Iberdrola Sa · BME:IBE
Iberdrola Sa — 9M 2026 Earnings Presentation
42 slides from Iberdrola Sa's earnings presentation, Oct 21, 2026
Slide 1: Results presentation Nine months
Results presentation Nine months 21 October 2026
Slide 2: Legal Notice
Results presentation Nine months 2026 Legal Notice 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 2026. As a consequence thereof, this document may not be disclosed, publish
Slide 3: Legal Notice: Forward-Looking Statements
Results presentation Nine months 2026 Legal Notice 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 2026 Highlights of the period www.iberdrola.com www.iberdrola.com |4
Slide 5: Highlights of the period
Results presentation Nine months 2026 Highlights of the period Reported Net Profit of Eur 5,816 M (+10%) Adjusted Net Profit of Eur 5,141 M (+9%) Adjusted EBITDA up +7%1 to Eur 11,891 M ▷ Networks up +15% to Eur 6.4 Bn: higher asset base, rates rises and increasing contribution from Transmission ▷ P
Slide 6: Adjusted EBITDA
Results presentation Nine months 2026 Adjusted EBITDA Adjusted EBITDA up +7%1 to Eur 11.9 Bn driven by ongoing acceleration in Q3, with Networks driving growth Business highlights 9M H1 ‘26 ‘26 Adjusted Adjusted EBITDA EBITDA by by geography geography NETWORKS Eur 6,430 M: +15% vs 9M ‘25 UK ▸ Higher
Slide 7: Investments
Results presentation Nine months 2026 Investments Total Investments up +13% to over Eur 10 Bn, close to 75% in the UK, the US and Brazil 9M ’26 Total Investments by geography 9M ’26 Total Investments by business Spain 1,900 16% Networks UK 62% Other EU & 31% 32% Power & Australia 10% 10,087 10,087 C
Slide 8: Networks Investments
Results presentation Nine months 2026 Networks Investments Networks investments up +28 % to Eur 6,277 M… 9M ‘26 Networks investments by geography 9M ‘26 Networks investments by business (Eur Bn) Spain ~6.3 +28% Neoenergia 8% UK 1.1 Minorities 33% ~4.9 Brazil 34% 6,277 1.5 Transmission Eur M 1.7 +28%
Slide 9: Networks Regulated Asset Base
Results presentation Nine months 2026 Networks Regulated Asset Base RAB up +14% to Eur 56 Bn driven by 31% growth in Transmission 61% of total RAB in UK and US Business highlights Total RAB 9M ‘26 UK ▷ Increasing investments in RIIO-ED2 (2023-28) (+20%) Spain Transmission US UK +31% vs 9M ‘25 +2% vs
Slide 10: Renewable Investments
Results presentation Nine months 2026 Renewable Investments Eur 3.3 Bn invested in Renewables 9M ‘26 Renewable Investments by technology 9M ‘26 Renewable installed capacity 1,031 MW I NSTALLED Offshore wind ✓ 2.3 GW Eur 1,195 M 10% 555 688 MW 3,257 549 MW 251 Onshore wind Eur M 315 11 96 277 Eur 1,2
Slide 11: Financial Strength
Results presentation Nine months 2026 Financial Strength Strong financial position with protection against interest rate increases Floating vs fixed Debt Adj. Net Debt1/Adj. EBITDA (exc. Brazil) 3.3x 3.4x Floating 22% 78% Fixed 9M ’25 9M ’26 www.iberdrola.com 1. Adjusted for treasury stock derivativ
Slide 12: Shareholder Remuneration
Results presentation Nine months 2026 Shareholder Remuneration Interim shareholder remuneration up +8.7% to Eur 0.275/share Eur +8.7% 0.275 Eur 0.253 www.iberdrola.com www.iberdrola.com |12
Slide 13: 2030+ investment outlook: positive energy context
Results presentation Nine months 2026 2030+ investment outlook Increasing positive energy context driven by booming electrification and strong policy support Electrification up >10 pp by 2035 Energy policies supporting electrification only with existing technology and network investments Electrifica
Slide 14: 2030+ investment outlook: RAB to Eur 90 Bn by 2030e
Results presentation Nine months 2026 2030+ investment outlook Increasing RAB to Eur 90 Bn by 2030e due to investment requirements in all our markets Increasing RAB evolution to 2030e (Eur Bn) Increasing growth investments >90 in distribution due to new demand +60% and additional transmission ~30 Tr
Slide 15: Accelerating new projects to add more than 15 GW in 2025–30
Results presentation Nine months 2026 2030+ investment outlook Accelerating new projects to add more than 15 GW in 2025–30, 60% installed or under construction… Capacity under Capacity installed Additional capacity construction 2025- 9M 2026 COD 2028-2030 COD Q4 2026-2028 5.0 GW 3.8 GW 6.5 GW 1.5 GW
Slide 16: Analysis of results
Results presentation Nine months 2026 Analysis of results www.iberdrola.com www.iberdrola.com |16
Slide 17: Adjusted Income Statement / Group
Results presentation Nine months 2026 Adjusted Income Statement / Group Reported Net Profit grows 10% to Eur 5,816 M while Adjusted Net Profit grows 9% to Eur 5,141 M 9M 2026 9M 2025 Eur M % adjusted1 adjusted1 Revenues 34,405 31,871 +8.0 Gross Margin 18,031 17,294 +4.3 Net Operating Expenses -4,124
Slide 18: Adjusted Income Statement / Group: adjustments and criteria
Results presentation Nine months 2026 Adjusted Income Statement / Group Adjustments and accounting criteria are shown below • According to IFRS 5, Mexico business is registered as Discontinued Operations in Reported Mexico Net Profit and presented under Equity and Discontinued Operations in Adjusted
Slide 19: Adjusted Gross Margin / Group
Results presentation Nine months 2026 Adjusted Gross Margin / Group Adjusted Gross Margin reaches Eur 18,031 M, up 4% Adjusted Revenues (Eur M) Procurements (Eur M) 34,405.0 31,871.0 8.0%1 16,373.7 14,576.6 12.3% 9M 2025 9M 2026 9M 2025 9M 2026 Excluding FX impact, Adjusted Gross Margin up 5% www.ib
Slide 20: Adjusted Net Operating Expenses / Group
Results presentation Nine months 2026 Adjusted Net Operating Expenses / Group Adjusted Net Operating Expenses are 1% lower, and excluding FX impact remain flat Adjusted1 Net Operating Expenses (Eur M) 9M 2026 9M 2025 % Net Personnel Expenses -2,282.3 -2,109.5 8.2% External Services -2,772.7 -2,725.1
Slide 21: Results by Business / Networks
Results presentation Nine months 2026 Results by Business / Networks Networks adjusted EBITDA up 15% to Eur 6,430 M, already accounting for 54% of Group EBITDA Eur M 24% United Kingdom Brazil 27% (+18%) (+10%) 6,430.2 25% 24% United States Spain (+18%) (+14%) … driven by strong performance in all ge
Slide 22: Results by Business / Networks: by country
Results presentation Nine months 2026 Results by Business / Networks Adj. EBITDA USD 1,782.0 M (+19.2%; –12.9% in reported terms): UNITED • Higher rates in Distribution STATES • Increased contribution from Transmission, including positive contribution from NECEC (COD on 16th of January) • Reported f
Slide 23: Results by Business / Power and Customers
Results presentation Nine months 2026 Results by Business / Power and Customers Power and Customers Adjusted EBITDA decreases 2% to Eur 5,359 M Eur M RoW (-12%) 10% Brazil 3% (+12%) 54% Iberia United States 14% (-5%) (0%) 5,359.3 United Kingdom 19% (+7%) 91 TWh of electricity produced1, 3% increase
Slide 24: Results by Business / Power and Customers: by country
Results presentation Nine months 2026 Results by Business / Power and Customers EBITDA EUR 2,912.8 M (-4.6%): IBERIA • Demand growth drives sales increase at 2025 prices, impacting procurement costs at 2026 prices • Negative impact from regulated gas rate (higher cost of gas) and increase in ancilla
Slide 25: Adjusted EBIT / Group
Results presentation Nine months 2026 Adjusted EBIT / Group D&A and provisions up 1% to Eur 4,245 M, in line with previous quarters Adjusted EBIT (Eur M) D&A and Provisions (Eur M) +1% 7,645.1 6,871.9 11% -4,192.2 -4,245.4 -411.1 -370.2 Provisions -3,821.9 D&A -3,834.3 9M 2025 9M 2026 9M 2025 9M 202
Slide 26: Net Financial Result / Group
Results presentation Nine months 2026 Net Financial Result / Group Net Financial Result increases mainly due to derivatives, driven by the Eur 282 M EA3 2025 one-off and FX hedges Net Financial Result (Eur M) Cost of Debt -503 +64 -1,687 4.93% +22 bps -1,163 -85 4.71% 3.54% -7 bps 3.47% (ex NEO) Deb
Slide 27: Adjusted Net Debt / Group
Results presentation Nine months 2026 Adjusted Net Debt / Group Moderate Q3 Net Debt increase of Eur 0.6 Bn Consolidated Net Debt Evolution Eur Bn +0.5 54.6 +2.7 50.2 -9.3 +5.4 +10.0 FX & -4.9 Hybrid 1 Other Dividend & Treasury Adjusted Shares FFO Asset Capex rotation FY 2025 9M 2026 Adjusted Net De
Slide 28: Financial ratios / Group
Results presentation Nine months 2026 Financial ratios / Group Delivering solid ratios… Adjusted Credit Metrics 9M 2026 9M 20252 Adjusted Net Debt1 / Adjusted EBITDA 3.4x 3.3x Adjusted FFO / Adjusted Net Debt1 22.4% 24.9% Adjusted Leverage 45.8% 43.3% …comfortably within credit rating ratios for a B
Slide 29: Adjusted Net Profit / Group
Results presentation Nine months 2026 Adjusted Net Profit / Group Adjusted Net Profit up 9% to Eur 5,141 M. Excluding FX, up 13% 10% Eur M 278 5,816 5,307 5,141 953 Capital 9% 389 191 4,727 Mexico1 allowances in UK US past cost 382 recognition UK Smart Capital meter allowances divestment in UK 9M 20
Slide 30: Conclusions
Results presentation Nine months 2026 Conclusions www.iberdrola.com www.iberdrola.com |30
Slide 31: Guidance 2026: Ongoing solid performance in Q3 and Q4
Results presentation Nine months 2026 Guidance 2026 Ongoing solid performance in Q3 and Q4 after a strong H1 Networks NETWORKS • Increasing RAB to Eur 58 Bn by year end (+15%) • Rate increases in distribution • Higher contribution from transmission (T3, NECEC, Brazil) POWER & • +3,300 new MWs instal
Slide 32: Guidance 2026: improved outlook
Results presentation Nine months 2026 Guidance 2026 Strong performance in 9M and positive expectations in Q4 allow us to improve our 2026 outlook… Improvement in 2026 Guidance… Questions andAdjusted Answers Net Profit Growth >10% www.iberdrola.com www.iberdrola.com |32
Slide 33: Capital Markets Day
Results presentation Nine months 2026 Capital Markets Day …targeting a 10% average growth in Adjusted Net Profit in the next 5 years FURTHER DETAIL TO BE PROVIDED IN OUR CAPITAL MARKETS DAY IN MARCH 2027 www.iberdrola.com www.iberdrola.com |33
Slide 34: Annex I: Iberdrola Retribución Flexible program
Results presentation Nine months 2026 Annex I: “Iberdrola Retribución Flexible” program January 2027 www.iberdrola.com www.iberdrola.com |34
Slide 35: Iberdrola Retribución Flexible program – January 2027
Results presentation Nine months 2026 “Iberdrola Retribución Flexible” program – January 2027 • LAST TRADING DATE: Last Closing prices day to buy IBE shares and considered for participate in “Iberdrola • Board of Directors: determining the Retribución Flexible” resolution for the average price used
Slide 36: Annex II
Results presentation Nine months 2026 Annex II www.iberdrola.com www.iberdrola.com |36
Slide 37: Reported Income Statement / Group
Results presentation Nine months 2026 Reported Income Statement / Group 9M 2026 9M 2025 Eur M % reported Reported Revenues 34,405 32,401 +6.2 Gross Margin 18,031 17,824 +1.2 Net Operating Expenses -4,124 -3,774 9.3 Levies -2,017 -2,074 -2.8 EBITDA 11,891 11,975 -0.7 EBIT 7,645 7,783 -1.8 Net Financi
Slide 38: 9M 2026 Reported & Adjusted P&L / Group
Results presentation Nine months 2026 9M 2026 Reported & Adjusted P&L / Group 9M 2026 Mexico Capital 9M 2026 Eur M Reported contribution1 Allowances UK adjusted Revenues 34,405 - - 34,405 Gross Margin 18,031 - - 18,031 Net Operating Expenses -4,124 - - -4,124 Levies -2,017 - - -2,017 EBITDA 11,891 -
Slide 39: 9M 2025 Reported & Adjusted P&L / Group
Results presentation Nine months 2026 9M 2025 Reported & Adjusted P&L / Group 9M 2025 Mexico US past cost Smart meters Capital 9M 2025 Eur M Reported contribution recognition UK divestment Allowances UK 1 Adjusted Revenues 32,401 - -530 - - 31,871 Gross Margin 17,824 - -530 - - 17,294 Net Operating
Slide 40: Liquidity and maturities
Results presentation Nine months 2026 Liquidity and maturities Strong liquidity exceeding Eur 23 Bn, covering 20 months of financing needs Liquidity (Eur M) Maturities (Eur M ) 36.050 6.873 Cash 14.449 23,046 Credit lines 1.724 3.451 4.947 5.238 4.688 1.721 Available financing Q4 2026 2027 2028 2029
Slide 41: Sustainable financing
Results presentation Nine months 2026 Sustainable financing Eur 6.4 Bn of sustainable financing signed year-to-date, of which 5.7 Bn is green… NEW SUSTAINABLE FINANCING 9M 2026 (Eur M) SUSTAINABLE PORTFOLIO 9M 2026: Eur 71,768 M Sustainable Commercial Paper Sustainable Bank 6.000 Product Q1 Q2 Q3 To
Slide 42: Significant progress in sustainability aligned with our strategy
Results presentation Nine months 2026 Significant progress in sustainability aligned with our strategy Resilience actions Resilience outcomes Reinforcing critical infrastructure Stronger and more flexible assets Advancing Torrejón-Valdecañas pumped-storage project to provide 15 GWh of storage Modern