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Financial strategy

Iberdrola’s financial profile

Fixed income capital markets represent an important source of funding for the Iberdrola Group. Financial strength is one of Iberdrola’s three strategic pillars, alongside profitable growth and a sustainable dividend. The Group’s financial objective is therefore focused on maintaining strong financial ratios, aligned with the requirements of rating agencies for a solid investment-grade profile.

Strategic plan 2025-2028 update: Energy outlook [PDF]

Debt capital represents a significant source of funding for the Iberdrola Group. Within Iberdrola’s financial profile, one of its key objectives is to maintain sound financial ratios. 

Iberdrola aims, wherever possible, to manage its financing activities centrally; however, there are circumstances in which the Group considers it necessary or more advantageous to arrange financing at subsidiary level. This means that most financing is arranged at the level of Iberdrola SA or through instruments backed by an irrevocable guarantee from Iberdrola SA.

The Iberdrola Group places particular emphasis on having as diversified an investor base as possible and on reducing financing risk. Accordingly, Iberdrola issues debt in various currency markets and with a range of maturities. 

The illustrations below show Iberdrola Group’s solvency ratios and adjusted net debt on 30 September 2026 showing the financial strength of the group.

Net Debt increases Eur 4.4 Bn affected by higher capex and currency appreciation…

Consolidated Net Debt Evolution

Consolidated net debt evolution in the first nine months of 2026, in billions of euros: starting at 50.2 and rising to 54.6 adjusted net debt.
  1. 50.2 FY 2025
    Adjusted
    Net Debt
  2. minus -9.3 Adjusted
    FFO
  3. minus -4.9 Asset
    rotation
  4. plus +10.0 Capex
  5. plus +5.4 Dividend & Treasury Shares
  6. plus +2.7 FX &
    Hybrid1
  7. plus +0.5 Other
  8. 54.6 9M 2026
    Adjusted
    Net Debt
  1. Includes Eur 1.6 Bn FX and Eur 1.0 Bn hybrid replacement

… comfortably within credit rating ratios for a BBB+/Baa1

Adjusted Credit Metrics

9M 2026 9M 20252
Adjusted Net Debt1 /
Adjusted EBITDA		 3.4x 3.3x
Adjusted FFO / Adjusted Net Debt1 22.4% 24.9%
Adjusted Leverage 45.8% 43.3%
  1. Adjusted for treasury stock derivatives with physical settlement which at the current date are not expected to be executed (Eur 1,793 M as of 9M 2026 and Eur 1,450 M as of 9M 2025)
  2. 9M 2025 ratios restated for comparison purposes and include ENW proforma

Debt as of 30 September 2026 can be broken down by currency* and interest rate, as follows:

The structure of financial debt by interest rate* is as follows, excluding Mexico in 2025:

The breakdown of debt* by market, excluding Mexico, in 2025

Liquidity profile of the Iberdrola Group

The slide below shows Iberdrola Group’s liquidity position and debt maturity profile* 30 September 2026:

 

Debt maturity profile*