EDP-Energias

Investor Presentation • Nov 6, 2025

Disclaimer

This document has been prepared by EDP, S.A. (the "Company") solely for use at the presentation to be made on this date and its purpose is merely of informative nature and, as such, it may be amended and supplemented and it should be read as a summary of the matters addressed or contained herein. By attending the meeting where this presentation is made, or by reading the presentation slides, you acknowledge and agree to be bound by the following limitations and restrictions.

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9M25 results: Net Profit underlying +5%, reflecting solid RES execution and resilient electricity networks

• Wind & Solar underlying¹ EBITDA +21% YoY, on the back of with 19.8 GW of installed capacity and generation +14% YoY
• Resilient underlying electricity networks performance (+3% ex-gains and Forex) €3.7 Bn
• Integrated business in Iberia YoY comparison impacted by higher gas sourcing costs and lower contracted prices
• Lower YoY AR gains at EBITDA level (€55m in 9M25 vs. €250m in 9M24)

9M25 Main Highlights 9M25 Financial Performance

Recurring	YoY	Underlying1
EBITDA	-4% YoY	+2% YoY
Net Profit 974 € m	-11% YoY	+5% YoY

Underlying EBITDA of €3.7 Bn, +2% YoY, backed by improved Wind & Solar performance

^{(1) 9}M25 €31m, from the sale of UHE Cachoeira Caldeirão and UHE Santo Antônio do Jari (+€48m), Pecém sale (+€5m), HR restructuring (-€10m) and from OW US, primarily due to a contract cancellation with the South Coast Wind project's equipment supplier following negotiations (-€12m).

(2) Excluding asset rotation gains

Wind & Solar Recurring underlying EBITDA +21% YoY, reflecting generation step up, after 2024 record capacity additions

9M25 marked by strong hydro resources that contributed to the strengthening of reservoir levels

Hydro generation ex-pumping

Hydro volumes Iberia (TWh)

Strong rainfall in 9M25 fostered the recovery of hydro reservoir levels

Reservoir levels in Portugal (%)

Hydro reservoirs ~63% in October 2025, +13 p.p. vs. historical average; IPH October: -36% below average

Gen. & Supply EBITDA -15%: higher gas sourcing costs and lower contracted prices, mitigated by FlexGen contribution

Hydro, Clients & EM Recurring EBITDA€m YoY growth, %

	Iberia	9M24	9M25	YoY
YoY ∆	Hydro net of pumping, TWh	8.0	7.2	-10%
-34m	Pumping generation, TWh	1.4	1.7	+28%
	CCGT generation, TWh	1.3	4.7	-
-163m	Hedging price, €/MWh	~90	~70	-22%

9M25 performance positively impacted by FlexGen revenues, but including increased costs on the supply side

Electricity Networks EBITDA ex-FX and AR gains +3% YoY with inflation update and RAB growth in Iberia and resilient electricity networks in Brazil

Iberia 💿 🛑	9M24	9M25	YoY
Electricity Distributed, TWh	44.6	45.9	+3%
Supply points, #	7.9	8.0	+1%
Brazil 📀
Distribution EBITDA, BRLm	2,195	2,241	2%
Transmission EBITDA underlying, BRLm	843	817	-3% 🔱
Electricity distributed, TWh	22.3	22.5	1%

Net debt increase reflecting investment activity and annual dividend payment in 2Q25 with AR and tax equity proceeds skewed to 4Q25

⁽¹⁾ Net of regulatory receivables; net debt excluding 50% of hybrid bond issues (including interest); Based on trailing 12 months recurring EBITDA and net debt excluding 50% of hybrid bond issue (including interest); Includes operating leases (IFRS-16);

Recurring Net Profit underlying +5% YoY backed by improved performance on Wind & Solar and resilient electricity networks

Recurring Net Profit¹ Recurring Net Profit

1) In 9M25 -€22m, associated with the following one-offs: (i) sale of UHE Cachoeira Caldeirão and UHE Santo Antônio do Jari (+€45m), (ii) Pecém sale (+€5m), (iii) HR restructuring costs (-€6m), (iv) OW US, primarily due to contract cancellation with South Coast Wind project's equipment supplier following negotiations (-€9m), (v) accelerated depreciation of Meadow Lake IV repowering wind onshore project, impairments on specific Wind & Solar projects and an impairment related to a portion of outdated equipment not planned to use in future projects (-€22m) and (vi) non-recurring impacts mainly coming from impairments in Europe, including non-core countries (-€35m)

EDPR 9M25 results marked by strong underlying EBITDA and net profit, capacity delivery and asset rotation plan on track for 2025E

• Generation increased +14% YoY driven by new capacity additions, despite renewable index at 96% (vs. 98% 9M24)
• Avg. selling price -9% YoY to €54/ MWh due to change in generation mix along with lower avg. selling price in Europe €1.4 Bn
• Recurring EBITDA of €1,405m (+9% YoY), €59m AR gains in 9M25 vs. €179m in 9M24, with underlying¹ EBITDA+21% YoY
• Recurring Net Profit of €189m, of which €153m excluding AR gains (+€111m YoY)

9M25 Main Highlights 9M25 Financial Performance

Recurring	YoY	Underlying1
EBITDA	+9% YoY	+21% YoY
Net Profit 189 € m	-10% YoY	+4x YoY

EDPR underlying Recurring EBITDA increasing +21% YoY driven by better business performance

Strong Organic Cash Flow +€0.2bn YoY and Net Expansion Investments of €1.6bn, with good visibility on AR and TE proceeds to come in 4Q25

Organic Cash Flow Net Debt Change Dec-24 to Sep-25

9M25 | Results Presentation 15 (1) Includes Payment of Lease Liabilities and other

Strong underlying performance with recurring Net Profit excluding Asset Rotation gains +4x to €153m

9M25 Rec. EBITDA to Rec. Net Profit Recurring Net Profit

⁽¹⁾ D&A includes Provisions, Depreciation and amortisation and Amortisation of deferred income (government grants); (2) Non-recurring impacts mainly coming from impairments in Europe including non-core countries and the accelerated depreciation of Meadow Lake IV repowering wind onshore project in US, both at D&A level as well as one-off costs at Ocean Wind's US platform, accounted in Share of profit from associates.

2025 guidance supported by resilient underlying performance across all business segments

~€4.9 Bn

Recurring EBITDA

~€1.2 Bn

Recurring Net Profit

~€16 Bn

Net Debt

• Integrated generation & supply (Iberia + Brazil): ~€1.4 Bn EBITDA with €1.1 Bn already recorded in 9M25
• Wind & Solar/EDPR: ~€1.9 Bn EBITDA including ~€0.1 Bn of AR gains; ~2 GW capacity additions on time and on budget
• Electricity networks: ~€1.5 Bn EBITDA, with electricity distribution performance mitigating transmission assets deconsolidation and BRL devaluation
• Financial results impacted by higher BRL cost of debt

Net Debt guidance assuming ~€2 Bn AR proceeds, ~€1 Bn tax equity proceeds, to be concentrated in 4Q25

Q&A

EDPR generation increased +14% YoY driven by capacity additions of +3.3 GW YoY despite lower renewable index at 96%

Installed Capacity YoY Electricity Generation YoY

Renewable resource at 96% (vs. 98% in 9M24) mainly impacted by low resource during the 1Q and 3Q

EDPR on track to achieve 2025E guidance

2025E 9M25

Capacity Additions ~2 GW

0.7 GW ~70% to be concentrated in the 4Q25

Recurring EBITDA ~€1.9 Bn

~€0.1 Bn of AR gains €1.4 Bn

Net Debt

~€8 Bn ~€1.8 Bn Asset Rotation Proceeds ~€1 Bn Tax Equity Proceeds

€9 Bn proceeds to be concentrated in 4Q25

IR Contacts

E-mail: ir@edp.com

Phone +351 210 012 834

Site: www.edp.com