Record investments of €17.3 billion in the last 12 months boost our profit in the Q1 to more than €2 billion

Record investment: €17.3 billion in the last 12 months

• In the quarter, investments grew by 14% to €2.720 billion, 65% in the United States and the United Kingdom
  • Investment in Networks grew by 18% to €1.432 billion (53% of the total):
    • More than 2/3 have gone to the United States and the United Kingdom
    • Regulated assets grew by 14% to €49 billion after the integration of ENW, and is expected to exceed €51 billion by the end of the year
  • Selective investment in renewables: €1.064 billion (+7%)
    • The U.S. and the United Kingdom account for two-thirds of investment
    • More than half of the investments are allocated to offshore wind, mainly to the East Anglia 2 and 3 (UK) and Vineyard Wind (USA) wind farms

Gross Operating Profit (EBITDA) grew by 12% to €4.643 billion

• Close to 50% comes from the United States and the United Kingdom, with an increase of more than 20 points in a single year, due to organic investments and the integration of Electricity North West. 83% of EBITDA comes from countries with a high credit rating (A rating)
• In Networks, the larger regulated asset base boosted results by 43%, already contributing more than half of the total
• 2,600 MW of renewable energy installed in the last 12 months 

Net profit reached €2.004 billion, with a growth of 26% in like-for-like terms

Improved cash generation and financial strength 

• Cash flow exceeded €3.5 billion, up 11%, helping to maintain financial strength and ratings following the consolidation of ENW
• The entry into operation of offshore wind projects in the coming quarters and investments in networks will improve cash generation
• Liquidity reaches €20.9 billion, covering the needs of the next 19 months without the need to resort to the market

Reaffirming full year forecasts

• A double-digit increase in net profit is expected, taking into account the recognition of past costs in the US, already recorded in these Q1 results
• Growth supported by new investments: 
  • Networks: Increase of more than 10% in regulated assets with better rates
  • Renewables: 4,000 MW more in operation, with 100% of energy sold by 2025
• No impact on results from the new tariffs, which will increase the cost of investment by less than 1% due to robust supply chain management processes:
  • More than 80% of purchases are made with local suppliers
  • 100% of strategic contracts for projects under construction are guaranteed

The General Shareholders' Meeting will be held on May 30 with the share at an all-time high: c.€100 billion in market capitalization

• Iberdrola, the first electricity company in Europe to reach that threshold and one of the two in the world to exceed it today

Commitment to shareholder remuneration

• The total amount of the dividend will reach €0.635 per share, an increase of 15%
• Payment of an additional €0.005 per share if the quorum for the incorporation of the Meeting reaches 70%

Watch the 2025 First quarter Results presentation broadcast here