Slide 1: Results presentation Nine months
Results presentation Nine months 23 October 2024
Slide 2: Legal Notice: Disclaimer
Results Legal Notice presentation Nine months 2024 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 2024. As a consequence thereof, this document may not be disclosed or publi
Slide 3: Legal Notice: Forward-Looking Statements
Results Legal Notice presentation Nine months 2024 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 2024 Highlights of the period www.iberdrola.com
Slide 5: Highlights of the period
Results Highlights of the period presentation Nine months 2024 Reported Net Profit of EUR 5,471 M (+50%) Reported EBITDA of EUR 13,269 M (+23%) Recurrent EBITDA1 of Eur 11,551 M (up +11%) and Recurrent Net Profit of Eur 4,305 M (up +22%) ▪ Increasing regulated profile: Networks EBITDA up +11% driven
Slide 6: Reported EBITDA up +23% to EUR 13,269 M
Results EBITDA presentation Nine months 2024 Reported EBITDA up +23% to EUR 13,269 M EBITDA 9M’24 by business (Eur M) Business drivers Tariff adjustments in the US and UK 13,269 +23% vs. 9M ‘23 Higher Regulated Asset Base in all countries 1,717 11,551 +11% vs. 9M ‘23 Renewable energy production reac
Slide 7: Investments: Networks
Results Investments: Networks presentation Nine months 2024 9M Networks investment up+25% to Eur 4,394 M consolidating our diversified asset base in high-rating countries Network asset base by geography 9M’24 Network organic investment including ENW Eur 42% Transmission US Spain 4,394 M +70% vs 9M’2
Slide 8: Investments: Energy Production and Customers
Results Investments: Energy Production and Customers presentation Nine months 2024 More than Eur 4 Bn investments in Energy Production & Customers highly diversified between geographies and technologies Investment by geography Renewable Investment by technology UK Onshore wind US +8% vs 9M ‘23 and S
Slide 9: Long Term Growth: Securing growth in 2027-30 and beyond
Results Long Term Growth presentation Nine months 2024 Securing growth in 2027-30 and beyond Increasing our regulated & semi-regulated profile and capturing opportunities from booming electrification ▪ Networks Electricity North West acquisition already closed Approval of AVANGRID minorities transac
Slide 10: Facilitating the deployment of data centres
Results Facilitating the deployment of data centres presentation Nine months 2024 615 MW with connection already secured in “Tier-1” locations as Madrid or Aragón Iberdrola data center projects geographical footprint Partnership model - JV Roles Iberdrola value added (Minority stake) ▪ Land with net
Slide 11: Strategic Plan Execution: Supply Chain
Results Strategic Plan Execution: Supply Chain presentation Nine months 2024 ~90% Networks and Renewables key supply chain secured up to 2026 … Up to 2026… …and the second half of the decade ▪ Offshore wind: 100% secured ▪ Offshore wind: Securing supply chain for new projects awarded (EA2 & NEW1) ▪
Slide 12: Energy Policy and Demand Prospects
Results Energy Policy and Demand Prospects presentation Nine months 2024 Share of electricity in world final energy demand is expected to double by 2040… New IEA estimates: World Energy Outlook 2024 Energy policy update Investments (Bn $) United States Networks National Transmission Planning and Tra
Slide 13: Financial Strength
Results Financial Strength presentation Nine months 2024 Total Cash Flow up +69% in 9M ’24 to Eur 13,821 M Cash Flow (Eur M) Adj. Net Debt2 (Eur Bn) 13,821 +69% Mexico cash in 4,933 47.9 after taxes 46.7 UK Retail 8,183 8,888 deficit 282 +13% recovery 7,901 9M 2023 9M 2024 9M 2023 9M 2024 Recurrent
Slide 14: Shareholder Remuneration
Results Shareholder Remuneration presentation Nine months 2024 2024 Interim shareholder remuneration up +14% to Eur 0.23/share… Eur 0.230 +14% Eur 0.202 9M 2023 9M 2024 …plus supplementary dividend to be determined by AGM1 1. Annual General Meeting www.iberdrola.com | 14
Slide 15: Analysis of results
Results presentation Nine months 2024 Analysis of results www.iberdrola.com
Slide 16: Income Statement / Group
Results Income Statement / Group presentation Nine months 2024 EBITDA reaches Eur 13,269 M in 9M 2024 vs. Eur 10,783 M in 9M 2023… Eur M 9M 2024 9M 2023 % Gross Margin 18,045 17,200 +4.9 Net Operating Expenses -2,853 -4,341 -34.3 Levies -1,924 -2,076 -7.3 EBITDA 13,269 10,783 +23.0 EBIT 9,071 6,813
Slide 17: Gross Margin / Group
Results Gross Margin / Group presentation Nine months 2024 A 25% reduction in Procurements vs. a 11% decrease in Revenues… Revenues (Eur M) Procurements (Eur M) 37,193.0 -11% 33,116.8 19,993.3 15,071.5 -25% 9M 2023 9M 2024 9M 2023 9M 2024 … leads to a Gross Margin growth of 5% to Eur 18,045 M, inclu
Slide 18: Net Operating Expenses / Group
Results Net Operating Expenses / Group presentation Nine months 2024 Excluding Mexico transaction, Net Operating Expenses increase 5.3% Net Operating Expenses (Eur M) 9M 2024 vs 9M 2023 9M 2024 ex Mexico 9M 2023 ex Mexico Reported transaction transaction (%) Net Personnel Expenses -2,144.9 -2,105.2
Slide 19: Levies / Group
Results Levies / Group presentation Nine months 2024 Levies reaches Eur 1,924 M in 9M 2024 vs. Eur 2,076 M in 9M 2023, improving 7% Eur M 2,186.0 2,076.0 79 1,924.0 183 9M 2023 9M 2024 9M 2024 Social Bonus Hydro Canon excluding reported reported court rulings Excluding court rulings in Spain, Levies
Slide 20: Results by Business / Networks
Results Results by Business / Networks presentation Nine months 2024 Networks EBITDA reaches EUR 4,875 M, +11% vs. 9M 2023… Eur M Brazil 32% 25% Spain 4,875.1 22% United Kingdom United States 21% …driven by higher regulated asset base and tariffs www.iberdrola.com | 20
Slide 21: Results by Business / Networks
Results Results by Business / Networks presentation Nine months 2024 EBITDA EUR 1,225.9 M (-1.7%): SPAIN • Impacted by positive regularizations of investments recognized in 9M 23 (EUR 27 M) EBITDA GBP 922.0 M (+20.1%): UNITED KINGDOM • Higher contribution in Distribution, thanks to the new regulator
Slide 22: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation Nine months 2024 Energy Production and Customers EBITDA reaches Eur 8,377 M in 9M 2024 vs. Eur 6,374 M in 9M 2023 driven by Mexico transaction and better performance… Eur M RoW Brazil 7% 3% +4% Mexico 4% 8,377.0 United States
Slide 23: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation Nine months 2024 EBITDA EUR 3,699.9 M (+17.4%): • Higher manageable renewable production (+5.7 TWh) including pumped storage • Lower procurement costs IBERIA • Positive impact of court rulings Which more than compensates lowe
Slide 24: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation Nine months 2024 EBITDA EUR 447.6 M (+48.1%): RoW • Higher production (+36%) due to the gradual entry into operation of St. Brieuc offshore windfarm, at full capacity since May, and more onshore capacity installed1 MEXICO EBI
Slide 25: EBIT / Group
Results EBIT / Group presentation Nine months 2024 D&A and Provisions up 6% to Eur 4,197 M, driven by higher asset base and provisions D&A (Eur M) EBIT (Eur M) +33% 9,071.3 +6% 1,717.12 6,812.9 -4,197.3 +14% -3,970.2 3691 D&A (Eur M) -491.9 D&A (Eur M) -475.6 Provisions -3,495.6 D&A -3,705.4 9M 2023
Slide 26: Net Financial Results / Group
Results Net Financial Results / Group presentation Nine months 2024 Net Financial Result improves Eur 514 M to Eur 1,152 M thanks to better debt result (Eur +30 M), FX derivatives (Eur +230 M due to devaluation of MXN and BRL) and other (capitalized interest and one-offs) NET FINANCIAL RESULT (Eur M
Slide 27: Financial ratios and Adjusted Net Debt / Group
Results Financial ratios and Adjusted Net Debt / Group presentation Nine months 2024 Solvency ratios improve driven by the increase in FFO … ADJUSTED CREDIT METRICS ADJUSTED NET DEBT1 (Eur Bn) Sep 2023 Sep 2024 47.9 46.7 Adjusted Net 3.3x 3.1x Debt 1/ EBITDA FFO / Adjusted 23.2% 25.3% Net Debt1 Adju
Slide 28: Net Debt Guidance / Group
Results Net Debt Guidance / Group presentation Nine months 2024 Non-organic growth increases Net Debt with asset rotation to offset this effect EUR Bn 46.7 47 ENW 2.5 Paid on October 22nd AGR Minorities Expected Dec ’24 – Q1 ‘25 Comfortable 2.3 within rating agencies ratios for Asset Rotation BBB+/B
Slide 29: Net Profit / Group
Results Net Profit / Group presentation Nine months 2024 9M 24 Net Profit excluding Mexico transaction (Eur 1,165 M) grows to Eur 4,305 M, +18% vs 9M 23 reported net profit… Eur M +18% Mexico Transaction 5,471 4,305 1,165 3,637 Non-recurrent items +22% 3,517 (282) 162 UK Retail Mexico deficit1 provi
Slide 30: Conclusions
Results presentation Nine months 2024 Conclusions www.iberdrola.com
Slide 31: 9M 2024: Consolidating double digit growth
Results 9M 2024: Consolidating double digit growth presentation Nine months 2024 Results and investments consolidating double digit growth… Recurrent EBITDA +11% Recurrent FFO +13% Recurrent Net Profit +22% Investments +12% …Interim shareholder remuneration proposed by the board up +14% to Eur 0.23/
Slide 32: FY 2024 Outlook
Results FY 2024 Outlook presentation Nine months 2024 Excluding capital gains from asset rotation, 2024 Net Profit outlook of Eur ~5.5 Bn ~5,500 Tariff increases in the US Ramping up investment EUR M and the UK + Higher RAB (new distribution rate cases and transmission projects) 4,803 EUR M1 + 2,300
Slide 33: Capital Markets Day
Results Capital Markets Day presentation Nine months 2024 OUR NEXT CAPITAL MARKETS DAY WILL BE HELD IN AUTUMN 2025 GROWTH RESULTS FINANCIAL DIVIDEND STRENGTH www.iberdrola.com | 33
Slide 34: Annex I
Results presentation Nine months 2024 Annex I “Iberdrola Retribución Flexible” program January 2025 www.iberdrola.com
Slide 35: Iberdrola Retribución Flexible program January 2025
Results “Iberdrola Retribución Flexible” program January 2025 presentation Nine months 2024 • 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 calcu
Slide 36: Annex II
Results presentation Nine months 2024 Annex II www.iberdrola.com
Slide 37: Key P&L impacts of the period
Results Key P&L impacts of the period presentation Nine months 2024 9M 2024 affected by • Sale of Mexico assets cashed in on February 26th • Capital gain included within in EBITDA: Eur 1,717 M pre-tax and Eur 1,165 M post-tax 9M 2023 affected by • Retail tariff deficit recovery in UK: Eur 369 M pre-
Slide 38: Liquidity and maturities
Results Liquidity and maturities presentation Nine months 2024 As of today, liquidity totals Eur 22.1 Bn covering 20 months of financing needs with an average life of debt of 6 years… 29,420 Cash 7,058 Credit lines 13,886 5,742 4,815 4,247 4,162 2,046 Available financing 2024 2025 2026 2027 2028 202
Slide 39: Financial diversification
Results Financial diversification presentation Nine months 2024 Strong diversification from financing sources, mainly capital markets TOTAL SUSTAINABILITY PORTFOLIO: NEW DEALS SIGNED 9M 2024: Eur 8,250 M 71%1 of the total portfolio Commercial Paper Hybrid Bond EUR 1,000 M EUR 700 M Dev. Bank Loan EU
Slide 40: ESG financing
Results ESG financing presentation Nine months 2024 Out of the Eur 6.1 1 Bn raised in 9M 2024, Eur 5.8 Bn correspond to new Sustainability financing for a total portfolio of Eur 57 1 Bn in Sustainability transactions NEW SUSTAINABILITY DEALS 9M 2024: Eur 5,760 M TOTAL SUSTAINABILITY PORTFOLIO: Eur 5
Slide 41: Diversified debt portfolio at competitive rates
Results Diversified debt portfolio at competitive rates presentation Nine months 2024 Our strategy of diversification in funding sources provides flexibility to tap the market… % DEBT BY INSTRUMENT FINANCIAL SOURCES Bond market Bank loans • Main source of long-term financing. Structured 10.6% 0.1% •
Slide 42: New ESMA guidelines for genuine green investments
Results New ESMA guidelines for genuine green investments presentation Nine months 2024 ESMA has approved a new regulation for the use of ESG or sustainability-related terms in the funds names Funds can only be named with the following terms if they invest in companies not excluded: Transition / Soc
Slide 43: ESG
Results ESG presentation Nine months 2024 2023 2025 2030 Specific emissions global mix Carbon Neutral in electricity generation in 2030 (g CO2/kWh) 77 60 Carbon Neutral1 Storage capacity Cumulative installed storage capacity (GWh) 101.9 108 136 Boosting Smart Grids % automation of high and medium vo