EDP's 9-month profit falls 12% on lower capital gains, beats forecasts

Edp Renewables SA

05/11/2025 18:37

LISBON, Nov 5 (Reuters) - Portugal's largest power utility EDP EDP.LS on Wednesday posted a 12% fall in nine-month profit, weighed down by smaller capital gains, but still beat market expectations.

It said consolidated net profit fell to 952 million euros ($1.11 billion), above the LSEG consensus estimate of 920 million euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 3% year on year to 3.8 billion euros, also beating the survey's average of 3.7 billion euros.

EDP's wind energy subsidiary EDP Renovaveis EDPR.LS booked only 35 million euros in capital gains from the sale of wind and solar assets – part of a strategy of disposing of stakes in mature plants to finance new ones, while a year ago such operations raked in 167 million euros.

As a result, the unit's profit fell 49% to 107 million euros.

EDP said that excluding the reduced gains from asset sales, recurring net profit increased by 5% year-on-year, reflecting a 14% increase in total electricity output from new capacity, with a strong contribution from operations in the United States, Portugal and Spain.

EDP, which operates in 29 countries across Europe, the Americas, and Asia said its gross margin – revenue from energy sales minus the direct costs of producing or acquiring it – was flat at 5.2 billion euros.

($1 = 0.8575 euros)

 (Reporting by Sergio Goncalves; editing by Andrei Khalip)

 ((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net))