Endesa earns 1.711 billion in nine months, almost the same as in all of 2024

MadridEndesa earned €1.711 billion between January and September of this year, 22% more than in the same period last year, the company reported Wednesday to the Spanish National Securities Market Commission (CNMV). This not only almost matches the €1.888 billion earned in all of 2024, but also puts it on track to reach €2 billion in 2025, as the electricity company predicted at its Capital Markets Day. The company, led by José Bogas, believes that the strong performance of the business during the first nine months of the year is due to the recovery and increase in electricity consumption on the Iberian Peninsula, both in the industrial and services sectors (in the latter case, the company highlights the growth of data centers). It also links this to electricity prices that, on average, have hovered around €63/MWh between January and September, 21% higher compared to the same period in 2024. Finally, it links it to the additional cost of having the Spanish electricity system in "reinforcement mode" since the massive blackout of April 28th. Endesa estimates that this measure adds an average of €17 in ancillary service costs, increasing the average electricity price to €80/MWh.

Regarding the April blackout and its consequences, Endesa CEO José Bogas told analysts that "it remains unclear how long the electricity system operator [Red Eléctrica] will maintain the system reinforcement, which represents a significant additional cost." Aelec, the industry association representing Endesa, Iberdrola, and EDP, indicated on Monday that this "is not a long-term solution." In this context, Bogas insisted that it is necessary to "reconsider the plan to close nuclear power plants." started by Almaraz, in CáceresIberdrola and Naturgy, also owners of the Extremadura power plant, expressed similar sentiments. In fact, they are expected to submit the formal request to extend the plant's operating life this week. Despite this, the electricity company's revenue between January and September reached €15.948 billion, representing a 1.2% increase compared to the first nine months of 2024, while its gross operating profit (EBITDA), that is, profit before tax, reached €4.224 billion, an 8.8% increase. Naturgy earned €1.688 billion in nine months

Naturgy also presented its quarterly results this Wednesday. The leading gas company in Spain achieved a profit of €1.668 billion between January and September, a 5.6% increase compared to the same period in 2014, as reported by the company to the CNMV (Spanish National Securities Market Commission). With these earnings, the company, chaired by Francisco Reynés, is also on track to surpass the record figure of €2 billion in a single year. As for gross operating profit (EBITDA), it stood at €4.214 billion, 1.8% lower than in the first nine months of 2014.

"Naturgy continues to demonstrate its commitment to fulfilling all the promises of its strategic plan. [...] In a very complex geopolitical context, the company has achieved good results and has completed the placement of its treasury shares in record time, which should allow it to return to the main stock market indices," Reynés emphasized. The gas company has successfully completed a €2.332 billion takeover bid to increase its free float(free float, that is, the number of company shares that are bought and sold on the stock exchange) by approximately 15%. The company buys back its own shares, which are held by large funds, and then resells them on the market as freely traded shares.