Iberdrola reported higher earnings in 2025, supported by continued investment in electricity networks in the United Kingdom and the United States. The regulated networks business remained the main contributor to overall performance.
Net profit increased by 12 per cent to €6.285 billion. Total investment during the year reached €14.46 billion, with around 60 per cent allocated to the United Kingdom and the United States.
Adjusted earnings before interest, taxes, depreciation and amortisation rose by 3 per cent to €15.68 billion. The networks division recorded 21 per cent growth, reflecting a higher regulated asset base and improved tariffs. In contrast, earnings in the generation segment declined by 10 per cent due to non-recurring grid stabilisation costs in Iberia and lower wholesale electricity prices.
The regulated asset base expanded by 12 per cent to €51 billion. This was supported by a new transmission framework in the United Kingdom running to 2031, a fully operational interconnector between the United States and Canada, and a 30-year renewal of distribution concessions in Brazil. During the year, Iberdrola commissioned 2,710 MW of new generation and storage capacity and has a further 4,679 MW under construction.
Operating cash flow rose by 8 per cent to €12.81 billion, while net debt decreased by €1.5 billion to €50.2 billion. The company distributed €4.5 billion in dividends in 2025 and has proposed a total dividend of €0.68 per share.
For 2026, Iberdrola expects adjusted net profit to exceed €6.6 billion, with a target of more than €7.6 billion by 2028.
