There were no major surprises from Iberdrola’s Q1 22 results as the figures closely matched the consensus. The main point to note is weak generation in Iberia due to low hydro and nuclear outputs, more than offset by higher network RAB in particular in the US and Brazil. EBITDA grew by 4.9% yoy, more than net income (+3.2%) which was affected by financial costs. The guidance has been reaffirmed.