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29M25 | Results Presentation Disclaimer This document has been prepared by EDP, S.A. (the "Company") solely for use at the presentation to be made on this date and its purpose is merely of informative nature and, as such, it may be amended and supplemented and it should be read as a summary of the matters addressed or contained herein. By attending the meeting where this presentation is made, or by reading the presentation slides, you acknowledge and agree to be bound by the following limitations and restrictions. This presentation may not be distributed to the press or to any other person in any jurisdiction, and may not be reproduced in any form, in whole or in part for any other purpose without the express and prior consent in writing of the Company. This presentation and all materials, documents and information used therein or distributed to investors in the context of this presentation do not constitute or form part of and should not be construed as, an offer (public or private) to sell or issue or the solicitation of an offer (public or private) to buy or acquire securities of the Company or any of its affiliates or subsidiaries in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. Neither this presentation nor any materials, documents and information used therein or distributed to investors in the context of this presentation or any part thereof, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever and may not be used in the future in connection with any offer (public or private) in relation to securities issued by the Company. Any decision to invest in any securities of the Company or any of its affiliates or subsidiaries in any offering (public or private) should be made solely on the basis of the information to be contained in the relevant prospectus, key investor information or final offering memorandum provided to the investors and to be published in due course in relation to any such offering and/or public information on the Company or any of its affiliates or subsidiaries available in the market. Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements other than in respect of historical facts. The words “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may”, "continue," “should” and similar expressions usually identify forward-looking statements. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; energy demand and supply; developments of the Company’s markets; the impact of legal and regulatory initiatives; and the strength of the Company’s competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the company’s business strategy, financial strategy, national and international economic conditions, technology, legal and regulatory conditions, public service industry developments, hydrological conditions, cost of raw materials, financial market conditions, uncertainty of the results of future operations, plans, objectives, expectations and intentions, among others. Such risks, uncertainties, contingencies and other important factors could cause the actual results, performance or achievements of the Company or industry results to differ materially from those results expressed or implied in this presentation by such forward-looking statements. The information, opinions and forward-looking statements contained in this presentation speak only as at the date of this presentation, and are subject to change without notice unless required by applicable law. The Company and its respective directors, representatives, employees and/or advisors do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this presentation to reflect any change in events, conditions or circumstances.
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39M25 | Results Presentation 9M25 results: Net Profit underlying +5%, reflecting solid RES execution and resilient electricity networks Integrated business in Iberia YoY comparison impacted by higher gas sourcing costs and lower contracted prices 9M25 Main Highlights 9M25 Financial Performance Wind & Solar underlying1 EBITDA +21% YoY, on the back of with 19.8 GW of installed capacity and generation +14% YoY Lower YoY AR gains at EBITDA level (€55m in 9M25 vs. €250m in 9M24) Resilient underlying electricity networks performance (+3% ex-gains and Forex) €3.7 Bn EBITDA €974m Net Profit -4% YoY +2% YoY +5% YoY Underlying1 -11% YoY YoYRecurring (1) Excluding asset rotation gains
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9M25 Results
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59M25 | Results Presentation Underlying EBITDA of €3.7 Bn, +2% YoY, backed by improved Wind & Solar performance Recurring EBITDA1 ,€m YoY growth, % ∆ YoY • Integrated business in Iberia with lower hydro volumes and higher gas sourcing costs in 9M25 (vs. extraordinary 9M24) • Brazil: -€102m transmission assets deconsolidation and gain recorded in 9M24 • BRL FX impact -€53m partly mitigated by inflation update and consumption growth in electricity distribution -€124m Brazil +€33m Iberia • €59m gains in 9M25 vs. €179m in 9M24 • Exc. AR gains +€231m YoY -€198m Hydro, Clients and EM EDPR +€111m 1,270 2,635 1,179 2,536 -25 9M24 27 9M25 Renewables, Clients & EM Networks Other/adjust 3,879 3,741 -4% (1) 9M25 €31m, from the sale of UHE Cachoeira Caldeirão and UHE Santo Antônio do Jari (+€48m), Pecém sale (+€5m), HR restructuring (-€10m) and from OW US, primarily due to a contract cancellation with the South Coast Wind project’s equipment supplier following negotiations (-€12m). (2) Excluding asset rotation gains 32% 68% % Weight on EBITDA -99m -91m Underlying2 +2% Ex-FX and AR +4% OPEX -3% YoY (-6% in real terms)
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69M25 | Results Presentation Wind & Solar Recurring underlying EBITDA +21% YoY, reflecting generation step up, after 2024 record capacity additions Wind & Solar Recurring EBITDA €m YoY growth, % ∆ YoY +231m 1,115 1,347 179 9M24 59 9M25 AR gains Wind & Solar Exc. AR gains 1,294 1,405 +9% -120m Ex-FX & AR +23% (1) Excluding asset rotation gains 9M259M24 YoY Avg. Selling Price €/MWh Europe €/MWh North America $/MWh Renewable Index Generation % Electricity Generation TWh Europe TWh North America TWh South America TWh 98% 96% (2pp) 26.5 30.2 +14% 8.5 8.5 -0.2% 14.6 17.4 +20% 2.4 3.1 +30% 59.4 54.2 -9% 90.4 81.6 -10% 46.7 47.9 +3% 193.4 200.2 +4%Brazil $R/MWh Underlying1 +21%
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79M25 | Results Presentation 9M25 marked by strong hydro resources that contributed to the strengthening of reservoir levels Hydro generation ex-pumping Hydro volumes Iberia (TWh) -0.5 8.0 9M24 0.3 7.2 9M25 Reservoirs Net Generation2 7.6 7.5 100 20 40 60 80 Jan DecJulMayMar Reservoir levels in Portugal (%) Sep Nov 20251 2024 Avg. 2014-2022 Range 2014-2022 Hydro reservoirs ~63% in October 2025, +13 p.p. vs. historical average; IPH October: -36% below average Strong rainfall in 9M25 fostered the recovery of hydro reservoir levels Hydro resources PT vs. LT average (1) Reservoir levels until 29th October, 2025 (2) Net of pumping ~60% Jan. ‘25 65 +38% 52 +33% Spain pool price, €/MWh Expected net generation ~5.4 TWh ~70~90 Contracted price, €/MWh ~88% Mar. ‘25 ~83% Jul. ‘25 ~63% Oct. ‘25
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89M25 | Results Presentation 1,199 1,036 141 106 9M24 9M25 Brazil Iberia & Other 1,340 1,142 -15% Gen. & Supply EBITDA -15%: higher gas sourcing costs and lower contracted prices, mitigated by FlexGen contribution Hydro, Clients & EM Recurring EBITDA €m YoY growth, % 9M259M24Iberia YoY Hydro net of pumping, TWh 8.0 7.2 -10% ∆ YoY -163m -34m Pumping generation, TWh 1.4 1.7 +28% CCGT generation, TWh 1.3 4.7 - Hedging price, €/MWh ~90 ~70 -22% 9M25 performance positively impacted by FlexGen revenues, but including increased costs on the supply side
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99M25 | Results Presentation 9M259M24 YoY Electricity Networks Recurring EBITDA €m YoY growth, % 534 481 665 698 71 9M24 9M25 AR gain Iberia Brazil exc. AR gain 1,270 1,179 -7% Electricity distributed, TWh +33m -53m ∆ YoY 843 817 Iberia Brazil Electricity Networks EBITDA ex-FX and AR gains +3% YoY with inflation update and RAB growth in Iberia and resilient electricity networks in Brazil Transmission EBITDA underlying, BRLm 22.3 22.5 1% -3% Underlying1 -2% Electricity Distributed, TWh 44.6 45.9 +3% 2,195 2,241Distribution EBITDA, BRLm 2% Supply points, # +1%7.9 8.0Ex-FX & AR +3% Ex-FX & AR 0% (1) Excluding asset rotation gains
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109M25 | Results Presentation 15.6 17.3 2.1 2.4 2024 Organic CF 0.8 Dividend payment Net cash investments 0.7 Regulatory Receivables 0.1 FX and Other 9M25 Net Debt 2025E ~16 Bn Net debt increase reflecting investment activity and annual dividend payment in 2Q25 with AR and tax equity proceeds skewed to 4Q25 Net Debt/EBITDA(1) Change in Net Debt € Bn 3.8x3.5x FFO/Net Debt(2) 19.3%21.5% (1) Net of regulatory receivables; net debt excluding 50% of hybrid bond issues (including interest); Based on trailing 12 months recurring EBITDA and net debt excluding 50% of hybrid bond issue (including interest); Includes operating leases (IFRS-16); (2) FFO/ND formula consistent with rating agencies methodologies, considering EDP definition of EBITDA Recurring Includes €3.1 Bn Cash capex (of which €2.6 Bn consolidated capex and €0.5 Bn from net payments reflected in changes in working capital to PP&E suppliers), offset by €0.4 Bn AR proceeds ex-gains and €0.3 Bn Tax Equity Proceeds 1.6 0.8 2.9 0.5 0.69M24, € Bn Strong visibility on AR proceeds (€2 Bn) and tax equity proceeds (€1 Bn) 3.5x 19%
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119M25 | Results Presentation Recurring Net Profit underlying +5% YoY backed by improved performance on Wind & Solar and resilient electricity networks Recurring Net Profit1 Recurring Net Profit €m €mΔ YoY 3,741 2,333 974 461 156 EBITDA -1,408D&A and Provisions EBIT -742Net Financial Costs Income Taxes(2) Non-controlling interests Net Profit -139 -107 -246 -103 +179 +48 -121 -13 1083m -22 952m Non-recurring items 1 Reported Net Profit 904 952 191 9M24 22 9M25 1,095 974 -11% -12% 1) In 9M25 -€22m, associated with the following one-offs: (i) sale of UHE Cachoeira Caldeirão and UHE Santo Antônio do Jari (+€45m), (ii) Pecém sale (+€5m), (iii) HR restructuring costs (-€6m), (iv) OW US, primarily due to contract cancellation with South Coast Wind project's equipment supplier following negotiations (-€9m), (v) accelerated depreciation of Meadow Lake IV repowering wind onshore project, impairments on specific Wind & Solar projects and an impairment related to a portion of outdated equipment not planned to use in future projects (-€22m) and (vi) non-recurring impacts mainly coming from impairments in Europe, including non-core countries (-€35m) AR gains Net Profit Exc. AR gains Ex-AR gains +5% Higher avg. cost of debt: 4.5% in 9M24 vs. 4.9% in 9M25, due to higher cost of debt in BRL Higher avg. nominal debt
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EDPR
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139M25 | Results Presentation EDPR 9M25 results marked by strong underlying EBITDA and net profit, capacity delivery and asset rotation plan on track for 2025E 9M25 Main Highlights 9M25 Financial Performance Generation increased +14% YoY driven by new capacity additions, despite renewable index at 96% (vs. 98% 9M24) Recurring Net Profit of €189m, of which €153m excluding AR gains (+€111m YoY) Recurring EBITDA of €1,405m (+9% YoY), €59m AR gains in 9M25 vs. €179m in 9M24, with underlying1 EBITDA+21% YoY Avg. selling price -9% YoY to €54/ MWh due to change in generation mix along with lower avg. selling price in Europe €1.4 Bn EBITDA €189m Net Profit +9% YoY +21% YoY +4x YoY Underlying1 -10% YoY YoYRecurring (1) Excluding asset rotation gains
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149M25 | Results Presentation EDPR underlying Recurring EBITDA increasing +21% YoY driven by better business performance Recurring EBITDA Drivers €m Generation in US +20% YoY +1.4 GW YoY US Capacity Additions From the transactions closed in Spain and France & Belgium Improving efficiency -13% YoY Adj. Core OPEX per avg. MW +€231m underlying Rec. EBITDA YoY +23% Recurring EBITDA Ex-FX (-€28m YoY) & AR Gains YoY -€120m 1,635 1,405 308 Electricity Sales Tax Equity Revenues 59 Asset Rotation Gains (574) Core OPEX (22) Other Costs (net)1 Rec. EBITDA YoY (1) Other Costs Net includes non-cash allocated accounting, Other operating income excluding AR Gains, Other operating costs, Share of Profits from Associates and one-offs +4% +€59m +€99m -€5m +€78m +€111m +21% exc. AR gains 9M24 impacted by Colombia & Romania with no material impact in 9M25
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159M25 | Results Presentation Strong Organic Cash Flow +€0.2bn YoY and Net Expansion Investments of €1.6bn, with good visibility on AR and TE proceeds to come in 4Q25 Organic Cash Flow Net Debt Change Dec-24 to Sep-25 €m €m (1) Includes Payment of Lease Liabilities and other +1.6 Net Debt Dec-24 (0.5) Organic Cash Flow Net Expansion Investments (0.3) Forex & Others Net Debt Sep-25 Net Debt Dec-25 8.3 9.2 ~8 Includes €2 Bn Expansion Capex (of which €0.4 Bn from net payments reflected in changes in working capital to PP&E suppliers) & €0.2 Bn of Financial investments, offset by €278m of TE proceeds & €363m of AR Proceeds net of gains +€0.9bn YTD vs. +€2bn in 9M24 1,390 882 458 EBITDA (290)Non Cash Items (59)Income Tax Paid (160)Changes in Working Capital Net Cash-Flow from Operations (196)Net Interest Paid (174)Minorities/ Partnerships (54)Other1 Organic Cash Flow Tax Equity revenues €308m Excludes cash Tax Equity proceeds received in 9M25 of +€278m Mostly USD and BRL +€0.2bn YoY Strong visibility on AR proceeds (~€1.8 Bn) and TE proceeds (~€1 Bn) for FY25
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169M25 | Results Presentation Strong underlying performance with recurring Net Profit excluding Asset Rotation gains +4x to €153m 9M25 Rec. EBITDA to Rec. Net Profit Recurring Net Profit €m €m - 210 82 107 Non-recurring items 2 Reported Net Profit 43 153 167 35 9M24 9M25 210 189 (1) D&A includes Provisions, Depreciation and amortisation and Amortisation of deferred income (government grants); (2) Non-recurring impacts mainly coming from impairments in Europe including non-core countries and the accelerated depreciation of Meadow Lake IV repowering wind onshore project in US, both at D&A level as well as one-off costs at Ocean Wind’s US platform, accounted in Share of profit from associates. AR gains Net Profit Exc. AR gains Ex-AR gains +4x YoY 1,405 735 189 Rec. EBITDA (670)D&A1 EBIT (361)Financial Results (117)Taxes (68)Minorities Rec. Net Profit +€111m (€78m) +€32m (€51m) (€52m) +€50m (€21m) +€231m ex. Gains YoY +€111m ex. Gains YoY On the back of capacity additions Impacted by minorities buyback closed 4Q24 On the back of higher nominal financial debt, with avg. cost of debt at 4.5% (Flat YoY)
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Closing Remarks
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189M25 | Results Presentation Financial results impacted by higher BRL cost of debt Electricity networks: ~€1.5 Bn EBITDA, with electricity distribution performance mitigating transmission assets deconsolidation and BRL devaluation Integrated generation & supply (Iberia + Brazil): ~€1.4 Bn EBITDA with €1.1 Bn already recorded in 9M25 ~€1.2 Bn Recurring Net Profit ~€4.9 Bn Recurring EBITDA ~€16 Bn Net Debt Net Debt guidance assuming ~€2 Bn AR proceeds, ~€1 Bn tax equity proceeds, to be concentrated in 4Q25 2025 guidance supported by resilient underlying performance across all business segments Wind & Solar/EDPR: ~€1.9 Bn EBITDA including ~€0.1 Bn of AR gains; ~2 GW capacity additions on time and on budget
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Q&A
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ANNEX
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219M25 | Results Presentation EDPR generation increased +14% YoY driven by capacity additions of +3.3 GW YoY despite lower renewable index at 96% Installed Capacity YoY Electricity Generation YoY EBITDA + Net Equity GW (1) Includes Payment of Lease Liabilities and other +2.8 9M24 +0.4(0.3) 9M25 16.8 19.8 EBITDA Net Equity AR/Decom. 2.3 GW under Construction as of Sep-25 for projects with 2025-26 COD +18% YoY 26.5 30.2 +4.8 9M24 (0.9) GCF +0.5 Losses DMW (0.8) Asset Rotation 9M25 +14% YoY S. America Europe, N. America & APAC Higher MW Ops. across all regions, but mainly in US, BR, IT & SP NA: US & Canada EU: Italy, Poland & France Lower electricity losses YoY Renewable resource at 96% (vs. 98% in 9M24) mainly impacted by low resource during the 1Q and 3Q TWh
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222222 2025E 9M25 Capacity Additions ~2 GW 0.7 GW ~70% to be concentrated in the 4Q25 Recurring EBITDA ~€1.9 Bn ~€0.1 Bn of AR gains €1.4 Bn Net Debt ~€8 Bn ~€1.8 Bn Asset Rotation Proceeds ~€1 Bn Tax Equity Proceeds €9 Bn proceeds to be concentrated in 4Q25 EDPR on track to achieve 2025E guidance Note: 2025E EUR/USD 1.13 assumption (vs. 1.12 avg. in 9M25)
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IR Contacts E-mail: ir@edp.com Phone +351 210 012 834 Site: www.edp.com