#1RESULTS PRESENTATION 2022 22 February 2023 IBERDROLA SUSTAINABLE AENOR EVENT Committed to: OSDG#2Legal Notice RESULTS PRESENTATION / 2022 DISCLAIMER " This document has been prepared by Iberdrola, S.A. exclusively for use during the presentation of financial results of the 2022 fiscal year. As a consequence thereof, this document may not be disclosed or published, nor used by any other person or entity, for any other reason without the express and prior written consent of Iberdrola, S.A. Iberdrola, S.A. does not assume liability for this document if it is used with a purpose other than the above. Except for the financial information included in this document (which has been extracted from the annual financial statements of Iberdrola, S.A. corresponding to the fiscal year ended on 31 December 2022, as audited by KPMG Auditores, S.L.), the information and any opinions or statements made in this document have not been verified by independent third parties; therefore, no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. Neither Iberdrola, S.A. nor its subsidiaries or other companies of the Iberdrola Group or its affiliates assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents. Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement. Information in this document about the price at which securities issued by Iberdrola, S.A. have been bought or sold in the past or about the yield on securities issued by Iberdrola, S.A. cannot be relied upon as a guide to future performance. IMPORTANT INFORMATION This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of (i) the restated text of the Securities Market Law approved by Royal Legislative Decree 4/2015, of 23 October; (ii) Regulation (EU) 2017/1129 of the European Parliament and of the Council, of 14 June 2017, on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC; (iii) Royal Decree-Law 5/2005, of 11 March; (iv) Royal Decree 1310/2005, of 4 November; and (v) their implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction. The shares of Iberdrola, S.A. may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act of 1933 or pursuant to a valid exemption from registration. The shares of Iberdrola, S.A. may not be offered or sold in Brazil except under the registration of Iberdrola, S.A. as a foreign issuer of listed securities, and a registration of a public offering of depositary receipts of its shares, pursuant to the Capital Markets Act of 1976 (Federal Law No. 6,385 of December 7, 1976, as further amended), or pursuant to a valid exemption from registration of the offering. This document and the information presented herein was prepared by Iberdrola, S.A. solely with respect to the consolidated financial results of Iberdrola, S.A. and was prepared and is presented in accordance with the International Financial Reporting Standards ("IFRS"). In addition to the financial information prepared under IFRS, this presentation includes certain alternative performance measures ("APMs") for the purposes of Commission Delegated Regulation (EU) 2019/979, of March 14, 2019 and as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). The APMs are performance measures that have been calculated using the financial information from Iberdrola, S.A. and the companies within its group, but that are not defined or detailed in the applicable financial information framework. These APMs are being used to allow for a better understanding of the financial performance of Iberdrola, S.A. but should be considered only as additional information and in no case as a substitute of the financial information prepared under IFRS. Moreover, the way Iberdrola, S.A. defines and calculates these APMs may differ from the way these are calculated by other companies that use similar measures, and therefore they may not be comparable. Finally, please consider that certain of the APMs used in this presentation have not been audited. Please refer to this presentation and to the corporate website (www.iberdrola.com) for further details of these matters, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. This document does not contain, and the information presented herein does not constitute, an earnings release or statement of earnings of Avangrid, Inc. ("Avangrid") or Avangrid's financial results. Neither Avangrid nor its subsidiaries assume responsibility for the information presented herein, which was not prepared and is not presented in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP"), which differs from IFRS in a number of significant respects. IFRS financial results are not indicative of U.S. GAAP financial results and should not be used as an alternative to, or a basis for anticipating or estimating, Avangrid's financial results. For information regarding Avangrid's financial results for the 2022 fiscal year, please see the press release Avangrid issued on 22 February 2023, which is available on its investor relations website at www.avangrid.com and the Securities and Exchange Commission ("SEC") website at www.sec.gov. Likewise, this document does not contain, and the information presented herein does not constitute, an earnings release or statement of earnings of Neoenergia S.A. ("Neoenergia") or Neoenergia's financial results. Neither Neoenergia nor its subsidiaries assume responsibility for the information presented herein. For information regarding Neoenergia's financial results for the 2022 fiscal year, please see the press release Neoenergia issued on 15 February 2023, which is available on its investor relations website at ri.neoenergia.com and the Brazilian Comissão de Valores Mobiliários ("CVM") website at www.cvm.gov.br. IBERDROLA www.iberdrola.com | 2#3Legal Notice RESULTS PRESENTATION / 2022 FORWARD-LOOKING STATEMENTS This communication contains forward-looking information and statements about Iberdrola, S.A., including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words "expects," "anticipates," "believes," "intends," "estimates" and similar expressions. Although Iberdrola, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Iberdrola, S.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Iberdrola, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the documents sent by Iberdrola, S.A. to the Spanish Comisión Nacional del Mercado de Valores, which are accessible to the public. Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Iberdrola, S.A. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Iberdrola, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Iberdrola, S.A. on the date hereof. Except as required by applicable law, Iberdrola, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Iberdrola, S.A. commits to carrying out its best efforts to achieve its ambition of carbon neutrality for its Scope 1 and 2 in 2030. For these purposes, it will align its strategy, investments, operations and public positioning with this ambition. Additionally, Iberdrola, S.A. is also committed to undertake the energy transition in a way that creates value for its shareholders, employees, clients, suppliers and the communities where it operates. Accordingly, Iberdrola, S.A. reserves the capacity to adapt its planning to successfully face its performance in key material aspects such as the value of Iberdrola, S.A., the quality of supply or the social, labor, and fair transition conditions. The abovementioned commitments are of aspirational nature. IBERDROLA www.iberdrola.com | 3#4Agenda Highlights of the period IBERDROLA RESULTS PRESENTATION / 2022 | www.iberdrola.com | 4#5Highlights of the period RESULTS PRESENTATION / 2022 STRONG OPERATING PERFORMANCE DRIVES NET PROFIT OF EUR 4,339 M (+11.7%), SUPPORTED BY GROWTH IN ALL GEOGRAPHIES EXCEPT IN SPAIN (-19%) Investments of EUR 10,730 M, up +13% •Record purchases of EUR 17,800 M to 20,000 suppliers ⚫4,700 new hires EBITDA up +10% to EUR 13,228 M driven by the US and Brazil Reinforcing our balance sheet •Operating Cash Flow reached EUR 11,123 M, up +25% ⚫FFO/Adjusted Net Debt reaches 25.4% (+240 bp) •Liquidity of EUR 23.5 Bn Reducing emissions to only 59 gCO2/kWh in Europe (1/4 of EU average) PROPOSED TOTAL SHAREHOLDER REMUNERATION OF EUR 0.49 PER SHARE1 1 Subject to final approval at Annual General Meeting (AGM) IBERDROLA www.iberdrola.com | 5#6Investments RECORD INVESTMENTS OF EUR ~10,730 M, UP +13% 90% ALLOCATED TO NETWORKS AND RENEWABLES FY 2022 GROSS INVESTMENTS BY GEOGRAPHY EU Spain Other EU US LATAM UK ROW Gross Organic Investments IBERDROLA RESULTS PRESENTATION / 2022 FY 2022 GROSS INVESTMENTS BY BUSINESS EUR M Weight Corporate & other 4,124 38% 2,908 27% Other Energy Production & Customers 2% 1,216 11% 8% 2,658 25% Networks 2,115 20% Renewables ~10,730 44% 1,448 13% EUR M 46% 385 4% 10,730 100% www.iberdrola.com | 6#7Networks EUR 4,677M INVESTED IN NETWORKS INCREASING OUR REGULATED ASSET BASE TO EUR 39.2 Bn (+19%)... GROSS INVESTMENTS BY GEOGRAPHY Spain 17% ~4,677 RESULTS PRESENTATION / 2022 RAB INCREASE 2022 +19% Eur -39.2 Bn EUR 33.0 Bn US 36% 31% US EUR 12.1 Bn 24% UK EUR 9.6 Bn EUR M Brazil 32% 24% Spain EUR 9.4 Bn 15% UK 21% Brazil EUR 8.1 Bn 2021 2022 ...WITH STABLE FRAMEWORKS IN AN ENVIRONMENT OF RISING COSTS IBERDROLA www.iberdrola.com 17#8Renewable capacity INSTALLED CAPACITY REACHES 40,000 MW TOTAL RENEWABLE INSTALLED CAPACITY BY TECHNOLOGY Solar PV 11% 0.5% Battery storage 198 MW 4,264 MW RESULTS PRESENTATION / 2022 CAPACITY UNDER CONSTRUCTION TO BE OPERATIONAL BY 2026 凸 Weight UK 400 1,400 475 50 2,325 30% Hydro storage 51% 4,472 MW 11% Spain 300 1,850 ~40,000 Onshore wind i 20,125 MW 2,150 28% Other EU 50 1,275 150 150 1,625 21% MW US 800 350 Hydro 9,632 MW 1,150 15% 24% ROW 150 125 275 4% 3% Offshore LATAM 150 150 2% 1,258 MW Total 1,050 3,475 2,950 150 50 7,675 100% Capacity includes MWs in partnerships 7,675 MW UNDER CONSTRUCTION TO BE OPERATIONAL IN '23-'26 WITH ~EUR 6 BN INVESTMENTS UNDERWAY, 60% OF WHICH IN OFFSHORE WIND (~3,500 MW) IBERDROLA www.iberdrola.com 8#9EBITDA EBITDA INCREASES +10% TO EUR 13,228 M 75% FROM "A"-RATED COUNTRIES BREAKDOWN BY BUSINESS & COUNTRY 51% Energy Production & Customers +4% vs. 2021 1% Other 49% Networks ~13,228 +21% vs. 2021 ● EUR M 15% UK +4% vs. 2021 ~13,228 20% US +32% vs. 2021 EUR M 39% EU -11% vs. 2021 25% LATAM +28% vs. 2021 RESULTS PRESENTATION / 2022 NETWORKS Higher asset base in all geographies • Tariff increases in US and Brazil Regulatory frameworks protecting from higher inflation • Positive Impact from NY order, increasing revenue stability ENERGY PRODUCTION AND CUSTOMERS • Additional renewable capacity • Lower hydro production in Spain, recovering in first months 2023 • Retail: negative impact of higher costs in the UK and Spain not passed on to customers EBITDA IN THE EU AFFECTED BY LOWER RESULTS IN SPAIN IBERDROLA www.iberdrola.com 19#10AVANGRID results (USD, US GAAP) Avangrid's Net Profit grows +25% to USD 881 M Investments of USD 2.7 Bn: USD 1.9 Bn in Networks and USD 0.8 Bn in Renewables EBITDA up +5% to USD 2,456 M RESULTS PRESENTATION / 2022 Networks: Rate cases on track to enable future investments Filed rate cases in all states, settled in MA, in settlement discussions in NY; planning multi-year cases New Mexico Public Regulatory commissioners already confirmed by Senate, and new Chief of Staff appointed Renewables growth Onshore: 395 MW of new operating capacity and 586 MW under construction Offshore: Vineyard Wind 1 (806 MW) on track to 2024 COD IBERDROLA www.iberdrola.com [10#11Neoenergia results (BRL, BR GAAP) Neoenergia's Net Profit increases +20% to BRL 4,718 M EBITDA up +18% to BRL 11,582 M Gross investments of BRL 10,319 M: | BRL 5,878 M in Distribution and BRL 2,633 M in new Transmission lines BRL 1,677 M in new Renewables assets (Wind and Solar) Portfolio optimization: - Hydro assets' swap with Eletrobras RESULTS PRESENTATION / 2022 - Asset rotation: Final negotiations for partnership in Transmission and ongoing conversations for thermal asset divestment Growth: - 554 MW of new operating capacity: 410 MW wind and 143 MW solar PV - 2 additional lots awarded in Transmission (+2.000 km of HV lines) IBERDROLA www.iberdrola.com [11#12Financial Strength ONGOING IMPROVEMENT OF FINANCIAL RATIOS DRIVEN BY STRONG CASH FLOW GENERATION EUR 8.9 Bn 2021 FFO +25% EUR 11.1 Bn 2022 RESULTS PRESENTATION / 2022 FFO1/ADJUSTED NET DEBT 23.0% 2021 +2.4p.p. 25.4% 2022 IBERDROLA 1 FFO = Net Profit + Minority Results + Amortiz.&Prov. - Equity Income - Net Non-Recurring Results + Fin. Prov. + Goodwill deduction + Dividends from companies accounted via equity -/+ reversion of extraordinary tax provision. 2022 FFO includes collection of EUR 826 M on positive court rulings in Spain and positive one-off linked to NY Order that allows to accrue certain regulatory assets (EUR 340 M). Proforma including Neoenergia Brasilia and Poland onshore in December 2021 www.iberdrola.com |12#13Partnerships & Asset Rotation PROGRESSING AHEAD OF INITIAL ESTIMATES IBERDROLA Q4 2022 HYDRO ASSET SWAP WITH ELETROBRAS 2023 PARTNERSHIP WITH NORGES INVESTMENT BANK ONSHORE WIND / SOLAR PV PARTNERSHIPS OFFSHORE WIND PARTNERSHIPS Other 2023-2025 THERMAL ASSETS IN BRAZIL PARTNERSHIP FOR TRANSMISSION IN BRAZIL RESULTS PRESENTATION / 2022 www.iberdrola.com |13#14Energy Context: Building regulatory frameworks to boost electrification RESULTS PRESENTATION / 2022 EU Promoting the development of more renewables to accelerate decarbonization and increase energy autonomy Reform of European Electricity market design (expected implementation in '25-'26) Creating incentives to long-term contracting (PPAs) Speeding up permitting processes and improving financing of green projects Net Zero Industry Act Improvements in Innovation Fund Supporting development and supply chains of green hydrogen and other green products Delegated Acts that set the criteria for labelling hydrogen as renewable IBERDROLA www.iberdrola.com |14#15Energy Context: Building regulatory frameworks to boost electrification US ➤ Inflation Reduction Act • Promoting electrification through more renewables and networks. • Creating incentives to green hydrogen production. • Supporting local supply chains. UK Increasing need for investment linked to electrification • Additional renewable capacity: Draft Energy Strategy and Just Transition Plan in Scotland. •New Transmission ("Holistic Network Design") and interconnectors (Eastern Link). ➤ RIIO-T2: in place progressing as expected. TOTEX approved of GBP -2,000 M (2021-2026). RIIO-ED 2 Final Determination: ⚫Authorized TOTEX of GBP 4,000 M (nominal), with a Cost of Equity of 5.23% plus inflation + incentives. • Nominal RAV Growth of GBP 1,500 M, up to GBP 6,500 M by 2027. ➤ Retail Markets Regulation •Improving situation: • Measures to recover pending amounts already in place. Measures to minimize future deficits. IBERDROLA RESULTS PRESENTATION / 2022 www.iberdrola.com | 15#16ESG+F CREATING SUSTAINABLE VALUE FOR ALL E Protecting the planet RESULTS PRESENTATION / 2022 S G • . • Upgrading Decarbonization Targets: Carbon neutral by 2030 in Scope 1 and 2, and Net Zero in all three scopes before 2040 New Biodiversity Plan: Targeting to have net positive impact by 2030 Reducing emissions to only 59 gCO2/kWh in Europe (1/4 of EU average) and 88 gCO2/kWh globally Circular economy Model: First industrial-scale wind turbine blade recycling plant in Europe Supporting communities Sustainable Purchases: EUR 17,800 M impacting society globally • Global Tax contribution: ~Eur 7,500 M . . Jobs and economic activity: ~4,700 new hires globally Just Transition: progressing in reindustrialization plan of areas with closed coal facilities Diversity & Inclusion: ~90 nationalities (10 more than in 2021) Training: Increasing training hours per year to 68 hours per employee (annually) Purpose driven governance Split of Executive Chairman/CEO roles F-87% OF 2022 CAPEX ALIGNED WITH EU TAXONOMY FINANCING BASED ON SUSTAINABLE/GREEN INSTRUMENTS IBERDROLA www.iberdrola.com | 16#17Shareholder remuneration RESULTS PRESENTATION / 2022 PROPOSED SUPPLEMENTARY REMUNERATION OF EUR 0.31/SHARE, TO REACH A TOTAL DIVIDEND OF 0.49/SHARE1 Interim remuneration² (paid on January 31st 2023) EUR 0.18/share + Supplementary remuneration Subject to approval at AGM (payable in July 2023) EUR 0.31/share Total 2022 shareholder remuneration Subject to approval at AGM IBERDROLA 1 Subject to approval at Annual General Meeting (AGM) 2 Through the scrip dividend "Iberdrola Remuneración Flexible" program approved by 2010 AGM EUR 0.49/share www.iberdrola.com [17#18Agenda Analysis of results IBERDROLA RESULTS PRESENTATION / 2022 | www.iberdrola.com |18#19Income Statement / Group RESULTS PRESENTATION / 2022 EBITDA up 10%, to EUR 13,228 M, and Net Profit up 12%, to EUR 4,339 M... EUR M 2022 2021 % Revenues 53,949 39,113 +37.9 Gross Margin 20,199 17,062 +18.4 Net Operating Expenses -5,209 -4,227 +23.2 Levies -1,762 -829 +112.7 EBITDA 13,228 12,006 +10.2 EBIT 7,984 7,343 +8,7 Net Financial Expenses -1,838 -1,003 +83.2 Equity Results 74 -74 n.a. Taxes -1,161 -1,914 -39.3 Minorities -721 -467 +54.4 Net Profit FFO 4,339 3,885 +11.7 11,123 8,914 +24.8 IBERDROLA towards top end of Guidance after including tax on Revenues in Spain in 2023-2024 vs 2022-2023 119#20Gross Margin / Group Gross Margin up 18%, to EUR 20,199 M, and 12% excluding FX impact REVENUES (EUR M) 39,113.5 2021 IBERDROLA 53,949.4 +37.9% PROCUREMENTS (EUR M) RESULTS PRESENTATION / 2022 +53.0% 33,750.0 22,051.7 2022 2021 2022 Revenues up 38%, to EUR 53,949 M, and Procurements up 53%, to EUR 33,750 M www.iberdrola.com [20#21Net Operating Expenses / Group Net Operating Expenses up 5.6% excluding FX and non recurring impacts... Net Operating Expenses (EUR M) Net Personnel Expenses External Services Other Operating Income RESULTS PRESENTATION / 2022 2022 2021 vs'21 (%) -2,517.8 -2,287.3 +10.1% -3,601.9 -2,935.7 +22.7% 910.6 994.6 -8.5% Total Net Operating Expenses -5,209.1 IBERDROLA -4,227.4 +23.2% related to the positive impact of asset rotation in 2021, one-off effects in USA reconciled at Gross Margin and other minor impacts www.iberdrola.com [21#22Results by Business / Networks Networks Reported EBITDA grows 21.0%, to EUR 6,526 M IBERDROLA Brazil 30% United States 29% 6,525.8 25% Spain 17% United Kingdom RESULTS PRESENTATION / 2022 Balanced EBITDA contribution across geographies www.iberdrola.com |22#23Results by Business / Networks EBITDA EUR 1,608.0 M (-1.5%): SPAIN BRAZIL UNITED STATES RESULTS PRESENTATION / 2022 EBITDA decrease due to net impact of both positive and negative regulatory and legal issues. EBITDA BRL 10,524.3 M (+13.1%): Growth driven mainly by tariff adjustments in Distribution. EBITDA IFRS USD 1,988,0 M (+34.4%): USD +550 M positive one-off linked to NY Order that allows the accrual of certain regulatory assets, driving increased stability in future revenues. USD +117 M due to higher investments and tariffs. EBITDA US GAAP USD 1,733.0 M (+10.1%). UNITED KINGDOM EBITDA GBP 932.0 M (+3.0%): Higher asset base. IBERDROLA www.iberdrola.com |23#24Results by Business / Energy Production and Customers Energy Production and Customers EBITDA up 4.3%, to EUR 6,699 M IBERDROLA Mexico 13% ROW 6% Brazil 6% M Eur 6,699.2 52% Spain United States 11% United Kingdom 12% RESULTS PRESENTATION / 2022 www.iberdrola.com |24#25Results by Business / Energy Production and Customers SPAIN UNITED STATES UNITED KINGDOM IBERDROLA EBITDA EUR 3,460.2 M (-4.1%): EBITDA decrease due to: o Group's policy of maintaining prices despite high-cost environment. 。 Lower renewable production. O 。 Positive Court Rulings in Q4'21. RESULTS PRESENTATION / 2022 EBITDA USD 759.7 M (-10.7%): Positive impact of Texas cold snap accounted for in Q1'21 and provisions in Commonwealth Wind. Higher output (+3.8%) due to new installed capacity, and better prices. EBITDA GBP 712.3 M (+20.6%): Higher wind output drives EBITDA growth, partially compensated by higher energy procurements at higher costs, fully recoverable in H1 2023. www.iberdrola.com |25#26Results by Business / Energy Production and Customers MEXICO BRAZIL ROW IBERDROLA EBITDA USD 899.1 M (-2.4%): Positive impact from Texas cold snap losses in Q1 2021. Offset by lower thermal production. RESULTS PRESENTATION / 2022 EBITDA BRL 2,184.0 M (+36.3%): Mainly driven by better performance of the generation business and increase in renewable capacity. EBITDA EUR 427.3 M (+13.8%): Higher contribution from onshore and offshore business across geographies, as capacity increases. www.iberdrola.com [26#27D&A and Provisions and Bad Debt D&A and Provisions up 12%, to EUR 5,244 M, and +6% excluding FX impact Eur M -4,663 +12% -5,244 -470 -369 Bad Debt Provisions -94 Other Provisions -97 -4,197 D&A -4,680 2021 2022 RESULTS PRESENTATION / 2022 Improvement of key ratios vs 2021: Bad Debt Provisions/Billing at 1.1% and Overdue Debt/Billing at 4.1% IBERDROLA www.iberdrola.com |27#28Net financial results RESULTS PRESENTATION / 2022 Recurring Net Financial Results up EUR 628 M, to EUR 1,838 M, due to USD and BRL appreciation affecting debt and derivatives, higher average debt balance and increased cost of debt mainly in BRL NET FINANCIAL RESULT (EUR M) COST OF DEBT -117 -1,838 -202 +67 bps 4.27% -145 -163 -1,210* -207 | 3.60% -1,003 Debt result 2021 FX Average debt Cost FX derivatives 2022 +10 bps (ex NEO) 2.99% 2.89% 2021 2022 FX impact and BRL cost compensated at EBITDA level Debt cost (ex NEO) increases 10 bp despite references increasing over 150 bp IBERDROLA Recurring Net Financial results excluding EUR 207 M of net positive one-offs accounted for in 2021 (Wallbox and Court rulings) www.iberdrola.com |28#29Net debt evolution FFO up 25%, compensates gross investments and FX Eur M RESULTS PRESENTATION / 2022 2,750 1,084 1,189 43,749 39,119 -11,123 10,730 Other² Dividend¹ FX FFO Gross Investments Net debt Dec 2021 Net debt Dec 2022 Limited impact from working capital and collateral position allows Net Debt to remain below Eur 44 Bn IBERDROLA 1. Includes scrip dividend plus cash 2. Includes working capital variations and collaterals www.iberdrola.com |29#30Financial ratios RESULTS PRESENTATION / 2022 FFO / Adjusted Net Debt improves 2.4 p.p. as strong cash flow generation more than compensates Net Debt increase ADJUSTED CREDIT METRICS 2022 20211 Adjusted Net Debt/ EBITDA 3.3x 3.2x FFO 2 / Adjusted Net Debt 25.4% 23.0% RCF / Adjusted Net Debt 22.0% 20.6% Adjusted Leverage 42.8% 41.0% IBERDROLA 1) Proforma including Neoenergia Brasilia and Poland onshore in December 2021 www.iberdrola.com [30 2) 2022 FFO includes collection of EUR 826 M on positive court rulings in Spain and positive one-off linked to NY Order that allows to accrue certain regulatory assets (EUR 340 M)#31Liquidity and maturities RESULTS PRESENTATION / 2022 As of today, our liquidity totals EUR 23.5 bn covering 26* months of financing needs with an average life of debt above 6 years Cash 5,626 Available financing 2,218 Credit lines 15,686 6,037 4,584 5,019 4,521 4,119 * Including subsequent events and PNM acquisition IBERDROLA **Includes USD 400 M with an extension option of 1 year ***Includes USD 500 M (2025) with an extension option of 1 year 21,119 2023 2024 ** 2025 *** 2026 2027 2028+ Hybrid maturing in May already refinanced at 4.89% www.iberdrola.com [31#32Net Profit / Group Net Profit up 12%, to EUR 4,339 M RESULTS PRESENTATION / 2022 EUR M 2022 2021 vs'21 (%) EBIT 7,983.9 7,342.8 +8.7% - Net Financial Expenses -1,837.5 -1,003.2 +83.2% - Equity Method 74.5 -74.1 n/a - Corporate Tax -1,161.3 -1,914.0 -39.3% IBERDROLA - Minorities Net Profit -720.9 -466.8 +54.4% 4,338.6 3,884.8 +11.7% Taxes 2021 included EUR 471 M of negative one-off in UK Taxes 2022 includes positive one offs corresponding to CIP and Brazil www.iberdrola.com | 32#33Agenda Conclusions IBERDROLA RESULTS PRESENTATION / 2022 | www.iberdrola.com | 33#34Conclusion: 2023 Outlook ANTICIPATING TARGETS SET IN OUR STRATEGIC PLAN Production increase driven by hydro and wind resource normalization RESULTS PRESENTATION / 2022 Investment of more than Eur 11,000 M ~3,000 MW of additional renewable capacity Regulated asset base increase Impact of new Revenue Tax in Spain (1.2% of revenues in Spain) New rate cases in Brazil, US and UK Asset rotation and partnerships reinforcing our balance sheet IBERDROLA Increase in financial costs www.iberdrola.com |34#35Conclusion: 2023 Outlook RESULTS PRESENTATION / 2022 2023 NET PROFIT OUTLOOK GROWING AT MID SINGLE-DIGIT IN LINE WITH CAPITAL MARKETS DAY 2023-25 FORECASTS EUR 200 M of revenue tax contribution IBERDROLA (1.2% sales in Spain) Mid single-digit Reported EUR 4.3 Bn 8%-10% 2022 2023 Guidance 2023e 8% -10% GROWTH EXCLUDING REVENUE TAX IN SPAIN www.iberdrola.com 35#36Agenda Annex I IBERDROLA RESULTS PRESENTATION / 2022 | www.iberdrola.com |36#37Diversified financing portfolio at competitive rates RESULTS PRESENTATION / 2022 The deep diversification of funding sources during 2022 provided flexibility to tap the market at competitive conditions, raising Eur 12.7 Bn to date through several products... New financing 2022: EUR 12.697 M Developm ent Bank TE Hybrid Bond 254 1,000 Main transactions Bond market • ⚫ EUR 1,000 M in public hybrid bond (issued January 2023) • EUR 2,500 M in public senior green bonds • EUR 450 M in non-dilutive convertible Bond Loan 1,693 Multilateral Loan 1,141 • EUR • bonds 3,050 USD 575 M in AGR operating companies in the US private market BRL 4,950 M in debentures and commercial notes Bank market • EUR 995 M in sustainable bilateral loans USD bonds • ⚫ EUR 2,500 M in sustainable syndicated line Multilateral / development ⚫ EUR 1,050 M signed with EIB in different European countries Bank credit 500 603 BRL bonds 882 • Bank loan 1,572 . EUR 1,500 M signed with Danish & Spanish ECAs • BRL 550 M signed with IFC, first of its kind (World Bank) ... room for additional bank financing and commercial paper even in a demanding, volatile environment IBERDROLA www.iberdrola.com |37#38ESG financing RESULTS PRESENTATION / 2022 In 2022 Iberdrola signed EUR 10.7* bn of new ESG financing bringing the cumulative total to EUR 48.6* bn NEW ESG FINANCING 2022: EUR 10,662 M * 84% of newly signed financing are ESG transactions, reaffirming Iberdrola's commitment while becoming its main source of financing IBERDROLA Product Total Green 7,167 Hybrid bonds 1,000 Senior bonds 3,237 Multilateral loans 1,141 Development bank & ECA loans 1,535 Structured financing 254 Sustainability-linked 3,495 Bank loans Credit lines Total ESG 995 2,500 10,662 *Includes all signed financing, regardless of its consolidation % and disbursement date, and subsequent events TOTAL ESG FINANCING: EUR 48,624 M * Green Structured Development Financing Sustainable Bank Loans 1,245 63% of total financing are ESG transactions Bank and 3,389 ECA Green Loans 2,666 Green Bank Loans 376 Multilateral Green Loans 3,007 Sustainable Credit Lines 15,272 Sustainable Commercial Green Paper Bonds 5,000 17,668 Iberdrola remains the world leading private group in green bonds issued www.iberdrola.com |38#39ESG+F RESULTS PRESENTATION / 2022 2022 2025e 2030e E S Accidentality Rate Carbon Neutral in electricity generation in 2030 Biodiversity: Net positive impact in 2030 Biodiversity: Conservation, restoration & plantation Blade recycling Water consumption Smart Solutions R&D investment Training hours Smart Grid implementation Women in relevant positions Equal pay certification % of women Equal pay certification % of improvement vs 2021 (own employees) Specific emissions (global mix) 88 <70 Carbon neutral* g CO2/kWh % assets with biodiversity assessment and Neutrality Plan Trees, in Million n/a 20% 100%/ Net Positive 2.5 8 20 % No Net Deforestation in 2025 % recycled blades** 0% 50% 100% % reduction vs. 2021 +2% -18% -63% Number of solutions, in Million 13.0 18 21 Million Euros 362.7 420 550 Hours per employee (annual) 67.9 ≥55 ≥55 % of HV and MV grids 76 83 26% 30% 35% n/a ✓ -6.4% -10% -21% Electricity for All program G FL Foundation Sustainable Suppliers Cybersecurity Best practices in Governance Independent Board Members Women in the Board ESG financing % of total purchases Number of annual assessments or external verifications Maintain Over 50% At least 40% % of ESG Financing Cumulative beneficiaries, in Million Beneficiaries per year, in Million 11 14 16 5.7 8 10 91.5% ≥85% ≥85% 1,919 2,000 2,000 IBERDROLA =2 82 Minimum 80% www.iberdrola.com [39 *<10 gr CO2/kWh, following market practice ** This target is subject to the existence of a commercially feasible solution