Endesa (ELE) Q4 2024 earnings summary

Executive summary

• EBITDA rose 40% to €5.293 billion in 2024, with net income up 2.5 times year-over-year, exceeding revised targets and reflecting normalized energy markets.

• Dividend per share increased 32% to €1.32, 10% above initial guidance, yielding over 6%.

• Strong cash generation and reduced debt supported investment acceleration aligned with energy transition goals.

• Significant progress in renewables, with 56% of output from CO2-free sources and record solar and hydro production.

• Integrated strategy delivery underpinned by robust performance in renewables, supply, and gas margin recovery.

Financial highlights

• EBITDA reached €5.293 billion, up 40% year-over-year; EBIT up 87% to €3.071 billion.

• Net ordinary income doubled to €1.993 billion; net attributable income up 154% to €1.888 billion.

• Adjusted FFO exceeded €4.1 billion, up €1.2 billion from previous year, with FFO/Net Debt at 38%.

• Net financial debt improved by 11% to €9.3 billion; gross debt fell 23% to €10.5 billion.

• Revenue declined 16.3% to €21.3 billion, but gross margin rose 23% to €7.345 billion.

Outlook and guidance

• 2025 EBITDA guidance between €5.4–5.6 billion; net income €1.9–2 billion.

• Dividend policy for 2025–2027 guarantees a minimum €1.0/share and 70% payout.

• Investment acceleration planned, contingent on regulatory developments for grid remuneration.

• Integrated margin and gas margin expected to remain aligned with guidance.

• Additional investment expected to enhance supply security and meet new connection requests.