Wind energy firm EDPR sees core recurring profit rising 13% in 2025
LISBON, May 8 (Reuters) - EDP Renovaveis (EDPR.LS), opens new tab, the world's fourth largest wind energy producer, said on Thursday it expects core recurring profit to grow 13% in 2025 on the back of a solid operational performance, despite a 24% drop in net income in the first quarter.
The renewables arm of Portugal's EDP (EDP.LS), opens new tab said earlier that its first-quarter net profit fell to 52 million euros ($59 million), despite a solid revenue increase. That was slightly below the 54.8 million euro average forecast by analysts polled by LSEG.
EDPR said it booked no capital gains from the sale of wind and solar assets – part of a strategy of disposing of stakes in mature plants to finance new ones – in the first quarter. A year ago, it booked 58 million euros of capital gains.
Overall revenue grew 21% to 763 million euros on the back of a 10% increase in power production to 10.9 gigawatt-hours (GWh), "with Europe and North America representing more than 80% of total generation output", it said in a statement.
Its consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA), or core profit, rose 5% year-on-year to 476 million euros.
Excluding capital gains, recurring core profit grew 20%.
CEO Miguel Stilwell de Andrade said it was "a good set of results, supported by capacity expansion and operational efficiency", and EDPR now estimates a recurring EBITDA of 1.9 billion euros in 2025.
It expects 2 billion euros of proceeds from transactions of renewable parks in 2025 that should result in capital gains of 100 million euros.
It sees net debt falling to 8 billion euros in December from 8.9 billion in March.
The CEO denied media reports that the company wanted to sell part of its 50% stake in Ocean Winds, the joint venture with France's Engie for offshore wind. "This stake is strategic and we like that joint venture," he said.
($1 = 0.8846 euros)
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