Endesa grows ordinary net profit by 0.7% y/y in 9-mo 2022

Spanish electric utility Endesa SA (BME:ELE) posted an ordinary net profit of EUR 1.47 billion (USD 1.47bn) for the first nine months of 2022, up by just 0.7% year-on-year, the company said in its earnings report on Tuesday.

Reported net profit stood at EUR 1.65 billion, higher by 13.2% compared to the year-ago period, due to income stemming from a stake sale in the electric mobility business in April. The stake sale also boosted reported EBITDA by 18.8% to EUR 3.71 billion.

Like-for-like EBITDA rose by EUR 3.47 billion, mainly thanks to the company's free market operations -- power generation and retail. The free market business grew by 38% on the year, enough to offset the 21% EBITDA drop of the regulated distribution business, Endesa said.

Between EBITDA and the bottom line stood higher depreciation, amortisation and impairment costs, higher corporate taxes and interests, which led to the lower net profit growth, Endesa explained.

Total revenues between January and September surged by 72.6% to EUR 24.6 billion

Endesa’s renewables EBITDA grew by 22% to EUR 349 million, while revenues from renewable power generation rose by 14.3% to EUR 614 million.

The company's renewables business, Enel Green Power Espana, produced 8,925 GWh of clean power in Spain’s mainland, down by 6.3%. The year-on-year drop was as a result of a 29.9% decline in hydroelectric output, while Endesa’s wind and solar farms increased production by 3.6% and 89.4%, respectively.

(EUR 1.0 = USD 0.999)

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