Spanish Utility Iberdrola Targets €18 Billion EBITDA by 2028 with Dividend Floor Strategy

25-09-2025


Iberdrola SA has presented its strategic roadmap for 2025-2028, outlining a €58 billion gross investment plan that represents a 30% increase compared to the 2021-2024 period. The Spanish utility company unveiled the strategy during its Capital Markets Day in London, emphasizing a shift toward regulated network businesses and long-term contracts to enhance business stability and provide greater visibility to investors. The plan focuses heavily on markets with stable regulatory frameworks, with 85% of investments directed toward countries with 'A' credit ratings.

The investment allocation shows a clear geographic concentration, with the United Kingdom emerging as the primary destination with €20 billion, followed by the United States with €16 billion. The Iberian Peninsula will receive €9 billion, Brazil €7 billion, and other EU countries plus Australia €5 billion. This distribution strategy aims to balance growth opportunities with regulatory maturity, targeting markets where the company has identified specific projects and established operational presence.

Financially, Iberdrola projects reaching €18 billion in EBITDA by 2028, representing a €3 billion increase from 2024 levels. The company also targets an adjusted net profit of €7.6 billion for 2028, up from the record €5.53 billion achieved in 2024. A key aspect of the strategy involves reducing exposure to spot electricity prices, with the goal that 75% of EBITDA will be decoupled from energy price volatility by 2028. Regulated networks are expected to contribute 55% of operating results under the new plan.

Shareholders will benefit from the company's commitment to distribute approximately €20 billion in dividends over the four-year period. Iberdrola has established a dividend floor of €0.64 per share and will maintain a payout ratio between 65% and 75% of profits. The company's flexible remuneration program also includes share buybacks. Partners will contribute €8 billion to the investment plan, bringing Iberdrola's net investment to €50 billion, with €37 billion specifically allocated to expanding regulated network assets to reach €70 billion.

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Long-Distance Strategy: How Turner and Lipa Maintain Their Relationship Amid Busy Careers

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British actor Callum Turner and pop superstar Dua Lipa have captured public attention with their whirlwind romance that began in January 2024 and culminated in an engagement confirmed in June. The couple's relationship timeline includes key public milestones, from being spotted together after the 'Masters of the Air' premiere in London to making their red carpet debut at the 2025 Met Gala. Their journey from initial meeting to engagement has unfolded over approximately 18 months, with both stars navigating demanding careers while building their personal connection.

The couple's first encounter reads like something from a romantic screenplay. Turner, 35, revealed to The Times that they finally met at a mutual friend's birthday party in Los Angeles after experiencing several 'near-misses' where their paths almost crossed but didn't. The most remarkable aspect of their initial meeting occurred when they sat next to each other and discovered they were both reading the same book, Hernán Díaz's 'Trust,' and had both just finished the first chapter. Turner described the moment as cinematic, noting that they realized they were 'on the same page' both literally and figuratively.

Maintaining a relationship between two high-profile careers requires strategic effort, and Turner has shared insights into how they manage the challenges of long-distance dating. The actor emphasized the importance of making time for each other regardless of busy schedules, stating their motto is 'it's never not worth it.' He recounted a recent instance where he flew to Boston for just two days to see Lipa between her tour commitments and his filming schedule, despite feeling exhausted. The couple relies heavily on FaceTime to stay connected and prioritizes creating meaningful memories during their limited time together.

Before their fateful meeting, Turner and Lipa experienced what he describes as multiple 'sliding doors' moments that nearly prevented their connection. The actor detailed one specific instance where Lipa left a party at 1:45 AM and he arrived at 2:00 AM, missing each other by mere minutes. These near-misses spanned several occasions involving mutual friends and shared social circles. Turner expressed gratitude that when they finally did meet under the right circumstances, he immediately recognized Lipa as 'the most beautiful woman in the world,' setting the stage for a relationship that would quickly progress from dating to engagement.