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Endesa (ELE) investor relations material
Endesa Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
9M 2026 revenue rose 9.0% to €17,389m; EBITDA increased 8.4% to €4,577m and attributable net profit rose 14.7% to €1,962m.
Net ordinary profit increased 22.5% to €2,125m; regulated businesses contributed nearly 50% of EBITDA, versus ~40% a year earlier.
Earnings growth was led by distribution, supported by the 2026 regulatory framework and prior-year settlements.
Financial highlights
Contribution margin rose 7.1% to €6,253m; EBIT increased 11.9% to €2,848m.
Net financial expense improved to €196m from €274m; net ordinary profit was €2,125m, excluding €151m net-of-tax workforce restructuring costs and €12m net impairment losses.
Adjusted fixed costs fell 8% to €1,481m, excluding a €202m workforce-restructuring provision.
Operating cash flow was €3,467m, up 0.9%; gross investment rose 19.4% to €1,622m.
Shareholder remuneration totaled €2,600m, including ~€900m linked to the share-buyback programme.
Outlook and guidance
2026 net ordinary profit guidance remains above €2,400m despite expected tougher Q4 market conditions; remaining 2026–2028 plan targets had no significant deviations.
Power hedging stood at ~98% for 2027 and ~65% for 2028; gas hedging was ~94% and ~75%, respectively.
2026–2028 priorities include network development and modernisation, electrification, storage and flexibility, and maintaining financial strength.
Network investment limits and the capacity market are expected to support planned investment in grids, storage and energy infrastructure.
Updated Strategic Plan is scheduled for February 2027; dividend policy targets distribution of at least 70% of net ordinary profit over the plan’s three-year term.
- Net profit up 41% to €1,470M, EBITDA up 20%, and 2026 profit guidance raised above €2.4B.ELE
Q2 2026 - Net profit up 24.4% and EBITDA up 14% in Q1 2026, with guidance reaffirmed.ELE
Q1 2026 - 2025 profit up 18%, €10.6B investment plan, and 20%+ dividend hike proposed.ELE
Q4 2025 & CMD - Net profit up 22% to €1.711 billion, with strong EBITDA and cash flow growth.ELE
Q3 2025 - Net profit up 30.1% to €1,041m and EBITDA up 12.3% to €2,711m, with strong cash flow.ELE
Q2 2025 - Net income up 33% and EBITDA up 16%, with strong renewables and robust credit metrics.ELE
Q3 2024 - H1 2024 EBITDA €2.4B, net income €800M; guidance reaffirmed amid renewables growth.ELE
Q2 2024 - Net profit up 99.7% to €583M, EBITDA rose 32.6%, and €2bn buyback underway.ELE
Q1 2025 - EBITDA up 40%, net profit up 154%, and dividend up 32% on renewables and gas recovery.ELE
Q4 2024
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