Reaffirms its goals for the year as a whole
Endesa registered a net profit of 879 million euros in the first half of the year, which represents 4% less than the same period last year, in which it added capital gains from the sale of 51% of its electric mobility business to its parent Enel, the company informed the National Securities Market Commission (CNMV).
Without taking into account the extraordinary ones, the ordinary net profit of the energy company led by José Bogas would have grown by 19.8% in the semester compared to the same period in 2022.
The gross operating result (Ebitda) of the electric company grew by 13.2% in the period from January to June of this year, to 2,476 million euros.
For its part, Endesa's revenues in the first six months of the year fell by 11.6%, standing at 13,121 million euros at the end of the period.
Endesa thus reached the first half of the year, reconfirming its main financial objectives for the year, which include an Ebitda of between 4,400-4,700 million and a net profit of between 1,400-1,500 million euros, paying a dividend per share in the environment of 1 euro.
Endesa's good performance in the period was based on the positive contribution of all the company's Generation and Marketing segments, highlighting 473 million in the electricity, gas and customer service supply business, 214 million in conventional generation, and another 180 million from the renewable activity.
These results were recorded in a market context in which it continues to normalize compared to the previous year, marked by the energy crisis after the outbreak of the war in Ukraine.
Thus, the average price of the Iberian electricity market stood at 88 euros megawatt/hour (MWh) in the period, 57% less than in the first half of 2022. A reduction equal to that registered by both the average price of gas in the TTF index (44.6 euros MWh, 55% less) as in the Iberian reference PVB (42 euros MWh, 55% less).
In addition, in the first half of the year the demand for electricity from Endesa customers on the Peninsula fell by 3.8%, mainly due to lower consumption in the services and residential sectors.
The energy investment grew by 12% in the first semester, in interannual terms, up to 1,043 million. 76% of it was destined for the pillars of the energy transition: networks (40%) and renewables (36%).
In this first semester, Endesa reached 9,300 megawatts (MW) of renewable power (hydroelectric, solar and wind) on the Peninsula, 800 MW more than a year ago.
Almost 81% of the energy group's peninsular production in the first semester was emission-free, three points more than the previous year.
With regard to its customer portfolio, Endesa closed June with 10.5 million electricity customers in Spain, the same figure as at the end of the first half of the previous year. Of these, 6.9 million are on the free market, 5% more, and 3.7 million on the regulated market, 5% less.
100% SOLD THIS YEAR AND 89% IN 2024 AT 65 EUROS/MWH.
In addition, the company has already sold 100% of its own electricity production by 2023 and 89% by 2024, in both cases at a price of 65 euros/MWh, complying with current regulations.
As for the gas business, the total volume sold fell slightly by 5% to 49 TWh, due to lower consumption in combined cycles and by customers (industrial and domestic). The company has already sold 90% of the gas it buys by 2023 and 65% by 2024. The customer base remains stable at 1.8 million.
As regards sustainable mobility, the network of charging points for electric vehicles adds 5,500 more in the last twelve months, up to 16,600.
For its part, Endesa's net debt reached 10,600 million euros, representing a 3% decrease compared to the end of 2022. Gross debt decreased, for its part, by 22% mainly due to the sharp reduction in collaterals that cover operations in the international markets of raw materials up to 3,100 million, 53% less than at the end of last year.
The leverage ratio (net debt over Ebitda) stands at 1.8 times, from the two times as of June 2022. The cost of debt stands at 3%.