Slide 1: Investors Presentation August 2025
INVESTORS PRESENTATION August,2025
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 Glance 2 Guidance 3 Business Strategy 4 1Q25 Results 5 Fixed Income 6 Corporate Governance 7 ESG 8 Appendix
Slide 4: EDP at Glance
@edp EDP at Glance
Slide 5: Global presence
EDP at Glance Global presence 2024 Our presence is structured around 4 regional hubs 32 GW Installed capacity 95% Renewables generation 57 TWh Energy produced Europe 12,035 4,941 389K 289 Km Networks South America 3,846 3,939 Solar Capacity (MW) 9 million 100 Clients Wind Capacity (MW) North America
Slide 6: Global leader in energy across the value chain
EDP at Glance We are a global company, leader in the energy sector, operating throughout different stages of the value chain EBITDA 2024 by geography Renewables, Clients & Energy Management Wind Solar Solar DG1 Wind Rest of Europe APAC onshore utility-scale offshore and others 67% South America 4% 2
Slide 7: EBITDA and Net Profit with significant growth over past 5 years
EDP at Glance EDP EBITDA and Net Profit with significant growth over the past 5 years Recurring EBITDA Recurring Net Profit € Bn € Bn +9% CAGR 2020-2024 +16% CAGR 2020-2024 1.29 1.39 5.02 4.95 4.52 0.83 0.87 0.78 3.74 3.50 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 AR gains 12% 15% 9% 9% 5% N
Slide 8: Guidance
Guidance @edp
Slide 9: Improved 2025 guidance
Guidance Improved 2025 guidance Integrated business in Iberia EBITDA guidance upgraded to €1.2 Bn, based on Recurring EBITDA ~€4.8-4.9 Bn above average hydro generation and demand for flexgen services. Electricity networks: underlying business growth driven by increasing electricity consumption and
Slide 10: Moderating the pace of short-term investment
Guidance Moderating the pace of short-term investment, focusing on maximizing returns and increasing capital allocation to networks Reduction on investment levels expected in 2025-26 supportive of credit ratios Gross investments / year €Bn Capital allocation following a clear investment 6.1 -22% fra
Slide 11: 2026 targets of EBITDA and net profit
Guidance 2026 targets of €4.9-€5.0 EBITDA and €1.2-€1.3bn net profit, supported by higher integrated margin in Iberia and stable networks Recuring Net 0.9 ~1.2-1.3 ~1.2-1.3 Income, € Bn ~4.9-5.0 ~4.8-4.9 EBITDA, € Bn 4.5 1.5 ~1.5-1.6 Electricity Networks Hydro, Clients & EM2 0.9 ~1.4 Wind & Solar1 2
Slide 12: 2026 guidance reiterated
Guidance 2026 guidance reiterated reflecting the Integrated Utility low risk profile of EDP vs. May ’24 update 4.5 ~4.9-5.0 EBITDA ~3% ~3.5 GW wind & solar capacity added in €Bn CAGR 2022-26 2025 & 2026 ~€4.4Bn/year gross investment: ~1.2-1.3 ~75% in Renewables, Clients and EM and Net income 0.9 ~25
Slide 13: Improved shareholder remuneration and share buyback
Guidance Improve shareholder remuneration by increasing dividend floor in 2025 and successful conclusion of share buyback program Attractive dividend policy : €0.20/share, paid on May 6th Share buyback program up to €100m concluded Dividend per share € on April 8th +0.5cts up vs. +5% previous guidan
Slide 14: Business Strategy
@edp Business Strategy
Slide 15: Networks
Networks Investors’ Presentation 15 15
Slide 16: EBITDA from electricity networks growth over 5 years
Business Strategy EBITDA from electricity networks with a strong and consistent growth over the past 5 years Recurring EBITDA Mix By Country 2024 € Bn Brazil, Transmission +16% 13% CAGR 2020-24 Brazil, 41% Acquisition Distribution 19% of CELG-T Acquisition of EDP Brasil’s minority EBITDA Portugal 1.
Slide 17: Prospects for improved regulatory frameworks in Iberia
Business Strategy Good prospects for improved regulatory frameworks in Iberia from 2026 onwards Iberia Spain Portugal Current Regulatory Period 2020-2025 2022-2025 Regulatory Period Length 6 Years 4 Years New regulatory period 2026-31 2026-30 Concessions1 Perpetual HV/MV - 2044 5.58% 5.53%, variable
Slide 18: Electricity networks Iberia: supportive regulatory framework
Business Strategy Electricity networks Iberia: supportive regulatory framework/return is necessary to foster much needed investment Public consultation launched in Spain, proposing a Returns should increase in Portugal to support 6.46% return and shift of net RAB to TOTEX model assets’ modernization
Slide 19: Scaling transmission in Brazil with asset rotation
Business Strategy Scaling electricity transmission business in Brazil while unlocking value through strategic asset rotation +12 transmission projects delivered over the last 9 years Asset base reflecting execution EDP’s transmission portfolio in Brazil profile Under construction Operational Sold ED
Slide 20: Regulatory developments in Brazil distribution
Business Strategy Positive regulatory developments in electricity distribution in Brazil: 30Y concession extension for EDP ES Concession extension contract signed Tariff review for EDP Espírito Santo approved on for EDP Espírito Santo in July-2025 August 5th : new regulatory period 2025-30 New regul
Slide 21: Renewables, Clients and Energy Management
Renewables, Clients and Energy Management Investors’ Presentation 21 21
Slide 22: Integrated business' EBITDA resilient over five years
Business Strategy Integrated business’ EBITDA has remained resilient over the past five challenging years Recurring EBITDA Iberia 2024 € Bn +14% Hydro Capacity, GW 5.5 CAGR 2020-2024 1.7 1.7 Pumping, % of total capacity ~45% 1.0 Reservoir, % of total capacity ~75% 0.9 1.4 1.5 0.7 Gas, GW 2.9 Iberia
Slide 23: Integrated segment in Iberia EBITDA 2025
Business Strategy EBITDA for the integrated segment in Iberia at upper level of guidance for 2025, supported by strong performance in 1H25 EBITDA 2025E integrated business in Iberia Key drivers € Bn vs. €1.1-1.2 Bn Previous guidance Exceptional Q1 with normalization in 2Q-4Q; 3Q ~€1.2 Bn seasonally
Slide 24: 5.5 GW hydro capacity in Iberia and strong 1H25
Business Strategy EDP has 5.5 GW of hydro installed capacity in Iberia: 1H25 marked by strong hydro resources that contributed to the strengthening of reservoir levels Hydro resources in Iberia +41% vs. average in 1H25 Strong rainfall in 1H25 fostered the recovery of hydro reservoir levels Hydro vol
Slide 25: Flexgen demand and need for grid investment in Iberia
Business Strategy Iberia: Continuous increase in flexgen demand and need for increased investment in electricity networks Increasing weight of ancillary services revenues In parallel with a reinforced need of continued reflecting the importance of Flexgen investments in grids in Iberia Increasing el
Slide 26: Wind and solar EBITDA supported by portfolio growth
Business Strategy Wind and solar EBITDA supported by portfolio growth, despite adverse market environment and less dependent of AR gains Recurring EBITDA Diversified portfolio with a solid generation profile € Bn 2024 +2% CAGR 2020-24 Capacity by geography Generation by technology 2.2 0.4 1.8 1.8 1.
Slide 27: US demand outlook and One Big Beautiful Bill
Business Strategy Robust demand outlook for power and renewables in the US, and increased clarity on the One Big Beautiful Bill Strong fundamentals are fuelling the US energy market New Tax Credit framework in place… where renewables are the foundation of future growth US Power Demand(1) Start of Co
Slide 28: European grid reforms and BESS action plan
Business Strategy European Commission progressing on grid reforms and industrial resilience, next step is to implement a targeted BESS action plan The European Commission advances grid reforms and BESS ramping up thanks to more & more favorable industrial resilience to become energy independent mark
Slide 29: 2025-26 moderation of growth and stricter investment
Business Strategy 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 investment policy
Slide 30: Wind & Solar capacity additions and asset rotation
Business Strategy Wind & Solar capacity additions: 2025 on time and on budget and high visibility for 2026; AR execution on track to reach targeted proceeds Wind & Solar capacity additions 2025-26 High visibility on asset rotation for 2025 Wind & Solar AR proceeds € Bn 2025 capacity additions on tra
Slide 31: EDPR on track to achieve 2025E guidance
Business Strategy EDPR on track to achieve 2025E guidance 2025E Capacity Additions ~2 GW ~70% to be concentrated in the 4Q25 Recurring EBITDA ~€1.9bn ~€0.1bn of AR gains Generation at 41-43 TWh Net Debt ~€8bn ~€2bn Asset Rotation Proceeds ~€1bn Tax Equity Proceeds Investors’ Presentation 31
Slide 32: 1H25 Results
1H25 Results @edp
Slide 33: Underlying EBITDA of €2.6 Bn, +7% YoY
Results Underlying EBITDA of €2.6 Bn, +7% YoY, backed improved EDPR performance and resilient integrated business and electricity networks Recurring EBITDA1 ,€m YoY growth, % ∆ YoY -3% 2,670 Underlying2 2,598 • Integrated business in Iberia YoY -€30m Hydro, comparison impacted by low gas +7% % Weigh
Slide 34: Gen. & Supply EBITDA -3%
Results Gen. & Supply EBITDA -3%: hydro resources contributing to improved hydro reservoirs and higher gas sourcing costs Hydro, Clients & EM Recurring EBITDA €m YoY growth, % Iberia 1H24 1H25 YoY -3% ∆ YoY Hydro Generation, TWh 7.8 7.3 -6% 887 Ex-FX 858 Brazil 97 -2% 75 -23m Pumping generation, TWh
Slide 35: Electricity Networks EBITDA ex-FX and AR gains +6%
Results Electricity Networks EBITDA ex-FX and AR gains +6% YoY, reflecting inflation update and RAB growth in Iberia and consumption growth in Brazil Electricity Networks Recurring EBITDA €m YoY growth, % Underlying1 Iberia 1H24 1H25 YoY 0% Electricity Distributed, TWh 29.8 30.7 +3% ∆ YoY -9% 838 Ex
Slide 36: Wind & Solar EBITDA ex-Gains +20% YoY
Results Wind & Solar EBITDA ex-Gains +20% YoY, reflecting generation step up, after 2024 record capacity additions Wind & Solar Recurring EBITDA €m YoY growth, % Underlying2 ∆ YoY 1H24 1H25 YoY +20% Installed Capacity1, GW 16.6 19.6 +18% 0% 960 Ex-FX & AR 960 Prod. deviation vs. exp. LT Gross 0% -1%
Slide 37: Financial costs increasing
Results Financial costs increasing mostly on the back of higher average debt, higher interest rates for BRL and lower capitalizations Net Financial Costs1 Avg. nominal debt by currency €m % +6% 443 470 BRL 33% 31% 58 % 67 % EUR EUR, USD 69% & Other 67% 22 % 14 % USD 1H24 1H25 13 % BRL 14 % Of which
Slide 38: Net debt increase and change in net debt
Results Net debt increase reflecting annual dividend payment in 2Q25 and investment execution with AR and tax equity proceeds skewed to 2H25 Change in Net Debt € Bn Includes €2.1 Bn Cash capex (of which €1.7 Bn consolidated capex and €0.4 Bn from net payments reflected in changes Assuming ~€2 Bn ass
Slide 39: Recurring Net Profit underlying +27% YoY
Results Recurring Net Profit underlying +27% YoY backed by improved performance on Wind & Solar and resilient electricity networks and integrated business Recurring Net Profit1 Recurring Net Profit €m €m Δ YoY Ex-AR gains +27% EBITDA 2,598 -72 -3% D&A and 775 752 Provisions -922 -64 184 AR gains EBI
Slide 40: Fixed Income
Fixed Income @edp
Slide 41: Prudent financial policy supporting investment grade rating
Fixed Income Prudent financial policy with a centralized management, supporting a solid investment grade rating Rating Green financing Cost of debt Keep BBB rating, by maintaining Tap most efficient markets, Continued active management sound credit metrics and overall leveraging appetite for green f
Slide 42: 100% green bond issuance strategy aligned with EU Taxonomy
Fixed Income Maintenance of 100% green bond issuances strategy, fully aligned with the EU Taxonomy Total Sustainable Financing Contracted as of Jun.25 Share3 of Sustainable Funding as of Jun.25 € Bn; (%) Sustainability- 2018 4% Non-green 2025; linked RCFs 2019 14% 1,500 2018; 600 7.25 2019; Green 28
Slide 43: High financial liquidity at €10.9 Bn
Fixed Income High financial liquidity at €10.9 Bn supported by >€7bn of available credit lines, covering refinancing needs until 2027 Financial liquidity EDP consolidated debt maturity profile1 as of Jun25, €Bn as of Jun25, €Bn Cash & Equivalents 2.3 EDP Brasil EDP SA & EDP Finance BV and Other (% o
Slide 44: Funding primarily raised at Holding level
Fixed Income Funding primarily raised at Holding level, enhancing efficient debt management EDP Consolidated net debt position as of Jun.25 Sources of debt funding as of Jun.25 € Bn (%) Commercial paper 17.2 Sustainable Loans 3% DCM – Green Ring-fenced policy 6% 67 % EDP Brasil 8% “Non-recourse” to
Slide 45: Corporate Governance
@edp Corporate Governance
Slide 46: Diversified shareholder base with reference investors
Corporate Governance Diversified shareholder base with reference investors representing ~40% of the company's share capital Shareholder Structure1 Reference Investor Position (%) 1 21.4% 21.4% 2 6.9% 55% EDP 6.9% 3 Oppidum 6.8% Capital 6.8% 6.8% 5.4% 4 5.4% Remaining shareholders Within EDP's share
Slide 47: Dual Model of Corporate Governance
Corporate Governance EDP has a Dual Model of Corporate Governance, ensuring separation of functions and specialization of supervision General Dual Corporate Governance Model Shareholders’ Meeting 3 • Monitor and evaluate the management Remuneration of the company and the subsidiaries, Committee of t
Slide 48: General and Supervisory Board
Corporate Governance General and Supervisory Board António Status Gender Lobo Xavier Key role linking GSB and EBD Independent Female Chair 56% 37.5% Independent Male Non-independent 62.5% 44% Shengliang Wu Guobin Qin Zhang Hui Ignacio Herrero Ruiz Miguel Pereira Leite China Three Gorges China Three
Slide 49: Executive Board of Directors
Corporate Governance Executive Board of Directors Miguel Stilwell d’Andrade, CEO Board Tenure Gender Diversity Networks 0 to 2 Y 8 or more Y Female 20% 40% 40% Male 60% 3 to 7 Y 40% Vera Pinto Pereira Rui Teixeira, CFO Client Solutions Global Business 5 members Services 3-years mandate (2024-2026) E
Slide 50: ESG
ESG @edp
Slide 51: 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 -68% scope 1+2 intensity vs 2020 90% renewable generation We are Empowering our communities Protecting our planet Engaging our partners for an for an
Slide 52: 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 Other Recognitions 86/100 4.4/5 Top 5% Top 6% (Nov-24) (Jun-25) 20.7/100 B+/A+ Medium risk Industry Leader (Mar-25) (Jul-25) AAA/A
Slide 53: Appendix
Appendix @edp
Slide 54: 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 55: EDP Generation Assets as of Jun-25
Appendix EDP Generation Assets as of Jun-25 Installed Capacity - MW (1) Electricity Generation (GWh) Technology Jun-25 Jun-24 ∆ MW ∆% 1H25 1H24 ∆ GWh ∆% Wind 12,425 11,944 +481 4% 16,444 16,597 -153 -1% US 6,010 5,949 +62 - 9,122 8,847 +276 3% Portugal 1,177 1,177 - - 1,411 1,473 -62 -4% Spain 1,987
Slide 56: Electricity Networks: Assets
Appendix Electricity Networks: Asset RAB Jun-25 Jun-24 ∆% ∆ Abs Customer Connected (th) Jun-25 Jun-24 ∆% ∆ Abs. Portugal (€ million) 2,992 2,968 1% +25 Portugal 6,572 6,509 1% +63 High / Medium Voltage 1,723 1,709 1% +14 Very High / High / Medium 27 27 2% +1 Low Voltage 1,269 1,259 1% +10 Voltage Sp
Slide 57: Clients & Energy Management Iberia: Key Drivers
Appendix Clients & Energy Management Iberia: Key Drivers Supply - Key Drivers and Financials 1H25 1H24 ∆% ∆ Abs. Portfolio of Clients (th) Electricity 4,278 4,525 -5% -247 Portugal - Liberalized 3,436 3,622 -5% -187 Portugal - Regulated 829 884 -6% -56 Spain - Liberalized 14 19 -25% -5 Gas 555 576 -
Slide 58: IR Contacts
IR Contacts E-mail: ir@edp.com Phone: +351 210 012 834 Site: edp.com Investor presentation 59