Endesa profit up 15% to 1,962 million euros as grid investment rises 42%

Endesa's nine-month results

On Wednesday, 28 October 2026, Endesa presented its January to September results to the Comisión Nacional del Mercado de Valores (CNMV). Net profit reached 1,962 million euros, up 14.7% on the same period of 2025. Ordinary net profit came to 2,125 million euros, while EBITDA rose 8.4% to 4,577 million euros. Revenue reached 17,389 million euros, 9% higher than a year earlier. The company kept its forecast of more than 2,400 million euros in ordinary net profit for 2026, although it expects a more demanding final quarter.

The business mix is also shifting toward regulated activities. Distribution and generation outside the mainland now supply nearly half of group EBITDA, against about 40% a year earlier. Distribution EBITDA rose 24.8% to 1,747 million euros, helped by the regulatory framework in force since 1 January 2026 and by adjustments for earlier years. Generation and retail EBITDA rose 3% to 2,889 million euros, with growth in the customer business offsetting a decline in renewables.

Distribution1,747

Generation and retail2,889

Distribution

1747 EUR million

Generation and retail

2889 EUR million

Data from the article text

Grid investment and demand

Gross investment reached 1,622 million euros in the first nine months, up 19.4%. Networks took the largest share, about 900 million euros, a rise of 42%, aimed at reinforcing and modernising distribution grids for new connections and electrification. The company welcomed higher network investment limits for 2027 to 2030, which El Periódico reported as 10,200 million euros of additional distribution spending and 7,700 million euros of additional transmission spending. The push follows a dispute with the CNMC over network remuneration up to 2031, in which Iberdrola, Endesa and Naturgy pressed for a framework that would let them recover the investment required.

Peninsular electricity demand rose 3.3% in the first nine months, or 1.6% after adjusting for temperature, working days and the effects of the 2025 blackout. Endesa said:

“This evolution confirms the structural trend towards greater electrification and supports a positive outlook for electricity demand growth in Spain.”

The company names data centres as one of the main potential sources of new demand, but it says capturing that opportunity requires enough grid capacity and a proportionate regulatory framework.

Generation, debt and outlook

Electricity output rose 6% to 49,296 GWh. Renewable output increased 8% to 14,944 GWh, with solar up 30% to 3,759 GWh and wind up 7% to 4,407 GWh. Low-emission technologies, renewables and nuclear together accounted for 85% of production. Endesa lost a small number of customers in the Spanish market, and its net debt now exceeds 11,000 million euros. The company's statement also highlighted the extension of the Almaraz licence to June 2030 and the approval of a capacity market framework, which still awaits auctions. The update of its strategic plan is scheduled for February 2027.

Redeia's results

Redeia, the holding company of grid operator Red Eléctrica, reported net profit of 410.3 million euros for January to September, up 5.3%. EBITDA rose 5.3% to 1,001.4 million euros, and revenue from its business (cifra de negocio) grew 7.8% to 1,312.9 million euros. Including its share of profits from equity-accounted companies, total income reached 1,352.4 million euros, up 7.2%. Investments rose 19.3% to 1,139 million euros, and Red Eléctrica accounted for 1,092 million euros of that, close to 96%.

Endesa1,962

Redeia410.3

Endesa

1962 EUR million

Redeia

410.3 EUR million

Data from the article text

Net financial debt stood at 5,600.8 million euros at the end of September, up 2.3%. The company attributed the increase to its strong investment pace, partly offset by cash generated from operations. Revenue from national electricity infrastructure reached 1,176.8 million euros, 9.7% higher than a year earlier.