EDP Renovaveis, SA

Latest Results (13.11.2025):

For the first nine months of 2025, EDP Renovaveis, SA delivered strong operational performance as revenues rose by 16% year‐on‐year to €2bn and electricity generation increased by 14% to 30TWh. The company’s recurring EBITDA grew by 9% YoY to €1,405m, although recurring net profit was lower at €189m compared to €210m in the same period last year. Alongside robust capacity additions and active asset rotation transactions, EDP Renovaveis, SA maintained its focus on strategic investments while managing a moderate increase in net debt, which reached €9.2bn as of September 2025.

Revenue & Generation Growth

EDP Renovaveis, SA recorded a 16% YoY increase in revenues to €2bn and a 14% rise in electricity generation to 30TWh for 9M25, with Europe and North America being key contributors. This performance underscores the positive impact of higher capacity additions and operational efficiencies.

EBITDA & Net Profit Performance

For 9M25, recurring EBITDA increased by 9% YoY to €1,405m while recurring net profit decreased by 10% YoY from €210m to €189m, partly due to stronger asset rotation gains in earlier periods and other non‐recurring adjustments. The underlying improvements in business operations were reflected in the €111m improvement in recurring net profit excluding special items.

Capacity Additions & Operational Efficiency

During the last 12 months, gross capacity additions reached +3.3GW with Europe and North America driving over 80% of this growth. Moreover, operational efficiency improvements are highlighted by a 13% YoY reduction in core operating costs, evidenced by personnel costs decreasing to €40.7k per MW.

Investment Activity & Financial Position

EDP Renovaveis, SA’s capex declined by 28% YoY to €1,624m, reflecting a tighter investment focus on score low‐risk markets. Despite enhanced organic cash generation and improved operating performance, the net debt increased by €904m to reach €9.2bn, with a modest rise in the net debt/EBITDA ratio noted as of September 2025.

Asset Rotation & Transaction Highlights

In 3Q25, the company successfully closed a 49% stake transaction in the US for a 392MW solar and storage portfolio. Additional structural transactions in Spain, Greece, and Italy are expected to be finalized by year-end, further underpinning EDP Renovaveis, SA’s strategic efforts in asset rotation and capex optimization during this period.