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Endesa (ELE) investor relations material
Endesa Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong financial and operational results for the first nine months of 2025, with revenue up 1.2% to €15,948 million, net profit rising 21.9% to €1,711 million, and EBITDA up 8.8% to €4,224 million, demonstrating resilience in a complex market environment.
Confirmed on track to reach the upper range of full-year 2025 guidance for both EBITDA and net income, supported by robust cash generation and a resilient business model.
Continued focus on shareholder returns through a share buyback program, with €459 million executed and a third tranche of up to €500 million to be completed by February 2026.
Strategic acquisitions included the remaining 62.5% of Cetasa and E-Generación Hidráulica, S.L.U., expanding wind and hydro assets.
Installed renewable capacity expanded 9% to 10,932 MW, and public/private charging stations increased 14.2% to 25,593 units.
Financial highlights
EBITDA reached €4.224 billion, up 8.8% year-on-year; net income was €1.711 billion, up 21.9% year-on-year; FFO rose to €3.437 billion, a 28.8% increase year-on-year.
Gross margin up 9% to €5.8 billion; EBIT up 10.7% to €2.545 billion.
Net financial debt stood at €10.334 billion, with a net debt/EBITDA ratio of 1.8x and cash generation covering CapEx and shareholder returns.
Average cost of debt declined to 3.3%.
Net ordinary income to EBITDA conversion ratio reached 41% for the period.
Outlook and guidance
Confident in achieving the top end of full-year 2025 guidance: EBITDA €5.4–5.6 billion, Net Income €1.9–2.0 billion.
Integrated unitary margin expected to remain at around €53 per MWh for the year.
2026 integrated margin expected to be in line with 2025, despite potential normalization in hydro and renewables.
Electricity demand in Spain grew 2.4% year-on-year, with forward market prices expected to remain high through year-end.
System Operator to maintain reinforced grid stability measures until at least 2026, supporting higher ancillary service costs.
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