Slides
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1 October 28th, 2026 Nine Months 2026 Consolidated Results
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Nine Months 2026 Consolidated results Gianni Armani CEO
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3 Earnings quality Opening remarks 1 +8% EBITDA YoY +15% Net Income Increasing the contribution of regulated businesses to almost 50% of EBITDA Financial discipline 2 Continuous focus on efficiencies enhances business growth Investment plan 3 +42% Networks capex increase, essential to demand electrification
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4 1.6 2.7 9M 2025 2.2 2.4 9M 2026 4.2 4.6 Regulated businesses (Dx + Non-mainland Gx) Liberalized businesses +0.4 €bn +8% EBITDA converted into Net Income: 43% EBITDA converted into OpFCF(1): ~80% Net Income (€bn) 1.7 9M 2025 2.0 9M 2026 Growing regulated contribution strengthens earnings profile EBITDA (€bn) ~50%~40% +15% Leverage(2) (x) 2025 1.8 9M 2026 1.8 Flat (1) Net cash flows from operating activities (2) Net financial debt / EBITDA (last 12 months)
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5 Progressing in Energy Transition Demand Draft regulation for Data Centers: One of the most demanding regulatory framework Need for a more proportionate regulation to preserve Spain’s competitive advantages Data centers will be a key driver of demand increase Networks Need of networks reinforcing: Enhanced regulatory visibility for networks with 2027-30 capex limits increase: +10.2 €bn distribution and +7.7 €bn transmission Flexible access resolution unlocks demand growth in constrained nodes Generation Recognition of the need of firm capacity to guarantee security of supply: Nuclear: Almaraz license extended to June 2030 Capacity market approved: Pending auctions Capacity auction in non-mainland: Process kick-off
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6 Price scenario reflects the combined effect of O&G market tensions and TSO’s reinforced operation Iberian power pool prices (1) Avg. pool price (€/MWh) 63 74 17 22 9M2025 9M2026 80 96 +17% +20% Ancillary Services Daily market price Adjusted (2) (% YoY) (1) Source: OMIE and REE (2) Adjusted for weather, working days and blackout. REE 9M2026 Mainland figure is +1.8% adjusted for weather and working days (3) Source: REE (4) Source: Endesa’s own estimates Mainland demand 9M 2025 9M 2026 +1.2% +2.5% +1.6% +1.7% Industry +1.3% Services +3.1% Residential +5.0% Mainland Endesa (3) (4) +4.2% +2.4% +3.2% +3.3%Not adjusted 16 26 29 22 19 19 27 Jan Feb Mar 23 Apr May Jun Jul 19 Aug Sep 73 44 43 54 68 103 117 143 Jan 18 Feb Mar Apr May Jun Jul Aug Sep
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7 +19% 0.6 0.2 0.3 0.3 9M 2025 0.9 0.2 0.2 0.3 9M 2026 1.4 1.6 Networks Gross capex(1) (€bn) Accelerating capex deployment driving visibility for future growth Renewables 11.4 11.3Capacity (GW) 9M 2025 9M 2026 ~36 ~34TIEPI(3) (min.) Electricity distributed (TWh) 114 109 RES production (TWh) 15 14 Networks Customers Renewables Conv. Gx. & Others Customers 6.2 6.2•Free Power Customers (mn) Free power sales(6) (TWh) 54 56 (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 2.9 TWh in 9M 2026 and 2.7 TWh in 9M 2025 of International sales. Net sales: 49 TWh in 9M 2026 vs. 51 TWh in 9M 2025 +42% FY2025 FY2025 Losses (4) (%) 9.0 9.5 Power & Gas Customers (5) (mn) ~11.2 11.3 FY2025 Non-mainland: 0.1 €bn (+55%)
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Nine Months 2026 Financial results Daniele Caprini CFO
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9 EBITDA +8% +15% Strong earnings growth while maintaining a solid leverage position €bn 9M 2025 9M 2026 4.2 4.6 9M 2025 9M 2026 1.7 2.0 2025 9M 2026 10.1 11.2 Net Income Net financial debt 1.8x 1.8xNet financial debt / EBITDA ltm +1.1 €bn (1) Net financial debt (11,187 €mn) / EBITDA ltm (6,109 €mn) (1)+13% excluding workforce provision +22% Net Ordinary Income
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10 Networks Customers Renewables Conventional Generation Structure&Adjustments 1.2 0.7 1.0 1.4 9M 2025 1.2 0.6 1.1 1.7 9M 2026 4.2 4.6 (1) Rounded figures (2) Includes Thermal, Nuclear, Non-mainland Gx, Gas procurement activities and Others (2) Solid EBITDA growth across businesses €bn +0.4 €bn +8% 2.8 €bn Gx+Sx 2.9 €bn Gx+Sx EBITDA by business(1) Non-mainland: 0.2 €bn Non-mainland: 0.5 €bn Networks growth and integrated business resilience drive an 8% increase in EBITDA ~50% EBITDA coming from regulated businesses
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11 +42% growth in Networks investment Strong Networks growth alongside accelerated investment Networks Gross margin(1) (€bn) RAB (€bn) 9M 2025 9M 2026 1.8 2.2 +0.4 €bn +20% 9M 2025 9M 2026 11.2 11.3 (1) Rounded figures +0.1 Capex (€bn) 0.6 0.9 +20% Networks gross margin from new regulatory framework and previous years’ resettlements
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12 1.8 0.9 1.4 9M 2025 1.8 0.7 1.6 9M 2026 4.0 4.1 Resilience in Customers and non-mainland generation drives gross margin growth +0.1 €bn +1% Customers Renewables Conv. Gx Non-mainland: 0.4 €bn Non-mainland: 0.7 €bn Gx + Sx Gross margin(1) (€bn) Regulatory framework improvement in non-mainland, fuel cost optimization and previous years’ resettlements Normalization in gas business management Conv. Gx REN Lower wind and hydro resource and higher solar curtailments in Q3 Gas retail resilience Power supply margin improvement… …mostly absorbing ancillary services cost increase Customers (1) Rounded figures
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13 53 53 9M 2025 9M 2026 41 39 13 13 9M 2025 9M 2026 54 51 Free power unitary margin(1) (€/MWh)Free sales (TWh) Resilient margins supported by integrated management and hedging strategy in a context of volatility (1) 9M 2026 Managerial KPI reflecting the management of integrated power business. Calculated as: Conventional Gx margin contribution (1,771 €mn) + Renewables margin (730 €mn) + Customers margin (1,579 €mn) – Non-mainland margin (651 €mn) - Manageable gas margin (481 €mn) – SCVP margin (57 €mn) – Others (192 €mn), divided by electricity sales in liberalized market in Spain and Portugal (51 TWh) (2) Managerial KPI reflecting the management of integrated gas business: 9M 2026 manageable gas margin (481 €mn) / Total gas sales (52 TWh) Fixed price Indexed price FLAT Total volumes (TWh) 42 39 1411 9M 2025 9M 2026 53 52 -2% CCGT Sales 9M 2025 9M 2026 ~10 ~9 Gas unitary margin(2) (€/MWh) Power Gas -9% Gas hedging: • 2027: ~94% • 2028: ~75% -4% Power hedging: • 2027: ~98% • 2028: ~65%
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14 Strong efficiency delivery supports lower costs and future savings Fixed costs evolution (€bn) -8% 9M 2025 0.1 CPI & Growth 0.2 Efficiencies 9M 2026 Adjusted 1.6 1.5 Key efficiency initiatives Digitalisation, automation & AI Agentic back office and integrated control centers End-to-end process simplification Product rationalisation and fewer manual interfaces Operating model optimization Front/back-office integration and flexible structures Asset & operational efficiency Digital assets and lower auxiliary consumption Footprint and cost rationalization Workplace consolidation and lower occupancy costs(1) (1) Excluding workforce provision (202 €mn)
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15 Outstanding +22% Net Ordinary Income growth Profit & loss (€bn) D&A and Provisions Financial results Income tax Net Ordinary Income EBITDA Slight increase in D&A linked to higher investments in Dx and Renewables Improved financial results mainly driven by late payment interest income Income tax rate: ~24% Net Income 9M 2025 9M 2026 Δ yoy Δ % 4.2 4.6 0.4 +8% (1.7) (1.7) (0.1) +3% (0.3) (0.2) 0.1 -28% (0.6) (0.6) (0.1) +15% 1.7 2.0 0.3 +15% - 1.7 2.1 0.4 +22%
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16 0.7 2025 OpFCF-Cash Investments Share buyback & Others Dividends paid 0.8 9M 2026 10.1 11.2 9.4 1.6 1.0 1.7 10.4 EBITDA -0.3 Provisions paid & Income Taxes -0.7 Working Capital & others -0.1 Net Financial Expenses OpFCF 4.6 3.5 Strong cash generation supports investment and shareholder remuneration (1) (1) Balance variation year to date (2) Cash Investments & Others: Net acquisitions of fixed assets (1,404 €mn) + Acquisitions and disposals of other investments (386 €mn) + acquisition of Energía Colectiva (71 €mn) (3) Mainly Share Buyback Program (872 €mn) and additions for rights of use (108 €mn) Net financial debt (€bn) Regulatory working capital (2) (3) 3.3% 3.2%Cost of debt Op FCF (€bn) 10.4 Gross financial debt 11.9 EBITDA converted into OpFCF: ~80% ND/EBITDA ltm Shareholders’ remuneration: 2.6 €bn 1.8x Op FCF ltm/ND 36%
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Nine Months 2026 Closing remarks Gianni Armani CEO
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18 Closing remarks Recognition of the importance of firm capacity, as proven by request to delay maintenance works and the repeated use of demand response by TSO. Key progress on nuclear life extension and capacity payment mechanism approval. Growing demand, reinforcing a positive outlook for Spain, showing clear acceleration of the electrification Grid investments are essential to unlock connections and allow new demand to materialize Next CMD in February 2027 2026 GUIDANCE >2.4 €bnNet Ordinary Income Turning market volatility into stability through our fixed-price commercial offering, providing greater certainty and control over customers’ energy bills
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Nine Months 2026 Annexes
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20 9M 2026 9M 2025 % Var. Income 17,389 15,948 +9% Procurements and services (10,797) (10,074) +7% Income and expenses from energy derivatives (339) (38) +792% Gross margin 6,253 5,836 +7% Fixed operating costs and other results (1,676) (1,612) +4% EBITDA 4,577 4,224 +8% D&A (1,729) (1,679) +3% EBIT 2,848 2,545 +12% Net financial results (196) (274) -28% Net results from equity method 9 35 -74% PROFIT BEFORE TAX 2,661 2,306 +15% Income Tax Expense (647) (563) +15% Non-Controlling Interests (52) (32) +63% NET ATTRIBUTABLE INCOME 1,962 1,711 +15% NET ORDINARY INCOME 2,125 1,735 +22% P&L 9M 2026 vs. 9M 2025 €mn
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21 Conventional Gx Renewables Customers Gx+Sx adjustments Dx Structure Adjustments TOTAL Gx + Sx Income 7,247 847 12,918 (5,804) 2,298 299 (416) 17,389 15,091 Procurements and services (4,869) (125) (11,599) 5,800 (102) - 98 (10,797) (10,695) Income and expenses from energy derivatives (607) 8 260 - - - - (339) (339) Gross margin 1,771 730 1,579 (4) 2,196 299 (318) 6,253 4,057 Fixed operating costs (770) (177) (445) 4 (449) (164) 318 (1,683) (1,234) Self-constructed assets 217 Personnel expenses (922) Other fixed operating expenses (978) Other results 201 - - - - (194) 7 7 Fixed operating costs and other results (569) (177) (445) 4 (449) (358) 318 (1,676) (1,227) EBITDA 1,202 553 1,134 - 1,747 (59) - 4,577 2,830 D&A (444) (295) (356) - (607) (27) - (1,729) (1,122) EBIT 758 258 778 - 1,140 (86) - 2,848 1,708 Net financial results (196) Net results from equity method 9 PROFIT BEFORE TAX 2,661 Income Tax Expense (647) Non-Controlling Interests (52) NET ATTRIBUTABLE INCOME 1,962 NET ORDINARY INCOME 2,125 Endesa: 9M 2026 P&L €mn (2) (1) Includes Non-mainland business (Gross margin: 651 €mn. EBITDA: 455 €mn) (2) Consolidation adjustments in Generation and Supply are included within Conventional Generation business throughout the presentation (3) Includes Structure&Adjustments (1) (3)
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22 Conventional Gx Renewables Customers Gx+Sx adjustments Dx Structure Adjustments TOTAL Gx + Sx Income 5,631 927 12,417 (4,859) 1,947 300 (415) 15,948 14,001 Procurements and services (4,193) (32) (10,683) 4,852 (120) (1) 103 (10,074) (9,954) Income and expenses from energy derivatives 335 3 (376) - - - - (38) (38) Gross margin 1,773 898 1,358 (7) 1,827 299 (312) 5,836 4,009 Fixed operating costs (600) (205) (406) 7 (427) (293) 312 (1,612) (1,185) Self-constructed assets 183 Personnel expenses (730) Other fixed operating expenses (1,065) Other results - - - - - - - - Fixed operating costs and other results (600) (205) (406) 7 (427) (293) 312 (1,612) (1,185) EBITDA 1,173 693 952 - 1,400 6 - 4,224 2,824 D&A (443) (272) (359) - (576) (29) - (1,679) (1,103) EBIT 730 421 593 - 824 (23) - 2,545 1,721 Net financial results (274) Net results from equity method 35 PROFIT BEFORE TAX 2,306 Income Tax Expense (563) Non-Controlling Interests (32) NET ATTRIBUTABLE INCOME 1,711 NET ORDINARY INCOME 1,735 Endesa: 9M 2025 P&L €mn (2) (1) Includes Non-mainland business (Gross margin: 380 €mn. EBITDA: 174 €mn) (2) Consolidation adjustments in Generation and Supply are included within Conventional Generation business throughout the presentation (3) Includes Structure&Adjustments (1) (3)
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23 2025 9M 2026 Var. (%) 9M 2025 9M 2026 Var. (%) Mainland 18,394 18,521 +1% 37,929 40,556 +7% Renewables 11,309 11,437 +1% 13,896 14,944 +8% Hydro 5,368 5,368 0% 6,885 6,778 -2% Wind 3,001 3,001 0% 4,124 4,407 +7% Solar 2,929 3,057 +4% 2,886 3,759 +30% Others 0 0 0% 1 0 -100% Batteries 11 11 0% Nuclear 3,328 3,328 0% 19,065 19,449 +2% CCGTs 3,757 3,756 0% 4,968 6,163 +24% Non mainland territories 4,222 4,220 -0% 8,448 8,740 +3% Coal 241 241 0% 89 21 -76% Fuel - Gas 2,293 2,291 0% 3,242 3,490 +8% CCGTs 1,688 1,688 0% 5,117 5,229 +2% Total 22,616 22,741 +1% 46,377 49,296 +6% 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 9M 2026 vs. 118 MW in FY 2025. Output: 150 GWh in 9M 2026 vs. 146 GWh in 9M 2025 Installed capacity and output (2)
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24 Financial debt maturity and credit metrics (1) Rounded figures. As of September 2026 2026 2027 2028 2029+ 4.1 3.4 1.1 3.3 1.1 3.3 Gross financial debt maturity(1) (€bn) Long-term ratings Baa1 BBB BBB+ Issuer credit rating • Coverage of 17 months of debt maturity • Average life of financial debt: 3.4 years •6.9 €bn of liquidity
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25 Share Buyback Program Status as of September 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 €mn Completed 4th Tranche: 500 €mn Period: 02 Mar 26 - 24 Jun 26 3rd Tranche: 500 €mn Period: 15 Oct 25 – 27 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 ~70% of the 2 €bn program executed as of 30th September 4th Tranche: No. of shares: 13,965,554 shares Total amount: 500 €mn 42,953,152 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 €mn Completed 6th Tranche as of 30th September: No. of shares: 7,939,279 shares Total amount: 329 €mn Upcoming share cancellation: •~18 M shares to be cancelled •1,024 M outstanding shares after cancellation
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26 Disclaimer Alternative Performance Measures This presentation includes certain alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979, of March 14, 2019 and as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). Please refer to the corporate website ( www.endesa.com) for further details of these matters, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. In particular, please refer to the document: Alternative Performance Measures 9M 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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27 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, information 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 asset rotation; 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, investments and divestments, 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 fully 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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28 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