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Results presentation Nine months 21 October 2026
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Nine months 2026 Results presentation 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 nine-month period ended on 30 September 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 thereon 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 were prepared by Iberdrola, S.A. solely with respect to the consolidated financial results of Iberdrola, S.A. and were prepared and are 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 nine-month period ended on 30 September 2026, please see the press release Neoenergia issued on 20th October, 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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Nine months 2026 Results presentation 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/20125/6230700/alternative-performance- measures-269M.pdf. Legal Notice |3
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www.iberdrola.com www.iberdrola.com Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Highlights of the period |4
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com ▷ Networks up +15% to Eur 6.4 Bn: higher asset base, rates rises and increasing contribution from Transmission ▷ Power & Customers EBITDA: Eur 5.4 Bn (-2%) Highlights of the period Reported Net Profit of Eur 5,816 M (+10%) Adjusted Net Profit of Eur 5,141 M (+9%) 1. Excluding US networks past cost recognition and capital gain from MAP Business sale in 2025 and Mexico in 2026 due to the sale of the business Strong financial position with protection against interest rate increases Adjusted EBITDA up +7%1 to Eur 11,891 M |5 ▷ Eur 6,277 M in Networks (+28%): RAB reaching Eur 56 Bn (+14%) ▷ Eur 3,600 M in Power & Customers: 2,300 MWs installed in 9M ‘26 Investments up +13% to Eur 10.1 Bn, almost 3/4 in UK, US and Brazil High visibility on regulated investments to 2030+ in UK, US, Brazil and Spain Interim dividend up +8.7% to Eur 0.275/Share Adjusted Net Profit ex. FX up +13%
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Adjusted EBITDA Adjusted EBITDA up +7%1 to Eur 11.9 Bn driven by ongoing acceleration in Q3, with Networks driving growth H1 ‘26 Adjusted EBITDA by geographyBusiness highlights NETWORKS Eur 6,430 M: +15% vs 9M ‘25 ▸ Higher sales in Q3 (at prices fixed in 2025) with higher procurement costs ▸ New sales already at higher prices ▸ Higher contribution from pumped hydro ▸ Higher RAB in all countries ▸ UK: RIIO-T3 contribution since April ▸ US: New rates (NY, Connecticut) and positive impact of Transmission (NECEC) ▸ Rate increases in Brazil and positive impact of Transmission ▸ Strong performance in Spain Adjusted EBITDA increases +8% excluding FX 9M ‘26 Adjusted EBITDA by geography Spain 38% 22% 19% 17% 4% 11,891 Eur M Other EU & Australia Brazil UK US 82% in A-rated countries +7% vs 9M ’25 |6 POWER & CUSTOMERS Eur 5,359 M: -2% vs 9M ‘25 1. Excluding US networks past cost recognition and capital gain from MAP Business sale in 2025 and Mexico due to the sale of the business
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Investments Total Investments up +13% to over Eur 10 Bn, close to 75% in the UK, the US and Brazil 9M ’26 Total Investments by geography 9M ’26 Total Investments by business Eur 15.5 Bn invested in the last 12 months, ~70% in Networks 17% 10% 32% 14% 31% 10,087 Eur M Corporate & Other Networks 62% Power & Customers 36% +13% vs 9M ’25 Other EU & Australia Brazil UK US 1,900 784 16% 31% 21%21% 10% Spain 10,087 Eur M Including Eur 1,109 M Neoenergia Minorities +13% vs 9M ’25 |7
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Networks Investments Networks investments up +28 % to Eur 6,277 M… …with more than 90% in UK, US and Brazil 9M ‘26 Networks investments by geography 9M ‘26 Networks investments by business (Eur Bn) 9M ‘25 ~4.9 1.1 ~6.3 3.7 1.5 +28% Transmission 9M ‘26 Distribution 8% 6,277 Eur M Spain Brazil UK US Neoenergia Minorities +28% vs 9M ’25 |8 33%34% 25% Neoenergia Minorities 1.7 3.2
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Networks Regulated Asset Base RAB up +14% to Eur 56 Bn driven by 31% growth in Transmission 61% of total RAB in UK and US |9 Business highlights Brazil UK ▷ Temporary Rates in NY with $2.2 Bn investments (Jun ’26-May ’27) ▷ Transmission: completion of NECEC, increasing investments in Powering NY ▷ Investing Eur 9 Bn to 2030 (2x) following concession renewal ▷ Transmission Investment cycle completed: RAB of Eur 4.3 Bn and >Eur 250 M of EBITDA p.a. ▷ Increasing investments after improvements in regulatory framework (incentives) Spain ▷ Increasing investments in RIIO-ED2 (2023-28) (+20%) US +14% vs 9M ’25 27% Transmission +31% vs 9M ‘25 Total RAB 9M ‘26 Spain Brazil UK US 22% 17% 28% 33% +2% vs 9M ‘25 + 14% vs 9M ‘25 +18% vs 9M ‘25 +18% vs 9M ‘25 ~56 Eur Bn Distribution +8% vs 9M ‘25 ▷ Caruna transaction authorizations progressing as expected Finland 73%
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Renewable Investments Eur 3.3 Bn invested in Renewables 9M ‘26 Renewable Investments by technology More than 2,300 new MW installed in 9M 2026: 2/3 in onshore and offshore wind Over 600 MW installed in the US 10% Onshore wind Eur 1,211 M Solar PV Eur 447 M Offshore wind Eur 1,195 M Storage & Others Eur 404 M 3,257 Eur M 9M ‘26 Renewable installed capacity 1 In addition to 571 MWs already installed as of Dec-25.Capacity accounted at 100% and IBE’s stake at 50% |10 137 33062 277 2341 96 11 11 555 315 251 45 1,031 MW 688 MW 56 MW ✓ INSTALLED 2.3 GW Offshore windOnshore wind Solar PV Storage 549 MW
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com 78% 22% Financial Strength Strong financial position with protection against interest rate increases |11 Adj. Net Debt1/Adj. EBITDA Floating vs fixed Debt (exc. Brazil) 3.3x 9M ’25 9M ’26 3.4x 1. Adjusted for treasury stock derivatives with physical settlement which at the current date are not expected to be executed (Eur 1,793 M as of 9M 2026 and Eur 1,450 M as of 9M 2025) Fixed Floating
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Shareholder Remuneration Interim shareholder remuneration up +8.7% to Eur 0.275/share |12 Eur 0.275 Eur 0.253 +8.7%
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Electrification up >10 pp by 2035 only with existing technology |13 Increasing positive energy context driven by booming electrification and strong policy support ✓ Electrification will increase global demand by 50%, to ≈42,000 TWh by 2035 ✓ Europe could raise electrification rates by +15 pp by 2035, reaching 39% of total final energy Energy policies supporting electrification and network investments Electrification Action Plan: 46% by 2040 (x2) European Grids Package Net Zero strategy: Reduction of emissions Clean Power 2030: More renewables NESO “Beyond 2030”: Increasing network investments 2030+ investment outlook
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com 2030+ investment outlook |14 Increasing RAB to Eur 90 Bn by 2030e due to investment requirements in all our markets Increasing growth investments in distribution due to new demand and additional transmission Increasing refurbishment investments mainly in US/UK due to high asset age Increasing reliability investments backed by regulatory frameworks 9M ‘26 ~56 >90 ~60 +60% Transmission 2030 Distribution 15 41 Increasing RAB evolution to 2030e (Eur Bn) ~30 ~65% of 2030e RAB in US and UK
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Accelerating new projects to add more than 15 GW in 2025–30, 60% installed or under construction… 3.8 GW 6.5 GW 1.5 GW COD in Q4 2.3 GW completed in ‘27-28 UK 1,034 US 698 Inter. 273 Spain 265 UK 1,397 US 24 Spain 30 BR 13 MW MW VW1 MWs and EA3 MWs figures relate to 100% capacity of the project 2030+ investment outlook Capacity under construction COD Q4 2026-2028 Capacity installed 2025- 9M 2026 5.0 GW Additional capacity COD 2028-2030 …compared to 9.5 GW included in our 2025-2028 plan |15 Inter. 8
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www.iberdrola.com www.iberdrola.com Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Analysis of results |16
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Adjusted Income Statement / Group Reported Net Profit grows 10% to Eur 5,816 M while Adjusted Net Profit grows 9% to Eur 5,141 M Eur M 9M 2026 adjusted1 9M 2025 adjusted1 % Revenues 34,405 31,871 +8.0 Gross Margin 18,031 17,294 +4.3 Net Operating Expenses -4,124 -4,156 -0.8 Levies -2,017 -2,074 -2.8 EBITDA 11,891 11,064 +7.5 EBIT 7,645 6,872 +11.3 Net Financial Expenses -1,687 -1,163 +45.1 Equity Results and Mexico Discontinued Business2 139 332 -58.0 Taxes -1,095 -1,107 -1.1 Capital allowances in UK 278 191 +45.5 Minorities -140 -398 -64.9 Adjusted Net Profit 5,141 4,727 +8.8 1. See next page and Annex on page 37, 38 and 39 2. Equity Results include Discontinued Operations Adjusted EBITDA up 7% to Eur 11,891 M |17
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Adjusted Income Statement / Group 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 and Discontinued Operations 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 remaining business sale to COX in Q2 2026 Mexico contribution in 2025 and 2026 For further detail, please see annex in page 37, 38 and 39 • Capital allowances in UK are included in Adjusted Net Profit in 2025 and 2026 UK Capital allowances in 2025 and 2026 |18 • UK Smart Meter capital gain is excluded in Adjusted Net Profit in 2025 U K Smart Meter divestment • US past cost recognition is excluded from Adjusted Net Profit in 2025 according to 2025 Guidance definition US past cost recognition in 2025
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Adjusted Gross Margin / Group Excluding FX impact, Adjusted Gross Margin up 5% Adjusted Gross Margin reaches Eur 18,031 M, up 4% 8.0%1 Adjusted Revenues (Eur M) Procurements (Eur M) 31,871.0 34,405.0 9M 2025 9M 2026 14,576.6 16,373.7 9M 2025 9M 2026 12.3% 1. Detracting recovery of US past costs in 2025 |19
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Adjusted Net Operating Expenses are 1% lower, and excluding FX impact remain flat Adjusted Net Operating Expenses / Group Total Net Operating Expenses -4,123.7 -4,156.0 Adjusted1 Net Operating Expenses (Eur M) Net Personnel Expenses External Services Other Operating Income 9M 2025 -2,109.5 -2,725.1 678.7 % 8.2% 1.7% 37.2% -0.8% 9M 2026 -2,282.3 -2,772.7 931.3 |201. Adjusted by Capital Gain from Smart Meter sale in UK in 9M 2025 (Eur 382 M)
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Results by Business / Networks 6,430.2 25% 27% 24% 24% … driven by strong performance in all geographies Networks adjusted EBITDA up 15% to Eur 6,430 M, already accounting for 54% of Group EBITDA Eur M Spain United States United Kingdom Brazil (+18%) (+14%)(+18%) (+10%) |21
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Results by Business / Networks EBITDA BRL 10,436.0 M (+4.0%): • Higher revenues in distribution due to better rates and demand • Higher contribution from Transmission • Temporary negative impact from concession renewal BRAZIL EBITDA EUR 1,586.1 M (+18.3%): • Driven by new regulatory framework and adjustments from past years SPAIN EBITDA GBP 1,355.5 M (+20.1%): • Increasing contribution in Transmission, driven by new investments under the RIIO-T3 framework UNITED KINGDOM Adj. EBITDA USD 1,782.0 M (+19.2%; –12.9% in reported terms): • Higher rates in Distribution • Increased contribution from Transmission, including positive contribution from NECEC (COD on 16th of January) • Reported figures affected by past cost recognition accounted in 2025 (USD 550 M) UNITED STATES |22
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Power and Customers Adjusted EBITDA decreases 2% to Eur 5,359 M Results by Business / Power and Customers 91 TWh of electricity produced1, 3% increase vs. last year, driven by higher demand 90% locally sourced and emission-free 1. Excludes Discontinued Operations 5,359.3 Iberia United States United Kingdom 54% 14% 19% RoW 10% Brazil 3% Eur M (-5%) (+7%) (0%) (+12%) (-12%) |23
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Results by Business / Power and Customers EBITDA EUR 2,912.8 M (-4.6%): • Demand growth drives sales increase at 2025 prices, impacting procurement costs at 2026 prices • Negative impact from regulated gas rate (higher cost of gas) and increase in ancillary services IBERIA EBITDA USD 847.7 M (+4.2%): • Higher output from wind and solar and lower thermal contribution, partially compensated by timing effects UNITED STATES EBITDA EUR 518.2 M (-11.9%): • Affected by disposal of onshore business in Hungary and France and lower prices • Negative impact from higher ancillary services in Portugal RoW (IEI) EBITDA BRL 1,007.4 M (+6.3%): • Better contribution in Retail business partially offset by lower renewable productionBRAZIL Adj. EBITDA GBP 880.1 M (+8.4%): • Higher wind resource with lower prices fixed in 2025 • Reported figures affected by sale of smart meters capital gain UNITED KINGDOM |24
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com D&A and provisions up 1% to Eur 4,245 M, in line with previous quarters Adjusted EBIT up 11% to Eur 7,645 M Adjusted EBIT / Group +1% 11% Adjusted EBIT (Eur M) D&A and Provisions (Eur M) 6,871.9 9M 2025 adjusted 7,645.1 -370.2 -411.1 9M 2025 9M 2026 -4,192.2 -4,245.4 Provisions D&A-3,821.9 -3,834.3 9M 2026 adjusted |25
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Net Financial Result increases mainly due to derivatives, driven by the Eur 282 M EA3 2025 one-off and FX hedges Debt cost increases 22 bps supported by higher rates and BRL appreciation Net Financial Result / Group Cost of DebtNet Financial Result (Eur M) -1,687 9M 2025 9M 2026 -1,163 -85 Debt result Derivatives Other +64-503 +22 bps 4.71% 4.93% (ex NEO) 3.54% 3.47% 9M 2025 9M 2026 -7 bps |26
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Moderate Q3 Net Debt increase of Eur 0.6 Bn Adjusted Net Debt / Group Consolidated Net Debt Evolution 50.2 FY 2025 Adjusted Net Debt 54.6 9M 2026 Adjusted Net Debt Eur Bn OtherDividend & Treasury SharesAdjusted FFO Capex FX & Hybrid 1 Asset rotation 1. Includes Eur 1.6 Bn FX and Eur 1.0 Bn hybrid replacement |27 +10.0 -9.3 -4.9 +5.4 +2.7 +0.5 Net Debt increases Eur 4.4 Bn affected by higher capex and currency appreciation
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Financial ratios / Group 1. Adjusted for treasury stock derivatives with physical settlement which at the current date are not expected to be executed (Eur 1,793 M as of 9M 2026 and Eur 1,450 M as of 9M 2025) 2. 9M 2025 ratios restated for comparison purposes and include ENW proforma Adjusted Leverage Adjusted FFO / Adjusted Net Debt1 Adjusted Net Debt1 / Adjusted EBITDA 43.3% 24.9% 3.3x3.4x Adjusted Credit Metrics 9M 202529M 2026 22.4% 45.8% |28 Delivering solid ratios… …comfortably within credit rating ratios for a BBB+/Baa1
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Adjusted Net Profit up 9% to Eur 5,141 M. Excluding FX, up 13% Adjusted Net Profit / Group Eur M 389 9M 2025 Reported Net Profit 5,307 4,727 9% 9M 2025 Adjusted Net Profit US past cost recognition 9M 2026 Adjusted Net Profit 5,141 9M 2026 Reported Net Profit 5,816 953 Mexico1 Capital allowances in UK Capital allowances in UK Reported Net Profit grows 10% to Eur 5,816 M 1. Net capital gain from the Mexican business disposal 10% |29 191 UK Smart meter divestment 382 278
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www.iberdrola.com www.iberdrola.com Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Conclusions |30
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Guidance 2026 Ongoing solid performance in Q3 and Q4 after a strong H1 |31 Networks • +3,300 new MWs installed in the last 12 months, with 1,500 MW additional in Q4 • Higher pumped hydro production • Increasing prices for Q4 2026 and 2027 POWER & CUSTOMERS NETWORKS • Cash flow generation, with increasing share of regulated/contracted businesses • Improving operating efficiency • Strong financial position • Maintaining solid BBB+ rating FINANCIAL STRENGTH • Increasing RAB to Eur 58 Bn by year end (+15%) • Rate increases in distribution • Higher contribution from transmission (T3, NECEC, Brazil)
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Questions and Answers |32 Guidance 2026 Adjusted Net Profit Growth >10% Improvement in 2026 Guidance… Strong performance in 9M and positive expectations in Q4 allow us to improve our 2026 outlook…
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Capital Markets Day FURTHER DETAIL TO BE PROVIDED IN OUR CAPITAL MARKETS DAY IN MARCH 2027 |33 …targeting a 10% average growth in Adjusted Net Profit in the next 5 years
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www.iberdrola.com www.iberdrola.com Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Annex I: “Iberdrola Retribución Flexible” program January 2027 |34
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com “Iberdrola Retribución Flexible” program – January 2027 | 35 • LAST TRADING DATE: Last day to buy IBE shares and participate in “Iberdrola Retribución Flexible” program and/or receive dividend in cash • Announcement of capital increase in BORME Closing prices considered for determining the average price used to calculate number of rights and interim dividend amount Commencement of trading of the newly issued shares • Capital increase and Interim Dividend per share calculations (before noon) • ORI publication on the number of rights/share and interim DPS Last day of rights trading period and of the common election period • Close of scrip issuance • ORI publication January 8 December 31 and January 4, 5, 6 and 7 January 11 January 25 February 3 January 12 • Beginning of the rights trading period and common election period • Ex date (scrip and cash dividend) February 1 • Delivery of shares • Payment of interim dividend • Payment of adjustment dividend (if any) January 29 Trading period and common election period October 20 • Board of Directors: resolution for the execution of the capital increase and payment of the interim dividend • ORI Information document October 21
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www.iberdrola.com www.iberdrola.com Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Annex II |36
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Reported Income Statement / Group Eur M 9M 2026 reported 9M 2025 Reported % Revenues 34,405 32,401 +6.2 Gross Margin 18,031 17,824 +1.2 Net Operating Expenses -4,124 -3,774 9.3 Levies -2,017 -2,074 -2.8 EBITDA 11,891 11,975 -0.7 EBIT 7,645 7,783 -1.8 Net Financial Expenses -1,687 -1,163 -48.6 Equity Results 64 66 -1.9 Taxes -1,095 -1,247 -12.2 Net Profit continued operations 4,928 5,439 -9.4 Discontinued operations (including capital gain)1 1,0282 2663 N.A Minorities -140 -398 -64.9 Reported Net profit 5,816 5,307 +9.6 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 9M 2025 | 37
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com 9M 2026 Reported & Adjusted P&L / Group Eur M 9M 2026 Reported Mexico contribution1 Capital Allowances UK 9M 2026 adjusted Revenues 34,405 - - 34,405 Gross Margin 18,031 - - 18,031 Net Operating Expenses -4,124 - - -4,124 Levies -2,017 - - -2,017 EBITDA 11,891 - - 11,891 EBIT 7,645 - - 7,645 Net Financial Expenses -1,687 - - -1,687 Equity Results 64 +75 - 139 Taxes -1,095 - - -1,095 Capital Allowances in UK - - +278 278 Net profit continued operations 4,928 +75 +278 5,280 Discontinued Operations (includes Capital Gain)2 1,0282 -1.028 - - Minorities -140 - - -140 Net Profit 5,816 -953 +278 5,141 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 | 38
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com 9M 2025 Reported & Adjusted P&L / Group Eur M 9M 2025 Reported Mexico contribution1 US past cost recognition Smart meters UK divestment Capital Allowances UK 9M 2025 Adjusted Revenues 32,401 - -530 - - 31,871 Gross Margin 17,824 - -530 - - 17,294 Net Operating Expenses -3,774 - - -382 - -4,156 Levies -2,074 - - - - -2,074 EBITDA 11,975 - -530 -382 - 11,064 EBIT 7,783 - -530 -382 - 6,872 Net Financial Expenses -1,163 - - - - -1,163 Equity Results 66 266 - - - 332 Taxes -1,247 - +140 - - -1,107 Capital Allowances in UK - - - - +191 191 Net profit continued operations 5,439 266 -389 -382 +191 5,125 Discontinued Operations2 266 -266 - - - - Minorities -398 - - - - -398 Net Profit 5,307 - -389 -382 +191 4,727 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 9M 2025 | 39
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Liquidity and maturities | 40 Strong liquidity exceeding Eur 23 Bn, covering 20 months of financing needs Comfortable maturity profile with an average life of debt of c.6 years 14.449 Credit lines 1.724 Available financing 6.873 Cash Liquidity (Eur M) 23,046 1.721 3.451 4.947 5.238 4.688 36.050 Q4 2026 2027 2028 2029 2030 2031+ Maturities (Eur M )
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Sustainable financing | 41 Eur 6.4 Bn of sustainable financing signed year-to-date, of which 5.7 Bn is green… … reinforcing our position as the leading private issuer in green bonds for own investment NEW SUSTAINABLE FINANCING 9M 2026 (Eur M) Product Q1 Q2 Q3 Total Green 2,181 2,653 880 5,714 Hybrid bonds 600 600 Senior bonds 674 2,011 572 3,257 Bank loans 32 32 Multilateral loans 175 350 179 704 Development bank loans 699 699 TEI 292 292 Project Finance 129 129 Sustainability-linked 232 265 200 697 Bank loans 144 265 200 609 Development bank loans 87 87 Total 2,412 2,918 1,080 6,410 SUSTAINABLE PORTFOLIO 9M 2026: Eur 71,768 M Green Bond 27.166 Green Bank Loan 1.325 Multilateral Green Loan 7.330 Development Bank and ECA Green Loan 4.763 Sustainable Credit Lines 14.209 Green Structured Financing 8.772 Sustainable Bank Loan 2.203 Sustainable Commercial Paper 6.000
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Nine months 2026 Results presentation www.iberdrola.com www.iberdrola.com Coordinated field response reduces disruption and climate exposure | 42 Modernized assets, additional capacity and digital control improve continuity of supply Advanced analytics identify vulnerabilities early and support targeted preventive action Resilience outcomes Advancing Torrejón-Valdecañas pumped-storage project to provide 15 GWh of storage New investment cycles to expand and digitalise grids, increase capacity and improve reliability and quality of supply AI models anticipate El Niño impacts, targeting predictive maintenance Specific plan for strengthening Glasgow grid, including fault detection, automation and thermal monitoring Over 1,370 professionals responded to storms affecting 283,000+ customers in NY, CT and ME EUR 100 M il·lumina plan completed after Valencia’s DANA: substations, transformers and smart meters restored or renewed Reinforcing critical infrastructure Anticipating climate and operational risks Faster response to extreme events Resilience actions Significant progress in sustainability aligned with our strategy Stronger and more flexible assets Predictive preparedness Faster recovery and adaptation ~9 M trees planted as of 9M 202646 hectares of peatland restored to improve water retention, reduce flood risk and enhance river quality Nature-based solutions