Iberdrola Sa S/Adr (IBDRY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Buenos dias, señoras y señores. Good morning, ladies and gentlemen. First, we would like to extend a warm welcome to all of you who have joined us today for our 2026 first quarter results presentation. As is customary, we will follow the traditional structure of our events. We are going to begin with an overview of the results and the key developments during the period. The presentation and the Q&A will be delivered by the top executive team joining us today, Mr. Ignacio Galán, Executive Chairman, Mr. Pedro Zagra, CEO, and finally, Mr. Pepe Sainz, CFO. After the presentation, we'll move on to the Q&A session. I would like to remind you that we will only be taking questions submitted through our website. Please send your question exclusively via www.iberdola.com. Finally, we expect that today's event to last no more than 60 minutes. Should any question remain unanswered, the IR team will, as always, remain fully at your disposal. We hope that this presentation will be useful and informative for all of you. Now, without further ado, I would like to hand the floor over to Mr. Ignacio Galán. Thank you once again. Please, Mr. Galán. Thank you, Ignacio. Good morning, everyone, and thank you very much for joining today's conference call. In the first quarter of 2026, adjusted net profit increased by 11% to €1,865 million. Adjusted EBITDA reached €4.1 billion, up to 2.4%, mainly driven by 9% increase in net worth. more than offsetting the lower contribution of power and customers due to non-recurring impacts in Iberia in the first quarter of 2026 and in its previous year in the U.S., which were partially compensated by strong production in the U.K. and continental Europe. Investment reached $2.7 billion in the quarter for a total of $14.5 billion in the last 12 months, fully...