Endesa S A : Presentation (resultspresentation1q2026)

‌First Quarter 2026 Consolidated Results‌

May 6th, 2026

‌First Quarter 2026

Consolidated results

Gianni Armani

CEO

‌1Q 2026 Opening remarks

Growth

+14% EBITDA

+24% Net Income

driven by Distribution

business on new regulatory framework and successful grid management

Resiliency

Strong resilience of our

liberalized business amid geopolitical tensions and market volatility

Energy challenges

Renewables, nuke and

electrification key for energy independence and price stability

Strong start of the year provides visibility to confirm full year guidance

‌Operational evolution

Total output(1) (TWh)

Free sales(2) (TWh)

Free customers (mn)

+8%

-5%

+3%

13.2

14.2

+18%

-4%

+34%

1.9

6.8

5.5

19 18

6.2 6.4

1Q 2025 1Q 2026

Endesa’s reservoir at record levels

TOTAL

1Q 2025 1Q 2026

FY 2025

0.3

6.1

9.6

B2B

B2C

1Q 2026

9.8

Mainland generation. Energy at power plant busbars. Including 41 GWh in 1Q 2026 and 31 GWh in 1Q 2025 renewables in Non-mainland. Rounded figures

At busbars. Including 0.9 TWh in 1Q 2026 and 0.9 TWh in 1Q 2025 of International sales. 4

‌Spain maintains competitive power prices amid volatility and

unprecedented ancillary services costs

Gas TTF spot prices (€/MWh)

2026 Average: 40 €/MWh

2025 Average: 47 €/MWh

Iberian power pool prices (€/MWh)(1)

1Q 2025 1Q 2026

Avg. pool price

(€/MWh)

-48%

1Q 2026

Avg. 1Q 2026

100

Avg. AASS: 24 €/MWh

~100

1Q 2025

Jan 2026

Feb 2026 Mar 2026

Spain(2) EU Peers(3)

-16%

CO2 spot prices (€/t)

100

2026 Average: 76 €/t

2025 Average: 73 €/t

+4%

Ancillary Services

Daily market price

1Q 2026 Results – Madrid, 6 May 2026

Source: OMIE and REE.

Source REE. Quarterly weighted average

Average pool price of the main E.U. economies

‌Demand in the first quarter continues to show signs of growth

Mainland demand (% YoY)

Adjusted (1)

(% accumulated quarterly)

2.9

Demand in the residential and services segments remains strong, while industrial demand has been mainly affected by geopolitical uncertainty

2.6

1.4

3.9

1.1

1.4

1.7

Network saturation level hinders the connection of new demand

1Q 2025

Not adjusted

1Q 2026

Industry -0.5%

Services 1.2%

Residential 3.4%

Fostering new investments is critical to improve current network bottlenecks

Mainland Endesa(3)

Adjusted for weather and working days.

Source: REE.

Source: Endesa’s own estimates. 6

‌First Quarter 2026

Financial results

Marco Palermo

CFO

‌Solid economic and financial results in a context marked by high

volatility

€bn

EBITDA

Net Income

Net debt

+14%

+24%

1.4

1.6

0.7

0.6

10.1 10.6

1Q 2025 1Q 2026

2025 1Q 2026

1.8x

Net financial debt / EBITDA

‌EBITDA strength supported by solid Distribution growth and Gx+Sx

resilience

€bn

EBITDA by business(1)

+0.2 €bn

+14%

+45% Distribution EBITDA mainly from new regulatory

framework and previous years resettlements

Higher renewable volumes Lower achieved prices

Networks

1.6

REN

1.4

Gas retail resilience

Power supply margin stability…

…despite ancillary services cost increase

Normalization in gas business management…

…offset by progress on the efficiency plan

Customers

Conv. Gx

0.5

0.7

0.2

€bn

+Sx

0.3

0.3 0.9 €bn

Gx+S

0.4

0.9

Gx x

1Q 2025

Structure&Adjustments

Conventional Generation (

1Q 2026

Customers (Retail+Endesa X)

Renewables

Networks

Rounded figures

Includes Thermal, Nuclear, Non-mainland, Gas procurement activities and Others 9

‌Stable power and gas margins despite volatility supported by effective

integrated management

Mainland output and free sales (TWh) Free power unitary margin(1) (€/MWh)

FLAT

Power

14 17

Output Sales

54 54

1Q 2025 1Q 2026

Power hedging:

2026: 100%

2027: 90%

2028: 50%

Thermal

Inframarginal

Indexed price

Fixed price

Gas

Total volumes (TWh)

Gas unitary margin(2) (€/MWh)

1Q 2025

1Q 2026

CCGT

Sales

-8%

~11 ~10

1Q 2025 1Q 2026

Gas hedging:

2026: 100%

2027: 80%

2028: 50%

1Q 2026 Managerial KPI reflecting the management of integrated power business. Calculated as: Conventional Gx margin contribution (575 €mn) + Renewables margin (297 €mn) + Retail margin (461 €mn) – Non-mainland margin (134

€mn) – Manageable gas margin (189 €mn) – SCVP margin (13 €mn) – Endesa X margin (42 €mn) – Others (21 €mn), divided by electricity sales in liberalized market in Spain and Portugal (17 TWh)

Managerial KPI reflecting the management of integrated gas business: 1Q 2026 manageable gas margin (189 €mn) / Gas sales (18 TWh). 10

‌Outstanding +24% Net Ordinary Income growth

D&A remains flat

Profit & loss (€bn)

1Q 2025

1Q 2026

Δ yoy

Δ %

EBITDA

1.4

1.6

0.2

+14%

D&A and Provisions

(0.6)

0.0

Financial results

(0.1)

(0.0)

Income tax

(0.2)

(0.1)

Net Income

0.6

0.7

0.1

+24%

Net Ordinary Income

–

0.6

0.7

0.1

+24%

Financial results in line driven by a lower cost of debt partially offset by higher average gross financial debt

Income tax rate: ~25%

Net Ordinary Income / EBITDA

41%

44%

+3 p.p.

‌EBITDA growth and robust cash conversion underpins the sustainability

of our financial metrics

€bn

FFO

Net financial debt

+0.5 €bn

+5%

& others(1)

FFO/EBITDA

1.6

-0.1

65%

0.0

1.0

EBITDA

Provisions

Working

Net

FFO

2025

FFO

Cash

Dividends

paid

Capital

Financial

Investments(2)

Expenses

Regulatory working capital

Gross financial debt

10.1

0.3

10.4

11.6

SBB(3)

10.6

1.0

0.7

0.5

FFO- Investments >0

1Q 2026

3.3%

3.1%

Cost of debt

Balance variation year to date

Cash Investments & Others: Net acquisitions of fixed assets (461 €mn) + Acquisitions and disposals of other investments (150 €mn) + acquisition of Energía Colectiva (71 €mn)

Mainly Share Buyback Program (266 €mn) and additions for rights of use (8 €mn)

‌First Quarter 2026

Closing remarks

Gianni Armani

CEO

‌2026 Outlook

Business drivers

2026 targets

EBITDA (€bn)

5.8-6.1

Net Ordinary

Income (€bn)

2.3-2.4

Generation and Supply

Resilient businesses leveraging on hedging strategy to reduce exposure to market volatility

Networks

Strong results supported by new regulatory framework and successful management of the grid with focus on quality

Efficiencies

Progressing on the efficiency plan delivery

‌Energy challenges

Accelerating electrification and renewable deployment, within a decarbonized mix, is the most effective way to protect consumers from geopolitical shocks

Grid investments need to be sped up to support demand growth

and reinforce system security

Regulatory approval to ramp up the investment cap is critical to unlock further needed capex in distribution networks

‌First Quarter 2026‌

Annexes

‌P&L 1Q 2026 vs. 1Q 2025

€mn

1Q 2026 1Q 2025 % Var.

Income

5,824 5,899 -1%

Procurements and services

(3,592) (3,903) -8%

Income and expenses from energy derivatives

(79) (13) +508%

Gross margin

2,153

1,983

+9%

Fixed operating costs and other results

(521) (552) -6%

EBITDA

1,632

1,431

+14%

D&A

(569) (572) -1%

EBIT

1,063

859

+24%

Net financial results

(94) (89) +6%

Net results from equity method

3 4 -25%

PROFIT BEFORE TAX

972

774

+26%

Income Tax Expense

(241) (187) +29%

Non-Controlling Interests

(6) (4) +50%

NET ATTRIBUTABLE INCOME

725

583

+24%

NET ORDINARY INCOME

725

583

+24%

‌Endesa: 1Q 2026 P&L

€mn

Conventional Gx (1)

Renewables Retail Gx+Sx (2)

adjustments

Dx Structure Adjustments TOTAL

Income

1,977 341 4,209 (1,529) 864 88 (126) 5,824

Procurements and services

(1,534) (47) (3,534) 1,525 (34) – 32 (3,592)

Income and expenses from energy derivatives

132 3 (214) – – – – (79)

Gross margin

575

297

461

(4)

830

(94)

2,153

Fixed operating costs

(208) (76) (121) 4 (151) (64) 94 (522)

Self-constructed assets 57

Personnel expenses (239)

Other fixed operating expenses (340)

Other results

– – – – – 1 1

Fixed operating costs and other results

(208) (76) (121) 4 (151) (63) 94 (521)

EBITDA

367

221

340

–

679

–

1,632

D&A

(150) (92) (102) – (216) (9) – (569)

EBIT

217

129

238

–

463

–

1,063

Net financial results

(94)

Net results from equity method

PROFIT BEFORE TAX

972

Income Tax Expense

(241)

Non-Controlling Interests

(6)

NET ATTRIBUTABLE INCOME

725

NET ORDINARY INCOME

725

Includes Non-mainland business (Gross margin: 134 €mn. EBITDA: 65 €mn)

Consolidation adjustments in Generation and Supply are included within Conventional Generation business along the presentation

‌Endesa: 1Q 2025 P&L

€mn

Conventional Gx (1)

Renewables Retail

Gx+Sx (2) Dx Structure Adjustments TOTAL

adjustments

Income

2,399 357 4,668 (2,127) 638 95 (131) 5,899

Procurements and services

(1,599) (21) (4,407) 2,126 (37) (1) 36 (3,903)

Income and expenses from energy derivatives

(229) (2) 218 – – – – (13)

Gross margin

571

334

479

(1)

601

(95)

1,983

Fixed operating costs

(217) (83) (126) 1 (133) (90) 95 (553)

Self-constructed assets 54

Personnel expenses (236)

Other fixed operating expenses (371)

Other results

– – – – – 1 1

Fixed operating costs and other results

(217) (83) (126) 1 (133) (89) 95 (552)

EBITDA

354

251

353

–

468

–

1,431

D&A

(152) (76) (132) – (202) (10) – (572)

EBIT

202

175

221

–

266

(5)

–

859

Net financial results

(89)

Net results from equity method

PROFIT BEFORE TAX

774

Income Tax Expense

(187)

Non-Controlling Interests

NET ATTRIBUTABLE INCOME

583

NET ORDINARY INCOME

583

Includes Non-mainland business (Gross margin: 125 €mn. EBITDA: 59 €mn)

Consolidation adjustments in Generation and Supply are included within Conventional Generation business along the presentation

‌Fixed costs

€bn

Fixed costs evolution

By concept By business line

-6%

0.6 0.5

+1%

-8%

0.6 0.5

0.1

1Q 2025

1Q 2026

1Q 2025

Networks

1Q 2026

Renewables

Personnel Costs

O&M Costs

Capitalized costs

Customers (Retail+Endesa X)

Conventional Generation

‌Installed capacity and output

Total net installed capacity (MW) Total output (1) (GWh)

1Q 2026 2025 Var. (%) 1Q 2026 1Q 2025 Var. (%)

Mainland

18,394

14,226

13,211

+8%

Renewables (2)

11,309

5,531

4,676

+18%

Hydro 5,368 5,368 0% 2,631 2,328 +13%

Wind 3,001 3,001 0% 2,170 1,736 +25%

Solar 2,929 2,929 0% 730 612 +19%

Others 0 0 0% 0 0 +0%

Batteries 11 11 0%

Nuclear

3,328

6,818

7,134

-4%

CCGTs

3,757

1,877

1,401

+34%

Non mainland territories

4,222

2,674

2,728

-2%

Coal

241

-100%

Fuel – Gas

2,293

1,007

1,050

-4%

CCGTs

1,688

1,667

1,589

+5%

Total

22,616

16,900

15,939

+6%

Output at power plant bus bars (Gross output minus self-consumption). Rounded figures

Includes 118 MW in non-mainland in 1Q 2026 (41 GWh) vs 105 MW in 1Q 2025 (31 GWh) 21

Grids: operational parameters

‌Distributed energy (TWh)

TIEPI(1) (min.)

Losses(2) (%)

+6%

52%

34 36

1Q 2025 1Q 2026

20.1

13.2

1Q 2025 1Q 2026

11 11

1Q 2025 1Q 2026

Energy to own customers(2) (TWh)

Flat

11.4

RAB (€bn) Flat

Tiempo de Interrupción Equivalente a la Potencia Instalada (Installed Capacity Equivalent Interruption Time). According to Spanish Regulator. Own + Programmed and Transport minutes of interruption. 1Q 2026 figure affected by force majeure events

At busbars (REE criteria). Country level. Not adjusted

‌Financial debt maturity and credit metrics

Gross financial debt maturity(1) (€bn)

4.0

3.1

3.2

1.3

Long-term ratings

Baa1

BBB

BBB+

Issuer credit rating

2026 2027 2028 2029+

Rounded figures. As of March 2026 23

‌Endesa Share Buyback Program

Status as of March 31, 2026

AGM April 2025

approval up to 2

€bn

1st Tranche (employees):

17.3 €mn

Completed

2nd Tranche: 500 €mn Period: 29 Apr 25 – 13 Oct 25

3rd Tranche: 500 €mn Period: 15 Oct 25 – 28 Feb 26

4th Tranche: 500 €mn

Announced 24 Feb 2026

Period: 02 Mar 26 – 07 Jul 26

2nd Tranche:

Nº of shares: 17,007,566 shares Total amount: 442 €mn Cancellation executed (20 Feb

2026)

3rd Tranche:

Nº of shares: 4,040,753 shares Total amount: 122 €mn

4th Tranche as of 31st March:

Nº of shares: 6,547,476 shares Total amount: 225 €mn

Total shares acquired

27,595,795

Total shares cancelled

17,007,566

Total outstanding shares

1,041,744,551

~40% of the 2 €bn program executed as of 31st March

‌Disclaimer

Alternative Performance Measures

This presentation includes certain alternative performance measures (“APMs”) for the purposes of Commission Delegated Regulation (EU) 2019/979, of March 14, 2019 and as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority on 5 October 2015 (ESMA/2015/1415es). Please refer to the corporate website (www.endesa.com) for further details of these matters, including their definition or a reconciliation between any applicable management indicators and the financial data presented in the consolidated financial statements prepared under IFRS. In particular, please refer to the document: Alternative Performance Measures 1Q 2026

In addition to the financial information prepared under IFRS, there are some performance measures that have been calculated using the financial information from ENDESA, but that are not defined or detailed in the applicable financial information framework. These performance measures are being used to allow for a better understanding of the financial performance of ENDESA, but should be considered only as additional information and in no case as a substitute of the financial information prepared under IFRS.

‌Disclaimer

In accordance with the provisions of Article 226 of the Spanish Securities Market Act, this document includes Insider Information.

This document contains certain “forward-looking” statements regarding anticipated financial and operating results and statistics and other future data. These statements are not guarantees of future performance and they are subject to risks, uncertainties, changes and other factors that may be beyond ENDESA’s control or may be difficult to predict.

Forward-looking statements include, but are not limited to, information regarding: estimated future earnings; anticipated increases in generation and market share; management strategy and goals; estimated cost reductions; tariffs and pricing structure; estimated capital expenditures and other investments; estimated increases in capacity and output and changes in capacity mix; repowering of capacity and macroeconomic conditions. The main assumptions on which these expectations and targets are based are related to the regulatory setting, exchange rates, increases in production and installed capacity in markets where ENDESA operates, increases in demand in these markets, assigning of production amongst different technologies, and the availability and cost of the gas, coal, fuel oil and emission rights necessary to run our business at the desired levels.

In these statements we avail ourselves of the protection provided by the Private Securities Litigation Reform Act of 1995 of the United States of America with respect to forward-looking statements.

The following important factors, in addition to those discussed elsewhere in this document, could cause actual financial and operating results and statistics to differ materially from those expressed in our forward-looking statements:

Economic and industry conditions: significant adverse changes in the conditions of the industry, the general economy or our markets; the effect of the prevailing regulations or changes in them; tariff reductions; the impact of interest rate fluctuations; the impact of exchange rate fluctuations; the impact of energy commodities price fluctuations; natural disasters; the impact of more restrictive environmental regulations and the environmental risks inherent to our activity; potential liabilities relating to our nuclear facilities.

Transaction or commercial factors: any delays in or failure to obtain necessary regulatory, antitrust and other approvals for our proposed acquisitions or asset disposals, or any conditions imposed in connection with such approvals; our ability to integrate acquired businesses successfully; the challenges inherent in diverting management’s focus and resources from other strategic opportunities and from operational matters during the process of integrating acquired businesses; the outcome of any negotiations with partners and governments. Delays in or impossibility of obtaining the pertinent permits and rezoning orders in relation to real estate assets. Delays in or impossibility of obtaining regulatory authorisation, including that related to the environment, for the construction of new facilities, repowering or improvement of existing facilities or its closure or decommissioning; shortage of or changes in the price of equipment, material or labour; opposition of political or ethnic groups; adverse changes of a political or regulatory nature in the countries where we or our companies operate; adverse weather conditions, natural disasters, accidents or other unforeseen events, defaults quantifiable of monetary obligations by the counterparties to which the Company has effectively granted net credit and the impossibility of obtaining financing at what we consider satisfactory interest rates.

Regulatory, environmental and political/governmental factors: political conditions in Spain and Europe generally; changes in Spanish, European and foreign laws, regulations and taxes.

Operating factors: technical problems; changes in operating conditions and costs; capacity to execute cost-reduction plans; capacity to maintain a stable supply of coal, fuel and gas; acquisitions or restructuring; capacity to successfully execute a strategy

of internationalisation and diversification.

Competitive factors: the actions of competitors; changes in competition and pricing environments; the entry of new competitors in our markets.

Further details on the factors that may cause actual results and other developments to differ significantly from the expectations implied or explicitly contained in this document are given in the Risk Factors section of the current ENDESA regulated information filed with the Comisión Nacional del Mercado de Valores (the Spanish securities regulator or the “CNMV” for its initials in Spanish).

No assurance can be given that the forward-looking statements in this document will be realised. Except as may be required by applicable law, neither Endesa nor any of its affiliates intends to update these forward-looking statements.

This presentation does not constitute a recommendation regarding the securities of Endesa, S.A.. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Endesa, S.A. or any of its subsidiaries or affiliates.

IR Team

‌Contact us

Mar Martinez

Head of Investor Relations

Investor Relations team

Isabel Permuy Javier Hernandez Francesc Trilla

Juan Carlos Jimenez Sonia Herranz Agurtxane Vega Paloma de Miguel

Contacts

Email: ir@endesa.es

Phone: + 34 91 213 15 03

+ 34 91 213 90 49

Website: https://www.endesa.com

Endesa S A : Presentation (resultspresentation1q2026)

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