Iberdrola Sa · BME:IBE
Iberdrola Sa — Investor Day (September 2025)
37 slides from Iberdrola Sa's investor day presentation, Sep 24, 2025
Slide 1: Capital Markets Day
CC lberdrola Capital Markets Day 24 September 2025 Event =
Slide 2: Legal Notice: Disclaimer
Capital LEGAL NOTICE Markets Day DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation “Capital Markets Day” on September 24, 2025. As a consequence thereof, this document may not be disclosed, published or used, either partially or totally, by any
Slide 3: Legal Notice: Forward-Looking Statements
Capital LEGAL NOTICE Markets Day 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 respe
Slide 4: Financial Management: José Sainz Armada, CFO
Financial Management José Sainz Armada Chief Financial Officer
Slide 5: Value creation
Capital Markets Day Value creation www.iberdrola.com www.iberdrola.com |5
Slide 6: Iberdrola's Business & Financial Model
Capital Iberdrola’s Business & Financial Model Markets Day Delivering predictable & profitable growth while preserving financial strength & supporting dividend growth Business model Financial model Networks – key investment destination Capacity to fund growth (Networks) ✓ Strengthening regulated pro
Slide 7: Iberdrola's Total Return and Valuation vs Global Sectors
Capital Iberdrola’s Total Return and Valuation vs Global Sectors Markets Day Iberdrola trades at a lower P/E ratio than global sector peers and indexes, while delivering the highest Total Shareholder Return over the past 10 years 10-yr Total Shareholder Return1 vs. Iberdrola P/E2 ratio by Sector vs
Slide 8: Iberdrola's Net Profit & DPS evolution & volatility
Capital Iberdrola’s Net Profit & DPS evolution & volatility Markets Day IBE Net Profit growth beating the market with lower volatility1 even during uncertain times … COVID-19 Ukraine-Russia pandemic conflict Volatility1 (σ) 10-yr CAGR SX6P Util Iberdrola 0.05 Net Peers 4.1 9% 7% 5% Profit EPS 9% 7%
Slide 9: Delivery 2024-2026 Plan
Capital Markets Day Delivery 2024-2026 Plan www.iberdrola.com www.iberdrola.com |9
Slide 10: Financial & Sustainability achievements 2024-2025
Capital Financial & Sustainability achievements 2024-2025 Markets Day Overdelivery of financial and sustainability targets reaffirming Iberdrola’s execution track record Adjusted Net Profit Asset Rotation & Emissions intensity FFO/ND 2025 (%) 2025 growth (%)1 Partnerships (Eur Bn) (g CO2 /kWh)2 Mid
Slide 11: Plan 2025-2028
Capital Markets Day Plan 2025-2028 www.iberdrola.com www.iberdrola.com | 11
Slide 12: Plan 2025-2028 funding
Capital Plan 2025-2028 funding Markets Day 2025-2028 plan is almost fully funded Asset rotation & Stable & predictable Capital increase partnerships cash flow generation Capital increase (Eur Bn) Asset rotation & partnerships (Eur Bn) 13.2 ~75% done 100% done 9.8 ✓ • 90% advanced 5 ✓ • Attractive P/
Slide 13: Sources and uses of funds
Capital Sources and uses of funds Markets Day Additional debt limited to 15% of total funds FFO 2024-2028 evolution (Eur Bn) Sources & Uses 2025-2028 (%) Sources Eur 83 Bn Uses Eur 83 Bn Asset rotation & partnerships + Eur 2.3 Bn 14.1 6% 4% 4% Capital Working 24% increase capital1 Advanced (3%) 72%
Slide 14: Asset rotation and partnerships targets: new target 2025-2028
Capital Asset rotation and partnerships targets: new target 2025-2028 Markets Day Partnership model that attracts Tier 1 investors, allowing us to raise equity at attractive P/E multiples Eur Bn >90% 12 1.2 13.2 1.0 1.0 2.2 0.2 0.2 ~75% Partnerships 1.8 9.8 0.4 0.5 7.6 58% 4.8 Asset Rotation 5.0 4.9
Slide 15: Macro hypothesis 2024/25-2028 vs. CMD 24
Capital Macro hypothesis 2024/25-2028 vs. CMD 24 Markets Day Trade uncertainty persists despite recent agreements Rising fiscal deficits may cause sticky inflation, lower growth, and higher interest rates ✓ Slightly higher inflation due to tariffs Inflation ✓ Mitigated in the Eurozone by EUR appreci
Slide 16: Value creation
Capital Value creation Markets Day Networks capex in more favourable regulatory environments secures ~9.5% ROE (>8% IRR) Selective Renewables investments IRR 7-12% Networks Power Renewables & Customers EBITDA/Growth Capex >10% IRR>8% IRR 7-12% Spread to WACC ~200 bps Spread to WACC >200 bps Regulate
Slide 17: Solvency ratios
Capital Solvency ratios Markets Day Ratios throughout the plan reinforce our commitment to current rating (BBB+/Baa1) Leverage (%) FFO / Net Debt (%) RCF / Net Debt (%) 47.0% 45.4% 22.9% 22.0% 19.4% 18.7% 2024 2028e 2024 2028e 2024 2028e Exposure to A-rated countries and a 'regulated + long-term con
Slide 18: Net debt evolution & structure
Capital Net debt evolution & structure Markets Day Maintaining a prudent financial structure: 73% of debt at fixed rate, above 68% of fixed EBITDA … Net Debt evolution 2024-2028 (Eur Bn) Debt vs. EBITDA structure 2024-2028 (%) Fixed vs. variable EBITDA Fixed vs. variable Debt 64 52 55 64% 72% 38% 38
Slide 19: Cost of Net Debt
Capital Markets Cost of Net Debt Day Cost of net debt decreasing: 2028 will be 4.4%, 8% lower (3.6% w/o Brazil) Gross debt financial cost by currencies (%) Net financial cost (%) 2024 2028e 4.8% 4.8% 4.4% 2.7% 2.7% 2.6% -8% 3.9% 3.9% 4.0% -3% 3.7% 3.7% 3.6% 4.6% 4.6% 4.9% 2024 2026e 2028e 10.8% 10.8
Slide 20: Hybrids
Capital Hybrids Markets Day Comfortable situation of hybrid debt, maintaining current balance of Eur 8.25 Bn throughout the plan Hybrids first reset date (Eur Bn) Highlights 5.9 Iberdrola remains comfortable and committed to its current hybrid portfolio Focused on the refinancing of the outstanding
Slide 21: Financing plan
Capital Financing plan Markets Day Eur 32 Bn1 of 2025-2028 needs covered according to our financial model, diversifying sources of financing Debt maturities: Eur 20 Bn Coverage 2025-2028: Eur 32 Bn1 Debt structure by market 2028e Eur Bn Structured Structured Leases & Bank Bank 3% 1% other EUR loans
Slide 22: Liquidity
Capital Liquidity Markets Day Strong liquidity complying with rating agencies’ requirements Liquidity 2024-2028 (Eur Bn) Sources of liquidity 22 22 months months Active liquidity management, optimizing cost Diversification of liquidity sources: cash & equivalents, syndicated and bilateral credit lin
Slide 23: FX risk management: structural and annual
Capital FX risk management: structural and annual Markets Day Structural FX hedge by managing the debt in the same currency and similar % as the FFO to protect credit ratings … Debt range Structural Annual 100% 90% Hedging Net Profit FX exposure in currencies 80% 46% Debt ✓ against the Euro on a yea
Slide 24: Adjusted Net Profit 2024-2028
Capital Adjusted Net Profit 2024-2028 Markets Day Adjusted Net Profit grows every year of the plan reaching Eur 2 Bn growth by 2028 Eur Bn +Eur 2 Bn ~7.6 “High single digit” growth ~5.6 2024 2025e 2026e 2027e 2028e Net Profit figures adjusted by UK Networks Capital Allowances www.iberdrola.com www.i
Slide 25: Adjusted Net profit from 2024 to 2028
Capital Adjusted Net profit from 2024 to 2028 Markets Day “High single digit” growth in Adjusted Net Profit (CAGR 2024-2028) to reach Eur ~7.6 Bn by 2028 Eur Bn 0.4 -0.5 0.2 2.1 -0.2 ~7.6 Renewable Customers Financial Sale Power savings ~5.6 Networks 2024 2028e Boosted by new investments more than o
Slide 26: Sensitivity analysis: Net Profit
Capital Sensitivity analysis: Net Profit Markets Day Limited Net Profit volatility Base case 2028e % Net Profit Sensitivity applied for ED3 from 2028 50 bps +/- 48 M € +/-0.7% Distribution Aligned with allowed ROE 50 bps +/- 37 M € +/-0.5% returns Assumed regulatory returns 50 bps +/- 46 M € +/-0.6%
Slide 27: 2024-2030 Sustainability Strategy: Main priorities
Capital 2024-2030 Sustainability Strategy: Main priorities Markets Day Deploying our sustainable strategy through 26 long term, relevant targets Updated KPIs Zero pollutant emissions in electricity generation by 2030 Promoting good governance in 2 Reduction of water intensity in energy production St
Slide 28: EU Taxonomy
Capital EU Taxonomy Markets Day Commitment with sustainable finance to foster decarbonization having ~90% of total organic investment plan aligned with EU taxonomy… % Taxonomy aligned Capex1 Plan 2025-2028e Green/Sustainable Financing at Iberdrola Capex > Eur 30 Bn of new financial instruments durin
Slide 29: Annex Financial Management
Capital Markets Day Annex Financial Management www.iberdrola.com www.iberdrola.com | 29
Slide 30: Macro hypothesis: Interest Rates year end (CMD25 vs CMD24)
Capital Macro hypothesis: Interest Rates year end (CMD25 vs CMD24) Markets Day Higher short-term rates, except EUR, due to persistent inflation, while long-term rates rise due to uncertainty regarding the sustainability of public debt EUR ESTR US SOFR UK SONIA BRL CDI 2.93% 2.91% 4.49% 4.55% 4.70% 1
Slide 31: Macro hypothesis: FX Rates year end (CMD25 vs CMD24)
Capital Macro hypothesis: FX Rates year end (CMD25 vs CMD24) Markets Day USD and BRL depreciated due to increasing concerns regarding debt sustainability, while GBP appreciates due to the better economic outlook and trade negotiations with US USD/EUR GBP/EUR BRL/EUR 1.18 1.18 1.18 1.18 0.89 0.89 0.8
Slide 32: Macro hypothesis: FX & Interest Rates
Capital Macro hypothesis: FX & Interest Rates Markets Day YEAR END INTEREST RATES(1) YEAR END FX RATES 2024 2025 2026 2027 2028 2024 2025 2026 2027 2028 2.91% 2.76% 2.87% 2.76% Last ref: 2.69% 1.18 1.18 1.18 1.18 Last ref2: 1.18 2.73% 2.37% 1.92% Last ref: 1.92% 1.99% 1.93% 1.03 1.68% 4.58% 4.31% 4.
Slide 33: Macro hypothesis: GDP & Inflation
Capital Macro hypothesis: GDP & Inflation Markets Day AVERAGE GDP YEAR END INFLATION 2024 2025 2026 2027 2028 2024 2025 2026 2027 2028 Average: 1.47% Last ref: 2.0% Average: 1.35% Average: 2.21% Average: 2.07% Average: 1.86% Last ref: 2.9% Average: 2.69% Average: 1.53% Average: 2.29% Average: 1.45%
Slide 34: Sensitivity analysis: EBITDA
Capital Sensitivity analysis: EBITDA Markets Day Limited EBITDA volatility Base case 2028e Sensitivity applied for ED3 from 2028 50 bps +/- 65 M € Aligned with allowed ROE 50 bps +/- 47 M € Distribution returns Assumed regulatory returns 50 bps +/- 56 M € Aligned with WACC at latest tariff review 50
Slide 35: Risk factors and business model mitigation
Capital Risk factors and business model mitigation Markets Day Risk factors Business model strengths Foreign exchange Structural and annual FX hedge Interest rates 73% debt at fixed rate Frameworks secured or advanced to 2031 Regulatory Focused on A-rated countries 2/3 of 2025-2028 investments in UK
Slide 36: Main long term Sustainability Targets (2025-2030)
Capital Main long term Sustainability Targets (2025-2030) Markets Day DRIVERS TARGET METRIC 2024 2028e 2030e Emission Intensity in Electricity Generation g CO2 /kWh 65 32 Carbon Neutral1 Green Electrification Net Zero in scopes 1,2 and 3 before 2040 Comply SBTi milestone in 2030 & 2040 In progress √
Slide 37: Capital Allowances Adjustment – UK Networks
Capital Capital Allowances Adjustment – UK Networks Markets Day Following UK sector peers and with the UK being the geography in which Iberdrola is going to invest & grow more… Change in tax • In 2023 the policy changed, allowing Networks & Renewables companies to accelerate the rate at which they c