Slide 1: 2025 Results Presentation
2025 Results Picture Presentation February 25th, 2026 16:30 CET | 15:30 UK / Lisbon Riverstart Solar Park www.edpr-investors.com United States of America
Slide 2: Agenda
Agenda 1 Update on Strategy Execution 2 2025 results 3 Closing Remarks 4 Annex 2
Slide 3: Update on Strategy Execution
Update on Strategy Execution
Slide 4: Strong 2025 delivery with a solid recovery versus 2024
Strong 2025 delivery with a solid recovery versus 2024 Key Financial Metrics Highlights 2025 Latest Guidance vs. 2024 • +2.0 GW gross capacity additions, Recurring in line with guidance €2.0bn ~€1.9bn +17% EBITDA • Generation +11% YoY to 40.6 TWh, Rec. Underlying at low end of target range €1.9bn ~€
Slide 5: +2.0 GW additions concentrated in North America and Europe with long-term contracted profile
+2.0 GW additions concentrated in North America and Europe with long-term contracted profile 2025 Capacity Additions profile (GW; %) Solar PV BESS Wind Onshore Wind Offshore ~275bps IRR-WACC 0.1 2.0 +0.5 GW solar installed in US and 0.1 +0.3 GW in Europe, including EDPR’s 0.6 first two solar project
Slide 6: Asset rotation strong execution in 2025, reflecting solid demand from investors
Asset rotation strong execution in 2025, reflecting solid demand from investors for high quality assets Asset Rotation Proceeds by country (€bn) EV/MW (€m) 0.9 1.7 1.2 1.5 1.5 1.7 Received 0.2 0.2 in Jan26 0.8 1.5 0.3 0.2 0.2 2025 Stake 100% 100% 100% 49% 100% - GW 0.3 0.1 0.2 1.0(1) 0.2 0.8(1) ~15%
Slide 7: 2026 additions on track (~1.5 GW) targeting ~275bps IRR-WACC spread
2026 additions on track (~1.5 GW) targeting ~275bps IRR-WACC spread 2026 Capacity Additions Multi technology Representative 2026 Projects (GW) Wind Onshore Wind Offshore Solar PV BESS Sonrisa Solar + BESS – California, US 200 MW 184 MW 20-year ~80% Under Construction Solar BESS Bus-bar PPA moving to
Slide 8: Strong demand for quality projects: 2026 fully secured and ~65% of 2027 secured
Strong demand for quality projects: 2026 fully secured and ~65% of 2027 secured, de-risking 2026-28 delivery Over the last six month, EDPR secured 1.3 GW through PPAs with utilities and global tech companies, along with a Build & Transfer (B&T) agreement in the US Projects secured in the last six mo
Slide 9: US growth visibility through post 2028 supported by >20 GW pipeline
US growth visibility through post 2028 supported by >20 GW pipeline and ~6 GW safe harbored volumes RES generation growth supported by IEA projecting EDPR has strong visibility to deliver growth, through electricity demand +2%, mainly driven by Data Centers secured volumes and quality pipeline YoY C
Slide 10: Europe's outlook for delivering 2027-28 targets coming out strongly supported
Europe’s outlook for delivering 2027-28 targets coming out strongly supported Renewables generation in Europe supported by IEA EDPR positioned with a strong commercial and reliable +2.3% electricity demand growth outlook execution across the region YoY Change in Electricity Generation – EU27 (TWh) ~
Slide 11: Adj. Core OPEX per avg. MW decreasing 12%, reflecting our commitment to driving efficiency
Adj. Core OPEX per avg. MW decreasing 12%, reflecting our commitment to driving efficiency and agility across the business Adj. Core OPEX/ Avg. MW in Operation(1) Strategy focused on efficient operations (€k) -21% 51.3 Operational streamlining and cost discipline across the portfolio -12% 45.6 40.3
Slide 12: 2025 Results
2025 Results
Slide 13: Strong increase in generation as a result of 2024 record additions
Strong increase in generation as a result of 2024 record additions, despite lower than expected renewable resources during the year Renewable Resource by Quarter Electricity Generation YoY (%) (TWh) 2024 2025 Solar Wind YoY +11% 40.6 36.6 (0.9) +5.5 101 (1.2) +0.6 24% +77% 100 101 15% Lower Lower Av
Slide 14: Electricity Sales +1% YoY with +11% growth in generation offsetting price normalization
Electricity Sales +1% YoY with +11% growth in generation offsetting price normalization Electricity Sales(1) (€m) 2024 2025 YoY YoY Installed Capacity GW 19.3 20.4 +6% +1% 2,139 2,152 Renewable Index Generation % 98% 95% (3pp) Electricity Generation TWh 36.6 40.6 +11% 834 North America 979 +€145m No
Slide 15: Underlying Rec. EBITDA +23% YoY driven by growth in North America
Underlying Rec. EBITDA +23% YoY driven by growth in North America (to 59% weight), improved efficiency and focus on A-rated markets Recurring EBITDA Drivers (€m) YoY +1% +17% 119 2,152 421 (766) 1,974 48 119 NA: 59% +23% exc. AR gains EU: 34% RoW: 7% Electricity Sales Tax Equity Revenues Asset Rotat
Slide 16: Financial Results +€109m YoY, driven by higher avg. net debt
Financial Results +€109m YoY, driven by higher avg. net debt and lower capitalized interests, expected to decrease in 2026 Financial Results Debt by currency & type (€m) (%) Other +€109m Variable YoY 20% 26% 44% EUR 43 482 81 373 71 37% 74% USD Fixed Debt by maturity & counterparty (%) EDP Group Thi
Slide 17: Net Debt down €0.2bn YoY, as growth capex funded by asset rotation
Net Debt down €0.2bn YoY, as growth capex funded by asset rotation, tax equity and organic cash flow Gross Investments 2025 Cash Flow: Uses and Sources (€bn; %) (€bn) 7% 0.5 2.4 7% Ocean Financial Winds 0.2 Inv. (OW) 55% 7% & Other(1) -1.5 Not including €0.2bn from €2.4bn Greece deal closed in Jan26
Slide 18: Strong Recurring Net Profit growth to €330m in 2025
Strong Recurring Net Profit growth to €330m in 2025, on the back of underlying performance (+4x YoY) 2025 Recurring EBITDA to Recurring Net Profit Recurring Net Profit (€m) (€m) YoY +50% +€350m Rec. EBITDA 1,974 ex. Gains +€290m 330 YoY 95 221 D&A(1) (889) (€55m) On the back Asset Rotation of capaci
Slide 19: Net Income 2028 Sensitivity analysis: Portfolio diversification supports no material change to guidance
Net Income 2028 Sensitivity analysis: Portfolio diversification supports no material change to guidance Sensitivity vs. base case avg. Electricity Price 2028 Electricity price Nov25 Current Trend ~60% ~€64/MWh Mainly Wind in Iberia, Poland and Romania €5/MWh (Iberian market) Global electricity price
Slide 20: Closing Remarks
Closing Remarks
Slide 21: Solid execution in 2025 strengthens visibility for 2026 and the delivery of 2028 targets
Solid execution in 2025 strengthens visibility for 2026 and the delivery of 2028 targets Strong execution +2.0 GW €1.7bn(1) €2.0bn €0.3bn and delivery in 2025 Capacity Additions Asset Rotation Proceeds Rec. EBITDA Rec. Net Profit > Electricity generation YoY growth: high single digit Good visibility
Slide 22: Q&A
Q&A
Slide 23: Annex
Annex
Slide 24: Strong Organic Cash Flow from operating portfolio and Net Investments, leading to Net Debt of €8.1bn
Strong Organic Cash Flow from operating portfolio (+€0.2bn YoY) and Net Investments of €0.7bn, leading to Net Debt of €8.1bn Organic Cash Flow Net Debt Change Dec-24 to Dec-25 (€m) (€bn) Includes €2.7bn Expansion Capex (of which €0.5bn from net EBITDA 1,947 payments reflected in changes in working c
Slide 25: EDPR is continuously working to decrease its GHG emissions
EDPR is continuously working to decrease its GHG emissions, while addressing other environmental and social challenges EDPR will present its Climate Transition Plan for the first time… … focusing on reducing emissions from Scope 3 In 2025, EDPR defined quantified decarbonisation targets, Over 90% of
Slide 26: 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 27: IR Contacts
IR Contacts 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 EDPR Online Site: www.edpr-investors.com Link Reports & Presentations
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