Iberdrola S.a Stock Earnings Reports

Iberdrola delivered strong 9M 2025 results driven by robust Networks performance and continued renewable capacity additions. Reported EBITDA was EUR 12.4bn (Networks +26%), adjusted net profit rose 17% to EUR 5.12bn (9M), and operating cash flow increased 10% to EUR 9.75bn. Investment hit a 9-month record of EUR 9bn (60% to Networks), growing regulated asset base to ~EUR 49.3bn and adding ~2,000 MW of capacity in the last 12 months. The company reduced adjusted net debt by EUR 3.2bn YTD to EUR 48.5bn, maintained EUR 23bn liquidity, and increased the interim dividend by 8.2% to EUR 0.25/share. Management raised 2025 guidance to double-digit growth in adjusted net profit (around EUR 6.6bn, or >EUR 6.2bn excluding a EUR 389m U.S. cost recognition item). Key operational notes: strong UK and U.S. regulatory momentum (rate increases and RIIO developments), over 5.5 GW under construction ( >50% offshore), advancing major offshore projects (East Anglia series, Vineyard Wind 1), active asset rotation and partnerships (Norges, Kansai, Masdar), and continuing progress on NECEC interconnector. Short-term headwinds include lower merchant prices in some markets and higher ancillary-service costs in Iberia following changes in system operation after a blackout; management expects most of those ancillary costs to be passed through to customers over 2026–2027. Financial outlook highlights: year-end net debt guidance ~EUR 51bn (excludes potential Mexico proceeds), adjusted net debt/EBITDA <3x, FFO/adjusted net debt ~26.2%, and leverage in line with BBB+ rating.