Edp S.a. · EURONEXT:EDP
Edp — Investor Day (November 2025)
152 slides from Edp's investor day presentation, November 2025
Slide 1: Capital Markets Day 2025
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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: What we are presenting today
What we are OUR VISION AND Miguel Stilwell COMMITMENTS d’Andrade (CEO) presenting OUR today PLATFORMS Rui Teixeira OUR FINANCIALS (CFO) CLOSING Miguel Stilwell REMARKS d’Andrade (CEO) 3
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Slide 5: Power demand at an inflection point
Power demand at an inflection point – an era of sustained growth driven by tech and electrification Electricity demand2 x2 000’ TWh ~130 ~60 GW of DC capacity +2-3% CAGR installed ~8.9 ~7.8 x3 ~6.7 ~50 ~6.6 ~15 Millions of EVs1 on the roads +5 p.p. ~20% ~25% Electrification share of final energy con
Slide 6: Wind, Solar and BESS – fastest, cheapest, most scalable energy sources
Wind, Solar and BESS – the fastest, cheapest, and most scalable energy sources Cost competitiveness1 Time-to-market2 Lower cost Higher cost 2025 2030 2035 2040 ~€50/MWh PPAs ~1-3 years ~$60/MWh PPAs RES costs are expected to continue ~€60/MWh PPAs downward trend ~1-3 years ~$75/MWh PPAs Increased ga
Slide 7: An evolving energy system – more flexibility needed
An evolving energy system – more flexibility needed and new value pools emerging Wind and Solar capacity BESS3 capacity Flexibility needs4 TW1 TW 2035 vs. 2023 increase Share of RES2 in total 25% 36% 45% Of total short-term flex, >50% generation ~0.5 covered by BESS3 and Hydro 5x >2x ~2.4 ~4.0x ~1.8
Slide 8: Step change in Networks investment
Step change in Networks investment – modernize aging network, connect demand/supply and reinforce system reliability Investment in Electricity Networks Avg. $ Bn/year Modernization – the key driver ~55% of transformers in Portugal with over 40 years asset life by 2030 +40% ~250 New demand – bottlene
Slide 9: Strong regulatory tailwinds
Strong regulatory tailwinds – providing increased long-term visibility Europe USA Brazil Ongoing policy for resilience, One Big Beautiful Bill Act providing Networks investment framework in competitiveness and energy security clear tax credits framework place, while bottlenecks in RES still (e.g., R
Slide 10: EDP is at the center of this secular investment opportunity
EDP is at the center of this secular investment opportunity Electricity at the core of strong … and EDP is prepared to capture investment momentum in the sector… the opportunity Entering an era of sustained growth of power demand Leader in Renewables with strong track record and pipeline, namely in
Slide 11: Our 2026-28 commitments focused on value creation
Our 2026-28 commitments focused on value creation Focused Business Distinctive and Value growth optimization resilient portfolio creation Visibility with improved returns Focus on value and cash-flow High quality portfolio with Increasing earnings, and flexibility to accelerate generation from exist
Slide 12: Focused €12 Bn investment plan
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 RoE Other Electricity Networks US renewables ~90% in A-rated FlexGen and % of EDPR Gross
Slide 13: Enhanced returns supported by market and regulatory tailwinds
Enhanced returns supported by market and regulatory tailwinds Renewables, Clients and Energy Management1 Electricity Networks2 ~€8Bn ~€4Bn Gross Investment Gross Investment Regulatory RoE Project IRR Equity IRR Return/ (excluding incentives) Return/ risk profile risk profile + 200-300 bps + 100 bps
Slide 14: Value crystallization through Asset Rotation and portfolio focus
Value crystallization through Asset Rotation and portfolio focus Asset Rotation track record Asset Rotation and Disposals proceeds 2026-28 over the last 10 years € Bn ~35 Gains of transactions ~€0.2 Bn/yr ~1 ~6 Strong 2025 Asset Rotation ~52 ~€13 Bn execution of €2.0 Bn with attractive valuations cu
Slide 15: Driving efficiency and agility across the business
Driving efficiency and agility across the business, improving competitiveness Optimizing for superior value Focusing on efficiency Flat nominal OPEX, Extract more value from existing assets, OPEX recurring, 2023-28 despite inflation € Bn improving availability and O&M and increasing -4% asset base (
Slide 16: ESG leadership anchoring our energy transition
ESG leadership anchoring our energy transition Strong track record in the energy transition 2028 key ESG commitments Revenues Climate adaptation plans for infrastructure from coal 8.2% On track to phase exposed to material climate risk % out coal All new projects1 with material impact on ~0% ~0% com
Slide 17: A resilient, low-risk portfolio delivering predictable growth
A resilient, low-risk portfolio delivering predictable growth EBITDA, € Bn By region By business By contracted profile ~5.2 ~5.2 ~5.2 ~4.9 ~4.9 ~4.9 ~20% ~20% ~30% ~30% 3.7 3.7 3.7 ~20% ~30% Electricity Others1 22% 27% Networks Merchant North America 16% ~80%2 ~70% Regulated and ~80% Renewables, ~70
Slide 18: Stronger BBB balance sheet
Stronger BBB balance sheet, providing flexibility for future investment Delta 2025-28 Net Debt 14 ~16 ~15 -€1 Bn Organic Cash Flow growth € Bn 3.7x ~3.5x Adj. Net Debt/ ~3.2x Preserving a low-risk business EBITDA1 profile – ~80% of EBITDA from A-rated markets and ~80% -0.3x regulated or LT contracte
Slide 19: Attractive shareholder remuneration
Attractive shareholder remuneration – sustained earnings growth supporting visible dividend floor Delivering earnings growth Sustainable and predictable dividend policy Recurring Net Profit, € Bn Dividend per share, € cents DPS floor ~1.3 21 ~1.2 20.5 20 0.9 19 2019 2025 2028 2019 2025-26 2027 2028
Slide 20: Our Platforms
OUR PLATFORMS EBITDA 2025 30% 70% Electricity Networks Renewables, Clients and Energy Management 20
Slide 21: Electricity Networks – Strong presence in Portugal, Spain and Brazil
Electricity Networks – Strong presence in Portugal, Spain and Brazil Diversified regulated Sole operator of High, Medium and Low portfolio Voltage1 Electricity Networks in mainland 11% Portugal 34% Recurring Largest Electricity Distribution operator in €1.5 Bn EBITDA3, 2024 32% the regions of Asturi
Slide 22: Track record of efficiency enabled by technology, data & AI
Track record of efficiency, with superior quality of service – enabled by technology, data & AI Enhanced quality of service Enabled by technology, data & AI Improved efficiency SAIDI1 2024 per geography, min Electricity Networks OPEX/Gross Profit Networks operations robotization and digitalization O
Slide 23: €3.6 Bn investment plan driving RAB and earnings growth
€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 2026-28 +23% 9.0 regulatory period and Transmission 7.3 Based on approved 3.2 investment plans 2.3
Slide 24: Increased visibility and returns – regulatory frameworks
Increased visibility and returns – >90% of investments with regulatory frameworks closed / advanced and improved returns Regulatory framework (closed or in advanced stage) To be updated EDP BP assumption Regulatory Gross Investments RoRAB2 Regulatory RoE3 period length 2026 2027 2028 2029 2030 2026-
Slide 25: New demand and Modernization – drivers of investment in Iberia
New demand and Modernization – drivers of increased investment in Iberia for the next 10-15 years Electricity demand growth driven by energy Equipment aging, resilience improvements, and consumption electrification (e.g., EVs, DCs, H2) digitalization support investment needs Electricity demand1 Iber
Slide 26: Adequate regulatory returns required
Adequate regulatory returns required to fully support needed investment Proposal for significant increase in investments with a Potential for returns to converge with those of other limited impact on end-user’s price EU countries to enable the additional investment Average annual gross investments1,
Slide 27: Brazil's regulation fosters long-term value
Brazil’s regulation fosters long-term value in both Distribution and Transmission Networks Stable regulatory framework… …to support a sustainable growth of the asset base RAB, € Bn 11% CAGR 30-yr concession Tariff 2025-28 extension review No upfront payment in extensions Uplift in Real RoRAB to 8.03
Slide 28: Step change in investment plan and improving returns
Step change in investment plan and improving returns – visibility through 2028 and beyond Investment plan. +20% Step change in investments to deliver the Energy Transition and modernize the Networks €3.6 Bn annual investment in 2026-28 vs 2023-25 Investments with regulatory Increasing investment vis
Slide 29: Our Platforms – FlexGen & Clients
OUR PLATFORMS EBITDA 2025 30% 70% Electricity Networks Renewables, Clients and Energy Management 40% FlexGen & Clients: 30% 29
Slide 30: Integrated position – Generation, Energy Management and Clients
Integrated position – Generation, Energy Management and Clients with proven value creation and controlled risk 2025 FlexGen 30% 40% & Clients EBITDA share EBITDA share Generation ~7 GW ~3 GW assets Hydro, out of which ~20 GW Multi-technology CCGTs ~2.4 GW pumping generation portfolio Energy Manageme
Slide 31: Our Platforms
OUR PLATFORMS EBITDA 2025 40% 30% 30% Electricity Networks FlexGen & Clients 31
Slide 32: Flexible Generation portfolio
Flexible Generation portfolio – positioned to capitalize on rising demand for flexibility Iberia Brazil Installed capacity EBITDA 2025 Generation mix 2026-28 avg. GW TWh/yr Gas Hydro pumping Hydro net of pumping 1.6 GW Hydro Gas Hydro Assets Mostly Hydro ex-pumping 17% LT contracted and (~8 TWh/year
Slide 33: Optimized efficiency and investment opportunities from technology and AI
Optimized efficiency and investment opportunities – additional value unlocked from technology and AI Efficiency capture in O&M and FlexGen optimization opportunities Unlocking value from clients’ cost to serve adding value to existing portfolio technology and AI O&M costs1, €/MW Inspection Robots fo
Slide 34: Iberia – increased weight of intermittent technologies
Iberia – 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 electricity price €/MWh in Spain Solar
Slide 35: Hydro – growing premium over baseload
Hydro – 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 realized price premium, Hydro pumping gen
Slide 36: FlexGen and Clients Iberia – flexibility revenues
FlexGen and Clients Iberia – 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 margin 20% 25% 30%
Slide 37: Our Platforms
OUR PLATFORMS EBITDA 2025 30% 40% Electricity Networks 30% FlexGen & Clients 37
Slide 38: High-quality portfolio of 20 GW of Wind, Solar and BESS
High-quality portfolio of 20 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 EDPR: Pure renewables player of track record Europe1 South America Wind Onshore with a proven track record… North Americ
Slide 39: Focus on enhancing operational performance
Focus on enhancing operational performance – driving efficiency and innovation, in a context of growth and inflation Streamlined O&M for efficiency Unlocking additional value Core OPEX/Avg. MW through innovation Improved nominal -18% OPEX/MW 45%1 full scope Automation and robotization for 53.4 Offer
Slide 40: €7.5 Bn investment plan
€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 Europe South America APAC Offshore Europe APAC ~€7.5 Bn
Slide 41: Balanced technology mix
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 | Pay-as-Produced PPAs Capa
Slide 42: ~70% long term contracted revenues portfolio
~70% long term contracted revenues portfolio – resilient average selling price throughout 2028 Expected generation split by contracting profile Avg. Selling Price 2026-28 (status as of today, %) Portfolio trends by region Merchant Hedged Long Term Contracted Avg. selling price 2026-28 New PPA contra
Slide 43: Well placed to address Data Centers demand growth
Well placed to address Data Centers demand growth – US market showing stronger dynamics in the short-term There is strong Data Center-driven demand and we are well … and we have optionality value placed to capture it… from powered land Powered land opportunities by region, GW 2x Data Center capacity
Slide 44: North America – high-quality portfolio
North America – high-quality portfolio to capture value from surging demand and rising power prices EDPR 2025E Installed Capacity & forward prices by US pipeline4 and demand growth per ISO power market1, GW >20 GW FRW 2028 Price2 xx Demand CAGR (2025-30) xx Installed Capacity EDPR (GW) ($/MWh) Wind
Slide 45: North America – favorable PPA pricing context
North America – favorable PPA pricing context supports project economics and provides attractive re-contracting opportunity PPA price evolution – Market Data Repricing profile of existing fleet 2026-35, upside potential $/MWh $/MWh 80 Expected recontracting PPA prices vs expected merchant prices 75
Slide 46: North America – visibility on growth
North America – visibility on growth with flexibility to accelerate from 2028 onwards Capacity Additions by technology, GW Wind Solar + BESS1 Solar PV2 Tax Credits secured for Wind and Solar with CODs until 2030 and for BESS1 with CODs until 2039 Flexible pipeline allowing to adjust growth pace and
Slide 47: Europe – focus on low risk markets
Europe – focus on low risk markets underpinned by demand growth potential EDPR 2025E Installed Capacity Europe pipeline1 and demand growth GW EDPR core growth markets Other EDPR markets Wind Solar xx Demand CAGR (2025-30) Onshore Utility Scale ~2.2 GW +3% +3% +2% +3% +2% +1% +3% 13% 3 Generation 202
Slide 48: Europe – tailored approach across markets
Europe – tailored approach to drive value given different dynamics across markets Capacity additions by technology GW Focused growth Wind Solar + BESS1 Solar PV with ~100% of investments in core growth markets Flexible pipeline allowing to adjust growth pace and capture additional opportunities ~0.5
Slide 49: APAC and Offshore
APAC and Offshore – focused on low-risk markets with long-term growth optionality, with a disciplined risk management APAC OCEAN WINDS Focus on low-risk high-growth markets Focused on execution of its existing European projects 2026-28 Capacity Additions by market, % EDPR Net Capacity2, GW Australia
Slide 50: EDPR is well positioned to capture rising demand
EDPR is well positioned to capture rising demand and drive sustainable and profitable growth, coupled with a robust B/S ~€7.5 Bn gross Recurring EBITDA1, Recurring Net Profit, Net Debt, investments, of which € Bn € Bn € Bn ~60% in the US +15% x2 -1.5 Bn ~2.2 ~0.6 ~8.0 13-15% Equity IRR in SA ~1.9 US
Slide 51: Our Financials
Cap aie Markets Day 1m im OUR FINANCIALS
Slide 52: Material step up of earnings and improvement of Balance Sheet
EDP: Material step up of earnings and improvement of Balance Sheet and rating 2019-28 4.5 ~4.9 ~5.2 3.7 EBITDA ~4% € Bn CAGR Dividend per share 0.19 0.19 0.20 0.21 ~1.2 ~1.3 0.9 0.9 ~4% Net Income € Bn CAGR 3.7 3.4 ~3.5 ~3.2 Adj. ND/EBITDA1 -0.5x Delta BBB- BBB BBB BBB 2019 2022 2025 2028 1. Financi
Slide 53: EBITDA Growth by platform
EBITDA Growth – RES and Networks more than offsetting normalization of volumes and prices in Iberia EBITDA evolution by platform € Bn Normalization of hydro volumes and Wind, Solar & BESS Networks FlexGen wholesale prices in Iberia, with increasing weight of FlexGen revenues CAGR ~+2% ~5.2 ~4.9 High
Slide 54: Investment plan focused on core markets
Investment plan focused on core markets – higher weight of US and Electricity Networks in Iberia Yearly average gross investments, € Bn By platform By country3 Countries totaling 95% of CAPEX for period Wind, Solar & BESS1 Electricity networks Flex Gen, Clients & Other2 14 4.8 ~9% 4.0 ~21% ~8% <10 ~
Slide 55: Strong Asset Rotation track record and execution
Strong Asset Rotation track record and execution – at the core of our strategy Strong execution of 2025 Asset Rotation program… … with ~€5 Bn1 of value € Bn crystallization in 2026-28 EV/MW AR Gains yearly 0.9 1.5 1.5 1.5 ~0.2 € Mn average € Bn Including one sizable ~€0.7 Bn transaction for 49% comm
Slide 56: Disciplined funding plan – Disposals and Tax Equity
Disciplined funding plan – Disposals of ~€1 Bn to focus the portfolio alongside ~€1.5 Bn of Tax Equity proceeds ~€1 Bn ~€1.5 Bn Disposals ~1 GW of Gross Tax Equity non-core markets/businesses Proceeds Mostly RES markets with limited EDP Funding ~40% of gross investments presence (≤0.1 GW) and synerg
Slide 57: €1 Bn Net Debt reduction
€1 Bn Net Debt reduction – cash needs more than offset by strong organic cash-flow and disciplined funding plan 2026-28 Cash Flow (€ Bn) ~2.5 ~12 ~9 ~€15 Bn 2028 Net Debt ~6.5 ~1.0 Gross Investments Dividends Organic Cash Flow1 Asset Rotation1, Disposals, Net Debt and Tax Equity Proceeds Change 1. A
Slide 58: Robust Balance Sheet
Robust Balance Sheet –investment discipline and strong Cash Flow generation reinforcing commitment to a strong BBB rating Net Debt -€1 Bn € Bn 16 15 Strong cash flow generation enabling Net Debt reduction of ~€1 Bn after executing a €12 Bn gross investment plan Enhanced Balance Sheet headroom enable
Slide 59: Improved outlook in Portugal
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 prices6 among the most favorable macro environment affordable in EU (-25% vs. EU avg.) 2022 2025 229 Credit Rating1 BBB A+ 17
Slide 60: Cost of debt increasing until 2028
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 +10 bps +60 bps ~5.0% ~5.1% Year € Bn Coupon ~4.1% ~3.5% ~3.8% EDP average cost of 2026 2.7 1.7% bonds issued in 2025: • ~60
Slide 61: Prudent funding policy
Prudent funding policy – focus on centralized corporate debt, fixed rate and local currency 9M25 EDP Consolidated gross debt position Debt by interest rate type Debt mix by currency €Bn €Bn % Ring-fenced policy EDP Brasil 9% Others 6% “Non-recourse” to EDP Floating 18% EDPR 7% Brazil 13% Mainly proj
Slide 62: >90% green financing
>90% green financing – maintaining green funding strategy, aligned with the EU Taxonomy Strong positioning for green financing ~2 as a competitive hedge ~14 ~3 84% 2025 2028 Capital Markets Tap most efficient Green Financing weight 81% >90% Sources of debt markets (currently DCM) funding as of ~12 S
Slide 63: Active management of liquidity position
Active management of liquidity position – a mix of robust credit facilities and cash Financial liquidity as of September EDP consolidated debt maturity profile as of September 2025 2025 € Bn EDP Brasil Cash and Equivalents €1.9 Bn EDP SA & EDP Finance BV and Other1 Available Credit Lines €7.5 Bn 3.3
Slide 64: EDP 2025-28 key figures
EDP 2025-28 key figures 2025 2026 2028 2025-28 EBITDA (€ Bn) 4.9 4.9-5.0 5.2 +6% Net Income (€ Bn) 1.2 1.2-1.3 1.3 +8% Net Debt (€ Bn) ~16 ~16 ~15 -€1 Bn FFO/ND (%) ~19% ~20% ~22% +3 p.p. DPS floor (€/share) 0.20 0.20 0.21 +5% 64
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Slide 66: Our 2026-28 commitments focused on value creation
Our 2026-28 commitments focused on value creation • ~€12 Bn investment plan with enhanced returns - focus on US renewables and Iberian Electricity Networks Focused growth • ~€5 Bn Asset Rotation delivering value crystallization and recycling capital to fund growth Business • ~€1 Bn Disposals to refo
Slide 67: Strong visibility on delivery of 2026-28 commitments
Strong visibility on delivery of 2026-28 commitments – Optionality beyond 2028 Markers of visibility until 2028 Optionality and further value creation beyond 2028 Electricity Networks regulatory Electricity Networks framework defined for the BP period (and beyond) • Investment needed to continue mod
Slide 68: Well positioned to capture demand growth
Electricity Distribution ~9 and Transmission RAB 7.0 7.3 € Bn Well Renewables Installed 28 ~30 positioned to capture Capacity GW 22 EBITDA + Equity demand growth 5.2 4.5 4.9 Exposed to EBITDA € Bn opportunity rich markets 1.2 1.3 Net Income 0.9 Strong optionality € Bn in the portfolio 2022 2025 2028
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Slide 70: Appendix
Appendix 70
Slide 71: Appendix
Appendix Assumptions & sensitivities Our Platforms detail Our Platforms detail ESG ESG People People Digital Digital EDPR CMD EDPR CMD 71
Slide 72: Main market and macro assumptions
Main market and macro assumptions Pool Iberia €/MWh TTF €/MWh CO2 €/ton Inflation Europe1 % Inflation Brazil % Avg. IPCA / IGPM 38 78 2.1 2.0 4.7 71 31 70 1.9 4.3 64 3.5 2025 2026 2028 2025 2026 2028 2025 2026-28 2025 2026-28 2025 2026-28 Avg. Avg. Avg. EUR/USD EUR/BRL EUR 7Y MidSwap % USD 7Y MidSwa
Slide 73: EDP: Net income resilient to key market drivers
EDP: Net income resilient to key market drivers Sensitivity vs. 2028 Net base case Income Impact Avg. Pool Price €5/MWh ~€60 Mn IB Hydro volume 10% ~€40 Mn FX EUR/USD 0.10 ~€40 Mn FX EUR/BRL 0.50 ~€15 Mn Interest rate 100bps ~€40 Mn (EUR/USD) 73
Slide 74: Appendix
Appendix Assumptions sensitivities Assumptions & sensitivities Our Platforms detail ESG ESG People People Digital Digital EDPR CMD EDPR CMD 74
Slide 75: Networks Portugal: Ramp up in investment levels
Networks Portugal: Ramp up in investment levels to meet pressing needs of the system Need for increased investments to support the energy transition… …backing a robust growth of the asset base RAB, € Bn Gross investments, 2026-28 6% CAGR ~40% ~25% 2024 – 2028 Modernization and Digitalization consump
Slide 76: Portugal's proposed regulatory framework increases return on RAB
Portugal’s proposed regulatory framework increases return on RAB by 84 bps for Distribution Electricity Distribution regulated revenues ERSE’s proposal 2025 2026 YoY Inflation update on RAB & TOTEX at GDP Deflator1 Regulated €1,134 Mn €1,224 Mn +7.9% and annual RoRAB indexed to 10Y PT bond yields2 R
Slide 77: Networks Spain: commitment to sustainable growth
Networks Spain: commitment to sustainable growth Ambitious investment plan … …to support a sustainable growth of the asset base RAB, € Bn Gross investments, 2026-28 2% CAGR ~35% ~35% 2024 – 2028 Modernization and Digitalization consumption +7% Cybersecurity, data +12% Modernization of the quality an
Slide 78: Networks Brazil: Building long-term value
Networks Brazil: Building long-term value in both Distribution and Transmission Ambitious investment plan in Brazilian Networks … …driven by strong growth in power demand Gross investments, 2026-28 Electricity distributed in EDP’s concessions, TWh ~55% Distribution ~45% Transmission +14% ~45% +19% ~
Slide 79: Client Solutions: leveraging our customer franchise
Client Solutions: leveraging our customer franchise to accelerate growth and value creation Client Solutions, 2026-28 Offering Customer franchise Retail PPA off-taking Distributed energy Address client Optimize integrated margin Deliver tailored Leverage retail base for energy needs and risk-return,
Slide 80: Improved supply chain visibility, resilience and flexibility
Improved supply chain visibility, resilience and flexibility CAPEX deviations of projects U/C, COD 2025, % Reinforced supply chain resilience with tariff protection Approved Current Delivering growth FirstSolar agreement to power 1.8 GW of projects up to 2028 and secure tax credit benefits on time a
Slide 81: Appendix
Appendix Assumptions sensitivities Assumptions & sensitivities Our Platforms detail Our Platforms detail ESG People People Digital Digital EDPR CMD EDPR CMD 81
Slide 82: ESG factors incorporated in our strategy
ESG factors continue incorporated in our strategy, with Energy Transition and energy critical needs as key business drivers Double materiality matrix Business enablers Key success factors - Talent - Energy management transition Energy transition: Adress the electrification and energy Impact - Health
Slide 83: Net Zero
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 res
Slide 84: ESG commitments
ESG commitments Ambition Commitment 2024 2028 goal Accelerate the energy transition SBTi: Scope 1 + Scope 2, gCO2e/kWh (% vs. 2020) 29 (-81%) 8 (-95%)1 SBTi: Scope 3 , MtCO2e (% vs. 2020) 10 (-1%) 6 (-45%)1 Renewable generation, % 95% >90% Focus on resilience Climate adaptation plans for infrastruct
Slide 85: ESG achievements recognized by top-tier institutions
ESG achievements recognized by top-tier institutions, aiming to maintain a strong position in ESG ratings performance Entity Rating Entity Rating Other Recognitions 86/100 4.4/5 Top 5% Top 6% (Feb-25) (Jun-25) 19.2/100 B+/A+ Low risk Industry Leader (Sep-25) (Oct-25) AAA/AAA Top 2% Top 11% within a
Slide 86: EDP is phasing out coal
With a 20-year track record in decarb., EDP is phasing out coal – demonstrating firm commitment to accelerate the energy transition From 80% thermal to >90% renewables in 20 years Coal phase out plan execution EDP’s electricity generation On track to phase • Sale of 80% stake closed in December 2023
Slide 87: Decarbonization path towards Net Zero by 2040
Decarbonization path towards Net Zero by 2040, building on past progress and driving further change Net Zero by 2040 +2% (vs. 2020) Reinforce EDP's path for a more 0.157 0.160 decarbonized portfolio towards Net Zero, by investing in Scope 1 + 21 -81% (tCO2e/MWh) (vs. 2020) -95% -96% renewables & Net
Slide 88: Commitment to decarbonization resulted in major emission reductions
Commitment to decarbonization resulted in major emission reductions, mainly achieved by targeting key emission sources Total 2020 emissions Total 2024 emissions Main decarbonization levers by 2028 MtCO2e % of total MtCO2e % of total Procurement, including materials, Decreasing carbon Supply chain as
Slide 89: Embedding climate adaptation measures
Embedding climate adaptation measures into business model to manage climate risks and ensure a safe, resilient and reliable service Commitment Climate adaptation plans 2028 for infrastructure exposed to material climate risk Extreme events that impacted EDP EDP’s diversified portfolio helps mitigate
Slide 90: Strengthening local collaboration for shared progress
Strengthening local collaboration for shared progress in the energy transition Commitment All new projects1 with material impact2 on communities include an 2028 engagement plan Creating partnerships with EDP’s local engagement plans include both business-related community engagement communities is e
Slide 91: Proactively engaging with suppliers
Proactively engaging with suppliers to ensure business continuity, traceability, and sustainable supply chain practices Commitment 100% >80% 2028 ESG risk purchases with ESG Due Diligence purchase volume of enablement equipment1 with carbon footprint A sustainable and resilient supply chain is Stron
Slide 92: Integrating biodiversity commitments across our operations
Integrating biodiversity commitments across our operations enables successful permitting and project delivery Commitment All new projects1 include a biodiversity Pilot projects to test and align with TNFD disclosure in 2026 2028 risk analysis & action plan Biodiversity No Net Loss & Net Gain Applyin
Slide 93: Life-cycle approach to promote circularity
Life-cycle approach based on reduction, optimization and recovery to promote and increase the circularity in the business Commitment >85% 2028 total waste recovered along the assets’ life cycle EDP’s path in the energy transition EDP ensures that circular economy principles are embedded in the sourc
Slide 94: Safety is a core pillar to our operations
Safety is a core pillar to our operations and therefore we embed prevention, responsibility, and care into every aspect of our work Ambition Zero 2028 serious injuries and fatalities (SIF) We are committed to achieving zero SIFs PlayitSafe, launched in 2021 to improve safety culture, is now complete
Slide 95: Business conduct upholds the highest standards of integrity
Business conduct upholds the highest standards of integrity, ensuring responsible conduct and trust across all operations Commitment Highest 2028 standards of integrity Recognitions and Certifications • Specific risk assessments Certifications of our Compliance Management • Policies/ procedures and
Slide 96: Dual Model of Corporate Governance
Dual Model of Corporate Governance ensures separation of functions – achieving trust and transparency for proper functioning Key highlights General Shareholders’ Meeting General and Supervisory Board monitors and evaluates the 3 management of the company and the subsidiaries Remuneration Committee 1
Slide 97: Executive Board of Directors
Executive Board of Directors Board Tenure Gender Diversity Miguel Stilwell d’Andrade 0 to 2 Y 8 or more Y Female CEO 20% 40% 40% Male 60% 3 to 7 Y 40% Rui Teixeira Vera Pinto CFO Pereira 5 members 3-years mandate (2024-2026) Elected by shareholders, including CEO Ana Paula Pedro Marques Vasconcelos
Slide 98: General and Supervisory Board
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 Gorges China Three G
Slide 99: Appendix
Appendix Assumptions sensitivities Assumptions & sensitivities Our Platforms detail Our Platforms detail ESG ESG People Digital Digital EDPR CMD EDPR CMD 99
Slide 100: Building a stronger, more adaptable organization
Building a stronger, more adaptable organization with a diverse, optimized, and well-structured workforce, to meet future challenges Headcount evolution 2023-25 South America North America Iberia Europe (w/o Iberia) APAC 70 701 Nationalities 28.7% 28.9%1 Female Overall 13.0 12.6 26.1% 25.7%1 12.0 9.
Slide 101: Engaging journey that attracts talent, fosters inclusion
Engaging journey that attracts talent, fosters inclusion, and supports growth and leadership, positioning us as a top employer ATTRACTION ONBOARDING RECOGNITION & BENEFITS OFFBOARDING • Launch of our new EVP “Earth is calling • Design and implementation of the global • >€26 Mn investment in salary r
Slide 102: Reinforcing our purpose and shared identity
Reinforcing our purpose and strengthening a shared identity, supported by a skills-based approach and a clear action plan At EDP… Our energy and heart drive a better tomorrow Our energy Our heart (Our) Drive We are committed to bring our stamina and Our people are the heart of our strategy, and We a
Slide 103: Appendix
Appendix Assumptions sensitivities Assumptions & sensitivities Our Platforms detail Our Platforms detail ESG ESG People People Digital EDPR CMD EDPR CMD 103
Slide 104: Digital and technology as a building block for transformation
Digital and technology as a building block for transformation Digitalization of EDP Operational foundations are Enablers for AI impact were A focus on transformation, as Controlled spend with end- continuously progressing set and continuously put in place across the well as on integration to-end cos
Slide 105: A path for technology at EDP focused on value creation
A path for technology at EDP that is focused on value creation in its multiple layers ’28 ambition examples: A. 1 2 7 high-impact AI bets scaled Boosting Data & AI powered EDP Tech-enabled business strategy across platforms business value Focusing on high impact bets, strong data Delivering tech. pr
Slide 106: Appendix
Appendix Assumptions sensitivities Assumptions & sensitivities Our Platforms detail Our Platforms detail ESG ESG People People Digital Digital EDPR CMD 106
Slide 107: Capital Markets Day 2025 – EDPR
Capital = Markets — Day 2025
Slide 108: Confidentiality disclaimer
Confidentiality disclaimer This document has been prepared by EDP Renováveis, S.A. (the "Company") solely for use at the presentation to be made on this date and its purpose is merely of informative nature and, as such, it may be amended and supplemented. By attending the meeting where this presenta
Slide 109: Our Vision and Commitments
ang | OUR VISIO COMMITM
Slide 110: Power demand at an inflection point
Power demand at an inflection point – an era of sustained growth driven by tech and electrification Electricity demand2 x2 000’ TWh ~130 ~60 GW of DC capacity +2-3% CAGR installed ~8.9 ~7.8 x3 ~6.7 ~50 ~6.6 ~15 Millions of EVs1 on the roads +5 p.p. ~20% ~25% Electrification share of final energy con
Slide 111: Wind, Solar and BESS – fastest, cheapest, most scalable energy sources
Wind, Solar and BESS – the fastest, cheapest, and most scalable energy sources Cost competitiveness1 Time-to-market2 Lower cost Higher cost 2025 2030 2035 2040 ~€50/MWh PPAs ~1-3 years ~$60/MWh PPAs RES costs are expected to continue ~€60/MWh PPAs downward trend ~1-3 years ~$75/MWh PPAs Increased ga
Slide 112: An evolving energy system – more flexibility needed
An evolving energy system – more flexibility needed and new value pools emerging Wind and Solar capacity BESS3 capacity Flexibility needs4 TW1 TW 2035 vs. 2023 increase Share of RES2 in total 25% 36% 45% Of total short-term flex, >50% generation ~0.5 covered by BESS3 and Hydro 5x >2x ~2.4 ~4.0x ~1.8
Slide 113: Strong regulatory tailwinds
Strong regulatory tailwinds – providing increased long-term visibility Europe USA Ongoing policy for resilience, competitiveness One Big Beautiful Bill Act providing clear and energy security (e.g., REPowerEU): tax credits framework Contract for Difference (CfD) auctions of >100 GW in PTC/ITC gr
Slide 114: EDPR is at the center of this secular investment opportunity
EDPR is at the center of this secular investment opportunity Electricity at the core of strong … and EDPR is prepared to investment momentum in the sector… capture the opportunity Entering an era of sustained growth of power demand Leader in Renewables with strong track record and pipeline, namely i
Slide 115: Our 2026-28 commitments focused on value creation
Our 2026-28 commitments focused on value creation Focused Business Distinctive and Value growth optimization resilient portfolio creation Visibility with improved returns Focus on value and cash-flow High quality portfolio with Increasing earnings, and flexibility to accelerate generation from exist
Slide 116: Focused ~€7.5 Bn investment plan
Focused ~€7.5 Bn investment plan with US renewables at the core Gross investments by region 2026-28, € Bn US renewables % of EDPR Gross investment ~0% North America ~10% Europe +10 p.p. Offshore & Other1 ~10% ~60% APAC South America ~50% ~€7.5 Bn ~60% ~20% 2024-25 2026-28 ~95% in A-rated markets Pip
Slide 117: Enhanced returns supported by market and regulatory tailwinds
Enhanced returns supported by market and regulatory tailwinds ~€7.5 Bn Gross Investment Project IRR Equity IRR + 200-300 bps + 100 bps Return/ ~11-12% ~13-15% risk profile ~8-9% ~9-10% >250 bps IRR-WACC Stable Stable ~12-13% ~12-13% ~7-8% ~7-8% >60% contracted NPV COD COD COD COD 2023-25 2026-28 202
Slide 118: Value crystallization through Asset Rotation
Value crystallization through Asset Rotation and portfolio focus Asset Rotation track record Asset Rotation and Disposals proceeds 2026-28 over the last 10 years € Bn Gains of ~30 ~€0.2 Bn/yr transactions ~1.0 ~5.5 Strong 2025 Asset Rotation ~4.5 ~€12 Bn execution of ~€1.8 Bn with attractive valuati
Slide 119: Driving efficiency and agility
Driving efficiency and agility across the business, improving competitiveness Optimizing for superior value Focusing on efficiency Flat nominal Core Extract more value from existing assets, Core OPEX recurring, 2023-28 OPEX, despite € Bn improving availability and O&M inflation and increasing asset
Slide 120: Sustainable development and operation of renewable assets
Sustainable development and operation of renewable assets to deliver secure, affordable and clean energy 2028 commitments ~5 GW capacity additions 2026-28 Contribution to EDP Group’s Net Zero target by 2040 Focus on Strengthen local community engagement Partner with our Foster resilience and promote
Slide 121: A resilient, low-risk portfolio delivering predictable growth
A resilient, low-risk portfolio delivering predictable growth EBITDA1, € Bn By region North America South America, APAC and Others Europe ~2.2 ~1.9 ~10% ~90% of EBITDA from A-rated markets ~5% ~22% ~1.7 ~35% ~5% ~50% ~68% of EBITDA from the US by 2028 ~68% ~60% ~45% 2019 2025 2028 Of which ~90% of g
Slide 122: Stronger balance sheet
Stronger balance sheet, providing flexibility for future investment Delta 2025-28 Net Debt, € Bn ~3 ~8 ~6.5 -€1.5 Bn Organic Cash Flow growth Adj. Net Debt/ ~4.3x EBITDA1 Preserving a low-risk business profile – ~90% of EBITDA from ~3.2x A-rated markets and ~90% -1.1x generation LT contracted or ~2.
Slide 123: Attractive shareholder remuneration
Attractive shareholder remuneration – sustained earnings growth and stable scrip dividend program Delivering earnings growth Sustainable scrip dividend program Recurring Net Profit, € Bn Target dividend payout ratio, % ~0.6 40% 30-50% ~0.3 2025 2028 2025 2026-28 Improved earnings quality profile: wi
Slide 124: Our Business – Renewables
Capital Markets Day 2025 OUR BUSINESS Renewables 124
Slide 125: High-quality portfolio of 20 GW of Wind, Solar and BESS
High-quality portfolio of 20 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 proven track record… North America APAC
Slide 126: Focus on enhancing operational performance
Focus on enhancing operational performance – driving efficiency and innovation, in a context of growth and inflation Streamlined O&M for efficiency Unlocking additional value Core OPEX/Avg. MW through innovation Improved nominal Core OPEX/Avg. MW -18% 45%1 full scope Automation and robotization for
Slide 127: €7.5 Bn investment plan
€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 Europe South America APAC Offshore Europe APAC ~€7.5 Bn
Slide 128: Balanced technology mix
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 | Pay-as-Produced PPAs Capa
Slide 129: ~70% long term contracted revenues portfolio
~70% long term contracted revenues portfolio – resilient average selling price throughout 2028 Expected generation split by contracting profile Avg. Selling Price 2026-28 (status as of today, %) Portfolio trends by region Merchant Hedged Long Term Contracted Avg. selling price 2026-28 New PPA contra
Slide 130: Well placed to address Data Centers demand growth
Well placed to address Data Centers demand growth – US market showing stronger dynamics in the short-term There is strong Data Center-driven demand and we are well … and we have optionality value placed to capture it… from powered land Powered land opportunities by region, GW 2x Data Center capacity
Slide 131: North America – high-quality portfolio
North America – high-quality portfolio to capture value from surging demand and rising power prices EDPR 2025E Installed Capacity & forward prices by US pipeline4 and demand growth per ISO power market1, GW >20 GW FRW 2028 Price2 xx Demand CAGR (2025-30) xx Installed Capacity EDPR (GW) ($/MWh) Wind
Slide 132: North America – favorable PPA pricing context
North America – favorable PPA pricing context supports project economics and provides attractive re-contracting opportunity PPA price evolution – Market Data Repricing profile of existing fleet 2026-35, upside potential $/MWh $/MWh 80 Expected recontracting PPA prices vs expected merchant prices 75
Slide 133: North America – visibility on growth
North America – visibility on growth with flexibility to accelerate from 2028 onwards Capacity Additions by technology, GW Wind Solar + BESS1 Solar PV2 Tax Credits secured for Wind and Solar with CODs until 2030 and for BESS1 with CODs until 2039 Flexible pipeline allowing to adjust growth pace and
Slide 134: Europe – focus on A-rated markets
Europe – focus on A-rated markets underpinned by demand growth potential EDPR 2025E Installed Capacity Europe pipeline1 and demand growth GW EDPR core growth markets Other EDPR markets Wind Solar xx Demand CAGR (2025-30) Onshore Utility Scale ~2.2 GW +3% +3% +2% +3% +2% +1% +3% 13% 3 Generation 2025
Slide 135: Europe – tailored approach across markets
Europe – tailored approach to drive value given different dynamics across markets Capacity additions by technology GW Focused growth Wind Solar + BESS1 Solar PV2 with ~100% of investments in core growth markets Flexible pipeline allowing to adjust growth pace and capture additional opportunities ~0.
Slide 136: APAC and Offshore
APAC and Offshore – focused on low-risk markets with long-term growth optionality, with a disciplined risk management APAC OCEAN WINDS Focus on low-risk high-growth markets Focused on execution of its existing European projects 2026-28 Capacity Additions by market, % EDPR Net Capacity2, GW Australia
Slide 137: EDPR is well positioned to capture rising demand
EDPR is well positioned to capture rising demand and drive sustainable and profitable growth, coupled with a robust B/S ~€7.5 Bn gross Recurring EBITDA1, Recurring Net Profit, Net Debt, investments, of which € Bn € Bn € Bn ~60% in the US +15% x2 -1.5 Bn ~2.2 ~0.6 ~8.0 13-15% Equity IRR in SA ~1.9 US
Slide 138: Financials
Capital” Markets Day 2025 ‘i a Eg FINANCIALS - + Lo
Slide 139: EBITDA Growth – North America offsetting price normalization in Europe
EBITDA Growth – North America more than offsetting price normalization in Europe EBITDA evolution by region € Bn North America Europe South America, APAC and Others ~+4% CAGR North America growth on the back of CAPEX plan and increasing average ~2.1-2.2 ~2.2 selling price ~1.9 ~10% ~10% ~5% ~22% ~25
Slide 140: Strong Asset Rotation track record and execution
Strong Asset Rotation track record and execution – at the core of our strategy Strong execution of 2025 Asset Rotation program… … with ~€4.5 Bn of value crystallization € Bn in 2026-28 EV/MW 0.9 1.5 1.5 1.5 AR Gains yearly ~0.2 € Mn average € Bn Including one sizable ~€0.7 Bn transaction for 49% com
Slide 141: Disciplined funding plan – Disposals and Tax Equity
Disciplined funding plan – Disposals of ~€1 Bn to focus the portfolio alongside ~€1.5 Bn of Tax Equity proceeds ~€1 Bn ~€1.5 Bn Disposals ~1 GW of Gross Tax Equity non-core markets/businesses Proceeds Mostly markets with limited EDPR Funding ~40% of gross investments presence (≤0.1 GW) and synergies
Slide 142: €1.5 Bn Net Debt reduction
€1.5 Bn Net Debt reduction – cash needs more than offset by disciplined financing policy 2026-28 Cash Flow (€ Bn) ~7.5 ~5.5 ~€6.5 Bn 2028 Net Debt ~2 ~3.5 ~1.5 Gross Investments AR1 Proceeds, Disposals Organic Cash Flow2 Net Debt and Tax Equity Proceeds Change 1. Asset Rotation Gains excluded from A
Slide 143: Robust Balance Sheet
Robust Balance Sheet – investment discipline and strong Cash Flow generation -€1.5 Bn Net Debt € Bn ~8 Strong cash flow generation enabling Net ~6.5 Debt reduction of ~€1.5 Bn after executing a ~€7.5 Bn gross investment plan and 2025 2028 ~€5.5 Bn AR, Disposals and Tax Equity proceeds EDPR consolida
Slide 144: Prudent funding policy
Prudent funding policy – focus on centralized corporate debt, fixed rate and local currency 9M25 Debt by counterparty, €Bn Debt by interest rate type, €Bn Debt mix by currency, % Others 4% Third parties 14% 7% Floating 28% SGP 7% BRL USD 34% EDP Group 86% Fixed 72% EUR 48% EDP Group as largest Debt
Slide 145: EDPR 2025-28 key figures
EDPR 2025-28 key figures 2025 2028 2025-28 EBITDA (€ Bn) ~1.9 ~2.2 +15% Net Income (€ Bn) ~0.3 ~0.6 x2 Net Debt (€ Bn) ~8 ~6.5 -€1.5 Bn Adj. ND/EBITDA1 (x) ~4.3x ~3.2x -1.1x Payout ratio (%) 30-50% 1. Financial Net Debt + Leases / Recurring EBITDA (including AR gains and excluding one-offs) 145
Slide 146: Renewables
edo Renewables 146
Slide 147: Our 2026-28 commitments focused on value creation
Our 2026-28 commitments focused on value creation • ~€7.5 Bn investment plan with enhanced returns - focus on US renewables Focused growth • ~€4.5 Bn Asset Rotation delivering value crystallization and recycling capital to fund growth Business • ~€1 Bn Disposals to refocus in attractive core markets
Slide 148: Strong visibility on delivery of 2026-28 commitments
Strong visibility on delivery of 2026-28 commitments – Optionality beyond 2028 Markers of visibility until 2028 Optionality and value creation beyond 2028 >5 GW of safe harbored US • Structural demand growth in US and Europe renewables pipeline (2-3% CAGR) ~2 GW secured for 2026-27 and • Repricing i
Slide 149: Renewables
edo Renewables
Slide 150: Main market and macro assumptions
Main market and macro assumptions Pool Iberia €/MWh TTF €/MWh CO2 €/ton Inflation Europe1 % 38 78 2.1 2.0 71 31 70 1.9 64 2025 2026 2028 2025 2026-28 2025 2026-28 2025 2026-28 Avg. Avg. Avg. EUR/USD EUR/BRL EUR 7Y MidSwap % USD 7Y MidSwap % 1.13 1.16 1.15 6.40 6.57 6.53 2.8 3.6 3.7 2.4 2.6 3.4 2025
Slide 151: EDPR: Net income resilient to key market drivers
EDPR: Net income resilient to key market drivers Sensitivity vs. 2028 Net base case Income Impact Avg. Pool Price €5/MWh ~€25 Mn RES volume 3% ~€40 Mn FX EUR/USD 0.10 ~€40 Mn Interest rate 100bps ~€20 Mn (EUR/USD) 151
Slide 152: Detail on US Tax Credits Profile and Accounting
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 Preferred for