Portugal's EDP posts flat H1 recurring profit, beats forecasts

EDP

29/07/2026 20:33

LISBON, July 29 (Reuters) - Portugal's largest utility EDP EDP.LS on Wednesday reported a recurring net profit of €753 million ($857.5 million) for the first half, flat from a year earlier, as strong earnings from its renewables and networks unit were offset by lower electricity prices in Iberia.
The result beat the average analyst forecast of €686 million in an LSEG poll.
It said in a statement that recurring earnings before interest, taxes, depreciation and amortization rose 5% year-on-year to €2.73 billion in the first half, with EBITDA at its distribution networks business increasing 14% to €874 million.
Its subsidiary EDP Renewables EDPR.LS, the world's fourth-largest wind power producer, said earlier on Wednesday that its EBITDA rose 8% from a year earlier to €1.03 billion, with its U.S. operations accounting for 62% of the total.
EDP said the performance was driven by strong earnings from renewables and the start of more favourable regulatory periods for Iberian networks, "partly offset by lower electricity prices in Portugal and Spain."
It said net operating costs slightly decreased 1% YoY in recurring terms, "reflecting the focus on operational efficiency."
Over the last 12 months, EDP gross installed capacity grew 2% to 32.8 GW, with renewable sources, including hydro, wind and solar, accounting for 87% of the total.
Total generation was broadly unchanged year-on-year at 34.5 terawatt hours (TWh) in the first half, as lower thermal and hydro output offset higher production from other renewable sources.

($1 = 0.8781 euros)

 (Reporting by Sergio Goncalves; Editing by Aurora Ellis)
 ((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net))