The company reports EBITDA of €2.711 billion, a 12% increase
- Endesa has achieved a consolidated net profit of €1.041 billion in the first half of the year, a 30% increase, and a gross profit of €2.711 billion, up 12%. This is attributed to the absence of extraordinary items accounted for in 2024 and the strong performance of the liberalised generation and supply businesses
- The pricing environment, particularly since the blackout on 28 April, has been marked by volatility, which has been intensified by the way the system has been operating since that date
- The company reiterates that all its power plants were operating as planned on 28 April, in compliance with the dispatch orders of the System Operator, and that the disconnection of power plants occurred in all cases when the established technical safety levels were exceeded
- Endesa highlights the growing demand trend observed in the first half of the year. This is in addition to the exponential growth in requests for new connections to the distribution network, which has continued uninterrupted since 2021
- In this context, Endesa warns that the remuneration rate and model proposed by the CNMC for the distribution network for the 2026-2031 period threatens the government's energy policy objectives, as it limits the investment in networks necessary to electrify our economy
Endesa has concluded the first half of the 2025 financial year, a period marked by the 28 April blackout and the subsequent market changes, with outstanding financial results presented today to the investment community. Specifically, earnings before interest, tax, depreciation, and amortisation (EBITDA) reached €2.711 billion, a 12% increase. This was driven by the strong performance of the liberalised businesses and the removal of the 1.2% extraordinary tax that affected the previous two financial years. Net profit grew by 30% year-on-year to €1.041 billion, thanks to the progression of EBITDA. Furthermore, these results have enabled outstanding cash generation: free cash flow has doubled year-on-year to €2.4 billion, reaffirming the company's ability to self-finance organic investments and dividend payments.
This performance comes at a time when the impact of the System Operator's management since 28 April is increasing the final customer price. In this regard, in the second quarter of this year, the cost of ancillary services has risen to an average of €20 out of a total average price of €60. In other words, the cost of these services accounted for a third of the total average price in the quarter. Comparatively, ancillary services in the first quarter of 2025 were €15 and, for the whole of 2024, an average of €12.
In his presentation to the financial market, Endesa's CEO, José Bogas, elaborated on the events of 28 April and the key role that adequate remuneration and regulation for the electricity distribution network in Spain must play in achieving the energy transition.
Bogas also stated regarding Endesa's actions on 28 April: 'Endesa fully complied with the instructions of the System Operator. All generation plants operated in complete compliance with the System Operator’s programme. All plant disconnections occurred after the technical limits established in the safety protocols were exceeded.' He also recalled that the System Operator is ultimately responsible for maintaining the stability and voltage control of the electricity system.
In conclusion, the company's chief executive believes that the events of 28 April should not threaten the country's decarbonisation objectives. Spain has made significant progress towards these goals, with one of the highest renewable energy penetration rates in the world. The focus now, he remarked, must be on promoting the electrification of demand by modernising and strengthening the electricity grid.
A network to accommodate demand growth
In this vein, Bogas warned that the CNMC's proposed new remuneration model for the distribution network for the 2026-2031 period, currently under public consultation, limits the investment in demand electrification contemplated in the National Energy and Climate Plan (NECP). Furthermore, the proposed financial rate of return is asymmetrical compared to other sectors and neighbouring countries and likewise limits investment.
The CEO insisted, as he has repeteadly stated for months in statements to the investment community and the media, that the remuneration for the network must be fair and attractive to allow for the massive investments required by the decarbonisation process of the economy.
The evolution of electricity demand is showing signs of recovery, with a year-on-year increase in adjusted terms of 2.9% in the first half of the year in Endesa's distribution areas (2.2% in Peninsular Spain as a whole). All segments (residential, industrial, and services) have increased their consumption, with a particular highlight on the residential sector, due to the high temperatures in June, and the services sector – especially in the Aragon region where growth is 15%, mainly in the second quarter of the year and due to the connection of new data centres.
Looking at the trend over the last five years, the first half of 2025 has confirmed the structural growth trend of access and connection requests to the distribution network that began in 2021. The growth registered on Endesa's network is exponential, with annual increases of 183%, 102%, and 119% in 2022, 2023, and 2024, respectively, reaching 26GW last year. The estimate for this year is to reach 29GW, a 12% increase.
According to Endesa's CEO, this type of increase in requests indicates a clear change in demand patterns. However, a significant portion of these requests (almost 50% in 2024) do not gain access due to network capacity constraints. In the first half of the year, only 10% of the requests could be met by Endesa. All this reinforces the argument that adequate regulatory support is needed to strengthen the network and unlock the full potential behind these demand requests.
Rejection of the CNMC proposal
In this regard, Bogas elaborated on the aforementioned CNMC proposal for the rate and remuneration model for the network. It proposes a new methodology that Endesa understands introduces structural limitations that hinder the sector's ability to meet the objectives of electrification and network modernisation. 'This proposal seriously jeopardises achieving the level of investment that Spain needs to meet its decarbonisation, demand electrification, and network investment objectives as set out in the NECP, as well as being misaligned with the Government's energy policy guidelines.'
Specifically, regarding the remuneration methodology, the company considers that:
- It is biased against investment, limiting capital expenditure to the replacement of the existing network rather than its expansion.
- The contemplated efficiencies assume an excessive capture rate, based on economic references from previous years that are still pending finalisation.
- The incentive model still has room for improvement.
And regarding the financial rate of return, which is proposed to be 6.46%:
- It is discriminatory and asymmetrical with respect to other regulated sectors in Spain and other European countries.
Bogas expressed confidence, in any case, that the final version that emerges after the consultation period will provide the appropriate economic signals to address the challenges of Spanish energy policy.
Financial and operational metrics
Regarding the other relevant financial and operational metrics, the company has maintained a stable volume of liberalised sales to its customers: 35 TWh, of which 22TWh come from emission-free electricity generation (wind, solar, hydroelectric, and nuclear power). Installed capacity of non-emitting technologies on the peninsula reached 79% of the total in the semester.
The unit margin of the liberalised power business stood at €53/MWh, down 9%, which is in line with the expected path of normalisation.
The gas business showed excellent year-on-year performance, with a margin of €10/MWh, thanks to a successful wholesale market trading strategy and the good performance of the B2C business.
Net debt stood at approximately €9.9 billion, up from €9.3 billion at the end of 2024. This increase comes after covering organic investment of €1.1 billion and inorganic investment of €950 million (to acquire hydroelectric assets) with the free cash flow of €2.4 billion, in addition to the payment of dividends on account of the 2024 financial year (€600 million) and the expenditure on the share buyback programme of €200 million at the end of the first half. At the end of June, 40% of this programme had been executed, a figure that has risen to around 75% by the end of July.
Gross financial debt has fallen slightly as of June compared to the end of the year, to €10.4 billion (a 1% decrease).
Operating figures
| H1 2025 | H1 2024 | Change (%) | |
|---|---|---|---|
| Installed capacity (MW) |
22,099 |
21,449* |
3.0% |
| Renewable capacity | 10,792 |
10,131* |
6.5% |
| Renewable capacity % share | 49% |
47% |
|
|
Production (GWh) |
30,136 |
29,778 |
1.2% |
| Renewable electricity generation |
9,852 |
9,912 |
-0.6% |
| Renewable electricity generation % share |
32.7% |
33.3% |
|
| Net electricity sales (GWh) (1) |
36,326 |
36,618 |
-0.8% |
| Regulated market |
3,593 |
3,556 |
1% |
| Desregulated market |
32,733 |
33,062 |
-1% |
| Number of electricy custmers (thousands) |
9,867 |
10,217* |
-3.4% |
| Regulated market |
3,453 |
3,547* |
-2.7% |
| Desregulated market |
6,414 |
6,670* |
-3.8% |
| Distributed electricity (GWh) |
69,614 |
67,583 |
3% |
| Gas sales (GWh) (2) |
31,071 |
29,993 |
3.6% |
| Number of gas customers (thousands) |
1,735 |
1,777* |
-2.4% |
| Regulated market |
481 |
475* |
1.3% |
| Desregulated market |
1,254 |
1,302* |
-3.7% |
| Public and private charging stations |
24,300 |
22,417* |
8.4% |
(1) Net sales to end customers
(2) Without in-house generation sonsumption.
* Data as of 31 December
Financial figures
| (million euros) | H1 2025 | H1 2024 | Change (%) |
|---|---|---|---|
| Revenue |
10,880 |
10,416 |
4.5% |
| EBITDA |
2,711 |
2,413 |
12.3% |
| EBIT |
1,594 |
1,383 |
15.3% |
| Net profit | 1,041 | 800 |
30.1% |
| Ordinary net profit | 1,041 | 772 |
34.8% |
| Operating cash flow |
2,356 |
1,192 |
97.7% |
| Net financial debt |
9,901 |
9,298* |
6.5% |
| Gross investment | 935 | 924 |
-7.4% |
* Data as of 31 December
About Endesa
Endesa is the leading electricity company in Spain and the second largest in Portugal. It is also the second largest gas operator in the Spanish market. Endesa operates an integrated business model spanning electricity generation, distribution, and supply. Furthermore, the company offers value-added services focused on the electrification of energy use for households, businesses, and public administrations. Endesa is committed to the United Nations’ SDGs and corporate social responsibility. In the latter area, it also operates through the Endesa Foundation. Our team comprises around 9,000 employees. Endesa is part of Enel, a multinational electricity company and an integrated leading player in global energy and renewables markets [1].
[1] Enel's leadership in the various categories is defined by comparison with the financial data of its counterparts in the year 2024. Reference perimeter: publicly traded companies without majority state ownership.