After a “great” 2025, EDP CEO reiterates goals for this year and guidance until 2028
Miguel Stilwell d'Andrade pointed out that, with record water levels and greater visibility in regulation in various geographies, EDP is "very confident" in its goals for this year.
EDP fulfilled its promises to investors in 2025 and is in a good position to repeat the feat this year, supported by good water conditions and improved visibility on regulation in Portugal, Spain and the US, the company’s CEO, Miguel Stilwell d’Andrade, said on Thursday.
“2025 was a great year for EDP”, said the manager in a conference call with analysts, summarising: “We had a solid performance across all different indicators, EBITDA, net debt, credit ratios, improving dividends. So it was a really solid year.”
On Wednesday, the electricity company announced that it had made a profit of €1.15 billion in 2025, 44% above the €801 million recorded in the previous year. This result reflects the strong increase in the contribution from EDP Renováveis (€550 million), partially offset by the decline in electricity sales prices in Portugal and Spain and the devaluation of the Brazilian real against the euro.
Stilwell d’Andrade emphasised that EDP Renováveis improved its performance, with greater visibility in execution, while in the network business, the group improved visibility with regulatory periods in Portugal and Spain.
“All this was achieved with financial discipline, greater efficiency, particularly on the cost side, but also on the debt side, supporting the maintenance of solid credit ratios”, he said.
The CEO of the electricity company promised to maintain this performance: “We are also entering 2026 in a good position, with record levels and reserves, with improvements in regulation and prospects in Portugal, Spain and many of the other geographies where we operate, such as the US.”
As for the guidelines for 2026, EDP expects recurring EBITDA of around €4.9 to €5 billion, supported by a balanced contribution across the portfolio. “We reaffirm our recurring net profit of €1.2 to €1.3 billion”, he assured.
Regarding the targets for 2028, the company expects to invest around €12 billion over the next two years, “which will be financed with discipline and by around €6 billion in asset rotations and disposals”.
“In terms of results, we remain committed to achieving €5.2 billion in recurring EBITDA and €1.3 billion in recurring net profit by 2028”, he stressed.
“Overall, the message is consistent. We performed strongly in 2025, we have very clear visibility for 2026, and we reiterate our guidance for 2028”, he concluded.