Q2 2025 EDP SA Earnings Call Transcript
Key Points
- Underlying net profit increased by 27% year-on-year, reaching EUR752 million, demonstrating strong financial performance.
- EBITDA grew by 6% year-on-year, excluding asset rotation gains and FX impacts, indicating robust operational performance.
- Strong hydro resources in Iberia with hydro inflows 41% above the long-term average, positioning the company well for future months.
- Successful extension of a 30-year concession for EDP in Brazil, ensuring long-term stability and visibility in the region.
- Wind and solar underlying EBITDA grew 20% year-on-year, supported by new capacity additions and strong execution of the capacity additions plan.
- Hydrogeneration was lower year-on-year due to rainfall being used to replenish reservoir levels, impacting immediate generation output.
- Proposed returns for electricity networks in Spain are below the European average, potentially affecting future investments.
- Net debt increased to EUR17.2 billion from EUR15.6 billion at year-end 2024, reflecting ongoing investment plans and dividend payments.
- Recurring net profit declined by 3% year-on-year due to lower EBITDA and higher financial costs.
- The extraordinary tax in Portugal remains a burden, impacting the attractiveness of future investments despite being deemed unconstitutional.
Good morning. We welcome you to the EDP first half 2025 results presentation conference call. (Operator Instructions)
And now hand the conference over to Mr. Miguel Viana, Head of IR and ESG. Please go ahead, sir.
Good morning, ladies and gentlemen. Thank you for attending EDP's first half 25 results conference call. We have today with us our CEO, Miguel Stilwell de Andrade and our CFO, Rui Teixeira, which will present you the main highlights of our strategy education and financial performance in the first half 25. We'll then move to the Q&A session in which you'll be taking your questions both by phone or written questions that you can insert from now onwards at our web app platform.
I'll give the floor to our CEO, Rui Teixeirade.
Thank you, Miel. Hello, everyone, and thank you for attending our first half results
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