Slides
Page 1
First Half 2025 Consolidated results July 29th, 2025
Page 2
First Half 2025 Consolidated results José Bogas CEO
Page 3
Opening remarks 3 Solid performance in all businesses with strong cash generation Energy context marked by the post blackout measures Regulatory remuneration proposal against Energy Transition ~40% execution of 2025 Share Buyback program (500 €mn) 1H 2025 Results - Madrid, 29 July 2025
Page 4
EBITDA 4 +12% Net Income +30% FFO +2x Execution of CMD strategic pillars delivers outstanding results €bn (1) 1H 2024 Net Income (800 €mn) – Gains/(losses) on disposals of non-financial assets of over 10 €mn (28 €mn) = 772 €mn (2) Adjustment: 1H 2024: +530 €mn gas arbitration 1H 2025 Results - Madrid, 29 July 2025 1.1 1.3 1H 2024 1.4 1.3 1H 2025 2.4 2.7 0.3 0.5 1H 2024 0.6 0.5 1H 2025 0.8 1.0 0.2 1.0 1H 2024 1.2 1.1 1H 2025 1.2 2.4 4 1,041 772Net Ordinary Income (€mn)(1) +35% 2.4 1.7Adjusted FFO(2) +0.6 €bn Q1 Q2 Q1 Q2 Q1 Q2
Page 5
43% 22% Progressing on operating delivery 1H 20251H 2024 (1) Rounded figures. (2) In mainland (3) Free fixed power sales (4) FY 2024 figure: 6.7 mn (5) Tiempo de Interrupción Equivalente a la Potencia Instalada (Installed Capacity Equivalent Interruption Time). According to Spanish Regulator. Own + Programmed and Transport minutes of interruption (6) At busbars (REE criteria). Country level. Not adjusted. Estimated figure in 1H 2024: 8.9% Gross Capex by business(1) RES Capacity (GW) 10.810.1 +0.7 GW GHG free capacity on total(2) 79%78%CO2 +1 p.p. Fixed price power sales(3) (TWh) 2628 -6% Free power customers(4) (mn) 6.46.7 -0.3 mn TIEPI(5) (min) 2325 -2 min. Losses(6) (%) ~10~10 Flat 1H 2025 Results - Madrid, 29 July 2025 5 ~62% 0.9 €bn
Page 6
(1) Source: OMIE and REE.1H 2025 Results - Madrid, 29 July 2025 6 Market context characterized by price volatility and post- blackout measures Gas TTF spot prices (€/MWh) CO2 spot prices (€/t) Iberian power pool prices (€/MWh)(1) 39 62Avg. pool price (€/MWh) +58% 1H 2024 1H 2025 64 88 40 28 18 73 12 15 20 18 26 16 FY2024 1Q2025 2Q2025 Apr 2025 May 2025 Jun 2025 76 103 60 45 44 89 Ancillary Services Daily market price Impact of post blackout TSO management 50 60 70 80 90 2024 Average: 64 €/t 2025 Average: 71 €/t +11% 20 30 40 50 60 2024 Average: 30 €/MWh 2025 Average: 41 €/MWh +47%
Page 7
Blackout setback should not threaten decarbonization goals 7 1H 2025 Results - Madrid, 29 July 2025 Fully complied with System Operator’s instructions ✓ All plants operated in full accordance with TSO’s technical restrictions dispatch ✓ All trips were made above the established safety protocols technical limits Spain has substantially progressed on decarbonization goals, with one of the highest rates of renewable penetration… …focus should be now to encourage demand electrification, modernizing and strengthening the grid ▪ Significant oscillations in voltage and frequency were previously reported ▪ Day ahead program failed to control voltage oscillations with insufficient backup capacity ▪ System Operator is ultimately responsible for maintaining the stability and voltage control of the electrical system Context
Page 8
1H2024 FY2024 1H2025 0.6 -1.4 0.9 -0.6 2.7 4.7 1H 2025 Results - Madrid, 29 July 2025 8 Signs of sustained demand recovery over recent quarters… (2) (3) 1H2024 FY2024 1H2025 1.3 -0.8 1.5 -0.1 2.2 2.9 Endesa Mainland Adjusted (1) (% yoy) Not adjusted (% yoy) (1) For weather, working days, leap year and blackout. REE 1H2025 mainland figure is +1,3% adjusted for weather and working days (2) Source: Endesa’s own estimates. Variation versus last year (3) Source: REE. Variation versus last year Industry +2.7% Services +3.8% Residential +7.5%
Page 9
1H 2025 Results - Madrid, 29 July 2025 9 …signal the onset of new demand, set to increase in line with unprecedented surge in connection requests Evolution of Endesa’s access and connection requests (GW) Not accepted (%) 63% 74% 81% Source: Endesa own figures. The data does not include requests from customers in the low voltage segment, in line with the guidelines of the CNMC information circular (art. 5, proposal CIR/DE/009/24) ▪ Connection requests continue to grow exponentially ▪ Spain attracts new demand by leveraging on competitive energy costs through a decarbonized energy mix ▪ ~80% 2024 application requests rejected and only 10% of 1H2025 accepted ▪ 2024 Endesa´s connection request equals total contracted power in the system (MV&HV) Risk of missing a unique opportunity for reindustrialization and economic growth 2021 2022 2023 2024 2025e 2 6 12 26 29 +183% +102% +119% +12% Granted In process Not accepted 78% Medium and high voltage applications
Page 10
10 Network remuneration must be fair and attractive to enable the massive investments required for decarbonization Risk premium: Discriminatory and asymmetric methodology compared to the rest of Spanish regulated sectors and other European countries β assumed is indicative of a very low-risk business and compares very unfavorably with gas business Cost of debt considered is well below actual issuance cost in Spain Investments: the model runs against energy transition defined in the PNIEC by limiting investments just to network replacement Efficiencies: this proposal sets an excessive capture rate based on historical data which are still pending final settlement Incentives: with some enhancements over the previous model, but still room for improvement Rate of Return: 6.46% proposalGradual transition to a TOTEX model This remuneration proposal does not encourage the demand electrification investments required by the PNIEC 1H 2025 Results - Madrid, 29 July 2025
Page 11
First Half 2025 Financial results Marco Palermo CFO
Page 12
-0.2 0.9 0.5 0.5 0.6 1H 2024 0.1 0.1 - 0.2 0.9 0.6 0.4 0.7 1H 2025 2.4 2.7 -0.1 Conventional Generation Renewables Customers (Retail+Endesa X) Networks Structure&Adjustments (1) Rounded figures (2) Includes Thermal, Nuclear, Non mainland, Gas procurement activities and Others (2) 1H 2025 Results - Madrid, 29 July 2025 12 +12% EBITDA thanks to Gx+Sx improvement and the absence of extraordinary levy Gx+Sx: +0.1 €bn (+6%) €bn +0.3 €bn EBITDA by business(1) 1H 2024: 1.2% levy (-202 €mn) +12% 1.2% extraordinary levy not in force from 2025 onwards +6% increase in Generation and Supply Stability in the Distribution business 1.7 1.8
Page 13
0.6 0.5 0.5 1H 2024 0.1 Conv. Gx margin Renewables margin 0.1 Customers margin - Fixed costs 0.7 0.4 0.6 1H 2025 1.7 1.8 -0.1 Customers Renewables Conv. Gx (1) Rounded figures. (2) Includes Thermal, Nuclear, Non mainland, Gas procurement activities and Others (2) 1H 2025 Results - Madrid, 29 July 2025 13 +6% Gx+Sx EBITDA driven by the strong integrated strategy resilience €bn +0.1 €bn Gx+Sx EBITDA (1) +6% Effective gas business management Non mainland margin improvement Limited opportunities in short position Lower nuclear margin affected by Enresa and 7% generation tax increase Conv. GxREN Higher hydro volumes Lower wind & solar volumes and prices Gas retail margin expansion Power supply margin stability Customers
Page 14
58 53 1H 2024 1H 2025 22 26 95 6 3 Output Sales 30 41 Free power unitary margin(2) (€/MWh)Output / Sales (TWh) Free power margin normalization within the expected levels (1) SCVP (regulated) & International (ex-Iberia) (2) 1H 2025 Managerial KPI reflecting the management of integrated power business. Calculated as: Conventional Gx margin contribution (1,134 €mn) + Renewables margin (567 €mn) + Retail margin (814 €mn) - Non mainland margin (236 €mn) - Manageable gas margin (385 €mn) – SCVP margin (11 €mn) – Others (63 €mn), divided by electricity sales in liberalized market in Spain and Portugal (34.5 TWh) (3) Calculated on expected inframarginal output 14 Hedged inframarginal output(3) 1H 2025 Results - Madrid, 29 July 2025 2025 2026 2027 98% 84% 55% Inframarginal Thermal Non mainland Free-fixed price Free-indexed price Others (1) Included in Free Power margin CO2-free output / Fixed price sales 85% ~18 ~18Supply margin (€/MWh) 35 TWh Free sales FLAT vs 1H 2024 -9% 6.4 6.7Liberalized customers (mn) Strategy focused on most valuable customers provides supply expansion FY 2024
Page 15
1H 2024 1H 2025 ~2 ~10 Total volumes(1) (TWh) Gas margin positively impacted by effective commodity management (1) Rounded figures (2) Managerial KPI reflecting the management of integrated gas business: 1H 2025 manageable gas margin (385 €mn) / Gas sales (38 TWh). (3) Volumes of hedged sourcing contracts1H 2025 Results - Madrid, 29 July 2025 30 31 6 6 1H 2024 1H 2025 36 38 15 2025 2026 2027 98% 80% 37% Volumes hedged(3) (%)Gas unitary margin(2) (€/MWh) Portfolio volumes (TWh) 57 52 43Sales CCGT +6%
Page 16
Robust Net Income increase by 30% 1H 2025 Results - Madrid, 29 July 2025 16(1) 1H 2024 Net Income (800 €mn) – Gains/(losses) on disposals of non-financial assets of over 10 €mn (28 €mn) = 772 €mn Profit & loss (€bn) D&A and Provisions Financial results & Others Income tax Net Ordinary Income (1) EBITDA Amortization rise mainly due to investment effort Financial results improvement driven by lower average gross financial debt and lower cost of debt Income tax: Tax rate ~25% vs. 30% in 1H2024 (impacted by 1.2% levy) Net Income Net Ordinary Income / EBITDA 1H 2024 1H 2025 Δ yoy Δ % 2.4 2.7 0.3 +12% (1.0) (1.1) (0.1) +8% (0.2) (0.2) 0.1 -23% (0.3) (0.3) (0.0) +2% 0.8 1.0 0.2 +30% - 0.8 1.0 0.3 +35% 32% 38% +6 p.p.
Page 17
EBITDA Provisions paid 0.1 Regulatory working capital -0.1 Remaining working capital & others Income Taxes Net Financial Expenses FFO FFO adj. 2.7 -0.1 -0.1 -0.2 2.4 2.4 Strong cash generation doubling 1H2024 figure… 17 (2) (1) Balance variation year to date (2) CNMC settlements balance (3) Interest received (0.0 €bn) – interest paid (0.2 €bn) (4) Adjustments: 1H 2024: +530 €mn gas arbitration Working capital & others 0.0 €bn(1) -0.1 -0.1 -0.6 -0.1 -0.2 1.2 2.41H 2024 €bn 1H 2025 Results - Madrid, 29 July 2025 vs 1H 2024 - +0.2 +0.5 +0.1 0 +1.2 +0.3 (3) 1.7 +0.6 (4)
Page 18
Net financial debt 2024 0.5 1H 2025 10.5 10.4 9.3 1.2 9.9 0.6 2024 FFO Cash Organic Capex Cash Inorganic Capex 0.6 Dividends 0.3 SBB & Others 0.5 1H 2025 9.3 9.9 8.7 2.4 1.1 0.9 9.5 … underpins the sustainability of our financial ratios (1) Rounded figures (2) Cash Organic Capex & Others: Net acquisitions of fixed assets (818 €mn) + Acquisitions and disposals of other investments (293 €mn) (3) Cash Inorganic Capex: Hydro assets (949 €mn) (4) Last 12 months 181H 2025 Results - Madrid, 29 July 2025 Regulatory working capital (2) 3.6% 3.4%Cost of debt Net financial debt Cash&Others €bn 1.8x 1.8xNet financial debt / EBITDA(4) 38% 48%FFO / Net financial debt (1) Gross financial debt (1) +6% -1% (3) FFO- Capex
Page 19
First Half 2025 Closing remarks José Bogas CEO
Page 20
20 Closing remarks Solid delivery in 1H reaffirms our 2025 guidance achievement 1 Attractive shareholder’s remuneration enhanced by SBB program 2 Capital allocation depending on regulatory improvements 3 CMD expected by 1Q2026 4 1H 2025 Results - Madrid, 29 July 2025
Page 21
1H 2025 Annexes
Page 22
1H 2025 1H 2024 % Var. Income 10,880 10,416 +4% Procurements and services (7,057) (6,289) +12% Income and expenses from energy derivatives (11) (690) -98% Gross margin 3,812 3,437 +11% Fixed operating costs and other results (1,101) (1,024) +8% EBITDA 2,711 2,413 +12% D&A (1,117) (1,030) +8% EBIT 1,594 1,383 +15% Net financial results (199) (251) -21% Net results from equity method 10 5 +100% PROFIT BEFORE TAX 1,405 1,137 +24% Income Tax Expense (345) (339) +2% Non-Controlling Interests (19) 2 -1050% NET ATTRIBUTABLE INCOME 1,041 800 +30% NET ORDINARY INCOME 1,041 772 +35% P&L 1H 2025 vs. 1H 2024 221H 2025 Results - Madrid, 29 July 2025 €mn
Page 23
Conventional Gx Renewables Retail Endesa X Gx+Sx adjustments Dx Structure Adjustments TOTAL Income 4,136 632 7,921 176 (3,211) 1,305 193 (272) 10,880 Procurements and services (3,199) (69) (6,895) (94) 3,206 (77) - 71 (7,057) Income and expenses from energy derivatives 197 4 (212) - - - - - (11) Gross margin 1,134 567 814 82 (5) 1,228 193 (201) 3,812 Fixed operating costs (423) (138) (241) (36) 5 (284) (188) 201 (1,104) Self-constructed assets 120 Personel expenses (484) Other fixed operating expenses (740) Other results - - - - - 3 3 Fixed operating costs and other results (423) (138) (241) (36) 5 (284) (185) 201 (1,101) EBITDA 711 429 573 46 - 944 8 - 2,711 D&A (303) (168) (212) (23) - (391) (20) - (1,117) EBIT 408 261 361 23 - 553 (12) - 1,594 Net financial results (199) Net results from equity method 10 PROFIT BEFORE TAX 1,405 Income Tax Expense (345) Non-Controlling Interests (19) NET ATTRIBUTABLE INCOME 1,041 NET ORDINARY INCOME 1,041 Endesa: 1H 2025 P&L 231H 2025 Results - Madrid, 29 July 2025 €mn (2) (1) Includes non mainland business (Gross margin: 236 €mn. EBITDA: 86 €mn) (2) Consolidation adjustments in Generation and Supply are included within Conventional Generation business along the presentation (1)
Page 24
Conventional Gx Renewables Retail Endesa X Gx+Sx adjustments Dx Structure Adjustments TOTAL Income 3,394 661 7,608 165 (2,598) 1,267 198 (279) 10,416 Procurements and services (2,937) (60) (5,571) (89) 2,573 (73) (203) 71 (6,289) Income and expenses from energy derivatives 596 7 (1,293) - - - - - (690) Gross margin 1,053 608 744 76 (25) 1,194 (5) (208) 3,437 Fixed operating costs (409) (130) (245) (44) 25 (276) (190) 208 (1,061) Self-constructed assets 125 Personel expenses (498) Other fixed operating expenses (688) Other results - - - - 37 - 37 Fixed operating costs and other results (409) (130) (245) (44) 25 (239) (190) 208 (1,024) EBITDA 644 478 499 32 - 955 (195) - 2,413 D&A (273) (150) (208) (28) - (351) (20) - (1,030) EBIT 371 328 291 4 - 604 (215) - 1,383 Net financial results (251) Net results from equity method 5 PROFIT BEFORE TAX 1,137 Income Tax Expense (339) Non-Controlling Interests 2 NET ATTRIBUTABLE INCOME 800 NET ORDINARY INCOME 772 Endesa: 1H 2024 P&L 241H 2025 Results - Madrid, 29 July 2025 €mn (2) (1) Includes non mainland business (Gross margin: 210 €mn. EBITDA: 76 €mn) (2) Consolidation adjustments in Generation and Supply are included within Conventional Generation business along the presentation (1)
Page 25
0.5 0.7 -0.1 1H 2024 0.5 0.7 -0.1 1H 2025 1.1 1.1 Fixed costs Fixed costs evolution 251H 2025 Results - Madrid, 29 July 2025 -3% +8% Flat Personnel Costs O&M Costs Capitalized costs €bn By concept By business line 0.0 0.3 0.3 0.1 0.4 1H 2024 0.0 0.3 0.3 0.1 0.4 1H 2025 1.1 1.1 Structure&Adjustments Networks Customers (Retail+Endesa X) Renewables Conventional Generation Flat
Page 26
Total output (1) (GWh)Total net installed capacity (MW) (1) Output at power plant bus bars (Gross output minus self-consumption). Rounded figures (2) Includes 81 GWh in non-mainland in 1H 2025 (99 MW) vs 89 GWh in 1H 2024 (99 MW) Installed capacity and output 261H 2025 Results - Madrid, 29 July 2025 (2) 1H 2025 2024 Var. (%) 1H 2025 1H 2024 Var. (%) Mainland 17,877 17,216 +4% 24,810 24,504 +1% Renewables 10,792 10,131 +7% 9,852 9,912 -1% Hydro 5,369 4,746 +13% 5,201 4,442 +17% Wind 2,893 2,893 0% 2,950 3,603 -18% Solar 2,530 2,492 +2% 1,701 1,867 -9% Others 0 0 0% 0 0 0% Nuclear 3,328 3,328 0% 12,087 12,246 -1% Coal 0 0 0% 0 0 +0% CCGTs 3,757 3,757 0% 2,871 2,346 +22% Non mainland territories 4,222 4,233 -0% 5,326 5,274 +1% Coal 241 241 0% 89 50 +78% Fuel - Gas 2,293 2,304 0% 2,026 2,105 -4% CCGTs 1,688 1,688 0% 3,211 3,119 +3% Total 22,099 21,449 +3% 30,136 29,778 +1%
Page 27
68 70 1H 2024 1H 2025 Grids: operational parameters 10 10 1H 2024 1H 2025 +6% 54 51 27 Distributed energy (TWh) Energy to own customers(2) (TWh) (1) Tiempo de Interrupción Equivalente a la Potencia Instalada (Installed Capacity Equivalent Interruption Time). According to Spanish Regulator. Own + Programmed and Transport minutes of interruption (2) At busbars (REE criteria). Country level. Not adjusted 1H 2024 1H 2025 25.4 23.0 Losses(2) (%)TIEPI(1) (min.) -9%+3% Flat 1H 2025 Results - Madrid, 29 July 2025 Flat 11.3 11.3RAB (€bn)
Page 28
Installed capacity(1) (GW) 28 (1) Mainland net capacity. Including 99 MW in 1H 2025 and 99 MW in 1H 2024 renewables in non-mainland. Rounded figures (2) Mainland generation. Energy at power plant busbars. Including 81 GWh in 1H 2025 and 89 GWh in 1H 2024 renewables in non-mainland. Rounded figures1H 2025 Results - Madrid, 29 July 2025 Generation: operational parameters CO2 free capacity 79% Thermal GxRenewable Nuclear 1H 2024 1H 2025 17.2 17.9 10.1 3.3 3.8 0.7 10.8 3.3 3.8 49% 40% 12% Nuclear RW Mainland (thermal) 78% Production(2) (TWh) Flat vs. 1H 2024 Variation vs. 1H 2024 CO2 emissions free output 88% 25 FLAT +7% +26% Flat -1% FLAT Hydro assets consolidation (+0.6 GW) Hydro output: 5.2 TWh (+17% yoy) 88% CO2 free output -2 p.p. +4%
Page 29
(1) Liberalized customers (2) Liberalized gross energy sales (including international sales). Rounded figures1H 2025 Results - Madrid, 29 July 2025 Supply: operational parameters 26 25 11 11 1H 2024 1H 2025 37 36 Sales(2) (TWh) -1% 0.3 FY 2024 0.3 1H 2025 6.7 6.4 6.4 6.1 B2B B2C Customers(1) (mn) -4% 26 28Free-fixed price sales (TWh) -6% 29
Page 30
Financial debt maturity and credit metrics (1) Rounded figures. As of June 2025 2025 2026 2027 2028+ 3.1 6.4 0.4 0.6 Gross financial debt maturity(1) (€bn) 1H 2025 Results - Madrid, 29 July 2025 30 Long-term ratings Baa1 BBB BBB+ Issuer credit rating • Coverage of 32 months of debt maturity • Average life of financial debt: 3.8 years • 6.4 €bn of liquidity
Page 31
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 factors that may be beyond Endesa’s control or may be difficult to predict. Forward-looking statements include, but are not limited to, information regarding: estimated future earnings; anticipated changes in generation and market share; expected changes in demand for gas and gas sourcing; management strategy and goals; estimated cost reductions; tariffs and pricing structure; estimated capital expenditures; estimated asset disposals; estimated changes in capacity and capacity mix; repowering of capacity and macroeconomic conditions. The main assumptions on which these expectations and targets are related to the regulatory framework, exchange rates, commodities, counterparties, divestments, increases in production and installed capacity in markets where Endesa operates, increases in demand in these markets, allocation of production amongst different technologies, increases in costs associated with higher activity that do not exceed certain limits, electricity prices not below certain levels, the cost of CCGT plants, and the availability and cost of the gas, coal, fuel oil and emission rights necessary to run our business at the desired levels. In these statements, Endesa avails itself of the protection provided by the Private Securities Litigation Reform Act of 1995 of the United States of America with respect to forward-looking statements. The following important factors, in addition to those discussed elsewhere in this document, could cause financial and operating results and statistics to differ materially from those expressed in our forward-looking statements: Economic and industry conditions; factors related to liquidity and financing; operating factors; strategic and regulatory, legal, fiscal, environmental, political and governmental factors; reputational factors and transaction and commercial factors. Further details on the factors that may cause actual results and other developments to differ significantly from the expectations implied or explicitly contained in this document are given in the Risk Factors section of the current Endesa regulated information filed with the Comisión Nacional del Mercado de Valores (the Spanish securities regulator or the “CNMV” for its initials in Spanish). No assurance can be given that the forward-looking statements in this document will be realised. Except as may be required by applicable law, neither Endesa nor any of its affiliates intends to update these forward-looking statements. Disclaimer 31
Page 32
32 Disclaimer Alternative Performance Measures This presentation includes certain alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979, of March 14, 2019 and as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). Please refer to the corporate website (www.endesa.com) for further details of these matters, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. In particular, please refer to the document: Alternative Performance Measures 1H 2025 In addition to the financial information prepared under IFRS, there are some performance measures that have been calculated using the financial information from ENDESA, but that are not defined or detailed in the applicable financial information framework. These performance measures are being used to allow for a better understanding of the financial performance of ENDESA, but should be considered only as additional information and in no case as a substitute of the financial information prepared under IFRS.
Page 33
Imagen que contiene captura de pantalla Descripción generada con confianza muy alta Mar Martinez Head of Investor Relations Investor Relations team Isabel Permuy Javier Hernandez Francesc Trilla Juan Carlos Jimenez Sonia Herranz Paloma de Miguel 33 IR Team Contacts Email: ir@Endesa.es Phone: + 34 91 213 15 03 + 34 91 213 90 49 Website: www.Endesa.com Contact us