Corporación Acciona Energías Renovables, S.A. (CRPAY) Q2 2026 Earnings Call Transcript
Jose Domecq
Executive Chairman, CEO & MD
Good morning, ladies and gentlemen, and welcome to the First Half 2026 Results Presentation for ACCIONA Energía.
Before turning into the numbers and specific data on the company, let me frame them within the forces shaping our industry today, the infrastructure investment cycle and within it, energy, one of its greatest exponents. Infrastructure is being redefined. Beyond power and transport, it now encompasses the digital and industrial ecosystems that underpin global productivity. And it has become a matter of national and economic security. Two structural forces drive this cycle, a new era of geopolitics in which countries compete to secure their economies and their supply chains and the technological explosion, artificial intelligence, electrification, digitalization set to raise global electricity demand by at least 40% over the coming decade.
With public debt elevated and rates structurally higher, governments cannot build alone. Meeting global infrastructure needs will require more than EUR 106 trillion of investment by 2040, making private capital not complementary, but essential. And private capital is responding because infrastructure offers what investors most value in this regime, high expected returns, lower volatility and decades of durable inflation-linked cash flow.
The constraint is not demand, and it is not capital. It is the scarcity of bankable execution-ready projects and the ability of companies to deliver these projects as integrated systems rather than isolated assets. That is precisely the ground on which ACCIONA has built its model. Nowhere in this more visible — nowhere is more visible than in energy as in renewable energy is no longer an alternative is an
