INVESTORS PRESENTATION March 2026 Disclaimer This document has been prepared by EDP, S.A. (the "Company") solely for use at the presentation to be made on this date and its purpose is merely of informative nature and, as such, it may be amended and supplemented and it should be read as a summary of the matters addressed or contained herein. By attending the meeting where this presentation is made, or by reading the presentation slides, you acknowledge and agree to be bound by the following limitations and r ...

Core Insights - Voltalia, an international player in renewable energies, has published its financial estimates for 2026, reflecting a consensus from equity analysts as of March 23, 2026 [1][2]. Financial Performance - The projected turnover for 2026 is estimated at €625 million, with a median estimate of €606 million [1]. - EBITDA for 2026 is expected to reach €247 million, with a median estimate of €220 million [1]. - The net income (group share) for 2026 is projected to be €12 million, with a median estimate of €3 million [1]. - Free cash flow is anticipated to improve significantly to €187 million in 2026, with a median estimate of -€111 million [1]. Operational Capacity - Voltalia has a total capacity of 4,140 MW in operation and under construction by 2026, with 3,691 MW currently operational [1]. - The company is gradually commissioning new plants, including Sarimay Solar (126 MW) and Bolobedu (148 MW), to reach full capacity by 2026 [3]. Market Position - Voltalia operates in the renewable energy sector, producing and selling electricity from various sources, including wind, solar, hydro, biomass, and storage facilities [4]. - The company has a project portfolio with a total capacity of 12 GW under development [4]. - Voltalia is listed on the Euronext regulated market in Paris and is included in several indices, such as the Enternext Tech 40 and CAC Mid&Small [7]. Employee and Global Reach - The company employs over 1,900 people across 15 countries on three continents, enabling it to operate globally [6]. Upcoming Events - The next financial update will be the Q1 2026 turnover, scheduled for April 23, 2026 [3].

Core Insights - The article emphasizes the need to invest in AI infrastructure beyond just semiconductors, focusing on the physical systems that support the digital revolution [1] - Paul Baiocchi from SS&C ALPS Advisors proposes a mosaic investment strategy using three specific ETFs to capture various layers of infrastructure growth [1][7] Investment Strategies - The ALPS Clean Energy ETF (ACES) targets renewable energy commitments at data centers, positioning clean energy as a tech infrastructure play [2][3] - The ALPS CoreCommodity Natural Resources ETF (CCNR) provides essential raw materials for grid expansion, particularly highlighting the expected copper deficit due to underinvestment in mining [2][4] - The ALPS Electrification Infrastructure ETF (ELFY) focuses on companies enhancing transmission capacity, addressing the growing demand for electricity [2][7] Electrification Drivers - Multiple factors are increasing electricity demand, including the rise of autonomous vehicle fleets and the shift from gas stoves to induction heating in residential settings [5][6] - The electrification theme is underappreciated despite the increasing pressure on generation and transmission capacity, with renewable energy and materials firms representing a small portion of the technology sector and S&P 500 [6] Portfolio Positioning - Current investment portfolios are not adequately positioned to capture the emerging trends in electricity demand, necessitating a diversified approach through the use of ACES, CCNR, and ELFY [7]

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Core Insights - Freeport-McMoRan Inc. (FCX) and Ero Copper Corp. (ERO) are key players in the copper mining sector, benefiting from increasing demand driven by electrification and infrastructure trends while facing challenges from fluctuating copper prices and global economic uncertainties [1][2]. Copper Market Overview - Copper prices were volatile but generally favorable in 2025, supported by strong demand from China and the United States, alongside structural tailwinds from electric vehicles, renewable energy projects, and grid modernization [2]. - Concerns about supply tightening due to rising demand for electric vehicles and infrastructure have also bolstered copper prices, which are currently around $5.3 per pound [3]. Freeport-McMoRan Inc. (FCX) - FCX is focusing on high-quality copper assets and organic growth initiatives, with significant expansions at Cerro Verde in Peru and El Abra in Chile, potentially adding substantial copper production [4][5]. - The company has a strong liquidity profile, generating $5.6 billion in operating cash flows in 2025, with $3.8 billion in cash and cash equivalents at year-end [7]. - FCX's net debt stood at $2.3 billion at the end of 2025, below its target range, and it has a policy of distributing 50% of available cash to shareholders [8]. - However, FCX faces challenges with rising costs, as its average unit net cash cost per pound of copper surged to $2.22 in Q4 2025, a 59% increase from the previous quarter [11]. - Copper sales volumes dropped approximately 29% year-over-year in Q4 2025, primarily due to operational disruptions at the Grasberg mine in Indonesia [12][13]. Ero Copper Corp. (ERO) - ERO achieved record copper production of 19,706 tons in Q4 2025, a significant increase from the previous year, driven by improved operational stability and ramp-up at the Tucuma operation [14]. - The company expects consolidated copper production in 2026 to increase by up to 20% from 2025 levels, supported by higher throughput at its operations [15]. - ERO is investing in its Brazilian assets to enhance output and extend mine life, with ongoing projects like the Furnas Copper-Gold Project expected to add significant resources [18]. - ERO ended 2025 with $105.4 million in cash and a net debt leverage ratio of 1.2x, indicating strong financial health [19]. - Despite positive growth, ERO anticipates a weaker first half of 2026 due to production sequencing and higher unit costs, with C1 cash costs projected to rise [21][22]. Comparative Performance - FCX stock has increased by 25.2% over the past year, while ERO stock has surged by 70.1%, outperforming the Zacks Mining - Non Ferrous industry growth of 36% [25]. - FCX is trading at a forward 12-month earnings multiple of 19.46, slightly below the industry average, while ERO's multiple is significantly lower at 5.46 [26][28]. - The Zacks Consensus Estimate for FCX's 2026 sales and EPS implies growth of 6.7% and 44%, respectively, while ERO's estimates suggest growth of 43.6% and 100% [30][32]. Investment Outlook - Both FCX and ERO are advancing their growth projects amid a volatile copper pricing environment, with FCX focusing on expansion activities and ERO capitalizing on record production and long-term projects [35].

Core Viewpoint - Nexra, Cadeler's dedicated Operations & Maintenance (O&M) service platform, has secured an additional contract for an O&M campaign in Taiwan, highlighting the company's growing presence in the offshore wind market [1][9]. Company Overview - Nexra was established in 2025 to support the global offshore wind aftermarket, providing lifecycle support to offshore wind farm owners and turbine manufacturers [3][5]. - The O&M market accounted for approximately 20% of Cadeler's revenue in 2025, indicating its significance to the company's overall business model [3]. Contract Details - The new contract involves servicing two offshore wind farms in Taiwan and will utilize Cadeler's wind installation vessel, Wind Maker, which was delivered last year [2]. - The campaign is expected to last around 3-4 months and follows a previous contract awarded to Nexra for a separate O&M campaign [2]. Strategic Positioning - Cadeler's Chief Growth Officer emphasized the company's ability to mobilize quickly to meet client needs, showcasing the versatility of its fleet operating globally [4]. - The CEO of Cadeler noted that as offshore wind markets mature, the demand for reliable service support increases, positioning the company well to support clients throughout the operational life of their assets [4].

Group 1 - Commodities, particularly precious metals and copper, are experiencing significant price increases amid geopolitical unrest and market uncertainty, outperforming the S&P 500 index [2][3] - Gold, silver, and platinum reached all-time highs in January, while copper also hit a record high earlier this year, although it has since corrected [3][4] - The Global X Copper Miners ETF (COPX) presents a buy-the-dip opportunity following a 20% price correction, providing diversified exposure to major copper mining companies [4][6] Group 2 - The copper market is facing significant supply shortages due to disruptions at major mines, while demand remains strong due to copper's essential role in electrification, renewable energy, and industrial growth [4][5] - Copper is the most commonly used metal for electrical wiring and electronics, making it critical for sectors such as AI, data centers, and construction [5][6]

Summary of Key Points from the Conference Call Industry Overview - The focus is on China's power equipment sector, particularly the expected benefits from accelerated power infrastructure spending during 2026-2030, with a projected annual growth rate of 8.4-8.7% in power grid investment [1][13][20]. Core Companies and Their Performance Sieyuan Electric - Preferred investment choice due to: - Ongoing market share gains in China through a diversified product portfolio - Strong overseas order growth outlook, with expectations of 48% and 43% year-on-year growth in 2025 and 2026, respectively [3][29]. - Price target set at Rmb283.4, implying a PEG of 1.1x for 2026, which is considered fair compared to global peers [3][31]. Pinggao Electric - Maintained at "Overweight" (OW) rating: - Earnings growth expected from increased delivery of UHV products and China's grid investment growth. - Price target raised by 36% to Rmb27.85, implying a 2026 PER of 25.6x, which is lower than its historical average of 36.3x [4][35]. NARI Technology - Also rated OW: - Price target increased by 22% to Rmb32.25, suggesting a 2026 PER of 27.5x, above its historical average of 22.3x [4][36]. XJ Electric - Downgraded to "Equal Weight" (EW): - Expected earnings growth is lower than peers despite being a key UHV DC player. - Price target raised by 19% to Rmb32.18, implying a 2026 PER of 25.0x, which is fair compared to its historical average [5][39]. Chint Electrics - Maintained at EW: - Less exposure to power grid customers, with a price target raised by 34% to Rmb33.12, implying a 2026 PER of 16.6x, which is slightly above its historical average [5][38]. CGN Power and China Resources Power - Both downgraded to EW: - CGN Power-H is fairly valued at 1.1x 2026e P/B, while CRP is at 0.8x, reflecting fair valuation amid tariff pressures and potential oversupply in the power system [6][40][42]. Market Dynamics and Trends - The shift in China's power system from thermal reliance to increased use of renewables, with coal, pumped storage, and gas-fired power playing roles in flexibility and modulation [16][17]. - The government's commitment to a Rmb4.1 trillion investment plan for the 15th Five-Year Plan, with expectations of significant growth in UHV transmission lines and micro-grids [20][24]. - The establishment of a national unified power market is anticipated to enhance grid investment and efficiency, with a target of 70% of power consumption traded through the market by 2030 [19][44]. Investment Implications - Preference for power grid equipment players over Independent Power Producers (IPPs) due to expected earnings growth driven by infrastructure investments [13][28]. - Chinese power equipment stocks have shown significant growth, rallying between 27%-94% year-to-date, supported by the State Grid's investment plans [28]. Conclusion - The outlook for China's power equipment sector is positive, driven by substantial government investment and a shift towards renewable energy integration. Key players like Sieyuan Electric, Pinggao, and NARI are positioned to benefit from these trends, while IPPs face challenges from tariff pressures and market dynamics.

Core Insights - HIVE Digital Technologies Ltd. is recognized as one of the 11 Most Active Small Cap Stocks to Buy, indicating strong market interest and potential investment opportunities [1] Group 1: AI and Computing Infrastructure - HIVE's BUZZ AI Cloud platform in Paraguay is now operational, featuring live GPU compute nodes that support workloads from Columbia University, marking a significant step in the company's strategy to integrate AI and high-performance computing with renewable energy [1] - The company announced a fourfold expansion of its liquid-cooled AI data center capacity in Canada, increasing total capacity from 4 megawatts to 16.6 megawatts, which includes a new facility in British Columbia and supports over 4,000 next-generation GPUs [3] - HIVE operates sustainable data centers powered by renewable energy, facilitating both Bitcoin mining and AI-driven high-performance computing, positioning the company to capture growth in both digital assets and AI computing markets [4] Group 2: Strategic Positioning - The rapid scaling of AI compute capacity is expected to accelerate HIVE's transition toward high-performance computing services, aligning with the increasing demand for AI infrastructure [3] - By leveraging its green energy advantage, HIVE is well-positioned to enhance its long-term upside potential in the evolving digital assets and AI computing sectors [4]

Core Viewpoint - Next Hydrogen Solutions Inc. has completed a non-brokered private placement of common shares at CAD$0.45 per share, aimed at addressing debt obligations and enhancing its capital structure [1][2]. Group 1: Private Placement and Debt Settlements - The company completed a private placement on December 18, 2025, issuing common shares at CAD$0.45 each [1]. - Debt exchange agreements were made to settle CAD$560,527.37 of indebtedness through the issuance of 1,245,610 common shares [2]. - Debenture conversion agreements were established to settle CAD$1,125,000 principal amount of debentures, resulting in the issuance of 2,499,998 common shares [2]. - A total of CAD$1,600,000 in debentures remains outstanding following these transactions [2]. - All securities issued are subject to a hold period of four months and one day as per applicable securities laws [2]. Group 2: Insider Participation and Share Units - In January 2026, the company granted 459,108 deferred share units to its directors [3]. - The company relied on exemptions from valuation and minority shareholder approval requirements for insider participation in these transactions [3]. Group 3: Company Overview - Next Hydrogen, founded in 2007, specializes in designing and manufacturing hydrogen electrolyzers that generate clean hydrogen using water and electricity [4]. - The company's unique cell design, supported by 40 patents, allows for high current density operations and efficient conversion of intermittent electricity from renewable sources into hydrogen [4].