Iberdrola

1. Financial Risk: Iberdrola S.A.’s financial performance is susceptible to changes in energy prices, interest rates, exchange rates, and demand for energy, as well as global and regional economic and political risks.

2. Regulatory Risk: Changes in government policies, regulations, and mandates governing energy production, distribution, consumption, and pricing could have a material adverse effect on Iberdrola S.A.'s business and results of operations.

3. Environmental Risk: Iberdrola S.A.'s operations may be subject to environmental risks stemming from climate change legislation, environmental accidents, and penalties related to non-compliance with environmental regulations.

4. Technology Risk: Major new technologies or changes in existing technologies may reduce demand for Iberdrola S.A.'s services, or require investment in capital assets to update its equipment and processes.

5. Cyber Security Risk: The Company’s systems, and the confidential data and confidential information of its customers, may be subject to unauthorized access or destruction by a variety of cyber security threats, including hacking, malware, and ransomware.