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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.
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Q2 2025 earnings summary31 Jul, 2025

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.

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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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