EDP H1 26 first take

研报英文原文证据摘录

EDP H1 26 first take

J P M O R G A N Europe Equity Research

29 July 2026

EDP Neutral

EDP.LS, EDP PL

H1 26 first take Price (29 Jul 26):€4.44

Price Target (Dec-27):€4.70

Our Take: We expect the shares to be slightly up at the open on the back of a beat European Utilities & Clean Energy

ACvs high expectations and after a weak trading day today following disappointment Javier Garrido

with EDPR H1 results breakdown and net income comments. However, we expect (34-91) 516-1557

the shares to only take a clear direction once management has provided its javier.x.garrido@jpmorgan.com

comments on guidance in the conference call. J.P. Morgan Securities plc

• Noteworthy Areas: H1 Recurrent EBITDA was €2,729m, +5% yoy and Specialist Sales contact details:

+0.9%/+3.6% vs JPME/Consensus* estimates. Excluding already reported Ian Mitchell - Specialist Sales -

EDPR numbers, the highlights are: 1) A very strong print in networks, both in European Energy

(44-20) 7134-1356

Iberia and in Brazil. Iberia was boosted by very strong fundamentals in ian.e.mitchell@jpmorgan.com

Portugal, where regulated revenue growth was enhanced at the EBITDA level

by a very robust contribution of efficiencies. Although the company admits

there is some seasonality in maintenance costs, we were genuinely impressed

by the extent of the cost reduction in Portugal. Brazil earnings growth was

driven by higher than expected regulated revenue increases in distribution and

higher contribution from new assets (including acquired assets) in

transmission. 2) A miss in Iberian liebralised activities, although vs what was

admittedly a demanding JPME. Still, the business delivered a high single digit

yoy EBITDA growth in Q2, with margins more than offsetting the decline in

volumes, as expected.