ACCIONA has begun 2024 progressing well towards its objective of installing 1.7 GW of new renewable energy capacity for the second year in a row, and achieving strong performance in Infrastructure, in terms of activity, profitability and backlog. It is worth highlighting the very positive contribution from Nordex, which generated in Q1 2024 an EBITDA margin in line with expectations for the full year. Meanwhile, both Bestinver's Assets Under Management (AUM) and the Gross Asset Value (GAV) of the property portfolio increased compared to December 2023. Also, ACCIONA has continued to make headway with its asset rotation plan, which will allow the Group to grow profitably while maintaining a sound financial position.
ACCIONA Energía performance in the first quarter was defined by operational and regulatory stability, rising output thanks to the new capacity installed/consolidated and improved hydro resource in Spain, the atypical behaviour of pool prices in Spain, which was due to a combination of extreme weather conditions (high wind and very high hydro resource), and stable demand due to mild winter temperatures. However, the captured prices that ACCIONA Energía was able to achieve were significantly above market thanks to extensive short- and long-term hedges. However, the trend has changed in recent weeks, and futures prices have recovered significantly compared to the level in the first quarter.
Levels of activity and profitability in the Infrastructure business continued the positive trend of recent years, driven by the strong performance of the Construction business in Australia & Latin America. Some of the largest contracts currently under construction in these geographies are the Western Harbour Tunnel and the North East Link, both in Australia, or Line 6 of Sao Paulo metro in Brazil.
Infrastructure backlog stands at €24,910 million at 31 March 2024, an increase of 1.6% versus December 2023. Including orders for projects consolidated using the equity method, the aggregate Infrastructure backlog reached €34,351 million at the end of Q1 2024, 0.9% more than 31 December 2023. Key contracts awarded in the first quarter include the first lot of tunnels for the Suburban Rail Loop East project in Melbourne, and a new package under the Sydney Southern Program Alliance.
The Group continues increasing its presence in concession projects. The accumulated equity invested in transport and social infrastructure projects, transmission lines and water assets reached €462 million at 31 March 2024, with commitments for additional contributions of €1.1bn between 2024 and 2032. This portfolio is estimated to generate ~€14.7bn in dividends and capital distributions for ACCIONA.
Nordex enjoyed a strong start to the year: order intake increased by more than 100% compared to Q1 2023 to reach a total of 2,086 MW, while revenues rose 29.3% to €1,574 million over the first quarter and the Q1 EBITDA margin grew to 3.3% vs -9.4% in the opening three months of 2023. Nordex has maintained its guidance of 2-4% EBITDA margin for the year as a whole.
The Property Development division delivered 82 residential units in Q1 2024, significantly more than in the first quarter of 2023, and presold 87 units. As a result, the pre-sales backlog at 31 March 2024 stood at 1,398 units, largely unchanged versus 31 December 2023, worth €516 million (at an average sale price of €369,000). The Gross Asset Value (GAV) of ACCIONA's property portfolio was €1,871 million at 31 March 2024, 3.7% more than at 31 December 2023.
Bestinver's Assets Under Management totalled €6,445 million at 31 March 2024, having risen by €526 million over the course of the first quarter. This growth was mainly driven by performance. Meanwhile, Average Assets Under Management grew by 11% to €6,090 million in Q1 2024, compared to €5,468 in Q1 2023.
ACCIONA's overall net Investment cash flow in the first three months of the year amounted to ~€1,000 million. ACCIONA Energía invested ~€480 million vs €1,000 million in Q1 2023, while Infrastructure invested a further €500 million, Nordex €50 million and Other Activities €40 million. In Infrastructure, it is worth highlighting the investment in a Waste-to-Energy plant in Australia (Kwinana) following an agreement with Macquarie Capital and Dutch Infrastructure Fund. ACCIONA will finish construction of the plant, which is scheduled for completion in late 2024, and will then operate it indefinitely. Accordingly, ACCIONA has included this asset in its long-term projects' portfolio.
As part of its financing operations, in February 2024, ACCIONA became the first Spanish company to conclude a samurai loan in Japan (i.e. a yen-denominated cross-border loan raised in the Japanese market by an international issuer). This ¥45,000 million (€280 million) green financing issue was structured in two tranches maturing at three and five years, respectively. The average cost of financing in the first quarter was 4.60% (average cost of 4.37% for corporate debt and 8.29% for project financing). ACCIONA has almost 50% of its debt at variable rates, which will allow the Company to benefit from the shifts in central banks' monetary policies expected in the second half of the current year. The majority of maturities in 2024 relate to commercial paper. ACCIONA maintains a high level of liquidity, including cash, cash equivalents and available facilities, amounting to some €6,000 million at 31 March 2024.
Outlook for 2024: - Given current energy price forecasts and lower than expected electricity output so far this year, the expectation for ACCIONA's EBITDA growth at the consolidated level versus 2023 is lower than the Outlook communicated to the market at the end of February. ACCIONA maintains its expectation of net investment of around €2.5 billion and a financial leverage in terms of Net Debt/EBITDA of around 3.5x.
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