In brief
Profit rises on a Mexico sale
Iberdrola reported a net profit of 5,816.1 million euros for January to September 2026, up 9.6% on the same period of 2025. The figure includes a net capital gain of 953 million euros from selling its Mexican business to Cox. Excluding that gain, adjusted net profit came to 5,140.5 million euros, an 8.8% rise, after counting a positive effect of 277.6 million euros from UK capital allowances. La Vanguardia rounded the headline growth to 10%. The company attributes the trend to higher investment, a good performance in networks and improved new regulatory frameworks.
“Principally due to the increase in investments, the good performance of the networks business and the improvement of new regulatory frameworks.”
Operating results and revenue
Adjusted EBITDA rose 7.5% to 11,890.6 million euros, which the company attributed to faster growth in networks. Excluding exchange rate effects, which cost 36.1 million euros, the increase would have been 7.8%. Reported EBITDA fell 0.7%, reflecting 530 million euros of past US costs recognised and 382 million euros from the 2025 sale of UK smart meters. Revenue reached 34,405 million euros, up 8% from 31,871 million a year earlier. Networks adjusted EBITDA grew 14.9% to 6,430.2 million euros, and the regulated asset base reached 56,323 million euros, 14% higher.
- Net profit (reported)
- 9.6 %
- Adjusted net profit
- 8.8 %
- Revenue
- 8 %
- Adjusted EBITDA
- 7.5 %
- Investment
- 13 %
- Networks investment
- 28 %
Data from the article text
Investment push abroad
Investment rose 13% to 10,087 million euros in the period, with about 75% directed to the United Kingdom, the United States and Brazil. Networks received 6,277 million euros, up 28% and making up 62% of the total. Generation and Customers attracted 3,600 million euros, with renewables at 3,257 million, mainly onshore and offshore wind. More than 80% of renewables spending went to the United States, the United Kingdom, continental Europe and Australia. The company installed 3,300 MW over the last 12 months, against a plan of 15,000 MW by 2030. In July the company announced an agreement to buy 80% of Caruna, Finland's largest electricity distributor. Net debt rose to 54,561 million euros.
- Networks
- 6277 million euros
- Generation and Customers
- 3600 million euros
- Total investment
- 10087 million euros
Data from the article text
Outlook and dividend
Iberdrola raised its 2026 guidance and now expects adjusted net profit growth of at least 10%, compared with more than 8% previously. Its 2025 adjusted net profit of 6,231 million euros was a record, and the new guidance points to roughly 6,900 million euros for this year, according to Europa Press. The company aims to keep average annual adjusted profit growth at 10% over the next five years. It also expects its regulated asset base to exceed 90,000 million euros by 2030. The interim dividend for 2026 is 0.275 euros gross per share, 8.7% above the prior year's interim dividend. Iberdrola plans to give more detail at a Capital Markets Day in March 2027.
Market position
Iberdrola is chaired by Ignacio Sánchez Galán, who has led the utility through this period of growth. One account says the company is very close to overtaking the American group NextEra as the world's largest electricity company. Another says Iberdrola had already become the largest electricity company in the world by stock market value during this period, with a capitalisation of around 145,000 million euros. The same account puts its assets above 170,000 million euros at the end of the third quarter. The two accounts therefore differ on whether that top rank has already been reached.