EDP Renovaveis / EDP: A good Brazil exit for EDPR; a simplification move for EDP

研报英文原文证据摘录

EDP Renovaveis / EDP: A good Brazil exit for EDPR; a simplification move for EDP

Equity Research

20 May 2026

EDP Renovaveis / EDP

A good Brazil exit for EDPR; a

simplification move for EDP

We expect EDPR shares to outperform the SX6P today EDP.LS/EDP PL EQUAL WEIGHT

POSITIVEsupported by an attractive 11x 2027 EV/EBITDA exit for Brazil EuropeanEnergy Utilities & Clean

operations & expected EPS accretion. EDP’s share price Price Target EUR 4.50

reaction could be more muted/neutral, as the deal mainly Price (19-May-26) EUR 4.39 Potential Upside/Downside +2.4%

Source: Bloomberg, Barclays Researchsimplifies its Brazil structure being broadly value neutral at

group level.

EDPR.LS/EDPR PL OVERWEIGHT

European Utilities & Clean POSITIVE EnergyEDPR sells Brazilian wind and solar operations to EDP. EDP announced yesterday, after

Price Target EUR 15.00

market close, that it would simplify its operations in Brazil by transferring EDPR Brasil to EDP

Price (19-May-26) EUR 13.75

Brasil for an equity consideration of approximately R$4.1bn (~€0.7bn), implying an enterprise

Potential Upside/Downside +9.1%

value of around €1.5bn, with closing targeted by year-end 2026. The transaction includes EDPR’s Source: Bloomberg, Barclays Research

1.8GW Brazilian renewables portfolio, comprising 1.1GW of onshore wind and 0.7GW of utility-

scale solar, with expected 2027 EBITDA of around R$0.8bn (~€0.1bn). The disposal reflects

European Utilities & Clean EnergyEDPR’s limited near-term growth ambitions in Brazil and supports a sharper focus on higher-

Peter Cramptonrated growth markets in the US and Europe. For EDP, the acquisition further integrates

+44 (0)20 3555 0125

generation, trading and supply activities in Brazil, enhancing agility, competitiveness and peter.crampton2@barclays.com