) achieved a record EBITDA of EUR3.2 billion in 2025, representing a 31% year-on-year increase. The company has a strong infrastructure backlog exceeding EUR120 billion, with significant growth in future concessions. Nordex, a key division, reached an all-time high backlog of EUR16 billion, positioning the group well for future demand. The company successfully executed asset rotation transactions totaling EUR3.2 billion, generating approximately EUR900 million in capital gains. Corporacion Acciona Energias Renovables SA (CRPAY) maintained its investment-grade credit ratings, despite some challenges, reflecting financial stability.

Negative Points

Output was lower than expected due to ramp-up of new capacity and lower wind resources, impacting EBITDA from operations. The company faced technical problems in some assets, such as MacIntyre, which affected commissioning timelines. Fitch moved its outlook from stable to negative, reflecting delays in disposal proceeds and weaker cash flow. The company had to put on hold construction of two US battery storage projects, impacting capacity additions. There were challenges in regulatory environments, particularly in Southeast Asia, affecting project progress.

Q & A Highlights

Q: Can you please clarify the target EBITDA for 2026 excluding asset rotations as well as giving guidance post 2026? A: (Arantza Ezpeleta, CEO) For 2026, excluding asset rotation gains, we expect a small single-digit decline in operating EBITDA due to recent heavy rains in Spain affecting prices. Post-2026, we anticipate a mid-single-digit CAGR in operating EBITDA, with a target of 30 terawatt hours by 2030.

Story Continues

Q: What do you estimate to be the impact of the efficiency measures in annual EBITDA? A: (Raimundo Fernandez, CFSO) We are targeting around EUR35 million in structural cost reductions by 2027, with more than half expected to be achieved in 2026.

Q: Can you comment on the Italian proposal to decouple CO2 prices from power prices? A: (Arantza Ezpeleta, CEO) Our exposure to Italy is limited. The Italian government's proposal could lower prices by EUR30 per megawatt hour, but it faces challenges in gaining EU approval. We do not support interventions that weaken decarbonization signals.

Q: What are your expectations for asset rotations this year in terms of timing and geography? A: (Raimundo Fernandez, CFSO) We aim to close transactions signed at the end of 2025, including South Africa and US PV minority deals, totaling EUR900 million. We plan to close another EUR1 billion in new transactions, being selective with a portfolio of 2.5 gigawatts in negotiation.

Q: Why is maintaining the credit rating critical, and what are the consequences of losing it? A: (Jose Manuel Entrecanales, CEO) Maintaining the rating is important for reducing our cost of capital and improving liquidity. It's a commitment to the market, but not critical. We believe it's the best option for now.

Q: Within the 26 terawatt hour production target for 2026, how many correspond to assets planned to be sold? A: (Arantza Ezpeleta, CEO) The 26 terawatt hours are net of reductions from asset rotations and include contributions from new assets. The final figure will depend on the timing of disposals.

Q: What is the sensitivity of Spanish power prices in 2026 EBITDA if prices were to move minus EUR5 a megawatt hour? A: (Arantza Ezpeleta, CEO) Our merchant position in Spain for 2026 is around 2.5 terawatt hours. A EUR5 decrease in prices would impact EBITDA by approximately EUR20 million.

Q: When do you expect MacIntyre to be 100% commissioned, and have you identified the problem with the blades? A: (Arantza Ezpeleta, CEO) MacIntyre is undergoing commissioning, with damage to blades likely caused during transport. We aim for full commissioning by year-end, working on insurance recovery and repairs.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

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Corporación Acciona Energías Renovables (BME:ANE) just released its full year 2025 results, reporting sales of €2,925 million, net income of €655 million and basic earnings per share from continuing operations of €2.

See our latest analysis for Corporación Acciona Energías Renovables.

The earnings release has come alongside a 1-day share price return of 3.08% and a 90-day share price return of 4.84%, while the 1-year total shareholder return stands at 22.40%. However, the 3-year total shareholder return remains negative at 30.89%, suggesting near-term momentum has picked up even as the longer-term picture is still mixed.

If this profit rebound has you looking across the renewables and infrastructure space, you might also want to scan our screener of 23 power grid technology and infrastructure stocks for other potential ideas.

With earnings per share at €2, a value score of 2 and the share price sitting close to analysts’ average target, the key question now is whether there is still mispricing here or whether the market is already factoring in future growth.

Most Popular Narrative: 3.6% Undervalued

With Corporación Acciona Energías Renovables last closing at €22.10 against a narrative fair value of about €22.92, the current pricing sits very close to what the most followed narrative views as reasonable value, yet that view depends heavily on how future earnings and margins play out.

Analysts expect earnings to reach €346.6 million (and earnings per share of €1.08) by about September 2028, down from €747.0 million today. However, there is a considerable amount of disagreement amongst the analysts with the most bullish expecting €451.6 million in earnings, and the most bearish expecting €263 million.

Read the complete narrative.

Curious how a shrinking earnings path can still support an almost unchanged fair value? The narrative leans on specific assumptions about revenue pressure, margin reset and the profit multiple the market might ultimately accept. The tension between those inputs is where the real story lies.

Result: Fair Value of €22.92 (ABOUT RIGHT)

Have a read of the narrative in full and understand what's behind the forecasts.

However, strong policy support for renewables and Acciona Energías Renovables’ diversified pipeline and asset rotation plans could keep earnings and valuations firmer than this cautious script assumes.

Find out about the key risks to this Corporación Acciona Energías Renovables narrative.

Story Continues

Another View: Earnings Multiple Sends A Different Signal

While the consensus narrative points to only about 3.6% undervaluation, the earnings multiple paints a more cautious picture. Corporación Acciona Energías Renovables trades on an 11x P/E, compared with a fair ratio of 9.2x. This suggests the market could still be paying up for its story. With analysts also expecting revenue and earnings declines over the next three years, how comfortable are you with that gap?

See what the numbers say about this price — find out in our valuation breakdown.BME:ANE P/E Ratio as at Mar 2026

Next Steps

If this mix of signals seems balanced rather than clear cut, it may be worth quickly reviewing the underlying numbers yourself and comparing them with 2 key rewards and 3 important warning signs.

Ready to hunt for more ideas?

If this story has you thinking about where your next opportunity might come from, do not just stop here. Widen your search with a few focused tools.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ANE.MC.

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