EDP reported higher earnings for the first half of 2026, supported by growth in its renewable energy business and improved returns from its electricity networks. The company has raised its full-year guidance following stronger-than-expected performance.
Recurring EBITDA increased 5% year-on-year to €2.7 billion, while recurring net profit remained broadly unchanged at €753 million. EDP now expects recurring EBITDA of approximately €5.3 billion and recurring net profit of around €1.4 billion for the full year.
EDP Renewables (EDPR) reported recurring EBITDA of €1.03 billion, an increase of 8% compared with the same period last year. Installed renewable energy capacity, including wind, solar and battery storage, increased 4% to 20.5 GW, while electricity generation rose 4% to 22.1 TWh.
Wind generation in North America increased 7% to 13.7 TWh, supported by higher installed capacity and stronger power prices. In Europe, renewable generation declined 2% to 5.7 TWh.
During the first half of the year, EDPR secured 1.5 GW of projects in the USA through power purchase agreements and build-and-transfer contracts. The company also completed two asset rotation transactions covering 68 MW of onshore wind capacity in Italy and an 80% stake in a 384 MW solar project with battery storage in the USA. The combined enterprise value of the transactions was approximately €0.9 billion.
EDPR has already secured around 3.4 GW, or 70%, of its planned 5 GW capacity additions for 2026–2028. Approximately 5% of this secured capacity relates to offshore wind projects, with the remainder consisting mainly of onshore wind, solar and battery storage.
The company said its proposed capacity additions are concentrated in North America and Europe and continue to benefit from long-term contracted revenues.
Outside renewables, EBITDA from EDP's electricity networks business increased 14% to €874 million, supported by new regulatory periods in Spain and Portugal and continued growth in Brazil.
At the end of June, net debt stood at €17.0 billion. EDP expects this to reduce to around €16 billion by the end of 2026 as proceeds from asset rotation transactions and tax equity financing are received during the second half of the year.
