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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 following illustration shows the Iberdrola Group’s credit ratios and adjusted leverage ratio as at 30 June 2026, demonstrating the Group’s financial strength

Net Debt increases Eur 3.8 Bn affected by hybrid replacement and currency appreciation…

Consolidated Net Debt Evolution

Consolidated net debt evolution in the first half of 2026, in billions of euros: starting at 50.2 and rising to 54.0 adjusted net debt.
  1. 50.2 FY 2025
    Adjusted
    Net Debt
  2. minus -6.2 Adjusted
    FFO
  3. minus -3.9 Asset
    rotation
  4. plus +7.0 Capex1
  5. plus +2.9 Dividend & Treasury Shares
  6. plus +2.7 FX &
    Hybrid2
  7. plus +1.3 Other
  8. 54.0 H1 2026
    Adjusted
    Net Debt
  1. Includes Neoenergia minority shareholders Eur 1.1 Bn and organic capex Eur 5.9 Bn
  2. Includes Eur 1.7 Bn FX and Eur 1.0 Bn hybrid replacement

… delivering solid ratios despite debt increase. Excluding FX, FFO / Adjusted Net Debt ratio would be 23.1%

Adjusted Credit Metrics

H1 2026 H1 20252
Adjusted Net Debt1 /
Adjusted EBITDA		 3.5x 3.5x
Adjusted FFO / Adjusted Net Debt1 22.4% 23.1%
Adjusted Leverage 45.3% 46.8%
  1. Adjusted for treasury stock derivatives with physical settlement which at the current date are not expected to be executed (Eur 2,676 M as of H1 2026 and Eur 468 M as of H1 2025)
  2. H1 2025 ratios restated for comparison purposes

The structure of financial debt by currency* and interest rate as at 30 June 2026 is 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 following table shows the Iberdrola Group’s liquidity profile and debt maturity profile* as at 30 June 2026:

 

Debt maturity profile*