EDP Renováveis (EDPR) Q2 2026 earnings summary

Executive summary

• Recurring EBITDA reached €1.033 billion, up 8% year-over-year (12% excluding FX), and recurring net profit was €183 million, up 33% year-over-year (43% excluding FX); reported net profit rose 96% year-over-year to €184 million.

• Installed capacity reached 20.5 GW, up 4% year-over-year, with 1.8 GW gross additions and significant asset rotation transactions in Italy and the U.S.

• Sale of Brazilian operations for €1.5 billion expected to close in Q4 2026, increasing EBITDA share in A-rated countries to over 95%.

• Asset rotation transactions in Italy and the U.S. delivered over 40% gains on invested capital, with proceeds expected mainly in H2 2026.

• Net debt increased to €8.7 billion at June 2026, mainly due to expansion investments.

Financial highlights

• Recurring EBITDA reached €1,033m (+8% YoY, +12% ex-Forex), recurring net profit: €183m (+33% YoY, +43% ex-Forex), reported net profit: €184m (+96% YoY).

• Electricity generation increased 4% YoY to 22.1 TWh, with North America and Europe contributing 62% and 26% respectively.

• Average selling price declined 6% YoY to €51.8/MWh, with higher prices in the US and lower in Europe.

• Recurring core OPEX decreased 2% YoY, with OPEX per average MW down 5% to €40,000.

• Net debt/EBITDA ratio stable at 4.2x.

Outlook and guidance

• Upgraded 2026 EBITDA guidance to €2.2–2.3 billion, with asset rotation gains expected at the high end (~€300 million).

• Over 95% of the ~1.5 GW target additions for the year are already installed or under construction; 70% of 2026–28 target secured.

• Net debt expected below €8 billion by year-end 2026, with proceeds from asset rotations and Brazil disposal supporting deleveraging.

• Positive outlook for 2027–28 with 1.9 GW secured and 2 GW under commercial discussions.

• Effective tax rate expected in the high mid-teens, below 20%.