Slide 1: Full Year Consolidated results
Full Year Consolidated results February 24th, 2023
Slide 2: Key highlights of the period
Key highlights of the period Market context Business Financial Shareholder return performance Performance(1) Successful Geopolitical integrated Net Ordinary Dividend above conflict triggered strategy backed Income above the an unprecedent target(2): 1.585 on our firm top end of the energy crisis €/s
Slide 3: Targets delivery
Targets delivery 2022 2022 D vs CMD Target Target 2022 22-24 Main KPI’s CMD 22-24 CMD 23-25 EBITDA lfl (1) ▪ 9.3 GW renewable capacity (€bn) 4.1 5.0-5.3 5.3 +29 % ▪ 6.8 mn power free customers Net Ordinary Income (2) (€bn) 1.8 2.2-2.3 2.4 +33 % ▪ 11.5 €bn distribution RAB ▪ 2.3 €bn Capex (76% aligne
Slide 4: Market context
Market context 4Q marked by a commodity scenario normalization Mainland power demand in Spain Commodities spot prices Average Iberian power pool (TWh)(1) prices (€/MWh)(4) +50% -2.9% 168 112 242 235 2021 2022 2021 2022 PVB +108% (€/MWh) 48 100 Adjusted -3.9% Endesa’s mainland area (2) FY2022 average
Slide 5: 2022 regulatory developments & proposals
2022 regulatory developments & proposals Spanish main measures to offset high energy prices & protect consumers ▪ Cap on market revenues from infra-marginal technologies at 67 €/MWh (until Dec 2023) EU Emergency intervention to ▪ Fiscal measures to reduce final bill (until December 2023) address hig
Slide 6: Mainland installed capacity and production
Mainland installed capacity and production Towards a greener generation mix Installed capacity(1) (GW) Production(2) (TWh) +5% +4% ▪ +13% wind & solar output 17.7 -6% ▪ -27% hydro output 16.8 0.9 0.0 23% -1.6 TWh 8.3 9.2 +11% Hydro 52.4 51% ▪ Pending definitive resolution to +13% vs. 2021 3.3 3.3 +7
Slide 7: Around 90 GW pipeline supporting further renewable acceleration
Around 90 GW pipeline supporting further renewable acceleration Renewables pipeline(1) (GW) Mature & In execution pipeline by COD(3) (GW) ~16% 6 ~2x 2023-25 ~58% 16 GW targets 10 70 90 ~20% ~6% 2023-25 >2025 18 ~30% of 2023-25 target additions already in 1.4 execution Gross Pipeline Early stage Matu
Slide 8: A more competitive commercial strategy to a wider free customer base
A more competitive commercial strategy to a wider free customer base Liberalized power Liberalized power sales(1) (TWh) customers (mn) Endesa X KPIs +4% +15% + 0.9 mn 2021 2022 75 78 6.8 5.9 E-home 18 21 +18% contracts (mn) 2.2 2.6 6.5 Charging 5.6 +47% 57 57 points(2) (k#) 9.5 13.9 0.3 0.4 2021 202
Slide 9: Sound performance of Iberian free power margin
Sound performance of Iberian free power margin Free power unitary margin (1) 2022 Output / Sales (TWh) Output hedged (3) (€/MWh) +31% 88 10 2 42 98% 65 85% 25 32(2) 12 +42% 76 TWh 14 Free sales +4% 51 39 -8% Output Sales 2021 2022 2023 2024 SCVP (regulated) Non mainland Supply Margin Selling price T
Slide 10: Gas margin improvement driven by market context optionality
Gas margin improvement driven by market context optionality Total gas unitary margin (2) Total volumes (1) (TWh) Volumes hedged (3) (%) (€/MWh) -3% +6x 102 99 6 70% CCGT 25 36 32% Retail demand 77 64 1 2021 2022 2021 2022 2023 2024 Customers (mn) 1.7 1.8 +6% Liberalized (mn) 1.5 1.5 -% (1) Rounded f
Slide 11: Networks: continued improvement in quality operational parameters
Networks: continued improvement in quality operational parameters Distributed energy (TWh) Losses (%) TIEPI(1) (min.) +1% -0.1 pp -11% 131 132 7.1 61.4 7.0 54.4 2021 2022 2021 2022 2021 2022 Energy to own customers(2) (TWh) 109 109 -% RAB (€bn) 11.7 11.5 -2% (1) Tiempo de Interrupción Equivalente a
Slide 12: Financial results
FY 2022 Financial results Marco Palermo CFO
Slide 13: Key financial highlights
Key financial highlights €mn EBITDA lfl Net Ordinary Income Adjusted FFO(4) +25% +26% +26% 3,212 2,541 1,540 (1) (3) 5,327 (2) 2,398 4,278 1,902 2,621 1,672 -80 2021 2022 2021 2022 2021 2022 Regulatory working capital variation Reported Reported Net EBITDA 4,278 5,565 +30% Income 1,435 2,541 +77% Re
Slide 14: +25% EBITDA lfl supported by our integrated strategy
+25% EBITDA lfl supported by our integrated strategy €mn Gross capex EBITDA by business(1) +1,049 €mn +25% -210 (2) DYoY 13% -174 -262 5,327 5,565 1,695 4,278 14% 38% 2,572 +~3x 877 2,572 2,343 Gx+Sx: +1,311 €mn (+57%) +8% vs. 841 2021 non recurrent: 2022 non recurrent: 631 631 -25% 2021 595 +300 €m
Slide 15: Generation&Supply EBITDA: positive results in all businesses
Generation&Supply(1) EBITDA: positive results in all businesses +1,311 €mn +57% -116 +841 €mn free power margin: 780 • ~+500 €mn from CCGT’s • ~+200 €mn from RECORE (2) 27 841 -221 Others +780 €mn: • ~+480 €mn from gas business +1,532 €mn ex non-recurrent 3,624 2021 non recurrent: • ~+300 €mn Others
Slide 16: Networks EBITDA: affected by regulatory remuneration update
Networks EBITDA: affected by regulatory remuneration update €mn -262 €mn -13% 1,965 1,703 -180 -180 €mn 2017-19 remuneration -40 -42 regularization (M.O. 749/2022) 1,965 1,703 -42 €mn fixed cost increase mainly due to CPI impact and maintenance activities Gross margin -220 €mn EBITDA 2021 Non recurr
Slide 17: +26% Net Ordinary Income
+26% Net Ordinary Income €mn +26% -168 444 -424 D&A ex impairments ~+9% -33 -143 (-143 €mn): 587 €mn delta impairments(1) • Amortization (-106 €mn) 1,287 • Bad debt provision (-37 €mn) Endesa X -467 Including Way net 238 €mn effect & from Others Endesa X 2,541 2,398 Way Financial results impacted by
Slide 18: FFO affected by regulatory working capital increase
FFO affected by regulatory working capital increase and current energy market context €mn Working capital & others -2.9 €bn(1) -377 -1,505 €mn Non- mainland -1,540 3,212 5,565 1,540 -1,336 Reg. WK -532 -108 1,672 Reported Provisions paid Regulatory Rest working Income Taxes Net Financial Adjusted FF
Slide 19: Debt evolution impacted by market context
Debt evolution impacted by market context €bn Net debt evolution Gross debt 10.9 0.2 1.5 18.5 8.8 2.3 Regulatory working capital 0.8 2.4 1.7 6.7 (3) 10.4 0.9 0.9 0.7 8.0 8.5 10.9 8.8 2021 FFO Cash Dividends Others (2) 2022 2021 2022 Capex (1) Net debt Cash&Others Cash collateral Cost of debt 1.5% 1.
Slide 20: Sound financial strength
Sound financial strength Debt maturity by year(1) (€bn) Credit metrics Average life of debt (years) 3.2 ND/EBITDA lfl (2) Adj. FFO/ND Gross Debt at fixed rate(3) 58% Liquidity position (€bn)(4) 9.2 -0.1x +1pp 5.9 5.7 0.5 5.3 5.4 4.5 5.7 1.8 2.1x 2.0x 29% 30% 1.8 0.8 2023 2024 2025 2026+ 2021 2022 20
Slide 21: ~14€bn of new sustainability linked instruments to support our growth
~14€bn of new sustainability linked instruments to support our growth 2022 Sustainability-linked Sustainable Finance instruments (€bn)(1) Amount KPIs (€bn) 64% Loans 2.6 64% sustainable gross debt… RCFs (2) 1.0 18.5 €bn gross debt …already above 2023 target (60%) and on track to reach 2025 target (8
Slide 22: Closing remarks
FY 2022 Closing remarks José Bogas CEO
Slide 23: 2022 DPS above target
2022 DPS above target €/share +10% +32% 1.585 (1) DPS proposal 2022: 1.585 €/share to be paid in July ~1.5 2023 1.437 ~1.2 +10% increase versus 2021 +32% above 2022-24 guidance (1.2 €/sh.) 2021 2022 2022 Target 2022 Target CMD 23-25 CMD 22-24 Pay out 80% 70% FY 2022 Results - Madrid, 24 February 202
Slide 24: 2023-25 financial metrics
2023-25 financial metrics 2022 2023 2024 2025 CAGR CAGR 2022-25 2023-25 EBITDA lfl(1) (€bn) 5.3 4.4-4.7 4.9-5.2 5.2-5.5 ~+1% ~1% ~+1% ~8% Net Ordinary 2.4 1.4-1.5 1.7-1.8 2.0-2.1 ~-3% ~-4% ~-3% ~18% Income (€bn) Pay out 70 70 70 70 (%) DPS 1.59 ~1.0 ~1.2 ~1.4 (€/sh) 8.6 €bn Gross capex 2023-25 FY 20
Slide 25: Closing Remarks
Closing Remarks Protecting our Sound results in customers from 2.3 €bn gross Solid an extremely prices increase capex devoted remuneration volatile energy leveraging on to Energy to our scenario inframarginal Transition shareholders output FY 2022 Results - Madrid, 24 February 2023 25
Slide 26: Annexes
FY 2022 Annexes encesa
Slide 27: Endesa: 2022 P&L
Endesa: 2022 P&L €mn Conventional Gx Renewables Retail Endesa X Dx Structure Adjustments TOTAL Income 17,488 934 27,764 368 2,348 472 -16,478 32,896 Procurements and services -10,410 -59 -28,690 -215 -139 170 15,949 -23,394 Income and expenses from energy derivatives -3,896 -37 1,716 0 0 0 0 -2,217
Slide 28: Endesa: 2021 P&L
Endesa: 2021 P&L €mn Conventional Gx Renewables Retail Endesa X Dx Structure Adjustments TOTAL Income 8,135 871 16,176 270 2,575 465 -7,593 20,899 Procurements and services -5,126 158 -17,140 -144 -146 -1 7,035 -15,364 Income and expenses from energy derivatives -1,419 -22 1,984 0 0 0 0 543 Gross ma
Slide 29: Installed capacity and output
Installed capacity and output Total net installed capacity (MW) Total gross output(1) (GWh) 2022 2021 Var. (%) 2022 2021 Var. (%) Mainland 17,781 16,877 +5% 52,575 46,536 +13% Renewables (2) 9,293 8,389 +11% 12,041 12,794 -6% Hydro 4,746 4,746 -0% 4,477 6,122 -27% Wind 2,882 2,546 +13% 5,709 5,605 +
Slide 30: Fixed costs evolution
Fixed costs evolution €mn KPIs +8% Renewables 2021 2022 1,973 Unitary cost €/MWh 15 17 +13% 1,835 39 -45 144 955 +4% 916 Networks Unitary cost (2) 40 43 +8% €/end user 1,239 1,353 +9% Customers Cost to Serve Opex/customer, €/cl. 11 11 -% -320 -335 2021 CPI Growth Efficiencies 2022 Personnel Costs O&
Slide 31: Final headcount
Final headcount 2021 2022 9,258 9,258 (1) 1,393 1,401 6,894 6,820 712 717 5,037 5,102 3,824 3,838 2,364 2,438 681 684 2,358 1,213 2,828 2,265 1,264 2,755 470 490 Male Female Total Male Female Total Distribution Generation & Supply Structure & others FY 2022 Results - Madrid, 24 February 2023 (1) Fin
Slide 32: Spanish power market
Spanish power market FY 2022 Customers (mn) Energy sold (TWh) Endesa Endesa market share1 market share2 19.8 29.9 228.6 250.6 Residential 28% 67.1 29% Business 88.0 42.8 43.3 18.9 22% 28.9 10.1 161.5 0.9 29% 162.6 16.3 24.6 10.0 22.0 8.3 0.9 20.9 0.0 1.1 44% 27% Regulated 44% Free 29% Total Regulate
Slide 33: Key ESG highlights
Key ESG highlights 2022 2021 2025 Target Installed renewable capacity (MW) 9,293 8,390 13,600 Environment Peninsular CO2 -free production (%) 73% 82% 91% Scope 1 emissions from Generation (gCO2e /kWh) 205 186 <145 Water collected for electricity generation (l/MWh) 73.6 79.4 74.2 Waste recovery (%) 9
Slide 34: 2040 emission evolution
2040 emission evolution 2022 2025 2030 2040 Scope 1 Generation (1) (gCO2e/kWh) 205 <145 <95 Zero Scope 1 & 3 Emissions Integrated Power 213 <140 <90 (gCO2e/kWh) CO2 No use of Scope 3 Gas Retail (3) 14.2 10.7 6.6 carbon (MtCO2) removal 1.5 ºC aligned decarbonization roadmap covering main direct and i
Slide 35: Taxonomy: key performance indicators 2022
Taxonomy: key performance indicators 2022 % Activities eligible-aligned 2022 2021 INCOME 10.9% 27.2% OPEX 41.4% 38.8% EBITDA 47.9% 64.3% CAPEX 76.4% 75.0% FY 2022 Results - Madrid, 24 February 2023 35
Slide 36: Glossary of terms (I/II)
Glossary of terms (I/II) Reference note of Consolidated Item Calculation Management Report Average cost of debt (%) Cost of gross financial debt / gross average financial debt: (224 €mn) / 16,442 €mn = 1.4% 7 (Principal x number of days of term) / (Principal in force at the end of the period x numbe
Slide 37: Glossary of terms (II/II)
Glossary of terms (II/II) Reference note of Consolidated Item Calculation Management Report Gross tangible (1,902 €mn) and intangible (468 €mn) Capex - rights of use (23 €mn) + Others (-4 €mn) = Gross Capex (€mn) n/a 2,343 €mn Long and short term financial debt (11,704 €mn + 6,784 €mn) - Cash and ca
Slide 38: 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 39: 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 Paloma de Miguel Website: www.endesa.com 39