In a market increasingly dominated by technological promises and growth that expires quickly, EDP has established itself as a value that moves less quickly... but always moves forward. The Portuguese company has spent years building a model that combines renewable generation, regulated networks and a disciplined financial structure. It does not dazzle, but neither does it disappoint: it delivers.

EDP's main attraction today stems from a fairly simple equation: solid business + earnings visibility + generous payout. Its dividend, stable and with a yield clearly above the average for the European electricity sector, makes the position more of an "anchor" than a cyclical bet. It is not a stock for surprises; it is a stock to sustain a portfolio for years.

The transformation to renewables - especially through EDP Renováveis - has added a growth component that did not exist a decade ago. But EDP has not been carried away by green euphoria: it has maintained a manageable pace of investment, controlled leverage and a project schedule that prioritizes stable returns over flashy headlines. This mix of measured ambition and financial prudence is probably its greatest competitive advantage.

Although European utilities have gone through complex times due to regulation, high rates and pressure on margins, EDP has managed to maintain a perception of "reliability" that few in the sector maintain. Its geographic diversification, especially in Iberia and the United States, reduces political dependence and softens regulatory cycles.

For all these reasons, EDP is a good fit for long-term strategies that seek recurring revenues and gradual exposure to renewable growth without entering into companies that are too volatile. With the current dividend yield, the thesis stands on its own: even in colder market scenarios, the stock compensates with the constant flow it returns to the shareholder.

It is not the stock that is going to double in two years (which it could at the prices I entered), but it is one of those that, due to its operational quality and financial stability, can remain in the portfolio "for a long time". And when the dividend yield works in your favor, time always plays in favor of the patient investor.