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Spanish utility Iberdrola SA (BME:IBE) accumulated a net profit of EUR 3.64 billion (USD 3.84bn) during the nine months through September 2023, up by 17.2% year-on-year, the group said in its earnings report on Thursday.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the period rose by 13.2% on the year to EUR 10.8 billion, underpinned by positive tariff adjustments in the networks business and improvement in the renewables output and margins in the EU, Iberdrola said.
Net revenues declined by 1.9% to EUR 37.2 billion.
Between January and September, Iberdrola increased global renewable power production by 6.1% year-on-year to 58,742 GWh, generating electricity from sources as varied as onshore and offshore wind, solar, conventional and small hydro. Its net owned renewable energy capacity rose by 5.5% to 41,303 MW.
The table below shows the financial performance of Iberdrola’s electricity production and customers business, which groups figures from both renewables and conventional generation:
| EUR billion | 9-mo 2023 | y/y change: |
| Revenue | 24.24 | -3.5% |
| Gross profit | 9.94 | 33.2% |
| EBITDA | 6.37 | 34.2% |
| EBIT | 4.39 | 59.2% |
Iberdrola again raised the profit outlook for the fiscal year 2023, now anticipating a double-digit net profit growth, excluding additional capital gains from asset rotation. Its forecast from July saw a move from mid-to-high single digits to a high-single-digit net profit growth by the year’s end.
(EUR 1.0 = USD 1.054)
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