Q3 2025 Endesa SA Earnings Call Transcript
Key Points
- Endesa SA (ELEZF) reported a 9% year-on-year increase in EBITDA, reaching EUR4.2 billion.
- Net income rose by 22% compared to the previous year, amounting to EUR1.7 billion.
- Cash generation was strong, with FFO increasing by 29% year-on-year to EUR3.4 billion.
- The company successfully acquired the remaining 62.5% stake in CETASA, consolidating its wind asset portfolio.
- Endesa SA (ELEZF) is progressing with its share buyback program, launching a third tranche with a target of up to EUR500 million.
- The current distribution remuneration framework does not provide adequate support for the investment network required by the National Energy Plan.
- Commodity prices showed signs of normalization, but the Spanish electricity market faced increased ancillary services costs.
- Endesa SA (ELEZF) had to reject most new demand connection requests for 2025 due to capacity constraints.
- The company lost 130,000 regulated customers in Q3, focusing on high-value customers but facing challenges in customer retention.
- The regulatory framework for distribution remains complex, creating uncertainty and potentially hindering investment decisions.
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Hello. Good morning to all the people connected. Welcome to the nine-month 2025 results presentation, which will be hosted by Endesa CEO, José Bogas; and the CFO, Marco Palermo. Before we start, let me remind you that after the presentation, we will have the usual Q&A session.
Thank you. And now let me hand over to our CEO, José Bogas.
Okay. Thank you, Mar, and welcome to everybody. Let me open this presentation by highlighting the strong economic and financial performance of the period which, as we will see thoroughly, resulted in a remarkable cash generation. This clearly proves the resilience of our business model, which enable us to meet our commitments, maintaining predictable results and consistently creating value despite a complex and certain market context.
Regarding shareholder remuneration policies, we are making steady progress in the implementation of our share buyback
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