Iberdrola earned 2,760 million during the first three months of 2024, 86% more, driven by new investments, the increase in renewable production in the Iberian Peninsula and the sale of assets in Mexico, according to the information that the company has presented this Tuesday at the National Securities Market Commission (CNMV).
These benefits are conditioned by two specific events such as the sale of the combined cycle business in Mexico - closed in this first quarter - which contributes 5,437 million euros in cash and 1,165 million euros in net profit. To this, we must add the recovery of the deficit in the United Kingdom's commercial business compared to 2023, which had a positive impact of 238 million euros on net profit. Discounting these two specific impacts, the increase in profit would be 28%.
Regarding EBITDA, the gross profit of the business stood at 5,857 million euros: excluding the Mexico operation, it would be 4,140 million, 10% more than the previous year, driven by the growth in the network business due to new tariff frameworks in the United States, the United Kingdom and Brazil, and for a greater contribution from the renewable business.
Production in the Iberian Peninsula alone grew by 19% to 10,600 gigawatt hours (GWh) and reached its highest levels in the last 10 years and a growth of 16% in offshore wind production in the United Kingdom, Germany, France and the United States. .
The quarter has also set a record in the investment chapter, the company has allocated 2,382 million euros, 36% more than the previous year. The company thus reaffirms its commitment to the electrification of the economy, the basis of the Strategic Plan presented on March 21.
“These results show the solidity of Iberdrola's model and the positive impact of the investments included in our 2024-26 Plan. The good evolution of our businesses in the first quarter, together with the growth of investments already in progress, also allows us to improve our forecasts for the whole of 2024”, assured the president of Iberdrola, Ignacio Galán.
Specifically, Ibedrola expects to close 2024 with a net profit of more than 5,000 million due to an improvement in the tariff frameworks in networks in the United States, the United Kingdom and Brazil and investments of 12,000 million for the whole year.
The company has liquidity of 22.4 billion euros, which would allow it to cover 26 months of financial needs without resorting to the market.
The company will hold its General Shareholders' Meeting on May 17 with a commitment to pay 0.55 euros per share, with an increase of 10.8% to which an additional 0.005 euros per share will be added if the quorum is established at the Meeting. reaches 70%. Iberdrola thus recovers the old practice of Ibex 35 companies of encouraging attendance at annual meetings that had declined first with the financial crisis and in its entirety with the pandemic. An incentive that many shareholders have demanded from Ibex 35 companies in the last year.
