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.

Strategic Direction - Iberdrola is focusing on A-rated countries and prioritizing regulated/long-term contracted businesses for predictable and profitable growth[52] - The company aims to increase its regulated and long-term contracted EBITDA profile to approximately 75% by 2028-2030, up from approximately 60% in 2021-2024[109, 110] - Iberdrola reaffirms its shareholder remuneration policy, targeting a payout ratio between 65% and 75% of EPS and a DPS floor at EUR 064/Share[118, 119] Investment and Growth - Gross investments are projected to reach approximately EUR 58 billion, with approximately EUR 8 billion contributed by partners[70] - Approximately 2/3 of gross investments are allocated to the UK and the US, representing approximately 65% of the total[70, 71] - Networks investments are expected to double by 2030 and triple by 2035[34] - Renewable investments are projected to increase by over 50% by 2030[36] Financial Performance - EBITDA is projected to reach approximately EUR 18 billion by 2028, an increase of approximately EUR 3 billion from 2024[100, 101] - Adjusted Net Profit is expected to grow at a high single-digit CAGR from 2024 to 2028, reaching approximately EUR 76 billion by 2028[114, 115] - The company aims to increase its RAB (Regulated Asset Base) by approximately 40% in just 4 years[82]

Core Insights - Scatec reported strong financial results in Q2 2025, with proportionate revenues increasing by 51% to NOK 2,302 million and EBITDA rising by 19% to NOK 1,130 million, reinforcing its position in the renewable energy sector [1][3] Financial Performance - Power production revenues reached NOK 1,312 million, up from NOK 1,045 million, with EBITDA of NOK 1,110 million compared to NOK 873 million, driven by strong performance in the Philippines [2] - Consolidated revenues and other income for the second quarter were NOK 1,316 million, with EBITDA at NOK 1,027 million and a net profit of NOK 314 million, a significant improvement from a loss of NOK 33 million [8] Strategic Developments - The Development & Construction (D&C) segment generated revenues of NOK 976 million, significantly up from NOK 470 million, with a gross margin of 11.4% [4] - Scatec secured a record 846 MW solar power award in South Africa and a 123 MW/492 MWh battery storage project, increasing its total backlog to 3.2 GW [5] - A new 25-year Power Purchase Agreement for a 900 MW onshore wind project in Egypt was secured, along with successful long-term project financing for a hybrid project [6] Debt Management - The company repaid USD 30 million in corporate debt during Q2 and an additional USD 85 million post-quarter, reducing gross corporate debt by approximately 26% to NOK 6.8 billion [7] Future Outlook - Full year 2025 proportionate power production is estimated at 4.0 - 4.3 TWh, with an unchanged EBITDA estimate of NOK 4.15 - 4.45 billion [10]

Portfolio Growth and Strategy - Magnora's project portfolio reached 8.0 GW, representing a 65% growth over the last twelve months and 7% growth in the last quarter[4] - The company completed its transition into a 100% renewable-energy company through the divestment of Hermana Holding ASA shares[4] - Magnora secured its first site in Germany and signed a Letter of Intention with a leading European infrastructure investor[4] - Magnora Italy strengthened its partnership and is scaling up for MACSE auctions, with over 450 MW of mid-stage development BESS projects positioned for auctions in 2026 and 2027[4] - Ongoing sales processes for approximately 250 MW of solar and 250 MW of wind projects in South Africa[4] Market Dynamics and Opportunities - Battery cost has decreased by 86% since 2013, driving BESS investments[6] - Investments are expected to raise electrical boiler capacity in Finland to over 1.5 GW, up from 0.5 GW currently[6] - Annual investments in Norway's data center sector up to 2030 are estimated at NOK 20-30 billion[6] - The EU is raising renewable targets to 45% and aims to eliminate Russian gas imports by 2027, driving demand for energy security[8] Financial Performance and Capital Allocation - The Group's cash and available credit facilities was NOK 373.4 million as of 30 June 2025[11, 66] - The company continues its capital distribution program with a quarterly return of paid-in share capital of NOK 11.9 million in Q2[14] - A new share buyback program was launched, allowing for the repurchase of up to 10% of the shares[14]