Iberdrola's first-quarter net earnings rose 0.7% to 1.022 billion euros, with earnings before interest, taxes, depreciation and amortization (EBITDA) up 4.1% at 2.365 billion euros, driven by international growth and despite a decline in Spain, where recent regulatory decisions have had a negative effect.
The company reports that its revenues rose 10% to 9.331 billions euros, while gross margin was up 4.1%. Net operating income rose 1.3% to 1.6237 billion euros, and net recurring profit was up 3.1% to 933.7 million euros. EBITDA rose in all businesses.
By region, EBITDA from international business rose 20.4% to 1.271 billion euros, boosted in particular by the regulated and renewables businesses, which rose 25% and 17% respectively. EBITDA in Spain fell 10.1% to 1.094 million euros, affected by recent regulatory measures and adverse climate factors.
EBITDA from Iberdrola's renewables business rose 2.8% to 441.5 million euros, with installed capacity exceeding 14 GW – a 9.4% increase over the same period last year. In the first quarter, Iberdrola installed 345 MW, more than 75% of which was outside Spain.
The company's operational renewable energy capacity now stands at 13.398 GW.