Strategic plan 2024-2026
A record investment to drive the energy transition
On March, 2024, we announced an investment of €41 billion by 2026 to help create a secure and sustainable energy future for all. The next Capital Markets Day, where we will update our investment outlook, will take place on 24 September 2025.
At Iberdrola, we are working to build an electric, healthy and accessible energy model, based on people’s well-being, and preservation of the planet. To achieve this, on March, 2024, we updated our commitments and reinforced our investment strategy with €41 billion over 2024-2026, focused on promoting economy’s electrification and anticipating new sources of electricity demand.
This Strategic Plan is focused on investing in grids in markets with stable frameworks, , as well as in renewable technologies with greater value, increased storage capacity and customer portfolio optimisation.
The next Capital Market's Day, where we will update our investment outlook, will be held on September 24th, 2025.
Strategic plan in figures
bn investments to 2026
bn investment in networks
bn investment in renewables
kWh of pumped storage capacity
investments allocated to A-rated countries
new hires
% earnings per share
€M/year Investment in R&D
Net Zero in scopes 1, 2 and 3 before 2040
Net investments 2024-2026E by business (€ bn)
Focus on high ratio countries
A commitment to financial strength
Our roadmap looks to the future with optimism and commitment. Our investment plan to 2026 includes the purchase of 18.4% of our US subsidiary Avangrid (formalised on 23 December 2024) and €5 billion of investments with strategic partners. Thus, we are allocating €36 billion net to investment, of which 70% will be focused on growth. By country, we are focusing 85% of our investments in A-rated regions with clear and stable regulatory frameworks.
These investments will enable us to improve our financial strength, so we forecast EBITDA of €16.5-17 billion by the end of the period, with the networks and renewables businesses contributing around 50% each. Thus, our goal is to have 70% of our EBITDA not linked to the wholesale electricity market price by 2026, and we estimate net profit to increase to a range of between €5.6 and €5.8 billion.
"Electrification is unstoppable. More power grids will be needed to connect demand, more clean energy to replace fossil fuels and more storage capacity. Iberdrola is already well positioned in these areas, with the experience and opportunities to grow organically in our key markets."
Ignacio S. Galán
Executive Chairman of Iberdrola
Keys to the our Strategic Plan
More about our Strategic Plan
Smart grids for a decarbonised world
We earmarked 60% of net investment to 2026 (€21.5 billion) in grids in the US, UK, Brazil and Spain. More than €6.5 billion of this figure is focused on transmission lines.
Smart grids
Offshore wind, key to our future growth
More than half of our investment in renewables (€15.5 billion) is focused on offshore wind projects under construction in the US, UK, France and Germany. The next largest technologies by investment are onshore wind and solar, 28% and 18% of the renewables total, respectively.
Offshore wind power
We are strengthening our leadership in storage
We will allocate €1.5 billion to storage by 2026, which will enable us to reach 120 million kWh of capacity through pumped storage – an increase of 20% – to provide greater stability to the system.
Energy storage
Smart grids for a decarbonised world
We earmarked 60% of net investment to 2026 (€21.5 billion) in grids in the US, UK, Brazil and Spain. More than €6.5 billion of this figure is focused on transmission lines.
Smart grids
Offshore wind, key to our future growth
More than half of our investment in renewables (€15.5 billion) is focused on offshore wind projects under construction in the US, UK, France and Germany. The next largest technologies by investment are onshore wind and solar, 28% and 18% of the renewables total, respectively.
Offshore wind power
We are strengthening our leadership in storage
We will allocate €1.5 billion to storage by 2026, which will enable us to reach 120 million kWh of capacity through pumped storage – an increase of 20% – to provide greater stability to the system.
Energy storage€385 million a year for innovation and digitisation
Smart grids
To automate 85% of our high and medium voltage grids
Green hydrogen
Leading production to reach 5 kilotonnes of H₂ per year
Cybersecurity
Maintaining 2,000 external cybersecurity assessments or verifications per year
Smart grids
To automate 85% of our high and medium voltage grids
Green hydrogen
Leading production to reach 5 kilotonnes of H₂ per year
Cybersecurity
Maintaining 2,000 external cybersecurity assessments or verifications per year
Solutions to secure the future
At Iberdrola, we want to give added value to our customers, listen to their needs and make them a key player in the energy transition, whether they are residential or business users. For individuals, our proposals focus on solar self-consumption, electric mobility and green air conditioning. For industrial customers, we offer decarbonisation plans through long-term power purchase agreements or green hydrogen.
Partnerships and asset rotation
€7.5 billion alliances and asset rotation target, presented at the Capital Markets & ESG Day 2022, was met just one year after its announcement – illustrating the Iberdrola Group's ability to reach agreements with high quality partners. All of these transactions, carried out in different countries and for different technologies, have significantly exceeded the listed multiples, highlighting our ability to create value.
Among the main corporate operations carried out, in line with our financial soundness objectives, stands out the sale of 13 plants in Mexico last February 2024 (over half of our business in the country). With net capital gains of €1.1 billion, this deal has been the lever to strengthen relations with the Mexican government, improving the long-term prospects of the renewables portfolio in the country.
In summary, the over-achievement reached in 2023 places Iberdrola in a privileged position to meet the new alliance and asset rotation targets of €12.2 billion until 2026, while the alliance model implementation provides robustness and long-term value in all market conditions.
Featured documents
Consult here all the documentation published during our last Capital Markets & ESG Day 2024.
Strategic vision
Presentation on the company's strategic vision for the coming years by Iberdrola Executive Chairman Ignacio S. Galán.
Business Environment
Presentation on Iberdrola's 2024-2026 business prospects by Iberdrola's CEO, Armando Martínez.
Financial management
Presentation on Iberdrola's financial management by CFO José Sáinz Armada.
Closing remarks
Presentation with the final conclusions by the Executive Chairman of Iberdrola Ignacio S. Galán.
ESG: Innovation & Human Capital
PDF | 2.2 MB
Partnerships and Asset rotation
PDF | 590 KB
Storage solutions
PDF | 1.1 MB