The company is launching a capital increase to support growth in countries with stable regulation and strong credit ratings, while maintaining its financial position and dividend policy.
The planned raise is €5 billion, targeting network opportunities in the United States and the United Kingdom.
Total investment over the past 12 months reached €17.3 billion, including €5.7 billion in the first half of 2025, with over 60% directed to the US and UK. Network investment rose by 14% to €3.1 billion, and the regulated asset base has grown 70% in five years to nearly €50 billion.
Iberdrola allocated €2.2 billion to renewable energy, with 40% spent on offshore wind projects such as East Anglia 2 and 3 in the UK and Vineyard Wind in the USA. EBITDA increased 5% to €8.3 billion, with strong contributions from the UK and other European markets offsetting a 12% decline in Spain.
Net profit rose by 20% on a like-for-like basis to €3.6 billion. Debt was reduced by €3 billion to around €52 billion, and available liquidity now exceeds €19 billion. The company expects double-digit profit growth for the full year, supported by an additional 1,400 MW of renewables and growth in regulated networks.
Network investment is projected to exceed €55 billion by 2031, with the asset base expected to grow to more than €90 billion. Around 75% will be in the US and UK, driven by new tariff frameworks, while Brazil and Spain will account for 15% and 10%, respectively. The average regulatory return is forecast at 9.5%.
