Acciona 2024 results show record turnover, overall business division improvements

Infrastructure and renewable energy company Acciona, (Alcobendas, Spain) has shared its 2024 financial results. The company closed the year out with a net profit of €422 million (-22%), record revenues of €19.19 billion (+12.7%) and gross operating profit (EBITDA) of €2.45 billion (+24%), achieving its targets for the year.

For comparative purposes, 2023 accounts included a nonrecurring positive impact derived mainly from a change in the consolidation method of Nordex, a manufacturer of wind turbines, and wind farms operator Renomar.

The group’s results for 2024 reflect the robust evolution of margins in both Infrastructure (9.4%, +2.3pp) and Nordex (4.1%, +4.1pp), as well as a strong pace of renewable capacity installation (2-plus gigawatts) and a solid improvement in electricity prices in Spain during the second half of the year, despite prices falling by 29.5% on an annual basis.

In addition, in line with its previously announced asset rotation plan, in 2024 Acciona Energía sold 801 megawatts of hydroelectric assets for around €1.3 billion, of which almost €300 million were sold (175 megawatts to Elawan) and an additional approximately €1 billion sold at the time of this announcement (623 megawatts to Endesa).

Infrastructure revenue recorded a turnover of €8.15 billion (+5.5%), a new all-time high. Nordex contributed total sales of €7.3 billion, (+38.4%). Acciona Energía recorded €3.05 billion (-14.1%). The company’s remaining activities (Real Estate, Bestinver, Urban Electric Mobility, Airport Handling, Services and Acciona Cultura) generated a total of €1.47 billion (+20.7%). 

During 2024, Acciona says it maintained a solid growth strategy — combined with strong discipline in risk, profitability and balance sheet management — which is reflected in a net investment flow of €2.4 billion (-27.8%). Of this, Acciona Energía invested €1.54 billion; Infrastructure €898 million; and Nordex €159 million, while the areas grouped under Other Activities invested €184 million. The company carried out divestments during the year worth €314 million. In addition, €65 million of cash was generated in Real Estate activity. 

Acciona Energía

Acciona Energía achieved an attributable net profit of €357 million (-31.9%) in 2024. Its turnover amounted to €3.05 billion (-14.1%) Of its total revenues, €1.64 billion correspond to the wholesale generation business and €1.41 billion to marketing activity. This market’s EBITDA for the year was €1.12 billion (-12.6%), comfortably meeting its EBITDA target of €1 billion.

In 2024, Acciona Energía added 2 gigawatts of new capacity, mainly due to the development of its own portfolio in countries such as Australia, India, Canada, the U.S., Spain and Croatia, as well as a one-off acquisition of 297 megawatts of wind power from the Green Pastures complex in Texas. Total installed capacity amounts to 15.35 gigawatts. The company says 62.75% of its renewable energy fleet is located outside Spain. 

Infrastructure

Acciona’s Infrastructure division posted revenues of €8.15 billion (+5.5%) in 2024, a record figure for the company. Australia and Southeast Asia (35%) contributed the highest percentage of revenues, followed by Latin America (22%), Spain (20%), Europe, the Middle East and Africa (17%), and North America (6%).

The business unit closed the year with EBITDA of €762 million (+38.4%) and a margin of 9.4% (+2.3pp), mainly driven by the improvement in profitability in Construction and Concessions activities.

In 2024, the company won new awards, including the I-10 interstate highway Calcasieu Bridge in Louisiana (U.S.); the first batch of tunnels of the Suburban Rail Loop East project, in Melbourne (Australia); Alkimos desalination plants in Perth (Australia) and Ras Laffan 2 (Qatar); and the Peripheral Road Ring of Lima (Peru). In addition, as of Dec. 31, 2024, the group had contracts pending signature for €5.58 billion — including the Express Lane SR400 highway in Georgia (U.S.) and the Central West Orana Renewable Energy Zones (REZ) in New South Wales (Australia).

Total aggregate infrastructure backlog once again broke its all-time record and increased to €53.84 billion (+58.1%), with almost 90% outside Spain. 

Within the Infrastructure division, Acciona’s Construction unit recorded revenues of €6.68 billion (+6%) with EBITDA of €472 million (+27.4%). In this business area, the construction of Line 6 of the Sao Paulo Metro (Brazil), the Western Harbor Tunnel in Sydney (Australia), the Collahuasi desalination plant (Chile), electricity transmission lines in Peru, works at the Palma de Mallorca airport and data centers in Spain stand out as ongoing projects. 

Nordex

Nordex consolidated last year a change of operational and financial direction that began in 2023. Its turnover reached €7.3 billion (+12.5%), driven by higher levels of activity, higher sales price per installation and growth in sales in the services segment. Nordex’s contribution to Acciona’s EBITDA was €470 million (+302%).

Its total backlog reached €12.78 billion (+21.3%). Of this figure, €7.8 billion (+12.9%) correspond to projects and €4.97 billion (+37.2%) to services. 

Turbine orders in 2024 amounted to 8,336 megawatts (+13.3%), representing €7.46 billion (+20.1%) of revenues in 24 countries, principally Germany, Turkey, Spain, Canada and South Africa. 

Advances in environmental, social and governance (ESG)

Acciona notes that it also made significant progress during 2024 in its primary ESG indicators. Its share of CAPEX aligned with the European taxonomy of sustainable activities increased slightly to 99.6% (+0.6pp). As a group, Acciona avoided the emission of 14.3 million tonnes of CO_₂ in 2024 (+5.1%). Efficiency of operations — in terms of tonnes of CO_₂ — emitted per million euros of turnover improved by 8.7%.

For more information about Acciona’s other activities, as well on income, balance sheet and capital expenditure and more, visit Acciona’s website.