EDP's profitability is exposed to the whims of the Portuguese regulator.
EDP published full-year results roughly in line with market expectations. Recurring EBITDA decreased by 5% to EUR 3.52 billion, implying a 6% fourth-quarter decline versus a 4% decline at the nine-month mark. Recurring net profit fell 8% to EUR 845 million, slightly short of the EUR 850 million-EUR 900 million guidance, but in line with market expectations. Net debt came in at EUR 13.9 billion, below the EUR 14 billion-EUR 14.5 billion guidance. We expect to lower our earnings forecasts by a dou...
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