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EDP (EDP) investor relations material

EDP H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary26 Feb, 2026

Executive summary

  • Recurring EBITDA reached €5.03 billion in 2025, up 1% year-over-year and above guidance, driven by strong Q4 performance in Iberia, record renewables capacity additions, and FlexGen & Clients strength.

  • Recurring net profit was €1.3 billion, above guidance but down 8% from 2024 due to higher financial expenses.

  • Net debt ended at €15.4 billion, outperforming guidance, supported by strong operational cash flow and disciplined capital allocation.

  • Dividend per share proposed at €0.205, a 2.5% increase, to be paid in 2026 subject to shareholder approval.

  • 2025 marked by extreme weather in Portugal, causing significant infrastructure damage but rapid recovery and community support.

Financial highlights

  • Recurring EBITDA up 1% year-over-year; underlying growth of 7% excluding asset rotation and FX.

  • Recurring net profit down 8% year-over-year, mainly due to higher financial costs.

  • Reported net profit at €1.15 billion, up 44% year-over-year, reflecting non-recurring items and EDPR rebound.

  • Recurring OpEx decreased 2% year-over-year, with efficiency gains offsetting inflation.

  • Net financial costs rose to €989 million, mainly from higher debt costs in Brazil and lower capitalizations.

Outlook and guidance

  • 2026 recurring EBITDA guided at €4.9–5.0 billion, with balanced contributions from networks, EDPR, and FlexGen & Clients.

  • Recurring net profit guidance for 2026 reaffirmed at €1.2–1.3 billion.

  • 2028 targets reiterated: €5.2 billion recurring EBITDA and €1.3 billion recurring net profit.

  • Gross investments of €12 billion planned for 2026–2028, funded by €6 billion in asset rotations and disposals.

  • Dividend payout ratio targeted at 60–70% for 2026–2028.

Drivers of FlexGen & Clients Iberia EBITDA drop
Impact of new Iberia network regulatory terms
Factors in the 10% Wind & Solar price decline
Reconcile high hydro levels with depressed pool prices
EDP's strategy for 18 GW data center demand
Network investment confidence beyond 2028
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Frequently asked questions

Energias de Portugal S.A. is a multinational utility company that plays a vital role in the energy sector. It operates in the generation, transmission, distribution, and supply of electricity and gas, serving approximately over 9 million customers across different regions. As the largest electricity generator, supplier, and distributor in Portugal, EDP also has significant operations in Spain, Brazil, and the United States. The company is a significant producer of wind energy, with roughly 75% of its energy generated from renewable resources. The company is headquartered in Lisbon, Portugal, and its shares are listed on the Euronext Lisbon stock exchange.

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