Iberdrola SA has reported EUR 12.86 billion ($14.62 billion) in revenue for the first quarter (Q1), up 1.5 percent from the same three-month period last year.
However, net profit fell to EUR 2 billion, or EUR 0,302 per share – compared to EUR 2.76 billion for Q1 2025. Earnings before interest, taxes, depreciation and amortization (EBITDA) dropped from EUR 5.86 billion for Q1 2024 to EUR 4.64 billion for Q1 2025.
“Excluding the capital gains from the divestment of thermal generation assets in the first quarter of 2024, net profit increased by 26 percent and EBITDA increased by 12 percent”, the Spanish utility said in its quarterly report.
Iberdrola credited a record quarterly investment of EUR 2.72 billion for the pre-divestment increase in earnings.
“The 12 percent increase in EBITDA was due to strong operational performance, with an increase in the company’s regulated profile, as 52 percent of EBITDA come from the Networks business, affected by the recognition of costs incurred in previous years under IFRS [international financial reporting standards] in the US”, Iberdrola said. “The contribution of the Electricity Production and Customers business decreases 8 percent, with a higher production in the United States, Rest of the World and Iberia, which partially offset the normalization of the margins in Iberia and in the United Kingdom”.
Executive chair Ignacio Galán said in a company statement accompanying the report, “Our record investment in this quarter, and our planned future investments in networks, show how we’re focused on speeding up electrification in order to reduce external energy dependency, improve competitiveness, promote local industries and jobs and deliver price stability”.
Iberdrola reported a net production of over 35,500 gigawatt hours (gWh), down 13.3 percent year-over-year as declines in gas combined-cycle generation and cogeneration offset a renewables increase to more than 25,200 gWh. Electricity supplies totaled nearly 23,900 gWh, down 5.1 percent against Q1 2024. Gas supplies were almost 14,800 gWh, up 3.7 percent year-on-year.
Cash flow climbed 11 percent to EUR 3.5 billion. “The entry into operation of offshore wind projects in the coming quarters and investments in networks will improve cash generation”, the Iberdrola statement said.
Iberdrola said it will pay shareholders a final dividend charged to 2024 results of at least EUR 0.404 per share. It expects to increase total shareholder remuneration charged to 2024 by 15 percent.
Liquidity at the end of the quarter was EUR 20.9 billion, “covering the needs of the next 19 months without the need to resort to the market”, the statement said.
For the full year Iberdrola affirmed a projection of a double-digit increase in net profit thanks to new investments. It expects to grow regulated network assets by over 10 percent with better rates and operational renewable capacity by 4,000 megawatts.
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