Endesa SA

XMUN:ENA

Guidance raised: Endesa lifted its 2026 earnings outlook, now expecting net ordinary income to exceed EUR 2.4 billion after a strong first half and better visibility for the rest of the year.

Strong H1: EBITDA rose 20% to EUR 3.2 billion and net income climbed 41% to EUR 1.5 billion, with management pointing to regulated businesses, efficiency gains and solid cash generation.

Networks driving quality: Network EBITDA grew 24% to EUR 1.2 billion, helped by the new regulatory framework, while network CapEx accelerated sharply as the company leaned into grid investment.

Buyback on track: More than 50% of the EUR 2 billion share buyback was completed by end-June, and management said no extension or new program is currently being considered.

Retail resilience: The company said retail remained highly competitive, but margin improved thanks to pricing actions, lower sourcing costs and better customer quality.

Macro downside limited: Management said exposure to geopolitics and higher pool prices is limited because the business is heavily hedged and largely fixed-price to customers.