Spanish energy utility giant Iberdrola has recorded over €3.5 billion (US$4.1 billion) in net profits in the first half of 2025 as it continues to expand investments in grid networks and high-value markets.
Iberdrola’s net profits reached €3.6 billion (US$4.2 billion) in the first six months of 2025, and EBITDA reached €8.3 billion (US$9.7 billion), a 5% increase.
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The utility’s investments grew to €5.6 billion (US$6.6 billion), a 7% increase on the first half of 2024. Over the last year, the utility said it has invested a “record” €17.3 billion (US$20.3 billion) in its businesses. Iberdrola’s total asset balance fell by around €700 million between December 2024 and July 2025.
Debt fell by €3 billion in the first half of 2025, to around €52 billion. The Qatar Investment Authority and US asset owner BlackRock are the leading shareholders in Iberdrola.
Renewables account for the majority of the utility’s generation and installed capacity; 45GW of the total 57GW. Solar PV and energy storage capacity grew faster in the last year than any other technologies, increasing by 20% and 58%, respectively.
Network investments
Iberdrola is strategically focusing its investments in networks and grid infrastructure through 2026. It said it intends to invest €41 billion by 2026, 60% of which will be into networks.
In its 2024-2026 strategic plan, the utility said networks are the “enabler of the energy transition” and outlined the need for investment parity between new renewables capacity and new grid networks, with a 25% increase in network investment for advanced economies. It would seem that network investment is also very profitable.
This strategy is playing out. Iberdrola’s investment in networks grew twice as fast as its overall investments in H1 2025, and it forecasts that its network investment will reach €55 billion in the next six years, a 75% increase.
75% of its network asset base will be in the US and UK. Over 60% of its total investments in the first half of 2025 were in the two countries.
Alongside network investments, Iberdrola is focusing on regulated businesses and expanding “selective” investments in renewables. 40% of its €2.1 billion investments in renewables so far this year have been for offshore wind in the UK and US.
The utility also announced a €5 billion capital raise, which it said would “accelerate the company’s strategy of growth in networks in countries with stable, predictable and incentivising frameworks and with an A-rating, like the United States and the United Kingdom.”
Looking forward, Iberdrola expects a double-digit profit increase in 2025 and a 10% increase in regulated network assets. It expects its network asset base to “exceed €90 billion” by 2031.
