Slide 1: Results presentation First quarter
Results presentation First quarter 30 April 2025
Slide 2: Legal Notice
Results Legal Notice presentation First quarter 2025 DISCLAIMER This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation of financial results of the first quarter of the 2025 fiscal year. As a consequence thereof, this document may not be disclosed or published,
Slide 3: Legal Notice: Forward-looking statements
Results Legal Notice presentation First quarter 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 exp
Slide 4: Highlights of the period
Results presentation First quarter 2025 Highlights of the period www. iberdrola. com www.iberdrola.com |4
Slide 5: Highlights of the period
Results Highlights of the period presentation First quarter 2025 Reported Net Profit of Eur 2,004 M and Reported EBITDA of Eur 4,643 M Excluding thermal generation divestment in Q1 ’24, Net Profit grows +26% and EBITDA up +12% EBITDA up +12%1 to Eur 4,643 M Strong • Increasing regulated profile: Net
Slide 6: EBITDA up +12% to Eur 4,643 M
Results EBITDA presentation First quarter 2025 EBITDA up +12%1 to Eur 4,643 M… EBITDA by geography Business highlights Networks, largest contributor to EBITDA (52%) 20% UK Higher regulated asset base Past costs recognition in the US Iberia 32% 4,643 New installed capacity: 2,600 MW installed in the
Slide 7: Growth in Networks: Investments
Results Growth in Networks: Investments presentation First quarter 2025 Networks organic investments up +18% to Eur 1,432 M… Networks Organic Investments (Eur M) Key milestones & updates UK 1,432 ▷ RIIO-ED2 Reopener: More than Eur 200 M of additional investments to reinforce +18% security and increa
Slide 8: Growth in Networks: Regulated Asset Base
Results Growth in Networks: Regulated Asset Base presentation First quarter 2025 RAB increases +14% driven by higher investments and closing of ENW… RAB evolution (Eur Bn) >51 Bn +14% ~49 Bn 2.5 Bn 32% UK 32% UK 43 bn 3.4 Bn Organic growth ENW 28% US 28% US “Utility of the year” at 2024 Utility Week
Slide 9: Growth in Renewables: Selective investment
Results Growth in Renewables: Selective investment presentation First quarter 2025 Renewable Investments up +7% to Eur 1,064 M, with 2/3 in UK & US Renewable Investments (Eur M) Investments by technology (Eur M) 1,064 Onshore wind +7% 28% Offshore wind 994 37% UK ▷ More than 80% in 51% the US and UK
Slide 10: Securing future growth: Supply chain management
Results Securing future growth: Supply chain management presentation First quarter 2025 Minimum impact from new tariffs thanks to Iberdrola’s supply chain management: No impact in results… Iberdrola’s Supply Chain Management +>80% of purchases awarded + 100% of strategic contracts to local suppliers
Slide 11: Cash flow generation
Results Cash flow generation presentation First quarter 2025 Increasing cash generation as large renewable projects enter in operation… Renewable WIP reduced by 50% in 2026 Projects starting full operation in 2025-2026 New projects Annualized FY Eur ~8.5 Bn total EBITDA2 WIP -50% capacity ~850 ~3.5
Slide 12: Cash flow generation: Network investments
Results Cash flow generation presentation First quarter 2025 … and investments are focused on Networks (Eur >13 Bn in 2025-26) immediately incorporated to RAB and mostly contributing from first year 2025-26 Network investments ~90% of ’25-26 Brazil UK investments producing ▷ New concession regime ▷
Slide 13: Financial Strength
Results Financial Strength presentation First quarter 2025 Cash flow up +11% to Eur 3.5 Bn … Cash Flow (Eur M) Financial Ratios & Liquidity +11% 3,502 FFO/Adj. 3,145 Net Debt1 22.3% Liquidity2 Eur 20.9 Bn covering 19 months of financing needs Q1 2024 Q1 2025 …with financial ratios in line with BBB+
Slide 14: Analysis of results
Results presentation First quarter 2025 Analysis of results www. iberdrola. com www.iberdrola.com | 14
Slide 15: Income Statement / Group
Results Income Statement / Group presentation First quarter 2025 Net income up 26%, excluding thermal generation asset divestment in Q1 2024… Q1 2024 Eur M Q1 2025 Q1 2024 % % adjusted adjusted1 Revenues 12,864 12,678 +1.5 12,678 +1.5 Gross Margin 7,202 6,832 +5.4 6,832 +5.4 Net Operating Expenses -
Slide 16: Gross Margin / Group
Results Gross Margin / Group presentation First quarter 2025 A 1% increase in Revenues and a 3% reduction in Procurements… Revenues (Eur M) Procurements (Eur M) 12,864.7 12,678.5 1% 5,846.7 5,663.1 -3% Q1 2024 Q1 2025 Q1 2024 Q1 2025 … leads to a Gross Margin growth of 5% to Eur 7,202 M www. iberdro
Slide 17: Net Operating Expenses / Group
Results Net Operating Expenses / Group presentation First quarter 2025 Excluding asset rotation Net Operating Expenses improves 10%, due to lower storm costs that also reduces Gross Margin Net Operating Expenses (Eur M) Q1 2024 vs Q1 2024 Q1 2024 Q1 2025 adjusted adjusted (%) Reported Net Personnel
Slide 18: Results by Business / Networks
Results Results by Business / Networks presentation First quarter 2025 Networks EBITDA reaches EUR 2,415 M, +43% vs. Q1 2024… Eur M 17% Spain Brazil 25% 2,414.9 17% United Kingdom United States 42% …driven by better performance in UK and US due to higher asset base and past cost recognition www. ibe
Slide 19: Results by Business / Networks
Results Results by Business / Networks presentation First quarter 2025 EBITDA GBP 338.7 M (+10.8%): UNITED KINGDOM • Positive contribution due to ENW consolidation, effective since March (GBP +35 M). • Higher contribution in Distribution thanks to higher RAV that more than compensates negative contr
Slide 20: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation First quarter 2025 Energy Production and Customers EBITDA reaches Eur 2,228 M in Q1 2025 vs. Eur 2,438 M in Q1 2024 excluding divestment of thermal generation assets… Eur M RoW -9% Brazil 10% 2% 4,155.1 Mexico 1,717.1 2,438.0
Slide 21: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation First quarter 2025 EBITDA EUR 1,034.9 M (-15.3%): • Higher production partially offsetting margin normalization IBERIA • 3% of higher Levies despite 1.2% revenue tax termination • Record hydro reserves (~9 TWh(1)) UNITED EBIT
Slide 22: Results by Business / Energy Production and Customers
Results Results by Business / Energy Production and Customers presentation First quarter 2025 EBITDA EUR 229.2 M (+25.3%): RoW • Higher offshore production (+76%) due to the higher contribution of offshore windfarms St. Brieuc (France) and Baltic Eagle (Germany) EBITDA BRL 253.8 M (-40.3%): BRAZIL •
Slide 23: EBIT / Group
Results EBIT/ Group presentation First quarter 2025 D&A and provisions up 2% to Eur 1,387 M, driven by higher asset base partially compensated by lower depreciation thanks to FY 2024 adjustments (Eur 30 M) and lower bad debt provisions in Spain and UK EBIT (Eur M) D&A and Provisions (Eur M) +2% 4,50
Slide 24: Net Financial Result / Group
Results Net Financial Result / Group presentation First quarter 2025 Net Financial Result improves Eur +16 M to Eur -508 M thanks to FX derivatives (Eur +71 M) and other (Eur +20 M) partially offset by higher average debt (Eur -73 M) NET FINANCIAL RESULT (Eur M) COST OF DEBT -73 +71 -524 -2 +20 4.98
Slide 25: Financial ratios and Adjusted Net Debt / Group
Results Financial ratios and Adjusted Net Debt / Group presentation First quarter 2025 Higher FFO (+11%) compensating higher Net Debt due to ENW consolidation and called hybrid bond ADJUSTED CREDIT METRICS NET DEBT EVOLUTION Eur Bn 55.7 Q1 2025 FY 2024 0.9 0.8 Other2 51.7 2.3 Hybrid Adjusted Net Deb
Slide 26: Net Profit / Group
Results Net Profit / Group presentation First quarter 2025 Q1 2025 Net Profit grows 26% to Eur 2,004 M adjusting thermal divestment capital gain Eur M Q1 2024 vs Q1 2024 Q1 2024 Q1 2025 adjusted adjusted (%) reported EBIT 3,256.1 2,783.5 +17.0% 4,500.6 Equity Method 35.8 5.2 N/A 5.2 Net Financial Ex
Slide 27: Conclusions
Results presentation First quarter 2025 Conclusions www. iberdrola. com www.iberdrola.com | 27
Slide 28: Conclusions: 2025 outlook
Results Conclusions: 2025 outlook presentation First quarter 2025 Strong performance expected over the rest of the year INCREASING RESULTS… …IMPROVING FFO & FINANCIAL STRUCTURE • Double-digit growth in RAB ✓ Accelerating Cash Flow Generation: Networks • Growing demand ▪ Renewables: Lower WIP + more
Slide 29: Reaffirming 2025 Net Profit Guidance
Results Conclusions: 2025 outlook presentation First quarter 2025 Reaffirming 2025 Net Profit Guidance at “mid to high single-digit growth” even excluding positive impact of past cost recognition in US… Double-Digit Past cost recognition in US1 Mid to high (Eur M) single-digit growth 5,530 Guidance
Slide 30: Conclusions: Long-term trends
Results Conclusions: Long-term trends presentation First quarter 2025 ELECTRIFICATION, A STRUCTURAL SOLUTION TO THE CURRENT MACRO AND ENERGY CHALLENGES GLOBAL SCENARIO ELECTRIFICATION MACRO • Less exposure to fossil fuel volatility • Global instability /uncertainty & geopolitical risks • Need to pro
Slide 31: Sustained growth in results and dividends
Results Conclusions: Long-term trends presentation First quarter 2025 IBERDROLA, OPTIMALLY POSITIONED GEOGRAPHICAL FINANCIAL STRATEGY & PROVEN DIVERSIFICATION STRENGTH TRACK-RECORD ◆ Focus on regulated networks ◆ US and UK as key growth drivers with ◆ Active financial management: and selective inves
Slide 32: Annex I: Iberdrola Retribución Flexible program July 2025
Results presentation First quarter 2025 Annex I “Iberdrola Retribución Flexible” program July 2025 www. iberdrola. com www.iberdrola.com | 32
Slide 33: Iberdrola Retribución Flexible program July 2025
Results “Iberdrola Retribución Flexible” program July 2025 presentation First quarter 2025 - Board of Directors: Closing prices - LAST TRADING DATE: last day resolution for the execution considered for to buy Iberdrola shares and of the capital increase and determining the - Last day of participate
Slide 34: Annex II
Results presentation First quarter 2025 Annex II www. iberdrola. com www.iberdrola.com | 34
Slide 35: Liquidity and maturities
Results Liquidity and maturities presentation First quarter 2025 As of today, liquidity remains strong above 20.9 Bn1 covering 19 months of financing needs … Cash 2,142 Maturities 28,756 Available financing 2,903 Credit lines 15,860 5,358 4,384 5,456 4,069 4,489 9m 2025 2026 2027 2028 2029 2030+ … w
Slide 36: Financial diversification
Results Financial diversification presentation First quarter 2025 Over Eur 3 Bn1 of new signed financing in different instruments and markets allows to deepen the diversification NEW DEALS SIGNED Q1 2025: Eur 3,195 M1 SUSTAINABILITY PORTFOLIO: 70% of total EUR Bonds EUR 400 M Development Bank Loan 3
Slide 37: Sustainable financing
Results Sustainable financing presentation First quarter 2025 Eur 2.5 Bn raised in Q1 2025 correspond to new sustainability financing for a total portfolio of Eur 60 Bn in sustainability transactions NEW SUSTAINABILITY DEALS Q1 2025: Eur 2.5 Bn TOTAL SUSTAINABILITY PORTFOLIO: Eur 59,961 M Sustainabl
Slide 38: Diversified debt portfolio
Results Diversified debt portfolio presentation First quarter 2025 Our strategy of diversifying funding sources provides flexibility to tap the market … % DEBT BY INSTRUMENT FINANCIAL SOURCES Bond market Leases 4,8% Bank loans • Main source of long-term financing Structured and credits • Strong capa
Slide 39: Leadership in Sustainability
Results Leadership in Sustainability presentation First quarter 2025 LEADING THE MAJOR SUSTAINABILITY RATINGS BOOSTING ELECTRICITY 1Q 2025 AAA rating in the MSCI ESG Ratings assessment 89% 47 gCO2/kWh Top 1% S&P Global CSA Score emission-free emission intensity production Included on CDP A list 90%