EDP Renovaveis (EDPR PL) Upgrade to Buy: A more positive outlook

研报英文原文证据摘录

EDP Renovaveis (EDPR PL) Upgrade to Buy: A more positive outlook

11 May 2026

EDP Renovaveis (EDPR PL) EquitiesElectric Utilities

Upgrade to Buy: A more positive outlook Portugal

◆ Q1 2026 EBITDA in-line with market expectations but net

UPGRADE TO BUY

income beats expectations; FY 2026 guidance upgraded

TARGET PRICE (EUR) PREVIOUS TARGET (EUR)◆ We see increasing management confidence in the 2026-28

plan as well as improved growth outlook beyond 2028 15.90 13.90

◆ Upgrade to Buy (from Hold) with TP up to EUR15.90 (from SHARE PRICE (EUR) UPSIDE/DOWNSIDE

EUR13.90) 13.87 +14.6%

(as of 07 May 2026)

Q1 2026 highlights: i) EBITDA of EUR488m was in-line with market expectations MARKET DATA

while net profit of EUR70m was above expectations, mainly driven by D&A charges, Market cap (EURm) 14,578 Free float 25%

interest expense and taxes below expectations. ii) EDPR upgraded its 2026 EBITDA Market cap (USDm) 17,093 BBG EDPR PL 3m ADTV (USDm) 16 RIC EDPR.LS

guidance to cEUR2.2bn (from cEUR2.1bn), mainly driven by improved outlook on

asset rotation gains and higher efficiencies. iii) EDPR mentioned that its 2026 target FINANCIALS AND RATIOS (EUR)

Year to 12/2025a 12/2026e 12/2027e 12/2028e

of 1.5GW is fully secured while more than c60% of the 2026-28 targeted capacity has HSBC EPS 0.21 0.45 0.51 0.60

been contracted at an attractive average spread over WACC of c285bp. iv) HSBC EPS (prev) 0.21 0.42 0.49 0.56

Change (%) 0.0 7.4 4.2 6.4

Management shows higher confidence in the three-year plan and highlights buffers Consensus EPS 0.30 0.42 0.46 0.52

and conservative assumptions. v) EDPR sees improved outlook beyond 2028 from PE (x) 67.5 31.1 27.3 23.2

Dividend yield (%) 0.6 1.3 1.5 2.2

demand growth, favourable PPA environment, and supportive regulatory frameworks.