Interim report
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HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 Build the FUTURE through SUSTAINABLE POWER. (Translation from the original issued in Spanish. In the event of discrepancy, the Spanish-language version prevails)
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PURPOSE VISION Drive electrification, fulfilling people’s needs and shaping a better world. Build the future through sustainable power
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VALUES POSITIONING Trust Innovation Proactivity Respect Flexibility Your energy choices, our responsibility. Every day, powered by clean energy.
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Key Activity Description of Activity Conventional Generation Renewable Generation Energy Commercialisation Commercialisation of other Products and Services Distribution Structure and Services 4 CONTENTS NAVIGATION GUIDE FOR THE DOCUMENT To facilitate consultation, in addition to hypertext links, the document is equipped with interactions that enable navigation. Back to general menu Search Print Go back/forward
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1. LIMITED REVIEW REPORT ON THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 7 2. CONSOLIDATED MANAGEMENT REPORT 13 Endesa 16 Corporate Governance 25 Strategy 28 Risks 37 Performance and Metrics 42 Sustainability Information 88 3. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 97 4. LIMITED REVIEW REPORT ON THE INDIVIDUAL INTERIM CONDENSED FINANCIAL STATEMENTS 253 5. INDIVIDUAL INTERIM CONDENSED FINANCIAL STATEMENTS AND MANAGEMENT REPORT 259
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CHAPTER 1. LIMITED REVIEW REPORT ON THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (FOR THE SIX-MONTH PERIOD 30 JUNE 2025)
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Report on Limited Review of Endesa, S.A. and subsidiaries ((TTooggeetthheerr wwiitthh tthhee iinntteerriimm ccoonnddeennsseedd ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss aanndd ccoonnssoolliiddaatteedd mmaannaaggeemmeenntt rreeppoorrtt ooff EEnnddeessaa,, SS..AA.. aanndd ssuubbssiiddiiaarriieess ffoorr tthhee ssiixx--mmoonntthh ppeerriioodd eennddeedd 3300 JJuunnee 22002255)) (Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) 8 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 2025, 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 information. 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 accompanying interim financial statements. 9 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements
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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 2025 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 condensed interim financial statements. Emphasis of Matter _______________________________________________________ We draw your attention to the accompanying note 2, 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 the 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 2024. 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 2025 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 2025. 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) Juan Ignacio Fernández Pérez 28 July 2025 KPMG Auditores, S.L. 10 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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11 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements
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CHAPTER 2. CONSOLIDATED MANAGEMENT REPORT (FOR THE SIX-MONTH PERIOD 30 JUNE 2025)
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2 CONSOLIDATED MANAGEMENT REPORT 13 ENDESA 16 1. Key Figures 17 2. Value creation and sustainable business model 19 2.1. Value creation 19 2.2. Business Model 22 2.3. Business lines and main markets 24 CORPORATE GOVERNANCE 25 3. Organisational structure 26 3.1. Board of Directors 26 3.2. Senior Management 27 STRATEGY 28 4. Outlook 29 4.1. 2025-2027 Strategic Plan 29 4.2. Key financial indicators 30 4.3. Long-term vision. Full decarbonisation by 2040 31 4.4. Outlook for the business 31 5. Reference scenario 34 5.1. Macroeconomic environment 34 5.2. Electricity and gas market 35 14 CONTENTS
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RISKS 37 6. Main risks and uncertainties associated with Endesa’s activity 38 6.1. Main risks and uncertainties 38 6.2. Endesa’s criminal risk prevention and anti-bribery model 41 PERFORMANCE AND METRICS 42 7 . Alternative Performance Measures (APMs) 43 8. Significant events of the period 49 8.1. Changes in the scope of consolidation 49 8.2. Geopolitical situation 49 9. Endesa’s operating performance and earnings in the first half of 2025 50 9.1. Operating performance 50 9.2. Analysis of results 55 10. Equity and financial analysis 68 10.1. Net invested capital 68 10.2. Financial management 70 10.3. Capital management 72 10.4. Management of credit ratings 73 10.5. Cash flow 74 10.6. Investments 75 11. Segment information 76 11.1. Basis of segmentation 76 11.2. Segment information 76 11.3. Generation and Commercialisation 80 11.4. Distribution 81 11.5. Structure and others 81 12. Innovation and digitalisation 82 12.1. Research, Development and Innovation (R&D&I) activities 82 13. Regulatory Framework 83 14. Further information 83 14.1. Stock market information 83 14.2. Dividends 86 14.3. Information on related-party transactions 87 14.4. Contingent assets and liabilities 87 15. Events after the reporting period 87 SUSTAINABILITY INFORMATION 88 16. Sustainability Information 89 16.1. Environmental Information 89 16.2. Social Information 91 16.3. Governance Information 94 Legal Disclaim 95
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2. CONSOLIDATED MANAGEMENT REPORT ENDESA
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1. Key Figures REVENUE 10,880 million euros REVENUE +4.5% 10,416 million euros in the January-June 2024 period 2,711 million euros GROSS OPERATING PROFIT (EBITDA) (1) +12.3% 2,413 million euros in the January-June 2024 period PERFORMANCE 1,041 million euros NET PROFIT (1) +30.1% 800 million euros in the January-June 2024 period 1,041 million euros NET ORDINARY PROFIT (1) +34.8% 772 million euros in the January-June 2024 period 9,901 million euros NET FINANCIAL DEBT (1) +6.5% 9,298 million euros at 31 December 2024 INVESTMENTS PEOPLE 935 million euros GROSS INVESTMENTS IN PROPERTY , PLANT AND EQUIPMENT AND INTANGIBLE ASSETS +1.2% 924 million euros in the January-June 2024 period 2,356 million euros CASH FLOWS FROM OPERATING ACTIVITIES +97 .7% 1,192 million euros in the January-June 2024 period 9,080 employees FINAL WORKFORCE +1.9% 8,914 employees at 31 December 2024 RENEWABLE AND CONVENTIONAL GENERATION 22,099 MW NET INSTALLED CAPACITY +3.0% 21,449 MW at 31 December 2024 10,693 MW PENINSULAR NET INSTALLED RENEWABLE CAPACITY +6.6% 10,032 MW at 31 December 2024 30,136 GWh ELECTRICITY GENERATION (2) +1.2% 29,778 GWh in the January-June 2024 period 9,852 GWh GENERATION OF RENEWABLE ELECTRICITY (2) –0.6% 9,912 GWh in the January-June 2024 period 17 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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DISTRIBUTION 321,085 km DISTRIBUTION NETWORKS AND TRANSMISSION GRIDS +0.2% 320,329 km at 31 December 2024 69,614 GWh ENERGY DISTRIBUTED (3) +3.0% 67 ,583 GWh in the January-June 2024 period 12,673 thousand END USERS (4) +0.3% 12,638 thousand at 31 December 2024 99% RATIO OF DIGITAL CUSTOMERS (5) 99% at 31 December 2024 COMMERCIALISATION OF ELECTRICITY , GAS AND OTHER PRODUCTS AND SERVICES 36,326 GWh NET ELECTRICITY SALES (6) –0.8% 36,618 GWh in the January-June 2024 period 9,867 thousand NUMBER OF ELECTRICITY CUSTOMERS (7) (8) -3.4% 10,217 thousand at 31 December 2024 6,414 thousand NUMBER OF ELECTRICITY CUSTOMERS (DEREGULATED) (9) –3.8% 6,670 thousand at 31 December 2024 31,071 GWh GAS SALES (10) +3.6% 29,993 GWh in the January-June 2024 period 1,735 thousand NUMBER OF GAS CUSTOMERS (11) -2.4% 1,777 thousand at 31 December 2024 24,300 units PUBLIC AND PRIVATE ELECTRICITY CHARGING STATIONS +8.4% 22,417 units at 31 December 2024 (1) See the definition in Section 7 of this Consolidated Management Report. (2) In busbars. (3) Energy supplied to customers, with or without a contract, auxiliary consumption from generators and outflows to other grids (transmission grid and distribution network). (4) Customers of distributors. (5) Number of Digitalised Customers / End Users (%). (6) Sales to end customers. (7) Supply points. (8) Customers of commercialisation companies. (9) Customers of deregulated commercialisation companies. (10) Excluding own generation consumption. (11) Supply points. 18 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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2. Value creation and sustainable business model 2.1. Value creation The inclusion of both financial and Sustainability data in this Consolidated Management Report effectively conveys the Business Model and value creation process, addressing both short-term results and long- term perspectives. This comprehensive approach enables shareholders and stakeholders to make well- informed economic decisions in light of the growing importance of environmental, social, and governance factors. The chart below summarises Endesa’s value creation by showing the key figures and how they are transformed into results and value created for stakeholders, in accordance with Endesa’s organisation and Business Model, which is strongly rooted in solid and transparent Corporate Governance and a sustainable strategy. 19 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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(1) Of which 31% have clauses linked to indicators which, in turn, comply with the alignment of activities of the European Taxonomy Regulation. (2) As of 31 December 2024. (3) Frequency Rate = (Number of accidents or Number of serious accidents or Number of fatal accidents / Number of hours worked) x 106. (4) ‘Futur-e’ plans: plans for the mitigation of impacts arising from the decrease in socio-economic activity in the vicinity of coal plant closures. INPUTS AND DEPENDENCIES FINANCIAL CAPITAL 9,901 Millions of Euros of net financial debt. 89% (1) of financing with clauses linked to sustainability objectives. 9,178 Millions of Euros of net equity. NATURAL RESOURCES 113.8 TWh of total energy consumption (2). 10.50% Water abstraction for industrial use in water- stressed areas (2). 116 Km2 Surface area occupied by installations within Natural Areas (2). HUMAN CAPITAL 9,080 number of employees Endesa’s final workforce. 18 days average payment period to suppliers (2). RELATIONS WITH PARTNERS AND STAKEHOLDERS Financial capital: Endesa’s cash flows are generated by business activities. In addition, the Company relies on financial institutions and the issuance of financial instruments to support its sustainable development strategy. Natural resources: commercial activities are based on the purchase of fossil fuels (gas, fuel oil, etc.) for electricity generation, materials and components for the construction of renewable electricity generation plants (aluminium, copper, lithium and critical materials, etc.), and materials and components for the development of distribution networks. Human capital: Endesa draws on the work of its own staff and contractors who support investment and operating activities. Relations with partners and stakeholders: Endesa maintains a constant dialogue with institutions in the different countries in which it operates, as well as with suppliers, partners and local communities to support operational activities. VALUE CREATION AND THE BUSINESS MODEL ENERGY GENERATION 12,533 Thousands DIGITALISED CUSTOMERS 321,085 Km DISTRIBUTION NETWORK COMMERCIALISATION OF PRODUCTS AND SERVICES UPSTREAM Recruitment of suppliers, works and services, and supplies. Procurement of energy products. 20 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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OUTPUTS AND BENEFITS Investors: Endesa maintains a constant and transparent dialogue, in line with best practices, to increase the level of understanding of the Company’s activities and performance and ensure profitability for its shareholders. Customers: Endesa is committed to offering sustainable, affordable and flexible solutions and services, with a special focus on vulnerable groups. Employees: Endesa promotes a culture of inclusion and valuing diversity, innovation and entrepreneurship in support of a constantly changing environment. Communities: Endesa defines action plans and projects to support local communities in the countries in which it operates, with the aim of promoting access to energy and counteracting energy poverty, as well as supporting socio-economic development through tax contributions. Suppliers: Endesa is committed to protecting and guaranteeing the protection of workers’ rights in the supply chain, supporting its suppliers on the path to decarbonisation and growth in response to the challenges of the energy transition. INVESTORS 67 .9% of capex aligned with European Taxonomy (2). 1,058 Millions of Euros of dividends paid (2). 1.3177 (€/share) gross dividend per share 2024. CUSTOMERS 23.0 minutes TIEPI Equivalent Interruption Time of Installed Capacity. 273 number of commercial complaints / 10,000 customers (2). EMPLOYEES 21.8 % of women in management positions. 0.80 accident frequency index of own personnel (3). COMMUNITIES 6 number of ‘Futur-e’ plans (2) (4). SUPPLIERS 100% of suppliers qualified in environmental, human rights and safety aspects (2). 22,099 MW INSTALLED CAPACITY NET TOTAL 63.9 % INSTALLED CAPACITY OF NON-EMITTING TECHNOLOGIES (RENEWABLES AND NUCLEAR) 24,300 number RECHARGING POINTS PUBLIC AND PRIVATE 9,867 Thousands ELECTRICITY CUSTOMERS DISTRIBUTION DOWNSTREAM Relations with retail customers. Relations with end users. 21 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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2.2. Business Model Endesa is committed to a sustainable Business Model that enables the development of a just and inclusive transition, integrating sustainability and creating value in the territories where it operates. As an essential element in people’s lives, business and society in general, the Company strives to align its business strategy to address major challenges facing society, continuously evolving to adapt to the ongoing social, economic, and political changes. The Company’s biggest challenge at present is driving an Energy Transition towards decarbonisation and electrification of the current economy, integrating efficient development of renewable energies while abandoning technologies based on fossil fuels without leaving anyone behind. The shift towards a decarbonised economy has both driven and necessitated a transformation of our current Business Model, while generating great economic, environmental and social opportunities, contributing to the creation of wealth and employment, as well as the improvement of the planet. The definition of this sustainable strategy should involve the participation of the Company’s stakeholders, aware of Endesa’s presence in the territory, with the aim of engaging them and building strong, positive relationships that allow Endesa to achieve sustainable and lasting results. Continuous dialogue with individual stakeholders and the organisations that represent them enables Endesa to identify priority actions to meet the stakeholder demands. In this regard, with Climate Change as the main challenge for all stakeholders, and aware that Endesa can play a major role in the fight against Climate Change, the Company has identified priority actions to contribute to the United Nations Sustainable Development Goals (SDGs) and the objectives of the Paris Agreement. Development of the environmental, social, and governance sphere entails a series of risks that the Company must address and manage. However, as a result of the correct orientation of the strategy throughout the Company’s Value Chain, Endesa not only mitigates risks but also maximises and seizes opportunities. To monitor and evaluate the performance of its strategy, Endesa has defined ‘Environmental, Social, Governance’ (ESG) metrics that are integrated into its Sustainability Plan and that represent the Company’s roadmap to meet the challenges of energy transformation, thus participating in the achievement of the Sustainable Development Goals (SDGs). The update of Endesa’s Strategic Plan and Sustainability Plan (see Section 4.1 of this Consolidated Management Report) clearly shows the integration of sustainability into the Business Model, with the vast majority of investments directed towards SDG 13 (Climate Action), contributing with specific actions in SDG 7 (Affordable and Clean Energy) through the growth of renewable energy capacity, SDG 9 (Industry, Innovation and Infrastructure) by investing in the digitalisation of the distribution grid, and SDG 11 (Sustainable Cities and Communities). Endesa continues to harness innovation to promote solutions to reduce environmental impact and meet the needs of its customers and the Local Communities where it operates, always ensuring safety for its employees and contractors. 22 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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2025-2027 Sustainability Plan On 25 February 2025, Endesa approved its 2025–2027 Sustainability Plan, which embodies its commitment to a Business Model where sustainability is built into the Company’s industrial and business plan, along with various ethical, social and environmental commitments. As part of its sustainable strategy, Endesa’s Sustainability Plan 2025-2027 incorporates, with a 3-year time horizon, a total of 65 objectives, distributed as follows: Number of Objectives 2025-2027 Sustainability Plan Environmental 27 Social 30 Governance 3 Growth Accelerators 5 These objectives are reviewed annually to ensure continuity and alignment with the strategy, aiming to further integrate sustainability across the entire Value Chain. This Plan is approved annually by the Board of Directors, which delegates supervision of its compliance to the Sustainability and Corporate Governance Committee. Endesa’s Strategic Plan 2025-2027 , which orients its activity towards a Business Model that responds to the major challenges facing society, such as decarbonisation and electrification to combat Climate Change and move towards energy sovereignty, is complemented by the Sustainability Plan, which is based on the priorities set out in the table below: COMMITMENT TO PEOPLE GROWTH ACCELERATORS HUMAN RIGHTS NATURE ZERO EMISSIONS A M B I T I O N 2025-2027 SUSTAINABILITY PLAN ENVIRONMENTAL We are continuing on the path of sustainable growth, confirming our commitments related to the fight against climate change and biodiversity conservation. SOCIAL We consider our stakeholders’ needs and priorities to ensure a fair, inclusive transition for all: those who work with us, our communities, suppliers, and customers. GOVERNANCE The business model is based on a solid governance structure, guaranteeing the application of a set of principles of transparency and integrity to our stakeholders. Furthermore, it includes the commitment to all other human rights. GROWTH ACCELERATORS Cybersecurity, digitalisation, and sustainable financing accelerate the achievement of Endesa’s sustainable strategy, embracing and strengthening all the strategic themes with a cross-cutting approach. A 23 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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2.3. Business lines and main markets In order to be able to effectively address all risks and take advantage of all the opportunities in a continuously changing Energy Sector, Endesa’s Business Model is structured into different Business Lines. This allows it to respond quickly in the markets in which it operates and to take into account the needs of its customers in the territories and businesses it serves. These Business Lines relate to the following activities in which Endesa is involved: generation, distribution and commercialisation of electricity and gas, mainly, in Spain and Portugal, and, to a lesser extent, commercialisation of electricity and gas in other European markets, mainly Germany and France, from its platform in Spain, and commercialisation other products and services related to its main business. Endesa manages its generation and commercialisation businesses jointly to optimise its integrated position compared to separate management of both activities. The description of Endesa’s markets and activities is detailed in Section 2.3.3 of the Consolidated Management Report for the year ended 31 December 2024. The significant companies and holdings of Endesa for organising its various business lines are described in Note 6 and Appendix I to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2025. 24 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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2. CONSOLIDATED MANAGEMENT REPORT CORPORATE GOVERNANCE
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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 June 30, 2025, the number of shares held by the Enel Group in Endesa, S.A., through Enel Iberia, S.L.U., represents, for mercantile purposes, 70.1% of its share capital (see Note 1 of the Explanatory Notes that form part of the Interim Condensed Consolidated Financial Statements corresponding to the half-year period ended June 30, 2025). At the date of approval of this Consolidated Management Report, Endesa’s organisational structure was unchanged with respect to the structure described in Section 3.2 of the Consolidated Management Report for the year ended 31 December 2024. 3.1. Board of Directors At the date of approval of this Consolidated Management Report, the composition of the Board of Directors of Endesa, S.A., the body vested with the broadest powers to manage, administer and represent the Company, was as follows: D. Juan Sánchez-Calero Guilarte Chairman D. Flavio Cattaneo Vice Chairman D. José Damián Bogas Gálvez Chief Executive Officer D. Francisco de Borja Acha Besga Non-Director Secretary D.ª Eugenia Bieto Caubet Member D. Ignacio Garralda Ruiz de Velasco Member D.ª Pilar González de Frutos Member D.ª Francesca Gostinelli Member D. Francisco de Lacerda Member D. Stefano de Angelis Member D.ª Cristina de Parias Halcón Member D. Gianni Vittorio Armani Member D. Guillermo Alonso Olarra Member D.ª Elisabetta Colacchia Member D.ª Michela Mossini Member BOARD OF DIRECTORS COMPOSITION OF THE BOARD OF DIRECTORS Independent Shareholder-Appointed Executive External 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: 26 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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DIVERSITY OF THE BOARD OF DIRECTORS Men WomenGender 50-60 60-70 70-80Age 57 % 6 5 3 43 % EXPERIENCE Sustainability and Corporate Governance Climate Change HR ICT Strategy Management Legal Engineering Finance & Risk 7 4 5 3 14 14 5 3 14 Number of Directors with experience in each area 3.2. Senior Management At the date of approval of this Consolidated Management Report, Endesa, S.A.’s Executive Committee, which is tasked with implementing the Company’s strategy, was as follows: As of the date of approval of this Consolidated Management Report, the percentage of women in Senior Management is 19%. Mr José Damián Bogas Gálvez CHIEF EXECUTIVE OFFICER General Manager of Communications Ms María Lacasa Marquina General Manager of People and Organisation Mr Paolo Bondi General Manager of Institutional Affairs and Regulatory Mr José Casas Marín General Manager Real Estate and General Services Mr Pablo Azcoitia Lorente General Manager of Audit Ms Patricia Fernández Salís General Manager of ICT Digital Solutions Mr Juan Antonio Garrido Rodríguez (1) General Manager of Sustainability Ms María Malaxechevarría Grande General Manager of Procurement Mr Ignacio Mateo Montoya General Manager of Administration, Finance and Control Mr Marco Palermo General Manager of Security Mr Florencio José Retortillo Rodríguez General Secretary and Secretary to the Board of Directors and General Manager of Legal Affairs and Corporate Affairs Mr Francisco de Borja Acha Besga STAFF AND SERVICE UNITS General Manager of Energy Management Mr Juan María Moreno Mellado General Manager of Generation Mr Rafael González Sánchez General Manager of Infrastructure and Networks Mr José Manuel Revuelta Mediavilla General Manager of Commercialisation Mr Davide Ciciliato General Manager of Nuclear Mr Gonzalo Carbó de Haya BUSINESS LINES (1) The General Manager of ICT Digital Solutions was appointed on May 1, 2025, replacing Mr. Manuel Fernando Marín Guzmán. 27 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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2. CONSOLIDATED MANAGEMENT REPORT STRATEGY
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4. Outlook 4.1. 2025-2027 Strategic Plan On 19 November 2024, Endesa presented the update of its Strategic Plan for the period 2025-2027 , at a pivotal moment in the Energy Transition journey and aims to fully leverage the opportunities and address the challenges arising from this process. The 2025-2027 Strategic Plan is centred around a key axis: the advancement of clean electrification, relying on emission-free generation sources, as a lever to tackle the primary challenges of the Energy Sector across Europe. This will achieve a competitive Energy System for customers, making it more secure by reducing external energy dependency, and sustainable by decreasing Greenhouse Gas (GHG) emissions. For the 2025-2027 period, the three strategic pillars set out in the previous Plan are reaffirmed, aiming to optimise the Company’s risk-return profile to maximise value creation for all stakeholders. Networks • Investments commensurate with an adequate return • Continuous improvements in network resilience, efficiency and operational • Hamessing digitalisation and innovation to enable the energy transition Generation • T argeted allocation of capital to increase flexibility and resilience • "Partnership model" to maximise risk-return profile • Maintaining the option to build or buy • Searching for PPAs linked to our generation assets Customers • Focused on improving custiomer value through combined offers • Optimisation of customer relationship management channels and acquisitions OUR STRATEGIC PILLARS 1 Cost-effectiveness flexibility and resilience 2 Efficiency and effectiveness 3 Financial and environmental sustainability This Plan is adapted to the new energy context and is based on a more selective and efficient capital allocation strategy. As a result, the gross investments contemplated in this new Strategic Plan are expected to be 8% higher than the previous 2024-2026 plan, increasing by €700 million and reaching €9,600 million gross for the 2025-2027 period. The 2025-2027 Strategic Plan has considered the key figures and goals outlined in the updated NECP presented by the Spanish Government in September 2024. 29 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Gross investment plan 3.7 0.9 1.0 4.0 9.6Thousands M€ Plan 2025-27 Investments by business 42% 10% 39% 9% Networks Customers Renewable Gx Conv. (1) 2025-2027 GROSS INVESTMENTS BY BUSINESS (1) The conventional Cx figure includes CCGT, nuclear generation, non-mainland business, Corporate Structure, Services and Adjustments and Others. -45 % increase in network investment, assuming the improvement necessary in remuneration for addressing the energy transition. Investment in renewable energy considering the value creation choice between make or buy. Scheme partially developed under the "Partnership" scheme. Optimisation of the high-value customer base. Investments in non-peninsular: awaiting the resolution of the auction and regulatory visibility. The data for the Strategic Plan 2025-2027 is contained in Section 6.2 of the Consolidated Management Report for the annual period ended on 31 December 2024. During the first half of 2025, and within the current regulatory and market context, Endesa has continued to advance on the objectives included in the Strategic Plan for the period 2025-2027 , without foreseeing any significant deviation at the date of publication of this Consolidated Management Report. 4.2. Key financial indicators In terms of financial performance, and based on the lines of action, the new 2025-2027 Strategic Plan includes, among other parameters, forecasts on economic indicators of the consolidated results. Under the Plan, Endesa envisions a positive trend in the following: Economic indicator Forecast Gross Operating Profit (EBITDA) (1) • It is estimated to reach a range of €5,600 - €5,900 million by 2027 , with a compound annual growth rate of 4%. Net Ordinary Profit (1) • It will be in the region of €2,000 - €2,200 million at the end of the three-year period, which represents a compound annual growth rate of 7%. Net Financial Debt (1) • The net financial debt will be between €10,000 - €11,000 million in the 2027 fiscal year due to increased investments and dividend payments, which will be offset by strong cash generation and the contribution from external partners who join renewable projects. (1) See definition in Section 7 of this Consolidated Management Report. In order to maintain Endesa’s risk profile and financial strength, the dividend policy approved by the Company maintains a 70% payout on net ordinary profit until 2027 , with a guaranteed minimum dividend of €1.0 gross per share over the period. KEY FACTORS 30 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euros Financial Objectives Unit 2025 2027 Gross Operating Profit (EBITDA) (1) Millions of Euros 5,400 – 5,600 5,600 – 5,900 Net Ordinary Profit (1) Millions of Euros 1,900 – 2,000 2,000 – 2,200 Gross Dividend Per Share Euros 1.3 1.5 (1) See definition in Section 7 of this Consolidated Management Report. In line with this Dividend Policy and with the 2025- 2027 Strategic Plan, on 26 March 2025, the Board of Directors of Endesa, S.A. announced the approval of a Framework Share Buyback Programme for a maximum monetary amount of €2,000 million (without prejudice to the possibility of suspending or terminating it early if circumstances so advise) (see Note 33.1.3 of the Explanatory Notes that form part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2025), for its execution in several tranches until 31 December 2027 . 4.3. Long-term vision. Full decarbonisation by 2040 The review of the strategy across the 3 main pillars of the business is accompanied, across the board, by a reaffirmation of Endesa’s environmental Sustainability path. The objective of reaching Net Zero emissions by 2040, through the generation and sale of 100% renewable energy, accompanied by the withdrawal from the gas retail business as customers transition to electrification, remains valid. Endesa’s long-term vision is detailed in Section 6.4 of the Consolidated Management Report for the year ended 31 December 2024. 4.4. Outlook for the business The Electricity Sector faces important challenges in the coming years, related to the Energy Transition towards a more sustainable, efficient and decarbonised model. In this context, the economic and regulatory environment in which the electricity sector operates is of great importance, as it conditions the investment, financing and operating decisions of the agents participating in the market. During the first half of 2025, the evolution of the main macroeconomic and market variables was marked by persistent geopolitical tensions in the Middle East, especially between Iran and Israel. This situation generated a climate of high uncertainty and volatility, putting upward pressure on natural gas prices. In June, these exceeded €40/MWh, despite the usual seasonality of this commodity. In the case of Spain, the rise in the price of gas coincided with the arrival of several heat waves at the beginning of the summer, which caused a sharp upturn in electricity demand. This combination of factors resulted in a notable increase in prices in the electricity market to an average of €72.6/MWh in June, in contrast to the annual lows of May (€16.9/ MWh). This upward trend is expected to continue in the coming months, as weather forecasts point to a summer of high temperatures. In addition, geopolitical instability could lead to disruptions in energy supply 31 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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and new price spikes, putting additional pressure on European electricity markets. As for electricity demand in Spain, it has maintained a positive evolution in the first half of 2025, with a cumulative growth of +1.3% (adjusted for working-day and temperature effects). For its part, the average price of the wholesale market (pool) stood at €61.8/MWh, which represents an increase of 58.1% compared to the same period of the previous year. According to the current values of forward contracts for the coming quarters, it is now estimated that the average annual price of electricity in 2025 will be €70/MWh, approximately 11% above the average recorded in 2024 (€63.0/MWh). As for the rest of the economic forecasts, the European Commission has projected a growth of Spanish Gross Domestic Product (GDP) of 2.6% in 2025, driven mainly by domestic demand, thanks to the good performance of the labour market and the strengthening of investment, supported by the Recovery and Resilience Plan, while for 2026 growth is expected to moderate to 2.0%. Inflation would maintain at 2.3% this year, in line with that recorded in June and a moderation to 1.9% is expected in 2026, reflecting a normalisation of energy and food prices. At a European level, the European Central Bank (ECB) lowered interest rates in June for the eighth consecutive time within the current cycle of cuts initiated in the summer of 2024, leaving the deposit facility rate at 2%, the lowest level since December 2022. The eurozone’s monetary easing cycle is expected to continue and the European Central Bank (ECB) will lower interest rates again at its next meetings if inflation remains under control, which would provide a more favourable financing environment for European companies for the investment expansion cycle. Regulatory landscape for the sector In September 2024, the Government approved Royal Decree 986/2024, of 24 September, which updates the National Energy and Climate Plan (NECP) 2023- 2030. The new National Energy and Climate Plan (NECP) reinforces the climate objectives with respect to the original Plan, raising the share of renewable energies to 48% of final energy consumption (compared to 42% previously) and to 81% in the case of electricity (from 74%). Energy efficiency is also improved from 42% to 43% and the electrification of the economy is increased to 35%, compared to the 32% initially planned, which will result in an increase in electricity demand. On 27 May 2025, the European Commission published the assessment of the National Energy and Climate Plans updated in 2024 by the Member States, including the recommendations to be implemented. According to the Communication, the Member States have considerably improved their actions to achieve the energy/climate objectives for 2030. In the case of Spain, the Commission positively assessed the fulfilment of the objectives in terms of renewables, although it recommended further progress in energy efficiency and in the development of electricity interconnections. At the Spanish level, the National Commission on Markets and Competition (CNMC) and the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) continue to work on the revision of the regulatory framework for electricity distribution and extra-peninsular generation for the period 2026-2031. In this regard, on 2 June 2025, the European Commission published a Guidancee on Anticipatory Investments in Electricity Grids. This document offers recommendations to regulators and operators to facilitate efficient and forward-looking investment decisions, addressing aspects such as grid planning, regulatory scrutiny, cost recognition, and incentives. The objective is to promote a robust, affordable, and competitive energy infrastructure for European industry. As the most relevant new development in the regulatory review process, on 4 July 2025, the National Markets and Competition Commission (CNMC) initiated the hearing process for 2 proposals: 32 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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• Modification of Circular 2/2019, of 12 November, establishing the methodology for calculating the financial remuneration rate for, among others, electricity transmission and distribution activities, proposing for these a value of 6.46%, and • Modification of Circular 6/2019, of 5 December, which establishes the methodology for calculating the remuneration of the electricity distribution activity. Information regarding sectoral regulation is described in Note 5 of the Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2025. 33 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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5. Reference scenario 5.1. Macroeconomic environment During the first half of 2025, there was marked macroeconomic uncertainty stemming from geopolitical and trade tensions that impacted international relations and supply chains, generating significant volatility in financial markets. In this context, central banks have implemented monetary policies aimed at controlling inflation and supporting growth, despite growing external pressures. The European Central Bank (ECB), at its meeting in June 2025, reduced the 3 official interest rates by 25 basis points, marking the fourth consecutive cut so far this year. As a result, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility stood at 2.00%, 2.15% and 2.40%, respectively. The European Central Bank (ECB) maintains its expectations that inflation will be positioned at 2% towards the end of 2025. General inflation in Spain rose by 3 tenths of a percentage point in June 2025 compared to May, reaching 2.3%. This increase is mainly due to the rise in the price of fuels and, to a lesser extent, the rise in food prices. For its part, core inflation (which excludes energy products and unprocessed food) remained stable at 2.2% during the same month. On the foreign exchange market, the euro has appreciated by 13.4% against the US dollar (USD) during the first 6 months of 2025, with the euro/dollar (EUR/ USD) exchange rate standing at 1.1739 at the close of June 2025. Meanwhile, the euro has appreciated by 3.6% against the pound sterling (GBP), with the euro/ pound (EUR/GBP) exchange rate standing at 0.8566 on 30 June 2025. 30 June 2025 31 December 2024 Difference % Chg Average Exchange Rate (Euro/US Dollar) (1) 1.0938 (2) 1.0811 (3) 0.0127 1.2 Closing Exchange Rate (Euro/US Dollar) (1) 1.1 739 1.0355 0.1384 13.4 Closing Exchange Rate (Euro/Pound Sterling) 0.8566 0.8268 0.0298 3.6 Six-month Euribor (period average) 2.31 (2) 3.84 (3) (1.53) (39.8) Short-Term Euro Interest Rate (3-Month Euribor) (%) (1) 1.94 2.71 (0.77) (28.4) Long-Term Euro Interest Rate (10-Year Swap) (%) (1) 2.6 2.36 0.24 10.2 Short-Term US Dollar Interest Rate (3-Month SOFR) (%) (1) 4.29 4.31 (0.02) (0.5) Long-Term US Dollar Interest Rate (USD 10-Year SOFR) (%) (1) 3.69 4.07 (0.38) (9.3) German 10-Year Bond (%) (1) 2.61 2.36 0.25 10.6 German 30-Year Bond (%) (1) 3.10 2.59 0.51 19.7 10-Year Spanish Bond (%) (1) 3.24 3.06 0.18 5.9 Risk Premium for Spain (bp) (1) (4) 64 69 (5) (7 .2) Risk Premium for Italy (bp) (1) (4) 87 116 (29) (25.0) Risk Premium for Portugal (bp) (1) (4) 45 48 (3) (6.3) European Central Bank (ECB) Reference Rates (%) (1) 2.15 3.15 (1.00) (31.7) European Central Bank (ECB) Deposit Facility Rate (%) (1) (5) 2.00 3.00 (1.00) (33.3) US Federal Reserve Reference Rates (%) (1) 4.25 - 4.50 4.25 - 4.50 — — Year-on-Year Inflation in Spain (%) (6) 2.3 3.4 (7) (1.10) — Year-on-Year Core Inflation in Spain (%) (6) 2.2 3.0 (7) (0.80) — (1) Source: Bloomberg. (2) January - June 2025 (3) January - June 2024 (4) Spread against the German 10-year bond. (5) Rate that the European Central Bank (ECB) charges banks for their deposits. (6) Source: Spanish National Statistics Institute (INE). (7) As of 30 June 2024. bp = Basis points. 34 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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5.2. Electricity and gas market During the January-June 2025 period, the average arithmetic price in the wholesale electricity market was €61.8/MWh (+58.1% compared to the same period of the previous year). This surge was affected by the upward trend in the price of gas due to supply limitations caused by various geopolitical tensions, compounded by the decrease in European gas reserves. The increase in carbon dioxide (CO 2) prices and electricity demand has also contributed to the upward trend in prices. The gas prices have shown an upward trend during the January-June 2025 period, increasing by 39.3% compared to the same period of the 2024 fiscal year. However, the average Brent prices have decreased by about 15.1% compared to the same period of the previous fiscal year. For its part, the average price of carbon dioxide (CO2) has increased by 11.4% compared to the January-June 2024 period, mainly due to the evolution of supply and demand fluctuations in the carbon markets. Renewable production In the January-June 2025 period, solar photovoltaic production continues to achieve high levels compared to the same period of the previous fiscal year, with increases of 9% in Spain and 28% in Portugal, according to data from Red Eléctrica de España, S.A. and Redes Energéticas Nacionais, SGPS, S.A., respectively. This is attributed to favourable weather conditions and the enhanced installed capacity of renewable sources as Energy Transition plans progress. Hydroelectric production in Spain has grown by 1% in comparison with the same period of the previous year, having a considerable impact on the generation mix and, therefore, on the formation of market prices by displacing higher-cost technologies. Demand for electricity and gas During the first half of 2025, Spain recorded an electricity demand of 125,019 GWh, marking a 2.6% increase compared to the corresponding period in 2024 (+1.3% adjusted for factoring in calendar and temperature effects). This increase is a consequence, among other aspects, of the growing expansion of solar self-consumption, the recovery of industrial activity, and the electrification of key sectors. In mainland Spain, in the January-June 2025 period, the electricity demand was 117 ,678 GWh, 2.7% higher than that recorded in the first three months of 2024 (+1.3% considering the effects of working days and temperatures). In the January-June 2025 period, gross demand in the Balearic and Canary Islands is estimated at 2,851 GWh and 4,286 GWh (+3.9% and -0.5%, respectively, adjusted for labour and temperature effects, compared to the same period of the previous fiscal year). With regard to gas demand, it has increased in Spain by 5.5% in the January-June 2025 period due, for the most part, to the increase in demand from the electricity sector (+42.4%), as a consequence of the greater generation of electricity from combined cycles during the first half of 2025, despite the decrease in demand from the conventional gas market (-2.8%) due to the lower industrial activity with gas demand in the first 6 months of 2025 compared to the same period of the previous year. 35 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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5.2.1. Evolution of the main market indicators Market Indicators January-June 2025 January-June 2024 % Chg. Arithmetic Average Price in the Wholesale Electricity Market (€/Mwh) (1) 61.8 39.1 58.1 ICE Brent Average Price ($/bbl) (2) 70.8 83.4 (15.1) Average Price of Carbon Dioxide (CO2) Emission Allowances (€/t) (3) 71.1 63.8 11.4 Average Price of Guarantees of Origin (€/MWh) (4) 0.5 1.2 (58.3) Average Price of Coal ($/t) (5) 101.4 109.2 (7 .1) Average Price of Gas (€/MWh) (6) 41.1 29.5 39.3 (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: Internal preparation. (5) Source: Api2 index. (6) Source: TTF index. 5.2.2. Evolution of demand Percentage (%) Without Adjustment for Seasonal and Temperature Effects Adjusted for Seasonal and Temperature Effects Electricity (1) January-June 2025 January-June 2024 January-June 2025 January-June 2024 Peninsular 2.7 0.6 1.3 1.3 Endesa Area (2) 4.7 (1.4) 2.9 (0.8) Industrial 2.7 (2.8) Services 3.8 0.1 Residential 7.5 (1.8) Non-Peninsular Territories (NPT) 2.4 1.4 6.1 2.4 Canary Islands 0.6 2.1 (0.5) 2.3 Balearic Islands 4.8 0.4 3.9 2.8 (1) Source: Red Eléctrica de España, S.A. (REE). In busbars. (2) Source: Prepared in-house. Percentage (%) Gas (1) January-June 2025 January-June 2024 Spanish Domestic market 5.5 (6.7) Spanish Conventional (2.8) 2.2 Electricity Sector 42.4 (32.4) (1) Source: Enagás, S.A. 5.2.3. Market share Percentage (%) Market share (1) 30 June 2025 31 December 2024 Electricity Peninsular Generation (2) 18.6 18.7 Distribution 43.4 43.3 Commercialisation 28.1 28.9 Gas Deregulated Market 10.1 11.1 (1) Source: Prepared in-house. (2) Includes renewables. 36 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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RISKS 2. CONSOLIDATED MANAGEMENT REPORT
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6. Main risks and uncertainties associated with Endesa’s activity 6.1. Main risks and uncertainties In the first half of 2025, Endesa followed the same risk control and management policy described in Note 41 of the Notes to the Consolidated Annual Financial Statements for the year ended 31 December 2024. Endesa classifies the risks to which it is exposed into six categories: Strategic, Financial, Operational, Compliance, Corporate Governance, and Culture and Digital Technology-related. RISKS Strategic OperationalFinancial Compliance Digital Technology Corporate Governance 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 2024. Endesa’s activities are carried out against a backdrop in which outside factors may affect the performance of its operations and earnings. Due to the geopolitical tensions between Russia and Ukraine, the conflict in the Middle East, the tariff- related tensions between the United States and China, and the current macroeconomic environment, Endesa must contend with uncertainty and its business could be affected by adverse economic conditions in Spain, Portugal, the Eurozone and international markets, as well as by the regulatory environment. As a result, certain risks have become more significant and others have become more volatile (see Note 4.2 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2025). In the present context, there are risks that are difficult to manage and of indeterminate probability, such as regulatory changes in the electricity sector, cybersecurity, uncertainties in US tariff policies, and temporary fiscal measures, which could increase the pressure on meeting the objectives of the Strategic Plan. In this situation, the main risks and uncertainties facing Endesa in the coming months of 2025 are summarised below: 38 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Category Risk Definition Description Metrics Materiality (3) Strategic Risks Legislative and Regulatory Developments Endesa’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 2025 and in Section 13 of this Consolidated Management Report. Scenario (1) High Macro- economic and Geopolitical Trends Endesa’s business could be affected by adverse economic or political conditions in Spain, Portugal, the Eurozone and in international markets. 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 2025). Financial Risks Commodities Endesa’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 supply of other commodities, 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 (CO 2) 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 2025, and Section 10.2 of this Consolidated Management Report). Stochastic (2) High Interest Rate Endesa 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 2025 and Section 10.2 of this Consolidated Management Report). Stochastic (2) Medium 39 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Category Risk Definition Description Metrics Materiality (3) Adequacy 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 credit lines 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 2025 and Section 10.2 of this Consolidated Management Report). Endesa’s financial management and capital management policy is described in Notes 34.1.12, 40.3 and 41.4 of the Explanatory Notes to the Consolidated Financial Statements for the year ended 31 December 2024. Stochastic (2) Low Liquidity Credit and Counterparty Endesa 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 closely monitors the credit risk of its commodity, financial and commercial counterparties. (see Note 39.3 to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025). Stochastic (2) High Risks associated with digital technologies Cybersecurity Endesa is exposed to cybersecurity risks. The Cybersecurity Unit is keeping close track of the situation to identify any cyber event or anomaly at Endesa. — (4) 40 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Category Risk Definition Description Metrics Materiality (3) Operational Risks Procurement, Logistics and Supply Chain Endesa’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 Interruption Endesa is exposed to risks associated with the construction of new electricity generation and distribution facilities. Scenario (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. Scenario (1) Medium Compliance risks Compliance with other laws and regulations Endesa 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 50 to the Consolidated Financial Statements for the year ended 31 December 2024 and Note 45 to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2025).- — (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 16.3 of this Consolidated Management Report. 41 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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PERFORMANCE AND METRICS 2. CONSOLIDATED MANAGEMENT REPORT
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7 . Alternative Performance Measures (APMs) The following outlines the alternative performance metrics for Endesa and their value in the periods January-June 2025 and 2024: Indicators associated with result analysis Alternative Performance Measures (APMs) Unit Definition Reconciliation of Alternative Performance Measures (APMs) Relevance of Use January–June 2025 January–June 2024 Procurement and Services M€ Power Purchases + Fuel Consumption + Transport Expenses + Other Variable Procurement and Services 7 ,057 M€ = 2,691 M€ + 990 M€ + 1,909 M€ + 1,467 M€ 6,289 M€ = 2,034 M€ + 965 M€ + 1,756 M€ + 1,534 M€ Goods and services for production Contribution Margin M€ Revenue - Procurement and Services +- Income and Expenses for Energy Commodity Derivatives 3,812 M€ = 10,880 M€ - 7 ,057 M€ - 11 M€ 3,437 M€ = 10,416 M€ - 6,289 M€ - 690 M€ Measure of operating profit considering direct variable production costs Gross Operating Profit (EBITDA) M€ Revenue - Procurement and Services +- Revenue and Expenses for Energy Commodity Derivatives + Work Performed by the Group for its Own Assets - Personnel Expenses - Other Fixed Operating Expenses + Other gains and losses 2,711 M€ = 10,880 M€ - 7 ,057 M€ - 11 M€ + 120 M€ - 484 M€ - 740 M€ + 3 M€ 2,413 M€ = 10,416 M€ - 6,289 M€ - 690 M€ + 125 M€ - 498 M€ - 688 M€ + 37 M€ Measure of operating return excluding interest, taxes, provisions and amortisation Operating Profit (EBIT) M€ Gross Operating Profit (EBITDA) - Depreciation, Amortisation, and Impairment Losses. 1,594 M€ = 2,711 M€ - 1,117 M€ 1,383 M€ = 2,413 M€ - 1,030 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 (199) M€ = 19 M€ - 233 M€ + 7 M€ + 8 M€ (251) M€ = 65 M€ - 307 M€ - 2 M€ - 7 M€ Measure of financial cost Net Financial Expense M€ Financial Income - Financial Expense +- Income and Expenses on Derivative Financial Instruments (207) M€ = 19 M€ - 233 M€ + 7 M€ (244) M€ = 65 M€ - 307 M€ - 2 M€ Measure of financial cost Net Profit M€ Parent Company's Net Profit 1,041 M€ 800 M€ Measure of profit for the period Net Earnings per Share € Parent Company's Net Profit/Number of Shares at the end of the Reporting Period 0.983 € = 1,041 M€ / 1,058,752.117 shares 0.756 € = 800 M€ / 1,058,752.117 shares Measure of the portion of net profit corresponding to each share in circulation M€ = million euros; € = euros. 43 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Alternative Performance Measures (APMs) Unit Definition Reconciliation of Alternative Performance Measures (APMs) Relevance of Use January–June 2025 January–June 2024 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 1,041 M€ = 1,041 M€ - 0 M€ - 0 M€ - 0 M€ 772 M€ = 800 M€ - 28 M€ - 0 M€ - 0 M€ Measure of profit for the period excluding extraordinary items exceeding €10 million Net Ordinary Profit per Share € Parent Company's Net Ordinary Profit/Number of Shares at the End of the Reporting Period 0.983 € = 1,041 M€ / 1,058,752,117 shares 0.729 € = 772 M€ / 1,058,752,117 shares Measure of the portion of net ordinary profit corresponding to each share in circulation Economic Profitability % Operating Profit (EBIT) for the last 12 months/((PP&E (n) + PP&E (n-1)) / 2) 14.03 % = 3,282 M€ / ((23,832 + 22,940) / 2) M€ 6.60 % = 1,507 M€ / ((22,853 + 22,839) / 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) 6.66 % = 2,476 M€ / ((29,300 + 28,232) / 2 + (7 ,707 + 9,113) / 2) M€ 2.68 % = 1,075 M€ / ((28,461 + 28,825) / 2 + (10,373 + 12,458) / 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) 13.62 % = 2,476 M€ / (8,276 M€ + 9,901 M€) 5.85 % = 1,075 M€ / (7 ,578 M€ + 10,804 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) 27 .61 % = 2,262 M€ / ((8,276 + 8,110) / 2) M€ 11.57 % = 844 M€ / ((7 ,578 + 7 ,017) / 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) 6.08 % = 2,262 M€ / ((37 ,007 + 37 ,345) / 2) M€ 2.11 % = 844 M€ / ((38,834 + 41,283) / 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. 44 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Indicators associated with financial and asset analysis Alternative Performance Measures (APMs) Unit Definition Reconciliation of Alternative Performance Measures (APMs) Relevance of Use 30 June 2025 31 December 2024 Gross financial debt M€ Non-Current Financial Debt + Current Financial Debt 10,434 M€ = 9,773 M€+ 661 M€ 10,494 M€ = 9,881 M€+ 613 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) 3.8 years = 39,362/10,448 4.1 years = 43,341/10,515 Measure of the duration of borrowings to maturity Cost of Gross Financial Debt M€ 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. 180 M€ = 182 M€ - 0 M€ + 5 M€ - 7 M€ 473 M€ = 471 M€ - 8 M€ + 29 M€ - 19 M€ Measure of the financial cost of gross financial debt Average Cost of Gross Financial Debt % Cost of Gross Financial Debt / Average Gross Financial Debt 3.4% = ((180 M€ - 1 M€) * 365 days / 181 days) + 1) / 10,705 M€ 3.6% = 473 M€ / 13,013 M€ Measure of the effective rate of borrowings Average Gross Financial Debt M€ (Total Drawdowns or Debt Positions * Number of Days in force of each Provision or Position)/(Cumulative Number of Days in Force 10,705 M€ 13,013 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 Assets 9,901 M€ = 9,773 M€ + 661 M€ + 25 M€ - 226 M€ - 33 M€ - 299 M€ 9,298 M€ = 9,881 M€ + 613 M€ + 36 M€ - 840 M€ - 41 M€ - 351 M€ Current and non- current borrowings, less cash and financial investments equivalent to cash and financial guarantees recognised in assets Leverage % Net Financial Debt / Equity 107 .88% = 9,901 M€ / 9,178 M€ 102.71% = 9,298 M€ / 9,053 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 Loans 6,439 M€ = 226 M€+ 6,213 M€ 6,544 M€ = 840 M€+ 5,704 M€ Measure of the capacity to meet debt maturities and related financial expenses Liquidity ratio Na Current Assets / Current Liabilities 0.90 = 7 ,707 M€/ 8,609 M€ 1.02 = 9,113 M€/ 8,970 M€ Measure of the capacity to meet short term commitments Debt Maturity Coverage Number of Months Maturity period (no. of months) of organic debt and financial expense that could be covered with available liquidity 32 months 35 months Measure of the capacity to meet debt maturities and related financial expenses Debt Coverage Ratio Na Net Financial Debt/Gross Operating Profit (EBITDA) of the Last 12 Months 1.77 = 9,901 M€/ 5,591 M€ 1.76 = 9,298 M€/ 5,293 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) 51.89 % = 9,901 M€ / (9,178 + 9,901) M€ 50.67 % = 9,298 M€ / (9,053 + 9,298) M€ Measure of the weighting of external funds in the financing of business activities Solvency ratio Na (Equity + Non-Current Liabilities)/ Non-Current Assets 0.97 = (9,178 M€ + 19,220 M€) / 29,300 M€ 1.01 = (9,053 M€ + 19,322 M€) / 28,232 M€ Measure of the capacity to meet obligations M€ = million euros; € = euros. 45 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Alternative Performance Measures (APMs) Unit Definition Reconciliation of Alternative Performance Measures (APMs) Relevance of Use 30 June 2025 31 December 2024 Fixed Assets M€ Property, Plant and Equipment + Investment Property + Intangible Assets + Goodwill 25,936 M€ = 23,832 M€ + 4 M€ + 1,513 M€ + 587 M€ 24,942 M€ = 22,940 M€ + 4 M€ + 1,536 M€ + 462 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 Total Net Non- Current Assets M€ 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 22.389 M€ = 23.832 M€ + 1.513 M€ + 587 M€ + 285 M€ + 4 M€ + 852 M€ + 398 M€ + 556 M€ - 248 M€ - 4.411 M€ - 283 M€ - 64 M€ - 575 M€ - 49 M€ - 8 M€ 20,978 M€ = 22,940 M€ + 1,536 M€ + 462 M€ + 287 M€ + 4 M€ + 829 M€ + 377 M€ + 486 M€ - 249 M€ - 4,413 M€ - 336 M€ - 64 M€ - 574 M€ - 302 M€ - 5 M€ Measure of non-current assets excluding deferred tax assets, less the value of deferred income and other non- current liabilities Total Net Working Capital M€ 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 Payables (73) M€ = 3.777 M€ + 1.512 M€ + 799 M€ + 561 M€ + 602 M€ + 217 M€ + 4 M€ - 961 M€ - 592 M€ - 536 M€ - 76 M€ - 509 M€ - 250 M€ + 0 M€ - 4.621 M€ 882 M€ = 4,194 M€ + 1,831 M€ + 974 M€ + 541 M€ + 265 M€ + 419 M€ + 12 M€ - 309 M€ - 607 M€ - 656 M€ - 97 M€ - 487 M€ - 49 M€ + 0 M€ - 5,149 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 Capital M€ Total Net Non-Current Assets + Total Net Working Capital 22,316 M€ = 22,389 M€ - 73 M€ 21,860 M€ = 20,978 M€ + 882 M€ Total net non-current assets plus total net working capital Total Deferred Tax Assets and Liabilities and Provisions M€ - Provisions for pensions and similar obligations - Other non-current provisions - Current provisions + Deferred tax assets - Deferred tax liabilities (3,246) M€ = - 233 M€ - 2,465 M€ - 653 M€ + 1,273 M€ - 1,168 M€ (3,529) M€ = - 227 M€ - 2,531 M€ - 1,035 M€ + 1,311 M€ - 1,047 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 Operations 19,079 M€ = 22,316 M€ - 3,246 M€ + 9 M€ 18,351 M€ = 21,860 M€ - 3,529 M€ + 20 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. 46 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Stock market indicators Alternative Performance Measures (APMs) Unit Definition Reconciliation of Alternative Performance Measures (APMs) Relevance of Use 30 June 2025 31 December 2024 Book Value per Share € Equity of the Parent / Number of Shares at the End of the Reporting Period 7 .817 € = 8,276 M€ / 1,058,752.117 shares 7 .660 € = 8,110 M€ / 1,058,752.117 shares Measure of the portion of own funds corresponding to each share in circulation Market Capitalisation M€ Number of Shares at the End of the Reporting Period * Price at the End of the Reporting Period 28,470 M€ = 1,058,752.117 shares * 26,890 € 21,990 M€ = 1,058,752.117 shares * 20,770 € Measure of the Company’s market value according to the share price Price to Earnings Ratio (P .E.R.) Ordinary Na Price at the End of the Reporting Period / Net Ordinary Profit per Share for the Last 12 Months 12.59 = 26.890 € / 2.136 € 11.04 = 20.770 € / 1.882 € Measure indicating the number of times net ordinary profit per share can be divided into the market price of the shares Price to Earnings Ratio (P .E.R.) Na Price at the End of the Reporting Period / Net Earnings per Share for the Last 12 Months 13.38 = 26.890 € / 2.010 € 11.65 = 20.770 € / 1.783 € Measure indicating the number of times net earnings per share can be divided into the market price of the shares Price/Carrying Amount Na Market Capitalisation / Net Equity of the Parent Company 3.44 = 28,470 M€ / 8,276 M€ 2.71 = 21,990 M€ / 8,110 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 Definition Reconciliation of Alternative Performance Measures (APMs) Relevance of Use2024 2023 Shareholder Return % Share Price Return + Dividend Yield 17 .93 % = 12.51% + 5.42 % 13.67 % = 4.68 % + 8.99 % 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 Period 12.51 % = (20.770 € - 18.460 €) / 18.460 € 4.68 % = (18.460 € - 17 .635 €) / 17 .635 € 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 Period 5.42 % = 1.0000 € / 18.460 € 8.99 % = 1.5854 € / 17 .635 € Measure of the relationship between the amount invested in a share and the gross dividend received in cash (without considering any reinvestment) M€ = million euros; € = euros. 47 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Alternative Performance Measures (APMs) Unit Definition Reconciliation of Alternative Performance Measures (APMs) Relevance of Use2024 2023 Ordinary Consolidated Payout % (Gross dividend per share * Number of shares at the end of the reporting period) / Net ordinary profit of the Parent 70.0 % = (1.3177 € * 1,058,752,117 shares) / 1,993 M€ 111.3 % = (1 € * 1,058,752,117 shares) / 951 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 Parent 73.9 % = (1.3177 € * 1,058,752,117 shares) / 1,888 M€ 142,7 % = (1 € * 1,058,752,117 shares) / 742 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 Year 97 .8 % = (1.3177 € * 1,058,752,117 shares) / 1,427 M€ 182.5 % = (1 € * 1,058,752,117 shares) / 580 M€ Measure of the part of profits obtained used to remunerate shareholders through the payment of dividends (individual company) M€ = million euros; € = euros. Additional Indicators Alternative Performance Measures (APMs) Unit Definition Reconciliation of Alternative Performance Measures (APMs) Relevance of Use January–June 2025 January–June 2024 Funds from Operations M€ Cash Flows from Operating Activities - Changes in Working Capital - Work Performed by the Group for its Own Assets 2,516 M€ = 2,356 M€ + 280 M€ - 120 M€ 2,090 M€ = 1,192 M€ + 1,023 M€ - 125 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 195 M€ 288 M€ Measure of interest paid Cash Flow M€ Gross Profit Before Taxes + Adjustments to Profit + Changes in Working Capital + Other Cash Flows from Operating Activities 2,356 M€ = 1,405 M€ + 1,566 M€ - 280 M€ - 335 M€ 1,192 M€ = 1,137 M€ + 1,571 M€ - 1,023 M€ - 493 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 Period 2.225 € = 2,356 M€ / 1,058,752,117 shares 1.126 € = 1,192 M€ / 1,058,752,117 shares Measure of the portion of funds corresponding to each share in circulation Cash Flow/Net Financial Debt % Net Cash Flow from Operating Activities of the last 12 months / Net Financial Debt 47 .78 % = 4,731 M€ / 9,901 M€ 39.6 % = 4,274 M€ / 10,804 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 Assets 935 M€ = 761 M€ + 174 M€ 924 M€ = 754 M€ + 170 M€ Measure of investing activity Net Investments M€ Gross Investments - Transferred Facilities and Capital Grants 823 M€ = 935 M€ - 112 M€ 806 M€ = 924 M€ - 118 M€ Measure of investing activity net of grants received M€ = million euros; € = euros. 48 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 2025. 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 2025. 49 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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9. Endesa’s operating performance and earnings in the first half of 2025 9.1. Operating performance (1) In busbars. (2) Supply points. (3) Customers of the commercialisation companies. (4) Sales to end customers. (5) Without in-house generation consumption. At 30 June 2025 30,136 GWh GENERATION OF ELECTRICITY (1) IN THE PERIOD JANUARY–JUNE 2025 of which 9,852 GWh are Renewable 12,533 thousands DIGITAL CUSTOMERS +99% Ratio of digital customers 24,300 units PUBLIC AND PRIVATE CHARGING STATIONS +8.4% compared to 31 December 2024 10,693 MW NET INSTALLED PENINSULAR RENEWABLE CAPACITY of a total of 17 ,778 MW 9,867 thousands NUMBER OF CUSTOMERS (ELECTRICITY) (2) (3) of which 6,414 thousands from the deregulated market 1,735 thousands NUMBER OF CUSTOMERS (GAS) (2) of which 1,254 thousand from the deregulated market 321,085 km DISTRIBUTION AND TRANSMISSION GRIDS 36,326 GWh NET ELECTRICITY SALES (4) IN THE PERIOD JANUARY– JUNE 2025 –0.8% compared to January to June 2024 31,071 GWh GAS SALES (5) IN THE PERIOD JANUARY–JUNE 2025 +3.6 % compared to January to June 2024 50 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Operating Figures ODS (1) Unit January-June 2025 January-June 2024 % Chg. Electricity Generation (2) GWh 30,136 29,778 1.2 Generation of Renewable Electricity 7 GWh 9,852 9,912 (0.6) Gross Installed Capacity MW 22,804 (3) 22,148 (4) 3.0 Net Installed Capacity MW 22,099 (3) 21,449 (4) 3.0 Net Installed Peninsular Renewable Capacity 7 MW 10,693 (3) 10,032 (4) 6.6 Net Installed Capacity in Non-Peninsular Territories (NPT) from Renewable Sources 7 MW 99 (3) 99 (4) — Energy Distributed (5) 9 GWh 69,614 67,583 3.0 Digital Customers (6) 9 Thousands 12,533(3) 12,495 (4) 0.3 Distribution Networks and Transmission Grids 9 km 321,085 (3) 320,329 (4) 0.2 End Users (7) Thousands 12,673 (3) 12,638 (4) 0.3 Ratio of Digital Customers (8) (%) 99 (3) 99 (4) — Gross Electricity Sales (2) GWh 40,570 40,914 (0.8) Net Electricity Sales (9) GWh 36,326 36,618 (0.8) Gas Sales(10) GWh 31,071 29,993 3.6 Number of Customers (Electricity)(11) (12) Thousands 9,867 (3) 10, 217 (4) (3.4) Deregulated Market(13) Thousands 6,414 (3) 6,670 (4) (3.8) Number of Customers (Gas) (11) Thousands 1,735 (3) 1,777 (4) (2.4) Deregulated Market 1,254 (3) 1,302 (4) (3.7) Public and Private Electricity Charging Stations 11 Units 24,300 (3) 22,417 (4) 8.4 Public Electricity Charging Stations (units) Units 6,362 (3) 6,188 (4) 2.8 Private Electricity Charging Stations (units) Units 17 ,938 (3) 16,229 (4) 10.5 Public Lighting Points 11 Units 151 (3) 151 (4) — Response to Demand MW 113 (3) 51 (4) 121.6 Final Workforce No. of Employees 9,080 (3) 8,914 (4) 1.9 Average headcount No. of Employees 8,826 8,822 0.0 (1) Sustainable Development Goals. (2) In busbars. (3) On 30 June 2025. (4) On 31 December 2024. (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 GWh Electricity Generation (1) January-June 2025 January-June 2024 Peninsular 24,810 24,504 Renewables 9,852 9,912 Hydroelectric 5,201 4,442 Wind (2) 2,950 3,603 Photovoltaic (3) 1,701 1,867 Nuclear 12,087 12,246 Combined-Cycle Gas Turbines (CCGT) 2,871 2,346 Non-Peninsular Territories (NPT) 5,326 5, 274 Coal 89 50 Fuel-Gas 2,026 2,105 Combined Cycle (CCGT) 3,211 3,119 TOTAL 30,136 29,778 (1) In busbars. (2) The period January-June 2025 includes 37 GWh corresponding to Non-Peninsular Territories (NPT) (42 GWh period January-June 2024). (3) The period January-June 2025 includes 44 GWh corresponding to Non-Peninsular Territories (NPT) (47 GWh period January-June 2024). 51 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Non-emitting renewable and nuclear technologies accounted for 88.4% of Endesa’s mainland generation mix in the half quarter of 2025, compared with 86.4% for the rest of the sector (90.4% and 90.7%, respectively, in the first half of 2024). The following chart shows Endesa’s mainland generation mix by technology in the period January- June 2025: Zero-emission, renewable, and nuclear technologies 88.4% 90.4% in the period from January to June 2024 Hydroelectric 21.0% 18,2 % in the period from January to June 2024 Wind 11.8% 14.6% in the period from January to June 2024 Photovoltaic 6.7% 7 .5 % in the period from January to June 2024 Nuclear 48.9% 50.2% in the period from January to June 2024 Emitting technologies 11.6% 9.6% in the period from January to June 2024 Combined Cycle (CCGT) 11.6% 9.6% in the period from January to June 2024 Gross and Net Installed Capacity 30 June 2025 31 December 2024 Gross Installed Capacity MW Percentage (%) MW Percentage (%) % Chg. Peninsular 18,121 79.5 17,4 51 78.8 3.8 Renewables (1) 10,845 47.6 10, 175 45.9 6.6 Hydroelectric 5,422 23.8 4,790 21.6 13.2 Wind (2) 2,893 12.7 2,893 13.1 — Photovoltaic (3) 2,530 11.1 2,492 11.2 1.5 Nuclear 3,453 15.1 3,453 15.6 — Combined Cycle (CCGT) 3,823 16.8 3,823 17. 3 — Non-Peninsular Territories (NPT) 4,683 20.5 4,697 21.2 (0.3) Coal 260 1.1 260 1.2 — Fuel-Gas 2,566 11.3 2,580 11.6 (0.5) Combined Cycle (CCGT) 1,857 8.1 1,857 8.4 — TOTAL 22,804 100.0 22,148 100.0 3.0 (1) At 30 June 2025 and 31 December 2024, additional installed capacity was 671 MW and 232 MW, respectively. (2) At 30 June 2025, this includes 42 MW corresponding to Non-Peninsular Territories (NPT) (42 MW at 31 December 2024). (3) At 30 June 2025, this includes 57 MW corresponding to Non-Peninsular Territories (NPT) (57 MW at 31 December 2024). Coal 0.0% 0.0% in the period from January to June 2024 52 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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30 June 2025 31 December 2024 Net Installed Capacity MW Percentage (%) MW Percentage (%) % Chg. Peninsular 17 ,877 80.9 17, 2 16 80.3 3.8 Renewables (1) 10,792 48.8 10,131 47. 2 6.5 Hydroelectric 5,369 24.3 4,746 22.1 13.1 Wind (2) 2,893 13.1 2,893 13.5 — Photovoltaic (3) 2,530 11.4 2,492 11.6 1.5 Nuclear 3,328 15.1 3,328 15.5 — Combined Cycle (CCGT) 3,757 17 3,757 17.6 — Non-Peninsular Territories (NPT) 4,222 19.1 4,233 19.7 (0.3) Coal 241 1.1 241 1.1 — Fuel-Gas 2,293 10.4 2,304 10.7 (0.5) Combined Cycle (CCGT) 1,688 7.6 1,688 7 .9 — TOTAL 22,099 100.0 21,449 100.0 3.0 (1) At 30 June 2025 and 31 December 2024, additional installed capacity was 661 MW and 232 MW, respectively. (2) At 30 June 2025, this includes 42 MW corresponding to Non-Peninsular Territories (NPT) (42 MW at 31 December 2024). (3) At 30 June 2025, this includes 57 MW corresponding to Non-Peninsular Territories (NPT) (57 MW at 31 December 2024). The following chart breaks down Endesa’s net installed capacity by technology on 30 June 2025: Zero-emission, renewable, and nuclear technologies 63.9 % 62.7 % a 31 December 2024 Nuclear 15.1 % 15.5 % a 31 December 2024 Photovoltaic 11.4 % 11.6 % a 31 December 2024 Wind 13.1 % 13.5 % a 31 December 2024 Hydroelectric 24.3 % 22.1 % a 31 December 2024 Emitting technologies 36.1 % 37 .3 % a 31 December 2024 Combined Cycle (CCGT) 24.6 % 25.5 % a 31 December 2024 Coal 1.1 % 1.1 % a 31 December 2024 Fuel-Gas 10.4 % 10.7 % a 31 December 2024 53 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Commercialisation Electricity Thousands Number of Customers (Electricity) (1) (2) 30 June 2025 31 December 2024 % Chg. Regulated Market 3,453 3,547 (2.7) Peninsular Spain 2,984 3,065 (2.6) Non-Peninsular Territories (NPT) 469 482 (2.7) Deregulated Market 6,414 6,670 (3.8) Peninsular Spain 4,835 5,050 (4.3) Non-Peninsular Territories (NPT) 954 971 (1.8) Outside Spain 625 649 (3.7) TOTAL 9,867 10,217 (3.4) Revenue/Supply Points (3) 1.5 1.4 — (1) Supply points. (2) Customers of the supply companies. (3) Relationship between annualised revenue 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 2025 January-June 2024 % Chg. January-June 2025 January-June 2024 % Chg. Regulated Price 4,260 4,221 0.9 3,593 3,556 1.0 Deregulated Market 36,310 36,693 (1.0) 32,733 33,062 (1.0) Spanish 30,838 30,749 0.3 27,603 27,6 2 3 (0.1) Outside Spain 5,472 5,944 (7 .9) 5,130 5,439 (5.7) TOTAL 40,570 40,914 (0.8) 36,326 36,618 (0.8) (1) In busbars. (2) Sales to end customers. Gas Thousands Number of Customers (Gas) (1) 30 June 2025 31 December 2024 % Chg. Regulated Market 481 475 1.3 Peninsular Spain 455 449 1.3 Non-Peninsular Territories (NPT) 26 26 — Deregulated Market 1,254 1,302 (3.7) Peninsular Spain 1,045 1,089 (4.0) Non-Peninsular Territories (NPT) 59 61 (3.3) Outside Spain 150 152 (1.3) TOTAL 1,735 1,777 (2.4) Revenue/Supply Points (2) 2.0 1.8 — (1) Supply points. (2) Relationship between annualised revenue from gas sales and the number of gas supply points (Thousands of euros/Supply points). 54 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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GWh Gas sales January-June 2025 January-June 2024 % Chg. Deregulated Market 29,406 28,475 3.3 Spanish 22,686 21,465 5.7 Outside Spain 6,720 7 ,010 (4.1) Regulated Market 1,665 1,518 9.7 TOTAL (1) 31,071 29,993 3.6 (1) Without in-house generation consumption. Other products and services Business Performance 30 June 2025 31 December 2024 % Chg. Public and Private Electricity Charging Stations (units) 24,300 22,417 8.4 Public Electricity Charging Stations (units) 6,362 6,188 2.8 Private Electricity Charging Stations (units) 17 ,938 16,229 10.5 Electricity distribution Supply Quality Measures January-June 2025 January-June 2024 % Chg. Energy Distributed (GWh) (1) 69,614 67,583 3.0 Energy Losses (%) (2) 6.5 6.6 — Equivalent Interruption Time of Installed Capacity (Average) – TIEPI (Minutes) (3) 23.0 25.4 (9.4) Duration of Interruptions in the Distribution Network – SAIDI (Minutes) (4) 54.1 61.1 (11.5) Number of Interruptions in the Distribution Grid – SAIFI (4) 1.0 1.1 (9.1) (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 1,041 million euros NET RESULT (1) +30.1 % compared to January to June 2024 1,041 million euros NET ORDINARY RESULT (1) +34.8% compared to January to June 2024 2,711 million euros GROSS OPERATING PROFIT (EBITDA)(1) +12.3 % compared to January to June 2024 1,594 million euros OPERATING PROFIT (EBIT)(1) +15.3 % compared to January to June 2024 (1) See the definition provided in Section 7 of this Consolidated Management Report. 55 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Net profit attributable to the Parent amounted to €1,041 million in the first half of 2025, compared to €800 million in the same period of the previous year (+30.1%). To analyse the evolution of net profit between the two periods, the following effect must be taken into consideration: Period Effect Variation January-June 2024 Temporary Energy T ax ▼ €202 million. • Recognition, in the first half of 2024, of the expense associated with the temporary energy levy, introduced by Law 38/2022, of 27 December. As a result of the repeal of Royal Decree-Law 10/2024 of 23 December, no expenses associated with the temporary energy levy have been recognised for the January-June 2025 period. The net ordinary profit for the January-June 2025 period amounted to €1,041 million, which represents an increase of 34.8%, compared to the €772 million obtained in the same period of the previous year. The table below shows the key figures from Endesa’s Consolidated Income Statement for the first half of 2025 and changes compared to the same period in the previous year. Millions of Euros Key Figures References (1) January-June 2025 January-June 2024 Difference % Chg. Revenue 9 10,880 10,416 464 4.5 Procurement and Services 10 (7 ,057) (6,289) (768) 12.2 Revenue and Expenses from Energy Commodity Derivatives 11 (11) (690) 679 (98.4) Contribution Margin (2) 3,812 3,437 375 10.9 Work Performed by the Group for its Own Assets 120 125 (5) (4.0) Personnel Expenses 12.1 (484) (498) 14 (2.8) Other fixed operating expenses 12.2 (740) (688) (52) 7.6 Other Income and Expenses 13 3 37 (34) (91.9) Gross Operating Profit (EBITDA) (2) 2,711 2,413 298 12.3 Depreciation and impairment losses on non-financial assets 14.1 (1,019) (907) (112) 12.3 Impairment losses on financial assets 14.2 (98) (123) 25 (20.3) Operating Profit (EBIT) (2) 1,594 1,383 211 15.3 Net Financial Results (2) 15 (199) (251) 52 (20.7) Profit/loss before tax 1,405 1,137 268 23.6 Net Profit (2) 1,041 800 241 30.1 Net Ordinary Profit (2) 1,041 772 269 34.8 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (2) See the definition in Section 7 of this Consolidated Management Report. Gross operating profit (EBITDA) for the first half of 2025 stood at €2,711 million (+12.3%). Operating profit (EBIT) was up 15.3% in the first six months of 2025 compared to the same period in the previous year, to reach €1,594 million. 56 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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When analysing the changes in both, the following effect should be taken into account: Period Effect Variation January-June 2024 Temporary Energy T ax ▼ €202 million. • Recognition, in the first half of 2024, of the expense associated with the temporary energy levy, introduced by Law 38/2022, of 27 December. As a result of the repeal of Royal Decree-Law 10/2024 of 23 December, no expenses associated with the temporary energy levy have been recognised for the January-June 2025 period. 9.2.1. Revenue In the first half of 2025, revenue stood at €10,880 million, €464 million higher (+4.5%) than in the first half in 2024. Below are details of the revenue for the first half of 2025 and its variations relative to the same period of the previous year: Millions of Euros Revenue References (1) January-June 2025 January-June 2024 Difference % Chg. Revenue from sales and services 9.1 10,712 10,244 468 4.6 Other operating income 9.2 168 172 (4) (2.3) TOTAL 9 10,880 10,416 464 4.5 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. Revenue from sales and services The table below breaks down revenue from sales and services in the first half of 2025 and shows the change compared with the same period in the previous year: 57 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Millions of Euros Revenue from sales and services References (1) January-June 2025 January-June 2024 Difference % Chg. Electricity sales 7 ,392 7, 12 3 269 3.8 Sales on the deregulated market 5,142 5,027 115 2.3 Sales to the Spanish deregulated market 4,369 4,305 64 1.5 Sales to customers in deregulated markets outside Spain 773 722 51 7. 1 Sales at regulated prices 779 579 200 34.5 Wholesale market sales 686 609 77 12.6 Compensation for Non-Peninsular Territories (NPT) 765 934 (169) (18.1) Remuneration for Investment in Renewable Energies 20 (26) 46 Na Gas sales 1,760 1,580 180 11.4 Sales on the deregulated market 1,649 1,483 166 11.2 Sales at regulated prices 111 97 14 14.4 Regulated revenue from electricity distribution 1,041 1,004 37 3.7 Inspections and Connections 17 17 — — Services Provided at Facilities 29 14 15 107.1 Other sales and services 469 501 (32) (6.4) Sales related to Value Added Services 167 190 (23) (12.1) Proceeds due to capacity 4 4 — — Sales of Other Energy Commodities (2) 163 170 (7) (4.1) Provision of services and others 135 137 (2) (1.5) Lease revenue 4 5 (1) (20.0) TOTAL 9.1 10,712 10,244 468 4.6 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (2) This heading is analysed jointly with the purchases of other energy commodities (see Section 9.2.2 of this Consolidated Management Report). Electricity sales to deregulated market customers In the first half of 2025, sales on the deregulated market amounted to €5,142 million (+2.3%), broken down as follows: Sales on the deregulated market Variation Spain ▲ €64 million (+1.5%) • The variation between the two periods is due to the increase in the unit price (+2.0%), mainly for indexed Business to Business (B2B) customers. Outside Spain ▲ €51 million (+7 .1%) • The evolution between the two periods is mainly due to the Portuguese market as a consequence, among other aspects, of the increase in the unit price for both Business to Business (B2B) and Business to Customer (B2C) customers, despite the reduction in the physical units sold in said market (-15.0%). Regulated-price electricity sales During the first half of 2025, these sales represented an income of €779 million, 34.5% higher than in the first half of 2024, as a consequence of the increase in the price, together with the increase in the physical units sold (+1.0%). 58 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Electricity sales in the wholesale market Revenue from electricity sales to the wholesale market in the first half of 2025 amounted to €686 million, an increase of 12.6% compared to the same period of the previous year, as a consequence of the evolution of electricity prices during the period (+58.1%) despite a decline in physical units sold (-3.0%). Remuneration for investment in renewable energies In the January-June 2025 and 2024 periods, Endesa recorded adjustments for market price deviation for a net amount equal to €20 million, positive, and €26 million, negative, respectively, relating to those Standard Installations (IT) which, in accordance with the best estimate of energy market prices, will receive Remuneration for Investment (Rinv) during their regulatory useful life. Gas sales Gas sales revenues in the first half of 2025 amounted to €1,760 million, €180 million higher (+11.4%) than those in the first half of 2024, as detailed below: Gas sales Variation Deregulated Market ▲ €166 million (+11.2%) • The variation between the two periods is the result of the increase in physical units sold (+3.3%) together with the increase in the unit price of Business to Business (B2B) customers. Regulated Price ▲ €14 million (+14.4%) • The increase in price (+39.3%) along with the increase in physical units sold (+9.7%) has led to an increase in these sales in economic terms. Compensation for Non-Peninsular Territories (NPT) In the first half of 2025, compensation for the extra costs of generation in the Non-Peninsular Territories (NPT) amounted to €765 million, which represents a decrease of €169 million compared to the same period of the previous year. The evolution of compensation for the Non-Peninsular Territories (NPT) in the first half of 2025 is mainly a consequence of the increase (+58.1%) in the price in the wholesale electricity market. The evolution of the wholesale market price, which is settled on account by the System Operator, affects in the opposite direction the amount of compensation to cover regulated revenues resulting from the applicable regulations. Electricity distribution During the first half of 2025, Endesa distributed 69,614 GWh in the Spanish market, up 3.0% on the first half of 2024. The regulated income from the distribution activity during the first half of 2025 amounted to €1,041 million, which represents an increase of €37 million (+3.7%) compared to the same period of the previous year as a consequence of regularisations of settlements from previous years recorded in both periods. Other operating income The table shows a break down of other operating income in the first half of 2025 and the change compared with the same period of the previous year: 59 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Millions of Euros Other operating income References (1) January-June 2025 January-June 2024 Difference % Chg. Income from Transferred Customer Facilities and Connection Rights and other Liabilities from Contracts with Customers 25.2 99 93 6 6,5 Subsidies assigned to profit/loss 34 36 (2) (5,6) Guarantees of Origin and other Environmental Certificates 6 15 (9) (60,0) Other allocations to profit/(loss) from Subsidies (2) 28 21 7 33,3 Third-party compensation 13 10 3 30,0 Others (3) 22 33 (11) (33,3) TOTAL 9.2 168 172 (4) (2,3) (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (2) In the first half of 2025, it included €10 million related to capital subsidies and €18 million to operating subsidies (€7 million and €14 million, respectively, in the first half of 2024). (3) The first half of 2025 includes a provision update of €9 million for dismantling, mainly related to the coal-fired power plants (€12 million in the first half of 2024). 9.2.2. Operating expenses Operating expenses in the first half of 2025 amounted to €9,286 million, up 2.8% on the same period in the previous year. The table below breaks down operating expenses in the first half of 2025 and shows the change relative to the same period of the previous year. Millions of Euros Operating Expenses References (1) January-June 2025 January-June 2024 Difference % Chg. Procurement and Services 7, 0 57 6,289 768 12.2 Power Purchases 10.1 2,691 2,034 657 32.3 Fuel Consumption 10.2 990 965 25 2.6 Transport Expenses 1,909 1,756 153 8.7 Other Variable Procurement and Services 10.3 1,467 1,534 (67) (4.4) Taxes and Levies 590 674 (84) (12.5) Temporary Energy Tax - 202 (202) (100.0) Tax on Electricity Production 199 101 98 97. 0 Fee for Radioactive Waste Treatment 128 100 28 28.0 Public Thoroughfare Occupancy Fee / Lighting 100 95 5 5.3 Nuclear charges and taxes 56 49 7 14.3 Catalonia environmental tax 70 71 (1) (1.4) Water Usage Levies 31 19 12 63.2 Other Taxes and Levies 6 37 (31) (83.8) 'Bono Social' (social tariff) 47 22 25 113.6 Consumption of Carbon Dioxide (CO2) Emission Allowances 384 339 45 13.3 Consumption of energy with guarantees of origin and other environmental certificates 14 73 (59) (80.8) Costs related to Value Added Services 84 96 (12) (12.5) Purchases of Other Energy Commodities (2) 154 153 1 0.7 Energy Efficiency Cost 57 49 8 16.3 Others 137 128 9 7. 0 Income and Expenses from Energy Commodity Derivatives 11 11 690 (679) (98.4) Own Work Capitalised (120) (125) 5 (4.0) Personnel Expenses 12.1 484 498 (14) (2.8) Other fixed operating expenses 12.2 740 688 52 7.6 Other Income and Expenses 13 (3) (37) 34 (91.9) Depreciation and impairment losses on non-financial assets 14.1 1,019 907 112 12.3 Impairment losses on financial assets 14.2 98 123 (25) (20.3) TOTAL 9,286 9,033 253 2.8 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (2) Corresponds to the evolution of the settlement of derivatives of carbon dioxide (CO 2) emission allowances and guarantees of origin, which must be analysed jointly with the sales of said energy commodities with physical settlement. These sales and purchases are made to cover the industrial risks caused by the variability of the market and the technologies that have participated in it. 60 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Procurement and services (variable costs) The costs for procurement and services (variable costs) in the first half of 2025 amounted to €7 ,057 million, with an increase of 12.2% compared to the same period of the previous year. Changes in these costs in the first half of 2025 were as follows: Procurement and Services Variation Power Purchases ▲ €657 million (+32.3%) The evolution mainly includes: • The increase in electricity purchases (€484 million), as a consequence of the evolution in the average arithmetic price in the wholesale electricity market (€61.8/ MWh; +58.1%) despite the decrease in the physical units purchased (-8.0%). • The increase in gas purchases (173 million euros) mainly due to the rise in the average gas price (41.1 euros/MWh; +39.3%). Fuel consumption ▲ €25 million (+2.6%) • The increase is primarily due to the evolution of commodity prices during the period and higher production with combined cycles (+7 .1%). Other Variable Procurement and Services ▼ €67 million (-4.4%) Temporary Energy Tax ▼ €202 million • The agreement to repeal the Royal Decree-Law 10/2024, of 23 December, which established a temporary energy levy for the year 2025, was published in the Official State Gazette (BOE) on 23 January 2025, by the Resolution of 22 January 2025 from the Congress of Deputies. Consequently, the said Royal Decree-Law has become void. • In accordance with the above, no expense associated with the temporary energy levy has been recognised for the January-June 2025 period (€202 million of expenses associated with the temporary energy levy in the January-June 2024 period). Tax on Electricity Generation ▲ €98 million (+97 .0%) • In accordance with Royal Decree-Law 8/2023 of 27 December, the increase is due to the application, of a reduced rate of 3.50% in the period January-March 2024, 5.25% in the period April-June 2024 and 7 .00% from 30 June 2024, the latter being the rate in force throughout the period January-June 2025. Radioactive Waste Treatment ▲ €28 million (+28.0%) • The increase is mainly a consequence of the increase in the value of the cost rate to Empresa Nacional de Residuos Radiactivos, S.A., S.M.E. (Enresa) from July 2024, to €10.36/MWh, being €7 .98/MWh previously. ‘Bono Social’ (social bonus) ▲ €25 million (+113.6%) • In both periods, the ‘Bono Social’ accrual was recorded, in accordance with the unit values established in Order TED/1487 /2024, of 26 December, and Royal Decree- Law 8/2023, of 27 December, respectively. Consumption of energy with guarantees of origin and other environmental certificates ▼ €59 million (-80.8%) • The variation between the two periods is due, among others, to the evolution of the average price of guarantees of origin (-58.3%). Cost of Carbon Dioxide (CO2) Emission Allowances ▲ €45 million (+13.3%) • The evolution is a consequence of the increase in the average price of carbon dioxide (CO2) emission allowances (€71.1/t; +11.4%) and the increase in tons (+3.7%), due to the increase in electricity generation with emitting technologies. Income and expenses from energy commodity derivatives The following table shows revenue and expenses arising from energy commodity derivatives in the first half of 2025 and the changes compared to the previous year: 61 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Millions of Euros References (1) January-June 2025 January-June 2024 Difference % Chg. Revenue Revenue from derivatives designated as hedging instruments (64) 424 (488) (115.1) Revenue from cash flow hedging derivatives (2) (64) 424 (488) (115.1) Revenue from derivatives at fair value with changes in profit/(loss) 829 375 454 121.1 Revenue from fair value derivatives recognised in the Income Statement 829 375 454 121.1 Total revenue 765 799 (34) (4.3) Expenses Expenses from derivatives designated as hedging instruments (98) (832) 734 (88.2) Expenses from cash flow hedging derivatives (2) (98) (832) 734 (88.2) Expenses from derivatives at fair value through profit and loss (678) (657) (21) 3.2 Expenses on from fair value derivatives recognised in the Income Statement (678) (657) (21) 3.2 Total expenses (776) (1,489) 713 (47 .9) TOTAL 11 (11) (690) 679 (98.4) (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (2) At 30 June 2025, this includes a negative impact of €61 million on the Consolidated income statement due to ineffectiveness (positive €40 million at 30 June 2024). In the first half of 2025, the total ‘Income and Expenses from Energy Commodity Derivatives’ amounted to €11 million, negative. Its evolution is mainly due to the settlement during the first half of 2024 of gas derivatives that were contracted in the 2022 fiscal year in an environment of price volatility in the energy markets. Fixed operating expenses The following table breaks down fixed operating expenses in the first half of 2025 and the change relative to the same period of the previous year: Millions of Euros Fixed Operating Expenses References (1) January-June 2025 January-June 2024 Difference % Chg. Work Performed by the Group for its Own Assets (120) (125) 5 (4.0) Personnel Expenses 12.1 484 498 (14) (2.8) Other fixed operating expenses 12.2 740 688 52 7.6 TOTAL 1,104 1,061 43 4.1 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. 62 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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In the first half of 2025, fixed operating costs amounted to €1,104 million, up €43 million (+4.1%) on the first half of 2024, as a result, inter alia, of the following aspects: Fixed Operating Expenses Variation Workforce Restructuring Plans ▼ €12 million • The update of the provisions for active workforce restructuring plans has resulted in a positive impact of Euro 12 million. Other Fixed Operating Expenses ▲ €52 million (+7 .6%) The evolution between the two periods is due, among other aspects, to: • Higher repair and maintenance costs, mainly for fuel power plants in the Non-Peninsular Territories (NPT) and breakdowns in medium and low voltage electricity distribution facilities (€16 million). • The increase in expenses related to management contracts and other services related to the electricity and gas business (€19 million). • The higher expense recognised for sanctioning proceedings in the Non-Peninsular Territories (NPT) (€3 million). Other results In the first half of 2025 and 2024, the main transactions were as follows: Millions of Euros Other results References (1) January-June 2025 January-June 2024 Difference % Chg. Disposals of Property, Plant, and Equipment and Other Non-Financial Assets 3 37 (34) (91.9) Land adjoining the former headquarters of Gas y Electricidad Generación, S.A.U. (Palma de Mallorca) 1(1) — 1 Na Concession of fibre optic usage rights — 37 (2) (37) (100.0) Others (3) 2 — 2 Na TOTAL 13 3 37 (34) (91.9) (1) On 24 February 2025, Edistribución Redes Digitales, S.L.U. formalised the sale of 3 plots of land annexed to the former headquarters of Gas y Electricidad Generacion, S.A.U. located in Palma de Mallorca, which were recorded under the headings ‘Non-Current Assets Held for Sale and from Discontinued Operations’ and ‘Liabilities Associated with Non-Current Assets Held for Sale and from Discontinued Operations’ for a total amount of €28 million and €17 million, respectively, generating a gross capital gain of €1 million. (2) Included the reversal of provisions for contingencies arising from transactions carried out in previous years by Endesa Ingeniería, S.L.U. amounting to €37 million (€28 million, net of tax effect). (3) Relates to capital gross gains generated by the sale of land and real estate. Depreciation, amortisation and impairment losses on non-financial assets The table below shows depreciation and amortisation, and impairment losses in the first half of 2025 and the changes therein compared to the previous year: 63 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Millions of Euros Amortisation and impairment losses References (1) January-June 2025 January-June 2024 Difference % Chg. DEPRECIATION 8.2.1 1,013 913 100 11.0 Provision for the Depreciation of Property, Plant, and Equipment 19 822 753 69 9.2 Provision for depreciation of intangible assets 21 191 160 31 19.4 IMPAIRMENT LOSSES ON NON-FINANCIAL ASSETS 6 (6) 12 (200.0) Provision for impairment losses 8.2.1 7 3 4 133.3 Provision for Impairment Losses on Tangible Fixed Assets and Investment Property 19 1 — 1 Na Provision for Impairment Losses on Intangible Assets (2) 21 6 3 3 100.0 Reversal of impairment losses 8.2.1 (1) (9) 8 (88.9) Reversal of impairment losses on property, plant, and equipment and investment property 19 (1) (9) (3) (10) (111.1) TOTAL 1,019 907 112 12.3 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (2) Related to the impairment provision for several wind farm and photovoltaic plant projects owned by Enel Green Power España, S.L.U. and its renewable energy subsidiaries. (3) Included the reversal of impairment losses on the property where the former headquarters of Gas and Electricity Generation, S.A.U. was located, along with its adjacent lands in Palma de Mallorca, amounting to €8 million. Depreciation, amortisation and impairment losses on non-financial assets in the first half of 2025 amounted to €1,019 million, an increase of €112 million (+12.3%) compared to the first half of 2024 as a consequence, among other aspects, of: Depreciation Charges Variation Renewable Plants ▲ €19 millions • In the January-June 2025 period, includes the depreciation charge for E-Generación Hidráulica, S.L.U. from the date of acquisition, 26 February 2025, for an amount of €13 million. Red de Distribution ▲ €27 millions • Higher depreciation expense as a consequence, mainly, of investments aimed at optimising the operation of the distribution network. Costes de Captación ▲ €25 millions • Higher depreciation expense as a consequence, mainly, of investments aimed at optimising the operation of the distribution network. Impairment losses on financial assets In the first half of 2025 and 2024, the breakdown of this Consolidated Income Statement heading is as follows: Millions of Euros References (1) January-June 2025 January-June 2024 Difference % Chg. Provision for impairment losses 8.2.1 and 39.3 229 206 23 11.2 Provision for impairment losses on receivables from contracts with customers 229 201 28 13.9 Provision for impairment losses on other financial assets — 5 (5) (100.0) Reversal of impairment losses 8.2.1 and 39.3 (131) (83) (48) 57. 8 Reversal of impairment losses on receivables from contracts with customers (131) (83) (48) 57. 8 Reversal of impairment losses on other financial assets — — — Na TOTAL 14.2 98 123 (25) (20.3) (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. 64 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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In the first half of 2025, net impairment losses on financial assets amounted to €98 million and mainly relate to the allocation of net impairment losses on receivables from contracts with customers. Its evolution with respect to the first half of 2024 is due to the improvement in the payment behaviour in the first half of 2025 of residential customers Business to Customer (B2C). 9.2.3. Net financial profit/(loss) Net financial profit/(loss) in the first half of 2025 and 2024 was negative for the amount of €199 million and €251 million, respectively. The table below presents the detail of net financial profit/(loss) in the first half of 2025 and its variation compared with the same period in the previous year: Millions of Euros Net Financial Results (2) References (1) January-June 2025 January-June 2024 Difference % Chg. Net Financial Expense (207) (244) 37 (15.2) Financial income 19 65 (46) (70.8) Financial expense (233) (307) 74 (24.1) Income and expenses on derivative financial instruments 7 (2) 9 (450.0) Net exchange differences 8 (7) 15 (214.3) TOTAL 15 (199) (251) 52 (20.7) (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (2) See the definition in Section 7 of this Consolidated Management Report. Net financial expense In the first half of 2025, net financial expense amounted to €207 million, down €37 million on the same period of the previous year. In analysing changes in net financial expense during the first half of 2025, the following effects should be taken into account: Millions of Euros Net Financial Expense (1) January-June 2025 January-June 2024 Difference % Chg. Net Expense for Financial Instruments at Amortised Cost (2) (176) (211) 35 (16.6) Income Financial Assets at Amortised Cost 6 35 (29) (82.9) Expense for Financial Instruments at Amortised Cost (182) (246) 64 (26.0) Updating of provisions for workforce restructuring plans, dismantling of facilities and impairment of financial assets in accordance with IFRS 9 – 'Financial Instruments' (27) (27) — — Late-Payment Interest under the 'Bono Social' Ruling 2 6 (4) (66.7) Factoring Transaction Fees (12) (17) 5 (29.4) Interest on Arrears from the Ruling of Unconstitutionality in accordance with Royal Decree-Law 3/2016, of 2 December (3) (3) 7 (10) (142.9) Others 9 (2) 11 (550.0) Income and Expenses from Financial Assets and Liabilities at Fair Value with changes in Profit or Loss (5) (3) (2) 66.7 Financial Income and Expenses from Derivative Financial Instruments Associated with Debt 7 (2) 9 (450.0) Other Net Financial Expenses 7 3 4 133.3 TOTAL (207) (244) 37 (15.2) (1) See the definition in Section 7 of this Consolidated Management Report. (2) In the January-June 2025 period, it includes €4 million of financial income allocated to financial guarantees recorded as assets (€4 million in the January-June 2024 period). In the January-June 2025 period, no financial expenses have been recorded for financial guarantees registered as liabilities (€7 million in the January-June 2024 period). (3) See Section 9.2.5 of this Consolidated Management Report. 65 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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In the January-June 2025 period, net expenses for financial instruments at amortised cost amounted to €176 million, €35 million lower (–16.6%) compared to the same period in 2024 as a consequence, among other aspects, of the decrease in average gross financial debt between the two periods, which evolved from €13,453 million in the first half of 2024 to €10,705 million in the first half of 2025, as well as the lower cost of gross financial debt, which went from 3.6% in the first half of 2024 to 3.4% in the first half of 2025, in accordance with the evolution of interest rates in both periods. Net exchange differences Net exchange differences yielded to €8 million, positive, in the first half of 2025 (€7 million, negative, in the first half of 2024). The variation is mainly due to the impact on the financial debt associated with rights of use corresponding to charter contracts for the transport of liquefied natural gas (LNG) of the evolution of the euro/US dollar (EUR/ USD) exchange rate in the periods January-June 2025 and 2024. 9.2.4. Net results of companies accounted for using the equity method In the first half of 2025 and 2024, the net result of companies by the equity method amounted to €10 million and €5 million, respectively (see Notes 16 and 24 of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2025). 66 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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9.2.5. Corporate Income T ax In the first half of 2025, the Corporate Income Tax expense amounted to €345 million, an increase of €6 million (+1.8%) compared to the amount recorded in the first half of 2024. To analyse the main aspects explaining the evolution of the effective rate for the periods January-June 2025 and 2024, the following effects must be taken into consideration: Millions of Euros January-June 2025 January-June 2024 Income Statement Effective T ax (%) Income Statement Effective T ax (%) Profit/loss before tax 1,405 1,137 Corporation Income T ax 345 24.6 339 29.8 Non-Deductible Expense due to Temporary Energy Tax (1) — (51) Limitation on the Dividend Exemption (7) (8) Interest on Delay of the Judgement of Unconstitutionality Declaration Royal Decree Law 3/2016, of 2 December — 7 (2) Corporate Income T ax without Considering Previous Impacts 338 24.1 287 25.2 (1) See Section 11.3.2 of this Consolidated Management Report. (2) Reduced Corporate Income Tax expenditure due to the declaration of unconstitutionality of certain modifications introduced by Royal Decree Law 3/2016, of 2 December, in Law 27 /2014, of 27 November, on Corporate Income Tax according to Judgement of the Constitutional Court 11/2024, of 18 January. 9.2.6. Net profit and net ordinary profit Net profit attributable to the Parent in the first half of 2025 amounted to €1,041 million, up €241 million (+30.1%) on the amount reported in the same period of the previous year. Net ordinary profit attributable to the Parent in the first half of 2025 amounted to €1,041 million (+34.8%), broken down as follows: Millions of Euros Section January-June 2025 January-June 2024 Difference % Chg. Net Profit (1) 1,041 800 241 30.1 Net Profit/Loss on Disposal of Non-Financial Assets (2) 9.2.2 — (28) 28 (100.0) Concession of fibre optic usage rights — (28) 28 (100.0) Net Ordinary Profit (1) 1,041 772 269 34.8 (1) See the definition in Section 7 of this Consolidated Management Report. (2) More than €10 million. 67 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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10. Equity and financial analysis 10.1. Net invested capital The breakdown and trend in Endesa’s net invested capital is as follows at 30 June 2025: Millions of Euros References (1) 30 June 2025 31 December 2024 Difference Net Non-Current Assets: Property, Plant, and Equipment and Intangible Assets 19 and 21 25,345 24,476 869 Goodwill 22 587 462 125 Investments accounted for using the equity method 24 285 287 (2) Other Net Non-Current Assets/(Liabilities) (3,828) (4,247) 419 Total Net Non-Current Assets (2) 22,389 20,978 1,411 Net Working Capital: Trade and other Receivables 30 3,777 4,194 (417) Inventories 29 1,512 1,831 (319) Other Net Current Assets/(Liabilities) (741) 6 (747) Trade and other Payables 37 (4,621) (5,149) 528 Total Net Working Capital (2) (73) 882 (955) Gross Invested Capital (2) 22,316 21,860 456 Deferred T ax Assets and Liabilities and Provisions: Provisions for Employee Benefits 34.1 (233) (227) (6) Other Provisions 34.2 and 34.3 (3,118) (3,566) 448 Deferred Tax Assets and Liabilities 23 105 264 (159) Total Deferred T ax Assets and Liabilities and Provisions (3,246) (3,529) 283 Non-Current Assets Classified as Held for Sale and Discontinued Operations 32 9 20 (11) Net Invested Capital (2) 19,079 18,351 728 Equity (3) 33 9, 178 9,053 125 Net Financial Debt (2) (4) 38.3 9,901 9,298 603 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (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. 68 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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At 30 June 2025, gross capital invested stood at €22,316 million. The change in the first half of 2025 was largely a result of the following effects: Heading Variation Property, Plant, and Equipment and Intangible Assets ▲ €869 millions • The variation is mainly a consequence of the acquisition of E-Generación Hidráulica, S.L.U. in the January-June 2025 period, which has resulted in an increase in the headings ‘Property, Plant and Equipment’ and ‘Goodwill’ by an amount of €959 million and €125 million, respectively. (see Note 7 of the Explanatory Notes that form part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2025. Goodwill ▲ €125 millions Inventories ▼ €319 millions • The change in inventories is mainly a consequence of the redemption of carbon dioxide (CO2) emission allowances and guarantees of origin for an amount of €754 million, partially offset by the purchase of carbon dioxide (CO2) emission allowances and guarantees of origin in the January-June 2025 period for a total amount of €393 million. Other current financial assets ▼ €175 millions • The evolution of regulatory items for an amount of €130 million, which includes the reduction of the tariff deficit (€87 million) and the compensation for the extra costs of generation in the Non-Peninsular Territories (NPT) (€43 million). At 30 June 2025, net invested capital amounted to €19,079 million and its evolution in the first half of 2025 includes, on the one hand, the change in gross invested capital in the amount of €456 million and, on the other hand, the aspects detailed below: Heading Variation Other Provisions ▼ €448 millions The changes are is largely due to the net effect of: • The provision to cover the cost of carbon dioxide (CO 2) emission allowances and guarantees of origin for an amount of €398 million, partially offset by the redemption of carbon dioxide (CO 2) emission allowances and guarantees of origin for an amount of €754 million. • The variation in provisions for headcount restructuring amounting to €74 million, mainly due to the payment of provisions. Deferred tax assets and liabilities ▲ €159 millions • The change is mainly due to the acquisition of E-Generación Hidráulica, S.L.U. in the period January-June 2025, which has led to an increase in ‘Deferred tax liabilities’ of 125 million euro (see Note 7 of the Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2025). Non-Current Net Assets Classified as Held for Sale and Discontinued Operations and Associated Liabilities ▼ €11 millions • On 24 February 2025, Edistribución Redes Digitales, S.L.U. Formalised the sale of three plots of land adjacent to the former headquarters of Gas y Electricidad Generación, S.A.U. located in Palma de Mallorca was formalised. These plots were recorded under the headings of ‘Non-Current Assets Held for Sale and Discontinued Operations’ and ‘Liabilities Associated with Non-Current Assets Held for Sale and Discontinued Operations’ for a total amount of €28 million and €17 million, respectively. 69 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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10.2. Financial management Endesa’s financial management objectives, considering the macroeconomic environment outlined in Section 5.1 of this Consolidated Management Report, are to ensure an adequate level of liquidity while optimising costs, manage a debt maturity profile that allows efficient access to the most competitive financing sources, and limit the impact of interest rate fluctuations over the course of the cycle. In the short term, Endesa ensures its liquidity by maintaining a sufficient level of immediately available resources, including cash and short-term deposits, unconditionally and irrevocably available credit lines, and other liquid assets where applicable. Endesa has formalised a series of financial operations that contribute to maintaining its liquidity position in the period and which are described in Note 38.4 of the Explanatory Notes that form part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2025. 10.2.1. Financial debt Gross and net financial debt At 30 June 2025, Endesa’s net financial debt amounted to €9,901 million, up €603 million (+6.5%) compared to 31 December 2024. The reconciliation of Endesa’s gross and net financial debt at 30 June 2025 and 31 December 2024 is as follows: Millions of Euros Reconciliation of borrowings References (1) 30 June 2025 31 December 2024 Difference % Chg. Non-Current Financial Debt 38.3 9,773 9,881 (108) (1.1) Current Financial Debt 38.3 661 613 48 7. 8 Gross Financial Debt (2) (3) 10,434 10,494 (60) (0.6) Debt Derivatives recognised as a Liability 25 36 (11) (30.6) Cash and Cash Equivalents 31 (226) (840) 614 (73.1) Debt Derivatives Recognised as Assets (33) (41) 8 (19.5) Financial Guarantees Recognised as Assets 26.1 y 28 (299) (351) 52 (14.8) Net Financial Debt (3) 9,901 9,298 603 6.5 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (2) The amount of Gross Financial Debt that has clauses linked to indicators which, in turn, comply with the alignment of activities of the European Taxonomy Regulation is equal to €3,189 million (31% of the total Gross Financial Debt) (see Note 4.1.2 of the Explanatory Notes that form part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2025). Furthermore, the Company has arranged financial operations totalling €6,015 million (58% of the gross financial debt) which include clauses linked to Sustainability objectives that have not been taken into account in the previous calculation. (3) See the definition in Section 7 of this Consolidated Management Report. 70 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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In order to analyse the evolution of net financial debt, it should be taken into account that during the period January-June 2025, Endesa, S.A. paid an interim dividend to its shareholders in the amount of €0.5 gross per share, which entailed a disbursement of €529 million (see Section 14.2 of this Consolidated Management Report). In the January-June 2025 period, the cash flows generated by operating activities (€2,356 million) made it possible to attend the net payments derived from investment activities (€1,997 million) which include, among others, the acquisition of E-Generación Hidráulica, S.L.U. for a net amount of €949 million (see Notes 7 and 41 of the Explanatory Notes that form part of the Interim Condensed Consolidated Financial Statements for the half-year period ended 30 June 2025). Structure of Gross Financial Debt The structure of Endesa’s gross financial debt at 30 June 2025 and 31 December 2024 is as follows: Millions of Euros Structure of Gross Financial Debt 30 June 2025 31 December 2024 Difference % Chg. Euro 10,262 10,385 (123) (1.2) US dollar (USD) 172 109 63 57. 8 TOTAL 10,434 10,494 (60) (0.6) Fixed Interest Rate 6,598 6,604 (6) (0.1) Variable Interest Rate 3,836 3,890 (54) (1.4) TOTAL 10,434 10,494 (60) (0.6) Average Life (No. Of Years) (1) 3.8 4.1 — — Average Cost (%) (1) 3.4 3.6 — — (1) See the definition in Section 7 of this Consolidated Management Report. At 30 June 2025, gross financial debt subject to fixed interest rates accounted for 63%, while the remaining 37% was subject to floating rates. On this date, 98% 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 2025. 71 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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10.3. Capital management In the first half of 2025, Endesa followed the same capital management policy as that described in Note 34.1.12 to the Consolidated Financial Statements for the year ended 31 December 2024. 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. 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 2025. 10.3.2. Leverage The consolidated leverage ratio is a key indicator to monitor the financial situation, with the data as of 30 June 2025 and 31 December 2024 as follows: Millions of Euros Leverage References (1) 30 June 2025 31 December 2024 % Chg. Net financial debt: 9,901 9,298 6.5 Non-Current Financial Debt 38.3 9,773 9,881 (1.1) Current financial debt 38.3 661 613 7. 8 Debt derivatives recognised as financial assets 25 36 (30.6) Cash and Cash Equivalents 31 (226) (840) (73.1) Debt derivatives recognised as assets (33) (41) (19.5) Financial Guarantees Recognised as Assets 26.1 and 28 (299) (351) (14.8) Equity: 33 9, 178 9,053 1.4 Of the parent company 33.1 8,276 8,110 2.0 Of non-controlling interests 33.2 902 943 (4.3) Leverage (%) (2) 107. 8 8 102.71 Na (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (2) See the definition in Section 7 of this Consolidated Management Report. 72 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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10.3.3. Financial indicators Financial indicators (1) 30 June 2025 31 December 2024 Liquidity ratio 0.90 1.02 Solvency ratio 0.97 1.01 Debt ratio (%) 51.89 50.67 Debt coverage ratio 1.77 1.76 Net financial debt /Fixed assets (%) 38. 17 37. 2 8 Net financial debt /Funds from operations 2.22(2) 2.31 (Funds from Operations + Interest Expenses)/Interest expense (3) 13.90 8.26 (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 2025 and January–June 2024, respectively. 10.4. Management of credit ratings Endesa’s credit ratings are as follows: Credit rating 30 June 2025 (1) 31 December 2024 (1) Non-current Current Outlook Date of last report Non-current Current Outlook Standard & Poor’s BBB A-2 Stable 10 January 2025 BBB A-2 Stable Moody’s Baa1 P-2 Stable 4 June 2025 Baa1 P-2 Stable Fitch BBB+ F2 Stable 07 February 2025 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. 73 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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10.5. Cash flow At 30 June 2025 and 31 December 2024, the amount of cash and other cash equivalents is detailed as follows: Millions of Euros Cash and Cash Equivalents References (1) 30 June 2025 31 December 2024 Difference % Chg. Cash in Hand and at Banks 186 78 108 138.5 Other Cash Equivalents 40 762 (722) (94.8) TOTAL 31 226 840 (614) (73.1) (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. Endesa’s net cash flows in the first half of 2025, classified by activities (operating, investing and financing), were as follows: Millions of Euros Statement of Cash Flows References (1) January-June 2025 January-June 2024 Difference % Chg. Net Cash Flows from Operating Activities 41.1 2,356 1,192 1,164 97.7 Net Cash Flows from Investing Activities 41.2 (1,997) (622) (1,375) 221.1 Net Cash Flows from Financing Activities 41.3 (973) (718) (255) 35.5 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. In the first half of 2025, cash flows generated by operating activities (€2,356 million) and the reduction of cash and other cash equivalents (€614 million) made it possible to meet the net cash flows applied to investing activities (€1,997 million) as well as the net payments derived from financing activities (€973 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 2025. 74 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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10.6. Investments In the first half of 2025, Endesa’s gross investments in property, plant and equipment and intangible assets amounted to €935 million, broken down as follows: Millions of Euros Investments References (1) January-June 2025 January-June 2024 % Chg. Generation and Commercialisation 364 348 4.6 Conventional generation (2) 197 142 38.7 Renewable Generation 156 187 (16.6) Energy Commercialisation 2 1 100.0 Commercialisation of other Products and Services 9 18 (50.0) Distribution 393 400 (1.8) Structure, services and others (3) 4 6 (33.3) TOTAL MATERIAL (4) 19 761 754 0.9 Generation and Commercialisation 163 160 1.9 Conventional generation (2) 5 4 25.0 Renewable Generation 24 19 26.3 Energy Commercialisation 114 115 (0.9) Commercialisation of other Products and Services 20 22 (9.1) Distribution 7 8 (12.5) Structure, services and others (3) 4 2 100.0 TOTAL INTANGIBLE ASSETS 21 174 170 2.4 TOTAL GROSS INVESTMENTS (5) 935 924 1.2 Capital Grants and Facilities Sold (112) (118) (5.1) Generation and Commercialisation (7) (13) (46.2) Conventional generation (3) (1) 200.0 Renewable Generation - (12) (100.0) Commercialisation of other Products and Services (4) — Na Distribution (105) (105) — TOTAL NET INVESTMENTS (5) 823 806 2.1 (1) Explanatory Notes to the Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2025. (2) In the early semesters of 2025 and 2024, there are significant material gross investments in the Non-Peninsular Territories (NPT) totalling €28 million and €27 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 2025, it includes additions for rights of use amounting to €137 million (€29 million in the first half of 2024). (5) See the definition in Section 7 of this Consolidated Management Report. 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 2025. 75 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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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 2025. 11.2. Segment information 11.2.1. Segment information: Consolidated Income Statement for the periods January–June 2025 and 2024 Millions of Euros January-June 2025 Generation and Commercialisation Conventional generation (1) Renewable Generation Energy Commercialisation REVENUE 4,136 632 7, 9 2 1 Revenue with third parties 1,383 277 7, 8 10 Revenue from transactions between segments 2,753 355 111 PROCUREMENT AND SERVICES (3,199) (69) (6,895) INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES 197 4 (212) CONTRIBUTION MARGIN (3) 1,134 567 814 (2) FIXED OPERATING COSTS AND OTHER PROFIT AND LOSS (423) (138) (241) GROSS OPERATING PROFIT (EBITDA) (3) 711 429 573 Depreciation and impairment losses on non-financial assets (302) (168) (121) Amortisation (303) (161) (121) Provision for impairment of non-financial assets — (7) — Reversal of impairment of non-financial assets 1 — — Impairment losses on financial assets (1) — (91) Provision for impairment of financial assets (2) — (191) Reversal of impairment of financial assets 1 — 100 OPERATING PROFIT (EBIT) (3) 408 261 361 Net profit/loss of companies accounted for using the equity method 6 4 1 (1) Includes the Contribution Margin, Gross Operating Profit (EBITDA) and Operating Profit (EBIT) from power generation in Non-Peninsular Territories (NPT) amounting to €236 million, positive, €86 million, positive, and €42 million, positive, respectively. (2) Includes the Contribution Margin from gas for commercialisation of €155 million. (3) See the definition in Section 7 of this Consolidated Management Report. 76 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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January-June 2025 Generation and Commercialisation Distribution Structure and Services Consolidation Adjustments and Eliminations TOTAL Commercialisation of other Products and Services Generation and commercialisation adjustments and eliminations Total 176 (3,211) 9,654 1,305 193 (272) 10,880 176 — 9,646 1,231 3 — 10,880 — (3,211) 8 74 190 (272) — (94) 3,206 (7 ,051) (77) — 71 (7 ,057) — — (11) — — — (11) 82 (5) 2,592 1,228 193 (201) 3,812 (36) 5 (833) (284) (185) 201 (1,101) 46 — 1,759 944 8 — 2,711 (17) — (608) (391) (20) — (1,019) (17) — (602) (391) (20) — (1,013) — — (7) — — — (7) — — 1 — — — 1 (6) — (98) — — — (98) (13) — (206) (23) — — (229) 7 — 108 23 — — 131 23 — 1,053 553 (12) — 1,594 (2) — 9 1 — — 10 77 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Millions of Euros January-June 2024 Generation and Commercialisation Conventional generation (1) Renewable Generation Energy Commercialisation REVENUE 3,394 661 7 ,608 Revenue with third parties 1,560 183 7 ,313 Revenue from transactions between segments 1,834 478 295 PROCUREMENT AND SERVICES (2,937) (60) (5,571) INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES 596 7 (1,293) CONTRIBUTION MARGIN (3) 1,053 608 744 (2) FIXED OPERATING COSTS AND OTHER PROFIT AND LOSS (409) (130) (245) GROSS OPERATING PROFIT (EBITDA) (3) 644 478 499 Depreciation and impairment losses on non-financial assets (273) (145) (94) Amortisation (274) (142) (94) Provision for impairment of non-financial assets — (3) — Reversal of impairment of non-financial assets 1 — — Impairment losses on financial assets — (5) (114) Provision for impairment of financial assets — (5) (167) Reversal of impairment of financial assets — — 53 OPERATING PROFIT (EBIT) (3) 371 328 291 Net profit/loss of companies accounted for using the equity method 4 3 1 (1) Includes the Contribution Margin, Gross Operating Profit (EBITDA) and Operating Profit (EBIT) from power generation in Non-Peninsular Territories (NPT) amounting to €210 million, positive, €76 million, positive, and €37 million, positive, respectively. (2) Includes the Contribution Margin from gas for commercialisation of €70 million. (3) See the definition in Section 7 of this Consolidated Management Report. 78 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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January-June 2024 Generation and Commercialisation Distribution Structure and Services Consolidation Adjustments and Eliminations TOTAL Commercialisation of other Products and Services Generation and commercialisation adjustments and eliminations Total 165 (2,598) 9,230 1,267 198 (279) 10,416 163 — 9,219 1,194 3 — 10,416 2 (2,598) 11 73 195 (279) — (89) 2,573 (6,084) (73) (203) 71 (6,289) — — (690) — — — (690) 76 (25) 2,456 1,194 (5) (208) 3,437 (44) 25 (803) (239) (190) 208 (1,024) 32 — 1,653 955 (195) — 2,413 (19) — (531) (356) (20) — (907) (19) — (529) (364) (20) — (913) — — (3) — — — (3) — — 1 8 — — 9 (9) — (128) 5 — — (123) (13) — (185) (21) — — (206) 4 — 57 26 — — 83 4 — 994 604 (215) — 1,383 (3) — 5 — — — 5 79 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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11.3. Generation and Commercialisation Analysis of results Key figures for the first half of 2025 and the change therein with respect to the same period of the previous year are as follows: Millions of Euros Key figures January-June 2025 January-June 2024 Difference % Chg. Margin of Contribution 2,592 2,456 136 +5.5 The change in the margin is the result, among other aspects, of: • The positive variation of ‘Income and Expenses from Energy Commodity Derivatives’ (€679 million) mainly due to the evolution of the settlement during the first half of 2024 of gas derivatives that were contracted in the 2022 financial year in an environment of price volatility in the energy markets. • The increase in energy costs (€657 million) incurred due to the rise in the average arithmetic price in the wholesale electricity and gas market (€61.8/ MWh; +58.1% and 41.1 €/MWh; +39.3%, respectively) along with the increase in transportation expenses (€153 million), partially offset by higher electricity and gas sales (€449 million). • Higher expense on the Tax on the Value of Electricity Production (EUR 98 million) is mainly due to the application, in the period January-March and April- June 2024, of reduced rates of 3.5% and 5.25%, respectively, in accordance with Royal Decree-Law 8/2023, of 27 December, compared to a rate of 7% in January-June 2025. Gross Operating Profit (EBITDA) 1,759 1,653 106 +6.4 • Includes higher maintenance costs (€10 million), mainly for fuel power plants in the Non-Peninsular Territories (NPT), the increase in expenses related to management contracts and other services related to the electricity and gas business (€16 million) and the higher expense recognised for sanctioning proceedings (€11 million). • Includes the decrease in personnel costs, mainly due to the change in the net provision for workforce restructuring plans between the two periods (€9 million). Operating Profit (EBIT) 1,053 994 59 +5.9 • Includes the increase in depreciation and amortisation expense (€73 million) due, among others, to the acquisition of E-Generación Hidráulica, S.L.U. and investment in renewable plants (€19 million) and the increase in the capitalisation of incremental costs incurred in obtaining contracts with customers (€25 million). • It includes the lower net impairment charge on non- financial assets (EUR 30 million) due to the improved payment behaviour of residential customers Business to Customer (B2C) in the first half of 2025. 80 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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11.4. Distribution Analysis of results Key figures for the first half of 2025 and the change therein with respect to the same period of the previous year are as follows: Millions of Euros Key figures January-June 2025 January-June 2024 Difference % Chg. Margin of Contribution 1,228 1,194 34 +2.8 • The margin evolution is due to the increase in regulated revenues from the distribution activity as a result of regularisations of settlements from previous years recorded in both periods. Gross Operating Profit (EBITDA) 944 955 (11) (1.2) • In January-June 2024 included the reversal of provisions for contingencies arising from transactions carried out in prior years by Endesa Ingeniería, S.L.U. (Euro 37 million). • This includes higher maintenance costs due to breakdowns at medium and low voltage electricity distribution facilities (Euro 6 million), higher expenses related to management contracts and other services related to the electricity and gas business (Euro 3 million), partially offset by a lower expense recognised for disciplinary proceedings (Euro 8 million). • The update of provisions for workforce restructuring plans in force had a positive impact of Euro 5 million. Operating Profit (EBIT) 553 604 (51) (8.4) • Includes the increase in depreciation and amortisation expense (Euro 27 million) as a consequence, mainly, of investments aimed at optimising the operation of the distribution network. 11.5. Structura and others Analysis of results Key figures for the first half of 2025 and the change therein with respect to the same period of the previous year are as follows: Millions of Euros Key figures January-June 2025 January-June 2024 Difference % Chg. Margin of Contribution (8) (213) 205 (96.2) • In January-June 2024, it included the recognition of the expense associated with the temporary energy levy (€202 million). As a result of the repeal of Royal Decree- Law 10/2024 of 23 December, no expenses associated with the temporary energy levy have been recognised for the period January-March 2025. Gross Operating Profit (EBITDA) 8 (195) 203 (104.1) • Includes higher personnel costs due to the variation in the net provision for workforce restructuring plans between the two periods (€2 million). Operating Profit (EBIT) (12) (215) 203 (94.4) 81 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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12. Innovation and digitalisation Endesa fosters an open innovation model to find quality ideas in the development of innovative solutions capable of transforming the current energy model. Open innovation is a model of relationship between companies and external actors (universities, startups, SMEs, research centres or other companies in the same or different sector) that promotes collaboration and the exchange of knowledge to drive business impact. Endesa’s innovation activities are carried out in close collaboration and synergy with the rest of the Enel Group, leveraging the open innovation tools developed by the Group, as well as its laboratories and the best research centres, universities, suppliers and national and international startups. 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 2024. At 30 June 2025, Endesa had 10 patents 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 2024. 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 2024. Key performance indicators (KPIs) relating to the innovation Innovation indicators were as follows in the first half of 2025 and 2024: January-June 2025 (1) January-June 2024 (1) Pilot activities to test innovative solutions 39 28 Activities in scaling phase 65 189 (1) Provisional data pending certification by the accredited entity and mandatory Binding Reasoned Report (IMV). 82 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 2025. 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 2025 and 2024 was as follows: Percentage (%) Share price performance (1) January-June 2025 January-June 2024 Endesa, S.A. 29.5 (5.0) Ibex-35 20.7 8.3 Euro Stoxx 50 8.3 8.2 Euro Stoxx Utilities 21.5 (6.3) (1) Source: Madrid Stock Exchange. The IBEX-35 closed the first half of 2025 at the head of the main world indices, recording a revaluation of 20.7% and reaching 13,991.9 points at the close of the period, its highest level since 2008. This solid performance was supported by the favourable evolution of the banking and electricity sectors, both with a significant weight in the indicator. The rises in these securities were driven by strong corporate results and a still favourable interest rate environment. In particular, the Electricity Sector benefited from its defensive profile in a context of economic uncertainty, its attractive dividend yield, especially valued in an environment of rate cuts, and its growth potential, driven by expectations of an increase in investment to advance the country’s energy transition objectives. Within this group, the positive performance of Endesa’s shares stood out, driven by solid financial results, its dividend yield (over 6% in 2025), and a corporate strategy well valued by the market after presenting an ambitious investment plan for the period 2025-2027 , the largest since the Company has operated exclusively in Spain and Portugal (2014). Likewise, the launch in April 2025 of the first tranche of the share buyback programme approved by the Board of Directors on 26 March 2025 added additional support to the share price. This programme aims to optimise the capital structure, offer efficient 83 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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alternatives for its use, and strengthen shareholder remuneration. During the first half of 2025, Endesa, S.A.’s share accumulated a revaluation of 29.5%, closing at €26.89 per share, after discounting on 27 June 2025 the €0.8177 per share corresponding to the final dividend charged to 2024 results, paid on 1 July 2025. The share price fluctuated between a minimum of €20.62 per share on 20 January 2025 and a maximum of €27 .87 per share reached at the close of 23 June 2025, its highest level since 2014. This stock market performance placed Endesa as the fifth company with the best performance within the European sector index EURO STOXX Utilities, which in the same period advanced by 21.5%. Endesa The evolution of the share price of Endesa, S.A. in the first half of 2025 and 2024 has been as follows: Euros Endesa share price (1) January-June 2025 January-June 2024 % Chg. Maximum 27 .870 19.800 40.76 Minimum 20.620 15.975 29.08 Period average 23.933 17.717 35.08 Period close 26.890 17 .535 53.35 (1) Source: Madrid Stock Exchange. THE PERFORMANCE OF ENDESA, S.A., IBEX-35, AND EURO STOXX UTILITIES FROM JANUARY-JUNE 2025 31/12/2024 07 /01/2025 14/01/2025 21/01/2025 28/01/2025 04/02/2025 11/02/2025 18/02/2025 25/02/2025 04/03/2025 11/03/2025 18/03/2025 25/03/2025 01/04/2025 08/04/2025 15/04/2025 22/04/2025 29/04/2025 06/05/2025 13/05/2025 20/05/2025 27 /05/2025 03/06/2025 10/06/2025 17 /06/2025 24/06/2025 30/06/2025 IBEX Endesa Euro Util 140 135 130 125 120 115 110 105 100 95 90 85 80 75 Source: Bloomberg. 84 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Main world stock market indices The evolution of these net costs in the first half of 2025 was as follows: Stock market indicators Country / Region % Chg. EURO STOXX Utilities Europe 21.5 IBEX-35 Spain 20.7 DAX Germany 20.1 FTSE MIB Italy 16.4 EUROSTOXX 50 Europe 8.3 NASDAQ United States 7. 9 FTSE 100 United Kingdom 7. 2 S&P 500 United States 5.5 CAC 40 France 3,9 DOW JONES INDUSTRIAL AVERAGE United States 3.6 Nikkei Japan 1.5 The main European stock market indices closed the first half of 2025 with solid gains, outperforming their US and Asian counterparts in relative terms. This positive performance was supported by a significant inflow of international capital into Europe, in a global context marked by geopolitical volatility in the Middle East and the tariff policies of the US government. These factors prompted investors to diversify their portfolios, favouring European assets as a safe haven. The Spanish IBEX-35 index led the rises with a 20.7% revaluation, followed by the German DAX and the Italian FTSE MIB, with cumulative gains of 20.1% and 16.4%, respectively. At the other extreme, the French CAC 40 recorded the most moderate advance, 3.9%, while the British FTSE 100 rose by 7 .2%. For its part, the EUROSTOXX 50, the main benchmark for the eurozone market, closed the first half of 2025 with a rise of 8.3%, standing at 5,303.24 points. Outside Europe, the Japanese NIKKEI index was one of the most affected by the appreciation of the yen and trade tensions with the United States, given the high dependence of its economy on exports. Even so, it managed to close the half-year with a slight rise of 1.5%. In the United States, the DOW JONES, S&P 500 and NASDAQ indices managed to reverse the losses recorded in the first quarter thanks to a change of trend that began at the end of April 2025, after the announcement of a trade truce that meant the postponement of tariffs on China and the European Union for 90 days. At the close of the first half of 2025, these indices recorded advances of between 3% and 8%, with both the S&P 500 and the NASDAQ reaching new all-time trading highs. Stock market information Key stock market figures for Endesa, S.A. at 30 June 2025 and 31 December 2024 were as follows: Stock Market Information 30 June 2025 31 December 2024 % Chg. Market Capitalisation (1) Millions of Euros 28,470 21,990 29.5 Number of shares in circulation 1,058,752,117 1,058,752,117 — Nominal share value Euros 1.2 1.2 — Turnover (value) (2) Millions of Euros 3,685 6,057 (39.2) Continuous Market Shares Trading volume (3) 154,390,186 330,515,414 (53.3) Average daily trading volume (4) 1,235,121 1,301,242 (5.1) Price to Earnings Ratio (P .E.R.) Ordinary (1) 12.59 11.04 — Price to Earnings Ratio (P .E.R.) (1) 13.38 11.65 — Price/Book Value (1) 3.44 2.71 — (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). 85 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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14.2. Dividends Shareholder remuneration policy Information on the shareholder remuneration policy is disclosed in Section 19.2 of the Consolidated Management Report for the year ended 31 December 2024. Approval was given at Endesa, S.A.’s General Shareholders’ Meeting of 29 April 2025 to pay to the shares with dividend rights a total dividend for a gross amount of €1.3177 per share, for a total payout of €1,395 million. Taking into consideration the interim dividend of €0.50 gross per share paid on 8 January 2025, the final dividend is equal to €0.8177 gross per share and was paid on 1 July 2025. Dividend per share In accordance with the foregoing, details of Endesa, S.A.’s dividends per share are as follows: 2024 2023 % Chg. Share capital Millions of Euros 1,270.5 1,270.5 — Number of shares 1,058,752,117 1,058,752,117 — Consolidated Net Ordinary Profit Millions of Euros 1,993 951 109.6 Consolidated Net Profit Millions of Euros 1,888 742 154.4 Individual Net Profit Millions of Euros 1,427 580 146.0 Net Ordinary Profit per Share (1) Euros 1.882 0.898 109.6 Net Earnings per Share (1) Euros 1.783 0.701 154.4 Gross Dividend Per Share Euros 1.3177 (2) 1 (3) — Ordinary Consolidated Payout (1) % 70.0 111.3 — Consolidated Payout (1) % 73.9 142.7 — Individual Payout (1) % 97. 8 182.5 — (1) See the definition in Section 7 of this Consolidated Management Report. (2) Interim dividend equal to €0.5 gross per share paid on 8 January 2025 plus final dividend equal to €0.8177 gross per share paid on 1 July 2025. (3) Interim dividend equal to €0.5 gross per share paid on 2 January 2024 plus final dividend equal to €0.5 gross per share paid on 1 July 2024. 86 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 2025. 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 2025. 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 2025. 87 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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ENDESA 2. INFORME DE GESTIÓN CONSOLIDADO SUSTAINABILITY INFORMATION 2. CONSOLIDATED MANAGEMENT REPORT
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16. Sustainability Information Information on Sustainability is described in the Consolidated Non-Financial Information Statement and Sustainability Information of Endesa, S.A. and its Subsidiaries (hereinafter, Sustainability Statement) which is included in sections 24 to 27 of the Consolidated Management Report for the year ended 31 December 2024. The objective of this Sustainability Statement is to offer a transparent and global vision of the Company’s performance in terms of Sustainability, in accordance with the Sustainability Policy and Endesa’s Sustainability Plan (PES), as well as in compliance with current legal requirements. This is how Endesa communicates its commitment to long-term value generation and to the sustainable management of its business to stakeholders. During the first half of 2025, Endesa has monitored certain indicators related to Sustainability information which are presented below, grouped according to their main themes: Environmental Information, Social Information and Governance Information. 16.1. Environmental Information Environmental information is detailed in Section 25 of the Consolidated Management Report for the year ended 31 December 2024. In the first half of 2025 and 2024, the main key performance indicators (KPIs) in environmental matters evolved as indicated below. Climate Change and Environmental Protection During the first half of 2025, Endesa continued to advance in its commitment to lead the Energy Transition, with the aim of developing a business model aligned with the more ambitious objective of the Paris Agreement to achieve the decarbonisation target and thus limit the average temperature increase to 1.5ºC compared to pre-industrial levels. 89 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Greenhouse Gas (GHG) emissions Greenhouse Gas (GHG) emissions are broken down by Scope type below: CO2eq (t) Key Performance Indicators January-June 2025 January-June 2024 Baseline Y ear (2017) % Chg. January-June 2025-2024 Scope 1 Greenhouse Gas (GHG) Emissions Gross absolute Scope 1 Greenhouse Gas (GHG) Emissions Generation 4,612,934 4,422,228 34,676,417 4.3 Specific gross Scope 1 Greenhouse Gas (GHG) Emissions Generation 153 150 443 2.0 Scope 3 Greenhouse Gas (GHG) Emissions Total Gross Indirect Greenhouse Gas (GHG) Emissions (Scope 3) Gas Commercialisation 3,445,210 3,924,319 18,137,504 (12.2) Specific Greenhouse Gas (GHG) Emissions Scope 1 and 3 Generation and purchase of electricity from third parties 172 158 410 8.9 Absolute Scope 3 Greenhouse Gas (GHG) Emissions electricity commercialisation 1,641,828 1,376,640 9,535,159 19.3 Air pollution The quantities of pollutants emitted into the atmosphere with a potential impact on air quality in the January-June 2025 and 2024 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: Water resources Endesa has identified water as a critical resource that will be affected by climate change and the integrated management of water is one of its main concerns. Endesa’s water abstraction and the specific breakdown of water-stressed areas is as follows: m3 Water Abstraction January-June 2025 January-June 2024 All areas Stressed Areas (1) All areas Stressed Areas (1) Total water abstraction for industrial use and closed-circuit cooling 14,739,400 906,882 13,545,900 1,075,500 Water Intensity (m3/€M of revenue) 1,354.7 83.4 1,300.5 103.2 Water Intensity (m3/GWh) 59.3 — 57.4 — (1) Includes facilities located in a water-stressed area that consume fresh water for industrial use. Tonnes January-June 2025 January-June 2024 Sulphur Dioxide (SO2) 3,627 3,376 Nitrogen Oxides (NOx) 20,401 19,377 Particulate matter 299 318 90 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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16.2. Social Information Social information is detailed in Section 26 of the Consolidated Management Report for the year ended 31 December 2024. In the first half of 2025 and 2024, the key performance indicators (KPIs) in social matters evolved as indicated below. Workforce Endesa’s closing workforce at 30 June 2025 amounts to 9,080 employees, which represents an increase of 1.9% compared to 31 December 2024. Endesa’s average workforce in the first half of 2025 was 8,826 employees (+0.0%). 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 2025. In the first half of 2025 and 2024, 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 2025 January- June 2024 January- June 2025 January- June 2024 January- June 2025 January- June 2024 January- June 2025 January- June 2024 January- June 2025 January- June 2024 January- June 2025 January- June 2024 Men 6,368 6,358 4 3 6,372 6,361 84 96 1 1 85 97 Women 2,353 2,345 1 1 2,354 2,346 15 18 - — 15 18 TOTAL CONTRACTS 8,721 8,703 5 4 8,726 8,707 99 114 1 1 100 115 (1) Salaried employees of Endesa. Number Employee Turnover (1) January-June 2025 January-June 2024 Voluntary Departures 34 37 Incentivised Departures (2) 17 82 Retirements 35 28 Dismissals 11 4 Others (3) 41 48 Turnover Rate (%) (4) 1.5 2.2 (1) Salaried employees of Endesa. (2) Incentivised departures: early retirements are considered. (3) Other: the vast majority are due to contract terminations and contract suspensions. (4) Percentage of contract terminations over closing headcount. 91 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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Training As part of its enduring commitment to employees, Endesa focuses on their training and offers a wide range of learning activities to provide and improve the technical qualifications they need to carry out their duties and grow personally. In the first half of 2025, the average number of hours of training delivered per employee was 17 .93 (21.66 hours per employee in the first half of 2024). During the period January–June 2025, the percentage of employees trained in anti-corruption policies and procedures was 86.6% (43.4% in the period January– June 2024). Gender diversity Endesa, within the framework of the Diversity and Inclusion Policy, rejects all forms of discrimination and is committed to guaranteeing and promoting diversity, inclusion and equal opportunities, among others, in the gender dimension, which is one of the social objectives in its strategy. The percentage of women in Senior Management is detailed in Section 3.2 of this Consolidated Management Report. Occupational Health and Safety (OHS) Endesa views Occupational Health and Safety (OHS) as a priority and a key value to be upheld at all times for everyone who works for the Company, without distinction between in-house staff and the workers of its partners and collaborators. 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. 92 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 2025 January-June 2024 Workforce Total Number Rate (2) Total Number Rate (2) Salaried employees 6 0.80 8 1.02 Non-Salaried — — — — TOTAL 6 0.80 8 1.02 (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 2025 and 2024 periods there have been no fatal accidents among Endesa’s own staff. Additionally, the number of occupational illnesses and accidents broken down by gender was as follows: Workplace Accidents and Illnesses(1) January-June 2025 January-June 2024 Men Women TOTAL Men Women TOTAL Occupational Diseases(2) — — — — — — Workplace Accidents 2 4 6 6 2 8 TOTAL 2 4 6 6 2 8 (1) Own salaried workers of Endesa. (2) Includes acute, recurrent and chronic health problems caused or aggravated by work. Frequency index In the January-June 2025 and 2024 periods, Endesa’s frequency index broken down by gender is as follows: Frequency index (FI) (1)(2) January-June 2025 January-June 2024 Men Women TOTAL Men Women TOTAL Salaried employees 0.27 0.53 0.80 0.77 0.25 1.02 Non-salaried employees — — — — — — TOTAL 0.27 0.53 0.80 0.77 0.25 1.02 (1) Own salaried and non-salaried workers of Endesa. (2) Total number of accidents, including those ‘in itinere’, with respect to the total hours worked, multiplied by 1,000,000. 93 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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16.3. Governance Information Information on Governance is detailed in Section 27 of the Consolidated Management Report for the year ended 31 December 2024. 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 2024. Code of Ethics In the first half of 2025, Endesa fully complied with all of the processes put in place to correctly apply the Code of Ethics. The following is information on reported facts received from different parties for breaches of the Code of Ethics: Number January-June 2025 January-June 2024 % Chg. Total Reported Facts Received through the Whistleblowing Channel for Potential Breaches 11 13 (15.4) Proven Breaches 2 1 — Related to Corruption and/or Fraud 1(1) — — (1) This is a fraud against the Company related to non-compliance with working hours and the teleworking scheme. 94 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 Litigation Reform Act of 1995 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. 95 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 2. Consolidated Management Report
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CHAPTER 3. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (FOR THE SIX-MONTH PERIOD 30 JUNE 2025)
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Endesa, S.A. and Subsidiaries Consolidated Income Statements for the six-month periods ended 30 June 2025 and 2024 Millions of Euros Notes January-June 2025 (1) January-June 2024 (1) REVENUE 9 10,880 10,416 Revenue from Sales and Services 9.1 10,712 10,244 Other Operating Income 9.2 168 172 PROCUREMENTS AND SERVICES (7 ,057) (6,289) Power Purchases 10.1 (2,691) (2,034) Fuel Consumption 10.2 (990) (965) Transportation Expenses (1,909) (1,756) Other Variable Procurement and Services 10.3 (1,467) (1,534) INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES 11 (11) (690) CONTRIBUTION MARGIN 3,812 3,437 Work Performed by the Group for its Own Assets 120 125 Personnel Expenses 12.1 (484) (498) Other Fixed Operating Expenses 12.2 (740) (688) Other Comprehensive Income 13 3 37 GROSS OPERATING PROFIT 2,711 2,413 Depreciation and Impairment Losses on Non-Financial Assets 14.1 (1,019) (907) Impairment Losses on Financial Assets 14.2 (98) (123) OPERATING PROFIT 1,594 1,383 FINANCE RESULT (199) (251) Financial Income 15.1 19 65 Financial Expense 15.1 (233) (307) Income and Expenses on Derivative Financial Instruments 15.2 7 (2) Net Exchange Differences 15.1 8 (7) Net Profit/Loss of Companies Accounted for using the Equity Method 16 and 24 10 5 PROFIT BEFORE TAX 1,405 1,137 Corporation Tax 17 (345) (339) PROFIT AFTER TAX ON CONTINUING OPERATIONS 1,060 798 PROFIT AFTER TAX ON DISCONTINUED OPERATIONS — — PROFIT FOR THE PERIOD 1,060 798 Attributable to the Parent Company 1,041 800 Attributable to Non-Controlling Interests 19 (2) BASIC EARNINGS PER SHARE FROM CONTINUING OPERATIONS (in Euros) 0.99 0.76 DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS (in Euros) 0.99 0.76 BASIC EARNINGS PER SHARE (in Euros) 0.99 0.76 DILUTED EARNINGS PER SHARE (in Euros) 0.99 0.76 (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 2025 and 2024. 98 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Endesa, S.A. and Subsidiaries Consolidated statements of other comprehensive income for the six-month periods ended 30 June 2025 and 2024 Millions of Euros Notes January-June 2025 (1) January-June 2024 (1) CONSOLIDATED INCOME FOR THE PERIOD 1,060 798 OTHER COMPREHENSIVE INCOME: ITEMS THAT WILL NOT BE RECLASSIFIED TO RESULTS FOR THE PERIOD (5) 20 Revaluation/(Reversal) of PPE and Intangible Assets — — Actuarial Gains and Losses 34.1 (6) 23 Share in Other Results recognised by Investments in Joint Ventures and Associates — — Equity Instruments through Other Comprehensive Income — — Other Income and Expenses that will not be Reclassified to Results for the Period — — Tax Effect 1 (3) ITEMS THAT COULD SUBSEQUENTL Y BE RECLASSIFIED TO PROFIT OR LOSS FOR THE PERIOD 201 269 Hedging Transactions 266 355 Revaluation Gains/(Losses) 160 (74) Amounts Transferred to the Income Statement 106 429 Other Reclassifications — — Exchange Differences — — Revaluation Gains/(Losses) — — Amounts Transferred to the Income Statement — — Other Reclassifications — — Share in Other Results Recognised by Investments in Joint Ventures and Associates 1 3 Revaluation Gains/(Losses) 1 3 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 Income and Expenses that could Subsequently be Reclassified as Income for the Period — — Revaluation Gains/(Losses) — — Amounts Transferred to the Income Statement — — Other Reclassifications — — Tax Effect 17 (66) (89) TOTAL COMPREHENSIVE INCOME 1,256 1,087 Attributable to the Parent Company 1,235 1,089 Attributable to Non-Controlling Interests 21 (2) (1) Unaudited. Notes 1 to 47 as described 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 2025 and 2024. 99 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Endesa, S.A. and Subsidiaries Consolidated statements of financial position at 30 June 2025 and 31 December 2024 Millions of Euros Notes 30 June 2025 (1) 31 December 2024 (2) ASSETS NON-CURRENT ASSETS 29,300 28,232 Property, Plant and Equipment 19 23,832 22,940 Real Estate Investments 4 4 Intangible Assets 21 1,513 1,536 Goodwill 22 587 462 Investments Accounted for using the Equity Method 24 285 287 Non-Current Assets from Contracts with Customers 25.1 — — Other Non-Current Financial Assets 26 852 829 Non-Current Derivative Financial Instruments 398 377 Other Non-Current Assets 27 556 486 Deferred Tax Assets 23 1,273 1,311 CURRENT ASSETS 7,7 07 9,113 Inventory 29 1,512 1,831 Trade and Other Receivables 30 4,596 4,878 Customers for Sales and Services Provided and other Receivables 3,777 4,194 Current Corporation Tax Assets 602 265 Other Tax Assets 217 419 Current Assets from Contracts with Customers 25.1 4 12 Other Current Financial Assets 28 799 974 Current Derivative Financial Instruments 561 541 Cash and Cash Equivalents 31 226 840 Non-Current Assets Classified as Held for Sale and Discontinued Operations 9 37 TOTAL ASSETS 37, 0 07 37 ,345 NET EQUITY AND LIABILITIES NET EQUITY 33 9, 178 9,053 Attributable to the Parent Company 33.1 8,276 8,110 Share Capital 1,271 1,271 Share Premium and Reserves 6,087 5,593 (Treasury Shares) (214) (4) Income for the Period Attributable to the Parent Company 1,041 1,888 Interim Dividend — (529) Other Net Equity Instruments 6 5 Valuation Adjustments 85 (114) Attributable to Non-Controlling Interests 33.2 902 943 NON-CURRENT LIABILITIES 19,220 19,322 Subsidies 248 249 Non-Current Liabilities from Contracts with Customers 25.2 4,411 4,413 Non-Current Provisions 34 2,698 2,758 Provisions for Employee Benefits 233 227 Other Non-Current Provisions 2,465 2,531 Non-Current Financial Debt 38.3 9,773 9,881 Non-Current Derivative Financial Instruments 283 336 Other Non-Current Financial Liabilities 36 64 64 Other Non-Current Liabilities 35 575 574 Deferred Tax Liabilities 23 1,168 1,047 CURRENT LIABILITIES 8,609 8,970 Non-Current Liabilities from Contracts with Customers 25.2 509 487 Current Provisions 34 653 1,035 Provisions for Employee Benefits — — Other Current Provisions 653 1,035 Current Financial Debt 38.3 661 613 Current Derivative Financial Instruments 536 656 Other Non-Current Financial Liabilities 36 76 97 Trade and Other Payables 37 6, 174 6,065 Suppliers and other Creditors 4,621 5,149 Current Corporation Tax Liabilities 961 309 Other Tax Liabilities 592 607 Liabilities Related to Non-Current Assets Classified as Held for Sale and Discontinued Operations — 17 TOTAL NET EQUITY AND LIABILITIES 37, 0 07 37 ,345 (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 at 30 June 2025 and 31 December 2024. 100
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Endesa, S.A. and Subsidiaries Statement of changes in equity for the six-month period ended 30 June 2025 Millions of Euros (Unaudited) Notes Equity Attributable to the Parent Company (Note 33.1) Non-Controlling Interests (Note 33.2) Total Net Equity Capital and Reserves Valuation Adjustments Capital Share Premium, Reserves and Interim Dividend Treasury Shares Results for the Period Other Net Equity Instruments Opening Balance as of 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 Results — (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 Dividends 33.1.4 — (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 Net 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. 101 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Endesa, S.A. and Subsidiaries Statement of changes in equity for the six-month period ended 30 June 2024 Millions of Euros (Unaudited) Notes Equity Attributable to the Parent Company (Note 33.1) Non-Controlling Interests (Note 33.2) Total Net Equity Capital and Reserves Valuation Adjustments Capital Share Premium, Reserves and Interim Dividend Treasury Shares Results for the Period Other Net Equity Instruments Opening Balance as of 1 January 2024 1,271 5,259 (4) 742 5 (256) 187 7 ,204 Adjustments due to Changes in Accounting Criteria — — — — — — — — Adjustments for Errors — — — — — — — — Adjusted Opening Balance 1,271 5,259 (4) 742 5 (256) 187 7 ,204 Total Results — 20 — 800 — 269 (2) 1,087 Operations with Partners or Owners — (529) — — — — (15) (544) Capital Increases/(Reductions) — — — — — — (1) (1) Conversion of Liabilities to Equity — — — — — — — — Distribution of Dividends 33.1.4 — (529) — — — — (14) (543) Transactions Involving (Net) Treasury Shares — — — — — — — — Increases/(Reductions) due to Business Combinations — — — — — — — — Other Operations with Partners or Owners — — — — — — — — Other Changes in Net Equity — 742 — (742) 1 — — 1 Equity-Settled Share-Based Payments — — — — 1 — — 1 Transfers between Equity Line Items — 742 — (742) — — — — Other Changes — — — — — — — — Closing Balance on 30 June 2024 1,271 5,492 (4) 800 6 13 170 7,74 8 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 2024. 102 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Endesa, S.A. and Subsidiaries Consolidated statements of cash flows for the six-month periods ended 30 June 2025 and 2024 Millions of Euros Notes January-June 2025 (1) January-June 2024 (1) Gross Profit/Loss Before T ax 1,405 1,137 Adjustments in Profit/Loss: 1,566 1,571 Depreciation of Fixed Assets and Impairment Losses 14 1,11 7 1,030 Other Adjustments in (Net) Profit/Loss 449 541 Changes in Working Capital: 41.1 (280) (1,023) Trade and Other Receivables 861 903 Inventory (432) (293) Current Financial Assets 111 (118) Trade Payables and Other Current Liabilities (820) (1,515) Other Cash Flows from Operating Activities: 41.1 (335) (493) Interest Received 20 57 Dividends Received 3 3 Interest Paid (195) (288) Corporation Tax Paid (58) (124) Other Collections and Payments from Operating Activities (105) (141) NET CASH FLOWS FROM OPERATING ACTIVITIES 41 2,356 1,192 Payments for Investments 41.2 (2,148) (1,120) Acquisitions of Property, Plant, and Equipment and Intangible Assets (897) (914) Investments in Group Companies 7 (949) — Acquisitions of other Investments (302) (206) Proceeds from Divestments 41.2 90 428 Disposal of Property, Plant, and Equipment and Intangible Assets 18 6 Disposal of Interests in Group Companies 12 — Disposal of other Investments 60 422 Other Cash Flows from Investment Activities 41.2 61 70 Other Collections and Payments from Investment Activities 61 70 NET CASH FLOWS FROM INVESTING ACTIVITIES 41 (1,997) (622) Cash Flows from Equity Instruments 24, 33.2 and 41.3 (193) (10) Proceeds from Non-Current Financial Debt 38.3 9 18 Repayments of Non-Current Financial Debt 38.3 (17) (35) Net Cash Flow from Current Maturity of Financial Debts 38.3 and 41.3 (183) (156) Dividends Paid by the Parent 33.1.4 and 41.3 (529) (529) Dividends Paid to Non-Controlling Interests 41.3 (60) (6) NET CASH FLOWS FROM FINANCING ACTIVITIES 41 (973) (718) TOTAL NET CASH FLOWS (614) (148) Exchange Rate Variation on Cash and Cash Equivalents — — CHANGES IN CASH AND CASH EQUIVALENTS (614) (148) INITIAL CASH AND CASH EQUIVALENTS 31 840 2,106 Cash in Hand and at Banks 78 1,281 Other Cash Equivalents 762 825 FINAL CASH AND CASH EQUIVALENTS 31 226 1,958 Cash in Hand and at Banks 186 758 Other Cash Equivalents 40 1,200 (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 2025 and 2024. 103 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report 3. Interim Condensed Consolidated Financial Statements
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Consolidated Income Statements for the six-month periods ended 30 June 2025 and 2024 98 Consolidated statements of other comprehensive income for the six-month periods ended 30 June 2025 and 2024 99 Consolidated statements of financial position at 30 June 2025 and 31 December 2024 100 Statement of changes in equity for the six-month period ended 30 June 2025 101 Statement of changes in equity for the six-month period ended 30 June 2024 102 Consolidated statements of cash flows for the six-month periods ended 30 June 2025 and 2024 103 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 CONTENTS
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CONDENSED EXPLANATORY NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025 108 1. Business and Interim Condensed Consolidated Financial Statements 109 2. Basis of preparation of the interim condensed consolidated financial statements 110 3. Responsibility for the information and estimates 113 4. Further information 114 4.1. Climate Change 114 4.2. Geopolitical situation 118 4.3. Interruption of the energy supply in the Iberian Peninsula 119 5. Sector regulation 120 6. Changes in the Consolidation Scope 129 6.1. Subsidiaries 129 6.2. Associates 130 6.3. Joint Arrangements 131 7 . Business Combination 133 8. Segment information 136 8.1. Basis of segmentation 136 8.2. Segment information 137 8.3. Information by geographical areas 142 9. Revenue 143 9.1. Revenue from sales and services 143 9.2. Other operating income 144 10. Procurements and services 145 10.1. Power purchases 145 10.2. Fuel consumption 145 10.3. Other variable procurements and services 146 11. Income and expenses from energy commodity derivatives 147 12. Fixed operating expenses 148 12.1. Personnel expenses 148 12.2. Other fixed operating expenses 148 13. Other results 149 14. Depreciation and impairment losses 150 14.1. Depreciation, amortisation and impairment losses on non-financial assets 150 14.2. Impairment losses on financial assets 150 15. Finance Result 151 15.1. Financial result without derivative financial instruments 151 15.2. Financial income and expenses from derivative financial instruments 152 16. Net result of companies accounted for using the equity method 153 17 . Corporation Income T ax 154 18. Basic and diluted earnings per share 155 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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19. Property, plant and equipment 156 19.1. Main investments and divestments 158 19.2. Acquisition commitments 159 19.3. Other information 159 20. Right-of-use assets 161 20.1. Right-of-use assets as a lessee 162 20.2. Right-of-use assets as a lessor 162 21. Intangible assets 163 21.1. Main investments and divestments 164 21.2. Acquisition commitments 165 21.3. Other information 165 22. Goodwill 166 22.1. Other information 166 23. Deferred tax assets and liabilities 167 24. Investments accounted for using the equity method 168 25. Assets and liabilities from contracts with customers 170 25.1. Non-current and current assets from contracts with customers 170 25.2. Non-current and current liabilities from contracts with customers 171 26. Other non-current financial assets 172 26.1. Loans and other receivables 172 26.2. Equity instruments 173 27 . Other non-current assets 174 28. Other current financial assets 175 29. Inventories 176 29.1. Carbon dioxide (CO2) emission allowances 176 29.2. Guarantees of origin and other environmental certificates 176 29.3. Acquisition commitments 176 29.4. Other information 177 30. Trade and other receivables 178 30.1. Other information 179 31. Cash and cash equivalents 180 32. Non-current assets held for sale and from discontinued operations 180 33. Equity 181 33.1. Net Equity: of the Parent Company 181 33.2. Net equity: Attributable to Non-controlling Interests 184 34. Provisions 185 34.1. Provisions for pensions and other similar obligations 185 34.2. Provisions for workforce restructuring plans 189 34.3. Other provisions 190 35. Other non-current liabilities 191 36. Other non-current and current financial liabilities 191 37 . Trade creditors and other accounts payable 192 38. Financial instruments 193 38.1. Classification of non-current and current financial asset instruments 194 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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38.2. Classification of non-current and current financial liability instruments 195 38.3. Financial debt 195 38.4. Other matters 197 39. General risk control and management policy 200 39.1. Interest rate, exchange rate, and energy commodity price risks 200 39.2. Liquidity risk 201 39.3. Credit risk 201 39.4. Concentration risk 201 40. Fair value measurement 202 40.1. Fair value measurement of financial asset classes 202 40.2. Fair value measurement of financial liability classes 203 40.3. Other matters 204 41. Statement of cash flows 206 41.1. Net cash flows from operating activities 206 41.2. Net cash flows from investing activities 208 41.3. Net cash flows from financing activities 209 42. Balances and related-party transactions 210 42.1. Expenditure and income, and other transactions 211 42.2. Associates, joint ventures, and joint operating entities 215 42.3. Remuneration and other benefits of Directors and Senior Management 216 42.4. Other Disclosures concerning the Board of Directors. 217 42.5. Share-based payment schemes tied to the Endesa, S.A. share price 217 43. Purchase commitments and guarantees issued to third parties and other commitments 219 44. Workforce 220 44.1. Final workforce 220 44.2. Average workforce 221 45. Contingent assets and liabilities 222 46. Events after the reporting period 227 47 . Explanation added for translation to English 227 APPENDIX I: Relevant companies and shareholdings of Endesa 228 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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ENDESA, S.A. AND SUBSIDIARIES CONDENSED EXPLANATORY NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025 3. INTERIM CONDENSED CONSOLIDATED FINANCIAL ST AMENTS
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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 tax offices, 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 . Since that date, there have been no changes to its company name. 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 2024 were approved by the General Shareholders’ Meeting on 29 April 2025 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 2025 and 31 December 2024, 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., 70.7% and 70.1% of the share capital of Endesa, S.A., respectively. For mercantile purposes, the percentage of Endesa, S.A.’s share capital that the Enel Group holds through Enel Iberia, S.L.U. remains at 70.1% as of 30 June 2025 (see Note 33.1). The Enel Group’s consolidated financial statements for the year ended 31 December 2024 were approved by the General Shareholders’ Meeting held on 22 May 2025 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. 109 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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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 2025, which were approved by the Directors of the Parent at the Board of Directors’ meeting held on 28 July 2025, 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 reflect a true and fair presentation of Endesa’s equity and financial position at 30 June 2025, 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 2025 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 2024, 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 2025. 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 2025 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: 110 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 2025 Standards, Amendments to Standards, and Interpretations Mandatory Application: Effective for periods beginning Amendments to IAS 21: 'Lack of Convertibility' 1 January 2025 The application of these amendments has not had a significant impact on the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2025. b) Standards and interpretations approved by the European Union (EU) that will be applied for the first time in 2026 Standards, Amendments to Standards, and Interpretations Mandatory Application: Effective for periods beginning on or after Amendments to IFRS 9 and IFRS 7: 'Amendments to Classification and Measurement of Financial Instruments' 1 January 2026 Amendments to IFRS 9 and IFRS 7: 'Nature-Dependent Electricity Contracts' 1 January 2026 Annual Volume 11 Amendments (1) 1 January 2026 (1) Adjustments to IFRS 1 'First-time Adoption of International Financial Reporting Standards', IFRS 7 'Financial Instruments: Disclosures', IFRS 9 'Financial Instruments', IFRS 10 'Consolidated Financial Statements', and IAS 7 'Statement of Cash Flows.' As of the approval date of these Interim Condensed Consolidated Financial Statements, Endesa’s Management is assessing the impact of their application, although it is not expected to be significant on the Consolidated Financial Statements. 111 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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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 Interpretations Mandatory Application: (1) Effective for periods beginning on or after IFRS 19 'Subsidiaries without Public Accountability: Disclosures' 1 January 2027 IFRS 18 'Presentation and Disclosure in Financial Statements' 1 January 2027 (1) If adopted unchanged by the European Union. As of the approval date of these Interim Condensed Consolidated Financial Statements, Endesa’s Mana- gement 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. 112 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 2025, 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 2025 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 2024. In preparing the accompanying Interim Condensed Consolidated Financial Statements, Endesa’s Manage- ment 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 2024. 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 2025. 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 2025 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. 113 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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4. Further information 4.1. Climate Change Endesa promotes a business model aimed at addressing the key challenges facing the society in which it operates, with the aim of leading the Energy Transition in line with the United Nations Sustainable Development Goals (SDGs) and the objectives of the Paris Agreement to achieve the decarbonisation target of the economy. Endesa collaborates in achieving the goal of limiting the average global temperature increase to 1.5 °C compared to pre-industrial levels, creating shared value for all its stakeholders and designing its strategy to address the challenges of the Energy Transition. The Energy Sector in Europe is currently facing significant challenges in developing an Energy System capable of meeting three major goals: affordability, security, and Sustainability. Within the European Union (EU), progress has continued in the development and implementation of a cohesive regulatory framework designed to achieve these objectives. This framework is built around two main pillars: the ‘REPowerEU’ plan and the ‘Fit for 55’ package of measures. By incorporating these complementary regulations into the legal frameworks of Member States, the aim is to strike a balance between the development of clean energy sources and the modernisation of transmission and distribution grids, reduce prices and volatility in energy markets, and ultimately, support economic recovery and reindustrialisation across Europe. To continue advancing in this line, the European Commission has recently proposed a revision of the European Union’s (EU) climate legislation, which includes a new target of reducing net greenhouse gas (GHG) emissions by 90% by 2040, compared to 1990 levels. The proposal recognises the key role of electricity in the Energy Transition and the necessary investments in electricity grids to absorb the increase in demand and facilitate the integration of renewable energy. These guiding principles have their equivalent in the national plans which, in the case of Spain, have been embodied in the 2023-2030 National Energy and Climate Plan (NECP) presented by the Spanish Government on 24th September 2024, which has updated the initial 2021-2030 Plan. This update includes an investment forecast of €308,000 million, 82% of which must be carried out by the private sector. Essentially, this new 2023-2030 National Energy and Climate Plan (NECP) is notable for its emphasis and increased ambition on the electrification of the economy (which will account for 17% of this investment, ten percentage points more than in the previous 2021-2030 NECP), rapid expansion in new solar, wind, and storage capacity, and a strong commitment to an electricity grid with greater capacity and coverage. Endesa is committed to leading the Energy Transition and seizing all the opportunities it presents. Therefore, the 2025-2027 Strategic Plan has taken into account the key metrics and objectives outlined in the updated NECP . For the 2025-2027 period, the three strategic pillars set out in the previous Plan are reaffirmed, aiming to optimise the Company’s risk-return profile to maximise value creation for all stakeholders. 114 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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This 2025-2027 Strategic Plan is tailored to the new energy landscape and emphasises more selective and efficient capital allocation. Given all the above, gross investments projected in this Plan for the 2025-2027 period foresee an overall increase of 8% compared to the previous plan, estimated at €9,600 million gross. Accordingly, distribution networks and renewable generation, two pillars of clean electrification, continue to be key growth drivers. The information on Climate Change, which illustrates Endesa’s impact in terms of Climate Change-related Material Impacts, Risks, and Opportunities (IROs) related to Climate Change (ESRS E1) is outlined in Section 25.2 of the Consolidated Management Report for the year ended 31 December 2024. Note 5.1 to the Consolidated Financial Statements for the annual period ended 31 December 2024 provides details on Climate Change in accordance with recommendations by 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 are detailed in the following Notes to Endesa’s Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2025: Aspects Notes Content Regulatory Framework 5 • Spain: Strategic framework for energy and climate. • Europe: European regulations on energy, the environment, and sustainable finance. Investments and Acquisition Commitments. Impairment of Non-Financial Assets 19 and 21 • Investment plan and commitments for acquiring assets related to renewable generation, infrastructure for grid development, and investments in mobility, urban, electronic industries, and home automation business development. Provisions 34.2 and 34.3 • Obligations related to the Energy Transition process, including those concerning affected employees and estimated decommissioning costs of facilities. Financing 4.1.2 and 38.3 • Financial debt with terms that comply with the alignment of economic activities under the EU Taxonomy Regulation. Long-term Financial Power Purchase Agreements 40.3 • Key features of long-term financial Power Purchase Agreements (PPAs). Share-Based Payments 42.5 • Variable compensation linked to Sustainability objectives. Market Mechanisms Related to Environmental Objectives 4.1.3, 10.3, 29 and 34.3 • Description and accounting treatment of carbon dioxide (CO 2) emission allowances, energy savings certificates, and guarantees of origin. • Recognition of costs and associated provision. Networks • Investments commensurate with an adequate return • Continuous improvements in network resilience, efficiency and operational • Hamessing digitalisation and innovation to enable the energy transition Generation • T argeted allocation of capital to increase flexibility and resilience • "Partnership model" to maximise risk-return profile • Maintaining the option to build or buy • Searching for PPAs linked to our generation assets Customers • Focused on improving custiomer value through combined offers • Optimisation of customer relationship management channels and acquisitions OUR STRATEGIC PILLARS 1 Cost-effectiveness flexibility and resilience 2 Efficiency and effectiveness 3 Financial and environmental sustainability 115 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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4.1.1. Accounting estimates and judgements related to the risks and implications of Climate Change and the Energy Transition In preparing the accompanying Interim Condensed Consolidated Financial Statements, Endesa’s Management made accounting estimates and judgements to measure certain assets, liabilities, income, expenses and commitments included therein related to the effects of Climate Change and the Energy Transition. The accounting estimates and judgements necessary for the preparation of these Interim Condensed Consolidated Financial Statements were essentially of the same nature as those described in Note 5.1.1 to the Consolidated Financial Statements for the year ended 31 December 2024. No modifications have been 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 2025. 4.1.2. Financing related to economic activities under the European T axonomy Regulation Following the adoption of the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change by the United Nations (UN), the European Commission published its ‘Financing Sustainable Growth’ Action Plan, one of its objectives being to redirect capital flows towards sustainable investments. Endesa expects that more than 80% of the investment planned for the 2025-2027 period will be aligned with the European Union (EU) Taxonomy. At 30 June 2025, the gross financial debt containing terms that comply with the alignment of economic activities under the EU Taxonomy Regulation amounts to €3,189 million (31% of total gross financial debt) (see Notes 38.3 and 38.4). Furthermore, the Company has arranged financial operations totalling €6,015 million (58% of the gross financial debt) which include clauses linked to Sustainability objectives that have not been taken into account in the previous calculation. 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 2024. 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 2025 and 2024, is as follows: 116 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euros Notes January-June 2025 January-June 2024 Cost of Carbon Dioxide (CO2) Emission Allowances 384 339 Consumption of Energy with Guarantees of Origin and other Environmental Certificates 14 73 TOTAL 10.3 398 412 The breakdown of carbon dioxide (CO 2) emission allowances, guarantees of origin, and other environmental certificates used by Endesa in its environmental compliance obligations are as follows: Notes January-June 2025 January-June 2024 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 9,426 25,429 10,974 19,233 Self-Produced — 5,307 — 4,923 Procurement 4,412 4,264 1,878 4,494 Sales — — — — Redemption 29.1 and 29.2 (9,867) (27 ,970) (11,555) (26,229) Closing Balance 3,971 7, 0 3 0 1,297 2,421 Provision to cover the cost of market mechanisms related to environmental objectives At 30 June 2025 and at 31 December 2024, the details and movements of provisions to cover the cost of carbon dioxide (CO2) emission allowances, guarantees of origin, and other environmental certificates related to obligations for their delivery to the competent authorities are as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Non-Current Current Non-Current Current Provisions for Carbon Dioxide (CO2) Emission Allowances — 376 — 716 Provisions for Guarantees of Origin and other Environmental Certificates — 41 — 58 TOTAL 34.3 — 417 — 774 Millions of Euros Balance as of 31 December 2024 Allocations Redemption Transfers and other Balance at 30 June 2025 Provisions for Carbon Dioxide (CO2) Emission Allowances 716 384 (724) — 376 Provisions for Guarantees of Origin and other Environmental Certificates 58 14 (30) (1) 41 TOTAL 774 398 (754) (1) 417 117 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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4.2. Geopolitical situation International conflicts The long duration of the active armed conflicts in Europe and the Middle East, as well as the political change with the new Presidency in the United States, has intensified the ‘geopolitical risk’ , leading to the emergence of scenarios characterised by greater uncertainty and a complex web of interdependencies between the different risk vectors for the purpose of their quantitative modelling. During the first half of 2025, this geopolitical reordering has manifested itself, among other aspects, in dynamics of trade protectionism, such as the imposition of tariff barriers, and an increase in the volatility of financial markets. In this context, Endesa constantly monitors the status and evolution of the current situation in order to manage the potential risks as well as the changes in the macroeconomic, financial, and commercial variables of the current environment, as well as the regulatory measures in force, in order to update the estimate of the possible impacts on the Consolidated Financial Statements in compliance with the recommendations of the European Securities and Markets Authority (ESMA). This analysis can be found in the following Notes to Endesa’s Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2025: Aspects Notes Content Regulatory Framework 5 • 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 Assets 19.3, 21.3, and 22.1 • Monitoring of the current context. Inventories 29.3 • Effect of the economic context on commodity prices and on contracts with 'take or pay' clauses. Financial Instruments 38.1 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 Debt 38.3 • Details of financial debt. Price Risk of Energy Commodities 11 and 39.1 • Sensitivity analysis. Evolution of electricity and gas prices in the energy and other commodity markets. Liquidity Risk 38.4.1 and 39.2 • Detail of liquidity position. Credit Risk 39.3 • Analysis of impairment of financial assets. Concentration Risk 39.4 • Analysis of potential delays in supplies and contract fulfilment at the supply chain level. Fair Value Measurement 40 • Details of financial assets and liabilities valued at fair value. To that end, in the first half of 2025 and 2024, the effects arising from the current context have not significantly impacted the Gross Operating Profit or Operating Profit. 118 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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4.3. Interruption of the energy supply in the Iberian Peninsula At around 12:33 on 28 April 2025, a serious incident occurred in the Spanish electricity system, resulting in what is known as a ‘zero’ and causing an interruption of the power supply to the entire Iberian Peninsula and a limited area in the south of France. The power cut affected the various areas of the peninsular national territory and Portugal with different 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. As a consequence of 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’s conclusions determined a multifactorial origin of the incident, resulting, among others, from defects in the operation of the System or the failure of some generating plants to comply with obligations. Other affected entities in the sector, such as Red Eléctrica de España, S.A. (REE), in its capacity as ‘System Operator’ , or the Association of Electric Energy Companies (AELEC), 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 National Commission for Markets and Competition (CNMC), the European Commission, or the European Network of Transmission System Operators for Electricity (ENTSO-E), to name just a few authorities, have opened their own investigations into the origin of the incident, which are still ongoing. Therefore, it is not currently possible to establish in a clear, objective, and conclusive manner the causes that led to the incident of 28 April 2025, although, based on the proprietary or public information available and the results of the investigations carried out by Endesa, it can be affirmed that all the evidence shows that, in no case, could the interruption of the supply have originated in generation or distribution facilities owned by companies of the Endesa Group. Up to the date of approval of these Interim Condensed Consolidated Financial Statements, the Endesa Group companies have not received any relevant third-party claims, and consequently, no accounting provision has been recorded in this regard. 119 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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5. Sector regulation From a regulatory perspective, the main developments for the period January-June 2025 are as follows: Regulatory framework in Spain Royal Decree-Law 7 /2025, of 24 June, on strengthening the Electricity System On 25 June 2025, Royal Decree-Law 7 /2025 of 24 June, approving urgent measures to strengthen the electricity system, was published in the Official State Gazette (BOE). This is a package of measures resulting from the work of the Committee created to analyse the circumstances that occurred on 28 April 2025 when an electricity blackout occurred in the peninsular Electricity System, and its objective is to strengthen the resilience, flexibility, and security of the Electricity System. Among the measures adopted are the following: • The System Operator must submit proposals for regulatory modifications on responses to power oscillations, on the rate of change of voltages, on the programming of technical restrictions, and on other technical elements that contribute to strengthening the security of the System, a new operating procedure to coordinate the development plans of the transmission and distribution network, and a proposal for minimum monitoring requirements for incident analysis. In addition, it is assigned the function of a single access point to end-customer data. • Urgent actions will be approved to reinforce the resilience of the electricity transmission network, focusing on voltage control and stability, which will be integrated into the 2021-2026 Development Plan. Likewise, reviews of the transmission planning are established every 3 years and specific modifications every 2 years. • The National Commission for Markets and Competition (CNMC) must prepare a report every 3 months on compliance with voltage control obligations by agents, as well as an inspection plan on the restoration capacity to be updated every 3 years. • It is established that the owners of generation and storage facilities that share evacuation infrastructures will assume joint and several liability before the Electricity System and will formalise agreements for the distribution of responsibilities. In the absence of these, a proportional distribution will be applied according to the access capacity. • The Ministry for the Ecological Transition and the Demographic Challenge (MITECO) may authorise capacity mechanisms in situations of lack of demand coverage. Likewise, administrative simplifications are introduced for the authorisation of the installation of temporary emergency production and storage for reasons of security of supply. • Measures are also introduced to speed up the processing of renewable projects. In addition, the repowering of facilities is encouraged, reducing administrative deadlines by half, provided that the resulting power is less than 125% of the original. • Exceptionally for 2025, the minimum operating hours and the operating threshold for renewable facilities with regulated remuneration are reduced by 25%, due to the effect of the excess of hours with zero or negative prices. 120 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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• Various measures are established to promote storage, including its declaration of public utility and the streamlining of administrative deadlines. New flexibility tools are also incorporated, including the figure of the independent aggregator, which will combine multiple consumptions and the electricity generated by consumers, producers, or storage facilities for sale or purchase in the electricity markets and the provision of services to the System. • It allows combining different self-consumption modalities in certain cases, increases the maximum distance between generation and consumption to 5 kilometres for installations under 5 MW, and creates the figure of the self-consumption manager, who can act as a representative of the participants. • The expiry of access permits is extended to all demand installations from 1 kV, with automatic rules and terms of 5 or 3 years depending on the voltage. • The maximum deadlines that distributors must meet to execute new connections and network extensions, including those carried out by installers on behalf of the applicant, are reinforced, with specific response and verification times. • The connections of charging points for electric vehicles are exempt from authorisation as long as an environmental impact assessment or a declaration of public utility is not necessary. • The destination of the surplus of the extra cost related to the production of electricity in the Non- Peninsular Territories (TNP) charged to the General State Budgets for the years 2017 , 2018, and 2020 to the year 2025 is enabled. • The 80% reduction in tolls for electro-intensive consumers is extended until 31 December 2025. The entry into force of this Royal Decree Law was 25 June 2025. However, the Plenary of the Congress, in session held on 22 July 2025, has finally rejected the validation of this Royal Decree Law 7 /2025, of 24 June 2025, which has therefore been repealed and is no longer in force. Extension for 2025 of certain measures adopted in the context of the crisis resulting from the Russia-Ukraine conflict On 24 December 2024, the Official State Gazette (BOE) published Royal Decree-Law 9/2024, dated 23 December, which adopts urgent measures concerning economic, tax, transport, and Social Security matters, and extends certain measures to address situations of social vulnerability previously adopted by Royal Decree-Law 8/2023, dated 27 December, and Royal Decree-Law 4/2024, dated 26 June. However, the Plenary session of Congress held on 22 January 2025 finally rejected the approval of this Royal Decree-Law 9/2024, dated 23 December, which has therefore been repealed and is no longer in force. Meanwhile, on 28 January 2025, the Council of Ministers approved Royal Decree-Law 1/2025, dated 28 January. This RDL sanctions urgent measures in economic, transport, and Social Security matters, as well as addresses situations of vulnerability. This includes some of the measures from the repealed Royal Decree-Law 9/2024, dated 23 December, specifically maintaining the following measures in the field of social protection for the Energy Sector: • The prohibition on cutting off basic electricity, water, and gas supplies to vulnerable consumers in the event of non-payment is extended until 31 December 2025. • The incremental discounts on the Social Bonus for vulnerable consumers are extended until 30 June 2025, modifying the decreasing trajectory of these discounts, with the final discounts being 35% for vulnerable consumers and 50% for severely vulnerable consumers from 1 July 2025. 121 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Circular 1/2025 on the methodology for access tariffs to the grids On 5 February 2025, Circular 1/2025, dated 28 January, was published by the National Commission of Markets and Competition (CNMC), amending Circular 3/2020, dated 15 January, regarding the methodology for calculating access tolls to electricity transmission and distribution grids. Remuneration from electricity distribution On 3 March 2025, the Resolution dated 17 February 2025 from the National Commission on Markets and Competition (CNMC) was published in the Official State Gazette (BOE), establishing the remuneration for companies owning electricity distribution facilities for the year 2021. Likewise, in April 2025, the National Commission on Markets and Competition (CNMC) has opened to public consultation the proposed resolution establishing the remuneration of the companies owning electricity distribution facilities for the year 2022. Meanwhile, in February 2025, the Ministry for Ecological Transition and Demographic Challenge (MITECO) initiated the consultation of a draft Royal Decree establishing measures for the protection of birdlife against collision and electrocution on high- voltage power lines. These measures also involve the prevention of mortality in wind turbines, which would repeal Royal Decree 1432/2008, of 29 August, establishing measures for the protection of birdlife against collision and electrocution on high-voltage power lines. Finally, in relation to the next regulatory period 2026- 2031, in July 2025 the National Commission of Markets and Competition (CNMC) has initiated the hearing process for 2 proposals: • Modification of Circular 2/2019, of 12 November, which establishes the methodology for calculating the financial remuneration rate of, among others, the electricity transmission and distribution activities, proposing for these a value of 6.46%, and • Modification of Circular 6/2019, of 5 December, which establishes the methodology for calculating the remuneration for the electricity distribution activity. The new methodology submitted for consultation involves a transition towards a model that considers investment and operation and maintenance costs together (‘TOTEX’ model), and introduces a mechanism that links part of the remuneration to the evolution of the power billed, with the intended purpose of avoiding overinvestment and guaranteeing the financial viability of the System’s costs. Likewise, certain remuneration concepts are simplified and the current incentives for reducing losses and quality are reformulated. Resolution establishing the final amounts of the costs of the electricity generation activity in the Non-Peninsular Territories (NPT) for the year 2020 On 6 March 2025, the Resolution of 21 February 2025, from the Directorate General for Energy Policy and Mines, was published in the Official State Gazette (BOE). This Resolution approves the final amount of the generation costs for installations with additional remuneration regime owned by Endesa for the 2020 fiscal year. 122 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Vulnerable consumers On 28 December 2024, Order TED/1487 /2024 of 26 December was published in the Official State Gazette (BOE), establishing the charges for the Electricity System, in which the unit values to be paid by those obliged to finance the Social Bonus are updated for the year 2025. Meanwhile, on 24 January 2025, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) initiated a public consultation to update the National Strategy against Energy Poverty for the 2025- 2030 period. Energy Efficiency On 04 March 2025, Order TED/197 /2025 of 26 February was published, establishing the mandatory contributions to the National Energy Efficiency Fund for the year 2025. Endesa is expected to contribute a financial amount equivalent to €132 million to the fund, with at least 15% covered through financial contributions. The remainder of its obligation can be met by presenting ESC. Auctions for high-efficiency cogeneration facilities In February 2025, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) launched a consultation on a proposed Royal Decree and Ministerial Order for granting a specific remuneration regime to high-efficiency cogeneration installations through an auction mechanism for a power volume of 1,200 MW. Public consultation prior to the development of the Social Climate Plan On 24 February 2025, the Ministry for Ecological Transition and Demographic Challenge (MITECO) launched a preliminary public consultation on the Social Climate Plan. This Plan complies with European regulations that extend the European emissions trading scheme to certain diffuse sectors starting from 2027 . The budget for this Plan comes from the Social Climate Fund created by the European Union (EU). This Plan must include necessary measures and investments in order to reduce carbon dioxide (CO 2) emissions in the road transport and building sectors. Furthermore, it must also involve lowering costs for consumers and vulnerable microenterprises through temporary direct income support for vulnerable households and transport users. Draft Bill on transparency and integrity in the activities of interest groups On 28 January 2025, the Council of Ministers approved this Bill, which begins its parliamentary process. It defines the stakeholders and regulates the future registration of these groups, which will be public. Among other aspects, it also includes the obligation to incorporate the regulatory footprint report of any regulatory drafting process, which will contain the activities carried out by interest groups to influence regulatory projects. 123 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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2025 Electricity T ariff On 16 December 2024, the CNMC published the Resolution of 4 December in the BOE, establishing values of the access tolls to the electricity transmission and distribution grids for 2025, which represent an average reduction of 4.0% with respect to the values in force on 1 January 2024. For its part, on 28 December 2024, Order TED/1487 /2024 of 26 December was published, setting out the prices of charges in the Electricity System, establishing various regulated costs of the Electricity System for the 2025 fiscal year and approving the distribution of the amounts to be financed in relation to the Social Bonus subsidised rate for 2025. This Order provides for an increase in charges from 1 January 2025 of 33%. Natural gas tariff for 2025 On 30 December 2024, the Resolution of 26 December 2024 of the Directorate General for Energy Policy and Mining was published, publishing the Last Resort Tariff (Tarifa de Último Recurso - TUR) for natural gas to be applied from 1 January 2025, with an approximate increase of 8.6%, 10.1% and 11.1%, respectively, for the Last Resort Tariff 1 (TUR1), the Last Resort Tariff 2 (TUR2) and the Last Resort Tariff 3 (TUR3). Additionally, TURs applicable to Property Owners associations, which were introduced with Royal Decree-Law 18/2022 of 18 October, will see an increase of approximately 8.6% to 16.7%. On 31 March 2025, the Resolution dated 26 March 2025 from the Directorate General for Energy Policy and Mines was published, announcing the Last Resort Tariff (TUR) for natural gas effective from 1 April 2025, which decreases by 17 .7%, 20.5%, and 22.5%, respectively, for Last Resort Tariff 1 (TUR1), Last Resort Tariff 2 (TUR2), and Last Resort Tariff 3 (TUR3). The Last Resort Tariffs (TUR) applicable to Homeowners’ Associations decrease between 17 .7% and 32.8%. Likewise, on 30 June 2025, the Resolution dated 26 June 2025 from the Directorate General for Energy Policy and Mines was published, announcing the Last Resort Tariff (TUR) for natural gas effective from 1 April 2025, which decreases by 3.8%, 4.6%, and 5.1%, respectively, for Last Resort Tariff 1 (TUR1), Last Resort Tariff 2 (TUR2), and Last Resort Tariff 3 (TUR3). The Last Resort Tariffs (TUR) applicable to Homeowners’ Associations decrease between 3.8% and 8.3%. Carbon footprint registration, offsetting, and carbon dioxide (CO2) absorption projects On 12 April 2025, Royal Decree 214/2025 of 18 March was published in the Official State Gazette (BOE), creating the carbon footprint, offsetting and carbon dioxide (CO2) absorption projects register and establishing the obligation to calculate the carbon footprint and to prepare and publish greenhouse gas (GHG) emission reduction plans. This Royal Decree creates the carbon footprint, compensation, and carbon dioxide (CO 2) absorption projects registry that will record the efforts of Spanish organisations in calculating and reducing the carbon emissions generated by their activity. It also establishes an obligation for all companies and institutions included in this regulation to calculate their carbon footprint, create a greenhouse gas (GHG) emission reduction plan, and publish it. 124 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Update of the values of the remuneration for the operation of certain electricity production facilities with a specific remuneration regime On 11 April 2025 and 9 July 2025, the Resolution of 8 April 2025 and the Resolution of 3 July 2025, of the State Secretariat for Energy, were published in the Official State Gazette (BOE), updating the values of the remuneration for operation corresponding to the second and third quarter of 2025, respectively, of the standard electricity generation facilities whose operating costs depend essentially on the price of fuel. Draft Law on the protection and resilience of critical entities In May 2025, the public hearing of the Draft Bill on the protection and resilience of critical entities was initiated. The objective is to identify and define the critical entities of the national territory, excluding the banking and financial sectors, and to establish the necessary measures to guarantee the provision of essential services in risk situations, adopting technical, organisational, and security measures. Likewise, it is proposed to carry out a risk assessment and develop specific resilience plans, in addition to implementing a supervision and sanctioning regime. Among the proposed critical entities is the Energy Sector, and specifically, electricity companies, including production, distribution and transmission network, supply, and market operator companies. Detailed specifications on the firm access capacity of demand to the grids On 18 June 2025, the Official State Gazette published the Resolution of 8 June 2025, of the National Commission for Markets and Competition (CNMC), which establishes the detailed specifications for determining the firm access capacity of demand to the electricity distribution networks. This resolution defines the technical criteria and the methodology for assessing access capacity, as well as grid design and architecture criteria, with the aim of ensuring a safe and reliable electricity supply. Modification of the electricity transmission grid development plan On 8 July 2025, the Council of Ministers approved a series of specific modifications to the 2021-2026 Development Plan for the electricity transmission grid, incorporating a series of specific actions aimed at incorporating additional tools into the grids to facilitate voltage control, stability in the event of fluctuations and, in general, the reinforcement of the electricity system, both on the Spanish mainland and in the Canary Islands and Balearic Islands. 125 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Proposal of Order on energy-intensive enterprises in the industrial sector In July 2025, the Ministry for Ecological Transition and the Demographic Challenge (“MITECO”) has initiated the public hearing of a proposal for an Order defining the so-called ‘large energy consumption company in the Industrial Sector’ for the purposes of accounting for final energy savings in the National System of Energy Efficiency Obligations, regulated in Law 18/2014, of 15 October, which will have to accredit an average annual energy consumption of at least 1 GWh during the previous 3 years and a quotient between annual final energy consumption and annual gross added value equal to or greater than 1 kWh/€ during at least 1 of the previous 2 years. It also establishes the conditions for these companies to monetise their energy savings within the Energy Saving Certificates System (“CAE”). Subsidies for strategic decarbonisation projects on the electricity transmission grid On 4 July 2025, Royal Decree 534/2025 of 24 June was published in the Official State Gazette (BOE), regulating the direct granting of subsidies from the funds of the Recovery, Transformation and Resilience Plan for investments in the electricity transmission grid for strategic decarbonisation projects. This Royal Decree contemplates a budget of 931 million euros to strengthen energy infrastructures, promote the use of green hydrogen and facilitate the integration of renewable energies, as well as the promotion of energy storage. Eligible actions must be included in the electricity grid planning for the 2026 horizon and be commissioned between 1 January 2024 and 31 August 2026. This Royal Decree also includes additional reporting obligations for distribution companies that have applied for subsidies under Royal Decree 1125/2021, of 21 December, for digitalisation investment projects in 2021, 2022 and 2023, also extending this framework to 2025, using funds left over from previous years. Proposal of plan for the implementation of smart meters in the natural gas network During the month of July 2025, the Ministry for Ecological Transition and the Demographic Challenge (“MITECO”) initiated the public hearing of a proposed Order approving the plan for the implementation of smart meters in the natural gas network. This proposal aims at the progressive implementation until 2035 of smart meters in natural gas supply points with annual consumption of 50,000 kWh or less, excluding liquefied gas supplies. Among other aspects, it modifies the consumption thresholds that make it compulsory for industrial and commercial consumers to have remote metering equipment, details the minimum technical specifications that smart meters and remote metering equipment must meet, and also regulates consumer access to their consumption data, the possibility of acquiring the meter in property and the installation procedure, including communication obligations on the part of distributors. 126 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Regulatory framework in Europe Communication on ‘A Competitiveness Compass for the EU’ On 19 January 2025, following the Draghi and Letta report, the European Commission published the Communication ‘Una Brújula para la Competitividad de la Unión Europea (UE)’ , (COM/2025/30 ‘A Competitiveness Compass for the EU’). This Communication outlines the European strategy to enhance the competitiveness of the European Union (EU) and guide the work of the European Commission over the next 5 years. The Communication identifies three main areas of action: • Closing the innovation gap. • A joint roadmap for decarbonisation and competitiveness. • Reducing excessive dependencies and increasing security. From this Communication, various actions will be adopted to implement the proposed measures. Communication on ‘The Clean Industrial Deal’ On 26 February 2025, the European Commission published the Communication ‘Un Pacto Industrial Limpio’ to support the competitiveness and decarbonisation of the European Union (EU) (COM/2025/85 final, ‘The Clean Industrial Deal: A Joint Roadmap for Competitiveness and Decarbonisation’). This is a Plan that outlines the European Union’s (EU) industrial policy aimed at accelerating decarbonisation and ensuring the future of the manufacturing industry in Europe. This Communication includes an activity plan to support the competitiveness and resilience of energy-intensive industries (steel, cement, aluminium, automobiles, or chemicals) to ensure investment in clean technologies, guaranteeing competitiveness without distorting the market. It considers key points such as the reduction of energy costs, stimulating the demand for clean products, financing the transition to clean energy, material circularity, global action, and ensuring a skilled workforce. Communication on ‘Action Plan for Affordable Energy Unlocking the True Value of our Energy Union to Secure Affordable, Efficient and Clean Energy for all Europeans’ As of 26 February 2025, the European Commission has published the Communication “‘Action Plan for Affordable Energy Unlocking the True Value of our Energy Union to Secure Affordable, Efficient and Clean Energy for all Europeans’ (COM/2025/79 final) as a key element of the so-called ‘Pacto Industrial Limpio’ ‘Clean Industrial Deal’ , aiming to reduce energy costs, which it considers one of the major challenges to the competitiveness of European industry. In relation to this objective, it is recommended to address the following topics: grid costs, reducing the electricity tax rate, supporting long-term contracts that decouple electricity prices from high and volatile gas prices, speeding up timelines for granting grids permits, and ensuring competition in the gas market. 127 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Communication on ‘Roadmap Towards Ending Russian Energy Imports’ On 6 May 2025, the European Commission published the Communication ‘Roadmap Towards Ending Russian Energy Imports’ (COM/2025/440) with the aim of gradually phasing out the remaining imports of Russian energy into the European Union (EU). The Roadmap is part of the strategy to boost the competitiveness and resilience of the European Union (EU) and accelerate the transition to clean energy. Member States will draw up national plans by the end of 2025 defining their contribution to the phasing out of Russian gas, nuclear energy and oil imports. At the same time, work will continue to accelerate the European Union’s Energy Transition and diversify energy supplies in order to eliminate risks to security of supply and market stability. State aid framework of the Clean Industrial Deal (CISAF) On 25 June 2025, the European Commission approved a new state aid framework known as CISAF (‘Clean Industrial Deal State Aid Framework Communication C (2025) 7600 Final’), in support of the Clean Industrial Deal. This framework allows Member States to grant aid to promote clean energy, industrial decarbonisation, and clean technologies, while respecting European Union (EU) rules. The CISAF (‘Clean Industrial Deal State Aid Framework Communication C (2025) 7600 Final’) facilitates the rapid approval of individual aid and will be in force until 31 December 2030, replacing the previous Temporary Crisis and Transition Framework. The framework simplifies the rules on state aid in 5 key areas: • Renewable energy and low-carbon fuels. • Temporary reduction of electricity prices for large consumers. • Decarbonisation of existing industrial facilities. • Boosting the manufacturing of clean technologies in the European Union (EU). • Reducing the risk of green investments and the circular economy. 128 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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6. Changes in the Consolidation Scope Agreement for the sale of a minority stake On 24 March 2025 Endesa, through its wholly-owned subsidiary Enel Green Power España, S.L.U., signed an agreement with Masdar (Abu Dhabi Future Energy Company PJSC) for the sale of a 49.99% minority stake in the share capital of EGPE Solar 2, S.L.U., the owner at that date of four solar PV facilities in operation by Endesa in Spain, with a total installed capacity of approximately 446 MW. The agreed price for the purchase by Masdar (Abu Dhabi Future Energy Company PJSC) of the 49.99% stake in EGPE Solar 2, S.L.U. is Euro 184 million, subject to the customary adjustments in this type of transaction. The transaction will enable Endesa to maintain control and, therefore, full consolidation of EGPE Solar 2, S.L.U., with no impact on Endesa’s financial results. The transaction is expected to close during the second half of 2025, subject to the conditions precedent customary in this type of transaction, including foreign investment in Spain. 6.1. Subsidiaries Additions In the six-month period ended 30 June 2025, the following Subsidiaries were incorporated into the scope of consolidation: Company Transaction Date Activity Addition of companies January-June 2025 Shareholding on 30 June 2025 (%) Shareholding on 31 December 2024 (%) Control Economic Control Economic E-Generación Hidráulica, S.L.U. (1) Acquisition 26 February 2025 Hydro 100.00 100.00 — — Proyecto REN 01, S.L.U. Incorporation 12 March 2025 Photovoltaic 100.00 100.00 — — Proyecto REN 02, S.L.U. Incorporation 12 March 2025 Photovoltaic 100.00 100.00 — — Proyecto REN 03, S.L.U. Incorporation 12 March 2025 Photovoltaic 100.00 100.00 — — Proyecto REN 04, S.L.U. Incorporation 12 March 2025 Photovoltaic 100.00 100.00 — — Proyecto REN 05, S.L.U. Incorporation 12 March 2025 Photovoltaic 100.00 100.00 — — Proyecto REN 06, S.L.U. Incorporation 12 March 2025 Photovoltaic 100.00 100.00 — — (1) See Note 7 . 129 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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In the six-month period ended 30 June 2024, no Subsidiary was incorporated into the scope of consolidation. Variations and exclusions In the six-month periods ended 30 June 2025 and 2024, there were no changes in the control and economic percentages or the exclusion of any Subsidiary from the scope of consolidation. 6.2. Associates Additions In the six-month periods ended 30 June 2025 and 2024, no Associates were incorporated into the scope of consolidation. Variations In the six-month period ended 30 June 2025, there have been no changes in the control and economic percentages of the Associates in the scope of consolidation. In the six-month period ended 30 June 2024, there were changes in the control and economic percentages of the following Associates in the scope of consolidation: Companies Notes Transaction Activity Variations in Companies January–June 2025 Variations in companies January–June 2024 Shareholding on 30 June 2025 (%) Shareholding on 31 December 2024 (%) Shareholding on 30 June 2024 (%) Shareholding on 31 December 2023 (%) Control Economic Control Economic Control Economic Control Economic Energías Limpias de Carmona, S.L. (1) 24 Acquisition Photovoltaic 23.08 23.08 23.08 23.08 23.08 23.08 18.75 18.75 Evacuación Carmona 400- 220 KV Renovables, S.L. (1) 24 Acquisition Photovoltaic 10.36 10.36 10.36 10.36 10.36 10.36 9.39 9.39 (1) Companies directly or indirectly owned by Enel Green Power España, S.L.U. The scale of these companies and transactions is not significant. 130 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Exclusions In the six-month periods ended 30 June 2025 and 2024, no Associates were incorporated into the scope of consolidation. 6.3. Joint Arrangements 6.3.1. Joint Operations Additions, variations, and exclusions In the six-month periods ended 30 June 2025 and 2024, there were no additions, variations in the ownership and financial control percentages, or exclusions of any Joint Operation Entity from the scope of consolidation. 6.3.2. Joint Ventures Additions In the six-month period ended 30 June 2025, the following Joint Venture was incorporated into the scope of consolidation: Company Notes Transaction Activity Incorporation of Joint Ventures January-June 2025 Shareholding on 30 June 2025 (%) Shareholding on 31 December 2024 (%) Control Economic Control Economic Rosi Energy Iberia, S.L. (1) 24 Acquisition Services 20.00 20.00 — — (1) The scale of this company and transaction is not significant. In the six-month period ended 30 June 2024, no Associates were incorporated into the scope of consolidation. 131 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Variations In the six-month periods ended 30 June 2025 and 2024, there have been no changes in the control and economic percentages of the Associates in the scope of consolidation. Exclusions In the six-month period ended 30 June 2025, no Associates were excluded from the scope of consolidation: Company Notes Transaction Activity Exclusion of Joint Ventures January-June 2025 Shareholding on 30 June 2025 (%) Shareholding on 31 December 2024 (%) Control Economic Control Economic Energie Electrique de Tahaddart, S.A. (1) 24 Sale Electricity Generation — — 32.00 32.00 Novolitio Recuperación de Baterías, S.L. (2) 24 Sale 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 is 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. In the six-month period ended 30 June 2024, no Joint Venture has been excluded from the scope of consolidation. 132 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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7 . Business Combination Acquisition of Corporación Acciona Hidráulica S.L.U. On 26 February 2025, Endesa Generación, S.A.U. acquired 100% of the share capital of the company Corporación Acciona Hidráulica, S.L.U. (‘CAH ’) from Corporación Acciona Energías Renovables. On the same date, the Company changed its name to E-Generación Hidráulica, S.L.U. E-Generación Hidráulica, S.L.U. owns a portfolio of 34 hydropower plants located in north-eastern Spain with a total installed capacity of 626 MW, most of which are modular and which generated approximately 1.3 TWh in 2023. With the completion of the transaction, Endesa has achieved an installed hydro capacity of more than 5.3 GW in Spain, with a total capacity from renewable sources in Spain and Portugal of 10.7 GW. This transaction is strategically significant as it is aligned with Endesa’s commitment to expanding its renewable energy portfolio, as well as the company’s efforts towards Sustainability and the Energy Transition. By incorporating these hydroelectric assets, the sources of electricity generation are diversified, and the Company’s vertically integrated business is strengthened. Endesa has recorded this transaction using the acquisition method, as it considers that the operation has economic substance and constitutes a business as defined by IFRS 3 ‘Business Combinations’. The total price for the acquisition of 100% of E-Generación Hidráulica, S.L.U. amounted to €961 million, with €2 million pending disbursement subject to the fulfilment of certain contractual stipulations. The calculation of the net cash outflow resulting from the acquisition of 100% of the company E-Generación Hidráulica, S.L.U., is as follows: Millions of Euros Cash and Cash Equivalents of the Acquired Entity (10) Net Amount Paid in Cash (1) 959 TOTAL (2) 949 (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 E-Generación Hidráulica, S.L.U. into Endesa’s Consolidated Financial Statements, the purchase price has been finally allocated based on the fair value of the assets acquired and liabilities assumed (Net Assets Acquired) of said Company on the acquisition date, to the following items of the Consolidated Financial Statements: 133 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Millions of Euros Fair Value NON-CURRENT ASSETS 972 Property, Plant and Equipment (1) 972 CURRENT ASSETS 27 Trade and Other Receivables 17 Cash and Cash Equivalents 10 TOTAL ASSETS 999 NON-CURRENT LIABILITIES 127 Non-Current Provisions 2 Deferred Tax Liabilities 125 CURRENT LIABILITIES 36 Trade and Other Payables 36 TOTAL LIABILITIES 163 Fair Value of Net Assets Acquired (b) 836 Total Acquisition Price (a) 961 Goodwill (a) - (b) 125 (1) The main revalued assets belong to the Property, Plant and Equipment category and correspond to the estimated fair value of the hydropower generation assets of the acquired hydropower plants. 134 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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The fair value of the acquired non-financial assets has been determined based on their best and highest use, which does not differ from their current use. The fair value of the hydroelectric generation assets of E-Generación Hidráulica, S.L.U. has been measured based on the ‘Income Approach’ , specifically the ‘Discounted Cash Flow Approach’ , which is based on the cash flows that the company expects to obtain from the asset, as this is the most appropriate method for valuing hydroelectric generation assets given their nature. The fair value has been determined by discounting the expected future free cash flows to present value, determining a business value for each asset acquired. The assumptions considered in the valuation approach for the hydroelectric generation assets of E-Generación Hidráulica, S.L.U. determine their classification in Level 3 of the fair value hierarchy set out in Note 3.2q of the Notes to the Consolidated Annual Accounts for the year ended 31 December 2024. The difference between the cost of the business combination and the fair value of the assets and liabilities recognised above has resulted in the recognition of definitive goodwill amounting to EUR 125 million. This goodwill will be recovered through the synergies obtained in the business combination itself and are based on aspects such as the optimisation of Endesa’s position in the day-ahead and intraday markets due to the integration of the supply of the acquired hydropower generation assets into the rest of Endesa’s generation portfolio and the greater coverage of the Company’s commercialisation activity with the consequent reduction of the risk associated with a decrease in the short position. The contribution of E-Generación Hidráulica, S.L.U., to Endesa’s revenue and post-tax result is as follows: Millions of Euros 26 February 2025 – 30 June 2025 (1) January-June 2025 (2) Revenue 32 55 Profit/(Loss) After Tax — 2 (1) Since the acquisition date. (2) If the acquisition had occurred on 1 January 2025. 135 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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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 Commercialisation; • 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 2025 and 2024 fiscal years, none of Endesa’s external customers in any of its segments represented 10% or more of its revenues. 136 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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8.2. Segment information 8.2.1. Segment information: Consolidated Income Statement and Investments for the periods January–June 2025 and 2024 Millions of Euros January-June 2025 Generation and Commercialisation Distribution Structure and Services Consolidated Adjustments and Eliminations Total REVENUE 9,654 1,305 193 (272) 10,880 Revenue with 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) Amortisation (602) (391) (20) — (1,013) Provision for Impairment of Non-Financial Assets (7) — — — (7) Reversal of Impairment of Non-Financial Assets 1 — — — 1 Impairment Losses on Financial Assets (98) — — — (98) Provision for 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 Method 9 1 — — 10 PROPERTY , PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (1) 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). 137 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Millions of Euros January-June 2024 Generation and Commercialisation Distribution Structure and Services Consolidated Adjustments and Eliminations Total REVENUE 9,230 1,267 198 (279) 10,416 Revenue with Third Parties 9,219 1,194 3 — 10,416 Revenue from Transactions between Segments 11 73 195 (279) — PROCUREMENT AND SERVICES (6,084) (73) (203) 71 (6,289) INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES (690) — — — (690) CONTRIBUTION MARGIN 2,456 1,194 (5) (208) 3,437 FIXED OPERATING COSTS AND OTHER PROFIT AND LOSS (803) (239) (190) 208 (1,024) GROSS OPERATING PROFIT 1,653 955 (195) — 2,413 Depreciation and Impairment Losses on Non-Financial Assets (531) (356) (20) — (907) Amortisation (529) (364) (20) — (913) Provision for Impairment of Non-Financial Assets (3) — — — (3) Reversal of Impairment of Non-Financial Assets 1 8 — — 9 Impairment Losses on Financial Assets (128) 5 — — (123) Provision for Impairment of Financial Assets (185) (21) — — (206) Reversal of Impairment of Financial Assets 57 26 — — 83 OPERATING PROFIT 994 604 (215) — 1,383 Net Profit/Loss of Companies Accounted for using the Equity Method 5 — — — 5 PROPERTY , PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (1) 508 408 8 — 924 (1) Includes additions of €29 million in Rights of Use (€19 million in Generation and Commercialisation, €5 million in Distribution and €5 million in Structure and Services) (see Note 20). 138 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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8.2.2. Segment information: Statement of Financial Position at 30 June 2025 and 31 December 2024 Millions of Euros 30 June 2025 Generation and Commercialisation Distribution Structure and Services Consolidation Adjustments and Eliminations Total Property, plant and equipment (1) 10,944 12,757 131 — 23,832 Intangible Assets 1,294 198 21 — 1,513 Goodwill 486 97 4 — 587 Investments Accounted for using the Equity Method 269 13 3 — 285 Non-Current Assets from Contracts with Customers — — — — — Trade and other Receivables 3,055 1,027 103 (408) 3,777 Current Assets from Contracts with Customers — 4 — — 4 Others (2) 1,396 666 10 — 2,072 SEGMENT ASSETS 17 ,444 14,762 272 (408) 32,070 TOTAL ASSETS 37, 0 07 Non-Current Liabilities from Contracts with Customers 28 4,383 — — 4,411 Non-Current Provisions 2,085 363 250 — 2,698 Provisions for Employee Benefits 106 107 20 — 233 Other Non-Current Provisions 1,979 256 230 — 2,465 Non-Current Liabilities from Contracts with Customers 18 491 — — 509 Current Provisions 579 39 35 — 653 Provisions for Employee Benefits — — — — — Other Current Provisions 579 39 35 — 653 Suppliers and other Creditors 2,615 1,393 1,021 (408) 4,621 Others (3) 145 668 10 — 823 SEGMENT LIABILITIES 5,470 7, 337 1,316 (408) 13,715 TOTAL LIABILITIES 37, 0 07 (1) Includes Rights of Use amounting to €793 million (€708 million in Generation and Commercialisation, €27 million in Distribution and €58 million in Structure and Services) (see Note 20). (2) Includes Real Estate Investments amounting to €4 million (€2 million in Distribution and €2 million in Structure and Services), Inventories amounting to €1,512 million (€1,328 million in Generation and Commercialisation and €184 million in Distribution) (see Note 29), and Other Non-Current Assets amounting to €556 million (€69 million in Generation and Commercialisation, €480 million in Distribution and €8 million in Structure and Services) (see Note 27). (3) Includes Subsidies amounting to €248 million (€62 million in Generation and Commercialisation and €186 million in Distribution) and Other Non-Current Liabilities amounting to €575 million (€83 million in Generation and Commercialisation, €482 million in Distribution and €10 million in Structure and Services) (see Note 35). 139 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Millions of Euros 31 December 2024 Generation and Commercialisation Distribution Structure and Services Consolidation Adjustments and Eliminations Total Property, Plant and Equipment (1) 10,069 12,731 140 — 22,940 Intangible Assets 1,298 208 30 — 1,536 Goodwill 361 97 4 — 462 Investments Accounted for using the Equity Method 272 12 3 — 287 Non-Current Assets from Contracts with Customers — — — — — Trade and other Receivables 3,470 853 439 (568) 4,194 Current Assets from Contracts with Customers — 12 — — 12 Others (2) 1,725 583 13 — 2,321 SEGMENT ASSETS 17, 19 5 14,496 629 (568) 31,752 TOTAL ASSETS 37 ,345 Non-Current Liabilities from Contracts with Customers 34 4,379 — — 4,413 Non-Current Provisions 2,119 372 267 — 2,758 Provisions for Employee Benefits 104 104 19 — 227 Other Non-Current Provisions 2,015 268 248 — 2,531 Non-Current Liabilities from Contracts with Customers 17 470 — — 487 Current Provisions 944 54 37 — 1,035 Provisions for Employee Benefits — — — — — Other Current Provisions 944 54 37 — 1,035 Suppliers and other Creditors 3,479 1,460 778 (568) 5,149 Others (3) 142 673 8 — 823 SEGMENT LIABILITIES 6,735 7 ,408 1,090 (568) 14,665 TOTAL LIABILITIES 37 ,345 (1) Includes Rights of Use amounting to €712 million (€621 million in Generation and Commercialisation, €29 million in Distribution and €62 million in Structure and Services) (see Note 20). (2) Includes Real Estate Investments amounting to €4 million (€2 million in Distribution and €2 million in Structure and Services), Inventories amounting to €1,831 million (€1,659 million in Generation and Commercialisation and €172 million in Distribution) (see Note 29), and Other Non-Current Assets amounting to €486 million (€66 million in Generation and Commercialisation, €409 million in Distribution and €11 million in Structure and Services) (see Note 27). (3) Includes Subsidies amounting to €249 million (€55 million in Generation and Commercialisation and €194 million in Distribution) and Other Non-Current Liabilities amounting to €574 million (€87 million in Generation and Commercialisation, €479 million in Distribution and €8 million in Structure and Services) (see Note 35). 140 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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At 30 June 2025 and 31 December 2024, 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 Notes 30 June 2025 31 December 2024 TOTAL ASSETS 37, 0 07 37 ,345 Other Non-Current Financial Assets 26 852 829 Non-Current Derivative Financial Instruments 398 377 Deferred Tax Assets 23 1,273 1,311 Current Corporation Tax Assets 30 602 265 Other Tax Assets 30 217 419 Other Current Financial Assets 26 799 974 Current Derivative Financial Instruments 561 541 Cash and Cash Equivalents 31 226 840 Non-Current Assets Classified as Held for Sale and Discontinued Operations 32 9 37 SEGMENT ASSETS 32,070 31,752 TOTAL LIABILITIES 37, 0 07 37 ,345 Equity 33 9, 178 9,053 Non-Current Financial Debt 38.3 9,773 9,881 Non-Current Derivative Financial Instruments 283 336 Other Non-Current Financial Liabilities 36 64 64 Deferred Tax Liabilities 23 1,168 1,047 Current Financial Debt 38.3 661 613 Current Derivative Financial Instruments 536 656 Other Non-Current Financial Liabilities 36 76 97 Current Corporation Tax Liabilities 37 961 309 Other Tax Liabilities 37 592 607 Liabilities Related to Non-Current Assets Classified as Held for Sale and Discontinued Operations 32 — 17 SEGMENT LIABILITIES 13,715 14,665 8.2.3. Segment information: Consolidated Statements of Cash Flows for the January–June 2025 and 2024 Periods Millions of Euros Statement of Cash Flows January-June 2025 Generation and Commercialisation Distribution Structure, 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. 141 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Millions of Euros Statement of Cash Flows January-June 2024 Generation and Commercialisation Distribution Structure, Services, and Others (1) Total Net Cash Flows from Operating Activities 1,215 323 (346) 1,192 Net Cash Flows from Investing Activities 522 (494) (650) (622) Net Cash Flows from Financing Activities (1,788) 171 899 (718) (1) Structure, Services and Adjustments. 8.3. Information by geographical areas 8.3.1. Information by geographical areas: Revenue from Sales and Services to External Customers and Other Operating Income from External Customers, by geographical area for the January-June 2025 and 2024 periods Millions of Euros Country January-June 2025 Revenue from Sales and Services Other 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 Millions of Euros Country January-June 2024 Revenue from Sales and Services Other Operating Income Revenue Spain 8,733 148 8,881 France 423 14 437 Portugal 625 — 625 Germany 203 — 203 United Kingdom 85 — 85 Luxembourg 66 — 66 The Netherlands 65 — 65 Italy 3 9 12 Switzerland 1 — 1 Others 40 1 41 TOTAL 10,244 172 10,416 142 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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9. Revenue The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 Revenue from Sales and Services 9.1 10,712 10,244 Other Operating Income 9.2 168 172 TOTAL 8.2 and 8.3 10,880 10,416 9.1. Revenue from sales and services The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros January-June 2025 January-June 2024 Electricity Sales 7 ,392 7, 12 3 Sales on the Deregulated Market 5,142 5,027 Sales to the Spanish Deregulated Market 4,369 4,305 Sales to Customers in Deregulated Markets outside Spain 773 722 Sales at Regulated Prices 779 579 Wholesale Market Sales 686 609 Compensation for Non-Peninsular Territories (NPT) 765 934 Return on Investment in Renewable Energies 20 (26) Gas sales 1,760 1,580 Sales on the Deregulated Market 1,649 1,483 Sales at Regulated Prices 111 97 Regulated Revenue from Electricity Distribution 1,041 1,004 Inspections and Connections 17 17 Services Provided at Facilities 29 14 Other Sales and Services 469 501 Sales related to Value Added Services 167 190 Proceeds due to Capacity 4 4 Sales of other Energy Commodities 163 170 Provision of Services and Others 135 137 Lease Revenue 4 5 TOTAL 10,712 10,244 143 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Revenue from ordinary activities on contracts with customers recognised in this heading in the first six months of 2025 amounted to Euro 10,708 million (Euro 10,230 million in the first six months of 2024). 9.2. Other operating income The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 Facilities transferred from customers and Rights for extension connections and other liabilities from contracts with customers recognised in profit/loss 25.2 99 93 Subsidies Assigned to Profit/Loss 34 36 Guarantees of Origin and other Environmental Certificates 6 15 Other Allocations to profit/(loss) from Subsidies (1) 28 21 Third-Party Compensation 13 10 Others (2) 22 33 TOTAL 168 172 (1) In the first half of 2025, this includes €10 million for capital subsidies and €18 million for operating subsidies (€7 million and €14 million, respectively, in the first half of 2024). (2) The first half of 2025 includes a provision update of €9 million for dismantling, mainly related to the coal-fired power plants (€12 million in the first half of 2024). Revenue from ordinary activities on contracts with customers recognised in this heading in the first six months of 2025 amounted to Euro 101 million (Euro 98 million in the first six months of 2024). 144 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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10. Procurements and services 10.1. Power purchases The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros January-June 2025 January-June 2024 Electricity 1,691 1,207 Energy Commodities 1,000 827 TOTAL 2,691 2,034 10.2. Fuel consumption The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros January-June 2025 January-June 2024 Energy Commodities Coal 6 6 Nuclear Fuel 56 50 Fuel 502 630 Gas 426 279 TOTAL 990 965 145 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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10.3. Other variable procurements and services The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 Taxes and Levies 590 674 Temporary Energy Levy — (1) 202 Tax on Electricity Production (2) 199 101 Fee for Radioactive Waste Treatment 128 100 Public Thoroughfare Occupancy Fee / Lighting 100 95 Nuclear Charges and Taxes 56 49 Catalonia Environmental Tax 70 71 Water Tax 31 19 Other Taxes and Levies 6 37 'Bono Social' (social bonus) 5 47 22 Consumption of Carbon Dioxide (CO2) Emission Allowances 384 339 Consumption of Energy with Guarantees of Origin and other Environmental Certificates 14 73 Costs related to Value Added Services 84 96 Purchases of other Energy Commodities 154 153 Energy Efficiency Cost 57 49 Others 137 128 TOTAL 1,467 1,534 (1) The agreement to repeal the Royal Decree-Law 10/2024, of 23 December, which established a temporary energy levy for the year 2025, was published in the Official State Gazette (BOE) on 23 January 2025, by the Resolution of 22 January 2025 from the Congress of Deputies. Consequently, the said Royal Decree-Law has become void. In accordance with the foregoing, no expense associated with the temporary energy levy has been recognised in the period January-June 2025. (2) In accordance with Royal Decree Law 8/2023 of 27 December, a reduced rate of 3.50% was applied in the period January-March 2024, 5.25% in the period April-June 2024 and 7 .00% from 30 June 2024, the latter being the rate in force throughout the period January-June 2025. 146 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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11. Income and expenses from energy commodity derivatives The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros January-June 2025 January-June 2024 Revenue Revenue from Derivatives Designated as Hedging Instruments (64) 424 Revenue from cash flow hedging derivatives (1) (64) 424 Revenue from Derivatives at Fair Value with Changes in Profit/(Loss) 829 375 Revenue from Fair Value Derivatives Recognised in the Income Statement 829 375 Total Revenue 765 799 Expenses Expenses from Derivatives Designated as Hedging Instruments (98) (832) Expenses from Cash Flow Hedging Derivatives (1) (98) (832) Expenses from Derivatives at Fair Value through Profit and Loss (678) (657) Expenses from Fair Value Derivatives Recognised in the Income Statement (678) (657) Total Expenses (776) (1,489) TOTAL (11) (690) (1) At 30 June 2025, this includes a negative impact of €61 million on the Consolidated Income Statement due to ineffectiveness (positive €40 million at 30 June 2024). 147 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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12. Fixed operating expenses 12.1. Personnel expenses The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 Wages and Salaries 357 360 Contributions to Pension Schemes 34.1 28 21 Provisions for Workforce Restructuring Plans 34.2 (7) 5 Provisions for Redundancy Proceedings — — Provisions for Contract Suspensions (7) 5 Other Personnel Expenses/Employee Benefits Expenses 106 112 TOTAL 484 498 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 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 Repairs and Maintenance 191 175 Insurance Premiums 36 34 Freelance Professional Services and Outsourced Services 46 42 Leases and Levies 13 13 Taxes and Levies 92 92 Travel Expenses 5 5 Support Services for Systems and Applications 64 74 Sanctioning Proceedings 13 10 Management or Collaboration Contracts 42.1 40 29 Services Related to the Electricity and Gas Business 56 48 Others 184 166 TOTAL 740 688 148 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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13. Other results The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 Disposals of fixed assets 3 37 Land adjoining the former headquarters of Gas y Electricidad Generación, S.A.U. (Palma de Mallorca) 1 (1) — Concession of Fibre Optic Usage Rights — 37 (2) Others (3) 2 — TOTAL 3 37 (1) See Note 32. (2) Includes the reversal of provisions for contingencies arising from transactions carried out in previous years by Endesa Ingeniería, S.L.U. amounting to €37 million (€28 million, net of tax effect). (3) Relates to capital gross gains generated by the sale of land and real estate. 149 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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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 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 DEPRECIATION 8.2.1 1,013 913 Provision for the Depreciation of Property, Plant, and Equipment 19 822 753 Provision for Amortisation of Intangible Assets 21 191 160 IMPAIRMENT LOSSES ON NON-FINANCIAL ASSETS 8.2.1 6 (6) Provision for Impairment Losses 7 3 Provision for Impairment Losses on Property, Plant and Equipment, and Investment Properties 19 1 — Provision for Impairment Losses on Intangible Assets (1) 21 6 3 Reversal of Impairment Losses (1) (9) Reversal of Impairment Losses on Property, Plant, and Equipment and Investment Property19 (1) (9) (2) TOTAL 1,019 907 (1) Related to the impairment provision for several wind farm and photovoltaic plant projects owned by Enel Green Power España, S.L.U. and its renewable energy subsidiaries. (2) Included the reversal of impairment losses on the property where the former headquarters of Gas and Electricity Generation, S.A.U. was located, along with its adjacent lands in Palma de Mallorca, amounting to €8 million. 14.2. Impairment losses on financial assets The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 Provision for Impairment Losses 8.2.1 and 39.3 229 206 Provision for Impairment Losses on Receivables from Contracts with Customers 30.1 229 201 Provision for Impairment Losses on other Financial Assets — 5 Reversal of Impairment Losses 8.2.1 and 39.3 (131) (83) Reversal of Impairment Losses on Receivables from Contracts with Customers 30.1 (131) (83) TOTAL 98 123 150 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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15. Finance Result 15.1. Financial result without derivative financial instruments The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 Financial Income 19 65 Revenue from Financial Assets at Amortised Cost (1) 6 35 Revenue from Financial Assets and Liabilities at Fair Value with Changes to Profit/Loss (2) — 6 Revenue from Workforce Restructuring Plans 34.2 2 8 Other Financial Income (3) 11 16 Financial Expenses (233) (307) Expenses for Financial Liabilities at Amortised Cost (4) (182) (246) Expenses from Financial Assets and Liabilities at Fair Value with Changes to Profit/Loss (2) (5) (8) Expenses from Post-Employment Commitments 34.1 (3) (3) Expenses from Workforce Restructuring Plans 34.2 (9) (11) Expenses from Other Provisions (21) (24) Capitalised Borrowing Costs 8 7 Expenses from Impairment Losses on other Financial Assets — (1) Profit/Loss on Disposal of Financial Assets (12) (17) Other Financial Expenses (3) (9) (4) Exchange Differences 8 (7) Positive 28 21 Negative (20) (28) TOTAL (206) (249) (1) Includes income corresponding to the formalisation of deposits held by Endesa. (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 2025 and 2024 periods, this includes interest on late payments of €3 million negative and €7 million positive, as a consequence of the declaration of unconstitutionality of certain amendments introduced by Royal Decree-Law 3/2016, of 2 December, to Law 27 /2014, of 27 November, on Corporation Income Tax, according to Constitutional Court Ruling 11/2024, of 18 January. (4) In the January-June 2025 and 2024 periods, this includes interest expenses on financial debt associated with rights of use amounting to €21 million in both periods (see Note 20). 151 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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15.2. Financial income and expenses from derivative financial instruments The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros January-June 2025 January-June 2024 Income Income from Derivatives Designated as Hedging Instruments 15 24 Income from Cash Flow Hedging Derivatives 7 16 Income from Fair Value Hedging Derivatives (1) 8 8 Income from Derivatives at Fair Value with Changes in Profit/(Loss) — 10 Income from Derivatives at Fair Value with Changes in Profit/(Loss) — 10 Total Income 15 34 Expenses Expenses from Derivatives Designated as Hedging Instruments (8) (26) Expenses from Cash Flow Hedging Derivatives (3) (1) Expenses from Fair Value Hedging Derivatives (1) (5) (25) Expenses from Derivatives at Fair Value through Profit and Loss — (10) Expenses from Derivatives at Fair Value through Profit and Loss — (10) Total Expenses (8) (36) TOTAL 7 (2) (1) On 30 June 2025 this includes changes in fair value of hedging instruments whose underlying assets are financial liabilities at a fair value of €7 million net positive (€2 million net positive on 30 June 2024). 152 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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16. Net result of companies accounted for using the equity method The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 Associates 24 3 (1) Compañía Eólica Tierras Altas, S.A. 1 1 Endesa X Way, S.L. (2) (3) Other 4 1 Joint Ventures 24 7 6 Tejo Energia - Produção e Distribuição de Energia Eléctrica, S.A. 2 — Nuclenor, S.A. — 1 Énergie Électrique de Tahaddart, S.A. — 1 Others 5 4 TOTAL 10 5 153 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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17 . Corporation Income T ax The breakdown of this Consolidated Income Statement heading for the first six months of 2025 and 2024 is as follows: Millions of Euros Notes January-June 2025 January-June 2024 Current Year Tax 369 424 Deferred Year Tax 23 (30) (78) Prior Years' Back Taxes 6 (8) Tax Provisions for Corporation IncomeTax — 1 TOTAL 345 339 (1) (1) Includes the lower cost of Corporation Tax amounting to EUR 7 million as a consequence of certain amendments introduced by Royal Decree Law 3/2016 of 2 December, to Law 27 /2014 of 27 November, on Corporate Income Tax, being declared unconstitutional according to Constitutional Court Judgement 11/2024 of 18 January. International T ax Reform: Model Rules for Pillar Two The legislation ‘Pillar 2 - Global Anti-Base Erosion Model (GloBE Rules)’ , which are intended to ensure that large multinational companies pay a minimum level of income tax within a certain period in every jurisdiction in which they operate, has been implemented or substantially implemented in the jurisdictions where Endesa operates. In general, these rules establish a system of additional taxes (‘Complementary Taxes’) that raise the total amount of tax payable for excessive profits in a jurisdiction to a maximum rate of 15%. It also establishes a temporary regime that regulates the non- mandatory nature of the complementary tax in the tax periods beginning from 31 December 2023 until 31 December 2026 which presents country information for each applicable country, jurisdiction and period. This country-by-country report is submitted by Enel, S.p.A. (Italian company that heads the Enel Group) to the Italian Government and, in accordance with the same, Endesa satisfies the safe port requirements for the simplified rate in the jurisdictions where it operates. 154 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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18. Basic and diluted earnings per share In the first six months of 2025 and 2024, 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 2025 January-June 2024 Number of Ordinary Shares for the Fiscal Year 1,058,752,117 (1) 1,058,752,117 (2) Number of Shares of the Parent Company Owned by Endesa, S.A. 33.1.3 8,242,045 (1) 235,413 (2) Weighted Average Number of Ordinary Shares in Circulation 1,056,030,458 1,058,378,212 (1) On 30 June 2025. (2) On 30 June 2024. The basic and diluted earnings per share for the first six months of 2025 and 2024 are as follows: Millions of Euros Basic and Diluted Earnings per Share January-June 2025 January-June 2024 Profit/Loss After Tax on Continuing Operations 1,060 798 Profit/Loss After Tax on Discontinued Operations — — Results for the Period 1,060 798 Attributable to the Parent Company 1,041 800 Attributable to Non-Controlling Interests 19 (2) Weighted Average Number of Ordinary Shares in Circulation 1,056,030,458 1,058,378,212 Net Basic Earnings per Share (in Euros) 0.99 0.76 Net Diluted Earnings per Share (in Euros) 0.99 0.76 Net Basic Earnings per Share from Continuing Operations (in Euros) 0.99 0.76 Net Diluted Earnings per Share from Continuing Operations (in Euros) 0.99 0.76 Net Basic Earnings per Share from Discontinued Operations (in Euros) — — Net Diluted Earnings per Share from Discontinued Operations (in Euros) — — 155 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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19. Property, plant and equipment At 30 June 2025, 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 Buildings Electricity Generation Facilities Hydroelectric Power Plants Coal/Fuel Power Plants Nuclear Power Plants Cost 434 1,838 3,589 9,332 10,998 Cumulative Depreciation (63) (521) (2,723) (6,821) (8,775) Impairment Losses (17) (40) (2) (2,196) — Balance as of 31 December 2024 354 1,277 864 315 2,223 Incorporation/(Reduction) of Companies (Note 7) — — 972 — — Investments (Note 19.1) 39 4 — — 19 Allocations (7) (36) (38) (35) (177) Depreciation (Note 14.1) (7) (34) (38) (36) (177) Impairment Losses (Note 14.1) — (2) — 1 — Disposals — — — — — Transfers and other (2) (1) 9 51 17 59 Total Variations 31 (23) 985 (18) (99) Cost 472 1,850 4,611 9,348 11,066 Cumulative Depreciation (70)(3) (555) (2,760) (6,856) (8,942) Impairment Losses (17) (41) (2) (2,195) — Balance as of 30 June 2025 (4) 385 1,254 1,849 297 2,124 (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 the changes in the estimates of the costs of dismantling the facilities for a negative amount of €14 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 €793 million (see Note 20). 156 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Electricity Generation Facilities Transmission and Distribution Facilities (1) Other Fixed Assets Property, Plant and Equipment Under Construction TOTAL Combined Cycle Power Plants Renewables Total 4,209 3,377 31,505 25,297 908 1,311 61,293 (1,980) (675) (20,974) (13,084) (631) — (35,273) (721) (8) (2,927) — (46) (50) (3,080) 1,508 2,694 7 ,604 12,213 231 1,261 22,940 — — 972 — — — 972 — 2 21 15 95 587 761 (50) (71) (371) (372) (37) 1 (822) (50) (71) (372) (372) (37) — (822) — — 1 — — 1 — — — — — — (2) (2) (13) 17 131 239 8 (403) (17) (63) (52) 753 (118) 66 183 892 4,196 3,392 32,613 25,519 1,010 1,493 62,957 (2,030) (742) (21,330) (13,424) (667) — (36,046) (721) (8) (2,926) — (46) (49) (3,079) 1,445 2,642 8,357 12,095 297 1,444 23,832 157 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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19.1. Main investments and divestments 19.1.1. Main investments Details of tangible investments in the six-month periods ended 30 June 2025 and 2024 are as follows: Millions of Euros Activity | Segment T angible investments January-June 2025 January-June 2024 Generation and Commercialisation 364 348 Conventional Generation 197 142 • In the January-June 2025 period, investments in this activity include the renewal. of a charter contract for a methane tanker for the transport of liquefied natural gas (LNG) (see Note 20). • In addition, in both periods, they include investments in generation facilities of various technologies, mainly nuclear. Renewable Generation 156 187 • In the first half of 2025, Endesa invested €109 million in the construction of electricity generation facilities from renewable sources. Commercialisation of Energy and other Products and Services 11 19 • Related to investments in charging points for e-Mobility and e-City activities, in line with its strategic objective of achieving customer loyalty through a comprehensive offer of value-added services. Distribution 393 400 • Related mainly to grid extensions, as well as investments aimed at optimising its operation to improve efficiency, adapt the grid to new customer needs, and strengthen the quality of service and grid resilience in line with Endesa's strategy. Structure and Others (1) 4 6 TOTAL 761 754 (1) Structure, Services and Adjustments. 19.1.2. Main divestments During the first half of 2025, there were no significant write-offs of this item in the Consolidated Statement of Financial Position. 158 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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19.2. Acquisition commitments At 30 June 2025, Endesa has commitments to acquire property, plant and equipment for an amount of €916 million, of which €704 million are expected to materialise in the next 12 months (€875 million at 31 December 2024): Millions of Euros Activity | Segment Acquisition Commitments (1) 30 June 2025 31 December 2024 Generation and Commercialisation 510 499 • Includes investment commitments in non-emitting, nuclear, and renewable technologies amounting to €371 million and €351 million, respectively (see Note 4.1). • In addition, it includes investment commitments in charging points for the e-Mobility business amounting to €69 million and €85 million, respectively. Distribution 406 375 • Related to investment commitments in grids to improve quality, losses, and resilience, and enable the integration of new connection requests in line with Endesa's strategic approach. Structure and Others (2) — 1 TOTAL 916 875 (1) At 30 June 2025 and 31 December 2024, €69 million and €86 million, respectively, are committed to Associated Companies. None of these amounts are committed to Group Companies or Joint Ventures. (2) Structure, Services and Adjustments. 19.3. Other information Impairment test No significant net impairment losses on property, plant, and equipment were recorded during the first halves of 2025 and 2024 (see Note 14.1). Note 3.2f ‘Impairment of Non-Financial Assets’ to the Annual Consolidated Financial Statements for the fiscal year ended 31 December 2024 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 2025, considering current developments and available information, Endesa assessed that there are no impairment indicators that would necessitate updating the recoverable value estimate of non- financial assets. 159 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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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. No significant impacts related to insurance were detected during the January-June 2025 period from the policies in force as of the approval date of the Interim Consolidated Financial Statements for the six- month period ended 30 June 2025. Other information At 30 June 2025 and 31 December 2024, the net book value of thermal power plants for which Endesa has applied for authorisation from the competent authorities for closure and provision for their decommissioning, recorded under the item ‘Non- Current Provisions in the Consolidated Statement of Financial Position, is as follows: Millions of Euros Thermal Power Plant Date of Application Effective Closing Date 30 June 2025 31 December 2024 Value Carrying Amount Provision for Decommissioning (Note 34.3) Value Carrying Amount Provision for Decommissioning (Note 34.3) As Pontes (A Coruña) 27 December 2019 1 December 2023 — 100 — 105 Litoral (Almería) 27 December 2019 26 November 2021 — 47 — 56 Compostilla II (León) - Groups III, IV, and V 19 December 2018 23 September 2020 — 63 — 67 Andorra (Teruel) 19 December 2018 21 July 2020 — 15 — 15 Alcudia (Balearic Islands) - Groups I and II 27 December 2018 30 December 2019 — 30 — 30 TOTAL — 255 — 273 160 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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20. Right-of-use assets At 30 June 2025, 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 2025 were as follows: Millions of Euros Right-of-Use Assets Land Buildings Electricity Generation Facilities: Combined Cycle Power Plants Other Property, Plant, and Equipment TOTAL Balance as of 31 December 2024 264 84 251 113 712 Additions 39 4 — 94 (1) 137 Disposals — — — — — Depreciation and Impairment Losses (7) (9) (12) (28) (56) Transfers and other — — — — — Balance as of 30 June 2025 (2) 296 79 239 179 793 (1) Includes the renewal by Endesa Energía, S.A.U. of a charter contract for a methane tanker for the transport of liquefied natural gas (LNG) for a period of 7 years. (2) Allocated to the Iberian Peninsula Generation Cash Generating Unit (CGU) (€708 million), Distribution (€27 million), and Structure and Services (€58 million) (see Note 8.2.2). During the first halves of 2025 and 2024, the impact of right-of-use assets on the Consolidated Income Statement was as follows: Millions of Euros Notes January-June 2025 January-June 2024 Depreciation Provision for Right-of-Use Assets 56 48 Interest Expenses on Financial Debt Associated with Right-of-Use Assets 9 25 Financial Expense 15.1 and 41.1 21 21 Exchange Differences (12) 4 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 66 74 (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). 161 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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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 21.1 to the Annual Consolidated Financial Statements for the year ended 31 December 2024. 20.2. Right-of-use assets as a lessor Financial Lease At 30 June 2025 and 31 December 2024, Endesa has not formalised any finance lease contracts where it acts as a lessor. Operating lease At 30 June 2025 Endesa has not entered into any significant operating lease contracts. The amount of lease payments recognised as income in the first half of 2025 amounted to €4 million (€5 million in the first half of 2024). 162 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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21. Intangible assets At 30 June 2025, the details and movements of this item in the attached Consolidated Statement of Financial Position were as follows: Millions of Euros Software Applications Concessions Acquisition Costs Others TOTAL Cost 2,398 65 1,151 1,095 4,709 Cumulative Depreciation (1,906) (35) (720) (437) (3,098) Impairment Losses — (4) — (71) (75) Balance as of 31 December 2024 492 26 431 587 1,536 Investments (Note 21.1) 38 — 111 25 174 Allocations (71) (1) (95) (30) (197) Depreciation (Note 14.1) (71) (1) (95) (24) (191) Impairment Losses (Note 14.1) — — — (6) (6) Disposals — — — (1) (1) Transfers and other — — — 1 1 Total Variations (33) (1) 16 (5) (23) Cost 2,438 65 1,262 1,115 4,880 Cumulative Depreciation (1,979) (36) (815) (456) (3,286) Impairment Losses — (4) — (77) (81) Balance as of 30 June 2025 459 25 447 582 (1) 1,513 (1) It mainly includes authorisations for the operation of wind farms and photovoltaic plants, as well as client portfolios acquired amounting to €558 million and €9 million, respectively. 163 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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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 2025 and 2024 are as follows: Millions of Euros Activity | Segment Intangible investments January-June 2025 January-June 2024 Generation and Commercialisation 163 160 Conventional Generation 5 4 Renewable Generation 24 19 • It mainly includes investments in projects of electricity production systems and facilities from renewable sources. Commercialisation of Energy and other Products and Services 134 137 • Primarily related to the increased incremental costs incurred in obtaining contracts with customers amounting to €111 million. • It also includes investments in systems and communications (ICT) activity in line with the Company's digitalisation strategy and strategic objective of electrifying demand, amounting to €21 million. Distribution 7 8 • Corresponding to investments in systems and communications (ICT) activity in line with the digitalisation strategy and strategic objective of more efficient grids. Structure and Others (1) 4 2 TOTAL 174 170 (1) Structure, Services and Adjustments. 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 2025. 164 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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21.2. Acquisition commitments At 30 June 2025, Endesa has commitments to acquire intangible assets for an amount of €44 million, of which €30 million are expected to materialise in the next 12 months (€25 million at 31 December 2024): Millions of Euros Activity | Segment Acquisition Commitments (1) 30 June 2025 31 December 2024 Generation and Commercialisation 31 10 • The January-June 2025 period includes the commitment acquired with Enel Global Services S.r.l. relating to systems and digitalisation services for an amount of €22 million. • In addition, in both periods, it includes the commitment acquired with the seller of the company Shark Power, S.L.U. relating to certain stipulations pending execution on its part for an amount of €9 million. Distribution 2 2 • Corresponding in both periods to commitments with group companies for the digitalisation of the distribution network. Structure and others (2) 11 13 • Corresponding to sponsorship of Endesa League. TOTAL 44 25 (1) At 30 June 2025 and 31 December 2024, €24 million and €2 million, respectively, are committed with Group Companies (see Note 42.1.2). None of these amounts are committed to Associated Companies or Joint Ventures. (2) Structure, Services and Adjustments. 21.3. Other information Impairment test No significant net impairment losses on intangible fixed assets were recorded during the first halves of 2025 and 2024 (see Note 14.1). Note 3.2f “Impairment of Non-Financial Assets” to the Annual Consolidated Financial Statements for the fiscal year ended 31 December 2024 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 2025, considering current developments and available information, Endesa assessed that there are no impairment indicators that would necessitate updating the recoverable value estimate of intangible assets. 165 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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22. Goodwill During the first half of 2025, 100% of the interest in E-Generación Hidráulica, S.L.U. was acquired. The difference between the cost of the business combination and the fair value of the assets and liabilities recognised has generated goodwill amounting to EUR 125 million (see Notes 6 and 7). At 30 June 2025, the composition and movement of this heading of the Consolidated Statement of Financial Position were as follows: Millions of Euros Balance as of 31 December 2024 Business Combinations (Note 7) Balance as of 30 June 2025 Enel Green Power España, S.L.U. (1) 296 — 296 E-Generación Hidráulica, S.L.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 Information and Communication Technology (ICT) (3) 143 — 143 TOTAL 462 125 587 (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 halves of 2025 and 2024 (see Note 14.1). Note 3.2f “Impairment of Non-Financial Assets” to the Annual Consolidated Financial Statements for the fiscal year ended 31 December 2024 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 2025, considering current developments and available information, Endesa assessed that there are no impairment indicators that would necessitate updating the recoverable value estimate of goodwill. 166 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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23. Deferred tax assets and liabilities The movement of these items in the Consolidated Statement of Financial Position in the first six months of 2025 was as follows: Millions of Euros Deferred T ax Assets and Liabilities Balance as of 31 December 2024 Incorporation /(Reduction) of Companies (Note 7) (Debit) / Credit Profit and Loss (Note 17) (Debit) / Credit Equity Transfers and other Balance at 30 June 2025 Deferred T ax Assets: 1,311 — 10 (42) (6) 1,273 Deferred T ax Liabilities: 1 ,047 125 (20) 22 (6) 1,168 Non-Offsetable Deferred T ax Assets 467 422 Non-Offsetable Deferred T ax Liabilities 203 317 Offsetable Deferred T axes 844 851 As of the approval date of these Interim Condensed Consolidated Financial Statements, the recovery of deferred tax assets at Endesa has remained unaffected by the current circumstances. 167 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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24. Investments accounted for using the equity method As of 30 June 2025 and 31 December 2024, the break- down of this item in the accompanying Consolidated Statement of Financial Position is as follows: Millions of Euros 30 June 2025 31 December 2024 Associates 191 190 Joint Ventures 94 97 TOTAL 285 287 A 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 2025: Millions of Euros Percentage % (1) Balance as of 31 December 2024 Incorporation / (Reduction) of Companies (Notes 6.2 and 6.3) Associates 190 — Elcogas, S.A. (In Liquidation) 41.0 — — Energías Especiales del Bierzo, S.A. 50.0 5 — Gorona del Viento El Hierro, S.A. 23.2 6 — Compañía Eólica Tierras Altas, S.A. 37.5 7 — Cogenio Iberia, S.L. 20.0 5 — Endesa X Way, S.L. 49.0 123 — Other 44 — Joint Ventures 97 (11) Tejo Energia - Produção e Distribuição de Energia Eléctrica, S.A. 43.7 6 — Front Marítim del Besòs, S.L. 61.4 30 — Nuclenor, S.A. 50.0 — — Énergie Électrique de Tahaddart, S.A. 0.0 11 (11) Suministradora Eléctrica de Cádiz, S.A. 33.5 8 — Others 42 — TOTAL 287 (11) (1) Percentage on 30 June 2025. 168 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Investments or Increases Divestments or Reductions Profit / Loss using the Equity Method (Note 16) Dividends Transfers and other Balance at 30 June 2025 5 (4) 3 (4) 1 191 — — — — — — — — — (3) 1 3 — — — — — 6 — — 1 — — 8 — — — — — 5 3 — (2) — — 124 2 (4) 4 (1) — 45 1 — 7 — — 94 — — 2 — (1) 7 — — — — — 30 — — — — — — — — — — — — — — — — — 8 1 — 5 — 1 49 6 (4) 10 (4) 1 285 For the six-month period ending on 30 June 2025, the equity data used as the basis for preparing these Interim Condensed Consolidated Financial Statements are derived from the information of the individual companies. 169 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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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 2025, 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 Customers Current Assets from Contracts with Customers Balance as of 31 December 2024 — 12 Disposals — (22) Allocation to Profits/Losses — 14 Balance as of 30 June 2025 — 4 As of 30 June 2025 and 31 December 2024, 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. As of 30 June 2025, Endesa has formalised future service provision commitments amounting to €24 million linked to the construction contracts executed with Red Eléctrica de España, S.A.U. (REE) (€19 million as of 31 December 2024). 170 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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25.2. Non-current and current liabilities from contracts with customers As of 30 June 2025, 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 Notes Non-Current Liabilities from Contracts with Customers Customer Transferred Installations and Extension Connection Rights Other Non-Current Liabilities from Contracts with Customers Total Non-current liabilities from contracts with customers Balance as of 31 December 2024 4,330 83 4,413 487 Additions 104 2 106 — Allocation to Profits/Losses 9.2 — — — (99) Transfers and other (100) (8) (108) 121 Balance as of 30 June 2025 4,334 77 4,411 509 The principal items included under these headings are detailed in Notes 3.2k and 27 .2 of the Explanatory Notes to the Consolidated Financial Statements for the year ended 31 December 2024. 171 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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26. Other non-current financial assets During the first six months of 2025, the breakdown and movements of this item in the accompanying Consolidated Statement of Financial Position were as follows: Millions of Euros Balance as of 31 December 2024 Additions or Allocations Disposals, Cancellations, or Derecognitions Valuation Adjustments against Equity Transfers and other Changes in the Consolidation Scope Balance at 30 June 2025 Loans and Receivables 846 40 (14) — (3) — 869 Equity Instruments 8 — — — — (1) 7 Impairment (25) — — — — 1 (24) TOTAL 829 40 (14) — (3) — 852 26.1. Loans and other receivables Details of the Company’s loans and other receivables at 30 June 2025 and 31 December 2024 are as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Compensation for Generation Cost Overruns in Non-Peninsular Territories (NPT) 117 117 Bonds and Deposits 430 433 Staff Loans 84 78 Loans to Associates, Joint Ventures, and Joint Operating Entities 42.2 69 66 Return on Investment in Renewable Energies 85 73 Financial Guarantees Recognised as Assets 49 49 Other Financial Assets 35 30 Valuation Adjustments (1) (23) (23) TOTAL 846 823 (1) Includes an impairment of €2 million for Loans to Associates, Joint Ventures, and Joint Operating Companies as of 30 June 2025 (€2 million as of 31 December 2024). 172 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Guarantees and deposits As of 30 June 2025 and 31 December 2024, the ‘Guarantees and Deposits’ heading mainly includes guarantees and deposits received from customers in Spain at the time of contracting as a guarantee for the electricity supply, which are also recorded under ‘Other Non-Current Liabilities’ in the Consolidated Statement of Financial Position (see Note 35), as they were deposited with the competent Public Administrations in accordance with current regulations in Spain. Remuneration for investment in renewable energies On 30 June 2025, this heading includes net positive amounts generated in the current half-year by the adjustment value for price deviations in the market, as per Article 22 of Royal Decree 413/2014, dated 6 June, which regulates the activity of electricity production from renewable energy sources, cogeneration, and waste (see Note 5). Financial Guarantees Recognised as Assets As of 30 June 2025 and 31 December 2024, this item includes financial guarantees necessary to operate in the organised markets where Endesa contracts its derivative financial instruments. 26.2. Equity instruments As of 30 June 2025 and 31 December 2024, 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. 173 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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27 . Other non-current assets As of 30 June 2025 and 31 December 2024, the breakdown of this item in the accompanying Conso- lidated Statement of Financial Position is as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Remuneration from Distribution Activities 5 459 391 Other Assets (1) 100 98 Valuation Adjustments (3) (3) TOTAL 556 486 (1) On 30 June 2025, this includes the book value of the surplus arising from the difference between the actuarial liability and the market value of the assets related to Endesa's defined benefit pension plans, amounting to €73 million (€71 million at 31 December 2024) (see Note 34.1). 174 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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28. Other current financial assets As of 30 June 2025 and 31 December 2024, the breakdown of this item in the accompanying Conso- lidated Statement of Financial Position is as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Financing of Revenue Shortfalls from Regulated Activities in Spain and Other Regulated Remunerations 5 114 201 Compensation for Generation Cost Overruns in Non-Peninsular Territories (NPT) 5 204 247 Staff Loans 15 14 Loans to Associates, Joint Ventures, and Joint Operating Entities 42.2 14 11 Financial Guarantees Recognised as Assets 250 302 Other Financial Assets 203 200 Valuation Adjustments (1) (1) TOTAL 799 974 The fair value of these financial assets does not significantly differ from their book values. Financial Guarantees Recognised as Assets As of 30 June 2025 and 31 December 2024, this item includes financial guarantees necessary to operate in the organised markets where Endesa contracts its derivative financial instruments. 175 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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29. Inventories As of 30 June 2025 and 31 December 2024, the breakdown of this item in the Consolidated Statement of Financial Position is as follows: Millions of Euros 30 June 2025 31 December 2024 Energy Commodities: 763 739 Coal 1 6 Nuclear fuel 398 360 Fuel 112 116 Gas 252 257 Other Inventories 387 367 Carbon Dioxide (CO2) Emission Allowances 333 694 Guarantees of Origin and other Environmental Certificates 47 52 Valuation Adjustments (18) (21) TOTAL 1,512 1,831 29.1. Carbon dioxide (CO2) emission allowances In the six-month periods ended 30 June 2025 and 2024, the 2024 and 2023 carbon dioxide (CO2) emission allowances were redeemed, resulting in derecognitions of €724 million and €927 million, respectively (10 million tonnes and 12 million tonnes, respectively). As of 30 June 2025 the provision for allowances to be delivered to cover carbon dioxide (CO 2) emissions, included under ‘Current Provisions’ in the Consolidated Statement of Financial Position, amounts to €376 million (€716 million as of 31 December 2024) (see Note 34.3). 29.2. Guarantees of origin and other environmental certificates In the six-month periods ended 30 June 2025 and 2024, the 2024 and 2023 guarantees of origin and other environmental certificates were redeemed, resulting in derecognitions of €30 million and €148 million, respectively (27 ,970 GWh and 26,229 GWh, respectively). As of 30 June 2025, the provision for allowances to be delivered to cover guarantees of origin and other environmental certificates, included under ‘Current Provisions’ in the Consolidated Statement of Financial Position, amounts to €41 million (€58 million as of 31 December 2024) (see Note 34.3). 29.3. Acquisition commitments As of 30 June 2025, the amount of inventory purchase commitments totals €15,842 million (€18,252 million as of 31 December 2024), part of which corresponds to agreements containing ‘take or pay’ clauses, as detailed below: 176 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euros Future Purchase Commitments as of 30 June 2025 (1) Carbon Dioxide (CO2) Emission Allowances Electricity Nuclear fuel Fuel Gas Others TOTAL 2026 - 2030 828 — 422 210 5,878 22 7 ,360 2031 - 2035 — — 47 — 4,883 — 4,930 2036 - 2040 — — 2 — 3,550 — 3,552 2041 - Beyond — — — — — — — TOTAL 828 — 471 210 14,311 22 15,842 (1) None of these amounts correspond to Joint Ventures. As of 30 June 2025 and 31 December 2024, the inventory purchase commitments figure includes the commitment to purchase gas under contracts signed in 2014 with Corpus Christi Liquefaction, LLC, part of which is guaranteed by Enel, S.p.A. (see Note 42.1.2). Regarding contracts containing ‘take or pay’ clauses, in the current context, forecasts indicate that Endesa will continue to consume the volumes specified in said contracts. The Company’s Directors believe that Endesa will be able to fulfil these commitments, thus they anticipate no significant contingencies arising from this matter. 29.4. Other information Valuation adjustments For the six-month periods ending 30 June 2025 and 2024, no significant impairments of inventories have been recorded in this section of the Consolidated Statement of Financial Position. Insurance Endesa has established insurance policies to cover potential risks associated with its inventories, ensuring that these policies adequately cover the risks involved. During the period from January to June 2025, Endesa has not identified any significant impacts concerning the insurance policies in effect as of the date of approval of the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2025. Other information As of 30 June 2025 and 31 December 2024, Endesa does not have any significant inventories pledged as collateral for debt obligations. 177 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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30. Trade and other receivables As of 30 June 2025 and 31 December 2024, the breakdown of this item in the Consolidated Statement of Financial Position is as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Trade and other Receivables 3,777 4,194 Customer Receivables from Sales and Services 3.412 4.006 Customers Receivables for Electricity Sales 2.780 3.058 Customers Receivables for Gas Sales 428 657 Customers Receivables for other Transactions 187 242 Customer Receivables from Group Companies and Associates 42.1 and 42.2 17 49 Other Receivables 896 757 Remuneration from Distribution Activities 394 347 Other Third-Party Receivables 426 372 Other Receivables from Group Companies and Associates 42.1 and 42.2 76 38 Valuation Adjustments (531) (569) Customer Receivables from Sales and Services (450) (488) Other Receivables (81) (81) T ax Assets 819 684 Current Corporate Tax 602 265 Value Added Tax (VAT) Receivables 204 374 Other Taxes 13 45 TOTAL 4,596 4,878 The balances included in this section of the Consolidated Financial Statement generally do not accrue interest. 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. 178 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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As of 30 June 2025, the accumulated balances for sales of electricity and gas pending invoicing to final customers are included in the “Trade and Other Receivables” heading of the attached Consolidated Statement of Financial Position and amount to €1,312 million and €160 million, respectively (€1.400 million and €376 million, respectively, at 31 December 2024). 30.1. Other information Valuation adjustments The movement in the “Valuation Adjustments” heading for the six-month periods ending 30 June 2025 and 2024 is as follows: Millions of Euros Notes January–June 2025 January–June 2024 Opening Balance 569 592 Allocations 14.2 and 39.3 98 118 Applications (136) (121) Closing Balance 531 589 At 30 June 2025 and 2024 the value adjustment relates mainly to customers for sales of energy and other products and services (see Note 39.3). Other information In the first half of 2025 and 2024, factoring transactions were carried out for non-overdue amounts, with balances at 30 June 2025 and 2024 of €915 million and €815 million, respectively, which were written off from the Consolidated Statement of Financial Position. These transactions incurred costs of €12 million and €17 million, respectively, and were recorded under “Financial Result” in the Consolidated Income Statement (see Note 15.1). 179 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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31. Cash and cash equivalents As of 30 June 2025 and 31 December 2024, the breakdown of this item in the Consolidated Statement of Financial Position is as follows: Millions of Euros 30 June 2025 31 December 2024 Cash in Hand and at Banks 186 78 Other Cash Equivalents(1) 40 762 TOTAL 226 840 (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 of 30 June 2025 and 31 December 2024, details of this item in the Consolidated Statement of Financial Position by currency are as follows: Millions of Euros Currency 30 June 2025 31 December 2024 Euro 226 838 Pound sterling (GBP) — 1 US dollar (USD) — 1 TOTAL 226 840 As of 30 June 2025 and 31 December 2024 there are no placements in sovereign debt. At 30 June 2025 and 31 December 2024, the cash and cash equivalents balance includes €5 million corresponding to the debt service reserve account set up by certain Endesa renewable energy subsidiaries by virtue of the loan agreements entered into for project financing (see Note 38.4.3). 32. Non-current assets held for sale and from discontinued operations On 24 February 2025, Edistribución Redes Digitales, S.L.U. formalised the sale and purchase to the City Council of Palma de Mallorca of 3 properties resulting from the Cooperation Project of the Execution Unit 71-03 Sector Llevant Façana Marítima, which, as of 31 December 2024, were presented under the headings “Non-Current Assets Held for Sale and from Discontinued Operations” and “Liabilities Associated with Non-Current Assets Held for Sale and from Discontinued Operations” for an amount of €28 million and €17 million, respectively, generating a gross capital gain of €1 million. As of 30 June 2025, this heading includes the net book value of the last property resulting from the Cooperation Project of the Execution Unit 71-03 Sector Llevant Façana Marítima for an amount of €9 million, the sale of which is pending formalisation as of the date of approval of these Interim Condensed Consolidated Financial Statements. 180 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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33. Equity As of 30 June 2025 and 31 December 2024, the breakdown of this item in the Consolidated Statement of Financial Position is as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Total Equity of the Parent 8,276 8,110 Share Capital 33.1.1 1.271 1.271 Share Premium 89 89 Legal Reserve 254 254 Revaluation Reserve 404 404 Other Reserves 106 106 (Treasury Shares) 33.1.3 (214) (4) Retained Earnings 6.437 6.785 Interim dividend 33.1.4 — (529) Other Net Equity Instruments 6 5 Reserve for Actuarial Gains and Losses 33.1.2 (162) (157) Valuation Adjustments 85 (114) Unrealised Asset and Liability Revaluation Reserve 85 (114) Total Equity attributable to Non-Controlling Interests 902 943 TOTAL EQUITY 9, 178 9,053 In the six-month period ended 30 June 2025, Endesa followed the same capital management policy as that described in Note 34.1.12 to the Consolidated Financial Statements for the year ended 31 December 2024. 33.1. Net Equity: of the Parent Company 33.1.1. Share capital On 30 June 2025, Endesa, S.A. had share capital of €1,270,502,540.40, represented by 1,058,752,117 shares with a par value of €1.2 each, which were fully subscribed and paid and all admitted to trading on the Spanish Stock Exchanges. As of 30 June 2025 and 31 December 2024, the number of shares that the Enel Group holds in Endesa, S.A., through Enel Iberia, S.L.U., represents, for mercantile purposes, 70.1% of its share capital. At those same dates, no other shareholder held shares representing more than 10% of the share capital of Endesa, S.A. 181 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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33.1.2. Reserve for actuarial gains and losses At 30 June 2025 and 31 December 2024 this reserve derives from actuarial gains and losses recorded in equity (see Note 34.1). 33.1.3. Treasury shares Share Buyback Framework Programme The Board of Directors of Endesa, S.A., in a session held on 26 March 2025, has approved a “Share Buyback Framework Programme” for a maximum amount of €2,000 million (without prejudice to the possibility of suspending or terminating it early should circumstances so require) to be executed in several tranches until 31 December 2027 . Furthermore, it has also approved the first two tranches of the Framework Programme: • The first part of the 'Share Buyback Framework Programme' is the Temporary Share Buyback Programme, which complies with the share delivery plan for employees ('Flexible Share Remuneration Programme') approved by the Company's Board of Directors on 25 February 2025. The duration of the said Programme was between 28 March and 14 April 2025. Under this Programme, in the 6-month period ended 30 June 2025, Endesa, S.A. acquired 698,426 of its own shares for €17 million, of which, as of 30 June 2025, 625 shares remain in the possession of the Parent Company. • The second tranche of the “Framework Treasury Share Buy-back Programme” for a maximum monetary amount of €500 million was approved at the Company's Board of Directors meeting held on 8 April 2025 for the purpose of reducing the share capital of Endesa by cancelling a maximum of 104,558,375 treasury shares (9.87% of the share capital). The duration of the said Programme will be between 9 April and 31 December 2025. Under the aforementioned Programme, in the period January-June 2025, Endesa, S.A. acquired 8,039,584 of its own shares for an amount of €210 million, of which, as of 30 June 2025, all remain in the possession of the Parent Company. 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. 182 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Treasury shares of Endesa, S.A. As of 30 June 2025 and 31 December 2024, the treasury shares of Endesa, S.A. are as follows: Number of Shares Nominal Value (Euros/Acción) % of total Share Capital Average acquisition cost (Euro/Share) Total Cost of Acquisition (Euros) Treasury Shares on 30 June 2025 8,242,045 1.2 0.77847 25.90 213,500,937 Strategic Incentive Plans 199.096 1,2 0,01880 19,25 3.832.202 Flexible Share Remuneration Plans 3.365 1,2 0,00032 20,18 67 .906 Plan for Share Capital Reduction 8.039.584 1,2 0,75935 26,07 209.600.829 Treasury Shares on 31 December 2024 201,836 1.2 0.01906 19.25 3,884,627 Strategic Incentive Plans 199.096 1,2 0,01880 19,25 3.832.202 Flexible Share Remuneration Plans 2 .740 1,2 0,00026 19,13 52.425 33.1.4. Dividends The General Shareholders' Meeting of Endesa, S.A. held on 29 April 2025 approved the distribution to the shares entitled to a dividend of a total dividend charged to the result for the 2024 fiscal year for a gross amount of €1.3177 per share, which represents a maximum amount of €1,395 million according to the following detail: Millions of Euros Approval Date Gross Dividend per Share Maximum amount payable Payment Date Interim Dividend 15 November 2024 0.5000 529 8 January 2025 Final Dividend 29 April 2025 0.8177 866 1 July 2025 Total Dividend per share for 2024 1.3177 1,395 183 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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33.2. Net equity: Attributable to Non-controlling Interests As of 30 June 2025, the breakdown and movements of this item in the Consolidated Statement of Financial Position were as follows: Millions of Euros Balance at 31 December 2024 Dividends Distributed Profit/loss for the Period Investments or Expansions Divestments or Reductions Other Transactions Balance at 30 June 2025 Aguilón 20, S.A. 21 — — — — — 21 Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A. 3 — — — — — 3 Enel Green Power Solar 1, S.L. 769 (58) 16 — — 1 728 Eólica Valle del Ebro, S.A. 3 — — — — — 3 Explotaciones Eólicas Saso Plano, S.A. 9 — — — — — 9 Parque Eólico Sierra del Madero, S.A. 27 — — — — — 27 Sociedad Eólica de Andalucía, S.A. 26 — 1 — — — 27 Other 85 (3) 2 — (1) 1 84 TOTAL 943 (61) 19 — (1) 2 902 As of 30 June 2025 and 31 December 2024, the balance of “Net Equity Attributable to Non-controlling Interests” primarily reflects the non-controlling interests held by Enel Green Power España, S.L.U. As of 30 June 2025 and 31 December 2024, the equity data used as the basis for the preparation of these Interim Condensed Consolidated Financial Statements correspond to the information of the individual companies, with the exception of those relating to Enel Green Power España Solar 1, S.L. 184 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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34. Provisions As of 30 June 2025 and 31 December 2024, the breakdown of “Non-current Provisions” and “Current Provisions” in the Consolidated Statement of Financial Position is as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Non-Current Current Non-Current Current Provisions for Employee Benefits 233 — 227 — Provisions for Pensions and other Similar Obligations 34.1 211 — 204 — Other Employee Benefits 22 — 23 — Provisions for Workforce Restructuring Plans 34.2 409 141 462 162 Redundancy Procedures 5 22 6 23 Voluntary Severance Agreements 404 119 456 139 Other Provisions 34.3 2.056 512 2.069 873 TOTAL 2,698 653 2,758 1,035 34.1. Provisions for pensions and other similar obligations Net actuarial liabilities As of 30 June 2025, the breakdown of the net actuarial liability and its movements during the first six months of 2025 are as follows: Millions of Euros January–June 2025 Notes Pensions Energy Health Care Total Opening Actuarial Liability (71) 203 1 133 Net Interest Cost (1) 3 — 2 Service Costs for the Period 1 1 — 2 Benefits Paid in the Period — — — — Contributions for the period — (7) — (7) Other Transactions 1 — — 1 Actuarial Loss (Profit) from Changes in Demographic Assumptions — — — — Actuarial Loss (Profit) from Changes in Financial Assumptions — (6) — (6) Actuarial Loss (Profit) from Experience (17) 15 — (2) Actuarial Return on Plan Assets Excluding Interest 14 — — 14 Changes in the consolidation perimeter 7 — 1 — 1 Closing Net Actuarial Liability (73) 210 1 138 185 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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As of 30 June 2025, the breakdown of the gross actuarial liability and its movements during the first six months of 2025 are as follows: Millions of Euros January–June 2025 Notes Pensions Energy Health Care Total Opening Actuarial Liability 226 203 1 430 Financial Expenses 4 3 — 7 Service Costs for the Period 1 1 — 2 Benefits Paid in the Period (17) (7) — (24) Actuarial Loss (Profit) from Changes in Demographic Assumptions — — — — Actuarial Loss (Profit) from Changes in Financial Assumptions — (6) — (6) Actuarial Loss (Profit) from Experience (17) 15 — (2) Changes in the consolidation perimeter 7 — 1 — 1 Other Transactions 1 — — 1 Closing Actuarial Liability 198 210 1 409 As of 30 June 2025, the information on changes in the market value of assets earmarked for defined benefit obligations is as follows: Millions of Euros January–June 2025 Pensions Energy Health Care Total Initial Market Value of Affected Assets 297 — — 297 Expected Return 5 — — 5 Contributions for the period — 7 — 7 Benefits Paid in the Period (17) (7) — (24) Actuarial (Loss) Profit (14) — — (14) Insurance for Benefits Payable — — — — Final Market Value of Affected Assets 271 — — 271 As of 30 June 2025 and 31 December 2024, the amounts recorded in the Consolidated Statement of Financial Position are: Millions of Euros Notes 30 June 2025 31 December 2024 Provisions for Pensions and other Similar Obligations 34 211 204 Other Non-Current Assets 27 (73) (71) Accounting Balance of Actuarial Liability Deficit 138 133 186 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Impact on the Consolidated Income Statement and Consolidated Statement of Other Comprehensive Income During the first six-month periods of 2025 and 2024, the amounts recorded in the Consolidated Income Statement for defined benefit and defined contribution pension provisions were: Millions of Euros Notes January–June 2025 January–June 2024 Defined Benefit (4) (7) Current Service Cost(1) 12.1 (2) (4) Net Financial Costs 15.1 (2) (3) Defined Contribution (26) (17) Current Service Cost(2) 12.1 (26) (17) TOTAL (30) (24) (1) In the first half of 2025, this includes €1 million of the current cost of the period corresponding to early-retired staff that was previously recorded as a provision under the heading “Provision for Workforce Restructuring” and that has been transferred during the period to the heading 'Provisions for Pensions and other Similar Obligations' (€1 million in the first half of 2024). (2) During the first six months of 2025 and 2024, €7 million and €9 million, respectively, have also been contributed, which were previously included in the heading “Provisions for Workforce Restructuring Plans”. During the first six-month periods of 2025 and 2024, the amounts recorded in the Consolidated Statement of Other Comprehensive Income defined benefit pension provisions were: Millions of Euros January–June 2025 January–June 2024 Actuarial Return on Plan Assets Excluding Interest (14) 3 Actuarial Profits and Losses 8 20 TOTAL (6) 23 Affected assets The main categories of defined benefit plan assets as a percentage of total assets, at 30 June 2025 and 31 December 2024 are as follows: Percentage (%) 30 June 2025 31 December 2024 Fixed Income Assets(1) 47 48 Shares(1) 29 30 Other Investments 24 22 TOTAL 100 100 (1) Includes shares and bonds of Enel Group companies amounting to €9 million at 30 June 2025 (€8 million at 31 December 2024). As of 30 June 2025 and 31 December 2024, the fair value breakdown of fixed income securities by geographical area is: Millions of Euros Country 30 June 2025 31 December 2024 Spain 11 11 United States of America 26 41 Luxembourg 7 3 France 8 10 Italy 7 10 United Kingdom 2 2 Germany 2 5 The Netherlands 1 1 Belgium 3 1 Other 59 58 TOTAL 126 142 187 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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As of 30 June 2025 and 31 December 2024, the value of assets related to defined benefit plans held in sovereign debt is: Millions of Euros Country 30 June 2025 31 December 2024 Spain 6 5 Italy 5 8 France 1 3 Germany — 1 Belgium 2 — Other 15 28 TOTAL 29 45 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. In the first half of 2025, the average real return was 5.73%, positive (7 .40%, positive, in 2024). Currently, the investment strategy and risk management are uniform for all Plan participants, with no asset-liability correlation strategy being followed. As of 30 June 2025 and 31 December 2024, the classification of defined benefit plan assets by levels of fair value hierarchy is: Millions of Euros 30 June 2025 31 December 2024 Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Defined Benefit Plan Assets 271 188 50 33 297 210 47 40 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 at 30 June 2025 and 31 December 2024 are as follows: 30 June 2025 31 December 2024 Mortality Tables PERM/FCOL2020 PERM/FCOL2020 Interest Rate 3.72% - 3.79% 3.43% - 3.50% Expected Return on Plan Assets 3.77% 3.47% Salary Review(1) 1.00% 1.00% Increase in the Costs of Health Care 4.10% 4.18% (1) Benchmark percentage for estimating salary increases. 188 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 2025 was as follows: Millions of Euros Notes Redundancy Procedures Voluntary Severance Agreements Total Balance as of 31 December 2024 6 456 462 Amounts Charged to the Profit/Loss Statement for the Period — — — Personnel Expenses 12.1 — (7) (7) Financial Results 15.1 — 7 7 Short-term Transfers and other (1) (52) (53) Balance as of 30 June 2025 5 404 409 Actuarial assumptions The assumptions used in the actuarial calculation of the obligations arising under these workforce restructuring plans at 30 June 2025 and 31 December 2024 are as follows: Redundancy Procedures Contract Suspensions 30 June 2025 31 December 2024 30 June 2025 31 December 2024 Interest Rate 3.15% 3.04% 3.15% 3.04% Future Increase in Guarantee Na Na 1.00% 1.00% Increase in Other Items Na Na 2.05% 2.09% Consumer Price Index (CPI) 2.05% 2.09% Na Na Mortality Tables PERM/FCOL2020 PERM/FCOL2020 PERM/FCOL2020 PERM/FCOL2020 189 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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34.3. Other provisions As of 30 June 2025, 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 as of 31 December 2024 Operating expenses Redemption Financial Results (Nota 15.1) Net amounts charged to property, plant, and equipment (Nota 19) Payments Incorporation / (Reduction) of Companies (Nota 7) Transfers and other Balance at 30 June 2025 Allocations Reversals Provisions for Closure Costs of Facilities 1,771 — (10) — 20 (14) (18) 1 — 1,750 Nuclear Power Plants 688 — — — 8 20 — — — 716 Other Plants 1,007 — (10) — 11 (42) (17) 1 1 951 Decommissioning of Meters 73 — — — 1 8 (1) — (1) 80 Closure of Mining Operations 3 — — — — — — — — 3 Provisions for Carbon Dioxide (CO2) Emission Allowances 716 384 — (724) — — — — — 376 Provisions for Guarantees of Origin and other Environmental Certificates 58 14 — (30) — — — — (1) 41 Provisions for Litigation, Compensation, and other Legal or Contractual Obligations 397 28 (50) — (9) — (2) — 37 401 TOTAL 2,942 426 (60) (754) 11 (14) (20) 1 36 2,568 Provision for closure costs of facilities Endesa records the costs it will incur for the decommissioning of some of its power plants and certain electricity distribution facilities. These provisions are recorded at their present value. The interest rates applied for the financial updating of these provisions, depending on the remaining useful life of the associated asset, are within the following ranges: % January–June 2025 January–June 2024 Financial Discounting Rates 2.0 - 2.7 2.2 - 3.0 190 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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35. Other non-current liabilities As of 30 June 2025 and 31 December 2024, the breakdown of this item in the Consolidated Statement of Financial Position is as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Bonds and Deposits 26.1 470 469 Other Payables 105 105 TOTAL 38.2 575 574 36. Other non-current and current financial liabilities As of 30 June 2025 and 31 December 2024, the breakdown of this item in the Consolidated Statement of Financial Position is as follows: Millions of Euros Notes Non-Current Current 30 June 2025 31 December 2024 30 June 2025 31 December 2024 Interest Payable on Financial Debt — — 69 83 Remuneration for Investment in Renewable Energies 26.1 64 64 7 14 TOTAL 64 64 76 97 As of 30 June 2025, under the headings “Other Non- Current Financial Liabilities” and “Other Current Financial Liabilities,” negative amounts of €64 million and €7 million, respectively, are included. These amounts were generated in previous half-year periods due to the adjustment for deviations in market price according to Article 22 of Royal Decree 413/2014, dated 6 June, which regulates the activity of electricity production from renewable energy sources, co-generation, and waste. These relate to Type Installations (TI) which, based on the best estimate of future market price developments, will receive a Return on Investment (Rinv) during their regulatory useful life. 191 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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37 . Trade creditors and other accounts payable As of 30 June 2025 and 31 December 2024, the breakdown of this item in the Consolidated Statement of Financial Position is as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Trade payables and other current liabilities 38.2 4,621 5,149 Suppliers and other Creditors 3,226 4,057 Dividends Paid 33.1.4 865 534 Other Payables 530 558 T ax Liabilities: 1,553 916 Current Corporate Tax 961 309 Value Added Tax (VAT) Payables 48 104 Other Taxes 544 503 TOTAL 6, 174 6,065 The increase of €652 million under the Tax Liabilities heading “Current Corporation Tax” should be analysed together with the increase of €337 million under the Tax Assets heading 'Current Corporation Tax' in the Consolidated Statement of Financial Position. The change in both is due to changes in the receivables and payables, respectively, of the Endesa companies comprising the 572/10 consolidated tax group, whose parent company is Enel, S.p.A. and its representative in Spain is Enel Iberia, S.L.U. (see Note 42.1). Dividend to be paid As of 30 June 2025 and 31 December 2024, the 'Dividend Payable' heading primarily includes the following dividends for Endesa, S.A.: Millions of Euros Notes Dividend Payable at Date Gross Dividend per Share Maximum Amount Payable Payment Date Interim Dividend 42.3 31 December 2024 0.5000 529 8 January 2025 Final Dividend 30 June 2025 0.8177 866 1 July 2025 Total Dividend per share for 2024 34.1.4 1.3177 1,395 192 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Costs derived from energy supplied to clients and pending invoicing As of 30 June 2025, the estimate of outstanding invoices for electricity and gas toll costs, derived from the energy supplied and not yet invoiced, amounts to €174 million and €45 million, respectively (€86 million and €89 million, respectively, as of 31 December 2024) and is included in the “Trade and Other Current Liabilities” heading of the Consolidated Statement of Financial Position. “Confirming” agreements As of 30 June 2025, the amount of trade debt discounted with financial institutions for supplier payment management (“confirming”) classified under “Trade and Other Current Liabilities” in the Consolidated Statement of Financial Position is €53 million (€64 million as of 31 December 2024). During the six-month periods ending on 30 June 2025 and 2024, the financial income accrued from confirming contracts was less than €1 million. 38. Financial instruments As of 30 June 2025 and 31 December 2024, the classification of financial instruments in the Consolidated Statement of Financial Position is as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Non-Current Current Non-Current Current Asset-Based Financial Instruments Customer Contract Assets 25.1 — 4 — 12 Other Financial Assets 26 and 28 852 799 829 974 Derivative Financial Instruments 398 561 377 541 Other Assets 27 556 — 486 — Trade and other Receivables 30 — 3,777 — 4,194 Cash and Cash Equivalents 31 — 226 — 840 TOTAL 38.1 1,806 5,367 1,692 6,561 Liability-Based Financial Instruments Customer Contract Liabilities 25.2 4,411 509 4,413 487 Financial Debt 38.3 9,773 661 9,881 613 Derivative Financial Instruments 283 536 336 656 Other Financial Liabilities 36 64 76 64 97 Other Liabilities 35 575 — 574 — Trade and Other Payables 37 — 4,621 — 5,149 TOTAL 38.2 15,106 6,403 15,268 7, 0 0 2 193 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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38.1. Classification of non-current and current financial asset instruments As of 30 June 2025 and 31 December 2024, the classification of financial asset instruments in the Consolidated Statement of Financial Position by category is as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Non-Current Current Non-Current Current Financial Assets at Amortised Cost 1,402 4,806 1,309 6,020 Customer Contract Assets 25.1 — 4 — 12 Other Financial Assets 26 and 28 846 799 823 974 Other Assets 27 556 — 486 — Trade and other Receivables 30 — 3,777 — 4,194 Cash and Cash Equivalents 31 — 226 — 840 Financial Assets at Fair Value with Changes in the Profit Statement 15 336 49 173 Equity Instruments 26.2 6 — 6 — Derivatives not Designated as Hedging Instruments 40.1 9 336 43 173 Financial Assets at Fair Value with Changes in the Other Results Statement — — — — Hedging Derivatives 40.1 389 225 334 368 TOTAL 1,806 5,367 1,692 6,561 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. 194 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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38.2. Classification of non-current and current financial liability instruments As of 30 June 2025 and 31 December 2024, the classification of financial liability instruments in the Consolidated Statement of Financial Position by category is as follows: Millions of Euros Notes 30 June 2025 31 December 2024 Non-Current Current Non-Current Current Financial liabilities at amortised cost 14,809 5,867 14,918 6,346 Customer Contract Liabilities 25.2 4,411 509 4,413 487 Financial Debt 38.3 9,759 661 9,867 613 Other Financial Liabilities 36 64 76 64 97 Other Liabilities 35 575 — 574 — Trade payables and other current liabilities 37 — 4,621 — 5,149 Financial Liabilities at Fair Value with Changes in the Profit Statement 49 315 63 154 Financial Debt(1) 38.3 14 — 14 — Derivatives not Designated as Hedging Instruments 40.2 35 315 49 154 Hedging Derivatives 40.2 248 221 287 502 TOTAL 15,106 6,403 15,268 7, 0 0 2 (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 As of 30 June 2025, 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 2025 Nominal Value Book Value Fair ValueNon-Current Current Total Bonds and other Marketable Securities 12 14 — 14 14 Bank Borrowings 6,016 5,447 557 6,004 6,021 Other Financial Debts 4,420 4,312 104 4,416 4,527 Financial Debts Associated with Rights of Use 861 772 89 861 861 Other 3,559 3,540 15 3,555 3,666 TOTAL 10,448 9,773 661 10,434 10,562 As of 30 June 2025, the breakdown of the nominal value of the financial debt by maturity is as follows: 195 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Millions of Euros Book Value 30 June 2025 Nominal Value Total Maturities Current Non- Current 2025 2026 2027 2028 2029 Subsequent Bonds and other Marketable Securities 14 — 12 — — — — — 12 Bank Borrowings 6,004 557 5,459 376 461 1,334 1,861 300 1,684 Other Financial Debts 4,416 104 4,316 52 97 1,757 1,959 73 482 Financial Debts Associated with Rights of Use 861 89 772 38 96 91 84 72 480 Other 3,555 15 3,544 14 1 1,666 1,875 1 2 TOTAL 10,434 661 9,787 428 558 3,091 3,820 373 2 , 178 During the six-month period ending on 30 June 2025, the movement in the nominal value of non-current financial debt is as follows: Millions of Euros Nominal Value as of 31 December 2024 Does Not Generate Cash Flows Generates Cash Flows Nominal Value as of 30 June 2025 Additions/ (Reductions) Transfers and other Payments and Amortisations New Financing Bonds and other Marketable Securities 12 — — — — 12 Bank Borrowings 5,649 — (181) (15) 6 5,459 Other Financial Debts 4,241 135 (61) (2) 3 4,316 Financial Debts Associated with Rights of Use 698 135 (61) — — 772 Other 3,543 — — (2) 3 3,544 TOTAL 9,902 135 (242) (17) 9 9,787 During the six-month period ending on 30 June 2025, the movement in the nominal value of current financial debt is as follows: Millions of Euros Nominal Value as of 31 December 2024 Does Not Generate Cash Flows Generates Cash Flows Nominal Value as of 30 June 2025 Additions/ (Reductions) Transfers and other Payments and Amortisations (Nota 41.3) New Financing (Nota 41.3) Bonds and other Marketable Securities — — — (1,353) 1,353 — Bank Borrowings 512 — 180 (136) 1 557 Other Financial Debts 101 2 49 (48) — 104 Financial Debts Associated with Rights of Use 86 2 49 (48) — 89 Other 15 — — — — 15 TOTAL 613 2 229 (1,537) 1,354 661 During the six-month periods ending on 30 June 2025 and 2024, the average interest rate on gross financial debt was 3.4% and 3.6%, respectively. 196 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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38.4. Other matters 38.4.1. Liquidity As of 30 June 2025, Endesa's liquidity stood at €6,439 million (€6,544 million as of 31 December 2024), detailed as follows: Millions of Euros Notes Liquidity 30 June 2025 31 December 2024 Cash and Cash Equivalents 31 226 840 Unconditional Available Credit Lines and Undrawn Loans (1) 6,213 5,704 TOTAL 6,439 6,544 (1) As of 30 June 2025, €2,500 million corresponds to the available credit lines with Enel Finance International N.V. (€2,125 million as of 31 December 2024) (see Note 42.1.3). At 30 June 2025, Endesa had negative working capital of €902 million. Available non-current credit lines ensures that Endesa is able to obtain sufficient financial resources to continue to operate, realise its assets and settle its liabilities for the amounts shown in the accompanying Consolidated Statement of Financial Position. 38.4.2. Main financial operations The main transactions in the first six months of 2025 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 five years, subject to annual renewals. This programme includes Sustainability targets. As of 30 June 2025, there is no outstanding nominal balance associated with this programme. • The following financial operations have been concluded: Millions of Euros Operations Counterparty Signature date Maturity date Amount Line of Credit(1)(2) BNP Paribas 27 March 2025 27 March 2030 150 Line of Credit(2) Intesa San Paolo, S.p.A. 28 March 2025 28 March 2030 200 Line of Credit(2) Caixabank, S.A. 28 March 2025 28 March 2030 150 Line of Credit(2) Enel Finance International N.V. 9 May 2025 9 May 2030 1,500 TOTAL 2,000 (1) Renewal of existing credit lines. (2) The credit conditions for these transactions are linked to the objective of reducing specific Scope 1 greenhouse gases (GHGs) emissions related to Peninsular Energy Generation (gCO2eq/kWh) by 31 December 2027 . 197 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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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 2025, 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 at 30 June 2025. Endesa, S.A. Endesa, S.A., which centralises nearly all of Endesa's financing activities, has no stipulations in its financing contracts with financial ratios that could lead to a breach resulting in early maturity. The outstanding bond issues of Endesa, S.A. (€12 million on 30 June 2025) 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. 198 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Additionally, the most significant financial stipulations contained in Endesa, S.A.'s financial debt are as follows: Millions of Euros Clauses Operations Stipulations Nominal debt 30 June 2025 31 December 2024 Related to credit ratings Financial transactions with the European Investment Bank (EIB) and Official Credit Institute (Instituto de Crédito Oficial - ICO). Additional or renegotiated guarantees in the event of credit rating downgrades. 2,829 2,961 Relating to change of control Financial 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. 6,354 (1) 6,486 (1) Related to asset transfers Financial 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). 5,984 (3) 6,125 (3) Related to sustainability Financial Operations with the EIB, the ICO and other financial entities. The credit terms are pegged to sustainability goals, such as the reduction of certain levels of carbon dioxide (CO2) emissions by specific dates, achieving a ratio of net installed capacity from renewable sources on the Spanish mainland within certain timeframes, or based on the proportion of investments according to the European Union (EU) Taxonomy over various periods(4). 7 ,820 7 ,829 (1) The amount signed was €8,854 million on 30 June 2025 (€8,611 million on 31 December 2024). (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) The amount signed was €9,683 million on 30 June 2025 (€9,690 million on 31 December 2024). (4) Non-compliance with these stipulations only implies a modification of the financing conditions. Subsidiaries of the renewables business As of 30 June 2025, certain renewable subsidiaries of Endesa financed through project financing have financial debts amounting to €28 million, which include the following clauses (€32 million as of 31 December 2024) (see Notes 31 and 43): Clauses Operations Stipulations Relating to change of control Loan 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 Shareholders Restrictions conditional upon meeting certain criteria. Related to the Sale of Assets Restrictions requiring approval from the majority of lenders and, in some cases, allocation of sale proceeds towards debt repayment. Related to the Debt Service Reserve Account Obligation to maintain a Debt Service Reserve Account. (1) At fair market value, which is a net positive of €1 million as of 30 June 2025 and 31 December 2024. (2) For the amount of outstanding financial debt. Additionally, these renewable subsidiaries are obligated to comply with certain Annual Debt Service Coverage Ratios (ADSCR). As of 30 June 2025, there has been no breach of these ratios. 199 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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39. General risk control and management policy In the six-month period ended 30 June 2025, Endesa followed the same general risk control and management policy as that described in Note 41 to the Consolidated Financial Statements for the year ended 31 December 2024. 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 2024. 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 (CO 2) emission rights, and origin guarantees). These are aimed at actively managing the risks associated with the underlying hedged transactions. Energy commodity risk As of 30 June 2025, 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 Derivatives 30 June 2025 Variation in Energy Commodity Prices Consolidated Income Statement Statement of Other Comprehensive Income Cash Flow Hedging Derivatives 15% — (40) (1) –15% — 23 (1) Derivatives not Designated as Hedging Instruments 15% (125) (2) — –15% 121 (2) — (1) €70 million negative and positive, respectively, corresponding to gas. (2) €117 million negative and positive, respectively, corresponding to electricity. 200 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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39.2. Liquidity risk Endesa's liquidity position as of 30 June 2025 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 2025, net impairment losses on financial assets amounted to €98 million and correspond entirely to the provision for net impairment losses on trade receivables from customer contracts. Its evolution compared to the first half of 2024 is due to the improvement in the payment behaviour of residential customers Business to Customers (B2C) . 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 41.6 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024. 201 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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40. Fair value measurement 40.1. Fair value measurement of financial asset classes At 30 June 2025 and 31 December 2024, 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 Notes 30 June 2025 Non-Current Assets Current Assets Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Equity Instruments 38.1 6 — — 6 — — — — Fair Value Hedging Derivatives: 38.1 2 — 2 — — — — — Interest Rate 2 — 2 — — — — — Cash Flow Hedging Derivatives: 38.1 387 96 54 237 225 114 111 — Interest Rate 31 — 31 — — — — — Exchange Rate — — — — 1 — 1 — Energy Commodities 356 (1) 96 23 237 224 (2) 114 110 — Derivatives not Designated as Hedging Instruments: 38.1 9 3 6 — 336 206 130 — Interest Rate — — — — — — — — Exchange Rate — — — — 3 — 3 — Energy Commodities 9 (3) 3 6 — 333 (4) 206 127 — Inventories — — — — 200 199 1 — TOTAL 404 99 62 243 761 519 242 — (1) Includes electricity derivatives for €247 million and liquid fuel or gas derivatives for €95 million. (2) Includes electricity derivatives for €2 million and liquid fuel or gas derivatives for €175 million. (3) Includes carbon dioxide (CO2) emission allowances derivatives for €6 million. (4) Includes liquid fuel or gas derivatives for €257 million. 202 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euros Notes 31 December 2024 Non-Current Assets Current Assets Fair Value Level 1 Level 2 Level 3 Fair Value Level 1 Level 2 Level 3 Equity Instruments 38.1 6 — — 6 — — — — Fair Value Hedging Derivatives: 38.1 2 — 2 — — — — — Interest Rate 2 — 2 — — — — — Cash Flow Hedging Derivatives: 38.1 332 33 87 212 368 264 104 — Interest Rate 39 — 39 — — — — — Exchange Rate 38 — 38 — 70 — 70 — Energy Commodities 255 (1) 33 10 212 298 (2) 264 34 — Derivatives not Designated as Hedging Instruments: 38.1 43 36 7 — 173 115 58 — Interest Rate — — — — — — — — Exchange Rate — — — — 4 — 4 — Energy Commodities 43 (3) 36 7 — 169 (4) 115 54 — Inventories — — — — — — — — TOTAL 383 69 96 218 541 379 162 — (1) Includes electricity derivatives for €212 million and liquid fuel or gas derivatives for €40 million. (2) Includes liquid or gas fuel derivatives for €220 million. (3) Includes liquid fuel or gas derivatives for €43 million. (4) Includes liquid fuel or gas derivatives for €157 million. 40.2. Fair value measurement of financial liability classes At 30 June 2025 and 31 December 2024, 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 Notes 30 June 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 Securities 38.2 14 — 14 — — — — — Bank Borrowings 38.2 — — — — — — — — Fair Value Hedging Derivatives: 38.2 8 — 8 — — — — — Interest Rate 8 — 8 — — — — — Cash Flow Hedging Derivatives: 38.2 240 31 85 124 221 71 150 — Interest Rate 17 — 17 — — — — — Exchange Rate 38 — 38 — 62 — 62 — Energy Commodities 185 (1) 31 30 124 159 (2) 71 88 — Derivatives not Designated as Hedging Instruments: 38.2 35 21 13 1 315 222 93 — Interest Rate — — — — — — — — Exchange Rate — — — — 2 — 2 — Energy Commodities 35 (3) 21 13 1 313 (4) 222 91 — TOTAL 297 52 120 125 536 293 243 — (1) Includes electricity derivatives for €126 million and liquid fuel or gas derivatives for €41 million. (2) Includes liquid fuel or gas derivatives for €147 million. (3) Includes liquid fuel or gas derivatives for €27 million. (4) Includes liquid fuel or gas derivatives for €286 million. 203 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Millions of Euros Notes 31 December 2024 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 Securities 38.2 14 — 14 — — — — — Bank Borrowings 38.2 — — — — — — — — Fair Value Hedging Derivatives: 38.2 16 — 16 — — — — — Interest Rate 16 — 16 — — — — — Cash Flow Hedging Derivatives: 38.2 271 99 83 89 502 167 335 — Interest Rate 20 — 20 — — — — — Exchange Rate — — — — 3 — 3 — Energy Commodities 251 (1) 99 63 89 499 (2) 167 332 — Derivatives not Designated as Hedging Instruments: 38.2 49 22 27 — 154 84 70 — Interest Rate — — — — — — — — Exchange Rate — — — — 7 — 7 — Energy Commodities 49 (3) 22 27 — 147 (4) 84 63 — TOTAL 350 121 140 89 656 251 405 — (1) Includes electricity derivatives for €89 million and liquid fuel or gas derivatives for €156 million. (2) Includes liquid fuel or gas derivatives for €476 million. (3) Includes liquid fuel or gas derivatives for €47 million. (4) Includes liquid fuel or gas derivatives for €143 million. 40.3. Other matters During the six-month period ended 30 June 2025, 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 3.2q of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024. In addition, during the six-month period ended 30 June 2025, Endesa used the same valuation standards to determine fair value as those indicated in Notes 3.2h.5 and 3q of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024. In the first six months of 2025 and 2024, there have been no discontinuations of derivatives initially designated as cash flow hedges. 204 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 3.2h.5.2 of the Notes to the Financial Statements for the year ended 31 December 2024). As at 30 June 2025, the main features of these long- term financial contracts are as follows: Contract (1) Contracted Energy Volume TWh Duration Accounting Treatment Purchase of Electric Power 0,32 2019-2029 Fair Value through Profit or Loss Purchase of Electric Power 20,58 2020-2035 Cash Flow Hedges Sale of Electric Power 15,37 2022-2040 Cash Flow Hedges (1) Virtual Power Purchase Agreement” (VPPA) executed at market price. As of 30 June 2025 and 31 December 2024, the balance of derivative financial instruments classified as level 3 corresponds to these financial contracts. During the first six months of 2025 and 2024 the movement of derivative financial instruments valued at Level 3 fair value is as follows: Millions of Euros January–June 2025 January–June 2024 Opening Balance 123 209 (Loss)/Profit in the Consolidated Income Statement (1) 1 (Loss)/Profit in the Consolidated Statement of Other Comprehensive Income (10) (73) Closing Balance 112 137 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. As of 30 June 2025, none of the foreseeable possible scenarios of the above assumptions would result in a significant change in the fair value of the financial instruments classified in this Level. 205 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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41. Statement of cash flows As of 30 June 2025, cash and cash equivalents amounted to €226 million (€840 million as of 31 December 2024) (see Note 31). Endesa’s net cash flows during the first six months of 2024 and 2025, classified by activities (operating, investing and financing), were as follows: Millions of Euros Statement of Cash Flows January-June2025 January-June 2024 Net Cash Flows from Operating Activities 2,356 1,192 Net Cash Flows from Investing Activities (1,997) (622) Net Cash Flows from Financing Activities (973) (718) In the first half of 2025, cash flows generated by operating activities (€2,356 million) and the reduction of cash and other cash equivalents (€614 million) made it possible to meet the net cash flows applied to investing activities (€1,997 million) as well as the net payments derived from financing activities (€973 million). 41.1. Net cash flows from operating activities In the first six months of 2025, net cash flows from operating activities totalled €2,356 million (€1,192 million positive in the first six months of 2024) and are detailed as follows: 206 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euros Notes January–June 2025 January–June 2024 Gross Profit/Loss Before Tax 1,405 1,137 Adjustments in Profit/Loss: 1,566 1,571 Depreciation of Fixed Assets and Impairment Losses 14 1,11 7 1,030 Other Adjustments in (Net) Profit/Loss 449 541 Changes in Working Capital: (280) (1,023) Trade and other receivables 861 903 Inventories (432) (293) Current Financial Assets 111 (118) Trade and Other Current Liabilities(1) (820) (1,515) Other cash flows from operating activities: (335) (493) Interest Received 20 57 Dividends Received 3 3 Interest Paid(2) (195) (288) Corporate Income Tax Paid (58) (124) Other Cash Flows from Operating Activities(3) (105) (141) NET CASH FLOWS FROM OPERATING ACTIVITIES 2,356 1,192 (1) Includes trade debt discounted with financial institutions for supplier payment management ('confirming') amounting to €53 million (€39 million as of 30 June 2024). (2) Includes interest payments on financial debt for rights of use amounting to €21 million in both periods (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 Variation Changes in Working Capital ▲ €743 million (+72.6%) The evolution of this heading is due to the following effects: • Lower collections from trade and other receivables (€42 million). • Increase in payments for inventories (€13 million). • Higher net collections from regulatory items amounting to €229 million, which includes, on the one hand, an increase in compensation for cost overruns in the generation of Non- Peninsular Territories (TNP) (€153 million) and collections for tariff deficit (€123 million), and on the other hand, a decrease in the remuneration for investment in renewable energies (€45 million). • A decrease in payments to trade and other current liabilities (€695 million). Cash flows for the January-June 2024 period included the payment of the award in an arbitration for the price review of a long-term liquefied natural gas (LNG) supply contract for an amount of €515 million. During the first six months of 2025, 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. 207 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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41.2. Net cash flows from investing activities During the first half of 2025, net cash flows used in investing activities amounted to €1,997 million (€622 million of net cash flows used in the first half of 2024) 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 2025 January–June 2024 Acquisitions of Property, Plant, and Equipment and Intangible Assets (897) (914) Acquisitions of Tangible Fixed Assets(1) 19.1 (624) (725) Acquisitions of Intangible Assets 21.1 (174) (170) Facilities Provided by Clients 51 48 Suppliers of Fixed Assets (150) (67) Disposal of T angible Fixed Assets and Intangible Assets 18 6 Other Receipts and Payments from Investing Activities(2) 61 70 TOTAL (818) (838) (1) Does not include additions for rights of use amounting to €137 million as of 30 June 2025, and €29 million as of 30 June 2024. (2) Corresponds to receipts from subsidies and new installations requested by customers. • Cash payments and receipts applied to acquisitions and/or disposals of shareholdings in Group Companies: Millions of Euros Notes January–June 2025 January–June 2024 Investments in Group companies (949) — Acquisition of the company E-Generación Hidráulica, S.L.U. 7 (949) — Disposal of interests in Group companies 12 — Sale of the stake in the company Énergie Électrique de Tahaddart, S.A. 6.3 11 — Others 6.3 1 — TOTAL (937) — • Cash payments and receipts applied to acquisitions and/or disposals of other investments: Millions of Euros Notes January–June 2025 January–June 2024 Acquisitions of other investments (302) (206) Remuneration from Non-Current Distribution Activity (274) (193) Other Financial Assets (28) (13) Disposal of other Investments 60 422 Net Financial Guarantees 26.1 and 28 52 412 Other Financial Assets 8 10 TOTAL (242) 216 208 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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41.3. Net cash flows from financing activities During the first six months of 2025, net cash flows applied to financing activities amounted to €973 million (€718 million applied in the first six months of 2024) and mainly include the following aspects: • Cash flows from equity instruments: Millions of Euros Notes January–June 2025 January–June 2024 Treasury shares (190) — Contributions from shareholders in Endesa X Way, S.L. 24.1 (3) (6) Return of Contributions of shareholders in Infraestructuras San Serván SET 400, S.L. and Instalaciones San Serván II 400, S.L. 4 — Contributions of Shareholders in companies directly and/or Indirectly held by Enel Green Power España, S.L.U. (3) (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. 33.2 (1) (1) TOTAL (193) (10) • Drawdowns and repayments of current financial debt: Millions of Euros Notes January–June 2025 January–June 2024 Drawdowns Issuance of Euro Commercial Paper (ECP) 38.4.2 1,353 150 Other Financial Liabilities 1 6 Amortisation Redemption of Euro Commercial Paper (ECP) 38.4.2 (1,353) — Payment for Rights of Use Contracts (48) (47) Amortisation of Loans from the European Investment Bank (EIB) and the Instituto de Crédito Oficial (“ICO”) (132) (132) Other Financial Liabilities (4) (133) TOTAL (183) (156) • Dividend payments: Millions of Euros Notes January–June 2025 January–June 2024 Dividends paid by the Parent 33.1.4 (529) (529) Dividends Paid to Non-Controlling Interests(1) (60) (6) TOTAL (589) (535) (1) Corresponding to companies of Enel Green Power España, S.L.U. (see Note 33.2). 209 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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42. Balances and related-party transactions Related parties are those over which Endesa, directly or indirectly through one or more intermediary companies, exercises control or joint control, has significant influence, or is a key member of Endesa's management. Key management personnel of Endesa are those individuals who have the authority and responsibility for planning, directing, and controlling the activities of Endesa, either directly or indirectly, including any member of the Board of Directors. Transactions between the Company and its Subsidiaries and Joint Operating Entities, which are related parties, are part of the Company's ordinary course of business in terms of their subject matter and conditions. They have therefore been eliminated from the consolidation process and are not detailed in this Note. For the purposes of the information included in this Note, all companies of the Enel Group that are not included in the Consolidated Financial Statements of Endesa are considered significant shareholders of the Company. 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. All transactions with related parties are conducted on normal market terms and conditions. 210 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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42.1. Expenditure and income, and other transactions During the first halves of 2025 and 2024, the relevant balances and transactions with related parties were as follows: 42.1.1. Expenses and income Millions of Euros January–June 2025 Significant Shareholders Directors and Senior Management Individuals, Companies, or Entities of Endesa Other 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 — — — 129 211 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Millions of Euros January–June 2024 Significant Shareholders Directors and Senior Management Individuals, Companies, or Entities of Endesa Other Related Parties Total Financial Expenses 107 — — — 107 Leases — — — — — Services Received 25 — — 1 26 Purchase of Inventory 3 — — — 3 Other Expenses 38 — — — 38 Expenses for Financial Instruments Derived from Energy Commodities(1) 6 — — — 6 Power Purchases 3 — — — 3 Management or Collaboration Contracts 29 — — — 29 TOTAL EXPENSES 173 — — 1 174 Financial Income 1 — — — 1 Received Dividends — — — — — Rendering of Services 3 — — — 3 Sales of Inventory 111 — — — 111 Other Income 8 — — — 8 Income from Financial Instruments Derived from Energy Commodities(1) 6 — — — 6 Energy Sales — — — — — Management or Collaboration Contracts 1 — — — 1 Leases 1 — — — 1 TOTAL INCOME 123 — — — 123 (1) Includes a positive amount of €1 million, recorded in the Consolidated Statement of Other Comprehensive Income. 42.1.2. Other transactions Millions of Euros Notes 30 June 2025 Significant Shareholders Directors and Senior Management Individuals, Companies, or Entities of Endesa Other 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 Credit Lines Formalised and Drawn with Enel Finance International N.V. 42.1.3 3,521 — — — 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) 29.3 117 — — — 117 Commitments Made 19.2 and 21.2 24 — — — 24 Dividends and Other Distributions 33.1.4 371 — — — 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. (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. 212 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euros Notes 30 June 2024 Significant Shareholders Directors and Senior Management Individuals, Companies, or Entities of Endesa Other Related Parties Total Financing Agreements: Loans and Capital Contributions (Lender) — 1 — — 1 Financing Agreements: Loans and Capital Contributions (Borrower) 8,645 — — — 8,645 Balance of Loans and Credit Lines Formalised and Drawn with Enel Finance International N.V. 42.1.3 6,520 — — — 6,520 Undrawn Committed and Irrevocable Credit Facilities with Enel Finance International N.V. 38.4.1 y 42.1.3 2,125 — — — 2,125 Guarantees Provided — 8 — — 8 Guarantees Received(1) 29.3 128 — — — 128 Commitments Made 19.2 y 21.2 14 — — — 14 Dividends and Other Distributions 33.1.4 371 — — — 371 Other Transactions(2) 6 — — 39 (3) 45 (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. (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 2024. During the first halves of 2025 and 2024, 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 As of 30 June 2025 and 31 December 2024, the balances with related parties are detailed as follows: Millions of Euros Notes 30 June 2025 Significant Shareholders Directors and Senior Management Individuals, Companies, or Entities of Endesa Other Related Parties Total Enel Iberia, S.L.U. Other Significant Shareholders Total Customers and Trade Debtors 30 74 13 87 — — — 87 Loans and Credits Granted 1 — 1 1 — — 2 Other Receivables(1) 588 5 593 — — — 593 TOTAL DEBIT BALANCES 663 18 681 1 — — 682 Suppliers and Trade Creditors 656 (2) 235 891 1 — — 892 Loans and Receivables(3) — 3,521 3,521 — — — 3,521 Other Payment Obligations(1) 852 — 852 — — — 852 TOTAL TAX PA YABLES 1,508 3,756 5,264 1 — — 5,265 (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 €607 million. (3) Includes the ledger balance of loans subscribed and credit lines formalised and utilised with Enel Finance International N.V. 213 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Millions of Euros Notes 31 December 2024 Significant Shareholders Directors and Senior Management Individuals, Companies, or Entities of Endesa Other Related Parties Total Enel Iberia, S.L.U. Other Significant Shareholders Total Customers and Trade Debtors 30 39 43 82 — — — 82 Loans and Credits Granted — — — 1 — — 1 Other Receivables(1) 261 3 264 — — — 264 TOTAL DEBIT BALANCES 300 46 346 1 — — 347 Suppliers and Trade Creditors 527 (2) 202 729 — — — 729 Loans and Receivables(3) — 3,521 3,521 — — — 3,521 Other Payment Obligations(1) 191 — 191 — — — 191 TOTAL TAX PA YABLES 718 3,723 4,441 — — — 4,441 (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. (3) Includes the ledger balance of loans subscribed and credit lines formalised and utilised with Enel Finance International N.V. Enel Finance International N.V. As of 30 June 2025 and 31 December 2024, 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 2025 31 December 2024 Terms and Conditions MaturityLimit Non- Current Current Limit Non- Current Current Credit Line with Enel Finance International, N.V. (1) 1,500 — — — — — Margin of 76.5 bp and Availability Fee of 17 .6 bp. 9 May 2030 Credit Line with Enel Finance International, N.V. (1) — — — 1,125 — — Margin of 134 bp and Availability Fee of 23 bp. 9 May 2025 Credit Line with Enel Finance International, N.V.(1) 1,000 — — 1,000 — — Margin of 63 bp and Availability Fee of 20 bp. 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 4.263% 4 May 2028 TOTAL 6,025 3,525 — 5,650 3,525 (1) Committed and irrevocable Credit Lines (see Note 38.4.1). 214 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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42.2. Associates, joint ventures, and joint operating entities As of 30 June 2025 and 31 December 2024, 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 Notes Associates Joint Ventures Joint Operation 30 June 2025 31 December 2024 30 June 2025 31 December 2024 30 June 2025 31 December 2024 Customer Receivables from Sales and Services 30 6 4 1 — 1 1 Credits 26.1 and 28 66 62 8 4 7 8 Guarantees Granted — — — — — — During the first halves of 2025 and 2024, 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 2025 January–June 2024 January–June 2025 January–June 2024 January–June 2025 January–June 2024 Revenue 5 4 1 1 2 1 Expenses (3) (3) (14) (13) (20) (20) 215 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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42.3. Remuneration and other benefits of Directors and Senior Management Remuneration earned by Directors During the first six months of 2025 and 2024, the remuneration earned by the Directors was as follows: Thousands of Euros Remuneration Item Directors January–June 2025 January–June 2024 Remuneration for Belonging to the Board of Directors and/or Board Committees 1,075 1,078 Salaries 500 500 Variable Remuneration in Cash 344 400 Share-Based Payment Plans 199 142 Compensations — — Long-Term Savings Systems — 14 Other Items 117 124 TOTAL 2,235 2,258 Advances and loans As of 30 June 2025, the Executive Director has a loan for a gross amount of €230 thousand, with an average interest rate of 3.113% (€230 thousand gross as of 31 December 2024, with an average interest rate of 4.121%), and a loan of €421 thousand, gross, without interest (€421 thousand gross, without interest as of 31 December 2024) (the interest subsidy is 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 2025 and 2024: Thousands of Euros Remuneration Item Senior Management January–June 2025 January–June 2024 Remuneration Earned 5,076 8,463 TOTAL 5,076 8,463 (1) (1) Includes indemnities. Senior Management at 30 June 2025 and 2024 comprised 16 people. 216 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Other information At 30 June 2025 and 31 December 2024, in terms of remuneration, the Company had not issued any guarantees to Senior Managers who are not also Executive Directors. At 30 June 2025 and 2024, the Company had all its early retirement and pension obligations with Directors and Senior Managers covered. 42.4. Other Disclosures concerning the Board of Directors In accordance with articles 229 and 529 “duovicies” of the Spanish Companies Act, it is noted that the members of the Board of Directors have not had any conflict of interest situations, direct or indirect, with the interest of the Company, during the first half of 2025. In relation to gender diversity: At 30 June 2025 and 31 December 2024, the Board of Directors of Endesa, S.A. is composed of 14 Directors, of whom 6 are women. During the first six months of 2025 and 2024, the Company has taken out Directors' and Officers' liability insurance policies for a gross amount of €821 thousand and €870 thousand, respectively. This insures both the Company's Directors and employees with management responsibilities. During the first six months of 2025 and 2024, 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 based on long-term remuneration schemes, known as “Strategic Incentive Plans”, aimed primarily at strengthening the commitment of employees, who occupy positions of greater responsibility in the attainment of the Group’s strategic targets. The Plan is structured through successive triennial programs, which start every year from 1 January 2010. Since 2014, the Plans have foreseen a deferral of the payment and the need for the Executive to be active on the date of liquidation thereof; and payments are made on two dates: 30% of the incentive will be paid in the year following the end of the Plan, and the remaining 70%, if applicable, will be paid two years after the end of the Plan. Once the accrual period of the Strategic Incentive Plans has ended, the only entitlement to payment of these will be in the event of retirement, termination of the fixed-term contract or decease, with payment being made at the corresponding time, and may be advanced to the heirs in the event of death. For those Strategic Incentive Plans in which the accrual has not ended, only the amount corresponding to the Base Amount of the Incentive that has been assigned, “pro rata temporis” until the date of termination of the contractual relationship, when the Exercise Conditions are met for departures due to retirement or termination of the fixed-term contract. 217 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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2023-2025 and 2024-2026 Strategic Incentive Plan Information on both the “2023–2025 Strategic Incentive Plan” and the “2024–2026 Strategic Incentive Plan” of Endesa is provided in Note 46.3.5 to the Consolidated Financial Statements for the year ended 31 December 2024. 2025-2027 Strategic Incentive Plan On 29 April 2025, the General Shareholders' Meeting of Endesa, S.A. approved a long-term variable remuneration scheme known as the “2025-2027 Strategic Incentive Plan”. The purpose and characteristics of this Plan are the same as those of the 2023–2025 Strategic Incentive Plan and the 2024–2026 Strategic Incentive Plan, as described in Note 46.3.5 to the Consolidated Financial Statements for the year ended 31 December 2024, while the performance period and targets to which its accrual is tied differ. Therefore, the accrual of the “2025-2027 Strategic Incentive Plan” is linked to the fulfilment of 5 targets during the performance period, which shall be three years running from 1 January 2025: Objectives Weighting Accrual of 2025-2027 Strategic Incentive 1. 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 2025-2027 period. 45% 2. Return on Average Capital Employed (ROACE) target (2) represented in cumulative form in the 2025-2027 period. This objective represents the relationship between the Ordinary Operating Profit (EBIT)(3) and the Average Net Invested Capital (ANIC)(4) in cumulative form in the 2025-2027 period. 10% 3. “Earnings per Share (EPS)” represented by the ratio between the net ordinary profit in 2027 and the total number of outstanding shares. 20% 4. Reduction of carbon dioxide (CO 2) emissions: reduction of Endesa's specific carbon dioxide (CO2) emissions (gCO2/kWh) in 2027 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 2027 . 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) “Return On Average Capital Employed” (ROACE) (%) = Ordinary Operating Profit (EBIT)/Average Net Invested Capital (Average NIC). (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 half of 2025 and 2024 has been of €2 million, with €1 million corresponding to the estimate of share- based payments to be settled in equity instruments and €1 million to the estimate of payments of the Plan 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 2025, with a balance of €6 million as of 30 June 2025. 218 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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43. Purchase commitments and guarantees issued to third parties and other commitments As of 30 June 2025 and 31 December 2024, 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 Notes 30 June 2025 31 December 2024 Guarantees Issued to Third Parties: Tangible Fixed Assets Pledged as Collateral for Financing Received 38.4.3 28 32 Short and Long-Term Gas Contracts 309 293 Energy Contracts 111 112 Contracts for Operating in Financial Markets 40 40 Supply Contracts for Property, Plant, and Equipment and Other Inventories 32 47 TOTAL (1) 520 524 Future Purchase Commitments: Tangible assets 19.2 916 875 Intangible Assets 21.2 44 25 Purchase of Subsidiaries — 1,000 Rendering of Services 25.1 24 19 Purchases of Energy Commodities and Others 29.3 15,842 18,252 TOTAL 16,826 20, 171 (1) Excludes bank guarantees to third parties. Endesa considers that the additional liabilities, if any, that could arise from outstanding bank guarantees at 30 June 2025 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 Company's Directors believe that Endesa will be able to fulfil these commitments, thus they anticipate no significant contingencies arising from this matter. 219 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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44. Workforce 44.1. Final workforce Final workforce details for Endesa are as follows: Number of Employees Final Workforce 30 June 2025 31 December 2024 Men Women Total Men Women Total Managers 147 41 188 149 43 192 Middle management 2,414 1,367 3,781 2,394 1,352 3,746 Administration and Management Personnel and Workers 4,079 1,032 5,111 3,973 1,003 4,976 TOTAL EMPLEADOS 6,640 2,440 9,080 6,516 2,398 8,914 Number of Employees Final Workforce 30 June 2025 31 December 2024 Men Women Total Men Women Total % Chg. Generation and Commercialisation 3,637 1,227 4,864 3,592 1,220 4,812 1.1 Distribution 2,340 552 2,892 2,263 520 2,783 3.9 Structure and others(1) 663 661 1,324 661 658 1,319 0.4 TOTAL EMPLOYEES 6,640 2,440 9,080 6,516 2,398 8,914 1.9 (1) Structure and Services. 220 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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44.2. Average workforce Average workforce details for Endesa are as follows: Number of Employees Average headcount January–June 2025 January–June 2024 Men Women Total Men Women Total Managers 148 42 190 158 42 200 Middle management 2,366 1,335 3,701 2,393 1,326 3,719 Administration and Management Personnel and Workers 3,943 992 4,935 3,906 997 4,903 TOTAL EMPLOYEES 6,457 2,369 8,826 6,457 2,365 8,822 Number of Employees Average headcount January–June 2025 January–June 2024 Men Women Total Men Women Total Generation and Commercialisation 3,563 1,197 4,760 3,622 1,232 4,854 Distribution 2,243 523 2,766 2,180 483 2,663 Structure and others(1) 651 649 1,300 655 650 1,305 TOTAL EMPLOYEES 6,457 2,369 8,826 6,457 2,365 8,822 (1) Structure and Services. During the first six months of 2025 and 2024, the average number of employees in the Joint Operating Entities was 738 and 755, respectively. The details of the average number of employees in the first six months of 2025 and 2024 with a disability of 33% or greater are as follows: Number of Employees Average Workforce with Disabilities(1) January–June 2025 January–June 2024 Men Women Total Men Women Total Managers 1 — 1 1 — 1 Middle management 27 9 36 29 6 35 Administration and Management Personnel and Workers 45 14 59 42 15 57 TOTAL EMPLOYEES 73 23 96 72 21 93 (1) Greater than or equal to 33%. 221 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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45. Contingent assets and liabilities In the six-month period ended 30 June 2025, the following significant changes occurred in relation to litigation and arbitration proceedings involving Endesa companies described in Note 50 to the Consolidated Financial Statements for the year ended 31 December 2024: • Of the 2 legal proceedings in progress at 31 December 2024 against Edistribución Redes Digitales, S.L.U., related to the forest fire that occurred in Aguilar de Segarra (Barcelona) on 18 July 1998, one of them resulted in a final judgement at second instance, dated 11 October 2022, partially in favour of Edistribución Redes Digitales, S.L.U., pending settlement with Mapfre, according to the agreement of 27 September 2005. • The administrative authorisations for the Peña del Gato and Valdesamario wind farms, owned by Energías Especiales del Alto Ulla, S.A.U. (a 100% subsidiary of Enel Green Power España, S.L.U.), were annulled by the Supreme Court rulings of 13 July 2015 and 5 May 2017 , respectively, due to improper handling of the Environmental Impact Assessment (EIA) process. Additionally, the municipal licenses granted by the municipalities of Valdesamario and Riello for the Valdesamario wind farm were also annulled for the same reason (Rulings from the High Court of Justice of Castile and Leon on 26 June 2017 , and from the Administrative Court of Leon on 30 May 2017 , both final), along with the evacuation infrastructures for the wind farms (Rulings from the High Court of Justice of Castile and Leon on 13 and 19 March 2018). These were challenged before the Supreme Court by its owner, Promociones Energéticas del Bierzo, S.L.U. (a 100% subsidiary of Enel Green Power España, S.L.U.). However, the Supreme Court decided not to admit the 3 appeals through Orders dated 20 December 2018 and 31 January 2019). The approval of the Ponjos electrical transformation sub-station (ETS) project was also annulled in a Ruling from the Administrative Court 1 of Leon on 31 May 2017 , which was challenged by Promociones Energéticas del Bierzo, S.L.U., and subsequently appealed. The Appeal was upheld in the Ruling of the High Court of Justice of Castile and Leon on 1 July 2021. A new administrative authorisation for the Peña del Gato wind farm was granted on 8 May 2017 , after the project was resubmitted to address the deficiencies in its environmental assessment. The facilities began operating with 14 turbines on 3 January 2018, and the remaining 11 turbines were brought online on 4 April 2018, after a modified permit for woodland use was received, in line with the new authorisation. In the enforcement phase of the court Ruling, the High Court of Justice of Castile and Leon annulled the new administrative authorisation granted on 30 July 2018, as it was deemed to have issued with the intention of circumventing the High Court of Justice of Castile and Leon’s Ruling of 13 July 2015. An Appeal for reconsideration was filed against the Ruling by the regional Government of Castile and Leon and Energías Especiales del Alto Ulla, S.A.U., which was dismissed in a Ruling on 21 December 2018. Energías Especiales del Alto Ulla, S.A.U. subsequently filed an Appeal in cassation with the Supreme Court, which was inadmissible as per the Order issued on 3 July 2019. As a result of the suspension of the evacuation infrastructure, the Peña del Gato wind farm was forced to halt operations again in May 2019. On 26 October 2021, Energías Especiales del Alto Ulla, S.A.U. was notified of a submission to the High Court of Justice of Castile and Leon by the association “Plataforma para la Defensa de la Cordillera Cantábrica” (“Platform for the Defence of the Cantabrian Mountain Range”), requesting the suspension of the new administrative authorisation 222 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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proceedings and an environmental expert assessment. This was part of the enforcement phase of the court Ruling that annulled the Peña del Gato wind farm's administrative authorisation. Both Energías Especiales del Alto Ulla, S.A.U. and the regional Government of Castile and Leon opposed the request, which was rejected by the High Court of Justice of Castile and Leon in an Order on 10 February 2022. On 24 May 2022, a new administrative authorisation and Environmental Impact Assessment (EIA) were obtained for the Peña del Gato and Valdesamario wind farms, as well as the associated evacuation infrastructure. Appeals were subsequently filed against these authorisations by several environmental associations, but were dismissed by the regional Government of Castile and Leon. On 20 January 2023, Energías Especiales del Alto Ulla, S.A.U. was notified that the association “Plataforma para la Defensa de la Cordillera Cantábrica” has filed, before the Contentious- Administrative Court of León, two contentious- administrative appeals against the dismissal of the appeals against the administrative authorisation and Environmental Impact Statement (DIA) of the Valdesamario and Peña del Gato wind farms, both appeals being in the conclusions phase. • The Supreme Court issued Judgement number 212/2022, of 21 February, on the Appeal filed by Endesa, S.A., Endesa Energía, S.A.U. and Energía XXI Comercializadora de Referencia, S.L.U., as well as on the Appeals filed by other companies in the Electricity Sector against the obligation, provided for in article 45.4 of Law 24/2013, of 26 December, on the Electricity Sector, Royal Decree-Law 7 /2016, of 23 December, and Royal Decree 897 /2017 , of 6 October, to finance the cost of the Social Bonus, as well as to co-finance with the Public Authorities the supply to severely vulnerable consumers eligible for Last Resort Tariffs (TUR) and at risk of social exclusion. It is an Appeal filed against the third system to finance the Social Bonus, whereby the obligation was imposed to finance the parents of company groups that carry out electricity supply activities, or the companies themselves that do so if they do not form part of a corporate group. In particular, the Supreme Court partially upheld the Appeal declaring (i) inapplicable the Social Bonus financing system and the cofinancing system with the administrations for the supply of severely vulnerable consumers that avail themselves of the TUR and that are at risk of social exclusion; (ii) articles 12 to 17 of Royal Decree 897 /2017 , of 6 October, to be inapplicable and null and void. In turn, the following is acknowledged, (iii) the right of the claimant to be compensated for the amounts paid to finance and cofinance (alongside the public administrations) the Social Bonus, so that all amounts paid in this regard are refunded, less any amounts that may have been passed on to customers. Lastly, the following is declared: (iv) the right of the complainant to be compensated for the amounts invested to implement the application, verification, and management process for the Social Bonus, together with the amounts paid to apply this procedure, discounting those amounts that, where appropriate, would have been passed on to the customers. By Procedural Order of 24 May 2022, the Judgement was received by the responsible Body, indicating that the ruling must be complied with by the Sub-Directorate General for Electricity. In view of the inactivity of the Administration, on 10 November 2022, a written request for enforcement was filed. Subsequently, by Order of 9 January 2023, a report was received from the Ministry for Ecological Transition and the Demographic Challenge (Ministerio para la Transición Ecológica y el Reto Demográfico - MITECO) on the status of enforcement of the Ruling, and Endesa was given notice to state, within 10 days, whether the Administration had set the amounts to be paid as compensation. On 24 January 2023, Endesa submitted a written statement of allegations, together with the corresponding reports, and requested access to the report prepared by the National Commission for Markets and Competition (Comisión Nacional de los Mercados y la Competencia - CNMC) on which the MITECO based its report on the status of execution of the Ruling, reserving the right to make further allegations in view of the aforementioned report. On 29 March 2023, a new writ was filed with the Supreme Court requesting that (i) immediate payment be made of the undisputed amount of the claimed compensation, (ii) the report from the National Commission on Markets and Competition (CNMC) on which the Ministry for Ecological Transition and the Demographic Challenge (MITECO) based its 223 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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report on the status of execution of the Judgement be transferred, and (iii) the State Advocate be summoned to make submissions and proceed with the ratification of the expert reports submitted. On 26 May 2023, the Supreme Court issued a decision, among other matters, to: (i) to initiate enforcement of the ruling, (ii) to order the Ministry of Ecological Transition and the Demographic Challenge (MITECO) to submit the report of the Spanish Markets and Competition Commission (CNMC) dated 24 March 2022 as requested, (iii) to partially uphold the motion filed by Endesa declaring Energía XXI Comercializadora de Referencia, S.L.U.'s entitlement to be paid an amount of Euro 152 million, plus legal interest calculated from the date of payment until the date of reimbursement, in connection with reference provided for in section four of the operative part of the ruling; (iv) to order the Ministry of Ecological Transition and the Demographic Challenge (MITECO) to quantify, within a maximum period of one month, the amount payable to the appellant as compensation for the share of Endesa's free supplier of the cost of financing the Social Bonus after deducting any applicable amount that had been passed on to customers, (v) to order the Ministry of Ecological Transition and the Demographic Challenge (MITECO) to quantify, as quickly as possible, the amount to be paid to the appellant for amounts invested to implement the procedure to request, check and manage the Social Bonus application and, within a maximum period of two months, pay the appellant the appropriate amount plus legal interest in the terms specified in the verification and management procedure for the Social Subsidy and to pay the appellant the appropriate amount for this item within a maximum period of 2 months, plus legal interest in the terms indicated in the operative part of the ruling. On 28 July 2023, the Secretary of State for Energy notified a Resolution recognising Endesa's right to (i) compensation amounting to €152 million (to which legal interest accrued up to the date of effective payment for a total amount of €21 million should be added) for the financing costs associated with customers in the regulated market segment, and (ii) compensation of €7 million (including the corresponding legal interest) for the costs of implementing and processing the Social Bonus. Regarding the financing cost associated with customers in the deregulated market segment, the aforementioned Resolution of the Secretary of State for Energy does not recognise any compensation. On 18 September 2023, Endesa submitted a written submission to the Supreme Court, along with the corresponding expert reports, to demonstrate that Endesa has not passed on the financing cost of the Social Bonus associated with customers in the deregulated market segment and, therefore, is entitled to full compensation (see Note 3.2.2). By a Procedural Order of 2 April 2024, the Supreme Court admitted the evidence proposed by Endesa. In April 2024, the expert reports submitted by Endesa were ratified, and in May 2024, the Court appointed a judicial expert whose report was ratified on 4 July 2024. Finally, after the relevant reports were ratified, the Supreme Court, in its ruling of 18 September 2024, upheld the appeal and decided to: i. Partially annul the Resolution issued by the Secretary of State for Energy on 21 July 2023, concerning the amounts claimed in the appeal that were not recognised by the Administration; ii. Recognise Endesa's right to receive payment of €148 million for the amounts allocated to financing and co-financing of consumers supplied by Endesa Energía S.A.U., plus the corresponding interest from the date of payment until the date of the actual reimbursement; iii. Recognise Endesa's right to receive payment of €6 million in principal for the amounts invested to implement the application, verification, and management process for the Social Bonus for consumers supplied by Energía XXI Comercializadora de Referencia, S.L.U. As ruled by the Supreme Court, this sum should be paid in addition to the amounts already paid by the Administration for this purpose (amounting to €6 million), plus the corresponding interest from the date of payment until the date of reimbursement. Given that the Administration had already paid the full amounts invested to implement the application, 224 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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verification, and management process for the Social Bonus (as stated in section (iii)), on 13 December 2024, Endesa informed the Supreme Court that the amount of €148 million, recognised for the financing and co-financing of consumers supplied by Endesa Energía S.A.U., is still pending payment. Following the submission of Endesa's written statement on 13 December 2024, urging payment of the outstanding compensation, and subsequent submissions from the Administration regarding a discrepancy between the amounts declared by Endesa and those identified by the National Commission for Markets and Competition (CNMC), the Supreme Court has issued an Order on 5 May 2025, (i) agreeing to amend the third point of the operative part of its Order of 18 September 2024, specifying that the amount to be paid to Endesa is €148 million, plus the corresponding legal interest. The Supreme Court (ii) in turn grants a period of 20 working days to the Administration to pay this amount. On 21 July 2025, a payment of 148 million euros was received from the Administration in respect of the financing of the Social Bonus associated with free market customers, with the corresponding interest still pending payment. • In September 2022, Edistribución Redes Digitales, S.L.U. filed an Appeal before the Supreme Court against Order TED/749/2022, of 27 July, which approves the incentive or penalty for reducing losses in the distribution network for 2016, modifies the base remuneration for 2016 for several companies, and approves the remuneration for electricity retailers for the years 2017 , 2018, and 2019. In particular, Edistribución Redes Digitales, S.L.U. challenges (i) the remuneration recognised for the years 2017 , 2018, and 2019 due to the inclusion of results from inspection procedures that were clearly detrimental to the Company. These significantly reduced the remuneration for those years and failed to recognise certain investments and expenses incurred by Edistribución Redes Digitales, S.L.U. in the course of its operations. Additionally, (ii) the penalty amount for distribution network losses for 2016, as established by Edistribución Redes Digitales, S.L.U., is being contested. After the corresponding procedural steps were completed, the date for voting and ruling has been set for 21 October 2025. • 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 sanctioning 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 supply markets, provision of energy services, installation of measurement equipment, and the installation and operation of self- consumption systems. According to the press release published by the National Commission of Markets and Competition (CNMC), the initiation of this file does not prejudge the final outcome of the investigation. The Competition Directorate has sent several requests for information during the first half of 2025. On July 14, 2025, the Competition Directorate of the National Commission of Markets and Competition (CNMC) agreed to extend the initiation of sanctioning file S/0007 /23 for the alleged commission of abusive conduct, contrary to Article 2 of Law 15/2007 on the Defense of Competition and Article 102 of the Treaty on the Functioning of the European Union (EU), consisting 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. According to the Competition Directorate, the proceedings are against EDistribución Redes Digitales, S.L.U., Endesa Energía, S.A.U. and the parent company of both, Endesa, S.A. • Last January 2025, a Liquefied Natural Gas (LNG) production company initiated arbitration proceedings against Endesa Generación, S.A.U. for 225 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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the price review of a long-term LNG supply contract. In its statement of claim, filed in June 2025, the counterparty is requesting a price adjustment that could result in a payment by Endesa of approximately 240 million US dollars (USD), including interest up to 30 June 2025. This amount could vary during the course of the arbitration, which is not expected to conclude until the last quarter of 2026. • In relation to the latest General Inspection processes of Corporation Tax (IS) and Value Added Tax (VAT) of the Tax Consolidation Groups to which Endesa, S.A. belongs, as well as Withholdings on account of Personal Income Tax (IRPF) and, where applicable, Non-Resident Income Tax (“IRNR”), of each of the inspected Companies: With respect to the years 2015 to 2018, in 2022, Settlement Agreements were received for Corporation Income Tax (“IS”) (one for the general part and another for the related-party transactions part), Value Added Tax (VAT), and Withholdings, which were appealed in the same year before the Central Economic-Administrative Court (“TEAC”). In 2024, the Central Economic-Administrative Court (“TEAC”) issued dismissive Resolutions on Corporation Income Tax (“IS”) regarding Related- Party Transactions and Withholdings, as well as partially estimatory Resolutions on Corporate Income Tax (“IS”) General Part and Value Added Tax (VAT). The dismissed matters are being challenged before the National High Court, with the main issues under discussion for Withholdings being the treatment of vehicle use by employees and for Value Added Tax (VAT), the deductibility of the tax associated with the leasing of said vehicles, as well as the application of the pro-rata rule, with the assessments having been partially paid. In the case of Corporation Income Tax (“IS”), the concepts still under discussion mainly relate to the difference in criteria regarding the deductibility of certain financial expenses and the rejection of part of the deduction for accredited Research, Development, and Technological Innovation, with the contingency associated with the process having already been paid. The contingent amount for these items amounts to 12 million euros, although the repayment of 28 million euros is still being claimed. In relation to the matters estimated by the Central Economic-Administrative Court (“TEAC”) in 2024 in relation to Value Added Tax (VAT), they mainly refer to the deductibility of the input Value Added Tax (VAT) associated with the use of vehicles by employees with a favourable impact of €1 million, an impact reflected in 2025 after the Enforcement Agreement of the Central Economic-Administrative Court (“TEAC”) of April 2025. In the case of Corporation Income Tax (“IS”), they refer to the admission of the claim related to the unconstitutionality of Royal Decree-Law 3/2016, of 2 December, which was declared by the Constitutional Court in Ruling number 11/2024, of 18 January, and to the criterion of temporary imputation of income from refunds of taxes declared unconstitutional. To this end, in 2025, the Tax Agency has issued an Enforcement Agreement of the aforementioned Resolution of the Central Economic-Administrative Court (“TEAC”), proceeding to re-liquidate the years 2015 to 2018. At 30 June 2025 the effect at Endesa level is Euro 14 million. • Regarding the Tax on Spent Nuclear Fuel governed by Law 15/2012, of 27 December, on Fiscal Measures for Energy Sustainability, there are ongoing proceedings where Endesa Generación, S.A.U. has requested a modification of the tax base of the Tax on Spent Nuclear Fuel. This is because it believes that the criterion established in the Resolution of the TEAC from 22 February 2022 should be applied for calculating the retroactivity coefficient set out in the Third Transitional Provision of the law. Following these claims, Endesa Generación, S.A.U. has requested a refund of undue payments. On 22 March 2024, Tax Inspection authorities approved a refund of €5 million. Settlement agreements have been received denying the totality of the requested refunds for €143million, and have been appealed before the Central Economic-Administrative Court (TEAC) in February 2025. • In relation to the New Temporary Energy Levy introduced by Law 38/2022, of 27 December, for the establishment of temporary energy levies, Endesa, S.A. appealed in 2023 the implementing regulations before the National High Court, considering that the tax is contrary to European and Spanish regulations. 226 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Once the self-assessments filed during the 2023 and 2024 fiscal years were self-challenged, requesting a refund of €369 million based on the argument of illegality, tax inspections were initiated for each of them. In January 2025, the settlement agreement was received, confirming the refund of part of the tax paid in 2023 by accepting the request for exclusion from the tax base of certain income of the commercialisation and generating company, as it came from regulated activities. On the other hand, the inspection for the 2024 fiscal year ended on 7 July 2025 without any regularisation. The appeal against the settlement agreements resulting from the inspections continues on the grounds of the illegality of the levy. 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 2025 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 2025, the amount of payments made for the resolution of litigation amounted to €2 million (€1 million paid during the six-month period ended 30 June 2024). 46. Events after the reporting period On 1 July 2025, the merger by absorption was registered, whereby E-Generación Hidráulica, S.L.U. is merged into Endesa Generación, S.A.U. through the block transfer of its assets, resulting in its dissolution without liquidation. Except as mentioned in the preceding paragraph, no significant subsequent events have occurred between 30 June 2025 and the date of approval of these Interim Condensed Consolidated Financial Statements that have not been reflected therein. 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. 227 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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APPENDIX I: Relevant companies and shareholdings of Endesa Below is a list of the companies that were part of Endesa on 30 June 2025. 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 Generation Commercialisation of other Products and Services Structure and Services Company Name Address Share capital Activity Consolidation Method PARENT COMPANY ENDESA, S.A. MADRID (SPAIN) 1,270,502,540.40 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. 228 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control 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 SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, 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 229 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation 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. SORIA (SPAIN) 13,222,000.00 EUR E.M. (A) CORPORACIÓN EÓLICA DE ZARAGOZA, S.L. ZARAGOZA (SPAIN) 271,652.00 EUR E.M. (A) 230 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control 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 16.98 16.98 16.98 16.98 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) 37.5 0 37.5 0 37.5 0 37.5 0 ERNST & YOUNG ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 25.00 25.00 25.00 25.00 KPMG AUDITORES 231 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation 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. E-GENERACIÓN HIDRÁULICA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 20,003,100.00 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. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 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. 232 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control 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) 45.00 100.00 45.00 100.00 KPMG AUDITORES ENDESA, S.A. 55.00 55.00 ENDESA, S.A. 100.00 100.00 100.00 100.00 KPMG AUDITORES ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL) 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) 100.00 100.00 100.00 100.00 UNAUDITED 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 6 100.00 47.4 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 233 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation 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 EÓLICA ÁBREGO, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,576.00 EUR F.C. ENERGÍA EÓLICA GALERNA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,413.00 EUR F.C. ENERGÍA EÓLICA GREGAL, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,250.00 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. 234 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control 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 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) 100.00 100.00 100.00 100.00 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 235 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation Method ENERGÍAS ESPECIALES DEL BIERZO, S.A. LEON (SPAIN) 1,635,000.00 EUR E.M. (A) 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. 236 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control Economic ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 50.01 50.01 50.00 50.00 KPMG AUDITORES ENVATIOS PROMOCIÓN I, S.L. (SOCIEDAD UNIPERSONAL) 7.6 9 23.08 7.6 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 SHARK POWER, 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 10.36 3.45 10.36 UNAUDITEDENVATIOS PROMOCIÓN II, S.L. (SOCIEDAD UNIPERSONAL) 3.45 3.45 ENVATIOS PROMOCIÓN III, S.L. (SOCIEDAD UNIPERSONAL) 3.45 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 237 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation Method EXPLOTACIONES EÓLICAS SASO PLANO, S.A. ZARAGOZA (SPAIN) 5,488,500.00 EUR F.C. 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. FV SANTA MARÍA, 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) 238 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control Economic ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 65.00 65.00 65.00 65.00 KPMG AUDITORES ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 90.00 90.00 90.00 90.00 KPMG AUDITORES ENEL GREEN POWER ESPAÑA, 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 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 239 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation Method 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. ICE FOTOVOLTAICOS VILLAMECA, S.L. MADRID (SPAIN) 3,000.00 EUR E.M. (J.V.) INFRAESTRUCTURA DE EVACUACIÓN PEÑAFLOR 220 KV, S.L. MADRID (SPAIN) 3,500.00 EUR E.M. (J.V.) 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. 240 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control Economic 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 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) 41.14 41.14 41.14 41.14 UNAUDITED PUERTO SANTA MARÍA ENERGÍA I, S.L. (SOCIEDAD UNIPERSONAL) 50.00 100.00 50.00 100.00 UNAUDITED PUERTO SANTA MARÍA ENERGÍA II, S.L. (SOCIEDAD UNIPERSONAL) 50.00 50.00 BAYLIO SOLAR, S.L. (SOCIEDAD UNIPERSONAL) 6.41 9.62 6.41 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 11.90 7 .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 29.26 ILV 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 241 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation Method 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) 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. 242 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control Economic 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 ENERGÍA EÓLICA GALERNA, S.L. (SOCIEDAD UNIPERSONAL) 9.31 9.31 UNAUDITED ENERGÍA EÓLICA GREGAL, S.L. (SOCIEDAD UNIPERSONAL) 9.31 9.31 ENERGÍA 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 243 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation Method 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. 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 01, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,006.00 EUR F.C. 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.) 244 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control 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) 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 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 50.00 49.98 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 34.35 24.75 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 — — UNAUDITED ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 — — UNAUDITED ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 — — UNAUDITED ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 — — UNAUDITED ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 — — UNAUDITED ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 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 245 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation Method 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. 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. RIBINA RENOVABLES 400, S.L. MADRID (SPAIN) 3,000.00 EUR E.M. (A) 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. 246 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control 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 DEHESA DE LOS GUADALUPES SOLAR, S.L. (SOCIEDAD UNIPERSONAL) 6.24 40.06 6.24 40.06 UNAUDITED FURATENA 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 ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 15.96 15.96 ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 31.03 47.5 4 31.03 33.02 47.5 4 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 ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 27. 8 6 35.92 27. 8 6 35.92 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 ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 40.21 40.21 40.21 40.21 UNAUDITED ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL) 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 247 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation Method 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. 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, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 143,000.00 EUR F.C. 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) 248 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control 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) 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 ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 16.00 16.00 16.00 16.00 UNAUDITED ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) 100.00 100.00 100.00 100.00 UNAUDITED SHARK POWER, 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 249 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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Company Name Address Share capital Activity Consolidation Method 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. 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.I.E. 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) 190,1 71,521.16 EUR F.C. VIRULEIROS, S.L. LA CORUÑA (SPAIN) 160,000.00 EUR F.C. YEDESA COGENERACIÓN, S.A. (IN LIQUIDATION) ALMERÍA (SPAIN) 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. 250 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Shareholders Ownership % as of 30 June 2025 Ownership % as of 31 December 2024 Auditing FirmControl Economic Control Economic 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 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 17.75 17.7 7 35.50 UNAUDITED FURATENA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL) 17.7 3 17.7 3 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 UNIPERSONAL) 40.00 40.00 40.00 40.00 UNAUDITED 251 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 4. Limited Review Report on the Individual Interim Condensed Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 3. Interim Condensed Consolidated Financial Statements
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CHAPTER 4. LIMITED REVIEW REPORT ON THE INDIVIDUAL INTERIM CONDENSED FINANCIAL STATEMENTS (FOR THE SIX-MONTH PERIOD 30 JUNE 2025)
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Report on Limited Review of of Endesa, S.A. ((TTooggeetthheerr wwiitthh tthhee iinnddiivviidduuaall iinntteerriimm ccoonnddeennsseedd ffiinnaanncciiaall ssttaatteemmeennttss aanndd mmaannaaggeemmeenntt rreeppoorrtt ooff EEnnddeessaa,, SS..AA.. ffoorr tthhee ssiixx--mmoonntthh ppeerriioodd eennddeedd 3300 JJuunnee 22002255)) (Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.) 254 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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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 Condensed 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 2025, 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 to 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 the accompanying interim financial statements. 255 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 4. Limited Review Report on the Individual Interim Condensed Financial Statements
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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 2025 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 therefore be read in conjunction with the Company’s annual accounts for the year ended 31 December 2024. 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 2025 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 2025. 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) Juan Ignacio Fernández Pérez 28 July 2025 KPMG Auditores, S.L. 256 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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257 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 5. Individual Interim Condensed Financial Statements and Management Report HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 4. Limited Review Report on the Individual Interim Condensed Financial Statements
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CHAPTER 5. INDIVIDUAL INTERIM CONDENSED FINANCIAL STATEMENTS AND MANAGEMENT REPORT (FOR THE SIX-MONTH PERIOD 30 JUNE 2025)
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Endesa, S.A. Balance Sheets at 30 June 2025 and 31 December 2024 Millions of Euro Note 30 June 2025 (unaudited) 31 December 2024 ASSETS NON-CURRENT ASSETS 19,448 19,447 Intangible assets 53 63 Patents, licences, trademarks and similar 3 4 Software applications 50 59 Property, Plant and Equipment — 1 Technical facilities and other tangible assets — 1 Long-term investments in group companies and associates 3 and 10.1 19,134 19,130 Equity Instruments 19,128 19,127 Other Financial Assets 6 3 Long-term financial investments 3 61 70 Equity Instruments 4 4 Loans to third parties 12 12 Derivatives 32 40 Other Financial Assets 13 14 Deferred tax assets 200 183 CURRENT ASSETS 527 764 Trade and other receivables 171 466 Other receivables — 49 Receivables from Group companies and associates 10.1 166 381 Personnel 3 — Current Tax Assets — 36 Other receivables from public authorities 2 — Short-term investments in group companies and associates 3 and 10.1 138 90 Loans to companies 134 90 Other Financial Assets 4 — Short-term Financial Investments 3 180 178 Loans to third parties 178 175 Other Financial Assets 2 3 Short-term accruals 1 — Cash and cash equivalents 37 30 Cash at bank and in hand 37 30 TOTAL ASSETS 19,975 20,211 The accompanying Condensed Explanatory Notes 1 to 13 are an integral part of the Balance Sheets at 30 June 2025 and 31 December 2024. 260 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Endesa, S.A. Balance Sheets at 30 June 2025 and 31 December 2024 Millions of Euro Note 30 June 2025 (unaudited) 31st December 2024 NET EQUITY AND LIABILITIES NET EQUITY 4 5,385 6,133 Capital and reserves 5,375 6,121 Capital 1,271 1,271 Issued capital 1,271 1,271 Share premium 89 89 Reserves 1,466 1,466 Legal and by-law reserves 254 254 Other reserves 1,212 1,212 (Treasury Shares) (214) (4) Retained Earnings 2,434 2,396 Retained earnings 2,434 2,396 Profit/loss for the period 323 1,427 Interim dividend — (529) Other Net Equity Instruments 6 5 Valuation adjustments 10 12 Hedging transactions 10 12 NON-CURRENT LIABILITIES 12,808 12,690 Long-term provisions 5 185 215 Long-term employee benefits 21 21 Provisions for workforce restructuring plans 127 142 Other provisions 37 52 Long-term debts 6 5,467 5,658 Bonds and other marketable securities 14 14 Bank borrowings 5,422 5,603 Derivatives 25 36 Other financial liabilities 6 5 Long-term Debts to Group Companies and Associates 6 and 10.1 7 ,140 6,800 Debts to group companies and associates 7 ,140 6,800 Deferred tax liabilities 16 17 CURRENT LIABILITIES 1,782 1,388 Short-term provisions 5 31 33 Provisions for workforce restructuring plans 31 33 Short-Term debts 6 864 715 Bank borrowings 585 545 Other financial liabilities 279 170 Short-term debts to group companies and associates 6 and 10.1 765 502 Debts to group companies and associates 155 123 Other financial liabilities 610 379 Trade and other payables 122 138 Suppliers 22 — Group company and associate suppliers 10.1 42 37 Other payables 28 65 Employee payables 22 28 Other payables to public administrations 8 8 TOTAL NET EQUITY AND LIABILITIES 19,975 20,211 The accompanying Condensed Explanatory Notes 1 to 13 are an integral part of the Balance Sheets at 30 June 2025 and 31 December 2024. 261 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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Endesa, S.A. Income Statements for the six-month periods ended 30 June 2025 and 2024 Millions of Euro Note January – June 2025 (unaudited) January – June 2024 (unaudited) CONTINUING OPERATIONS Net Revenue 8.1 and 10.1 637 705 Provision of services 150 139 Dividend income from Group companies and associates 487 566 Other Operating Revenues 1 — Ancillary and Other Operating Revenues 1 — Personnel Expenses 8.3 (82) (80) Salaries, wages, and similar (63) (65) Social security costs (17) (15) Provisions (2) — Other operating expenses 8.4 (44) (248) External services (35) (35) Taxes (1) (203) Other current operating expenses (8) (10) Depreciation and amortisation (17) (18) Excess Provisions 5.3 15 — Impairment and Gains or Losses on Disposals of Fixed Assets 1 — Impairment and results of investments in Group and Associated Companies 3.1.1 and 8.2 1 — OPERATING PROFIT 512 359 Financial Income 8.5 4 5 Marketable securities and other fixed asset credits 4 5 Third parties 4 5 Financial expenses 8.5 (226) (243) Debts to group companies and associates 10.1 (123) (124) Debts to third parties (100) (115) Provision adjustments (3) (4) Change in the fair value of financial instruments 1 1 Trading portfolio and other 1 1 Exchange Differences (3) — NET FINANCIAL RESULT (224) (237) PROFIT BEFORE TAX 288 122 Income Corporation tax 35 55 PROFIT/LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS 323 177 PROFIT/LOSS AFTER TAX FOR THE PERIOD FROM DISCONTINUED OPERATIONS — — PROFIT/LOSS FOR THE PERIOD 323 177 The accompanying Condensed Explanatory Notes 1 to 13 form an integral part of the Income Statements for the six-month periods ended 30 June 2025 and 2024. 262 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Endesa, S.A. Statements of changes in equity for the six-month period ended 30 June 2025 and 2024 A) Statements of recognised income and expenses for the six-month period ended 30 June 2025 and 2024 Millions of Euro Note January – June 2025 (unaudited) January – June 2024 (unaudited) PROFIT/LOSS FROM THE INCOME STATEMENT 323 177 INCOME AND EXPENSES RECOGNISED DIRECTL Y IN NET EQUITY Cash flow hedges 3.3 and 6.2 2 27 Actuarial gains and losses and other adjustments 5.1 — 2 Tax effect — (7) TOTAL INCOME AND EXPENSES RECOGNISED DIRECTL Y IN EQUITY 2 22 PROFIT AND LOSS TRANSFERRED TO INCOME STATEMENT Cash flow hedges 6.2 (5) (14) Tax effect 1 4 TOTAL PROFIT AND LOSS TRANSFERRED TO THE INCOME STATEMENT (4) (10) TOTAL RECOGNISED INCOME/EXPENSES 321 189 The accompanying Condensed Explanatory Notes 1 to 13 are an integral part of the statements of recognised income and expenses for the six- month period ended 30 June 2025 and 2024. 263 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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Endesa, S.A. Statements of changes in equity for the six-month period ended 30 June 2025 and 2024 B) Statements of total changes in equity for the six-month period ended 30 June 2025 and 2024 Millions of Euro 30 June 2025 (unaudited) Capital and Reserves Capital (Note 4.1) Share premium (Note 4.2) Reserves and previous years’ profit or loss (Treasury shares) (Note 4.4) Profit/ (loss) for the period (Interim Dividend) (Note 4.5) Other equity instruments Valuation Adjustments (Note 4.6) Total net equity Balance as of 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 — — — (210) — — — — (210) Other changes in net equity — — 38 — (1,427) 529 1 — (859) Distribution of profit/loss — — 38 — (1,427) 529 — — (860) Other changes — — — — — — 1 — 1 Balance as of 30 June 2025 1,271 89 3,900 (214) 323 — 6 10 5,385 Millions of Euro 30 June 2024 (unaudited) Capital and Reserves Capital (Note 4.1) Share premium (Note 4.2) Reserves and previous years’ profit or loss (Treasury shares) (Note 4.4) Profit/ (loss) for the period (Interim dividend) (Note 4.5) Other equity instruments Valuation Adjustments (Note 4.6) Total net equity Balance as of 31 December 2023 1,271 89 4,336 (4) 580 (529) 5 27 5,775 TOTAL RECOGNISED INCOME/ EXPENSES — — 2 — 177 — — 10 189 Other changes in net equity — — (478) — (580) 529 1 — (528) Distribution of profit/loss — — (478) — (580) 529 — — (529) Other changes — — — — — — 1 — 1 Balance as of 30 June 2024 1,271 89 3,860 (4) 177 — 6 37 5,436 The accompanying Condensed Explanatory Notes 1 to 13 are an integral part of the statements of total changes in equity for the six-month period ended 30 June 2025 and 2024. 264 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Endesa, S.A. Statements of cash flows for the six-month periods ended 30 June 2025 and 2024 Millions of Euro Note January – June 2025 (unaudited) January – June 2024 (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES 539 149 Profit/loss before tax 288 122 Adjustments in profit/loss (265) (313) Income from dividends 8.1 and 10.1 (487) (566) Amortisation of fixed assets 17 18 Valuation Adjustments for Impairment (1) — Changes in provisions (16) (3) Gains or losses on disposal of fixed assets (1) — Financial income 8.5 (4) (5) Financial expenses 8.5 226 243 Change in fair value of financial instruments (1) (1) Other profit/loss adjustments 2 1 Changes in working capital 226 (56) Other cash flows from operating activities 290 396 Interest paid (212) (215) Dividends received 483 626 Interest received — 7 Income tax received/paid 36 (1) Other proceeds/payments (17) (21) CASH FLOWS FROM INVESTMENT ACTIVITIES (9) (2) Payments for investments (14) (6) Property, plant and equipment and intangible assets (11) (4) Other financial assets (3) (2) Proceeds from divestment 5 4 Property, plant and equipment and intangible assets 1 — Other Financial Assets 4 4 CASH FLOWS FROM FINANCING ACTIVITIES (523) (171) Proceeds and (Payments) for Equity Instruments (190) — Acquisition of own equity instruments (190) — Proceeds from (payments) financial liability instruments 196 358 Issue 1,699 522 Repayment and amortisation (1,503) (164) Dividends and interest on other equity instruments paid (529) (529) Dividends (529) (529) NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS 7 (24) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 30 293 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 37 269 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 2025 and 2024. . 265 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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2.3. Responsibility for the information and estimates 272 2.4. Going concern 273 2.5. Functional currency and presentation currency 273 2.6. Comparison of information 273 2.7 . Aggregation of line items 273 3. Current and non-current financial assets 274 3.1. Non-current and current investments in Group companies and associates 276 3.2. Current and non-current financial investments 278 3.3. Items recognised in the income statement and in equity 279 3.4. Fair value measurement 280 3.5. Financial investment commitments 280 4. Equity and dividends 281 4.1. Share capital 281 4.2. Share premium 281 4.3. Reserves 282 4.4. Treasury shares 282 4.5. Dividends 283 4.6. Valuation adjustments 283 5. Current and non-current provisions 284 5.1. Provisions for pensions and other similar obligations 284 5.2. Provisions for workforce restructuring plans 287 5.3. Other non-current provisions 287 5.4. Litigation and arbitration 288 Balance Sheets at 30 June 2025 and 31 December 2024 260 Income Statement for the six-month periods ended 30 June 2025 and 2024 262 Statements of changes in equity for the six-month periods ended 30 June 2025 and 2024 263 Statements of cash flows for the six-month periods ended 30 June 2025 and 2024 265 CONDENSED EXPLANATORY NOTES TO THE INDIVIDUAL INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 June 2025 268 1. Activity and Interim Condensed Financial Statements of the Company 269 2. Basis of preparation of the Individual Interim Condensed Financial Statements and Condensed Explanatory Notes 271 2.1. True and fair presentation 271 2.2. Accounting principles 272 266 CONTENTS
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6. Current and non-current financial liabilities 291 6.1. Current and non-current financial liabilities 291 6.2. Items recognised in the income statement and in equity 294 6.3. Fair value measurement 294 6.4. Covenants 295 6.5. Other matters 296 7 . Risk control and management policy 297 7 .1. Interest rate risk and foreign currency risk 297 7 .2. Liquidity risk 297 7 .3. Credit risk 298 8. Revenues and expenses 298 8.1. Revenue 298 8.2. Impairment losses in Group companies and associates 299 8.3. Personnel expenses 299 8.4. Other operating expenses 300 8.5. Financial income and expenses 301 9. Guarantees to third parties, commitments and other contingent liabilities 302 10. Related-party transactions 303 10.1. Related-party transactions and balances 303 10.2. Information on the Board of Directors and Senior Management 306 11. Other information 309 11.1. Workforce 309 11.2. Insurance 310 11.3. Interruption of power supply on the Iberian Peninsula 310 12. Hechos posteriores al cierre 311 13. Explanation added for translation to English 311 MANAGEMENT REPORT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025 312 1. Business development 313 2. Main financial operations 314 3. Events after the reporting period 314 4. Geopolitical Situation 315 5. Risk control and management policy and the principal risks associated with Endesa’s business 316 6. Policy on derivative financial instruments 316 7 . Human resources 316 8. Treasury shares 317 9. Environmental protection 317 10. Research and development activities 317 11. Information on the average supplier payment period 318
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ENDESA, S.A. CONDENSED EXPLANATORY NOTES TO THE INDIVIDUAL INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025 5. INDIVIDUAL INTERIM CONDENSED FINANCIAL ST ATEMENTS AND MANAGEMENT REPORT
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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 tax offices and headquarters are at Calle Ribera del Loira 60, Madrid, with this also being its administrative office. Its 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. 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. Endesa’s financial statements for the year ended 31 December 2024 were approved by the shareholders at the General Shareholders’ Meeting held on 29 April 2025, and are filed with the Madrid Mercantile Registry. The Company holds interests in Group companies, jointly-controlled entities and associates. Consequently, in accordance with prevailing legislation, the Company is the parent of a group of companies. In accordance with generally accepted accounting principles in Spain, the preparation of Consolidated Annual 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 net equity and cash flows. Information pertaining to investments in Group companies, jointly-controlled entities, and associated companies is included in Note 3.1.1. The Consolidated Annual Financial Statements of Endesa, S.A. and its Subsidiaries for the year ended 31 December 2024 were approved by the General Shareholders’ Meeting held on 29 April 2025 and have been filed with the Madrid Mercantile Registry. On 28 July 2025, the Board of Directors of Endesa, S.A. approved the Interim Condensed Consolidated Financial Statements for the six-month period ended 30 June 2025 in accordance with current legislation and International Financial Reporting Standards (IFRS). 269 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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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 2025 and 2024 and the year ended 31 December 2024 are as follows: Millions of Euro 30 June 2025 (unaudited) 31st December 2024 Total assets 37, 0 07 37 ,345 Equity 9, 178 9,053 Of the parent company 8,276 8,110 Of non-controlling interests 902 943 Millions of Euro January – June 2025 (unaudited) January – June 2024 (unaudited) Income 10,880 10,416 Profit/loss after tax on continuing operations 1,060 798 Profit/loss after tax on discontinued operations — — Profit/loss for the Period 1,060 798 Of the parent company 1,041 800 Of non-controlling interests 19 (2) At 30 June 2025 and 31 December 2024, the Enel Group controls, through Enel Iberia, S.L.U., for accounting purposes only, taking into account the treasury shares held by the Company, 70.7% and 70.1% of the share capital of Endesa, S.A., respectively. For mercantile purposes, the percentage of Endesa, S.A.’s share capital held by the Enel Group through Enel Iberia, S.L.U. at 30 June 2025 remains at 70.1% (see Note 4.1). The Enel Group’s Consolidated Financial Statements for the year ended 31 December 2024 were approved by the General Shareholders’ Meeting held on 22 May 2025 and are filed with the Rome and Madrid Companies Registers. 270 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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2. Basis of preparation of the Individual Interim Condensed Financial Statements and Condensed Explanatory Notes 2.1. True and fair presentation The Individual Interim Condensed Financial Statements, which were approved by the Board of Directors at its meeting held on 28 July 2025, have been prepared in accordance with the article 119 of Royal Decree Law 4/2015, of 23 October, approving the recast text of the Securities Market Act, and in accordance with the principles and content contained in articles 12 and 13 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 accompanying Individual Interim Condensed Financial Statements for the six-month period ended 30 June 2025 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 Accounting Plan approved by Royal Decree 1514/2007 , of 16 November, subsequently amended by the 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 a complete Individual Interim Financial Statements and therefore, for greater understanding, should be read in conjunction with the financial statements for the year ended 31 December 2024. The accompanying Individual Interim Condensed Financial Statements reflect a true and fair presentation of the Company’s equity and financial position at 30 June 2025, 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. 271 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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2.2. Accounting principles The accounting policies 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 financial statements for the year ended 31 December 2024. 2.3. Responsibility for the information and estimates These Individual Interim Condensed Financial Statements were authorised for issue at the Board of Directors’ meeting held on 28 July 2025 and the Company’s Directors are responsible for the information contained therein, which expressly states that all principles and criteria of the Spanish General Accounting Plan 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 2024. 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 2025 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. 272 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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2.4. Going concern As at 30 June 2025, as a result of its financial and cash management policy, the Company has negative working capital of €1,255 million. In this regard, the cash positions, together with the amount of available long-term 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 Balance Sheet. 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 euros. The Company’s functional and presentation currency is the euro. 2.6. Comparison of information For purposes of comparison, the statements of financial position in these Individual Interim Condensed Financial Statements present, in addition to the figures for the six-month period ended 30 June 2025, comparative figures forming part of the financial statements for the year ended 31 December 2024 approved by the General Shareholders’ Meeting on 29 April 2025. The income statements, statements of changes in equity, statements of cash flows and the notes to the Individual Interim Condensed Financial Statements present, in addition to the six-month figures for the period ended 30 June 2025, those corresponding to the six-month period ended 30 June 2024. 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. 273 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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3. Current and non-current financial assets At 30 June 2025, the details and movements of “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 2025 are as follows: Millions of Euro Note Balance as of 31 December 2024 Additions and charges Disposals Balance as of 30 June 2025 Long-Term Investments in Group Companies and Associates 3.1 and 10.1 19,130 3 1 19,134 Equity Instruments 3.1.1 19,127 — 1 19,128 Interests in Group companies and associates 19,128 — — 19,128 Impairment loss (1) — 1 — Loans to companies 3.1.2 — — — — Loans to companies 54 — — 54 Impairment (54) — — (54) Other Financial Assets 3 3 — 6 Long-term financial investments 3.2 70 2 (11) 61 Equity Instruments 3.2.1 4 — — 4 Long-term financial investments 5 — — 5 Impairment (1) — — (1) Loans to third parties 3.2.2 12 — — 12 Loans to third parties 12 — — 12 Derivatives 3.4 40 — (8) 32 Other Financial Assets 3.2.3 14 2 (3) 13 TOTAL NON-CURRENT FINANCIAL ASSETS 19,200 5 (10) 19,195 274 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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The headings “Current financial investments in Group companies and associates” and “Current financial investments” of the accompanying statement of financial position at 30 June 2025 and 31 December 2024 break down as follows: Millions of Euro Note 30 June 2025 31 December 2024 Short-term investments in Group companies and associates 10.1 138 90 Loans to companies 3.1.2 134 90 Loans to Group companies and associates 134 90 Other Financial Assets 4 — Short-Term Financial Investments 180 178 Loans to third parties 3.2.2 178 175 Loans to third parties 178 175 Other Financial Assets 2 3 TOTAL CURRENT FINANCIAL ASSETS 318 268 275 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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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 2025, as well as the most significant information regarding each investment at those dates, are as follows: Group companies and associates and Joint Control: Six-month period ended 30 June 2025 Millions of Euros Company (1) Activity % direct ownership Capital Reserves Interim dividend Profit/loss)for the year Profit/loss from operations Net Profit Registered offices Group companies: Endesa Energía, S.A.U. – Madrid (2) Supply of energy products 100% 14 1,577 — 597 440 Endesa Generación, S.A.U. – Sevilla (2) Electricity generation and supply 100% 1,940 5,340 — 451 288 Endesa Medios y Sistemas, S.L.U. – Madrid Rendering of Services 100% 90 70 — (13) (9) Endesa Financiación Filiales, S.A.U. – Madrid Financing of Endesa, S.A. subsidiaries 100% 4,621 4,665 — — 128 Endesa Mobility, S.L.U. – Madrid Electric Mobility Services 100% 10 30 — (6) (6) Edistribución Redes Digitales, S.L.U. – Madrid Electricity distribution 100% 1,204 1,403 — 545 351 Distribuidora Eléctrica del Puerto de la Cruz, S.A.U. – Santa Cruz de Tenerife Distribution of electric power 100% 13 23 — 2 2 Energías de Aragón I, S.L.U. – Zaragoza Electricity distribution 100% 3 8 — 1 1 Eléctrica del Ebro, S.A.U. – Barcelona Distribution of electric power 100% — 23 — 4 3 Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A. – Ceuta Distribution activities 96.42% 16 48 — 3 3 Other Associates and Joint Control: Suministradora Eléctrica de Cádiz, S.A. – Cádiz Electricity distribution 33.50% 12 26 — 3 3 Comercializadora Eléctrica de Cádiz, S.A. – Cádiz Supply of electric power 33.50% 7 9 — 3 3 Other TOTAL (1) Unaudited data. (2) Figures relate to the consolidated subgroup. These companies do not have publicly listed share prices. 276 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euros Total equity Grants, donations and bequests received Valuation adjustments Total net equity Carrying amount Dividends Received (Notes 8.1 and 10.1)Cost Impairment loss for the year Accumulated impairment loss 19,102 1 — 487 2,031 — 78 2,109 1,145 — — 229 7 ,568 85 (157) 7,4 9 6 5,891 — — — 151 — (1) 150 167 — — — 9,414 — — 9,414 9,242 — — 73 34 5 — 39 37 — — — 2,958 3,579 — 6,537 2,462 — — 166 38 1 — 39 31 — — 4 12 3 — 15 9 — — 2 26 3 — 29 23 — — 8 67 10 — 77 86 — — 4 9 1 — 1 26 — — — 41 8 — 49 17 — — — 19 — — 19 6 — — — 3 — — — 19,128 1 — 487 277 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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Most significant changes in the six-month period ended 30 June 2025 There were no significant changes in the six-month period ended 30 June 2025. 3.1.2. Current and non-current loans to Group companies and associates As at 30 June 2025, the heading short-term Loans to Group and Associated companies mainly includes the receivable from Enel Iberia, S.L.U. for Corporation Tax corresponding to the current and previous year for an amount of €31 million and €103 million, respectively (€50 million and €38 million, respectively, corresponding to the current and previous year at 31 December 2024). Likewise, as at 30 June 2025 and 31 December 2024, the Company has a loan granted to Elcogas, S.A. (in Liquidation) recorded under the “Long-term loans to Group companies and associates” heading for an amount of 54 million euros, 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 2025 and 2024, no significant impairment charges or reversals were recognised for investments in Group companies, jointly controlled entities and associates. Note 4d.1.2 to the financial statements for the year ended 31 December 2024, “Investments in equity instruments of Group companies, jointly-controlled entities and associates” establishes that the investments in Group companies, jointly-controlled entities and associates are initially measured at cost, and subsequently adjusted for any accumulated impairment losses. At 30 June 2025, 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. 3.2. Current and non-current financial investments 3.2.1. Equity instruments As at 30 June 2025 and 31 December 2024, equity investments amounted to €4 million, respectively. 278 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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3.2.2. Current and non-current loans to third parties As at 30 June 2025 and 31 December 2024, the ‘Long-term loans to third parties’ heading includes the balance corresponding to long-term loans to staff amounting to €12 million, respectively. Likewise, as at 30 June 2025 and 31 December 2024, there are no impairment allowances for “Long-term loans to third parties” . As at 30 June 2025 and 31 December 2024, the ‘Short- term loans to third parties’ heading includes the amount receivable of €175 million and €173 million, respectively, corresponding to the right of Endesa, S.A. to be compensated for the amounts paid for the financing and co-financing with Public Authorities of the Social Bonus (€148 million) plus default interest (€27 million and €25 million, respectively, as at 30 June 2025 and 31 December 2024) (see Note 5.4). 3.2.3. Other non-current financial assets As at 30 June 2025, this balance included €4 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. (€6 million at 31 December 2024) (see Note 5.1). Likewise, as at 30 June 2025, 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 €3 million (€3 million at 31 December 2024) (see Note 5.1). 3.3. Items recognised in the income statement and in equity In the six-month period ended 30 June 2025 and 2024, the applications made in the income statement and equity linked to financial assets grouped by the different categories are as follows: Millions of Euro January–June 2025 January–June 2024 Income statement Equity Income statement Equity Financial Assets at Amortised Cost 3 — 3 — Fair Value Hedging Derivatives — — — — Cash flow hedging derivatives 6 (8) 14 1 TOTAL 9 (8) 17 1 279 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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3.4. Fair value measurement At 30 June 2025 and 31 December 2024, the classification of financial assets measured at fair value in the statement of financial position by fair value hierarchy was as follows: Millions of Euro 30 June 2025 Fair Value Level 1 Level 2 Level 3 Long-term financial investments 32 — 32 — Derivatives 32 — 32 — Interest rate hedges 32 — 32 — Fair value hedges 2 — 2 — Cash flow hedges 30 — 30 — Total non-current assets 32 — 32 — Millions of Euro 31st December 2024 Fair Value Level 1 Level 2 Level 3 Long-term financial investments 40 — 40 — Derivatives 40 — 40 — Interest rate hedges 40 — 40 — Fair value hedges 2 — 2 — Cash flow hedges 38 — 38 — Total non-current assets 40 — 40 — There were no level transfers among these financial assets in the six-month period ended 30 June 2025 or in the year 2024. 3.5. Financial investment commitments At 30 June 2025 and 31 December 2024, Endesa, S.A. had no agreements that included commitments to make financial investments of a significant amount. 280 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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4. Equity and dividends At 30 June 2025 and 2024, the breakdown of Equity and movements during the period are shown in the statement of changes in equity that form part of the Company’s financial statements. Details of the Company’s equity at 30 June 2025 and 31 December 2024 are as follows: Millions of Euro Note 30 June 2025 31st December 2024 Share capital 4.1 1,271 1,271 Share premium 4.2 89 89 Reserves 4.3 1,466 1,466 (Treasury Shares) 4.4 (214) (4) Previous years' profit or loss 2,434 2,396 Profit/loss for the period 323 1,427 Interim dividend 4.5 — (529) Other Net Equity Instruments 6 5 Valuation adjustments 4.6 10 12 TOTAL 5,385 6,133 4.1. Share capital At 30 June 2025 and 31 December 2024, Endesa, S.A. had share capital of € 1,270,502,540.40, represented by 1,058,752,117 bearer shares with a par value of € 1.20 each, which were fully subscribed and paid and all admitted to trading on the Spanish stock exchanges. All the shares have the same voting and profit-sharing rights. At 30 June 2025 and 31 December 2024, the number of shares held by the Enel Group in Endesa, S.A., through Enel Iberia, S.L.U., represented, for mercantile purposes, 70.1% of its share capital. At the same dates, no other shareholder held shares representing more than 10% of Endesa, S.A.’s share capital. 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, on 30 June 2025, 29 million euros of the share premium is restricted to the extent that it is subject to tax assets capitalised in prior years (29 million euros on 31 December 2024). 281 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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4.3. Reserves Details of the Company’s reserves at 30 June 2025 and 31 December 2024 are as follows: Millions of Euro Note 30 June 2025 31st December 2024 Legal Reserve 254 254 Revaluation Reserve 404 404 Redeemed capital reserve 102 102 Reserve for redenomination of capital in € 2 2 Reserve for actuarial profits and losses and other adjustments 4.3.1 2 2 Other reserves 702 702 Merger reserve 676 676 Other unrestricted reserves 26 26 Voluntary and other reserves 26 26 TOTAL 1,466 1,466 4.3.1. Reserves for actuarial gains and losses and other adjustments At 30 June 2025 and 31 December 2024 this reserve derives from actuarial gains and losses recognised in equity (see Note 5.1). 4.4. Treasury shares Information regarding the temporary share buy-back programmes carried out in 2025 is provided in Notes 11.4 and 19.3.5 to the financial statements for the year ended 31 December 2024. Share Buyback Framework Programme The Board of Directors of Endesa, S.A., in a session held on 26 March 2025, has approved a “Share Buyback Framework Programme” for a maximum amount of €2,000 million (without prejudice to the possibility of suspending or terminating it early should circumstances so require) to be executed in several tranches until 31 December 2027 . Furthermore, the Board of Directors of Endesa, S.A., has also approved the first 2 tranches of the Framework Programme: • The first part of the “Share Buyback Framework Programme” is the Temporary Share Buyback Programme, which complies with the share delivery plan for employees (“Flexible Share Remuneration Programme”) approved by the Company’s Board of Directors on 25 February 2025. The duration of the said Programme was between 28 March and 14 April 2025. Under this Programme, in the 6-month period ended 30 June 2025, Endesa, S.A. acquired 698,426 treasury shares for an amount of €17 million, of which, as at 30 June 2025, €625 shares remain held by the Company. 282 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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• The second tranche of the “Framework Treasury Share Buy-back Programme” for a maximum monetary amount of €500 million was approved at the Company’s Board of Directors meeting held on 8 April 2025 for the purpose of reducing the share capital of Endesa, S.A. by cancelling a maximum of 104,558,375 treasury shares (9.87% of the share capital). The duration of the said Programme will be between 9 April and 31 December 2025. Under this Programme, in the 6-month period ended 30 June 2025, Endesa, S.A. acquired 8,039,584 treasury shares for an amount of €210 million, of which, as at 30 June 2025, all of them remain held by the Company. 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 10.2.4). The purchase of these shares has been carried out through temporary share buy-back programmes. Treasury shares of Endesa, S.A. As at 30 June 2025 and 31 December 2024, Endesa, S.A. Held treasury shares shown in the table below: Number of shares Nominal Value (Euros/Share) % of total Share Capital Average acquisition cost (Euros/Share) Total Cost of Acquisition (Euros) Treasury Shares on 30 June 2025 8,242,045 1.2 0.77847 25.90 213,500,937 Strategic Incentive Plans 199,096 1.2 0.01880 19.25 3,832,202 Flexible Share Remuneration Plans 3,365 1.2 0.00032 20.18 67 ,906 Plan for Share Capital Reduction 8,039,584 1.2 0.75935 26.07 209,600,829 Treasury Shares on 31 December 2024 201,836 1.2 0.02217 19.25 3,884,627 Strategic Incentive Plans 199,096 1.2 0.01880 19.25 3,832,202 Flexible Share Remuneration Plans 2 ,740 1.2 0.00026 19.13 52,425 4.5. Dividends The General Shareholders’ Meeting of Endesa, S.A. held on April 29, 2025, approved the distribution to shares with dividend rights of a total dividend charged to the results of the 2024 financial year for a gross amount of 1,3177 euros per share, which represents a maximum amount of 1,395 million euros, as detailed below: Approval date Euro Gross Dividend per Share Maximum Amount Payable (Millions of €) Payment Date Interim dividend 15 November 2024 0.5 529 8 January 2025 Final Dividend 29 April 2025 0.8177 866 1 July 2025 Total dividend paid against 2024 profit 1.3177 1,395 4.6. Valuation adjustments The movement in “Valuation adjustments” in the accompanying statement of financial position is shown in the statement of recognised income and expense, which forms part of these Individual Interim Condensed Financial Statements. 283 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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5. Current and non-current provisions Details of current and non-current provisions in the accompanying statement of financial position at 30 June 2025 and 31 December 2024 are as follows: Millions of Euro Note 30 June 2025 31st December 2024 Long-term provisions Non-current employee benefit provisions 21 21 Provisions for Pensions and Other Similar Obligations (1) 5.1 11 11 Other employee benefits 10 10 Provisions for workforce restructuring plans 5.2 127 142 Contract suspensions 127 142 Other provisions 5.3 37 52 Other liabilities 37 52 TOTAL 185 215 Short-term provisions Provisions for Workforce Restructuring Plans 31 33 Contract suspensions 31 33 TOTAL 31 33 (1) Corresponds to post-employment benefits other than pension plans amounting to €11 million at 30 June 2025 (€11 million at 31 December 2024). 5.1. Provisions for pensions and other similar obligations Details of the present value of the Company’s provisions regarding post-employment plans and other non-current benefits and associated plan assets at 30 June 2025 and 31 December 2024 are as follows: Millions of Euro 30 June 2025 31st December 2024 Present value of commitments 26 30 Assets 4 5 Liabilities 7 9 Early retirees 15 16 Fair value of defined benefit plan assets (18) (22) NET TOTAL (1) 8 8 (1) At 30 June 2025 includes post-employment benefits other than pension plans for an amount of €11 million (€11 million as at 31 December 2024) as well as a net asset balance for post-employment benefits relating to pension plans for an amount of €3 million (€3 million as at 31 December 2024). 284 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Movement in the actuarial liabilities assumed in relation to defined benefit scheme obligations in the first six months of 2025 was as follows: Millions of Euro January–June 2025 Opening Actuarial Liability 30 Actuarial Profits and Losses (2) Utilisation (2) Payments (2) Closing actuarial liability (1) 26 (1) At 30 June 2025 includes post-employment benefits other than pension plans for an amount of €11 million as (€11 million as at 31 December 2024) as well as a net asset balance for post-employment benefits relating to pension plans for an amount of €3 million (€3 million as at 31 December 2024). Changes in the market value of defined benefit plan assets in the first six months of 2025 are as follows: Millions of Euro January–June 2025 Opening market value 22 Payments (2) Actuarial Profits and Losses (2) Closing market value (1) 18 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 statements of financial position at 30 June 2025 and 31 December 2024. 285 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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Affected assets The main categories of defined benefit plan assets as a percentage of total assets, at 30 June 2025 and 31 December 2024 are as follows: Percentage (%) 30 June 2025 31st December 2024 Actions 29 30 Fixed income assets 47 48 Other Investments 24 22 TOTAL 100 100 Actuarial assumptions The assumptions used when calculating the actuarial liability in respect of uninsured defined benefit obligations at 30 June 2025 and 31 December 2024 are as follows: 30 June 2025 31st December 2024 Mortality Tables PERM FCOL2020 PERM FCOL2020 Interest Rate 3.72% - 3.79% 3.43% - 3.50% Expected Return on Plan Assets 3.77% 3.47% Future salary increases (1) 2.05% 2.09% Increase in the Costs of Health Care 4.10% 4.18% (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. 286 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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5.2. Provisions for workforce restructuring plans 5.2.1. Agreement on voluntary suspension or termination of employment contracts Movements in this non-current provision in the first six months of 2025 are as follows: Millions of Euro Note January–June 2025 Opening Balance 142 Additions charged to profit/loss for the year 3 Financial expenses 8.5 3 Applications (18) Personnel Expenses 8.3 (2) Financial income 8.5 (1) Transfers and other (15) Closing Balance 127 Actuarial assumptions The assumptions used in the actuarial calculation of the obligations arising under these workforce restructuring plans at 30 June 2025 and 31 December 2024 are as follows: 30 June 2025 31st December 2024 Interest Rate 3.15% 3.04% Future Increase in Guarantee 1.00% 1.00% Increase in Other Items 2.05% 2.09% Mortality Tables PERM FCOL2020 PERM FCOL2020 5.3. Other non-current provisions The breakdown of non-current “Other provisions” in the first six months of 2025, as shown on the liabilities side of the accompanying statement of financial position, is as follows: Millions of Euro January–June 2025 Opening Balance 52 Additions charged to profit/loss for the year — Utilisation of provisions — Excess of provisions (15) Closing Balance 37 287 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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5.4. Litigation and arbitration In the six-month period ended 30 June 2025, the following significant changes occurred in relation to litigation and arbitration proceedings involving the Company described in Note 12.3 to the financial statements for the year ended 31 December 2024: • The Supreme Court issued Judgement n. 212/2022, of 21 February, on the Appeal filed by Endesa, S.A., Endesa Energía, S.A.U. and Energía XXI Comercializadora de Referencia, S.L.U., as well as on the Appeals filed by other companies in the Electricity Sector against the obligation, provided for in article 45.4 of Law 24/2013, of 26 December, on the Electricity Sector, Royal Decree-Law 7 /2016, of 23 December, and Royal Decree 897 /2017 , of 6 October, to finance the cost of the Social Bonus, as well as to co-finance with the Public Authorities the supply to severely vulnerable consumers eligible for Last Resort Tariffs (TUR) and at risk of social exclusion. It is an Appeal filed against the third system to finance the Social Bonus, whereby the obligation was imposed to finance the parents of company groups that carry out electricity supply activities, or the companies themselves that do so if they do not form part of a corporate group. In particular, the Supreme Court partially upheld the Appeal declaring (i) inapplicable the Social Bonus financing system and the cofinancing system with the administrations for the supply of severely vulnerable consumers that avail themselves of the TUR and that are at risk of social exclusion; (ii) articles 12 to 17 of Royal Decree 897 /2017 , of 6 October, to be inapplicable and null and void. In turn, the following is acknowledged, (iii) the right of the claimant to be compensated for the amounts paid to finance and cofinance (alongside the public administrations) the Social Bonus, so that all amounts paid in this regard are refunded, less any amounts that may have been passed on to customers. Lastly, the following is declared: (iv) the right of the complainant to be compensated for the amounts invested to implement the application, verification, and management process for the Social Bonus, together with the amounts paid to apply this procedure, discounting those amounts that, where appropriate, would have been passed on to the customers. By Procedural Order of 24 May 2022, the Judgement was received by the responsible Body, indicating that the ruling must be complied with by the Sub-Directorate General for Electricity. In view of the inactivity of the Administration, on 10 November 2022, a written request for enforcement was filed. Subsequently, by Order of 9 January 2023, a report was received from the Ministry for Ecological Transition and the Demographic Challenge (Ministerio para la Transición Ecológica y el Reto Demográfico - MITECO) on the status of enforcement of the Ruling, and Endesa was given notice to state, within 10 days, whether the Administration had set the amounts to be paid as compensation. On 24 January 2023, Endesa submitted a written statement of allegations, together with the corresponding reports, and requested access to the report prepared by the National Commission for Markets and Competition (Comisión Nacional de los Mercados y la Competencia - CNMC) on which the MITECO based its report on the status of execution of the Ruling, reserving the right to make further allegations in view of the aforementioned report. On 29 March 2023, a new writ was filed with the Supreme Court requesting that (i) immediate payment be made of the undisputed amount of the claimed compensation, (ii) the report from the National Commission on Markets and Competition (CNMC) on which the Ministry for Ecological Transition and the Demographic Challenge (MITECO) based its report on the status of execution of the Judgement be transferred, and (iii) the State Advocate be summoned to make submissions and proceed with the ratification of the expert reports submitted. On 26 May 2023, the Supreme Court issued a decision, among other matters, to: (i) to initiate enforcement of the ruling, (ii) to order the Ministry of Ecological Transition and the Demographic Challenge (MITECO) to submit the report of the Spanish Markets and Competition Commission (CNMC) dated 24 March 2022 as requested, (iii) to partially uphold the motion filed by Endesa declaring Energía XXI Comercializadora de Referencia, S.L.U.’s entitlement to be paid an amount of Euro 152 million, plus legal interest calculated from the date of payment until the date of reimbursement, in connection with reference provided for in 288 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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section four of the operative part of the ruling; (iv) to order the Ministry of Ecological Transition and the Demographic Challenge (MITECO) to quantify, within a maximum period of one month, the amount payable to the appellant as compensation for the share of Endesa’s free supplier of the cost of financing the Social Bonus after deducting any applicable amount that had been passed on to customers, (v) to order the Ministry of Ecological Transition and the Demographic Challenge (MITECO) to quantify, as quickly as possible, the amount to be paid to the appellant for amounts invested to implement the procedure to request, check and manage the Social Bonus application and, within a maximum period of two months, pay the appellant the appropriate amount plus legal interest in the terms specified in the verification and management procedure for the Social Subsidy and to pay the appellant the appropriate amount for this item within a maximum period of 2 months, plus legal interest in the terms indicated in the operative part of the ruling. On 28 July 2023, the Secretary of State for Energy notified a Resolution recognising Endesa’s right to (i) compensation amounting to €152 million (to which legal interest accrued up to the date of effective payment for a total amount of €21 million should be added) for the financing costs associated with customers in the regulated market segment, and (ii) compensation of €7 million (including the corresponding legal interest) for the costs of implementing and processing the Social Bonus. Regarding the financing cost associated with customers in the deregulated market segment, the aforementioned Resolution of the Secretary of State for Energy does not recognise any compensation. On 18 September 2023, Endesa submitted a written submission to the Supreme Court, along with the corresponding expert reports, to demonstrate that Endesa has not passed on the financing cost of the Social Bonus associated with customers in the deregulated market segment and, therefore, is entitled to full compensation (see Note 3.2.2). By a Procedural Order of 2 April 2024, the Supreme Court admitted the evidence proposed by Endesa. In April 2024, the expert reports submitted by Endesa were ratified, and in May 2024, the Court appointed a judicial expert whose report was ratified on 4 July 2024. Finally, after the relevant reports were ratified, the Supreme Court, in its ruling of 18 September 2024, upheld the appeal and decided to: i. Partially annul the Resolution issued by the Secretary of State for Energy on 21 July 2023, concerning the amounts claimed in the appeal that were not recognised by the Administration; ii. Recognise Endesa’s right to receive payment of 148 million euros for the amounts allocated to financing and co-financing of consumers supplied by Endesa Energía S.A.U., plus the corresponding interest from the date of payment until the date of the actual reimbursement; iii. Recognise Endesa’s right to receive payment of €6 million in principal for the amounts invested to implement the application, verification, and management process for the Social Bonus for consumers supplied by Energía XXI Comercializadora de Referencia, S.L.U. As ruled by the Supreme Court, this sum should be paid in addition to the amounts already paid by the Administration for this purpose (amounting to €6 million), plus the corresponding interest from the date of payment until the date of reimbursement. Given that the Administration had already paid the full amounts invested to implement the application, verification, and management process for the Social Bonus (as stated in Section (iii)), on 13 December 2024, Endesa informed the Supreme Court that the amount of €148 million, recognised for the financing and co-financing of consumers supplied by Endesa Energía S.A.U., is still pending payment. Following the written submission by Endesa on December 13, 2024, requesting payment of the outstanding compensation, and subsequent submissions by the Administration regarding the existence of a discrepancy between the amounts declared by Endesa and those identified by the National Commission of Markets and Competition (CNMC), the Supreme Court issued an Order dated May 5, 2025 (i) agreeing to rectify the third point of the operative section of its Order of September 18, 2024, specifying that the amount to be paid 289 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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to Endesa amounts to €148 million, plus the corresponding legal interest. The Supreme Court (ii) in turn granted the Administration a period of 20 business days to pay this amount. On 21 July 2025, a payment of 148 million euros was received from the Administration in respect of the financing of the Social Bonus associated with free market customers, with the corresponding interest still pending payment. • In relation to the New Temporary Energy Tax introduced by Law 38/2022, of December 27 , for the establishment of temporary energy taxes, Endesa, S.A. appealed the implementing regulations before the National Court in 2023, considering that the tax is contrary to European and Spanish regulations. Once the self-assessments filed during the 2023 and 2024 fiscal years were challenged, requesting a refund of €369 million based on the argument of illegality, tax audits were initiated for each of them. In January 2025, the Settlement Agreement was received, confirming the refund of part of the tax paid in 2023 by accepting the request to exclude certain income from the Tax Base for marketing and generating activities, as they originate from regulated activities. On the other hand, the 2024 inspection ended on July 7 , 2025, without any regularization. The appeal against the settlement agreements resulting from the inspections continues on the grounds of the illegality of the levy. 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 balance sheet. 290 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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6. Current and non-current financial liabilities 6.1. Current and non-current financial liabilities At 30 June 2025, details and movements of “Non- current debts” and “Non-current debts with Group companies and associates” in the accompanying statement of financial position are as follows: Millions of Euro Note Balance as of 31 December 2024 Drawdowns Fair value adjustments Short-term Transfers and other Others Balance as of 30 June 2025 Long-term debts 5,658 1 (6) (177) (9) 5,467 Bonds and other Marketable Securities 14 — — — — 14 Bank borrowings 5,603 — 5 (177) (9) 5,422 Derivatives 36 — (11) — — 25 Other Financial Liabilities 5 1 — — — 6 Long-term Debts to Group Companies and Associates 10.1 6,800 340 — — — 7 ,140 Debts to group companies and associates 6,800 340 — — — 7 ,140 TOTAL 12,458 341 (6) (177) (9) 12,607 At 30 June 2025 and 31 December 2024, details and movements in “Non-current debts” and “Non-current debts with Group companies and associates” in the accompanying statement of financial position are as follows: Millions of Euro Note 30 June 2025 31 December 2024 Short-Term debts 864 715 Bank borrowings 585 545 Other financial liabilities (1) 279 170 Short-term debts to group companies and associates 10.1 765 502 Debts to group companies and associates 155 123 Other financial liabilities (2) 610 379 TOTAL 1,629 1,21 7 (1) As at 30 June 2025, this mainly includes the dividend payable by Endesa, S.A. to shareholders who are not part of the Enel Group for an amount of €253 million (see Note 4.5) (€158 million as at 31 December 2024 corresponding to the dividends payable to shareholders who are not part of the Enel Group). (2) As at 30 June 2025, it mainly showed the dividend payable by Endesa, S.A. to Enel Iberia, S.L.U., amounting to €607 million (see Note 4.5) (€371 million at 31 December 2024). 291 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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At 30 June 2025 and 31 December 2024, the breakdown of long-term and short-term “Debts to credit institutions” and “Debts to Group and associated companies” is as follows: Millions of Euro 30 June 2025 31st December 2024 Note Non-current Current Non-current Current Bank borrowings 5,422 585 5,603 545 European Investment Bank (EIB) loan 1,799 205 1,937 188 Official Credit Institute (“ICO”) loan 779 56 819 32 Syndicated loan – Club Deal — 300 — 300 Other loans 2,838 24 2,832 25 Lines of credit 6 — 15 — Debts to group companies and associates 10.1 7 ,140 765 6,800 502 Enel Finance International, N.V. 3,521 19 3,521 21 Endesa Financiación Filiales, S.A.U. 3,619 61 3,279 41 Other debts — 75 — 61 Other financial liabilities — 610 — 379 The main financial transactions carried out in the first half of 2025 were as follows: • Endesa, S.A. has extended for an additional year its promissory note issuance programme called “Endesa, S.A. SDG 13 Euro Commercial Paper Programme” (ECP), which was formalised on 9 May 2024 for a total amount of Euro 5,000 million and with an expected duration of 5 years, subject to annual renewals. This programme incorporates sustainability objectives. At 30 June 2025, there is no nominal outstanding balance associated with this programme. • In addition, in the six-month period ended 30 June 2025, the following long-term financial operations have been formalised: Millions of Euro Operations Counterparty Signature date Maturity date Amount Line of Credit (1)(2) BNP Paribas 27 March 2025 27 March 2030 150 Line of Credit (2) Intesa San Paolo, S.p.A. 28 March 2025 28 March 2030 200 Line of Credit (2) Caixabank, S.A. 28 March 2025 28 March 2030 150 Line of Credit (2) Enel Finance International, N.V. 9 May 2025 9 May 2030 1,500 TOTAL 2,000 (1) Renewal of existing credit lines. (2) The credit conditions of these operations are tied to the goal of reducing the specific greenhouse gas (GHG) emissions of Scope 1 related to Peninsular Energy Generation (gCO2eq/kWh) by 31 December 2027 . As at 30 June 2025, 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: 292 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euro 30 June 2025 Limit Non-current Current Terms and Conditions Maturity Bonds and other Marketable Securities 14 — Bond 14 — Interest rate 5.74% 12 November 2031 Bank borrowings 5,422 585 European Investment Bank (EIB) 1,994 1,799 205 Floating interest rate Until 29 October 2039 Official Credit Institute (ICO) 835 779 56 Floating interest rate Until 28 June 2035 Club Deal (1) 300 — 300 Floating interest rate Until 30 November 2025 Banking loans 2,849 2,838 24 Fixed and floating interest rate Until 21 December 2028 Lines of credit 3,719 6 — Floating interest rate Until 28 March 2030 Debts to group companies and associates 7 ,140 765 Line of credit with Enel Finance International, N.V. (2) 1,000 — 1 Margin of 63 bp and Availability Fee of 20 bp. 28 May 2028 Line of credit with Enel Finance International, N.V. (2) 1,500 — — Margin of 76.5 bps and a Availability Fee of 17 .6 bps. 9 May 2030 Inter-company loan Enel Finance International, N.V. (3) 1,650 1,650 5 Fixed Interest Rate of 2.017% 13 May 2027 Inter-company loan Enel Finance International, N.V. (4) 1,875 1,871 13 Fixed Interest Rate of 4.263% 4 May 2028 Endesa Financiación Filiales, S.A.U. current account (5) 3,619 61 Floating interest rate 31 December 2029 Other debts — 75 Other financial liabilities (7) — 610 Other Financial Liabilities 6 279 European Commercial Papers (ECPs) (6) 5,000 — — Floating interest rate Renewed annually Other financial liabilities (8) 6 279 — — TOTAL 12,582 1,629 (1) On 17 April 2020, Endesa, S.A. entered into a syndicated financing transaction with Caixabank, S.A. and Kutxabank, S.A. for an amount of €300 million for the Loan and €250 million for the Credit Facility, renewed for the same amounts on 25 March 2021 and subsequently on 29 May 2023. In the last Novation, the following entities have joined the Loan operation: Unicaja, S.A., Bankinter, S.A., Banco Cooperativo Español, S.A., Banco de Crédito Social Cooperativo, S.A. and Caja Laboral Kutxabank. On 29 November 2024, the Credit Facility amounting to €250 million was cancelled early. (2) Committed and irrevocable credit lines (see Note 10.1). 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 facility was arranged with Enel Finance International, N.V. for Euros 1,500 million. On the same date, a previous credit line for an amount of 1,125 million euros, whose original maturity date was 4 May 2026, was repaid 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. As at 30 June 2025, the accrued and unpaid interest on this outstanding loan amounts to €5 million (€4 million at 31 December 2024) (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. As at 30 June 2025, the accrued and unpaid interest on this outstanding loan amounts to €13 million (€13 million at 31 December 2024) (see Note 10.1). (5) The Company has a current account financing agreement with Endesa Financiación Filiales, S.A.U., with maturity date of 31 December 2029, 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. As at 30 June 2025, the accrued and unpaid interest on this credit facility amounts to €61 million (€41 million at 31 December 2024) (see Note 10.1). (6) As at 30 June 2025 and 31 December 2024, there is no outstanding nominal balance related to the “Euro Commercial Paper” (ECPs) programme under 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 €607 million. (8) Relates mainly to dividends payable to shareholders amounting to €253 million. 293 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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Other debts At 30 June 2025 ‘Short-term payables to Group companies and associates’ mainly includes the debt with Enel Iberia, S.L.U. for income tax for prior years amounting to Euros 64 million (no amount at 31 December 2024). As at 30 June 2025, “Current debts to Group companies and associates” includes a deposit received from Nuclenor, S.A. for the amount of €9 million (€9 million at 31 December 2024). As at 30 June 2025, ‘Current debts to Group companies and associates’ also included the amount payable to Enel Iberia, S.L.U. for value added tax (VAT) for a total of €2 million (€52 million at 31 December 2024). 6.2. Items recognised in the income statement and in equity In the six-month period ended 30 June 2025 and 2024, 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 Euro January–June 2025 January–June 2024 Income statement Equity Income statement Equity Financial liabilities at amortised cost (229) — (236) — Fair Value Hedging Derivatives 3 — (17) — Cash flow hedging derivatives (1) 5 — 12 TOTAL (227) 5 (253) 12 6.3. Fair value measurement As at 30 June 2025 and 31 December 2024, 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 Euro 30 June 2025 Fair Value Level 1 Level 2 Level 3 Long-term debts 39 — 39 — Bonds and other Marketable Securities 14 — 14 — Derivatives 25 — 25 — Interest rate hedges 25 — 25 — Fair value hedges 8 — 8 — Cash flow hedges 17 — 17 — Total non-current liabilities 39 — 39 — 294 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euro 31st December 2024 Fair Value Level 1 Level 2 Level 3 Long-term debts 50 — 50 — Bonds and other Marketable Securities 14 — 14 — Derivatives 36 — 36 — Interest rate hedges 36 — 36 — Fair value hedges 16 — 16 — Cash flow hedges 20 — 20 — Total non-current liabilities 50 — 50 — There were no level transfers among these financial liabilities in the six-month period ended 30 June 2025 or in the year 2024. 6.4. Covenants Endesa, S.A.’s financial debt includes certain financial stipulations (“covenants”) that are typical in contracts of this nature. However, under no circumstances do these covenants include the obligation to maintain financial ratios whose non-compliance would require early repayment of the debt. At 30 June 2025 and 31 December 2024, Endesa, S.A. was not in breach of covenants or any other financial obligations that would require early repayment of its financial commitments. The outstanding bond issues of Endesa, S.A. (12 million euros on 30 June 2025) 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. 295 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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The Company’s Directors do not consider that these clauses will change the current/non-current classification in the accompanying statement of financial position at 30 June 2025. Note 13.7 of the Annual Financial Statements of Endesa, S.A. for the year ended 31 December 2024 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 Euro Stipulations Nominal debt Clauses Operations 30 June 2025 31 December 2024 Related to credit ratings Financial transactions with the European Investment Bank (EIB) and Official Credit Institute (Instituto de Crédito Oficial - ICO) Additional or renegotiated guarantees in the event of credit rating downgrades 2,829 2,961 Relating to change of control Financial 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. 6,354 (1) 6,486 (1) Related to asset transfers Financial 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) 5,984 6,125 (3) Related to sustainability Financial Operations with the EIB, the ICO and other financial entities The credit terms are pegged to sustainability goals, such as the reduction of certain levels of carbon dioxide (CO2) emissions by specific dates, achieving a ratio of net installed capacity from renewable sources on the Spanish mainland within certain timeframes, or based on the proportion of investments according to the European Union (EU) Taxonomy over various periods (4) 7 ,820 7 ,829 (1) On 30 June 2025, the amount signed stood at EUR 8,854 million (EUR 8,611 million on 31 December 2024). (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) On 30 June 2025, the amount signed stood at EUR 9,683 million (EUR 9,690 million on 31 December 2024). (4) Non-compliance with these stipulations only implies a modification of the financing conditions. 6.5. Other matters As at 30 June 2025 and 31 December 2024, Endesa, S.A. had undrawn credit lines available and other liquidity totalling €6,213 million and €5,704 million, respectively, of which €2,500 million and €2,125 million, respectively, related to committed irrevocable credit lines arranged with Enel Finance International, N.V. (see Notes 7 .2 and 10.1). 296 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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7 . Risk control and management policy In the six-month period ended 30 June 2025, Endesa, S.A. followed the same general risk control and management policy as that described in Note 14 to the financial statements for the year ended 31 December 2024. 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 2024. 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. As at 30 June 2025, 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 Details of Endesa, S.A.’s liquidity position at 30 June 2025 and 31 December 2024 are as follows: Millions of Euro Liquidity 30 June 2025 31 December 2024 Cash 37 30 Unconditional committed credit facilities (1) 6,213 5,704 TOTAL 6,250 5,734 (1) As at 30 June 2025 and 31 December 2024, €2,500 million and €2,125 million, respectively, related to committed and irrevocable credit lines arranged with Enel Finance International, N.V. (see Notes 6.5 and 10.1). At 30 June 2025, Endesa, S.A. had negative working capital of €1,255 million. Available liquidity and non- current credit lines, as well 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). 297 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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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. As at 30 June 2025, the greatest exposure to cash positions held with a counterparty was €22 million, of a total of €37 million, with this counterparty having a rating equal to A (€19 million out of a total of €30 million at 31 December 2024, that counterparty having a rating equal to A). 8. Revenues and expenses The Company’s main income and expense for the six-month period ended 30 June 2025 and 2024 are detailed below: 8.1. Revenue Details of “Revenue” in the accompanying income statements for the six-month period ended 30 June 2025 and 2024, by category and geographical market, are as follows: Millions of Euro January–June 2025 January–June 2024 Note Spain Other EU Total Spain Other EU Total Provision of services 10.1 149 1 150 138 1 139 Dividend income from Group companies and associates 3.1.1 and 10.1 487 — 487 566 — 566 TOTAL 636 1 637 704 1 705 “Dividend income from Group companies and associates” includes dividends distributed by Group companies (see Note 3.1.1), as shown below: 298 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euro Company January – June 2025 Edistribución Redes Digitales, S.L.U. 166 Endesa Energía, S.A.U. 229 Endesa Financiación Filiales, S.A.U. 73 Eléctrica del Ebro, S.A.U. 8 Distribuidora Eléctrica del Puerto de la Cruz, S.A.U. 4 Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A. 4 Energías de Aragón I, S.L.U. 2 Other 1 TOTAL 487 8.2. Impairment losses in Group companies and associates There were no significant impairment losses in the six-month periods ended 30 June 2025 and 2024 (see Note 3.1.1). 8.3. Personnel expenses In the six-month period ended 30 June 2025 and 2024, details of “Personnel expenses” in the accompanying income statement are as follows: Millions of Euro Note January–June 2025 January–June 2024 Wages and salaries 62 65 Personnel Indemnities 1 — Social security costs 17 15 Social security costs 12 11 Other 5 4 Provisions 2 — Long-term employee benefits 4 4 Obligations for contract suspensions 5.2 (2) (4) TOTAL 82 80 299 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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8.4. Other operating expenses In the six-month period 30 June 2025 and 2024, details of “Other operating expenses” in the accompanying income statement are as follows: Millions of Euro January–June 2025 January–June 2024 External services 35 35 Leases and levies 3 5 Independent professional services 8 9 Banking and Similar Services (1) — Advertising and public relations 2 2 Other external services 23 19 Taxes 1 203 Other current operating expenses 8 10 TOTAL 44 248 In the six-month period ended 30 June 2025, “Leases and levies” includes expenses relating to contracts of this type arranged with Group companies and associates for the amount of €3 million (€4 million in the six-month period ended 30 June 2024) (see Note 10.1). In the six-month period ended 30 June 2025, “Other operating expenses” also includes other services received from Group companies and associates in the amount of €17 million (€18 million in the six-month period ended 30 June 2024) (see Note 10.1). In the six-month period ended 30 June 2024, “ Taxes” mainly included the recognition of the expense of €202 million associated with the Temporary Energy Tax introduced by Law 38/2022 of 27 December for the establishment of temporary energy taxes and taxes on credit institutions and financial credit establishments and which creates the temporary solidarity tax on large fortunes and amends certain tax regulations (see Note 5.4). The Agreement to repeal Royal Decree-Law 10/2024, of 23 December, which established a temporary energy tax for the year 2025, was published in the Official State Gazette (BOE) on 23 January 2025, by Resolution of 22 January 2025 of the Congress of Deputies. Consequently, this Royal Decree-Law has become null and void. Accordingly, no expense associated with the temporary energy levy has been recognised in the six-month period ended 30 June 2025. 300 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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8.5. Financial income and expenses In the six-month period ended 30 June 2025 and 2024, the breakdown of financial income and expenses in the accompanying income statement is as follows: Millions of Euro Note January–June 2025 January–June 2024 Financial Income 4 5 From marketable securities and other non-current credits 4 5 Interest from loans to third parties 4 5 Loans and credits — 2 Obligations for workforce restructuring plans 5.2 1 2 Contract suspensions 1 2 Other financial revenues 3 1 Financial expenses (226) (243) Debts to group companies and associates 10.1 (123) (124) Debts to third parties (100) (115) Provision adjustments (3) (4) Long-term employee benefits — (1) Post-employment benefits 5.1 — (1) Contract suspensions 5.2 (3) (3) 301 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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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 18.1 to the financial statements of Endesa, S.A. for the year ended 31 December 2024. The amounts at 30 June 2025 and 31 December 2024 are as follows: Millions of Euro Company Purpose of guarantee 30 June 2025 31 December 2024 Endesa Generación, S.A.U. Short and Long-Term Gas Contracts 91 98 Endesa Generación, S.A.U. Contracts for Trading in Financial Markets 40 40 Endesa Generación, S.A.U. Energy Contracts 20 24 Endesa Generación, S.A.U. Electricity Production of Elecgas, S.A. (“Tolling”) 283 294 Endesa Energía, S.A.U. Short and Long-Term Gas Contracts 218 185 Endesa Energía, S.A.U. Energy Contracts and Other 197 193 Endesa Energía, S.A.U. Equipment supply contracts — 15 Enel Green Power España, S.L.U. and subsidiaries Photovoltaic module supply contracts 32 32 Enel Green Power España, S.L.U. and subsidiaries Energy Contracts 33 33 Group companies Workforce Restructuring Plans 1 1 Group companies Other commitments 3,123 2,890 Enel Green Power España, S.L.U. 982 990 Endesa Energía, S.A.U. 1,126 1,073 Endesa Generación, S.A.U. 438 310 Energía XXI Comercializadora de Referencia, S.L.U. 183 109 Edistribución Redes Digitales, S.L.U. 110 110 Gas y Electricidad Generación, S.A.U. 83 87 Empresa Carbonífera del Sur, S.A.U. 4 4 Endesa Ingeniería, S.L.U. 4 4 Unión Eléctrica de Canarias Generación, S.A.U. 18 19 Other 175 184 TOTAL 4,038 3,805 302 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Endesa, S.A.’s Management does not expect that its status as guarantor will result in significant liabilities for the Company. 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 €117 million) to secure the latter’s obligations under the contracts signed with Corpus Christi Liquefaction, LLC. (approximately, €132 million at 31 December 2024) (see Note 10.1). 10. Related-party transactions During the six-month period ended 30 June 2025 and 2024, 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 2025 and 2024 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 period ended 30 June 2025 and 2024 are as follows: 303 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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Millions of Euro January–June 2025 Note Significant Shareholders Directors and Senior Management Group companies Associates and joint control Other Related Parties Total Leases 8.4 — — (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 Administrative Expenses — — — — (6) (6) TOTAL EXPENSES (3) — (145) — (6) (154) Rendering of Services 8.1 1 — 149 — — 150 Received Dividends 8.1 — — 487 — — 487 TOTAL INCOME 1 — 636 — — 637 Dividends and Other Distributions 4.5 371 — — — — 371 Contributions to pension schemes — — — — 5 5 Other transactions: Purchase of intangible assets — — 4 — — 4 Millions of Euro Note January–June 2024 Significant Shareholders Directors and Senior Management Group companies Associates and joint control Other Related Parties Total Leases 8.4 — — (4) — (1) (5) Services Received 8.4 (3) — (15) — — (18) Financial expenses 8.5 — — (124) — — (124) Other Expenses — — — — (6) (6) Other Current Administrative Expenses — — — — (6) (6) TOTAL EXPENSES (3) — (143) — (7) (153) Rendering of Services 8.1 — — 139 — — 139 Received Dividends 8.1 — — 566 — — 566 TOTAL INCOME — — 705 — — 705 Dividends and Other Distributions 4.5 371 — — — — 371 Contributions to pension schemes — — — — 6 6 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 €407 million in the six-month period ended 30 June 2025 (€327 million in the six-month period ended 30 June 2024). At 30 June 2025 and 31 December 2024, balances with related parties recognised in the statement of financial position are as follows: 304 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Millions of Euro Note 30 June 2025 Significant Shareholders Directors and Senior Management Group companies Associates and joint control Other Related Parties Total Long-term financial investments 3 — — 19,107 27 — 19,134 Equity Instruments — — 19,101 27 — 19,128 Other Financial Assets — — 6 — — 6 Trade and other receivables 1 — 165 — — 166 Short-term financial investments 3 134 — 4 — — 138 Loans to companies 134 — — — — 134 Other Financial Assets — — 4 — — 4 Long-term debts 6.1 — — (7 ,140) — — (7 ,140) Long-term Debts to Group Companies and Associates — — (7 ,140) — — (7 ,140) Short-term debts 6.1 (672) (1) (84) (9) — (766) Short-term debts to group companies and associates (65) — (81) (9) — (155) Other Financial Liabilities (607) (1) (3) — — (611) Trade and other payables (10) — (32) — — (42) Guarantees received 9 117 — — — — 117 Guarantees Provided 9 — 8 4,038 — — 4,046 Financing agreements — 1 — — — 1 Millions of Euro Note 31st December 2024 Significant Shareholders Directors and Senior Management Group companies Associates and joint control Other Related Parties Total Long-term financial investments 3 — — 19,103 27 — 19,130 Equity Instruments — — 19,100 27 — 19,127 Other Financial Assets — — 3 — — 3 Trade and other receivables 2 — 379 — — 381 Short-Term Financial Investments 3 88 — 2 — — 90 Loans to companies 88 — 2 — — 90 Long-term debts 6.1 — — (6,800) — — (6,800) Long-term Debts to Group Companies and Associates — — (6,800) — — (6,800) Short-Term debts 6.1 (423) — (70) (9) — (502) Short-term debts to group companies and associates (52) — (62) (9) — (123) Other Financial Liabilities (371) — (8) — — (379) Trade and other payables (7) — (30) — — (37) Guarantees received 9 132 — — — — 132 Guarantees Provided 9 — 8 3,805 — — 3,813 Financing agreements — 1 — — — 1 305 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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At 30 June 2025, Endesa, S.A. held 2 committed and irrevocable intercompany credit lines with Enel Finance International, N.V. in the amount of €2,500 million (31 December 2024: 2 credit lines for a total of €2,125 million). At 30 June 2025 and at 31 December 2024, no amount had been drawn down on 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 The following remuneration and other benefits were received by Directors in the six-month period ended 30 June 2025 and 2024, based on the position held: Thousands of Euros Directors Amount Remuneration Item January–June 2025 January–June 2024 Remuneration for Belonging to the Board of Directors and/or Board Committees 1,075 1,078 Salaries 500 500 Variable Remuneration in Cash 344 400 Share-Based Payment Plans 199 142 Compensations — — Long-Term Savings Systems — 14 Other Items 117 124 TOTAL 2,235 2,258 Advances and loans As at 30 June 2025, the Executive Director has a loan for a total of €230 thousand gross with an average interest rate of 3.1132% (€230 thousand gross as of 31 December 2024, with an average interest rate of 4.12%) and a loan amounting to €421 thousand gross without interest (€421 thousand gross as of 31 December 2024) (interest subsidy is considered in- kind remuneration). 10.2.2. Remuneration of Senior Management The following remuneration was earned by Senior Management in the six-month period ended 30 June 2025 and 2024: 306 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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Thousands of Euros Managers Amount Remuneration Item January–June 2025 January–June 2024 Remuneration Earned 4,531 4,476 TOTAL 4,531 4,476 Senior Management at 30 June 2025 and 2024 comprised 14 and 13 people, respectively. Other information At 30 June 2025 and 31 December 2024, in terms of remuneration, the Company had not issued any guarantees to Senior Managers who are not also Executive Directors. At 30 June 2025 and 2024, 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 2025, in accordance with Articles 229 and 529 duovicies of the Corporate Enterprises Act (“LSC”). Gender diversity: As at 30 June 2025 and at 31 December 2024, the Board of Directors of Endesa, S.A. is composed of 14 Directors, of whom 6 are women. During the first six months of 2025 and 2024, the Company has taken out Directors’ and Officers’ (D&O) liability insurance policies for a gross amount of €821 thousand and €870 thousand, respectively. This insures both the Company’s Directors and employees with management responsibilities. During the first six months of 2025 and 2024, 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. 10.2.4. Share-based payment schemes tied to the Endesa, S.A. share price Endesa’s long-term variable remuneration is based on long-term remuneration schemes, known as “Loyalty and Strategic Incentive Plans”, aimed primarily at strengthening the commitment of employees, who occupy positions of greater responsibility in the attainment of the Group’s strategic targets. The Plan is structured through successive triennial programs, which start every year from 1 January 2010. Since 2014, the Plans have foreseen a deferral of the payment and the need for the Executive to be active on the date of liquidation thereof; and payments are made on two dates: 30% of the incentive will be paid in the year following the end of the Plan, and the remaining 70%, if applicable, will be paid two years after the end of the Plan. Once the accrual period of the Loyalty and Strategic Incentive Plans has ended, the only entitlement to payment of these will be in the event of retirement, termination of the fixed-term contract or decease, with payment being made at the corresponding time, and may be advanced to the heirs in the event of 307 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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death. For those Loyalty and Strategic Incentive Plans in which the accrual has not ended, only the amount corresponding to the Base Amount of the Incentive that has been assigned, “pro rata temporis” until the date of termination of the contractual relationship, when the Exercise Conditions are met for departures due to retirement or termination of the fixed-term contract. 2023-2025 and 2024-2026 Strategic Incentive Plan Information on both the 2023–2025 “Strategic Incentive Plan” and the 2024–2026 “Strategic Incentive Plan” of Endesa is provided in Note 19.3.5 to Endesa, S.A.’s financial statements for the year ended 31 December 2024. 2025-2027 Strategic Incentive Plan On 29 April 2025, the General Shareholders’ Meeting of Endesa, S.A. approved a long-term variable remuneration scheme known as the “2025-2027 Strategic Incentive Plan”. The purpose and characteristics of this Plan are the same as those of the 2023–2025 Strategic Incentive Plan and the 2024–2026 Strategic Incentive Plan, as described in Note 19.3.5 to Endesa, S.A.’s financial statements for the year ended 31 December 2024, while the performance period and targets to which its accrual is tied differ. Therefore, the accrual of the “2025-2027 Strategic Incentive Plan” is linked to the fulfilment of 5 targets during the performance period, which shall be three years running from 1 January 2025: Objectives Weighting Accrual of 2025-2027 Strategic Incentive 1. 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 2025 - 2027 period. 45% 2. Return on Average Capital Employed (ROACE) target(2) represented in cumulative form in the 2025- 2027 period. This objective represents the relationship between the Ordinary Operating Profit (EBIT)3) and the Average Net Invested Capital (ANIC)(4) in cumulative form in the 2025-2027 period. 10% 3. “Earnings per Share (EPS)” represented by the ratio between the net ordinary profit in 2027 and the total number of outstanding shares. 20% 4. Reduction of carbon dioxide (CO2) emissions: reduction of Endesa’s specific CO2 emissions (gCO2/ kWh) in 2027 based on the evolution of the thermal gap in the Spanish mainland electrical system. 15% 5. Percentage of Female Managers and Middle Managers in relation to the total number of Managers and Middle Managers by 2027 . 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. Average “Total Shareholder Return” (TSR) of Endesa, S.A. and average “Total Shareholder Return” (TSR) of the Eurostoxx Utilities index = average value of said “Total Shareholder Return” (TSR) calculated over the three-month period prior to the start of the strategic incentive accrual and over the three-month period after the end of the strategic incentive accrual. (2) “Return On Average Capital Employed” (ROACE) (%) = Ordinary Operating Income without tax effect (EBIT)/Average Net Invested Capital (Average NIC). (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 2025 was €1.4 million (€1.4 million in the first six months of 2024), with €0.9 million corresponding to the estimate of share-based payments to be settled in equity instruments (€0.8 million in the first six months of 2024) and €0.5 million to the estimate of Plan payments to be settled in cash (€0.6 million in the first six months of 2024). 308 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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11. Other information 11.1. Workforce In the six-month period ended 30 June 2025 and 2024, the Company’s average headcount, by category and gender, was as follows: Number of Employees January–June 2025 Total January–June 2024 TotalMen Women Men Women Managers 59 21 80 63 21 84 Middle management 471 497 968 471 495 966 Administrative, management, and operational staff 68 112 180 70 113 183 TOTAL EMPLOYEES 598 630 1,228 604 629 1,233 At 30 June 2025 and 31 December 2024, the breakdown of the headcount by category and gender was as follows: Number of Employees 30 June 2025 Total 31st December 2024 TotalMen Women Men Women Managers 58 22 80 60 21 81 Middle management 480 503 983 477 502 979 Administration and Management Personnel and Workers 71 114 185 68 116 184 TOTAL EMPLOYEES 609 639 1,248 605 639 1,244 The average number of employees in the six-month period ended 30 June 2025 and 2024 with a disability greater than or equal to 33%, by category and gender, was as follows: Number of Employees January–June 2025 Total January–June 2024 TotalMen Women Men Women Middle management 8 7 15 9 6 15 Administration and Management Personnel and Workers 7 5 12 7 5 12 TOTAL EMPLOYEES 15 12 27 16 11 27 309 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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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 2025, Endesa, S.A. did not detect any significant impacts in relation to the insurance policies it had taken out. 11.3. Interruption of power supply on the Iberian Peninsula At around 12:33 hours on 28 April 2025, a serious incident occurred in the Spanish electricity system that gave rise to what is known as a ‘zero’ , which led to the interruption of the power supply to the entire Iberian Peninsula and a limited area in southern France. The supply cut affected the different 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, enabled the service to be restored within a reasonable period of time, considering the severity and intensity of the event. As a result of the incident, the Government announced the creation of the so-called ‘Committee for the Analysis of the Circumstances that concurred in the Electricity Crisis of 28 April 2025’ , which has carried out various investigative tasks, 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 approval and subsequent consideration by the Council of Ministers. The Committee’s conclusions determined a multifactorial origin of the incident, derived, among others, from defects in the operation of the system or non-compliance with obligations by some generating plants. Other affected entities in the sector, such as Red Eléctrica de España, S.A. (REE), in its capacity as ‘System Operator’ , or the Association of Electrical Energy Companies (aelec), have drawn up their own reports on the possible causes of the incident of 28 April 2025, although there are significant discrepancies in the conclusions contained therein. Likewise, the National Markets and Competition Commission (CNMC), the European Commission, and the European Network of Transmission System Operators for Electricity (entso-e), to name but a few authorities, have opened their own enquiries into the origin of the incident, which are still open. For all these reasons, it is not currently possible to clearly, objectively and conclusively establish the causes of the incident of 28 April 2025, although, based on the information available to the company or the public and the results of the investigations carried out by Endesa, it can be stated that all the evidence shows that in no case could the supply interruption have originated at generation or distribution facilities owned by Endesa Group companies. At the date of approval of these condensed interim financial statements, the Endesa Group companies had not received any significant claims from third parties and, accordingly, no accounting provision had been recognised in this connection. 310 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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12. Events after the reporting period No significant events have occurred between the reporting date of 30 June 2025 and the date of authorisation for issue of these financial statements that have not been recognised or disclosed 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. 311 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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ENDESA 2. INFORME DE GESTIÓN CONSOLIDADO ENDESA, S.A. MANAGEMENT REPORT FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2025 5. INDIVIDUAL INTERIM CONDENSED FINANCIAL ST ATEMENTS AND MANAGEMENT REPORT
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1. Business development 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 investments can also be made or reversed based on changes in the value of its subsidiaries. Net turnover in the first six months of 2025 amounted to €637 million, of which €487 million correspond to dividend income from Group companies and associates, and €150 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 2025 is as follows: Millions of Euro Company January – June 2025 Edistribución Redes Digitales, S.L.U. 166 Endesa Energía, S.A.U. 229 Endesa Financiación Filiales, S.A.U. 73 Eléctrica del Ebro, S.A.U. 8 Distribuidora Eléctrica del Puerto de la Cruz, S.A.U. 4 Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A. 4 Energías de Aragón I, S.L.U. 2 Other 1 TOTAL 487 In the six-month period ended 30 June 2025, operating income totalled €655 million, while operating expenses were €143 million, generating total profit from operations of €512 million. This positive operating profit includes the dividend income received from subsidiary companies in the first six months of 2025, mentioned above, for an amount of €487 million. In the six-month period ended 30 June 2024, the operating result amounted to EUR 359 million, also positive, which included the expense associated with the Temporary Energy Tax introduced by Law 38/2022 of 27 December, amounting to EUR 202 million. The net financial result for the first six months of 2025 was negative by an amount of €224 million and mainly includes finance costs on debts with Group companies and associates for an amount of €123 million, as well as finance costs on loans and credit facilities held with various financial institutions, and interest accrued on Euro Commercial Paper Programme (ECP) issues, for an amount of €100 million. The pre-tax profit for the period was €288 million. The Income Corporation Tax accrued in the first six months of 2025 resulted in income of €35 million, so the net profit obtained in the first six months of 2025 amounted to €323 million. 313 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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2. Main financial operations The main financial operations in the six-month period ended 30 June 2025 are detailed in the Condensed Explanatory Note 6.1 of the Individual Interim Condensed Financial Statements for the six-month period ended 30 June 2025. 3. Events after the reporting period The events subsequent to the close of the 6-month period ended 30 June 2025 are described in Note 12 of the Summarised Explanatory Notes to the Individual Interim Condensed Financial Statements for the six- month period ended 30 June 2025. 314 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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4. Geopolitical Situation The long duration of active military conflicts in Europe and the Middle East, as well as the political change with the new presidency in the United States has intensified ‘geopolitical risk’ , have led to the emergence of scenarios characterised by greater uncertainty and a complex network of interdependencies between the different risk vectors for the purpose of quantitative modelling. During the first half of 2025, this geopolitical rearrangement has manifested itself, among other aspects, in the dynamics of trade protectionism, such as the imposition of tariff barriers, and an increase in the volatility of financial markets. In this context, Endesa constantly monitors the status and evolution of the current situation in order to manage potential risks and changes in macroeconomic, financial and commercial variables in the current environment, as well as the regulatory measures in force, in order to update the estimate of possible impacts on the financial statements in compliance with the recommendations of the European Securities and Markets Authority (ESMA). This analysis is detailed in the following explanatory notes to Endesa, S.A.’s interim condensed interim financial statements for the six-month period ended 30 June 2025: Aspects Explanatory Note Content Going concern 2.4 Impact of the geopolitical situation and the macroeconomic environment on the activities carried out by Endesa's subsidiaries. Financial Instruments 3 Modification of the business model and the characteristics of the contractual cash flows of the financial assets, as well as reclassification between their categories. Evolution of the valuation and settlement of derivatives, detail of financial instruments and compliance with the criteria established by the regulations for applying hedge accounting. Financial Debt 6 Details of financial debt. Liquidity risk 7. 2 Detail of liquidity position. Credit risk 7. 3 Analysis of impairment of financial assets. Fair Value Measurement 3.4 and 6.3 Details of financial assets and liabilities valued at fair value. To this end, in the first half of 2025 and 2024 the effects derived from the current context have not had a significant impact on the subsidiaries of Endesa, S.A., neither on EBITDA nor on EBIT. 315 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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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 of the Individual Interim Condensed Financial Statements for the six-month period ended 30 June 2025 and in Note 14 to the financial statements of Endesa, S.A. for the year ended 31 December 2024. 6. Policy on derivative financial instruments Information on derivative financial instruments is provided in Note 15 to the Financial Statements of Endesa, S.A., for the year ended 31 December 2024. 7 . Human resources Information concerning personnel is included in Note 11.1 of the Individual Interim Condensed Financial Statements for the six-month period ended 30 June 2025. 316 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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8. Treasury shares At 30 June 2025 the Company holds treasury shares to cover various plans, such as long-term variable remuneration plans that include the delivery of shares as part of the payment, as well as flexible share-based remuneration plans for employees and plans for future reductions in the Company’s share capital (see Note 4. 4 of the Summary Explanatory Notes to the Interim Individual Financial Statements for the six-month period ended 30 June 2025 and Note 11.4 of the Notes to the Annual Accounts of Endesa, S.A. for the year ended 31 December 2024). The transactions involving treasury shares in the six- month period ended 30 June 2025 are detailed in the Condensed Explanatory Note 4.4 of the Individual Interim Condensed Financial Statements for the six- month period ended 30 June 2025. 9. Environmental protection Information on environmental activities is provided in Note 21 to the financial statements of Endesa, S.A. for the year ended 31 December 2024. 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. 317 1. Limited Review Report on the Interim Condensed Consolidated Financial Statements 2. Consolidated Management Report 3. Interim Condensed Consolidated Financial Statements 4. Limited Review Report on the Individual Interim Condensed Financial Statements HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025 5. Individual Interim Condensed Financial Statements and Management Report
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11. Information on the average supplier payment period Information on the average payment period to suppliers is provided in Note 20.3 to the financial statements of Endesa, S.A. for the year ended 31 December 2024. 28 July 2025 318 HALF-YEARLY FINANCIAL REPORT AT 30 JUNE 2025
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 1st HALF-YEARLY FINANCIAL REPORT FOR FINANCIAL YEAR 2025 REPORTING DATE GENERAL ANNEX I 30/06/2025 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)
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 José D. Bogas Gálvez CHIEF EXECUTIVE OFFICER Eugenia Bieto Caubet Name/Company Name Office Juan Sánchez-Calero Guilarte CHAIRMAN Flavio Cattaneo VICE CHAIRMAN DIRECTOR III. 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: Pilar González de Frutos DIRECTOR Ignacio Garralda Ruíz de Velasco DIRECTOR Francesca Gostinelli DIRECTOR Date this half-yearly financial report was signed by the corresponding governing body: 28/07/2025 In accordance with the power delegated by the board of directors, the board secretary certifies that the half- yearly financial report has been signed by the directors. Michela Mossini DIRECTOR Francisco de Lacerda DIRECTOR Gianni Vittorio Armani DIRECTOR Elisabetta Colacchia DIRECTOR Cristina de Parias Halcón DIRECTOR Guillermo Alonso Olarra DIRECTOR Stefano de Angelis DIRECTOR
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 Units: Thousand euros CURRENT PERIOD PREVIOUS PERIOD ASSETS 30/06/2025 31/12/2024 A) NON-CURRENT ASSETS 40 19,447,321 19,446,802 1. Intangible assets: 30 52,874 62,693 a) Goodwill 31 b) Other intangible assets 32 52,874 62,693 2. Property, plant and equipment 33 540 763 3. Investment property 34 4. Long-term investments in group companies and associates 35 19,133,432 19,130,248 5. Long-term financial investments 36 60,821 69,544 6. Deferred tax assets 37 199,654 183,554 7. Other non-current assets 38 B) CURRENT ASSETS 85 527,411 764,279 1. Non-current assets held for sale 50 2. Inventories 55 3. Trade and other receivables: 60 171,272 466,700 a) Trade receivables 61 b) Other receivables 62 171,271 430,415 c) Current tax assets 63 1 36,285 4. Short-term investments in group companies and associates 64 138,326 89,437 5. Short-term financial investments 70 179,587 177,697 6. Prepayments and accrued income 71 1,022 483 7. Cash and cash equivalents 72 37,204 29,962 TOTAL ASSETS (A + B) 100 19,974,732 20,211,081 Comments 1. INDIVIDUAL BALANCE SHEET (PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS) (1/2) IV. SELECTED FINANCIAL INFORMATION
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 Units: Thousand euros CURRENT PERIOD PREVIOUS PERIOD EQUITY AND LIABILITIES 30/06/2025 31/12/2024 A) EQUITY (A.1 + A.2 + A.3) 195 5,385,669 6,132,820 A.1) CAPITAL AND RESERVES 180 5,375,691 6,120,698 1. Capital: 171 1,270,503 1,270,503 a) Authorised capital 161 1,270,503 1,270,503 b) Less: Uncalled capital 162 2. Share premium 172 88,800 88,800 3. Reserves 173 1,466,933 1,466,867 4. Less: Treasury stock 174 (213,501) (3,885) 5. Profit and loss in prior periods 178 2,433,751 2,395,944 6. Other shareholder contributions 179 319 319 7. Profit (loss) for the period 175 323,315 1,426,696 8. Less: Interim dividend 176 (529,275) 9. Other equity instruments 177 5,571 4,729 A.2) VALUATION ADJUSTMENTS 188 9,972 12,116 1. Available-for-sale financial assets 181 2. Hedging transactions 182 9,972 12,116 3. Others 183 A.3) GRANTS, DONATIONS AND BEQUESTS RECEIVED 194 6 6 B) NON-CURRENT LIABILITIES 120 12,807,438 12,689,109 1. Long-term provisions 115 184,780 214,207 2. Long-term debts: 116 5,467,318 5,657,907 a) Debt with financial institutions and bonds and other marketable securities 131 5,436,324 5,617,125 b) Other financial liabilities 132 30,994 40,782 3. Long-term payables to group companies and associates 117 7,139,693 6,799,526 4. Deferred tax liabilities 118 15,647 17,469 5. Other non-current liabilities 135 6. Long-term accrual accounts 119 C) CURRENT LIABILITIES 130 1,781,625 1,389,152 1. Liabilities associated with non-current assets held for sale 121 2. Short-term provisions 122 30,576 33,118 3. Short-term debts: 123 864,242 716,147 a) Debt with financial institutions and bonds and other marketable securities 133 585,137 545,519 b) Other financial liabilities 134 279,105 170,628 4. Short-term payables to group companies and associates 129 765,276 501,639 5. Trade and other payables: 124 121,531 138,248 a) Suppliers 125 b) Other payables 126 121,531 138,248 c) Current tax liabilities 127 6. Other current liabilities 136 7. Current accrual accounts 128 TOTAL EQUITY AND LIABILITIES (A + B + C ) 200 19,974,732 20,211,081 IV. SELECTED FINANCIAL INFORMATION 1. INDIVIDUAL BALANCE SHEET (PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS) (2/2) Comments
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 PRESENT CURR. PREVIOUS CURR. CURRENT PREVIOUS PERIOD PERIOD CUMULATIVE CUMULATIVE (2nd HALF YEAR) (2nd HALF YEAR) 30/06/2025 30/06/2024 (+) Revenue 205 637,552 704,581 (+/-) Change in inventories of finished products and work in progress 206 (+) Own work capitalised 207 (-) Supplies 208 4 (69) (+) Other operating revenue 209 712 62 (-) Personnel expenses 217 (81,635) (80,768) (-) Other operating expenses 210 (43,778) (247,167) (-) Depreciation and amortisation charge 211 (17,289) (17,967) (+) Allocation of grants for non-financial assets and other grants 212 (+) Reversal of provisions 213 15,346 5 (+/-) Impairment and gain (loss) on disposal of non-current assets 214 660 (+/-) Other profit (loss) 215 755 (443) = OPERATING PROFIT (LOSS) 245 512,327 358,234 (+) Finance income 250 3,918 5,391 (-) Finance costs 251 (226,079) (242,670) (+/-) Changes in fair value of financial instruments 252 911 627 (+/-) Exchange differences 254 (3,168) 98 (+/-) Impairment and gain (loss) on disposal of financial instruments 255 = NET FINANCE INCOME (COSTS) 256 (224,418) (236,554) = PROFIT (LOSS) BEFORE TAX 265 287,909 121,680 (+/-) Income tax expense 270 35,406 55,329 = PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING ACTIVITIES 280 323,315 177,009 (+/-) Profit (loss) for the period from discontinued operations, net of tax 285 = PROFIT (LOSS) FOR THE PERIOD 300 323,315 177,009 Amount Amount Amount Amount (X.XX euros) (X.XX euros) (X.XX euros) (X.XX euros) Basic 290 0.31 0.17 Diluted 295 0.31 0.17 Comments EARNINGS PER SHARE IV. SELECTED FINANCIAL INFORMATION 2. INDIVIDUAL PROFIT AND LOSS STATEMENT (PREPARED USING PREVAILING NATIONAL ACCOUNTING STANDARDS) Units: Thousand euros
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 CURRENT PREVIOUS PERIOD PERIOD 30/06/2025 30/06/2024 A) PROFIT (LOSS) FOR THE PERIOD (from the profit and loss account) 305 323,315 177,009 B) INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY 310 1,733 22,306 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 2,223 27,334 3. Grants, donations and bequests received 340 4. From actuarial gains and losses and other adjustments 344 88 2,407 5. Other income and expense recognised directly in equity 343 6. Tax effect 345 (578) (7,435) C) TRANSFERS TO PROFIT OR LOSS 350 (3,811) (10,606) 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 (5,081) (14,141) 3. Grants, donations and bequests received 366 4. Other income and expense recognised directly in equity 365 5. Tax effect 370 1,270 3,535 TOTAL RECOGNISED INCOME/(EXPENSE) FOR THE PERIOD (A + B + C) 400 321,237 188,709 Comments IV. 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
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 CURRENT PERIOD Capital Share premium and Reserves Treasury stock Profit (loss) for the period Other equity instruments Opening balance at 01/01/2025 3010 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 3011 Adjustment for errors 3012 Adjusted opening balance 3015 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 period 3020 66 323,315 (2,144) 321,237 II. Transactions with shareholders or owners 3025 (859,614) (209,616) (1,069,230) 1. Capital increases/ (reductions) 3026 2. Conversion of financial liabilities into equity 3027 3. Distribution of dividends 3028 (859,614) (859,614) 4. Net trading with treasury stock 3029 (209,616) (209,616) 5. Increases/ (reductions) for business combinations 3030 6. Other transactions with shareholders or owners 3032 III. Other changes in equity 3035 1,426,696 (1,426,696) 842 842 1. Equity-settled share-based payment 3036 842 842 2. Transfers between equity accounts 3037 1,426,696 (1,426,696) 3. Other changes 3038 Closing balance at 30/06/2025 3040 1,270,503 3,989,803 (213,501) 323,315 5,571 9,972 6 5,385,669 IV. 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 Comments Capital and Reserves Valuation adjustments Grants, donations and bequests received Total Equity
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 PREVIOUS PERIOD Capital Share premium and Reserves Treasury stock Profit (loss) for the period Other equity instruments Opening balance at 01/01/2024 (comparative period) 3050 1,270,503 3,896,637 (4,518) 580,105 5,386 27,273 6 5,775,392 Adjustments for changes in accounting policy 3051 Adjustment for errors 3052 Adjusted opening balance (comparative period) 3055 1,270,503 3,896,637 (4,518) 580,105 5,386 27,273 6 5,775,392 I. Total recognised income/(expense) in the period 3060 1,804 177,009 9,896 188,709 II. Transactions with shareholders or owners 3065 (528,432) (13) (528,445) 1. Capital increases/ (reductions) 3066 2. Conversion of financial liabilities into equity 3067 3. Distribution of dividends 3068 (528,432) (528,432) 4. Net trading with treasury stock 3069 (13) (13) 5. Increases/ (reductions) for business combinations 3070 6. Other transactions with shareholders or owners 3072 III. Other changes in equity 3075 580,105 (580,105) 714 714 1. Equity-settled share-based payment 3076 714 714 2. Transfers between equity accounts 3077 580,105 (580,105) 3. Other changes 3078 Closing balance at 30/06/2024 (comparative period) 3080 1,270,503 3,950,114 (4,531) 177,009 6,100 37,169 6 5,436,370 IV. 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 Comments Capital and Reserves Valuation adjustments Grants, donations and bequests received Total Equity
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 CURRENT PERIOD PREVIOUS PERIOD 30/06/2025 30/06/2024 A) 538,285 149,957 1. 287,909 121,680 2. (265,560) (312,266) (+) 17,289 17,967 (+/-) (282,849) (330,233) 3. 226,022 (56,244) 4. 289,914 396,787 (-) (211,709) (214,754) (+) 483,246 626,123 (+) 232 7,462 (+/-) 36,248 (741) (+/-) (18,103) (21,303) B) (8,213) (2,566) 1. (13,167) (6,657) (-) (2) (-) (10,544) (4,360) (-) (2,623) (2,295) (-) (-) 2. 4,954 4,091 (+) (+) 666 (+) 4,288 4,091 (+) (+) C) (522,830) (171,352) 1. (189,663) (12) (+) (-) (-) (189,663) (12) (+) (+) 2. 196,108 357,919 (+) 1,698,903 521,995 (-) (1,502,795) (164,076) 3. (529,275) (529,259) D) E) 7,242 (23,961) F) 29,962 293,418 G) 37,204 269,457 CURRENT PREVIOUS PERIOD PERIOD 30/06/2025 30/06/2024 (+) 37,204 269,457 (+) (-) 37,204 269,457 COMPONENTS OF CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD CASH FLOWS FROM OPERATING ACTIVITIES (1 + 2 + 3 + 4) 435 Changes in working capital 415 Other cash flows from operating activities: 420 Depreciation and amortisation charge 411 Other net adjustments to profit (loss) 412 Profit (loss) before tax 405 Adjustments to profit (loss): 410 Other sums received/(paid) from operating activities 425 Interest received 423 Income tax recovered/(paid) 430 Interest paid 421 Dividends received 422 Other financial assets 443 Other assets 444 Group companies, associates and business units 441 Property, plant and equipment, intangible assets and investment property 442 CASH 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 453 Proceeds 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 472 CASH FLOWS FROM FINANCING ACTIVITIES (1 + 2 + 3) 490 Sums received/(paid) in respect of equity instruments 470 Other assets 454 Issuance 481 Repayment and redemption 482 Grants, donations and bequests received 475 Sums received/(paid) in respect of financial liability instruments: 480 Acquisition 473 Disposal 474 495 EFFECT OF FOREIGN EXCHANGE RATE CHANGES 492 Payment of dividends and remuneration on other equity instruments 485 Comments IV. 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 600 Units: Thousand euros Cash on hand and at banks 550 Other financial assets 552 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (E + F) 500 CASH AND CASH EQUIVALENTS AT THE START OF THE PERIOD 499 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C + D)
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 CURRENT PERIOD PREVIOUS PERIOD 30/06/2025 31/12/2024 A) NON-CURRENT ASSETS 1040 29,300,000 28,232,000 1. Intangible assets: 1030 2,100,000 1,998,000 a) Goodwill 1031 587,000 462,000 b) Other intangible assets 1032 1,513,000 1,536,000 2. Property, plant and equipment 1033 23,832,000 22,940,000 3. Investment property 1034 4,000 4,000 4. Investments accounted for using the equity method 1035 285,000 287,000 5. Non-current financial assets 1036 852,000 829,000 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 846,000 823,000 6. Non-current derivatives 1039 398,000 377,000 a) Hedging 1045 389,000 334,000 b) Other 1046 9,000 43,000 7. Deferred tax assets 1037 1,273,000 1,311,000 8. Other non-current assets 1038 556,000 486,000 B) CURRENT ASSETS 1085 7,707,000 9,113,000 1. Non-current assets held for sale 1050 9,000 37,000 2. Inventories 1055 1,512,000 1,831,000 3. Trade and other receivables: 1060 4,596,000 4,878,000 a) Trade receivables 1061 2,962,000 3,518,000 b) Other receivables 1062 1,032,000 1,095,000 c) Current tax assets 1063 602,000 265,000 4. Current financial assets 1070 799,000 974,000 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 799,000 974,000 5. Current derivatives 1076 561,000 541,000 a) Hedging 1077 225,000 368,000 b) Other 1078 336,000 173,000 6. Other current assets 1075 4,000 12,000 7. Cash and cash equivalents 1072 226,000 840,000 TOTAL ASSETS (A + B) 1100 37,007,000 37,345,000 Comments: IV. SELECTED FINANCIAL INFORMATION 5. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (ADOPTED IFRS) (1/2) Units: Thousand euros ASSETS
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 CURRENT PERIOD PREVIOUS PERIOD 30/06/2025 31/12/2024 A) EQUITY (A.1 + A.2 + A.3) 1195 9,178,000 9,053,000 A.1) CAPITAL AND RESERVES 1180 8,353,000 8,381,000 1. Capital 1171 1,271,000 1,271,000 a) Authorised capital 1161 1,271,000 1,271,000 b) Less: Uncalled capital 1162 2. Share premium 1172 89,000 89,000 3. Reserves 1173 6,160,000 5,661,000 4. Less: Treasury stock 1174 (214,000) (4,000) 5. Prior Periods’ profit and loss 1178 6. Other member contributions 1179 7. Profit (loss) for the period attributable to the parent company 1175 1,041,000 1,888,000 8. Less: Interim dividend 1176 (529,000) 9. Other equity instruments 1177 6,000 5,000 A.2) ACCUMULATED OTHER COMPREHENSIVE INCOME 1188 (77,000) (271,000) 1. Items that are not reclassified to profit or loss for the period 1186 (162,000) (157,000) a) Equity instruments through other comprehensive income 1185 b) Others 1190 (162,000) (157,000) 2. Items that may subsequently be reclassified to profit or loss for the period 1187 85,000 (114,000) a) Hedging transactions 1182 94,000 (104,000) b) Translation differences 1184 c) Share in other comprehensive income for investments in joint ventures and others 1192 (9,000) (10,000) 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 8,276,000 8,110,000 A.3) NON-CONTROLLING INTERESTS 1193 902,000 943,000 B) NON-CURRENT LIABILITIES 1120 19,220,000 19,322,000 1. Grants 1117 248,000 249,000 2. Long-term provisions 1115 2,698,000 2,758,000 3. Long-term financial liabilities: 1116 9,837,000 9,945,000 a) Debt with financial institutions and bonds and other marketable securities 1131 5,461,000 5,644,000 b) Other financial liabilities 1132 4,376,000 4,301,000 4. Deferred tax liabilities 1118 1,168,000 1,047,000 5. Non-current derivatives 1140 283,000 336,000 a) Hedging 1141 248,000 287,000 b) Other 1142 35,000 49,000 6. Other non-current liabilities 1135 4,986,000 4,987,000 C) CURRENT LIABILITIES 1130 8,609,000 8,970,000 1. Liabilities associated with non-current assets held for sale 1121 17,000 2. Short-term provisions 1122 653,000 1,035,000 3. Short-term financial liabilities: 1123 661,000 613,000 a) Debt with financial institutions and bonds and other marketable securities 1133 557,000 512,000 b) Other financial liabilities 1134 104,000 101,000 4. Trade and other payables: 1124 6,174,000 6,065,000 a) Suppliers 1125 3,226,000 4,057,000 b) Other payables 1126 1,987,000 1,699,000 c) Current tax liabilities 1127 961,000 309,000 5. Current derivatives 1145 536,000 656,000 a) Hedging 1146 221,000 502,000 b) Other 1147 315,000 154,000 6. Other current liabilities 1136 585,000 584,000 TOTAL EQUITY AND LIABILITIES (A + B + C ) 1200 37,007,000 37,345,000 IV. SELECTED FINANCIAL INFORMATION 5. CONSOLIDATED STATEMENT OF FINANCIAL POSITION (ADOPTED IFRS) (2/2) Units: Thousand euros EQUITY AND LIABILITIES Comments:
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 PRESENT CURR. PREVIOUS CURR. CURRENT PREVIOUS PERIOD PERIOD CUMULATIVE CUMULATIVE (2nd HALF YEAR) (2nd HALF YEAR) 30/06/2025 30/06/2024 (+) Revenue 1205 10,712,000 10,244,000 (+/-) Change in inventories of finished products and work in progress 1206 (+) Own work capitalised 1207 120,000 125,000 (-) Supplies 1208 (7,057,000) (6,289,000) (+) Other operating revenue 1209 59,000 72,000 (-) Personnel expenses 1217 (484,000) (498,000) (-) Other operating expenses 1210 (838,000) (811,000) (-) Depreciation and amortisation charge 1211 (1,013,000) (913,000) (+) Allocation of grants for non-financial assets and other grants 1212 109,000 100,000 (+/-) Impairment of non-current assets 1214 (6,000) 6,000 (+/-) Gain (loss) on disposal of non-current assets 1216 3,000 37,000 (+/-) Other profit (loss) 1215 (11,000) (690,000) = OPERATING PROFIT (LOSS) 1245 1,594,000 1,383,000 (+) Finance income 1250 19,000 65,000 a) Interest income calculated using the effective interest rate method 1262 6,000 35,000 b) Other 1263 13,000 30,000 (-) Finance costs 1251 (221,000) (289,000) (+/-) Changes in fair value of financial instruments 1252 7,000 (2,000) (+/-) Gain (loss) from reclassification of financial assets at amortised cost to financial assets at fair value 1258 (+/-) Gain (loss) from reclassification of financial assets at fair value through other comprehensive income to financial assets at fair value 1259 (+/-) Exchange differences 1254 8,000 (7,000) (+/-) Impairment loss/reversal on financial instruments 1255 (1,000) (+/-) Gain (loss) on disposal of financial instruments 1257 (12,000) (17,000) a) Financial instruments at amortised cost 1260 (12,000) (17,000) b) Other financial instruments 1261 = NET FINANCE INCOME (COSTS) 1256 (199,000) (251,000) (+/-) Profit (loss) of equity-accounted investees 1253 10,000 5,000 = PROFIT (LOSS) BEFORE TAX 1265 1,405,000 1,137,000 (+/-) Income tax expense 1270 (345,000) (339,000) = PROFIT (LOSS) FOR THE PERIOD FROM CONTINUING ACTIVITIES 1280 1,060,000 798,000 (+/-) Profit (loss) for the period from discontinued operations, net of tax 1285 = CONSOLIDATED PROFIT (LOSS) FOR THE PERIOD 1288 1,060,000 798,000 A) Profit (loss) for the period attributable to the parent company 1300 1,041,000 800,000 B) Profit (loss) attributable to non-controlling interests 1289 19,000 (2,000) Amount Amount Amount Amount (X.XX euros) (X.XX euros) (X.XX euros) (X.XX euros) Basic 1290 0.99 0.76 Diluted 1295 0.99 0.76 Comments EARNINGS PER SHARE IV. SELECTED FINANCIAL INFORMATION 6. CONSOLIDATED PROFIT AND LOSS STATEMENT (ADOPTED IFRS) Units: Thousand euros
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SELECTED FINANCIAL INFORMATIONSELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 PRESENT CURR. PREVIOUS CURR. CURRENT PREVIOUS PERIOD PERIOD PERIOD PERIOD (2nd HALF YEAR) (2nd HALF YEAR) 30/06/2025 30/06/2024 1305 1,060,000 798,000 1310 (5,000) 20,000 1311 1344 (6,000) 23,000 1342 1346 1343 1345 1,000 (3,000) 1350 201,000 269,000 1360 266,000 355,000 1361 160,000 (74,000) 1362 106,000 429,000 1363 1364 1365 1366 1367 1368 1370 1,000 3,000 1371 1,000 3,000 1372 1373 1381 1382 1383 1384 1375 1376 1377 1378 1380 (66,000) (89,000) 1400 1,256,000 1,087,000 1398 1,235,000 1,089,000 1399 21,000 (2,000) Comments 4. 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:
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 CURRENT PERIOD Capital Share premium and Reserves Treasury stock Profit (loss) for the period attributable to the parent company Other equity instruments Opening balance at 01/01/2025 3110 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 3111 Adjustment for errors 3112 Adjusted opening balance 3115 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 period 3120 (5,000) 1,041,000 199,000 21,000 1,256,000 II. Transactions with shareholders or owners 3125 (860,000) (210,000) (62,000) (1,132,000) 1. Capital increases/(reductions) 3126 (1,000) (1,000) 2. Conversion of financial liabilities into equity 3127 3. Distribution of dividends 3128 (860,000) (61,000) (921,000) 4. Net trading with treasury stock 3129 (210,000) (210,000) 5. Increase/(decrease) for business combinations 3130 6. Other transactions with shareholders or owners 3132 III. Other changes in equity 3135 1,888,000 (1,888,000) 1,000 1,000 1. Equity-settled share-based payment 3136 1,000 1,000 2. Transfers between equity accounts 3137 1,888,000 (1,888,000) 3. Other changes 3138 Closing balance at 30/06/2025 3140 1,271,000 6,087,000 (214,000) 1,041,000 6,000 85,000 902,000 9,178,000 Comments IV. 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 interests Total Equity Capital and Reserves Valuation adjustments
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 PREVIOUS PERIOD Capital Share premium and Reserves Treasury stock Profit (loss) for the period attributable to the parent company Other equity instruments Opening balance at 01/01/2024 (comparative period) 3150 1,271,000 5,259,000 (4,000) 742,000 5,000 (256,000) 187,000 7,204,000 Adjustments for changes in accounting policy 3151 Adjustment for errors 3152 Adjusted opening balance (comparative period) 3155 1,271,000 5,259,000 (4,000) 742,000 5,000 (256,000) 187,000 7,204,000 I. Total comprehensive income/(expense) for the period 3160 20,000 800,000 269,000 (2,000) 1,087,000 II. Transactions with shareholders or owners 3165 (529,000) (15,000) (544,000) 1. Capital increases/ (reductions) 3166 (1,000) (1,000) 2. Conversion of financial liabilities into equity 3167 3. Distribution of dividends 3168 (529,000) (14,000) (543,000) 4. Net trading with treasury stock 3169 5. Increase/ (decrease) for business combinations 3170 6. Other transactions with shareholders or owners 3172 III. Other changes in equity 3175 742,000 (742,000) 1,000 1,000 1. Equity-settled share-based payment 3176 1,000 1,000 2. Transfers between equity accounts 3177 742,000 (742,000) 3. Other changes 3178 Closing balance at 30/06/2024 (comparative period) 3180 1,271,000 5,492,000 (4,000) 800,000 6,000 13,000 170,000 7,748,000 Comments IV. 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 equity Capital and Reserves Valuation adjustments
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 CURRENT PERIOD PREVIOUS PERIOD 30/06/2025 30/06/2024 A) 1435 2,356,000 1,192,000 1. 1405 1,405,000 1,137,000 2. 1410 1,566,000 1,571,000 (+) 1411 1,117,000 1,030,000 (+/-) 1412 449,000 541,000 3. 1415 (280,000) (1,023,000) 4. 1420 (335,000) (493,000) (-) 1421 (195,000) (288,000) (-) 1430 (+) 1422 3,000 3,000 (+) 1423 20,000 57,000 (+/-) 1424 (58,000) (124,000) (+/-) 1425 (105,000) (141,000) B) 1460 (1,997,000) (622,000) 1. 1440 (2,148,000) (1,120,000) (-) 1441 (949,000) (-) 1442 (897,000) (914,000) (-) 1443 (302,000) (206,000) (-) 1459 (-) 1444 2. 1450 90,000 428,000 (+) 1451 12,000 (+) 1452 18,000 6,000 (+) 1453 60,000 422,000 (+) 1461 (+) 1454 3. 1455 61,000 70,000 (+) 1456 (+) 1457 (+/-) 1458 61,000 70,000 C) 1490 (973,000) (718,000) 1. 1470 (193,000) (10,000) (+) 1471 (-) 1472 (-) 1473 (197,000) (10,000) (+) 1474 4,000 2. 1480 (191,000) (173,000) (+) 1481 1,363,000 174,000 (-) 1482 (1,554,000) (347,000) 3. 1485 (589,000) (535,000) 4. 1486 (-) 1487 (+/-) 1488 D) 1492 E) 1495 (614,000) (148,000) F) 1499 840,000 2,106,000 G) 1500 226,000 1,958,000 CURRENT PERIOD PREVIOUS PERIOD 30/06/2025 30/06/2024 (+) 1550 186,000 758,000 (+) 1552 40,000 1,200,000 (-) 1553 1600 226,000 1,958,000 Other financial assets Group companies, associates and business units Property, plant and equipment, intangible assets and investment property CASH FLOWS FROM INVESTING ACTIVITIES (1 + 2 + 3) Payments for investments: Other sums received/(paid) from operating activities CASH 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 received Other cash flows from operating activities: Interest paid Other net adjustments to profit (loss) Changes in working capital Adjustments to profit (loss): Depreciation and amortisation charge Other assets Non-current assets and liabilities classified as held-for-sale Other sums received/(paid) from investing activities Dividends received Interest received Other assets Other cash flows from investing activities Non-current assets and liabilities classified as held-for-sale Property, plant and equipment, intangible assets and investment property Other financial assets Proceeds from sale of investments Group companies, associates and business units Acquisition Disposal Issuance Redemption CASH FLOWS FROM FINANCING ACTIVITIES (1 + 2 + 3 + 4) Sums received/(paid) in respect of equity instruments Other cash flows from financing activities Interest paid Repayment and redemption Payment of dividends and remuneration on other equity instruments Sums 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 RATE Other 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 PERIOD Cash on hand and at banks Other financial assets Less: Bank overdrafts repayable on demand IV. SELECTED FINANCIAL INFORMATION 9.A. CONSOLIDATED STATEMENT OF CASH FLOWS (INDIRECT METHOD) (ADOPTED IFRS) Units: Thousand euros
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 Amount No. of shares Amount No. of shares (thousand euros) to be delivered (thousand euros) to be delivered Ordinary shares 2158 0.50 529,275 0.50 529,259 Other shares (non-voting shares, redeemable shares, etc.) 2159 Total dividends paid 2160 0.50 529,275 0.50 529,259 a) Dividends charged to profit and loss 2155 0.50 529,275 0.50 529,259 b) Dividends charged to reserves or share premium 2156 c) Dividends in kind 2157 d) Flexible payment 2154 IV. SELECTED FINANCIAL INFORMATION 10. DIVIDENDS PAID CURRENT PERIOD PREVIOUS PERIOD Euros / share (X.XX) Euros / share (X.XX)
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 CURRENT PREVIOUS CURRENT PREVIOUS PERIOD PERIOD PERIOD PERIOD Spanish market 2210 637,051 703,716 9,124,000 8,733,000 International market 2215 501 865 1,588,000 1,511,000 a) European Union 2216 501 865 1,428,000 1,413,000 a.1) Euro Area 2217 501 865 1,428,000 1,413,000 a.2) Non-Euro Area 2218 b) Other 2219 160,000 98,000 TOTAL 2220 637,552 704,581 10,712,000 10,244,000 Comments: CURRENT PREVIOUS CURRENT PREVIOUS PERIOD PERIOD PERIOD PERIOD Generation and Supply 2221 9,654,000 9,230,000 752,000 666,000 Distribution 2222 1,305,000 1,267,000 365,000 410,000 Structure and Services 2223 193,000 198,000 358,000 157,000 2224 2225 2226 2227 2228 2229 (-) Adjustments and elimination of ordinary revenue between segments 2230 (272,000) (279,000) (415,000) (435,000) TOTAL of reportable segments 2235 10,880,000 10,416,000 1,060,000 798,000 Comments: CONSOLIDATED SEGMENTS IV. SELECTED FINANCIAL INFORMATION 11. SEGMENT INFORMATION Ordinary revenue Profit (loss) Distribution of revenue by geographic area GEOGRAPHIC AREA INDIVIDUAL CONSOLIDATED Units: Thousand euros
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 CURRENT PERIOD PREVIOUS PERIOD CURRENT PERIOD PREVIOUS PERIOD AVERAGE WORKFORCE 2295 1,228 1,233 8,826 8,822 Men 2296 598 604 6,457 6,457 Women 2297 630 629 2,369 2,365 DIRECTORS: Item of remuneration: CURRENT PERIOD PREVIOUS PERIOD 2310 1,075 1,078 2311 500 500 2312 344 400 2313 199 142 2314 2315 14 2316 117 124 2320 2,235 2,258 MANAGERS: CURRENT PERIOD PREVIOUS PERIOD 2325 5,076 8,463Total remuneration paid to managers Share-based remuneration systems Termination benefits Long-term savings systems Other items TOTAL IV. 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
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 Significant shareholders Directors and managers Group employees, companies and entities Other related parties Total 1) Finance costs 2340 65,000 65,000 2) Leases 2343 3) Services received 2344 29,000 1,000 30,000 4) Purchase of inventories 2345 1,000 1,000 5) Other expenses 2348 40,000 40,000 TOTAL EXPENSES (1 + 2 + 3 + 4 + 5) 2350 135,000 1,000 136,000 6) Finance income 2351 1,000 1,000 7) Dividends received 2354 8) Services rendered 2356 2,000 2,000 9) Sale of inventories 2357 124,000 124,000 10) Other income 2359 2,000 2,000 TOTAL REVENUE (6 + 7 + 8 + 9 + 10) 2360 129,000 129,000 Significant shareholders Directors and managers Group employees, companies and entities Other related parties Total Financing agreements: loans and capital contributions (lender) 2372 1,000 1,000 Financing agreements: loans and capital contributions (borrower) 2375 6,021,000 6,021,000 Guarantees and collateral given 2381 8,000 8,000 Guarantees and collateral received 2382 117,000 117,000 Commitments assumed 2383 24,000 24,000 Dividends and other earnings distributed 2386 371,000 371,000 Other transactions 2385 7,000 30,000 37,000 BALANCES ON THE REPORTING DATE: Significant shareholders Directors and managers Group employees, companies and entities Other related parties Total 1) Trade receivables 2341 87,000 87,000 2) Loans and credit given 2342 1,000 1,000 2,000 3) Other receivables 2346 593,000 593,000 TOTAL RECEIVABLES (1 + 2 + 3) 2347 681,000 1,000 682,000 4) Trade payables 2352 891,000 1,000 892,000 5) Loans and credit received 2353 3,521,000 3,521,000 6) Other payment obligations 2355 852,000 852,000 TOTAL PAYABLES (4 + 5 + 6) 2358 5,264,000 1,000 5,265,000 CURRENT 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
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SELECTED FINANCIAL INFORMATION ENDESA, S.A. 1 HALF-YEAR OF 2025 Significant shareholders Directors and managers Group employees, companies and entities Other related parties Total 1) Finance costs 6340 107,000 107,000 2) Leases 6343 3) Services received 6344 25,000 1,000 26,000 4) Purchase of inventories 6345 3,000 3,000 5) Other expenses 6348 38,000 38,000 TOTAL EXPENSES (1 + 2 + 3 + 4 + 5) 6350 173,000 1,000 174,000 6) Finance income 6351 1,000 1,000 7) Dividends received 6354 8) Services rendered 6356 3,000 3,000 9) Sale of inventories 6357 111,000 111,000 10) Other income 6359 8,000 8,000 TOTAL REVENUE (6 + 7 + 8 + 9 + 10) 6360 123,000 123,000 Significant shareholders Directors and managers Group employees, companies and entities Other related parties Total Financing agreements: loans and capital contributions (lender) 6372 1,000 1,000 Financing agreements: loans and capital contributions (borrower) 6375 8,645,000 8,645,000 Guarantees and collateral given 6381 8,000 8,000 Guarantees and collateral received 6382 128,000 128,000 Commitments assumed 6383 14,000 14,000 Dividends and other earnings distributed 6386 371,000 371,000 Other transactions 6385 6,000 39,000 45,000 BALANCES ON THE REPORTING DATE: Significant shareholders Directors and managers Group employees, companies and entities Other related parties Total 1) Trade receivables 6341 82,000 82,000 2) Loans and credit given 6342 1,000 1,000 3) Other receivables 6346 264,000 264,000 TOTAL RECEIVABLES (1+2+3) 6347 346,000 1,000 347,000 4) Trade payables 6352 729,000 729,000 5) Loans and credit received 6353 3,521,000 3,521,000 6) Other payment obligations 6355 191,000 191,000 TOTAL PAYABLES (4+5+6) 6358 4,441,000 4,441,000 IV. SELECTED FINANCIAL INFORMATION 14. RELATED-PARTY TRANSACTIONS AND BALANCES (2/2) Units: Thousand euros PREVIOUS PERIOD PREVIOUS PERIOD OTHER TRANSACTIONS: PREVIOUS PERIOD EXPENSES AND REVENUE