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The company reported a net profit of 3.1 billion euros ($3.09 billion) for the January-September period and said geographical diversification allowed it to maximise growth and benefit from positive currency swings.
In Spain, however, net profit fell by 14%, hampered by summer droughts, Iberdrola said.
The company’s investments were 14.2% higher than in the same period last year, with 90% allocated to renewables and smart grids to accelerate electrification and energy independence from fossil fuels, it said.
Energy prices in Europe have soared since Russia’s invasion of Ukraine in February, which has hit markets that were still reeling from the impact of the COVID-19 pandemic with additional uncertainty and supply disruptions.
“Accelerating investments in electrification will allow us to be less dependent on the volatility of oil and gas and generate more growth and more jobs, as this set of results show,” Executive Chairman Jose Ignacio Sanchez Galan said in a statement.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped by 17% to 9.53 billion euros.
Iberdrola reiterated a forecast for an annual net profit of between 4 billion and 4.2 billion euros.
It also said it had approved an interim dividend, payable in January 2023, of 0.18 euros per share.
($1 = 1.0033 euros)
