Strategic Plan 2025-2028

On 24 September 2025 we presented our Strategic Plan 2025-2028 at Capital Markets Day, updating our commitments and reinforcing our investment strategy. At the Iberdrola Group we remain focused on the electrification of the economyExternal link, opens in new window. and plan to invest €58 billion through 2028 in the development of electricity networks. The main focus will be on the United Kingdom and the United States, where we will invest €20 billion and €16 billion, respectively. These are followed by the Iberian Peninsula with €9 billion, Brazil with €7 billion and other EU countries and Australia with €5 billion.

Of this €58 billion, 85% will be allocated to countries with an A rating and stable, predictable and attractive regulatory frameworks.

Networks at the core of the company’s strategy

With electricity networks at the centre of our strategy, the company plans to invest €37 billion in the networks business, in distribution and transmission, to increase the Regulated Asset Base to €70 billion. By the end of the period, the Regulated Asset Base is expected to reach €50 billion in distribution networks and €20 billion in transmission networks.

In this Strategic Plan 2025-2028, new network investments will allocate €25 billion to distribution and €12 billion to transmission, directed towards markets with closed or advanced regulatory frameworks, with an expected average return on equity (ROE) of 9.5%.

Thanks to this new investment plan, the Group continues to advance the development of Renewable Generation and Customers, as well as a clear commitment to distribution and transmission networks as a strategic pillar for driving the electrification of the economy. In this way, Iberdrola is committed to bringing electricity to more people by improving and expanding the infrastructure that transfers its generation capacity to a wider number of consumers.

Our plan for renewable generation and customers

Improving clean energy generation and maintaining excellent service for our customers remains a priority for the company. That is why we continue to work in these areas with a planned investment of €21 billion.

This amount will be distributed across four technologies, 75% of which are already under construction. Of the total, 38% will go to offshore wind, in projects such as East Anglia TWO and East Anglia THREE in the UK or Windanker in Germany; 24% to onshore wind, 10% to storage, of which €1 billion will go towards the development of batteries in Australia and other European countries. Investment will also be made in pumped storage in the Iberian Peninsula; and another 10% to solar, which will be developed mainly in Spain, Italy and Australia.

This plan aims to reach more than 60 GW of installed capacity by 2028, 90% of which will be emissions-free. This will be possible thanks to the Group allocating 80% of its Renewables and Customers budget — around €16 billion — to increasing installed and storage capacity. In fact, many of the new facilities are already under construction, so capacity is expected to grow by up to 9.5 GW by 2028. The company’s goal is to support the rise in demand driven by the expansion of data centres, electric transport and the electrification of many industrial sectors, which require access to electricity throughout the day, using PPAs and contracts for difference as the basis for their development.

Stable, predictable and secure growth

The goal of this Strategic Plan is to reach €18 billion in EBITDA by 2028. This represents an increase of €3 billion compared to 2024 thanks to the new roadmap, with electricity networks contributing 55% of this result.

In this way, the company will be able to meet its commitment to increase shareholder remuneration in line with results. It plans to distribute nearly €20 billion in dividends between 2025 and 2028. Iberdrola will allocate between 65% and 75% of profit to shareholder remuneration, setting a dividend floor of €0.64 per share for this period within the Iberdrola Flexible Dividend programme.

This investment plan guarantees stable, predictable, profitable and secure growth, operating in markets with an A+ rating and consolidating its financial position in line with a BBB+ credit rating. This is possible thanks to a highly diversified portfolio. Economic strength will be achieved through the generation of €52 billion in cash flow under the new business lines. In addition, the company has already carried out a €5 billion capital increase and foresees an asset rotation and alliances plan of €13 billion, which is already 75% complete, underpinning the plan for this period.