Endesa SA reported a strong 32.6% increase in net profit for the first nine months of 2024, reaching EUR 1.404 billion, largely driven by higher EBITDA across its business segments, particularly in gas.
The Spanish utility also saw its ordinary net profit increase by 29.9% to EUR 1.38 billion year-on-year.
Despite a 17.9% decrease in revenue to EUR 15.8 billion and a 5.1% decline in net electricity sales to 56.5 TWh, Endesa's EBITDA rose by 15.7% to EUR 3.88 billion.
Renewable energy was a significant contributor, adding EUR 731 million in EBITDA, up 16.2% from the previous year. Renewable generation reached 13.9 TWh, a 36.4% year-on-year rise, with Endesa's renewables capacity reaching 10,092 MW by the end of September—nearly half of its total 21,440 MW.
In response to a 2.6% drop in customer numbers amid intense market competition and falling electricity prices, Endesa introduced a loyalty program aimed at bolstering customer retention.
Satisfied with its nine-month performance, the company reaffirmed its expectation to meet the upper end of its 2024 financial targets: an EBITDA between EUR 4.9 billion and EUR 5.2 billion and an ordinary net profit ranging from EUR 1.6 billion to EUR 1.7 billion.
