Slide 1: Results presentation 2024
Results presentation 2024 27 February 2025
Slide 2: Legal Notice
Results Legal Notice presentation 2024 DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation of financial results of the 2024 fiscal year. As a consequence thereof, this document may not be disclosed or published, nor used by any other person or en
Slide 3: Legal Notice: Forward-looking statements
Results Legal Notice presentation 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 expectations with
Slide 4: Highlights of the period
Results presentation 2024 Highlights of the period www.iberdrola.com www.iberdrola.com
Slide 5: Highlights of the period
Results Highlights of the period presentation 2024 Reported Net Profit of Eur 5,612 M (+17%) EBITDA up +17% to Eur 16,848 M Strong Operating • Higher RAB and better RoE achieved in Networks Performance • Higher production with better prices Record Organic investments up+5% to Eur 12 Bn + Eur 5 Bn ca
Slide 6: EBITDA up +17% to Eur 16,848 M
Results EBITDA presentation 2024 EBITDA up +17% to Eur 16,848 M EBITDA Evolution (Eur M) Business Highlights Rate increases in the US and UK Higher Regulated Asset Base in all countries 16,848 +17% New Renewable installed capacity: +2,600 MW in 2024 (710 MW offshore) 14,417 Excellent performance of
Slide 7: Investments: Networks
Results Investments: Networks presentation 2024 Networks organic investments up +21% to Eur 6,281 M… Network asset base by geography Networks organic investments (Eur M) including ENW 6,281 Brazil +21% TRANSMISSION (+54% vs ‘23) Spain EUR 10.4 Bn EUR 9.3 Bn 42% (+9% vs 2023) 5,178 • US: Eur 1,142 M,
Slide 8: Investments: Energy Production and Customers
Results Investments: Energy Production and Customers presentation 2024 Eur 5,416 M of investments… Investments by country Business Highlights US ‣ Vineyard Wind 1: COD ‘25 UK Eur 1,202 M US ‣ >750 MW Solar PV installed (+4% vs 2023) Eur 1,380 M ‣ 1,500 MW under construction (+37% vs 2023) ‣ No new p
Slide 9: Securing future growth: Supply Chain Management
Results Securing future growth: Supply Chain Management presentation 2024 Eur ~18 Bn of purchases, with more than 75% for 2025-28 supplies… 100% of strategic contracts for projects under construction secured Anticipating business needs Minimizing risks through supply chain management 88% labelled su
Slide 10: Securing future growth: Networks in the UK and US
Results Securing future growth: Networks in the UK and US presentation 2024 Increasing our presence in UK & US Networks… INVESTING IN US NETWORKS DIVESTING 60% of total RAB Eur 2.5 Bn in AGR in the US & UK... Eur 5 Bn from INVESTING IN UK NETWORKS …reaching already fossil Eur 30 Bn in 2024 generatio
Slide 11: Securing future growth: Networks in the UK and US
Results Securing future growth: Networks in the UK and US presentation 2024 …reinforcing our position ahead of upcoming investment opportunities in both markets: Eur 41 Bn in Transmission and Distribution up to 2030… 2025-2030 Network Investments in the UK and the US • New York DISTRIBUTION TRANSMIS
Slide 12: Financial Strength
Results Financial Strength presentation 2024 Solid Cash flow growth and strong Ratios even considering ENW & AGR transactions… Cash Flow (Eur M) Financial Ratios – FFO/Adj. Net Debt 16,769 Including +51% 23.2% 22.9% ENW & AGR Cash collected transactions 4,933 from asset rotation after taxes 11,096 U
Slide 13: Shareholder Remuneration
Results Shareholder Remuneration presentation 2024 Proposing supplementary dividend of Eur 0.404/Share… +15% Eur 0.635/Share Eur 0.553/Share Eur Supplementary 0.4041 Eur dividend 0.351 Interim Eur Eur dividend 0.202 0.231 2023 2024 + Engagement dividend …increasing 2024 total dividend by 15% to Eur
Slide 14: Social dividend
Results Social dividend presentation 2024 Generating long-term value for society in all the regions where we operate… Incorporating 6,000 people to the Iberdrola Group (2,100 from ENW) Sustaining 500,000 jobs in our suppliers International EDGE Certificate Global Top Employers Enterprise seal Record
Slide 15: Analysis of results
Results presentation 2024 Analysis of results www.iberdrola.com www.iberdrola.com
Slide 16: Income Statement / Group
Results Income Statement / Group presentation 2024 Strong results in reported and adjusted terms underpins the underlying growth of the business 2024 2023 % 2024 Eur M Reported Reported 2024 vs. 2023 Adjusted Revenues 44,739 49,335 -9.3 44,739 Gross Margin 23,876 23,302 +2.5 23,876 Net Operating Exp
Slide 17: Reported & Adjusted P&L / Group
Results Reported & Adjusted P&L / Group presentation 2024 For transparency purposes, the reconciliation between reported and adjusted figures is detailed below Adjusted Reported Eur M Adjustments 2024 2024 Gross Margin 23,876 23,876 Net Operating Eur -1,632 M: -6,095 -4,462 A • Capital Gains1: Eur -
Slide 18: Gross Margin / Group
Results Gross Margin / Group presentation 2024 A 20% reduction in Procurements… Revenues (Eur M) Procurements (Eur M) 49,334.9 -9% 44,739.3 26,033.4 20,863.2 -20% 2023 2024 2023 2024 … leads to a Gross Margin growth of 2.5% to Eur 23,876 M www.iberdrola.com www.iberdrola.com | 18
Slide 19: Net Operating Expenses / Group
Results Net Operating Expenses / Group presentation 2024 Excluding capital gains, adjustments and efficiencies, Adjusted Net Operating Expenses improves 0.7% Net Operating Expenses (Eur M) 2024 vs 2023 2024 2023 adjusted adjusted (%) Reported Net Personnel Expenses -2,883.1 -2,960.2 -2.6% -2,994.2 E
Slide 20: Levies / Group
Results Levies / Group presentation 2024 Levies reaches Eur 2,567 M in 2024 vs. Eur 2,748 M in 2023, improving 7% Levies (Eur M) Levies contribution1 by country (Eur M) 2,747.8 2,828.6 79 2,566.6 183 Rest of geographies Spain 43% 57% 2023 2024 Social Hydro 2024 excl. reported reported Bonus Canon co
Slide 21: Results by Business / Networks
Results Results by Business / Networks presentation 2024 Networks EBITDA reaches EUR 6,423 M, +7% vs. 2023… Eur M Brazil 33% 24% Spain 6,423.0 23% United Kingdom United States 21% …driven by higher regulated asset base and tariffs www.iberdrola.com www.iberdrola.com | 21
Slide 22: Results by Business / Networks
Results Results by Business / Networks presentation 2024 EBITDA EUR 1,542.6 M (-0.7%): SPAIN • Operating performance in line with last year, affected by regularization of past investments EBITDA GBP 1,239.2 M (+15.6%): UNITED • Higher contribution in Distribution, thanks to the new regulatory framew
Slide 23: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation 2024 Energy Production and Customers EBITDA reaches Eur 10,486.9 M in 2024 vs. Eur 8,601 M in 2023 driven by divestment of thermal generation assets and better performance… Eur M RoW Brazil 8% 3% Mexico +2% 5% 10,486.9 United
Slide 24: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation 2024 EBITDA EUR 4,617.0 M (+8.0%): • Higher manageable renewable production (+4.7 TWh) including pumped storage IBERIA • Lower procurement costs compensate lower prices 90% emission-free production in Iberia EBITDA GBP 1,530.
Slide 25: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation 2024 EBITDA EUR 721.1 M (+71.7%): RoW • Higher production (+31%) due to the entry into operation of St. Brieuc offshore wind farm, at full capacity since May, and more onshore capacity installed1 MEXICO EBITDA BRL 1,318.7 M (
Slide 26: D&A and Provisions / Group
Results D&A and Provisions/ Group presentation 2024 D&A and Provisions, up 31% to Eur 7,119 M, mainly due to provisions related to onshore renewable assets mainly in the US. Excluding adjustments, D&A and Provisions up 3% to Eur 5,619 M, driven by higher asset base Reported D&A (Eur M) Adjusted D&A
Slide 27: EBIT / Group
Results EBIT / Group presentation 2024 Reported EBIT grows 8% to Eur 9,729 M in 2024 vs. Eur 8,973 M in 2023… Eur M +8% 7% +8% 8% - 1,743 +1,611 Capital gains: Adjustments & • Thermal gen. Efficiencies: 9,729 assets sale • US onshore 9,597 8,973 • Other • Other renewable projects • Efficiencies and
Slide 28: Net Financial Results / Group
Results Net Financial Results / Group presentation 2024 Net Financial Result improves Eur +612 M to Eur -1,575 M thanks to better debt result (Eur +60 M), FX derivatives (Eur +280 M mainly due to divestment of thermal generation assets, compensated at tax level) and other (Eur +272 M) NET FINANCIAL
Slide 29: Financial ratios and Adjusted Net Debt / Group
Results Financial ratios and Adjusted Net Debt / Group presentation 2024 Strong solvency ratios driven by higher FFO compensating higher Net Debt ADJUSTED CREDIT METRICS 2024 2023 Adjusted Net Debt1/ EBITDA 3.4x 3.3x FFO / Adjusted Net Debt1 22.9%2 23.2% Adjusted Leverage 45.4% 44.2% Comfortable wit
Slide 30: Adjusted Net Debt / Group
Results Adjusted Net Debt / Group presentation 2024 Cash flow generation compensating gross investments and asset rotation funding non-organic Eur Bn 51.7 3.7 1.0 47.8 11.8 17.0 Other AGR & ENW Dividend 6.0 FFO Asset Total rotation Investments Reported Reported Net Debt 2023 Net Debt 2024 2024 Net d
Slide 31: Net Profit / Group
Results Net Profit / Group presentation 2024 2024 Reported Net Profit grows to Eur 5,612 M, +17% vs 2023 Reported Net Profit 2024 Adjusted Net Profit grows to Eur 5,530 M, +15% vs 2023 Reported Net Profit Eur M +15% Base for 2025 guidance 5,612 -1,184 +17% +1,102 5,530 4,803 Capital gains: Adjustmen
Slide 32: Conclusions
Results presentation 2024 Conclusions www.iberdrola.com www.iberdrola.com
Slide 33: The acceleration of trends anticipated in last CMD
Results Conclusions presentation 2024 THE ACCELERATION OF TRENDS ANTICIPATED IN LAST CMD… Electrification ✓ Increasing demand in Europe/US 2024 demand up +1.4% in the EU and +2% in the US • Growth in cooling and heating, transport, industry, data & IA ✓ Higher investments Additional investment requi
Slide 34: After 25 years executing our strategy
Results Conclusions presentation 2024 …AFTER 25 YEARS EXECUTING OUR STRATEGY… • Reaching Eur 49 Bn of RAB: RAB +15% • Organic investments + ENW & AGR acquisitions Growth based on to Eur 49 Bn • New frameworks: returns and cash flows Networks • US (NY, Maine…), UK (T3/ED2), Brazil (Distribution alrea
Slide 35: Improvements in business profile and market fundamentals in 2025
Results Conclusions presentation 2024 … ALONG WITH IMPROVEMENTS IN OUR BUSINESS PROFILE AND MARKET FUNDAMENTALS IN 2025… Network investments acceleration mainly in the US and UK NETWORKS Full contribution from new acquisitions (ENW & AVANGRID) Growing Demand ELECTRICITY PRODUCTION & New PPAs with To
Slide 36: Structural improvement in our outlook: 2025 net profit outlook
Results Conclusions presentation 2024 … DRIVE A STRUCTURAL IMPROVEMENT IN OUR OUTLOOK Mid to high (Eur Bn) single digit growth 5.5 5.6-5.8 (Adjusted Net Profit) (CMD) 5.3-5.4 4.8 (CMD) Outlook ….. Trend 2023 2024 2025e 2026e 2025 NET PROFIT OUTLOOK: “MID TO HIGH SINGLE DIGIT” GROWTH excluding capita
Slide 37: Electrification is unstoppable
Results Conclusions presentation 2024 ELECTRIFICATION IS UNSTOPPABLE DEMAND SIDE SUPPLY SIDE Latent demand Clean reliable energy sources Electrification of Renewables existing demand Networks Others New demand sources as the Backbone Storage to provide flexibility 24/7 security Pump hydro Batteries
Slide 38: Annex I
Results presentation 2024 Annex I www.iberdrola.com www.iberdrola.com
Slide 39: Reported & Adjusted P&L / Group
Results Reported & Adjusted P&L / Group presentation 2024 Adjustments & Adj. 2024 vs. 2023 Eur M Reported 2024 Capital Gains Adjusted 2024 Efficiencies (%) Gross Margin 23,876 - - 23,876 +2.5 Net Operating Expenses -4,462 -1,744 +111 -6,095 -0.7 Levies -2,567 +2 - -2,565 -6.7 EBITDA 16,848 -1,742 +1
Slide 40: From Adjusted to Reported Net Profit / Group
Results From Adjusted to Reported Net Profit/ Group presentation 2024 Theoretical 2024 Net Profit including Capital Gains would reach EUR 6,714 M Eur M 6,714 -1,102 Capital gains +1,184 5,612 Efficiencies and adjustments Adjusted Net for future 5,530 improvement Profit 2024 Theoretical Net Profit 20
Slide 41: Liquidity and maturities
Results Liquidity and maturities presentation 2024 As of today, even 5.1 Bn corporate transactions have been settled, liquidity remains strong above 20 Bn1 covering 22 months of financing needs … Maturities 27,624 Cash 4,097 Available financing 1,882 5,907 4,822 5,146 Credit lines 4,387 4,526 14,243
Slide 42: Financial diversification
Results Financial diversification presentation 2024 Strong diversification of financial instruments and markets at competitive rates TOTAL SUSTAINABILITY PORTFOLIO: NEW DEALS SIGNED 2024: Eur 13,1581 M 71% of the total portfolio Commercial Paper Hybrid Bond EUR 1,000 M EUR 1,500 M Dev. Bank Loan EUR
Slide 43: Sustainable financing
Results Sustainable financing presentation 2024 Eur 9.6 Bn raised in 2024 correspond to new sustainability financing for a total portfolio of Eur 60.1 Bn in sustainability transactions NEW SUSTAINABILITY DEALS 2024: Eur 9,643 M TOTAL SUSTAINABILITY PORTFOLIO: Eur 60,053 M Sustainable Commercial Prod
Slide 44: Diversified debt portfolio
Results Diversified debt portfolio presentation 2024 Our strategy of diversifying funding sources provides flexibility to tap the market … % DEBT BY INSTRUMENT FINANCIAL SOURCES Leases and Bond market others Bank loans • Main source of long-term financing. 5,0% Structured and credits • Strong access
Slide 45: Leadership in Sustainability
Results Leadership in Sustainability presentation 2024 LEADING THE MAJOR SUSTAINABILITY RATINGS RECOGNITION OF OUR PERFORMANCE 1st Utility and 1st United AAA rating in the MSCI Spanish company in Nations Global ESG Ratings assessment the index 2025 Compact recognizes Carbon Clean 200 our strong laun