Iberdrola Sa S/Adr (IBDRY) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Buenos dias, señoras y señores. Good morning, ladies and gentlemen. First of all, we would like to offer a warm welcome to all of you who have joined us today for our 2025 nine-month results presentation. As usual, we will follow the traditional format given in our events. We are going to begin with an overview of the results and the main developments during the period. Everything given by the top executive team that is today with us. Mr. Ignacio Galán, Executive Chairman. Mr. Pedro Zagra, CEO. And finally, Mr. Pepe Sainz, CFO. Following this, we'll move on to the Q&A session. I would also like to highlight that we are only going to take questions submitted via the web, so please ask your question only through our web page, www.iberdrola.com. Finally, we expect that our event will not last more than 60 minutes. If any questions remain unanswered, we at IR Team are, as always, fully at your disposal. Hoping that this presentation will be useful and informative for all of you, now, without further ado, I would like to give the floor to Mr. Ignacio Galán. Thank you very much, Eklem. Please, Mr. Galán. Good morning, everyone, and thank you very much for joining today's conference call. In the first nine months of 2025, our reported net profit reached 5,307 million euros, leading up to a 17% increase in adjusted net profit, excluding capital gains from national rotation. This growth was driven by robust operating performance. We reported a bid that reached $12,538 million, mainly in our net worth business, where a bid that rose by 26%, thanks to a higher rate base driven by investment and improvement regulatory frameworks. A bid for renewables and customers was impacted by lower market price and higher ancillary service costs in Iberia due to changes in the system operati...