Endesa, S.A. Q2 2026 Earnings Recap

Shares rose 3.6% following results that beat expectations on key financial and operational metrics, driven primarily by strong regulated network earnings and accelerated capital expenditures supporting future growth.

Key Takeaways

• EBITDA grew 20% year-over-year to EUR 3.2 billion, powered by a 24% increase in network EBITDA and resilient generation and supply segments.
• Net income rose 41% to EUR 1.5 billion, reflecting improved margins and operating cost reductions of EUR 45 million.
• Network CapEx surged 38% to EUR 0.6 billion, aligned with regulatory support and the transition to electrification, driving growth in the regulated asset base to EUR 11.4 billion.
• Regulated businesses increased their EBITDA contribution from 40% to approximately 50%, enhancing earnings quality and visibility.
• Despite a nearly 20% drop in power prices, strong ancillary service revenues and efficiency gains offset headwinds, supporting overall profitability.