Q1 2026 Iberdrola SA Earnings Call Transcript
Key Points
- Adjusted net profit increased by 11% to EUR1,865 million in Q1 2026.
- Adjusted EBITDA reached EUR4.1 billion, driven by a 9% increase in Networks.
- Investment reached EUR2.7 billion in Q1, with significant allocations to the UK and US.
- The Mexico transaction completed asset rotation targets, reinforcing financial profile.
- Strong cash flow generation and a positive impact from the Mexico transaction reduced net debt to EUR50.3 billion.
- Lower contribution from Power & Customers due to non-recurring impacts in Iberia.
- Negative FX impact reduced profit and loss figures, with a 11.4% depreciation of the dollar against the euro.
- EBITDA in the US decreased by 32% due to lower wind and thermal asset contributions.
- Increased ancillary costs in Iberia affected Power & Customers EBITDA.
- Net debt increased by EUR1.7 million compared to the previous year-end, driven by currency appreciation and CapEx.
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 quarter 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 and the Q&A will be delivered by the top executive team joining us today, Mr. Ignacio S. Galan, Executive Chairman; Mr. Pedro Azagra, CEO; and finally, Mr. Jose Sainz Armada, CFO.
After the presentation, weâll move onto 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.iberdrola.com.
Finally, we expect that todayâs event to last no more than 60 minutes. Should any question remain unanswered, the IR team will, as always, remain fully at your disposal.
We hope that this presentation will be
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