Acciona & Acciona Energia: All options reportedly being considered; yet we do not see any clear direction

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Acciona & Acciona Energia: All options reportedly being considered; yet we do not see any clear direction

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Acciona & Acciona Energia

All options reportedly being considered;

yet we do not see any clear direction

Merger Acquisition Divestiture

Acciona Energia: all options potentially being considered 11 May 2026

Unconfirmed press reports surfaced again today that Acciona was considering a take-out

of renewable subsidiary Acciona Energia, already owned at 91%. According to the article, Equity

Pan EuropeAcciona has hired banks to analyse options, which could include the entry of an anchor

Utilitiesshareholder, and the full divestment of the company. At current market prices and

assuming a customary 30% take-out premium, a <€1bn bill would increase leverage Alexandre Braunshausen, CFA >>

between 0-0.3x and dilute earnings by 0-5%, depending on the structure in a takeout Research Analyst

MLI (UK)

scenario as envisioned in the article. alexandre.braunshausen@bofa.com

… including sticking to the status-quo in terms of structure AlexanderResearch AnalystJones, CFA >>

However, the company could decide not to go ahead with any change in structure. This alexander.jones2@bofa.com

debate is nothing new, and Acciona Energia shares have already recovered from the Peter Bisztyga >>

<€15 lows reached in early 2025, closer to the 2021 IPO price of €26.7. Management Research Analyst MLI (UK)

has commented on undervalued shares in the past and the parent group did increase peter.bisztyga@bofa.com

ownership already from 83% two years ago, whilst continuing to make efforts to get the Marcin Wojtal >>

company’s pipeline back on track. We hold an Underperform rating on Acciona Energia. Research Analyst MLI (UK)

marcin.wojtal@bofa.com