EDP (EDP) Deutsche Bank’s Depositary Receipts Virtual Investor Conference summary

Company overview and global footprint

• Operates as a vertically integrated utility with over 45 years of history and 12,000+ employees across five regional hubs: Iberia, Rest of Europe, North America, South America, and APAC.

• Supplies electricity and gas to over 9 million customers, generating 56 TWh annually, with 29 GW installed capacity, over 90% of which is renewables.

• Manages 387,000 km of network in Portugal, Spain, and Brazil, with significant operations in each hub, including 100% renewables in Rest of Europe and Brazil.

Financial performance and portfolio structure

• Achieved EUR 5 billion EBITDA in 2023, with over half from Iberia, and strong contributions from Brazil and North America.

• Portfolio structured around integrated generation in Iberia, regulated networks in Portugal, Spain, and Brazil, and renewables in Europe and North America.

• Updated 2024-2026 targets focus on capital optimization, with EUR 70 billion investment planned, prioritizing high-return, advanced projects.

Investment strategy and capital allocation

• 80% of investments directed to renewables, 20% to electricity networks, with deferred investments post-2026 and increased IRR-WACC spread targets above 250 bps.

• Targeting 10 GW of new renewable capacity (2024-2026), with 85% in low-risk markets and 60% of additions in solar to balance the portfolio.

• Funding plan includes EUR 17 billion gross investments, EUR 2.5 billion dividends (2024-2026), supported by organic cash flow, asset rotation, and tax equity proceeds.