Endesa increases net profit by 41% up to June and raises its 2026 profit forecast to over €2,400 million

• The company closed the first half of the year with a net profit of €1,470 million, which represents a 41% increase compared to the same period of the previous year
• Gross operating profit (EBITDA) reached €3,240 million in the first six months of 2026, 20% higher than in 2025, thanks to growth across all businesses and the greater contribution from regulated activities, which now account for nearly 50% of the total
• The company reinforced its financial strength and increased gross investment by 14% to €1,100 million, with the distribution network taking centre stage. Endesa thereby consolidated its commitment to electrification and to unlocking the connection of new industrial demand 
• The networks business contributes 36% of total EBITDA, amounting to €1,200 million (a 24% increase), and investment dedicated to this activity rose by 38% year-on-year to €600 million, representing more than half (52%) of Endesa's total investment in the half-year
• The volume of production from renewable sources grew to 11 TWh, enabling Endesa to achieve 86% emission-free electricity generation in the Iberian Peninsula
• In the commercialisation business, the company foresees a more rational and sustainable competitive scenario following the latest regulatory measures. Furthermore, the store network will be strengthened: 50 new branches will open between the remainder of the year and 2027, adding to the 370 already operational in Spain and Portugal. It will also refine its approach to digital-native customers and advance its alliance strategy to support cross-selling, with the overarching objective of expanding the customer base, strengthening retention, and creating long-term value
• Regarding financial performance, the company generated cash flow of €2,300 million in the first half of the year, closing the period with net debt of €10,300 million (compared with €10,100 million at the end of 2025). The average cost of debt was reduced to 3.2% and the net debt to EBITDA ratio stood at 1.6 times.
• The company identified three key sector challenges: investing in networks to drive electrification; facilitating new connections to enable the decarbonisation of industrial and residential demand; and consolidating the integrated company model, which provides a competitive advantage amidst market volatility

Endesa today presented its results for the first half of the year: up to June it achieved a net profit of €1,470 million, which represents a 41% increase compared to the same period of the previous year. This result, against a backdrop of ongoing volatility due to the unstable global geopolitical situation, was made possible by the growth experienced by the company across all businesses and the greater contribution from regulated activities, which was also supported by certain positive non-recurring impacts. These represent 50% of EBITDA, which reached €3,240 million in the first six months, 20% more than in 2025.

This sustainable and predictable earnings growth has led Endesa to announce to the market that ordinary net profit at year-end will stand above €2,400 million, exceeding the estimate of €2,300-2,400 million communicated last February. This upward revision is 'a key sign of the strength of both our business model and our ability to transform solid operational execution into higher profitability for our shareholders', as the company explained to financial analysts during the presentation of its half-year results.

These results were achieved in a context of competitive average prices in the Iberian electricity pool, despite the volatility and the higher costs for ancillary services stemming from the so-called reinforced operation implemented by the system operator. Specifically, the average price in the half-year was €73/MWh, including an average of €23/MWh for ancillary services, 8% lower than in the same period of 2025. Adjusted demand in the period grew by around 1% year-on-year, driven by domestic consumption, the services sector, and the industrial sector. 

In this respect, the company highlights that the evolution of wholesale prices in the Iberian Peninsula demonstrates the importance of striving for energy independence through electrification, renewable deployment, storage, and investment in the network. Spain is a good example of the price competitiveness provided by such a mix, allowing consumers to save around €3,500 million since the start of the war in Iran.

Meanwhile, gross investment increased by 14% in the first six months of the year to €1,100 million, with the distribution network taking centre stage, accounting for 52% of this amount.  Endesa thereby consolidated its commitment to electrification and unlocking the connection of new industrial demand by increasing investment in networks by 38% year-on-year to €600 million. The distribution network now contributes 36% of total EBITDA: €1,200 million, which represents a 24% increase.

In this context, Endesa welcomes the latest Royal Decree approved yesterday, which will make it possible to significantly increase the investment limit in the distribution network, providing greater headroom to accelerate the rollout of capital expenditure (capex) in the coming years.

Alongside this, the company increased its renewable generation by 11% to 11 TWh, thanks to the increase in installed capacity and higher production across various technologies, consolidating an increasingly sustainable generation mix: 86% of peninsular production comes from emission-free technologies. This reinforces Endesa's involvement in the transformation of its energy model and in the consolidation of a more sustainable, flexible, and decarbonisation-oriented portfolio.

In the commercialisation business, the company foresees a more rational and sustainable competitive scenario following the latest regulatory measures. The free-market electricity customer base stood at 6.3 million. 

At the same time, Endesa will continue strengthening its store network, which now exceeds 370 branches in Spain and Portugal. The company will also refine its approach to digital-native customers and advance its alliance strategy to support cross-selling, with the overarching objective of expanding the customer base, strengthening retention, and creating long-term value. The initial results of this strategy are already becoming apparent through a lower cost to serve and a reduction in unpaid debts.