Q3 2025 EDP SA Earnings Call

November 6, 2025

Yeah.

Good morning, all completed.

Our nine months doesn't really five results conference call.

Rui Teixeira: Good morning. Welcome to EDP and EDPR 9 months 2025 results conference call. We have with us today our CEO, Miguel Stilwell d'Andrade, and our CFO, Rui Teixeira, that will present you the main highlights of EDP and EDPR financial performance in these first 9 months of 2025. The presentation will be followed by a Q&A session in which we'll be receiving recent questions that you can insert from now onwards in the text box available in the webcast. As we'll have later on at 10:00 AM London time, our Capital Markets Day presentation. The Q&A session will be focused on teams around the 9 months financial performance. I'll pass now the floor to our CEO, Miguel Stilwell d'Andrade.

Miguel Viana: Good morning. Welcome to EDP and EDPR 9 months 2025 results conference call. We have with us today our CEO, Miguel Stilwell d'Andrade, and our CFO, Rui Teixeira, that will present you the main highlights of EDP and EDPR financial performance in these first 9 months of 2025. The presentation will be followed by a Q&A session in which we'll be receiving recent questions that you can insert from now onwards in the text box available in the webcast. As we'll have later on at 10:00 AM London time, our Capital Markets Day presentation. The Q&A session will be focused on teams around the 9 months financial performance. I'll pass now the floor to our CEO, Miguel Stilwell d'Andrade.

With us today are CEO, he goes to them rather than our CFO T shirt that will present you. The main highlights for PDP and ADP our financial performance in these first nine months of 2025.

The presentation will be followed by a Q&A session in which we'll be receiving just recent questions that you can insert from now onwards in the Textbox available in the webcast. It will have just later on at 10, a M. London time at our capital markets day presentation. So the Q&A session will be focused.

On our teams around the nine months our financial performance.

There's not a Florida power seal Neulasta Golden Rat.

Yes.

Thank you Richard and good morning, everyone. So thank you for attending our nine months, starting 25 results conference call.

Miguel Stilwell d'Andrade: Thank you, Miguel, and good morning, everyone. Thank you for attending our 9 months 2025 results conference call. As Miguel said, we'll be doing the EDP results and then the EDPR. Really a two in one call, but for the reasons that Miguel has already mentioned. I'll go straight into the EDP overall numbers. If you go to slide 3, we'll see the recurring net profit has reached EUR 974 million in the first 9 months of the year. That's up 5% in underlying terms. That reflects basically higher wind and solar installed capacity, higher generation, and also the resilience electricity networks. On the wind and solar front, underlying EBITDA is growing 21% year-on-year, and that's supported by almost 20 GW of installed capacity and generation up also 14% year-on-year.

Miguel Stilwell de 'Andrade: Thank you, Miguel, and good morning, everyone. Thank you for attending our 9 months 2025 results conference call. As Miguel said, we'll be doing the EDP results and then the EDPR. Really a two in one call, but for the reasons that Miguel has already mentioned. I'll go straight into the EDP overall numbers. If you go to slide 3, we'll see the recurring net profit has reached EUR 974 million in the first 9 months of the year. That's up 5% in underlying terms. That reflects basically higher wind and solar installed capacity, higher generation, and also the resilience electricity networks. On the wind and solar front, underlying EBITDA is growing 21% year-on-year, and that's supported by almost 20 GW of installed capacity and generation up also 14% year-on-year.

Fred will be during the ETP results remember the PR. So I really have two in one call but.

But for the reasons that you already mentioned.

And so I'll go straight into the Edp overall numbers.

If you go to slide three.

Let's see the recurring net profit has reached 974 million euros in the first nine months of the year. So that's up 5% in underlying terms in that respect, particularly higher wind and solar installed capacity higher generation and also the resilient electricity networks.

On the wind and solar fronts underlying EBITDA is growing 21% year on year and that's supported by almost 28 gigawatts of installed capacity and generation up off of 14% year on year.

Electricity networks. They continue to show good resilience underlying performance, excluding asset rotation gains and FX.

Miguel Stilwell d'Andrade: Electricity networks, they continue to show good resilience. Underlying performance, excluding asset rotation gains and the effects, is increasing 3% year-on-year. Our integrated business in Iberia is also delivering solid results. Although year-on-year comparison was impacted by higher sourcing costs, lower hydro volumes and lower contracted prices, this is partially mitigated by the performance of our flex gen fleet in Iberia. It's also important to note that the asset rotation gains were lower at this point in the year, so EUR 55 million versus EUR 250 million last year, so same time last year at the EBITDA level. I think that just reinforces the strength of our underlying performance, so if you look at the numbers X capital gains.

Miguel Stilwell de 'Andrade: Electricity networks, they continue to show good resilience. Underlying performance, excluding asset rotation gains and the effects, is increasing 3% year-on-year. Our integrated business in Iberia is also delivering solid results. Although year-on-year comparison was impacted by higher sourcing costs, lower hydro volumes and lower contracted prices, this is partially mitigated by the performance of our flex gen fleet in Iberia. It's also important to note that the asset rotation gains were lower at this point in the year, so EUR 55 million versus EUR 250 million last year, so same time last year at the EBITDA level. I think that just reinforces the strength of our underlying performance, so if you look at the numbers X capital gains.

Increasing 30% year on year.

In our integrated business in Iberia is also delivering solid results. So although year on year comparison was impacted by higher sourcing costs, lower hydro volumes and lower contracted prices.

Partially mitigated by the performance of our flex Gen fleet in Iberia.

It's also important to note that the asset rotation games were lower at this point in the year, So 55 million euros versus 250 million euros last year. So at the same time last year at the EBITDA level.

That just reinforces the strength of our underlying performance. If you look at the numbers ex.

Capital gains.

Finally, just to mention.

We will also show a companion or we continue to show an improvement in efficiency with lower cost and better productivity metrics. For example, things like Opex per megawatts, etcetera, and we will get into that in his slides. So overall these.

Miguel Stilwell d'Andrade: Finally, just to mention, we'll also show we continue to show an improvement in efficiency with lower costs and better productivity metrics, for example, in things like OPEX per megawatt, et cetera, and Rui will get into that in his slides. Overall, these results underscore the strength of our integrated model, even in the context of reduced asset rotation gains. With that, I'll pass it over to Rui to present the EDP and the EDPR finances.

Miguel Stilwell de 'Andrade: Finally, just to mention, we'll also show we continue to show an improvement in efficiency with lower costs and better productivity metrics, for example, in things like OPEX per megawatt, et cetera, and Rui will get into that in his slides. Overall, these results underscore the strength of our integrated model, even in the context of reduced asset rotation gains. With that, I'll pass it over to Rui to present the EDP and the EDPR finances.

Our results underscore the strength of our integrated model, even in the context of reduced asset rotation gains.

And with that I'll pass it over to how we present, the ETP and ETE ETP our finances.

Thank you very much Miguel good morning to all so let me start first with Etp's result, and then moving to slide five.

Rui Teixeira: Thank you very much, Miguel. Good morning to you all. Let me start first with EDP's results and then on moving to slide 5. Our EBITDA reached EUR 3.7 billion in the 9 months of 2025. That's a 2% increase on underlying year-on-year. Actually 4% when excluding FX effects. Let's look to the recurring figures. Renewables, clients, energy management decreased EUR 99 million year-on-year. This is coming from a EUR 198 million decrease in this segment, the hydro clients and energy management. Comparing last year, the fact that we have now lower hydro volumes, lower contracted price, and higher sourcing cost. This is mainly Iberia, and though there is also some FX impact in Brazil. Strong performance of EDPR, EUR 1,100 million year-on-year.

Our EBITDA reached $3 7 billion in the nine months of 2025, that's a 2% increase on in there.

Your line year on year were actually 4% when excluding FX effect.

So let's look to the recurring figures our renewables clients energy management decreased 99 million year on year and this is coming from 198 million decrease in the segment the hydro clients and energy management comparing last year.

The fact that we have now lower hydro volumes lower contracted price and higher sourcing cost.

This is mainly in Iberia and there's also some FX impact in Brazil strong.

Strong performance of ETP or elaborate in 100 million years year on year, if we compare to last year's asset rotation gains of 179 million with this years 59 million. This means an increase of 231 million in underlying terms.

Rui Teixeira: If we compare last year's asset rotation gains of EUR 179 million with this year's EUR 59 million, this means an increase of EUR 231 million in underlying terms, driven by the increase in installed capacity. Obviously, this is following the record additions we had in 2024. On the network side, EBITDA is declining EUR 91 million, this is mostly due to the absence of asset rotation this year compared to the EUR 71 million, or the capital gains from the asset rotation, compared to the EUR 71 million that we book in the 9 months 2024. Also the loss of EBITDA from the transmission lots that were sold. Which together, with the asset rotation gain, represent around EUR 102 million reduction versus last year. Additionally, this segment is also impacted by the Euro, Brazilian Real depreciation.

Driven by the increase in installed capacity and obviously this is following the record additions we had in 2024.

On the network side EBITDA is declining 91 million, but this is mostly due to the absence of asset rotation. This year compared to the 71 million or the capital gains from guests irritation compared to the 71 million that we book in the nine months 24, and also the loss of EBITDA from the transmission lots that were.

Hold.

Which together.

They with the asset rotation gain represented around the 102 million reduction versus last year.

This segment is also impacted by the Euro Brazilian real depreciation.

We now move to slide six the performance or the wind and solar segment recurring underlying EBITA grew 21% or 23% when excluding FX impact.

Rui Teixeira: If we now move to slide 6, the performance on the wind and solar segment, recurring underlying EBITDA grew 21% or 23% when excluding FX impacts. It's a robust growth. It reflects a significant step up in generation following our record capacity additions last year. Although this has been negatively impacted by worse renewable resources in Q3, mostly in North America, you may have seen that it was one of the worst quarters in 20 or more years, I think since 1989. I won't spend too much time here. We'll provide a bit more color on EDPR's performance in the next section. Let me move now to slide 7 and dive into the hydro activity in Iberia. Hydro inflows, 38% above the long-term average, higher than the 33% level that we saw last year.

It's a robust growth it reflects a significant step up in generation following our record capacity additions last year.

Although this has been negatively impacted by worse renewable resources in Q3, mostly in North America. You may have seen that it was one of the worst quarters in 20 or more than a year. So I think it seems to 1989.

So I wouldn't spend too much time here, we'll provide a bit more color on U D. P. R's performance in the next section. So let me move now to slide seven and dive into the hydro activity in Iberia.

So hydro inflows, 38% above the long term average higher than the 32% level that we saw last year.

However, despite this increase the hydro generation was lower year on year. Since the rainfall was primarily used to reestablish reservoir levels and this was mostly one you can see by the chart on the right hand side.

Rui Teixeira: However, despite this increase, the hydro generation was lower year-on-year since the rainfall was primarily used to reestablish reservoir levels, and this was mostly in Q1, as you can see by the chart on the right-hand side. Even if we lower generation year-on-year, hydro output remained above average, and the uncontracted volumes were sold at higher prices compared to 2024, with the Iberian pool price reaching EUR 65 per megawatt hour versus EUR 52 per megawatt hour in the nine months of 2024. The contracted volumes were sold at a lower price of EUR 70 per megawatt hour this year compared to the EUR 90 per megawatt hour in the nine months last year. Regarding the outlook for the remaining part of the year, October was dry, with the hydrological index 36 below average. Meantime, it's starting to rain.

Even even with lower generation year on year Hydro output remained above average and the UN contracted volumes were sold at higher prices compared to take 24 with the Iberian pool price, reaching $65 per megawatt hour, but there's 52 euros per megawatt hour.

In the nine months of 'twenty four.

The contracted volumes were sold at the lower price of 70 euros per megawatt hour this year compared to the 90 years per megawatt hour in the nine months last year.

Regarding the outlook for the remaining part of the year October was right with a hydrological index 36 below average.

Time has starting to write.

In any case, we see a reservoir levels still above average.

Rui Teixeira: In any case, we see reservoir levels still above average, obviously decreasing. I would say that we can expect a weaker Q4 as compared to previously expectations into Q3. If we now move to slide 8, to our Hydro, Clients, and Energy Management segment. As a whole, EBITDA stood at EUR 1.1 or EUR 1.14 million. That represents a fall of 15% versus last year, as expected. It's a mix of different dynamics. Iberia, in the 9 months 2024, were impacted by extraordinary gas sourcing costs. In one hand, hydro generation volumes net of pumping were 7.2 terawatt-hours versus the 8 terawatt-hours last year, that's a 10% drop.

But obviously decreasing so I would say that we can expect a weaker fourth quarter as compared to previously expectations into Q3.

If we now move to slide eight to our hydro clients and energy management segment as a whole EBITDA stood at 1.1 or 140 million years that represents a fall up 15% versus last year as expected.

It's a mixed up with different dynamics, so Iberia and the nine months 24 were impacted by extraordinary gas sourcing costs.

In one hand hydrogenation volumes net of pumping were seven two terawatt hours versus.

Eight terawatt hours last year, so that's a 10% drop.

While on the other hand pumping generation increased by 28% and TCG Ts generation increased by more than three terawatt hours as requested by the system operators, both in Portugal and Spain.

Rui Teixeira: While on the other hand, pumping generation increased by 28%, and CCGT's generation increased by more than 3 terawatt-hours, as requested by the system operators both in Portugal and Spain. I will also highlight that, in line with the trend that we have, we saw in Q2, in the 9 months, we had an increase in flexibility revenues from generation, but also some costs on the supply side, which we expect to persist in Q4 2025. Finally, in Brazil, EBITDA declined from EUR 141 million to EUR 106 million, but this is primarily due to FX impacts. Overall, despite the decline in the headline figures, following a very strong 2024, the segment continues very solid. Now moving to slide 9 on the networks.

I'd also highlight.

Liked that in line with the trend that we have a we saw in the second quarter and the nine months, we had an increasing flexibility revenues from generation, but also some costs on the supply side, which we expect to persist in the fourth quarter of 2025.

Finally in Brazil, EBITDA declined 100 from 141 million to 106 million, but this is.

Primarily due to FX impact.

So overall despite the decline in headline figures are following.

Following a very strong clinically for the segments continues very solid.

Now moving to slide nine on the networks.

Regarding EBITA reached one point 18 million or billion years in the nine months. This year that represents 87% minus 7% year on year. This decline is primarily explained by the absence of asset rotation gains in 'twenty five.

Rui Teixeira: Recurring EBITDA reached EUR 1.18 billion in the 9 months this year. That represents a -7% year-on-year. This decline is primarily explained by the absence of asset rotation gains in 2025, as I introduced before, which amounted to EUR 71 million in the 9 months last year. There's also some other moving pieces here. Let me break this down probably in 3 main building blocks. The first one is a EUR 33 million increase of EBITDA in Iberia, following inflation uptake in Portugal and rapid growth in Iberia, in Spain. Flat EBITDA in Brazilian real, driven by the improvement in operations being mitigated by the loss of EBITDA from transmission lines that were sold. Naturally, the Brazilian real devaluation and no capital gains, and the segment is -EUR 53 million versus last year.

Introduced before.

[noise] amounted to 71 million in the nine months last year, but there's also some other moving pieces here. So let me break this down probably in three main building blocks. So first one is a $33 million increase of EBITA in Iberia following inflation uptake in Portugal, and rapid growth in Iberia in Spain.

Flat EBITDA in Brazilian real driven by the improvement in operations being mitigated by the loss of EBITDA from transmission lines that were sold.

And that's really the Brazilian real devaluation and the capital guidance.

The segment is minus $53 million versus last year. So all in all it would be tough for electricity networks, excluding asset rotation gained in forex increased 3% showing the resilience that we expected from this segment.

Rui Teixeira: All in all, EBITDA for electricity networks, excluding asset rotation gains in Forex, increased 3%, showing the resilience that is expected from this segment. If we now move to slide 10, net debt stood at EUR 17.3 billion, from EUR 15.6 billion at year-end 2024. This is obviously reflecting the execution of the investment plan, the annual payment of dividends, and the fact that we will have proceeds from asset rotation and tax equity expected to be mostly concentrated in the last Q4. Key drivers for the change in net debt include EUR 2.1 billion organic cash flow, reflecting an improved working capital performance, with organic cash flow increasing EUR 0.5 billion year-on-year from EUR 1.6 billion in the nine months last year. EUR 0.8 billion of dividend annual payment executed in May.

If we now move to slide 10.

Net debt stood at $17 3 billion from 15.6 at year end to 24. This is obviously, reflecting the execution of the investment plan the animal payment of dividends.

And the fact that we will have proceeds from essar, what they shouldn't and tax equity expected to be mostly concentrated in the last quarter.

So it keeps drivers for the change in net debt includes $2 1 billion organic cash flow, reflecting an improved working capital performance with organic cash flow, increasing 0.5 billion year on year from $1 6 billion in the nine months last year.

Speaker #1: -7% year on year . This decline is primarily explained by the absence of asset rotation gains in 25 , and I introduced before , which amounted to 71 million in the nine months last year .

0.8 billion up dividend.

Rui Teixeira: Good morning. Welcome to EDP and EDPR nine months 2025 results conference call. We have with us today our CEO, Miguel Stilwell d'Andrade, and our CFO, Rui Teixeira, that will present to you the main highlights of EDP and EDPR financial performance in this first nine months of 2025. The presentation will be followed by a Q&A session in which we'll be receiving just recent questions that you can insert from now onwards in the text box available in the webcast. As we'll have, just later on at 10:00AM, London time, our Capital Markets Day presentation, the Q&A session will be focused, on, themes around the nine months financial performance. I'll pass now the floor to our CEO, Miguel Stilwell d'Andrade.

All payments.

And I won't payment executed in May.

$2 4 billion of net cash investments, including $3 1 billion of cash Capex, including 0.5 billion related to working capital changes, we need to be any suppliers and this is offset by zero point for building of asset rotation with proceeds and developing 3 billion of tax equity proceeds and then we have about to your point there.

Speaker #1: But there is also some other moving pieces here . So let me break this down . Probably in three main building blocks . So the first one is a 33 million increase of EBITDA in Iberia following inflation update in Portugal .

Rui Teixeira: EUR 2.4 billion of net cash investments, including EUR 3.1 billion of cash CapEx, including EUR 0.5 billion related to working capital changes with PP&E suppliers. This is offset by EUR 0.4 billion of asset rotation proceeds and EUR 0.3 billion of tax equity proceeds. We have about EUR 0.8 billion from regulatory receivables and others. For the year-end, we will expect to reach the EUR 16 billion net debt, considering the EUR 2 billion asset rotation proceeds in total expected for the year, and the EUR 1 billion tax equity proceeds in total expected for the year. That, as I said before, it's, we are expecting that to come in, so the remaining pieces in Q4.

Speaker #1: And rapid growth in Iberia, in Spain. Flat EBITDA in Brazil in real, driven by the improvement in operations being mitigated by the loss of EBITDA from transmission lines that were sold, and actually the Brazilian real devaluation and no capital gains.

Building from regulatory receivables and and others for the year and we will expect to reach the 16 billion net debt considering the 2 billion asset rotation proceeds in total expected for the year and the one building tax equity proceeds until it's better for the year and that as I said before it's a we are expecting that to come.

Speaker #1: The and the segment is -53 million versus last year . So all in all , EBITDA for electricity networks excluding asset rotation gains and forex increased 3% , showing the resilience that is expected from this segment .

Miguel Stilwell de Andrade: Thank you, Miguel, and good morning, everyone. Thank you for attending our nine months 2025 results conference call. As Miguel said, we'll be doing the EDP results and then the EDPR, so really a two-in-one call, for the reasons that Miguel has already mentioned. I'll go straight into the EDP overall numbers. If we go into slide three, we'll see that recurring net profit has reached EUR 974 million in the first nine months of the year. That's up 5% in underlying terms, and that reflects basically higher wind and solar installed capacity, higher generation, and also the resilient electricity networks. On the wind and solar front, underlying EBITDA is growing 21% year on year, and that's supported by almost 20 GW of installed capacity and generation up also 14% year on year. Electricity networks continue to show good resilience.

So the remaining pieces in Q4 and with this we will be reaching a 19% if it for net debt ratio.

Speaker #1: If we now move to slide ten . Net debt stood at 17.3 billion from 15.6 at year end 2024 . This is obviously reflecting the execution of the investment plan .

Rui Teixeira: With this, we will be reaching a 19% FFO net debt ratio and therefore meeting our Triple B goal in terms of funding net debt ratios. Now on slide 11, recurring net profit, EUR 974 million, so that's a 5% increase year-on-year. This is coming on the back of a lower EBITDA, as I explained before, EUR 139 million or lower than last year, combination of lower asset rotation gains and the reduced decrease results from the integrated segment in Iberia. Higher D&A and provisions increasing EUR 107 million, resulting from our investment path. The increased net financial costs driven by higher cost of debt, 4.5% last year, and this year, 4.9%.

Therefore meeting our Triple V.

Cool in terms of funding of net debt ratios.

Now on slide 11, recurring net profit $974 million. So that's a 5% increase year on year.

Speaker #1: The annual payment of dividends and the fact that we will have proceeds from asset rotation and tax equity expected to be mostly concentrated in the last quarter .

This is coming.

On the back of a lower EBITA Exxon.

Before it was 139 million lower than last year combination of fluorescent relation gains.

Speaker #1: So the key drivers for the change in net debt include 2.1 billion organic cash flow , reflecting an improved working capital performance with organic cash flow increasing 0.5 billion year on year from 1.6 billion in the nine months last year , 0.8 billion of dividend annual payment , dividend and loan payment executed in May , 2.4 billion of net cash investments , including 3.1 billion of cash CapEx , including 0.5 billion related to working capital changes with new suppliers .

And the really the decrease results from integrated segment in Iberia.

Higher DNA and provisions, increasing 107 million, resulting from our investment path.

And the increase net financial costs, driven by higher cost of debt.

5% last year and this year, a four 9% and this is primarily due to the higher cost of debt in Brazilian real which as you know it's floating.

Miguel Stilwell de Andrade: Underlying performance, excluding asset rotation gains and that effects, is increasing 3% year on year. Our integrated business in Iberia is also delivering solid results. Although year-on-year comparison was impacted by higher sourcing costs, lower hydro volumes, and lower contractor prices, this was partially mitigated by the performance of our fifth-gen fleet in Iberia. It's also important to note that the asset rotation gains were lower at this point in the year, so EUR 55 million versus EUR 250 million last year, the same time last year at the EBITDA level. I think that just reinforces the strength of our underlying performance. If you look at the numbers, X, capital gains.

Rui Teixeira: This is primarily due to the higher cost of debt in Brazilian real, which is, you know, it's floating, and also the average, the higher average nominal debt. We also have some lower income taxes, lower non-controlling interest, and basically this, you know, takes us to the net profit. Highlighting again that excluding asset rotation gains, the underlying performance on the net profit shows a 5% increase versus last year. Definitely a very solid operational performance. In reported terms, net profit reached EUR 952 million, including the negative impact of around EUR 22 million, mostly related to some EDPR impacts. I will now turn to EDPR's performance for the first 9 months of 2025. On slide 14, you can see that EDPR delivered a strong set of results.

Also the average the higher average nominal depth. So that we also have some lower income taxes, lower noncontrolling interests and basically this.

Speaker #1: And this is offset by 0.4 billion of asset rotation proceeds and 0.3 billion of tax equity proceeds . And then we have about 0.8 billion from regulatory receivables and others for the year end .

And it takes us to the net profit.

So highlighting again that excluding asset rotation gains the underlying performance on the net profit shows a 5% increase versus last year, so definitely a very solid operational performance.

Speaker #1: We expect to reach the 16 billion net debt , considering the 2 billion asset rotation proceeds in total expected for the year and the 1 billion tax equity proceeds in total expected for the year .

We are fortunate terms net profit reached <unk> 952 million, including the negative impact of around 22 million most of that related to some impact.

Speaker #1: And that , as I said before , we are expecting that to come in . So the remaining pieces in in Q4 and with this , we will be reaching .

So I will now turn to <unk> performance for the first nine months of 2025.

Miguel Stilwell de Andrade: Finally, just to mention, we also continue to show an improvement in efficiency with lower costs and better productivity metrics, for example, in things like OPEX per megawatt, etc., and Hui will get into that in his slides. Overall, these results underscore the strength of our integrated model, even in the context of reduced asset rotation gains. With that, I'll pass it over to Hui to present the EDP and the EDPR finances.

So on slide 14.

You can see that Edp art delivered a strong set of results. I mean, this is marked by robust underlying EBITDA and net profit.

Speaker #1: A 19% FFO , net debt ratio and therefore meeting our triple B . Goal in terms of the funding of net debt ratios .

Rui Teixeira: I mean, this is marked by robust underlying EBITDA and net profit, continued capacity delivery, solid progress on the asset rotation plan throughout 2025. Operationally, EDPR reached 19.8 GW of installed capacity, with generation up 14% despite this lower renewable resource that we experienced in Q3. The average selling price declined 9% year-over-year to an average of EUR 54 per MWh, reflecting the changes in the generation mix, lower average prices in Europe, mainly from hedges, normalization, and the lower Feed-in Tariff prices in Portugal. Recurring EBITDA reached EUR 1.4 billion. That's up 9% year-over-year, with underlying EBITDA growing by 21%.

Continued capacity delivery solid progress against the rotation plan throughout 2035.

Operationally <unk> reached 19, eight gigawatts of installed capacity regeneration up 14%. Despite these lower renewable resource that we experience in Q3.

Rui Teixeira: Thank you very much, Miguel. Good morning to you all. Let me start first with EDP's results, moving to slide five. Our EBITDA reached EUR 3.7 billion in the nine months of 2025. That's a 2% increase on underlying year on year, or actually 4% when excluding FX effect. Let's look to the recurring figures. Renewables, clients, energy management decreased EUR 99 million year on year. This is coming from a EUR 198 million decrease in this segment, the hydro, clients, and energy management. Comparing last year, the fact that we have now lower hydro volumes, lower contracted price, and higher sourcing cost. This is mainly in Iberia, though there is also some FX impact in Brazil. Strong performance of EDPR, EUR 1,100 million year on year.

The average selling price declined 9% year on year to Iraq to an average of 54 euros per megawatt hour, reflecting the changes in the generation mix and lower average prices in Europe, mainly from hedges normalization and the lower feed in tariff prices in Portugal.

Speaker #1: Now on slide 11, this is coming on the back of a lower EBITDA, as I explained before, $139 million lower than last year.

Speaker #1: The combination of lower asset rotation gains and decreased results from the integrated segment in Iberia, along with higher DNA and provisions increasing by $107 million, results from our investment path and the increased net financial costs driven by a higher cost of debt, which was 4.5% last year and this year is 4.9%.

Covering EBITA reached one 4 billion, that's up 9% year on year with underlying EBITDA growing by 21%.

I think it's important really to note that asset rotation games were 15 9 million this period compared to 179 million in the same period last year, because it really shows the strength of the underlying business performance.

Rui Teixeira: I think it's important really to note that asset rotation gains were EUR 59 million this period compared to EUR 179 million in the same period last year, because this really shows the strength of the underlying business performance. Regarding net profit, came at EUR 189 million, or if we exclude asset rotation gains, EUR 153 million. That's definitely a very important increase, the EUR 111 million versus nine months, 2024. Overall, these results underscore EDPR's ability to combine the growth, efficiency, and value creation, reinforcing our confidence in the outlook for the remaining of the year. Now let's go a bit deeper into EDPR's results. If you focus on EBITDA, slide 15, this was driven by EUR 1.6 billion from electricity sales, $308 million of tax equity revenues from North America.

Speaker #1: And this is primarily due to the higher cost of debt in Brazil , and rial , which is , you know , it's floating .

Speaker #1: And also the average , the higher average nominal debt . So we also have some lower income taxes , lower non-controlling interests , and basically this , you know , takes us to the net profit .

Net profit came at 189 million or <unk>.

Rui Teixeira: If we compare last year's asset rotation gains of EUR 179 million with this year's EUR 59 million, this means an increase of EUR 231 million in underlying terms, driven by the increase in installed capacity. Obviously, this is following the record additions we had in 2024. On the network side, EBITDA is declining EUR 91 million, but this is mostly due to the absence of asset rotation this year compared to the EUR 71 million, or the capital gains from the asset rotation compared to the EUR 71 million that we booked in the nine months 2024. Also, the loss of EBITDA from the transmission lots that were sold, which together with the asset rotation gain, represented around a EUR 102 million reduction versus last year. Additionally, this segment is also impacted by the EUR-Brazilian real depreciation.

If we exclude asset rotation gains 153 million.

Speaker #1: So highlighting again that, excluding asset rotation gains, the underlying performance on the net profit shows a 5% increase versus last year.

So that's definitely a very important increase of 111 million versus nine months 2024.

Overall these results underscore <unk> ability to combine the growth efficiency and value creation reinforcing our confidence in the outlook for the remaining of the year.

Speaker #1: So definitely a very solid performance related to some EDP impacts. I will now turn to EDP's performance for the first nine months of 2025.

So now let's go a bit deeper into E. D. P. R's results. So if you focus on EBITA Slide 15. This was driven by 1.6 building from electricity sales.

Speaker #1: On slide 14 , you can see that EDP delivered a strong set of results . I mean , this is marked by robust underlying EBITDA and net profit , continued capacity delivery , solid progress on the asset rotation plan throughout 2025 .

<unk> 308 million of tax equity revenues from North America, that's a 20% increase.

In generation and new capacity additions.

Rui Teixeira: That's a 20% increase in generation and new capacity additions. On the back of this, EUR 59 million of capital gain from asset rotations that we closed in Spain, France, and Belgium, with the remaining gains to be concentrated in Q4. Then we have less the impact of EUR 574 million from core OPEX, which is mostly in line with last year's. I would highlight here the strong efforts in cost and efficiency improvement that we have been implementing across the company. You also can see that on the ratios on the OPEX per MW that have been really under control, and I think they're probably one of the best in class in the sector.

Or on the back of this 59 nearly enough capital gains from asset rotations that we closed in Spain, and France and Belgium.

Speaker #1: Operationally , EDP reached 19.8GW of installed capacity . We generated up 14% . Despite this lower renewable resource that we experienced in Q3 , the average selling price declined 9% year on year to to an average of €54 per megawatt hour , reflecting the changes in the generation mix .

Rui Teixeira: If we now move to slide six, the performance on the wind and solar segment, recurring underlying EBITDA grew 21% or 23% when excluding FX impacts. It's a robust growth. It reflects a significant step up in generation following our record capacity additions last year, although this has been negatively impacted by worse renewable resources in Q3, mostly in North America. You may have seen that it was one of the worst quarters in 20 or more years, I think since 1989. I won't spend too much time here. We'll provide a bit more call on EDPR's performance in the next section. Let me move now to slide seven and deep dive into the hydro activity in Iberia. Hydro inflows, 38% above the long-term average, higher than the 33% level that we saw last year.

With the remaining gains to be concentrated in the fourth quarter.

And then we have less the impact of $574 million from core Opex, which is mostly in line with last years and I would highlight here the strong efforts in cost and efficiency improvement that we have been implementing across the company and it also can see that on the ratios on the opex per megawatt that had been really hurt.

Speaker #1: Tariff prices in Portugal , recurring epita reached 1.4 billion . That's up 9% year on year , with underlying EBITDA growing by 21% .

Control and I think there are probably one of the best in class in the sector.

22 million from other net costs that improved around 80 million on the back of new material impacts. This year as you may remember last year, we had some headwinds in Colombia also remain yet this year, we don't and therefore, that's a significant improvement impacting our EBITDA.

Speaker #1: I think it's important to note that asset rotation gains were $59 million this period, compared to $179 million in the same period last year.

Rui Teixeira: EUR 22 million from other net costs that improved around EUR 80 million on the back of no material impacts this year. As you may remember, last year we had some headwinds in Colombia, also Romania. This year we don't, and therefore, that's a significant improvement impacting our EBITDA. These results highlight improvement in the underlying business as a whole from an operational perspective, as well as this enhanced efficiency that we've been deploying. Now turning to slide 16, I'd like to look at EDPR's cash flow evolution for the first nine months of this year. Organic cash flow reached EUR 458 million, representing a EUR 0.2 billion increase year-on-year, reflecting a solid performance of our operating portfolio, as well as the changes in working capital, distributions to minority interests, and the tax equity partnerships.

These results highlight improvement in the underlying business as a whole.

From an operational perspective, as well as enhanced the efficiency that we've been deploying.

Rui Teixeira: However, despite this increase, the hydro generation was lower year on year since the rainfall was primarily used to reestablish reservoir levels, and this was mostly in Q1, as you can see by the chart on the right-hand side. Even if we lower generation year on year, hydro output remained above average, and the uncontracted volumes were sold at higher prices compared to 2024, with the Iberian pool price reaching EUR 65 per megawatt hour versus EUR 52 per megawatt hour in the nine months of 2024. The contracted volumes were sold at a lower price of EUR 70 per megawatt hour this year compared to the EUR 90 per megawatt hour in the nine months last year. Regarding the outlook for the remaining part of the year, October was dry, with the hydrological index 36% below average. Meantime, it has started to rain.

So now turning to slide 16.

I'd like to look at <unk> cash flow evolution for the first nine months of this year.

Cash flow reached 458 million, representing a 0.2 billion increase year on year, reflecting a solid performance of our operating portfolio.

Changes in working capital distributions to minority interests and the tax equity partnerships I'd.

I'd like just to note that organic cash flow excludes tax equity cash proceeds which are typically received at the project completion and have an immediate positive impact on net debt.

Rui Teixeira: I'd like just to note that organic cash flow excludes tax equity cash proceeds, which are typically received at the project completion and have an immediate positive impact on net debt. First nine months of this year, we received EUR 278 million. We remain on track to reach EUR 1 billion for the full year. As of September, net debt stood at EUR 9.2 billion. It's up EUR 0.9 billion since December last year. The increase is primarily driven by the EUR 1.6 billion in net expansion investment, obviously supporting the portfolio growth. This is partly offset by the asset rotation proceeds from the transactions, as I mentioned, closed in Spain, France, Belgium, and also US.

First nine months of this year, we received $278 million and we remain on track to reach $1 billion for the full year.

As of September net debt stood at $9 2 billion.

Rui Teixeira: In any case, we see reservoir levels still above average, but obviously decreasing. I would say that we can expect a weaker fourth quarter as compared to previous expectations in Q3. If we now move to slide eight, to our hydro clients and energy management segment as a whole, EBITDA stood at EUR 1.1 or 1.14 million. That represents a fall of 15% versus last year, as expected. It's a mix of different dynamics. Iberia in the nine months 2024 was impacted by extraordinary gas sourcing costs. On one hand, hydro generation volumes, net of pumping, were 7.2 TWh versus 8 TWh last year. That's a 10% drop. While on the other hand, pumping generation increased by 28%, and CCGT's generation increased by more than 3 TWh, as requested by the system operators, both in Portugal and Spain.

And to your point 9 billion since December last year.

It's primarily driven by the $1 6 billion in net expansion investments, obviously supporting the portfolio growth and this is partly offset by the asset rotation proceeds from those transactions as I mentioned close in Spain, Belgium, and also U S. Looking ahead, we do expect net debt to.

Rui Teixeira: Looking ahead, we do expect net debt to converge to around EUR 8 billion by year-end, supported by the timing of the asset rotation and tax equity proceeds. As I mentioned, this will be concentrated now until the end of December. Also highlighting that, in already in October, we closed a transaction for a 1.6GW portfolio in US. Again, just to emphasize, it's a 49% sale, straight equity, no structure. I think it came at, in a context, as you know, of quite a lot of uncertainty throughout 2025. Definitely great transaction executed, on top of the ones that we have been executing in Europe. As you know, we have already signed some European transactions that we are expecting to close before the end of the year.

Converged to around 8 billion by yearend supported by the timing of the exportation of tax equity proceeds and as I mentioned this will be concentrated now until the end of December.

Also highlighting that you're already in October we closed a transaction for a 1.6 gigawatt portfolio in U S.

Again, just to emphasize its a 49% say straight equity structure.

I think it came out.

In the context as you know for quite a lot of uncertainty throughout 2035, so definitely a great transaction executed on top of all of the ones that we have been executing in Europe and as you know we have already signed.

Some European transactions that we are expecting to close before the end of the year.

Rui Teixeira: I'll also highlight that, in line with the trend that we saw in the second quarter, in the nine months, we had an increase in flexibility revenues from generation, but also some costs on the supply side, which we expect to persist in the fourth quarter 2025. Finally, in Brazil, EBITDA declined EUR 35 million from EUR 141 million to EUR 106 million, but this is primarily due to FX impacts. Overall, despite the decline in the headline figures, following a very strong 2024, the segment continues very solid. Now moving to slide nine on the networks, recurring EBITDA reached EUR 1.18 billion in the nine months this year. That represents a minus 7% year on year.

Now moving to slide 17, so as previously highlighted.

Rui Teixeira: Now moving to slide 17. As previously highlighted, EDPR's recurring underlying EBITDA rose by EUR 231 million, yet again on the back of the solid performance on the operational side. Depreciation and amortization increase, obviously on the back of the new capacity additions. We did have some one-off impact from accelerated depreciation of repowering wind farm in US. Financial results increased on the back of higher nominal financial debt, lower capitalized financial expenses, partly offset by some FX and derivatives. Contribution to minorities improved year-on-year following the completion of the buyback of CTG minorities in late 2024. At the net profit level, recognize around EUR 40 million of one-off impacts this quarter, and this is mainly from impairments in Europe related to non-core countries. All in all, recurring net profit reached EUR 189 million, excluding capital gains.

Regarding our underlying EBITA rose by $231 million. It again on the back of this solid performance on the operational side.

Depreciation and amortization increase obviously on the back of the new capacity additions. We did have some one off impact from accelerated depreciation of Repowering wind farm in the U S.

Financial results increased on the back of higher nominal financial depth lower capitalized financial expenses.

Partly offset by some FX and derivatives.

Contribution to minorities improved year on year following the completion of the buyback of CTG minorities in late 2024.

So at the net profit level, Richard recognize around 40 million of one off impact this quarter and this is mainly from impairment in Europe related to non core countries. So all in all recurring net profit reached $189 million, excluding capital gains and this represents a four fold increase versus last year.

Rui Teixeira: This decline is primarily explained by the absence of asset rotation gains in 2025 that I, as I introduced before, which amounted to EUR 71 million in the nine months last year. There are also some other moving pieces here. Let me break this down probably in three main building blocks. The first one is a EUR 33 million increase of EBITDA in Iberia, following inflation uptake in Portugal and rapid growth in Iberia, in Spain. Flat EBITDA in Brazilian real, driven by the improvement in operations being mitigated by the loss of EBITDA from transmission lines that were sold. Actually, the Brazilian real devaluation and no capital gains, and the segment is minus EUR 53 million versus last year. All in all, EBITDA for electricity networks, excluding asset rotation gains and forex, increased 3%, showing the resilience that is expected from this segment.

Again.

Rui Teixeira: This represents a 4-fold increase versus last year. Again, this underscores the strength of EDPR's underlying performance. Summary. EDPR's performance during nine months, I think it's a testament to the ability to execute, to adapt, deliver sustainable growth. You know, we'll have Miguel will be presenting the strategy for the next few years. I think that we are definitely on good track in terms of how we are delivering the results this year. I would hand it over to you, Miguel, for final remarks. Thank you.

Underscores the strength of our ETP our underlying performance.

Summary, cdpr's performance during nine month I think it is a testament to the ability to execute to that deliver sustainable growth.

We'll have a Macau will presenting will be presenting this strategy for the next few years, but I think that we are definitely on a good track in terms of how we are delivering the results. This year. So I would hand over to you may go for final remarks. Thank you.

Thank you Holly.

So just to wrap up and moving on to slide 18.

Miguel Stilwell d'Andrade: Okay. Thank you, Rui. Just to wrap up and moving on to slide 18, just to reinforce the guidance. We're expecting a recurring EBITDA for 2025 of around EUR 4.9 billion, and that's supported by strong performance across all of the business segments, and you can see that already at the 9 months, numbers. Breaking this down by segment. The integrated generation supply should deliver about EUR 1.4 billion of EBITDA, of which, EUR 1.1 billion was already recorded in the first 9 months. Wind and solar, including EDPR, are expected to contribute roughly EUR 1.9 billion, including EUR 0.1 billion of asset rotation gains and having the 2GW capacity additions on time and on budget.

Miguel Stilwell de 'Andrade: Okay. Thank you, Rui. Just to wrap up and moving on to slide 18, just to reinforce the guidance. We're expecting a recurring EBITDA for 2025 of around EUR 4.9 billion, and that's supported by strong performance across all of the business segments, and you can see that already at the 9 months, numbers. Breaking this down by segment. The integrated generation supply should deliver about EUR 1.4 billion of EBITDA, of which, EUR 1.1 billion was already recorded in the first 9 months. Wind and solar, including EDPR, are expected to contribute roughly EUR 1.9 billion, including EUR 0.1 billion of asset rotation gains and having the 2GW capacity additions on time and on budget.

Just to reinforce the guidance so we're expecting a recurring EBIT.

Rui Teixeira: If we now move to slide 10, net debt stood at EUR 17.3 billion from EUR 15.6 billion at year-end 2024. This is obviously reflecting the execution of the investment plan, the annual payment of dividends, and the fact that we will have proceeds from asset rotation and tax equity expected to be mostly concentrated in the last quarter. Key drivers for the change in net debt include EUR 2.1 billion organic cash flow, reflecting an improved working capital performance, with organic cash flow increasing EUR 0.5 billion year on year from EUR 1.6 billion in the nine months last year, EUR 0.8 billion of dividend. Annual payment, dividend annual payment executed in May. EUR 2.4 billion of net cash investments, including EUR 3.1 billion of cash CapEx, including EUR 0.5 billion related to working capital changes with BPNE suppliers. This is offset by EUR 0.4 billion of asset rotation proceeds and EUR 0.3 billion of tax equity proceeds.

For 2025, it was around $4 9 billion not supported by strong performance across all of the business segments and you can see that already at the nine months.

Yeah.

Numbers.

Breaking this down by segment. So the integrated generation supply should deliver about one 4 billion of EBITDA of about of which $1 1 billion was already recorded in the first nine months.

Wind and solar including Edp are expected to contribute roughly $1 9 billion, including.

1 billion of asset rotation gains.

The two gigawatts of capacity additions on time and on budget.

City networks for catheter at around one 5 billion with a distribution performance mitigating the transmission assets.

Miguel Stilwell d'Andrade: Electricity networks forecasted at around EUR 1.5 billion, with the distribution performance mitigating the transmission asset deconsolidation and the Brazilian real devaluation. Recurring net profit, approximately EUR 1.2 billion, impacted mostly by a higher cost of debt on the Brazilian real debt, an average higher debt. Since the asset rotation proceeds and the tax equity proceeds are expected to be received more towards the end of the year. Net debt expected to stand near EUR 16 billion, assuming about EUR 2 billion in asset rotation proceeds and about EUR 1 billion in tax equity proceeds for the year. All in all, guidance reflecting resilience. It's reflecting the strength of our integrated and diversified portfolio, as Rui has also mentioned. Obviously, we'll be providing further color on the outlook for the years ahead in the next presentation, the CMD.

Miguel Stilwell de 'Andrade: Electricity networks forecasted at around EUR 1.5 billion, with the distribution performance mitigating the transmission asset deconsolidation and the Brazilian real devaluation. Recurring net profit, approximately EUR 1.2 billion, impacted mostly by a higher cost of debt on the Brazilian real debt, an average higher debt. Since the asset rotation proceeds and the tax equity proceeds are expected to be received more towards the end of the year. Net debt expected to stand near EUR 16 billion, assuming about EUR 2 billion in asset rotation proceeds and about EUR 1 billion in tax equity proceeds for the year. All in all, guidance reflecting resilience. It's reflecting the strength of our integrated and diversified portfolio, as Rui has also mentioned. Obviously, we'll be providing further color on the outlook for the years ahead in the next presentation, the CMD.

Deconsolidation and the Brazilian real devaluation.

Recurring net profit approximately $1 2 billion impacted mostly by a higher cost of debt on the Brazilian real that's an average higher debt.

Since the asset rotation of proceeds in the tax equity proceeds are expected to be received more towards the end of the year.

Net debt expected to stand in your 16 billion euros. So excuse me about 2 billion in asset rotation proceeds and about 1 billion in tax equity proceeds for the year.

Rui Teixeira: We have about €0.8 billion from regulatory receivables and others. For the year-end, we expect to reach the €16 billion net debt, considering the €2 billion asset rotation proceeds in total expected for the year and the €1 billion tax equity proceeds in total expected for the year. That, as I said before, we are expecting that to come in, so the remaining pieces in Q4. With this, we will be reaching a 19% FFO net debt ratio, and therefore meeting our triple V goal, in terms of funding, of net debt ratios. Now, on slide 11, recurring net profit, €974 million. That is a 5% increase year on year.

All in all guidance, reflecting resilience, reflecting the strength of our integrated and diversified portfolios, where it was also mentioned and then obviously, we'll be providing further color on the outlook for the years ahead in the next presentation of the Sandy but for now I'll pass it back to Miguel to see if there are any questions. So we can take those mostly concentrated on the nine months.

Miguel Stilwell d'Andrade: For now, I'll pass it back to Miguel to see if there are any questions, so we can take those, mostly concentrated on the nine months, numbers. Thanks.

Miguel Stilwell de 'Andrade: For now, I'll pass it back to Miguel to see if there are any questions, so we can take those, mostly concentrated on the nine months, numbers. Thanks.

Thanks.

Okay.

Thank you. So we had if you're just in a region.

Recent questions.

Operator: Thank you. We have here some written questions. First one from Pedro Alves, CaixaBank BPI, regarding the capital gain at EDPR in Q3, if it relates only with the sale of the 121 MW wind portfolio in France and Belgium, and if we can clarify the good capital gain per MW implicit in the transaction?

Miguel Viana: Thank you. We have here some written questions. First one from Pedro Alves, CaixaBank BPI, regarding the capital gain at EDPR in Q3, if it relates only with the sale of the 121 MW wind portfolio in France and Belgium, and if we can clarify the good capital gain per MW implicit in the transaction?

The first one from Scotiabank BPA regarding capital gain at D. R. A in the second part.

Do you like Sony We just say look the thinking.

Rui Teixeira: This is coming on the back of a lower EBITDA, as I explained before, EUR 139 million, a little lower than last year, a combination of lower asset rotation gains, and the decreased results from the integrated segment in Iberia. Higher D&A and provisions, increasing EUR 107 million, resulting from our investment path. The increased net financial costs are driven by higher cost of debt, 4.5% last year and this year, 4.9%. This is primarily due to the higher cost of debt in Brazilian real, which is, you know, it's floating, and also the higher average nominal debt. We also have some lower income taxes, lower non-controlling interest, and basically this, you know, takes us to the net profit. Highlighting again that excluding asset rotation gains, the underlying performance on the net profit shows a 5% increase versus last year. Definitely a very solid operational performance.

<unk>.

Megawatts wind portfolio in France, and Belgium, and then in D C.

We can place I eh.

Pennsylvania per megawatt.

Yeah.

Exactly.

Okay. So thank you for that.

Yes, so in the first and the third quarter. The capital gain is mostly related to the French and Belgian portfolio and its around 4 million euros per.

Miguel Stilwell d'Andrade: Okay. Thank you, Pedro. Yes, in Q3, the capital gain is mostly related to the French and Belgian portfolio, and it's around EUR 0.4 million per megawatt. The multiple was great. It was an EV per megawatt of around EUR 1.6 million per megawatt, and that implies around 28% or so capital gains on invested capital. Yes, it was a great deal. I think this just reinforces that, you know, we continue to see strong demand for these portfolios. We continue to see great multiples for these portfolios. In Europe, we've been, you know, consecutively able to deliver on good numbers here. It was a good operating portfolio.

Miguel Stilwell de 'Andrade: Okay. Thank you, Pedro. Yes, in Q3, the capital gain is mostly related to the French and Belgian portfolio, and it's around EUR 0.4 million per megawatt. The multiple was great. It was an EV per megawatt of around EUR 1.6 million per megawatt, and that implies around 28% or so capital gains on invested capital. Yes, it was a great deal. I think this just reinforces that, you know, we continue to see strong demand for these portfolios. We continue to see great multiples for these portfolios. In Europe, we've been, you know, consecutively able to deliver on good numbers here. It was a good operating portfolio.

For megawatts. So the multiple was greater than EV per megawatt of around 1.6 million per megawatt and that.

Implies around 28, or so percent capital gains on invested capital. So yes. It was a great deal I think this just reinforces that we continue to see strong demand for these portfolios. We continue to see great multiples for these portfolios and in Europe, we've been consecutively able to to deliver on them on good numbers here. It was a good.

Our portfolio was around 11 wind projects in France, and a wind project in Belgium.

Rui Teixeira: In reported terms, net profit reached EUR 952 million, including the negative impact of around EUR 22 million, mostly related to some EDPR impacts. I will now turn to EDPR's performance for the first nine months of 2025. On slide 14, you can see that EDPR delivered a strong set of results. I mean, this is marked by robust underlying EBITDA and net profit, continued capacity delivery, and solid progress on the asset rotation plan throughout 2025. Operationally, EDPR reached 19.8 GW of installed capacity, with generation up 14% despite this lower renewable resource that we experienced in Q3. The average selling price declined 9% year on year to an average of EUR 54 per MWh, reflecting the changes in the generation mix, or average prices in Europe, mainly from hedges normalization and the lower, fitting, tariff prices in Portugal. Recurring EBITDA reached EUR 1.4 billion.

Miguel Stilwell d'Andrade: It was around 11 wind projects in France and one wind project in Belgium, all with COD around 2020. I mean, in this case, the buyer is a financial investor. You know, as I said, we continue to see strong interest for our assets at attractive implicit yields.

Miguel Stilwell de 'Andrade: It was around 11 wind projects in France and one wind project in Belgium, all with COD around 2020. I mean, in this case, the buyer is a financial investor. You know, as I said, we continue to see strong interest for our assets at attractive implicit yields.

D around 2020.

I mean in this case the buyer at the financial Investor and you know as I said, we continue to see strong interest for our assets at attractive implicit yields.

Okay.

You have also a question about working back half an hour nine months 25 accounts regarding the extra costs with the escalation and satellite.

Operator: We have also a question about what impact we have in our 9 months 2025 accounts regarding the extra cost with the ancillary services in Iberia, related with the increase of these costs during this year, namely supported on the supply side.

Miguel Viana: We have also a question about what impact we have in our 9 months 2025 accounts regarding the extra cost with the ancillary services in Iberia, related with the increase of these costs during this year, namely supported on the supply side.

Have you seen in Iberia.

The increase of these costs.

This year, namely supported on the supply side.

Yeah. So.

Until these services you know post blackout.

Miguel Stilwell d'Andrade: Yeah. ancillary services, as you know, post blackout was a big increase, but there's already been a structural increase before that. I'll talk a little bit about that later in the CMD. I mean, the value is estimated at around EUR 150 million. Just bear in mind that the revenues on the generation side have to then be passed on to customers. In some cases, those contracts are already fixed. On a net basis, we continue to benefit from our flex gen portfolio, but obviously partially offset by sort of then the pass through to the customers just happening over the next couple of years. But we can give you more detail on that also when we talk in the CMD.

Miguel Stilwell de 'Andrade: Yeah. ancillary services, as you know, post blackout was a big increase, but there's already been a structural increase before that. I'll talk a little bit about that later in the CMD. I mean, the value is estimated at around EUR 150 million. Just bear in mind that the revenues on the generation side have to then be passed on to customers. In some cases, those contracts are already fixed. On a net basis, we continue to benefit from our flex gen portfolio, but obviously partially offset by sort of then the pass through to the customers just happening over the next couple of years. But we can give you more detail on that also when we talk in the CMD.

Big increase, but theres already been a structural increase before that and I'll talk a little bit about that later in the CMT. I mean, then the value is estimated at around $150 million.

But just bear in mind that the revenues on the generation side.

After that would be passed onto customers and in some cases those contracts are already fixed so on a net basis, we continued to benefit from our flex Gen portfolio, but obviously, partially offset by them and the pass through to the customers taking just happening over the next couple of years.

Rui Teixeira: That's up 9% year on year, with underlying EBITDA growing by 21%. I think it's important really to note that asset rotation gains were EUR 59 million this period compared to EUR 179 million in the same period last year, because this really shows the strength of the underlying business performance. Recurring net profit came at EUR 189 million. If we exclude asset rotation gains, EUR 153 million. That's definitely a very important increase, EUR 111 million versus nine months 2024. Overall, these results underscore EDPR's ability to combine growth, efficiency, and value creation, reinforcing our confidence in the outlook for the remaining of the year. Now let's go a bit deeper into EDPR's results. If you focus on EBITDA, slide 15, this was driven by EUR 1.6 billion from electricity sales, EUR 308 million of tax equity revenues from North America.

But anyway, we can give you more detail on that also when we talk about in the sandy.

So I guess I have two questions regarding the guidance for 2025, so we see now the BPA under four point bandwidth.

Operator: We have also a question regarding the guidance for 2025. We see now the EBITDA on the EUR 4.9 billion, which is at the top of the previous range provided, net income at EUR 1.2 billion. If we can comment on this, on this evolution for the guidance for 2025.

Miguel Viana: We have also a question regarding the guidance for 2025. We see now the EBITDA on the EUR 4.9 billion, which is at the top of the previous range provided, net income at EUR 1.2 billion. If we can comment on this, on this evolution for the guidance for 2025.

Top of the previous range provided net income at 1.2. So if we can comment on these on these evolution for the guidance for 2025.

And so what I've come in here on the guidance as well.

We're very confident on delivering the guidance for all the different business segments, including the integrated in Iberia.

Miguel Stilwell d'Andrade: Yeah. What I'd comment here on the guidance is, listen, we're very confident on delivering the guidance for all the different business segments, including the integrated Iberia. I mean, we did have a weaker October, and that's also incorporated. We are also seeing. That's sort of at the EBITDA level. There's no doubt we're sort of at the top end of the range. We are seeing slightly higher financial costs, especially in Brazil, and also tax rates expected to be around 25%, 26% by year-end. Therefore, the net income coming in still within the range, but close to the EUR 1.2 billion end of the range.

Miguel Stilwell de 'Andrade: Yeah. What I'd comment here on the guidance is, listen, we're very confident on delivering the guidance for all the different business segments, including the integrated Iberia. I mean, we did have a weaker October, and that's also incorporated. We are also seeing. That's sort of at the EBITDA level. There's no doubt we're sort of at the top end of the range. We are seeing slightly higher financial costs, especially in Brazil, and also tax rates expected to be around 25%, 26% by year-end. Therefore, the net income coming in still within the range, but close to the EUR 1.2 billion end of the range.

We did have a weaker October.

And that's also incorporated.

But we are also seeing so that's sort of at the EBITDA level and there's no doubt where it sort of at the top end of the range, but we are seeing slightly higher financial cost, especially in Brazil, and also tax rate expected to be around 25, 26% by year end and therefore, the net income coming in still within the range, but closer to the $1 2 billion.

Rui Teixeira: That's a 20% increase in generation and new capacity additions. On the back of this, EUR 59 million of capital gain from asset rotations that we closed in Spain, France, and Belgium, with the remaining gains to be concentrated in the fourth quarter. We have less the impact of EUR 574 million from core OPEX, which is mostly in line with last year's. I would highlight here the strong efforts in cost and efficiency improvement that we have been implementing across the company. You also can see that on the ratios on the OPEX per MW that have been really under control, and I think they're probably one of the best in class in the sector. EUR 22 million for other net costs, that improved around EUR 80 million on the back of new material impacts this year.

End of the range.

Yes, I'll answer the question regarding our current exposure regarding it.

Operator: We have also a question regarding our current exposure regarding offshore in US, and if we have any comments regarding latest news regarding permitting in US?

Miguel Viana: We have also a question regarding our current exposure regarding offshore in US, and if we have any comments regarding latest news regarding permitting in US?

In the U S and if we had any comments regarding the latest news.

Regarding permitting.

Permitting in the U S.

So it wasn't there was some news that came out I think it was an article that's probably what you're referring to article that came out on the New York times or something like that around offshore and the western around the permitting because offshore and D. With is pretty much in hibernation mode at the moment and instead of it being much more about it.

Miguel Stilwell d'Andrade: There was some news that came out, I think it was an article, that's probably what you're referring to, article that came out in The New York Times or something like that, around offshore in the US and around the permitting. As you know, offshore in the US is pretty much in hibernation mode at the moment, it's been much more about just riding out this phase. We have an exposure, and we said this multiple times, we have a total exposure at the EDPR level of around EUR 300 million. It's about EUR 200 million at the EDP level. We already partially impaired that at the end of last year, assuming that we're going to delay the project four years. We're keeping this exposure contained and sort of at a minimum.

Miguel Stilwell de 'Andrade: There was some news that came out, I think it was an article, that's probably what you're referring to, article that came out in The New York Times or something like that, around offshore in the US and around the permitting. As you know, offshore in the US is pretty much in hibernation mode at the moment, it's been much more about just riding out this phase. We have an exposure, and we said this multiple times, we have a total exposure at the EDPR level of around EUR 300 million. It's about EUR 200 million at the EDP level. We already partially impaired that at the end of last year, assuming that we're going to delay the project four years. We're keeping this exposure contained and sort of at a minimum.

Rui Teixeira: As you may remember, last year we had some headwinds in Colombia, also Romania. This year we do not, and therefore that is a significant improvement impacting our EBITDA. These results highlight improvement in the underlying business as a whole, from an operational perspective, as well as this enhanced efficiency that we have been deploying. Now turning to slide 16, I would like to look at EDPR's cash flow evolution for the first nine months of this year. Organic cash flow reached EUR 458 million, representing a EUR 0.2 billion increase year on year, reflecting a solid performance of our operating portfolio, as well as the changes in working capital, distributions to minority interests, and the tax equity partnerships. I would like just to note that organic cash flow excludes tax equity cash proceeds, which are typically received at the project completion and have an immediate positive impact on net debt.

I'm just riding out the phase.

We have an exposure and he said this multiple times, we have a total exposure at the EPR level of around 300 million euros, It's about 200 million euros at the ETP level.

We already Parsi.

That at the end of last year, assuming that we're going to delay the project for years. So we're keeping this exposure contained in sort of at a minimum and we're just focused on building a legal case to defend the project permits in value and then focusing on what could be the next steps.

Miguel Stilwell d'Andrade: We're just focused on building the legal case to defend the project permits and value, and also just then focusing, you know, on what could be the next steps. Essentially, we're at the same stage as, you know, many other of our peers are in relation to offshore in the US. I think the key issue here is what is the value at stake, and as many of you know, it's to around the EUR 300 million at the EDPR level, which has already been partially impaired.

Miguel Stilwell de 'Andrade: We're just focused on building the legal case to defend the project permits and value, and also just then focusing, you know, on what could be the next steps. Essentially, we're at the same stage as, you know, many other of our peers are in relation to offshore in the US. I think the key issue here is what is the value at stake, and as many of you know, it's to around the EUR 300 million at the EDPR level, which has already been partially impaired.

Century, where at the same stage as you know many other of our peers are in relation to offshore in the U S. I think the.

The key issue here is what is the value at stake and as many of you know it's around the 300 million at the ETR level, which has already been partially impaired.

We have also a question in terms of the Oh, we are reporting in terms of the edging for anything he seeks.

Operator: We have also a question in terms of the how we are evolving in terms of hedging for 2026, where we are in terms of contracting, in terms of hedging volume and prices in Iberia.

Miguel Viana: We have also a question in terms of the how we are evolving in terms of hedging for 2026, where we are in terms of contracting, in terms of hedging volume and prices in Iberia.

Rui Teixeira: First nine months of this year, we received EUR 278 million, and we remain on track to reach EUR 1 billion for the full year. As of September, net debt stood at EUR 9.2 billion. It's up EUR 0.9 billion since December last year. The increase is primarily driven by the EUR 1.6 billion in net expansion investments, obviously supporting the portfolio growth. This is partly offset by the asset rotation proceeds from the transactions, as I mentioned, closed in Spain, France, Belgium, and also US. Looking ahead, we do expect net debt to convert to around EUR 8 billion by year-end, supported by the timing of the asset rotation and tax equity proceeds. As I mentioned, this will be concentrated now until the end of December. Also highlighting that, you know, already in October, we closed a transaction for a 1.6 GW portfolio in the US.

We are in terms of contracting with himself edging volume and prices in India.

So far our hedging as you know we typically hedge.

After 18 months ahead.

Miguel Stilwell d'Andrade: For hedging, as you know, we typically hedge, 12 to 18 months ahead. In this case for 2026, we're already around 85% hedged at a price that's north of EUR 64 per MWh. This is something that we do sort of on a rolling basis. For 2026, it's pretty much all set. We wouldn't hedge more than this just because of, just to make sure from a risk perspective, we don't become overhedged. 85 is, you know, I would consider to be already the level of hedging that we want for 2026, and that's at a EUR 64 or north of EUR 64, actually, in this case.

Miguel Stilwell de 'Andrade: For hedging, as you know, we typically hedge, 12 to 18 months ahead. In this case for 2026, we're already around 85% hedged at a price that's north of EUR 64 per MWh. This is something that we do sort of on a rolling basis. For 2026, it's pretty much all set. We wouldn't hedge more than this just because of, just to make sure from a risk perspective, we don't become overhedged. 85 is, you know, I would consider to be already the level of hedging that we want for 2026, and that's at a EUR 64 or north of EUR 64, actually, in this case.

So in this case for 2026, we're already around 85% hedged at a price that's north of 64 euros per megawatt hour.

This is something that we do sort of on a on a rolling basis.

But for 2026, it's pretty much all set I would say, we normally don't we wouldn't hedge more than this just because of the just to make sure from a risk perspective, we don't become overheads. So 85 is.

I'd consider it to be already.

The level of hedging that we want for for 2026 and that's at the 64 North of 64 actually in this case.

We have a last question just in terms of execution authentic twenty-five flee flee oddly see our to leave it in terms of the targets two two gigawatts in Edp are in 2025.

Operator: We have a last question just in terms of execution of 2025. How do we see our delivery in terms of the target 2 gigawatts in EDPR in 2025?

Miguel Viana: We have a last question just in terms of execution of 2025. How do we see our delivery in terms of the target 2 gigawatts in EDPR in 2025?

Rui Teixeira: Again, just to emphasize, it's a 49% sale, straight equity, no structure. I think it came at, in a context, as you know, of quite a lot of uncertainty throughout 2025. Definitely a great transaction executed, on top of the one that we have been executing in Europe. As you know, we have already signed some European transactions that we are expecting to close before the end of the year. Now moving to slide 17. As previously highlighted, EDPR's recurring, underlying EBITDA rose by EUR 231 million, again, on the back of the solid performance on the operational side. Depreciation and amortization increase, obviously on the back of the new capacity additions. We do have some one-off impact from the accelerated depreciation of a requiring wind farm in the US.

So we are on track and on time, even slightly under budget and some of the projects, but overall.

Miguel Stilwell d'Andrade: We are on track, on time, even slightly under budget in some of the projects, but overall, very much within the budget for the 2025 project. I'd say that that's, you know, it's a good year from an execution point of view. There's been no issues around supply chain. Everything sort of is on site, and we're just wrapping up sort of, and we'll be wrapping up sort of by the end of the year. I'd say everything on time, on budget, and on track.

Miguel Stilwell de 'Andrade: We are on track, on time, even slightly under budget in some of the projects, but overall, very much within the budget for the 2025 project. I'd say that that's, you know, it's a good year from an execution point of view. There's been no issues around supply chain. Everything sort of is on site, and we're just wrapping up sort of, and we'll be wrapping up sort of by the end of the year. I'd say everything on time, on budget, and on track.

Very much within the budgets for the 20th 95 project and so I'd say that that's you know it's a good year from an execution point of view, there's been no issues around supply chain everything sort of as on site.

Just wrapping up instead of them and we will be wrapping up sort of by the end of the year. So I'd say everything on time on budget and on track.

So we have no more questions.

You cannot just if he wants to.

Operator: We have no more questions. Miguel, if you want to just closing remarks.

Miguel Viana: We have no more questions. Miguel, if you want to just closing remarks.

Closing remarks, I'd say listen it was.

Good setup, it's pretty good.

Miguel Stilwell d'Andrade: I'd say, listen. It's been a good year, good three quarters. I think we're well positioned to have a good full year. Looking forward to talking to you about the next couple of years at the CMD. Look forward to seeing you all then. Thanks.

Miguel Stilwell de 'Andrade: I'd say, listen. It's been a good year, good three quarters. I think we're well positioned to have a good full year. Looking forward to talking to you about the next couple of years at the CMD. Look forward to seeing you all then. Thanks.

Good year.

Good three quarters, and I think we're well positioned to have a good full year.

Rui Teixeira: Financial results increase on the back of higher nominal financial debt, lower capitalized financial expenses, partly offset by some FX and derivatives. Contribution to minorities improved year-on-year following the completion of the buyback of CDG minorities in late 2024. At the net profit level, we recognize around EUR 40 million of one-off impacts this quarter. This is mainly from impairments in Europe related to non-core countries. All in all, recurring net profit reached EUR 189 million, excluding capital gains. This represents a four-fold increase versus last year. Again, just to underscore the strength of EDPR's underlying performance. Summary, EDPR's performance during nine months, I think it's a testament to the ability to execute, to adapt, deliver sustainable growth. You know, we'll have Miguel will be presenting the strategy for the next few years.

And looking forward to talking to about.

The next couple of years at the same day so.

Look forward to seeing you are then.

Thanks.

Rui Teixeira: I think that we are definitely on good track in terms of how we are delivering the results this year. I would hand it over to you, Miguel, for final remarks. Thank you. Okay. Thank you, Hui. Just to wrap up and moving on to slide 18, just to reinforce the guidance. We are expecting a recurring EBITDA for 2025 of around EUR 4.9 billion, and that is supported by strong performance across all of the business segments. You can see that already at the nine months numbers. Breaking this down by segment, the integrated generation supply should deliver about EUR 1.4 billion of EBITDA, of which EUR 1.1 billion was already recorded in the first nine months.

Rui Teixeira: Wind and solar, including EDPR, expected to contribute roughly EUR 1.9 billion, including EUR 0.1 billion of asset rotation gains, and having the 2GW capacity additions on time and on budget. Electricity networks forecasted at around EUR 1.5 billion, with the distribution performance mitigating the transmission after the consolidation and the Brazilian real devaluation. Recurring net profit, approximately EUR 1.2 billion, impacted mostly by a higher cost of debt on the Brazilian real debt, an average higher debt, since the asset rotation proceeds and the tax equity proceeds are expected to be received more towards the end of the year. Net debt expected to stand near EUR 16 billion, assuming about EUR 2 billion in asset rotation proceeds and about EUR 1 billion in tax equity proceeds for the year. All in all, guidance reflecting resilience, reflecting the strength of our integrated and diversified portfolio, as Hui has also mentioned.

Rui Teixeira: Obviously, we'll be providing further color on the outlook for the years ahead in the next presentation, the CMD. For now, I'll pass it back to Miguel to see if there are any questions, so we can take those, mostly concentrated on the nine months, numbers. Thanks. Thank you. We have here some written questions. First one from Pedro Alves and BofA Securities regarding the capital gain at EDPR in the third quarter, if it relates only with the sale of the 121MW wind portfolio in France and Belgium, and if we can clarify the good capital gain per megawatt implicit in the transaction. Thank you, Pedro. Yes, in the third quarter, the capital gain is mostly related to the French and Belgian portfolio, and it's around EUR 0.4 million per megawatt.

Rui Teixeira: The multiple was great. It was an EV per megawatt of around EUR 1.6 million per megawatt, and that implies around 28% or so capital gains on invested capital. Yes, it was a great deal. I think this just reinforces that, you know, we continue to see strong demand for these portfolios. We continue to see great multiples for these portfolios. In Europe, we've been consecutively able to deliver on good numbers here. It was a good operating portfolio with around 11 wind projects in France, and one wind project in Belgium, all with COD around 2020. I mean, in this case, the buyer is a financial investor. You know, as I said, we continue to see strong interest for our assets at attractive, implicit yields.

Rui Teixeira: We have also a question about what impact we have in our nine months 2025 accounts regarding the extra cost with the ancillary services in Iberia, related with the increase of these costs during this year, namely supported on the supply side. Yeah. Ancillary services, as you know, post blackout was a big increase, but there had already been a structural increase before that. I'll talk a little bit about that later in the CMD. I mean, the value is estimated at around EUR 150 million. Just bear in mind that the revenues on the generation side have to then be passed on to customers, and in some cases, those contracts are already fixed.

Rui Teixeira: On a net basis, we continue to benefit from our flex gen portfolio, but obviously partially offset by, sort of in the past through to the customers taking just happening over the next couple of years. Anyway, we can give you more detail on that also when we talk in the CMD. We have also a question regarding the guidance for 2025. We see now the EBITDA on the 4.9, which is at the top of the previous range provided, net income at 1.2. If we can comment on this, on this evolution for the guidance for 2025. Yeah. What I've commented here on the guidance is, listen, we're very confident on delivering the guidance for all the different business segments, including the integrated Iberia. I mean, we did have a weaker October, and that's also incorporated.

Rui Teixeira: We are also seeing—that's sort of at the EBITDA level. There's no doubt we're sort of at the top end of the range. We are seeing slightly higher financial costs, especially in Brazil, and also a tax rate expected to be around 25% to 26% by year-end. Therefore, the net income is coming in still within the range, but close to the EUR 1.2 billion end of the range. We have also a question regarding our current exposure regarding offshore in the US, and if we have any comments regarding the latest news regarding permitting in the US. Listen, there was some news that came out. I think it was an article. That's probably what you're referring to, an article that came out in the New York Times or something like that around offshore in the US and around the permitting.

Rui Teixeira: As you know, offshore in the US is pretty much in hibernation mode at the moment. It's been much more about just riding out this phase. We have an exposure, and we said this multiple times. We have a total exposure at the EDPR level of around EUR 300 million. It's about EUR 200 million at the EDP level. We already partially impaired that at the end of last year, assuming that we were going to delay the project four years. We're keeping this exposure contained and at a minimum. We're just focused on building the legal case to defend the project permits and value, and also just then focusing, you know, on what could be the next steps.

Rui Teixeira: Essentially, we're at the same stage as, you know, many other of our peers are in relation to offshore in the US. I think the key issue here is what is the value at stake. As many of you know, it's around EUR 300 million at the EDPR level, which has already been partially impaired. We have also a question in terms of how we are evolving in terms of hedging for 2026, where we are in terms of contracting, in terms of hedging volume, and prices in Iberia. Yeah. For hedging, as you know, we typically hedge 12 to 18 months ahead. In this case, for 2026, we're already around 85% hedged at a price that's north of EUR 64/MWh. This is something that we do sort of on a rolling basis.

Rui Teixeira: For 2026, it's pretty much all set. I would say we normally wouldn't hedge more than this just because, just to make sure from a risk perspective, we don't become overhedged. So 85% is, you know, I would consider to be already the level of hedging that we want for 2026, and that's at the 64 or north of 64, actually, in this case. We have a last question just in terms of execution of 2025. If we—how do we see our delivery in terms of the target 2 gigawatts in EDPR in 2025? We are on track, on time, even slightly under budget in some of the projects, but overall, very much within the budget for the 2025 project. I'd say that that's, you know, it's a good year from an execution point of view.

Rui Teixeira: There's been no issues around supply chain. Everything sort of is on site. We're just wrapping up sort of, and we'll be wrapping up sort of by the end of the year. I'd say everything on time, on budget, and on track. We have no more questions. Miguel, just if you want to, just closing remarks. I'd say, listen, it was a good set of—it's, it's been a good year. Good three quarters. I think we're well positioned to have a good full year, and looking forward to talking to you about the next couple of years at the CMD. Look forward to seeing you all then. Thanks.

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