The Diplomat
Iberdrola recorded a net profit of 5,470.7 million euros in the first nine months of the year, which represents an increase of 50.4% with respect to the same period of the previous year.
The profit was boosted by the multimillion-dollar capital gains recorded with the sale of assets in Mexico, according to the company, which has thus decided to improve its forecasts for 2024 in which it aims for new record profits and dividends.
Excluding the capital gain from Mexico, which amounted to 1,165.2 million euros, the energy company’s net profit would stand at 4,305.5 million euros, increasing by 18.4% compared to the first nine months of 2023 and, in recurring terms (also excluding the recovery of the UK tariff deficit and the provision for taxes in Mexico in 2023) by 22%.
The energy company’s gross operating profit (Ebitda) increased by 23% in these first nine months, to 13,269 million euros, driven mainly by a 25% increase in organic network investments in the last nine months – with the electrical network asset base already reaching 47,600 million (including ENW) – as well as renewable production at historic highs thanks to new investments and results from asset rotation.
Recurring EBITDA grew by 11% to €11.551 billion. The United States and the United Kingdom drove the result, with increases of 25% and 15% in EBITDA, respectively.
Investments reached a record figure of €12.3 billion, 13% more, mainly in networks and renewables in the United States and the United Kingdom.
In this way, the group chaired by Ignacio Sánchez Galán again improved its expectations for 2024 and has set the profit forecast for the year as a whole at €5.5 billion, which represents an increase of 14% compared to the previous year (excluding any capital gains from asset rotations), driven by the new network tariff frameworks, the increase in installed capacity and the increase in long-term contracts.
