In the results call of the Spanish giant buying Caruna, Finnish was immediately heard

The Spanish listed company Iberdrola announced its half-year results today, and right at the start of the results announcement call, the Finnish listeners got their ears perked up.

“Good morning ladies and gentlemen,” said Iberdrola’s director of investor relations Ignacio Cuenca in clear Finnish at the beginning of the call. Cuenca also said the same wish in Spanish and English.

The greeting in Finnish probably has something to do with the fact that Iberdrola announced on Tuesday that it would buy Finland’s largest electricity grid company Caruna’s. The Caruna deal was also commented on in the results announcement call.

In the first half of 2026, Iberdrola’s turnover increased by 4.2 percent from the comparison period and was approximately EUR 22.47 billion. Turnover fell short of analysts’ forecasts by a good two percent.

Iberdrola’s adjusted EBITDA increased by 7 percent from the comparison period to just over 8 billion euros and exceeded analysts’ forecasts by almost two percent. Net profit, on the other hand, grew by a whopping 22 percent and was 4.34 billion euros.

Iberdrola’s share price reacted by turning sharply lower.

Immediately receive money from Finland

Iberdrola buys an 80 percent stake in Caruna for two billion euros. Funds that Iberdrola received from the sale of the Mexican thermal power operation will be used for the transaction.

According to Iberdrola, Caruna’s value with debts is five billion. The deal still requires the approval of the authorities and is expected to be completed in the first quarter of 2027.

CEO and Chairman of the Board of Iberdrola Ignacio Galan described the Caruna deal as an excellent opportunity. Galan describes Finland’s regulatory environment as attractive and also assesses Caruna’s growth prospects as good.

“Overall, this deal is an excellent opportunity to accelerate the execution of our strategy,” Galan said of the deal.

In the earnings call, it was emphasized that the Caruna deal will immediately increase Iberdola’s earnings, which is not common in such deals. In addition, Iberdrola expects Caruna’s net profit to grow at an annual rate of seven percent.

“We look at the net income that corresponds to the capital we have invested there and that justifies the 16 times the price we paid.”

Are prices going up?

Kauppalehti asked during the earnings call how Iberdrola plans to proceed with the deal and whether customers’ prices will rise.

The answer came by e-mail and the question about the price increase was not answered.

Instead, an Iberdrola representative said that they are investing in Caruna to support its strong growth prospects due to growing demand in the industrial and residential sectors, the electrification of the economy, the need for power grids related to new renewable energy sources and the expansion of data centers.

In addition, Iberdrola said that it is working closely with the regulatory authorities to implement the agreed investment plans.