[2.3] Iberdrola, a Different Company | Integrated Report / February 2018

Iberdrola's Primary Business	Presence by Areas of Activity	Natural Capital
Focus on basic and regulated business	International diversification	Commitment to clean and competitive energies
Approximately 85% of EBITDA comes from regulated business or long-term contracts.	Results are generated in a diversified manner (EBITDA by country): 40% in Spain. 19% in the United Kingdom. 25% in the United States. 8% in Brazil. 8% in Mexico.	Generation and production of largely emissions-free electricity. Large portfolio of wind and solar generation projects. Public and ambitious goals for reducing emissions.
Operational efficiency	Financial strength and solidity of the group	Global, committed and qualified workforce
An energy model based on clean energy, networks and digitisation has allowed our company to be 40% more efficient than the main competitors⁽¹⁾.	Strengthening of the balance sheet due to growth in EBITDA and FFO, which allows for continued strength in solvency ratio levels, within the framework of strong organic growth. Liquidity position that covers financial needs for more than 18 months even in a stress scenario.	Stable and high-quality jobs, with high level of training. Health and safety as values: “accident reduction” goal. The companies of the group have been recognised: in Spain for their Reputation (Merco), and in Brazil as the best company to work for in Latin America (Great Place to Work).
Iberdrola's Primary Businesses	Financial Capital	Human Capital

(1) Operating expenses by customer, based on external reports.

2.3 Iberdrola, a Different Company