What we are presenting today OUR VISION AND COMMITMENTS OUR PLATFORMS OUR FINANCIALS Rui Teixeira Miguel Stilwell d'Andrade (CEO) 2 2 3 Miguel Stilwell d'Andrade (CEO) (CFO) CLOSING REMARKS 4 5 Power demand at an inflection point – an era of sustained growth driven by tech and electrification 2024 2025 2030 2035 ~6.6 ~6.7 ~7.8 ~8.9 ~20% ~25% Electrification share of final energy consumption Millions of EVs1 on the roads GW of DC capacity installed Electricity demand2 000' TWh +2-3% CAGR 1. Includes BEV, PHE ...

Core Viewpoint - Portugal's largest utility, EDP, plans to invest €12 billion ($13.99 billion) from 2026 to 2028, primarily to expand its renewable energy capacity, with a significant focus on the United States [1] Investment Plans - EDP's investment strategy emphasizes the expansion of renewable energy sources [1] - The planned investment period is set between 2026 and 2028 [1] - The total investment amount is €12 billion, equivalent to $13.99 billion [1] Geographic Focus - The company is particularly targeting the United States for its renewable capacity expansion [1]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Shenzhen Inovance Technology Co. Ltd** (China) [7] - **MediaTek Inc.** (Taiwan) [5][6] - **EDP/EDPR** (Portugal) [4] - **Minth** (China) [8] - **Antofagasta** (United Kingdom) [12] - **Scentre Group** (Australia) [13][14] Core Insights and Arguments Shenzhen Inovance Technology Co. Ltd - Management reaffirmed full-year guidance despite underwhelming 3Q25 results, citing NEV drag and margin pressure [7] - Expecting approximately 20% year-over-year sales growth in both 4Q25 and 2026, driven by product expansion and overseas market penetration [7] - Introduction of Digital Energy Solutions as a strategic growth engine, enhancing focus on energy storage and digitalization [7] MediaTek Inc. - Anticipated 3Q25 revenues to be in line with expectations, with 4Q25 guidance expected to be flat to slightly down due to seasonal corrections [6] - The stock has underperformed recently, down 9% compared to TWSE's 18% increase, attributed to weaker ASIC expectations [6] - Key positive catalysts include resetting ASIC revenue expectations and potential breakthroughs with new projects [6] EDP/EDPR - Downgraded EDP from Overweight to Neutral due to limited upside after a 49.7% YTD total return [4] - Concerns over overestimated earnings growth expectations for EDPR and conservative guidance from management [4] - Estimated 2028E net income for EDP at €1.43 billion, with potential conservative guidance leading to profit-taking [4] Minth - Share price surged 143% YTD, with a recent correction of 14% due to share sales and geopolitical tensions [8] - Earnings forecast raised by 14-23% for 2026/27, reflecting stronger expectations in battery housing and auto components [8] - Anticipated valuation re-rating driven by new TAM from AI liquid cooling and humanoid robotics [8] Antofagasta - Q3'25 copper production increased by 2%, but sales decreased by 11% due to weather conditions [12] - 2025 copper production guidance lowered to the lower end of the range (660-700kt) [12] - Revised 2025E/26E EBITDA forecasts down by 3% and 7%, respectively, while maintaining an Overweight rating [12] Scentre Group - Placed on Positive Catalyst Watch ahead of FY26 earnings growth guidance, expected to exceed market expectations [13] - Anticipated strong like-for-like NOI growth of 4.0%, driving approximately 7% FFO growth [13] - Favorable conditions for top-tier malls, with minimal vacancy and strong population growth [14] Other Important but Possibly Overlooked Content - The global corporate capex survey indicates a bullish outlook for data centers and associated infrastructure, with a projected 10% year-over-year increase in global capex for 2025 [3] - The broader industrial sector is expected to see a 12% year-over-year increase, while sectors like Autos and Chemicals are experiencing declines [3] - Polish banks are expected to show sequential improvement in ROTE, with a projected average of 23.5% for 3Q25 [11] This summary encapsulates the key insights and developments from the conference call records, highlighting the performance and outlook of various companies and industries.

Core Insights - Portugal's electricity market regulator ERSE has proposed an increase in returns on grid assets for EDP, the country's largest utility, although the proposed returns remain below those of EDP's peers [1] Group 1 - ERSE's proposal aims to enhance the financial returns for EDP's grid assets [1] - The proposed return levels are still lower compared to the returns enjoyed by EDP's competitors in the market [1]

Portuguese utility EDP says US renewable energy outlook is now much clearer, easing Trump-era concerns https://t.co/KAnvWPeyqU ...

Core Viewpoint - The Paris Pledge aims to enhance the role of pumped storage hydropower in Europe, urging policymakers to create conditions for long-duration storage to achieve clean energy goals [1][4]. Group 1: Industry Commitment - Over 50 utilities, hydropower suppliers, and energy-focused associations have signed the Paris Pledge, indicating strong support for its objectives [2]. - The pledge emphasizes the need for long-duration electricity storage as Europe transitions to a generation capacity where approximately 86% will come from variable renewable sources by 2050 [2]. Group 2: Pumped Storage Hydropower Benefits - Pumped storage hydropower is highlighted as a scalable and cost-effective solution for storing surplus renewable energy and providing flexibility in the electricity system [3]. - The IHA and Eurelectric's partnership through the Paris Pledge aims to scale up pumped storage capacity, which is essential for a renewable-powered Europe [3][4]. Group 3: Call to Action - The Paris Pledge outlines critical steps for industry and policymakers to address storage and infrastructure gaps, aiming to double pumped storage capacity in the next 25 years [4][6]. - The pledge calls for urgent regulatory support at both EU and national levels to unlock a pipeline of nearly 35 GW of pumped storage projects across the EU [5]. Group 4: Proposed Initiatives - Recommendations include creating a dedicated initiative for electricity storage, addressing long-duration storage separately, and promoting the adoption of relevant directives [7]. - The pledge advocates for eliminating double grid fees on storage technologies and introducing expedited permitting processes for pumped storage development [7].

Core Viewpoint - Italy's government is accelerating a plan to reduce Chinese investment in strategic companies to avoid potential friction with the United States, utilizing a legal mechanism known as "golden power" to protect key infrastructure and enterprises [2]. Group 1: Italian Government Actions - The Meloni government is focusing on lowering Chinese investors' stakes in strategic companies such as Pirelli, Ansaldo Energia, and CDP Reti [2]. - The "golden power" mechanism allows the Italian government to implement special protections for critical infrastructure and companies, serving as a defensive tool against foreign investment in strategic sectors [2]. - The government aims to restructure the position of Chinese investments in the Italian economy, moving away from critical infrastructure towards sectors that create jobs and boost local economies [2]. Group 2: Chinese Investment Landscape - Chinese investors are currently active in approximately 700 Italian companies, with a focus on large firms in strategic sectors such as energy, transportation, technology, and finance [2]. - The response from China emphasizes that Sino-Italian investment cooperation is mutually beneficial and should not be influenced by third parties [2]. Group 3: European Investment Policy Shift - Italy's actions reflect a broader shift in European investment policy towards China, moving from a previously welcoming stance to a more selective approach amid increasing US-China tensions [2]. - European countries are attempting to redirect Chinese capital away from critical infrastructure like ports and power grids, towards sectors such as electric vehicles and battery factories that align better with European economic priorities [2]. Group 4: Economic Relations - The Meloni government faces a challenging balance between responding to US pressure and recognizing China's significant role as an economic partner, as China remains Italy's largest trading partner in Asia [3].

Core Insights - Georgia Power, a subsidiary of the Southern Company, is enhancing its storm response capabilities in preparation for the 2025 Atlantic Hurricane Season, anticipating above-average storm activity as forecasted by NOAA [1] - The utility has invested in smart grid technologies and infrastructure upgrades to minimize outage impacts and expedite recovery [1] Storm Response Enhancements - Self-healing technology is now integrated into Georgia's power grid, allowing for rerouting power and isolating issues, which reduces the number of affected customers and accelerates power restoration [2] - This technology was crucial during Hurricane Helene in 2024, which was the most destructive hurricane in Georgia Power's history, significantly aiding in faster power restoration [2] Safety and Preparedness - Georgia Power is urging customers to take proactive safety measures, such as avoiding downed power lines and using generators correctly, emphasizing that preparation can save lives [3] - The company promotes digital tools for customers to stay informed during emergencies, including outage alerts and safety resources [9] Recognition and Achievements - Following Hurricane Helene, which left over a million Georgians without power, Georgia Power received the Edison Electric Institute's Emergency Recovery Award for its recovery efforts [4] - The company replaced over 11,000 power poles, repaired 1,000 miles of wire, and removed more than 3,000 damaged trees as part of the recovery process [4] Future Preparedness - As storm threats are anticipated in 2025, Georgia Power is committed to responding with resilience and innovation [5] Company Overview - The Southern Company operates in electricity generation, transmission, and distribution, serving approximately nine million customers through its seven electric and natural gas distribution units [6] - Currently, the Southern Company holds a Zacks Rank 3 (Hold) [6] Investment Opportunities - Investors in the utility sector may consider stocks like EDP, S.A. (EDPFY), Engie SA (ENGIY), and CenterPoint Energy, Inc. (CNP), with EDP and Engie holding Zacks Rank 1 (Strong Buy) and CenterPoint Energy at Zacks Rank 2 (Buy) [7]

The Southern Company (SO) , via one of its affiliates, Georgia Power Company, recently announced a proposed settlement with the Georgia Public Service Commission (PSC) Public Interest Advocacy Staff. The agreement recommends extending the current alternate rate plan through Dec. 31, 2028, maintaining rate stability for Georgia Power customers for three additional years.This settlement is still pending approval from the Georgia PSC, with a final decision expected by July 1, 2025. If rejected, Georgia Power m ...