EDP-Energias de Portugal said in a statement its consolidated net income rose to 437 million euros ($480 million).
Its wind and solar unit EDP Renovaveis (EDPR) has reported a 70% profit drop, and EDP Brasil's net income also fell 71% in the period.
But EDP's hydro generation in Portugal and Spain increased 68% year-on-year, recovering after a severe drought last year.
EDP reservoir levels stood at 80% of capacity in June, 8 percentage points above historical average, "supporting hydro generation prospects for the following months", it said.
Consolidated revenues rose 26% to 3.7 billion euros, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 23% to 2.45 billion euros.
As of June, EDP had 28.5 gigawatts (GW) of installed capacity, of which 80% from renewable sources, and more than 5 GW of wind and solar projects under construction.
Gross investment reached 2.98 billion euros in the first half, nearly all of it going to renewables and electricity networks.
($1 = 4.7375 reais)
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(Reporting by Sergio Goncalves, editing by Andrei Khalip)