Endesa Sa Madrid (ELEZF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to all the people connected. Welcome to the first half 2025 results presentation, which will be hosted, as always, by Endesa CEO, Jose Bogas, and the CFO, Marco Palermo. Following the presentation, we will have the usual Q&A session open to those connected on the call and on the web. Thank you, and now let me hand over to Jose Bogas. Thank you, Mar, and good morning, everybody. I would like to open this presentation by highlighting the solid performance delivered across all our businesses during the first half of 2025. This has led to a strong cash generation and operating results, confirming the strength and resilience of our business model. The energy framework during this period was marked by the April 28th blackout, and the implementation of the subsequent measures mainly aims at reinforcing security of supply, as well as we will elaborate on later during the presentation. Today, more than ever, Spain needs to bring its network investment up to the level required to ensure a modern, efficient and reliable distribution network, as set out in the PENIEC and also endorsed by the European Union, who recently upgraded 2040 climate targets. To this end, it is essential to define a remuneration framework that is fair and sufficient to address the huge increase in investment foreseen at country level. The proposal currently under discussion endangers this investment and clearly goes against government policies to achieve the energy transition. Finally, I would like to highlight that as of end June, we executed approximately 40% of our 500 million share-by-back program planned for the year, and close to 70% according to the last CMB filing. These reflect our commitment to delivering value to our shareholders while preserving flexibility in order to increase o...