1) Financial Performance Overview
- Adjusted net profit increased by 11% YoY to EUR 1,865 million.
- Adjusted EBITDA rose 2.4% to EUR 4.1 billion, driven by a 9% increase in networks, offsetting lower contributions from Power & Customers due to nonrecurring impacts.
- Investment for Q1 reached EUR 2.7 billion, totaling EUR 14.5 billion over the last 12 months, with over 50% allocated to the U.K. and U.S.

2) Strategic Developments and Acquisitions
- Completed the Mexico transaction, achieving asset rotation targets for 2028, enhancing financial profile and funding for regulated networks in the U.K. and U.S.
- Acquired remaining shares of Neoenergia, simplifying financial structure and increasing network exposure in Brazil.
- Focus on regulated electricity networks expected to drive 75% of EBITDA by 2028, with ongoing investments in renewable capacity.

3) Operational Highlights and Challenges
- Networks delivered stable growth; U.K. RIIO-T3 determination increased investment to EUR 14 billion by 2031.
- Positive operating performance in Power & Customers, with 40% higher wind production in the U.K. and record hydro reserves in Iberia.
- Challenges included nonrecurring impacts in Iberia and lower demand growth in Brazil, affecting EBITDA in the Power & Customers segment.

4) Guidance and Future Outlook
- Upgraded 2026 guidance to expect more than 8% growth in adjusted net profit, excluding capital gains from asset rotation.
- Continued focus on efficiency improvements, including over 300 AI initiatives identified to enhance operations.
- Anticipated strong demand for electricity and regulatory support for electrification across key markets, particularly in the U.S. and U.K.

5) Investor Considerations
- The call lacked detailed projections for specific future revenue streams from AI initiatives and the full financial impact of recent acquisitions.
- Overall, the company maintains a strong balance sheet with a pro forma net debt of EUR 50.3 billion, supporting its BBB+ rating.

Bottom line: Iberdrola's robust financial performance, strategic acquisitions, and focus on regulated networks position it well for sustainable growth, despite operational challenges. The upgraded guidance and strong investment pipeline indicate a positive outlook for shareholders.