Edp S.a. · EURONEXT:EDP
Edp — Investor Presentation (November 2025)
63 slides from Edp's investor presentation, November 2025
Slide 1: Investors Presentation November 2025
INVESTORS PRESENTATION November,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 a Glance 2 Business Strategy 3 Our Platforms 4 ESG 5 Fixed Income 6 Corporate Governance 7 9M25 Results 8 Appendix
Slide 4: EDP at a Glance
@edp EDP ata Glance
Slide 5: We are a global company, leader in the energy sector
EDP at a 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%
Slide 6: Material step up of earnings and improvement of Balance Sheet and rating
EDP at a Glance 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
Slide 7: Business Strategy
Business Strategy Investors’ Presentation 7
Slide 8: Our 2026-28 commitments focused on value creation
Business Strategy 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 gen
Slide 9: Focused €12 Bn investment plan
Business Strategy 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 RoE2 Other Electricity Networks US renewables ~90% in A-rated FlexGen
Slide 10: Enhanced returns supported by market and regulatory tailwinds
Business Strategy Enhanced returns supported by market and regulatory tailwinds Renewables, Clients and Energy Management1 Electricity Networks2 ~€8 Bn ~€4 Bn Gross Investment Gross Investment Regulatory RoE Project IRR Equity IRR Return/ (excluding incentives) Return/ risk profile risk profile + 20
Slide 11: Strong Asset Rotation track record and execution
Business Strategy 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 transa
Slide 12: Disciplined funding plan – Disposals and Tax Equity
Business Strategy 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 (≤
Slide 13: Driving efficiency and agility across the business
Business Strategy 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 increasin
Slide 14: A resilient, low-risk portfolio delivering predictable growth
Business Strategy 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 ~8
Slide 15: Attractive shareholder remuneration
Business Strategy 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
Slide 16: €1 Bn Net Debt reduction
Business Strategy €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 Pr
Slide 17: Robust Balance Sheet and strong BBB rating
Business Strategy Robust Balance Sheet –investment discipline and strong Cash Flow generation reinforcing commitment to a strong BBB rating Net Debt Delta 2025-28 € Bn 16 15 Strong cash flow generation enabling Net -€1 Bn Debt reduction of ~€1 Bn after executing a €12 Bn gross investment plan Enhanc
Slide 18: Our Platforms
OUR PLATFORMS EBITDA 2025 30% 70% Electricity Networks Renewables, Clients and Energy Management 40% FlexGen & Clients: 30% Investors’ Presentation 18
Slide 19: EBITDA Growth – RES and Networks
Our Platforms 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%
Slide 20: Networks
Networks Investors’ Presentation 20 20
Slide 21: Electricity Networks – Strong presence in Portugal, Spain and Brazil
Networks 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
Slide 22: €3.6 Bn investment plan driving RAB and earnings growth
Networks €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 p
Slide 23: Increased visibility and returns in regulatory frameworks
Networks 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 2
Slide 24: Adequate regulatory returns required to support investment
Networks 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 inve
Slide 25: Brazil's regulation fosters long-term value
Networks 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 RoRA
Slide 26: Renewables, Clients and Energy Management
Renewables, Clients and Energy Management Investors’ Presentation 26 26
Slide 27: FlexGen
FlexGen Investors’ Presentation 27
Slide 28: Flexible Generation portfolio
Renewables Clients and Energy Management 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-p
Slide 29: Iberia – increased weight of intermittent technologies
Renewables Clients and Energy Management 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 fin
Slide 30: Hydro – growing premium over baseload
Renewables Clients and Energy Management 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
Slide 31: FlexGen and Clients Iberia – flexibility revenues
Renewables Clients and Energy Management 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
Slide 32: Wind, Solar & BESS
Wind, Solar & BESS Investors’ Presentation 32
Slide 33: High-quality portfolio of 20 GW of Wind, Solar and BESS
Renewables Clients and Energy Management 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
Slide 34: €7.5 Bn investment plan
Renewables Clients and Energy Management €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 South America O
Slide 35: Balanced technology mix
Renewables Clients and Energy Management 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 20
Slide 36: ~70% long term contracted revenues portfolio
Renewables Clients and Energy Management ~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
Slide 37: EDPR well positioned to capture rising demand
Renewables Clients and Energy Management 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
Slide 38: ESG
ESG @edp
Slide 39: ESG leadership anchoring our energy transition
ESG ESG leadership anchoring our energy transition Strong track record in the energy transition 8.2% Revenues On track to from coal phase out coal % ~0% ~0.0% ~90% >90% Renewables 66% 100% growth CAPEX in generation Renewables & Electricity Networks % 230 Emissions Working everyday towards intensity
Slide 40: Net Zero
ESG 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
Slide 41: ESG achievements recognized by top-tier institutions
ESG 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% within a list
Slide 42: Fixed Income
Fixed Income @edp
Slide 43: Disciplined financial policy and diversified funding
Fixed Income EDP maintains a disciplined financial policy, namely through centralized and diversified funding Centralized and diversified Green financing funding Tap most efficient markets, Centralized funding management, leveraging appetite for green funding, except for ring-fenced EDP Brasil and i
Slide 44: Prudent funding policy
Fixed Income 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
Slide 45: >90% green financing
Fixed Income >90% green financing – maintaining green funding strategy, aligned with the EU Taxonomy Strong positioning for green financing as ~2 a competitive hedge ~14 ~3 84% 2025 2028 Capital Markets Tap most efficient Green Financing weight 81% >90% Sources of debt markets (currently DCM) fundin
Slide 46: Active management of liquidity position
Fixed Income 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 Line
Slide 47: Cost of debt increasing until 2028
Fixed Income 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 i
Slide 48: Corporate Governance
@edp Corporate Governance
Slide 49: Diversified shareholder base with reference investors
Corporate Governance Diversified shareholder base with reference investors representing ~35% of the company's share capital Shareholder Structure1 Reference Investor Capital (%) Votes (%) 1 21.4% 21.4% 21.4% 55% EDP 6.8% 2 Oppidum Capital 6.8% 6.8% 6.1% 1.2% EDP (Treasury Stock) 3 6.8% 6.1% 6.6% Rem
Slide 50: Dual Model of Corporate Governance
Corporate Governance EDP has a Dual Model of Corporate Governance, ensuring separation of functions and specialization of supervision Dual Corporate Governance Model General Shareholders’ Meeting • Monitor and evaluate the management 3 of the company and the subsidiaries, Remuneration Committee prov
Slide 51: General and Supervisory Board
Corporate Governance 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
Slide 52: 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 53: 9M25 Results
9M25 Results @edp
Slide 54: 9M25 results: Net Profit underlying +5%
9M25 Results 9M25 results: Net Profit underlying +5%, reflecting solid RES execution and resilient electricity networks 9M25 Main Highlights 9M25 Financial Performance Wind & Solar underlying1 EBITDA +21% YoY, on the back of with 19.8 GW of installed capacity and generation +14% YoY Recurring YoY Un
Slide 55: Underlying EBITDA of €3.7 Bn, +2% YoY
9M25 Results Underlying EBITDA of €3.7 Bn, +2% YoY, backed by improved Wind & Solar performance Recurring EBITDA1 ,€m YoY growth, % ∆ YoY -4% • Integrated business in Iberia with lower hydro 3,879 Underlying2 3,741 -€198m Hydro, volumes and higher gas sourcing costs in Clients and EM 9M25 (vs. extra
Slide 56: Net debt increase reflecting investment activity
9M25 Results Net debt increase reflecting investment activity and annual dividend payment in 2Q25 with AR and tax equity proceeds skewed to 4Q25 Change in Net Debt Includes €3.1 Bn Cash capex (of which €2.6 Bn consolidated € Bn capex and €0.5 Bn from net payments reflected in changes in working capi
Slide 57: Recurring Net Profit underlying +5% YoY
9M25 Results Recurring Net Profit underlying +5% YoY backed by improved performance on Wind & Solar and resilient electricity networks Recurring Net Profit1 Recurring Net Profit €m €m Δ YoY Ex-AR gains +5% EBITDA 3,741 -139 -11% D&A and 1,095 974 Provisions -1,408 -107 191 22 AR gains EBIT 2,333 -24
Slide 58: Appendix
Appendix @edp
Slide 59: EDP Generation Assets as of Sep-25
Appendix EDP Generation Assets as of Sep-25 Installed Capacity - MW (1) Electricity Generation (GWh) Technology Sep-25 Sep-24 ∆ MW ∆% 9M25 9M24 ∆ GWh ∆% Wind 12,377 11,904 +473 4% 22,419 22,584 -164 -1% US 5,983 5,938 +45 - 11,684 11,561 +124 1% Portugal 1,177 1,177 - - 2,065 2,083 -18 -1% Spain 1,9
Slide 60: Electricity Networks: Asset
Appendix Electricity Networks: Asset RAB Sep-25 Sep-24 ∆% ∆ Abs Customers Connected (th) Sep-25 Sep-24 ∆% ∆ Abs. Portugal (€ million) 2,992 2,968 1% +25 Portugal 6,586 6,526 1% +60 High / Medium Voltage 1,723 1,709 1% +14 Very High / High / Medium Voltage 27 27 2% +1 Low Voltage 1,269 1,259 1% +10 S
Slide 61: Clients & Energy Management Iberia: Key Drivers
Appendix Clients & Energy Management Iberia: Key Drivers Supply - Key Drivers and Financials 9M25 9M24 ∆% ∆ Abs. Portfolio of Clients (th) Electricity 4,261 4,424 -4% -163 Portugal - Liberalized 3,429 3,536 -3% -107 Portugal - Regulated 817 870 -6% -52 Spain - Liberalized 14 18 -22% -4 Gas 552 570 -
Slide 62: Detail on US Tax Credits Profile and Accounting
Appendix 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 Prefe
Slide 63: IR Contacts
IR Contacts E-mail: ir@edp.com Phone: +351 210 012 834 Site: edp.com Investor presentation 63