Endesa's q1 profit rises by 24% to €725 million, confirming its financial targets for the full year 2026

• Gross operating profit (EBITDA) reaches €1.632 billion, up 14%.
• The company assures the market that it will meet its EBITDA targets of between €5.8 billion and €6.1 billion, and net profit of between €2.3 billion and €2.4 billion for the current financial year, thanks to the resilience of the liberalised business, the contribution of the new regulatory framework for networks combined with the efficient management of this infrastructure, as well as the ongoing efficiency plan.
• The company highlights three key areas to address the sector's challenges: protecting consumers by accelerating electrification and renewable deployment within a decarbonised mix; increasing grid investment to unlock growth opportunities and provide greater system security; and, to make this possible, raising the investment cap for the distribution network to ensure the necessary capital expenditure.

Endesa has started 2026 with a solid performance across its main businesses and key financial metrics. The electricity company posted a gross operating profit (EBITDA) of €1.632 billion in the first quarter of the year, an increase of 14%, driven firstly by the efficient and disciplined management of the network under the new remuneration framework and, secondly, by the resilience of the liberalised generation and supply businesses in an environment of geopolitical uncertainty and market volatility. As a result, ordinary net profit reached €725 million, 24% higher than in the same period of 2025.

In his first earnings presentation to analysts, the new Chief Executive Officer, Gianni Armani, stated that the strong operational and financial performance provides the necessary visibility to confirm Endesa's targets for the full year. These targets, presented last February, are to achieve an EBITDA of between €5.8 billion and €6.1 billion and an ordinary net profit of between €2.3 billion and €2.4 billion.

The chief executive reviewed generation performance, which grew by 8% between January and March to 14.2 TWh, thanks to the greater contribution of renewables (notably hydro, with reservoirs at record levels); a volume of liberalised sales (18 TWh in total) that was slightly lower in the B2B segment and stable in B2C; and a 3% growth in the free market customer base, reaching 6.4 million, following the effective integration of the more than 300,000 electricity customers from Energía Colectiva (as part of the alliance reached in 2025 and operational since January 2026 with MasOrange).

Furthermore, Spain has remained one of the European countries with the most competitive wholesale electricity prices, despite the volatility and historically high level of ancillary service costs during this quarter. Consequently, the average pool price was €44/MWh, 48% lower than in the first quarter of 2025, to which €24 must be added from the cost of these services. This price level in the pool highlights Spain's limited exposure to gas prices thanks to its renewable sources and the advantage of having a reliable nuclear fleet.

On the demand side, adjusted consumption in the Spanish Peninsula grew by 1.1% overall and by 1.7% in Endesa's distribution areas, driven by the residential and services segments and despite the drop in the industrial sector mainly due to geopolitical uncertainties. Grid saturation is affecting the connection of new demand, which shows that it is critical to promote new network investments to resolve bottlenecks.