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The firm's net profit of €2.76 billion was up 85% from the first quarter of last year. Meanwhile, its Ebitda increased 43% to €5.86 billion in the period.

These increases were driven by "strong operational performance", including increasing its renewables production in Iberia and adding new offshore wind capacity in the US and France, the company stated.

Iberdrola also cited several “non-recurring” items, including the $6.2 billion (€5.8 billion) sale of 55% of its business in Mexico, which boosted net profit by €1.16 billion in the period.

Excluding non-recurring items, Iberdrola's Ebitda increased 10% in Q1 2024, while net profits rose by 28%, it added. 

Meanwhile, the Spanish energy giant made record first-quarter investments, spending €2.38 billion in the first three months of the year – up 36% year on year. Network investments made up €1.21 billion of that total – an increase of 27% year on year. Iberdrola also invested “just under” €1 billion in renewables in the first quarter of 2024. 

Iberdrola improved its forecasts for the rest of the year based on its "strong" first quarter results.

It now forecasts “high-single-digit net profit growth in 2024”, excluding capital gains from asset rotation. It had earlier expected net profit growth of 5-7% this year.

Ignacio Galán, the executive chairman of Iberdrola, added: “The first quarter has seen strong operating performance in all markets, with greater contribution from our increased networks asset base and improved renewables production,” 

“We have started positively in the delivery of our strategic plan to 2026. Our record investment levels in the first quarter will drive a total spend of €12 billion this year.

“The good start to the year has allowed us to increase our guidance for 2024, with net profit now expected to grow at a high-single-digit rate,” he added.