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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.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.
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