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Iberdrola (IBE) investor relations material
Iberdrola Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Reported net profit for the first nine months of 2025 was €5,307M, with adjusted net profit up 17% year-over-year, driven by strong Networks performance and asset rotation.
EBITDA rose to €12,438M, mainly from Networks, which saw a 26% increase due to higher regulated asset value and regulatory improvements in the UK, US, and Brazil.
Investments increased by 4% to €9B, with over 60% allocated to the UK and US, and more than 2,000 MW of new renewable capacity installed in the last 12 months.
Net debt decreased by €3.2B to €48.5B, improving FFO/Net Debt to 26.2%.
Interim shareholder remuneration rose 8.2% to €0.25/share.
Financial highlights
Adjusted net profit was €5,116M, up 16.6% year-over-year; revenues grew 2.3% to €33,863M, and gross margin increased 2% to €18,407M.
Adjusted EBITDA rose 4.4% to €12,057M; adjusted EBIT increased 5.9% to €7,785M.
Net debt at the end of September was €48.5B, down from €51.7B at 2024 year-end, with liquidity of €23B covering 25 months of needs.
FFO to adjusted net debt improved to 26.2%, and net debt/EBITDA improved to 2.98x.
Effective tax rate expected to be around 20% for the year, below historical averages.
Outlook and guidance
FY 2025 adjusted net profit guidance raised to double-digit growth, targeting €6.6B or more, exceeding previous 2026 targets.
Strategic plan targets €55B investment in US and UK networks between 2026-2031.
Minimum shareholder remuneration of €0.64/share set for 2025-2028.
Continued focus on asset rotation, partnerships, and capital increases to support growth and reduce debt.
Net debt at year-end 2025 expected to be around €51B, excluding potential Mexico divestment proceeds.
How did asset rotation impact 9M 2025 net profit?
Purpose of €5bn accelerated capital increase?
Impact of new Spanish network remuneration rate?
AR7 auction budget impact on UK offshore?
Year-end 2025 net debt expectation?
US rising prices & data center demand impact?
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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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