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 ...

Summary of Altius Minerals Corp. Conference Call Company Overview - **Company Name**: Altius Minerals Corp. - **Stock Symbols**: TSX: ALS, OTCQX: ATUSF - **Industry**: Mining and Royalty Companies - **Market Position**: Altius is a 29-year-old company with a current valuation exceeding CAD 2 billion, having grown from an initial CAD 800,000 valuation in 1997 [3][2] Core Business Model - **Royalty Structure**: Altius operates as a royalty company, primarily focusing on base and battery metals, with royalties ranging from 1% to 6% on future cash flows from mining operations [4][5] - **Portfolio Diversification**: The company has a balanced portfolio that includes royalties on potash, iron ore, lithium, and renewable energy sources [5][16] Financial Performance and Projections - **Revenue Growth**: Expected revenue growth from CAD 62 million in 2025 to over CAD 200 million by 2030, driven by new royalty assets coming online [6][7] - **Lithium Royalties**: Significant growth anticipated from lithium royalties acquired from Lithium Royalty Corp., expected to contribute over CAD 70 million annually starting in 2030 [14][27] - **Potash Revenue**: Potash royalties have shown steady growth, with a compound annual growth rate of approximately 2.5% since acquisition in 2014 [10][23] Key Assets and Developments - **Potash**: Altius holds royalties on Saskatchewan potash mines, which have over 50 years of mine life remaining and account for 24% of global market share [9][10] - **Iron Ore**: The company has exposure to high-purity iron ore from the Labrador Trough, with a significant project (Kami) expected to double revenue contributions [11][12] - **Base Metals**: The Chapada copper stream is expected to increase production by 25%-35% starting around 2029 [13] Market Dynamics and Sentiment - **Renewable Energy Royalties**: Altius has a 29% interest in Great Bay Renewables, focusing on royalties from U.S. wind and solar generation, which have seen rising power prices despite negative sentiment towards renewables [16][22] - **Market Perception**: The potash market is considered underappreciated, with potential for price spikes due to geopolitical factors [25][26] Strategic Outlook - **Future Investments**: The company is focused on identifying new royalty opportunities while maintaining a steady dividend growth strategy [31][32] - **Balance Sheet Strength**: Altius maintains a strong balance sheet with CAD 144 million in cash post-acquisition, allowing for flexibility in pursuing new opportunities [21][29] Conclusion - Altius Minerals Corp. is positioned for significant growth through its diversified royalty portfolio, particularly in lithium and potash, while maintaining a strong financial position and commitment to shareholder returns through dividends and buybacks. The company is optimistic about future developments in both mining and renewable energy sectors, which could enhance its revenue profile in the coming years [30][34]

Core Insights - RWE has successfully secured Contracts for Difference for 6.9 gigawatts in the AR7 auction, exceeding expectations and establishing a solid foundation for future power revenues [1] - The company emphasizes resilience in energy markets through strategic investments despite geopolitical tensions and policy changes, with a focus on large-scale investments and partnerships [2][3] - RWE's financial performance for 2025 met the upper end of guidance, with adjusted EBITDA of EUR 5.1 billion and adjusted net income of EUR 1.8 billion, alongside a raised dividend [4][11] Investment Strategy - RWE plans to invest a net total of EUR 35 billion through 2031, targeting a portfolio expansion to approximately 65 gigawatts, with an expected average internal rate of return of over 8.5% [5][7] - The investment focus includes EUR 17 billion for U.S. projects, primarily in renewables and storage, while also expanding flexible generation in Germany [8][9] - The company aims to add a net 5 gigawatts of offshore wind capacity by 2031, with additional investments in onshore wind and solar across Europe [17] Financial Position - RWE maintains a strong balance sheet with a leverage ratio of net debt/EBITDA at 2.1 and an equity ratio of 41%, supported by green bond issuances and strategic partnerships [3][15] - The company reported total gross investments of about EUR 11 billion in 2025, with significant contributions from offshore wind projects [13] - RWE's dividend policy targets a growth rate of 10% annually, with plans to pay EUR 1.20 per share for the past financial year [16][19] Operational Highlights - RWE commissioned over 60 projects totaling 2.8 gigawatts, with a significant portion of new capacity connected in the U.S. [12] - The company has more than 100 projects totaling 10.3 gigawatts under construction globally, indicating robust operational activity [12] - Electricity production increased by 4% year-over-year, although lower wind speeds impacted generation from wind farms [14] Future Guidance - For the current year, RWE projects adjusted EBITDA between EUR 5.2 billion and EUR 5.8 billion, with adjusted net income expected to range from EUR 1.55 billion to EUR 2.05 billion [20] - The company forecasts adjusted EBITDA of EUR 6.2 billion to EUR 6.8 billion for 2027, with earnings per share anticipated to reach EUR 3.05 [20]

Core Insights - Boralex reported a mixed performance for fiscal 2025, with total combined production up 8% year-over-year but 10% below expectations, primarily due to unfavorable weather conditions and lower selling prices in France [3][6][12] Production and Financial Performance - Fourth-quarter combined production rose 17% year-over-year, driven by favorable wind conditions and new sites in Europe and North America, but was still 7% lower than anticipated [1] - Combined operating income for 2025 was CAD 248 million, and combined EBITDA was CAD 655 million, down 2% from 2024 [2][6] - Total combined production for fiscal 2025 was 8% higher than 2024 but fell short of internal expectations [3] Regional Performance - North American wind production increased by 9% year-over-year but was 6% below expectations, mainly due to lower contributions from U.S. wind farms [8] - Hydro production decreased by 23% year-over-year and was 30% below anticipated levels, attributed to unfavorable weather [8] - European production rose by 40% year-over-year but was still 4% below expectations [8] Strategic Developments - Boralex's development portfolio now exceeds 8.2 GW, with installed capacity reaching 3.8 GW, an increase of 615 MW during the year [5][8] - The company is advancing projects across multiple regions, including the U.K., France, the U.S., and Canada [5] Battery Storage Initiatives - Boralex became the largest battery operator in Canada with the commissioning of projects adding a combined 380 MW [4][11] - The company launched its first operational battery storage project in North America, the Sanjgon Battery Energy Storage System, and began operations for the Hagersville Battery Energy Storage Project [10][11] Liquidity and Debt Management - As of December 31, 2025, Boralex had CAD 681 million in available liquidity, up CAD 158 million from the previous year, with total debt at CAD 4.4 billion [12] - The company secured CAD 1 billion in project financing and closed CAD 250 million in corporate financing [12] Future Outlook - Management indicated that 2026 would see a less significant negative pricing effect in France compared to 2025, with expectations for normalization thereafter [14] - Boralex is actively participating in multiple RFPs for new projects, including in Ontario, New York State, and the U.K. [9]

Core Viewpoint - NextEra Energy reported strong operational and financial performance for 2025, with a focus on growth in renewable energy, large-load customer demand, and strategic investments to support Florida's energy needs through a new rate agreement with Florida Power & Light (FPL) [1][4][6]. Financial Performance - NextEra delivered adjusted EPS of $3.71 for 2025, representing an increase of over 8% from 2024, and expects adjusted EPS for 2026 to be in the range of $3.92 to $4.02, targeting the high end of that range [3][7]. - The company reiterated its long-term financial framework, projecting adjusted EPS growth at a compound annual growth rate (CAGR) of 8%+ through 2032 and maintaining dividend growth expectations of approximately 10% per year through 2026 and 6% per year from 2026 to 2028 [2][7]. Investment and Growth Strategy - FPL has secured a four-year rate agreement with an allowed midpoint return on equity (ROE) of 10.95% and plans to invest between $90 billion and $100 billion through 2032 to support growth while maintaining affordability for customers [1][6]. - FPL's typical retail bill is over 30% lower than the national average, with expectations for residential bills to rise about 2% annually from 2025 to 2029, which is below the current inflation rate of around 3% [7]. Renewable Energy and Storage - NextEra Energy Resources grew its backlog to approximately 30 GW, adding about 13.5 GW, and placed 7.2 GW into service in 2025, with storage representing nearly one-third of the backlog [5][12]. - The company has secured solar panels and domestic batteries through 2029, ensuring supply chain stability for its projects [13]. Large-Load Demand - FPL has seen significant interest from large-load customers, totaling over 20 GW, with advanced discussions on about 9 GW that could begin being served as soon as 2028 [9][10]. - The large load tariff is designed to provide competitive pricing while protecting existing customers from infrastructure costs associated with new large-load demands [9]. Infrastructure and Development - NextEra Energy Transmission has secured $8 billion in regulated capital and has been selected to develop a $1.7 billion high-voltage transmission line to enhance power flow across the region [14]. - The company is advancing the recommissioning of the Duane Arnold nuclear plant and exploring opportunities at Point Beach and Seabrook Station, with a focus on nuclear capacity [16][17]. Technology Initiatives - NextEra is partnering with Google Cloud for an enterprise AI transformation initiative called "REWIRE," with plans to launch an AI-enabled product focused on field operations and grid reliability [19].

Core Insights - Decarbonization targets and clean-energy mandates are driving utilities and corporations to accelerate their transition to renewable energy sources like wind, solar, and hydropower [1] - Companies such as GE Vernova (GEV) and NextEra Energy (NEE) are emerging as attractive investment opportunities due to their strong positioning in the energy transition [1] Renewable Energy Market Trends - Renewables are increasing their share in the global power mix, gradually replacing fossil fuel-based generation and aiding in climate and emissions-reduction goals [2] - Long-term contracts and advanced technology in renewable projects are yielding strong financial returns [2] - The demand for renewable energy is rising due to the expansion of data centers driven by cloud computing and AI, with decreasing installation costs making these projects more competitive [3] Company-Specific Factors GE Vernova (GEV) - GEV is focused solely on energy transition, with a diversified portfolio across Power, Wind, and Electrification, covering the entire electricity value chain [4] - The acquisition of the remaining 50% stake in Prolec GE enhances GEV's control over grid equipment manufacturing, positioning it well in the growing global grid infrastructure market [5] NextEra Energy (NEE) - NEE's long-term earnings growth outlook through 2028 is bolstered by the continuous addition of renewable assets and effective execution across its business segments [6] - NEE plans to add 36.5-46.5 gigawatts (GW) of new renewables from 2024 to 2027, aiming for a total generation and storage portfolio exceeding 70 GW by the end of 2027 [7] Financial Performance and Valuation - GEV's forward P/E ratio is significantly higher at 50.17X compared to NEE's 19.96X, indicating NEE's relative attractiveness from a valuation perspective [13] - Current dividend yield for GEV is 0.15%, while NEE offers a yield of 2.85%, which is notably higher than the S&P 500 composite yield of 1.08% [12] - GEV's return on equity (ROE) stands at 17.07%, compared to NEE's 12.42% [15] Recent Stock Performance - Over the past three months, GEV shares have increased by 3.9%, while NEE shares have risen by 10% [16] Investment Recommendation - Given the better near-term earnings growth, price performance, dividend yield, and valuation, NEE is currently favored over GEV as an investment option [18]

Summary of Key Points from the Expert Call on US Renewables/Power Demand Industry Overview - The focus of the call was on the dynamics between US renewables development and the rising power demand driven by data centers in the US [2][3] Core Insights - **Renewables vs. Power Firmness**: While renewables are cost-effective and quick to deploy, challenges related to power firmness and grid constraints must be addressed before they can significantly penetrate the US data center market [1][9] - **Current Demand Drivers**: The primary driver of recent power demand growth in the US is the electrification of the Permian Basin, with load increasing from approximately 4GW in November 2021 to over 7GW by 2025 [3][4] - **Future Projections**: Rystad Energy anticipates that data center capacity will increase significantly beyond 2025, leading to more pronounced increases in load and potentially retail prices [3][4] Strategic Recommendations - **All-of-the-Above Approach**: An "all-of-the-above" strategy is essential to manage the complexities of growing data center capacity, balancing affordability, grid constraints, and incentivizing investments. This includes leveraging existing nuclear and combined cycle gas turbine (CCGT) resources, which provide the cheapest incremental power [5][9] - **Affordability Concerns**: Addressing affordability is crucial for the US power market while pursuing load growth, as the market is likely to prioritize cheaper solutions [5][9] Additional Considerations - **Intermittency of Renewables**: Despite the advantages of wind and solar energy, their intermittency and lack of firm power make them less attractive for data centers compared to gas, nuclear, and geothermal options [9] - **Market Dynamics**: The current economic risk associated with solar energy is low, with significant market growth driven by Power Purchase Agreement (PPA) demand rather than direct sourcing to data centers [9] - **Grid Capacity and Interconnection**: Future data center growth will likely depend on increasing grid capacity and reforming grid interconnections, particularly in regions like PJM, to better accommodate data centers and enhance the role of renewables [9] Visual Data - **Exhibits**: The call referenced several exhibits, including projections of US data center demand from 2020 to 2035 and Levelized Cost of Energy (LCOE) across various technologies, which provide further insights into market dynamics [4][8]

Core Insights - ReNew Energy Global Plc (NASDAQ:RNW) is recognized as one of the 12 most promising clean energy stocks by Wall Street analysts [1][2] Company Overview - ReNew Energy Global Plc focuses on generating power through renewable energy sources in India, with a diverse portfolio that includes wind, solar, hydro, transmission lines, and manufacturing segments [2] - The company operates a clean energy portfolio exceeding 18.46 gigawatts [2] Recent Developments - On September 29, ReNew Energy announced it received $100 million in investment proceeds from British International Investment (BII) to accelerate its solar manufacturing business in India [2] - In July, a consortium proposed to buy out ReNew Energy for $3.2 billion, which includes Abu Dhabi Future Energy Company PJSC-Masdar and the Canada Pension Plan Investment Board [2] Financial Guidance - During the second quarter results presentation, ReNew Energy reiterated its guidance for FY 26, expecting adjusted EBITDA to be at the higher end of INR 87 billion to INR 93 billion, contingent on weather and asset sales [3] - The company anticipates constructing between 1.6 to 2.4 gigawatts during the year and generating cash flow to equity of INR 14 billion to INR 17 billion [3]

Summary of Conference Call Company and Industry Overview - The conference call involved Iberdrola, a leading global utility company focused on renewable energy and regulated networks [1][2][3] - The company is heavily investing in infrastructure to support growth in the U.S. and U.K. markets, which are expected to account for 65% of total investments by 2028 [2][3][4] Key Investment Plans - Iberdrola plans to invest approximately €58 billion over the next four years, with 85% allocated to countries with high credit ratings [20][21] - A significant portion of the investment, €37 billion, will be directed towards network expansion, with 60% of this amount focused on capacity growth [21][22] - The U.S. and U.K. will receive over 70% of the network investment, with Brazil and Spain receiving smaller allocations [22][23] Financial Projections - By 2028, the total regulated asset base is projected to grow to €70 billion, with a significant increase in both distribution and transmission assets [23][24] - The company expects EBITDA to reach €18 billion by 2028, reflecting a €3 billion increase from 2024 [11][64] - The U.S. and U.K. are projected to contribute 50% of total EBITDA by 2028, up from 37% in 2024 [64][65] Regulatory Framework and Market Conditions - Iberdrola operates under stable regulatory frameworks that provide visibility and attractive returns, with a projected average return on equity of 9.5% [22][24] - The company is focused on reducing exposure to energy price volatility, limiting it to 25% of total EBITDA [14][70] Growth in Renewable Energy - The investment plan includes €21 billion for power generation, with a focus on offshore wind, onshore wind, solar PV, and storage projects [11][40] - Iberdrola aims to increase its installed capacity to nearly 61,000 megawatts by 2028, with 90% of this capacity being emissions-free [40][41] Operational Efficiency and Cost Management - The company is implementing initiatives to enhance operational efficiency, targeting €400 million in operating efficiencies by 2028 [51][52] - A robust supply chain strategy is in place, with 80% of strategic equipment needs already secured, minimizing exposure to commodity price fluctuations [54][56] Market Position and Shareholder Returns - Iberdrola has delivered a total shareholder return of 359% over the last ten years, outperforming major indices [70][71] - The company maintains a dividend policy aligned with earnings growth, with a payout ratio between 65-75% of earnings per share [15][70] Conclusion - Iberdrola's strategic focus on regulated networks and renewable energy positions it well for future growth, supported by a disciplined investment approach and strong regulatory frameworks [65][70]

Core Insights - CenterPoint Energy (CNP) is significantly investing to expand operations and enhance customer reliability through safe, clean, and reliable energy solutions [1][2] - The company is increasing its renewable energy portfolio to leverage economic, environmental, social, and governance incentives [4] Investment and Growth Plans - CNP invested $2.17 billion in the first half of 2025 and plans to spend a total of $4.8 billion for the full year [2] - The 10-year capital plan has been raised from $48.5 billion to $53 billion, indicating a strong commitment to infrastructure modernization [2][9] - The company aims to generate approximately 1,000 megawatts (MW) of power from wind and solar sources by 2026, with additional targets set for 2030 and 2032 [5][9] Infrastructure Improvements - As of May 22, 2025, CNP has installed 26,470 storm-resilient poles and 5,159 self-healing automation devices, and has cleaned 6,018 miles of hazardous vegetation near power lines [3] - The company has undergrounded 417 miles of lines to enhance customer reliability and ensure safe energy delivery [3] Challenges and Risks - CNP faces significant challenges due to global supply chain disruptions, which may affect the availability of essential resources like transformers and solar panels [6] - As of June 30, 2025, the company reported long-term debt of $20.56 billion and current debt of $1.05 billion, with cash and cash equivalents at only $0.78 billion, indicating a weak solvency position [7][9] Market Performance - CNP shares have increased by 35.1% over the past year, outperforming the industry growth of 5.3% [8]