Slide 1: Results presentation First half
Results presentation First half 23 July 2025
Slide 2: Legal Notice
Results Legal Notice presentation First half 2025 DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation of financial results of the first half of the 2025 fiscal year. As a consequence thereof, this document may not be disclosed or published, nor u
Slide 3: Legal Notice: Forward-looking statements
Results Legal Notice presentation First half 2025 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: Agenda
Results presentation First half 2025 Agenda ➢ Highlights of the period Mr. I. Galan p. 6 ➢ Equity raise. Introduction Mr. I. Galan p. 8 ➢ Analysis of the results I Mr. I. Galan p. 10-20 ➢ Equity raise. Rationale Mr. I. Galan p. 22-24 ➢ Analysis of the results II Mr. J. Sainz p. 26 - 39 ➢ Conclusions
Slide 5: Highlights of the period
Results presentation First half 2025 Highlights of the period www. iberdrola. com www.iberdrola.com |5
Slide 6: Highlights of the period
Results Highlights of the period presentation First half 2025 Reported Net Profit of Eur 3,562 M and Reported EBITDA of Eur 8,287 M Excluding thermal generation divestment in Q1 ’24, Net Profit grows +20% STRONG OPERATING PERFORMANCE ▸ Networks EBITDA up +31%, already representing 52% of total EBITD
Slide 7: Equity raise Introduction
Results presentation First half 2025 Equity raise Introduction www. iberdrola. com www.iberdrola.com |7
Slide 8: Equity Raise: Eur 5 Bn equity raise
Results Equity Raise presentation First half 2025 Eur 5 Bn equity raise to take full advantage of unprecedented investment opportunities in Networks… Unprecedented Networks investment outlook: Eur ~55 Bn in 2026-31 (+75% vs 2020-25) driving Group total gross investments to around Eur 15 Bn per annum
Slide 9: Analysis of results I
Results presentation First half 2025 Analysis of results I www. iberdrola. com www.iberdrola.com |9
Slide 10: EBITDA reaches Eur 8,287 M
Results EBITDA presentation First half 2025 EBITDA reaches Eur 8,287 M… Business highlights H1’25 EBITDA by geography NETWORKS +31% ✓ Largest contributor to EBITDA (52%) UK 21% ✓ Higher regulated asset base in all countries Iberia ✓ Network costs recognition in the US ✓ ENW integration progressing a
Slide 11: Investments
Results Investments presentation First half 2025 Investment grows 7% to reach Eur 5,662 M… H1 ‘25 Investments by geography H1 ‘25 Investments by business Other EU & Corporate & other Australia Iberia Other Energy 1% Eur 511 M Eur 816 M (+5% vs. H1 2024) (-23% vs. H1 2024) Production & Customers Rene
Slide 12: Growth in Networks: Investments
Results Growth in Networks: Investments presentation First half 2025 Networks investments up +14% to Eur 3,082 M H1 ‘25 Networks Investments H1 ‘25 Networks Investments by geography Iberia Eur 261 M UK ▶ 100% Distribution 3,082 Eur 965 M +14% 9% ▶ 58% Distribution: Brazil RIIO ED-2 + ENW 2,708 35% T
Slide 13: Growth in Networks: Regulated Asset Base
Results Growth in Networks: Regulated Asset Base presentation First half 2025 Networks RAB already above Eur 50 Bn with further acceleration until the end of the decade… Networks RAB evolution (2020-2031e) Energy Policy highlights UK Eur ▶ National Policy Statement for electricity networks >90 Bn in
Slide 14: Growth in Networks: Regulated Asset Base
Results Growth in Networks: Regulated Asset Base presentation First half 2025 …due to urgent need of new transmission and distribution infrastructures in a context of increasing electrification T&D Investment 2026-31, approved/proposed regulation and growth drivers UK ▷ Distribution: RIIO ED3 2020-2
Slide 15: Growth in Renewables: Selective investment
Results Growth in Renewables: Selective investment presentation First half 2025 Renewable Investments down -1% to Eur 2,155 M, with 60% in the UK & the US H1 ’25 Renewable investments by technology H1 ‘25 Renewable investments by geography Iberia Other EU & Eur 279 M Onshore technologies Australia 1
Slide 16: Growth in Renewables: Offshore Wind
Results Growth in Renewables: Offshore Wind presentation First half 2025 Eur 850 M invested in Offshore Wind: All projects progressing construction… New offshore wind projects update VW1 ▷17 turbines out of 62 already exporting, and 23 fully installed – Joint Venture with CIP EA Hub ▷ EA3: installin
Slide 17: Asset rotation & Partnerships
Results Asset rotation & Partnerships presentation First half 2025 Increasing partnerships with TIER-1 players… Partnerships Asset Rotation: Eur ~1.5 Bn in H1… East Anglia 3 & Baltic Eagle √ Co-investment of Eur 6.8 Bn √ Net debt reduced by Eur 2.5 Bn in H1 Baixo Iguaçu hydro plant in Brazil Agreeme
Slide 18: Financial Strength: Cash flow up 15%
Results Financial Strength presentation First half 2025 Cash flow up +15% to Eur 6.8 Bn… FFO (Eur M) +15% 6,796 5,925 H1 2024 H1 2025 www. iberdrola. com www.iberdrola.com | 18
Slide 19: Financial Strength: Net Debt decreases
Results Financial Strength presentation First half 2025 …and Consolidated Net Debt decreases Eur 3 Bn to Eur 52.7 Bn… Consolidated Net Debt (Eur Bn) FFO1/Consolidated Adj. Net Debt 55.7 -3 Bn 24.2% 52.7 +190 bp 51.7 22.9% 22.3% Dec-24 Mar-25 Jun-25 Dec-24 Mar-25 Jun-25 …reinforcing financial ratios
Slide 20: Shareholder remuneration
Results Shareholder remuneration presentation First half 2025 Total shareholder remuneration increased to 0.6451 EUROS PER SHARE €/Share 0.645 €/Share 0.558 2023 2024 (payable in 2024) (payable in 2025) Supplementary dividend of 0.409€/share to be paid 24th July 1. Including Engagement Dividend appr
Slide 21: Equity raise Rationale
Results presentation First half 2025 Equity raise Rationale www. iberdrola. com www.iberdrola.com | 21
Slide 22: Equity Raise Rationale: Investment in Networks
Results Equity Raise Rationale: Investment in Networks presentation First half 2025 Unprecedented increase in Networks investments in 2026-2031 with predictable and attractive long-term frameworks… Networks Organic Gross Investment Outlook Average ROE nominal post-tax Eur ~55 Bn +75% From Eur 7 Bn E
Slide 23: Equity Raise Rationale: Regulated Asset Base growth
Results Equity Raise Rationale: Investment in Networks presentation First half 2025 Regulated Asset Base expected to grow by 75% to more than Eur 90 Bn by 2031… RAB Outlook +75% Eur >90 Bn Eur >51 Bn ~ - ~35-40% ~Eur 35 Bn ~ ~32% ~Eur 16 Bn ~ ~30-35% - ~Eur 30 Bn ~ ~30% ~Eur 16 Bn ~20% ~ ~Eur 10 Bn
Slide 24: Equity Raise Rationale: Strengthening our position
Results Equity Raise Rationale: Strengthening our position presentation First half 2025 Eur 5 Bn equity raise: Historic opportunity to accelerate our growth and enhance our regulated profile in line with our strategy… Strategic fit Financial Impacts Coherent with ▷ Focus on Networks ▷ Positive impac
Slide 25: Analysis of results II
Results presentation First half 2025 Analysis of results II www. iberdrola. com www.iberdrola.com | 25
Slide 26: Income Statement / Group
Results Income Statement / Group presentation First half 2025 Net income up 20%, excluding thermal generation asset divestment in H1 2024… H1 2024 Eur M H1 2025 H1 2024 % % adjusted adjusted1 Revenues 22,743 22,637 +0.5 22,637 +0.5 Gross Margin 12,693 12,489 +1.6 12,489 +1.6 Net Operating Expenses -
Slide 27: Gross Margin / Group
Results Gross Margin / Group presentation First half 2025 A 0.5% increase in Revenues and a 1% reduction in Procurements… Revenues (Eur M) Procurements (Eur M) 22,637.0 22,743.1 0.5% 10,147.8 10,050.5 -1% H1 2024 H1 2025 H1 2024 H1 2025 … leads to a Gross Margin growth of 1.6% to Eur 12,693 M www. i
Slide 28: Net Operating Expenses / Group
Results Net Operating Expenses / Group presentation First half 2025 Excluding thermal divestment in 2024, Net Operating Expenses improves 10% Net Operating Expenses (Eur M) H1 2024 vs H1 2024 H1 2024 H1 2025 adjusted adjusted (%) Reported Net Personnel Expenses -1,409.5 -1,442.1 -2.3% -1,442.1 Exter
Slide 29: Results by Business / Networks
Results Results by Business / Networks presentation First half 2025 Networks EBITDA reaches EUR 4,271 M, +31% vs. H1 2024… Eur M 21% Spain Brazil 25% 4,271.1 21% United Kingdom United States 33% …driven by strong performance in UK and US due to higher asset base and past cost recognition www. iberdr
Slide 30: Results by Business / Networks
Results Results by Business / Networks presentation First half 2025 EBITDA IFRS USD 1,547.0 M (+129.7%): UNITED • Higher rates in Distribution and better contribution in Transmission STATES • Decision from NY regulator that allows to register a regulatory asset regarding past costs (USD+550 M), alre
Slide 31: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation First half 2025 Energy Production and Customers EBITDA reaches Eur 4 Bn in H1 2025 vs. Eur 4.6 Bn in H1 2024 excluding divestment of thermal generation assets… Eur M RoW 10% -13% 6,322.8 Iberia 49% LatAm 8% 1,717.1 4,605.6 4,
Slide 32: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation First half 2025 EBITDA EUR 1,960.0 M (-21.2%): • Higher production partially offsetting margin normalization and higher ancillary services costs IBERIA (Eur ~110 M) • Higher Levies despite 1.2% revenue tax termination • Recor
Slide 33: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation First half 2025 EBITDA EUR 411.3 M (+30.9%): • Higher offshore production (+68%) due to the higher contribution from windfarms St. Brieuc (France) RoW and Baltic Eagle (Germany) • Lower contribution from Supply business in Po
Slide 34: EBIT / Group
Results EBIT / Group presentation First half 2025 D&A and provisions up 2% to Eur 2,820 M, driven by higher asset base despite FY 2024 adjustments impact and lower bad debt provisions in all geographies EBIT (Eur M) D&A and Provisions (Eur M) +2% 6,859.2 6% 5,466.7 -1,717.1 5,142.1 -2,754.4 -2,820.2
Slide 35: Net Financial Result / Group
Results Net Financial Result / Group presentation First half 2025 Net Financial Result improves Eur +183 M thanks to EA3 derivatives1 (Eur 282 M), partially offset by higher average debt (Eur -205 M) Net Financial Result (Eur M) Cost of Debt -848 -205 +282 4.89% +48 +69 -665 -19 bps -11 4.70% Debt r
Slide 36: Adjusted Net Debt / Group
Results Adjusted Net Debt / Group presentation First half 2025 Consolidated Net debt evolution driven by FFO, asset rotation and partnership plan that allows to fund capex, dividends and ENW net debt consolidation… Consolidated Net Debt Evolution Eur Bn 2.3 0.6 52.7 51.7 -3.0 2.2 Dividend Asset Rota
Slide 37: Financial ratios / Group
Results Financial ratios / Group presentation First half 2025 …driving credit ratios to be comfortable within rating agencies thresholds for BBB+/Baa1 Adjusted Credit Metrics H1 2025 FY 2024 Adjusted Net Debt1/ EBITDA 3.3x 3.4x FFO / Adjusted Net Debt1 24.2% 22.9% Adjusted Leverage 46.8% 45.4% FFO g
Slide 38: New Group financing
Results New Group financing presentation First half 2025 Leader in debt capital markets signing Eur 11.4 Bn of new financing… Landmark transactions in 2025 East Anglia Three Project Finance GBP 3.6 Bn with 23 banks and EIFO (Danish ECA) Sustainable Syndicated Credit Line EUR 2.5 Bn with AGR as co-bo
Slide 39: Net Profit / Group
Results Net Profit / Group presentation First half 2025 H1 2025 Net Profit grows 20% to Eur 3,562 M adjusting thermal divestment capital gain Eur M 20% 4,133.9 3,562.2 3,173.0 389.2 1,165.2 2,968.7 7% US networks cost recognition Thermal divestment Capital Gain H1 2024 H1 2024 H1 2025 H1 2025 Report
Slide 40: Conclusions
Results presentation First half 2025 Conclusions www. iberdrola. com www.iberdrola.com | 40
Slide 41: Conclusions: 2025 outlook
Results Conclusions: 2025 outlook presentation First half 2025 Strong performance expected over the rest of the year… ✓ Double-digit growth in RAB in the US and the UK NETWORKS ✓ Higher contribution from rate cases in US, UK and Brazil ✓ ENW full consolidation ✓ Increasing production in H2: ✓ Hydro
Slide 42: 2025 Net Profit Guidance reaffirmed
Results Conclusions: 2025 outlook presentation First half 2025 …reaffirming 2025 Net Profit Guidance of “Double-digit growth” or “Mid to high single-digit growth” excluding Networks cost recognition in US Double-digit (Eur M) Growth 389 Networks cost recognition in US1 Mid to high single-digit 5,530
Slide 43: Conclusions: Long term outlook
Results Conclusions: Long term outlook presentation First half 2025 Eur 5 Bn equity raise: Unique opportunity to accelerate our strategy and increase our networks profile strengthening our unique value proposition Growth in Networks Dividend focused on UK & US Financial Strength CAPITAL MARKETS DAY
Slide 44: Annex
Results presentation First half 2025 Annex www. iberdrola. com www.iberdrola.com | 44
Slide 45: Liquidity and maturities
Results Liquidity and maturities presentation First half 2025 As of today, liquidity remains strong above Eur 19 Bn1 covering 19 months of financing needs and average life of debt above 6 years Cash 2,382 Maturities 31,236 Available financing 2,086 Credit lines 14,831 5,189 5,314 4,152 4,394 1,636 6
Slide 46: New financing and debt portfolio
Results New financing and debt portfolio presentation First half 2025 Eur 11.4 Bn1 of new signed financing in different instruments and markets allows to deepen the diversification including EA3 Project Finance … NEW DEALS SIGNED H1 2025: Eur 11,398 M1 % DEBT BY INSTRUMENT H1 2025 EUR Bonds Leases E
Slide 47: Sustainable financing
Results Sustainable financing presentation First half 2025 Eur 10.5 Bn1 of new sustainability transactions in different instruments and markets representing 97%1 of the signed financing … NEW SUSTAINABILITY DEALS H1 2025: Eur 10,426 M2 SUSTAINABLE PORTFOLIO H1 2025: Eur 63,765 M2 Sustainable Commerc
Slide 48: Making progress in our Sustainability Strategy
Results Making progress in our Sustainability Strategy presentation First half 2025 BOOSTING CLEAN ELECTRIFICATION RECOGNIZED AGAIN FOR OUR SUSTAINABILITY STRATEGY Increasing our emission-free 50 gCO2/kWh production Emissions intensity in the period Most relevant new recognitions achieved during the