Business Strategy Execution
We will deliver superior value, while keeping a solid balance sheet
and low-risk profile
2021
2023
2025
CAPEX¹, € Bn/yr
Step-up investment plan with
3.9
4.5
4.6
↑ +1 Bn
2025 vs. 20
renewables focus
EBITDA², € Bn
Increased results with distinctive
3.7
4.2
4.7
energy transition profile
Net income², € Bn
Earnings acceleration
FFO/Net Debt³, %
~21%
Achieve BBB rating in the short term
0.8
1.0
1.2
~20%
~21%
↑ +2 pp
↑ +6%
CAGR 2020-25
↑ +8%
CAGR 2020-25
2025 vs. 20
1. Including financial investments | 2. EBITDA and Net Income adjusted by disposed portfolios in 2020 (6 hydro plants, B2C portfolio and 2 CCGTs in Spain); CESE at net income level as recurring cost
3. FFO/ND formula consistent with rating agencies methodologies, considering EDP definition of EBITDA Recurring
Note: Recurring EBITDA and Net income
edp
Business Strategy Execution
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