Iberdrola obtained a net profit of 2,760 million euros in the first quarter of the year, which represents an increase of 85.8% compared to the 1,485 million euros in the same period of 2023, driven by the million-dollar capital gains recorded with the sale of assets in Mexico, the company reported.

Specifically, the asset sale operation in Mexico, closed on February 26, represented an extraordinary contribution of 1,165 million euros to its net profit, while in 2023 it had a positive impact of 238 million euros due to its recovery from the deficit. in the UK trading business. Excluding these recurring items, the energy company’s net profit grew by 28%.

For its part, the gross operating result (Ebitda) stood at 5,857 million euros at the end of March, 44.1% more than in the same period last year. Excluding the capital gain from Mexico and the recovery of the tariff deficit in the United Kingdom, Ebitda grows by 10%, to 4,140 million euros, due to the improvement in margins and the record achieved in renewable production in the last 10 years in Iberia.

The group’s turnover in the period from January to March reached 12,678.5 million euros, which represents a drop of 18% compared to the first quarter of 2023.

These electricity company figures were boosted by gross investments that in the quarter reached 2,382 million euros, 36% more, with a growth in the network business of 27%, up to 1,213 million euros due, mainly , to the new ‘rate cases’ in the United States, the United Kingdom and Brazil, distributing the investment 60% in distribution and 40% in transmission.

For its part, investment in the Renewable business increased by more than 50%, up to 994 million euros, of which 366 million euros were directed to offshore wind (70%).

Iberdrola also recorded a significant improvement in cash generation, with cash inflows in the first quarter of approximately €5.4 billion from the Mexico transaction.

The operating cash flow (FFO) reported by the company grew by 5%, to 3,145 million euros, and 14% if the impact of the United Kingdom tariff deficit registered in the first quarter of 2023 is excluded.

Iberdrola’s adjusted net financial debt at the end of March stood at 44,998 million euros, decreasing by 5.9% compared to December 2023 thanks to the collection from the sale of Mexico.