Edp S.a.EURONEXT: EDP

EDP, S.A. informs on: Interim Report 1st Half 2026

Aug 3, 2026 at 5:17 PM UTC · MarketScreener

Watch Edp explain itEdp Sa S/Adr (EDPFY) Q2 2026 Earnings Call · Replay · Jul 30

EDP 1H26 Interim Report Index 2

‌Management Report 3
Condensed Financial Statements 8

Notes to the Condensed Consolidated

and Separate Financial Statements 23

Auditor Review Reports 77

Contacts 79

EDP 1H26 Interim Report Management Report | Index Index 3

Index

EDP INTERIM REPORT 1H26

01. Management Report

Relevant events during the period 4
Main risks and uncertainties 7

Meadow Lake wind farm | Indiana, USA

‌Relevant events during the period
1Q26
January

EDP secures PPA for a 150 MWac solar project in the US

On January 7, EDP informed it had secured a 30-year Power Purchase Agreement ("PPA") with Consumers Energy Company (CeC) for the clean energy generated by a 150 MWac (209 MWdc) solar project in Clark County, Illinois, US, scheduled to begin operations in 2027.

EDP issues €650 million senior European green notes

On January 28, EDP priced the issuance of European green debt instruments in the amount of €650 million, maturing February 2032 and with a coupon of 3.25%. The net proceeds from this issuance will be used to finance or refinance Eligible Green Assets, as defined in EDP's Green Finance Framework, as the Assets are fully aligned with the EU Taxonomy.

EDP completes Asset Rotation deal for a 150 MW wind portfolio in Greece

On January 29, EDP announced the completion of the sale and purchase agreement with Principia, a company jointly owned by Enel SpA and funds managed by Macquarie Asset Management, to sell a 150 MW wind portfolio in Greece for an Enterprise Value of €0.2 billion. The transaction scope comprises four operating wind farms, with an average asset life of ~1.5 years, which benefit from 20-year Contracts for Difference.

February

EDP included in the S&P Global Sustainability Yearbook 2026 with the distinction Top 5%

On February 18, EDP was included in the S&P Global Sustainability Yearbook 2026 with a Top 5% distinction, becoming one of only six Electric Utilities worldwide and the only Portuguese company to receive this recognition.

EDP, Boliden Somincor and Greenvolt to develop Portugal's largest solar self-consumption plant

On February 23, EDP announced that it had entered into a partnership with Boliden Somincor and Greenvolt to install a Self-Consumption Production Unit (UPAC) in the vicinity of the Neves-Corvo mine in Castro Verde, one of Europe's largest zinc mines. This distributed solar generation project will be the largest ever developed in Portugal, with an installed capacity of 49 MWp.

EDP and Start Campus enter agreement to accelerate renewable-powered Data Centre development in Portugal

On February 25, EDP and Start Campus, a leading data centre developer in Portugal, announced the signing of a strategic partnership marking their shared intention to accelerate next-generation, renewable-powered data centre projects in Portugal, with potential expansion to other markets.

March

EDP launches a pioneering laboratory in Europe to test floating solar technologies with open access for the community

On March 18, EDP took a significant step towards innovation in the energy sector with the launch of the Floating PV Lab, Europe's first open-access laboratory for testing technologies associated with floating and hydro solar power generation. EDP is making the infrastructure of its hybrid park at Alto Rabagão, in Portugal, available as a collaborative space where companies, start-ups and research institutions can test and validate innovative solutions focused on the energy transition, accelerating their market entry.

EDP secures contract for a 250 MW solar project in the US

On March 23, EDP informed it had secured a long-term offtake agreement with a global technology company for the clean energy generated by a 250 MWac (348 MWdc) solar project in Arkansas, US.

2Q26

April

EDP signs long-term contract with major technology company for new 28MWp solar project in Japan

On April 9, EDP announced the development of a greenfield 28MWp ground-mounted solar project in Motoyoshi City, Miyagi Prefecture in Japan. The project is linked to a longterm contract signed with a major technology company, and is scheduled for commissioning in early 2028.

EDP announces resolutions from Annual General Shareholders Meeting

On April 16, EDP announced that, at its General Shareholders Meeting, shareholders adopted all resolutions included in the agenda, including those relating to the 2025 Integrated Report, the allocation of annual results and distribution of dividends, the amendment to the Remuneration Policy applicable to the Executive Board of Directors, and the re-election of the Statutory Auditor for the year 2027.

EDP announces payment of 2025 dividends

On April 16, EDP informed that the General Shareholders' Meeting approved the proposal of the Executive Board of Directors for the allocation of profits regarding the 2025 financial year, which provides for the payment of a gross dividend of 0.205 euros per share.

Ocean Winds has agreed to settle imminent claims regarding US offshore leases of Bluepoint Wind and Golden State Wind

On April 27, EDP informed that Ocean Winds, the 50/50 wind offshore joint venture owned by EDPR and ENGIE, secured reimbursement for the Bluepoint Wind and Golden State Wind offshore leases, with EDPR expected to receive $0.2bn upon reinvestment in qualifying US energy projects. The reimbursement is broadly aligned with the projects' book value and proceeds are expected in 2026, subject to remaining conditions.

May

EDP signs agreement with Meta for 250 MW of solar energy in the US

On May 4, EDP and Meta announced a long-term PPA for Cypress Knee Solar, a 250 MW solar energy project to be built in Arkansas.

EDP renews its power Distribution concession in the State of São Paulo for 30 years

On May 8, EDP announced that it had renewed, for a further 30 years, its electricity distribution concession covering the 28 municipalities where it operates in the state of São Paulo. With this renewal, EDP will remain responsible for electricity distribution in the regions of Guarulhos, Alto Tietê, Vale do Paraíba and the North Coast of São Paulo until 2058.

EDP integrates all generation and supply operations in Brazil reinforcing its competitiveness in free market

On May 19, EDP announced the integration of its electricity generation, trading and supply activities in Brazil under its wholly owned subsidiary, EDP Brasil. The transaction aims to strengthen EDP's agility, competitiveness and risk management capabilities in Brazil's evolving free electricity market, while supporting greater operational and financial efficiency.

EDP issues €750 million senior European green notes

On May 21, EDP priced the issuance of European green debt instruments in the amount of €750 million, maturing March 2033 and with a coupon of 3.75% (the "Notes"). EDP pre-hedged the Mid Swap rate for amounts to be refinanced in 2026. Considering the mentioned pre-hedge, the Notes' implicit yield is c. 3.4%.

EDP signs Build and Transfer Agreement for a 100 MWac solar project in US

On May 25, EDP informed that it had signed a Build and Transfer Agreement with Appalachian Power Company ("APCO"), a subsidiary of American Electric Power, under which EDP will develop and construct a 100 MWac (approx 136 MWdc) solar project, planned to become operational in 2028, for an estimated enterprise value of $0.3bn.

June

EDP is recognised as one of the World's Most Sustainable Companies 2026 by TIME and Statista

On June 23, EDP was ranked 10th in TIME and Statista's World's Most Sustainable Companies 2026, with a score of 89.67. It is also the first company from the Utilities industry to appear on the list. The ranking evaluates the world's largest and most influential companies based on their transparency, accountability and environmental impact.

EDP signs Asset Rotation deal for a 68 MW portfolio in Italy

On June 30, EDP announced the sale of a 100% stake in a 68 MWac (70 MWdc) wind & solar portfolio in Italy to PLT Energia for an estimated EV of €0.15 billion, subject to customary closing adjustments. The portfolio comprises 5 operating assets, including 4 wind farms secured by 20-year Contracts for Difference and 1 solar plant backed by a 10-year PPA.

EDP celebrates 50 years of supporting the energy transition and communities

On June 30, EDP celebrated its 50th anniversary, marking five decades of transformation from a Portuguese utility into a global energy company with a leading position in renewable energy and electricity networks. As part of the celebrations, EDP launched the "Time to Give Back" initiative, which mobilised employees, families, friends and partners to dedicate more than 63,000 hours to volunteering and social impact projects across 16 countries.

‌Main risks and uncertainties
Main risks and uncertainties for the second half of the year
EDP's activity in 2026 will continue to be exposed to a set of risks and uncertainties that may impact the operational and financial performance of the EDP Group in 2026. These risks essentially arise from:
- the variability of renewable resources, namely hydrological conditions in Portugal and wind resources in the US and Europe;
- the evolution of energy prices, including electricity prices in Europe, especially in the Iberian market, as well as in the US;
- the evolution of exchange rates of the Euro against the US Dollar and the Brazilian Real;
- the execution of the Group's investment and divestment plans outlined for 2026;
- financing and refinancing conditions of debt and the establishment of tax equity structures in the US.

Renewable Resources

Renewable energy production will continue to depend on the availability of water and wind resources in the various geographies where EDP operates, with special emphasis on the Iberian Peninsula, Brazil, the US, and Central Europe. Adverse weather conditions, such as prolonged droughts or wind regimes below the historical average, may reduce generation levels compared to estimates, impacting the results for the year.

Energy Prices

The evolution of results may be impacted, firstly, by variations in the price of electricity in the Iberian wholesale market, in a context marked by a greater weight of renewable generation and potential periods of low or negative prices. However, it is worth noting that over 85% of the energy has already been contracted until the end of the year, which significantly mitigates exposure to these fluctuations.

Nevertheless, for the 2026-2028 period, a variation of €10/MWh in the energy price in Europe (mostly Iberia) represents an estimated impact of around 3% in Net Profit. In Brazil, a variation of €10/MWh in the energy price represents an estimated impact of around 2% in Net Profit. And in North America, a €5/ MWh variation on prices (mostly PJM and NYISO) has even no impact in EDP's Net Profit.

Exchange Rates

Exchange rate fluctuations, especially of the US Dollar and the Brazilian Real against the Euro, may influence revenues and operating costs in markets outside the Eurozone, being reflected in the consolidated net result through the conversion of local results and the appreciation/depreciation of future flows. In the guidance provided to the market, average rates of 1.16 EUR/USD and 6.57 EUR/BRL were assumed for 2026, reflecting exchange rate expectations for the year.

Investment, Divestment, and Financing Plan

Throughout 2026, net debt is expected to be around 16 billion euros, reflecting the schedule of asset rotation closures planned for the year totalling 2 billion euros, annual capex of around 4 billion euros, and

1.5 billion euros of proceeds from institutional tax equity partnerships in the US in the 2026-2028 period. This trajectory confirms the company's commitment to disciplined financial management and balance sheet optimisation, even in a context of strong investment to support sustainable growth.

Index 8

‌Index

EDP INTERIM REPORT 1H26

02. Condensed Financial Statements 1H26

Consolidated Income Statements 10

Consolidated Statements of Comprehensive Income 11

Consolidated Statements of Financial Position 12

Consolidated Income Statement Three-Month 13

Consolidated Statement of Comprehensive Income Three-Month 14

Consolidated Statement of Changes in Equity 15

Consolidated and Separate Statement of Cash Flows 16

Separate Income Statement 17

Separate Statements of Comprehensive Income 18

Separate Statements of Financial Position 19

Separate Income Statement Three-Month 20

Separate Statement of Comprehensive Income Three-Month 21

Separate Statement of Changes in Equity 22

EDP 1H26 Interim Report

Condensed Financial Statements | Index

Networks, Portugal

EDP 1H26 Interim Report Condensed Financial Statements Index 9

Condensed Financial Statements 30 June 2026

‌Condensed Consolidated Income Statement for the six-month period ended at 30 June 2026

Thousand Euros	Notes	Jun 2026	Jun 2025
Revenues from energy sales and services and other	7	7,763,567	7,654,791
Cost of energy sales and other	7	-4,140,028	-4,004,073
3,623,539 3,650,718
Other income	8	438,854	345,697
Supplies and services	9	-532,917	-518,231
Personnel costs and employee benefits	10	-404,388	-421,589
Other expenses	11	-422,281	-472,766
Impairment losses on trade receivables and debtors		-11,864	-43,084
		-932,596	-1,109,973
Joint ventures and associates	17	53,698	41,102
2,744,641 2,581,847
Provisions	26	-68,383	-1,330
Depreciation, amortisation and impairment		-1,026,672	-965,055
1,649,586 1,615,462
Financial income	12	500,579	647,115
Financial expenses	12	-973,003	-1,116,640
Profit before income tax and CESE 1,177,162 1,145,937
Income tax expense	13	-246,134	-280,390
Extraordinary contribution to the energy sector (CESE)		-40,833	-43,986
		-286,967	-324,376
Net profit for the period		890,195	821,561
Attributable to: Equity holders of EDP		731,770	708,975
Non-controlling Interests	24	158,425	112,586

Net profit for the period		890,195	821,561
Earnings per share (Basic and Diluted) - Euros		0.18	0.17

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Consolidated Statement of Comprehensive Income for the six-month period ended at 30 June 2026

Jun 2026 Jun 2025

Thousand Euros

Equity holders of

EDP

Non-controlling Interests

Equity holders of

EDP

Non-controlling Interests

Net profit for the period	731,770	158,425	708,975	112,586
Items that will never be reclassified to profit or loss (i)
Actuarial gains/(losses)	52,565	-	36,802	-
Tax effect from the actuarial gains/(losses)	-14,798	-	-6,737	-
Fair value reserve of assets measured at fair value through other comprehensive income with no	2,681	-428	7,760	662
recycling (ii)
Tax effect from the Fair value reserve of assets measured at fair value through other	-595	130	-2,079	-85
comprehensive income with no recycling (ii)
39,853 -298 35,746 577

Items that may be reclassified to profit or loss (i)

Currency translation reserve 333,996 119,171 -583,669 -346,507

Fair value reserve (cash flow hedge) (ii) -309,993 -58,610 -12,931 34,288

Tax effect from the fair value reserve (cash flow hedge) (ii)

Fair value reserve (cash flow hedge) - Joint ventures and associates (ii)

Tax effect from the fair value reserve (cash flow hedge) - Joint ventures and associates (ii)

77,626 12,598 8,780 -8,437

-3,783 -1,517 22,957 9,263

-10 -4 -5,288 -2,123

Other changes, net taxes -128 - 8,422 -

97,708 71,638 -561,729 -313,516

Other comprehensive income for period (net of income tax)

137,561 71,340 -525,983 -312,939

Total comprehensive income for the period 869,331 229,765 182,992 -200,353

See Consolidated Statement of Changes in Equity
See note 23

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

Total Current Assets	10,262,929	10,786,908
Total Assets	55,912,654	54,956,375

‌Condensed Consolidated Statement of Financial Position as at 30 June 2026

Thousand Euros	Notes	Jun 2026	Dec 2025
Assets
Property, plant and equipment	14	27,294,217	26,785,422
Right-of-use assets	15	1,103,962	1,110,060
Intangible assets	16	6,147,153	5,417,913
Goodwill		3,276,055	3,262,552
Investments in joint ventures and associates	17	1,819,771	1,463,333
Equity instruments at fair value		208,654	204,373
Investment property		24,169	18,523
Deferred tax assets	18	1,122,574	1,020,277
Debtors and other assets from commercial activities	19	2,811,941	2,855,471
Other debtors and other assets	20	1,660,971	1,870,798
Non-Current tax assets	21	139,970	121,351
Collateral deposits associated to financial debt	25	40,288	39,394
Total Non-Current Assets		45,649,725	44,169,467
Inventories		543,417	503,613
Debtors and other assets from commercial activities	19	4,266,646	4,272,965
Other debtors and other assets	20	1,331,575	1,309,109
Current tax assets	21	673,930	639,019
Collateral deposits associated to financial debt	25	37,633	31,658
Cash and cash equivalents	22	3,196,788	3,929,932
Assets held for sale	31	212,940	100,612


Equity
Share capital		4,184,022	4,184,022
Treasury stock	23	-27,751	-156,588
Share premium		1,970,996	1,970,996
Reserves and retained earnings	23	4,652,162	4,193,562
Consolidated net profit attributable to equity holders of EDP		731,770	1,149,726

Total Equity attributable to equity holders of EDP		11,511,199	11,341,718
Non-controlling Interests	24	5,310,208	5,164,511
Total Equity		16,821,407	16,506,229

Liabilities
Financial debt	25	19,052,376	18,698,782
Employee benefits		360,189	373,765
Provisions	26	1,320,315	1,250,935
Deferred tax liabilities	18	1,657,603	1,559,353
Institutional partnerships in North America	27	2,921,450	2,915,509
Trade payables and other liabilities from commercial activities	28	1,304,525	1,369,994
Other liabilities and other payables	29	2,913,110	2,793,968
Non-current tax liabilities	30	153,347	132,888
Total Non-Current Liabilities		29,682,915	29,095,194
Financial debt	25	3,614,179	3,092,107
Employee benefits		51,032	49,286
Provisions	26	139,162	139,977
Trade payables and other liabilities from commercial activities	28	3,625,496	4,297,239
Other liabilities and other payables	29	1,234,734	1,140,652
Current tax liabilities	30	702,023	620,571
Liabilities held for sale	31	41,706	15,120

Total Current Liabilities	9,408,332	9,354,952
Total Liabilities	39,091,247	38,450,146
Total Equity and Liabilities	55,912,654	54,956,375

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Consolidated Income Statement for the three-month periods from 1 April to 30 June 2026

Thousand Euros	2026	2025
Revenues from energy sales and services and other	3,710,335	3,568,036
Cost of energy sales and other	-1,962,384	-1,932,325
1,747,951 1,635,711
Other income	243,789	181,429
Supplies and services	-276,622	-263,504
Personnel costs and employee benefits	-206,307	-208,883
Other expenses	-166,197	-162,080
Impairment losses on trade receivables and debtors	7,598	-21,739

-397,739 -474,777

"Joint ventures" and associates	18,765	167
	1,368,977	1,161,101
Provisions	-68,848	-6,824
Depreciation, amortisation and impairment	-523,326	-484,342
776,803 669,935
Financial income	247,221	305,710
Financial expenses	-466,571	-538,178
Profit before income tax and CESE 557,453 437,467
Income tax expense	-107,942	-101,189
Extraordinary contribution to the energy sector (CESE)	-	85
	-107,942	-101,104
Net profit for the period	449,511	336,363
Attributable to: Equity holders of EDP	353,968	280,913
Non-controlling Interests	95,543	55,450

Net profit for the period	449,511	336,363
Earnings per share (Basic and Diluted) - Euros	0.09	0.07

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Consolidated Statement of Comprehensive Income for the three-month periods from 1 April to 30 June 2026

2026 2025

Thousand Euros

Equity holders of

EDP

Non-controlling Interests

Equity holders of

EDP

Non-controlling Interests

Net profit for the period	353,968	95,543	280,913	55,450
Items that will never be reclassified to profit or loss (i)
Actuarial gains/(losses)	59,544	-	34,885	-
Tax effect from the actuarial gains/(losses)	-16,469	-	-6,085	-
Fair value reserve of assets measured at fair value through other comprehensive income with no	4,655	-416	4,206	326
recycling
Tax effect from the Fair value reserve of assets measured at fair value through other	-1,067	127	-876	-1
comprehensive income with no recycling
46,663 -289 32,130 325

Items that may be reclassified to profit or loss

Currency translation reserve 91,433 28,597 -429,497 -244,695

Fair value reserve (cash flow hedge) -57,711 -56,015 -113,579 -18,841

Tax effect from the fair value reserve (cash flow hedge)

Fair value reserve (cash flow hedge) - Joint ventures and associates

Tax effect from the fair value reserve (cash flow hedge) - Joint ventures and associates

8,080 13,188 33,386 4,819

-901 -358 -2,553 -987

-726 -292 113 46

Other changes, net taxes 3,130 - -2,861 -

43,305 -14,880 -514,991 -259,658

Other comprehensive income for period (net of income tax)

89,968 -15,169 -482,861 -259,333

Total comprehensive income for the period 443,936 80,374 -201,948 -203,883

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Consolidated Statement of Changes in Equity for the six-month period ended at 30 June 2026

Reserves and retained earnings (i)

Thousand Euros

Total Share Share Equity capital premium

Legal reserve

Other reserves

and retained

earnings

Fair value reserve (cash flow

hedge)

Fair value reserve (financial assets)

Currency translation

reserve

Treasury

stock

Equity

Non-

attributable

controlling

to equity

Interests

holders of

(ii)

EDP

Balance as at 31 December 2024

16,205,324 4,184,022 1,970,996

836,804

6,087,885

-144,349

-6,130

-1,318,163

-63,033

11,548,032 4,657,292

Net profit for the period 821,561	-	-	-	708,975	-	-	-	-	708,975	112,586
Changes in the fair value reserve (cash flow hedge) 21,700 net of taxes	-	-	-	-	-4,151	-	-	-	-4,151	25,851
Changes in the fair value reserve of assets measured at fair value through other 6,258 comprehensive income, net of taxes	-	-	-	-	-	5,681	-	-	5,681	577
Share of other comprehensive income of 33,231 associates, net of taxes	-	-	-	12,140	17,669	-	-3,718	-	26,091	7,140
Actuarial gains/(losses) net 30,065	-	-	-	30,065	-	-	-	-	30,065	-
Exchange differences -930,176	-	-	-	-	-	-	-583,669	-	-583,669	-346,507

Dividends paid -826,502	-	-	-	-826,502	-	-	-	-	-826,502	-
Dividends attributable to -51,933	-	-	-	-	-	-	-	-	-	-51,933
Purchase and sale of -99,965	-	-	-	-	-	-	-	-99,965	-99,965	-
Share-based payments 7,767	-	-	-	1,357	-	-	-	6,410	7,767	-
Changes resulting from acquisitions/sales, equity 23,745 other	-	-	-	-52,534	-	-	-	-	-52,534	76,279
Balance as at 30 June 2025 15,241,075	4,184,022	1,970,996	836,804	5,961,386	-130,831	-449	-1,905,550	-156,588	10,759,790	4,481,285

Balance as at 31 December 16,506,229	4,184,022	1,970,996	836,804	6,502,719	-336	-857	-1,995,042	-156,588	11,341,718	5,164,511
Comprehensive income: Net profit for the period 890,195	-	-	-	731,770	-	-	-	-	731,770	158,425
Changes in the fair value reserve (cash flow hedge) -278,379 net of taxes	-	-	-	-	-232,367	-	-	-	-232,367	-46,012
Changes in the fair value reserve of assets measured at fair value through other 1,788 comprehensive income, net of taxes	-	-	-	-	-	2,086	-	-	2,086	-298
Share of other comprehensive income of -5,442 associates net of taxes	-	-	-	-2,522	-3,793	-	2,394	-	-3,921	-1,521
Actuarial gains/(losses) net 37,767	-	-	-	37,767	-	-	-	-	37,767	-
Exchange differences 453,167	-	-	-	-	-	-	333,996	-	333,996	119,171

Dividends paid -847,573	-	-	-	-847,573	-	-	-	-	-847,573	-
Dividends attributable to -65,114	-	-	-	-	-	-	-	-	-	-65,114
Purchase and sale of 172,890	-	-	-	48,436	-	-	-	124,454	172,890	-
Share-based payments 7,237	-	-	-	2,854	-	-	-	4,383	7,237	-
Changes resulting from acquisitions/sales, equity -51,358 other	-	-	-	-32,404	-	-	-	-	-32,404	-18,954
Balance as at 30 June 16,821,407	4,184,022	1,970,996	836,804	6,441,047	-236,496	1,229	-1,658,652	-27,751	11,511,199	5,310,208

Comprehensive income:

joint ventures and

of taxes

arising on consolidation

non-controlling interests treasury stock

increases/decreases and

2025

joint ventures and

of taxes

arising on consolidation

non-controlling interests treasury stock (i)

increases/decreases and

2026

See note 23
See note 24

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Consolidated and Separate Statement of Cash Flows for the six-month period ended at 30 June 2026

	Notes	Group	Company
Thousand Euros	Jun 2026	Jun 2025	Jun 2026	Jun 2025

Operating activities
Profit before income tax and CESE		1,177,162	1,145,937	174,347	554,102
Adjustments for: Amortisation and impairment		1,026,672	965,055	22,148	21,800
Provisions	26	68,383	1,330	-567	178
Joint ventures and associates	17	-53,698	-41,102	-	-
Financial (income)/expenses	12	472,424	469,525	-184,358	-563,300
Changes in working capital: Trade and other receivables		211,705	283,252	147,735	-82,546
Trade and other payables		-65,797	-262,205	-61,289	-35,780
Personnel		-82,916	-87,029	1,617	-1,632
Regulatory assets		-415,542	-561,454	-	-
Other changes in assets/liabilities related with operating activities		-579,316	-480,109	72,197	-195,823
Income tax and CESE		-157,960	-93,660	-102,412	-4,082
Net cash flows from operations		1,601,117	1,339,540	69,418	-307,083
Net (gains) / losses with Asset Rotations		-68,133	-8,725	-	-
Net cash flows from operating activities		1,532,984	1,330,815	69,418	-307,083
Investing activities Cash receipts relating to: Sale of business/assets/subsidiaries with loss of control i)		151,040	179,013	-	-
Other financial assets and investments		14,847	142,644	-	23
Changes in cash resulting from consolidation perimeter variations		5,367	6,643	-	-
Property, plant and equipment and intangible assets		11,440	19,182	149	155
Other receipts relating to tangible fixed assets		25,044	16,921	-	-
Interest and similar income		97,951	97,483	105,904	63,557
Dividends		55,585	34,021	230,000	619,021
Loans to related parties		556,600	247,500	3,000	1,470
		917,874	743,407	339,053	684,226
Cash payments relating to: Acquisition of assets/subsidiaries		-	-9,000	-	-
Other financial assets and investments ii)		-345,639	-122,875	-7,452	-14,299
Changes in cash resulting from consolidation perimeter variations		-	-6	-	-
Property, plant and equipment and intangible assets		-1,936,297	-2,121,077	-18,730	-13,769
Loans to related parties		-514,236	-303,067	-	-6,935

Financing activities Proceeds from financial debt (include Collateral Deposits)	38	7,509,566	2,461,575	430,191	950,000
(Payments) relating to financial debt (include Collateral Deposits)	38	-6,827,231	-1,739,118	-550,000	-440,833
Interest and similar costs of financial debt including hedge derivatives	38	-563,299	-506,810	-219,759	-221,989
Receipts/(payments) relating to loans from non-controlling interests	38	31,791	-13,842	-	-
Interest and similar costs relating to loans from non-controlling interests	38	-5,883	-5,265	-	-
Receipts/(payments) relating to loans from related parties	38	-	-	909,458	-335,379
Interest and similar costs of loans from related parties	38	-	-	-55,032	-44,010
Share capital increases/(decreases) (includes subscribed by non-control. interests)		-54,429	-48,517	-	-
Receipts/(payments) relating to derivative financial instruments	38	54,665	59,287	14,205	3,090
Dividends paid to equity holders of EDP		-847,573	-826,502	-847,573	-826,502
Dividends paid to non-controlling interests		-15,804	-14,534	-	-
Treasury stock sold/(purchased)	23	172,890	-99,965	172,890	-99,965
Receipts/(payments) related with transactions with non-controlling interest without change of control iii)		22,874	-	-	-
Intermediation of electricity system flows	29, 38	8,437	-	-	-
Lease (payments) iv)	38	-67,694	-64,216	-9,270	-5,567
Receipts/(payments) from institutional partnerships in North America v)	38	119,025	51,015	-	-


Effect of exchange rate fluctuations on cash held		86,941	-53,130	-382	-2,194
Cash and cash equivalents reclassified as held for sale		-12,106	-15,320	-	-
Cash and cash equivalents at the beginning of the period		3,929,932	3,631,284	1,516,100	1,443,827

Cash and cash equivalents at the end of the period vi) 3,196,788 2,334,139 1,743,117 762,618

-2,796,172 -2,556,025 -26,182 -35,003

Net cash flows from investing activities -1,878,298 -1,812,618 312,871 649,223

Net cash flows from financing activities -462,665 -746,892 -154,890 -1,021,155

Changes in cash and cash equivalents -807,979 -1,228,695 227,399 -679,015

Corresponds to the proceeds from the sales of EDP Transmissão Litoral Sul S.A. and a wind portfolio in Greece;
Corresponds to the capital increase in OW Offshore (see note 17) and to payments made with the acquisition of 2 transmission companies by EDP Transmissão Goiás S.A. (see note 6);
Corresponds to the proceeds related to the sale of minority stakes in North America;
Includes capital and interest;
On a consolidated basis, refers to the receipts and payments net of transaction costs (transactions included in note 27); and
See details of Cash and cash equivalents in note 22.

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Separate Income Statement for the six-month period ended at 30 June 2026

Thousand Euros	Notes	Jun 2026	Jun 2025
Revenues from energy sales and services and other	7	163,089	145,999
		163,089	145,999
Other income		6,262	14,856
Supplies and services	9	-108,655	-97,984
Personnel costs and employee benefits	10	-47,633	-47,161
Other expenses		-1,507	-2,914
Impairment losses on trade receivables and debtors		14	-16
		-151,519	-133,219
		11,570	12,780
Provisions		567	-178
Depreciation, amortisation and impairment		-22,148	-21,800
		-10,011	-9,198
Financial income	12	552,408	1,061,593
Financial expenses	12	-368,050	-498,293

Profit before income tax		174,347	554,102
Income tax expense	13	-1,732	41,554

Net profit for the period		172,615	595,656
Earnings per share (Basic and Diluted) - Euros		0.04	0.14

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Separate Statement of Comprehensive Income for the six-month period ended at 30 June 2026

Thousand Euros	Jun 2026	Jun 2025
Net profit for the period	172,615	595,656
Items that may be reclassified to profit or loss (i) Fair value reserve (cash flow hedge) (ii)	-3,361	286
Tax effect from the fair value reserve (cash flow hedge) (ii)	572	-57
Other comprehensive income for the period (net of income tax)	-2,789	229
Total comprehensive income for the period	169,826	595,885

See Separate Statements of Changes in Equity
See note 23

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Separate Statement of Financial Position as at 30 June 2026

Thousand Euros	Notes	Jun 2026	Dec 2025
Assets
Property, plant and equipment		30,346	36,684
Right-of-use assets		89,271	91,862
Intangible assets		173,992	169,000
Investments in subsidiaries	6	17,117,409	17,024,457
Equity instruments at fair value		1,227	1,227
Investment property		128,435	127,252
Debtors and other assets from commercial activities		1,200	1,584
Other debtors and other assets	20	3,885,542	4,648,001
Total Non-Current Assets		21,427,422	22,100,067
Debtors and other assets from commercial activities	19	269,115	413,045
Other debtors and other assets	20	1,486,967	780,072
Current tax assets	21	39,399	37,999
Cash and cash equivalents	22	1,743,117	1,516,100
Total Current Assets		3,538,598	2,747,216
Total Assets		24,966,020	24,847,283

Equity

Share capital		4,184,022	4,184,022
Treasury stock	23	-27,751	-156,588
Share premium		1,970,996	1,970,996
Reserves and retained earnings	23	3,052,662	3,013,825
Net profit for the period		172,615	837,909
Total Equity		9,352,544	9,850,164

Liabilities

Financial debt	25	7,549,870	9,047,961
Employee benefits		4,099	4,264
Provisions		3,889	3,834
Deferred tax liabilities		30,967	2,317
Trade payables and other liabilities from commercial activities		-	20
Other liabilities and other payables	29	843,459	1,606,553
Total Non-Current Liabilities		8,432,284	10,664,949
Financial debt	25	5,574,176	3,351,609
Employee benefits		492	492
Provisions		271	894
Trade payables and other liabilities from commercial activities	28	161,423	231,557
Other liabilities and other payables	29	1,273,123	617,533
Current tax liabilities	30	171,707	130,085

Total Current Liabilities	7,181,192	4,332,170
Total Liabilities	15,613,476	14,997,119
Total Equity and Liabilities	24,966,020	24,847,283

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Separate Income Statement for the three-month periods from 1 April to 30 June 2026

Thousand Euros	2026	2025
Revenues from energy sales and services and other	81,001	72,229
	81,001	72,229
Other income	-1,050	9,221
Supplies and services	-54,434	-48,685
Personnel costs and employee benefits	-24,686	-23,450
Other expenses	-128	-1,874
Impairment losses on trade receivables and debtors	14	-16
	-80,284	-64,804
	717	7,425
Provisions	517	-178
Depreciation, amortisation and impairment	-11,055	-10,890
	-9,821	-3,643
Financial income	373,194	837,334
Financial expenses	-138,052	-287,111

Profit before income tax and CESE	225,321	546,580
Income tax expense	4,506	27,906

Net profit for the period	229,827	574,486

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Separate Statement of Comprehensive Income for the three-month periods from 1 April to 30 June 2026

Thousand Euros	2026	2025
Net profit for the period	229,827	574,486
Items that may be reclassified to profit or loss Fair value reserve (cash flow hedge)	-22,188	-2,480
Tax effect from the fair value reserve (cash flow hedge)	3,772	496
Other comprehensive income for the period (net of income tax)	-18,416	-1,984
Total comprehensive income for the period	211,411	572,502

LISBON, 29 JULY 2026

THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713

The following notes form an integral part of these condensed financial statements.

‌Condensed Separate Statement of Changes in Equity for the six-month period ended at 30 June 2026

Reserves and retained earnings (i)

Thousand Euros

Total Equity

Share capital

Share premium

Legal reserve

Other reserves

and retained earnings

Fair value reserve (cash flow

hedge)

Treasury

stock

Balance as at 31 December 2024

9,924,813

4,184,022

1,970,996

836,804

2,982,598

13,426

-63,033

Comprehensive income:

Net profit for the period 595,656 - - - 595,656 - -

Changes in the fair value reserve (cash flow hedge) net of taxes

229 - - - - 229 -

Total comprehensive income for the period

595,885

595,656

229

Balance as at 30 June 2025 9,601,998 4,184,022 1,970,996 836,804 2,753,109 13,655 -156,588

Dividends paid -826,502 - - - -826,502 - - Purchase and sale of treasury stock -99,965 - - - - - -99,965 Share-based payments 7,767 - - - 1,357 - 6,410

Balance as at 31 December 2025 9,850,164 4,184,022 1,970,996 836,804 2,995,854 19,076 -156,588

Comprehensive income:

Net profit for the period 172,615 - - - 172,615 - -

Changes in the fair value reserve (cash flow hedge) net of taxes

-2,789 - - - - -2,789 -

Total comprehensive income for the period

169,826

172,615

-2,789

Balance as at 30 June 2026 9,352,544 4,184,022 1,970,996 836,804 2,372,186 16,287 -27,751

Dividends paid -847,573 - - - -847,573 - - Purchase and sale of treasury stock (i) 172,890 - - - 48,436 - 124,454 Share-based payments 7,237 - - - 2,854 - 4,383

See note 23
LISBON, 29 JULY 2026
THE CERTIFIED ACCOUNTANT THE MANAGEMENT THE EXECUTIVE BOARD OF DIRECTORS N.º 17,713
The following notes form an integral part of these condensed financial statements.
‌Notes to the Condensed Consolidated and Separate Financial Statements
1. Economic activity of EDP Group 24
2. Material accounting policies 24
3. Recent accounting standards and interpretations issued 24
4. Critical accounting estimates and judgements in preparing the financial statements 25
5. Financial risk management policies 30
6. Consolidation perimeter 32
7. Revenues and cost of Energy Sales and Services and Other 33
8. Other income 35
9. Supplies and services 36
10. Personnel costs and employee benefits 36
11. Other costs 37
12. Financial income and expenses 37
13. Income tax 39
14. Property, plant and equipment 40
15. Right-of-use assets 41
16. Intangible assets 42
17. Investments in joint ventures and associates 42
18. Deferred tax assets and liabilities 43
19. Debtors and other assets from commercial activities 44
20. Other debtors and other assets 46
21. Tax assets 47
22. Cash and cash equivalents 47
23. Reserves and retained earnings 48
24. Non-controlling interests 49
25. Financial debt 50
26. Provisions 53
27. Institutional partnerships in North America 55
28. Trade payables and other liabilities from commercial activities 55
29. Other liabilities and other payables 57
30. Tax liabilities 58
31. Non-Current assets and liabilities held for sale 59
32. Derivative financial instruments 59
33. Commitments 61
34. Related parties 62
35. Fair value of financial assets and liabilities 65
36. Relevant or subsequent events 65
37. Operating Segments 66
38. Reconciliation of Changes in the responsibilities of Financing activities 71
39. Explanation Added for Translation 71

‌Economic activity of EDP Group
EDP, S.A. (hereinafter referred to as EDP), has its registered office in Lisbon, Avenida 24 de Julho 12 and with its shares listed on the Euronext Lisbon stock exchange, was established following the transformation of Electricidade de Portugal, E.P., incorporated in 1976 following the nationalisation and subsequent merger of the main companies in the electricity sector in Portugal. During 1994, as established by Decree laws 7/91 and 131/94, the EDP Group (EDP Group or Group) was set up following the demerger of EDP, which resulted in a number of companies directly or indirectly wholly owned by EDP.
‌The Group's businesses are currently focused on the generation, transmission, distribution and supply of electricity and supply of natural gas. The Group also operates in the areas of engineering, laboratory testing, professional training and energy services.
EDP Group operates essentially in the European (Portugal, Spain, France, Poland, Romania, Italy, Belgium, United Kingdom, Greece, Germany and Netherlands), American (Brazil and North America) and Asia energy sectors.
‌Material accounting policies
Basis of presentation
The condensed consolidated and separate financial statements of EDP, S.A. reflect the results of operations of the company and its subsidiaries (EDP Group or Group) and the Group's interest in its joint ventures and associates, for the periods ended on 30 June 2026 and 2025, and were approved by the Executive Board of Directors of EDP, S.A. on 29 July 2026. The financial statements are presented in thousand Euros, rounded to the nearest thousand.
In accordance with Regulation (EC) 1606/2002 of the European Council and Parliament, of 19 July 2002, as transposed into Portuguese law by Decree-law 158/2009 of 13 July and as amended by Decree-law 98/2015 of 2 June, the condensed separate financial statements of the company and the condensed consolidated financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRS), as endorsed by the European Union (E.U). IFRS comprise accounting standards issued by the International Accounting Standards Board (IASB) as well as interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) and its predecessor bodies. The EDP Group's condensed consolidated and separate financial statements for the period ended at 30 June 2026 were prepared in accordance with IFRS as adopted by the E.U. and
effective as at 1 January 2026 and in compliance with IAS 34 - Interim Financial Reporting. These financial statements do not include all the information required for annual financial statements, and should, therefore, be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2025.
The EDP Group's activities are not subject to significant seasonality.
Selected explanatory notes are included to clarify events and transactions that are significant to facilitate an understanding of the changes in the EDP Group's financial position and performance since the last annual financial statements.
Recent accounting standards and interpretations issued
Standards, amendments and interpretations effective for the Group
The accounting standards and interpretations that became effective on 1 January 2026 that were applied by the Group in the preparation of these condensed financial statements are the following:
- IFRS 9 (Amended) and IFRS 7 (Amended) - Contracts referencing nature-dependent electricity;
  The amendments to IFRS 9 and IFRS 7 clarify the accounting treatment of renewable electricity contracts with variable output, including:
  1. the application of the own-use exemption, based on the contract's economic purpose and structure;
  2. the eligibility of such contracts to be designated in cash flow hedge relationships, subject to the fulfilment of hedge accounting requirements, including highly probable transactions and alignment between contracted and expected production volumes;
  3. enhanced disclosure requirements regarding their impact on financial performance, financial position and cash flows.
  These amendments to IFRS 9 and IFRS 7 were issued by the IASB in December 2024 and endorsed by the European Union in June 2025, with application for periods beginning on or after 1 January 2026.
- IFRS 9 (Amended) and IFRS 7 (Amended) - Classification and measurement of financial instruments; and
- Annual Improvements (Volume 11).
  Standards, amendments and interpretations not yet effective for the Group
  The standards, amendments and interpretations not yet effective for the Group (whose effective application date has not yet occurred or, despite their effective dates of application, they have not yet been endorsed by the EU) are the following:
- IFRS 18 - Presentation and disclosure in financial statements;
  ‌IFRS 18 was issued by the IASB in April 2024 and endorsed by the European Union in February 2026. The standard is effective for annual reporting periods beginning on or after 1 January 2027, replacing IAS 1 - Presentation of Financial Statements, with retrospective application required for comparative information.
  This standard introduces significant changes to the structure and presentation of financial statements, particularly in the statement of profit or loss, including the introduction of a mandatory classification structure for income and expenses into defined categories (operating, investing, financing, income taxes, and discontinued operations), the introduction of defined subtotals, and new disclosure requirements relating to Management Performance Measures (MPMs).
  The standard mainly affects the presentation and disclosure of financial information and does not generally change the recognition and measurement principles currently in place.
  The EDP Group is currently undertaking the necessary work for its implementation, including a detailed analysis of the classification of income and expenses, with the aim of aligning the income statement with the new operating, investing, and financing categories introduced by the Standard. In parallel, the Group is assessing and updating its internal reporting processes, controls, and information systems to ensure compliance with the new presentation and disclosure requirements. Based on the preliminary analyses carried out:
  - no impact is expected on the Group's net income, equity or cash flows;
  - significant changes are expected in the presentation and aggregation of results, namely in the distinction between operating, investing, and financing results;
  - some of the performance measures currently used by management and disclosed outside the financial statements may fall within the definition of MPMs, and will therefore be subject to additional requirements regarding reconciliation, consistency and transparency.
    The Group will continue to monitor developments related to the adoption of IFRS 18 and, whenever deemed relevant, will consider disclosing additional qualitative information to facilitate understanding of its impacts prior to the mandatory application date.
  - IFRS 19 - Subsidiaries without public accountability: disclosures;
  - IFRS 20 - Regulatory Assets and Regulatory Liabilities; and
  - IAS 28 (Amended) - Fair Value Option.
Critical accounting estimates and judgements in preparing the financial statements
IFRS as adopted by the European Union requires the use of judgement and estimates in the decision process regarding certain accounting treatments, impacting total assets, liabilities, equity, income and expenses. The actual effects may differ from these estimates and judgements, namely in relation to the effect of actual costs and income.
The critical accounting estimates and judgements made by the Executive Board of Directors in applying EDP Group's accounting policies are consistent with those applied in the consolidated financial statements as at 31 December 2025, with particular attention drawn to the following items.
Considering that in many cases there are alternatives to the accounting treatment adopted by EDP Group, the reported results could differ if a different treatment was chosen. The Executive Board of Directors believes that the choices made are appropriate and that the financial statements present fairly the Group operations in all material respects.
Contractual stability compensation - CMEC
The approval in 2004 of the Decree-Law 240/2004, of 27 December, determined the early Power Purchase Agreements (PPA) extinction, and the adoption of a contractual stability compensation (CMEC), which EDP Produção entered into after signing the Contractual stability on 27 January 2005, approved by the competent Government member (Order 4672/2005, of 4 March).
This mechanism includes three types of compensation: initial compensation, annual adjustment (or revisibility) and final adjustment. The last two types of compensation are relevant for this purpose.
1. Contractual stability compensation - Annual revisibility mechanism
  During period I (2007/2017) of the contractual stability compensation mechanism, there was a correction on an annual basis, resulting from positive or negative deviations between the estimates made for the initial stability compensation calculation and actual amounts arising from an efficient performance, using the "Valorágua" model, as established in the Decree-Law 240/2004.
  Revisibility amounts for the years 2007 to 2014 were determined and approved by the Government member responsible for energy. EDP Produção challenged the 2011 and 2012 revisibility decisions, on the grounds that costs incurred with the Social Tariff were not considered, as well as the 2014 revisibility, which, in addition to the Social Tariff, also did not consider costs related to the Extraordinary Energy Sector Contribution (CESE).
  Regarding the revisibilities of 2011 and 2012, the Administrative Court dismissed, in different occasions, the special administrative actions brought by EDP Produção, not recognizing the Social Tariff financing costs in the calculation of those revisibilities. Disagreeing with these decisions, EDP Produção filed appeals in both cases.
  The approval of the 2015 revisibility, issued on 20 October 2020, deducted an amount of 72.9 million Euros relating to alleged overcompensation obtained by the CMEC plants in the ancillary services market between 2009 and the first quarter of 2014 (see section Ancillary Services), setting the final revisibility amount at 62.7 million Euros. On 19 January 2021, EDP Produção challenged this approval decision, as it does not recognise the existence of such overcompensation and therefore does not agree with the deduction made to the 2015 revisibility. Accordingly, a provision of 72.9 million Euros was recorded. The challenge also includes the non-consideration of Social Tariff and CESE amounts paid by plants operating under the CMEC regime, as well as the non-approval of the annual revisibilities for 2016 and 2017, which remain pending decision by the Government member responsible for energy.
2. Contractual stability compensation - Final Adjustment
The number 7 of article 3rd and Annex IV of Decree-Law 240/2004 establish the methodology for calculating the Final Adjustment of the CMEC and the Law 42/2016 of 28 December, which approved the State Budget for 2017, determined in article 170 that the Final Adjustment should be calculated and substantiated through a study prepared by ERSE, with the technical support of EDP Produção and REN, through a legally constituted Working Group.
The technical group submitted to ERSE a report calculating the CMEC Final Adjustment in accordance with the methodology set out in Decree-Law no. 240/2004, resulting in amounts ranging between
256.5 million Euros and 271 million Euros.
In late September 2017, ERSE submitted to the Government a study assessing the CMEC Final Adjustment at 154 million Euros. As it did not accept this quantification, in the financial statements as at 31 December 2017 EDP recognised an asset 256.5 million Euros, with a corresponding entry in deferred income, reflecting its best estimate of the CMEC Final Adjustment, based on the methodology established in Decree-Law no. 240/2004 and supported by legal opinions corroborating this interpretation.
On 25 April 2018, the Secretary of State for Energy approved the Final Adjustment as proposed by ERSE, setting it at 154 million Euros. Considering that this decision lacked technical, economic and legal grounds - particularly as it did not apply the calculation methodology established in Decree-Law no.
240/2004, which would have resulted in an amount close to that determined by the Working Group - EDP Produção filed a judicial challenge on 3 September 2018 before the Lisbon Administrative Court. This matter was reflected in the financial statements as at 31 December 2018 through the recognition of a provision corresponding to the difference between the approved amount and the Final Adjustment previously recognised in the Group's results.
By judgment of 10 April 2026, the Lisbon Administrative Court upheld the challenge brought by EDP Produção. On 25 May 2026, the Ministry for the Environment and Energy lodged an appeal with the Central Administrative Court of the South, and the appeal is currently pending decision.
Procedure for declaring "lesividad"
The BOE 223/2017 published during the third quarter of 2017 opened the hearing process of the Order of the Minister of Energy, Tourism and Digital Agenda of 13 September, introducing "lesividad" declaration procedure for the public interest Order IET/980/2016, of 10 June, which established the remuneration of electricity distribution companies until 2016. Thus, the remuneration that has been determined has allegedly been higher than that due for the year 2016. Until the "lesividad" procedure is finitely resolved, the remuneration of the distribution activity for the years 2016, 2017, 2018 and 2019 is considered provisional. With reference to 31 December 2020, EDP España recorded an accumulated provision of 93 million Euros corresponding to the potential effect of "lesividad" for the financial years 2016, 2017, 2018, 2019 and 2020.
Since 2016, EDP España, like other companies in the sector, have been in place with legal proceedings to resolve the "lesividad" procedure. At the same time, companies initiated processes to determine the real value of assets subject to remuneration and proceeded with the reformulation and deposit of their
annual accounts from 2014 to 2020, ending this process during 2021. Although no new liquidation or a new regulation has been issued, the companies consider that, in accordance with the order 481/2020 of the Supreme Court, the reformulated and deposited annual accounts must be considered for the calculation of the remuneration. Thus, in 2021, EDP España updated the provision for the "lesividad" procedure for the years 2016 to 2020, reversing it by approximately 47 million Euros.
On 1 June 2022, order TED/490/2022, of 31 May, was published in BOE 130/2022, which executes the judgment of the Federal Supreme Court in relation to the declaration of "lesividad" to the public interest of the Order IET/980/2016, of 10 June. The remuneration approved by the Ministry of Ecological Transition and the Demographic Challenge in the referred Order did not take into account the accounts reformulated by the distribution companies, resulting in a notable decrease in their remuneration compared to the expected and accounted values corresponding to a correct execution of the sentence.
Subsequently, the "Comisión Nacional de los Mercados y la Competencia" (CNMC) settled the payment obligations arising from the "lesividad" referring to the years 2016, 2017, 2018, 2019, 2020 and 2022 in the Provisional Agreement 5/2022 (partially corresponding to the year 2022) approved by the CNMC on 14 July 2022 and those corresponding to the 2021 financial year in the "2021 Definitive Settlement of regulated activities in the electricity sector", approved by the CNMC on 24 November 2022. The distribution companies of the EDP Group filed lawsuits against order TED/490/2022 and against the final settlements of 2021 and 2022, in order to obtain the collection of amounts due from a correct execution of the judgment.
During the year 2024, the legal proceedings opened against the Order TED/490/2022 by the EDP Group continued to evolve as expected. On 17 January 2024, a favorable decision was notified to Viesgo Distribución Eléctrica, which was issued on 21 December 2023 and whose enforcement was requested on 13 June 2024, with the enforcement proceedings expected to continue in the ordinary course following the Supreme Court's notification to the Administration to submit its observations and Viesgo Distribución Eléctrica's response. On 22 April 2024, a favorable decision was notified to Hidrocantábrico Distribución Eléctrica, which was issued on 16 April 2024, becoming final on 28 May 2024. In November 2024, the State Secretariat for Energy of the Ministry for Ecological Transition and Demographic Challenge notified Hidrocantábrico Distribución Eléctrica and Viesgo Distribución of the Resolutions issued on 31 October 2024, which proceeded with the execution of the aforementioned Supreme Court rulings of 21 December 2023, and 16 April 2024. Subsequently, in December 2024, the CNMC, in application of these resolutions, through the settlement of regulated activities 10/2024, settled 12.2 million Euros in favor of Hidrocantábrico Distribución Eléctrica and 4.8 million Euros in favor of Viesgo Distribución Eléctrica, corresponding to their respective remunerations for the 2016 fiscal year.
An impact is estimated for the fiscal years 2026 and onwards of 8.1 million Euros for Hidrocantábrico Distribución Eléctrica and 1.3 million Euros for Viesgo Distribución Eléctrica per fiscal year.
Between 2016 and Q2 2026, the estimated total economic impact amounts to 93.37 million Euros for Hidrocantábrico Distribución Eléctrica and 17.85 million Euros for Viesgo Distribución Eléctrica. These amounts include both the sums already received in respect of the 2016 regulatory remuneration (12.2 million Euros and 4.8 million Euros, respectively) and the receivables recognised by Supreme Court Judgment No. 791/2025 of 23 June, concerning Hidrocantábrico Distribución Eléctrica, and Supreme Court Judgment No. 98/2025 of 29 January, concerning Viesgo Distribución Eléctrica, which upheld the companies' entitlement to the adjustment of the remuneration corresponding to the 2017, 2018 and 2019 financial years. Of these amounts, an estimated 28.3 Euros million in respect of Hidrocantábrico Distribución Eléctrica and 4.5 million Euros in respect of Viesgo Distribución Eléctrica remain outstanding, pending quantification and payment.
Sale of portfolio of Hydroelectric Projects
The project for the sale of the portfolio of Hydroelectric Projects located in the Douro basin falls within the scope of EDP's strategic plan for 2019-2022, as presented to the market in March 2019 and reinforced with EDP's Strategic Plan for 2021-2025 presented in February 2021, in particular within the scope of the strategy of portfolio balancing and capital reallocation, as a way to finance new investments, particularly in renewable energy, including in Portugal.
The transaction was concluded on 16 December 2020, through the sale of the entire share capital of the company Camirengia Hidroelétricos S.A. ("Camirengia"), by its sole shareholder, EDP - Energias de Portugal, S.A. ("EDP"), to the company Movhera - Hidroeléctricas do Norte, S.A. (previously known as Águas Profundas, S.A., company incorporated in Portugal and therefore resident for tax purposes in Portugal, owned by the consortium formed by GDF International SAS, from ENGIE Group, by 40%, Mirova S.A. by 35% and Predica Prevoyance Dialogue du Credit Agricole, S.A. by 25%). The company Camirengia was incorporated under the simple demerger of EDP - Gestão da Produção de Energia, S.A. ("EDP Produção"), under which a complex set of items was carved-out from this company, comprising not only the titles of use of the hydric resources related to the portfolio mentioned above, but also by a multiplicity of assets, liabilities, resources and contractual positions associated and necessary for the development of the exploration activity of those Hydroeletric Projects.
From a strictly operational, regulatory, technical and legal point of view, the demerger was the only viable and feasible option to proceed with the detachment of the portfolio, considering its size and complexity. In this sense, EDP followed the only model, the demerger and the subsequent sale of shares, that guaranteed the continuity of operations and the maintenance of all the commitments (including environmental nature and towards the municipalities) necessary for the portfolio normal operation and
also to respond to the need of the buyer of acquiring a functional and autonomous company that would ensure the operation of all activity, without disruption, immediately after the sale - which was also required by the regulator. On the other hand, the contractual model used in the implementation of the transaction is fully in line with market standards.
After its conclusion, the transaction was subject to media attention, based on the assumption that it constitutes a transfer of concessions and that, therefore, would be subject to Stamp Duty (under paragraph 27.2 of the Stamp Duty General Table). In EDP's view, that assumption is not at all applicable, and Stamp Duty is not due, as the transaction did not entail a transfer of concessions, but rather a demerger followed by the sale of the entire share capital of a company (Camirengia) holding the patrimonial assets assigned to the portfolio, operations that are not subject to Stamp Duty.
In this context, on 16 March 2021, the President of the EDP Executive Board of Directors was requested to attend the Environment, Energy and Spatial Planning Commission of the Portuguese Parliament, in order to address the abovementioned transaction, where EDP had the opportunity to clarify all questions addressed by the Members present. In addition, on 1 April 2021, that Commission sent EDP a request for information and questions about the transaction. On 15 April, EDP, committed to contribute to the swift, full and definitive clarification of the questions that were presented, sent to the Portuguese Parliament answers to all the questions raised, and made available all the requested documentation, despite its private and confidential nature, as a testament to the collaborative, transparent and good faith attitude with which EDP has been guiding its relationship with the State and its institutions.
In this spirit of collaboration, transparency and good faith in its relationship with the State and its institutions, EDP proactively contacted the Tax Authority, making itself available to clarify the tax aspects of the operation.
On 6 July 2021, EDP became aware that DCIAP is investigating the sale of the Douro portfolio, with searches carried out at the premises of EDP and EDP Produção. During the diligence, and basing its action on a cooperative posture, all cooperation and assistance was provided to the authorities. On 30 October 2025, the Public Prosecutor issued a decision to close the investigation, concluding that there were no indications of tax fraud or abusive tax practices.
EDP maintains its view that the tax treatment it adopted in relation to the transaction, for Stamp Duty and Corporate Income Tax (CIT) purposes, is correct and does not agree with the position taken by the Portuguese Tax Authority as set out in the tax inspection procedure that has led to additional tax assessments. In this context, EDP will continue to defend its position through all legally available means, challenging any tax assessments that reflect that interpretation and, where applicable, adopting the necessary measures to suspend the corresponding tax enforcement proceedings.
EDP fully complies with all its obligations, including tax obligations, and applies rigorous technical standards in the assessment of all matters. The transaction was executed in accordance with the applicable tax framework in force at the time and was supported by legal opinions issued by reputable tax experts.
Divestment decision in wind farms in Colombia
In 2019, EDPR decided to enter the Colombian market through the acquisition of two wind farm projects, Alpha and Beta, with a combined capacity of 0.5 GW. These projects are in the department of La Guajira (the northeastern region of the country), a location with excellent wind resources and an expected annual generation of 2.5 TWh, which would significantly contribute to Colombia's energy diversification and transition goals. The Alpha and Beta projects obtained their respective environmental licenses between August 2018 and August 2019. In October 2019, the Colombian government held a PPA auction, under which EDPR, as the seller, entered into Power Purchase Agreements (PPAs) for 1.7 TWh/year of renewable energy over a 15-year term starting in 2022, together with associated PPA liabilities and guarantees. Due to external circumstances beyond EDPR's control, the construction of the wind farms began to experience delays. In response, EDPR committed a substantial part of the capex, including the procurement of 90 Vestas V162-5.6MW turbines and balance-of-plant (BOP) works, to comply with its obligations under the PPA. These assets continue to represent a significant portion of EDPR's investment and liabilities.
The construction has been hindered by factors outside EDPR's control, including regional security issues, blockades by local indigenous communities, delays in the construction of third-party infrastructure necessary to connect the wind farms to the national grid, and the government's lack of support in securing the environmental permit for the transmission line. This is even though, since 2021, the Alpha and Beta projects were declared Projects of National and Strategic Interest. Additional challenges include the enactment of new legislation with adverse economic impacts compared to the original regulatory framework, a significant increase in construction costs, the devaluation of the Colombian peso, and rising financing costs. Since 2022, EDPR has undertaken several initiatives with the Government and regulatory authorities, emphasizing the urgent need for measures to restore the projects' economic viability. In August 2023, the Government issued Decree 1276, which aimed to mitigate the adverse impacts on the projects. However, the Constitutional Court later declared unconstitutional the state of social, economic, and environmental emergency in La Guajira, which served as the legal basis for Decree 1276. As a result, the decree was annulled in October 2023.
Despite these setbacks, EDPR pursued alternative mitigation strategies and successfully renegotiated 80.7% of the total PPA energy volumes bilaterally, resulting in the suspension of energy delivery for over two years. Concurrently, EDPR submitted a new environmental permit application, expanding the
projects' area of influence and increasing the number of indigenous communities consulted from 54 to
97. EDPR also formally requested improvements to the regulated revenue framework, including reforms to the "cargo por confiabilidad" (reliability charge) mechanism and other measures deemed essential by EDPR and the Colombian Renewable Energy Association to enable wind project development. However, the Government did not respond to these requests.
Following a comprehensive review of the projects and in light of the foregoing, EDPR concluded that the investments were unrecoverable and, in December 2024, announced its decision to exit the Colombian market. After initiating the legal liquidation process, the ANLA granted the environmental licence for the transmission line, albeit with conditions and requirements that render its construction unfeasible. EDPR appealed this decision, asserting that one potential avenue to mitigate the damages incurred is the sale of the projects to a third party.
On 17 November 2025, EDPR filed a Request for Arbitration before ICSID against the Republic of Colombia, pursuant to the Spain-Colombia Bilateral Investment Treaty (BIT) of 2005. This filing marks the formal commencement of investment arbitration proceedings. No material developments have occurred in relation to these proceedings during the first six months of 2026.
Meanwhile, the liquidation process of the companies owning Alpha and Beta is ongoing, and their assets are being sold to settle outstanding debts in accordance with Colombian law. During the first quarter of 2026, the Colombian entities entered into an asset purchase agreement for the sale of the environmental licences of these projects. The agreement included certain conditions precedent that were satisfied during the second quarter of 2026. Upon completion of the transaction in May, EDPR was released from the decommissioning obligations previously recognised as such obligations were associated with the licences transferred. Following completion, EDPR reassessed the provisions associated with the remaining activities and services required to finalize the liquidation process.
As a result of this reassessment, the Group has reversed, in the Condensed Consolidated Income Statement, 54 million Euros of impairment of assets and provisions that were recognised in prior years. Furthermore, given that the release of these obligations represented a key milestone in the liquidation process, the Group recognised deferred tax assets related to the impairment of the investments held in these companies by EDP Renewables, S.A. (see note 14).
Feed-In-Tariffs (FIT) in Vietnam
Since January 2025, EDPR's utility-scale renewable energy projects in Vietnam (458 MWp under FIT 1 and FIT 2) have been affected by a temporary regulatory framework, resulting in reduced payments by Electricity Vietnam (EVN) of approximately 50% of the contracted feed-in tariff.
This situation arose following the interpretation and potential retroactive application of Circular 10/2023, which introduced a requirement to obtain a Construction Completion Acceptance ("CCA") certificate prior to Commercial Operation Date ("COD") in order to qualify for FIT eligibility. This requirement was not applicable at the time the EDPR projects achieved COD and commenced operations under the FIT regime.
During the second quarter of 2026, discussions reached an advanced stage regarding the resolution of the Vietnam FIT dispute. Following ongoing engagement with EVN, the Ministry of Industry and Trade (MOIT) and other relevant authorities, a government-backed settlement framework was presented to the relevant stakeholders, including EDPR, with the implementing legislation expected to be formally adopted in the coming months. In June 2026, EVN presented a structured settlement proposal covering the period between the Commercial Operation Date (COD) and the CCA, including the release of all revenues withheld since January 2025 and the establishment of the applicable transitional tariff. The proposed settlement clarifies the applicable tariff framework without affecting the underlying economic performance of the assets.
In light of the increased visibility regarding the expected outcome, and based on the information available at the reporting date, the Group reassessed the recoverability of the related trade receivables. Accordingly, under IFRS 9 - Financial Instruments, the Group concluded that the expected credit loss allowance recognised in 2025, amounting to 25 million Euros, was no longer required and was therefore fully reversed.
At the same time, the Group expects that part of the amounts to be recovered will be reimbursed through future tariff adjustments, which represent a mechanism for settling previously recovered amounts rather than costs associated with future electricity generation. Accordingly, under IAS 37 - Provisions, Contingent Liabilities and Contingent Assets, the Group recognised a provision of 61 million Euros (see note 26), representing the best estimate of the present obligation arising from this settlement mechanism. The provision was recognised at present value, reflecting the expected future tariff adjustments over several years.
Extreme weather events in Portugal
In early 2026, extreme weather events affected certain regions in Portugal where the Group operates, causing damage to E-Redes infrastructure and to solar panel installations marketed and managed by EDP Comercial, as well as temporary service interruptions.
Following these events, damage to assets within the electricity distribution network managed by E-Redes was identified, and resources were mobilised to restore electricity supply and normalise
operations. The impacts identified and measurable as of the reporting date are reflected in the financial statements, as described in note 16.
These extreme weather events also caused damage to certain solar installations managed by EDP Comercial, mainly resulting in replacement costs and loss of revenue due to the unavailability of these assets. The impacts identified and measurable as of the reporting date are reflected in the financial statements, as described in note 14 .
As at 30 June 2026, no compensation has been recognised under the insurance policies in force in relation to these weather events. The Group is assessing, together with insurers, the eligibility and potential amount of any reimbursements. Given the level of uncertainty, it was not considered virtually certain at the reporting date that recovery would occur, and therefore no insurance compensation asset has been recognised. Any recoveries or adjustments arising from the resolution of the above uncertainties will be recognised in future periods, when and if the applicable recognition criteria are met.
‌Financial risk management policies

Exchange-rate and interest rate risk management

Compared to year-end 2025, there were no significant changes in the Group's overall financial risk profile.

Sensitivity analysis - exchange rate

Regarding the financial instruments that result in an exchange rate risk exposure, a fluctuation of 10% in the EUR/USD exchange rate, as at 30 June 2026 and 2025, would lead to an increase/(decrease) in the EDP Group results and/or equity as follows:

	Jun 2026			Jun 2025
Thousand Euros	Profit or loss	Equity		Profit or loss		Equity
+10%	-10%	+10%	-10%	+10%	-10%	+10%	-10%

USD 18,740 -22,905 819 -1,001 10,902 -13,324 -6,202 7,580

This analysis assumes that all other variables, namely interest rates, remain unchanged.

The EDP Group continues to use forward-starting interest rate swaps to hedge interest rate risk in future refinancings.

Sensitivity analysis - Interest rates (excluding the Brazilian operations)

Based on the Group's debt portfolio, except for Brazil, and the related derivative financial instruments used to hedge the related interest rate risk, a 100 basis points change in the interest rates as at 30 June 2026 and 2025 would lead to an increase/(decrease) in the EDP Group results and/or equity as follows:

Jun 2026

Profit or loss Equity

Thousand Euros 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease

Cash flow effect:

Hedged debt	-4,000	4,000	-	-
Unhedged debt	-13,784	13,784	-	-
Fair value effect:
Cash flow hedging derivatives	-	-	20,918	-20,918

-17,784 17,784 20,918 -20,918

Jun 2025

Profit or loss Equity

Thousand Euros 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease

Cash flow effect:

Hedged debt	-4,000	4,000	-	-
Unhedged debt	-5,966	5,966	-	-
Fair value effect:
Cash flow hedging derivatives	-	-	30,296	-30,296

-9,966 9,966 30,296 -30,296

This analysis assumes that all other variables, namely exchange rates, remain unchanged.

Brazil - Sensitivity analysis - exchange rate

One Brazilian subsidiary is mainly exposed to the USD/BRL exchange rate risk, arising from USD debt for which the exposure is completely offset by Cross Currency Interest Rate Swaps.

Brazil - Sensitivity analysis - Interest rates

Based on the portfolio of operations, a 25% change in the interest rates, to which the EDP Brasil subsidiaries are exposed, would have an impact on EDP Group in the following amounts:

Jun 2026		Jun 2025
Thousand Euros	+ 25%	- 25%	+ 25%	- 25%
Financial instruments - assets	10,278	-10,311	24,026	-22,889
Financial instruments - liabilities	-242,359	250,861	-139,706	136,678
Derivative financial instruments	-7,745	8,738	-8,402	10,101

-239,826 249,288 -124,082 123,890

Liquidity risk management

The table below presents the undiscounted contractual cash flows and the outstanding interest calculated based on the contractual terms in force as at 30 June 2026:

Thousand Euros	Jun 2027 Dec 2027 Dec 2028 Dec 2029 Dec 2030					Following years	Total
Bank loans	497,212	218,176	851,158	497,956	159,567	987,596	3,211,665
Bond loans	1,897,277	725,587	1,966,051	2,129,573	1,726,674	4,256,281	12,701,443
Hybrid bond	822,017	-	-	-	-	5,251,200	6,073,217
Commercial paper	407,417	-	-	98,736	219,414	98,736	824,303
Other loans	4,084	-	-	-	-	12,266	16,350
Interest payments (i)	623,082	373,137	688,334	540,776	499,057	882,188	3,606,574

4,251,089 1,316,900 3,505,543 3,267,041 2,604,712 11,488,267 26,433,552

100.00% 100.00%

(i) The coupons of the hybrid bonds were included taking into consideration the earliest possible call date.

Energy market risk management

Energy market risk management (excluding the Brazilian operations)

The Group considers that the most important risk indicator is the Margin@Risk metric, which is a parametric calculation of the Value@Risk that gives visibility on individual risk elements of the Portfolio and different timeframe granularities but at the same time it provides the aggregated overall metric that considers diversification effect. The distribution by business segments is as follows:

Margin@Risk distribution for next 24 months by business segment
Thousand Euros		Jun 2026	Jun 2025
Business	Portfolio

Electricity /Gas	Trading	3,300	1,800
Electricity	Hedging	390,040	488,687
Gas	Hedging	51,000	113,884
Diversification effect		-106,590	-115,581

337,750 488,790

As per derivative financial instruments contracted OTC, the quantification of exposure considers the amount and type of transaction (e.g. swap or forward), the rating of the counterparty risk that depends on the probability of default and the expected value of credit to recover, which varies depending on the guarantees received or the existence of netting agreements. The EDP Group's exposure to credit risk rating is as follows:

	Jun 2026	Dec 2025
Credit risk rating (S&P) A+ to A-	11.11 %	27.18%
BBB+ to BBB-	33.71 %	39.15%
No rating assigned	55.18%	33.67 %

Brazil - Energy market risk management

For sensitivity analysis, the exposure of portfolio of operations is evaluated through 25% and 50% changes in the forward curve of market energy prices. The following table shows the scenario with the highest probability of occurrence (25%).

Jun 2026 Jun 2025
Thousand Euros	+ 25%	- 25%	+ 25%	- 25%
Differences Settlement Price - "PLD"	2,297	-4,470	43,433	-40,894

and liabilities acquired is still ongoing. Nevertheless, no materially relevant impacts are expected upon the completion of this process.

Sale of companies / investments:

Entity holding the stake Company / investment sold Sold % Previous Obs.

Companies sold

	Aeolos Evias Energiaki, M.A.E.	100 %	100 %	(1)
EDP Renewables Europe, S.L.U.	Energopark, S.R.L.	100 %	100 %	(1)
	Sunlight Solar, Kft.	85 %	85 %	(1)

6. Consolidation perimeter	EDP Trading Comercialização e	EDP Transmissão Litoral Sul S.A.	100 %	100 % (2)
	Sunseap Group Pte. Ltd.	Sunseap LCS Energy Sdn. Bhd.	49 %	49 % (1)
During the first semester of 2026, the following changes occurred in the EDP Group consolidation	EDP Renewables Italia Holding, S.R.L.	Monte di Eboli	100 %	100 %

‌Serviços de Energia, S.A.

perimeter:

Companies acquired:

The following acquisitions were classified as asset purchases, out of scope of IFRS 3 - Business

EDP Renewables Europe, S.L.U. EDP Renewables Italia, S.R.L. 100 % 100 %

Sale with no significant impacts in the consolidated financial statements;
Sale occurred in the first quarter for a total amount of 80,663 thousand Euros (505,548 thousand

Combinations, due to the substance of these transactions, the type of assets acquired and the very early stage of the projects:

Acquiring company Acquired company Acquired

EDP Renewables Vietnam Company Limited

SOL CONFIABLE COMPANY LIMITED (including 1 subsidiary)

100 %

EDP Renewables Polska, Sp. z o.o.

Ventavir sp. z o.o.

100 %

Additionally, the following companies were acquired in the scope of IFRS 3 - Business Combinations:

EDP Transmissão Goiás S.A. acquired 100% of Firminópolis Transmissão S.A. and Lago Azul

Brazilian Real) and generated a total gain (including the impact of negative foreign currency reserves) of 2,278 thousand Euros; and

(3) Sale of a solar and wind portfolio in Italy in the second quarter, for a total amount of 107,659 thousand Euros, generating a total gain of 60,575 thousand Euros (see note 8).

Companies liquidated:

Entity holding the stake

Liquidated company

State Cloud Sunseap Equity Investment Partnership LP 80.33 %

Transmissão S.A.

Sunseap China Pte. Ltd.

Shanghai Jingwen Equity Investment Center LP 99.53 %

An amount of 15 million Euros (92 million Brazilian Real) was paid in connection with these acquisitions, and the fair value of the net assets acquired totals 23 million Euros (140 million Brazilian Real). Accordingly, this transaction resulted in the recognition of a bargain purchase amounting to 8 million Euros (48 million Brazilian Real). As at 30 June 2026, the purchase price allocation was performed on the basis of provisional amounts, as the measurement of the fair values of the assets

KS NL25, B.V. 100 %

	KS NL39, B.V.	100 %
EDPR Sunseap Korea Holdings Pte. Ltd.	EDPR Korea, Ltd.	100 %
EDP APAC Pte. Ltd.	EDP Malaysia Business Services Sdn. Bhd	100 %

Kronos Solar Projects France UG

Company Company

‌Companies incorporated:

Fransol 71 a 80, S.A.S (10 companies) Renovables Ortega, S.L. EDP Renewables Polska Wind 9 a 14 sp. z o.o. (6 companies) Renovables Gasset, S.L. EDP Renewables Polska Storage 2 sp. z o.o. Akita Nikaho Solar GK

EDP Renewables Polska Solar 3 sp. z o.o. Solar Energy La Palombara, S.r.l. Enerdeal AgriPV Luxembourg I e II Sarl (2 companies) Wind Energy La Difesa, S.r.l.

Napenergia BESS Kft. Wind Energy Mediana, S.r.l.

Vargas Renovables España, S.L. Concha Renovables España, S.L.

Platero Renovables España, S.L. Gongora Renovables España, S.L.

Greenbyte infrastructure, Unipessoal, Lda. Stratus Energia & Dados, Unipessoal, Lda. Northbridge Energia Renovável, Unipessoal, Lda. Solarnode Data Systems, Unipessoal, Lda. BESS Nyírség Watt Kft. SIBDG Platform, S.A.

EDP Transmissão Matrinchã 2 S.A. EDP Greece SPV 1 S.M. S.A.

Solar DG Spain I, S.L. Wind Energy Sacramento S.r.l.

28 companies in North America DG PT Produção Descentralizada, Unipessoal Lda

Other changes:

Revenues and cost of Energy Sales and Services and Other

Revenues from energy sales and services and other are as follows:

Group Company
Thousand Euros	Jun 2026	Jun 2025	Jun 2026	Jun 2025
Energy and access	7,068,843	6,981,214	-	-
Revenue from assets assigned to concessions	537,909	423,013	-	-
Other	156,815	250,564	163,089	145,999

7,763,567 7,654,791 163,089 145,999

Revenues from energy sales and services and other, by geographical market, for the Group, are as follows:

Jun 2026
Thousand Euros	Portugal	Spain	Brazil	USA	Other	Group
Energy and access	3,702,615	1,250,461	1,250,961	564,860	299,946	7,068,843

On 13 April 2026, the Annual General Shareholders's Meeting of EDP Renewables S.A. approved for

Revenue from assets assigned to

227,372 - 310,537 - - 537,909

Jun 2025
Thousand Euros Portugal	Spain	Brazil	USA	Other	Group
Energy and access 3,758,297	1,168,142	1,163,565	529,453	361,757	6,981,214
Revenue from assets assigned to 159,082 concessions	-	263,931	-	-	423,013
Other 99,849	22,734	86,465	24,341	17,175	250,564

2025 profits distribution through a scrip dividend to be executed as a share capital increase, through the issuance of new ordinary shares, with a par value of 5 Euros, without share premium.

On 2 June 2026, EDP Renewables S.A. capital increase has been completed, through the incorporation of reserves, for a nominal amount of 43,329,245 Euros and through the issuance of 8,665,849 ordinary shares of the Company with a par value of 5 Euros each, having the scrip dividend been executed by 92.3% of the Shareholders.

EDP S.A., as per the intention communicated on 25 February 2026, opted to receive EDPR shares under this Programme, increasing its stake to 71.37% and holding 756,308,480 shares in EDP Renewables S.A.. The impact of this operation, on a company basis, in the caption Investments in subsidiaries was 93 million Euros.

concessions Other 18,312 22,925 71,311 32,881 11,386 156,815

3,948,299 1,273,386 1,632,809 597,741 311,332 7,763,567

4,017,228 1,190,876 1,513,961 553,794 378,932 7,654,791

Clients & EM

Jun 2025*

The caption Energy and access in Portugal, on a consolidated basis, includes a net revenue of 221,716 thousand Euros (net revenue in 30 June 2025: 485,889 thousand Euros) regarding tariff adjustments of the period (see note 19). This caption also includes, in Brazil, a net revenue of 12,068 thousand Euros (30 June 2025: net cost of 5,715 thousand Euros) related to recognition of tariff adjustments for the period (see note 28).

Additionally, the caption Energy and access includes, on a consolidated basis, a negative amount of 5,767 thousand Euros (30 June 2025: negative amount of 5,330 thousand Euros) related to the contractual stability compensation (CMEC) as a result of the power purchase agreements (PPA) termination, including an income of 6,234 thousand Euros related to the CMEC final adjustment (30 June 2025: income of 5,945 thousand Euros), net from the recognised provision due to the final adjustment official approval.

The caption Others includes, in the separate financial statements, essentially services rendered associated with consulting, management services, technology and information systems.

Reported Thousand Euros Renewables,	Operating Segments Other Group Networks Total Segments
Energy and access 4,989,592	1,306,781	6,296,373	772,470	7,068,843
Revenue from assets assigned to 4	537,905	537,909	-	537,909
Other 109,588	43,777	153,365	3,450	156,815

The breakdown of Revenues from energy sales and services and other by segment, are as follows (see note 37 - Operating Segments):

Clients & EM

Jun 2026

concessions

Reported Thousand Euros Renewables,	Operating Segments Other Group Networks Total Segments
Energy and access 5,030,684	837,056	5,867,740	1,113,475	6,981,215
Revenue from assets assigned to concessions -3	423,016	423,013	-	423,013
Other 181,368	64,335	245,703	4,860	250,563

5,212,049 1,324,407 6,536,456 1,118,335 7,654,791

* Includes restatement originated by the reorganization of the business segments.

The segment "Renewables, Clients & Energy Management" includes sales of renewable, hydro and wind energy, carried out by EDP GEM Portugal, S.A.

Revenues from energy sales and services and other are recognised globally over time and not at a specific point in time.

	Group
Thousand Euros	Jun 2026	Jun 2025
Cost of energy	3,480,473	3,223,757
Expenditure with assets assigned to concessions	443,491	339,926

Cost of energy sales and other are as follows:

5,099,184 1,888,463 6,987,647 775,920 7,763,567

Changes in inventories and cost of raw materials and consumables used

Fuel, steam and ashes	7,435	15,523
CO2 Licenses	100,528	197,086
Gas and other costs	108,101	227,781

216,064 440,390

4,140,028 4,004,073

8. Other income
Other income, for the Group, is as follows:
	Group
Thousand Euros	Jun 2026	Jun 2025
Income arising from institutional partnerships (see note 27)	260,933	219,103

‌Under the terms of concession contracts of EDP Group to which IFRIC 12 is applicable, the construction activities are outsourced to external specialised entities. The revenue and the expenditure with the acquisition of these assets are as follows:

Group
Thousand Euros	Jun 2026	Jun 2025
Revenue from assets assigned to concessions	537,909	423,013

Expenditure with assets assigned to concessions
Subcontracts and other materials	-399,918	-299,614
Personnel costs capitalised (see note 10)	-41,203	-38,831
Capitalised borrowing costs (see note 12)	-2,370	-1,481

Gains on disposals - electricity business assets - Asset Rotation

Gains from contractual indemnities and insurance companies

68,133 11,998

19,875 27,420

Other 89,913 87,176

-443,491 -339,926

438,854 345,697

Revenue from assets assigned to concessions include 333,691 thousand Euros (30 June 2025: 265,691 thousand Euros) relative to electricity distribution concessions of the EDP Group in Portugal and in Brazil resulting from the application of the mixed model. Additionally, it also includes the revenue related to the asset to be received by EDP Group under the transmission concessions in Brazil (see note 19).

As at 30 June 2026, the caption essentially included gains resulting from the sale of a wind and solar portfolio in Italy (see note 6). As at 30 June 2025, the caption included the gain resulting from the sale of a solar portfolio in Spain.

The caption Other mainly includes: i) gains arising from reinsurance activity; ii) gains resulting from the sale of property, plant and equipment; and iii) gains arising from changes in fair value of contingent prices of sales transactions.

‌Supplies and services
Supplies and services are as follows:
Personnel costs and employee benefits

Personnel costs and employee benefits are as follows:

Group Company					Group Company
Thousand Euros	Jun 2026	Jun 2025	Jun 2026	Jun 2025	Thousand Euros	Jun 2026	Jun 2025	Jun 2026	Jun 2025
Travelling and Communications	28,984	29,318	2,686	2,425	Personnel costs
Information technology	79,220	84,689	65,375	58,857	Board of Directors remuneration	7,890	7,868	3,248	3,367
Maintenance and repairs	275,084	260,246	7,495	7,574	Employees' remuneration	289,737	317,432	25,569	25,911
Commercial activity	62,808	64,137	24	41	Social charges on remuneration	74,382	74,923	6,886	7,026
Specialised works:					Performance, assiduity and seniority bonuses	49,293	55,371	11,111	7,634
- Legal and advisory fees	23,480	29,229	3,255	3,422	Other costs	26,461	19,655	2,013	2,022
- Other services	42,811	37,607	4,334	6,702	Own work capitalised:
Other supplies and services	20,530	13,005	25,486	18,963	- Assigned to concessions (see note 7)	-41,203	-38,831	-	-
					- Other (see note 14)	-57,864	-60,460	-5,194	-1,931

532,917 518,231 108,655 97,984

Information technology and Maintenance and repairs include rental costs for short-term and low-value leases and variable lease payments, on consolidated and separate basis, in a total amount of 22,269 thousand Euros (30 June 2025: 24,998 thousand Euros) and 899 thousand Euros (30 June 2025: 1,165 thousand Euros), respectively.

Pension plans costs 10,978 12,846 868 957

348,696 375,958 43,633 44,029

Employee benefits

Medical plans costs and other benefits 1,446 1,246 122 73

Medical plans past service cost (Curtailment/Plan amendments)	-	630	-	-
Other	43,268	30,909	3,010	2,102

55,692 45,631 4,000 3,132

404,388 421,589 47,633 47,161

Pension plans costs include 581 thousand Euros (30 June 2025: 620 thousand Euros) related to defined benefit plans and 10,397 thousand Euros (30 June 2025: 12,226 thousand Euros) related with defined contribution plans.

During the first semester of 2026, EDP Group distributed treasury stocks to employees (1,637,925 shares) totalling 7,237 thousand Euros.

‌422,281 472,766

11. Other costs Other costs are as follows:			12. Financial income and expenses Financial income and expenses, for the Group, are as follows:
	Group			Group
Thousand Euros	Jun 2026	Jun 2025	Thousand Euros	Jun 2026	Jun 2025
Concession rents paid to local authorities and other entities	171,127	165,269	Financial income
Direct and indirect taxes	159,243	222,319	Interest income from bank deposits and other investments	78,179	76,102
Donations	5,496	3,301	Interest from derivative financial instruments	26,739	28,908
Other	86,415	81,877	Interest income on tariff deficit:
			- Portugal - Electricity (see note 19)	2,097	1,564
			- Brazil - Electricity (see note 28)	1,809	3

Other interest income	44,884	49,118
Derivative financial instruments	45,703	54,100
Foreign exchange gains	223,141	412,549
CMEC: - Interest on the initial CMEC	4,365	6,401
- Financial effect considered in the calculation	26	69
Other financial income	73,636	18,301

The caption Direct and indirect taxes includes the social tariff and generation taxes. The decrease in this caption is explained by the termination of the Clawback in Portugal at the end of 2025 and due to the temporary suspension of the generation tax in Spain in 2026.

The caption Other includes, essentially: i) losses on the reinsurance activity; ii) losses on property, plant and equipment; and iii) losses related to changes in the fair value of contingent prices.

500,579 647,115

Group
Thousand Euros	Jun 2026	Jun 2025
Financial expenses
Interest expense on financial debt	505,941	461,835
Capitalised borrowing costs: - Assigned to concessions (see note 7)	-2,370	-1,481
- Other (see note 14)	-33,595	-54,060
Interest from derivative financial instruments	59,025	70,357
Interest expense on tariff deficit: - Portugal - Electricity (see note 19)	567	339
- Brazil - Electricity (see note 28)	70	6,979
Other interest expense	12,101	16,301
Derivative financial instruments	77,325	73,589
Foreign exchange losses	188,039	401,265
Unwinding of discounted liabilities	83,072	82,353
Unwinding of lease liabilities (see note 29)	29,942	22,827
Net interest on the net pensions plan liability and other	5,168	6,794

Euros (30 June 2025: 9,804 thousand Euros) and the unwinding of the provision for legal, labour and other matters in the amount of 11,436 thousand Euros (30 June 2025: 13,254 thousand Euros) (see note 26); (ii) the implied financial return in institutional partnerships of 49,253 thousand Euros (30 June 2025: 51,575 thousand Euros) (see note 27); and (iii) the financial expenses related to the discount of the liability associated to the concessions of Alqueva/Pedrógão, Investco and Enerpeixe of 10,039 thousand Euros (30 June 2025: 6,853 thousand Euros).

The Derivative financial instruments and the equity instruments at fair value through profit and loss (included in the Caption Others) are measured at fair value. The remaining captions of financial income and expenses arise from financial instruments that are registered at amortised cost, based on the effective interest rate method.

The line item Other financial income includes a gain amounting to 326,968 thousand Brazilian Reais (54,380 thousand Euros) arising from the renegotiation of the financial compensation amounts payable for the use of public assets, relating to the concessions held by Investco S.A. and Enerpeixe S.A. in Brazil (see note 28).

Financial income

Jun 2025

Jun 2026

Thousand Euros

Company

Financial income and expenses, in the separate financial statements, are as follows:

Other financial expenses	47,718	29,542	(note 34)	94,605	84,044
			Interest from derivative financial instruments	62,201	73,538
			Derivative financial instruments	100,696	218,820
			Income from equity investments	279,952	670,297

benefits

Interest income from loans to subsidiaries and related parties

973,003 1,116,640

Financial income/(expenses) -472,424 -469,525

Capitalised borrowing costs includes costs with the interest capitalised in assets under construction according to Group accounting policy. Regarding the rate applicable to borrowing costs related with tangible/intangible assets under construction that is used in the determination of the amount of borrowing costs eligible for capitalisation (see notes 14 and 16), it varies depending on business unit, the country and currency, since EDP Group incorporates in its scope of consolidation a significant number of subsidiaries in several geographies with different currencies.

The costs related to the Unwinding of discounted liabilities refer essentially to: (i) the unwinding of the provision for dismantling and decommissioning of production assets in the amount of 11,620 thousand

Other financial income 14,954 14,894

552,408 1,061,593

Company
Thousand Euros	Jun 2026	Jun 2025
Financial expenses
Interest expense on financial debt	208,524	193,850
Interest from derivative financial instruments	62,828	74,541
Derivative financial instruments	87,599	219,249
Unwinding of lease liabilities	4,078	2,892
Other financial expenses	5,021	7,761

Corporate income tax

ncome tax expense is as follows:
	Group		Company
Thousand Euros	Jun 2026	Jun 2025	Jun 2026	Jun 2025
Current tax	-192,459	-247,416	27,489	38,506
Deferred tax	-53,675	-32,974	-29,221	3,048

-246,134 -280,390 -1,732 41,554

	368,050	498,293
Financial income/(expenses)	184,358	563,300

The variation in financial results at the individual entity level is mainly attributable to lower dividend income received from EDP Gestão Produção Energia, S.A. (see note 34).

‌Income tax

This note includes an analysis of the reconciliation between the theoretical and the effective income tax rate applicable at an individual level and at the level of the EDP Group, on a consolidated basis. In general terms, this analysis aims to quantify the impact of the income tax, recognised in the income statement, which includes both current and deferred tax.

Relevant tax events for EDP Group in 2026

The statutory corporate income tax rates applicable in the main countries in which EDP Group operates which were updated are as follows:

Reconciliation between the theoretical and the effective income tax provision

The effective income tax rate is calculated as follows:

Group
Thousand Euros	Jun 2026	Jun 2025
Profit before tax and CESE	1,177,162	1,145,937
Income tax expense	-246,134	-280,390

Effective income tax rate (%) 20.9 24.5

The difference between the theoretical and the effective income tax expense is mainly due to the application of tax law provisions, in the various countries where EDP operates, in accordance with the accounting standards that are the basis for the preparation and disclosure of its financial statements, in the determination of the taxable base, as demonstrated next.

Europe:

Jun 2025

Jun 2026

Portugal 19% - 29.5% 20% - 30.5%

Theoretical income tax rate * (%)	27	29.5	Nominal income tax rate (%)	17	20

Different tax rates (includes state surcharge) and CIT rate changes	22,005	2,126	Tax losses, tax credits and benefits	182	-3,374
Tax losses, tax credits and benefits	-13,604	-35,138	Dividends	-47,592	-134,055

The reconciliation between the theoretical and the effective income tax expense for the Group is as follows:

Thousand Euros Jun 2026 Jun 2025

Profit before income tax and CESE 1,177,162 1,145,937

Theoretical income tax expense 317,834 338,051

Accounting and tax differences in the recognition and measurement of assets and liabilities	-71,962	22,681
Taxable differences attributable to non-controlling interests	-14,056	-8,690
‌Other adjustments and changes in estimates	5,917	-38,640

Effective income tax expense as per the Consolidated Income 246,134 280,390 Statement

* The average rate that best represents the distribution of the various applicable tax rates for EDP Group companies taking into account their activity.

The movement in the caption Accounting and tax differences in the recognition and measurement of assets and liabilities mainly results from the recognition of deferred tax assets following the completion of the sale of the environmental licences associated with the Alpha and Beta projects and to the tax treatment associated to the reversal of the impairment in Colombia (see note 4).

The reconciliation between the theoretical and the effective income tax expense in the separate financial statements is as follows:

Thousand Euros Jun 2026 Jun 2025

Profit before income tax 174,347 554,102

Theoretical income tax expense 29,639 110,820

Other adjustments and changes in estimates 19,503 -14,945

Effective income tax expense as per the Separate Income Statement 1,732 -41,554

Property, plant and equipment

Land and natural resources	Buildings and other construct.	Plant and machinery	Other tangible assets	Assets under construct.	Total
182,029	339,470	43,458,810	389,753	4,938,594	49,308,656
-	175,099	20,583,724	280,119	975,497	22,014,439

This caption is as follows, for the Group:

Thousand Euros

Gross Amount

Accumulated depreciation and impairment losses

Carrying Amount at 30 June 2026 182,029 164,371 22,875,086 109,634 3,963,097 27,294,217

Balance as at 31 December 2025 173,566 158,687 22,343,819 109,313 4,000,037 26,785,422

Additions	234	344	28,905	5,318	882,464	917,265
Depreciation and impairment	-	-4,627	-678,727	-17,207	38,905	-661,656
Disposals/Write-offs	-	-	-7,308	-1,323	-7,814	-16,445
Transfers	-	2,828	803,986	941	-979,432	-171,677
Exchange differences	5,204	7,155	467,688	957	105,515	586,519
Perimeter variations and other (see note 25)	3,025	-16	-83,277	11,635	-76,578	-145,211

Balance as at 30 June 2026 182,029 164,371 22,875,086 109,634 3,963,097 27,294,217

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