EDP Renewables: Adjusted Net Profit Rises 133 Percent – Asset Sales Main Driver

Madrid – Wind and solar farm operator EDP Renewables (EDPR) increased its adjusted net profit by 133 percent to EUR 439 million in the first nine months of 2026, according to the company. Higher gains from asset sales and a stronger performance in North America contributed significantly to the rise.

The results show diverging trends among earnings sources: EDPR is realising substantial gains through targeted portfolio sales, whereas earnings from its ongoing business are growing moderately. At the same time, regional markets are moving in different directions: in North America, the company is benefiting from higher power generation and rising selling prices, while in Europe lower prices and weaker generation conditions weigh on results.

EDPR Posts EUR 333 Million Gain from Asset Sales

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 23 percent to EUR 1.73 billion between January and September. Adjusted net profit had stood at EUR 189 million in the same period a year earlier. Reported net profit increased from EUR 107 million to EUR 440 million.

Gains from asset sales (asset rotation) included in EBITDA rose from EUR 59 million to EUR 333 million. Excluding these disposal gains, adjusted EBITDA increased 4 percent to EUR 1.40 billion. The rise in earnings therefore mainly reflects the higher contribution from scheduled portfolio sales; the operating business also grew.

From asset rotation and other disposals, EDPR reported proceeds of EUR 897 million, compared with EUR 421 million in the same period a year earlier. These proceeds are not equivalent to the disposal gains recognised in the accounts. The transactions included wind and solar portfolios in Europe as well as solar and storage projects in the United States.

North America Grows – Europe Weighed Down by Power Prices and Generation Conditions

In North America, gross profit reported by EDPR rose 16 percent to EUR 1.22 billion. Power generation increased 9 percent, and the average realised selling price rose 4 percent to USD 50/MWh. Additional generation capacity supported the development.

In Europe, by contrast, gross profit fell 22 percent to EUR 594 million. Power generation declined 7 percent, and the average selling price also dropped 7 percent to EUR 76.1/MWh. EDPR cited, among other factors, lower feed-in tariffs in Portugal, lower hedged margins in Spain and below-average renewable energy resources on the Iberian Peninsula. Asset sales also affected consolidated generation.

Across the group, EDPR generated 30.9 TWh of electricity, 2 percent more than in the same period a year earlier. Installed capacity stood at around 20.5 GW at the end of September.

Asset Rotation Remains Part of Growth Financing

EDPR uses the sale of assets and stakes to free up capital for new projects. In its 2026–2028 business plan, already presented in November 2025, the company plans gross investments of around EUR 7.5 billion and asset rotation proceeds of around EUR 4.5 billion. Around 5 GW of additional wind, solar and storage capacity is to be added by 2028. The investment focus is on the United States, which accounts for around 60 percent of planned gross investments.

In the first nine months of 2026, EDPR made gross investments of around EUR 1.84 billion. Operating cash flow rose 30 percent to EUR 1.15 billion. Average cost of debt remained at 4.5 percent.

The nine-month results show two sides of the business model: targeted asset sales create financial headroom for further expansion and deliver substantial earnings contributions. Recurring income from power generation, by contrast, remains dependent on regional price developments and natural generation conditions.

Source: IWR Online, 06 Nov 2026