RBC downgrades Acciona Energia on weak balance sheet driving earnings risk

Corporacion Acciona Energias Renovables SA

20/01/2026 07:45

** RBC cuts Spanish renewable energy firm Acciona Energia to "underperform" from "outperform", cuts target price by c. 13% to 20 euros

** The brokerage highlights weaker wind resources, delays in asset commissioning, and slower-than-expected proceeds from asset rotation as factors increasing earnings risks for the company

** It says that meeting Fitch's credit rating requirements would require 2 billion euros in additional asset sales and significantly reduced capital expenditures, which could eliminate earnings growth through 2028

** RBC projects 2026–2028 EPS to be over 30% below consensus, warning of further downside risk if asset rotation fails to deliver expected gains

** "We believe a significant reduction of guidance in 2026 EBITDA is likely and of growth going forward announced in the FY25 results," RBC says

** Out of 23 analysts, eight rate the stock "strong buy" or "buy",​ 12 rate the stock "hold" and three "sell" - LSEG data

 (Reporting by Mireia Merino)

 ((Mireia.merino@thomsonreuters.com))