Iberdrola has increased its investment in regulated networks and offshore wind, with a significant share focused on projects in the United States and the United Kingdom.
Over the last 12 months, total investment reached €17.3 billion, with €2.72 billion spent in the first quarter of 2025 alone, marking a 14% year-on-year increase. Network infrastructure received the largest share of quarterly spending, up 18% to €1.432 billion, with more than two-thirds of this directed to the US and UK. The company’s regulated asset base has grown to €49 billion following the integration of Electricity North West, and is forecast to exceed €51 billion by year-end.
Renewable energy investment rose by 7% to €1.064 billion, largely focused on offshore wind developments. Over 50% of this funding was allocated to the East Anglia 2 and 3 wind farms in the UK and the Vineyard Wind project in the US, with the US and UK together accounting for two-thirds of total renewable investment.
Gross operating profit (EBITDA) rose 12% to €4.643 billion, nearly half of which was generated in the US and UK. This reflects both organic growth and the acquisition of ENW. The networks business contributed more than half of the total EBITDA, up 43% from the previous year.
Over the last year, Iberdrola has installed 2,600 MW of new renewable capacity. Net profit increased by 26% on a like-for-like basis, reaching €2.004 billion. Operating cash flow rose 11% to €3.5 billion, while liquidity now stands at €20.9 billion—sufficient to cover funding needs for the next 19 months without accessing external markets.
Looking ahead, Iberdrola expects continued double-digit profit growth, supported by an additional 4,000 MW of renewable capacity and a 10% increase in regulated assets. All new renewable energy is already contracted for sale by 2025.
New tariffs are expected to have limited financial impact, increasing investment costs by less than 1%. More than 80% of procurement is with local suppliers, and all major contracts for current construction projects are in place.
