Iberdrola (IBE SM): Buy: Strong 2026 and 9% EPS CAGR to 2035

研报英文原文证据摘录

Iberdrola (IBE SM): Buy: Strong 2026 and 9% EPS CAGR to 2035

23 July 2026

Iberdrola (IBE SM) EquitiesElectric Utilities

Buy: Strong 2026 and 9% EPS CAGR to 2035 Spain

◆ 1H26 beat; 2026 guidance reiterated with 2H26 better than

MAINTAIN BUY

1H26; renewables capacity growth accelerated

◆ Low-risk five- to 10-year EPS CAGR potential of c9% on TARGET PRICE (EUR) PREVIOUS TARGET (EUR)

networks and reaccelerating renewables growth 23.50 23.10

◆ Maintain Buy; increase TP to EUR23.50 (from EUR23.10) SHARE PRICE (EUR) UPSIDE/DOWNSIDE

21.32 +10.2%

Headline 1H26 results: Iberdrola announced 1H reported EBITDA of EUR8,050m and (as of 21 Jul 2026)

adjusted net profit of EUR3,565m which is slightly above consensus and our MARKET DATA

expectations. Iberdrola states 2026 net profit guidance of comfortably above c8% y-o-y Market cap (EURm) 142,983 Free float 86%

Market cap (USDm) 162,979 BBG IBE SM

earnings growth, implying minimum adjusted net profit of EUR6.7bn and potential 3m ADTV (USDm) 207 RIC IBE.MC

adjusted net profit of over EUR7bn (with 2H better than 1H); the lower end is in line with

consensus while we increase our estimate to EUR7.1bn. Iberdrola plans to commission FINANCIALS AND RATIOS (EUR)

Year to 12/2025a 12/2026e 12/2027e 12/2028e

15.5GW of capacity during 2025-30 compared to its previous target of 9.5GW during HSBC EPS 0.93 1.06 1.14 1.24

2025-28. We also expect higher investments in networks. HSBC EPS (prev) 0.93 1.02 1.10 1.22

Change (%) 0.0 3.8 3.6 1.5

Consensus EPS 0.93 0.99 1.04 1.12

Caruna acquisition: Iberdrola announced acquisition of a c80% stake in Caruna, the PE (x) 22.9 20.2 18.7 17.2

largest distribution company in Finland, for an equity value of cEUR2bn. The Dividend yield (%) 3.2 3.6 3.9 4.2

EV/EBITDA (x) 12.9 12.5 11.7 10.9