The company and its headquarters
Elecnor, S.A. is the Spanish listed parent of the Elecnor Group, with tax identification number A48027056. Its registered office is at Marqués de Mondéjar, 33, Madrid. The corporate headquarters identified in the integrated report is at Arturo Soria, 343, also in Madrid: these addresses perform different functions.
This profile covers the consolidated group. Elecnor Servicios y Proyectos, S.A.U., which houses a substantial part of its operating business, is a wholly owned subsidiary, rather than an alternative legal name for the parent.
Sources: 2025 accounts: identity, registered office and business · 2025 integrated report: corporate headquarters · Colliers: Elecnor headquarters building on Arturo Soria · CNMV: May 2026 board resolutions · 2025 accounts: group companies and ownership interests.
From electrical installations to an international group
The company was incorporated on 6 June 1958. Its corporate history traces its origins to a group of Spanish businesspeople who established an electrical installation business. International expansion began early with Elecven, its first foreign subsidiary, in Venezuela. Operations in Ecuador and Brazil followed during the 1970s.
In 2021, the operating business was transferred to Elecnor Servicios y Proyectos without changing the consolidated perimeter as a result. Enerfín was sold to Statkraft in 2024, and the group also disposed of the Deimos companies identified in its accounts. These transactions mean those historical businesses should not now be presented as current subsidiaries within the same perimeter.
Sources: 2025 accounts: identity, registered office and business · Elecnor Group history and management team · 2025 accounts: Celeo and changes in consolidation scope.
Ownership and leadership
The 2025 corporate governance report identifies Cantiles XXI, S.L. as the controlling shareholder, with 52.759% of voting rights at year-end. The company trades on Spain’s continuous market; majority ownership does not remove its listed status.
Jaime Real de Asúa Arteche is the non-executive chairman, confirmed in the board resolutions of May 2026. Alberto García de los Ángeles is identified as CEO in the management team consulted. The governance report specifically defines this position as the group’s senior executive who is not a board member; it should not be described as an executive directorship.
Sources: 2025 corporate governance: shareholdings and control · CNMV: May 2026 board resolutions · Elecnor Group history and management team.
Services, projects and concessions
The model distinguishes three areas. Services covers energy distribution, telecommunications, maintenance and installations, with recurring work on networks, buildings and industrial assets. Projects delivers larger infrastructure, including generation facilities, transmission lines and transport systems. Concessions and Own Projects brings together the interest in Celeo and the group’s development and investment activities.
The engineering, procurement and construction cycle of a project differs from ongoing network maintenance. Investment in a concession asset earning returns during operation is another distinct activity. This combination explains why contract awards, outstanding order books and annual revenue are not interchangeable measures.
Sources: 2025 integrated report: three business areas · January–September 2026 results.
Specialist subsidiaries and the position of Celeo
The 2025 list of group companies identifies 100% holdings through Elecnor Servicios y Proyectos in Aplicaciones Técnicas de la Energía, S.L.U. —Atersa, active in solar energy—, Audeca, S.L.U., associated with road maintenance and the natural environment, Hidroambiente, S.A.U., and Elecnor Seguridad, S.L.U., which works on security and fire protection systems. These are separate companies with specific functions within the group.
Elecnor holds 51% of Celeo Concesiones e Inversiones and APG holds 49%. Despite the majority economic interest, joint decision-making rules mean Celeo is accounted for using the equity method. Its own revenue is not consolidated line by line into Elecnor’s €4,387.25 million of consolidated revenue.
Sources: 2025 accounts: group companies and ownership interests · 2025 accounts: Celeo and changes in consolidation scope · 2025 accounts: consolidated revenue and profit.
Markets and specific projects
The group recorded sales in more than 40 countries in 2025. Spain, Brazil, the United States, Australia, Italy, the Dominican Republic, Chile and Angola accounted for 88% of revenue, according to the integrated report. This distribution identifies where business was generated during the year; it is not a count of subsidiaries or offices.
Projects described include Rail Baltica electrification in Estonia, Latvia and Lithuania. The €1,770 million contract was awarded to Cobelec, an Elecnor and Cobra consortium, for an 870-kilometre corridor. This is the consortium’s contract value, rather than annual revenue attributable entirely to Elecnor or evidence that the whole infrastructure was complete in 2025.
Sources: 2025 integrated report: geographic presence and markets · 2025 integrated report: Rail Baltica electrification.
2025 figures and changes affecting comparison
Consolidated net revenue in 2025 was €4,387.25 million, compared with €3,810.102 million in 2024. This is the revenue measure used in the profile. The €133.39 million of other operating income, own work capitalised and finance income are kept separate.
Profit attributable to shareholders of the parent was €110.727 million; total consolidated profit before allocation between parent shareholders and non-controlling interests was €110.693 million. The difference reflects a loss attributed to non-controlling interests. Attributable profit had reached €705.2 million in 2024, but included €823.31 million from discontinued operations and a €118.11 million loss from continuing operations. That exceptional figure is therefore not a direct comparator for ordinary operating performance in 2025.
Sources: 2025 accounts: consolidated revenue and profit · 2025 accounts: Celeo and changes in consolidation scope.
Innovation in networks, safety and maintenance
The integrated report identifies URBAN-CELL 5G, aimed at integrating telecommunications nodes into urban features such as streetlights and traffic lights. It also describes ELECNPRAT1, a visible-light communication project designed to locate workers and vehicles and coordinate preventive responses in industrial environments.
Another initiative, developed with Tekniker, applies artificial intelligence to operating data to anticipate failures and plan railway asset maintenance. These are projects and capabilities described by the company; their inclusion alone does not establish universal deployment, a quantified reduction in accidents or the maximum availability envisaged in the corporate text.
Workforce and work organisation
The workforce at the end of 2025 numbered 28,263 employees: 13,927 in Spain and 14,336 in international markets. This is a year-end headcount, rather than an annual average or a full-time-equivalent figure.
The integrated report identifies 24,640 permanent contracts and 3,623 temporary contracts. The variety of construction, maintenance, installation work and international assignments requires working conditions to be considered by activity and country; the share of permanent employment does not by itself demonstrate the quality of all those conditions.
Sources: 2025 sustainability: workforce and geographic distribution · 2025 integrated report: employment and working conditions.
How prevention is organised
The occupational safety and health system includes initial assessments adapted to each country’s legislation, inspections, site audits, principal-risk permits and observations of working conditions. Safety specialists assess risks, while project supervisors handle permits and day-to-day follow-up.
The policy recognises workers’ right to stop work in the face of a serious and imminent risk, consult their supervisor or safety specialist and report the situation through channels including Notific@, without a penalty for exercising that right. The incident and accident investigation procedure includes corrective actions and monthly analysis of findings to consider changes to the system.
Sources: 2025 sustainability: assessment, permits and investigation.
Safety training and digital tools
In 2025, 958,173 hours were devoted to dedicated safety and health training: 298,033 in Spain and 660,140 abroad. The 887,836 recorded attendances include repeated participation by the same individual; they do not represent that number of unique workers trained. Topics include work at height, electricity, confined spaces, machinery and emergency response.
The company documents SegurT, Notific@ and the Principal Risk Permit, with 366,767 permits managed during the year. It also describes data analysis and artificial intelligence used to detect usage patterns and review the quality of pre-work talks, implemented in several countries. The report does not provide a causal estimate attributing a specific reduction in accidents to these tools.
Sources: 2025 sustainability: dedicated safety training · 2025 integrated report: digital safety tools.
Accidents, fatalities and targets
The 2025 S1-14 table reports 119 recordable occupational accidents among employees and 46 among value-chain workers at employer sites. It records one employee death and two deaths among those value-chain workers resulting from work-related injuries or health problems. These are separate populations; the third-party figures do not represent the entire worldwide supply chain.
The reported frequency rate was 1.9, below the target of 2.6. The report defines it as accidents involving more than one working day of absence, excluding commuting accidents, per million hours worked. The severity rate was 0.12 lost days per thousand hours, above the target of 0.10. The frequency target was met, but the severity target was not. These definitions do not make the indicator automatically equivalent to a US TRIR.
The report states that 112,994 inspections resulted in 101,988 corrective measures. These are measures of prevention activity and do not establish that all risks were eliminated.
Sources: 2025 sustainability: accidents, fatalities and coverage · 2025 sustainability: safety targets and rate definitions.
System coverage and the meaning of certification
The report states that the occupational safety and health system covers 100% of employees. A separate indicator puts the share of the own workforce covered by an internally audited and/or externally audited or certified system at 87%. These percentages are not equivalent and do not mean that the entire workforce was certified.
The 76.6% figure refers to revenue certified under ISO 45001, rather than the percentage of sites or workers. The report lists eleven countries where certification was maintained or obtained in 2025 and distinguishes the multisite certificate covering Elecnor and several subsidiaries from Audeca’s own certificate. This profile reproduces the scope disclosed for 2025; it does not convert it into universal and permanent certification of the group.
Sources: 2025 sustainability: accidents, fatalities and coverage.
Energy, emissions and material recovery
The environmental inventory uses an operational-control approach. In 2025, 63% of electricity consumed came from renewable sources. The report records 118,130 tonnes of CO₂ equivalent in Scope 1, 995 in market-based Scope 2 and 879,165 in Scope 3. The alternative location-based Scope 2 figure is 1,805 tonnes and should not be added to the market-based figure.
The company attributes part of the inventory increases to greater activity, new geographies and improvements in data and calculation, particularly for purchases and capital goods. Annual comparisons therefore require attention to the boundary and method as well as the volume of emissions. As a specific circularity initiative, a programme was developed in Argentina with Marshall Moffat and Pruni Safety to recover, decontaminate and recycle flame-resistant workwear at the end of its useful life; this does not authorise its reuse as protective equipment.
Sources: 2025 integrated report: energy, emissions and comparability · 2025 integrated report: recovery of workwear.
Competition proceedings: penalty, appeals and payment
In 2019, the CNMC sanctioned companies involved in railway electrification cartels, including Elecnor. The 2025 accounts explain that the National High Court annulled one of its infringements in April 2024 and upheld the other two, carrying penalties of €20.3 million. The Supreme Court declined to admit the cassation appeal in December 2024, making the judgment final.
According to those accounts, Elecnor paid the fine in full in 2025 and lodged a constitutional protection appeal with the Constitutional Court on 31 January of that year. Admission remained pending when the accounts were prepared. This is the position documented at that reporting point: filing the constitutional appeal does not amount to annulment of the penalty.
Sources: CNMC: railway electrification cartel penalties (2019) · 2025 accounts: litigation developments and payment of the fine.
In a separate case, the CNMC sanctioned Audeca in 2021, with its parent Elecnor jointly and severally liable, over the 2014–2018 road maintenance and operation cartel. The 2025 accounts report a €2.639 million fine, an appeal to the National High Court and interim suspension of both payment and the public procurement ban. When those accounts were prepared on 25 February 2026, the appeal was awaiting deliberation and judgment; a €2.6 million provision remained at the end of 2025. This is the status described in those accounts, without asserting a subsequent judicial outcome. CNMC: 2021 road maintenance case; 2025 accounts: Audeca litigation, page 83.
The 2026 update is kept separate
The January–September 2026 presentation reports revenue of €3,143.2 million and profit attributable to the parent of €102.9 million. These are nine-month results, and the document states that the information has not been verified by independent third parties.
These figures provide an update but do not replace the 2025 annual accounts as the latest complete financial year used here. They are not extrapolated to estimate full-year 2026 revenue.
Sources: January–September 2026 results · 2025 accounts: consolidated revenue and profit.
Frequently asked questions
What does Elecnor do?
It combines energy distribution, telecommunications, maintenance and installation services with large infrastructure projects and interests in concessions. The listed parent and Elecnor Servicios y Proyectos are separate companies within the same group. [1] · [2]
How much revenue did it report in 2025?
Consolidated net revenue was €4,387.25 million. Other operating income, the order book and Celeo’s own sales are not added to that figure. [1] · [2]
Where is its headquarters?
The integrated report identifies the corporate headquarters at Arturo Soria, 343, Madrid. The registered office is at Marqués de Mondéjar, 33, in the same city. These addresses perform different functions. [1] · [2] · [3]
Why are Celeo’s sales not added to Elecnor’s revenue?
Although Elecnor holds 51%, it shares control with APG. Celeo is accounted for using the equity method, rather than consolidating all of its revenue and expenses line by line. [1]
Does ISO 45001 cover the entire workforce?
That cannot be inferred from the published figure. The report distinguishes 100% of employees covered by the system, 87% of the workforce covered by audited and/or certified systems and 76.6% of revenue certified under ISO 45001. Each percentage has a different scope. [1]
How should its frequency rate be interpreted?
The 1.9 reported for 2025 counts accidents involving more than one working day of absence, excludes commuting accidents and is expressed per million hours. It should be read alongside fatalities, covered populations and severity: the frequency target was met, but the severity target was not. [1] · [2]
