Slides
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1 February 24th, 2026 2025 Consolidated Results
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2025 Financial Results Strategic delivery José Bogas CEO
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3 Delivering on our commitments Overdelivery of 2025 targets sets the basis for a more ambitious strategy Strong economic and financial results, with a remarkable cash generation Delivery on our capital allocation strategy Ensuring value creation for shareholders Financial targets (€bn) Achieved 2025 Target 2025 5.8EBITDA 5.4-5.6 Net Ordinary Income 2.31.9-2.0 1.58~1.3 Partnership model optimize risk/return profile DPS (2) (1) 2025 EBITDA: 5.76€bn, 2025 Net Ordinary Income: 2.35€bn (2) Amount to be distributed corresponding to 1.584€ gross per share for shares entitled to dividends as of December 31st, 2025. Subject to AGM approval to be held in 2026. Outstanding +20% DPS proposal vs PY, reinforcing our shareholders’ remuneration (1) (1) 2024 5.3 1.9 1.32
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Delivering in our capital allocation strategy 4(1) 100% Basis Sale of 49.99% of solar assets to Masdar October 2025 0.4 GW sale of solar PV 0.2 €bn cash impact in Q4 EV(1): 0.4 €bn Agreement for commercialization of Energy and Telecommunications with MasOrange September 2025 Acquisition of Energía Colectiva, with >350,000 energy customers Full consolidation from February 9th, 2026 EV(1): 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(1): 72 €mn Acquisition of 100% of hydro assets February 2025 Closing of 0.6 GW of hydro assets acquisition Full consolidation from 26th February EV: 1.0 €bn
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5 32% 45% Investments driving operational improvement across businesses 20252024 (1) Rounded figures. Including inorganic investments (1.0 €bn: 0.6 GW hydro + 0.1 GW wind assets) (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 2025 investments by business(1) RES Capacity (GW) 11.310.1 GHG free capacity on total(4) 80%78%CO2 Fixed price power sales(5) (TWh) 5454 Free power customers (mn) 6.26.7 TIEPI(2) (min) 4548 Losses(3) (%) ~10~10 77% 3.2 €bn
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6 Delivering value creation with attractive shareholder remuneration (1) Calculated with Bloomberg data from November 20th, 2014. Preferential subscription share price on November 20th, 2014 (latest IPO) 13.5 €/sh (2) Maximum amount to be distributed corresponding to 1.584€ gross per share for shares entitled to dividends as of December 31st, 2025. DPS of 1.55 €/share not considering treasury stock (3) Calculated on price share of 30.63€ (31/12/2025) and a dividend proposal of 1.58 €/share. (4) SBB program approved by 2025 AGM 159% 212% 361% - 1 1 2 2 3 3 4 4 Ibex 35 EUROSTOXX UTIL. ENDESA2 Total shareholder return 2014-2025 (1) x2 TSR 2025 56%55% 41% Target Achieved ~1.3 1.58 +22% (2) 2025 Dividend per share (€/sh) DPS (pre SBB) DPS (post SBB) Maximizing return to our shareholders Dividend yield: > 5%(3) 2.0 €bn Share Buyback Program(4) (to be completed by Dec. 2027) • Already executed: ~0.6 €mn reaching 2% of capital share • New tranche: 0.5 €bn approved
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2025 Financial Results Financial delivery Marco Palermo CFO
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8 Demand consolidates upward trend Adjusted (1) (% accumulated yoy) Not adjusted (% accumulated yoy) (1) Adjusted for weather, working days, leap year and blackout. REE FY2025 Mainland figure is +1.6% adjusted for weather and working days (2) Source: REE. (3) Source: Endesa’s own estimates. Sharp demand increase on a nationwide level and across all segments Mainland demand 1.5 2.0 -0.1 2.8 2024 2025 0.9 2.9 -0.6 4.3 2024 2025 Mainland Endesa Industry 2.5% Services 4.9% Residential 5.4% (2) (3)
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9 Post-blackout cautious management impacts energy final cost Iberian power prices (€/MWh)(1) +9% By segment: (1) Source: OMIE and REE 63 65 88 39 67 73 12 16 15 20 15 16 2024 FY2025 1Q2025 2Q2025 3Q2025 4Q2025 75 81 103 59 82 89 Ancillary Services Daily market price Intraday price volatility has become structural in a system with high renewable penetration Increasing number of hours with zero or negative prices Spain has one of the most competitive daily market prices in Europe Final energy prices still affected by reinforced post blackout measures
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10 2.0 1.0 1.0 1.3 2024 0.4 -0.1 0.1 0.1 2.1 1.1 0.9 1.7 2025 5.3 5.8 Conventional Generation Renewables Customers (Retail+Endesa X) Networks (1) Rounded figures (2) Includes Thermal, Nuclear, Non mainland, Gas procurement activities and Others (2) EBITDA growth reflects the strength of a unique business model Gx+Sx: +0.4 €bn (+11%) €bn +0.5 €bn +9% 3.3 3.7 EBITDA by business(1) Effective gas business management Limited opportunities in short position Conv. GxREN Higher hydro volumes Wind & solar: lower volumes and prices Gas retail margin expansion Power supply margin stability despite ancillary services cost increase Customers Previous years resettlements Networks
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11 55 52 2024 2025 43 54 18 7 11 Output 12 Sales 61 84 Free power unitary margin(2) (€/MWh)Output / Sales (TWh) Strong results in power and gas driven by a successful integrated strategy (1) SCVP (regulated) & International (ex-Iberia) (2) 2025 Managerial KPI reflecting the management of integrated power business. Calculated as: Conventional Gx margin contribution (2,457 €mn) + Renewables margin (1,155 €mn) + Retail margin (1,677 €mn) - Non mainland margin (514 €mn) - Manageable gas margin (682 €mn) – SCVP margin (39 €mn) – Others (366 €mn), divided by electricity sales in liberalized market in Spain and Portugal (71 TWh) (3) Managerial KPI reflecting the management of integrated gas business: 2025 manageable gas margin (682 €mn) / Gas sales (78 TWh). Inframarginal Thermal Non mainland Free-fixed price Free-indexed price Others (1) 71 TWh Free sales FLAT vs 2024 -5% Total volumes (TWh) 62 63 15 2024 16 2025 78 78 Flat CCGT Sales 2024 2025 ~4 ~9 Gas unitary margin(3) (€/MWh) Power Gas Sound Free power margin despite post- blackout measures Strong Gas margin improvement due to: • Previous hedgings • B2C resilient margin > 2x
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12 Outstanding +18% Net Ordinary Income growth, well above upper end of guidance (1) 2025 Net Income (2.20€bn) – Gains/(losses) on disposals of non-financial assets of over 10 €mn (-0.15 €bn) = 2.35 €bn 2024 Net Income (1.89€bn) – Gains/(losses) on disposals of non-financial assets of over 10 €mn (-0.11 €bn) = 1.99 €bn Profit & loss (€bn) D&A and Provisions Financial results Income tax Net Ordinary Income (1) EBITDA D&A rise mainly due to higher investments Financial results in line with previous year Income tax rate: ~23.5% vs. 27% in 2024 Net Income Net Ordinary Income / EBITDA 2024 2025 Δ yoy Δ % 5.3 5.8 0.5 +9% (2.2) (2.4) (0.2) +9% (0.5) (0.5) 0.0 -9% (0.7) (0.7) 0.0 -2% 1.9 2.2 0.3 +16% - 2.0 2.3 0.4 +18% 38% 41% +3 p.p. Above 2025 guidance
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13 EBITDA -1.1 Income Taxes & Provisions paid -0.3 Working Capital & others -0.3 Net Financial Expenses FFO 5.8 4.1 Robust cash generation driven by EBITDA growth and strong cash conversion… (1) (1) Balance variation year to date (2) FFO/EBITDA target in BP 2025-27 -0.9 -0.4 -0.4 3.6 5.32024 €bn vs 2024 -0.2 +0.1 +0.1 +0.5 +0.5 Income Taxes: -0.9 €bn FFO/EBITDA 70% Target 2027(2): 66% Outstanding cash generation, reaching 70% of EBITDA… … above 2027 targets
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14 Net financial debt 8.7 9.4 4.1 3.0 1.50.6 2024 FFO Cash Investments Dividends 0.4 SBB & Others 0.7 2025 9.3 10.1 … underpins the sustainability of our financial metrics (1) Rounded figures (2) Cash Investments & Others: Net acquisitions of fixed assets (1,616 €mn) + Acquisitions and disposals of other investments (375 €mn) + Hydro assets (949 €mn) + CETASA (29 €mn) (3) Mainly Share Buyback Program (525 €mn) and additions for rights of use (170 €mn) Regulatory working capital (2) 3.6% 3.3%Cost of debt €bn 1.8x 1.8xNet financial debt / EBITDA (1) +9% FFO- Investments >0 (3) Share Buyback: 0.5 €bn Inorganic investments: 1.0 €bn Gross financial debt 10.5 10.4 20252024 38% 40%FFO / Net financial debt Financial metrics Above 2027 target: 37%
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2025 Financial Results Annexes
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16 2025 2024 % Var. Income 21,424 21,307 +1% Procurements and services (13,609) (13,054) +4% Income and expenses from energy derivatives 92 (908) -110% Gross margin 7,907 7,345 +8% Fixed operating costs and other results (2,151) (2,052) +5% EBITDA 5,756 5,293 +9% D&A (2,425) (2,222) +9% EBIT 3,331 3,071 +8% Net financial results (451) (493) -9% Net results from equity method 35 11 +218% PROFIT BEFORE TAX 2,915 2,589 +13% Income Tax Expense (681) (696) -2% Non-Controlling Interests (36) (5) +620% NET ATTRIBUTABLE INCOME 2,198 1,888 +16% NET ORDINARY INCOME 2,351 1,993 +18% P&L 2025 vs. 2024 €mn
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17 Conventional Gx Renewables Retail Gx+Sx adjustments Dx Structure Adjustments TOTAL Income 7,426 1,226 16,641 (6,521) 2,806 425 (579) 21,424 Procurements and services (5,611) (74) (14,411) 6,515 (164) - 136 (13,609) Income and expenses from energy derivatives 642 3 (553) - - - - 92 Gross margin 2,457 1,155 1,677 (6) 2,642 425 (443) 7,907 Fixed operating costs (805) (295) (571) 6 (564) (402) 443 (2,188) Self-constructed assets 273 Personel expenses (962) Other fixed operating expenses (1,480) Other results - 37 - - - - - 37 Fixed operating costs and other results (805) (258) (571) 6 (564) (402) 443 (2,151) EBITDA 1,652 897 1,106 - 2,078 23 - 5,756 D&A (586) (488) (503) - (809) (39) - (2,425) EBIT 1,066 409 603 - 1,269 (16) - 3,331 Net financial results (451) Net results from equity method 35 PROFIT BEFORE TAX 2,915 Income Tax Expense (681) Non-Controlling Interests (36) NET ATTRIBUTABLE INCOME 2,198 NET ORDINARY INCOME 2,351 Endesa: 2025 P&L €mn (2) (1) Includes non mainland business (Gross margin: 514 €mn. EBITDA: 226 €mn) (2) Consolidation adjustments in Generation and Supply are included within Conventional Generation business along the presentation (1)
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18 Conventional Gx Renewables Retail Gx+Sx adjustments Dx Structure Adjustments TOTAL Income 7,984 1,420 16,441 (6,979) 2,602 399 (560) 21,307 Procurements and services (6,206) (171) (13,638) 6,960 (146) 9 138 (13,054) Income and expenses from energy derivatives 318 3 (1,229) - - - - (908) Gross margin 2,096 1,252 1,574 (19) 2,456 408 (422) 7,345 Fixed operating costs (849) (276) (547) 19 (489) (457) 455 (2,144) Self-constructed assets 275 Personel expenses (986) Other fixed operating expenses (1,396) Other results 51 - - - 37 37 (33) 92 Fixed operating costs and other results (798) (276) (547) 19 (452) (420) 422 (2,052) EBITDA 1,298 976 1,027 - 2,004 (12) - 5,293 D&A (549) (417) (489) - (727) (40) - (2,222) EBIT 749 559 538 - 1,277 (52) - 3,071 Net financial results (493) Net results from equity method 11 PROFIT BEFORE TAX 2,589 Income Tax Expense (696) Non-Controlling Interests (5) NET ATTRIBUTABLE INCOME 1,888 NET ORDINARY INCOME 1,993 Endesa: 2024 P&L €mn (2) (1) Includes non mainland business (Gross margin: 397 €mn. EBITDA: 134 €mn) (2) Consolidation adjustments in Generation and Supply are included within Conventional Generation business along the presentation (1)
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19 1.0 1.4 -0.3 2024 1.0 1.5 -0.3 2025 2.1 2.2 Fixed costs Fixed costs evolution -2% +6% +5% Personnel Costs O&M Costs Capitalized costs €bn By concept By business line 0.0 0.5 0.5 0.3 0.8 2024 0.0 0.6 0.6 0.3 0.8 2025 2.1 2.2 Structure&Adjustments Networks Customers (Retail+Endesa X) Renewables Conventional Generation +5%
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20 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 178 GWh in non-mainland in 2025 (107 MW) vs 191 GWh in 2024 (99 MW) Installed capacity and output (2) 2025 2024 Var. (%) 2025 2024 Var. (%) Mainland 18,394 17,222 +7% 49,622 48,769 +2% Renewables 11,298 10,131 +12% 17,682 17,792 -1% Hydro 5,368 4,746 +13% 8,435 7,660 +10% Wind 3,001 2,893 +4% 5,756 6,374 -10% Solar 2,929 2,492 +18% 3,490 3,758 -7% Others 0 0 0% 1 0 +0% Batteries 11 6 +83% 0 0 +0% Nuclear 3,328 3,328 0% 24,924 24,152 +3% Coal 0 0 0% 0 0 +0% CCGTs 3,757 3,757 0% 7,016 6,825 +3% Non mainland territories 4,222 4,233 -0% 11,389 11,011 +3% Coal 241 241 0% 89 54 +65% Fuel - Gas 2,293 2,304 0% 4,378 4,309 +2% CCGTs 1,688 1,688 0% 6,922 6,648 +4% Total 22,616 21,455 +5% 61,011 59,780 +2%
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21 139 144 2024 2025 Grids: operational parameters 10 10 2024 2025 +4% 111 107 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 47.7 45.0 2024 2025 Losses(2) (%)TIEPI(1) (min.) -6%+4% Flat Flat 11.5 11.5RAB (€bn)
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22 Installed capacity(1) (GW) (1) Mainland net capacity. Including 107 MW in 2025 and 99 MW in 2024 renewables in non-mainland. Rounded figures (2) Mainland generation. Energy at power plant busbars. Including 178 GWh in 2025 and 191 GWh in 2024 renewables in non-mainland. Rounded figures Generation: operational parameters CO2 free capacity 80% Thermal GxRenewable Nuclear 3.8 3.8 3.3 1.2 3.3 10.1 11.3 2024 2025 17.2 18.4 50% 36% 14% Nuclear RW Mainland (thermal) 78% Production(2) (TWh) +2% vs. 2024 Variation vs. 2024 CO2 emissions free output 86% 50 FLAT +12% +3% Flat +3% FLAT Hydro assets consolidation (+0.6 GW) Hydro output: 8.4 TWh (+10% yoy) 86% CO2 free output Flat +7%
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23 (1) Liberalized customers (2) Liberalized gross energy sales (including international sales). Rounded figures Supply: operational parameters 52 53 22 22 2024 2025 74 75 Sales(2) (TWh) +1% 6.4 6.3 6.1 6.0 5.9 0.3 2024 0.3 1Q 2025 0.3 1H 2025 0.3 9M 2025 0.3 2025 6.7 6.6 6.4 6.3 6.2 Customers(1) (mn) -7% 54 54Free-fixed price sales (TWh) Flat B2C B2B
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24 Financial debt maturity and credit metrics (1) Rounded figures. As of December 2025 1.0 3.1 2026 2027 2028 2029+ 3.8 2.5 Gross financial debt maturity(1) (€bn) Long-term ratings Baa1 BBB BBB+ Issuer credit rating • Coverage of 26 months of debt maturity • Average life of financial debt: 3.3 years • 7.0 €bn of liquidity
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25 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 FY 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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26 In accordance with the provisions of Article 226 of the Spanish Securities Market Act, this document includes Insider Information. This document contains certain "forward-looking" statements regarding anticipated financial and operating results and statistics and other future data. These statements are not guarantees of future performance and they are subject to 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 increases in generation and market share; management strategy and goals; estimated cost reductions; tariffs and pricing structure; estimated capital expenditures and other investments; estimated increases in capacity and output and changes in capacity mix; repowering of capacity and macroeconomic conditions. The main assumptions on which these expectations and targets are based are related to the regulatory setting, exchange rates, increases in production and installed capacity in markets where ENDESA operates, increases in demand in these markets, assigning of production amongst different technologies, 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 we avail ourselves 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 actual financial and operating results and statistics to differ materially from those expressed in our forward-looking statements: Economic and industry conditions: significant adverse changes in the conditions of the industry, the general economy or our markets; the effect of the prevailing regulations or changes in them; tariff reductions; the impact of interest rate fluctuations; the impact of exchange rate fluctuations; the impact of energy commodities price fluctuations; natural disasters; the impact of more restrictive environmental regulations and the environmental risks inherent to our activity; potential liabilities relating to our nuclear facilities. Transaction or commercial factors: any delays in or failure to obtain necessary regulatory, antitrust and other approvals for our proposed acquisitions or asset disposals, or any conditions imposed in connection with such approvals; our ability to integrate acquired businesses successfully; the challenges inherent in diverting management's focus and resources from other strategic opportunities and from operational matters during the process of integrating acquired businesses; the outcome of any negotiations with partners and governments. Delays in or impossibility of obtaining the pertinent permits and rezoning orders in relation to real estate assets. Delays in or impossibility of obtaining regulatory authorisation, including that related to the environment, for the construction of new facilities, repowering or improvement of existing facilities or its closure or decommissioning; shortage of or changes in the price of equipment, material or labour; opposition of political or ethnic groups; adverse changes of a political or regulatory nature in the countries where we or our companies operate; adverse weather conditions, natural disasters, accidents or other unforeseen events, defaults quantifiable of monetary obligations by the counterparties to which the Company has effectively granted net credit and the impossibility of obtaining financing at what we consider satisfactory interest rates. Regulatory, environmental and political/governmental factors: political conditions in Spain and Europe generally; changes in Spanish, European and foreign laws, regulations and taxes. Operating factors: technical problems; changes in operating conditions and costs; capacity to execute cost-reduction plans; capacity to maintain a stable supply of coal, fuel and gas; acquisitions or restructuring; capacity to successfully execute a strategy of internationalisation and diversification. Competitive factors: the actions of competitors; changes in competition and pricing environments; the entry of new competitors in our markets. 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. This presentation does not constitute a recommendation regarding the securities of Endesa, S.A.. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Endesa, S.A. or any of its subsidiaries or affiliates. Disclaimer
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27 Mar Martinez Head of Investor Relations Investor Relations team Isabel Permuy Javier Hernandez Francesc Trilla Juan Carlos Jimenez Sonia Herranz Agurtxane Vega Paloma de Miguel IR Team Contacts Email: ir@endesa.es Phone: + 34 91 213 15 03 + 34 91 213 90 49 Website: www.endesa.com Contact us
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1 February 24th, 2026 Day 2026 Markets Capital
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2 Agenda 2026-28 Financial planMarco Palermo, CFO Strategic plan update José Bogas, CEO Closing remarks Energy market contextJosé Bogas, CEO Endesa in the next three years
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2026-28 Strategic Plan Energy market context José Bogas CEO
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4 269 307 400 2025 ~307 ~9 2030e 51 2030 PNIEC >120 2040e 269 ~315 358 >520 Accelerating electrification to reduce energy dependence and capture a unique reindustrialization opportunity (1) Based on own estimations, including self consumption (2) Excluding H2 (3) Based on EC 2040 target (90% CO2 reduction) Endesa is exceptionally well positioned to lead the energy transition and capture this growth Long-term evolution in electricity demand(1) (TWh) 2030 demand growth drivers 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 Target(3) ~48% CAGR ~3% CAGR ~3% H2 Conventional 24% ~31%Demand electrification(2) X2 Target(3) <30%Spain energy dependence 68% ~60% ~50% ~33%
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5 Pressing need to reinforce and upscale the network investments 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 Spanish grid saturation (1) 2025 Endesa connection requests (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 18% 70% 12% Denied Granted Under Review ~26 GW ~88% ~94%Endesa grid saturation<80% - >45% <45% >80%
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6 Security of supply would require adapting the nuclear closure schedule to PNIEC progress (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) Mainland capacity (GW) Competitiveness of nuclear power (€/MWh) 47 72 33 61 19 6 2025 >70 ~40 ~10 2030e 2030 PNIEC 86 ~120 152 Storage Wind Solar (3) 67 Current Life extension Full Cost alternative technology Nuclear full cost x2 (2) (4) (5) Affordability and security of supply 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
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2026-28 Strategic Plan José Bogas CEO
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8 2026-2028 key strategic highlights • >50% of investment plan devoted to Networks • Selective investments in value accretive renewables and storage projects 10.6 €bn Investment Plan • Low-risk business portfolio • Assets and investments with visible returns • Customer base as a natural hedge ~85% EBITDA Regulated/Contracted • Growth across all businesses driven by incremental investment • Enhance productivity & efficiency • Remarkable cash flow generation ~5% CAGR EPS growth Growth 1 Risk/Return 2 Financial strength 3
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9 Networks Customers Conv. Gx Renewables 52% 9% 11% 28% Boosting investments biased towards grids to lead the Energy Transition (1) Conventional Gx figure includes CCGT’s, nuclear generation, non-mainland businesses, Corporate Structure, Services & Adjustments and Others. 2026-28 Gross Investments (€bn) (1) 10.6 €bn +10% vs old plan 1 +40% Networks investment increase vs old plan to allow for new demand connections Selective investments and commissioning rescheduling of singular renewable projects... ...strengthening our storage plan 80% 2025-27 2026-28 7.8 8.5 4.0 3.7 5.5 3.0 +40% vs old plan Energy Transition investments (€bn) -20% vs old plan +10% Energy Transition Investments
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10 (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 67% 23% 10% ~4 €bn 2025-27 Gross investment (€bn) ~3 Grids 2025 2028 11.5 13.0 RAB (€bn) ~4.5 -1Losses(2) (%) 10 9 TIEPI(1) (min) -5 min. 40 45 79% 16% 5% Third Party Assets Capex RAB/IN Meters & Others ~5.5 €bn 2026-28 3%Capex generating margin beyond plan 17% Net investment (€bn) KPI’s 2025 2028 (3) Further investment in Grids to lead Energy Transition assuming regulatory cap increase +13% 2025-27 2026-28 1 ~+60% 2025-27 vs 2026-28 Capex RAB/IN
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11 17% 6% 57% 19% 2025 0.4 2028 11.3 13.2 5.4 3.0 2.9 5.4 4.1 3.3 2026-28 ~3.0 €bn Investments Net capacity (GW) (1) At busbars (2) BESS and Others -20% +1.9 GW (2) Asset Development 80% 2025 0.8 2028 17.7 25.2 8.4 5.8 3.5 9.9 9.2 5.4 Gross output(1) (TWh) +7.6 TWh Renewables ~21% Capex generating margin >2028 1 Selective investments preparing for demand growth ~300 bps IRR-WACC spread ~80% of new capacity: wind and storage technologies +0.4 +1.1 +0.4
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12 ~600 MW of new solar PV, wind and BESS capacity Renewables: Hybrid platform to capture new DC demand ~3 GW pipeline offering optimal location for data centers Wind: 0.3 GW Solar : 0.2 GW BESS: 0.1 GW 2026-2028 plan 1 Ongoing discussions with 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 Start of construction: 2027 Capex: ~0.6 €bn (2026-28 ~0.5 €bn) Pego (Portugal)
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13 (1) Rounded figures. Includes regulated (SCVP) and International sales (2) Power & Gas Total power sales(1) (TWh) 53 55 18 15 12 15 2025 2028 84 85 Free Fixed Free Indexed Others Strengthening customer base through loyalty, commercial alliances and value management Includes 0.4 mn from MasOrange 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 Efficiencies key to remain competitive in a more challenging market context 1 2025 2028 6.2 6.7 +8% Free Power customers (mn)
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14 Reducing risk and increasing visibility Cumulated EBITDA 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 2 ~18 €bn 2026-28 ~85% of regulated or contracted EBITDA provides clear insight into future performance ~14 €bn of cumulated FFO ~85% EBITDA Regulated / Contracted
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2026-28 Strategic Plan Financial Targets Marco Palermo CFO
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16 2026-2028 key strategic highlights • >50% of investment plan devoted to Networks • Selective investments in value accretive renewables and storage projects 10.6 €bn Investment Plan • Low-risk business portfolio • Assets and investments with visible returns • Customer base as a natural hedge ~85% EBITDA Regulated/Contracted • Growth across all businesses driven by strong investment effort • Enhance productivity & efficiency • Remarkable cash flow generation ~5% CAGR EPS growth Growth 1 Risk/Return 2 Financial strength 3
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17 2025 results exceeding 2027 old plan targets prove business resiliency and increased visibility going forward 2.1 Mid point 2027 (old plan) Results 1.95 Mid point 2025 Results 0.4 2.3 Net Ordinary Income (€bn) 2025-2027 Guidance 37% 41%N.O.I / EBITDA 2025 Net Ordinary income vs Guidance (1) 2025 EBITDA converted into Net Ordinary income 2025 Overperformance vs 2027 old Net Ordinary Guidance (2) (1) Calculated on 2025 mid point guidance (2) Calculated on 2027 mid point guidance +21% +0.2€bn 41% 3
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18 Main financial targets 2025 2028 5.8 (1) Calculated on 2025 and 2028 mid range (2) 2025 Net Ordinary Income: 2.35 €bn 10 2025 2028 €bn 2025 2028 6.2-6.5 2.5-2.6 14-15 3 2.3 (2) NOI/EBITDA Leverage 70% 78%FFO/EBITDA 1.8x 2.3x 41% 40% CAGR +4%(1) CAGR +4%(1) +50%(1) Net DebtNet Ordinary Income EBITDA
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19 2025 2028 5.8 +10% EBITDA growth with improvements across all businesses and supported by cost efficiency plan (1) Variation according to 2028 mid range EBITDA evolution by business(1) (€bn) +10% 6.2-6.5 3 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
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20 +15% Networks EBITDA increase 2025 PY regularizations 2025 re- statement Regulated remuneration Other margin Fixed costs 2028 2.1 2.0 2.3 ~13.0 ~11.5RAB (€bn) EBITDA evolution (€bn) +15% +1.5 €bn 3 Distribution margin expansion driven by strong capex increase (+13% RAB) and new regulatory framework from 2026: ▪ WACC: 6.58% ▪ OPEX allowance impact offset by new incentives scheme
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21 Resilience of power margin offset the gas margin normalization 2 Free power sales coverage (TWh) Free power unitary margin(1) (€/MWh) 52 2025 2026 20282025 2026 2028 71 69 70 53 (1) Calculated based on electricity sales in the liberalized market in Spain and Portugal 63 50 38 2025 2026 2028 78 66 52 -33% CCGT Sales Gas sales (TWh) 9 2025 2026 2028 Gas unitary margin (€/MWh) Power Gas Sound Free power margin: • Increase of inframarginal technologies output • Resilient Sx margin through improved customer sales mix and recovery of ancillary services extra-cost Gas unitary margin normalization Fixed price Indexed price 53 HNR. output 55 3
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22 2014 2025 2028 2.4 2.2 1.9 Productivity as a lever to remain competitive in a more challenging market context (1) Opex: Total fixed costs in nominal terms (net of capitalizations). Opex(1) / Gross margin 23% 27% 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 -10% AI applicationsOpex(1) evolution (€bn) Organization and processes simplification 3
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23 Strong increase in Net Ordinary Income translates into high value for shareholders ~40% Net Ordinary Income / EBITDA along the plan CAGR +4% (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 (3) 2025 Net Ordinary Income: 2.35 €bn Net Ordinary Income (€bn) 2025 2028 2.5-2.6 2.3 (3) (2) EPS(1) comparison Old vs. New plan (€/sh.) 2024 2025 2026 2027 2028 1.9 2.1 2.3 2.5-2.6 CMD 2026-28: CAGR +5% 1.9 Organic step-up already secured in 2025 Old Plan 2025-27 Re-levered additional Growth (including SBB) 3 CMD 2025-27: CAGR +3% 2.0
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24 10 11 5 2025 Cash Investments Dividends 2 Share Buyback&Others -14 FFO 2028 Sound cash flow generation drives healthy credit metrics (1) Include IFRS 16 effect and Others (1) ~18 €bn Uses of funds ~14 €bn Sources of funds Net debt evolution (€bn) 1.8x 2.3xNet debt / EBITDA 70% 78%FFO/EBITDA 2025 2028 KPIs 3.3% 3.4%Cost of debt14-15 0.5 0.6Financial cost (€bn) SBB: 1.5 €bn 3
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2026-28 Strategic Plan Closing remarks José Bogas CEO
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26 ~1.30 2025E 2025 2026 2027 2028 1.58 +22% Shareholders remuneration: solid and consistent DPS growth in the next three years EPS and Dividend policy(1) (€/sh) (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 (4) SBB program approved by 2025 AGM 0.6 €bn Share buy-back executed 0.5 €bn Share buy-back new tranche 0.9 €bn remaining amount DPS CAGR(2) +4% 2.5-2.6 2.3EPS (3) EPS pathway will support a ~4% DPS CAGR in the next three years New Dividend policy: • 2026-28 minimum 70% payout Shares buy-back 2.0 €bn(4)
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27 Our inertial growth @2030 leveraged on new demand crystallization 2025 2030 11.3 2025 2030 2.312 15 2025 2030 CAGR 25-30 +5%(1) CAGR 25-30 +5% EPS (€/share)RAB (€bn)Renewables (GW) CAGR 25-30 +5%(1) (1) Calculated on 2030 mid range 2.8-3.014-15 Capex under construction @2028 Capacity increase to serve new incremental demand Continuous investments in Distribution beyond 2028 Sustainable earnings growth over the long term
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28 2025 2028 >3.0x 1.8x 2.3x Financial flexibility to boost growth and value creation beyond 2028 Peers average ~5 €bn Leverage evolution Flexibility allocation Extract maximum value from Hybrid projects hubs located on former sites leveraging on new demand explosion Acceleration on storage plan Scouting brownfield value accretive opportunities Shareholders’ remuneration improvement
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29 10 7 7 2017 2024 2025 6 2030 2040 Net Zero 2040 Our ambition 71 27 25 19 <1 0 -99% GHG emission reduction targets in line with 1.5º pathway Environmental sustainability Just Transition A plan that preserves the social and economic context Total absolute emissions (MtCO2eq) Zero GHG emissions from both generation and retail business 2040 2030 (1) Non mainland systems Manageable Non manageable (1) Short-term emission reduction target focused on direct GHG emissions in mainland system 2028 -65%
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30 30 Closing remarks Delivering solid and attractive EPS growth for shareholders 4 1 Growth driven by highly predictable and low risk activities 2 Efficiency plans as a key lever to enhance performance and competitiveness 3 Financial flexibility to boost growth and value creation
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2026-28 Strategic Plan Annexes
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32 <<<<< Hedging strategy reduces exposure to market volatility Higher renewable volumes Pass-through of ancillary services cost Free power margin Gas business Networks Higher regulated margin driven by an increased RAB and improved remuneration under the new regulatory framework Gas margin still leveraging on previous years hedging 2026 Outlook Efficiencies Delivery of efficiency plan 2025 2026 5.8 5.8-6.1 EBITDA (€bn) 2025 2026 2.3 Net Ordinary Income (€bn) 2.3-2.4 EPS(€/sh.) 2.3 2.4 ~40% EBITDA conversion into Net Ordinary Income
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33 Artificial Intelligence driving transformation and efficiencies Generation AI to maximize generation efficiency and reliability Predictive maintenance Automatic detection of production losses Forecasting tools for market variables Customers Personalized customer experiences at scale Phone-call insights for better customer experience Targeted actions to recover lost customers Instant tailored proposals Distribution Intelligent grid operations powered by AI Real-time fraud detection Drone-based inspections Climate and weather risk prediction Complaints management Corporate AI integration HR Transformation: ▪ Virtual assistants streamline processes ▪ Enhanced employee experience ▪ Personalized learning experiences Tax & Finance: ▪ Automated compliance tasks ▪ Intelligent document processing ▪ Operational agility and error reduction
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34 Also leveraging on Artificial Intelligence (AI) AI applications (#) 10% 30% 2025 2028 AI professionals (%) INCREASING AI COMPETENCIES To enhance accuracy, effectiveness, efficiency, time saving, facilitating a better customer experience 4% 15% 30%96% 85% 70% 2024 2025 2028 Gen AI AI 71 103 +15p.p. 1.5x 100%12%6%Process Coverage ~150 BOOSTING AI INITIATIVES ▪ 100% cloud applications & digitalized process ▪ In-house applications combined with leading market AI solutions 3x
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35 0.4 0.4 2026 0.3 0.4 2027 0.3 0.4 2028 TOTAL Plan 2025-27 2.5 4.4 3.7 10.6 9.6 1.4 0.3 2.0 1.7 2.2 0.8 5.5 0.9 3.0 1.2 4.0 0.9 3.7 1.0 €bn 2026-28 Gross investments by business (1) Includes Investments in CCGTs, nuclear generation, non-mainland businesses, Corporate Structure, Services & Adjustments and Others. (2) Renewable investments include maintenance and inorganic growth. (3) Includes client contributions Networks (3) Renewables(2) Customers (Retail+Endesa X) Conventional Generation(1)
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36 2026-28 Net Investments by business (1) Includes Investments in CCGTs, nuclear generation, non-mainland businesses, Corporate Structure, Services & Adjustments and Others. (2) Renewable investments include maintenance and inorganic growth. (3) Not including client contributions 0.3 0.40.4 2026 0.3 0.4 2027 0.3 0.4 2028 TOTAL Plan 2025-27 2.2 4.0 3.4 9.6 8.6 1.0 1.6 1.7 1.9 0.8 4.5 0.9 3.0 1.2 3.0 0.9 3.7 1.0 €bn Networks (3) Renewables(2) Customers (Retail+Endesa X) Conventional Generation(1)
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37 0.0 2025 0.4 2028 22.6 24.1 4.2 3.8 3.3 5.4 3.0 2.9 3.8 3.8 3.3 5.3 4.1 3.3 Net capacity and output evolution Wind Conv. Gx (1) Non mainland Nuclear Total capacity (GW) Total output (TWh) Hydro Solar BESS + H2 11 9 7 5 25 26 8 10 6 9 53 0 2025 1 2028 61 66
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38 65 61 58 58 67 64 62 2025 2026 2027 2028 Macro context (1) In bus bars. Includes self consumption and H2 (2) Arithmetic power prices 250 253 258 264 244 252 265 2025 2026 2027 2028 2025-27 plan 2026-28 plan Mainland Spain demand(1) (TWh) Average daily market price(2) (€/MWh)
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39 Regulatory assumptions Liberalized businesses Capacity markets Approval of the new Capacity Market mechanism 1st auction to take place in 2026 with delivery in 2027 Nuclear Extension of the useful life of Almaraz nuclear power plant (2030) Non-mainland generation WACC 5.58% New OPEX standard allowances and recognition of liquid fuel cost New regulatory scheme 2026-2031 (WACC 6.58%) Increase of regulatory investment cap and 100% recognition of investments Distribution Regulated businesses Ancillary Services cost Ancillary service costs gradually softening along the plan Others
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2026-28 Strategic Plan ESG annexes
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41 Energy Transition Endesa drives the energy transition through the development of electricity grids— fundamental for greater deployment of renewable energy and the decarbonization of the system—while also promoting the electrification of energy demand based on renewable sources. In this way, the energy model promoted by Endesa contributes to achieving higher levels of security and energy independence in the markets where it operates. Likewise, Endesa continues advancing on its decarbonization roadmap, aiming to reach zero emissions by 2040. This ambition covers both direct and indirect emissions, integrating the entire value chain. Nature Endesa’s business model addresses the challenge of the energy transition in an integrated way, promoting the protection and regeneration of nature, including a firm commitment to biodiversity conservation, and setting ambitious goals in the following environmental areas: ▪ Biodiversity ▪ Water ▪ Waste ▪ Pollution Just and Inclusive Transition Endesa promotes a more prosperous and sustainable future by leading a just and inclusive energy transition that creates opportunities, strengthens communities, and helps build more inclusive environments for all people, while also fostering responsible management of customers and suppliers. All of this is carried out with the utmost commitment to ensuring the health and safety of both people and suppliers.. Main drivers of Endesa Sustainability Plan 2026-2028 A solid governance structure that ensures stakeholders the consistent application of principles of transparency, fairness, and integrity, supporting Endesa’s business model and its daily implementation.
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42 Pillars of Endesa Sustainability Plan 2026-2028 ✓ Zero emissions ambition ✓ Grids development and improvement ✓ Renewables development ✓ Tecnologies and services for electrification ✓ People ✓ Suppliers ✓ Local communities ✓ Customers ✓ Ethical conduct ✓ Compliance ✓ Health & Safety ENVIRONMENT STAKEHOLDERS GOOD GOVERNANCE ✓ Biodiversity conservation ✓ Natural capital management
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43 Sustainability Plan Topic KPI 2025 2026 2028 2030 2040 Zero emissions ambition Specific GHG emissions Scope 1 from power Generation in Mainland (gCO2eq/kWh) 58 - 73 70 0 Specific GHG emissions Scope 1 from power Generation (gCO2eq/kWh) 168 - - <95 0 Specific GHG emissions Scope 1&3 from power Generation and purchased electricity to be sold to end customers (gCO2eq/kWh) 189 - - <90 0 Absolute GHG emissions Scope 3 from the use of sold gas (MtCO2eq) 6.3 - - 6.6 0 Carbon Footprint, covering both direct and indirect emissions (scopes 1,2 and 3) (MtCO2eq) 25 19 by 2030 and 0 by 20401 CAPEX aligned with the EU Taxonomy (% eligible aligned) 77 80% in 2026-2028 - - CAPEX aligned with the UN Sustainable Development Goals (%) 84 >85% in 2026-2028 - - Grids development and improvement Network losses2 9.6 9.6 9.4 - - Continuity supply (TIEPI3, min) 45 44.8 39.6 - - Investment in quality, resilience and digitalization in distribution assets (€M invested) 320 >2.300 in 2026-2028 - - New producer connections (million count, cumulative since 2023) 0.4 0.5 0.7 Customers with smartmeters4 (%) 99.6 >98 >98 Technologies and services for electrification Demand response (GW/year) 0.11 0.15 0.24 - - Investments for customer services development (€M) 63 ~ 173 in 2026-2028 - - Endesa’s Sustainable Vehicle Fleet5 (%) 70 73 80 Renewables development Renewables capacity6 (GW) 11.3 11.4 13.2 - - Renewables net production (TWh) 17.7 21.0 25.2 - - Free GHG emissions net production in Mainland (%) 86 87 90 - - 1. Endesa’s goal is to become Net Zero by 2040, aiming to achieve zero emissions by 2040. / 2.At busbars (REE criteria). Country Level. Not adjusted. / 3. Tiempo de Interrupción Equivalente a la Potencia Instalada (Installed Capacity Equivalent Interruption Time). According to Spanish Regulator. Own + Programmed and Transport minutes of interruption. / 4..Number of customers with an active smart meter over t he total number of distribution customers / 5. It includes electric vehicles and plug-in hybrid vehicles. / 6.Accumulated gross installed capacity. ENVIRONMENT
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44 Sustainability Plan Topic KPI 2025 2026 2028 2030 2040 Biodiversity conservation No net biodiversity losses commitment1 Launch accomplished 2 50%3 by 2028 100%4 - No net deforestation commitment - 100%4 by 2030 - Biodiversity Conservation program implementation (# actions) 40 >35 >35 - - Bird deterrent systems in wind turbines (new systems installed per year) 15 10 10 - - Natural capital management Specific SO2 emissions (g/kWh) 0.11 0,11 0.09 - - Specific NOx emissions (g/kWh) 0.67 0.66 0.55 - - Specific dust emissions (g/kWh) 0.01 0.01 0.01 - - Mercury specific emissions (mg/kWh) 3.4 E-06 1.5 E-07 0 - - Industrial waste sent for recovery in Generation and Distribution (% recovery)5 46.2 - - 90 - Specific water withdrawal in the electricity Generation process (l/MWh) 60.2 59.2 55.7 - - 1. Includes the commitment to not develop new generation projects in areas declared UNESCO World Natural Heritage sites. / 2. No net biod iversity loss for new projects developed from 2025 onward in areas identified as having high biodiversity impact. / 3. No net biodiversity loss for new generation projects entering operation in the current year. / 4. Applies to new generation and distribution projects starting in 2030./ 5. Includes O&M and E&C activities in generation and distribution (O&M: Operations & Maintenance / E&C: Engineering & Construction). Includes waste incineration with energy recovery. Excludes waste generated by causes outside Endesa’s control (extreme weather events, contaminated land in operational sites, regulatory framework changes, specific administrativ e site provisions ENVIRONMENT
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45 Sustainability Plan Topic KPI 2025 2026 2028 2030 2040 Our People Women– manager1 (%) 22.4 22.5 22.5 - - Women– middle manager (%) 36.4 36.4 >36.4 - - Women– manager1 + middle manager (%) 35.7 36.0 36.4 - - Employee training (hours/employee) 56 >46 >46 - - Employee engagement and satisfaction (% of employees)2 S: 100 P: 81 S: 100 P: ≥80 S: 100 P: ≥80 - - Performance assessment (% of employees)2 A: 100 P: 99.7 A: 100 P: 99 A: 100 P: 99 - - Suppliers Ensure compliance with environmental, human rights, and safety requirements in the supplier qualification process (% qualified suppliers) 100 100 100 - - Goods and supply contracts covered by carbon footprint certifications (EPD, ISO, CFP) (% of contract value) 73 70 75 Health and Safety Combined accident frequency rate (number) 0.30 0.30 0.29 - - Workforce covered by certified occupational health and safety Management systems (% employees) 100 95 95 - - Safety culture promotion (# initiatives by business line)3 33 1 1 - - Customers Commercial claims per 10.000 customers (#)4 192 173 - - - Initiatives to promote and improve accessibility and inclusion for vulnerable customers (#/year) 4 2 2 - - Local Communities Local community projects (thousands of beneficiaries)5 367 1,028 in 2024-2030 - Local community projects driven by Endesa Foundation (thousands of beneficiaries)6 78 490 in 2024-2030 - Power plants in phase-out covered by Futur-e processes (%) 100 100 100 - - Sustainable project design and construction: monitoring the effectiveness of sustainable practice implementation during the execution phase(%)7 RES: 98 HGT: 100 95 95 - - 1. Includes Executives / 2. Scope and Participation/ 3. Average number of initiatives carried out in 2025 across the 3 business lines included in the target perimeter: Generation, Distribution, and Commercialization. / 4. At the time of drafting the sustai nability plan, the calculation of Endesa’s commercial claims is undergoing verification, so the figures are provisional. Final data will be published in the public version of the Plan in March 2026. / 5. Includes total beneficiaries of projects managed by Endesa on access to energy, socioeconomic developme nt, and quality education (excluding those carried out by the Endesa Foundation). / 6. Includes total beneficiaries of projects managed by the Endesa Foundation in access to en ergy, socioeconomic development, and quality education. / 7. RES: Renewables; HGT: Hydro / Gas / Thermal. STAKEHOLDERS
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46 Sustainability Plan Topic KPI 2025 2026 2028 2030 2040 Ethical conduct Compliance Compliance and certifications Accomplished Maintain the certifications for: ▪ Criminal Compliance and anti-bribery in accordance with UNE 19601 and UNE ISO 37001; ▪ Tax Compliance in accordance with UNE 19602, ▪ Competition Compliance in accordance with UNE 19603, ▪ Irregularity Reporting Management in accordance with UNE-ISO 37002 - - GOOD GOVERNANCE
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47 Key ESG ratings scores 2024 2025 2024 2025 B B84 88 2024 2025 BBB C AAAAAA 85 76 2024 2025 2024 2025 4.94.7 A- A 2024 2025 (1) S&P: 3th position of all electric utilities evaluated; (2) Sustainalytics: Lower score means lower risk and therefore better evaluation; 2024 2025 21.4 14.7 Ranking: 3/247 Electric Utilities (1) Ranking: Top 13% Utilities (n=130) Ranking: 1st Conventional electric Ranking: 26/226 Electric utilities (2) Ranking: 7/129 Electric utilities Ranking: 22/346 Electric Utilities The most relevant for investors The most complete in the 3 ESG dimensions Focus on transparency and nuclear 2nd most relevant for investors, with focus on ESG controversy analysis Balance between ESG dimensions The most complete and valued by investors in climate issues. The most relevant in governance issues
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48 In accordance with the provisions of Article 226 of the Spanish Securities Market Act, this document includes Insider Information. This document contains certain "forward-looking" statements regarding anticipated financial and operating results and statistics and other future data. These statements are not guarantees of future performance and they are subject to 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 increases in generation and market share; management strategy and goals; estimated cost reductions; tariffs and pricing structure; estimated capital expenditures and other investments; estimated increases in capacity and output and changes in capacity mix; repowering of capacity and macroeconomic conditions. The main assumptions on which these expectations and targets are based are related to the regulatory setting, exchange rates, increases in production and installed capacity in markets where ENDESA operates, increases in demand in these markets, assigning of production amongst different technologies, 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 we avail ourselves 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 actual financial and operating results and statistics to differ materially from those expressed in our forward-looking statements: Economic and industry conditions: significant adverse changes in the conditions of the industry, the general economy or our markets; the effect of the prevailing regulations or changes in them; tariff reductions; the impact of interest rate fluctuations; the impact of exchange rate fluctuations; the impact of energy commodities price fluctuations; natural disasters; the impact of more restrictive environmental regulations and the environmental risks inherent to our activity; potential liabilities relating to our nuclear facilities. Transaction or commercial factors: any delays in or failure to obtain necessary regulatory, antitrust and other approvals for our proposed acquisitions or asset disposals, or any conditions imposed in connection with such approvals; our ability to integrate acquired businesses successfully; the challenges inherent in diverting management's focus and resources from other strategic opportunities and from operational matters during the process of integrating acquired businesses; the outcome of any negotiations with partners and governments. Delays in or impossibility of obtaining the pertinent permits and rezoning orders in relation to real estate assets. Delays in or impossibility of obtaining regulatory authorisation, including that related to the environment, for the construction of new facilities, repowering or improvement of existing facilities or its closure or decommissioning; shortage of or changes in the price of equipment, material or labour; opposition of political or ethnic groups; adverse changes of a political or regulatory nature in the countries where we or our companies operate; adverse weather conditions, natural disasters, accidents or other unforeseen events, defaults quantifiable of monetary obligations by the counterparties to which the Company has effectively granted net credit and the impossibility of obtaining financing at what we consider satisfactory interest rates. Regulatory, environmental and political/governmental factors: political conditions in Spain and Europe generally; changes in Spanish, European and foreign laws, regulations and taxes. Operating factors: technical problems; changes in operating conditions and costs; capacity to execute cost-reduction plans; capacity to maintain a stable supply of coal, fuel and gas; acquisitions or restructuring; capacity to successfully execute a strategy of internationalisation and diversification. Competitive factors: the actions of competitors; changes in competition and pricing environments; the entry of new competitors in our markets. 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. This presentation does not constitute a recommendation regarding the securities of Endesa, S.A.. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Endesa, S.A. or any of its subsidiaries or affiliates. Disclaimer
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49 Mar Martinez Head of Investor Relations Investor Relations team Isabel Permuy Javier Hernandez Francesc Trilla Juan Carlos Jimenez Sonia Herranz Agurtxane Vega Paloma de Miguel IR Team Contacts Email: ir@endesa.es Phone: + 34 91 213 15 03 + 34 91 213 90 49 Website: www.endesa.com Contact us
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1 February 24th, 2026 Day 2026 Markets Capital
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2 Agenda 2026-28 Financial planMarco Palermo, CFO Strategic plan update José Bogas, CEO Closing remarks Energy market contextJosé Bogas, CEO Endesa in the next three years
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2026-28 Strategic Plan Energy market context José Bogas CEO
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4 269 307 400 2025 ~307 ~9 2030e 51 2030 PNIEC >120 2040e 269 ~315 358 >520 Accelerating electrification to reduce energy dependence and capture a unique reindustrialization opportunity (1) Based on own estimations, including self consumption (2) Excluding H2 (3) Based on EC 2040 target (90% CO2 reduction) Endesa is exceptionally well positioned to lead the energy transition and capture this growth Long-term evolution in electricity demand(1) (TWh) 2030 demand growth drivers 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 Target(3) ~48% CAGR ~3% CAGR ~3% H2 Conventional 24% ~31%Demand electrification(2) X2 Target(3) <30%Spain energy dependence 68% ~60% ~50% ~33%
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5 Pressing need to reinforce and upscale the network investments 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 Spanish grid saturation (1) 2025 Endesa connection requests (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 18% 70% 12% Denied Granted Under Review ~26 GW ~88% ~94%Endesa grid saturation<80% - >45% <45% >80%
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6 Security of supply would require adapting the nuclear closure schedule to PNIEC progress (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) Mainland capacity (GW) Competitiveness of nuclear power (€/MWh) 47 72 33 61 19 6 2025 >70 ~40 ~10 2030e 2030 PNIEC 86 ~120 152 Storage Wind Solar (3) 67 Current Life extension Full Cost alternative technology Nuclear full cost x2 (2) (4) (5) Affordability and security of supply 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
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2026-28 Strategic Plan José Bogas CEO
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8 2026-2028 key strategic highlights • >50% of investment plan devoted to Networks • Selective investments in value accretive renewables and storage projects 10.6 €bn Investment Plan • Low-risk business portfolio • Assets and investments with visible returns • Customer base as a natural hedge ~85% EBITDA Regulated/Contracted • Growth across all businesses driven by incremental investment • Enhance productivity & efficiency • Remarkable cash flow generation ~5% CAGR EPS growth Growth 1 Risk/Return 2 Financial strength 3
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9 Networks Customers Conv. Gx Renewables 52% 9% 11% 28% Boosting investments biased towards grids to lead the Energy Transition (1) Conventional Gx figure includes CCGT’s, nuclear generation, non-mainland businesses, Corporate Structure, Services & Adjustments and Others. 2026-28 Gross Investments (€bn) (1) 10.6 €bn +10% vs old plan 1 +40% Networks investment increase vs old plan to allow for new demand connections Selective investments and commissioning rescheduling of singular renewable projects... ...strengthening our storage plan 80% 2025-27 2026-28 7.8 8.5 4.0 3.7 5.5 3.0 +40% vs old plan Energy Transition investments (€bn) -20% vs old plan +10% Energy Transition Investments
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10 (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 67% 23% 10% ~4 €bn 2025-27 Gross investment (€bn) ~3 Grids 2025 2028 11.5 13.0 RAB (€bn) ~4.5 -1Losses(2) (%) 10 9 TIEPI(1) (min) -5 min. 40 45 79% 16% 5% Third Party Assets Capex RAB/IN Meters & Others ~5.5 €bn 2026-28 3%Capex generating margin beyond plan 17% Net investment (€bn) KPI’s 2025 2028 (3) Further investment in Grids to lead Energy Transition assuming regulatory cap increase +13% 2025-27 2026-28 1 ~+60% 2025-27 vs 2026-28 Capex RAB/IN
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11 17% 6% 57% 19% 2025 0.4 2028 11.3 13.2 5.4 3.0 2.9 5.4 4.1 3.3 2026-28 ~3.0 €bn Investments Net capacity (GW) (1) At busbars (2) BESS and Others -20% +1.9 GW (2) Asset Development 80% 2025 0.8 2028 17.7 25.2 8.4 5.8 3.5 9.9 9.2 5.4 Gross output(1) (TWh) +7.6 TWh Renewables ~21% Capex generating margin >2028 1 Selective investments preparing for demand growth ~300 bps IRR-WACC spread ~80% of new capacity: wind and storage technologies +0.4 +1.1 +0.4
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12 ~600 MW of new solar PV, wind and BESS capacity Renewables: Hybrid platform to capture new DC demand ~3 GW pipeline offering optimal location for data centers Wind: 0.3 GW Solar : 0.2 GW BESS: 0.1 GW 2026-2028 plan 1 Ongoing discussions with 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 Start of construction: 2027 Capex: ~0.6 €bn (2026-28 ~0.5 €bn) Pego (Portugal)
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13 (1) Rounded figures. Includes regulated (SCVP) and International sales (2) Power & Gas Total power sales(1) (TWh) 53 55 18 15 12 15 2025 2028 84 85 Free Fixed Free Indexed Others Strengthening customer base through loyalty, commercial alliances and value management Includes 0.4 mn from MasOrange 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 Efficiencies key to remain competitive in a more challenging market context 1 2025 2028 6.2 6.7 +8% Free Power customers (mn)
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14 Reducing risk and increasing visibility Cumulated EBITDA 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 2 ~18 €bn 2026-28 ~85% of regulated or contracted EBITDA provides clear insight into future performance ~14 €bn of cumulated FFO ~85% EBITDA Regulated / Contracted
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2026-28 Strategic Plan Financial Targets Marco Palermo CFO
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16 2026-2028 key strategic highlights • >50% of investment plan devoted to Networks • Selective investments in value accretive renewables and storage projects 10.6 €bn Investment Plan • Low-risk business portfolio • Assets and investments with visible returns • Customer base as a natural hedge ~85% EBITDA Regulated/Contracted • Growth across all businesses driven by strong investment effort • Enhance productivity & efficiency • Remarkable cash flow generation ~5% CAGR EPS growth Growth 1 Risk/Return 2 Financial strength 3
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17 2025 results exceeding 2027 old plan targets prove business resiliency and increased visibility going forward 2.1 Mid point 2027 (old plan) Results 1.95 Mid point 2025 Results 0.4 2.3 Net Ordinary Income (€bn) 2025-2027 Guidance 37% 41%N.O.I / EBITDA 2025 Net Ordinary income vs Guidance (1) 2025 EBITDA converted into Net Ordinary income 2025 Overperformance vs 2027 old Net Ordinary Guidance (2) (1) Calculated on 2025 mid point guidance (2) Calculated on 2027 mid point guidance +21% +0.2€bn 41% 3
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18 Main financial targets 2025 2028 5.8 (1) Calculated on 2025 and 2028 mid range (2) 2025 Net Ordinary Income: 2.35 €bn 10 2025 2028 €bn 2025 2028 6.2-6.5 2.5-2.6 14-15 3 2.3 (2) NOI/EBITDA Leverage 70% 78%FFO/EBITDA 1.8x 2.3x 41% 40% CAGR +4%(1) CAGR +4%(1) +50%(1) Net DebtNet Ordinary Income EBITDA
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19 2025 2028 5.8 +10% EBITDA growth with improvements across all businesses and supported by cost efficiency plan (1) Variation according to 2028 mid range EBITDA evolution by business(1) (€bn) +10% 6.2-6.5 3 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
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20 +15% Networks EBITDA increase 2025 PY regularizations 2025 re- statement Regulated remuneration Other margin Fixed costs 2028 2.1 2.0 2.3 ~13.0 ~11.5RAB (€bn) EBITDA evolution (€bn) +15% +1.5 €bn 3 Distribution margin expansion driven by strong capex increase (+13% RAB) and new regulatory framework from 2026: ▪ WACC: 6.58% ▪ OPEX allowance impact offset by new incentives scheme
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21 Resilience of power margin offset the gas margin normalization 2 Free power sales coverage (TWh) Free power unitary margin(1) (€/MWh) 52 2025 2026 20282025 2026 2028 71 69 70 53 (1) Calculated based on electricity sales in the liberalized market in Spain and Portugal 63 50 38 2025 2026 2028 78 66 52 -33% CCGT Sales Gas sales (TWh) 9 2025 2026 2028 Gas unitary margin (€/MWh) Power Gas Sound Free power margin: • Increase of inframarginal technologies output • Resilient Sx margin through improved customer sales mix and recovery of ancillary services extra-cost Gas unitary margin normalization Fixed price Indexed price 53 HNR. output 55 3
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22 2014 2025 2028 2.4 2.2 1.9 Productivity as a lever to remain competitive in a more challenging market context (1) Opex: Total fixed costs in nominal terms (net of capitalizations). Opex(1) / Gross margin 23% 27% 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 -10% AI applicationsOpex(1) evolution (€bn) Organization and processes simplification 3
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23 Strong increase in Net Ordinary Income translates into high value for shareholders ~40% Net Ordinary Income / EBITDA along the plan CAGR +4% (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 (3) 2025 Net Ordinary Income: 2.35 €bn Net Ordinary Income (€bn) 2025 2028 2.5-2.6 2.3 (3) (2) EPS(1) comparison Old vs. New plan (€/sh.) 2024 2025 2026 2027 2028 1.9 2.1 2.3 2.5-2.6 CMD 2026-28: CAGR +5% 1.9 Organic step-up already secured in 2025 Old Plan 2025-27 Re-levered additional Growth (including SBB) 3 CMD 2025-27: CAGR +3% 2.0
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24 10 11 5 2025 Cash Investments Dividends 2 Share Buyback&Others -14 FFO 2028 Sound cash flow generation drives healthy credit metrics (1) Include IFRS 16 effect and Others (1) ~18 €bn Uses of funds ~14 €bn Sources of funds Net debt evolution (€bn) 1.8x 2.3xNet debt / EBITDA 70% 78%FFO/EBITDA 2025 2028 KPIs 3.3% 3.4%Cost of debt14-15 0.5 0.6Financial cost (€bn) SBB: 1.5 €bn 3
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2026-28 Strategic Plan Closing remarks José Bogas CEO
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26 ~1.30 2025E 2025 2026 2027 2028 1.58 +22% Shareholders remuneration: solid and consistent DPS growth in the next three years EPS and Dividend policy(1) (€/sh) (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 (4) SBB program approved by 2025 AGM 0.6 €bn Share buy-back executed 0.5 €bn Share buy-back new tranche 0.9 €bn remaining amount DPS CAGR(2) +4% 2.5-2.6 2.3EPS (3) EPS pathway will support a ~4% DPS CAGR in the next three years New Dividend policy: • 2026-28 minimum 70% payout Shares buy-back 2.0 €bn(4)
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27 Our inertial growth @2030 leveraged on new demand crystallization 2025 2030 11.3 2025 2030 2.312 15 2025 2030 CAGR 25-30 +5%(1) CAGR 25-30 +5% EPS (€/share)RAB (€bn)Renewables (GW) CAGR 25-30 +5%(1) (1) Calculated on 2030 mid range 2.8-3.014-15 Capex under construction @2028 Capacity increase to serve new incremental demand Continuous investments in Distribution beyond 2028 Sustainable earnings growth over the long term
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28 2025 2028 >3.0x 1.8x 2.3x Financial flexibility to boost growth and value creation beyond 2028 Peers average ~5 €bn Leverage evolution Flexibility allocation Extract maximum value from Hybrid projects hubs located on former sites leveraging on new demand explosion Acceleration on storage plan Scouting brownfield value accretive opportunities Shareholders’ remuneration improvement
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29 10 7 7 2017 2024 2025 6 2030 2040 Net Zero 2040 Our ambition 71 27 25 19 <1 0 -99% GHG emission reduction targets in line with 1.5º pathway Environmental sustainability Just Transition A plan that preserves the social and economic context Total absolute emissions (MtCO2eq) Zero GHG emissions from both generation and retail business 2040 2030 (1) Non mainland systems Manageable Non manageable (1) Short-term emission reduction target focused on direct GHG emissions in mainland system 2028 -65%
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30 30 Closing remarks Delivering solid and attractive EPS growth for shareholders 4 1 Growth driven by highly predictable and low risk activities 2 Efficiency plans as a key lever to enhance performance and competitiveness 3 Financial flexibility to boost growth and value creation
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2026-28 Strategic Plan Annexes
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32 <<<<< Hedging strategy reduces exposure to market volatility Higher renewable volumes Pass-through of ancillary services cost Free power margin Gas business Networks Higher regulated margin driven by an increased RAB and improved remuneration under the new regulatory framework Gas margin still leveraging on previous years hedging 2026 Outlook Efficiencies Delivery of efficiency plan 2025 2026 5.8 5.8-6.1 EBITDA (€bn) 2025 2026 2.3 Net Ordinary Income (€bn) 2.3-2.4 EPS(€/sh.) 2.3 2.4 ~40% EBITDA conversion into Net Ordinary Income
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33 Artificial Intelligence driving transformation and efficiencies Generation AI to maximize generation efficiency and reliability Predictive maintenance Automatic detection of production losses Forecasting tools for market variables Customers Personalized customer experiences at scale Phone-call insights for better customer experience Targeted actions to recover lost customers Instant tailored proposals Distribution Intelligent grid operations powered by AI Real-time fraud detection Drone-based inspections Climate and weather risk prediction Complaints management Corporate AI integration HR Transformation: ▪ Virtual assistants streamline processes ▪ Enhanced employee experience ▪ Personalized learning experiences Tax & Finance: ▪ Automated compliance tasks ▪ Intelligent document processing ▪ Operational agility and error reduction
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34 Also leveraging on Artificial Intelligence (AI) AI applications (#) 10% 30% 2025 2028 AI professionals (%) INCREASING AI COMPETENCIES To enhance accuracy, effectiveness, efficiency, time saving, facilitating a better customer experience 4% 15% 30%96% 85% 70% 2024 2025 2028 Gen AI AI 71 103 +15p.p. 1.5x 100%12%6%Process Coverage ~150 BOOSTING AI INITIATIVES ▪ 100% cloud applications & digitalized process ▪ In-house applications combined with leading market AI solutions 3x
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35 0.4 0.4 2026 0.3 0.4 2027 0.3 0.4 2028 TOTAL Plan 2025-27 2.5 4.4 3.7 10.6 9.6 1.4 0.3 2.0 1.7 2.2 0.8 5.5 0.9 3.0 1.2 4.0 0.9 3.7 1.0 €bn 2026-28 Gross investments by business (1) Includes Investments in CCGTs, nuclear generation, non-mainland businesses, Corporate Structure, Services & Adjustments and Others. (2) Renewable investments include maintenance. (3) Includes client contributions Networks (3) Renewables(2) Customers (Retail+Endesa X) Conventional Generation(1)
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36 2026-28 Net Investments by business (1) Includes Investments in CCGTs, nuclear generation, non-mainland businesses, Corporate Structure, Services & Adjustments and Others. (2) Renewable investments include maintenance. (3) Not including client contributions 0.3 0.40.4 2026 0.3 0.4 2027 0.3 0.4 2028 TOTAL Plan 2025-27 2.2 4.0 3.4 9.6 8.6 1.0 1.6 1.7 1.9 0.8 4.5 0.9 3.0 1.2 3.0 0.9 3.7 1.0 €bn Networks (3) Renewables(2) Customers (Retail+Endesa X) Conventional Generation(1)
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37 0.0 2025 0.4 2028 22.6 24.1 4.2 3.8 3.3 5.4 3.0 2.9 3.8 3.8 3.3 5.3 4.1 3.3 Net capacity and output evolution Wind Conv. Gx (1) Non mainland Nuclear Total capacity (GW) Total output (TWh) Hydro Solar BESS + H2 11 9 7 5 25 26 8 10 6 9 53 0 2025 1 2028 61 66
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38 65 61 58 58 67 64 62 2025 2026 2027 2028 Macro context (1) In bus bars. Includes self consumption and H2 (2) Arithmetic power prices 250 253 258 264 244 252 265 2025 2026 2027 2028 2025-27 plan 2026-28 plan Mainland Spain demand(1) (TWh) Average daily market price(2) (€/MWh)
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39 Regulatory assumptions Liberalized businesses Capacity markets Approval of the new Capacity Market mechanism 1st auction to take place in 2026 with delivery in 2027 Nuclear Extension of the useful life of Almaraz nuclear power plant (2030) Non-mainland generation WACC 5.58% New OPEX standard allowances and recognition of liquid fuel cost New regulatory scheme 2026-2031 (WACC 6.58%) Increase of regulatory investment cap and 100% recognition of investments Distribution Regulated businesses Ancillary Services cost Ancillary service costs gradually softening along the plan Others
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2026-28 Strategic Plan ESG annexes
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41 Energy Transition Endesa drives the energy transition through the development of electricity grids— fundamental for greater deployment of renewable energy and the decarbonization of the system—while also promoting the electrification of energy demand based on renewable sources. In this way, the energy model promoted by Endesa contributes to achieving higher levels of security and energy independence in the markets where it operates. Likewise, Endesa continues advancing on its decarbonization roadmap, aiming to reach zero emissions by 2040. This ambition covers both direct and indirect emissions, integrating the entire value chain. Nature Endesa’s business model addresses the challenge of the energy transition in an integrated way, promoting the protection and regeneration of nature, including a firm commitment to biodiversity conservation, and setting ambitious goals in the following environmental areas: ▪ Biodiversity ▪ Water ▪ Waste ▪ Pollution Just and Inclusive Transition Endesa promotes a more prosperous and sustainable future by leading a just and inclusive energy transition that creates opportunities, strengthens communities, and helps build more inclusive environments for all people, while also fostering responsible management of customers and suppliers. All of this is carried out with the utmost commitment to ensuring the health and safety of both people and suppliers.. Main drivers of Endesa Sustainability Plan 2026-2028 A solid governance structure that ensures stakeholders the consistent application of principles of transparency, fairness, and integrity, supporting Endesa’s business model and its daily implementation.
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42 Pillars of Endesa Sustainability Plan 2026-2028 ✓ Zero emissions ambition ✓ Grids development and improvement ✓ Renewables development ✓ Tecnologies and services for electrification ✓ People ✓ Suppliers ✓ Local communities ✓ Customers ✓ Ethical conduct ✓ Compliance ✓ Health & Safety ENVIRONMENT STAKEHOLDERS GOOD GOVERNANCE ✓ Biodiversity conservation ✓ Natural capital management
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43 Sustainability Plan Topic KPI 2025 2026 2028 2030 2040 Zero emissions ambition Specific GHG emissions Scope 1 from power Generation in Mainland (gCO2eq/kWh) 58 - 73 70 0 Specific GHG emissions Scope 1 from power Generation (gCO2eq/kWh) 168 - - <95 0 Specific GHG emissions Scope 1&3 from power Generation and purchased electricity to be sold to end customers (gCO2eq/kWh) 189 - - <90 0 Absolute GHG emissions Scope 3 from the use of sold gas (MtCO2eq) 6.3 - - 6.6 0 Carbon Footprint, covering both direct and indirect emissions (scopes 1,2 and 3) (MtCO2eq) 25 19 by 2030 and 0 by 20401 CAPEX aligned with the EU Taxonomy (% eligible aligned) 77 80% in 2026-2028 - - CAPEX aligned with the UN Sustainable Development Goals (%) 84 >85% in 2026-2028 - - Grids development and improvement Network losses2 9.6 9.6 9.4 - - Continuity supply (TIEPI3, min) 45 44.8 39.6 - - Investment in quality, resilience and digitalization in distribution assets (€M invested) 320 >2.300 in 2026-2028 - - New producer connections (million count, cumulative since 2023) 0.4 0.5 0.7 Customers with smartmeters4 (%) 99.6 >98 >98 Technologies and services for electrification Demand response (GW/year) 0.11 0.15 0.24 - - Investments for customer services development (€M) 63 ~ 173 in 2026-2028 - - Endesa’s Sustainable Vehicle Fleet5 (%) 70 73 80 Renewables development Renewables capacity6 (GW) 11.3 11.4 13.2 - - Renewables net production (TWh) 17.7 21.0 25.2 - - Free GHG emissions net production in Mainland (%) 86 87 90 - - 1. Endesa’s goal is to become Net Zero by 2040, aiming to achieve zero emissions by 2040. / 2.At busbars (REE criteria). Country Level. Not adjusted. / 3. Tiempo de Interrupción Equivalente a la Potencia Instalada (Installed Capacity Equivalent Interruption Time). According to Spanish Regulator. Own + Programmed and Transport minutes of interruption. / 4..Number of customers with an active smart meter over t he total number of distribution customers / 5. It includes electric vehicles and plug-in hybrid vehicles. / 6.Accumulated gross installed capacity. ENVIRONMENT
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44 Sustainability Plan Topic KPI 2025 2026 2028 2030 2040 Biodiversity conservation No net biodiversity losses commitment1 Launch accomplished 2 50%3 by 2028 100%4 - No net deforestation commitment - 100%4 by 2030 - Biodiversity Conservation program implementation (# actions) 40 >35 >35 - - Bird deterrent systems in wind turbines (new systems installed per year) 15 10 10 - - Natural capital management Specific SO2 emissions (g/kWh) 0.11 0,11 0.09 - - Specific NOx emissions (g/kWh) 0.67 0.66 0.55 - - Specific dust emissions (g/kWh) 0.01 0.01 0.01 - - Mercury specific emissions (mg/kWh) 3.4 E-06 1.5 E-07 0 - - Industrial waste sent for recovery in Generation and Distribution (% recovery)5 46.2 - - 90 - Specific water withdrawal in the electricity Generation process (l/MWh) 60.2 59.2 55.7 - - 1. Includes the commitment to not develop new generation projects in areas declared UNESCO World Natural Heritage sites. / 2. No net biod iversity loss for new projects developed from 2025 onward in areas identified as having high biodiversity impact. / 3. No net biodiversity loss for new generation projects entering operation in the current year. / 4. Applies to new generation and distribution projects starting in 2030./ 5. Includes O&M and E&C activities in generation and distribution (O&M: Operations & Maintenance / E&C: Engineering & Construction). Includes waste incineration with energy recovery. Excludes waste generated by causes outside Endesa’s control (extreme weather events, contaminated land in operational sites, regulatory framework changes, specific administrativ e site provisions ENVIRONMENT
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45 Sustainability Plan Topic KPI 2025 2026 2028 2030 2040 Our People Women– manager1 (%) 22.4 22.5 22.5 - - Women– middle manager (%) 36.4 36.4 >36.4 - - Women– manager1 + middle manager (%) 35.7 36.0 36.4 - - Employee training (hours/employee) 56 >46 >46 - - Employee engagement and satisfaction (% of employees)2 S: 100 P: 81 S: 100 P: ≥80 S: 100 P: ≥80 - - Performance assessment (% of employees)2 A: 100 P: 99.7 A: 100 P: 99 A: 100 P: 99 - - Suppliers Ensure compliance with environmental, human rights, and safety requirements in the supplier qualification process (% qualified suppliers) 100 100 100 - - Goods and supply contracts covered by carbon footprint certifications (EPD, ISO, CFP) (% of contract value) 73 70 75 Health and Safety Combined accident frequency rate (number) 0.30 0.30 0.29 - - Workforce covered by certified occupational health and safety Management systems (% employees) 100 95 95 - - Safety culture promotion (# initiatives by business line)3 33 1 1 - - Customers Commercial claims per 10.000 customers (#)4 192 173 - - - Initiatives to promote and improve accessibility and inclusion for vulnerable customers (#/year) 4 2 2 - - Local Communities Local community projects (thousands of beneficiaries)5 367 1,028 in 2024-2030 - Local community projects driven by Endesa Foundation (thousands of beneficiaries)6 78 490 in 2024-2030 - Power plants in phase-out covered by Futur-e processes (%) 100 100 100 - - Sustainable project design and construction: monitoring the effectiveness of sustainable practice implementation during the execution phase(%)7 RES: 98 HGT: 100 95 95 - - 1. Includes Executives / 2. Scope and Participation/ 3. Average number of initiatives carried out in 2025 across the 3 business lines included in the target perimeter: Generation, Distribution, and Commercialization. / 4. At the time of drafting the sustai nability plan, the calculation of Endesa’s commercial claims is undergoing verification, so the figures are provisional. Final data will be published in the public version of the Plan in March 2026. / 5. Includes total beneficiaries of projects managed by Endesa on access to energy, socioeconomic developme nt, and quality education (excluding those carried out by the Endesa Foundation). / 6. Includes total beneficiaries of projects managed by the Endesa Foundation in access to en ergy, socioeconomic development, and quality education. / 7. RES: Renewables; HGT: Hydro / Gas / Thermal. STAKEHOLDERS
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46 Sustainability Plan Topic KPI 2025 2026 2028 2030 2040 Ethical conduct Compliance Compliance and certifications Accomplished Maintain the certifications for: ▪ Criminal Compliance and anti-bribery in accordance with UNE 19601 and UNE ISO 37001; ▪ Tax Compliance in accordance with UNE 19602, ▪ Competition Compliance in accordance with UNE 19603, ▪ Irregularity Reporting Management in accordance with UNE-ISO 37002 - - GOOD GOVERNANCE
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47 Key ESG ratings scores 2024 2025 2024 2025 B B84 88 2024 2025 BBB C AAAAAA 85 76 2024 2025 2024 2025 4.94.7 A- A 2024 2025 (1) S&P: 3th position of all electric utilities evaluated; (2) Sustainalytics: Lower score means lower risk and therefore better evaluation; 2024 2025 21.4 14.7 Ranking: 3/247 Electric Utilities (1) Ranking: Top 13% Utilities (n=130) Ranking: 1st Conventional electric Ranking: 26/226 Electric utilities (2) Ranking: 7/129 Electric utilities Ranking: 22/346 Electric Utilities The most relevant for investors The most complete in the 3 ESG dimensions Focus on transparency and nuclear 2nd most relevant for investors, with focus on ESG controversy analysis Balance between ESG dimensions The most complete and valued by investors in climate issues. The most relevant in governance issues
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48 In accordance with the provisions of Article 226 of the Spanish Securities Market Act, this document includes Insider Information. This document contains certain "forward-looking" statements regarding anticipated financial and operating results and statistics and other future data. These statements are not guarantees of future performance and they are subject to 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 increases in generation and market share; management strategy and goals; estimated cost reductions; tariffs and pricing structure; estimated capital expenditures and other investments; estimated increases in capacity and output and changes in capacity mix; repowering of capacity and macroeconomic conditions. The main assumptions on which these expectations and targets are based are related to the regulatory setting, exchange rates, increases in production and installed capacity in markets where ENDESA operates, increases in demand in these markets, assigning of production amongst different technologies, 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 we avail ourselves 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 actual financial and operating results and statistics to differ materially from those expressed in our forward-looking statements: Economic and industry conditions: significant adverse changes in the conditions of the industry, the general economy or our markets; the effect of the prevailing regulations or changes in them; tariff reductions; the impact of interest rate fluctuations; the impact of exchange rate fluctuations; the impact of energy commodities price fluctuations; natural disasters; the impact of more restrictive environmental regulations and the environmental risks inherent to our activity; potential liabilities relating to our nuclear facilities. Transaction or commercial factors: any delays in or failure to obtain necessary regulatory, antitrust and other approvals for our proposed acquisitions or asset disposals, or any conditions imposed in connection with such approvals; our ability to integrate acquired businesses successfully; the challenges inherent in diverting management's focus and resources from other strategic opportunities and from operational matters during the process of integrating acquired businesses; the outcome of any negotiations with partners and governments. Delays in or impossibility of obtaining the pertinent permits and rezoning orders in relation to real estate assets. Delays in or impossibility of obtaining regulatory authorisation, including that related to the environment, for the construction of new facilities, repowering or improvement of existing facilities or its closure or decommissioning; shortage of or changes in the price of equipment, material or labour; opposition of political or ethnic groups; adverse changes of a political or regulatory nature in the countries where we or our companies operate; adverse weather conditions, natural disasters, accidents or other unforeseen events, defaults quantifiable of monetary obligations by the counterparties to which the Company has effectively granted net credit and the impossibility of obtaining financing at what we consider satisfactory interest rates. Regulatory, environmental and political/governmental factors: political conditions in Spain and Europe generally; changes in Spanish, European and foreign laws, regulations and taxes. Operating factors: technical problems; changes in operating conditions and costs; capacity to execute cost-reduction plans; capacity to maintain a stable supply of coal, fuel and gas; acquisitions or restructuring; capacity to successfully execute a strategy of internationalisation and diversification. Competitive factors: the actions of competitors; changes in competition and pricing environments; the entry of new competitors in our markets. 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. This presentation does not constitute a recommendation regarding the securities of Endesa, S.A.. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Endesa, S.A. or any of its subsidiaries or affiliates. Disclaimer
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49 Mar Martinez Head of Investor Relations Investor Relations team Isabel Permuy Javier Hernandez Francesc Trilla Juan Carlos Jimenez Sonia Herranz Agurtxane Vega Paloma de Miguel IR Team Contacts Email: ir@endesa.es Phone: + 34 91 213 15 03 + 34 91 213 90 49 Website: www.endesa.com Contact us