Endesa (ELE) Q3 2024 earnings summary

Executive summary

• EBITDA rose 16% year-over-year to €3,881 million, and net income increased 33% to €1,404 million for the first nine months of 2024.

• Strong cash generation and stable net financial debt at €10.4 billion supported healthy credit metrics and FY 2024 targets.

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

• Customer base stabilized at 6.7 million after earlier declines, with commercial focus on loyalty and value.

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

Financial highlights

• EBITDA reached €3,881 million (+16%), net income €1,404 million (+33%), and EBIT €2,300 million (+21%) year-over-year.

• Revenue declined 17.9% to €15,765 million, mainly due to lower electricity and gas prices and volumes.

• FFO totaled €2,669 million, with FFO/Net Debt at 44%.

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

• Cost of debt increased to 3.6%, and liquidity stood at €8.9 billion.

Outlook and guidance

• Confident in reaching the upper end of full-year EBITDA and net income guidance, including the impact of the Supreme Court ruling on the social bonus in Q4.

• No special items expected in Q4; guidance remains conservative.

• The updated National Energy and Climate Plan (NECP) 2023–2030 raises targets for renewables and electrification.

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