Iberdrola released earnings that were globally in line with the consensus. Hydro generation still drove earnings, whilst onshore wind conditions remained poor, also seen among peers since the beginning of the year. However, offshore wind partially offset the lower load factor in onshore wind. Renewables generation, investments in networks and new rate cases in Brazil contributed to increase the group’s FY23 net income guidance from ‘high single-digit’ to ‘double-digit’.