Slide 1: Results presentation First quarter
Results presentation First quarter 29 April 2026
Slide 2: Legal Notice
Results Legal Notice presentation First quarter 2026 DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation of financial results of the first quarter of the 2026 fiscal year. As a consequence thereof, this document may not be disclosed, published or
Slide 3: Legal Notice: Forward-looking statements
Results Legal Notice presentation First quarter 2026 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 exp
Slide 4: Highlights of the period
Results presentation First quarter 2026 Highlights of the period www.iberdrola.com www.iberdrola.com |4
Slide 5: Highlights of the period
Results Highlights of the period presentation First quarter 2026 Adjusted Net Profit up +11% to Eur 1,865 M driven by our business model based on regulated businesses in A-rated countries… Adjusted EBITDA of Eur 4.1 Bn, with Networks as key driver ▷ Networks Adjusted EBITDA of Eur 2,048 M, up +9% ▷
Slide 6: Iberdrola's business model in the current context
Results Iberdrola’s business model in the current context presentation First quarter 2026 …that provides stability and growth in any scenario including the current or any future crises linked to fossil fuels ▷ Minimal exposure to commodities (pass-through) Short term: ▷ 85% assets in A-Rated countri
Slide 7: Business highlights
Results Business highlights presentation First quarter 2026 Networks remain at the core of our business, driving stable and predictable earnings, with strong growth momentum in Power & Customers UK. RIIO-T3 final determination sets a total allowance of c. Eur 14 Bn (+7% vs draft) Networks US. Improv
Slide 8: Adjusted EBITDA
Results Adjusted EBITDA presentation First quarter 2026 Adjusted EBITDA reaches Eur 4.1 Bn driven by Networks operating performance… Business highlights EBITDA by geography Q1 ‘26 ▪ RAB up 8% with higher rates UK ▪ Strong growth in the UK driven by increasing Networks NETWORKS (+9% ) investments and
Slide 9: Investments
Results Investments presentation First quarter 2026 Investments reach Eur 2.7 Bn in Q1, with more than 50% in the UK and the US… Q1 ‘26 Investments by geography1 Q1 ‘26 Investments by business Networks Iberia Eur 1,460 M 54% 19% 507 Other EU & 2,705 UK 912 34% 2,70532% 10% Australia 398 Eur M Eur M
Slide 10: Growth in Networks: Investments
Results Growth in Networks: Investments presentation First quarter 2026 RAB increases +8% to Eur 53 Bn driven by double-digit growth in the UK Q1 ‘26 Networks Organic Investments (Eur M) RAB Evolution (Eur Bn) Spain 9% +24% vs Q1’25 ~53 Bn D T D ~49 Bn +8% T 10% UK 32% 27% Brazil 20% 31% (+10%) 1,46
Slide 11: Growth in Renewable Power: Selective investment
Results Growth in Renewable Power: Selective investment presentation First quarter 2026 More than Eur 1 Bn of investments in Renewable with ~75% in wind… Q1 ‘26 Renewable Power investments by technology Renewable capacity additions (Last 12m) 1.2 GW Onshore wind Eur 494 M Offshore wind 1 GW Eur 299
Slide 12: Financial Strength
Results Financial Strength presentation First quarter 2026 Pro-forma Adj. Net Debt at Eur 50.3 Bn… Pro-forma FFO/Adjusted Net Debt (Last 12m) Pro-forma Eur 50.3 Bn Adj. Net Debt Post-Mexico & Neoenergia transactions +360 bps 24.8% 21.2% Liquidity Eur 21.4 Bn covering 23 months of financing needs Q1’
Slide 13: Artificial Intelligence
Results Artificial Intelligence presentation First quarter 2026 Already transforming our processes to fully integrate AI at scale as an additional driver of Iberdrola´s growth, efficiency and competitiveness Process End-to-end redesign of business processes transformation AI embedded across Power, N
Slide 14: Analysis of results
Results presentation First quarter 2026 Analysis of results www.iberdrola.com www.iberdrola.com |14
Slide 15: Adjusted Income Statement / Group
Results Adjusted Income Statement / Group presentation First quarter 2026 Adjusted EBITDA up 2% to Eur 4,067 M while Adjusted Net Profit grows 11% to Eur 1,865 M Q1 2026 Q1 2025 Eur M % adjusted1 adjusted1 Revenues 12,018 12,053 -0.3 Gross Margin 6,429 6,492 -1.0 Net Operating Expenses -1,348 -1,431
Slide 16: Adjusted Income Statement / Group
Results Adjusted Income Statement / Group presentation First quarter 2026 For transparency purposes, adjustments and accounting criteria are shown below • According to IFRS 5, Mexico business is registered as Discontinued Operations and Mexico presented under Equity in Adjusted Net Profit contributi
Slide 17: Adjusted Gross Margin / Group
Results Adjusted Gross Margin / Group presentation First quarter 2026 Adjusted Gross Margin reaches Eur 6,429 M, down 1% Excluding FX impact, Adjusted Gross Margin up 3% Adjusted Revenues (Eur M) Procurements (Eur M) 12,053.4 12,017.6 -0.3%1 5,560.9 0.5%2 5,588.2 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Excl
Slide 18: Net Operating Expenses / Group
Results Net Operating Expenses / Group presentation First quarter 2026 Net Operating Expenses are 6% better Excluding FX impact, Net Operating Expenses improve 0.7% Net Operating Expenses (Eur M) Q1 2026 Q1 2025 % Net Personnel Expenses -752.4 -758.4 -0.8% External Services -894.2 -912,8 -2.0% Other
Slide 19: Results by Business / Networks
Results Results by Business / Networks presentation First quarter 2026 Networks adjusted EBITDA up 9% to EUR 2,048 M Excluding FX impact (Eur -94 M), Networks Adjusted EBITDA up 14%... Eur M 21% Spain Brazil 29% 2,047.5 25% United Kingdom United States 25% … driven by strong performance in UK and US
Slide 20: Results by Business / Networks
Results Results by Business / Networks presentation First quarter 2026 Adj. EBITDA IFRS USD 611.8 M (+21.5%; –42.0% in reported terms): UNITED • Higher rates in Distribution STATES • Better contribution from Transmission, including positive contribution from NECEC (COD on the 16th of January) • Repo
Slide 21: Results by Business / Power and Customers
Results Results by Business / Power and Customers presentation First quarter 2026 Power and Customers EBITDA decrease 3% to EUR 2,022 M Eur M RoW 10% Brazil 4% United States Iberia 49% 8% 2,022.3 United Kingdom 28% Excluding FX impact (Eur -47 M), EBITDA only down 1% 33 TWh of electricity produced1,
Slide 22: Results by Business / Power and Customers
Results Results by Business / Power and Customers presentation First quarter 2026 EBITDA EUR 1,002.0 M (-3.2%): IBERIA • Affected by ancillary costs, regulated gas rate and lower prices, despite higher electricity sales • Record hydro reserves (9.0 TWh) UNITED EBITDA USD 195.7 M (-31.6%): STATES • L
Slide 23: Adjusted EBIT / Group
Results Adjusted EBIT / Group presentation First quarter 2026 D&A and provisions up 9% to EUR 1,476 M, driven by higher asset base and a normalization of provisions vs. exceptional recoveries in 2025 Adjusted EBIT (EUR M) D&A and Provisions (EUR M) +9% 2,615.6 -1% 2,591.4 -1,358.0 -1,475.7 -152 -92
Slide 24: Net Financial Result / Group
Results Net Financial Result / Group presentation First quarter 2026 Net financial result improves thanks to lower average debt and favorable FX, mostly offset by higher cost of debt and worse derivatives result Net Financial Result (Eur M) Cost of Debt -56 +28 -503 +34 -497 +10 bps 5.02% 4.92% 3.69
Slide 25: Adjusted Net Debt / Group
Results Adjusted Net Debt / Group presentation First quarter 2026 Net Debt increases Eur 1.7 Bn in the quarter, affected by dividend payment and currency appreciation… Consolidated Net Debt Evolution Eur Bn -0.5 51.9 1.1 50.2 1.7 FX & Other -1.6 50.3 Dividend Derivatives Mexico sale and -3.3 2.7 & T
Slide 26: Financial ratios / Group
Results Financial ratios / Group presentation First quarter 2026 … delivering solid credit ratios as adjusted FFO grows 7.0% to Eur 3,279 M Excluding FX, FFO up 12.1% Adjusted Credit Metrics Q1 20261 Proforma Q1 2026 Q1 20253 Adjusted Net Debt2/ EBITDA 3.3x 3.4x 3.7x Adjusted FFO / Adjusted Net Debt
Slide 27: Adjusted Net Profit / Group
Results Adjusted Net Profit / Group presentation First quarter 2026 Q1 2026 adjusted Net Profit up 11% to Eur 1,865 M Excluding FX impact (Eur -99 M), Adjusted Net Profit up 17% Eur M 2,004.3 11% 1,865.0 389.2 59.3 1,674.4 65.9 87.8 1,711.3 Capital Capital US past cost Mexico1 allowances allowances
Slide 28: Conclusions
Results presentation First quarter 2026 Conclusions www.iberdrola.com www.iberdrola.com |28
Slide 29: Conclusions: 2026 Outlook
Results Conclusions: 2026 Outlook presentation First quarter 2026 Solid first quarter and strong performance expected for the rest of the year… NETWORKS POWER & CUSTOMERS ▪ RAB growing in all countries ▪ 1 GW of capacity with 2.7 GW additional in operation ▪ New rate cases (RIIO-T3 in UK, tariff adj
Slide 30: Conclusions: FY 2026 Adjusted Net Profit Guidance
Results Conclusions: FY 2026 Adjusted Net Profit Guidance presentation First quarter 2026 …drives FY 2026 guidance upgrade to >8% growth in Adjusted Net Profit excluding capital gains from asset rotation (Eur M) ~6% Growth Growth >6,600 >8% 6,231 Reported Net Profit New upgraded – capital gains from
Slide 31: Conclusions: Mid to Long Term view
Results Conclusions: Mid to Long Term view presentation First quarter 2026 Securing new opportunities to continue accelerating growth by 2028 and beyond ELECTRIFICATION ACCELERATING IN THE CURRENT CONTEXT United States United Kingdom Cont. Europe • Additional demand growth: • Additional networks inv
Slide 32: Annex I
Results Presentation 2025 Annex I “Iberdrola Retribución Flexible” program July 2026 www.iberdrola.com www.iberdrola.com |32
Slide 33: "Iberdrola Retribución Flexible" program – July 2026
Results “Iberdrola Retribución Flexible” program – July 2026 presentation First quarter 2026 • LAST TRADING DATE: Last Closing prices day to buy IBE shares and considered for participate in “Iberdrola determining the Retribución Flexible” program average price used to and/or receive dividend in calc
Slide 34: Annex II
Results Presentation 2025 Annex II www.iberdrola.com www.iberdrola.com |34
Slide 35: Reported Income Statement / Group
Results Reported Income Statement / Group presentation First quarter 2026 Q1 2026 Q1 2025 Eur M % reported reported Revenues 12,018 12,583 -4.5 Gross Margin 6,429 7,022 -8.4 Net Operating Expenses -1,348 -1,432 -5.9 Levies -1,014 -1,087 -6.7 EBITDA 4,067 4,503 -9.7 EBIT 2,591 3,145 -17.6 Net Financi
Slide 36: Q1 2026 Reported & Adjusted P&L / Group
Results Q1 2026 Reported & Adjusted P&L / Group presentation First quarter 2026 Q1 2026 Mexico Capital Q1 2026 Eur M Reported contribution1 Allowances UK adjusted Revenues 12,018 - - 12,018 Gross Margin 6,429 - - 6,429 Net Operating Expenses -1,348 - - -1,348 Levies -1,014 - - -1,014 EBITDA 4,067 -
Slide 37: Q1 2025 Reported & Adjusted P&L / Group
Results Q1 2025 Reported & Adjusted P&L / Group presentation First quarter 2026 Q1 2025 Mexico US past cost Capital Q1 2025 Eur M Reported contribution1 recognition Allowances UK adjusted Revenues 12,583 - -530 - 12,053 Gross Margin 7,022 - -530 - 6,492 Net Operating Expenses -1,431 - - - -1,431 Lev
Slide 38: Liquidity and maturities
Results Liquidity and maturities presentation First quarter 2026 Strong liquidity (above EUR 21 Bn) … Eur M Maturities EUR M Cash 31.198 4,957 Credit lines Available 14,827 financing 21,439 1,655 4.234 3.668 4.998 5.173 3.813 9M 2026 2027 2028 2029 2030 2031+ …covering 23 months of financing needs a
Slide 39: Sustainable financing
Results Sustainable financing presentation First quarter 2026 EUR 2.4 Bn of new sustainability transactions … NEW SUSTAINABILITY DEALS Q1 2026 (Eur M) SUSTAINABLE PORTFOLIO Q1 2026: EUR 68,871 M Sustainable Commercial Paper Sustainable Bank 6.000 Loan Product Q1 1.986 Green 2,162 Green Structured Fi
Slide 40: Significant progress in sustainability aligned with our strategy
Results Significant progress in sustainability aligned with our strategy presentation First quarter 2026 Innovation and operational excellence to offer our customers Sustainability Awards the best quality and more resilient service Leading corporate sustainable Issuer Recognized Operational Excellen