2Q26 Preview: Expect Solid Quarter Driven by EDPR and Networks

研报英文原文证据摘录

2Q26 Preview: Expect Solid Quarter Driven by EDPR and Networks

EUROPE | Utilities & Clean Energy

EDP EquityJulyResearch13, 2026

FLASH NOTE2Q26 Preview: Expect Solid Quarter Driven by

RATING HOLDEDPR and Networks

PRICE €4.47^

Ahead of 2Q26 results, we forecast EBITDA of €1.3bn, up 9% YoY, supported

by a solid contribution from EDPR and continued momentum in regulated PRICE TARGET | % TO PT €4.80 | +7%

networks, particularly in Iberia. This should be partially offset by a softer 52W HIGH-LOW €4.77 - €3.62

FlexGen performance, mainly reflecting weaker hydro conditions. On our FLOAT (%) | ADV MM (USD) 73.5% | 43.20

estimates, 1H26 EBITDA would represent around 51% of our FY26 forecast, MARKET CAP €17.7B | $20.2B

leaving the group broadly on track for the year. TICKER EDP PL ^Prior trading day's closing price unless otherwise

noted.

We expect EBITDA to increase 9% YoY. We forecast EBITDA of €1.3bn, up 9% YoY, driven

mainly by a strong performance at EDPR, supported by continued operational growth and

higher capital gains from asset rotations. We also expect good momentum in the Networks

division, particularly in Iberia, reflecting the contribution from new regulatory frameworks

versus last year. This should be partially offset by weaker performance in FlexGen, where we

forecast a 7% YoY decline in EBITDA, largely due to an 18% YoY drop in hydro generation in

2Q26. At the bottom line, we forecast net income growth of 6% YoY, as stronger operating

performance is partially offset by higher net financial expenses and increased minority

interests at the EDPR level. We estimate net debt at €16bn, up €0.35bn QoQ, mainly driven by

the dividend paid in May.

Our full year forecasts remain unchanged.

Exhibit 1 - JEF EDP Preview