Good morning, ladies and gentlemen shareholders, welcome to this AGM that can now begin because we've reached the necessary majorities for its valid constitution. Before finishing, we will inform you on the definitive quorum and the outcome of the votes. It's a pleasure for me to point out, as you can see on the screens, that right now all of the proposals on the agenda have received a majority affirmative vote. We are holding this AGM at our headquarters, on this occasion, we're doing so with a very special character because we have now reached the 125th anniversary to celebrate the establishment of this company that eventually gave rise to the Iberdrola we have today.
This is why I would like to express our recognition to these pioneers and to all those people who over the years, and thanks to their support, determination, courage, and hard work, have made it possible to achieve this centenary. To commemorate this anniversary, the company has programmed throughout the year several activities. Some of them have already taken place, and others will take place very soon in the city of Bilbao and in other cities of our geography. In fact, it was 10 days ago when we held the event chaired by the Lehendakari, where we presented a book that summarizes the evolution of Iberdrola since its origins until the present moment, as well as the prospects of our company in an environment that is much more favorable and that is in favor of the electrification of the economy.
The Museum of Fine Arts of Bilbao has reopened its doors to exhibit pieces from our art collection compiled over our centenary history. We will soon organize a light show. We'll also have musical performances a few meters away from here at the Doña Casilda Park, open to all citizens and visitors to Bilbao, and we'll also have concerts that will reach out to other cities like Valencia or Madrid. Today is a day not only to celebrate our trajectory over these last 125 years, but it's also a wonderful 2025 that has delivered record-breaking results and dividends. Now I'm going to give the floor to the Secretary, Mr. Santiago Martínez Garrido.
Thank you very much, Chairman. Good morning, ladies and gentlemen, shareholders. This meeting is being held at the business address with the participation of the shareholders or their representatives, as well as the proxies and remote votes received through the channels made available to you, which represent a participation of over 73% of the share capital, and an average of 97% have already voted in favor, as you can see on the screen, which is another example of the trust placed in the Board of Directors. I would like to report that since the last meeting and carrying out our permanent engagement policy for our shareholders, which we amended last year, we have provided several channels to facilitate and increase the permanent contact with the shareholders through the various measures of transparency and engagement in order to continue to promote a greater proximity with all of you.
The figures show this fact, since this effort has resulted in over 2 million visits to the web, over 850 meetings with national and international investors and shareholders with the Chairman and various executives. The constant and permanent engagement through the Shareholders Club. As a result of this commitment, the number of meetings with you has tripled, which have been held as well as in Madrid, in Bilbao, in San Sebastián, Zaragoza, Pamplona, and Valencia. Thanks to which over 2,000 shareholders have been able to learn firsthand and through direct contacts with company executives, the activities carried out by Iberdrola, and they have also been able to ask questions on various issues. As a result of the call for this meeting on the corporate website, as we've done for years, we have provided our interactive platform, Special Shareholders Meeting 2026.
This platform provides a permanent interaction with all of you because of the meeting and provides the various communication channels that are open the year-round, through which it is possible, among other things, to send any interventions you wish to make at this meeting. We have also implemented a system so that all shareholders can exercise their right to information, intervention, and vote at the meeting as easily as possible. In particular, if there are any interruptions or failures in the remote connection, participants will be able to get in touch with the shareholders' office for assistance. The Chairman and Secretary of the Board are the same people that hold these positions on the Board, and the panel is also made up of the directors that are present.
The announcement for the call, the resolutions proposed by the board, the reports and documents approved by the Board, the amendments or improvements included in the governance and sustainability system, and the remaining information required by law, the bylaws or this system have been available on the corporate website. Also, an external review has been carried out of all procedures, including those of delegation, remote voting, counting, closing the quorum, and reserving seats. Pending the final check, we confirm that the legal and regulatory provisions have been complied with, as well as the governance and sustainability system and their implementing rules.
Now that several months have gone by since they were published, you've had the opportunity of reviewing the annual accounts and the management reports of the company itself and of its subsidiaries, as well as the non-financial information corresponding to the fiscal year 2025 that was made at your disposal via the website of the National Stock Exchange Commission and the company website, where you have been able to review this information together with the respective audit and verification reports and the rest of the AGM documentation. All of these documents have received numerous inquiries until yesterday. Consequently, the report from the Board of Directors, as in previous years, is made up of an audiovisual section where the main magnitude to the fiscal years are explained together with our plans for the next few years.
This will be followed by a presentation delivered by me, and I will explain some additional aspects.
[Presentation]
Ladies and gentlemen, shareholders. Today, I address you with, if anything, even more excitement and enthusiasm than in my previous 25 General Shareholders' Meetings. Because today is the day we pay homage to all of those that have gone before us over these 125 years. The story starts in 1901 with the pioneers who proposed bringing electricity to Bilbao, and continues from one generation to the next, as with perseverance and hard work, they gradually built up over a centenary, a network of power stations, power lines, and substations in the service of citizens and of progress, culminating in the creation of the great company that Iberdrola is today.
Who would have thought then that this initial project to bring energy a mere 50 km from El Cantal, Las Encartaciones de Bilbao, would lead to the construction of a global group with a presence in dozens of countries, and whose electricity networks would reach more than 1,400,000 km? This is a splendid time for us to mark our 125th anniversary, because following in the footsteps of our visionary predecessors, we have been convinced for over 20 years that the best way to ensure a safe, nationally self-sufficient, and competitive supply of energy was going to be electrification. We are embarking upon the process of growth and international expansion, thanks to which, having overcome quite a few obstacles, has consolidated us global leaders.
If we were able to do it then, despite the discouraging regulatory environment and in the face of widespread skepticism as regards our strategy, today, now that we are in the age of electricity, we have the support of society and more favorable energy policies, our growth will be unstoppable. After many years of stagnation in the demand for electricity, for the next 15 years, the International Energy Agency foresees increases of more than 50% in demand for electricity in its various uses, from transport to space cooling and industrial processes. Adding to it the exponential growth of electricity consumption linked to the use of AI, a technology we are already applying at Iberdrola to transform our business processes in order to increase our efficiency.
Given that we already find ourselves today in situations where we are unable to supply the power that our customers are demanding due to regulatory constraints imposed on greater investments in electricity infrastructures, it is essential to urgently boost investments in electricity networks, in greater power, and also in greater storage capacity. Such investments would allow us to cater to the new consumption while reducing our external reliance and driving competitiveness, economic growth, and employment. Likewise, we will enhance energy security in the face of potential crises, such as the one that we are currently going through. Many governments around the world are already planning expanded infrastructures and improving regulatory frameworks to attract the necessary investments. For instance, the European Union aims to double the share of electricity in total energy consumption in Europe by 2040, and to triple it by the year 2050.
Ladies and gentlemen, shareholders, we enter this new age of electricity as leaders in this sector. With a strategy that has once again shown itself to be successful in 2025, a year in which we have once again exceeded our expectations with a 12% increase in net profits to reach EUR 6.285 billion. This allows us to propose to this General Shareholders' Meeting a record dividend of EUR 0.68 per share. As you will have seen in the video, we have the most ambitious plan in our 125-year history, with investments of EUR 43 billion in the upcoming three years. A new plan that is centered on electricity transmission and distribution networks, in which we will invest about EUR 30 billion, with the U.K., U.S.A. and Brazil being the main recipients of this investment.
That will also allow us to grow strongly in new markets such as Australia, and to continue to be Spain's leading industrial investor with EUR 7 billion in the period. By 2028, we expect our regulated network assets to reach EUR 70 billion, which is 14 times the figure for the year 2001. Of which EUR 50 billion will correspond to distribution networks and another EUR 20 billion to transmission networks in the U.K., United States, Brazil and Australia. As you already know, in Spain, this activity continues to be reserved exclusively to Red Eléctrica de España, which combines the role of TSO, the transmission system operator, a public service function, with a purely business function of investing in and managing transmission grids, as well as being part of a listed group that invests in various businesses both in Spain and abroad in other markets.
As you can see, this is a situation that is not replicated in any of the countries in which we have electricity networks. Investments in new power generation will reach EUR 15 billion, mainly in onshore and offshore wind technology and in storage, both by hydro pumped storage and with batteries. In order to realize this plan, we will hire more than 10,000 new employees, and we envisage making purchases worth EUR 52 billion from thousands of suppliers, many of them local from the Basque Country. In the period 2026-2028, we expect to obtain total net profits of over EUR 21 billion after paying EUR 30 billion in taxes during that period of time, and to pay record dividends of over EUR 15 billion, which is close to nearly 50% more than in the past three years.
Ladies and gentlemen, shareholders, we stand before you today as the depositories of a 125-year tradition of growth and service to society. 25 years ago, I first spoke to you about an ambitious project that was based on a strategy that was over 20 years ahead of the sector. That vision and its successful execution have allowed us to surpass our goals year- after- year, making Iberdrola the largest utility in Europe and one of the two largest ones in the world in terms of market capitalization: over EUR 135 billion, 11 times what it was when I first arrived in capitalization, with enormous future growth opportunities. We are facing this new stage with the confidence that comes from our experience and our access to the necessary sources of funding and the necessary technologies.
Above all, thanks to the knowledge and capabilities of a team of 46,000 men and women who prove on a daily basis that they are capable of achieving the most demanding goals. We are also supported by thousands of suppliers, many of them from the Basque Country. Now, I should also like to acknowledge the magnificent work that has been done by all the members of the Board of Directors and to welcome our new Director, Marina Grossi, who's replacing Regina Nunes, who leaves the Board after six years. Also the new Chief Executive Officer, Pedro Azagra, who has demonstrated his great ability to work over the course of more than 20 years in various positions of responsibility in the company, always attaining magnificent results.
Pedro, I'm convinced that in this new stage, you will continue to contribute purposefully to the brilliant future that we all expect for Iberdrola. To wrap up, I would once again like to thank you all, our shareholders, on my own behalf and on behalf of the Board of Directors, for your trust and support. By reiterating, once again, our commitment to respond to that support by working on a daily basis to make the coming years much better still than the 125 years that we are celebrating here today. Guided always by the ethical values that have accompanied us from our very beginnings, and with the purpose of continuing to contribute towards the creation of a world that is fairer, more fraternal, and more solid, and more sustainable. Thank you very much.
I'm now going to give the floor to the Secretary so that he can inform you about the main issues concerning corporate governance and how this AGM is going to unfold. We have the notary here with us, Ms. Raquel Ruiz Torres, who will be drafting the minutes.
In relation to the governance and sustainability system, according to Article 506.4 of the Capital Act, the Board agreed on July 22nd, 2025, a capital increase amounting to EUR 5,016,074,294.2 through the procedure with a demand prospection under the authorization confirmed under Item 20 in the shareholders' meeting held on May 17th, 2024. That the meeting fully complies with all the recommendations of the Code of Good Governance for Limited Companies approved by the National Capital Market Commission. Except for number one, related to Article 30.2 in the bylaws, which includes one of the alternatives in the Business Act, and with 64, which is explained in the annual corporate governance report.
We're now going to move on to the Q&A and give the floor to the Secretary, so he can arrange everything.
To organize this event properly and so that all the shareholders that wish may participate, I would like to remind you that according to the corporate law and in the shareholders' regulations, you should limit your interventions to the matters that are the subject of this meeting and not take longer than necessary to exercise your right to information. I would also like to remind you that according to the applicable regulations, all the questions asked will be answered verbally during this meeting or will be answered in writing within seven days of the meeting. They will be provided to the notary to be included in the minutes when the shareholders request that their interventions be included. [Jose Matthew Ruiz-Gama Gorostiza] has the floor.
Good morning. I belong to the third generation of Iberdrola shareholders, and I would like to ask the Chairman a question.
Iberdrola has been invested for two decades in the United States, with very significant amounts, and it's the Spanish company that has invested the most in this country. I would like to know the forecast and the opportunities for the American market in the coming years. Thank you very much.
Thank you very much. [Joseba Intxaurraga] has the floor.
Thank you very much. I would like to start my intervention with a personal reflection. This year, Iberdrola has 125 years of history. It is 125 years of evolution, adaptation, and contribution to the economic, industrial, and social development of our country. It has become a global company, which is a benchmark in energy, sustainability, and internationalization. As a shareholder, I think it's fair to recognize this trajectory. I would also like to do it from a professional and personal point of view.
I've had the opportunity, and I still have, of cooperating with Iberdrola through one of its suppliers. This experience has enabled me to get to know things that are not often sufficiently perceived from outside. The role that a great company like Iberdrola means for the development of a business ecosystem. When Iberdrola grows, it doesn't do it by itself. Its activity drives many suppliers. It generates qualified jobs. It requires high standards. It promotes innovation and opens international opportunities. For suppliers, working with Iberdrola doesn't just mean providing a service or complying with a contract. It means learning, improving, and in many cases, accompanying the company to markets that perhaps they wouldn't have had access.
Through that experience, I would like to highlight that relationship between Iberdrola and its suppliers, a relationship that, if properly managed, not only reinforces the competitiveness of Iberdrola, but also that of the companies that form part of the value chain. This is the reason for my question. For the coming years, Mr. Chairman, what plans does Iberdrola have to continue to strengthen its relationship with its suppliers?
Thank you very much. Don Gorka López del Corral Gutiérrez has the floor.
Good morning, everyone. My name is Gorka López del Corral Gutiérrez, and I represent 1.7 million delegated shares from people working for and retired from Iberdrola, and also a Trade Union Representative at Iberdrola, with the majority representation in recent elections in the Basque Country and Navarre.
I have sufficient legitimacy. ELA, together with the CIG trade union in Galicia, has called a strike in our respective territories today, and I would like to explain the meaning of our vote and the reasons behind it regarding Item 4 , business management and management of the Board in 2025. Our recommended vote is against, since in the business management side, and especially in relation to employees in Spain, it's completely reprovable. After 16 months of negotiations of the new collective bargaining agreement, the position of the company couldn't be more regressive, which makes it impossible to come to an agreement. Since 2015, over 11 years, we've been suffering a maximum pay rise of 0.7%, while in the last five years since the signing of the previous agreement, profits have grown by 62% and remuneration to the shareholder has increased by 61%.
The Spanish workforce under the agreement has suffered a loss in purchasing capacity of more than 19% compared to the consumer price index. To give a more concrete figure related to last year, profits went up 12%, remuneration to the shareholder 14%, the cost of living increased 4.9%, and our pay rise increase was 0.685%. That means a loss in purchasing power of 2.2% the last year. The gradual loss in rights and the systematic worsening of the working conditions since 2004 in counterposition with the good health of the company has generated an accumulated bad feeling that has led finally to a mobilization of the workforce that was never seen in 125 years history.
Last year, the first national strike was called Iberdrola, and far from correcting the situation, today you can see there is another strike called where, without a doubt, is the most important day for the company, and presumably on June 19th, there will be another nationwide strike. This is the legacy that your management has brought to the workforce. Our vote couldn't be more negative. This takes us to the vote on items 11 and 12. You're asking for the approval of a number of remunerations for 400 people in top management, would mean over EUR 400 million in cost while you're denying a wage update for your workforce that would mean an increase of EUR 10 million for over 8,000 people employed under the agreement.
Last year, when I explained the same problem, the Chairman answered by saying that very few employees left the company voluntarily, that there were many people wanting to work for Iberdrola, and that there must be a reason for that. Let me convey the same reflection in other terms. How many of these executives that collect the bonus decided to leave the company voluntarily last year because of the working conditions? In parallel, don't you think that there are many executives at other companies that would be willing to join Iberdrola under those same conditions? You propose to the shareholder meeting that we approve increases in remunerations over the consumer price index, and yet all the new investments in networks, in renewables, new customers, you maintain all the facilities and coordinate various departments worldwide, and you cannot even guarantee the CPI.
Don't you think that your strategic plan may not be met if there isn't workforce behind it to carry it out? You pay no attention to the most important proxy advisor that also recommends voting against this point because they justify it by arguing that you have to pay more to retain talent. What about the workforce? Why don't they apply the same arguments? We're not asking for the same increase as benefits, 11% in the last quarter or the remuneration for the shareholder. We are just asking to maintain the purchasing power we had in 2020. Sincerely, we believe that it's just and absolutely feasible. Finally, a few words in Basque. I'll repeat them in Spanish later, and I don't need them to be translated. [Non-English content]. I was saying that at many meetings, you mentioned the role of Iberdrola in the Basque electric system.
What is the best company for you? In recent years, you've taken all the decision-making capacity to Madrid. Newly created departments have also been taken to Madrid. You have currently given the order of sending as many people as possible to Madrid. Obviously the taxes are not paid in our region by these people. Of 186 people involved, 150 people are from Bizkaia in new business areas. Even so, you have the whim of carrying out the process from Madrid. The personal and economic cost doesn't matter. We don't only suffer this centralization in the Basque Country. In the case of Galicia, the case is the same. A lot of hydraulic generation, natural resources, reservoirs, et cetera, the control center is taken to Salamanca from a whim. What attitude does Iberdrola have regarding the Basque language? None.
It's the same working here or Madrid. No posters in the offices or no requirements for certain vacancies or training in Basque, nothing. We have to recognize that you have deceived many politicians, we've started to spread the truth, and we hope they will react. Finally, I would like to address you, Mr. Chairman. It's in your hands to put an end to this situation of a current industrial dispute. Believe me when I say that the atmosphere is really bad in the workforce. If you don't believe me, listen to the various climate surveys. Don't let the sensation of fear that continues since the arrival of the new world CEO, Pedro Azagra. Remember that you obtain more with honey than with vinegar. The feeling of belonging and pride at Iberdrola had never been so low. You can ask anyone with extensive experience at the company.
If we want to reach another 125 years with the same health, we have to look after the whole company, and that also includes the workforce. Thank you.
Thank you very much, Mr. López del Corral. [Daniel Tello Rivera] has the floor.
Thank you very much, Mr. Chairman, Secretary, Directors. I've been a professional investor for 26 years, investing in companies all over the world. In that time, I've learned that the best indicators are not always those that make the most noise or try to draw attention in a disorderly manner. When that happens, the noise has to be ignored and focus on the figures. We live in turbulent times. The European Commissioner for Energy has recently publicly stated that fossil fuel dependence in Europe represents a strategic vulnerability, not only in economic terms, but also in terms of sovereignty. Many didn't see this scenario coming.
Iberdrola did and acted accordingly years in advance. The result of that work done in advance can be seen today. In Spain today, the price of energy is one of the lowest in Europe, below the European average, while countries like Germany and Italy have much higher rates. That is exactly what well-invested capital should represent, not just a return, but also a social benefit overall. This is not a consequence of a regulatory whim. This is the result of an early, brave, and determined investment over many years in niches such as renewable energy, electrification, and networks. That's why I'm surprised when faced with this reality that the commitment of Iberdrola to society, to its employees, to the environment, et cetera, is questioned. Therefore, before giving an opinion, I'll do what I always do, look at the figures.
A few weeks ago, Sigma Dos published a survey in the Basque working population with a simple question: What company would you like to work for? The results cannot be questioned. Iberdrola, without a doubt, is the company that people would like to work for in the Basque Country, and there's no tie. The second company doesn't even come close. The same happens in the rest of Spain, as well as in other countries where Iberdrola operates. As an investor, I've learned that the perception of some and reality don't always coincide. When that happens, the compass of data is always the path to follow. As a long-term investor, what I care about most is not the noise today, but the management of tomorrow. That's why my question to the Board is the following.
With such a demanding regulatory environment, with such a complex geopolitical context, what are the prospects for Iberdrola in Spain and in the country it operates in? What levers does the company have to continue to be that benchmark employer that the data shows it already is? Thank you very much.
Thank you very much, Mr. Tello. [Marta Jauregui Iturriaga] has the floor.
Hello, everyone. We're Iberdrola shareholders covering various generations, like another 60,000 families in the Basque Country and 350,000 all over the world. In one way or another, we've always been committed to companies that operate under principles of seriousness, responsibility, and hard work. It's admirable that this company has reached 125 years with solid investments and growing share prices, which is a good augur for the future.
We like the balance between the level of debt and the enormous capacity to invest that allows the company to continue to promote its growth without compromising its financial stability with a recurrent cash generation. Regarding the remuneration policy for the shareholder, we value the rise in dividend and proportional to the profits obtained, which shows respect for the partner s and their investment. We also respect the policies that allow for a smaller dilution for shareholders in the capital enlargement. We would like it to continue this way. All this would not be possible without the effort and the talent of all of the professionals that have hit the nail on the head and that in the center of the electrification of the economy.
Here goes our recognition for a job well done and our support to this company and all companies and entrepreneurs that have brought so much prosperity and wellbeing to this country. Now, my question, which is not at all original, but it's important for the shareholder. Mr. Chairman, can you expand a little bit more on what's going to happen to the dividend in the coming years? Thank you very much.
Thank you very much, Ms. [Jauregui]. Mr. [José Luis Peña Gonzales] has the floor.
Good morning, everyone. I came here to listen, but it seems that I've been given the opportunity of speaking, so I'm going to say something. I'm a small shareholder that has never sold Iberdrola shares, and I'm going to continue to do the same as long as you continue to provide the dividend option.
I can only congratulate you and thank you, and that's all I have to say. Thank you.
Thank you very much, [José Luis]. All the shareholders attending the meeting can ask to speak at the beginning of the meeting. Mónica Durango García has the floor.
Hello, good morning, everyone. Thanks to the hairman and the members of the Board. I would first like to congratulate you on this anniversary, these 125 years of effort, hard work, dedication, and especially success. Congratulations. I would also like to highlight the importance of this Shareholders' Meeting 2026, because I believe that it could be crucial in defining a future strategy for the Group in this context of energy transition, sustainability, and responsible growth. I would finally like to put a question to you.
In these new and important alliances and co-investment vehicles that Iberdrola has recently been carried out, I would like to know what the future prospects are in relation to these new alliances and collaborations with other kind of organizations. Thank you very much.
Thank you very much, Ms. Durango. Regarding the web, Chairman, there is a question from José Antonio López Navarro, who, in line with Mr. López del Corral, has asked about the loss in purchasing power of the Iberdrola workers' wage equity in the negotiation of the new labor agreement and states that it's necessary to commemorate the 125th anniversary since the company had never been better. There are no further questions.
Well, thank you very much to all of you. Thank you very much for your questions. Well, as usual, I would like to start off by thanking all of the people that have spoken.
Many thanks for supporting permanent dialogue, which is something that we want to have at all times with you, as the Secretary said, not only at this AGM, but also throughout the year. The Secretary said that we've had more than 850 meetings, and I've attended many of them, and together with the CFO and the people in charge of investor matters, and to have face-to-face interactions to discuss how the company is running. Apart from that, we have multiple channels to give you specific information, and we can also receive your questions and queries throughout the year. All these channels are widely used by all of you, as the Secretary pointed out. That's why I would like to thank you very much for all the questions, because these questions are very necessary and very useful because they help us to improve on a daily basis.
Now I'm going to move on to the questions that have been formulated. Firstly, Mr. [Ruiz - Gama]. Well, firstly, I'm very grateful. Many thanks for your support and for the support of your family. The United States, as everybody knows, is one of the main markets of our group. We have assets totaling more than EUR 50 billion there and covering more than two decades. We've been there for more than two decades. We have some magnificent prospects in relation to the future, thanks to some of the things that I pointed out in my presentation. For instance, there's a growing demand for electricity in all sectors, from climatization in the industrial sector, transportation, and we also have the data centers
Data centers are growing at a tremendous speed. Many of them have been built by technological firms that are also customers of ours, because our biggest customers in the world nowadays happen to be those companies, both in the United States as well as in Europe. In the case of the United States, they need to renovate and modernize their electrical infrastructures. In many cases, we're talking about infrastructures that were built back in the 1950s and the 1960s of the previous century, and they require this renovation. That means that the investment requirements are becoming greater, both in terms of distribution and transmission networks. We need much more generation too, to meet that growing demand. Without a doubt, we also need more storage to have secure supplies. This is what is being done.
This is what is being promoted by the federal authorities and by the state authorities too. They are doing as much as they can to set up the right kinds of frameworks in order to make these investments more attractive. This is the case, for instance, of the interconnection that we've built between Canada and Massachusetts, that we call NCC, which is already up and running, and which accounts for approximately 10% of the energy that is consumed in Massachusetts that flows from Canada into Massachusetts. We also have the investments in grid and distribution, transmission grids in those states in which we are operating, like in New York, Maine, and Connecticut, and Massachusetts. Also from the generation perspective, we have more than 11,000 MW of installed power.
Last year in particular, we installed 1,300 additional megawatts, and we have something like 700 MW or 800 MW, correct me if I'm wrong, Pedro, but I think that that's the right figure, under construction. We have finished and already in operation, we have the first wind farm in the States, Vineyard Wind. We're exporting energy and we're charging money for that, and I think that that is absolutely wonderful news. All of these investments are really evolving in a positive manner, and they are having a very good effect on our results. Our EBITDA is now above EUR 3 billion. That was the figure reported last year. The figures are substantial. Over the next few years, and I also mentioned this in my presentation, the United States together with the U.K. will be the two main destinations of our investments.
We expect to invest in the States in the next three years, about EUR 13 billion in that country, which I think goes to show that we have put our stakes. Have clearly put our stakes on this country because of the results we are already obtaining and also based on the results that we expect to achieve in the future. Right now, moving on to the question from Mr. [Intxaurraga] . Well, firstly, I think that we feel very proud, and I've been saying this at different forums, and we have helped quite a few companies to grow in this area for the last 125 years. Most of our growth has also been thanks to the help and support provided by these companies who've accompanied us throughout the world.
Over the last five years, just to give you some figures now, we have bought Basque companies totaling more than EUR 8 billion. Companies like Ormazabal, Arteche, Gamesa, Tamoin, MESA, offshore wind, or Haizea Wind rather. All of them, well, they're investing their money even in other countries. They are fundamental for us. They are an essential element for our internationalization process. In fact, it was last year when 70% of our purchases with Basque suppliers went to the U.K., the United States, or Brazil, which I think goes to show that there's a perfect symbiosis with these corporations. In the next few years, there's no doubt that the local suppliers, well, we want them to carry on supporting us and in our international endeavors.
We have signed a multi-annual agreement with them and framework agreements, which provides them with the security they need to adapt their production resources to meet any requirements that we may have in the future. This is something else that I would like to mention, which I looked into yesterday. No, the day before yesterday, sorry. We have the Berroeta complex up in Larraskitu, which is our smart generation hub, and which we set out together with the P rovincial Council of Bizkaia. This research center for future electrical grids, we have 60 companies involved, and these are the companies that, in a way, are going to be pioneers in our country as well as in other countries in all of those areas that are associated with this new model of electrification that is closely associated with AI and other technological advances.
For me, it's a great satisfaction. I feel very proud to say that more than 60,000 Basque shareholders. Once again, I would like to thank you for your trust. You have been supporting us for many generations. Many of the pictures that we've shown, or some of these shareholders have been shareholders of Red Eléctrica, the Saltos del Duero, and currently Iberdrola. They've always formed part of our company as shareholders. I think that this is something that makes us feel very proud and we're also very grateful. Well, we would like to respond to them with a growing dividend. It's something that we're doing year-on-year. Last year in the Basque Country, we paid more than EUR 450 million in dividends. That means that we're talking about a very significant sum for all of our shareholders.
We're also totally convinced that all of our collaborative actions, and this is the case of the Berroeta Center, the center for smart grids. Well, this public and private partnership or collaboration is always very constructive and extremely positive because I think that the relationship we have in this regard, both with the provincial council, with Basque institutions like the government or the provincial councils, et cetera, without a doubt, that really helps us a lot in our work. Also our collaboration from the point of view of the taxes that we are paying into the Basque coffers that are approximately EUR 800 million a year.
There's a symbiosis here. We pay a significant amount of money into the Basque coffers, and they support us in our research and development actions in the areas that have to do with technology, which on the other hand, also produce jobs for thousands of Basque people through the supply companies that work with us. Regarding now the three questions that we've had in issues connected to labor issues. Well, perhaps I'm going to be somewhat repetitive about this, but I would like to stress some of the points that I mentioned in the past. Iberdrola is one of the two largest utilities in the world. It's one of the largest companies in the world due to many reasons, one of them because of its 46,000 workers we employ and because we have nearly 500,000 people that are working for the suppliers.
I have to say that generally speaking, all of these people are deeply committed, and every day they show that they are very happy with the work they're doing in a continuous way, both inside and outside Spain. I have to give you some data here. This has been published in the surveys. This goes to show that the rate of voluntary departures is only 0.6% of voluntary rotation. In the Basque Country, it's not even half that percentage of people that want to leave. In other countries, the figures are fairly similar. They could range between 0.6% and 1.5%. In any case, it's the same thing in all countries, which I think goes to show what this means. There is something else.
In the specific case of the Basque region, the number of people that did ask to leave the company voluntarily, there were five last year, and 55 in the entire country in Spain. That seems to show that the level of satisfaction is pretty reasonable. In this period and in Spain last year, we received more than 8,000 applications to join the company and 1,500 of them in the Basque Country. What I have to say is that with these figures in mind, the only thing I can say is that I feel very proud of the high level of satisfaction shown by these surveys. We also perform internal surveys both in Spain and abroad, and we are the favorite company for people to work in the Basque Country or one of the five most favorite ones to work in the rest of the Spanish regions.
The same applies to Brazil, and I can say exactly the same thing in relation to the States or Scotland or in relation to other countries where we are present. Why? Well, firstly, what they really appreciate most are the economic issues. The economic issues that it's not only the wages, it's the wages and everything that accompanies the wages. That is support for things like medical insurance coverage or aid for studies or anything that has to do with training, et cetera. The second thing that they like most is having a secure job in an environment where we have lots of volatility and uncertainty. I think that this is a very important thing that has to be taken into account because we are now witnessing a new revolution as a consequence of artificial intelligence.
Being aboard a safe vessel like Iberdrola is definitely something crucial, and this is something that people appreciate. Then we have professional development. The fact that we're present in many countries means that the people that join our company through our training courses, and we have more than 40 hours per person any year in training in all countries. I think in Spain, we even have more than, I think it's nearly 70 hours per person. In any case, this training development allows them to carry on growing, and I think it's another very important element. Also, that is carrying out professional careers both inside and outside our country. There's something that is really appreciated is that the work-life balance issue.
I think that the women that work for Iberdrola have great conditions to combine their family lives and look after their children, which is completely different if you compare this with what is going on in other sectors in our geography and in other places, too. When I talk about Spain, it's not different compared to the situation we have in Brazil or the United States or the U.K. This is why I'm saying that they do not only consider that what we're doing is wonderful here, but also in the rest of Spain. There are a number of international institutions that have recognized this issue, like a Great Place to Work and Merco Talento, which is the case in Spain, or [Top Project Institute], which is the case in the United States. Therefore, this is one of the specific realities we have.
Without a doubt, we want to carry on working along these lines with everybody. We want to apply this to all of our employees. We have this already in other countries. We want there to be more proximity and a permanent and direct dialogue with each and every one of our workers, because nowadays, technologies allow us to reach out to each and every one of our employees. To do so, we're going to be using that technology in the same manner that we do with investors or with the shareholders. We also do exactly the same thing with our clients or with our suppliers.
In other words, there has to be a direct connection that would allow us to explain very clearly what it is we do and why we do that without any kind of interests that differ from the interests of this company. This is why we want to share with each and every one of the workers things in a completely personalized or customized manner, and we want to listen to them too in a customized manner and give attention to their suggestions. We want there to be a direct relationship that is based on this mutual trust and with a continuous contact that is fully in line with what I said about our clients and our shareholders, which is the same sort of approach we want with our workers, too. Okay. Now I'm going to move on to the question from Ms. [Jauregui].
Firstly, I would like to thank you for your words and for the support of your family for Iberdrola. I feel very proud. It's really wonderful to be able to correspond with a dividend. It's permanently been growing, and I think that in the 125 years of existence of this company, we've always paid a dividend. In the 25 years of my mandate, there's always been systematically growing dividend. This year it's going to be EUR 4.5 billion compared to the EUR 500 million that were paid out when I first arrived 25 years ago. I think that this is evidence of what is happening. Generally speaking, and in this period, we've nearly paid out EUR 47 billion in dividends. Our intention is that we would like to carry on doing so.
During this period, we have paid EUR 47 billion, but there are a lot of investments totaling EUR 170 million. Thanks to those investments, we've been able to increase and improve our results, and these results have helped us to maintain these growing dividends for all of you. The plan that we submitted has that goal in mind. In other words, we will carry on investing EUR 43 billion, and we also want to carry on increasing our dividend by nearly another EUR 15 billion in the next three years, which is 50% more, well, nearly 50% more compared to the EUR 10.5 billion that we've paid out in the three previous years. This is the balance that we want to establish.
We want to see how we can carry on investing and growing and also creating jobs, and at the same time, we also want to give shareholders a growing dividend. Mr. Peña, I think, has asked the same I think that we've answered Mr. Peña's question. Yes. No. Yes, Mr. Peña, sorry. Yes, I'll answer you. Yes, because you mentioned something about the shares and the scrip dividend. This, as you all know, well, this is something that we're doing because there's a growing demand for us to carry on with this. There's 70%-something of our shareholders that systematically decide to get shares instead of cash. This, for the financial team that I can see, Pepe, this is additional work because we buy the shares to give them to you, and then what we do is a reduction of share capital so that there's no dilution.
We don't pay that with your money, but rather the number of shares of the company remains constant, and you hold those shares. I'm very glad that this is so because systematically, since we implemented this, the value of the share is higher. Those that have taken the scrip dividend, well, these shares are worth much more than what they would have been worth if you would have taken them in cash. Ms. Durango? I think that in the video, we wanted to show you that Iberdrola is the end result of integrating multiple companies over the decades, and also is the end result of a close cooperation with institutions, with suppliers, and also with other organizations. We believe that integration, I think, forms part of our DNA.
I think that downstairs in the hall, there's a map as if it were a river or a tree where you can see the different companies, how they eventually joined up to form the Amazon River that Iberdrola has become nowadays. The final sum of all of those collaborative efforts. Also in that respect, we always do things through partnerships or through sovereign funds and investment funds. I believe that apart from having major shareholders like the Sovereign Fund of Qatar or Masdar from United Arab Emirates, and with whom we are converting billions of euros in wind farms in the U.K., and this is the approach. By the way, I would also like to thank the representatives from Qatar, and dear Ben, thank you very much for being here today.
Dear Hussein, thank you very much for accompanying us at this event, too. Thank you. We also have some ties with authorities from many other countries. I think that this company has been a private corporation since its origins, but we really believe in public-private partnerships. This is why the other day I was very happy to hear, and it was in this building, I heard the words pronounced by the Lehendakari, the President of the Basque Country, and the representative for the provincial council. They said that we believe that Iberdrola is the key element to carry out the industrial renaissance of the Basque Country and of Europe, too, and that we are a Basque company.
He also said, and that made me feel very happy, "You are our Basque entrepreneur, but from Salamanca." In other words, we people from Bilbao are born wherever we feel like being born. I was born in Salamanca, but it's as if I was born in Bilbao. There are some more, I think. No? Well, okay. Well, that's it, I think. With this, I think that I've tried to answer all of the questions, and I would like to finish. As usual, I would like to finish off by thanking you for your contributions and your remarks. Many thanks for your trust in us and in our teams.
We believe that your comments and your suggestions are. Throughout the year we receive thousands of questions and thousands of suggestions, both through the website as well as through the direct meetings we have with the financial team that is led by Pepe and or by myself, and that's where we address the comments from the shareholders. I would like to thank you very much indeed for your help, and please rest assured that we're going to do as much as we possibly can to carry on maintaining this trust, and so that we can also increase our dividend and also improve or make this company larger, and also offer security to the thousands of people that work for the company and the thousands of people that we're going to hire in the next few years.
As you can see, it's more than 100 new hirings that we intend to have. Shareholders, suppliers, and workers, well, this is a whole and we want to work with them in a balanced manner so that everybody can eventually form part of this organization in a very harmonic manner. Now what I'm going to do, I'm going to give the floor back to the Secretary so that he can give us information on the quorum, constitution quorum.
The share capital day amounts to EUR 5,068,384,202.25 and is represented by 6,757,845,603 ordinary shares, all of them with a nominal value of EUR 0.75 belonging to a single class and series. A total of 100,038 shareholders retaining with 4,976,103,292 shares, representing 73.63% of the share capital. Of these shareholders, a total of 125 are present with 12,847,313 shares, representing 0.19% of the share capital. A total of 27,240 shareholders have voted remotely, with 365,132,710 shares, representing 5.4% of the share capital, and have represented and delegated representation a total of 73,747 shareholders with 4,598,130,099 shares, representing 68.04% of the share capital. Without prejudice of the accounting of the outstanding votes, I would like to indicate that according to the votes received so far, all the resolutions put to vote have been approved with an average support of more than 97%.
The treasury stock, which amounts to 161,961,457 shares, representing 2.397% of the share capital, has been counted in order to calculate the necessary percentages for the constitution and adoption of resolutions. Although according to the law, the voting rights for these shares is suspended.
Therefore, we confirm the valid constitution of this AGM in its first call to address all the issues that have been found on the agenda. I'm going to refer to the notary.
In compliance with Article 101.1 of the Commercial Register Regulations, I have been asked to attend this meeting to draft the minutes. I have judged that the meeting has been called with the legal and statutory requirements. In compliance with Article 101.3 of these regulations, I am pleased to report that if there are any reservations or protests from any of the attendants regarding the statements made by the Secretary regarding the number of shareholders and the capital present or represented, you can come up to my desk or advise me following the instructions of the computer tool on the corporate website you're connected to in order for me to take note of these circumstances and include it in the minutes. We now put the resolutions to a vote.
According to the provisional results from the votes, both the votes issued remotely as well as those present and the proxies received through all the channels we have made available to you. After counting the votes and lacking the final review, the procedures applied comply both with the applicable regulations as well as the governance and sustainability system and their implementing rules. According to the regulations of the Board, the votes related to the shares present and represented whose shareholders have manifested that they don't vote against, cast a blank vote or abstain are considered to be votes in favor of the resolutions. Regarding items 11 to 18 on the agenda, those directors that are in a situation of conflict will abstain from exercising the right to vote on the shares they represent.
These voting rights will be exercised unless the opposite is stated by the Secretary of the Board, and if he were conflicted, by the Vice Secretary. We have both accepted the designation. The matters are presented by groups, and we will explain the votes obtained. A first group where we put to approval the annual accounts, the management reports, the non-financial information, business management, re-election of KPMG as auditor for 2026, and the appointment of PricewaterhouseCoopers for the years 2027- 2029. In the second group, your authorization is requested to pay the engagement dividend and the final dividend, as well as for the completion of two capital increases within the framework of Iberdrola Flexible Remuneration , and reducing this by a maximum of 2.706% in order to offset the dilution of the share capital increases made, reclassifying the reserves for amortized capital under voluntary reserves.
Furthermore, the Remuneration Policy for directors, the long-term incentive program, and the consultative vote is also included in this group. Thirdly, we cover the re-election of María Ángeles Alcalá Díaz, Isabel García Tejerina, and Anthony Gardner, as well as the ratification and re-election of Marina Grossi and Pedro Azagra Blázquez, all of them as Independent Directors except for the latter, who is considered Executive Director. Each of them have expressed their intention to accept the position after the meeting. We also request your approval to determine the number of members of the board. Finally, we request your authorization to acquire own shares and delegate the faculties to formalize and file the adopted resolutions.
Well, according to the information that this panel has and whose data will appear in the minutes of the meeting, and after counting the delegated votes and votes received and excluding those that have not yet been counted, all of the proposals formulated by the Board have been approved by an average in excess of 97%, as you can see on the screens. The final data of the votes will be published on the company's website. On behalf of the Board, I would like to thank you all very much for your participation and support. Here concludes the AGM. Thank you very much, and the session is adjourned. Thank you