Strategic Plan Update 2026-2028 (endesa 2026 28 strategic plan)

Capital Markets Day 2026

February 24th, 2026

1

Agenda

José Bogas, CEO

Strategic plan update

Energy market context

Endesa in the next three years

Marco Palermo, CFO

José Bogas, CEO

2026-28 Financial plan

Closing 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

>120

Spain energy dependence

24%

Demand electrification(2)

68%

269

2025

CAGR

~3%

X2

~60%

~50%

~315 358

~9

51

~307

307

2030e

2030

PNIEC

~31%

~33%

CAGR

~3%

>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 electrification

Delay in green H2 development

Endesa is exceptionally well positioned to lead the energy transition and capture this growth

1. Based on own estimations, including self consumption

2. Excluding H2 4

3. 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

1. 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 competitive vs other alternatives

6

33

152

>70

72

2030e(2)2030 PNIEC

2025

86

~120

~10

(3)

Storage Wind Solar

1. Includes H2

2. Based on own estimations

3. Including self-consumption

4. Harmonizing taxation with other technologies

5. Cost of alternative technology mix to replicate nuclear profile (Including

CCGT+BESS+Solar) 6

2026-28 Strategic Plan José Bogas

CEO

2026-2028 key strategic highlights

1

Growth

• >50% of investment plan devoted to Networks

• Selective investments in value accretive renewables and storage projects

10.6 €bn

Investment Plan

2

Risk/Return

• Low-risk business portfolio

• Assets and investments with visible returns

• Customer base as a natural hedge

~85%

EBITDA

Regulated/Contracted

3

Financial strength

• Growth across all businesses driven by incremental investment

• Enhance productivity & efficiency

• Remarkable cash flow generation

~5%

CAGR EPS growth

8

1

Boosting investments biased towards grids to lead the

Energy Transition

2026-28 Gross Investments (€bn) Energy Transition investments (€bn)

80%

Energy Transition Investments

28%

11%

10.6 €bn

+10% vs old

plan

52%

9%

+10%

2025-27 2026-28

+40% Networks investment increase vs old plan to allow for new demand connections

7.8

8.5

3.0

3.7

-20%

vs old plan

4.0

5.5

+40%

vs old plan

Selective investments and commissioning rescheduling of singular renewable projects...

...strengthening our storage plan

Networks Customers Conv. Gx(1)

Renewables

(1) Conventional Gx figure includes CCGT's, nuclear generation, non-mainland businesses, Corporate Structure, Services & Adjustments and Others. 9

1

Grids

Gross investment (€bn)

10%

23%

~4 €bn

2025-27

67%

5%

16%

~5.5 €bn

2026-28

~+60%

2025-27 vs 2026-28

Capex RAB/IN

RAB (€bn)

+13%

13.0

11.5

TIEPI(1)

(min)

10

Losses(2) (%)

KPI's

2025 2028

45

40

-5 min.

9

-1

79%

Third Party Assets Capex RAB/IN Meters & Others

2025 2028

Net investment

(€bn)

Capex generating margin beyond plan

2025-27 2026-28

Further investment in Grids to lead Energy Transition

assuming regulatory cap increase

~3

3%

~4.5

(3)

17%

1. Tiempo de Interrupción Equivalente a la Potencia Instalada (Installed Capacity Equivalent Interruption Time). According to Spanish Regulator. Own + Programmed and Trasmission minutes of interruption

2. At busbars (REE criteria). Country level. Not adjusted.

3. Assuming the increase of regulatory investment cap and 100% recognition of investments. RAB/IN 2026-2028 0.9 bn€ above current 0,13% GDP cap 10

1

Renewables

Investments Net capacity (GW)

Gross output(1) (TWh)

80%

Asset Development

11.3

2025

+1.9 GW

13.2

0.4

3.3

2028

+0.4

+0.4

+1.1

17%

(2) 6%

19%

2026-28

~3.0 €bn

-20%

57%

5.4

5.4

2025

25.2

+7.6 TWh

0.8

2028

~21% Capex generating

margin >2028

~80% of new capacity: wind

Selective investments preparing for demand growth

~300 bps IRR-WACC spread

and storage technologies

1. At busbars

2. BESS and Others 11

1 Renewables: Hybrid platform to capture new DC demand

~3 GW pipeline offering optimal location for data centers

Endesa´s Value

Grid connections: Grid connection rights for DC operator

Land for DC development: Transferable land /

land rights enabling fast deployment

Full-Supply Contract: Self-consumption from RES + grid supply

2026-2028 plan

Pego (Portugal)

~600 MW of new solar PV, wind and BESS capacity

Ongoing discussions with Data Centers

Start of construction: 2027

Capex: ~0.6 €bn (2026-28 ~0.5 €bn)

12

Wind:

Solar : BESS:

0.3 GW

0.2 GW

0.1 GW

Strengthening customer base through loyalty, commercial

1

alliances and value management

Total power sales(1) (TWh)

55

53

15

18

84 85

2025 2028

Free Fixed Free Indexed Others

Free Power customers (mn)

6.2

6.7

+8%

2025 2028

Our customer portfolio, which already started to stabilize in Q4 will further benefit from…

…the strengthening of physical

commercial channels

New alliances (MasOrange) widens bundled offers and reinforces loyalty programs

Includes 0.4 mn from MasOrange

Efficiencies key to remain competitive in a more challenging market context

1. Rounded figures. Includes regulated (SCVP) and International sales 13

2. Power & Gas

2

Reducing risk and increasing visibility

Cumulated EBITDA

EBITDA Regulated / Contracted

~18 €bn

2026-28

~85%

Grids

Regulated

generation

Contracted generation

Customers

• ~100% regulated

• Non mainland generation

• Regulated renewables

• Capacity payment

• Production covered by LT customer contracts & PPAs

• Good visibility due to high level of hedging

• Natural hedge thanks to the resiliency of our fixed price customer portfolio

~85% of regulated or contracted EBITDA provides clear insight into future performance

~14 €bn of

cumulated FFO

14

2026-28 Strategic Plan Financial Targets Marco Palermo

CFO

2026-2028 key strategic highlights

1

Growth

• >50% of investment plan devoted to Networks

• Selective investments in value accretive renewables and storage projects

10.6 €bn

Investment Plan

2

Risk/Return

• Low-risk business portfolio

• Assets and investments with visible returns

• Customer base as a natural hedge

~85%

EBITDA

Regulated/Contracted

3

Financial strength

• Growth across all businesses driven by strong investment effort

• Enhance productivity & efficiency

• Remarkable cash flow generation

~5%

CAGR EPS growth

16

3

resiliency and increased visibility going forward

2025 results exceeding 2027 old plan targets prove business

Net Ordinary Income (€bn)

2.1

Mid point

37%

N.O.I / EBITDA

0.4

2.3

1.95

Mid point

2025-2027

41%

Guidance

+21%

+0.2€bn 41%

2025 Net Ordinary income

vs Guidance (1)

2025 Overperformance vs 2027 old Net Ordinary Guidance (2)

2025 EBITDA converted

into Net Ordinary income

2027 (old plan) Results 2025 Results

1. Calculated on 2025 mid point guidance

2. Calculated on 2027 mid point guidance 17

3

Main financial targets

€bn

EBITDA

Net Ordinary Income

Net Debt

CAGR +4%(1) CAGR +4%(1) +50%(1)

14-15

10

5.8

6.2-6.5

2.3(2)

2.5-2.6

2025 2028

2025 2028

2025 2028

70%

78%

1.8x

2.3x

41%

40%

FFO/EBITDA NOI/EBITDA Leverage

1. Calculated on 2025 and 2028 mid range 18

2. 2025 Net Ordinary Income: 2.35 €bn

3

+10% EBITDA growth with improvements across all businesses

and supported by cost efficiency plan

EBITDA evolution by business(1) (€bn)

Distribution growth thanks to higher

investments

Expansion in Generation and Supply: better

power margin more than offsets gas margin normalization

New productivity program provides an

additional upside

+10%

5.8

6.2-6.5

2025 2028

(1) Variation according to 2028 mid range 19

3 +15% Networks EBITDA increase

EBITDA evolution (€bn)

+15%

2.1

2.0

2025 PY

2025 re-

Regulated

Other

Fixed costs 2028

• OPEX allowance impact offset by new incentives scheme

  regularizations statement

  remuneration

  margin

  +1.5 €bn

  
  
  

  ~13.0

  
  
  

  ~11.5

  
  
  

  RAB (€bn)

  20

  Resilience of power margin offset the gas margin normalization

  3

  
  
  

  Free power sales coverage (TWh) Free power unitary margin(1) (€/MWh)

  55

71 69 70

2025 2026 2028

Power

2025 2026 2028

Sound Free power margin:

52

CCGT

Sales

Gas sales (TWh)

-33%

78 66

52

Gas unitary margin (€/MWh)

9

mix and recovery of ancillary services extra-cost

Gas unitary margin normalization

Gas

2025 2026 2028 2025 2026 2028

(1) Calculated based on electricity sales in the liberalized market in Spain and Portugal 21

3

market context

Productivity as a lever to remain competitive in a more challenging

Opex(1) evolution (€bn)

AI applications

2.4

2.2

1.9

-10%

Digitization and implementation of AI across all areas of the company:

Intelligent and real time grid operations

Maximize generation efficiency and reliability

Personalized customer experiences

AI application in selective corporate/staff areas

2014 2025 2028

23%

27%

Opex(1) / Gross margin

Organization and processes simplification

1. Opex: Total fixed costs in nominal terms (net of capitalizations).

22

3

Strong increase in Net Ordinary Income translates into high

value for shareholders

CAGR +4%(2)

Net Ordinary Income (€bn)

EPS(1) comparison Old vs. New plan (€/sh.)

2.5-2.6

CMD 2026-28:

CAGR +5%

2.3

2.1

2.0

1.G

1.G

CMD 2025-27: CAGR +3%

Re-levered additional Growth (including SBB) Organic step-up already secured in 2025

Old Plan 2025-27

2.5-2.6

2.3

(3)

2025 2028 2024 2025 2026 2027 2028

~40% Net Ordinary Income / EBITDA along the plan

1. Share Buyback program assumption: acquisition of ~20.0 million shares by 2025 and cumulated ~70.9 million shares from 2027

2. Charts based on 2025 and 2028 mid range 23

3. 2025 Net Ordinary Income: 2.35 €bn

3

Sound cash flow generation drives healthy credit metrics

Net debt evolution (€bn)

KPIs

~18 €bn

Uses of funds

~14 €bn

Sources of funds

2

SBB: 1.5 €bn

14-15

10

Net debt / EBITDA

2025 Cash

1.8x

2.3x

Investments

Dividends

Share (1)

Buyback&Others

FFO 2028

1. Include IFRS 16 effect and Others 24

2026-28 Strategic Plan Closing remarks José Bogas

CEO

Shareholders remuneration: solid and consistent DPS growth in

the next three years

New Dividend policy:

• 2026-28 minimum 70% payout

EPS and Dividend policy(1) (€/sh)

2.5-2.6

2.3

EPS

+22%

CAGR(2)

+4%

~1.30

1.58 (3)

2.0

€bn(4)

Shares buy-back

0.6 €bn Share buy-back executed

0.5 €bn Share buy-back new tranche

0.9 €bn remaining amount

DPS

2025E 2025 2026 2027 2028

EPS pathway will support a ~4% DPS CAGR in the next three years

1. Share Buyback program assumption: acquisition of ~20.0 million shares by 2025 and cumulated ~70.9 million shares from 2027

2. Calculated on 2028 mid range

3. Amount to be distributed corresponding to 1.584 gross per share for shares entitled to dividends as of December 31st, 2025 26

4. SBB program approved by 2025 AGM

Our inertial growth @2030 leveraged on new demand crystallization

Renewables (GW)

CAGR 25-30

+5%(1)

14-15

11.3

2025

2030

RAB (€bn)

CAGR 25-30

+5%

15

12

2025

2030

EPS (€/share)

CAGR 25-30

+5%(1)

2.8-3.0

2.3

2025

2030

Capex under construction @2028

Capacity increase to serve new incremental demand

Continuous investments in Distribution

beyond 2028

Sustainable earnings growth over the

long term

(1) Calculated on 2030 mid range 27

Financial flexibility to boost growth and value creation beyond 2028

Leverage evolution Flexibility allocation

Peers average

~5 €bn

>3.0x

Extract maximum value from Hybrid projects hubs located on former sites leveraging on new demand explosion

Scouting brownfield value accretive opportunities

2.3x

Acceleration on storage plan

2025 2028

Shareholders' remuneration improvement

28

Environmental sustainability

71

-65%

27

-99%

25

19

2028

Short-term emission reduction target focused on direct GHG emissions in mainland system

Total absolute emissions (MtCO2eq)

2030

GHG emission reduction targets in line with 1.5º pathway

(1)

Manageable Non manageable

Net Zero

Our ambition

Just Transition

A plan that preserves the social and economic context

2040

Zero GHG emissions from both generation and retail business

(1) Non mainland systems

29

Closing remarks

1 Growth driven by highly predictable and low risk activities

2

Efficiency plans as a key lever to enhance performance and competitiveness

1. Financial flexibility to boost growth and value creation

2. Delivering solid and attractive EPS growth for shareholders

30