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Nine Months 2025 Consolidated results October 29th, 2025
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Nine Months 2025 Consolidated results José Bogas CEO
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Opening remarks 3 Strong economic and financial results, with a remarkable cash generation Resilient business model in a complex market context Shares Buy back implementation Energy Transition success will depend on a fair Dx regulation 9M 2025 Results - Madrid, 29 October 2025
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EBITDA +9% +22% +29% Robust financial performance allows us to confirm full year guidance achievement €bn 9M 2025 Results - Madrid, 29 October 2025 9M 2024 9M 2025 3.9 4.2 9M 2024 9M 2025 1.4 1.7 9M 2024 9M 2025 2.7 3.4 4 Net Income FFO 2025 Guidance (€bn) 5.4-5.6 1.9-2.0 Top range 2025 guidance confirmed
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Progressing in our capital allocation strategy(1)… 5 (1) Agreements closed or signed during Q3 and subsequent months (2) 100% Basis Sale of 49.99% of solar assets to Masdar October 2025 0.4 GW sale of solar PV (signed in March) 0.2 €bn cash impact in Q4 EV(2): 0.4 €bn Agreement for commercialization of Energy and Telecommunications with MasOrange September 2025 Acquisition of Energía Colectiva, with >350,000 energy customers More than 1 mn potential customers to provide combined energy and telecom offers EV(2): 90 €mn Acquisition of remaining 62.5% of CETASA July 2025 99 MW of wind assets in operation + 30 MW under development Full consolidation starting from 31st July EV(2): 72 €mn 9M 2025 Results - Madrid, 29 October 2025 Termination of 2nd tranche: 17.0 mn shares (442 €mn) to be redempted before AGM 2026 Launching of 3rd tranche Up to 500 €mn, from 15th October 2025 to 28th February 2026 October 2025 Shares Buy back implementation
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46% 19% … and operational delivery 9M 20259M 2024 (1) Rounded figures. Inorganic capex (1.0 €bn) not included (2) Tiempo de Interrupción Equivalente a la Potencia Instalada (Installed Capacity Equivalent Interruption Time). According to Spanish Regulator. Own + Programmed and Transport minutes of interruption (3) At busbars (REE criteria). Country level. Not adjusted. (4) In mainland (5) Free fixed power sales (6) FY 2024 figure: 6.7 mn Organic Gross Capex by business(1) RES Capacity (GW) 11.010.1 +0.9 GW GHG free capacity on total(4) 79%78%CO2 +1 p.p. Fixed price power sales(5) (TWh) 4141 Flat Free power customers(6) (mn) 6.36.7 -0.4 mn 9M 2025 Results - Madrid, 29 October 2025 6 TIEPI(2) (min) 3437 -3 min. Losses(3) (%) ~10~10 Flat ~65% 1.4 €bn
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(1) Source: OMIE and REE.9M 2025 Results - Madrid, 29 October 2025 7 Post-blackout cautious management impacts energy final cost Gas TTF spot prices (€/MWh) CO2 spot prices (€/t) Iberian power pool prices (€/MWh)(1) 52 63Avg. pool price (€/MWh) +21% 9M 2024 9M 2025 53 88 39 67 11 15 20 15 9M2024 1Q2025 2Q2025 3Q2025 64 103 59 82 Ancillary Services Daily market price 20 30 40 50 60 2025 Average: 38 €/MWh 2024 Average: 31 €/MWh +21% 50 60 70 80 90 2025 Average: 72 €/t 2024 Average: 65 €/t +10% 17 80 Avg. 9M2025 63
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0.9 0.9 2.4 -1.0 -0.6 4.2 9M 2024 2024 9M 2025 9M 2025 Results - Madrid, 29 October 2025 8 Demand recovery consolidation (2) (3) 1.5 1.5 1.8 -0.2 -0.1 2.5 9M 2024 2024 9M 2025 Mainland Endesa Adjusted (1) (% accumulated yoy) Not adjusted (% accumulated yoy) (1) For weather, working days, leap year and blackout. REE 9M2025 mainland figure is +1,2% adjusted for weather and working days (2) Source: REE. (3) Source: Endesa’s own estimates. Industry 2.4% Services 4.1% Residential 5.9% Sharp demand increase in Endesa’s area is evidence of new industrial demand
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2026-2030 Distribution regulatory framework 99M 2025 Results - Madrid, 29 October 2025 This remuneration proposal fails to provide the right signal required to address the investment needs at country-level Sustained increase in grid connection requests. Node saturation at 83% undermines new demand growth and threatens PNIEC electrification targets. A significant amount of 2025 new demand connection requests have been rejected. Need to speed up investment pace. Context First proposal called for TOTEX based model which strongly discourages investment under the false premise of spare network capacity. Second proposal includes some improvements but is still insufficient to address the massive investments required for decarbonization. CNMC Proposals ▪ CNMC methodology not aligned with country's industrialization potential. ▪ WACC: discriminatory and asymmetric with EU countries and other regulated sectors. ▪ Fair regulatory framework providing incentives for investment is needed.
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Nine Months 2025 Financial results Marco Palermo CFO
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-0.2 1.5 0.9 0.7 1.0 9M 2024 0.2 - 0.1 -0.1 0.2 1.4 1.0 0.7 1.2 9M 2025 3.9 4.2 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) 9M 2025 Results - Madrid, 29 October 2025 11 EBITDA up +9% driven by strong operating performance in Gx+Sx and absence of extraordinary levy Gx+Sx: +0.2 €bn (+8%) €bn +0.3 €bn 9M 2024: 1.2% levy (-202 €mn) +9% 1.2% extraordinary levy penalizing 2024 results +8% increase in Generation and Supply… …compensating lower contribution of Distribution, impacted by capital gains booked in 2024 2.6 2.8 EBITDA by business(1)
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1.0 0.7 0.9 9M 2024 0.2 Conv. Gx - Renewables 0.1 Customers -0.1 Fixed costs 1.2 0.7 1.0 9M 2025 2.6 2.8 Customers Renewables Conv. Gx (1) Rounded figures. (2) Includes Thermal, Nuclear, Non mainland, Gas procurement activities and Others (2) 9M 2025 Results - Madrid, 29 October 2025 12 Integrated strategy delivers +8% EBITDA growth €bn +0.2 €bn Gx+Sx EBITDA(1) +8% Effective gas business management Limited opportunities in short position Nuclear variable costs increase due to taxes (higher Enresa and 7% generation tax) Conv. GxREN Higher hydro volumes Wind & solar: lower volumes and prices Gas retail margin expansion Power supply margin stability despite the ancillary services increase Customers Negative one-offs in O&M Fixed costs +0.3 €bn Margin
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57 53 9M 2024 9M 2025 33 41 13 8 9 5 Output Sales 46 63 Free power unitary margin(2) (€/MWh)Output / Sales (TWh) Free power margin normalized to guidance levels (1) SCVP (regulated) & International (ex-Iberia) (2) 9M 2025 Managerial KPI reflecting the management of integrated power business. Calculated as: Conventional Gx margin contribution (1,773 €mn) + Renewables margin (898 €mn) + Retail margin (1,235 €mn) - Non mainland margin (380 €mn) - Manageable gas margin (538 €mn) – SCVP margin (24 €mn) – Others (121 €mn), divided by electricity sales in liberalized market in Spain and Portugal (54 TWh) (3) Calculated on expected inframarginal output 13 Hedged inframarginal output(3) 9M 2025 Results - Madrid, 29 October 2025 2026 2027 85% 59% Inframarginal Thermal Non mainland Free-fixed price Free-indexed price Others (1) Included in Free Power margin CO2-free output / Fixed price sales 81% ~18 ~18Supply margin (€/MWh) 54 TWh Free sales FLAT vs 9M 2024 -7% Hedging provides results visibility for the upcoming years 2025e ~53 €/MWh
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9M 2024 9M 2025 ~1 ~10 Total volumes(1) (TWh) Gas margin supported by effective gas contracts hedging (1) Rounded figures (2) Managerial KPI reflecting the management of integrated gas business: 9M 2025 manageable gas margin (538 €mn) / Gas sales (53 TWh). (3) Volumes of hedged sourcing contracts9M 2025 Results - Madrid, 29 October 2025 43 42 10 11 9M 2024 9M 2025 53 53 14 2026 2027 82% 41% Volumes hedged(3) (%)Gas unitary margin(2) (€/MWh) Portfolio volumes (TWh) 52 43Sales CCGT Flat 2025e ~9 €/MWh
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Strong Net Income growth by 22% backed by EBITDA increase and financial results improvement 9M 2025 Results - Madrid, 29 October 2025 15 (1) 9M 2025 Net Income (1,711 €mn) – Gains/(losses) on disposals of non-financial assets of over 10 €mn (-24 €mn) = 1,735 €mn. 9M 2024 Net Income (1,404 €mn) – Gains/(losses) on disposals of non-financial assets of over 10 €mn (28 €mn) = 1,376 €mn Profit & loss (€bn) D&A and Provisions Financial results Income tax Net Ordinary Income (1) EBITDA Amortization rise mainly due to investment in Dx and hydro assets consolidation Financial results improvement mostly driven by lower average gross financial debt with a reduction of cost of debt Income tax rate: ~24.5% vs. 27% in 9M 2024 (impacted by 1.2% levy) Net Income Net Ordinary Income / EBITDA 9M 2024 9M 2025 Δ yoy Δ % 3.9 4.2 0.3 +9% (1.6) (1.7) (0.1) +6% (0.4) (0.3) 0.1 -29% (0.5) (0.6) (0.0) +9% 1.4 1.7 0.3 +22% - 1.4 1.7 0.4 +26% 35% 41% +6 p.p.
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EBITDA Provisions paid & Income Taxes Working Capital & others Net Financial Expenses FFO FFO adjusted 4.2 3.4 3.4-0.2- -0.6 Strong cash generation supported by EBITDA growth and stable working capital… 16 (1) (1) Balance variation year to date (2) Adjustments: 9M 2024: +530 €mn gas arbitration -0.4 -0.6 -0.3 2.7 3.99M 2024 €bn 9M 2025 Results - Madrid, 29 October 2025 vs 9M 2024 -0.2 +0.6 +0.1 +0.8 +0.3 3.2 +0.2 (2) Income Taxes: -0.4 €bn
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Net financial debt 9.3 10.3 1.2 2024 0.4 9M 2025 10.5 10.7 8.7 9.7 3.4 2.4 1.50.6 2024 FFO Cash Capex Dividends 0.6 SBB & Others 0.6 9M 2025 9.3 10.3 … strengthens the sustainability of our financial metrics (1) Rounded figures (2) Cash Capex & Others: Net acquisitions of fixed assets (1,204 €mn) + Acquisitions and disposals of other investments (264 €mn) + Hydro assets (949 €mn) + CETASA (29 €mn) (3) Mainly Share Buyback Program (442 €mn) and additions for rights of use (141 €mn) (4) Last 12 months 179M 2025 Results - Madrid, 29 October 2025 Regulatory working capital (2) 3.6% 3.3%Cost of debt Net financial debt Cash&Others €bn 1.8x 1.8xNet financial debt / EBITDA(4) 38% 42%FFO(4) / Net financial debt (1) Gross financial debt (1) +11% +2% FFO- Capex +1.0 €bn (3) Share Buyback: 442 €mn Inorganic capex: 1.0 €bn
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Nine Months 2025 Closing remarks José Bogas CEO
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19 Closing remarks Top of 2025 guidance range supported by strong financial results 1 Shareholder returns strengthened by Shares Buy back program 2 Capital allocation subject to fair regulation 3 9M 2025 Results - Madrid, 29 October 2025 Unique asset base and resilient business model, ready to play a key role in Energy Transition
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Nine Months 2025 Annexes
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9M 2025 9M 2024 % Var. Income 15,948 15,765 +1% Procurements and services (10,074) (9,616) +5% Income and expenses from energy derivatives (38) (800) -95% Gross margin 5,836 5,349 +9% Fixed operating costs and other results (1,612) (1,468) +10% EBITDA 4,224 3,881 +9% D&A (1,679) (1,581) +6% EBIT 2,545 2,300 +11% Net financial results (274) (385) -29% Net results from equity method 35 8 +338% PROFIT BEFORE TAX 2,306 1,923 +20% Income Tax Expense (563) (518) +9% Non-Controlling Interests (32) (1) +3100% NET ATTRIBUTABLE INCOME 1,711 1,404 +22% NET ORDINARY INCOME 1,735 1,376 +26% P&L 9M 2025 vs. 9M 2024 219M 2025 Results - Madrid, 29 October 2025 €mn
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Conventional Gx Renewables Retail Endesa X Gx+Sx adjustments Dx Structure Adjustments TOTAL Income 5,631 927 12,161 259 (4,862) 1,947 300 (415) 15,948 Procurements and services (4,193) (32) (10,550) (137) 4,856 (120) (1) 103 (10,074) Income and expenses from energy derivatives 335 3 (376) - - - - - (38) Gross margin 1,773 898 1,235 122 (6) 1,827 299 (312) 5,836 Fixed operating costs (600) (205) (353) (52) 6 (427) (293) 312 (1,612) Self-constructed assets 183 Personel expenses (730) Other fixed operating expenses (1,065) Other results - - - - - - - Fixed operating costs and other results (600) (205) (353) (52) 6 (427) (293) 312 (1,612) EBITDA 1,173 693 882 70 - 1,400 6 - 4,224 D&A (443) (272) (324) (35) - (576) (29) - (1,679) EBIT 730 421 558 35 - 824 (23) - 2,545 Net financial results (274) Net results from equity method 35 PROFIT BEFORE TAX 2,306 Income Tax Expense (563) Non-Controlling Interests (32) NET ATTRIBUTABLE INCOME 1,711 NET ORDINARY INCOME 1,735 Endesa: 9M 2025 P&L 229M 2025 Results - Madrid, 29 October 2025 €mn (2) (1) Includes non mainland business (Gross margin: 380 €mn. EBITDA: 174 €mn) (2) Consolidation adjustments in Generation and Supply are included within Conventional Generation business along the presentation (1)
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Conventional Gx Renewables Retail Endesa X Gx+Sx adjustments Dx Structure Adjustments TOTAL Income 5,471 992 11,699 246 (4,470) 1,946 302 (421) 15,765 Procurements and services (4,437) (101) (9,177) (129) 4,437 (109) (203) 103 (9,616) Income and expenses from energy derivatives 521 27 (1,348) - - - - - (800) Gross margin 1,555 918 1,174 117 (33) 1,837 99 (318) 5,349 Fixed operating costs (559) (187) (350) (65) 33 (410) (287) 318 (1,507) Self-constructed assets 190 Personel expenses (726) Other fixed operating expenses (971) Other results - - - - 37 2 39 Fixed operating costs and other results (559) (187) (350) (65) 33 (373) (285) 318 (1,468) EBITDA 996 731 824 52 - 1,464 (186) - 3,881 D&A (409) (219) (342) (45) - (537) (29) - (1,581) EBIT 587 512 482 7 - 927 (215) - 2,300 Net financial results (385) Net results from equity method 8 PROFIT BEFORE TAX 1,923 Income Tax Expense (518) Non-Controlling Interests (1) NET ATTRIBUTABLE INCOME 1,404 NET ORDINARY INCOME 1,376 Endesa: 9M 2024 P&L 239M 2025 Results - Madrid, 29 October 2025 €mn (2) (1) Includes non mainland business (Gross margin: 367 €mn. EBITDA: 188 €mn) (2) Consolidation adjustments in Generation and Supply are included within Conventional Generation business along the presentation (1)
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0.7 1.0 -0.2 9M 2024 0.7 1.1 -0.2 9M 2025 1.5 1.6 Fixed costs Fixed costs evolution 249M 2025 Results - Madrid, 29 October 2025 +1% +10% +7% Personnel Costs O&M Costs Capitalized costs €bn By concept By business line 0.0 0.4 0.4 0.2 0.5 9M 2024 0.0 0.4 0.4 0.2 0.6 9M 2025 1.5 1.6 Structure&Adjustments Networks Customers (Retail+Endesa X) Renewables Conventional Generation +7%
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9M 2025 2024 Var. (%) 9M 2025 9M 2024 Var. (%) Mainland 18,124 17,216 +5% 37,929 37,588 +1% Renewables 11,039 10,131 +9% 13,896 13,861 +0% Hydro 5,369 4,746 +13% 6,885 5,891 +17% Wind 3,001 2,893 +4% 4,124 4,712 -12% Solar 2,669 2,492 +7% 2,886 3,258 -11% Others 0 0 0% 1 0 0% Nuclear 3,328 3,328 0% 19,065 19,344 -1% Coal 0 0 0% 0 0 +0% CCGTs 3,757 3,757 0% 4,968 4,383 +13% Non mainland territories 4,222 4,233 -0% 8,448 8,154 +4% Coal 241 241 0% 89 54 +65% Fuel - Gas 2,293 2,304 0% 3,242 3,296 -2% CCGTs 1,688 1,688 0% 5,117 4,804 +7% Total 22,346 21,449 +4% 46,377 45,742 +1% 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 146 GWh in non-mainland in 9M 2025 (107 MW) vs 157 GWh in 9M 2024 (99 MW) Installed capacity and output 259M 2025 Results - Madrid, 29 October 2025 (2)
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106 109 9M 2024 9M 2025 Grids: operational parameters 10 10 9M 2024 9M 2025 +5% 84 80 26 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 37.0 34.0 9M 2024 9M 2025 Losses(2) (%)TIEPI(1) (min.) -8%+3% Flat 9M 2025 Results - Madrid, 29 October 2025 Flat 11.2 11.2RAB (€bn)
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Installed capacity(1) (GW) 27 (1) Mainland net capacity. Including 107 MW in 9M 2025 and 99 MW in 9M 2024 renewables in non-mainland. Rounded figures (2) Mainland generation. Energy at power plant busbars. Including 146 GWh in 9M 2025 and 157 GWh in 9M 2024 renewables in non-mainland. Rounded figures9M 2025 Results - Madrid, 29 October 2025 Generation: operational parameters CO2 free capacity 79% Thermal GxRenewable Nuclear 3.8 3.8 3.3 0.9 3.3 10.1 11.0 9M 2024 9M 2025 17.2 18.1 50% 37% 13% Nuclear RW Mainland (thermal) 78% Production(2) (TWh) Flat vs. 9M 2024 Variation vs. 9M 2024 CO2 emissions free output 87% 38 FLAT +9% +14% Flat -1% FLAT Hydro assets consolidation (+0.6 GW) Hydro output: 6.9 TWh (+17% yoy) 87% CO2 free output -1 p.p. +5%
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(1) Liberalized customers (2) Liberalized gross energy sales (including international sales). Rounded figures9M 2025 Results - Madrid, 29 October 2025 Supply: operational parameters 40 40 16 16 9M 2024 9M 2025 56 56 Sales(2) (TWh) Flat 6.4 6.0 0.3 FY 2024 0.3 9M 2025 6.7 6.3 B2B B2C Customers(1) (mn) -6% 41 41Free-fixed price sales (TWh) Flat 28
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Financial debt maturity and credit metrics (1) Rounded figures. As of September 2025 0.7 0.6 2025 2026 2027 2028+ 3.1 6.4 Gross financial debt maturity(1) (€bn) 9M 2025 Results - Madrid, 29 October 2025 29 Long-term ratings Baa1 BBB BBB+ Issuer credit rating • Coverage of 29 months of debt maturity • Average life of financial debt: 3.6 years • 7.1 €bn of liquidity
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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 30
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31 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 9M 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.
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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 32 IR Team Contacts Email: ir@Endesa.es Phone: + 34 91 213 15 03 + 34 91 213 90 49 Website: www.Endesa.com Contact us