Interim report
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Legal Notice www.iberdrola.com | 1
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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. 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. 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 October 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. 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/alternative-performance-measures-259M.pdf Legal Notice www.iberdrola.com I 2
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Index Legal Notice ................................................................................................... 1 Core business figures ................................................................................... 4 Operating highlights for the period ............................................................. 13 Operational performance over the period .................................................. 17 Analysis of the consolidated profit and loss account ................................ 32 Results by business unit ............................................................................... 35 Balance sheet analysis ................................................................................ 41 Financial statements tables ......................................................................... 52 Balance Sheet September- 2025 (Unaudited) ........................................................................... 53 Profit and Loss (Unaudited) ......................................................................................................... 55 Results by Business (Unaudited) ................................................................................................. 56 Network Business (Unaudited) .................................................................................................... 57 Electricity Production and Customers (Unaudited) ................................................................... 58 Results by Country (Unaudited) .................................................................................................. 59 Quarterly results (unaudited) ....................................................................................................... 60 Statement of origin and use of funds (Unaudited) ..................................................................... 61 Stock Market Evolution ................................................................................. 62 Regulation ...................................................................................................... 64 Sustainability Performance .......................................................................... 69 Glossary of terms .......................................................................................... 82 www.iberdrola.com I 3
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Core business figures www.iberdrola.com | 4
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Networks Asset base (Local currency) 9M 2025 9M 2024 United Kingdom (1) (MM GBP) 13,577 9,496 United States (MM USD) 15,000 14,839 Brazil (MM BRL) 67,603 58,105 Spain (MM EUR) 9,100 9,100 (1) Includes ENW's RAB (GBP c.3.000 M), as the firm is consolidated from March 2025. Distributed Electricity ELECTRICITY (GWh) 9M 2025 9M 2024 vs. 9M 2024 United Kingdom 31,884 22,311 +42.9% United States 28,273 28,487 -0.8% Brazil 59,762 60,215 -0.8% Spain 68,834 66,945 +2.8% Total 188,753 177,957 6.1% GAS (GWh) United States 46,961 43,555 +7.8% Total 46,961 43,555 +7.8% Discrepancies may arise due to rounding Managed Supply Points ELECTRICITY (Millions) 9M 2025 9M 2024 vs. 9M 2024 United Kingdom 6.1 3.6 +69.4% United States 2.3 2.3 +0.9% Brazil 16.9 16.6 +2.1% Spain 11.6 11.5 +0.9% Total Electricity 36.9 33.9 +8.7% GAS (Millions) United States 1.0 1.0 +0.4% Total Gas 1.0 1.0 +0.4% TOTAL SUPPLY POINTS 37.9 35.0 +8.5% Note: IFRS 11 is not being applied for operational purposes (see operational performance over the period). Differences may arise due to rounding Core business figures www.iberdrola.com I 5
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Generation Business and Customers Total Group 9M 2025 9M 2024 vs. 9M 2024 Net Production (GWh) (1) 96,047 100,933 -4.8% Net Own production (1) 96,047 94,778 +1.3% Renewables(1) 66,254 63,301 +4.7% Onshore 31,848 32,948 -3.3% Offshore 5,275 3,978 +32.6% Hydro 21,654 20,918 +3.5% Minihydro 323 354 -8.6% Solar 7,104 5,046 +40.8% Nuclear 16,736 16,559 +1.1% Gas combined cycle 8,876 9,878 -10.1% Cogeneration 4,182 5,040 -17.0% Net production for third parties — 6,155 -100.0% Renewables — 44 -100.0% Onshore — 44 -100.0% Gas combined cycle — 6,111 -100.0% Installed capacity (MW) (2) 57,453 56,184 +2.3% Renewables (2) 45,263 43,993 +2.9% Onshore 20,760 20,747 +0.1% Offshore 2,438 2,230 +9.3% Hydro 12,855 13,100 -1.9% Minihydro 234 234 —% Solar 8,459 7,470 +13.2% Batteries 503 198 +153.9% Nuclear 3,177 3,177 —% Gas combined cycle 7,858 7,840 +0.2% Cogeneration 1,156 1,174 -1.5% Total contracts (Nº mill.) 32.2 31.5 +2.1% Electricity contracts 12.6 13.0 -3.0% Smart solutions contracts 13.7 12.8 +6.7% Smart meters contracts (3) 2.9 2.7 +8.3% Gas contracts 3.0 3.1 -1.3% Electricity supplies (GWh) 71,298 73,444 -2.9% Liberalized market 48,121 49,665 -3.1% Regulated tariff 9,413 10,023 -6.1% Other markets 13,764 13,756 +0.1% Gas supplies (GWh) 27,927 27,666 +0.9% (1) Includes 19 GWh y 19 GWh of fuel cells production in 3Q 2025 and 3Q 2024, with a total of 49 GWh and 57 GWh in 9M 2025 and 9M 2024, respectively. (2) Includes 13 MW of installed capacity of fuel cells (3) It does not include smart meters contracts form Spain, as it is a regulated activity in the Network business Note: comparative affected affected by the production of the Mexican assets within the perimeter of the transaction through February 26, 2024 Differences may arise due to rounding.Figures reported are net of transactions during the period Core business figures www.iberdrola.com I 6
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Spain 9M 2025 9M 2024 vs. 9M 2024 Net Production (GWh) 48,794 46,420 +5.1% Renewables 27,190 25,660 +6.0% Onshore 6,670 6,850 -2.6% Hydro 16,614 15,992 +3.9% Minihydro 323 354 -8.6% Solar 3,582 2,464 +45.4% Nuclear 16,736 16,559 +1.1% Gas combined cycle 3,752 2,948 +27.3% Cogeneration 1,116 1,253 -10.9% Installed capacity (MW) 32,125 31,642 +1.5% Renewables 22,936 22,434 +2.2% Onshore 6,522 6,550 -0.4% Hydro 10,823 10,823 — Minihydro 234 234 — Solar 5,146 4,809 +7.0% Batteries 212 19 +1014.1% Nuclear 3,177 3,177 — Gas combined cycle 5,695 5,695 — Cogeneration 318 336 -5.4% Total contracts (Nº mill.) 23.3 22.6 +3.0% Electricity contracts 9.8 10.0 -2.4% Smart solutions contracts 12.2 11.3 +8.0% Gas contracts 1.2 1.2 +1.3% Electricity supplies (GWh) 58,670 58,323 +0.6% Liberalized market 41,181 42,939 -4.1% Regulated Tariff (PVPC) 5,137 5,024 +2.2% Other markets 12,353 10,360 +19.2% Gas Supplies (GWh) 16,228 15,300 +6.1% Final Clients 7,262 8,296 -12.5% Electricity production 8,966 7,004 +28.0% (1) Includes capacity/production of Tâmega in Portugal. Differences may arise due to rounding Core business figures www.iberdrola.com I 7
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United Kingdom 9M 2025 9M 2024 vs. 9M 2024 Net Production (GWh) 4,966 5,221 -4.9% Renewables 4,966 5,221 -4.9% Onshore 2,524 2,980 -15.3% Offshore 2,431 2,233 +8.9% Solar 11 8 +41.5% Installed Capacity (MW) 3,158 2,999 +5.3% Renewables 3,158 2,999 +5.3% Onshore 2,079 1,968 +5.6% Offshore 908 908 —% Solar 19 19 —% Batteries 151 104 +45.2% Electricity contracts (No mil,) 7.4 7.4 +0.2% Electricity contracts 2.5 2.6 -5.7% Smart Solutions contracts 0.3 0.3 +1.9% Smart meters contracts 2.9 2.7 +8.3% Gas contracts 1.7 1.8 -3.6% Electricity supplies (GWh) 6,523 8,823 -26.1% Liberalized market 983 582 +68.9% Regulated tariff (SVT) 4,276 4,999 -14.5% Other markets 1,264 3,242 -61.0% Gas supplies (GWh) 11,629 12,306 -5.5% End customer 11,629 12,306 -5.5% Note: Other markets include sales to SMEs and Industrial & Consumers. Differences may arise due to rounding Core business figures www.iberdrola.com I 8
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USA 9M 2025 9M 2024 vs. 9M 2024 Net Production (GWh)(1) 18,436 18,608 -0.9% Renewables(1) 16,346 15,831 3.3% Onshore 14,170 14,551 -2.6% Offshore 100 39 154.2% Hydro 35 189 -81.6% Solar 1,992 994 100.3% Gas combined cycle 9 3 181.1% Cogeneration 2,081 2,774 -25.0% Installed Capacity (MW)(2) 10,581 10,218 3.6% Renewables(2) 9,741 9,378 3.9% Onshore 7,976 8,045 -0.9% Offshore 208 0 —% Hydro 119 119 —% Solar 1,425 1,201 18.7% Gas combined cycle 204 204 —% Cogeneration 636 636 —% (1) Includes 19 GWh and 19 GWh of fuel cells production in Q3 2025 and Q3 2024, with a total of 49 GWh and 57 GWh in 9M 2025 and 9M 2024, respectively. (2) Includes 13 MW of installed capacity from fuel cells (3) The reported installed capacity of Vineyard Wind 1 only considers wind turbines exporting energy to 30 September 2025. Differences may arise due to rounding. Core business figures www.iberdrola.com I 9
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Mexico 9M 2025 9M 2024 vs. 9M 2024 Net production (GWh) 8,018 15,947 -49.7% Own production 8,018 9,792 -18.1% Renewables 1,984 2,034 -2.5% Onshore 1,178 1,154 2.1% Solar 806 881 -8.5% Gas combined cycle 5,050 6,744 -25.1% Cogeneration 985 1,013 -2.8% Net production for third parties — 6,155 -100.0% Renewables — 44 -100.0% Onshore — 44 -100.0% Gas combined cycle — 6,111 -100.0% Installed capacity (MW) 2,600 2,600 —% Own capacity 2,600 2,600 —% Renewables 1,232 1,232 —% Onshore 590 590 —% Solar 642 642 0.1% Gas combined cycle 1,166 1,166 —% Cogeneration 202 202 —% Note: Includes production of assets within the transaction perimeter up to 26th of February 2024. Differences may arise due to rounding Brazil 9M 2025 9M 2024 vs. 9M 2024 Net Production (GWh) 9,210 8,975 2.6% Renewables 9,196 8,897 3.4% Onshore 4,029 3,979 1.3% Hydro 5,005 4,738 5.6% Solar 162 180 -10.1% Gas combined cycle 14 77 -81.4% Capacidad Instalada (MW) 4,167 4,395 -5.2% Renewables 3,617 3,862 -6.3% Onshore 1,554 1,554 —% Hydro 1,914 2,159 -11.4% Solar 149 149 —% Gas combined cycle 550 533 3.2% Total Contracts (nº millions) 0.9 0.8 10.0% Electricty contracts 0.9 0.8 10.0% Note: Includes 100% Neoenergia figures (53,5% owned by Iberdrola S.A.) Differences may arise due to rounding. Core business figures www.iberdrola.com I 10
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Rest of the World (ROW) 9M 2025 9M 2024 vs. 9M 2024 Net Production(GWh) 6,623 5,763 14.9 % Renewables 6,572 5,658 16.1 % Onshore 3,276 3,434 -4.6 % Offshore 2,744 1,706 60.9 % Solar 552 519 6.4 % Gas combined cycle 51 105 -51.3 % Installed capacity (MW) 4,822 4,331 11.3 % Renewables 4,579 4,088 12.0 % Onshore 2,040 2,041 -0.1 % Offshore 1,322 1,322 — % Solar 1,078 650 65.7 % Batteries 140 75 86.7 % Gas combined cycle 243 243 — % Total Contracts (Nº mill.) 0.7 0.7 -4.7% Electricity contracts 0.4 0.4 +1.6% Smart solutions contracts 0.1 0.1 +12.0% Gas contracts 0.2 0.3 -16.1% Electricity supplies (GWh) 6,104 6,298 -3.1% Liberalized market 5,957 6,144 -3.0% Other markets 147 154 -4.5% Gas supplies (GWh) 95 75 26.7% Final clientes 95 75 26.7% Electricity production — — — Commercial business activities in Rest of the World includes Portugal, France, Italy and Germany Differences may arise due to rounding. Core business figures www.iberdrola.com I 11
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Stock Market Data 9M 2025 9M 2024 Market capitalisation MM€ 107,601 88,399 Earnings per share (6,681,227,377 sh. at 30.09.2025 y 6,364,251,000 shares at 30.09.2024) € 0.788 0.828 Net operating cash flow per share € 3.14 1.39 P.E.R. Times 20.10 13.83 Price/Book value (capitalisation to NBV at the end of the period) Times 2.17 1.96 Economic/Financial Figures(1) Income Statement 9M 2025 9M 2024 Revenues M € 33,863.2 33,116.8 Gross Margin M € 18,406.6 18,045.3 EBITDA M € 12,438.2 13,268.5 EBIT M € 8,166.5 9,071.3 Net Profit M € 5,307.0 5,470.7 Net Operating Expenses /Gross Margin(2) % 18.7 25.4 Balance sheet Sep. 2025 Dec. 2024 Total Assets M € 160,427 158,293 Equity M € 61,940 61,051 Net Financial Debt M € 50,614 52,667 Adjusted Net Financial Debt M € 48,474 51,672 ROE % 10.79 11.95 Adjusted Financial Leverage (Net Adjusted Financial Debt/( Adjusted Financial Debt + Adjusted Equity)) % 43.3 45.4 Net Financial Debt / Equity % 81.7 86.3 (1) Financial terms are defined in the “Glossary” (2) For comparison purposes figures for 9M 2024 are net of the thermal generation assets divestments and other adjustments and efficiencies. Others 9M 2025 9M 2024 Gross Organic Investments M € 8,964 8,601 Employees (1) Nº 45,273 41,798 (1) The figures in the table reflect the number of employees at year-end regardless of the type of working hours. Iberdrola's credit rating Agency Rating (2) Outlook (2) Moody´s Baa1 (15/06/2012) Stable (14/03/2018) Fitch IBCA BBB+ (02/08/2012) Stable (25/03/2014) Standard & Poors BBB+ (22/04/2016) Stable (22/04/2016) (2) Date of last modification Core business figures www.iberdrola.com I 12
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Operating highlights for the period www.iberdrola.com | 1 3
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• The Iberdrola Group's reported net profit stood at EUR 5,307.0 million for the period, while reported EBITDA amounted to EUR 12,438.2 million. Excluding the capital gains from the divestment of thermal generation assets in the first quarter of 2024 and the contribution from the sale of smart meters in the United Kingdom in the third quarter of 2025, and including the impact of capital allowances in the United Kingdom, Adjusted net profit grew by 16.6% and adjusted EBITDA increased by +4.4%. • The +4.4% increase in adjusted EBITDA is due to strong operating performance in the Networks business, driven by a larger regulated asset base and the improvement in rates recognised in the regulatory frameworks in the United States and Brazil. It is worth noting that 83% of EBITDA comes from countries with high credit ratings, with the United Kingdom and the United States increasing their contribution by 12 basis points to 43%. • The contribution from the Electricity Generation and Customers business decreased by 11% 1 excluding capital gains, due to the non-recurring impact in the Customers business in Iberia and to lower prices. It should be noted that, in the last twelve months, more than 2,000 MW renewable have been installed. • Regarding investments in the first nine months, there is an increase by 4% to EUR 8,964M, of which more than 60% corresponded to investments made in the United Kingdom and the United States, with 55% of these investments allocated to the Networks business. • In annual terms, investments in the Networks business increased by 12% to EUR 4,904 million, driven by a 25% increase in distribution investments. Investments in the Renewables business reached EUR 3,442.4M, of which more than 60% corresponded to investments made in the United Kingdom and the United States. Investments in the United Kingdom grow by 45% due to offshore wind assets under construction. • The company continues with its partnerships strategy and has entered into agreements worth more than EUR 8,000 million during the first nine months of 2025, with a positive impact on net debt2 of approximately EUR 4,500 million. • In addition, in July Iberdrola carried out an accelerated capital increase of EUR 5,000 M at a price of €15.15 per share, a transaction intended to finance the investment plan in electricity networks in the United States and the United Kingdom. With this transaction the number of shares stands at 6.681 billion • Funds from Operations (FFO) increased by 9.7% to €9,752.3 million, driven by improved cash generation in the Networks business. • Adjusted Net Financial Debt stood at EUR 48,474M, down EUR 3,198M compared to December 2024, driven by the FFO generated, the asset rotation and partnerships plan, as well as the capital increase carried out, which brought debt levels below those at the end of 2024. • The adjusted FFO to adjusted net debt ratio stands at 26.2% 3, with a current liquidity position of EUR 23,047 million, covering 25 months of financing needs. • The shareholder remuneration for 2025 will be set after the interim dividend is approved by the Board of Directors, which will propose an increase to EUR 0.25 gross per share (+8.2% compared to the first nine months of 2024) . The total dividend has increased by 15.6% due to the higher number of shares mentioned above. Operating highlights for the period www.iberdrola.com I 14 1 Excluding capital gains from the rotation of assets during the first nine months in 2025 and 2024. 2 Considering Adjusted net debt as of December 2024 3 Ratio proforma including 12 months of ENW is 26.5%
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Global environment and general considerations Highlights for the company's main business areas in terms of electricity demand and output for the period include: • The energy balance of the Spanish peninsular system in the first nine months of 2025 was marked by an increase in combined cycles (+39.9%) and photovoltaic solar (+10.2%) output compared to the same period in the previous year, while coal-based (+34.6%), wind (-7.9%), cogeneration (-6.0%), nuclear (-0.6%) and hydroelectric (-0.9%) production fell. • In the first nine months of 2025, peninsular electricity demand rose by 2.4% compared to 2024. When adjusted for labour and temperature, this represents an increase of 1.2%. Likewise, the first nine months close with a generation index of 1.3 and hydroelectric reserves at levels of 10.5 TWh (56.4%), compared to an index of 1.3 and levels of 9.7 TWh (52.4%) at the end of September 2024. • In the United Kingdom , electricity demand in the first nine months of 2025 increase by 0.8% compared to the previous year, while the demand for conventional gas fell by 2.1% in the period due to mild temperatures. • In Avangrid's management areas on the East Coast of the United States, electricity demand stayed stable (0.8%) in the first nine months of 2025 compared to the end of September 2024, while gas demand was up by +7.8% for the period. • Meanwhile, electricity demand in the areas serviced by Neoenergia in Brazil decreased by 0.3% compared to the first nine months of 2024 due to milder temperatures. • The evolution of the average exchange rate of the main reference currencies of Iberdrola with respect to the euro was as follows: – The pound sterling appreciated by 0.3% to stand at 0.849 to the euro. – The US dollar depreciated by 2.5% to stand at 1.115 to the euro. – The Brazilian real depreciated by 10.0% to stand at 6.318 to the euro. • With respect to the previous year, international commodity markets have evolved as follows: 9M 2025 9M 2024 % Oil – USD/BBL 70.9 82.8 -14.4% CO2 — EUR/tonne 72.6 66.6 +9.0% NBP – p/th 93.4 76.2 +22.6% Henry Hub – €/MWh 9.9 6.1 +62.3% TTF – EUR/MWh 38.7 31.5 +22.9% MIBGAS – EUR/MWh 38.1 31.9 +19.4% Significant transactions • On 8 July , Iberdrola and Abu Dhabi's renewable energy group, Masdar, agreed to co-invest (at 50%) in the East Anglia 3 offshore wind farm (1.4 GW), located in the United Kingdom. Estimated investment rises to EUR 5,200. M Furthermore, on 9 July, the financing was signed under a Project Finance agreement with 24 international banks for around GBP 3,500 million (c. EUR 4,100 million). • On 23 July , Iberdrola carried out an accelerated capital increase of EUR 5,000 million at a price of EUR 15.15 per share, 7.5% above the average share price over the last year. The transaction is intended to finance the investment plan for electricity networks in the United States and the United Kingdom, estimated at EUR 55,000 million between 2026 and 2031. • On 28 July , Iberdrola announced a strategic alliance (joint venture) with Echelon Data Centres (a leading owner and operator of data centres in Europe) to build and operate data centres in Spain. Iberdrola will hold a 20% stake (through its subsidiary CPD4Green) and will be responsible for identifying and securing land with connectivity to the electricity grid where the centres will be developed. In addition, it will supply electricity 24/7 to the centres. Echelon will hold the remaining 80% and will be responsible for the development, design, marketing and day-to-day management of the joint venture. Operating highlights for the period www.iberdrola.com I 15
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• On 31 July , Iberdrola announced the sale of its remaining business in Mexico for USD 4,2 million (approx. EUR 3,7 million) to Cox. The scope of the transaction includes 15 power plants with 2.6 GW of capacity (1,368 MW of combined cycle and cogeneration plants and 1,232 MW of wind and photovoltaic assets), commercial activity and the portfolio of projects under development, which the buyer intends to bring into operation in the future. The agreement is subject to the usual regulatory approvals and financing of the transaction. • On 9 September, Iberdrola's agreement with Macquarie was completed, whereby the former sold 100% of the company that owns smart meters in the United Kingdom. The valuation of this company amounted to approximately £900 million (around EUR 1,060 million). • On 11 September, Iberdrola reached an agreement to acquire Caixa de Previdência dos Funcionários do Banco do Brasil (PREVI)'s stake in Neoenergia through the purchase of the 30.29% held by PREVI, giving Iberdrola control of approximately 84% of the share capital. The agreed price, BRL 32.5 per share, will result in a disbursement of BRL 11,950 M (approx. EUR 1,880 M). The transaction is subject to the relevant regulatory approvals and its closure is expected before year end. • On 18 September, Iberdrola reached an agreement to sell 100% of the stake of Iberdrola Renovables Magyarország KFT, which owns its business in Hungary, to a consortium formed by Premier Energy and the Hungarian group iG TECH CC for EUR 171 million, plus a dividend distributed before the closing of the transaction. The transaction includes 158 MW with an average age of 15 years, which will soon begin selling their energy on the wholesale market once their regulated tariff ends. The transaction is subject to the usual regulatory approvals. Operating highlights for the period www.iberdrola.com I 16
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Operational performance over the period www.iberdrola.com | 1 7
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1. Networks Business: distributed energy and supply points The Group's asset base amounted to EUR c.49.300 M at September 2025, which is an increase of 11.6% compared to September 2024 due to the growth in all the geographies: Asset base (local currency) 9M 2025 9M 2024 United Kingdom (1) (MM GBP) 13,577 9,496 United States (MM USD) 15,000 14,839 Brazil (MM BRL) 67,603 58,105 Spain (MM EUR) 9,100 9,100 (1) Includes ENW RAB (c.3.000 M GBP), assets as it is consolidated on a full consolidation basis as from March 2025 At the end of September 2025, the Group's distributed energy amounted to 188,753 GWh, an increase of 6.1% compared to September 2024: Energy Distributed ELECTRICITY (GWh) 9M 2025 9M 2024 vs. 9M 2024 United Kingdom 31,884 22,311 +42.9% United States 28,273 28,487 -0.75% Brazil 59,762 60,215 -0.8% Spain 68,834 66,945 +2.8% Total 188,753 177,957 +6.1% GAS (GWh) United States 46,961 43,555 +7.8% Total 46,961 43,555 +7.8% Discrepancies may occur due to rounding Electricity and gas supply points increased by 8.5% compared to September 2024 broken down as follows: Managed supply points ELECTRICITY (Millones) 9M 2025 9M 2024 vs. 9M 2024 United Kingdom 6.1 3.6 +69.4% United States 2.3 2.3 +0.9% Brazil 16.9 16.6 +2.1% Spain 11.6 11.5 +0.9% Total Electricity 36.9 33.9 +8.7% GAS (Millions) United States 1.0 1.0 +0.4% Total Gas 1.0 1.0 +0.4% Total Supply Points 37.9 35.0 +8.5% In terms of both distributed energy and supply points the United Kingdom is affected in the comparison by incorporating ENW's operational metrics following its integration in the first quarter of this year. 1.1. United States - Avangrid 1.1.1. Electricity At the end of September 2025, Avangrid Networks had more than 2 million supply points ( +0.9% compared to September 2024), with energy distributed during the year totaled 28,274 GWh, in line with September 2024: Energy distributed (GWh) 9M 2025 9M 2024 % Central Maine Power (CMP) 6,863 7,000 -2.0% NY State Electric & Gas (NYSEG) 12,213 12,053 +1.3% Rochester Gas & Electric (RGE) 5,614 5,599 +0.3% United Illuminating Company (UI) 3,584 3,836 -6.6% The Customer Average Interruption Duration Index (CAIDI) was as follows: | Operational Performance www.iberdrola.com I 18
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CAIDI (hr) 9M 2025 9M 2024 Central Maine Power (CMP) 1.69 2.08 NY State Electric & Gas (NYSEG) 1.84 1.93 Rochester Gas & Electric (RGE) 1.54 1.67 The reduction in CAIDI at CMP is due to the improved operational performance in restoring power outages as well as fewer minor storms that tend to notably impact CAIDI. The System Average Interruption Duration Index (SAIDI) for UI was as follows: SAIDI (min.) 9M 2025 9M 2024 United Illuminating Company (UI) 28.80 40.90 The regulatory indicator applied in Connecticut (UI) is the SAIDI The decrease in the SAIDI indicator is mainly due to fewer storms counting towards the ratios in the first nine months of 2025 compared to those occurring in the first nine months of 2024. The System Average Interruption Frequency Index (SAIFI) was as follows: SAIFI 9M 2025 9M 2024 Central Maine Power (CMP) 1.27 1.40 NY State Electric & Gas (NYSEG) 1.01 1.05 Rochester Gas & Electric (RGE) 0.76 0.68 United Illuminating Company (UI) 0.33 0.51 Additionally, the slight decrease in SAIFI compared to 2024 is mainly due to a decrease in the number of storms occurred in Maine (CMP) and New York (NYSEG), compared to the same period in 2024. 1.1.2. Gas At the end of September 2025, Avangrid had more than 1 million supply points (up+0.4% compared to September 2024) and distributed 46,961 GWh of gas, 7.8% higher than the same period in the previous year. Energy distributed (GWh) 9M 2025 9M 2024 % NY State Electric & Gas (NYSEG) 11,211 10,063 11.4% Rochester Gas & Electric (RGE) 12,026 10,692 12.5% Maine Natural Gas (MNG)1 5,410 5,643 -4.1% Berkshire Gas (BGC) 2,070 2,018 2.6% Connecticut Natural Gas (CNG) 8,199 7,584 8.1% Southern Connecticut Gas (SCG) 8,045 7,555 6.5% (1) MNG was sold in April 2025 but transaction closing is pending 1.2.United Kingdom ‑ SP Energy Networks At the end of September 2025, SP Energy Networks had 6.1 million supply points (an increase of +69.4% since September 2024 following the acquisition of ENW), while its distributed energy was 31,884 GWh, increasing 42.9% compared to the previous year. By distributor, the figures are as follows: Energy distributed (GWh) 9M 2025 9M 2024 % ScottishPower Distribution (SPD) 11,957 12,114 -1.3 ScottishPower Manweb (SPM) 10,113 10,197 -0.8 Electricity North West (ENW) 9,815 — — Service quality indicators remain below regulatory limits. Customer Minutes Lost (CML) was as follows: CML (min.) 9M 2025 9M 2024 ScottishPower Distribution (SPD) 18.3 17.8 ScottishPower Manweb (SPM) 25.0 21.2 Electricity North West (ENW) 21.3 19.3 The number of consumers affected by interruptions per 100 customers (Customer Interruptions – CI) was as follows: | Operational Performance www.iberdrola.com I 19
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CI (nº. of interruptions) 9M 2025 9M 2024 ScottishPower Distribution (SPD) 23.4 24.0 ScottishPower Manweb (SPM) 21.5 19.8 Electricity North West (ENW) 18.7 18.5 The increase in CI and CML metrics is due to incidents stemming from Storm Eowyn in January 2025, which caused widespread outages On 2 August 2024, Iberdrola signed the acquisition of 88% of Electricity North West (ENW), which distributes electricity to almost five million customers in the northwest of England and has 60,000 km of electricity distribution networks. Following transaction closure in October 2024, the necessary regulatory approvals with the relevant authorities were obtained and full control of ENW achieved since March 2025. 1.3.Brazil — Neoenergia At the end of September 2025, Neoenergia reached 16.9 million supply points ( +2.1% compared to September 2024), with an electricity distributed volume of 59,762 GWh, ( -0.8% compared to September 2024) . The slight decrease year-on-year was due to higher temperatures during the previous year: Energy distributed (GWh) 9M 2025 9M 2024 % Neoenergia Coelba 20,350 20,212 0.7% Neoenergia Elektro 15,735 15,927 -1.2% Neoenergia Pernambuco 13,207 13,469 -1.9% Neoenergia Brasilia 5,660 5,697 -0.6% Neoenergia Cosern 4,810 4,910 -2.0% The customer average interruption time (duração equivalente de interrupção por unidade consumidora — DEC) was as follows: DEC (hrs) 9M 2025 9M 2024 Neoenergia Coelba 6.77 7.83 Neoenergia Elektro 4.47 4.48 Neoenergia Pernambuco 7.75 8.33 Neoenergia Brasilia 4.17 3.11 Neoenergia Cosern 4.85 6.93 The average number of interruptions per customer (freqüencia equivalente de interrupção por unidade consumidora — FEC) was as follows: FEC 9M 2025 9M 2024 Neoenergia Coelba 2.66 3.07 Neoenergia Elektro 2.49 2.42 Neoenergia Pernambuco 3.06 3.29 Neoenergia Brasilia 2.97 2.59 Neoenergia Cosern 2.33 2.35 1.4.Spain – i-DE At the end of September 2025, the Networks business in Spain had 11.6 million supply points (+0.9%% compared to September 2024), while distributed energy reached 68,834 GWh, 2.8% higher than September 2024. The company is continuing its commitment to quality, maintaining low levels of medium voltage SAIDI (System Average Interruption Duration Index) and SAIFI (System Average Interruption Frequency Index): i-DE 9M 2025 9M 2024 Regulatory SAIDI (min.) <30 <30 Regulatory SAIFI (no. inter.) <0.6 <0.6 In July, the National Securities Market Commission (CNMC) approved the absorption of Electra de Maestrazgo by Iberdrola España. This operation adds 1,350 km of power lines and more than 21,000 new supply points in the provinces of Castellón and Teruel to the Networks business in Spain. It should be noted that, pursuant to regulations, all distributors published a demand capacity map on 9 September, the first map published to date. The result shows that 83% of the system's connection nodes provide 0 MW of capacity. For i-DE, this increases to 91.6%. | Operational Performance www.iberdrola.com I 20
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2.Electricity production and customer business At the end of September 2025 Iberdrola's installed capacity increased by +2.3% compared to September 2024, amounted 57,453MW, with emission free source accounting for 84%(48.440 MW) of the total capacity in line with September 2024: MW 9M 2025 vs. 9M 2024 Renewables(1) 45,263 +2.9% Onshore 20,760 +0.1% Offshore 2,438 +9.3% Hydro 12,855 — Minihydro 234 +0.1% Solar 8,459 +13.2% Batteries 503 +153.9% Nuclear 3,177 — Gas combined cycle 7,858 +0.2% Cogeneration 1,156 -1.5% Total(1) 57,453 +2.3% Discrepancies may arise due to rounding (1) Includes 13 MW of installed capacity from fuel cells Net electricity production at the end of September 2025 amounted to 96,047 GWh, decreasing -4.8% compared to September 2024 due to the thermal assets divestment in Mexico, effective since February 26th 2024. Of this 86% came from own emission free production (vs. 89% September 2024): GWh 9M 2025 vs. 9M 2024 Own production(1) 96,047 +1.3% Renewables(1) 66,254 +4.7% Onshore 31,848 -3.3% Offshore 5,275 +32.6% Hydro 21,654 +3.5% Minihydro 323 -8.6% Solar 7,104 +40.8% Nuclear 16,736 +1.1% Gas combined cycle 8,876 -10.1% Cogeneration 4,182 -17.0% Total(2) 96,047 -4.8% Discrepancies may arise due to rounding (1) Includes 19 GWh and 19 GWh of fuel cells productions in Q3 2025 and Q3 2024 respectively, in total 49 GWh and 57 GWh in 9M 2025 and 9M 2024, respectively Figures reported net of operations during the period, (2) Comparative affected by the production of the Mexican assets within the perimeter of the transaction until February 26, 2024. Retail supply As at the end of September 2025 Iberdrola has 32.2 millions of contracts, an increase of 2.4% compared to September 2024, broken down as follows: Milions of Contracts Spain(1) UK Brazil RoW Total vs. 9M 2024 Electricity contracts 9.8 2.5 — 0.4 12.6 -2.8% Gas contracts 1.2 1.7 — 0.1 3.0 -1.4% Smart solutions 12.2 3.2 0.9 0.2 16.5 7.3% Total 23.3 7.4 0.9 0.7 32.2 2.4% Discrepancies may arise due to rounding (1) Commercial business activity for Rest of the World includes the activity in Portugal, France, Italy and Germany. (2) Includes 2,9 million of smart meters installed. | Operational Performance www.iberdrola.com I 21
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2.1.Spain Renewable capacity and production At the end of September, Iberdrola had an installed renewable capacity in Spain of 22,936 MW (+2.2% compared to September 2024), broken down as follows: SPAIN Installed MW consolidated at EBITDA level MW managed by investee companies(1) Total Onshore wind 6,298 224 6,522 Solar PV 5,146 — 5,146 Hydroelectric(2) 10,823 — 10,823 Mini hydroelectric 234 — 234 Batteries 212 — 212 Total capacity 22,712 224 22,936 Discrepancies may occur due to rounding. (1) Includes the proportional MW share. (2) The 1,158 MW from the Tâmega complex is included as installed capacity in Portugal. In terms of wind power, work at El Escudo (97 MW) in Cantabria and at Iglesias (70 MW) in Burgos continues, as the work to repower Molar del Molinar (50 MW) in Albacete. The works to repower Isabela (48 MW) in Albacete started, and progress is being made in transmission works at the Finca San Juan (17 MW) farm in Tenerife. Photovoltaic solar capacity increased by 5,146 MW, up 7.0% compared to September 2024. The third quarter also saw transmission works progress at the Fuendetodos plants (125 MW) in Zaragoza. Balsicas (100 MW) in Murcia is in the process of being commissioned and Ciudad Rodrigo (316 MW) in Salamanca has been powered up. Additionally, energy production has begun at Caparacena (330 MW), in Granada. In hydroelectric power , during the third quarter, work continued on the commissioning of Torrejón Group 4 and Valdecañas Group 1, both of which are pumping stations. Once it is operational, the Torrejon-Valdecanas complex will boast 15 million kWh and a capacity of 290 MW. With regard to batteries, progress continues at the Andévalo works (29 MW; 58 MWh) in Huelva. The Olmedilla (29 MW; 58 MWh) and Romeral (29 MW; 58 MWh) plants, both located in Cuenca, are also in the process of being commissioned. Additionally, the Revilla-Vallejera (29 MW; 58 MWh) plant in Burgos and the Campo Arañuelo I and II (58 MW; 116 MWh) plant in Cáceres have been powered up. In the first nine months renewable production totalled 27,189 GWh (+6.0%), broken down as follows: SPAIN GWh consolidated at EBITDA level GWh managed by investee companies(1) Total Onshore wind 6,455 215 6,670 Solar PV 3,582 — 3,582 Hydroelectric(2) 16,614 — 16,614 Minihydro 323 — 323 Total production 26,974 215 27,189 Discrepancies may occur due to rounding. (1) Includes the proportional GWh share. (2) Production from the Tâmega complex is included as installed capacity in Portugal. Changes in production consolidated by technology were as follows compared to the end of September 2024: • Onshore wind production stood at 6,455 GWh, 3.0% less than the end of September 2024, due to a lower wind resource. • Solar photovoltaic production reached 3,582 GWh, up +45.4% due to higher average operating capacity. • Hydroelectric production came to 16,937 GWh, up +3.6% compared to 2024. Notably, 4,793 GWh was produced in pumping facilities. | Operational Performance www.iberdrola.com I 22
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Thermal capacity and production The Iberdrola Group's thermal capacity in Spain stood at 9,190 MW, in line with September 2024, broken down as follows: Consolidated installed MW MW Investee companies(1) Total Nuclear 3,177 — 3,177 Gas (CC) 5,695 — 5,695 Cogeneration 267 51 318 Total capacity 9,139 51 9,190 Discrepancies may occur due to rounding. (1) Includes the proportional MW share. In the first nine months of 2025, Iberdrola's thermal production reached 21,604 GWh, up 4.1% compared to the same period of 2024, with an increase in nuclear production (+ 1.1%) and combined cycle production (+27.3%), and a decrease in cogeneration (-10.9%). GWh consolidated at EBITDA level GWh managed by investee companies(1) Total Nuclear 16,736 — 16,736 Gas (CC) 3,752 — 3,752 Cogeneration 939 176 1,116 Total production 21,427 176 21,604 Discrepancies may occur due to rounding. (1) Includes the proportional GWh share. Retail supply As regards supply, as of September 2025 the portfolio managed by Iberdrola in Spain totalled 23.3 million contracts. The breakdown is as follows: Thousands of contracts Spain % Electricity contracts 9,797 42% Gas contracts 1,240 5% Smart solutions contracts 12,218 53% Total 23,255 100% By market type, they are broken down as follows: Thousands of contracts Spain % Liberalised market 19,651 85% Last resort 3,604 15% Total 23,255 100% As of the end of September 2025, Iberdrola's electricity sales (1) was up +0.6%, broken down as follows: Spain (GWh) 9M 2025 9M 2024 vs. 9M 2024 Liberalised market 41,181 42,939 -4.1% PVPC market 5,137 5,024 +2.2% Market operations (OTC, spot and forward market revenue) 12,353 10,360 +19.2% Total sales 58,671 58,323 +0.6% With regard to gas (1), in the first nine months of 2025 Iberdrola managed a total gas production of 1.74 bcm, of which 0.35 bcm were sold in wholesale transactions, 0.62 bcm were sold to end customers and 0.77 bcm went towards electricity production. | Operational Performance www.iberdrola.com I 23 (1) Electricity sales at busbar cost. Gas sales does not include shrinkage.
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2.2. United States – Avangrid Power capacity and production At the end of the first nine months of 2025, Iberdrola had a power installed renewable capacity in the United States of 9,741 MW (+ 3.9% compared to first nine months of 2024), broken down as follows: Installed MW Consolidate d at EBITDA level(1) MW managed by investee companies(2) Total(1) Onshore wind 7,742 234 7,976 Offshore wind(3) — 208 208 Hydroelectric 119 — 119 Solar 1,413 12 1,425 Total capacity 9,287 454 9,741 Discrepancies may occur due to rounding. 1. Includes 13 MW of installed capacity from fuel cells. 2. Includes the proportional MW share 3. Reported installed capacity for Vineyard Wind 1 includes only turbines already exporting as of September 30, 2025. In onshore wind , work continues at the Pontotoc Wind Farm (148 MW) in Oklahoma and Osagrove Flats project (153 MW) in Illinois. There are four repower projects that are currently in construction: Juniper Canyon wind farm repower (136 MW) in Washington, Leaning Juniper IIA wind farm repower (98 MW) and Leaning Juniper IIB wind farm repower (119 MW) both in Oregon, and Baffin Bay wind farm repower (202 MW) in Texas; all are progressing according to plan. In solar photovoltaic , construction and module delivery continue at Tower Solar (166 MW) in Oregon. In addition, Oregon Trail Solar (58 MW), also in Oregon, achieved final investment decision and began construction. In offshore wind, construction work is ongoing on the Vineyard Wind 1 (806 MW) project on the coast of Massachusetts with 416 MW fully installed, already exporting and selling electricity. Power production in the United States came to 16,346 GWh (+3.3% compared to first nine months of 2024), broken down as follows: GWh Consolidate d at EBITDA level(1) GWh managed by investee companies(2) Total(1) Onshore wind 13,751 420 14,171 Offshore wind — 100 100 Hydroelectric 35 — 35 Solar PV 1,986 5 1,992 Total production 15,821 525 16,346 Discrepancies may occur due to rounding. 1. Includes 49 GWh of production from fuel cells 2. Includes the proportional GWh share. At EBITDA level, the trend of consolidated production by technology compared to the previous year was as follows: • Onshore wind production increased to 13,751 GWh, 3% lower than the same period last year. • Solar photovoltaic production increased to 1,986 GWh, up by 100% versus the prior year due to the construction and commissioning of new projects (Bakeoven, Daybreak, True North, Camino and Powell Creek). • Hydroelectric production decreased to 35 GWh (−81.5%), from 189 GWh in 2024. This is mainly due to some facilities being offline. 2.3. United Kingdom Renewable capacity and production At the end of September 2025, Iberdrola had installed renewable capacity in the United Kingdom of 3,157 MW, an increase of 5.3% vs September 2024. | Operational Performance www.iberdrola.com I 24
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Installed MW Consolidated at EBITDA level MW managed by investee companies(1) Total Onshore wind 2,064 15 2,079 Offshore wind 908 — 908 Solar PV 19 — 19 Batteries 151 — 151 Total capacity 3,142 15 3,157 Discrepancies may occur due to rounding. (1) Includes the proportional MW share In solar photovoltaic, the 9 MW Solar PV project co- located Coldham windfarm and 10 MW Carland Cross (co-located with Carland Cross windfarm) continued to operate during 2025. However, given extreme storm conditions early in 2025, Carland Cross has adjusted to limited operational output in the short-term. In onshore wind , work continued on projects awarded Contracts for Difference (CfD) in the fourth round of auctions (AR4) held in 2022. Hagshaw Hill Repowering (80MW) in South Lanarkshire region in Scotland has completed physical installation works with commercial operations beginning in Q4 2025. The second project in South Lanarkshire is Cumberhead West (113 MW), where construction work is well progressed with commercial operations expected in second quarter 2026. Construction work on the Kilgallioch extension (51 MW) has progressed steadily throughout 2025, and the plant is expected to enter commercial operation in early 2026. The Arecleoch extension (74 MW) should be operational in early 2027. In battery storage , the Harestanes BESS (50 MW) project is now in commercial operations as planned. The renewable business in the United Kingdom is currently developing offshore wind projects in the country, with our English projects in the East Anglia hub and sites secured in Scotland. After having won a CfD in the fourth round of auctions in the United Kingdom, East Anglia 3 continues to progress through construction. Offshore foundations have been installed throughout 2025 whilst onshore works are nearing completion with the Onshore Converter Station. The EA3 project remain on-track for commercial operations in late 2026. In July Iberdrola and Masdar agrred to co- invest 50% in this park, with an estimated investment of EUR 5,200 million, as previously mentioned. East Anglia 2 offshore windfarm was successful in the sixth allocation round of auctions, being awarded a CfD for 964 MW. All major contracts have been placed, with onshore works progressing to programme. Offshore surveys of Unexploded Ordnance (UXO) and benthic areas have been performed over summer months. As part of the wider East Anglia region, key engineering, design work and consenting activity for the East Anglia 1 North continues to progress with a view to participate in future allocation rounds. Following the success at the ScotWind 2022 seabed lease auction, our three offshore wind projects have a total capacity of 7 GW. These involve two large scale floating projects shared with Shell (3 GW MarramWind and 2 GW CampionWind) and a fixed foundation project (2 GW MachairWind). Renewable production in the United Kingdom totalled 4,966 GWh (-4.9 vs September 2024), due to lower wind resource, broken down as follows: GWh Consolidated at EBITDA level GWh managed by investee companies(1) Total Onshore wind 2,513 11 2,524 Offshore wind 2,431 — 2,431 Solar and batteries 11 — 11 Total production 4,955 11 4,966 Discrepancies possible due to rounding. (1) Includes the proportional GWh share The evolution of consolidated production at EBITDA level by technology compared to the previous year were as follows: | Operational Performance www.iberdrola.com I 25
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• Onshore wind production totaled 2,513 GWh, decreasing by 15,3% compared to the same period of the previous year mainly due to lower wind resource. • Offshore wind production increased by 8,9% to 2,431 GWh mainly due to an extra-ordinary cable event in 2024 impacting prior year output. partially compensated due to lower wind resource. Retail supply As of 30 September 2025, the contract portfolio managed in the United Kingdom totaled 7.4 million, in line with September 2024, with the deployment of smart meters under way with 2.9 million installed. The contract breakdown is as follows: Millions of contracts Electricity contracts 2,464 Gas contracts 1,734 Smart solutions contracts 326 Smart meters2 2,899 Total 7,423 Discrepancies may occur due to rounding As regards sales (1), at the end of September 6,523 GWh of electricity and 11,629 GWh of gas were supplied to customers, down 26% and 6% respectively on the same period in 2024 mainly due to lower average demand, lower supply customers, and the discontinuation of the I&C (Industrial and Commercial) business. (1) Electricity sales at busbar cost. Gas sales do not include shrinkage (2) Following the sale of Scottish Power’s smart meter business in May, this figure has dropped to zero. However, since suppliers are required to install smart meters for their customers, this number reflects the meters currently used by Scottish Power’s clients. 2.4. Rest of the world Renewable capacity and production Installed renewable capacity in the rest of the world totalled 4,580 MW, 12.1% more compared to september 2024, broken down as follows: Rest of the world MW Onshore wind 2,040 Offshore wind 1,322 Solar 1,078 Batteries 140 TOTAL 4,580 Discrepancies may occur due to rounding. In solar photovoltaic technology: • In Germany, the Boldekow project is operating at full capacity and the construction of the Schadewohl project (65 MW) is making good progress. • In Italy, construction continues on the Fenix project (243 MW) in Sicily, with more than 95% of the capacity installed. Likewise, construction continues on the Limes 10 (18 MW already installed) and Limes 15 (33 MW) projects, both located in Lazio. • In Australia , work continues on the Broadsound photovoltaic project (376 MW) and the batteries project (180 MW) located in the Queensland region. These projects are expected to begin commercial operations in April and July 2026 respectively. The Smithfield battery (65 MW) is also under construction in New South Wales, and is expected to be completed in late 2025. It is worth noting the acquisition in October 2025 of a battery storage (Tungkillo) with a capacity of 270 MW and a storage capacity of 1,080 MWh. Meanwhile, in onshore wind: • Construction on the Tamega wind farm (274 MW) project in the north of Portugal, located in the districts of Vila Real and Braga, is progressing as planned. The project combines wind and hydroelectric energy, the latter being operational already. | Operational Performance www.iberdrola.com I 26
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• In Greece, construction works for the Gatza project (23 MW) continue to progress according to schedule. Development of the following offshore wind projects also continues: • In Germany, the installation of monopiles has begun for the Windanker project (315 MW) in partnership at 51% with Kansai ( which has 40% of the park) and construction is continuing, with commercial operations scheduled to begin in 2026. Installed capacity is broken down as follows by country: Onshore wind Solar PV Batteries Offshore wind MW Germany1 81 826 908 Australia 1,024 450 140 1,614 Greece 415 6 421 Hungary2 158 158 France 118 496 614 Portugal 92 185 277 Poland 213 213 Cyprus 20 20 Italy 356 356 Total 2,040 1,078 140 1,322 4,580 (1) The asset is owned 51% by iberdrola and 49% by Kansai (2) The asset was sold in September 2025 Discrepancies may occur due to rounding. Renewable production in 2025 totalled 6,571 GWh, an increase of 16.1%% compared to September 2024. By technology, onshore wind production has fallen by -4.6% compared to the end of September 2024, mainly due to the divestment in Romania (80 MW) in 2024 and a lower wind resource. Meanwhile, offshore wind production (France and Germany) increased by 60.9% to total 2,744 GWh, primarily due to the installation of the Saint Brieuc wind farm (496 MW) in France and Baltic Eagle (476 MW) in Germany. Furthermore, photovoltaic solar production stood at 552 GWh, up 6.4% from September 2024, mainly due to the new capacity in operation in Germany and Italy. Onshore wind Solar photovoltaic Offshore wind GWh Germany 23 1,594 1,617 Australia 1,714 296 2,010 Greece 651 5 656 Hungary 206 206 France 123 1,150 1,273 Portugal 148 169 317 Poland 414 414 Cyprus 19 19 Italy 59 59 Total 3,275 552 2,744 6,571 Discrepancies may occur due to rounding. Supply Portugal As regards supply, as of september 2025 the portfolio managed by Iberdrola in Portugal totalled 0.6 million contracts. The breakdown is as follows: Thousands of contracts % Electricity contracts 333 53% Gas contracts 60 10% Smart solutions contracts 231 37% Total 625 100% By market type, they are broken down as follows: Thousands of contracts % Liberalised market 625 100% As of the end of september 2025, Iberdrola's electricity sales was up (3.1%), broken down as follows: | Operational Performance www.iberdrola.com I 27
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Portugal (GWh) 9M 2025 9M 2024 vs. 9M 2024 Liberalised market 5,957 6,144 (3.0%) Other markets 147 154 (4.5%) Total sales 6,104 6,298 (3.1%) With regard to gas (1), Iberdrola Portugal sold 0.0045 bcm to end customers. (1) Electricity sales at busbar cost. Gas sales does not include shrinkage. 2.5. Brazil — Neoenergia Renewable capacity and production At the end of September 2025, installed renewable capacity in Brazil totalled 3,617 MW, broken down as follows: Installed MW consolidated at EBITDA level MW managed by investee companies(1) Total Onshore wind 1,554 — 1,554 Hydroelectric 791 1,123 1,914 Solar PV 149 — 149 Total capacity 2,494 1,123 3,617 Discrepancies may occur due to rounding. (1) Includes the proportional MW share. Renewable production as of the end of September 2025 stood at 9,196 GWh (+3.4% compared to September 2024), broken down as follows: Installed GWh consolidated at EBITDA level GWh managed by investee companies(1) Total Onshore wind 4,029 — 4,029 Hydroelectric 2,087 2,918 5,005 Solar PV 162 — 162 Total production 6,278 — 9,196 Discrepancies may occur due to rounding. (1) Includes the proportional MW share. In terms of EBITDA, changes in consolidated production by technology was as follows: • Onshore wind production amounted to 4,029 GWh, up 1.3% due to a greater resource. • Hydroelectric production stood at 2,087 GWh, -20.3% due to the sale of Baixo Iguaçu. • Solar photovoltaic production totalled 162 GWh, down 10.1% due to a lower solar resource. Thermal capacity and production At the end of September 2025, Iberdrola had a thermal capacity in Brazil of 550 MW. In the first nine months of 2025, the Termope plant operated under the new capacity contract, which entered into force in October 2024, and was initially expected to enter into force in 2026. The plant generated 14 GWh of energy from testing, a drop in production of 81.8%, affected by a strong 2024. Retail supply Electricity sales as at the end of September 2025 amounted to 8,228 GWh (-15.8% vs September 2024), broken down as follows: GWh 9M 2025 9M 2024 PPA 3,920 5,705 Liberalised market 4,308 4,070 Total sales 8,228 9,774 Discrepancies may occur due to rounding. | Operational Performance www.iberdrola.com I 28
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2.6. Mexico Following completion on 26 February 2024 of the sale of 12 combined cycle power plants (8,436 MW) and a wind farm (103 MW) to the trust led by MIP (Mexico Infrastructure Partners), Iberdrola maintains its presence in Mexico with 1,232 MW in renewable installed capacity, 1,166 MW in combined cycle and 202 MW in cogeneration. On 31 July, Iberdrola announced the sale of its business in Mexico for USD 4,200 million (around EUR 3,700 million). The scope of the operation includes 15 plants with 2.6 GW of capacity (1,368 MW of combined cycle and cogeneration plants and 1,232 MW of wind and photovoltaic assets), the commercial activity and the portfolio of projects under development, which the buyer intends to commission in the future. The agreement is subject to normal regulatory approvals. Renewable capacity and production At the end of September 2025, Iberdrola had an installed renewable capacity in Mexico of 1,232 MW, broken down as follows: MEXICO Installed MW consolidated at EBITDA level Onshore wind 590 Solar PV 642 Total capacity 1,232 Discrepancies may occur due to rounding. Renewable production as of the end of September 2025 was 1,984 GWh (-2.5% compared to 2024), broken down as follows: MEXICO GWh consolidated at EBITDA level Onshore wind 1,178 Solar PV 806 Total production 1,984 Discrepancies may occur due to rounding. (1) Includes Santiago wind farm By technology, changes to consolidated production at EBITDA level compared to the end of September 2025 was as follows: • On shore wind production totalled 1,178 GWh, up 1.7% on September 2024, mainly due to the operation mention previously. • Solar photovoltaic production reached 806 GWh, down 8.5% mainly due to lower solar resource. Thermal capacity and production In Mexico, installed thermal capacity as of September 2025 was 1,368 MW, while thermal production reached 6,034 GWh, down 81% on the previous year, largely due to the transaction mentioned above. Installed MW consolidated at EBITDA level Gas combined cycle 1,166 For own use 1,166 For third parties — Cogeneration 202 Total capacity 1,368 Discrepancies may occur due to rounding. GWh Gas combined cycle 5,050 For own use 5,050 For third parties — Cogeneration 985 Total production 6,034 Discrepancies may occur due to rounding. Retail supply Electricity sales at the end of September 2025 amounted to 13,580 GWh (-27.9% compared to September 2024, broken down as follows: | Operational Performance www.iberdrola.com I 29
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GWh 9M 2025 9M 2024 CFE — 6,154 Private 13,580 12,689 Total sales 13,580 18,842 Discrepancies may occur due to rounding. Lower electricity sales to the CFE and lower thermal production are due to the fact that the first nine months of 2024 include production from assets sold to MIP until the closing of the transaction on 26 February 2024, after which sales and production for third parties became zero. 3. Other matters 3.1.Shareholder remuneration In the latest strategic plan presented by the company in September 2025 for the period 2025-2028, Iberdrola established a minimum shareholder remuneration of €0.64 per share for the years 2025 to 2028, through its optional dividend system ‘Iberdrola Flexible Remuneration’. In this regard, following the last General Shareholders' Meeting held in May 2025 , the ‘engagement dividend’ was approved, as a quorum of 75.6% of the share capital was reached, exceeding the 70% required for its approval. In addition, a minimum supplementary dividend of €0.404 gross per share was approved. Finally, this dividend, which was paid on 24 July, was set at €0.409 gross per share. To this amount must be added the €0.231 gross per share distributed in January as an interim dividend and the €0.005 gross per share corresponding to the ‘engagement dividend’. Therefore, the total remuneration for shareholders from the 2024 results (paid in 2025) was €0.645 gross per share (+15.6% vs 2024). Payment €/share Interim dividend 31/1/2025 0.231 Engagement divided 2/6/2025 0.005 Supplementary dividend 24/7/2025 0.409 Total shareholder remuneration 0.645 In addition, the remuneration for shareholders for the 2025 financial year will be set after the interim dividend (charged to the 2025 results) has been approved by the Board of Directors, which will propose an increase to €0.25 gross per share (+8.2% compared to the first nine months of 2024, which was set at €0.231), payable in 2026. To this dividend must be added the supplementary dividend, which must be approved at the next General Shareholders' Meeting and will be paid in the third quarter of 2026. | Operational Performance www.iberdrola.com I 30
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Execution "Iberdrola Flexible Remuneration" - January 2026 | Operational Performance www.iberdrola.com I 31
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Analysis of the consolidated profit and loss account www.iberdrola.com | 3 2
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The most notable results figures for the first nine months of 2025 are as follows: Adjusted net profit stands at EUR 5,116.1 M and grows by 16.6%, excluding capital gains from the divestment of thermal generation assets in Mexico in 2024, the sale of smart meters in the United Kingdom in the third quarter of 2025, and including the impact of capital allowances in the United Kingdom in 2024 and 2025. EUR million 9M 2025 adjusted 9M 2024 adjusted vs. 9M 2024 adjusted Revenue 33,863.2 33,116.8 +2.3% Gross margin 18,406.6 18,045.3 +2.0% EBITDA 12,056.6 11,551.4 +4.4% EBIT 7,784.9 7,354.2 +5.9% Net profit 5,116.1 4,386.7 +16.6% Excluding the recognition of past costs in the United States, Adjusted Net Profit for the first nine months of 2025 grew by 7.8% to EUR 4,726.9 million. Reported Net Profit decreased by 3.0% to EUR 5,307.0M, affected by lower capital gains due to asset turnover in 2025 compared to 2024 (€700 million after tax). EUR million Reported 9M 2025 Reported 9M 2024 vs. 9M 2024 Revenue 33,863.2 33,116.8 +2.3% Gross margin 18,406.6 18,045.3 +2.0% EBITDA 12,438.2 13,268.5 -6.3% EBIT 8,166.5 9,071.3 -10.0% Net profit 5,307.0 5,470.7 -3.0% The gross margin increased by +2.0% to EUR 18,406.6 million thanks to the increase in revenues (+2.3%), partially offset by an increase in procurement of +2.6% compared to September 2024. Net operating expenses (NOE) stood at EUR 3,891.1 million. If capital grains from the asset rotations are excluded, NOE improves by 6.5% to EUR 4.272,8 million. In addition, if reconcilable US effects, pension adjustments, pension adjustments and other impacts are also excluded (including EUR -121 million for the deconsolidation of the 50% in East Anglia 3), the NOE improves by 0.8% in recurring terms. Meanwhile, Taxes amounted to EUR 2,077.3 million for the first nine months of 2025, increasing by 8.0% compared to September 2024, despite the fact that the 1.2% revenue tax in Spain ceased to be in force in 2025. This increase is mainly due to the higher expenditure due to the reactivation in Spain of the Tax on the Value of the Production of Electric Energy (IVPEE) (this tax was reactivated in 2024 at a progressive rate, going from 5.25% in the second quarter 2024 to 7% currently). the increase in the Enresa rate from July in 2024 and the effect on the comparison of the refund of the hydroelectric charge for 2022 registered last year in the first quarter (EUR 79 M), in addition to the income after the judgement on the Social Bonus corresponding to the period 2016-2021, which was recorded in 2024 for an amount of EUR 183 million. With all this, the adjusted EBITDA for the first nine months of the year reaches EUR 12,057 M, 4.4% higher than September 2024, thanks to the good performance in the network business. – On the one hand, the Network business grows by 25.7% up to M 6,128.0 EUR thanks to the good performance in the United Kingdom and the United States due to the greater asset base and a higher contribution from Transmission business, and the recognition of costs incurred in previous years in the United States (EUR +530 M). In addition, the consolidation of the British company ENW since March is noteworthy. – The Electricity Production and Customers business amounted to EUR 6,277.1 million, excluding the capital gains from the assets rotation, representing an 11.0% decrease in EBITDA. The higher installed capacity, as well as the higher production in the United States, in the Rest of the World and in Iberia did not compensate the weaker margins in the United Kingdom and Iberia. Emission-free production reached approximately 86%. • Amortisation, depreciation and provisions stood at EUR 4,271.7 million (+1.8%). | Analysis of the consolidated profit and loss account www.iberdrola.com I 33
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– Amortisation and depreciation charges increased by 5.4% to reach EUR 3,903.9 million, mainly due to Group growth resulting from the increased Networks asset base and growth in Renewables. This was partially offset by savings in amortisation following the efficiencies recognised in 2024 , mainly to the onshore Renewables business in the US. – Meanwhile, Provisions decreased by 25.2% to EUR 367.8 million, due to lower bad debt provisions mainly in Spain and United Kingdom. As a result, reported EBIT amounted to EUR 8,166.5 million. Excluding capital gains from asset rotation, adjusted EBIT increased by +5.9%, compared to the first nine months of 2024, reaching EUR 7,784.9 million. Net Financial Result decreases by EUR 93.0 million in the first nine months of 2025 to EUR -1,245.0 million, compared to EUR 1,152.0 million in September 2024,driven by a €208 million increase in debt- related costs. This is due to an increase of €7,000 million in average net debt (€293 million), while interest and exchange rate costs improved by €85 million due to the depreciation of exchange rates, particularly the Brazilian real. The result for "derivatives and others" improved by EUR +115, Derivatives made a positive contribution of €234 million due to East Anglia 3 1 derivatives (+€279 million), while the rest is mainly explained by hedging in Mexico, offset at the net profit level in the tax line. Meanwhile, the ‘other’ item made a negative contribution of €119 million. Financial income Sep 2025 Sep 2024 vs. Sep 2024 Debt -1,877 -1,669 -208 By interest rates and exchange rates 85 By average balance -293 Derivatives and others 631 517 115 Total -1,245 -1,152 -93 The cost of debt improves by 12 basis points, from 4.84% to 4.72%, due to better financing rates for the euro and the pound and the depreciation of the dollar and the Brazilian real, despite higher interest rates in Brazil. The cost of debt excluding Neoenergia decreases by 16 basis points, from 3.71% to 3.55%, due to the lower financing rates and the change in the debt structure as well, with greater weight of the pound and lower weight of the dollar it has a cost higher than the average cost. Results of companies accounted for using the equity method at the end of September 2025 stood at EUR 53.6 million, higher than the EUR 19.4 million recorded in September 2024, mainly as a result of the two-month contribution of Electricity North West (ENW) to the Networks business in the UK (+EUR +24 million). Taxes reached EUR 1,270.1 million, up 38.1%, the result of higher profit before tax compared to 2024 due to capital gains from the divestment of thermal assets in Mexico mentioned above. The increased contribution from countries with the lowest corporate tax (United States, United Kingdom) lowers the effective rate. Furthermore, the positive impact of the Mexican peso is offset at the financial cost level by the hedges put in place. Meanwhile, Minority increased by 5.2% to EUR 397.7 million. | Analysis of the consolidated profit and loss account www.iberdrola.com I 34 (1) The total impact of the EA3 deconsolidation at the close of the first nine months of 2025 amounts to EUR +84 M (EUR -121 M at NOE level, EUR +279 M in Net Financial Income and EUR -73 M in the tax line).
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Results by business unit www.iberdrola.com | 3 5
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1. Networks business Key figures for the Networks Business are as follows: (EUR million) 9M 2025 vs. 9M 2024 Revenue 15,337.4 +8.5% Gross margin 9,040.1 +12.6% EBITDA 6,128.0 +25.7% EBIT 4,090.7 +36.9% EBITDA for the Networks business increased by +25.7% to EUR 6,128.0 million, driven by improved results in the UK and the US thanks to the larger asset base and the recognition of costs from previous years in the US (+EUR 530 million). 1.1. United States - Avangrid Networks IFRS (EUR million) 9M 2025 vs. 9M 2024 Local currency Revenue 5,449.1 +17.1 % +19.4% Gross margin 3,496.9 +14.8 % +16.6% EBITDA 1,869.9 +86.8 % +88.1% EBIT 1,193.0 +258.3 % +256.7% a) Gross margin: Gross Margin increased by +14.8% ( 16.6% in local currency) to EUR 3,496.9 million due to higher rates in the Distribution business (an average of +10%), due to the recording of regulatory assets related to the recognition of costs from previous years (+EUR 530 million), since these were already recorded under US GAAP, and due to the improved contribution of the Transmission business. b) Operating Profit/EBIT: The EBITDA of the Networks business in the United States stands at EUR 1,869.9 M ( +86.8%), after discounting the net operating expenses of EUR 1,159.4 M, which decreases by 27.5%, mainly due to lower reconcilable external services costs due to storms which also reduces Gross Margin. The EBIT is set at EUR 1,193.0 M ( +258.3%, deducting Depreciations and provisions that increase slightly (+1.3%) for the larger asset base. 1.2. United Kingdom - SPN (EUR million) 9M 2025 vs. 9M 2024 Local currency Revenue 1,906.7 +32.0% +31.6% Gross margin 1,849.3 +32.8% +32.4% EBITDA 1,329.4 +22.8% +22.5% EBIT 913.5 +13.8% +13.5% a) Gross margin Gross margin for the Networks business in the UK increased by 32.8% ( 32.4% in local currency) and stood at EUR 1,849.3 million, due to the contribution of ENW’s distribution business, effective from March of 2025 (+EUR 416 million), coupled with the greater contribution of the Transmission business resulting from the increase of the regulated asset base and the increase in rates. b) Operating profit/EBIT: EBITDA grew by +22.8% to EUR 1,329.4 million (22.5% in local currency), with net operating expenses of EUR (391.2) million, increasing by 87.0% (+86.4% in local currency) due to higher personnel and external services expenses, affected by the incorporation of ENW. Amortisation, depreciation and provisions increased by 48.7% to EUR (415.9) million (48.2% in local currency) mainly due to the integration of ENW, with EBIT growing by +13.8% to EUR 913.5 million (+13.5%% in local currency). | Results by business unit www.iberdrola.com I 36
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1.3. Brazil - Neoenergia (EUR million) 9M 2025 vs 9M 2024 Local currency Revenue 6,389.5 -2.6% +8.2% Gross margin 2,101.9 -0.5% +10.5% EBITDA 1,588.4 +1.4% +12.6% EBIT 1,177.7 +3.5% +14.9% a) Gross margin: Gross Margin decreased by 0.5% due to the exchange rate, but increased by 10.5% in local currency and stands at EUR 2,101.9 million, thanks to the increased contribution of the Distribution business due to inflation and increased rates (+8% in average), in addition to a positive contribution from the Transmission business as construction progresses on transmission lines of EUR c.200 million of positive contribution to gross margin, so far this year, with an expected contribution of approximately EUR 280 million by the end of the year). b) Operating Profit/EBIT: Net operating expenses decrease by 6.2% to EUR 508.5 million, also affected by the exchange rate. In local currency it increases by 4.1%, due to higher personal costs, as well as to an increase in maintenance and improved quality of supply expense. With this, EBITDA increases 12.6% in local currency (+1.4% in EUR). On the other hand, EBIT decreases slightly ( 3.5%) to EUR 1,177.7 M , affected again by the depreciation of the Brazilian real, since it increases 14.9% in local currency, after deducting Depreciations and Provisions. These decreases by 4.0% to EUR 410.7 M due to exchange rate effect, but increase by 6.6% in local currency, mainly due to the increase in the asset base. 1.4. Spain - i-DE (EUR million) 9M 2025 vs 9M 2024 Revenue 1,593.7 +7.9 % Gross margin 1,593.5 +7.9 % EBITDA 1,340.4 +9.3 % EBIT 806.5 +12.8 % a) Gross margin The gross margin of the Networks business in Spain is EUR 1,593.5 million (+7.9%), due to the impact of the new financial remuneration rate following the CNMC 2 draft (6.46% compared to 5.58%), as well as the update of the minimum assumption of the COMGES update factor X (2021-2025) (remuneration for operation and maintenance), which positively affects remuneration for the 2025 period. b) Operating Profit/EBIT EBITDA for this business reached EUR 1,340.4 million, +9.3%, with a 1.5% in net operating expenses to stand at EUR 189.9 million, due to compensation related to DANA. EBIT for the Networks business in Spain totalled EUR 806.5 million (+12.8%), after deducting amortization, depreciation and provisions, which amounted to EUR 533.9 million (+ 4.5%) due to larger investments. | Results by business unit www.iberdrola.com I 37 (2) 30 September 2025
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2. Electricity production and customer business The key figures for the electricity production and customers business are as follows: (EUR million) 9M 2025 vs. 9M 2024 Revenue 18,768.6 -3.0% Gross margin 9,373.7 -6.6% EBITDA 6,277.1 -25.1% EBIT 4,180.5 -32.3% EBITDA for the Electricity Production and Customer business reached EUR 6,277.1 million (−25.1%), with emission-free production at 86%. Excluding the capital gains from the asset rotation in 2024 and 2025, EBITDA reaches EUR 5,895.4 M compared to EUR 6,658.9 M in September 2024, resulting in a decrease of 11.5%. 2.1. Spain (EUR million) 9M 2025 vs. 9M 2024 Revenue 10,991.9 -1.4% Gross margin 4,991.5 -8.6% EBITDA 3,052.6 -17.5% EBIT 2,275.9 -20.1% a) Gross margin: The Gross Margin for the period is EUR 4,991.5 million (-8.6% compared to September 2024). The higher production is partially offset by the normalisation of margins and with the higher costs for complementary services (~EUR 180 million) in the nine months, mainly due to the blackout of the past 28 April. Hydropower reserves are currently at levels higher than the average in the previous ten years (6.4 TWh). b) Operating Profit/EBIT: Net Operating Expenses decreases slightly to EUR 809.8 million ( -2.9% as compared to September 2024) for a lower external services, partially offset by the higher revenues recognized in 2024 from the expenses generated by the social bond. Taxes increase by 21.5% to EUR 1,129.2 M , despite the fact that the 1.2% tax on sales is no longer in force in 2025. This increase is mainly due to the higher expenses resulting from the reintroduction of the tax on the value of electricity production (IVPEE) (which was reactivated in 2024 at a progressive rate, starting at 3.5% in the first quarter and increasing to 5.25% in the second quarter of 2024 and to 7% currently), the Enresa tax and the effect of rulings recorded in 2024 compared to 2025 (all of which represents an impact of EUR 373 million) As a result of the above, EBITDA decreased by 17.5% to EUR 3,052.6 million. Amortisation, depreciation and provisions fell to EUR 776.7 million (-8.5%), with the greater wind and solar photovoltaic capacity more than offset by lower bad debt provisions. As a result, EBIT decreased by 20.1% to EUR 2,275.9 million. 2.2. United States (EUR million) 9M 2025 vs. 9M 2024 Local currency Revenue 1,218.5 -1.9% +0.7% Gross margin 1,022.1 -3.6% -1.1% EBITDA 729.3 -2.4% +0.2% EBIT 297.7 +10.5% +13.4% | Results by business unit www.iberdrola.com I 38
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a) Gross margin: The contribution of the Renewables business to the gross margin in the US decreases by 3.6% to EUR 1,022.1 million (-1.1% in local currency) due to the lower results from cogeneration in Klamath linked mainly to scheduled maintenance and extraordinary profit in 2024 due to the Artic Blast (EUR +34 M) storm, partially offset by better profit from wind and solar energy. b) Operating Profit/EBIT: Net Operating Expenses decreases by -8.7% up to EUR 235.6M (-6.4% in local currency), mainly due to an improvement in "Other operating performance” due to the ITCs of new plants. As such, EBITDA decreased by -2.4% to EUR 729.3 million (+0.2% in local currency). The contribution to EBIT of the business is at EUR297.7M ( +10.5%; +13.4%local currency ), after deducting the Depreciations and Provisions, which reach EUR 431.7 M ( -9.7%; -7.3% in local currency) thanks to the savings in amortisation after the efficiencies recorded in the onshore wind business in 2024. 2.3. United Kingdom (M EUR) 9M 2025 vs. 9M 2024 Local currency Revenue 3,647.1 -16.7% -17.0% Gross margin 1,786.5 -16.0% -16.2% EBITDA 1,337.9 5.6% +5,3% EBIT 877.0 12.3% +12,0% a) Gross margin: Gross margin in UK states at 1,786.5 M Eur ( -16.0% compared to September 2024; -16.2% in local currency) as a result of the lower contribution from the commercial business due to lower prices and volumes, as well as lower wind resources (-5%) and lower prices in the renewable business. b) Operating Profit / EBIT: Net operating expenses decreases by 52.5%, to EUR 263.4 M (-52,6% in local currency) impacted by the divestment of the East Anglia 3 offshore wind farm (1.4 GW) for EUR 121 M, an effect more than offset in the net financial result. To this must be added the positive impact of the capital gain derived from the sale of the smart meter business (+ EUR 382 M ) and the effect in 2024 of the insurance compensation following the operational setback at the East Anglia 1 offshore wind farm (714 MW) in 2024 (+EUR 56 M). Levies decreased by 39.4% (-39,5% in local currency) to EUR 185.3 M, mainly due to lower expenses on the windfall tax (Electricity Generator Levy) as a result of lower sales prices. With all this, EBITDA stands at EUR 1,337.9 M ( 5.6%; +5,3% in local currency). Amortization and Provisions improves by 5.2% to EUR 460.9 M(-5,5% in local currency) due to an improvement in insolvencies placing EBIT in EUR 877.0 M (12.3%; +12,0% in local currency). 2.4. Rest of the World (RoW) (EUR million) 9M 2025 vs. 9M 2024 Revenue 2,044.8 57.3% Gross margin 816.3 28.6% EBITDA 588.4 31.5% EBIT 307.1 35.9% a) Gross margin: The gross margin of business in the Rest of the World increases by 28.6%, reaching EUR 816.3 M, due to the increased offshore wind production (+ 60.9%%) as a result of the contribution of the Saint Brieuc farm (496 MW, France) and Baltic Eagle (476 MW, Germany). These effects are reduced by the lower contribution of the Commercial business in Portugal due to the increased cost of auxiliary services (c. EUR 30 million) as a result of the blackout. | Results by business unit www.iberdrola.com I 39
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b) Operating Profit/EBIT: EBITDA increases by 31.5% to EUR 588.4 M as a result of the higher production mentioned above. Net Operating Expenses increases by 11.6% to EUR 198.8 M, due to increased external service linked to increased installed capacity. Amortisation, depreciation and provisions increased by 26.9% to EUR 281.3 M, due to the installation of the Saint Brieuc (496 MW) and Baltic Eagle (476 MW) offshore wind farms in France and Germany, respectively. As a result, EBIT increased by 35.9% to EUR 307.1 M. 2.5. Brazil (EUR million) 9M 2025 vs. 9M 2024 Local currency Revenue 188.3 -55.1% -50.1% Gross margin 208.0 -26.0% -17.9% EBITDA 150.0 -31.2% -23.6% EBIT 78.5 -41.0% -34.5% a) Gross margin: The Gross Margin in Brazil is at EUR 208.0 M (-26.0% compared to September 2024; -17.9% in local currency), where the largest contribution of the hydro power plants. Dardanelos has been more than compensated by the lower renewable contribution (after the sale of Baixo Iguazu) and of the Termope plant compared to its strong result in the first nine months of 2024, as a result of the termination of the sale contract (“Power Purchase Agreement”), which meant higher revenues compared to the new agreement. b) Operating Profit/EBIT: Net Operating Expenses for the period stands at EUR 57.5 M, decreasing by 8.2% (+1.9% in local currency), affected by the exchange rate. The EBITDA amounted to EUR 150.0 M ( -31.2%; -23.6% in local currency). On the other hand, Depreciation and Provisions decreased 15.8% to EUR 71.4 M (−6.5% in local currency) due to Baixo Iguaçu's assets being reclassified as held for sale in D. EBIT stood at EUR 78.5 M (-41.0%; -34.5% in local currency). 2.6. Mexico (EUR million) 9M 2025 vs. 9M 2024 Local currency Revenue 1,429.3 +16.6% +19.7% Gross margin 549.3 +16.5% +19.5% EBITDA 419.0 -79.0% -78.5% EBIT 341.0 -82.2% -81.7% a) Gross margin: Gross Margin in Mexico is at EUR 549.3 M ( +16.5% compared to September 2024; +19.5% in local currency), affected by the deconsolidation of thermal generation assets sold on 26 February 2024. b) Operating Profit/EBIT: EBITDA reaches EUR 419.0 M decreasing by 78.5% in the local currency due to a lower contribution due to taking out of the consolidation perimeter of the assets sold on 26 February 2024. This is partially offset with a greater contribution from the business due to greater availability and higher demand. The capital gains resulting from the divestment of the assets (+EUR 1,717 million) were recorded in "Other operating income" in the first quarter of 2024, and included in the net operating expenses. Amortisations and provisions reach EUR 78.0M, falling by 6.2% (-3.7% in local currency) after the aforementioned operation. Finally, EBIT stands at EUR 341.0 M ( -82.2%), again affected by the sale of thermal generation assets in 2024. 3. Corporate and other businesses The Corporation item includes the Group's structure and the administrative costs of running the corporate areas, which are subsequently billed to the other companies. On the other hand, the Other Businesses item includes the real estate business. The income statements of both divisions can be found in the Income Statement tables. | Results by business unit www.iberdrola.com I 40
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Balance sheet analysis www.iberdrola.com | 4 1
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Period 9M 2025 9M 2025 vs Dec 2024 Total assets 160,427 +1.3% Tangible fixed assets 95,060 +0.6% Intangible fixed assets 22,581 +11.5% Non-current financial investments 10,072 -22.7% Equity 61,939 +1.5% As at 30 September 2025, Iberdrola's Balance Sheet shows total assets of EUR 160,427 M, up EUR 2,134 M compared to December 2024. 1. Fixed assets Gross organic investments made during the first nine months of the 2025 amounted to EUR 8,964 M, 4.2% more than in September in 2024. The breakdown is as follows: (EUR million) January- September 2025 % Networks business 4,904 54.7% Spain 426 United Kingdom 1,525 United States 1,738 Brazil 1,215 Renewables business 3,442 38.4% Spain 511 United Kingdom 1,097 United States 974 Brazil 23 Mexico 8 RoW 830 Generation and Supply business 477 5.3% Spain 237 United Kingdom 155 Mexico 64 Brazil 6 RoW 16 Other businesses 14 0.2% Corporation and adjustments 127 1.4% Total gross investment 8,964 100.0% Investments during the period were concentrated in the Networks and Renewables businesses, in line with the Group's strategy. These two businesses account for approximately 93% of gross investment in the first nine months of 2025. | Balance sheet analysis www.iberdrola.com I 42
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The following figure shows the geographical distribution of investments over the period: Investment by geographical areas January-September 2025 By countries, gross investments grow in the United Kingdom (+39.7%), representing 31.4%; in Brazil, going up by 3.3% (13.9% of the total) and in Mexico a 4.7% (representing 0.8% of total investments). Gross investments in Spain are reduced by 11.1% compared to September 2024, and represent 14.1% of the total investments of the period, as well as in the United States (-5.5%), representing 30.3% of the total and in the Rest of the World, falling 16.3% (9.4% of the total). 2.Working capital Working capital decreased by EUR 1,084 million, mainly due to accounts payable to Previ for the purchase of 30% in Neonergia, partially offset by the short-term transfer of receivables from the deductibility of goodwill following the favourable ruling by the Court of Justice of the European Union. 9M 2025 Dec 2024 Var Net assets held for sale 160 207 (47) Nuclear fuel 413 318 95 Inventories 1,948 2,987 (1,038) Trade payables and receivables and other short-term accounts (3,259) (2,340) (920) Current financial investments 1,305 1,155 150 Derivative financial instruments (38) 240 (278) Equity instruments with certain characteristics of financial liability (95) (103) 8 Provisions (627) (795) 168 Public Administrations and current taxes (198) (975) 777 Net current asset(1) (390) 695 (1,084) (1) It does not include items of net financial debt, such as cash or debt derivatives 3. Share capital Iberdrola's share capital at 30 September 2025 amounted to EUR 5,011 million, represented by 6,681,227,377 shares, each with a par value of EUR 0.75 and all fully subscribed and paid up. 4. Financial debt Adjusted net financial debt at the end of September 2025 totalled EUR 48,474 million, decreasing by EUR 3,198 million from EUR 51,672 million at December 2024. Adjusted net leverage decreases by -2.1%to 43.3%, compared to the 45.4% recorded in December in 2024. The ratings issued by the rating agencies are as follows: | Balance sheet analysis www.iberdrola.com I 43
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Iberdrola's credit rating Agency Rating(1) Outlook(1) Moody's Baa1 (15/06/2012)/ (03/09/2025) Stable (14/03/2018) Fitch IBCA BBB+ (02/08/2012)/ (19/06/2025) Stable (25/03/2014) Standard & Poor's BBB+ (22/04/2016)/ (13/01/2025) Stable (22/04/2016) (1) Date of last modification/ Date of the last report issued The structure of financial debt by currency (2) is as follows: 9M 2025 Dec 2024 Euro 33.4% 39.1% US dollar 25.6% 26.1% Pounds (3) 22.8% 19.8% Real 15.7% 13.0% Other currencies 2.5% 2.0% Total 100.0% 100.0% (2) Adjusted net debt including net investment hedge derivatives (3) Excluding net investment hedges, the pounds would be 17.9% in September 2025 and 18.6% in December 2024 The structure of financial debt by interest rate (4) is as follows: 9M 2025 Dec 2024 Fixed rate 74.0% 77.2% Variable rate 26.0% 22.8% Total 100.0% 100.0% (4) Adjusted net debt including future de financing hedging derivatives to date (EUR 3,528 M in Sep-25 y EUR 4,596 M in Dec-24 ) In line with the policy of minimising financial risks, the Group continues to mitigate foreign exchange risk by financing international business in local currency (pounds sterling, Brazilian reais and US dollars) or functional currency (dollars, in the case of Mexico). Interest rate risk is mitigated by issuing debt at fixed rates and through derivatives and hedging of future borrowing rates. Debt(5) by country is shown in the following table: 9M 2025 Dec 2024 Corporation 64.1% 64.8% ScottishPower 6.1% 2.5% Avangrid 15.7% 19.1% Neoenergia 13.7% 12.8% Other 0.4% 0.8% Total 100.0% 100.0% (5) Gross debt including hybrids, excluding leases This debt(6) is broken down by market as follows: Market 9M 2025 Dec 2024 EUR bonds 21.0% 22.8% USD bonds 16.4% 19.4% GBP bonds 7.8% 3.8% BRL bonds 8.3% 6.4% Bonds other currencies 1.8% 1.9% Promissory notes 9.0% 10.0% Multilateral loans 11.0% 11.2% Development banks loans 10.8% 9.7% Structured financing 0.2% 0.1% Loans, bank credits and others 8.8% 9.7% Leases 4.9% 5.0% Total 100.0% 100.0% (6) Adjusted gross debt. | Balance sheet analysis www.iberdrola.com I 44
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The new signed sustainable financing amounts to 11,616 M EUR, including transactions signed to date. The breakdown by product is as follows: Product (EUR million) Q1 2025 Q2 2025 Q3 2025 Total Green 600 2,813 5,437 8,850 Hybrid bonds Senior bonds 400 1,087 921 2,408 Bank loans 932 48 980 Multilateral loans 200 108 76 384 Development banks loans 686 686 Project Finance 4,135 4,135 Tax equity investment 257 257 Indexed to sustainable indicators 130 136 2,500 2,766 Bank loans 130 136 266 Credit facilities 2,500 2,500 Commercial paper programs Total new sustainable financing 730 2,949 7,937 11,616 Sustainable financing amounted to EUR 64,336 million, including the” Tax Equity Investment” financing agreement, the Vineyard and East Anglia Three's “Project Finance”, the credit facilities and the ECP programme (indexed to sustainable indicators). Iberdrola is the world's leading private company in terms of green bonds issued. Iberdrola has a strong liquidity position totalling EUR 23,047 million. This liquidity comes mainly from syndicated lines with relationship banks, loans with multilateral credit institutions, development banks and export credit agencies, as well as cash and equivalents and IFTs These liquidity operations have been formalised with high credit quality counterparties. This liquidity covers financial needs for 25 months in the base scenario and 15 months in the risk scenario. Liquidity EUR million Credit facilities 14,861 Cash, cash equivalents and short-term investments 6,497 Committed financing 1,689 Total 23,047 Iberdrola has a comfortable maturity profile for debt(7) with an average term of over six years, as shown in the table below. 594 5,0114,1804,4985,390 32,156 2025 2026 20272028 20292030+ (7) Long-term debt with credit institutions. Commercial paper maturity dates are shown in 2030+ | Balance sheet analysis www.iberdrola.com I 45
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5. Adjusted net financial debt EUR million 9M 2025 Dec 2024 Loans and borrowings with credit institutions and bonds or other marketable securities 54,727 54,390 Deposits securing the value of CSA derivatives 53 100 Liabilities from derivative instruments 701 707 Leases 2,665 2,799 Gross financial debt 58,145 57,996 Capitalised derivative instruments 829 1,026 Deposits securing the value of CSA derivatives 110 95 Non-current financial deposits 95 111 Current financial investments (between 3 and 12 months) 44 15 Cash and cash equivalents 6,453 4,082 Total cash assets 7,531 5,329 Net financial debt 50,614 52,667 Treasury stock derivatives with physical settlement that, at the current date, are not expected to be executed 1,450 995 Securitisation of regulatory assets 690 — Adjusted net financial debt 48,474 51,672 6. Financial ratios The evolution in leverage and financial ratios (8) was as follows: 9M 2025 Dec 2024 Adjusted net equity 63,389 62,046 Adjusted net financial debt 48,474 51,672 Adjusted net leverage 43.33% 45.44% Adjusted funds from operations (FFO)(9)/Adjusted net financial debt 26.5% 22.9% Adjusted retained cash flow (RCF)/Adjusted net financial 22.3% 19.4% Adjusted net financial debt/Adjusted EBITDA 2,98x 3.40x (8) FFO, RCF and EBITDA of 2024 financial ratios, corrected for gross/net capital gains for divestment of thermal generation assets (Mexico) (9) For details, see the "Funds from operations" section. Proforma ratios including twelve months of ENW. Excluding the proforma effect, the ratio is 26.2%: | Balance sheet analysis www.iberdrola.com I 46
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7.Funds from operations Funds from operations (FFO) adjusted in the last 12 months totalled EUR 12,843.0 million, an increase of EUR 1,042.0 million 8.8% compared to the same period of 2024. September 2025 12 M September 2024 12 M Variation Net profit attributed to the parent company (+) 5,448 6,636 -1,188 Amortisation, depreciation and provisions (+) 7,193 5,671 1,522 Results of equity-accounted investees (‑) -17 14 -31 Financial revision of provisions (+) 178 189 -11 Minority interests (+) 356 559 -203 Dividends on equity-accounted investees (+) 59 94 -35 Capital grants recognised in profit or loss (‑) -124 -87 -37 Tax deductibility Goodwill (+) — 71 -71 Others(10) (+) -407 -181 -226 Funds from Operations (FFO) 12,686 12,966 -280 Proforma new acquisitions (+)/Assets available for sale 161 — 161 Asset rotation (-) -5 -1,165 1,160 Adjusted funds from operations (FFO) 12,843 11,801 1,042 Dividends(11) (-) -1,892 -1,840 -52 Adjusted retained cash flow (RCF) 10,951 9,961 990 (10) Other September 2025: Tax-deductible items (EUR -330.6 M EUR), Social Bonus Ruling (EUR 175.3 million) and capital gains/capital losss group divestments (EUR -252.0 M). Other September 2024: Tax deductible items (EUR -6.1 M) and Social Bonus judgement (EUR 175.3 M) (11) Cash dividends + Dividends paid to minority interests + Hybrid debt interest | Balance sheet analysis www.iberdrola.com I 47
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8. Financial transactions New financing To date, Iberdrola has signed new transactions worth EUR 12,719 million from various financing sources. Product (EUR million) Q1 2025 Q2 2025 Q3 2025 Total Hybrid bonds — — — — Senior bonds 1,073 1,087 1,014 3,174 Bank loans 130 1,068 48 1,246 Multilateral loans 200 108 388 696 Development banks loans — 686 24 710 Project Finance — 4,135 4,135 Credit facilities — 2,500 2,500 Tax equity investment — 257 257 Commercial paper — — — — Total new financing 1,403 2,949 8,367 12,719 Borrower Transaction Amount Currency Coupon Maturity First quarter NYSEG Public bond (securisation) 225.0 USD 4.710% May-31 RG&E Public bond (securisation) 75.3 USD 4.930% May-37 NYSEG Public bond (securisation) 225.0 USD 4.870% May-34 NYSEG Public bond (securisation) 260.6 USD 5.160% May-37 Iberdrola Finanzas Public green bond 400.0 EUR 1.50% Mar-30 Iberdrola Financiación (12) Green EIB loan 200.0 EUR To be determined Iberdrola Financiación Sustainable bilateral loan 151.4 USD Mar-32 Second quarter Neoenergia Coelba (13) Public green bond (debenture) 700.0 BRL CDI – 0.49% Apr-32 Neoenergia Elektro(13) Public green bond (debenture) 700.0 BRL CDI – 0.49% Apr-32 Neoenergia Pernambuco(13) Public green bond (debenture) 700.0 BRL CDI – 0.49% Apr-32 Iberdrola Finanzas Public green bond 750.0 EUR 3.50% May-35 Iberdrola Financiación (12)(14) Green EIB loan 58.0 EUR To be determined Iberdrola Financiación (12)(14) Green EIB loan 50.0 EUR To be determined Iberdrola Financiación(14) Syndicated green loan 900.0 EUR Oct-30 Iberdrola Financiación Sustainable bilateral loan 121.0 EUR May-31 Neoenergia Elektro (15) Green 4.131 loan 36.0 USD May-28 Iberdrola Financiación Sustainable bilateral loan 15.0 EUR June-30 | Balance sheet analysis www.iberdrola.com I 48
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Iberdrola Financiación(14) Green Development Bank Loan (NWF) 600.0 GBP Oct-40 Third quarter NYSEG Public green bond 300.0 USD 5.08% Aug-35 RG&E (12) Private green bond 75.0 USD 5.30% Dec-35 SCG (12) Private bond 90.0 USD 5.52% Dec-36 UI (12) Private green bond 100.0 USD 5.57% Dec-35 CNG (12) Private bond 20.0 USD 5.57% Dec-36 RG&E (12) Private green bond 125.0 USD 5.45% Dec-37 CMP (12) Private green bond 125.0 USD 5.10% Dec-35 CMP (12) Private green bond 125.0 USD 5.25% Dec-37 Neoenergia Elektro Public green bond (debenture) 300.0 BRL IPCA+6.82% Aug-35 Neoenergia Elektro Public green bond (debenture) 300.0 BRL IPCA+6.76% Aug-40 Neoenergia Celpe Public green bond (debenture) 300.0 BRL IPCA+6.79% Aug-35 Neoenergia Celpe Public green bond (debenture) 300.0 BRL IPCA+6.74% Aug-40 EKTT 9/ Electric Energy Transmission Services Green 4.131 loan 300.0 BRL Dec-26 Iberdrola Financiación(12) Green EIB loan 25.0 EUR To be determined Iberdrola Financiación(12) Green EIB loan 25.0 EUR To be determined Rokas(12) Green EIB loan 15.9 EUR To be determined Rokas(12) Green EIB loan 10.0 EUR To be determined Neoenergia Coelba (14)(15) EIB loan 300.0 EUR Jul-33 EKTT 9/ Electric Energy Transmission Services Development Bank Loan (BNB) 150.0 BRL Aug-45 Iberdrola Financiación(14) Sustainable syndicated credit facility 2,500.0 EUR Jul-30 East Anglia Three LTD (12)(14) Green project finance 3,614.0 GBP Mar-48 PPM Wind Energy LLC Green Tax equity investment 300.0 USD June-35 Maturity extension RG&E Tax exemption bond 50.0 USD May-32 RG&E Tax exemption bond 10.5 USD May-32 RG&E Tax exemption bond 91.9 USD Aug-32 (12) Financing planned to be drawn down in the period 2025-2026 (13) Conditions of transactions including contracted interest rate swaps (14) Included as subsequent events in the previous quarter's prospectus (15) Currency swaps arranged to the company's currency | Balance sheet analysis www.iberdrola.com I 49
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Transactions in the third quarter The transactions entered into between the publication of the prospectus in second quarter of 2025 and the date of this prospectus are described below. Capital market Commercial paper The Iberdrola Group keeps active its share in short- term capital markets, issuing at competitive levels, despite uncertainties due to the potential application of tariffs from the US and an unstable geopolitical situation. During the first nine months of 2025, the average balance of Iberdrola's European commercial paper (ECP) programme increased to EUR 4,230 million, up by EUR 700 million compared to the same period in the previous year. The average of Avangrid's European commercial paper (ECP) programme reached USD 1,257 million, down by approximately USD 600 million compared to the same period in the previous year. Bonds Iberdrola closed twelve issuances for a total amount equal to EUR 1,015 million: • In the United States, Avangrid carried out eight emissions totalling USD 960 M, of which USD 850 are green and will be used to finance networks projects in the United Stated: – A green public bond of USD 300 million over 10 years and a coupon of 5.08%. – Seven private bond placements totalling USD 660 million, of which 550 are green, with an average maturity of 11 years and an average coupon of 5.36%. • In Brazil, Neonergia issued four green bonds in the Networks business amounting to a total of BRL 1,200 million: – two public infrastructure bonds for BRL 300 M each maturing in August 2035 and August 2040 and an average coupon of 6.79% over the IPCA. – two public infrastructure bonds for BRL 300 M each maturing in August 2035 and August 2040 and an average coupon of 6.77% over the IPCA. Banking market Through its subsidiary Neoenergia, the Group signed a green 4131 loan for BRL 300 M, maturing in December 2026. Development and multilateral banks The Group signed four green loans with the European Investment Bank (EIB), for a total amount of EUR 76 M; • Two loans for a total amount of EUR 50 M to partially fund the works to reconstruct the infrastructures damaged by the Dana storm. • Another two loans for a total amount of EUR 26 M to fund a wind farm in Greece. Moreover, in Brazil, through its subsidiary company Neonergia, the Group executed a BNB loan for BRL 150 million maturing in August 2045. Structured finance Avangrid arranged green financing in the form of Tax Equity Investment for a total amount of USD 300 M to monetize three wind farm's tax credits. | Balance sheet analysis www.iberdrola.com I 50
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9. Credit ratings Moody's Standard and Poor's Fitch Ibca Rating Outlook Date Rating Outlook Date Rating Outlook Date Iberdrola S.A. Baa1 Stable Sep 2025 BBB+ Stable Jan 2025 BBB+ Stable Jun 2025 Iberdrola Finance Ireland Ltd.(*) Baa1 Stable Sep 2025 BBB+ Stable Jan 2025 BBB+ Stable Jun 2025 Iberdrola Finanzas S.A.U.(*) Baa1 Stable Sep 2025 BBB+ Stable Jan 2025 BBB+ Stable Jun 2025 Iberdrola International B.V.(*) Baa1 Stable Sep 2025 BBB+ Stable Jan 2025 BBB+ Stable Jun 2025 Avangrid Baa2 Positive May 2025 BBB+ Stable Dec 2023 BBB+ Stable Sept 2024 CMP A2 Stable Sep 2025 A Stable Aug 2025 BBB+ Stable Sept 2024 NYSEG Baa1 Stable Jan 2025 A- Stable Aug 2025 BBB+ Negative Sept 2024 RG&E Baa1 Stable Jan 2025 A- Stable Sept 2025 BBB+ Stable Sept 2024 UI Baa1 Stable Sep 2025 A- Negative April 2025 A- Negative Sept 2024 CNG A3 Negative Dec 2024 BBB+ Stable Dec 2024 A- Negative Oct 2024 SCG Baa1 Negative Dec 2024 BBB+ Stable Dec 2024 A- Negative Oct 2024 BGC A3 Negative Mar 2025 BBB+ Stable May 2025 A- Stable Sept 2024 Scottish Power Ltd Baa1 Stable Apr 2025 BBB+ Stable Apr 2025 BBB+ Stable May-2025 Scottish Power UK Plc Baa1 Stable Apr 2025 BBB+ Stable Apr 2025 BBB+ Stable May-2025 Scottish Power Energy Networks Holdings Ltd Apr 2025 BBB+ Stable Apr 2025 SP Transmission plc Baa1 Stable Apr 2025 BBB+ Stable Apr 2025 SP Manweb plc Baa1 Stable Apr 2025 BBB+ Stable Apr 2025 SP Distribution plc Baa1 Stable Apr 2025 BBB+ Stable Apr 2025 ScottishPower Energy Management Ltd. Baa1 Stable Apr 2025 BBB+ Stable Apr 2025 ScottishPower Energy Retail Ltd. Baa1 Stable Apr 2025 BBB+ Stable Apr 2025 ScottishPower Renewables (WODS) Limited Baa1 Stable Apr 2025 Electricity North West Ltd Baa1 Stable Oct 2025 BBB+ Stable Sept 2025 BBB+ Stable Jul 2025 Neoenergía BB Stable Mar 2025 Elektro BB Stable March-25 Coelba BB Stable Mar 2025 Pernambuco BB Stable March-25 Cosern BB Stable Mar 2025 Neoenergía (National scale) brAAA Stable March-25 Coelba (National scale) brAAA Stable Mar 2025 Neoenergía (National scale) brAAA Stable March-25 Cosern (National scale) brAAA Stable Mar 2025 Elektro (National scale) brAAA Stable March-25 (*) Guaranteed by Iberdrola S.A. Date referred to last revision | Balance sheet analysis www.iberdrola.com I 51
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Financial statements tables www.iberdrola.com | 5 2
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Balance Sheet September- 2025 (Unaudited) M Eur Sep. 2025 Dec. 2025 Variation NON-CURRENT ASSETS 137,798 137,458 340 Intangible assets 22,581 20,255 2,325 Goodwill 8,424 8,618 -195 Other intangible assets 14,157 11,637 2,520 Real Estate properties 438 420 18 Property, plant and equipment 95,060 94,461 599 Property, plant and equipment 80,332 79,355 976 Property, plant and equipment in the course of construction 14,729 15,106 -377 Right of use 2,481 2,630 -149 Non current financial investments 10,072 13,032 -2,959 Investments accounted by equity method 1,475 4,315 -2,839 Non-current financial assets 42 40 3 Other non-current financial assets 7,380 7,499 -119 Derivative financial instruments 1,175 1,178 -4 Non-current trade and other receivables 4,962 3,876 1,087 Tax receivables 384 832 -447 Deferred tax assets 1,819 1,952 -133 CURRENT ASSETS 22,628 20,835 1,794 Assets held for disposal 188 404 -216 Nuclear fuel 413 318 95 Inventories 1,948 2,987 -1,038 Current trade and other receivables 11,708 10,776 932 Tax receivables 1,097 692 405 Other tax receivables 905 923 -18 Trade and other receivables 9,706 9,161 545 Current financial assets 1,917 2,267 -350 Other current financial assets 1,459 1,265 194 Derivative financial instruments 458 1,002 -544 Cash and cash equivalents 6,453 4,082 2,372 TOTAL ASSETS 160,427 158,293 2,134 | Financial statements tables www.iberdrola.com I 53
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EQUITY AND LIABILITIES Sep. 2025 Dec. 2025 Variation EQUITY 61,939 61,051 888 Of shareholders of the parent 49,599 47,125 2,474 Share capital 5,011 4,773 238 Adjustments for changes in value 116 374 -258 Other reserves 46,850 39,603 7,247 Treasury stock -2,403 -2,318 -85 Translation differences -5,282 -919 -4,363 Net profit of the period 5,307 5,612 -305 Of minority interests 4,091 4,876 -786 Hybrids 8,250 9,050 -800 NON-CURRENT LIABILITIES 70,434 67,103 3,331 Deferred income 1,107 1,305 -198 Facilities transferred and financed by third parties 6,721 6,683 38 Provisions 4,523 4,624 -101 Provisions for pensions and similar obligations 1,138 1,302 -164 Other provisions 3,385 3,322 63 Non Current Financial payables 49,371 46,095 3,277 Financial Debt- Loans and other 43,413 40,585 2,828 Equity Instruments having the substance of a financial liability 619 485 133 Leases 2,478 2,619 -141 Derivative financial instruments 1,443 1,124 319 Other financial liabilities 1,419 1,281 137 Other Non Current payables 420 434 -14 Tax payables 414 418 -4 Deferred tax liabilities 7,878 7,545 333 CURRENT LIABILITIES 28,053 30,138 -2,085 Liabilities related to assets held for disposal 28 197 -169 Provisions 627 795 -168 Provisions for pensions and similar obligations 13 22 -9 Other provisions 614 772 -159 Current financial payables 24,029 25,527 -1,498 Financial Debt- Loans and other 11,314 13,805 -2,491 Equity Instruments having the substance of a financial liability 95 103 -8 Derivative financial instruments 584 867 -283 Leases 187 180 8 Trade payables 5,841 6,183 -342 Other financial liabilities 6,008 4,390 1,618 Other current payables 3,370 3,619 -249 Current tax liabilities and other tax payables 675 1,137 -462 Other tax payables 1,526 1,454 72 Other current liabilities 1,169 1,028 141 TOTAL EQUITY AND LIABILITIES 160,427 158,293 2,134 | Financial statements tables www.iberdrola.com I 54
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Profit and Loss (Unaudited) M Eur 9M 2025 9M 2024 % REVENUES 33,863.2 33,116.8 2.3 PROCUREMENTS (15,456.6) (15,071.5) 2.6 GROSS MARGIN 18,406.6 18,045.3 2.0 NET OPERATING EXPENSES (3,891.1) (2,852.8) 36.4 Personnel (3,017.7) (2,810.2) 7.4 Capitalized personnel costs 863.3 665.3 29.8 External Services (2,829.9) (3,032.2) (6.7) Other Operating Income 1,093.2 2,324.3 (53.0) LEVIES (2,077.3) (1,924.0) 8.0 EBITDA 12,438.2 13,268.5 (6.3) AMORTISATIONS AND PROVISIONS (4,271.7) (4,197.3) 1.8 EBIT / Operating Profit 8,166.5 9,071.3 (10.0) Financial Expenses (3,616.6) (3,009.2) 20.2 Financial Income 2,371.2 1,856.8 27.7 FINANCIAL RESULT (1,245.4) (1,152.4) 8.1 RESULTS OF COMPANIES CONSOLIDATED BY EQUITY METHOD 53.6 (19.4) (376.5) PBT 6,974.7 7,899.5 (11.7) Corporate Tax (1,270.1) (2,050.9) (38.1) Minorities (397.7) (377.9) 5.2 NET PROFIT 5,307.0 5,470.7 (3.0) | Financial statements tables www.iberdrola.com I 55
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Results by Business (Unaudited) M Eur 9M 2025 Networks Electricity Production and Customers Other businesses Corporation and adjustments Revenues 15,337.4 18,768.6 56.0 (298.8) Procurements (6,297.3) (9,394.8) (26.6) 262.2 GROSS MARGIN 9,040.1 9,373.7 29.4 (36.5) NET OPERATING EXPENSES (2,247.5) (1,692.8) (22.4) 71.5 Personnel (1,771.2) (836.4) (12.9) (397.2) Capitalized fixed assets 675.6 177.0 — 10.6 External Services (1,641.1) (1,696.0) (9.7) 516.9 Other Operating Income 489.3 662.5 0.2 (58.8) LEVIES (664.6) (1,403.8) (1.0) (7.9) EBITDA 6,128.0 6,277.1 6.0 27.1 Amortisation and Provisions (2,037.3) (2,096.7) (9.6) (128.2) EBIT/Operating Profit 4,090.7 4,180.5 (3.6) (101.1) Financial Result (1,211.2) (454.6) 8.2 412.2 Results of companies consolidated by equity method 53.9 14.1 (14.7) 0.3 PBT 2,933.4 3,740.0 (10.1) 311.5 Corporate tax and minority shareholders (796.0) (952.5) (0.9) 81.6 NET PROFIT 2,137.4 2,787.5 (11.0) 393.0 M Eur 9M 2024 Networks Electricity Production and Customers* Other businesses Corporation and adjustments Revenues 14,133.5 19,355.1 63.1 (434.9) Procurements (6,106.4) (9,318.8) (40.6) 394.3 GROSS MARGIN 8,027.1 10,036.3 22.5 (40.6) NET OPERATING EXPENSES (2,542.7) (354.4) (3.1) 47.4 Personnel (1,616.5) (827.5) (8.8) (357.4) Capitalized fixed assets 483.9 169.8 — 11.7 External Services (1,840.0) (1,644.2) (4.4) 456.4 Other Operating Income 430.0 1,947.6 10.1 (63.3) LEVIES (609.3) (1,306.0) (0.7) (8.0) EBITDA 4,875.1 8,376.0 18.7 (1.2) Amortisation and Provisions (1,886.4) (2,199.6) (8.2) (103.0) EBIT/Operating Profit 2,988.6 6,176.4 10.5 (104.2) Financial Result (1,029.3) (58.9) 13.6 (77.8) Results of companies consolidated by equity method 30.5 (4.2) (43.7) (2.0) PBT 1,989.9 6,113.2 (19.6) (184.0) Corporate tax and minority shareholders (666.3) (1,891.8) 1.5 127.7 NET PROFIT 1,323.6 4,221.3 (18.0) (56.3) (*) Note: Although the taxable entity to which the 1.2% tax on sales in Spain is applied is Iberdrola, S.A., for the purpose of a better analysis, it is included within the Production and Electricity business in Spain as it is the only business affected by this tax. | Financial statements tables www.iberdrola.com I 56
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Network Business (Unaudited) M Eur 9M 2025 SPAIN UK US Brazil Revenues 1,593.7 1,906.7 5,449.1 6,389.5 Procurements (0.1) (57.4) (1,952.2) (4,287.7) GROSS MARGIN 1,593.5 1,849.3 3,496.9 2,101.9 NET OPERATING EXPENSES (189.9) (391.2) (1,159.4) (508.5) Personnel (223.3) (451.2) (761.7) (335.0) Capitalized fixed assets 100.6 276.2 297.7 — External Services (235.7) (324.6) (790.0) (291.3) Other Operating Income 168.5 108.4 94.6 117.8 LEVIES (63.3) (128.7) (467.6) (4.9) EBITDA 1,340.4 1,329.4 1,869.9 1,588.4 Amortisation and Provisions (533.9) (415.9) (676.9) (410.7) EBIT/Operating Profit 806.5 913.5 1,193.0 1,177.7 Financial Result (72.7) (291.0) (157.2) (690.4) Results of companies consolidated by equity method — 23.7 13.6 16.5 PBT 733.8 646.3 1,049.4 503.9 Corporate tax and minority shareholders (128.6) (178.2) (284.1) (205.1) NET PROFIT 605.2 468.1 765.4 298.8 9M 2024 SPAIN UK US Brazil Revenues 1,477.5 1,444.6 4,653.2 6,559.2 Procurements (0.7) (52.3) (1,607.1) (4,446.3) GROSS MARGIN 1,476.7 1,392.3 3,046.1 2,112.9 NET OPERATING EXPENSES (192.7) (209.2) (1,599.4) (542.2) Personnel (222.4) (255.8) (778.4) (359.9) Capitalized fixed assets 90.6 155.5 237.2 — External Services (220.8) (157.8) (1,147.4) (314.4) Other Operating Income 159.8 48.9 89.2 132.1 LEVIES (58.1) (100.7) (445.8) (4.6) EBITDA 1,225.9 1,082.4 1,000.8 1,566.0 Amortisation and Provisions (511.1) (279.7) (667.9) (427.7) EBIT/Operating Profit 714.8 802.6 332.9 1,138.3 Financial Result (75.1) (249.0) (99.9) (605.4) Results of companies consolidated by equity method — — 12.2 18.3 PBT 639.8 553.7 245.2 551.2 Corporate tax and minority shareholders (111.9) (137.0) (95.8) (321.5) NET PROFIT 527.9 416.7 149.4 229.7 | Financial statements tables www.iberdrola.com I 57
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Electricity Production and Customers (Unaudited) M Eur 9M 2025 SPAIN UK US Mexico Brazil ROW Revenues 10,991.9 3,647.1 1,218.5 1,429.3 188.3 2,044.8 Procurements (6,000.4) (1,860.6) (196.5) (880.0) 19.7 (1,228.5) GROSS MARGIN 4,991.5 1,786.5 1,022.1 549.3 208.0 816.3 NET OPERATING EXPENSES (809.8) (263.4) (235.6) (127.9) (57.5) (198.8) Personnel (341.3) (156.0) (185.2) (37.5) (23.6) (92.8) Capitalized fixed assets 51.9 38.7 46.8 3.6 1.3 31.4 External Services (693.5) (506.0) (176.0) (126.8) (35.0) (209.2) Other Operating Income 173.1 359.9 78.8 32.8 (0.2) 71.8 LEVIES (1,129.2) (185.3) (57.2) (2.5) (0.6) (29.2) EBITDA 3,052.6 1,337.9 729.3 419.0 150.0 588.4 Amortisation and Provisions (776.7) (460.9) (431.7) (78.0) (71.4) (281.3) EBIT/Operating Profit 2,275.9 877.0 297.7 341.0 78.5 307.1 Financial Result (159.3) (2.4) (80.3) (81.9) (15.0) (114.0) Results of companies consolidated by equity method 0.7 1.2 12.7 (0.1) 1.1 (1.5) PBT 2,117.3 875.8 230.1 259.0 64.6 191.6 Corporate tax and minority shareholders (536.0) (243.7) (7.4) (22.7) (35.9) (109.4) NET PROFIT 1,581.2 632.1 222.7 236.2 28.7 82.2 M Eur 9M 2024 SPAIN* UK US Mexico Brazil ROW Revenues 11,146.3 4,378.3 1,241.7 1,225.7 419.5 1,299.9 Procurements (5,684.6) (2,251.6) (181.7) (754.0) (138.2) (664.9) GROSS MARGIN 5,461.7 2,126.7 1,060.0 471.7 281.2 635.0 NET OPERATING EXPENSES (833.7) (554.3) (258.2) 1,533.6 (62.6) (178.1) Personnel (349.9) (143.5) (176.2) (45.3) (27.2) (85.0) Capitalized fixed assets 47.9 34.6 43.9 4.7 1.5 26.8 External Services (721.4) (490.1) (184.1) (140.5) (37.3) (139.9) Other Operating Income 189.7 44.8 58.3 1,714.8 0.3 20.1 LEVIES (929.1) (305.5) (54.7) (6.7) (0.6) (9.4) EBITDA 3,698.9 1,266.9 747.2 1,998.6 218.0 447.6 Amortisation and Provisions (848.8) (486.3) (477.9) (83.1) (84.9) (221.6) EBIT/Operating Profit 2,850.2 780.7 269.3 1,915.5 133.2 225.9 Financial Result (62.5) 23.4 (63.4) 145.1 (25.7) (70.3) Results of companies consolidated by equity method (4.6) 0.1 (4.4) — 1.6 1.0 PBT 2,783.0 804.2 201.5 2,060.6 109.1 156.5 Corporate tax and minority shareholders (719.9) (283.7) (45.1) (725.6) (59.5) (57.7) NET PROFIT 2,063.1 520.5 156.4 1,334.9 49.7 98.9 (*) Note: Although the taxable entity to which the 1.2% tax on sales in Spain is applied is Iberdrola, S.A., for the purpose of a better analysis, it is included within the Production and Electricity business in Spain as it is the only business affected by this tax. | Financial statements tables www.iberdrola.com I 58
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Results by Country (Unaudited) M Eur 9M 2025 Spain UK US Mexico Brazil ROW Revenues 12,502.9 5,415.5 6,667.6 1,429.3 6,513.1 2,044.8 Procurements (5,925.5) (1,796.2) (2,148.6) (880.0) (4,203.8) (1,228.5) GROSS MARGIN 6,577.5 3,619.3 4,519.0 549.3 2,309.4 816.3 NET OPERATING EXPENSES (918.6) (604.0) (1,396.8) (124.2) (598.2) (201.6) Personnel (632.5) (672.3) (1,037.1) (48.5) (365.9) (102.9) Capitalized personnel costs 153.7 316.8 344.5 3.6 1.3 31.4 External Services (830.1) (721.0) (877.1) (112.3) (354.9) (201.6) Other Operating Income 390.3 472.6 172.9 33.0 121.2 71.4 LEVIES (1,193.2) (317.2) (524.8) (2.9) (5.8) (29.9) EBITDA 4,465.7 2,698.1 2,597.5 422.2 1,705.4 584.8 M Eur 9M 2024 Spain UK US Mexico Brazil ROW Revenues 12,539.2 5,675.5 5,895.0 1,225.7 6,788.1 1,299.9 Procurements (5,608.1) (2,177.8) (1,788.9) (754.0) (4,394.5) (663.9) GROSS MARGIN 6,931.1 3,497.6 4,106.1 471.7 2,393.6 636.0 NET OPERATING EXPENSES (984.0) (675.7) (1,870.7) 1,538.5 (642.8) (186.8) Personnel (636.5) (424.3) (1,041.9) (62.5) (397.6) (91.7) Capitalized personnel costs 141.8 191.6 281.1 4.7 1.5 26.8 External Services (854.3) (542.3) (1,256.6) (125.3) (378.7) (141.7) Other Operating Income 365.0 99.3 146.7 1,721.7 132.0 19.9 LEVIES (988.7) (409.1) (499.7) (7.1) (5.5) (10.1) EBITDA 4,958.4 2,412.8 1,735.6 2,003.1 1,745.3 439.1 | Financial statements tables www.iberdrola.com I 59
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Quarterly results (unaudited) M Eur JAN-MAR 2025 APR-JUN 2025 JUL-SEPT 2025 REVENUES 12,864.7 9,878.4 11,120.1 PROCUREMENTS (5,663.1) (4,387.5) (5,406.0) GROSS MARGIN 7,201.7 5,490.9 5,714.0 NET OPERATING EXPENSES (1,470.1) (1,350.5) (1,070.5) Personnel (1,025.3) (965.4) (1,027.0) Capitalized personnel costs 251.7 329.5 282.1 External Services (965.3) (930.1) (934.5) Other Operating Income 268.8 215.5 608.9 LEVIES (1,088.5) (496.5) (492.3) EBITDA 4,643.0 3,643.9 4,151.3 AMORTISATIONS AND PROVISIONS (1,387.0) (1,433.3) (1,451.5) EBIT / Operating Profit 3,256.1 2,210.6 2,699.8 Financial Expenses (1,144.6) (1,197.3) (1,274.7) Financial Income 636.6 1,040.7 693.8 FINANCIAL RESULT (507.9) (156.6) (580.9) RESULTS OF COMPANIES CONSOLIDATED BY EQUITY METHOD 35.8 4.3 13.5 PBT 2,783.9 2,058.3 2,132.4 Corporate Tax (652.2) (325.7) (292.2) Minorities (127.4) (174.9) (95.5) NET PROFIT 2,004.4 1,557.8 1,744.7 JAN-MAR 2024 APR-JUN 2024 JUL-SEPT 2024 REVENUES 12,678.5 9,958.5 10,479.9 PROCUREMENTS (5,846.7) (4,301.0) (4,923.8) GROSS MARGIN 6,831.7 5,657.5 5,556.1 NET OPERATING EXPENSES 78.5 (1,487.8) (1,443.5) Personnel (975.5) (918.3) (916.4) Capitalized personnel costs 199.0 252.6 213.6 External Services (1,087.4) (990.8) (954.1) Other Operating Income 1,942.3 168.6 213.4 LEVIES (1,053.2) (413.1) (457.7) EBITDA 5,857.0 3,756.6 3,654.9 AMORTISATIONS AND PROVISIONS (1,356.4) (1,398.0) (1,442.8) EBIT / Operating Profit 4,500.6 2,358.6 2,212.1 Financial Expenses (1,040.7) (881.6) (1,086.8) Financial Income 516.3 557.9 782.6 FINANCIAL RESULT (524.4) (323.7) (304.2) RESULTS OF COMPANIES CONSOLIDATED BY EQUITY METHOD 5.2 (4.0) (20.5) PBT 3,981.3 2,030.9 1,887.3 Corporate Tax (1,069.1) (540.2) (441.7) Minorities (152.5) (116.5) (108.9) NET PROFIT 2,759.7 1,374.2 1,336.8 | Financial statements tables www.iberdrola.com I 60
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Statement of origin and use of funds (Unaudited) M Eur 9M 2025 9M 2024 Variation Net Profit 5,307 5,471 -164 Minorities (+) 398 378 20 Depreciation and amortisation charges and provisions (+) 4,272 4,197 75 Revenue to be distributed -90 -68 -22 Results of companies accounted for using the equity method -54 19 -73 Dividends on companies accounted using the equity method 38 40 -2 Financial revision of provision 133 138 -5 Deductibility of goodwill for tax purposes — 53 -53 Other adjustments P&L (+) -252 -1,340 1,088 FFO 9,752 8,888 864 Dividends Paid to Iberdrola shareholders -1,275 -1,166 -109 Total Cash Flow allocations: -7,660 -4,387 -3,273 Gross Investments -8,964 -8,601 -363 Non core Divestments and minorities transactions 4,451 5,519 -1,068 Treasury stock -2,347 -1,305 -1,042 Hybrid Bond -800 — -800 Consolidated perimeter ENW -2,248 — -2,248 Capital increase 4,979 — 4,979 Translations differences 1,886 502 1,384 Other variations -2,236 -2,702 466 Decreasing/(Increasing) in Net Debt 3,198 1,135 2,063 | Financial statements tables www.iberdrola.com I 61
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Stock Market Evolution www.iberdrola.com | 62
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Iberdrola stock performance vs. Index Iberdrola's share 9M 2025 9M 2024 Number of outstanding shares 6,681,227,377 6,364,251,000 Price at the end of the period 16.105 13.89 Average price of the period 15.707 11.826 Average daily volume 10,518,646 11,556,071 Maximum volume (30-05-2025 / 31-05-2024) 47,306,599 51,401,917 Minimum volume (1-09-2025 / 2-09-2024) 3,672,088 3,766,354 Dividends paid (€) 0.645 0.558 Interim Dividend (31-01-2025 /31-01-2024) (1) 0.231 0.202 Involvement (02-06-2025/21-05-2024) 0.005 0.005 Dividend Yield (2) 4.00% 4.01% (1) Purchase price of rights guaranteed by Iberdrola. (2) Dividends paid in the last 12 months +engagement dividend/ period-end share price | Stock Market evolution www.iberdrola.com I 63
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Regulation www.iberdrola.com | 6 4
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European Union (EU) Regulation The European Commission has put forward a Recommendation on Tax Incentives to Member States to support the Clean Industrial Deal . These recommendations (which are not mandatory) allow tax shields to be generated as a result of greater flexibility in tax depreciation (accelerated). Spanish Regulation Regulations approved: Resolution of 11 July 2025, of the Secretary of State for Energy, launching the tender process for allocating the demand access capacity at certain nodes of the transmission grid. It sets out the main features of demand capacity tenders. It prioritises projects linked to the production of hydrogen and renewable gases, as well as the electrification of industry and mining, and projects concerning data centres. It also reinforces certain award criteria. Regulations in process: Investment in networks Public consultation and information on the draft Royal Decree regulating the investment plans for electricity transmission and distribution networks. On 12 September 2025, MITECO (Ministerio para la Transición Ecológica y el Reto Demográfico — ministry for the ecological transition and the demographic challenge) submitted a draft RD regulating the investment plans for transmission and distribution networks. The text maintains the current GDP limits (0.13% distribution and 0.065% transmission) and, for the 2026-2030 period, authorises a direct increase of EUR 1,540 million per year in distribution (conditional on specific investments subject to justification and accreditation requirements) and EUR 720 million per year in transmission. Second consultation process on the proposed circular establishing the methodology for calculating the remuneration of electricity distribution activities. The deadline for submitting documentation is 22 October 2025. Transmission Grid Planning 2030 Process of consultation, including with the affected Public Authorities and stakeholders, and public information, for the purposes of both the substantive procedure and the environmental process for the planning proposal for the electricity transmission network for 2030 and its strategic environmental study. On 12 September 2025, MITECO announced the Electrical planning proposal for 2030 and submitted it to public consultation on 9 October 2025. EUR 13,590 million is expected to be invested before the end of the decade to cover the country's needs and meet the objectives of the 2023-2030 PNIEC (Plan Nacional Integrado de Energía y Clima — National Integrated Energy and Climate Plan). Royal Decree derived from Royal Decree-Law 7/2025 The Ministry launched a public consultation (until 11 August) on the draft Royal Decree approving certain urgent measures for strengthening the electricity system. This draft Royal Decree restores some of the measures that can be processed in the framework of a Royal Decree, included in Royal Decree-Law 7/2025, which lapsed due to the lack of ratification. Regulation in the USA Tariffs There are changing tariffs on steel and aluminum and derivative products remain at 50% for all countries except the UK. On August 19, 2025 the Department of Commerce significantly expanded the list of derivative products subject to tariffs. On July 1, 2025 the Department of Commerce initiated a Section 232 for imports of polysilicon. Subsequently on August 13, 2025 the Department of Commerce initiated a Section 232 investigation for imports of wind turbines and their parts. | Regulation www.iberdrola.com I 65
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On August 22, 2025 the U.S. Court of International Trade (CIT) ruled that the Biden Administration lacked authority to impose a two-year moratorium on countervailing and anti-dumping duties on solar cells and panels containing certain Chinese-origin content that were imported from Vietnam, Malaysia, Thailand and Cambodia during the period June 6, 2022 through June 6, 2024. Customs has been directed to collect the duties on affected cells and panels that have not yet been liquidated. A Notice of Appeal was filed jointly by the eleven Defendant-Intervenors in the case on September 17, 2025. Additionally, a motion to stay the CIT decision pending appeal was granted on September 25, 2025. As a result, for entries covered by the Court’s order, suspension of the entries will continue and there will be no attempts by CBP to collect any outstanding tariffs for those entries. The Administration has targeted imports on a country-specific basis by implementing tariffs pursuant to the International Emergency Economic Powers Act (IEEPA). President Trump has targeted imports from Canada and Mexico for concerns about the flow of fentanyl into the US. Goods that are not USMCA compliant are subject to additional tariffs. Tariffs on Chinese goods have also fluctuated and India’s tariff was further increased to 50% effective August 27th. Negotiations to align on specific details beyond the high-level trade agreements are ongoing. The IEEPA tariffs have faced legal challenges and status remains uncertain. On August 29, 2025, a federal appellate court ruled that the IEEPA tariffs are illegal but did not suspend tariffs pending appeal by the U.S. Department of Justice. Oral argument in this case in front of the U.S. Supreme Court is scheduled for November 5, 2025.This status leaves uncertainty as to the prospect of any refunds. New York NYSEG and RG&E are currently operating under a three-year Rate Plan established through the 2023 Joint Proposal. The companies are midway through Rate Year 3, which spans May 1, 2025, through April 30, 2026. On June 30, 2025, NYSEG and RG&E filed a one-year rate case for their gas and electric businesses, a potential multi-year rate plan. Since filing, the Companies have participated in a technical conference, responded to over 1,500 discovery requests, and submitted Updates and Corrections testimony. Direct testimony is due October 30, 2025, followed by rebuttal testimony on November 24, 2025. Maine On September 16, 2025 CMP filed a distribution rate case with the Maine Public Utilities Commission. The proposal is for a five-year rate plan with an ROE of 9.80% and equity ratio of 50%, with new rates proposed to take effect in September 2026. Interventions were due on September 29, 2025 followed by an Initial Case Conference on October 1, 2025. Connecticut On November 12, 2024, UI filed an application to adjust its rates and charges which proposes to amend UI’s existing rate schedules effective November 1, 2025, in order to address a significant deficiency in distribution-related operating revenues. A Final Decision is scheduled for October 28, 2025. We cannot predict the outcome of this matter. Regulation in the United Kingdom Having been introduced in the House of Commons, the Planning and Infrastructure Bill is progressing through the House of Lords, with Report Stage scheduled to start on 20 October 2025. The Bill includes clauses relating to electricity network connections reform; improving the planning consent regime for electricity infrastructure in Scotland; powers to set up an energy bill discount scheme for those close to electricity transmission infrastructure; extending the Generator Commissioning Clause in the OFTO regime from 18 months to 27 months; and the introduction of a cap and floor scheme by Ofgem to support long duration electricity storage. | Regulation www.iberdrola.com I 66
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AR7 results are expected to be announced in January 2026. On 23 August 2025, DESNZ published proposals to expand the CfD Clean Industry Bonus (CIB) scheme for next year’s CfD Allocation Round 8 (AR8) (with the CIB scheme having been introduced for the first time in AR7). DESNZ is consulting on proposals to introduce new criteria to the CIB regime around workforce protections and skills for offshore wind projects from AR8, and is exploring options to extend the CIB to onshore wind from CfD AR8 or CfD Allocation Round 9. An indicative timetable for the AR8 CIB process states that DESNZ intends for the CIB round for AR8 to open in March 2026. Reformed National Pricing (RNP) : Government ruled out zonal pricing, focus has turned to a programme of evolutionary reform to national pricing (RNP). The Government intends to publish a ‘Reformed National Pricing Delivery Plan’ later this year which will set out further detail and next steps. Some workstreams are already underway, such as the development of a Strategic Spatial Energy Plan by the National Energy System Operator (‘NESO’). Capacity Market: The Energy Department (‘DESNZ’) announced on 15 July 2025 parameters for the upcoming capacity market auctions early next year, including a procurement target of 39.1 GW for the T-4 auction with a delivery year of 2029/30 and an additional 5.8 GW targeted for the T-1 auction delivering in 2026/27. DESNZ has noted that the Government’s ambition to deliver Clean Power by 2030 should mean that the running hours of unabated gas significantly decline as new renewable generation capacity comes on-line to meet the 2030 target. DESNZ also published on 2 October 2025 a new consultation on reforming the capacity market to ensure that there is sufficient investment in firm, dispatchable capacity so as to maintain security of supply. RIIO-3 price controls: Ofgem is expected to publish its Final Determination in December 2025. Ofgem’s price controls for electricity distribution networks (‘RIIO-ED3’) will run for five years from April 2028 to March 2033. Ofgem published its framework decision for RIIO-ED3 on 30 April 2025 and is expected to publish a Sector Specific Methodology Consultation (SSMC) in the third quarter of 2025. Long Duration Electricity Storage Cap and Floor: Following the publication of a technical decision document by Ofgem on the design of the cap and floor scheme for long duration electricity storage in March 2025, the first application window opened on 8 April 2025. A total of 77 projects amounting to 28.7 GW of capacity have now passed the initial eligibility assessment in this first application window and will progress to Ofgem’s Economic, Strategic and Financial Assessment stage, with those selected for support expected to be announced by Ofgem in summer 2026. Grid Connections Reform: The Government is working with Ofgem and the NESO to reduce grid connection timescales to support progress towards decarbonising the power sector. NESO’s connection reform proposals (‘TMO4+’) seek to achieve a streamlined pipeline of projects that are verifiably ready to connect and aligned to the Government’s Clean Power 2030 Plan and subsequent strategic energy planning. Legislative powers to facilitate these reforms are included in the Government’s Planning and Infrastructure Bill currently progressing through Parliament. NESO launched the reformed process in July 2025 in October 2025 NESO confirmed that connection offers for projects in the new queue would be issued in Q2 and Q3 2026, with the window for new applications expected to open sometime in 2026. Retail Tariff Cap: Ofgem’s default tariff cap was introduced in 2019 to protect domestic customers on default tariffs. Following its updating of the operational costs allowance in Q2, Ofgem launched a set of consultations in August 2025 reviewing aspects of the wholesale allowance in the price cap. Ofgem expects to conduct an assessment later in 2026 of whether an additional ‘true-up’ adjustment is required in respect of debt related costs incurred between April 2022 and June 2025. This will take into account any interactions with a proposed Debt Relief Scheme (DRS) which would require suppliers to write off certain historic debts for qualifying low income customers. | Regulation www.iberdrola.com I 67
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Warm Home Discount scheme: Government confirming in June 2025 that it will expand eligibility for the Warm Home Discount support scheme for 2025/26, DESNZ published on 25 September 2025 a consultation on options to roll forward the Warm Home Discount energy bill rebate for five years from 2026/27 to 2030/31. DESNZ is consulting on rolling forward the scheme at current discount levels (i.e. providing a £150 annual rebate on electricity bills for eligible recipients) and continuing to target around 6 million low income and vulnerable households in total, with the Government seeking views on eligibility options and increased automation in Scotland. The expanded scheme will continue to be funded from consumer energy bills (at an estimated annual cost of around £1 billion and equating to around £37 for the average dual fuel billpayer). DESNZ intends to lay the necessary regulations in Parliament in time to ensure that the scheme is in place for the next scheme period, commencing winter 2026/27. Brazil Regulation Neoenergia Elektro Adjustment On 19 August 2025, the Brazilian Electricity Regulatory Agency (ANEEL) approved the Neoenergia Elektro rate adjustment with an average effect of 11.88% for consumers, applicable from 27 August 2025. Segment A varied by 12.83%, which represents an impact BRL 7,266 million, mainly due to the 28.26% increase in sector charges. The average transfer price for power purchase agreements was set at BRL 252.83/MWh. Segment B varied by 1.30% (BRL 3,107 million), this reflects the accumulated inflation (IGPM) since the last adjustment of 2.96%, deducted from the Xfactor of 1.67%. RAP (Receitas Anuais Permitidas) for transmission companies On 15 July 2025, the ANEEL published Resolution No. 3481, which established the RAP for the 2025-2026 period. The value of the RAP for Neoenergia was adjusted by 5.82% compared to the previous period. The main reasons for this increase were the adjustment index established in the concession contracts, the effects of revisions to the concessionaires' net revenues, and the increase of BRL 3.94 million in the RAP of transmission company Narandiba, as a result of ANEEL Order No. 3604, of 27 November 2024, which authorised the transmission company to significantly reinforce its facilities, and established the corresponding value of the RAP quotas. | Regulation www.iberdrola.com I 68
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Sustainability indicators Financial Indicators 9M 2025 9M 2024 Contribution to GDP (Gross Margin) (*) 0.54% 0.57% Contribution to GDP (Revenue) (*) 1.00% 1.10% Net Profit (EUR million) 5,307.0 5,470.7 Dividend Yield (%) (**) 4.00% 4.02% Environmental Indicators 9M 2025 9M 2024 Own CO2 emissions over the period (gCO2 /kWh): Global 57 57 Ratio of own emission-free production to total production: Global (%) 86 84 Ratio of own emission-free installed capacity to total production: Global (%) 84 84 Note: Comparison affected by the production of assets within the scope of the transaction up until 26 February 2024. (*) Source: Iberdrola Results and Quarterly National Accounts of Spain – INE (Base 2010. Latest published figures for the second quarter of 2025). (**) Dividends paid in the last 12 months divided by share price at end of period. We made excellent progress on our roadmap Our sustainability roadmap aligns business, financial and sustainability strategies, allowing us to create long-term value and meet the expectations of all our stakeholders. In September, Iberdrola published a new road map as part of Capital Markets Day , with the aim of bolstering implementation of the sustainability strategy. This roadmap includes 26 long-term goals that reflect a significant increase in the company's ambition when it comes to sustainability. | Sustainability Performance www.iberdrola.com I 70
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Pillar I. Boosting electricity as a source of clean, autonomous, local, stable, safe and competitive source of energy Green electrification Iberdrola signs the Paris Pledge to promote pumped storage hydroelectricity in Europe Iberdrola joins more than 50 European companies in a manifesto calling on the EU and national governments to take urgent measures to deploy pumped hydro storage, which is key to ensuring energy security and accelerating the transition to renewables. The Baltic Eagle offshore wind farm starts production and foundation works at the East Anglia Three offshore substation have been consolidated Iberdrola and Masdar have commissioned the Baltic Eagle offshore wind farm, located in German waters in the Baltic Sea. With a capacity of 476 MW, it will supply 475,000 households and prevent 800,000 tonnes of CO₂ per year. As the first project stemming from their strategic alliance, it joins the ranks of Wikinger and Windanker, consolidating Iberdrola's renewable presence in the region. Iberdrola has also completed foundation works for the offshore substation of the East Anglia Three wind farm in British waters of the North Sea, marking a key milestone in its construction. This project, which is also part of the Masdar partnership with a capacity of 1,400 MW, will supply 1.3 million households with clean energy. Iberdrola expedites the energy transition in Spain with new wind turbines in Burgos, Cantabria and Albacete Iberdrola powers ahead with installing wind turbines at various wind farms in Spain: Iberdrola's largest and most powerful wind turbines in Spain at Iglesias Park (Burgos), the first wind turbines at the El Escudo wind farm (Cantabria), and Spain's first wind power repowering works in Albacete. These projects improve energy efficiency, reduce CO₂ emissions and boost the local economy, providing hundreds of jobs and cutting-edge technology such as BIM. This sees the company making further progress in its commitment to decarbonisation and sustainable innovation. Neoenergia boosts the Brazilian electricity grid with new sections at Alto Paranaíba and Morro do Chapéu Commissioning new sections allows the company to bolster the transmission system in two key regions. Alto Paranaíba includes 794 towers and strengthens the connection between Minas Gerais and São Paulo; Morro do Chapéu with 629 towers, improves supply in the northeast. Both strengthen the infrastructure to integrate renewable energy and ensure the system's reliability. Innovation and digitalisation Iberdrola, first European energy company to be Europrivacy-certified for its digital procurement processes The energy company is now the first in Europe to be awarded this seal, approved by the European Data Protection Board. The seal endorses the protection of data when browsing the web, using chatbots and sending emails. It reinforces its ethical commitment to privacy and transparency. The certification covers Iberdrola Clientes España, Curenergía and Portugal. Avangrid transforms its field operations through FieldForce, its new mobile digital platform Avangrid is driving operational efficiency through FieldForce, its new platform for field teams. This replaces three systems with a single, agile and connected solution that allows information to be planned, implemented and shared in real time from tablets. It is already operational in Maine and New York, with more than 1,900 active users. To facilitate its deployment, a training plan has been rolled out to ensure a smooth transition for all teams. Sustainable finance Iberdrola and the EIB conclude financing agreements to boost the electricity grid in Spain and Brazil The European Investment Bank (EIB) and Iberdrola have signed two loans for EUR 25 million each to finance the reconstruction, redesign, adaptation to extreme weather events, and digitalisation works that Iberdrola is implementing on the electricity | Sustainability Performance www.iberdrola.com I 71
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distribution grid in Valencia, Spain damaged by the DANA flash floods in October. These investments are part of Iberdrola's Ilumina (Illuminate) project. Some of the plan's measures include reconstructing damaged infrastructure, promoting the automation of installations, incorporating new smart transformers to increase the quality of supply and burying overhead power lines. Furthermore, Neoenergia Coelba, Iberdrola's subsidiary in Brazil, has closed on a loan for EUR 300 million to finance the development of electricity grids in Brazil. This funding is part of the European Union's Global Gateway initiative, which seeks to mobilise sustainable investment in key sectors such as energy, transport and digitalisation. It is the first EIB loan under this initiative for Brazil's electricity sector. Pillar II. Strengthening human and social capital Community development ScottishPower launches its biggest ever youth recruitment drive to advance its ambitious target of investing in electricity grids ScottishPower recruits 338 young professionals, the largest intake in its history, to drive its EUR 20,000 million investment in electricity grids up until 2028. Seventy-seven percent will work in energy distribution and transmission. This commitment to young talent reinforces the Group's commitment to the energy transition, which aims to create 15,000 global jobs in line with its Strategic Plan 2025-2028. ScottishPower Renewables earmarks over EUR 79 million to support local communities in the United Kingdom ScottishPower Renewables has earmarked more than EUR 79 million to finance more than 800 social, education and environmental projects in communities neighbouring its wind farms in the United Kingdom. Managed via local partnerships, the programme promotes sustainable solutions chosen by the residents themselves. Avangrid strengthens community development and energy sustainability through specialised training programmes Avangrid drives community development through innovative training programmes in collaboration with trade unions, technical centres and local organisations in the states of Maine, Connecticut and New York. These initiatives offer practical training, paid scholarships and access to stable employment in the energy sector. In doing so, Avangrid strengthens the social fabric, promotes local talent and contributes towards a fair energy transition, creating real, sustainable opportunities for the communities in which it operates. Volunteering. Commitment to people and the planet During the third quarter of 2025, Iberdrola continued to promote numerous volunteering initiatives across the various countries in which it operates, reaffirming its commitment to sustainability, social well-being, inclusion and education. Supporting vulnerable groups: We continue to help populations affected by the DANA flash floods through a hippotherapy workshop together with people with intellectual disabilities from Paiporta to promote the development of skills (communication, teamwork etc.), which will allow these individuals to have more autonomy in both their personal and professional lives in the medium-term. We are also continuing to foster the employability of vulnerable young people through various different initiatives such as the inclusive football day with young people from countries in Africa and South America, part of the social organisation Pueblos Unidos (Peoples United), to forge ties between people from different social contexts, boost their self-esteem and foster their employability. Volunteers have also continued to promote the safe use of electricity and accident prevention among vulnerable communities in Brazil. Training and employability projects for underprivileged groups: Launch of the 'Protagonists of their future' project in Valencia, in collaboration with the Integra Foundation, to provide training to women in situations of extreme vulnerability and help them return to work. | Sustainability Performance www.iberdrola.com I 72
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Iberdrola Foundation Spain Social Aspect: The new call for social grants from the Iberdrola Foundation Spain was launched in June, focusing on children and young people, women, people with disabilities and addictions. This year, over 150 projects were received, and the outcome will be published on 27 October. Furthermore, in collaboration with the Santa María La Real Foundation, the third round of Employability Hubs has started, with support from the European Social Fund. A new HUB has been set up in the Canary Islands, which joins the ranks of the existing hubs in Andalucía, Castilla-La Mancha, the Valencian Community, Madrid, Galicia and the Basque Country. More than 1,000 people have participated in previous rounds, and more than 430 people have improved their employment circumstances. Training: In collaboration with the Regional Government of Castilla y León, four language immersion camps were held in June and July for teachers and students. Camps were also held in Medina Sidonia (Cádiz) and in Alcántara, aimed primarily at young people. Furthermore, a fellow from the E4F programme welcomed four secondary schools from Madrid to his Solar Picnic in Orbit, held at the Solar Energy Institute (IES) of the Polytechnic University of Madrid. Arts and Culture: From 26 September to 26 October, Segorbe hosts an outdoor exhibition displaying 50 photographic reproductions of great works of art from the Prado Museum, thanks to collaboration from the Iberdrola Foundation Spain. On 9 October, the Iberdrola Foundation Spain and the Prado Museum presented the restoration of Velázquez' work, Philip IV on Horseback, which is now on display in room 12 of the Villanueva building. The Foundation has also funded the restoration of other portraits in the Salón de Reinos of the Buen Retiro Palace, such as Prince Balthasar Charles, Philip III and Margaret of Austria and Isabella of Bourbon. Neoenergia Institute A workshop was held in Bahía in September, which brought together two projects supported by the Neoenergia Institute: the Observatorio de las Bajadas (Lowlands Observatory), a young climate advocacy group, and the Kindezi project, an Afro-centred pedagogy initiative of the Bantau Cultural Institute. The meeting focused on generating citizen data through the Atlas de la Bajadas (Lowlands Atlas), a digital platform that maps territories vulnerable to the climate crisis, collecting information on the outskirts, riverside communities and community resilience practices. The meeting was held at the Kindezi Project, which promotes Afro-centred identity in children aged 6 to 12, integrating knowledge and practices such as Capoeira Angola, percussion and Afro-Brazilian literature. Iberdrola Foundation Mexico "México Brilla" (Mexico Shines Bright): On 30 June, the new lighting system of the Church of Santo Domingo in Oaxaca was inaugurated, and that of the Saint James Cathedral in Saltillo (Coahuila) was inaugurated on 29 September, both attended by officials from the local authorities. "Luces de Esperanza" (Lights of hope): The programme has extended its catchment to Guanajuato and has benefited even more people by providing electricity to schools in Nuevo León. A total of 10,451 people have benefited in the states of Oaxaca, San Luis Potosí, Nuevo León, Puebla and Guanajuato, providing clean and sustainable energy to 955 homes, 27 schools and 4 community spaces. "DestElla": The agreement with the Mexican Rugby Federation was renewed in June, reaffirming its commitment to female empowerment through sport. Since the project started, 250 activities have been developed across six states (Mexico City, State of Mexico, Nuevo León, Jalisco, Puebla and Guanajuato), helping more than 6,938 women. "Impulso STEM" (STEM Drive): The commitment to education has been reaffirmed by establishing a new alliance with the Libres Advanced Institute of Technology and by renewing the collaboration with the Technological University of the Central Valleys of Oaxaca, granting 20 scholarships for engineering studies. A total of 96 scholarships have already been awarded to students in Oaxaca and Puebla. "Piloto estufas eficientes" (Efficient stoves pilot): A new project to improve quality of life in rural communities through efficient stoves. Families are taught how to construct or repair stoves themselves. A total of 66 stoves have been built in Cuyoaco | Sustainability Performance www.iberdrola.com I 73
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(Puebla), and social impact and health studies have been carried out. ScottishPower Foundation Each year, the ScottishPower Foundation selects and promotes around 20 projects in the United Kingdom that are focused on social, educational and cultural advancement. These programs are recognised for their ability to generate a tangible, lasting impact on their communities. The most notable of such projects this quarter include: Promoting well-being: Thanks to support from the ScottishPower Foundation, the Playlist for Life organisation is strengthening its 'Help Point' support network to improve quality of dementia care and extend its services within the community. The organisation aims to integrate personalised music as an essential tool into care services, while increasing social awareness of its benefits. This initiative significantly improves quality of life for people living with dementia, their families and caregivers. Aspire. Legal and Social Advice for Independence: The organisation Aspire develops its Social Benefits Advisory Service for people with spinal cord injuries. Given that these individuals face a high risk of financial exclusion, the project seeks to increase financial security for more than 400 affected individuals and their family members each year. The service focuses on exhaustively guiding them through the complex benefits system, ensuring that they receive all the financial support to which they are entitled, thus facilitating their transition towards a full, independent life. Avangrid Foundation Avangrid Foundation remains steadfastly committed to sustainable development in the communities in which it operates. Two initiatives stood out over the last quarter: 2025 Wildlife Rehabilitation Grant Programme: The Foundation has opened the call for its 2025 Wildlife Rehabilitation Grant Programme, which will run until 15 October 2025. This programme, which first launched in 2016 and has allocated more than USD 1 million in total to various centres across the country, aims to support local organisations focused on habitat protection, animal care and the promotion of environmental education. Renewable Energy Scholarship Programme: In the field of Education and Research, the Foundation actively promotes learning for future leaders in the clean energy sector. Through a programme of scholarships and collaborations with universities and technical institutions, the aim is to reduce the skills gap in the industry and promote STEM (Science, Technology, Engineering and Mathematics) careers. This project not only provides financial support to students, but also includes mentoring programmes with Avangrid employees and site visits, thus creating a learning ecosystem that combines academic excellence with practical experience in the energy world. | Sustainability Performance www.iberdrola.com I 74
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Pillar III. Promoting good governance in accordance with the Group's ethical and basic principles and current regulations Corporate governance Governance and sustainability system Iberdrola is constantly revising its governance and sustainability system to ensure its continued improvement and its constant adaptation and adjustment as needed to facts and circumstances. The main developments introduced this year are detailed in the brochures for the first and second quarter, with no significant updates in the third quarter. The documents comprising the Governance and Sustainability System are published in both Spanish and English on the corporate website ( https:// www.iberdrola.com). There is also an option of downloading them onto an e-book reader or any other mobile device. Material information reported to the CNMV Corporate Governance highlights in the third quarter were as follows: • On 1 July, completion of the capital reduction approved by the 2025 General Shareholders' Meeting was notified to contribute to the Shareholder Remuneration Policy. No contributions were refunded since the Company itself is the holder of the redeemed shares. • On 2 July, Iberdrola sent the addendum to the prospectus pertaining to the first round of the "Iberdrola Retribución Flexible" optional dividend scheme for 2025, related to the communication of 24 June on the terms and conditions of said operation, which had been approved by the General Shareholders' Meeting. • On 3 July, the Company announced that the aforementioned share capital reduction was registered in the Commercial Registry, and also published the total number of voting rights and the resulting capital. • On 9 July, Iberdrola announced the date of its presentation of first half results, updating this information on 22 July to bring the time of said presentation forwards. • On 11 July, the Company submitted the energy balance for the first half (IBE‑WATCH FACT SHEET H1 2025). • On 23 July, the Company announced its 2025 first half results, after publishing the corresponding data and presentation. • On the same date, the closure of the paid-up capital increase and supplementary payment of the dividend were announced within the framework of the aforementioned optional dividend system. The total number of voting rights and the resulting capital were also published. • On 23 July, the company also announced the launch of a capital increase through accelerated bookbuilding of newly issued shares with cash contributions excluding the right to preferential subscription. It also set the final price and volume of the transaction. • On 24 July, the Company reported the completion of the capital increase referred to in the previous section. • On the same date, Iberdrola submitted its official report containing financial information for the first half of the year to the Spanish stock market commission (CNMV). • On 28 July, the total number of voting rights and the amount of capital resulting from the capital increase through accelerated bookbuilding were published. • On 31 July, the agreement for the sale of the company that owns the Iberdrola Group's businesses in Mexico was announced. • On 11 September, the signing of a buyback agreement to acquire 83.8% of Neoenergia S.A.'s share capital was announced. • On 24 September, Capital Markets Day was held, during which an update to Iberdrola's strategic plan was presented, with the presentations having been published ahead of time. | Sustainability Performance www.iberdrola.com I 75
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All relevant informational notices and other regulatory and corporate information released by the Company to the CNMV from 1 January to the end of the third quarter are listed below: 07/01/2025 The Company submits the Regulations of the Board of Directors. 32013 08/01/2025 Supplement to the information document of the second round of the "Iberdrola Retribución Flexible" scheme for 2024. 32027 30/01/2025 Sign-off of the second round of the "Iberdrola Retribución Flexible" optional dividend scheme for 2024. 32335 31/01/2025 2024 energy balance sheet. 32369 05/02/2025 Amendment to the number of voting rights and share capital due to the capital increase in the "Iberdrola Retribución Flexible" system in January 2025. 32406 13/02/2025 The Company submits its announcement for its presentation of results for 2024. 32545 27/02/2025 The Company submits its 2024 results. 32900 27/02/2025 The Company submits its presentation of results for 2024. 32901 28/02/2025 The Company submits its annual corporate governance report for 2024. 33219 28/02/2025 The Company submits its annual directors' remuneration report for 2024. 33220 28/02/2025 The Company submits its annual financial statement for 2024. 33226 28/02/2025 The Company submits its financial information for the second half of 2024. 33227 20/03/2025 Iberdrola Finanzas, S.A. floats a green bond issue pegged to the value of Iberdrola, S.A. shares, guaranteed by Iberdrola, S.A., worth approximately EUR 375 million. 33568 20/03/2025 Decision by the CMA to unconditionally authorise the sign-off on the acquisition of 88% of the share capital of Electricity North West Limited. 33571 20/03/2025 Conditions for the floating of green bonds pegged to the value of Iberdrola, S.A. shares, by Iberdrola Finanzas, S.A. (Single Shareholder Company). 33582 25/03/2025 Call to the General Shareholders' Meeting (agenda). 33643 25/03/2025 Approval of the Iberdrola, S.A. share buyback programme for redemption. 33645 28/03/2025 Publication of the announcement of the call to the General Shareholders' Meeting and the documentation that will be made available to the shareholders. 33735 04/04/2025 Reference price of Iberdrola, S.A. shares related to the issue of green bonds by Iberdrola Finanzas, S.A. (Single Shareholder Company). 33905 07/04/2025 The Company submits the Regulations of the Board of Directors. 33930 11/04/2025 Energy balance first quarter of 2025. 34104 16/04/2025 The Company reports the announcement of the presentation of results for the first quarter of the 2025 financial year. 34153 24/04/2025 Completion of the sale of a 49% minority stake in the capital of the company that owns the Windanker offshore wind farm. 34236 30/04/2025 Results for the first quarter of 2025. 34407 30/04/2025 Presentation of results for the first quarter of 2025. 34408 30/04/2025 Expected schedule for the first round of the "Iberdrola Retribución Flexible" optional dividend scheme for 2025. 34409 07/05/2025 Iberdrola Finanzas, S.A. issues green bonds on the Euromarket, guaranteed by Iberdrola, S.A., for EUR 750 million. 34599 09/05/2025 Sale of 100% of ScottishPower's smart meter rental business in the United Kingdom. 34702 Date Notification Registration no. | Sustainability Performance www.iberdrola.com I 76
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30/05/2025 Agreements of the General Shareholders' Meeting and the Board of Directors. 35067 30/05/2025 Launch of the buyback programme for Iberdrola, S.A. shares, with a maximum of 0.066% of the share capital to be redeemed. 35075 11/06/2025 Transactions carried out by Iberdrola, S.A. under its share buyback programme between 3 and 10 June 2025. 35231 12/06/2025 The Company submits the Regulations of the General Shareholders' Meeting. 35246 19/06/2025 Transactions under its share buyback programme between 11 and 19 June 2025. End of programme. 35397 24/06/2025 Changes in the composition and positions of the Board of Directors and its committees. 35451 24/06/2025 Terms and conditions of the first round of the "Iberdrola Retribución Flexible" optional dividend scheme for 2025. 35452 01/07/2025 Completion of the reduction in share capital approved by the General Shareholders' Meeting of 30 May 2025, under item 11 on the agenda. 35584 02/07/2025 Addendum to the prospectus pertaining to the first round of the "Iberdrola Retribución Flexible" optional dividend scheme for 2025. 35616 03/07/2025 Registration of the reduction in share capital approved by the General Shareholders' Meeting of 30 May 2025, under item 11 on the agenda. 35650 03/07/2025 Modification of voting rights and share capital due to capital reduction through redemption of treasury stock. The number of shares now stands at 6,240,000,000. 35651 09/07/2025 The Company reports the date for presentation of 2025 first half results. 35760 11/07/2025 Energy balance first half of 2025. 35816 22/07/2025 Update — Early presentation of results for the first half of the year. 35947 23/07/2025 Launch of a capital increase of EUR 5,000 million via an accelerated bookbuild. 2816 23/07/2025 The Company reports its 2025 first half results. 35954 23/07/2025 The Company reports its 2025 first half results. 35959 23/07/2025 End of the first round of the "Iberdrola Retribución Flexible" optional dividend scheme for 2025. 35960 23/07/2025 Change to the number of voting rights and share capital due to the capital increase in the "Iberdrola Retribución Flexible" system in July 2025. 35982 23/07/2025 Establishment of the definitive price and volume of the capital increase in "Iberdrola, S.A." by means of an accelerated bookbuild totalling EUR 5,016,556,294.20. 2820 24/07/2025 Completion of the capital increase through an accelerated bookbuild totalling EUR 5,016,556,294.20. 36036 24/07/2025 The Company submits financial information for the first half of 2025. 36037 28/07/2025 Change to the number of voting rights and share capital stemming from the EUR 5,000 million increase made on 23 July 2025. 36084 31/07/2025 Resolution to sell Iberdrola México S.A. de C.V. 2864 11/09/2025 Resolution to buy Previ's 30.29% stake in Neoenergia S.A. 2884 24/09/2025 Strategic Plan updated. 2898 24/09/2025 Business performance. 2899 24/09/2025 Financial management. 2900 24/09/2025 Conclusions. 2901 24/09/2025 Inside the Grid: In-depth grid analysis. 2903 Date Notification Registration no. | Sustainability Performance www.iberdrola.com I 77
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Pillar IV. Protecting nature and fostering an efficient use of resources Efficient use of resources Neoenergia recycles more than 34 tonnes of solar panels at the Luzia photovoltaic plant Neoenergia has recycled 34 tonnes of solar panels at the Luzia park in Brazil, avoiding more than 26 tonnes of CO₂. The chemical-free process allowed 82% of the materials to be reused. This employee-driven initiative reinforces its commitment to the circular economy and innovation. Luzia, with 149.3 MWp, supplies more than 100,000 homes and is part of the Neoenergia renewable complex. Biodiversity preservation Iberdrola Group's Carbon2Nature will restore an area devastated by fires in Spain Carbon2Nature, the Iberdrola Group company specialising in solutions for reducing the global carbon footprint, and MERLIN Properties have created the MERLIN Forest to restore 200 hectares affected by the largest fire of the century in Salamanca. Three-hundred thousand native trees will be planted with the capacity to capture 160,000 tonnes of CO₂ over 50 years. The project also seeks to improve soil quality, conserve water and promote biodiversity. Iberdrola Mexico plants 10,000 trees in 5 states in the first 9 months of 2025 as part of its commitment to the environment, Iberdrola Mexico has succeeded in its goal of planting 10,000 trees in 5 states during the first 9 months of 2025. Since 2022, the company has planted 31,000 trees in communities neighbouring its plants. The initiative involves volunteers, businesses and schools, promoting endemic species and bolstering community solidarity. Pillar V. Working to ensure a sustainable value chain Customers Iberdrola and Echelon create a joint venture to develop data centres in Spain Iberdrola and Echelon Data Centres, a leading owner and operator of large-scale data centre infrastructure in Europe, have announced a strategic joint venture to build and operate data centres in Spain. This is the largest binding agreement of this kind in Europe between an energy company and a developer of this type of technological infrastructure. Iberdrola, which will hold a 20% stake in the joint venture, will provide land connected to the electricity grid and will supply electricity to the data centres 24/7. The company's first project will be a data centre with 144 MW of processing capacity, for which it has an 230 MW electricity connection. Iberdrola's public charging network reaches 10,000 charging points across Spain Iberdrola now has 10,000 charging points in Spain that can serve 1,000,000 vehicles, providing renewable coverage across the country. All charging points boast 100% green energy from renewable sources with guaranteed origin (GOs), which, as well as advancing electrification, promotes the transition toward an independent fossil fuel system. Avangrid to supply electricity to Amazon's data centres in Oregon Avangrid has signed a long-term power purchase agreement (PPA) with Amazon to supply clean electricity from a new photovoltaic project, Oregon Trail Solar. The plant will boast 57 MW and will be ready by 2027, with around 100,000 solar panels. This agreement is one of numerous agreements that Amazon already has with the group in countries such as Germany, Portugal, the United Kingdom and Spain. In total, Amazon has procured more than 68,000 GWh in renewable energy from the Group. | Sustainability Performance www.iberdrola.com I 78
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Recognition of good performance in sustainability As an IBEX 35 company, Iberdrola paves the way in terms of corporate transparency Iberdrola has also won the XXIV Award from the AECA (Asociación Española de Contabilidad y Administración de Empresas — Spanish Association of Accounting and Business Administration) in the IBEX 35 category for its commitment to corporate transparency and its outstanding work to promote it. This award aims to recognise Spanish companies' efforts and results when it comes to transparency and disclosing the company's financial, good governance and sustainability information. Iberdrola wins best European utility company in the IR Impact Awards Europe 2025 Iberdrola has been named the best European utility company in the IR Impact Awards Europe 2025, winning three awards for its excellence in investor relations. Most notably, it has been celebrated for its transparency, innovative communication with shareholders and pioneering use of technology, including artificial intelligence. These awards consolidate the company as a leader when it comes to sustainability, financial reporting and digital transformation, upholding its commitment to excellence and stakeholders. Iberdrola, a compliance trailblazer, awarded in Spain and the United Kingdom Iberdrola's tax team has been recognised at the EMEA Tax Awards 2025, organised by International Tax Review, with the "In-house Tax Compliance and Reporting Team of the Year" award, and ScottishPower's Customer Regulatory Compliance team has been named best of the year for non- financial services in the United Kingdom at the latest round of the prestigious ICA Compliance Awards. Both awards recognise Iberdrola's leadership in this sphere and the successful integration of compliance practises into the organisation's culture. Iberdrola recognised for its excellent sustainability performance Iberdrola has been recognised with the Top 1% distinction in S&P Global's Sustainability Yearbook 2025, positioning itself as one of world's top companies with the best sustainability performance. The award highlights Iberdrola's excellence in environmental, social and governance criteria, transparency and responsible commitment. Iberdrola recognised for its excellent sustainability reporting The company's "Integrated annual report and sustainability information" has been recognised by the Content Marketing Awards as the best in the world. It has also been recognised by the League of American Communications Professionals (LACP) as the world's best utility company for disclosing sustainability information and the top Spanish company. Iberdrola ranked 2nd-best utility company in the world when it comes to due diligence on human rights and a fair transition The Renewable Energy and Human Rights Benchmark 2025, run by the Business & Human Rights Resource Centre (BHRRC) awarded Iberdrola second place. This biennial ranking analyses companies' management of the social impacts resulting from the energy transition. Iberdrola also stands out when it comes to indicators relating to due diligence on human rights, policies and processes, as well as the company's contribution to the fair energy transition, by promoting stakeholder engagement and prioritising respect for the rights of indigenous peoples. Neoenergia and ScottishPower receive awards for customer-facing initiatives Neoenergia has won the Conarec 2025 Award, Brazil's leading recognition in its Customer Experience market in the Energy and Public Services category. This award recognises companies doing outstanding work in innovation, technology and customer-focused support from over 600 companies that participated in this round. ScottishPower has also received the Best Behaviour Change Campaign of the Year award in the UK Green Business Awards 2025. ScottishPower awarded for its positive impact on the environment | Sustainability Performance www.iberdrola.com I 79
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ScottishPower has received the "Outstanding commitment to the environment" award for Business Excellence from the Metro newspaper—the UK's highest-circulating publication—in recognition of companies that go above and beyond in their commitment to responsible business practices in various spheres. EnergyLOOP, recognised as an exemplary initiative by the Spanish Government EnergyLOOP, the wind turbine blade recycling plant promoted by Iberdrola and FCC, has been recognised by the Spanish Government as an exemplary project for its comprehensive action in the field of renewable energy and the circular economy. Avangrid ranked in TIME magazine's list of best companies in the United States for the second year in a row For the second year in a row, Avangrid has made TIME magazine's 2025 list of America's best companies. This recognition highlights the company's continued improvement in revenue growth, employee satisfaction, and corporate responsibility practises that create economic, social and environmental value in the communities, which are the three areas evaluated. Iberdrola Mexico recognised for its positive impact on society Iberdrola Mexico has been awarded the ESR seal (Empresa Socialmente Responsable — Socially Responsible Company by Cemefi (Centro Mexicano para la Filantropía — Mexican Centre for Philanthropy). The company has helped more than 4.5 million people through its social action over the course of its 25 years operating in Mexico. It has received this award for the thirteenth year in a row to acknowledge its commitment to society and the environment. Neoenergia spearheading industry recognition by earning eight Abradee Awards and consolidating itself as the most valuable brand in the electricity sector The company took home 8 out of 12 Abradee awards, including best national distributor, best distributor in the northwest and southwest, and best operational performance, further consolidating its position as a leader in the Brazilian energy sector. As well as taking centre stage in the Brand Finance 100 2025 ranking as the most valuable brand in the electricity sector, it has topped the RepTrak index, becoming the company with the best reputation in the sector. The Brand Finance ranking assesses financial performance alongside social relevance and digital innovation. The RepTrak index measures corporate reputation based on the public's perception of the brand, taking into account factors such as trust, admiration and respect. Reports and documents published during the period This section lists the relevant reports published during the period as regards sustainability: • Corporate Environmental Footprint Report 2024. • Public Advocacy on Climate Policy 2024 Document – Direct engagement. • Public Advocacy on Climate Policy 2024 Document – Indirect engagement. • Sustainability Targets 2025-2030. Powering a new future for energy, a sustainable future. | Sustainability Performance www.iberdrola.com I 80
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Iberdrola's position in sustainability indexes and rankings Index Rating / Situation Dow Jones Best-in-Class Index 2024 Leader in the utility sector. Iberdrola member in all editions Sustainability Yearbook 2025 S&P Global Top 1% S&P Global CSA Score MSCI Global Sustainability Index Series Iberdrola selected AAA CDP Climate Change 2024 A Sustainalytics Iberdrola among the utilities with the lowest risk ISS-ESG Iberdrola selected as Prime FTSE4Good Selected in the index since 2009 Equileap Top 100 Globally for gender equality Euronext indices: Sustainable World 120, Sustainable Europe 120 & Eurozone 100 ESG Iberdrola selected EcoVadis Iberdrola among companies with best performance 2025 World's Most Ethical Company Iberdrola selected. Only Spanish utility ECPI Iberdrola selected in several Sustainability Indices STOXX Iberdrola selected in STOXX Global ESG Leaders and in several Sustainability indices InfluenceMap Iberdrola among the companies with the best performance Standard Ethics Iberdrola included in the SE European Utilities Index Forbes Iberdrola selected in Forbes 2025 GLOBAL 2000: World's Largest Public Companies WBA Electric Utilities Benchmark Iberdrola among the most influential Electric utilities of the world Energy Intelligence Iberdrola in the Top 10 of the EI Green Utilities Report 2024 Ranking WDi 2024 responder Iberdrola among the 10% of companies with the best score Carbon Clean200 Iberdrola in the Top 10 and first Spanish company and first Utility in the ranking | Sustainability Performance www.iberdrola.com I 81
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Glossary of terms www.iberdrola.com | 82
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Alternative Performance Measures Definition Market capitalisation Number of shares at the close of the period x price at the close of the period Earnings per share Net profit for the quarter / number of shares at the close of the period PER Price at the close of the period / Earnings per share for the last four quarters Price / Book value Market capitalisation / Equity of the parent company Dividend yield (%) Dividends paid in the last 12 months and attendance bonus / price at close of the period Gross Margin Net Revenue - Procurements Net Operating Expenses Personnel expense - Capitalized personnel expense + External services - Other Operating Income Net Operating Expenses / Gross Margin Net Operating Expenses / Gross Margin Net Personnel Expense Personnel Expense - Capitalized Personnel Expense Net External Services External Services - Other Operating Income Gross Operating Profit (EBITDA) Operating Profit + Depreciations. Amortisations and Provisions Adjusted Gross Operating Profit (EBITDA) Gross Operating Profit (EBITDA) adjusted by provisions for efficiency plans Net Operating Profit (EBIT) Operating Profit Financial Result Financial Revenue - Financial Expenses Income from Non-Current Assets Benefits from sale of non-current assets - Losses from sale of non-current assets ROE Net Profit of the four last quarters / Equity (average) Adjusted Financial leverage Net adjusted Financial Debt/(Net adjusted Financial Debt + Equity adjusted) Adjusted Equity Shareholders’ Equity adjusted by the market value of the accumulators Gross Financial Debt Financial Debt (loans and other) Liability derivative debt instruments Net Financial Debt Gross Financial Debt – Asset derivative debt instruments - Other short-term credits(*) - Cash and other cash equivalents Adjusted Net Financial Debt Net financial debt adjusted for derivatives on treasury stock with physical settlement that at this date are not considered to be executed Net Financial Debt / Equity Net Financial Debt / Equity Net Financial Debt / EBITDA Net Financial Debt / EBITDA for the last four quarters Funds from Operations (FFO) See section ‘Funds From Operations’ in the report Adjusted Funds from Operations (Adjusted FFO) Funds from Operations adjusted by provisions for efficiency plans Funds From Operations (FFO) / Net Financial Debt FFO for the last four quarters / Net Financial Debt Net Operating Cash Flow per Share FFO for the quarter / Number of shares at close of the period Retained Cash Flow (RCF) / Net Financial Debt RCF for the last four quarters / Net Financial Debt (*) “Included in “Other current financial investments” in Balance” | Glossary of terms www.iberdrola.com I 83
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| Glossary of terms www.iberdrola.com I 84 If you are interested in the definitions of the Alternative Performance Measures. please click on the following link: www.iberdrola.com/documents/20125/42337/alternative-performance-measures-definitions.pdf If you wish to know which are the Alternative Performance Measures for the nine months click on the following link: www.iberdrola.com/documents/20125/5495484/alternative-performance-measures-259M.pdf
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IBERDROLA S.A. Investor relations Phone.: 00 34 91 784 2804 investor.relations@iberdrola.es www.iberdrola.com