Iberdrola 1H26: Results beat from Mexico gain; expensive entry into Finnish networks through Caruna acquisition

研报英文原文证据摘录

Iberdrola 1H26: Results beat from Mexico gain; expensive entry into Finnish networks through Caruna acquisition

22 July 2026

Jorge Alonso Suils

+34 915 893 913

European Utilities & Clean Energy jorge.alonso@bernsteinsg.com

Iberdrola SA Ken-Ree Choong

+44 20 7676 8243

Rating ken-ree.choong@bernsteinsg.com

Market-Perform Specialist Sales

Price Target Gareth Williams

+44 20 7762 5256

IBE.SM 19.80 EUR gareth.b.williams@bernsteinsg.com

Iberdrola 1H26: Results beat from Mexico gain; expensive entry

into Finnish networks through Caruna acquisition

Today, Iberdrola released their 1H26 results followed by a conference call. In this note we share

Close Date 21 Jul 2026

key takeaways from the release and the conference call just concluded.

IBE.SM Close Price (EUR) 21.32

Beat at reported level due to capital gains: 1H26 reported net profit at €4,336m came in Price Target (EUR) 19.80

+38% ahead of BBG Cons and +33% ahead of BERN due to €953m of net capital gains from Upside/(Downside) (7)%

the disposal of the business in Mexico and €75m contribution from the Mexico business prior 52-Week Range 22.08/15.09

to the sale. On an adjusted basis (excluding Mexico capital gain and factoring in UK capital EDME 1,596.25

allowances), net profit was €3,565m and came in +6% ahead of expectations where the more FYE Dec

modest beat was primarily due to Mexico business contribution and lower minorities. Div Yield 3.2%

Market Cap (EUR) (M) 138,930

Guidance reiterated but ‘comfortably’ will be reached: Iberdrola reaffirmed its 2026 EV (EUR) (M) 212,313

guidance (which it upgraded at 1Q26) where it comfortably expects to exceed 8% adjusted Performance YTD 1M 6M 12M

net profit growth implying >€6,730m. Management hinted toward a guidance upgrade at Absolute (%) 14.5 (0.3) 14.8 33.0