Iberdrola (IBE) Q3 2026 earnings summary

Executive summary

• 9M adjusted net profit rose 8.8% to €5,140.5M, or 12.7% excluding adverse FX; reported net profit increased 9.6% to €5,816.1M, including Mexico disposal gains.

• Adjusted EBITDA grew 7.5% to €11,890.6M, led by Networks; total investment rose 13% to €10,087.2M.

• FY2026 adjusted net profit growth guidance increased to >10%, supported by 9M performance and positive Q4 expectations.

Financial highlights

• Adjusted revenue was €34,405M (+8.0%), gross margin €18,031.3M (+4.3%), EBITDA €11,890.6M (+7.5%) and EBIT €7,645.1M (+11.3%).

• Procurement costs increased 12.3%, mainly reflecting higher Q3 purchase volumes and prices; new sales were beginning to contract at higher prices.

• Adjusted net financial expenses increased 45.1% to €1,687M; the net financial result worsened €524M, mainly from derivatives and currency hedges.

• Adjusted net operating expenses fell 1%, flat excluding FX; adjusted gross margin rose 5% excluding FX.

Outlook and guidance

• FY2026 adjusted net profit growth guidance is >10%, supported by Networks, new capacity, higher sales prices, pumped hydro and efficiency measures.

• Targeting 10% average annual adjusted net profit growth over five years; network RAB is expected to exceed €90bn by 2030, with 65% in the UK and US.

• Networks RAB is expected to reach €58bn by year-end, up 15%; Q4 outlook includes higher transmission contributions and distribution rate increases.

• 15 GW of new Power and Customers capacity is planned during 2025–2030; 5.0 GW was installed and 3.8 GW was under construction.

• Q4 outlook includes 1.5 GW of additional installations, higher pumped-hydro production and increasing prices for Q4 2026 and 2027.