Spanish energy giant Iberdrola has registered a net profit of €2.52bn ($2.76bn) in the first six months of 2023, a 21.5% year-on-year increase, benefitting from growth in Europe and the UK.

The group’s earnings per share in H1 2023 were €0.375 vs €0.309 in the same period of 2022.

Overall power generation rose 1.9% during this period, from 83,542 gigawatt-hours (GWh) to 85,109GWh.

Solar generation soared 56.4%, increasing from 1,871GWh to 2,926GWh.

The second-highest increase was recorded in hydro, which increased 15.7%, rising from 12,715GWh to 14,716GWh.

Iberdrola reported €26.26bn in total revenues for the six months to June 2023, up 7.5% from €24.43bn in 2022.

The gross margin of the company rose from €9.86bn to €12.12bn.

Earnings before interest, taxes, depreciation and amortisation were €7.56bn, a 17.3% rise compared with €6.44bn in H1 2022.

This was attributed to the company's investment in networks and renewables, recovery from the regulated standard variable tariff deficit in the UK in 2022, and improved performance in Europe.

Half-yearly earnings before interest and taxes stood at €4.91bn, a 25.2% surge from €3.92bn a year earlier.

This outweighed a rise in net operating expenses, which were 16.6% higher at €2.9bn.

Following the growth in H1, the company has raised its profit forecast for the full year. It now anticipates a high single-digit net profit growth in 2023, with additional upside in H2.