Acciona reduces annual profit by 22% despite achieving record sales

Acciona's accounting changes in 2023 have somewhat overshadowed its impressive financial performance last year. The group's net profit of 422 million euros represents a 22% decline compared to the previous year. However, sales in 2024 reached a record high of nearly 19.2 billion euros, despite challenging conditions for its increasingly significant energy business.

In accounting terms, the 2023 results included a non-recurring positive impact primarily from the change in consolidation method of its wind turbine manufacturer, Nordex, and also from Renomar, an operator of wind farms in the Valencian Community. These changes enhanced its annual results at the time, benefiting its stock market performance, although the opposite might occur, albeit only in the short term.

Nevertheless, the annual accounts of the group, chaired by José Manuel Entrecanales, achieved a record turnover of 19.19 billion euros last year, 12.7% higher, even in an environment of lower electricity prices, as well as a gross operating profit (Ebitda) of 2.455 billion, 24% more than in 2023. The results also show an improvement in profit margins, both in its Infrastructure area (9.4%) and in Nordex (4.1%), as well as a renewable capacity installation rate of 2 GW throughout the year in Energy, reports Europa Press.

Breaking down the annual figures by area, Infrastructure recorded a turnover of 8.146 billion, a 5.5% increase, marking a new historical high for the division, as well as a record order book of 53.843 billion euros, 51.8% higher, while Nordex contributed total sales of 7.299 billion, a 38.4% increase.

Meanwhile, Acciona Energy generated 3.048 billion, a 14.1% decrease, affected by energy prices, a decline that also impacted its profit, which was 357 million, 32% lower, with an average energy price of 68.7 euros/MWh, 20% less than the previous year.

The rest of the activities (Real Estate, Bestinver, Urban Electric Mobility, Airport Handling, Services, and Acciona Culture) generated a total of 1.468 billion, a 20.7% increase. Notably, 1,119 homes were delivered, a 55% increase, or the 6.791 billion under management at Bestinver.

Financially, Acciona ended the year with a net financial debt of 7.128 billion, representing a ratio to Ebitda of 2.9 times, reduced from 3.31 times the previous year.