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222 Disclaimer This document has been prepared by EDP Renewables, 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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333 Recurring Core Opex -2% YoY reflecting focus on efficiency Solid underlying performance and higher asset rotation gains driving EBITDA and net profit growth 1H26 Main Highlights Financial Performance €1,033m EBITDA €183m Net Profit 1H26 Recurring figures +8% YoY +33% YoY Avg. selling price at €52/ MWh (ex-Forex, -2% YoY), higher in US and lower in Europe Gross additions +1.8 GW YoY to 20.5 GW installed capacity and 2 asset rotations transactions signed (Italy and US) +12% ex-Forex +43% ex-Forex Generation +4% YoY to 22.1 TWh following capacity additions Disposal of EDPR Brazilian operations to EDP for €1.5bn (closing in 4Q26); EBITDA in A-rated countries up from ~90% to >95% USD vs. EUR: -7% YoY 1. Core OPEX includes Supplies & Services and Personnel Costs.
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444 1. Source: U.S. Energy Information Administration, July 2026 Short Term Energy Outlook | 2. Avg, point of Lazard´s Levelized Cost of Energy Analysis from Jul-2026 including fiscal incentives for Wind Onshore, Solar PV (blended ITC and PTC) a nd Solar + BESS. Nuclear reflects midpoint LCOE under PTC sensitivity for illustrative nuclear SMR, excluding Bonus Adder. CCGT is an illustrative high case reflecting elevated capital costs ($2,400/kW – $2,600/kW) based on market quotes for CCGT projects in early stages of development with post-2028 COD | 3. Source: Internal Analysis US power demand +200 TWh in 2026-27, to be ~90% covered by new solar & wind US power demand / generation growth forecast 2027 vs. 2025 - U.S. Energy Information Administration, July 2026 Short Term Energy Outlook1 TWh Wind, Solar & BESS remain the leading solution to meet rising US electricity demand Wind & Solar: The cheapest and fastest technologies to build new power generation capacity in US Levelized cost of energy comparison – Lazard Report Jul-262 203 87 Power demand growth 129 Solar 55 Wind Solar + wind Coal & Other Natural gas 12 Nuclear 9 Hydro 185 -90 +2.3% CAGR 2025-27 46 50 89 107 180 Wind Onshore Solar PV Solar + BESS CCGT Nuclear $/MWh 1-3y1-3y 1-3y 5-8y >9y Time to market, years3
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555 Sound commercial traction in US under selective investment criteria, recent Asset rotation showcases a new vintage of projects 1. Average solar PPA price, weighted by capacity contracted (2) Unleveraged project IRR Economics of new asset rotation in the US reflect selective risk/ return investment criteria and seamless project execution Solar+BESS co-located project – 384 MW (FID Aug-25, AR announced Jul-26) EDPR Projects Secured in US since "One Big Beautiful Bill" approval on 4th of July 2025 2 B&T transactions – 325 MW (COD in 2028) EV/ MW implicit in Asset rotation Transactions (for 100% of the projects) $m 290 bps IRR-WACC (vs. >250 bps target); ~90% contracted NPV (vs. >60% target) 70% 5% 25% 1.5 GW 9 deals secured ~$65/ MWh avg. PPA price1 ~10% avg. IRRp2 Que tal si ponemos lo de los offtakers asi? 1.8 2.1 +17% 0.4 GW 80% GW % sold 1.6 GW 49% ~40% AR gain/ Invested Capital vs. >15% target 2025 transaction Jul-26 transaction 7 PPAs, of which 2 Build & Transfer transactions
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666 1, Source: LevelTen Jul-21 -2026 Report Despite the recent increase in avg. PPA prices, wind & solar continue to be the most competitive generation additions Domestic-content procurement strategy with diversified supplier base to enhance resilience Optionality value on existing assets Life extension or repowering with tax credits renewal, lower CAPEX and repricing potential (0.6 GW marketing stage) ~2 GW of powered land for Data Centres (1.4 GW with good visibility, mainly ERCOT, MISO & SPP) >20 GW pipeline ~50% in MISO and PJM ~1 GW of PPAs under commercial discussions EDPR is well positioned to capture new value-enhancing growth opportunities while maintaining strict risk-return discipline ~6 GW safe harbor Wind & Solar 2025-30 CODs Advancing commercial agreements for 2027–28 and building a diversified set of opportunities for beyond 2028 20 30 40 50 60 70 80 85 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 2Q 4Q 1Q Blended 83.79 72.60 61.402Q PPA price evolution – Market Data1 ($/MWh) 2018 2019 2020 2021 2022 2023 2024 2025 2026
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777 Long term remuneration schemes for renewables & BESS to accelerate energy transition & independence in Europe Member States’ auctions increasing in scale and scope Solar PV & onshore wind auctions in 2026–27; Italy’s Europe's largest BESS procurement (72 GWh, 15y contracts) EU Electrification Action Plan presented on 17th July, fostering substantial increase in renewables demand EDPR well positioned to capture market opportunities, including hybridisation and storage integration First national storage auction on 14th Sep-26: 750 MW standalone BESS and 300 MW of renewable + storage Technology-neutral capacity market for generation, BESS, demand response approved by the EC in May-26 Progressive phase-out of 7% generation tax Greater focus on flexible and hybrid solutions: 200 GW of storage by 2030 (vs. ~55 GW today) Electricity's share of final energy consumption indicative target: 46% in 2040 vs. 23% today Wind project +Solar PV +BESS Hybrid project 71 MW Start operations Co-Located +12 MW Solar PV Cable pooling +60 MW Solar PV +60 MW BESS NPV0 NPV1 Illustrative example: Hybrid project w/ BESS – Budzyn Wind project - Poland EDPR’s portfolio in Europe ~1 GW of PPAs under commercial discussions ~15 GW pipeline in core growth markets (hybrids, CFD auctions)
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888 Asset rotation 2026 execution with significant recovery of gains, disposals focused on Brazilian operations 2 asset rotation transactions signed at historically good multiples and AR gains Disposal of Brazilian operations : Earnings enhancing, reinforcing A-rated countries weight, lowering leverage EDPR EBITDA 2027 Post vs. Pre-transaction EDPR Net Income 2027 Post vs. Pre-transaction -€0.1 Bn +€20m Transaction EV 100% €1.5 Bn Signed in May, closing expected in 4Q26 Transaction scope, MW 1.7 GW A-Rated markets weight on EBITDA up from 90% to >95% (US >70%; Europe ~20%) >40% AR gains/Invested Capital on signed transactions 68 MW 100% Total MW % sold EV @100%, €bn Proceeds to be concentrated in 2H26; other transactions in the pipeline, expected to be closed in 2H26/ 1H27 0.15 0.7 0.9 384 MW 80% EV/MW (€m) 1.82.2 1.9 454 MW 100%
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999 2026 guidance Upgrade of 2026 guidance supported by improved asset rotation gains visibility; Advanced delivery of 2026-28 targeted additions 2026-28: ~70% of ~5 GW target additions already secured ~5% ~5% ~30% ~60% Secured Capacity 2026-28 3.4 GWAPAC 73% 22% 5% 42% 18% 45% Offshore 285 bps IRR-WACC Europe North America Capacity Additions ~1.5 GW Electricity Generation High single digit increase in generation vs. 2025 Recurring EBITDA ~€2.2-2.3bn ~€0.3bn of AR gains
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101010 Financial Results
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111111 +4% +4% +16% +1% 22% 78% 1H25 +0.1 GCF (0.1) Losses +1.4 MW (0.4) Asset Rotation 25% 75% 1H26 21.2 22.1 Generation up 4%YoY, driven by capacity additions and partially offset by asset rotation activity Electricity Generation YoY (TWh) Generation +4% YoY to 22.1 TWh, driven by capacity additions and partially offset by asset rotation activity +0.9 GW change in installed capacity, from +1.8 GW gross additions and -0.9 GW asset rotation YoY Solar Wind 1,6 1H25 0.1 (0.9) 1H26 19.6 20.5 EBITDA Net Equity Asset Rotation/Decom. Installed Capacity YoY (EBITDA + Net Equity GW) 1. AR/Decom. includes 43 MWs decommissioned, mostly in US 2025 Europe AR dealsHigher MW Ops. across all regions, mainly US, Brazil, Italy and France1 YoY
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121212 Electricity Sales1 (€m) Electricity Sales -2% YoY with +4% growth in generation offset by declining prices in Europe and lower USD 1. Difference between total and platforms belongs to Corporate Holding 64 76 57 67 475 414 567 587 1H25 1H26 1,162 1,143 North America +€20m (+€64m ex-forex impact) South America +€10m Europe -€61m APAC +€12m 1H261H25 YoY Installed Capacity GW Avg. Selling Price €/MWh North America $/MWh Europe €/MWh Renewable Index Generation % Electricity Generation TWh North America TWh Europe TWh 19.6 99% 98% -1pp 21.2 12.7 5.8 54.9 48.6 82.4 +2% -2% ex-Forex 20.5 +4% 22.1 +4% 13.7 +7% 5.7 -2% 51.8 -6% 50.1 +3% 73.3 -11% ex-Forex -2% YoY
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131313 -2% -3% Inflation and FX adjusted2 27% Recurring Core OPEX decreasing 2% YoY, on the back of efficiency measures in place 1. Core OPEX includes Supplies & Services and Personnel Costs. One-offs of HR restructuring, as of 1H26: €1m and as of 1H25: €1m | 2. Inflation weighted by OPEX for Portugal, Spain, US and Brazil and FX impact in the period | 3. Adjusted by offshore costs (mainly cross-charged to projects’ SPVs), service fees, and one-offs Recurring Core OPEX1 (€m) Strategy focused on efficient operations Lean workforce model achieved via internal reorganization aligned with revised growth outlook Unlocking value and efficiency of existing assets through life extension, repowering and co-location Operating turbines from tier-one OEM suppliers supported by a value-driven asset management and O&M strategy diversified and tailored approach to contracting model for added efficiency and flexibility 381 383 376 1H24 1H25 1H26 -2% Nominal -1% OPEX/ gross profit Adjusted3 Core OPEX/ Avg. MW (€k) -5%-12% Scaling digital and AI across the Group contributing to improved productivity 31% 47 42 40 27% -0.1pp
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141414 From new ITCs with +0.8 GW YoY North America installed capacity Efficiency efforts 73% EBITDA margin +6pp YoY and Adj. Core OPEX per avg. MW €40k -5% YoY RoW Recurring EBITDA +8% (+12% ex-Forex) supported by portfolio expansion (mainly in US) and higher asset rotation gains 1. Other Costs Net includes non-cash allocated accounting, Other operating income, Other operating costs, Share of Profits from Associates and one-offs Recurring EBITDA Drivers (€m) YoY ex-Forex -2% +8% Lower prices -6% YoY partially offset by increase in generation +4% YoY YoY +2% +12% 62% 29% 10% +7% (+14% in local currency) -4% 1 143 261 Electricity Sales Tax Equity Revenues (376) Recurring Core OPEX 66 AR gains (61) Other Costs (net) North America Europe RoW & Other Recurring EBITDA 1,033 -€19m +€42m -€7m +€54m +€73m-€10m Mostly from Italian portfolio
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151515 Financial Results in line YoY, with lower cost of debt offset by lower capitalized financial expenses 1. Includes institutional partnerships costs along with Forex, Derivatives and Others Financial Results (€m) Debt by currency & type (%) 12% 2026 2% 2027 14% 2028 14% 2029 57% >2029 EDP Group Third Parties Debt by maturity & counterparty (%) 15% 85% Variable Fixed 66% 24% 10% EUR USD Other Avg. Cost of Debt (%) Avg. Net Debt (€bn) 58 35 186 +19 209 1H25 (15) Net Interest Costs Capitalized Financial Expenses (4) Other Costs (Net)1 1H26 244 244 -€1m EUR, USD, Other BRL 92% with EDP Group 8.9 4.6% 8.4 4.5% -0.1pp -€0.5bn YoY
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161616 +1,2 Net Debt Dec-25 -0.2 Organic Cash Flow Gross Investments -0.6 AR, TEI & Other +0.1 Forex Net Debt Jun-26 8.1 8.7 1. Includes Payment of Lease Liabilities and other. Net Debt Change Dec-25 to Jun-26 (€bn) +€0.6bn YTD -€0.3bn YoY Net debt 1H26 impacted by growth investments; Asset rotation, tax equity and Brazil disposal proceeds to be more concentrated in 2H26 Net Expansion Investments €0.7bn Capex €0.5bn Financial Investments €0.3bn AR Greece in 1Q26
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171717 93 132 117 66 5 1H25 1H26 137 183 Recurring net profit +33% YoY (+43% ex-forex) with increase in EBITDA partially offset by higher D&A given growth YoY Reported Net Profit2 1 033 572 183 Rec. EBITDA (462)D&A1 EBIT (243)Financial Results (65)Taxes (81)Minorities Rec. Net Profit +€73m Underlying Net Profit (ex-AR gains) Asset Rotation gains Lower cost of debt offset by lower capitalizations Impacted by US asset rotation transaction in 2025 On the back of capacity additions 1H26 Recurring EBITDA to Recurring Net Profit (€m) Recurring Net Profit (€m) +43% ex-Forex +33% 1. D&A includes Provisions, Depreciation & Amortisation and Amortisation of deferred income (government grants) | 2. 1H25 non -recurring item related to the accelerated depreciation of Meadow Lake IV wind project in the US. 1H26:Net impact in Vietnam (-€26m) and net impact from US accelerated depreciation and other adjustments and impairments (+€27m) (€17m) +€1m +€13m (€25m) +€46m 184 +€57m +1% Underlying Ex-Forex +2x Recurring effective tax rate ~20%
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Closing Remarks
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191919 On track to deliver 2026-2028 business plan with improving visibility post 2028 Capacity additions: 1.9 GW secured + 2 GW under commercial discussions (80% of 2027 target secured) Upward move of forward electricity prices in US & Europe since Nov-25 Disposal of Brazil with positive impact of ~€20m on 2027 net profit, €1.5bn lower net debt 1.5 GW capacity additions on track, OPEX –2% YoY in 1H26 2 asset rotation transactions announced: AR gains guidance upgraded to €0.3bn EBITDA guidance upgrade: €2.2bn to €2.3bn 2026 Outperformance delivery vs. CMD 2027-28 Positive Outlook Post 2028 Emerging Opportunities Low-to-mid single digit electricity demand growth (US, Europe, Data Centres, EVs) Renewables & BESS as the most competitive generation with timely delivery (growing public support) Additional opportunities: Wind repowering, BESS, hybridization, PPAs repricing, DCs powered land EDPR plans to update the market on post 2028 outlook by 2Q27
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Q&A
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Annex
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222222 ESG performance highlights in 1H26 Expanded waste reporting scope to include construction & dismantling phases, improving waste recovery rate EDPR now reports waste generated from the full asset life cycle, resulting in a +32pp YoY increase in total waste recovered Continued improvement in safety performance supported by the ongoing PlayItSafe program Second wave of our global safety program is ongoing, focusing on reinforcing leadership routines around work planning & contractors' supervision, and the application of Life Saving Rules ESG recognitions 1H25 1H26 Total waste recovered (%) Operation Construction & dismantling No fatal accidents in 2024, 2025 and 1H26 No Serious Injuries and Fatalities (SIF) accidents recorded in 1H26 (~300 days elapsed since the last SIF accident) Number of accidents decreased -38% YoY, and consequent days lost decreased -23% YoY 62% 94%
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232323 Upcoming roadshows September October 1st Mizuho Asian Investor Conference (Tokyo) 6th Iberian Digital Forum (Virtual) 15th Roadshow (Milan) November 11th UBS European Conference (London) 12th Roadshow (London) 10-11th EEI Conference (Phoenix) 17th Roadshow (Warsaw) 24th Roadshow (Singapore) 25-26th Santander Conference (Sydney) 1st Deutsche Bank Virtual Back to School (Virtual) 2nd Goldman Sachs Utilities Virtual Back to School Day (Virtual) 3rd BNP 15th Utilities trip (Madrid) 4th Citi Annual European Utilities Trip 2026 ( Madrid) 7th Virtual Roadshow (France) 8th Jefferies Utilities & Clean Energy Webinar (Virtual) 9th Bernstein Strategic Decisions Conference (London) 15th Morgan Stanley European Utilities & Energy Summit (London) 17th CaixaBank XXIII Iberian Conference (Madrid) 17th BNP Paribas Exane ESG Conference (Paris) 18th Virtual Roadshow (Benelux) 21-22nd Roadshow (New York)
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IR Contacts EDPR Online E-mail: ir@edpr.com Phone: +34 900 830 004 Parque Empresarial ADEQUA Avda. de Burgos, 89 EDIF 1 MOD A-B 28050, Madrid - Spain Site: www.edpr-investors.com Link Reports & Presentations