Iberdrola Q1 Beats 7% Forecast, Raises Guidance

Iberdrola reported Q1 adjusted net income of €1.865 bn, surpassing the €1.736 bn consensus by 7%.
Revenue fell 4% YoY to €4.254 bn, while recurring EBITDA of €4.067 bn was roughly in line with expectations.
Effective tax rate fell to 16% (vs 19% expected) and net finance results were €50 m better, driving the earnings beat.
The company lifted FY2026 adjusted net income growth outlook to >8% YoY, implying €6.7 bn full‑year earnings, and shares dropped 2.2% post‑release.