EDP's profit recurring drops by 9% following storms in Portugal. This exceeds expectations

EDP, Portugal's largest utility, posted a 9% decline in its first-quarter net profit. The drop was attributed to severe storms that hit the country between January and February. However, EDP still exceeded analysts' expectations due to higher earnings from renewables.

The average analyst forecast by LSEG was for 364 million euro, while the recurring net profit was 399 millions euros.

EDP Renewables' subsidiary, the world's fourth largest wind power producer, announced earlier this week that its recurring profit had risen 9% to 71 millions euros. EDPR has also increased its 2026 recurring?EBITDA?guidance by?5%, to around 2.2bn euros.

EDP CEO Miguel Stilwell de Andrade stated that although Iberian distribution had improved, the "quarterly results" were affected by storms, which caused damage, increased system expenses for grid stabilisation, and almost halved the power prices compared to a year ago.

Recurring EBITDA fell by 3% year-on-year to 1.4 billion Euros, exceeding analysts' expectations of 1.33 billion Euros.

Stilwell de André said: "One thing is very positive, that EDP ended the quarter in Portugal with reservoirs close to full. We feel very confident and comfortable about the outlook for this year."

(source: Reuters)