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    Alberto Gandolfi

    Managing Director at Goldman Sachs

    Alberto Gandolfi is a Managing Director at Goldman Sachs, specializing in equity research within the utilities sector with broad coverage across leading European and U.S. utility companies, including Solaria Energia, Orsted, ENEL, and Iberdrola. He maintains a strong analyst track record, ranking in the top percentile among Wall Street analysts with a verified 64% success rate and an average return of 9% per rating on TipRanks, and an average price target met ratio over 66% according to multiple industry metrics. Gandolfi joined Goldman Sachs International as Managing Director in 2016 after previous experience as an analyst at UBS Ltd, and he is actively based at the Milan branch of Goldman Sachs Bank Europe SE. His professional credentials include research leadership in major market reports impacting utility investment outlooks across the UK, Germany, Spain, Italy, the US, and France, though he is not registered with FINRA as he operates from a non-U.S. affiliate.

    Alberto Gandolfi's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership

    Alberto Gandolfi's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    Alberto Gandolfi from Goldman Sachs questioned why 2025 guidance wasn't upgraded despite a strong Q1 and high hydro reservoir levels, asking for visibility on ancillary services. He also asked if EDP would increase CapEx in Spain if allowed returns were set at 6.5%, or if capital would be reallocated.

    Answer

    CEO Miguel Stilwell de Andrade explained the decision to maintain guidance was based on prudence, citing non-recurring gas margins from 2024, lower hedge prices for the remainder of 2025, and softer market prices in April. Regarding Spanish returns, he commented that 6.5% seems low to attract needed investment and a final CapEx decision would depend on the full regulatory framework.

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    Alberto Gandolfi's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    Alberto Gandolfi from Goldman Sachs questioned why EDP was not upgrading its 2025 guidance, given that net income before gains was already at 40% of the target and reservoir levels were high. He also asked about capital allocation strategy in Spain, specifically if EDP would still increase CapEx if allowed returns were set at a relatively low 6.5%.

    Answer

    CEO Miguel de Andrade cited several reasons for maintaining guidance, including non-recurring gas margins from the prior year, lower hedge prices for the remainder of 2025, and declining market prices in April. On Spanish returns, he stated that 6.5% seems low to attract necessary investment and that any CapEx decision would depend on the entire regulatory framework, not just the headline return rate.

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    Alberto Gandolfi's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q1 2025

    Question

    Alberto Gandolfi from Goldman Sachs questioned why EDP did not upgrade its 2025 guidance, given that net income before gains is already at 40% of the target and reservoir levels are high. He also asked about capital allocation priorities, specifically whether EDP would still increase CapEx in Spain if regulated returns were set at a relatively low 6.5%.

    Answer

    CEO Miguel Stilwell de Andrade responded that the current guidance considers factors like lower hedged prices for the rest of the year compared to last year and lower market prices in April. He noted that a 6.5% return in Spain seems low to attract necessary private investment and that a decision on CapEx would depend on the entire regulatory framework, not just the return rate.

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    Alberto Gandolfi's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership • Q3 2023

    Question

    Questioned if the stable EBITDA guidance represents an underlying upgrade due to a better business mix, whether the 2023 net income is a clean base for 2024 growth, and asked for more detail on the IRR of the existing asset portfolio.

    Answer

    The business mix is indeed different and stronger. The company is comfortable with the 2024 business plan and consensus, noting that 2023's net income already reaches a level previously targeted for 2025. While a full portfolio IRR is complex, they provided an example of a US project where the PPA was renegotiated to increase the IRR from below 7% to 8.5%, maintaining the value spread.

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