Iberdrola, S.A.

Strong 9M 2026 performance (net profit +10%, adj. +9%): - Reported net profit: EUR 5,816m (+10% YoY); adjusted net profit: EUR 5,141m (+9% YoY). - Adjusted EBITDA: EUR 11,191m (+7% YoY) (notably excluding FX, adj. EBITDA/adj. net profit growth is higher: ~+8% EBITDA / +13% adj. net profit). - Networks remain the main engine: adjusted EBITDA Networks EUR 6,430m (+15% YoY), already ~54% of group EBITDA.

Record investment pace and RAB growth underpin guidance: - Total investment: EUR 10.1bn (+13% YoY) in first 9 months; ~EUR 15.5bn over last 12 months. - CapEx allocation: 75% to UK, US, Brazil. - Network investment: EUR 6.3bn (+28% YoY) → regulated asset base (RAB): EUR 56bn (+14%). - Transmission is the growth driver: RAB transmission +31% YoY to EUR 17bn; distribution RAB +8% to ~EUR 40bn.

Clear outlook upgrade + quantified growth targets (what management is forecasting): - Board raised full-year 2026 outlook: “more than +10% growth in adjusted net profit” (improving from prior guidance). - Near-term tailwinds expected into Q4: management expects ~+15% increase in network RAB by Dec, driven by US/UK/Brazil transmission investment and distribution rate increases (example: Brasília). - Power & customers: contribution expected from ~3,300 MW installed over last 12 months plus ~1,500 MW expected to come online in Q4; also pumped hydro ramp-up in Iberia. - Medium-term target: aiming for ~10% average annual growth in adjusted net profit over the next 5 years.