Endesa (ELE) Q3 2024 earnings summary

Executive summary

• EBITDA increased 16% year-over-year to €3.881 billion, and net income rose 33% to €1.404 billion for the first nine months of 2024, with all business lines contributing positively and notable recovery in the gas segment.

• Cash generation and credit metrics remain robust, supporting the achievement of the upper end of full-year guidance.

• Integrated strategy and decarbonization efforts drove performance, with 88% of production now CO₂-free.

• Customer base stabilized at 6.7 million after earlier declines, with retention of higher-value customers amid competitive pressure.

• The 2025–27 Strategic Plan will be presented in November 2024.

Financial highlights

• Revenue declined 17.9% year-over-year to €15.765 billion, mainly due to lower electricity and gas prices and volumes.

• EBITDA reached €3.881 billion (+16%), EBIT was €2.3 billion (+21%), and net income attributable to the parent was €1.404 billion (+33%).

• FFO totaled €2.669 billion, with FFO/net debt at 44%.

• Net financial debt remained stable at €10.4 billion, with a leverage ratio of 2.4x.

• Gross investments totaled €1.346 billion, with 46% in grids and 21% in renewables.

Outlook and guidance

• Confident in reaching the upper end of full-year EBITDA and net income guidance, with 2024 EBITDA expected at €4.9–5.2 billion and ordinary net income at €1.6–1.7 billion.

• 98% of self-produced electricity for 2024 and 97% for 2025 are pre-sold, securing margins.

• The 2025–27 Strategic Plan will be unveiled in November 2024.