Iberdrola Reports Nearly Double Profit in Q1 2024, and Continues Investments in Networks and Renewables

In the first three months of 2024, Iberdrola reported a net profit of 2,760 million euros, nearly double the 1,485 million euros recorded in the same period of the previous year. This significant increase in profits was driven by two key factors: the sale of its combined cycle (gas) plants in Mexico, which contributed a capital gain of 1,165 million euros to its income statement, and ongoing investments in networks and renewables.

Iberdrola expects to achieve a net profit exceeding 5,000 million euros by the end of the year, a new historical high. The positive evolution of their businesses in the first quarter, along with ongoing investments, supports an improvement in forecasts for the entire year 2024. The company’s gross operating result (ebitda) showed profits of 4,140 million euros in the first quarter of the year.

The recent sale of its fossil business in Mexico allowed Iberdrola to reduce its debt for the first time in several quarters. Its net financial debt decreased from just over 47,800 million to 45,000 million euros by March 31st. Investments by the company increased by 36% in the first quarter to almost 2.4 billion euros. Iberdrola remains focused on long-term investments and sustainability as electrification is an unstoppable trend with significant growth expected starting in 2030 across various sectors. Despite a recent decline in its stock value, Iberdrola remains committed to achieving its goals and providing value for its shareholders and customers alike.