Iberdrola Sa · BME:IBE
Iberdrola Sa — Merger or Acquisition (July 2026)
8 slides from Iberdrola Sa's merger presentation, Jul 21, 2026
Slide 1: Acquisition of Caruna
Acquisition of Caruna July 2026 |1
Slide 2: Executive summary
Acquisition of Caruna Executive summary The acquisition of Caruna, the largest distribution company in Finland, strengthens Iberdrola’s leadership in regulated networks… Strategic fit ▸ Increasing focus on Networks: largest DSO in Finland serving 740,000 supply points (1.5 million population) with a
Slide 3: Why Finland? Strategic fit
Acquisition of Caruna Why Finland? Strategic fit Caruna, the largest distribution company in Finland, serves 21% of Finland's electricity Leadership position supply points in a highly fragmented market with 77 distribution network operators Strengthens Iberdrola’s leadership in Networks through a 10
Slide 4: Caruna at a glance
Acquisition of Caruna Caruna at a glance Main data Service territory Operating Caruna Oy (Rural) RAB 2027 Eur 2,536 M Caruna Espoo Oy (Urban) Points of supply 740,000 / 1.5 M population Km of lines c. 89,300 ~67% undergrounded Employees 247 Concession term Perpetual Espoo Financial 2027E Joensuu EBI
Slide 5: Shareholders' structure
Acquisition of Caruna Shareholders’ structure Shareholders pre-transaction Shareholders post-transaction 40% 40% 12.5% 7.5% 80% 12.5% 7.5% Ontario Iberdrola AMF Elo KKR AMF Elo Teachers PP Seller block Iberdrola will retain an 80% stake in Caruna with two local pension funds which share our long-ter
Slide 6: Indicative Timeline
Acquisition of Caruna Indicative Timeline Milestone Indicative Dates Transaction signing 21 July 2026 Deadline for the submission of regulatory Mid-August 2026 applications Regulatory approvals period December 2026 Closing Q1 2027 Transaction closing expected by Q1 2027 www.iberdrola.com www.iberdro
Slide 7: Closing remarks
Acquisition of Caruna Closing remarks Caruna reinforces Iberdrola’s long-term growth profile Strategic fit Disciplined capital allocation A 100% regulated electricity distribution Recycling capital from thermal Mexico platform in a stable, Euro-denominated and disposal into higher-quality regulated
Slide 8: Legal Notice
Acquisition of Caruna Legal Notice DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation relating to the acquisition of Caruna, which will take place on July 21, 2026. As a consequence thereof, this document may not be disclosed, published or used,