Endesa profits soar 32.6% in 9-mo 2024, full-year targets reaffirmed

Spanish utility Endesa SA (BME:ELE) posted a 32.6% growth in nine-month 2024 net profit, reporting EUR 1.404 billion (USD 1.53bn).

The ordinary net profit grew as well, reaching EUR 1.38 billion, up by 29.9% year-on-year, Endesa said in its nine-month earnings report on Wednesday.

The bottom line got a boost from higher earnings before interest, taxes, depreciation and amortisation (EBITDA) across all business lines and especially the gas business, the company said. EBITDA for the period rose by 15.7% to EUR 3.88 billion, with renewables contributing EUR 731 million, up by 16.2% year-on-year.

Revenues decreased by 17.9% to EUR 15.8 billion, along with net electricity sales, which declined by 5.1% to 56.5 TWh. At the same time, Endesa saw its customer numbers drop by 2.6% due to the intense competition in the market amid lower power prices, and launched a customer loyalty programme in response.

At the end of September, Endesa had a total of 21,440 MW of installed capacity, nearly have of that renewable energy. This year, the utility reached 10,092 MW of renewables, across solar, hydro, onshore wind and technologies classified as others, up from 9,293 MW in the year-ago period.

These renewables generated 13.9 TWh, or 36.4% more compared to January-September 2023.

Satisfied with the results, Endesa reiterated its confidence in achieving the high end of its 2024 financial targets: EBITDA between EUR 4.9 billion and EUR 5.2 billion, the ordinary net profit of EUR 1.6 billion to EUR 1.7 billion.

(EUR 1.0 = USD 1.088)

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