Iberdrola reported a nine-month net profit of 3.64 billion euros for 2023, marking a 17% year-over-year increase. When excluding the impact of a derivative tied to the partial sale of its Mexican unit, which rose 22%, the company presented the figures in its CNMV filing. This result stands as Iberdrola’s strongest first nine months on record and underpins management’s expectation of double-digit growth by year-end. If momentum stays, the group is on track to surpass its 2022 profit milestone of 4.339 billion euros and set a fresh annual record.
The energy supplier also indicated an 11% dividend increase, delivering a base of 0.20 euros per share based on 2023 results after achieving the dividend floor for 2025 earlier this year.
Iberdrola attributes these earnings to higher production and added renewable capacity, while noting a normalization of activity, higher network tariffs, and a challenging macro backdrop. Electricity production reached 125,345 megawatt-hours, up 2.4% from the prior year. In segments like combined cycles, where capacity has been tighter, hydropower contributed a 14% rise, partially offset by an 8.3% decline in other areas. Installations expanded 3.6% to reach 62,102 MW of installed capacity.
EBIT, or gross operating profit, climbed 13% to 10.783 billion euros by September. The increase reflects a diversified growth strategy, solid project execution, and stronger financial fundamentals. Investments neared 11 billion euros, aligning with the year’s project pace and Iberdrola’s capital allocation framework, which aims to sustain growth while safeguarding financial integrity. Ignacio Sánchez Galán, president of Iberdrola, noted that the strategy introduced last November enables ongoing expansion, preserves financial soundness, and supports higher dividends, as outlined in the company’s statements.
Networks and renewable resources
By business line, network assets stood at 41.3 billion euros as of September, with regulatory frameworks advancing toward the 2025 targets. Iberdrola has secured 85% of the network supply chain for 2025, rising to 100% in transportation projects. Renewable capacity increased by 3,100 MW over the past year, bringing total installed renewable capacity to 62,102 MW, with 8,000 MW currently under construction.
Offshore wind remains a central growth pillar, with planned capacity of 3,100 MW by 2025 and 4,800 MW by 2026/27. The firm has 3,500 MW under construction and aims for about 10 billion euros in total investments across the period. The supply chain is being strengthened to meet deadlines and ensure energy is sold under long-term contracts, typically spanning 15 to 20 years. The offshore wind platform is expected to contribute 1.9 billion euros to EBITDA in 2026–2027, compared with 0.7 billion euros recorded in 2022, underscoring its growing contribution to earnings and financial resilience.