Slides
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1 July 29th, 2026 First Half 2026 Consolidated Results
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First Half 2026 Consolidated results Gianni Armani CEO
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3 Earnings quality Opening remarks 1 +20% EBITDA YoY +41% Net Income YoY Increasing the contribution of regulated businesses to almost 50% of EBITDA, supporting sustainable and predictable growth Financial discipline 2 Growth across all businesses enhanced by efficiencies Over 60% of FY EPS guidance already achieved Investment plan 3 Capex increase, with Networks as the main investment focus, rising +38% YoY to support future network development Strong earnings performance supports an upgrade in 2026 EPS guidance
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4 1.0 1.7 1H 2025 1.5 1.7 1H 2026 2.7 3.2 Regulated businesses (Dx + Non-mainland Gx) Liberalized businesses +0.5 €bn +20% EBITDA converted into Net Income: 45% EBITDA converted into FFO: 70% Net Income (€bn)FFO/ND (ltm) 1.0 1H 2025 1.5 1H 2026 40% 2025 38% 1H 2026 -2 p.p. Higher regulated EBITDA contribution improves earnings visibility and predictability EPS(1) (€/sh.) EBITDA (€bn) 0.98 1.44 (1) Outstanding shares minus shares acquired by 1H 2026: 1,024 mn. Outstanding shares in 1H 2025: 1,059 mn shares (2) 1.44 €/share calculated using outstanding shares excluding shares acquired under the SBB as of June 30, 2026. 1.41 €/share considering the number of share capital as of June 30, 2026 (1,042 mn shares) (2) ~50%~40% +41% +46%
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5 Competitive power prices despite volatile market conditions and exceptional ancillary services costs Iberian power pool prices (1) Avg. pool price (€/MWh) 62 50 17 23 1H 2025 1H 2026 79 73 -19% -8% Ancillary Services Daily market price Adjusted (2) (% YoY) (1) Source: OMIE and REE (2) Adjusted for weather, working days and blackout. REE 1H2026 Mainland figure is +1.2% adjusted for weather and working days (3) Source: REE (4) Source: Endesa’s own estimates Mainland demand 1H 2025 1H 2026 1.3% 2.9% 0.9% 1.0% Industry +0.8% Services +1.3% Residential +2.4% Mainland Endesa (3) (4) 4.7% 2.7% 1.5% 1.7%Not adjusted 16 26 30 23 23 20 72 42 42 54 70 Jan 2026 16 Feb 2026 Mar 2026 Apr 2026 May 2026 Jun 2026
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6 +14% 0.4 0.1 0.2 0.2 1H 2025 0.6 0.1 0.1 0.2 1H 2026 0.9 1.1 Networks Gross capex(1) (€bn) Accelerating capex with Networks as the main investment focus Renewables 11.4 11.3Capacity (GW) 1H 2025 1H 2026 ~23 ~23TIEPI(3) (min.) Electricity distributed (TWh) 73 70 RES production (TWh) 11 10 Networks Supply Renewables Conv. Gx. & Others Customers 6.3 6.2• Free Power Customers (mn) Free power sales(6) (TWh) 35 36 (1) Rounded figures (2) In mainland. Including nuke (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) At busbars (REE criteria). Country level. Not adjusted (5) Total Customers (6) At busbars. Including 1.9 TWh in 1H 2026 and 1.8 TWh in 1H 2025 of International sales. Net sales: 32 TWh in 1H 2026 vs. 33 TWh in 1H 2025 +38% FY2025 FY2025 Losses (4) (%) 9.5 9.9 Power & Gas Customers (5) (mn) 11.3 11.3 FY2025
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7 Strengthening customer base through loyalty, commercial alliances and value management Market context Endesa’s Retail action plan Digital and partnership-led growth Exceptionally competitive market Scale Lucera, our fully virtual platform for digitally native customers Deploy LucIA, Endesa’s digital assistant Incumbents more naturally exposed to this pressure Tighter regulation should support market rationalization Focus on value creation, customer quality and profitability Review of channel mix: more pull-oriented channel mix Reinforcing our physical commercial presence Maximize MasOrange partnership, unlocking cross- selling opportunities, and new alliances One of the largest customer base in Spain backed by a trusted brand image with sustainable margins Upgrade customer experience and loyalty
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First Half 2026 Financial results Daniele Caprini CFO
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9 EBITDA +20% +41% Outstanding economic and financial results €bn 1H 2025 1H 2026 2.7 3.2 1H 2025 1H 2026 1.0 1.5 2025 1H 2026 10.1 10.3 Net Income Net financial debt 1.8x 1.6xNet financial debt / EBITDA ltm +0.2 €bn (1) Net financial debt (10,305 €mn) / EBITDA ltm (6,285 €mn) (1)
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10 0.7 0.4 0.6 0.9 1H 2025 0.8 0.4 0.8 1.2 1H 2026 2.7 3.2 (1) Rounded figures (2) Includes Thermal, Nuclear, Non-mainland Gx, Gas procurement activities and Others (2) EBITDA strength supported by solid regulated businesses growth and integrated model resilience €bn +0.5 €bn +20% 1.8 €bn Gx+Sx 2.0 €bn Gx+Sx EBITDA by business(1) New regulatory framework and previous years resettlements in non-mainland generation Normalization in gas business management Conv. Gx REN Higher renewable volumes Lower achieved prices Gas retail resilience Power supply margin stability… …mostly absorbing ancillary services cost increase Customers +24% Networks EBITDA from new regulatory framework and previous years resettlements Networks Networks Supply Renewables Conventional Generation Structure&Adjustments Non-mainland: 0.1 €bn Non-mainland: 0.3 €bn
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11 +38% growth in Networks investment 36% High double-digit EBITDA growth supported by higher investments under a new regulatory framework Networks EBITDA(1) (€bn) 1H 2026 3.2 €bn RAB (€bn) Networks’ share of Total EBITDA 1H 2025 1H 2026 0.9 1.2 +0.2 €bn +24% 1H 2025 1H 2026 11.3 11.4 (1) Rounded figures +0.1 Capex (€bn) 0.4 0.6 Other regulated businesses
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12 Strengthening customer base through loyalty, commercial alliances and disciplined value management Digital growth leverages on Lucera and LucIA to serve digital-native customers, while the MasOrange partnership unlocks cross-selling opportunities and new alliances Channel quality & efficiencies Endesa’s Retail action plan drives value and loyalty through an enhanced customer experience, an optimized channel mix and stronger physical presence 50 60 1H 2025 1H 2026 % Pull Cost to Serve 1H 2025 1H 2026 -8% 10 p.p. -5 p.p. Early Churn rate Customer quality Bad debt 1H 2025 1H 2026 -25 p.p.
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13 53 56 1H 2025 1H 2026 26 25 9 8 1H 2025 1H 2026 35 33 Free power unitary margin(1) (€/MWh)Free sales (TWh) Solid power and gas margins despite volatility supported by effective integrated management (1) 1H 2026 Managerial KPI reflecting the management of integrated power business. Calculated as: Conventional Gx margin contribution (1,217 €mn) + Renewables margin (552 €mn) + Retail margin (1,033 €mn) – Non-mainland margin (468 €mn) - Manageable gas margin (372 €mn) – SCVP margin (47 €mn) – Endesa X margin (81 €mn) – Others (-20 €mn), divided by electricity sales in liberalized market in Spain and Portugal (33 TWh) (2) Managerial KPI reflecting the management of integrated gas business: 1H 2026 manageable gas margin (372 €mn) / Gas sales (34 TWh) Fixed price Indexed price +6% Total volumes (TWh) 31 26 6 1H 2025 8 1H 2026 38 34 -10% CCGT Sales 1H 2025 1H 2026 ~10 ~11 Gas unitary margin(2) (€/MWh) Power Gas +7% Gas hedging: • 2027: ~90% • 2028: ~70% -4% Power hedging: • 2027: ~98% • 2028: ~60% ✓ Reshaped sourcing model based on a flexible matching of the Generation & Supply profiles
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14 Sustained cost discipline, absorbing inflation and growth while supporting future expansion Tangible benefits from efficiencies supporting 2026 performance Fixed costs evolution (€bn) -8% 1H 2025 0.05 CPI & Growth 0.15 Efficiencies 1H 2026 1.1 1.0 Organizational simplification 11 Initiatives New Ways of Working Automation and digital tools 41 Initiatives Technology, Digital & AI Process simplification 117 Initiatives Processes and Efficiency Asset and O&M efficiency 137 Initiatives Asset optimization Workforce optimization 41 Initiatives Workforce management Cost discipline and governance 34 Initiatives Financial Management More than 500 initiatives across people, processes, technology and asset management
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15 Outstanding +41% Net Income growth Profit & loss (€bn) D&A and Provisions Financial results Income tax Net Ordinary Income EBITDA D&A remains flat: • Increase in amortization linked to higher investment • Improved customer credit quality Higher financial results mainly driven by late payment interest income Income tax rate: ~24% Net Income Net Ordinary Income / EBITDA 1H 2025 1H 2026 Δ yoy Δ % 2.7 3.2 0.5 +20% (1.1) (1.1) (0.0) +3% (0.2) (0.1) 0.1 -41% (0.3) (0.5) (0.1) +40% 1.0 1.5 0.4 +41% - 1.0 1.5 0.4 +42% 38% 46% +8 p.p.
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16 0.7 2025 FFO-Cash Investments 0.7 Share buyback & Others 0.6 Dividends paid 1H 2026 10.1 10.3 9.4 1.0 9.4 0.9 EBITDA -0.1 Provisions paid -0.7 Working Capital & others -0.1 Net Financial Expenses FFO 3.2 2.3 EBITDA growth and robust cash conversion underpin the sustainability of our financial metrics (1) (1) Balance variation year to date (2) Cash Investments & Others: Net acquisitions of fixed assets (896 €mn) + Acquisitions and disposals of other investments (281 €mn) + acquisition of Energía Colectiva (71 €mn) (3) Mainly Share Buyback Program (544 €mn) and additions for rights of use (104 €mn) Net financial debt (€bn) Regulatory working capital (2) (3) 3.3% 3.2%Cost of debt FFO (€bn) 10.4 Gross financial debt 11.0 EBITDA converted into FFO: 70% ND/EBITDA (ltm) Shareholders’ remuneration: 1.2 €bn 1.6x FFO/ND (ltm) 38%
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First Half 2026 Closing remarks Gianni Armani CEO
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18 Endesa Share Buyback program progressing as planned Status as of June 30, 2026 ~35.0 M Total shares canceled Total outstanding sharesTotal shares acquired ~17.0 M 1,042 M 1.1 €bn executed >50% of the program executed 6th Tranche: 500 €mn 15 Jul 26 - 27 Nov 26 Share Buyback program: 2 €bn
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19 2026 Target Consensus 2026 Expected 2.3 – 2.4 >2.4 2.4 2026 EPS guidance upgraded… … supported by strong 1H results, including positive non-recurring items, and SBB execution 2026 EPS target: 2.4 €/sh. Net Ordinary Income (€bn) Stronger earnings outlook translates into higher shareholder returns >2.4 €/sh. (1) (1) Bloomberg estimates
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20 20 Energy challenges Grid investments are essential to accelerate electrification, unlocking connections and allowing new demand to materialize This new demand represents a clear growth opportunity for the country, enabling the electrification of new industrial, residential and service demand Our integrated model provides resilience in a volatile market environment, mitigating exposure to commodities
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First Half 2026 Annexes
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22 P&L 1H 2026 vs. 1H 2025 €mn 1H 2026 1H 2025 % Var. Income 10,995 10,880 +1% Procurements and services (6,569) (7,057) -7% Income and expenses from energy derivatives (173) (11) +1473% Gross margin 4,253 3,812 +12% Fixed operating costs and other results (1,013) (1,101) -8% EBITDA 3,240 2,711 +20% D&A (1,146) (1,117) +3% EBIT 2,094 1,594 +31% Net financial results (118) (199) -41% Net results from equity method 5 10 -50% PROFIT BEFORE TAX 1,981 1,405 +41% Income Tax Expense (484) (345) +40% Non-Controlling Interests (27) (19) +42% NET ATTRIBUTABLE INCOME 1,470 1,041 +41% NET ORDINARY INCOME 1,480 1,041 +42%
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23 Conventional Gx Renewables Retail Gx+Sx adjustments Dx Structure Adjustments TOTAL Gx + Sx Income 3,939 628 7,909 (2,943) 1,540 191 (269) 10,995 9,455 Procurements and services (2,850) (84) (6,567) 2,936 (69) - 65 (6,569) (6,500) Income and expenses from energy derivatives 128 8 (309) - - - - (173) (173) Gross margin 1,217 552 1,033 (7) 1,471 191 (204) 4,253 2,782 Fixed operating costs (381) (123) (250) 7 (304) (167) 204 (1,014) (710) Self-constructed assets 140 Personnel expenses (483) Other fixed operating expenses (671) Other results - - - - - 1 1 1 Fixed operating costs and other results (381) (123) (250) 7 (304) (166) 204 (1,013) (709) EBITDA 836 429 783 - 1,167 25 - 3,240 2,073 D&A (301) (201) (212) - (414) (18) - (1,146) (732) EBIT 535 228 571 - 753 7 - 2,094 1,341 Net financial results (118) Net results from equity method 5 PROFIT BEFORE TAX 1,981 Income Tax Expense (484) Non-Controlling Interests (27) NET ATTRIBUTABLE INCOME 1,470 NET ORDINARY INCOME 1,480 Endesa: 1H 2026 P&L €mn (2) (1) Includes Non-mainland business (Gross margin: 468 €mn. EBITDA: 340 €mn) (2) Consolidation adjustments in Generation and Supply are included within Conventional Generation business throughout the presentation (1)
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24 Conventional Gx Renewables Retail Gx+Sx adjustments Dx Structure Adjustments TOTAL Gx + Sx Income 4,136 632 8,094 (3,208) 1,305 193 (272) 10,880 9,575 Procurements and services (3,199) (69) (6,987) 3,204 (77) - 71 (7,057) (6,980) Income and expenses from energy derivatives 197 4 (212) - - - - (11) (11) Gross margin 1,134 567 895 (4) 1,228 193 (201) 3,812 2,584 Fixed operating costs (423) (138) (276) 4 (284) (188) 201 (1,104) (820) Self-constructed assets 120 Personnel expenses (484) Other fixed operating expenses (740) Other results - - - - - 3 3 3 Fixed operating costs and other results (423) (138) (276) 4 (284) (185) 201 (1,101) (817) EBITDA 711 429 619 - 944 8 - 2,711 1,767 D&A (303) (168) (235) - (391) (20) - (1,117) (726) EBIT 408 261 384 - 553 (12) - 1,594 1,041 Net financial results (199) Net results from equity method 10 PROFIT BEFORE TAX 1,405 Income Tax Expense (345) Non-Controlling Interests (19) NET ATTRIBUTABLE INCOME 1,041 NET ORDINARY INCOME 1,041 Endesa: 1H 2025 P&L €mn (2) (1) Includes Non-mainland business (Gross margin: 236 €mn. EBITDA: 86 €mn) (2) Consolidation adjustments in Generation and Supply are included within Conventional Generation business throughout the presentation (1)
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25 2025 1H 2026 Var. (%) 1H 2025 1H 2026 Var. (%) Mainland 18,394 18,522 +1% 24,810 27,374 +10% Renewables 11,309 11,437 +1% 9,852 10,978 +11% Hydro 5,368 5,368 0% 5,201 5,401 +4% Wind 3,001 3,001 0% 2,950 3,342 +13% Solar 2,929 3,057 +4% 1,701 2,235 +31% Others 0 0 0% 0 0 +0% Batteries 11 11 0% Nuclear 3,328 3,328 0% 12,087 12,636 +5% CCGTs 3,757 3,757 0% 2,871 3,760 +31% Non mainland territories 4,222 4,222 0% 5,326 5,334 +0% Coal 241 241 0% 89 0 -100% Fuel - Gas 2,293 2,293 0% 2,026 2,086 +3% CCGTs 1,688 1,688 0% 3,211 3,248 +1% Total 22,616 22,744 +1% 30,136 32,708 +9% Total output (1) (GWh)Total net installed capacity (MW) (1) Output at power plant busbars (Gross output minus self-consumption). Rounded figures (2) Includes 118 MW in non-mainland in 1H 2026 (100 GWh) vs 105 MW in 1H 2025 (81 GWh) Installed capacity and output (2)
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26 Financial debt maturity and credit metrics (1) Rounded figures. As of June 2026 2026 2027 2028 2029+ 3.8 3.3 0.8 3.1 Gross financial debt maturity(1) (€bn) Long-term ratings Baa1 BBB BBB+ Issuer credit rating • Coverage of 20 months of debt maturity • Average life of financial debt: 3.7 years • 6.7 €bn of liquidity
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27 Endesa Share Buyback Program Status as of June 30, 2026 2nd Tranche: 500 €mn Period: 29 Apr 25 – 13 Oct 25 AGM April 2025 approval up to 2 €bn 1st Tranche (employees): 17.3 €mn Completed 4th Tranche: 500 €mn Period: 02 Mar 26 - 07 Jul 26 3rd Tranche: 500 €mn Period: 15 Oct 25 - 28 Feb 26 2nd Tranche: No. of shares: 17,007,566 shares Total amount: 442 €mn Cancellation executed (20 Feb 2026) 3rd Tranche: No. of shares: 4,040,753 shares Total amount: 122 €mn >50% of the 2 €bn program executed as of 30th June 4th Tranche as of 30th June: No. of shares: 13,965,554 shares Total amount: 500 €mn 35,013,873 Total shares cancelled Total outstanding shares Total shares acquired 17,007,566 1,041,744,551 6th Tranche: 500 €mn Period: 15 Jul 26 – 27 Nov 26 5th Tranche (employees): 17.4 €mn Completed
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28 Disclaimer Alternative Performance Measures This presentation includes certain alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979, of March 14, 2019 and as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). Please refer to the corporate website (www.endesa.com) for further details of these matters, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. In particular, please refer to the document: Alternative Performance Measures 1H 2026 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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29 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 realized. 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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30 Mar Martínez Head of Investor Relations Investor Relations team Isabel Permuy Javier Hernández Francesc Trilla Juan Carlos Jiménez 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