Slide 1: Results presentation Nine months
Results presentation Nine months 28 October 2025
Slide 2: Legal Notice
Results Legal Notice presentation Nine months 2025 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 2025. As a consequence thereof, this document may not be disclosed, publish
Slide 3: Legal Notice: Forward-looking statements
Results Legal Notice presentation Nine months 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 expec
Slide 4: Highlights of the period
Results presentation Nine months 2025 Highlights of the period www.iberdrola.com www.iberdrola.com |4
Slide 5: Highlights of the period
Results Highlights of the period presentation Nine months 2025 Reported Net Profit of Eur 5,307 M and Reported EBITDA of Eur 12,438 M Adjusted Net Profit up +17% • Networks EBITDA up +26% to Eur 6,128 M: new investments and improving frameworks Strong operating • Renewables & Customers EBITDA down -
Slide 6: EBITDA
Results EBITDA presentation Nine months 2025 EBITDA reaches Eur 12,438 M driven by strong operating performance in Networks Business highlights 9M ’25 EBITDA by geography ▪ Increasing results driven by: UK o Higher regulated asset base in the UK & 22% NETWORKS Iberia 83% Brazil +26% in A-rated o Pos
Slide 7: Investments
Results Investments presentation Nine months 2025 Investment grows +4% to Eur 9.0 Bn, more than 60% in the UK and the US… 9M ‘25 Investments by geography 9M ‘25 Investments by business Other EU & Australia Renewable Power Eur 773 M Iberia & Customers (-19%) Eur 1,340 M Eur 3,920 M (-9%) (-3%) Networ
Slide 8: Growth in Networks: Investments
Results Growth in Networks: Investments presentation Nine months 2025 …after a +12% increase year on year to Eur 4,904 M… 9M ‘25 Networks Investments (Eur M) 9M ‘25 RAB (Eur Bn) 4,904 2/3 in D 49.3 1/3 in T +12% +12% 1,524 59% in D 32% ~Eur 16.0 Bn 41% in T 44.1 ENW 3.6 4,394 xx% 1,739 61% in D 27%
Slide 9: Growth in Renewable Power: Selective investment
Results Growth in Renewable Power: Selective investment presentation Nine months 2025 Renewable Power Investments of Eur 3,442 M, 60% in the UK & the US 9M ’25 Renewable Power investments by technology 9M ‘25 Renewable Power investments by geography VW 1 (806 MW)1 EA3 (1,400 MW) 2 Storage and Other
Slide 10: Business highlights: Networks
Results Business highlights: Networks presentation Nine months 2025 Network investments and regulatory frameworks progressing across our geographies… D RIIO–ED3 methodology published UK T RIIO-T3: Ofgem Draft Determination published. Final Determination expected in Dec ‘25 D Higher rates mainly in N
Slide 11: Business highlights: Renewable Power
Results Business highlights: Renewable Power presentation Nine months 2025 …and more than 2,000 MW of Renewables installed in the last 12 months… UK: 2,431 GWh produced in 9M ▶ EA3 progresses construction with 20/100 monopile installations already done ▶ EA2: All major contracts signed, preliminary
Slide 12: Business highlights: Renewable Power
Results Business highlights: Renewable Power presentation Nine months 2025 …with almost 5,500 MWs already in construction… MW Iberia UK US Other EU Australia Onshore Wind 495 204 608 22 --- 1,329 Offshore Wind --- 2,357 390* 315 --- 3,062 PV 366 --- 182 88 276 912 Batteries --- --- --- --- 180 MW 18
Slide 13: Cash flow
Results Cash flow presentation Nine months 2025 Operating cash flow up +10% to Eur 9,752 M… FFO (Eur M) +10% +xx% 9,752 8,888 9M 2024 9M 2025 …driven by improving cash generation in Networks www.iberdrola.com www.iberdrola.com | 13
Slide 14: Asset rotation & Partnerships
Results Asset rotation & Partnerships presentation Nine months 2025 Asset Rotation & Partnerships signed worth more than Eur 8 Bn in 9M 2025: Positive impact on Net Debt of Eur 4.5 Bn1 as of September Asset Rotation Partnerships UK Smart Meters: NORGES BANK (renewables Iberia) ✓ Eur 1,061 M already
Slide 15: Financial Strength
Results Financial Strength presentation Nine months 2025 Consolidated Adjusted Net Debt improved by Eur 3.2 Bn year to date to Eur 48.5 Bn: Improving ratios fully consistent with “BBB+” rating Consolidated Adjusted Net Debt (Eur Bn) FFO1/Consolidated Adj. Net Debt +330 bp 26.2% x BnEur x Bn 51.7 -3.
Slide 16: Shareholder remuneration
Results Shareholder remuneration presentation Nine months 2025 Interim shareholder remuneration proposed up +8.2% to Eur 0.25/share Eur +8.2% 0.25 +xx% Eur 0.231 + xxx 9M 2024 9M 2025 www.iberdrola.com www.iberdrola.com | 16
Slide 17: Analysis of results
Results presentation Nine months 2025 Analysis of results www.iberdrola.com www.iberdrola.com | 17
Slide 18: Adjusted Income Statement / Group
Results Adjusted Income Statement / Group presentation Nine months 2025 Adjusted Net income up 17%, excluding thermal generation asset divestment in 2024, UK Smart Meters sale in Q3 2025 and impact from capital allowances in the UK 9M 2025 9M 2024 Eur M % adjusted adjusted Revenues 33,863 33,116 +2.
Slide 19: Reported Income Statement / Group
Results Reported Income Statement / Group presentation Nine months 2025 Reported Net Profit down 3% 9M 2025 9M 2024 Eur M % reported reported Revenues 33,863 33,117 +2.3 Gross Margin 18,407 18,045 +2.0 Net Operating Expenses -3,891 -2,853 +36.4 Levies -2,077 -1,924 +8.0 EBITDA 12,438 13,269 -6.3 EBI
Slide 20: Gross Margin / Group
Results Gross Margin / Group presentation Nine months 2025 An increase of 2.3% in Revenues and 2.6% in Procurements… Revenues (Eur M) Procurements (Eur M) 33,116.8 33,863.2 2.3% 15,456.6 15,071.5 2.6% 9M 2024 9M 2025 9M 2024 9M 2025 … leads to a Gross Margin growth of 2.0% to Eur 18,407 M www.iberdr
Slide 21: Net Operating Expenses / Group
Results Net Operating Expenses / Group presentation Nine months 2025 Excluding capital gains from asset rotation, Net Operating Expenses are 7% better Net Operating Expenses (Eur M) 9M 2025 9M 2024 vs 9M 2024 ex. Cap. Gains ex. Cap. Gains adjusted (%) Net Personnel Expenses -2,154.4 -2,144.9 +0.4% E
Slide 22: Results by Business / Networks
Results Results by Business / Networks presentation Nine months 2025 Networks EBITDA reaches EUR 6,128 M, +26% vs. 9M 2024… Eur M 22% Spain Brazil 26% 6,128.0 22% United Kingdom United States 31% …driven by strong performance in UK and US due to higher asset base and past cost recognition www.iberdr
Slide 23: Results by Business / Networks
Results Results by Business / Networks presentation Nine months 2025 EBITDA IFRS USD 2,046 M (+88.1%): • Higher rates in Distribution (average +10%) and better contribution from Transmission UNITED • Decision from NY regulator in Q1 2025 allows to register a regulatory asset regarding past costs STA
Slide 24: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation Nine months 2025 Energy Production and Customers EBITDA reaches Eur 5.9 Bn in 9M 2025 vs. Eur 6.7 Bn in 9M 2024 excluding capital gains from asset rotation… Eur M RoW 10% Thermal 1,717.1 divestment UK Smart LatAm 10% capital
Slide 25: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation Nine months 2025 EBITDA EUR 3,052.6 M (-17.5%): • Higher production is compensated by lower margins and sales, explaining 30% of YoY variation IBERIA • Lower court rulings and higher ancillary services costs vs. 2024 explain
Slide 26: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation Nine months 2025 EBITDA EUR 588.4 M (+31.5%): • Higher offshore production (+61%) due to the higher contribution from windfarms St. Brieuc (France) RoW and Baltic Eagle (Germany) (IEI) • Lower contribution from Supply busines
Slide 27: EBIT / Group
Results presentation EBIT / Group Nine months 2025 D&A and provisions up 2% to EUR 4,272 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% 9,071.3 6% 8,166.5 -1,717.1 7,784.8 7,354.2 381.7 -4
Slide 28: Net Financial Result / Group
Results Net Financial Result / Group presentation Nine months 2025 Net Financial Result decreases Eur -93 M due to EUR 7 bn higher average debt, partially offset by EA3 derivatives1 Net Financial Result (Eur M) Cost of Debt -293 +234 -119 -1,245 4.84% -12 bps -1,152 +85 4.72% Debt result: -208 3.71%
Slide 29: Adjusted Net Debt / Group
Results Adjusted Net Debt / Group presentation Nine months 2025 Strong FFO generation, Asset Rotation & Partnerships and capital increase help achieve year lowest net debt (EUR 3.2 Bn below 2024 year-end)… Consolidated Net Debt Evolution Eur Bn 51.7 0.8 48.5 4.1 -4.5 -9.8 -5.0 9.0 2.2 Dividend Other
Slide 30: Financial ratios / Group
Results Financial ratios / Group presentation Nine months 2025 … delivering solid credit ratios Adjusted Credit Metrics 9M 2025 FY 2024 Adjusted Net Debt1/ EBITDA 2.98x 3.40x FFO / Adjusted Net Debt1 26.2%2 22.9% Adjusted Leverage 43.3% 45.4% 1. Adjusted for treasury stock derivatives with physical
Slide 31: Adjusted Net Profit / Group
Results Adjusted Net Profit / Group presentation Nine months 2025 9M 2025 adjusted Net Profit grows 17% to Eur 5,116 M adjusting asset rotation capital gains and capital allowances in the UK Eur M 5,470.7 5,116.1 -190.8 5,307.0 17% 381.7 -1,165.2 4,386.7 389.2 UK Smart 81.2 Capital 8% Meters allowan
Slide 32: Conclusions
Results presentation Nine months 2025 Conclusions www.iberdrola.com www.iberdrola.com | 32
Slide 33: Conclusions: 9M 2025
Results Conclusions: 9M 2025 presentation Nine months 2025 INCREASING DOUBLE-DIGIT FINANCIAL SHAREHOLDER GROWTH SOLIDITY RENUMERATION ◆ Networks: More investments and ◆ Operating Cash Flow up +10% to Eur ◆ Dividend up +8% to improving remuneration 9,752 M Eur 0.25/Share ◆ Ren. Power & Customers: Mor
Slide 34: Conclusions: FY 2025 Adjusted Net Profit Guidance
Results Conclusions: FY 2025 Adjusted Net Profit Guidance presentation Nine months 2025 Improving guidance to “Double-Digit Growth”… 6,600 (Eur M) 389 Networks cost recognition in US Double-Digit Growth >6,200 Reported Net Profit 5,651 – capital gains from asset rotation + UK capital allowance impac
Slide 35: Annex I
Results presentation Nine months 2025 Annex I “Iberdrola Retribución Flexible” program January 2026 www.iberdrola.com www.iberdrola.com | 35
Slide 36: “Iberdrola Retribución Flexible” program – January 2026
Results “Iberdrola Retribución Flexible” program – January 2026 presentation Nine months 2025 • 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 cal
Slide 37: Annex II
Results presentation Nine months 2025 Annex II www.iberdrola.com www.iberdrola.com | 37
Slide 38: Liquidity and maturities
Results Liquidity and maturities presentation Nine months 2025 As of today, liquidity improves significantly above Eur 23.0 Bn thanks to capital increase … Maturities 32,156 Cash 6,497 Credit lines 14,861 Available financing 1,689 5,011 5,390 4,180 4,498 594 3m 2025 2026 2027 2028 2029 2030+ … cover
Slide 39: New financing and debt portfolio
Results New financing and debt portfolio presentation Nine months 2025 Eur 12.7 Bn1 of new signed financing in different instruments and markets (including EA3 Project Finance) allows to deepen the diversification … NEW DEALS SIGNED 9M 2025: Eur 12,719 M1 % DEBT BY INSTRUMENT 9M 2025 TEI EUR Bonds E
Slide 40: Sustainable financing
Results Sustainable financing presentation Nine months 2025 Eur 11.7 Bn of new sustainability transactions in different instruments and markets representing 96%1 of new signed financing … NEW SUSTAINABILITY DEALS 9M 2025: Eur 11,616 M SUSTAINABLE PORTFOLIO 9M 2025: Eur 64,336 M Sustainable Commercia
Slide 41: Progressing in our Sustainability strategy
Results Progressing in our Sustainability strategy presentation Nine months 2025 ACCELERATING CLEAN RECOGNIZED FOR OUR SOCIAL DIVIDEND ELECTRIFICATION SUSTAINABILITY REPORTING Green Project Finance signed Top 3 in Human Rights ranking for East Anglia Three Iberdrola recognised by Business & Human Ri