EDP Renováveis
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EDP Renováveis (EDPR) investor relations material

EDP Renováveis Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Achieved a strong recovery in 2025, with recurring EBITDA of €2.0bn (up 17% YoY), surpassing guidance, and recurring net profit of €330m, up 50% YoY.

  • Net debt reduced to €8.1bn, improving leverage with net debt to recurring EBITDA ratio down to 4.1 from 4.9.

  • Added 2 GW of gross capacity, mainly in North America and Europe, with generation up 11% to 40.6 TWh and all planned capacity delivered on time and on budget.

  • Asset rotation proceeds reached €1.7bn, with €119m in gains, mainly from Europe, reflecting robust investor demand.

  • Efficiency gains drove a 12% reduction in core OpEx per average MW and a 9% reduction in headcount.

Financial highlights

  • Recurring EBITDA reached €2.0bn (+17% YoY), underlying EBITDA at €1.9bn (+23% YoY), and recurring net profit rose fourfold to €330m.

  • Net debt closed at €8.1bn, down €0.2bn from 2024, with net debt/recurring EBITDA improved to 4.1x.

  • Asset rotation gains totaled €119m, in line with guidance.

  • Electricity sales increased 1% YoY to €2.15bn, with installed capacity up 6% to 20.4 GW.

  • North America led growth, with generation up 16% and sales up €145m.

Outlook and guidance

  • 2026 guidance: recurring EBITDA of ~€2.1bn, supported by high single-digit generation growth and average selling price of €52/MWh.

  • 1.5 GW of capacity additions for 2026 already secured, >80% under construction.

  • Asset rotation gains for 2026 guided at €0.2bn, with proceeds around €1.5bn.

  • On track for 2028 targets: €2.2bn recurring EBITDA, €0.6bn recurring net profit, and 5 GW gross additions.

  • 2026-28 gross investments expected at ~€7.5bn.

IRA's 2025 bill: US project tax credit deadlines?
Europe's underperforming assets: What's the plan?
Agrivoltaics in Europe: Expansion strategy?
Accelerate US growth given market strength
How effective is hedging against EU price drops?
Sustain OpEx efficiency beyond 2025?
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Q1 20267 May, 2026
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Frequently asked questions

EDP Renováveis, S.A., commonly known as EDP Renewables, is a renewable energy company, engaged in planning, constructing, operating, and maintaining electricity generating power stations. It operates through the following segments: EDP Renewables; Gas Power; and Other Operations. The activities of the company are carried out at 90% owned concessions and at 100% own generation companies located in Portugal. The electricity generating power stations of the company include 11 wind farms and 3 hydro-power plants comprising 2,197 MW in total installed capacity. In addition, it has investment interests in the renewable and conventional technologies segment in the operation of a 265 MW project under construction in Brazil. EDP Renováveis is based in Madrid, Spain.

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