Iberdrola Sa S/Adr (IBDRY) Q4 2025 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 2025 fiscal year 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 development during the period. The presentation and the Q&A part 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 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. And 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 this conference call. In 2025, reported net profit reached €6,295 million, up by 3%. Even excluding €464 million on cash charges to adjust the value of our renewable pipeline in different countries. Excluding those charges, net profit would reach €6,749 million. Adjusted net profit, which as you know excludes the impact of capital gains, increased by 10.3% to 6,231 million euros above our gatherings. Adjusted EBITDA rose 15,684 million euros, up 3%, with 21% increase in net worth, reflecting our high-regulated assets base in improving framework in our core geograp...