Keystone-SDA
The IBERDROLA energy giant published a benefit of 14% in the first half due to an unfavorable comparison effect linked to an asset transfer on Wednesday.
(Keystone-ATS) The Spanish group has also announced a capital increase of five billion euros intended to increase its investments. The Spanish flagship, appearing among the world leaders in renewable energies, released 3.56 billion euros in net profit between January and June, against 4.13 billion in the first half of 2024, according to the results published Wednesday by the company. On the second quarter alone, its profit reached 1.56 billion euros, a level higher than the expectations of the analysts interviewed by the FACTSET financial information provider, who tapped on average on 1.39 billion euros.
The drop in profit over the first six months of the year is explained by the sale to the Mexican state of 13 power plants which he owned in this country, concluded a year after a long bras with the Mexican government. This sale, closed on February 26, 2024, then made an extraordinary contribution of 1.16 billion euros to the company’s net profit. Without this exceptional event, its profit would have increased by 20%, specifies the group.
The turnover of the Spanish giant increased by 0.5% in the first half, to 22.74 billion euros. This slight increase was obtained in a context of electricity prices volatility on its main markets. The group chaired by Ignacio Galán, who said confirmed its financial objectives for 2025, also announced a capital increase of five billion euros, equivalent to 5% of its market capitalization (almost 100 billion euros).
This will allow the group to “take advantage of all the benefits of unprecedented investment opportunities in electric networks,” said the company in its press release, which seeks in particular to develop in the United States. The energetician thus plans to invest 55 billion euros over the period 2026-2031, ie “an unprecedented level”. Over the first six months, the group specifies having invested 5.66 billion euros, 7% more than a year ago.
The publication of these results occurs while the Spanish group has been calling for several months from the Spanish government a revision of the calendar of closing the Spanish nuclear power plant in Almaraz, the main central. The latter must officially close in 2028, Spain wishing to leave nuclear for 2035. But supporters of the atom put pressure on to delay this deadline, evoking a risk for the country’s electrical supply.
Their criticisms redoubled after the giant electrical failure which hit the Iberian peninsula on April 28.
