Acciona Sa (ACXIF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to the ACCIONA's 2025 results presentation. Let me first introduce my colleagues on the table. To my left, Arantxa Espeleta, CEO of ACCIONA Energía. To her left, Raimundo Fernández Cuesta, Chief Financial Sustainability Officer at ACCIONA Energía. To my right, Jose Angel Tejero, Chief Operating Officer at ACCIONA. And to his right, Jose Entrecanales, CFSO, Chief Finance and Sustainability Officer of ACCIONA. Before reviewing the performance of each division, let me briefly frame the environment in which we're operating. It is a volatile and fragmented context with shifting trade dynamics and technological anxiety. Governments continue to prioritize energy security, climate adaptation, and investment in critical infrastructure, which translate into a stronger, more investable pipeline across a core business. Infrastructure, including energy, of course, is no longer about development, only about development. It has become a cornerstone of competitiveness and resilience. Energy security, cost, and availability are the main constraints to industrial and technological development, while water and transport are critical in helping societies withstand climate-related disruptions and sustain growth. This is not a cyclical rebound but a structural shift. rapid urbanization accelerating electrification digitalization and the renewal renewal of aging assets are converting are converging into what may be described as a global infrastructure super cycle estimates suggest that closing the global infrastructure gap will require several trillion dollars per year through 2040 across our main strategic segments, energy, transport, water and social infrastructure. At the same time, public budgets are constrained while private capital continue...