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Iberdrola
Iberdrola (IBE) investor relations material
Iberdrola Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Reported net profit for 2025 reached €6,285 million, up 12% year-over-year, with adjusted net profit at €6,231 million, exceeding guidance by 10.3%.
Adjusted EBITDA rose 3.1% to €15,684 million, driven by a 21% increase in Networks, offset by non-recurring costs and lower prices in power.
Total investment was €14,460 million, with two-thirds allocated to transmission and distribution networks, including major acquisitions of ENW (UK) and Neoenergia (Brazil).
Net debt decreased by €1.5 billion to €50.2 billion, supported by an 8.2% increase in operating cash flow to €12,811 million.
Dividend proposal of €0.68 per share, a 6.3% increase year-over-year, with total dividend payments up 12% to €4.5 billion.
Financial highlights
Adjusted revenues rose 0.6% to €45,017 million, with adjusted gross margin up 1.8% to €24,299 million.
Adjusted net operating expenses improved 4.1% to €5,842 million, with recurring net operating expenses up just 1%.
Adjusted EBIT reached €9.9 billion, up 3.1% year-over-year.
Cost of debt improved 6 basis points to 4.75%; net financial costs increased by €288 million due to higher average net debt.
Adjusted net debt to EBITDA was 3.02x; FFO to adjusted net debt at 25.5%.
Outlook and guidance
Adjusted net profit guidance for 2026 set at more than €6.6 billion, aiming to exceed €7.6 billion by 2028.
Growth driven by consolidation of Electricity North West and Neoenergia, new regulatory frameworks, and major transmission projects.
100% of 2026 energy production already sold via long-term PPAs and regulated contracts.
Continued focus on expanding networks, selective investment in renewables and storage, and asset rotation.
Liquidity position of €21,381 million covers 29 months of financing needs.
What impacted adjusted EBITDA in Networks vs P&C?
Detail key network regulatory/project milestones
Significance of EU Green hybrid bond issuance
Networks growth drivers beyond 2025
Power & Customers EBITDA recovery plan
Sustainable financing impact on debt strategy
How will Iberdrola adapt to new Spanish network rules?
US rate case strategy for NY and Maine
Data center demand: network bottleneck or opportunity?
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Next Iberdrola earnings date
Q1 202630 Apr, 2026
Iberdrola
Next Iberdrola earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Iberdrola, S.A. engages in the generation, transmission, distribution, and supply of electricity in Spain and internationally. The company operates through five business units: Spain, Noriega, Central America and Brazil, Windpower and Renewable Projects, Dominican Republic, and Corporate. The Spain business unit operates in Spain and provides electricity to customers through two networks: Iberdrola Comercial, which offers industrial, commercial and residential areas; and Iberdrola Industrial. Iberdrola, S.A. was founded in 1840 and is headquartered in Bilbao, Spain.
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