Energias de Portugal (EDP PL) Buy: Accelerating growth from 2028

研报英文原文证据摘录

Energias de Portugal (EDP PL) Buy: Accelerating growth from 2028

3 July 2026

Energias de Portugal (EDP PL) EquitiesElectric Utilities

Buy: Accelerating growth from 2028 Portugal

◆ Renewables growth in the US complemented by hydro

MAINTAIN BUY

cashflow and potential network upside

TARGET PRICE (EUR) PREVIOUS TARGET (EUR)◆ We see an improved balance sheet which could offer upside

beyond 2028 5.40 5.30

◆ Maintain Buy rating with TP raised to EUR5.40 (from EUR5.30) SHARE PRICE (EUR) UPSIDE/DOWNSIDE

4.50 +19.9%

We maintain our Buy rating on EDP on our positive renewables market outlook (as of 01 Jul 2026)

with higher expected margins and rising investment opportunities. We see wind, solar MARKET DATA

and BESS growth complemented by attractive hydro margins, a stable market Market cap (EURm) 18,841 Free float 75%

Market cap (USDm) 21,435 BBG EDP PL

business and growing networks. 3m ADTV (USDm) 50 RIC EDP.LS

◆ EDP reaffirmed its conservative business plan announced in November 2025 FINANCIALS AND RATIOS (EUR)

which focused on a disciplined investment plan and strengthening its balance Year to 12/2025a 12/2026e 12/2027e 12/2028e

HSBC EPS 0.27 0.31 0.30 0.32

sheet. EDP expects to strengthen its balance sheet with adj. net debt/EBITDA HSBC EPS (prev) 0.27 0.31 0.30 0.32

expected to come down from c3.3x in 2025 to 3.2x in 2028. The company has Change (%) 0.0 0.0 0.5 0.5

Consensus EPS 0.29 0.30 0.30 0.31

had a strong start to 2026 and upgraded its 2026 targets with EBITDA at PE (x) 16.4 14.5 14.8 13.9

cEUR5.2bn (vs previous guidance of EUR4.9-5.0bn) and net profit of cEUR1.3bn Dividend yield (%) 4.6 4.7 4.7 4.9

EV/EBITDA (x) 9.3 9.0 9.1 8.9

(vs previous guidance of EUR1.2-1.3bn). Further, EDP mentioned it is not looking ROE (%) 10.0 11.3 10.7 10.9

for additional funding.