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21H25 | 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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31H25 | Results Presentation Strong 1H25 results: Net Profit underlying +27%, underscoring the value of resilient electricity networks, integrated business in Iberia and solid RES delivery Integrated business in Iberia supported by structural increase of demand for flex. Gen. and hydro volumes above average 1H25 Main Highlights 1H25 Financial Performance Wind & Solar underlying1 EBITDA +20% YoY, supported by new capacity added in 4Q24 Immaterial AR gains in 1H25 (€9m in 1H25 vs. €243m in 1H24) Resilient underlying electricity networks performance (+6% exc. gains and Forex) €2.6 Bn EBITDA €752m Net Profit -3% YoY +7% YoY +27% YoY Underlying1 -3% YoY YoYRecurring (1) Excluding asset rotation gains
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41H25 | Results Presentation Iberia: Continuous increase in flexgen demand and need for increased investment in electricity networks In parallel with a reinforced need of continued investments in grids in Iberia Ancillary services and restrictions component included in final electricity price in Spain, €/MWh1 5 7 13 18 1H15 1H20 1H24 1H25 Increasing weight of ancillary services revenues reflecting the importance of Flexgen €700m in grants for energy storage projects in Spain, supporting stand-alone, thermal, pumped hydro, and hybrid systems: bids submitted in July ‘25 Spain’s new capacity mechanism with competitive auctions aligned with EU state aid rules currently under public consultation Need for modernization and digitalization of electricity networks infrastructure (e.g. 45% of Portuguese transformers are >40y old) Strong renewable energy potential leading to an increased weight of intermittent technologies Increasing electricity demand, fueled by electrification across industry, heating, and mobility and development of data centers and green hydrogen projects +18% RES connected to the grid 1H25 vs. 1H232 +126% E-mobility - related supply points 1H25 vs. 1H232 +3% Electricity distributed 1H25 vs. 1H242 (1) Source: REE (2) Metrics for EDP’s distributor companies
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51H25 | Results Presentation EDP has 5.5 GW of hydro installed capacity in Iberia: 1H25 marked by strong hydro resources that contributed to the strengthening of reservoir levels Hydro resources in Iberia +41% vs. average in 1H25 Hydro volumes Iberia (TWh) 0.1 6.8 1H24 0.8 6.2 1H25 Reservoirs Net Generation2 6.9 7.0 100 20 40 60 80 Jan DecJulMayMar Reservoir levels in Portugal (%) Sep Nov 20251 2024 Avg. 2014-2022 Range 2014-2022 Hydro reservoirs ~83% in July 2025, +20p.p. vs. early ‘25 and +20 p.p. vs. historical average Strong rainfall in 1H25 fostered the recovery of hydro reservoir levels Hydro resources PT vs. LT average (1) Reservoir levels until 29th July, 2025. Levels as of 30th June: 87% (2) Net of pumping ~60% Jan. ‘25 62 +41% 39 +33% Spain pool price, €/MWh Expected net generation ~4 TWh 7090 Contracted price, €/MWh ~88% Mar. ‘25 ~83% Jul. ‘25
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61H25 | Results Presentation EBITDA for the integrated segment in Iberia at upper level of guidance for 2025, supported by strong performance in 1H25 EBITDA 2025E integrated business in Iberia Key drivers Exceptional Q1 with normalization in 2Q-4Q; 3Q seasonally lower hydro volumes Higher sourcing costs in 2H25 following lower weight of hydro in generation mix Costs with ancillary services in supply business Spanish future power baseload forward prices in 2H25 >€70/MWh 0.5 1Q25 0.3 2Q25 3Q25 4Q25 ~€1.2 Bn 2025E € Bn 1H25: €0.8 Bn ~80% Margin locked-in vs. €1.1-1.2 Bn Previous guidance
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71H25 | Results Presentation Return should converge with EU countries to support the additional investment required for the energy transition Shift to TOTEX model starting in 2029: phased transition from 2026 to 2028 Electricity networks Iberia: supportive regulatory framework/return is necessary to foster much needed investment Public consultation launched in Spain, proposing a 6.46% return and shift of net RAB to TOTEX model 4Q25: Regulator approval on remuneration framework and new investment limits1,2 (1) 26-28 investment plan submitted to regulators on April 30th (after favorable opinion from Reg. Governments) respecting curre nt investment caps. In parallel, EDP has proposed a plan with a significant increase in 26-28 (beyond current caps), following its response to the Ministry Public Consultation of Jun/24; (2) EDP expected date for approval / further visibility expected in 3Q/4Q’25; (3) Including remuneration rates for electricity distribution in Italy, Northen Ireland, Sweden and Denmark adjusted for the Spanish risk -free rate, tax rate and leverage – source: Nera (4) Source: ERSE; Accumulated nominal 2025-30 increase, according to Regulator opinion (Link: parecer-à-proposta-de-pdird-e-2024.pdf) 4th/7th Aug‘25: Deadline for comments on remuneration rate / remuneration model Electricity networks regulatory return 2020 -2025 Preliminary proposal 2026-31 European average3 5.58% 6.46% >7% Returns should increase in Portugal to support assets’ modernization and digitalization Next steps Proposal for +50% increase in HV-MV investments in 2026-30 with favorable opinion by the regulator, subject to new regulatory framework/return 2022 -2025 European average3 5.42% >7% Electricity networks regulatory return 4Q25: Investment Plan approval by the government and release on final decision on ERSE’s proposal on 15th December 15th October: ERSE’s proposal for regulated revenues for ‘26 and regulatory assumptions for 2026-29 Next steps Proposed plan with limited impact on end-user electricity prices (+0.7%)4 in accumulated terms
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81H25 | Results Presentation Positive regulatory developments in electricity distribution in Brazil: 30Y concession extension for EDP ES already signed, tariff review in Aug-25 30-year concession extension (extended until July 2055) No upfront financial burden and contract including quality, efficiency and financial metrics standards: EDP concessions’ metrics complying regulator’s criteria EDP São Paulo concession expected to be extended from 2028 to 2058 under the same terms Concession extension contract signed for EDP Espírito Santo in July-2025 Tariff review for EDP Espírito Santo to take place in August 2025: new regulatory period 2025-30 R$ 3.3 Bn investment in electricity distribution in Brazil in 2025-26 Preliminary regulatory parameters in public consultation for EDP ES Net RAB, R$ BnRoRAB, % Current regulatory period New regulatory period 7.15% 8.03% +0.88 p.p. 3.8 5.5 Current regulatory period New regulatory period +46% Regulatory period extended from 3 to 5 years
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91H25 | Results Presentation Wind & Solar capacity additions: 2025 on time and on budget and high visibility for 2026; AR execution on track to reach targeted proceeds High visibility on asset rotation for 2025Wind & Solar capacity additions 2025-26 2025E Closed Signed Under binding bids EV/ MW €m 1.41.61.6 100% 49% 100% 100% 49/100% Wind & Solar AR proceeds € Bn Expected ~€0.1 Bn AR gains; Proceeds concentrated in 2H25 Asset rotation of Lot 21 closed: 435 Km, EV @ €0.4 Bn €0.1 Bn proceeds recorded in 2Q25 and the remainder in 2024 2025 capacity additions on track: ~2GW of which 70% planned for 4Q25 2026: Up to 1.5 GW capacity additions of which ~65% secured ~25% ~20% ~10% ~10% ~35% Capacity Secured & Under Negotiation with 2026 COD GW, % ~65% Secured Capacity Under Advanced Negotiation ~40% ~25% ~15% ~20% ~1.5 GW 270 bps IRR-WACC 1.0 0.2 0.2 0.2 ~1.3 0.1 ~2
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101H25 | Results Presentation Accelerating OPEX efficiency with continuous efforts in organizational streamlining and digital transformation Opex recurring1 Focusing on increasing efficiency through a leaner organization and digital transformation 1H23 1H24 1H25 0.97 0.96 0.93 € Bn (1) One-offs as of 1H25: €5m of HR restructuring and as of 1H24: €1m from HR restructuring (2) Inflation weighted by OPEX for Portugal, Spain, US and Brazil Inflation 12m2 +3% Nominal Streamlined workforce structure through internal restructuring, aligned with the company’s focused growth Employees #k 12.312.9 -5% Ex-Forex -1% 13.3 -4% -3% AI-driven initiatives focusing on improving efficiency in O&M operations, decision-making, and customer experience Centralized procurement and lean O&M strategies OPEX/ gross profit 24%26%26% -8% 1H23 vs. 1H25
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111H25 | Results Presentation Improved 2025 guidance Wind & Solar €1.9 Bn EBITDA including asset rotation gains expected ~€100m for 2H25 Electricity networks: underlying business growth driven by increasing electricity consumption and inflation update on revenues Integrated business in Iberia EBITDA guidance upgraded to €1.2 Bn, based on above average hydro generation and demand for flexgen services. ~€1.2-1.3 Bn ~€4.8-4.9 Bn Assuming ~€2 Bn AR proceeds, ~€1 Bn tax equity proceeds Strategic update to be provided at the Capital Markets Day on 6th November 2025 ~€16 Bn Recurring Net Profit Recurring EBITDA Net Debt
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1H25 Results
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131H25 | Results Presentation Underlying EBITDA of €2.6 Bn, +7% YoY, backed improved EDPR performance and resilient integrated business and electricity networks Recurring EBITDA1 ,€m YoY growth, % ∆ YoY • Integrated business in Iberia YoY comparison impacted by low gas sourcing costs in 1H24 • Brazil including €71m transmission asset rotation gain in 1H24 vs. no gain in 1H25 • Exc. AR gains flat YoY -€95m Brazil +€23m Iberia • €12m gains in 1H25 vs. €171m in 1H24 • Exc. AR gains +€159m YoY -€30m Hydro, Clients and EM EDPR Flat 838 1,847 765 1,806 -15 1H24 27 1H25 Renewables, Clients & EM Networks Other/adjust 2,670 2,598 -3% (1) Non-recurring adjustments: In 1H25 -€17m, from HR restructuring (-€5m) and from OW US, primarily due to a contract cancellation with the South Coast Wind project’s equipment supplier following negotiations (-€11m). In 1H24: €20m, related to the gain from the Completion of CEM Macau disposal (+€21m) and HR restructuring (-€1m). (2) Excluding asset rotation gains 29% 70% % Weight on EBITDA -41m -72m Underlying2 +7% Ex-FX and AR +9%
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141H25 | Results Presentation 790 783 97 75 1H24 1H25 Brazil Iberia & Other 887 858 -3% Gen. & Supply EBITDA -3%: hydro resources contributing to improved hydro reservoirs and higher gas sourcing costs Hydro, Clients & EM Recurring EBITDA €m YoY growth, % 1H251H24Iberia YoY Hydro Generation, TWh 7.8 7.3 -6% ∆ YoY -7m Electricity spot price, OMIE €/MWh 39 62 58% -23m Pumping generation, TWh 1.0 1.1 +13% CCGT generation, TWh 0.6 3.0 - Ex-FX -2%
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151H25 | Results Presentation 1H251H24 YoY Electricity Networks Recurring EBITDA €m YoY growth, % 327 303 172 189 267 273 71 1H24 1H25 AR gain Portugal Spain Brazil exc. AR gain 838 765 -9% Electricity distributed, TWh +6m +17m -24m ∆ YoY 332 385 Iberia Brazil Electricity Networks EBITDA ex-FX and AR gains +6% YoY, reflecting inflation update and RAB growth in Iberia and consumption growth in Brazil Transmission EBITDA underlying, BRLm 14.9 15.1 2% 16% Underlying1 0% Electricity Distributed, TWh 29.8 30.7 +3% 1,463 1,544Distribution EBITDA, BRLm 6% Supply points, # +1%7.9 8.0Ex-FX & AR +6% Ex-FX & AR +7% (1) Excluding asset rotation gains
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161H25 | Results Presentation Electricity Generation, TWh Installed Capacity1, GW Prod. deviation vs. exp. LT Gross Capacity Factor, % p.p. Wind & Solar Recurring EBITDA €m YoY growth, % Avg. Selling price, €/MWh 16.6 19.6 +18% 0% -1% -1.8 18.9 21.2 12% 60.1 54.9 -9% Wind & Solar EBITDA ex-Gains +20% YoY, reflecting generation step up, after 2024 record capacity additions ∆ YoY +159m 789 948 171 1H24 12 1H25 AR gains Wind & Solar Exc. AR gains 960 960 0% 1H251H24 YoY (1) EBITDA + Equity MW (2) Excluding asset rotation gains Underlying2 +20% -159m Ex-FX & AR +21%
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171H25 | Results Presentation Net Financial Costs1 €m Financial costs increasing mostly on the back of higher average debt, higher interest rates for BRL and lower capitalizations Avg. nominal debt by currency % 4.8%4.6%Avg. Cost of Debt 6 % 13 % 14 % 22 % 58 % 1H24 67 % 14 % 6 % 1H25 EUR USD BRL OtherOf which 5% Singaporean dollars 33% 67% 1H24 31% 69% 1H25 BRL EUR, USD & Other 443 470 +6% 3.3%3.3% Avg. Cost of Debt exc. Brazil €750m issuance in May 2025, final maturity date in May 2055 @4.5% coupon Recent financing (1) Excluding non-recurring impact of liability management amounting to €17m in 1H24
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181H25 | Results Presentation 15.6 17.2 1.9 2024 Organic CF Dividend payment Net cash investments 0.6 Regulatory Receivables 0.1 FX and Other 1H25 Net Debt 2025E 1.5 0.8 ~16 Bn Net debt increase reflecting annual dividend payment in 2Q25 and investment execution with AR and tax equity proceeds skewed to 2H25 Net Debt/EBITDA(1) Change in Net Debt € Bn 3.8x3.5x FFO/Net Debt(2) 19.5%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 €2.1 Bn Cash capex (of which €1.7 Bn consolidated capex and €0.4 Bn from net payments reflected in changes in working capital to PP&E suppliers), offset by €0.2 Bn AR proceeds and €0.1 Bn Tax Equity Proceeds Assuming ~€2 Bn asset rotation proceeds and ~€1 Bn TEI proceeds to be cashed-in until year-end 1.0 0.8 1.95 0.4 01H24, € Bn
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191H25 | Results Presentation Recurring Net Profit underlying +27% YoY backed by improved performance on Wind & Solar and resilient electricity networks and integrated business Recurring Net Profit1 Recurring Net Profit €m €mΔ YoY 2,598 1,677 752 330 125 EBITDA -922D&A and Provisions EBIT -470Net Financial Costs Income Taxes(2) Non-controlling interests Net Profit -72 -64 -135 -26 +81 +57 -23 -13 762m -43 709m Non-recurring items 1 Reported Net Profit 591 184 1H24 752 1H25 775 752 -3% -7% (1) Adjustments and non-recurring items impact at net profit level: In 1H25 -€43m, associated with the following one-offs: (i) HR restructuring costs (-€3m), (ii) OW US, primarily due to contract cancellation with South Coast Wind project's equipment supplier following negotiations (-€8m) and (iii) accelerated depreciation of Meadow Lake IV repowering wind onshore project and an impairment related to a portion of outdated equipment not planned to use in future projects (-€31m). In 1H24 -€13m, associated with one-offs: (i) -€13m liability management cost, (ii) +€1m from CEM Macau gain and (iii) -€1m from HR restructuring. (2) Includes CESE AR gains Net Profit Exc. AR gains Ex-AR gains +27%
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Closing remarks
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211H25 | Results Presentation Closing remarks Strong 1H25 results, with underlying EBITDA +7% YoY, underlying net profit up +27% YoY and Organic cash flow +€0.4 Bn YoY, showing a clear improvement on operational performance, driven by solid Wind & Solar delivery, resilient electricity networks, and a solid integrated business in Iberia. Electricity networks with key regulatory milestones in 2025: Public consultation underway for new remuneration framework and return on investment in Spain. In Iberia, modernization and digitalization remain key, and improvement of returns is required to foster investment. In Brazil, 30-year concession extension for EDP Espírito Santo signed, with tariff review in Aug-25. Improved outlook for integrated business Iberia: reservoir levels at historical highs (~83% in July), high weight of locked-in margin, and growing demand for flexibility and ancillary services seen as a structural change in the market. 2025 guidance upgraded supported by solid underlying performance in all business segments: 2025 guidance for EBITDA in ~€4.8-4.9 Bn, Net Profit at ~€1.2-1.3 Bn and Net Debt at ~€16 Bn. Capital Markets Day to be held on November 6th 2025, providing a strategic update post 2026.
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Q&A
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IR Contacts E-mail: ir@edp.com Phone +351 210 012 834 Site: www.edp.com