EDP (EDP) H1 2026 earnings summary

Executive summary

• Delivered strong first half 2026 results with recurring EBITDA of €2.73bn, up 5% year-on-year, and recurring net profit of €0.8bn, broadly flat year-on-year, driven by robust performance in networks and renewables despite lower electricity prices and higher ancillary service costs.

• Upgraded 2026 guidance: recurring EBITDA now expected at €5.3bn and recurring net profit at €1.4bn, a 12% increase over previous guidance, reflecting outperformance and accelerating energy transition.

• All core business segments—Networks, FlexGen & Clients, and Renewables—contributed to performance and guidance upgrade.

• Celebrated 50 years of sustainability leadership, with 95% renewables generation and recognition as one of the world's most sustainable companies.

Financial highlights

• Recurring EBITDA rose 5% YoY to €2.73bn; recurring net profit reached €753m, flat YoY; reported net profit was €732m, up 3% YoY.

• Net debt increased to €17bn from €15.4bn at 2025 year-end, reflecting dividend payments, investments, and FX impacts.

• Recurring OpEx down 1% YoY and 4% over two years, reflecting efficiency gains.

• Net financial costs rose 1% YoY; average cost of debt increased to 5.0%.

• Capex: €1,390m (-18% YoY); gross investments up 12% YoY to €2bn, focused on networks.

Outlook and guidance

• Upgraded 2026 guidance: recurring EBITDA of €5.3bn and recurring net profit of €1.4bn, up 12% from CMD.

• Double-digit recurring net profit growth expected in the second half of 2026.

• Positive outlook for 2027 and 2028, with continued demand growth, favorable regulatory developments, and strong investment execution.

• Post-2028, further opportunities expected in wind repowering, batteries, hybridization, and data center-related projects; strategic update planned for 2Q27.