Iberdrola posted €2.516 billion net profit in the first nine months of 2019, representing an increase of 20.4% relative to the same period of last year. This positive progression is largely due to the record investments undertaken by the group between January and September: €4.727 billion, 29.7% more than in the first nine months of 2018.
Of the total €4.727 billion invested 87% was for the Networks and Renewables businesses. Approximately half of all investments (€2.22 billion) were in new renewable capacity, an increase of 81% against the same period of last year, and 40% (€1.89 billion) in Networks, an increase above 20%. The group's gross operating profit (EBITDA) was €7.498 billion, 11.6% more than in the same period of 2018.
The Renewables business posted €1.67 billion EBITDA which represents a 4.5% decrease from the first nine months of last year. This result was primarily due to lower hydroelectric production in Spain. In contrast, the increased contribution of the UK featured prominently, with the East Anglia One offshore wind farm coming on stream. Renewable production also increased by 53.5% in Mexico and, at Iberdrola Energía Internacional, the positive performance of Wikinger offshore wind farm in Germany boosted production by 53%.
