EDP (EDP) AGM 2026 presentation summary

Key agenda items and governance

• Approval of 2025 integrated report, financial statements, sustainability information, and remuneration report.

• Deliberation on profit allocation and dividend distribution for 2025, with a proposed dividend of €0.205/share.

• Votes of confidence for executive and supervisory boards and statutory auditor for 2025 performance.

• Authorization for acquisition/sale of own shares and bonds, and suppression of pre-emptive rights for convertible bonds.

• Amendment to executive remuneration policy and re-election of statutory auditor for 2027.

Financial performance and shareholder returns

• 2025 recurring EBITDA reached €5.0bn, with reported net profit up 44% to €1.2bn; net debt reduced to €15.4bn.

• Dividend per share proposed at €0.205, up 2.5% from guidance, with a payout ratio of 66%.

• Total shareholder return of +35% in 2025 and +60% for 2025-26, outperforming European indices.

• OPEX reduced for the second consecutive year, improving cost efficiency despite inflation.

• Recurring net profit broadly stable YoY, supported by strong EDPR and resilient networks.

Strategic growth and investment outlook

• Positioned to capture secular growth in electricity demand, especially in Iberia and North America.

• Renewables, grids, and digitalization drive investment, with €12bn gross investments planned for 2026-28.

• Focus on value creation, with €1bn in disposals and €7bn net investments, targeting €5.2bn recurring EBITDA by 2028.

• 80% of EBITDA expected from A-rated markets and regulated/contracted activities.

• Commitment to maintain FFO/Net Debt above 20% and a DPS floor of €0.21 by 2028.