EDP (EDP) Q3 2025 earnings summary

Executive summary

• Recurring net profit reached EUR 974 million in the first nine months of 2025, up 5% year-on-year, driven by strong wind and solar growth, increased generation, and resilient electricity networks.

• Underlying performance, excluding asset rotation gains and FX, increased 3% year-on-year, with solid results from the integrated Iberian business despite higher sourcing costs and lower hydro volumes.

• Efficiency improvements continued, with lower costs and better productivity metrics, reinforcing the strength of the integrated model.

• Net profit decreased 12% year-on-year to EUR 952 million, mainly due to lower asset rotation gains and higher depreciation.

Financial highlights

• EBITDA reached EUR 3.7 billion, up 2% year-on-year (4% excluding FX), with renewables, clients, and energy management segments seeing a EUR 99 million decrease due to lower hydro volumes and higher sourcing costs.

• Asset rotation gains were EUR 55 million versus EUR 250 million last year at the EBITDA level, highlighting strong underlying performance.

• Net debt stood at EUR 17.3 billion, up from EUR 15.6 billion at year-end 2024, reflecting investment execution and dividend payments.

• Net financial costs rose 13% year-on-year to EUR 742 million, driven by higher average cost of debt (4.9%).

• Capex dropped 23% year-on-year to EUR 2.6 billion, with 97% of gross investments allocated to renewables and networks.

Outlook and guidance

• Recurring EBITDA for 2025 is expected around EUR 4.9 billion, with strong performance across all business segments.

• Recurring net profit guidance is approximately EUR 1.2 billion, with net debt expected near EUR 16 billion by year-end.

• Asset rotation and tax equity proceeds are expected to be received mainly in Q4.

• Capital Markets Day will provide updates on the Strategic Plan and financial guidance for upcoming years.