Iberdrola released its 2025-28 business plan, reducing renewables investments by 29% while increasing networks investments. The group aims to raise networks’ share of EBITDA from 38% to 55% by 2028. Morningstar confirms fair value estimate of EUR 15.4 and no-moat rating for Iberdrola, with shares looking fairly valued. Iberdrola will invest EUR 50 billion over 2025-28, with two-thirds dedicated to networks. UK to receive largest share of network investments, followed by the US. Dividend policy remains at 65%-75% payout with raised floor of EUR 0.64. Iberdrola aims for high-single-digit adjusted net profit annual growth through 2031, slightly above Morningstar’s 6.7% estimate.

Read more at Morningstar: Further Trims Its Renewables Investments