Portugal's largest utility, EDP, reported a solid 14% increase in nine-month net consolidated profit, reaching €1.08 billion ($1.17 billion) and surpassing analysts' expectations of €993 million.
The utility's performance was boosted by increased hydroelectric production in Iberia due to strong rainfall, along with additional revenue from its Brazilian unit following a full acquisition.
Although capital gains were lower than last year, the strong renewable output, particularly a 65% rise in hydroelectric generation to 9,306 GWh, helped offset a 42% decline in Spain's electricity spot prices.
EDP's subsidiary, EDP Renováveis (EDPR), the world's fourth-largest wind energy producer, saw a 53% decrease in profit to €210 million due to reduced capital gains from asset sales.
Nonetheless, EDP recorded €179 million in consolidated capital gains, down from €393 million the previous year, derived from the sale of stakes in wind and solar projects and a transmission line.
Overall electricity generation grew by 4% to 41,862 GWh, with 97% coming from renewable sources, highlighting EDP's commitment to green energy expansion.
The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 2% to approximately €3.9 billion, outperforming analysts' forecast of €3.7 billion.
