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Jorge Guimarães

Jorge Guimarães

Research Analyst at JB Capital LLC

Madrid, ES

Jorge Guimarães is the Managing Director and Co-Head of Equity Research at JB Capital Markets, specializing in equity research within the Iberian utilities and renewables sectors. He actively covers major Spanish and Portuguese companies such as EDP, EDPR, and Grenergy, frequently participating in earnings calls and industry analyst discussions. Since joining JB Capital in 2019, Guimarães has brought over 22 years of experience from prior roles at Haitong Bank, Banif Banco de Investimento, and asset management positions including Head of Equities at Banif Gestão de Activos, managing both long-short and long-only equity funds. He holds an Economics degree, an MBA, is a CFA charterholder, and leverages his extensive buy- and sell-side expertise to deliver consistently insightful coverage and recommendations across the Iberian market.

Jorge Guimarães's questions to EDP ENERGIAS DE PORTUGAL (EDPFY) leadership

Question · Q1 2025

Jorge Guimarães from JB Capital asked about the potential remuneration for equipping more thermal plants in Portugal with 'Black Start' capabilities. He also inquired about the impact on the gross margin of the Portuguese distribution business from the proposed CapEx plan.

Answer

CEO Miguel Stilwell de Andrade clarified that remuneration for Black Start capability is not material, estimating it in the low single-digit millions. Regarding the distribution gross margin, he did not provide a specific figure but noted the increased investment would drive mid-single-digit growth in the Regulated Asset Base (RAB), from which margin impact could be inferred.

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Question · Q1 2025

Jorge Guimarães from JB Capital inquired about the potential remuneration EDP could receive for equipping thermal plants in Portugal with 'Black Start' capabilities. He also asked about the potential impact on the gross margin of the Portuguese distribution business resulting from the new CapEx plan presented to the regulator.

Answer

CEO Miguel de Andrade clarified that the remuneration for Black Start services is not material, describing it as being in the 'low single-digit' millions. Regarding the distribution margin, he did not provide a specific figure but noted that the increased investment is expected to drive mid-single-digit growth in the Regulated Asset Base (RAB), from which margin impacts could be inferred.

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Question · Q1 2025

Jorge Guimarães of JB Capital inquired about the potential remuneration EDP could receive for equipping more thermal plants in Portugal with 'Black Start' capabilities. Additionally, he asked for an outlook on the gross margin impact for the Portuguese distribution business resulting from the proposed CapEx plan.

Answer

CEO Miguel Stilwell de Andrade stated that while two additional hydro plants are being fitted for Black Start, the remuneration is not material, describing it as in the low single-digit millions. Regarding the gross margin impact, he did not provide a specific figure but reiterated that the increased investment would lead to mid-single-digit growth in the Regulatory Asset Base (RAB) over the period.

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