Norbolsa | The electricity company published its Q1 2026 results this morning, recording year-on-year growth in adjusted net profit of 11% to €1.865 billion, slightly exceeding consensus expectations. Similarly, the group’s adjusted EBITDA reached €4.1 billion, driven mainly by its Networks division (up 9% year-on-year); driven by a larger base of regulated assets (primarily in the UK and the US), whilst the Generation and Customers division recorded a year-on-year decline of 3%, mainly affected by regulatory costs and non-recurring ancillary services in the Iberian Peninsula. Total capital expenditure reached €2.7 billion (over 50% in the UK and US). Meanwhile, adjusted DFN stood at €50.3 billion (3.4x DFN/EBITDA vs 3.0x Dec-25). Against this backdrop, the company raised its guidance for 2026, now expecting net profit growth of >8% (against ∼6% previously).
Iberdrola posts €1.865 billion profit in Q1 2026, up 11% year-on-year compared with same period last year, raises 2026 guidance to over 8%
