EDP Posts Record Profit of 1.15 Billion Euros as Renewables Rebound

EDP, Portugal's largest energy utility, reported a record net profit of 1.15 billion euros for 2025, a 44 percent jump from the 801 million euros posted the previous year. The results, disclosed to the Portuguese securities regulator CMVM on Wednesday, were driven largely by a dramatic turnaround at its renewables subsidiary, EDP Renováveis.

The renewables arm swung from historic losses of 556 million euros in 2024 — caused by its exit from Colombia and the freezing of offshore wind projects in the United States — to a profit of 216 million euros in 2025. Since EDP consolidates 71 percent of EDPR's results, the recovery flowed directly to the parent company's bottom line.

"The renewables business had an excellent 2025," CEO Miguel Stilwell de Andrade told Expresso, adding that the company is "on track to deliver the targets presented at the last Capital Markets Day."

Recurring EBITDA rose one percent to 5.03 billion euros. Stripping out asset rotation gains and currency effects, net profit grew three percent year-on-year, with the strongest contributions coming from EDPR and the group's US operations. The networks division saw EBITDA dip four percent to 1.53 billion euros overall, though Iberian networks grew six percent, buoyed by favourable new regulatory periods in both Portugal and Spain that improved allowed returns and approved higher investment levels.

Stilwell de Andrade highlighted Portugal's macroeconomic strength, noting that electricity demand grew across the Iberian Peninsula in 2025, bucking the trend seen in other European countries. "It is symptomatic of the good macroeconomic performance Portugal has had," he said. Heavy rainfall through the year also left the company's hydroelectric dams at full capacity heading into 2026.

On shareholder returns, EDP's board will propose a dividend of 0.205 euros per share for 2025, a 2.5 percent increase over the previous year's payout. Meanwhile, EDP Renováveis announced a scrip dividend programme offering 0.13 euros per share, giving investors the choice between cash and new shares.

The results underscore the central role energy companies play in Portugal's economic landscape. EDP remains one of the PSI index's heaviest weights, and its investment plans — particularly in renewables and grid modernisation — are closely tied to Portugal's climate commitments and its ambitions as a green energy leader in Europe. For households and businesses alike, the regulatory reset on networks suggests a period of increased grid investment that could improve reliability and accommodate growing electrification.