EDP Renewables’ EBITDA increases 14% in the first quarter of the year
- Revenues delivered a 24% growth year-on-year and net profit remained stable
- The company raised 1 billion through a Capital Increase to support renewable additions
Madrid, 4 May 2023 - EDP Renewables is moving forward with its 2023-2026 Business Plan to lead the energy transition through an acceleration of investment and sustainable growth.
In the first quarter of 2023, EDPR’s gross investment amounted to €1 billion, with more than 80% of its Capex invested in Europe and North America, reflecting EDPR’s growth with 1.7 GW capacity additions year on year and 5 GW of renewable capacity under construction as of March, diversified between geographies and technologies.
In the same period, the company successfully raised €1bn through a Capital Increase to partially finance the updated business plan that targets around 17 GW of renewable additions until 2026.
In Q1, EBITDA raised to €448 million, an increase of 14% comparing to the same period of 2022, with important contributions in Europe (+21%), North America (+14%), South America (+63%) and Asia Pacific (+63%). EDPR’s net income remained stable versus first quarter of 2022 at €65 million, with EBITDA growth offset by financial costs.
Revenues reached €706 million, delivering a strong growth of 24% compared to the same period of the previous year. This performance was supported by a 11% increase of electricity generation and improvement of average selling price, on the back of positive market dynamics that were supported by new PPAs, hedging roll over (longer maturity dates for current contracts) and inflation rates update.
Operating costs increased 19%, with the impact from clawback taxes in Poland and Romania booked at operational costs and higher costs with employees following the increase of more than a 10% in the workforce.
EDP Renewables' debt decreased €135 million comparing to December 2022, but increased €0.6 billion year on year, reflecting the growth in investment in renewable energy projects that will contribute to accelerate the energy transition in the four regions where the company operates - North America, South America, Asia Pacific, and Europe.
EDPR recently announced the Scrip Dividend program, which provides a higher optionality to shareholders in terms of income. EDPR shares will become ex-rights on May 9th and shareholders may opt between receiving new bonus shares (1 bonus share per 75 incorporation rights), receive an amount of €0.265 per incorporation right, or a mix of both options on May 26th, 2023.