Reported Earnings • May 08
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.067. Revenue: €739.0m (up 14% from 1Q 2025). Net income: €70.0m (up 35% from 1Q 2025). Profit margin: 9.5% (up from 8.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Canlı Haberler • May 05
EDP Renováveis Secures 250 MW Solar Deal With Meta in Arkansas Targeting 2028 Completion EDP Renewables North America signed a long-term power purchase agreement with Meta for a 250 MW solar project in Arkansas, called Cypress Knee Solar.
The deal takes Meta’s total clean energy procurement from EDP Renewables North America to 545 MW.
The Cypress Knee Solar project is planned to be completed by 2028 and is expected to create local jobs and economic benefits in Arkansas.
For you as an investor, this agreement highlights how EDP Renováveis is continuing to build contracted capacity with a large corporate offtaker. A long-term power purchase agreement with a company of Meta’s scale can add visibility to future revenue from this specific project, subject to construction and operational performance. The focus on U.S. solar also shows the company committing more capital and development effort to that market, within its broader renewables portfolio.
The project’s expected completion by 2028 and its local economic impact in Arkansas underline the typical time frame and community footprint of utility-scale solar. When you think about EDPR, this deal is another example of how the company can use long-term contracts with creditworthy corporates to support project development and secure cash flows over time, while contributing to large buyers’ clean energy targets. Duyuru • Feb 26
EDP Renováveis, S.A., Annual General Meeting, Apr 13, 2026 EDP Renováveis, S.A., Annual General Meeting, Apr 13, 2026. Duyuru • Jan 31
Principia S.p.A. completed the acquisition of Portfolio of four operating wind farms in Greece from EDP Renováveis, S.A. (ENXTLS:EDPR). Principia S.p.A. signed a sale and purchase agreement to acquire Portfolio of four operating wind farms in Greece from EDP Renováveis, S.A. (ENXTLS:EDPR) for an enterprise value of €200 million on July 30, 2025. The portfolio consists of four wind farms, all operating under 20-year Contracts for Difference (CfDs).
The transaction is subject to conditions precedent, regulatory and other usual conditions for a transaction of this nature, with closing expected to occur during 2025.
Principia S.p.A. completed the acquisition of Portfolio of four operating wind farms in Greece from EDP Renováveis, S.A. (ENXTLS:EDPR) on January 29, 2026. Duyuru • Jan 01
Solar Epc Solutions S.L. completed the acquisition of 190-MWac/229-MWdc solar portfolio in Spain from EDP Renováveis, S.A. (ENXTLS:EDPR). Solar Epc Solutions S.L. agreed to acquire 190-MWac/229-MWdc solar portfolio in Spain from EDP Renováveis, S.A. (ENXTLS:EDPR) in an estimated enterprise valued at €160 million on August 5, 2025.
The transaction is pending regulatory clearance and is expected to close this year 2025.
Solar Epc Solutions S.L. completed the acquisition of 190-MWac/229-MWdc solar portfolio in Spain from EDP Renováveis, S.A. (ENXTLS:EDPR) on December 31, 2025. New Risk • Dec 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Portuguese stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risk Share price has been volatile over the past 3 months (5.0% average weekly change). Price Target Changed • Oct 15
Price target increased by 7.1% to €12.44 Up from €11.62, the current price target is an average from 23 analysts. New target price is 5.9% below last closing price of €13.22. Stock is down 7.7% over the past year. The company is forecast to post earnings per share of €0.33 next year compared to a net loss per share of €0.54 last year. Duyuru • Aug 14
Encavis AG (HMSE:ECV) agreed to acquire Portfolio of solar energy projects in Italy of EDP Renewable from EDP Renováveis, S.A. (ENXTLS:EDPR) for €250 million. Encavis AG (HMSE:ECV) agreed to acquire Portfolio of solar energy projects in Italy of EDP Renewable from EDP Renováveis, S.A. (ENXTLS:EDPR) for €250 million on August 13, 2025. A cash consideration of €250 million will be paid by Encavis AG. As part of consideration, €250 million is paid towards assets of Portfolio of solar energy projects in Italy of EDP Renewable. The deal is expected to complete in the course of 2025. New Risk • Jul 03
New major risk - Revenue and earnings growth Earnings have declined by 25% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Earnings have declined by 25% per year over the past 5 years. Duyuru • Jun 19
Tion Renewables GmbH completed the acquisition of 104 MW Solar Portfolio in Spain of EDP Renováveis, S.A. for an enterprise value of €81 million. Tion Renewables GmbH agreed to acquire 104 MW Solar Portfolio in Spain of EDP Renováveis, S.A. on December 13, 2024. The transaction is subject to precedent, regulatory conditions and other usual conditions for a transaction of this nature. Ernst & Young GmbH WirtschaftsprÜFungsgesellschaft acted as financial advisor and due diligence provider to Tion Renewables GmbH. Roberto Pomares of Addleshaw Goddard LLP acted as legal advisor to EDP Renováveis, S.A.
Tion Renewables GmbH completed the acquisition of 104 MW Solar Portfolio in Spain of EDP Renováveis, S.A. for an enterprise value of €81 million on June 17, 2025. Duyuru • Mar 04
EDP Renováveis, S.A., Annual General Meeting, Apr 03, 2025 EDP Renováveis, S.A., Annual General Meeting, Apr 03, 2025. Reported Earnings • Mar 02
Full year 2024 earnings released: €0.54 loss per share (vs €0.31 profit in FY 2023) Full year 2024 results: €0.54 loss per share (down from €0.31 profit in FY 2023). Revenue: €2.64b (up 31% from FY 2023). Net loss: €556.2m (down 280% from profit in FY 2023). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Feb 26
Consensus EPS estimates fall by 60% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.055 to €0.022 per share. Revenue forecast steady at €2.38b. Net income forecast to grow 319% next year vs 15% growth forecast for Renewable Energy industry in Portugal. Consensus price target down from €13.35 to €13.06. Share price rose 8.8% to €9.45 over the past week. Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.101 to €0.087 per share. Revenue forecast steady at €2.39b. Net income forecast to grow 345% next year vs 14% growth forecast for Renewable Energy industry in Portugal. Consensus price target of €13.44 unchanged from last update. Share price fell 2.3% to €8.84 over the past week. Major Estimate Revision • Jan 14
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.19 to €0.157 per share. Revenue forecast steady at €2.39b. Net income forecast to grow 395% next year vs 14% growth forecast for Renewable Energy industry in Portugal. Consensus price target broadly unchanged at €13.92. Share price fell 6.1% to €9.16 over the past week. Major Estimate Revision • Dec 22
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.29 to €0.223 per share. Revenue forecast steady at €2.40b. Net income forecast to grow 441% next year vs 14% growth forecast for Renewable Energy industry in Portugal. Consensus price target down from €14.61 to €14.31. Share price fell 3.1% to €9.50 over the past week. Major Estimate Revision • Dec 06
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €2.43b to €2.40b. EPS estimate also fell from €0.324 per share to €0.29 per share. Net income forecast to grow 495% next year vs 15% growth forecast for Renewable Energy industry in Portugal. Consensus price target down from €15.54 to €14.67. Share price fell 8.2% to €10.17 over the past week. Major Estimate Revision • Nov 27
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.351 to €0.312 per share. Revenue forecast steady at €2.41b. Net income forecast to grow 523% next year vs 18% growth forecast for Renewable Energy industry in Portugal. Consensus price target down from €15.74 to €15.23. Share price rose 4.4% to €11.12 over the past week. Major Estimate Revision • Nov 17
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.384 to €0.344 per share. Revenue forecast steady at €2.43b. Net income forecast to grow 566% next year vs 17% growth forecast for Renewable Energy industry in Portugal. Consensus price target down from €16.39 to €15.62. Share price rose 5.0% to €11.37 over the past week. Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €0.394 to €0.351 per share. Revenue forecast steady at €2.43b. Net income forecast to grow 581% next year vs 17% growth forecast for Renewable Energy industry in Portugal. Consensus price target down from €16.42 to €15.74. Share price was steady at €11.03 over the past week. New Risk • Nov 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Portuguese stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Profit margins are more than 30% lower than last year (3.6% net profit margin). New Risk • Nov 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.6% Last year net profit margin: 31% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.6x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.6% net profit margin). Duyuru • Oct 11
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of 49% stake in 970-MW portfolio of wind farms in Portugal, Poland and Italy from ACE Investment Fund II LP and ACE Investment Fund I LP for €580 million. EDP Renováveis, S.A. (ENXTLS:EDPR) agreed to acquire a 49% stake in 970-MW portfolio of wind farms in Portugal, Poland and Italy from ACE Investment Fund II LP and ACE Investment Fund I LP for €570 million on December 29, 2023. The portfolio consists of 422 MW in Portugal with feed-in tariff (FIT) in place, on average, until 2030; 418 MW in Poland under the Green Certificates scheme, on average, until 2027; and 130 MW in Italy with feed-in-premium (FiP) or contract for difference (CfD) in place, on average, until 2033. Following the transaction, EDP Renováveis will hold 100% in the portfolio of wind farms.
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of 49% stake in 970-MW portfolio of wind farms in Portugal, Poland and Italy from ACE Investment Fund II LP and ACE Investment Fund I LP for €580 million on October 10, 2024. Reported Earnings • Jul 29
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €650.6m (up 64% from 2Q 2023). Net income: €142.1m (up €127.2m from 2Q 2023). Profit margin: 22% (up from 3.7% in 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Renewable Energy industry in Europe. New Risk • May 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Duyuru • May 10
EDP Renováveis, S.A. Appoints Laurie Fitch as Non-Executive Director and Member Man Group plc announces that Laurie Fitch, a non-executive director of the Company, has been appointed as a non-executive director and member of the ESG Committee of EDP Renováveis, S.A., with effect from 8 May 2024. New Risk • May 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Portuguese stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Profit margins are more than 30% lower than last year (15% net profit margin). Duyuru • Apr 20
Connor, Clark & Lunn Infrastructure Ltd. completed the acquisition of an 80% stake in 297 megawatt (MW) wind farm in Alberta, Canada from EDP Renováveis, S.A. (ENXTLS:EDPR) for enterprise value of approximately CAD 700 million. Connor, Clark & Lunn Infrastructure Ltd. agreed to acquire an 80% stake in 297 megawatt (MW) wind farm in Alberta, Canada from EDP Renováveis, S.A. (ENXTLS:EDPR) for CAD 600 million on February 14, 2024. EDP Renováveis will retain a minority equity stake and continue to operate and manage the wind farm. Connor, Clark & Lunn Infrastructure Ltd. completed the acquisition of an 80% stake in 297 megawatt (MW) wind farm in Alberta, Canada from EDP Renováveis, S.A. (ENXTLS:EDPR) for enterprise value of approximately CAD 700 million on April 19, 2024. Reported Earnings • Mar 01
Full year 2023 earnings released Full year 2023 results: Revenue: €2.01b (down 6.1% from FY 2022). Net income: €309.0m (down 50% from FY 2022). Profit margin: 15% (down from 29% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Renewable Energy industry in Europe. Duyuru • Jan 11
Eni New Energy US Inc. entered into an agreement to acquire 80% equity stake in Three Photovoltaic Plants in US. from EDP Renováveis, S.A. (ENXTLS:EDPR). Eni New Energy US Inc. entered into an agreement to acquire 80% equity stake in Three Photovoltaic Plants in US. from EDP Renováveis, S.A. (ENXTLS:EDPR) on January 10, 2024. The agreement allows Plenitude to reach over 1,2 GW of installed capacity in the U.S. contributing to the goal of reaching 7 GW worldwide by 2026. BofA Securities, Inc. acted as financial advisor to Eni Plenitude S.p.A. New Risk • Dec 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Portuguese stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (20% net profit margin). Shareholders have been diluted in the past year (6.6% increase in shares outstanding). Duyuru • Oct 14
ORLEN Wind 3 Sp. z o.o. completed the acquisition of 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) for enterprise value of PLN 2.2 billion. ORLEN Wind 3 Sp. z o.o. signs a sale and purchase agreement to acquire 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) for enterprise value of PLN 2.2 billion on July 27, 2023.ORLEN Wind 3 Sp. z o.o. completed the acquisition of 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) on October 12, 2023. Duyuru • Sep 01
Statkraft AS signed an agreement to acquire a portfolio of 260 MW wind farms in Brazil from EDP Renováveis, S.A. (ENXTLS:EDPR) for NOK 3.5 billion. Statkraft AS signed an agreement to acquire a portfolio of 260 MW wind farms in Brazil from EDP Renováveis, S.A. (ENXTLS:EDPR) for NOK 3.5 billion on August 29, 2023. The acquisition is expected to be closed within the next quarters, and the financial effects will be reported after closing. Duyuru • Aug 30
Statkraft Energias Renováveis S.A. signed an agreement to acquire Two operational wind farms in Jerusalém and Boqueirão from EDP Renováveis, S.A. (ENXTLS:EDPR). Statkraft Energias Renováveis S.A. signed an agreement to acquire Two operational wind farms in Jerusalém and Boqueirão from EDP Renováveis, S.A. (ENXTLS:EDPR) on August 29, 2023. The transaction is subject to regulatory approvals and customary closing conditions. The completion is expected in the coming months. Duyuru • Jul 28
ORLEN WIND 3 acquired 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) for PLN 2.2 billion. ORLEN WIND 3 acquired 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) for PLN 2.2 billion on July 27, 2023.
ORLEN WIND 3 completed the acquisition of 300 MW RENEWABLES PORTFOLIO from EDP Renováveis, S.A. (ENXTLS:EDPR) on July 27, 2023. Reported Earnings • Jul 27
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €519.3m (down 14% from 2Q 2022). Net income: €14.8m (down 93% from 2Q 2022). Profit margin: 2.9% (down from 33% in 2Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Duyuru • May 04
EDP Renováveis, S.A. to Report Q1, 2023 Results on May 03, 2023 EDP Renováveis, S.A. announced that they will report Q1, 2023 results Pre-Market on May 03, 2023 Reported Earnings • May 03
First quarter 2023 earnings released First quarter 2023 results: Revenue: €706.0m (up 24% from 1Q 2022). Net income: €65.0m (down 1.5% from 1Q 2022). Profit margin: 9.2% (down from 12% in 1Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • Mar 03
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: €0.64 (down from €0.70 in FY 2021). Revenue: €2.37b (up 50% from FY 2021). Net income: €616.2m (down 6.0% from FY 2021). Profit margin: 26% (down from 42% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) missed analyst estimates by 6.6%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 18% per year. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. CEO & Vice President of the Board Miguel de Andrade was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Oct 07
EDP Renováveis, S.A. (ENXTLS:EDPR) acquired 70% stake in Kronos Solar Projects Gmbh. EDP Renováveis, S.A. (ENXTLS:EDPR) agreed to acquire 70% stake in Kronos Solar Projects Gmbh for €250 million on July 29, 2022. The deal closed for an acquisition price of €250m paid at closing and a success fee to be paid to the sellers over 2023-28, dependent on the solar capacity delivered by Kronos development team in this period. The transaction includes also call/put options on the remaining 30% minority stake, exercisable from 2028 onwards. The transaction is subject to regulatory and other customary precedent conditions. Nomura Greentech Capital Advisors, LLC acted as Exclusive Financial Advisor to Kronos Solar. Dissmann Orth Rechtsanwaltsg.Steuerberatungsgesellsch. GmbH acted as legal advisor to Kronos Solar Projects Gmbh.
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of 70% stake in Kronos Solar Projects Gmbh on October 6, 2022. Duyuru • Sep 09
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of 200 MW of solar parks in Vietnam from Xuan Thien Group. EDP Renováveis, S.A. (ENXTLS:EDPR) agreed to acquire 200 MW of solar parks in Vietnam from Xuan Thien Group for $284 million on June 27, 2022. The consideration also have an additional earn-out conditioned to performance achievements. The closure is still subject to regulatory and other customary precedent conditions.
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of 200 MW of solar parks in Vietnam from Xuan Thien Group on September 8, 2022. Major Estimate Revision • Aug 10
Consensus EPS estimates increase by 27% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €2.21b to €2.28b. EPS estimate increased from €0.55 to €0.70 per share. Net income forecast to shrink 8.7% next year vs 30% growth forecast for Renewable Energy industry in Portugal . Consensus price target broadly unchanged at €23.87. Share price rose 5.2% to €26.15 over the past week. Major Estimate Revision • Aug 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €0.72 to €0.55 per share. Revenue forecast steady at €2.21b. Net income forecast to shrink 19% next year vs 30% growth forecast for Renewable Energy industry in Portugal . Consensus price target of €23.63 unchanged from last update. Share price was steady at €24.99 over the past week. Reported Earnings • Jul 29
Second quarter 2022 earnings: Revenues exceed analyst expectations Second quarter 2022 results: Revenue: €727.3m (up 99% from 2Q 2021). Net income: €198.7m (up 92% from 2Q 2021). Profit margin: 27% (in line with 2Q 2021). Revenue exceeded analyst estimates by 7.6%. Over the next year, revenue is forecast to grow 18%, compared to a 2,742% growth forecast for the industry in Portugal. Duyuru • Jun 29
China Three Gorges Renewables (Group) Co.,Ltd. (SHSE:600905) completed the acquisition of 181 MW Operating Wind Portfolio from EDP Renováveis, S.A. (ENXTLS:EDPR) for an enterprise value of approximately €310 million. China Three Gorges Renewables (Group) Co.,Ltd. (SHSE:600905) agreed to acquire 181 MW Operating Wind Portfolio from EDP Renováveis, S.A. (ENXTLS:EDPR) for an enterprise value of approximately €310 million on November 15, 2021. The transaction is subject to regulatory and other customary precedent conditions. Terence Foo, Fang Bao, Samir Azzouzi, Yong Bai, Dayu Man, José Luis Zamarro, Vicky Ma and María Begoña Barrantes Díaz of Clifford Chance LLP acted as a legal advisor to China Three Gorges Renewables for the transaction. Santander Corporate & investment Banking acted as a financial advisor of 181 MW Operating Wind Portfolio. FTI Capital Advisors, L.L.C. acted as financial advisor to China Three Gorges Renewables. Juan Carlos Raposo and Ernesto Plevisani of FTI Capital Advisors, L.L.C. acted as financial advisor to China Three Gorges Renewables (Group) Co.,Ltd. Ernst & Young Abogados, S.L. provided due diligence to EDP Renováveis, S.A.
China Three Gorges Renewables (Group) Co.,Ltd. (SHSE:600905) completed the acquisition of 181 MW Operating Wind Portfolio from EDP Renováveis, S.A. (ENXTLS:EDPR) for an enterprise value of approximately €310 million on June 27, 2022. Duyuru • Jun 28
EDP Renováveis, S.A. (ENXTLS:EDPR) agreed to acquire 200 MW of solar parks in Vietnam from Xuan Thien Group for $284 million. EDP Renováveis, S.A. (ENXTLS:EDPR) agreed to acquire 200 MW of solar parks in Vietnam from Xuan Thien Group for $284 million on June 27, 2022. The consideration also have an additional earn-out conditioned to performance achievements. The closure is still subject to regulatory and other customary precedent conditions. Reported Earnings • May 05
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: €0.069. Revenue: €569.0m (up 41% from 1Q 2021). Net income: €66.0m (up 75% from 1Q 2021). Profit margin: 12% (up from 9.4% in 1Q 2021). Revenue exceeded analyst estimates by 38%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 23%, compared to a 3,360% growth forecast for the industry in Portugal. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Apr 21
EDP Renováveis, S.A. (ENXTLS:EDPR) acquired BETA WIND SRL for $136 million. EDP Renováveis, S.A. (ENXTLS:EDPR) acquired BETA WIND SRL for $136 million on April 19, 2022.
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of BETA WIND SRL on April 19, 2022. Upcoming Dividend • Apr 20
Upcoming dividend of €0.09 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 29 April 2022. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Portuguese dividend payers (5.5%). Lower than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improved over the past week After last week's 21% share price gain to €21.72, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 25x in the Renewable Energy industry in Europe. Total returns to shareholders of 164% over the past three years. Duyuru • Feb 25
EDP Renováveis, S.A. (ENXTLS:EDPR) acquired 87.4% stake in Sunseap Group Pte. Ltd. from ISOTeam Ltd. (Catalist:5WF), Abc World Asia Pte Ltd and others for transaction valued at SGD 1.1 billion. EDP Renováveis, S.A. (ENXTLS:EDPR) agreed to acquire 87.4% stake in Sunseap Group Pte. Ltd. from ISOTeam Ltd. (Catalist:5WF), Abc World Asia Pte Ltd and others for transaction valued at SGD 1.1 billion in October 2021. The acquisition will allow the renewables arm of Portuguese energy giant EDP (ELI:EDP) to deploy part of the SGD 29.69 billion earmarked for investment through 2025. ABC World Asia is set to sell its stake in Sunseap to global renewables energy producer EDP Renewables and ISOTEAM will sell its 1.18% stake at SGD 270 per share. The transaction is subject to regulatory and other customary precedent conditions. Credit Suisse Bank (Europe), S.A. acted as financial advisor to EDP Renováveis, S.A. (ENXTLS:EDPR). Ashok Lalwani and Kenny Kwan including Caryn Ng, Martin David, Kim Hock Ang, Kah Chin Chu, Dennis Lim, Ken Chia, Zhao Yang Ng and Harikumar Pillay, and Baker McKenzie partners Lan Phuong Nguyen (Vietnam) and Ean Mac Pherson (Japan) of Baker & McKenzie.Wong & Leow acted as legal advisors to EDP Renováveis, S.A. (ENXTLS:EDPR).
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of 87.4% stake in Sunseap Group Pte. Ltd. from ISOTeam Ltd. (Catalist:5WF), Abc World Asia Pte Ltd and others on February 24, 2022. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €926.0m (down 39% from FY 2020). Net income: €698.0m (up 26% from FY 2020). Profit margin: 75% (up from 36% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 119%, compared to a 42% growth forecast for the industry in Portugal. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 16
EDP Renováveis, S.A. to Report Fiscal Year 2021 Results on Feb 16, 2022 EDP Renováveis, S.A. announced that they will report fiscal year 2021 results Pre-Market on Feb 16, 2022 Duyuru • Feb 11
EDP Ventures and EDP Renováveis, S.A. (ENXTLS:EDPR) agreed to acquire an unknown minority stake in Principle Power, Inc. from Aker Offshore Wind AS (OB:AOW). EDP Ventures and EDP Renováveis, S.A. (ENXTLS:EDPR) has exercised an option to acquire an unknown minority stake in Principle Power, Inc. from Aker Offshore Wind AS (OB:AOW) on February 10, 2022. The transaction is expected be completed in the first quarter of 2022. Duyuru • Jan 30
Onex Renewables S.a.r.l. completed the acquisition of Three wind farms in Portugal from EDP Renováveis, S.A. (ENXTLS:EDPR). Onex Renewables S.a.r.l. signed a sale and purchase agreement to acquire Three wind farms in Portugal from EDP Renováveis, S.A. (ENXTLS:EDPR) on July 21, 2021. The wind farms will be managed upon completion by Exus Management Partners who has a strong presence in Iberia. The transaction is subject to regulatory and other customary precedent conditions. Mariana Norton dos Reis, Francisco Santos Costa, Manuel Requicha Ferreira, Margarida Leal Oliveira, Sara Quaresma and Lourenço Vilhena de Freitas of Cuatrecasas acted as legal advisors to Onex Renewables. Martins Tiago F and Dourado Inês of KPMG Corporate Finance LLP acted as due diligence provider to Onex Renewables S.a.r.l.
Onex Renewables S.a.r.l. completed the acquisition of Three wind farms in Portugal from EDP Renováveis, S.A. (ENXTLS:EDPR) on January 28, 2022. Duyuru • Aug 06
Mirova Environment and Infrastructure signed an agreement to acquire 149 MW Wind Portfolio in Poland from Mirova Environment and Infrastructure. Mirova Environment and Infrastructure signed an agreement to acquire 149 MW Wind Portfolio in Poland from Mirova Environment and Infrastructure on August 4, 2021. The enterprise value of the transaction is €303 million. The transaction scope comprises six wind farms, out of which 20 MW are in operation since 2020 and 129 MW are under construction with expected CoD until 2021YE. The transaction is subject to regulatory and other customary precedent conditions. Reported Earnings • Jul 30
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: €452.7m (up 22% from 2Q 2020). Net income: €103.8m (down 46% from 2Q 2020). Profit margin: 23% (down from 52% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 02
EDP Renováveis, S.A. (ENXTLS:EDPR) acquired 28 MWac solar PV project in Vietnam from Trina Solar Co., Ltd (SHSE:688599) for $36 million. EDP Renováveis, S.A. (ENXTLS:EDPR) acquired 28 MWac solar PV project in Vietnam from Trina Solar Co., Ltd (SHSE:688599) for $36 million on June 30, 2021.
EDP Renováveis, S.A. (ENXTLS:EDPR) completed the acquisition of 28 MWac solar PV project in Vietnam from Trina Solar Co., Ltd (SHSE:688599) on June 30, 2021. Duyuru • May 29
EDP Renováveis, S.A. (ENXTLS:EDPR) signed an agreement to acquire solar portfolio in Chile from Lader Energy Chile SpA. EDP Renováveis, S.A. (ENXTLS:EDPR) signed an agreement to acquire solar portfolio in Chile from Lader Energy Chile SpA on May 28, 2021. The combined transaction price is of $38 million (€31.2 million). In a related party transaction, EDP Renováveis, S.A. signed agreement to acquire 628-MW wind portfolio from Atacama Energy Holdings SpA. The transaction is subject to regulatory approval and other customary closing conditions. Reported Earnings • May 16
First quarter 2021 earnings released: EPS €0.043 The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: €403.3m (down 7.5% from 1Q 2020). Net income: €37.8m (down 39% from 1Q 2020). Profit margin: 9.4% (down from 14% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 03
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 12 May 2021. Trailing yield: 0.4%. Lower than top quartile of Portuguese dividend payers (6.2%). Lower than average of industry peers (2.3%). Duyuru • Mar 05
EDP Renováveis, S.A. announced that it has received €1.50025 billion in funding On March 3, 2021, EDP Renováveis, S.A. (ENXTLS:EDPR) closed the transaction. The company issued 88,250,000 shares at a price of €17 per share for gross proceeds of €1,500,250,000. The transaction has been approved by the board of directors of the company. The total number of shares represent 10.1% of the company’s existing share capital. 