EDP delivered a mixed bag of results with the predominant sentiment of disappointment. The slight miss on EBITDA vs our expectations (-0.8%) is mainly attributable to low renewable generation and adverse energy prices / high energy sourcing costs. On the other side, a material acceleration of the network activities (+46% yoy) as part of asset rotation paves the way for a rebalancing towards a less risky profile. To be confirmed in subsequent periods.
