The small states gradually amalgamated over time. Portugal was the exception, except for a brief period (1580--1640) during which the whole peninsula was united politically under the Iberian Union. After that point, the modern position was reached and the peninsula now consists of the countries of Spain and Portugal (excluding their islands--the Portuguese Azores and Madeira and the Spanish Canary Islands and Balearic Islands; and the Spanish exclaves of Ceuta and Melilla), Andorra, French Cerdagne and Gibraltar.

Can we conclude that are the canary islands part of the iberian peninsula?
no