EDP Renováveis reports 9M net profit €416M, up 181% YoY

EDP Renováveis (EDPR), a separately quoted subsidiary of Energias de Portugal (EDP) operating in the field of renewable energy, had a net profit of €416 million in the first nine months of this year, up 181% on the same period in 2021, according to company information published on Wednesday by Portugal’s Securities Markets Commission (CMVM).

The company, which is based in Madrid but quoted on the Lisbon stock exchange, says the “solid” and “robust” results in the first three quarters of the year were “mostly” influenced by the increase in energy sales and production prices.

The revenues of EDPR in this period were €1.743 billion and increased 46% compared to the first nine months last year, with the company explaining that the average selling price increased 29%, “especially in Europe”.

EDPR also had “other operating income” of €331 million, up €129 million on the same period in 2021, due to transactions involving assets in Poland, Spain and Italy.

Earnings before tax, interest, depreciation and amortisation (EBITDA) were €1.462 billion in the period from January and September, 62% more than in the first nine months of 2021.

In this period, the company made gross capital investment of €4.401 billion, up 118% on the same months of 2021, “which allowed EDPR to increase its presence to 28 markets globally” and reflects “the current period of strong growth,” according to the company.

“Over the past 12 months, an additional 2.6 GW [gigawatts] of renewable capacity has been added” to EDPR, which by September 2022 “reached the record amount” of 4.3 GW in capacity “under construction in 15 markets in North America, South America, Europe and Asia Pacific,” reads the information released by the company.

Net debt increased to €5.556 billion at the end of September, up €2.621 billion from the end of September 2021.

For 2021, the company reported a full-year net profit of €655 million, an increase of 18% on 2020.