Endesa
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Endesa (ELE) investor relations material

Endesa Q4 2025 & CMD earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 & CMD earnings summary24 Feb, 2026

Executive summary

  • 2025 results exceeded guidance, with EBITDA at €5.8 billion (up 9%) and net ordinary income at €2.35 billion (up 18% year-on-year), setting a higher base for the 2026–2028 plan.

  • Record €10.6 billion investment plan for 2026–2028, with over 50% allocated to networks and a strong focus on renewables and electrification.

  • Dividend proposal of €1.58 per share, up 20–22% year-on-year, with a yield above 5%, and a €2 billion share buyback program underway.

  • Strategic initiatives include alliances, digital transformation, and a commitment to net zero emissions by 2040.

Financial highlights

  • EBITDA reached €5.8 billion (+9% YoY), net ordinary income €2.35 billion (+18% YoY), and net attributable income €2.2 billion (+16% YoY).

  • Dividend per share for 2025 proposed at €1.58 (+20–22% YoY), with a dividend yield above 5%.

  • FFO reached €4.1 billion, with a 70% FFO/EBITDA cash conversion ratio.

  • Net financial debt increased to €10.1 billion, leverage ratio at 1.8x, and average cost of debt declined to 3.3%.

  • FY 2025 revenue was €21.42 billion, up 0.5% year-on-year.

Outlook and guidance

  • EBITDA expected to grow at 4% CAGR, reaching €6.2–6.5 billion by 2028; net ordinary income targeted at €2.5–2.6 billion by 2028.

  • EPS projected to grow at 4–5% CAGR through 2028; dividend policy guarantees at least 70% payout with DPS growing at 4% CAGR.

  • Net debt/EBITDA to rise from 1.8x to 2.3x by 2028, reflecting increased investment.

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Frequently asked questions

Endesa, S.A. engages in the generation, distribution, and sale of electricity primarily in Spain and Portugal. It is involved in the production of electricity from various sources, such as thermal and hydroelectric; transmission and distribution; marketing of electricity to large-scale consumers; supply and marketing of electricity for residential use through its subsidiaries; supply and marketing of natural gas; development and operation of energy infrastructure system; supply of energy efficiency solutions; management of telecommunication network infrastructure assets; asset management services; installation maintenance, operation, and development of renewable energy projects; provision of digital transformation solutions to operators in the electric power sector; and generation of heat. The company was incorporated in 1944 and is headquartered in Madrid, Spain.

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