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EDP (EDP) investor relations material
EDP Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Underlying net profit rose 27% year-over-year to €752m, driven by strong renewables, integrated Iberian business, and resilient electricity networks.
EBITDA grew 7% year-over-year to €2.6bn, with wind and solar EBITDA up 20% and electricity networks up 6% excluding asset rotation and FX.
Organic cash flow improved by €400m year-over-year, reflecting operational efficiency and robust segment contributions.
Net debt increased to €17.2bn due to investments, lower asset rotation proceeds, and dividend payments.
Upgraded 2025 guidance: recurring EBITDA €4.8–4.9bn, net profit €1.2–1.3bn, net debt ~€16bn.
Financial highlights
Recurring EBITDA reached €2.6bn in H1, up 7% year-over-year; wind & solar contributed €960m (+20% YoY).
Underlying net profit up 27% year-over-year; reported net profit at €709m, impacted by €43m negative from U.S. Ocean Winds.
Net financial costs increased to €470m, mainly due to higher average debt and interest rates.
Net debt/EBITDA at 3.8x; FFO/net debt at 19.5%.
OpEx decreased 6% in real terms despite inflation and business growth; headcount down 5–8% year-over-year.
Outlook and guidance
2025 recurring EBITDA guidance raised to €4.8–4.9bn, net profit €1.2–1.3bn, net debt target ~€16bn.
Integrated Iberian EBITDA expected at the top end of €1.1–1.2bn range, with 80% margin locked in.
Wind and solar targeting €1.9bn EBITDA and €100m asset rotation gains in H2.
Asset rotation and tax equity proceeds in H2 to support deleveraging.
Capital Markets Day scheduled for November 6, 2025, for strategic update.
Next EDP earnings date

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