Endesa (ELE) Q3 2025 earnings summary

Executive summary

• Net profit for the first nine months of 2025 reached €1.711 billion, up 22% year-over-year, with EBITDA rising 9% to €4.224 billion and strong cash generation in a complex market environment.

• Revenue increased 1.2% to €15.948 billion, and ordinary net profit rose 26.1% to €1.735 billion.

• Shareholder returns prioritized through a major share buyback program and solid dividend policy.

• Installed renewable capacity expanded 9% to over 11,000 MW, with public/private charging stations up 14.2%.

• Confirmed achievement of the upper end of full-year 2025 guidance for EBITDA and net income.

Financial highlights

• EBITDA reached €4.224 billion (+9% YoY); net profit was €1.711 billion (+22% YoY); ordinary net profit €1.735 billion (+26.1% YoY).

• Funds from operations (FFO) rose 29% to €3.437 billion; EBIT increased 10.7% to €2.545 billion.

• Net financial debt stood at €10.334 billion (+11.1% YoY); net debt/EBITDA ratio stable at 1.8x.

• Gross investments totaled €1.358 billion (+0.9% YoY); liquidity at €7.1 billion.

• Net ordinary income to EBITDA conversion ratio reached 41% for the period.

Outlook and guidance

• Full-year 2025 guidance reaffirmed at the upper end: EBITDA up to €5.6 billion, net profit up to €2 billion.

• Integrated unitary margin expected at €53/MWh for the year; 2026 margin seen in line with 2025.

• 85% of nuclear and renewable generation for 2026 and 59% for 2027 already pre-sold.

• Capital allocation and shareholder returns remain subject to regulatory conditions.

• Macroeconomic forecasts for Spain upgraded, with GDP growth expected at 2.5–2.7% in 2025.