EDP (EDP) H1 2025 earnings summary

Executive summary

• Underlying net profit rose 27% year-on-year to €752 million, driven by strong renewables, resilient electricity networks, and integrated Iberian business.

• Underlying EBITDA increased 7% year-on-year to €2.6 billion, with wind & solar EBITDA up 20% and electricity networks up 6% excluding asset rotation and forex.

• Operational efficiency improved, with OpEx reduced to €930 million and headcount down 5–8% year-on-year.

• Organic cash flow improved by €0.4 billion year-on-year, reflecting robust segment contributions.

• Net debt increased to €17.2 billion due to investments, dividend payments, and lower asset rotation proceeds.

Financial highlights

• Recurring EBITDA reached €2.6 billion (+7% YoY), with wind & solar contributing €960 million (+20% YoY) and electricity networks €838 million (+6% YoY, ex-AR/FX).

• Recurring net profit was €752 million (+27% YoY), supported by improved renewables and network performance.

• Net financial costs increased to €470 million, mainly due to higher average debt and interest rates.

• Net debt/EBITDA at 3.8x; FFO/net debt at 19.5%.

• Asset rotation gains were immaterial in H1 2025; bulk of proceeds expected in 2H25.

Outlook and guidance

• 2025 recurring EBITDA guidance upgraded to €4.8–4.9 billion; recurring net profit guidance to €1.2–1.3 billion; net debt target at ~€16 billion.

• Integrated Iberian business EBITDA guidance raised to €1.2 billion, supported by high hydro generation and flexible generation demand.

• Wind & solar EBITDA expected at €1.9 billion, including ~€100 million asset rotation gains in 2H25.

• Wind and solar capacity additions on track for 2 GW in 2025, with 70% in Q4; 2026 pipeline already 65% secured.

• Strategic update scheduled for Capital Markets Day on November 6, 2025.