Endesa S.a. · BME:ELE
Endesa — Endesa Sa Madrid — 9M 2025 Earnings Presentation
32 slides from Endesa's earnings presentation, Oct 29, 2025
Slide 1: Nine Months 2025 Consolidated results
Nine Months 2025 Consolidated results October 29th, 2025
Slide 2: Nine Months 2025 Consolidated results
Nine Months 2025 Consolidated results José Bogas CEO
Slide 3: Opening remarks
Opening remarks Strong economic and Resilient business Energy Transition financial results, with Shares Buy back model in a complex success will depend a remarkable cash implementation market context on a fair Dx regulation generation 9M 2025 Results - Madrid, 29 October 2025 3
Slide 4: Robust financial performance allows us to confirm full year guidance achievement
Robust financial performance allows us to confirm full year guidance achievement €bn EBITDA Net Income FFO +9% +22% +29% 4.2 1.7 3.4 3.9 1.4 2.7 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 2025 Guidance (€bn) 5.4-5.6 1.9-2.0 Top range 2025 guidance confirmed 9M 2025 Results - Madrid, 29 October
Slide 5: Progressing in our capital allocation strategy
Progressing in our capital allocation strategy(1)… July 2025 September 2025 October 2025 October 2025 Acquisition of remaining 62.5% Agreement for commercialization of Sale of 49.99% of solar Shares Buy back of CETASA Energy and Telecommunications assets to Masdar implementation with MasOrange 99 MW
Slide 6: … and operational delivery
… and operational delivery Organic Gross Capex by business(1) 9M 2024 9M 2025 TIEPI(2) (min) 37 34 -3 min. Losses(3) (%) ~10 ~10 Flat 46% RES Capacity (GW) 10.1 11.0 +0.9 GW 1.4 €bn CO2 GHG free capacity on total(4) 78% 79% +1 p.p. 19% Fixed price power sales(5) (TWh) 41 41 Flat ~65% Free power cust
Slide 7: Post-blackout cautious management impacts energy final cost
Post-blackout cautious management impacts energy final cost Gas TTF spot prices (€/MWh) Iberian power pool prices (€/MWh)(1) 60 2025 Average: 38 €/MWh 2024 Average: 31 €/MWh 9M 2024 9M 2025 50 Avg. pool price (€/MWh) 52 63 +21% 40 +21% Avg. 9M2025 30 103 20 15 80 82 64 15 17 CO2 spot prices (€/t) 59
Slide 8: Demand recovery consolidation
Demand recovery consolidation Adjusted (1) Not adjusted (% accumulated yoy) (% accumulated yoy) 4.2 2.5 2.4 1.8 1.5 1.5 0.9 0.9 Industry 2.4% Services 4.1% Residential 5.9% -0.1 -0.6 -0.2 -1.0 9M 2024 2024 9M 2025 9M 2024 2024 9M 2025 Mainland (2) Endesa (3) Sharp demand increase in Endesa’s area is
Slide 9: 2026-2030 Distribution regulatory framework
2026-2030 Distribution regulatory framework CNMC Proposals Context First proposal called for TOTEX Sustained increase in grid connection ▪ CNMC methodology not aligned based model which strongly requests. with country's industrialization discourages investment under the potential. false premise of s
Slide 10: Nine Months 2025 Financial results
Nine Months 2025 Financial results Marco Palermo CFO
Slide 11: EBITDA up +9% driven by strong operating performance in Gx+Sx
EBITDA up +9% driven by strong operating performance in Gx+Sx and absence of extraordinary levy €bn EBITDA by business(1) +0.3 €bn +9% 3.9 4.2 - 0.1 -0.1 0.2 0.2 1.2% extraordinary levy penalizing 1.0 1.2 9M 2024: 1.2% levy 2024 results (-202 €mn) Gx+Sx: +0.2 €bn (+8%) 2.8 +8% increase in Generation
Slide 12: Integrated strategy delivers +8% EBITDA growth
Integrated strategy delivers +8% EBITDA growth €bn Gx+Sx EBITDA(1) +8% Effective gas business management Conv. Gx +0.2 €bn Limited opportunities in short position Nuclear variable costs increase due to taxes 2.8 (higher Enresa and 7% generation tax) 2.6 - 0.1 -0.1 0.2 +0.3 €bn Margin 1.2 1.0 Higher
Slide 13: Free power margin normalized to guidance levels
Free power margin normalized to guidance levels Output / Sales (TWh) Free power unitary margin(2) (€/MWh) Hedged inframarginal output(3) CO2-free output / Fixed price sales 81% -7% 63 9 57 85% 46 53 13 8 54 TWh Free sales 59% 5 FLAT vs 9M 2024 2025e ~53 €/MWh 41 33 Output Sales 9M 2024 9M 2025 2026
Slide 14: Gas margin supported by effective gas contracts hedging
Gas margin supported by effective gas contracts hedging Total volumes(1) (TWh) Gas unitary margin(2) (€/MWh) Volumes hedged(3) (%) Flat 53 53 ~10 10 11 82% 2025e ~9 €/MWh 41% 43 42 ~1 9M 2024 9M 2025 9M 2024 9M 2025 2026 2027 Portfolio Sales CCGT volumes 52 43 (TWh) (1) Rounded figures (2) Manageria
Slide 15: Strong Net Income growth by 22% backed by EBITDA increase
Strong Net Income growth by 22% backed by EBITDA increase and financial results improvement Profit & loss (€bn) 9M 2024 9M 2025 Δ yoy Δ% EBITDA 3.9 4.2 0.3 +9% Amortization rise mainly due to investment in Dx and hydro assets D&A and Provisions (1.6) (1.7) (0.1) +6% consolidation Financial results (
Slide 16: Strong cash generation supported by EBITDA growth and stable working capital
Strong cash generation supported by EBITDA growth and stable working capital… €bn 4.2 -0.6 - -0.2 3.4 3.4 Income Taxes: -0.4 €bn EBITDA Provisions paid Working Capital Net Financial FFO FFO adjusted & Income Taxes & others (1) Expenses 9M 2024 3.9 -0.4 -0.6 -0.3 2.7 3.2(2) vs 9M 2024 +0.3 -0.2 +0.
Slide 17: … strengthens the sustainability of our financial metrics
… strengthens the sustainability of our financial metrics €bn (1) (1) Gross financial debt Net financial debt +11% +2% Share Buyback: 442 €mn 10.5 10.7 10.3 0.4 Regulatory 9.3 0.6 0.6 1.2 working capital 0.6 1.5 3.4 2.4 Inorganic capex: 1.0 €bn 10.3 8.7 FFO- Capex +1.0 €bn 9.7 9.3 2024 FFO Cash Cape
Slide 18: Nine Months 2025 Closing remarks
Nine Months 2025 Closing remarks José Bogas CEO
Slide 19: Closing remarks
Closing remarks 1 2 3 Top of 2025 guidance Shareholder returns Capital allocation range supported by strengthened by subject to fair strong financial Shares Buy back regulation results program Unique asset base and resilient business model, ready to play a key role in Energy Transition 9M 2025 Resul
Slide 20: Nine Months 2025 Annexes
Nine Months 2025 Annexes encesa
Slide 21: P&L 9M 2025 vs. 9M 2024
P&L 9M 2025 vs. 9M 2024 €mn 9M 2025 9M 2024 % Var. Income 15,948 15,765 +1% Procurements and services (10,074) (9,616) +5% Income and expenses from energy derivatives (38) (800) -95% Gross margin 5,836 5,349 +9% Fixed operating costs and other results (1,612) (1,468) +10% EBITDA 4,224 3,881 +9% D&A
Slide 22: Endesa: 9M 2025 P&L
Endesa: 9M 2025 P&L €mn Gx+Sx Conventional Gx (1) Renewables Retail Endesa X Dx Structure Adjustments TOTAL adjustments (2) Income 5,631 927 12,161 259 (4,862) 1,947 300 (415) 15,948 Procurements and services (4,193) (32) (10,550) (137) 4,856 (120) (1) 103 (10,074) Income and expenses from energy de
Slide 23: Endesa: 9M 2024 P&L
Endesa: 9M 2024 P&L €mn Gx+Sx Conventional Gx (1) Renewables Retail Endesa X Dx Structure Adjustments TOTAL adjustments (2) Income 5,471 992 11,699 246 (4,470) 1,946 302 (421) 15,765 Procurements and services (4,437) (101) (9,177) (129) 4,437 (109) (203) 103 (9,616) Income and expenses from energy d
Slide 24: Fixed costs
Fixed costs €bn Fixed costs evolution By concept By business line +7% +7% 1.6 1.6 1.5 1.5 0.7 +1% 0.5 0.6 0.7 0.2 0.2 0.4 0.4 1.0 1.1 +10% 0.4 0.4 -0.2 -0.2 0.0 0.0 9M 2024 9M 2025 9M 2024 9M 2025 Structure&Adjustments Renewables Personnel Costs O&M Costs Capitalized costs Networks Conventional Gene
Slide 25: Installed capacity and output
Installed capacity and output Total net installed capacity (MW) Total output (1) (GWh) 9M 2025 2024 Var. (%) 9M 2025 9M 2024 Var. (%) Mainland 18,124 17,216 +5% 37,929 37,588 +1% Renewables (2) 11,039 10,131 +9% 13,896 13,861 +0% Hydro 5,369 4,746 +13% 6,885 5,891 +17% Wind 3,001 2,893 +4% 4,124 4,7
Slide 26: Grids: operational parameters
Grids: operational parameters Distributed energy (TWh) TIEPI(1) (min.) Losses(2) (%) +3% -8% Flat 106 109 37.0 34.0 10 10 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Energy to own customers(2) (TWh) 80 84 +5% RAB (€bn) 11.2 11.2 Flat (1) Tiempo de Interrupción Equivalente a la Potencia Instalada
Slide 27: Generation: operational parameters
Generation: operational parameters Installed capacity(1) (GW) Production(2) (TWh) +5% Mainland (thermal) 17.2 0.9 18.1 +14% 13% Hydro assets -1% consolidation (+0.6 GW) 10.1 11.0 +9% 38 50% Nuclear Hydro output: 6.9 TWh Flat vs. 9M 2024 (+17% yoy) 3.3 3.3 FLAT 37% RW 3.8 3.8 FLAT 87% CO2 free output
Slide 28: Supply: operational parameters
Supply: operational parameters Customers(1) (mn) Sales(2) (TWh) -6% Flat 6.7 56 56 6.3 16 16 B2B 6.4 6.0 B2C 40 40 0.3 0.3 FY 2024 9M 2025 9M 2024 9M 2025 Free-fixed price sales (TWh) 41 41 Flat (1) Liberalized customers 9M 2025 Results - Madrid, 29 October 2025 (2) Liberalized gross energy sales (i
Slide 29: Financial debt maturity and credit metrics
Financial debt maturity and credit metrics Gross financial debt maturity(1) (€bn) 6.4 • Coverage of 29 months of debt maturity • Average life of financial debt: 3.6 years • 7.1 €bn of liquidity 3.1 Long-term ratings Issuer credit rating BBB Baa1 BBB+ 0.7 0.6 2025 2026 2027 2028+ 9M 2025 Results - Ma
Slide 30: Disclaimer
Disclaimer This document contains certain "forward-looking" statements regarding anticipated financial and operating results and statistics and other future events. These statements are not guarantees of future performance and they are subject to material risks, uncertainties, changes and other fact
Slide 31: Disclaimer: Alternative Performance Measures
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 32: IR Team
IR Team Contact us Imagen que contiene captura de pantalla Descripción generada con confianza muy alta 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 Herran