A plan that transforms Iberdrola’s profile into a more regulated company, with a strategic focus on the United Kingdom and the United States

• 65% of investments in regulated Networks.
• 85% of investments in A-rated countries with stable, predictable and attractive regulatory frameworks.
• Driving growth with more stability, predictability, profitability and security.

Gross investments of €58 bn until 2028, 65% in UK and US (vs 40% in ‘21-‘24)

• UK, first investment destination (€20 bn), followed by US (€16 bn), Iberia (€9 bn), Brazil (€7 bn) and other EU & Australia (€5 bn).
• More than 70% of investment to growth. 

€37 bn investment in Networks: Regulated Asset Base up to €70 bn (+40 bn since 2020)

• €25 bn in Distribution: Distribution asset base up to €50 bn. (+25 bn compared to 2020).
• €12 bn in Transmission, 95% in UK & US: Transmission asset base  up to €20 bn. (+14 bn compared to 2020).
• Predictable and attractive frameworks closed or advanced: 9.5% average ROE.

€21 bn in Generation & Customers, 75% in projects already under construction

• 38% in offshore wind, 24% in onshore wind, 10% in solar PV, 10% in storage.

EBITDA reaches €18 billion in 2028 (+€3 bn), with Networks as the driver 

• Regulated Networks increase EBITDA contribution to 55% thanks to growth in UK and US.
• Adding Long-term contracted businesses, 75% of EBITDA by 2028 will not depend on energy prices..

Adjusted net profit of €7.6 bn by 2028—up €2 bn.

Close to €20 bn in dividends between 2025 and 2028

• Shareholder remuneration to grow in line with results.
• Payout between 65% and 75% and a floor of €0.64 per share.

Financial position within BBB+rating 

• 52 bn euros in cash flow generated during the period, driven by new investments. 
• €13 bn in asset rotation and partnerships (75% completed).
• The €5 bn expansion already implemented.

Increasing social dividend 

• 15,000 new hires 
• €65 bn in purchases to thousands of suppliers, supporting more than 500,000 jobs.
• Tax contribution of more than €40 bn up to 2028.
• More than €1,6 bn in R&D.
• Becoming carbon neutral by 2030.
• At the forefront of best practices in corporate governance.

Outlook for 2031: sustainable growth and acceleration of electrification

• Investments of more than €45 bn between 2029 and 2031
• Focused on A rated countries, mainly the United Kingdom and the United States.
• €30 bn investment in Networks (two-thirds in distribution and one-third in transmission) to achieve an asset base of over €90 bn by 2031.
• Earnings growth: at least mid-to-high single-digit growth from 2024, while maintaining financial strength and increasing dividends.

Ignacio Galán, Iberdrola’s Executive Chairman, said: 
"This plan aims to transform Iberdrola's profile into a more regulated company, with networks as a vector for growth. 

We will invest €58 bn by 2028, two-thirds of which will go to transmission and distribution networks, mainly in the United Kingdom and the United States.

We expect to achieve a net profit of €7,6 bn in 2028, with around €20 bn allocated to dividends between 2024 and 2028.

During this period, we will add more than 15.000 people to our workforce, make purchases of more than €65 bn to thousands of suppliers –supporting 500,000 jobs–, our tax contribution will exceed €40 bn, and we will invest €1,600 bn in R&D&I, while also achieving carbon neutrality by 2030."

KeyFacts Energy: Iberdrola UK country profile