Slide 1: Results presentation First half
Results presentation First half 22 July 2026 |1
Slide 2: Legal Notice: Disclaimer
Results presentation First half 2026 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 u
Slide 3: Legal Notice: Forward-Looking Statements
Results presentation First half 2026 Legal Notice 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 expect
Slide 4: Highlights of the period
Results presentation First half 2026 Highlights of the period www.iberdrola.com www.iberdrola.com |4
Slide 5: Highlights of the period
Results presentation First half 2026 Highlights of the period Reported Net Profit of Eur 4,336 M (+22%) Adjusted Net Profit of Eur 3,565 M (+8%) Adjusted EBITDA up +7%1 to Eur 8,050 M ▸ Networks, main growth driver: Adj. EBITDA up +13% due to higher asset base and tariff increases ▸ Power & Customer
Slide 6: Acquisition of Caruna Networks
Results presentation First half 2026 Acquisition of Caruna Networks Acquisition of Finland’s largest electricity distribution company (Eur ~5 Bn EV) Transaction fully in line with Iberdrola’s strategic pillars… Iberdrola will acquire an 80% stake in Caruna for an equity value of Eur ~2 Bn (Remaining
Slide 7: Adjusted EBITDA
Results presentation First half 2026 Adjusted EBITDA Adjusted EBITDA up +7%1 to more than Eur 8 Bn driven by stronger performance in Q2 vs Q1… Business highlights H1 ‘26 Adjusted EBITDA by geography NETWORKS Eur 4,213 M: +13% (vs 9% in Q1’26) UK ▸ Higher RAB in all countries Spain 24% 83% ▸ UK: RIIO
Slide 8: Investments
Results presentation First half 2026 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 Spain 1,900 4,384 2,462 14% Networks 29% UK 63% Other EU & 32% Power & Australia 13% 7,010 7,0
Slide 9: Growth in Networks: Investments
Results presentation First half 2026 Growth in Networks: Investments Networks investments up +42% to Eur 4,384 M, with Eur 1 Bn invested in Transmission … H1 ‘26 Networks investments by geography H1 ‘26 Networks investments by business Spain ~4.4 Bn +26% UK +42% Neoenergia + 43% 1.1 Minorities ~3.1
Slide 10: Growth in Networks: Regulated Asset Base
Results presentation First half 2026 Growth in Networks: Regulated Asset Base Regulated Asset Base up +11% close to Eur 55 Bn, 60% in the UK and the US… H1 ‘26 Total RAB by Geography Distribution & Transmission RAB Spain ~55 Bn +11% +1% 17% UK Transmission10% ~49 Bn 15 +30% vs H1 ‘25 32% + 11% ~55 1
Slide 11: Growth in Renewable Power: Selective investment
Results presentation First half 2026 Growth in Renewable Power: Selective investment Eur 2.2 Bn invested in renewables, more than 70% in wind … H1 ‘26 Renewable Investments by technology H1 ‘26 Renewable operating capacity increase (MW) Total Offshore wind Eur 696 M Installed YTD 410 62 336 786 1,59
Slide 12: Growth in Renewable Power: Selective investment
Results presentation First half 2026 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 2.2 GW Spain 0.3 3 GW ready for FID in UK 1.0 the coming months
Slide 13: Policy Tailwinds for Electrification
Results presentation First half 2026 Policy Tailwinds for Electrification Strong support for increasing investments in all our geographies… EU UK BRAZIL ✓ European Grids Package: accelerating ✓ Concession renewal +30 years network investment ✓ RIIO ED3: Publication of Framework supporting new invest
Slide 14: Financial Strength
Results presentation First half 2026 Financial Strength Strong ratios fully consistent with “BBB+” rating… Adj. FFO/Adj. Net Debt1 Adj. Net Debt1 / Adj. EBITDA Liquidity (Last 12m) (Last 12m) 23.1% 22.4% 3.5x 3.5x Eur 21.5 Bn Covering 22 months of financial needs H1’25 H1’26 H1’25 H1’26 …with liquid
Slide 15: Shareholder Remuneration
Results presentation First half 2026 Shareholder Remuneration Total shareholder remuneration up +6.2% to 0.685 EUR PER SHARE Total shareholder remuneration evolution Eur/Share 0.685 +6.2% 0.645 Supplementary dividend 0.427 Eur/share to be paid 27th July 2024 2025 (payable in 2025) (payable in 2026)
Slide 16: Analysis of results
Results presentation First half 2026 Analysis of results www.iberdrola.com www.iberdrola.com | 16
Slide 17: Adjusted Income Statement / Group
Results presentation First half 2026 Adjusted Income Statement / Group Reported Net Profit grows 22% to Eur 4,336 M while Adjusted Net Profit grows 8% to Eur 3,565 M H1 2026 H1 2025 Eur M % adjusted1 adjusted1 Revenues 22,469 21,571 +4.2 Gross Margin 12,257 11,823 +3.7 Net Operating Expenses -2,713
Slide 18: Adjusted Income Statement / Group
Results presentation First half 2026 Adjusted Income Statement / Group Adjustments and accounting criteria are shown below • According to IFRS 5, Mexico business is registered as Discontinued Operations in Mexico Reported Net Profit and presented under Equity in Adjusted Net Profit contribution • We
Slide 19: Adjusted Gross Margin / Group
Results presentation First half 2026 Adjusted Gross Margin / Group Adjusted Gross Margin reaches Eur 12,257 M, up 4% Adjusted Revenues (Eur M) Procurements (Eur M) 22,469.1 21,570.9 4.2%1 10,212.4 9,747.5 4.8% H1 2025 H1 2026 H1 2025 H1 2026 Excluding FX impact, Adjusted Gross Margin up 6% www.iberd
Slide 20: Net Operating Expenses / Group
Results presentation First half 2026 Net Operating Expenses / Group Net Operating Expenses are 1% lower, and excluding FX impact, up 1% Net Operating Expenses (Eur M) H1 2026 H1 2025 % Net Personnel Expenses -1,483.3 -1,376.8 7.7% External Services -1,871.4 -1,824.3 2.6% Other Operating Income 642.0
Slide 21: Results by Business / Networks
Results presentation First half 2026 Results by Business / Networks Networks adjusted EBITDA up 13% to Eur 4,213 M, excluding FX impact (Eur -53 M), up 14%... Eur M 25% United Kingdom Brazil 29% (+20%) (+12%) 4,212.7 23% 24% United States Spain (+7%) (+11%) … driven by strong performance in all geog
Slide 22: Results by Business / Networks
Results presentation First half 2026 Results by Business / Networks Adj. EBITDA IFRS USD 1,158.2 M (+19.4%; –23.9% in reported terms): • Higher rates in Distribution UNITED • Increased contribution from Transmission, including positive contribution from NECEC (COD on the 16th of STATES January) • Re
Slide 23: Results by Business / Power and Customers
Results presentation First half 2026 Results by Business / Power and Customers Power and Customers EBITDA increase 1% to Eur 3,790 M, improving from Q1 2026 Eur M RoW (-18%) 9% Brazil 3% (+23%) 52% Iberia United States 12% (+1%) (-4%) 3,789.7 United Kingdom 24% (+8%) 61 TWh of electricity produced1,
Slide 24: Results by Business / Power and Customers
Results presentation First half 2026 Results by Business / Power and Customers EBITDA EUR 1,989.2 M (+1.5%): • Higher electricity sales and margins in Q2 more than compensate lower prices, higher ancillary costs and IBERIA regulated gas rate • Hydro reserves of 8.3 TWh. Pumping already representing
Slide 25: Adjusted EBIT / Group
Results presentation First half 2026 Adjusted EBIT / Group D&A and provisions up 2% to Eur 2,824 M, driven by higher asset base and provisions Adjusted EBIT (Eur M) D&A and Provisions (Eur M) 5,225.6 +2% 4,731.5 10% -2,765.4 -2,824.4 -274.4 -229.8 Provisions -2,535.6 D&A -2,550.0 H1 2025 H1 2026 H1
Slide 26: Net Financial Result / Group
Results presentation First half 2026 Net Financial Result / Group 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 Net Financial Result (Eur M) Cost of Debt -480 +21 -1,113 5.13% +44 bps -49 -605 4.69% 3.53% -3
Slide 27: Adjusted Net Debt / Group
Results presentation First half 2026 Adjusted Net Debt / Group Net Debt increases Eur 3.8 Bn affected by hybrid replacement and currency appreciation… Consolidated Net Debt Evolution Eur Bn 54.0 +1.3 50.2 +2.7 Other +2.9 FX & -6.2 Dividend Hybrid 2 +7.0 & Treasury Adjusted -3.9 Shares FFO Asset Cape
Slide 28: Financial ratios / Group
Results presentation First half 2026 Financial ratios / Group … delivering solid ratios despite debt increase Excluding FX, FFO / Adjusted Net Debt ratio would be 23.1% Adjusted Credit Metrics H1 2026 H1 20252 Adjusted Net Debt1/ Adjusted EBITDA 3.5x 3.5x Adjusted FFO / Adjusted Net Debt1 22.4% 23.1
Slide 29: Adjusted Net Profit / Group
Results presentation First half 2026 Adjusted Net Profit / Group Adjusted Net Profit up 8% to Eur 3,565 M. Excluding FX, up 14% 22% Eur M 182 4,336 3,562 3,565 953 Capital 135 3,308 8% allowances 389 in UK Mexico1 US past cost Capital recognition allowances in UK H1 2025 H1 2025 H1 2026 H1 2026 Repo
Slide 30: Conclusions
Results presentation First half 2026 Conclusions www.iberdrola.com www.iberdrola.com | 30
Slide 31: Conclusions: 2026 Outlook
Results presentation First half 2026 Conclusions: 2026 Outlook A strong first-half performance supports an increasingly positive year-end outlook A strong H1… …and an even better H2 ’26 ▪ Higher RAB ▪ Increasing RAB ▪ Tariff increases ▪ Additional contribution from transmission ▪ 100% stake in Neoen
Slide 32: Annex
Results presentation First half 2026 Annex www.iberdrola.com www.iberdrola.com | 32
Slide 33: Reported Income Statement / Group
Results presentation First half 2026 Reported Income Statement / Group H1 2026 H1 2025 Eur M % reported 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
Slide 34: H1 2026 Reported & Adjusted P&L / Group
Results presentation First half 2026 H1 2026 Reported & Adjusted P&L / Group H1 2026 Mexico Capital H1 2026 Eur M Reported contribution1 Allowances UK 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 - -
Slide 35: H1 2025 Reported & Adjusted P&L / Group
Results presentation First half 2026 H1 2025 Reported & Adjusted P&L / Group H1 2025 Mexico US past cost Capital H1 2025 Eur M Reported contribution1 recognition Allowances UK adjusted Revenues 22,100 - -530 - 21,571 Gross Margin 12,353 - -530 - 11,823 Net Operating Expenses -2,744 - - - -2,744 Levi
Slide 36: Liquidity and maturities
Results presentation First half 2026 Liquidity and maturities Strong liquidity exceeding Eur 21(1) Bn, covering 22 months of financing needs Liquidity (Eur M) Maturities (Eur M ) 34.142 5.259 Cash 14.399 Credit lines 1.806 Available 21,464 financing 3.419 4.967 5.233 4.620 2.667 H2 2026 2027 2028 20
Slide 37: Sustainable financing
Results presentation First half 2026 Sustainable financing Eur 5.3 Bn of sustainable financing signed year-to-date, of which 4.8 Bn is green… NEW SUSTAINABLE FINANCING H1 2026 (Eur M) SUSTAINABLE PORTFOLIO H1 2026: Eur 71,152 M Sustainable Commercial Paper Sustainable Bank 6.000 Product Q1 Q2 Total
Slide 38: Advancing our sustainability strategy
Results presentation First half 2026 Advancing our sustainability strategy Sustainable Finance Sustainability rankings Dow Jones Best-in-Class World & Europe 1.5 Bn Eur Green Bond issuance (S&P) 2026 ✓ 4.5 Bn Eur+ demand (3x oversubscribed) Only European utility included in all 26 editions. ✓ ICMA &
Slide 39: Results presentation First half
Results presentation First half 22 July 2026 | 39