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Results presentation 2025 25 February 2026
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Legal Notice DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation of financial results of the 2025 fiscal year. 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. Except for the financial information included in this document (which has been extracted from the consolidated annual financial statements of Iberdrola, S.A. and its subsidiaries corresponding to the fiscal year ended on 31 December 2025, as audited by KPMG Auditores, S.L.), the information and any opinions or statements made in this document have not been verified by independent third parties; therefore, no express or implied representation or warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein, and no reliance should be placed on for any purpose whatsoever. Neither Iberdrola, S.A. nor its subsidiaries or other companies of the Iberdrola Group or its affiliates assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents or reliance placed therein. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract, agreement or any other type of commitment. Information in this document about the price at which securities issued by Iberdrola, S.A. have been bought or sold in the past or about the yield on securities issued by Iberdrola, S.A. cannot be relied upon as a guide to future performance. In particular, statements about historical performance must not be construed as suggesting that future performance, share price or results (including earnings per share) will necessarily be the same or higher than in a previous period. Nothing in this document should be taken as a profit and loss forecast. Discrepancies are possible due to rounding. IMPORTANT INFORMATION This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of: (i) 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; or (ii) the Public Offers and Admissions to Trading Regulations 2024 of the United Kingdom. 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”). 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 2025 fiscal year, please see the press release Neoenergia issued on 11th February, 2026, which is available on its investor relations website at https://ri.neoenergia.com/ and on the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, CVM) website at www.cvm.gov.br. |2
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com 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/20125/5693151/alternative-performance- measures-25FY.pd |3 Legal Notice
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www.iberdrola.com www.iberdrola.com Results Presentation 2025 Highlights of the period |4
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Highlights of the period 2025 Adjusted Net Profit up +10% to Eur 6,231 M |5 Increasing Operating Results: Adj. EBITDA of Eur 15,684 M (+3%) Accelerating investments: Eur 14,460 M Reducing Net Debt: Eur 50.2 Bn (Eur –1.5 Bn) Increasing shareholder Remuneration ▶ Networks Adj. EBITDA +21%: Higher Rate Base and improving frameworks ▶ Power Adj. EBITDA -10%: Ancillary services costs due to system operation in Iberia and lower prices partially offset by new installed capacity ▶ Regulated Asset Base up +12% to ~Eur 51 Bn (Eur 12 Bn in transmission) ▶ Power: +2.7 GW installed in 2025 ▶ FFO/Adj. Net Debt ratio improves to 25.5% ▶ Operating cash flow up +8.2% ▶ 2025 total dividend proposal of Eur 0.68/share1 (+6.3%) 1. Subject to the approval of the supplementary dividend by Annual General Meeting and without engagement dividend Reported Net Profit of Eur 6,285 M (+12%) Eur 6,749 M excluding Eur -464 M of non-cash adjustments in renewable pipeline Improving Operating Efficiency ▶ Net Operating Expenses growing only 1% on a recurrent basis ▶ Total dividend payment of Eur 4,500 M (+12%)
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Highlights of the period 2025, a year of transformation: Improving business profile… • UK: New Transmission framework will transform SPW profile • Starting build-up of new interconnector: Eastern Green Link 1 • US: Interconnection between Canada and Massachusetts already in operation • Brazil: Approval by regulator of distribution concessions renewal for 30+ years (up to 2060) • Additional opportunities: 1st transmission project awarded in Victoria (Australia) Securing additional growth in Networks in our core markets through organic investments… • Full consolidation of ENW • Acquisition of Avangrid and Neoenergia minorities …and asset rotation and partnerships Sustained contribution to economic growth and job creation • 4,500 new hires, reaching a total workforce of 45,400 employees • Purchases of Eur 13.2 Bn: sustaining 500,000 jobs in thousands of suppliers • Tax contribution of Eur 10,410 M • Eur 425 M of R&D investment |6
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Highlights of the period …and achieving 25 years of sustained growth Market Cap of Eur >135 Bn (>10X) 12 >135 Market Cap evolution 2001-2025 (Eur Bn) Jan 2001 Today |7 Total Assets Regulated Asset Base Installed Capacity % of International Business2 Storage1 (energy contribution capacity in 12 months) Eur 20 Bn Eur 161 Bn <Eur 5 Bn Eur 51 Bn 16 GW 58 GW 3,000 GWh 10,200 GWh <1% ~65% Jan 2001 Today 1. Energy contribution capacity based on installed capacity and daily cycling over the year for each storage technology. 2. As a % of EBITDA Plus Eur 47 Bn of dividends paid throughout the period +
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Adjusted EBITDA up +3% to Eur 15,684 M driven by outstanding Networks performance EBITDA 15,684 Eur M (+3% vs 2024) Iberia Eur 6,004 M (-4% vs 2024) US Eur 2,662 M (+21% vs 2024) UK Eur 3,306 M (-1% vs 2024) Latam Eur 2,920 M (+6% vs 2024) Other EU and Australia Eur 791 M (+12% vs 2024) ▶ Networks Adjusted EBITDA +21%: » Higher Regulated Asset Base » Full ENW consolidation from March » Positive rate adjustments in the US & Brazil » Increasing contribution from Iberia ▶ Power Adjusted EBITDA -10%: » Lower prices in Spain & UK » Non recurrent ancillary services costs in Iberia » New installed capacity +2.7 GW » Renewables production up 5.9% with offshore production rising 39% ▶ 81% EBITDA from A-Rated countries FY25 Adjusted EBITDA by geography Business Highlights |8
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Total investments reach Eur 14,460 M… |9 Investments Grafico Investments por país FY ‘25 Investments by geography 17% 10% 32% 14% 31% 17% 14% 9% 31% 29% Other EU & Australia Iberia Latam UK US Grafico Investments por país FY ‘25 Investments by business 17% 10% 32% 14% 31% 62% 37% 1% 14,460 Eur M Power & Customers Eur 5,260 M Networks Eur 8,975 M Corporate & Other Minorities Eur 1,897 M …with almost 2/3 in Networks 14,460 Eur M Organic Investments
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Networks organic investments up +13%, with transmission UK increasing by 21% Networks: Organic Investments & Regulated Asset Base xx% 45 xx% 2025 RAB (Eur Bn) xx% 51 ~Eur 16.5 Bn ~Eur 13.7 Bn ~Eur 11.2 Bn ~Eur 9.4 Bn xx% 12.1 38.6 2024 xx% 6,281 xx% 2025 Networks Organic Investments (Eur M) xx% 2025 7,078 xx% 2,176 2,597 1,585 720 +13% 66% in D 34% in T 65% in D 35% in T 57% in D 43% in T 100% in D 1/3 in Transmission 2/3 in Distribution Regulated asset base up +12% to Eur 51 Bn: transmission, already 1/4 of total RAB 2024 2025 34.7 10.5 ~2/3 in UK and US T D xx% 1,493 2,541 1,661 586 +12% |10
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Networks: Business highlights Network investments and regulatory frameworks progressing across our geographies ▶ RIIO-T3: Ofgem Final Determination published. SPT TOTEX of c. Eur 14 Bn (2026-2031)UK ▶ Higher rates in distribution with increasing contribution from Transmission ▶ Interconnection between US and Canada in full operation, contributing Eur 125 M to EBITDA p. a.US Brazil ▶ Networks remuneration and methodology for 2026-2031 approvedSpain ▶ New transmission project in Victoria (Australia) with COD in 2030 with capex estimated up to Eur 1.2 Bn Other EU & Australia ▶ Approval by regulator of distribution concessions renewal for 30+ years (up to 2060) ▶ Finalized construction of all transmission lots, contributing more than Eur 250 M to EBITDA p. a. |11
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com 26% 27% 23% 3% 21% Investments in Power and Customers reach Eur 5,260 M… |12 Power & Customers: Investments 5,260 Eur M Iberia Eur 1,366 M US Eur 1,239 M UK Eur 1,400 M Latam Eur 164 M Other EU and Australia Eur 1,091 M 27% 32% 19%12% 10%Storage Eur 493 M Solar PV Eur 1,021 M Offshore Wind Eur 1,401 M Onshore Wind Eur 1,698 M Customers Eur 646 M 2025 Organic Investments by geography 2025 Organic Investments by technology …well diversified among technologies and geographies with 50% in the US and the UK 5,260 Eur M
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com New 2,710 MWs installed, 4,679 MW already under construction and 9,000 of further pipeline: Securing the delivery of our Plan |13 Power & Customers: Operating highlights Additional MWs installed by technology Installed 2025 Under Construction 746 1,086 937 642 5591 2,906 468 45 Total 2,710 4,679 Routes to Market 20262 Regulated Contracts Average duration ~14 years PPAs and other Average PPA duration ~15 years Retail Customers Average duration ~2-3 years ~120 TWh/year ~100% of 2026 production already sold Iberdrola, leader in PPAs in Europe and one of the three largest in the world 1. Corresponding to 100% of MWs installed of Vineyard Wind 1 2. Production available for sale More than 9 GW of additional mature pipeline to 2028
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Operating cash flow up +8.2% to Eur 12,811 M |14 Financial Strength Operating Cash Flow (Eur M) 2025 12,811 2024 +8.2% 11,836
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Adjusted Net Debt down Eur -1.5 Bn to Eur 50.2 Bn, driving strong improvement in ratios |15 Financial Strength Adj. Net Debt (Eur Bn) 2025 51.7 50.2 2024 Adj. Net Debt1/EBITDA FFO/Adj. Net Debt2 20252024 +260bps 22.9% 25.5%3 20252024 -11% 3.40x 3.02x 1. Proforma ratios including Mexico: FFO (EUR 500 M) and Net Debt (EUR 145 M) 2. Adjusted for treasury stock derivatives with physical settlement which at the current date are not expected to be executed (Eur 944 M as of 2025 and Eur 995 M as of 2024) 3. Proforma ratio including 12 months of ENW contribution is 25.7% Eur -1.5 Bn
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Proposing a supplementary dividend of Eur 0.427/Share, for a 2025 total dividend of Eur 0.680/share |16 Shareholder remuneration Supplementary dividend 2024 Interim dividend Eur 0.640/Share Eur 0.231 Eur 0.409 Engagement dividend+ +6.3% Eur 0.253 Eur 0.4271 Eur 0.680/Share 2025 1. Subject to the approval of the supplementary dividend by Annual General Meeting and without engagement dividend Eur 4,500 M in total dividend payment (+12%)
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www.iberdrola.com www.iberdrola.com Results Presentation 2025 Analysis of results |17
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Reported Income Statement / Group 2025 Adjusted Net Profit up +10.3% to EUR 6,231 M and Reported Net Profit up 12% to EUR 6,285 M Eur M FY 2025 adjusted FY 2024 adjusted % 2025 vs 2024 FY 2025 reported1 Revenues 45,017 44,739 +0.6 45,547 Gross Margin 24,299 23,876 +1.8 24,829 Net Operating Expenses -5,842 -6,095 -4.1 -5,464 Levies -2,773 -2,565 +8.1 -2,773 EBITDA 15,684 15,216 +3.1 16,592 EBIT 9,891 9,597 +3.1 10,276 Net Financial Expenses -1,863 -1,575 +18.3 -1,863 Equity Results 79 48 65.3 79 Taxes -1,621 -2,004 -19.1 -1,702 Capital Allowances in UK 251 121 +107.4 - Minorities -505 -535 -5.7 -505 Adjusted Net Profit 6,231 5,651 +10.3 6,285 |18 1. The income statement includes the Mexican Business that is shown reclassified as discontinued operations due to NIIF 5 in the annual report NOTE: Higher detail can be found in the Annex (page 39) Net profit would have exceeded EUR 6.7 Bn if capital gains had not been applied to adjustments in Power
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com 2025 Reported Net Profit 6,285 -379 UK Smart Meters divestment capital gain +464 Adjustments in Power 2025 Adjusted Net Profit 6,231 -389 Networks cost recognition in USA 2025 Adjusted Net Profit grows +10.3%, to EUR 6,231 M… …beating last guidance update in 9M2025: EUR 6.2 Bn |19 +251 Capital Allowance Reported & Adjusted P&L / Group
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Gross Margin / Group An increase of 0.6% in Revenues (excluding recognition of past costs in US Networks of EUR 530 M) and -0.7% in Procurements lead to an adjusted Gross Margin growth of 1.8% to EUR 24.3 Bn Excluding Network cost recognition in USA, Gross Margin increases 1.8% 0.6% Revenues (EUR M) Procurements (EUR M) 44,739.3 FY 2024 FY 2025 20,863.2 20,718.1 FY 2024 FY 2025 -0.7% |20 45,017.3 529.5 Cost recognition in US Networks
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Net Operating Expenses / Group Excluding adjustments and efficiencies1, Net Operating Expenses are 4% better Total Net Operating Expenses -5,842.3 -6,095.1 On a recurring basis2, Net Operating Expenses increase 1.0% Net Operating Expenses (Eur M) Net Personnel Expenses External Services Other Operating Income FY 2024 adjusted -2,883.0 -4,141.6 929.5 vs FY 2024 adjusted (%) +1.9% -5.2% +10.0% -4.1% FY 2025 adjusted -2,938.1 -3,927.0 1,022.7 |211. In 2025 includes Eur -379 M of UK Smart meter capital gain and in 2024 includes Eur 1,633 M of Thermal divestment capital gain and efficiencies 2. Excludes capital gains from asset rotation, reconciliation impacts in the US, pension adjustments and other impacts
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Results by Business / Networks Transmission is up +28% to EUR 1.1 Bn and Distribution grows +19% to EUR 6.7 Bn Adjusted1 Networks EBITDA +21% to EUR 7,794 M driven by strong performance in UK , Spain and US due to higher asset base and rates |221. Excludes Networks cost recognition in USA EUR 529.5 M and efficiencies in Spain in 2024 of EUR 42.5 M 7,793.7 26%28% 24% 22% Eur M Spain United States United Kingdom Brazil 6,466.6 FY 2024 ex- efficiencies in Spain FY 2025 ex-US Networks cost recognition -42.5Efficiencies in Spain US Networks cost recognition +21% 529.5 5,628.5 837.0 1,072.4 7,793.7 Transmission 6,721.3 Distribution
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Results by Business / Networks EBITDA BRL 13,836.8 M (+13.8%): • Higher revenues in Distribution due to inflation, demand and rate reviews • Positive contribution from Transmission up to BRL 1,619 M (+56% YoY as all the lines are completed) BRAZIL EBITDA EUR 2,014.7 M (+30.6%): • Affected positively by incentives recognition of 2024 and 2025 in Q4 • Increase in remuneration in 2025 and 2024 (6.58%) and positive impact due to efficiency plan in Q4 2024 SPAIN EBITDA GBP 1,594.6 M (+28.7%): • Better results in Distribution due to ENW full consolidation, effective since March (GBP +405 M) • Increasing contribution in Transmission thanks to higher rates UNITED KINGDOM EBITDA IFRS USD 2,491.2 M (+73.0%); adjusted USD 1,940.3 M (+34.8%): • Higher rates in Distribution and past cost recognition (already registered in Q1) • Better contribution from Transmission (USD +177 M) UNITED STATES |23
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Power & Customers EBITDA reaches EUR 7.9 Bn in FY 2025 vs. EUR 8.8 Bn in FY 2024 excluding capital gains from asset rotation and efficiencies… Results by Business / Power & Customers 7,871.6 Iberia United States United Kingdom 50% 12% 18% RoW 10% LatAm 10% … reaching c. 85% emission-free generation Eur M 8,776.0 FY 2024 ex-cap. gains and efficiencies FY 2025 ex-cap. gains 1,710.0 Thermal divestment capital gain and efficiencies 7,871.6 UK Smart Meters divestment capital gain-10% 378.5 |24
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com 1. 7% generation tax and Enresa Tax (Nuclear decommissioning) 2. Total impact of EA3 deconsolidation at FY2025 amounts to Eur +78 M (Eur -126 M at NOE level, Eur +277 M in Net Financial Result and Eur -73 M in Taxes). Results by Business / Power & Customers EBITDA EUR 3,921.4 M (-16.8%): • Higher production is compensated by lower margins and sales • Lower court rulings and higher ancillary services costs (Eur -177 M) vs. 2024 • Higher levies1 despite 1.2% revenue tax termination • All-time record hydro reserves (>9 TWh) IBERIA EBITDA USD 1,069.1 M (+0.9%): • Higher contribution thanks to new solar capacity and higher prices in wind compensating positive one-offs related to Arctic Blast storm and Kitty Hawk’s sale in 2024 UNITED STATES EBITDA GBP 1,536.0 M (+0.4%; -20.8% ex capital gain): • Lower prices in Renewables • Lower EBITDA from Supply business driven by lower volumes • Impact of 50% deconsolidation in East Anglia 3 (GBP -108 M), more than compensated at Net Financial Result2 • All compensated by capital gain from UK Smart Meters divestment of GBP 324 M UNITED KINGDOM |25
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Results by Business / Power & Customers EBITDA USD 632.7 M (-71.5%): • Lower reported contribution due to the deconsolidation of the assets sold on February 26, 2024 • Higher contribution from the retained business thanks to higher availability and demand MEXICO EBITDA EUR 795.8 M (+10.4%): • Higher contribution from offshore windfarms St. Brieuc (France) and Baltic Eagle (Germany) • Lower contribution from Supply business in Portugal due to higher ancillary services cost (Eur -30 M) RoW (IEI) MEXICO EBITDA BRL 1,282.7 M (-2.7%): • Lower production and lower margins, compared to FY 2024, partially compensated by a negative one-off1 registered in Q4 2024 BRAZIL |261. Capital loss of Baixo Iguaçú registered in Q4 as “Held for Sale”
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Adjusted D&A and Provisions up 3% to EUR 5,793 M, driven by higher asset base despite FY 2024 EUR 1.5 Bn and FY 2025 EUR 0.5 bn adjustments, mainly in Power EBIT excluding capital gains, adjustments & efficiencies and cost recognition in networks USA grows 3% in FY 2025 to EUR 9,892 M EBIT / Group +3% Adjusted D&A and Provisions (EUR M) -611.8 -558.2 Adjusted FY 20241 Adjusted FY 20252 -5,619.2 -5,792.5Provisions D&A -5,007.4 -5,234.3 |271. Includes in 2025, Eur 524 M of adjustments in Power & Customers business 2. Includes in 2024, Eur 1.499 M of adjustments in Power & Customers business Reported D&A and Provisions (EUR M) -2,110.2 -1,081.8 Reported FY 2024 Reported FY 2025 -7,118.7 -6,316.1 Provisions D&A-5,007.4 -5,234.3 -11%
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com -6 bps Financial Result increases EUR -288 M due to Eur 6.2 bn higher average debt1, partially offset by EA3 derivatives2 Cost improves supported by lower rates partially offset by higher BRL interest rates Net Financial Result / Group Cost of Debt 4.81% 4.75% (ex Neo) 3.70% 3.55% FY 2024 FY 2025 -15 bps Net Financial Result (EUR M) -1,863 FY 2024 FY 2025 -1,575 Debt result: -263 Interest + FX -357 +94 Debt +164 Derivatives2 Other3 -189 1. Mainly due to ENW acquisition and consolidation 2. Includes EA3 impact of + EUR 279 M in Financial Result 3. Mainly due to 2024 delay interests of court rulings (Eur 64 M), lower capitalized interest (Eur 70 M) and securitized storm bonds (Eur 31 M) |28
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com -0.4 ... despite ENW debt consolidation and Previ acquisition Strong FFO generation, capital increase and asset rotation & partnerships help to achieve a net debt EUR 1.5 Bn lower than 2024 year-end… Adjusted Net Debt / Group Consolidated Net Debt Evolution 51.7 FY 2024 Net Debt 50.2 ENW Net Debt consolidation Other FY 2025 Net Debt1 -4.6 Asset Rotation & EA3 Debt deconsolidation EUR Bn -12.8 FFO 12.6 Capex -5.0 Capital increase |29 2.2 1. Including Eur 145 M of Mexico 4.6 Dividend Previ 30% Acquisition 1.9
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Delivering strong credit ratios for Iberdrola’s BBB+/Baa1 Financial ratios / Group Adjusted Leverage FFO / Adjusted Net Debt2 Adjusted Net Debt2/ EBITDA 45.4% 22.9% 3.40x3.02x 1. Ratios including Mexico: FFO (EUR 500 M) and Net debt (EUR 145 M), excluding Mexico FFO/Adjusted Net Debt is 24.6% 2. Adjusted for treasury stock derivatives with physical settlement which at the current date are not expected to be executed (Eur 944 M as of 2025 and Eur 995 M as of 2024) 3. Proforma ratio including 12 months of ENW contribution is 25.7% Adjusted Credit Metrics FY 2024FY 20251 25.5%3 43.8% |30 Driven by +8% FFO growth to EUR 12.8 Bn and EUR 1.5 Bn of lower net debt
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Financing |31 EUR 16.7 Bn1 of new signed financing at very competitive market conditions… … reinforcing the diversification in instruments and markets Bonds 1. Including subsequent events (EUR 175 M multilateral loan and EUR 32 M bank loan) EUR M 4,900 • First green senior with EUGBS & ICMA standards • Non-dilutive convertible green with highest savings vs. senior for Iberdrola • Lowest coupon in hybrid in 2025 in the EU market • Tightest spreads achieved by Neoenergia and NYSEG Structured financing 4,547 • East Anglia 3 with 23 banks and Danish ECA Credit lines 3,775 • Sustainable syndicated credit line (Corporate & AGR) at lower cost in their markets vs. peers in 2025 Multilateral and Development 2,069 • Green EIB including Next Funds Generation • First green loan to a European company from NWF to finance projects in the UK Bank financing 1,437 • In different countries and products at competitive market conditions
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com FY 2025 Adjusted Net Profit grows +10.3% to EUR 6,231 M and FY 2025 Reported Net Profit grows +12% to EUR 6,285 M Beneficio Neto Ajustado / Grupo 5,651.3 10% FY 2024 Adjusted Net Profit FY 2025 Adjusted Net Profit 6,231.5 |32 FY 2024 Reported Net Profit 5,611.9 12% FY 2025 Reported Net Profit 6,285.0 Net profit would have exceeded EUR 6.7 Bn if capital gains had not been applied to adjustments in Power Adjusted Net Profit1 (EUR M) Reported Net Profit2 (EUR M) 1. FY2025 includes EUR -379 M of UK Smart meter disposal capital gain, EUR 464 M of adjustments, EUR 251 M of UK capital allowances and EUR -389 M of Networks cost recognition in USA. FY2024 includes EUR -1,165 M of Thermal divestment capital gain and EUR 1,205 M of adjustments and efficiencies 2. Reported Net Profit includes Mexico business, reclassified as discontinued operations due to NIIF 5
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www.iberdrola.com www.iberdrola.com Results Presentation 2025 Conclusions |33
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com » Transmission, new growth platform: ▪ RIIO-T3 in UK+ US + Brazil + New projects in AUS » Distribution: Acceleration of investments ▪ Organic growth in all countries plus ENW » Acquisition of Avangrid and Neoenergia minorities Iberdrola’s transformation driving sustained growth in results… Conclusions and guidance |34 …leading us to Eur >6.6 Bn of Adjusted Net Profit in 2026… » Debt reduced by Eur -1.5 Bn to 50.2 Bn as of December 2025 » Increasing cash flow generation, up +8.2% in 2025 to Eur 12.8 Bn » Asset rotation and partnerships » Securing the delivery of our plan: ▪ 2.7 GW completed in 2025 ▪ 4.7 GW in construction + 9 GW pipeline » Storage: 10,200 GWh + 7,500 GWh pipeline » Record reserves in Iberia (>9TWh) Networks as key growth driver: Double-digit increase in RAB with attractive returns and visibility Selective investment in Power: Focus on our core markets and optionality thanks to pipeline + Financial strength: Dynamic and diversified financing, strong BBB+ rating
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com …progressing ahead of the Plan with additional Eur 1 Bn of Net Profit in just two years… Conclusions and guidance ...on track to exceed Eur 7.6 Bn Net Profit by 2028 |35 5,651 2024 6,231 2025 Adjusted Net profit (Eur M) >6,600 2026 Guidance 2028 CMD >7,600Eur 1 Bn Eur 1 Bn
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Conclusions: Electrification is unstoppable Capturing all the opportunities of electrification Today, electricity is only 20% of total world energy demand More Networks More Power & Storage + Demand from current vectors » Heating & cooling » Transport » Industry + Demand from Data/AI » Focus on US/UK/EU » Tech companies, already IBE’s main customers More Networks New demand from electrification Latent Demand The virtuous circle of Electrification » Lack of infrastructure » Tech. choices: self sufficiency, competitiveness, sustainability 1 2 3 4 |36
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com ✓ Growth based on electricity networks infrastructure ✓ Selective investments in Power: competitive, indigenous and sustainable technologies ✓ Customers: Leader in multi-country PPAs ✓ Commitment to maintain BBB+ rating ✓ Talent and skills Conclusions: A unique value proposition IBERDROLA, the global leader in electricity infrastructure, a high-growth sector ✓ 25 years anticipating electrification Vision ✓ Largest integrated utility in Europe and second worldwide ✓ Focus on high-rated countries, mainly UK and US Scale & geographical diversification ✓ 2015 - 2025: High Single-Digit growth in EPS and DPSDelivery |37 Securing sustained and predictable growth in the long term ✓ Supply chains and technologyAccess to resources ✓ Ongoing access to financial markets and liquidityFinancial solidity Strategy ✓ 2001 - 2025: Total Shareholder return of >1,800%1 1. Including dividend reinvestment
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www.iberdrola.com www.iberdrola.com Results Presentation 2025 Annex |38
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Eur M FY 2025 Reported1 Capital Gains Adjustments In Power Cost recognition USA Capital Allowances UK FY 2025 adjusted Revenues 45,547 - - -530 - 45,017 Gross Margin 24,829 - - -530 - 24,299 Net Operating Expenses -5,464 -379 - - - -5,842 Levies -2,773 - - - - -2,773 EBITDA 16,592 -379 - -530 - 15,684 Net Financial Expenses 10,276 -379 +523 -530 - 9,891 Equity Results -1,863 - - - - -1,863 Taxes 79 - - - - 79 Capital Allowance UK -1,702 - -59 +140 - -1,621 Minorities -505 - - - - -505 Reported Net profit 6,285 -379 +464 -389 +251 6,231 |39 1. Profit and Loss account includes Mexico reclassified as “discontinued operations” according to NIIF 5 Reported & Adjusted P&L / Group
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Liquidity and maturities Strong liquidity (above EUR 211 Bn) thanks to credit lines optimization at Group level (new multi-borrower line) generating cost efficiencies… Credit lines 14,779Available financing 1,792 Cash 4,810 …covering 29 months of financing needs and average life of debt above 6 years 5,392 4,123 4,424 5,074 3,736 29,381 2026 2027 2028 2029 2030 2031+ Maturities EUR M | 40 Eur M 21,381 1. Including subsequent events (EUR 175 M multilateral loan and EUR 32 M bank loan)
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Sustainable financing |41 NEW SUSTAINABILITY DEALS FY 2025 EUR 15.7 Bn of new sustainability transactions representing 99%1 of new signed financing … Product Q1 Q2 Q3 Q4 2025 Green 600 2,796 5,724 2,566 11,686 Hybrid bonds 1,000 1,000 Senior bonds 400 1,070 905 763 3,138 Bank Loans 930 46 153 1,129 Multilateral loans 200 108 376 500 1.184 Development bank loans 688 688 Project Finance 4,142 4.142 TEI 255 150 405 Sustainability-linked 140 136 2,500 1,275 4,051 Bank Loan 140 136 276 Credit lines 2,500 1,275 3,775 Total 740 2,932 8,224 3,841 15,737 SUSTAINABLE PORTFOLIO 12M 2025: EUR 66,852 M 1. Excluding USD 786 M in securitization bonds issued in February 2025 to recover AGR storm costs, recognized by the US regulator 2. Including Project Finance (EUR 5,915 M) and TEI (EUR 2,345 M) … consolidating the rank of leading private issuer in green bonds for own investment Green Bond 23,810 Green Bank Loan 1,383 Multilateral Green Loan 6,558 Development Bank and ECA Green Loan 4,435 Sustainable Credit Lines 14,406 Green Structured Financing2 8,260 Sustainable Bank Loan 2,001 Sustainable Commercial Paper 6,000
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Significant progress in Sustainability aligned with our Business strategy |42 BEST IN CLASS SUSTAINABILITY STRATEGY Emissions intensity reduction Leader in the European market for long-term clean PPAs1 for 3rd consecutive year BOOSTING GREEN ELECTRIFICATION 1) Top European vendor Power Purchase Agreements (PPA) according to Pexapark Renewables Market Outlook 2026 2) As of 27/01/2026 in Bloomberg 3) Including discontinued activities, which are not included in the consolidated revenues for the financial year, emissions would be 60 gCO2/kWh. Included in the portfolio of more than 2600 Sustainable funds2 Not impacted by any ESMA exclusion criteria. Iberdrola qualifies as investible by any sustainable fund. 98 39 20 40 60 80 100 2020 2025 Only global energy company recognized by Top Employer for 2nd consecutive year STRENGTHENING HUMAN CAPITAL Continuously recognized by main rankings - 60% in 5 years 3
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Results Presentation 2025 www.iberdrola.com www.iberdrola.com Progressing in our Sustainability Targets 1) Including discontinued activities, which are not included in the consolidated revenues for the financial year, emissions intensity would be 60 gCO 2/kWh and pollutant emissions would be 0,09 g/kWh. 2) <10 gCO2/kWh. 3) New accumulated green financing for the period 2025 –28. New accumulated sustainable financing for the period 2025 –28, > €35 billion. 4) Social contributions verified by an independent external party. 5) Estimation of recycled blades in 2030 according to the current operational plan and subject to revision based on its evolution. 2030 Goal: recycling 90% of blades and panels. DRIVERS TARGET METRIC 2025 2028e 2030e Green Electrification (Net Zero 2040) Emission Intensity in Electricity Generation gCO2 /kWh 39.21 32 Carbon Neutral2 Net Zero in scopes 1, 2 and 3 before 2040 Comply SBTi milestone in 2030 & 2040 In progress √ Zero pollutant emissions in electricity generation by 2030 (NOx + SOx + particulates in g/kWh) 0.021 0.018 <0.016 Managed Stored Energy Capacity GWh/year 10,232 >10,500 >11,000 Innovation and digitalisation Smart grids % asset automation 85.8% ~90% >90% Sustainable finance CAPEX aligned % EU Taxonomy Aligned Capex 92.9% ~90% ~90% Green Financing Million Euros (cumulative)3 11,686 >30,000 - Equal opportunities Equal opportunities External EDGE plus certification In progress √ √ Safety and Health Wellbeing Program Certification ISO 45003 In progress √ √ Occupational Safety TRIR In progress Improve Improve Community development Electrification Access Programs Millions of users covered (cumulative) 15.99 >15.5 >16 Contributions to society 4 Number (>1,000) √ √ √ Governance, ethics & transparency Corporate Governance Maintain best practices √ √ √ Percentage of independent directors Over 50% √ √ √ Varied composition of the Board of Directors Maintain √ √ √ Compliance system Certification √ √ √ Cybersecurity goals Fulfilment √ √ √ Human Rights & Stakeholder engagement Human Rights Due Diligence & Stakeholders’ involvement Review & annual update √ √ √ Biodiversity preservation Net positive impact in 2030 Number of facilities aligned with a biodiversity plan 199 >450 ~700 Efficient use of resources Blades and Solar Panels Recycling Number (cumulative) 5 947 >3,000 >5,000 (90%) Reduction of water intensity in energy production % (reduction vs 2025) in m3/M€ Base -20% -40% Sustainable supply chain Sustainable suppliers Million Euros (cumulative)6 12,430 >50,000 - Customers Quality of supply Reduce average consolidated SAIDI 7 -18.3% -13% -15% Fast and Ultra-fast charging points Number 8 3,413 >7,000 >10,000 Customer Accessibility Solutions Number 63 66 66 Digital customers % of total 75.4% 74% 75% 6) Cumulative value for 2025 -28 period: 85% of total purchases of >65 billion euros. 7) Calculated against the 2019-21 period average. 8) Includes the number of charging points of the joint venture formed by Iberdrola and bp pulse.