Iberdrola delivered a solid performance for 2022, reporting growth in annual revenue and a new earnings record despite a challenging market for its home country. The group achieved an 11.5% year-over-year rise in earnings, topping its prior peak of 4,339 million euros. In Spain, results softened, posting a roughly 19% decline on a weighted basis versus the previous year. The company attributed this setback to regulatory pressures, higher costs linked to regulatory and financial measures, and increased operating expenses, detailing these factors in a formal filing with the National Securities Market Commission (CNMV). (Source: Iberdrola annual report 2022)
Looking forward, Iberdrola outlined a 2023 plan to invest about 11 billion euros. The objective is to add around 3,000 MW of renewable capacity and to broaden its asset base, which now exceeds 39 billion euros. The guidance calls for net profit growth in the 8-10% range, with net income rising about 5% when the impact of the new Spanish income tax is taken into account. (Source: Iberdrola annual report 2022)
Investments last year rose 13% to roughly 10.7 billion euros, with about 38% allocated to the European Union. This translates to approximately 3 billion euros in Spain and around 1.2 billion euros for other European markets such as Germany, France, and Portugal. Another 25% went to the United States, 20% to Latin America, and 13% to the United Kingdom. By year-end, Iberdrola reported an operational renewable energy base near 40,000 MW and outlined plans to bring an additional 7,675 MW online over the next four years, including 3,500 MW of offshore wind capacity. (Source: Iberdrola annual report 2022)
The group’s EBITDA rose 10% to 13.228 billion euros in 2022. In the United States and Brazil, margins benefited the results, while a 35% drop in hydraulic generation weighed on the overall performance. Iberdrola stressed that its technology leadership and diversified geographic footprint helped offset weaker results in Spain, where regulatory and tax measures, along with higher energy costs not fully passed to customers, weighed on revenue. Electricity sales declined by 6.8% amid broader market dynamics. (Source: Iberdrola annual report 2022)
Set against a year marked by energy price volatility and persistent global supply chain challenges, Iberdrola carried out its growth plan by increasing investments by 13% to about 11 billion euros. Management highlighted that the purpose of this spending was to sustain robust expansion, generate more activity and jobs, and reduce dependence on fossil fuels—an objective repeatedly emphasized by the chair during the year. (Source: Iberdrola annual report 2022)
Shareholders were informed that the general meeting would consider a supplementary gross dividend of 0.31 euros per share, in addition to the interim dividend of 0.18 euros per share already paid in January. The financial plan reflects ongoing commitments to reward investors while funding continued growth across Iberdrola’s diversified portfolio of energy assets. (Source: Iberdrola annual report 2022)