Iberdrola has reported a 17% increase in net profit and earnings before interest, tax, depreciation and amortisation (EBITDA) for 2024.
Net profit reached €5.6bn and EBITDA reached €16.8bn in 2024, driven by record investments of €17bn (+50%).
The company allocated €12bn (70% of total investment) to the US and UK, focusing on networks and renewables.
Notably, €5.5bn was invested in renewables, adding 2.6GW of capacity and expanding the pipeline to over 44,000MW.
The company has €9.2bn on its balance sheet allocated to projects in construction, with 80% of these expected to be commissioned in 2025 and 2026.
The company also reported a record tax contribution of €10.3bn, supported 500,000 jobs and hired 6000 new employees.
Looking ahead, net profit is expected to grow in the mid- to high-single digits in 2025, supported by a focus on grids and selective renewables investments.
Ignacio Galan (pictured), Executive Chairman of Iberdrola, said: “With electrification driving growth in demand across all of the countries Iberdrola serves, this strong set of results delivers ahead of our strategic plan.
“Iberdrola has been the leader in electrification for 25 years, combining disciplined execution with long-term commitment to deliver increased shareholder value.
“We are continuing on this path through our focus on network investments in the US and the UK, using the proceeds from fossil fuel divestments to accelerate growth in both markets.
“A strengthened business profile and better market fundamentals contribute to a structural improvement in our outlook for 2025 and beyond.”