According to Ignacio Galán, the Executive Chairman of Iberdrola, the current global crisis once again demonstrates the urgent need to strengthen energy security, strategic autonomy and long-term competitiveness. He explained that accelerating electrification is essential for creating energy systems that are more resilient, efficient and sustainable, and that this transition will continue to generate significant investment opportunities.
Over the past twelve months, the company has invested €14.5 billion. Around two-thirds of this amount went into the Networks business, with more than half of all investments directed to the United Kingdom and the United States. As a result, the Networks Regulated Asset Base (RAB) has grown by 8% to approximately €53 billion, supported especially by strong double-digit expansion in the UK. Within Networks, about one-third of total investment was allocated to Transmission activities, helping this segment reach a Transmission RAB of €14.2 billion.
In terms of generation, Iberdrola added 3,300 MW of new capacity over the past year, almost 60% of which came from onshore and offshore wind projects. For the first quarter, the company reported an Adjusted EBITDA of €4.1 billion, with the Networks division acting as the main contributor. A large share of overall earnings—84% of EBITDA—comes from A-rated countries, which reinforces the company’s stable and secure business profile.
Networks EBITDA increased by 9% to €2.048 billion, with all operating regions showing positive momentum. Meanwhile, the Power & Customers business recorded an Adjusted EBITDA of €2.022 billion, a slight decrease of 3% due to non-recurring regulatory and ancillary costs in Iberia. However, these impacts were partly balanced by increased production in the UK (up 41%) and other European Union markets (up 32%).
Adjusted Net Debt now stands at €50.3 billion following the completion of the Mexico transaction and the acquisition of minority shareholdings in Brazil. Liquidity has reached €21.4 billion, supporting financial ratios fully aligned with the company’s BBB+ credit rating. Iberdrola’s business model continues to be anchored in regulated activities across A-rated countries, providing both resilience and consistent growth regardless of economic conditions.
Looking ahead, the company is further strengthening its regulated profile, with a clear focus on the UK and US. Between 2025 and 2028, around 70% of Networks-related investments will be directed toward these two markets. By the 2028–2030 period, approximately 75% of Iberdrola’s EBITDA is expected to come from regulated or long-term contracted activities. The company has also secured almost all of its future production: 100% for 2026, more than 80% for 2027 and 75% for 2028.
Despite the ongoing geopolitical tensions, Iberdrola does not anticipate any significant financial impacts. The company has already secured 93% of its strategic equipment purchases through 2028, and these supplies are unaffected by the current situation in the Strait of Hormuz. Iberdrola also benefits from having no dependency on fossil fuels or exposure to volatile commodity markets.For the 2026 financial year, the company now expects net profit to grow by more than 8%, excluding gains from asset rotation.
Over the medium and long term, both electrification and artificial intelligence are expected to create additional opportunities. Investment needs in Networks are increasing across all core markets, and Iberdrola has already initiated around 300 AI-driven projects aimed at improving demand management and transforming its internal processes. The company’s General Shareholders’ Meeting is scheduled for 29 May. Iberdrola’s share price is currently near its all-time high, giving the company a market capitalization of about €135 billion. Alongside this, the company will distribute a record dividend of €0.68 per share.
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