– Iberdrola reported a net profit of €2.76bn for the first quarter of 2024, with a surge of 86% compared to the previous year
– The surge was primarily due to the sale of stake in power plants in Mexico and a boost from the recovery of the UK tariff deficit
– Despite the one-off items, the net profit still exhibited 28% growth, with revenues declining by 18% to €12.6bn
Iberdrola, a Spanish utility, reported a net profit of €2.76bn for the first quarter of 2024, an 86% increase from the previous year. This surge was largely due to the sale of stake in power plants in Mexico and recovery of the UK tariff deficit. Despite these one-time gains, the net profit showed a 28% growth. However, revenues for the quarter declined by 18% to €12.6bn.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached €5.85bn, a 44.1% increase from the previous year. The company’s gross investment for the quarter totaled nearly €2.4bn, with networks and renewables sectors receiving significant amounts.
During the quarter, total net power generation decreased by 10% from the previous year, and installed capacity also saw a decline. However, renewable energy generation in Spain increased significantly, with hydroelectric plants showing a 41.9% improvement. In the US, installed solar power capacity grew by 38.5%.
Iberdrola’s executive chairman, Ignacio Galán, expressed satisfaction with the strong operating performance and increased investment levels. The company’s strategic plan for 2026 is well underway, with a total spend of €12bn expected for this year. The guidance for net profit growth in 2024 has been updated to a high-single-digit rate.