What Iberdrola does
Iberdrola, S.A. is a listed Spanish company registered in Bilbao and the parent of an international energy group. Its activities combine electricity generation, transmission and distribution, electricity and gas supply, and energy services. The parent company, consolidated group and individual operating companies have different reporting boundaries: figures in this profile refer to the group where stated.
Iberdrola, S.A. and subsidiaries — Annual financial information 2025
Origins, history and corporate evolution
The company’s legal identity dates back to 19 July 1901, the incorporation date recorded in the Spanish commercial gazette. Its industrial history includes Hidroeléctrica Ibérica, Hidroeléctrica Española and Saltos del Duero; the merger of the latter with Hidroeléctrica Ibérica created Iberduero in 1944. The group’s development is therefore explained through several companies and stages, without attributing its entire creation to a single entrepreneur.
The deed of 12 December 1992 records the change of name to Iberdrola. This corporate date should be distinguished from the 1901 origin and the integration process that began earlier. Subsequent expansion is reflected today in national businesses and subsidiaries such as ScottishPower, Avangrid and Neoenergia.
BORME: Iberdrola, identidad y antecedentes societarios · Iberdrola — Historical origins, 1901–1960 · Iberdrola — Factbook, June 2026
Business model and value chain
The group connects power stations, networks and customers. Generation converts energy resources into electricity; networks transmit and distribute it; supply businesses organise delivery and services for users. Its portfolio includes renewable and conventional technologies, so the entire business should not be described as exclusively renewable generation.
As an editorial reading of the model, each stage requires different capabilities. Developing a facility involves permits, engineering and construction; operating it requires maintenance and control; a network adds planning, asset replacement and service continuity. These activities connect investment with suppliers, contractors and employees, explaining why prevention needs to be examined at the level of the actual task.
Iberdrola, S.A. and subsidiaries — Annual financial information 2025
Products, services and the businesses behind them
Customer offerings include electricity and gas supply, long-term power purchase agreements —PPAs—, solar self-consumption, electric-vehicle charging and heating and cooling using air-source heat pumps. PPAs establish supply terms over an extended period; electrification services extend the business from selling energy to the installations and equipment that use it.
In Spain, Iberdrola Clientes operates in the liberalised retail market; Curenergía serves the regulated electricity and gas market; i-DE Redes Eléctricas Inteligentes is the distribution business. The distinction is practical: a contract query belongs with the retailer, while a network fault concerns the local distributor. Smart Solar, Smart Mobility and Smart Clima appear among the group’s solutions.
Group companies and changes in scope
Iberdrola España, ScottishPower in the United Kingdom, Avangrid in the United States and Neoenergia in Brazil help explain the group’s geographical organisation. These company names and commercial brands should not be confused with a single legal entity operating in every market. The June 2026 Factbook states that Iberdrola reached 100% ownership of Neoenergia in May that year.
Mexico requires an explicit date: the sale was agreed in 2025 and the business was presented as a discontinued operation. Cox announced completion of its acquisition of Iberdrola México on 24 April 2026. The group’s historical presence there does not, by itself, describe its structure after the sale.
Iberdrola — Factbook, June 2026 · Cox — Completion of the acquisition of Iberdrola México, 24 April 2026
Reading the 2025 figures
The latest complete financial year reviewed is 2025. The audited consolidated accounts report revenue of EUR 44,076 million from continuing operations. The segment reconciliation starts at EUR 45,547 million and deducts EUR 1,471 million for the discontinued Mexican business. These are different reporting boundaries, not interchangeable turnover figures.
Profit attributable to the parent, EUR 6,285 million, includes the result of discontinued operations. The workforce figure of 45,400 people is a year-end headcount in the sustainability report, which also identifies Mexico as discontinued; it is neither a full-time-equivalent figure nor employment in Spain alone. These boundaries support comparisons without adding subsidiaries to the group again.
Iberdrola, S.A. and subsidiaries — Annual financial information 2025 · Iberdrola — Sustainability Report 2025
Facilities that explain the business
The Tâmega hydroelectric complex in northern Portugal comprises Gouvães, Daivões and Alto Tâmega. Iberdrola’s documentation dates the first two facilities’ entry into service from 2022 and Alto Tâmega’s to 2024. It illustrates the combination of generation and pumped storage.
In Bilbao, the Global Smart Grids Innovation Hub works on electricity networks, digitalisation and new equipment. A power station and an innovation centre illustrate complementary functions: operating energy assets and developing technologies that must subsequently be tested and integrated into networks.
Iberdrola — Tâmega pumped-storage complex · Iberdrola — Global Smart Grids Innovation Hub
Innovation and digitalisation
The innovation model connects business teams with universities, technology centres, suppliers and start-ups; PERSEO is one of its collaboration programmes. The Bilbao grid centre works on remote control, asset monitoring, cybersecurity and technologies for fault detection and maintenance.
The preventive value of a digital tool depends on the problem it addresses: detecting a defect, planning an intervention and reducing an exposure are different objectives. Research or a prototype does not by itself establish an achieved safety improvement. This is an editorial interpretation of potential applications, not an outcome attributed to the group.
Iberdrola — Innovation model · Iberdrola — Global Smart Grids Innovation Hub
Ownership and leadership
Iberdrola is the group’s listed parent company, with ownership held by shareholders. Ownership is distributed among shareholders and should not be equated with personal ownership by its executives. When checked on 8 November 2026, its board listed José Ignacio Sánchez Galán as executive chairman and Pedro Azagra Blázquez as chief executive officer. Azagra has held that position since June 2025.
Iberdrola, S.A. and subsidiaries — Annual financial information 2025 · Iberdrola — Board of Directors · Iberdrola — Pedro Azagra, Chief Executive Officer
Safety and health: measures and scope
The 2025 sustainability report documents risk assessment, occupational hygiene measurements, audits, health surveillance and medical services. It also distinguishes management-system coverage from external certification: it reports 84% of employees covered by externally certified systems, with exceptions and phased inclusion across countries and assets. It does not establish uniform certification of the whole group.
For Spain, the report limits the indicators’ scope to the joint prevention service and excludes companies without management control or not yet within information collection systems. The occupational safety and health policy dated 16 December 2025 defines responsibilities and a common framework; adopting it is a governance action, not evidence that harm is absent.
Iberdrola — Sustainability Report 2025 · Iberdrola — Occupational Health and Safety Policy, 16 December 2025
A specific example: ScottishPower
Scottish Power UK plc’s 2025 accounts describe an annual preventive activity plan, training programmes, risk assessment and a health and safety management review every six months. Divisions develop systems specific to their work. Aligning ENWH’s system with ScottishPower’s is listed as a 2026 objective, so it is not presented here as a completed integration.
The same document notes that in 2025 the TRIR reporting basis changed from 200,000 to 1,000,000 hours, combining employee and contractor hours. This shows why injury-rate comparisons require attention to methodology and population as well as the index value.
For mental health, ScottishPower reports training 1,160 people managers with Scottish Action for Mental Health in 2025 and launching a workplace toolkit. These are specific training and support activities; that figure does not establish a causal reduction in mental health conditions or sickness absence.
Outcomes and contractors
Programmes should be read alongside recorded harm. The group report discloses one fatal accident involving employees and six fatalities among subcontractor personnel in 2025. It states that preventive controls and contractor and subcontractor requirements were strengthened following the fatalities. This is information reported by the company, not an independent determination of causes.
The preventive lesson is specific: coordination between businesses, identification of critical work and incident investigation need to cover contracting relationships. An aggregate group figure does not automatically describe conditions at a power station, construction project or work crew.
People, sustainability and challenges
Workforce reporting distinguishes employees, agency workers and value-chain workers. It also presents collective bargaining by country, helping avoid attributing a single employment framework to every subsidiary. Decarbonisation, biodiversity and water use are environmental issues; they should be examined alongside occupational safety, without replacing it.
Portfolio changes, network construction and new technologies coexist with execution, regulatory and asset-valuation risks. The 2025 auditor’s report identifies asset impairment as a key audit matter and records a EUR 371 million adjustment for offshore wind projects under development in the United States. This is an accounting valuation for that year, not a court judgment or a general conclusion about the viability of all renewable energy.
Iberdrola — Sustainability Report 2025 · Iberdrola, S.A. and subsidiaries — Annual financial information 2025
Frequently asked questions
Are Iberdrola and ScottishPower the same legal company?
No. Iberdrola, S.A. is the parent; ScottishPower identifies its British business and structure. The specific entities and reporting boundaries in each document must be retained. [1] · [2]
Why are there two 2025 revenue figures?
The accounts distinguish EUR 44,076 million from continuing operations and a EUR 45,547 million subtotal before deducting the discontinued Mexican business. Comparisons must use the same scope. [1]
Was the sale of Iberdrola México still pending?
The agreement was announced in 2025; Cox announced completion on 24 April 2026. This profile distinguishes the two stages rather than treating an agreement as completion. [1]
Does safety certification cover the entire group?
The 2025 report states that 84% of employees were covered by externally certified systems and explains exceptions. A general reference to ISO 45001 does not establish identical certification at every site. [1]
