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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
EDP (EDP) investor relations material
EDP CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary6 Nov, 2025
Strategic vision and market trends
Plans €12 billion investment through 2028, focusing on US renewables and Iberian networks, with €7 billion net investment after asset rotation and disposals.
Sees strong demand growth from electrification, data centers, and EVs, driving 2–3% annual demand growth in Iberia and globally, with renewables, wind, solar, and battery storage as key scalable, cost-competitive sources.
Expects a wave of network modernization in Portugal, Spain, and Brazil, with 25% of transformers over 40 years old and 40–55% investment increase to reinforce reliability.
Regulatory clarity and incentives in the US, Iberia, Europe, and Brazil underpin confidence in long-term planning and investment returns.
Maintains commitment to net zero by 2040, with ongoing ESG focus, digitalization, operational efficiency, and coal phase-out by 2025.
Financial guidance and capital allocation
Targets €5.2 billion EBITDA and €1.3 billion net profit by 2028, with a 4–8% CAGR in earnings since 2019 and a €1 billion net debt reduction.
Dividend per share floor to rise to €0.21 by 2028, with a payout ratio of 60–70%.
Net debt to EBITDA to improve from 3.7x (2019) to 3.2x (2028), with net debt reduced from €16 billion to €15 billion.
60% of renewables investment allocated to the US, up from 50%, and 30% of total CapEx to networks.
Asset rotation proceeds of €5 billion (2026–2028), mainly from renewables, plus €1 billion in disposals and €1.5 billion in US tax equity funding.
Portfolio and operational efficiency
Portfolio is highly resilient, with ~80% of EBITDA from A-rated markets and ~80% from regulated or long-term contracted/hedged activities.
Operational excellence initiatives aim to keep OPEX flat despite inflation and asset growth, targeting ~26% OPEX/gross profit and leveraging digital and AI capabilities.
Asset rotation strategy has delivered €13 billion in proceeds over 10 years, with a continued focus on derisking and value crystallization.
Compare Equity IRR for US Renewables vs Iberian Networks
What is the target FFO/ND ratio by 2028?
What is the target OPEX/Gross Profit ratio by 2028?
Asset rotation: What drives the 15% capital gain target?
How will powered land strategy unlock value from assets?
What unlocks European battery storage investment?
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Next EDP earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Energias de Portugal S.A. is a multinational utility company that plays a vital role in the energy sector. It operates in the generation, transmission, distribution, and supply of electricity and gas, serving approximately over 9 million customers across different regions. As the largest electricity generator, supplier, and distributor in Portugal, EDP also has significant operations in Spain, Brazil, and the United States. The company is a significant producer of wind energy, with roughly 75% of its energy generated from renewable resources. The company is headquartered in Lisbon, Portugal, and its shares are listed on the Euronext Lisbon stock exchange.
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