Ignacio Cuenca

Good morning, ladies and gentlemen. First, we would like to extend a warm welcome to all of you who have joined us today for our 2026 first quarter results presentation. As is customary, we will follow the traditional structure of our events. We are going to begin with an overview of the results and the key developments during the period. The presentation and the Q&A will be delivered by the top executive team joining us today. Mr. Ignacio Galan, Executive Chairman; Mr. Pedro Azagra, CEO; and finally, Mr. Pepe Sainz, CFO. After the presentation, we’ll move onto the Q&A session.

I would like to remind you that we will only be taking questions submitted through our website. Please send your question exclusively via www.iberdrola.com. Finally, we expect that today’s event to last no more than 60 minutes. Should any question remain unanswered, the IR team will, as always, remain fully at your disposal. We hope that this presentation will be useful and informative for all of you.

Now without further ado, I would like to hand the floor over to Mr. Ignacio Galan. Thank you once again. Please, Mr. Galan.

Jose Sanchez Galán
Executive Chairman

Thank you, Ignacio. Good morning, everyone, and thank you very much for joining today’s conference call. In the first quarter 2026, adjusted net profit increased by 11% to EUR 1,865 million. Adjusted EBITDA reached EUR 4.1 billion, up to 2.4%, mainly driven by 9% increase in networks more than offsetting the lower contribution of Power & Customers due to nonrecurring impacts in Iberia in the first quarter 2026. And in this previous year in U.S., which

“Cuba’s got problems,” Trump said in one of several digressions in his Friday evening speech before the non-profit Forum Club of the Palm Beaches.

“On the way back from Iran, we’ll have one of our big, maybe the USS Abraham Lincoln aircraft carrier – the biggest in the world – we’ll have that come in, stop about 100 yards offshore, and they’ll say, ‘Thank you very much. We give up’,” he said.
The Trump administration is in the midst of a monthslong campaign to press the Cuban government to make dramatic reforms.

All the while, Trump has repeatedly threatened that the US could take military action against the island to get what he wants.

TUCSON, Ariz. — Three months after 84-year-old Nancy Guthrie vanished from her Catalina Foothills home in what authorities describe as an abduction, the investigation remains active with the FBI analyzing DNA evidence recovered from the scene, offering faint hope amid a case that has captivated the nation due to her connection to “Today” show co-anchor Savannah Guthrie.

Nancy Guthrie was last seen on the evening of Jan. 31, 2026. Family members reported her missing the next day after she failed to appear for planned activities. Blood spatter on the front porch, disabled security systems and doorbell camera footage of a masked individual approaching the residence quickly shifted the case from a missing person inquiry to a suspected kidnapping.

Pima County Sheriff’s Department officials, working alongside the FBI, have confirmed the investigation continues with ongoing analysis of leads and tips. “The investigation into the disappearance of Nancy Guthrie remains active and ongoing,” a department spokesperson told reporters recently. No arrests have been made, and her whereabouts or condition remain unknown.

Key Developments in the Ongoing Probe

FBI laboratories are examining DNA samples, including hairs collected from Guthrie’s home shortly after her disappearance. Sources indicate advanced testing aims to identify potential suspects, though officials caution this evidence dates to February and does not represent a recent breakthrough. Former FBI profilers have speculated on possible motives, ranging from financial gain to personal retribution, but authorities have released limited details to protect the integrity of the case.

Chilling ransom-style communications sent to media outlets, including demands involving Bitcoin, have complicated the narrative. Some letters claimed knowledge of the perpetrators and even alleged sightings of Guthrie in Sonora, Mexico, though investigators have not verified their credibility. A $1 million family reward announced by Savannah Guthrie in late February has generated thousands of tips but no confirmed resolution.

The remote nature of the upscale Tucson-area home, combined with the victim’s age and health considerations — including a pacemaker that disconnected around the time of the incident — has fueled public fascination and theories. Blood evidence suggests a possible struggle, with experts noting it could indicate injury during the abduction.

Family’s Heartbreaking Ordeal

Savannah Guthrie has made emotional appeals for information while returning to her television duties. The family has expressed gratitude for public support while pleading for privacy amid the unimaginable pain. Nancy, a mother of three including Savannah, was described as vibrant and active despite her age. Her disappearance has left a void felt deeply by relatives and friends.

Annie Guthrie, Nancy’s older daughter, discovered the troubling scene at the home. The family cleared members as suspects early on, focusing efforts on external leads. Public vigils, searches involving volunteers and drone operations have covered surrounding desert terrain, though harsh conditions have limited success.

Law Enforcement Challenges and Strategies

Pima County Sheriff Chris Nanos has emphasized the case’s priority, with federal resources bolstering local efforts. Challenges include the volume of tips, some of which have proven false or exploitative, and the passage of time diminishing evidence quality. Profilers suggest the abduction may have been targeted given the execution, though no clear motive has emerged publicly.

The FBI’s involvement signals the suspected interstate or international elements, with checks along the U.S.-Mexico border. Digital forensics on communications and surveillance remain critical. Authorities urge anyone with information to contact tips lines, stressing even small details could prove vital.

Public Interest and Media Scrutiny

The case’s visibility, amplified by Savannah Guthrie’s prominence, has drawn intense coverage. True crime enthusiasts and amateur sleuths have speculated widely online, sometimes generating leads but also misinformation. Experts warn against unverified theories that could hinder the official probe.

Comparisons to other high-profile disappearances highlight the case’s peculiarities: an elderly victim from a secure area with signs of force but limited immediate witnesses. The pacemaker data provided a narrow window for the incident, around 2:30 a.m. on Feb. 1.

Expert Theories on Possible Motives

Criminal profilers have offered varied insights. Some point to financial motivations given ransom-like notes, while others suggest personal grudges possibly linked to the family’s public profile. The possibility of a staged element or inside knowledge has surfaced in discussions, though officials have not confirmed such angles. Retribution theories cite the high reward and media attention as complicating factors for perpetrators.

Forensic blood spatter analysis indicates potential facial or hand injuries, suggesting resistance. The masked figure on camera footage provides a partial description, but clear identification remains elusive. Vehicle sightings or border crossings are under review.

Community and Volunteer Efforts

Local residents and national volunteer groups, including search and rescue teams, have assisted in grid searches. The rugged Arizona terrain poses difficulties, with extreme temperatures affecting evidence preservation. Calls continue for expanded efforts as the case approaches 100 days.

Neighbors describe Nancy as kind and community-oriented, heightening the emotional impact. Fundraisers and awareness campaigns aim to keep momentum alive, with the family balancing hope and realism about outcomes after such an extended period.

Broader Implications for Missing Persons Cases

Nancy Guthrie’s disappearance underscores challenges in elderly abduction investigations, where mobility issues and health factors accelerate urgency. The case has spotlighted resource needs for rural and suburban investigations involving vulnerable adults. Advocacy groups push for enhanced tracking technologies and rapid response protocols.

As weeks turn to months, the emotional toll on the Guthrie family and community deepens. Savannah’s public strength has inspired many, while private grief remains profound. Investigators maintain optimism that fresh tips or forensic matches could break the case open.

The active status reassures those following developments that efforts persist despite limited public updates. Authorities continue sifting leads, analyzing data and coordinating across agencies. For Nancy’s loved ones, every day without answers brings renewed determination.

The nation watches, hoping for resolution in a mystery that began with an ordinary evening at home and escalated into a complex federal inquiry. As spring advances in the desert, the search for truth in Nancy Guthrie’s abduction endures.

NEW YORK — As Tesla Inc. navigates a pivotal year in 2026, investors face a sharp divide over whether to buy or sell shares of the electric vehicle pioneer, with Wall Street analysts issuing a consensus “Hold” rating amid softening deliveries, intensifying competition and sky-high valuations tied to ambitious artificial intelligence and robotics bets.

Tesla shares have traded in a volatile range this year, recently hovering near $390 after earlier swings that saw the stock test levels above $400 before pulling back. The mixed performance reflects broader market caution toward high-growth tech names, even as the company reports modest revenue gains and pushes boundaries in autonomous driving and humanoid robots.

Q1 2026 earnings provided a snapshot of the challenges and opportunities. Tesla reported revenue of $22.39 billion, slightly ahead of expectations, with non-GAAP earnings per share at $0.41 beating forecasts. Automotive margins improved, and energy storage deployments hit records. Yet vehicle deliveries of 358,000 units fell short of some projections, underscoring softness in core EV demand.

Analyst Divide Widens on Valuation and Growth Prospects

Wall Street’s view on Tesla remains fractured. Among 41 analysts tracked by major services, the average 12-month price target sits around $398 to $404, implying limited upside from current levels. Bullish voices like Wedbush’s Dan Ives highlight a $600 target, citing robotaxi potential and Full Self-Driving advancements. Bears, including GLJ Research’s Gordon Johnson, warn of downside to $25, pointing to eroding market share and execution risks.

The consensus “Hold” rating — with roughly equal buy, hold and sell leans — underscores uncertainty. Optimists bet on Tesla’s evolution beyond autos into an AI and robotics powerhouse. Elon Musk’s Optimus humanoid project and energy business growth fuel long-term enthusiasm, with some forecasts envisioning explosive revenue if autonomy scales.

Skeptics counter that traditional auto margins face pressure from Chinese competitors and legacy automakers ramping up EVs. Full-year 2026 delivery projections under 1.5 million vehicles by some analysts fall below earlier hype, raising concerns about growth deceleration. High valuation multiples leave little room for error if robotaxi timelines slip.

Key Factors Influencing 2026 Outlook

Several catalysts and headwinds will shape Tesla’s trajectory. On the positive side, energy storage continues strong momentum, with Q1 deployments underscoring a diversifying revenue stream less exposed to auto cycles. Regulatory credits provide steady profits, while software updates and over-the-air capabilities enhance vehicle value.

Autonomous driving remains the biggest wildcard. Progress on Full Self-Driving software and regulatory approvals could unlock massive value, but delays and safety scrutiny pose risks. Musk has signaled optimism for significant advancements, yet timelines have shifted repeatedly in the past.

Competition intensifies globally. Rivals in China and traditional players investing heavily in EVs challenge Tesla’s once-dominant position. Pricing pressures and incentive changes further complicate the picture. Macro factors, including interest rates and consumer sentiment toward big-ticket purchases, add layers of uncertainty.

Balance sheet strength offers a buffer. Tesla maintains solid cash reserves and free cash flow, enabling continued heavy investment in AI infrastructure and manufacturing. Capital expenditures remain elevated as the company builds for future growth.

Investor Considerations for Buy or Sell Decisions

For long-term believers in Musk’s vision, current levels may represent an entry point into transformative technologies. ARK Invest’s earlier ambitious models, though dated, illustrate the upside potential if Optimus and robotaxis succeed. Patient investors focused on 2030 horizons might view volatility as buying opportunities.

Shorter-term traders or value seekers might exercise caution. Elevated multiples compared to traditional automakers reflect a premium for unproven segments. Near-term delivery misses or margin compression could pressure shares further. Diversification and position sizing become critical.

Risk management remains paramount. Tesla stock’s history of sharp swings demands discipline. External events — from trade policies to Musk’s other ventures — can trigger rapid moves. Fundamental analysis should weigh alongside technical indicators and sentiment gauges.

Broader Market Context for Tesla

Tesla’s performance influences broader EV and tech sectors. As a bellwether, its results affect supplier chains and investor appetite for clean energy plays. Institutional ownership stays high despite volatility, signaling confidence in the story even amid debates.

Quarterly updates and product reveals, including potential new models or Cybertruck ramp-up, will provide fresh data points. Earnings calls often move markets more than numbers alone, given Musk’s forward-looking commentary.

Strategic Advice Amid Uncertainty

Financial advisors generally recommend aligning Tesla exposure with overall portfolio risk tolerance and time horizon. Dollar-cost averaging can mitigate volatility for believers. Those concerned about near-term downside might await clearer catalysts or lower entry points.

No single recommendation fits all. Tesla embodies high-reward innovation potential alongside substantial execution risks. Thorough due diligence, including review of latest filings and independent research, proves essential before any buy or sell decision.

As 2026 unfolds, Tesla’s ability to deliver on AI promises while stabilizing its auto business will determine whether bulls or bears prevail. Investors must weigh visionary growth narratives against current operational realities in one of the market’s most watched stocks.

The coming quarters promise continued drama as Tesla balances legacy strengths with future ambitions. For now, the buy-or-sell question elicits no easy consensus, reflecting the company’s polarizing yet undeniably influential position in global markets.