EDP Renováveis (EDPR) Q3 2026 earnings summary

Executive summary

• 9M26 generation rose 2% YoY to 30.9 TWh; recurring EBITDA increased 23% to €1,728m and recurring net profit rose 133% to €439m.

• Installed capacity reached 20.5 GW, up 683 MW YoY; net additions were 0.7 GW in 9M26.

• Asset-rotation gains reached €333m through 9M, achieving the FY2026 target; the 1.7 GW Brazil portfolio sale closed in October for €1.6bn EV.

• CEO Miguel Stilwell d'Andrade will not seek another mandate after the 2027 shareholders meeting and committed to a smooth succession.

Financial highlights

• Electricity sales were €1,638m, broadly flat YoY; excluding FX, sales rose 2% as higher generation offset a lower average selling price of €52.9/MWh.

• Recurring EBITDA was €1,728m, up 23% YoY and 26% excluding FX; reported EBITDA rose 46% to €2,027m.

• Recurring net profit was €439m, up 133% YoY; reported net profit reached €440m versus €107m in 9M25.

• US institutional partnership income rose 24% to €381m; adjusted core OpEx per average MW fell 2% to €39.9k.

Outlook and guidance

• FY2026 EBITDA guidance is €2.2–€2.3bn, assuming no further asset-rotation gains, below-average October wind in Iberia and the US, and no Brazil EBITDA for November–December.

• FY2026 capacity additions remain targeted at 1.5 GW; 3.7 GW is secured for 2026–28 COD, with 2.6 GW and €3.7bn investment added to backlog over the last 15 months.

• Management was comfortable with recurring net profit consensus of €486m, subject to November–December wind output.

• For 2027–28, more than 2 GW is secured and over 2 GW of US PPAs are under negotiation; ~1.2 GW of PPAs are under negotiation, mostly solar and BESS.

• The 2026 asset-rotation target was achieved; 2027 execution has upside versus the business plan, including pre-priced build-and-transfer deliveries in 2027–28.