Spain · Delayed Price · Currency is EUR Iberdrola Earnings Call Transcripts
Fiscal Year 2025
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Net profit rose 12% to €6.3 billion in 2025, with strong network growth and reduced net debt. Investments in transmission and renewables, robust cash flow, and regulatory support underpin guidance for further profit growth in 2026 and beyond.
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Net profit for the first nine months of 2025 rose 17% (adjusted), driven by strong network business performance and record investment, while net debt fell to EUR 48.5 billion. Guidance for 2025 was raised to double-digit profit growth, with robust cash flow and increased shareholder returns.
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A EUR 58 billion investment plan through 2028 prioritizes regulated networks in the U.K. and U.S., driving a shift to predictable, high-return, and low-risk income. Net profit is set to grow by EUR 2 billion, with 75% of EBITDA secured by long-term contracts, and robust financial and sustainability commitments underpinning the strategy.
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Net profit rose 20% year-on-year to EUR 3,562 million, with strong network segment growth and a fully subscribed EUR 5 billion equity raise to fund accelerated investments in the U.K. and U.S. Financial ratios improved, and the outlook remains positive with no further equity needs expected until 2030.
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Record investments and profits marked the year, with a 15% dividend increase and major expansion in the UK and US. All board proposals were approved, while workforce concerns and regulatory uncertainties were discussed.
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Q1 2025 net profit rose 26% year-over-year to EUR 2,004 million, with EBITDA up 12% and record investments focused on networks in the U.S. and U.K. Guidance for 2025 is mid to high single-digit net profit growth, with double-digit potential including U.S. cost recognition.
Fiscal Year 2024
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2024 saw record investments, strong profit growth, and major strategic moves, with regulated asset base and renewables capacity expanding significantly. Outlook for 2025-2026 is robust, driven by network investments and new project completions, with stable leverage and rising dividends.
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Net profit rose 50% to €5.47bn and EBITDA 23% to €13.3bn, driven by strong network and renewables growth, major investments in the US and UK, and new offshore wind capacity. 2024 net profit guidance is raised to €5.5bn, with continued growth expected in 2025.
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Acquisition of a major UK power distributor for GBP 1.7 billion plus a GBP 400 million capital increase will make the group the UK’s second-largest electricity network operator. The deal is EPS accretive from year one, with significant synergies expected post-integration.
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Net profit surged 64% and EBITDA 27% in H1 2024, driven by asset sales and strong operations. Recurring EBITDA rose 9%, with record investments in networks and renewables. Upgraded guidance forecasts double-digit net profit growth for 2024.