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July 2026 Acquisition of Caruna | 1
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www.iberdrola.com www.iberdrola.com Acquisition of Caruna Executive summary The acquisition of Caruna, the largest distribution company in Finland, strengthens Iberdrola’s leadership in regulated networks… ▸ Acquisition of an 80% stake in Caruna for an equity value of c. Eur 2 Bn of which payment of Eur 1 Bn to be deferred 30 months post- closing ▸ The deal values 100% of the company at an enterprise value of c. Eur 5 Bn, including Eur 2.47 Bn Net Debt as of Dec-2025 ▸ Implied transaction 2027 P/E multiple of ~16x , Iberdrola trading at ~20x ▸ Value creation: EPS accretive from year 1 ▸ Transaction closing expected by Q1 2027 Transaction Terms … recycling capital from divestiture in thermal business in Mexico… Strategic fit ▸ Increasing focus on Networks: largest DSO in Finland serving 740,000 supply points (1.5 million population) with a RAB ‘27 of Eur 2,536 M and perpetual concession ▸ Transparent Regulatory Framework approved until 2031, with c.8% regulated ROE ▸ ~7% expected Net Income CAGR until 2035 with increasing CAPEX program (Eur 200-300 M p.a.) ▸ Exposure to a AA+ rated market in Euro zone ▸ Upsides from expansion of renewables, electrification of demand, data centers and transmission opportunities ▸ Headroom in credit ratios allows the acquisition of a fully regulated business, in a supportive regulatory environment with stable cash flows | 2Note: Caruna operating and financial metrics are based on company estimates
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www.iberdrola.com www.iberdrola.com Acquisition of Caruna Why Finland? Strategic fit | 3 Focus on networks Strengthens Iberdrola’s leadership in Networks through a 100% regulated asset, delivering stable cash flows in euros Geographic Diversification Investment opportunity in a new market with a strong credit rating (AA+) Exposure to electrification Finland is amid a rapid electrification process thanks to its access to clean energy Demand growth System operator (Fingrid) expects demand to increase by 22%-45% until 20301 1. https://www.fingrid.fi/en/grid/development/prospects-for-future-electricity-production-and-consumption-q3-2024/ Network expansion plan The projected demand is driving an expansion of the electrical infrastructure with a reinforced role of the DSO Regulatory stability Stable and predictable regulatory framework with visibility until 2031 … and creates a new platform, building on Finland’s drive to improve energy security, availability and reliability Leadership position Caruna, the largest distribution company in Finland, serves 21% of Finland's electricity supply points in a highly fragmented market with 77 distribution network operators
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www.iberdrola.com www.iberdrola.com Acquisition of Caruna RAB 2027 Caruna at a glance | 4 Helsinki Joensuu Espoo Caruna Espoo Oy (Urban) Caruna Oy (Rural) Main data Service territory Operating Financial 2027E Points of supply Eur 2,536 M 740,000 / 1.5 M population Km of lines c. 89,300 ~67% undergrounded Employees 247 EBITDA Eur 369 M Net Income Eur 148 M Net Debt 2025 Eur 2.47 Bn Note: Caruna operating and financial metrics are based on company estimates Concession term Perpetual
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www.iberdrola.com www.iberdrola.com Acquisition of Caruna Shareholders’ structure | 5 Shareholders pre-transaction Shareholders post-transaction KKR Ontario Teachers PP AMF Elo 40% 12.5% 7.5%40% Iberdrola will retain an 80% stake in Caruna with two local pension funds which share our long-term vision Iberdrola AMF Elo 80% 12.5% 7.5% Seller block Note: Assumes minority shareholders will not exercise their tag-along rights between signing and completion, if any of them do so Iberdrola will acquire their stake as well
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www.iberdrola.com www.iberdrola.com Acquisition of Caruna Indicative Timeline | 6 Milestone Transaction signing Indicative Dates 21 July 2026 Deadline for the submission of regulatory applications Mid-August 2026 Regulatory approvals period December 2026 Closing Q1 2027 Transaction closing expected by Q1 2027
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www.iberdrola.com www.iberdrola.com Acquisition of Caruna Closing remarks | 7 Caruna reinforces Iberdrola’s long-term growth profile Strategic fit A 100% regulated electricity distribution platform in a stable, Euro-denominated and AA+ rating market Disciplined capital allocation Recycling capital from thermal Mexico disposal into higher-quality regulated growth, while preserving financial strength ✓ More regulated earnings ✓ Higher cash-flow visibility ✓ Stronger resilience ✓ Reinforced leadership in electricity networks We are not simply acquiring today’s RAB: we are acquiring a platform for regulated growth in Finland
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www.iberdrola.com www.iberdrola.com Acquisition of Caruna Legal Notice DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation relating to the acquisition of Caruna, which will take place on July 21, 2026. 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. Discrepancies are possible due to rounding. IMPORTANT INFORMATION This document does not constitute an offer or invitation to purchase or subscribe for 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 (as amended, amongst others, by Regulation (EU) 2024/2809 of the European Parliament and of the Council of 23 October 2024), 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. 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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 prior 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. | 8