February 12, 2026 Earnings Conference Call Fourth Quarter 2025 Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of federal securities laws that are subject to risks and uncertainties. Words such as "could," "may," "expects," "anticipates," "will," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "predicts," "should," and variations on such words, and similar expressions that refle ...

Summary of Conference Call Company and Industry Overview - The conference call involved Iberdrola, a leading global utility company focused on renewable energy and regulated networks [1][2][3] - The company is heavily investing in infrastructure to support growth in the U.S. and U.K. markets, which are expected to account for 65% of total investments by 2028 [2][3][4] Key Investment Plans - Iberdrola plans to invest approximately €58 billion over the next four years, with 85% allocated to countries with high credit ratings [20][21] - A significant portion of the investment, €37 billion, will be directed towards network expansion, with 60% of this amount focused on capacity growth [21][22] - The U.S. and U.K. will receive over 70% of the network investment, with Brazil and Spain receiving smaller allocations [22][23] Financial Projections - By 2028, the total regulated asset base is projected to grow to €70 billion, with a significant increase in both distribution and transmission assets [23][24] - The company expects EBITDA to reach €18 billion by 2028, reflecting a €3 billion increase from 2024 [11][64] - The U.S. and U.K. are projected to contribute 50% of total EBITDA by 2028, up from 37% in 2024 [64][65] Regulatory Framework and Market Conditions - Iberdrola operates under stable regulatory frameworks that provide visibility and attractive returns, with a projected average return on equity of 9.5% [22][24] - The company is focused on reducing exposure to energy price volatility, limiting it to 25% of total EBITDA [14][70] Growth in Renewable Energy - The investment plan includes €21 billion for power generation, with a focus on offshore wind, onshore wind, solar PV, and storage projects [11][40] - Iberdrola aims to increase its installed capacity to nearly 61,000 megawatts by 2028, with 90% of this capacity being emissions-free [40][41] Operational Efficiency and Cost Management - The company is implementing initiatives to enhance operational efficiency, targeting €400 million in operating efficiencies by 2028 [51][52] - A robust supply chain strategy is in place, with 80% of strategic equipment needs already secured, minimizing exposure to commodity price fluctuations [54][56] Market Position and Shareholder Returns - Iberdrola has delivered a total shareholder return of 359% over the last ten years, outperforming major indices [70][71] - The company maintains a dividend policy aligned with earnings growth, with a payout ratio between 65-75% of earnings per share [15][70] Conclusion - Iberdrola's strategic focus on regulated networks and renewable energy positions it well for future growth, supported by a disciplined investment approach and strong regulatory frameworks [65][70]