EDPR's net profit falls 55% in 9-mo 2024

EDP Renovaveis SA (ELI:EDPR) saw its recurring net profit decrease 55% year-on-year to EUR 210 million (USD 228.8m) in the first nine months of 2024.

The renewables arm of Portuguese utility EDP - Energias de Portugal SA (ELI:EDP) said today that the recurring earnings before interest, tax, depreciation and amortisation (EBITDA) went down by 10% to EUR 1.29 billion.

The decline in both recurring net profit and recurring EBITDA was driven by a negative net impact from Colombia.

Net profit was also affected by lower year-on-year asset rotation gains, and EBITDA from unwinding hedges related to clawback tax in Romania.

In the period under review, EDPR produced 26.5 TWh in the first nine months of 2024, up by 5% year-on-year. Overall, the company added 1.3 GW of power generation capacity, all of it solar, and had 4.1 GW of new capacity under construction.

(EUR 1.0 = USD 1.090)

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