Iberdrola reports first quarter profit growth

By Staff
2 Min Read

Iberdrola has reported financial results for the first quarter of 2024, with increases in net profit and investments.

The company reported a net profit of €2.76 billion (£2.3bn), a substantial increase from €1.49 billion (£1.2bn) in the first quarter of 2023, driven by robust operational performance.

Factors such as tariff adjustments for networks in the UK, US and Brazil and renewable energy expansion drove this growth, with investments reaching €2.38 billion (£2bn), a 36% rise.

Consequently, Iberdrola has raised its full-year profit outlook and remains committed to its strategic plan for sustainable growth, as highlighted by Executive Chairman Ignacio Galán.

Ignacio Galán, Executive Chairman of Iberdrola, said: “The first quarter has seen strong operating performance in all markets, with greater contribution from our increased networks asset base and improved renewables production.

“We have started positively in the delivery of our strategic plan to 2026. Our record investment levels in the first quarter will drive a total spend of €12 billion (£10.3bn) this year.

“The good start to the year has allowed us to increase our guidance for 2024, with net profit now expected to grow at a high-single-digit rate.”

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