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Iberdrola (IBE) investor relations material
Iberdrola CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Strategic investment focus and capital allocation
€58 billion investment planned for 2025–2028, with two-thirds allocated to the US and UK, focusing on regulated networks and renewables, and over 85% in A-rated countries.
65% of total investment directed to networks, with €37 billion planned, representing a 50% increase over the previous four years and more than 70% in the UK and US.
Regulated asset base projected to grow over 40% from €49 billion in 2024 to €70 billion by 2028, with 65% concentrated in the US and UK.
Investment in renewables and customer solutions totals €21 billion, with 75% of projects already under construction and over 90% in A-rated countries.
Acquisition of a larger stake in Neoenergia increases presence in Brazilian distribution networks.
Financial guidance and shareholder returns
EBITDA is forecast to reach €18 billion by 2028, up from €15.1 billion in 2024, with 55% from regulated networks and 50% of EBITDA from the US and UK.
Adjusted net profit is expected to grow by €2 billion to €7.6 billion by 2028, with high single-digit annual growth.
Dividend policy targets a payout of 65–75% of earnings per share, with a floor of €0.64 per share, and continued share buybacks to maintain share count stability.
No additional equity raises are planned, with funding secured through capital increases, asset rotation, partnerships, and strong cash flow generation.
Maintaining BBB+ rating, with prudent leverage and 73% of debt at fixed rates.
Regional and business segment outlook
UK and US will account for 65% of total investment and 65% of the regulated asset base by 2028, with Spain and Brazil representing smaller shares.
Transmission investment will nearly double to €20 billion by 2028, with major projects in the UK (Eastern Greenlink, Western Link) and the US (NECEC, Powering New York).
Distribution investment in the UK and US is secured under advanced regulatory frameworks, with inflation protection mechanisms in place.
Renewables investment focuses on offshore wind (€8 billion), onshore wind (€5 billion), solar PV (€2.2 billion), and storage (€2 billion), with a strong pipeline in Australia, Germany, and Italy.
Customer business will invest €2.5 billion to maintain market share and secure long-term contracts, with a focus on digitalization and efficiency.
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