Edp S.a. · EURONEXT:EDP
Edp — Investor Presentation (April 2025)
58 slides from Edp's investor presentation, April 2025
Slide 1: Investors' Presentation April 2025
INVESTORS’ PRESENTATION April 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 2024 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 389K Km Networks 12,135 4,941 289 South America 9 million Clients 3,846 3,939 Solar Capacity (MW) 100 Wind Capacity (MW) >12,500 North
Slide 6: Global company, leader in the energy sector, operating 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 the 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: 2024 results outperforming guidance, backed by portfolio diversification
EDP at Glance 2024 results outperforming guidance, backed by portfolio diversification: with strong performance in integrated G&S Iberia and electricity networks Key financial metrics Highlights 2024 vs. 2023 2024 Latest Guidance Strong integrated business in ΔYoY Iberia on higher market volatility,
Slide 9: Guidance
Guidance @edp
Slide 10: Moderating the pace of short-term investment, increasing capital allocation to networks
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 €4.9-€5.0 EBITDA and €1.2-€1.3bn 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 Income, € Bn 0.9 ~1.2-1.3 5.0 ~4.9-5.0 EBITDA2, € Bn 4.5 1.6 ~1.6 Electricity Networks 1.5 Hydro, Clients & EM 0.9 ~1.1-1.2 1.7 Wind & Solar1 2.2 ~2.
Slide 12: 2026 guidance reiterated reflecting low risk profile
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: Improve shareholder remuneration with dividend floor and share buyback
Guidance Improve shareholder remuneration by anticipating next year’s dividend floor to 2025 and implementing a share buyback program 2024 annual dividend proposal up vs. previous guidance: €0.20/share, to be paid in May 2025 Share buyback program up to €100m to be Dividend per share € executed over
Slide 14: Business Strategy
@edp Business Strategy
Slide 15: Renewables, Clients and Energy Management
Renewables, Clients and Energy Management Investors’ Presentation 15 15
Slide 16: EBITDA from wind and solar supported by portfolio growth
Business Strategy EBITDA from wind and solar 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
Slide 17: 2025-26 defined by moderation of growth and stricter investment criteria
Business Strategy 2025-26 defined by moderation of the pace of growth & focus on stricter investment criteria to continue delivering sustainable and resilient growth Capacity additions visibility for 2025 and 2026 2025-26 marked by growth focused on a stricter (GW) investment criteria and efficiency
Slide 18: US strong power demand continues supporting RES growth
Business Strategy 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 … legislation develo
Slide 19: Europe with positive structural tailwinds, requiring faster permitting and grid investment
Business Strategy 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) (Thousand TWh)
Slide 20: 2024 asset rotation of 1 GW and 2025 deals at good valuations
Business Strategy 2024 asset rotation totaling 1 GW and 2025 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&2026E 2024 Closed 2025 Signed >2.5 GW >€3
Slide 21: Integrated business EBITDA resilient over five challenging 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 22: Flexible hydro portfolio an important source of value
Business Strategy Our flexible hydro portfolio is an important source of value as the weight of wind & solar in the system increases Flexible hydro portfolio set to increase margins Positive prospects already factored in 2024 as intra-day spreads grow Prices dispersion over average daily hour 5.5 GW
Slide 23: 2024 hydro resources 16% above average; good prospects for 1Q25
Business Strategy 2024 marked by hydro resources +16% above average; Good prospects for 1Q25 Hydro volumes exc. pumping in 2024: +1.8 TWh Strong start of 2025 with above average hydro backed by 16% above average hydro resources resources and reservoirs and higher prices YoY Hydro generation in Iberi
Slide 24: Integrated business Iberia a key pillar with improved prospects 2025-26
Business Strategy Integrated business Iberia continues to be a key pillar of EDP’s results, with improved prospects for 2025-26 Diversified and integrated gen. & supply portfolio Improved outlook for 2025-26 mitigating price and volume risk EDP Iberia generation vs supply volumes 2024, TWh Electrici
Slide 25: Networks
Networks Investors’ Presentation 25 25
Slide 26: Electricity networks EBITDA with strong 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 27: Electricity networks increasing weight, new regulatory periods in Iberia from 2026
Business Strategy Electricity networks increasing weight in 2024, new regulatory periods in Iberia from 2026, with improved returns required to support investment needs >40% weight of electricity networks on earnings Growth of asset base in Iberian electricity networks expected to accelerate post 20
Slide 28: Iberia privileged in electrification, with affordable electricity prices
Business Strategy Iberia holding a privileged position in the electrification transition, with end-user electricity prices among the more affordable in the EU Portugal and Spain amongst the EU countries with Continuous downward trend for electricity most competitive electricity prices system debt In
Slide 29: Improved regulatory frameworks in Iberia from 2026
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 30: Networks in strategic regions with expansion potential
Business Strategy Networks in strategic regions with significant potential for both organic and inorganic expansion Brazil EDP SP EDP ES Distribution Transmission Current Regulatory Period 2023-2027 2022-20251 7 lots Regulatory Period Length 4 Years 3 Years 3 U/C (lots 21, 1, 2, Q and EDP Góias ) RA
Slide 31: Brazil: growing demand and EDP Brasil minorities buyout
Business Strategy Brazil: growing electricity demand and successful delivery of EDP Brasil minorities buyout, forex volatility mitigated by local funding policy Positive developments for electricity networks Significant contribution of EDP BR minorities buyout 2024 YoY change in electricity demand i
Slide 32: 2024 Results
2024 Results @edp
Slide 33: Recurring EBITDA of €5.0 Bn, -1% YoY
2024 Results Recurring EBITDA of €5.0 Bn, -1% YoY, with strong integrated business and resilient electricity networks performance mitigating weaker AR gains at EDPR Recurring EBITDA1 ,€m YoY growth, % ∆ YoY -1% • Integrated business benefiting from strong hydro volumes but impacted by 5,023 4,954 co
Slide 34: Gen. & Supply EBITDA exc. coal +9%
2024 Results Gen. & Supply EBITDA exc. coal +9% following +2.0 TWh of hydro generation in Iberia YoY, more than offsetting lower energy prices Hydro, Clients & EM Recurring EBITDA €m YoY growth, % Exc. coal Iberia 2023 2024 YoY +9% -2% ∆ YoY Hydro coefficient in Portugal, 0.99 1.16 17% avg.=1 1,699
Slide 35: Wind & Solar EBITDA -9% YoY
2024 Results Wind & Solar EBITDA -9% YoY, reflecting lower asset rotation gains in 2024; Excluding AR gains, Wind & Solar EBITDA +9% YoY Wind & Solar Recurring EBITDA €m YoY growth, % Exc. AR ∆ YoY 2023 2024 YoY +9% Installed Capacity1, GW 16.6 19.3 +17% -9% 1,845 Prod. deviation vs. exp. LT Gross -
Slide 36: Electricity Networks EBITDA +7%
2024 Results Electricity Networks EBITDA +7%; Ex-gains EBITDA increased 2% supported by consumption growth and inflation update in Brazil Electricity Networks Recurring EBITDA €m YoY growth, % Exc. AR gain Iberia 2023 2024 YoY +2% +7% ∆ YoY Return on RAB Portugal, % 5.57% 5.53% -4 bps 1,607 1,501 71
Slide 37: Financial costs decreasing YoY
2024 Results Financial Costs decreasing YoY, supported by lower cost of BRL denominated debt Net Financial Costs1 Avg. nominal debt by currency €m % -4% 903 865 52 % BRL 38% 29% 64 % EUR 28 % EUR, USD 71% 17 % USD & Other 62% BRL 14 % 13 % 6% Of which 4% 6% Other Singaporean 2023 2024 2023 dollars 2
Slide 38: Stable net debt and sound financial ratios
2024 Results Stable net debt and sound financial ratios: Net Debt/EBITDA at 3.5x and FFO/Net Debt at 21.5% Change in Net Debt € Bn Hybrid -€0.5Bn 15.3 0.6 15.6 3.5 2.9 0.8 0.5 2023 Organic CF Dividend Regulatory Net cash FX and Other 2024 Receivables investments Net Debt/EBITDA(1) 3.3x 3.5x FFO/Net
Slide 39: Recurring Net Profit +8% YoY
2024 Results Recurring Net Profit +8% YoY backed by strong performance in integrated business/networks and EDP Brasil full ownership post June 2023 Recurring Net Profit1 Recurring Net Profit €m €m Exc. AR gains Δ YoY +23% EBITDA 4,954 -69 +8% 1,290 1,393 D&A and 191 Provisions -1,821 -75 311 AR gain
Slide 40: Fixed Income
Fixed Income @edp
Slide 41: Prudent financial policy supporting solid 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 Dec.24 Share3 of Sustainable Funding as of Dec.24 € Bn; (%) Sustainability- 2018 4% linked RCFs Non-green 2019 14% 2024; 2018; 600 2,700 2019; Green 7.25 la
Slide 43: High financial liquidity at €11.3 Bn
Fixed Income High financial liquidity at €11.3 Bn supported by >€7bn of available credit lines, covering refinancing needs until 2027 Financial liquidity EDP consolidated debt maturity profile1 as of Dec24, €Bn as of Dec24, €Bn Cash & Equivalents 3.6 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 Dec.24 Sources of debt funding as of Dec.24 € Bn (%) Commercial paper 15.6 Sustainable Loans 5% DCM – Green Ring-fenced policy 5% 62 % EDP Brasil 8% “Non-recourse” to
Slide 45: Corporate Governance
@edp Corporate Governance
Slide 46: Diversified shareholder base with reference investors ~45%
Corporate Governance Diversified shareholder base with reference investors representing ~45% of the company's share capital Shareholder Structure1 Reference Investor Position (%) 1 21.4% Other Shareholders 21.4% 2 6.9% 55% 2024 6.9% 3 Oppidum Capital 6.8% 6.8% 6.8% 5.6% 4 5.6% 5.4% 0.5% 5 5.4% Withi
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: Front line of energy transition with CO2 intensity at 29 g/kWh
ESG EDP in the front line of energy transition among European integrated utilities with CO2 emissions intensity at 29 g/kWh in 2024: -84% in 3 years Strong track record in the energy transition 2021 2022 2023 2024 2021 2022 2023 2024 9.8% 95% 87% Revenues from 6.8% Renewables 75% 74% coal (%) 4.3% 5
Slide 52: Working every day towards Net Zero
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 Scope 1+2 intensity: -81% vs 2020 Total emissions: -42% vs 2020 WE ARE Empowering our communities Protecting our planet Engaging our partners for an f
Slide 53: 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 3% (Nov-24) (Jun-24) 18.2/100 B+/A+ Low risk Industry Leader (Jul-24) (Nov-24) AAA/AAA
Slide 54: Appendix
Appendix Investors’ Presentation 55
Slide 55: OW is a top offshore wind 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 56: 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 57: Battery storage crucial to 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 58: IR Contacts
IR Contacts E-mail: ir@edp.com Phone: +351 210 012 834 Site: edp.com Investor presentation 59