S&P Global Ratings has reviewed Iberdrola?s Bond-specific European Green Bond Factsheet dated May 16, 2025. We believe the EuGB-specific factsheet is consistent with the completed EuGB program factsheet laid down in Annex I of Regulation (EU) 2023/2631 of the European Parliament and of the Council, as provided and published by Iberdrola S.A. on May 7, 2025.