What is the "Iberdrola Retribución Flexible" system?

All the information about the "Iberdrola Retribución Flexible" optional dividend system

The "Iberdrola Retribución Flexible" system

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The optional dividend system "Iberdrola Retribución Flexible" offers the shareholders the opportunity to decide whether they prefer to receive all or a portion of their remuneration in free newly issued shares of the company or in cash.

This system is carried out through a capital increase charged to reserves and the payment of a cash dividend. Thus, all shareholders will receive a free allocation right per share held as of the record date. Shareholders who wish to receive the cash dividend will have to expressly waive these rights.

As a consequence, on July 2024 the shareholders will be able to choose between the following remuneration options during the Common Election Period(1):

a) Receive free newly issued shares;

b) Receive cash by selling all of a portion of the free allocation rights in the market;

c) Receive cash by means of the payment of the Supplementary Dividend for 2023.

Shareholders will be able to combine any of the options mentioned above with respect to the different groups of shares owned by each shareholder.

The value of the remuneration that the shareholders will receive from the Company under the options referred to in options (a) and (c) above will be equivalent (in terms of market value and notwithstanding the tax treatment applicable to each of them).

Iberdrola estimates that the gross amount of the Supplementary Dividend per share will be, at least, 0.348 euros.

(1) We recommend that you check the deadlines of each option with your bank as they may present peculiarities.


“Iberdrola Retribución Flexible” system

Practical Example

Free capital increase charged to reserves
1 share on the record date: 1 free allocation right


  • Shareholder with 1,000 shares on the record date will receive



  • Number of rights needed to get a new share



  • Amount of the Interim Dividend



The Shareholder has three options
withholding tax

  • Receive newly issued Iberdrola shares
    The shareholder receives 33 newly issued Iberdrola shares 1
  • Sell the free allocation rights in the market
    The shareholder receives 281.88 net euros2
  • Receive the Supplementary Dividend
    The shareholder receives 281.88 net euros3

In addition, shareholders do not need to choose one of the options, as they can combine them according to their requirements."

  • (1) The new shares will be delivered to shareholders free of charge and fees. In accordance with the applicable law, the custodian of your shares will be entitled to charge the management fees and expenses it deems appropriate, including fees for processing purchase and sale orders of the free allocation rights.
  • (2) On the assumption of the sale of the rights at 0.354 euros. The total amount of the sale is subject to IRPF withholding tax.
  • (3) The Supplementary Dividend will be, at least, 0.348 net euros and will be subject to a 19 % withholding tax. The final amount of the Supplementary Dividend will be announced on 2 July 2024.