Leveraging the secular electrification investment opportunity
We are entering an era of sustained growth of power demand, and renewables are the cheapest, fastest and most scalable technology. The energy system needs more flexibility, and it is important to modernize aging network, connect demand/supply and reinforce system reliability.
In this context, EDP's 2028-28 Business Plan was designed to capture electricity demand growth driven by electrification and data centers deployment, with renewables and electricity networks at its core.
- Global momentum in clean electricity
Sustained growth in power demand, namely in the US
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Renewables are the fastest, most competitive and scalable technology
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Increasing need for flexibility and smart grids
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Supportive market and regulatory dynamics
- Key strengths across major markets
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Leader in Renewables, with strong track record and pipeline
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Integrated position in Iberia, combining FlexGen and Clients portfolios
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Robust Networks business, with a step-up of investments, particularly in Portugal
Lasting value creation
Our strategy is designed to create value that endures for shareholders, customers and communities alike - by expanding renewable energy that powers homes, cities and industries, strengthening more resilient networks that enable electrification, and driving continuous efficiency through responsible action and innovation.
Focused growth
Visibility with improved returns and flexibility to accelerate
Business optimization
Focus on value and cash-flow generation from the existing portfolio
Distinctive and resilient portfolio
High-quality portfolio with a sound Balance Sheet
EDP 2026-2028 Business Plan at a glance
billion Gross investment
billion Asset rotation
OPEX/Gross profit
billion Recurring EBITDA by 2028
billion recurring net income by 2028
FFO/Net debt ratio, maintaining a solid BBB rating
A clean and smarter energy system at the centre of our investment worldwide
Between 2026 and 2028, we plan to invest around €12 billion to reinforce electrification and strengthen energy resilience.
Investment allocation
70%
Renewables, Clients
& Energy Management
30%
Electricity
Networks
~90% of total investment in A-rated markets
Geographic focus
35%
United States
30%
Portugal
and Spain
10%
Brazil
5%
Others
20%
Rest of Europe
We will recycle capital through a €5 billion asset rotation program and streamline the portfolio with €1 billion of target disposals in the period to fund core growth markets
| 2025 | 2026 | 2028 | 2025 - 2028 | |
|---|---|---|---|---|
| EBITDA (€ Bn) | 4.9 | 4.9 - 5.0 | 5.2 | +6%
|
| Net Income (€ Bn) | 1.2 | 1.2 - 1.3 | 1.3 | +8%
|
| Net Debt (€ Bn) | ~16 | ~16 | ~15 | -€1Bn
|
| FFO/ND % | ~19% | ~20% | ~22% | +3 p.p
|
| DPS Floor (€ /share) | 0.20 | 0.20 | 0.21 | +5%
|
This approach supports consistent performance, strengthens the balance sheet and preserves flexibility for future investment.
