Portugal's EDP said on Thursday it plans to invest 12 billion euros ($14 billion) between 2026 and 2028, mainly to expand its renewable energy capacity with a focus on the U.S., but its shares fell as profit targets undershot expectations. In its strategic plan through 2028, Portugal's largest utility reiterated its recurring earnings before interest, taxes, depreciation and amortization target of around 4.9 billion euros for 2025, forecasting it at 4.9-5 billion euros in 2026 and about 5.2 billion by 2028. It expects recurring net income of around 1.2 billion euros this year, between 1.2 billion and 1.3 billion euros in 2026, and roughly the same by 2028. EDP shares dropped 6% in afternoon trading with analysts saying the targets were lower than their estimates.