Business 30 July 2026

EDP made 732 million euros in six months, with renewables and grids doing the pulling

EDP closed the first half of 2026 with 732 million euros in profit, up 3% on last year, as recurring EBITDA rose 5% to 2.73 billion.

How much did EDP earn in the first half of 2026?

732 million euros, up 3% on the same period last year. Recurring EBITDA, the figure analysts reach for first because it strips out one-off noise, rose 5% to 2.73 billion euros. It is not a spectacular half-year, but it is one pointing the right way, which in a year of cheap electricity counts for plenty.

Why did falling power prices not wreck the numbers?

Because the company increasingly makes its money producing and moving electricity rather than selling it. Prices fell in Portugal, in Spain and across other European markets, and that hurts. On the other side of the scale sat two counterweights that hurt more in the right direction: EDP Renováveis, which keeps adding installed capacity, and the start of the new regulatory period for Iberian grids.

That second point deserves unpacking, because it is the dullest and the most profitable part. Electricity grids are a regulated business: the allowed return is set for multi-year periods, and when a new period opens on more favourable terms, revenue rises without depending on the mood of the wholesale market. It is the opposite of selling power at whatever today’s price happens to be, which is exactly why European utilities are all piling into cables and substations.

The national backdrop helps too. Portugal still generates a huge share of its electricity from clean sources and now ranks fourth in the European Union for renewable electricity, which makes EDP’s bet less a bold strategic call and more a consequence of where the company happens to live.

These numbers are worth reading next to Galp’s 812 million euro half-year, because they show how two companies from the same country and the same broad sector can be living through completely different halves: one still tied to oil, the other steadily walking away from it. Full accounts sit in the market filings on EDP’s corporate site.

By Beatriz Mota

Image: Vitor Oliveira from Torres Vedras, PORTUGAL / Wikimedia Commons (CC BY-SA 2.0)

Chart of Portugal's half-year budget balance in 2025 and 2026

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