Iberdrola Profit Surges on Higher Renewable-Energy Output

By Christian Moess Laursen

Iberdrola net profit jumped in the first half of the year after record rates of renewable-energy production.

The Spanish energy company said Wednesday its net profit surged 64% to 4.13 billion euros ($4.48 billion) in the period.

Earnings before interest, taxes, depreciation and amortization rose 27% to EUR9.61 billion, driven by the asset sales in Mexico announced earlier this year, which contributed EUR1.72 billion.

Excluding these, recurring Ebitda grew by 9% to EUR7.90 billion boosted by record-high renewable-energy production driven by offshore wind production and the Iberian peninsula's contribution, Iberdrola said.

The electric utility group's net production fell 17% to 71,002 gigawatt hours in the period, dragged by steep falls in Brazil and Mexico output. Renewables production rose 5% to 45,181 GWh.

Gross investment in the half year reached EUR5.28 billion, up 16% and in line with its strategic plan for 2024-26.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

July 24, 2024 03:05 ET (07:05 GMT)

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