Slide 1: 9M24 Results Presentation
Scarlet Storage United States 9M24 Results Picture Presentation November 6th, 2024 15:00 CET | 14:00 UK / Lisbon www.edpr.com
Slide 2: Agenda
Agenda 1 Update on Strategy Execution 2 9M24 results 3 Closing Remarks 4 Annex 2
Slide 3: Update on Strategy Execution
Update on Strategy Execution
Slide 4: 9M24 delivering 5% YoY growth in Revenues supported by new capacity additions
9M24 delivering 5% YoY growth in Revenues supported by new capacity additions despite lower avg. selling price YoY 9M24 Main Highlights Financial Performance • Capacity additions: +3.0 GW YoY (+1.3 GW in 9M24, with strong contribution from US solar projects). FY24 total additions expected at ~4 GW (
Slide 5: Significant improvement of execution and market environment for renewables in the United States
Significant improvement of execution and market environment for renewables in the United States With presence in United States since 2007, EDPR continues strengthening its leading position EDPR Capacity Additions Capacity in US 9M24 YoY (GW) +15% +15% Core Market with substantial growth opportunitie
Slide 6: EDPR continues reinforcing its presence in Europe
EDPR continues reinforcing its presence in Europe – strong electrification is expected across all sectors Core market with low-risk profile and profitable growth opportunities EDPR Capacity Additions in Europe (GW) 2024 additions slowly recovering with ~0.8 GW of additions ~0.8 expected by year end
Slide 7: Positive forward prices evolution, along with supportive PPA prices
Positive forward prices evolution, along with supportive PPA prices, providing strong visibility in the medium term Electricity pool price performance evolving positively… … while continuing securing long term contracts ~65% of the +1.6 GW of new PPA signed in 2024 were closed with major tech compan
Slide 8: ~4 GW of additions for 2024 underway, with slower than anticipated commissioning
~4 GW of additions for 2024 underway, with slower than anticipated commissioning between quarters impacting expected generation Renewables Index (vs. P50 Gross Capacity Factor) 2024 Additions Profile (%) (MW) 4Q24 2023 additions 2024 1% 17% 29% 3% ~2.5 -2% -2% 12% -2% GW 39% -6% -9% 1,277 -11% 454 8
Slide 9: Efficiency measures in place allowing EDPR to improve ratios
Efficiency measures in place allowing EDPR to improve ratios Core OPEX(1)/ Avg. MW in Operation Programs ongoing focused on efficient operations with (€k) savings already generated and more to come -7% O&M Excellence: Fostering efficiencies through global 39.5 synergies & digitalization 36.6 Global
Slide 10: Asset rotation strategy execution at solid valuations
Asset rotation strategy execution at solid valuations complemented by opportunistic acquisition of minority stakes in operating assets in 2024 Achieving attractive multiples in asset rotation, while reinvesting in earnings accretive projects EV/MW (€m/MW) 1.5 Solid Valuations supporting capital recy
Slide 11: Asset Rotation transactions closed at attractive valuations
Asset Rotation transactions continuing to be closed at attractive valuations, short-term correction in AR gains driven by capex inflation EV/MW Asset Rotation Gains (€m/MW) (€bn) 2.1 0.5 0.5 1.7 1.8 0.4 0.4 ~1.7 1.6 ~0.4 1.5 1.5 Avg. Avg. 2020-24 2012-24 ~0.3 target Business plan 0.2 2012-16 2017-20
Slide 12: 9M24 Results
9M24 Results
Slide 13: Electricity Sales resilient YoY with growth in generation
Electricity Sales resilient YoY with growth in generation and resilient avg. selling price in an adverse context of wholesale prices vs. 2023 Electricity Sales(1) (€m) 9M23 9M24 YoY YoY +1% Renewable Index Generation % 94% 98% +4% 1,560 1,576 Electricity Generation TWh 25.2 26.5 +5% Europe TWh 8.3 8
Slide 14: Underlying EBITDA increasing +7% YoY
Underlying EBITDA increasing +7% YoY driven by strong top line, namely in US, and lower clawback taxes in Europe EBITDA 9M24 (€m) YoY +1% +7% 179 1,576 209 (569) ex. AR gains (101) 1,294 Electricity Sales Tax Equity Revenues AR Gains Core Opex Other Costs (net)(1) Rec. EBITDA +€16m +€40m -€214m -€28
Slide 15: Financial Results +€53m YoY driven by +€1.8bn nominal financial debt
Financial Results +€53m YoY driven +€1.8bn nominal financial debt YoY Financial Results (€m) +€53m +12% Financial results +€53m YoY impacted by +€1.8bn of (36) (25) 310 nominal financial debt YoY with Colombia related 257 (42) financials of €32m 299 335 Financial results improving in 3Q24 at €87m (-
Slide 16: Net Debt at €7.8bn mainly driven by Net Expansion Investments of €2.2bn
Net Debt at €7.8bn mainly driven by Net Expansion Investments of €2.2bn Net Debt Change Dec-23 to Sep-24 (€bn) €3.1bn Expansion Capex and €0.1bn Financial investments offset by €0.7bn AR Proceeds net of gains +€2.0bn YTD 0.04 2.2 1.3 0.7 0.2 0.2 7.8 5.8 Net Debt EBITDA Non-Cash Items Net Interest Pa
Slide 17: Net Profit of €210m with top line growth mitigated by lower AR gains
Net Profit of €210m with top line growth mitigated by lower AR gains YoY and growth efforts 9M24 Recurring EBITDA to Recurring Net Profit (€m) YoY +€72m underlying YoY growth driven by better operational Rec. EBITDA 1 294 (€142m) performance mitigated by lower YoY AR gains (-€214m) Driven by capacit
Slide 18: Closing Remarks
Closing Remarks
Slide 19: Closing remarks
Closing remarks Capacity additions increased +3.0 GW YoY (1.7 GW net of Asset rotation deconsolidation), with strong contribution from US solar projects and 4.1 GW under construction on track to deliver expected targets 9M24 driven by an increase of +5% YoY in generation, tempered by the later commi
Slide 20: Annex
Annex
Slide 21: Since last year, EDPR added ~3.0 GW with installed capacity amounting to 16.8 GW
Since last year, EDPR added ~3.0 GW with installed capacity amounting to 16.8 GW in 9M24 Installed Capacity YoY Net Capacity Factor 1H24 Electricity Generation YoY (EBITDA + Equity GW) (%) (TWh) 9M23 15.1 NCF YoY 9M23 25.2 MW 25% +0.2pp 3.0 Added 1.4 30% 0pp ∆ MW 18.1 32% -6pp Load (0.1) Factor AR/
Slide 22: Ocean Winds: Long-term view player in the offshore wind industry
Ocean Winds: Long-term view player in the offshore wind industry Offshore projects currently under construction Moray West Noirmoutier 0.9 GW | 95% OW | COD 2025 0.5 GW | 60% OW | COD 2025 Le Treport Ongoing successful installation 0.5 GW | 61% OW | COD >2025 of wind turbines with 54 out of 60 alrea
Slide 23: Working every day towards Net Zero, operating with the best ESG practices
Working every day towards Net Zero, operating with the best ESG practices along the value chain ESG Performance 9M24 9M23 YoY 2026 target CO2 avoided (kt) 15,732 14,459 +9% - Environment Total recovered waste (%) 64 69 -5 pp 85 Capex aligned with EU Taxonomy (%)(1) 99.8 99.5 +0.3 p.p. - Female emplo
Slide 24: IR Contacts
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.com Link Results & Presentations 24
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