In This Article:
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Revenue: EUR3 billion, a decline of 14% due to lower power prices.
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EBITDA: EUR1,123 million, a decrease of 13%.
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Net Profit: EUR357 million, down 32%.
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Net Debt: EUR4.1 billion, expected to be closer to EUR3.5 billion post-Endesa transaction.
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New Capacity Additions: 2 gigawatts added in 2024.
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Asset Rotation Proceeds: EUR1.3 billion achieved, targeting EUR3 billion for 2024-2025.
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EBITDA from Operations: EUR1.05 billion.
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EBITDA from Asset Rotation: EUR73 million.
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Generation Revenues: EUR1.6 billion, down 12%.
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Average Captured Price: EUR68.7 per megawatt hour, a decline of 20%.
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Consolidated Production: 23.8 terawatt hours, an increase of 11%.
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Investment Cash Flow: EUR1.2 billion net of proceeds from asset rotation.
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Dividend and Buyback Program: EUR0.4 billion distributed.
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Investment Grade Rating: Maintained at BBB-minus by Fitch and BBB-middle by DBRS.
Release Date: February 28, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Corporacion Acciona Energias Renovables SA (STU:5BP) achieved a record EUR2.5 billion in revenue for 2024, with significant contributions from the infrastructure segment and Nordex.
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The company added 2 gigawatts of new capacity in 2024, surpassing its target of 1.7 gigawatts, marking a peak in its growth cycle.
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The energy asset rotation strategy was successful, generating EUR1.3 billion in proceeds at attractive valuations.
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Despite challenging market conditions in Spain, the company maintained its credit rating and avoided tax overruns or write-offs.
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Nordex showed a remarkable recovery with a 20% growth in its order book and improved profit margins, contributing positively to the company's overall performance.
Negative Points
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The company faced a challenging market environment in Spain, which led to a revision of its EBITDA expectations.
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There were historically low prices and curtailments in the renewable energy market, particularly at the beginning of the year.
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The company's net debt stood at EUR4.1 billion, indicating a high level of leverage.
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The average captured price for electricity declined by 20% to EUR68.7 per megawatt hour, impacting generation revenues.
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The company had to moderate its CapEx for 2024-2025 by EUR500 million to reduce balance sheet pressure.
Q & A Highlights
Q: What is the company's stance on minority buyouts and equity swaps given the low trading levels of ACCIONA Energia? A: Jose Manuel Entrecanales Domecq, Executive Chairman of the Board, CEO, stated that while the current trading levels are disappointing, the company believes in its solid future and strategic consolidation. They are keeping options open, including the possibility of buying back their own stock due to its undervaluation. However, no significant changes are planned in the short run.