\n \u200cFirst Quarter 2026 Consolidated Results\u200c\n <\/p>\n
\n
1\n <\/p>\n
\n
May 6th, 2026\n <\/p>\n
\u200cFirst Quarter 2026\n <\/p>\n
\n
Consolidated results\n <\/p>\n
Gianni Armani<\/p>\n
\n
CEO\n <\/p>\n
\u200c1Q 2026 Opening remarks\n <\/p>\n
1<\/p>\n
\n Growth\n <\/p>\n
\n
+14% EBITDA\n <\/p>\n
\n
+24% Net Income\n <\/p>\n
driven by Distribution\n <\/p>\n
\n
business on new regulatory framework and successful grid management\n <\/p>\n
2<\/p>\n
\n Resiliency\n <\/p>\n
Strong resilience of our<\/p>\n
\n liberalized business amid geopolitical tensions and market volatility\n <\/p>\n
3<\/p>\n
\n Energy challenges\n <\/p>\n
\n
Renewables, nuke and<\/p>\n
\n electrification key for energy independence and price stability\n <\/p>\n
Strong start of the year provides visibility to confirm full year guidance\n <\/p>\n
\n
3\n <\/p>\n
\u200cOperational evolution<\/p>\n
Total output(1) (TWh)<\/p>\n
Free sales(2) (TWh)<\/p>\n
Free customers (mn)\n <\/p>\n
\n
+8%\n <\/p>\n
\n
-5%\n <\/p>\n
\n
+3%\n <\/p>\n
\n
13.2\n <\/p>\n
\n
14.2\n <\/p>\n
\n
+18%\n <\/p>\n
\n
-4%\n <\/p>\n
\n
+34%\n <\/p>\n
1.9<\/p>\n
6.8<\/p>\n
5.5<\/p>\n
\n 6<\/p>\n
\n 6<\/p>\n
\n
19 18<\/p>\n
\n 6.2 6.4<\/p>\n
\n 21\n <\/p>\n
\n
1Q 2025 1Q 2026\n <\/p>\n
\n
Endesa’s reservoir at record levels<\/p>\n
\n TOTAL\n <\/p>\n
\n
1Q 2025 1Q 2026\n <\/p>\n
\n
21\n <\/p>\n
\n
FY 2025\n <\/p>\n
0.3<\/p>\n
\n 0.3<\/p>\n
\n 6.1<\/p>\n
\n
9.6\n <\/p>\n
\n
B2B\n <\/p>\n
B2C<\/p>\n
\n 1Q 2026\n <\/p>\n
\n
9.8\n <\/p>\n
\n
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\n <\/p>\n
\n
At busbars. Including 0.9 TWh in 1Q 2026 and 0.9 TWh in 1Q 2025 of International sales. 4<\/p>\n
\u200cSpain maintains competitive power prices amid volatility and<\/p>\n
\n
unprecedented ancillary services costs\n <\/p>\n
\n
Gas TTF spot prices (\u20ac\/MWh)\n <\/p>\n
\n
70\n <\/p>\n
2026 Average: 40 \u20ac\/MWh<\/p>\n
\n 2025 Average: 47 \u20ac\/MWh\n <\/p>\n
\n
Iberian power pool prices (\u20ac\/MWh)(1)<\/p>\n
\n 85\n <\/p>\n
\n
44\n <\/p>\n
\n
1Q 2025 1Q 2026\n <\/p>\n
\n
60\n <\/p>\n
\n
50\n <\/p>\n
\n
40\n <\/p>\n
\n
Avg. pool price\n <\/p>\n
\n
(\u20ac\/MWh)\n <\/p>\n
\n
-48%\n <\/p>\n
\n
1Q 2026\n <\/p>\n
\n
Avg. 1Q 2026\n <\/p>\n
\n
100\n <\/p>\n
\n
15\n <\/p>\n
Avg. AASS: 24 \u20ac\/MWh<\/p>\n
\n ~100\n <\/p>\n
\n
88\n <\/p>\n
\n
16\n <\/p>\n
\n
72\n <\/p>\n
\n
30\n <\/p>\n
\n
85\n <\/p>\n
\n
72\n <\/p>\n
\n
42\n <\/p>\n
\n
26\n <\/p>\n
\n
44\n <\/p>\n
\n
42\n <\/p>\n
\n
16\n <\/p>\n
\n
1Q 2025\n <\/p>\n
\n
Jan 2026\n <\/p>\n
\n
Feb 2026 Mar 2026\n <\/p>\n
\n
Spain(2) EU Peers(3)<\/p>\n
\n -16%<\/p>\n
\n 30\n <\/p>\n
\n
20\n <\/p>\n
\n
CO2 spot prices (\u20ac\/t)\n <\/p>\n
\n
100\n <\/p>\n
\n
2026 Average: 76 \u20ac\/t\n <\/p>\n
\n
2025 Average: 73 \u20ac\/t\n <\/p>\n
\n
+4%\n <\/p>\n
\n
90\n <\/p>\n
\n
80\n <\/p>\n
\n
70\n <\/p>\n
Ancillary Services<\/p>\n
\n 60\n <\/p>\n
Daily market price<\/p>\n
\n 1Q 2026 Results – Madrid, 6 May 2026\n <\/p>\n
\n
Source: OMIE and REE.\n <\/p>\n
\n
Source REE. Quarterly weighted average\n <\/p>\n
\n
Average pool price of the main E.U. economies\n <\/p>\n
\n
5\n <\/p>\n
\u200cDemand in the first quarter continues to show signs of growth<\/p>\n
\n
Mainland demand (% YoY)<\/p>\n
\n Adjusted (1)<\/p>\n
\n (% accumulated quarterly)\n <\/p>\n
\n
2.9\n <\/p>\n
\n
Demand in the residential and services segments remains strong, while industrial demand has been mainly affected by geopolitical uncertainty\n <\/p>\n
\n
2.6\n <\/p>\n
\n
1.4\n <\/p>\n
\n
3.9\n <\/p>\n
\n
1.1\n <\/p>\n
\n
1.1\n <\/p>\n
\n
1.4\n <\/p>\n
\n
1.7\n <\/p>\n
\n
Network saturation level hinders the connection of new demand\n <\/p>\n
\n
1Q 2025\n <\/p>\n
\n
Not adjusted\n <\/p>\n
\n
1Q 2026\n <\/p>\n
\n
Industry -0.5%\n <\/p>\n
\n
Services 1.2%\n <\/p>\n
\n
Residential 3.4%\n <\/p>\n
\n
Fostering new investments is critical to improve current network bottlenecks\n <\/p>\n
\n
Mainland Endesa(3)<\/p>\n
\n Adjusted for weather and working days.\n <\/p>\n
\n
Source: REE.\n <\/p>\n
\n
Source: Endesa’s own estimates. 6<\/p>\n
\u200cFirst Quarter 2026<\/p>\n
\n
Financial results\n <\/p>\n
Marco Palermo<\/p>\n
\n
CFO\n <\/p>\n
\u200cSolid economic and financial results in a context marked by high\n <\/p>\n
\n
volatility\n <\/p>\n
\n
\u20acbn\n <\/p>\n
EBITDA<\/p>\n
\n Net Income<\/p>\n
\n Net debt<\/p>\n
\n +14%\n <\/p>\n
\n
+24%\n <\/p>\n
\n 1.4\n <\/p>\n
\n
1.6\n <\/p>\n
\n
0.7\n <\/p>\n
\n
0.6\n <\/p>\n
\n
10.1 10.6<\/p>\n
\n 1Q 2025 1Q 2026\n <\/p>\n
\n
1Q 2025 1Q 2026\n <\/p>\n
\n
2025 1Q 2026\n <\/p>\n
\n
1.8x\n <\/p>\n
\n
1.8x\n <\/p>\n
\n
Net financial debt \/ EBITDA\n <\/p>\n
\n
8\n <\/p>\n
\u200cEBITDA strength supported by solid Distribution growth and Gx+Sx<\/p>\n
\n
resilience\n <\/p>\n
\n
\u20acbn\n <\/p>\n
\n
EBITDA by business(1)<\/p>\n
\n +0.2 \u20acbn\n <\/p>\n
\n
+14%\n <\/p>\n
\n +45% Distribution EBITDA mainly from new regulatory\n <\/p>\n
\n
framework and previous years resettlements\n <\/p>\n
\n Higher renewable volumes Lower achieved prices\n <\/p>\n
\n
Networks\n <\/p>\n
\n
1.6\n <\/p>\n
\n
REN\n <\/p>\n
\n
1.4\n <\/p>\n
\n
Gas retail resilience\n <\/p>\n
\n
Power supply margin stability\u2026\n <\/p>\n
\n
\u2026despite ancillary services cost increase\n <\/p>\n
\n
Normalization in gas business management\u2026\n <\/p>\n
\n
\u2026offset by progress on the efficiency plan\n <\/p>\n
\n
Customers\n <\/p>\n
\n
Conv. Gx\n <\/p>\n
\n 0.5\n <\/p>\n
\n
0.7\n <\/p>\n
\n
0.2\n <\/p>\n
\n
0.2\n <\/p>\n
\n
\u20acbn\n <\/p>\n
\n
+Sx\n <\/p>\n
\n
0.3\n <\/p>\n
\n
0.3 0.9 \u20acbn<\/p>\n
\n Gx+S\n <\/p>\n
\n
0.4\n <\/p>\n
\n
0.4\n <\/p>\n
\n 0.9\n <\/p>\n
\n
Gx x\n <\/p>\n
\n
1Q 2025\n <\/p>\n
\n
2)\n <\/p>\n
Structure&Adjustments <\/p>\n
Conventional Generation (<\/p>\n
\n 1Q 2026\n <\/p>\n
Customers (Retail+Endesa X) <\/p>\n
Renewables <\/p>\n
Networks<\/p>\n
\n Rounded figures\n <\/p>\n
\n
Includes Thermal, Nuclear, Non-mainland, Gas procurement activities and Others 9<\/p>\n
\u200cStable power and gas margins despite volatility supported by effective<\/p>\n
integrated management<\/p>\n
\n
Mainland output and free sales (TWh) Free power unitary margin(1) (\u20ac\/MWh)\n <\/p>\n
\n
FLAT\n <\/p>\n
2<\/p>\n
\n 12<\/p>\n
\n
Power\n <\/p>\n
\n
14 17<\/p>\n
\n Output Sales\n <\/p>\n
\n
54 54\n <\/p>\n
\n
1Q 2025 1Q 2026\n <\/p>\n
\n
Power hedging:\n <\/p>\n
\n
2026: 100%\n <\/p>\n
\n
2027: 90%\n <\/p>\n
\n
2028: 50%\n <\/p>\n
Thermal<\/p>\n
\n Inframarginal\n <\/p>\n
Indexed price<\/p>\n
\n Fixed price\n <\/p>\n
\n
Gas\n <\/p>\n
\n
Total volumes (TWh)\n <\/p>\n
\n
Gas unitary margin(2) (\u20ac\/MWh)\n <\/p>\n
\n
1Q 2025\n <\/p>\n
\n
1Q 2026\n <\/p>\n
CCGT<\/p>\n
\n 20\n <\/p>\n
\n
18\n <\/p>\n
\n
4\n <\/p>\n
17<\/p>\n
\n 3\n <\/p>\n
Sales<\/p>\n
\n -8%\n <\/p>\n
\n
-8%\n <\/p>\n
\n
~11 ~10<\/p>\n
\n 1Q 2025 1Q 2026\n <\/p>\n
\n
Gas hedging:\n <\/p>\n
\n
2026: 100%\n <\/p>\n
\n
2027: 80%\n <\/p>\n
\n
2028: 50%\n <\/p>\n
\n
1Q 2026 Managerial KPI reflecting the management of integrated power business. Calculated as: Conventional Gx margin contribution (575 \u20acmn) + Renewables margin (297 \u20acmn) + Retail margin (461 \u20acmn) – Non-mainland margin (134\n <\/p>\n
\n
\u20acmn) – Manageable gas margin (189 \u20acmn) – SCVP margin (13 \u20acmn) – Endesa X margin (42 \u20acmn) – Others (21 \u20acmn), divided by electricity sales in liberalized market in Spain and Portugal (17 TWh)\n <\/p>\n
\n
Managerial KPI reflecting the management of integrated gas business: 1Q 2026 manageable gas margin (189 \u20acmn) \/ Gas sales (18 TWh). 10<\/p>\n
\u200cOutstanding +24% Net Ordinary Income growth<\/p>\n
\n
D&A remains flat<\/p>\n
\n Profit & loss (\u20acbn)\n <\/p>\n
\n 1Q 2025\n <\/p>\n
\n
1Q 2026\n <\/p>\n
\n
\u0394 yoy\n <\/p>\n
\n
\u0394 %\n <\/p>\n
\n
EBITDA\n <\/p>\n
\n
1.4\n <\/p>\n
\n
1.6\n <\/p>\n
\n
0.2\n <\/p>\n
\n
+14%\n <\/p>\n
\n
D&A and Provisions\n <\/p>\n
\n
(0.6)\n <\/p>\n
\n
(0.6)\n <\/p>\n
\n
0.0\n <\/p>\n
\n
Financial results\n <\/p>\n
\n
(0.1)\n <\/p>\n
\n
(0.1)\n <\/p>\n
\n
(0.0)\n <\/p>\n
\n
Income tax\n <\/p>\n
\n
(0.2)\n <\/p>\n
\n
(0.2)\n <\/p>\n
\n
(0.1)\n <\/p>\n
\n
Net Income\n <\/p>\n
\n
0.6\n <\/p>\n
\n
0.7\n <\/p>\n
\n
0.1\n <\/p>\n
\n
+24%\n <\/p>\n
\n
Net Ordinary Income\n <\/p>\n
\n
–\n <\/p>\n
\n
0.6\n <\/p>\n
\n
0.7\n <\/p>\n
\n
0.1\n <\/p>\n
\n
+24%\n <\/p>\n
\n Financial results in line driven by a lower cost of debt partially offset by higher average gross financial debt\n <\/p>\n
\n
Income tax rate: ~25%\n <\/p>\n
\n
Net Ordinary Income \/ EBITDA\n <\/p>\n
\n
41%\n <\/p>\n
\n
44%\n <\/p>\n
\n
+3 p.p.\n <\/p>\n
\n
11\n <\/p>\n
\u200cEBITDA growth and robust cash conversion underpins the sustainability<\/p>\n
\n
of our financial metrics\n <\/p>\n
\n
\u20acbn\n <\/p>\n
\n
FFO\n <\/p>\n
\n
Net financial debt\n <\/p>\n
\n
+0.5 \u20acbn\n <\/p>\n
\n
+5%\n <\/p>\n
\n
& others(1)<\/p>\n
\n FFO\/EBITDA\n <\/p>\n
\n
1.6\n <\/p>\n
-0.1<\/p>\n
\n 65%\n <\/p>\n
0.0<\/p>\n
\n 1.0\n <\/p>\n
\n EBITDA\n <\/p>\n
\n
Provisions\n <\/p>\n
\n
Working\n <\/p>\n
\n
Net\n <\/p>\n
\n
FFO\n <\/p>\n
\n
2025\n <\/p>\n
\n
FFO\n <\/p>\n
\n
Cash\n <\/p>\n
\n
Dividends\n <\/p>\n
\n
paid\n <\/p>\n
\n
Capital\n <\/p>\n
\n
Financial\n <\/p>\n
\n
Investments(2)<\/p>\n
\n
Expenses\n <\/p>\n
\n
Regulatory working capital\n <\/p>\n
\n
Gross financial debt\n <\/p>\n
\n
10.1\n <\/p>\n
0.3<\/p>\n
\n 10.4\n <\/p>\n
\n
11.6\n <\/p>\n
\n
SBB(3)<\/p>\n
\n 10.6\n <\/p>\n
1.0<\/p>\n
\n 0.7<\/p>\n
\n 0.5<\/p>\n
\n FFO- Investments >0<\/p>\n
\n
1Q 2026\n <\/p>\n
\n
3.3%\n <\/p>\n
\n
3.1%\n <\/p>\n
\n
Cost of debt\n <\/p>\n
\n
Balance variation year to date\n <\/p>\n
\n
Cash Investments & Others: Net acquisitions of fixed assets (461 \u20acmn) + Acquisitions and disposals of other investments (150 \u20acmn) + acquisition of Energ\u00eda Colectiva (71 \u20acmn)\n <\/p>\n
\n
Mainly Share Buyback Program (266 \u20acmn) and additions for rights of use (8 \u20acmn)\n <\/p>\n
\n
12\n <\/p>\n
\u200cFirst Quarter 2026<\/p>\n
\n
Closing remarks\n <\/p>\n
Gianni Armani<\/p>\n
\n
CEO\n <\/p>\n
\u200c2026 Outlook\n <\/p>\n
\n
Business drivers\n <\/p>\n
2026 targets<\/p>\n
\n EBITDA (\u20acbn)<\/p>\n
\n 5.8-6.1<\/p>\n
\n Net Ordinary<\/p>\n
\n Income (\u20acbn)<\/p>\n
\n 2.3-2.4<\/p>\n
\n Generation and Supply\n <\/p>\n
Resilient businesses leveraging on hedging strategy to reduce exposure to market volatility<\/p>\n
\n Networks\n <\/p>\n
Strong results supported by new regulatory framework and successful management of the grid with focus on quality<\/p>\n
\n Efficiencies\n <\/p>\n
Progressing on the efficiency plan delivery<\/p>\n
\n 14\n <\/p>\n
\u200cEnergy challenges<\/p>\n
Accelerating electrification and renewable deployment, within a decarbonized mix, is the most effective way to protect consumers from geopolitical shocks<\/p>\n
Grid investments need to be sped up to support demand growth<\/p>\n
\n and reinforce system security<\/p>\n
Regulatory approval to ramp up the investment cap is critical to unlock further needed capex in distribution networks<\/p>\n
\n 15\n <\/p>\n
\u200cFirst Quarter 2026\u200c\n <\/p>\n
\n
Annexes\n <\/p>\n
\u200cP&L 1Q 2026 vs. 1Q 2025\n <\/p>\n
\n
\u20acmn\n <\/p>\n
1Q 2026 1Q 2025 % Var. <\/p>\n
\n Income<\/p>\n
\n 5,824 5,899 -1%\n <\/p>\n
Procurements and services<\/p>\n
\n (3,592) (3,903) -8%\n <\/p>\n
Income and expenses from energy derivatives<\/p>\n
\n (79) (13) +508%\n <\/p>\n
Gross margin<\/p>\n
\n 2,153<\/p>\n
\n 1,983<\/p>\n
\n +9%<\/p>\n
\n Fixed operating costs and other results<\/p>\n
\n (521) (552) -6%\n <\/p>\n
EBITDA<\/p>\n
\n 1,632<\/p>\n
\n 1,431<\/p>\n
\n +14%<\/p>\n
\n D&A<\/p>\n
\n (569) (572) -1%\n <\/p>\n
EBIT<\/p>\n
\n 1,063<\/p>\n
\n 859<\/p>\n
\n +24%<\/p>\n
\n Net financial results<\/p>\n
\n (94) (89) +6%\n <\/p>\n
Net results from equity method<\/p>\n
\n 3 4 -25%\n <\/p>\n
PROFIT BEFORE TAX<\/p>\n
\n 972<\/p>\n
\n 774<\/p>\n
\n +26%<\/p>\n
\n Income Tax Expense<\/p>\n
\n (241) (187) +29%\n <\/p>\n
Non-Controlling Interests<\/p>\n
\n (6) (4) +50%\n <\/p>\n
NET ATTRIBUTABLE INCOME<\/p>\n
\n 725<\/p>\n
\n 583<\/p>\n
\n +24%<\/p>\n
\n NET ORDINARY INCOME<\/p>\n
\n 725\n <\/p>\n
\n
583\n <\/p>\n
\n
+24%\n <\/p>\n
\n
17\n <\/p>\n
\u200cEndesa: 1Q 2026 P&L<\/p>\n
\n
\u20acmn\n <\/p>\n
\n
Conventional Gx (1)<\/p>\n
\n Renewables Retail Gx+Sx (2)<\/p>\n
\n adjustments\n <\/p>\n
\n
Dx Structure Adjustments TOTAL<\/p>\n
\n Income\n <\/p>\n
\n
1,977 341 4,209 (1,529) 864 88 (126) 5,824<\/p>\n
\n Procurements and services\n <\/p>\n
\n
(1,534) (47) (3,534) 1,525 (34) – 32 (3,592)<\/p>\n
\n Income and expenses from energy derivatives\n <\/p>\n
\n
132 3 (214) – – – – (79)<\/p>\n
\n Gross margin<\/p>\n
\n 575<\/p>\n
\n 297<\/p>\n
\n 461<\/p>\n
\n (4)<\/p>\n
\n 830<\/p>\n
\n 88<\/p>\n
\n (94)<\/p>\n
\n 2,153<\/p>\n
\n Fixed operating costs\n <\/p>\n
\n
(208) (76) (121) 4 (151) (64) 94 (522)<\/p>\n
\n Self-constructed assets 57<\/p>\n
\n Personnel expenses (239)<\/p>\n
\n Other fixed operating expenses (340)<\/p>\n
\n Other results\n <\/p>\n
\n
– – – – – 1 1<\/p>\n
\n Fixed operating costs and other results\n <\/p>\n
\n
(208) (76) (121) 4 (151) (63) 94 (521)\n <\/p>\n
EBITDA<\/p>\n
\n 367<\/p>\n
\n 221<\/p>\n
\n 340<\/p>\n
\n –<\/p>\n
\n 679<\/p>\n
\n 25<\/p>\n
\n –<\/p>\n
\n 1,632<\/p>\n
\n D&A\n <\/p>\n
\n
(150) (92) (102) – (216) (9) – (569)<\/p>\n
\n EBIT<\/p>\n
\n 217<\/p>\n
\n 129<\/p>\n
\n 238<\/p>\n
\n –<\/p>\n
\n 463<\/p>\n
\n 16<\/p>\n
\n –<\/p>\n
\n 1,063<\/p>\n
\n Net financial results\n <\/p>\n
\n
(94)\n <\/p>\n
\n
Net results from equity method\n <\/p>\n
\n
3\n <\/p>\n
PROFIT BEFORE TAX<\/p>\n
\n 972<\/p>\n
\n Income Tax Expense\n <\/p>\n
\n
(241)\n <\/p>\n
\n
Non-Controlling Interests\n <\/p>\n
\n
(6)\n <\/p>\n
NET ATTRIBUTABLE INCOME<\/p>\n
\n 725<\/p>\n
\n NET ORDINARY INCOME<\/p>\n
\n 725\n <\/p>\n
\n
18\n <\/p>\n
\n
Includes Non-mainland business (Gross margin: 134 \u20acmn. EBITDA: 65 \u20acmn)\n <\/p>\n
\n
Consolidation adjustments in Generation and Supply are included within Conventional Generation business along the presentation\n <\/p>\n
\u200cEndesa: 1Q 2025 P&L<\/p>\n
\n
\u20acmn\n <\/p>\n
\n
Conventional Gx (1)<\/p>\n
\n Renewables Retail\n <\/p>\n
\n
Gx+Sx (2) Dx Structure Adjustments TOTAL<\/p>\n
\n adjustments\n <\/p>\n
\n
Income\n <\/p>\n
\n
2,399 357 4,668 (2,127) 638 95 (131) 5,899<\/p>\n
\n Procurements and services\n <\/p>\n
\n
(1,599) (21) (4,407) 2,126 (37) (1) 36 (3,903)<\/p>\n
\n Income and expenses from energy derivatives\n <\/p>\n
\n
(229) (2) 218 – – – – (13)<\/p>\n
\n Gross margin<\/p>\n
\n 571<\/p>\n
\n 334<\/p>\n
\n 479<\/p>\n
\n (1)<\/p>\n
\n 601<\/p>\n
\n 94<\/p>\n
\n (95)<\/p>\n
\n 1,983<\/p>\n
\n Fixed operating costs\n <\/p>\n
\n
(217) (83) (126) 1 (133) (90) 95 (553)<\/p>\n
\n Self-constructed assets 54<\/p>\n
\n Personnel expenses (236)<\/p>\n
\n Other fixed operating expenses (371)<\/p>\n
\n Other results\n <\/p>\n
\n
– – – – – 1 1<\/p>\n
\n Fixed operating costs and other results\n <\/p>\n
\n
(217) (83) (126) 1 (133) (89) 95 (552)\n <\/p>\n
EBITDA<\/p>\n
\n 354<\/p>\n
\n 251<\/p>\n
\n 353<\/p>\n
\n –<\/p>\n
\n 468<\/p>\n
\n 5<\/p>\n
\n –<\/p>\n
\n 1,431<\/p>\n
\n D&A\n <\/p>\n
\n
(152) (76) (132) – (202) (10) – (572)<\/p>\n
\n EBIT<\/p>\n
\n 202<\/p>\n
\n 175<\/p>\n
\n 221<\/p>\n
\n –<\/p>\n
\n 266<\/p>\n
\n (5)<\/p>\n
\n –<\/p>\n
\n 859<\/p>\n
\n Net financial results\n <\/p>\n
\n
(89)\n <\/p>\n
\n
Net results from equity method\n <\/p>\n
\n
4\n <\/p>\n
PROFIT BEFORE TAX<\/p>\n
\n 774<\/p>\n
\n Income Tax Expense\n <\/p>\n
\n
(187)\n <\/p>\n
\n
Non-Controlling Interests\n <\/p>\n
NET ATTRIBUTABLE INCOME<\/p>\n
\n 583<\/p>\n
\n NET ORDINARY INCOME<\/p>\n
\n 583\n <\/p>\n
\n
19\n <\/p>\n
\n
Includes Non-mainland business (Gross margin: 125 \u20acmn. EBITDA: 59 \u20acmn)\n <\/p>\n
\n
Consolidation adjustments in Generation and Supply are included within Conventional Generation business along the presentation\n <\/p>\n
\u200cFixed costs<\/p>\n
\n
\u20acbn\n <\/p>\n
\n
Fixed costs evolution\n <\/p>\n
\n
By concept By business line\n <\/p>\n
\n
-6%\n <\/p>\n
\n
-6%\n <\/p>\n
\n
0.6 0.5<\/p>\n
+1%<\/p>\n
-8%<\/p>\n
\n 0.6 0.5<\/p>\n
\n 0.1<\/p>\n
0.1<\/p>\n
\n
1Q 2025\n <\/p>\n
\n
1Q 2026\n <\/p>\n
\n
1Q 2025\n <\/p>\n
Networks<\/p>\n
\n 1Q 2026\n <\/p>\n
Renewables<\/p>\n
Personnel Costs <\/p>\n
O&M Costs <\/p>\n
Capitalized costs<\/p>\n
Customers (Retail+Endesa X)<\/p>\n
Conventional Generation<\/p>\n
\n 20\n <\/p>\n
\u200cInstalled capacity and output<\/p>\n
\n
Total net installed capacity (MW) Total output (1) (GWh)\n <\/p>\n
1Q 2026 2025 Var. (%) 1Q 2026 1Q 2025 Var. (%) <\/p>\n
\n Mainland<\/p>\n
\n 18,394<\/p>\n
\n 18,394<\/p>\n
\n 0%<\/p>\n
\n 14,226<\/p>\n
\n 13,211<\/p>\n
\n +8%<\/p>\n
\n Renewables (2)<\/p>\n
\n 11,309\n <\/p>\n
\n
11,309\n <\/p>\n
0%<\/p>\n
\n 5,531\n <\/p>\n
\n
4,676\n <\/p>\n
+18%<\/p>\n
\n Hydro 5,368 5,368 0% 2,631 2,328 +13%\n <\/p>\n
\n
Wind 3,001 3,001 0% 2,170 1,736 +25%\n <\/p>\n
\n
Solar 2,929 2,929 0% 730 612 +19%\n <\/p>\n
\n
Others 0 0 0% 0 0 +0%\n <\/p>\n
\n
Batteries 11 11 0%\n <\/p>\n
\n
Nuclear\n <\/p>\n
\n
3,328\n <\/p>\n
\n
3,328\n <\/p>\n
0%<\/p>\n
\n 6,818\n <\/p>\n
\n
7,134\n <\/p>\n
-4%<\/p>\n
\n CCGTs\n <\/p>\n
\n
3,757\n <\/p>\n
\n
3,757\n <\/p>\n
0%<\/p>\n
\n 1,877\n <\/p>\n
\n
1,401\n <\/p>\n
+34%<\/p>\n
\n Non mainland territories<\/p>\n
\n 4,222<\/p>\n
\n 4,222<\/p>\n
\n 0%<\/p>\n
\n 2,674<\/p>\n
\n 2,728<\/p>\n
\n -2%<\/p>\n
\n Coal\n <\/p>\n
\n
241\n <\/p>\n
\n
241\n <\/p>\n
0%<\/p>\n
\n 0\n <\/p>\n
\n
89\n <\/p>\n
-100%<\/p>\n
\n Fuel – Gas\n <\/p>\n
\n
2,293\n <\/p>\n
\n
2,293\n <\/p>\n
0%<\/p>\n
\n 1,007\n <\/p>\n
\n
1,050\n <\/p>\n
-4%<\/p>\n
\n CCGTs\n <\/p>\n
\n
1,688\n <\/p>\n
\n
1,688\n <\/p>\n
0%<\/p>\n
\n 1,667\n <\/p>\n
\n
1,589\n <\/p>\n
+5%<\/p>\n
\n Total<\/p>\n
\n 22,616<\/p>\n
\n 22,616<\/p>\n
\n 0%<\/p>\n
\n 16,900<\/p>\n
\n 15,939<\/p>\n
\n +6%<\/p>\n
\n Output at power plant bus bars (Gross output minus self-consumption). Rounded figures\n <\/p>\n
\n
Includes 118 MW in non-mainland in 1Q 2026 (41 GWh) vs 105 MW in 1Q 2025 (31 GWh) 21<\/p>\n
Grids: operational parameters<\/p>\n
\n
\u200cDistributed energy (TWh)\n <\/p>\n
\n
TIEPI(1) (min.)\n <\/p>\n
\n
Losses(2) (%)\n <\/p>\n
\n
+6%\n <\/p>\n
\n
52%\n <\/p>\n
\n 34 36<\/p>\n
\n 1Q 2025 1Q 2026\n <\/p>\n
\n
20.1\n <\/p>\n
\n
13.2\n <\/p>\n
\n
1Q 2025 1Q 2026\n <\/p>\n
\n
11 11<\/p>\n
\n 1Q 2025 1Q 2026\n <\/p>\n
\n
28\n <\/p>\n
\n
Energy to own customers(2) (TWh)\n <\/p>\n
\n
Flat\n <\/p>\n
\n
28\n <\/p>\n
\n
11.4\n <\/p>\n
\n
11.4\n <\/p>\n
\n
RAB (\u20acbn) Flat\n <\/p>\n
\n
22\n <\/p>\n
\n
Tiempo de Interrupci\u00f3n 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\n <\/p>\n
\n
At busbars (REE criteria). Country level. Not adjusted\n <\/p>\n
\u200cFinancial debt maturity and credit metrics<\/p>\n
\n
Gross financial debt maturity(1) (\u20acbn)\n <\/p>\n
\n 4.0\n <\/p>\n
\n
3.1\n <\/p>\n
\n
3.2\n <\/p>\n
\n
1.3\n <\/p>\n
\n
Long-term ratings\n <\/p>\n
Baa1<\/p>\n
\n BBB<\/p>\n
\n BBB+<\/p>\n
\n Issuer credit rating\n <\/p>\n
\n
2026 2027 2028 2029+\n <\/p>\n
\n
Rounded figures. As of March 2026 23<\/p>\n
\u200cEndesa Share Buyback Program<\/p>\n
\n
Status as of March 31, 2026\n <\/p>\n
\n
AGM April 2025\n <\/p>\n
\n
approval up to 2\n <\/p>\n
\n
\u20acbn\n <\/p>\n
1st Tranche (employees):<\/p>\n
\n 17.3 \u20acmn<\/p>\n
\n Completed<\/p>\n
\n 2nd Tranche: 500 \u20acmn Period: 29 Apr 25 – 13 Oct 25<\/p>\n
\n 3rd Tranche: 500 \u20acmn Period: 15 Oct 25 – 28 Feb 26<\/p>\n
\n 4th Tranche: 500 \u20acmn<\/p>\n
\n Announced 24 Feb 2026<\/p>\n
\n Period: 02 Mar 26 – 07 Jul 26<\/p>\n
\n
2nd Tranche:\n <\/p>\n
\n
N\u00ba of shares: 17,007,566 shares Total amount: 442 \u20acmn Cancellation executed (20 Feb\n <\/p>\n
\n
2026)\n <\/p>\n
\n
3rd Tranche:\n <\/p>\n
\n
N\u00ba of shares: 4,040,753 shares Total amount: 122 \u20acmn\n <\/p>\n
\n
4th Tranche as of 31st March:\n <\/p>\n
\n
N\u00ba of shares: 6,547,476 shares Total amount: 225 \u20acmn\n <\/p>\n
\n
Total shares acquired\n <\/p>\n
\n
27,595,795\n <\/p>\n
\n
Total shares cancelled\n <\/p>\n
\n
17,007,566\n <\/p>\n
\n
Total outstanding shares\n <\/p>\n
\n
1,041,744,551\n <\/p>\n
\n ~40% of the 2 \u20acbn program executed as of 31st March\n <\/p>\n
\n
24\n <\/p>\n
\u200cDisclaimer<\/p>\n
\n
Alternative Performance Measures\n <\/p>\n
\n
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<\/p>\n
\n 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.\n <\/p>\n
\n
25\n <\/p>\n
\u200cDisclaimer<\/p>\n
\n
In accordance with the provisions of Article 226 of the Spanish Securities Market Act, this document includes Insider Information.\n <\/p>\n
\n
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.\n <\/p>\n
\n
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.\n <\/p>\n
\n
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.\n <\/p>\n
\n
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:\n <\/p>\n
\n
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.\n <\/p>\n
\n
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.\n <\/p>\n
\n
Regulatory, environmental and political\/governmental factors: political conditions in Spain and Europe generally; changes in Spanish, European and foreign laws, regulations and taxes.\n <\/p>\n
\n
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\n <\/p>\n
\n
of internationalisation and diversification.\n <\/p>\n
\n
Competitive factors: the actions of competitors; changes in competition and pricing environments; the entry of new competitors in our markets.\n <\/p>\n
\n
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 Comisi\u00f3n Nacional del Mercado de Valores (the Spanish securities regulator or the “CNMV” for its initials in Spanish).\n <\/p>\n
\n
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.\n <\/p>\n
\n
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.\n <\/p>\n
\n
26\n <\/p>\n
IR Team<\/p>\n
\n
\u200cContact us\n <\/p>\n
\n
Mar Martinez\n <\/p>\n
\n
Head of Investor Relations\n <\/p>\n
\n
Investor Relations team\n <\/p>\n
\n
Isabel Permuy Javier Hernandez Francesc Trilla\n <\/p>\n
\n
Juan Carlos Jimenez Sonia Herranz Agurtxane Vega Paloma de Miguel\n <\/p>\n
\n
Contacts\n <\/p>\n
\n
Email: ir@endesa.es<\/p>\n
\n Phone: + 34 91 213 15 03\n <\/p>\n
\n
+ 34 91 213 90 49\n <\/p>\n
\n
Website: https:\/\/www.endesa.com<\/p>\n
\n 27\n <\/p>\n","protected":false},"excerpt":{"rendered":"\u200cFirst Quarter 2026 Consolidated Results\u200c 1 May 6th, 2026 \u200cFirst Quarter 2026 Consolidated results Gianni Armani CEO \u200c1Q…\n","protected":false},"author":2,"featured_media":110,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[163,147],"class_list":{"0":"post-18092","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-endesa","8":"tag-endesa","9":"tag-markets"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/18092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/comments?post=18092"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/18092\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media\/110"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media?parent=18092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/categories?post=18092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/tags?post=18092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}