Financial strength and dividends
Iberdrola has presented its results for the first half of 2026, reporting a profit of €4,340 million, 22 per cent higher than in the same period last year, including capital gains from the sale of thermal power stations in Mexico.
Excluding these capital gains, adjusted net profit stood at 3,565 million euros, 8 per cent higher than in the first half of 2025, or 14 per cent higher excluding the impact of exchange rates.
Investments
Investments have risen by 25 per cent to 7,000 million euros, with over 70 per cent allocated to the United Kingdom, the United States and Brazil.
Meanwhile, investments in Networks grew by 42 per cent to nearly 4,400 million euros and now account for two-thirds of total investment.
Network assets (RAB) grew by 11 per cent to nearly €55,000 million, mainly in the United Kingdom (+11 per cent), the United States (+12 per cent) and Brazil (+18 per cent).
Of this total, 40,000 million relates to distribution (+6 per cent) and the remaining 15,000 million to transmission, with growth of 30 per cent over the past year.
Meanwhile, investment in Generation exceeded 2,200 million euros during the first half of the year, more than 70 per cent of which was in onshore and offshore wind power. During this period, more than 1,600 MW has been installed, and 2,100 MW is expected to come online during the second half of the year.
The company has mature projects in place to add up to 15,500 MW of capacity between 2025 and 2030, compared with the 9,500 MW set out in the 2025–28 plan.
EBITDA
Adjusted EBITDA grew by 7 per cent between January and June 2026, reaching 8,050 million. Adjusted EBITDA for Networks rose by 13 per cent thanks to the new transmission framework in the UK, the NECEC interconnector in the US and tariff improvements across all markets.
Meanwhile, adjusted EBITDA for Generation and Customers rose by 1 per cent due to higher production in the UK, the US, Continental Europe and Australia.
Financial strength and dividends
The company’s ratios have remained in line with its BBB+ credit rating. The Iberdrola Group has liquidity of 21,500 million, sufficient to cover 22 months of financing requirements.
Dividends paid for the 2025 financial year totalled 4,500 million euros, an increase of 12 per cent. The dividend per share stands at 0.685 euros, of which 0.427 euros will be paid on 27 July.
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