1Q24 Results

Presentation

May 9th, 2024

15:00 CET | 14:00 UK / Lisbon

www.edpr.com

Central Fotovoltaica da Cerca

Portugal

Agenda

1

2

3

4

1Q24 results

Update on Strategy Execution

Closing Remarks

Annex

2

1Q24 Results

1Q24 marked by a recovery of capacity installations and generation volumes, impacted by lower electricity prices in Europe

1Q24 Main Highlights

Financial Performance

  • Capacity additions: +0.5 GW following the normalization in solar supply chain in US, with 100% of solar panels for 2024 already delivered on site
  • Generation volumes: 9.9 TWh, with gradual ramp up from the most recent installed capacity occurring during 2024
  • Avg selling price: -3% to €61/ MWh mainly driven by Europe
  • Asset rotation: 0.5 net GW rotated in 1Q24 at an Enterprise Value of €0.9bn.
    On track to deliver >€1.7bn proceeds in 2024 with more transactions launched
  • Core OPEX/ avg. MW in operation -7% YoY backed by cost efficiency actions

1Q24

+0.5 GW

Capacity Additions

9.9 TWh

Generation

€454m

EBITDA

€68m

Net Profit

4

EBITDA +1% YoY impacted by lower electricity prices in Europe and lower generation, offset by lower costs and Asset Rotation Gains

EBITDA per region

(€m)

+1%

448454

228

255

-11%

173 +28% 223

34

-21%

27

(15)

(24)

1Q23

1Q24

1Q23

1Q24

YoY

YoY

Installed Capacity(1) GW

14.8

16.5

+12%

Electricity Generation TWh

10.2

9.9

-3%

Europe TWh

3.5

3.6

+3%

North America TWh

5.2

5.4

+4%

Europe

South America TWh

1.3

0.6

-54%

Avg. Selling price €/MWh

62.5

60.6

-3%

North America

Europe €/MWh

105.1

89.4

-15%

North America $/MWh

44.2

44.7

+1%

South America,

& APAC

Core OPEX/ Avg. MW €m

13.4

12.5

-7%

Other

Asset Rotation Gains €m

-

58

-

(1) Includes EBITDA + Equity MW

5

Financial Results -14% YoY driven by $/€ rebalancing and efficient capitalizations despite higher gross debt

Financial Results

(€m)

-14%

126

108

1Q23

1Q24

Cost of

4.65%

4.66%

Debt (%)

EDPR's financial debt per currency

(%)

21%

30%

59%

51%

Other

20%

18%

FY23

1Q24

Financial results -14% YoY impacted by $/€ rebalancing and efficient capitalizations despite higher gross debt (+€0.3bn)

Cost of debt flat YoY with lower cost of debt from new debt refinanced

75% of total debt maturing post-2026

Debt by maturity & counterparty

(%)

EDP Group 3rd Parties

75%

13%

5%

8%

2024

2025

2026

>2026

6

Net Debt at €6.7bn driven by Net Expansion Investments of €0.9bn

Net Debt Chg. Dec-23 to Mar-24

(€bn)

5.8

€1.2bn Expansion Capex offset by

+€0.9bn

€0.3bn AR Proceeds net of gains

YTD

0.05

0.9

0.5

0.1

0.2

0.1

6.7

Net Debt Dec-23

EBITDA

Non-Cash Items

Interest Cost

Change in WC &

Others (1)

Net Expansion

Forex & Others

Net Debt

Investments

Mar-24

Organic Cash Flow

Asset Rotation and Tax Equity proceeds expected to be higher in the last part of the year,

compensating investments evolution with >€1.5bn AR proceeds to be cashed-in

(1) Change in Working Capital, Income Tax Paid and Minorities/Partnerships distributions

7

Net Profit of €68m strongly impacted by top line, compensated by improved financials and lower minorities

1Q24 EBITDA to Net Profit

(€m)

EBITDA

D&A(1)

EBIT

Financial

results

Taxes

Minorities

YoY

454

+€6m

(195)(€13m)

259

(€7m)

+€18m

(108)

(37)

-€14m

(46)

+€6m

Lower prices in Europe offset by Asset rotation gains of €58m in 1Q24

On the back of capacity additions

Driven by $/€ rebalancing, lower cost of new debt

refinanced and efficient capitalizations

Tax rate of 24.4% impacted by asset rotation gains tax treatment

Driven by top line evolution

Net Profit

68

+€3m

Impacted by lower top line, compensated by improved financials and lower minorities

(1) D&A includes Provisions, Depreciation and amortisation and Amortisation of deferred income (government grants)

8

Update on Strategy Execution

High quality 100% renewables portfolio mostly wind onshore, well diversified primarily across Europe & North America and LT contracted

Diversified portfolio with a solid generation profile

Capacity by geography

Generation by technology

50%8%

16.5

6%

9.9

7%

GW

91%

TWh

2%

36%

87%

91%

Contracted/Merchant(1)

LT Contracted 70% 40-42 20% Hedged

TWh

10%

Merchant

90%

Focus on low risk markets: 87% of asset base in

Europe & North America

91% of the renewable generation coming from wind onshore, growth in solar focused on pay-as-producecontracts and solar DG

High weight of long term contracted generation volumes: ~90% of volumes LT contracted & hedged for 2024, LT contracts with an avg. maturity of 12 years

Very competitive renewables generation with an avg.

selling price expected at €53-€54/MWh in 2024

(1) Forecast generation for 2024 in the range of 40-42 TWh

10

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EDP Renovaveis SA published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 15:35:06 UTC.