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    Javier Garrido • JPMorgan Chase & Co.

    Javier Garrido's questions to EDP SA (EDPFY) leadership

    Javier Garrido's questions to EDP SA (EDPFY) leadership • Q1 2025

    Question

    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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    Javier Garrido's questions to EDP SA (EDPFY) leadership • Q1 2025

    Question

    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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