Endesa SA (OTCPK:ELEZF)
$ 21.202 0 (0%) Market Cap: 21.93 Bil Enterprise Value: 33.59 Bil PE Ratio: 30.63 PB Ratio: 2.70 GF Score: 76/100

Half Year 2024 Endesa SA Earnings Call Transcript

Jul 24, 2024 / 10:00AM GMT
Release Date Price: $19.38

Key Points

Positve
  • Endesa SA (ELEZF) achieved an EBITDA of EUR2.4 billion, nearly matching the first half of 2023.
  • The company expanded its renewable capacity to over 10 gigawatts, increasing emission-free production to 90% of total mainland production.
  • Energy losses improved by 0.4 percentage points, indicating progress in quality indicators.
  • Endesa SA (ELEZF) maintained a strong free power margin at EUR58 per megawatt hour.
  • The company has secured most of its 2024 inframarginal output and significant portions for 2025 and 2026, providing stability in energy pricing.
Negative
  • Net income decreased by 9% compared to the previous year.
  • Capex slowed down by 16% year-on-year due to more selective capital allocation.
  • The customer base contracted due to intensified competition and sustained low prices.
  • Mainland electricity demand in Endesa's area decreased by 1.4%, adjusted to 0.8%.
  • The technological obsolescence of the non-mainland generation fleet remains a concern, with inadequate regulatory support for investment needs.
Mar Martinez
Endesa, SA - Head of IR

Good morning, everybody, and welcome to the first half 2024 results presentation, which will be hosted by the CEO, Jose Bogas; and the CFO, Marco Palermo. And like previous occasion, we have scheduled this call at this time in order to make it easier to follow the large number of conference that are planned for today. Following the presentation, we will have the usual Q&A session open to those connected on the call and on the web.

Thank you. And now let me hand over to Jose Bogas.

Jose Damian Bogas Galvez
Endesa SA - Chief Executive Officer, Executive Director

Thank you, Mar, and welcome to everybody that start with the highlight of the period. During the second quarter of the year, we saw a strong performance of the main business figures in line with our expectation, which enabled us to achieve an EBITDA of EUR2.4 billion, almost in line with the first half of 2023, while net income decreased 9%.

These results that we will break down hereafter together with the high visibility we already have for

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