Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses **Iberdrola**, a leading global energy company focused on regulated networks and renewable energy investments. The company is emphasizing its growth strategy in the **U.S.**, **U.K.**, **Brazil**, and **Spain**. Key Points and Arguments Investment Strategy - Iberdrola plans to invest approximately **€58 billion** over the next four years, with **85%** allocated to countries with high credit ratings, focusing on stable markets with growth potential [19][20] - **€37 billion** of the total investment will be directed towards networks, with **60%** of this amount aimed at expanding the asset base [20][21] - The company expects to increase its regulated asset base to **€70 billion** by **2028**, with **65%** concentrated in the U.S. and U.K. [22][23] Growth in Regulated Networks - The regulated asset base is projected to grow by **40%** from **€49 billion** in **2024** to **€70 billion** by **2028** [22][23] - Distribution will account for over **70%** of the total asset base, reaching **€50 billion** by **2028** [23] - Transmission investments are expected to double, reaching **€20 billion** by **2028** [23][24] Renewable Energy Investments - Iberdrola plans to invest **€21 billion** in power generation, with significant allocations for offshore wind farms and solar projects [10][39] - The company aims to secure **75%** of new capacity under long-term contracts, ensuring stable revenue streams [40][46] Financial Performance and Projections - By **2028**, Iberdrola expects to achieve an **EBITDA** of **€18 billion**, an increase of **€3 billion** from **2024** [62] - The U.S. and U.K. are projected to contribute **50%** of total EBITDA by **2028**, up from **37%** in **2024** [63][64] - The company maintains a **BBB+** credit rating, ensuring financial stability and access to capital for its investment plans [14] Regulatory Environment - Iberdrola benefits from stable regulatory frameworks in its key markets, which provide visibility and attractive returns on investments [24][26] - The company is actively engaged in regulatory negotiations to secure favorable conditions for its projects in the U.S. and U.K. [27][29] Risk Management and Operational Efficiency - The company is focused on reducing its exposure to energy price volatility, limiting it to **25%** of total EBITDA [12][13] - Iberdrola is implementing digitalization and automation strategies to enhance operational efficiency and reduce costs [51][52] Shareholder Remuneration - Iberdrola plans to maintain a dividend payout ratio between **65-75%** of earnings per share, with a minimum floor of **€0.64** per share [14] - The company has a history of providing strong total shareholder returns, outperforming major indices over the past decade [71][72] Additional Important Insights - Iberdrola's diversified geographical presence minimizes risks associated with regulatory changes in any single market [23][29] - The company is committed to sustainability, aiming to achieve carbon neutrality by **2030** [16][15] - Iberdrola's investment in R&D is projected to be at least **€1.6 billion** by **2028**, reinforcing its position as a leader in the utilities sector [15] This summary encapsulates the key points discussed during the conference call, highlighting Iberdrola's strategic focus on growth, investment in regulated networks and renewables, financial performance, and commitment to shareholder value.