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Iberdrola S A : 22/07/2026 Alternative Performance Measures (alternativeperformancemeasures26H1)
Iberdrola S A : 22/07/2026 Alternative Performance Measures
About this update from Iberdrola Sa
APMs (Unaudited) * Stock Market Data * 09/30/2025 12/31/2025 03/31/2026 06/30/2026 Number of outstanding shares nº 6.681.227.377 6.681.227.377 6.757.845.603 6.757.845.603 Price at the end of the period €/share 16,105 18,465 19,745 21,840 Market capitalisation € M 107.601 123.369 133.434 147.591 Equity of shareholders of the parent € M 49.599 50.068 49.684 50.850 of the parent) Price / Book value (Market capitalisation end of period / Equity of shareholders Times 2,17 2,46 2,69 2,90 JUL-SEP 2025 (1) OCT-DEC 2025 (1) JAN-MAR 2026 MAR-JUN (+) Net profit attributable to the parent (or Net Profit or Reported Net Profit) € M 1.744,7 978,0 1.711,3 2.625,0 (-) Hybrid bonds costs € M 56,2 62,0 65,7 65,4 Net Profit amended by hybrid bonds costs € M 1.689 916 1.646 2.560 Earnings per share (2) (Net Profit / Outstanding shares) € 0,253 0,137 0,244 0,379 Acumulated earnings per share Earnings per share last 4 quarters € 0,801 0,925 0,867 1,012 P.E.R. (Price at the end of the period / Acumulated earnings per Times 20,10 19,96 22,78 21,58 Dividend Dividends paid last 12 months + AGM attendance bonus / €/share 0,645 0,645 0,667 0,667 Dividend yield (Dividends paid last 12 months + AGM attendance bonus / Involvement dividend ) / Price at the end of the period % 4,00 3,49 3,38 3,05 Adjusted Funds from Operations € M 2.855 2.978 3.279 2.970 Adjusted FFO per share €/share 0,427 0,446 0,485 0,439 2026 share) Involvement dividend For the purpose of calculating the ratios, the comparative information for the 2025 financial year has been recalculated, without considering Mexico´s contribution. Earnings per share in euros (basic and diluted) measured in accordance with IFRS can be obtained form the Annual Report Economic/Financial Data * Income Statement JUL-SEP 2025 (1) OCT-DEC 2025 (1) JAN-MAR 2026 MAR-JUN 2026 Reported Revenues € M 10.300,1 11.674,8 12.017,6 10.451,5 Reported Gross Margin € M 5.471,0 6.223,5 6.429,3 5.827,4 Reported Gross Operating Profit (EBITDA) € M 3.948,8 3.980,6 4.067,1 3.982,9 Reported Operating Profit (EBIT) € M 2.522,2 1.972,3 2.591,4 2.634,2 Net profit attributable to the parent (or Net Profit or Reported Net Profit) € M 1.744,7 978,0 1.711,3 2.625,0 Reported Net Operating expenses € M (1.030,1) (1.552,4) (1.348,4) (1.364,3) Reported Net Operating expenses / Reported Gross Margin % 18,83 24,94 20,97 23,41 Balance 09/30/2025 (3) 12/31/2025 (3) 03/31/2026 06/30/2026 Total Assets € M 160.427 160.762 165.027 165.102 Equity € M 61.940 63.419 62.968 62.446 Net Financial Debt € M 50.515 51.610 54.763 57.269 Net Financial Leverage % 44,9 44,9 46,5 47,8 Net Financial Debt / Equity % 81,6 81,4 87,0 91,7 Net Profit amended by hybrid bonds costs last 4 quarters € M 5.220 6.053 5.752 8.312 Equity of shareholders of the parent € M 49.599 50.068 49.684 50.850 Average equity of shareholders of the parent (beginning year+ end period)/2 € M 48.362 48.597 49.876 50.459 ROE (Net Profit last 4 quarters/Equity of shareholders of the % 10,79 12,46 11,53 16,47 parent) For the purpose of calculating the ratios, the comparative information for the 2025 financial year has been recalculated, without considering the assets and liabilities of Mexico. (*) The definitions of the APMs can be found on the corporate website (www.iberdrola.com) in the "Shareholders and Investors" section. APMs (Unaudited) * Leverage 09/30/2025 (2) 12/31/2025 (2) 03/31/2026 06/30/2026 Bank borrowings and other financial liabilities- loans and others (non current) € M 43.325 42.160 44.427 46.454 Leases (non current) € M 2.433 2.415 2.473 2.657 Bank borrowings and other financial liabilities- loans and others (current) € M 11.303 11.931 12.670 13.169 Leases (current) € M 182 178 177 186 Short-term deposits and guarantees € M 53 69 82 79 Financial debt - Derivative financial instruments (non current) (1) € M 433 512 665 805 Financial debt - Derivative financial instruments (current) (1) € M 169 145 376 393 Gross financial debt (A) € M 57.898 57.410 60.869 63.743 Non-current financial assets - Derivative financial instruments (1) € M 650 745 771 792 Current financial assets - Derivative financial instruments (1) € M 174 70 112 50 Long term financial deposits € M 95 84 97 219 Short-term deposits and guarantees € M 110 92 154 154 Short-term financial investments € M 44 1.140 100 1.594 Cash and cash equivalents (2) € M 6.310 3.670 4.872 3.665 Treasury assets (B) € M 7.383 5.801 6.106 6.474 Net Financial Debt (C=A-B) € M 50.515 51.610 54.763 57.269 Of the parent company € M 49.599 50.068 49.684 50.850 Of subordinated perpetual obligations € M 8.250 9.250 9.850 8.250 Of non-controlling interests € M 4.091 4.101 3.434 3.346 Equity (D) € M 61.940 63.419 62.968 62.446 Gross Leverage (A/(A+D) % 48,3 47,5 49,2 50,5 Net Leverage (B/(B+D) % 44,9 44,9 46,5 47,8 (1) See Balance reconciliation Adjusted Leverage Exercised € M 109 231 604 729 That currently are out of the money € M 1.450 944 2.190 2.676 Derivatives-Treasury shares with physical delivery € M 1.560 1.175 2.794 3.405 Net financial debt (C=A-B) € M 50.515 51.610 54.763 57.269 (-) Derivatives-Treasury shares with physical delivery that currently are out of the money € M (1.450) (944) (2.190) (2.676) (-) Securitization (690) (629) (651) (621) Adjusted Net financial debt (E) € M 48.375 50.037 51.922 53.972 Equity (D) € M 61.940 63.419 62.968 62.446 (+) Derivatives-Treasury shares with physical delivery that currently are out of the money € M 1.450 944 2.190 2.676 Adjusted Equity (F) € M 63.390 64.363 65.158 65.122 Adjusted Net Leverage (E/(E+F)) % 43,3 43,7 44,3 45,3 (2) For the purpose of calculating the ratios, the comparative information for the 2025 financial year has been recalculated, without considering the assets and liabilities of Mexico. Balance reconciliation Assets 09/30/2025 (2) 12/31/2025 (2) 03/31/2026 31/03/2026 Financial derivatives (3) € M 650 745 771 792 Commodities derivatives € M 304 412 738 445 Other derivatives € M 220 231 256 270 Non current derivative financial instruments € M 1.174 1.388 1.765 1.507 Financial derivatives (3) € M 174 70 112 50 Commodities derivatives € M 333 215 583 361 Other derivatives € M (54) (41) (9) (66) Current derivative financial instruments € M 453 244 686 345 Equity and Liabilities 09/30/2025 (2) 12/31/2025 (2) 03/31/2026 31/03/2026 Financial derivatives (3) € M 433 512 665 805 Commodities derivatives € M 550 619 888 534 Other derivatives € M 460 493 519 685 Non current derivative financial instruments € M 1.443 1.624 2.072 2.024 Financial derivatives (3) € M 169 145 376 393 Commodities derivatives € M 370 253 660 369 Other derivatives € M (54) (24) 9 (14) Current derivative financial instruments € M 485 374 1.045 748 (3) See Leverage (2) For the purpose of calculating the ratios, the comparative information for the 2025 financial year has been recalculated, without considering the assets and liabilities of Mexico. (*) The definitions of the APMs can be found on the corporate website (www.iberdrola.com) in the "Shareholders and Investors" section. APMs (Unaudited) * Financial Ratios * 09/30/2025 (1) 12/31/2025 (1) 03/31/2026 06/30/2026 Adjusted Net Financial Debt (1) (1) See Adjusted Leverage € M 48.375 50.037 51.922 53.972 Adjusted Net Financial Debt with subsequent event to 2021 closing (2) (2) See Adjusted Leverage € M 48.375 50.037 51.922 53.972 Reported EBITDA € M 11.975 15.956 4.067 8.050 Efficiency plans € M - - - - Asset rotation € M (379) (379) - - Recognition of regulatory assets under IFRS € M (530) (530) - - Adjusted EBITDA € M 11.067 15.048 4.067 8.050 Contributions proforma 1 year € M 239 93 - - Adjusted EBITDA Proforma € M 11.307 15.141 4.067 8.050 Adjusted EBITDA last 4 quarters € M 14.586 15.048 15.177 15.601 Adjusted EBITDA proforma last 4 quarters € M 14.825 15.141 15.177 15.601 09/30/2025 (1) 12/31/2025 (1) 03/31/2026 06/30/2026 Adjusted FFO / Adjusted Net Financial Debt % 24,6 24,3 24,0 22,4 Adjusted RCF / Adjusted Net Financial Debt % 20,7 20,7 20,7 19,2 Adjusted Net Financial Debt / Adjusted EBITDA Times 3,3 3,3 3,4 3,5 09/30/2025 (1) 12/31/2025 (1) 03/31/2026 06/30/2026 Adjusted FFO Proforma / Adjusted Net Financial Debt % 24,9 24,5 24,0 22,4 Adjusted RCF Proforma / Adjusted Net Financial Debt % 21,0 20,8 20,7 19,2 Adjusted Net Financial Debt / Adjusted EBITDA Proforma Times 3,3 3,3 3,4 3,5 09/30/2025 (1) 12/31/2025 (1) 03/31/2026 06/30/2026 Reported EBITDA € M 11.975 15.956 4.067 8.050 Group divestmets capital gain/losses € M (252) (261) (61) (134) Allocation of capital subsidies to income (-) € M (90) (133) (33) (60) Dividends Equity consolidated subsidiaries (+) € M 38 63 4 39 Financial result (-) € M (1.163) (1.754) (497) (1.113) Financial provisions capitalized (+) € M 130 170 46 43 Income tax (-) € M (1.247) (1.671) (335) (758) Accounting effect in deferred income tax (-) € M - (60) - - Fiscal deduction of Goodwill amortization (+) € M - - - - Cap Allowance € M 191 251 88 182 Rulings (+/-) € M - - - - Recognition of regulatory assets under IFRS (-) € M (389) (389) - - Adjusted Funds from Operations (Adjusted FFO) € M 9.194 12.172 3.279 6.248 Dividends Dividends paid + Non-controlling interests dividen + Hybrid Bond payments ds € M (1.650) (1.838) (450) (634) Adjusted Retained Cash Flow (Adjusted RCF) € M 7.544 10.334 2.829 5.615 Adjusted FFO last 4 quarters € M 11.903 12.172 12.464 12.081 Adjusted RCF last 4 quarters € M 10.022 10.334 10.757 10.349 Adjusted Funds from Operations (Adjusted FFO) M € 9.194 12.172 3.279 6.248 Contributions proforma 1 year M € 161 65 - - Contribution Fiscal deduction of Goodwill amortization proforma 1 year M € (18) - - - Adjusted Funds from Operations proforma (Adjusted FFO proforma) M € 9.337 12.237 3.279 6.248 Dividends Dividends paid + Non-controlling interests dividen + Hybrid Bond payments ds M € (1.650) (1.838) (450) (634) Adjusted Retained Cash Flow proforma (Adjusted RCF proforma) M € 7.688 10.399 2.829 5.615 Adjusted FFO proforma last 4 quarters M € 12.047 12.237 12.464 12.081 Adjusted RCF proforma last 4 quarters M € 10.166 10.399 10.757 10.349 (1) For the purpose of calculating the ratios, the comparative information for the 2025 financial (*) The definitions of the APMs can be found on the corporate website (www.iberdrola.com) in year has been recalculated, without considering Mexico´s contribution. the "Shareholders and Investors" section.