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Endesa S A : Strategic Plan Update 2026-2028 (endesa 2026 28 strategic plan)
Endesa S A : Strategic Plan Update 2026-2028 (endesa 2026 28 strategic
About this update from Endesa S.a.
Capital Markets Day 2026 February 24th, 2026 1 Agenda José Bogas, CEO Strategic plan update Energy market contextEndesa in the next three years Marco Palermo, CFO José Bogas, CEO2026-28 Financial planClosing remarks 2 2026-28 Strategic Plan Energy market context José Bogas CEO Accelerating electrification to reduce energy dependence and capture a unique reindustrialization opportunity Long-term evolution in electricity demand(1) (TWh) 2030 demand growth drivers 400 >120 Spain energy dependence 24% Demand electrification(2) 68% 269 269 2025 CAGR ~3% X2 ~60% ~50% ~315 358 ~9 51 ~307 307 2030e 2030 PNIEC ~31% ~33% CAGR ~3% Target(3)<30% >520 2040e H2 Conventional Electrification enables both decarbonization and lower energy dependence Inertial electrification growth, partially offset by efficiency improvements Attraction of new demand from Data centers, transport, residential and industrial electrificationTarget(3) ~48% Delay in green H2 development Endesa is exceptionally well positioned to lead the energy transition and capture this growth Based on own estimations, including self consumption Excluding H2 4 Based on EC 2040 target (90% CO2 reduction) Pressing need to reinforce and upscale the network investments Spanish grid saturation (1) 2025 Endesa connection requests ~88% 18% 12% ~26 GW 70% ~94% Denied Granted Under Review Spanish distribution network at its capacity limit: ~88% Endesa's distribution area is 94% saturated and just ~18% of 2025 new demand requests granted This scenario undermines new demand growth and threatens electrification targets The need to boost grid investments is critical >80% <80% - >45% <45% Endesa grid saturation Source: AELEC data as of 31.01.2026 according to CNMC Resolution of 8 June 2025, determining firm access capacity for demand to electricity distribution networks. Capacity map does not consider figures published by REE on 20.2.2026 5 Security of supply would require adapting the nuclear closure schedule to PNIEC progress Mainland capacity (GW) Competitiveness of nuclear power (€/MWh) Affordability and security of supply Full Cost alternative technology(5) Life (4) extension Current x2 67 Nuclear full cost Significant delays in storage and wind increase the need for firm capacity Need to adapt nuclear closure Nuclear strengthens security of supply, reduces system costs and emissions It is competit...