Slide 1: 2025 Results Presentation, Lisbon, February 26
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Slide 2: Disclaimer
Disclaimer This document has been prepared by EDP, S.A. (the "Company") solely for use at the Forward-looking statements include statements regarding: objectives, goals, strategies, presentation to be made on this date and its purpose is merely of informative nature and, as outlook and growth prospe
Slide 3: 2025 results outperforming guidance, backed by portfolio diversification
2025 results outperforming guidance, backed by portfolio diversification Key financial metrics Highlights 2025 vs. 2024 2025 Guidance Nov-25 ΔYoY Upside vs. guidance backed by strong FlexGen & Clients Recurring performance on higher €5.0 Bn ~4.9 Bn +1% EBITDA Hydro Volumes in 4Q25 EBITDA YoY +1% fol
Slide 4: FlexGen & Clients: structural shift on flexibility value and strong hydro resources
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 Hydro reservoir levels at historical highs at 96%, technologies reflect increasing value of FlexGen following s
Slide 5: Severe storms in Portugal (Jan-Feb 2026): Rapid response and community support
Severe storms in Portugal (Jan-Feb 2026): Rapid response and community support Immediate operational response supported by preventive …together with an impactful support to the measures and real-time monitoring… communities and our clients Electricity Networks’ teams fully mobilized to Client suppor
Slide 6: EDP is stepping up investment in Iberian electricity networks
EDP is stepping up investment in Iberian electricity networks, with new supportive regulatory frameworks until 2029/31 Ramp up in investment levels on electricity networks in Iberia to meet Supported by high visibility on investment returns in pressing needs of the system… Distribution, with regulat
Slide 7: Iberian networks underlying EBITDA with strong 18% growth until 2028
Iberian networks underlying EBITDA with strong 18% growth until 2028 and growth visibility post 2028 EBITDA growth - from underlying 2025 to 2028 updated with final terms Growth visibility supported €Bn by approved returns and investment plans +18% 1.05 0.93 0.89 0.42 0.38 Legacy revenues ending 0.3
Slide 8: Iberia emerging as structural growth market within Europe
Iberia emerging as structural growth market within Europe 2025: Portugal and Spain with electricity demand 2026-2030: Growth expected to persist, supported by outperforming other European countries electrification of transport, industry and DC demand Power demand growth in 2025 vs. 20241 +7.9% elect
Slide 9: Iberia benefits from structurally competitive prices and improving system sustainability
Iberia benefits from structurally competitive prices and improving system sustainability End-user electricity prices among the most affordable Impact on prices in Europe (-17% vs. EU avg.) Electricity historical price evolution, B2C, €/MWh1 Northen European markets face higher network investment cos
Slide 10: EDPR secures 1.3GW in 6 months, increasing visibility 2026-28 delivery
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 Projects secured in the last six months Secured 55% of total tar
Slide 11: 2025 Results
7 | Hig l ; 2025 Results
Slide 12: Recurring EBITDA of €5.0 Bn: Underlying growth of 7%
Recurring EBITDA of €5.0 Bn: Underlying growth of 7% driven by EDPR and Iberian Networks Recurring EBITDA1 ,€m YoY growth, % ∆ YoY Underlying, Ex-FX & AR gains +7% • FlexGen & Clients Iberia normalization vs +1% extraordinary 2024 % Weight 4,954 5,028 on EBITDA -€216 Hydro, Clients and EM • EDPR str
Slide 13: Consistent OPEX reduction, improving cost efficiency despite +6% inflation
Consistent OPEX reduction, for second consecutive year, improving cost efficiency despite +6% inflation Opex recurring1 € Bn EDPR adj. core OPEX/avg. MW reduce -12% Nominal -6% YoY to €40k/MW while continue growing -2% 1.99 1.92 1.88 Workforce optimization aligned with growth focus 2023 2024 2025 In
Slide 14: FlexGen & Clients EBITDA reflects normalization vs. 2024
FlexGen & Clients EBITDA reflects normalization vs. 2024 while flexibility value structurally increases FlexGen & Clients recurring EBITDA, €m YoY growth, % Iberia 2024 2025 YoY -13% ∆ YoY Hedging price, €/MWh 90 70 -22% 1,673 Avg. Pool Price Spain, €/MWh Brazil 184 1,457 63 65 4% 156 -28m Hydro rea
Slide 15: EDPR recurring EBITDA +17% YoY
EDPR recurring EBITDA +17% YoY, driven by higher generation from 2024 record capacity additions EDPR (Wind, Solar & BESS) recurring EBITDA, €m YoY growth, % 2024 2025 YoY Ex-FX & AR gains ∆ YoY +27% Installed Capacity, MW 19.3 20.4 6% Renewable Index Generation % 98% 95% -3 p.p. +17% Electricity Gen
Slide 16: Networks EBITDA +3% YoY supported by RAB growth and inflation
Networks EBITDA +3% YoY (ex AR and FX) supported by RAB growth and inflation in Iberia Electricity Networks Recurring EBITDA, €m YoY growth, % Ex-FX & AR gains Iberia 2024 2025 YoY +3% Electricity Distributed, TWh ∆ YoY 60 62 3% -4% 1,607 1,539 Supply points, # 7 939 8 007 1% AR gain 71 RAB, € Bn 4.
Slide 17: Higher financial costs driven by capitalizations roll-off and BRL rates
Higher financial costs primarily driven by capitalizations roll-off and BRL rates Net Financial Costs1 Avg. nominal debt by currency €m % 69 989 54 865 Higher BRL Lower interest 64 % 64 % EUR interest cost capitalization following commissioning of projects (-€1.2 Bn WIP) USD 17 % 16 % BRL 13 % 15 %
Slide 18: Improved organic cash-flow and disciplined capital allocation
Improved organic cash-flow and disciplined capital allocation reinforce self-funded growth Strong Organic Cash-flow, increasing YoY Net Cash Invest: €1.7 Bn through capital recycling € Bn € Bn Δ YoY FlexGen & Clients EDPR Electricity Networks EBITDA 5.0 +0.2 3.9 0.4 Operating working capital, taxes
Slide 19: Net debt decreased to €15.4 Bn, strengthening credit metrics
Net debt decreased to €15.4 Bn, strengthening credit metrics Change in Net Debt €15.2Bn including cash in of Greek Asset € Bn rotation transaction 15.6 15.4 16.0 0.8 0.3 3.3 1.7 0.9 2024 Organic CF Dividend Net cash Regulatory FX and Other 2025 Guidance 2025 payment + investments Receivables Share B
Slide 20: Recurring underlying Net Profit broadly stable YoY
Recurring underlying Net Profit broadly stable YoY with strong performance from EDPR and resilient electricity networks Recurring Net Profit1 Recurring Net Profit Ex FX & AR gains €m €m Δ YoY +3% -8% EBITDA 5,028 +74 1,393 1,279 AR gains D&A and 191 64 Provisions -1,880 -60 Net Profit 1,202 1,215 Ex
Slide 21: Net Income 2028: Lower sensitivity to power prices vs CMD
Net Income 2028: Lower sensitivity to power prices vs CMD Sensitivity vs. base case avg. Electricity Price 2028 Electricity price @EDP CMD Current Trend ~65% ~€64/MWh Mainly Iberia: Hydro and (Iberian market) merchant Wind generation €5/MWh Global electricity price ~BRL 170 /MWh Mostly hydro generat
Slide 22: Closing Remarks
Closing Remarks =
Slide 23: 2025 confirms structural earnings drivers and reinforces growth visibility towards 2028
2025 confirms structural earnings drivers and reinforces growth visibility towards 2028 Structural change in Flex Gen & Clients, outperforming guidance Strong execution Improved performance from EDPR, focusing in A-rated markets and delivery in Improved visibility on networks: closing regulatory per
Slide 24: Q&A
Q&A @edp
Slide 25: IR Contacts
IR Contacts E-mail: ir@edp.com Phone +351 210 012 834 Site: www.edp.com
Slide 26: In Portugal, new regulatory framework increases return on RAB
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 2025 2026 based on approved investment plans Y
Slide 27: In Spain, new regulatory framework increases return on RAB
In Spain, new regulatory framework increases return on RAB with potential add-ons on efficiency, quality of service and investment Electricity Distribution regulated revenues 2026 First year cut on allowed OPEX of 7% 2025 2026 YoY Final for 2025 Final proposal Remuneration will continue to reflect t
Slide 28: Clear visibility on our electricity networks activity
Clear visibility on our electricity networks activity – Portuguese and Spanish regulatory frameworks closed in 2025 Regulatory period closed Next regulatory period Final approved terms Gross Investments RoRAB2 Regulatory RoE3 Regulatory 2026-28 pre-tax (range with and period length 2026 2027 2028 20
Slide 29: Upcoming roadshows
Upcoming roadshows 3rd March 16th March 18th March 25th March New York Netherlands London London • Roadshow • Roadshow • BNP Exane Time • European Credit Conference Conference by UniCredit 2026 2nd March 4th & 5th March 17th March 24th March New York London London London • Jefferies 2026 Power, • UB
Slide 30: Electricity distribution Iberia: regulatory frameworks with competitive returns vs. European peers
Electricity distribution Iberia: Portuguese and Spanish regulatory frameworks closed in 2025, with competitive returns vs. European peers Potential add-ons to the Regulated Return on RAB in Iberia: risk-adjusted benchmark vs. other EU peers Regulatory RoR5 Spread Regulatory EDP CMD Final regulatory