Endesa S.a. · BME:ELE
Endesa — Endesa Sa Madrid — FY2025 Earnings Presentation
27 slides from Endesa's earnings presentation, Feb 24, 2026
Slide 1: 2025 Consolidated Results
2025 Consolidated Results February 24th, 2026 1
Slide 2: 2025 Financial Results: Strategic delivery
2025 Financial Results Strategic delivery José Bogas CEO
Slide 3: Overdelivery of 2025 targets sets the basis for a more ambitious strategy
Overdelivery of 2025 targets sets the basis for a more ambitious strategy Delivering on our commitments Financial targets (€bn) Target Achieved 2024 2025 2025 Strong economic and financial results, with a remarkable cash generation EBITDA 5.3 5.4-5.6 5.8 (1) Delivery on our capital allocation strate
Slide 4: Delivering in our capital allocation strategy
Delivering in our capital allocation strategy February 2025 July 2025 September 2025 October 2025 Acquisition of 100% of Acquisition of remaining 62.5% Agreement for commercialization of Sale of 49.99% of solar hydro assets of CETASA Energy and Telecommunications assets to Masdar with MasOrange Clos
Slide 5: Investments driving operational improvement across businesses
Investments driving operational improvement across businesses 2025 investments by business(1) 2024 2025 TIEPI(2) (min) 48 45 Losses(3) (%) ~10 ~10 32% RES Capacity (GW) 10.1 11.3 3.2 €bn CO2 GHG free capacity on total(4) 78% 80% 45% 77% Fixed price power sales(5) (TWh) 54 54 Free power customers (mn
Slide 6: Delivering value creation with attractive shareholder remuneration
Delivering value creation with attractive shareholder remuneration Total shareholder return 2014-2025 (1) 2025 Dividend per share (€/sh) Maximizing return to our 4 shareholders 4 +22% 3 1.58 (2) Dividend yield: > 5%(3) 3 x2 ~1.3 2.0 €bn Share Buyback 2 361% 2 Program(4) (to be completed by 1 212% De
Slide 7: 2025 Financial Results: Financial delivery
2025 Financial Results Financial delivery Marco Palermo CFO
Slide 8: Demand consolidates upward trend
Demand consolidates upward trend Mainland demand Adjusted (1) Not adjusted (% accumulated yoy) (% accumulated yoy) 4.3 2.8 2.9 2.0 Industry 2.5% 1.5 Services 4.9% 0.9 Residential 5.4% -0.1 -0.6 2024 2025 2024 2025 (2) (3) Mainland Endesa Sharp demand increase on a nationwide level and across all seg
Slide 9: Post-blackout cautious management impacts energy final cost
Post-blackout cautious management impacts energy final cost Iberian power prices (€/MWh)(1) Intraday price volatility has become structural in a system with high renewable 103 penetration +9% 15 89 81 82 75 16 Increasing number of hours 16 15 12 59 with zero or negative prices 20 88 65 67 73 Spain h
Slide 10: EBITDA growth reflects the strength of a unique business model
EBITDA growth reflects the strength of a unique business model €bn EBITDA by business(1) +0.5 €bn +9% Conv. Gx Effective gas business management Limited opportunities in short position 5.8 5.3 0.4 -0.1 0.1 0.1 Higher hydro volumes 1.7 REN 1.3 Wind & solar: lower volumes and Gx+Sx: +0.4 €bn (+11%) pr
Slide 11: Strong results in power and gas driven by a successful integrated strategy
Strong results in power and gas driven by a successful integrated strategy Output / Sales (TWh) Free power unitary margin(2) (€/MWh) 84 -5% 61 12 18 71 TWh 55 52 11 Free sales 7 Sound Free power Power FLAT vs 2024 43 54 margin despite post- 2024 2025 blackout measures Output Sales Non mainland Other
Slide 12: Outstanding +18% Net Ordinary Income growth, well above upper end of guidance
Outstanding +18% Net Ordinary Income growth, well above upper end of guidance Profit & loss (€bn) 2024 2025 Δ yoy Δ% EBITDA 5.3 5.8 0.5 +9% D&A rise mainly due to higher investments D&A and Provisions (2.2) (2.4) (0.2) +9% Financial results (0.5) (0.5) 0.0 -9% Financial results in line with Income t
Slide 13: Robust cash generation driven by EBITDA growth and strong cash conversion
Robust cash generation driven by EBITDA growth and strong cash conversion… €bn 5.8 -1.1 -0.3 -0.3 4.1 Income Taxes: -0.9 €bn Outstanding cash generation, reaching 70% of EBITDA… … above 2027 targets EBITDA Income Taxes & Working Capital Net Financial FFO Provisions paid & others (1) Expenses FFO/EBI
Slide 14: … underpins the sustainability of our financial metrics
… underpins the sustainability of our financial metrics €bn Net financial debt(1) Financial metrics +9% 2024 2025 Share Buyback: 0.5 €bn Net financial 10.1 debt / EBITDA 1.8x 1.8x Regulatory 9.3 0.4 0.7 working capital 0.6 1.5 FFO / Net Above 2027 4.1 Inorganic financial debt 38% 40% target: 37% 3.0
Slide 15: Annexes
2025 Financial Results Annexes
Slide 16: P&L 2025 vs. 2024
P&L 2025 vs. 2024 €mn 2025 2024 % Var. Income 21,424 21,307 +1% Procurements and services (13,609) (13,054) +4% Income and expenses from energy derivatives 92 (908) -110% Gross margin 7,907 7,345 +8% Fixed operating costs and other results (2,151) (2,052) +5% EBITDA 5,756 5,293 +9% D&A (2,425) (2,22
Slide 17: Endesa: 2025 P&L
Endesa: 2025 P&L €mn (2) (1) Gx+Sx Conventional Gx Renewables Retail Dx Structure Adjustments TOTAL adjustments Income 7,426 1,226 16,641 (6,521) 2,806 425 (579) 21,424 Procurements and services (5,611) (74) (14,411) 6,515 (164) - 136 (13,609) Income and expenses from energy derivatives 642 3 (553)
Slide 18: Endesa: 2024 P&L
Endesa: 2024 P&L €mn (2) (1) Gx+Sx Conventional Gx Renewables Retail Dx Structure Adjustments TOTAL adjustments Income 7,984 1,420 16,441 (6,979) 2,602 399 (560) 21,307 Procurements and services (6,206) (171) (13,638) 6,960 (146) 9 138 (13,054) Income and expenses from energy derivatives 318 3 (1,22
Slide 19: Fixed costs
Fixed costs €bn Fixed costs evolution By concept By business line +5% +5% 2.1 2.2 2.1 2.2 1.0 1.0 -2% 0.8 0.8 0.3 0.3 0.5 0.6 1.4 1.5 +6% 0.5 0.6 -0.3 -0.3 0.0 0.0 2024 2025 2024 2025 Structure&Adjustments Renewables Personnel Costs O&M Costs Capitalized costs Networks Conventional Generation Custom
Slide 20: Installed capacity and output
Installed capacity and output Total net installed capacity (MW) Total output (1) (GWh) 2025 2024 Var. (%) 2025 2024 Var. (%) Mainland 18,394 17,222 +7% 49,622 48,769 +2% (2) Renewables 11,298 10,131 +12% 17,682 17,792 -1% Hydro 5,368 4,746 +13% 8,435 7,660 +10% Wind 3,001 2,893 +4% 5,756 6,374 -10%
Slide 21: Grids: operational parameters
Grids: operational parameters Distributed energy (TWh) TIEPI(1) (min.) Losses(2) (%) +4% -6% Flat 139 144 47.7 45.0 10 10 2024 2025 2024 2025 2024 2025 Energy to own customers(2) (TWh) 107 111 +4% RAB (€bn) 11.5 11.5 Flat (1) Tiempo de Interrupción Equivalente a la Potencia Instalada (Installed Capa
Slide 22: Generation: operational parameters
Generation: operational parameters Installed capacity(1) (GW) Production(2) (TWh) +7% Mainland (thermal) 1.2 18.4 17.2 +3% 14% Hydro assets consolidation +3% (+0.6 GW) 10.1 11.3 +12% 50 50% Nuclear Hydro output: 8.4 TWh (+10% +2% vs. 2024 yoy) 3.3 3.3 FLAT 36% RW 86% CO2 free output 3.8 3.8 FLAT Fla
Slide 23: Supply: operational parameters
Supply: operational parameters Customers(1) (mn) Sales(2) (TWh) -7% +1% 6.7 6.6 6.4 6.3 74 75 6.2 22 22 B2C 6.4 6.3 6.1 6.0 5.9 B2B 52 53 0.3 0.3 0.3 0.3 0.3 2024 1Q 2025 1H 2025 9M 2025 2025 2024 2025 Free-fixed price sales (TWh) 54 54 Flat (1) Liberalized customers (2) Liberalized gross energy sal
Slide 24: Financial debt maturity and credit metrics
Financial debt maturity and credit metrics Gross financial debt maturity(1) (€bn) 3.8 • Coverage of 26 months of debt maturity • Average life of financial debt: 3.3 years 3.1 • 7.0 €bn of liquidity 2.5 Long-term ratings 1.0 Issuer credit rating BBB Baa1 BBB+ 2026 2027 2028 2029+ (1) Rounded figures.
Slide 25: 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 26: 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 27: IR Team
IR Team Contact us Mar Martinez Head of Investor Relations Investor Relations team Contacts Isabel Permuy Javier Hernandez Email: ir@endesa.es Francesc Trilla Juan Carlos Jimenez Phone: + 34 91 213 15 03 Sonia Herranz + 34 91 213 90 49 Agurtxane Vega Paloma de Miguel Website: www.endesa.com 27