ACCIONA delivered first-half results in line with its expectations for 2026 and reaffirmed its full-year targets, thanks to the strong performance of its Infrastructure division and Nordex, together with better-than-expected energy prices in international markets. The Group increased total revenues to €10.14 billion (+9.9%) in the first half of the year, reflecting the positive operational performance of its businesses. The asset rotation program –which includes two disposals completed in July for total proceeds of €498 million– will be reflected in the income statement in the second half of the year.

Gross operating profit (EBITDA) stood at €1.15 billion (-25.9% on a reported basis, +3.6% from operations), reflecting the absence of gains from asset rotation, compared with €443 million in the same period in 2025.

As a result, attributable net profit for the first half of the year was €83 million, compared to €526 million in the same period last year.

Following the close of the period, the company completed the sale of 64MW of hydropower in Spain to White Summit Capital on 2 July, for €66 million (€55 million in capital gains). On 27 July, it closed the sale of 361MW of wind power, also in Spain, to Galp New Energies, for €432 million (€255 million in capital gains). ACCIONA continues to work on additional and alternative transactions well in excess of those required to meet its targets for the year.

As a result of strong operational performance and the progress of its energy asset rotation program, ACCIONA maintains its 2026 targets: EBITDA of between €2.8 billion and €3.1 billion, net investments of up to a maximum of €2.5 billion, and a net debt ratio of less than three times EBITDA.

The company's strategy has also been supported by the credit rating agencies. DBRS reaffirmed ACCIONA's BBB (low) rating with a Stable outlook, while JCR maintained its BBB+ rating with a Stable outlook, maintaining the company's investment-grade status.

BY BUSINESS

ACCIONA Energía closed the first half of 2026 in line with expectations for the full year, despite the geopolitical volatility. Captured electricity prices in international markets (€52.6/MWh) exceeded expectations. Total clean energy production rose to 14,051GWh (+3.2%).

Revenue totaled €1.29 billion (-12.3%) and EBITDA was €388 million (-57.3%), reflecting the absence of asset sales during the first half of the year.

Operationally, the company added 245MW of new capacity during the period, in line with its plan to install approximately 0.7GW over the full year.

Total installed capacity reached 14,699MW. During the first half, the company added 178MW in Peru, 35MW in Spain, 20MW in the Dominican Republic and 12MW in the Philippines.

As of June 30, 2026, capacity under construction stood at 763MW, including the 200MW Malgarida battery project in Chile, the 190MW Promina solar PV plant in Croatia, the 100MW Zen and 94MW Bergriver wind farms in South Africa, the 90MW AC8 wind farm in Thailand and the 89MW Kalayaan II wind farm in the Philippines.

Infrastructure reported revenue of €4.48 billion (+12.2%) and EBITDA of €384 million (+12.0%), with an EBITDA margin stable at 8.6% of sales. Revenue growth was particularly strong in Australia, the United States, Canada, Spain, Brazil, Morocco and Qatar.

The Group's concessions portfolio comprises 80 projects across 12 countries that are either under construction or in operation. Based on ACCIONA's ownership interest in each project, the portfolio is expected to generate €136.05 billion (+40.4% during the first half of the year) in future revenue over the next 49 years.

Once operational, the assets in this portfolio –including projects with preferred bidder status as of June 30, 2026– will generate €61.04 billion in dividends and capital distributions for ACCIONA.

A key development during the first half was the addition of the Pernambuco water distribution concession in Brazil, a 35-year contract that adds approximately €36 billion to the concessions portfolio.

In addition to concession assets, ACCIONA has a Design and Construction (D&C) and Operation and Maintenance (O&M) portfolio –covering both transport infrastructure and water projects– of €22.43 billion (-1.1% during the first half of the year) as of June 30.

Nordex maintained its positive trajectory, reporting EBITDA of €354 million (+88.8%), almost double that of a year earlier, and a record order backlog of €18.39 billion (+28.3%). The wind turbine manufacturer received orders for 4,923MW (+9.6%) during the first half of the year and made progress in its expansion in the United States, where it was awarded nearly 800MW. The company installed 438 wind turbines in 18 countries during the period, with a total capacity of 2,323MW.

Within Other activities, the Real Estate business performed well, with revenue increasing to €131 million (+55.9%) and EBITDA to €8 million (+74.0%). Bestinver also increased revenue to €62 million (+7.7%) and EBITDA to €29 million (+14.2%), thanks to growth in assets under management which reached €8.31 billion (+8.5% during the first half of the year). Silence, ACCIONA's electric vehicle manufacturer, sold 3,191 units (+85%) between motorcycles and cars in the first six months of 2026, maintaining its leading position in Spain in the electric scooter market (42.6%). The S04 also remained the best-selling model in the electric microcar segment.

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