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Results presentation First half 22 July 2026 | 1
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Legal Notice DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation of financial results of the first semester of the 2026 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. 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 (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. 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 first semester of the 2026 fiscal year, please see the press release Neoenergia issued on July 21, 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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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation 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/20125/6030708/alternative-performance- measures-26H1.pdf. Legal Notice | 3
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Highlights of the period | 4
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Investments up +25% to c. Eur 7 Bn: more than 70% in the UK, the US and Brazil (including NEO Minorities) ▸ Close to 2/3 of total investments in Networks: RAB close to Eur 55 bn, up +11% driven by the UK, the US and BRA ▸ Power & Customers: • +1.6 GW installed in H1 ‘26 with good progress in offshore wind • Accelerating new projects, including repowering and life extensions in the US with higher PPA prices Highlights of the period Reported Net Profit of Eur 4,336 M (+22%) Adjusted Net Profit of Eur 3,565 M (+8%) 1. Excluding US networks past cost recognition in 2025 and Mexico due to the sale of the business ▸ Networks, main growth driver: Adj. EBITDA up +13% due to higher asset base and tariff increases ▸ Power & Customers: Adj. EBITDA increasing year-on-year (+1%) ▸ Strong debt ratios: Adj. FFO/ Adj. Net Debt at 22.4% ▸ Completion of Mexico transaction and Neoenergia’s minorities purchase Financial Strength Adjusted EBITDA up +7%1 to Eur 8,050 M ▸ EU: Grids Package, Electrification Action Plan and tax reductions to promote electricity demand ▸ UK: Increasing investments and visibility in Transmission (RIIO-T3 + NESO Beyond 2030) and Distribution (RIIO - ED3) ▸ BRA: Concession renewal +30 years supporting Eur 9 Bn of new investment by Neoenergia up to 2030 Policy tailwinds for electrification driven by energy security (availability & reliability) |5
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Acquisition of Caruna Networks |6 Focus on A - rated countries Attractive frameworks Value creation + Growth ✓ ✓ ✓ ✓ Acquisition of Finland’s largest electricity distribution company (Eur ~5 Bn EV) Transaction fully in line with Iberdrola’s strategic pillars… ▸ Fully regulated company adding Eur 2.5 Bn of RAB (21% of Finnish market) ▸ Increasing presence in Networks using proceeds from Mexico divestment ▸ Finland: AA+ rated country in Eurozone ▸ Stable regulation up to 2031 with expected ROE of ~8% ▸ Transaction accretive from year 1 ▸ Expected annual growth of ~7% in Net Income with upsides due to electrification, investments in transmission and others Iberdrola will acquire an 80% stake in Caruna for an equity value of Eur ~2 Bn (Remaining 20% maintained by Nordic pension/investment funds) …using funds from the divestment of thermal generation in Mexico Networks, key investment destination
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Adjusted EBITDA Adjusted EBITDA up +7%1 to more than Eur 8 Bn driven by stronger performance in Q2 vs Q1… H1 ‘26 Adjusted EBITDA by geographyBusiness highlights NETWORKS Eur 4,213 M: +13% (vs 9% in Q1’26) POWER & CUSTOMERS Eur 3,790 M: +1% (vs -3% in Q1’26) ▸ Production up +1% driven by UK, US and IEI ▸ Higher generation in UK (+27%) and IEI (+12%) due to onshore and offshore wind ▸ Iberia: Increasing production from pumped-storage with hydro reservoir at almost record levels (73%, 8,300 GWh) ▸ Higher RAB in all countries ▸ UK: RIIO-T3 contribution since April ▸ US: Better contribution from rates in NY and Connecticut, and NECEC ▸ Tariff increases in Brazil and Spain 1. Excluding US networks past cost recognition in 2025 and Mexico due to the sale of the business …even after negative impact of Eur -106 M due to evolution of currencies Adjusted EBITDA increases +9% excluding FX |7 H1 ‘26 Adjusted EBITDA by geography Spain 37% 24% 18% 17% 4% 8,050 Eur M Other EU & Australia Brazil UK US 83% in A-rated countries +7% vs H1 ’25
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Investments Total Investments up +25% to Eur 7 Bn more than 70% in the UK, the US and Brazil… H1 ’26 Total Investments by geography H1 ’26 Total Investments by business …and close to Eur 16 Bn in the last 12 months, more than 2/3 in Networks 17% 10% 32% 14% 31% 2,462 7,010 Eur M Corporate & Other Networks 63% Power & Customers 35% +25% vs H1 ’25 4,384 |8 Other EU & Australia Brazil UK US 1,900 784 14% 29% 17% 25% 13% Spain 7,010 Eur M Including Eur 1,109 M Neoenergia Minorities +25% vs H1 ’25
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Growth in Networks: Investments Networks investments up +42% to Eur 4,384 M, with Eur 1 Bn invested in Transmission … …even after completing NECEC in US and major projects in Brazil |9 H1 ‘26 Networks investments by geography H1 ‘26 Networks investments by business H1 2025 ~3.1 Bn 1.1 ~4.4 Bn 2.3 1.0 +42% Transmission -11% vs H1 ’25 Neoenergia Minorities H1 2026 Distribution +16% vs H1 ‘25 (Completion of NECEC and Brazil major Projects)4,384 Eur M Spain Brazil UK US +26% + 43% -14% +124% Neoenergia Minorities +42% vs H1 ’25
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Growth in Networks: Regulated Asset Base Regulated Asset Base up +11% close to Eur 55 Bn, 60% in the UK and the US… …driven by a 30% growth in Transmission, that already accounts for more than 1/4 of total RAB Distribution & Transmission RAB 17% 10% |10 ~55 Bn 40 15 +11% H1 2026H1 2025 ~49 Bn Transmission +30% vs H1 ‘25 Distribution +6% vs H1 ‘25 H1 ‘26 Total RAB by Geography +11% vs H1 ’25 Spain Brazil UK US 23% 17% 28% 32% +1% + 11% +12% +18% ~55 Eur Bn 32%
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Growth in Renewable Power: Selective investment Eur 2.2 Bn invested in renewables, more than 70% in wind … H1 ‘26 Renewable Investments by technology …with around 1,600 new MW installed in the first half 10% Onshore wind Eur 912 M Solar PV Eur 331 M Offshore wind Eur 696 M Storage & Others Eur 295 M 2,234 Eur M |11 H1 ‘26 Renewable operating capacity increase Installed YTD 2026 410 62 336 786 1,594 Onshore Wind 80 62 74 555 771 Offshore Wind - - 2081 - 208 Solar PV 330 - 54 231 615 Total(MW) +4% vs H1 ’25 1 In addition to 571 MWs already installed as of Dec-25.Capacity accounted at 100% and IBE’s stake at 50%
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Growth in Renewable Power: Selective investment Accelerating new projects in a context of higher demand and PPA prices to add up to 15.5 GW in 2025-2030 versus 9.5 GW considered in our plan 2025-2028 3 GW ready for FID in the coming months (~50% in US) to be operational by 2030… |12 Additional operating capacity in H1 1.6 GW New capacity to be completed in H2 2.1 GW 2.2 GW Additional Capacity under construction VW1 MWs and EA3 MWs figures relate to 100% capacity of the project UK 1.4 US 0.3 Inter. 0.4 UK 1.0 US 0.5 Inter. 0.4 Spain 0.3 … and 4 GW more of mature projects under development to be installed by 2030
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Policy Tailwinds for Electrification Strong support for increasing investments in all our geographies… …driven by the need of power availability and reliability due to electrification ✓ European Grids Package: accelerating network investment ✓ Accelerate EU: Energy security & competitiveness ✓ Electrification Action Plan: Target of 2x electricity share of final energy to 46% by 2040 ✓ Tax reduction in Electricity EU ✓ RIIO ED3: Publication of Framework Decision ✓ NESO Beyond 2030 report: “UK power grids need GBP 89 Bn investment” ✓ Clean Power 2030: clean electricity policies to reach 95% by 2030 UK BRAZIL ✓ $2.2 Bn of additional networks investments approved in NY for the next 12 months ✓ 3 years rate case approved in Berkshire Gas Massachusetts US ✓ Federal and state policies supporting clean technologies & large-scale grid expansion ✓ Competitive transmission tenders AUSTRALIA ✓Concession renewal +30 years supporting new investments plan for Neoenergia of Eur 9 Bn up to 2030 (2x investments vs last 5 years) ➢ ≈ 50% in Bahía (1.7x) ➢ ≈ 20% in Pernambuco ➢ ≈ 20% in São Paulo & Mato Grosso do Sul |13
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Financial Strength Strong ratios fully consistent with “BBB+” rating… H1’25 H1’26 …with liquidity at Eur 21.5 Bn 23.1% 22.4% |14 Adj. FFO/Adj. Net Debt1 (Last 12m) 1. Adjusted for treasury stock derivatives with physical settlement which at the current date are not expected to be executed (Eur 2,676 M as of H1 2026 and Eur 468 M as of H1 2025) 2. Q2 2025 ratios restated for comparison purposes H1’25 H1’26 3.5x 3.5x Adj. Net Debt1 / Adj. EBITDA (Last 12m) Liquidity Eur 21.5 Bn Covering 22 months of financial needs
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Shareholder Remuneration Total shareholder remuneration up +6.2% to 0.685 EUR PER SHARE AGM: 97.9% average approval on all items with a quorum of 73.6% Total shareholder remuneration evolution Eur/Share 0.645 0.685 +6.2% 2024 (payable in 2025) 2025 (payable in 2026) 0.427 Eur/share to be paid 27th July Supplementary dividend |15
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Analysis of results | 16
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Adjusted Income Statement / Group | 17 Reported Net Profit grows 22% to Eur 4,336 M while Adjusted Net Profit grows 8% to Eur 3,565 M Eur M H1 2026 adjusted1 H1 2025 adjusted1 % Revenues 22,469 21,571 +4.2 Gross Margin 12,257 11,823 +3.7 Net Operating Expenses -2,713 -2,744 -1.1 Levies -1,494 -1,582 -5.6 EBITDA 8,050 7,497 +7.4 EBIT 5,226 4,731 +10.4 Net Financial Expenses -1,113 -605 +84.0 Equity Results and Mexico Discontinued Business2 130 187 -30.5 Taxes -760 -838 -9.3 Capital allowances in UK 182 135 +34.7 Minorities -99 -302 -67.4 Net Profit 3,565 3,308 +7.8 1. See next page and Annex on page 32, 33 and 34 2. Equity Results include Discontinued Operations 3. FX negative impact is Eur 106 M in Adjusted EBITDA and Eur 219 M in Adjusted Net Profit Adjusted EBITDA up 7% to Eur 8,050 M Excluding FX impact3, Adjusted EBITDA would have grown 9% and Adjusted Net Profit 14%
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Adjusted Income Statement / Group | 18 Adjustments and accounting criteria are shown below • According to IFRS 5, Mexico business is registered as Discontinued Operations in Reported Net Profit and presented under Equity in Adjusted Net Profit • We exclude capital gain adjustment related to the year 2024 divestment of our thermal assets in Mexico to our Mexican buyers (MIP) and the positive capital gain due to the sale of the remaining business to COX in the Q2 2026 • US past cost recognition is excluded from Adjusted Net Profit in 2025 according to 2025 Guidance definition US past cost recognition in 2025 Mexico contribution in 2025 and 2026 For further detail, please see annex in page 32, 33 and 34 • Capital allowances in UK are adjusted in Adjusted Net Profit in 2025 and 2026 UK Capital allowances in 2025 and 2026
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Adjusted Gross Margin / Group | 19 Excluding FX impact, Adjusted Gross Margin up 6% Adjusted Gross Margin reaches Eur 12,257 M, up 4% 4.2%1 Adjusted Revenues (Eur M) Procurements (Eur M) 21,570.9 22,469.1 H1 2025 H1 2026 9,747.5 10,212.4 H1 2025 H1 2026 4.8% 1. Detracting recovery of US past costs in 2025
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Net Operating Expenses / Group Net Operating Expenses are 1% lower, and excluding FX impact, up 1% | 20 Total Net Operating Expenses -2,712.7 -2,744.0 Net Operating Expenses (Eur M) Net Personnel Expenses External Services Other Operating Income H1 2025 -1,376.8 -1,824.3 457.1 % 7.7% 2.6% 40.5% -1.1% H1 2026 -1,483.3 -1,871.4 642.0
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Results by Business / Networks | 21 4,212.7 23% 29% 25% 24% … driven by strong performance in all geographies Networks adjusted EBITDA up 13% to Eur 4,213 M, excluding FX impact (Eur -53 M), up 14%... Eur M Spain United States United Kingdom Brazil (+20%) (+11%)(+7%) (+12%)
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Results by Business / Networks | 22 EBITDA BRL 7,235.9 M (+7.1%): • Higher revenues in distribution due to better tariffs and demand • Higher contribution from Transmission BRAZIL EBITDA EUR 954.0 M (+7.0%): • Driven by new regulatory framework and adjustments from past years SPAIN EBITDA GBP 924.4 M (+24.1%): • Increasing contribution in Transmission, driven by the new RIIO-T3 framework • Higher contribution from ENW vs. last year due to consolidation starting in March 2025 UNITED KINGDOM Adj. EBITDA IFRS USD 1,158.2 M (+19.4%; –23.9% in reported terms): • Higher rates in Distribution • Increased contribution from Transmission, including positive contribution from NECEC (COD on the 16th of January) • Reported figures affected by past cost recognition accounted in 2025 (USD 550 M) UNITED STATES
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Power and Customers EBITDA increase 1% to Eur 3,790 M, improving from Q1 2026 Results by Business / Power and Customers | 23 61 TWh of electricity produced1, 92% locally sourced and emission-free 1. Excludes Discontinued Operations 3,789.7 Iberia United States United Kingdom 52% 12% 24% RoW 9% Brazil 3% Eur M (+1%) (+8%) (-4%) (+23%) (-18%)
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Results by Business / Power and Customers | 24 EBITDA EUR 1,989.2 M (+1.5%): • Higher electricity sales and margins in Q2 more than compensate lower prices, higher ancillary costs and regulated gas rate • Hydro reserves of 8.3 TWh. Pumping already representing 35% of hydro production IBERIA EBITDA USD 525.4 M (+3.5%): • Higher contribution from wind and solar, thanks to higher prices and output, more than compensate negative timing effect in H1 UNITED STATES EBITDA EUR 336.8 M (-18.0%): • Affected by the disposals of Hungary and France and lower prices • Negative impact from higher ancillary services in Portugal RoW (IEI) EBITDA BRL 661.4 M (+17.3%): • Better contribution in client business partially offset by lower renewable productionBRAZIL EBITDA GBP 773.6 M (+11.9%): • Higher wind resource both onshore and offshore, more than compensate lower prices • Positive contribution from Supply division despite smart meter sale UNITED KINGDOM
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation D&A and provisions up 2% to Eur 2,824 M, driven by higher asset base and provisions Adjusted EBIT up 10% to Eur 5,226 M and excluding FX impact (Eur -52 M), up 12% Adjusted EBIT / Group | 25 +2% 10% Adjusted EBIT (Eur M) D&A and Provisions (Eur M) 4,731.5 H1 2025 adjusted 5,225.6 -229.8 -274.4 H1 2025 H1 2026 -2,765.4 -2,824.4 Provisions D&A-2,535.6 -2,550.0 H1 2026 adjusted
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Net Financial Result grows mainly due to derivatives, driven by the 2025 EA3 one-off (Eur 282 M) and FX hedges, despite lower average debt Debt cost increased 44 bps supported by higher rates and BRL appreciation Net Financial Result / Group | 26 Cost of DebtNet Financial Result (Eur M) -1,113 H1 2025 H1 2026 -605 -49 Debt result Derivatives Other +21-480 +44 bps 4.69% 5.13% (ex NEO) 3.53% 3.50% H1 2025 H1 2026 -3 bps
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Net Debt increases Eur 3.8 Bn affected by hybrid replacement and currency appreciation… Adjusted Net Debt / Group | 27 Consolidated Net Debt Evolution 50.2 FY 2025 Adjusted Net Debt 54.0 H1 2026 Adjusted Net Debt Eur Bn Other +2.9 Dividend & Treasury Shares -6.2 Adjusted FFO +7.0 Capex 1 +1.3 +2.7 FX & Hybrid 2 -3.9 Asset rotation 1. Includes Neoenergia minority shareholders Eur 1.1 Bn and organic capex Eur 5.9 Bn 2. Includes Eur 1.7 Bn FX and Eur 1.0 Bn hybrid replacement
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation … delivering solid ratios despite debt increase Excluding FX, FFO / Adjusted Net Debt ratio would be 23.1% Financial ratios / Group | 28 1. Adjusted for treasury stock derivatives with physical settlement which at the current date are not expected to be executed (Eur 2,676 M as of H1 2026 and Eur 468 M as of H1 2025) 2. H1 2025 ratios restated for comparison purposes Adjusted Leverage Adjusted FFO / Adjusted Net Debt1 Adjusted Net Debt1/ Adjusted EBITDA 46.8% 23.1% 3.5x3.5x Adjusted Credit Metrics H1 20252H1 2026 22.4% 45.3%
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Adjusted Net Profit up 8% to Eur 3,565 M. Excluding FX, up 14% Adjusted Net Profit / Group | 29 Eur M 389 H1 2025 Reported Net Profit 3,562 3,308 8% H1 2025 Adjusted Net Profit US past cost recognition H1 2026 Adjusted Net Profit 3,565 H1 2026 Reported Net Profit 4,336 953 Mexico1 Capital allowances in UK Capital allowances in UK 135 182 Reported Net Profit grows 22% to Eur 4,336 M 1. Net capital gain from the Mexican business disposal 22%
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Conclusions | 30
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Conclusions: 2026 Outlook A strong H1… A strong first-half performance supports an increasingly positive year-end outlook |31 …and an even better H2 ’26 REAFFIRMING Adjusted Net Profit GUIDANCE >8% Comfortably ▪ Higher RAB ▪ Tariff increases ▪ +3.5 GW in last 12M ▪ Higher production ▪ More contribution from hydro storage ▪ Debt and ratios as planned ▪ Increasing RAB ▪ Additional contribution from transmission ▪ 100% stake in Neoenergia ▪ +2.1 new GW by year-end ▪ Hydro reserves close to record ▪ 100% of energy sold ▪ Increasing margins ▪ Positive FX ▪ Additional operating efficiencies ▪ Process improvement led by AI
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Annex | 32
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Reported Income Statement / Group | 33 Eur M H1 2026 reported H1 2025 reported % Revenues 22,469 22,100 +1.7 Gross Margin 12,257 12,353 -0.8 Net Operating Expenses -2,713 -2,744 -1.1 Levies -1,494 -1,582 -5.6 EBITDA 8,050 8,026 +0.3 EBIT 5,226 5,261 -0.7 Net Financial Expenses -1,113 -605 +84.0 Equity Results 55 48 +13.2 Taxes -760 -978 -22.2 Net Profit continued operations 3,407 3,726 -8.6 Discontinued operations (including capital gain)1 1,0282 1383 N.A Minorities -99 -302 -67.4 Reported Net profit 4,336 3,562 +21.7 1. According to IFRS 5, Mexico contribution registered as Discontinued Operations 2. Includes Eur 953 M of net capital gain from the Mexican business disposal and Eur 75 M of ordinary Mexican business contribution before the sale 3. Includes Eur 138 M of ordinary Mexican business contribution in H1 2025
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation H1 2026 Reported & Adjusted P&L / Group | 34 Eur M H1 2026 Reported Mexico contribution1 Capital Allowances UK H1 2026 adjusted Revenues 22,469 - - 22,469 Gross Margin 12,257 - - 12,257 Net Operating Expenses -2,713 - - -2,713 Levies -1,494 - - -1,494 EBITDA 8,050 - - 8,050 EBIT 5,226 - 5,226 Net Financial Expenses -1,113 - - -1,113 Equity Results 55 +75 - 130 Taxes -760 - - -760 Capital Allowances in UK - +182 182 Net profit continued operations 3,407 +75 +182 3,663 Discontinued Operations (includes Capital Gain)2 1,028 -1,028 - - Minorities -99 - - -99 Net Profit 4,336 -953 +182 3,565 1. Mexico business is registered as Discontinued Operations in Reported Net Profit and presented under Equity in Adjusted Net Profit 2. Includes Eur 953 M of net capital gain from the Mexican business disposal and Eur 75 M of ordinary Mexican business contribution before the sale
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation H1 2025 Reported & Adjusted P&L / Group | 35 Eur M H1 2025 Reported Mexico contribution1 US past cost recognition Capital Allowances UK H1 2025 adjusted Revenues 22,100 - -530 - 21,571 Gross Margin 12,353 - -530 - 11,823 Net Operating Expenses -2,744 - - - -2,744 Levies -1,582 - - - -1,582 EBITDA 8,026 - -530 - 7,497 EBIT 5,261 - -530 - 4,731 Net Financial Expenses -605 - - - -605 Equity Results 48 +138 - - 187 Taxes -978 - +140 - -838 Capital Allowances in UK - - - +135 135 Net profit continued operations 3,726 +138 -389 +135 3,610 Discontinued Operations2 138 -138 - - - Minorities -302 - - - -302 Net Profit 3,562 - -389 +135 3,308 1. Mexico business is registered as Discontinued Operations in Reported Net Profit and presented under Equity in Adjusted Net Profit 2. Includes Eur 138 M of ordinary Mexican business contribution in H1 2025
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Liquidity and maturities | 36 Strong liquidity exceeding Eur 21(1) Bn, covering 22 months of financing needs Comfortable maturity profile with an average life of debt of 6 years 1. Including subsequent event (CNH 600 M private bond) 14.399 Credit lines 1.806 Available financing 5.259 Cash Liquidity (Eur M) 21,464 2.667 3.419 4.967 5.233 4.620 34.142 H2 2026 2027 2028 2029 2030 2031+ Maturities (Eur M )
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Sustainable financing | 37 Eur 5.3 Bn of sustainable financing signed year-to-date, of which 4.8 Bn is green… … reinforcing our position as the leading private issuer in green bonds for own investment NEW SUSTAINABLE FINANCING H1 2026 (Eur M) Product Q1 Q2 Total Green 2,181 2,661 4,842 Hybrid bonds 600 600 Senior bonds 679 2,020 2,699 Bank Loans 32 32 Multilateral loans 175 350 525 Development bank loans 695 695 TEI 291 291 Sustainability-linked 229 265 494 Bank Loan 144 265 409 Development bank loans 85 85 Total 2,410 2,926 5,336 SUSTAINABLE PORTFOLIO H1 2026: Eur 71,152 M Green Bond 26.679 Green Bank Loan 1.327 Multilateral Green Loan 7.153 Development Bank and ECA Green Loan 4.807 Sustainable Credit Lines 14.202 Green Structured Financing 8.731 Sustainable Bank Loan 2.253 Sustainable Commercial Paper 6.000
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www.iberdrola.com www.iberdrola.com First half 2026 Results presentation Advancing our sustainability strategy |38 Dow Jones Best-in-Class World & Europe (S&P) 2026 Only European utility included in all 26 editions. Among the world’s most sustainable electric companies Sustainability rankings Commitment to invest 1.6 Bn Eur in R&D&I (2025 - 2028) Innovation & Digitalization Sustainable Finance 1.5 Bn Eur Green Bond issuance ✓ 4.5 Bn Eur+ demand (3x oversubscribed) ✓ ICMA & EU GBS aligned ✓ Funding grid investments Europe’s Most Innovative Utility 2026 recognized by Fortune and Statista AI and Human talent together boosting electrification in more than 450 projects
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Results presentation First half 22 July 2026 | 39