EDP Renováveis, S.A. (EDRVF) Q1 2025 Earnings Call Transcript

2025-05-10 03:19:18 ET

EDP Renováveis, S.A. (EDRVF)

Q1 2025 Earnings Conference Call

May 08, 2025, 10:00 AM ET

Company Participants

Miguel Viana - Head, Investor Relations and Sustainability

Miguel de Andrade - Vice President and Chief Executive Officer

Rui Teixeira - Chief Financial Officer and Executive Director

Conference Call Participants

Manuel Palomo - BNP Paribas Exane

Fernando Garcia - RBC Capital Markets

Alberto Gandolfi - Goldman Sachs

Jenny Ping - Citigroup

Jorge Guimarães - JB Capital Markets

Arthur Sitbon - Morgan Stanley

Olly Jeffery - Deutsche Bank AG

Enrico Bartoli - Mediobanca

Jorge Alonso Suils - Sanford C. Bernstein & Co.

José Ruiz Fernandez - Barclays Bank

Presentation

Operator

Good afternoon. We welcome you to the EDP Renewables First Quarter 2025 Results Presentation Conference Call. During the presentation, all participants will be in a listen-only mode. There will be an opportunity to ask questions after the presentation. [Operator Instructions]

I’ll now hand the conference over to Mr. Miguel Viana, Head of IR and ESG. Please go ahead, sir.

Miguel Viana

Good afternoon, everyone, and thank you for joining us for EDPR First Quarter 2025 Results Conference Call. Today, we have with us our CEO, Miguel de Andrade; and our CFO, Rui Teixeira. They will present an overview of the financial performance for the first quarter and also provide guidelines for the full year outlook. Following their presentation, there will be an opportunity for a Q&A session. Questions can be submitted through the conference chat or over the phone. The call is set to run for 60 minutes.

With that, I’ll now hand over to Miguel de Andrade.

Miguel de Andrade

Thank you, Miguel. Good afternoon, everyone. Yes, I'd like to start off just by giving a brief word on the blackout last week, which is obviously a highly exceptional and impactful event for Portugal and Spain. And I really want to take this opportunity to both recognize and also congratulate the great work done by the EDP and [indiscernible] teams, the distribution business teams in Portugal and Spain, just for the really swift and efficient restoring of the energy to the customer.

So as I say, this is really an unprecedented event, one can ever really fully simulate this I believe the teams reacted very well in difficult circumstances. As you know, the root cause of the event is still under evaluation. I think it's safe to say that this incident really highlights the importance of ensuring the robustness, reliability and adaptability of the electricity system. This includes continued investment in grid infrastructure, energy storage, and other flexibility sources and also advanced control and frequency response mechanisms, including ancillary services.

I think it's very clear for us, and I think for most people in the sector that renewable energy will play a crucial role in the energy system with both the present and the future. And so the energy transition is happening and the increased penetration of renewables must be accompanied by an increased sophistication of the electricity system to create a system that is clean, reliable, and affordable. And I think that's a good starting point to move over and talk about our first quarter 2025 and give a brief update on our business performance.

So I turn over two slides for and talk about just a quick summary. First, I think the solid first quarter results for EDP renewals. They were supported by capacity expansion, operational efficiency. I'll talk a bit more about that later on. Installed capacity reached 19 gigawatts, 19.3 gigawatts, reflects a 17% increase year-on-year. Net additions of 2.8 gigawatts, including 3.4 gigawatts of gross additions and around 0.5 gigawatt of asset rotations. So we're talking about almost 20 gigawatts of wind, solar, and batteries....

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