EDP: H1 conf call feedback – guidance upgrade and positive tone on medium term should underpin the shares near term

研报英文原文证据摘录

EDP: H1 conf call feedback – guidance upgrade and positive tone on medium term should underpin the shares near term

J P M O R G A N Europe Equity Research

30 July 2026

EDP

H1 conf call feedback – guidance upgrade and positive Neutral

tone on medium term should underpin the shares near EDP.LS, EDP PL

term Price (29 Jul 26):€4.44

Price Target (Dec-27):€4.70

Following a positive results release last night (see here) EDP’s management has European Utilities & Clean Energy

ACupgraded 2026 guidance (importantly with contributions from all business units) Javier Garrido

and delivered a positive tone on comments about the upside risks in 2027-28. After (34-91) 516-1557

the negative share price reaction to yesterday’s EDPR results and conference call, javier.x.garrido@jpmorgan.com

and against a challenging backdrop with regard to investor positioning, we believe J.P. Morgan Securities plc

the H1 conference call should underpin the shares in the near term. For a more Specialist Sales contact details:

durable share price reaction (and for more active engagement of long-only

Ian Mitchell - Specialist Sales -investors in the equity story), our analysis suggests that management needs to European Energy

deliver a medium-term credible growth story for the stock and the opportunity (44-20) 7134-1356

should come with the planned update of the Strategic Plan in Q2 2027. Meanwhile, ian.e.mitchell@jpmorgan.com

we expect consensus upgrades to catch up with the upgraded 2026 guidance to

support the stock.

• 2026 guidance upgraded. Management has upgraded 2026 guidance

following a strong H1 result and a strong outlook for power prices into H2.

2026 EBITDA guidance has increased from €5.2bn to €5.3bn and net income

guidance from €1.3bn to €1.4bn. The EBITDA upgrade reflects the higher