Endesa Expects Ordinary Profit to Exceed €2.4 Billion in 2026 After 22% Growth
Key Facts
Spain’s Endesa reaffirmed its forecast that ordinary net profit will exceed €2.4 billion in 2026, after posting €2.125 billion in the first nine months, up 22% year over year. EBITDA was €4.577 billion, compared with €4.224 billion in the same period of 2025, an increase of 8%. In its results presentation filed with Spain’s National Securities Market Commission, the company said ordinary net profit “will exceed €2.4 billion.” The annual guidance confirmation comes as regulated activities contribute more to earnings and spending on electricity networks rises. Endesa posted first-half net profit of €1.470 billion, up 41%, and EBITDA of €3.240 billion, up 20%.
The earnings mix shifted in favor of regulated activities, whose share of EBITDA rose to about 50% in the first nine months of 2026, from about 40% in the same period a year earlier. Endesa said the increased contribution from these activities “strengthens our earnings profile,” referring to the growing role of businesses with regulated returns in total earnings. The company linked a slight increase in depreciation and impairment losses to higher investment in distribution and renewable energy. This means spending on assets was accompanied by higher accounting costs, while regulated activities supported the earnings mix. The presentation did not provide a numerical breakdown of the slight increase in depreciation and impairment.
Endesa’s capital expenditure on networks rose 42% in the first nine months of 2026. The company described the investment as “essential to electrifying demand,” as electricity-related needs expand. Higher network spending puts distribution at the heart of the investment strategy, which was also reflected in depreciation and impairment. Endesa also said it had reservations about a draft regulation for data centers, calling for more proportionate rules to preserve Spain’s competitive advantages. The company said data centers are an important driver of demand growth, making the regulatory framework relevant to the evolution of consumption and the investment needed in networks. The company did not provide a numerical estimate of the impact of data-center regulation on demand or spending in the material provided.
The average electricity price in the Iberian market rose to €96 per megawatt-hour in the first nine months of 2026, compared with €80 in the same period of 2025, an increase of 20%. The comparison shows a higher realized market price during a period when Endesa recorded growth in operating and ordinary profit. At the same time, regulated activities’ share of EBITDA expanded to about half of the total, according to the company’s presentation. The results therefore combine changes in electricity prices with a greater contribution from regulated businesses and investment in networks. The available data did not specify how much each factor contributed individually to earnings growth.
In trading, ILIAD closed at $24.68 on October 27, after closing at $24.43 on October 26 and $24.30 on October 23. It also closed at $23.88 on October 22 and $23.69 on October 21, according to available market data. Endesa shares closed in Madrid at €44.180 on October 27, up 0.75% in the session. These prices show two different trading listings for the stock, in dollars in ILIAD data and in euros on the Madrid market. The nine-month results presentation was listed in the company’s investor calendar for October 28, 2026, at 10:00 Central European Time.
Endesa’s estimates published on September 28 put analysts’ average forecast for 2026 ordinary net profit at €2.435 billion, compared with the company’s guidance that it would exceed €2.4 billion. The figures are close, with the company’s guidance representing a lower threshold slightly below the published average estimate. The company had scheduled its nine-month results presentation for October 28 at 10:00 Central European Time. The quarterly results provide a basis for tracking the company’s progress toward its annual forecast, while the average analyst estimate published in September remains a benchmark for comparison with the guidance. The information provided did not include a specific later date for updating the forecast.