ACCIONA posts €541 million net profit in 2023


acciona, Acciona Energia, Nordex, Renomar,


ACCIONA closes 2023 with a net profit of €541m, the achievement of targets announced by ACCIONA Energía and the impact of the full consolidation of Nordex and Renomar.

ACCIONA posted a net profit of €541 million (+22.6%) in 2023. The company’s full-year results reflect a good performance in its Infrastructure division, the successful achievement of targets as previously announced by ACCIONA Energía and the impact of the full consolidation of Nordex and Renomar, in which the group acquired majority stakes last year.

Total revenues during the period reached €17.02 billion (+52%). The Infrastructure business unit had a turnover of €7.72 billion (+28.4%), a new all-time high. Nordex – the wind turbine manufacturer in which ACCIONA has held a 47.08% stake since April 1st, 2023 – contributed €5.27 billion, corresponding to the nine months of consolidation, in a year that marks a major turning point for the subsidiary as it contributed a positive gross operating profit.

ACCIONA Energía‘s turnover was €3.55 billion, reflecting the normalization of electricity prices in Spain. The rest of ACCIONA’s business activities (Real Estate, Bestinver, Urban Electric Mobility, Airport Handling, Services and ACCIONA Cultura) generated a total of €1.22 billion (+2.8%).

ACCIONA’s gross operating profit (EBITDA) was €1.98 billion (-4.2%). ACCIONA Energía recorded EBITDA of €1.29 billion, in line with its forecast. The Infrastructure division had a strong year with gross operating profit of €551 million (+49.3%), driven by higher production and improved profitability in the construction business.

During 2023, ACCIONA maintained a solid growth strategy – combined with strong discipline in risk, profitability and balance sheet management – which is reflected in a net investment cashflow of €3.33 billion (+66%). Of this total, ACCIONA Energía invested €2.32 billion; Nordex, €376 million; Infrastructure, €267 million; and Real Estate, €205 million.

At year-end, ACCIONA’s net financial debt stood at €6.55 billion, which represents a net debt/EBITDA ratio of 3.31 times – within the company’s guidance of 4 times – despite the high pace of investment.


ACCIONA Energía posted a net profit of €524 million in 2023. Of its total revenues (€3.55 billion), €1.85 billion relates to its wholesale generation business, distributed between Spain (€1.11 billion) and the rest of the countries in which it operates (€746 million), mainly Mexico (€277 million), Chile (€248 million) and the US (€130 million). The remaining €1.7 billion of the company’s total revenues came from the clean energy trading business for companies in Spain and Portugal.

ACCIONA Energía’s EBITDA for the year (€1.29 billion) is in the high range of the company’s guidance. It reflects the gradual normalization of electricity prices in 2023 – mainly in Spain – although they remain higher than expected before the 2022 energy crisis associated with the start of the war in Ukraine. The average generation price obtained in 2023 by ACCIONA Energía was €86.4/MWh.

In 2023, ACCIONA Energía installed 1.7GW of new capacity, which represents triple its average growth from previous years, thanks to net investment cashflow of €2.32 billion. As of December 31st, 2023, total installed capacity was 13.52GW and 56.8% of the company’s renewable energy fleet was located outside Spain.

ACCIONA Energía’s total clean electricity production grew to 24,894GWh thanks to the new assets commissioned.

ACCIONA Energía had 1.58GW under construction at the end of the year, mainly in Australia (MacIntyre and Aldoga), North America (Forty Mile and Red-Tailed Hawk) and the Dominican Republic (Cotoperí).

In 2023, the company increased its stake in Renomar, a company that owns 494MW of wind power in Spain, from 50% to 75%.


ACCIONA’s Infrastructure division achieved a record turnover of €7.72 billion (+28.4%) in 2023. By country, Australia (34%) contributed the highest percentage of revenue, followed by Spain (17.2%), although countries such as Brazil (7.4%), Poland (5.4%), Canada (5.3%), Chile (5.1%) and Saudi Arabia (4.7%) significantly grew their contribution.

The Infrastructure division’s EBITDA was €551 million (+49.3%) for the year with a margin of 7.1% (+1pp), driven by improved profitability in the Construction business.

In 2023, the company won new contracts amounting to €9.41 billion, including the Humelink transmission line in New South Wales (Australia), the construction of a new section of the M80 ring road in Melbourne and the L’Eau de Mer desalination plant in Casablanca (Morocco).

The total aggregate Infrastructure portfolio again reached an all-time high, increasing to €34.05 billion (+12%).

Australia and Southeast Asia account for 33% of the Infrastructure portfolio, followed by Latin America (27%), Spain (20%), the rest of Europe, Africa and the Middle East (17%) and North America (3%).

In addition, at the end of the year, the Infrastructure division had pre-awarded contracts for a total of €4.6 billion; among them, the Central West Orana power transmission line and Alkimos desalination plant – both in Australia – and the Calcasieu bridge on the I-10 highway in Louisiana (US).

Within the Infrastructure division, the Construction business recorded revenues of €6.3 billion (+38.2%) with EBITDA of €370 million (+63%). Notable ongoing projects include the construction of Line 6 of the São Paulo Metro, Sydney Metro West and Western Sydney Harbour Tunnel.

The Concessions business recorded revenues of €50 million (-3.8%) and solid EBITDA growth to €67 million (+80.8%), with Line 6 of the São Paulo Metro and Fargo-Moorhead Canal (US) as its main projects under construction.

The Water business had a turnover of €1.21 billion (-4.6%) with EBITDA of €95 million (+6.8%), due to the greater weight of services and operation and maintenance in Mexico and Qatar. Water maintains a strong presence in the Middle East (Saudi Arabia and Qatar), accounting for 44% of its revenues.

Urban Services and Environment recorded a turnover of €165 million (+11.6%) and EBITDA of €18 million (+18.2%).


Nordex, which is consolidated into the group’s results as of April 1st, 2023, recorded a total turnover of €6.49 billion (+14%), with EBITDA of €2 million (+100.8%).

The subsidiary’s total backlog reached €10.54 billion (+7.6%), of which €6.91 billion (+5.8%) correspond to projects and €3.63 billion (+11.4%) to services.

Turbine orders in 2023 amounted to 7,358MW (+16.3%), representing revenues of €6.21 billion (+16.2%) across 25 countries, mainly Germany, Turkey, Spain and Sweden.

The company installed a total of 7,253MW (+38.9%) during the year. 


The Real Estate division achieved total revenues of €193 million (-21.9%), with 720 homes delivered during the year (+17%), but with a lower average sales price due to the greater weight of Poland in the total number of homes delivered. The pre-sale backlog amounted to 1,393 units. The Gross Asset Value (GAV) of ACCIONA’s real estate portfolio stood at €1.81 billion (+17%).

Bestinver recorded a turnover of €96 million (-4.9%) and EBITDA of €36 million (-23%). Assets under management as of December 31st, 2023 stood at €5.92 billion (+15.7%). The fund manager’s two benchmark equity funds (Bestinfond and Bestinver Internacional) generated a return of +25% in 2023.

In the “Corporation and Others” section, total turnover reached €927 million (+11.1%), driven by the growth in sales of ACCIONA Cultura (+50%) – especially in events – and Airports (+28.7%). Silence sold 9,178 units (-28.4%), affected by a general decline in the European electric vehicle market.


ACCIONA and ACCIONA Energía continue to stand out as global leaders in climate strategy, the provision of solutions with regenerative infrastructures and the generation of clean electricity.

ACCIONA’s capex remained 99% (+1pp) aligned with the European Union’s taxonomy of sustainable activities during the year. In the case of ACCIONA Energía, the alignment with the European taxonomy is 100%.

As a group, ACCIONA avoided emissions of 13.6 million tonnes of CO₂ in 2023 (+3.1%). Women hold 22.64% of managerial and executive positions (+0.45pp). In terms of governance, 38.46% of the members of ACCIONA’s Board of Directors are women. The percentage in ACCIONA Energía remains at 45%, exceeding the recommendation established in the Code of Good Governance of Listed Companies (40%).

Both companies have reaffirmed their leadership in sustainability by remaining in the Top 5% of S&P’s 2024 Sustainability Yearbook, in which the credit rating agency compiles the companies with the best scores in the S&P Global ESG Score ranking.


Attributable net profit54144122.6%


Attributable Equity5,0094,8852.5%
Net financial debt (excluding IFRS16)5,7404,74221.0%
Net financial debt6,5515,25324.7%


Total capacity (MW)13,52311,82614.3%
Consolidated capacity (MW)12,1319,88422.7%
Total production (GWh)24,89423,9104.1%
Consolidated production (GWh)21,43319,6579.0%
Average price (€/MWh)86.4114.0-24.2%
Infrastructure backlog (€m)24,50822,02011.3%
Project backlog (Construction & Water) (€m)17,51416,3147.4%
Water O&M backlog (€m)4,4784,1936.8%
NORDEXFY 2023FY 2022CHG.(%)
Order intake turbine (€m)6,2115,34416.2%
Average selling price – order intake (ASP) (€m/MW)0.840.84-0.1%
Installations (MW)7,2535,22138.9%


(MILLION EURO)FY 2023FY 2022CHG. (€M)CHG.(%)
Generation Spain1,1051,555-450-28.9%
Generation International746685618.9%
Intragroup adjust., Supply & Other1,6962,111-414-19.6%
Generation Spain7491,272-523-41.1%
Generation International55043611426.2%
Intragroup adjust., Supply & Other-14-5541-74.7%
Generation Margin (%)70.2%76.2%
Margin (%)21.9%24.3%
Attributable Net Profit524759-235-30.9%


Net financial debt3,7262,02184.3%
Net financial debt /EBITDA2.90x1.22x1.68x


Total capacity (MW)13,52311,82614.3%
Consolidated capacity (MW)12,1319,88422.7%
Total production (GWh)24,89423,9104.1%
Consolidation production (GWh)21,43319,6579.0%
Supply volumes Spain & Portugal (GWh)10,5519,14415.4%
Average Load Factor (%)26.5%27.0%-0.5pp
Production contracted (%)73.5%78.4%-4.9pp
Average residual contracted life (years)(*)67-6.9%
Average age of assets – ex-hydro (years)1112-6.2%
Average price (€/MWh)86.4114.0-24.2%
EBITDA Generation margin (%)70.2%76.2%-6.0pp
Availability (%)95.7%94.1%+1.5pp

Source: © ACCIONA 2024

Image Source: © ACCIONA 2024

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