Portugal · Delayed Price · Currency is EUR EDP Renováveis Earnings Call Transcripts
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 to EUR 8.1 billion. Efficiency gains, strong asset rotation, and disciplined growth underpin a positive outlook, with 2026 EBITDA guided at EUR 2.1 billion and all capacity additions secured.
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Recurring net profit rose 5% year-over-year to EUR 974 million, driven by strong wind and solar growth and resilient networks. Guidance for 2025 remains confident, with EBITDA expected at EUR 4.9 billion and net income near EUR 1.2 billion, despite higher costs and FX impacts.
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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 offset by lower asset rotation gains and non-recurring impairments, leading to a recurring net profit of €221 million. The outlook prioritizes efficiency, selective growth, and strong project IRRs, 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 lower wind resources and delayed projects led to reduced guidance for 2024. Asset rotation gains and net profit declined year-over-year, while efficiency improved and the U.S. and Europe remain key growth markets.
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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.