Acciona Sa (ACXIF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the presentation of Accionas and Accion Energias' first half results of 2025. I will begin with a brief overview of our performance in our renewable energy subsidiary, Accionergia, and then move on to the rest of the businesses and the consolidated results. As a brief introduction, let me say that despite recent significant opposition, global climate action has finally gained irreversible momentum. Although progress is probably not as fast as it should be, The transformation is underway, and for the first time we're seeing hard evidence that the global emissions curve is starting to bend. If current trends hold, 2025 may be remembered as the first year of decline in global greenhouse emissions, mostly driven by major economies like Europe. and China implementing structural emission reductions through the growth of clean energy mainly. Renewable energy is not only the cleanest, but the cheapest, about 30 to 60 percent cheaper, most flexible, most scalable, most independent, and quickest option to implement. In fact, in the past year, 90% of global capacity installed came from renewable sources. But more so, this transformation could be exponentially accelerated by a surge of new cheap battery storage capacity. Admittedly, in the short term, the uncertainty and volatility triggered by import tariffs imposed by the U.S. administration led Acción Energía to temporarily put on hold some of its near-term growth plans in the U.S., which namely were the construction of two storage projects in Texas. As challenges arise, They demand flexibility and the ability to adapt. We are being particularly prudent in the current environment with respect to short-term CAPEX commitments, although remain upbeat about the outlook for the re...