Iberdrola reported an 8% year-on-year increase in adjusted net profit for the first half of 2026, supported by continued investment in electricity networks and renewable energy assets. The company’s adjusted earnings exclude capital gains from the sale of its thermal power plants in Mexico.
Total investments during the six-month period rose 25% to €7 billion, with more than 70% directed toward strategic markets, including the United Kingdom, the United States, and Brazil.
Investment in Iberdrola’s electricity networks business increased 42% to nearly €4.4 billion, accounting for almost two-thirds of the company’s total capital expenditure. The company’s Regulated Asset Base (RAB) expanded 11% year-on-year to €55 billion, driven by growth in the UK, the US, and Brazil.
Of the total regulated asset base, approximately €40 billion relates to electricity distribution assets, while €15 billion is attributed to transmission infrastructure, which has recorded 30% growth over the past year.
Iberdrola invested more than €2.2 billion in its generation business during the reporting period, with over 70% of expenditure allocated to onshore and offshore wind projects. The company commissioned more than 1.6 GW of renewable energy capacity during the first half of the year and expects to add a further 2.1 GW before the end of 2026.
The utility also announced that it has a pipeline of 15.5 GW of mature renewable energy projects scheduled for development between 2025 and 2030, exceeding the 9.5 GW outlined in its 2025–2028 strategic plan.
Adjusted EBITDA increased 7% to €8.05 billion, supported by stronger performance in the company’s networks business, which recorded 13% EBITDA growth following regulatory improvements in the UK, contributions from the NECEC transmission interconnection project in the United States, and favourable tariff revisions across multiple markets.
The Power & Customers business reported a 1% increase in EBITDA, driven by higher electricity production across the UK, the US, continental Europe, and Australia.
Reported net profit rose 22% to €4.34 billion, while adjusted net profit increased 8%, or 14% excluding foreign exchange impacts.
Iberdrola said its financial position remains strong, with liquidity of €21.5 billion, sufficient to cover approximately 22 months of financing requirements while maintaining its BBB+ credit rating.
The company also increased shareholder returns, with total dividends for the 2025 financial year reaching €4.5 billion, up 12% from the previous year. The total dividend stands at €0.685 per share, with €0.427 per share scheduled for payment on 27 July.
Looking ahead, Iberdrola reaffirmed its full-year outlook, expecting adjusted net profit growth comfortably above 8%, supported by continued expansion of its regulated grid assets, the commissioning of an additional 2.1 GW of renewable generation capacity, and further operational efficiencies driven by artificial intelligence and digitalisation.
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