Acciona closes 2023 with record results across its energy and infrastructure divisions
Acciona finished 2023 with a net profit of €541 million, up 22.6% from the prior year. The year also saw a 52% rise in revenue to €17,021 million, driven by a record backlog in infrastructure projects. Total group revenue reached €17,021 million, and the Infrastructure segment alone earned €7,723 million, an increase of 28.4% that marked a new historical high for that business line, according to data summarized from the company’s reviews and market reports (Acciona investor communications, 2023).
In a formal statement, Acciona explained that the income statement reflects solid growth in the infrastructure activities, the fulfillment of targets announced by Acciona Energía, and the consolidation effects of Nordex and Renomar through global integration. The group achieved majority stakes in both units last year, reinforcing the company’s diversified exposure to energy and engineering services (Corporate communications, 2023).
Nordex, the wind turbine manufacturer in which Acciona holds a 47.08% stake from April 1, 2023, contributed €5,272 million for the nine months of consolidation. This period marked a turning point for the subsidiary, culminating in a positive EBITDA, a milestone highlighted by the company as a sign of lean profitability improving with scale and production efficiency (Nordex group statements, 2023).
Meanwhile, Acciona Energía posted €3,547 million in revenue, a figure described by the company as reflecting the normalization of electricity prices in Spain. Other lines of business—Real Estate, Bestinver, Urban Electric Mobility, Airport Handling, Services, and Acciona Cultura—added a combined €1,216 million, representing a 2.8% year-over-year rise and underscoring the breadth of the group’s activities beyond its core infrastructures projects (Group segment disclosures, 2023).
The EBITDA for the group stood at €1,981 million, a 4.2% decline from the previous year, while Acciona Energía reported EBITDA of €1,285 million in line with the company’s market guidance. The Infrastructure division wrapped a very strong year with an EBITDA of €551 million, up 49.3%, driven by higher production and improved profitability in construction activities, the company noted. These results reflect a disciplined approach to project execution and a focus on value creation across the portfolio (Annual results summary, 2023).
Looking at strategic execution, Acciona described 2023 as a period of growth pursued with strict risk management, profitability, and balance sheet discipline. Net investment cash flow reached €3,327 million, up 66% year over year, with energy invested €2,321 million, Nordex €376 million, Infrastructure €267 million, and Real Estate €205 million. Despite a robust investment pace, the company finished the year with a net financial debt of €6,551 million, translating to a net debt/EBITDA ratio of 3.31x, within the company’s target range and below the previously guided ceiling of around four times. This outcome demonstrates the firm’s capacity to fund expansion while maintaining financial resilience (Financial strategy and liquidity notes, 2023).
The year’s performance underscores Acciona’s integrated model, where growth in infrastructure and energy complements ongoing development in related services and real estate activities. The company’s broad portfolio positions it to benefit from rising demand in renewable energy, large-scale construction, and related infrastructure services, even as it navigates the pressures of inflation, project risk, and regulatory environments across its international operations (Market commentary, 2023).
Overall, the 2023 results highlight a company in transition, leveraging capital discipline and a diversified asset base to capture opportunities in sustainable infrastructure and clean energy. As Acciona continues to integrate Nordex and Renomar, the group is positioned to improve margins and scale, aligning with long-term growth strategies announced to investors and markets (Strategic update, 2023–2024).