EDP (EDP) H1 2025 earnings summary

Executive summary

• Underlying net profit rose 27% year-on-year to EUR 752 million, driven by strong integrated Iberian business, resilient electricity networks, and renewables growth.

• EBITDA grew 7% year-on-year to EUR 2.6 billion, with wind & solar EBITDA up 20% and electricity networks up 6% excluding asset rotation and FX.

• Organic cash flow improved by EUR 0.4 billion year-on-year, reflecting operational efficiency and robust segment contributions.

• Net debt increased to EUR 17.2 billion due to investments, dividend payments, and lower asset rotation proceeds.

• 2025 guidance upgraded: recurring EBITDA EUR 4.8–4.9 billion, net profit EUR 1.2–1.3 billion, net debt ~EUR 16 billion.

Financial highlights

• Recurring EBITDA reached EUR 2.6 billion (+7% YoY), with wind & solar contributing EUR 960 million (+20% YoY) and electricity networks EUR 838 million (+6% YoY, ex-AR/FX).

• Underlying net profit increased 27% YoY to EUR 752 million; reported net profit was EUR 709 million.

• Organic cash flow totaled EUR 1.5 billion, up EUR 0.4 billion YoY.

• Net debt stood at EUR 17.2 billion, up from EUR 15.6 billion at 2024 year-end, with leverage at 3.8x net debt/EBITDA.

• OpEx decreased to EUR 930 million, down 6% in real terms YoY, with recurring OpEx down 5% YoY (ex-forex).

Outlook and guidance

• Upgraded 2025 guidance: recurring EBITDA EUR 4.8–4.9 billion, net profit EUR 1.2–1.3 billion, net debt ~EUR 16 billion.

• Integrated Iberian EBITDA expected at the top end of EUR 1.1–1.2 billion range, with 80% margin locked in.

• Wind and solar targeting EUR 1.9 billion EBITDA and EUR 100 million asset rotation gains in H2.

• Asset rotation and tax equity proceeds of EUR 3 billion expected in H2.

• Capital Markets Day scheduled for November 6, 2025, for a strategic update.