Endesa has raised its full-year earnings outlook after reporting a 41% increase in net profit for the first half of 2026, with networks, renewables and regulated activities driving growth.
The Spanish energy company reported net profit of €1.47 billion for the six months to June, while EBITDA rose 20% year-on-year to €3.24 billion. Endesa now expects ordinary net profit for the full year to exceed €2.4 billion, above its previous €2.3–2.4 billion forecast.
The improvement comes as electricity demand in Spain edges higher and Endesa increases spending on infrastructure. Gross investment reached €1.1 billion, up 14%, with distribution networks accounting for 52%. Network investment rose 38% to €600 million, reflecting the growing need to accommodate new industrial loads and electrification.
“This upward revision is a key sign of the strength of both our business model and our ability to transform solid operational execution into higher profitability,” the company told analysts.
Renewable generation also increased, rising 11% to 11 TWh. Endesa said 86% of its mainland Spanish generation came from emissions-free sources, supported by additions to its renewable capacity and stronger output.
The results come against a backdrop of relatively competitive Iberian wholesale electricity prices. The average pool price was €73/MWh during the first half, including €23/MWh from ancillary services, although Endesa highlighted higher costs associated with the system operator’s reinforced operating regime.
For Endesa, however, the bigger strategic issue is infrastructure. The company argues that electrification, renewable generation, storage and network investment can reduce exposure to volatile fossil-fuel markets.
The company welcomed Spain’s latest regulatory changes, which increase the scope for investment in electricity distribution. Endesa sees this as important for accelerating network expansion and connecting new sources of industrial demand.
The results also point to a broader shift in the Spanish power sector: more generation alone is not enough. Increasingly, networks, flexibility and grid capacity are becoming central to converting renewable electricity into economic growth.
