Slide 1: Presentation
Presentation Lisbon, July 30° Cartapatelo Hyeroeleciie Pant Portuact
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: Strong 1H26: improved returns and capex growth in electricity networks
Strong 1H26: improved returns and capex growth in electricity networks, renewables growth driven by US and sound performance in FlexGen Iberia 1H26 Main Highlights Financial Performance Recurring figures Electricity networks EBITDA +14% YoY, driven by new regulatory 1H26 periods in Iberia and growth
Slide 4: Ramp up of capex, good execution of approved investment plans
Ramp up of capex, good execution of approved investments plans following improved regulatory frameworks Capex electricity networks 1H26, €m All-in Return on RAB4 pre-tax: ~8% for 2026-29 Approved Investment plan +66% to €3bn1 Government ordered study on the rationale for +25 % reinforcing climate ad
Slide 5: Portugal electricity demand growth is accelerating
Portugal electricity demand growth is accelerating, supported by electrification and data centres Main drivers of Electricity demand growth Portugal Portugal's structural advantages… 2026-2035E Growing electricity demand improves network ~20% ~60% utilization, reducing fixed system costs Industry &
Slide 6: Structural improvement of EDP's FlexGen performance
Structural improvement of EDP’s FlexGen performance reflects growing value of Hydro and CCGTs as a key backup of competitive solar & wind in Iberia FlexGen & Clients integrated margin supported by higher solar penetration, backup needs EDP FlexGen & Clients EBITDA – Iberia €/MWh sold Structural incr
Slide 7: Reinforced competitive positioning in retail electricity supply in Portugal
Reinforced competitive positioning in retail electricity supply in Portugal, focused on quality of service, pricing and efficiency EDP commercial initiatives to improve competitiveness Key client retention initiatives delivering a clear impact EDP client's portfolio in Iberia1: ~4 million Competitiv
Slide 8: Strong US power demand supports EDP Renewables commercial activity
Strong US power demand supports EDP Renewables commercial activity, with 1.5 GW new capacity contracted since One Big Beautiful Bill approval Projected change in US power demand to be sourced by Projects secured since “OBBB” - 4th of July 2025 Wind & Solar as it is the cheapest and fastest solution
Slide 9: Asset rotation in 2026 highlights investments at attractive returns
Asset rotation in 2026 highlight investments at attractive returns with a low risk profile, 70% of EDPR investment plan 2026-28 is now secured 2 asset rotation transactions signed at historically good 5 GW target additions for 2026-2028: multiples and gains/ invested capital ~70% of already secured
Slide 10: Financial Results
Financial Results
Slide 11: Recurring EBITDA +5% YoY with strong growth in electricity networks and EDP Renewables
Recurring EBITDA +5% YoY with strong growth in electricity networks and EDP Renewables Other Recurring EBITDA1 ,€m 9% YoY growth, % North America Ex-FX 23% €2.7 Bn 51% Iberia +6% +5% % Weight on EBITDA ∆ YoY 17% 2,729 South America 2,598 Networks 765 874 32% +109m Iberia positively impacted by new r
Slide 12: Sustained focus on efficiency, with adj. OPEX decreasing 1% YoY
Sustained focus on efficiency, with adj. OPEX decreasing 1% YoY and 4% over the last two years Recurring OPEX1 € Bn Inflation and FX adjusted2 EDPR adj. core OPEX/avg. MW -5% YoY -7% to €40k/MW -3% 0.96 0.93 0.93 Digital and AI tools supporting O&M efficiency and improved customer experience 1H24
Slide 13: FlexGen & Clients with sound EBITDA performance
FlexGen & Clients with sound EBITDA performance, YoY comparison impacted by lower electricity prices, higher ancillary services costs FlexGen & Clients recurring EBITDA, €m YoY growth, % Iberia 1H25 1H26 YoY -5% Avg. Pool Price Spain, €/MWh 62 50 -19% 847 ∆ YoY Brazil 808 Hydro net of pumping, TWh 6
Slide 14: Networks EBITDA +14% YoY supported by new regulatory periods
Networks EBITDA +14% YoY supported by new regulatory periods and RAB growth in Iberia and Brazil Electricity Networks Recurring EBITDA, €m YoY growth, % Iberia 1H25 1H26 YoY Electricity Distributed, TWh 30.7 31.2 +2% ∆ YoY +14% All-in RoRAB Portugal, % ~6% ~8% +197 bps 874 765 All-in RoRAB Spain, %
Slide 15: EDPR recurring EBITDA +8% YoY (+12% ex-forex)
EDPR recurring EBITDA +8% YoY (+12% ex-forex) supported by US (higher capacity, generation and prices) and improved AR gains (mostly Italy) EDPR (Wind, Solar & BESS) recurring EBITDA, €m YoY growth, % 1H25 1H26 YoY Ex-FX ∆ YoY +12% Installed Capacity, MW 19.6 20.5 4% +8% Renewable Index Generation,
Slide 16: Net financial costs impacted by increase of avg. cost of debt
Net financial costs impacted by increase of avg. cost of debt and lower capitalized expenses, offset by improvement in other financial costs Net Financial Costs Avg. nominal debt by currency €m % 470 33 30 472 Includes capitalized 67 % 65 % EUR costs and other financial costs Of which 8% USD 14 % Si
Slide 17: Net debt at €17 Bn following annual dividend paid in May-26
Net debt at €17 Bn following annual dividend paid in May-26, asset rotation and tax equity proceeds to be concentrated in 2H26 Change in Net Debt € Bn 0.4 17.0 0.8 1.8 ~16 Bn Asset Rotation 15.4 -1.4 and tax equity EUR/BRL proceeds to be Depreciation concentrated Including in 2H26 Regulatory Receiva
Slide 18: Recurring underlying Net Profit flat YoY, +1% ex-FX
Recurring underlying Net Profit flat YoY, +1% ex-FX, with strong performance from EDPR and electricity networks Recurring Net Profit1 Recurring Net Profit Ex FX €m €m Δ YoY +1% 1H26 +131 +0% EBITDA 2,729 Asset Rotation 752 753 D&A and -55 gains 0 48 976 Provisions Underlying Net EBIT 1,752 +76 Profi
Slide 19: Closing Remarks and guidance upgrade
Closing Remarks and guidance upgrade
Slide 20: Upgrade of 2026 earnings guidance (+12% vs. CMD)
Upgrade of 2026 earnings guidance (+12% vs. CMD): Outperforming execution of business plan on a context of energy transition acceleration 2026 recurring EBITDA & Net Profit guidance +12% Recurring Net Profit €1.2 -1.3 Bn €1.3 Bn ~€1.4 Bn Recurring €5.2 Bn ~€5.3 Bn Networks: Good execution of investm
Slide 21: Positive momentum: Visibility on guidance post 2028 in a strategic update by 2Q27
Positive momentum: Visibility on guidance post 2028 in a strategic update by 2Q27 2026 FlexGen & Clients outperforming on peak/off-peak price spreads, backup services (hydro volumes & margins) Outperformance Asset rotation execution: 2 transactions announced, gains guidance upgraded to €0.3bn vs. CM
Slide 22: Q&A
Q&A @edp
Slide 23: IR Contacts
IR Contacts E-mail: ir@edp.com Phone +351 210 012 834 Site: www.edp.com
Slide 24: A track record of advancing the energy transition supported by strong community engagement
A track record of advancing the energy transition supported by strong community engagement and ESG performance Strong track record in the energy transition Celebrating 50 years of sustainability leadership, while earning an external global recognition 2023 2024 2025 1H26 87% 95% 89% 92% Renewables g
Slide 25: Upcoming roadshows
Upcoming roadshows September October 1st Deutsche Bank Virtual Back to School (Virtual) 1st Mizuho Asian Investor Conference (Tokyo) 2nd Goldman Sachs Utilities Virtual Back to School Day 6th Iberian Digital Forum (Virtual) (Virtual) 15th Roadshow (Milan) 3rd BNP 15th Utilities trip (Madrid) 4th Cit