Iberdrola SA on Wednesday reported EUR 6.29 billion ($7.41 billion) in net profit and EUR 6.23 billion in adjusted net profit for 2025, up 12 percent and 10 percent respectively against 2024 on the back of an expanded footprint in power distribution in the United Kingdom.
The Spanish multinational’s networks business, which involves electricity and gas transmission and distribution, generated EUR 20.92 billion in revenue for 2025, up 11 percent from 2024. The UK led the increase, contributing EUR 2.63 billion; that was up 34 percent compared to 2024. The United States accounted for EUR 7.16 billion, up 15 percent. Spain contributed EUR 2.33 billion, up 22 percent. Brazil contributed EUR 8.8 billion, up 0.2 percent.
Iberdrola attributed the overall revenue growth to “the increased regulated asset base, the consolidation of ENW (UK) from March, the higher rates in the United States and Brazil and the increased contribution of Iberia”.
Iberdrola acquired Electricity North West (ENW), which distributes power in the northwest of England, in 2024 for about EUR 5 billion, increasing the number of its UK customers by nearly five million. However, it only gained full control of ENW in March 2025 due to regulatory approvals, according to the company.
Across Iberdrola’s countries of operation, distributed electricity grew eight percent to nearly 256,000 gigawatt hours (GWh) in 2025. The UK led the growth, by 52 percent to about 46,500 GWh.
“Gross margin for the networks business in the UK increased by 34.3 percent (35.8 percent in local currency) and stood at EUR 2,550.4 million, due to improved results in the distribution business following the full consolidation of ENW, effective from March 2025 (+EUR 628 million), combined with a higher contribution from the transmission business as a result of rate increases”, Iberdrola said.
The UK has been allotted the biggest chunk (EUR 20 billion) of Iberdrola’s recently bumped-up investment plan of EUR 58 billion through 2028, which focuses on regulated networks expansion.
In the power and customer business, which involves power and gas retail, Iberdrola collected EUR 24.89 billion in revenue for 2025. That was down 5.3 percent compared to 2024. All countries except the U.S. saw power and customer revenue fall.
The UK registered the sharpest decline at 13 percent. The UK decline was due to “lower volumes, as well as lower prices in the renewable business, partially offset by the higher production of the East Anglia 1 offshore after the failure of the export cable in 2024”, Iberdrola said.
At yearend 2025 Iberdrola’s installed capacity rose three percent against 2024 to over 58.3 GW, “with emission-free source accounting for 85 percent (49.338 MW)”, Iberdrola said.
“Net electricity production at the end of December 2025 amounted to 129,043 GWh, decreasing 2.6 percent compared to December 2024 due to the thermal assets divestment in Mexico, effective since February 26th 2024”, it said. “Of this 85 percent came from own emission-free production (vs 84 percent December 2024)”.
Iberdrola reported, “Excluding capital gains from the sale of smart meters in UK (EUR -379 million), recognition of past costs in the USA (EUR -389 million), including negative adjustments to the power and customers business (EUR +465 million) in the renewable pipeline and the impact of capital allowance in the United Kingdom (EUR +251 million), adjusted net profit grew by 10.3 percent to EUR 6,231.0 million and adjusted EBITDA increased by +3.1 percent to 15,684.4”.
“The +3.1 percent increase in adjusted EBITDA is due to strong operating performance in the networks business (+21 percent) driven by the larger regulated asset base and improvements in regulatory frameworks”, it said.
“The contribution from the electricity production and customers business decreases by 10 percent since the increased installed capacity (+2,700 MW) and higher production (+5.9 percent), with offshore wind increasing by 39 percent, do not offset lower prices in Spain and the United Kingdom nor the non-recurring impact of higher ancillary services costs in Iberia”.
Funds from operations (FFO) climbed 8.2 percent to EUR 12.8 billion, led by the networks business.
“The adjusted FFO to adjusted net debt ratio stood at 25.5 percent, with a current liquidity position of EUR 21,381 million, covering 29 months of financing needs”, Iberdrola said.
The board is proposing to raise dividends per share by six percent, from EUR 0.64 per share for 2024 results to EUR 0.68 per share for 2025 results.
To contact the author, email jov.onsat@rigzone.com
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