Edp Renewables Sa · EURONEXT:EDPR
Edp Renewables Sa — Q1 2025 Earnings Presentation
28 slides from Edp Renewables Sa's earnings presentation, May 8, 2025
Slide 1: 1Q25 Results Presentation
1Q25 Results Picture Presentation May 8th, 2025 16:00 CET | 15:00 UK / Lisbon Blue Harvest Solar Park www.edpr.com United States of America
Slide 2: Agenda
Agenda 1 Update on Strategy Execution 2 1Q25 results 3 Closing Remarks 4 Annex 2
Slide 3: Update on Strategy Execution
Update on Strategy Execution
Slide 4: 1Q25 Main Highlights
1Q25 generation growth +10% YoY, recurring EBITDA excluding Asset Rotation gains +20% YoY, recurring Net Profit exc. AR gains +3x YoY 1Q25 Main Highlights Financial Performance • Installed Capacity of 19.3 GW, +17% following net additions of +2.8 GW YoY, including +3.4 GW of gross additions, and 0.5
Slide 5: High quality operational asset base
High quality operational asset base: 19.3 GW, avg. age 9 years, >85% EU & US, ~80% wind onshore, ~70% LT Contracted (avg. maturity 11 years) Installed Capacity by Market Generation by technology Contracted profile 1Q25 1Q25 Generation 2024/25 Merchant 9% ~50/50% 13% US/EU 51% Hedged 20% 18% 16% 19.3
Slide 6: Good visibility of delivery on ~2 GW of new additions in 2025
Good visibility of delivery on ~2 GW of new additions in 2025: All under construction, on time & on budget, ~70% to be commissioned in 4Q Europe & US to represent ~80% of 2025 capacity additions, 2/3 are solar & storage Capacity Planned with 2025 CoD (GW) # of 18 6 1 104 2 131 projects(1) 0.1 ~2 0.2
Slide 7: Structural change in US supply chain strategy implemented in 2022-23
Structural change in US supply chain strategy implemented in 2022-23, prioritizing domestic manufactured equipment and US suppliers Import tariffs with limited impact on contracted Growth optionality beyond 2026 under a strict risk/return 2025-26 capacity additions policy & supported by competitive
Slide 8: Electrification is the core response to today's major energy and macroeconomic pressures
Electrification is the core response to today’s major energy and macroeconomic pressures Demand growth in US requires fast renewable EU Commission continues focused on deployment, despite uncertainty in the region electrification and energy independence US Estimated Cumulative Capacity Additions(1)
Slide 9: Gross investment of ~€3bn in 2025 funded by Asset Rotation
Gross investment of ~€3bn in 2025 funded by Asset Rotation, Tax Equity proceeds and organic cash flow 2025 Project’s Capex Walk to 2025E Net Debt (€bn; %) (€bn) Lower MW under construction by year end 7% 7% 6% Other(1) ~0.6 ~3 Financial ~2.7bn Inv. (OW) ~0.3 59% 22% ~2 Capex ~2.7 ~1 11% 35% 15% ~0.5
Slide 10: Asset Rotation ongoing process on track to achieved expected proceeds
Asset Rotation ongoing process on track to achieved expected proceeds Asset Rotation 2025 Program Status AR Proceeds by stage (€bn) ~1.0 Asset Rotation ongoing processes with solid demand despite high-interest rate environment… ~0.8 …with strong proceeds to be concentrated in the 2H25… 0.2 Signed Ad
Slide 11: 2025 Guidance
2025 Guidance > Generation 41-43 TWh (vs. 36.6 TWh in 2024) Recurring EBITDA > Avg. selling price ~€55/MWh (vs. 1Q25 €57/MWh) ~€1.9bn on lower wholesale prices in Europe of which ~€0.1bn of AR gains > EUR/USD 1.10 assumption (vs. 1.05 avg. in 1Q25) > Considering ~€3bn of gross investments Net Debt >
Slide 12: 1Q25 Results
1Q25 Results
Slide 13: Solid operational performance with generation increasing +10% YoY
Solid operational performance with generation increasing +10% YoY, driven by higher installed capacity and stronger resource in the US Installed Capacity YoY Electricity Generation YoY (EBITDA + Equity GW) (TWh) EBITDA Net Equity +10% YoY AR/Decom. 19.3 (0.5) 10.9 9.9 +1.5 +2.9 +0.01 (0.02) NA: US &
Slide 14: Electricity Sales +5% YoY with +10% growth in generation offset by lower price
Electricity Sales +5% YoY with +10% growth in generation offset by -5% lower average realized selling price Electricity Sales(1) (€m) 1Q24 1Q25 YoY YoY Renewable Index Generation % 98% 101% +3pp +5% Electricity Generation TWh 9.9 10.9 +10% 624 595 Europe TWh 3.6 3.1 -12% Europe 264 -€56m North Ameri
Slide 15: Underlying Recurring EBITDA increasing +20% YoY driven by better business performance
Underlying Recurring EBITDA increasing +20% YoY driven by better business performance Recurring EBITDA Drivers (€m) YoY +5% +20% 0 exc. AR gains 624 114 (191) (70) 477 Electricity Sales Tax Equity Revenues Asset Rotation Gains Core OPEX Other Costs (net)(1) Rec. EBITDA +€30m +€41m -€58m -€9m +€20m +
Slide 16: Core OPEX/ average MW decreasing 9% on the back of efficiency measures
Core OPEX/ average MW decreasing 9% on the back of efficiency measures in place in a growth context Adj. Annualized Core OPEX/ Avg. MW in Operation (1) Core OPEX/ Revenues (€k) (%) -9% -4p.p. 46.2 28.9% 41.9 25.1% Europe North America South America APAC 1Q24 1Q25 1Q24 1Q25 -4% Strong cost control in
Slide 17: Financial Results +€17m YoY driven by +€2.3bn nominal financial debt
Financial Results +€17m YoY driven by +€2.3bn nominal financial debt Financial Results (€m) +€17m Financial results +€17m YoY on the back of higher nominal +31% 125 financial debt and lower capitalized financial expenses, 108 (14) 2 (33) partially offset by FX & Derivatives 140 107 1Q24 Non- 1Q24 ad
Slide 18: 1Q25 Investments decreased 16% to €0.6bn
1Q25 Investments decreased 16% to €0.6bn (vs. €0.7bn in 1Q24) with high weigh in core markets, mainly in NA with 1.1 GW under construction Investments by Region Investments by Technology (€bn) (€bn; %) -16% 45% in US 0.7 36% in EU (mainly Spain, 41% 0.6 Germany & Italy) 0.1 Europe Mainly 4% Singapor
Slide 19: Net Debt at €8.9bn mainly driven by Net Expansion Investments of €0.9bn
Net Debt at €8.9bn mainly driven by Net Expansion Investments of €0.9bn, with Organic Cash Flow growing in line with EBITDA growth Organic Cash Flow Net Debt Change Dec-24 to Mar-25 (€m) (€bn) EBITDA 476 Includes €0.9bn Expansion Capex (of which €0.3bn from net payments reflected in changes in worki
Slide 20: Recurring Net Profit excluding Asset Rotation gains +3x to €66m
Strong underlying performance with recurring Net Profit excluding Asset Rotation gains +3x to €66m 1Q25 Rec. EBITDA to Rec. Net Profit Recurring Net Profit (€m) (€m) YoY +€81m Rec. EBITDA 477 ex. Gains +€23m YoY 68 66 AR gains D&A(1) (222) (€27m) 46 +3x On the back of capacity 66 additions Net Profi
Slide 21: Closing Remarks
Closing Remarks
Slide 22: Closing remarks
Closing remarks Solid underlying performance in 1Q25: generation +10% YoY (resources 1% above LT average), EBITDA ex-AR Gains +20%; recurring net profit of €66m, ex-AR gains +3x YoY Good visibility on the 2025 delivery of the 2 GW of capacity additions on time and on cost, all under construction, 1G
Slide 23: Q&A
Q&A 23
Slide 24: Annex
Annex
Slide 25: Scrip Dividend program launched providing optionality
Scrip Dividend program launched providing optionality EDPR Scrip Dividend Terms 1 share of EDPR acquired until the last trading date equals to 1 incorporation right. 08/04 Program launch Shares traded ex-rights since April 16th 15/04 Last trading date By default, shareholders receives 1 bonus share
Slide 26: EDPR's ESG 1Q25 Performance
EDPR’s ESG 1Q25 Performance ESG Performance 1Q25 1Q24 YoY CO2 avoided (kt) 6,279 5,998 +5% Environment Scope 1 and 2 emissions (kt) 6.8 7.0 -3% Recovered waste (%) 51% 59% -8 p.p. Women employees (%) 34% 34% - Social Fatal work-related injuries (#) 0 0 - Investment in communities (€m) 0.4 0.6 -35% W
Slide 27: IR Contacts EDPR Online
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 27
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