Nine Months 2024 Endesa SA Earnings Call Transcript
Key Points
- Endesa SA (ELEZF) reported a strong financial performance with EBITDA growing by 16% to EUR 3.9 billion and net income increasing by 33% to EUR 1.4 billion compared to the same period last year.
- The company achieved a significant increase in emission-free output, reaching 88% of total production, supported by an expansion in renewable capacity to over 10 gigawatts.
- Endesa SA (ELEZF) successfully stabilized its customer portfolio at 6.7 million, maintaining the average level of the last five years despite earlier declines.
- The company has secured almost all of its 2024 and 2025 output and 70% for 2026, providing a high degree of protection against market volatility.
- Endesa SA (ELEZF) maintained a strong cash flow generation, which was sufficient to cover investment needs and dividend payments, keeping net financial debt stable at EUR 10.4 billion.
- Endesa SA (ELEZF) experienced a reduction in its customer base due to intensified competition and sustained low prices, although there was a change in trends in the third quarter.
- Average electricity prices in the first nine months of 2024 were down 42% compared to the previous year, contributing to market volatility.
- The company faced a significant drop in industrial customer demand for gas, leading to a 15% decrease in total gas sales.
- Endesa SA (ELEZF) reported a decline in energy-intensive industrial consumption, particularly in the paper and metal industries.
- The company is operating in a regulatory vacuum, with uncertainty around the allowed return in power grids and potential capital allocation challenges.
Hello, good morning everybody and welcome to the nine month 2024 results presentation, which will be hosted by the CEO, Jose Bogas; and the CFO, Marco Palermo. Following the presentation, we will have the usual Q&A session open to those connected on the call and on the web. We kindly ask you to limit your questions to the financial and operational performance during the period and to wait until November 19 for the strategic plan update. Thank you and now let me hand over to Jose Bogas.
Thank you, Mar. And good morning to everybody. Let me first of all just to express my condolence to all the families affected by the storms yesterday and tonight, mainly in Valencia and Albacete. Having said that, let's start with the highlights of the period. During these nine months of 2024, we recorded a strong financial performance on underpinned by a strong delivery across all businesses. EBITDA grew at 16% versus nine months 2023,
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