1) Financial Performance Highlights - Reported net profit increased by 22% to EUR 4,336 million; adjusted net profit rose 8% to EUR 3,565 million. - Adjusted EBITDA grew 7% to over EUR 8 billion, with Networks segment up 13% due to tariff increases and asset acquisitions. - Investment surged 25% to over EUR 7 billion, with 72% allocated to the U.K., U.S., and Brazil. - Regulated asset base expanded 11% to EUR 55 billion.

2) Segment Performance and Contributions - Networks adjusted EBITDA reached EUR 4.2 billion, up 13%; Power & Customers saw a 1% increase to EUR 3.1 billion. - By geography: - U.K. EBITDA rose 14%. - U.S. EBITDA increased 6% (excluding one-off impacts). - Brazil's EBITDA grew 90%. - Spain's EBITDA was up 2%. - Hydro generation contributed significantly, with 35% of total production from pumped storage.

3) Strategic Developments and Acquisitions - Announced acquisition of Caruna Networks for EUR 5 billion, expected to close in Q1 2027, enhancing regulated Networks exposure in Finland. - The acquisition is anticipated to be accretive from day one, with expected net income growth of 7% per annum. - Continued focus on expanding capacity with 1,600 MW commissioned in H1 2026 and plans for 2.1 GW by year-end.

4) Operational Challenges and Market Dynamics - Negative impact of foreign exchange fluctuations amounted to EUR 106 million on operating results. - Increased competition and regulatory costs in Spain affecting retail operations. - The need for substantial investments in grid infrastructure to ensure reliability and affordability, particularly in the U.S. and Europe.

5) Guidance and Future Outlook - The company reaffirms guidance for 8% growth in adjusted net profit for 2026. - Positive trends in the second half are expected, driven by increased regulated asset base and operational efficiencies. - Missing details include specific projections for the impact of the Caruna acquisition on future earnings and any updates on regulatory changes affecting operations.

Bottom line: Iberdrola's strong financial performance in H1 2026, driven by robust growth in Networks and strategic acquisitions, positions the company favorably for continued growth. The reaffirmed guidance and strategic focus on regulated assets suggest a positive outlook for shareholders, despite some operational challenges.