Iberdola earned 1,485.4 million euros in the first quarter of 2023, which means increasing the result obtained in the same period of the previous year by 40%, according to the information deposited this Wednesday by the company with the National Securities Market Commission. (CNMV)
Revenues in the period grew by 27.2% to 15,460.6 million, while the operating result before taxes (Ebitda) stood at 4,064.5 million, 37.7% above that registered in March 2022 .
According to the explanation provided by the company, this growth is related to the strong investments of 10,400 million euros in the first quarter, 9% more than the previous year, which have allowed it to increase its renewable energy park and networks. “Investments of 10,400 million euros and the normalization of operating conditions have allowed us to boost growth and continue to add value to societies in all the countries in which we provide services”, explained the company’s president, Ignacio Sánchez Galán.
Specifically, 91% of the investment was allocated to renewables (4,600 million euros, of which 30% corresponded to offshore wind) and smart grids (4,800 million) to accelerate electrification and promote energy autonomy.
For Iberdrola, the first three months of 2023 have been marked by corporate operations, among which the sale of assets in Mexico for 5,500 million euros has stood out. As well as the agreements with the sovereign wealth funds of Singapore (GIC) to co-invest in networks in Brazil and with the Swedish Norges to develop new renewable projects in Spain.
The first of them has been announced this Wednesday. This is an agreement signed with GIC, one of the main institutional investors in the world, for the development of transmission networks in Brazil for 2,400 million Brazilian reais -430 million euros.
“Thanks to the last two agreements closed in this quarter, the company has reached the financial objective of 7,500 million euros set in the Strategic Alliances Plan and the rotation of assets for 2025 in three months,” says the company.
Added to this is the fact that the energy group has 95% of its production sold at different terms -short, medium and long term- with PPAs or bilateral contracts.
The company’s operating cash flow reached 3,000 million euros in the last three months, improving the cash generation ratio over net debt by 1.3 percentage points, up to 25.3%.
With a view to the end of the year, Iberdrola maintains the expected profit growth target of between 5% and 10%.
