Slide 1: 1Q26 Results Presentation
edo 1Q26 Kesultss Present Lisbon, May 7°
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: Sound 1Q26, benefiting from new regulatory periods in Iberian networks and US renewables growth
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 regulatory periods in
Slide 4: Electricity demand growth in Portugal structurally outperforming other European markets
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 Portugal2,
Slide 5: Portugal and Spain competitive electricity prices, reducing political intervention risk
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 generatio
Slide 6: Iberian electricity networks: new regulatory periods with positive impact on investment and EBITDA
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 infrastr
Slide 7: FlexGen Iberia: strong hydro volume, low average price, high ancillary services costs
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: Historical h
Slide 8: Strong market fundamentals in US with growing energy demand and favourable PPA pricing
Strong market fundamentals in US with growing energy demand and favourable PPA pricing context Power demand growth driving PPA prices increases in the EDPR strategy execution continues to benefit US and needs to be met by reliable clean energy sources from the optimistic market context PPA price evo
Slide 9: EDPR on track to deliver business plan targets, with high weight of capacity secured
EDPR on track to deliver business plan targets, with high weight of capacity secured >60% of the 2026-28 BP target of ~5 GW Development and origination activity focused on US, additions already secured European and low risk APAC markets ~285 bps 3.2 GW APAC IRR-WACC ~5% ~1 GW of PPAs under commercia
Slide 10: Brazil macro-outlook improving, with extended 30-year visibility on Discos concession
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% inflation link
Slide 11: Castelo do Bode Dam, Portugal
‘Castelo do Bode Dam, PORTUGAL
Slide 12: Recurring EBITDA at €1.4 Bn, -1% YoY ex-FX
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 401 438 32% Ibe
Slide 13: Maintaining strong cost discipline, with adj. OPEX decreasing 4% YoY
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 efficiency and i
Slide 14: FlexGen & Clients EBITDA impacted by lower pool price and higher ancillary services costs
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% Hydro net o
Slide 15: Networks EBITDA +9% YoY supported by new regulatory periods and RAB growth
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% +100 bps RAB,
Slide 16: EDPR recurring EBITDA +2% YoY supported by net additions
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% Renewable Index Gener
Slide 17: Higher financial costs driven by capitalizations roll-off and higher average cost of debt
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 5% 6% Other S
Slide 18: Net debt increased to €15.7 Bn driven by net cash-investments and FX impact
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 Cash FX Othe
Slide 19: Recurring underlying Net Profit -9% YoY, with strong performance from EDPR and networks
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 Profit 260 ex-AR
Slide 20: Resilient business model: 80% of EBITDA regulated or long-term contracted
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 sourcing: ~1 bcm/
Slide 21: Castelo do Bode Dam, Portugal
Castelo do Bode Dam, PORTUGAL
Slide 22: Upgrade of 2026 guidance for EBITDA of €5.2 Bn and Net Profit of €1.3 Bn
Strong beginning of 2026 leading to upgrade of 2026 guidance for EBITDA of € 5.2 Bn and Net Profit of €1.3 Bn +5% upgrade of 2026 EBITDA and Net Profit guidance Recurring Net €1.2 -1.3 Bn ~€1.3 Bn Profit Networks: Iberia – Higher investments, efficiency, +5% returns; Brazil – Improved EUR/BRL FX Rec
Slide 23: 2026-28 plan execution on track and improved visibility post 2028
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/return metrics track D
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: Powering the energy transition with our people, high standards of integrity, and solid ESG performance
Powering the energy transition with our people, high standards of integrity, and solid ESG performance Strong track record in the energy transition EDP reinforces global leadership in Cybersecurity, People and Ethics through external recognitions 2023 2024 2025 1Q26 87% 95% 89% 91% Renewables We are
Slide 27: Upcoming roadshows
Upcoming roadshows 9thJune 19th May 16thJune 12th May 27th May 29th May Madrid RBC 13th Annual London European Utilities and Goldman Sachs Infrastructure Fieldtrip Lisbon Paris Utilities and Clean Oslo Copenhagen BofA European Utilities Portugal Capital Roadshow Energy Conference Roadshow Roadshow &