Iberdrola, S.A. (IBDRY) M&A Call Transcript

Iberdrola, S.A. ( IBDRY ) M&A Call July 21, 2026 12:45 PM EDT Company Participants Isabel Sanchez David Mesonero - Global Head of Corporate Development Conference Call Participants Jenny Ping - Citigroup Inc., Research Division Gonzalo Sánchez-Bordona - UBS Investment Bank, Research Division Robert Pulleyn - Morgan Stanley, Research Division Dominic Nash - Barclays Bank PLC, Research Division Javier Garrido - JPMorgan Chase & Co, Research Division Jorge Alonso Suils - Bernstein Institutional Services LLC, Research Division Presentation Isabel Sanchez Good afternoon, everyone, and thank you for joining us today. I'm Isabel Sanchez, Deputy Head of Investor Relations. The purpose of this call is to provide further details on Iberdrola's announced acquisition of the electricity distribution company in Finland, Caruna, and to walk you through the strategic rationale, key financial considerations and expected contribution of the transaction. We are joined today by Mr. David Mesonero, Deputy CFO and Global Head of Corporate Development, who will take you through the presentation shared with you in advance. If you have not yet accessed it, the presentation is also available on our -- on the link you have received through the e-mail. We appreciate that this is a busy period in the reporting season, so we have designed today's session to be focused and consistent with a total duration of approximately 30 to 40 minutes. After the presentation, we will open the line for a live Q&A session. Questions should be submitted through the conference call. As always, if you have further questions after the call, please feel free to contact the Investor Relations team at [email protected]. And now without further ado, I will hand over to David Mesonero. David, over to you. David Mesonero Global Head of Corporate Development Thank you, Isabel. Good afternoon, everyone, and thank you for joining us today. It is a pleasure to be with you today to present