Half Year 2026 Iberdrola SA Earnings Call Transcript
Key Points
- Iberdrola SA (IBDRY) reported a 22% increase in net profit, reaching EUR3,336 million, and an 8% rise in adjusted net profit to EUR3,565 million, reflecting strong operating performance.
- Adjusted EBITDA rose by 7% to more than EUR8 billion, driven by a 13% increase in networks due to tariff hikes and higher asset acquisitions across all geographies.
- Investment surged by 24% to over EUR7 billion, with significant allocations to the UK, US, and Brazil, including the acquisition of Neoenergia minorities.
- The acquisition of Caruna network in Finland is expected to be accretive from day one, with a projected 7% annual growth in net income due to additional investments.
- Iberdrola SA (IBDRY) maintains a strong financial profile with an FFO to adjusted net debt ratio of 22.4% and liquidity exceeding EUR21 billion, supporting its BBB plus rating.
- The depreciation of the dollar and the pound against the euro negatively impacted operating results by EUR106 million.
- Net financial results were adversely affected by negative derivative impacts and FX hedges, leading to a EUR508 million increase in financial costs.
- The sale of onshore activities in Hungary and France, along with ancillary service costs in Portugal, negatively impacted EBITDA in other European countries and Australia.
- The net debt increased by EUR3.8 billion to EUR54 billion, driven by higher replacement costs and currency appreciation.
- The retail business in Spain faced challenges due to additional costs from reinforced system operations and regulated gas service impacts.
Good morning, ladies and gentlemen. First, we would like to extend a warm welcome to all of you who have joined us today for our 2026 first half results presentation.
As is customary, we will follow the traditional structure of our events. We are going to begin with an overview of the results and the key developments during the period.
The presentation that Q&A part will be delivered by the top Executive as today. Mr. Ignacio Galan, Executive Chairman; Mr. Pedro Azagra, CEO; and finally, Mr. Pepe Sainz, CFO.
After the presentation, we'll move on to the Q&A session. I would like to remind you that we will only be taking questions submitted through our website.
Please send your question exclusively via www.iberdola.com. Finally, we expect that today's event to last no more than 60 minutes. Should any question remain unanswered, the IR team will as always remain fully at joins. We hope that this presentation will be useful and informative for all of
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