The following is a summary of the Iberdrola, S.A. (IBDSF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Iberdrola reported a Q1 profit of €2,760 million, marking a 20% increase compared to Q1 of 2023.
The company's EBITDA reached €5,157 million, which is a 10% increase in recurrent terms.
Iberdrola recorded investments totaling €2.4 billion in Q1, a 30% increase compared to the previous year.
Recurring cash flow increased by 40%, reaching €3,145 million.
Iberdrola paid dividends totaling around €1.4 billion and had a CapEx exceeding €3 billion despite the €5.4 billion divestment from Mexico.
Business Progress:
Significant growth was led by new investments, notably network investment grew by 27% to €1.1 billion.
Renewable investments rose by 50% to almost €1 billion, principally driven by offshore wind projects.
The company plans to double their offshore wind capacity by 2024 by installing an additional 1,100-Megawatt.
Two offshore wind farms of Windanker and East Anglia 3, with capacities of 350-Megawatts and 1,400-Megawatts, are under construction and projected to be fully operational by 2026.
The company anticipates high single-digit growth in net profit in 2024 driven by new investments across networks, renewable energy production, and boosted reserves.
For 2024, the company foresees electricity demand to grow between 1.5% to 2% in advanced economies and more than 3% per annum in developing countries. These are driven by increased use of electricity in various industries, digitalization, artificial intelligence, and data centers.
More details: IBERDROLA SA IR
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