EDP Renewables Recurring Profit Jumps 133% to €439 Million

EDP Renewables reported a sharp increase in profit for the first nine months of 2026, with recurring net profit surging 133% to €439 million from €189 million a year earlier, as asset sales and stronger North American operations supported earnings.

The Portuguese renewable energy company’s reported net profit attributable to shareholders more than quadrupled to €440 million from €107 million in the comparable period of 2025, according to its latest financial data.

Recurring earnings before interest, taxes, depreciation and amortization (EBITDA) increased 23% to €1.73 billion, while reported EBITDA climbed 46% to €2.03 billion.

Asset rotation transactions contributed significantly to the improved financial performance, with gains from asset sales rising to €333 million from €59 million a year earlier. Excluding those gains, underlying EBITDA increased approximately 4%, highlighting the importance of portfolio transactions to the company’s earnings growth.

EDP Renewables also reported stronger cash generation, with organic cash flow increasing 74% to €795 million, compared with €458 million in the first nine months of 2025.

Net cash flow from operations rose 30% to €1.14 billion, while capital expenditure declined 16% to €1.36 billion. Net debt stood at €8.35 billion at the end of September, compared with €8.11 billion at the end of 2025.

Operationally, EDP Renewables generated 30.9 terawatt-hours (TWh) of electricity during the nine-month period, an increase of 2% year-over-year, supported by expanding renewable energy capacity and improved generation in North America.

North American electricity production increased 9% to approximately 19 TWh, driven by new U.S. capacity additions and improved wind and solar performance. The region accounted for approximately 61% of the company’s total electricity generation.

However, European production declined 7% to 7.9 TWh, reflecting weaker renewable resources and a reduction in installed capacity following asset disposals. South American generation fell 11% to 2.7 TWh, primarily due to increased curtailment and less favorable renewable resources in Brazil.

Solar power remained a key source of growth. Utility-scale solar generation increased 11% to 7.7 TWh, while distributed solar output climbed 17% to approximately 1 TWh. Onshore wind generation slipped 1% to 22.2 TWh.

The company’s installed capacity reached 20.5 gigawatts (GW) at the end of September, approximately 4% higher than a year earlier, with North America accounting for 56% of gross capacity additions over the previous 12 months.

Battery energy storage capacity contributing to EBITDA also expanded sharply, reaching 649 megawatts (MW), compared with 207 MW a year earlier.

EDP Renewables had another 1.8 GW of capacity under construction at the end of September, with 37% located in North America, supporting its continuing wind, solar and storage development pipeline.

The company continued executing its asset rotation strategy during the period, completing transactions involving renewable energy portfolios in the United States, Poland, Greece and Italy.

Separately, on October 28, EDP Renewables announced the completion of its sale of Brazilian operations to a subsidiary of parent company EDP for €990 million. The transaction included a 1.7 GW wind and solar portfolio and forms part of the company’s strategy to concentrate investments in selected higher-rated markets.

The combination of stronger cash flow, expanding North American generation and continued portfolio recycling underscores EDP Renewables’ efforts to improve financial flexibility while advancing its renewable energy development pipeline.

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