EDP Renewables SA · EURONEXT:EDPR
EDP Renewables SA — Investor Presentation (March 2025)
38 slides from EDP Renewables SA's investor presentation, March 2025
Slide 1: Investor Presentation March 2025
Investor Picture Presentation March 2025 www.edpr.com Cerca Portugal
Slide 2: Agenda
Agenda EDPR at a Glance 1 EDPR at a Glance Update on Strategic Execution 2 Update on Strategic Execution 2024 Results 3 2024 Results Corporate Governance 4 Corporate Governance ESG 5 ESG Appendix 6 Appendix 2
Slide 3: EDPR at a Glance
EDPR at a Glance
Slide 4: EDPR has come a long way as a pioneer and leader of the global energy transition
EDPR at a Glance EDPR has come a long way as a pioneer and leader of the global energy transition as one of the few pure-renewable developing players EDPR total installed capacity - split by tech EBITDA + Equity GW 19.3 Onshore Wind 1% Robust Growth Global Solar (Utility + DG) 3% in clean energy com
Slide 5: Global pure renewables player with a portfolio of 19.3 GW in low-risk markets
EDPR at a Glance Global pure renewables player with a portfolio of 19.3 GW in low-risk markets and with rigorous development capabilities… EDPR global wind and solar installed capacity Leading pure renewables player, with >20 years of track record Differentiated and leading position in the Europe US
Slide 6: High quality 100% RES assets, well diversified and LT contracted
EDPR at a Glance … with a high quality 100% RES assets mostly wind onshore, well diversified primarily across Europe & North America and LT contracted Diversified portfolio with a solid generation profile Capacity by geography Generation by technology Focus on low risk markets: ~90% of asset base in
Slide 7: We manage the entire value chain to deliver competitive projects
EDPR at a Glance We manage the entire value chain to ensure the delivery of competitive and quality projects at the highest excellence standards Development Local development knowledge and multi-partnership network Asset financing and tax equity structuring track record in the US >20 GW ~50% Strong
Slide 8: Update on Strategic Execution
Update on Strategic Execution
Slide 9: 2025-26 defined by moderation of growth and stricter investment criteria
Update on Strategic Execution 2025-26 defined by moderation of the pace of growth & focus on stricter investment criteria to continue delivering sustainable and resilient growth Historical capacity additions and 2025-26 visibility Projects for 2025 and beyond already under new stricter GW/year inves
Slide 10: Focus on development structure consolidation and resilient balance sheet
Update on Strategic Execution EDPR is focused on its development structure consolidation, with investment pursuing sustainable growth and resilient Balance Sheet Last 4 years elevated the overall operational presence of … 2025-26 will be marked by growth focused on a the company with outstanding gro
Slide 11: US strong power demand continues supporting RES growth, prudent investment decisions
Update on Strategic Execution US strong power demand in medium term continue supporting RES growth, however prudently approaching investment decisions during 2025 Increasing electricity demand in the US requires fast … with EDPR currently focused on gaining clarity on renewable deployment … legislat
Slide 12: Europe with positive structural tailwinds, requiring faster permitting and grid investment
Update on Strategic Execution Europe with overall positive structural tailwinds, but requiring a real acceleration in permitting and investment in the grid Europe shows a positive growth outlook… … however, its realization requires Member States to act in the short term EU27+UK Power Demand(1) (Thou
Slide 13: Efficiency improvements: adj. Core OPEX per average MW -9% YoY
Update on Strategic Execution EDPR will continue its efficiency improvements efforts, which in 2024 lead to an adj. Core OPEX per average MW-9% YoY Adj. Core OPEX/ Avg. MW in Operation(1) Strategy focused on efficient operations (€k) -9% 51 46 Europe 2024 Savings of €32m following efficiency measure
Slide 14: Diversified funding strategy with an efficient financial profile
Update on Strategic Execution Diversified funding strategy with an efficient financial profile, optimizing market opportunities while leveraging balanced macroeconomic dynamics Organic Asset Financial Tax Equity Cash-flow Rotation Debt Underlying business Special purpose structures Supporting Mainly
Slide 15: Asset rotation strategy allows investment above balance sheet limits
Update on Strategic Execution Asset rotation strategy allows investment above the limits of balance sheet, recycling capital to reinvest in further growth at a positive spread… Asset Rotation allows incremental value created at project execution Illustrative example • NPV crystalized upfront Value c
Slide 16: 2024 asset rotation deals totaling 1 GW and 2025 deals at good valuations
Update on Strategic Execution … supported by 2024 Asset rotation deals totaling 1 GW and 2025 that started with 2 deals signed at good valuations 2025’s signed deals at solid valuations… … supportive of a cumulative contribution above €3bn over the following 2 years EV/MW by technology (€m) 2025&202
Slide 17: 2024 Results
2024 Results
Slide 18: Record additions of 3.8 GW and €1.7bn recurring EBITDA
2024 Results Record high additions of +3.8 GW in 2024 and €1.7bn recurring EBITDA, reflecting a 9% growth of underlyingEBITDA and lower AR gains vs. 2023 2024 Main Highlights 2024 Key P&L Metrics • Record annual capacity additions of +3.8 GW in line with guidance, of which +2.5 GW added in 4Q24, ins
Slide 19: Electricity Sales +2% YoY
2024 Results Electricity Sales +2% YoY with +6% growth in generation slightly offset by -3% lower avg. selling price Electricity Sales(1) (€m) 2023 2024 YoY YoY +2% Renewable Index Generation % 94% 98% +3pp 2,152 2,103 Electricity Generation TWh 34.6 36.6 +6% Europe TWh 11.6 11.5 -1% 1,062 Europe 1,
Slide 20: Underlying Recurring EBITDA +9% YoY
2024 Results Underlying Recurring EBITDA increasing +9% YoY driven by better business performance and a strong cost control EBITDA 2024 (€m) YoY +2% 179 +9% 2,152 303 (751) ex. AR gains (199) 1,684 Electricity Sales Tax Equity Revenues AR Gains Core Opex Other Costs (net)(1) Rec. EBITDA +€49m +€72m
Slide 21: Financial Results +€60m YoY
2024 Results Financial Results +€60m YoY driven by +€2.2bn nominal financial debt Financial Results (€m) +€60m +16% Financial results +€60m in the year, impacted by (65) (88) 373 +€2.2bn of nominal financial debt and €34m of FX & 313 (82) derivatives impact from Colombia 460 395 Financial results im
Slide 22: Net Debt at €8.3bn
2024 Results Net Debt at €8.3bn mainly driven by Net Expansion Investments of €2.8bn Net Debt Change Dec-23 to Dec-24 (€bn) • Includes €4.0bn Expansion Capex (of which €0.8bn from net payments reflected in changes in working capital to PP&E suppliers) • and €0.7bn Financial investments (of which €0.
Slide 23: Recurring Net Profit of €221m
2024 Results Recurring Net Profit of €221m with YoY comparison impacted by outstanding asset rotation gains in 2023 and financial results increase 2024 Rec. EBITDA to Rec. Net Profit (€m) Recurring Net Profit (€m) YoY 513 +€120m Rec. EBITDA 1 684 (€161m) ex-gains D&A(1) (834) (€77m) 221 EBIT 849 (€2
Slide 24: Closing remarks
2024 Results Closing remarks Capacity additions increased +3.8 GW YoY (2.8 GW net of Asset rotation deconsolidation), with strong contribution from US solar projects and more than 90% of expected 2025 additions already under construction 2024 driven by an increase of +6% YoY in generation, tempered
Slide 25: Corporate Governance
Corporate Governance
Slide 26: Leaner, more independent and diverse Corporate Governance structure
Corporate Governance EDPR has implemented a leaner, more independent and diverse Corporate Governance structure in line with best practices General Shareholders’ Meeting Governance model • Aims to achieve the highest standards of corporate governance, business conduct and ethics referenced Board of
Slide 27: Board of Directors
Corporate Governance Board of Directors António Gomes Mota Key highlights of the Board of Directors Chair Independent Independent Chair Miguel Stilwell d’Andrade Rui Teixeira Vice-Chair & CEO CFO 9 Board members 2 Executive directors (CEO and CFO) Manuel Menéndez Rosa García External Independent 44%
Slide 28: Management Team
Corporate Governance Management Team Miguel Stilwell d’Andrade CEO Structure with regional hubs, transversal platforms and functions leveraging operational excellence, Sandhya Ganapathy Rui Teixeira growth and value creation North America Region CFO Led by an experienced and diverse team, with an av
Slide 29: ESG
ESG
Slide 30: Working towards Net Zero with best ESG practices
ESG Working every day towards Net Zero, operating with the best ESG practices along the value chain… WE WILL Decarbonize for a climate-positive world 21 million tons of CO2 avoided Net Zero target submitted to SBTi WE ARE Empowering our communities Protecting our planet Engaging our partners for an
Slide 31: ESG leader recognized by top-tier institutions
ESG … to continue being an ESG leader recognized by top-tier institutions and aim to maintain a leadership position in ESG rating performance Entity Rating Entity Rating Through EDP 72/100 3.9/5 A list Sustainability Percentile rank: 85 on climate change Yearbook Member (Jun-24) (Feb-25) (Feb-25) B+
Slide 32: Appendix
Appendix
Slide 33: EDPR Asset Base as of Dec-24
Appendix EDPR Asset Base as of Dec-24 EDPR Installed Capacity as of Dec-24 EDPR EBITDA MW Avg. Age and Useful Life Remaining 2024 MW 2024 Additions AR/Decom.(1) YTD U/C Spain 13 Spain 2,335 +293 - +293 143 Portugal 13 Portugal 1,413 - - - 63 France 4 Rest of Europe 2,267 +619 (433) +186 333 Belgium
Slide 34: Battery storage will play a crucial role in the future of renewable energy
Appendix Battery storage will play a crucial role in the future of renewable energy and EDPR has built a robust short-term lifeline of contracted investments Several factors are driving BESS development … … in line with EDPR’s growth ambitions Robust risk/return metrics(1) Renewables Generation Vari
Slide 35: OW is a top offshore player globally
Appendix OW is a top 5 offshore player globally, with a diversified geographical mix in core low-risk markets Strong portfolio of secured projects indexed to inflation Contracted and inflation linked Offshore Wind, GW Contracted revenues and Gross Net Status COD Project Technology inflation linked C
Slide 36: Ocean Winds: Long-term view player in offshore wind
Appendix Ocean Winds: Long-term view player in the offshore wind industry Recent developments in Offshore projects New Projects Installed Projects Under Construction Moray West Noirmoutier 0.9 GW | 95% OW | Installed 2024 0.5 GW | 60% OW | COD 2025 Le Treport 0.5 GW | 61% OW | COD 2026 The UK projec
Slide 37: Key Sensitivities on Net Income for 2026
Appendix Key Sensitivities on Net Income for 2026 2026 Net Income Impact Avg. Spot Price Electricity Europe €5/MWh ~€27m RES Generation Output 3% ~€50m FX EUR/USD 5% ~€15m Interest Rates 25bps ~€20m 37
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