Endesa raises net profit 15% to €1.962 billion in nine months
Key Facts
Endesa reported net profit of €1.962 billion in the first nine months of 2026, up 15% according to the company’s rounding, compared with €1.711 billion in the same period of 2025. The filing submitted through Spain’s securities market regulator showed ordinary net profit rising 22% to €2.125 billion, from €1.735 billion a year earlier. The company reaffirmed its guidance for the year, despite expecting more challenging market conditions in the fourth quarter, according to press reports citing its filing. The cumulative results put the earnings trajectory and annual guidance at the center of the company’s report, rather than a quarterly decline that is not substantiated by the available filing. The company’s shares, listed under the ticker ELEZY, closed at $24.68 on October 27, according to EL7 data.
Revenue for the nine months reached €17.389 billion, up 9% from €15.948 billion in the same period a year earlier. Earnings before interest, taxes, depreciation and amortization rose to €4.577 billion, compared with €4.224 billion, an increase of 8%. Ordinary net profit grew faster than revenue and operating profit under the metrics presented, rising 22% over the period. These figures show expanding activity and improved cumulative profitability, while net profit and ordinary profit remain separate measures in the company’s presentation. The filing therefore reflects the full nine months and does not provide a separate figure in the data cited that confirms a decline in third-quarter net profit.
The growth in results coincided with a shift in the earnings mix toward regulated activities, including distribution and generation outside the Iberian Peninsula. These activities’ contribution rose to about 50% of earnings before interest, taxes, depreciation and amortization in the first nine months of 2026, compared with about 40% a year earlier. Operating profit from the distribution business reached €1.747 billion over the period. The expansion of networks and regulated businesses gives the sector greater weight in results, alongside rising electricity demand, according to the company’s presentation. The shift also puts the distribution business at the center of Endesa’s performance, as its share of operating profit rose compared with the corresponding period.
The average price in Spain’s electricity market was €96 per megawatt-hour in the first nine months, up 20% year on year. On investment, Endesa said funds are directed toward strengthening, modernizing and expanding its distribution network to keep pace with rising electricity demand. The goals include facilitating new connections and supporting the expansion of electrification, according to results disclosures published via MarketScreener. The company linked expected demand growth to data centers, describing them as a “key driver of demand growth.” It also called for more proportionate regulation to preserve Spain’s competitive advantages, according to its presentation to the Spanish regulator.
The company generated cash flow of €3.5 billion in the first nine months of the year. Net debt stood at €11.2 billion at the end of the period, compared with €10.1 billion at the end of 2025. These figures place cash flow and network investment alongside the increase in debt over the period, without the cited filing specifying how much of the increase was associated with each item. Financing network modernization and expansion remains part of the results context, as the company focuses on meeting electricity demand and facilitating new connections. Endesa said an update to its strategic plan will be presented in February 2027, the next date the company set for presenting its plan.