Endesa increased its profits by 33% until September and earned 1,404 million euros, according to the accounts presented to the National Securities Markets Commission (CNMV) this Wednesday. In this way, the electricity company led by José Bogas has returned to growth in its results after cutting its net profit by 9% in the first half, mainly due to the fall in energy prices.
Among other figures, the electricity company closed the first nine months of 2024 with a gross result (ebitda) of 3,881 million euros, 16% higher than the same period of the previous year, with positive contribution from all business lines. Both those that operate in the liberalized market (Generation and Marketing, which total 425 million with a year-on-year increase of 20%) as in the regulated (Distribution, with an increase of 7% after contributing 102 million more than in 2023).
With these achievements, the company claims to be in a good position to close the year with a ebitda between 4.9 billion and 5.2 billion, as well as multiply by two net ordinary profit (which reached 951 million in 2023) up to a range between 1,600 million and 1,700 million.
The electricity company’s income in the period from January to September reached 15,765 million eurosa decrease of 17.9% compared to the 19,211 million euros from a year ago. Regarding investments, reached 1.3 billion euroswhich were absorbed by the electrical and renewable networks, that they took more than two thirds of the total.
Stop the bleeding of clients
The firm led by José Bogas also focused in June on stopping the loss of electricity customers, a drain that in recent years had placed Endesa below the barrier of 10 million customers.
The electricity company expected that in the second half of the year, as energy prices increased, it would contain its losses. According to data from the company’s operational bulletin, So far this year Endesa has already lost 283,000 electrical supply points in the free and regulated markets (of which 234,000 derive from the liberalized one, more than 175,000 between April and June).
Meanwhile, in the last quarter it has been achieved slow those losses to just 67,000 users, of which 47,000 come from free rates. At the end of September, the electricity company added 6.66 million and 3.58 million customers in the free rate and in the so-called PVPC.
In this sense, Endesa is in the process of unifying marketing services to clients to offer “greater added value” to them, thanks to which last September it absorbed its self-consumption and aerothermal services subsidiary, Endesa X.
Debt remains stable
Regarding liabilities, Endesa’s net debt stood at 10.4 billion eurosremaining practically the same as at the end of last year.
This has caused the leverage ratio (net debt with respect to ebitda) fall to 2.4 timescompared to 2.8 times in 2023 as a whole.
For its part, gross debt falls 2% up to 13.4 billion.
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