- Investments rose 13% to 10,087 million, with nearly 75% allocated to the United Kingdom, the U.S., and Brazil to drive global electrification
- Investments in Networks grew 28% to 6,277 million, accounting for 62% of total investment:
- More than 90% of investments are concentrated in the United Kingdom, the U.S., and Brazil
- Regulated grid assets (RAB) grew by 14% to 56,000 million euros, driven by a 31% increase in transmission
- Investments in Generation and Customers totaled 3,600 million euros:
- Investment in renewables totaled 3,257 million, primarily in onshore and offshore wind, with more than 80% in the United States, the United Kingdom, Continental Europe, and Australia
- 3,300 MW installed in the last 12 months out of the 15,000 MW planned for installation by 2030
- Investments in Networks grew 28% to 6,277 million, accounting for 62% of total investment:
- Adjusted EBITDA grew by 7% to 11,891 million euros, and by 8% excluding the impact of exchange rates
- Reported net income increased by 10% to 5,816 million euros
- Adjusted net income grew by 13% excluding the exchange rate
- The company’s financial strength allows it to maintain its BBB+ credit rating
- Liquidity of more than 23,000 million, sufficient to cover 20 months of financing needs
- The interim dividend increased by 8.7% to 0.275 euros per share
- This amount will be supplemented by the supplementary dividend to be approved at the 2027 Annual Shareholders’ Meeting
- Over the past year, Iberdrola has hired more than 4,500 new employees, and its tax contribution exceeded 10,000 million euros
- Improved outlook for 2026, with expected growth of at least 10% in adjusted net income
- The company’s goal is to maintain this average annual growth of 10% in adjusted net income over the next five years
- Grids: The regulated asset base will grow in all countries, exceeding a total of 90,000 million by 2030
- Generation: 15,000 MW of new capacity between 2025 and 2030
- Iberdrola will provide further details at its next Capital Markets Day in March 2027
Iberdrola continues to advance its growth strategy, based on an unprecedented volume of investments and a firm commitment to the electrification of the economy and its international expansion. The company, which has presented its results for the first nine months, has made record investments of 10,087 million euros through September, representing a 13% increase compared to the same period last year.
Thanks to this investment commitment, the company has achieved a reported net income of 5,816 million euros, 10% higher than in the same period last year. Adjusted net income stood at 5,141 million euros, up 9%, or 13% excluding the impact of exchange rates.
Iberdrola now has more than 170,000 million euros in assets at the end of the third quarter and a market capitalization of approximately 145,000 million euros, having ranked as the world’s largest electric utility by market capitalization during this period.
Grids: The Main Driver of Growth
The increase in profit was driven primarily by higher investments, the strong performance of the grid business, and improvements in the new regulatory frameworks.
Of the 10,087 million euros in investments, 75% were concentrated in the United Kingdom, the United States, and Brazil.
Electric grids once again accounted for the bulk of this investment commitment. The company allocated 6,277 million euros to this area, representing a 28% increase compared to the same period the previous year and now accounting for 62% of the group’s total investment. More than 90% of this investment was directed to the United Kingdom, the United States, and Brazil. This commitment enables Iberdrola to strengthen the infrastructure needed to meet the strong growth in electricity demand and continue driving the electrification of the economy.
This growth in investment is also reflected in the performance of the regulated asset base (RAB), which increased by 14% to 56,000 million euros, driven in particular by transmission networks, where growth reached 31%. Electric grids are thus cementing their position as one of the main pillars of Iberdrola’s strategy for the coming years and as essential infrastructure for connecting new demand and advancing electrification.
More generation to keep pace with demand growth
Alongside its grid operations, Iberdrola continues to strengthen its generation and customer businesses, where investments totaled 3.6 billion euros. Of this amount, 3.257 billion was allocated to renewable generation, primarily onshore and offshore wind projects. More than 80% of this investment was directed toward the United States, the United Kingdom, Continental Europe, and Australia.
The company installed 3,300 MW over the past 12 months. This new capacity is part of the 15,000 MW that Iberdrola plans to install by 2030, consolidating a generation portfolio that is increasingly equipped to meet the new electricity needs of households, industry, and businesses.
Earnings Growth and Financial Strength
The combination of increased investments, asset growth, and business performance is reflected in the results. Adjusted EBITDA rose 7% to 11,891 million euros in the first nine months, while, excluding the impact of exchange rates, growth reached 8%.
Reported net income grew by 10% to 5,816 million euros in the first nine months. Adjusted net income stood at 5,141 million euros, up 9%; this increase rises to 13% when the impact of exchange rates is excluded.
This growth has been achieved while maintaining a solid financial position. The strength of the balance sheet allows Iberdrola to maintain its BBB+ credit rating, while also holding liquidity of 23,000 million euros—enough to cover 20 months of financing needs. This position provides the flexibility to continue executing its ambitious investment program.
Higher Shareholder Returns
The positive business performance is also being passed on to shareholders, as the company has agreed to increase the interim dividend by 8.7%, to 0.275 euros per share. This amount will later be supplemented by the supplementary dividend to be approved at the 2027 Annual Shareholders’ Meeting.
This increase in shareholder returns reflects the company’s strategy of balancing greater investment, earnings growth, and value creation for shareholders, supported by regulated businesses and long-term contracts that provide greater revenue stability.
Growth with Economic and Social Impact
The increase in investments also has a direct impact on employment and economic activity in the countries where Iberdrola operates. Over the past twelve months, the company has hired more than 4,500 new employees, strengthening the teams needed to execute its growth plans.
Added to this is a tax contribution exceeding 10,000 million euros per year, which reflects the economic scale of the group’s operations and the impact of its investments on the economies where it operates.
Improved Outlook for 2026 and Growth Over the Next Five Years
The company has stated that the positive business performance allows Iberdrola to improve its outlook for 2026. Iberdrola expects to achieve at least 10% growth in adjusted net income, supported by the execution of its investments and the growing contribution from new assets.
And the outlook extends beyond the current fiscal year. Iberdrola has set a goal of maintaining an average annual growth rate of 10% in adjusted net income over the next five years, capitalizing on the new investment cycle driven by the electrification of the economy. Rising electricity demand, the integration of renewables, and the need to develop the grid business create a scenario of structural growth for the coming years.
These forecasts are based on the company’s projection that its regulated asset base will grow across all its markets to exceed 90,000 million euros by 2030. In addition, the company plans to add 15,000 MW of new capacity between 2025 and 2030.
Iberdrola will provide further details on its objectives, investments, and growth prospects at its upcoming Capital Markets Day in March 2027.