Q2 2025 EDP Renovaveis SA Earnings Call Transcript
Key Points
- EDP Renovaveis SA (EDRVF) reported a solid evolution of underlying EBITDA and net profit for the first half of 2025.
- The company is on track to deliver 2 gigawatts of capacity as committed, with significant progress in asset rotation plans.
- Installed capacity grew to almost 20 gigawatts, marking an 18% year-on-year increase.
- Operational efficiency improved, with a notable 11% reduction in adjusted core OpEx per average megawatt.
- Recurring EBITDA excluding asset rotation gains grew by around 20% year-on-year, showcasing strong operational results and financial discipline.
- Average selling price decreased by 9% year-on-year, primarily due to lower prices in Europe and South America.
- Recurring EBITDA remained flat year-on-year when including asset rotation gains.
- The company faces challenges with lower average selling prices impacting electricity sales despite increased generation.
- Asset rotation gains are expected to be lower, with only EUR100 million projected for 2025.
- There is uncertainty regarding the impact of potential changes in US safe harbor criteria on future project developments.
Good afternoon. We welcome you to the EDP Renovaveis first half 2025 results presentation conference call. (Operator Instructions)
I now have the conference over to Mr. Miguel Viana, Head of IR and ESG. Please go ahead, sir.
Hello, and welcome, everyone. Thank you for joining EDPR's first half 2025 results conference call. We are pleased to have you with us today, our CEO, Miguel De Andrade; and our CFO, Rui Teixeira. They will walk us through the key financial highlights from the period and share insights into the full year outlook.
After the presentation, we'll open the floor for questions. You are welcome to submit them via the conference chat or ask them directly over the phone. Session is scheduled to last approximately 60 minutes.
With that, I will now hand over to Miguel De Andrade to begin the presentation.
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