Reported by Consejeros Editorial Team
Iberdrola has posted a reported net profit of €4.3364 billion between January and June 2026, 21.7 per cent higher than the €3.5622 billion recorded in the same period of the previous year, as reported by the company to the Spanish National Securities Market Commission (CNMV).
“Adjusting for the contribution from Mexico in 2026 (up €74.8 million), for the net capital gain (€953.3 million) following the divestment in Mexico, and for the impact of capital allowances in the United Kingdom (€181.8 million in 2026), adjusted net profit stands at €3.5649 billion, the energy company stated. This figure has risen by 7.8 per cent compared with June 2025.
Meanwhile, adjusted EBITDA grew by 7% to €8.050 million, driven by a strong performance in the second quarter. Excluding the impact of exchange rates of 106.4 million, adjusted EBITDA would have increased by 8.8%.
Revenue rose by 1.7%
Furthermore, revenue grew by 1.7% to €22.4691 billion, whilst the gross margin fell by 0.8% to €12.2567 billion.
The company has stated that network investments rose by 42%, to around €4.4 billion, and to €16 billion over the last 12 months. Specifically, network investments account for two-thirds of total investment, which rose by 25 per cent to €7 billion, with over 70 per cent allocated to the United Kingdom, the United States and Brazil.
Network assets (RAB) grew by 11% to nearly €55 billion, mainly in the United Kingdom (up 11%), the United States (up 12%) and Brazil (up 18%). Of this total, €40,000 million relates to distribution (up 6%); and €15,000 million to transmission, representing 30 per cent growth over the past year.
Meanwhile, investment in generation exceeded €2,200 million, with over 70 per cent going towards onshore and offshore wind power and more than 1,600 MW installed during the period.
Iberdrola expects to commission a further 2,100 MW by December and has mature projects to add up to 15,500 MW of capacity between 2025 and 2030, compared with the 9,500 MW in the 2025–28 plan.
In the first six months of the year, profit from the networks business stood at €1.572 million, whilst in generation and customers it totalled €1.743 million.
Adjusted funds from operations (FFO) fell by 1.4 per cent to €6.2483 billion, excluding the contribution from Mexico in both half-years, due to extraordinary effects on the financial result for 2025. Furthermore, adjusted net financial debt stands at €53.9717 billion, an increase of €3.7897 billion compared with December 2025, mainly due to investments and, additionally, to the appreciation of foreign currencies (the Brazilian real and the US dollar) and the repurchase of the hybrid security.
The FFO-to-net debt ratio stands at 22.4% and the current liquidity position amounts to €21.464 million, thereby covering 22 months of financing requirements.
Dividend per share stands at €0.685 per share
Meanwhile, dividends paid for the 2025 financial year total €4.5 billion, an increase of 12 per cent.The dividend per share stands at €0.685, of which €0.427 will be paid on 27 July.
Finally, the company has reaffirmed its forecasts for the 2026 financial year, a period in which it estimates that adjusted net profit will grow by more than 8 per cent. If achieved, this figure would mark a new record, exceeding €6.7 billion. The company anticipates an increase in network assets (particularly in transmission) with improved tariffs, as well as an additional 2,100 MW of generation capacity by the end of the year, alongside process improvements linked to AI and increased operational efficiency.
Acquisition of Caruna
It is worth noting that yesterday Iberdrola announced an agreement for the acquisition of 80 per cent of the share capital of Suomi Power Networks MidCo B.V., a Dutch holding company that indirectly owns 100 per cent of the Caruna group, Finland’s leading electricity distribution operator. The transaction will involve a payment of €2,014 million.
As explained in a statement sent to the CNMV, the value of Caruna, including net financial debt, is approximately €5,000 million.
The transaction will be carried out through a payment of around €1.014 million on the completion date and a deferred payment of approximately €1.000 million, to be paid within 30 months of completion, subject to the usual adjustments in this type of transaction.
The transaction is expected to be completed by the end of 2026 or during the first quarter of 2027.
