Results presentation
First quarter
29 April 2026
Legal Notice
Results presentation First quarter 2026
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 respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions.
Although Iberdrola, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Iberdrola, S.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Iberdrola, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by Iberdrola, S.A. to the Spanish Comisión Nacional del Mercado de Valores, which are accessible to the public.
Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Iberdrola, S.A. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Iberdrola, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Iberdrola, S.A. on the date hereof. Except as required by applicable law, Iberdrola, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Iberdrola, S.A. commits to carrying out its best efforts to achieve its ambition of carbon neutrality for its Scope 1 and 2 in 2030. For these purposes, it will align its strategy, investments, operations and public positioning with this ambition. Additionally, Iberdrola, S.A. is also committed to undertake the energy transition in a way that creates value for its shareholders, employees, clients, suppliers and the communities where it operates. Accordingly, Iberdrola, S.A. reserves the capacity to adapt its planning to successfully face its performance in key material aspects such as the value of Iberdrola, S.A., the quality of supply or the social, labor, and fair transition conditions. The abovementioned commitments are of aspirational nature.
ALTERNATIVE PERFORMANCE MEASURES
In addition to the financial information prepared under IFRS, this presentation includes certain alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979, of March 14, 2019, and as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). The APMs are performance measures that have been calculated using the financial information from Iberdrola, S.A. and the companies within its group, but that are not defined or detailed in the applicable financial information framework. These APMs are being used to allow for a better understanding of the financial performance of Iberdrola, S.A., but should be considered only as additional information and in no case as a substitute of the financial information prepared under IFRS. Moreover, the way Iberdrola, S.A. defines and calculates these APMs may differ from the way these are calculated by other companies that use similar measures, and therefore they may not be comparable. Finally, please consider that certain of the APMs used in this presentation have not been audited. Please refer to this presentation and to the corporate website (www.iberdrola.com) for further details of these matters, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. In particular, please refer to https://www.iberdrola.com/documents/20125/5846486/alternative-performance-measures-26Q1.pdf
https://www.iberdrola.com |3
Results presentation First quarter 2026
Highlights of the period
https://www.iberdrola.com |4
Highlights of the period
Results presentation First quarter 2026
Adjusted Net Profit up +11% to Eur 1,865 M
driven by our business model based on regulated businesses in A-rated countries…
Adjusted EBITDA of Eur 4.1 Bn, with Networks as key driver
▷ Networks Adjusted EBITDA of Eur 2,048 M, up +9%
▷ Power and Customers Adjusted EBITDA of Eur 2,022 M, down -3% affected by non-recurrent impacts in Iberia & US
Investments reach Eur 2.7 Bn with >50% in the UK & US: securing medium and long-term growth
▷ Networks investments of Eur 1.5 Bn: RAB close to Eur 53 Bn
▷ New generation capacity already driving higher production: offshore wind +42% vs. Q1 2025
▷ Mexico asset rotation transaction completed
▷ Brazil: Purchase of Neoenergia’s minorities completed with additional visibility due to concession renewal +30 years
Asset rotation & partnerships: Optimizing business profile and securing funds for core investments
▷ Pro-forma Adj. Net Debt (post Mexico and Neoenergia transactions) at Eur 50.3 Bn, with FFO/Adj. Net Debt at 24.8%
▷ Operational efficiency: Assigning capital gains from asset rotation + process transformation driven by AI
Improving financial strength and operational efficiency
Iberdrola’s business model in the current context
Results presentation First quarter 2026
…that provides stability and growth in any scenario
including the current or any future crises linked to fossil fuels
Short term:
No significant financial impact expected
▷ Minimal exposure to commodities (pass-through)
▷ 85% assets in A-Rated countries not exposed to the conflict
▷ Inflation: High CPI protection in Networks, and pass-through of potential energy costs in Power
▷ FX risks fully covered for 2026 net profit estimate
▷ 73% of Debt at fixed rates1 and average debt maturity of 6 years with Liquidity of EUR 21.4 Bn
▷ Secured Supply chains with a local approach: 93% of strategic equipment in our Plan secured
Medium/long term:
Regulated Profile focus on A-rated countries
▷ Growth based on regulated Electricity Networks and indigenous Renewables
▷ Structurally, 85% of expected production already secured through CfDs, PPAs, and Retail:
▷ Strategic Plan with ~75% of regulated and LT contracted EBITDA by 2028-30
▷ >70% of Network investments in 2025-28 focused on the US and the UK
Global consensus: Electrification = Energy security, strategic autonomy and competitiveness
The EU Commission sustains that accelerating electrification using homegrown sources (renewables and nuclear) is the most effective strategy for Europe
Business highlights
Results presentation First quarter 2026
Networks remain at the core of our business, driving stable and predictable earnings, with strong growth momentum in Power & Customers
Networks
Power & Customers
UK. RIIO-T3 final determination sets a total allowance of c. Eur 14 Bn (+7% vs draft)
US. Improved networks performance rate increases in NY and Connecticut Full Commissioning of NECEC in jan-26
1.9 million smart meters in NY reached
Brazil. All concession renewals already published in the Union’s Official Bulletin
US. Higher electricity demand
Spain. Hydroelectric reserves at record levels UK. Strong increase in wind production (+41%) Brazil. Higher electricity demand
IEI. Higher offshore wind production (+37% vs Q1’25)
Adjusted EBITDA
Results presentation First quarter 2026
Adjusted EBITDA reaches Eur 4.1 Bn driven by Networks operating performance…
EBITDA by geography Q1 ’26
Networks
(+9% )
RAB up 8% with higher rates
Strong growth in the UK driven by increasing investments and full ENW consolidation
Positive performance in all other geographies
Power &
Customers
(-3% )
Strong production in the UK (+41%) and
continental EU (+32%)
Non-recurrent regulatory and ancillary costs in
Iberia
US growth affected by positive non-recurrent impacts in Q1 ’25
Iberia
4.1
Eur Bn
Other EU &
Australia Brazil
UK
84%
in A-rated
countries
US
…84% of EBITDA from A-rated countries
Investments
Results presentation First quarter 2026
Investments reach Eur 2.7 Bn in Q1, with more than 50% in the UK and the US…
Q1 ’26 Investments by geography1
Q1 ’26 Investments by business
Other EU & Australia
15%
Iberia
19%
398
507
2,705
Eur M
in line with Q1 ’25
912
UK
34%
Networks
Eur 1,460 M
Corporate
54%
2,705
Eur M
in line with Q1 ’25
Brazil
11%
309
548
US
20%
& Other
44%
Power & Customers Eur 1,187 M
…and Eur 14.5 Bn in the last 12 months, almost 2/3 in Networks
Growth in Networks: Investments
Results presentation First quarter 2026
RAB increases +8% to Eur 53 Bn driven by double-digit growth in the UK
Q1 ’26 Networks Organic Investments (Eur M)
Brazil 20%
Spain 9%
+24% vs Q1’25
D T
D
~49 Bn
~53 Bn
T
27%
D
73%
UK
(+10%)
-16% vs Q1’25
T
D
US 26%
1,460
Eur M D
T
UK 46%
+51% vs Q1’25
+8%
US
32%
28%
22%
18%
(+8%)
Brazil
(+13%)
-31% vs Q1’25
1/3 allocated to Transmission
Q1 2025
Transmission RAB up 29% to Eur 14.2 Bn
Spain
(+1%)
Q1 2026
Growth in Renewable Power: Selective investment
Results presentation First quarter 2026
More than Eur 1 Bn of investments in Renewable with ~75% in wind…
Q1 ’26 Renewable Power investments by technology
Renewable capacity additions (Last 12m)
Onshore wind
Eur 494 M
40% in US and UK
~75% in
wind
1,070
Eur M
572
Storage & Others
Offshore wind
Eur 299 M
Solar PV
Eur 162 M
1.2 GW
0.7 GW
1 GW
0.4 GW
Eur 115 M
Onshore Wind Offshore Wind Solar PV Storage
…adding 3.3 new GWs in the last 12 months
Pro-forma
Adj. Net Debt
Eur 50.3 Bn
Post-Mexico & Neoenergia
transactions
Pro-forma FFO/Adjusted Net Debt (Last 12m)
Financial Strength
Results presentation First quarter 2026
Pro-forma Adj. Net Debt at Eur 50.3 Bn…
+360 bps
24.8%
Liquidity
Eur 21.4 Bn
covering 23 months of financing needs
21.2%
Q1’25 Q1’26
…improving ratios fully consistent with “BBB+” rating
Artificial Intelligence
Results presentation First quarter 2026
Already transforming our processes to fully integrate AI at scale
as an additional driver of Iberdrola´s growth, efficiency and competitiveness
Process transformation
End-to-end redesign of business processes
AI embedded across Power, Networks and Retail, Group scale
Value driven
Industrial-scale, value-oriented AI: growth, productivity efficiency, quality and resilience
>300 projects
Currently on execution
Responsible and trusted AI
First energy group with an AI system certified (ISO 42001)
UNESCO IRCAI recognition: one of the Top 100 global sustainability
AI projects1
In-house effort
Iberdrola’s internal resources and talent as main drivers of transformation
Project Gencast included in the Global AI & SDG Index as World’s Top100 AI Projects for sustainability
Anticipation
Strategic partnership with leading players and dedicated AI product innovation hub
Active physical AI and robotics portfolio
Detailed financial impact assessment underway
Results presentation First quarter 2026
Analysis of results
https://www.iberdrola.com
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Adjusted Income Statement / Group
Results presentation First quarter 2026
Adjusted EBITDA up 2% to Eur 4,067 M while Adjusted Net Profit grows 11% to Eur 1,865 M
Eur M
Q1 2026
adjusted1
Q1 2025
adjusted1
%
Revenues
12,018
12,053
-0.3
Gross Margin
6,429
6,492
-1.0
Net Operating Expenses
-1,348
-1,431
-5.8
Levies
-1,014
-1,087
-6.8
EBITDA
4,067
3,974
+2.4
EBIT
2,591
2,616
-0.9
Net Financial Expenses
-497
-503
-1.3
Equity Results and Mexico Discontinued Business2
81
113
-28.3
Taxes3
-335
-484
-30.8
Capital allowances in UK
88
59
+48.0
Minorities
-64
-127
-49.6
Adjusted Net Profit
1,865
1,674
+11.4
Excluding FX impact4, Adjusted EBITDA would have grown 6% while Adjusted Net Profit 17%
See next page and Annex on page 36 and 37
Equity Results includes Discontinued Operations
Taxes affected by a provision reversal
FX negative impact is Eur 142 M in Adjusted EBITDA and Eur 99 M in Adjusted Net Profit
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Adjusted Income Statement / Group
Results presentation First quarter 2026
For transparency purposes, adjustments and accounting criteria are shown below
Mexico contribution
According to IFRS 5, Mexico business is registered as Discontinued Operations and presented under Equity in Adjusted Net Profit
We exclude capital gain negative adjustment to the year 2024 divestment of our
thermal assets in Mexico to our Mexican buyers (MIP)
UK Capital
allowances
US past cost recognition
For further detail, please see annex in page 36 and 37
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Adjusted Gross Margin / Group
Results presentation First quarter 2026
Adjusted Gross Margin reaches Eur 6,429 M, down 1% Excluding FX impact, Adjusted Gross Margin up 3%
Adjusted Revenues (Eur M)
12,053.4
-0.3%1
12,017.6
Q1 2025
Q1 2026
Procurements (Eur M)
5,560.9
0.5%2
5,588.2
Q1 2025
Q1 2026
Excluding FX impact, Revenues and Procurements up 3% and 4%, respectively
Detracting US recovery of past costs and Mexico contribution
Detracting Mexico contribution
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Net Operating Expenses / Group
Net Operating Expenses are 6% better
Excluding FX impact, Net Operating Expenses improve 0.7%
Q1 2026
Q1 2025
%
-752.4
-758.4
-0.8%
-894.2
-912,8
-2.0%
298.1
239.7
+24.4%
-1,348.4
-1,431.5
-5.8%
Net Operating Expenses (Eur M)
Net Personnel Expenses External Services
Other Operating Income
Total Net Operating Expenses
Results presentation First quarter 2026
On a recurring basis, and excluding FX impact, Net Operating Expenses increase 8.1%
Results by Business / Networks
Results presentation First quarter 2026
Networks adjusted EBITDA up 9% to EUR 2,048 M Excluding FX impact (Eur -94 M), Networks Adjusted EBITDA up 14%…
Eur M
21%
Spain
Brazil
29%
2,047.5
United States
25%
25%
United Kingdom
… driven by strong performance in UK and US
Results by Business / Networks
Results presentation First quarter 2026
UNITED STATES
Adj. EBITDA IFRS USD 611.8 M (+21.5%; -42.0% in reported terms):
Higher rates in Distribution
Better contribution from Transmission, including positive contribution from NECEC (COD on the 16th of January)
Reported figures affected by past cost recognition accounted in Q1 2025 (USD 550 M)
UNITED
KINGDOM
EBITDA GBP 446.9 M (+32.0%):
BRAZIL
EBITDA BRL 3,657.3 M (-0.7%):
SPAIN
EBITDA EUR 425.7 M (+6.2%):
Results by Business / Power and Customers
Results presentation First quarter 2026
Power and Customers EBITDA decrease 3% to EUR 2,022 M
Eur M
RoW 10%
Brazil 4%
United States 8%
2,022.3
Iberia
49%
United
Kingdom
28%
Excluding FX impact (Eur -47 M), EBITDA only down 1%
33 TWh of electricity produced1, 86% locally sourced and emission-free
Results by Business / Power and Customers
Results presentation First quarter 2026
IBERIA
EBITDA EUR 1,002.0 M (-3.2%):
Affected by ancillary costs, regulated gas rate and lower prices, despite higher electricity sales
Record hydro reserves (9.0 TWh)
UNITED STATES
EBITDA USD 195.7 M (-31.6%):
Lower contribution from wind, thermal assets and negative timing effects that will normalize during the year,
despite better prices
UNITED KINGDOM
EBITDA GBP 493.0 M (+15.8%):
Higher wind resource both onshore and offshore, more than compensate lower prices
Better contribution from Supply division, driven by better margins
RoW (IEI)
EBITDA EUR 211.6 M (-7.6%):
Higher offshore production
Lower contribution from onshore wind assets
Negative impact from higher ancillary services in Portugal
BRAZIL
EBITDA BRL 499.7 M (+96.9%):
Adjusted EBIT / Group
Results presentation First quarter 2026
D&A and provisions up 9% to EUR 1,476 M, driven by higher asset base and a normalization of provisions vs. exceptional recoveries in 2025
Adjusted EBIT (EUR M)
2,615.6
-1%
2,591.4
Q1 2025
adjusted
Q1 2026
adjusted
D&A and Provisions (EUR M)
+9%
-1,358.0
-92
Provisions
-1,475.7
-152
-1,266
D&A
-1,324
Q1 2025
Q1 2026
Adjusted EBIT down 1% to EUR 2,591 M Excluding FX impact (EUR -80 M), up 2%
4.92%
+10 bps
5.02%
Net Financial Result / Group
Results presentation First quarter 2026
Net financial result improves thanks to lower average debt and favorable FX, mostly offset by higher cost of debt and worse derivatives result
Net Financial Result (Eur M)
Cost of Debt
-503 +34
-56
+28
-497
3.69%
-10 bps
(ex NEO)
3.59%
Q1 2025
Debt result
Derivatives Other
Q1 2026
Q1 2025 Q1 2026
Cost ex- NEO improves 10 bps due to lower interest rates
Excluding NEO1, fixed debt2 amounts to 77%
1. Neoenergia debt not fixed, as P&L results are linked to IPCA
https://www.iberdrola.com
|24
Adjusted Net Debt / Group
Results presentation First quarter 2026
Net Debt increases Eur 1.7 Bn in the quarter,
affected by dividend payment and currency appreciation…
Consolidated Net Debt Evolution
Eur Bn
50.2
-3.3
Adjusted FFO
2.7
Capex
1.7
Dividend & T-Shares
1.1
FX & Derivatives
-0.5
Other
51.9
-1.6
Mexico sale and Neoenergia minorities1
50.3
FY 2025
Adjusted Net Debt
Q1 2026
Adjusted Net Debt
Q1 2026
Proforma Net Debt
1. Transactions closed in April 2026
Financial ratios / Group
Results presentation First quarter 2026
… delivering solid credit ratios as adjusted FFO grows 7.0% to Eur 3,279 M Excluding FX, FFO up 12.1%
Adjusted Credit Metrics
Q1 20261
Proforma
Q1 2026
Q1 20253
Adjusted Net Debt2/ EBITDA
3.3x
3.4x
3.7x
Adjusted FFO / Adjusted Net Debt2 24.8%
24.0%
21.2%
Adjusted Leverage
43.6%
44.3%
47.3%
Including collection of Mexico and payment for Neoenergia minorities, totaling Eur 1,637 M, closed in April 2026
Adjusted for treasury stock derivatives with physical settlement which at the current date are not expected to be executed (Eur 2,190 M as of 3M 2026 and Eur 944 M as of 2025)
Q1 2025 ratios restated for comparison purposes
Adjusted Net Profit / Group
Results presentation First quarter 2026
Q1 2026 adjusted Net Profit up 11% to Eur 1,865 M
Excluding FX impact (Eur -99 M), Adjusted Net Profit up 17%
Eur M
2,004.3
Q1 2025
Reported Net Profit
389.2
US past cost recognition
59.3
Capital allowances in UK
1,674.4 11%
Q1 2025
Adjusted Net Profit
1,865.0
Q1 2026
Adjusted Net Profit
65.9
Mexico1
87.8
Capital allowances in UK
1,711.3
Q1 2026
Reported Net Profit
Neoenergia lower minorities add Eur 57 M to the Net Profit
Capital gain negative adjustment to the divestment in 2024 of our thermal assets in Mexico, registered under Discontinued Operations in Reported Net Profit and excluded of
Results presentation
Conclusions
https://www.iberdrola.com |
Conclusions: 2026 Outlook
Results presentation First quarter 2026
Solid first quarter and strong performance expected for the rest of the year…
RAB growing in all countries
New rate cases (RIIO-T3 in UK, tariff adjustments
in Brazil…)
Brazil: 100% contribution from Neoenergia
NETWORKS
POWER & CUSTOMERS
IMPROVING EFFICIENCY AND FINANCIAL PROFILE
Pro-forma Adjusted Net Debt at Eur 50.3 Bn
Improving ratios: Pro-forma FFO/Adjusted Net Debt at 24.8%
Higher efficiencies from asset rotation capital gains
ONGOING RESILIENCY TO GEOPOLITICAL DYNAMICS
Conclusions: FY 2026 Adjusted Net Profit Guidance
Results presentation First quarter 2026
…drives FY 2026 guidance upgrade to >8% growth in Adjusted Net Profit excluding capital gains from asset rotation
Growth
>8%
New upgraded
Adj. Net Profit Guidance
(Eur M)
>6,600
~6% Growth
6,231
2025 Previous guidance
Reported Net Profit
– capital gains from asset rotation
+ UK capital allowance impact
= Adjusted Net Profit
Conclusions: Mid to Long Term view
Results presentation First quarter 2026
Securing new opportunities to continue accelerating growth by 2028 and beyond
ELECTRIFICATION ACCELERATING IN THE CURRENT CONTEXT
United Kingdom
Cont. Europe
United States
life extension, ….)
Additional networks investments
Offshore wind auctions (AR8…) on top
of projects under construction
Improving Retail Business Outlook:
Brazil
portfolio stabilization, new products…
June 25, 26, 29 and
30 and July 1
Commencement of the trading of the newly issued shares
Trading period and
common election period
Other Relevant Information (ORI) on the number of rights/share and interim DPS
Commencement of the trading period and of the common election period
Ex date (scrip and cash dividend)
Close of scrip issuance
Other Relevant Information publication (ORI)
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||33
Results
Presentation 2025
Annex II
https://www.iberdrola.com |
Reported Income Statement / Group
Results presentation First quarter 2026
Eur M
Q1 2026
reported
Q1 2025
reported
%
Revenues
12,018
12,583
-4.5
Gross Margin
6,429
7,022
-8.4
Net Operating Expenses
-1,348
-1,432
-5.9
Levies
-1,014
-1,087
-6.7
EBITDA
4,067
4,503
-9.7
EBIT
2,591
3,145
-17.6
Net Financial Expenses
-497
-503
-1.2
Equity Results
32
36
-11.1
Taxes
-335
-624
-46.3
Minorities
-64
-127
-49.6
Net Profit continued operations
1,728
1,927
-10.3
Discontinued operations1
-16
77
-122.1
Reported Net profit
1,711
2,004
-14.6
According to IFRS 5, Mexico contribution registered as Discontinued Operations
Q1 2026 Reported & Adjusted P&L / Group
Results presentation First quarter 2026
Eur M
Q1 2026
Reported
Mexico contribution
1
Capital Allowances UK
Q1 2026
adjusted
Revenues
12,018
–
–
12,018
Gross Margin
6,429
–
–
6,429
Net Operating Expenses
-1,348
–
–
-1,348
Levies
-1,014
–
–
-1,014
EBITDA
4,067
–
–
4,067
EBIT
2,591
–
2,591
Net Financial Expenses
-497
–
–
-497
Equity Results2
32
+49
–
81
Taxes
-335
–
–
-335
Capital Allowances in UK
–
–
+88
88
Minorities
-64
–
–
-64
Net profit continued operations
1,728
+49
+88
1,865
Discontinued Operations
-16
+16
–
–
Net Profit
1,711
+66
+88
1,865
Includes Mexican business contribution and capital gain negative adjustment to the divestment in 2024 of our thermal assets
Equity Results includes Mexican contribution as Discontinued Operations in Adjusted P&L
Q1 2025 Reported & Adjusted P&L / Group
Results presentation First quarter 2026
Eur M
Q1 2025
Reported
Mexico contribution
1
US past cost recognition
Capital Allowances UK
Q1 2025
adjusted
Revenues
12,583
–
-530
–
12,053
Gross Margin
7,022
–
-530
–
6,492
Net Operating Expenses
-1,431
–
–
–
-1,431
Levies
-1,087
–
–
–
-1,087
EBITDA
4,503
–
-530
–
3,974
EBIT
3,145
–
-530
–
2,616
Net Financial Expenses
-503
–
–
–
-503
Equity Results2
36
+78
–
–
113
Taxes
-624
–
+140
–
-484
Capital Allowances in UK
–
–
–
+59
59
Minorities
-127
–
–
–
-127
Net profit continued operations
1,927
+78
-389
+59
1,674
Discontinued Operations
78
-78
–
–
–
Net Profit
2,004
–
-389
+59
1,674
Includes Mexican business contribution
Equity Results includes Mexican contribution as Discontinued Operations in Adjusted P&L
Liquidity and maturities
Results presentation First quarter 2026
Strong liquidity (above EUR 21 Bn) …
Eur M
Cash 4,957
Available financing 1,655
Credit lines 14,827
21,439
4.234
3.668
4.998
5.173
3.813
9M 2026
2027
2028
2029
2030
2031+
Maturities EUR M
31.198
…covering 23 months of financing needs and average life of debt of 6 years
Sustainable financing
Results presentation First quarter 2026
EUR 2.4 Bn of new sustainability transactions …
NEW SUSTAINABILITY DEALS Q1 2026 (Eur M)
SUSTAINABLE PORTFOLIO Q1 2026: EUR 68,871 M
Sustainable Bank Loan
1.986
Sustainable Commercial Paper 6.000
Green Structured Financing
8.375
Green Bond 25.011
Sustainable Credit Lines
14.455
Green Bank Loan 1.416
Development Bank and ECA Green Loan
4.848
Multilateral Green
Loan
6.781
Product
Q1
Green
2,162
Hybrid bonds
600
Senior bonds
663
Bank Loans
32
Multilateral loans
175
Development bank loans
692
Sustainability-linked
228
Bank Loan
143
Development bank loans
85
Total
2,390
… consolidating the rank of leading private issuer in green bonds for own investment
Significant progress in sustainability aligned with our strategy
Leading corporate sustainable Issuer
Capital Market Institute
Sustainability Awards
Innovation and operational excellence to offer our customers the best quality and more resilient service
Recognized Operational Excellence:
Ibero-American Quality Award (Gold Category) to Neoenergia distribution activities. Ofgem recognises the quality of service of ScottishPower’s distribution companies.
More reliable and resilient networks:
NYSEG Completes “North Brewster” Network Reinforcement Project. 24 active mobile substations for rapid incident response in New York.
Results presentation First quarter 2026
Present in the main
sustainability rankings
Clean200 2025:
Iberdrola, the world’s most sustainable utility for the 7th consecutive year
Global Top 100 AI Projects
Applied to Sustainability
International Research Centre on Artificial
Intelligence (IRCAI)
Anticipation of extreme events:
Neoenergia: preventive activation and accelerated recovery from storms. Avangrid: Coordinated response to one of the world’s largest snowstorms.