Iberdrola (IBE) Q4 2024 earnings summary

Executive summary

• Record net profit reached EUR 5,612 million (+17%) and EBITDA EUR 16,848 million (+17%), supported by operating performance and a higher regulated asset base.

• Record investments totaled EUR 17 billion: EUR 12 billion organic and EUR 5 billion from corporate transactions, with proceeds reinvested in U.K. and U.S. networks.

• The board proposed a 15% dividend increase to EUR 0.635 per share.

Financial highlights

• Adjusted net profit was EUR 5,530 million (+15.1%), slightly above guidance; revenue declined 9.3% to EUR 44,739 million.

• Gross margin increased 2.5% to EUR 23,876 million as procurement costs fell 20%.

• Operating cash flow rose 10% to EUR 11,836 million; FFO/adjusted net debt was 22.9%.

• Net financial expenses improved by EUR 612 million to EUR -1,575 million, and cost of debt fell to 4.81%.

• Record tax contribution reached EUR 10,300 million, up 16%.

Outlook and guidance

• 2025 net profit is expected to grow at a mid- to high-single-digit rate, excluding capital gains from asset rotation.

• Growth is supported by organic network investment and full-year contributions from recent acquisitions; focus remains on U.S. and U.K. networks.

• EUR 41 billion is planned for transmission and distribution through 2030.