Endesa, S.A. Q3 2026 Earnings Recap

The shares fell 1.6%, a roughly flat reaction. Results showed higher earnings and accelerated network investment, while renewables faced weaker achieved prices and a more negative shape effect; management also expects customer trends to reverse only in the short to medium term.

Key Takeaways

• Reported EBITDA was EUR 4.6 billion, including a EUR 0.2 billion workforce restructuring provision; excluding it, EBITDA grew 13%.
• Net income rose 15% to EUR 2.0 billion, and net ordinary income increased 22% to EUR 2.10 billion.
• Networks drove performance: EBITDA rose 25%, network CapEx increased 42% to EUR 0.9 billion, and RAB reached EUR 11.3 billion.
• Generation and supply EBITDA grew 3%; renewables gross margin fell to EUR 0.7 billion despite higher cumulative volumes, reflecting weaker achieved prices and a more negative shape effect.
• Net debt was EUR 11.2 billion, up EUR 1.1 billion, while net debt-to-EBITDA remained 1.8x.