Slide 1: Results presentation 2025
Results presentation 2025 25 February 2026
Slide 2: Legal Notice
Results Legal Notice Presentation 2025 DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation of financial results of the 2025 fiscal year. As a consequence thereof, this document may not be disclosed, published or used, either partially or totally,
Slide 3: Legal Notice: Forward-looking statements
Results Legal Notice Presentation 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 expectations with
Slide 4: Highlights of the period
Results Presentation 2025 Highlights of the period www.iberdrola.com www.iberdrola.com |4
Slide 5: Highlights of the period
Results Highlights of the period Presentation 2025 Reported Net Profit of Eur 6,285 M (+12%) Eur 6,749 M excluding Eur -464 M of non-cash adjustments in renewable pipeline ▶ Networks Adj. EBITDA +21%: Higher Rate Base and improving frameworks Increasing Operating Results: Adj. EBITDA of Eur 15,684 M
Slide 6: 2025, a year of transformation
Results Highlights of the period Presentation 2025 2025, a year of transformation: Improving business profile… Securing additional growth in Networks in our core markets through organic investments… • UK: New Transmission framework will transform SPW profile • Starting build-up of new interconnector
Slide 7: 25 years of sustained growth
Results Highlights of the period Presentation 2025 …and achieving 25 years of sustained growth Market Cap of Eur >135 Bn (>10X) Jan 2001 Today Market Cap evolution 2001-2025 (Eur Bn) Total Assets Eur 20 Bn Eur 161 Bn >135 Regulated Asset Base <Eur 5 Bn Eur 51 Bn Installed Capacity 16 GW 58 GW 12 Sto
Slide 8: EBITDA Eur M
Results EBITDA Presentation 2025 Adjusted EBITDA up +3% to Eur 15,684 M driven by outstanding Networks performance FY25 Adjusted EBITDA by geography Business Highlights UK ▶ Networks Adjusted EBITDA +21%: Eur 3,306 M » Higher Regulated Asset Base (-1% vs 2024) » Full ENW consolidation from March Ibe
Slide 9: Investments Eur M
Results Investments Presentation 2025 Total investments reach Eur 14,460 M… Grafico FY ‘25 Investments Investments por país by geography Grafico FY ‘25 Investments Investments por país by business 14,460 Networks Eur M Eur 8,975 M Iberia 32% Latam 14% 10% 62% 32% 17% 31% Other EU & 14,460 31% 10% Po
Slide 10: Networks: Organic Investments & Regulated Asset Base
Results Networks: Organic Investments & Regulated Asset Base Presentation 2025 Networks organic investments up +13%, with transmission UK increasing by 21% 2025 Networks Organic Investments (Eur M) 2025 RAB (Eur Bn) 7,078 +12% 51 +13% ~2/3 in UK and US 57% in D 6,281 2,176 ~Eur 16.5 Bn 43% in T 45 1
Slide 11: Networks: Business highlights
Results Networks: Business highlights Presentation 2025 Network investments and regulatory frameworks progressing across our geographies UK ▶ RIIO-T3: Ofgem Final Determination published. SPT TOTEX of c. Eur 14 Bn (2026-2031) ▶ Higher rates in distribution with increasing contribution from Transmiss
Slide 12: Power & Customers: Investments
Results Power & Customers: Investments Presentation 2025 Investments in Power and Customers reach Eur 5,260 M… 2025 Organic Investments by geography 2025 Organic Investments by technology Iberia UK Offshore Wind Onshore Wind Eur 1,366 M Eur 1,400 M Eur 1,401 M Eur 1,698 M 26% 27% 27% 32% 5,260 5,260
Slide 13: Power & Customers: Operating highlights
Results Power & Customers: Operating highlights Presentation 2025 New 2,710 MWs installed, 4,679 MW already under construction and 9,000 of further pipeline: Securing the delivery of our Plan Additional MWs installed by technology Routes to Market 20262 Installed Under Regulated Contracts 2025 Const
Slide 14: Financial Strength: Operating cash flow
Results Financial Strength Presentation 2025 Operating cash flow up +8.2% to Eur 12,811 M Operating Cash Flow (Eur M) +8.2% 12,811 11,836 2024 2025 www.iberdrola.com www.iberdrola.com |14
Slide 15: Financial Strength: Adjusted net debt
Results Financial Strength Presentation 2025 Adjusted Net Debt down Eur -1.5 Bn to Eur 50.2 Bn, driving strong improvement in ratios Adj. Net Debt (Eur Bn) Adj. Net Debt1/EBITDA FFO/Adj. Net Debt2 51.7 Eur -1.5 Bn 3.40x 50.2 25.5%3 -11% +260bps 22.9% 3.02x 2024 2025 2024 2025 2024 2025 1. Proforma r
Slide 16: Shareholder remuneration
Results Shareholder remuneration Presentation 2025 Proposing a supplementary dividend of Eur 0.427/Share, for a 2025 total dividend of Eur 0.680/share Eur 0.680/Share Eur +6.3% 0.640/Share Supplementary Eur dividend 0.4271 Eur 0.409 Interim Eur dividend Eur 0.253 0.231 2024 + Engagement dividend 202
Slide 17: Analysis of results
Results Presentation 2025 Analysis of results www.iberdrola.com www.iberdrola.com |17
Slide 18: Reported Income Statement / Group
Results Reported Income Statement / Group Presentation 2025 2025 Adjusted Net Profit up +10.3% to EUR 6,231 M and Reported Net Profit up 12% to EUR 6,285 M FY 2025 FY 2024 % FY 2025 Eur M adjusted adjusted 2025 vs 2024 reported1 Revenues 45,017 44,739 +0.6 45,547 Gross Margin 24,299 23,876 +1.8 24,8
Slide 19: Reported & Adjusted P&L / Group
Results Reported & Adjusted P&L / Group Presentation 2025 2025 Adjusted Net Profit grows +10.3%, to EUR 6,231 M… -379 +464 -389 +251 UK Smart Adjustments Networks Capital Meters in Power cost Allowance divestment recognition capital gain in USA 6,285 6,231 2025 Reported 2025 Adjusted Net Profit Net
Slide 20: Gross Margin / Group
Results Gross Margin / Group Presentation 2025 An increase of 0.6% in Revenues (excluding recognition of past costs in US Networks of EUR 530 M) and -0.7% in Procurements lead to an adjusted Gross Margin growth of 1.8% to EUR 24.3 Bn Revenues (EUR M) Procurements (EUR M) Cost 44,739.3 recognition 52
Slide 21: Net Operating Expenses / Group
Results Net Operating Expenses / Group Presentation 2025 Excluding adjustments and efficiencies1, Net Operating Expenses are 4% better Net Operating Expenses (Eur M) FY 2025 FY 2024 vs FY 2024 adjusted adjusted adjusted (%) Net Personnel Expenses -2,938.1 -2,883.0 +1.9% External Services -3,927.0 -4
Slide 22: Results by Business / Networks
Results Results by Business / Networks Presentation 2025 Adjusted1 Networks EBITDA +21% to EUR 7,794 M driven by strong performance in UK , Spain and US due to higher asset base and rates Eur M 28% 26% 7,793.7 Brazil Spain 6,466.6 529.5 US Networks cost recognition Efficiencies -42.5 +21% in Spain 6
Slide 23: Results by Business / Networks by country
Results Results by Business / Networks Presentation 2025 EBITDA IFRS USD 2,491.2 M (+73.0%); adjusted USD 1,940.3 M (+34.8%): UNITED • Higher rates in Distribution and past cost recognition (already registered in Q1) STATES • Better contribution from Transmission (USD +177 M) EBITDA GBP 1,594.6 M (+
Slide 24: Results by Business / Power & Customers
Results Results by Business / Power & Customers Presentation 2025 Power & Customers EBITDA reaches EUR 7.9 Bn in FY 2025 vs. EUR 8.8 Bn in FY 2024 excluding capital gains from asset rotation and efficiencies… Eur M RoW 10% Thermal divestment 1,710.0 capital gain and UK Smart efficiencies LatAm 10% 3
Slide 25: Power & Customers: Iberia, US, UK
Results Results by Business / Power & Customers Presentation 2025 EBITDA EUR 3,921.4 M (-16.8%): • Higher production is compensated by lower margins and sales IBERIA • Lower court rulings and higher ancillary services costs (Eur -177 M) vs. 2024 • Higher levies1 despite 1.2% revenue tax termination
Slide 26: Power & Customers: RoW, Brazil, Mexico
Results Results by Business / Power & Customers Presentation 2025 EBITDA EUR 795.8 M (+10.4%): RoW • Higher contribution from offshore windfarms St. Brieuc (France) and Baltic Eagle (Germany) (IEI) • Lower contribution from Supply business in Portugal due to higher ancillary services cost (Eur -30 M
Slide 27: EBIT / Group
Results Presentation 2025 EBIT / Group Adjusted D&A and Provisions up 3% to EUR 5,793 M, driven by higher asset base despite FY 2024 EUR 1.5 Bn and FY 2025 EUR 0.5 bn adjustments, mainly in Power Reported D&A and Provisions (EUR M) Adjusted D&A and Provisions (EUR M) +3% -7,118.7 -11% -6,316.1 -5,79
Slide 28: Net Financial Result / Group
Results Presentation 2025 Net Financial Result / Group Financial Result increases EUR -288 M due to Eur 6.2 bn higher average debt1, partially offset by EA3 derivatives2 Net Financial Result (EUR M) Cost of Debt -357 +164 -189 -1,863 -1,575 +94 4.81% -6 bps 4.75% Debt result: -263 3.70% -15 bps 3.55
Slide 29: Adjusted Net Debt / Group
Results Adjusted Net Debt / Group Presentation 2025 Strong FFO generation, capital increase and asset rotation & partnerships help to achieve a net debt EUR 1.5 Bn lower than 2024 year-end… Consolidated Net Debt Evolution EUR Bn 1.9 51.7 -0.4 50.2 -5.0 2.2 4.6 -12.8 12.6 Previ 30% -4.6 Other Capital
Slide 30: Financial ratios / Group
Results Financial ratios / Group Presentation 2025 Delivering strong credit ratios for Iberdrola’s BBB+/Baa1 Adjusted Credit Metrics FY 20251 FY 2024 Adjusted Net Debt2/ EBITDA 3.02x 3.40x FFO / Adjusted Net Debt2 25.5%3 22.9% Adjusted Leverage 43.8% 45.4% Driven by +8% FFO growth to EUR 12.8 Bn and
Slide 31: Financing
Results Financing Presentation 2025 EUR 16.7 Bn1 of new signed financing at very competitive market conditions… EUR M • First green senior with EUGBS & ICMA standards • Non-dilutive convertible green with highest savings vs. senior for Iberdrola Bonds 4,900 • Lowest coupon in hybrid in 2025 in the E
Slide 32: Adjusted Net Profit / Group
Results Beneficio Neto Ajustado / Grupo Presentation 2025 FY 2025 Adjusted Net Profit grows +10.3% to EUR 6,231 M and FY 2025 Reported Net Profit grows +12% to EUR 6,285 M Adjusted Net Profit1 (EUR M) Reported Net Profit2 (EUR M) 6,231.5 6,285.0 5,651.3 10% 5,611.9 12% FY 2024 FY 2025 FY 2024 FY 202
Slide 33: Conclusions
Results Presentation 2025 Conclusions www.iberdrola.com www.iberdrola.com |33
Slide 34: Conclusions and guidance
Results Conclusions and guidance Presentation 2025 Iberdrola’s transformation driving sustained growth in results… Networks as key growth driver: Selective investment in Power: Double-digit increase in RAB Focus on our core markets with attractive returns and visibility and optionality thanks to pip
Slide 35: Conclusions and guidance: Net profit outlook
Results Conclusions and guidance Presentation 2025 …progressing ahead of the Plan with additional Eur 1 Bn of Net Profit in just two years… Adjusted Net profit (Eur M) Eur 1 Bn >7,600 Eur 1 Bn >6,600 6,231 5,651 2024 2025 2026 2028 Guidance CMD ...on track to exceed Eur 7.6 Bn Net Profit by 2028 www
Slide 36: Conclusions: Electrification is unstoppable
Results Conclusions: Electrification is unstoppable Presentation 2025 Capturing all the opportunities of electrification » Lack of 1 Latent Demand + Demand » Heating & cooling infrastructure More Networks 2 from current » Transport » Industry vectors New demand The virtuous circle of » Tech. choices
Slide 37: Conclusions: A unique value proposition
Results Conclusions: A unique value proposition Presentation 2025 IBERDROLA, the global leader in electricity infrastructure, a high-growth sector Vision ✓ 25 years anticipating electrification ✓ Growth based on electricity networks infrastructure Strategy ✓ Selective investments in Power: competiti
Slide 38: Annex
Results Presentation 2025 Annex www.iberdrola.com www.iberdrola.com |38
Slide 39: Reported & Adjusted P&L / Group
Results Reported & Adjusted P&L / Group Presentation 2025 Cost Capital FY 2025 Capital Adjustments FY 2025 Eur M recognition Allowances Reported1 Gains In Power adjusted USA UK Revenues 45,547 - - -530 - 45,017 Gross Margin 24,829 - - -530 - 24,299 Net Operating Expenses -5,464 -379 - - - -5,842 Lev
Slide 40: Liquidity and maturities
Results Liquidity and maturities Presentation 2025 Strong liquidity (above EUR 211 Bn) thanks to credit lines optimization at Group level (new multi-borrower line) generating cost efficiencies… Eur M Maturities EUR M Cash 29,381 4,810 Credit lines Available 14,779 financing 21,381 1,792 5,392 4,123
Slide 41: Sustainable financing
Results Sustainable financing Presentation 2025 EUR 15.7 Bn of new sustainability transactions representing 99%1 of new signed financing … NEW SUSTAINABILITY DEALS FY 2025 SUSTAINABLE PORTFOLIO 12M 2025: EUR 66,852 M Sustainable Commercial Paper Sustainable Bank 6,000 Product Q1 Q2 Q3 Q4 2025 Loan 2
Slide 42: Significant progress in Sustainability aligned with our Business strategy
Results Significant progress in Sustainability aligned with our Business strategy Presentation 2025 BEST IN CLASS BOOSTING GREEN ELECTRIFICATION SUSTAINABILITY STRATEGY Emissions intensity Leader in the European market for Included in the portfolio of more than 2600 reduction long-term clean PPAs1 f
Slide 43: Progressing in our Sustainability Targets
Results Progressing in our Sustainability Targets Presentation 2025 DRIVERS TARGET METRIC 2025 2028e 2030e 1 Emission Intensity in Electricity Generation gCO2 /kWh 39.2 32 Carbon Neutral2 Green Electrification Net Zero in scopes 1, 2 and 3 before 2040 Comply SBTi milestone in 2030 & 2040 In progress