The company improves its expectations for the end of the year


Iberdrola posts Q1 profit growth, with record investments, raises full-year profit guidance

The first quarter has seen strong operating performance in all markets, with greater contribution from our increased networks asset base and improved renewables production. We have started positively in the delivery of our strategic plan to 2026. Our record investment levels in the first quarter will drive a total spend of €12 billion euros this year. The good start to the year has allowed us to increase our guidance for 2024, with net profit now expected to grow at a high-single-digit rate.

Ignacio Galán, Executive Chairman of Iberdrola

Strong operational performance drives EBITDA and net profit increases 

  • Reported net profit reaches €2.76 billion (€1.49 billion Q1 2023), Reported EBITDA reaches €5.86 billion (€4.07 billion Q1 2023).
  • Impact of non-recurring items in Q1’24 and Q1’23: 
  • Mexico transaction in Q1 ‘24: €1.72 billion at EBITDA level (€1.16 billion at Net Profit)
  • UK Retail deficit recovery in Q1’23: €311 million at EBITDA level (€238 million at Net Profit)
  • Excluding non-recurring items, EBITDA increases 10% and net profit increases by 28%.
  • Positive tariff adjustments for networks in the UK, US and Brazil.  
  • Renewables production in Iberia increased by 19%, reaching a 10-year high (10,600 GWh), and energy storage increased by 18% to 2,240 GWh.
  • Additional offshore wind capacity in the US and France.

Record Q1 investments of €2.38 billion, an increase of 36%

  • Networks investment (€1.21 billion) increases by 27%, with 40% of the total delivered in the US.
  • Increase in transmission investments, which represent 40%.
  • Total regulated asset base now stands at €43 billion, a 9% year-on-year increase.
  • Just under €1 billion invested in renewables, an increase of 50% on the same period last year, with increases across the board, but mainly in offshore wind.

FY 2024 Net profit outlook raised to “high-single-digit growth”

  • The strong operational performance in the quarter allows the company to increase its guidance for the year. Iberdrola is now forecasting high-single-digit net profit growth in 2024 (excluding capital gains from asset rotation). 

Reinforcing financial strength

  • Operating cash flow (FFO) reaches €3.14 billion, an increase of 5% on Q1 2023 (14% increase excluding the non-recurring UK Retail deficit recovery in Q1 ’23).
  • Improving ratios: FFO/Adjusted Net Debt of 25.0%, improving by 180 basis points versus Q4 2023.  

2024 – 2026 Strategic Plan Delivery

  • Higher contribution from investments
  • A total of €12 billion to be invested in 2024.
  • New Rate Cases delivering higher results and cash flows in the networks business
  • New Rate Cases in the US, UK and Brazil supporting increased investments, especially in transmission
  • Energy production and customers:
  • Additional production driven by new Installed Capacity
  • Offshore: Full contribution from St. Brieuc, progressive increase in capacity from Vineyard Wind 1 and Baltic Eagle. 
  • 100% of 2024 production already sold.
  • Higher resource from manageable renewables, reserves in Iberia at all-time high.
  • Reinforcing financial strength
  • Stronger ratios driven by increasing operating cash flows.


•    The General Shareholders´ Meeting will be held on Friday 17th May, with participation details here.

Watch the webcast of the Q1 Presentation here