(Alliance News) - Iberdrola SA on Wednesday backed full-year guidance and said US trade tariffs had no impact on first-quarter numbers.

The Bilbao, Spain-based electric utility said net profit fell 27% to EUR2.00 billion in the first quarter of 2025 from EUR2.76 billion a year prior. On an adjusted basis, Iberdrola said net profit rose 26% from EUR1.60 billion.

Earnings before interest, tax, depreciation and amortisation fell 21% to EUR4.64 billion from EUR5.86 billion.

Increased production in the US and Iberia partially offset the "normalisation" of margins in the UK and Iberia, the firm said.

Revenue increased 1.5% to EUR12.86 billion from EUR12.68 billion.

Iberdrola reaffirmed full-year forecasts and expects a double-digit increase in net profit with growth supported by new investments.

Tariffs, which will increase the cost of investment by less than 1% due to the company's supply chain management processes, had no impact on the results, Iberdrola said.

Executive Chair Ignacio Galan said: "Our focus on regulated networks and selective investment in renewables in A-rated markets has continued to contribute to sustained growth in results and dividends."

Shares in Iberdrola were down 1.1% at EUR15.58 each in Madrid on Wednesday.

By Jeremy Cutler, Alliance News reporter

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