Thank you, Ignacio. Good morning, everyone, and thank you very much for joining today's conference call.

In the first nine months 2026, reported net profit increased by 10% to €5,116 million, and adjusted net profit reached €5,141 million with 9% up, 13% excluding that this increase will be 13% excluding foreign exchange impacts. Adjusted EBITDA increased by 7% to €11,191 million, driven by the strong performance of Networks, up 15%, due to higher asset base in all countries, rate increases, and growing contribution from transmission.

Total investment increased by 13% to €10.1 billion in only nine months, with 75% allocated to the United Kingdom, United States, and Brazil. Network investment reached €6.3 billion, up to 28%, leading to a 14% increase in regulated asset base to €56 billion.

We invested an additional €3.6 billion in Power and Customers, with more than 2,300 MW of new capacity operational from January to September, for a total of 3,300 MW in the last 12 months. Thanks to our active debt management, we have combined those record investments with an ongoing reinforcement of our financial strength, reflected in a net debt to EBITDA ratio 3.4 times.

We maintain 78% of our total debt at fixed rates, excluding Brazil, which provides us significant protection against potential increases in interest rates. Following these results, the board of directors approved yesterday an increase of 8.7% in the interim dividend to €0.275 per share.

As usual, we will add to this amount a supplementary dividend once approved in our annual shareholders meeting of 2027. Finally, in last months, the acceleration of electrification and new energy policies have allowed us to increase the visibility of additional regulated investment and growth opportunities across the United Kingdom, United States, Brazil, and Spain up to 2030 and beyond.

Moving to results: adjusted EBITDA reached €11.9 billion, up 7%, with almost two-thirds coming from the United Kingdom, United States, and Brazil. Networks increased by 15% to €6,430 million, contributing already 54% of the total EBITDA, thanks to higher regulated asset base in all countries: the positive impact of RIIO-T3 in the UK since April, new rates in New York and Connecticut in the US, plus additional revenues from transmission after the commissioning of NECEC, rate increases and contribution from transmission in Brazil, and a strong performance in Spain as well.

Power and Customers EBITDA reached €5,359 million, as the strong increase in demand in the third quarter led to higher procurement costs for electricity that had been sold at prices fixed in 2025. This negative impact is not expected to continue in the coming quarters, as new sales are already reflecting higher prices.

In addition, this business was impacted by ancillary service in Iberia and higher costs in regulated gas tariffs, partially offset by an increasing contribution of pumped hydro in Iberia due to new facilities in operation like Valdecañas and Valparaíso in the Tajo and Tera rivers. All in all, excluding FX impact, EBITDA grew by 8%.

Total investments were up 13% year on year, reaching a new record of €10.1 billion to September, or more than €15.5 billion in the last 12 months. The United Kingdom was once again our largest destination, with more than €3.1 billion invested in the first nine months, 31% of the total; followed by the United States and Brazil, with 21% each; Spain, with 16%; and other European Union countries and Australia, with 10% of the total investment.

By businesses, Networks contributed 62% of the total investment, reaching €6,277 million, 28% more than last year. In the UK, network investment increased by 36%, reaching €2.1 billion, or 33% of the total, driven by 60% growth in transmission and 20% increase in distribution.

Investment in Brazil also represent one-third of the total, almost doubling year on year, thanks to a 23% increase in distribution and the acquisition of Neoenergia minorities, which more than offset the decrease in transmission after the completion of the last project awarded. United States network investment reached €1.5 billion, with 10% decrease due to the full commissioning of NECEC transmission project last January.

Finally, investment in Spain increased by 20% year on year to €525 million. As a result, our regulated asset base reached €56 billion, up 14%.

Transmission continues to be the key growth driver, with 31% increase in RAV year on year to €17 billion, and distribution RAV rose by 8% to almost €40 billion. By countries, the UK, the US, and Brazil registered double-digit growth rates, reaching a combined contribution of 83% of our total regulated asset base, and this trend is expected to continue in the coming years.

In the case of United Kingdom, distribution investment under RIIO-ED2 framework were increased by 20%. In the US, the temporary distribution rates recently obtained in New York will support $2.2 billion of investment up to May 2027, and the Powering New York multi-billion project continues progressing.

In Brazil, Neoenergia will invest €9 billion in distribution up to 2030, doubling previous investment levels after renewal of the concessions, and more than offsetting the expected decrease in transmission after the completion of the all project awarded that already represent €4.3 billion of regulated asset base and will contribute with more than €250 million of annual EBITDA. In Spain, we will also continue increasing investments, following the improvement in incentives included in the new regulatory framework.

Finally, the authorization process for the acquisition of Caruna in Finland is progressing as expected. Investment in Renewables reached €3,357 million, with €1.2 billion invested in onshore wind, another €1.2 billion in offshore wind, €450 million in solar, and €400 million in storage and other technologies.

As a result, we installed more than 2,300 MW of new capacity, of which 1,000 correspond to onshore wind, mainly in Continental Europe, Australia, and United States; 550 MW of offshore wind in the US and Germany; and 700 MW to solar and storage, mainly in Iberia and Continental Europe. By countries, more than 600 MW were installed in the US, in line with a strong increase in capacity registered across the country over the last quarters.

In the last 12 months, total capacity addition reached 3,300 MW, as I mentioned before. Once again, the increasing cash generation allow us to register record investments and preserve our strong financial position, with a net debt to EBITDA ratio 3.4 times, fully compatible with our BBB+ rating.

We have continued to increase the share of fixed debt to 78%, excluding Brazil, providing significant protection for potential increases in interest rates. Following these results and our strong current financial position, yesterday the board of directors approved an interim shareholder remuneration of €0.275 per share, 8.7% up.

Next year, we will add to this amount the supplementary dividend approved at the annual general meeting next year. As mentioned, in the last month, we have continued to see significant improvement in our investment outlook to 2030 and beyond, driven by increase in electrification targets and new energy policies.

A few weeks ago, the International Energy Agency published a special report on electrification, showing that just by using technologies currently available and cost-efficient, global electrification rates could increase by more than 10 points in just 10 years. Under this scenario, global electricity demand will increase by 50% up to 2035.

This remarkable growth trend, after a decade of flat evolution, is visible across all energy uses: from industry, where 40% of low- and medium-temperature process could be fully electrified; to transport or cooling and heating, both with 50% electrification potential. According to the International Energy Agency, this potential is even higher in mature economies like Europe, where electrification rate could increase by 15 points to almost 40% of the total final energy consumption.

These technological trends will be further supported by energy policies that are promoting new investment across our main markets, especially in Networks. In European Union, the Electrification Action Plan recently approved by the Commission has set a target of 47% electrification by 2040.

The European Grid Package calls for a strong increase in network investments up to €600 billion in just 5 years, includes measures like the acceleration of permitting and the design of regulatory frameworks with sufficient incentives. In United Kingdom, the Clean Power 2030 plan targets 95% clean electricity in just 5 years, and a building block of the country's net zero strategy to reduce emissions by 87% by 2040, but also as way to promote energy security and economy across the UK.

All this require precedent investment in transmission and distribution, in line with the recent report published by the UK Independent System Operator, which estimate that only in transmission networks investment should reach £89 billion in the next decade, far above the estimates made 2 years ago. This positive outlook is already translating into tangible growth opportunities in all businesses and geographies.

In Networks, we expect to increase our regulated asset base by around 60% up to 2030, reaching more than €90 billion, driven by huge investment requirements, including growth investments linked to demand increase, especially in Brazil, but also in Spain and the rest of our markets, where we continue receiving more and more connection requests, as well as new transmission lines or interconnectors. On top of this, refurbishment investments will also rise considerably, mostly in the UK and the US, due to the high age of network assets, which average reach 45 years and in some cases up to 70, 80, or even 90 years old.

Finally, we also expect a strong growth investment linked to reliability and resilience due to increased regulatory requirements. Given the positive investment outlook in the US and the UK, we expect an ongoing rise in the contribution of both countries to our network regulated asset base, reaching 65% by 2030.

In Power and Customers, we expect add 15 GW of new capacity between 2025 and 2030, of which 60% are already installed or under construction. 5 GW were already commissioned between January 2025 and September 2026, and 3.8 GW are currently under construction, with 1.5 GW starting operation already in the fourth quarter of 2026, mainly corresponding to East Anglia THREE offshore wind farm in the UK, another 2.3 GW in 2027 and 2028, including the East Anglia TWO offshore wind in the UK and 700 MW of onshore wind and solar in the US.

In addition, we have up to 6.5 GW capacity that will start construction shortly and will be commissioned in 2028, 2029, and 2030. Around one-third of this capacity will be in the US, mainly driven by life extension and repowering opportunities across our 11 GW fleet in the country.

We'll now hand over to our CFO, which will present the group financial results in further detail. Pepe.

Thank you very much, Chairman. Good morning to everybody.

Nine months reported net profit grew 10% to €5.8 billion, and adjusted net profit grew close to 9% to €5,141 million, supported by a 7% increase in adjusted EBITDA to €11.9 billion. Since last year, the dollar has depreciated 4.1% against the euro, the pound 1.7%, while the real has appreciated 5.5%.

Excluding it, adjusted EBITDA growth would have reached 8%, and adjusted net profit 13%. The adjustments to the reported P&L are as follows.

In this quarter, in Q3, there is an impact of £382 million UK smart meter capital gain, which is excluded from the adjusted net profit in 2025. The remaining adjustments were already reported at June.

Regarding Mexico, in according with IFRS 5, Mexico is classified as discontinued operations. Therefore, its contribution is excluded from EBITDA in both reported and adjusted results.

At net profit level, Mexico is presented on the discontinued operations in the reported accounts, while in the adjusted figures is reflected under the equity line. As a consequence, in the second quarter, we excluded the positive capital gain of around €1 billion from the sale of the remaining Mexican business to Cox.

As usual, UK capital allowances are adjusted at net profit level in 2025 and 2026. Finally, US past recognition is excluded from adjusted net profit in 2025: €530 million gross, €389 million net.

You can find all these effects explained in more detail in the annex on slides 37, 38, and 39. Adjusted revenues increased 8% versus 4.2% at June.

Procurements rose to 12.3% compared with 4.8% also at June, mainly driven in Q3 by higher purchase volumes and prices required to support a strong demand and reinforced system operations. Selling prices have started to increase, and the benefit is expected to be reflected in future periods.

Adjusted gross margin grew 4%, and excluding the negative FX impact would have grown 5%. Adjusted net operating expenses were 1% lower year on year and remained flat excluding the FX impact.

Nine months 2025 adjusted other operating income excludes the £382 million UK smart meter capital gain. Net personal expenses increased 8.2% as the second quarter of 2025 included some positive non-recurring impacts.

Average headcount increased by 2.9%. External services grew 1.7%, and adjusted other operating income, once excluded the mentioned £382 million UK smart meter capital gain, improved by 37% as in Q3 of 2025 we had a negative impact of €121 million due to the deconsolidation of East Anglia THREE.

Analyzing the Networks business, its adjusted EBITDA grew 15% to €6,430 million, with a balanced contribution from the four geographies and driven by strong performance in all of them. Networks EBITDA already accounts for 54% of the group EBITDA, reflecting the increasing contribution that will continue growing in the following years, as the Chairman has commented, and as Iberdrola invests predominantly in Networks.

In the US, adjusted EBITDA increased 19% to $1,780 million. Excluding the $550 million past recognition booked in the first quarter of 2025 included in the reported figures, underlying performance benefit from higher rates in distribution and an increased contribution from transmission, including NECEC following the January 16th COD.

In the UK, EBITDA increased 20% to £1,155 million, with increasing contribution from transmission, driven by the new RIIO-T3 framework in place from April 2026 onwards. In Brazil, EBITDA grew 4% to R$10.4 billion, driven by higher revenues in distribution due to better rates and demand, partially offset by a temporary accounting negative impact from recent concessions renewal.

As the investments have been completed, there is also a higher contribution from transmission. In Spain, EBITDA increased 18% to €1,586 million, due to the new financial remuneration and, additionally, the recognition of operational expenditure allowances from previous years, especially visible in Q3.

Nine months Power and Customer business adjusted EBITDA decreased 2% to €5.4 billion. During the period, Iberdrola produced 91 TWh of electricity, 3% higher than in 2025, driven by the US and the UK amid increasing demand, with 90% sourced locally and fully emissions-free, advancing in the energy self-sufficiency while strengthening the availability and reliability of our supply.

In Iberia, EBITDA was €2.9 billion, 4.6% lower, with sales increased due to demand growth, but impacted by higher procurement costs, with a slightly lower renewable production, mainly due to lower wind and more gas production. We have been selling at 2025 prices, but procurement costs in this quarter has been much higher.

We are already selling at higher prices, which will help to offset the increase in procurement costs. The benefit is expected to materialize from 2027 onwards.

In addition, we registered a negative impact from regulated gas rate linked to the higher cost of gas, as well as an increase in ancillary services. We are appealing to the regulator this ancillary services charges to be included as fixed costs in the rates.

In the UK, adjusted EBITDA increased 8.4% to £880 million, thanks to higher wind, but with lower prices that will be reviewed for 2027. Reported figures are affected by the smart meters capital gain in Q3 of 2025.

In the US, EBITDA grew by 4.2% to $847 million. Growth was driven by the higher contribution from wind and solar assets, supported by 750 MW added over the last 12 months and stronger power prices, partially offset by lower thermal contribution as well as timing effects.

In the rest of the world, EBITDA decreased 11.9% to €580 million, with higher production but lower prices, also additionally affected by the sale of Hungary and France, and the negative impact of higher ancillary services in Portugal. In Brazil, EBITDA increased 6.3% to R$1,007 million, with higher contribution from the retail business, partially offset by lower renewable production.

D&A and provisions grew 1%, reaching €4,245 million, in line with previous quarters, driven by higher provisions, partially offset by the life extension in the wind assets. Adjusted EBIT grew 11%, reaching €7,645 million.

Net financial result increased by €524 million to a negative of €1.7 billion, mainly driven by negative derivatives impact, especially in the second quarter, reflecting the East Anglia THREE positive one-off of €292 million accounted in the second quarter of 2025, and FX hedges linked to the exchange rates, as they were positive in 2025 and negative this year, especially due to the recent revaluation of the dollar and the real. Debt cost increased 22 basis points, consequence of higher Brazilian rates and the real appreciation.

Excluding the real, debt cost fell 7 basis points to 3.47%. Debt has had a moderate growth of €600 million in the quarter to €54.6 billion, even after August €2.5 billion dividend payment and unaffected by currency appreciation.

The evolution in the year also reflects the strong effort in capex, more than offset by FFO generation and asset rotation proceeds. Iberdrola maintains solid credit metrics, with a comfortable BBB+/Baa1 rating.

This financial strength allows the group to continue investing while preserving balance sheet flexibility. Our adjusted net debt to EBITDA stood at 3.4 times, the adjusted FFO over adjusted net debt was 22.4%, and our adjusted leverage ratio 45.8%.

Ratios are in line or better than in the first half and weaker than one year ago but remember that we did the capital increase in Q3 of last year. Nine months 2026 adjusted net profit grew by 9% to €5,141 million, compared to €4,727 million adjusted net profit in the nine months of 2025.

Excluding the FX impact, adjusted net profit would have grown by 13%. Reported net profit grew 10%.

The difference between adjusted net profit is mainly explained by the €1 billion capital gain from the Mexico transaction recognized in the second quarter, partially offset by capital allowances in the UK. Now the Chairman will conclude the presentation.

Thank you very much.

Thank you, Pepe. To conclude, over the first nine months, we have seen consistent growth trend, then we expect it to continue in the fourth quarter, driven by an additional 15% increase in network RAV up to December, mainly due to transmission investment in the US, UK, and Brazil, and rate increases in distribution across markets like the one recently approved in Brasilia.

Power and Customers results will reflect 3,300 MW already installed in the last 12 months, plus 1,500 additional megawatts that will be operational in the fourth quarter, benefiting from higher prices expected year-end and in 2027, as well as the increasing contribution from pumped hydro in Iberia to the new asset in operation. Finally, cash flow generation will continue increasing due to new investments, mainly in regulated networks and long-term contracted business, and to our ongoing operational efficiency measures, supporting our strong financial position and our BBB+ rating.

All these factors allow us to improve today our guidance for full year 2026 results to more than 10% growth in adjusted net profit. We are targeting to maintain a 10% average growth rate in adjusted net profit over the next 5 years, benefiting from increasing investment opportunities in networks, renewable generation, and storage across all our markets.

Our anticipation, our business model, our execution capabilities place Iberdrola in the best position to capture these opportunities. Over the last 25 years, we have built a non-repeatable footprint of network licenses across the UK, US, Brazil, Spain, and shortly also in Finland; a competitive and diversified generation fleet, with increasing repowering and life extension opportunities, as well as a mature portfolio of greenfield projects across all our geographies; strong commercial capabilities and large base of residential and industrial customers; a solid balance sheet; a full access to capital, supply chains, and talent.

We will provide you further details regarding all these aspects in our Capital Markets Day next March. Thank you very much for your attention.

We can now begin with the Q&A session. Thank you.

I think the business drivers were very clear: Networks, higher RAV in all countries, as I mentioned, reaching €56 billion. Also, we have strong performance in all countries: in UK, higher contribution from Electricity North West that we consolidate since March, increasing contribution from transmission of the T3 that we have started construction since April; in US, higher rates in New York and Connecticut, contribution of the transmission, the interconnection between Canada and Massachusetts, NECEC, from January; and in Brazil, increasing revenues in distribution thanks to better tariffs, in most cases better rates, higher contribution of the transmission, I mentioned we just completed, is more than 6,000 km of transmission line completed; and in Spain, strong performance thanks to the investment recognition of opex allowances from previous years.

In Power, higher demand in Q3, and the only problem here is with prices fixed in 2025 resulted in a higher procurement costs, as has been mentioned by Pepe, but now is the new sales are already reflecting these new prices and so I think that can be already a positive contribution on that one; higher production in the UK, US, EU countries; and increasing contribution of pumped hydro, especially that one we are beating records of production during this year; negative impact as well our regulated tariff and increase in ancillary services in Iberia, which are asking to be regulated, as you know. That is the case of Portugal, where they are already in this moment just putting part of it just a part of regulated thing, which is not affecting negatively to us.

All in all, I think that the adjusted net profit, it was 9%, which is 13% if we are excluding FX impacts, as Pepe mentioned before as well.

Pepe.

As in such a large group, there are always some non-recurring impacts across the different businesses. As we have defined them in page 18 of the presentation, basically, it comes from the asset rotation capital gains or losses.

In general, we've been consistent on that. There is an exception with this accounting treatment of the sales in the US, which they didn't had a cash impact.

Basically, at the EBITDA level, in 2026 there is no adjustment from non-recurring impacts, defined as we have done it in the page 18. In 2025, we have had and we are taking the positive impact of €530 million due to the network past cost recognition in the US, and the positive impact of the €382 million that we had also positive in the UK due to the sale of the smart meter businesses.

Obviously, at the net profit, the impact of these two is netted from taxes, €389 million from network cost recognition in the US, and €181 million for smart meters in the UK. In addition to that, we had the €953 million of capital gains from the asset rotation this year that we are taking out for reflecting on an adjusted basis.

As I commented last July, our good performance in first half has already improved in this quarter due, as things I mentioned before, I think increase in our regulated asset base in all countries. I think we are investing more, their RAV has increased in all countries.

They are sound framework and with better rates as well in regulated. It's as well increased contribution from our transmission business.

The T3, I think as much investment you're making, that is directly contributing to our P&L. NECEC is already fully completed.

In Brazil as well, all our transmission is completed. Now is, as I mentioned, is making a contribution of circa of €250 million, €300 million per annum additional.

Also the full ownership of Neoenergia. Since beginning of the year, we have already this Neoenergia, which is 100% our own.

In Power, as well I mentioned, I think we had already built 3.3 new gigawatts in the last 12 months, but I think to this one we will add another 1.5 GW before the year-end, which now is in construction. I think we are achieving better prices.

I think it's as was mentioned by Pepe, we have been selling most part of the year with 2025 prices in our retail business, and now we are already just signing 2020 for the rest of the year and for 2027 at prices much higher, according with the wholesale prices of the market. It will transform this negative impact we have already had on this one in a positive one.

As well, as I mentioned, we have beaten record of pumped hydro, and we expect that continue as well in the following months. Of course, our efficiencies, we will continue systematically on that one.

I think in all terms, now certain of these efficiencies is coming as well by the introduction of artificial intelligence in some of our processes, that is already just started delivering some positive effect. The positive management of the debt and financial expenses, Pepe mentioned as well.

This reason is what has already allowed us to increase the guidance to double-digit growth in adjusted net profit by year-end, more than 10%. That is what we have been saying before.

I think all the trends and all the expectation is already moving in our direction. You see, I presented already the documents what has been made by International Energy Agency, by European Commission, by British government.

All of them are coincident with our vision, which has been already developing across the last 25 years. That's allowed what?

Increase in electricity demand, more electrification. That makes ourselves then we need to make higher investment than expected, both in networks and in power, in renewables.

I think if we make more investment, if the demand is increasing, if the prices looks already are trends which continue at a good level, this provide us better results. That is what allowed us to fix already this target of 10% average growth in adjusted net profit for the next 5 years.

Nevertheless, I think we will provide you more details in our Capital Markets Day. I think I'm quite optimistic.

I think for years, I think we've been predicating renewables, networks, and storage, and now all the documents which have been published are talking about more power renewables, more networks, and more storage. I think we are 25 years already making this one, which I think we have all the basis for growing more than no one else, because we have already the base for making this already growth much higher than others, which now are discovering that is needed to make more power in renewables, more networks, and more storage.

I think, as I mentioned, in terms of networks, we have already a unique footprint. We are present in different countries, and all countries are already the same targets: United States for one reason, UK for another reason, Iberia for another reason, and Brazil for another reason, and soon as well Finland for another reason.

All of them are coincident in one thing: needed more and more and more investment in networks, transmission, and distribution. In transmission, for instance, if you look already our documents, I think now is represent roughly one-third of our total RAV.

It was almost nil a few years ago. It was not considered, but the growth in this area is huge.

In UK, we are multiplied by five our transmission business. In United States, we are billion in transmission in this moment in construction for injecting electricity into New York City.

In Brazil, we just completed almost €5 billion of transmission lines that we have nothing a few years ago. All those are the trends which make us to be already positive and optimistic about the future of the results of the company.

David.

Thank you, Chairman. Regarding the approval process, the authorization process is advancing as expected.

There are three regulatory approvals required to close the transaction. The first one is the European Commission antitrust that has been already received.

The second one is the European Commission FSR. All questions received during the pre-notification phase has been replied successfully, and after positive feedback received from the authorities, the formal notification has already been submitted.

Third is the FDI in Finland. The filing has been submitted, and the authorities are processing it.

As a conclusion, approvals are expected to be received before the end of 2026, and transaction closing is expected early in 2027. Regarding the strategic rationale and expected returns, just to remind that Caruna is the largest distribution company in Finland, serving 1.5 million population.

Finland is a market that will require huge investment due to electrification, with additional opportunities in AI and in transmission. A clear example is the recent announcement made by Google of €15 billion in data centers.

Caruna has high-quality assets and a strong team in a stable, double-A-rated country. It is an accretive transaction since the first year, and net profit expected to grow at an average of 7% rate in the next decade.

Just as a reminder, we financed the transaction with the funds and the capital gains obtained from the sale of our thermal generation in Mexico.

I think I had the opportunity last week to visit Finland with occasion of the official visit of the Spanish King and Queen. I have the opportunity of meeting in the official dinner with the President of the Republic, with the ministers, with the Prime Minister, and with members of the financial community.

I think I came more than delighted. I think we are more than welcome.

Everybody was very positive toward our transaction, our deal. The country expectation is very, very positive in all terms.

It's a tremendous stability politically, independently who is running the country, I think they have clear ideas about what have to be done in our sectors to provide the stability, predictability. They would like to continue expanding the grid and repowering the grid to electrify more and more, and to make the grid even more reliable.

I think more than half of the grid is underground, which I think that is something which is unique in Europe. They would like to continue making it in the same line.

I was very positive and delighted, and I'm very glad what David has mentioned that all the permits is going to be obtained soon, and to complete the transaction even shorter than expected.

I think, as you know always my answer. I think let's first complete Caruna, and let's meet afterwards to talk about other thing.

I think historically, always we have already made the same process. We are very predictable.

We acquire something, we integrate, and when it's fully integrated, we start thinking on other opportunities. We are not making three things at a time.

I think is first, now priorities and focus is to complete the transaction of Caruna. One will be completed, we will integrate this Caruna into our system.

Who knows what is going to be in the future? Now is not our future.

We are not already dreaming and thinking what is going to make in 2033. I think now is all our people is fully focused, as David was mentioned, is looking and accelerating all the permits needed.

All our business people are already ready, prepared for making the integration and with the rest, with the method, system, processes, etc., etc., of the group. Once this will be completed, we will see.

We are not looking for more things than those which is already, as always, complete the transaction, integrate the transaction. Next is,

The first thing is the Prime Minister is not an unknown for ScottishPower. We have already worked with Andy Burnham and his team in the Greater Manchester area during the time he was a mayor.

We have the distribution of this area. We knows well his administration and all the things related.

I think what we are seeing on the comments they are making already, we are seeing continuity in the key policies. I think they continue with more support to electrification.

They are looking for more self-sufficient in the country, using all kind of means for making that happen. They would like to diminish the external dependence of imports, which is coincident with that European Commission is already predicating as well.

The Commission is trying for all means to increase the share of electricity, not because only electricity, it's because of diminishing the dependence of importing energy from third parties, of fossil fuels and others. In this sense of more electrification, the government has announced reduction of to zero to VAT for electricity bills.

As well they are already announcing the acceleration of more grid connection, even if pushing us to accelerate that one, opening the door to a special company, which is based British Grid or something else, which is a little amount, but I think is already just a few billion in more than £100 billion investment required. I think that is an incentive for moving faster, and that can help already as well for obtaining permits and on turning already acceleration and more agility in all the things which is needed for being faster.

As well then the regulation for transmission is already giving incentives for acceleration of the construction. We can already reach even 100 basis points extra return if we accelerate, and that is why working very hard.

The government is very, very pushing on that one. That is the British government, but I can say exactly the same thing related to the Scottish government.

I had the opportunity to have a meeting with the Scottish First Minister last week as well, and I think he was more than pleased in helping us for doing the necessary for accelerating all the investment required in the Scotland for making already more electrifying more and more the economy because of the positive effect which has already for the economy. There are still thousands of megawatts pending connection, and that is what we have to deliver as soon as possible for the benefit of the British citizen and the Scottish citizens.

I think the removal of the 7% of generation tax, I think is certain that's good. That is going to reduce retail prices and the wholesale prices.

That is positive. I think that will be, you have to be aware then that is going to be implemented gradually from now to 2028 and following one, and there are certain conditions as well, certain fixed on that one.

I think that is no new. That is following the recommendations of European Union to reduce taxes on electricity and to promote electrification.

I think it's very coherent with the European directives in the sense of helping to more electrification and penalizing less electricity toward another fossil fuel sources. Another positive things, I think in the case of networks, has already been eliminated the restriction to invest, so that is positive.

You remember that was linked to the GDP and so on, was something which is not already reflecting the reality of the needs of the country. Also has been introduced certain improvement in the rate case of distribution, with certain incentives which can improve the return of equity.

That gave us the incentive to accelerate our investment. I think is the return on equity they gave was quite low, but I think with this potential incentive then we will fight for achieving, that makes already more attractive.

All in all, that makes that our expectation is to invest on the range of €1.2 billion in distribution in 2027, which is more than 50% of that one we have been making in 2025. Which I think we feel is positive, is rational.

We need already connection, we need to make more connection, and we need already to refurbish the grid, and we need already to expand the grid. I think that is what now has been removed all these limitation, and they are giving incentives, same then UK for another reason, to accelerate, to make the things better in a proper manner.

I think all what we are hearing at level of European Union, at the level of Spanish government, and at level of all the stakeholders, is they're talking about oil and gas. They're not talking about electricity.

All the measures which they are already is mentioned in oil and gas as areas where they can already look how to protect the consumers if the prices continues increasing. The fact they're taking measures on this one.

They're reducing taxes to oil, to gas and to diesel for consumers. I don't know if they are planning to make another thing.

They are already requesting to make some kind of taxation for oil and gas, but never they're not talking about electricity. I think that was the letter sent by different European Union countries to the Commission, in which was included in Spain.

It was absolutely in this line. I think a statement made by President von der Leyen and Commissioner Jørgensen and other commissioner are clear.

They would like to distinguish clearly between fossil fuels and electricity, and all are very focused in promoting electrification. I think if you listen the President of the Commission, Ursula von der Leyen, in her speech, she was very, very clear that her ambition of diminishing the European dependency through investment more and more in local sources, and investing more and more in transmission, distribution, and looking for a central planning, European central planning, and promoting for all means the use of systems like heat pumps, transport, electric transport, etc., etc., etc.

I think now the European Commission and the European countries understood clearly then the problem is not electrification, is the solution for the external dependency of the countries and for avoiding the crisis which time to time is happening as consequence of the import of energy for their countries. Energy, when I said energy, I mean oil and gas.

I think is we are seeing every day how Red Eléctrica, the Spanish system operator, is already just making worries about the level of lack of enough synchronous power. They are already just forcing to stop already to disconnect certain big users, and that already given us not permission for making some kind of maintenance of this synchronous, etc.

I think that means that the need of more synchronous power in the system is clear. I was repeating that one for many times.

I think since the blackout, I was insisting the lack of enough synchronous power connected to the system. I think this is necessary this capacity payment.

You would like to keep already enough power available for that one. I think still that is in the final details.

I think they are already some documents for making already this happen. I don't know if that is possible or is not possible to be made before the election, because the election is already stopping a bit all those things.

I think all the, let's say, administrative work is ongoing, and I think the terms of that one is clearly defined. All technologies are allowed to participate.

There are different kinds of depending of the level of consistency of one toward another one. I think is something which looks already moving in the right direction, but I think we have to expect that I don't know if before the election or after election, but now is moving faster.

That's one.

Pepe was mentioning clearly, I think fortunately the demand is growing. I think that is a very positive thing.

I think demand in August grew by almost 5%, which I think that is precisely the numbers which is the International Agency is mentioning, that the demand in all Western world is going to move from 2% to 5% or 4%, 5%. I think that's positive.

What happened in our case? I think we sold in 2025 our expected production at the prices at that time they were, and the prices were lower.

If the demand is higher, we have not enough already production of our traditional sources, which most of them are already renewables, and we are forced either to generate with gas, with our CCGTs, or to buy electricity from the market. I think for covering the excess of demand, and that is affecting to our accounts.

I think we are selling at the prices based in the previous prices, and now we are forced to produce or to buy at prices much higher as consequence of the today's situation of the gas prices. I think that is changing.

I think in this moment, we are adjusting all these renovation of contracts. We are already modifying the prices for adapting to the new terms.

I think we're going to benefit of the new prices of those contracts that we are already renewing during this period, and those is going to be the prices for 2027, which should be based more in the actual prices and then those what we can already expect next year, as well then we are fixing all our expectation of production of our, let's say, renewable sources together with the other sources that we complement always. I think we are positive because prices are higher, covering already the gap between what is the cost for certain marginal costs that we have already for this excess of demand.

The positive thing is the demand is growing. That is a very good news, because that means the electrification of the country is already been accelerating, and that's good.

We are seeing in the US huge demand of I think is we are seeing there is projected by International Agency. We are seeing as well that in the last 18 months, United States has already installed something like 89,000 MW of new renewables and batteries, which I think that means that their demand for that one.

They and the expectation is in the next 12 months to continue in the same range. I think we are already identified something like 80, 85,000 new megawatts, which is going to be built in the next 12 months.

Of course, we are benefiting of this of this demand. As we as I mentioned, we have installed 750 MW in the last 12 months, and we have already much additional project online for the next 5 years in two lines: one is extending life of the existing assets, or repowering those ones; what we are selling, making new PPAs at higher prices, we continue having appetite of of PPAs at prices better than those one we have already signed before.

I think is I can already say last week I was in United States, and I can already I saw already the the optimism in our people for already for building more and to and to benefiting of this extra demand. I think we have a unique position.

I think we have 11,000 MW already in operation of renewable, wind mostly, and I think most of those can already been either extending life or repowering and selling new PPAs, as we are doing in this in this moment. We are optimistic that the next few years we will months we will continue already increasing our fleet and our numbers and the contribution of our our power business in United States.

Pedro.

Thank you, Chairman. I think in the US, first, we finished the rate case in Berkshire in Massachusetts, which is a three-year rate case.

That's done. I think in New York, we got $2.2 billion of capital expenditure approved between now and the end of May next year, we're also done, $2.2 billion.

We're working right now on the opex related to the period, and also on a multi-year rate case to be approved as well. I think it's important that whatever we get approved next year, there is a make-whole provision, which basically means everything starting June 1st, '26 will be already considered in that remuneration that will be approved.

I think in the case of Maine, we were focused on the storms recovery. We got everything that was spent in last year, several hundred millions.

Then early this year, we filed a rate case. That rate case is expected to close in April '27, and it will be all the investments we have done in the last 18 months, plus one year forward.

That's what we expect to happen in April next year, in '27.

As I mentioned, the demand is increasing, and as I mentioned as well, that we are seeing higher prices. I think if we expect that due to this higher prices, our margin will already improve the rest of 2026 and 2027.

I think I'm a bit lost what is already the situation of the Gulf, but I think it looks that the situation of gas prices and the forward prices are not already diminishing much. If that continues in this one, I think probably the prices will continue higher for a while.

I think is I wish that it finish as soon as possible, but if not, I think we'll be depending on this one. In any case, prices reached are not already those one we had already in 2021.

I think is we are already at a level prices which are much lower than those we achieved at this period. I think this year, at least in Spain and France, in Portugal, I think the highest prices are probably on peak 140, 130, 150, but the average price on the year is on the range of 70, 60, 70 still, because we have the first part of the year very low prices.

I think the average is higher than previous, but not much. Which I think that is a reality.

We are not consider only the situation, punctual situation, but as well the average of the year.

I've been already just mentioning to you the artificial intelligence, we are very positive on it, because is another source of demand growth. I think is but is another like is cooling and heating, like is transportation, like is electrification of certain areas of the industry, etc., etc.

That's why we've been doing our best to facilitate that this new demand will be installed. We are helping to our customers to invest in data centers, providing, in the case we can, land, connection, permits, power, etc., etc.

I think that also is very good for networks. I think is the extra investment of networks, the extra costs that can already provide this extra investment in networks can be diluted for the citizen for the higher consumption of this data centers, which I think all citizen can benefit of lower fixed prices in their bill, in the tariff, as consequence of the largest use of energy of those one.

We can already contribute heavily in the supporting the cost of the networks. As we have already PPAs for almost 14 TWh, and I think we continue already making those one.

Every year, we make another 3 or 4 TWh additional, and we continue increasing. I think almost half of those one, or even more than half, is United States, but as well we are in Iberia, we're in UK, we are in other markets as well.

In terms of the regulation of data centers, well, my position is very clear: it's going to happen. Data center is going to be built.

They are in some cases having certain concern about the consumption of water for refrigeration. They can be refrigerated with water, they can be refrigerated with air, or can, in the case of Finland, they can use for central heating.

It can be already used the extra heat can be used for avoiding already to burn gas or to use another things for making already central heating, which can already been connected. In the case of the jobs, etc., certain that is going to provide job, different type of job, but it's going to provide hundreds or thousands of new jobs on that one.

I think all the arguments which is induce, I think I'm sure that is going to come in due time. I think when I listen the water consumption, remind to me once somebody said the nuclear cannot be installed because they make consumption of water.

I said to this one who said to me that once, the consumption is exactly the same one that a coal power plant, because the thermal cycle is the same one, is a cycle of Rankine, which is exactly using the same thing: steam, which is transforming in water, and afterwards is steam and water, and refrigerated. That is the same thing.

It's already need to be refrigerated, but that means for refrigeration. We have power plants which are refrigerated with running waters, we have power plants refrigerated with air, and we have power plants refrigerated with chimneys, and many means for that one.

The central heating is reality in many countries where the central heating exists as a way of heating the people there.

I think in this moment, we have seven offshore wind farm in operation. We have already track record and experience in building and delivering.

We participate in all the auction always based in selective criteria, but with one clear idea: if we participate and we win, we deliver. We are seeing in this moment that in the Western world, more than half of the auction awarded has not been built.

Almost 78 GW has been awarded in our core markets; only 50% has already, even not completed, has FID. Only four or five has already been finally built.

We participate with a commitment toward the authorities that we will build those one if we win. Many others are already coming there as an auction, that we build or doesn't depending of many things.

When we make an auction, we are already secured a supply chain, guarantee all the terms and permits, etc., etc., and I think is execute. That's why all our wind farms are been all of them been executed, in some cases even having tremendous difficulties, regulatory difficulties, but we always succeed in making that happen.

What is the criteria? First, if we go, it's because we would like to build.

I think I repeat to all the governments, the big difference between ourselves and others is that always when we bid and we win, we deliver. I think those countries, what they would like to have already show a success on auction because many bidders, but they don't care about how many of those are executed, is fine.

In that case, we don't play this game. We play the game of presented already sound project, with looking for a strict profitability, a balanced risk between the construction and operation.

We always go with a secure supply chain, always prior to the bid, and with always as well with the offtakers at a clear price. We are not already insisted.

For us, it's not an auction just to see if we have opportunity or not. We have already the commitment of execution.

If you put in our brand, Iberdrola equal execution. Iberdrola never fail, always executed.

I showed to you in my presentation that our planning is to accelerate investment in networks up to 2030 and beyond, and not because we are planning, it's because we are requested by regulators and by countries to accelerate that one. I think the case of Spain or the case of UK introducing incentives for moving faster.

I think that is a clear term. The European Commission is recommended to give already better, let's say, make already more attractive the investment of this one is a thing.

I think is the electrification is here. I think it was my dream 25 years ago.

Now it's not a dream; now it's a reality. The demand is growing in all countries.

The number of electric vehicles, because of this energy crisis, is booming in all countries. Now the problem is if it's Chinese, Japanese, Korean, or European, or American.

I think the demand is there, and the cars are already been installed. The electrification is a fact.

I think that needs already networks for be connected. It's not connection only between the production centers to consumption center.

As well is already the connected between the consumption centers, and to make already these consumption centers more reliable, to put much more power. Imagine that suddenly Madrid decide that all towns, all the city will be already with heat pumps, which now has been promoted.

We need already to expand the power of all our connection. All our grid need to be double or triple the capacities than at present.

That means new reinforcing the cable, reinforcing the substation, reinforcing the transformers, because but that is happening. I think I used to say that probably our sector is the only one which always we are behind the demand.

Normally, the factories, I make the sample, the factories has made after the road are built. Here, we made the factories, and afterwards we are looking to build the road.

That is what European Commission would like to change the trend. Let's put already the necessary infrastructures for facilitating electrifying many uses.

Because if we are expecting that the uses will be built before the connection, that never happen, because the people is not ready to build a factory expecting that the connection arrives. It's looking for the connection for starting the factory.

Now the trend which is moving that way, we are receiving this new incentives for accelerating and accelerating this investment. That is what we are present.

I think we have unique footprint: United States, UK, Brazil, Spain, and soon as well Finland and Australia, what all are the same thing. Any country I go is double, double, double.

I was last time I was in Brazil, they already extended the life of the concession, but the condition is you have to invest more in networks, double. I think that is the reality we are facing everywhere.

Thank you very much taking part in this conference. As usual, our investor relation team will be more than available for any additional information you may require.

I hope that there has been useful for you, and the explanation will provide and the positive expectations that we have for the short term and the medium term as well. Thank you very much.

Thank you.