Endesa S A : Strategic Plan Update 2026-2028 (endesa 2026 28 strategic plan)

About this update from Endesa S.a.

Capital Markets Day 2026 February 24 th , 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 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 electrification Target (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 competitive vs other alternatives 6 33 47 152 19 61 ~40 >70 72 2030e (2) 2030 PNIEC 2025 86 ~120 ~10 (3) Storage Wind Solar Includes H2 Based on own estimations Including self-consumption Harmonizing taxation with other technologies 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% Tiempo de Interrupción Equivalente a la Potencia Instalada (Installed Capacity Equivalent Interruption Time). According to Spanish Regulator. Own + Programmed and Trasmission minutes of interruption At busbars (REE criteria). Country level. Not adjusted. 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 3.0 4.1 2.9 2025 25.2 +7.6 TWh 17.7 5.4 9.2 3.5 5.8 9.9 8.4 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 At busbars 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 15 12 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 Rounded figures. Includes regulated (SCVP) and International sales 13 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 Calculated on 2025 mid point guidance 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 Calculated on 2025 and 2028 mid range 18 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 Distribution margin expansion driven by strong capex increase (+13% RAB) and new regulatory framework from 2026: WACC: 6.58% 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 53 53 71 69 70 2025 2026 2028 Power 2025 2026 2028 Sound Free power margin : 52 Increase of inframarginal technologies output Fixed price Indexed price HNR. output Resilient Sx margin through improved customer sales CCGT Sales Gas sales (TWh) -33% 38 63 78 66 52 Gas unitary margin (€/MWh) 9 mix and recovery of ancillary services extra-cost Gas unitary margin normalization 50 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 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 Share Buyback program assumption: acquisition of ~20.0 million shares by 2025 and cumulated ~70.9 million shares from 2027 Charts based on 2025 and 2028 mid range 23 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 2025 2028 FFO/EBITDA 70% 78% Cost of debt 3.3% 3.4% Financial cost (€bn) 0.5 0.6 Sources of funds 2 SBB : 1.5 €bn 14-15 10 11 5 -14 Net debt / EBITDA 2025 Cash 1.8x 2.3x Investments Dividends Share (1) Buyback&Others FFO 2028 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 Share Buyback program assumption: acquisition of ~20.0 million shares by 2025 and cumulated ~70.9 million shares from 2027 Calculated on 2028 mid range Amount to be distributed corresponding to 1.584 gross per share for shares entitled to dividends as of December 31st, 2025 26 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 1.8x 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 (MtCO 2eq ) 2030 GHG emission reduction targets in line with 1.5º pathway 10 7 7 6 <1 0 2017 2024 2025 2030 2040 2040 (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 Financial flexibility to boost growth and value creation Delivering solid and attractive EPS growth for shareholders 30

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