Portugal · Delayed Price · Currency is EUR EDP Renewables Earnings Call Transcripts
Fiscal Year 2026
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Recurring EBITDA rose 2% year-on-year (10% ex-FX) to EUR 489 million, with net profit up 9% (21% ex-FX) to EUR 71 million. 2026 EBITDA guidance was upgraded by 5% to EUR 2.2 billion, driven by higher asset rotation gains and efficiency, while 60% of 5 GW additions are already secured.
Fiscal Year 2025
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2025 saw a robust recovery with recurring EBITDA up 17% to EUR 2 billion and net debt reduced, driven by strong execution, efficiency gains, and disciplined asset rotation. Outlook for 2026 and 2028 remains positive, with most generation secured under long-term contracts and continued focus on deleveraging.
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Recurring net profit rose 5% to EUR 974 million, driven by strong wind and solar growth and resilient networks. EBITDA guidance for 2025 is at the top end of the range, with net debt expected near EUR 16 billion and 2 GW of new capacity on track for delivery.
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Installed capacity grew 18% year-on-year to nearly 20 GW, with recurring EBITDA flat but underlying EBITDA up 20% and net profit nearly tripling. Asset rotation and tax equity proceeds are set to reduce net debt to EUR 8 billion by year-end, with strong demand and stable returns in core markets.
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First quarter saw strong capacity and generation growth, with recurring EBITDA up 5% and net income up EUR 44 million year-on-year. Guidance for 2025 targets EUR 1.9 billion EBITDA, 2 GW new capacity, and stable net debt, supported by asset rotations and tax equity financing.
Fiscal Year 2024
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Record 2024 capacity additions and 6% generation growth were achieved, but recurring net profit was impacted by non-recurring impairments and lower asset rotation gains. Strategic focus is now on efficiency, stricter investment criteria, and moderating growth, with €3 billion CapEx planned for 2025.
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Investment in Colombian wind projects Alpha and Beta is halted due to regulatory delays, increased costs, and adverse macroeconomic factors. Estimated losses could reach up to EUR 0.7 billion, but a sale process may reduce this. Focus will shift to core, low-risk markets.
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Capacity additions and renewable generation grew, but net profit fell due to lower asset rotation gains and Colombia project impact. Efficiency improved, and U.S. supply chain is secured against tariff risks. Full-year guidance revised down for generation and EBITDA.
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Renewable generation rose 5% year-on-year, with 2.9 GW capacity added and strong asset rotation gains. EBITDA grew 26% to EUR 960 million, net profit reached EUR 210 million, and efficiency improved with an 8% OpEx reduction. Guidance for capacity, net income, and OpEx reduction is reaffirmed.