EDPR maintains its profit at 65 million until March and increases revenue by 24%, up to 706 million

MADRID, 3 May. (EUROPA PRESS) -

EDP ​​Renewables (EDPR) registered a net profit of 65 million euros in the first quarter of the year, similar to that of the same period of 2022, and increased its revenues by 24%, reaching 706 million euros, as reported this Wednesday. the company in a statement.

Specifically, as explained by the company, EDPR's net profit remained stable at 65 million euros until March, with Ebitda growth offset by financial costs.

Likewise, revenues were supported by an 11% increase in electricity generation and an improvement in the average sale price thanks to the positive market dynamics.

The gross operating result (Ebitda) amounted to 448 million euros in the first quarter of the year, 14% more compared to the same period in 2022, with "important" contributions in Europe (21%), North America (14% ), South America (63%) and Asia-Pacific (63%).

Between January and March 2023, EDPR's gross investment amounted to €1 billion, with more than 80% of its 'capex' invested in Europe and North America, reflecting the company's growth with 1.7 gigawatts (GW ) of capacity added year-on-year and 5 gigawatts (GW) of renewable capacity under construction as of March, diversified between geographies and technologies.

In the same period, the company managed to raise 1,000 million euros through a capital increase to partially finance the updated business plan, whose objective is to increase renewable capacity by some 17 gigawatts (GW) until 2026.

Operating costs increased by 19% up to March, with the impact of the 'clawbacks' in Poland and Romania, accounted for in operating costs, and higher costs after the increase of more than 10% in the workforce.

In addition, EDP Renewables' debt decreased by €135 million compared to December 2022, but increased by €600 million year-on-year, reflecting the growth in investment in projects that will contribute to accelerating the energy transition in the four regions in which the company operates: North America, South America, Asia-Pacific and Europe.

On the other hand, EDPR, which has already announced the 'scrip dividend' program, has detailed that its shares will become 'ex-rights' on May 9 and shareholders will be able to choose between receiving new bonus shares (1 new bonus share for each 75 incorporation rights), receive an amount of 0.265 euros for incorporation rights or a combination of both options on May 26, 2023.

EDP ​​Renewables has underlined that it continues to make progress with its 'Business Plan 2023-2026' to lead the energy transition by accelerating investment and sustainable growth.