Iberdrola S.a Stock Earnings Reports

Key points for investors: Iberdrola delivered resilient Q1 2026 results with adjusted net profit up 11% to EUR 1,865m and adjusted EBITDA of EUR 4.1bn (up 2.4%). Q1 investment was EUR 2.7bn (EUR 14.5bn last 12 months), focused on networks (UK, US, Brazil) and renewables (3.3 GW added in last 12 months). The company closed the Mexico asset-rotation transaction (cash received) and completed further consolidation steps (Neoenergia minorities), which together support pro forma net debt of EUR 50.3bn and reinforce credit metrics consistent with a BBB+ rating. Liquidity stands at EUR 21.4bn (covers ~23 months of needs). Management upgraded 2026 guidance: they now expect >8% growth in adjusted net profit (excluding capital gains from asset rotation). Networks remain the main growth engine (RIIO‑T3 in the UK, NECEC in the US, Brazil regulatory improvements), and Iberdrola expects ~75% of EBITDA by decade-end to come from regulated networks and long‑term contracted generation. The company is rolling out a large AI program (300–400+ initiatives, ~70% in‑house) to drive efficiency and new revenue opportunities. Key financials/risks: FX pressure reduced reported growth (Pepe noted ~EUR 99m FX hit), fixed-rate debt ~77% (reducing interest rate risk), tax rate guidance ~20% for the year, and FY26 net debt guidance around EUR 55bn driven by high capex. Operational highlights include strong UK wind output, record Iberian hydro reservoirs, commissioning of Vineyard Wind 1 (COD in April), and growing storage/battery initiatives.