Iberdrola profits jump 50 percent as it focuses on US, Britain pays Reuters
Written by Pietro Lombardi
MADRID (Reuters) – Europe's biggest oil company Iberdrola (OTC:) posted on Wednesday a 50% rise in profits in the first nine months of the year, a sign that its focus on Britain and the United States is paying off.
This is part of a broader shift – towards building and developing electricity grids while taking a more selective approach to renewables, with a preference for offshore wind projects – that has boosted its market.
A record investment in the past 12 months has allowed the Spanish company to add profitable regulated assets to its network operations, as well as new renewable energy.
The group, which raised its annual outlook two quarters ago, cited performance in Britain and the US as key drivers of its performance this year.
Iberdrola sees another opportunity to expand its infrastructure renewal and grid operations and beyond, looking at businesses like data centers to drive growth.
“Our major investment drive is to bring new renewable projects and managed assets, and the contribution to the results of the increase in offshore wind power underlines the reason why investment in this technology is an important pillar in our strategic plan,” said Executive Chairman Ignacio Sanchez Galan. in the statement.
Net profit is expected to increase by 14% this year to around 5.5 billion euros, excluding one acquisition such as the sale of certain assets in Mexico. This corresponds to an increase in the interim dividend of 0.23 euros per share.
Net profit for the period rose to 5.47 billion euros ($5.91 billion) from 3.64 billion, the company said.
Core earnings – before interest, tax, depreciation and amortization – increased by 23% to 13.27 billion euros.
With most of the grid resources and network secured in 2026, Iberdrola is working on providing in 2027 and beyond.
($1 = 0.9255 euros)
