1) Financial Performance Overview
- Reported net profit increased by 10% to EUR 5.816 billion for the first nine months of 2026. - Adjusted net profit rose by 9% to EUR 5.141 billion, with a 13% increase when excluding foreign exchange impacts. - Adjusted EBITDA grew by 7% to EUR 11.191 billion, driven by a 15% increase in networks. - Total investments reached a record EUR 10.1 billion, up 13% YoY, with 75% allocated to the UK, US, and Brazil.

2) Operational Highlights and Investments
- Networks contributed 54% of total EBITDA, with a 15% increase to EUR 6.430 billion. - Significant investments in networks led to a 14% increase in the regulated asset base (RAB) to EUR 56 billion. - Investment in power and customers reached EUR 3.6 billion, with 3,300 megawatts of new capacity added in the last 12 months. - The UK was the largest investment destination, receiving over EUR 3.1 billion.

3) Challenges and Headwinds
- The power and customers segment saw a 2% decline in adjusted EBITDA to EUR 5.359 billion, impacted by higher procurement costs and fixed sales prices from 2025. - Increased costs in regulated gas tariffs and ancillary services in Iberia negatively affected performance. - The depreciation of the dollar and pound against the euro had a notable impact on financial results.

4) Strategic Outlook and Guidance
- The company expects to maintain a 10% average growth rate in adjusted net profit over the next five years, driven by increasing investment opportunities in networks and renewable generation. - The guidance for full-year 2026 has been upgraded to reflect more than 10% growth in adjusted net profit. - Continued focus on electrification and regulatory frameworks is anticipated to support future growth, particularly in the UK and US markets.

5) M&A and Regulatory Developments
- The acquisition of Caruna in Finland is progressing, with expected approvals by the end of 2026, anticipated to enhance the company's distribution capabilities. - The management is cautious about future M&A transactions until the integration of Caruna is complete. - Regulatory measures in Spain, including the removal of the 7% generation tax, are expected to positively impact retail prices and investment limits for electricity networks.

Bottom line: Iberdrola's strong financial performance and strategic investments position it well for continued growth, with a robust outlook driven by electrification trends and regulatory support across its key markets. Shareholders can expect sustained profitability and increasing dividends, reflecting the company's commitment to long-term value creation.