HALF-YEARL Y
FINANCIAL REPORT
AT 30 JUNE 2026
This English-language version has been translated from the original issued in Spanish by the entity itself and under its sole responsibility, and is not considered official or regulated financial information.
In the event of discrepancy, the Spanish-
language version prevails.
2 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Build the future
through
sustainable
power.Purpose
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 3
Vision
Drive
electrification,
fulfilling people’s
needs
and shaping
a better
world.
Values
Trust
Innovation
Proactivity
Respect
FlexibilityPositioning
Your energy choices, our responsibility.
Every day,
powered by
clean energy.
Contents
4 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026NAVIGATION GUIDE FOR THE DOCUMENT
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I. Limited Review Report on the Interim Condensed Consolidated Financial Statements ...................................................... 7 II. Consolidated Management Report .......... 13 Endesa ..................................................................................................................................... 18 Corporate Governance .................................................................................................... 23 Strategy and Risks .............................................................................................................. 27 Performance and Metrics ................................................................................................ 39 Outlook .................................................................................................................................... 80 Sustainability Information ............................................................................................... 83 III. Interim Condensed Consolidated Financial Statements ...................................... 91 IV. Limited Review Report on the Individual Interim Condensed Financial Statements .... 249 V. Individual Interim Condensed Financial Statements and Management Report ........... 255 Activity Description of Activity
Conventional Generation
Renewable Generation
Energy Commercialisation
Commercialisation of other Products and Services
Distribution
Structure and Services
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 5
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
I6 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Limited Review
Report on
the Interim
Condensed
Consolidated
Financial
Statements
for the six-month period ended 30 June 2026I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII. II.
Consolidated Management Report Consolidated Management Report III. III.
Interim Condensed Consolidated Interim Condensed Consolidated Financial Statements Financial Statements IV. IV.
Limited Review Report Limited Review Report on the Individual Interim on the Individual Interim Condensed Financial StatementsCondensed Financial StatementsV. V.
Individual Interim Condensed Individual Interim Condensed Financial Statements Financial Statements and Management Reportand Management Report
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 7
Report on Limited Review of Endesa, S.A. and
subsidiaries
(Together with the interim condensed consolidated financial statements and consolidated management report of Endesa, S.A. and subsidiaries for the six -month period ended 30 June 202 6) (Translation from the original in Spanish. In the event of discrepancy, the Spanish -language version
prevails.)
8 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
KPMG Auditores S.L., a limited liability Spanish company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
Paseo de la Castellana, 259C 28046 Madrid KPMG Auditores, S.L.
Pº de la Castellana, 259 C
28046 Madrid
Report on Limited Review of Interim Condensed Consolidated
Financial Statements
Reg. Mer Madrid, T. 11.961, F. 90, Sec. 8, H. M -188.007, Inscrip. 9 N.I.F. B -78510153 (Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)
To the Shareholders of Endesa, S.A., commissioned by the Directors of Endesa, S.A.
REPORT ON THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
Introduction __________________________________________________________
We have carried out a limited review of the accompanying interim condensed consolidated financial statements (the “interim financial statements”) of Endesa, S.A. (the “Parent”) and subsidiaries (the “Group”), which comprise the statement of financial position at 30 June 202 6, the income statement, statement of other comprehensive income, statement of changes in equity, statement of cash flows for the six -month period then ended, and explanatory notes (all condensed and consolidated). The Directors of the Parent are responsible for the preparation of these interim financial statements in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting as adopted by the European Union, pursuant to article 12 of Royal Decree 1362/2007 as regards the preparation of condensed interim financial informat ion. Our responsibility is to express a conclusion on these interim financial statements based on our limited review.
Scope of Review ______________________________________________________ We conducted our limited review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A limited review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit conducted in accordance with prevailing legislation regulating the audit of accounts in Spain and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the accompan ying interim financial statements.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 9
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
2 (Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)
Conclusion ___________________________________________________________
Based on our limited review, which can under no circumstances be considered an audit, nothing has come to our attention that causes us to believe that the accompanying interim financial statements for the six -month period ended 30 June 2026 have not been prepared, in all material respects, in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting as adopted by the European Union, pursuant to article 12 of Royal Decree 1362/2007 as regards the preparation of co ndensed interim financial statements.
Emphasis of Matter ____________________________________________________ We draw your attention to the accompanying note 3, which states that these interim financial statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with International Financial Reporting Standards as adopted by th e European Union. The accompanying interim financial statements should therefore be read in conjunction with the Group’s consolidated annual accounts for the year ended 31 December 2025 . This matter does not modify our conclusion.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
The accompanying consolidated management report for the six -month period ended 30 June 2026 contains such explanations as the Directors of the Parent consider relevant with respect to the significant events that have taken place in this period and their effect on the interim financial statements, as well as the disclosures required by article 15 of Royal Decree 1362/2007. The consolidated management report is not an integral part of the interim financial statements. We have verified that the accounting information contained therein is consistent with that disclosed in the interim financial statements for the six -month period ended 30 June 2026 . Our work is limited to the examination of the consolidated management report within the scope described in this paragraph and does not include a review of information other than that obtained from the accounting records of Endesa, S.A. and subsidiaries.
Other Matter __________________________________________________________ This report has been prepared at the request of the Directors in relation to the publication of the half -
yearly financial report required by article 100 of Law 6/2023 of 17 March 2023 on Securities Markets and Investment Services.
(Signed on original in Spanish)
Alberto Fernández Solar 28 July 2026 KPMG Auditores, S.L.
10 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 11
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
II12 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Consolidated
Management
Report
for the six-month
period ended
30 June 2026 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 13I. I.
Limited Review Report on the Limited Review Report on the Interim Condensed Consolidated Interim Condensed Consolidated Financial StatementsFinancial StatementsII.
Consolidated Management Report III. III.
Interim Condensed Consolidated Interim Condensed Consolidated Financial Statements Financial Statements IV. IV.
Limited Review Report Limited Review Report on the Individual Interim on the Individual Interim Condensed Financial StatementsCondensed Financial StatementsV. V.
Individual Interim Condensed Individual Interim Condensed Financial Statements Financial Statements and Management Reportand Management Report
Contents
NAVIGATION GUIDE FOR THE DOCUMENT
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14 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Endesa .............................................................. 18 1. Key Figures ................................................................................................................... 19 2. Value creation and business model ................................................................. 21 Corporate Governance ................................... 23 3. Organisational structure ........................................................................................ 24 3.1. Board of Directors ........................................................................................... 24 3.2. Senior Management ....................................................................................... 26 Strategy and Risks ........................................... 27 4. Reference scenario ................................................................................................... 28 4.1. Macroeconomic environment .................................................................... 28 4.2. Electricity and gas market ........................................................................... 29 5. Endesa’s Strategic Plan ........................................................................................... 32 5.1. 2026–2028 Strategic Plan ............................................................................ 32 5.2. Key financial indicators .................................................................................. 34 5.3. Long-term vision. Full decarbonisation by 2040 ............................... 34 6. Main risks and uncertainties associated with Endesa’s activity ............ 35 6.1. Main risks and uncertainties ........................................................................ 35 6.2. Endesa’s criminal risk prevention and anti-bribery model ............ 38 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 15I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Performance and Metrics ............................... 39 7 . Alternative Performance Measures (APMs) ..................................................... 40 8. Significant eventsof the period ........................................................................... 45 8.1. Changes in the scope of consolidation ................................................. 45 8.2. Geopolitical situation ..................................................................................... 45 9. Endesa’s operating performance and earnings in the first half of 2026 ........................................................................................................................... 46 9.1. Operating performance ................................................................................ 46 9.2. Analysis of results ............................................................................................ 51 10. Equity and financial analysis ................................................................................. 62 10.1. Net invested capital ...................................................................................... 62 10.2. Financial management ................................................................................ 63 10.3. Capital management .................................................................................... 65 10.4. Management of credit ratings ................................................................. 66 10.5. Cash flow ........................................................................................................... 66 10.6. Investments ...................................................................................................... 67 11. Segment information ............................................................................................... 68 11.1. Basis of segmentation ................................................................................. 68 11.2. Segment information ................................................................................... 68 11.3. Generation and Commercialisation ....................................................... 72 11.4. Distribution ....................................................................................................... 73 11.5. Structure and others ................................................................................... 73 12. Innovation and digitalisation ................................................................................. 74 12.1. Research, Development and Innovation (R&D&I) activities .......... 74 13. Regulatory Framework ............................................................................................ 75
16 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
14. Further information ................................................................................................... 75 14.1. Stock market information .......................................................................... 75 14.2. Dividends ........................................................................................................... 78 14.3. Information on related-party transactions ......................................... 78 14.4. Contingent assets and liabilities ............................................................. 78 15. Events after the reporting period ....................................................................... 79 Outlook ............................................................ 80 16. Outlook for the business ....................................................................................... 81 Sustainability Information .............................. 83 17 . Sustainability Information ..................................................................................... 84 17 .1. Environmental Information ......................................................................... 84 17 .2. Social Information .......................................................................................... 86 17 .3. Governance Information .............................................................................. 88 Legal Disclaimer .................................................................................................................. 89
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 17
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
II. CONSOLIDATED
MANAGEMENT REPORT
Endesa
18 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
1. Key Figures
REVENUE
Revenue Gross Operating Profit (EBITDA) (1)
+1.1% +19.5%
10,995 million euros 3,240 million euros 10,880 million euros in the January-June 2025 period2,711 million euros in the January-June 2025 period
PERFORMANCE
Net Profit Net Ordinary Profit (1)Net Financial Debt (1) +41.2% +42.2% +1.9%
1,470 million
euros1,480 million
euros10,305 million
euros
1,041 million euros in the January-June 2025 period1,041 million euros in the January-June 2025 period10,110 million euros at 31 December 2025
INVESTMENTS PEOPLE
Gross Investments in Property, Plant and Equipment and Intangible AssetsCash Flows from Operating Activities Closing Workforce +13.6% –3.6% –0.2% 1,062 (2) million
euros2,272 million
euros8,924 employees
935 (3) million euros in the January-June 2025 period2,356 million euros in the January-June 2025 period8,946 employees at 31 December 2025
RENEWABLE AND CONVENTIONAL POWER GENERATION
Net installed capacity Net Installed Peninsular
Renewable Capacity
+0.6% +1.1%
22,744 MW 11,319 MW
22,616 MW at 31 December 2025 11,191 MW at 31 December 2025 Electricity Generation (4)Generation of Renewable Electricity (4)
+8.5% +11.4%
32,708 GWh 10,978 GWh
30,136 GWh in the January-June 2025 period 9,852 GWh in the January-June 2025 period
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 19
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
DISTRIBUTION
Distribution Networks and Transmission Grids Energy Distributed (5)
+0.2% +4.2%
322,550 km 72,555 GWh 321,843 km at 31 December 2025 69,614 GWh in the January-June 2025 period End Users (6)Ratio of Digital Customers (7)
+0.3%
12,761 thousand 99% 12,719 thousand at 31 December 2025 99% at 31 December 2025
COMMERCIALISATION OF ELECTRICITY , GAS
AND OTHER PRODUCTS AND SERVICES
Net Electricity Sales (8)Number of Electricity Customers (9) (10)Number of Electricity Customers (Deregulated) (11) –2.3% +0.1% +1.3% 35,474 GWh 9,603 thousand 6,280 thousand 36,326 GWh in the January-June 2025 period9,590 thousand at 31 December 20256,201 thousand at 31
December 2025
Gas Sales (12)Number of Gas Customers (13) Public and Private Electricity Charging Stations – 17.6 % +1.1% +6.5% 25,591 GWh 1,717 thousand 29,504 units 31,071 GWh in the January-June 2025 period1,699 thousand at 31 December 20252 7,69 9 units at 31 December
2025
(1) See the definition in Section 7 of this Consolidated Management Report.
(2) Does not include the acquisition of Energía Colectiva, S.L.U., which is incorporated as part of the Business Combination (see Note 7 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026).
(3) This does not include the acquisition of E-Generación Hidráulica, S.L.U., which was consolidated as part of the business combination.
(4) At busbar.
(5) Energy supplied to customers, with or without a contract, auxiliary consumption from generators and outputs to other grids (transmission grid and distribution network).
(6) Customers of distributors.
(7) Number of Digitalised Customers / End Users (%).
(8) Sales to end customers.
(9) Supply points.
(10) Customers of the commercialisation companies.
(11) Customers of deregulated commercialisation companies.
(12) Without in-house generation consumption.
(13) Supply points.
20 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
2. Value creation and
business model
Endesa is developing a sustainable business model aimed at promoting a just and inclusive energy transition, integrating sustainability into its strategy and contributing to the creation of shared value in the regions where it operates. The Company continually adapts its strategy to address key social, economic and environmental challenges, in a context marked by profound social, economic and environmental changes. Among these, the main challenge is the move towards a decarbonised and progressively electrified economy, driven by the development and modernisation of electricity grids, the growth of generation from renewable sources and the gradual replacement of fossil fuel-based technologies, whilst ensuring that the benefits associated with this transformation reach society as a whole. This transformation not only helps to reduce environmental impact but also boosts economic activity, creates jobs and fosters regional development.In order to effectively manage the risks and opportunities of a constantly evolving energy sector, Endesa’s business model is structured around different business lines, enabling the company to act with agility in the markets in which it operates and to respond appropriately to the needs of its customers and stakeholders.
These business lines primarily correspond to the generation, distribution and supply of electricity and gas, mainly in Spain and Portugal, as well as, to a lesser extent, the supply of electricity and gas in other European markets, particularly in Germany and France, via its platform in Spain, and the provision of other products and services related to its core business.
Detailed information regarding Endesa’s value chain and business model is set out in Section 24 of the Consolidated Management Report for the financial year ended 31 December 2025.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 21
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
2026–2028 Endesa Sustainability Plan (PES) On 20 February 2026, Endesa approved the Endesa Sustainability Plan (ESP) 2026–2028, which reflects its commitment to a business model in which sustainability is integrated across the board into its strategy and its industrial and business plan, whilst also incorporating ethical, social and environmental commitments.
This Plan complements Endesa’s Strategic Plan 2026–2028, which directs the company’s activities towards a business model capable of addressing the main challenges facing society and the energy sector, notably the decarbonisation and electrification of the economy as key drivers in the fight against climate change and the strengthening of energy self-sufficiency.
In this context, Endesa’s Sustainability Plan (PES) 2026– 2028 is structured around the key factors shown in the
table below:
Nature Energy Transition A just and inclusive transition Endesa’s business model addresses the energy transition challenge in an integrated manner, promoting the protection and regeneration of nature, including a firm commitment to biodiversity conservation, and through the setting of ambitious targets in the following environmental areas:
• Biodiversity
• Water
• Waste
• PollutionEndesa is driving the energy transition through the development of electricity grids – fundamental for a greater development of renewable energies and the decarbonisation of the system – while committing to the electrification of energy demand from renewable sources.
In this way, the energy model championed by Endesa contributes to achieving higher levels of energy security and independence in the markets in which it operates.
Furthermore, Endesa continues to advance its decarbonisation roadmap, through which it aims to reach zero emissions by 2040. This ambition encompasses both direct and indirect emissions, integrating the entire value chain.Endesa promotes a more prosperous and sustainable future, leading a just and inclusive energy transition that opens opportunities, strengthens communities and helps build more inclusive environments for all people, while fostering responsible management of its customers and suppliers.
All of this is done while paying the utmost attention to protecting the health and safety of people and suppliers.
A solid governance structure capable of guaranteeing stakeholders the application of a set of principles of transparency, equity and integrity to support Endesa’s business model and the way it is applied on a daily basis.
22 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Informe
de Gestión
Consolidado
(correspondiente al periodo de seis meses terminado a 30 June 2026)
II. CONSOLIDATED
MANAGEMENT REPORT
Corporate
GovernanceI. I.
Limited Review Report on the Limited Review Report on the Interim Condensed Consolidated Interim Condensed Consolidated Financial StatementsFinancial StatementsII.
Consolidated Management Report III. III.
Interim Condensed Consolidated Interim Condensed Consolidated Financial Statements Financial Statements IV. IV.
Limited Review Report Limited Review Report on the Individual Interim on the Individual Interim Condensed Financial StatementsCondensed Financial StatementsV. V.
Individual Interim Condensed Individual Interim Condensed Financial Statements Financial Statements and Management Reportand Management Report
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 23
3. Organisational structure Endesa, S.A. and its Subsidiaries are part of the Enel Group, whose parent company in Spain is Enel Iberia, S.L.U.
As of 30 June 2026, the number of shares held by the Enel Group in Endesa, S.A., through Enel Iberia, S.L.U., represents, for statutory purposes, 71.2% of its share capital (see Note 1 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026).
3.1. Board of Directors As at the date of approval of this Consolidated Management Report, the Board of Directors of Endesa, S.A.—the body responsible for the management, direction, administration and representation of the Company, with the broadest powers conferred by law and the Articles of Association—is composed as follows:
BOARD OF DIRECTORS
CHAIRMAN
Mr Juan Sánchez—Calero Guilarte
VICE-CHAIRMAN
Mr Flavio Cattaneo
CHIEF EXECUTIVE OFFICER
Mr Gianni Vittorio Armani
NON-MEMBER SECRETARY
Mr Francisco de Borja Acha Besga
DIRECTOR
Mr Stefano de Angelis Mr Guillermo Alonso Olarra Ms Eugenia Bieto Caubet Mr José Damián Bogas GálvezMs Elisabetta Colacchia Ms Angela Eliseo Mr Ignacio Garralda Ruiz de VelascoMs Pilar González de Frutos Mr Francisco de Lacerda Ms Michela Mossini Ms Ana Muñoz Merino Independent Shareholder-Appointed Executive External
24 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
At the date of approval of this Consolidated Management Report, the detail of the Board of Directors of Endesa, S.A.
by gender, age and experience was as follows:
DIVERSITY OF THE BOARD OF DIRECTORS
Men Women Gender 50-59 60-69 70-79 Age57% 5 45
43%EXPERIENCE
Sustainability and
Corporate GovernanceClimate Changes
Human Resources
ICT
Strategy
Management
Legal
Engineering
Finance and Risk64 5 2 14 14 5 2 14 Number of Directors with experience in each field
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 25
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
3.2. Senior Management As at the date of approval of this Consolidated Management Report, the Executive Management Committee of Endesa, S.A., responsible for implementing the strategies and policies adopted by the Company’s governing bodies, was composed as follows:
CHIEF EXECUTIVE OFFICER
Mr Gianni Vittorio Armani (1)
STAFF AND SERVICE UNITS
GENERAL MANAGER OF COMMUNICATION
Mr Carlos Pizá de Silva (6)
GENERAL MANAGER OF PEOPLE AND
ORGANISATION
Mr Ernesto Martinelli (4)
GENERAL MANAGER OF INSTITUTIONAL
RELATIONS, REGULATION, AND SUSTAINABILITY
Mr José Casas Marín
GENERAL MANAGER OF REAL ESTATE AND
GENERAL SERVICES
Ms Patricia Fernández Salís
GENERAL MANAGER OF AUDIT
Mr Eugenio Belinchón GüetoGENERAL MANAGER OF ICT DIGITAL SOLUTIONS
Mr Juan Antonio Garrido Rodríguez
GENERAL MANAGER OF PROCUREMENT
Mr Paolo Bondi (5)
GENERAL MANAGER OF ADMINISTRATION,
FINANCE AND CONTROL
Mr Daniele Caprini (3)
GENERAL MANAGER OF SECURITY
Mr Miguel Ángel García López
GENERAL SECRETARY AND SECRETARY TO THE
BOARD OF DIRECTORS AND GENERAL MANAGER
– LEGAL AFFAIRS AND CORPORATE AFFAIRS
Mr Francisco de Borja Acha Besga
BUSINESS LINES
GENERAL MANAGER OF ENERGY MANAGEMENT
Mr Juan María Moreno Mellado
GENERAL MANAGER OF GENERATION
Mr Renato Mastroianni (2)
GENERAL MANAGER OF
INFRASTRUCTURE AND NETWORKS
Mr José Manuel Revuelta MediavillaGENERAL MANAGER OF COMMERCIALISATION Mr Davide Ciciliato
GENERAL MANAGER OF NUCLEAR
Mr Gonzalo Carbó de Haya (1) The Chief Executive Officer was appointed on 28 April 2026 to replace Mr José Damián Bogas Gálvez.
(2) The Director-General of Generation was appointed on 1 April 2026 to replace Mr Rafael González Sánchez.
(3) The Director-General of Administration, Finance and Control was appointed on 11 May 2026 to replace Mr Marco Palermo.
(4) The Director-General of People and Organisation was appointed on 1 July 2026 to replace Mr Paolo Bondi.
(5) The Director-General of Procurement was appointed on 1 July 2026 to replace Mr Ignacio Mateo Montoya.
(6) The Director-General of Communications was appointed on 6 July 2026 to replace Ms María Lacasa Marquina.
As of the date of approval of this Consolidated Management Report, the percentage of women in Senior Management is 6.67%.
26 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Informe
de Gestión
Consolidado
(correspondiente al periodo de seis meses terminado a 30 June 2026)
II. CONSOLIDATED
MANAGEMENT REPORT
Strategy and
RisksI. I.
Limited Review Report on the Limited Review Report on the Interim Condensed Consolidated Interim Condensed Consolidated Financial StatementsFinancial StatementsII.
Consolidated Management Report III. III.
Interim Condensed Consolidated Interim Condensed Consolidated Financial Statements Financial Statements IV. IV.
Limited Review Report Limited Review Report on the Individual Interim on the Individual Interim Condensed Financial StatementsCondensed Financial StatementsV. V.
Individual Interim Condensed Individual Interim Condensed Financial Statements Financial Statements and Management Reportand Management Report
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 27
4. Reference scenario 4.1. Macroeconomic environment General macroeconomic context During the first half of 2026, financial markets operated in an environment marked by high geopolitical uncertainty, primarily driven by the evolution of the conflict in the Middle East and its potential implications for global economic growth. This context translated into greater volatility in energy markets and a rebound in energy commodity prices during part of the period, contributing to the maintenance of inflationary pressures and an upward revision of interest rate expectations. Nevertheless, in the final weeks of the half-year, a progressive improvement in the financial environment was observed, aided by the reduction in geopolitical tensions and the consolidation of the ceasefire between the United States and Iran. These factors contributed to a moderation in oil prices and an improvement in financial market conditions.
Monetary policy of the European Central Bank (ECB) and inflation
in Spain
The main central banks have been cautious in the face of uncertainty regarding the evolution of commodity prices, maintaining their restrictive monetary policies.
At its meeting on 11 June 2026, the European Central Bank (ECB) raised its three key interest rates by 25 basis points, bringing the deposit facility rate to around 2.25%.
Furthermore, the European Central Bank (ECB) revised its inflation projections upwards to 3.0% for 2026 and 2.3% for 2027 , while leaving the 2.0% estimate for 2028 unchanged. This revision is fundamentally due to the expected evolution of energy prices being higher than previously forecast.
Spanish inflation increased in June 2026 to stand at 3.2% (compared to 2.3% in June 2025). This upturn is primarily due to the increase in fuel prices, stemming from the rise in oil prices on international markets following the conflict. Meanwhile, core inflation (which excludes energy and unprocessed food) stood at 2.9%, 7-tenths of a percentage point higher than that recorded in June 2025 (2.2%).
Macroeconomic and financial
indicators
In the foreign exchange market, the euro depreciated by 2.7% against the US dollar (USD) during the first half of 2026, with the euro/dollar (EUR/USD) exchange rate closing at 1.1433 at the end of June 2026. Meanwhile, the euro depreciated by 1.4% against the pound sterling (GBP), with the euro/pound sterling (EUR/GBP) exchange rate standing at 0.8614 at 30 June 2026.
28 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
30 June
202631
December
2025 Difference % Chg.
Average Exchange Rate (Euro/US Dollar) (1)1.1668 (2)1.0938 (3)0.0730 6.7 Closing Exchange Rate (Euro/US Dollar) (1)1.1433 1.17 45 (0.0312) (2.7) Closing Exchange Rate (Euro/Pound Sterling) 0.8614 0.8732 (0.0118) (1.4) Six-month Euribor (period average) 2.37 (2)2.31 (3)0.06 2.6 Short-Term Euro Interest Rate (3-Month Euribor) (%) (1)2.32 2.03 0.29 14.3 Long-Term Euro Interest Rate (10-Year Swap) (%) (1)2.91 2.30 0.61 26.5 Short-Term US Dollar Interest Rate (3-Month SOFR) (%) (1)3.73 3.36 0.37 11.0 Long-Term US Dollar Interest Rate (USD 10-Year SOFR) (%) (1)4.05 3.80 0.25 6.6 German 10-Year Bond (%) (1)2.86 2.85 0.01 0.4 German 30-Year Bond (%) (1)3.42 3.48 (0.06) (1.7) 10-Year Spanish Bond (%) (1)3.34 3.29 0.05 1.5 Risk Premium for Spain (bp) (1) (4)49 43 6 14.0 Risk Premium for Italy (bp) (1) (4)77 69 8 11.6 Risk Premium for Portugal (bp) (1) (4)38 29 9 31.0 European Central Bank (ECB) Reference Rate (%) (1) (5)2.25 2.00 0.25 12.5 European Central Bank (ECB) Refinancing Rate (%) (1)2.40 2.15 0.25 11.6 US Federal Reserve Reference Rates (%) (1)3.50 - 3.75 3.50 – 3.75 — — Year-on-Year Inflation in Spain (%) (6)3.2 2.3 (7)0.90 — Year-on-Year Core Inflation in Spain (%) (6)2.9 2.2 (7)0.70 — (1) Source: Bloomberg.
(2) January - June 2026 (3) January - June 2025 (4) Spread against the German 10-year bond.
(5) European Central Bank Deposit Facility. Rate that the European Central Bank (ECB) charges banks for their deposits.
(6) Source: Spanish National Statistics Institute (INE).
(7) At 30 June 2025.
bp = Basis points.
4.2. Electricity and gas market 4.2.1. Evolution of the main market indicators
Market IndicatorsJanuary-June
2026January-June
2025 % Chg.
Arithmetic Average Price in the Wholesale Electricity Market (€/MWh) (1)49.8 61.8 (19.4) ICE Brent Average Price ($/bbl) (2)87.6 70.8 23.7 Average Price of Carbon Dioxide (CO2) Emission Allowances (€/t) (3)75.7 71.1 6.5 Average Price of Guarantees of Origin (€/MWh) (4)1.3 0.5 160.0 Average Price of Coal ($/t) (5)111.2 101.4 9.7 Average Price of Gas (€/MWh) (6)42.9 41.1 4.4 (1) Source: Iberian Energy Market Operator – Polo Español (OMIE).
(2) Source: ICE: Brent Crude Futures.
(3) Source: ICE: ECX Carbon Financial Futures Daily.
(4) Source: Prepared in-house.
(5) Source: Api2 index.
(6) Source: TTF index.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 29
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Energy and carbon dioxide (CO2) prices Prices Variation in the January–June 2026 period
Arithmetic Average
Price in the Wholesale Electricity Market• The arithmetic mean price on the wholesale electricity market in Spain stood at €49.8/MWh in the first half of 2026 (-19.4% compared with the same period in the previous financial year). This trend was driven by a combination of technical, regulatory, meteorological and economic factors, notably the high availability of renewable generation – particularly solar and wind power – as well as the increase in photovoltaic self-consumption during daylight hours, which has intensified downward pressure on prices, particularly during the middle of the day. Furthermore, between February and April 2026, natural gas prices saw a downward correction, contributing to the half-year low recorded in April (€43.7 /MWh). However, from March onwards, and more markedly in May and June, a rebound in gas prices was observed against a backdrop of high volatility linked to the geopolitical crisis in the Middle East. This limited the fall in electricity prices by exerting upward pressure on the marginal cost of generation during certain time slots, and explains the recovery in electricity prices observed during the final part of the half-year.
Average Price of Carbon Dioxide (CO2) Emission Allowances• The average price of carbon dioxide (CO2) emission allowances rose by 6.5% in the first half of 2026 compared with the same period of the previous financial year, mainly due to structural factors linked to the gradual tightening of the European Union Emissions Trading System (EU ETS) under the ‘Fit for 55’ regulatory package, which provides for a more rapid reduction in the total volume of available allowances, as well as further adjustments to the emissions cap and market stability mechanisms. Furthermore, the market has continued to factor in the implications of the phasing out of free allowances scheduled for the period 2026–2034, alongside the introduction of the Carbon Border Adjustment Mechanism (CBAM), which reinforces expectations of greater relative scarcity of allowances in the medium and long term. Furthermore, since last May, the escalation of geopolitical tensions in the Middle East has also contributed to putting pressure on the price of emission allowances. Against this backdrop, the rising cost of energy commodities has highlighted the significance of the cost of carbon dioxide (CO2) emission allowances in energy pricing, driving the price of emission allowances to around €80–81/t at the end of June – its highest level of the half-year.
Average Price of Gas• The average price of gas rose by 4.4% during the first half of 2026 compared with the same period in the previous financial year. This trend was influenced by European storage levels that were lower than those observed in previous financial years and by continuing uncertainties surrounding the international energy supply. However, the high global supply of liquefied natural gas (LNG), particularly from the United States, has helped to secure supplies to the European market and to partially ease upward pressure on prices. Furthermore, the deterioration of the geopolitical situation in the Middle East and the strains on infrastructure and strategic routes for the supply of liquefied natural gas (LNG) led to a significant surge in prices during March and April; however, from May onwards, progress in diplomatic talks between the United States and Iran, together with the gradual recovery in Qatari production, has led to some easing of prices. Despite this, European storage levels have remained below their historical averages, maintaining a relatively tight market environment during the latter part of the half-year and sustaining prices higher than those recorded in the first half of 2025.
Average Price of Brent• During the first half of 2026, rising geopolitical tensions in the Middle East drove the price of Brent crude oil upwards to over 100 US dollars (USD) per barrel, as a result, amongst other factors, of growing uncertainty surrounding crude oil production and exports by certain countries in the region, as well as disruptions to strategic maritime routes for international trade, including instances of traffic restrictions in the Strait of Hormuz. The combination of these factors has significantly increased the geopolitical risk premium factored into crude oil prices, fuelling a sustained rise in prices and increased volatility in international energy markets; however, from May onwards, the diplomatic rapprochement between the United States and Iran has contributed to a partial easing of tensions, leading to a certain correction in prices towards the end of the half-year.
Renewable production
Production Variation in the period from January to June 2026
Solar Photovoltaic
Production• Solar photovoltaic generation continued to reach high levels during the first half of 2026 compared with the same period of the previous financial year, with an increase of +16.5% in Spain and +7 .4% in Portugal, according to data from Red Eléctrica de España, S.A. and Redes Energéticas Nacionais, SGPS, S.A., respectively. This trend has been driven mainly by the increase in installed renewable generation capacity, in line with the gradual implementation of national Energy Transition plans, as well as by favourable weather conditions which enabled higher levels of photovoltaic production during the period.
Hydroelectric
Production• Hydropower generation in Spain fell by 10.2% during the first half of 2026 compared with the same period the previous year, as a result of less favourable hydrological conditions. This lower contribution from hydropower influenced the composition of the generation mix, increasing the relative share of other electricity generation technologies.
30 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
4.2.2. Evolution of demand
Electricity
Percentage (%) Without Adjustment for Working-day and Temperature Effects Adjusted for Working-day and Temperature Effects Electricity (1)January-June 2026 January-June 2025 January-June 2026 January-June 2025 Peninsular 1.7 2.7 1.2 1.3 Endesa Area (2)1.5 4.7 1.0 2.9 Industrial 0.8 2.7 Services 1.3 3.8 Residential 2.4 7.5 Non-Peninsular Territories (NPT) 1.5 2.4 0.9 6.1 Canary Islands 1.1 0.6 0.0 (0.5) Balearic Islands 2.1 4.8 2.0 3.9 (1) Source: Red Eléctrica de España, S.A. (REE). At busbar.
(2) Source: Prepared in-house.
Gas
Percentage (%)
January-June 2026 January-June 2025Gas (1) Spanish National market 0.5 5.5 Spanish Conventional (3.0) (2.8) Electricity Sector 11.6 42.4 (1) Source: Enagás, S.A.
Demand for electricity and gas Demand Variation in the January–June 2026 period Electricity Demand• Electricity demand in Spain reached 127 ,444 GWh during the first half of 2026, 1.7% higher than in the same period of 2025 (+1.2% when taking into account calendar and temperature effects). This increase is due, amongst other
factors, to:
—Increased economic and industrial activity due to the recovery of energy-intensive sectors.
—Growth in tourism.
—Certain seasonal consumption peaks due to extreme weather events (cold or heat waves).
—The ongoing electrification of key sectors of the economy and the development of new centres of consumption linked to data centres and digital infrastructure.
• Electricity demand on the mainland stood at 119,981 GWh, 1.7% higher than that recorded in the first half of 2025 (+1.2% when adjusted for working days and temperatures).
• Electricity demand in the Balearic Islands and the Canary Islands stood at 2,922 GWh and 4,336 GWh (+2.0% and +0.0%, respectively, after adjusting for the effects of working days and temperature, compared with the same period in the previous financial year).
Gas Demand• Demand for natural gas in Spain rose by 0.5% in the January–June 2026 period compared with the same period of the previous year, largely due to to increased demand from the electricity sector (+11.6%) as a result of higher electricity generation from combined-cycle power stations during the first half of 2026, against a backdrop of managing the intermittency of renewable energy and the need for backup for the electricity system, despite the decline in demand from the conventional gas market (-3.0%) due to reduced activity in gas-intensive industrial sectors.
4.2.3. Market share
Percentage (%)
30 June 2026 31 December 2025 Market share (1)
Electricity
Peninsular Generation (2)19.5 18.0 Distribution 43.4 43.9 Commercialisation 27.0 28.4 Gas Commercialisation 8.6 9.5 (1) Source: Prepared in-house.
(2) Includes renewables.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 31
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
5. Endesa’s Strategic
Plan
5.1. 2026–2028 Strategic Plan The 2026–2028 Strategic Plan, presented on 24 February 2026, has been designed to capitalise on the opportunities and address the challenges inherent in the current Energy Transition process. As its main strategic focus, the Plan centres on promoting clean electrification, underpinned by emission-free generation technologies. This approach is key to tackling the challenges facing the energy sector and moving towards a model that is more competitive – through improved efficiency and reduced dependence on external energy supplies – safer – by strengthening the system’s resilience – and more sustainable – through the reduction of greenhouse gas (GHG) emissions.For the period 2026–2028, the Plan builds on the main strategic priorities set out in previous Plans, with the aim of optimising the Company’s risk-return profile and maximising value creation for all stakeholders. This strategic continuity reinforces stability and consistency with the corporate vision, facilitating the disciplined implementation of Endesa’s priorities regarding the energy transition, sustainable growth and long-term value creation.
1. GROWTH
€10,600 million
INVESTMENT PLAN
• Over 50% of the investment plan dedicated to Grids • Selective investments in renewable and storage projects that provide added value
2. RISK/RETURN
~85 %
REGULATED/CONTRACTED EBITDA
• Low-risk business portfolio • Assets and investments with visible returns • The customer base as a natural hedge
3. FINANCIAL SOLIDITY
~5 %
CAGR (1) EPS GROWTH
• Growth across all businesses driven by higher investments • Improved productivity and efficiency • Solid cash generationKEY
STRATEGIC
INDICATORS
FOR 2026–2028
(1) CAGR: Compound Annual Growth Rate; EPS: Earnings Per Share.
32 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
The 2026–2028 Strategic Plan is fully aligned with the new energy landscape and responds to the need to adopt a more selective and efficient capital allocation strategy.
It also incorporates the key indicators and targets set out in the National Integrated Energy and Climate Plan (PNIEC), thereby ensuring consistency with regulatory priorities and national commitments regarding the Energy Transition, decarbonisation and the electrification of the economy.
€10,600 million
+10% vs previous
plan2026-2028Gross
investments(€’000 million)Investments in the
Energy Transition
52%
80 %11%
28%9%
Grids
Customers
Renewables
Conventional
Generation(1)
€10,600 million
+10% vs previous
plan2026-2028Gross
investments(€’000 million)Investments in the
Energy Transition
52%
80 %11%
28%9%
Grids
Customers
Renewables
Conventional
Generation(1)2026–2028 GROSS INVESTMENT BY ACTIVITY
(1) The conventional generation figure includes Combined Cycles (CCGT), Nuclear Generation, Generation in Non-Peninsular Territories (NPT), Structure, Services, Adjustments, and Others.+40% increase in grid investment compared to the previous plan to allow for new demand connections.Selective investments and rescheduling of the commissioning of renewable projects with value creation...... reinforcing our storage
plan.7.78.5
-20% vs
previous plan
+40% vs
previous plan
2025-2027 2026-2028+ 10% 3.0
5.53.7
4.0
€10,600 million
+10% vs previous
plan2026-2028Gross
investments(€’000 million)Investments in the
Energy Transition
52%
80 %11%
28%9%
Grids
Customers
Renewables
Conventional
Generation(1)
Furthermore, within a framework that goes beyond the reporting obligations set out by the European Union (EU) Taxonomy, Endesa has incorporated into the 2026–2028 Strategic Plan the objective that 80% of the investments planned for the period should be aligned with the European Union (EU) Taxonomy. Furthermore, at least 85% of these investments will be directed towards meeting one of the Sustainable Development Goals (SDGs) related to combating climate change.
Information relating to the 2026–2028 Strategic Plan is included in Section 7 .1 of the Consolidated Management Report for the financial year ended 31 December 2025.
During the first half of 2026, and within the current regulatory and market context, Endesa has continued to make progress towards achieving the objectives set out in the Strategic Plan for the period 2026–2028; as at the date of approval of this Consolidated Management Report, no significant deviations from the established forecasts have been identified.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 33
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
5.2. Key financial indicators With regard to financial performance, and based on the lines of action set out in the 2026–2028 Strategic Plan, the Plan includes, amongst other parameters, forecasts relating to certain economic indicators of the consolidated results. Accordingly, Endesa expects the following figures to show a positive trend:
Economic indicator 2028 forecast EBITDA (1) • It is estimated that this will reach a range of between 6,200 and 6,500 million euros in 2028, representing a cumulative annual growth rate of 4%.
Net Ordinary Profit (1) • This figure is estimated to stand at around 2,500–2,600 million euros by the end of the three-year period, representing a cumulative annual growth rate of 4%.
Net Financial Debt (1) • Net financial debt is estimated to stand at between 14,000 and 15,000 million euros in 2028 due to increased investment and dividend payments, partially offset by the businesses’ strong cash generation.
(1) See definition in Section 7 of this Consolidated Management Report.
5.3. Long-term vision. Full decarbonisation
by 2040
The review of the strategy is accompanied, across the board, by a reaffirmation of Endesa’s commitment to a clear path of environmental sustainability. In this context, the goal of achieving net zero emissions by 2040 – through an energy generation and commercialisation model based exclusively on renewable energies, and the total withdrawal from the retail gas business, driven by the advancement of demand electrification – remains fully in force.
Endesa’s long-term vision is detailed in Section 7 .3 of the Consolidated Management Report for the year ended 31 December 2025.
34 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
6. Main risks and
uncertainties associated
with Endesa’s activity 6.1. Main risks and uncertainties In the first half of 2026, Endesa followed the same risk control and management policy described in Note 43 of the Notes to the Consolidated Annual Financial Statements for the year ended 31 December 2025. Endesa classifies the risks to which it is exposed into six categories: Strategic, Financial, Operational, Compliance, Corporate Governance, and Culture and Digital Technology-related.
RISKSSTRATEGIC
FINANCIALGOVERNANCE AND CULTURE DIGITAL TECHNOLOGY
COMPLIANCE OPERATIONAL
Further information on the main risks and uncertainties associated with Endesa’s activity can be found in Section 8.4 of the Consolidated Management Report for the year ended 31 December 2025.
Endesa’s activity is carried out in an environment characterised by the presence of exogenous factors that may significantly influence the performance of its operations and its economic results.
In this context, during the first half of 2026, the international geopolitical environment remained marked by a high degree of uncertainty, derived primarily from the intensification of tensions in the Middle East and the persistence of instability hotspots in other areas relevant to global energy supply. This contributed to episodes of volatility in energy commodity markets, affecting both prices and procurement and transport dynamics.
As a result, certain risks have become more significant, while others have experienced an increase in their volatility levels (see Note 4.2 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026).
Furthermore, in the current context, risks persist whose manageability is limited and whose probability of occurrence is difficult to estimate, notably regulatory changes in the Electricity Sector, Cybersecurity risks, uncertainties associated with tariff policies and the adoption of temporary tax measures, as well as the high volatility of energy and commodity markets. Likewise,
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 35
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
supply chain tensions could exert additional pressure on meeting the targets set out in the Strategic Plan.In this situation, the main risks and uncertainties facing Endesa in the coming months of 2026 are summarised
below:
Category Risk Definition Description Metrics Materiality (3)
Strategic
Risks
Legislative and
Regulatory
DevelopmentsEndesa’s activities are heavily regulated, and regulatory changes could have an adverse impact on its business activities, results, financial position and cash flows.Information on the regulatory framework can be found in Note 5 of the Explanatory Notes to the Condensed Interim Consolidated Financial Statements for the six months ended 30 June 2026 and in Section 13 of this Consolidated Management Report.
A worsening of the economic and financial situation of the European and world economies, aggravated by the current conflicts and geopolitical tensions, could negatively affect Endesa’s businesses, results, financial position, and cash flows (see Note 4.2 of the Explanatory Notes that form part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2026).Scenarios (1)High
Macroeconomic
and Geopolitical
TrendsEndesa’s business could be affected by adverse economic or political conditions in Spain, Portugal, the Eurozone and in international markets.
Financial
Risks
CommoditiesEndesa’s business is largely dependent on the constant supply of large amounts of fuel to generate electricity; on the supply of electricity and natural gas used for its own consumption and supply; and on the
commercialisation of
other materials, the prices of which are subject to market forces that may affect the price and the amount of energy sold by Endesa.The evolution of electricity prices in the wholesale market and of commodities, mainly gas, carbon dioxide (CO2) emission allowances, guarantees of origin, have an impact on business costs and also on selling prices. To mitigate this impact, Endesa hedges commodity price risk through financial instruments arranged in organised European markets and over-the-counter (OTC). Those operations with daily financial collateral requirements associated with MtM (Mark-to-
Market) variations could, in turn, have a direct impact on Endesa’s liquidity risk (see Notes 38.4 and 39.1 of the Explanatory Notes forming part of the Interim Consolidated Financial Statements for the six-month period ended 30 June 2026, and Section 10.2 of this Consolidated Management Report).Stochastic (2)High
36 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Category Risk Definition Description Metrics Materiality (3)
Financial
RisksInterest RateEndesa is exposed to interest rate risk.Endesa has a policy of hedging interest rate risk through derivatives (see Note 39.1 of the Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026 and Section 10.2 of this Consolidated Management Report).
Stochastic (2)MediumAdequacy of
Capital Structure
and Access to
Financing
Endesa’s business
depends on its ability to obtain the funds necessary to refinance its debt and finance its capital expenses.Endesa controls its liquidity risk by maintaining an adequate level of unconditionally available resources, including cash and short-term deposits, long-term lines of credit with banks and Enel Group companies and a portfolio of highly liquid assets. Endesa applies a liquidity policy that consists of maintaining sufficient cash on hand at all times to meet projected needs for a period that depends on the situation and expectations of the debt and capital markets (see Notes 38.4 and 39.2 of the Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026 and Section 10.2 of this Consolidated Management Report).
Endesa’s financial management and capital management policy is described in Notes 36.1.12, 42.3 and 42.4 of the Explanatory Notes to the Consolidated Financial Statements for the year ended 31 December
2025.Liquidity
Credit and
CounterpartyEndesa is exposed to credit and counterparty risk.
Credit risk is generated when a counterparty does not meet its obligations under a financial or
commercial contract,
giving rise to financial losses. Endesa carries out detailed monitoring of the credit risk of its commodity, financial, and commercial counterparties (see Note 39.3 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026).Stochastic (2)High
Risks
associated
with digital
technologies
CybersecurityEndesa is exposed to cybersecurity risks.Risk of incurring legal or administrative sanctions, economic or financial losses, and reputational damage as a consequence of cyberattacks and the theft of sensitive or massive company and customer data, attributable to a lack of security in networks, operating systems, and databases. The Cybersecurity Unit is keeping close track of the situation to identify any cyber event or anomaly at Endesa.Stochastic (2)High
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 37
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Category Risk Definition Description Metrics Materiality (3)
Operational
RisksProcurement,
Logistics and
Supply ChainEndesa’s business could be adversely affected by a possible inability to maintain its relations with suppliers or because the available supplier offering is insufficient in terms of quantity and/or quality, as well as supplier failures to maintain the conditions of the service provided, limiting the possibilities of operability and business continuity.Any deterioration in the ongoing geopolitical conflicts and financial tensions on a global level may cause delays in supplies and breach of contracts at the supply chain level.
Endesa, in developing new capacity, is exposed to financial needs, the inflationary environment, interruptions in the availability of materials and a shortage of qualified labour. In addition, there are also risks of technical faults and accidents that could temporarily interrupt the operation of its plants and service to customers.
The occurrence of any of these events could adversely affect Endesa’s businesses, results, financial position and cash flows.Stochastic (2)High
Business
InterruptionEndesa is exposed to risks associated with the construction of new electricity generation and distribution facilities.Scenarios (1)Low Endesa’s activity may be affected by failures,
breakdowns, problems
in carrying out planned work or other problems that cause unscheduled non-availability and other operational risks.Scenarios (1)Medium
Compliance
risks
Compliance with
other laws and regulationsEndesa is involved in various court and arbitration proceedings.Endesa is involved in certain legal proceedings the outcome of which could have an impact on the Consolidated Financial Statements (see Note 52 to the Consolidated Financial Statements for the year ended 31 December 2025 and Note 45 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026).— (4) (1) Scenario: calculated as the loss arising from the hypothetical situations.
(2) Stochastic: calculated as the loss that could be incurred with a certain degree of probability or confidence.
(3) The significance of the risks is measured based on the expected potential loss in a year: High (exceeding €75 million), Medium (between €10 million and €75 million) and Low (less than €10 million).
(4) They relate to risks whose impact may be difficult to quantify economically (in general, high impact and probability, following the mitigation mechanisms implemented, very low or very difficult to determine).
6.2. Endesa’s criminal risk prevention and
anti-bribery model
Information on Endesa’s Anti-Bribery and Criminal Risk Prevention Model can be found in Section 17 .3 of this Consolidated Management Report.
38 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Informe
de Gestión
Consolidado
(correspondiente al periodo de seis meses terminado a 30 June 2026)
II. CONSOLIDATED
MANAGEMENT REPORT
Performance
and Metrics
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 39I. I.
Limited Review Report on the Limited Review Report on the Interim Condensed Consolidated Interim Condensed Consolidated Financial StatementsFinancial StatementsII.
Consolidated Management Report III. III.
Interim Condensed Consolidated Interim Condensed Consolidated Financial Statements Financial Statements IV. IV.
Limited Review Report Limited Review Report on the Individual Interim on the Individual Interim Condensed Financial StatementsCondensed Financial StatementsV. V.
Individual Interim Condensed Individual Interim Condensed Financial Statements Financial Statements and Management Reportand Management Report
7 . Alternative Performance
Measures (APMs)
The following outlines the alternative performance metrics for Endesa and their value in the periods January-
June 2026 and 2025:
Indicators associated with result analysis
Alternative
Performance
Measures (APMs)Unit DefinitionReconciliation of Alternative Performance Measures (APMs) Relevance of Use
January-June
2026January-June
2025
Procurement and
ServicesM€Power Purchases + Fuel Consumption + Transport Expenses + Other Variable Procurement and Services6,569 M€ = 2,173
M€ + 1,172 M€ +
1,861 M€ +
1,363 M€7 ,057 M€ = 2,691
M€ + 990 M€ +
1,909 M€ + 1,467
M€Goods and services for
production
Contribution Margin M€Income - Procurement and Services +- Income and Expenses for Energy Commodity Derivatives4,253 M€ =
10,995 M€ -
6,569 M€
- 173 M€3,812 M€ = 10,880
M€ - 7 ,057 M€ -
11 M€Measure of operating profit considering direct variable
production costs
Gross Operating
Profit (EBITDA)M€Income - Procurement and Services +- Income and Expenses for Energy Commodity Derivatives + Self-
constructed assets - Personnel Expenses - Other Fixed Operating Expenses + Other gains and losses3,240 M€ =
10,995 M€ -
6,569 M€ - 173
M€ + 140 M€ -
483 M€ - 671 M€
+ 1 M€2,711 M€ = 10,880
M€ - 7 ,057 M€ -
11 M€ + 120 M€ -
484 M€ - 740 M€
+ 3 M€Measure of operating return excluding interest, taxes, provisions and amortisation Operating Profit (EBIT) M€Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) - Depreciation, Amortisation, and Impairment Losses.2,094 M€ = 3,240
M€ - 1,146 M€1,594 M€ = 2,711
M€ - 1,117 M€Measure of operating profit excluding interest and taxes Net Financial Result M€Financial Income - Financial Expense +- Income and Expenses on Derivative Financial Instruments +-
Net Exchange Differences(118) M€ = 95
M€ - 208 M€ - 1
M€ - 4 M€(199) M€ = 19 M€
- 233 M€ + 7 M€
+ 8 M€Measure of financial cost Net Financial Expense M€Financial Income - Financial Expense +- Income and Expenses on Derivative Financial Instruments(114) M€ = 95 M€
- 208 M€ - 1 M€(207) M€ = 19 M€
- 233 M€ + 7 M€Measure of financial cost Net Earnings per Share€Parent Company's Net Profit/Number of Shares at the end of the Reporting Period1.411 € = 1,470 M€
/ 1,041,744,551
shares0.983 € =
1,041 M€ /
1,058,752,117
sharesRepresents the net profit attributable to each share.
Net Ordinary Profit M€Net Ordinary Profit = Parent Company's Net Profit - Net Profit/ Loss on Disposal of Non-Financial Assets (Exceeding €10 Million) - Net Impairment Losses on Non-Financial Assets (Exceeding €10 Million) - Initial Net Provision for Staff Costs for Headcount Restructuring Plans related to the Decarbonisation Plan and the Digitalisation of Processes 1,480 M€ = 1,470
M€ - 0 M€ + 10
M€ - 0 M€1,041 M€ = 1,041
M€ - 0 M€ - 0 M€
- 0 M€Measure of profit for the period excluding
extraordinary items
exceeding €10 million M€ = million euros; € = euros.
n = 30 June of the year being calculated.
n-1 = 31 December of the year before the year being calculated.
40 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Alternative
Performance
Measures (APMs)Unit DefinitionReconciliation of Alternative Performance Measures (APMs) Relevance of Use
January-June
2026January-June
2025
Net Ordinary Profit per Share€Parent Company's Net Ordinary Profit/Number of Shares at the End of the Reporting Period1.421 € =
1,480 M€ /
1,041,744,551
shares0.983 € =
1,041 M€ /
1,058,752,117
sharesMeasures the portion of net ordinary income attributable to each share.
Economic Profitability %EBIT for the last 12 months/((PP&E (n)
+ PP&E (n-1)) / 2)16.06 % = 3,831
M€ / ((23,875 +
23,832) / 2) M€14.03 % = 3,282
M€ / ((23,832 +
22,940) / 2) M€Measurement of the
income-generating capacity
of the invested assets or
capital
Return on Capital Employed (ROCE)%Profit from operations after tax for the last 12 months/((Non-current Assets (n) + Non-current Assets (n-1)) / 2) + ((Current Assets (n) + Current Assets (n-1)) / 2)7 .70 % = 2,931
M€ / ((28,999
+ 29,119) / 2 + (9,626 + 8,363) /
2) M€6.66 % = 2,476
M€ / ((29,300 +
28,232) / 2 + (7 ,707 + 9,113) / 2) M€Measure of the return on
capital employed
Return on Invested Capital (ROIC)%Profit from Operations After Tax for the Last 12 Months/(Equity of the Parent + Net Financial Debt)15.89 % = 2,931
M€ / (8,143 M€ +
10,305 M€)13.62 % = 2,476
M€ / (8,276 M€ +
9,901 M€)Measure of the return on
invested capital
Ordinary Return on Equity%Net Ordinary Profit Attributable to the Parent Company in the Last 12 Months/((Equity of the Parent (N) + Equity of the Parent (N-1)) / 2)29.19 % = 2,432
M€ / ((8,143 +
8,522) / 2) M€27 .61 % = 2,262
M€ / ((8,276 +
8,110) / 2) M€Measure of the capacity to generate profits on
shareholder investments
Ordinary Return on Assets%Net Ordinary Profit of the Parent for the Last 12 Months/(Total Assets (N) + Total Assets (N-1) / 2)6.39 % = 2,432
M€ / ((38,625 +
37 ,482) / 2) M€6.08 % = 2,262 M€
/ ((37 ,007 + 37 ,345) / 2) M€Measure of business
profitability
M€ = million euros; € = euros.
n = 30 June of the year being calculated.
n-1 = 31 December of the year before the year being calculated.
Indicators associated with financial and asset analysis
Alternative
Performance
Measures (APMs)Unit DefinitionReconciliation of Alternative Performance Measures (APMs) Relevance of Use
30 June
202631 December
2025
Gross financial debt M€Non-Current Financial Debt + Current Financial Debt 11,014 M€ = 7 ,661
M€ + 3,353 M€10,427 M€ = 9,422
M€ + 1,005 M€Financial debt, long and short term.
Average Life of Gross Financial Debt Number of Years(Principal * Number of Days in Force) / (Principal in Force at the End of the Period * Number of Days in the Period)3.7 years = 41,196/ 11,0273.3 years = 34,724 / 10,440Measure of the duration of borrowings to maturity Cost of Gross Financial DebtM€Expenses for Financial Liabilities at Amortised Cost - Expense allocated to Financial Guarantees recorded in Liabilities -/+ Income and Expenses for Financial Assets and Liabilities at Fair Value with Changes in Results -/+ Income and Expenses for Derivative Financial Instruments Associated with Debt.181 M€ = 180
M€ - 0 M€ + 0 M€
+1 M€354 M€ = 355
M€ - 0 M€ + 5 M€
- 6 M€Measure of the financial cost of gross financial debt Average Cost of Gross Financial Debt%Cost of Gross Financial Debt / Average Gross Financial Debt3.2% = ((181M€
*365/181))
/11,425 M€3.3 % = (354 M€ /
10,872 M€)Measure of the effective rate
of borrowings
M€ = million euros; € = euros.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 41
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Alternative
Performance
Measures (APMs)Unit DefinitionReconciliation of Alternative Performance Measures (APMs) Relevance of Use
30 June
202631 December
2025
Average Gross
Financial DebtM€(Total Drawdowns or Debt Positions
* Number of Days in force of each Provision or Position)/(Cumulative Number of Days in Force11,425 M€ 10,872 M€Measure of average gross financial debt in the period to calculate the average cost of gross financial debt Net Financial Debt M€Non-Current Borrowings + Current Borrowings + Debt Derivatives Recognised in Liabilities - Cash and Cash Equivalents - Debt Derivatives Recognised in Assets - Financial Guarantees Recognised in Assets10,305 M€ =
7 ,661 M€ + 3,353
M€ + 24 M€ - 277
M€ - 31 M€ - 425
M€10,110 M€ = 9,422
M€ + 1,005 M€ +
17 M€ - 195 M€ -
34 M€ - 105 M€Current and non-current borrowings, less cash and financial investments equivalent to cash and
financial guarantees
recognised in assets Leverage % Net Financial Debt / Equity111.85 % = 10,305
M€ / 9,213 M€105.19 % = 10,110
M€ / 9,611 M€Measure of the weighting of external funds in the financing of business
activities
Liquidity M€Cash and Cash Equivalents + Unconditional Undrawn Credit Lines and Loans6,722 M€ = 277
M€ + 6,445 M€6,980 M€ =
195 M€ + 6,785
M€Measure of the capacity to meet debt maturities and related financial expenses Liquidity ratio N/a Current Assets / Current Liabilities0.76 = 9,626 M€ /
12,707 M€0.93 = 8,363 M€ /
9,008 M€Measure of the capacity to meet short term
commitments
Debt Maturity
CoverageNumber
of MonthsMaturity period (no. of months) of organic debt and financial expense that could be covered with available liquidity20 months 26 monthsMeasure of the capacity to meet debt maturities and related financial expenses Debt coverage ratio N/aNet Financial Debt/Gross Operating Profit (EBITDA) of the Last 12 Months1.64 = 10,305 M€
/ 6,285 M€1.76 = 10,110 M€ /
5,756 M€Measure of the amount of available cash flow to meet payments of principal on
borrowings
Debt-to-Capital Ratio %Net Financial Debt/(Equity + Net Financial Debt)52.80 % = 10,305
M€ / (9,213 +
10,305) M€51.27 % = 10,110
M€ / (9,611 +
10,110) M€Measure of the weighting of external funds in the financing of business
activities
Solvency ratio N/a(Equity + Non-Current Liabilities)/ Non-Current Assets0.89 = (9,213 M€
+ 16,705 M€) /
28,999 M€0.98 = (9,611 M€
+ 18,863 M€) /
29,119 M€Measure of the capacity to
meet obligations
Fixed Assets M€Property, Plant and Equipment + Investment Property + Intangible Assets + Goodwill25,980 M€ =
23,875 M€ + 12
M€ + 1,486 M€ +
607 M€25,867 M€ =
23,832 M€ + 4
M€ + 1,424 M€ +
607 M€Tangible or intangible assets of the Company, not convertible into liquid assets at short term, necessary for the functioning of the Company and not earmarked for sale M€ = million euros; € = euros.
42 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Alternative
Performance
Measures (APMs)Unit DefinitionReconciliation of Alternative Performance Measures (APMs) Relevance of Use
30 June
202631 December
2025
Total Net Non-
Current AssetsM€Property, Plant and Equipment + Intangible Assets + Goodwill + Investments Accounted for using the Equity Method + Investment Property + Other Non-Current Financial Assets + Non-Current Derivative Financial Instruments + Other Non-Current Assets - Grants - Non-Current Liabilities from Contracts with Customers - Non-Current Derivative Financial Instruments - Other Non-
Current Financial Liabilities - Other Non-Current Liabilities - Financial Guarantees Recognised in Non-
Current Assets - Debt Derivatives Recognised under Non-Current Financial Assets and Liabilities 22,201 M€ =
23,875 M€ +
1,486 M€ + 607
M€ + 284 M€ + 12
M€ + 264 M€ +
483 M€ + 635 M€
- 261 M€ - 4,456
M€ - 370 M€ -
164 M€ - 129 M€
- 50 M€ - 15 M€22,074 M€ =
23,832 M€ +
1,424 M€ + 607
M€ + 280 M€ + 4
M€ + 695 M€ +
331 M€ + 595 M€
- 260 M€ - 4,450
M€ - 185 M€ -
164 M€ - 568 M€
- 50 M€ - 17 M€Measure of non-current assets excluding deferred tax assets, less the value of deferred income and other
non-current liabilities
Total Net Working CapitalM€Trade Receivables for Sales and Services and Other Receivables + Inventories + Other Current Financial Assets + Current Derivative Financial Instruments + Current Income Tax Assets + Other Tax Assets + Current Assets from Contracts with Customers - Current Income Tax Liabilities - Other Tax Liabilities
- Current Derivative Financial Instruments - Other Current Financial Liabilities - Current Liabilities from Contracts with Customers - Financial Guarantees Recognised in Current Assets - Debt Derivatives Recognised under Current Financial Assets and Liabilities - Suppliers and Other Payables296 M€ = 4,211
M€ + 2,030 M€ +
1,468 M€ + 868
M€ + 418 M€ +
325 M€ + 9 M€
- 856 M€ - 574
M€ - 1,134 M€ -
74 M€ - 561 M€
- 375 M€ + 8 M€
- 5,467 M€1,179 M€ = 4,125
M€ + 2,050 M€ +
892 M€ + 494 M€
+ 337 M€ + 239
M€ + 3 M€ - 298
M€ - 576 M€ - 514
M€ - 63 M€ - 523
M€ - 55 M€ + 0
M€ - 4,932 M€Measure of current assets excluding cash and financial investments equivalent to cash, less suppliers and other payables and current income tax liabilities
Gross Invested
CapitalM€Total Net Non-Current Assets + Total Net Working Capital22,497 M€ =
22,201 M€ + 296
M€23,253 M€ =
22,074 M€ +
1,179 M€Total net non-current assets plus total net working
capital
Total Deferred Tax Assets and Liabilities and ProvisionsM€- Provisions for Pensions and similar Obligations - Other Non-Current Provisions - Current Provisions + Deferred Tax Assets - Deferred Tax Liabilities(2,984) M€ = - 247
M€ - 2,271 M€ -
673 M€ + 1,353
M€ - 1,146 M€(3,545) M€ = - 232
M€ - 2,441 M€ -
1,082 M€ + 1,351
M€ - 1,141 M€Measure of deferred tax assets and liabilities and
provisions
Net Invested Capital M€Gross Capital Invested - Total Deferred Tax Assets and Liabilities and Provisions + Net Non-Current Assets Held for Sale and Discontinued Operations19,518 M€ =
22,497 M€ - 2,984
M€ + 5 M€19,721 M€ =
23,253 M€ -
3,545 M€ + 13 M€Measure of gross capital invested plus total provisions and deferred tax assets and liabilities and non-current assets held for sale and
discontinued operations
M€ = million euros; € = euros.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 43
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Stock market indicators
Alternative
Performance
Measures (APMs)Unit DefinitionReconciliation of Alternative Performance Measures (APMs) Relevance of Use
30 June
202631 December
2025
Book Value per Share€Equity of the Parent / Number of Shares at the End of the Reporting Period7 .817 € =
8,143 M€ /
1,041,744,551
shares8.049 € =
8,522 M€ /
1,058,752,117
sharesRepresents the equity value attributable to each outstanding share.
Market
CapitalisationM€Number of Shares at the End of the Reporting Period * Price at the End of the Reporting Period41,545 M€ =
1,041,744,551
shares *
39.880 €32,430 M€ =
1,058,752,117
shares *
30.630 €Measure of the Company’s market value according to the
share price
Price to Earnings Ratio (P .E.R.) OrdinaryN/aPrice at the End of the Reporting Period / Ordinary Net Profit per Share for the Last 12 Months17 .08 = 39.880 € / 2.335 €13.79 = 30.630 € / 2.221 €Measure indicating the number of times ordinary net profit per share can be divided into the market price of the shares Price to Earnings Ratio (P .E.R.) N/aPrice at the End of the Reporting Period / Net Earnings per Share for the Last 12 Months15.81 = 39.880 € / 2.522 €14.75 = 30.630 € / 2.076 €Measure indicating the number of times net earnings per share can be divided into the market price of the shares Price/Book Value N/aMarket Capitalisation / Net Equity of the Parent Company5.10 = 41,545
M€ / 8,143 M€3.81 = 32,430
M€ / 8,522 M€Measure comparing the Company’s market value according to the share price with the carrying amount M€ = million euros; € = euros.
Alternative
Performance
Measures (APMs)Unit DefinitionReconciliation of Alternative Performance Measures (APMs)Relevance of Use
2025 2024
Shareholder
Return% Share Price Return + Dividend Yield 53.81 % = 47 .47 % + 6.34 %17 .93 % = 12.51 % + 5.42 %Measure of the relationship between the amount invested in a share and the economic result delivered, which includes the effect of the change in price of the share in the year and of the gross dividend received in cash (without considering
reinvestment)
Share Price
Return%(Share Price at the Close of the Period
- Share Price at the Beginning of the Period / Share Price at the Beginning of the Period47 .47 % = (30.630 € -
20.770 €) / 20.770 €12.51 % = (20.770 € -
18.460 €) / 18.460 €Measure of the relationship between the amount invested in a share and the effect of the change in the share price during
the year
Dividend Yield %(Gross Dividend Paid in the Year) / Share Price at the Beginning of the Period6.34 % = 1.3177 € / 20.770 €5.42 % = 1.0000 € / 18.460 €Measure of the relationship between the amount invested in a share and the gross dividend received in cash (without considering any reinvestment)
Ordinary
Consolidated
Payout%(Gross dividend per share * Number of shares at the end of the reporting period) / Ordinary net profit of the Parent70.0 % = (1.584 € *
1,038,804,244
shares (1)) /
2,351 M€70.0 % =
(1.3177 € *
1,058,752,117
shares) /
1,993 M€Measure of the part of ordinary income obtained used to
remunerate shareholders
through the payment of dividends (consolidated Group)
Consolidated
Payout%(Gross Dividend per Share * Number of Shares at the End of the Reporting Period) / Profit for the Year of the Parent74.9 % = (1.584 € *
1,038,804,244
shares (1)) /
2,198 M€73.9 % =
(1.3177 € *
1,058,752,117
shares) /
1,888 M€Measure of the part of profits obtained used to remunerate shareholders through the payment of dividends
(consolidated Group)
Individual Payout %(Gross Dividend per Share * Number of Shares at the End of the Reporting Period / Profit of Endesa, S.A. For the Year98.8 % = (1.584 € *
1,038,804,244
shares (1)) /
1,666 M€97 .8 % =
(1.3177 € *
1,058,752,117
shares) /
1,427 M€Measure of the part of profits obtained used to remunerate shareholders through the payment of dividends (individual
company)
M€ = million euros; € = euros.
(1) Shares with dividend rights at 31 December 2025.
44 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Other Indicators
Alternative
Performance
Measures (APMs)Unit DefinitionReconciliation of Alternative Performance Measures (APMs) Relevance of Use
January-June
2026January-June
2025
Funds from
OperationsM€Cash Flows from Operating Activities
- Changes in Working Capital - Self-
constructed assets3,210 M€ =
2,272 M€ +
1,078 M€ - 140
M€2,516 M€ =
2,356 M€ + 280
M€ - 120 M€Measure of the cash generated by the company’s business available to make investments, repay debt and distribute dividends to shareholders Interest Expenses M€ Interest Paid 171 M€ 195 M€ Measure of interest paid Cash Flow M€Gross Profit Before Taxes + Adjustments to Profit + Changes in Working Capital + Other Cash Flows from Operating Activities2,272 M€ =
1,981 M€ +
1,621 M€ -
1,078 M€ - 252
M€2,356 M€ =
1,405 M€ +
1,566 M€ - 280
M€ - 335 M€Measurement of cash inflows and outflows from the entity's operating activities.
Cash Flow per Share €Net Cash Flow from Operating Activities / Number of Shares at the End of the Period2.181 € =
2,272 M€ /
1,041,744,551
shares2.225 € =
2,356 M€ /
1,058,752,117
sharesMeasures the portion of generated funds corresponding to each share.
Cash Flow/Net
Financial Debt%Net Cash Flow from Operating Activities of the last 12 months / Net Financial Debt38.50 % =
3,967 M€ /
10,305 M€47 .78 % = 4,731
M€ / 9,901 M€Measure of the portion of funds generated over total net
financial debt
Gross Investment M€Gross Investments in Property, Plant and Equipment + Investments in Intangible Assets1,062 M€ =
900 M€ + 162
M€935 M€ = 761
M€ + 174 M€Measure of investing activity Net Investments M€Gross Investments - Transferred Facilities and Capital Grants948 M€ = 1,062
M€ - 114 M€823 M€ = 935
M€ - 112 M€Measure of investing activity net of grants received M€ = million euros; € = euros.
8. Significant events of the period 8.1. Changes in the scope of
consolidation
Information on changes in Endesa’s scope of consolidation can be found in Note 6 to the Interim Condensed Consolidated Financial Statements for the six month period ended 30 June 2026.8.2. Geopolitical
situation
Information on the geopolitical situation is included in Note 4.2 of the Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 45
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
9. Endesa’s operating performance and earnings in the first half of 2026 9.1. Operating performance (1) At busbar.
(2) Supply points.
(3) Customers of the supply companies.
(4) Sales to end customers.
(5) Without in-house generation consumption.30 JUNE 2026
32,708 GWh
GENERATION OF ELECTRICITY(1)
IN THE PERIOD JANUARY-JUNE
2026
Of which are 10,978 GWh Renewable11,319 MW
NET INSTALLED
PENINSULAR RENEWABLE
CAPACITY
of a total of 18,404 MW322,550 km
DISTRIBUTION AND
TRANSMISSION GRIDS
12,627 Thousands
DIGITAL CUSTOMERS
+99% Ratio of digital customers9,603 Thousands
NUMBER OF CUSTOMERS
(ELECTRICITY) (2) (3)
Of which 6,280 thousand from the deregulated market35,474 GWh
NET ELECTRICITY SALES(4)
IN THE PERIOD JANUARY-JUNE
2026
–2.3% compared to January to June
2025
29,504 Units
PUBLIC AND PRIVATE CHARGING
STATIONS
+6.5% compared to 31 December
20251,717 Thousands
NUMBER OF CUSTOMERS (GAS) (2)
of which 1,240 thousand from the deregulated market25,591 GWh
GAS SALES (5)
IN THE PERIOD JANUARY-JUNE
2026
–17 .6% compared to January to June
2025
46 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Operating Figures ODS (1)UnitJanuary-June
2026January-June
2025 % Chg.
Electricity Generation (2)GWh 32,708 30,136 8.5 Generation of Renewable Electricity 7 GWh 10,978 9,852 11.4 Gross Installed Capacity MW 23,451 (3)23,323 (4)0.5 Net Installed Capacity MW 22,744 (3)22,616 (4)0.6 Net Installed Peninsular Renewable Capacity 7 MW 11,319 (3)11,191 (4)1.1 Net Installed Capacity in Non-Peninsular Territories (NPT) from Renewable Sources7 MW 118 (3)118 (4)— Energy Distributed (5)9 GWh 72,555 69,614 4.2 Digital Customers (6)9 Thousands 12,627 (3)12,580 (4)0.4 Distribution Networks and Transmission Grids 9 km 322,550 (3)321,843 (4)0.2 End Users (7)Thousands 12,761 (3)12,719 (4)0.3 Ratio of Digital Customers (8)(%) 99 (3)99 (4)— Gross Electricity Sales (2)GWh 39,545 40,570 (2.5) Net Electricity Sales (9)GWh 35,474 36,326 (2.3) Gas Sales (10)GWh 25,591 31,071 (17 .6) Number of Customers (Electricity)(11) (12)Thousands 9,603 (3)9,590 (4)0.1 Deregulated Market (13)Thousands 6,280 (3)6,201 (4)1.3 Number of Customers (Gas)(11)Thousands 1,717 (3)1,699 (4)1.1 Deregulated Market Thousands 1,240 (3)1,224 (4)1.3 Public and Private Electricity Charging Stations 11 Units 29,504 (3)27,6 9 9 (4)6.5 Public Electricity Charging Stations (units) Units 7, 2 5 0 (3)7 ,058 (4)2.7 Private Electricity Charging Stations (units) Units 22,254 (3)20,641 (4)7.8 Public Lighting Points 11 Units 134 (3)134 (4)— Response to Demand MW 385 (3)113 (4)240.7 Closing Workforce N. of Employees 8,924 (3)8,946 (4)(0.2) Average headcount N. of Employees 8,791 8,826 (0.4) (1) Sustainable Development Goals (SDGs).
(2) At busbar.
(3) On 30 June 2026.
(4) On 31 December 2025.
(5) Energy supplied to customers, with or without a contract, auxiliary consumption from generators and outputs to other grids (transmission grid and distribution network).
(6) Activated smart meters. (7) Customers of distributors.
(8) Number of Digital Customers/End Users (%).
(9) Sales to end customers.
(10) Without in-house generation consumption.
(11) Supply points.
(12) Customers of the commercialisation companies.
(13) Customers of deregulated commercialisation companies.
Electricity generation
GWhJanuary-June
2026January-June
2025 % Chg. Electricity Generation (1) Peninsular 2 7, 374 24,810 10.3 Renewables 10,978 9,852 11.4 Hydroelectric 5,401 5,201 3.8 Wind (2)3,342 2,950 13.3 Photovoltaic (3)2,235 1,701 31.4 Batteries — — N/a Nuclear 12,636 12,087 4.5 Combined Cycle (CCGT) 3,760 2,871 31.0 Non-Peninsular Territories (NPT) 5,334 5,326 0.2 Coal — 89 (100.0) Fuel-Gas 2,086 2,026 3.0 Combined Cycle (CCGT) 3,248 3,211 1.2
TOTAL 32,708 30,136 8.5
(1) At busbar.
(2) The period January–June 2026 includes 46 GWh corresponding to Non-Peninsular Territories (NPT) (37 GWh period January–June 2025).
(3) The period January–June 2026 includes 54 GWh corresponding to Non-Peninsular Territories (NPT) (44 GWh period January–June 2025).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 47
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Non-emitting renewable and nuclear technologies accounted for 86.2% of Endesa’s mainland generation mix in the half quarter of 2026, compared with 86.4% for the rest of the sector (88.4% and 86.4%, respectively, in the first half of 2025).The following chart shows Endesa’s mainland generation mix by technology in the period January–June 2026:
Non-emitting technologies,
renewables and nuclear
86.2%
88.4% in the January-June 2025 period
Hydroelectric
19.8%
21.0% in the January-June 2025 period
Wind
12.1%
11.8% in the January-June 2025 period
Photovoltaic
8.0%
6.7% in the January-June 2025 period
Nuclear
46.3%
48.9% in the January-June 2025 periodEmitting technologies
13.8%
11.6% in the January-June 2025 period Combined cycles (CCGT)
13.8%
11.6% in the January-June 2025 period
Coal
0.0%
0.0% in the January-June 2025 period
Batteries
0.0%
0.0% at 31 December 2025 Gross and Net Installed Capacity Gross Installed Capacity30 June 2026 31 December 2025 % Chg. MW Percentage (%) MW Percentage (%) Peninsular 18,767 80.0 18,639 79.9 0.7 Renewables (1) 11,491 49.0 11,363 48.7 1.1 Hydroelectric 5,421 23.1 5,421 23.2 — Wind (2)3,002 12.8 3,002 12.9 — Photovoltaic (3)3,057 13.1 2,929 12.6 4.4 Batteries (4) (5)11 0.0 11 0.0 — Nuclear 3,453 14.7 3,453 14.8 — Combined Cycle (CCGT) 3,823 16.3 3,823 16.4 — Non-Peninsular Territories (NPT) 4,684 20.0 4,684 20.1 — Coal 260 1.1 260 1.1 — Fuel-Gas 2,567 10.9 2,567 11.0 — Combined Cycle (CCGT) 1,857 8.0 1,857 8.0 —
TOTAL 23,451 100.0 23,323 100.0 0.5
(1) At 30 June 2026 and 31 December 2025, additional installed capacity was 128 MW and 1,175 MW, respectively.
(2) At 30 June 2026 and 31 December 2025, this includes 42 MW corresponding to Non-Peninsular Territories (NPT).
(3) At 30 June 2026 and 31 December 2025 this includes 65 MW corresponding to Non-Peninsular Territories (NPT).
(4) At 30 June 2026 and 31 December 2025 this includes 11 MW corresponding to Non-Peninsular Territories (NPT).
(5) The capacity of battery energy storage systems (BESS) is included as renewable capacity.
48 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Net Installed Capacity30 June 2026 31 December 2025 % Chg. MW Percentage (%) MW Percentage (%) Peninsular 18,522 81.4 18,394 81.3 0.7 Renewables (1) 11,437 50.3 11,309 50.0 1.1 Hydroelectric 5,368 23.6 5,368 23.7 — Wind (2)3,001 13.2 3,001 13.3 — Photovoltaic (3)3,057 13.5 2,929 13.0 4.4 Batteries (4) (5)11 0.0 11 0.0 — Nuclear 3,328 14.6 3,328 14.7 — Combined Cycle (CCGT) 3,757 16.5 3,757 16.6 — Non-Peninsular Territories (NPT) 4,222 18.6 4,222 18.7 — Coal 241 1.1 241 1.1 — Fuel-Gas 2,293 10.1 2,293 10.1 — Combined Cycle (CCGT) 1,688 7.4 1,688 7.5 —
TOTAL 22,744 100.0 22,616 100.0 0.6
(1) At 30 June 2026 and 31 December 2025, additional installed capacity was 128 MW and 1,166 MW, respectively.
(2) At 30 June 2026 and 31 December 2025 this includes 42 MW corresponding to Non-Peninsular Territories (NPT).
(3) At 30 June 2026 and 31 December 2025 this includes 65 MW corresponding to Non-Peninsular Territories (NPT).
(4) At 30 June 2026 and 31 December 2025 this includes 11 MW corresponding to Non-Peninsular Territories (NPT).
(5) The capacity of battery energy storage systems (BESS) is included as renewable capacity.
The following chart breaks down Endesa’s net installed capacity by technology on 30 June 2026:
Non-emitting technologies,
renewables and nuclear
64.9%
64.7% at 31 December 2025
Hydroelectric
23.6%
23.7% at 31 December 2025
Wind
13.2%
13.3% at 31 December 2025
Photovoltaic
13.5%
13.0% at 31 December 2025
Nuclear
14.6%
14.7% at 31 December 2025
Batteries
0.0%
0.0% at 31 December 2025Emitting technologies
35.1%
35.3% at 31 December 2025 Combined cycles (CCGT)
23.9%
24.1% at 31 December 2025 Fuel — Gas
10.1%
10.1% at 31 December 2025
Coal
1.1%
1.1% at 31 December 2025
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 49
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Comercialisation
Electricity
Thousands30 June
202631 December
2025 % Chg. Number of Customers (Electricity) (1) (2) Regulated Market 3,323 3,389 (1.9) Peninsular Spain 2,875 2,932 (1.9) Non-Peninsular Territories (NPT) 448 457 (2.0) Deregulated Market 6,280 6,201 1.3 Peninsular Spain 4,801 4,665 2.9 Non-Peninsular Territories (NPT) 914 940 (2.8) Outside Spain 565 596 (5.2)
TOTAL 9,603 9,590 0.1
Income/Supply Points (3)1.6 1.5 — (1) Supply points.
(2) Customers of the supply companies.
(3) Relationship between income from electricity sales and the number of electricity supply points (Thousands of euros/Supply points).
GWh Gross Electricity Sales (1)Net Electricity Sales (2)
January-June
2026January-June
2025 % Chg.January-June
2026January-June
2025 % Chg.
Regulated Price 4,533 4,260 6.4 3,823 3,593 6.4 Deregulated Market 35,012 36,310 (3.6) 31,651 32,733 (3.3) Spanish 29,824 30,838 (3.3) 26,757 27,603 (3.1) Outside Spain 5,188 5,472 (5.2) 4,894 5,130 (4.6)
TOTAL 39,545 40,570 (2.5) 35,474 36,326 (2.3)
(1) At busbar.
(2) Sales to end customers.
Gas
Thousands30 June
202631 December
2025 % Chg. Number of Customers (gas) (1) Regulated Market 477 475 0.4 Peninsular Spain 452 450 0.4 Non-Peninsular Territories (NPT) 25 25 — Deregulated Market 1,240 1,224 1.3 Peninsular Spain 1,037 1,021 1.6 Non-Peninsular Territories (NPT) 57 58 (1.7) Outside Spain 146 145 0.7
TOTAL 1,717 1,699 1.1
Income/Supply Points (2)1.7 2.1 — (1) Supply points.
(2) Relationship between income from gas sales and the number of gas supply points (Thousands of euros/Supply points).
50 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
GWh January-June January-June Gas sales 2026 2025 % Chg.
Deregulated Market 23,947 29,406 (18.6) Peninsular Spain 18,602 22,686 (18.0) Non-Peninsular Territories (NPT) 5,345 6,720 (20.5) Regulated Market 1,644 1,665 (1.3)
TOTAL (1)25,591 31,071 (17 .6)
(1) Without in-house generation consumption.
Other products and services Business Performance30 June
202631 December
2025 % Chg.
Public and Private Electricity Charging Stations (units) 29,504 27 ,699 6.5 Public Electricity Charging Stations (units) 7 ,250 7 ,058 2.7 Private Electricity Charging Stations (units) 22,254 20,641 7.8
Electricity distribution
Supply Quality Measures January-June 2026 January-June 2025 % Chg.
Energy Distributed (GWh) (1)72,555 69,614 4.2 Energy Losses (%) (2)6.1 6.5 — Equivalent Interruption Time of Installed Capacity (Average) – TIEPI (Minutes) (3) 23.1 23.0 0.4 Duration of Interruptions in the Distribution Network – SAIDI (Minutes) (4)65.3 54.1 20.7 Number of Interruptions in the Distribution Grid – SAIFI (4)1.1 1.0 10.0 (1) Energy supplied to customers, with or without a contract, auxiliary consumption from generators and outputs to other grids (transmission grid and distribution network).
(2) Input of energy in the distribution network (or energy injected into the distribution network), less distributed energy divided among the energy input to the distributor (or energy injected into the distribution network).
(3) Spanish Regulatory Criterion. Includes data of In-house, Scheduled and Transmission of Installed Capacity Equivalent Interruption Time (ICEIT).
(4) Source: Prepared in-house. Figures for the last 12 months.
9.2. Analysis of results
1,470
million euros
NET
PROFIT
+41.2% compared to January to June
20251,480
million euros
NET ORDINARY
PROFIT (1)
+42.2% compared to January to June
20253,240
million euros
GROSS OPERATING
PROFIT (EBITDA)(1)
+19.5% compared to January to June
20252,094
million euros
OPERATING
PROFIT (EBIT)(1)
+31.4% compared to January to June
2025
(1) See the definition provided in Section 7 of this Consolidated Management Report.
Net profit attributable to the Parent amounted to €1,470 million in the first half of 2026, compared to €1,041 million in the same period of the previous year (+41.2%).When analysing the trend in net profit between the two periods, it should be noted that the first half of 2026 includes certain positive impacts. In the generation business, the favourable effect of the Supreme Court ruling of 29
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 51
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
April 2026 regarding remuneration for activity in the Non-
Peninsular Territories (TNP) for the period 2020–2022 has been recorded, as well as certain favourable effects associated with administrative and judicial proceedings and criteria linked to the regulatory and tax framework governing the activity. In the distribution business, higher regulated revenues have been recognised arising from settlements relating to previous financial years associated with the updating of certain regulatory parameters. This includes the corresponding impact of the associated late-payment interest.
Endesa reported an net ordinary profit of €1,480 million in the first half of 2026, compared to €1,041 million in the same period of the previous year (+42.2%), as detailed below:
Millions of Euros
SectionJanuary-June
2026January-June
2025 Difference % Chg.
Net Profit 1,470 1,041 429 41.2 Net Losses due to Impairment of Non-Financial Assets (2) 9.2.210 — 10 N/a Renewable Power Plant Projects 10 — 10 N/a Net Ordinary Profit (1)1,480 1,041 439 42.2 (1) See the definition in Section 7 of this Consolidated Management Report.
(2) More than €10 million.
Below is the detail of the most relevant figures of Endesa’s Consolidated Income Statement in the first half of 2026 and their variation compared to the same period of the
previous year:
Millions of Euros References (1)Key Figures
% Chg.January-June
2026January-June
2025 Difference
Revenue9 10,995 10,880 115 1.1 Procurement and Services10 (6,569) (7 ,057) 488 (6.9) Revenue and Expenses from Energy Commodity Derivatives11 (173) (11) (162) 1,472 .7 Contribution Margin (2)4,253 3,812 441 11.6 Self-Constructed Assets 140 120 20 16.7 Personnel Expenses12.1(483) (484) 1 (0.2) Other Fixed Operating Expenses12.2(671) (740) 69 (9.3) Other Income and Expense131 3 (2) (66.7) Gross Operating Profit (EBITDA) (2)3,240 2,711 529 19.5 Depreciation and Impairment Losses on Non-Financial Assets14.1(1,066) (1,019) (47) 4.6 Impairment Losses on Financial Assets14.2(80) (98) 18 (18.4) Operating Profit (EBIT) (2)2,094 1,594 500 31.4 Net Financial Result (2) 15 (118) (199) 81 (40.7) Profit/Loss Before Tax 1,981 1,405 576 41.0 Net Profit 1,470 1,041 429 41.2 Net Ordinary Profit (2)1,480 1,041 439 42.2 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
(2) See the definition in Section 7 of this Consolidated Management Report.
9.2.1. Revenue
In the first half of 2026, revenue stood at €10,995 million, €115 million higher (+1.1%) than in the first half of 2025.Below are details of the income for the first half of 2026 and its variations relative to the same period of the
previous year:
52 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Million of Euros
References (1)Revenue
January-June
2026January-June
2025 Difference % Chg.
Revenue from Sales and Services9.110,807 10,712 95 0.9 Other Operating Income9.2188 168 20 11.9
TOTAL910,995 10,880 115 1.1
(1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
Revenue from sales and services The table below breaks down income from sales and services in the first half of 2026 and shows the change compared with the same period in the previous year:
Millions of Euros References (1)Revenue from Sales and Services
January-June
2026January-June
2025 Difference % Chg.
Electricity Sales 7,6 9 0 7 ,392 298 4.0 Sales on the Deregulated Market 4,958 5,142 (184) (3.6) Sales to the Spanish Deregulated Market 4,289 4,369 (80) (1.8) Sales to Customers in Deregulated Markets outside Spain 669 773 (104) (13.5) Sales at Regulated Prices 740 779 (39) (5.0) Wholesale Market Sales 898 686 212 30.9 Compensation for Non-Peninsular Territories (NPT) 1,080 765 315 41.2 Remuneration for Investment in Renewable Energies 14 20 (6) (30.0) Gas sales 1,429 1,760 (331) (18.8) Sales on the Deregulated Market 1,341 1,649 (308) (18.7) Sales at Regulated Prices 88 111 (23) (20.7) Regulated Revenue from Electricity Distribution 1,280 1,041 239 23.0 Inspections and Connections 19 17 2 11.8 Services Provided at Facilities 63 29 34 1 17. 2 Other Sales and Services 322 469 (147) (31.3) Sales related to Value Added Services 160 167 (7) (4.2) Capacity Payments 4 4 — — Sales of Other Energy Commodities (2)19 163 (144) (88.3) Provision of Services and Others 139 135 4 3.0 Lease Income 4 4 — —
TOTAL9.110,807 10,712 95 0.9
(1) Explanatory Notes forming part of the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026.
(2) This item is analyzed in conjunction with purchases of other energy materials (see Section 9.2.2 of this Consolidated Management Report).
Electricity sales to deregulated market customers In the first half of 2026, sales on the deregulated market amounted to €4,958 million (-3.6%), broken down as
follows:
Sales on the Deregulated Market Change Spain▼ €80 million (–1.8%) • The variation between both periods is due to the decrease in the unit price, mainly from indexed ‘Business to Business’ (B2B) customers along with the reduction in total physical units sold (-3.1%).
Outside Spain▼ €104 million (–13.5%) • The evolution between the two periods is mainly due to the reduction in physical units sold (-4.6%), mostly in the Portuguese market.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 53
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Regulated-price electricity sales During the first half of 2026, these sales generated revenue of €740 million, 5.0% lower than in the first half of 2025, mainly as a consequence of the decrease in price (-4.5%).
Electricity sales in the wholesale
market
Revenue from electricity sales to the wholesale market in the first half of 2026 amounted to €898 million, an increase of 30.9% compared to the same period of the previous year, as a consequence of the increase in physical units sold despite the evolution of electricity prices during the period (-19.4%).
Remuneration for investment in renewable
energies
Remuneration for investment in renewable energies in the first half of 2026 generated revenue of €14 million, 30.0% lower than in the first half of 2025. In order to analyse this performance, the following effects should be taken into
account:
Remuneration
for investment in renewable energies Change
Order TED/53/2026,
of 27 January▲ 21 millions of Euros• The return on investment for the first half of 2026 amounted to 21 million euros, as a result of the update to the remuneration parameters applicable to electricity generation facilities using renewable energy sources with effect from 1 January 2026, approved by Order TED/53/2026 of 27 January (see Note 5 of the Explanatory Notes forming part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2026 and Section 13 of this Consolidated Management Report).
Adjustment for
market price
deviation▼ €27 million• In the first half of 2026 and 2025, Endesa recorded market price deviation adjustments amounting to a net total of 8 million euros (negative) and 19 million euros, positive, respectively, relating to those Standardised Facilities (IT) for which, based on the best estimate of energy prices, a Return on Investment (Rinv) is expected to be received over their regulatory useful life.
Gas sales
Gas sales revenues in the first half of 2026 amounted to 1,429 million euros, 331 million euros lower (-18.8%) than those in the first half of 2025, as detailed below:
Gas sales Change Deregulated Market▼ 308 millions of Euros (–18.7%) • The variation between both periods is a consequence, among other aspects, of the decrease in the unit price and the reduction in physical units sold (-18.6%).
Regulated Price▼ 23 millions of Euros (–20.7%) • The decrease in the number of units sold (-1.3%) and in the unit price has led to a fall in these sales in monetary terms.
Compensation for Non-Peninsular Territories
(NPT)
In the first half of 2026, compensations for generation extra-costs of Non-Peninsular Territories (“TNP”) amounted to €1,080 million, up €315 million on the same period of the previous year.
The trend in compensation for the Non-Peninsular Territories (NPTs) in the first half of 2026 is primarily due to the 19.4% decrease in the wholesale electricity market price; the interim settlement by the System Operator has an inverse effect on the amount of compensation intended to cover the regulated revenues recognised in accordance with the applicable regulations. Furthermore, the period January–June 2026 incorporates the effect arising from the Supreme Court Order of 29 April 2026 concerning remuneration for generation activity in the Non-Peninsular Territories (NPTs) for the period 2020– 2022 (76 million euros).
54 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Electricity distribution
During the first half of 2026, Endesa distributed 72,555 GWh in the Spanish market, up 4.2% on the first half of 2025.
Regulated revenue from distribution activities during the first half of 2026 amounted to 1,280 million euros, representing an increase of 239 million euros (+23.0%) compared with the same period of the previous financial year. This performance is mainly due to the effect of certain settlements relating to previous financial years, which include, amongst other aspects, the updating of certain remuneration parameters provided for in the applicable regulations.
Other operating income The table shows a break down of other operating income in the first half of 2026 and the change compared with the same period of the previous year:
Millions of Euros References (1)Other Operating Income
January-June
2026January-June
2025 Difference % Chg.
Income from Transferred Customer Facilities and Connection Rights and other Liabilities from Contracts with Customers25.2100 99 1 1.0 Grants Assigned to Profit/Loss 45 34 11 32.4 Guarantees of Origin and other Environmental Certificates 13 6 7 116.7 Other Allocations to Profit/(Loss) from Grants (2)32 28 4 14.3 Third-Party Compensation 14 13 1 7.7 Others 29 22 7 31.8
TOTAL9.2188 168 20 11.9
(1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
(2) The period January–June 2026 includes €12 million related to capital grants and €20 million related to operating grants (€10 million and €18 million, respectively, in the period January–June 2025).
9.2.2. Operating expenses Operating expenses in the first half of 2026 amounted to 8,901 million euros, down 4.1% on the same period in the previous year.The table below breaks down operating expenses in the first half of 2026 and shows the change relative to the same period of the previous year.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 55
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Millions of Euros References (1)Operating Expenses
January-June
2026January-June
2025 Difference % Chg.
Procurement and Services 6,569 7,0 57 (488) (6.9) Power Purchases 10.12,173 2,691 (518) (19.2) Fuel Consumption10.21,172 990 182 18.4 Transportation Expenses 1,861 1,909 (48) (2.5) Other Variable Procurement and Services10.31,363 1,467 (104) (7 .1) Taxes and Levies 537 590 (53) (9.0) Tax on Electricity Production 95 199 (104) (52.3) Fee for Radioactive Waste Treatment 135 128 7 5.5 Public Thoroughfare Occupancy Fee / Lighting 100 100 — — Nuclear Charges and Taxes 59 56 3 5.4 Catalonia Environmental Tax 76 70 6 8.6 Hydroelectric Levies 26 31 (5) (16.1) Other Taxes and Levies 46 6 40 666.7 Social Bonus subsidised rate 66 47 19 40.4 Consumption of Carbon Dioxide (CO2) Emission Allowances 374 384 (10) (2.6) Consumption of Energy with Guarantees of Origin and other Environmental Certificates32 14 18 128.6 Costs related to Value Added Services 80 84 (4) (4.8) Purchases of Other Energy Commodities (2)2 154 (152) (98.7) Energy Efficiency Cost 101 57 44 7 7. 2 Active Demand Response Service 51 12 39 325.0 Others 120 125 (5) (4.0) Revenue and Expenses from Energy Commodity Derivatives11173 11 162 1,472.7 Self-Constructed Assets (140) (120) (20) 16.7 Personnel Expenses12.1483 484 (1) (0.2) Other Fixed Operating Expenses12.2671 740 (69) (9.3) Other Income and Expense13(1) (3) 2 (66.7) Depreciation and Impairment Losses on Non-Financial Assets14.11,066 1,019 47 4.6 Impairment Losses on Financial Assets14.280 98 (18) (18.4)
TOTAL 8,901 9,286 (385) (4.1)
(1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
(2) This relates to the settlement of carbon dioxide (CO2) emission allowances and guarantees of origin, the analysis of which must be carried out in conjunction with the purchase and sale of these energy commodities involving physical settlement. These transactions form part of the industrial risk hedging strategy and are intended to mitigate exposure to volatility in the energy markets and to fluctuations associated with the generation technologies involved in those markets.
Procurement and services (variable
costs)
Procurements and services (variable costs) totalled 6,569 million euros in the first half of 2026, 6.9% less than in the same period of the previous year.Changes in these costs in the first half of 2026 were as
follows:
56 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Procurement and
Services References (1)Change Power Purchases 10.1▼ 518 millions
of Euros
(–19.2%) The change mainly encompasses:
• The decrease in electricity purchases (€222 million), primarily due to the evolution of the arithmetic average price in the wholesale electricity market (€49.8/MWh; -19.4%).
• A reduction in gas purchases (€296 million) as a result of the decrease in the physical volume purchased (-10.1%), despite the rise in the average gas price (€42.9/MWh;
+4.4%)
Fuel Consumption10.2▲ €182 million (+18.4%) • The increase is due to the trend in commodity prices during the period, higher production from combined-cycle plants (+15.2%), as well as the positive impact resulting from the review of certain taxes historically applicable to generation activities (€55 million).
Other Variable
Procurement and
Services ▼ €104 million
(–7 .1%)
Tax on Electricity Generation 5 and 10.3▼ 104 millions
of Euros
(–52.3%) • The evolution between the two periods is mainly a consequence of the temporary suspension of the Tax on the Value of Electric Energy Production in accordance with Royal Decree-Law 7 /2026, of 20 March.
Energy Efficiency
Cost5 and 10.3▲ €44 million (+77 .2%) • In accordance with Order TED/133/2026, of 25 February, the variation is due to the increase in Endesa’s contribution obligation to the National Energy Efficiency Fund scheduled for the 2026 financial year.
Demand Response
Service10.3▲ 39 millions of Euros• The variation is mainly due to the application, from 1 January 2026, of Regulation (EU) 2019/943, of 5 June, which introduces a half-yearly capacity allocation scheme, with greater allocated capacity and an increase in the marginal price of the auction.
(1) Explanatory Notes forming part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2026.
Income and expenses from energy commodity derivatives The following table shows income and expenses arising from energy commodity derivatives in the first half of 2026 and the changes compared to the previous year:
Millions of Euros References (1)January-June
2026January-June
2025 Difference % Chg.
Revenue
Revenue from Derivatives Designated as Hedging Instruments 132 (64) 196 (306.3) Income from cash flow hedging derivatives (2)132 (64) 196 (306.3) Revenue from Fair Value Derivatives with Changes in Profit/(Loss) 1,541 829 712 85.9 Income from Fair Value Derivatives Recognised in the Income Statement1,541 829 712 85.9 Total Revenue 1,673 765 908 118.7
Expenses
Expenses from Derivatives Designated as Hedging Instruments (182) (98) (84) 85.7 Expenses from Cash Flow Hedging Derivatives (2)(182) (98) (84) 85.7 Expenses from Derivatives at Fair Value through Profit and Loss (1,664) (678) (986) 145.4 Expenses from Fair Value Derivatives Recognised in the Income Statement(1,664) (678) (986) 145.4 Total Expenses (1,846) (776) (1,070) 137 .9
TOTAL11(173) (11) (162) 1,472 .7
(1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
(2) At 30 June 2026 includes €9 million, negative, of impact on the Income Statement due to ineffectiveness (€61 million, negative, at 30 June 2025).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 57
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
In accordance with Endesa’s General Risk Control and Management Policy, the Company uses financial instruments (derivatives) to hedge the risks to which its activities are exposed. The use of these instruments is an essential element in the planning and management of operations, as it enables the Company to secure, in advance, both the revenue associated with the sale of energy and other products and the cost of the raw materials used in production processes. In this way, Endesa is able to manage its exposure to volatility in the energy markets, reducing the impact of short-term (‘spot’) price fluctuations on its business results. In the first half of 2026, total “Revenue and Expenses from Energy Commodity Derivatives” amounted to €173 million, negative, compared to €11 million, also negative, in the same period of the previous year, due to the evolution of the valuation and settlement of electricity and, fundamentally, gas derivatives in a context of high volatility in international energy markets (see Note 4.2 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026).
Fixed operating expenses The following table breaks down fixed operating expenses in the first half of 2026 and the change relative to the same period of the previous year:
Millions of Euros References (1)Fixed Operating Expenses
January-June
2026January-June
2025 Difference % Chg.
Self-Constructed Assets (140) (120) (20) 16.7 Personnel Expenses12.1483 484 (1) (0.2) Other Fixed Operating Expenses12.2671 740 (69) (9.3)
TOTAL 1,014 1,104 (90) (8.2)
(1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
In the first half of 2026, fixed operating costs amounted to €1,014 million, down €90 million (-8.2%) on the first half of 2025, as a result, inter alia, of the following aspects:
Fixed Operating
Expenses References (1)Change Other Fixed Operating Expenses 12.2▼ €69 million (–9.3%) The evolution between the two periods is due, among other aspects, to:
• Lower costs associated with management contracts, service provision and other services related to the electricity and gas businesses, amounting to 17 million euros.
• Lower operating and maintenance costs totalling 26 million, which include a reduction in repair and maintenance costs, mainly at oil-fired power stations in the Non-Peninsular Territories (NPTs), as well as the reversal of certain previously provisioned costs relating to the abandonment of projects.
• A decrease in expenses relating to system and application support services, as well as advertising and promotional expenses, amounting to €15 million.
(1) Explanatory Notes forming part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2026.
Other income and expense In the first half of 2026 and 2025, other income and expense amounted to €1 million and €3 million, respectively.
58 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Depreciation, amortisation and impairment losses on non-financial assets The table below shows depreciation and amortisation, and impairment losses in the first half of 2026 and the changes therein compared to the previous year:
Millions of Euros References (1)Amortisation and impairment losses
January-June
2026January-June
2025 Difference % Chg.
DEPRECIATION8.2.11,053 1,013 40 3.9
Depreciation Charge for Property, Plant, and Equipment19862 822 40 4.9 Amortisation of Intangible Assets21191 191 — —
IMPAIRMENT LOSSES ON NON-FINANCIAL ASSETS 13 6 7 116.7
Provision for Impairment Losses8.2.120 7 13 185.7 Provision for Impairment Losses on Property, Plant and Equipment, and Investment Properties19— 1 (1) (100.0) Reversal of Impairment Losses on Intangible Assets 2120 6 14 233.3 Provision for Impairment Losses on Goodwill — — — N/a Reversal of Impairment Losses8.2.1(7) (1) (6) 600.0 Reversal of Impairment Losses on Property, Plant, and Equipment and Investment Property19(2) (1) (1) 100.0 Reversal of Impairment Losses on Intangible Assets 21(5) — (5) N/a Reversal of Impairment Losses on Goodwill — — — N/a
TOTAL 1,066 1,019 47 4.6
(1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
Depreciation, amortisation and impairment losses on non-financial assets in the first half of 2026 amounted to €1,066 million, an increase of €47 million (+4.6%) compared to the first half of 2025 as a consequence, among other aspects, of:
Amortisation
and impairment
losses Change
Depreciation Charges
Renewable Plants▲ 26 millions of Euros• Higher depreciation expense due to the commissioning of renewable assets, in line with the implementation of the Company’s investment plan and its targets for growth in renewable.
Distribution
Network and
Others▲ €14 million• Higher depreciation expense resulting mainly from the commissioning of investments made in the distribution network, aimed at optimising its operation and strengthening its capacity, reliability and efficiency.
Impairment Losses
Renewable Energy
Projects▲ €9 million• In the first half of 2026 and 2025, provisions and reversals of impairment losses were recorded for various wind farm and solar power plant projects, mainly as a result of developments in the administrative authorisations associated with these projects, as well as measures to manage and optimise the asset portfolio, including certain project sales and portfolio rotation processes. In the first half of 2026, one notable development, amongst other aspects, was the re-evaluation of certain projects linked to the Nudo Mudéjar. The net impact amounted to 14 million euros and 5 million euros, respectively (10 million euros and 4 million euros net of tax effects).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 59
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Impairment losses on financial assets In the first half of 2026 and 2025, the breakdown of this Consolidated Income Statement heading is as follows:
Millions of Euros References (1)January-June
2026January-June
2025 Difference % Chg.
Provision for Impairment Losses8.2.1 and 39.3182 229 (47) (20.5) Provision for impairment losses on receivables from contracts with customers30.1181 229 (48) (21.0) Provision for impairment losses on other financial assets 1 — 1 N/a Reversal of Impairment Losses8.2.1 and 39.3(102) (131) 29 (22.1) Reversal of Impairment Losses on Receivables from Contracts with Customers30.1(102) (131) 29 (22.1) Reversal of Impairment Losses on other Financial Assets — — — N/a
TOTAL14.280 98 (18) (18.4)
(1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
In the first half of 2026, net impairment losses on financial assets amounted to 80 million euros and relate primarily to the recognition of net impairment losses on trade receivables arising from contracts with customers.
During the first half of the 2026 financial year, a lower net provision of 18 million euros was recognised compared with the same period in 2025. This trend is mainly due to an improvement in customers’ credit behaviour in both the ‘Business to Business’ (B2B) and ‘Business to Consumer’ (B2C) segments, driven, amongst other factors, by the efficient management of debt recovery processes.
9.2.3. Net financial result The net financial result in the first half of 2026 and 2025 was negative in the amount of €118 million and €199 million, respectively.The table below presents the detail of net financial result in the first half of 2026 and its variation compared with the same period in the previous year:
Millions of Euros References (1)Net Financial Result (2)
January-June
2026January-June
2025 Difference % Chg.
Net Financial Expense (114) (207) 93 (44.9) Financial Income15.195 19 76 400.0 Financial Expense15.1(208) (233) 25 (10.7) Income and Expenses on Derivative Financial Instruments15.2(1) 7 (8) N/a Net Exchange Differences (4) 8 (12) N/a
TOTAL15(118) (199) 81 (40.7)
(1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
(2) See the definition in Section 7 of this Consolidated Management Report.
Net financial expense In the first half of 2026, net financial expense amounted to €114 million, €93 million lower than in the same period of the previous year.In analysing changes in net financial expense during the first half of 2026, the following effects should be taken
into account:
60 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros Net Financial Expense (1)
January-June
2026January-June
2025 Difference % Chg.
Net Expense for Financial Instruments at Amortised Cost (2)(176) (176) — — Revenue from Financial Assets at Amortised Cost 4 6 (2) (33.3) Expense for Financial Instruments at Amortised Cost (180) (182) 2 (1.1) Late Payment Interest from Legal Proceedings (3)81 (1) 82 N/a Costs from Called-Upon Renewable Project Guarantees (4)16 2 14 700.0 Updating of provisions for workforce restructuring plans, dismantling of facilities and impairment of financial assets in accordance with IFRS 9 – 'Financial Instruments'(28) (27) (1) 3.7 Factoring Transaction Fees (6) (12) 6 (50.0) Others (1) 7 (8) N/a Income and Expenses from Financial Assets and Liabilities at Fair Value with changes in Profit or Loss— (5) 5 (100.0) Revenue and Expenses from Derivative Financial Instruments Associated with Debt(1) 7 (8) N/a Other Net Financial Expenses — 5 (5) (100.0)
TOTAL (114) (207) 93 (44.9)
(1) See the definition in Section 7 of this Consolidated Management Report.
(2) For the period January–June 2026, this includes €3 million in financial income associated with financial guarantees recognised as assets (€4 million for the period January–June 2025). In the January–June 2026 and January–June 2025 periods, financial expenses associated with financial guarantees recognised as liabilities were recorded in an amount of less than 1 million euros.
(3) In the January–June 2026 period, €81 million was recognised in respect of late-payment interest associated with favourable administrative and judicial rulings relating to remuneration for distribution and generation activities in the Non-Peninsular Territories (NPTs), as well as other proceedings linked to the tax framework applicable to the Company’s activities.
(4) During the first half of 2026, the reversal of previously recognised costs associated with guarantees provided for certain renewable energy projects was recorded, mainly as a result of the sale of those projects and the subsequent recovery of the guarantees granted.
Net exchange differences In the first half of 2026, net exchange differences amounted to a negative €4 million (positive €8 million in the first half of 2025). The change is primarily due to the impact on the financial debt associated with lease liabilities recognised in relation to ship charter contracts for the transport of liquefied natural gas (LNG) of movements in the euro/US dollar (EUR/ USD) exchange rate during the January–June periods of 2026 and 2025.
9.2.4. Net results of companies accounted for using the equity method In the first half of 2026 and 2025, the net profit of companies accounted for using the equity method amounted to €5 million and €10 million, respectively (see Notes 16 and 24 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026).
9.2.5. Corporate Income Tax In the first half of 2026, the Corporate Tax expense amounted to €484 million, an increase of €139 million (+40.3%) compared to the amount recorded in the first half of 2025.To analyse the main aspects explaining the evolution of the effective rate for the periods January-June 2026 and 2025, the following effects must be taken into consideration:
Millions of Euros January-June 2026 January-June 2025
Income
StatementEffective
Tax (%)Income
StatementEffective
Tax (%)
Profit Before Tax 1,981 1,405 Corporate Income Tax 484 24.4 345 24.6 Impact of Endesa's branches in Portugal, France, and Germany (6) (2) Tax Credits Recognised in Profit or Loss for the Year 28 15 Limitation on the Dividend Exemption (12) (7) Corporate Tax without Considering Previous Impacts 494 24.9 351 25.0
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 61
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
10. Equity and financial
analysis
10.1. Net invested capital The breakdown and trend in Endesa’s net invested capital is as follows as of 30 June 2026:
Millions of Euros References (1)30 June
202631 December
2025 Difference
Net Non-Current Assets:
Property, Plant, and Equipment and Intangible Assets19 and 2125,361 25,256 105 Goodwill22607 607 — Investments Accounted for using the Equity Method24284 280 4 Other Net Non-Current Assets/(Liabilities) (4,051) (4,069) 18 Total Net Non-Current Assets (2)22,201 22 ,074 127 Net Working Capital:
Trade Receivables for Sales and Services and Other Receivables304,211 4,125 86 Inventories292,030 2,050 (20) Other Net Current Assets/(Liabilities) (478) (64) (414) Suppliers and other Creditors37(5,467) (4,932) (535) Total Net Working Capital (2)296 1,179 (883) Gross Invested Capital (2)22,497 23,253 (756) Deferred Tax Assets and Liabilities and Provisions:
Provisions for Employee Benefits34.1(247) (232) (15) Other Provisions34.2 and 34.3(2,944) (3,523) 579 Deferred Tax Assets and Liabilities23207 210 (3) Total Deferred Tax Assets and Liabilities and Provisions (2,984) (3,545) 561 Non-Current Assets Classified as Held for Sale and Discontinued Operations325 13 (8) Net Invested Capital (2)19,518 19,721 (203) Equity (3) 339,213 9,611 (398) Net Financial Debt (2) (4) 38.310,305 10,110 195 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
(2) See the definition in Section 7 of this Consolidated Management Report.
(3) See Section 10.3 of this Consolidated Management Report.
(4) See Section 10.2 of this Consolidated Management Report.
62 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
As of 30 June 2026, gross capital invested stood at €22,497 million. The change in the first half of 2026 was largely a result of the following effects:
Heading Change
Property, Plant,
and Equipment and Intangible Assets▲ €105 million (+0.4%)• The change is mainly due to the acquisition of Energía Colectiva, S.L.U. during the period January– June 2026, a transaction which resulted in an increase of 117 million euros in the ‘Intangible Assets’ heading (see Note 7 of the Explanatory Notes forming part of the Interim Condensed Consolidated Financial Statements for the half-year ended 30 June 2026).
Derivative Financial
Assets
Derivative Financial
Liabilities▲ €526 million (+63.8%)• The change between the two periods is attributable to the valuation and settlement of electricity derivatives and, primarily, gas derivatives against a backdrop of high volatility in the energy markets.
This trend has been influenced, amongst other factors, by geopolitical tensions in the Middle East, the impact of which on international markets has also had a significant effect on electricity prices (see Section 4.2 of this Consolidated Management Report).▲ €805 million
(+115.2%)
Trade and other Payables▲ €535 million (+10.8%)• The change in this item reflects, amongst other factors, the payment of the interim dividend by Endesa, S.A. made on 12 January 2026 in the amount of 519 million euros, as well as the recognition of the supplementary dividend of 1,110 million euros, which was paid on 10 July 2026 (see Section 14.2 of this Consolidated Management Report).
As at 30 June 2026, net invested capital amounted to 19,518 million euros, and its performance in the first half of 2026 includes, on the one hand, a decrease in gross invested capital of 756 million euros and, on the other hand, the items detailed below:
Heading Change
Other Provisions▼ €579 million (–16.4%)The changes are is largely due to the net effect of:
• The allocation to the provision to cover the cost of carbon dioxide (CO2) emission allowances, guarantees of origin and other environmental certificates, amounting to 406 million euros, partially offset by a redemption of 847 million euros.
• Payments made during the period in relation to provisions for workforce restructuring and litigation, totalling 89 million euros.
10.2. Financial management Endesa’s financial management has as its main objectives, taking into account, amongst other factors, the macroeconomic environment described in Section 4.1 of this Consolidated Management Report, to maintain an adequate liquidity position whilst optimising its cost, to manage a balanced maturity profile for financial debt that facilitates efficient access to the most competitive sources of funding, and to minimise exposure to interest rate fluctuations throughout the economic cycle.
In the short term, Endesa safeguards its liquidity position by maintaining a sufficient volume of immediately available financial resources, including cash and cash equivalents, short-term deposits, committed credit facilities that are unconditionally and irrevocably available, as well as, where appropriate, other liquid assets, when necessary.
In line with these objectives, Endesa has entered into a series of financial transactions during the period January– June 2026 aimed at strengthening and preserving its liquidity position; these are described in Note 38.4 of the Explanatory Notes forming part of the Interim Condensed Consolidated Financial Statements for the half-year ended 30 June 2026.
10.2.1. Financial debt Gross and net financial debt As of 30 June 2026, Endesa’s net financial debt amounted to €10,305 million, up €195 million (+1.9%) compared to 31 December 2025.The reconciliation of Endesa’s gross and net financial debt at 30 June 2026 and 31 December 2025 is as follows:
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 63
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Millions of Euros References (1)Reconciliation of borrowings
30 June
202631 December
2025 Difference % Chg.
Non-Current Financial Debt38.37,6 61 9,422 (1,761) (18.7) Current Financial Debt38.33,353 1,005 2,348 233.6 Gross Financial Debt (2) (3)11,014 10,427 587 5.6 Debt derivatives recorded as financial assets 24 17 7 41.2 Cash and Cash Equivalents31(277) (195) (82) 42.1 Debt derivatives recorded as assets (31) (34) 3 (8.8) Financial Guarantees Recognised as Assets26.1 and 28(425) (105) (320) 304.8 Net Financial Debt (3)10,305 10,110 195 1.9 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
(2) As at 30 June 2026, the amount of Gross Financial Debt containing clauses linked to indicators aligned with activities covered by the European Union (EU) Taxonomy Regulation amounted to 3,589 million euros (33% of total gross financial debt) (see Note 4.1.2 of the Explanatory Notes forming part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2026). In addition, the Company has entered into financial transactions totalling 6,137 million euros (56% of gross financial debt) which include clauses linked to the achievement of sustainability targets;
these have not been taken into account in the above calculation as they do not specifically refer to indicators of alignment with the European Union (EU) Taxonomy.
(3) See the definition in Section 7 of this Consolidated Management Report.
The trend in gross financial debt during the period reflects, amongst other factors, the impact of the interim dividend payment by Endesa, S.A. amounting to 0.5 euros gross per share, made on 12 January 2026, which represented an outlay of 519 million euros (see Section 14.2 of this Consolidated Management Report), as well as the completion of the acquisition of Energía Colectiva, S.L.U. on 30 January 2026, the net cash outflow for which amounted to 71 million euros (see Notes 7 and 41 of the Explanatory Notes forming part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2026). These effects have been partially offset by the strong cash generation from the Company’s operations during the period.
Structure of Gross Financial Debt The structure of Endesa’s gross financial debt at 30 June 2026 and 31 December 2025 is as follows:
Millions of Euros Structure of Gross Financial Debt
30 June
202631 December
2025 Difference % Chg.
Euro 10,864 10,268 596 5.8 US dollar (USD) 150 159 (9) (5.7)
TOTAL 11,014 10,427 587 5.6
Fixed Interest Rate 6,494 6,534 (40) (0.6) Variable Interest Rate 4,520 3,893 627 16.1
TOTAL 11,014 10,427 587 5.6
Average Life (No. Of Years) (1)3.7 3.3 — — Average Cost (%) (1)3.2 3.3 — — (1) See the definition in Section 7 of this Consolidated Management Report.
At 30 June 2026, gross financial debt subject to fixed interest rates accounted for 59%, while the remaining 41% was subject to floating rates. On this date, 99% of the Company’s gross financial debt was denominated in euros.Information concerning Endesa’s financial debt is disclosed in Note 38.3 to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
64 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
10.3. Capital management In the first half of 2026, Endesa followed the same capital management policy as that described in Note 36.1.12 to the Consolidated Financial Statements for the year ended 31 December 2025. At the date on which this Consolidated Management Report was approved, Endesa, S.A. had no commitments to raise funds through its own sources of financing.
10.3.1. Share Capital Information on Endesa’s Share Capital is described in Note 33.1.1 of the Explanatory Notes that form part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2026.
10.3.2. Leverage
The consolidated leverage ratio is a key indicator to monitor the financial situation, with the data at 30 June 2026 and 31 December 2025 as follows:
Millions of Euros
References (1)Leverage
30 June
202631 December
2025 % Chg.
Net Financial Debt: 10,305 10,110 1.9 Non-Current Financial Debt38.37,6 61 9,422 (18.7) Current Financial Debt38.33,353 1,005 233.6 Debt Derivatives Recorded as Liabilities 24 17 41.2 Cash and Cash Equivalents31(277) (195) 42.1 Debt Derivatives Recorded as Assets (31) (34) (8.8) Financial Guarantees Recognised as Assets26.1 and 28(425) (105) 304.8 Equity:339,213 9,611 (4.1) Attributable to the Parent33.18,143 8,522 (4.4) Attributable to Non-Controlling Interests33.21,070 1,089 (1.7) Leverage (%) (2)111.85 105.19 N/a (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
(2) See the definition in Section 7 of this Consolidated Management Report.
10.3.3. Financial indicators
30 June
202631 December
2025 Financial indicators (1) Liquidity ratio 0.76 0.93 Solvency ratio 0.89 0.98 Debt ratio (%) 52.80 51.27 Debt Coverage Ratio 1.64 1.76 Net Financial Debt /Fixed Assets (%) 39.67 39.08 Net Financial Debt /Funds from Operations 1.96 (2)2.22 (Funds from Operations + Interest Expenses)/Interest Expense(3)19.77 13.90 (1) See the definition in Section 7 of this Consolidated Management Report.
(2) Funds from Operations for the last 12 months.
(3) Relating to the periods January–June 2026 and January–June 2025, respectively.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 65
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
10.4. Management of credit ratings Endesa’s credit ratings are as follows:
Credit Rating
30 June 2026 (1)31 December 2025 (1) Non-Current Current Outlook Date of last report Non-Current Current Outlook Standard & Poor’s BBB A-2 Positive 17 March 2026 BBB A-2 Positive Moody’s Baa1 P-2 Stable 20 May 2026 Baa1 P-2 Stable Fitch BBB+ F2 Stable 19 May 2026 BBB+ F2 Stable (1) At the respective dates of approval of the Consolidated Management Report.
Endesa’s credit rating is affected by the rating of its parent company, Enel, according to the methods employed by the rating agencies. At the date of authorisation for issue of this Consolidated Management Report, Endesa had an “investment grade” rating from the three main rating agencies.Endesa works to maintain its investment grade credit rating, to be able to efficiently access money markets and bank financing, and to obtain preferential terms from its main suppliers.
10.5. Cash flow At 30 June 2026 and 31 December 2025, the amount of cash and other cash equivalents is detailed as follows:
Millions of Euros Cash and Cash Equivalents References (1)30 June
202631 December
2025 Difference % Chg.
Cash in Hand and at Banks 97 145 (48) (33.1) Other Cash Equivalents(2)180 50 130 260.0
TOTAL31277 195 82 42.1
(1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
(2) Includes deposits formalised as of the closing date that accrue a market interest rate.
Endesa’s net cash flows in the first half of 2026, classified by activities (operating, investing and financing), were as
follows:
Millions of Euros Statement of Cash Flows
References (1)January-June
2026January-June
2025 Difference % Chg.
Net Cash Flows from Operating Activities41.12,272 2,356 (84) (3.6) Net Cash Flows from Investing Activities41.2(1,568) (1,997) 429 (21.5) Net Cash Flows from Financing Activities41.3(622) (973) 351 (36.1) (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
In the first half of 2026, cash flows generated from operating activities (€2,272 million) were sufficient to fully cover the net cash flows used in investing activities (€1,568 million) as well as the net payments arising from financing activities (€622 million).Information on Endesa’s Consolidated Statement of Cash Flows is disclosed in Note 41 to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
66 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
10.6. Investments
In the first half of 2026, Endesa’s gross investments in property, plant and equipment and intangible assets amounted to €1,062 million, broken down as follows:
Millions of Euros
References (1)Investments
January-June
2026January-June
2025 % Chg.
Generation and Commercialisation 300 364 (17 .6) Conventional generation (2)151 197 (23.4) Renewable Generation 134 156 (14.1) Commercialisation 15 11 36.4 Distribution 539 393 37. 2 Structure, services and others (3)61 4 1,425.0
TOTAL MATERIAL (4) 19900 761 18.3
Generation and Commercialisation 149 163 (8.6) Conventional generation (2)4 5 (20.0) Renewable Generation 12 24 (50.0) Commercialisation 133 134 (0.7) Distribution 12 7 71.4 Structure, services and others (3)1 4 (75.0)
TOTAL INTANGIBLE ASSETS21162 174 (6.9)
TOTAL GROSS INVESTMENTS (5)1,062 935 13.6
Capital Grants and Facilities Transferred from Customers (114) (112) 1.8 Generation and Commercialisation (13) (7) 85.7 Conventional generation (13) (3) 333.3 Commercialisation — (4) (100.0) Distribution (101) (105) (3.8)
TOTAL NET INVESTMENTS (5)948 (6)823(7)15.2
(1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
(2) In the early semesters of 2026 and 2025, there are significant material gross investments in the Non-Peninsular Territories (NPT) totalling €38 million and €28 million, respectively, as well as intangible gross investments in the Non-Peninsular Territories (NPT) amounting to less than €1 million in both periods.
(3) Structure, Services and Adjustments.
(4) In the first half of 2026, it includes additions for rights of use amounting to €104 million (€137 million in the first half of 2025).
(5) See the definition in Section 7 of this Consolidated Management Report.
(6) Excludes the acquisition of Energía Colectiva, S.L.U., which has been consolidated as part of the Business Combination (see Note 7 to the Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2026).
(7) Does not include the acquisition of E-Generación Hidráulica, S.L.U., which was incorporated as part of the Business Combination.
Information on the main investments is disclosed in Notes 19.1 and 21.1 of the Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 67
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Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
11. Segment
information
11.1. Basis of segmentation Segment information, including the basis for segmentation and segment information by geographic area, is disclosed in Explanatory Note 8 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026.
11.2. Segment information 11.2.1. Segment information: Consolidated Income Statement for the periods January–June 2026 and 2025 Millions of Euros January-June 2026 Generation and Commercialisation
Conventional
generation (1)
Renewable
Generation Commercialisation
REVENUE 3,939 628 7 ,909
Revenue from Third Parties 1,869 192 7,4 5 9 Revenue from Transactions between Segments 2,070 436 450
PROCUREMENT AND SERVICES (2,850) (84) (6,567)
INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES 128 8 (309)
CONTRIBUTION MARGIN(3)1,217 552 1,033 (2)
FIXED OPERATING COSTS AND OTHER PROFIT AND LOSS (381) (123) (250)
Gross Operating Profit (EBITDA)(3)836 429 783 Depreciation and Impairment Losses on Non-Financial Assets (300) (201) (141) Depreciation (301) (187) (141) Impairment of Non-Financial Assets — (20) — Reversal of Impairment of Non-Financial Assets 1 6 — Impairment Losses on Financial Assets (1) — (71) Impairment of Financial Assets (3) — (152) Reversal of Impairment of Financial Assets 2 — 81 Operating Profit (EBIT) (3)535 228 571 Net Profit/Loss of Companies Accounted for using the Equity Method 4 — (1) (1) Includes the Contribution Margin, Gross Operating Profit (EBITDA), and Operating Profit (EBIT) from generation in the Non-Peninsular Territories (NPT) for the amount of €468 million, €340 million and €297 million, respectively.
(2) Includes the Contribution Margin from gas for commercialisation of €201 million.
(3) See the definition in Section 7 of this Consolidated Management Report.
68 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
January-June 2026
Generation and Commercialisation
DistributionStructure and
ServicesConsolidation
Adjustments and
Eliminations TOTALGeneration and
Commercialisation
adjustments and
eliminations Total
(2,943) 9,533 1,540 191 (269) 10,995 — 9,520 1,472 3 — 10,995 (2,943) 13 68 188 (269) — 2,936 (6,565) (69) — 65 (6,569) — (173) — — — (173) (7) 2,795 1,471 191 (204) 4,253 7 (747) (304) (166) 204 (1,013) — 2,048 1,167 25 — 3,240 — (642) (406) (18) — (1,066) — (629) (406) (18) — (1,053) — (20) — — — (20) — 7 — — — 7 — (72) (8) — — (80) — (155) (27) — — (182) — 83 19 — — 102 — 1,334 753 7 — 2,094 — 3 2 — — 5
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 69
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Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Millions of Euros January-June 2025 Generation and Commercialisation
Conventional
generation (1)
Renewable
Generation Commercialisation
REVENUE 4,136 632 8,094
Revenue from Third Parties 1,383 277 7 ,986 Revenue from Transactions between Segments 2,753 355 108
PROCUREMENT AND SERVICES (3,199) (69) (6,987)
INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES 197 4 (212)
CONTRIBUTION MARGIN(3)1,134 567 895 (2)
FIXED OPERATING COSTS AND OTHER PROFIT AND LOSS (423) (138) (276)
Gross Operating Profit (EBITDA)(3)711 429 619 Depreciation and Impairment Losses on Non-Financial Assets (302) (168) (138) Depreciation (303) (161) (138) Impairment of Non-Financial Assets — (7) — Reversal of Impairment of Non-Financial Assets 1 — — Impairment Losses on Financial Assets (1) — (97) Impairment of Financial Assets (2) — (204) Reversal of Impairment of Financial Assets 1 — 107 Operating Profit (EBIT) (3)408 261 384 Net Profit/Loss of Companies Accounted for using the Equity Method 6 4 (1) (1) Includes the Contribution Margin, EBITDA and EBIT from power generation in Non-Peninsular Territories (NPT) amounting to €236 million, €86 million and €42 million, respectively.
(2) Includes the Contribution Margin from gas for commercialisation of 155 million euros.
(3) See the definition in Section 7 of this Consolidated Management Report.
70 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
January-June 2025
Generation and Commercialisation
DistributionStructure and
ServicesConsolidation
Adjustments and
Eliminations TOTALGeneration and
Commercialisation
adjustments and
eliminations Total
(3,208) 9,654 1,305 193 (272) 10,880 — 9,646 1,231 3 — 10,880 (3,208) 8 74 190 (272) — 3,204 (7 ,051) (77) — 71 (7 ,057) — (11) — — — (11) (4) 2,592 1,228 193 (201) 3,812 4 (833) (284) (185) 201 (1,101) — 1,759 944 8 — 2,711 — (608) (391) (20) — (1,019) — (602) (391) (20) — (1,013) — (7) — — — (7) — 1 — — — 1 — (98) — — — (98) — (206) (23) — — (229) — 108 23 — — 131 — 1,053 553 (12) — 1,594 — 9 1 — — 10
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 71
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Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
11.3. Generation and Commercialisation Analysis of results Key figures for the first half of 2026 and the change therein with respect to the same period of the previous year are as follows:
Millions of Euros
Key figuresJanuary-
June 2026January-
June 2025 Difference% Chg.
Contribution
Margin2,795 2,592 203 + 7.8The change in the contribution margin is mainly attributable to the
following factors:
• The reduction in energy procurement costs (518 million euros), resulting, amongst other factors, from the trend in the arithmetic mean price on the wholesale electricity market (-19.4%). This favourable effect was partially offset by the impact of lower electricity and gas sales (€33 million) and by the increase in fuel costs (€182 million) due to changes in commodity prices and higher production from combined-
cycle power stations. Furthermore, net expenses associated with energy derivatives have increased as a result of changes in the valuation and settlement of electricity and gas derivatives (€162 million).
• The lower burden of the Tax on the Value of Electricity Production (IVPEE), with a positive effect of 104 million euros in accordance with the regulations applicable in each period, has offset the increase in costs associated with energy efficiency programmes (44 million euros).
• The recognition of certain favourable regulatory and legal impacts, notably the effects arising from the Supreme Court’s ruling of 29 April 2026 concerning remuneration for generation activity in the Non-
Peninsular Territories (TNP) for the period 2020–2022 (€76 million), as well as other favourable effects associated with administrative and judicial proceedings linked to the regulatory and tax framework applicable to this activity (€55 million).
Gross
Operating
Profit
(EBITDA)2,048 1,759 289 +16.4The trend in Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) is mainly attributable to the following factors:
• The decrease in other fixed costs (78 million euros), resulting mainly from lower costs associated with management contracts and other services linked to the electricity and gas business (17 million euros), system and application support services and advertising expenditure (13 million euros), as well as a reduction in repair and maintenance costs (26 million euros).
Operating
Profit (EBIT)1,334 1,053 281 +26.7The trend in Operating Profit (EBIT) is mainly attributable to the following
factors:
• The increase in depreciation and amortisation expense (27 million euros), resulting mainly from the commissioning of new electricity generation facilities using renewable sources.
• The recognition of net impairment losses on various wind farm and solar power plant projects amounting to 14 million euros (5 million in the same period of 2025), resulting mainly from developments in the administrative authorisations associated with these projects, as well as from measures to manage and optimise the asset portfolio, including certain project sales and turnover processes. In the first half of 2026, one of the key developments, amongst others, was the re-planning of certain projects linked to the Nudo Mudéjar.
• The lower net provision for impairment of financial assets (€26 million) resulting from the improvement observed in customer impairment losses, in both the ‘Business to Business’ (B2B) and ‘Business to Consumer’ (B2C) segments, aided, amongst other factors, by more efficient management of defaults.
72 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
11.4. Distribution
Analysis of results Key figures for the first half of 2026 and the change therein with respect to the same period of the previous year are as follows:
Millions of Euros January-
June
2026January-
June
2025 Difference % Chg. Key figures
Contribution
Margin1,471 1,228 243 +19.8• The change in the contribution margin is primarily attributable to the increase in regulated revenue from distribution activities, as a result of the favourable impact of certain settlements relating to previous financial years, which incorporate the updating of certain remuneration parameters set out in the current regulatory framework.
Gross
Operating
Profit (EBITDA)1,167 944 223 +23.6• The trend in Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) also reflects an increase in other fixed costs (20 million euros) due to the recognition of higher repair and maintenance costs (10 million euros).
• Furthermore, the comparison with the January–June 2025 period is affected by the reversal during that period of certain penalty proceedings (€8 million).
Operating
Profit (EBIT)753 553 200 +36.2The trend in Operating Profit (EBIT) for the period reflects the following factors:
• An increase in depreciation and amortisation expense (15 million euros), resulting mainly from investments made to modernise, digitise and improve the efficiency and quality of the distribution network.
• A higher net provisioning charge (€8 million) attributable to the increase in impairment losses associated with the impact of the processes to de-register small energy suppliers.
11.5. Structure and others Analysis of results Key figures for the first half of 2026 and the change therein with respect to the same period of the previous year are as follows:
Millions of EurosJanuary-June
2026January-June
2025 Difference % Chg. Key figures
Contribution
Margin(13) (8) (5) +62.5
Gross
Operating
Profit (EBITDA)25 8 17 +212.5• Includes, among others, the reduction in expenses related to assistance services for systems and applications (€5 million).
Operating
Profit (EBIT)7 (12) 19 (158.3)
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 73
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
12. Innovation and
digitalisation
Endesa promotes an open innovation model that encourages collaboration with external actors such as universities, SMEs, research centres and companies from different sectors. This approach seeks to identify and collaborate on innovative solutions capable of transforming the current energy model, promoting knowledge exchange and creating impact for the business. Activities are carried out in close synergy with the Enel Group, leveraging its tools, laboratories and global networks to drive innovation.Information on Endesa’s innovation model and its key areas of application can be found in Section 14.1 of the Consolidated Management Report for the fiscal year ending on 31 December 2025.
As of 30 June 2026, Endesa held 9 patents registered in Spain.
12.1. Research, Development and Innovation (R&D&I)
activities
The information regarding the direct gross cost in Research, Development, and Innovation (R&D+i) is described in Section 14.3 of the Consolidated Management Report for the year ended on 31 December 2025.
Endesa develops technological projects aimed at obtaining value, fostering a culture of innovation and creating competitive advantages in terms of sustainability across all lines of business. Additional information on these projects can be found in Section 14.4 of the Consolidated Management Report for the year ended 31 December 2025.
Key performance indicators (KPIs) relating to the innovation Innovation indicators were as follows in the first half of 2026 and 2025:
January-June
2026(1) January-June
2025(1)
Pilot activities to test innovative solutions 40 39 Activities in scaling phase 45 65 (1) Provisional data pending certification by the accredited entity and mandatory Binding Reasoned Report (IMV).
74 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
13. Regulatory Framework Information on the regulatory framework can be found in Explanatory Note 5 to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
14. Further information 14.1. Stock market information Share price performance Main benchmark indices The evolution of the main benchmark indices in the first half of 2026 and 2025 was as follows:
Percentage (%)January-June
2026January-June
2025 Share price performance (1) Endesa, S.A. 30.2 29.5 Ibex-35 12.5 20.7 Euro Stoxx 50 9.3 8.3 Euro Stoxx Utilities 16.7 21.5 (1) Source: Madrid Stock Exchange.
During the first half of 2026, the IBEX 35 continued the strong upward trend that began in the previous financial year, reaching historically high levels and establishing itself as one of the best-performing indices internationally.
This performance took place against a backdrop marked by episodes of volatility linked mainly to geopolitical uncertainty and developments in the energy markets, factors which temporarily affected investor sentiment and the performance of international financial markets.
Despite this context, the main Spanish stock market index closed the half-year with an appreciation of 12.5%, reaching 19,471.9 points, very close to its all-time high of 19,542 points reached on 22 June 2026. The progressive reduction of tensions in the Middle East and the normalisation of energy markets fostered a notable recovery in investor confidence during the second quarter. In this period, the index advanced 14.2%, while in June alone it recorded a 6% rise.
The strong performance of the IBEX 35 was further supported by the relative strength of the Spanish economy, the resilience of corporate earnings, and growth prospects that continued to be among the most favourable in Europe.
Likewise, the sector composition of the index contributed significantly to this evolution, thanks to the heavy weighting of sectors such as banking, energy, and infrastructure.
In particular, financial institutions benefited from an environment of still-high interest rates, while energy and infrastructure companies remained supported by prospects linked to electrification, grid investment, and their relatively defensive profile in a context of uncertainty.
For their part, sectors more sensitive to the economic cycle, such as transport, tourism, and discretionary consumer spending, showed a more heterogeneous performance, conditioned by the volatility of energy markets and the persistence of certain macroeconomic uncertainties internationally.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 75
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Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Endesa
The evolution of the share price of Endesa, S.A. in the first half of 2026 and 2025 has been as follows:
EurosJanuary-June
2026January-June
2025 % Chg. Endesa share price(1) Maximum 39.880 27.870 43.09 Lowest 29.960 20.620 45.30 Period average 34.983 23.933 46.17 Period close 39.880 26.890 48.31 (1) Source: Madrid Stock Exchange.
During the first half of 2026, Endesa’s share price recorded a very positive evolution, consolidating its position among the best-performing stocks on the Spanish market. The share price was supported by both the Company’s own factors and a favourable sector environment, marked by the growing relevance of electrification, investments in grids, and the defensive appeal of the Electricity Sector in a context of geopolitical uncertainty.One of the main catalysts for this appreciation was the presentation of the 2026–2028 Strategic Plan this past February. It received a favourable reception from the market by reinforcing visibility regarding the Company’s future growth, especially in the electricity distribution, electrification, and storage businesses. Likewise, the solidity of the financial results, the high cash generation, and the commitment to attractive shareholder remuneration continued to be elements particularly valued by investors.
Overall, these factors have contributed to an improved market perception of the Company’s prospects, driving upward revisions of analyst estimates and fostering a significant appreciation of the share. The shares closed June at €39.88 per share, a level that constitutes the highest recorded since the 2014 shareholder restructuring and represents a cumulative appreciation of 30.2% in the first half of 2026.
Thanks to this performance, Endesa positioned itself as the fifth best-performing company within the IBEX-35 and the first among the 20 members of the European sector index EURO STOXX Utilities, which recorded a 16.7% rise in the same period.
IBEX
Endesa
Euro Util31/12/2025
07/01/2026
14/01/2026
21/01/2026
28/01/2026
04/02/2026
11/02/2026
18/02/2026
25/02/2026
04/03/2026
11/03/2026
18/03/2026
25/03/2026
01/04/2026
08/04/2026
15/04/2026
22/04/2026
29/04/2026
06/05/2026
13/05/2026
20/05/2026
27/05/2026
03/06/2026
10/06/2026
17/06/2026
24/06/2026
30/06/2026135
130 125
120 115
110 105
100 95
90
Fuente: Bloomberg.THE PERFORMANCE OF ENDESA, S.A., IBEX-35, AND EURO STOXX UTILITIES
FROM JANUARY-JUNE 2026
76 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Main world stock market indices The evolution of these net costs in the first half of 2026 was as follows:
Stock market indicators Country/Region % Chg.
NIKKEI Japón 39.2 %
NASDAQ Estados Unidos 19.9 %
EUROSTOXX UT Europa 16.7 %
FTSE-MIB Italia 15.0 % IBEX-35 España 12.5 % S&P Estados Unidos 9.6 %
EUROSTOXX 50 Europa 9.3 %
DJI Estados Unidos 8.9 % FTSIE-100 Reino Unido 5.7 % CAC-40 Francia 3.1 % DAX Alemania 2.1 % As in Spain, the evolution of international financial markets during the first half of 2026 was affected, to a large extent, by the development of the conflict in the Middle East, which introduced episodes of volatility and a temporary increase in risk aversion at certain times during the period. However, following the corrections recorded during the first quarter, the markets regained momentum during the second quarter thanks to the easing of geopolitical tensions, the moderation of inflationary pressures, and the solidity of corporate earnings.
In the United States, the environment continued to be heavily influenced by the dynamism of companies linked to Artificial Intelligence (AI) and associated technologies, which continued to act as the main driver of the markets in that country. In this period, the NASDAQ index led the gains with an appreciation of 19.9%, while the Dow Jones Industrial Average (DJI) and the S&P 500 also closed the period with significant advances of 8.9% and 9.6%, respectively.
In Europe, the markets likewise closed the half-year in positive territory, albeit with heterogeneous performance across countries. Compared to the double-digit rises recorded by the Italian (FTSE-MIB: +15.0%) and Spanish (IBEX-35: +12.5%) indices, other markets such as the British (FTSE-100: +5.7%), French (CAC: +3.1%), and German (DAX: +2.1%) indices showed more moderate advances, affected by greater exposure to macroeconomic uncertainty, energy tensions, and a less dynamic industrial environment. For its part, the EURO STOXX 50 ended the period with a cumulative appreciation of 9.3%, close to all-time highs.
Lastly, in Japan, the NIKKEI 225 index maintained an upward trajectory throughout the half-year, recording the highest appreciation among the main geographies, with an advance of 39.2%. This performance was underpinned by the strength of the export sector, favoured by the depreciation of the yen, as well as the continuation of an accommodative monetary policy by the Bank of Japan.
These factors helped to reinforce the competitiveness of Japanese companies, consolidating the attractiveness of the Japanese market for international investors.
Stock market figures Key stock market figures for Endesa, S.A. as of 30 June 2026 and 31 December 2025 are detailed below:
Stock Market Figures 30 June
202631 December
2025 % Chg.
Market Capitalisation (1)Millions of Euros 41,545 32,430 28.1 Number of Shares 1,041,744,551 1,058,752,117 (1.61) Nominal Share Value Euros 1.2 1.2 — Turnover (value) (2)Millions of Euros 3,940 6,428 (38.7) Continuous Market Shares Trading volume (3)113,248,011 251,519,929 (55.0) Average daily trading volume (4)905,984 986,353 (8.1) Price to Earnings Ratio (P .E.R.) Ordinary (1)17.0 8 13.79 — Price to Earnings Ratio (P .E.R.) (1)15.81 14.75 — Price/Book Value (1)5.10 3.81 — (1) See the definition in Section 7 of this Consolidated Management Report.
(2) Turnover (value) = Sum of all the transactions performed on the shares during the reference period (Source: Madrid Stock Exchange).
(3) Trading Volume = Total volume of Endesa, S.A. securities traded in the period (Source: Madrid Stock Exchange).
(4) Average Daily Trading Volume = Arithmetic mean of stock in Endesa, S.A. traded per session during the period (Source: Madrid Stock Exchange)..
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 77
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Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
14.2. Dividends
Shareholder remuneration policy Information on the shareholder remuneration policy is disclosed in Section 18.2 of the Consolidated Management Report for the year ended 31 December 2025.
The General Shareholders’ Meeting of Endesa, S.A. held on 28 April 2026 approved the distribution to shares with dividend rights of a total dividend for a gross amount of €1.584 per share, which represents a maximum payout amount of €1,645 million. Taking into consideration the interim dividend of €0.50 gross per share paid on 12 January 2026, the final dividend is equal to €1.084 gross per share and was paid on 10 July 2026.
Dividend per share In accordance with the foregoing, details of Endesa, S.A.’s dividends per share are as follows:
2025 2024 % Chg.
Share Capital Millions of Euros 1,270.5 1,270.5 — Consolidated Net Ordinary Profit Millions of Euros 2,351 1,993 18.0 Consolidated Net Profit Millions of Euros 2,198 1,888 16.4 Individual Net Profit Millions of Euros 1,666 1,427 16.7 Net Ordinary Profit per Share(1)Euros 2.221 1.882 18.0 Net Earnings per Share(1)Euros 2.076 1.783 16.4 Gross Dividend Per Share Euros 1.584 (2)1.3177 (3)— Ordinary Consolidated Payout(1)% 70.0 70.0 — Consolidated Payout(1)% 74.9 73.9 — Individual Payout(1)% 98.8 97.8 — (1) See the definition in Section 7 of this Consolidated Management Report.
(2) Interim dividend equal to a gross €0.5 per share paid on 12 January 2026 plus final dividend equal to a gross €1.084 per share paid on 10 July 2026.
(3) Interim dividend equal to a gross €0.5 per share paid on 8 January 2025 plus final dividend equal to a gross €0.8177 per share paid on 1 July 2025.
14.3. Information on related-party transactions Information concerning related-party transactions is included in Note 42 to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
14.4. Contingent assets and liabilities Information on lawsuits, arbitration proceedings and contingent assets is included in Note 45 to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
78 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
15. Events after the
reporting period
Information concerning events after the reporting period is included in Note 46 of the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2026.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 79
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Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
II. CONSOLIDATED
MANAGEMENT REPORT
Outlook
80 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
16. Outlook for the
business
The Electricity Sector faces important challenges and opportunities in the coming years associated with advancing towards a more sustainable, efficient, and decarbonised energy model. In this context, Endesa continues to reinforce its position as a key player in this energy transition, in line with the priorities defined in its 2026-2028 Strategic Plan. Looking ahead to the next 6 months, continuity in the execution of this Plan is expected, maintaining the main lines of action and strategic objectives outlined. Nevertheless, the evolution of the environment will continue to be conditioned by external factors, primarily of a macroeconomic, regulatory, and geopolitical nature, the materialisation of which could influence the pace of execution and the evolution of certain key business variables.
During the first half of 2026, the international energy context was marked by episodes of high uncertainty resulting from geopolitical tensions in the Middle East and disruptions observed in certain energy commodity supply chains, which generated increased volatility in international energy markets. Although some progress towards de-escalating the conflict was observed at the end of June, the situation remains pending a definitive resolution. Consequently, the performance of energy markets over the coming months will continue to be influenced by this geopolitical environment, which could trigger further episodes of volatility and affect the trend in energy prices and those of the sector’s main raw materials.
In Spain, the wholesale electricity market continued to display high volatility, although average prices remained at competitive levels compared to other European markets. The significant weight of nuclear and renewable technologies in the generation mix helped to partially cushion the impact on electricity prices of the rise in energy commodity prices and the geopolitical tensions recorded during the period. Although a gradual recovery in prices was observed during the second quarter, driven by the seasonal evolution of demand and more demanding meteorological conditions, the cumulative average price for the half-year was 19.4% lower than that recorded in the same period of the previous financial year.
Looking ahead to the coming months, the foreseeable evolution of electricity prices will continue to be conditioned by factors such as the international geopolitical situation. However, the increasing penetration of renewable generation, together with the development of new grid infrastructures and the progressive incorporation of energy storage solutions, will contribute to progressively reducing the reliance on fossil fuels in price formation, favouring an environment of greater structural stability and resilience for the Electricity System in the medium and long term.
From a macroeconomic perspective, the Spanish economy continues to show relatively more dynamic performance than most Eurozone economies, supported by the robustness of the labour market, investment, and domestic demand. This scenario constitutes a favourable element for the evolution of electricity demand and for the development of opportunities linked to the process of electrifying the economy. At the same time, although inflationary pressures have begun to moderate, the financial environment remains characterised by relatively high financing costs and a still-restrictive monetary policy – factors that will continue to affect corporate investment decisions and consumer behaviour.
In the regulatory sphere, the extraordinary measures adopted to mitigate the impact of high energy prices have continued their gradual phase-out process.
Following on from this, on 29 June 2026, the Council of Ministers approved Royal Decree-Law 18/2026, of 29 June, adopting certain measures within the framework of the Comprehensive Response Plan to the Crisis in the Middle East, which incorporates, as a structural measure, the progressive elimination of the Tax on the
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 81
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Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Value of Electric Energy Production (IVPEE), culminating in its complete disappearance in 2028 (see Note 5 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026 and Section 13 of this Consolidated Management Report).
This measure seeks to reinforce the competitiveness of electricity as an energy vector, promoting the electrification of the economy and supporting energy transition and decarbonisation objectives. It is also expected to foster a reduction in energy costs for businesses and consumers and to stimulate new investments linked to electricity-
intensive activities, reinforcing the role of electricity as a key element for economic competitiveness and environmental sustainability. At the European level, regulatory initiatives remain focused on strengthening the stability and efficiency of the Electricity System by prioritising the promotion of long-term contracting mechanisms, while maintaining the current electricity market design without significant structural changes in the short term. In parallel, the European Union continues to drive the development of grids, interconnections, storage systems, and flexibility solutions, as well as the acceleration of the electrification process under the so-called “Grids Package” , which is expected to lead to a significant increase in infrastructure investment in the medium and long term.
In this environment, Endesa maintains its commitment to a growth model based on the expansion and modernisation of electricity grids, the promotion of electrification, the development of renewable capacity, and energy storage.
These lines of action, aligned with observed regulatory and market trends, constitute the fundamental pillars of its strategy for the coming years and are aimed at driving the transformation of the Electricity System, reinforcing security of supply, and generating sustainable value for its shareholders and all its stakeholders.
82 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Informe
de Gestión
Consolidado
(correspondiente al periodo de seis meses terminado a 30 de junio de 2026) Carta a los
Accionistas
y Otros Grupos de InterésII. INFORME DE
GESTIÓN CONSOLIDADO
II. CONSOLIDATED
MANAGEMENT REPORT
Sustainability
Information
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 83I. I.
Limited Review Report on the Limited Review Report on the Interim Condensed Consolidated Interim Condensed Consolidated Financial StatementsFinancial StatementsII.
Consolidated Management Report III. III.
Interim Condensed Consolidated Interim Condensed Consolidated Financial Statements Financial Statements IV. IV.
Limited Review Report Limited Review Report on the Individual Interim on the Individual Interim Condensed Financial StatementsCondensed Financial StatementsV. V.
Individual Interim Condensed Individual Interim Condensed Financial Statements Financial Statements and Management Reportand Management Report
17 . Sustainability
Information
Information on sustainability is set out in the Consolidated Non-Financial Information Statement and Sustainability Information of Endesa, S.A. and its Subsidiaries, which is included in Sections 24 to 27 of the Consolidated Management Report for the financial year ended 31 December 2025.
The Consolidated Statement of Non-Financial Information and Sustainability Information aims to provide a transparent and comprehensive overview of the Company’s environmental, social and governance performance, in line with the Sustainability Policy and Endesa’s Sustainability Plan (PES) 2026–2028, as well as in compliance with applicable regulatory requirements. Through this reporting framework, Endesa communicates to its stakeholders its commitment to generating long-term sustainable value and to the responsible management of its activities, whilst addressing their expectations and information needs.
During the first half of 2026, Endesa has continued to monitor certain key indicators relating to sustainability reporting, the performance of which is presented below, grouped according to their main themes: Environmental Information, Social Information and Governance Information.
17 .1. Environmental Information Environmental information is detailed in Section 25 of the Consolidated Management Report for the year ended 31 December 2025.In the first half of 2026 and 2025, the main key performance indicators (KPIs) in environmental matters evolved as indicated below.
Climate Change and Environmental Protection During the first half of 2026, Endesa continued to implement the initiatives set out in its Energy Transition strategy in Spain and Portugal, with the aim of leading the transformation of the energy system towards a cleaner, more efficient, resilient and sustainable model, in line with the commitments of the Paris Agreement and the targets of the Integrated National Energy and Climate Plan (PNIEC) for 2030.
Greenhouse Gas (GHG) emissions Greenhouse Gas (GHG) emissions are broken down by Scope type below:
84 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
January-
June 2026January-
June 2025Baseline
Year (2017)% Chg.
January-June
2026-2025 Key Performance Indicators Scope 1 Greenhouse Gas (GHG) Emissions Absolute Scope 1 Greenhouse Gas (GHG) Emissions Generation (tCO2eq) 4,992,889 4,612,934 34,676,417 8.2 Intensity of Scope 1 Greenhouse Gas (GHG) Emissions Generation (tCO2eq/GWh)152 153 443 (0.7) Intensity of Scope 1 Greenhouse Gas (GHG) Emissions Peninsular Generation (tCO2eq/GWh) 56 44 375 27.3 Scope 3 Greenhouse Gas (GHG) Emissions Absolute Scope 3 Greenhouse Gas (GHG) Emissions Gas Commercialisation (tCO2eq)2,891,423 3,445,210 18,137,504 (16.1) Absolute Scope 3 Greenhouse Gas (GHG) Emissions Electricity Commercialisation (tCO2eq)546,002 1,641,828 9,535,159 (66.7) Intensity of Scope 1 and 3 Greenhouse Gas (GHG) Emissions Electricity Commercialisation (tCO2eq/GWh)157 172 410 (8.7)
Air pollution
The quantities of pollutants emitted into the atmosphere with a potential impact on air quality in the January-June 2026 and 2025 periods are detailed below, in accordance with the criteria established in Annex II of Regulation (EC) No. 166/2006 of the European Parliament and of the Council of 18 January, excluding Greenhouse Gas (GHG)
emissions:
Tonnes January-June
2026 January-June
2025
Sulphur Dioxide (SO2) 2,739 3,627 Nitrogen Oxides (NOx) 18,981 20,401 Particulate matter 278 299
Water resources
Endesa has identified water as a critical resource that will be affected by Climate Change; therefore, comprehensive water management is a priority within its environmental management system. To monitor this, Endesa measures specific water abstraction, an indicator for which it has set targets in the Endesa Sustainability Plan (PES) 2026–2028. The trend for this indicator over the period has been as follows:
(l/MWh) January-June
2026January-June
2025
Specific water withdrawal in the electricity generation process 54.9 59.3
Waste
Endesa has environmental management systems in place with specific procedures for waste management across all its activities.Information on the waste generated by Endesa’s activities is detailed in the following table:
Tonnes January-June
2026January-June
2025
Waste generated 39,639 40,973 Waste recovered 35,744 35,958 % Waste recovered 90.2 87.8
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 85
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Financial Statements
and Management Report
17 .2. Social Information Social information is detailed in Section 26 of the Consolidated Management Report for the year ended 31 December 2025.In the first half of 2026 and 2025, the main key performance indicators (KPIs) regarding social matters evolved as indicated below.
Workforce
Endesa’s closing workforce as of 30 June 2026 amounts to 8,924 employees, which represents a decrease of 0.2% compared to 31 December 2025.
Endesa’s average workforce during the first half of 2026 stood at 8,791 people (-0.4% compared with the January– June period of the 2025 financial year).
Information on Endesa’s headcount is described in Note 44 of the Explanatory Notes that form part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2026.
In the first half of 2026 and 2025, the indicators related to the workforce, specifically the number of contracts by gender corresponding to Endesa’s average headcount and the total turnover of the Company’s employees, evolved as indicated below:
Number of Contracts Contracts by Gender - Average Workforce (1) Permanent Contract Temporary Contract Full-Time Part-Time TOTAL Full-Time Part-Time TOTAL
January-
June
2026January-
June
2025January-
June
2026January-
June
2025January-
June
2026January-
June
2025January-
June
2026January-
June
2025January-
June
2026January-
June
2025January-
June
2026January-
June
2025
Men 6,343 6,368 4 4 6,347 6,372 81 84 2 1 83 85 Women 2,337 2,353 — 1 2,337 2,354 22 15 2 — 24 15
TOTAL CONTRACTS 8,680 8,721 4 5 8,684 8,726 103 99 4 1 107 100
(1) Salaried employees of Endesa.
Number Employee Turnover (1)
January-June
2026 January-June
2025
Voluntary Departures 29 34 Voluntary Redundancies (2)171 17 Retirements 45 35 Dismissals 11 11 Others (3)43 41 Turnover Rate (%) (4)3.4 1.5 (1) Salaried employees of Endesa.
(2) Voluntary redundancies: early retirements are considered.
(3) Others: the vast majority are due to contract terminations and contract suspensions.
(4) Percentage of contract terminations over closing headcount.
86 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Occupational Health and Safety (OHS) Endesa considers Occupational Health and Safety (OHS) a priority objective and a fundamental value to be preserved at all times for everyone working for it, without distinction between in-house staff or partner companies. This goal is built into Endesa’s strategy in the form of the Occupational Health and Safety (OHS) Policy, which is in place at all Endesa Group companies.
Workplace accidents and illnesses The detail of the total number of work accidents registered in the Company, both of salaried and non-salaried employees, whether fatal, serious and non-serious, as well as the rate of work accidents is as follows:
Workplace Accidents (1) January-June 2026 January-June 2025 Workforce Total Number Rate (2)Total Number Rate (2) Salaried employees 8 1.13 6 0.80 Non-Salaried — — — —
TOTAL 8 1.13 6 0.80
(1) Own salaried and non-salaried workers of Endesa.
(2) Number of cases divided by the total number of hours worked by the own workforce multiplied by 1,000,000.
In the January–June 2026 and 2025 periods, there were no fatal accidents among Endesa’s in-house staff.
With regard to Contractor personnel, in the January– June 2026 period there were no fatal accidents (1 fatal accident in the January–June 2025 period).Additionally, the number of occupational illnesses and accidents broken down by gender was as follows:
Workplace Accidents and Illnesses (1) January-June 2026 January-June 2025 Men Women TOTAL Men Women TOTAL Occupational Diseases (2)— — — — — — Workplace Accidents 7 1 8 2 4 6
TOTAL 7 1 8 2 4 6
(1) Own salaried workers of Endesa.
(2) Includes acute, recurrent and chronic health problems caused or aggravated by work.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 87
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Frequency index
In the January-June 2026 and 2025 periods, Endesa’s frequency index broken down by gender is as follows:
Frequency index (FI) (1) (2) January-June 2026 January-June 2025 Men Women TOTAL Men Women TOTAL Salaried employees 1.35 0.53 1.13 0.27 0.53 0.80 Non-Salaried — — — — — —
TOTAL 1.35 0.53 1.13 0.27 0.53 0.80
(1) Own salaried and non-salaried workers of Endesa.
(2) Total number of accidents, including commuting accidents’ , with respect to the total hours worked, multiplied by 1,000,000.
17 .3. Governance Information Information on Governance is detailed in Section 27 of the Consolidated Management Report for the year ended 31 December 2025.
Endesa’s Human Rights Policy Endesa’s Human Rights Policy expresses its commitment to respect the human rights of all stakeholders in the Value Chain. With regard to its own personnel, the Policy establishes the labour practices in which the protection of the Human Rights of its own personnel, both salaried and non-salaried, is focused.Endesa’s Human Rights Policy is aligned with the United Nations Guiding Principles on Business and Human Rights and is described in Section 26.1.2 of the Consolidated Management Report for the year ended 31 December 2025.
Code of Ethics In the first half of 2026, Endesa fully complied with all of the processes put in place to correctly apply the Code of Ethics.The following is the information regarding reports received through the Whistleblowing Channel for breaches of the Code of Ethics:
Number
% Chg.January-June
2026January-June
2025
Total Reports Received through the Whistleblowing Channel for Potential Breaches25 (1)11 127.27 Proven Breaches 7 2 N/a Related to Corruption and/or Fraud (2)4 1 N/a (1) As of 30 June 2026, 11 complaints are in the analysis phase.
(2) This corresponds exclusively to cases of fraud against the Company.
88 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Legal Disclaimer
This document contains certain statements that constitute estimates or forward-looking statements regarding financial and operating statistics and results and other future-related items. These statements are not guarantees that future results will materialise and are subject to significant risks, uncertainties, changes in circumstances and other factors that may be beyond Endesa’s control or may be difficult to predict.
These statements include, among other things, information about: estimates of future earnings; changes in electricity production by technology and market share; expected changes in gas demand and supply;
management strategy and objectives; cost reduction estimates; pricing and tariff structures; investment forecasts; estimated asset disposals; expected changes in generation capacity and changes in the capacity mix;
repowering of capacity; and macroeconomic conditions.
The main assumptions underlying the forecasts and targets included in this document relate to the regulatory environment, exchange rates, commodities, counterparties, divestments, increases in production and installed capacity in markets where Endesa operates, and increases in demand in those markets, allocation of production between different technologies, cost increases associated with increased activity that do not exceed certain limits, an electricity price no lower than certain levels, the cost of combined cycle plants and the availability and cost of raw materials and emission allowances necessary to operate our business at the desired levels.
In making these statements, Endesa avails itself of the protection afforded by the US Private Securities Litigation Reform Act of 1995 (PSLRA) for forward-
looking statements.
The following factors, in addition to those discussed herein, could cause financial and operating results and statistics to differ materially from those stated in the forward-looking statements: economic and industry conditions; liquidity and funding factors; operational factors; strategic and regulatory, legal, tax, environmental, governmental and political factors; reputational factors;
and business or transactional factors.
Additional information on the reasons why actual results and other developments may differ materially from the expectations implicitly or explicitly contained in this document can be found in the Risk Factors chapter of Endesa’s regulated information filed with the Spanish CNMV.
Endesa cannot guarantee that the prospects contained in this document will be fulfilled in their terms. Neither Endesa nor any of its subsidiaries intends to update such estimates, forecasts and targets except as otherwise required by law.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 89
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
III90 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Interim
Condensed
Consolidated
Financial
Statements
for the six-month
period ended
30 June 2026I. I.
Limited Review Report on the Limited Review Report on the Interim Condensed Consolidated Interim Condensed Consolidated Financial StatementsFinancial StatementsII. II.
Consolidated Management Report Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV. IV.
Limited Review Report Limited Review Report on the Individual Interim on the Individual Interim Condensed Financial StatementsCondensed Financial StatementsV. V.
Individual Interim Condensed Individual Interim Condensed Financial Statements Financial Statements and Management Reportand Management Report
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 91
Endesa, S.A. and Subsidiaries Consolidated Income Statements for the six-month periods ended 30 June 2026 and 2025 Millions of Euros Notes January-June 2026 (1)January-June 2025 (1)
REVENUE 910,995 10,880
Revenue from Sales and Services9.110,807 10,712 Other Operating Income9.2188 168
PROCUREMENT AND SERVICES (6,569) (7 ,057)
Power Purchases10.1(2,173) (2,691) Fuel Consumption10.2(1,172) (990) Transportation Expenses (1,861) (1,909) Other Variable Procurement and Services10.3(1,363) (1,467)
INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES11(173) (11)
CONTRIBUTION MARGIN 4,253 3,812
Self-Constructed Assets 140 120 Personnel Expenses12.1(483) (484) Other Fixed Operating Expenses12.2(671) (740) Other Gains and Losses131 3
GROSS OPERATING PROFIT 3,240 2,711
Depreciation and Impairment Losses on Non-Financial Assets14.1(1,066) (1,019) Impairment Losses on Financial Assets14.2(80) (98)
OPERATING PROFIT 2,094 1,594
FINANCIAL RESULT (118) (199)
Financial Income15.195 19 Financial Expense15.1(208) (233) Income and Expenses on Derivative Financial Instruments15.2(1) 7 Net Exchange Differences15.1(4) 8 Net Profit/Loss of Companies Accounted for using the Equity Method16 and 245 10
PROFIT BEFORE TAX 1,981 1,405
Corporate Income Tax17(484) (345)
PROFIT AFTER TAX FROM CONTINUING OPERATIONS 1,497 1,060
PROFIT AFTER TAX FROM DISCONTINUED OPERATIONS — —
PROFIT FOR THE PERIOD 1,497 1,060
Attributable to the Parent Company 1,470 1,041 Attributable to Non-Controlling Interests 27 19
BASIC EARNINGS PER SHARE FROM CONTINUING OPERATIONS (in Euros)181.43 0.99
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS (in Euros)181.43 0.99
BASIC EARNINGS PER SHARE (in Euros) 1.43 0.99
DILUTED EARNINGS PER SHARE (in Euros) 1.43 0.99
(1) Unaudited.
Notes 1 to 47 as described in the accompanying Explanatory Notes are an integral part of the Consolidated Income Statements for the six-month periods ended 30 June 2026 and 2025.
92 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Endesa, S.A. and Subsidiaries Consolidated Statements of Other Comprehensive income for the six-month periods ended 30 june 2026 and 2025 Millions of Euros Notes January-June 2026 (1)January-June 2025 (1)
CONSOLIDATED PROFIT FOR THE PERIOD 1,497 1,060
OTHER COMPREHENSIVE INCOME:
ITEMS THAT WILL NOT BE RECLASSIFIED TO PROFIT FOR THE PERIOD (14) (5)
Revaluation/(Reversal) of Property, Plant, and Equipment and Intangible Assets — — Actuarial Gains and Losses34.1(18) (6) Share in Other Comprehensive Income Recognised by Investments in Joint Ventures and Associates— — Equity Instruments through Other Comprehensive Income — — Other Gains and Losses that will not be Reclassified to Profit for the Period — — Tax Effect174 1
ITEMS THAT COULD SUBSEQUENTL Y BE RECLASSIFIED
TO PROFIT OR LOSS FOR THE PERIOD(180) 201
Hedging Transactions (242) 266 Revaluation Gains/(Losses) (227) 160 Amounts Transferred to the Income Statement (15) 106 Other Reclassifications — — Exchange Differences — — Revaluation Gains/(Losses) — — Amounts Transferred to the Income Statement — — Other Reclassifications — — Share in Other Comprehensive Income Recognised by Investments in Joint Ventures and Associates1 1 Revaluation Gains/(Losses) 1 1 Amounts Transferred to the Income Statement — — Other Reclassifications — — Debt Instruments at Fair Value through Other Comprehensive Income — — Revaluation Gains/(Losses) — — Amounts Transferred to the Income Statement — — Other Reclassifications — — Other Gains and Losses that could Subsequently be Reclassified as Profit for the Period— — Revaluation Gains/(Losses) — — Amounts Transferred to the Income Statement — — Other Reclassifications — — Tax Effect1761 (66)
TOTAL COMPREHENSIVE INCOME 1,303 1,256
Attributable to the Parent 1,27 4 1,235 Attributable to Non-Controlling Interests 29 21 (1) Unaudited.
Notes 1 to 47 detailed in the accompanying Explanatory Notes are an integral part of the Consolidated Statements of Other Comprehensive Income for the six-month periods ended 30 June 2026 and 2025.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 93
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Endesa, S.A. and Subsidiaries Consolidated Statements of Financial Position as of 30 june 2026 and 31 december 2025 Millions of Euros Notes 30 June 2026 (1)31 December 2025 (2)
ASSETS
NON-CURRENT ASSETS 28,999 29,119
Property, Plant and Equipment1923,875 23,832 Investment Property 12 4 Intangible Assets211,486 1,424
Goodwill22607 607
Investments Accounted for using the Equity Method24284 280 Non-Current Assets from Contracts with Customers25.1— -
Other Non-Current Financial Assets26264 695 Non-Current Derivative Financial Instruments 483 331 Other Non-Current Assets27635 595 Deferred Tax Assets231,353 1,351
CURRENT ASSETS 9,626 8,363
Inventories292,030 2,050
Trade and Other Receivables304,954 4,701 Trade Receivables for Sales and Services and Other Receivables 4,211 4,125 Current Corporate Income Tax Assets 418 337 Other Tax Assets 325 239 Current Assets from Contracts with Customers25.19 3 Other Current Financial Assets281,468 892 Current Derivative Financial Instruments 868 494 Cash and Cash Equivalents31277 195 Non-Current Assets Classified as Held for Sale and Discontinued Operations3220 28
TOTAL ASSETS 38,625 37,4 82
EQUITY AND LIABILITIES
EQUITY339,213 9,611
Attributable to the Parent33.18,143 8,522 Share Capital 1,250 1,271 Share Premium and Reserves 6,213 6,082 (Treasury Shares) (628) (529) Profit for the Period Attributable to the Parent Company 1,470 2,198 Interim Dividend — (519) Other Equity Instruments 6 5 Valuation Adjustments (168) 14 Attributable to Non-Controlling Interests33.21,070 1,089
NON-CURRENT LIABILITIES 16,705 18,863
Grants 261 260 Non-Current Liabilities from Contracts with Customers25.24,456 4,450 Non-Current Provisions342,518 2,673 Provisions for Employee Benefits 247 232 Other Non-Current Provisions 2,271 2,441 Non-Current Financial Debt38.37,6 61 9,422 Non-Current Derivative Financial Instruments 370 185 Other Non-Current Financial Liabilities36164 164 Other Non-Current Liabilities35129 568 Deferred Tax Liabilities231,146 1,141
CURRENT LIABILITIES 12,707 9,008
Current Liabilities from Contracts with Customers25.2561 523 Current Provisions34673 1,082 Provisions for Employee Benefits — -
Other Current Provisions 673 1,082 Current Financial Debt38.33,353 1,005 Current Derivative Financial Instruments 1,134 514 Other Non-Current Financial Liabilities3674 63 Trade and Other Payables376,897 5,806 Suppliers and other Creditors 5,467 4,932 Current Corporate Income Tax Liabilities 856 298 Other Tax Liabilities 574 576 Liabilities Related to Non-Current Assets Classified as Held for Sale and Discontinued Operations3215 15
TOTAL EQUITY AND LIABILITIES 38,625 37,4 82
(1) Unaudited.
(2) Audited.
Notes 1 to 47 as described in the accompanying Explanatory Notes are an integral part of the Consolidated Statements of Financial Position as of 30 June 2026 and 31 December 2025.
94 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Endesa, S.A. and Subsidiaries Statement of Changes in Equity for the six-month period ended 30 june 2026 Millions of Euros (Unaudited) NotesEquity Attributable to the Parent Company (Note 33.1)
Non-Controlling Interests
(Note 33.2)
Total equityShareholders’ Equity
Valuation AdjustmentsCapital
Share Premium,
Reserves and Interim
Dividend
Treasury shares
Profit for the Period
Other Equity
Instruments
Opening Balance at 1 January 2026 1,271 5,563 (529) 2,198 5 14 1,089 9,611 Adjustments due to Changes in Accounting Criteria — — — — — — — — Adjustments for Errors — — — — — — — — Adjusted Opening Balance 1,271 5,563 (529) 2,198 5 14 1,089 9,611 Total Comprehensive Income — (14) — 1,470 — (182) 29 1,303 Operations with Partners or Owners (21) (1,534) (99) — — — (48) (1,702) Capital Increases/(Reductions) (21) (424) 445 — — — — — Conversion of Liabilities to Equity — — — — — — — — Distribution of Dividends33.1.6— (1,110) — — — — (48) (1,158) Transactions Involving (Net) Treasury Shares — — (544) — — — — (544) Increases/(Reductions) due to Business Combinations— — — — — — — — Other Operations with Partners or Owners — — — — — — — — Other Changes in Equity — 2,198 — (2,198) 1 — — 1 Equity-Settled Share-Based Payments — — — — — — — — Transfers between Equity Line Items — 2,198 — (2,198) — — — — Other Changes — — — — 1 — — 1 Closing Balance on 30 June 2026 1,250 6,213 (628) 1,470 6 (168) 1,070 9,213 Notes 1 to 47 as described in the accompanying Explanatory Notes are an integral part of the Consolidated Statement of Changes in Equity for the six-month period ended 30 June 2026.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 95
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Endesa, S.A. and Subsidiaries Statement of Changes in Equity for the six-month period ended 30 june 2025 Millions of Euros (Unaudited) NotesEquity Attributable to the Parent Company (Note 33.1)
Non-Controlling Interests
(Note 33.2)
Total EquityShareholders’ Equity
Valuation AdjustmentsCapital
Share Premium,
Reserves and Interim
Dividend
Treasury shares
Profit for the Period
Other Equity
Instruments
Opening Balance at 1 January 2025 1,271 5,064 (4) 1,888 5 (114) 943 9,053 Adjustments due to Changes in Accounting Criteria — — — — — — — — Adjustments for Errors — — — — — — — — Adjusted Opening Balance 1,271 5,064 (4) 1,888 5 (114) 943 9,053 Total Comprehensive Income — (5) — 1,041 — 199 21 1,256 Operations with Partners or Owners — (860) (210) — — — (62) (1,132) Capital Increases/(Reductions) — — — — — — (1) (1) Conversion of Liabilities to Equity — — — — — — — — Distribution of Dividends33.1.6— (860) — — — — (61) (921) Transactions Involving (Net) Treasury Shares — — (210) — — — — (210) Increases/(Reductions) due to Business Combinations— — — — — — — — Other Operations with Partners or Owners — — — — — — — — Other Changes in Equity — 1,888 — (1,888) 1 — — 1 Equity-Settled Share-Based Payments — — — — 1 — — 1 Transfers between Equity Line Items — 1,888 — (1,888) — — — — Other Changes — — — — — — — — Closing Balance on 30 June 2025 1,271 6,087 (214) 1,041 6 85 902 9,178 Notes 1 to 47 as described in the accompanying Explanatory Notes are an integral part of the Consolidated Statement of Changes in Equity for the six-month period ended 30 June 2025.
96 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Endesa, S.A. and Subsidiaries Consolidated Statements of Cash Flows for the six-month periods ended 30 june 2026 and 2025 Millions of Euros Notes January-June 2026 (1)January-June 2025 (1) Profit Before Tax 1,981 1,405 Adjustments in Profit/Loss: 1,621 1,566 Depreciation of Fixed Assets and Impairment Losses141,146 1,117 Other Adjustments in (Net) Profit/Loss 475 449 Changes in Working Capital:41.1(1,078) (280) Trade and Other Receivables 429 861 Inventories (826) (432) Current Financial Assets (225) 111 Trade Payables and Other Current Liabilities (456) (820) Other Cash Flows from Operating Activities:41.1(252) (335) Interest Received 62 20 Dividends Received 1 3 Interest Paid (171) (195) Corporate Income Tax Paid 6 (58) Other Collections and Payments from Operating Activities (150) (105)
NET CASH FLOWS FROM OPERATING ACTIVITIES412,272 2,356
Payments for Investments41.2(1,736) (2,148) Acquisitions of Property, Plant, and Equipment and Intangible Assets (1,010) (897) Investments in Group companies (71) (949) Acquisitions of other investments (655) (302) Proceeds from Divestments41.267 90 Disposal of Tangible Fixed Assets and Intangible Assets 13 18 Disposal of interests in Group companies 1 12 Disposal of other Investments 53 60 Other Cash Flows from Investment Activities41.2101 61 Other Collections and Payments from Investment Activities 101 61
NET CASH FLOWS FROM INVESTMENT ACTIVITIES41(1,568) (1,997)
Cash Flows from Equity Instruments 24 and 33(544) (193) Proceeds from Non-Current Financial Debt38.3725 9 Repayments of Non-Current Financial Debt38.3(9) (17) Net Cash Flow from Current Maturity of Financial Debts38.3 and 41.3(232) (183) Dividends paid by the Parent Company33.1.6 and 41.3(519) (529) Dividends Paid to Non-Controlling Interests33.2 and 41.3(43) (60)
NET CASH FLOWS FROM FINANCING ACTIVITIES41(622) (973)
TOTAL NET CASH FLOWS 82 (614)
Exchange Rate Variation on Cash and Cash Equivalents — —
CHANGES IN CASH AND CASH EQUIVALENTS 82 (614)
INITIAL CASH AND CASH EQUIVALENTS 31195 840
Cash in Hand and at Banks 145 78 Other Cash Equivalents 50 762
FINAL CASH AND CASH EQUIVALENTS 31277 226
Cash in Hand and at Banks 97 186 Other Cash Equivalents 180 40 (1) Unaudited.
Notes 1 to 47 as described in the accompanying Explanatory Notes are an integral part of the Consolidated Statements of Cash Flows for the six-month periods ended 30 June 2026 and 2025.
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 97
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98 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Consolidated Income Statements for the six-month periods ended 30 June 2026 and 2025 ..................................................................................... 92 Consolidated Statements of Other Comprehensive income for the six-month periods ended 30 june 2026 and 2025 .............................. 93 Consolidated Statements of Financial Position as of 30 june 2026 and 31 december 2025 ............................................................ 94 Statement of Changes in Equity for the six-month period ended 30 june 2026 ........................................................................................................... 95 Statement of Changes in Equity for the six-month period ended 30 june 2025 ........................................................................................................... 96 Consolidated Statements of Cash Flows for the six-month periods ended 30 june 2026 and 2025 ...................................................................................... 97 Condensed explanatory notes to the Interim condensed consolidated financial statements for the six-month period ended 30 June 2026 ....................................... 104 1. Business and Interim Condensed Consolidated Financial Statements ................................................................................................................... 105 2. Basis of preparation of the interim condensed Consolidated Financial Statements ................................................................................................ 106 3. Responsibility for the information and estimates ....................................... 110 4. Further information ................................................................................................... 111 4.1. Climate Change ............................................................................................ 111 4.2. Geopolitical situation ................................................................................. 114 4.3. Interruption of the energy supply in the Iberian Peninsula ....... 116 5. Sectoral regulation .................................................................................................. 117
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 99
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
6. Changes in the Consolidation Scope .............................................................. 130 6.1. Subsidiaries ................................................................................................... 130 6.2. Associates ....................................................................................................... 131 6.3. Joint Arrangements .................................................................................... 132 7 . Business Combination ........................................................................................... 133 8. Segment information ............................................................................................. 135 8.1. Basis of segmentation .............................................................................. 135 8.2. Segment information ................................................................................ 136 8.3. Information by geographical areas ..................................................... 141 9. Revenue ........................................................................................................................ 142 9.1. Revenue from sales and services ........................................................ 142 9.2. Other operating income .......................................................................... 143 10. Procurements and services ................................................................................. 144 10.1. Power purchases ........................................................................................ 144 10.2. Fuel consumption ....................................................................................... 144 10.3. Other variable procurements and services ..................................... 144 11. Income and expenses from energy commodity derivatives ................. 145 12. Fixed operating expenses ..................................................................................... 146 12.1. Personnel expenses ................................................................................... 146 12.2. Other fixed operating expenses .......................................................... 146 13. Other income and expense ................................................................................. 147 14. Depreciation and impairment losses ............................................................... 148 14.1. Depreciation, amortisation and impairment losses on non-financial assets ............................................................................ 148 14.2. Impairment losses on financial assets ............................................... 148 15. Financial result ........................................................................................................... 149 15.1. Financial result without derivative financial instruments .......... 149 15.2. Financial income and expenses from derivative financial instruments ................................................................................................... 150
100 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
16. Net results of companies accounted for using the equity method .... 151 17 . Corporate Income Tax ............................................................................................ 152 18. Basic and diluted earnings per share .............................................................. 153 19. Property, plant and equipment ........................................................................... 154 19.1. Main investments and divestments .................................................... 156 19.2. Acquisition commitments ...................................................................... 157 19.3. Other information ...................................................................................... 158 20. Right-of-use assets ................................................................................................ 159 20.1. Right-of-use assets as a lessee ........................................................... 160 20.2. Right-of-use assets as a lessor ............................................................ 160 21. Intangible assets ....................................................................................................... 161 21.1. Main investments and divestments .................................................... 162 21.2. Acquisition commitments ...................................................................... 163 21.3. Other information ...................................................................................... 163 22. Goodwill ........................................................................................................................ 164 22.1. Other information ...................................................................................... 164 23. Deferred tax assets and liabilities ...................................................................... 165 24. Investments accounted for using the equity method ............................. 166 25. Assets and liabilities from contracts with customers .............................. 168 25.1. Non-current and current assets from contracts with customers ...................................................................................................... 168 25.2. Non-current and current liabilities from contracts with customers ...................................................................................................... 168 26. Other non-current financial assets .................................................................. 169 26.1. Loans and other receivables .................................................................. 169 26.2. Equity instruments ..................................................................................... 170 27 . Other non-current assets ..................................................................................... 171 28. Other current financial assets ............................................................................ 172
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 101
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
29. Inventories ................................................................................................................... 173 29.1. Carbon dioxide (CO2) emission allowances ..................................... 173 29.2. Guarantees of origin and other environmental certificates ..... 173 29.3. Acquisition commitments ...................................................................... 173 29.4. Other information ...................................................................................... 174 30. Trade and other receivables ................................................................................ 175 30.1. Other information ...................................................................................... 176 31. Cash and cash equivalents ................................................................................... 177 32. Non-current assets held for sale and from discontinued operations ................................................................... 178 33. Equity ............................................................................................................................. 179 33.1. Equity: of the Parent Company ............................................................. 179 33.2. Equity: Attributable to Non-controlling Interests ......................... 182 34. Provisions ..................................................................................................................... 183 34.1. Provisions for pensions and other similar obligations ............... 183 34.2. Provisions for workforce restructuring plans ................................. 187 34.3. Other provisions .......................................................................................... 188 35. Other non-current liabilities ................................................................................ 189 36. Other non-current and current financial liabilities .................................... 189 37 . Trade creditors and other accounts payable ............................................... 190 38. Financial instruments .............................................................................................. 191 38.1. Classification of non-current and current financial asset instruments ................................................................................................... 192 38.2. Classification of non-current and current financial liability instruments ................................................................................................... 192 38.3. Financial debt ............................................................................................... 193 38.4. Other matters ............................................................................................... 194
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39. General risk control and management policy .............................................. 198 39.1. Interest rate, exchange rate, and energy commodity price risks .............................................................................. 198 39.2. Liquidity risk .................................................................................................. 199 39.3. Credit risk ....................................................................................................... 199 39.4. Concentration risk ..................................................................................... 199 40. Fair value measurement ........................................................................................ 200 40.1. Fair value measurement of financial asset classes ...................... 200 40.2. Fair value measurement of financial liability classes ................... 201 40.3. Other matters ............................................................................................... 202 41. Statement of cash flows ........................................................................................ 204 41.1. Net cash flows from operating activities ......................................... 204 41.2. Net cash flows from investing activities ........................................... 206 41.3. Net cash flows from financing activities .......................................... 207 42. Balances and related-party transactions ....................................................... 208 42.1. Expenditure and income, and other transactions ....................... 208 42.2. Associates, joint ventures, and joint operating entities ............. 212 42.3. Remuneration and other benefits of Directors and Senior Management ......................................................................... 213 42.4. Other Disclosures concerning the Board of Directors .............. 214 42.5. Share-based payment schemes tied to the Endesa, S.A. share price ............................................................. 214 43. Purchase commitments and guarantees issued to third parties and other commitments ....................................................... 216 44. Workforce .................................................................................................................... 217 44.1. Final workforce ............................................................................................ 217 44.2. Average workforce ..................................................................................... 218 45. Contingent assets and liabilities ........................................................................ 219 46. Events after the reporting period ...................................................................... 223 47 . Explanation added for translation to English .............................................. 223 APPENDIX I: Relevant companies and holdings of Endesa .............................. 224
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Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
III. INTERIM CONDENSED
CONSOLIDATED FINANCIAL
ST ATEMENTS
Endesa, S.A.
and Subsidiaries
Condensed explanatory notes to the Interim condensed
consolidated financial
statements For the six-month period ended 30 June 2026
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1. Business and Interim
Condensed Consolidated
Financial Statements
Endesa, S.A. (hereinafter the “Parent” or the “Company”) and its subsidiaries constitute the Endesa Group (hereinafter “Endesa”). Endesa, S.A.”s registered office and tax domicile, as well as its headquarters, are located in Madrid (Spain), at Calle Ribera del Loira, 60.
The Company was incorporated with limited liability in 1944, under the name Empresa Nacional de Electricidad, S.A. It subsequently changed its name to Endesa, S.A. pursuant to a resolution adopted by the General Shareholders’ Meeting on 25 June 1997 .
Endesa’s corporate purpose is the electricity business in all its various industrial and commercial areas; the exploitation of primary energy resources of all types;
the provision of industrial services, particularly in the areas of telecommunications, water and gas and those preliminary or supplementary to the Group’s corporate purpose, and the management of the Corporate Group, comprising investments in other companies. Endesa carries out the activities that make up its purpose, either directly or through its shareholdings in other companies, both domestically and internationally, mainly in Spain and Portugal, as well as through branches in several other European countries.
Given the activities carried out by Endesa’s companies, transactions do not have a significantly cyclical or seasonal characteristics.The Consolidated Financial Statements of Endesa for the year ended 31 December 2025 were approved by the General Shareholders’ Meeting on 28 April 2026 and are filed at the Madrid Mercantile Register.
The Company is part of the Enel Group, whose parent company is Enel, S.p.A., governed by current Italian legislation, with registered offices in Rome, Viale Regina Margherita, 137 , and its leading company in Spain is Enel Iberia, S.L.U., with registered offices in Madrid, Calle Ribera del Loira, 60. At 30 June 2026 and 31 December 2025, the Enel Group controls, through Enel Iberia, S.L.U., for accounting purposes only, taking into account the treasury shares held by Endesa, S.A., 72.5% and 71.4% of the share capital of Endesa, S.A., respectively. For company law purposes, the percentage of Endesa, S.A.’s share capital held by the Enel Group through Enel Iberia, S.L.U. as of 30 June 2026 is 71.2% (70.1% as of 31 December 2025) (see Note 33.1).
The Enel Group’s Consolidated Financial Statements for the year ended 31 December 2025 were approved by the General Shareholders’ Meeting held on 12 May 2026 and are filed with the Rome and Madrid Companies Registers.
In these Interim Condensed Consolidated Financial Statements, the euro is used as the presentation currency, and figures are presented in millions of euros (unless otherwise stated), as this is the presentation currency of the Parent Company.
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Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
2. Basis of preparation of the interim condensed
Consolidated Financial
Statements
The interim condensed Consolidated Financial Statements of Endesa for the six-month period ended 30 June 2026, which were approved by the Directors of the Parent at the Board of Directors’ meeting held on 28 July 2026, have been prepared in accordance with International Financial Reporting Standards (IFRS) and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), as adopted by the European Union at the date of the Consolidated Statement of Financial Position, in accordance with Regulation (EC) no. 1606/2002 of 19 July, of the European Parliament and of the Council and other provisions of the financial reporting framework applicable to Endesa.
These Interim Condensed Consolidated Financial Statements present a true and fair view of Endesa’s equity and financial position as of 30 June 2026, as well as its consolidated comprehensive income, its operations, changes in consolidated equity, and consolidated cash flows for the six-month period ended on that date.
The Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026 have been prepared using the same Preparation Basis and Valuation Principles described in Notes 2 and 3 of the Notes to the Consolidated Financial Statements for the annual period ended 31 December 2025, except for new International Financial Reporting Standards (IFRS) and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) published in the Official Journal of the European Union and first applied by Endesa in the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026. These statements are prepared on a going concern basis and using the cost method, except for items valued at fair value in accordance with the International Financial Reporting Standards (IFRS).
Furthermore, items in the Consolidated Income Statement are classified by the nature of their costs.
The Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026 have been prepared based on the Parent Company’s accounting records and those of the other Endesa subsidiaries.
Each Subsidiary prepares its Financial Statements following the accounting principles and criteria applicable in the country in which it operates. Therefore, in the consolidation process, necessary adjustments and reclassifications have been made to harmonise these principles and criteria with the International Financial Reporting Standards (IFRS) and interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
At date of issuance of these Interim Condensed Consolidated Financial Statements, the following changes in accounting policies have occurred:
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a) Standards and interpretations approved by the European Union and applied for the first time in the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026 Standards, Amendments to Standards, and InterpretationsMandatory Application: Effective for periods beginning on or after Amendments to IFRS 9 and IFRS 7: “Amendments to Classification and Measurement of Financial Instruments” 01 January 2026 Amendments to IFRS 9 and IFRS 7: “Nature-Dependent Electricity Contracts” 01 January 2026 Annual Volume 11 Amendments (1)01 January 2026 (1) Amendments to IFRS 1 “First-time Adoption of International Financial Reporting Standards” and IFRS 7 “Financial Instruments: Disclosures”, IFRS 9 “Financial Instruments”, IFRS 10 “Consolidated Financial Statements”, and IAS 7 “Statement of Cash Flows” .
The application of the above amendments has not had a significant impact on the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026.
b) Standards and interpretations approved by the European Union (EU) that will be applied for the first time in 2027 Standards, Amendments to Standards, and InterpretationsMandatory Application: Effective for periods beginning on or after IFRS 18 “Presentation and Disclosure in Financial Statements” 01 January 2027 Endesa’s Management is assessing the impact of applying this Standard; this analysis had not been concluded as of the approval date of these Interim Condensed Consolidated Financial Statements.
IFRS 18 “Presentation and Disclosure in Financial Statements” IFRS 18 “Presentation and Disclosure in Financial Statements”, adopted by the European Union through Regulation (EU) 2026/338, replaces IAS 1 “Presentation of Financial Statements” and establishes new presentation and disclosure requirements applicable to financial statements prepared in accordance with International Financial Reporting Standards (IFRS), with the aim of improving the comparability, transparency, and usefulness of financial information for users. Within this framework, the new Standard introduces, among others, the following significant changes:
• The classification of income and expenses into the following categories in the Consolidated Income Statement: operating, investing, financing, discontinued operations, and income taxes, as well as the presentation of new subtotals. This includes a redefined operating profit and a profit before financing and income taxes that incorporates the operating profit along with all income and expenses classified in the investing category, without this entailing a modification to the profit for the year.
• The requirement to disclose Management Performance Measures (MPMs) in a single Note to the Consolidated Financial Statements, including reconciliations with the subtotals defined by International Financial Reporting Standards (IFRS) and explanations regarding their usefulness for understanding financial
performance; and
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Individual Interim Condensed
Financial Statements
and Management Report
• The incorporation of more detailed guidelines regarding the aggregation and disaggregation of information in the Consolidated Financial Statements and their Explanatory Notes.
Furthermore, the adoption of IFRS 18 “Presentation and Disclosure in Financial Statements” entails specific amendments to other standards and interpretations, including IAS 7 “Statement of Cash Flows” . In particular, these amendments require operating profit to be the starting point used in presenting cash flows from operating activities when the indirect method is applied. They also incorporate specific guidelines on the classification of cash flows from interest and dividends, paid or received, which, as a general rule at Endesa, will be presented as cash flows from financing activities and cash flows from investing activities, respectively.
Analysis of the impact of IFRS 18 “Presentation and Disclosure in Financial Statements” on Endesa”s Consolidated Financial Statements In order to assess the potential impact of adopting IFRS 18 “Presentation and Disclosure in Financial Statements”, the Company has defined, among others, the following lines of action:
Areas of action Actions Objective
Consolidated
Income StatementDetailed analysis of the current structure of the Consolidated Income Statement, with a special focus on the classification of income and expenses according to the new categories defined by the Standard (operating, investing, and financing).Adapt the presentation of financial performance to the new categories defined by IFRS 18 “Presentation and Disclosure in Financial Statements“.
Review of the subtotals currently used in presenting financial performance.Align the subtotals with the mandatory levels established by IFRS 18 “Presentation and Disclosure in Financial Statements“.
Management
Performance
Measures (MPMs)Inventory and analysis of the Management Performance Measures (MPMs) currently used by Management, including their definition, consistency, and traceability with financial information. Ensure their alignment with the Standard’s new requirements, guaranteeing their proper presentation, reconciliation with subtotals, and informative transparency.
Definition of homogeneous criteria for the preparation, approval, and monitoring of Management Performance Measures (MPMs).Reinforce internal governance and consistency in the use of alternative performance measures.
Statement
of Cash FlowsDetailed analysis of the Consolidated Statement of Cash Flows.Adapt the presentation of the Consolidated Statement of Cash Flows, ensuring consistency with the principles introduced by IFRS 18 “Presentation and Disclosure in Financial Statements“ and the amendments to IAS 7 “Statement of Cash Flows“.
Aggregation and
disaggregationEvaluation of the criteria for aggregating and disaggregating income and expenses, both in the Consolidated Income Statement and in the Explanatory Notes, taking into consideration the new requirements for disaggregation and presentation of subtotals.Guarantee an appropriate level of disaggregation of financial information.
Processes,
systems, and
internal controlAdaptation of internal processes, information systems, and associated internal controls.Guarantee the correct implementation of the new presentation and disclosure requirements with the aim of ensuring an orderly transition that is fully aligned with regulatory requirements and best market practices.
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During the first half of 2026, the Company continued to make significant progress in the analysis and implementation of IFRS 18 “Presentation and Disclosure in Financial Statements”. As of the approval date of these Interim Condensed Consolidated Financial Statements, Endesa is in the process of evaluating the impact that the initial application of IFRS 18 “Presentation and Disclosure in Financial Statements” will have on the Company”s Consolidated Financial Statements. Consequently, Endesa has not yet completed the full analysis of the impact derived from the initial application of IFRS 18 “Presentation and Disclosure in Financial Statements”, which is expected to be completed over the course of the 2026 financial year. Nevertheless, based on the preliminary analysis conducted, the main expected effects will fundamentally stem from changes in the structure and presentation of the Consolidated Income Statement, as a consequence of the introduction of new categories and subtotals, as well as in the presentation of the Consolidated Statement of Cash Flows.
c) Standards and interpretations issued by the International Accounting Standards Board (IASB), pending approval by the European Union The International Accounting Standards Board (IASB) has approved the following International Financial Reporting Standards (IFRS) that could affect Endesa and are pending approval by the European Union as of the approval date of these Interim Condensed Consolidated
Financial Statements:
Standards, Amendments to Standards, and InterpretationsMandatory Application (1): Effective for periods beginning on or after IFRS 19 “Subsidiaries without Public Accountability: Disclosures“ 01 January 2027 Amendments to IFRS 19 “Subsidiaries without Public Accountability: Disclosures“ 01 January 2027 Amendments to IAS 21: “Translation to a Hyperinflationary Presentation Currency“ 01 January 2027 Amendments to IAS 28: “Amendments to the Fair Value Option for Investments in Associates and Joint Ventures“01 January 2027 IFRS 20 “Regulatory Assets and Regulatory Liabilities“ 01 January 2029 (1) If adopted unchanged by the European Union.
As of the approval date of these Interim Condensed Consolidated Financial Statements, Endesa’s Management is assessing the potential impact of applying these amendments and new standards, if ultimately endorsed by the European Union, on Endesa’s Consolidated Financial Statements. This analysis has not been concluded yet.
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Individual Interim Condensed
Financial Statements
and Management Report
3. Responsibility for the information and estimates The information contained in these Interim Condensed Consolidated Financial Statements, which were approved at the Board of Directors’ meeting held on 28 July 2026, is the responsibility of the Company’s Management. They expressly state that the principles and criteria included in the International Financial Reporting Standards (IFRS) described in the following paragraph have been applied.
The Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026 have been prepared based on the Company’s accounting records and those of the other companies included in Endesa as of that date. They include all significant information required by IAS 34 “Interim Financial Reporting” as established in Article 12 of Royal Decree 1362/2007 , dated 19 October.
However, they do not include all the information required by the International Financial Reporting Standards (IFRS) for the preparation of comprehensive Financial Statements. Therefore, for proper understanding, they should be read in conjunction with the Consolidated Financial Statements for the annual period ended 31 December 2025.
In preparing the accompanying Interim Condensed Consolidated Financial Statements, Endesa’s Management made estimates to measure certain assets, liabilities, income, expenses and commitments included therein.
The estimates necessary for the preparation of these Interim Condensed Consolidated Financial Statements were essentially of the same nature as those described in Note 3.1 to the Consolidated Financial Statements for the year ended 31 December 2025. No modifications were made to these estimates compared to those used in the Consolidated Financial Statements that have had a significant effect on the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026.
The amount shown under “Corporate Income tax expense” in the accompanying Interim Condensed Consolidated Financial Statements was calculated based on the best estimate of the tax rate expected to apply to the related annual periods. As a result, changes in estimates of the annual tax rate require the amount recognised for the six-month period ended 30 June 2026 to be adjusted in future reporting periods.
As of the approval date of these Interim Condensed Consolidated Financial Statements, the effective tax rate does not record impacts from legislative changes affecting Corporate Income Tax.
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4. Further information 4.1. Climate Change The transition towards Net Zero continues to advance globally, with the processes of decarbonising and electrifying the world economy being essential to mitigate the consequences of global warming. In this context, Endesa intends to take advantage of the opportunities and face the challenges posed by the Energy Transition process and, to this end, has defined the following strategic guidelines:
Strategic Guidelines
• Allocate investments selectively and consistently with the aim of achieving 100% emission-free electricity generation by 2040.
• Strengthen and digitise distribution networks, improving their capacity, efficiency and resilience to extreme weather events.
• To offer products and services that facilitate more efficient, sustainable and accessible electrification of consumption.
Endesa identifies and assesses the Impacts, Risks and Opportunities (IROs) related to climate change and sets out objectives, actions and results in this area to maximise positive effects and manage risks in Section 25.2 Climate Change of the Consolidated Management Report for the financial year ended 31 December 2025.
Furthermore, Endesa has committed to achieving net-zero emissions by 2040 and to developing a business model in line with the objectives of the Paris Agreement, taking into account the risks associated with climate change. This commitment is integrated into the Company’s business management and its planning and decision-making processes, and is taken into account, where appropriate, in the measurement and recognition of assets, liabilities, income and expenses, in accordance with the principles set out in the Conceptual Framework of International Financial Reporting Standards (IFRS).Information on the 2026–2028 Strategic Plan is set out in Section 5.1 of the Consolidated Management Report for the half-year period ended 30 June 2026.
In addition, Note 5.1 to the Notes to the Consolidated Financial Statements for the financial year ended 31 December 2025 sets out details of the effects of climate change in accordance with the recommendations of the European Securities and Markets Authority (ESMA) and the document “Effects of Climate-Related Matters on Financial Statements” published by the International Accounting Standards Board (IASB), some of which have been detailed in the following Explanatory Notes to Endesa”s Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2026:
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Individual Interim Condensed
Financial Statements
and Management Report
Aspects Notes Content Regulatory Framework5• Spain: Strategic framework for energy and climate.
• Europe: European regulations relating to energy, the environment and sustainable finance.
Investments and Procurement Commitments. 19.1, 19.2,
21.1 and
21.2• Investment plan and commitments to acquire assets linked to renewable energy generation, grid development and mobility solutions, smart cities, industrial electrification and home automation.
Impairment of Non-Financial Assets19.3, 21.3 and 22.1• Impact of the commitment to climate change on the valuation of non-financial assets for the purpose of determining whether impairment losses exist.
Provisions34.2 and
34.3• Obligations associated with the energy transition process relating to affected employees and the estimated costs of decommissioning facilities.
Financing 4.1.2 and 38.4• Financial debt containing terms that comply with the activity alignment requirements of the European Union (EU) Taxonomy Regulation.
Long-Term Financial Contracts for the Purchase and Sale of Electricity40.3 • Key features of long-term financial contracts for the purchase and sale of electricity (“Power Purchase Agreements“ (PPAs)).
Share-Based Payments42.5• Variable remuneration linked to sustainability targets.
Market Mechanisms Linked to Environmental Objectives4.1.3, 10.3,
29 and
34.3• Description and accounting treatment of carbon dioxide (CO2) emission allowances, energy-saving certificates and guarantees of origin.
4.1.1. Accounting estimates and judgements relating to the risks and implications of climate change and the energy transition In preparing the accompanying Interim Condensed Consolidated Financial Statements, Endesa’s management has made certain estimates and applied accounting judgements to quantify and value certain assets, liabilities, income, expenses, provisions and commitments recognised therein that are related to, and which could be affected by, the risks and opportunities associated with climate change and the energy transition process. The accounting estimates and judgements that it has been necessary to make in preparing these Interim Condensed Consolidated Financial Statements have been essentially of the same nature as those described in Note 5.1.1 to the Notes to the Consolidated Financial Statements for the financial year ended 31 December 2025. As at 30 June 2026, management has not identified any significant changes in the assumptions, estimates or valuation criteria considered at that reference date that would require a material adjustment to the estimates previously made or that have had a significant impact on these Summary Interim Consolidated Financial Statements.
4.1.2. Funding associated with activities under the European Union (EU) Taxonomy Regulation Following the adoption by the United Nations (UN) of the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change, the European Commission launched the “Financing Sustainable Growth” Action Plan, which aims to promote the reorientation of capital flows towards sustainable investments. Endesa expects that approximately 80% of the investment set out in its 2026–2028 Strategic Plan will be aligned with the European Union (EU) Taxonomy. As at 30 June 2026, gross financial debt containing terms that comply with the activity alignment requirements of the European Union (EU) Taxonomy Regulation amounted to 3,589 million euros (33% of total gross financial debt) (see Notes 38.3 and 38.4). In addition, the Company has entered into financial transactions totalling €6,137 million (56% of gross financial debt ) which include clauses linked to sustainability targets. However, these transactions have not been included in the above calculation as they are not specifically linked to criteria for alignment with activities defined in the European Union (EU) Taxonomy Regulation.
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4.1.3. Market mechanisms related to environmental objectives Endesa’s subsidiaries are affected by national and international environmental regulations and participate in market mechanisms associated with environmental objectives as described in Note 5.1.3 to the Consolidated Financial Statements for the annual period ended 31 December 2025.
Accounting impacts related to market mechanisms associated with environmental objectives Cost of market mechanisms related to environmental objectives The breakdown of operating costs related to market mechanisms associated with environmental objectives, included under “Other variable procurements and services” in the Consolidated Income Statement for the first six months of 2026 and 2025, is as follows:
Millions of Euros Notes January-June 2026 January-June 2025 Consumption of Carbon Dioxide (CO2) Emission Allowances 374 384 Consumption of Energy with Guarantees of Origin and other Environmental Certificates 32 14
TOTAL10.3406 398
The breakdown of carbon dioxide (CO2) emission allowances, guarantees of origin, and other environmental certificates used by Endesa in its environmental compliance obligations are as follows:
NotesJanuary-June 2026 January-June 2025 Carbon Dioxide (CO2)
Emission Allowances
(thousands of tonnes)Guarantees of Origin and other Environmental
Certificates
(GWh)Carbon Dioxide (CO2)
Emission Allowances
(thousands of tonnes)Guarantees of Origin and other Environmental
Certificates
(GWh)
Opening Balance 9,893 29,066 9,426 25,429 Self-Produced — 1,513 — 5,307
Procurement an
net Sales8,601 4,550 4,412 4,264 Redemption29.1 and 29.2(10,163) (28,012) (9,867) (27 ,970) Closing Balance 8,331 7, 1 17 3,971 7, 03 0
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and Management Report
Provision to cover the cost of market mechanisms related to environmental objectives As of 30 June 2026 and 31 December 2025, the breakdown and movements of provisions to cover the cost of carbon dioxide (CO2) emission allowances, guarantees of origin, and other environmental certificates relating to the obligations to surrender them to the competent authorities are as follows:
Millions of Euros Notes30 June 2026 31 December 2025 Non-Current Current Non-Current Current Provisions for Carbon Dioxide (CO2) Emission Allowances— 374 — 822 Provisions for Guarantees of Origin and other Environmental Certificates— 69 — 63
TOTAL34.3— 443 — 885
Millions of Euros NotesBalance at 31
December
2025 Allocations RedemptionTransfers and otherBalance as of
30 June
2026
Provisions for Carbon Dioxide (CO2) Emission Allowances822 374 (821) (1) 374 Provisions for Guarantees of Origin and other Environmental Certificates63 32 (26) — 69
TOTAL34.3885 406 (847) (1) 443
4.2. Geopolitical situation During the first half of 2026, the international geopolitical environment continued to be characterised by a high degree of uncertainty. In particular, the intensification of tensions in the Middle East and the persistence of various instability hotspots in regions strategic to the global energy supply have heightened the sensitivity of energy commodity markets. This has triggered episodes of volatility in energy commodity markets, affecting both prices and the dynamics of procurement and transport.
This situation has reinforced the relevance of energy security as a key element for global economic and financial stability.
Within this framework, the evolution of operability in the Strait of Hormuz, as the main corridor for global trade in oil and liquefied natural gas (LNG), has significantly influenced supply expectations and risk perception in the energy markets. Nevertheless, the progressive normalisation of maritime transit and the reduction in tensions observed in the final weeks of the half-year contributed to a partial moderation of the risk premiums priced into energy commodities.As a consequence of this environment, the energy market experienced episodes of high volatility during the half-
year. Thus, following the gradual improvement in supply prospects, the price of Brent crude stood at around 73 USD/barrel at the end of June 2026, after having recorded significantly higher levels during the period, even surpassing the 100 USD/barrel threshold during moments of peak geopolitical tension. For its part, the European natural gas market, represented by the Title Transfer Facility (TTF) index, recorded significant fluctuations in response to the evolution of the geopolitical context and expectations regarding the global availability of liquefied natural gas (LNG), maintaining a high sensitivity to potential disruptions in international supply flows.
Endesa holds positions linked to this index as part of its strategy for managing and hedging risks associated with gas trading. In this regard, periods of high volatility may lead to temporary increases in liquidity requirements associated with the provision of financial collateral (“margin calls”) required by financial instruments traded on organised markets. These risks are monitored on an ongoing basis and managed in accordance with the Group’s corporate risk and liquidity control policies.
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Furthermore, energy security continues to be a strategic priority for the European Union; over the past six months, initiatives aimed at strengthening the resilience of the European energy system have continued, through the diversification of supply sources, the development of interconnections, the expansion of storage capacity and the acceleration of the transition towards renewable energy and electrification solutions. At the same time, the European Commission has made progress in reviewing the regulatory framework on security of supply, incorporating an integrated approach to risks – including geopolitical, climatic, technological and cyber risks – with the aim of improving the capacity to prevent and respond to potential crises.
However, in the short term, the European energy market could remain exposed to potential episodes of volatility arising from geopolitical tensions, disruptions in the global liquefied natural gas (LNG) supply chain, or incidents affecting critical infrastructure. In this environment, Endesa maintains continuous monitoring mechanisms and periodically reviews its management and hedging policies with the aim of safeguarding its financial and operational position.
Finally, Endesa continuously assesses the risks associated with changes in macroeconomic, financial, commercial and regulatory variables, updating, where appropriate, its estimate of their potential impact on the Consolidated Financial Statements. This analysis is set out in detail in the following Notes to Endesa’s Interim Condensed Consolidated Financial Statements for the half-year ended 30 June 2026:
Aspects Notes Content Regulatory Framework5• Regulatory measures adopted by EU and national authorities in response to the economic and social consequences of the conflict and the current environment.
Impairment of Non-Financial Assets19.3, 21.3 and 22.1• Monitoring of indications of impairment in the current context.
Inventories29.3 • Effect of the economic context on commodity prices and on contracts with “take or pay“ clauses.
Financial Instruments38.1 and 38.2• Modification of the business model and the characteristics of the contractual cash flows of the financial assets, as well as reclassification between their categories.
• Details of derivative financial instruments and compliance with the criteria established by the regulations to apply hedge accounting.
Financial Debt38.3• Details of financial debt.
Price Risk of Energy Commodities11 and 39.1 • Sensitivity analysis. Evolution of electricity and gas prices in the energy and other commodity markets.
Liquidity Risk38.4.1 and 39.2• Detail of liquidity position.
Credit Risk39.3• Analysis of impairment of financial assets.
Concentration Risk39.4• Analysis of potential delays in supplies and contract fulfilment at the supply chain level.
Fair Value Measurement40• Details of financial assets and liabilities valued at fair value.
According to the analyses carried out by Management, during the first half of 2026, the events described above have not had material effects on the Group’s operating results, nor have they required significant modifications to the assumptions used in preparing these Interim Condensed Consolidated Financial Statements. However, the high volatility observed in certain energy markets, especially in the European natural gas market, has led to greater temporary requirements for financial guarantees associated with derivative instruments contracted on organised markets. As of 30 June 2026, these guarantees amount to €425 million and have had a temporary impact on the Group’s liquidity position, without affecting its financing capacity or the ordinary management of its operations (see Notes 26 and 28).
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Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
4.3. Interruption of the energy supply in the Iberian Peninsula On 28 April 2025, at around 12:33 hours, a serious incident occurred in the Spanish Electricity System that resulted in what is known as a “zero” and entailed the interruption of energy supply to the entire Iberian Peninsula and a limited area of southern France.
The power cut affected the various areas of the national peninsular territory and Portugal with varying intensity and duration, although the diligent action of the generating and distribution companies, particularly those belonging to the Endesa Group, allowed the service to be restored within a reasonable period of time, considering the seriousness and intensity of the event.
Following the incident, the Government announced the creation of the “Committee for the Analysis of the Circumstances that occurred in the Electricity Crisis of 28 April 2025”, which has carried out various investigation works, holding meetings with companies in the sector, including Endesa. This Committee issued a report on 17 June 2025, which was submitted to the Security Council for its approval and subsequent consideration by the Council of Ministers. The Committee concluded that the incident had multiple causes, including operational defects in the System and the failure of some power plants to meet their obligations.
Other affected entities in the sector, such as Red Eléctrica de España, S.A. (REE), in its capacity as “System Operator”, the Association of Electric Energy Companies (AELEC), and the European Network of Transmission System Operators for Electricity (ENTSO-E), have prepared their own reports on the possible causes of the incident of 28 April 2025. However, there are significant discrepancies in the conclusions contained therein.
Likewise, the Senate, the Congress of Deputies, the National Commission for Markets and Competition (CNMC), and the European Commission, to name just a few authorities, have opened their own investigation procedures into the origin of the incident, some of which are still ongoing.In particular, on 18 March 2026, the National Commission for Markets and Competition (CNMC) issued a report containing recommendations and proposed measures following the electrical incident of 28 April 2025.
The Energy Directorate of the National Commission for Markets and Competition (CNMC) has initiated 17 penalty proceedings against Endesa Generación, S.A.U. (each of the penalty proceedings refers to a specific facility) and two penalty proceedings against Asociación Nuclear Ascó-Vandellós, II AIE (ANAV), all for an alleged serious infringement consisting of an alleged breach of Operating Procedure 7 .4 and of the obligations to maintain certain facilities in adequate conditions of conservation and technical suitability. None of the agreements to initiate penalty proceedings directed against Endesa Generación, S.A.U. or Asociación Nuclear Ascó-Vandellós II, AIE (ANAV) refer to the actions of the generation facilities subject to the proceedings as being the cause of the incident.
Therefore, no causal link is established between the actions under investigation and the incident of 28 April 2025. Endesa has proceeded to submit the corresponding allegations in order to prove that the affected facilities have not breached Operating Procedure 7 .4, nor the obligations to maintain these facilities in conditions of technical suitability.
Based on the proprietary or public information available and the results of the investigations carried out by Endesa, it can be stated that all the evidence shows that under no circumstances could the supply interruption have originated in generation or distribution facilities owned by Endesa Group companies.
Up to the approval date of these Interim Condensed Consolidated Financial Statements, Endesa Group companies have not received any significant legal claims related to this incident. Consequently, in line with the above, no accounting provision has been recorded in this regard.
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5. Sectoral regulation From a regulatory perspective, the main developments for the period January-June 2026 are as follows:
Regulatory framework in Spain Remuneration from electricity distribution On 30 December 2025, Circular 8/2025 of 22 December from the National Commission for Markets and Competition (CNMC) was published in the Official State Gazette (BOE), establishing the new methodology for the remuneration of the activity in the new 2026–2031 regulatory period. This new methodology represents a transition towards a model that jointly considers investment and operation and maintenance costs (a “TOTEX” model) and introduces a mechanism linking part of the remuneration to the evolution of assigned capacity, with the intended purpose of avoiding over-investment and ensuring the financial viability of the System”s costs.
Likewise, some remuneration items are simplified, and the current incentives for loss reduction and quality are reformulated.
Regarding the financial remuneration rate, on 30 December 2025, Circular 9/2025 of 22 December from the National Commission for Markets and Competition (CNMC) was published in the Official State Gazette (BOE), modifying said rate for the new 2026–2031 regulatory period and setting its value at 6.58%.In parallel, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) opened a public consultation on a draft Royal Decree regulating the investment plans for electricity transmission and distribution grids, which contemplates expansions in investment limits and is currently pending approval.
Furthermore, on 31 December 2025, the Resolution of 18 November 2025 from the National Commission for Markets and Competition (CNMC) was published in the Official State Gazette (BOE), establishing the adjustment for 2026 to be made to the annual remuneration of electricity transmission and distribution companies for the use of optical fibre in activities other than the transmission and distribution of electricity.
Finally, on 20 March 2026, the National Commission for Markets and Competition (CNMC) initiated the hearing process on the proposed Resolution establishing the remuneration of the companies owning electricity distribution facilities for the year 2023.
Electrical Systems of Non-Peninsular Territories (NPT) On 27 January 2026, Order TED/30/2026 of 26 January was published in the Official State Gazette (BOE), establishing the technical and economic parameters to be used in calculating the remuneration for the electricity production activity in the Non-Peninsular Territories (NPT) with an additional remuneration regime during the 2026– 2031 regulatory period.
With regard to the financial remuneration rate, the Extraordinary Council of Ministers on 20 March 2026 approved Royal Decree-Law 7 /2026 of 20 March, approving the Comprehensive Response Plan to the Crisis in the Middle East, which, among other measures, once again sets the value of the rate at 6.58%. This Royal Decree-Law was ratified by the Congress of Deputies in its session on 26 March 2026, with its processing as a Draft Bill via the urgent procedure also having been approved.
Likewise, the aforementioned Royal Decree-Law 7 /2026 of 20 March establishes that, exceptionally, the positive balances in the accounts corresponding to the portion of the extra costs of electricity production in the Non-
Peninsular Territories (NPT) covered by the General State Budgets for the 2017 , 2018, and 2020 financial years may be used to cover the portion chargeable to the General State Budgets for the 2026 financial year.
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Regarding the competitive bidding procedure for the granting of the favourable Resolution of compatibility for the purposes of recognising the additional remuneration regime for the Electrical Systems of the Non-Peninsular Territories (NPT) convened in 2024, the aforementioned bidding procedure was resolved by Resolution of 3 February 2026 from the Directorate General for Energy Policy and Mines, published in the Official State Gazette (BOE) on 24 February 2026. In accordance with this, a favourable Resolution of compatibility has been granted to 53 Endesa projects, corresponding to extensions of existing units, 9 of which include life-extension investment.
According to the Resolution, projects consisting of extensions of existing units, with or without additional investment, that have not obtained a favourable Resolution of compatibility, will maintain their remuneration, subject to a report from the System Operator regarding their impact on the security of supply. Furthermore, given that the System Operator has identified in its coverage reports for the 2027–2031 period the existence of risks of an additional coverage shortfall, on 14 July 2026, the Ministry for Ecological Transition and the Demographic Challenge (MITECO) initiated the processing of a draft Resolution calling for a new competitive tendering procedure for the Electricity Systems of the Non-Peninsular Territories (TNP), for a total capacity of 820.5 MW by the year 2031.
On 23 June 2026, Order TED/624/2026 of 12 June was published in the Official State Gazette (BOE), redefining the configuration of the isolated Electrical Systems of the Canary Islands to adapt it to the commissioning of the interconnection between Tenerife and La Gomera, turning these two systems into a single Tenerife–La Gomera system.
Furthermore, as detailed below, Royal Decree-Law 18/2026 of 29 June introduces new specific measures for the Electrical Systems of the Non-Peninsular Territories (NPT), particularly regarding pumped-storage, battery storage, and the planned operation of the Mainland– Ceuta link.
Finally, on 14 July 2026, the Ministry for Ecological Transition and the Demographic Challenge (MITECO) began the process of drafting a Royal Decree amending Royal Decree 738/2015 of 31 July. This draft creates the legal framework for integrating storage into these systems, establishing new categories of facilities: “stand-
alone” storage facilities and hybrid storage facilities combined with a generation plant, whether conventional or renewable. Furthermore, the dispatch system is designed to promote the integration of these facilities.
Finally, the price signal received by renewable generation is amended, based on the average price of the mainland electricity market over the last rolling year, rather than the current daily price, with the aim of providing greater revenue predictability and reducing the impact of negative or zero prices.
Production from renewable energy sources, cogeneration, and waste On 3 February 2026, Order TED/53/2026, of 27 January, was published in the Official State Gazette (BOE), updating the remuneration parameters for standard installations applicable to certain electricity generation facilities from renewable energy sources, cogeneration, and waste, for application in the regulatory period starting on 1 January 2026, and approving new standard installations and their corresponding remuneration parameters. Currently, the financial remuneration rate for the 2020–2025 regulatory period remains in force, with a value equal to 7 .09%.On 3 January 2026, 31 March, and 6 July 2026, the Resolutions of 31 December 2025, 30 March, and 2 July 2026 were published in the Official State Gazette (BOE), updating, respectively, the values corresponding to the first, second, and third quarters of 2026 for standard electricity generation facilities whose operating costs essentially depend on the price of fuel.
Furthermore, on 25 June 2026, Royal Decree 530/2026 of 24 June was published in the Official State Gazette (BOE), establishing the framework for the calls for the granting
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of the specific remuneration regime to cogeneration facilities. This standard sets the foundations for future calls for a total of 1,200 MW, which will be structured through 2 auctions of 600 MW each to be held in 2026 and 2027 for new natural gas and biomass power plants or to improve existing ones. Among other aspects, specific limitations are introduced for facilities located in the Electrical Systems of the Non-Peninsular Territories, both in relation to the concentration of generation capacity and regarding the maximum capacity of the beneficiary facilities. It is required that new gas power plants be prepared to consume at least 10% renewable hydrogen and comply with a maximum limit of 270 gCO2/kWh, and it is likewise required that biomass facilities prove compliance with the sustainability and emission reduction criteria established in the applicable regulations.
In development of this Royal Decree, on 6 July 2026, Order TED/672/2026 of 2 July was published in the Official State Gazette (BOE), defining the procedure for future calls, regulating the technical and environmental requirements of the facilities, the financial guarantees, the participation criteria, and the registration in the specific remuneration regime registry.
Royal Decree approving the General Regulations on Supply and Procurement and establishing the conditions for the trading, aggregation and consumer protection of electricity On 12 February 2026, Royal Decree 88/2026 of 11 February was published in the Official State Gazette (BOE), approving the General Regulation on the supply, commercialisation, and aggregation of electricity, which aims to consolidate the regulations relating to electricity supply and contracting—currently scattered across various standards—to adapt them to the current reality and new business models. Below are some of the aspects established by the Royal Decree:
• Prohibition on the supplier from making commercial calls and engaging in telephone contracting practices, unless expressly requested by the customer.
• It is established that supply companies with more than 200,000 customers must have offers with dynamic prices indexed to the spot market.
• New requirements are established to access the commercialisation activity, such as demonstrating financial solvency, and the process for requesting disqualification and the precautionary measures arising from this situation is developed.• The deadlines for changing electricity supplier are shortened from the current 21 days to 10 working days, with the incoming supplier having a maximum of 24 hours on a working day from the formalisation of the contract to send the request to the distributor.
• Regarding the electricity supply contract, where the general rule is an annual duration tacitly renewable for equal periods, the possibility is introduced for the consumer and supplier to freely agree on a different duration, as well as the possibility of contracting more than one supplier simultaneously, and even going directly to the wholesale market, provided they do not coincide in the same settlement period (currently 15 minutes). For supplies below 15 kW of contracted capacity, the customer may terminate the contract at any time, without penalty, unless it is prior to the first annual renewal of a fixed-price contract in the deregulated market, in which case the penalty may not exceed 5% of the energy pending invoicing in that year.
If the change is made by a vulnerable consumer to sign up to the Voluntary Price for Small Consumers (PVPC), no penalty will apply.
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• The position of the aggregator is regulated, and its rights and obligations are established.
• Distributors, suppliers, and aggregators must have a free customer service available, at a minimum, digitally.
Claims must be resolved within a maximum period of 15 working days. The option is also introduced for supply companies to voluntarily develop an additional consumer protection mechanism (customer ombudsman), whose resolution, to be issued within a maximum of 2 months, will be binding on the company.Likewise, on 23 June 2026, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) initiated the processing of a proposed resolution that updates the mandatory minimum content of electricity bills for deregulated market suppliers to low-voltage consumers of up to 15 kW and for reference suppliers.
This proposal seeks to update and improve the information contained in the bills, including elements that facilitate their understanding and new variables, such as the average cost of the energy consumed, the average consumption of similar consumers in the same postal code, the type of contract (fixed or indexed), or greater details on self-consumption.
Vulnerable Consumers. Social Bonus subsidised rate On 27 December 2025, Order TED/1524/2025 of 23 December was published in the Official State Gazette (BOE), approving the unit values to be paid by the parties obligated to finance the Social Bonus subsidised rate for 2026. However, and following Royal Decree-Law 7 /2026 of 20 March, Order TED/634/2026 of 17 June was published on 25 June 2026, updating the applicable unit values for the year 2026.
Furthermore, given that the timeframe of the approved National Strategy against Energy Poverty was 5 years (2019– 2024), following 2 public consultations launched by the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) during 2025, on 7 February 2026 the Council of Ministers approved the 2026–2030 National Strategy against Energy Poverty. Following the Strategy, on 18 February 2026, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) launched a prior public consultation on the creation of the Energy Poverty Observatory, aimed at centralising and improving the availability of data and indicators on energy poverty, reinforcing its monitoring and evaluation, and providing information to support decision-making in public policies aimed at vulnerable consumers.
Technical requirements for grid connection On 12 February 2026, Order TED/82/2026 of 9 February was published in the Official State Gazette (BOE), modifying Order TED/749/2020 of 16 July, which establishes the technical requirements for grid connection.
This Order updates the national regulatory framework applicable to the grid connection of electrical facilities, expanding on the European network connection codes. The regulation introduces adjustments to the technical requirements for generation facilities, including lower-
capacity ones, particularly regarding their response to voltage dips and power recovery following disturbances, and incorporates a transitional framework for energy storage facilities. Likewise, additional specific requirements are included for certain facilities connected to the Electrical Systems of the Non-Peninsular Territories (NPT).
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Energy Efficiency
On 27 February 2026, Order TED/133/2026 of 25 February was published in the Official State Gazette (BOE), establishing the obligations to contribute to the National Energy Efficiency Fund in 2026. It contemplates a financial amount equivalent to €225 million for Endesa, of which at least 8% must be covered through financial contributions to the aforementioned Fund, while the remainder of its obligation can be met by presenting Energy Savings Certificates (CAE).
Royal Decree-Law 7 /2026 of 20 March, approving the Comprehensive Response Plan to the Crisis in the Middle East On 21 March 2026, Royal Decree-Law 7 /2026 of 20 March was published in the Official State Gazette (BOE), approving the Comprehensive Response Plan to the Crisis in the Middle East aimed at mitigating the impact of the current energy context on citizens and the most exposed industrial sectors, which also reinstates other measures included in previous Royal Decree-Laws that were not ratified by Congress. Some of these measures are detailed below:
• In the tax sphere: Throughout 2026, the Tax on the Value of Electricity Production (IVPEE) will maintain a nominal rate of 7% on a reduced taxable base on a quarterly basis. This means that the effective tax rate is set at 6.3% in the first quarter, 0.0% in the second quarter and 7 .0% for the rest of the year, with a provision of 450 million euros included in the General State Budget (PGE) to offset this reduction in revenue.
Similarly, until 30 June 2026, the Value Added Tax (VAT) rate on electricity (for supplies below 10 kW or for severely vulnerable consumers with the Social Tariff) and hydrocarbons is reduced to 10%, and the electricity tax rate is reduced from 5% to 0.5%. Furthermore, the tax rate for the Hydrocarbons Tax on natural gas for uses other than motor fuel and stationary engines (section 1.10.1) has been reduced from €0.65/GJ to €0.30/GJ between 21 March and 30 June. Tax relief is also introduced for the installation of solar panels, charging points and heat pumps.
• Consumer protection measures: The higher discounts for the electricity Social Bonus subsidised rate (42.5% for vulnerable and 57 .5% for severely vulnerable consumers) are maintained during 2026; the minimum aid amount per beneficiary of the thermal Social Bonus is increased by €50; and the prohibition on supply disconnections for vulnerable and severely vulnerable consumers is extended throughout 2026.• Industry protection measures: Until 31 December 2026, measures are established to provide flexibility to contracted supply contracts to adapt them to the current scenario without incurring additional costs derived from existing limitations to modifying the contracted flow or the access toll, including an allocation of €112 million in the General State Budgets (PGE) to cover the extra cost of this temporary flexibility. Similarly, with effect from 1 January 2026 to 31 December 2026, an 80% reduction in electricity tolls is established for electro-intensive consumers, which will be compensated by the General State Budgets (PGE) with an allocation of €220 million.
• Regarding the Electrical Systems of the Non-Peninsular Territories (NPT), the value of the financial remuneration rate for the 2026–2031 regulatory period is set at 6.58%. Similarly, it is established that the positive balances in the accounts corresponding to the portion of the extra costs of these territories chargeable to the General State Budgets (PGE) for the 2017 , 2018, and 2020 financial years may be used to cover the portion chargeable to the General State Budgets (PGE) for the 2026 financial year.
• Regarding capacity and access and connection permits, measures are introduced to reinforce transparency regarding permits and maximise the use of existing grids, streamlining electrification projects. Among other measures, a charge for access capacity reservation is established, payable from the obtainment of demand permits for connection points with a voltage equal to or greater than 1 kV until the start of the activity; the automatic expiry of permits is foreseen in the event of non-payment; and a transitional regime is created that allows the voluntary relinquishment of pre-existing permits without the execution of guarantees.
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• Administrative streamlining measures are also included, such as the creation of a single public information procedure in the administrative procedures for state-
level generation and storage facilities requiring an ordinary Environmental Impact Statement (DIA);
priority processing is given to strategic projects; and administrative deadlines for repowering are reduced.
• In the gas sector, a zero underground storage fee is established for contracted annual capacity that exceeds the volume corresponding to 20 days of firm consumption or sales.
• Self-consumption is reinforced by expanding the maximum distance between generation and consumption from 2 to 5 kilometres, and local entities are empowered to promote new modalities and energy communities.
• The declaration of public interest for pumped-storage hydroelectric technology is expressly established.
Royal Decree-Law 18/2026 of 29 June, adopting certain measures within the framework of the Comprehensive Response Plan to the Crisis in the Middle East On 30 June 2026, Royal Decree-Law 18/2026 of 29 June was published in the Official State Gazette (BOE), extending and adjusting the measures of the energy response plan linked to the crisis in the Middle East mentioned in the previous section, and also introducing a progressive phase-out of measures until September 2026, with the possibility of reactivation should the market worsen.
Below are some of the approved measures:
• In the tax sphere, it establishes, on the one hand, a progressive reduction of the Tax on the Value of Electric Energy Production (IVPEE), reducing the tax base by 30% and 40% in the third and fourth quarters of 2026, and setting a tax rate of 3.5% for 2027 and 0% from 2028 onwards, indefinitely. Regarding the temporary reductions in the Electricity Tax and the Value Added Tax (VAT) introduced by Royal Decree-Law 7 /2026 of 20 March, which ceased to apply in June 2026, an extraordinary mechanism is envisaged for their temporary reactivation during the months of August and September 2026. For the Hydrocarbons Tax, under section 1.10.1, Natural gas intended for uses other than as motor fuel, as well as natural gas intended for use as motor fuel in stationary engines, a reduced rate of €0.39/GJ is established for the month of July, and of €0.48/GJ and €0.56/GJ for the months of August and September, respectively, depending on the trend in the Consumer Price Index (CPI).
• The framework is modified to allow the closure of generation facilities when certain conditions are met that make it possible without compromising the security of supply, regardless of the express pronouncement of the competent authority.
• Regarding the Electrical Systems of the Non-Peninsular Territories (NPT), the regulations relating to the ownership of pumped-storage facilities are modified, establishing that this will correspond to the System Operator in the Canary Islands, while in the rest of the Non-Peninsular Territories (NPT) it will be assigned through competitive bidding procedures. It also introduces the exceptional and temporary possibility of authorising the partial recognition of the costs derived from installing batteries to cover spinning reserve needs, provided there are no other lower-cost alternative measures, by recognising 25% of the total investment costs chargeable to the Electricity System, with the remainder assumed by the corresponding Autonomous Communities or Cities, either with their own resources or from European public aid. Lastly, in relation to the upcoming commissioning of the interconnection between Mainland Spain and Ceuta, a transitional operating regime for the link is established until a new regulatory framework for the availability of dispatchable generation in Ceuta is defined. This applies the regime of Royal Decree 1623/2011 of 14 November, relating to the link between Mainland Spain and the Balearic Electrical System. This regime will take effect from the 1st day of the month following the completion of 4 months since the entry into force of the Royal Decree-Law, with the possibility of extending this period by Resolution of the Secretary of State for Energy in the event of a delay in the commissioning of the link.
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• Capacity release mechanisms are reinforced through new causes for the expiry of access and connection permits, linking their maintenance to the effective fulfilment of financial obligations and the development of the projects. In parallel, measures are introduced aimed at increasing the available capacity and resilience of the Electricity System by streamlining repowering projects and strengthening shared evacuation infrastructures.
• The role of distributors is reinforced, inter alia, by expressly recognising their authority to issue operational instructions, including actions linked to voltage control and operational security.
2026 Electricity Tariff On 22 December 2025, the Resolution of 18 December 2025, of the National Commission for Markets and Competition (CNMC) was published in the Official State Gazette (BOE), establishing the electricity transmission and distribution tolls for 2026, which contemplates an average increase of 0.7%.Furthermore, on 27 December 2025, Order TED/1524/2025 of 23 December was published in the Official State Gazette (BOE), establishing the prices of the Electricity System charges for 2026, setting various regulated costs of the Electricity System for the 2026 fiscal year, and approving the distribution of the amounts to be financed in relation to the Social Bonus subsidised rate for 2026. This Order increases the price of charges by 10.3% compared to current prices.
Natural gas tariff for 2026 On 22 December 2025, the Resolution of 22 December 2025 from the Directorate General for Energy Policy and Mines was published, announcing the Tariff of Last Resort (TUR) for natural gas effective from 1 January 2026, which reduces (excluding taxes) Tariff of Last Resort 1 (TUR1), Tariff of Last Resort 2 (TUR2), and Tariff of Last Resort 3 (TUR3) by 3.7%, 4.3%, and 4.8%, respectively. The Tariffs of Last Resort (TUR) applicable to Homeowners’ Associations decrease between 3.7% and 7 .8%.
On 30 March 2026, the Resolution of 27 March 2026 from the Directorate General for Energy Policy and Mines was published in the Official State Gazette (BOE), announcing the Tariff of Last Resort (TUR) for natural gas effective from 1 April 2026, which reduces (excluding taxes) Tariff of Last Resort 1 (TUR1), Tariff of Last Resort 2 (TUR2), and Tariff of Last Resort 3 (TUR3) by 7%, 8.1%, and 9%, respectively.
The Tariffs of Last Resort (TUR) applicable to Homeowners’ Associations decrease between 10.4% and 21.8%.
Furthermore, on 5 June 2026, the Resolution of 2 June 2026 from the National Commission for Markets and Competition (CNMC) was published, establishing the access tolls to the transmission networks, local networks, and regasification for the 2027 gas year. This Resolution extends the tolls in force in 2026, with the exception of tolls for recovering other regasification costs, which are set to zero. It also provides that tolls may be modified during the financial year should exceptional circumstances arise.
Likewise, on 26 June 2026, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) initiated the processing of a draft Royal Decree modifying Royal Decree 1184/2020 of 29 December, which establishes the methodologies for calculating the charges of the gas system, the regulated remuneration of basic underground storage facilities, and the fees applied for their use. Lastly, on 1 July 2026, the Resolution of 25 June 2026 from the Directorate General for Energy Policy and Mines was published in the Official State Gazette (BOE), announcing the Tariff of Last Resort (TUR) for natural gas effective from 1 July 2026, which increases (excluding taxes) Tariff of Last Resort 1 (TUR1), Tariff of Last Resort 2 (TUR2), and Tariff of Last Resort 3 (TUR3) by 8.7%, 10.2%, and 11.5%, respectively. The Tariffs of Last Resort (TUR) applicable to Homeowners’ Associations increase between 10.4% and 20.8%.
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Permits and authorisations for production facilities and water concessions in pumped-storage hydroelectric plants On 5 March 2026, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) launched a prior public consultation for the creation of a unified administrative procedure applicable to the granting of permits and authorisations for energy production facilities and water concessions in pumped-storage hydroelectric plants. The initiative aims to simplify and coordinate the administrative procedures currently in place in the electricity and public water domain sectors, in order to improve efficiency, legal certainty, and processing times for hydroelectric energy storage plants.
Draft Law on the Protection and Resilience of Critical Entities On 17 March 2026, the Council of Ministers approved a Draft Law on the protection and resilience of critical entities, which transposes into Spanish law the European regulations aimed at ensuring the continuity and security of public and private entities operating critical infrastructures in strategic sectors. The regulation broadens the traditional scope of protection (energy, transport, water, health, or food) and incorporates new sectors such as hydrogen and district heating and cooling systems, establishing specific obligations regarding protection and resilience.
This Draft Law has been sent to the Cortes Generales for its parliamentary processing and approval.
Methodology for calculating electricity prices On 9 April 2026, the National Commission for Markets and Competition (CNMC) initiated the processing of a proposed Circular on the methodology for calculating the financial rights for service connections, hook-
ups, verification, actions on measurement and control equipment, connection and network access studies, and the rental of measurement and control equipment in the Electricity Sector. This aims to adapt them to the digitalisation of networks, the integration of new demand and distributed generation, and the challenges arising from decarbonisation.
Consultation on the financial remuneration rate for regasification, transmission, system technical management, and activities linked to natural gas distribution for the 2027–2032 regulatory period On 20 April 2026, the National Commission for Markets and Competition (CNMC) initiated the hearing process on a proposed Circular proposing, for the 2027–2032 period, a rate of 6.46% for transmission, regasification, system technical management, and gas distribution, and 6.67% for activities linked to distribution, consisting of setting the rental price for gas meters.Following the hearing phase for this proposal, the National Commission for Markets and Competition (CNMC) published a new version of the text, sent to the Council of State, in which it maintains the figure of 6.46% for transmission, regasification, system technical management, and distribution, and raises the rate for meter rental pricing activities to 6.87%.
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Draft Royal Decree to promote biomethane On 21 May 2026, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) initiated the processing of a draft Royal Decree to promote biomethane, which envisages a progressive penetration of renewable gas in the national natural gas market, through a growing minimum annual quota that will start at 0.5% in 2028 and reach 6% in 2035. Consumption intended for electricity generation, consumption on the islands, and consumption for road, maritime, and air transport will be exempt. The deployment of biomethane will prioritise projects that are suitable from a territorial, environmental, and social perspective, which must obtain a specific seal to count towards compliance with these quotas.
Third proposal to modify specific aspects of the 2021–2026 Electricity Transmission Grid Development Plan On 22 May 2026, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) initiated the processing of the third proposal to modify specific aspects of the 2021–2026 Electricity Transmission Grid Development Plan. The proposal responds to the new security and operational needs of the System arising primarily from the increase in electricity flows caused by the high penetration of renewable generation in the southern mainland Spain, and incorporates new actions aimed at reinforcing dynamic voltage control, system stability, and oscillation mitigation, as well as some actions to make viable infrastructures already included in previous modifications to the Plan.
High-energy-consuming companies
On 25 June 2026, Order TED/635/2026 of 23 June was published in the Official State Gazette (BOE), regulating the concept of a high-energy-consuming company in the Industrial Sector for the purposes of accounting for final energy savings in the National System of Energy Efficiency Obligations (SNOEE) and in the application of alternative energy efficiency measures. The main aspects of the
Order are:
• It defines the concept of a high-energy-consuming company in the Industrial Sector applicable to specific industrial activities (excluding energy production or transformation) with an average annual consumption equal to or greater than 1 GWh in the 3 years preceding the action.• It establishes the requirements that energy efficiency actions must meet for the savings obtained to be accountable, including conducting energy audits and adopting action plans.
• It reinforces the documentary requirements for applications to issue Energy Savings Certificates (CAE) for actions linked to direct fossil fuel combustion technologies in these companies.
• It grants retroactive effects from 1 January 2024, allowing the accounting of savings generated since that date and their possible eligibility for the Energy Savings Certificate (CAE) system, provided the established conditions are met.
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Financial Statements
and Management Report
Strategic Energy and Climate Framework On 26 May 2026, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) launched a public consultation on the Social Climate Plan, prepared in compliance with European regulations and aimed at reducing external dependence on fossil fuels, especially in the sectors and households most exposed to their price volatility. In this context, the Social Climate Plan seeks to promote, through investments co-financed by European funds, the electrification of heating and cooling systems, the energy rehabilitation of homes (particularly for vulnerable households), access to sustainable mobility, and support for the transport sector.
Furthermore, on 12 June 2026, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) launched a public consultation on the Draft 2026–2030 Work Programme of the National Climate Change Adaptation Plan, provided for by Law 7 /2021 of 20 May on Climate Change and Energy Transition. This Programme is supported by the results of the Assessment of Risks and Impacts derived from Climate Change (ERICC 2025), which identifies relevant risks and analyses key risks to guide adaptation priorities. The programme establishes measures aimed at advancing the objectives of the National Climate Change Adaptation Plan (PNACC), including monitoring, evaluation, coordination, and governance actions, as well as specific measures to reinforce Climate Change adaptation policies and the integration of their cross-cutting aspects into various areas of action.
Draft Royal Decree amending Royal Decrees 1955/2000 of 1 December and 1434/2002 of 27 December On 3 July 2026, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) initiated the processing of a draft Royal Decree that modifies the regulatory framework for electricity and gas facilities with the aim of streamlining the deployment of renewables, optimising the use of grids, promoting storage, reinforcing citizen participation in administrative procedures, and improving the information provided to consumers.
Capacity mechanisms
On 18 December 2024, the Ministry for Ecological Transition and the Demographic Challenge (MITECO) began the process of drafting an Order to create a capacity market within the Spanish Peninsular Electricity System.
The proposed mechanism provides for firm capacity auctions, with a 5-year delivery horizon (known as “main auctions”), and balancing auctions, with a 1-year delivery horizon. These auctions are open to generation, storage and demand facilities. Both new facilities (which may secure contracts lasting half the useful life of their technology) and existing facilities (which will only be eligible for one-year contracts) may participate in the main auctions, whilst the balancing auctions are reserved for existing facilities. On a transitional basis, until the start of the first service provision period for the main auction, transitional auctions with an annual service provision period will be held, open to both new and existing facilities.
On 14 July 2026, the European Commission’s authorisation of the proposed capacity mechanism (“State Aid SA.112483 (2025/N)”) was published in the Official Journal of the European Union (EU), a necessary step in the approval process.
126 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Regulatory framework in Europe Industrial competitiveness: Industrial Accelerator Act Within the framework of Regulation (EU) 2024/1735 on the Net-Zero Industry Act (NZIA), which develops certain elements of the “Clean Industrial Deal” of February 2025, on 4 March 2026, the European Commission published the proposed Industrial Accelerator Act regulation. This legislative proposal aims to reinforce the acceleration of the decarbonisation of “Made in Europe” industry, and to promote the manufacturing of net-zero emission technologies and their procurement through public tenders subject to strict requirements to prioritise European products.
“Citizens Energy Package” Communication On 10 March 2026, the European Commission published the “Citizens Energy Package” Communication (COM/2026/115 final), aimed at making energy more accessible to citizens. This Communication is framed within the so-called “Action Plan for Affordable Energy”, which forms part of the “Clean Industrial Deal” of February 2025.The Communication encourages Member States to reduce the tax burden on households and is designed so that consumers have transparent information allowing them to switch to more affordable contracts. It also seeks the development of energy communities and energy efficiency, with an emphasis on protecting vulnerable households and those in a situation of energy poverty.
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“AccelerateEU” Communication
As a result of rising energy costs following the conflict in the Middle East, the “AccelerateEU” Communication was published on 22 April 2026, proposing specific measures to accelerate the transition to clean energy and strengthen European energy resilience.
Financial regulation
On 26 May 2026, the European Commission published its review report on commodity derivative markets under Directive 2014/65/EU of 15 May on Markets in Financial Instruments, known as the “Markets in Financial Instruments Directive II” (MiFID II). The report concludes that the current framework is generally adequate and does not require substantial modifications. In particular, it considers that the ancillary activity exemption functions correctly and its requirements should not be increased, as there is no evidence that stricter requirements would improve market integrity. On the contrary, it highlights its role in facilitating the hedging of physical positions and contributing to market liquidity. Regarding the position limit regime, it also remains appropriate, although it could be adjusted to give trading venues a greater role in granting exemptions and monitoring positions.
On the other hand, on 13 April 2026, two key Regulations were published in the Official Journal of the European Union (OJEU) that develop and make fully operational the revision of Regulation (EU) 2024/1106 of 11 April, which improves the Union’s protection against market manipulation in the wholesale energy market, known as the Regulation on Wholesale Energy Market Integrity and Transparency II (REMIT II):• Implementing Regulation (EU) 2026/256 of 30 January on data reporting, which repeals and replaces Regulation (EU) 1348/2014 of 17 December. This new framework improves the way market participants report transaction data and fundamental data to the Agency for the Cooperation of Energy Regulators (ACER), allowing for more effective detection of market abuse, higher quality of information and, where possible, a reduction in the administrative burden for participants.
• Delegated Regulation (EU) 2026/255 of 30 January on “Inside Information Platforms” (IIPs) and “Registered Reporting Mechanisms” (RRMs), which establishes a harmonised framework for the authorisation and supervision of these entities by the Agency for the Cooperation of Energy Regulators (ACER). Its objective is to guarantee clear, fair, and consistent procedures, as well as to ensure the reliability of the intermediaries responsible for data reporting and the publication of inside information.
Both Regulations entered into force on 29 April 2026 and include transitional periods that allow market participants, as well as “Inside Information Platforms” (IIPs) and “Registered Reporting Mechanisms” (RRMs), to gradually adapt to the new requirements.
128 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Gas Market Task Force On 1 June 2026, the Report of the Commission’s Gas Market Task Force, created in 2025 within the framework of the “Clean Industrial Deal” and the European Union”s (EU) Action Plan for Affordable Energy, was published with the objective of assessing the functioning of gas and derivative markets in the European Union (EU).
The Report of the Gas Market Task Force concludes that gas and derivative markets in the European Union (EU) are functioning correctly, without concentration issues and with a solid regulatory framework.
Furthermore, it recommends improving coordination and simplifying burdens without introducing further regulation, and warns of two aspects to monitor: the impact of storage policies on prices and the use of algorithms and Artificial Intelligence (AI), which require continuous monitoring.
Sustainable finance
As part of the European Union’s Omnibus packages seeking to reduce the administrative burden on companies and bolster industrial competitiveness, on 8 January 2026, Delegated Regulation (EU) 2026/73 was published in the Official Journal of the European Union (OJEU), amending the Delegated Regulations on European Union (EU) Taxonomy disclosure, Climate, and Environment (Delegated Regulations 2021/2178 of 6 July, 2021/2139 of 4 June, and 2023/2486 of 27 June, respectively).
The main simplification measures include exempting companies, both financial and non-financial, from assessing the European Union (EU Taxonomy alignment of activities not materially significant to their business, which is set at less than 10% of total income, capital expenditure (CapEx), or operating expenditure (OpEx). In addition, regarding activities considered materially significant, non-financial companies are exempt from assessing the European Union (EU Taxonomy alignment of their operating expenses when these are considered not material to their business model. This amendment is due to the consideration that information on turnover or capital expenditure has greater relevance in assessing the sustainability of their activities.
Likewise, the reporting templates have been simplified, reducing the number of data points to be reported by non-
financial companies by 64%.
The Regulation provides that the simplification measures will apply from 1 January 2026 and cover the 2025 fiscal year. However, companies are offered the option to apply the measures from the 2026 fiscal year if they consider it more convenient.
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6. Changes in the
Consolidation Scope
6.1. Subsidiaries
Additions
In the six-month periods ended 30 June 2026 and 2025, the following subsidiaries were included in the scope of
consolidation:
Companies Notes Transaction ActivityAddition of companies January–June 2026Addition of companies
January–June 2025
Share at
30 June
2026 (%)Share at
31 December
2025 (%)Share at
30 June
2025 (%)Share at
31 December
2024 (%)Control
Economic
Control
Economic
Control
Economic
Control
Economic
Energía Colectiva,
S.L.U. (1) Acquisition30 January 2026Commercialisation 100.00 100.00 — — — — — —
E-Generación
Hidráulica, S.L.U. (2) Acquisition26 February 2025Hydro — — — —100.00 100.00 — — Proyecto REN 01, S.L.U. (3) Incorporation12 March 2025Photovoltaic — —100.00 100.00 100.00 100.00 — — Proyecto REN 02, S.L.U. (3) Incorporation12 March 2025Photovoltaic 100.00 100.00 100.00 100.00 100.00 100.00 — — Proyecto REN 03, S.L.U. (3) Incorporation12 March 2025Photovoltaic 100.00 100.00 100.00 100.00 100.00 100.00 — — Proyecto REN 04, S.L.U. (3) Incorporation12 March 2025Photovoltaic 100.00 100.00 100.00 100.00 100.00 100.00 — — Proyecto REN 05, S.L.U. (3) Incorporation12 March 2025Photovoltaic 100.00 100.00 100.00 100.00 100.00 100.00 — — Proyecto REN 06, S.L.U. (3) Incorporation12 March 2025Photovoltaic 100.00 100.00 100.00 100.00 100.00 100.00 — — (1) See Note 7 .
(2) On 26 February 2025, Endesa Generación, S.A.U., acquired 100% of the share capital of Corporación Acciona Hidráulica, S.L.U., from Corporación Acciona Energías Renovables, S.A. On the same date, the company changed its name to E-Generación Hidráulica, S.L.U. On 1 July 2025, the merger by absorption of E-Generación Hidráulica, S.L.U. by Endesa Generación, S.A.U. was registered (see Note 8 to the Consolidated Financial Statements for the year ended 31 December 2025).
(3) Companies incorporated by Enel Green Power España, S.L.U.
130 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Variations and exclusions In the six-month periods ended 30 June 2026 and 2025, the following subsidiary was excluded from the scope of
consolidation:
Companies Notes Transaction ActivityExclusion of companies January-June 2026Exclusion of companies
January-June 2025
Share at
30 June
2026 (%)Share at 31
December 2025
(%)Share at
30 June
2025 (%)Share at
31 December
2024 (%)Control
Economic
Control
Economic
Control
Economic
Control
Economic
Proyecto REN 01, S.L.U. (1) Sale 30 June 2026 Photovoltaic — —100.00 100.00 100.00 100.00 — — (1) On 30 June 2026, the sale of the stake in this Company was formalised for an amount of €7 million. Of the agreed price, €1 million was initially recognised, given that the remaining €6 million corresponds to contingent consideration subject to the fulfilment of certain future milestones whose amount cannot be measured with a sufficient degree of certainty at the transaction date. The gross gain generated by the transaction was less than 1 million euros, and was positive.
6.2. Associates
Additions
In the six-month periods ended 30 June 2026 and 2025, no Associates were incorporated into the scope of consolidation.
Variations
In the six-month periods ended 30 June 2026 and 2025, there were no changes in the control and economic ownership percentages of the Associates in the scope of consolidation.
Exclusions
In the six-month periods ended 30 June 2026 and 2025, the following Associate was excluded from the scope of
consolidation:
Companies Notes Transaction ActivityExclusion of companies January-June 2026Exclusion of companies
January-June 2025
Share at
30 June
2026 (%)Share at
31 December
2025 (%)Share at
30 June
2025 (%)Share at
31 December
2024 (%)Control
Economic
Control
Economic
Control
Economic
Control
Economic
Ribina Renovables
400, S.L. (1) Sale 30 June 2026 Photovoltaic — — 40.21 40.21 40.21 40.21 40.21 40.21 (1) On 30 June 2026, the sale of Proyecto REN 01, S.L.U. was formalised, which included this stake (see Note 6.1).
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and Management Report
6.3. Joint Arrangements 6.3.1. Joint Operations Additions, variations, and exclusions In the six-month periods ended 30 June 2026 and 2025, there were no additions, variations in the shareholding and financial control percentages, or exclusions of any Joint Operation Entity from the scope of consolidation.
6.3.2. Joint Ventures
Additions
No Joint Ventures were added to the scope of consolidation in the six-month period ending 30 June 2026.The following Joint Venture was added to the scope of consolidation in the six-month period ending 30 June 2025:
Company Notes Transaction ActivityIncorporations of Joint Ventures
January-June 2025
Share at
30 June 2025 (%)Share at 31 December 2024 (%)Control
Economic
Control
Economic
Rosi Energy Iberia, S.L. (1) 24Acquisition Services 20.00 20.00 — — (1) The scale of this company and transaction is not significant.
Variations
In the six-month periods ended 30 June 2026 and 2025, there were no changes in the controlling and economic ownership percentages of any Joint Venture in the scope
of consolidation.Exclusions
In the six-month period ended 30 June 2026, no Joint Venture has been excluded from the scope of consolidation.
In the six-month period ended 30 June 2025, no Associates were excluded from the scope of consolidation:
Company Notes Transaction ActivityExclusions of Joint Ventures
January-June 2025
Share at
30 June 2025 (%)Share at 31 December 2024 (%)Control
Economic
Control
Economic
Energie Electrique de Tahaddart, S.A. (1) 24Sale Generation — — 32.00 32.00 Novolitio Recuperación de Baterías, S.L. (2) 24Sale Services — — 45.00 45.00 (1) On 29 April 2025, the sale of the stake in this company was formalised for a total amount of €11 million. The gross gain generated was less than €1 million, negative.
(2) On 27 June 2025, the sale of the stake in this company was formalised. The scale of this company and transaction is not significant.
132 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
7 . Business Combination Acquisition of Energía Colectiva, S.L.U.
On 30 January 2026, Endesa Energía, S.A.U. acquired 100% of the share capital of Energía Colectiva, S.L.U. from MasOrange Xfera Móviles, S.A. On the acquisition date, Energía Colectiva, S.L.U. had a portfolio of more than 360,000 electricity and gas customers and operated as a digital energy commercialisation company.
Upon completion of the transaction, Endesa and MasOrange Xfera Móviles, S.A. reached an agreement for the joint commercialisation of energy and telecommunications services in Spain, allowing their respective customers to access personalised offers and high value-added services, and enjoy the best commercial proposals in both areas.
The price corresponding to the acquisition of 100% of Energía Colectiva, S.L.U., subject to the customary review clauses for this type of transaction, amounted to €92 million, of which €74 million was disbursed on the acquisition date.The calculation of the net cash outflow arising from the acquisition of 100% of this Company is as follows:
Millions of Euros Cash and Cash Equivalents of the Acquired Entity (3) Net Amount Paid in Cash (1)74
TOTAL (2)71
(1) Includes acquisition costs recorded under the heading ”Other Fixed Operating Expenses“ in the Consolidated Income Statement for an amount less than €1 million.
(2) See Note 41.
For the purpose of integrating Energía Colectiva, S.L.U. into Endesa’s Consolidated Financial Statements, the purchase price has been definitively allocated, based on the fair value of the assets acquired and liabilities assumed (Net Assets Acquired) of this Company on the acquisition date, to the following items of the Consolidated Financial Statements:
Millions of Euros Fair Value
NON-CURRENT ASSETS 117
Intangible Assets 117
CURRENT ASSETS 37
Trade and Other Receivables 34 Cash and Cash Equivalents 3
TOTAL ASSETS 154
NON-CURRENT LIABILITIES 27
Non-current provisions — Deferred Tax Liabilities 27
CURRENT LIABILITIES 36
Trade and Other Payables 36
TOTAL LIABILITIES 63
Fair Value of Net Assets Acquired 91 Present Value of the Total Acquisition Price (1)91 (1) Includes the financial effect derived from discounting to present value the deferred payments committed within the framework of the business combination.
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The fair value of the non-financial assets acquired has been determined on the basis of their best and highest use, which does not differ from their current use at the acquisition date. The fair value of Energía Colectiva, S.L.U. has been measured using the “Income Approach”, specifically applying the “Discounted Cash Flow” method to the cash flows expected to be generated by the acquired assets. This method is considered the most appropriate for valuing these assets, given their nature and the characteristics of the company’s business. Fair value has been determined by discounting the estimated future free cash flows to their present value, thereby obtaining a business value for each of the acquired assets. The heading “Intangible Assets” mainly includes an identified asset relating to customer relationships, the fair value of which amounts to 111 million euros. This amount reflects the economic value attributed to the existing customer portfolio as at the acquisition date. This asset has been valued on the basis of a useful life of 7 .9 years, consistent with the estimated period over which economic benefits associated with this contractual and commercial relationship will be generated.
The assumptions considered in the valuation approach of the assets related to the commercialisation business of Energía Colectiva, S.L.U. involve the use of significant unobservable estimates in the market, which determines their classification in Level 3 of the fair value hierarchy in accordance with the provisions of Note 3.2p of the Notes to the Consolidated Financial Statements corresponding to the annual period ended 31 December 2025.
The contribution of Energía Colectiva, S.L.U. to revenue and net profit for the period from January to June 2026 is as follows:
Millions of Euros 30 January 2026 – 30 June 2026 (1)January-June 2026 (2) Revenue 95 120 Profit/(Loss) After Tax 3 4 (1) Since the acquisition date.
(2) If the acquisition had occurred on 1 January 2026.
134 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
8. Segment information 8.1. Basis of segmentation To conduct its activities, Endesa’s organisation is structured around a primary focus on its core business, which comprises the generation, distribution, and supply of electricity, gas, and related services. Therefore, its segmented financial information is based on the approach used by the company’s Executive Management Committee to monitor results, and includes:
• Generation and Supply;
• Distribution;
• A structure, primarily encompassing the balances and transactions of holding companies and entities engaged in financing and service provision; and • Consolidation Adjustments and Eliminations, including eliminations and adjustments inherent to the consolidation process for the segments.
Intersegment transactions are part of routine operations in terms of purpose and conditions.
In the first six months of 2026 and 2025 financial years, none of Endesa’s external customers in any of its segments represented 10% or more of its revenues.
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8.2. Segment information 8.2.1. Segment information: Consolidated Income Statement and Investments for the periods January–June 2026 and 2025 Millions of Euros January-June 2026
Generation and
Commercialisation DistributionStructure
and
ServicesConsolidation
Adjustments
and Eliminations TOTAL
REVENUE 9,533 1,540 191 (269) 10,995
Revenue from Third Parties 9,520 1,472 3 — 10,995 Revenue from Transactions between Segments 13 68 188 (269) —
PROCUREMENT AND SERVICES (6,565) (69) — 65 (6,569)
INCOME AND EXPENSES FROM ENERGY COMMODITY
DERIVATIVES(173) — — — (173)
CONTRIBUTION MARGIN 2,795 1,471 191 (204) 4,253
FIXED OPERATING COSTS AND OTHER PROFIT AND LOSS (747) (304) (166) 204 (1,013)
GROSS OPERATING PROFIT 2,048 1,167 25 — 3,240
Depreciation and Impairment Losses on Non-Financial Assets(642) (406) (18) — (1,066) Depreciation (629) (406) (18) — (1,053) Impairment of Non-Financial Assets (20) — — — (20) Reversal of Impairment of Non-Financial Assets 7 — — — 7 Impairment Losses on Financial Assets (72) (8) — — (80) Impairment of Financial Assets (155) (27) — — (182) Reversal of Impairment of Financial Assets 83 19 — — 102
OPERATING PROFIT 1,334 753 7 — 2,094
Net Profit/Loss of Companies Accounted for using the Equity Method3 2 — — 5
GROSS INVESTMENTS IN PROPERTY , PLANT AND
EQUIPMENT AND INTANGIBLE ASSETS (1) (2) 449 551 62 — 1,062
(1) Includes right-of-use asset additions amounting to €104 million (€40 million in Generation and Commercialisation, €5 million in Distribution, and €59 million in Structure and Services) (see Note 20).
(2) Does not include the acquisition of Energía Colectiva, S.L.U., which is incorporated as part of the Business Combination (see Note 7).
136 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros January-June 2025
Generation and
Commercialisation DistributionStructure
and
ServicesConsolidation
Adjustments
and Eliminations TOTAL
REVENUE 9,654 1,305 193 (272) 10,880
Revenue from Third Parties 9,646 1,231 3 — 10,880 Revenue from Transactions between Segments 8 74 190 (272) —
PROCUREMENT AND SERVICES (7 ,051) (77) — 71 (7 ,057)
INCOME AND EXPENSES FROM ENERGY COMMODITY
DERIVATIVES(11) — — — (11)
CONTRIBUTION MARGIN 2,592 1,228 193 (201) 3,812
FIXED OPERATING COSTS AND OTHER PROFIT AND LOSS (833) (284) (185) 201 (1,101)
GROSS OPERATING PROFIT 1,759 944 8 — 2,711
Depreciation and Impairment Losses on Non-Financial Assets(608) (391) (20) — (1,019) Depreciation (602) (391) (20) — (1,013) Impairment of Non-Financial Assets (7) — — — (7) Reversal of Impairment of Non-Financial Assets 1 — — — 1 Impairment Losses on Financial Assets (98) — — — (98) Impairment of Financial Assets (206) (23) — — (229) Reversal of Impairment of Financial Assets 108 23 — — 131
OPERATING PROFIT 1,053 553 (12) — 1,594
Net Profit/Loss of Companies Accounted for using the Equity Method9 1 — — 10
GROSS INVESTMENTS IN PROPERTY , PLANT AND
EQUIPMENT AND INTANGIBLE ASSETS (1) (2) 527 400 8 — 935
(1) Includes additions of €137 million in Rights of Use (€132 million in Generation and Commercialisation, €2 million in Distribution and €3 million in Structure and Services) (see Note 20).
(2) Excludes the acquisition of E-Generación Hidráulica, S.L.U., which was consolidated as part of the business combination.
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8.2.2. Segment information: Statement of Financial Position as of 30 June 2026 and 31 December 2025 Millions of Euros 30 June 2026
Generation and
Commercialisation DistributionStructure
and
ServicesConsolidation
Adjustments
and Eliminations Total
Property, Plant and Equipment (1)10,608 13,093 174 — 23,875 Intangible Assets 1,276 193 17 — 1,486 Goodwill 506 97 4 — 607 Investments Accounted for using the Equity Method 267 14 3 — 284 Non-Current Assets from Contracts with Customers — — — — — Trade Receivables for Sales and Services and Other Receivables2,915 1,582 120 (406) 4,211 Current Assets from Contracts with Customers — 9 — — 9 Others (2)1,908 760 9 — 2,677
SEGMENT ASSETS 17 ,480 15,748 327 (406) 33,149
TOTAL ASSETS 38,625
Non-Current Liabilities from Contracts with Customers 32 4,424 — — 4,456 Non-Current Provisions 2,051 294 173 — 2,518 Provisions for Employee Benefits 116 111 20 — 247 Other Non-Current Provisions 1,935 183 153 — 2,271 Current Liabilities from Contracts with Customers 27 534 — — 561 Current Provisions 604 30 39 — 673 Provisions for Employee Benefits — — — — — Other Current Provisions 604 30 39 — 673 Suppliers and other Creditors 2,594 2,014 1,265 (406) 5,467 Others (3)167 215 8 — 390
SEGMENT LIABILITIES 5,475 7,51 1 1,485 (406) 14,065
TOTAL LIABILITIES 38,625
(1) Includes right-of-use assets amounting to €766 million (€637 million in Generation and Commercialisation, €23 million in Distribution, and €106 million in Structure and Services) (see Note 20).
(2) Includes Investment Property amounting to €12 million (€10 million in Distribution and €2 million in Structure and Services), Inventories amounting to €2,030 million (€1,836 million in Generation and Commercialisation and €194 million in Distribution) (see Note 29), and Other Non-Current Assets amounting to €635 million (€72 million in Generation and Commercialisation, €556 million in Distribution, and €7 million in Structure and Services) (see Note 27).
(3) Includes Grants amounting to €261 million (€74 million in Generation and Commercialisation and €187 million in Distribution) and Other Non-Current Liabilities amounting to €129 million (€93 million in Generation and Commercialisation, €28 million in Distribution, and €8 million in Structure and Services) (see Note 35).
138 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros 31 December 2025
Generation and
Commercialisation DistributionStructure
and
ServicesConsolidation
Adjustments
and Eliminations Total
Property, Plant and Equipment (1)10,766 12,941 125 — 23,832 Intangible Assets 1,203 199 22 — 1,424 Goodwill 506 97 4 — 607 Investments Accounted for using the Equity Method 264 13 3 — 280 Non-Current Assets from Contracts with Customers — — — — — Trade Receivables for Sales and Services and Other Receivables3,253 1,113 311 (552) 4,125 Current Assets from Contracts with Customers — 3 — — 3 Others (2)1,948 691 10 — 2,649
SEGMENT ASSETS 17 ,940 15,057 475 (552) 32,920
TOTAL ASSETS 37,4 82
Non-Current Liabilities from Contracts with Customers 28 4,422 — — 4,450 Non-Current Provisions 2,121 320 232 — 2,673 Provisions for Employee Benefits 108 105 19 — 232 Other Non-Current Provisions 2,013 215 213 — 2,441 Current Liabilities from Contracts with Customers 24 499 — — 523 Current Provisions 1,036 23 23 — 1,082 Provisions for Employee Benefits — — — — — Other Current Provisions 1,036 23 23 — 1,082 Suppliers and other Creditors 2,919 1,785 780 (552) 4,932 Others (3)142 678 8 — 828
SEGMENT LIABILITIES 6,270 7,7 2 7 1,043 (552) 14,488
TOTAL LIABILITIES 37,4 82
(1) Includes Rights of Use amounting to €717 million (€640 million in Generation and Supply, €24 million in Distribution, and €53 million in Structure and Services) (see Note 20).
(2) Includes Investment Property amounting to €4 million (€2 million in Distribution and €2 million in Structure and Services), Inventories amounting to €2,050 million (€1,879 million in Generation and Commercialisation and €171 million in Distribution) (see Note 29), and Other Non-Current Assets amounting to €595 million (€70 million in Generation and Commercialisation, €518 million in Distribution, and €7 million in Structure and Services) (see Note 27).
(3) Includes Grants amounting to €260 million (€64 million in Generation and Commercialisation and €196 million in Distribution) and Other Non-Current Liabilities amounting to €568 million (€78 million in Generation and Commercialisation, €482 million in Distribution, and €8 million in Structure and Services) (see Note 35).
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At 30 June 2026 and 31 December 2025, the reconciliation of assets and liabilities by Segments with respect to Total Assets and Total Liabilities in the Consolidated Statement of Financial Position is as follows:
Millions of Euros
Notes30 June
202631 December
2025
TOTAL ASSETS 38,625 37,4 82
Other Non-Current Financial Assets26264 695 Non-Current Derivative Financial Instruments 483 331 Deferred Tax Assets231,353 1,351 Current Corporate Income Tax Assets30418 337 Other Tax Assets30325 239 Other Current Financial Assets281,468 892 Current Derivative Financial Instruments 868 494 Cash and Cash Equivalents31277 195 Non-Current Assets Classified as Held for Sale and Discontinued Operations3220 28
SEGMENT ASSETS 33,149 32,920
TOTAL LIABILITIES 38,625 37,4 82
Equity339,213 9,611
Non-Current Financial Debt38.37,6 61 9,422 Non-Current Derivative Financial Instruments 370 185 Other Non-Current Financial Liabilities36164 164 Deferred Tax Liabilities231,146 1,141 Current Financial Debt38.33,353 1,005 Current Derivative Financial Instruments 1,134 514 Other Non-Current Financial Liabilities3674 63 Current Corporate Income Tax Liabilities37856 298 Other Tax Liabilities37574 576 Liabilities Related to Non-Current Assets Classified as Held for Sale and Discontinued Operations3215 15
SEGMENT LIABILITIES 14,065 14,488
8.2.3. Segment information: Consolidated Statements of Cash Flows for the January–June 2026 and 2025 Periods Millions of Euros Statement of Cash FlowsJanuary-June 2026
Generation and
Commercialisation DistributionStructure,
services, and
others (1)TOTAL
Net Cash Flows from Operating Activities 1,070 1,019 183 2,272 Net Cash Flows from Investing Activities (699) (717) (152) (1,568) Net Cash Flows from Financing Activities (371) (202) (49) (622) (1) Structure, Services and Adjustments.
140 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros Statement of Cash FlowsJanuary-June 2025
Generation and
Commercialisation DistributionStructure,
services, and
others (1)TOTAL
Net Cash Flows from Operating Activities 1,268 854 234 2,356 Net Cash Flows from Investing Activities (400) (603) (994) (1,997) Net Cash Flows from Financing Activities (873) (250) 150 (973) (1) Structure, Services and Adjustments.
8.3. Information by geographical areas 8.3.1. Information by geographical areas: Income from Sales and Services to External Customers and Other Operating Income from External Customers, by geographical area for the January-June 2026 and 2025 periods Millions of Euros
CountryJanuary-June 2026
Revenue from Sales and ServicesOther Operating
Income Revenue
Spain 9,225 161 9,386 France 268 19 287 Portugal 757 — 757 Luxembourg 39 — 39 Germany 174 — 174 Singapore 118 — 118 Switzerland 60 — 60 United Kingdom 151 — 151 The Netherlands 1 — 1 Italy 1 — 1 Others 13 8 21
TOTAL 10,807 188 10,995
Millions of Euros
CountryJanuary-June 2025
Revenue from Sales and ServicesOther Operating
Income Revenue
Spain 9,124 145 9,269 Portugal 674 — 674 France 498 18 516 Germany 224 — 224 United Kingdom 80 — 80 Switzerland 70 — 70 Luxembourg 9 — 9 Italy 2 5 7 The Netherlands 1 — 1 Others 30 — 30
TOTAL 10,712 168 10,880
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 141
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
9. Revenue
The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros Notes January-June 2026 January-June 2025 Revenue from Sales and Services9.110,807 10,712 Other Operating Income9.2188 168 TOTAL8.2 and 8.310,995 10,880 9.1. Revenue from sales and services The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros January-June 2026 January-June 2025 Electricity Sales 7,6 9 0 7 ,392 Sales on the Deregulated Market 4,958 5,142 Sales to the Spanish Deregulated Market 4,289 4,369 Sales to Customers in Deregulated Markets outside Spain 669 773 Sales at Regulated Prices 740 779 Wholesale Market Sales 898 686 Compensation for Non-Peninsular Territories (NPT) 1,080 (1)765 Remuneration for Investment in Renewable Energies 14 20 Gas sales 1,429 1,760 Sales on the Deregulated Market 1,341 1,649 Sales at Regulated Prices 88 111 Regulated Revenue from Electricity Distribution 1,280 (2)1,041 Inspections and Connections 19 17 Services Provided at Facilities 63 29 Other Sales and Services 322 469 Sales related to Value Added Services 160 167 Capacity Payments 4 4 Sales of Other Energy Commodities 19 163 Provision of Services and Others 139 135 Lease Income 4 4
TOTAL 10,807 10,712
(1) The period January–June 2026 includes the effect of the Supreme Court ruling of 29 April 2026 concerning remuneration for generation activity in the Non-Peninsular Territories (NPTs) for the period 2020–2022 (76 million euros).
(2) The January–June 2026 period reflects the effect of certain settlements relating to previous financial years, which include, amongst other aspects, the updating of certain remuneration parameters provided for in the applicable regulations.
142 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Income from ordinary activities on contracts with customers recognised in this heading in the first six months of 2026 amounted to Euro 10,802 million (Euro 10,708 million in the first six months of 2025).
9.2. Other operating income The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros Notes January-June 2026 January-June 2025 Facilities Transferred from Customers and Fees for Extension Connections and Other Liabilities from Contracts with Customers Recorded in Profit/Loss25.2100 99 Grants Assigned to Profit/Loss 45 34 Guarantees of Origin and other Environmental Certificates 13 6 Other Allocations to Profit/(Loss) from Grants (1)32 28 Third-Party Compensation 14 13 Others 29 22
TOTAL 188 168
(1) In the first half of 2026, it included €12 million related to capital grants and €20 million related to operating grants (€10 million and €18 million, respectively, in the first half of 2025).
Income from ordinary activities on contracts with customers recognised in this heading in the first six months of 2026 amounted to Euro 102 million (Euro 101 million in the first six months of 2025).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 143
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
10. Procurements
and services
10.1. Power purchases The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros January-June
2026January-June
2025
Electricity 1,469 1,691 Energy Commodities 704 1,000 TOTAL 2 ,173 2,69110.2. Fuel consumption The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros January-June
2026 January-June
2025
Energy Commodities
Coal — 6 Nuclear Fuel 65 56 Fuel 619 502 Gas 488 426
TOTAL 1,172 990
10.3. Other variable procurements and services The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros Notes January-June 2026 January-June 2025 Taxes and Levies 537 590 Tax on Electricity Production 95 (1)199 Fee for Radioactive Waste Treatment 135 128 Public Thoroughfare Occupancy Fee / Lighting 100 100 Nuclear Charges and Taxes 59 56 Catalonia Environmental Tax 76 70 Hydroelectric Levies 26 31 Other Taxes and Levies 46 6 Social Bonus subsidised rate566 47 Consumption of Carbon Dioxide (CO2) Emission Allowances4.1.3374 384 Consumption of Energy with Guarantees of Origin and other Environmental Certificates4.1.332 14 Costs related to Value Added Services 80 84 Purchases of Other Energy Commodities 2 154 Energy Efficiency Cost 101 (2)57 Active Demand Response Service 51 12 Others 120 125
TOTAL 1,363 1,467
(1) In accordance with Royal Decree-Law 7 /2026 of 20 March, this tax was not accrued in the April–June 2026 period, and a reduced rate of 6.3% was applied in the January–March 2026 period (see Note 5).
(2) Order TED/133/2026 of 25 February sets out an increase in Endesa’s contribution obligation to the National Energy Efficiency Fund for the 2026 financial year (see Note 5).
144 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
11. Income and expenses from energy commodity
derivatives
The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros January-June 2026 January-June 2025
Revenue
Revenue from Derivatives Designated as Hedging Instruments 132 (64) Income from cash flow hedging derivatives (1)132 (64) Revenue from Fair Value Derivatives with Changes in Profit/(Loss) 1,541 829 Income from Fair Value Derivatives Recognised in the Income Statement 1,541 829 Total Revenue 1,673 765
Expenses
Expenses from Derivatives Designated as Hedging Instruments (182) (98) Expenses from Cash Flow Hedging Derivatives (1)(182) (98) Expenses from Derivatives at Fair Value through Profit and Loss (1,664) (678) Expenses from Fair Value Derivatives Recognised in the Income Statement (1,664) (678) Total Expenses (1,846) (776)
TOTAL (173) (11)
(1) At 30 June 2026, this includes a negative impact of €9 million on the Consolidated Income Statement due to ineffectiveness (a negative €61 million as of 30 June 2025).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 145
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
12. Fixed operating
expenses
12.1. Personnel expenses The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros Notes January-June 2026 January-June 2025 Wages and Salaries 357 357 Contributions to Pension Schemes34.125 28 Provisions for Workforce Restructuring Plans34.2(3) (7) Provisions for Redundancy Proceedings (2) — Provisions for Contract Suspensions (1) (7) Other Personnel Expenses/Employee Benefits Expenses 104 106
TOTAL 483 484
Information on the average and final workforce is provided in Note 44.
12.2. Other fixed operating expenses The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros Notes January-June 2026 January-June 2025 Repairs and Maintenance 175 191 Insurance Premiums 35 36 Freelance Professional Services and Outsourced Services 42 46 Leases and Royalties 14 13 Taxes and Levies 96 92 Travel Expenses 5 5 Support Services for Systems and Applications 58 64 Disciplinary Proceedings — 13 Management or Collaboration Contracts42.132 40 Services Related to the Electricity and Gas Business 47 56 Others 167 184
TOTAL 671 740
146 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
13. Other income and expense In the first half of 2026 and 2025, other profit and loss amounted to €1 million and €3 million, respectively.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 147
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
14. Depreciation
and impairment losses 14.1. Depreciation, amortisation and impairment losses on non-financial assets The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as follows:
Millions of Euros Notes January-June 2026 January-June 2025
DEPRECIATION8.2.11,053 1,013
Depreciation Charge for Property, Plant, and Equipment19862 822 Amortisation of Intangible Assets21191 191
IMPAIRMENT LOSSES ON NON-FINANCIAL ASSETS8.2.113 6
Provision for Impairment Losses 20 7 Provision for Impairment Losses on Property, Plant and Equipment, and Investment Property19— 1 Provision for Impairment Losses on Intangible Assets (1) 2120 6 Provision for Impairment Losses on Goodwill — — Reversal of Impairment Losses (7) (1) Reversal of Impairment Losses on Property, Plant, and Equipment and Investment Property19(2) (1) Reversal of Impairment Losses on Intangible Assets (1) 21(5) — Reversal of impairment losses on goodwill — —
TOTAL 1,066 1,019
(1) During the first half of 2026 and 2025, provisions for and reversals of impairment losses were recorded for various projects in the renewables business, primarily as a result of developments in the administrative authorizations associated with those projects, as well as management actions and optimization of the asset portfolio, including certain process of sale and rotation of projects.
14.2. Impairment losses on financial assets The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as follows:
Millions of Euros Notes January-June 2026 January-June 2025 Provision for Impairment Losses8.2.1 and 39.3182 229 Provision for impairment losses on receivables from contracts with customers30.1181 229 Provision for impairment losses on other financial assets 1 — Reversal of Impairment Losses8.2.1 and 39.3(102) (131) Reversal of Impairment Losses on Receivables from Contracts with Customers30.1(102) (131) Reversal of Impairment Losses on other Financial Assets — —
TOTAL 80 98
148 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
15. Financial result 15.1. Financial result without derivative financial instruments The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as follows:
Millions of Euros Notes January-June 2026 January-June 2025 Financial Income 95 19 Income from Financial Assets at Amortised Cost (1)4 6 Income from Financial Assets and Liabilities at Fair Value with Changes to Profit/Loss (2) 3 — Income from Post-Employment Commitments34.12 — Income from Workforce Restructuring Plans34.22 2 Other Financial Income 84 (3)11 Financial Expenses (208) (233) Expenses for Financial Liabilities at Amortised Cost (4)(180) (182) Expenses from Financial Assets and Liabilities at Fair Value with Changes to Profit/Loss (2) (3) (5) Expenses from Post-Employment Commitments34.1(4) (3) Expenses from Workforce Restructuring Plans34.2(8) (9) Expenses from Other Provisions (5)(25) (21) Capitalised Borrowing Costs 5 8 Profit/Loss on Disposal of Financial Assets (6) (12) Other Financial Expenses 13 (6)(9) Exchange Differences (4) 8 Positive 18 28 Negative (22) (20)
TOTAL (117) (206)
(1) Includes the returns corresponding to the formalisation of deposits held by the Company.
(2) Corresponds wholly to the fair value measurement of financial liabilities underlying a fair value hedge (see Note 15.2).
(3) In the January–June 2026 period, 81 million euros were recognised in respect of late-payment interest associated with favourable administrative and judicial rulings relating to remuneration for distribution and generation activities in the Non-Peninsular Territories (NPTs), as well as other proceedings linked to the tax framework applicable to the Company’s activities.
(4) For the January–June periods of 2026 and 2025, this includes interest expenses on financial debt associated with rights of use amounting to 23 million euros and 21 million euros respectively (see Note 20).
(5) Includes €2 million in finance costs relating to Other Employee Benefits.
(6) During the first half of 2026, a reversal was recorded of previously recognised costs associated with guarantees provided for certain renewable energy projects, resulting mainly from the sale of those projects and the subsequent recovery of the guarantees granted, amounting to 16 million euros.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 149
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
15.2. Financial income and expenses from derivative financial instruments The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros January-June 2026 January-June 2025
Revenue
Revenue from Derivatives Designated as Hedging Instruments 5 15 Income from Cash Flow Hedging Derivatives 4 7 Income from Fair Value Hedging Derivatives (1)1 8 Revenue from Fair Value Derivatives with Changes in Profit/(Loss) — — Revenue from Fair Value Derivatives with Changes in Profit/(Loss) — — Total Revenue 5 15
Expenses
Expenses from Derivatives Designated as Hedging Instruments (6) (8) Expenses from Cash Flow Hedging Derivatives (3) (3) Expenses from Fair Value Hedging Derivatives (1)(3) (5) Expenses from Derivatives at Fair Value through Profit and Loss — — Expenses from Derivatives at Fair Value through Profit and Loss — — Total Expenses (6) (8)
TOTAL (1) 7
(1) At 30 June 2026, this includes the changes in fair value of the hedging instruments whose underlying assets are financial liabilities at fair value for a net negative amount of €1 million (net positive €7 million as of 30 June 2025).
150 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
16. Net results of companies accounted for using the
equity method
The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros Notes January-June 2026 January-June 2025
Associates24(1) 3
Compañía Eólica Tierras Altas, S.A.U. — 1 Endesa X Way, S.L. (1) (2) Other — 4 Joint Ventures246 7 Tejo Energia - Produção e Distribuição de Energia Eléctrica, S.A. — 2 Nuclenor, S.A. 1 — Suministradora Eléctrica de Cádiz, S.A. 1 — Others 4 5
TOTAL 5 10
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 151
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
17 . Corporate Income Tax The breakdown of this Consolidated Income Statement heading for the first six months of 2026 and 2025 is as
follows:
Millions of Euros Notes January-June 2026 January-June 2025 Current Year Tax 434 369 Deferred Year Tax2341 (30) Prior Years' Back Taxes 9 6
TOTAL 484 345
International Tax Reform: Model Rules for Pillar Two The legislation relating to the “Pillar II” framework – Model Rules to Prevent Global Tax Base Erosion (GloBE Rules)”, which aims to ensure that large multinational groups are subject to a minimum level of income taxation based on a specified period in each of the jurisdictions in which they operate, has been implemented or is substantially implemented in the jurisdictions in which Endesa operates.
In general terms, this legislation establishes a system of additional taxes (“Supplementary Tax”) designed to ensure that the total tax burden associated with profits generated in each jurisdiction reaches a minimum rate of at least 15%.
Furthermore, a transitional safe-harbour regime has been established, which provides for the non-enforceability of the complementary tax for tax periods commencing between 31 December 2023 and 31 December 2027; this allows for the non-enforceability of the complementary tax in those jurisdictions that meet certain requirements based on admissible country-by-country information.
This country-by-country information is submitted by Enel, S.p.A. (the Italian parent company of the Enel Group) to the Italian tax authorities and, on this basis, Endesa meets the requirements to benefit from the safe harbour regime provided for the application of the simplified global minimum tax in the jurisdictions in which it operates.
152 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
18. Basic and diluted earnings per share In the first six months of 2026 and 2025, the weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows:
Number of Shares Notes January-June 2026 January-June 2025 Number of Ordinary Shares for the Fiscal Year 1,041,744,551 (1)1,058,752,117 (2) Number of Shares of the Parent Company Owned by Endesa, S.A.33.1.618,180,184 (1)8,242,045 (2) Weighted Average Number of Ordinary Shares In Circulation 1,031,330,545 1,056,030,458 (1) On 30 June 2026.
(2) On 30 June 2025.
The basic and diluted earnings per share for the first six months of 2026 and 2025 are as follows:
Millions of Euros Basic and Diluted Earnings per Share January-June 2026 January-June 2025 Profit/Loss After Tax from Continuing Operations 1,497 1,060 Profit/Loss After Tax from Discontinued Operations — — Profit for the Period 1,497 1,060 Attributable to the Parent Company 1,470 1,041 Attributable to Non-Controlling Interests 27 19 Weighted Average Number of Ordinary Shares In Circulation 1,031,330,545 1,056,030,458 Net Basic Earnings per Share (in Euros) 1.43 0.99 Net Diluted Earnings per Share (in Euros) 1.43 0.99 Net Basic Earnings per Share from Continuing Operations (in Euros) 1.43 0.99 Net Diluted Earnings per Share from Continuing Operations (in Euros) 1.43 0.99 Net Basic Earnings per Share from Discontinued Operations (in Euros) — — Net Diluted Earnings per Share from Discontinued Operations (in Euros) — —
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 153
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
19. Property, plant
and equipment
At 30 June 2026, the details and movements of this item in the attached Consolidated Statement of Financial Position were as follows:
Millions of Euros Property, Plant and Equipment in Operation and Under Construction Land BuildingsElectricity Generation Facilities
Hydroelectric
Power PlantsCoal/Fuel Power
PlantsNuclear Power
Plants
Cost 442 2,023 4,708 9,342 11,139 Cumulative Depreciation (76) (551) (2,803) (6,857) (9,112) Impairment Losses (28) (21) (2) (2,187) — Balance at 31 December 2025 338 1,451 1,903 298 2,027 Investments (Note 19.1)29 67 — — 18 Allocations (10) (41) (51) (35) (185) Depreciation (Note 14.1)(10) (41) (51) (37) (185) Impairment Losses (Note 14.1)— — — 2 — Disposals (3) (1) — — — Transfers and other (2)— 9 9 34 77 Total Variations 16 34 (42) (1) (90) Cost 456 2,099 4,715 9,376 11,228 Cumulative Depreciation (85) (3)(593) (2,852) (6,893) (9,291) Impairment Losses (17) (21) (2) (2,186) — Balance as of 30 June 2026 (4)354 1,485 1,861 297 1,937 (1) Related to Low and Medium Voltage, Measurement and Remote Control Equipment, and other Facilities.
(2) Includes the allocations to property, plant, and equipment of changes in the estimated facility decommissioning costs amounting to a positive €10 million (see Note 34.3).
(3) Includes the depreciation of the right-of-use asset corresponding to the land where certain renewable energy generation facilities are located.
(4) Includes right-of-use assets amounting to €766 million (see Note 20).
154 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Electricity Generation FacilitiesTransmission
and Distribution
Facilities (1)Other Property,
Plant, and
EquipmentProperty, Plant and
Equipment Under
Construction TOTALCombined Cycle Power Plants Renewables Total
4,190 3,605 32,984 26,196 991 1,051 63,687 (2,080) (815) (21,667) (13,751) (680) — (36,725) (715) (8) (2,912) — (32) (137) (3,130) 1,395 2,782 8,405 12,445 279 914 23,832 1 11 30 46 11 717 900 (48) (77) (396) (383) (30) — (860) (48) (77) (398) (383) (30) — (862) — — 2 — — — 2 — (1) (1) — — (7) (12) 12 18 150 239 3 (386) 15 (35) (49) (217) (98) (16) 324 43 4,202 3,631 33,152 26,444 1,003 1,375 64,529 (2,127) (890) (22,053) (14,097) (708) — (37 ,536) (715) (8) (2,911) — (32) (137) (3,118) 1,360 2,733 8,188 12 ,347 263 1,238 23,875
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 155
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
19.1. Main investments and divestments 19.1.1. Main investments Details of tangible investments in the six-month periods ended 30 June 2026 and 2025 are as follows:
Millions of Euros Activity | SegmentTangible investments January-June 2026 January-June 2025
Generation and
Commercialisation
300 364
Conventional generation
151 197• This mainly comprises investments in generation facilities using various technologies, primarily in the nuclear fleet.
• In the period January–June 2025, this included the renewal of a charter contract for a methane tanker used to transport liquefied natural gas (LNG).
Renewable generation
134 156• In the first half of 2026, this includes investments totalling 67 million euros in the construction of electricity generation facilities using renewable sources.
Commercialisation
15 11• These relate to investments in charging points for the e-Mobility and e-City businesses.
Distribution
539 393• These relate primarily to investments aimed at expanding and modernising the distribution network, as well as measures designed to optimise its operation, improve operational efficiency, adapt infrastructure to customers’ changing needs, and enhance the quality, reliability and resilience of the service provided.
Structure and others (1) 61 4• For the period January–June 2026, this mainly includes the effect arising from the amendment of certain clauses in the lease agreement for Endesa’s head office, which has led to the revaluation of the corresponding right-of-use asset in accordance with IFRS 16 ‘Leases’ (see Note 20).
TOTAL 900 761 (2)
(1) Structure, Services and Adjustments.
(2) Excludes the acquisition of E-Generación Hidráulica, S.L.U., which was incorporated as part of the business combination.
19.1.2. Main divestments During the first half of 2026, no significant disposals were recorded under this heading of the Consolidated Statement of Financial Position.
156 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
19.2. Acquisition commitments At 30 June 2026, Endesa maintains acquisition commitments for property, plant, and equipment amounting to €1,070 million, of which €811 million are estimated to be realised in the next 12 months (€826 million as of 31 December 2025):
Millions of Euros Activity | SegmentAcquisition Commitments (1) (2)
30 June
202631 December
2025
Generation and
Commercialisation
436 329• Includes €341 million and €234 million, respectively, in investment commitments in zero-emission technologies, primarily nuclear and renewable energy (see Note 4.1).
• In addition, it includes investment commitments associated with the roll-out of charging points for the e-Mobility business, amounting to €31 million and €40 million, respectively.
Distribution
632 497• This relates to investment commitments in the distribution network aimed at improving service quality, reducing losses, strengthening the network’s resilience and facilitating the integration of new connection requests.
Structure and others (3) 2 —
TOTAL 1,070 826
(1) At 30 June 2026 and 31 December 2025, €31 million and €40 million, respectively, are committed with Associates. None of these amounts are committed to Joint Ventures.
(2) As at 30 June 2026, €23 million is committed to Group companies; there were no commitments of this nature as at 31 December 2025.
(3) Structure, Services and Adjustments.
As at 30 June 2026, the breakdown by year of commitments to acquire property, plant and equipment is as follows:
Millions of Euros Acquisition Commitments 2026 – 2027 856 2028 – 2029 123 2030 – 2031 82 2032 – Rest 9 TOTAL 1,070Endesa expects to meet these commitments using the cash flows generated by its operations, supplemented, where necessary, by the various sources of corporate financing available.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 157
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
19.3. Other information
Impairment test
No significant net impairment losses on property, plant and equipment were recognised during the first half of 2026 and 2025 (see Note 14.1).
Note 3.2e “Impairment of Non-Financial Assets” in the Notes to the Consolidated Financial Statements for the financial year ended 31 December 2025 states that, throughout the financial year and, in any event, at the end of the financial year, Endesa assesses whether there are any indications of impairment of its non-financial assets and, should such indications be identified, proceeds to estimate the recoverable amount of the asset or the corresponding Cash-Generating Unit (CGU) to determine, where applicable, the need to recognise an impairment loss.
As at 30 June 2026, taking into account the current performance of Endesa’s businesses, market conditions and the information available at that date, Endesa has concluded that there are no indications of impairment requiring an update to the estimates of the recoverable amount of its non-financial assets.
Insurance
Endesa and its subsidiaries have insurance policies in place to cover potential risks associated with various elements of their property, plant, and equipment. These policies sufficiently cover all potential claims arising from their operations, as understood within the scope of such coverage. During the period from January to June 2026, there were no events or circumstances that had a significant impact on the insurance cover taken out or on the assessment carried out regarding the adequacy of such cover as at the date of approval of the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026.
Other information
As at 30 June 2026 and 31 December 2025, the net book value of the thermal power stations for which Endesa has applied for administrative authorisation to close, together with the provision for estimated decommissioning costs recognised under the headings “Other Non-
current Provisions” and “Other Current Provisions” in the Consolidated Statement of Financial Position, is as follows:
Millions of Euros Thermal power plant Date of ApplicationEffective Closing Date30 June 2026 31 December 2025 Book ValueProvision for
Decommissioning
(Note 34.3)Book ValueProvision for
Decommissioning
(Note 34.3)
As Pontes (A Coruña)27 December 20191 December 2023 — 96 — 99 Litoral (Almería)27 December
201926 November
2021— 41 — 45 Compostilla II (León) -
Groups III, IV, and V19 December
201823 September
2020— 52 — 56 Andorra (Teruel)19 December 201821 July 2020 — 14 — 14 Alcudia (Balearic Islands)
- Groups I and II27 December
201830 December
2019— 28 — 29 Alcudia (Balearic Islands) – Groups III and IV26 February 2026Pending — 53 — 54
TOTAL — 284 — 297
158 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
20. Right-of-use assets At 30 June 2026, the details of the right-of-use assets included under the heading “Property, Plant and Equipment” in the Consolidated Statement of Financial Position and their movements during the first six months of 2026 were as follows:
Millions of Euros Right-of-Use Assets Land BuildingsElectricity
Generation
Facilities:
Combined Cycle
Power PlantsOther Property,
Plant, and
Equipment TOTAL
Balance at 31 December 2025 253 72 227 165 717 Additions 29 66 (1)— 9 104 Disposals (3) — — (1) (4) Depreciation and Impairment Losses (10) (9) (12) (20) (51) Balance as of 30 June 2026 (2)269 129 215 153 766 (1) Includes the amendment of certain clauses in the lease agreement for Endesa’s head office, totalling 54 million euros (see Note 20.1).
(2) Allocated to the Iberian Peninsula Generation Cash Generating Unit (CGU) (€637 million), Distribution (€23 million), and Structure and Services (€106 million) (see Note 8.2.2).
During the first half of 2026 and 2025, the impact of right-
of-use assets on the Consolidated Income Statement was
as follows:
Millions of Euros Notes January-June 2026 January-June 2025 Depreciation Provision for Right-of-Use Assets 51 56 Interest Expenses on Financial Debt Associated with Right-of-Use Assets 27 9 Financial Expense15.1 and 41.123 21 Exchange Differences 4 (12) Expenses for Short-Term Leases and/or Low-Value Assets (1)- — Expenses for Variable Lease Payments 1 1 Total Effect on the Consolidated Income Statement 79 66 (1) Leases expiring within the next 12 months from the date of initial application and/or with an underlying asset value of less than 5,000 US Dollars (USD).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 159
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Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
20.1. Right-of-use assets as a lessee Information on the most significant lease contracts where Endesa acts as a lessee is provided in Note 22.1 to the Annual Consolidated Financial Statements for the year ended 31 December 2025.
On 19 June 2026, Endesa formalised, by means of an addendum, the amendment of certain terms of the lease agreement for its Head Office, providing for the extension of its term until 31 December 2037 and the reduction, with effect from 1 January 2027 , of part of the leased area. As a result of this amendment, Endesa has restated the corresponding lease liability and the asset for the associated right of use, recognising amounts of 53 million euros and 54 million euros, respectively. The net effect of the transaction has resulted in the recognition of income of less than 1 million euros.
20.2. Right-of-use assets as a lessor
Financial Lease
At 30 June 2026 and 31 December 2025, Endesa has not formalised any finance lease contracts where it acts as a lessor.
Operating lease
As at 30 June 2026, the operating lease agreements in which Endesa acts as lessor include, amongst others, those entered into by Endesa Energía, S.A.U. with third parties, relating primarily to value-added products and services and property rentals.The amount of lease payments recognised as income in the first half of 2026 and 2025 amounted to €4 million.
160 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
21. Intangible assets At 30 June 2026, the details and movements of this item in the attached Consolidated Statement of Financial Position were as follows:
Millions of Euros Computer
Software ConcessionsAcquisition
Costs Others TOTAL Cost 2,513 65 1,363 1,142 5,083 Cumulative Depreciation (2,045) (37) (964) (436) (3,482) Impairment Losses (2) (4) — (171) (177) Balance at 31 December 2025 466 24 399 535 1,424 Incorporation/(Reduction) of Companies (Note 7)4 — 3 110 117 Investments (Note 21.1)41 — 112 9 162 Allocations (63) (1) (95) (47) (206) Depreciation (Note 14.1)(63) (1) (95) (32) (191) Impairment Losses (Note 14.1)— — — (15) (15) Disposals — — — (4) (4) Transfers and other 3 2 (3) (9) (7) Total Variations (15) 1 17 59 62 Cost 2,552 66 1,475 1,247 5,340 Cumulative Depreciation (2,099) (37) (1,059) (467) (3,662) Impairment Losses (2) (4) — (186) (192) Balance at 30 June 2026 451 25 416 594 (1)1,486 (1) Includes, among others, the authorisations for the operation of wind farms and photovoltaic plants and the acquired customer portfolios amounting to €470 million and €109 million, respectively.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 161
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Individual Interim Condensed
Financial Statements
and Management Report
21.1. Main investments and divestments 21.1.1. Main investments Details of investments in intangible fixed assets in the six-month periods ended 30 June 2026 and 2025 are as
follows:
Millions of Euros Activity | SegmentIntangible investments January-June 2026 January-June 2025
Generation and
Commercialisation
149 163
Conventional Generation
4 5• This mainly includes investments related to information and communications technology (ICT).
Renewable Generation
12 24• This mainly includes investments in projects for the construction and development of electricity generation facilities using renewable sources.
Commercialisation
133 134• This relates primarily to the capitalisation of incremental costs incurred in securing contracts with customers, amounting to 112 million euros.
• This includes investments in information and communications technology (ICT) systems aimed at developing digitalisation solutions, totalling 21 million euros.
Distribution
12 7• Includes investments in the information and communications technology (ICT) business in line with the strategy for digitalisation and more efficient and resilient network management.
Structure and others (1)
1 4—
TOTAL 162 (2)174 (3)
(1) Structure, Services and Adjustments.
(2) Does not include the acquisition of Energía Colectiva, S.L.U., which is incorporated as part of the Business Combination (see Note 7).
(3) Does not include the acquisition of E-Generación Hidráulica, S.L.U., which was incorporated as part of the Business Combination.
21.1.2. Main divestments No significant disposals were recorded in this item of the Consolidated Statement of Financial Position during the first six months of 2026.
162 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
21.2. Acquisition commitments As at 30 June 2026, Endesa has commitments to acquire intangible assets amounting to 54 million euros, all of which are expected to be finalised within the next 12 months (13 million euros as at 31 December 2025):
Millions of Euros Activity | SegmentAcquisition Commitments (1)
30 June
202631 December
2025
Generation and
Commercialisation
46 4• Includes, for the period January–June 2026, commitments to Group companies aimed at the digital transformation of commercial systems.
Distribution
3 4• In both periods, this relates to commitments to Group companies concerning the digitalisation of the distribution network.
Structure and others (2) 5 5• This relates to sponsorship of the Endesa League.
TOTAL 54 13
(1) At 30 June 2026 and 31 December 2025, €43 million and €4 million, respectively, are committed with Group Companies. None of these amounts are committed to Associated Companies or Joint Ventures.
(2) Structure, Services and Adjustments.
As at 30 June 2026, the breakdown by year of the commitments to acquire intangible assets is as follows:
Millions of Euros Acquisition Commitments 2026 – 2027 54 2028 – 2029 — 2030 – 2031 — TOTAL 54Endesa expects to meet these commitments using the cash flows generated by its operations, supplemented, where necessary, by the various sources of corporate financing available.
21.3. Other information
Impairment test
No significant net impairment losses on intangible fixed assets were recognised during the first half-years of 2026 and 2025 (see Note 14.1).
Note 3.2e “Impairment of Non-Financial Assets” in the Notes to the Consolidated Financial Statements for the financial year ended 31 December 2025 states that, throughout the financial year and, in any event, at the end of the financial year, Endesa assesses whether there are any indications of impairment of its non-financial assets and, should such indications be identified, proceeds to estimate the recoverable amount of the asset or the corresponding Cash-Generating Unit (CGU) to determine, where applicable, the need to recognise an impairment loss.
As at 30 June 2026, taking into account the current performance of Endesa’s businesses, market conditions and the information available at that date, Endesa has concluded that there are no indications of impairment requiring an update to the estimates of the recoverable amount of intangible assets.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 163
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Individual Interim Condensed
Financial Statements
and Management Report
22. Goodwill
At 30 June 2026, the composition of this heading of the Consolidated Statement of Financial Position were as
follows:
Millions of Euros Balance at 31 December 2025 Balance at 30 June 2026 Enel Green Power España, S.L.U. (1)296 296 Endesa Generación, S.A.U. (1)125 125 Eléctrica del Ebro, S.A.U. (2)2 2 Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A. (2)21 21 Compañía Eólica Tierras Altas, S.A.U. («CETASA») (1)20 20 Information and Communication Technology (ICT) (3)143 143
TOTAL 607 607
(1) Assigned to the Iberian Peninsula Generation Cash Generating Unit (CGU) (see Note 8.2).
(2) Assigned to the Distribution Cash Generating Unit (CGU) (see Note 8.2).
(3) Assigned to the Cash Generating Unit (CGU) of Generation in the Iberian Peninsula (€65 million), Distribution (€74 million), and Endesa, S.A. (€4 million) (see Note 8.2).
All of these goodwill funds correspond to the geographical area of Spain.
22.1. Other information
Impairment test
No significant net impairment losses on goodwill were recorded during the first half of 2026 and 2025 (see Note 14.1).
Note 3.2e “Impairment of Non-Financial Assets” to the Annual Consolidated Financial Statements for the fiscal year ended 31 December 2025 states that throughout the fiscal year, and in any case at year-end, an assessment is made to determine whether there are any indications that an asset may have suffered an impairment loss. If so, the recoverable amount for that asset is estimated to determine the amount of impairment required, if applicable.
At 30 June 2026, considering current developments and available information, Endesa assessed that there are no impairment indicators that would necessitate updating the recoverable value estimate of goodwill.
164 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
23. Deferred tax assets
and liabilities
The movement of these items in the Consolidated Statement of Financial Position in the first six months of 2026 was as follows:
Millions of Euros Deferred Tax Assets and Liabilities Balance at 31
December
2025Incorporation /
(Reduction) of
Companies(Debit)/Credit
Profit and Loss (Note 17)(Debit) / Credit
EquityTransfers
and otherBalance as of
30 June
2026
Deferred Tax Assets 1,351 — (48) 50 — 1,353 Deferred Tax Liabilities 1,141 27 (7) (15) — 1,146 Deferred Tax Assets that cannot be offset428 439 Deferred Tax Liabilities that cannot be offset218 232 Deferred Taxes that can be offset 923 914 As at the date of approval of these Interim Condensed Consolidated Financial Statements, Endesa considers that the current circumstances do not affect the recoverability of the deferred tax assets recognised in the Consolidated Statement of Financial Position.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 165
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Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
24. Investments
accounted for using the equity method At 30 June 2026 and 31 December 2025, the breakdown of this item in the accompanying Consolidated Statement of Financial Position is as follows:
Millions of Euros 30 June
202631 December
2025
Associates 186 188 Joint Ventures 98 92 TOTAL 284 280A complete list of the investee companies over which Endesa exercises significant influence is included in Appendix I of these Explanatory Notes. These companies do not have publicly listed share prices.
Below is a detailed breakdown of Endesa’s principal associates and joint ventures accounted for using the equity method, along with their movements during the first six months of 2026:
Millions of Euros Percentage% (1)Balance at 31
December
2025Addition /
(Removal) of
Companies
(Notes 6.2 and 6.3) Associates 188 (1) Elcogas, S.A. (In Liquidation) 41.0 — — Energías Especiales del Bierzo, S.A. 50.0 3 — Gorona del Viento El Hierro, S.A. 23.2 10 — Cogenio Iberia, S.L. 20.0 5 — Endesa X Way, S.L. 49.0 122 — Other 48 (1) Joint Ventures 92 — Tejo Energia - Produção e Distribuição de Energia Eléctrica, S.A. 43.7 5 — Front Marítim del Besòs, S.L. 61.4 30 — Nuclenor, S.A. 50.0 — — Suministradora Eléctrica de Cádiz, S.A. 33.5 8 — Others 49 —
TOTAL 280 (1)
(1) Percentage on 30 June 2026.
For the six-month period ending on 30 June 2026, the equity data used as the basis for preparing these Interim Condensed Consolidated Financial Statements are derived from the information of the individual companies.
166 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Investments
or IncreasesProfit/Loss
using the
Equity Method
(Note 16)DividendsTransfers
and otherBalance as of 30 June 2026 — (1) — — 186 — — — — — — — — — 3 — — — — 10 — — — — 5 — (1) — — 121 — — — — 47 1 6 (1) — 98 — — — — 5 — — — — 30 — 1 — (1) — — 1 — — 9 1 4 (1) 1 54 1 5 (1) — 284
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 167
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Individual Interim Condensed
Financial Statements
and Management Report
25. Assets and liabilities from contracts with customers 25.1. Non-current and current assets from contracts with customers During the first six months of 2026, movement in non-current and current assets from contracts with customers in the Consolidated Statement of Financial Position was as follows:
Millions of Euros Non-Current Assets from Contracts with CustomersCurrent Assets from Contracts with Customers Balance at 31 December 2025 — 3 Disposals — (11) Allocation to Profits/Losses — 17 Balance at 30 June 2026 — 9 At 30 June 2026 and 31 December 2025, the current assets from contracts with customers primarily relate to construction contracts executed between Endesa Ingeniería, S.L.U. and Red Eléctrica de España, S.A.U. (REE), which are expected to remain in effect until 2028.At 30 June 2026, Endesa has formalised future service provision commitments amounting to €30 million linked to the construction contracts formalised with Red Eléctrica de España, S.A.U. (REE) (€37 million as of 31 December 2025).
25.2. Non-current and current liabilities from contracts with customers At 30 June 2026, the breakdown and movements of non-current and current liabilities from contracts with customers in the Consolidated Statement of Financial Position were as follows:
Millions of Euros NotesNon-Current Liabilities from Contracts with Customers
Current Liabilities
from Contracts
with CustomersFacilities Transferred from Customers and Fees for Extension ConnectionsOther Non-Current Liabilities from Contracts with Customers Total Balance at 31 December 2025 4,375 75 4,450 523 Additions 101 6 107 — Allocation to Profits/Losses9.2— — — (100) Transfers and other (99) (2) (101) 101 Balance at 30 June 2026 4,377 79 4,456 561 The principal items included under these headings are detailed in Notes 3.2j and 28.2 of the Explanatory Notes to the Consolidated Financial Statements for the year ended 31 December 2025.
168 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
26. Other non-current
financial assets
During the first six months of 2026, the breakdown and movements of this item in the accompanying Consolidated Statement of Financial Position were as follows:
Millions of Euros Balance at 31
December
2025Additions or
AllocationsDisposals,
Cancellations,
or
Derecognitions Valuation
Adjustments
against
Equity Transfers
and otherChanges
in the
Consolidation
ScopeBalance as of
30 June
2026
Loans and Receivables 692 18 (23) — (426) — 261 Equity Instruments 7 — — — — — 7 Impairment (4) — — — — — (4)
TOTAL 695 18 (23) — (426) — 264
26.1. Loans and other receivables At 30 June 2026 and 31 December 2025, the breakdown of loans and other receivables is as follows:
Millions of Euros
Notes30 June
202631 December
2025
Compensation for Generation Cost Overruns in Non-Peninsular Territories (NPT) 11 11 Bonds and Deposits35 and 372 430 Staff Loans 78 80 Loans to Associates, Joint Ventures, and Joint Operating Entities42.261 61 Remuneration for Investment in Renewable Energies 46 44 Financial Guarantees Recognised as Assets 50 50 Other Financial Assets 13 16 Valuation Adjustments (1)(3) (3)
TOTAL 258 689
(1) Includes an impairment of €2 million for Loans to Associates, Joint Ventures, and Joint Operating Companies as of 30 June 2026 (€2 million as of 31 December 2025).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 169
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Individual Interim Condensed
Financial Statements
and Management Report
Guarantees and deposits As of December 31, 2025, the “Guarantees and Deposits” account primarily included guarantees and deposits posted by customers in Spain on the contract date as security for electricity supply, the majority of which are held with the relevant public authorities. These amounts were offset under the “Other Non-Current Liabilities” line item in the Consolidated Statement of Financial Position (see Note 35).As a result of the entry into force of Royal Decree 88/2026 of 11 February, approving the General Regulations on the Supply, Supply and Aggregation of Electricity, these guarantees and deposits have been reclassified to the headings “Trade Receivables and Other Receivables” and “Trade Payables and Other Current Liabilities”, respectively, in the Consolidated Statement of Financial Position, insofar as the new regulatory framework determines that they are due in the short term (see Notes 5, 30 and 37).
Return on investment in renewable energy As at 30 June 2026, this heading includes, in accordance with the provisions of Article 22 of Royal Decree 413/2014 of 6 June, which regulates the generation of electricity from renewable energy sources, cogeneration and waste, the net positive amounts, totalling 46 million euros, generated both in the current half-year and in previous half-years by the adjustment for market price deviations (€44 million at 31 December 2025) (see Notes 5 and 28).
Financial guarantees recognised as assets As at 30 June 2026 and 31 December 2025, this heading includes the financial guarantees provided and allocated to Endesa’s operations in organised markets, which are necessary for the contracting and settlement of the derivative financial instruments entered into in those markets.
26.2. Equity instruments At 30 June 2026 and 31 December 2025, this category includes equity instruments corresponding to holdings in other companies, net of impairment, amounting to €6 million.
The individual value of the investments listed under this heading is not significant.
170 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
27 . Other non-current
assets
At 30 June 2026 and 31 December 2025, the breakdown of this item in the accompanying Consolidated Statement of Financial Position is as follows:
Millions of Euros Notes 30 June 2026 31 December 2025 Remuneration from Distribution Activities5539 497 Other Assets (1)99 101 Valuation Adjustments (3) (3)
TOTAL 635 595
(1) At 30 June 2026, this includes the book value of the surplus arising from the difference between the actuarial liability and the market value of the affected assets of Endesa’s defined benefit pension plans amounting to €81 million (€80 million as of 31 December 2025) (see Note 34.1).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 171
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Individual Interim Condensed
Financial Statements
and Management Report
28. Other current
financial assets
At 30 June 2026 and 31 December 2025, the breakdown of this item in the accompanying Consolidated Statement of Financial Position is as follows:
Millions of Euros Notes 30 June 2026 31 December 2025 Financing of Income Shortfalls from Regulated Activities in Spain and Other Regulated Remunerations5206 300 Compensation for Generation Cost Overruns in Non-Peninsular Territories (NPT)5 and 36797 474 Staff Loans 15 15 Loans to Associates, Joint Ventures, and Joint Operating Entities42.217 18 Remuneration for Investment in Renewable Energies 12 17 Financial Guarantees Recognised as Assets 375 55 Other Financial Assets 68 34 Valuation Adjustments (22) (21)
TOTAL 1,468 892
The fair value of these financial assets does not significantly differ from their book values.
Financial Guarantees Recognised as Assets As at 30 June 2026 and 31 December 2025, this heading includes the financial guarantees provided and earmarked for Endesa’s operations on organised markets, which are necessary for the trading and settlement of the derivative financial instruments entered into on those markets.
Remuneration for investment in renewable energies At 30 June 2026, this heading includes, in accordance with Article 22 of Royal Decree 413/2014 of 6 June, regulating electricity production from renewable energy sources, cogeneration, and waste, the net positive amounts, totalling €12 million, generated in the current half-year period and in previous half-year periods by the value adjustment for market price deviations (€17 million as of 31 December 2025) (see Notes 5 and 26).
172 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
29. Inventories
At 30 June 2026 and 31 December 2025, the breakdown of this item in the Consolidated Statement of Financial Position is as follows:
Millions of Euros 30 June 2026 31 December 2025 Energy Commodities: 834 737 Coal 1 1 Nuclear Fuel 446 451 Fuel 147 102 Gas 240 183 Other Inventories 416 390 Carbon Dioxide (CO2) Emission Allowances 689 799 Guarantees of Origin and other Environmental Certificates 106 139 Valuation Adjustments (15) (15)
TOTAL 2,030 2,050
29.1. Carbon dioxide (CO2) emission allowances In the six-month periods ended 30 June 2026 and 2025, the 2025 and 2024 carbon dioxide (CO2) emission allowances were redeemed, resulting in a derecognition amounting to €821 million and €724 million, respectively (10 million tonnes in both periods).At 30 June 2026, the provision for allowances to be delivered to cover carbon dioxide (CO2) emissions included under “Current Provisions” in the Consolidated Statement of Financial Position amounts to €374 million (€822 million as of 31 December 2025) (see Note 34.3).
29.2. Guarantees of origin and other environmental certificates In the six-month periods ended 30 June 2026 and 2025, the 2025 and 2024 guarantees of origin and other environmental certificates were redeemed, resulting in a derecognition amounting to €26 million and €30 million, respectively (28,012 GWh and 27 ,970 GWh, respectively).At 30 June 2026, the provision for rights to deliver guarantees of origin and other environmental certificates included under “Current Provisions” in the Consolidated Statement of Financial Position amounts to €69 million (€63 million as of 31 December 2025) (see Note 34.3).
29.3. Acquisition commitments At 30 June 2026, the amount of inventory purchase commitments stands at €13,121 million (€12,703 million as of 31 December 2025), part of which corresponds to agreements containing “take or pay” clauses, detailed
as follows:
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 173
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Individual Interim Condensed
Financial Statements
and Management Report
Millions
of EurosFuture Purchase Commitments as of 30 June 2026 (1)
Carbon Dioxide
(CO2) Emission
Allowances Electricity Nuclear Fuel Fuel Gas Others TOTAL 2026 - 2027 389 31 265 262 1,857 14 2,818 2028 - 2029 74 — 91 — 2,158 — 2,323 2030 - 2031 — — 29 — 2,122 — 2,151 2032 - 2036 — — 21 — 3,952 — 3,973 2037 - 2041 — — — — 1,856 — 1,856
TOTAL 463 31 406 262 11,945 14 13,121
(1) None of these amounts correspond to Joint Ventures.
As at 30 June 2026 and 31 December 2025, the figure for commitments to purchase inventory includes the commitment to purchase gas arising from contracts entered into in the 2014 financial year with Corpus Christi Liquefaction, LLC, part of which is guaranteed by Enel, S.p.A. (see Note 42.1.2). With regard to contracts containing “take-or-pay” clauses, in the current context, current forecasts for demand and consumption suggest that Endesa will continue to consume the volumes committed to under those contracts.
Endesa expects to meet these commitments using the cash flows generated by its operations, supplemented, where necessary, by the usual sources of corporate finance available.
29.4. Other information
Valuation adjustments
For the six-month periods ending 30 June 2026 and 2025, no significant impairments of inventories have been recorded in this section of the Consolidated Statement of Financial Position.
Insurance
Endesa has taken out insurance policies designed to cover the potential risks to which its inventories are subject, on the understanding that the cover taken out is adequate to address the risks to which they are exposed.
During the period from January to June 2026, there were no events or circumstances that had a significant impact on the insurance policies taken out or on Endesa’s assessment of the adequacy of such cover as at the date of approval of the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026.
Other information
At 30 June 2026 and 31 December 2025, Endesa does not have any significant inventories pledged as collateral for debt obligations.
174 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
30. Trade and
other receivables
At 30 June 2026 and 31 December 2025, the breakdown of this item in the Consolidated Statement of Financial Position is as follows:
Millions of Euros Notes 30 June 2026 31 December 2025 Trade Receivables for Sales and Services and Other Receivables 4,211 4,125 Customer Receivables from Sales and Services 3,230 3,541 Customers Receivables for Electricity Sales 2,510 2,704 Customers Receivables for Gas Sales 484 589 Customers Receivables for other Transactions 195 200 Customer Receivables from Group Companies and Associates42.1 and 42.241 48 Other Receivables 1,435 1,058 Remuneration from Distribution Activities 559 525 Bonds and Deposits26.1431 (1)— Other Third-Party Receivables 356 422 Other Receivables from Group Companies and Associates42.1 and 42.289 111 Valuation Adjustments (454) (474) Customer Receivables from Sales and Services (403) (423) Other Receivables (51) (51) Tax Assets 743 576 Current Corporate Tax 418 337 Value Added Tax (VAT) Receivable 118 115 Other Taxes 207 124
TOTAL 4,954 4,701
(1) Following the entry into force of Royal Decree 88/2026 of 11 February, guarantees and deposits received from customers in Spain at the date of contract as security for the supply of electricity – the majority of which were deposited with the relevant public authorities – have been reclassified under this heading (see Note 26.1).
The balances included in this section of the Consolidated Financial Statement generally do not accrue interest.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 175
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Individual Interim Condensed
Financial Statements
and Management Report
Energy supplied to clients and pending invoicing As the usual meter reading period does not coincide with the period-end, Endesa makes an estimate of the sales to customers made by its commercialisation companies Endesa Energía, S.A.U., Energía XXI Comercializadora de Referencia, S.L.U., Empresa de Alumbrado Eléctrico de Ceuta Energía, S.L.U., and Energía Ceuta XXI Comercializadora de Referencia, S.L.U., which are pending invoicing.
At 30 June 2026, the accumulated balances for sales of electricity and gas pending invoicing to the final customer are included under the “Trade Receivables for Sales and Services and Other Receivables” heading of the attached Consolidated Statement of Financial Position and amount to €1,100 million and €115 million, respectively (€1,267 million and €264 million, respectively, as of 31 December 2025).
At 30 June 2026, none of the foreseeable possible scenarios for the estimates of the key components described in Note 3.2o.1 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2025 would result in a significant change in the revenue associated with unbilled sales.
30.1. Other information
Valuation adjustments
The movement in the “Valuation Adjustments” heading for the six-month periods ending 30 June 2026 and 2025 is
as follows:
Millions of Euros Notes January-June 2026 January-June 2025 Opening Balance 474 569 Allocations 14.2 and 39.379 98 Applications (99) (136) Closing Balance 454 531 At 30 June 2026 and 2025, the valuation adjustment corresponds, primarily, to customers for energy sales and other products and services (see Note 39.3).
176 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
31. Cash and cash
equivalents
At 30 June 2026 and 31 December 2025, the breakdown of this item in the Consolidated Statement of Financial Position is as follows:
Millions of Euros 30 June 2026 31 December 2025 Cash in Hand and at Banks 97 145 Other Cash Equivalents (1)180 50
TOTAL 277 195
(1) Includes deposits formalised as of the closing date that accrue a market interest rate.
Short-term cash investments mature within less than 3 months from the date of acquisition.
As at 30 June 2026 and 31 December 2025, the entire balance under this heading is denominated in euros and there are no investments in sovereign debt.As at 30 June 2026 and 31 December 2025, the balance of cash and other cash equivalents includes 4 million euros relating to the debt service reserve account set up by certain of Endesa’s renewable energy subsidiaries pursuant to loan agreements entered into to finance projects (see Note 38.4.3).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 177
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
32. Non-current assets held for sale and from
discontinued operations
As at 30 June 2026 and 31 December 2025, the composition and movements of this heading in the accompanying Consolidated Statement of Financial Position were as follows:
Millions of Euros 31 December 2025Transfers from Non-current Assets Held for Sale30 June
2026
ASSET
NON-CURRENT ASSETS 28 (8) 20
Tangible fixed assets 20 — 20 Investment Property 8 (8) —
CURRENT ASSETS — — —
TOTAL ASSETS 28 (8) 20
LIABILITIES
NON-CURRENT LIABILITIES — — —
CURRENT LIABILITIES 15 — 15
Trade creditors and other accounts payable 15 — 15 Suppliers and other creditors 15 — 15
TOTAL LIABILITIES 15 — 15
At 30 June 2026, the heading “Non-Current Assets Classified as Held for Sale and Discontinued Operations” includes an amount of €20 million, corresponding to the net book value of a property located in San Roque (Cádiz).
Likewise, the heading “Liabilities Related to Non-Current Assets Classified as Held for Sale and Discontinued Operations” includes a provision linked to said asset for an amount of €15 million. These amounts derive from the sale and purchase agreement signed between Endesa and a third party for the transfer of said property. As at the date of approval of these Interim Condensed Consolidated Financial Statements, Management considers that the conditions required by IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations” for its classification as a non-current asset and liabilities held for sale are met, as the completion of the transaction under the expected terms is deemed highly probable. During the first half of 2026, Endesa reclassified an asset amounting to €8 million from the heading “Non-Current Assets Classified as Held for Sale and Discontinued Operations” to the heading “Investment Property”, an asset valued at €8 million corresponding to the property resulting from the Cooperation Project of Execution Unit 71-03, Llevant Façana Marítima Sector, which had originally been classified as a non-current asset held for sale in 2024, as Management considered that the criteria established by accounting regulations for the recovery of its value primarily through a sale transaction were met.
However, following the reassessment carried out during the first half of 2026, it was concluded that the asset no longer meets the conditions required to maintain this classification, given that it is not available for immediate sale due to pending urban planning and legal constraints and, consequently, the sale is no longer considered highly probable within the initially planned timeframe.
178 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
33. Equity
At 30 June 2026 and 31 December 2025, the breakdown of this item in the Consolidated Statement of Financial Position is as follows:
Millions of Euros Notes 30 June 2026 31 December 2025 Total Equity of the Parent 8,143 8,522 Share Capital33.1.11,250 1,271 Share Premium 89 89 Legal Reserve 254 254 Other Reserves33.1.2529 510 (Treasury Shares)33.1.5(628) (529) Retained Earnings33.1.36,980 7,583 Interim Dividend33.1.6— (519) Other Equity Instruments 6 5 Reserve for Actuarial Gains and Losses33.1.4(169) (156) Valuation Adjustments (168) 14 Unrealised Asset and Liability Revaluation Reserve (168) 14 Total Equity attributable to Non-Controlling Interests 1,070 1,089
TOTAL EQUITY 9,213 9,611
In the six-month period ended 30 June 2026, Endesa followed the same capital management policy as that described in Note 36.1.12 to the Consolidated Financial Statements for the year ended 31 December 2025.
33.1. Equity: of the Parent Company 33.1.1. Share capital At 30 June 2026, the share capital of Endesa, S.A. amounts to €1,250,093,461.20 and is represented by 1,041,744,551 fully subscribed and paid-up shares with a par value of €1.2 each, all of which are admitted to trading on the Spanish Stock Exchanges.At 30 June 2026, the number of shares that the Enel Group holds in Endesa, S.A., through Enel Iberia, S.L.U., represents 71.2% of its share capital for company law purposes (70.1% as of 31 December 2025). At those same dates, no other shareholder held shares representing more than 10% of the share capital of Endesa, S.A.
33.1.2. Other reserves At 30 June 2026, this heading includes the allocation charged to freely distributable reserves of a new reserve for cancelled capital, amounting to €21 million, equivalent to the nominal value of the share capital shares cancelled in the capital reduction transaction described in Note 33.1.5.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 179
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
33.1.3. Retained Earnings At 30 June 2026, this heading includes the impact derived from the difference between the book value of the cancelled treasury shares and their nominal value, within the framework of the share capital reduction transaction described in Note 33.1.5, amounting to €445 million.
33.1.4. Reserve for actuarial gains and losses At 30 June 2026 and 31 December 2025 this reserve derives from actuarial gains and losses recorded in equity (see Note 34.1).
33.1.5. Treasury shares The information relating to the “Share Buyback Framework Programme”, including the first 3 tranches thereof executed in the 2025 financial year, as well as to Endesa’s “Strategic Incentive Plans”, is detailed in Notes 36.1.8 and 48.3.5 of the Notes to the Consolidated Financial Statements corresponding to the annual period ended 31 December 2025.
Share Buyback Framework Programme
Third tranche
On 27 February 2026, Endesa, S.A. completed the third tranche of said Programme in accordance with the terms agreed with the financial entity through which it was executed.
As at 30 June 2026, the total number of shares acquired under the third tranche stood at 4,040,753 shares with a value of 122 million euros, of which 1,271,867 shares were acquired during the first half of 2026 for a value of 40 million euros; as at 30 June 2026, all of these shares remain held by the Parent Company.
Cancellation of the second tranche, approval and execution of the fourth and fifth tranches, and approval of the sixth tranche On 20 February 2026, the Board of Directors of Endesa, S.A. approved the fourth tranche of the “Share Buyback Framework Programme”, as well as the cancellation of the second tranche of said Programme: • The share capital reduction resolution approved by the Annual General Shareholders’ Meeting of Endesa, S.A.
held on 29 April 2025 has been executed in the amount of €20,409,079, through the cancellation of 17 ,007 ,566 treasury shares, with a nominal value of €1.2 each, acquired in the second tranche of the “Share Buyback Framework Programme”.
As a consequence of the above, the share capital of Endesa, S.A. resulting after the cancellation of the indicated shares has been set at €1,250,093,461.20, represented by 1,041,744,551 shares with a nominal value of €1.2 each, all belonging to the same class and series.
• Within the framework of the fourth tranche of the Programme, approved for a maximum monetary amount of €500 million, in the January–June 2026 period Endesa, S.A. acquired 13,965,554 treasury shares of the Parent Company for an amount of €500 million, all of which remain in the possession of the Parent Company as of 30 June 2026. The completion date of the fourth tranche was 24 June 2026.
On 24 March 2026, the Board of Directors of Endesa, S.A. approved the fifth tranche of the “Share Buyback
Framework Programme”:
• The fifth tranche corresponds to the Temporary Share Buyback Programme in accordance with the share delivery plan for employees (“Flexible Share Remuneration Programme”). The maximum number of shares to be acquired in the approved fifth tranche was 703,000 shares, for a maximum amount of €17 million.
180 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
The duration of said Programme was between 1 April and 9 April 2026, a period in which Endesa, S.A. acquired 466,093 treasury shares of the Parent Company for an amount of €17 million. From 10 April 2026, the execution of the fourth tranche of the “Share Buyback Framework Programme” resumed.On 23 June 2026, the Board of Directors of Endesa, S.A.
approved the sixth tranche of the “Framework Share Buy-back Programme”, for a maximum amount of 500 million euros, with the aim of reducing the share capital of Endesa, S.A. through the cancellation of the treasury shares acquired. The Programme commenced on 15 July 2026.
Treasury shares acquired and cancelled under the Buyback Programme relating to the Share Capital Reduction Plan and shares acquired and delivered to employees under the “Flexible Share Remuneration Programme” In accordance with the above, as of 30 June 2026, the number of shares acquired, cancelled, and/or delivered under the Buyback Programme from the tranches related to the Share Capital Reduction Plan and the “Flexible Share Remuneration Programme” is as follows:
Tranche Approval Date Completion DateNo. of Shares AcquiredNo. of Shares
Cancelled /
DeliveredNo. of Shares Acquired held by the Parent
Company at
30 June 2026 Second Tranche 08 April 2025 13 October 2025 17 ,007 ,566 17 ,007 ,566 (1)— Third Tranche 13 October 2025 27 February 2026 4,040,753 — 4,040,753 Fourth Tranche 20 February 2026 24 June 2026 13,965,554 — 13,965,554 Fifth Tranche 24 March 2026 09 April 2026 466,093 463,637 (2)2,456 Sixth Tranche 23 June 2026 — — — —
TOTAL — — 35,479,966 17 ,471,203 18,008,763
(1) Corresponds to the cancellation of shares acquired in the second tranche of the ”Share Buyback Framework Programme”.
(2) Corresponds to the delivery of shares to employees under the ”Flexible Share Remuneration Programme” .
Strategic Incentive Plans Endesa, S.A. holds treasury shares with the aim of covering the existing long-term variable remuneration plans, which include the delivery of shares as part of the payment for the strategic incentive (see Note 42.5). The purchase of these shares has been carried out through temporary share buy-back programmes.
Treasury shares of Endesa, S.A.
At 30 June 2026 and 31 December 2025, the treasury shares of Endesa, S.A. are as follows:
Number of
SharesNominal Value
(Euros/Share)% of Total Share
CapitalAverage
Acquisition Cost
(Euro/Share)Total Cost of
Acquisition
(Euros)
Treasury Shares at 30 June 2026 18,180,184 1.2 1 .74517 34.53 6 2 7,674,7 0 1 Strategic Incentive Plans 168,680 1.2 0.01619 19.25 3,246,801 Flexible Share-Based Compensation Plans 5,197 1.2 0.00050 27.7 1 144,034 Plan for Share Capital Reduction 18,006,307 1.2 1.72848 34.67 624,283,866 Treasury Shares at 31 December 2025 19,947 ,873 1.2 1.88409 26.50 528,674,223 Strategic Incentive Plans 168,680 1.2 0.01593 19.25 3,246,801 Flexible Share-Based Compensation Plans 2 ,741 1.2 0.00026 19.14 52,450 Plan for Share Capital Reduction 19,776,452 1.2 1.86790 26.57 525,374,972
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 181
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
33.1.6. Dividends
The General Shareholders’ Meeting of Endesa, S.A., held on 28 April 2026, taking into consideration the shares entitled to dividends as of 31 December 2025, approved the distribution of a total dividend charged against 2025 profit for a gross amount of €1.584 per share, representing a maximum amount of €1,645 million, as detailed below:
Millions of Euros Approval DateGross Dividend
per ShareMaximum
amount payable Payment Date Interim Dividend 16 December 2025 0.500 519 12 January 2026 Final Dividend 28 April 2026 1.084 1,126 10 July 2026 Total Dividend per share for 2025 1.584 1,645 33.2. Equity: Attributable to Non-controlling Interests At 30 June 2026, the breakdown and movements of this item in the Consolidated Statement of Financial Position were as follows:
Millions of Euros Balance at 31
December
2025Dividends
DistributedProfit/Loss for
the PeriodOther
TransactionsBalance as
of 30 June
2026
Aguilón 20, S.A. 22 — — — 22 Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A.3 — — — 3 Enel Green Power Solar 1, S.L. 731 (37) 21 3 718 EGPE Solar 2, S.L. 180 (6) 5 — 179 Explotaciones Eólicas Saso Plano, S.A. 9 — — (1) 8 Parque Eólico Sierra del Madero, S.A. 28 (2) — — 26 Sociedad Eólica de Andalucía, S.A. 29 — — — 29 Other 87 (3) 1 — 85
TOTAL 1,089 (48) 27 2 1,070
At 30 June 2026 and 31 December 2025, the balance of “Equity Attributable to Non-controlling Interests” primarily reflects the non-controlling interests held by Enel Green Power España, S.L.U.At 30 June 2026 and 31 December 2025, the equity data used as the basis for preparing these Interim Condensed Consolidated Financial Statements correspond to the information from the individual companies, except for those relating to Enel Green Power España Solar 1, S.L.
and EGPE Solar 2, S.L.
182 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
34. Provisions
At 30 June 2026 and 31 December 2025, the breakdown of “Non-current Provisions” and “Current Provisions” in the Consolidated Statement of Financial Position is as follows:
Millions of Euros Notes30 June 2026 31 December 2025 Non-Current Current Non-Current Current Provisions for Employee Benefits 247 — 232 — Provisions for Pensions and other Similar Obligations34.1225 — 210 — Other Employee Benefits 22 — 22 — Provisions for Workforce Restructuring Plans34.2302 117 401 83 Redundancy Procedures 20 2 4 21 Voluntary Severance Agreements 282 115 397 62 Other Provisions34.31,969 556 2,040 999
TOTAL 2,518 673 2,673 1,082
34.1. Provisions for pensions and other similar obligations Net actuarial liabilities At 30 June 2026, the breakdown of the net actuarial liability and its movements during the first six months of 2026 are as follows:
Millions of Euros January-June 2026
Pensions EnergyHealth
Care TOTAL
Opening Actuarial Liability (80) 208 2 130 Net Interest Cost (2) 4 — 2 Service Costs for the Period 1 — — 1 Contributions for the period — (8) — (8) Other Transactions 1 — — 1 Actuarial Loss (Profit) from Changes in Financial Assumptions (2) — — (2) Actuarial Loss (Profit) from Experience (16) 19 — 3 Actuarial Return on Plan Assets Excluding Interest 17 — — 17 Closing Net Actuarial Liability (81) 223 2 144
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 183
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
At 30 June 2026, the breakdown of the gross actuarial liability and its movements during the first six months of 2026 are as follows:
Millions of Euros January-June 2026
Pensions EnergyHealth
Care TOTAL
Opening Actuarial Liability 184 208 2 394 Financial Expenses 4 4 — 8 Service Costs for the Period 1 — — 1 Benefits Paid in the Period (12) (8) — (20) Actuarial Loss (Profit) from Changes in Financial Assumptions (2) - — (2) Actuarial Loss (Profit) from Experience (16) 19 — 3 Other Transactions 1 — — 1 Closing Actuarial Liability 160 223 2 385 At 30 June 2026, the information on changes in the market value of assets earmarked for defined benefit obligations is as follows:
Millions of Euros January-June 2026
Pensions EnergyHealth
Care TOTAL
Initial Market Value of Affected Assets 264 — — 264 Expected Return 6 — — 6 Contributions for the period — 8 — 8 Benefits Paid in the Period (12) (8) — (20) Actuarial (Loss) Profit (17) — — (17) Final Market Value of Affected Assets 241 — — 241 At 30 June 2026 and 31 December 2025, the amounts recorded in the Consolidated Statement of Financial
Position are:
Millions of Euros Notes 30 June 2026 31 December 2025 Provisions for Pensions and other Similar Obligations34225 210 Other Non-Current Assets27(81) (80) Accounting Balance of Actuarial Liability Deficit 144 130
184 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Impact on the Consolidated Income Statement and Consolidated Statement of Other Comprehensive Income During the first six-month periods of 2026 and 2025, the amounts recorded in the Consolidated Income Statement for defined benefit and defined contribution pension
provisions were:
Millions of Euros Notes January-June 2026 January-June 2025 Defined Benefit (3) (4) Current Service Cost (1) 12.1(1) (2) Net Financial Result 15.1(2) (2) Defined Contribution (24) (26) Current Service Cost (2) 12.1(24) (26)
TOTAL (27) (30)
(1) In the first half of 2026 and 2025, it includes €1 million of the current service cost for the period corresponding to early-retired personnel that was previously recorded as a provision under the heading ”Provision for Workforce Restructuring Plans” and was transferred during the period to the heading ”Provisions for Pensions and other Similar Obligations”.
(2) During the first half of 2026 and 2025, €7 million were contributed that were previously included under the heading ”Provisions for Workforce Restructuring Plans” .
During the first six-month periods of 2026 and 2025, the amounts recorded in the Consolidated Statement of Other Comprehensive Income defined benefit pension provisions were:Millions of Euros January-June 2026 January-June 2025 Actuarial Return on Plan Assets Excluding Interest(17) (14) Actuarial Profits and
Losses(1) 8
TOTAL (18) (6)
Affected assets
The main categories of defined benefit plan assets as a percentage of total assets, as of 30 June 2026 and 31 December 2025 are as follows:
Percentage (%) 30 June
202631 December
2025
Fixed Income Assets (1)41 46 Shares (1)31 29 Other Investments 28 25
TOTAL 100 100
(1) Includes shares and bonds of Enel Group companies amounting to €11 million as of 30 June 2026 (€9 million as of 31 December 2025).At 30 June 2026 and 31 December 2025, the fair value breakdown of fixed income securities by geographical
area is:
Millions of Euros
Country30 June
202631 December
2025
Spain 6 9 United States of America 23 30 Luxembourg 25 6 France 6 9 Italy 5 9 United Kingdom 1 2 Germany 1 5 The Netherlands 2 2 Belgium 1 1 Other 29 47
TOTAL 99 120
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 185
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
At 30 June 2026 and 31 December 2025, the value of assets related to defined benefit plans held in sovereign
debt is:
Millions of Euros
Country30 June
202631 December
2025
Spain 3 3 Italy 4 7 France 3 -
Germany — 1 Belgium 1 3 Other 17 23
TOTAL 28 37
Equities and fixed income assets are quoted in active markets. The expected return on affected assets has been estimated considering forecasts from the main fixed-
income and equity financial markets, assuming asset classes will maintain a weighting similar to the previous year.
During the first half of 2026, the average real return was a positive 3.85% (positive 6.65% in the 2025 financial year).Currently, the investment strategy and risk management are uniform for all Plan participants, with no asset-liability correlation strategy being followed.
At 30 June 2026 and 31 December 2025, the classification of defined benefit plan assets by levels of fair value
hierarchy is:
Millions of Euros 30 June 2026 31 December 2025 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Defined Benefit Plan Assets 241 161 47 33 264 181 46 37 Valuations of assets classified as Level 3 are determined based on valuation reports from the relevant Management Company.
Actuarial assumptions
The assumptions used when calculating the actuarial liability in respect of uninsured defined benefit obligations as of 30 June 2026 and 31 December 2025 are as follows:
30 June 2026 31 December 2025 Mortality Tables PERM/FCOL2020 PERM/FCOL2020 Interest Rate 4.08 % - 4.16 % 4.07 % - 4.15 % Expected Return on Plan Assets 4.15 % 4.13 % Salary Review (1)1.00 % 1.00 % Increase in the Costs of Health Care 4.10 % 4.10 % (1) Percentage benchmark for estimating the salary increase.
186 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
To determine the interest rate applied to discount the provisions in Spain, a curve is constructed using the yields on corporate bond issues by companies with an “AA” credit rating, based on the estimated term of the provisions arising from each commitment.
34.2. Provisions for workforce restructuring plans The movement in non-current provisions for workforce restructuring plans during the first six months of 2026 was as follows:
Millions of Euros
NotesRedundancy
ProceduresVoluntary
Redundancy Schemes TOTAL Balance at 31 December 2025 4 397 401 Amounts Charged to the Profit/Loss Statement for the Period (2) 5 3 Personnel Expenses12.1(2) (1) (3) Financial Results15.1— 6 6 Current Transfers and other 18 (120) (102) Balance at 30 June 2026 20 282 302 As at 30 June 2026, the “Current Provisions” heading in the Consolidated Statement of Financial Position includes €117 million relating to provisions for workforce restructuring plans (€83 million as at 31 December 2025).
Actuarial assumptions
The assumptions used in the actuarial calculation of the obligations arising under these workforce restructuring plans as of 30 June 2026 and 31 December 2025 are as
follows:
Redundancy Procedures Voluntary Redundancy Schemes
30 June
202631 December
202530 June
202631 December
2025
Interest Rate 3.50 % 3.26 % 3.50 % 3.26 % Future Increase in Guarantee N/a N/a 1.00 % 1.00 % Increase in Other Items N/a N/a 2.05 % 2.05 % Consumer Price Index (CPI) 2.05 % 2.05 % N/a N/a
Mortality Tables PERM/FCOL2020 PERM/FCOL2020 PERM/FCOL2020 PERM/FCOL2020
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 187
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
34.3. Other provisions At 30 June 2026, the movement in the “Other Non-current and Current Provisions” section of the Consolidated Statement of Financial Position is as follows:
Millions of Euros Balance at 31
December 2025Operating
Expenses
Redemption
Financial Results
(Note 15.1)
Net amounts charged to property, plant, and equipment (Note 19)
Payments
Transfers and other Balance as of 30 June 2026Allocations
Reversals
Provisions for Decommissioning Costs 1,692 2 (8) — 23 10 (19) (3) 1,697 Nuclear Power Plants 700 — — — 10 10 — (1) 719 Other Plants 915 2 (6) — 12 (2) (19) — 902 Decommissioning of Meters 74 — (2) — 1 2 - (1) 74 Closure of Mining Operations 3 — — — — — — (1) 2 Provisions for Carbon Dioxide (CO2) Emission Allowances 822 374 — (821) — — — (1) 374 Provisions for Guarantees of Origin and other Environmental Certificates63 32 — (26) — — — — 69 Provisions for Litigation, Compensation, and Other Legal or Contractual Obligations462 35 (43) — — — (54) (15) 385
TOTAL 3,039 443 (51) (847) 23 10 (73) (19) 2,525
Provision for closure costs of facilities Endesa recognises provisions for the estimated obligations arising from the decommissioning and removal of certain generation plants, as well as certain electricity distribution facilities. These provisions are recognised at the present value of the estimated future cash outflows required to settle the associated obligations.The discount rates used to determine the present value of these provisions, which vary depending on the expected time horizon for the realisation of the corresponding cash flows, have fallen within the following ranges:
% January-June 2026 January-June 2025
Financial Discounting
Rates 2.0 - 3.2 2.0 - 2.7
188 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
35. Other non-current
liabilities
At 30 June 2026 and 31 December 2025, the breakdown of this item in the Consolidated Statement of Financial Position is as follows:
Millions of Euros Notes 30 June 2026 31 December 2025 Bonds and Deposits26.110 (1)468 Other Payables 119 100
TOTAL38.2129 568
(1) As a consequence of the entry into force of Royal Decree 88/2026 of 11 February, the guarantees and deposits received from customers in Spain on the contracting date as a guarantee for the electricity supply have been reclassified to the heading ”Trade Payables and Other Current Liabilities” in the Consolidated Statement of Financial Position (see Notes 26.1 and 37).
36. Other non-current and current financial liabilities At 30 June 2026 and 31 December 2025, the breakdown of this item in the Consolidated Statement of Financial Position is as follows:
Millions of Euros
NotesNon-Current Current
30 June
202631 December
202530 June
202631 December
2025
Interest Payable on Financial Debt — — 74 63 Compensation for Generation Cost Overruns in Non-Peninsular Territories (NPT)5 and 28164 164 — —
TOTAL 164 164 74 63
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 189
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
37 . Trade creditors and other accounts payable At 30 June 2026 and 31 December 2025, the breakdown of this item in the Consolidated Statement of Financial Position is as follows:
Millions of Euros Notes 30 June 2026 31 December 2025 Trade Payables and Other Current Liabilities38.25,467 4,932 Suppliers and other Creditors 3,455 3,824 Dividends Paid33.1.61,118 523 Bonds and Deposits (1) 26.1 and 35448 — Other Payables 446 585 Tax Liabilities 1,430 874 Current Corporate Tax 856 298 Value Added Tax (VAT) Payable 79 69 Other Taxes 495 507
TOTAL 6,897 5,806
(1) As a consequence of the entry into force of Royal Decree 88/2026 of 11 February, the guarantees and deposits received from customers in Spain on the contracting date as a guarantee for the electricity supply have been reclassified to this heading (see Notes 26.1 and 35).
The increase in the “Current corporation tax” sub-item under Tax liabilities, amounting to 558 million euros, must be analysed in conjunction with the increase in the “Current corporation tax” sub-item under Tax assets, amounting to 81 million euros, in the Consolidated Statement of Financial Position.The change in both items is a consequence of the movement in receivables and payables, respectively, of the Endesa companies comprising the Tax Consolidation Group No. 572/10, whose parent company is Enel, S.p.A.
and whose representative in Spain is Enel Iberia, S.L.U. (see Note 42.1).
Dividends payable
At 30 June 2026 and 31 December 2025, the “Dividend Payable” heading primarily includes the following dividends for Endesa, S.A.:
Millions of Euros Notes Dividend Payable at DateGross Dividend per ShareMaximum Amount Payable Payment Date Interim Dividend41.331 December 2025 0.500 519 12 January 2026 Final Dividend 30 June 2026 1.084 1,126 10 July 2026 Total Dividend per share for 202533.1.61.584 1,645
190 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Costs derived from energy supplied to clients and pending invoicing At 30 June 2026, the estimate of outstanding invoices for electricity and gas toll costs derived from the energy supplied and not yet invoiced amounts to €54 million and €78 million, respectively (€168 million and €113 million, respectively, as of 31 December 2025) and is included in the “Trade Payables and Other Current Liabilities” heading of the Consolidated Statement of Financial Position.
“Confirming” agreements
At 30 June 2026, the amount of trade debt discounted with financial institutions for supplier payment management (“confirming”) classified under “Trade Payables and Other Current Liabilities” in the Consolidated Statement of Financial Position amounts to €39 million (€82 million as of 31 December 2025).During the six-month periods ending on 30 June 2026 and 2025, the financial income accrued from confirming contracts was less than €1 million.
38. Financial instruments At 30 June 2026 and 31 December 2025, the classification of financial instruments in the Consolidated Statement of Financial Position is as follows:
Millions of Euros Notes30 June 2026 31 December 2025 Non-Current Current Non-Current Current Asset-Based Financial Instruments Customer Contract Assets25.1— 9 — 3 Other Financial Assets26 and 28264 1,468 695 892 Derivative Financial Instruments 483 868 331 494 Other Assets27635 — 595 — Trade Receivables for Sales and Services and Other Receivables30— 4,211 — 4,125 Cash and Cash Equivalents31— 277 — 195
TOTAL 38.11,382 6,833 1,621 5,709
Liability-Based Financial Instruments Customer Contract Liabilities25.24,456 561 4,450 523 Financial Debt38.37,6 61 3,353 9,422 1,005 Derivative Financial Instruments 370 1,134 185 514 Other Financial Liabilities36164 74 164 63 Other Liabilities35129 — 568 -
Trade and Other Payables 37— 5,467 - 4,932
TOTAL 38.212,780 10,589 14,789 7, 037
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 191
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Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
38.1. Classification of non-current and current financial asset instruments At 30 June 2026 and 31 December 2025, the classification of financial asset instruments in the Consolidated Statement of Financial Position by category is as follows:
Millions of Euros Notes30 June 2026 31 December 2025 Non-Current Current Non-Current Current Financial Assets at Amortised Cost 893 5,965 1,284 5,215 Customer Contract Assets25.1— 9 — 3 Other Financial Assets26 and 28258 1,468 689 892 Other Assets27635 — 595 — Trade Receivables for Sales and Services and Other Receivables30— 4,211 — 4,125 Cash and Cash Equivalents31— 277 — 195 Financial Assets at Fair Value with Changes in the Profit Statement132 720 79 226 Equity Instruments26.26 — 6 — Derivatives not Designated as Hedging Instruments40.1126 720 73 226 Financial Assets at Fair Value with Changes in the Other Results Statement— — — — Hedging Derivatives40.1357 148 258 268
TOTAL 1,382 6,833 1,621 5,709
Endesa has not modified its business model, nor have there been significant changes to the characteristics of the contractual cash flows of its financial assets. Consequently, no reclassification between these categories has occurred.
38.2. Classification of non-current and current financial liability instruments At 30 June 2026 and 31 December 2025, the classification of financial liability instruments in the Consolidated Statement of Financial Position by category is as follows:
192 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros Notes30 June 2026 31 December 2025 Non-Current Current Non-Current Current Financial Liabilities at Amortised Cost 12,396 9,455 14,590 6,523 Customer Contract Liabilities25.24,456 561 4,450 523 Financial Debt38.37,6 47 3,353 9,408 1,005 Other Financial Liabilities36164 74 164 63 Other Liabilities35129 — 568 — Trade Payables and Other Current Liabilities37— 5,467 — 4,932 Financial Liabilities at Fair Value with Changes in the Profit Statement129 726 49 215 Financial Debt (1) 38.314 — 14 — Derivatives not Designated as Hedging Instruments40.2115 726 35 215 Hedging Derivatives40.2255 408 150 299
TOTAL 12,780 10,589 14,789 7, 037
(1) Corresponds entirely to financial liabilities that, from the inception of the transaction, are subject to a fair value hedge and are valued at fair value through the Consolidated Income Statement.
38.3. Financial debt At 30 June 2026, the breakdown of “Non-Current Financial Debt” and “Current Financial Debt” in the Consolidated Statement of Financial Position is as follows:
Millions of Euros 30 June 2026 Nominal ValueBook Value Fair Value Non-Current Current TOTAL Bonds and other Marketable Securities 438 14 425 439 439 Bank Borrowings 6,154 5,009 1,133 6,142 6,155 Other Financial Debts 4,435 2,638 1,795 4,433 4,490 Financial Debts Associated with Rights of Use 849 759 90 849 849 Other 3,586 1,879 1,705 3,584 3,641
TOTAL 11,027 7,6 61 3,353 11,014 11,084
At 30 June 2026, the breakdown of the nominal value of the financial debt by maturity is as follows:
Millions of EurosBook Value
30 June
2026Nominal Value Total Maturities
CurrentNon-
Current 2026 2027 2028 2029 2030 Subsequent Bonds and other Marketable Securities439 426 12 426 — — — — 12 Bank Borrowings 6,142 1,141 5,013 279 1,335 1,855 300 356 2,029 Other Financial Debts 4,433 1,795 2,640 99 1 ,740 1,958 71 63 504 Financial Debts Associated with Rights of Use849 90 759 45 89 82 70 63 500 Other 3,584 1,705 1,881 54 1,651 1,876 1 — 4
TOTAL 11,014 3,362 7,6 6 5 804 3,075 3,813 371 419 2,545
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 193
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Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
During the six-month period ending on 30 June 2026, the movement in the nominal value of non-current financial debt is as follows:
Millions of EurosNominal Value as of
31 December
2025Does Not Generate Cash Flows Generates Cash Flows
Nominal Value
as of 30 June
2026Additions/
(Reductions)Transfers and
otherPayments and
Amortisations
(Note 41.3)New
Financing
(Note 41.3)
Bonds and other Marketable Securities 12 — — — — 12 Bank Borrowings 5,183 — (861) (9) 700 5,013 Other Financial Debts 4,240 93 (1,718) — 25 2,640 Financial Debts Associated with Rights of Use708 93 (42) — — 759 Other 3,532 — (1,676) — 25 1,881
TOTAL 9,435 93 (2,579) (9) 725 7,6 6 5
During the six-month period ending on 30 June 2026, the movement in the nominal value of current financial debt is as follows:
Millions of EurosNominal Value as of
31 December
2025Does Not Generate Cash Flows Generates Cash Flows
Nominal Value
as of 30 June
2026Additions/
(Reductions)Transfers and
otherPayments and
Amortisations
(Note 41.3)New
Financing
(Note 41.3)
Bonds and other Marketable Securities 350 — 1 (2,409) 2,484 426 Bank Borrowings 461 — 862 (182) — 1,141 Other Financial Debts 194 4 1,722 (127) 2 1,795 Financial Debts Associated with Rights of Use88 4 47 (49) — 90 Other 106 — 1,675 (78) 2 1,705
TOTAL 1,005 4 2,585 (2,718) 2,486 3,362
During the six-month periods ending on 30 June 2026 and 2025, the average interest rate on gross financial debt was 3.2% and 3.4%, respectively.
38.4. Other matters
38.4.1. Liquidity
At 30 June 2026, Endesa’s liquidity stands at €6,722 million (€6,980 million as of 31 December 2025) and is detailed
as follows:
Millions of Euros
NotesLiquidity
30 June 2026 31 December 2025 Cash and Cash Equivalents31277 195 Unconditional Available Credit Lines and Undrawn Loans (1)6,445 6,785
TOTAL 6,722 6,980
(1) At 30 June 2026 and 31 December 2025, €2,500 million corresponds to the committed and irrevocable credit lines available with Enel Finance International, N.V. (see Note 42.1.3).
194 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
As at 30 June 2026, Endesa has a negative working capital of 3,081 million euros. However, the amount available under committed long-term credit facilities ensures that Endesa can obtain sufficient financial resources to continue its operations, realise its assets and settle its liabilities in the amounts shown in the Consolidated Statement of Financial Position.
38.4.2. Main financial operations The main transactions in the first six months of 2026 are
as follows:
• Endesa, S.A. has extended its promissory note issuance programme, known as the “Endesa, S.A. SDG 13 Euro Commercial Paper Programme” (ECP), for an additional year. This programme was formalised on 9 May 2024 for a total amount of €5,000 million and has a planned duration of 5 years, subject to annual renewals. This Programme is linked to Sustainability targets. At 30 June 2026, the outstanding nominal balance associated with said programme amounts to €426 million.
• The following financial operations have been concluded:
Millions of Euros Operations Counterparty Signature Date Maturity Date Amount Loan (1)European Investment Bank (EIB) 29 September 2025 07 January 2041 150 Loan (1) Autonomous Resilience Fund -
European Investment Bank (EIB)29 September 2025 19 January 2041 500 Loan (2)European Investment Bank (EIB) 25 March 2026 2041 350
TOTAL 1,000
(1) The disbursements took place on 7 and 19 January 2026, respectively.
(2) Corresponds to an undisbursed loan at 30 June 2026.
38.4.3. Covenants
Certain Endesa subsidiaries are subject to compliance with specific obligations stipulated in their financing contracts (“covenants”), typical in such agreements.
At 30 June 2026, neither Endesa, S.A. nor any of its subsidiaries was in breach of covenants or any other financial obligations that would require early repayment of its financial commitments.
Endesa’s Directors do not consider that the existence of these clauses changes the current or non-current classification in the Consolidated Statement of Financial Position as of 30 June 2026.Endesa, S.A.
Endesa, S.A., which centralises almost all the financing for Endesa’s activity, has no stipulations in its financing contracts containing financial ratios that could lead to a breach resulting in their early maturity.
The outstanding bond issues of Endesa, S.A. (€12 million on 30 June 2026) the outstanding bond issuance commitments of Endesa, S.A. and the bank financing arranged by Endesa, S.A. contain the following clauses:
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 195
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Individual Interim Condensed
Financial Statements
and Management Report
Clauses Operations Stipulations Cross-default clauses Outstanding bond issues of Endesa, S.A.The debt must be prepaid in the event of default (over and above a certain amount) on the settlement of certain obligations of Endesa, S.A.
Negative pledge clauses The outstanding bond issuance commitments of Endesa, S.A. and the bank financing arranged by Endesa, S.A.Endesa, S.A. may not issue mortgages, liens or other encumbrances on its assets (above a certain amount) to secure certain types of bonds, unless equivalent guarantees are issued in favour of the remaining debtors.
Pari passu clausesBonds and bank financing have the same status as any other existing or future unsecured or non-subordinated debts issued by Endesa, S.A.
Additionally, the most significant financial stipulations contained in Endesa, S.A.’s financial debt are as follows:
Millions of Euros Clauses Operations StipulationsNominal Debt
30 June
202631 December
2025
Related to Credit RatingsFinancial transactions with the European Investment Bank (EIB) and Official Credit Institute (ICO).Additional guarantees or renegotiation in cases of credit rating downgrades.3,230 2,757 Relating to Change of ControlFinancial Operations with the European Investment Bank (EIB), the ICO and Enel Finance International, N.V.May be repaid early in the event of a change of control at Endesa, S.A.6,755 (1)6,282 (1) Related to Asset TransfersFinancial Operations with the European Investment Bank (EIB), the Official Credit Institute (ICO), and other Financial Entities.Restrictions arise if a percentage of between 7% and 10% of Endesa’s consolidated assets is exceeded. (2)6,129 (3)5,615 (3) Related to SustainabilityFinancial Operations with the European Investment Bank (EIB), the Official Credit Institute (ICO), and other Financial Entities.Credit terms are tied to the reduction of certain levels of CO2 emissions by set dates, or dependent on the proportion of investments According to the EU Taxonomy for different periods. (4)7,874 7,83 8 (1) At 30 June 2026, the formalised amount stands at €9,605 million (€9,432 million as of 31 December 2025).
(2) Above these thresholds, the restrictions would only apply, in general, if no equivalent consideration is received or if there was a material negative impact on Endesa, S.A.’s solvency.
(3) At 30 June 2026, the formalised amount stands at €10,059 million (€9,886 million as of 31 December 2025).
(4) Non-compliance with these stipulations only implies a modification of the financing conditions.
Financial instruments
with contingent features As at 30 June 2026, Endesa has certain loans whose contractual terms include mechanisms for adjusting the cost of finance based on compliance with specific sustainability indicators—primarily relating to the reduction of greenhouse gas emissions and other environmental targets—as well as certain financial indicators.
196 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros Transactions CounterpartyDescription of the Contingent
FeatureVariation in
Contractual
Cash FlowsNominal
value as
at 30 June
2026Carrying
Amount as
at 30 June
2026
Loans Official Credit Institute (ICO) Rating downgrade to below ”BBB+” +10 b.p. 215 215 Loans Official Credit Institute (ICO)Rating downgrade to below ”BBB+” and failure to meet the carbon dioxide (CO2) emissions target+10 b.p. / - 5 b.p. 565 565 Loans European Investment Bank (EIB)Failure to meet the carbon dioxide (CO2) emissions target+/- 5 b.p. 1,158 1,158 Loans Other Financial InstitutionsClauses linked to indicators which, in turn, comply with the activity alignment requirements of the European Union (EU) Taxonomy Regulation+/- 2 b.p. 400 399
TOTAL 2,338 2,337
The Company has assessed the aforementioned contractual features and has concluded that the contractual cash flows of these instruments consist solely of payments of principal and interest on the outstanding principal amount. Consequently, these instruments continue to meet the requirements for measurement at amortised cost.Subsidiaries of the renewables business At 30 June 2026, certain renewable energy subsidiaries of Endesa financed through project finance hold financial debt amounting to €21 million, which includes the following clauses (€25 million as of 31 December 2025) (see Notes 31 and 43):
Clauses Operations Stipulations Relating to Change of ControlLoan Operations subscribed for Project Financing and associated Derivatives. (1)May be Repaid Early in the event of a Change of Control.
Related to the Fulfilment of
Obligations
Loan Operations subscribed for Project Financing.Pledge of shares as security for the fulfilment of contractually specified obligations to creditor financial institutions. (2) Related to the Distribution of Profits to ShareholdersRestrictions conditional upon meeting certain criteria.
Related to the Sale of AssetsRestrictions requiring approval from the majority of lenders and, in some cases, allocation of sale proceeds towards debt repayment.
Related to the Debt Service Reserve AccountObligation to maintain a Debt Service Reserve Account.
(1) At fair market value, which is a net positive of €1 million as of 30 June 2026 and 31 December 2025.
(2) For the amount of outstanding financial debt.
Additionally, these renewable subsidiaries are obligated to comply with certain Annual Debt Service Coverage Ratios (ADSCR). At 30 June 2026, there has been no breach of these ratios.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 197
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Individual Interim Condensed
Financial Statements
and Management Report
39. General risk control and management policy In the six-month period ended 30 June 2026, Endesa followed the same general risk control and management policy as that described in Note 43 to the Consolidated Financial Statements for the year ended 31 December 2025.
39.1. Interest rate, exchange rate, and energy commodity price risks The financial instruments and types of hedges are the same as those described in the Consolidated Financial Statements for the year ended 31 December 2025.
The derivatives held by Endesa primarily relate to contracts designed to hedge against risks associated with interest rates, exchange rates, or the prices of commodities (such as electricity, fuel, oil and its derivatives, carbon dioxide (CO2) emission rights, and origin guarantees). These are aimed at actively managing the risks associated with the underlying hedged transactions. Energy commodity risk At 30 June 2026, the pre-tax impact on the Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income from the existing energy commodity derivatives, assuming a change in commodity prices while other variables remain constant, is detailed
as follows:
Energy Commodity Derivatives30 June 2026 Variation in Energy Commodity PricesConsolidated Income StatementStatement of Other
Comprehensive Income
Cash Flow Hedging Derivatives15 % — (66) (1) -15 % — 96 (1) Derivatives not Designated as Hedging Instruments15 % (203) (2)— -15 % 203 (2)— (1) Negative and positive €143 million, respectively, corresponding to gas.
(2) Negative and positive €116 million, respectively, corresponding to gas.
198 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
39.2. Liquidity risk Endesa’s liquidity position as of 30 June 2026 is detailed in Note 38.4.1.Endesa maintains a robust financial standing with access to substantial unconditional credit lines from top-tier banks.
39.3. Credit risk Credit risk is generated when a counterparty does not meet its obligations under a financial or commercial contract, giving rise to financial losses.
Endesa closely monitors the credit risk of its commodity, financial and commercial counterparties. In the first half of 2026, net impairment losses on financial assets amounted to €80 million, corresponding entirely to the provision for net impairment losses on trade receivables from contracts with customers. Its performance is due to an improvement in impairment losses related to both “Business to Business” (B2B) and “Business to Consumer” (B2C) customers, driven, among other factors, by more efficient non-payment management (see Note 14.2).
39.4. Concentration risk Endesa is exposed to the risk of concentration of customers and suppliers in the course of its business.
In the current context, the possible fall of a single customer or supplier should not have a significant effect on concentration risk, given that the concentration of customers and suppliers is low and the capacity to replace suppliers is high in general terms, as described in Note 43.6 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2025.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 199
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Individual Interim Condensed
Financial Statements
and Management Report
40. Fair value
measurement
40.1. Fair value measurement of financial asset classes At 30 June 2026 and 31 December 2025, the classification of non-current and current financial assets valued at fair value in the Consolidated Statement of Financial Position by fair value hierarchy was as follows:
Millions of Euros Notes30 June 2026 Non-Current Assets Current Assets Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Equity Instruments38.16 — — 6 — — — — Fair Value Hedging Derivatives:38.12 — 2 — — — — — Interest Rate 2 — 2 — — — — — Cash Flow Hedging Derivatives:38.1355 69 91 195 148 48 100 — Interest Rate 30 — 30 — — — — — Exchange Rate 15 — 15 — 14 — 14 — Energy Commodities 310 (1)69 46 195 134 (2)48 86 — Derivatives not Designated as Hedging Instruments:38.1126 74 52 — 720 520 200 — Exchange Rate — — — — 4 — 4 — Energy Commodities 126 (3)74 52 — 716 (4)520 196 — Inventories — — — — 321 319 2 —
TOTAL 489 143 145 201 1,189 887 302 —
(1) Includes electricity derivatives for €195 million and liquid fuel or gas derivatives for €111 million.
(2) Includes liquid fuel or gas derivatives for €125 million.
(3) Includes liquid fuel or gas derivatives for €90 million.
(4) Includes liquid fuel or gas derivatives for €568 million and carbon dioxide (CO2) emission allowance derivatives for €139 million.
200 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros Notes31 December 2025 Non-Current Assets Current Assets Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Equity Instruments38.16 — — 6 — — — — Fair Value Hedging Derivatives:38.12 — 2 — — — — — Interest Rate 2 — 2 — — — — — Cash Flow Hedging Derivatives:38.1256 54 33 169 268 188 80 — Interest Rate 32 — 32 — — — — — Exchange Rate 1 — 1 — — — — — Energy Commodities 223 (1)54 — 169 268 (2)188 80 — Derivatives not Designated as Hedging Instruments:38.173 42 31 — 226 131 95 — Exchange Rate — — — — — — — — Energy Commodities 73 (3)42 31 — 226 (4)131 95 — Inventories — — — — — — — —
TOTAL 337 96 66 175 494 319 175 —
(1) Includes electricity derivatives for €169 million and liquid fuel or gas derivatives for €53 million.
(2) Includes electricity derivatives for €3 million and liquid fuel or gas derivatives for €254 million.
(3) Includes liquid fuel or gas derivatives for €50 million and carbon dioxide (CO2) emission allowance derivatives for €15 million.
(4) Includes liquid fuel or gas derivatives for €184 million and carbon dioxide (CO2) emission allowance derivatives for €40 million.
40.2. Fair value measurement of financial liability classes At 30 June 2026 and 31 December 2025, the classification of non-current and current financial liabilities valued at fair value in the Consolidated Statement of Financial Position by fair value hierarchy was as follows:
Millions of Euros Notes30 June 2026 Non-Current Liabilities Current Liabilities Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Bonds and other Marketable Securities38.214 — 14 — — — — — Fair Value Hedging Derivatives:38.2— — — — 8 — 8 — Interest Rate — — — — 8 — 8 — Cash Flow Hedging Derivatives:38.2255 64 63 128 400 171 229 — Interest Rate 17 — 17 — — — — — Exchange Rate 2 — 2 — 12 — 12 — Energy Commodities 236 (1)64 44 128 388 (2)171 217 — Derivatives not Designated as Hedging Instruments:38.2115 103 9 3 726 593 133 — Exchange Rate — — — — 2 — 2 — Energy Commodities 115 (3)103 9 3 724 (4)593 131 —
TOTAL 384 167 86 131 1,134 764 370 —
(1) Includes electricity derivatives for €130 million and liquid fuel or gas derivatives for €100 million.
(2) Includes liquid fuel or gas derivatives for €372 million.
(3) Includes liquid fuel or gas derivatives for €95 million.
(4) Includes liquid fuel or gas derivatives for €573 million and carbon dioxide (CO2) emission allowance derivatives for €149 million.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 201
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Individual Interim Condensed
Financial Statements
and Management Report
Millions of Euros Notes31 December 2025 Non-Current Liabilities Current Liabilities Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Bonds and other Marketable Securities38.214 — 14 — — — — — Fair Value Hedging Derivatives:38.28 — 8 — — — — — Interest Rate 8 — 8 — — — — — Cash Flow Hedging Derivatives:38.2142 15 38 89 299 128 171 — Interest Rate 9 — 9 — — — — — Exchange Rate 7 — 7 — 45 — 45 — Energy Commodities 126 (1)15 22 89 254 (2)128 126 — Derivatives not Designated as Hedging Instruments:38.235 27 2 6 215 184 31 — Exchange Rate — — — — — — — — Energy Commodities 35 (3)27 2 6 215 (4)184 31 —
TOTAL 199 42 62 95 514 312 202 —
(1) Includes electricity derivatives for €89 million and liquid fuel or gas derivatives for €37 million.
(2) Includes liquid fuel or gas derivatives for €206 million.
(3) Includes liquid fuel or gas derivatives for €25 million.
(4) Includes liquid fuel or gas derivatives for €194 million.
40.3. Other matters During the six-month period ended 30 June 2026, Endesa has used the same hierarchy levels to measure the fair value of non-current and current assets and liabilities, and there have been no transfers between any of the hierarchy levels detailed in Note 3.2p of the Notes to the Consolidated Financial Statements for the year ended 31 December 2025.
In addition, during the six-month period ended 30 June 2026, Endesa used the same valuation standards to determine fair value as those indicated in Notes 3.2g.5 and 3.2p of the Notes to the Consolidated Financial Statements for the year ended 31 December 2025.
In the first half of 2026 and 2025, there were no terminations of derivatives initially designated as cash flow hedges for a material amount.
202 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Level 3 of the fair value hierarchy level Endesa has entered into long-term “Power Purchase Agreements” (PPAs) whereby it undertakes to purchase/ sell a certain volume of energy at a certain price (see Note 3.2g.5.2 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2025).At 30 June 2026, the main features of these long-term financial contracts are as follows:
Contract (1)Risk
CategoryTerms
PriceContracted Energy
Volume
TWh DurationAccounting
Accounting
Purchase of Electricity Price Risk Fixed Price1.26 2019-2035Fair Value with Changes in Profit or Loss Purchase of Electricity 18.83 2020-2035 Cash Flow Hedges Sale of Electricity (14.08) 2022-2040 Cash Flow Hedges (1) ”Virtual Power Purchase Agreement” (VPPA).
At 30 June 2026 and 31 December 2025, the balance of derivative financial instruments classified in Level 3 corresponds to these financial contracts.During the first six months of 2026 and 2025 the movement of derivative financial instruments valued at Level 3 fair value is as follows:
Millions of Euros January-June 2026 January-June 2025 Opening Balance 74 123 (Loss)/Profit in the Consolidated Income Statement 3 (1) (Loss)/Profit in the Consolidated Statement of Other Comprehensive Income (13) (10) Closing Balance 64 112 The fair value of derivative financial instruments classified in Level 3 has been determined by applying the cash flow method. These cash flow projections are calculated on the basis of available market information, supplemented, where necessary, by estimates derived from fundamental models representing the functioning of these markets.At 30 June 2026, none of the foreseeable possible scenarios for the indicated assumptions would result in a significant change in the fair value of the financial instruments classified in this Level.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 203
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Individual Interim Condensed
Financial Statements
and Management Report
41. Statement
of cash flows At 30 June 2026, cash and cash equivalents stood at €277 million (€195 million as of 31 December 2025) (see Note 31).Endesa’s net cash flows during the first six months of 2025 and 2026, classified by activities (operating, investing and financing), were as follows:
Millions of Euros Statement of Cash Flows January-June 2026 January-June 2025 Net Cash Flows from Operating Activities 2,272 2,356 Net Cash Flows from Investing Activities (1,568) (1,997) Net Cash Flows from Financing Activities (622) (973) In the first half of 2026, the cash flows generated by operating activities (€2,272 million) enabled the net cash flows applied to investing activities (€1,568 million) as well as the net payments derived from financing activities (€622 million) to be met.
41.1. Net cash flows from operating activities In the first half of 2026, net cash flows from operating activities amounted to €2,272 million (a positive €2,356 million in the first half of 2025) and are detailed as follows:
204 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros Notes January-June 2026 January-June 2025 Profit Before Tax 1,981 1,405 Adjustments in Profit/Loss: 1,621 1,566 Depreciation of Fixed Assets and Impairment Losses141,146 1,117 Other Adjustments in (Net) Profit/Loss 475 449 Changes in Working Capital: (1,078) (280) Trade and Other Receivables 429 861 Inventories (826) (432) Current Financial Assets (225) 111 Trade and Other Current Liabilities (1)(456) (820) Other Cash Flows from Operating Activities: (252) (335) Interest Received 62 20 Dividends Received 1 3 Interest Paid (2)(171) (195) Corporate Income Tax Paid 6 (58) Other Cash Flows from Operating Activities (3)(150) (105)
NET CASH FLOWS FROM OPERATING ACTIVITIES 2,272 2,356
(1) Includes trade debt discounted with financial institutions for supplier payment management (‘confirming’) amounting to €39 million (€53 million as of 30 June 2025).
(2) Includes interest payments on financial debt for right-of-use assets amounting to €23 million (€21 million as of 30 June 2025) (see Note 20).
(3) Corresponds to payments of provisions.
The changes in the main items determining the net cash flows from operating activities are as follows:
Headings Change
Changes in
Working Capital▼ 798 millions of Euros (-285,0 %)The evolution of this heading is due to the following effects:
• Lower collections from trade receivables and other receivables (€432 million).
• Increase in payments for inventories (€394 million).
• Lower net collections from regulatory items amounting to €336 million, which includes, among others, lower collections from compensation for the generation cost overruns in the Non-Peninsular Territories (NPT) (€357 million) and higher collections for the remuneration for investment in renewable energies (€27 million).
• Lower payments to trade payables and other current liabilities (€364 million).
During the first six months of 2026, the Company also continued its active policy of managing current assets and current liabilities, focusing, among other aspects, on improving processes, factoring collections and extending payment terms with suppliers.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 205
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
41.2. Net cash flows from investing activities During the first half of 2026, the net cash flows applied to investing activities amounted to €1,568 million (€1,997 million of net cash flows applied in the first half of 2025) and include, among other aspects:
Cash payments and receipts applied to the acquisition of property, plant and equipment and intangible assets:
Millions of Euros Notes January-June 2026 January-June 2025 Acquisitions of Property, Plant, and Equipment and Intangible Assets (1,010) (897) Acquisitions of Tangible Fixed Assets (1) 19.1(796) (624) Acquisitions of Intangible Assets21.1(162) (174) Facilities Provided by Clients 47 51 Suppliers of Fixed Assets (99) (150) Disposal of Tangible Fixed Assets and Intangible Assets 13 18 Other Receipts and Payments from Investing Activities (2)101 61
TOTAL (896) (818)
(1) Does not include additions for right-of-use assets amounting to €104 million as of 30 June 2026 and €137 million as of 30 June 2025.
(2) Corresponds to receipts from subsidies and new installations requested by customers.
Cash payments and receipts applied to acquisitions and/or disposals of shares in Group Companies:
Millions of Euros Notes January-June 2026 January-June 2025 Investments in Group companies (71) (949) Acquisition of the company Energía Colectiva, S.L.U. (1) 6 and 7(71) — Acquisition of company E-Generación Hidráulica, S.L.U. (2) 6— (949) Disposal of interests in Group companies 1 12 Sale of Company Proyecto REN 01, S.L.U.6.11 — Sale of the stake in the company Énergie Électrique de Tahaddart, S.A.6.3— 11 Other disposals6.3— 1
TOTAL (70) (937)
(1) Net amount paid for the acquisition of 100% of Energía Colectiva, S.L.U., corresponding to the consideration paid of 74 million euros, less the ”Cash and Cash Equivalents” of the Acquired Entity amounting to 3 million euros.
(2) Net amount paid for the acquisition of 100% of E-Generación Hidráulica, S.L.U., corresponding to the consideration paid of 959 million euros, less the ”Cash and Cash Equivalents” of the acquiree amounting to 10 million euros.
Cash payments and receipts applied to acquisitions and/or disposals of other investments:
Millions of Euros Notes January-June 2026 January-June 2025 Acquisitions of other investments (655) (302) Remuneration from Non-Current Distribution Activity (290) (274) Net Financial Guarantees26.1 and 28(320) — Other Financial Assets (45) (28) Disposal of other Investments 53 60 Net Financial Guarantees26.1 and 28— 52 Other Financial Assets 53 8
TOTAL (602) (242)
206 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
41.3. Net cash flows from financing activities During the first half of 2026, net cash flows applied to financing activities amounted to €622 million (€973 million applied in the first half of 2025) and include, primarily, the
following aspects:
Cash flows from equity instruments:
Millions of Euros Notes January-June 2026 January-June 2025 Acquisition (544) (197) Treasury shares (544) (190) Contributions from Shareholders of Companies Directly and/or Indirectly held by Enel Green Power España, S.L.U.— (3) Contributions from shareholders in Endesa X Way, S.L. — (3) Return of Contributions from Minority shareholders of Bosa del Ebro, S.L., Explotaciones Eólicas Santo Domingo de Luna, S.A. and Tauste de Energía Distribuida, S.L.— (1) Disposal — 4 Return of Contributions from Partners in Infraestructuras San Serván SET 400, S.L.
and Instalaciones San Serván II 400, S.L.— 4
TOTAL (544) (193)
Drawdowns and repayments of non-current financial debt:
Millions of Euros Notes January-June 2026 January-June 2025
Drawdowns
Drawdowns on Bank Loans and Lines of Credit 50 — Drawdowns on Loans from the European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO)38.4.2650 — Other Drawdowns 25 9
Depreciation
Other Repayments (9) (17)
TOTAL38716 (8)
Drawdowns and repayments of current financial debt:
Millions of Euros Notes January-June 2026 January-June 2025
Drawdowns
Issuance of Euro Commercial Paper (ECP)38.4.22,484 1,353 Other Financial Liabilities 2 1
Depreciation
Redemption of Euro Commercial Paper (ECP)38.4.2(2,409) (1,353) Payment for Rights-of-Use Assets (49) (48) Repayments of Loans from the European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO)(178) (132) Other Financial Liabilities (82) (4)
TOTAL (232) (183)
Dividends payable:
Millions of Euros Notes January-June 2026 January-June 2025 Dividends paid by the Parent Company33.1.6(519) (529) Dividends Paid to Non-Controlling Interests (1)(43) (60)
TOTAL (562) (589)
(1) Corresponding to companies of Enel Green Power España, S.L.U. (see Note 33.2).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 207
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
42. Balances and
related-party transactions
In accordance with IAS 24, “Disclosures about Related Parties”, related parties are principally those that share the same parent entity as Endesa, companies controlled directly or indirectly by Endesa, associates and joint ventures (including their subsidiaries), as well as entities over which there is a relationship of control, joint control or significant influence in accordance with the terms set out in that Standard. Furthermore, the following are considered related parties: members of the Board of Directors and key management personnel of Endesa, its parent company and its subsidiaries; their close family members; entities controlled or significantly influenced by such persons; entities that administer post-employment benefit schemes for employees of Endesa or related entities; and entities that provide key management personnel services to Endesa or its parent company.
Key management personnel of Endesa are those individuals who have the authority and responsibility to plan, direct and control Endesa’s activities, either directly or indirectly, including any member of the Board of Directors.Transactions carried out between the Company and its subsidiaries and joint ventures, which are regarded as related parties, form part of the Company’s normal course of business in terms of their purpose and conditions. As they have been eliminated in the consolidation process, they are not disclosed in this Note.
For the purposes of the information included in this Note, all companies comprising the Enel Group that are not included in Endesa’s Consolidated Financial Statements have been considered significant shareholders of the Company.
The value of transactions carried out with other related parties linked to certain members of the Company’s Board of Directors corresponds to transactions forming part of the Company’s normal course of business and have, in all cases, been carried out on arm’s length terms.
All transactions with related parties have been carried out in accordance with standard market terms and conditions.
42.1. Expenditure and income, and other transactions During the first half of 2026 and 2025, the relevant balances and transactions with related parties were as
follows:
208 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
42.1.1. Expenses and income Millions of Euros January-June 2026
Significant
ShareholdersDirectors
and Senior
ManagementIndividuals,
Companies,
or Entities of
EndesaOther Related
Parties TOTAL
Financial Expenses 62 — — — 62 Leases — — — — — Services Received 30 — — — 30 Purchase of Inventory 2 — — — 2 Other Expenses 32 — — — 32 Management or Collaboration Contracts 32 — — — 32
TOTAL EXPENSES 126 — — — 126
Financial Income 1 — — — 1 Received Dividends — — — — — Rendering of Services 1 — — — 1 Sales of Inventory 153 — — — 153 Other Income 2 — — — 2 Management or Collaboration Contracts 1 — — — 1 Leases 1 — — — 1
TOTAL INCOME 157 — — — 157
Millions of Euros January-June 2025
Significant
ShareholdersDirectors
and Senior
ManagementIndividuals,
Companies,
or Entities of
EndesaOther Related
Parties TOTAL
Financial Expenses 65 — — — 65 Leases — — — — — Services Received 29 — — 1 30 Purchase of Inventory 1 — — — 1 Other Expenses 40 — — — 40 Management or Collaboration Contracts 40 — — — 40
TOTAL EXPENSES 135 — — 1 136
Financial Income 1 — — — 1 Received Dividends — — — — — Rendering of Services 2 — — — 2 Sales of Inventory 124 — — — 124 Other Income 2 — — — 2 Management or Collaboration Contracts 1 — — — 1 Leases 1 — — — 1
TOTAL INCOME 129 — — — 129
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 209
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
42.1.2. Other transactions Millions of Euros Notes30 June 2026
Significant
ShareholdersDirectors
and Senior
Management Individuals,
Companies, or
Entities of EndesaOther
Related
Parties TOTAL
Financing Agreements: Loans and Capital Contributions (Lender)— — — — — Financing Agreements: Loans and Capital Contributions (Borrower)6,022 — — — 6,022 Balance of Loans and Lines of Credit Formalised and Drawn with Enel Finance International N.V.42.1.33,522 — — — 3,522 Undrawn Committed and Irrevocable Credit Facilities with Enel Finance International N.V.38.4.1 and 42.1.3 2,500 — — — 2,500 Guarantees Provided — — — — — Guarantees Received (1) 29.3120 — — — 120 Commitments Made19.2 and 21.2 66 — — — 66 Dividends and Other Distributions33.1.6371 — — — 371 Other Transactions (2)6 — — 30 (3)36 (1) Includes the guarantee received from Enel, S.p.A. for the fulfilment of the contract for the purchase of liquefied natural gas (LNG) from Corpus Christi Liquefaction, LLC. (see Note 29.3).
(2) Includes purchases of tangible, intangible, or other assets.
(3) Corresponds to payments made to the Endesa employee pension plan during the period January-June 2026.
Millions of Euros Notes30 June 2025
Significant
ShareholdersDirectors
and Senior
Management Individuals,
Companies, or
Entities of EndesaOther
Related
Parties TOTAL
Financing Agreements: Loans and Capital Contributions (Lender)— 1 — — 1 Financing Agreements: Loans and Capital Contributions (Borrower)6,021 — — — 6,021 Balance of Loans and Lines of Credit Formalised and Drawn with Enel Finance International N.V.42.1.33,521 — — — 3,521 Undrawn Committed and Irrevocable Credit Facilities with Enel Finance International N.V.38.4.1 and 42.1.3 2,500 — — — 2,500 Guarantees Provided — 8 — — 8 Guarantees Received (1) 29.3117 — — — 117 Commitments Made19.2 and 21.2 24 — — — 24 Dividends and Other Distributions33.1.6371 — — — 371 Other Transactions (2)7 — — 30 (3)37 (1) Includes the guarantee received from Enel, S.p.A. for the fulfilment of the contract for the purchase of liquefied natural gas (LNG) from Corpus Christi Liquefaction, LLC. (see Note 29.3).
(2) Includes purchases of tangible, intangible, or other assets.
(3) Corresponds to payments made to the Endesa employee pension plan during the period January-June 2025.
210 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
During the first half of 2026 and 2025, the Directors, or persons acting on their behalf, did not engage in any transactions with the Company or its subsidiaries that were outside the ordinary course of business or not on market terms.
42.1.3. Balance at year-end of the fiscal year At 30 June 2026 and 31 December 2025, the balances with related parties are detailed as follows:
Millions of Euros Notes30 June 2026
Significant Shareholders
Directors
and Senior
Management Individuals,
Companies,
or Entities of
EndesaOther
Related
Parties TOTALEnel
Iberia,
S.L.U.Other
Significant
shareholders Total
Customers and Trade Debtors3091 33 124 — — — 124 Loans and Credits Granted — — — — — — — Other Receivables (1)409 856 1,265 — — — 1,265
TOTAL DEBIT BALANCES 500 889 1,389 — — — 1,389
Suppliers and Trade Creditors 849 (2)231 1,080 1 — — 1,081 Loans and Receivables (3)25 3,522 3,547 — — — 3,547 Other Payment Obligations (1)734 — 734 — — — 734
TOTAL TAX PA YABLES 1,608 3,753 5,361 1 — — 5,362
(1) These entries reflect the accounts receivable and payable, respectively, from the Endesa companies that comprise the Consolidated Tax Group number 572/10, whose Parent Company is Enel, S.p.A., represented in Spain by Enel Iberia, S.L.U.
(2) Mainly includes the final dividend payable by Endesa, S.A. to Enel Iberia, S.L.U. for an amount of €805 million (see Note 37).
(3) Includes the ledger balance of loans subscribed and lines of credit formalised and utilised with Enel Finance International N.V Millions of Euros Notes31 December 2025
Significant Shareholders
Directors
and Senior
Management Individuals,
Companies,
or Entities of
EndesaOther
Related
Parties TOTALEnel
Iberia,
S.L.U.Other
Significant
shareholders Total
Customers and Trade Debtors30115 38 153 — — — 153 Loans and Credits Granted 1 — 1 1 — — 2 Other Receivables (1)333 857 1,190 — — — 1,190
TOTAL DEBIT BALANCES 449 895 1,344 1 — — 1,345
Suppliers and Trade Creditors 450 (2)178 628 — — — 628 Loans and Receivables (3)— 3,522 3,522 — — — 3,522 Other Payment Obligations (1)214 — 214 — — — 214
TOTAL TAX PA YABLES 664 3,700 4,364 — — — 4,364
(1) These entries reflect the accounts receivable and payable, respectively, from the Endesa companies that comprise the Consolidated Tax Group number 572/10, whose Parent Company is Enel, S.p.A., represented in Spain by Enel Iberia, S.L.U.
(2) Mainly includes the final dividend payable by Endesa, S.A. to Enel Iberia, S.L.U. for an amount of €371 million (see Note 37).
(3) Includes the ledger balance of loans subscribed and lines of credit formalised and utilised with Enel Finance International N.V.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 211
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Enel Finance International N.V.
At 30 June 2026 and 31 December 2025, the details of the nominal value of Endesa’s non-current and current financial debt with Enel Finance International N.V. are as
follows:
Millions of Euros 30 June 2026 31 December 2025
Terms and
conditions Maturity LimitNon-
Current Current LimitNon-
Current Current
Credit Line with
Enel Finance
International, N.V. (1)1,500 — — 1,500 — —Margin of 76.5 bps and a Commitment Fee of 17 .6 bps.09 May 2030 Credit Line with
Enel Finance
International, N.V. (1)1,000 — — 1,000 — —Margin of 63 bps and a Commitment Fee of 20 bps.28 May 2028
Inter-company Loan
with Enel Finance International, N.V. 1,650 — 1,650 1,650 1,650 —Fixed Interest Rate of 2.017%13 May 2027
Inter-company Loan
with Enel Finance International, N.V. 1,875 1,875 — 1,875 1,875 —Fixed Interest Rate of 4.283%04 May 2028
TOTAL 6,025 1,875 1,650 6,025 3,525
(1) Committed and irrevocable Credit Lines (see Note 38.4.1).
42.2. Associates, joint ventures, and joint operating entities At 30 June 2026 and 31 December 2025, the information relating to customers from sales and service provision, and loans and guarantees granted to Associates, Joint Ventures, and Joint Operating Entities is as follows:
Millions of Euros Associates Joint Ventures Joint Operation
30 June
202631 December
202530 June
202631 December
202530 June
202631 December
2025
Customer Receivables from Sales and Services6 6 — — — 1 Credits 60 61 9 9 7 7 Guarantees Granted — — — — — — During the first half of 2026 and 2025, the transactions with Associates, Joint Ventures, and Joint Operating Entities, not eliminated during the consolidation process, included the following:
Millions of Euros Associates Joint Ventures Joint Operation January-June 2026 January-June 2025 January-June 2026 January-June 2025 January-June 2026 January-June 2025 Revenue 5 5 1 1 3 2 Expenses — (3) (14) (14) (18) (20)
212 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
42.3. Remuneration and other benefits of Directors and Senior Management Remuneration earned by Directors During the first six months of 2026 and 2025, the remuneration earned by the Directors was as follows:
Thousands of Euros
Remuneration ItemDirectors
January-June 2026 January-June 2025 Remuneration for Belonging to the Board of Directors and/or Board
Committees1,126 1,075
Salaries 485 500 Variable Remuneration in Cash 279 344 Share-Based Payment Plans 196 199 Compensations 14,570 (1)— Long-Term Savings Systems 256 — Other Items 264 117
TOTAL 17,176 2,235
(1) Corresponds to the severance pay accrued by Mr José Damián Bogas Gálvez due to the termination, which occurred on 28 April 2026, of his Senior Management contract with the Company. The agreed net amount was €8,013 thousand, and the total gross amount recognised, intended to guarantee said net amount by neutralising the tax impact, was €14,570 thousand. This includes €1,000 thousand corresponding to compensation derived from the non-compete agreement.
Advances and loans At 30 June 2026, the current Executive Director, appointed on 28 April 2026, holds no advances or drawn loans with the Company. The loans drawn in the name of the previous Executive Director were fully cancelled upon the termination of his position as Executive Director. At 31 December 2025, these loans amounted to a gross €230 thousand, with an average interest rate of 2.975%, and a gross €421 thousand interest-free, the subsidy for which was considered remuneration in kind.
Remuneration Earned by Senior Management The following remuneration was earned by Senior Management in the six-month period ended 30 June 2026 and 2025:
Thousands of Euros
Remuneration ItemManagers
January-June 2026 January-June 2025 Remuneration Earned 5,368 5,076
TOTAL 5,368 5,076
At 30 June 2026 and 2025, Senior Management comprises 15 and 16 individuals, respectively.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 213
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Other information
At 30 June 2026 and 31 December 2025, in terms of remuneration, the Company had not issued any guarantees to Senior Officers who are not also Executive Directors.At 30 June 2026 and 2025, the Company had all its early retirement and pension obligations with Directors and Senior Officers covered.
42.4. Other Disclosures concerning the Board of Directors The members of the Board of Directors reported no direct or indirect conflicts between their own interests and those of the Company in the first six months of 2026, in accordance with Articles 229 and 529 duovicies of the Spanish Capital Corporations Law.
Regarding gender diversity, as of 30 June 2026 and 31 December 2025, the Board of Directors of Endesa, S.A. is composed of 14 Directors, of which 6 are women.During the first half of 2026 and 2025, the Company took out civil liability insurance policies for Directors and Senior Management for a gross amount of €720 thousand and €821 thousand, respectively. This insures both the Company’s Directors and employees with management responsibilities.
During the first six months of 2026 and 2025, no damages were caused by acts or omissions of the Directors that would have required the use of the liability insurance premium that they have taken out through the Company.
42.5. Share-based payment schemes tied to the Endesa, S.A. share price Endesa’s long-term variable remuneration is structured through Strategic Incentive Plans, designed to align the interests of senior managers and employees in positions of special responsibility with the creation of sustainable value and the achievement of the Group’s medium- and long-term strategic objectives.
The Plans are structured as successive three-year programmes, commencing annually from 1 January 2010.
Since 2014, they have included a deferral scheme for payment and, as a general rule, a requirement to remain in active service on the relevant payment dates, subject to the exceptions provided for in the rules of each Plan.
Once the three-year vesting period has ended and compliance with the vesting conditions has been verified, the final amount of the incentive is generally paid in two instalments: 30% during the financial year following the end of the programme and the remaining 70% during the second financial year thereafter. However, the participant may choose to defer the first payment and receive the full amount of the incentive on the date scheduled for the second payment.Once the vesting period has ended, in the event of retirement, the expiry of a fixed-term employment contract or the death of the participant, the right to receive the outstanding incentive, as determined in accordance with the terms of the relevant Plan, shall be maintained. Payment shall be made on the dates and in accordance with the procedures set out in the Plan. In the event of death, the right to receive the incentive shall be granted to the participant’s heirs.
Where retirement, the expiry of a fixed-term employment contract or the death of the participant occurs before the end of the vesting period, the right to receive the portion of the incentive resulting from applying the relevant pro rata temporis to the allocated Base Amount up to the date of termination of the employment relationship or of death shall be maintained, provided that the conditions for exercising this right set out in the relevant Plan are met.
Payment will be made on the dates and in accordance with the procedures set out in the Plan and, in the event of death, the right to receive payment will be granted to the participant’s heirs.
214 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
2024-2026 and 2025-2027 Strategic Incentive Plan Information on both the “2024–2026 Strategic Incentive Plan” and the “2025–2027 Strategic Incentive Plan” of Endesa is provided in Note 48.3.5 to the Consolidated Financial Statements for the year ended 31 December 2025.
2026-2028 Strategic Incentive Plan On 28 April 2026, the General Shareholders’ Meeting of Endesa, S.A. approved a long-term variable remuneration scheme known as the “2026-2028 Strategic Incentive Plan”.
The purpose and characteristics of this Plan are the same as those of the 2024–2026 Strategic Incentive Plan and the 2025–2027 Strategic Incentive Plan, as described in Note 48.3.5 to the Consolidated Financial Statements for the year ended 31 December 2025, while the performance period and targets to which its accrual is tied differ.
In accordance with the above, the accrual of the “Strategic Incentive Plan 2026-2028” is linked to the achievement of 5 objectives during the performance period, which will be 3 years, starting:
Targets Weighting
Accrual of 2026-2028 Strategic Incentive1. Performance of the average Total Shareholder Return (1) (TSR) of Endesa, S.A. in relation to the performance of the average TSR (1) of the EuroStoxx Utilities index, selected as the benchmark for the peer group during the 2026-2028 period.45 % 2. Accumulated ROACE (”Return on Average Capital Employed”) (2) of Endesa, represented on an accumulated basis for the 2026–2028 period.10 % 3. ”Earnings per Share (EPS)” represented by the ratio between the Target Ordinary Net Profit for 2028 (from the 2026-2028 Strategic Plan) and the total number of shares outstanding at 31 December 2025.20 % 4. Reduction of carbon dioxide (CO2) emissions: reduction of Endesa’s specific carbon dioxide (CO2) emissions (gCO2/kWh) in 2028 based on the evolution of the thermal gap in the Spanish peninsular Electrical System (see Note 5.1).15 % 5. Percentage of Female Managers and Middle Managers in relation to the total number of Managers and Middle Managers by 2028.10 % (1) ”Total Shareholder Return” (TSR) = (Closing Share Price - Initial Share Price) + Gross Dividend Paid in the Year and Reinvested in the same security at the time of the dividend payment.
(2) ROACE (”Return on Average Capital Employed”) (%) = Ordinary EBIT (3) /Average Net Invested Capital (Average NIC) (4).
(3) Operating Profit (EBIT) adjusted for unbudgeted extraordinary effects.
(4) Average Net Invested Capital (Average NIC) (Millions of Euros) = ((Equity + Net Financial Debt) n + (Equity + Net Financial Debt) n-1) / 2.
The amount accrued for the existing Plans during the first half of 2026 and 2025 was €2 million, with €1 million corresponding to the estimate of share-based payments to be settled in equity instruments and €1 million corresponding to the estimate of Plan payments to be settled in cash.The “Other Equity Instruments” section of the Equity on the Balance Sheet reflects the movements for the first six months of 2026, with a balance of €6 million as of 30 June 2026.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 215
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
43. Purchase commitments and guarantees issued to third parties and other
commitments
At 30 June 2026 and 31 December 2025, there are guarantees issued to third parties for the following items and amounts, and information relating to future purchase commitments is detailed as follows:
Millions of Euros
Notes30 June
202631 December
2025
Guarantees Issued to Third Parties:
Tangible Fixed Assets Pledged as Collateral for Financing Received38.4.321 25 Short and Long-Term Gas Contracts 266 278 Energy Contracts 119 119 Others 41 40
TOTAL (1)447 462
Future Purchase Commitments:
Property, Plant and Equipment19.21,070 826 Intangible Assets21.254 13 Purchase of Subsidiaries7— 92 Rendering of Services25.130 37 Purchases of Energy Commodities and Others29.313,121 12,703
TOTAL 14,275 13,671
(1) Does not include bank guarantees in respect of third parties.
Endesa considers that the additional liabilities that could arise from the outstanding bank guarantees as of 30 June 2026, if any, would not be significant.
There are no additional commitments beyond those described in Notes 19, 21, 25, and 29 of these Interim Condensed Consolidated Financial Statements.The Directors of the parent company consider that it will be able to meet these commitments and therefore estimate that no significant contingencies will arise for this reason.
216 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
44. Workforce
44.1. Final workforce Final workforce details for Endesa are as follows:
Number of Employees Closing Workforce 30 June 2026 31 December 2025 Men Women TOTAL Men Women TOTAL Managers 142 43 185 145 42 187 Middle Management 2,353 1,352 3,705 2,356 1,347 3,703 Administration and Management Personnel and Workers4,018 1,016 5,034 4,043 1,013 5,056
TOTAL EMPLOYEES 6,513 2,411 8,924 6,544 2,402 8,946
Number of Employees Closing Workforce 30 June 2026 31 December 2025 % Chg. Men Women TOTAL Men Women TOTAL Generation & Supply 3,455 1,189 4,644 3,545 1,205 4,750 (2.2) Distribution 2,398 588 2,986 2,361 557 2,918 2.3 Structure and others (1)660 634 1,294 638 640 1,278 1.3
TOTAL EMPLOYEES 6,513 2,411 8,924 6,544 2,402 8,946 (0.2)
(1) Structure and Services.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 217
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
44.2. Average workforce Average workforce details for Endesa are as follows:
Number of employees Average headcount January-June 2026 January-June 2025 Men Women TOTAL Men Women TOTAL Managers 143 43 186 148 42 190 Middle Management 2,345 1,331 3,676 2,366 1,335 3,701 Administration and Management Personnel and Workers3,942 987 4,929 3,943 992 4,935
TOTAL EMPLOYEES 6,430 2,361 8,791 6,457 2,369 8,826
Number of employees Average headcount January-June 2026 January-June 2025 Men Women TOTAL Men Women TOTAL Generation & Supply 3,449 1,179 4,628 3,563 1,197 4,760 Distribution 2,323 555 2,878 2,243 523 2,766 Structure and others (1) 658 627 1,285 651 649 1,300
TOTAL EMPLOYEES 6,430 2,361 8,791 6,457 2,369 8,826
(1) Structure and Services.
During the first six months of 2026 and 2025, the average number of employees in the Joint Operating Entities was 732 and 738, respectively.The details of the average number of employees in the first six months of 2026 and 2025 with a disability of 33% or greater are as follows:
Number of employees Average Workforce with Disabilities (1) January-June 2026 January-June 2025 Men Women TOTAL Men Women TOTAL Managers 1 — 1 1 — 1 Middle Management 28 8 36 27 9 36 Administration and Management Personnel and Workers50 14 64 45 14 59
TOTAL EMPLOYEES 79 22 101 73 23 96
(1) Greater than or equal to 33%.
218 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
45. Contingent assets
and liabilities
During the half-year period ended 30 June 2026 and up to the date of approval of these Interim Condensed Consolidated Financial Statements, the following significant changes have occurred in relation to the litigation and arbitration proceedings in which the Endesa group companies are involved, as described in Note 52 to the Notes to the Consolidated Financial Statements for the ended 31 December 2025:
• In June 2017 , the Competition Directorate of the National Markets and Competition Commission (CNMC) decided to initiate sanctioning proceedings against Energía XXI Comercializadora de Referencia, S.L.U. for a potential violation of Article 3 of Law 15/2007 , of 3 July, on the Defence of Competition (LDC). The violation involved the use of invoices for customers under the Voluntary Price for Small Consumers (PVPC) or the Last Resort Tariff (TUR) to advertise the services offered by Endesa’s deregulated supplier.
Following the investigation of the sanctioning proceedings, the issuance of the proposed Resolution, and the submission of the corresponding allegations by Energía XXI Comercializadora de Referencia, S.L.U., on 20 June 2019, the National Commission for Markets and Competition (CNMC) issued a Resolution imposing a fine on Energía XXI Comercializadora de Referencia, S.L.U.
of approximately €5 million for an alleged act of unfair competition contrary to Article 3 of Law 15/2007 of 3 July on the Defence of Competition (LDC) and Article 4 of Law 3/1991 of 10 January on Unfair Competition (LCD).
According to the CNMC, Energía XXI Comercializadora de Referencia, S.L.U. allegedly took advantage of a privileged channel (invoices issued to customers under the voluntary Price to the Small Consumer (PVPC) or the TUR), which was not accessible to other competitors, to launch advertisements for its own deregulated market services to a supposedly vulnerable group: regulated market consumers.
On 31 July 2019, Energía XXI Comercializadora de Referencia, S.L.U. filed a contentious-administrative Appeal before the National Court, requesting a cautionary suspension of the execution of the sanctioning Resolution, among others, because it believes that (i) the CNMC based its conclusions on mere unproven presumptions, (ii) the conduct of Energía XXI Comercializadora de Referencia, S.L.U. does not meet the necessary requirements to be considered an act contrary to good faith, and (iii) it has not been proven that the alleged conduct had an impact on competition and public interest that would be subject to sanctions under Article 3 of Law 15/2007 , of 3 July, on the Defence of Competition (LDC).
On 10 October 2023, the National Court issued a ruling dismissing this contentious-administrative appeal, against which Energía XXI Comercializadora de Referencia, S.L.U.
filed an appeal before the Supreme Court. The Appeal in cassation was admitted by Order of 19 June 2024.
Subsequently, on 6 September 2024, the statement of grounds for the Appeal in cassation was submitted, with the State Attorney filing a statement of opposition. The date for voting and ruling was set for 30 June 2026.
• Royal Decree-Law 17 /2021, of 14 September, on urgent measures to mitigate the impact of soaring natural gas prices on the retail gas and electricity markets, established a mechanism for reducing the excess remuneration of infra-marginal and non-emitting electricity generation facilities, in proportion to the greater income obtained by them as a result of the incorporation into electricity prices on the wholesale market of the value of the price of natural gas by marginal emitting technologies.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 219
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Pursuant to the provision of this Royal Decree-Law, the System Operator is responsible for the monthly settlement of the amount calculated according to the established methodology. The payment is due from the generating companies that own the affected facilities, or from the retailers if the energy produced is bilaterally traded within the same Group of companies.
Previously, on a monthly basis, each company or Group of companies could declare energy exempt from reduction, covered by a forward contracting instrument that met the requirements in force at the time (which have varied with successive Royal Decree-Laws modifying the original regulation).
In accordance with the above, throughout 2023, Endesa declared the energy exempt that meets the legally established requirements, paid the amounts of the settlements issued by the System Operator, and, without prejudice to these payments, contested those it deemed non-compliant with current legislation.
The CNMC is tasked with the checking and verification of this mechanism. Accordingly, on 18 July 2022, it initiated a procedure to verify Endesa’s settlements for the period from 16 September 2021 to 31 March 2022. This process concluded with a resolution from the CNMC on 18 April 2024. This Resolution, which initially resulted in a payment obligation of €5 million for Endesa, was appealed by Endesa before the National High Court.
In turn, against the said Resolution of the National Commission for Markets and Competition (CNMC) of 18 April 2024, Endesa filed a brief requesting the revocation of burdensome acts so that, for the purpose of calculating Endesa’s net selling position, the National Commission for Markets and Competition (CNMC) would take into account certain data provided by Endesa and correct, consequently, the volume of energy declared exempt from payment of the reduction scheme. On 14 September 2024, a Resolution by the CNMC, dated 10 October 2024, was notified. It granted the request and recognising an amount of €4 million in favour of Endesa. As a result, the amount claimed by Endesa in its appeal against the CNMC’s Resolution of 18 April 2024 is currently €1 million (instead of the initially claimed €5 million).
In July 2025, the National Commission for Markets and Competition (CNMC) sent a request for information within the framework of the verification and checking procedure for Endesa’s settlements for the second period between April 2022 and December 2023. In turn, in March 2026, the National Commission for Markets and Competition (CNMC) initiated the hearing process regarding said procedure, against which Endesa has submitted the corresponding written allegations. Given the complexity of the regulation, its successive amendments, and the lack of established general and public criteria that could provide greater legal certainty regarding the application of Royal Decree-Law 17 /2021 of 14 September, as well as the discrepancies noted in the previous verification period, it is currently not possible to predict a final outcome. The emergence of impacts on the amount of the final sums to be settled for the period from April 2022 to December 2023 cannot be ruled out.
Regarding the 2023 and 2022 fiscal years, Endesa made payments under Royal Decree-Law 17 /2021, of 14 September, amounting to €119 million and €9 million, respectively.
• Following a series of complaints filed with the National Commission for Markets and Competition (CNMC) against Edistribución Redes Digitales, S.L.U. for alleged anti-competitive practices, in June 2023, the Competition Directorate conducted an investigation at several of Endesa’s headquarters. Subsequently, on 5 July 2024, the Competition Directorate initiated disciplinary proceedings against Edistribución Redes Digitales, S.L.U. for an alleged abuse of a dominant position. This consisted of discriminatory treatment (to the detriment of third-party suppliers outside of Endesa) in the resolution of claims related to procedures in the electricity commercialisation markets, provision of energy services, installation of measurement equipment, and the installation and operation of self-consumption systems.
On 14 July 2025, the Competition Directorate of the National Commission for Markets and Competition
220 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
(CNMC) agreed to expand the initiation of the disciplinary proceedings S/0007 /23 for the alleged commission of abusive conduct, contrary to Article 2 of Law 15/2007 of 3 July on the Defence of Competition, and Article 102 of the Treaty on the Functioning of the European Union (EU). This consisted of privileged access by Endesa Energía S.A.U. to confidential information of Edistribución Redes Digitales, S.L.U. from at least February 2024 to the present.
On 11 February 2026, the Competition Directorate of the National Commission for Markets and Competition (CNMC) approved the Statement of Facts, holding Edistribución Redes Digitales, S.L.U. responsible for 2 very serious infringements consisting of the abuse of a dominant position, contrary to Article 2 of Law 15/2007 of 3 July on the Defence of Competition, and Article 102 of the Treaty on the Functioning of the European Union (EU), due to the following conduct: The first, enabling a communication channel from October 2019 until at least June 2023, managed by Endesa Operación y Servicios Comerciales, S.L.U., to provide direct and exclusive treatment to requests and claims from Endesa Energía, S.A.U. customers, discriminating against customers of third-party competitors without access to said direct channel, in the retail electricity supply market, the installation of measurement equipment, and the installation and operation of self-consumption systems;
and the second, granting Endesa Energía, S.A.U. access to confidential and commercially sensitive information from October 2023 until at least April 2024, which allowed it to carry out commercial tasks.
Following various communications sent to the Competition Directorate of the National Commission for Markets and Competition (CNMC), on 20 March 2026, said Directorate issued an agreement to initiate actions aimed at the conventional termination of the procedure, with the matter currently being processed.
• In January 2025, a liquefied natural gas (LNG) producer initiated arbitration proceedings against Endesa Generación, S.A.U. to review the price of a long-
term liquefied natural gas (LNG) supply contract. The counterparty is seeking a price adjustment that could result in a payment by Endesa of approximately 215 million dollars (USD), including interest through June 30, 2026. This amount could change during the course of the arbitration, which is not expected to be concluded until the fourth quarter of 2026.• Separate litigation is also underway concerning the records filed by the Tax Inspection in 2017 against Enel Green Power España, S.L.U. regarding Corporate Income Tax (CIT) for the years 2010 to 2013. The main point of contention is whether the fiscal neutrality regime applies to the 2011 merger of Enel Green Power España, S.L.U. by absorption of Enel Unión Fenosa Renovables, S.A. (EUFER). On 10 December 2019, a Ruling from the Central Economic-
Administrative Court (Tribunal Económico-Administrativo Central - TEAC) dismissed the case regarding Corporate Income Tax (CIT) for 2011 (concerning the position of Enel Green Power España, S.L.U. as the successor of Enel Unión Fenosa Renovables, S.A. (EUFER)). An appeal was subsequently filed before the National Court. Additionally, on 16 June 2020, a partially favourable Ruling was received on Corporate Income Tax (CIT) for the years 2010 to 2013.
The Ruling discussed the effects of applying the fiscal neutrality regime during that period, and a further appeal has been later submitted to the National Court in this case as well. The voting and ruling on the litigation took place on 1 July 2026. The contingent amount associated with the potential loss from the litigation over the merger of Enel Unión Fenosa Renovables, S.A. (EUFER) by Enel Green Power España, S.L.U. has been recalculated based on the criteria shared by the Tax Inspectorate during the ongoing tax inspection procedures concerning the Enel Iberia, S.L.U. Group. This criterion considers the potential tax recoveries from the tax quota settled in the report under dispute in the years following 2011, which implies, as of 30 June 2026, that the net potential contingency from these recoveries is estimated at an amount of approximately between €40 million and €50 million. A guarantee is available to ensure debt suspension.
• With regard to the final Corporate Income Tax (CIT) and Value Added Tax (VAT) settlement agreements of the Corporate Income Tax (IS) and Value Added Tax (VAT) to which Endesa, S.A. belongs, relating to the inspection process for the financial years 2011 to 2014, appeals against the decisions of the Central Economic-
Administrative Court (TEAC) are being heard before the National High Court. This past February 2026, a judgement dismissing the appeal was received from the National Court regarding the Appeal against the Resolution of the Central Economic-Administrative Court (TEAC) concerning Value Added Tax (VAT), with the preparation of the cassation appeal before the Supreme Court against it having been submitted on 27 March 2026.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 221
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
For Corporate Income Tax (CIT), the main points of contention concern differences in criteria regarding the deductibility of expenses incurred for the decommissioning of power plants, certain financial expenses, and certain losses arising from the transfer of shares during the audited period. The contingency associated with the process amounts to €41 million, and a guarantee is available to ensure debt suspension. In the case of Value Added Tax (VAT), the main point of contention is the application of the pro-rata rule, and the amount claimed amounts to €7 million, with the corresponding assessment having been paid after the rejection of the precautionary measure by the National High Court on 5 June 2023.
• With respect to the 2019 to 2022 financial years, on 31 October 2025, the Corporate Income Tax (CIT) and Value Added Tax (VAT) assessments were received for the Corporate Income Tax (CIT) and Value Added Tax (VAT) Tax Consolidation Groups to which Endesa, S.A. belongs, as well as for Personal Income Tax (IRPF) withholdings and, where applicable, Non-Resident Income Tax (IRNR) withholdings for each of the inspected Companies.
After allegations were submitted in December 2025, on 29 March and 4 April 2026, the Settlement Agreements were received, against which the respective economic-
administrative claims were filed with the Central Economic-Administrative Court (TEAC), where they are currently pending a resolution.
The main issues under discussion are: for withholdings, the treatment applied to the use of vehicles by employees (the contingency associated with the process amounts to €1 million), and for Corporate Income Tax (CIT), the items still under discussion primarily refer to the difference in criteria regarding the deductibility of certain financial expenses and the difference in criteria regarding the deductibility of expenses for the decommissioning of power plants (the contingency associated with the process amounts to €16 million).• Regarding the Tax on Hydrocarbons which, after the entry into force of Law 15/2012, of 27 December, on fiscal measures for Energy Sustainability and until October 2018, taxed the manufacturing and import of products included in its objective scope that are intended for the production of electricity in power plants or for the production of electricity or the cogeneration of electricity and heat in combined-
cycle plants, there are open proceedings in which Endesa has requested the refund of the amounts paid, based on the judgement of the Court of Justice of the European Union of 7 March 2018 (Case C-31/17 -
Cristal Union), according to which the exemption in art. 14.1 a) of Directive 2003/96/EC of 27 October is applicable in these cases. The proceedings initiated by Endesa are pending a judgement by the National High Court, although Endesa’s position has been upheld by the Supreme Court in various judgments handed down between July and September 2024 concerning the use of gas in cogeneration and combined-
cycle plants by other taxpayers, as well as by various statements of acquiescence notified during 2026 by the State Legal Service in similar proceedings before the National High Court.
The Directors of Endesa believe that the provisions recorded in the Interim Condensed Consolidated Financial Statements for the six-month period ending on 30 June 2026 adequately cover the risks associated with litigation, arbitration, and claims, with no additional liabilities expected beyond those already recorded.
Due to the nature of the risks covered by these provisions, it is not feasible to determine a reasonable timetable for potential payment or collection dates.
During the six-month period ended 30 June 2026, the amount of payments made for the resolution of litigation amounted to €24 million (€2 million paid during the six-
month period ended 30 June 2025).
222 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
46. Events after the reporting period On July 21, 22, and 23, 2026, Endesa Generación, S.A.U.
was notified of various Supreme Court rulings in the Company’s favor regarding proceedings related to the Coal Tax. Specifically, the rulings uphold the appeals filed against certain tax assessment notices for the 2013, 2014, and 2015 fiscal years, for an aggregate amount of 47 million euros, as well as the appeal regarding the passing on of said tax in invoices by Repsol Comercial de Productos Petrolíferos, S.A. for the 2016 fiscal year, in the amount of 0.1 million euros. The potential recovery of the aforementioned amounts would entail the receipt of approximately 18 million euros in late-payment interest.Endesa is analyzing the scope of these rulings and their potential impact on all pending claims and proceedings, in order to assess the likelihood of recovering the amounts claimed and, if applicable, their accounting effects in accordance with IAS 37 “Provisions, Contingent Liabilities, and Contingent Assets”.
Except as mentioned in the preceding paragraph, there have been no significant subsequent events between June 30, 2026, and the date of approval of these Interim Condensed Consolidated Financial Statements that have not been reflected in them.
47 . Explanation added for translation to English These Interim Condensed Consolidated Financial Statements are presented on the basis of IFRSs, as adopted by the European Union. Consequently, certain accounting practices applied by the Group that conform to IFRSs may not conform to other generally accepted accounting principles in other countries. Translation from the original issued in Spanish. In the event of discrepancy, the Spanish-language version prevails.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 223
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
PARENT COMPANY
ENDESA, S.A. MADRID (SPAIN) 1,250,093,461.20 EUR HOLDING
COMPANIES
AGUILÓN 20, S.A. ZARAGOZA (SPAIN) 2,682,000.00 EUR F.C.
ARAGONESA DE ACTIVIDADES ENERGÉTICAS,
S.A. (SOCIEDAD UNIPERSONAL)TERUEL (SPAIN) 60,100.00 EUR F.C.
ARANORT DESARROLLOS, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 1,953.00 EUR F.C.
ARENA GREEN POWER 1, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ARENA GREEN POWER 2, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ARENA GREEN POWER 3, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ARENA GREEN POWER 4, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ARENA GREEN POWER 5, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ARENA POWER SOLAR 11, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ARENA POWER SOLAR 12, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.APPENDIX I: Relevant
companies and holdings
of Endesa
Below is a list of the companies that were part of Endesa on 30 June 2026.
Their main activities are categorised as follows:
Activity Description of Activity Activity Description of Activity Activity Description of Activity Conventional Generation Energy Commercialisation Distribution Renewable GenerationCommercialisation of other Products and ServicesStructure and Services
224 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic
100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)51.00 51.00 51.00 51.00 KPMG AUDITORES
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L. 100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 225
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
ARENA POWER SOLAR 13, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ARENA POWER SOLAR 20, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ARENA POWER SOLAR 33, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ARENA POWER SOLAR 34, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ARENA POWER SOLAR 35, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ASOCIACIÓN NUCLEAR ASCÓ-
VANDELLÓS II, A.I.E.TARRAGONA (SPAIN) 19,232,400.00 EUR P.C .
ATECA RENOVABLES, S.L. MADRID (SPAIN) 3,000.00 EUR E.M. (J.V.)
BAIKAL ENTERPRISE, S.L.
(SOCIEDAD UNIPERSONAL)PALMA DE MALLORCA
(SPAIN)3,006.00 EUR F.C.
BALEARES ENERGY, S.L.
(SOCIEDAD UNIPERSONAL)PALMA DE MALLORCA
(SPAIN)4,509.00 EUR F.C.
BAYLIO SOLAR, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR F.C.
BOSA DEL EBRO, S.L. ZARAGOZA (SPAIN) 3,010.00 EUR F.C.
BRAZATORTAS 220 RENOVABLES, S.L. MADRID (SPAIN) 3,000.00 EUR E.M. (A)
CAMPOS PROMOTORES RENOVABLES, S.L. ALICANTE (SPAIN) 3,000.00 EUR E.M. (J.V.)
CENTRAL HIDRÁULICA GÜEJAR-SIERRA, S.L. SEVILLE (SPAIN) 364,213.34 EUR E.M. (A)
CENTRAL TÉRMICA DE ANLLARES, A.I.E. MADRID (SPAIN) 595,001.98 EUR E.M. (A)
CENTRALES NUCLEARES
ALMARAZ-TRILLO, A.I.E.MADRID (SPAIN) 0.00 EUR E.M. (A)
COGENERACIÓN EL SALTO, S.L.
(IN LIQUIDATION)ZARAGOZA (SPAIN) 36,060.73 EUR E.M. (A)
COGENIO IBERIA, S.L. MADRID (SPAIN) 2,874,621.80 EUR E.M. (A)
COMERCIALIZADORA ELÉCTRICA DE CÁDIZ, S.A. CÁDIZ (SPAIN) 600,000.00 EUR E.M. (J.V.)
COMPAÑÍA EÓLICA TIERRAS ALTAS,
S.A. (SOCIEDAD UNIPERSONAL)SORIA (SPAIN) 12,560,900.00 EUR F.C.
CORPORACIÓN EÓLICA DE ZARAGOZA, S.L. ZARAGOZA (SPAIN) 271,652.00 EUR E.M. (A)
226 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)85.41 85.41 85.41 85.41 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)50.00 50.00 50.00 50.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L. 100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)51.00 51.00 51.00 51.00 KPMG AUDITORES
FURATENA SOLAR 1, S.L.
(SOCIEDAD UNIPERSONAL)16.98
16.9816.98
16.9816.98 UNAUDITED
BAYLIO SOLAR, S.L. (SOCIEDAD
UNIPERSONAL)16.98
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)25.30 25.30 25.30 25.30 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)33.33 33.33 33.33 33.33 GATT AUDITORES
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)33.33 33.33 33.33 33.33 UNAUDITED
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)24.18 24.18 24.18 24.18 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)20.00 20.00 20.00 20.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)20.00 20.00 20.00 20.00 DELOITTE
ENDESA, S.A. 33.50 33.50 33.50 33.50 DELOITTE
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)25.00 25.00 25.00 25.00 KPMG AUDITORES
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 227
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
DEHESA DE LOS GUADALUPES SOLAR, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
DEHESA PV FARM 03, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
DEHESA PV FARM 04, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
DISTRIBUIDORA DE ENERGÍA
ELÉCTRICA DEL BAGES, S.A.BARCELONA (SPAIN) 108,240.00 EUR F.C.
DISTRIBUIDORA ELÉCTRICA DEL PUERTO DE
LA CRUZ, S.A. (SOCIEDAD UNIPERSONAL)SANTA CRUZ DE TENERIFE
(SPAIN)12,621,210.00 EUR F.C.
EDISTRIBUCIÓN REDES DIGITALES, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 1,204,540,060.00 EUR F.C.
EGPE SOLAR 2, S.L. MADRID (SPAIN) 81,106.00 EUR F.C.
ELCOGAS, S.A. (IN LIQUIDATION) CIUDAD REAL (SPAIN) 809,690.40 EUR E.M. (A)
ELECGAS, S.A. SANTARÉM (PORTUGAL) 50,000.00 EUR E.M. (J.V.)
ELÉCTRICA DE JAFRE, S.A. BARCELONA (SPAIN) 165,876.00 EUR F.C.
ELÉCTRICA DE LÍJAR, S.L. CÁDIZ (SPAIN) 1,081,821.79 EUR E.M. (J.V.)
ELÉCTRICA DEL EBRO, S.A.
(SOCIEDAD UNIPERSONAL)BARCELONA (SPAIN) 500,000.00 EUR F.C.
ELECTRICIDAD DE PUERTO REAL, S.A. CÁDIZ (SPAIN) 4,960,246.40 EUR E.M. (J.V.)
EMINTEGRAL CYCLE, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
EMPRESA CARBONÍFERA DEL SUR,
ENCASUR, S.A. (SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 18,030,000.00 EUR F.C.
EMPRESA DE ALUMBRADO ELÉCTRICO
DE CEUTA DISTRIBUCIÓN, S.A. CEUTA (SPAIN) 16,562,250.00 EUR F.C.
EMPRESA DE ALUMBRADO ELÉCTRICO DE
CEUTA ENERGÍA, S.L. (SOCIEDAD UNIPERSONAL)CEUTA (SPAIN) 10,000.00 EUR F.C.
ENDESA CAPITAL, S.A. (SOCIEDAD
UNIPERSONAL)MADRID (SPAIN) 60,200.00 EUR F.C.
ENDESA ENERGÍA, S.A. (SOCIEDAD
UNIPERSONAL)MADRID (SPAIN) 14,445,575.90 EUR F.C.
ENDESA FINANCIACIÓN FILIALES,
S.A. (SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 4,621,003,006.00 EUR F.C.
228 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
HIDROELÉCTRICA DE CATALUNYA, S.L.
(SOCIEDAD UNIPERSONAL)45.00
100.0045.00
100.00 KPMG AUDITORES
ENDESA, S.A. 55.00 55.00
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)50.01 50.01 50.01 50.01 KPMG AUDITORES
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)40.99 40.99 40.99 40.99 UNAUDITED
ENDESA GENERACIÓN PORTUGAL, S.A. 50.00 50.00 50.00 50.00 KPMG AUDITORES
HIDROELÉCTRICA DE CATALUNYA, S.L.
(SOCIEDAD UNIPERSONAL)47.4 6
100.0047.4 6
100.00 KPMG AUDITORES
ENDESA, S.A. 52.54 52.54
ENDESA, S.A. 50.00 50.00 50.00 50.00 AVANTER AUDITORES
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA, S.A. 50.00 50.00 50.00 50.00 DELOITTE
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA, S.A. 96.42 96.42 96.42 96.42 KPMG AUDITORES
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 229
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
ENDESA GENERACIÓN PORTUGAL, S.A. LISBOA (PORTUGAL) 50,000.00 EUR F.C.
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)SEVILLE (SPAIN) 1,940,379,737 .02 EUR F.C.
ENDESA INGENIERÍA, S.L.
(SOCIEDAD UNIPERSONAL)SEVILLE (SPAIN) 965,305.00 EUR F.C.
ENDESA MEDIOS Y SISTEMAS, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 89,999,790.00 EUR F.C.
ENDESA MOBILITY, S.L. (SOCIEDAD
UNIPERSONAL)MADRID (SPAIN) 10,000,000.00 EUR F.C.
ENDESA OPERACIONES Y SERVICIOS
COMERCIALES, S.L. (SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 10,138,577 .00 EUR F.C.
ENDESA X WAY, S.L. MADRID (SPAIN) 600,000.00 EUR E.M. (A)
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 11,152.74 EUR F.C.
ENEL GREEN POWER ESPAÑA SOLAR 1, S.L. MADRID (SPAIN) 81,106.00 EUR F.C.
ENERGÍA BASE NATURAL, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ENERGÍA CEUTA XXI COMERCIALIZADORA DE
REFERENCIA, S.A. (SOCIEDAD UNIPERSONAL)CEUTA (SPAIN) 65,000.00 EUR F.C.
ENERGÍA COLECTIVA, S.L.
(SOCIEDAD UNIPERSONAL)VALENCIA (SPAIN) 9,748.00 EUR F.C.
ENERGÍA EÓLICA ÁBREGO, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,576.00 EUR F.C.
ENERGÍA NETA SA CASETA LLUCMAJOR, S.L.
(SOCIEDAD UNIPERSONAL)PALMA DE MALLORCA
(SPAIN)9,000.00 EUR F.C.
ENERGÍA XXI COMERCIALIZADORA DE
REFERENCIA, S.L. (SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 2,000,000.00 EUR F.C.
ENERGÍA Y NATURALEZA, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ENERGÍAS ALTERNATIVAS DEL SUR, S.L.LAS PALMAS DE GRAN
CANARIA (SPAIN)546,919.10 EUR F.C.
ENERGÍAS DE ARAGÓN I, S.L.
(SOCIEDAD UNIPERSONAL)ZARAGOZA (SPAIN) 3,200,000.00 EUR F.C.
ENERGÍAS DE GRAUS, S.L. ZARAGOZA (SPAIN) 1,298,160.00 EUR F.C.
ENERGÍAS ESPECIALES DE CAREÓN, S.A. LA CORUÑA (SPAIN) 270,450.00 EUR F.C.
ENERGÍAS ESPECIALES DEL ALTO ULLA,
S.A. (SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 9,210,840.00 EUR F.C.
ENERGÍAS ESPECIALES DEL BIERZO, S.A. LEON (SPAIN) 1,635,000.00 EUR E.M. (A)
230 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)99.20 99.20
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)0.20 100.00 0.20 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)0.60 0.60
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA, S.A. 100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA MOBILITY, S.L.
(SOCIEDAD UNIPERSONAL)49.00 49.00 49.00 49.00 KPMG AUDITORES
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)50.01 50.01 50.01 50.01 KPMG AUDITORES
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 — — KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L. 100.00 50.01 100.00 50.01 KPMG AUDITORES
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L. 100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)54.95 54.95 54.95 54.95 KPMG AUDITORES
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)66.67 66.67 66.67 66.67 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)97.0 0 97.0 0 97.0 0 97.0 0 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)50.01 50.01 50.01 50.01 KPMG AUDITORES
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 231
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
ENERGÍAS LIMPIAS DE CARMONA, S.L. SEVILLE (SPAIN) 5,687 .50 EUR E.M. (A)
ENIGMA GREEN POWER 1, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ENVATIOS PROMOCIÓN I, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ENVATIOS PROMOCIÓN II, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ENVATIOS PROMOCIÓN III, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ENVATIOS PROMOCIÓN XX, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
EÓLICA VALLE DEL EBRO, S.A. ZARAGOZA (SPAIN) 3,561,342.50 EUR F.C.
EÓLICAS DE AGAETE, S.L.LAS PALMAS DE GRAN
CANARIA (SPAIN)240,400.00 EUR F.C.
EÓLICAS DE FUENCALIENTE, S.A.LAS PALMAS DE GRAN
CANARIA (SPAIN)216,360.00 EUR F.C.
EÓLICAS DE FUERTEVENTURA, A.I.E.LAS PALMAS DE GRAN
CANARIA (SPAIN)4,558,426.83 EUR E.M. (A)
EÓLICAS DE LA PATAGONIA, S.A.CAPITAL FEDERAL
(ARGENTINA)480,930.00 ARS E.M. (A)
EÓLICAS DE LANZAROTE, S.L.LAS PALMAS DE GRAN
CANARIA (SPAIN)1,758,225.50 EUR E.M. (A)
EÓLICAS DE TENERIFE, A.I.E.SANTA CRUZ DE TENERIFE
(SPAIN)420,708.40 EUR E.M. (A)
EÓLICOS DE TIRAJANA, S.L.LAS PALMAS DE GRAN
CANARIA (SPAIN)3,000.00 EUR F.C.
EPRESA ENERGÍA, S.A. CÁDIZ (SPAIN) 2,500,000.00 EUR E.M. (J.V.)
EVACUACIÓN CARMONA 400-
220 KV RENOVABLES, S.L.SEVILLE (SPAIN) 9,066.00 EUR E.M. (A)
EXPLOTACIONES EÓLICAS DE ESCUCHA, S.A. ZARAGOZA (SPAIN) 3,505,000.00 EUR F.C.
EXPLOTACIONES EÓLICAS EL PUERTO, S.A. ZARAGOZA (SPAIN) 3,230,000.00 EUR F.C.
EXPLOTACIONES EÓLICAS SANTO
DOMINGO DE LUNA, S.A.ZARAGOZA (SPAIN) 100,000.00 EUR F.C.
EXPLOTACIONES EÓLICAS SASO PLANO, S.A. ZARAGOZA (SPAIN) 5,488,500.00 EUR F.C.
232 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic ENVATIOS PROMOCIÓN I, S.L.
(SOCIEDAD UNIPERSONAL)7.6 9
23.087.6 9
23.08 UNAUDITEDENVATIOS PROMOCIÓN II, S.L.
(SOCIEDAD UNIPERSONAL)7.6 9 7.6 9
ENVATIOS PROMOCIÓN III, S.L.
(SOCIEDAD UNIPERSONAL)7.6 9 7.6 9
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)50.50 50.50 50.50 50.50 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)80.00 80.00 80.00 80.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)55.00 55.00 55.00 55.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)40.00 40.00 40.00 40.00 ERNST & YOUNG
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)50.00 50.00 50.00 50.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)40.00 40.00 40.00 40.00 LUJAN AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)50.00 50.00 50.00 50.00 BDO AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)60.00 60.00 60.00 60.00 KPMG AUDITORES
ENDESA, S.A. 50.00 50.00 50.00 50.00 DELOITTE
ENVATIOS PROMOCIÓN I, S.L.
(SOCIEDAD UNIPERSONAL)3.45
10.363.45
3.45
3.4510.36 UNAUDITEDENVATIOS PROMOCIÓN II, S.L.
(SOCIEDAD UNIPERSONAL)3.45
ENVATIOS PROMOCIÓN III, S.L.
(SOCIEDAD UNIPERSONAL)3.45
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)70.00 70.00 70.00 70.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)73.60 73.60 73.60 73.60 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)51.00 51.00 51.00 51.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)65.00 65.00 65.00 65.00 KPMG AUDITORES
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 233
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
EXPLOTACIONES EÓLICAS
SIERRA COSTERA, S.A.ZARAGOZA (SPAIN) 8,046,800.00 EUR F.C.
EXPLOTACIONES EÓLICAS
SIERRA LA VIRGEN, S.A.ZARAGOZA (SPAIN) 4,200,000.00 EUR F.C.
FOTOVOLTAICA YUNCLILLOS, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
FRONT MARÍTIM DEL BESÒS, S.L. BARCELONA (SPAIN) 6,000.00 EUR E.M. (J.V.)
FRV CORCHITOS I, S.L. (SOCIEDAD
UNIPERSONAL)MADRID (SPAIN) 75,800.00 EUR F.C.
FRV CORCHITOS II SOLAR, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 22,000.00 EUR F.C.
FRV GIBALBIN -JEREZ, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 23,000.00 EUR F.C.
FRV TARIFA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR F.C.
FRV VILLALOBILLOS, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
FRV ZAMORA SOLAR 1, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
FRV ZAMORA SOLAR 3, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
FUNDAMENTAL RECOGNIZED SYSTEMS, S.L.
(SOCIEDAD UNIPERSONAL)TERUEL (SPAIN) 3,000.00 EUR F.C.
FURATENA SOLAR 1, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
FV ANDREA SOLAR, S.L.
(SOCIEDAD UNIPERSONAL)ZARAGOZA (SPAIN) 3,006.00 EUR F.C.
FV CAMPOS SOLAR, S.L.
(SOCIEDAD UNIPERSONAL)ZARAGOZA (SPAIN) 3,006.00 EUR F.C.
FV LA CERCA, S.L. (SOCIEDAD UNIPERSONAL) ZARAGOZA (SPAIN) 3,006.00 EUR F.C.
FV MENAUTE, S.L. (SOCIEDAD UNIPERSONAL) ZARAGOZA (SPAIN) 3,006.00 EUR F.C.
GAS Y ELECTRICIDAD GENERACIÓN,
S.A. (SOCIEDAD UNIPERSONAL)PALMA DE MALLORCA
(SPAIN)213,775,700.00 EUR F.C.
GORONA DEL VIENTO EL HIERRO, S.A.SANTA CRUZ DE TENERIFE
(SPAIN)30,936,736.00 EUR E.M. (A)
HIDROELÉCTRICA DE CATALUNYA, S.L.
(SOCIEDAD UNIPERSONAL)BARCELONA (SPAIN) 126,210.00 EUR F.C.
HIDROELÉCTRICA DE OUROL, S.L. LA CORUÑA (SPAIN) 1,608,200.00 EUR E.M. (A)
HIDROFLAMICELL, S.L. BARCELONA (SPAIN) 78,120.00 EUR F.C.
HISPANO GENERACIÓN DE ENERGÍA SOLAR, S.L. BADAJOZ (SPAIN) 3,500.00 EUR F.C.
234 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)90.00 90.00 90.00 90.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)90.00 90.00 90.00 90.00 KPMG AUDITORES
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)61.37 61.37 61.37 61.37 UNAUDITED
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
UNIÓN ELÉCTRICA DE
CANARIAS GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)23.21 23.21 23.21 23.21 ERNST & YOUNG
ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)30.00 30.00 30.00 30.00 UNAUDITED
HIDROELÉCTRICA DE CATALUNYA, S.L.
(SOCIEDAD UNIPERSONAL)75.00 75.00 75.00 75.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)51.00 51.00 51.00 51.00 UNAUDITED
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 235
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
INFRAESTRUCTURAS PALOS 220, S.L. MADRID (SPAIN) 3,000.00 EUR F.C.
INFRAESTRUCTURAS SAN SERVÁN SET 400, S.L. MADRID (SPAIN) 90,000.00 EUR E.M. (A)
INFRAESTRUCTURAS SAN SERVÁN 220, S.L. MADRID (SPAIN) 12,000.00 EUR E.M. (A)
INSTALACIONES SAN SERVÁN II 400, S.L. MADRID (SPAIN) 11,026.00 EUR E.M. (A)
KROMSCHROEDER, S.A. BARCELONA (SPAIN) 627 ,126.00 EUR E.M. (A)
LOIRA DE LOGÍSTICA, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
LOIRA DE LOGÍSTICA 2, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
LOIRA DE LOGÍSTICA 3, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
LOIRA DE LOGÍSTICA 4, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
LOIRA DE LOGÍSTICA 5, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
LOIRA DE LOGÍSTICA 6, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
LOIRA DE LOGÍSTICA 7 , S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
LOIRA DE LOGÍSTICA 8, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
LOIRA DE LOGÍSTICA 9, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
LOIRA DE LOGÍSTICA 10, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
LUCAS SOSTENIBLE, S.L. MADRID (SPAIN) 1,099,775.00 EUR E.M. (A)
MARÍA RENOVABLES, S.L. ZARAGOZA (SPAIN) 3,000.00 EUR E.M. (A)
236 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic
PUERTO SANTA MARÍA ENERGÍA
I, S.L. (SOCIEDAD UNIPERSONAL)50.00
100.0050.00
100.00 UNAUDITED
PUERTO SANTA MARÍA ENERGÍA
II, S.L. (SOCIEDAD UNIPERSONAL)50.00 50.00
BAYLIO SOLAR, S.L. (SOCIEDAD
UNIPERSONAL)6.41
9.626.41
9.62 UNAUDITEDFURATENA SOLAR 1, S.L.
(SOCIEDAD UNIPERSONAL)6.41 6.41
ARANORT DESARROLLOS, S.L.
(SOCIEDAD UNIPERSONAL)6.41 6.41
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.30.80 15.40 30.80 15.40 UNAUDITED
BAYLIO SOLAR, S.L. (SOCIEDAD
UNIPERSONAL)7 .94
11.907 .94
11.90 UNAUDITEDFURATENA SOLAR 1, S.L.
(SOCIEDAD UNIPERSONAL)7 .94 7 .94
ARANORT DESARROLLOS, S.L.
(SOCIEDAD UNIPERSONAL)7 .94 7 .94
ENDESA MEDIOS Y SISTEMAS, S.L.
(SOCIEDAD UNIPERSONAL)29.26 29.26 29.26 29.26ILV AUDIT AND
ADVISORY
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.35.29 17.6 5 35.29 17.6 5 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)45.36 45.36 45.36 45.36 UNAUDITED
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 237
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
MINGLANILLA RENOVABLES 400KV, A.I.E. VALENCIA (SPAIN) — P.C .
MINICENTRALES DEL CANAL
IMPERIAL-GALLUR, S.L.ZARAGOZA (SPAIN) 1,820,000.00 EUR E.M. (A)
MONTE REINA RENOVABLES, S.L. MADRID (SPAIN) 4,000.00 EUR E.M. (A)
NUCLENOR, S.A. BURGOS (SPAIN) 5,406,000.00 EUR E.M. (J.V.)
OLIVUM PV FARM 01, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
OXAGESA, A.I.E. (IN LIQUIDATION) TERUEL (SPAIN) 6,010.12 EUR E.M. (A)
PAMPINUS PV FARM 01, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
PARAVENTO, S.L. LUGO (SPAIN) 3,006.00 EUR F.C.
PARC EOLIC LA TOSSA-LA MOLA
D'EN PASCUAL, S.L.MADRID (SPAIN) 1,183,100.00 EUR E.M. (A)
PARC EOLIC LOS ALIGARS, S.L. MADRID (SPAIN) 1,313,100.00 EUR E.M. (A)
PARQUE EÓLICO A CAPELADA, S.L.
(SOCIEDAD UNIPERSONAL)LA CORUÑA (SPAIN) 5,857,704.37 EUR F.C.
PARQUE EÓLICO BELMONTE, S.A. MADRID (SPAIN) 120,400.00 EUR F.C.
PARQUE EÓLICO CARRETERA DE ARINAGA, S.A.LAS PALMAS DE GRAN
CANARIA (SPAIN)1,007 ,000.00 EUR F.C.
PARQUE EÓLICO DE BARBANZA, S.A. LA CORUÑA (SPAIN) 3,606,072.63 EUR F.C.
PARQUE EÓLICO DE SAN ANDRÉS, S.A. LA CORUÑA (SPAIN) 552,920.00 EUR F.C.
PARQUE EÓLICO DE SANTA LUCÍA, S.A.LAS PALMAS DE GRAN
CANARIA (SPAIN)901,500.00 EUR F.C.
PARQUE EÓLICO FINCA DE MOGÁN, S.A.SANTA CRUZ DE TENERIFE
(SPAIN)3,810,340.00 EUR F.C.
PARQUE EÓLICO MONTES DE LAS NAVAS, S.A. MADRID (SPAIN) 6,540,000.00 EUR F.C.
PARQUE EÓLICO MUNIESA, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,006.00 EUR F.C.
PARQUE EÓLICO PUNTA DE TENO, S.A.SANTA CRUZ DE TENERIFE
(SPAIN)528,880.00 EUR F.C.
238 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)18.62 18.62
UNAUDITEDENERGÍA EÓLICA ÁBREGO, S.L.
(SOCIEDAD UNIPERSONAL)7 .98 31.38 7 .98 31.38
ENERGÍA BASE NATURAL, S.L.
(SOCIEDAD UNIPERSONAL)4.78 4.78
ENERGÍA Y NATURALEZA, S.L.
(SOCIEDAD UNIPERSONAL)4.78 4.78
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)36.50 36.50 36.50 36.50 UNAUDITED
FRV ZAMORA SOLAR 1, S.L.
(SOCIEDAD UNIPERSONAL)20.58 20.58 20.58 20.58 UNAUDITED
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)50.00 50.00 50.00 50.00 ERNST & YOUNG
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)33.33 33.33 33.33 33.33 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)90.00 90.00 90.00 90.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)30.00 30.00 30.00 30.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)30.00 30.00 30.00 30.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)50.17 50.17 50.17 50.17 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)80.00 80.00 80.00 80.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)75.00 75.00 75.00 75.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)82.00 82.00 82.00 82.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)66.33 66.33 66.33 66.33 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)90.00 90.00 90.00 90.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)75.50 75.50 75.50 75.50 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)52.00 52.00 52.00 52.00 KPMG AUDITORES
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 239
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
PARQUE EÓLICO SIERRA DEL MADERO, S.A. MADRID (SPAIN) 7,193,970.00 EUR F.C.
PEGOP - ENERGÍA ELÉCTRICA, S.A. SANTARÉM (PORTUGAL) 50,000.00 EUR E.M. (J.V.)
PRODUCTIVE SOLAR SYSTEMS, S.L.
(SOCIEDAD UNIPERSONAL)TERUEL (SPAIN) 3,000.00 EUR F.C.
PRODUCTORA DE ENERGÍAS, S.A. BARCELONA (SPAIN) 60,101.21 EUR E.M. (A)
PROMOCIONES ENERGÉTICAS DEL
BIERZO, S.L. (SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 12,020.00 EUR F.C.
PROMOTORES MUDÉJAR 400KV, S.L. ZARAGOZA (SPAIN) 3,000.00 EUR E.M. (A)
PROYECTO REN 02, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,006.00 EUR F.C.
PROYECTO REN 03, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,006.00 EUR F.C.
PROYECTO REN 04, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,006.00 EUR F.C.
PROYECTO REN 05, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,006.00 EUR F.C.
PROYECTO REN 06, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,006.00 EUR F.C.
PROYECTOS UNIVERSITARIOS DE
ENERGÍAS RENOVABLES, S.L.ALICANTE (SPAIN) 27 ,000.00 EUR E.M. (A)
PUERTO SANTA MARÍA ENERGÍA
I, S.L. (SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
PUERTO SANTA MARÍA ENERGÍA
II, S.L. (SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
REBUILDING AGENTE REHABILITADOR, S.L. MADRID (SPAIN) 250,000.00 EUR E.M. (J.V.)
REN ALFAJARÍN SOLAR, S.L.
(SOCIEDAD UNIPERSONAL)ZARAGOZA (SPAIN) 3,006.00 EUR F.C.
RENOVABLES ANDORRA, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
240 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)58.00 58.00 58.00 58.00 KPMG AUDITORES
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)49.98
50.0049.98
50.00 KPMG AUDITORES
ENDESA GENERACIÓN PORTUGAL, S.A. 0.02 0.02
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)30.00 30.00 30.00 30.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)24.75
34.3524.75
34.35 UNAUDITEDRENOVABLES MEDIAVILLA, S.L.
(SOCIEDAD UNIPERSONAL)5.69 5.69
RENOVABLES LA PEDRERA, S.L.
(SOCIEDAD UNIPERSONAL)6.75 6.75
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)33.33 33.33 33.33 33.33 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA ENERGÍA, S.A.
(SOCIEDAD UNIPERSONAL)50.00 50.00 50.00 50.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 241
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
RENOVABLES BROVALES 400KV, S.L. SEVILLE (SPAIN) 5,000.00 EUR E.M. (A)
RENOVABLES BROVALES SEGURA
DE LEÓN 400 KV, S.L.SEVILLE (SPAIN) 5,000.00 EUR E.M. (A)
RENOVABLES LA PEDRERA, S.L.
(SOCIEDAD UNIPERSONAL)ZARAGOZA (SPAIN) 3,000.00 EUR F.C.
RENOVABLES MANZANARES 400 KV, S.L. MADRID (SPAIN) 5,000.00 EUR E.M. (A)
RENOVABLES MEDIAVILLA, S.L.
(SOCIEDAD UNIPERSONAL)ZARAGOZA (SPAIN) 3,000.00 EUR F.C.
RENOVABLES TERUEL, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
ROSI ENERGY IBERIA, S.L. MADRID (SPAIN) 500,000.00 EUR E.M. (J.V.)
SALTO DE SAN RAFAEL, S.L. SEVILLE (SPAIN) 462,185.88 EUR E.M. (A)
SAN FRANCISCO DE BORJA, S.A. ZARAGOZA (SPAIN) 60,000.00 EUR F.C.
SANTO ROSTRO COGENERACIÓN,
S.A. (IN LIQUIDATION)SEVILLE (SPAIN) 207 ,340.00 EUR E.M. (A)
SAVANNA POWER SOLAR 4, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SAVANNA POWER SOLAR 5, S.L.
(SOCIEDAD UNIPERSONAL)SEVILLE (SPAIN) 3,000.00 EUR F.C.
SAVANNA POWER SOLAR 6, S.L.
(SOCIEDAD UNIPERSONAL)SEVILLE (SPAIN) 3,000.00 EUR F.C.
SAVANNA POWER SOLAR 9, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SAVANNA POWER SOLAR 10, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SAVANNA POWER SOLAR 12, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
242 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic
DEHESA DE LOS GUADALUPES
SOLAR, S.L. (SOCIEDAD UNIPERSONAL)6.24
32.086.24
32.08 UNAUDITEDFURATENA SOLAR 1, S.L.
(SOCIEDAD UNIPERSONAL)6.24 6.24
BAYLIO SOLAR, S.L. (SOCIEDAD
UNIPERSONAL)6.24 6.24
SEGUIDORES SOLARES PLANTA
2, S.L. (SOCIEDAD UNIPERSONAL)6.24 6.24
EMINTEGRAL CYCLE, S.L.
(SOCIEDAD UNIPERSONAL)16.99 16.99
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.6.24 6.24
EGPE SOLAR 2, S.L. 15.96 15.96
EGPE SOLAR 2, S.L. 31.03
32.0331.03
33.0232.03 UNAUDITED
EMINTEGRAL CYCLE, S.L.
(SOCIEDAD UNIPERSONAL)33.02
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
EGPE SOLAR 2, S.L. 27.8 6
21.9927.8 6
21.99 UNAUDITED
STONEWOOD DESARROLLOS, S.L.
(SOCIEDAD UNIPERSONAL)16.12 16.12
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)20.00 20.00 20.00 20.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)50.00 50.00 50.00 50.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)66.67 66.67 66.67 66.67 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)45.00 45.00 45.00 45.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 243
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
SAVANNA POWER SOLAR 13, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SECCIONADORA ALMODÓVAR
RENOVABLES, S.L.MALAGA (SPAIN) 5,000.00 EUR E.M. (A)
SEGUIDORES SOLARES PLANTA 2, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,010.00 EUR F.C.
SET CARMONA 400 KV RENOVABLES, S.L. SEVILLE (SPAIN) 10,000.00 EUR E.M. (A)
SHARK POWER REN 4, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SHARK POWER REN 5, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SHARK POWER REN 6, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SHARK POWER REN 7 , S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SHARK POWER REN 8, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SHARK POWER REN 9, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SHARK POWER REN 10, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,000.00 EUR F.C.
SISTEMA ELÉCTRICO DE
CONEXIÓN VALCAIRE, S.L.MADRID (SPAIN) 175,200.00 EUR E.M. (A)
SISTEMAS ENERGÉTICOS
MAÑÓN ORTIGUEIRA, S.A.LA CORUÑA (SPAIN) 2,007 ,750.00 EUR F.C.
SOCIEDAD EÓLICA DE ANDALUCÍA, S.A. SEVILLE (SPAIN) 4,507 ,590.78 EUR F.C.
SOCIEDAD EÓLICA EL PUNTAL, S.L. SEVILLE (SPAIN) 3,286,000.00 EUR E.M. (A)
SOCIEDAD EÓLICA LOS LANCES, S.A. SEVILLE (SPAIN) 2,404,048.42 EUR F.C.
SOLANA RENOVABLES, S.L. MADRID (SPAIN) 6,246.00 EUR E.M. (A)
SOTAVENTO GALICIA, S.A. LA CORUÑA (SPAIN) 601,000.00 EUR E.M. (A)
STONEWOOD DESARROLLOS, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 4,053,000.00 EUR F.C.
SUGGESTION POWER, UNIPESSOAL, LDA. LISBOA (PORTUGAL) 50,000.00 EUR F.C.
SUMINISTRADORA ELÉCTRICA DE CÁDIZ, S.A. CÁDIZ (SPAIN) 12,020,240.00 EUR E.M. (J.V.)
SUMINISTRO DE LUZ Y FUERZA, S.L. BARCELONA (SPAIN) 2,800,000.00 EUR F.C.
244 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)37.5 0 37.5 0 37.5 0 37.5 0 UNAUDITED
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
EGPE SOLAR 2, S.L. 16.00 8.00 16.00 8.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)28.12 28.12 28.12 28.12 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)96.00 96.00 96.00 96.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)64.73 64.73 64.73 64.73 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)50.00 50.00 50.00 50.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)60.00 60.00 60.00 60.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)39.90 39.90 39.90 39.90 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)36.00 36.00 36.00 36.00 AUDIESA
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENDESA GENERACIÓN PORTUGAL, S.A. 100.00 100.00 100.00 100.00 UNAUDITED
ENDESA, S.A. 33.50 33.50 33.50 33.50 DELOITTE
HIDROELÉCTRICA DE CATALUNYA, S.L.
(SOCIEDAD UNIPERSONAL)60.00 60.00 60.00 60.00 KPMG AUDITORES
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 245
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Company Name Address Share Capital ActivityConsolidation
Method
TAUSTE ENERGÍA DISTRIBUIDA, S.L. ZARAGOZA (SPAIN) 60,508.00 EUR F.C.
TEJO ENERGIA - PRODUÇÃO E DISTRIBUIÇÃO
DE ENERGIA ELÉCTRICA, S.A.LISBOA (PORTUGAL) 5,025,000.00 EUR E.M. (J.V.)
TERMOTEC ENERGÍA, A.I.E. (IN LIQUIDATION) VALENCIA (SPAIN) 481,000.00 EUR E.M. (A)
TERRER RENOVABLES, S.L. MADRID (SPAIN) 5,000.00 EUR E.M. (J.V.)
TICO SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL) ZARAGOZA (SPAIN) 3,000.00 EUR F.C.
TICO SOLAR 2, S.L. (SOCIEDAD UNIPERSONAL) ZARAGOZA (SPAIN) 3,000.00 EUR F.C.
TOLEDO PV, A.E.I.E. (IN LIQUIDATION) MADRID (SPAIN) 26,887 .96 EUR E.M. (A)
TORO RENOVABLES 400 KV, S.L. MADRID (SPAIN) 3,000.00 EUR E.M. (A)
TORREPALMA ENERGY 1, S.L.
(SOCIEDAD UNIPERSONAL)MADRID (SPAIN) 3,100.00 EUR F.C.
TRANSFORMADORA ALMODÓVAR
RENOVABLES, S.L.SEVILLE (SPAIN) 5,000.00 EUR E.M. (A)
TRÉVAGO RENOVABLES, S.L. MADRID (SPAIN) 3,000.00 EUR E.M. (A)
UNIÓN ELÉCTRICA DE CANARIAS GENERACIÓN,
S.A. (SOCIEDAD UNIPERSONAL)LAS PALMAS DE GRAN
CANARIA (SPAIN)190,171,521.16 EUR I.G.
VIRULEIROS, S.L. LA CORUÑA 160,000.00 EUR I.G.
YEDESA COGENERACIÓN, S.A. (IN LIQUIDATION) ALMERÍA (ESPAÑA) 234,394.72 EUR E.M. (A)
F.C.: Full Consolidation; P .C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.
(1) Percentage of direct ownership by the company holding the stake..
246 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
ShareholdersShareholding % as of 30 June 2026 Shareholding % as of 31 December 2025 Auditing Firm Control (1)Economic Control (1)Economic ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)51.00 51.00 51.00 51.00 KPMG AUDITORES
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)43.75 43.75 43.75 43.75 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)45.00 45.00 45.00 45.00 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)29.57 29.57 29.57 29.57 UNAUDITED
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)33.33 33.33 33.33 33.33 KPMG AUDITORES
FRV ZAMORA SOLAR 1, S.L.
(SOCIEDAD UNIPERSONAL)8.28 8.28 8.28 8.28 UNAUDITED
ENEL GREEN POWER
ESPAÑA SOLAR 1, S.L.100.00 50.01 100.00 50.01 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)60.53 60.53 60.53 60.53 UNAUDITED
SEGUIDORES SOLARES PLANTA
2, S.L. (SOCIEDAD UNIPERSONAL)17.7 7
17.7517.7 7
17.75 UNAUDITED
FURATENA SOLAR 1, S.L.
(SOCIEDAD UNIPERSONAL)17.73 17.73
ENDESA GENERACIÓN, S.A.
(SOCIEDAD UNIPERSONAL)100.00 100.00 100.00 100.00 KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSONAL)67.0 0 67.0 0 67.0 0 67.0 0 UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L.
(SOCIEDAD UNIPERSO40.00 40.00 40.00 40.00 UNAUDITED
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 247
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
IV248 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Limited Review
Report on the
Individual Interim
Condensed
Financial
Statements
for the six-month period ended 30 June 2026I. I.
Limited Review Report on the Limited Review Report on the Interim Condensed Consolidated Interim Condensed Consolidated Financial StatementsFinancial StatementsII. II.
Consolidated Management Report Consolidated Management Report III. III.
Interim Condensed Consolidated Interim Condensed Consolidated Financial Statements Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 249
Report on Lim ited Review of Endesa, S.A.
(Togethe r with the individual interim condensed financial statements and management report of Endesa, S.A. f or the six-mont h period ended 30 June 202 6) (Translation from t he original i n Spanish. I n the event of discrepancy, the Spanish -language version
prevails .)
250 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
KPMG Auditores S.L., a limited liability Spanish company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
Paseo de la Castellana, 259C 28046 Madrid KPMG Auditores, S.L.
Pº de la Castellana, 259 C
28046 Madrid
Report on Limited Review of Individual Interim Conden sed
Financial Statements
Reg. Mer Madrid, T. 11.961, F. 90, Sec. 8, H. M -188.007, Inscrip. 9 N.I.F. B -78510153 (Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)
To the Shareholders of Endesa, S.A., commissioned by the Directors of Endesa, S.A.
REPORT ON LIMITED REVIEW OF INDIVIDUAL INTERIM CONDENSED FINANCIAL
STATEMENTS
Introduction __________________________________________________________
We have carried out a limited review of the accompanying condensed interim financial statements (hereinafter the “interim financial statements”) of Endesa, S.A. (the “Company”), which comprise the balance sheet at 30 June 2026, and the income statement, statement of changes in equity and statement of cash flows for the six -month period then ended, and explanatory notes (all condensed and interim). The Directors of the Company are responsible for the preparation of this interim financial information in accordance with the accounting principles and the minimum content envisaged in articles 12 and 13 of Royal Decree 1362/2007 and in Circular 3/2018 of the Spanish National Securities Market Commission (CNMV). Our responsibility is t o express a conclusion on the interim financial statements based on our limited review.
Scope of Review ______________________________________________________ We conducted our limited review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A limited review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit conducted in accordance with prevailing legislation regulating the audit of accounts in Spain and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on t he accompanying interim financial statements.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 251
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
2 (Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)
Conclusion ___________________________________________________________
Based on our limited review, which can under no circumstances be considered an audit, nothing has come to our attention that causes us to believe that the accompanying interim financial statements for the six -month period ended 30 June 2026 have not been prepared, in all material respects, in accordance with the accounting principles and minimum content envisaged in articles 12 and 13 of Royal Decree 1362/2007 and in Circular 3/2018 of the Spanish National Securities Market Commission (CNMV) as regards the preparation of condensed interim financial statements.
Emphasis of Matter ____________________________________________________ We draw your attention to the accompanying note 2.1, which states that the interim financial statements do not include all the information that would be required in a complete set of financial statements prepared in accordance with the financial reporting framework applicable to the entity in Spain. The accompanying interim financial statements should therefor e be read in conjunction with the Company’s annual accounts for the year ended 31 December 2025 . This matter does not modify our conclusion.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
The accompanying management report for the six -month period ended 30 June 2026 contains such explanations as the Directors consider relevant with respect to the significant events that have taken place in this period and their effect on the interim financial statements , as well as the disclosures required by article 15 of Royal Decree 1362/2007. The management report is not an integral part of the interim financial information. We have verified that the accounting information contained therein is consistent with that disclosed in the interim financial statements for the six- month period ended 30 June 202 6. Our work as auditors is limited to the verification of the management report within the scope described in this paragraph and does not include a review of information other than that obtained from the accounting records of the Company.
Other Matter __________________________________________________________ This report has been prepared at the request of the Directors in relation to the publication of the half -
yearly financial report required by article 100 of Law 6/2023 of 17 March 2023 on Securities Markets and Investment Services.
(Signed on original in Spanish)
Alberto Fernández Solar 28 July 2026 KPMG Auditores, S.L.
252 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 253
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
V254 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Individual Interim
Condensed
Financial
Statements and
Management
Report
for the six-month period ended 30 June 2026 This English-language version has been translated from the original issued in Spanish by the entity itself and under its sole responsibility, and is not considered official or regulated financial information.
In the event of discrepancy, the Spanish-
language version prevails.I. I.
Limited Review Report on the Limited Review Report on the Interim Condensed Consolidated Interim Condensed Consolidated Financial StatementsFinancial StatementsII. II.
Consolidated Management Report Consolidated Management Report III. III.
Interim Condensed Consolidated Interim Condensed Consolidated Financial Statements Financial Statements IV. IV.
Limited Review Report Limited Review Report on the Individual Interim on the Individual Interim Condensed Financial StatementsCondensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 255
Endesa, S.A.
Statements of Financial Position at 30 June 2026 and 31 December 2025 Millions of Euros Note30 June 2026 (unaudited) 31 December 2025
ASSETS
NON-CURRENT ASSETS 19,416 19,443
Intangible Assets 45 54 Patents, Licences, Trademarks and Similar 2 5 Computer Software 43 49 Non-Current Investments in Group Companies and Associates 3 and 10.119,131 19,133 Equity Instruments 19,127 19,128 Other Financial Assets 4 5 Non-Current Financial Investments 354 60 Equity Instruments 4 4 Loans to Third Parties 10 11 Derivatives 30 33 Other Financial Assets 10 12 Deferred Tax Assets 186 196
CURRENT ASSETS 386 744
Trade and Other Receivables 192 444 Other Receivables — 52 Receivables from Group Companies and Associates 10.1187 392 Workforce 4 — Public administration receivables 1 — Current Investments in Group Companies and Associates3 and 10.1141 201 Loans to Companies 137 121 Other Financial Assets 4 80 Current Financial Investments 35 3 Loans to Third Parties 3 2 Other Financial Assets 2 1 Current Accruals 1 1 Cash and Cash Equivalents 47 95 Cash At Bank and In Hand 47 95
TOTAL ASSETS 19,802 20,187
Notes 1 to 13 included in the accompanying Condensed Explanatory Notes are an integral part of the Statements of Financial Position at 30 June 2026 and 31 December 2025.
256 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Endesa, S.A.
Statements of Financial Position at 30 June 2026 and 31 December 2025 Millions of Euros Note30 June 2026 (unaudited) 31 December 2025
EQUITY AND LIABILITIES
EQUITY 44,980 5,900
Shareholders' Equity 4,971 5,884 Capital 1,250 1,271 Subscribed Capital 1,250 1,271 Share Premium 89 89 Reserves 1,043 1,467 Legal and Statutory 254 254 Other Reserves 789 1,213 (Treasury Shares) (628) (529) Profit/Loss from Previous Years 2 ,471 2,434 Retained Earnings 2,471 2,434 Profit/Loss for the Period 741 1,666 Interim Dividend — (519) Other Equity Instruments 5 5 Valuation Adjustments 9 16 Hedging Transactions 9 16
NON-CURRENT LIABILITIES 10,217 12,627
Non-Current Provisions 5111 165 Non-Current Employee Benefit Obligations 22 22 Provisions for Workforce Restructuring Plans 74 111 Other Provisions 15 32 Non-Current Debts 65,032 5,191 Bonds and other Marketable Securities 14 14 Bank Borrowings 4,996 5,154 Derivatives 17 17 Other Financial Liabilities 5 6 Non-Current Debts to Group Companies and Associates 6 and 10.15,059 7 ,256 Debts to Group Companies and Associates 5,059 7 ,256 Deferred Tax Liabilities 15 15
CURRENT LIABILITIES 4,605 1,660
Current Provisions527 17 Provisions for Workforce Restructuring Plans 27 17 Current Debts 61,906 988 Bank Borrowings 1,163 482 Derivatives 8 — Other Financial Liabilities 735 506 Current Debts to Group Companies and Associates 6 and 10.12,536 522 Debts to Group Companies and Associates 1,730 145 Other Financial Liabilities 806 377 Trade and Other Payables 136 133 Group Company and Associate Suppliers10.141 33 Other Payables 67 66 Employee Payables 21 28 Other Payables to Public Administrations 7 6
TOTAL EQUITY AND LIABILITIES 19,802 20,187
Notes 1 to 13 included in the accompanying Condensed Explanatory Notes are an integral part of the Statements of Financial Position at 30 June 2026 and 31 December 2025.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 257
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Endesa, S.A.
Income Statements
for the six-month periods ended 30 June 2026 and 2025 Millions of Euros Note January–June 2026
(unaudited)January–June 2025
(unaudited)
CONTINUING OPERATIONS
Net Turnover8.1 and 10.11,024 637 Provision of Services 142 150 Dividend Income from Group Companies and Associates 882 487 Other Operating Income 1 1 Ancillary Income and Other Operating Income 1 1 Personnel Expenses 8.3(68) (82) Salaries, Wages, and Similar (58) (63) Social Security Costs (16) (17) Provisions 6 (2) Other Operating Expenses 8.4(35) (44) External Services (30) (35) Taxes — (1) Other Current Operating Expenses (5) (8) Depreciation and Amortisation (12) (17) Excess of Provisions — 15 Impairment and Profit/Loss on Disposal of Tangible Assets — 1 Impairment and Gains/Losses on Disposal of Investments in Group Companies and Associates3.1.1 and 8.2— 1
OPERATING PROFIT 910 512
Financial Income 8.53 4 Marketable Securities and Other Fixed Asset Credits 3 4 Third Parties 3 4 Financial Expenses8.5(207) (226) Debts to Group Companies and Associates 10.1(108) (123) Debts to Third Parties (96) (100) Provision Adjustments (3) (3) Change in the Fair Value of Financial Instruments — 1 Trading Portfolio and Other — 1 Exchange Differences 1 (3)
FINANCIAL RESULT (203) (224)
PROFIT BEFORE TAX 707 288
Corporate Income Tax 34 35
PROFIT/LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS 741 323
PROFIT/LOSS AFTER TAX FOR THE PERIOD FROM DISCONTINUED OPERATIONS — —
PROFIT/LOSS FOR THE PERIOD 741 323
The accompanying Condensed Explanatory Notes 1 to 13 are an integral part of the income statements for the six-month periods ended 30 June 2026 and 2025.
258 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Endesa, S.A.
Statements of changes in Equity for the six-month periods ended 30 June 2026 and 2025 A) Statements of recognised income and expenses for the six-month periods ended 30 june 2026 and 2025 Millions of Euros Note January–June 2026
(unaudited)January–June 2025
(unaudited)
PROFIT/LOSS FROM THE INCOME STATEMENT 741 323
INCOME AND EXPENSES RECOGNISED DIRECTL Y IN EQUITY
Cash Flow Hedges 3.3 and 6.2(7) 2 Tax Effect 2 —
TOTAL INCOME AND EXPENSES RECOGNISED DIRECTL Y IN EQUITY (5) 2
PROFIT AND LOSS TRANSFERRED TO INCOME STATEMENT
Cash Flow Hedges 6.2(2) (5) Tax Effect — 1
TOTAL PROFIT AND LOSS TRANSFERRED TO THE INCOME STATEMENT (2) (4)
TOTAL RECOGNISED INCOME/EXPENSES 734 321
Notes 1 to 13 included in the accompanying Condensed Explanatory Notes are an integral part of the Statements of Recognised Income and Expenses for the six-month periods ended 30 June 2026 and 2025.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 259
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Endesa, S.A.
Statements of changes in equity for the six-month periods ended 30 June 2026 and 2025 B) Statements of total changes in equity for the six-month periods ended 30 june 2026 and 2025 Millions of Euros 30 June 2026 (unaudited)
Shareholders’ EquityCapital
(Note 4.1)
Share Premium
(Note 4.2)
Reserves and Profit/ Loss from Previous
Years
(Treasury shares)
(Note 4.4)
Profit/(loss) for
the period
(Interim Dividend)
(Note 4.5)
Other equity
instrumentsValuation
Adjustments
(Note 4.6)Total
Equity
Balance at 31 December 2025 1,271 89 3,901 (529) 1,666 (519) 5 16 5,900
TOTAL RECOGNISED INCOME/EXPENSES — — — — 741 — — (7) 734
Transactions with Shareholders (21) — (424) (99) — — — — (544) Capital Reduction (21) — (424) 445 — — — — — Transactions with Treasury shares (Net) — — — (544) — — — — (544) Other Changes in Equity — — 37 — (1,666) 519 — — (1,110) Distribution of Profit/Loss — — 37 — (1,666) 519 — — (1,110) Balance at 30 June 2026 1,250 89 3,514 (628) 741 — 5 9 4,980 Millions of Euros 30 June 2025 (unaudited)
Shareholders’ Equity
Valuation
Adjustments
(Note 4.6)Total
EquityCapital
(Note 4.1)
Share Premium
(Note 4.2)
Reserves and Profit/ Loss from Previous
Years
(Treasury shares)
(Note 4.4)
Profit/(loss) for
the period
(Interim Dividend)
Other equity
instruments
Balance at 31 December 2024 1,271 89 3,862 (4) 1,427 (529) 5 12 6,133
TOTAL RECOGNISED INCOME/EXPENSES — — — — 323 — — (2) 321
Transactions with Shareholders — — — (210) — — — — (210) Transactions with Treasury shares (Net) — — — (210) — — — — (210) Other Changes in Equity — — 38 — (1,427) 529 1 — (859) Distribution of Profit/Loss — — 38 — (1,427) 529 — — (860) Other Changes — — — — — — 1 — 1 Balance at 30 June 2025 1,271 89 3,900 (214) 323 — 6 10 5,385 Notes 1 to 13 included in the accompanying Condensed Explanatory Notes are an integral part of the Statements of Total Changes in Equity for the six-
month periods ended 30 June 2026 and 2025.
260 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Endesa, S.A.
Statements of cash flows for the six-month periods ended 30 June 2026 and 2025 Millions of Euros
NoteJanuary–June 2026
(unaudited)January–June 2025
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES 983 539
Profit/Loss Before Tax 707 288 Adjustments in Profit/Loss (679) (265) Income from Dividends8.1 and 10.1(882) (487) Depreciation and Amortisation 12 17 Value Adjustment due to Impairment — (1) Changes in Provisions (14) (16) Gains/Losses on Derecognition and Disposal of Property, Plant and Equipment — (1) Financial Income 8.5(3) (4) Financial Expenses 8.5207 226 Change in Fair Value of Financial Instruments — (1) Other Profit/Loss Adjustments 1 2 Changes in Working Capital 203 226 Other Cash Flows from Operating Activities 752 290 Interest Paid (206) (212) Dividends Received 958 483 Interest Received 1 — Income Tax Received/Paid 30 36 Other Proceeds/Payments (31) (17)
CASH FLOWS FROM INVESTMENT ACTIVITIES (5) (9)
Payments for Investments (9) (14) Property, Plant and Equipment and Intangible Assets (7) (11) Other Financial Assets (2) (3) Proceeds from Divestments 4 5 Property, Plant and Equipment and Intangible Assets — 1 Other Financial Assets 4 4
CASH FLOWS FROM FINANCING ACTIVITIES (1,026) (523)
Proceeds from/(Payments for) Equity Instruments (544) (190) Acquisitions of Own Equity Instruments (544) (190) Proceeds from/(Payments for) Financial Liability Instruments 37 196 Issue 3,186 1,699 Repayment and Amortisation (3,149) (1,503) Dividends and Interest on Other Equity Instruments Paid (519) (529) Dividends (519) (529)
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (48) 7
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 95 30
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 47 37
The accompanying Condensed Explanatory Notes 1 to 13 are an integral part of the corresponding Statements of Cash Flows for the six-month periods ended 30 June 2026 and 2025.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 261
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Contents
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262 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Statements of Financial Position at 30 June 2026 and 31 December 2025 .................................................................................. 256 Income Statements for the six-month periods ended 30 June 2026 and 2025 ..................................................................................................................... 258 Statements of changes in equity for the six-month periods ended 30 June 2026 and 2025 ..................................................................................................................... 259 Statements of cash flows for the six-month periods ended 30 June 2026 and 2025 ..................................................................................................................... 261 Condensed explanatory notes to the individual interim condensed financial statements for the six-month period ended 30 June 2026 ......... 266 1. Activity and Interim Condensed Financial Statements of the Company ......................................................................................................................... 267 2. Basis of preparation of the Individual Interim Condensed Financial Statements and Condensed Explanatory Notes ......................................................... 269 2.1. True and fair view ....................................................................................................... 269 2.2. Accounting principles .............................................................................................. 270 2.3. Responsibility for the information and estimates ........................................ 270 2.4. Going concern ............................................................................................................. 271 2.5. Functional currency and presentation currency .......................................... 271 2.6. Comparison of information ................................................................................... 271 2.7 . Aggregation of line items ....................................................................................... 271 3. Current and non-current financial assets ...................................................................... 272 3.1. Non-current and current investments in Group Companies and Associates ..................................................................................................................... 274 3.2. Current and non-current financial investments ........................................... 277 3.3. Items recognised in the Income Statement and in Equity ................................................................................................................. 277 3.4. Fair value measurement .......................................................................................... 278 3.5. Financial investment commitments ................................................................... 278 4. Equity and dividends ................................................................................................................ 279 4.1. Share capital ................................................................................................................. 279 4.2. Share premium ............................................................................................................ 279 4.3. Reserves ......................................................................................................................... 280 4.4. Treasury shares ........................................................................................................... 280 4.5. Dividends ....................................................................................................................... 282 4.6. Valuation Adjustments ............................................................................................. 282
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 263
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
5. Current and non-current provisions ................................................................................. 283 5.1. Provisions for pensions and other similar obligations ............................... 283 5.2. Provisions for workforce restructuring plans ................................................ 285 5.3. Other non-current provisions .............................................................................. 286 5.4. Litigation and arbitration ........................................................................................ 286 6. Current and non-current financial liabilities .................................................................. 287 6.1. Current and non-current financial liabilities .................................................. 287 6.2. Items recognised in the income statement and in equity ................................................................................................................. 290 6.3. Fair value measurement .......................................................................................... 290 6.4. Covenants ...................................................................................................................... 291 6.5. Other matters .............................................................................................................. 292 7 . Risk control and management policy ............................................................................... 293 7 .1. Interest rate risk and foreign currency risk ..................................................... 293 7 .2. Liquidity risk .................................................................................................................. 293 7 .3. Credit risk ...................................................................................................................... 294 8. Income and expenses .............................................................................................................. 294 8.1. Net Turnover ................................................................................................................. 294 8.2. Impairment losses in Group companies and associates .......................... 295 8.3. Personnel expenses .................................................................................................. 295 8.4. Other operating expenses ..................................................................................... 296 8.5. Financial income and expenses ........................................................................... 296 9. Guarantees to third parties, commitments and other contingent liabilities ..................................................................................................... 297 10. Related-party transactions .................................................................................................... 298 10.1. Related-party transactions and balances ....................................................... 298 10.2. Information on the Board of Directors and Senior Management ........................................................................................ 300 11. Other information ...................................................................................................................... 304 11.1. Workforce ...................................................................................................................... 304 11.2. Insurance ....................................................................................................................... 305 11.3. Interruption of the energy supply in the Iberian Peninsula ..................... 305 12. Events after the reporting period ....................................................................................... 306 13. Explanation added fortranslation to english .................................................................. 306
264 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Management Report for the six-month period ended 30 June 2026 ............................ 307 1. Business performance ............................................................................................................. 308 2. Main financial operations ....................................................................................................... 309 3. Events after the reporting period ....................................................................................... 309 4. Geopolitical situation ............................................................................................................... 310 5. Risk control and management policy and the principal risks associated with Endesa’s business .................................................................................... 311 6. Policy on derivative financial instruments ....................................................................... 312 7 . Human resources ...................................................................................................................... 312 8. Treasury shares ........................................................................................................................... 312 9. Environmental protection ...................................................................................................... 313 10. Research and development activities ............................................................................... 313 11. Information on the average supplier payment period .............................................. 313
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 265
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Endesa, S.A.
Condensed Explanatory
Notes to the Individual Interim Condensed Financial Statements for the six-month period ended
30 June 2026V. INDIVIDUAL INTERIM
CONDENSED FINANCIAL
ST ATEMENTS AND
MANAGEMENT REPORT
266 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
1. Activity and Interim
Condensed Financial
Statements of the Company Endesa, S.A. (the ‘Company’) was incorporated as a public limited company (Sociedad Anónima) in accordance with Spanish law on 18 November 1944, under the name Empresa Nacional de Electricidad, S.A. It subsequently changed its name to Endesa, S.A. pursuant to a resolution adopted by the General Shareholders’ Meeting on 25 June 1997 . Its registered office and tax domicile are located at Calle Ribera del Loira 60, Madrid, with this also being its administrative office.
Its corporate purpose comprises the electricity business in its various industrial and commercial areas; the exploitation of primary energy resources of all types; the provision of industrial services, particularly in the areas of telecommunications, water and gas, and those preliminary or supplementary to the Group’s corporate purpose, and the management of the corporate Group, comprising investments in other companies.
The Company carries out its corporate purpose in Spain and abroad directly or through its investments in other companies.
To comply with Electricity Sector Law 24/2013 of 26 December, Endesa, S.A. underwent a corporate restructuring to separate its various electricity activities.
Since then, Endesa, S.A.’s activity has focused primarily on the management and provision of services for its business group, comprising the financial investments detailed in these Condensed Explanatory Notes.
The Company’s shares are officially admitted to trading on the Spanish Stock Exchanges. The Annual Accounts for the year ended 31 December 2025 were approved by the General Shareholders’ Meeting held on 28 April 2026 and have been filed with the Madrid Mercantile Registry.
The Company holds interests in Group, Jointly Controlled and Associated Companies. Consequently, in accordance with legislation in force, the Company is the parent of a group of companies. In accordance with generally accepted accounting principles in Spain, the preparation of Consolidated Financial Statements is required in order to present a true and fair view of the financial position of the Group, the results of operations, and changes in its equity and cash flows. Information pertaining to investments in Group, Jointly Controlled and Associated Companies is included in Note 3.1.1.
The Consolidated Financial Statements of Endesa, S.A.
and its Subsidiaries for the year ended 31 December 2025 were approved by the General Shareholders’ Meeting held on 28 April 2026 and have been filed with the Madrid Mercantile Registry.
On 28 July 2026, the Board of Directors of Endesa, S.A.
approved the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2026 in accordance with current legislation and International Financial Reporting Standards (IFRS).
The key data in the Interim Condensed Consolidated Financial Statements of Endesa, S.A., and its Subsidiaries in the six-month period ended 30 June 2026 and 2025 and the year ended 31 December 2025 are as follows:
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 267
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Millions of Euros 30 June 2026 (unaudited) 31 December 2025 Total Assets 38,625 37 ,482 Equity 9,213 9,611 Attributable to the Parent 8,143 8,522 Of Non-Controlling Interests 1,070 1,089 Millions of Euros January–June 2026
(unaudited)January–June 2025
(unaudited)
Revenue 10,995 10,880 Profit/Loss After Tax from Continuing Operations 1,497 1,060 Profit/Loss After Tax from Discontinued Operations — — Profit/Loss for the Period 1,497 1,060 Attributable to the Parent 1,470 1,041 Of Non-Controlling Interests 27 19 At 30 June 2026 and 31 December 2025, the Enel Group controls, through Enel Iberia, S.L.U., for purely accounting purposes, taking into account the treasury shares held by the Company, 72.5% and 71.4% of the share capital of Endesa, S.A., respectively. For commercial purposes, the percentage of share capital of Endesa, S.A. that the Enel Group owns through Enel Iberia, S.L.U. at 30 June 2026 and 31 December 2025 amounts to 71.2% and 70.1%, respectively (see Note 4.1).The Consolidated Financial Statements of the Enel Group for the year ended 31 December 2025 were approved by the General Shareholders’ Meeting held on 12 May 2026 and have been filed with the Rome and Madrid Mercantile Registry.
268 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
2. Basis of preparation of the Individual Interim
Condensed Financial
Statements and Condensed
Explanatory Notes
2.1. True and fair view The Individual Interim Condensed Financial Statements and Condensed Explanatory Notes, which were approved by the Company’s Directors at the meeting of the Board of Directors held on 28 July 2026, have been prepared in accordance with the requirements set down in article 119 of Royal Decree Law 4/2015, of 23 October, approving the Consolidated Text of the Securities Market Act, and in accordance with the principles and content contained in articles 12 and 13 of Royal Decree 1362/2007 , of 19 October, on transparency requirements in relation to information about issuers whose securities are admitted to trading on an official secondary market or other regulated market in the European Union and Circular 3/2018, of 28 June, on periodic information about issuers whose securities are admitted to trading on regulated markets with regard to half-yearly financial reports. Specifically, the accompanying Individual Interim Condensed Financial Statements have been authorised for issue with the content required to meet the conditions established by Circular 3/2018, of 28 June.
The Individual Interim Condensed Financial Statements and the accompanying Condensed Explanatory Notes for the six-month period ended 30 June 2026 have been prepared on the basis of the accounting policies and valuation methods established by Law 16/2007 , of 4 July, which reforms and adapts mercantile law as regards accounting practices for international harmonisation based on the European Union standard and the Spanish General Chart of Accounts approved by Royal Decree 1514/2007 , of 16 November, subsequently amended by Royal Decree 1159/2010, of 17 September, Royal Decree 602/2016, of 2 December and Royal Decree 1/2021, of 12 January. However, these Individual Interim Condensed Financial Statements and Condensed Explanatory Notes do not include all the information required for the preparation of complete Individual Interim Financial Statements and, therefore, in order to be properly understood, they should be read in conjunction with the Financial Statements for the year ended 31 December 2025.
These Individual Interim Condensed Financial Statements and the accompanying Condensed Explanatory Notes reflect a true and fair presentation of the Company’s equity and financial position at 30 June 2026, and the results of its operations, changes in Equity and cash flows for the six-month period then ended, and have been prepared on the basis of the Company’s accounting records.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 269
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
2.2. Accounting principles The accounting principles and criteria applied in preparing these Individual Interim Condensed Financial Statements and accompanying Condensed Explanatory Notes are those set out in Notes 2 and 4 to the Annual Accounts for the year ended 31 December 2025.
2.3. Responsibility for the information and estimates These Individual Interim Condensed Financial Statements and Condensed Explanatory Notes were approved at the Board of Directors’ meeting held on 28 July 2026 and the Company’s Directors are responsible for the information contained therein, which expressly states that all principles and criteria outlined in the Spanish General Chart of Accounts have been applied.
In preparing the accompanying Individual Interim Condensed Financial Statements, the Company’s Directors made estimates to measure certain assets, liabilities, income, expenses and commitments included therein. The estimates necessary for the preparation of these Individual Interim Condensed Financial Statements were essentially of the same nature as those described in Note 2.3 to the Financial Statements for the year ended 31 December 2025. No modifications have been made to these estimates compared to those used in the Financial Statements that have had a significant effect on the Individual Interim Condensed Financial Statements.In addition, the amount shown under ‘Income Tax Expense’ in the accompanying Individual Interim Condensed Financial Statements was calculated based on the best estimate of the tax rate expected to apply to the related annual periods. As a result, changes in estimates of the annual tax rate require the amount recognised for the six-month period ended 30 June 2026 to be adjusted in future reporting periods.
Although these estimates have been based on the best information available at the date of preparation of these Individual Interim Condensed Financial Statements, future events could require the estimates to be increased or decreased in subsequent years. Changes in estimates are made prospectively and the effects recognised in the corresponding financial statements for future years.
270 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
2.4. Going concern At 30 June 2026, as a result of its financial and cash management policy, the Company has negative working capital of €4,219 million. In this regard, the cash positions, together with the amount of available non-current loans (see Note 6.5), ensure that the Company has sufficient financial resources to continue operating as a going concern, realise its assets and settle its liabilities for the amounts shown in the accompanying Statement of Financial Position.
The Company’s Directors have therefore prepared the accompanying Individual Interim Condensed Financial Statements on a going-concern basis.
2.5. Functional currency and presentation currency The Individual Interim Condensed Financial Statements are presented in millions of €. The Company’s functional and presentation currency is the euro.
2.6. Comparison of information For purposes of comparison, each line item of the Statement of Financial Position in these Individual Interim Condensed Financial Statements presents, in addition to the figures for the six-month period ended 30 June 2026, comparative figures forming part of the Financial Statements for the year ended 31 December 2025 approved by the General Shareholders’ Meeting on 28 April 2026.For purposes of comparison and for each line item of the Income Statement, the Individual Interim Condensed Financial Statements present Statement of Changes in Equity, Statement of Cash Flows and Notes, in addition to the figures for the six-month period ended 30 June 2026, those corresponding to the six-month period ended 30 June 2025.
2.7 . Aggregation of line items Certain items on the statement of financial position, income statement, statement of changes in equity and statement of cash flows are presented in groups for easier understanding, though significant data are set out as breakdowns in the notes to the Individual Interim Condensed Financial Statements.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 271
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
3. Current and non-current
financial assets
At 30 June 2026, the breakdown and changes in ‘Non-Current Investments in Group Companies and Associates’ and ‘Non-Current Financial Investments’ in the accompanying Statement of Financial Position during the first semester of 2026 are as follows:
Millions of Euros
NoteBalance at
31 December 2025Additions and Charges DisposalsTransfers and otherBalance at 30
June 2026
Non-Current Investments in Group Companies and Associates3.1 and 10.119,133 — (2) — 19,131 Equity Instruments 3.1.119,128 — (1) — 19,127 Interests in Group Companies and Associates19,128 — (1) — 19,127 Impairment — — — — — Loans to Companies3.1.2— — — — — Loans to Companies 54 — — — 54 Impairment (54) — — — (54) Other Financial Assets 5 — (1) — 4 Non-Current Financial Investments 3.260 2 (3) (5) 54 Equity Instruments3.2.14 — — — 4 Non-Current Financial Investments 5 — — — 5 Impairment (1) — — — (1) Loans to Third Parties3.2.211 2 — (3) 10 Loans to Third Parties 11 2 — (3) 10 Derivatives3.433 — — (3) 30 Other Financial Assets3.2.312 — (3) 1 10
TOTAL NON-CURRENT FINANCIAL
ASSETS19,193 2 (5) (5) 19,185
272 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
At 30 June 2026 and 31 December 2025, the breakdown of ‘Current Investments in Group Companies and Associates’ and ‘Current Financial Investments’ in the accompanying Statement of Financial Position are as follows:
Millions of Euros Note 30 June 2026 31 December 2025 Current Investments in Group Companies and Associates 10.1141 201 Loans to Companies 3.1.2137 121 Loans to Group Companies and Associates 137 121 Other Financial Assets 4 80 Current Financial Investments 5 3 Loans to Third Parties 3 2 Loans to Third Parties 3 2 Other Financial Assets 2 1
TOTAL CURRENT FINANCIAL ASSETS 146 204
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 273
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
3.1. Non-current and current investments in Group Companies and Associates 3.1.1. Equity instruments Details of the Company’s investments in equity instruments of Group Companies and Associates at 30 June 2026, as well as the most significant information regarding each investment at those dates, are as follows:
Group Companies and Associates and Joint Ventures:
Six-month period ended 30 June 2026 Millions of Euros
% Direct
Holding Capital ReservesInterim DividendProfit/Loss for the Period
Company (1)ActivityOperating
ProfitNet
Profit
Registered Offices
Group Companies:
Endesa Energía, S.A.U. – Madrid (2) Commercialisation of Energy Products 100% 14 1,493 — 873 638
Endesa Generación,
S.A.U. – Sevilla (2)Electricity generation and supply100% 1,940 5,496 — 460 337 Endesa Medios y Sistemas, S.L.U. – MadridRendering of Services 100% 90 63 — (5) (4) Endesa Financiación Filiales, S.A.U. – MadridFinancing of Endesa, S.A.
subsidiaries100% 4,621 4,665 — 156 117
Endesa Mobility,
S.L.U. – MadridElectric Mobility Services 100% 10 18 — (9) (7) Edistribución Redes Digitales, S.L.U. – MadridElectricity distribution 100% 1,204 1,396 — 752 532 Distribuidora Eléctrica del Puerto de la Cruz, S.A.U. – Santa Cruz de TenerifeElectricity distribution 100% 13 23 — 2 2 Energías de Aragón I, S.L.U. – ZaragozaElectricity distribution 100% 3 9 — 1 1 Eléctrica del Ebro, S.A.U. – BarcelonaElectricity distribution 100% — 25 — 2 2 Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A. – CeutaDistribution activities 96.42% 16 52 — 3 4
Other
Associates and Jointly Controlled
Entities:
Suministradora Eléctrica de Cádiz, S.A. – CádizElectricity distribution 33.50% 12 28 — 2 2 Comercializadora Eléctrica de Cádiz, S.A. – CádizSupply of electric power 33.50% 7 8 — 1 1
Other
TOTAL
(1) Unaudited data.
(2) Figures relate to the Consolidated Subgroup.
These companies do not have publicly listed share prices.
274 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros
Total Shareholders’
EquityGrants, Donations and Bequests Received Valuation
AdjustmentsTotal
EquityBook Value
CostImpairment Loss
for the YearAccumulated
ImpairmentDividends
Received
(Notes 8.1 and 10.1) 19,101 — — 822 2,145 — 19 2,164 1,145 — — 196 7,7 73 101 (287) 7,5 87 5,891 — — 400 149 — — 149 167 — — — 9,403 — — 9,403 9,242 — — 62 21 5 — 26 37 — — — 3,132 3,614 (1) 6,745 2,462 — — 207 38 1 — 39 31 — — 4 13 3 — 16 9 — — 2 27 3 — 30 23 — — 3 72 10 — 82 86 — — 4 8 — — 4 26 — — — 42 8 — 50 17 — — — 16 — — 16 6 — — — 3 — — — 19,127 — — 882
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 275
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Most significant changes in the six-month period ended 30 June 2026 There were no significant changes in the six-month period ended 30 June 2026.
3.1.2. Current and non-current loans to Group Companies
and Associates
At 30 June 2026, the heading current ‘Loans to Group Companies and Associates’ mainly includes the receivable from Enel Iberia, S.L.U. for Corporate Income Tax corresponding to the current and previous year for an amount of €45 million and €92 million, respectively (€66 million and €55 million, respectively, corresponding to the current and previous year at 31 December 2025).Likewise, at 30 June 2026 and 31 December 2025, the Company has a loan granted to Elcogas, S.A. (In Liquidation) recorded under the heading non-current ‘Loans to Group Companies and Associates’ amounting to €54 million, which is fully impaired. Its maturity date is dependant upon Elcogas, S.A. (In Liquidation) having already repaid all its debts, which, given the ongoing plant closure process, is expected to take place in over 12 months.
3.1.3. Impairment test During the first six months of 2026 and 2025, no significant impairment losses or reversals were recognised in respect of investments in Group, Jointly Controlled and Associated Companies.
Note 4d.1.2 to the Financial Statements for the year ended 31 December 2025, ‘Investments in Equity Instruments of Group, Jointly Controlled and Associated Companies’ establishes that the investments in Group, Jointly Controlled and Associated Companies are initially measured at cost, and subsequently adjusted for any accumulated impairment losses.
At 30 June 2026, bearing in mind the current performance of Group companies and the information available, Endesa, S.A. considers that there are no indications of impairment forcing the estimated recoverable amount of the assets to be updated.
276 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
3.2. Current and non-current financial investments 3.2.1. Equity instruments At 30 June 2026 and 31 December 2025, equity investments amounted to €4 million, respectively.
3.2.2. Current and non-current loans to third parties At 30 June 2026 and 31 December 2025, the heading non-current ‘Loans to Third Parties’ included the balance relating to non-current loans to staff amounting to €10 million and €11 million, respectively.Likewise, at 30 June 2026 and 31 December 2025, there are no impairment adjustments for non-current ‘Loans to Third Parties’.
3.2.3. Other non-current financial assets At 30 June 2026, this heading included mainly €3 million for the deposit made to guarantee payment for future services of employees who are members of the Endesa, S.A.’s defined benefit pension plan (€4 million at 31 December 2025) (see Note 5.1). Likewise, at 30 June 2026, this heading includes the valuation of the related asset derived from the insurance of the pension plan’s savings commitments through a policy for an amount of €4 million (€3 million at 31 December 2025) (see Note 5.1).
3.3. Items recognised in the Income Statement and in Equity In the six-month period ended 30 June 2026 and 2025, the applications made in the Income Statement and equity linked to financial assets grouped by the different categories are as follows:
Millions of Euros January–June 2026 January–June 2025 Income statement Equity Income statement Equity Financial Assets at Amortised Cost 2 — 3 — Cash Flow Hedging Derivatives 4 (2) 6 (8)
TOTAL 6 (2) 9 (8)
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 277
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
3.4. Fair value measurement At 30 June 2026 and 31 December 2025, the classification of financial assets measured at fair value in the Statement of Financial Position by fair value hierarchy was as follows:
Millions of Euros 30 June 2026 Fair Value Level 1 Level 2 Level 3 Non-Current Financial Investments 30 — 30 — Derivatives 30 — 30 — Interest Rate Hedges 30 — 30 — Fair Value Hedges 1 — 1 — Cash Flow Hedges 29 — 29 — Total non-current assets 30 — 30 — Millions of Euros 31 December 2025 Fair Value Level 1 Level 2 Level 3 Non-Current Financial Investments 33 — 33 — Derivatives 33 — 33 — Interest Rate Hedges 33 — 33 — Fair Value Hedges 2 — 2 — Cash Flow Hedges 31 — 31 — Total non-current assets 33 — 33 — There were no level transfers among these financial assets in the six-month period ended 30 June 2026 or in the year 2025.
3.5. Financial investment commitments At 30 June 2026 and 31 December 2025, Endesa, S.A. did not have any agreements that included commitments to make financial investments of a significant amount.
278 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
4. Equity and dividends At 30 June 2026 and 2025, changes in Equity are presented in the Statement of Changes in Equity forming part of the Company’s Financial Statements. Details of the Company’s equity at 30 June 2026 and 31 December 2025 are as follows:
Millions of Euros Note 30 June 2026 31 December 2025 Share Capital4.11,250 1,271 Share Premium4.289 89
Reserves4.31,043 1,467
(Treasury Shares)4.4(628) (529) Profit from Previous Years 2,471 2,434 Profit/Loss for the Period 741 1,666 Interim Dividend4.5— (519) Other Equity Instruments 5 5 Valuation Adjustments4.69 16
TOTAL 4,980 5,900
4.1. Share capital On 24 February 2026, the Board of Directors of Endesa, S.A. resolved a share capital reduction of €20,409,079.20 through the cancellation of 17 ,007 ,566 treasury shares with a par value of €1.20 each, in accordance with the share capital reduction resolution approved at Endesa’s Annual General Shareholders’ Meeting held on 29 April 2025.
Consequently, at 30 June 2026 and 31 December 2025, Endesa, S.A.’s share capital amounted to €1,250,093,461.20 and €1,270,502,540.40, respectively, represented by 1,041,744,551 and 1,058,752,117 bearer shares, respectively, each with a par value of €1.20, fully subscribed and paid up, all of which were admitted to trading on the Spanish stock exchanges. All the shares have the same voting and profit-
sharing rights.
At 30 June 2026 and 31 December 2025, the number of shares of Endesa, S.A. held by the Enel Group, through Enel Iberia, S.L.U., represents for commercial purposes 71.2% and 70.1% of its share capital, respectively. At those same dates, no other shareholder held shares representing more than 10% of the share capital of Endesa, S.A.
4.2. Share premium The share premium arises from the Company’s corporate restructuring. Article 303 of the Consolidated Text of the Spanish Corporate Enterprises Act expressly permits the use of the share premium to increase capital and does not establish any specific restrictions as to its use. Nonetheless, at 30 June 2026, €27 million of the share premium are restricted to the extent that they are subject to tax assets capitalised in prior years (€28 million at 31 December 2025).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 279
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
4.3. Reserves
At 30 June 2026 and 31 December 2025, the details of the Company’s reserves were as follows:
Millions of Euros Note 30 June 2026 31 December 2025 Legal Reserve 254 254 Revaluation Reserve 404 404 Redeemed Capital Reserve4.3.1123 102 Reserve for Redenomination of Capital in Euros 2 2 Reserve for Actuarial Profits and Losses and Other Adjustments 4.3.22 2 Other Reserves 4.3.3258 703
TOTAL 1,043 1,467
4.3.1. Reserves for Amortized Capital As of June 30, 2026, this line item includes a transfer from freely available reserves to a new reserve for amortized capital in the amount of 21 million euros, equivalent to the par value of the shares of capital stock amortized in the capital reduction transaction described above (see Note 4.1).
4.3.2. Reserves for actuarial gains and losses and other adjustments At 30 June 2026 and 31 December 2025, the amounts recognised in this reserve arise from actuarial gains and losses recognised in equity (see Note 5.1).
4.3.3. Other Reserves During the six-month period ended June 30, 2026, this line item reflected a decrease resulting from the difference between the carrying value of the retired treasury shares and their par value, as part of the share capital reduction transaction described above (see Note 4.1), in the amount of 445 million euros.
4.4. Treasury shares Information regarding the “Share Buyback Framework Program,” including the first three tranches of the program executed during fiscal year 2025, as well as Endesa’s “Strategic Incentive Plans,” is detailed in Notes 10.4 and 18.3.5 of the Notes to the Annual Financial Statements for the fiscal year ended December 31, 2025.Share Buyback Framework Programme
Third tranche
On 27 February 2026, Endesa, S.A. completed the third tranche of said Programme in accordance with the terms agreed with the financial institution through which it was executed.
280 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
As of 30 June 2026, the total number of shares acquired under the third tranche amounted to 4,040,753 shares with a value of 122 million euros, of which 1,271,867 shares were acquired during the first half of 2026 for a value of 40 million euros; as of June 30, 2026, all of these shares remain in the Company’s possession.
Amortization of the second tranche, approval and execution of the fourth and fifth tranches, and approval of the
sixth tranche
On 20 February 2026, the Board of Directors of Endesa, S.A. approved the fourth tranche of the ‘Share Buyback Framework Programme’ , as well as the cancellation of the second tranche of said Programme:
• The share capital reduction resolution approved by the Ordinary General Shareholders’ Meeting of Endesa, S.A. held on 29 April 2025 was executed in the amount of €20,409,079.20, through the cancellation of the 17 ,007 ,566 treasury shares, of €1.20 nominal value each, acquired in the second tranche of the ‘Share Buyback Framework Programme’.
As a consequence of the above, the share capital of Endesa, S.A. resulting after the cancellation of the indicated shares was set at €1,250,093,461.20, represented by 1,041,744,551 shares of €1.20 nominal value each, all of them belonging to the same class and series.
• Within the framework of the fourth tranche of the Programme, approved for a maximum monetary amount of €500 million, in the six-month period ended 30 June 2026, Endesa, S.A. acquired 13,965,554 treasury shares for an amount of €500 million, of which, at 30 June 2026, all of them remain in the possession of the Company. The completion date for the fourth phase was 24 June 2026.On 24 March 2026, the Board of Directors of Endesa, S.A. approved the fifth tranche of the ‘Share Buyback
Framework Programme’:
• The fifth tranche corresponds to the Temporary Share Buyback Programme in accordance with the share delivery plan for employees (‘Flexible Share Remuneration Programme’) approved at the Company’s Board of Directors held on 24 March 2026. The maximum number of shares to be acquired in the approved fifth tranche was 703,000 shares, for a maximum amount of €17 million.
The duration of said Programme was between 1 April and 9 April 2026, a period in which Endesa, S.A. acquired 466,093 treasury shares of the Company for an amount of €17 million. From 10 April 2026, the execution of the fourth tranche of the ‘Share Buyback Framework Programme’ resumed.
On June 23, 2026, the Board of Directors of Endesa, S.A.
approved the sixth tranche of the “Framework Program for the Repurchase of Treasury Stock,” for a maximum amount of 500 million euros, with the purpose of reducing the share capital of Endesa, S.A. through the cancellation of the repurchased treasury stock. The Program commenced on July 15, 2026.
Treasury shares acquired and retired under the Buyback Program in connection with the Share Capital Reduction Plan, and shares acquired and delivered to employees under the “Flexible Share-Based Compensation Program” .
Accordingly, the number of shares acquired, retired, and/ or delivered under the Buyback Program, for the tranches related to the Share Capital Reduction Plan and the “Flexible Share-Based Compensation Program,” is as follows:
Tranche Approval Date End DateNo. of Shares RepurchasedNo. of Shares
Retired/
DeliveredNumber of Shares Acquired Held by the Company as of June 30, 2026 Second Tranche April 8, 2025 October 13, 2025 17 ,007 ,566 17 ,007 ,566 (1)— Third Tranche October 13, 2025 February 27 , 2026 4,040,753 — 4,040,753 Fourth Tranche February 20, 2026 June 24, 2026 13,965,554 — 13,965,554 Fifth Tranche March 24, 2026 April 9, 2026 466,093 463,637 (2)2,456 Sixth Tranche June 23, 2026 — — — —
TOTAL 35,479,966 17 ,471,203 18,008,763
(1) This corresponds to the cancellation of shares acquired under the second tranche of the “Framework Program for the Repurchase of Own Shares.” (2) This corresponds to the delivery of shares to employees under the “Flexible Share-Based Compensation Program.”
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 281
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Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Strategic Incentive Plans Endesa, S.A. holds treasury shares for the purpose of covering its current long-term variable compensation plans, which include the delivery of shares as part of the Strategic Incentive payment (see Note 10.2.4).
These shares were purchased through Temporary Share Repurchase Programs.Treasury shares of Endesa, S.A.
At 30 June 2026 and 31 December 2025, Endesa, S.A. held treasury shares as set out in the breakdown below:
Number of
SharesNominal Value
(Euros/Share)% of
Total Share
CapitalAverage
acquisition cost
(Euros/Share)Total Cost of
Acquisition
(Euros)
Treasury Shares at 30 June 2026 18,180,184 1.2 1 .74517 34.53 6 2 7,674,7 0 1 Strategic Incentive Plans 168,680 1.2 0.01619 19.25 3,246,801 Flexible Share-Based Compensation Plans 5,197 1.2 0.00050 27.7 1 144,034 Plan for Share Capital Reduction 18,006,307 1.2 1.72848 34.67 624,283,866 Treasury Shares at 31 December 2025 19,947 ,873 1.2 1.88409 26.50 528,674,223 Strategic Incentive Plans 168,680 1.2 0.01593 19.25 3,246,801 Flexible Share-Based Compensation Plans 2 ,741 1.2 0.00026 19.14 52,450 Plan for Share Capital Reduction 19,776,452 1.2 1.8679 26.57 525,374,972
4.5. Dividends
The General Shareholders’ Meeting of Endesa, S.A. held on 28 April 2026 has approved the distribution to the shares entitled to a dividend of a total dividend charged to the result for the 2025 fiscal year for a gross amount of €1.584 per share, which represents a maximum amount of €1,645 million as set out in the breakdown below:
Approval DateGross Dividend per ShareMaximum Amount
Payable
(Millions of Euros) Payment Interim Dividend 16 December 2025 0.5 519 12 January 2026 Final Dividend 28 April 2026 1.084 1,126 10 July 2026 Total dividend paid against 2025 profit 1.584 1,645 4.6. Valuation Adjustments Changes in ‘Valuation Adjustments’ in the accompanying statement of financial position are shown in the statement of recognised income and expense, which forms part of these Individual Interim Condensed Financial Statements.
282 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
5. Current and non-current
provisions
Details of current and non-current provisions in the accompanying Statement of Financial Position at 30 June 2026 and 31 December 2025 are as follows:
Millions of Euros Note 30 June 2026 31 December 2025
Non-Current Provisions
Non-Current Employee Benefit Provisions 22 22 Provisions for Pensions and Other Similar Obligations (1) 5.112 11 Other Employee Benefits 10 11 Provisions for Workforce Restructuring Plans 5.274 111 Contract suspensions 74 111 Other Provisions 5.315 32 Other liabilities 15 32
TOTAL 111 165
Current Provisions
Provisions for Workforce Restructuring Plans 27 17 Contract suspensions 27 17
TOTAL 27 17
(1) Related to post-employment benefits other than pension plans for €12 million at 30 June 2026 (€11 million at 31 December 2025).
5.1. Provisions for pensions and other
similar obligations
At 30 June 2026 and 31 December 2025, the information on the present value of the provisions assumed by the Company in relation to post-employment remuneration and other long-term employee benefits and associated plan assets were as follows:
Millions of Euros 30 June 2026 31 December 2025 Present value of commitments 25 25 Assets 4 3 Liabilities 8 7 Early Retirees 13 15 Fair Value of Defined Benefit Plan Assets (17) (17)
NET TOTAL (1)8 8
(1) At 30 June 2026, includes post-employment benefits other than pension plans for an amount of €12 million (€11 million at 31 December 2025) as well as a net asset balance for post-employment benefits relating to pension plans for an amount of €4 million (€3 million at 31 December 2025).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 283
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Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Changes in the actuarial liabilities assumed in relation to defined benefit scheme obligations in the first six months of 2026 were as follows:
Millions of Euros Note January–June 2026 Opening Actuarial Liability 25 Provisions Charged to Net Income for the Year 1
Financial Expenses8.51
Actuarial Profits and Losses 1
Applications (2)
Payments (2)
Closing Actuarial Liabilitand (1)25 (1) At 30 June 2026, includes post-employment benefits other than pension plans for an amount of €12 million (€11 million at 31 December 2025).
Changes in the market value of defined benefit plan assets in the first six months of 2026 are as follows:
Millions of Euros January–June 2026 Opening Market Value 17
Payments (1)
Actuarial Profits and Losses 1 Closing Market Value (1)17 Opening Liabilities/Assets Balance 8 Closing liabilities/assets balance 8 (1) Post-employment benefits other than pension schemes are not included.
The Company has the above provisions covered by the amounts shown in the Statement of Financial Position at 30 June 2026 and 31 December 2025.Affected assets At 30 June 2026 and 31 December 2025, the main categories of defined benefit plan assets as a percentage of total assets, are as follows:
Percentage (%)
30 June 2026 31 December 2025 Shares 31 29 Fixed Income Assets 41 46 Other Investments 28 25
TOTAL 100 100
284 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Actuarial assumptions
The assumptions used when calculating the actuarial liability in respect of uninsured defined benefit obligations at 30 June 2026 and 31 December 2025 are as follows:
30 June 2026 31 December 2025 Mortality Tables PERM FCOL2020 PERM FCOL2020 Interest Rate 4.08% - 4.16% 4.07% - 4.15% Expected Return on Plan Assets 4.15% 4.13% Salary Review (1)1.00% 1.00% Increase in the Costs of Health Care 4.10% 4.10% (1) Benchmark percentage for estimating salary increases.
The interest rate applied to discount the provisions in Spain is obtained from a curve constructed using the yields on corporate bond issues by companies with an ‘AA’ credit rating, based on the estimated term of the provisions arising from each commitment.The projected Unit Credit Method is used, where each year of service generates a unit of rights to the benefits, with each unit determined separately.
5.2. Provisions for workforce restructuring plans 5.2.1. Agreement on voluntary suspension or termination of
employment contracts
Changes in this non-current provision in the first six months of 2026 are as follows:
Millions of Euros Note January-June 2026 Opening Balance 111 Allocations Charged to Profit/Loss for the Period 3
Personnel Expenses8.31
Financial expenses8.52
Financial expenses (40)
Personnel Expenses8.3(11)
Financial Income 8.5(1) Transfers and other (28) Closing Balance 74
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 285
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Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Actuarial assumptions
The assumptions used when calculating the actuarial liability in respect of restructuring plan obligations at 30 June 2026 and 31 December 2025 were as follows:
30 June 2026 31 December 2025 Mortality Tables PERM FCOL2020 PERM FCOL2020 Interest Rate 3.50% 3.26% Future Increase in Guarantee 1.00% 1.00% Increase in Other Items 2.05% 2.05% 5.3. Other non-current provisions The changes in non-current ‘Other Provisions’ in the first six months of 2026, as shown on the liabilities side of the accompanying Statement of Financial Position, was as
follows:
Millions of Euros January–June 2026 Opening Balance 32 Allocations Charged to Profit/Loss for the Period 1 Utilisation of provisions (3)
Payments (15)
Closing Balance 15 5.4 Litigation and arbitration In the six-month period ended 30 June 2026, the following significant changes occurred in relation to litigation and arbitration proceedings involving the Company described in Note 11.3 to the Financial Statements for the year ended 31 December 2025:
• With respect to fiscal years 2019 through 2022, on October 31, 2025, the Corporate Income Tax (IS) and Value-Added Tax (VAT) assessment notices were received from the Corporate Income Tax Tax Consolidation Groups (IS) Value-Added Tax (VAT) to which Endesa, S.A. belongs, as well as the withholding tax returns for Individual Income Tax (IRPF) and, where applicable, Non-
Resident Income Tax (IRNR), for each of the audited companies. After submitting statements of defense in December 2025, the Assessment Decisions were received on March 29 and April 4, 2026; in response, the respective economic-administrative appeals were filed with the Central Economic-Administrative Court (TEAC), where they are pending resolution.
With regard to corporate income tax (CIT), the issues still under discussion primarily relate to differing interpretations regarding the deductibility of certain financial expenses and differing interpretations regarding the deductibility of expenses related to the decommissioning of power plants (the associated contingent liability amounts to 15 million euros).
The Company’s Directors do not expect that as a result of the outcome of the aforementioned litigation and arbitration proceedings significant liabilities will arise in addition to those already recorded in the accompanying Statement of Financial Position.
286 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
6. Current and non-current
financial liabilities
6.1. Current and non-current financial liabilities At 30 June 2026 and 2023 the breakdown and changes and in ‘Non-Current Debts’ and ‘Non-Current Debts to Group Companies and Associates’ headings in the accompanying Statement of Financial Position were as
follows:
Millions of Euros
NoteBalance at
31 December
2025 Drawdowns DepreciationCurrent
Transfers and
otherBalance at
30 June 2026 Non-Current Debts 5,191 700 (20) (839) 5,032 Bonds and other Marketable Securities 14 — — — 14 Bank Borrowings 5,154 700 (9) (849) 4,996 Derivatives 17 — (10) 10 17 Other Financial Liabilities 6 — (1) — 5 Non-Current Debts to Group Companies and Associates 10.17 ,256 — (548) (1,649) 5,059 Debts to Group Companies and Associates 7 ,256 — (548) (1,649) 5,059
TOTAL 12,447 700 (568) (2,488) 10,091
At 30 June 2026 and 31 December 2025, the breakdown of the ‘Non-Current Debts’ and ‘Non-Current Debts to Group companies and Associates’ headings in the accompanying Statement of Financial Position were as
follows:
Millions of Euros Note 30 June 2026 31 December 2025 Current Debts 1,906 988 Bank Borrowings 1,163 482 Derivatives 8 — Other Financial Liabilities (1)735 506 Current Debts to Group Companies and Associates 10.12,536 522 Debts to Group Companies and Associates 1,730 145 Other Financial Liabilities (2)806 377
TOTAL 4,442 1,510
(1) At 30 June 2026, it mainly includes the outstanding balance of ‘Euro Commercial Paper (ECP)’ issuances amounting to €425 million, as well as the dividend payable by Endesa, S.A. to shareholders not belonging to the Enel Group amounting to €305 million (see Note 4.5) (€350 million and €148 million, respectively, at 31 December 2025).
(2) At 30 June 2026, it mainly includes the dividend payable by Endesa, S.A. to Enel Iberia, S.L.U., amounting to € 805 million (see Note 4.5) (€ 371 million at 31 December 2025).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 287
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Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
At 30 June 2026 and 31 December 2025, the breakdown of both current and non-current ‘Bank Borrowings’ and ‘Debts to Group Companies and Associates’ is as follows:
Millions of Euros 30June 2026 31 December 2025 Note Long-Term Current Long-Term Current Bank Borrowings 4,996 1,163 5,154 482 Loans from the European Investment Bank (EIB) / Regional Resilience Fund (FRA)2,254 212 1 ,742 204 Official Credit Institute (ICO) Loan 720 61 765 56 Other loans 2,022 890 2,638 222 Lines of Credit — — 9 — Lines of Credit10.15,059 2,536 7 ,256 522 Enel Finance International, N.V. 1,873 1,671 3,522 17 Endesa Financiación Filiales, S.A.U. 3,186 47 3,734 65 Other Debts — 12 — 63 Other Financial Liabilities — 806 — 377 The main transactions in the first six months of 2026 are
as follows:
• Endesa, S.A. has extended its ‘Endesa, S.A. SDG 13 Euro Commercial Paper Programme’ (ECP) for an additional year. This programme was formalised on 9 May 2024 for a total amount of €5,000 million and has a planned duration of 5 years, subject to annual renewals. This Programme is linked to Sustainability targets. At 30 June 2026, the outstanding nominal balance associated with this programme amounts to €426 million.
• Likewise, at 30 June 2026, the following long-term financial transactions were performed:
Millions of Euros Transactions Counterparty Signature Date Maturity Date Amount Loan (1)European Investment Bank (EIB) 29 September 2025 07 January 2041 150 Loan (1) Autonomous Resilience Fund (FRA) - European Investment Bank( BEI)29 September 2025 19 January 2041 500 Loan (2)European Investment Bank (EIB) 25 March 2026 2041 350
TOTAL 1,000
(1) The disbursements took place on 7 and 19 January 2026, respectively.
(2) Corresponds to an undisbursed loan at 30 June 2026.
At 30 June 2026, the main transactions included in the non-current and current balances of ‘Bonds and Other Marketable Securities’, ‘ Bank Borrowings’, ‘ Other Financial Liabilities’ and ‘Debts to Group Companies and Associates’ are as follows:
288 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros 30 June 2026 Limit Long-Term Short-term Term Terms and conditions Maturity Bonds and other Marketable Securities 14 — Bond 14 — Interest rate 5.74% 12 November 2031 Bank Borrowings 4,996 1,163 European Investment Bank (EIB) / Regional Resilience Fund (FRA) (1) 2,800 2,254 212 Variable Interest Rate Until 2041 Official Credit Institute (ICO) 780 720 61 Variable Interest Rate Until 28 June 2035 Banking Loans 2,899 2,022 890 Fixed and Floating Interest RateUntil 09 January 2030 Bank Lines of Credit 3,595 — — Variable Interest Rate Until 28 March 2030 Debts to Group Companies and Associates 5,059 2,536 Line of Credit with Enel Finance International, N.V. (2) 1,500 — 1 Margin of 76.5 bps and a Commitment Fee of 17 .6 bps.09 May 2030 Line of Credit with Enel Finance International, N.V. (2) 1,000 — 1 Margin of 63 bps and a Commitment Fee of 20 bps.28 May 2028 Inter-Company Loan with Enel Finance International, N.V. (3) 1,650 — 1,655Fixed Interest Rate of 2.017%13 May 2027 Inter-Company Loan with Enel Finance International, N.V. (4) 1,875 1,873 14 Fixed Interest Rate of 4.283%04 May 2028 Current Account with Endesa Financiación Filiales, S.A.U. (5) 3,186 47 Variable Interest Rate 31 December 2029 Other Debts — 12 Other Financial Liabilities (7) — 806 Other Financial Liabilities 5 735 European Commercial Papers (ECPs) (6)5,000 — 425 Variable Interest Rate Renewed Annually Other Financial Liabilities (8) 5 310 — —
TOTAL 10,074 4,434
(1) On March 25, 2026, Endesa, S.A. entered into a new loan agreement with the European Investment Bank (EIB) in the amount of 350 million euros, with disbursement scheduled for the second half of 2026.
(2) Committed and irrevocable Lines of Credit (see Note 7 .2). On 28 May 2024, Endesa S.A. arranged a long-term intercompany credit facility with Enel Finance International, N.V. for an amount of €1,000 million. On 9 May 2025, a new long-term intercompany credit line was formalised with Enel Finance International, N.V. for an amount of €1,500 million. On that same date, a previous credit line amounting to €1,125 million, with an original maturity date of 4 May 2026, was cancelled early.
(3) On 13 May 2022, Endesa, S.A. arranged a long-term intercompany loan with Enel Finance International, N.V. for an amount of €1,650 million. At 30 June 2026, the accrued and unpaid interest on this outstanding loan amounts to €5 million (€4 million at 31 December 2025) (see Note 10.1).
(4) On 04 May 2023, Endesa, S.A. arranged a long-term intercompany loan with Enel Finance International, N.V. for €1,875 million. At 30 June 2026, the accrued and unpaid interest on this outstanding loan amounts to €14 million (€13 million at 31 December 2025) (see Note 10.1).
(5) The Company has a current account financing agreement with Endesa Financiación Filiales, S.A.U. that is automatically renewable for five-year periods at maturity unless either party notifies the other of its decision not to renew the agreement at least 13 months before the end of the period. The interest rate applicable to the current account will be determined by Endesa Financiación Filiales, S.A., and will be equal to the average cost of gross debt for the Endesa Group (or any other that may replace it in the future), as published by the Finance Department during the month immediately prior to the interest period concerned, and may be reviewed, where appropriate, depending on the actual rate at the end of the interest period. This contract stipulates that the Company may draw down the amounts required to cover its financial needs and invest its surpluses to regulate its cash flows. There is no limit on the cash drawdowns that can be made between the parties. At 30 June 2026, the accrued and unpaid interest on this credit facility amounts to €47 million (€65 million at 31 December 2025) (see Note 10.1).
(6) At 30 June 2026 and 31 December 2025, there was outstanding accounting balance relating to the ‘Euro Commercial Paper (ECPs)’ programme in accordance with the issuance programme registered by Endesa, S.A. on 9 May 2024.
(7) Relates mainly to dividends payable to Enel Iberia, S.L.U., amounting to €805 million.
(8) Relates mainly to dividends payable to shareholders amounting to €305 million.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 289
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Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Other debts
At 30 June 2026, the heading ‘Current Debts to Group Companies and Associates’ includes a deposit received from Nuclenor, S.A. for €10 million (€9 million at 31 December 2025).Furthermore, at 30 June 2026, the heading ‘Current Debts to Group Companies and Associates’ also included the amount payable to Enel Iberia, S.L.U. corresponding to Value added tax (VAT) in the amount of €2 million (€54 million at 31 December 2025).
6.2. Items recognised in the income statement and in equity In the six-month periods ended 30 June 2026 and 2025, the applications made in the income statement and equity linked to current and non-current financial liabilities grouped by the different categories are as follows:
Millions of Euros January–June 2026 January–June 2025
Income
statement EquityIncome
statement Equity
Financial Liabilities at Amortised Cost (203) — (229) — Fair Value Hedging Derivatives (3) — 3 — Cash Flow Hedging Derivatives (2) (7) (1) 5
TOTAL (208) (7) (227) 5
6.3. Fair value measurement At 30 June 2025 and 2026 and 31 December 2025, the non-current and current financial liabilities measured at fair value in the Statement of Financial Position by fair value hierarchy were as follows:
Millions of Euros 30 June 2026 Fair Value Level 1 Level 2 Level 3 Long-Term Debt 31 — 31 — Bonds and Other Marketable Securities 14 — 14 — Derivatives 17 — 17 — Interest Rate Hedging 17 — 17 — Cash Flow Hedge 17 — 17 — Total Non-Current Liabilities 31 — 31 — Short-Term Liabilities 8 — 8 — Derivatives 8 — 8 — Interest Rate Hedging 8 — 8 — Fair Value Hedge 8 — 8 — Total Current Liabilities 8 — 8 —
290 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros 31 December 2025 Fair Value Level 1 Level 2 Level 3 Non-Current Debts 31 — 31 — Bonds and other Marketable Securities 14 — 14 — Derivatives 17 — 17 — Interest Rate Hedges 17 — 17 — Fair Value Hedges 8 — 8 — Cash Flow Hedges 9 — 9 — Total non-current liabilities 31 — 31 — There were no level transfers among these financial liabilities in the six-month period ended 30 June 2026 or in the year 2025.
6.4. Covenants
Endesa, S.A.’s financial debt is subject to compliance with certain obligations set forth in its financing agreements (“covenants”), which are customary in agreements of this nature.
At 30 June 2026 and 31 December 2025, Endesa, S.A.
had not breached its covenants or any other financial obligations that would require the early repayment of its financial commitments.
The outstanding bond issues of Endesa, S.A. (€12 million at 30 June 2026), the outstanding bond issuance commitments of Endesa, S.A. and the bank financing arranged by Endesa, S.A. contain the following clauses:
Clauses Operations Stipulations Cross-default clauses Outstanding bond issues of Endesa, S.A.The debt must be prepaid in the event of default (over and above a certain amount) on the settlement of certain obligations of Endesa, S.A.
Negative pledge clauses The outstanding bond issuance commitments of Endesa, S.A. and the bank financing arranged by Endesa, S.A.Endesa, S.A. may not issue mortgages, liens or other encumbrances on its assets (above a certain amount) to secure certain types of bonds, unless equivalent guarantees are issued in favour of the remaining debtors.
Pari passu clauses.Bonds and bank financing have the same status as any other existing or future unsecured or non-subordinated debts issued by Endesa, S.A.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 291
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Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
The Company’s Directors do not believe that these clauses will change the current/non-current classification in the accompanying Statement of Financial Position at 30 June 2026.Note 12.7 to the Financial Statements of Endesa, S.A. for the year ended 31 December 2025 provides a detailed description of the financial covenants contained in the Company’s financial debt. Some of the most significant information is detailed below:
Millions of Euros Nominal Debt Clauses Transactions Stipulations30 June
202631 December
2025
Related to
Credit RatingsFinancial transactions with the European Investment Bank (EIB) and Official Credit Institute (Instituto de Crédito Oficial - ICO).Additional guarantees or renegotiation in cases of credit rating downgrades.3,230 2,757
Related to
Change of
ControlFinancial Operations with the European Investment Bank (EIB), the Instituto de Crédito Oficial (ICO) and Enel Finance International, N.V.May be repaid early in the event of a change of control at Endesa, S.A.6,755 (1)6,282 (1)
Related to
Asset TransfersFinancial Operations with the EIB, the ICO and other financial entities.Restrictions arise if a percentage of between 7% and 10% of Endesa’s consolidated assets is exceeded (2)6,129 (3)5,615 (3)
Related to
SustainabilityFinancial Operations with the EIB, the ICO and other financial entities.Credit terms are tied to the reduction of certain levels of carbon dioxide (CO2) emissions by specified dates, or to the proportion of Investments classified under the European Union (EU) Taxonomy over different periods (4).7,874 7,83 8 (1) At 30 June 2026, the amount signed stood at €9,605 million (€9,432 million at 31 December 2025).
(2) Above these thresholds, the restrictions would only apply, in general, if no equivalent consideration is received or if there was a material negative impact on Endesa, S.A.’s solvency.
(3) At 30 June 2026, the amount signed stood at €10,059 million (€9,886 million at 31 December 2025).
(4) Non-compliance with these stipulations only implies a modification of the financing conditions.
6.5. Other matters At 30 June 2026 and 31 December 2025, Endesa, S.A.
had undrawn credit facilities totalling €6,095 million and €6,085 million, respectively, of which 2,500 million, respectively, correspond to committed and irrevocable lines of credit signed with Enel Finance International, N.V.
(see Notes 7 .2 and 10.1).
292 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
7 . Risk control and
management policy
In the six-month period ended 30 June 2026, Endesa, S.A.
followed the same general risk control and management policy as that described in Note 13 to the Financial Statements for the year ended 31 December 2025.
7 .1. Interest rate risk and foreign currency risk The financial instruments and types of hedges are the same as those described in the Financial Statements for the year ended 31 December 2025 .
The derivatives held by Endesa, S.A. relate mainly to transactions arranged to hedge interest rate risk, the purpose of which is to eliminate or significantly reduce these risks in the underlying hedged transactions.
At 30 June 2026, there were no foreign currency risk transactions arranged. In the current context, Endesa, S.A. has reviewed that the outstanding interest rate hedging transactions continue to meet the criteria established by the regulations for applying hedge accounting.
7 .2. Liquidity risk At 30 June 2026 and 31 December 2025 Endesa, S.A.’s liquidity position is set out in the breakdown below:
Millions of Euros Liquidity 30 June 2026 31 December 2025 Cash 47 95 Unconditional Available Credit Lines and Undrawn Loans (1)6,445 6,785
TOTAL 6,492 6,880
(1) At 30 June 2026 and 31 December 2025, €2,500 million, related to committed and irrevocable credit lines available with Enel Finance International, N.V. (see Notes 6.5 and 10.1).
At 30 June 2026, Endesa, S.A. had negative working capital of €4,219 million. Available liquidity and non-
current credit lines, as well as the Company’s access to the financial markets on preferential terms, provide assurance that the Company is able to obtain sufficient financial resources to continue operating as a going concern, realise its assets and settle its liabilities for the amounts shown in the accompanying Statement of Financial Position (see Note 2.4).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 293
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Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
7 .3. Credit risk Endesa, S.A. mainly trades with counterparties of the business Group and therefore, it is exposed to limited credit risk.
As regards credit risk in relation to financial instruments, the risk policies followed by Endesa, S.A. consist in placing its cash surpluses as set forth in the risk management policy defined, which requires top-tier counterparties in the markets it operates in.
At 30 June 2026, the largest exposure to cash positions held with a counterparty was €24 million, of a total of €47 million, with this counterparty having a rating of A+ (€73 million of a total of €94 million at 31 December 2025, with this counterparty having a rating of A+).
8. Income and expenses The Company’s main income and expenses for the six-month periods ended 30 June 2026 and 2025 are
detailed below:
8.1. Net Turnover The breakdown of the heading ‘Net Turnover’ in the accompanying Income Statement for the six-month periods ended 30 June 2026 and 2025, by category of activities and geographical market, is as follows:
Millions of Euros January–June 2026 January–June 2025 Note Spain Other EU Total Spain Other EU Total Provision of Services10.1141 1 142 149 1 150 Dividend Income from Group Companies and Associates3.1.1 and 10.1882 — 882 487 — 487
TOTAL 1,023 1 1,024 636 1 637
The breakdown of the heading ‘Dividend Income from Group Companies and Associates’ , which includes dividends distributed by Group Companies (see Note 3.1.1), is shown below:
294 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros Company January-June 2026 Endesa Generación, S.A.U. 400 Edistribución Redes Digitales, S.L.U. 207 Endesa Energía, S.A.U. 196 Endesa Financiación Filiales. S.A.U. 62 Distribuidora Eléctrica del Puerto de la Cruz, S.A.U. 4 Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A. 4 Eléctrica del Ebro, S.A.U. 3 Endesa Ingeniería, S.A.U. 3 Energías de Aragón, S.A.U. 2 Hidroeléctrica de Catalunya, S.L.U. 1
TOTAL 882
8.2. Impairment losses in Group companies
and associates
There were no significant impairment losses in the six-
month periods ended 30 June 2026 and 2025 (see Note 3.1.1).
8.3. Personnel expenses The breakdown of the heading ‘Personnel Expenses’ in the six-month periods ended 30 June 2026 and 2025 in the accompanying Income Statement is as follows:
Millions of Euros Note January-June 2026 January-June 2025 Wages and Salaries 58 62 Employee Compensation — 1 Social Costs 16 17 Social Security Contributions 12 12 Other Social Costs 4 5 Provisions (6) 2 Non-Current Employee Benefit Obligations 4 4 Obligations for contract suspensions 5.2(10) (2)
TOTAL 68 82
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 295
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Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
8.4. Other operating expenses The breakdown of the heading ‘Other Operating Expenses’ in the six-month periods ended 30 June 2026 and 2025 in the accompanying Income Statement is as follows:
Millions of Euros January-June 2026 January-June 2025 External Services 30 35 Leases and Royalties 4 3 Independent Professional Services 7 8 Banking and related services 1 (1) Advertising and Public Relations 2 2 Other External Services 16 23 Taxes — 1 Other Current Operating Expenses 5 8
TOTAL 35 44
In the six-month period ended 30 June 2026, the heading ‘Leases and Royalties’ includes expenses relating to contracts of this type arranged with Group Companies and Associates for the amount of €3 million (€3 million in the six-month period ended 30 June 2025) (see Note 10.1).In the six-month period ended 30 June 2026, the heading ‘Other Operating Expenses’ also includes other services received from Group Companies and Associates in the amount of €18 million (€17 million in the six-month period ended 30 June 2025) (see Note 10.1).
8.5. Financial income and expenses In the six-month periods ended 30 June 2026 and 2025, the breakdown of financial income and expenses in the accompanying Income Statement is as follows:
Millions of Euros Note January-June 2026 January-June 2025 Financial Income 3 4 From Marketable Securities and Other Non-Current Credits 3 4 Interest from Loans to Third Parties 3 4 Obligations for Workforce Restructuring Plans5.21 1 Contract suspensions 1 1 Other Financial Income 2 3 Financial Expenses (207) (226) Debts to Group Companies and Associates 10.1(108) (123) Debts to Third Parties (96) (100) Provision Adjustments (3) (3) Non-Current Employee Benefit Obligations (1) — Post-employment benefits5.1(1) — Contract suspensions5.2(2) (3)
296 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
9. Guarantees to third parties, commitments and other contingent liabilities Information concerning guarantees to third parties and other contingent liabilities is set out in Note 17 .1 to the Financial Statements of Endesa, S.A. for the year ended 31 December 2025. The amounts at 30 June 2026 and 31 December 2025 are set out below:
Millions of Euros Company Collateral30 June
202631 December
2025
Endesa Generación, S.A.U. Short and Long-Term Gas Contracts 112 91 Endesa Generación, S.A.U. Contracts for Trading in Financial Markets 41 40 Endesa Generación, S.A.U. Energy Contracts 20 20 Endesa Generación, S.A.U. Electricity Generation of Elecgas, S.A. (‘Tolling’) 261 272 Endesa Energía, S.A.U. Short and Long-Term Gas Contracts 154 187 Endesa Energía, S.A.U. Energy and Other Contracts 205 205 Enel Green Power España, S.L.U. and subsidiaries Energy Contracts 33 33 Group Companies Other Commitments 2,878 3,004 Enel Green Power España, S.L.U. 804 885 Endesa Energía, S.A.U. 1,164 1,068 Endesa Generación, S.A.U. 422 529 Energía XXI Comercializadora de Referencia, S.L.U. 169 184 Edistribución Redes Digitales, S.L.U. 61 75 Gas y Electricidad Generación, S.A.U. 83 83 Endesa Generación Portugal, S.A. 16 16 Empresa Carbonífera del Sur, S.A.U. 4 4 Endesa Ingeniería, S.L.U. 2 3 Unión Eléctrica de Canarias Generación, S.A.U. 14 18 Other 139 139
TOTAL 3,704 3,852
The Management of Endesa, S.A. estimates that no significant liabilities will arise for the Company as a result of the guarantees provided.
Endesa, S.A. has the commitment to provide Endesa Financiación Filiales, S.A.U. with the financing required to enable this company to honour its commitments to finance Spanish Endesa, S.A. companies and their subsidiaries.Enel, S.p.A. granted a guarantee in favour of Endesa, S.A. for a total of 137 million US dollars (approximately €120 million) to secure the latter’s obligations under the contracts signed with Corpus Christi Liquefaction, LLC.
(approximately €117 million at 31 December 2025) (see Note 10.1).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 297
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Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
10. Related-party
transactions
During the six-month period ended 30 June 2026 and 2025, the Directors, or persons acting on their behalf, did not carry out transactions with the Company (or any of its subsidiaries) that do not correspond to the normal course of business or were not carried out in keeping with prevailing market conditions.
The amount of the transactions carried out with other parties related to certain members of the Board of Directors corresponds to the Company’s normal business activities which were, in all cases, carried out on an arm’s length basis.
Transactions carried out with related parties in the six-month period ended 30 June 2026 and 2025 all correspond to normal activities and were carried out under normal market conditions.
10.1. Related-party transactions and balances Details of related-party transactions in the six-month periods ended 30 June 2026 and 2025 are as follows:
Millions of Euros January–June 2026
NoteSignificant
ShareholdersDirectors and
Executives Group
CompaniesAssociates
and Joint
ControlOther
Related
Parties Total
Leases8.4— — (3) — — (3) Services Received 8.4(1) — (17) — — (18) Financial Expenses 8.5— — (108) — — (108) Other Expenses — — 1 — (3) (2) Exchange Differences — — 1 — — 1 Other Current Operating Expenses — — — — (3) (3)
TOTAL EXPENSES (1) — (127) — (3) (131)
Rendering of Services8.11 — 141 — — 142 Received Dividends8.1— — 882 — — 882
TOTAL REVENUE 1 — 1,023 — — 1,024
Dividends and Other Distributions4.5371 — — — — 371 Contributions to Pension Schemes — — — — 5 5 Other Transactions: Purchase of Intangible Assets— — 3 — — 3
298 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Millions of Euros January–June 2025
NoteSignificant
ShareholdersDirectors and
Executives Group
CompaniesAssociates
and Joint
ControlOther
Related
Parties Total
Leases8.4— — (3) — — (3) Services Received 8.4(3) — (14) — — (17) Financial Expenses 8.5— — (123) — — (123) Other Expenses — — (5) — (6) (11) Exchange Differences — — (5) — — (5) Other Current Operating Expenses — — — — (6) (6)
TOTAL EXPENSES (3) — (145) — (6) (154)
Rendering of Services8.11 — 149 — — 150 Received Dividends8.1— — 487 — — 487
TOTAL REVENUE 1 — 636 — — 637
Dividends and Other Distributions4.5371 — — — — 371 Contributions to Pension Schemes — — — — 5 5 Other Transactions: Purchase of Intangible Assets— — 4 — — 4 The Company has signed with Endesa Energía, S.A.U.
and Enel Global Trading, S.p.A. contracts for the sale of liquefied natural gas (LNG) through which it transfers, under the same conditions, the purchases made by the Company from Christi Liquefaction, LLC to execute the aforementioned contracts. This arrangement is considered to be an intermediation and is netted in the income statement under ‘Procurements’ . The purchases and sales associated with this operation amounted to €415 million in the six-month period ended 30 June 2026 (€407 million in the six-month period ended 30 June 2025).
At 30 June 2026 and 31 December 2025, balances with related parties recognised in the Statement of Financial Position are as follows:
Millions of Euros 30 June 2026
NoteSignificant
ShareholdersDirectors and
ExecutivesGroup
CompaniesAssociates and
Joint Control Total Non-Current Financial Investments 3— — 19,105 26 19,131 Equity Instruments — — 19,101 26 19,127 Other Financial Assets — — 4 — 4 Trade and Other Receivables 1 — 186 — 187 Current Financial Investments 3137 — 4 — 141 Loans to Companies 137 — — — 137 Other Financial Assets — — 4 — 4 Non-Current Debts 6.1— — (5,059) — (5,059) Non-Current Debts to Group Companies and Associates— — (5,059) — (5,059) Current Debts 6.1(807) (1) (1,719) (10) (2,537) Current Debts to Group Companies and Associates(2) — (1,718) (10) (1,730) Other Financial Liabilities (805) (1) (1) — (807) Trade and Other Payables (8) — (33) — (41) Guarantees Received9120 — — — 120 Guarantees Provided9— — 3,704 — 3,704
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 299
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Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
Millions of Euros 31 December 2025
NoteSignificant
ShareholdersDirectors and
ExecutivesGroup
CompaniesAssociates and
Joint Control Total Non-Current Financial Investments 3— — 19,107 26 19,133 Equity Instruments — — 19,102 26 19,128 Other Financial Assets — — 5 — 5 Trade and Other Receivables 2 — 390 — 392 Current Financial Investments 3121 — 80 — 201 Loans to Companies 121 — — — 121 Other Financial Assets — — 80 — 80 Non-Current Debts 6.1— — (7 ,256) — (7 ,256) Non-Current Debts to Group Companies and Associates— — (7 ,256) — (7 ,256) Current Debts 6.1(425) — (88) (9) (522) Current Debts to Group Companies and Associates(54) — (82) (9) (145) Other Financial Liabilities (371) — (6) — (377) Trade and Other Payables (7) — (26) — (33) Guarantees Received9117 — — — 117 Guarantees Provided9— 8 3,852 — 3,860 Financing Agreements — 1 — — 1 At 30 June 2026, Endesa, S.A. holds 2 committed and irrevocable intercompany credit lines with Enel Finance International, N.V. in the amount of €2,500 million (31 December 2025: 2 credit lines for a total of €2,500 million). As of 30 June 2026 and as of 31 December 2025, no funds have been drawn down from these credit lines (see Notes 6.1 and 7 .2).
10.2. Information on the Board of Directors and Senior Management 10.2.1. Remuneration of the Board of Directors During the six-month periods ended June 30, 2026, and 2025 , the compensations accrued by the Directors were
as follows:
Thousands of Euros Directors
Amount
Remuneration Item January–June 2026 January–June 2025 Compensation for Service on the Board and/or Board Committees 1,126 1,075 Salaries 485 500 Variable Cash Compensation 279 344 Equity-Based Compensation Plans 196 199 Compensations 14,570 (1)— Long-Term Savings Plans 256 — Other Items 264 117
TOTAL 17,176 2,235
(1) This amount corresponds to the severance pay accrued by Mr. José Damián Bogas Gálvez upon the termination, on April 28, 2026, of his senior management contract with the Company. The agreed-upon net amount totaled 8,013 thousand euros, and the total gross amount recognized— intended to guarantee said net amount by offsetting the tax impact—totaled 14,570 thousand euros. This amount also includes 1,000 thousand euros corresponding to compensation arising from the non-compete agreement.
300 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Advances and Loans As of June 30, 2026, the current Executive Director, appointed on April 28, 2026, has no outstanding advances or loans from the Company. The loans taken out in the name of the previous Executive Director were fully repaid upon the termination of his position as Executive Director.
As of December 31, 2025, these loans totaled 230 thousand euros gross, with an average interest rate of 2.975%, and 421 thousand euros gross interest-free, the subsidy for which was considered compensation in kind.
10.2.2. Remuneration of Senior Management The following remuneration was earned by Senior Management in the six-month periods ended 30 June 2026 and 2025:
Thousands of Euros Managers
Amount
Remuneration Item January–June 2026 January–June 2025 Remuneration Earned 4,706 4,531
TOTAL 4,706 4,531
At 30 June 2026 and 2025, Senior Management comprises 12 and 14 individuals, respectively.
Other information
As of 30 June 2026 and 31 December 2025, in terms of remuneration, the Company had not issued any guarantees to Senior Managers who are not also Executive Directors.
At 30 June 2026 and 2025, the Company had all its early retirement and pension obligations with Directors and Senior Managers covered.
10.2.3. Other Disclosures concerning the Board of Directors The members of the Board of Directors reported no direct or indirect conflicts between their own interests and those of the Company in the first six months of 2026, in accordance with Articles 229 and 529 duovicies of the Spanish Capital Corporations Law (‘LSC’).
Gender diversity: At 30 June 2026 and 31 December 2025, the Board of Directors of Endesa, S.A. Comprises 14 Directors, of whom 6 are women.During the first six months of 2026 and 2025, the Company has taken out Directors’ and Officers’ (D&O) liability insurance policies for a gross amount of €720 thousand and €821 thousand, respectively. This insures both the Company’s Directors and employees with management responsibilities.
During the first six months of 2026 and 2025, there were no damages caused by acts or omissions of the Directors that required the use of the civil liability insurance premium they hold through the Company.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 301
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Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
10.2.4. Share-based payment schemes tied to the Endesa, S.A. share price Endesa’s long-term variable compensation is structured through Strategic Incentive Plans, designed to align the interests of executives and employees in positions of special responsibility with the creation of sustainable value and the achievement of the Group’s medium- and long-term strategic objectives.
The Plans are structured as successive three-year programs that begin annually on January 1, 2010. Since 2014, they have included a deferral mechanism for payment and, generally speaking, a requirement to remain employed on the corresponding payment dates, subject to the exceptions provided for in the rules of each Plan.
Once the three-year vesting period has ended and compliance with the exercise conditions has been verified, the final incentive amount is generally paid in two installments: 30% during the fiscal year following the program’s completion and the remaining 70% during the second fiscal year thereafter. However, the participant may choose to defer the first payment and receive the full amount of the incentive on the date scheduled for the second payment.
Once the vesting period has ended, in the event of retirement, termination of a fixed-term employment contract, or the participant’s death, the right to receive the incentive resulting from the Plan’s terms and conditions and pending payment shall be maintained.
Payment will be made on the dates and in accordance with the procedures set forth in the Plan. In the event of death, the right to receive the incentive will be granted to the participant’s heirs. When retirement, the termination of a fixed-term employment contract, or the death of the participant occurs before the end of the vesting period, the right to receive the portion of the incentive resulting from applying the corresponding “pro rata temporis” to the assigned Base Amount up to the date of termination of the employment relationship or death shall be maintained, provided that the conditions for exercise established in the corresponding Plan are met. Payment will be made on the dates and in accordance with the procedures set forth in the Plan, and in the event of death, the right to receive payment will be granted to the participant’s heirs.
2024-2026 and 2025-2027 Strategic
Incentive Plan
Information on both the 2024-2026 ‘Strategic Incentive Plan’ and the 2025-2027 ‘Strategic Incentive Plan’ of Endesa is provided in Note 18.3.5 to Endesa, S.A.’s Financial Statements for the year ended 31 December 2025.
2026-2028 Strategic Incentive Plan On 28 April 2026, the General Shareholders’ Meeting of Endesa, S.A. approved a long-term variable remuneration scheme known as the ‘2026-2028 Strategic Incentive Plan’.
The purpose and characteristics of this Plan are the same as those of the ‘2024-2026 Strategic Incentive Plan’ and the ‘2025-2027 Strategic Incentive Plan’, as described in Note 18.3.5 to Endesa, S.A.’s Financial Statements for the year ended 31 December 2025, while the performance period and targets to which its accrual is tied differ.
302 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
In accordance with the above, the accrual of the ‘Strategic Incentive Plan 2026-2028’ is linked to the achievement of 5 objectives during the performance period, which will be 3 years, starting 1 January 2026:
Targets Weighting
Accrual of
2026-2028
Strategic
Incentive1. Performance of the average Total Shareholder Return (1) (TSR) of Endesa, S.A. in relation to the performance of the average TSR (1) of the EuroStoxx Utilities index, selected as the benchmark for the peer Group during the 2026-2028 period.45% 2. Accumulated ROACE (‘Return on Average Capital Employed’) (2) of Endesa, represented on an accumulated basis for the 2026-2028 period.10% 3. ‘Earnings per Share (EPS)’ represented by the ratio between the Target Net Ordinary Profit for 2028 (from the 2026-2028 Strategic Plan) and the total number of shares outstanding at 31 December 2025.20% 4. Reduction of carbon dioxide (CO2) emissions: reduction of Endesa’s specific carbon dioxide (CO2) emissions (gCO2/kWh) in 2028 based on the evolution of the thermal gap in the Spanish peninsular
Electrical System.15%
5. Percentage of Female Managers and Middle Managers in relation to the total number of Managers and Middle Managers by 2028.10% (1) ‘Total Shareholder Return’ (TSR) = (Closing Share Price - Initial Share Price) + Gross Dividend Paid in the Year and Reinvested in the same security at the time of the dividend payment.
(2) ROACE ( ‘Return on Average Capital Employed’) (%) = Ordinary EBIT (3) /Average Net Invested Capital (Average NIC) (4).
(3) Operating Profit (EBIT) adjusted for unbudgeted extraordinary effects.
(4) Average Net Invested Capital (Average NIC) (Millions of Euros) = ((Equity + Net Financial Debt)n + (Equity + Net Financial Debt)n-1) / 2.
The amount accrued for the Plans in force during the first six months of 2026 was €1.3 million (€1.4 million in the first six months of 2025), with €0.8 million corresponding to the estimate of share-based payments to be settled in equity instruments (€0.9 million in the first six months of 2025) and €0.5 million to the estimate of Plan payments to be settled in cash (€0.5 million in the first six months of 2025).
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 303
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Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
11. Other information
11.1. Workforce
In the six-month periods ended 30 June 2026 and 2025, the Company’s average headcount, by category and gender, was as follows:
Number of Employees January–June 2026
TotalJanuary–June 2025
Total
Men Women Men Women Managers 57 23 80 59 21 80 Middle Management 462 480 942 471 497 968 Administration and Management Personnel and Workers 62 104 166 68 112 180
TOTAL EMPLOYEES 581 607 1,188 598 630 1,228
At 30 June 2026 and 31 December 2025, the breakdown of the headcount by category and gender was as follows:
Number of Employees 30 June 2026 Total31 December 2025
Total
Men Women Men Women Managers 57 23 80 59 23 82 Middle Management 462 484 946 462 490 952 Administration and Management Personnel and Workers 62 104 166 65 111 176
TOTAL EMPLOYEES 581 611 1,192 586 624 1,210
The average number of employees in the six-month periods ended 30 June 2026 and 2025 with a disability greater than or equal to 33%, by category and gender, was as follows:
Number of Employees January–June 2026
TotalJanuary–June 2025
Total
Men Women Men Women Middle Management 10 7 17 8 7 15 Administration and Management Personnel and Workers 7 8 15 7 5 12
TOTAL EMPLOYEES 17 15 32 15 12 27
304 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
11.2. Insurance
The Company has insurance policies in place to cover potential risks for the parent company and any subsidiaries in which it holds a stake equal to or greater than 50%, or over which it exercises effective control. These policies cover any property damage that the various elements of their property, plant, and equipment may suffer, with limits and coverage appropriate to the types of risks and countries it operates in. The potential loss of profits that could result from outages at the facilities is also covered by certain assets.
Possible claims against the Company by third parties due to the nature of its activity are also covered.
During the first half of 2026, Endesa, S.A. did not detect any significant impacts in relation to the insurance policies it had taken out.
11.3. Interruption of the energy supply in the Iberian Peninsula On April 28, 2025, at approximately 12:33 p.m., a serious incident occurred in the Spanish Electric System that resulted in what is known as a “blackout,” causing a power outage across the entire Iberian Peninsula and a limited area of southern France.
The power outage affected various areas of the Spanish mainland and Portugal to varying degrees of intensity and duration; however, the prompt response of the generation and distribution companies—particularly those belonging to the Endesa Group—allowed service to be restored within a reasonable timeframe, given the severity and intensity of the event.
As a result of the incident, the government announced the creation of the “Committee for the Analysis of the Circumstances Surrounding the Electricity Crisis of April 28, 2025,” which has conducted various investigative studies and held meetings with companies in the sector, including Endesa. On June 17 , 2025, the Committee issued a report that was submitted to the Security Council for approval and subsequent consideration by the Council of Ministers. The Committee’s conclusions identified a multifactorial cause for the incident, stemming, among other things, from operational defects in the system or from the failure of some power plants to meet their obligations.
Other affected entities in the sector, such as Red Eléctrica de España, S.A. (REE), in its capacity as “System Operator,” the Association of Electric Power Companies (AELEC), and the European Network of Transmission System Operators for Electricity (ENTSO-E), have prepared their own reports on the possible causes of the incident of April 28, 2025; significant discrepancies in the conclusions contained therein.
Likewise, the Senate, the Congress of Deputies, the National Commission for Markets and Competition (CNMC), and the European Commission—to name just a few authorities—have launched their own investigations into the cause of the incident, some of which are still ongoing.
In particular, on March 18, 2026, the National Commission for Markets and Competition (CNMC) issued a report containing recommendations and proposed measures in the wake of the power outage on April 28, 2025.
The Energy Directorate of the National Commission for Markets and Competition (CNMC) has initiated 17 enforcement proceedings against Endesa Generación, S.A.U. (Each disciplinary proceeding relates to a specific facility) and 2 disciplinary proceedings against the Ascó-
Vandellós II Nuclear Association, AIE (ANAV), all of them for an alleged serious violation consisting of a presumed failure to comply with Operating Procedure 7 .4 and with the obligations to maintain certain facilities in proper condition and ensure their technical suitability. None of the decisions to initiate disciplinary proceedings against Endesa Generación, S.A.U. or the Asociación Nuclear Ascó-Vandellós II, AIE (ANAV) states that the operations at the generation facilities subject to the proceedings were the cause of the incident; therefore, establishing a
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 305
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Individual Interim Condensed
Financial Statements
and Management Report
causal link between the operations under investigation and the incident of April 28, 2025. Endesa has submitted the corresponding statements to demonstrate that the affected facilities did not violate Operating Procedure 7 .4, nor did they fail to meet the obligations to maintain these facilities in a technically sound condition.
Based on the available internal and public information, as well as the results of the investigations conducted by Endesa, it can be stated that all evidence indicates that, under no circumstances, could the power outage have originated from generation or distribution facilities owned by companies of the Endesa Group.
As of the date of approval of these Individual Interim Condensed Financial Statements, the companies of the Endesa Group have not received any significant legal claims related to this incident; consequently, in light of the foregoing, no accounting provision has been recorded in this regard.
12. Events after the
reporting period
Other than the events described above, no other significant events took place between 30 June 2026 and the date of approval of these Individual Interim Condensed Financial Statements other than those shown herein.
13. Explanation added for translation to english These Individual Interim Condensed Financial Statements are presented on the basis of accounting principles generally accepted in Spain. Consequently, certain accounting practices applied by the Company that conform to generally accepted accounting principles in Spain may not conform to other generally accepted accounting principles in other countries. Translation from the original issued in Spanish. In the event of discrepancy, the Spanish language version prevails.
306 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Endesa, S.A.
Management Report
for the six-month period
ended 30 June 2026 V. INDIVIDUAL INTERIM
CONDENSED FINANCIAL
ST ATEMENTS AND
MANAGEMENT REPORT
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 307I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
1. Business performance Endesa, S.A. is a holding company and its income essentially depends on the dividends from its subsidiaries and its expenses from the cost of its debt. Provisions for allocations can also be made or reversed based on changes in the value of its subsidiaries.
Net turnover in the first six months of 2026 amounted to €1,024 million, of which €882 million correspond to dividend income from Group companies and associates, and €142 million to income from the provision of services to subsidiary companies.
The detail of Endesa, S.A.’s dividend income in the first half of 2026 is as follows:
Millions of Euros Company January-June 2026 Endesa Generación, S.A.U. 400 Edistribución Redes Digitales, S.L.U. 207 Endesa Energía, S.A.U. 196 Endesa Financiación Filiales, S.A.U. 62 Distribuidora Eléctrica del Puerto de la Cruz, S.A.U. 4 Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A. 4 Eléctrica del Ebro, S.A.U. 3 Endesa Ingeniería, S.A.U. 3 Energías de Aragón, S.A.U. 2 Hidroeléctrica de Catalunya, S.L.U. 1
TOTAL 882
In the six-month period ended 30 June 2026, operating income totalled €1,025 million, while operating expenses were €115 million, generating total operating profit of €910 million. This positive operating profit includes the dividend income from subsidiary companies received during the first half of 2026 and mentioned above, amounting to €882 million. For the six-month period ended 30 June 2025, operating profit also remained positive, amounting to €512 million.
The financial result for the first half of 2026 was negative at €203 million and mainly comprises the financial expenses on debts to Group Companies and Associates amounting to €108 million, as well as financial expenses on loans and credit lines held with various financial institutions and interest accrued on ‘Euro Commercial Paper’ (ECP) issues amounting to €96 million.
The pre-tax profit for the period was € 707 million.
The Corporate Income Tax accrued in the first six months of 2026 resulted in income of €34 million, so the net profit obtained in the first six months of 2026 amounted to €741 million.
308 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
2. Main financial operations The main financial operations in the six-month period ended 30 June2026 are detailed in the Condensed Explanatory Note 6.1 to the Individual Interim Condensed Financial Statements for the six-month period ended 30 June 2026.
3. Events after the
reporting period
The events subsequent to the close of the six-month period ended 30 June 2026 are described in Note 12 of the Condensed Explanatory Notes to the Individual Interim Condensed Financial Statements for the six-month period ended 30 June 2026.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 309
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
4. Geopolitical situation During the first half of 2026, the international geopolitical environment continued to be characterized by a high degree of uncertainty. In particular, the intensification of tensions in the Middle East and the persistence of various hotspots of instability in regions strategic to the global energy supply have increased the sensitivity of energy commodity markets, leading to episodes of volatility in energy commodity markets and affecting both prices and supply and transportation dynamics. This situation has underscored the importance of energy security as a key factor for global economic and financial stability.
In this context, developments regarding the operational status of the Strait of Hormuz—the main corridor for global trade in oil and liquefied natural gas (LNG)—have significantly influenced supply expectations and risk perceptions in the energy markets. However, the gradual normalization of maritime traffic and the easing of tensions observed in the final weeks of the half-year have contributed to a partial moderation of the risk premiums factored into energy commodity prices.
As a result of this environment, the energy market experienced episodes of high volatility during the half-
year. Thus, following the gradual improvement in supply prospects, the price of Brent crude stood at around 73 USD/barrel at the end of June 2026, after reaching significantly higher levels during the period, even surpassing the 100 USD/barrel threshold at times of heightened geopolitical tension. Meanwhile, the European natural gas market, as represented by the “Title Transfer Facility” (TTF) index, experienced significant fluctuations in response to developments in the geopolitical context and expectations regarding the global availability of liquefied natural gas (LNG), remaining highly sensitive to potential disruptions in international supply flows.
Endesa maintains positions linked to this index as part of its strategy for managing and hedging risks associated with gas trading. In this regard, periods of high volatility can lead to temporary increases in liquidity needs associated with the provision of financial collateral (“margin calls”) required by financial instruments traded on organized markets. These risks are continuously monitored and managed in accordance with the Group’s corporate risk and liquidity control policies.
Furthermore, energy security continues to be a strategic priority for the European Union; initiatives aimed at strengthening the resilience of the European energy system through the diversification of supply sources, the development of interconnections, the expansion of storage capacity, and the acceleration of the transition to renewable energy and electrification solutions have continued throughout the first half of the year. At the same time, the European Commission has made progress in revising the regulatory framework for security of supply, incorporating an integrated approach to risks—including geopolitical, climate-related, technological, and cyber risks—with the aim of improving the ability to prevent and respond to potential crises.
However, in the short term, the European energy market could remain exposed to potential episodes of volatility stemming from geopolitical tensions, disruptions in the global liquefied natural gas (LNG) supply chain, or incidents affecting critical infrastructure. In this environment, Endesa maintains continuous monitoring mechanisms and periodically reviews its management and hedging policies with the aim of preserving its financial and operational position.
Finally, Endesa continuously assesses the risks associated with changes in macroeconomic, financial, commercial, and regulatory variables, updating, when appropriate, its estimates of their potential impact on the financial statements. This analysis is detailed in the following Notes to the Condensed Interim Individual Financial Statements of Endesa, S.A. for the six-month period ended June 30, 2026:
310 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
Topics Explanatory Note Content Going Concern2.4 • Impact of the geopolitical situation and the macroeconomic environment on the activities carried out by Endesa’s subsidiaries.
Financial Instruments3• Changes to the business model and the characteristics of the contractual cash flows of financial assets, as well as reclassifications among their categories.
• Details of derivative financial instruments and compliance with the criteria established by regulations for applying hedge accounting.
Financial Debt6• Details of financial debt.
Liquidity Risk7. 2• Breakdown of liquidity position.
Credit Risk7.3• Analysis of Impairment of Financial Assets.
Fair Value Measurement3.4 and 6.3• Breakdown of Financial Assets and Liabilities Measured at Fair Value.
Based on the analyses conducted by management, during the first half of 2026, the events described above had no material impact on the Group’s operating results nor did they require significant changes to the assumptions used in preparing these Interim Condensed Individual Financial Statements. However, the high volatility observed in certain energy markets, particularly in the European natural gas market, has led to increased temporary requirements for financial collateral associated with derivative instruments traded on organized markets. As of June 30, 2026, these guarantees amounted to 425 million euros and had a temporary impact on the Group’s liquidity position, without affecting its financing capacity or the ordinary management of its operations (see Note 7 .2).
5. Risk control and management policy and the principal risks associated with Endesa’s business Information on the risk control and management policy is included in Note 7 of the Condensed Explanatory Notes to the Individual Interim Condensed Financial Statements for the six-month period ended 30 June 2026 and in Note 13 to the Financial Statements of Endesa, S.A. for the year ended 31 December 2025.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 311
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
6. Policy on derivative
financial instruments
Information on derivative financial instruments is provided in Note 14 to the Financial Statements of Endesa, S.A., for the year ended 31 December 2025.
7 . Human resources Information concerning personnel is included in Note 11.1 to the Individual Interim Condensed Financial Statements for the six-month period ended 30 June 2026.
8. Treasury shares At 30 June 2026 the Company holds treasury shares to cover different plans, such as long-term variable remuneration plans that include as part of the payment the delivery of shares, as well as for flexible remuneration plans in shares for employees, and for plans for future reductions of the Company’s share capital (see Note 4.4 of the Condensed Explanatory Notes to the Individual Interim Condensed Financial Statements for the six-
month period ended 30 June 2026 and Note 10.4 to the Financial Statements of Endesa, S.A. for the year ended 31 December 2025).
Transactions involving treasury shares carried out during the six-month period ended 30 June 2026 are detailed in the Condensed Explanatory Note 4.4 to the Individual Interim Condensed Financial Statements for the six-
month period ended 30 June 2026.
312 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026
9. Environmental protection Information on environmental activities is provided in Note 20 to the Financial Statements of Endesa, S.A. for the year ended 31 December 2025.
10. Research and
development activities
The Company did not carry out any research and development activities directly as these fall within the remit of its subsidiaries.
11. Information on the average supplier
payment period
Information on the average payment period to suppliers is provided in Note 19.3 to the Financial Statements of Endesa, S.A. for the year ended 31 December 2025.
HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2026 313
I.
Limited Review Report on the Interim Condensed Consolidated Financial StatementsII.
Consolidated Management Report III.
Interim Condensed Consolidated Financial Statements IV.
Limited Review Report on the Individual Interim Condensed Financial StatementsV.
Individual Interim Condensed
Financial Statements
and Management Report
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
1st HALF-YEARLY FINANCIAL REPORT FOR FINANCIAL YEAR 2026
REPORTING DATEGENERALANNEX I
30/06/2026
I. IDENTIFICATION DATA
Registered Company Name: ENDESA, S.A.
Tax Identification Number A-28023430Registered Address: Ribera del Loira Street, 60 – 28042 Madrid
II. SUPPLEMENTARY INFORMATION TO PREVIOUSLY RELEASED PERIODIC INFORMATION
Explanation of the main modifications with respect to the previously released periodic information:
(To be completed only in the situations indicated in Section B) of the instructions)
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
Ana Muñoz MerinoDIRECTORDIRECTOR José D. Bogas Gálvez Elisabetta Colacchia DIRECTOR
Angela Eliseo
Pilar González de Frutos DIRECTORIgnacio Garralda Ruiz de Velasco DIRECTOR Michela Mossini DIRECTORFrancisco de Lacerda DIRECTORVICE CHAIRMAN DIRECTORGuillermo Alonso Olarra DIRECTOR Stefano de Angelis DIRECTOR Date this half-yearly financial report was signed by the corresponding governing body: 28/07/2026Inaccordance with thepower delegated bytheboard ofdirectors, theboard secretary certifies that thehalf-
yearly financial report has been signed by the directors. DIRECTORIII. STATEMENT(S) BY THE PERSON(S) RESPONSIBLE FOR THE INFORMATION To the best of our knowledge, the accompanying condensed annual financial statements, which have been prepared in accordance with applicable accounting principles, give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, or of the undertakings included in the consolidated financial statements taken as a whole, and the interim management report includes a fair review of the information required.
Comments on the above statement(s):
Person(s) responsible for this information:
Gianni Vittorio Armani CHIEF EXECUTIVE OFFICER Eugenia Bieto CaubetName/Company Name Office Juan Sánchez-Calero Guilarte CHAIRMAN
Flavio Cattaneo
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
Units: Thousand eurosCURRENT
PERIODPREVIOUS
PERIOD
ASSETS 30/06/2026 31/12/2025
A) NON-CURRENT ASSETS 40 19,417,461 19,442,212
1. Intangible assets: 30 45,144 53,893 a) Goodwill 31 b) Other intangible assets 32 45,144 53,893 2. Property, plant and equipment 33 442 395 3. Investment property 34 4. Long-term investments in group companies and associates 35 19,131,405 19,132,662 5. Long-term financial investments 36 54,240 59,332 6. Deferred tax assets 37 186,230 195,930 7. Other non-current assets 38
B) CURRENT ASSETS 85 384,890 744,489
1. Non-current assets held for sale 50 2. Inventories 55 3. Trade and other receivables: 60 191,517 444,189 a) Trade receivables 61 b) Other receivables 62 191,515 444,187 c) Current tax assets 63 2 2 4. Short-term investments in group companies and associates 64 140,991 201,376 5. Short-term financial investments 70 4,475 3,902 6. Prepayments and accrued income 71 636 503 7. Cash and cash equivalents 72 47,271 94,519
TOTAL ASSETS (A + B) 100 19,802,351 20,186,701
Comments1. INDIVIDUAL BALANCE SHEET (PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS) (1/2)IV. SELECTED FINANCIAL INFORMATION
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
Units: Thousand eurosCURRENT
PERIODPREVIOUS
PERIOD
EQUITY AND LIABILITIES 30/06/2026 31/12/2025
A) EQUITY (A.1 + A.2 + A.3) 195 4,980,644 5,899,807
A.1) CAPITAL AND RESERVES 180 4,971,506 5,883,479
1. Capital: 171 1,250,093 1,270,503 a) Authorised capital 161 1,250,093 1,270,503 b) Less: Uncalled capital 162 2. Share premium 172 88,800 88,800 3. Reserves 173 1,043,436 1,467,197 4. Less: Treasury stock 174 (627,675) (528,674) 5. Profit and loss in prior periods 178 2,470,615 2,433,751 6. Other shareholder contributions 179 319 319 7. Profit (loss) for the period 175 740,522 1,665,809 8. Less: Interim dividend 176 (519,402) 9. Other equity instruments 177 5,396 5,176
A.2) VALUATION ADJUSTMENTS 188 9,133 16,323
1. Available-for-sale financial assets 181 2. Hedging transactions 182 9,133 16,323 3. Others 183
A.3) GRANTS, DONATIONS AND BEQUESTS RECEIVED 194 5 5
B) NON-CURRENT LIABILITIES 120 10,216,606 12,627,375
1. Long-term provisions 115 111,274 164,596 2. Long-term debts: 116 5,031,453 5,190,827 a) Debt with financial institutions and bonds and other marketable securities 131 5,026,309 5,168,045 b) Other financial liabilities 132 5,144 22,782 3. Long-term payables to group companies and associates 117 5,058,573 7,256,122 4. Deferred tax liabilities 118 15,306 15,830 5. Other non-current liabilities 135 6. Long-term accrual accounts 119
C) CURRENT LIABILITIES 130 4,605,101 1,659,519
1. Liabilities associated with non-current assets held for sale 121 2. Short-term provisions 122 27,324 16,593 3. Short-term debts: 123 1,906,143 988,312 a) Debt with financial institutions and bonds and other marketable securities 133 1,171,292 482,201 b) Other financial liabilities 134 734,851 506,111 4. Short-term payables to group companies and associates 129 2,536,143 521,989 5. Trade and other payables: 124 135,491 132,625 a) Suppliers 125 b) Other payables 126 135,491 132,625 c) Current tax liabilities 127 6. Other current liabilities 136 7. Current accrual accounts 128
TOTAL EQUITY AND LIABILITIES (A + B + C ) 200 19,802,351 20,186,701IV. SELECTED FINANCIAL INFORMATION
1. INDIVIDUAL BALANCE SHEET (PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS) (2/2)
Comments
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
PRESENT CURR. PREVIOUS CURR. CURRENT PREVIOUS
PERIOD PERIOD CUMULATIVE CUMULATIVE
(2nd HALF YEAR) (2nd HALF YEAR) 30/06/2026 30/06/2025
(+) Revenue 205 1,023,530 637,552 (+/-)Change ininventories offinished products and work in
progress206
(+) Own work capitalised 207 (-) Supplies 208 (28) 4 (+) Other operating revenue 209 824 712 (-) Personnel expenses 217 (67,179) (81,635) (-) Other operating expenses 210 (35,384) (43,778) (-) Depreciation and amortisation charge 211 (11,809) (17,289) (+) Allocation of grants for non-financial assets and other grants 212 (+) Reversal of provisions 213 65 15,346 (+/-) Impairment and gain (loss) on disposal of non-current assets 214 (12) 660 (+/-) Other profit (loss) 215 (225) 755
= OPERATING PROFIT (LOSS) 245 909,782 512,327
(+) Finance income 250 2,506 3,918 (-) Finance costs 251 (206,431) (226,079) (+/-) Changes in fair value of financial instruments 252 122 911 (+/-) Exchange differences 254 884 (3,168) (+/-)Impairment and gain (loss) ondisposal offinancial
instruments255
= NET FINANCE INCOME (COSTS) 256 (202,919) (224,418)
= PROFIT (LOSS) BEFORE TAX 265 706,863 287,909
(+/-) Income tax expense 270 33,659 35,406
=PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING
ACTIVITIES280 740,522 323,315
(+/-)Profit (loss) for the period from discontinued operations, net
of tax285
= PROFIT (LOSS) FOR THE PERIOD 300 740,522 323,315
Amount Amount Amount Amount (X.XX euros) (X.XX euros) (X.XX euros) (X.XX euros) Basic 290 0.71 0.31 Diluted 295 0.71 0.31
CommentsEARNINGS PER SHARE IV. SELECTED FINANCIAL INFORMATION
2. INDIVIDUAL PROFIT AND LOSS STATEMENT (PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS)
Units: Thousand euros
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
CURRENT PREVIOUS
PERIOD PERIOD
30/06/2026 30/06/2025
A) PROFIT (LOSS) FOR THE PERIOD (from the profit and loss account) 305 740,522 323,315
B) INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY 310 (5,739) 1,733
1. From measurement of financial instruments: 320 a) Available-for-sale financial assets 321 b) Other income/(expenses) 323 2. From cash flow hedges 330 (7,812) 2,223 3. Grants, donations and bequests received 340 4. From actuarial gains and losses and other adjustments 344 160 88 5. Other income and expense recognised directly in equity 343 6. Tax effect 345 1,913 (578)
C) TRANSFERS TO PROFIT OR LOSS 350 (1,331) (3,811)
1. From measurement of financial instruments: 355 a) Available-for-sale financial assets 356 b) Other income/(expenses) 358 2. From cash flow hedges 360 (1,774) (5,081) 3. Grants, donations and bequests received 366 4. Other income and expense recognised directly in equity 365 5. Tax effect 370 443 1,270
TOTAL RECOGNISED INCOME/(EXPENSE) FOR THE PERIOD (A + B + C) 400 733,452 321,237
CommentsIV. SELECTED FINANCIAL INFORMATION
3. INDIVIDUAL STATEMENT OF CHANGES IN EQUITY
a) INDIVIDUAL STATEMENT OF RECOGNISED INCOME AND EXPENSE
(PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS)
Units: Thousand euros
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
CURRENT PERIOD CapitalShare premium and Reserves Treasury stock Profit (loss) for the periodOther equity
instruments
Opening balance at 01/01/2026 3010 1,270,503 3,470,665 (528,674) 1,665,809 5,176 16,323 5 5,899,807 Adjustments for changes in accounting policy 3011 Adjustment for errors 3012 Adjusted opening balance 3015 1,270,503 3,470,665 (528,674) 1,665,809 5,176 16,323 5 5,899,807 I. Total recognised income/(expense) in the period3020 120 740,522 (7,190) 733,452 II.Transactions with shareholders or owners3025 (20,410) (1,533,424) (99,001) (1,652,835) 1. Capital increases/ (reductions) 3026 (20,410) (423,880) 444,290 2. Conversion offinancial liabilities into
equity3027
3. Distribution of dividends 3028 (1,109,544) (1,109,544) 4. Net trading with treasury stock 3029 (543,291) (543,291) 5. Increases/ (reductions) forbusiness
combinations3030
6. Other transactions with shareholders or
owners3032
III. Other changes in equity 3035 1,665,809 (1,665,809) 220 220 1. Equity-settled share-based payment 3036 220 220 2. Transfers between equity accounts 3037 1,665,809 (1,665,809) 3. Other changes 3038 Closing balance at 30/06/2026 3040 1,250,093 3,603,170 (627,675) 740,522 5,396 9,133 5 4,980,644IV. SELECTED FINANCIAL INFORMATION
3. INDIVIDUAL STATEMENT OF CHANGES IN EQUITY
B. INDIVIDUAL STATEMENT OF TOTAL CHANGES IN EQUITY (1/2)
(PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS)
Units: Thousand euros CommentsCapital and ReservesValuation
adjustmentsGrants,
donations and
bequests
receivedTotal Equity
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
PREVIOUS PERIOD CapitalShare premium and ReservesTreasury stockProfit (loss) for the periodOther equity
instruments
Opening balance at 01/01/2025 (comparative period)3050 1,270,503 3,422,655 (3,885) 1,426,696 4,729 12,116 6 6,132,820 Adjustments for changes in accounting policy 3051 Adjustment for errors 3052 Adjusted opening balance (comparative period)3055 1,270,503 3,422,655 (3,885) 1,426,696 4,729 12,116 6 6,132,820 I. Total recognised income/(expense) in the period3060 66 323,315 (2,144) 321,237 II.Transactions with shareholders or owners3065 (859,614) (209,616) (1,069,230) 1. Capital increases/ (reductions) 3066 2. Conversion offinancial liabilities into
equity3067
3. Distribution of dividends 3068 (859,614) (859,614) 4. Net trading with treasury stock 3069 (209,616) (209,616) 5. Increases/ (reductions) forbusiness
combinations3070
6. Other transactions with shareholders or
owners3072
III. Other changes in equity 3075 1,426,696 (1,426,696) 842 842 1. Equity-settled share-based payment 3076 842 842 2. Transfers between equity accounts 3077 1,426,696 (1,426,696) 3. Other changes 3078 Closing balance at 30/06/2025 (comparative period)3080 1,270,503 3,989,803 (213,501) 323,315 5,571 9,972 6 5,385,669IV. SELECTED FINANCIAL INFORMATION
3. INDIVIDUAL STATEMENT OF CHANGES IN EQUITY
B. INDIVIDUAL STATEMENT OF TOTAL CHANGES IN EQUITY (2/2)
(PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS)
Units: Thousand euros CommentsCapital and ReservesValuation
adjustmentsGrants, donations
and bequests
receivedTotal Equity
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
CURRENT
PERIODPREVIOUS
PERIOD
30/06/2026 30/06/2025
A) 982,446 538,285
1. 706,863 287,909 2. (679,329) (265,560) (+) 11,809 17,289 (+/-) (691,138) (282,849) 3. 202,811 226,022 4. 752,101 289,914 (-) (206,017) (211,709) (+) 957,701 483,246 (+) 1,360 232 (+/-) 29,711 36,248 (+/-) (30,654) (18,103)
B) (4,563) (8,213)
1. (8,807) (13,167) (-) (-) (6,945) (10,544) (-) (1,862) (2,623) (-) (-) 2. 4,244 4,954 (+)
(+) 666
(+) 4,244 4,288 (+) (+)
C) (1,025,131) (522,830)
1. (543,291) (189,663) (+) (-) (-) (543,291) (189,663) (+) (+) 2. 37,562 196,108 (+) 3,185,961 1,698,903 (-) (3,148,399) (1,502,795) 3. (519,402) (529,275) D)
E) (47,248) 7,242
F) 94,519 29,962
G) 47,271 37,204
CURRENT PREVIOUS
PERIOD PERIOD
30/06/2026 30/06/2025
(+) 47,271 37,204 (+) (-) 47,271 37,204COMPONENTS OF CASH AND CASH EQUIVALENTS AT THE END OF THE PERIODCASH FLOWS FROM OPERATING ACTIVITIES (1 + 2 + 3 + 4) 435 Changes in working capital 415 Other cash flows from operating activities: 420Depreciation and amortisation charge 411 Other net adjustments to profit (loss) 412Profit (loss) before tax 405 Adjustments to profit (loss): 410 Other sums received/(paid) from operating activities 425Interest received 423 Income tax recovered/(paid) 430Interest paid 421 Dividends received 422 Other financial assets 443 Other assets 444Group companies, associates and business units 441 Property, plant and equipment, intangible assets and investment property 442CASH FLOWS FROM INVESTING ACTIVITIES (1 + 2) 460 Payments for investments: 440 Non-current assets and liabilities classified as held-for-sale 459 Property, plant and equipment, intangible assets and investment property 452 Other financial assets 453Proceeds from sale of investments 450 Group companies, associates and business units 451 Non-current assets and liabilities classified as held-for-sale 461
Issuance 471
Redemption 472CASH FLOWS FROM FINANCING ACTIVITIES (1 + 2 + 3) 490
Sums received/(paid) in respect of equity instruments 470Other assets 454
Issuance 481
Repayment and redemption 482Grants, donations and bequests received 475 Sums received/(paid) in respect of financial liability instruments: 480Acquisition 473
Disposal 474
495EFFECT OF FOREIGN EXCHANGE RATE CHANGES 492Payment of dividends and remuneration on other equity instruments 485
CommentsIV. SELECTED FINANCIAL INFORMATION
4. INDIVIDUAL STATEMENT OF CASH FLOWS
(PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS)
Less: Bank overdrafts repayable on demand 553
TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 600Units: Thousand euros
Cash on hand and at banks 550 Other financial assets 552CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (E + F) 500CASH AND CASH EQUIVALENTS AT THE START OF THE PERIOD 499NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C + D)
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
CURRENT
PERIODPREVIOUS
PERIOD
30/06/2026 31/12/2025
A) NON-CURRENT ASSETS 1040 28,999,000 29,119,000
1. Intangible assets: 1030 2,093,000 2,031,000 a) Goodwill 1031 607,000 607,000 b) Other intangible assets 1032 1,486,000 1,424,000 2. Property, plant and equipment 1033 23,875,000 23,832,000 3. Investment property 1034 12,000 4,000 4. Investments accounted for using the equity method 1035 284,000 280,000 5. Non-current financial assets 1036 264,000 695,000 a) At fair value through profit or loss 1047 6,000 6,000 Of which, “ Designated upon initial recognition ” 1041 6,000 6,000 b) At fair value through other comprehensive income 1042 Of which, “ Designated upon initial recognition ” 1043 c) At amortised cost 1044 258,000 689,000 6. Non-current derivatives 1039 483,000 331,000 a) Hedging 1045 357,000 258,000 b) Other 1046 126,000 73,000 7. Deferred tax assets 1037 1,353,000 1,351,000 8. Other non-current assets 1038 635,000 595,000
B) CURRENT ASSETS 1085 9,626,000 8,363,000
1. Non-current assets held for sale 1050 20,000 28,000 2. Inventories 1055 2,030,000 2,050,000 3. Trade and other receivables: 1060 4,954,000 4,701,000 a) Trade receivables 1061 2,827,000 3,118,000 b) Other receivables 1062 1,709,000 1,246,000 c) Current tax assets 1063 418,000 337,000 4. Current financial assets 1070 1,468,000 892,000 a) At fair value through profit or loss 1080 Of which, “ Designated upon initial recognition ” 1081 b) At fair value through other comprehensive income 1082 Of which, “ Designated upon initial recognition ” 1083 c) At amortised cost 1084 1,468,000 892,000 5. Current derivatives 1076 868,000 494,000 a) Hedging 1077 148,000 268,000 b) Other 1078 720,000 226,000 6. Other current assets 1075 9,000 3,000 7. Cash and cash equivalents 1072 277,000 195,000
TOTAL ASSETS (A + B) 1100 38,625,000 37,482,000
Comments:IV. SELECTED FINANCIAL INFORMATION
5. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (ADOPTED IFRS) (1/2)
Units: Thousand euros
ASSETS
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
CURRENT
PERIODPREVIOUS
PERIOD
30/06/2026 31/12/2025
A) EQUITY (A.1 + A.2 + A.3) 1195 9,213,000 9,611,000
A.1) CAPITAL AND RESERVES 1180 8,480,000 8,664,000
1. Capital 1171 1,250,000 1,271,000 a) Authorised capital 1161 1,250,000 1,271,000 b) Less: Uncalled capital 1162 2. Share premium 1172 89,000 89,000 3. Reserves 1173 6,293,000 6,149,000 4. Less: Treasury stock 1174 (628,000) (529,000) 5. Prior Periods’ profit and loss 1178 6. Other member contributions 1179 7. Profit (loss) for the period attributable to the parent company 1175 1,470,000 2,198,000 8. Less: Interim dividend 1176 (519,000) 9. Other equity instruments 1177 6,000 5,000
A.2) ACCUMULATED OTHER COMPREHENSIVE INCOME 1188 (337,000) (142,000)
1. Items that are not reclassified to profit or loss for the period 1186 (169,000) (156,000) a) Equity instruments through other comprehensive income 1185 b) Others 1190 (169,000) (156,000) 2. Items that may subsequently be reclassified to profit or loss for the period 1187 (168,000) 14,000 a) Hedging transactions 1182 (161,000) 22,000 b) Translation differences 1184 c) Share in other comprehensive income for investments in joint ventures and others 1192 (7,000) (8,000) d) Debt instruments at fair value through other comprehensive income 1191 e) Others 1183
EQUITY ATTRIBUTABLE TO THE PARENT COMPANY (A.1 + A.2) 1189 8,143,000 8,522,000
A.3) NON-CONTROLLING INTERESTS 1193 1,070,000 1,089,000
B) NON-CURRENT LIABILITIES 1120 16,705,000 18,863,000
1. Grants 1117 261,000 260,000 2. Long-term provisions 1115 2,518,000 2,673,000 3. Long-term financial liabilities: 1116 7,825,000 9,586,000 a) Debt with financial institutions and bonds and other marketable securities 1131 5,023,000 5,185,000 b) Other financial liabilities 1132 2,802,000 4,401,000 4. Deferred tax liabilities 1118 1,146,000 1,141,000 5. Non-current derivatives 1140 370,000 185,000 a) Hedging 1141 255,000 150,000 b) Other 1142 115,000 35,000 6. Other non-current liabilities 1135 4,585,000 5,018,000
C) CURRENT LIABILITIES 1130 12,707,000 9,008,000
1. Liabilities associated with non-current assets held for sale 1121 15,000 15,000 2. Short-term provisions 1122 673,000 1,082,000 3. Short-term financial liabilities: 1123 3,353,000 1,005,000 a) Debt with financial institutions and bonds and other marketable securities 1133 1,558,000 811,000 b) Other financial liabilities 1134 1,795,000 194,000 4. Trade and other payables: 1124 6,897,000 5,806,000 a) Suppliers 1125 3,455,000 3,824,000 b) Other payables 1126 2,586,000 1,684,000 c) Current tax liabilities 1127 856,000 298,000 5. Current derivatives 1145 1,134,000 514,000 a) Hedging 1146 408,000 299,000 b) Other 1147 726,000 215,000 6. Other current liabilities 1136 635,000 586,000
TOTAL EQUITY AND LIABILITIES (A + B + C ) 1200 38,625,000 37,482,000IV. SELECTED FINANCIAL INFORMATION
5. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (ADOPTED IFRS) (2/2)
Units: Thousand euros
EQUITY AND LIABILITIES
Comments:
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
PRESENT CURR. PREVIOUS CURR. CURRENT PREVIOUS
PERIOD PERIOD CUMULATIVE CUMULATIVE
(2nd HALF YEAR) (2nd HALF YEAR) 30/06/2026 30/06/2025
(+) Revenue 1205 10,807,000 10,712,000 (+/-)Change ininventories offinished products and work in
progress1206
(+) Own work capitalised 1207 140,000 120,000 (-) Supplies 1208 (6,569,000) (7,057,000) (+) Other operating revenue 1209 76,000 59,000 (-) Personnel expenses 1217 (483,000) (484,000) (-) Other operating expenses 1210 (751,000) (838,000) (-) Depreciation and amortisation charge 1211 (1,053,000) (1,013,000) (+) Allocation of grants for non-financial assets and other grants 1212 112,000 109,000 (+/-) Impairment of non-current assets 1214 (13,000) (6,000) (+/-) Gain (loss) on disposal of non-current assets 1216 1,000 3,000 (+/-) Other profit (loss) 1215 (173,000) (11,000)
= OPERATING PROFIT (LOSS) 1245 2,094,000 1,594,000
(+) Finance income 1250 95,000 19,000 a) Interest income calculated using the effective interest rate method1262 4,000 6,000 b) Other 1263 91,000 13,000 (-) Finance costs 1251 (202,000) (221,000) (+/-) Changes in fair value of financial instruments 1252 (1,000) 7,000 (+/-)Gain (loss) from reclassification of financial assets at amortised cost to financial assets at fair value1258 (+/-)Gain (loss) from reclassification of financial assets at fair value through other comprehensive income to financial assets at fair value1259 (+/-) Exchange differences 1254 (4,000) 8,000 (+/-) Impairment loss/reversal on financial instruments 1255 (+/-) Gain (loss) on disposal of financial instruments 1257 (6,000) (12,000) a) Financial instruments at amortised cost 1260 (6,000) (12,000) b) Other financial instruments 1261
= NET FINANCE INCOME (COSTS) 1256 (118,000) (199,000)
(+/-) Profit (loss) of equity-accounted investees 1253 5,000 10,000
= PROFIT (LOSS) BEFORE TAX 1265 1,981,000 1,405,000
(+/-) Income tax expense 1270 (484,000) (345,000)
=PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING
ACTIVITIES1280 1,497,000 1,060,000
(+/-)Profit (loss) for the period from discontinued operations, net
of tax1285
= CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD 1288 1,497,000 1,060,000
A)Profit (loss) fortheperiod attributable totheparent company1300 1,470,000 1,041,000 B) Profit (loss) attributable to non-controlling interests 1289 27,000 19,000 Amount Amount Amount Amount (X.XX euros) (X.XX euros) (X.XX euros) (X.XX euros) Basic 1290 1.43 0.99 Diluted 1295 1.43 0.99
CommentsEARNINGS PER SHARE IV. SELECTED FINANCIAL INFORMATION
6. CONSOLIDATED PROFIT AND LOSS STATEMENT (ADOPTED IFRS)
Units: Thousand euros
SELECTED FINANCIAL INFORMATION SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
PRESENT CURR.PREVIOUS
CURR.CURRENT PREVIOUS
PERIOD PERIOD PERIOD PERIOD
(2nd HALF
YEAR)(2nd HALF
YEAR)30/06/2026 30/06/2025
1305 1,497,000 1,060,000 1310 (14,000) (5,000)
1311
1344 (18,000) (6,000)
1342
1346
1343
1345 4,000 1,000 1350 (180,000) 201,000 1360 (242,000) 266,000 1361 (227,000) 160,000 1362 (15,000) 106,000
1363
1364
1365
1366
1367
1368
1370 1,000 1,000 1371 1,000 1,000
1372
1373
1381
1382
1383
1384
1375
1376
1377
1378
1380 61,000 (66,000) 1400 1,303,000 1,256,000 1398 1,274,000 1,235,000 1399 29,000 21,000 Comments4. Equity instruments through other comprehensive income a) Valuation gains/(losses) b) Amounts transferred to profit or loss b) Amounts transferred to profit or loss c) Other reclassifications 2. Translation differences:
a) Valuation gains/(losses) b) Amounts transferred to profit or loss c) Amounts transferred to initial carrying amount of hedged items d) Other reclassifications
a) Valuation gains/(losses) C) OTHER COMPREHENSIVE INCOME – ITEMS THAT MAY SUBSEQUENTLY BE RECLASSIFIED TO PROFIT OR
LOSS:
a) Valuation gains/(losses) 5. Other income and expenses that are not reclassified to profit or loss 6. Tax effect 3. Share in other comprehensive income of investments in joint ventures and associates:1. From revaluation/(reversal of revaluation) of property, plant and equipment and intangible assets 2. From actuarial gains and losses 3. Share in other comprehensive income of investments in joint ventures and associates A) CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD (from the profit and loss statement)
B) OTHER COMPREHENSIVE INCOME – ITEMS THAT ARE NOT RECLASSIFIED TO PROFIT OR LOSS: IV. SELECTED FINANCIAL INFORMATION
7. CONSOLIDATED OTHER COMPREHENSIVE INCOME (IFRS ADOPTED)
Units: Thousand euros 6. Tax effect 1. Hedging transactions:
c) Other reclassifications b) Amounts transferred to profit or loss c) Other reclassifications 5. Other income and expenses that may subsequently be reclassified to profit or loss:
a) Valuation gains/(losses) a) Attributable to the parent company b) Attributable to non-controlling interests b) Amounts transferred to profit or loss c) Other reclassifications TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (A + B + C)4. Debt instruments at fair value through other comprehensive income:
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
CURRENT PERIOD CapitalShare premium and ReservesTreasury stock Profit (loss) for
the period
attributable to the parent companyOther equity
instruments
Opening balance at 01/01/2026 3110 1,271,000 5,563,000 (529,000) 2,198,000 5,000 14,000 1,089,000 9,611,000 Adjustments for changes in accounting policy 3111 Adjustment for errors 3112 Adjusted opening balance 3115 1,271,000 5,563,000 (529,000) 2,198,000 5,000 14,000 1,089,000 9,611,000 I. Total comprehensive income/(expense) for the period3120 (14,000) 1,470,000 (182,000) 29,000 1,303,000 II.Transactions with shareholders or owners3125 (21,000) (1,534,000) (99,000) (48,000) (1,702,000) 1. Capital increases/(reductions) 3126 (21,000) (424,000) 445,000 2. Conversion offinancial liabilities into
equity3127
3. Distribution of dividends 3128 (1,110,000) (48,000) (1,158,000) 4. Net trading with treasury stock 3129 (544,000) (544,000) 5. Increase/(decrease) for business
combinations3130
6. Other transactions with shareholders or
owners3132
III. Other changes in equity 3135 2,198,000 (2,198,000) 1,000 1,000 1. Equity-settled share-based payment 3136 1,000 1,000 2. Transfers between equity accounts 3137 2,198,000 (2,198,000) 3. Other changes 3138 Closing balance at 30/06/2026 3140 1,250,000 6,213,000 (628,000) 1,470,000 6,000 (168,000) 1,070,000 9,213,000
CommentsIV. SELECTED FINANCIAL INFORMATION
8. CONSOLIDATED STATEMENT OF TOTAL CHANGES IN EQUITY (ADOPTED IFRS) (1/2)
Units: Thousand euros Equity attributable to the parent company
Non-controlling
interestsTotal EquityCapital and Reserves
Valuation
adjustments
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
PREVIOUS PERIOD CapitalShare premium and ReservesTreasury stock Profit (loss) for
the period
attributable to
the parent
companyOther equity
instruments
Opening balance at 01/01/2025 (comparative period)3150 1,271,000 5,064,000 (4,000) 1,888,000 5,000 (114,000) 943,000 9,053,000 Adjustments for changes in accounting policy 3151 Adjustment for errors 3152 Adjusted opening balance (comparative period)3155 1,271,000 5,064,000 (4,000) 1,888,000 5,000 (114,000) 943,000 9,053,000 I. Total comprehensive income/(expense) for the period3160 (5,000) 1,041,000 199,000 21,000 1,256,000 II.Transactions with shareholders or owners3165 (860,000) (210,000) (62,000) (1,132,000) 1. Capital increases/ (reductions) 3166 (1,000) (1,000) 2. Conversion offinancial liabilities into
equity3167
3. Distribution of dividends 3168 (860,000) (61,000) (921,000) 4. Net trading with treasury stock 3169 (210,000) (210,000) 5. Increase/ (decrease) for business
combinations3170
6. Other transactions with shareholders or
owners3172
III. Other changes in equity 3175 1,888,000 (1,888,000) 1,000 1,000 1. Equity-settled share-based payment 3176 1,000 1,000 2. Transfers between equity accounts 3177 1,888,000 (1,888,000) 3. Other changes 3178 Closing balance at 30/06/2025 (comparative period)3180 1,271,000 6,087,000 (214,000) 1,041,000 6,000 85,000 902,000 9,178,000
CommentsIV. SELECTED FINANCIAL INFORMATION
8. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (ADOPTED IFRS) (2/2)
Units: Thousand euros Equity attributable to the parent company
Non-controlling
interests Total equityCapital and Reserves
Valuation
adjustments
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
CURRENT
PERIODPREVIOUS
PERIOD
30/06/2026 30/06/2025
A) 1435 2,272,000 2,356,000
1. 1405 1,981,000 1,405,000 2. 1410 1,621,000 1,566,000 (+) 1411 1,146,000 1,117,000 (+/-) 1412 475,000 449,000 3. 1415 (1,078,000) (280,000) 4. 1420 (252,000) (335,000) (-) 1421 (171,000) (195,000)
(-) 1430
(+) 1422 1,000 3,000 (+) 1423 62,000 20,000 (+/-) 1424 6,000 (58,000) (+/-) 1425 (150,000) (105,000)
B) 1460 (1,568,000) (1,997,000)
1. 1440 (1,736,000) (2,148,000) (-) 1441 (71,000) (949,000) (-) 1442 (1,010,000) (897,000) (-) 1443 (655,000) (302,000)
(-) 1459
(-) 1444
2. 1450 67,000 90,000 (+) 1451 1,000 12,000 (+) 1452 13,000 18,000 (+) 1453 53,000 60,000
(+) 1461
(+) 1454
3. 1455 101,000 61,000
(+) 1456
(+) 1457
(+/-) 1458 101,000 61,000
C) 1490 (622,000) (973,000)
1. 1470 (544,000) (193,000)
(+) 1471
(-) 1472
(-) 1473 (544,000) (197,000) (+) 1474 4,000 2. 1480 484,000 (191,000) (+) 1481 3,211,000 1,363,000 (-) 1482 (2,727,000) (1,554,000) 3. 1485 (562,000) (589,000)
4. 1486
(-) 1487
(+/-) 1488
D) 1492
E) 1495 82,000 (614,000)
F) 1499 195,000 840,000
G) 1500 277,000 226,000
CURRENT
PERIODPREVIOUS
PERIOD
30/06/2026 30/06/2025
(+) 1550 97,000 186,000 (+) 1552 180,000 40,000
(-) 1553
1600 277,000 226,000Other financial assetsGroup companies, associates and business units Property, plant and equipment, intangible assets and investment propertyCASH FLOWS FROM INVESTING ACTIVITIES (1 + 2 + 3) Payments for investments:Other sums received/(paid) from operating activitiesCASH FLOWS FROM OPERATING ACTIVITIES (1 + 2 + 3 + 4) Profit (loss) before tax
Interest received
Income tax recovered/(paid)Payment of dividends and remuneration on other equity instruments Dividends receivedOther cash flows from operating activities:
Interest paidOther net adjustments to profit (loss) Changes in working capitalAdjustments to profit (loss):
Depreciation and amortisation charge Other assetsNon-current assets and liabilities classified as held-for-sale Other sums received/(paid) from investing activitiesDividends received Interest receivedOther assets Other cash flows from investing activities Non-current assets and liabilities classified as held-for-saleProperty, plant and equipment, intangible assets and investment property Other financial assetsProceeds from sale of investments Group companies, associates and business units
Acquisition
DisposalIssuance
RedemptionCASH FLOWS FROM FINANCING ACTIVITIES (1 + 2 + 3 + 4)
Sums received/(paid) in respect of equity instruments Other cash flows from financing activities Interest paidRepayment and redemption Payment of dividends and remuneration on other equity instrumentsSums received/(paid) in respect of financial liability instruments:
Issuance
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C + D)EFFECT OF CHANGES IN FOREIGN EXCHANGE RATEOther sums received/(paid) from financing activities
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (E + F)
COMPONENTS OF CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE START OF THE PERIOD
TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE PERIODCash on hand and at banks
Other financial assets Less: Bank overdrafts repayable on demandIV. SELECTED FINANCIAL INFORMATION
9.A. CONSOLIDATED STATEMENT OF CASH FLOWS (INDIRECT METHOD) (ADOPTED IFRS)
Units: Thousand euros
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
Amount No. of shares Amount No. of shares (thousand euros) to be delivered (thousand euros) to be delivered Ordinary shares 2158 0.50 519,402 0.50 529,275 Other shares (non-voting shares, redeemable shares, etc.)2159 Total dividends paid 2160 0.50 519,402 0.50 529,275 a) Dividends charged to profit and loss 2155 0.50 519,402 0.50 529,275 b)Dividends charged toreserves or share premium 2156 c) Dividends in kind 2157
d) Flexible payment 2154IV. SELECTED FINANCIAL INFORMATION
10. DIVIDENDS PAID
CURRENT PERIOD PREVIOUS PERIOD
Euros / share (X.XX)Euros / share
(X.XX)
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
CURRENT PREVIOUS CURRENT PREVIOUS
PERIOD PERIOD PERIOD PERIOD
Spanish market 2210 1,022,935 637,051 9,225,000 9,124,000 International market 2215 595 501 1,582,000 1,588,000 a) European Union 2216 595 501 1,253,000 1,428,000 a.1) Euro Area 2217 595 501 1,253,000 1,428,000 a.2) Non-Euro Area 2218 b) Other 2219 329,000 160,000
TOTAL 2220 1,023,530 637,552 10,807,000 10,712,000
Comments:
CURRENT PREVIOUS CURRENT PREVIOUS
PERIOD PERIOD PERIOD PERIOD
Generation and Supply 2221 9,533,000 9,654,000 1,004,000 752,000 Distribution 2222 1,540,000 1,305,000 536,000 365,000 Structure and Services 2223 191,000 193,000 856,000 358,000
2224
2225
2226
2227
2228
2229
(-) Adjustments and elimination of ordinary revenue between segments 2230 (269,000) (272,000) (899,000) (415,000) TOTAL of reportable segments 2235 10,995,000 10,880,000 1,497,000 1,060,000
Comments:CONSOLIDATED
SEGMENTSIV. SELECTED FINANCIAL INFORMATION
11. SEGMENT INFORMATION
Ordinary revenue Profit (loss)Distribution of revenue by geographic area
GEOGRAPHIC AREAINDIVIDUAL CONSOLIDATEDUnits: Thousand euros
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
CURRENT
PERIODPREVIOUS
PERIODCURRENT
PERIODPREVIOUS
PERIOD
AVERAGE WORKFORCE 2295 1,188 1,228 8,791 8,826
Men 2296 581 598 6,430 6,457 Women 2297 607 630 2,361 2,369
DIRECTORS:
Item of remuneration:CURRENT
PERIODPREVIOUS
PERIOD
2310 1,126 1,075 2311 485 500 2312 279 344 2313 196 199
2314 14,570
2315 256
2316 264 117 2320 17,176 2,235
MANAGERS:CURRENT
PERIODPREVIOUS
PERIOD
2325 5,368 5,076 Total remuneration paid to managersShare-based remuneration systems
Termination benefits
Long-term savings systems
Other items
TOTALIV. SELECTED FINANCIAL INFORMATION
12. AVERAGE WORKFORCE
INDIVIDUAL CONSOLIDATED
Amount (thousand euros)Amount (thousand euros)IV. SELECTED FINANCIAL INFORMATION
13. REMUNERATION RECEIVED BY DIRECTORS AND MANAGERS
Remuneration for membership on the board and/or board committees
Salaries
Variable remuneration in cash
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
Significant
shareholdersDirectors and
managersGroup
employees,
companies and
entitiesOther related
partiesTotal
1) Finance costs 2340 62,000 62,000 2) Leases 2343 3) Services received 2344 30,000 30,000 4) Purchase of inventories 2345 2,000 2,000 5) Other expenses 2348 32,000 32,000
TOTAL EXPENSES (1 + 2 + 3 + 4 + 5) 2350 126,000 126,000
6) Finance income 2351 1,000 1,000 7) Dividends received 2354 8) Services rendered 2356 1,000 1,000 9) Sale of inventories 2357 153,000 153,000 10) Other income 2359 2,000 2,000
TOTAL REVENUE (6 + 7 + 8 + 9 + 10) 2360 157,000 157,000
Significant
shareholdersDirectors and
managersGroup
employees,
companies and
entitiesOther related
partiesTotal
Financing agreements: loans and capital contributions
(lender)2372
Financing agreements: loans and capital contributions (borrower)2375 6,022,000 6,022,000 Guarantees and collateral given 2381 Guarantees and collateral received 2382 120,000 120,000 Commitments assumed 2383 66,000 66,000 Dividends and other earnings distributed 2386 371,000 371,000 Other transactions 2385 6,000 30,000 36,000
BALANCES ON THE REPORTING DATE:Significant
shareholdersDirectors and
managersGroup
employees,
companies and
entitiesOther related
partiesTotal
1) Trade receivables 2341 124,000 124,000 2) Loans and credit given 2342 3) Other receivables 2346 1,265,000 1,265,000
TOTAL RECEIVABLES (1 + 2 + 3) 2347 1,389,000 1,389,000
4) Trade payables 2352 1,080,000 1,000 1,081,000 5) Loans and credit received 2353 3,547,000 3,547,000 6) Other payment obligations 2355 734,000 734,000
TOTAL PAYABLES (4 + 5 + 6) 2358 5,361,000 1,000 5,362,000CURRENT PERIOD EXPENSES AND REVENUE
CURRENT PERIOD
OTHER TRANSACTIONS:IV. SELECTED FINANCIAL INFORMATION
14. RELATED-PARTY TRANSACTIONS AND BALANCES (1/2)
Units: Thousand euros
CURRENT PERIOD
SELECTED FINANCIAL INFORMATION
ENDESA, S.A.
1 HALF-YEAR OF 2026
Significant
shareholdersDirectors and
managersGroup
employees,
companies and
entitiesOther related
partiesTotal
1) Finance costs 6340 65,000 65,000 2) Leases 6343 3) Services received 6344 29,000 1,000 30,000 4) Purchase of inventories 6345 1,000 1,000 5) Other expenses 6348 40,000 40,000
TOTAL EXPENSES (1 + 2 + 3 + 4 + 5) 6350 135,000 1,000 136,000
6) Finance income 6351 1,000 1,000 7) Dividends received 6354 8) Services rendered 6356 2,000 2,000 9) Sale of inventories 6357 124,000 124,000 10) Other income 6359 2,000 2,000
TOTAL REVENUE (6 + 7 + 8 + 9 + 10) 6360 129,000 129,000
Significant
shareholdersDirectors and
managersGroup
employees,
companies and
entitiesOther related
partiesTotal
Financing agreements: loans and capital contributions (lender)6372 1,000 1,000 Financing agreements: loans and capital contributions (borrower)6375 6,021,000 6,021,000 Guarantees and collateral given 6381 8,000 8,000 Guarantees and collateral received 6382 117,000 117,000 Commitments assumed 6383 24,000 24,000 Dividends and other earnings distributed 6386 371,000 371,000 Other transactions 6385 7,000 30,000 37,000
BALANCES ON THE REPORTING DATE:Significant
shareholdersDirectors and
managersGroup
employees,
companies and
entitiesOther related
partiesTotal
1) Trade receivables 6341 153,000 153,000 2) Loans and credit given 6342 1,000 1,000 2,000 3) Other receivables 6346 1,190,000 1,190,000
TOTAL RECEIVABLES (1+2+3) 6347 1,344,000 1,000 1,345,000
4) Trade payables 6352 628,000 628,000 5) Loans and credit received 6353 3,522,000 3,522,000 6) Other payment obligations 6355 214,000 214,000
TOTAL PAYABLES (4+5+6) 6358 4,364,000 4,364,000IV. SELECTED FINANCIAL INFORMATION
14. RELATED-PARTY TRANSACTIONS AND BALANCES (2/2)
Units: Thousand euros