Capital Markets Day

Around two-thirds of our net investment plan (€36 billion) is dedicated to expanding and strengthening distribution and transmission networks in the United Kingdom, the United States, Brazil and Spain. This infrastructure is key to ensuring the integration of new renewable capacity into the electricity system and to absorb the rise in demand from new uses such as electric vehicles, heat pumps and data centres.

As a result, we will increase the regulated networks asset base by 40% in four years to €70 billion, reaching €50 billion in distribution networks and €20 billion in transmission networks by 2028.

We plan to allocate €21 billion gross to the Renewable Generation and Customers business, focusing 75% of investment on completing projects under construction and the remainder on new selective investments in manageable technologies.

More than 90% of investment will be carried out in countries with an “A” rating, prioritising stable models such as long-term contracts (PPAs). By technology, 38% will go to offshore wind, 24% to onshore wind, 10% to storage and another 10% to solar.

Thanks to these investments, by the end of 2028 we will have 9.5 GW of new capacity, reaching more than 60 GW of installed renewable capacity.

This investment plan guarantees stable, predictable, profitable and secure growth, with participation in markets with an A+ rating and strengthening our financial position aligned with a BBB+ credit rating.

We have set a target of reaching €7.6 billion net profit at the end of the period, with an EBITDA forecast of €18 billion by 2028. This will allow us to meet our commitment to increase shareholder remuneration in line with results and distribute close to €20 billion in dividends between 2025 and 2028.

Our new roadmap allows us to grow not only in scale but also in our social commitment. The company expects to hire 15,000 people and make purchases worth €65 billion from suppliers, sustaining more than 500,000 jobs in our supply chain.

In addition, we will invest €1.6 billion in R&D&I as a strategic pillar of our company and maintain this growth without altering our commitment to achieving net zero emissions by 2030.