Iberdrola grows profit by 36% y/y in H1 2022

Spanish utility group Iberdrola SA (BME:IBE) booked a net profit of EUR 2.07 billion (USD 2.10 bn) in the first half of 2022, up by 35.5% year-on-year, mostly thanks to contributions from overseas subsidiaries.

Operations in the US, UK and Brazil managed to pull enough earnings to soften the 26% net profit drop by the domestic business Iberdrola Spain. Iberdrola’s performance in Spain was impacted by high energy prices which were not passed on to customers with previously agreed fixed prices, the group said.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) during the six-month period rose by 18% year-on-year to EUR 6.4 billion, owing to strong results from all regions except Spain. Revenues totalled EUR 24.4 billion, up by 30.3%.

The business unit Energy Production and Customers, which includes renewables, other generation, and retail, grew EBITDA by 9% to EUR 3.05 billion. The Networks business posted EBITDA of EUR 3.38 billion, up by 32%.

Over the January-June period, Iberdrola’s renewables generated 40,446 GWh of power, down by 1.5% year-on-year due to a lower hydroelectric output. Its wind farms - onshore and offshore, and solar farms across the world all increased production during the first semester compared to the year-ago period.

(EUR 1.0 = USD 1.015)

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