EDP Sets Out 2023-26 Business Plan
March 02 2023 - 1:21AM
Dow Jones News
By Giulia Petroni
EDP-Energias de Portugal SA said on Thursday that it plans to
increase its recurring earnings and implement a new dividend policy
as part of its business plan for the 2023-2026 period, which will
be presented later in the day.
The Portuguese energy company targets recurring net income of
around 1.4 billion euros and 1.5 billion euros ($1.49 billion-$1.60
billion) by 2026, with a 12%-to-14% compound annual growth rate
between 2022-26. Recurring earnings before interest, taxes,
depreciation and amortization are seen at around EUR5.7 billion by
2026, with a 6% CAGR in 2022-26.
In regards to its dividend policy, EDP said it targets a payout
ratio of between 60%-70% and an increase in the dividend floor to
EUR0.20 a share in 2026.
Gross investments are expected to amount to EUR25 billion
between 2023-26, 85% of which will be directed toward
renewables.
The company aims to increase its renewables deployment to around
4.5 gigawatts per year to around 18 GW until 2026, and reach an
installed capacity of around 33 GW by 2026.
In order to simplify its corporate structure, EDP said it has
filed a request regarding a tender offer for the delisting of its
subsidiary EDP Brasil. The tender will potentially be funded by an
intended capital increase of around EUR1 billion.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
March 02, 2023 02:06 ET (07:06 GMT)
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