Iberdrola has announced a record €17.3 billion in investments over the past 12 months, with a strong focus on energy networks and renewable energy projects, particularly in the United States and the United Kingdom, which together accounted for 65% of total investment in the first quarter alone.
Ignacio Galán, Executive Chairman of Iberdrola, said “Our focus on regulated networks and selective investment in renewables in A-rated markets has continued to contribute to sustained growth in results and dividends”.

Q1 Highlights

• Quarterly investment rose 14% to €2.72 billion, with €1.432 billion allocated to energy networks, an 18% increase, representing 53% of the total.
• Over two-thirds of network investment was concentrated in the U.S. and U.K.
• Regulated asset base increased 14% to €49 billion, driven by the integration of Electricity North West (ENW), and is expected to exceed €51 billion by year-end.
• Selective renewables investment rose 7% to €1.064 billion, with two-thirds again directed to the U.S. and U.K.
  • Offshore wind projects accounted for over half of this, primarily East Anglia 2 & 3 (UK) and Vineyard Wind (USA).
• EBITDA rose 12% to €4.643 billion, with nearly 50% generated in the U.S. and U.K. – a 20-point increase year-over-year.
  • 83% of EBITDA came from countries with A-rated credit profiles.
  • Network operations now contribute over half of total EBITDA, with results up 43% due to a larger regulated asset base.
• 2,600 MW of renewable capacity added in the last 12 months.
• Net profit reached €2.004 billion, a 26% increase on a like-for-like basis.

Strong Financial Position

• Operating cash flow rose 11% to €3.5 billion, supporting continued financial strength post-ENW acquisition.
• Offshore wind projects and network investments are expected to further improve cash generation in the coming quarters.
• Liquidity stands at €20.9 billion, covering 19 months of financial needs without accessing capital markets.

Confident Outlook and Shareholder Returns

• A double-digit increase in net profit is expected for the full year, supported by:
  • Recognition of U.S. cost adjustments already reflected in Q1.
  • Continued investment in networks (+10% in regulated assets with improved rates).
  • 4,000 MW of additional renewable capacity expected online by 2025, all with secured energy sales.
• New tariffs will have no material impact, with supply chain resilience limiting cost increases to under 1%:
  • Over 80% of procurement is through local suppliers.
  • 100% of strategic contracts for ongoing projects are secured.

Upcoming General Shareholders’ Meeting

• The meeting will be held on May 30, with Iberdrola reaching a record market capitalization of approximately €100 billion – the first utility in Europe and one of only two globally to surpass this milestone.
• Shareholders will receive a dividend of €0.635 per share, a 15% increase.
  • An additional €0.005 per share will be paid if quorum exceeds 70%.