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    Olly Jeffery • Deutsche Bank

    Olly Jeffery's questions to EDP SA (EDPFY) leadership

    Olly Jeffery's questions to EDP SA (EDPFY) leadership • Q1 2025

    Question

    Olly Jeffery of Deutsche Bank asked for a breakdown of the flexible generation EBITDA, seeking to understand the contribution from pump storage versus other ancillary services. He also inquired if the medium-term guidance for the Hydro Iberia and supply business, previously around €900 million, could now be higher due to structural market changes.

    Answer

    CFO Rui Teixeira explained that while a precise breakdown is difficult, they expect flexible generation EBITDA to increase slightly due to structural market factors. Regarding the medium-term outlook for the Iberian integrated business, he confirmed that due to factors like hydro pumping spreads and ancillary services, the company is now looking more towards a €1 billion run-rate, up from the previous €900 million guidance.

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    Olly Jeffery's questions to EDP SA (EDPFY) leadership • Q1 2025

    Question

    Olly Jeffery of Deutsche Bank asked for a breakdown of the flexible generation EBITDA, seeking to understand the contribution from pump storage versus other ancillary services this year compared to last. He also inquired if the medium-term guidance for the Hydro Iberia and supply business, previously around €900 million, should now be considered higher due to structural market changes.

    Answer

    CFO Rui Teixeira acknowledged that flexible generation EBITDA is expected to increase due to structural market factors but did not provide a specific breakdown, offering to follow up offline. He confirmed that the medium-term outlook for the segment is now viewed closer to €1 billion rather than €900 million, reflecting the increased value from hydro pumping spreads and ancillary services.

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