EDP presents its 2026-28 Business Plan seizing the unique opportunity to invest in electrification

• Gross investment of around €12 billion between 2026 and 2028, with improved profitability — including approximately €7.5 billion at EDPR (in wind, solar and energy storage systems – BESS – of which around 60% in the United States) and €3.6 billion in electricity networks (two-thirds in the Iberian Peninsula), strengthening EDP’s flexible power generation (flexgen) and client portfolio in Iberia.
• Continued capital recycling to create greater value, targeting around €5 billion in financial proceeds from asset rotation transactions, with average annual gains of approximately €200 million, complemented by €1 billion in divestments during the period to fund growth in key markets.
• Enhancing efficiency and agility across the business, maintaining competitiveness with stable nominal OPEX of around €1.9 billion throughout the plan and achieving an OPEX/gross margin ratio of around 26%, supported by automation, robotisation and performance management of assets — with AI as a key enabler of efficiency improvements.
• Reaffirming EBITDA of around €4.9 billion in 2025, gradually increasing to €4.9–5.0 billion in 2026 and around €5.2 billion in 2028 (+6% vs. 2025 estimate), supported by growth in renewables in the U.S. market and greater investment in electricity networks in Portugal and Spain.
• Net debt expected to remain around €16 billion in 2025 and 2026, decreasing by €1 billion to €15 billion by 2028, strengthening the balance sheet. This will be underpinned by disciplined investment and solid cash flow generation, maintaining a strong BBB credit rating, with FFO/net debt improving from around 19% in 2025 to around 22% by 2028, while keeping a resilient, low-risk portfolio.
• Net profit rising from around €1.2 billion in 2025 and €1.2–1.3 billion in 2026 to around €1.3 billion in 2028 (+8% vs. 2025 estimate), improving earnings quality with a lower contribution from asset rotation gains and a higher share from regulated and A-rated markets. This will support an increase in the minimum dividend to €0.21 per share by 2028 (+5% vs. 2025), with a payout ratio of around 60–70% for 2026–2028, ensuring attractive returns for shareholders.

Beyond the scope of this 2026–28 Business Plan, EDP foresees growing electricity demand, particularly driven by the expansion of data centres in the United States and Europe. This will enable accelerated renewable growth, supported by a diversified portfolio and the upward price adjustments following the renegotiation of EDP’s operating fleet in the U.S., as well as hybridisation, wind repowering and battery energy storage systems (BESS). In the electricity networks business, investment needs will remain significant over the next decade, while EDP’s conventional generation assets will continue to capitalise on the increasing value of flexibility.