Slides
Page 1
Results presentation Nine months 28 October 2025
Page 2
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Legal Notice DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation of financial results of the nine-month period ended on 30 September 2025. As a consequence thereof, this document may not be disclosed, published or used, either partially or totally, by any other person or entity, for any other reason without the express and prior written consent of Iberdrola, S.A. Iberdrola, S.A. does not assume liability for this document if it is used with a purpose other than the above. By reading this document you acknowledge and accept the content of this notice. The information and any opinions or statements made in this document have not been verified by independent third parties; therefore, no express or implied representation or warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein, and no reliance should be placed on for any purpose whatsoever. Neither Iberdrola, S.A. nor its subsidiaries or other companies of the Iberdrola Group or its affiliates assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents or reliance placed therein. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract, agreement or any other type of commitment. Information in this document about the price at which securities issued by Iberdrola, S.A. have been bought or sold in the past or about the yield on securities issued by Iberdrola, S.A. cannot be relied upon as a guide to future performance. In particular, statements about historical performance must not be construed as suggesting that future performance, share price or results (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing in this document should be taken as a profit and loss forecast. Discrepancies are possible due to rounding. IMPORTANT INFORMATION This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of Regulation (EU) 2017/1129 of the European Parliament and of the Council, of 14 June 2017, on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction. The shares of Iberdrola, S.A. may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act of 1933 or pursuant to a valid exemption from registration. The shares of Iberdrola, S.A. may not be offered or sold in Brazil except pursuant to the registration of Iberdrola, S.A. as a foreign issuer of listed securities, and a registration of a public offering of depositary receipts of its shares, pursuant to the Capital Markets Act of 1976 (Federal Law No. 6,385 of December 7, 1976, as further amended), or pursuant to a valid exemption from registration of the offering. This document and the information presented herein was prepared by Iberdrola, S.A. solely with respect to the consolidated financial results of Iberdrola, S.A. and was prepared and is presented in accordance with the International Financial Reporting Standards adopted by the European Union (“IFRS”). The attached economic-financial information does not include the accounting classification effects that the application of International Financial Reporting Standard 5 (IFRS 5) – Non-current Assets Held for Sale and Discontinued Operations – may have in relation to the purchase offer made by COX ABG Group, S.A. for Iberdrola México S.A. de C.V. (the company holding Iberdrola Group’s businesses in Mexico). This document does not contain, and the information presented herein does not constitute, an earnings release or statement of earnings of Neoenergia S.A. (“Neoenergia”) or Neoenergia's financial results. Neither Neoenergia nor its subsidiaries assume responsibility for the information presented herein. For information regarding Neoenergia’s financial results for the nine-month period ended on 30 September 2025, please see the press release Neoenergia issued on November 27, 2025, which is available on its investor relations website at https://ri.neoenergia.com/ and on the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, CVM) website at www.cvm.gov.br. | 2
Page 3
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Legal Notice FORWARD-LOOKING STATEMENTS This communication contains forward-looking information and statements about Iberdrola, S.A., including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although Iberdrola, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Iberdrola, S.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Iberdrola, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by Iberdrola, S.A. to the Spanish Comisión Nacional del Mercado de Valores, which are accessible to the public. Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Iberdrola, S.A. You are cautioned not to place undue reliance on the forward- looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Iberdrola, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Iberdrola, S.A. on the date hereof. Except as required by applicable law, Iberdrola, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Iberdrola, S.A. commits to carrying out its best efforts to achieve its ambition of carbon neutrality for its Scope 1 and 2 in 2030. For these purposes, it will align its strategy, investments, operations and public positioning with this ambition. Additionally, Iberdrola, S.A. is also committed to undertake the energy transition in a way that creates value for its shareholders, employees, clients, suppliers and the communities where it operates. Accordingly, Iberdrola, S.A. reserves the capacity to adapt its planning to successfully face its performance in key material aspects such as the value of Iberdrola, S.A., the quality of supply or the social, labor, and fair transition conditions. The abovementioned commitments are of aspirational nature. ALTERNATIVE PERFORMANCE MEASURES In addition to the financial information prepared under IFRS, this presentation includes certain alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979, of March 14, 2019, and as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). The APMs are performance measures that have been calculated using the financial information from Iberdrola, S.A. and the companies within its group, but that are not defined or detailed in the applicable financial information framework. These APMs are being used to allow for a better understanding of the financial performance of Iberdrola, S.A., but should be considered only as additional information and in no case as a substitute of the financial information prepared under IFRS. Moreover, the way Iberdrola, S.A. defines and calculates these APMs may differ from the way these are calculated by other companies that use similar measures, and therefore they may not be comparable. Finally, please consider that certain of the APMs used in this presentation have not been audited. Please refer to this presentation and to the corporate website (www.iberdrola.com) for further details of these matters, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. In particular, please refer to https://www.iberdrola.com/documents/20125/5495484/results-259M.pdf | 3
Page 4
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Highlights of the period | 4
Page 5
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Highlights of the period • Investments increase by +4% to Eur 9 Bn • Networks investments up +12% driving RAB to Eur 49.3 Bn • New renewable capacity: >2,000 MW installed in the last 12m • Networks EBITDA up +26% to Eur 6,128 M: new investments and improving frameworks • Renewables & Customers EBITDA down -11% excluding capital gains: ancillary service costs in Iberia and lower prices partially offset by additional capacity Strong operating performance Reported Net Profit of Eur 5,307 M and Reported EBITDA of Eur 12,438 M Adjusted Net Profit up +17% Financial strength • Consolidated Net debt down Eur -3.21 Bn to Eur 48.5 Bn, driving FFO/Net debt to 26.2% • Operating Cash Flow up +10% to Eur 9,752 M • Eur 4.5 Bn positive impact from new asset rotation and partnerships • Interim shareholder remuneration up +8.2% to Eur 0.25/shareShareholder remuneration Plan execution 1. From Adj. Net Debt as of Dec-24 | 5
Page 6
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 ▪ Increasing results driven by: o Higher regulated asset base in the UK & Brazil o Positive rates adjustments in the US & Brazil EBITDA EBITDA reaches Eur 12,438 M driven by strong operating performance in Networks 83% of EBITDA from A-rated countries, with UK and US increasing contribution by 12 points to 43% Iberia 12.4 Eur Bn Other EU & Australia Latam UK US 35% 21% 17% 5% 22% ▪ Lower prices ▪ One-off Impact in Iberia from ancillary services costs in Customers business ▪ >2,000 additional MW in the last 12m Business highlights 9M ’25 EBITDA by geography NETWORKS REN. POWER & CUSTOMERS 83% in A-rated countries +26% -11% | 6 Excluding capital gains from asset rotation
Page 7
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Iberia Eur 1,340 M Latam Eur 1,318 M US Eur 2,715 M UK Eur 2,818 M Other EU & Australia Eur 773 M Investments Investment grows +4% to Eur 9.0 Bn, more than 60% in the UK and the US… 9.0 Eur Bn 9M ‘25 Investments by geography (-19%) (+40%) (-5%) (+3%) (-9%) 9M ‘25 Investments by business 9.0 EUR Bn | 7 >60% in UK & the US Networks Eur 4,904 M Renewable Power & Customers Eur 3,920 M (-3%) (+12%) …and 55% in Networks… 55% in Networks
Page 8
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 9M 2024 xx% 44.1 xx% Growth in Networks: Investments 9M 2024 9M 2025 …after a +12% increase year on year to Eur 4,904 M… 426 4,394 4,904 9M ‘25 Networks Investments (Eur M) 9M ‘25 RAB (Eur Bn) xx% | 8 1,739 1,524 9M 2025 49.3 ~Eur 16.0 Bn ~Eur 13.5 Bn ~Eur 10.7 Bn ~Eur 9.1 Bn …driven by a +25% growth in Distribution investments +12% +12% 63% in D 37% in T 1,215 61% in D 39% in T 59% in D 41% in T xx% 100% in D 32% 27% 22% 18% 2/3 in D 1/3 in T ENW 3.6
Page 9
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Growth in Renewable Power: Selective investment Renewable Power Investments of Eur 3,442 M, 60% in the UK & the US Offshore windOnshore technologies Eur 1,904 M Onshore wind 62% Solar PV 38% Iberia Eur 585 MUS Eur 974 M UK Eur 1,097 M Other EU & Australia Eur 787 M 9M ’25 Renewable Power investments by technology 9M ‘25 Renewable Power investments by geography Eur 1,233 M 3,442 Eur M 3,442 Eur M Storage and Other Eur 306 M 17% 23%32% 28% | 9 UK investments up +45% thanks to offshore wind farms under construction VW 1 (806 MW)1 EA3 (1,400 MW) 2 Windanker (315 MW) 1 VW1 MWs figures relate to 100% capacity of the project, while investment relates to Iberdrola equity contribution to the project (50% stake) 2 EA3 MWs figures relate to 100% capacity of the project, while investment relates to Iberdrola´s stake on the project (100% from 1-jan to 30-jun , and 50% from 1-jul) 60% in UK & the US
Page 10
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Business highlights: Networks Network investments and regulatory frameworks progressing across our geographies… | 10 RIIO–ED3 methodology published RIIO-T3: Ofgem Draft Determination published. Final Determination expected in Dec ‘25 UK Brazil Higher rates mainly in New York and Maine (+10% vs Avg’ 9M 24). New rates from May ’26 NECEC: COD before year-end Progressing in Powering New York : $1,650 M of planned investments ($50M in 9M ’25) US Pernambuco’s concession renewal signed, all other distribution companies progressing on track Higher rates in Distribution (+8% vs Avg’ 9M 24) Finalising construction of the last 4 transmission lots, COD expected in Dec 2025: BRL +600 M annual remuneration to reach > BRL 2,000 M Networks remuneration Methodology under public consultation Remuneration Rate on review by CNMC D T D T D D T Spain
Page 11
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Business highlights: Renewable Power …and more than 2,000 MW of Renewables installed in the last 12 months… | 11 UK: 2,431 GWh produced in 9M ▶ EA3 progresses construction with 20/100 monopile installations already done ▶ EA2: All major contracts signed, preliminary works already in execution ▶ EA1N qualified for upcoming AR7 auction to be held on 11-17th November. US: 200 GWh produced in 9M ▶ VW1: 32 turbines fully installed and already exporting (more than 50%) France: 1,150 GWh produced in 9M Germany: 1,594 GWh produced in 9M ▶ Windanker >20% monopile installed & first transition pieces received 1,350 MW installed in the last 12M: ▶ More than 1/3 in the US (370 MW) & the UK (114 MW), including 200 MW of repowering ▶ 1/3 in Spain, 1/3 in other EU countries and Australia Australia: Smithfield commissioned and Broadsound progressing as expected (490 MWh) Spain: Finalizing commissioning of Torrejón Valdecañas pumped storage (15 GWh) Offshore Onshore Storage
Page 12
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 MW Iberia UK US Other EU Australia Onshore Wind 495 204 608 22 --- 1,329 Offshore Wind --- 2,357 390* 315 --- 3,062 PV 366 --- 182 88 276 912 Batteries --- --- --- --- 180 MW 360 MWh 180 MW 360 MWh TOTAL 861 2,561 1,180 425 456 5,483 Business highlights: Renewable Power …with almost 5,500 MWs already in construction… | 12 …plus c. 8.5 GW more of advanced pipeline ready to attend potential demand growth *Remaining 416 MW of Vineyard Wind 1 already in operation
Page 13
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Cash flow Operating cash flow up +10% to Eur 9,752 M… 9M 2024 9M 2025 8,888 9,752 FFO (Eur M) +xx% | 13 +10% …driven by improving cash generation in Networks
Page 14
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Asset rotation & Partnerships Asset Rotation & Partnerships signed worth more than Eur 8 Bn in 9M 2025: Positive impact on Net Debt of Eur 4.5 Bn1 as of September | 14 Renewables in Hungary: ✓ Eur 128 M to be collected by year-end Asset Rotation NORGES BANK (renewables Iberia) ✓ 708 new MWs added to the JV in 9M 25, up to 900 MWs in operation, reaching >2,300 MW by 2027 ✓ Co-investment of Eur 2.4 Bn Partnerships Mexico sale: closing on track KANSAI (Windanker offshore wind farm) ✓ Construction progressing on track ✓ Co-investment of Eur 1.3 Bn MASDAR (offshore wind in UK and Germany) ✓ EA3 progressing construction on track ✓ Baltic Eagle energized ✓ Co-investment of Eur 6.8 Bn 1. From Adj. Net Debt as of Dec-24 UK Smart Meters: ✓ Eur 1,061 M already collected
Page 15
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Financial Strength Consolidated Adjusted Net Debt improved by Eur 3.2 Bn year to date to Eur 48.5 Bn: Improving ratios fully consistent with “BBB+” rating Consolidated Adjusted Net Debt (Eur Bn) FFO1/Consolidated Adj. Net Debt 1. FFO Considers last 12 months. Proforma ratio including 12 months of ENW is 26.5% 22.9% Dec-24 51.7 Dec-24 x Bn | 15 Sept-25 48.5 Sept-25 26.2%Eur -3.2 Bn x Bn+330 bp Eur 23.0 Bn of liquidity
Page 16
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Shareholder remuneration | 16 Interim shareholder remuneration proposed up +8.2% to Eur 0.25/share 9M 2024 9M 2025 Eur 0.25 Eur 0.231 +xx% + xxx +8.2%
Page 17
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Analysis of results | 17
Page 18
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Adjusted Income Statement / Group Adjusted Net income up 17%, excluding thermal generation asset divestment in 2024, UK Smart Meters sale in Q3 2025 and impact from capital allowances in the UK Excluding also US cost recognition (Eur 389 M), 9M 2025 grows 8% to Eur 4,727 M Eur M 9M 2025 adjusted 9M 2024 adjusted % Revenues 33,863 33,116 +2.3 Gross Margin 18,407 18,045 +2.0 Net Operating Expenses -4,273 -4,571 -6.5 Levies -2,077 -1,922 +8.1 EBITDA 12,057 11,551 +4.4 EBIT 7,785 7,354 +5.9 Net Financial Expenses -1,245 -1,152 +8.1 Equity Results 54 -19 n/a Taxes -1,270 -1,499 -15.3 Capital allowance UK 190 81 +135.0 Minorities -398 -378 +5.2 Adjusted Net Profit 5,116 4,387 +16.6 | 18
Page 19
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Reported Income Statement / Group Reported Net Profit down 3% Eur M 9M 2025 reported 9M 2024 reported % Revenues 33,863 33,117 +2.3 Gross Margin 18,407 18,045 +2.0 Net Operating Expenses -3,891 -2,853 +36.4 Levies -2,077 -1,924 +8.0 EBITDA 12,438 13,269 -6.3 EBIT 8,167 9,071 -10.0 Net Financial Expenses -1,245 -1,152 +8.1 Equity Results 54 -19 n/a Taxes -1,270 -2,051 -38.1 Minorities -398 -378 +5.2 Reported Net Profit 5,307 5,471 -3.0 | 19
Page 20
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Gross Margin / Group An increase of 2.3% in Revenues and 2.6% in Procurements… … leads to a Gross Margin growth of 2.0% to Eur 18,407 M 2.3% Revenues (Eur M) Procurements (Eur M) 33,116.8 33,863.2 9M 2024 9M 2025 15,071.5 15,456.6 9M 2024 9M 2025 | 20 2.6%
Page 21
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Net Operating Expenses / Group Excluding capital gains from asset rotation, Net Operating Expenses are 7% better Total Net Operating Expenses -4,272.8 -4,571.6 On a recurring basis1, Net Operating Expenses improves 0.8% Net Operating Expenses (Eur M) Net Personnel Expenses External Services Other Operating Income 9M 2024 ex. Cap. Gains -2,144.9 -3,014.9 588.1 vs 9M 2024 adjusted (%) +0.4% -6.1% +21.0% -6.5% 9M 2025 ex. Cap. Gains -2,154.4 -2,829.9 711.5 | 211. Excluding capital gains from asset rotation, reconciliation impacts in the US, pension adjustments and other impacts (including Eur -121 M from EA3 50% divestment)
Page 22
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Results by Business / Networks 6,128.0 22% 26% 22% 31% …driven by strong performance in UK and US due to higher asset base and past cost recognition Networks EBITDA reaches EUR 6,128 M, +26% vs. 9M 2024… Eur M Spain United States United Kingdom Brazil | 22
Page 23
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Results by Business / Networks EBITDA BRL 10,035.9 M (+12.6%): • Higher revenues in Distribution thanks to inflation and rate reviews (average +8%) • Positive contribution from Transmission to gross margin as construction progresses (BRL 1.3 Bn Ytd). Expected contribution of BRL 2.0 Bn in 2026 BRAZIL EBITDA EUR 1,340.4 M (+9.3%): • Affected by CNMC draft return (6.46%1 vs. 5.58%) and by positive adjustments to past years remuneration SPAIN EBITDA GBP 1,129.1 M (+22.5%): • Better results in Distribution due to ENW full consolidation, effective since March (GBP +253 M) • Increasing contribution in Transmission thanks to higher RAV and rates UNITED KINGDOM EBITDA IFRS USD 2,046 M (+88.1%): • Higher rates in Distribution (average +10%) and better contribution from Transmission • Decision from NY regulator in Q1 2025 allows to register a regulatory asset regarding past costs (USD+550 M), already accrued under US GAAP • NECEC expected contribution from Nov-2025 UNITED STATES | 231. As of 30th September 2025
Page 24
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Energy Production and Customers EBITDA reaches Eur 5.9 Bn in 9M 2025 vs. Eur 6.7 Bn in 9M 2024 excluding capital gains from asset rotation… Results by Business / Energy Production and Customers 5,895.4 Iberia United States United Kingdom 52% 12% 16% RoW 10% LatAm 10% … reaching c. 86% emission-free generation Eur M 6,658.9 9M 2024 ex-cap. gains 9M 2025 ex-cap. gains 1,717.1 Thermal divestment capital gain | 24 5,895.4 UK Smart Meters divestment capital gain-11% 381.7
Page 25
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 1. Total impact of EA3 deconsolidation at 9M 2025 amounts to Eur +84 M (Eur -121 M at NOE level, Eur +279 M in Net Financial Result and Eur -73 M in Taxes). Results by Business / Energy Production and Customers EBITDA EUR 3,052.6 M (-17.5%): • Higher production is compensated by lower margins and sales, explaining 30% of YoY variation • Lower court rulings and higher ancillary services costs vs. 2024 explain 70% of YoY variation, despite 1.2% revenue tax termination • Above 10-Y average hydro reserves (6.4 TWh) IBERIA EBITDA USD 813.4 M (+0.2%): • Better wind and solar performance drive EBITDA growth despite the positive effect of Q1 2024 one off related to Arctic Blast storm UNITED STATES EBITDA GBP 1,136.3 M (+5.3%; -24.8% ex capital gain): • Lower wind resource (-5%) and prices • Lower EBITDA from Supply business driven by prices and volumes • Impact of 50% deconsolidation in East Anglia 3 (GBP -103 M), more than compensated at Net Financial Result1 • Capital gain from UK Smart Meters divestment of GBP 324 M UNITED KINGDOM | 25
Page 26
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Results by Business / Energy Production and Customers EBITDA USD 467.2 M (-78.5%): • Lower reported contribution due to the deconsolidation of the assets sold on February 26, 2024 • Higher contribution from the retained business thanks to higher availability and demand MEXICO EBITDA EUR 588.4 M (+31.5%): • Higher offshore production (+61%) due to the higher contribution from windfarms St. Brieuc (France) and Baltic Eagle (Germany) • Lower contribution from Supply business in Portugal due to higher ancillary services cost (Eur -30 M) RoW (IEI) MEXICO EBITDA BRL 947.5 M (-23.6%): • Lower renewable and thermal production, compared to 9M 2024BRAZIL | 26
Page 27
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 D&A and provisions up 2% to EUR 4,272 M, driven by higher asset base despite FY 2024 adjustments impact and lower bad debt provisions in all geographies EBIT excluding capital gains grows 6% in 9M 2025 | 27 EBIT / Group Thermal divestment capital gain +2% 6% EBIT (EUR M) D&A and Provisions (EUR M) -1,717.1 9,071.3 9M 2024 reported 8,166.5 9M 2025 reported 7,354.2 9M 2024 adjusted -492 -368 9M 2024 9M 2025 -4,197.3 -4,271.7 Provisions D&A-3,705 -3,904 UK Smart Meters divestment capital gain 381.7 9M 2025 adjusted 7,784.8
Page 28
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 -12 bps Net Financial Result decreases Eur -93 M due to EUR 7 bn higher average debt, partially offset by EA3 derivatives1 Cost improves thanks to better EUR and GBP financing rates and USD and BRL depreciation, despite higher BRL interest rates Net Financial Result / Group Cost of Debt 4.84% 4.72% (ex NEO) 3.71% 3.55% 9M 2024 9M 2025 -16 bps Net Financial Result (Eur M) -1,245 9M 2024 9M 2025 -1,152 Debt result: -208 Interest + FX -293 +85 Debt +234 Derivatives1 Other -119 1. Includes EA3 deconsolidation impact at 9M 2025 of Eur +279 M in Net Financial Result | 28
Page 29
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 ... despite ENW debt consolidation and capex acceleration Strong FFO generation, Asset Rotation & Partnerships and capital increase help achieve year lowest net debt (EUR 3.2 Bn below 2024 year-end)… Adjusted Net Debt / Group Consolidated Net Debt Evolution 51.7 FY 2024 Net Debt 2.2 48.5 ENW Net Debt consolidation Other 9M 2025 Net Debt -4.5 Asset Rotation & EA3 Debt deconsolidation Eur Bn 4.1 Dividend -9.8 FFO 9.0 Capex 0.8 | 29 -5.0 Capital increase
Page 30
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 … delivering solid credit ratios Financial ratios / Group Adjusted Leverage FFO / Adjusted Net Debt1 Adjusted Net Debt1/ EBITDA 45.4% 22.9% 3.40x2.98x 1. Adjusted for treasury stock derivatives with physical settlement which at the current date are not expected to be executed (Eur 1,450 M as of 2025 and Eur 995 M as of 2024 2. Proforma ratio including 12 months of ENW is 26.5% Adjusted Credit Metrics FY 20249M 2025 26.2%2 43.3% | 30
Page 31
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 9M 2025 adjusted Net Profit grows 17% to Eur 5,116 M adjusting asset rotation capital gains and capital allowances in the UK Adjusted Net Profit / Group Excluding also US cost recognition, 9M 2025 growth is 8% to Eur 4,727 M Eur M -1,165.2 9M 2024 Reported Net Profit 5,470.7 4,386.7 17% 9M 2024 Adjusted Net Profit Thermal divestment capital gain 9M 2025 Adjusted Net Profit 5,116.1 9M 2025 Reported Net Profit 5,307.0 Capital allowances | 31 389.2 8% 4,726.9 381.7 -190.8 UK Smart Meters divestment capital gain Capital allowances 81.2
Page 32
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Conclusions | 32
Page 33
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 ◆ Networks: More investments and improving remuneration ◆ Ren. Power & Customers: More capacity and additional pipeline ◆ Operating Cash Flow up +10% to Eur 9,752 M ◆ FFO/Adjusted Net Debt improves to 26.2% FINANCIAL SOLIDITY DOUBLE-DIGIT GROWTH Conclusions: 9M 2025 INCREASING SHAREHOLDER RENUMERATION | 33 ◆ Dividend up +8% to Eur 0.25/Share
Page 34
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Conclusions: FY 2025 Adjusted Net Profit Guidance Improving guidance to “Double-Digit Growth”… | 34 2024 Adjusted Net Profit 2025 Adjusted Net Profit Guidance 5,651 Double-Digit Growth Reported Net Profit – capital gains from asset rotation + UK capital allowance impact = Adjusted Net Profit >6,200 (Eur M) 389 Networks cost recognition in US …reaching Eur 6.6 Bn and exceeding Eur 6.2 Bn even excluding Networks cost recognition in US 6,600
Page 35
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Annex I “Iberdrola Retribución Flexible” program January 2026 | 35
Page 36
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 “Iberdrola Retribución Flexible” program – January 2026 | 36 • LAST TRADING DATE: Last day to buy IBE shares and participate in “Iberdrola Retribución Flexible” program and/or receive dividend in cash • Announcement of capital increase in BORME Closing prices considered for determining the average price used to calculate number of rights and interim dividend amount Commencement of the trading of the newly issued shares Other Relevant Information (ORI) on the number of rights/share and interim DPS Last day of rights trading period and of the common election period • Close of scrip issuance • Other Relevant Information publication (ORI) January 8 December 31 and January 2, 5, 6 and 7 January 9 January 26 February 4 January 12 • Commencement of the trading period and of the common election period • Ex date (scrip and cash dividend) February 2 • Delivery of shares • Payment of interim dividend January 30 Trading period and common election period
Page 37
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Annex II | 37
Page 38
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Liquidity and maturities As of today, liquidity improves significantly above Eur 23.0 Bn thanks to capital increase … Credit lines 14,861 Available financing 1,689 Cash 6,497 … covering 25 months of financing needs and average life of debt above 6 years 594 5,011 4,180 4,498 5,390 32,156 3m 2025 2026 2027 2028 2029 2030+ Maturities | 38
Page 39
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 New financing and debt portfolio Eur 12.7 Bn1 of new signed financing in different instruments and markets (including EA3 Project Finance) allows to deepen the diversification … … with capacity for additional bank financing and new markets NEW DEALS SIGNED 9M 2025: Eur 12,719 M1 % DEBT BY INSTRUMENT 9M 2025 USD Bond EUR 822 M TEI EUR 257 M Bank Loan EUR 1,246 M Multilateral Loan EUR 696 M 12,719 Eur M USD Securization EUR 673 M EUR Bonds EUR 1,150 M Project Finance EUR 4,135 M EUR bonds 21.0% USD bonds 16.4% GBP bonds 7.8% BRL bonds 8.3%Other bonds 1.8% ECP 6.8% USCP 2.2% Multilateral Loan 11.0% Development Bank Loan 10,8% Project Finance 0.2% Leases 4.9% Bank loans, credits and others 8.8% 1. Including 100% EA3 Project Finance (GBP 3.6 bn) consolidated using the equity method, securitization bonds (USD 786 M) and Tax Equity Investment (USD 300 M) BRL Bond EUR 529 M Development Bank Loan EUR 711 M Bank Credit EUR 2,500 M | 39
Page 40
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Sustainable financing NEW SUSTAINABILITY DEALS 9M 2025: Eur 11,616 M Eur 11.7 Bn of new sustainability transactions in different instruments and markets representing 96%1 of new signed financing … Product Q1 2025 Q2 2025 Q3 2025 Total Green 600 2,813 5,437 8,850 Senior bonds 400 1,087 921 2,408 Bank Loans 932 48 980 Multilateral loans 200 108 76 384 Development bank loans 686 686 Project Finance 4,135 4.135 TEI 257 257 Sustainability-linked 130 136 2,500 2,766 Bank Loan 130 136 266 Bank Credit 2,500 2,500 Total 730 2,949 7,937 11,616 SUSTAINABLE PORTFOLIO 9M 2025: Eur 64,336 M Green Bond 22.264 Green Bank Loan 1,243 Multilateral Green Loan 5,776 Development Bank and ECA Green Loan 4,487 Sustainable Credit Line 14.430 Green Structured Financing 8,135 Sustainable Bank Loan 2,001 Sustainable Commercial Paper 6,000 1. Excluding USD 786 M in securitization bonds issued in February 2025 to recover AGR storm costs, recognized by the US regulator …retaining the rank of the world leading private company in green bonds issued | 40
Page 41
www.iberdrola.com www.iberdrola.com Results presentation Nine months 2025 Progressing in our Sustainability strategy RECOGNIZED FOR OUR SUSTAINABILITY REPORTING Divesting more than 2 GW of thermal capacity generation ACCELERATING CLEAN ELECTRIFICATION SOCIAL DIVIDEND "Best Annual Report" by the Content Marketing Institute (CMI) World's best utility in sustainability reporting according to the League of American Communications Professionals (LACP) Top 3 in Human Rights ranking Iberdrola recognised by Business & Human Rights Resource Centre (BHRRC) as a leading electric utility for its human rights due diligence, policies and practices Green Project Finance signed for East Anglia Three EXTEL - 2025 Europe and Emerging EMEA Equities Awards Best ESG PROGRAM | 41