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22025 | 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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32025 | Results Presentation Key financial metrics ~€16 Bn ~1.2 Bn Guidance Nov-25 ~4.9 Bn €15.4 Bn €1.3 Bn 2025 €5.0 Bn Net Debt Recurring Net Profit Recurring EBITDA -1% -8% 2025 vs. 2024 ΔYoY +1% Upside vs. guidance backed by strong FlexGen & Clients performance on higher Hydro Volumes in 4Q25 Highlights Net Debt outperforming guidance following higher operational cashflow generation 2025 results outperforming guidance, backed by portfolio diversification 19%21%FFO/Net Debt -0.6 p.p. Dividend/ share1 €0.205 €0.20 (1) Annual dividend on 2025 results to be paid in May ’26 - subject to general shareholders meeting approval Annual dividend of €0.205/share to be paid in 2026, +2.5% vs. guidance +2.5% EBITDA YoY +1% following improved performance at EDPR, on higher generation
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42025 | Results Presentation FlexGen & Clients: structural shift on flexibility value and strong hydro resources in 2025 and 2026 YTD leading to historically high reservoir levels Higher capture rates for dispatchable technologies reflect increasing value of FlexGen 100 40 60 80 Jan DecJulMayMar Reservoir levels in Portugal (%) Sep Nov 20261 2025 Avg. 2014-2022 Range 2014-2022 Hydro production Index in Portugal in 2026: YTD +2x vs. avg. following heavy storms in Portugal Abnormally low pool prices and higher costs with ancillary services in Feb-26: PT Pool price Jan-26 @€71/MWh; @€8/MWh MTD Hydro reservoir levels at historical highs at 96%, following significant rainfall in early 26 (1) Reservoir levels until 25th February 2026 (2) Net of pumping ~76% Jan. ‘26 +75% ~96% Feb. ‘26 2.3 TWh (+24% YoY) volumes Spread / baseload +21% 9.7 TWh (-2% YoY) 2 Premium / baseload Capture Rate of generators by fuel type in Spain, % Source: IEA 2026 report 50% 70% 90% 110% 130% 150% 2018 2020 2022 2024 Natural Gas Hydro Reservoir Hydro Run-of-river Wind Onshore Solar 2025 EDP’s figures Hydro Pumping Hydro Net Generation
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52025 | Results Presentation Severe storms in Portugal (Jan-Feb 2026): Rapid response and community support Immediate operational response supported by preventive measures and real-time monitoring… …together with an impactful support to the communities and our clients +2,400 On-site workers ~€80m expected investment to rebuild damaged infrastructure, partially supported by insurance, implying higher replacement CAPEX and 2026 OPEX costs 96.5% of affected customers reconnected in one week Exceptional rainfall continuously monitored with advanced hydrological models Coordinated Dam management with environmental authorities o mitigate flood impact Electricity Networks’ teams fully mobilized to reestablish power supply Client support Payments & invoicing Support to solar DG reinstallations Emergency support delivered to affected communities >90 tones of materials (sand, roofing tiles, tarpaulins) to protect homes and support recovery Starlink devices, power banks and electricity generators distributed to restore communication and ensure power access in isolated areas Ongoing coordination with municipal and regional partners for volunteer action 6,000km Grid affected and 5,800 damaged towers (HV, MV, LV)
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62025 | Results Presentation EDP is stepping up investment in Iberian electricity networks, with new supportive regulatory frameworks until 2029/31 Gross investments, 2026-30 Ramp up in investment levels on electricity networks in Iberia to meet pressing needs of the system… 1. Nominal pre-tax | 2. Investments executed in 2024 and 2025 are also exempt from CESE payment, although being subject to the a ssessment of Agência Portuguesa do Ambiente and alignment with European taxonomy 1.8 0.8 2021-25 3.0 1.1 2026-30 2.6 4.1 +58% RoR1 6.70% Regulatory period 2026-29 Supported by high visibility on investment returns in Distribution, with regulatory frameworks closed in 2025 No extraordinary tax on new Energy Transition related investments from January 1st, 2026, onwards2 > €500m Investment in grid resilience in Iberia +66% +40% Potential add-ons on RoR1 +100 – 150 bps 6.58%2026-31 +200 – 250 bps Corporate income tax expected to decrease by 1%/year, to 27.5% in 2028 Taxes and levies in Portugal
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72025 | Results Presentation Iberian networks underlying EBITDA with strong 18% growth until 2028 and growth visibility post 2028 0.38 0.55 EBITDA 2025 CMD Normalization adjustments 0.38 0.51 EBITDA 2025 Normalized Supportive regulatory framework 0.42 0.64 EBITDA 2028 post final terms 0.93 0.89 1.05 +18% EBITDA growth - from underlying 2025 to 2028 updated with final terms €Bn EBITDA 2030 Legacy revenues ending in 2026 in Portugal ~€40m Growth visibility supported by approved returns and investment plans Improvement vs. initial proposals mostly due to improved regulatory framework in Portugal and RAB increase
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82025 | Results Presentation Iberia emerging as structural growth market within Europe Power demand growth in 2025 vs. 20241 2025: Portugal and Spain with electricity demand outperforming other European countries -0.7% 3.6% 2.8% 2.8% 0.9% 0.0% +3.6% +0.5%+4.1%+3.7% -1.2% +4x +3x+4x+5x +2x EVs sales 2020-253 Population 2020-252 1. Source: Montel EQ ; Portugal figure relates to EDP’s electricity distribution activity | 2.Source: Eurostat | 3. Source: L ocal reports | 4. Source: Ember, Wood Mackenzie +3.5% +5x 2026-2030: Growth expected to persist, supported by electrification of transport, industry and DC demand +7.9% electricity demand Jan-26 in Portugal, +4.8% in Spain Electricity demand growth in Iberia supported by >18 GW data center projects pipeline +2% CAGR electricity demand Iberia in 2025-304 Data Center projects with which EDP has engaged to potentially supply clean energy Merlin DC North of Lisbon (180MW) MoU signed in Jul-25 NEW: Start Campus DC in Sines (1.2GW) MoU signed in Feb-26 EU average: +0.4%
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92025 | Results Presentation Iberia benefits from structurally competitive prices and improving system sustainability ERSE’s simulations indicate annualized reductions in B2C reference end user tariffs from 2026 to 2030, creating headroom to needed ancillary services/capacity payments in generation Northen European markets face higher network investment costs, pressuring end-user prices relative to Iberia 2021 2022 2023 2024 287 261 239 384 329 1H25 Electricity historical price evolution, B2C, €/MWh1 End-user electricity prices among the most affordable in Europe (-17% vs. EU avg.) Planned phase-out of Feed in Tariffs in Portugal and of Recore in Spain, reduces system costs Historical electricity system debt in Portugal and Spain expected to be fully amortized by 2028: significantly reducing the financial burden Impact on prices 351 Falta nota 1. Source: Eurostat (DC segment) and Department for Energy Security and Net Zero (for UK)
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102025 | Results Presentation EDPR secures 1.3GW in 6 months, increasing visibility 2026-28 delivery In the last six months, EDPR has secured 1.3 GW of capacity through PPAs with Utilities and global tech companies, along with a Build & Transfer agreement in the US 2026 2027 2028 1.3 2026-28 ~2.8 2026-28 Capacity Secured (GW) % of target Secured 100% ~65% ~10% ~55% Projects secured in the last six months Secured in the last 6 months Previously Secured Sonrisa – 384 MW PPA with a CCA Scarlet III – 70 MW PPA with a CCA Eagle Creek – 120 MW PPA with a Utility Emerald Bluffs – 225 MW B&T with a Utility Black Prairie – 200 MW PPA with a Global Tech Moonshine – 150 MW PPA with a Utility Margonin & Budzyn Hybrids – 182 MW PPAs with a Utility Secured 55% of total target additions 26-28 >280bps IRR-WACC
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2025 Results
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122025 | Results Presentation Recurring EBITDA of €5.0 Bn: Underlying growth of 7% driven by EDPR and Iberian Networks Recurring EBITDA1 ,€m YoY growth, % ∆ YoY • FlexGen & Clients Iberia normalization vs extraordinary 2024 • Brazil: impacted mainly by FX (-€50m), transmission deconsolidation and residual value update in DisCos and inflation update in TransCos • Iberia networks +€56m supported by regulatory framework -€125m Brazil +€56m Iberia • EDPR strong growth reflecting 2024 record additions and higher generation -€216 Hydro, Clients and EM EDPR +€290m 3,336 1,607 11 2024 3,400 1,539 89 2025 Renewables, Clients & EM Networks Other/adjust 4,954 5,028 +1% (1) Non-recurring adjustments - In 2025: €0.1m, from the sale of UHE Cachoeira Caldeirão and UHE Santo Antônio do Jari (+€49m), Pecém sale (+€5m), HR restructuring (-€28m), from OW US, primarily due to a contract cancellation with the South Coast Wind project’s equipment supplier following negotiations (-€19m) and Other (-€7m). In 2024: €153m, related to impairments from OW (-€147m), HR restructuring (-€27m) and the gain from the Completion of CEM Macau disposal (+€21m). (2) Excluding asset rotation gains 31% 69% % Weight on EBITDA Underlying, Ex-FX & AR gains +7% OPEX -2% YoY (-5% in real terms), reinforcing operating discipline +65m -68m +77m
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132025 | Results Presentation Consistent OPEX reduction, for second consecutive year, improving cost efficiency despite +6% inflation Opex recurring1 2023 2024 2025 1.99 1.92 1.88 € Bn (1) One-offs as of 2025: €28m of HR restructuring and as of 2024: €27m from HR restructuring (2) Inflation weighted by OPEX for Portugal, Spain, US and Brazil -2% OPEX/ gross profit 26%27%28% EDPR adj. core OPEX/avg. MW reduce -12% YoY to €40k/MW while continue growing Workforce optimization aligned with growth focus Digital and AI tools supporting O&M efficiency and improved customer experience Inflation 24m2 +3% Nominal -6% +6% Inflation 12m2
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142025 | Results Presentation 184 156 1,489 2024 1,301 2025 Brazil Iberia 1,673 1,457 -13% FlexGen & Clients EBITDA reflects normalization vs. 2024 while flexibility value structurally increases FlexGen & Clients recurring EBITDA, €m YoY growth, % 20252024Iberia YoY Hydro net of pumping, TWh ∆ YoY Pumping generation, TWh CCGT generation, TWh Hedging price, €/MWh -28m -188m 10.0 1.8 9.7 2.3 2.6 6.4 -2% 24% 149% 90 70 -22% 63 65 4%Avg. Pool Price Spain, €/MWh 15% 21% +6 p.p 45% 75% +30p.p Hydro realized premium/baseload, % Hydro pumping spread/baseload, % ~0.4~0.3 Margin from Flex. Services, €Bn ~€0.3 Bn ~€0.3 BnFlexibility Revenues
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152025 | Results Presentation EDPR recurring EBITDA +17% YoY, driven by higher generation from 2024 record capacity additions ∆ YoY 179 119 1,505 2024 1,855 2025 AR gains Wind & Solar Exc. AR gains 1,684 1,974 +17% Ex-FX & AR gains +27% (1) Excluding asset rotation gains 20252024 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% 95% -3 p.p. 36.6 40.6 11% 20.2 23.3 16% 11.5 11.5 0% 3.4 4.2 22% 58.9 53.0 -10% 45.4 47.4 4% 92.0 80.1 -13% 184.0 180.8 -2%Brazil $R/MWh -60m +350m 19.3 20.4 6%Installed Capacity, MW EDPR (Wind, Solar & BESS) recurring EBITDA, €m YoY growth, %
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162025 | Results Presentation 20252024 YoY Electricity Networks Recurring EBITDA, €m YoY growth, % 659 606 877 933 71 2024 2025 AR gain Iberia Brazil exc. AR gain 1,607 1,539 -4% RAB, BRL Bn ∆ YoY Iberia Brazil Networks EBITDA +3% YoY (ex AR and FX) supported by RAB growth and inflation in Iberia Underlying EBITDA1, BRLm Electricity Distributed, TWh Electricity Networks EBITDA, BRLm Supply points, # Ex-FX & AR gains +3% +56m (+6%) -54m (-8%) RAB, € Bn 3,866 3,218 3,845 3,389 13 15 -1% 5% 13% 60 7 939 62 3% 8 007 1% 4.88 4.95 1% (1) Excluding asset rotation gains and residual value adjustment for DisCos and inflation update and tariff revision for TransCos
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172025 | Results Presentation Net Financial Costs1 €m Higher financial costs primarily driven by capitalizations roll-off and BRL rates Avg. nominal debt by currency % 4.8%4.5%Avg. Cost of Debt 64 % 17 % 13 % 6 % 2024 64 % 16 % 15 % 5 % 2025 EUR USD BRL OtherOf which 4% Singaporean dollars 3.3%3.4% Avg. Cost of Debt exc. Brazil €650m 6y bond issue in Jan-26, at 3.25% coupon, confirming competitive funding Recent financing (1) Excluding non-recurring impact of liability management amounting to €17m in 2024 and €44m in 2025 865 98954 69 2024 Net Interest costs Caps & Other 2025 Lower interest capitalization following commissioning of projects (-€1.2 Bn WIP) 14.1%11.7% Avg. Cost of Debt Brazil Higher BRL interest cost Lower cost of EUR and USD denominated debt
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182025 | Results Presentation Improved organic cash-flow and disciplined capital allocation reinforce self-funded growth EBITDA 1.0Operating working capital, taxes & other 4.0Net Cash-flows from operating activities 0.8Net interests paid 0.2Payments to Institutional Partnerships US 0.3Other 3.3Organic Cash Flow 5.0 Strong Organic Cash-flow, increasing YoY € Bn Net Cash Invest: €1.7 Bn through capital recycling € Bn 0.4 2.4 1.1 Gross Investments AR proceeds -0.8 TEI proceeds Acquisitions and Disposals Other1 0.2 0.7 0.8 (48%) Net Cash Investments 3.9 -1.6 -0.2 0.5 1.7 Δ YoY +0.2 +0.1 +0.4 -0.2 0.0 +0.3 +0.5 FlexGen & Clients EDPR Electricity Networks 5%18%34%12%31% OtherSouth AmericaNorth AmericaRoEIberia (1) Includes Proceeds from Change in WC Fixed asset suppliers, change in consolidation perimeter, reclassification of asset rotation gains, payables to fixed asset suppliers and other
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192025 | Results Presentation 2024 3.3 Organic CF 0.9 Dividend payment + Share Buyback 1.7 Net cash investments 0.8 Regulatory Receivables 0.3 FX and Other 2025 Guidance 2025 15.6 15.4 16.0 Net debt decreased to €15.4 Bn, strengthening credit metrics Net Debt/EBITDA(1) Change in Net Debt € Bn 3.3x3.5x FFO/Net Debt(2) 20.9%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 +0.5 -0.12 +1.7 -1.3 -0.3 YoY, € Bn €15.2Bn including cash in of Greek Asset rotation transaction
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202025 | Results Presentation Recurring underlying Net Profit broadly stable YoY with strong performance from EDPR and resilient electricity networks Recurring Net Profit1 Recurring Net Profit €m Δ YoY 643 236 EBITDA -1,880D&A and Provisions EBIT -989Net Financial Costs Income Taxes(2) Non-controlling interests Net Profit 5,028 3,147 1,279 -592 801m -130 1150m Non-recurring items 1 Reported Net Profit 191 1,202 2024 64 1,215 2025 1,393 1,279 -8% +44% 1) One-offs in 2025: (i) sale of UHE Cachoeira Caldeirão and UHE Santo Antônio do Jari (+€47m), (ii) Pecém sale (+€5m), (iii) impairments in South America non-core assets (-€47m), (iv) liability management (-€34m), (v) non-recurring impacts mainly coming from impairments in Europe, including non-core countries (-€36m), (vi) HR restructuring costs (-€20m), (vii) OW US, primarily due to contract cancellation with South Coast Wind project's equipment supplier following negotiations (-€14m), (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 (-€31m). AR gains Net Profit Exc. AR gains Ex FX & AR gains +3% +74 -60 +14 -124 -16 +12 -114 €m YoY change fully explained by EDPR €0.20 €0.205Dividend per share Subject to general shareholders meeting approval
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212025 | Results Presentation Net Income 2028: Lower sensitivity to power prices vs CMD Sensitivity vs. base case avg. Electricity Price €5/MWh Global electricity price ~65% ~15% ~20% ~€45m vs. €60m @Nov-25 Net Income Impact 2028 2028 Electricity price @EDP CMD Current Trend ~€64/MWh (Iberian market) ~$ 43/ MWh (PJM and NYISO) ~BRL 170 /MWh Mainly Iberia: Hydro and merchant Wind generation Mostly hydro generation Exposure mostly focused in PJM and NYISO Diversified portfolio and active energy management reducing exposure to changes in electricity prices. 2028 Net Income sensitivity reduced to ~€45m per €5/MWh price change (vs. €60m at CMD)
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Closing Remarks
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232025 | Results Presentation 2025 confirms structural earnings drivers and reinforces growth visibility towards 2028 Strong execution and delivery in 2025 Reiterating 2026 guidance On track to deliver 2028 targets €4.9-5.0 Bn Recurring EBITDA EBITDA Breakdown by segment: > Electricity Networks: ~€1.5-1.6 Bn > EDPR: ~€2.1 Bn > Flex Gen & Clients : ~€1.3-1.4 Bn €1.2-1.3 Bn Recurring Net Profit €5.2 Bn Recurring EBITDA €1.3 Bn Recurring Net Profit €12 Bn 2026-28 Gross Investments €6 Bn 2026-28 Asset rotation & disposals 22% FFO/Net Debt Structural change in Flex Gen & Clients, outperforming guidance Improved performance from EDPR, focusing in A -rated markets Improved visibility on networks: closing regulatory periods in Portugal and Spain, extension of concession in Brazil Financial discipline with strong credit metrics and increased efficiency Dividend proposal increased to €0.205/share, 2.5% above guidance
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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
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26 In Portugal, new regulatory framework increases return on RAB with potential add-ons on efficiency and quality of service Electricity Distribution regulated revenues 2026 2026 regulated revenues already consider average RAB for 2026-29 regulatory period based on approved investment plans Inflation update on allowed TOTEX3 (at GDP Deflator4), considering an efficiency factor of 0.50% (vs. 0.75 in the previous regulatory period) There is an implied 0.3% change in the RoR for each 1% change in 10Y PT bond yield – already with potential upside vs. current levels2 Regulated revenues €m Return on RAB % 1. Avg. Portuguese 10-year bond yields from October year t-1 to September year t | 2. Current 10Y PT bond yield of 3.221%, as of January 27th, 2026 | 3. Considers OPEX and depreciations from investments realized during the regulatory period | 4. Totex in year t is updated on the avg. GDP Deflator from June t-2 to June t-1 €1,134m 5.51% 2025 Final for 2025 €1,252m 6.70% 2026 Final proposal +€118m +119 bps YoY Potential all-in Return on RAB Annual RoRAB indexed to 10Y Portuguese bond yields1, with the 6.70% pre-defined RoR assuming an implicit 3.076% bond yield +100-150 bpsIncentives add-ons 7.7% – 8.2%
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27 Increase in allowed investment, once the new Royal Decree on Investment Plans is published (possibly in April), with an extra allowed investment expected for EDP of ~€110m/year Incentives on Quality of Service, losses and efficiency savings could provide add-ons to the headline Regulatory return +200-250 bps pre-tax First year cut on allowed OPEX of 7% Remuneration will continue to reflect the N+2 rule, as assets must be in service before January 1st of year N-1 to earn revenues in year N, remuneration comes only 2 years after commissioning 1. Including incentives Electricity Distribution regulated revenues 2026 Regulated revenues1 €m Return on RAB % €421m 5.58% 2025 Final for 2025 €446m 6.58% 2026 Final proposal +€25m +100 bps YoY Potential all-in Return on RAB +200-250 bpsIncentives add-ons 8.6% – 9.1% In Spain, new regulatory framework increases return on RAB with potential add-ons on efficiency, quality of service and investment
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282025 | Results Presentation Clear visibility on our electricity networks activity – Portuguese and Spanish regulatory frameworks closed in 2025 1. Visibility on Annual Allowed Revenue | 2. Electricity Networks PT and SP – RoR pre-tax and in nominal terms based on final terms approved by regulators. Electricity Networks Brazil – RoR pre- tax and in real terms based on the latest revision of EDP ES | 3. RoE post-tax in nominal terms with and without incentives (including efficiency savings), assuming regulator’s inputs for the cost of debt and capital structure | 4. WACC applying to EDP Goiás Regulatory period closed Next regulatory period 4-year EDP SP 5-year 6-year 2026 2028 20292027 2030 Gross Investments 2026-28 RoRAB2 pre-taxRegulatory period length Regulatory RoE3 (range with and w/o incentives) EDP ES 5-year Transmission1 30-year €0.6 Bn €1.7 Bn €0.6 Bn ~12% ~16%-18%€0.7 Bn Distribution Oct/27 BP horizon €3.6 Bn ~10%-12% Final approved terms 6.70% ~7-8.5% 6.58% 11%3 until 2031 until Aug/2030 until 2033 until Oct/2032RoRAB to be in line with EDP ES latest revision
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292025 | Results Presentation Upcoming roadshows 2nd March New York • Jefferies 2026 Power, Energy, Clean Energy & Utilities Conference 18th March London • BNP Exane Time Conference 4th & 5th March London • Roadshow 3rd March New York • Roadshow 25th March London • European Credit Conference by UniCredit 2026 24th March London • BofA Energy, Utilities & Infrastructure Conference 2026 16th March Netherlands • Roadshow 17th March London • UBS Global Energy and Utilities Conference 2026 Paris • Roadshow
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302025 | Results Presentation Electricity distribution Iberia: Portuguese and Spanish regulatory frameworks closed in 2025, with competitive returns vs. European peers Distribution DisCos Existing assets DisCos New investm. Distribution Transmission2 RoR1 6.70% 6.58% 7.06% 3.03% 4.92% 6.87% 6.60% 3.467% 3.221% 3.229% 10Y GBY4 2.873% 4.525% +359 +348 +335 Spread (bps) +16 +205 +235 +208 Regulatory period 2026-29 2026-31 2024-28 2026-31 2025-27 2023-28 1. Source: Nera. Nominal pre-tax | 2. National Grid Electricity Transmission WACC allowance (nominal) | 3. Assumes regulatory Rate of Return of 5.60% and 2026 inflation of 1.3% (EC November 2025 forecast) | 4. 10-year government bond yields as of January 27th, 2026. Source: Bloomberg | 5. Pre-tax | 6. Measure included in the 2026 State Budget, already approved by the Parliament. Investments executed in 2024 and 2025 are also exempt from CESE payment, although being subject to the assessment of Agência Portuguesa do Ambiente and alignment with European taxonomy In Portugal, indexation of RoR to 10Y Gov. Bond yields provides hedge on return spread over cost of capital In Portugal, electricity networks new investments exempt from CESE levy (0.85% on net assets)6; No CESE expected from 2028 onwards , as system debt becomes fully paid Final regulatory terms +100-150 bps +200-250 bps EDP CMD assumptions ~+100 bps ~+200 bps Potential add-ons to the Regulatory RoR5Regulated Return on RAB in Iberia: risk-adjusted benchmark vs. other EU peers Distribution Distribution3