EDP Renováveis (EDPR) Q3 2025 earnings summary

Executive summary

• Recurring net profit for the first nine months reached EUR 974 million, up 5% year on year, driven by higher wind and solar capacity, increased generation, and resilient electricity networks.

• Wind and solar segment recurring underlying EBITDA grew 21% year on year, supported by nearly 20 GW installed capacity and 14% generation growth.

• Integrated Iberian business faced higher gas sourcing costs and lower contracted prices, impacting year-over-year comparisons.

• Efficiency improvements continued, with lower costs and better productivity metrics, reinforcing the strength of the integrated model.

• Revenues rose 16% year-over-year to €2bn, driven by a 14% increase in generation to 30 TWh, mainly from capacity additions and operational efficiencies.

Financial highlights

• EBITDA for the nine months was EUR 3.7 billion, a 2% increase year on year, or 4% excluding FX effects.

• Net debt stood at EUR 17.3 billion, up from EUR 15.6 billion at year-end 2024, reflecting investment execution and dividend payments.

• Recurring net profit was EUR 974 million, a 5% increase year on year, with reported net profit at EUR 952 million after negative impacts of EUR 22 million.

• Organic cash flow reached EUR 2.1 billion, up EUR 0.5 billion year on year.

• Recurring EBITDA increased 9% YoY to €1,405m, and recurring net profit was €189m, reflecting improved underlying business despite lower asset rotation gains.

Outlook and guidance

• Recurring EBITDA for 2025 is expected around EUR 4.9 billion, with strong performance across all segments.

• Integrated generation supply forecasted to deliver EUR 1.4 billion EBITDA, wind and solar EUR 1.9 billion, and electricity networks EUR 1.5 billion.

• Recurring net profit guidance is approximately EUR 1.2 billion, impacted by higher cost of debt and timing of asset rotation proceeds.

• Net debt expected to be near EUR 16 billion by year-end, assuming EUR 2 billion in asset rotation and EUR 1 billion in tax equity proceeds.

• Capacity under construction at 2.3 GW supports ~2 GW of expected additions in 2025, on track and on budget.