Acciona has agreed to a €28 million accordion operation in its subsidiary Silence, which lost €63.5 million in 2025, to restore equity and facilitate its sale.
Acciona has initiated a financial restructuring operation in its electric mobility subsidiary Silence, with an injection of €28 million. The measure, approved at the shareholders' meeting at the end of June, aims to erase the accumulated losses of €123 million and return the company to positive net equity before its sale.
Record losses and negative equity
Silence closed the 2025 financial year with losses of €63.5 million, 77% more than the €36.9 million from the previous year. This deficit raised the accumulated losses to €123 million, exceeding the share capital of €102 million and leaving the net equity at -€8.2 million.
The situation, unsustainable from an accounting perspective, required urgent measures to comply with commercial regulations. The chosen solution has been an accordion operation: first, the capital is reduced to zero to eliminate the losses, and then capital is increased by €28 million, fully subscribed by Acciona.
The group already controls 99% of Silence and, after the increase, will raise its stake to 100%, displacing the only minority shareholder, Cayac Sport, linked to former CEO Carlos Sotelo, who held 0.05%.
A subsidiary for sale with rising revenue
The operation is not just a simple rescue: Acciona has decided to sell Silence. The group chaired by José Manuel Entrecanales seeks to divest from the company after several years of losses, despite sales growing by 36% in 2025, reaching €24.9 million, and foreign business now representing 56% of revenues.
With the balance sheet restructured, Silence presents itself as a more attractive asset for investment funds and industrial groups in the electric mobility sector. The sale, which is in its initial phase, could be closed in the coming months. The €28 million injection paves the way for potential buyers to evaluate the company without the burden of accumulated losses.
The divestment process, however, will depend on the offers received and market conditions. The electric mobility sector remains a focus of investor interest, although Silence carries a complicated financial history that has led its parent company to make this decision.
What it means for the sector and investors
For investors interested in the electric mobility market, Silence now represents an entry opportunity with a clean balance sheet and a brand that has managed to grow in revenue, especially abroad. The company, founded in 2012, has specialised in electric motorcycles and scooters, a segment that is expanding.
However, the recurring losses and dependence on Acciona for its capitalisation are risk factors that buyers will need to assess. The sale could include commercial or technological agreements that strengthen Silence's position in the market.
The accordion operation, common in restructuring processes, allows the company to start afresh in accounting terms. For Acciona, it represents an additional injection of €28 million that, combined with the accumulated losses, raises the total cost of its investment in electric mobility to over €150 million in recent years.
The future of Silence will be decided in the coming months. Meanwhile, the company continues to operate normally, serving its customers and distributors in Spain and in the foreign markets where it is already present.
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