Endesa announced profits of 2.2 billion euros in 2025, an increase of 16.4% compared to the previous year, according to information sent to the National Securities Market Commission (CNMV) of Spain, this Tuesday, February 24.
Operating income before interest, taxes, depreciation and amortization (EBITDA) stood at €5.8 billion, up 8.7% year on year, while total revenue rose slightly to €21.4 billion (+0.5%).
The electricity company highlighted that, in 2025, it substantially increased the pace of investments, with disbursements of R$3.2 billion — an increase of 55% compared to 2024 — of which 77% were allocated to distribution networks and renewable energy projects. This reinforcement of applications is part of a new strategic plan for 2026-2028, which increases global investments by 10% compared to the previous three years and sets a total amount of 10.6 billion euros, considered by the company as “a historic record” since it began operations throughout the Iberian Peninsula in 2014.
Of the total strategic plan, Endesa plans to channel around 5.5 billion euros (approximately 52%) towards strengthening and expanding the electrical network, an objective that depends, according to the company, on legislative changes in Spain that will allow the execution of works to be accelerated.
Another three billion (around 28%) will be invested in renewable capacity, with priority for wind projects and storage infrastructure, while 900 million will be reserved for commercial electricity and gas activity.
The company highlighted that all business segments increased EBITDA, with the exception of renewable generation, which suffered from lower volumes and prices in wind and solar.
Conventional generation and the gas business made a significant positive contribution to the results, the note states.
Endesa also highlighted that 2025 was characterized by an increase in electrical demand in the Iberian Peninsula, estimated at around 2% in the year.
The company recognized, however, the negative effect of the blackout on April 28, 2025 in the Iberian Peninsula, which entailed extraordinary costs associated with network reinforcement and readaptation operations, as well as unforeseen expenses to guarantee supply.
In the document, Endesa warns of a “generalized context of saturation” of distribution networks in Spain, pointing to average occupancy levels of 88%. In view of this situation and the delay in meeting the wind power and storage targets planned for 2030, the company once again defended the change in the nuclear power plant closure schedule agreed in 2019, proposing the extension of the life of some units as a measure to reinforce security of supply. Endesa also highlights the competitiveness of nuclear technology compared to available alternatives.
Impact and presence in Portugal
Endesa is the largest Spanish electricity company and the second largest gas distribution operator in Spain. In Portugal, the company produces and distributes electricity and maintains a set of renewable projects. Of note is the contract won for the conversion of the Pego plant (Abrantes), with an estimated investment of 600 million euros. The company indicates that construction of this conversion is scheduled to begin in 2027. The company also has ongoing initiatives to develop solar parks in Portuguese territory.
Financial perspectives
With the new strategic plan, Endesa projects an average annual growth in its results of around 4% until 2028. Management highlights its intention to “lead the energy transition” and take advantage of the opportunities arising from the electrification of the economy, although the full implementation of the plan depends on favorable regulatory and market conditions.
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