EDP (EDP) Q3 2026 earnings summary

Executive summary

• Recurring EBITDA rose 11% YoY to €4.166bn; reported EBITDA increased 19% to €4.478bn, including €312m of one-off adjustments.

• Recurring net profit increased 22% to €1.191bn; reported net profit attributable to shareholders rose 25% to €1.194bn.

• Growth reflected stronger networks, renewables and FlexGen performance, while net debt rose 9% from Dec-25 to €16.8bn.

Financial highlights

• Revenue from energy sales, services and other increased 6% YoY to €12.146bn; gross profit rose 1% to €5.272bn.

• Reported EBITDA was €4.478bn, up 19%; recurring EBITDA was €4.166bn, up 11%, or 12% excluding FX.

• Recurring EBIT increased 16% to €2.701bn; pre-tax profit rose 23% to €1.964bn.

• Depreciation, amortisation and impairments rose 4% to €1.450bn on a recurring basis; recurring financial results were €737m versus €742m.

• Cash from operating activities declined 18% to €2.311bn; organic cash flow fell 14% to €1.855bn, mainly due to working-capital movements.

Outlook and guidance

• The 2026-28 business plan targets lower renewables and BESS capacity additions, reflected in lower 9M26 expansion investment in Renewables, Clients & EM.

• The stricter investment policy prioritizes core, low-risk markets; net cash investments fell 12% YoY to €2.124bn.

• Spain’s July 2026 investment-plan decree raises distribution-network investment capacity by €10.2bn for 2027-30; incremental investment and RAB growth depend on approvals.

• Available cash and credit facilities totaled €10.5bn at Sep-26, covering virtually all refinancing needs through 2029 in a business-as-usual environment.