Equity Snap: Energias de Portugal (EDP PL): 1H26 slight beat on networks

研报英文原文证据摘录

Equity Snap: Energias de Portugal (EDP PL): 1H26 slight beat on networks

30 July 2026

Equity Snap: Energias de Equities Electric Utilities

Portugal (EDP PL)

1H26 slight beat on networks Portugal

◆ H1 2026 EBITDA and net income slightly beat expectations Meike Becker*

Senior Global Utilities & Renewables Analyst

◆ Networks drive growth with new regulatory cycle providing HSBC Bank plc

meike.becker@hsbc.com

higher returns in Iberia +44 20 7991 6441

Charles Swabey*

Global Utilities & Renewables Analyst

Energias de Portugal (EDP PL, EUR4.44, Buy, TP EUR5.40) HSBC Bank plc

(Priced as of 29 Jul 2026) charles.swabey@hsbc.com

+44 20 3268 3954

EDP H1'26 results beat: EDP reported H1 2026 EBITDA of EUR2,745m, above our Chandrahasan S*

expectations (+3%) as well as market expectations (+4%). The main driver was Associate

Bangalore

renewables and networks. Reported net income at EUR732m was marginally ahead

of expectations (+1% vs HSBC an +3% vs consensus) mainly driven by higher

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

EBITDA, partly offset by higher depreciation/provision. Recurring net income came in not registered/ qualified pursuant to FINRA regulations

at EUR753m.

Networks reported EBITDA of EUR872m slightly above our estimates, mainly driven

by higher RAB and return on RAB in Iberia from new regulatory periods.

Hydro, clients & EM business reported EBITDA of EUR800m, slightly below our

expectations and c5% down YoY, mainly driven by lower hydro generation versus H1

2025 partly offset by improved electricity pool prices in Iberia of EUR55/MWh in H1

2026 versus EUR39/MWh in H1 2025.

Renewables 1H 2026 EBITDA of EUR1,057m was above our as well as market

expectations. Recurring EBITDA of EUR1,033m was up 8% YoY as capacity