Iberdrola, S.A. Q3 2026 Earnings Recap

Iberdrola reported higher nine-month profit and EBITDA alongside record investment, while the market reaction was modestly positive at +2.4%. The results were tempered by weaker Power and Customers performance, where higher procurement costs weighed on EBITDA.

Key Takeaways

• Reported net profit rose 10% to €5,816 million; adjusted net profit increased 9% to €5,141 million, or 13% excluding foreign-exchange impacts.
• Adjusted EBITDA grew 7% to €11,191 million. Networks EBITDA rose 15% to €6,430 million, while Power and Customers EBITDA was €5,359 million and was pressured by higher electricity procurement costs and other costs.
• Investment reached a record €10.1 billion, up 13%; network investment was €6.2 billion, and regulated asset base increased 14% to €56 billion.
• The company installed more than 2,300 MW of capacity in the first nine months and 3,300 MW over the last 12 months.
• Net debt-to-EBITDA stood at 3.4x. The board approved an 8.7% increase in the interim dividend to €0.275 per share.