Endesa S.a. · BME:ELE
Endesa — Endesa Sa Madrid — H1 2026 Earnings Presentation
30 slides from Endesa's earnings presentation, Jul 29, 2026
Slide 1: First Half 2026 Consolidated Results
First Half 2026 Consolidated Results July 29th, 2026 1
Slide 2: First Half 2026 Consolidated results
First Half 2026 Consolidated results Gianni Armani CEO
Slide 3: Opening remarks
Opening remarks 1 Earnings quality 2 Financial discipline 3 Investment plan +20% EBITDA YoY +41% Net Income YoY Growth across all Capex increase, with businesses enhanced by Networks as the main Increasing the contribution efficiencies investment focus, rising of regulated businesses to +38% YoY to
Slide 4: Higher regulated EBITDA contribution improves earnings visibility and predictability
Higher regulated EBITDA contribution improves earnings visibility and predictability EBITDA (€bn) EPS(1) 0.98 +46% (2) 1.44 +0.5 €bn (€/sh.) +41% Net Income (€bn) +20% EBITDA converted into Net Income: 3.2 2.7 45% 1.0 1.5 1.5 ~50% 1H 2025 1H 2026 ~40% 1.0 EBITDA converted -2 p.p. FFO/ND (ltm) 1.7 1.
Slide 5: Competitive power prices despite volatile market conditions and exceptional ancillary services costs
Competitive power prices despite volatile market conditions and exceptional ancillary services costs Iberian power pool prices (1) Mainland demand Avg. pool price Adjusted (2) (€/MWh) 30 (% YoY) (3) (4) Mainland Endesa -8% 26 79 23 23 73 17 20 23 2.9% 16 1.3% 0.9% 1.0% -19% 70 62 72 50 54 42 42 1H 2
Slide 6: Accelerating capex with Networks as the main investment focus
Accelerating capex with Networks as the main investment focus 1H 2025 1H 2026 Gross capex(1) (€bn) FY2025 Capacity (GW) 11.3 11.4 Renewables RES production (TWh) 10 11 +14% 1.1 0.9 0.4 0.6 +38% TIEPI(3) (min.) ~23 ~23 Networks Losses (4) (%) 9.9 9.5 0.1 0.1 Electricity distributed (TWh) 70 73 0.2 0.
Slide 7: Strengthening customer base through loyalty, commercial alliances and value management
Strengthening customer base through loyalty, commercial alliances and value management Endesa’s Retail action Digital and Market context plan partnership-led growth Focus on value creation, Exceptionally competitive customer quality and profitability Scale Lucera, our fully virtual market platform f
Slide 8: First Half 2026 Financial results
First Half 2026 Financial results Daniele Caprini CFO
Slide 9: Outstanding economic and financial results
Outstanding economic and financial results €bn EBITDA Net Income Net financial debt +20% +41% +0.2 €bn 3.2 1.5 10.1 10.3 2.7 1.0 1H 2025 1H 2026 1H 2025 1H 2026 2025 1H 2026 Net financial debt (1) / EBITDA ltm 1.8x 1.6x (1) Net financial debt (10,305 €mn) / EBITDA ltm (6,285 €mn) 9
Slide 10: EBITDA strength supported by solid regulated businesses growth and integrated model resilience
EBITDA strength supported by solid regulated businesses growth and integrated model resilience €bn EBITDA by business(1) +0.5 €bn Networks +20% +24% Networks EBITDA from new regulatory framework and previous years resettlements 3.2 Customers Gas retail resilience 2.7 Power supply margin stability… 1
Slide 11: High double-digit EBITDA growth supported by higher investments under a new regulatory framework
High double-digit EBITDA growth supported by higher investments under a new regulatory framework Networks Networks’ share of EBITDA(1) (€bn) RAB (€bn) Total EBITDA +0.2 €bn +24% +0.1 1.2 11.3 11.4 0.9 36% 1H 2026 3.2 €bn 1H 2025 1H 2026 Other regulated 1H 2025 1H 2026 businesses Capex (€bn) 0.4 0.6
Slide 12: Strengthening customer base through loyalty, commercial alliances and disciplined value management
Strengthening customer base through loyalty, commercial alliances and disciplined value management Channel quality & efficiencies % Pull Cost to Serve Endesa’s Retail action plan drives 10 p.p. -8% value and loyalty through an enhanced customer experience, an optimized channel mix and stronger physi
Slide 13: Solid power and gas margins despite volatility supported by effective integrated management
Solid power and gas margins despite volatility supported by effective integrated management Free sales (TWh) Free power unitary margin(1) (€/MWh) Power hedging: -4% +6% 35 33 • 2027: ~98% 9 53 56 8 • 2028: ~60% Power 26 25 ✓ Reshaped sourcing model 1H 2025 1H 2026 based on a flexible matching 1H 202
Slide 14: Tangible benefits from efficiencies supporting 2026 performance
Tangible benefits from efficiencies supporting 2026 performance Fixed costs evolution (€bn) More than 500 initiatives across people, processes, technology and asset management -8% New Ways of Working Technology, Digital & AI Organizational Automation and digital simplification tools 11 Initiatives 4
Slide 15: Outstanding +41% Net Income growth
Outstanding +41% Net Income growth Profit & loss (€bn) 1H 2025 1H 2026 Δ yoy Δ% D&A remains flat: • Increase in amortization linked EBITDA 2.7 3.2 0.5 +20% to higher investment • Improved customer credit D&A and Provisions (1.1) (1.1) (0.0) +3% quality Financial results (0.2) (0.1) 0.1 -41% Higher f
Slide 16: EBITDA growth and robust cash conversion underpin the sustainability of our financial metrics
EBITDA growth and robust cash conversion underpin the sustainability of our financial metrics ND/EBITDA 1.6x (ltm) FFO/ND (ltm) 38% FFO (€bn) Net financial debt (€bn) Shareholders’ remuneration: 1.2 €bn 3.2 10.1 10.3 -0.1 Regulatory 0.7 1.0 0.6 0.9 working capital 0.7 -0.7 2.3 -0.1 EBITDA converted
Slide 17: First Half 2026 Closing remarks
First Half 2026 Closing remarks Gianni Armani CEO
Slide 18: Endesa Share Buyback program progressing as planned
Endesa Share Buyback program progressing as planned Status as of June 30, 2026 Total shares acquired Total shares canceled Total outstanding shares ~35.0 M ~17.0 M 1,042 M 6th Tranche: 1.1 €bn executed 500 €mn 15 Jul 26 - 27 Nov 26 Share Buyback program: 2 €bn >50% of the program executed 18
Slide 19: Stronger earnings outlook
2026 EPS guidance upgraded… Net Ordinary Income (€bn) >2.4 Stronger earnings 2.3 – 2.4 (1) 2.4 outlook translates into higher shareholder returns 2026 EPS target: 2.4 €/sh. >2.4 €/sh. 2026 Target Consensus 2026 Expected … supported by strong 1H results, including positive non-recurring items, and SB
Slide 20: Energy challenges
Energy challenges Grid investments are essential to accelerate electrification, unlocking connections and allowing new demand to materialize This new demand represents a clear growth opportunity for the country, enabling the electrification of new industrial, residential and service demand Our integ
Slide 21: First Half 2026 Annexes
First Half 2026 Annexes endesa
Slide 22: P&L 1H 2026 vs. 1H 2025
P&L 1H 2026 vs. 1H 2025 €mn 1H 2026 1H 2025 % Var. Income 10,995 10,880 +1% Procurements and services (6,569) (7,057) -7% Income and expenses from energy derivatives (173) (11) +1473% Gross margin 4,253 3,812 +12% Fixed operating costs and other results (1,013) (1,101) -8% EBITDA 3,240 2,711 +20% D&
Slide 23: Endesa: 1H 2026 P&L
Endesa: 1H 2026 P&L €mn Gx+Sx Conventional Gx (1) Renewables Retail Dx Structure Adjustments TOTAL Gx + Sx adjustments (2) Income 3,939 628 7,909 (2,943) 1,540 191 (269) 10,995 9,455 Procurements and services (2,850) (84) (6,567) 2,936 (69) - 65 (6,569) (6,500) Income and expenses from energy deriva
Slide 24: Endesa: 1H 2025 P&L
Endesa: 1H 2025 P&L €mn Gx+Sx Conventional Gx Renewables Retail (2) Dx Structure Adjustments TOTAL Gx + Sx (1) adjustments Income 4,136 632 8,094 (3,208) 1,305 193 (272) 10,880 9,575 Procurements and services (3,199) (69) (6,987) 3,204 (77) - 71 (7,057) (6,980) Income and expenses from energy deriva
Slide 25: Installed capacity and output
Installed capacity and output Total net installed capacity (MW) Total output (1) (GWh) 2025 1H 2026 Var. (%) 1H 2025 1H 2026 Var. (%) Mainland 18,394 18,522 +1% 24,810 27,374 +10% Renewables (2) 11,309 11,437 +1% 9,852 10,978 +11% Hydro 5,368 5,368 0% 5,201 5,401 +4% Wind 3,001 3,001 0% 2,950 3,342
Slide 26: Financial debt maturity and credit metrics
Financial debt maturity and credit metrics Gross financial debt maturity(1) (€bn) 3.8 • Coverage of 20 months of debt maturity 3.3 • Average life of financial debt: 3.7 years 3.1 • 6.7 €bn of liquidity Long-term ratings 0.8 Issuer credit rating BBB Baa1 BBB+ 2026 2027 2028 2029+ (1) Rounded figures.
Slide 27: Endesa Share Buyback Program
Endesa Share Buyback Program Status as of June 30, 2026 AGM April 2025 1st Tranche 2nd Tranche: 3rd Tranche: 4th Tranche: 5th Tranche 6th Tranche: 500 (employees): 500 €mn 500 €mn 500 €mn (employees): €mn approval up to 2 17.3 €mn Period: 29 Apr Period: 15 Oct Period: 02 Mar 17.4 €mn Period: 15 Jul
Slide 28: Disclaimer
Disclaimer Alternative Performance Measures This presentation includes certain alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979, of March 14, 2019 and as defined in the Guidelines on Alternative Performance Measures issued by the European Se
Slide 29: Disclaimer
Disclaimer In accordance with the provisions of Article 226 of the Spanish Securities Market Act, this document includes Insider Information. This document contains certain "forward-looking" statements regarding anticipated financial and operating results and statistics and other future data. These
Slide 30: IR Team
IR Team Contact us Mar Martínez Head of Investor Relations Investor Relations team Contacts Isabel Permuy Javier Hernández Email: ir@endesa.es Francesc Trilla Juan Carlos Jiménez Phone: +34 91 213 15 03 Sonia Herranz +34 91 213 90 49 Agurtxane Vega Paloma de Miguel Website: www.endesa.com 30