EDP/R: 1H26 preview. Solid results expected

研报英文原文证据摘录

EDP/R: 1H26 preview. Solid results expected

14 July 2026

Jorge Alonso Suils

+34 915 893 913

European Utilities & Clean Energy jorge.alonso@bernsteinsg.com

Ken-Ree ChoongEDP - Energias de Portugal SA +44 20 7676 8243

Rating ken-ree.choong@bernsteinsg.com

Outperform Specialist Sales

Gareth Williams

Price Target +44 20 7762 5256

gareth.b.williams@bernsteinsg.com

EDP.PL 5.30 EUR

We regularly catch up with our coverage companies ahead of their quiet period to ensure that

Close Date 13 Jul 2026

we have correctly captured their most recent public guidance. Ahead of EDPR and EDP’s 1H26

EDP.PL Close Price (EUR) 4.51

results on 29/30th July 2026, we spoke with the company’s IR team. In this note we summarise

Price Target (EUR) 5.30

our key takeaways from the discussion and share our preview.

Upside/(Downside) 17%

Solid numbers expected. For 1H26 results, we expect EDP to report EBITDA of €2.7bn 52-Week Range 4.77/3.62

(+4.6% YoY) and net profit of €765m (+8.0% YoY), while for EDPR we estimate EBITDA of EDME 1,592.89

€1.03bn (+8.9% YoY) and net profit of €173m (+84% YoY). We are factoring in €60m of capital FYE Dec

gains at the EDPR level in 2026, versus €12m in the same period last year. Div Yield 4.5%

Market Cap (EUR) (M) 18,987

Main EBITDA growth drivers. At EDPR level, the higher capital gains are expected to support EV (EUR) (M) 43,611

growth. Nevertheless, even excluding capital gains (+4% EBITDA growth yoy) the increase Performance YTD 1M 6M 12M

in production (+4%) and cost efficiencies should offset the drop in average selling price. In Absolute (%) 15.9 1.6 10.6 19.2

addition, Networks are expected to remain a key growth driver supported by new remuneration EDME (%) 8.3 1.4 4.8 17.6

frameworks (Spain and Portugal) and Brazil should benefit from the FX.