Iberdrola's profits soar by 17% and it reaches record investments of 9 billion euros in the US and the UK
Iberdrola, which has released its results, has reported record investments of 9 billion euros in the last 9 months, representing an increase of 4% over the same period last year.
This has enabled the group to achieve a reported net profit of 5.307 billion euros up to September 2025. Profit has increased by 17% compared to the same period last year, excluding one-off items such as divestments and deductions.
Thanks to these results, Iberdrola now has more than 160 billion euros in assets and a market capitalisation of around 115 billion euros, making it the leading utility in Europe and one of the two largest in the world in terms of market value.
Electricity networks, the focus of investment
The increase in profit has been driven mainly by increased investment, the strong performance of the network business and improvements in the new regulatory frameworks.
Of the 9 billion euros invested, more than 60% corresponds to investments made in the United Kingdom and the United States.
Some 55% of investments were directed towards the network business. The company has allocated around 4.904 billion euros to network investments. This has enabled the electricity network asset base to reach 49.3 billion, representing a 12% increase over the same period last year.
In the generation and customer area, Iberdrola has invested 3.442 billion euros, which has enabled it to have more than 2,000 MW of renewable installed capacity in the last 12 months. The company allocated 60% of this investment to the United Kingdom and the United States. In addition, the Group has 5,500 MW under construction and 8,500 MW at an advanced stage of development, ready to meet potential growth in demand.
Driven by this investment effort, gross operating profit (EBITDA) reached 12.438 billion euros. Adjusted EBITDA thus grew by 4.4%. 83% of EBITDA comes from countries with high credit ratings, with the United Kingdom and the United States increasing their contribution by 12 basis points to 43%.
By business, operating income from networks increased by 26% due to increased investment and new regulatory frameworks. EBITDA from renewable production and customers fell by 11%, following divestments and increased costs for complementary services in the Iberian Peninsula.
Increased financial strength
Business growth has been accompanied by financial strength. The company reduced its net debt by 3.2 billion euros in the first nine months of the year to around 48.5 billion euros, thanks to its asset rotation policy and alliances.
Iberdrola is continuing with its strategy of alliances and divestments and has signed agreements worth more than 8 billion euros during the first nine months of 2025, with a positive impact on net debt of around 4.5 billion euros.
Cash flow grew by 10% at the end of September to almost 9.752 billion euros, and operating cash flow/net debt stood at 26.2%, after increasing by 330 basis points.
In addition, it has liquidity of 23 billion euros, which would allow it to cover 25 months of financial needs without resorting to the market.
As a result, it has managed to reduce the cost of its debt by 12 basis points to 4.72%.
With these results, the company has proposed a record dividend of at least 0.25 euros per share, representing an increase of 8.2% over the previous interim dividend. This dividend will be supplemented by an additional dividend, which must be approved at the next General Shareholders' Meeting and will be paid in the third quarter of 2026.
Improved forecasts
Thanks to its international business, which is mainly focused on networks and has significant financial strength, the company forecasts a double-digit increase in adjusted net profit for 2024. In fact, Iberdrola has set its profit forecast for the full year at 6.6 billion euros. Net profit will exceed 6.2 billion euros, not including 389 million euros already collected for past network costs in the United States.
