EDP raises 2026 profit guidance as nine-month profit climbs 22%

Nine-month results

EDP reported a net profit of 1,191 million euros for the first nine months of 2026, up 22% from the same period a year earlier, according to a market statement filed with the CMVM, Portugal's securities regulator. The company's reported net result was slightly higher at 1,194 million euros, a 25% increase on the prior-year period. Recurring EBITDA rose 11% to 4,166 million euros, supported by growth in the electricity networks, flexible generation and EDP Renewables. Consolidated EBITDA climbed 19% over the same period to 4,478 million euros. In Brazil, EBITDA rose 2%, helped by distribution revenues indexed to inflation and a favourable currency effect.

Net profit1,191

Reported net result1,194

Recurring EBITDA4,166

Consolidated EBITDA4,478

Net profit

1191 million euros

Reported net result

1194 million euros

Recurring EBITDA

4166 million euros

Consolidated EBITDA

4478 million euros

Data from the article text

Raised 2026 targets

EDP lifted its financial guidance for 2026 for the third time this year, after the first-quarter and half-year results, chief executive Miguel Stilwell de Andrade said on an analyst conference call. The new target is recurring net profit of 1,400 to 1,500 million euros and recurring EBITDA of 5,400 million euros. The earlier targets, set at the Capital Markets Day in November 2025, called for 1,200 to 1,300 million euros of net profit and 4,900 to 5,000 million euros of EBITDA. The company puts the increase in the overall guidance at 16% above those earlier forecasts. Observador reports that management now expects a record annual profit within the 1,400 to 1,500 million euro range.

Data centers and the Iberian pitch

EDP expects to supply power to future data centers in Portugal and Spain and says it is well placed for that role. The company describes the Iberian Peninsula as a competitive location for attracting large data center investments and says it is ready to support the growth in energy demand. It wants installed capacity to rise by 5.5 GW and is asking for faster, simpler permitting. For 2027, EDP expects higher consumption from Galp (100 MW from projects at the Sines refinery), Merlin's data centers (80 MW) and Start Campus (180 MW). Demand is forecast to grow 3.4% in 2026, ahead of Spain and well above the European Union average, helped by electric vehicles, which made up 59% of new car registrations in September.

Leadership change

The company announced beforehand that Miguel Stilwell de Andrade will leave his post as chief executive at the end of his mandate. He nonetheless presented the results and outlook. According to Observador, he called the current market situation perfect for consumers and electricity companies. Electricity costs 37 euros per MWh for final customers, well below the EU average, and the system debt that once exceeded 5,000 million euros is due to be fully repaid by 2028. He also pointed to bottlenecks in licensing renewable capacity, which must speed up to meet rising demand.

Balance sheet and workforce

Net debt totalled 16.8 billion euros, a 9% increase compared with the fourth quarter of 2025, which the company attributes to the investment plan, organic cash generation and a stronger Brazilian real against the euro. Proceeds from asset rotation, concentrated in the third quarter of 2026, and the annual dividend of 848 million euros paid in the second quarter partly offset that increase. Installed capacity rose 2% year on year to 32.8 GW. EDP ended September with 11,609 employees, a 4% decline from 12,040 a year earlier.

End of September 202512,040

End of September 202611,609

End of September 2025

12040

End of September 2026

11609

Data from the article text

Observador notes that the lack of rain in recent months is already affecting hydro output, although water availability was above average this year.