Iberdrola reported higher earnings for the first half of 2026, supported by increased investment in electricity networks in the United Kingdom, the USA and Brazil, alongside continued expansion of its renewable energy portfolio.
The company reported a net profit of €4.34 billion, up 22% year on year. Excluding capital gains from the sale of thermal power plants in Mexico, adjusted net profit increased by 8%, or 14% excluding exchange rate effects.
During the period, Iberdrola agreed to acquire Caruna, Finland's largest electricity distribution company, in a transaction valued at €5 billion. Caruna serves around 1.5 million people and operates approximately 89,000 km of electricity distribution networks.
Investment during the first six months increased by 25% to €7 billion, with more than 70% directed towards the United Kingdom, the USA and Brazil.
Investment in electricity networks rose by 42% to almost €4.4 billion, representing nearly two-thirds of total investment. The company's regulated asset base increased by 11% to €55 billion, driven by growth in the United Kingdom, the USA and Brazil. Distribution assets accounted for €40 billion, while transmission assets reached €15 billion, an increase of 30% over the past year.
Generation investment exceeded €2.2 billion, with more than 70% allocated to onshore and offshore wind projects. Iberdrola commissioned more than 1.6 GW of new capacity during the period and expects a further 2.1 GW to enter operation before the end of 2026. The company also said it has a pipeline of projects capable of adding up to 15.5 GW between 2025 and 2030, compared with 9.5 GW included in its 2025–2028 plan.
Adjusted earnings before interest, taxes, depreciation and amortisation increased by 7% to €8.05 billion. Networks earnings rose by 13%, supported by the United Kingdom's RIIO-T3 framework, the NECEC interconnection project in the USA and improved tariff structures across its markets. Earnings from the Power & Customer business increased by 1%, reflecting higher generation in the United Kingdom, the USA, continental Europe and Australia.
Iberdrola reaffirmed its guidance for adjusted net profit growth of more than 8% for the full year.
