Iberdrola Sa S/Adr (IBDRY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Buenos días, 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 half 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, the Q&A part, will be delivered by the top executive team joining us today. Mr. Ignacio Galan, executive chairman, Mr. Pedro Azagra, 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.iberdrola.com Thank you very much, Ignacio. Good morning, everyone, and thank you very much for joining today's conference call. In the first half of 2026, reported net profit increased by 22%, reaching 4,336 million euros, and adjusted net profit up 8% to 3,565 million, reflecting strong operating performance up to June. Adjusted EBITDA rose by 7% to more than 8 billion euros, driven by net loss up 13% due to tariff increases and higher asset bias in all geographies. Adjusted EBITDA in power and customer increased 1% due to higher production and margin, especially in the second quarter, and the contribution of panel storage, which already accounts 35% in our total hydro generation. Investment rose by 25% to more than 7 billion, with 72% allocated to UK, the US and Brazil, including the acquisition of the energy minorities. Net worths accounted for two thirds of the total investment, driving 11% increase in our regulated taxes base to 55 billion euros. In power customers, up to June, we have commissioned 1,600 additional m...