The expected performance levels of the businesses allow us to reaffirm the Company's growth estimates

 Infographic for First Half 2017 Results [PDF]

The First Half 2017 has been marked by the good performance of the regulated businesses.

The Ebitda of the Group reached €3,751.8M, driven by the performance of the Networks business, mainly in the United States. This amount represents a 3.6% decrease when compared to the same period of the previous year, with the 8.2% decrease of the First Quarter, showing signs of the expected recovery during the current year. Out of the total amount, 80% stems from regulated businesses or long-term contracts. 

In addition, the company is currently executing renewable energy and contracted generation projects for over 6,300 MW and another 1,350 MW will be commissioned during the Second Half of the year, mainly from renewable energy sources.

The expected performance of the businesses for the Second Half of 2017 allow us to reaffirm the growth in the net profits and to continue with the dividend improvement policy, in line with the results of the Group.


  • The Networks area has increased its Ebitda by 4.4%, reaching €1,978.3M, driven by the good performance of the operations in the United States and Brazil, which represent close to 40% of the business.
  • Ebitda of the Network business accounts for 52% of the company's total Ebitda.
  • The growth forecasts of the Grids area during the rest of 2017 are based on the review of rates in the United States and in the subsidiaries of the Brazilian company Neoenergia, in which Iberdrola holds a 39% stake, Coelba, Cosern and Celpe.


  • The Generation and Customer activity business recorded an Ebitda of €984M. The performance has been very positive in Mexico, which has increased its Ebitda by 23.4%, reaching $289.8M.
  • The Ebitda of the Liberalised Generation and Retail area reached 19% of the total Ebitda of the Company, while the Ebitda of the Regulated Generation area reached 7%.
  • Production, as compared to 2016, and the results of the retail business in the United Kingdom are expected to return to normal levels over the next quarters.


  • The Ebitda of the Renewables area was €819.6M, highlighting the salient performance of the business in the United Kingdom (+31.7%) and in the United States (+2.8%). In addition, higher prices and the rise in value of the Brazilian Real have boosted the Ebitda of the business in Latin America by 13%.
  • The Ebitda of this area represents 22% of the total Ebitda of the Company.
  • As regards the remaining quarters of 2017, almost 1,400 new MW will be installed and the wind conditions are expected to return to normal levels.

As of 2011, the operating and economic and financial information of Iberdrola Group is structured as follow business lines: Networks, Wholesale and Retail and Renewables. On the other hand, Corporate encompasses the costs of the Group structure (Single Corporation) for the administrative services of the corporate areas that are later billed to the other companies, whether through specific service contracts or a management fee.