EDP Renováveis (EDPR) Q2 2025 earnings summary

Executive summary

• Installed capacity reached 19.6 GW, up 18% year-on-year, with 3–3.4 GW net additions and strong progress on the 2 GW annual target.

• Generation increased 12% year-on-year to 21.2 TWh, driven by operational efficiency and higher US revenues.

• Recurring EBITDA was flat at €960m, but underlying EBITDA (excluding asset rotation gains) grew 20% year-on-year.

• Recurring net profit reached €137m, nearly tripling year-on-year excluding asset rotation gains, but reported net profit fell due to lower asset rotation gains.

• Asset rotation program is on track, with €0.7bn proceeds secured, €1.3bn under binding bids, and several transactions signed or closed.

Financial highlights

• Recurring EBITDA at €960m, flat year-on-year; underlying EBITDA up 20% year-on-year excluding asset rotation gains.

• Recurring net profit at €137m, up from €57m last year, but reported net profit fell due to lower asset rotation gains (€12m in 1H25 vs. €171m in 1H24).

• Electricity generation rose 12% year-on-year to 21.2 TWh; average selling price declined 9% to €54.9/MWh.

• Organic cash flow increased by €0.2bn year-on-year to €295m.

• Net debt stood at €9.0bn as of June 2025, expected to decrease to €8bn by year-end.

Outlook and guidance

• On track to deliver 2 GW of new capacity in 2025, with 70% of additions expected in Q4.

• Full-year recurring EBITDA guidance of €1.9bn, including €0.1bn in asset rotation gains.

• Generation for 2025 expected in the range of 41–43 TWh.

• Net debt projected to be €8bn by year-end, supported by €2bn in asset rotation and €1bn in tax equity proceeds.

• Good visibility on up to 1.5 GW of capacity additions for 2026, with 65% already secured at above-target returns.