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.

Financial Performance & Guidance - Second quarter 2025 CAFD reached $152 million, impacted by lower renewable resource[13] - The company is updating its 2025 CAFD guidance range to $405-440 million, raising the bottom end due to closed 3rd party M&A[13,40] - The company is targeting CAFD per share to $2.50-2.70 in 2027, increased from $2.40-2.60 previously[13] - The company expects to generate over $270 million of retained CAFD cumulatively between 2025-2027 and to have over $600 million of debt capacity to fund growth[44] Growth Initiatives - The company announced a dividend increase of 1.6% to $0.4456/share in 3Q25, or $1.7824/share annualized[13] - Mt Storm repowering is set to begin in 2H25, completed in two phases in 2026 and 2027, with estimated corporate capital of ~$220-230 million and a target 5-year average incremental annual asset CAFD yield of ~11-13%[13,19] - The company signed a 15-year PPA for Goat Mountain repowering with a hyperscaler customer, targeting a 2027 COD, with estimated corporate capital of ~$200 million and a target 5-year average incremental annual asset CAFD yield of +10%[13,19] - The company received an offer to invest in a 291 MW battery storage portfolio, requiring ~$65 million of estimated corporate capital[13] - The company closed a 3rd party M&A agreement for the operational Catalina Solar project, requiring ~$122 million of estimated corporate capital[13] Pipeline & Future Growth - The late-stage pipeline through 2029 vintages has over $1.5 billion of potential corporate capital investments beyond already offered/committed projects/advanced repowerings[32] - Clearway Group has 9.4 GW of late-stage projects through the end of the decade[13,60]

Financial Performance - Clearway Energy, Inc. reported a net income of $12 million for Q2 2025, an increase from $4 million in Q2 2024, primarily due to lower tax expenses [8][30] - Adjusted EBITDA for Q2 2025 was $343 million, down from $353 million in Q2 2024, attributed to lower renewable production and energy margins [8][5] - Cash from operating activities was $191 million for Q2 2025, slightly lower than $196 million in Q2 2024 [6][8] Growth and Strategic Initiatives - The company has increased its 2025 guidance range to reflect contributions from recently closed acquisitions and aims to enhance its 2027 CAFD per share target range to $2.50 to $2.70 [2][20] - Clearway Energy is advancing its repowering program with Goat Mountain and has a new investment offer for a 291 MW storage portfolio [7][14] - The company completed the acquisition of Catalina Solar for approximately $127 million, which is expected to contribute positively to future earnings [16] Dividend and Shareholder Returns - The Board of Directors declared a quarterly dividend of $0.4456 per share, reflecting a 1.6% increase, payable on September 16, 2025 [17] - The annualized dividend per share is projected to be $1.7824 [17] Liquidity and Capital Resources - As of June 30, 2025, total liquidity was $1,298 million, a decrease of $32 million from December 31, 2024, primarily due to growth investments [10][11] - The company had $526 million in restricted cash, mainly for debt service and operational expenses [11][10] Operational Performance - The Flexible Generation segment's availability factor was 95.0% in Q2 2025, down from 97.1% in Q2 2024, due to outages [9] - Solar generation increased to 2,650 MWh in Q2 2025 from 2,613 MWh in Q2 2024, while wind generation remained stable [9]