Endesa S.a. · BME:ELE
Endesa — Endesa Sa Madrid — Q1 2026 Earnings Presentation
27 slides from Endesa's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Consolidated Results
First Quarter 2026 Consolidated Results May 6th, 2026 1
Slide 2: First Quarter 2026 Consolidated Results
First Quarter 2026 Consolidated results Gianni Armani CEO
Slide 3: 1Q 2026 Opening remarks
1Q 2026 Opening remarks 1 Growth 2 Resiliency 3 Energy challenges +14% EBITDA +24% Net Income Strong resilience of our Renewables, nuke and liberalized business amid electrification key for driven by Distribution geopolitical tensions and energy independence and business on new regulatory market vol
Slide 4: Operational evolution
Operational evolution Total output(1) (TWh) Free sales(2) (TWh) Free customers (mn) +8% -5% +3% 14.2 19 6.2 6.4 13.2 18 0.3 0.3 4.7 +18% 5.5 13 12 5.9 6.1 -4% 6.8 7.1 6 6 1.4 +34% 1.9 1Q 2025 1Q 2026 1Q 2025 1Q 2026 FY 2025 1Q 2026 TOTAL 21 21 9.6 9.8 Endesa’s reservoir at record levels B2B B2C (1)
Slide 5: Spain maintains competitive power prices amid volatility
Spain maintains competitive power prices amid volatility and unprecedented ancillary services costs Gas TTF spot prices (€/MWh) Iberian power pool prices (€/MWh)(1) 70 2026 Average: 40 €/MWh 2025 Average: 47 €/MWh 1Q 2025 1Q 2026 Avg. pool price -48% 60 (€/MWh) 85 44 50 -16% 40 1Q 2026 Avg. 1Q 2026
Slide 6: Demand in the first quarter continues to show signs of growth
Demand in the first quarter continues to show signs of growth Mainland demand (% YoY) Adjusted (1) (% accumulated quarterly) Demand in the residential and services segments remains strong, while industrial demand has been mainly affected by geopolitical uncertainty 2.9 1.7 1.4 Network saturation lev
Slide 7: First Quarter 2026 Financial results
First Quarter 2026 Financial results Marco Palermo CFO
Slide 8: Solid economic and financial results in a context marked by high volatility
Solid economic and financial results in a context marked by high volatility €bn EBITDA Net Income Net debt +0.5 €bn +14% +24% 1.6 0.7 10.1 10.6 1.4 0.6 1Q 2025 1Q 2026 1Q 2025 1Q 2026 2025 1Q 2026 Net financial debt / EBITDA 1.8x 1.8x 8
Slide 9: EBITDA strength supported by solid Distribution growth and Gx+Sx resilience
EBITDA strength supported by solid Distribution growth and Gx+Sx resilience €bn EBITDA by business(1) +0.2 €bn Networks +14% +45% Distribution EBITDA mainly from new regulatory framework and previous years resettlements 1.6 1.4 Higher renewable volumes REN Lower achieved prices 0.7 0.5 Customers Gas
Slide 10: Stable power and gas margins despite volatility
Stable power and gas margins despite volatility supported by effective integrated management Mainland output and free sales (TWh) Free power unitary margin(1) (€/MWh) FLAT 17 14 54 54 2 4 Power hedging: Power 12 13 • 2026: 100% Output Sales 1Q 2025 1Q 2026 • 2027: 90% • 2028: 50% Thermal Indexed pri
Slide 11: Outstanding +24% Net Ordinary Income growth
Outstanding +24% Net Ordinary Income growth Profit & loss (€bn) 1Q 2025 1Q 2026 Δ yoy Δ% EBITDA 1.4 1.6 0.2 +14% D&A remains flat D&A and Provisions (0.6) (0.6) 0.0 -1% Financial results (0.1) (0.1) (0.0) +6% Financial results in line driven by a lower cost of debt partially Income tax (0.2) (0.2) (
Slide 12: EBITDA growth and robust cash conversion underpins financial metrics
EBITDA growth and robust cash conversion underpins the sustainability of our financial metrics €bn FFO Net financial debt +0.5 €bn +5% FFO/EBITDA 1.6 10.1 10.6 -0.1 65% Regulatory 0.5 0.3 1.0 working capital 0.7 1.0 0.7 -0.5 1.0 FFO- Investments >0 0.0 9.4 9.6 EBITDA Provisions Working Net FFO 2025
Slide 13: First Quarter 2026 Closing remarks
First Quarter 2026 Closing remarks Gianni Armani CEO
Slide 14: 2026 Outlook
2026 Outlook Business drivers Generation and Supply 2026 targets Resilient businesses leveraging on hedging strategy to reduce exposure to market volatility Networks EBITDA (€bn) 5.8-6.1 Strong results supported by new regulatory framework and successful management of the grid Net Ordinary with focu
Slide 15: Energy challenges
Energy challenges Accelerating electrification and renewable deployment, within a decarbonized mix, is the most effective way to protect consumers from geopolitical shocks Grid investments need to be sped up to support demand growth and reinforce system security Regulatory approval to ramp up the in
Slide 16: First Quarter 2026 Annexes
First Quarter 2026 Annexes endesa
Slide 17: P&L 1Q 2026 vs. 1Q 2025
P&L 1Q 2026 vs. 1Q 2025 €mn 1Q 2026 1Q 2025 % Var. Income 5,824 5,899 -1% Procurements and services (3,592) (3,903) -8% Income and expenses from energy derivatives (79) (13) +508% Gross margin 2,153 1,983 +9% Fixed operating costs and other results (521) (552) -6% EBITDA 1,632 1,431 +14% D&A (569) (
Slide 18: Endesa: 1Q 2026 P&L
Endesa: 1Q 2026 P&L €mn Gx+Sx (2) Conventional Gx (1) Renewables Retail Dx Structure Adjustments TOTAL adjustments Income 1,977 341 4,209 (1,529) 864 88 (126) 5,824 Procurements and services (1,534) (47) (3,534) 1,525 (34) - 32 (3,592) Income and expenses from energy derivatives 132 3 (214) - - - -
Slide 19: Endesa: 1Q 2025 P&L
Endesa: 1Q 2025 P&L €mn Gx+Sx (2) Conventional Gx (1) Renewables Retail Dx Structure Adjustments TOTAL adjustments Income 2,399 357 4,668 (2,127) 638 95 (131) 5,899 Procurements and services (1,599) (21) (4,407) 2,126 (37) (1) 36 (3,903) Income and expenses from energy derivatives (229) (2) 218 - -
Slide 20: Fixed costs
Fixed costs €bn Fixed costs evolution By concept By business line -6% -6% 0.6 0.5 0.6 0.5 0.2 +1% 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.4 0.3 -8% 0.1 0.1 -0.1 -0.1 1Q 2025 1Q 2026 1Q 2025 1Q 2026 Networks Renewables Personnel Costs O&M Costs Capitalized costs Customers (Retail+Endesa X) Conventional Generat
Slide 21: Installed capacity and output
Installed capacity and output Total net installed capacity (MW) Total output (1) (GWh) 1Q 2026 2025 Var. (%) 1Q 2026 1Q 2025 Var. (%) Mainland 18,394 18,394 0% 14,226 13,211 +8% Renewables (2) 11,309 11,309 0% 5,531 4,676 +18% Hydro 5,368 5,368 0% 2,631 2,328 +13% Wind 3,001 3,001 0% 2,170 1,736 +25
Slide 22: Grids: operational parameters
Grids: operational parameters Distributed energy (TWh) TIEPI(1) (min.) Losses(2) (%) +6% 52% Flat 34 36 20.1 11 11 13.2 1Q 2025 1Q 2026 1Q 2025 1Q 2026 1Q 2025 1Q 2026 Energy to own customers(2) (TWh) 28 28 Flat RAB (€bn) 11.4 11.4 Flat (1) Tiempo de Interrupción Equivalente a la Potencia Instalada
Slide 23: Financial debt maturity and credit metrics
Financial debt maturity and credit metrics Gross financial debt maturity(1) (€bn) 4.0 • Coverage of 23 months of debt maturity • Average life of financial debt: 3.5 years 3.2 3.1 • 6.4 €bn of liquidity Long-term ratings 1.3 Issuer credit rating BBB Baa1 BBB+ 2026 2027 2028 2029+ (1) Rounded figures.
Slide 24: Endesa Share Buyback Program
Endesa Share Buyback Program Status as of March 31, 2026 AGM April 2025 1st Tranche (employees): 4th Tranche: 500 €mn 2nd Tranche: 500 €mn 3rd Tranche: 500 €mn approval up to 2 17.3 €mn Period: 29 Apr 25 – 13 Oct 25 Period: 15 Oct 25 - 28 Feb 26 Announced 24 Feb 2026 Completed Period: 02 Mar 26 - 07
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