Acciona trims earnings outlook, shares slide

Shares in Spain’s Acciona fell sharply on Friday, after the energy and construction conglomerate’s first-quarter update disappointed.

The firm said it had begun 2024 "progressing well" towards its objective of installing 1.7GW of new renewable energy capacity as well as achieving a strong performance in its infrastructure division.

However, average energy prices in the three months to 31 March were 29.3% lower than the same period a year previously, at €57.50 per megawatt hour.

As a result, Acciona warned that based on current forecast energy prices, annual core earnings before interest, tax, depreciation and amortisation were now expected to grow by less than previously forecast.

Acciona had in February forecast double-digit growth this year.

As at 1130 BST, the Spain-listed stock had lost 9%.

Acciona said prices in its domestic market had "behaved atypically", with high renewable production, especially in hydroelectric, but weaker demand due to mild temperatures.

Last year Acciona posted EBITDA of €1.98bn on revenues of €17.02bn.