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Javier Garrido

Research Analyst at JPMorgan Chase & Co.

Javier Garrido is an Executive Director and analyst at JPMorgan Chase & Co., specializing in coverage of the wind energy and utilities sectors. He has been instrumental in analyzing companies such as Orsted, providing insights and investment recommendations regarding cost pressures and market performance in renewable energy. Garrido's career includes a progression to executive-level roles at JPMorgan, where he is recognized for detailed sector notes and thought leadership within energy markets. He holds professional credentials required for his role as a lead analyst at a major investment bank, including securities licenses and regulatory registrations.

Javier Garrido's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership

Question · Q1 2025

Javier Garrido of JPMorgan asked about the financial impact on EDP from the recent power market disconnect between Portugal and Spain. He also questioned whether the €1.2 billion net income guidance for 2025 represents a realistic central case or a worst-case scenario.

Answer

CEO Miguel Stilwell de Andrade stated that the impact from the temporary market split was not material, as the situation normalized within a few days. He affirmed that the €1.2 billion net income guidance for 2025 is their best and most realistic estimate, noting that management feels even more comfortable with it now than before.

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Question · Q1 2025

Javier Garrido of JPMorgan Chase & Co. asked about the financial impact on EDP from the recent power market disconnect between Portugal and Spain following the blackout. He also questioned whether the €1.2 billion net income guidance for 2025 represents a realistic central case or a worst-case scenario.

Answer

CEO Miguel de Andrade explained that the market splitting was temporary, lasting only a couple of days before normalizing, and is not expected to have a material impact. He characterized the 2025 guidance as the company's 'best estimate as of today' and a 'realistic outlook,' adding that management feels even more comfortable with the number now than before.

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Question · Q1 2025

Javier Garrido of JPMorgan asked about the financial impact on EDP from the recent power market disconnect between Portugal and Spain following the blackout. He also questioned whether the €1.2 billion net income guidance for 2025 is a realistic central case or a conservative worst-case scenario given current information.

Answer

CEO Miguel Stilwell de Andrade explained that the market splitting impact was limited to a couple of days and is not expected to be material as the situation has normalized. Regarding the 2025 guidance, he affirmed that it is their best and most realistic estimate as of today, stating the company feels even more comfortable with the number than before, though several months remain in the year.

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Question · Q3 2023

Inquired about potential one-off costs for the announced cost savings, whether financial cost savings are a net improvement, news on the financing of Portuguese social tariffs, and whether the 2023 EBITDA guidance is conservative.

Answer

No one-off costs are expected for the savings initiatives. The EUR 100 million financial cost saving is a net improvement versus the business plan. The Portuguese social tariff cost will be shared among all operators, reducing EDP's burden. The EBITDA guidance is not conservative; the mix has shifted to 100%-owned businesses, boosting net income.

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