Commentary & Deal Flow

IPTs: 4yr: MS+70/75a 10yr: MS+110/115a

• Issuer: Iberdrola Finanzas SAU
• Guarantor: Iberdrola SA
• Issuer/Guarantor LEI: 5493004PZNZWWBOUV388 / 5QK37QC7NWOJ8D7WVQ45
• Security: Senior Unsecured Notes
• Form of Notes: Bearer, Reg S, NGN, European Green Bond
• Ratings of the Guarantor: Baa1/BBB+/BBB+ (all stable) (Moody's/S&P/Fitch)
• Ratings of the Notes (exp.): Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Amount: € Benchmark (each tranche)
• Trade Date: 16-Jun-26
• Settlement Date: 25-Jun-26 (T+7)
• Maturity Date:
• • 4yr: 25-Jun-30
  • 10yr: 25-Jun-36
• Interest Payment Date: Interest on the Notes will be paid annually, in arrear, on 25-Jun each year, commencing on 25-Jun-27
• Day Count: Actual/Actual (ICMA)
• Listing and Trading: Luxembourg Stock Exchange
• Documentation: Eurobond issue under the €40bn EMTN Programme dated 28-May-26
• Denominations: €100k x €100k
• Governing Law: English law, save for the status of the Notes and the status of the corresponding Guarantee which will be governed by, and shall be construed in accordance with, Spanish law
• Put/Call Options: Change of Control Put Option, 3-month par call, MWC, Clean-up Call (75%)
• Use of Proceeds: The net proceeds will be fully allocated to activities that are 100% environmentally sustainable under Article 3 of Regulation (EU) 2020/852, as detailed in the Issuer’s European Green Bond Factsheet
• Target Market: The manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or in the UK
• Selling Restrictions: As per the EMTN programme
• Global Coordinators: HSBC and Santander
• Active Bookrunners: CaixaBank, Crédit Agricole CIB, HSBC, IMI - Intesa Sanpaolo, Natixis, NatWest, Santander (B&D) and Scotiabank
• Passive Bookrunners: Bankinter, ICBC, Helaba and Banco Sabadell
• Advertisement: The Base Prospectus of the EMTN Programme is available at www.iberdrola.com, and the Final Terms, when published, will be available at www.bourse.lu The Framework for Green Financing and SPO are available on the website of the issuer (www.iberdrola.com)
• Timing: Books open, today’s business