Slide 1: Investors' Presentation May 2025
INVESTORS’ PRESENTATION May 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: EDP at Glance: 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 12,035 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 energy company operating across different stages of 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: Guidance
Guidance @edp
Slide 9: 2025 outlook supported by sound visibility on underlying performance
Guidance 2025 outlook supported by sound visibility on underlying performance in all business segments, reflecting our Integrated Utility low risk profile ~€4.8 Bn Integrated generation & supply: Structural improvement of Flex Gen. activity, hydro generation above historical avg. in 1Q25 and April,
Slide 10: Moderating the pace of short-term investment, increasing 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 0.9 ~1.2 ~1.2-1.3 Income, € Bn ~4.9-5.0 ~4.8 EBITDA, € Bn 4.5 ~1.6 1.5 ~1.5-1.6 Electricity Networks ~1.1-1.2 Hydro, Clients & EM2 0.9 ~1.3-1.4 Wind
Slide 12: 2026 guidance reiterated reflecting Integrated Utility 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 by increasing dividend floor in 2025
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 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 17: Good prospects for 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 18: Electricity networks in Portugal: grid investments
Business Strategy Electricity networks in Portugal: investments in the grid necessary to enhance asset modernization and the energy transition Proposal for 50% increase in HV-MV investments New regulatory period starting in 2026: in 2026-30 with favorable opinion by the regulator next milestones EDP
Slide 19: Electricity networks in Spain: investment rationale and new regulatory period
Business Strategy Electricity networks in Spain: strong investment rationale and more visibility on new regulatory period expected towards the end of the year EDP consolidated its position in Spain’s electricity New regulatory period starting in 2026: networks through Viesgo acquisition, in 2020 nex
Slide 20: Electricity distribution Brazil: demand growth and concession extension
Business Strategy Electricity distribution Brazil: investment driven by strong demand growth, EDP ES with higher rate of return at 8.06% and 30Y concession extension Positive dynamics in electricity distribution in Brazil: Regulatory outlook strong demand growth support investment needs EDP Espírito
Slide 21: Scaling electricity transmission in Brazil with strategic 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 22: Renewables, Clients and Energy Management
Renewables, Clients and Energy Management Investors’ Presentation 22 22
Slide 23: 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 24: Strong hydro resources strengthening reservoir levels
Business Strategy 1Q25 and April marked by strong hydro resources that contributed to the strengthening of reservoir levels 1Q25 marked by hydro resources in Iberia +42% Strong rainfall in 1Q25 fostered the recovery of above average and high European gas prices hydro reservoir levels Hydro volumes I
Slide 25: Flexible portfolio increasingly relevant as solar penetration increases
Business Strategy Flexible portfolio increasingly relevant as solar penetration increases, fostering intra-day price volatility and need for backup services Increasing importance of Flex Gen to provide the Expansion of intra-day spreads, leading to balancing services requested by system operators im
Slide 26: Positive outlook for integrated business in Iberia
Business Strategy Positive outlook for the integrated business in Iberia supported by flexible generation portfolio and resilient client base EBITDA 2025E integrated business in Iberia Key drivers € Bn vs. €1.0-1.1 Bn previous guidance Strong 1Q & April and reservoir levels ~93%in early May €1.1-1.2
Slide 27: 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 28: Structural change in US supply chain strategy
Business Strategy Structural change in US supply chain strategy implemented in 2022-23, prioritizing domestic manufactured equipment and US suppliers Growth optionality beyond 2026 under a strict Import tariffs with limited impact on contracted risk/return policy & supported by competitive supply 20
Slide 29: Electrification is the core response to energy and macroeconomic pressures
Business Strategy 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 Capa
Slide 30: 2025-26 moderation of growth pace 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 Historical capacity additions and 2025-26 visibility Projects for 2025 and beyond already under new stricter GW/year investment policy
Slide 31: Good visibility of delivery on ~2 GW of new additions in 2025
Business Strategy 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 proj
Slide 32: Asset Rotation ongoing process on track
Business Strategy 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 2
Slide 33: 2025 Guidance: Recurring EBITDA and Net Debt
Business Strategy 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 inve
Slide 34: 1Q25 Results
1Q25 Results @edp
Slide 35: Recurring EBITDA of €1.4 Bn, +6% YoY
1Q25 Results Recurring EBITDA of €1.4 Bn, +6% YoY, backed by a strong integrated business and improvement of underlying EDPR performance Recurring EBITDA1 ,€m YoY growth, % ∆ YoY +6% • Integrated business benefiting from +8% 1,425 higher flex. Generation with improved 1,342 +€111m Hydro, power price
Slide 36: Wind & Solar EBITDA exc. gains +20% YoY
1Q25 Results Wind & Solar EBITDA exc. Gains +20% YoY, reflecting generation step up, after 2024 record capacity additions and improved wind resources Wind & Solar Recurring EBITDA €m YoY growth, % Exc. AR ∆ YoY 1Q24 1Q25 YoY +20% Installed Capacity1, GW 16.5 19.3 +17% +5% 454 477 Prod. deviation vs.
Slide 37: Gen. & Supply EBITDA +27%
1Q25 Results Gen. & Supply EBITDA +27%: hydro resources contributing to improved hydro reservoirs and flex. gen offsetting lower hydro generation YoY Hydro, Clients & EM Recurring EBITDA €m YoY growth, % Iberia 1Q24 1Q25 YoY +27% ∆ YoY Hydro Generation, TWh 4.9 4.2 -13% 523 44 -10m 412 Pumping gener
Slide 38: Electricity Networks EBITDA ex-AR gains stable YoY
1Q25 Results Electricity Networks EBITDA ex-AR gains stable YoY, with consumption growth in all geographies compensating BRL FX impact Electricity Networks Recurring EBITDA €m YoY growth, % Exc. AR gain Iberia 1Q24 1Q25 YoY +1% Electricity Distributed, TWh 15.6 16.1 +3% ∆ YoY -15% 474 Exc. FX & AR g
Slide 39: Financial costs increasing on higher average debt and interest rates
1Q25 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 % +8% 237 219 33% 56 % 66 % EUR BRL 35% EUR, USD 67% 23 % USD 65% 15 % & Other BRL 14 % 13 % 7% Of which 5%
Slide 40: Organic Cash Flow growing in line with EBITDA
1Q25 Results Organic Cash Flow growing in line with EBITDA reflecting underlying business performance; Slight YoY decline of capex, networks higher weight Organic cash flow Capex by segment € Bn € Bn 1.1 1.4 Including taxes, Electricity 0.2 19% payments to Networks minorities and other 0.9 0.1 60% I
Slide 41: Net debt increase driven by investment execution
1Q25 Results Net debt increase driven by investment execution with asset rotation and tax equity proceeds to be more concentrated in 2H25 Change in Net Debt €100m Share buyback program executed • @€2.89 ex-dividend € Bn Includes €1.2 Bn Cash capex (of which €0.9 Bn consolidated capex • P/E 2025E: 9.
Slide 42: Recurring Net Profit +19% YoY
1Q25 Results Recurring Net Profit +19% YoY backed by strong performance in integrated business and Wind & Solar underlying business Recurring Net Profit1 Recurring Net Profit €m €m Δ YoY Exc. AR gains +69% EBITDA 1,425 83 +19% D&A and 439 Provisions -463 -34 368 AR gains 108 EBIT 962 48 Net Profit E
Slide 43: Fixed Income
Fixed Income @edp
Slide 44: 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 45: 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 Mar.25 Share3 of Sustainable Funding as of Mar.25 € Bn; (%) Sustainability- 2018 4% 2025; Non-green linked RCFs 2019 14% 750 2018; 600 labelled 2024; 2019;
Slide 46: 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 Mar25, €Bn as of Mar25, €Bn Cash & Equivalents 3. 1 EDP Brasil EDP SA & EDP Finance BV and Other (%
Slide 47: 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 Mar.25 Sources of debt funding as of Mar.25 € Bn (%) Commercial paper 16.1 Sustainable Loans 2% DCM – Green Ring-fenced policy 5% 65 % EDP Brasil 9% “Non-recourse” to
Slide 48: Corporate Governance
@edp Corporate Governance
Slide 49: Diversified shareholder base with reference investors ~40%
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 50: 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 51: 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 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: ESG
ESG @edp
Slide 54: 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 -71% scope 1+2 intensity vs 2020 91% renewable generation We are Empowering our communities Protecting our planet Engaging our partners for an for an
Slide 55: 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) 20.7/100 B+/A+ Medium risk Industry Leader (Mar-25) (Nov-24) AAA/A
Slide 56: Appendix
Appendix @edp
Slide 57: 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 58: EDPR Asset Base as of Mar-25
Appendix EDPR Asset Base as of Mar-25 EDPR Installed Capacity as of Mar-25 EDPR EBITDA MW Avg. Age and Useful Life Remaining Spain 14 Portugal 13 France 4 Belgium 4 Poland 9 Romania 12 Italy 4 Greece 2 UK 13 Netherlands 1 Hungary 0.2 US 9 Canada 6 Mexico 5 Brazil 3 Chile 1 Vietnam 4 Singapore 4 RoAP
Slide 59: IR Contacts
IR Contacts E-mail: ir@edp.com Phone: +351 210 012 834 Site: edp.com Investor presentation 60