Edp S.a. · EURONEXT:EDP
Edp — Investor Presentation (May 2026)
85 slides from Edp's investor presentation, May 2026
Slide 1: Investors Presentation May 2026
INVESTORS PRESENTATION May 2026
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: Agenda
AGENDA 1 EDP at a Glance 6 ESG 2 Iberia 7 Fixed Income 3 US 8 Corporate Governance 4 Brazil 9 1Q26 Results 5 Breakdown by segment 10 Appendix
Slide 4: EDP at a Glance
EDP ata Glance @edp
Slide 5: Integrated Electric Utility in Iberia & Brazil, renewables developer & operator
EDP at a Glance Integrated Electric Utility in Iberia & Brazil, renewables developer & operator with strong presence in US and EU EBITDA by Geography EBITDA by Segment (%) weight in 2025 (%) weight in 2025 Rest of the World 10% Iberia Electricity Networks Brazil 39% 60% 30% 71% Electricity 71.3% Lis
Slide 6: Investment plan focused on LT contracted renewables in US and Iberian regulated networks
EDP at the Glance Investment plan focused on LT contracted renewables in US and Iberian regulated networks, support low-risk growth profile Gross Investment, €Bn EBITDA, € Bn By business By business By contracted profile Detail ~12 on next ~5.2 ~5.2 ~5.2 slide FlexGen & 1.0 5.0 Clients 5.0 ~50% Flex
Slide 7: Resilient business model: 80% of EBITDA regulated / LT contracted
EDP at the Glance Resilient business model under current context: 80% of EBITDA regulated / LT contracted, merchant exposure with low impact in our key markets 2028 Net profit guidance sensitivity to energy markets 2028 FW electricity prices 2028 Net Profit vs. CMD assumption impact Secured LT gas
Slide 8: Investment plan focused on value over volume and predictable cash flows
EDP at the Glance Investment plan focused on value over volume, management of execution risks and targeting predictable cash flows LT contracted Renewables1 Regulated Electricity Networks2 COD 2026-28 Project IRRs IRR-WACC Electricity All-in-RoRAB2 Regulatory Period distribution pre-tax ~8% (Inflati
Slide 9: Asset rotation strategy as a recurring part of the business
EDP at the Glance Asset rotation strategy as a recurring part of the business optimizing capital employed and showcasing value creation AR Gains/Invested Capital % ~60% ~40% ~34% ~20% >15% ~10% 2021 2022 2023 2024 2025 2026-28 MW sold/add 45% 55% 28% 26% 56% ~50% Recent guidance EV/MW 1.6 1.8 2.1 1.
Slide 10: Gross Investments funded by AR/disposals, Tax Equity and organic cash flow
EDP at a Glance Gross Investments funded by AR/disposals , Tax Equity and organic cash flow, supporting sound dividend policy and deleverage Gross Investment Cash Flow sources and uses 2026-28 2026-28 ~€9 Bn ~€9 Bn ~€12 Bn ~€6.5 Bn Electricity ~3.6 Networks Net Investment 5.5 ~€5.5 Bn EDPR ~7.5 ~60%
Slide 11: 2026-2028 business profile and target credit metrics
EDP at the Glance 2026-2028 business profile and target credit metrics aligned with commitment with a strong BBB credit rating Net Debt € Bn 15.4 15.7 15.0 ~80% of EBITDA from A-rated countries 20.9% 20.5% ~22% FFO/Net Debt 1 80% of EBITDA regulated + long-term % contracted / hedged 2025 1Q26 2028 >
Slide 12: Mid single digit earnings growth supports predictable dividend policy
EDP at the Glance Mid single digit earnings growth with low-risk profile support sustainable and predictable dividend policy Recurring Net Profit Guidance, € Bn Annual Dividend per share, € cents Underlying Net profit (excluding AR gains) Dividend payout ratio, % AR gains Recurring Net Profit CAGR 2
Slide 13: Iberia
Investors’ Presentation 14
Slide 14: Improved outlook in Portugal – sovereign credit and electricity system sustainability
Iberia Improved outlook in Portugal – sovereign credit and financial sustainability of electricity system have been reinforced A-Rated economy, on the back of a End-user electricity prices5 B2B among the most favorable macro environment affordable in EU (-22% vs. EU avg.) 2020 2026 Credit Rating1 BB
Slide 15: Electricity demand growth in Portugal outperforming other European markets
Iberia Electricity demand growth in Portugal structurally outperforming other European markets Portugal demand growth decoupled from EU Portugal electricity demand outlook since 2016, with 12% cummulative growth Evolution of total electricity consumption in EU countries 1Q26 growth YoY: +4.0% in Por
Slide 16: Portugal and Spain competitive electricity prices
Iberia Portugal and Spain competitive electricity prices (both in wholesale markets and for end-users prices), reducing political intervention risk Sounder resilience to fossil fuel energy shocks, given low Iberia reinforcing electricity competitiveness: demand gas and high renewables’ weights in ge
Slide 17: Renewables as the backbone of Europe's electrification and energy independence
Iberia Renewables as the backbone of Europe’s electrification and energy independence Renewables growth has a decisive contribution to reduce Supportive regulatory framework with continued focus on correlation of electricity and fossil fuel prices Europe’s energy independence Average European wholes
Slide 18: FlexGen and Clients
FlexGen and Clients Investors’ Presentation 19
Slide 19: FlexGen and Clients market environment – increased weight of intermittent technologies
Iberia FlexGen and Clients market environment – increased weight of intermittent technologies in the generation mix fostering the need for FlexGen Increasing solar penetration Prices dispersion over average Ancillary services & restrictions % of total installed capacity daily hour component in final
Slide 20: EDP's FlexGen and Clients portfolio positioned for rising demand for flexibility
Iberia EDP’s FlexGen and Clients portfolio– positioned to capitalize on rising demand for flexibility Iberia EDP’s Generation mix 2026-28 EDP’s Installed capacity EBITDA avg. 2025 TWh/yr Gas Hydro pumping Hydro net of pumping GW Hydro Gas Hydro ex-pumping 17% (~8 TWh/year 2.9 normalized) 8.4 GW 12 T
Slide 21: FlexGen and Clients portfolio – growing premium over baseload in realized prices
Iberia EDP’s FlexGen and Clients portfolio– growing premium over baseload in realized prices and higher volume and spreads in pumping ~8 TWh 2.4 GW of flexible hydro generation/year, with growing value pumping capacity spread across 8 sites materialized on improved premiums over baseload Hydro reali
Slide 22: FlexGen Iberia: 1Q26 strong hydro volume, low average price
Iberia FlexGen Iberia: 1Q26 strong hydro volume, low avg. price, ancillary services high costs; 2026 outlook supported by high reservoirs and pricing recovery 1Q26: Hydro resources in Iberia >50% vs. Outlook for 2026 historical avg. and low electricity prices Hydro Hydro reservoirs: @March-26: Histo
Slide 23: Structural increase of flexibility revenues mitigating price and volume normalization
Iberia EDP’s FlexGen and Clients portfolio – Structural increase of flexibility revenues mitigating price and volume normalization Normalized EBITDA for FlexGen and Clients in Iberia Normalized price and volume for 2026-28 levels, € Bn Normalization of prices and volumes in 2026-28 Flex. Services ma
Slide 24: Electricity Networks
@edp Electricity Networks
Slide 25: EDP's all-in RoRAB and regulated spreads vs. sovereign yields
Iberia EDP's all-in RoRAB and regulated spreads vs. sovereign yields compare well with other European frameworks Regulated Return on RAB in Iberia: risk-adjusted benchmark vs. other EU markets Regulatory All-in RoRAB Regulated 10Y GovB Spread period (bps) (pre-tax) RoRaB1 Yield4 Portugal risk mitiga
Slide 26: Increased investment in Electricity Distribution driven by modernization and demand growth
Iberia Electricity Networks - Increased investment in Electricity Distribution mostly driven by modernization and demand growth Ramp up in investment levels on electricity networks Equipment aging, resilience improvements, and in Iberia to meet pressing needs of the system digitalization support inv
Slide 27: Iberian electricity networks: new regulatory periods impact on investment and EBITDA
Iberia Iberian electricity networks: Start of new regulatory periods already with a positive impact on investment (+40%) and EBITDA (+16%) in 1Q26 Capex electricity networks Iberia, €m Investment Including +€20m net ~€0.7 Bn capex planned for 2026 +13% YoY impact from and +4% vs. Dec-25 assumption i
Slide 28: US
Investors’ Presentation 29
Slide 29: Renewables generation to support US growing electricity demand
US Renewables generation to support US growing electricity demand, 2026 expected to reach record year capacity additions Electricity demand increasingly supported by Wind, Solar and BESS representing the bulk of US affordable and reliable clean energy sources generation capacity additions 2025-30 So
Slide 30: Strong electricity demand supporting higher PPA prices and commercial activity in the US
US Strong electricity demand growth supporting higher PPA prices and sound commercial activity in the US Strong energy demand supporting the sustained Following “Big Beautiful Bill” approval , EDPR secured 1.5 increase in electricity prices GW in US through PPA and B&T PPA price evolution – Market D
Slide 31: North America – high-quality portfolio to capture value from surging demand
US North America – high-quality portfolio to capture value from surging demand and rising power prices EDPR 2025 Installed Capacity & forward prices by Repricing profile of existing fleet 2026-35, upside potential power market1, GW $/MWh Expected recontracting PPA prices vs expected merchant prices
Slide 32: US growth visibility supported by >20 GW pipeline and ~6 GW safe harbored
US US growth visibility through post 2028 supported by >20 GW pipeline and ~6 GW safe harbored volumes EDPR has strong visibility to deliver growth, through US pipeline1 and demand growth per ISO secured volumes and quality pipeline ~1 GW of PPAs >20 GW pipeline xx Demand CAGR (2025-30) >20 GW under
Slide 33: Brazil
Investors’ Presentation 34
Slide 34: Brazil – Strong electricity networks presence with supportive macroeconomic environment
Brazil Brazil – Strong electricity networks presence with supportive Macroeconomic Environment EBITDA Mix 2025 ~70% Inflation-linked Supportive regulation Electricity Networks Returns mostly benefit from High visibility, providing an inflation indexation attractive and low-risk environment ~30% Rene
Slide 35: Brazil macro-outlook improving, 30-year Discos concession visibility
Brazil Brazil macro-outlook improving, together with extended 30-Year visibility on Discos concession and higher wholesale electricity prices BRL appreciation and declining interest rates improving Sound regulatory framework with revenues outlook of Euro denominated contribution in 2026 100% inflati
Slide 36: Building long-term value in Brazil on positive regulatory developments
Brazil We are building long-term value in Brazil, leveraging on positive regulatory developments and superior quality of service Concession extension contract signed for Track record of improving quality of EDP ES and ongoing for EDP SP service and customer satisfaction Brazilian DisCos ranking -5%
Slide 37: Breakdown by segment
Breakdown by segment @edp
Slide 38: Electricity Networks – Strong presence in Portugal, Spain and Brazil
Breakdown by segment Electricity Networks – Strong presence in Portugal, Spain and Brazil Diversified regulated Sole operator of High, Medium and Low portfolio Voltage1 Electricity Networks in mainland 10% Portugal 36% Recurring Largest Electricity Distribution operator in 29% €1.5 Bn EBITDA3, 2025
Slide 39: Electricity Networks - €3.6 Bn investment plan driving RAB and earnings growth
Breakdown by segment Electricity Networks - €3.6 Bn investment plan driving RAB and earnings growth – increasing share of Iberia Gross Investments 2026-30 RAB1 € Bn (annual) € Bn Asset base growth mainly €3.6 Bn supported by EDP São Paulo’s new +23% 9.0 regulatory period and Transmission 2026-28 7.3
Slide 40: EDPR - High-quality portfolio of 20.4 GW of Wind, Solar and BESS
Breakdown by segment EDPR - High-quality portfolio of 20.4 GW of Wind, Solar and BESS – 85% in US and Europe, ~70% long-term contracted Installed Capacity by Region and Generation by Technology 2025 >20 years Pure renewables player with a of track record Europe1 South America Wind Onshore North Amer
Slide 41: EDPR - €7.5 Bn investment plan, ~60% in US
´Breakdown by segment EDPR - €7.5 Bn investment plan – ~60% in US and with optionality to capture additional growth from 2028 onwards Investments 2026-28 Capacity Additions profile € Bn GW ~5 GW Additions 2026-28 North America Offshore & Other1 South America North America South America Offshore Euro
Slide 42: EDPR - Balanced technology mix, low-risk and long term contracted
Breakdown by segment EDPR - Balanced technology mix – focused on low-risk and long term contracted, capturing market dynamics North America Europe South America APAC Solar + BESS2 Capacity Solar PV1 co-located Wind Onshore Additions Mix Route to Market Route to Market Route to Market 2026-28, % CfDs
Slide 43: Improving visibility on BP execution: 3.2 GW of 2026-28 additions secured
Breakdown by segment Improving visibility on BP execution: 3.2 GW (>60%) of the 2026-28 capacity additions target secured, further ongoing commercial origination >60% of the 2026-28 BP target of ~5 GW Development and origination activity focused on US, additions already secured European and low risk
Slide 44: Resilient portfolio with ~85% long term contracted or hedged generation
Breakdown by segment Resilient and low-risk portfolio with ~85% Long Term Contracted or Hedged generation and diversified across global electricity markets Expected generation split by contracting profile Low merchant exposure and diversified between regions Long Term Contracted Hedged Merchant Δ Cu
Slide 45: Upgrading 2026 EBITDA guidance by +5%, to ~€2.2bn
Breakdown by segment Upgrading 2026 EBITDA guidance by +5%, to ~€2.2bn, on updated underlying EBITDA outlook and higher expected asset rotation gains 2026 EBITDA Guidance (€bn) +5% Improved outlook on asset rotation gains benefiting from strong private markets ~2.2 ~2.1 0.2-0.3 AR gains ~0.2 Strong
Slide 46: EDPR positioned to capture rising demand and drive profitable growth
Breakdown by segment EDPR is well positioned to capture rising demand and drive sustainable and profitable growth, coupled with a robust B/S ~€7.5bn gross Recurring EBITDA1, Recurring Net Profit, Net Debt, investments, of which €bn €bn €bn ~60% in the US +13% x2 -1.6bn ~2.2 ~0.6 8.1 13-15% Equity IR
Slide 47: ESG
ESG @edp
Slide 48: ESG leadership anchoring our energy transition
ESG ESG leadership anchoring our energy transition Strong track record in the energy transition 1Q26 highlights 5.9% Revenues from coal % 0.1% ~0.0% 2% revenues from fossil fuels (vs 4% in 1Q25) 91% >90% 74% Renewables generation -9% YoY GHG emissions % (scope 1 & 2) 157 Emissions -75% emissions int
Slide 49: Net Zero
ESG Sustainable development & operation of Networks and renewable assets to deliver secure, affordable and clean energy to our clients >90% 100% Net Zero renewable generation in 2026-2028 Growth CAPEX in Renewables & Networks by 2040 Focus on Strengthen local community engagement Partner with Foster
Slide 50: Fixed Income
Fixed Income @edp
Slide 51: Disciplined financial policy with centralized and diversified funding
Fixed Income EDP maintains a disciplined financial policy, namely through centralized and diversified funding Centralized and diversified Green financing funding Tap most efficient markets, Centralized funding management, leveraging appetite for green funding, except for ring-fenced EDP Brasil and i
Slide 52: Prudent funding policy – centralized corporate debt, fixed rate, local currency
Fixed Income Prudent funding policy – focus on centralized corporate debt, fixed rate and local currency Mar-2026 EDP Consolidated gross debt position Debt by interest rate type Debt mix by currency % % % Ring-fenced policy 6% EDP Brasil 11% Others “Non-recourse” to EDP Floating 20% EDPR 5% Mainly p
Slide 53: >90% green financing target aligned with the EU Taxonomy
Fixed Income >90% green financing target – maintaining green funding strategy, aligned with the EU Taxonomy Strong positioning for green financing as ~3 a competitive hedge ~12 ~2 84% 2025 2028 Capital Markets Tap most efficient Green Financing weight 80% >90% Sources of debt markets (currently DCM)
Slide 54: Active management of liquidity position
Fixed Income Active management of liquidity position – a mix of robust credit facilities and cash Financial liquidity as of March EDP consolidated debt maturity profile as of March 2026 2026 € Bn EDP Brasil EDP SA & EDP Finance BV and Other1 Cash and Equivalents €3.6 Bn Available Credit Lines €7.7 B
Slide 55: Cost of debt increasing until 2028 due to low-rate maturities
Fixed Income Cost of debt increasing until 2028 due to 2026-28 maturities at extremely low rates Average cost of debt Average cost of debt EUR & USD and others EUR and USD debt maturities1 +30 bps +60 bps 4.8% ~5.1% Year € Bn Coupon ~4.1% ~3.5% ~3.8% EDP average cost of 2026 1.9 1.7% bonds issued in
Slide 56: Corporate Governance
Corporate Governance @edp
Slide 57: Diversified shareholder base with reference investors >35%
Corporate Governance Diversified shareholder base with reference investors representing >35% of the company's share capital Shareholder Structure1 Reference Investor Capital (%) Votes (%) 1 22.2% 22.2% 22.2% 55% EDP 8.4% 2 8.4% 8.8% 6.8% 1.2% EDP (Treasury Stock) 3 Oppidum Capital 6.8% 6.8% Remainin
Slide 58: Dual Model of Corporate Governance
Corporate Governance EDP has a Dual Model of Corporate Governance, ensuring separation of functions and specialization of supervision Dual Corporate Governance Model General Shareholders’ Meeting • Monitor and evaluate the management 3 of the company and the subsidiaries, Remuneration Committee prov
Slide 59: General and Supervisory Board
Corporate Governance General and Supervisory Board António Status Gender Lobo Xavier Key role linking GSB and EBD Independent Male Chair 56% 62.5% Independent Female Non- independent 37.5% 44% Shengliang Wu Guobin Qin Zhang Hui Ignacio Herrero Ruiz Miguel Pereira Leite China Three Gorges China Three
Slide 60: Executive Board of Directors
Corporate Governance Executive Board of Directors Board Tenure Gender Diversity Miguel Stilwell d’Andrade Rui Teixeira 0 to 2 Y 8 or more Y Female Chair of the EBD (CEO) Member of the EBD (CFO) 0% 40% 50% Male 50% 3 to 7 Y 75% 4 members Vera Pinto Pereira Ana Paula Marques Member of the EBD Member o
Slide 61: 1Q26 Results
1Q26 Results @edp
Slide 62: Sound 1Q26 benefiting from new regulatory periods in Iberian networks
1Q26 Results Sound 1Q26, benefiting from the start of new regulatory periods in Iberian networks, renewables growth in US, offset by low electricity prices in Iberia 1Q26 Main Highlights Financial Performance Recurring figures Electricity networks EBITDA +9% YoY, driven by the start of new regulator
Slide 63: Recurring EBITDA at €1.4 Bn, -1% YoY ex-FX
1Q26 Results Recurring EBITDA at €1.4 Bn, -1% YoY ex-FX, backed by electricity networks and EDPR performance, mitigated by lower price in FlexGen & Clients Other Recurring EBITDA1 ,€m YoY growth, % 8% US Ex-FX 21% -1% €1.4 Bn 54% Iberia -3% ∆ YoY 17% % Weight Brazil 1,425 1,382 on EBITDA Networks 40
Slide 64: Strong cost discipline, adj. OPEX decreasing 4% YoY
1Q26 Results Maintaining strong cost discipline, with adj. OPEX decreasing 4% YoY and 8% over the last 2 years Recurring OPEX1 € Bn Inflation and FX adjusted2 EDPR adj. core OPEX/avg. MW reduce -3% YoY to €41k/MW while continue growing -8% -4% 0.47 0.46 0.45 Digital and AI tools supporting O&M eff
Slide 65: FlexGen & Clients EBITDA impacted by lower pool price and ancillary services costs
1Q26 Results FlexGen & Clients EBITDA impacted by lower electricity pool price and higher ancillary services costs in electricity supply to clients FlexGen & Clients recurring EBITDA, €m YoY growth, % Iberia 1Q25 1Q26 YoY -15% ∆ YoY 526 Avg. Pool Price Spain, €/MWh 85 44 -48% Brazil 44 445 3.7 3.8 4
Slide 66: Networks EBITDA +9% YoY supported by new regulatory periods
1Q26 Results Networks EBITDA +9% YoY supported by new regulatory periods and RAB growth in Iberia Electricity Networks Recurring EBITDA, €m YoY growth, % Iberia 1Q25 1Q26 YoY Electricity Distributed, TWh 16.1 16.3 1% ∆ YoY +9% RoRAB Portugal, % 5.48% 6.72% +124bps 438 401 RoRAB Spain, % 5.58% 6.58%
Slide 67: EDPR recurring EBITDA +2% YoY
1Q26 Results EDPR recurring EBITDA +2% YoY supported by net additions over the last 12m, partially offset by USD devaluation and lower electricity prices in Europe EDPR (Wind, Solar & BESS) recurring EBITDA, €m YoY growth, % 1Q25 1Q26 YoY Ex-FX ∆ YoY +10% Installed Capacity, MW 19.3 20.5 6% Renewabl
Slide 68: Higher financial costs from capitalizations roll-off and higher cost of debt
1Q26 Results Higher financial costs primarily driven by capitalizations roll-off and higher average cost of debt Net Financial Costs Avg. nominal debt by currency €m % 253 237 8 8 Lower interest 63 % EUR capitalization 66 % following commissioning of projects USD 15 % 17 % BRL 13 % 14 % 6% Of which
Slide 69: Net debt increased to €15.7 Bn
1Q26 Results Net debt increased to €15.7 Bn driven by net cash-investments and EUR/BRL FX impact Change in Net Debt € Bn EUR/BRL appreciation ~€16 Bn €0.86 Bn annual 15.7 Dividend to be 0.1 paid in 2Q26 15.4 0.2 Asset Rotation 0.6 0.6 and TEI proceeds to be concentrated in 2H26 Dec-25 Organic CF Net
Slide 70: Recurring underlying Net Profit -9% YoY
1Q26 Results Recurring underlying Net Profit -9% YoY, -8% ex-FX, with strong performance from EDPR and electricity networks Recurring Net Profit1 Recurring Net Profit Ex-AR gains €m €m Δ YoY +53% -9% EBITDA 1,382 -43 439 Ex FX 368 399 D&A and -8% Provisions -482 -19 AR gains 108 EBIT 900 -62 Net Pro
Slide 71: EDPR: good start of the year, supported by net additions
Good start of the year, supported by last 12 months net additions, partially offset by USD devaluation and electricity prices in Europe 1Q26 Main Highlights Financial Performance Gross additions +2.0 GW YoY to 20.5 GW installed capacity, and Recurring figures >90% of +1.5 GW 2026 target already inst
Slide 72: EDPR organic cash flow and net debt of €8.4bn
Organic Cash Flow from operating portfolio increasing +1%YoY with Net Investments of €0.4bn, leading to Net Debt of €8.4bn Organic Cash Flow Net Debt Change Dec-25 to Mar-26 (€m) (€bn) Reported 488 EBITDA Includes €0.8bn Expansion Capex (of which €0.5bn from net +€0.3bn -€0.5bn payments reflected in
Slide 73: EDPR recurring net profit +9% YoY
Recurring net profit +9% YoY (+21% ex-forex) with EBITDA growth and lower financial costs partially offset by minorities 1Q26 Recurring EBITDA to Recurring Net Profit Recurring Net Profit (€m) (€m) YoY +9% Rec. EBITDA 489 +€12m +21% Asset Rotation ex-Forex 71 On the back D&A1 (230) of capacity (€9m)
Slide 74: Appendix
Appendix @edp
Slide 75: Integrated Electric Utility in Iberia & Brazil, renewables developer & operator
Appendix Integrated Electric Utility in Iberia & Brazil, renewables developer & operator with strong presence in US and EU 2025 33 GW Installed Capacity ~90% Renewables generation Houston Lisbon and Madrid 64 TWh Electricity Generation Europe Singapore 391,360 Electricity Networks (KM) São Paulo 12,
Slide 76: Overview of EDP's Integrated Electricity Value Chain
Appendix Overview of EDP’s Integrated Electricity Value Chain from Renewable Generation to End-User Supply and Energy Solutions Electricity generation Development & construction of renewables assets Operation & management of electricity generation assets Generation is the first activity in the value
Slide 77: Regulated networks underlying EBITDA growth 18% until 2028
Iberia Regulated networks underlying EBITDA growth 18% until 2028, based on improved final terms in Portugal, with growth visibility post 2028 EBITDA growth - from underlying 2025 to 2028 updated with final terms Growth visibility €Bn supported by approved returns and investment plans +18% 1.05 0.92
Slide 78: Focused €12 Bn investment plan with US renewables and Iberian networks
EDP at the Glance Focused €12 Bn investment plan with US renewables and Iberian Electricity Networks at the core Gross investments Net investments1 2026-28, € Bn 2026-28, € Bn Iberia Brazil Renewables, Clients & Energy Management RoE2 Other Electricity Networks US renewables ~90% in A-rated US FlexG
Slide 79: 2026-28 plan execution on track and improved visibility post 2028
EDP at the Glance 2026-28 plan execution on track and improved visibility post 2028 Electricity Networks with new regulatory periods closed and some upside on investment, efficiency and returns 2026-28 execution on >60% of the 2026-28 capacity additions target of 5 GW secured at attractive risk/retu
Slide 80: EDP Generation Assets as of 2025
Appendix EDP Generation Assets as of 2025 Installed Capacity - MW (1) Electricity Generation (GWh) Technology Dec-25 Dec-24 ∆ MW ∆% 2025 2024 ∆ GWh ∆% Wind 12,541 12,266 +274 2% 30,807 31,018 -212 -1% US 6,177 5,938 +239 - 16,151 15,917 +234 1% Portugal 1,177 1,177 - - 2,792 2,924 -132 -5% Spain 1,9
Slide 81: Electricity Networks: Asset data
Appendix Electricity Networks: Asset Customers Connected (th) Dec-25 Dec-24 ∆% ∆ Abs. RAB Dec-25 Dec-24 ∆% ∆ Abs Portugal 6,601 6,541 1% +60 Portugal (€ million) 2,995 2,971 1% +24 Very High / High / Medium Voltage 28 27 2% +1 High / Medium Voltage 1,725 1,713 1% +11 Special Low Voltage 42 41 3% +1
Slide 82: Clients & Energy Management Iberia: Key Drivers
Appendix Clients & Energy Management Iberia: Key Drivers Supply - Key Drivers and Financials 2025 2024 ∆% ∆ Abs. Portfolio of Clients (th) Electricity 4,249 4,377 -3% -129 Portugal - Liberalized 3,428 3,499 -2% -72 Portugal - Regulated 806 860 -6% -53 Spain - Liberalized 15 18 -19% -4 Gas 549 564 -3
Slide 83: Detail on US Tax Credits Profile and Accounting
Appendix Detail on US Tax Credits Profile and Accounting Annual tax credit based on generation during the first 10 years of commercial operation Standard rate $30 per MWh1 +$3 per MWh (Domestic Content) PTC Bonus adder +$3 per MWh (Energy Communities) Production Tax Credits Lower capital costs Prefe
Slide 84: OW - Top offshore player globally, diversified geographical mix
OW - Top 5 offshore player globally, with a diversified geographical mix in core low-risk markets Strong portfolio of secured projects indexed to inflation Offshore Wind, GW Contracted and inflation linked Contracted revenues and Gross Net Status COD Project Technology inflation linked Capacity Capa
Slide 85: IR Contacts
IR Contacts E-mail: ir@edp.com Phone: +351 210 012 834 Site: edp.com Investor presentation 93