EDP Renovaveis: H1 26 results preview – A solid quarter

研报英文原文证据摘录

EDP Renovaveis: H1 26 results preview – A solid quarter

J P M O R G A N Europe Equity Research

14 July 2026

EDP Renovaveis Neutral

EDPR.LS, EDPR PL

H1 26 results preview – A solid quarter Price (13 Jul 26):€13.87

Price Target (Dec-27):€13.20

EDPR will report H1 results on 29 July. We expect the market to view the results European Utilities & Clean Energy

ACas a small positive, as the numbers should confirm the underlying improvement (vs Javier Garrido

an admittedly low comp in H1 2025) in operating profits. The first asset rotation (34-91) 516-1557

gain of the year should underpin the upgrade in guidance for this line that javier.x.garrido@jpmorgan.com

management announced in Q1. J.P. Morgan Securities plc

• North America and AR gains to drive operating profit growth. EDPR Specialist Sales contact details:

operating earnings in North America should benefit from higher Ian Mitchell - Specialist Sales -

volumes, higher prices for merchant volumes and a strong contribution from European Energy

(44-20) 7134-1356

the ITCs. Besides, the forex headwind that has penalised performance in the ian.e.mitchell@jpmorgan.com

last four quarters is now broadly neutralised. The other growth driver should

be Rest of Europe, although this is fully due to the Asset Rotation gain in the

Italian disposal (JPME €55m), as the volume decline in this region (and in all

the other European divisions) drives a decline in underlying operating profits.

LatAm benefits from higher achieved prices and a forex tailwind, while APAC

is up on both volumes and a normalisation of margins vs the very low comp of

H1 25. As a result of all this, we estimate a 7.4% yoy rise in recurring EBITDA

to €1,031m.

• Strong net income growth. H1 25 is a low comp, below EBITDA both on a