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    Arthur Sitbon's questions to EDP SA (EDPFY) leadership

    Arthur Sitbon's questions to EDP SA (EDPFY) leadership • Q1 2025

    Question

    Arthur Sitbon asked if there was potential upside to the €1.6 billion EBITDA guidance for international networks in 2026, given regulatory reviews in Brazil and Iberia. He also questioned the company's financial leverage strategy ahead of the November Capital Markets Day, asking if the stable 2025 guidance assumed any dilution from disposals.

    Answer

    CEO Miguel de Andrade responded that the existing networks guidance already incorporated some assumptions for increased investment and returns. On leverage, he emphasized the commitment to a BBB credit rating by balancing growth, balance sheet, and dividends, with no plans for accelerated deleveraging. He clarified that the stable 2025 guidance reflects an increased integrated margin outlook offset by lower assumed capital gains at EDPR, not dilution from disposals.

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    Arthur Sitbon's questions to EDP SA (EDPFY) leadership • Q1 2025

    Question

    Arthur Sitbon from Morgan Stanley asked if the 2026 network EBITDA guidance of €1.6 billion could see an uplift from favorable regulatory reviews in Brazil and Iberia. He also inquired about the company's approach to financial leverage ahead of the November Capital Markets Day and whether the stable 2025 guidance assumes any dilution from asset disposals.

    Answer

    CEO Miguel Stilwell de Andrade explained that the existing guidance already includes assumptions for increased investment and returns, with final numbers pending regulatory decisions. He emphasized that the core financial strategy is maintaining a BBB credit rating by balancing growth, balance sheet health, and dividends, and clarified that the 2025 guidance does not assume any unexpected dilution from disposals.

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