Iberdrola has reported higher earnings supported by continued investment in electricity networks, particularly in the United Kingdom and the USA. The company continues to prioritise regulated activities, with a growing focus on the UK and the USA. Around 70% of planned network investments for 2025 to 2028 are allocated to these markets, while approximately 75% of EBITDA is expected to come from regulated and long-term contracted activities by the end of the decade. Electricity production is largely secured in the near term, with full coverage for 2026 and high levels already in place for subsequent years.
Adjusted net profit reached €1.865 billion, reflecting an increase of 11%. Over the past twelve months, the company invested €14.5 billion, with around two-thirds allocated to networks and more than half directed to the UK and the USA. The regulated asset base in networks grew by 8% to approximately €53 billion, driven by strong expansion in the UK. Transmission accounted for one-third of network investment, reaching a regulated asset base of €14.2 billion. During the same period, 3,300 MW of new generation capacity was added, with nearly 60% coming from onshore and offshore wind.
Adjusted EBITDA for the first quarter stood at €4.1 billion, with networks as the main contributor. Networks EBITDA rose by 9% to €2.048 billion, supported by positive performance across all regions. Power and customers delivered adjusted EBITDA of €2.022 billion, slightly lower due to one-off regulatory and ancillary costs in Iberia, which offset higher production in the UK and other European countries.
Adjusted net debt reached €50.3 billion following the completion of the Mexico transaction and the acquisition of minority stakes in Brazil. Liquidity increased to €21.4 billion, with financial ratios aligned with a BBB+ credit rating.
Iberdrola has upgraded its full-year 2026 outlook and now expects adjusted net profit growth of more than 8%, excluding capital gains from asset rotation.
