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Spanish energy firm Iberdrola (OTCPK:IBDRY) (OTCPK:IBDSF) said Thursday it plans to spend €41B (~$44.8B), with 35% earmarked to its top U.S. market, over the next three years.
As outlined in its 2024-26 strategy plan unveiled in a Capital Markets Day presentation, Europe's largest utility by market cap will spend €21.5B in its network business, or ~60% of total net investment, and renewables will receive €15.5B, including €5B coming from partners.
The new numbers include ~$2.5B Iberdrola (OTCPK:IBDRY) (OTCPK:IBDSF) offered earlier this month to buy the remaining shares in U.S. subsidiary Avangrid (AGR), saying it sought to expand in markets with high credit ratings and in regulated businesses such as networks.
Iberdrola (OTCPK:IBDRY) (OTCPK:IBDSF) said it expects net profit will grow to €5.6B-€5.8B in 2026, while core EBITDA was estimated at €16.5B-€17B.
Iberdrola (OTCPK:IBDRY) (OTCPK:IBDSF) also indicated spending €11B in dividends during 2024-26, compared with €9.5B in the 2021-23 period, and forecast a €0.61-€0.66/share dividend in 2026, with a floor of €0.55/share, compared with a €0.50 floor previously expected in 2025.