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Acciona (BME:ANA) hat in den letzten Jahren eine starke Entwicklung aufgewiesen. Der Aktienkurs ist im Vergleich zum Vorjahr um 113,57% gestiegen und zeigt ein Muster von Aufwärtsbewegungen. Die Frage ist nun, ob der aktuelle Kurs noch einen Aufwärtspotenzial bietet oder ob der Markt bereits zukünftige Wachstumschancen preisgemessen hat. Acciona verfügt über eine Infrastruktur-Rücklage von 54 Milliarden Euro und wird durch große Projekte und Konzessionen unterstützt, was zu einer Steigerung des Umsatzes und der Betriebserträge führen soll.

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Die australische Verkehrsinfrasturkturen-Baubranche wird sich von 37,91 Milliarden AUD im Jahr 2025 auf 52,45 Milliarden AUD im Jahr 2034 entwickeln. Die Haupttreiber sind die Urbanisierung und der Einsatz umweltfreundlicher Materialien.

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Global Water Intelligence

OXFORD, United Kingdom, March 30, 2026 (GLOBE NEWSWIRE) -- Global Water Intelligence (GWI) today opens voting for the 2026 Global Water Awards, revealing the full shortlist across 14 categories. Now in their 21st year, the Global Water Awards recognise true excellence amongst the companies, projects, and organisations that made the greatest contribution to the international water sector in 2025.

This year the awards will feature a brand-new category: AI Project of the Year, with nominees including Veolia’s AI-driven asset management programme for France’s largest drinking water network, an AI-powered water loss control system for the city of Shenzhen, and a knowledge twin developed by TeamSolve for Balibago Waterworks in the Philippines.

Elsewhere on the shortlist, Acciona, Aqualia, Miahona, Aquatech, and Xylem compete for Water Company of the Year, while ACWA Power, Lantania, Shanghai Electric, WABAG, and Wetico are nominated for Desalination Company of the Year. In the reuse categories, projects range from a zero-discharge treatment plant at Tesla to WPC Hofstade in Belgium, named as Europe’s first municipal direct potable reuse facility. Meanwhile in water stewardship, Unilever, PepsiCo, Nestlé Waters & Premium Beverages, Cemex México, and the Pacific Institute are among those recognised for their contributions to nature and communities.

Winners are chosen by peers from across the GWI Community, representing a diverse range of water’s most influential players. They will be announced at the Global Water Awards Ceremony on 19 May 2026, held at the Quinta de Jarama estate in Madrid during the Global Water Summit.

Voting closes on 27 April 2026. View the full shortlist and cast your vote at globalwaterawards.com.

For enquiries contact: awards@globalwaterintel.com or call 01865 204208.

About Global Water Intelligence

Global Water Intelligence is the leading market intelligence and events company serving the international water industry. Over the last 25 years we have built our business around being a trusted interface between our clients and their markets, providing our customers with high-level intelligence that enables them to make the most informed strategic decisions for their business. We cover municipal markets and every industrial vertical as well as technology, finance and economics.

CONTACT: Emma Little COMPANY: Global Water Intelligence PHONE: 01865 204208 EMAIL: awards@globalwaterintel.com WEB: https://www.globalwaterawards.com

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This article first appeared on GuruFocus.

EBITDA: EUR3.2 billion, a 31% year-on-year increase. Infrastructure Backlog: Exceeds EUR120 billion. ACCIONA Energia EBITDA: Over EUR1.5 billion. Nordex Backlog: EUR16 billion. Asset Rotation Transactions: EUR3.2 billion with approximately EUR900 million in capital gains. Net Debt: Just under EUR4.2 billion. Revenue: EUR2.925 billion, down 4% year-on-year. Total EBITDA: EUR1.546 billion, a 38% increase from the previous year. Profit Attributable to Shareholders: EUR655 million, up 83% year-on-year. Construction Margins: Between 6% and 7%. Water Division EBITDA Growth: 50% increase. Bestinver Assets Under Management: EUR8 billion. Real Estate Unit Sales Increase: 41% in 2025. Net Debt-to-EBITDA Ratio: Declined from 2.9 times to 2.2 times. Gross Investments: EUR2.25 billion. Divestments: EUR1.1 billion. Operating Cash Flow: EUR2 billion. Aggregate Backlog: EUR120 billion, up 124% year-on-year. Nordex EBITDA Contribution: EUR749 million. Dividend Per Share: EUR5.65.

Warning! GuruFocus has detected 6 Warning Signs with ACXIF. Is ACXIF 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

Acciona SA (ACXIF) achieved a record EBITDA of EUR3.2 billion in 2025, representing a 31% year-on-year increase, exceeding their target range. The company has a strong infrastructure backlog exceeding EUR120 billion, with significant growth in future concessions, particularly in the US and Brazil. Acciona Energia generated over EUR1.5 billion in EBITDA, supported by a robust 22 gigawatt pipeline and a high backlog for Nordex. The Water division saw a 50% growth in EBITDA, driven by efficient execution of key projects like desalination plants in Chile and Morocco. Nordex strengthened its market position, becoming the number one player in Europe with a 48% market share and the second largest globally outside China.

Negative Points

Output was lower than expected due to ramp-up of new capacity, lower wind resources, and asset rotation deals closing ahead of schedule. Fitch moved its outlook from stable to negative, reflecting delays in materializing disposal proceeds and weaker cash flow due to low output. The commissioning of the MacIntyre project faced technical problems, including damage to blades during transport, causing delays. The company had to put on hold construction of two US battery storage projects, impacting capacity additions. There is a need to address increases in module prices due to changing Chinese government policies, affecting project costs.

Story Continues

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 of Acciona Energia) For 2026, excluding asset rotation gains, we initially expected flat EBITDA, but due to recent heavy rains in Spain, we now anticipate a small single-digit decline compared to 2025. Post-2026, we expect a mid-single-digit CAGR in operating EBITDA, with a consolidated output of around 30 terawatt hours by 2030.

Q: What do you estimate to be the impact of the efficiency measures in annual EBITDA? A: (Raimundo Fernandez-Cuesta, CFSO of Acciona Energia) We have a plan to reduce structural costs by around EUR35 million annually, with more than half of this expected to be achieved during 2026.

Q: Can you comment on the Italian proposal to decouple CO2 prices from power prices? A: (Arantza Ezpeleta, CEO of Acciona Energia) Our exposure to Italy is limited. The Italian government proposed compensating thermal generation for CO2 costs, potentially lowering prices by EUR30 per megawatt hour. However, this measure, effective from January 2027, faces challenges due to EU regulations. 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-Cuesta, CFSO of Acciona Energia) We aim to close transactions signed at the end of 2025, including South Africa and US-Mexico deals, bringing EUR900 million in debt reduction. We plan to close another EUR1 billion in new transactions, being selective with our portfolio, which includes 2.5 gigawatts of capacity in various stages of negotiation.

Q: Why is maintaining the credit rating critical, and what are the consequences of losing it? A: (Jose Manuel Entrecanales Domecq, CEO) Maintaining the rating is important as it improves our cost of capital and liquidity. While not critical, it is a commitment to the market and beneficial for our financial strategy.

Q: What is the sensitivity of Spanish power prices in 2026 EBITDA if prices were to move minus EUR5 a megawatt hour versus your assumption? A: (Arantza Ezpeleta, CEO of Acciona Energia) 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 the MacIntyre project to be 100% commissioned, and have you identified the problem with the blades? A: (Arantza Ezpeleta, CEO of Acciona Energia) MacIntyre is undergoing commissioning, with damage to blades identified as related to transportation. We are working on insurance recovery and repairs, aiming for full commissioning by year-end.

Q: Considering the strong performance of Nordex, should a placement make sense, and are you comfortable with the high exposure? A: (Jose Manuel Entrecanales Domecq, CEO) We are comfortable with Nordex as an integral part of the group. It is not seen as a financial investment but as a core business component. We are committed to maintaining our stake and supporting industrial capacity within the EU.

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

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"Der Windturbinenhersteller geht davon aus, dass die wachsende Nachfrage nach Rechenzentren, die durch KI-getriebene Expansion angetrieben wird, den Nachfrageaufkommen im nordamerikanischen Raum antreiben wird."

Breakdown of the German Translation:

• Der Windturbinenhersteller: The wind-turbine manufacturer
• geht davon aus: anticipates / assumes
• dass: that
• die wachsende Nachfrage nach Rechenzentren: the growing demand for data centers
• die durch KI-getriebene Expansion angetrieben wird: which is driven by AI-driven expansion
• den Nachfrageaufkommen im nordamerikanischen Raum antreiben wird: will drive the demand momentum in North America.

Would you like me to:

• Provide a different translation?
• Adjust the summary to a specific length?

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

Zusammenfassung:

Dieser Text ist eine Einführung zu einem Marktbericht namens "Market Talks", der Finanzdienstleistungen abdeckt. Er hebt eine Analyse großer Banken wie Banco Santander, HSBC und United Overseas Bank hervor.

Alternative, slightly more polished German Translation:

Zusammenfassung:

Dieser Text leitet einen Marktbericht mit dem Titel "Market Talks" ein, der sich mit Finanzdienstleistungen befasst. Er präsentiert Analysen führender Banken, darunter Banco Santander, HSBC und United Overseas Bank.