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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.
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Q3 2025 earnings summary29 Oct, 2025

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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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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