EDP Renováveis S A : EDPR 1Q24 Results Report

Results Report

1Q24

May 9th, 2024

Contents

Index

1Q24 Highlights	3
Asset Base	4
Operating Performance	5
Financial Performance	6
Cash-Flow & Investment Activity	7
Net Debt	8
Business Platforms	9
Europe (EUR)	10
North America (USD)	11
South America (EUR)	12
APAC (EUR)	13
Balance Sheet & Income Statements	14
EDPR: Balance Sheet	15
EDPR: Income Statement by Region	16
EDPR Europe: Income Statement by Country	17
ESG Performance	18
ESG Ratings & Sustainable Development Goals	19
Environmental Performance	20
Social Performance	21
Governance Performance	22
Annex	23
Remuneration Frameworks	24
Ocean Winds	25
Share Performance & Shareholder Structure	26

Conference Call & Webcast Details

Date: Thursday, 9th of March, 2024, 15:00 CET | 14:00 UK/Lisbon

Webcast: www.edpr.com

Phone dial-in number: UK: [phone] | US: [phone] | Spain: [phone]

To receive your personal ID, please register in advance

Investor Relations

Email: [e-mail]

Site: www.edpr.com

Telephone: [phone]

EDP Renováveis, S.A.

Head office: Plaza del Fresno, 2 33007 Oviedo, Spain

LEI: 529900MUFAH07Q1TAX06

C.I.F. n. º A-74219304

Important Information

In February 2024, EDPR concluded an Asset Rotation deal in US for an 80% equity stake in a 340 MWac solar portfolio. Tax Equity deconsolidation was accounted in 2023, while MW deconsolidation and equity proceeds along with capital gains were accounted in 1Q24.

In April 2024, EDPR concluded an Asset Rotation deal in Canada, which had first been announced in February 2024 upon signing, for an 80% equity stake in a 297 MW wind onshore project. MW and Debt deconsolidation, along with capital gains, were accounted in 1Q24, while cash proceeds received in April 2024 will be accounted only in 1H24. Tax Equity deconsolidation is expected to be accounted until the end of 2024.

- 2 -

1Q24 Highlights

1Q24 Results Operational Performance

As of Mar-24, EDPR had 16.5 GW of renewable installed capacity having added +0.5 GW of renewables capacity in 1Q24 (vs. +52 MW in 1Q23), following the recovery of solar capacity additions in the US (+0.4 GW in 1Q24). In the last 12 months, EDPR added +2.9 GW of capacity, namely +1.6 GW in North America, +0.7 GW in Europe, +0.4 GW in South America and +0.2 GW in APAC.

EDPR completed two asset rotation deals. One in the US for the 80% stake of 0.3 GW in a solar portfolio, and another transaction in Canada for an 80% stake in a 0.3 GW wind project, amounting to 0.6 GW of total gross renewable capacity (0.5 GW net capacity) for a combined multiple of €1.5m EV/MW.

In terms of resources, EDPR renewables index, which reflects deviations of renewables' resources for the period vs. long term average, stood at 98% for 1Q24 (-0.2ppvs. 1Q23), 2 p.p. below the LT average for the period, mainly driven by North America and South America negative deviations. El Niño weather phenomenon impact in North America in 1Q24 was lower than initially expected.

All in all, EDPR's renewables generation decreased -3% YoY to 9.9 TWh in 1Q24, avoiding 6.0 million tons of CO2 emissions, mainly impacted by Asset rotation of wind assets during the last 12 months (deconsolidation of 256 MW of wind in Spain in Jul-23,142 MW of wind in Poland in Sep-23and 260 MW of wind in Brazil in Dec-23),the decrease of generation in Brazil (-54%YoY), impacted also by the mentioned wind MW deconsolidation and preventive maintenance made on projects that required periodical halt of operations, along with overall slightly lower renewables resources YoY.

Average selling price was €61/ MWh (-3%YoY), reflecting lower electricity market prices mainly in Europe. YoY comparison was also driven by the downward regulatory review in Spain of the 2023 electricity prices assumptions for regulatory assets announced in June 2023.

Revenues to Net Profit

Revenues were at €632m (-11% YoY) on the back of lower average selling price (-3% YoY) and lower generation (-3% YoY).

Other operating income increased to €84m (vs. €21m in 1Q23) driven by €58m of asset rotation gains from the deals in US and Canada.

Operating Costs decreased -5% YoY, mainly driven by a -15% decrease in Other Operating Costs with EU clawbacks only related to Romanian non-cash impact of €13m from unwinding hedges and with Polish clawback no longer active, partially offset by the Colombian projects PPA costs during the 1Q24 of €27m. Core Opex (which includes Supplies & Services and Personnel Costs) increased +3% YoY reflecting a higher weight of assets under management (+1.7 GW YoY of portfolio increase) while Core Opex/ avg. MW in operation decreased -7% YoY reflecting the company's continuous effort on efficiency measures.

Financial results amounted to €108m in 1Q24 (-14% YoY), impacted by the €/$ rebalancing debt currency strategy, with an increase of Euro and a reduction of USD weight on debt YoY and higher capitalizations due to project timings along with flat cost of debt at 4.66%, driven by lower cost of debt from new debt refinanced.

At the bottom line, Net Profit amounted to €68m (+4% YoY), impacted by lower top line and by higher income taxes derived from asset rotation gains tax treatment, compensated by improved financials and lower non-controlling interests (-11% YoY).

Investment & Net Debt

Gross Investment amounted to €0.8bn in 1Q24, with >80% of its Capex invested in Europe and North America, reflecting EDPR's focus on its core low-risk markets.

Proceeds from Asset rotations booked in 1Q24 were €0.3bn, which included the Equity proceeds from the deal in the US (TEI deconsolidation accounted in 2023) and the debt deconsolidation from the deal in Canada (Equity proceeds received in Apr-24 and TEI deconsolidation to be accounted throughout the year), leading to Net Expansion Investments of €0.9bn (-8% YoY).

Net Debt amounted to €6.7bn, a +€0.9bn increase vs. Dec-23, reflecting the cash investments made in the period.

Following the success of last year's Scrip Dividend program, EDPR announced its intention to continue offering its shareholders this remuneration mechanism, helping to sustain a higher optionality in terms of income for its shareholders. For the 2024 Scrip Dividend, EDPR shares became ex-rights on May 2nd and shareholders may opt between receiving new bonus shares (1 bonus share per 63 incorporation rights), receive an amount of €0.201 per incorporation right, or a mix of both options on May 23rd, 2024.

Operational Data	1Q24	1Q23	∆ YoY
EBITDA MW		13,684	+1,617
15,301
Equity MW	1,197	1,105	+93
Installed Capacity (EBITDA MW + Equity MW)	16,498	14,788	+1,710
EBITDA MW metrics
Load Factor (%)	33%	34%	(1pp)
Production (GWh)	9,921	10,248	(3%)
Avg. Selling Price (€/MWh)	60.6	62.5	(3%)
Income Statement (€m)	1Q24	1Q23	∆ YoY
Revenues		706	(11%)
632
Other operating income/(cost)	(189)	(266)	(29%)
Share of profit of associates	11	8	+49%
EBITDA	454	448	+1%
EBITDA/Revenues	72%	63%	+8pp
D&A and Provisions	(195)	(181)	+7%
EBIT	259	266	(3%)
Net Financial Expenses	(108)	(126)	(14%)
Taxes	(37)	(23)	+58%
Non-controlling interests	(46)	(52)	(11%)
Net Profit (Equity holders of EDPR)	68	65	+4%
Cash-Flow (€m)	1Q24	1Q23	∆ YoY
EBITDA
454	448	+1%
Non-cash, Income Tax & Changes in WC	(229)	(248)	(8%)
Cash-Flow from Operations	225	199	+13%
Interest, Partnerships & Other	(166)	(143)	+16%
Organic Cash-Flow	59	57	+4%
Net Expansion Investments	(937)	(1,017)	(8%)
Dividends paid to EDPR Shareholders	-	-	-
Forex & Other	(54)	96	-
Capital Increase	-	1,000	-
Decrease / (Increase) in Net Debt	(932)	135	-
Investment Activity (€m)	1Q24	1Q23	∆ YoY
Capex
731	918	(20%)
Financial Investments	28	65	(57%)
Gross Investments	759	983	(23%)
(-) AR proceeds	(338)	(180)	+87%
Other	516	214	+141%
Net Expansion Investments	937	1,017	(8%)
Debt (€m)	Mar-24	Dec-23	∆
Net Debt			+933
6,738	5,805
Net Debt/LTM EBITDA	3.7x	3.2x	+0.5x

- 3 -

Asset Base

Installed Capacity	Mar-24		1Q24 (1)			Under
(MW)	Additions	AR/Decom.	∆ MW		Constr.
EBITDA MW
Spain	2,042	-	-	-	356
Portugal	1,413	-	-	-	-
France	244	-	-	-	30
Belgium	11	-	-	-	-
Poland	798	-	-	-	45
Romania	521	-	-	-	49
Italy	412	-	-	-	372
Greece	80	-	-	-	104
UK	5	-	-	-	-
Netherlands	21	+11	-	+11	28
Hungary	-	-	-	-	74
Europe	5,546	+11	-	+11	1,059
United States	6,965	+415	(341)	+74	1,665
Canada	130	-	(297)	(297)	-
Mexico	496	-	-	-	-
North America	7,590	+415	(638)	(223)	1,665
Brazil	1,164	-	(1)	(1)	579
Colombia	-	-	-	-	504
Chile	83	-	-	-	-
South America	1,247	-	(1)	(1)	1,083
Vietnam	402	-	-	-	-
Singapore	325	+10	-	+10	28
RoAPAC	190	+18	-	+18	24
APAC	917	+28	-	+28	52
Total EBITDA MW	15,301	+454	(638)	(184)	3,858
Equity Consolidated (MW)
Spain	120	-	-	-	-
Portugal	31	-	-	-	-
Rest of Europe	311	-	-	-	728
Europe	462	-	-	-	728
United States	660	-	+68	+68	-
Canada	59	-	+59	+59	-
North America	719	-	+127	+127	-
RoAPAC	16	-	-	-	1
APAC	16	-	-	-	1
Total Eq. Cons. MW	1,197	-	+127	+127	729
Total EBITDA + Eq. MW	16,498	+454	(511)	(57)	4,587

EDPR added +0.5 GW of renewables capacity in 1Q24, following the recovery of solar capacity additions in US (+0.4 GW in 1Q24), given the normalisation of solar panels supply chain in the US after the constrains observed in 2023.

As of Mar-24, capacity under construction stood at 4.6 GW with >50% related to solar, in line with target additions.

Assets' Average Age & Useful Life by Country

EBITDA MW
		Spain		15
		Portugal		12
		France	3
		Belgium	3
		Poland	7
		Romania		12
		Italy	4
		Greece	2
		UK		12
	Netherlands	0.1
		US		10
		Canada	5
		Mexico	4
		Brazil	3
		Chile	0.2
		Vietnam	3
		Singapore	4
		RoAPAC	1
		EDPR			9
0		5	10	15	20	25	30		35
Installed Capacity by Region					Installed Capacity by Technology	(2)
EBITDA MW + Equity MW					EBITDA MW + Equity MW
												2%	0.3%
				6%								5%
8%
									16%
					36%
		16.5 GW						16.5 GW
50%											78%
		Europe			North America				Onshore Wind	Solar Utility Scale
		South America		APAC					Solar DG		Offshore Wind
							Storage

Note: Solar capacity and solar load factors reported in MWac

1. YTD variation considers the decommisioning of 1 MW of Wind in Brazil and 1 MW of Solar DG in US.
2. Installed capacity by Technology distribution varies from 1Q24 Operating Data Preview as the 240 MWac Scarlet I project was considered as 100% of solar utility-scale, when in fact it is 200 MWac of solar utility-scale and 40 MWac of storage.

- 4 -

Operating Performance

Load Factor	(1)	1Q24	1Q23	∆ YoY
Europe				+1pp
	33%	32%
North America		35%	37%	(2pp)
South America		29%	27%	+2pp
APAC		17%	18%	(1pp)
EDPR		33%	34%	(1pp)
Electricity Generation (GWh)	1Q24	1Q23	∆ YoY
Europe				+3%
	3,580	3,466
North America		5,398	5,174	+4%
South America		607	1,332	(54%)
APAC		336	276	+22%
EDPR		9,921	10,248	(3%)
Electricity Sales and Other (€m)	1Q24	1Q23	∆ YoY
Europe				(14%)
	320	371
North America		201	223	(10%)
South America		18	28	(38%)
APAC		33	30	+9%
EDPR (2)		558	643	(13%)
Revenues		1Q24	1Q23	∆ YoY
Revenues (€m)	632	706	(11%)
Revenues per Avg. MW in operation (€k)	43	53	(18%)
Income from Institutional Partnerships (€m)	1Q24	1Q23	∆ YoY
Income from Institutional Partnerships	73	63	+15%

Note: Operational Performance considers only capacity consolidated at EBITDA level.

1. Load Factor and Renewable Index updated vs Operating Data Preview provisional figures.
2. Difference between Total and Platforms belongs to Corporate Holding.

Renewables Index (vs expected LT Avg. GCF)	(1)	1Q24	1Q23	∆ YoY
Europe				102%	100%	+2pp
North America				97%	102%	(5pp)
South America			83%	96%	(14pp)
APAC				-	-	-
EDPR				98.2%	98.4%	(0.2pp)
Avg. Selling Prices (per MWh)			1Q24	1Q23	∆ YoY
Europe				€89.4	€105.1	(15%)
North America				$44.7	$44.2	+1%
South America			R$213.8	R$163.0	+31%
APAC				€91.8	€100.6	(9%)
EDPR Average Selling Price			€60.6	€62.5	(3%)
Electricity Output	Avg. Selling Price		Revenues
GWh		€/MWh			€m
(3%)			(3%)		(11%)
10,248		€62.5	€60.6		706	632
9,921
1Q23	1Q24	1Q23	1Q24		1Q23	1Q24

Avg. Selling Price decreased -3% YoY reflecting lower electricity pool prices mainly in Europe. YoY comparison was also driven by the fact that the downward regulatory review in Spain of the 2023 electricity prices assumptions for regulatory assets had not been in effect during 1Q23, with 1Q23 prices reported in Spain still taking into account the higher previous electricity price assumptions.

Revenues were down -11% YoY on the back of lower avg. selling price and lower generation, coming mainly from Brazil impacted by i) asset rotation wind deconsolidation, ii) weaker resource than expected and, iii) preventive maintenance made on projects that required periodical halt of operations in a weak period to mitigate loss of revenue, partially offset by increase in generation in Europe and North America mainly driven by additional installed capacity.

- 5 -

Financial Performance

Revenues to EBITDA (€m)	1Q24	1Q23	∆ %
Electricity sales and other		643	(13%)
558
Income from Institutional Partnerships	73	63	+15%
Revenues	632	706	(11%)
Other operating income	84	21	-
Operating Costs	(273)	(287)	(5%)
Supplies and services (S&S)	(115)	(115)	+0.3%
Personnel costs (PC)	(67)	(65)	+3%
Other operating costs	(90)	(107)	(15%)
Share of profit of associates	11	8	+49%
EBITDA	454	448	+1%
Provisions	0.01	1	(98%)
Depreciation and amortisation	(199)	(186)	+7%
Amortisation of deferred income (government grants)	5	5	+6%
EBIT	259	266	(3%)
Net Financial Expenses	(108)	(126)	(14%)
Interest Costs	(85)	(70)	+21%
Institutional partnerships costs	(21)	(21)	+1%
Capitalised financial expenses	38	16	+135%
Forex & Derivatives	(26)	(34)	(24%)
Other	(14)	(17)	(16%)
Pre-Tax Profit	151	140	+7%
Income taxes (1)	(37)	(23)	+58%
Profit of the period	114	117	(3%)
Non-controlling interests	(46)	(52)	(11%)
Net Profit (Equity holders of EDPR)	68	65	+4%

Revenues
€m
(11%)
706	632
1Q23	1Q24
Revenues/Avg. MW
€k
(18%)
52.6
	43.4
1Q23	1Q24

Recurring EBITDA

€m
+1%
448	454
1Q23	1Q24
Adj. Core Opex/Avg. MW

€k
(8%)
12.6	11.6
1Q23	1Q24

Recurring Net Profit

	€m
	+4%
	65	68
	1Q23	1Q24
(2)	EBITDA/Avg. MW
	€k
	(7%)
	33.3	31.1

1Q23

1Q24

EBITDA +1% YoY mainly driven by top line evolution offset by capital gains from deals in North America as well as lower operating costs, which includes the €13m non-cash impact in Romania from unwinding hedges.

Financials down -14% YoY impacted by $/€ rebalancing and efficient capitalizations despite higher gross debt (+€0.3bn) and with lower cost of debt from new debt refinanced.

Net Profit +4% YoY with lower impact from Non-controlling interests (-11% YoY) in line with top line together with better financials offset by the impact from top line.

1. Includes €3m from extraordinary contribution to the energy sector (CESE).
2. Adjusted by offshore costs (mainly cross-charged to projects' SPVs), service fees, forex and one-offs.

Efficiency and Profitability Ratios		1Q24	1Q23	∆ YoY
Revenues/Avg. MW in operation (€k)			52.6	(18%)
	43.4
Core Opex (S&S + PC) /Avg. MW in operation (€k)	(2)	12.5	13.4	(7%)
Adj. Core Opex (S&S + PC) /Avg. MW in operation (€k)	11.6	12.6	(8%)
Core Opex (S&S + PC) /MWh (€)		18.4	17.6	+5%
EBITDA margin		72%	63%	+8pp
EBITDA/Avg. MW in operation (€k)		31.1	33.3	(7%)

- 6 -

Cash-Flow & Investment Activity

Cash-Flow (€m)		1Q24	1Q23	∆ %
EBITDA				+1%
	454	448
Non-cash Items		(84)	(71)	+19%
Income Tax Paid		(24)	(33)	(28%)
Changes in Working Capital		(121)	(144)	(16%)
Cash-Flow from Operations		225	199	+13%
Net Interest Paid		(93)	(120)	(22%)
Minorities/Partnerships		(54)	(17)	-
Other (1)		(19)	(5)	-
Organic Cash-Flow		59	57	+4%
Net Expansion Investments		(937)	(1,017)	(8%)
Dividends paid to EDPR Shareholders		-	-	-
Forex		(46)	65	-
Other (including one-off adjustments)	(2)	(9)	30	-
Capital Increase		-	1,000	-
Decrease / (Increase) in Net Debt		(932)	135	-

Organic Cash-Flow amounted to €59m (+4% YoY) in line with the positive EBITDA variation.

Net Debt was €0.9bn higher vs Dec-23 driven by €0.9bn of Net Expansion Investments partially compensated by AR proceeds and Organic Cash-Flow. YoY variation of Net Debt comparison is impacted by the €1bn Capital Increase concluded in Mar-23.

Investments (€m)	1Q24	1Q23	∆ %
Total Capex	731	918	(20%)
Europe	113	178	(37%)
North America	489	579	(16%)
South America	106	120	(12%)
APAC	23	39	(41%)
Other	1	1	(57%)
Financial Investments	28	65	(57%)
Gross Investments	759	983	(23%)
(-) AR proceeds	(338)	(180)	+87%
Other (3)	516	214	+141%
Net Expansion Investments	937	1,017	(8%)

Capex by Region

%

15%			67%				15%	3%	0.1%
		Europe		North America		South America		APAC		Other

Capex was €0.2bn lower YoY with high weight of 2024 capex already deployed. Capex splits by region was 67% invested in North America, 15% in Europe, 15% in South America and 3% in APAC.

Asset Rotation proceeds include the equity proceeds from the deal in the US for a 80% stake in a 340 MWac solar portfolio, as the TEI deconsolidation was accounted in FY23, and the debt deconsolidation from the AR deal concluded in Apr-24 for a 80% stake in a 297 MW wind project in Canada. The cash proceeds of this transaction, received in Apr-24, will only be accounted in 1H24, while TEI deconsolidation expected by the end of the year.

PP&E work in progress driven mainly by longer than expected construction periods to reach COD and equipment upfront payments, to cope with expected growth.

1. Includes Payment of Lease Liabilities, Maintenance Capex and other.
2. Includes other financial costs and other one-off adjustments.
3. Includes Proceeds from TEI partnerships, Loans with NCI, Changes in WC Fixed assets suppliers, reclassification of AR gains and other.
4. Name changed from "PP&E assets under contruction", but the rational behind values is the same.

Property, Plant & Equipment - PP&E (€m)	Mar-24	Dec-23	∆ €
PP&E (net)				20,252	+406
		20,658
(-)	PP&E work in progress	(4)	6,968	6,343	+625
(=)	PP&E existing assets (net)		13,690	13,909	(219)
(+)	Accumulated Depreciation	8,050	7,782	+269
(-)	Government Grants		553	546	+7
(=) Invested capital on existing assets		21,187	21,144	+43

- 7 -

Net Debt

Net Debt (€m)

Mar-24

Dec-23

∆ €

Nominal Financial Debt by Counterparty

Net Debt

Nominal Financial Debt	7,443	7,173	+270	%
3rd Parties Debt	1,264	1,335	(72)
EDP Group Debt	6,179	5,838	+342	3rd Parties	3rd Parties
Accrued Interest	72	83	(11)	19%	17%
Collateral Deposits	(67)	(67)	(0.3)

Financial Debt + Accrued Interest	7,447	7,189	+259	EDP Group	EDP Group
Cash & Equivalents	(699)	(1,372)	+673	81%	83%
Deferred Costs	(10)	(11)	+0.3
Shareholder Loans	0.1	(1)	1

Net Debt	6,738	5,805	+933
	Dec-23	Mar-24
Average Debt (€m)	1Q24	2023	∆ %

€m
	+16%
5,805	6,738
Dec-23	Mar-24

Average Nominal Financial Debt	7,332	6,175	+19%
Average Net Debt	6,518	5,517	+18%
Net Debt Ratio (x)	Mar-24	Dec-23	∆
			+0.5x
Net Debt/LTM EBITDA	3.7x	3.2x

Avg. cost of Debt in the period was 4.7% (vs 4.8% in Dec-23), mainly driven by the $ (USD) to € (EUR) rebalancing of debt.

EDPR has 76% of its financial debt at fixed rate and 75% of debt maturing from 2027 and beyond.

In terms of currency, EDPR has reduced its Debt in USD to 51% vs 59% in Dec-23 on the back of the €/$ funding strategy providing flexibility to our balance sheet.

Nominal Financial Debt Analysis

by Currency		by Type		Avg. Cost of Debt		by Maturity
%	%	%		€bn

Other	€	Variable
18%
	30%	24%

Fixed

$76% 51%

4.77%	4.66%
Dec-23	Mar-24

75%

13% 5% 8%

2024 2025 2026 >2026

Note: Analysis includes current account with EDP Group and other parties, with past figures restated for comparisional purposes.

- 8 -

Business Platforms

- 9 -

Europe (EUR)

Operational Indicators

EBITDA MW

1Q24

1Q23

∆ YoY

Load Factor

1Q24

1Q23

∆ YoY

Production (GWh)

1Q24

1Q23

∆ YoY

Avg. Selling Price (€/MWh)

1Q24

1Q23

∆ YoY

Electricity Sales (€m)

1Q24

1Q23

∆ YoY

Spain	2,042	2,166	(124)	31%	31%	+0.5pp	1,325	1,374	(4%)	75.3	109.6	(31%)	100	151	(34%)
Portugal	1,413	1,168	+245	34%	30%	+4pp	908	731	+24%	88.2	98.2	(10%)	80	72	+11%
France	244	214	+30	31%	36%	(5pp)	166	166	+0.1%	77.5	78.3	(1%)	13	13	(1%)
Belgium	11	11	-	45%	44%	+1pp	10	9	+4%	33.8	101.5	(67%)	0.3	1	(66%)
Poland	798	733	+65	39%	38%	+1pp	512	574	(11%)	108.3	93.4	+16%	56	54	+4%
Romania	521	521	-	32%	35%	(3pp)	365	398	(8%)	105.6	116.5	(9%)	39	46	(17%)
Italy	412	324	+89	31%	32%	(1pp)	259	186	+39%	115.8	137.6	(16%)	30	26	+17%
Greece	80	45	+35	25%	26%	(1pp)	30	25	+22%	65.8	67.2	(2%)	2	2	+20%
UK	5	5	-	22%	29%	(7pp)	3	3	+10%	319.1	301.2	+6%	1	1	+16%
Netherlands (1)	21	-	+21	-	-	-	1	-	-	53.6	-	-	0.1	-	-

Europe	5,546	5,187	+360	33%	32%	+1pp	3,580	3,466	+3%	89.4	105.1	(15%)	320	364	(12%)
Non-controlling Interest (Net MW)	1Q24	1Q23	∆ YoY		Production (GWh)			Revenues				EBITDA
Spain	83	82	+2		GWh				€m				€m
Portugal	561	551	+10
Rest of Europe	309	308	+0.4			+3%				(14%)				(11%)
Europe	953	941	+12		3,466	3,580			371				255
							320			228
Income Statement (€m)	1Q24	1Q23	∆ YoY
Revenues	320	371	(14%)
Other operating income	9	8	+23%
Operating Costs	(101)	(127)	(21%)
Supplies and services (S&S)	(58)	(56)	+4%
Personnel costs (PC)	(18)	(15)	+19%		1Q23	1Q24			1Q23	1Q24			1Q23	1Q24
Other operating costs	(25)	(56)	(55%)
Share of profit of associates	(0.3)	4	-

EBITDA	228	255	(11%)
EBITDA/Revenues	71%	69%	+2pp
Provisions	0.01	1	(98%)
Depreciation and amortisation	(65)	(63)	+2%
Amortisation of deferred income (gov. grants)	0.17	0.24	(31%)
EBIT	163	193	(15%)
Opex ratios	1Q24	1Q23	∆ YoY
Core Opex (S&S+PC)/Avg. MW in oper. (€k)		14.1	(0.4%)
14.0
Core Opex (S&S+PC)/MWh (€)	21.3	20.5	+4%

Prices in Europe decreased -15% YoY, mostly in Spain on the back of regulatory update over the remuneration for the RECORE assets, with 1Q23 published under the previous assumptions from 2022 higher banding levels.

Revenues were down -14% YoY, mainly driven by lower prices. EBITDA decrease YoY was better when compared with Revenues YoY variation due to lower opex driven by lower impact from regulatory clawbacks in Poland and Romania. All in all, EBITDA amounted to €228m (-13% YoY) with a positive variation of EBITDA margin of +2pp YoY.

(1) Netherlands NCF not reported due to very recent additions not contributing materially in the period.

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