Strong operational performance drove increases in EBITDA and net profit. Reported net profit reached €2.76 billion in the quarter, up from €1.49 billion in Q1 2023, while reported EBITDA reached €5.86 billion, compared to €4.07 billion in Q1 2023.
The impact of non-recurring items in Q1’24 and Q1’23 included a €1.72 billion transaction in Mexico, affecting EBITDA (€1.16 billion at net profit), and a €311 million deficit recovery in UK Retail, impacting EBITDA (€238 million at net profit) in Q1’23. Excluding these non-recurring items, EBITDA increased by 10%, and net profit increased by 28%. Positive tariff adjustments for networks in the UK, US, and Brazil were noted. Renewables production in Iberia increased by 19%, reaching a 10-year high of 10,600 GWh, while energy storage increased by 18% to 2,240 GWh. Additional offshore wind capacity was added in the US and France.
Record investments of €2.38 billion were made in Q1, representing a 36% increase. Networks investment rose by 27% to €1.21 billion, with 40% of the total delivered in the US. Transmission investments increased, representing 40% of the total, and the total regulated asset base reached €43 billion, up by 9% year-on-year. Nearly €1 billion was invested in renewables, marking a 50% increase from the same period last year, with significant growth observed in offshore wind.
The FY 2024 net profit outlook was raised to "high-single-digit growth" due to the strong operational performance in the quarter. Iberdrola now forecasts high-single-digit net profit growth in 2024, excluding capital gains from asset rotation. In the 2024 – 2026 Strategic Plan Delivery, higher contributions from investments are expected, with a total of €12 billion to be invested in 2024. Additional production is anticipated from new installed capacity, with offshore projects like St. Brieuc, Vineyard Wind 1, and Baltic Eagle contributing progressively.
