Endesa S.A.

Annual Report • Feb 27, 2025

ENDESA, S.A. AND SUBSIDIARIES CONSOLIDATED ANNUAL REPORT 2024

Build the FUTURE through SUSTAINABLE POWER.

This English-language version has been translated from the original issued in Spanish by the entity itself and under its sole responsibility, and is not considered official or regulated financial information. In the event of discrepancy, the Spanish-language version prevails.

LEGAL DOCUMENTATION 2024 | ENDESA, S.A.

AND SUBSIDIARIES

CONTENTS

Legend Activity Description of Activity Conventional Generation Renewable Generation Energy Commercialisation Commercialisation of other Products and Services Distribution Structure and Services

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I.	LETTER TO SHAREHOLDERS AND OTHER STAKEHOLDERS	11
II.	CONSOLIDATED FINANCIAL STATEMENTS AUDIT REPORT	15
III.	LIMITED VERIFICATION REPORT ISSUED BY A VERIFIER ON THE CONSOLIDATED NON-FINANCIAL INFORMATION STATEMENT (NFIS) AND INFORMATION ON SUSTAINABILITY	25
IV.	CONSOLIDATED MANAGEMENT REPORT	35

1. Basis of preparation		36
	1.1. Endesa Corporate
	Reports	36
	1.2. The Consolidated Annual
	Report and materiality
	analisis	37
	1.3. Connectivity matrix	39

ENDESA 40

2. Description of the entity		41
	2.1. Key figures	41
	2.2. Principal activities	43
	2.3. Value creation and the
	Business Model	43
	2.4. Corporate structure map	48

CORPORATE GOVERNANCE 51

3. Corporate Governance System	52
3.1. Corporate Governance	52
3.2. Organisational structure	53
3.3. Board of Directors	53
3.4. Senior Management	54
3.5. Incentive system	55
3.6. Values and pillars of business
ethics	55
4. Annual Corporate Governance
Report	56
5. Annual Report on Directors'
Remuneration	56
STRATEGY	57
6. Outlook	58
6.1. Energy policy
context	58
6.2. 2025-2027 Strategic Plan	59
6.3. Key financial
indicators	62
6.4. Long-term vision.
Full decarbonisation
by 2040	63
6.5. Outlook for the business	64

	7. Reference scenario	67
7.1.	Macroeconomic environment	67
7.2.	Electricity and gas market	68
7.3.	Climate Change	70
RISKS		71
	8. Main risks and
	uncertainties associated
	with Endesa's activity	72
	8.1. General Risk Control and

Management Policy	72
8.2. The Internal Control over
Reporting System (ICRS)	76
8.3. Endesa's Criminal and
Anti-Bribery Risk Prevention
Model	78
8.4. Main risks and
uncertainties	79

PERFORMANCE AND METRICS 98

	9. Alternative Performance Measures (APMs)	99
10.	Significant events in the period	105
	10.1. Changes in the
	consolidation scope	105
	10.2. Geopolitical situation	105
	11. Endesa's operating performance
	and earnings in the year 2024	106
	11.1. Operating performance	106
	11.2. Analysis of results	112

	12. Equity and financial analysis	128
	12.1. Net invested capital and
	financing	128
	12.2. Financial management	129
	12.3. Capital management	131
	12.4. Cash flow	133
	12.5. Investments	133
	12.6. Contractual obligations
	and off-balance sheet
	transactions	135
13.	Results by Segment	136
	13.1. Generation and
	Commercialisation	139
	13.2. Distribution	141
	13.3. Structure and others	142
	14. Innovation and digitalisation	143
	14.1. Innovation Model	143
	14.2. Context and objectives
	of Research, Development
	and Innovation (R&D&I)
	activities	144
	14.3. Costs in Research,
	Development and
	Innovation (R&D&I)	144
	14.4. Main areas of activity	145
15.	People	152
16.	Regulatory Framework	152
17.	Treasury shares	152
	18. Stock market information	153
19.	Further information	156
	19.1. Management of credit
	ratings	156
	19.2. Dividend policy	158

	20. Information on financial instruments	159
	21. Events after the reporting period	159
	22. Information on the average supplier payment period	160
	23. Proposal for the allocation of results	160
	CONSOLIDATED NON-FINANCIAL INFORMATION STATEMENT (NFIS) AND INFORMATION ON SUSTAINABILITY	161
	24. General information	162
	24.1. Company Sustainability Statement (ESRS 2 IRO-2)	163
	24.2. Basis of preparation (ESRS 2)	168
	24.3. Sustainability Governance (ESRS 2)	171
	24.4. Strategy (ESRS 2) 24.5. Double Materiality	179
	Analysis (ESRS 2)	186
	25. Environmental information	196
	25.1. European Taxonomy 25.2. Climate Change	197
	(ESRS E1)	220
	25.3. Pollution (ESRS E2)	266
	25.4. Water and Marine Resources (ESRS E3)	275
	25.5. Biodiversity and Ecosystems (ESRS E4)	284
	25.6. Resource Use and Circular Economy (ESRS E5)	302

26. Social Information	312
26.1. Own Workforce (ESRS S1)	313
26.2. Value Chain Workers
(ESRS S2)	350
26.3. Affected Communities
(ESRS S3)	361
26.4. Consumers and End
Users (ESRS S4)	377
27. Governance information	400
27.1. Business Conduct
(ESRS G1)	401
Appendix I: Non-Financial
Information Law 11/2018
Legal Notice
Signatures for authorisation
for issue of the Consolidated
Management Report	425

V. CONSOLIDATED FINANCIAL STATEMENTS 427

Consolidated Income Statements for the years ended 31 December 2024 and 2023	428
Consolidated Statements of other Comprehensive Income for the years ended 31 December 2024 and 2023	429
Consolidated Statements of Financial Position at 31 December 2024 and 2023	430

Consolidated Statement
of Changes in Equity for the
year ended 31 December 2024	431
Consolidated Statement
of Changes in Equity for the
year ended 31 December 2023	432
Consolidated Statements
of Cash Flows for the years
ended 31 December 2024 and 2023	433
1. The Group's Activity
and Financial Statements	434
2. Basis of Presentation of
the Consolidated Financial
Statements	435
2.1. Accounting regulation
applied	435
3. Principles, Accounting Policies,
and Measurement Standards	436
3.1. Relevant accounting
estimates made	436
3.2. Measurement standards	437
4. New accounting
standards, amendments,
and interpretations	473
5. Non-financial information	474
5.1 Climate Change	474
5.2. Geopolitical situation	485
6. Sector Regulation	486
6.1. Regulatory framework
in Spain	486
6.2. Regulatory framework in
Europe	520

7. Changes in the Consolidation Scope 527 7.1. Subsidiaries 528 7.2. Associates 533 7.3. Joint Arrangements 535 8. Segment Information 537 8.1. Basis of segmentation 537 8.2. Segment information 538 8.3. Information by geographical areas 543 9. Income 545 9.1. Revenue from sales and services 545 9.2. Other operating income 546 10. Procurements and Services 546 10.1. Power purchases 546 10.2. Fuel consumption 546 10.3. Other variable procurements and services 547 11. Income and expenses from energy commodity derivatives 548 12. Personnel expenses 548 13. Other fixed operating expenses 549 14. Other results 549 15. Depreciation and impairment losses 550 15.1. Depreciation, amortisation and impairment losses on non-financial assets 550 15.2. Impairment losses on

financial assets 551

	16. Financial result	552
	16.1. Financial result without
	derivative financial
	instruments	552
	16.2. Financial income and
	expenses from derivative
	financial instruments	553
17.	Net income of companies
	accounted for using the equity
	method	554
	18. Corporate Income Tax	559
19.	Basic and diluted earnings
	per share	560
	20. Property, plant and equipment	560
	20.1. Main investments and
	divestments	564
	20.2. Acquisition commitments	565
	20.3. Impairment test	566
	20.4. Other information	567
	21. Right-of-use assets	569
	21.1. Right-of-use assets
	as a lessee	570
	21.2. Right-of-use assets
	as a lessor	571
	22. Investment property	572
	22.1. Other information	573
	23. Intangible assets	574
	23.1. Main investments and
	divestments	575
	23.2. Acquisition
	commitments	576
	23.3. Impairment test	576
	23.4. Other information	576

	24. Goodwill	577
	24.1. Other information	577
	25. Deferred tax assets and
	liabilities	578
	25.1. Deferred tax assets and
	liabilities	578
	25.2. Other information	580
	26. Investments accounted for
	using the equity method and
	joint operating entities	580
	26.1. Investments accounted
	for using the equity
	method	580
	26.2. Joint Operations	590
27.	Assets and liabilities from
	contracts with customers	592
	27.1. Non-current and current
	assets from contracts with
	customers	592
	27.2. Non-current and current
	liabilities from contracts
	with customers	593
	28. Other non-current financial
	assets	594
	28.1. Loans and other
	receivables	595
	28.2. Equity instruments	596
	29. Other non-current assets	596
	30. Other current financial
	assets	597

31. Inventories	598
31.1. Carbon dioxide (CO2 ) emission allowances	598
31.2. Guarantees of origin and other environmental
certificates	598
31.3. Acquisition commitments	599
31.4. Other information	599
32. Trade and other
receivables	600
33. Cash and cash
equivalents	602
34. Equity	603
34.1. Net Equity: of the Parent
Company	603
34.2. Net equity: Attributable to Non-controlling
Interests	613
35. Subsidies	615
36. Provisions	616
36.1. Provisions for pensions
and other similar obligations	616
36.2. Provisions for
workforce restructuring
plans	623
36.3. Other provisions	625
37. Other non-current liabilities	627
38. Other non-current and current
financial liabilities	627

39. Trade creditors and other
	accounts payable	628
	39.1. Information on the
	average payment period to suppliers.
	Third Additional Provision.
	'Duty of Information' of Law
	15/2010, of 5 July, amended
	by Law 18/2022, of 28
	September	629
	40. Financial instruments	630
	40.1. Classification of
	non-current and current
	financial asset instruments	631
	40.2. Classification of
	non-current and current
	financial liability
	instruments	635
	40.3. Financial debt	637
	40.4. Other matters	643
	40.5. Profit and loss by categories of financial
	assets and liabilities	647
	41. Financial risk control and
	management	648
	41.1. Interest rate risk	648
	41.2. Foreign exchange risk	650
	41.3. Price risk of energy
	commodities	651
	41.4. Liquidity risk	652
	41.5. Credit risk	653
	41.6. Concentration risk	656
	41.7. Risk of purchase
	commitments for energy
	commodities	657

42. Offsetting non-current and
current financial assets and
liabilities	658
43. Derivative financial
instruments	661
43.1. Derivative financial
instruments designated as
cash flow hedges	662
43.2. Derivative financial
instruments not designated
as cash flow hedges	674
44. Fair value measurement	676
44.1. Fair value measurement
of financial asset
classes	676
44.2. Fair value measurement
of categories of assets
not measured at fair
value	677
44.3. Fair value measurement
of financial liability
classes	677
44.4. Fair value measurement
of categories of financial
liabilities not measured at
fair value	678
44.5. Level 3 of the fair value
hierarchy level.	680
45. Statement of cash flows	681
45.1. Net cash flows from
operating activities	681
45.2. Net cash flows from
investing activities	683
45.3. Net cash flows from
financing activities	684

46. Balances and related-party
transactions	686
46.1. Expenditure and income,
and other transactions	687
46.2. Associates, joint
ventures, and joint
operating entities	692
46.3. Directors and Senior
Management	692
47. Purchase commitments and
guarantees issued to third
parties and other commitments	704
48. Remuneration to auditors	705
49. Workforce	705
49.1. Final workforce	705
49.2. Average workforce	706
50. Provisions, contingent assets
and liabilities	707
51. Accounting standards pending
future application	715
52. Events after the reporting period	716
53. Explanation Added for
Translation to English	716
Appendix I: Relevant companies
and shareholdings of Endesa	718
Signatures for authorisation
for issue of the Consolidated
Financial Statements	740

VI. STATEMENT OF RESPONSIBILITY 743

CHAPTER I.

LETTER TO SHAREHOLDERS AND OTHER STAKEHOLDERS

Juan Sánchez-Calero Guilarte Chairman

José D. Bogas Gálvez Chief Executive Officer

LETTER TO SHAREHOLDERS AND OTHER STAKEHOLDERS

Dear shareholder,

12

It is a pleasure to present to you the Endesa Annual Report for the 2024 financial year, a reflection of the collective work and constant effort we have made throughout the year to generate value not only for you, as a shareholder, but also for society in general.

The world we live in continues to face complex and transformative challenges, at a social, political and economic level, as well as at an environmental and energy level. In 2024, the average temperature of our planet has exceeded 1.5 ºC compared to the pre-industrial era, exceeding the limit of the Paris Agreement. At the same time, extreme weather events such as those we have experienced this past year in Spain, Europe and other corners of the world are becoming more frequent and intense, affecting diverse communities. Recent catastrophes reinforce the urgency of taking measures to adapt to this new situation, working with more urgency and commitment to reduce Greenhouse Gases (GHG) emissions.

The energy transition is emerging as a necessary duty that all public institutions, companies and citizens must embrace. Companies that do not prioritise Sustainability will have no future.

We are at a key moment in achieving the energy transition objectives set for 2030. The European Green Deal and the recent update of Spain's National Energy and Climate Plan 2021-2030 (PNIEC) pose very ambitious challenges that will necessarily have to be accompanied by adequate regulation. Regulation that incentivises the fulfilment of the planned objectives. Only in this way can we achieve it.

The PNIEC includes an investment forecast of 308,000 million euros, of which 82% will have to be executed by the private sector. Therefore, it is time to incentivise investments, to promote clean electrification, the digitalisation of the grid, and storage systems. All this to achieve, ultimately, a sustainable energy system: respectful of the

environment, by reducing polluting emissions; safe, by reducing dependence on foreign energy; and competitive for customers and profitable for investors.

Endesa's new strategic plan for the next three years is precisely about taking advantage of all the opportunities arising from the PNIEC. With an investment forecast of 9,600 million euros - the highest figure in Endesa's history - this plan pivots on a key axis: the promotion of clean electrification, based on emission-free generation sources, as a lever to address the main challenges of the energy sector throughout Europe.

Endesa's financial results in 2024 demonstrate the strength and consistency of our strategy in a market context characterised by high volatility in energy prices and intense competition in the sector. In the following pages you will find detailed information about our 2024 financial year. We closed the financial year with a net ordinary profit of 1,993 million euros, 109.6% higher than the previous year. EBITDA stood at 5,293 million euros, growing 40% over the previous year. Cash flow from operating activities reached 3,567 million euros, and gross debt was reduced by 24% to 10,494 million euros, consolidating our solid financial position. In the commercial area, the number of electricity customers stands at 10.2 million and the number of gas customers at 1.8 million.

These are just some of the indicators that demonstrate the success of our strategy. Disciplined management, the strength of our results and our ability to generate value are elements that allow us to propose a dividend of 1.3177 euros gross per share for the 2024 financial year, equivalent to 1,395 million euros. This reflects our commitment to you, our shareholders, and our ability to maintain profitable and sustainable growth.

We are coming to the end of 2024, which has been a very special and emotional year for Endesa, as last 18 November we celebrated the 80th anniversary of our company. Throughout these eight decades we have witnessed and participated in the economic, industrial and social development of Spain. We have been at the side of the public, our customers, the companies we work with and our shareholders, always seeking to contribute to the progress of the country and to improving people's quality of life. Over the years we have changed a lot as a company, but our essence has remained the same: a vocation to serve our customers and our country.

This anniversary allows us to take stock of everything we have achieved, but it also encourages us to look to the future with renewed energy. The energy transition, to which we are fully committed, represents one of the greatest opportunities in our history, and we are determined to take advantage of it to continue contributing to the well-being of society.

We would like to take this opportunity to sincerely thank you for your support and the trust you have placed in us. Thank you for joining us on this journey and for helping Endesa to continue growing and leading the energy transition in Spain.

Best regards,

CHAPTER II.

CONSOLIDATED FINANCIAL STATEMENTS AUDIT REPORT

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

Revenue recognition. Unbilled energy supplied See notes 3.2.0.1 and 32 to the consolidated financial statements
Key audit matter	How the matter was addressed in our audit
The Group's businesses that carry out energy supply activities must make estimates of unbilled energy supplies to end customers in the period between the last meter reading and the end of the fiscal year. At 31 December 2024, sales of electricity and gas as yet unbilled by the Group amounted to Euros 1,400 million and Euros 376 million, respectively. The quantity of unbilled energy supplied is calculated on the basis of internal and external information. Revenue is calculated by multiplying the estimated energy consumption to be billed by the price contracted by type of product and customer. Determining unbilled energy supplied requires the use of estimates by Company management with the application of criteria, judgements and assumptions in its calculations, so the recognition of revenue from unbilled energy supplied has been considered a key audit matter.	Our audit procedures included the following: - Analysis of the design and implementation of the key controls related to the estimation of the unbilled energy supplied. - Evaluation and understanding of the methodology used by the Group and analysis of the main assumptions and data considered, by cross-checking the internal and external information available. Analysis of the reasonableness of the unbilled amount by carrying out substantive procedures. - Comparison of estimates carried out at the previous reporting date using actual energy supply data (retrospective analysis), and evaluation of the results obtained. Assessment of whether the disclosures in the consolidated financial statements meet the requirements of the applicable financial reporting framework.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

Key audit matter

How the matter was addressed in our audit

On 15 November 2024 the Board of Directors of Endesa, S.A. approved the Group's 2025- 2027 Industrial Plan. This plan takes into consideration the envisaged new energy scenario and the current administrative situation of the projects in progress, and is based on a business model centred on the optimisation of the risk-return profile, whereby, among other aspects, the plan for future investments has been adapted to the new energy scenario. Consequently, the plan considers a readjustment of the composition of investments in renewable generation with respect to the previous plan, focusing on assets with higher added value and reducing exposure to solar energy assets and projects. As mentioned in notes 15.1, 16.1, 13 and 7.1 to the accompanying consolidated financial statements, in 2024 the following impacts on the consolidated income statement were recognised: an impairment loss of Euros 124 million on non-financial assets corresponding to several projects in progress; an expense of Euros 32 million associated with the risk of guarantees being enforced; an expense of Euros 26 million for the cancellation of various contracts; and the reversal of liabilities amounting to Euros 9 million associated with the achievement of milestones on the aforementioned projects. Given the relevance of the implications of these matters and their significance for the audit, this has been considered a key audit matter.

Our audit procedures included the following: Understanding the process followed by the Group in the current context to identify and determine the profitability and viability of the projects in progress, and evaluating the criteria and main assumptions used. Obtaining details of projects in progress, including their stage of completion and milestones yet to be achieved. Performing tests of detail on a sample of projects subject to impairmont, assessing by way of external and internal sources whether the supporting documentation meets the criteria defined by the Group. · Performing tests of detail on a sample of unimpaired projects to assess compliance with the criteria defined by the Group. Assessing whether the disclosures in the consolidated financial statements meet the requirements of the financial reporting framework.

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II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

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II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

CHAPTER III.

LIMITED VERIFICATION REPORT ISSUED BY A VERIFIER ON THE CONSOLIDATED NON-FINANCIAL INFORMATION STATEMENT (NFIS) AND INFORMATION ON SUSTAINABILITY

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

• -

-

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

-

-

-

-

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

-

-

• -
  -

-

-

-

-

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

CHAPTER IV.

CONSOLIDATED MANAGEMENT REPORT

1. Basis of preparation

1.1. Endesa Corporate Reports

Endesa's Consolidated Annual Report comprises the Consolidated Financial Statements and the Consolidated Management Report, serving as Endesa's integrated corporate information document, founded on transparency and accountability.

The Consolidated Management Report includes in Section 24 the Company's Sustainability Statement, which has been prepared in accordance with the joint statement from the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores - CNMV) and the Spanish Accounting and Auditing Institute (Instituto de Contabilidad y Auditoría de Cuentas - ICAC) released on 27 November 2024, in line with the requirements of Directive (EU) 2022/2464, of 16 December, concerning the submission of Sustainability reports by companies and, additionally, in accordance with Law 11/2018 of 28 December, awaiting the transposition of said Directive into Spanish law.

The aim of Endesa's Consolidated Annual Report is to outline the Company's strategic directions, and to present the outcomes and the medium and long-term outlook of the integrated Business Model which, in recent years, has promoted value creation within the framework of the Energy Transition process.

Therefore, the Consolidated Annual Report aims to offer a comprehensive overview of Endesa, detailing the medium and long-term value creation process. It includes the most relevant qualitative and quantitative information on finance and Sustainability, based on a Double Materiality assessment that also considers stakeholder expectations.

Additionally, the supplementary documents to the Consolidated Annual Report, which provide more detailed and complementary information regarding specific regulations, are as follows:

• Individual Annual Report, which consists of the Financial Statements and Management Report of Endesa, S.A., required by Article 253 of Royal Legislative Decree 1/2010, of 2 July, approving the Consolidated Text of the Spanish Corporate Enterprises Act (LSC).

Furthermore, pursuant to Article 538 of the Spanish Companies Act (LSC), titled 'Inclusion of the Corporate Governance and Remuneration Report in the Management Report', the following documents are included in the Consolidated Management Report in a separate section:

• The Annual Corporate Governance Report for the year 2024 (see Section 4 of this Consolidated Management Report).
• The Annual Report on the Remuneration of Endesa, S.A.'s Directors for the year 2024 (see Section 5 of this Consolidated Management Report).

To ensure appropriate understanding and continuity between the different documents, cross-references are established.

Endesa's reports

Consolidated Annual Repo

Individual Annual Financial Repo Includes the Financial Statements and Management Repo of Endesa, S.A., required by A icle 253 of Royal Legislative Decree 1/2010, of 2 July, which approves the Consolidated Text of the Corporate Enterprises Act (LSC).

The Annual Repo on the Remuneration of Endesa, S.A.´s Directors

In accordance with A icle 538 of the Spanish Corporate Enterprises Act (LSC), entitled 'Inclusion of the Corporate Governance and Remuneration Repo in the Management Repo´, this document is included in a separate section of the Management Repo (see Section 5 of this Consolidated Management Repo ).

Annual Corporate Governance Repo In accordance with A icle 538 of the Spanish Corporate Enterprises Act (LSC), entitled 'Inclusion of the Corporate Governance and Remuneration Repo in the Management Repo´, this document is included in the Management Repo in a separate section (see Section 4 of this Consolidated Management Repo ).

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements

37

1.2. The Consolidated Annual Report and materiality analysis

The Consolidated Annual Report seeks to demonstrate the ability of Endesa's Business Model to generate value over the short, medium, and long term for its stakeholders, ensuring the consistency of the information presented.

Endesa maintains continuous engagement with all its stakeholders to understand and meet their needs, including the need for information, considering the significance of the impact of Endesa's Business Model on all interests, with the aim of creating shared value.

The financial and Sustainability information presented in the different documents of the corporate reporting suite is selected based on its relative materiality, determined in accordance with a specific framework, methodologies, and evaluations.

The fundamental principles followed in the preparation of this Consolidated Annual Report are as follows:

Fundamental Principles	Description
International Financial Reporting Standards (IFRS) and interpretation by the International Financial Reporting Interpretations Committee (IFRIC), as adopted by the European Union (EU)	• Endesa's Consolidated Financial Statements for the year ended 31 December 2024 have been prepared in accordance with the International Financial Reporting Standards (IFRS) and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), as adopted by the European Union (EU) at the date of the Consolidated Financial Statement, in accordance with Regulation (EC) no. 1606/2002 of 19 July, of the European Parliament and of the Council and other provisions of the financial reporting framework applicable to Endesa (see Notes 2.1 and 3.2 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).
'Guide for Preparing the Management Report of Listed Entities'	• Guide issued by the Expert Group appointed by the CNMV.
'IFRS Standards and Climate-Related Disclosures' (November 2019) and 'Effects of Climate-Related Matters on Financial Statements' (November 2020 and July 2023), published by the 'International Accounting Standards Board' (IASB)	• Documents published by the IASB concerning the effects of climate-related issues on Financial Statements, which should be considered when evaluating the impacts and risks of Climate Change on Consolidated Financial Statements.
Directive (EU) 2022/2464 of 16 December concerning the disclosure of Sustainability information by companies	• In accordance with the joint statement issued by the CNMV and the ICAC on 27 November 2024, Endesa's Sustainability Report for the year ended 31 December 2024 has been prepared in accordance with the provisions of Directive (EU) 2022/2464 of 16 December. Additionally, considering that the transposition of this Directive into Spanish law has not yet occurred, Endesa's Sustainability Statement also complies with Law 11/2018 of 28 December, which amends the Commercial Code, the consolidated text of the Capital Companies Act approved by Royal Decree Law 1/2010 of 2 July, the Audit Act 22/2015 of 20 July concerning Non-financial Information and Diversity, and Law 5/2021 of 12 April, which modifies Article 49.6.II, paragraph four, of the Commercial Code (see Section 24.2 of this Consolidated Management Report).
Law 11/2018 of 28 December, which amends the Commercial Code, the consolidated text of the Capital Companies Act approved by Royal Decree Law 1/2010 of 2 July, the Audit Act 22/2015 of 20 July concerning Non-financial Information and Diversity, and Law 5/2021 of 12 April, which modifies Article 49.6.II, paragraph four, of the Commercial Code
Article 8 of the European Union (EU) Taxonomy Regulation, along with all related Delegated Acts issued by the European Commission	• This article demands the disclosure of how and to what extent the company's activities are linked to environmentally sustainable economic activities.
Recommendations by the 'Task Force on Climate-Related Financial Disclosures' (TCFD)	• These recommendations have shaped the structure of the Consolidated Management Report, adopting an integrated approach, organised into chapters based on the four proposed pillars: Corporate Governance, Strategy, Risks, Performance, and Metrics, along with the Sustainability Statement. • The information related to Climate Change in this Consolidated Management Report is completely aligned with the recommendations of the TCFD.

Endesa's Consolidated Management Report is broken down into the following chapters:

down Endesa's nancial and non-nancial results according to the Company's Business Lines. Accordingly, it suppos a comprehensive vision aligned with

Endesa's integrated and sustainable business model.

38

mitigation measures.

perspective, it provides an overview of Endesa's strategy and the main objectives of the Strategic Plan. This section highlights, among other things, the oppounities of the business model taking into account the current Energy Transition.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

39

1.3. Connectivity matrix

Endesa's connectivity matrix illustrates the links between Endesa's strategic objectives and corporate governance, risks, performance, and metrics across business lines.

Business	Value Creation	Corporate Governance	Strategy (1)	Risks (2)	Performance and Metrics
Conventional Generation and Renewable Generation	Generation		Zero-Emission Generation Increase in renewable generation to reach a total installed capacity of 13,100 MW at the end of the period, with investment totalling 3,700 million euros(4).	Strategic: • Regulations. • Climate Change • Strategic Plan and Sustainability. • Market Conditions. • Competition. Financial: • Supplies. • Exchange Rate. • Interest Rate. • Financing Capacity. • Credit Risk. • Customers and Suppliers	Innovation and Digitalisation People Operating Performance: • Electricity Generation. • Net Installed Capacity. Analysis of Results: • Income. • Revenue Generation from Emission and Nuclear Technologies. • Gross Operating Profit (EBITDA) (3)/ Operating Profit (EBIT) (3). • Gross Investment (3).
Commercialisation of Energy and other Products and Services	Customers	Corporate Governance Chapter of this Consolidated Management Report	Business Strategy Strategy aimed at enhancing the value of the customer portfolio, by strengthening commercial channels and providing value-added services to foster loyalty, an initiative that will require an investment of 900 million euros (4).	Digital Technologies: • Cybersecurity. • Digitalisation. Operational: • Construction risk of new Facilities. • Unplanned Outages. • Insurance Cover. • Environment • People. • Occupational	Innovation and Digitalisation People Operating Performance: • Sale of Electric Power. • Sale of Gas. • Charging Points. • Lighting Points. Analysis of Results: • Income. Gross Operating Profit (EBITDA(3)/ Operating Profit (EBIT)(3). • Gross Investment (3).
Distribution	Grids		Investments in Distribution Grids Investments in grids to enhance operational quality, resilience, and efficiency. 4,000 million euros in gross investment will be allocated to this, contingent upon an improvement in regulation(4).	Health and Safety. • Suppliers. Compliance: • Data Protection. • Competition Law. • Court and Arbitration. • Tax. • Enel's interests. Corporate Governance: • Corporate culture and ethics.	Innovation and Digitalisation People Operating Performance: • Distributed Energy. • Distribution and Transmission Grids. • Energy Losses. • Installed Capacity Equivalent Interruption Time – (ICEIT). • System Average Interruption Duration Index – (SAIDI). Analysis of Results: • Income. • Gross Operating Profit (EBITDA(3)/ Operating Profit (EBIT)(3). • Gross Investment (3).

(1) See Section 6.2 of this Consolidated Management Report.

(2) See Section 8.4 of this Consolidated Management Report.

(3) See definition in Section 9 of this Consolidated Management Report.

(4) Corresponds to estimated gross investments between the years 2025 and 2027

IV. CONSOLIDATED MANAGEMENT REPORT

ENDESA

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of Responsibility

2. Description of the entity

2.1. Key figures

INCOME
Income		Gross Operating Profit (EBITDA)(1)
–16.3 %		+40.1 %
21,307 million euros	5,293 million euros
25,459 million euros in 2023	3,777 million euros in 2023
PERFORMANCE
Net Income(1)	Net Ordinary Income(1)	Net Financial Debt (1)
+154.4 %	+109.6 %	–10.6 %
1,888 million euros	1,993 million euros	9,298 million euros
		as of 31 December
		2024
742 million euros in 2023	951 million euros in 2023	10,405 million euros as of 31 December 2023
INVESTMENTS		PEOPLE
Gross Investments in Property, Plant and Equipment and Intangible Assets	Cash Flows from Operating Activities	Final headcount
–16.5 %	–24.1 %	–1.3 %
2,057 million euros	3,567 million euros	8,914 employees
2,463 million euros in 2023	4,697 million euros in 2023	9,035 employees as of 31 December 2023

RENEWABLE AND CONVENTIONAL GENERATION

+1.0 % +2.4 % 21,449 MW 10,032 MW 21,247 MW as of 31 December 2023 9,800 MW as of 31 December 2023

–0.8 % +25.2 %

60,264 GWh in 2023 14,212 GWh in 2023

Net installed capacity Net Installed Mainland Renewable Capacity

Electricity Generation(2) Generation of Renewable Electricity(2)

59,780 GWh 17,792 GWh

DISTRIBUTION

Distribution and Transmission Grids Energy Distributed(3)

+0.4 % +1.6 %

319,136 km as of 31 December 2023 136,363 GWh in 2023

+0.7 %

12,638 thousand 99 %

12,548 thousand as of 31 December 2023 99 % as of 31 December 2023

320,329 km 138,580 GWh

End Users (4) Ratio of digitalised customers (5)

COMMERCIALISATION OF ELECTRICITY, GAS AND OTHER PRODUCTS AND SERVICES

42

Net Electricity Sales (6) Number of Electricity Customers (7) (8)

–4.3 % –2.9 % –3.2 %

77,688 GWh in 2023 10,522 thousand as of 31 December 2023

Gas Sales (10) Number of Gas Customers (11)

–4.2 % –2.8 % +16.4 % 62,170 GWh 1,777 thousand 22,417 units

64,880 GWh in 2023 1,829 thousand as of 31 December 2023

Number of Electricity Customers (Deregulated)(9)

74,376 GWh 10,217 thousand 6,670 thousand

6,893 thousand as of 31 December 2023

Public and Private Electricity Charging Stations

19,252 units as of 31 December 2023

- (1) See the definition in Section 9 of this Consolidated Management Report.

- (2) In busbars. (3) Energy supplied to customers, with or without a contract, auxiliary consumption from generators and outputs to other grids (transmission and distribution). (4) Customers of distributors. (5) Number of Digital Customers/End Users (%). (6) Sales to end customers.

-

• (7) Supply points. (8) Customers of commercialisation companies. (9) Customers of free market commercialisation companies.
• (10) Without in-house generation consumption. (11) Supply points.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

2.2. Principal activities

Endesa, S.A. was incorporated on 18 November 1944 and the company's registered office is located at Calle Ribera del Loira, 60 in Madrid.

Its corporate purpose is the electricity business in all its various industrial and commercial areas; the exploitation of primary energy resources of all types; the provision of industrial services, particularly in the areas of telecommunications, water and gas and those preliminary or supplementary to the Group's corporate purpose; and management of the corporate Group, comprising investments in other companies.

The Company carries out its corporate purpose in Spain and abroad directly or through its investments in other companies.

Endesa's corporate purpose is mainly categorised in section D, division 35 of the Spanish Business Classification Index (Clasificación Nacional de Actividades Económicas - CNAE).

Endesa, S.A. and its Subsidiaries (Endesa or the Company) carry out their activities in the electricity and gas business, mainly in the Spanish and Portuguese markets. Additionally, to a lesser extent, they commercialise electricity and gas, as well as other products and services related to their core business, in other European markets.

The organisation is divided into generation, commercialisation, and distribution activities, each of which includes electricity and, in certain cases, gas activities and other products and services.

Given the activities carried out by Endesa, S.A.'s Subsidiaries, the transactions are not of a significant cyclical or seasonal nature.

2.3. Value creation and the Business Model

2.3.1. Value creation

The inclusion of both financial and Sustainability information in this Consolidated Management Report effectively conveys the Business Model and value creation process, addressing both short-term results and long-term perspectives. This comprehensive approach enables shareholders and stakeholders to make well-informed economic decisions in light of the growing importance of environmental, social, and economic factors.

The image below outlines Endesa's value creation by showing the key figures and how they are transformed into results and value created for stakeholders, in accordance with Endesa's organisation and Business Model, which is strongly rooted in solid and transparent Corporate Governance and a sustainable strategy.

59.4 l/MWh Water collection in the process of generating electricity.

10.5 % Extraction of water for industrial use in areas of water stress.

8,914 Number of employees Endesa's final workforce. 26.9 % of women in the final workforce. 22.4 % of women in management positions.

PROSPERITY

Financial Community

9,298 million euros Net financial debt (1).

• 8,110 million euros Net Equity of the parent company.
• 2,057 million euros Gross investments in tangible fixed assets,
• intangible assets and real estate investments.
• 1,536 million euros Intangible assets.
• 26 million euros Concessions (they are part of the intangible assets).
• 22,940 million euros Property, plant and equipment.

Customers

10,217 thousand Electricity customers (2) (3). 6,670 thousand Electricity customers in the liberalised market(4). 22,417 number of public and private electric charging points. 12,638 thousand End users (5). 99 % Digitalised customer ratio (6).

Suppliers

18 days Average payment period.

Operational Evolution

• 21,449 MW Net installed capacity.
• 10,131 MW Net installed capacity from renewable sources.
• 59,780 GWh Electricity generation.
• 320,329 km of distribution and transport networks.

GOVERNANCE PRINCIPLES

43% Women on the Board of Directors. 23 Number of total reported incidents received through the information channel for possible infractions. 5 Number of verified infractions.

OUR RESOURCES OUR BUSINESS MODEL

EXTERNAL CONTEXT

Purpose

Build the FUTURE through SUSTAINABLE POWER

GENERATION 1. Profitability, Flexibility and Resilience. 2. Efficiency and Effectiveness of Operations. Strategic pillars Value Chain Values Trust Innovation Flexibility

CORPORATE GOVERNANCE

GROUP STRATEGY

RISKS AND

(1) See definition in Section 9 of this Consolidated Management Report.

-

• (2) Supply points. (3) Customers of commercialisation companies. (4) Customers of free market commercialisation companies.
• (5) Customers of distributors.
• (6) Number of Digitalised Customers/End users (%).
• (7) Average training per employee (average number of training hours).
• (8) Percentage of contracts ending compared to final workforce.
• (9) Frequency ratio = (Number of accidents or Number of serious accidents or Number of fatal accidents/Number of hours worked) x 106.
• (10) Dividend paid on 2 January 2024 (529 million euros) and on 1 July 2024 (529 million euros).
• (11) Energy supplied to customers, with or without a contract, auxiliary consumption from generators and outputs to other grids (transmission and distribution).
• (12) Sales to end customers.
• (13) Source: Prepared in-house. Figures for the last 12 months.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of

Responsibility

EXTERNAL CONTEXT

Vision

Strategic pillars

Value Chain

We promote electrification, satisfy people's needs and create a better world.

VALUE CREATED FOR ENDESA AND OUR STAKEHOLDERS OUR BUSINESS MODEL

Results Impacts

PLANET

• 166 gCO2e/kWh Specific greenhouse gas (GHG) emissions from the electricity generation process (Scope 1).
• 7,141,084 tonnes of carbon dioxide (CO2 ) Scope 3 greenhouse gas (GHG) emissions attributable to gas sales.

PEOPLE

• 46.35 hours of training (average per employee) (7).
• 4.3% Turnover rate (8).
• 0.13% Accident frequency index for own personnel (9).

PROSPERITY

Financial Community

21,307 million euros Income. 5,293 million euros Gross operating profit (EBITDA) (1). 1,993 million euros Net Ordinary profit (1). 201,836 Number of own shares acquired by Endesa. 1,058 million euros Dividends paid (10). 1 (€/share) Gross dividend per share 2023. 3.6% Average cost of gross financial debt.

Customers

138,580 GWh Energy distributed (11). 74,376 GWh Net electricity sales (12). 48.9 min. Duration of interruptions in the distribution network - SAIDI (13).

Suppliers

• 100% of contractors certified in sustainability (ESG) aspects.
• 0.45 Accident frequency rate for subcontracted personnel (9).

Operational Evolution

• 232 MW Net additional installed capacity from renewable sources.
• 86% Generation from non-emitting technologies, renewables and nuclear, out of Endesa's total peninsular generation.
• 10 number of patents.

2.3.2. Business Model

Endesa is committed to a sustainable Business Model that enables the development of a fair and inclusive transition, integrating Sustainability and creating value in the territories where it operates. As an essential element in people's lives, business and society in general, the Company strives to align its business strategy to address major challenges facing society, continuously evolving to adapt to the ongoing social, economic, and political changes.

The Company's biggest challenge at present is driving an Energy Transition towards decarbonisation and electrification of the current economy, integrating efficient development of renewable energies while abandoning technologies based on fossil fuels without leaving anyone behind. The shift towards a decarbonised economy has both driven and necessitated a transformation of our current Business Model, while generating great economic, environmental and social opportunities, contributing to the creation of wealth and employment, as well as the improvement of the planet.

The definition of this sustainable strategy should involve the participation of the Company's stakeholders. Aware that they belong to the territory, the aim is to engage them and build strong, positive relationships that allow Endesa to achieve sustainable and lasting results.

Ongoing dialogue with individual stakeholders and the organisations that represent them enables Endesa to identify priority actions to meet the stakeholder demands. In this regard, with Climate Change as the main challenge for all stakeholders, and aware that Endesa can play a major role in the fight against Climate Change, the Company has identified priority actions to contribute to the United Nations Sustainable Development Goals (SDGs) and the objectives of the Paris Agreement.

Development of the environmental, social, and governance sphere entails a series of risks that the Company must address and manage. However, as a result of the correct orientation of the strategy throughout the Company's Value Chain, Endesa not only mitigates risks but also maximises and seizes opportunities.

To monitor and evaluate the performance of its strategy, Endesa has defined 'Environmental, Social, Governance' (ESG) metrics that are integrated into its Sustainability Plan and that represent the Company's roadmap to meet the challenges of energy transformation, thus participating in the achievement of the Sustainable Development Goals (SDGs).

The recent update of the Strategic Plan clearly shows the integration of Sustainability into the Business Model, with the vast majority of investments directed towards SDG 13 (Climate Action), contributing with specific actions in SDG 7 (Affordable and Clean Energy) through the growth of renewable energy capacity, SDG 9 (Industry, Innovation and Infrastructure) by investing in the digitalisation of the distribution grid, and SDG 11 (Sustainable Cities and Communities).

Endesa continues to harness innovation to promote solutions to reduce environmental impact and meet the needs of its customers and the Local Communities where it operates, always ensuring safety for its employees and contractors.

2.3.3. Business lines and main markets

In order to be able to effectively address all risks and take advantage of all the opportunities in a continuously changing Energy Sector, Endesa's Business Model is structured into different Business Lines. This allows it to respond quickly in the markets in which it operates and to take into account the needs of its customers in the territories and businesses it serves.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

These Business Lines relate to the following activities in which Endesa is involved: Generation, Distribution and Commercialisation of electricity and gas, mainly, in Spain and Portugal, and, to a lesser extent, the Commercialisation of electricity and gas in other European markets, particularly in Germany and France, from its platform in Spain, and commercialisation other products and services related to its main business.

Endesa manages its Generation and Commercialisation businesses jointly to optimise its integrated position compared to separate management of both activities.

The markets and activities carried out by Endesa are described below:

Spanish Market

Activities	Description
Electricity Generation	• Endesa carries out electricity generation activity in the mainland and in Non-Peninsular Territories (NPT), the latter comprising the island territories of the Balearic and Canary Islands and the autonomous cities of Ceuta and Melilla. • In the mainland territory, conventional and renewable generation is a deregulated activity, although there is specific remuneration for renewable energy generation. • Conventional generation in NPTs is subject to specific regulations which address the particular nature of their geographical location, with regulated remuneration. Renewable energy generation in NPTs has investment incentives due to a reduction in generation costs (see Note 6 of the Notes to the Consolidated Financial Statements for the year ended December 31, 2024).
Commercialisation of Electricity, Gas and other Products and Services	• The commercialisation activity is deregulated and consists of the sale of energy in the market and the Commercialisation of other products and services to customers.
Electricity Distribution	• Electricity distribution is a deregulated activity involving the distribution of electricity to the consumption points.

Section 11 of this Consolidated Management Report provides a breakdown of Endesa's key figures as of 31 December 2024.

Portuguese Market

Activities	Description
Electricity Generation	• The electricity generation activity in Portugal is carried out in a competitive environment.
Commercialisation of Electricity, Gas and other Products and Services	• This activity is deregulated in Portugal.

2.4. Corporate structure map

Endesa, S.A.'s activity is structured by Business Line, giving the Company flexibility and the ability to respond to the needs of its customers in the territories and businesses it serves.

Endesa, S.A. primarily relies on the following companies to organise its various Lines of Business:

Companies	Description
Energy Generation: • Endesa Generación, S.A.U. • Gas y Electricidad Generación, S.A.U. • Unión Eléctrica de Canarias Generación, S.A.U. • Enel Green Power España, S.L.U.	• Endesa Generación, S.A.U. was founded on 22 September 1999 to consolidate the generation and mining assets of Endesa, S.A. • Endesa Generación, S.A.U. consolidates, among others, its holdings in Gas y Electricidad Generación, S.A.U. (100%) and Unión Eléctrica de Canarias Generación, S.A.U. (100%), which manage the conventional generation assets located in the NPTs, as well as in Enel Green Power España, S.L.U. (100%), which manages renewable energy-generation assets. • On 31 December 2024, Endesa's potential total net installed capacity in Spain amounted to 21,449 MW, of which 17,117 MW came from the Mainland Electricity System and 4,332 MW from NPTs, including the Balearic Islands, Canary Islands, Ceuta and Melilla. The net installed capacity for renewables technologies on that date stood at 10,131 MW, of which 10,032 MW correspond to the mainland Electricity System and 99 MW to NPTs (see Section 11.1 of this Consolidated Management Report). • In the 2024 business year, Endesa had a total net output of 59,780 GWh (see Section 11.1 of this Consolidated Management Report).
Commercialisation of Energy and other Products and Services: • Endesa Energía, S.A.U. • Energía XXI Comercializadora de Referencia, S.L.U. • Endesa Operaciones y Servicios Comerciales, S.L.U. • Endesa Mobility, S.L.U.	• Endesa Energía, S.A.U. was created on 3 February 1998 to carry out commercialisation activities, thus responding to the requirements arising from the liberalisation process of the Spanish electricity sector. Its core activity is the supply of energy to customers who decide to exercise their right to choose a supplier and receive service in the deregulated market and other products and services around the development of efficient energy infrastructure and maintenance services. Additionally, it undertakes the development and commercialisation of new services adapted to the evolution of the energy market, focusing on three lines of action: 'e-Home', 'e-Industries' and 'e-City', both in Spain and Portugal. • Endesa Energía, S.A.U. also holds 100% of the shares in Energía XXI Comercializadora de Referencia, S.L.U., a retailer in the regulated market, and Endesa Operaciones y Servicios Comerciales, S.L.U., the purpose of which is to provide commercial services related to the supply of energy. • Endesa Energía, S.A.U. also carries out commercialisation activities in the liberalised markets of Germany, France, and Portugal. • Finally, Endesa Mobility, S.L.U. develops and markets services adapted to electric mobility or 'e-Mobility' and owns Endesa's public charging stations for electric vehicles. • In 2024, net electricity sales amounted to 74,376 GWh and, as of 31 December 2024, the customer portfolio in the electricity market consisted of 10.2 million supply points. The total volume of gas commercialised in 2024 amounted to 62,170 GWh and, as of 31 December 2024, the customer portfolio in the conventional natural gas market consisted of 1.8 million supply points (see Section 11.1 of this Consolidated Management Report).
Energy Distribution: • Edistribución Redes Digitales, S.L.U. • Endesa Ingeniería, S.L.U.	• This Business Line includes, among others, Edistribución Redes Digitales, S.L.U. (100%), which assumes the regulated activity of electricity distribution, and Endesa Ingeniería, S.L.U. (100%), which carries out engineering and construction activities of all types of facilities related to the electricity business. • As of 31 December 2024, Endesa distributed electricity in 24 Spanish provinces (A Coruña, Almería, Badajoz, Barcelona, Cádiz, Córdoba, Girona, Granada, Huelva, Huesca, the Balearic Islands, Jaén, Las Palmas, León, Lleida, Málaga, Ourense, Santa Cruz de Tenerife, Seville, Soria, Tarragona, Teruel, Zamora, Zaragoza) in 8 Autonomous Communities (Andalusia, Aragon, the Canary Islands, Castile and Leon, Catalonia, Extremadura, Galicia and the Balearic Islands) and in the Autonomous City of Ceuta, with a total area of 195,881 km2 and a population of around 22 million. • The number of customers with a contract for access to Endesa's distribution networks exceeded 12 million and the total energy distributed by Endesa's networks reached 138,580 GWh in 2024 (see Section 11.1 of this Consolidated Management Report).

Below is a detailed map of Endesa's corporate structure as of 31 December 2024, showing the main investee companies in graphic form:

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

RECUPERACIÓN DE BATERÍAS

		100%	ENEL GREEN POWER ESPAÑA
51% AGUILÓN 20	50% ENEL GREEN POWER ESPAÑA SOLAR 1	36% TRÉVAGO RENOVABLES	50% EÓLICAS DE LA PATAGONIA	51% HISPANO GENERACIÓN DE ENERGÍA SOLAR	30% PRODUCTORA DE ENERGÍAS	100% SHARK POWER REN 5
100% ARENA GREEN POWER 1 100%	100% ARANORT	36% MINGLANILLA RENOVABLES 400KV	40% EÓLICAS DE LANZAROTE	50% ICE FOTOVOLTAICOS VILLAMECA, S.L.	100% PROMOCIONES ENERGÉTICAS DEL BIERZO	100% SHARK POWER REN 6
ARENA GREEN POWER 2 100%	DESARROLLOS 100% BALEARES ENERGY	37% PROMOTORES MUDÉJAR 400 KV 64%	50% EÓLICAS DE TENERIFE 60%	41% INFRAESTRUCTURA DE EVACUACIÓN PEÑAFLOR 220 KV	33% PROYECTOS UNIVERSITARIOS DE ENERGÍAS	100% SHARK POWER REN 7
ARENA GREEN POWER 3 100%	100% BAYLIO SOLAR	RENOVABLES BROVALES 400 KV 64%	EÓLICOS DE TIRAJANA 10%	100% INFRAESTRUCTURAS PALOS 220	RENOVABLES 100% PUERTO SANTA MARÍA ENERGÍA I	100% SHARK POWER REN 8
ARENA GREEN POWER 4 100%	34% BRAZATORTAS 220 RENOVABLES	RENOVABLES BROVALES SEGURA DE LEÓN 400 KV	EVACUACIÓN CARMONA 400-220 KV RENOVABLES	45% MARÍA RENOVABLES 37%	100% PUERTO SANTA MARÍA ENERGÍA II	100% SHARK POWER REN 9
ARENA GREEN POWER 5 100%	100% DEHESA DE LOS GUADALUPES SOLAR	44% RENOVABLES MANZANARES 400 KV	70% EXPLOTACIONES EÓLICAS DE ESCUCHA	MINICENTRALES DEL CANAL IMPERIAL-GALLUR	100% REN ALFAJARÍN SOLAR	100% SHARK POWER REN 10
ARENA POWER SOLAR 11 100%	100% EMINTEGRAL CYCLE 100%	100% ENERGÍA EÓLICA ÁBREGO	74% EXPLOTACIONES EÓLICAS EL PUERTO	21% MONTE REINA RENOVABLES	100% RENOVABLES ANDORRA	28% SISTEMA ELÉCTRICO
ARENA POWER SOLAR 12 100%	ENERGÍA BASE NATURAL 100%	100% ENERGÍA EÓLICA GALERNA	51% EXPLOTACIONES EÓLICAS SANTO	33% OXAGESA (en liquidación) 100%	100% RENOVABLES LA PEDRERA	DE CONEXIÓN VALCAIRE 96%
ARENA POWER SOLAR 13 100%	ENERGIA NETA SA CASETA LLUCMAJOR	100% ENERGÍA EÓLICA GREGAL	DOMINGO DE LUNA 65% EXPLOTACIONES	PAMPINUS PV FARM 01 90%	100% RENOVABLES TERUEL 40%	SISTEMAS ELÉCTRICOS MAÑÓN ORTIGUEIRA
ARENA POWER SOLAR 20 100%	100% ENERGÍA Y NATURALEZA	55% ENERGÍAS ALTERNATIVAS DEL SUR	EÓLICAS SASO PLANO 90%	PARAVENTO 30% PARC EOLIC LA	RIBINA RENOVABLES 400 50%	65% SOCIEDAD EÓLICA DE ANDALUCÍA
ARENA POWER SOLAR 33 100%	100% FOTOVOLTAICA YUNCLILLOS	67% ENERGÍAS DE GRAUS	EXPLOTACIONES EÓLICAS SIERRA COSTERA	TOSSA - LA MOLA D'EN PASCUAL 30%	SALTO DE SAN RAFAEL 67%	50% SOCIEDAD EÓLICA
ARENA POWER SOLAR 34 100%	100% FRV CORCHITOS I	97% ENERGÍAS ESPECIALES DE CAREÓN	90% EXPLOTACIONES EÓLICAS SIERRA LA VIRGEN	PARC EOLIC LOS ALIGARS 100%	SAN FRANCISCO DE BORJA 45%	EL PUNTAL 60% SOCIEDAD EÓLICA
ARENA POWER SOLAR 35 50%	100% FURATENA SOLAR 1 19%	100% ENERGÍAS ESPECIA LES DEL ALTO ULLA	100% FRV CORCHITOS II SOLAR	PARQUE EÓLICO A CAPELADA 50%	SANTO ROSTRO COGENERACIÓN (en liquidación)	LOS LANCES 40%
ATECA RENOVABLES 100% BAIKAL ENTERPRISE	INFRAESTRUCTURAS SAN SERVÁN SET 400	50% ENERGÍAS ESPECIA LES DEL BIERZO	100% FRV GIBALBIN-JEREZ	PARQUE EÓLICO BELMONTE 80%	100% SAVANNA POWER SOLAR 4	SOLANA RENOVABLES 36%
51% BOSA DEL EBRO	31% INFRAESTRUCTURAS SAN SERVÁN 220	23% ENERGÍAS LIMPIAS DE CARMONA	100% FRV TARIFA 100%	PARQUE EÓLICO CARRETERA DE ARINAGA	100% SAVANNA POWER SOLAR 5	SOTAVENTO GALICIA 51%
25% CAMPOS PROMOTORES	24% INSTALACCIONES SAN SERVÁN II 400	100% ENIGMA GREEN POWER 1	FRV VILLALOBILLOS 100% FRV ZAMORA	75% PARQUE EÓLICO DE BARBANZA 82%	100% SAVANNA POWER SOLAR 6 100%	TAUSTE ENERGÍA DISTRIBUIDA 45%
RENOVABLES 33% CENTRAL	35% LUCAS SOSTENIBLE	100% ENVATIOS PROMOCIÓN I	SOLAR 1 100% FRV ZAMORA	PARQUE EÓLICO DE SAN ANDRÉS 66%	SAVANNA POWER SOLAR 9 100%	TERMOTEC ENERGÍA (en liquidación)
HIDRÁULICA GÜEJAR-SIERRA 20%	100% OLIVUM PV FARM 01 100%	100% ENVATIOS PROMOCIÓN II	SOLAR 3 100% FUNDAMENTAL	PARQUE EÓLICO DE SANTA LUCÍA 90%	SAVANNA POWER SOLAR 10 100%	30% TERRER RENOVABLES
COGENERACIÓN EL SALTO (en liquidación)	RENOVABLES MEDIAVILLA 100%	100% ENVATIOS PROMOCIÓN III	RECOGNIZED SYSTEMS 100%	PARQUE EÓLICO FINCA DE MOGÁN 76%	SAVANNA POWER SOLAR 12 100%	33% TOLEDO PV
38% COMPAÑÍA EÓLICA TIERRAS ALTAS	SEGUIDORES SOLARES PLANTA 2	100% ENVATIOS PROMOCIÓN XX	FV ANDREA SOLAR 100% FV CAMPOS SOLAR	PARQUE EÓLICO MONTES DE LAS NAVAS 100%	SAVANNA POWER SOLAR 13 38%	8% TORO RENOVABLES 400 KV
25% CORPORACIÓN EÓLICA DE ZARAGOZA	100% STONEWOOD DESARROLLOS	51% EÓLICA VALLE DEL EBRO 80%	100% FV LA CERCA	PARQUE EÓLICO MUNIESA 52%	SECCIONADORA ALMODÓVAR RENOVABLES	61% TRANSFORMADORA ALMODÓVAR RENOVABLES
100% DEHESA PV FARM 03	100% TICO SOLAR 1 100%	EÓLICAS DE AGAETE 55% EÓLICAS DE	100% FV MENAUTE 100%	PARQUE EÓLICO PUNTA DE TENO 58% PARQUE EÓLICO	16% SET CARMONA 400 KV RENOVABLES 100%	67% VIRULEIROS
100% DEHESA PV FARM 04 100%	TICO SOLAR 2 100% TORREPALMA	FUENCALIENTE 40% EÓLICAS DE	FV SANTA MARÍA 30% HIDROELÉCTRICA	SIERRA DEL MADERO 100% PRODUCTIVE SOLAR	SHARK POWER 100% SHARK POWER	40% YEDESA COGENERACIÓN

DE OUROL

FUERTEVENTURA

SYSTEMS

COGENERACIÓN (en liquidación)

The additions, removals and changes to Endesa's company map in 2024 are described in Note 7 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

ENERGY 1

Appendix I of the Notes in the Consolidated Financial Statements for the year ended 31 December 2024 lists Endesa's companies and significant shareholdings.

REN 4

AND SUBSIDIARIES

EGPE SOLAR 2

IV. CONSOLIDATED MANAGEMENT REPORT

CORPORATE GOVERNANCE

3. Corporate Governance System

3.1. Corporate Governance

Endesa possesses a set of internal corporate regulations that embody the most advanced practices in corporate governance and business ethics, ensuring that all members of its governing bodies and its professionals comply with the law.

Board of Directors

The Board of Directors is the supreme governing and representative body of the Company, in accordance with the Law and the Articles of Association.

The Board of Directors is vested with the broadest powers and authority to manage, direct, administer, and represent the Company. As a general rule, it will delegate the day-to-day management of the Company to the delegated management bodies and focus its activities on general oversight and on addressing matters of significant importance to the Company and its group of companies.

Appointments and Remuneration Committee (ARC)

The main role of the Appointments and Remuneration Committee (ARC) is to advise the Board of Directors and to monitor, among other things, all matters related to the selection, appointment and definition of the remuneration scheme for Directors and senior managers. In any case, the Board of Directors may assign any other powers not reserved to another body by virtue of law, the Bylaws or the Board of Directors Regulations to the ARC.

Audit and Compliance Committee (ACC)

The primary duty of the Audit and Compliance Committee (ACC) is to advise the Board of Directors and to monitor and oversee the independence of the statutory auditor, the effectiveness of internal control and risk management mechanisms, and the processes for drafting and presenting financial and nonfinancial information, as well as to report to the Board of Directors on related-party transactions. These duties shall be deemed to be without limitation and notwithstanding such other duties as may be set forth in the Audit and Compliance Committee Regulations or applicable law, or as entrusted to the Committee by the Board of Directors.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

Sustainability and Corporate Governance Committee

The main role of the Sustainability and Governance Committee is to advise the Board of Directors on and to monitor, among other things, all environmental, Sustainability, human rights and diversity matters in relation to the strategy for social action, as well as on the scope of the Company's Corporate Governance strategy. In any case, the Board of Directors may assign any other powers not reserved to another body by virtue of law, the Bylaws or the Board of Directors Regulations to the Sustainability and Governance Committee.

3.2. Organisational structure

Endesa, S.A. and its Subsidiaries are part of the Enel Group, the parent of which is Enel Iberia, S.L.U. in Spain.

As of 31 December 2024, the Enel Group's stake in the share capital of Endesa, S.A., via Enel Iberia, S.L.U., amounts to 70.1% (see Notes 1 and 34.1.1 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).

3.3. Board of Directors

On the date that this Consolidated Management Report was prepared, the composition of the Board of Directors of Endesa, S.A., the body vested with the broadest powers to manage, administer and represent the Company, was as follows:

53

COMPOSITION OF THE BOARD OF DIRECTORS

BOARD OF DIRECTORS

Mr Juan Sánchez-Calero Guilarte	Chairman
Mr Flavio Cattaneo	Vice Chairman
Mr José Damián Bogas Gálvez	Chief Executive Officer
Mr Francisco de Borja Acha Besga	Secretary non Director
Ms Eugenia Bieto Caubet	Member
Mr Ignacio Garralda Ruiz de Velasco	Member
Ms Pilar González de Frutos	Member
Ms Francesca Gostinelli	Member
Mr Francisco de Lacerda	Member
Mr Stefano de Angelis	Member
Ms Cristina de Parias Halcón	Member
Mr Gianni Vittorio Armani	Member
Mr Guillermo Alonso Olarra	Member Independet
Ms Elisabetta Colacchia	Proprietary Member
Ms Michela Mossini	Executive Member External

Details of the Board of Directors by gender, age and experience as of 31 December 2024 were as follows:

3.4. Senior Management

54

At the date that this Consolidated Management Report was prepared, Endesa, S.A.'s Executive Committee,

which is tasked with implementing the Company's strategy, was as follows:

General Manager – Sustainability Ms María Malaxechevarría Grande General Manager – Procurement Mr Ignacio Mateo Montoya General Manager – Administration, Finance and Control Mr Marco Palermo General Manager – Security Mr Florencio José Retortillo Rodríguez General Secretary and Secretary of the Board of Directors, and General Manager – Legal Affairs and Corporate Affairs Mr Francisco de Borja Acha Besga General Manager – Commercialisation Mr Davide Ciciliato General Manager – Nuclear Power Mr Gonzalo Carbó de Haya

The Annual Corporate Governance Report, detailed in Section C. 'Company Management Structure', outlines the organisation of the Board of Directors of Endesa, S.A. and the bodies to which it delegates its decisions. This report is an integral component of the Consolidated Management Report (see Section 4 of this Consolidated Management Report).

The general principles concerning Endesa's Corporate Governance strategy stipulate that the internal

3.5. Incentive system

Information related to Endesa's incentive system is described in Note 46.3.5 of the Notes to the corporate regulations are configured to ensure transparency and to reconcile the interests of all shareholders, as well as to guarantee equal treatment for all shareholders in identical circumstances.

On 31 December 2024, the percentage of women in Senior Management stood at 19% (13% on 31 December 2023).

Consolidated Financial Statements for the year ended 31 December 2024.

3.6. Values and pillars of business ethics

3.6.1. Code of ethics

Information on Endesa's Code of Ethics is included in Section 8.3 of this Consolidated Management Report.

3.6.2. Endesa's Human rights policy

Information on Endesa's Human Rights policy can be found in Section 26.1.2 of this Consolidated Management Report.

4. Annual Corporate Governance Report

The Annual Corporate Governance Report for the year 2024, in accordance with Article 538 of the Capital Companies Act (Ley de Sociedades de Capital - LSC), titled 'Inclusion of the Corporate Governance and Remuneration Report in the Management Report', is part of this Consolidated Management Report and is subject to the same criteria for approval, filing, and publication. The contents of this report are available on the website of the CNMV at the following address: https://www.cnmv.es/portal/consultas/EE/InformacionGobCorp. aspx?TipoInforme=1&nif=A-28023430, as well as on Endesa's website www.endesa.com.

5. Annual Report on Directors' Remuneration

The Annual Report on Directors' Remuneration of Endesa, S.A., in accordance with article 538 of the LSC, which is entitled 'Inclusion of the Corporate Governance and Remuneration Report in the Management Report', forms part of this Management Report, and is subject to the same criteria for approval, filing and publication. The contents of this report are available on the website of the CNMV at the following address:

https://www.cnmv.es/portal/consultas/EE/InformacionGobCorp. aspx?TipoInforme=6&nif=A-28023430, as well as on Endesa's website www.endesa.com.

IV. CONSOLIDATED MANAGEMENT REPORT

6.1. Energy policy context

In 2024, electricity demand in Spain showed signs of recovery following several years of declining energy consumption. Cumulative national demand reached 248,811 GWh, representing a 1.4% increase in adjusted terms compared to the year 2023. This growth was partly due to the economic recovery and increased industrial activity.

In the forthcoming years, it is anticipated that this improvement in electricity demand will solidify and achieve markedly higher levels, as a consequence of the ambitious electrification objectives outlined in the Integrated National Energy and Climate Plan (INECP). These objectives are supported by the substantial number of new grid access requests received over the past four years, which indicate the unique opportunity for reindustrialisation currently being experienced by the country.

During 2024, the average price of the Spanish electricity market stood at €63.0/MWh, 27.7% below the 2023 average. In terms of its evolution, the most notable feature was the high volatility of the market, with very depressed and even negative prices for the first time in history in the spring, with the pool price reaching its annual low in April, with an average value of €13.7/MWh, and very high prices in the second half of the year, with a maximum of €111.2/MWh recorded in December, again marked by the rise in the price of gas.

Considering the current set-up of the Spanish generation mix and the outlook for continued robust renewable growth in line with the push for decarbonisation, it is anticipated that this high price volatility will become structural until demand-side electrification initiatives and increased storage capacity become more prominent and manage to balance the market.

As for the impact that this price volatility may have on Endesa, it is not expected to negatively affect the Company's results in the short term thanks to the integrated management of generation and commercialisation businesses on which its strategy is based.

In the regulatory context, the highlight in 2024 was the approval in September of Royal Decree 986/2024, of 24 September, approving the update of the National Integrated Energy and Climate Plan (PNIEC) 2023- 2030, the roadmap that sets out the policies and measures that the government should develop until the end of the decade to achieve its decarbonisation and Energy Transition objectives.

This plan includes ambitious targets such as reducing Greenhouse Gases (GHG) emissions by 32% compared to 1990, increasing renewable energy consumption to 48% of the total, and achieving 81% of electricity generation from renewable sources. In addition, the National Integrated Energy and Climate Plan (PNIEC) 2023-2030 envisages significant investment, both public and private, to implement these transformations.

In the shorter term, in 2025 the values of the remuneration parameters to be applied in the following regulatory period 2026-2031 for electricity distribution and transmission activities, generation in the Non-Peninsular Territories (NPT) and electricity production from renewable energy sources, cogeneration and waste should be established.

Concerning distribution and transmission, the Government issued Order TED/1193/2024 on 30 October 2024, which sets out energy policy guidelines for the National Markets and Competition Commission (CNMC) regarding the proposed amendment to Circular 2/2019, dated 12 November, which establishes the methodology for calculating the financial remuneration rate for electricity transmission and distribution activities, as well as the regasification, transmission, and distribution of natural gas.

The primary aim of this Order is to ensure that the Government's Energy Policies are properly mirrored in the regulations of the National Markets and

II. Consolidated Financial Statements Audit Report

Competition Commission (CNMC), tackling aspects such as supply security, economic and financial Sustainability, and combating Climate Change.

The Order emphasises that, among other factors, the financial remuneration rate is a crucial element for achieving Energy Transition objectives, as it aids in the deployment of the necessary infrastructure to integrate new demands and new renewable generation into the system. In this regard, it is important to consider not only the objectives set for Spain, but also the competitive context at the European and international level for financial resources and investments in the Energy Transition, with a driving effect due to its ability to facilitate further investments in renewables, decarbonisation, or industrialisation.

The Ministry for Ecological Transition and the Demographic Challenge (MITECO) has also announced a call for tenders to strengthen firm electricity capacity in the Non-Peninsular Territories (NPT) in the medium and long term, for which new projects and existing installations may apply, with a firm capacity of 1,361 MW in 2028.

Finally, on 18 December 2024, the MITECO put forward for public consultation the draft Order establishing a capacity market within the Spanish Peninsular Electricity System. This market aims to ensure supply security and offer investment signals so that storage and other energy solutions providing robustness and flexibility, such as demand management, are fully integrated into the system.

In the European context, on 11 April 2024, the European Parliament approved the EU electricity market reform, aiming to make the market more stable, affordable, and sustainable, while protecting consumers from price volatility. In the coming years, it will be the responsibility of Member States to transpose them into national law for full implementation.

In the 2024 State of the Energy Union report published on 11 September 2024, the European Commission highlights that future efforts must address new and emerging challenges, such as the current shortfall in ambition regarding renewable energy and energy efficiency targets, the rise of energy poverty, the disparity in energy prices compared to other global competitors, and the risk of new strategic critical dependencies. This will necessitate a decisive strategic response and a fundamental shift in efforts at the EU and Member States level, which should result in enhanced coordination, market integration, and collective action.

6.2. 2025-2027 Strategic Plan

On 19 November 2024, Endesa presented the update of its Strategic Plan for the period 2025-2027, at a pivotal moment in the Energy Transition journey and aims to fully leverage the opportunities and address the challenges arising from this process.

The 2025-2027 Strategic Plan is centred around a key axis: the advancement of clean electrification, relying on emission-free generation sources, as a lever to tackle the primary challenges of the Energy Sector across Europe. This will achieve a competitive Energy System for customers, making it more secure by reducing external energy dependency, and sustainable by decreasing Greenhouse Gases (GHG) emissions.

For the 2025-2027 period, the three strategic pillars set out in the previous Plan are reaffirmed, aiming to optimise the Company's risk-return profile to maximise value creation for all stakeholders.

This Plan is tailored to the new energy landscape and emphasises more selective and efficient capital allocation. As a result, the gross investments contemplated in this new Strategic Plan are expected to be 8% higher than those in the previous 2024-2026 plan, increasing by 700 million euros and reaching 9,600 million euros gross for the 2025- 2027 period.

The Strategic Plan 2025-2027 has considered the key figures and goals outlined in the updated Integrated National Energy and Climate Plan (INECP) presented by the Spanish Government last September. This update includes an investment forecast of 308,000 million euros for the 2021-2030 period, 82% of which must be carried out by the private sector. Essentially, this new INECP is noteworthy thanks to its emphasis and increased ambition in relation to electrification of the economy (which will account for 17% of this investment, ten percentage points more than in the previous INECP); aggressive growth in new solar and wind capacity, as well as storage; and a strong commitment to an electricity grid with greater capacity and coverage.

(1) The conventional Cx figure includes CCGT, nuclear generation, non-mainland business, Corporate Structure, Services and Adjustments and Others.

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V. Consolidated Financial Statements IV. Consolidated Management Report

The criteria for the capital allocation process will encompass the following courses of action:

1) Investments in grids

Delving into the core elements of this new strategy up to 2027, it should be highlighted that, contingent upon regulatory improvements, 42% of the planned investment will be allocated to the distribution network, amounting to 4,000 million euros out of the 9,600 million euros designated for investment in the 2025-2027 Strategic Plan. This investment Plan for the grid is 45% higher than the investment allocated to this infrastructure in the previous Plan.

This investment volume is distributed across three main areas; 45% will be allocated to achieving the objectives of the INECP and addressing the increasing demand for new connections, 30% towards digitalisation and modernisation, through the renewal of components, upgrading the smart meter fleet, and remote monitoring and control, and the remaining 25% will be used to enhance the quality of service, optimising the grid structure and increasing the remote operation of Medium and Low Voltage Lines.

With this substantial investment effort, the regulated asset base of Endesa will increase to 12,100 million euros, a 6% rise, by the end of the period. The energy loss level is also expected to decrease from the current levels by approximately 0.4 percentage points to 9.5%. Additionally, the outage duration is anticipated to decrease by approximately 20%, resulting in 38.6 minutes by the end of the Plan.

The key factors related to grids for the 2025-2027 Strategic Plan period are as follows:

Key Factors	Actions
Energy Transition	• Structural expansion of the network to facilitate electrification and better accommodate the growing number of requests for new connection points. • Deployment of grids to meet the anticipated rise in demand outlined in the Integrated National Energy and Climate Plan (PNIEC). • Actions to strengthen the grid to resolve critical points.
Enhancement of Quality	• Enhancing the primary quality metric by: — Development and enhancement of grid structure. — Increase in remote control devices in the Medium Voltage (MV) and Low Voltage (LV) networks.
Digitisation and Modernisation of the Grid	• Operational optimisation, reduction of non-technical losses, and system cost reduction: — Upgrade and modernisation of components due to technological advancement. — Upgrade of smart meter network. — Grid digitalisation for remote monitoring and control.

2) Generation: higher value renewable assets

The planned investment for the development of renewable energy in this Plan amounts to 3,700 million euros, which is 13% lower than the previous Plan, as it seeks to rebalance exposure among technologies, reducing the focus on solar business while strengthening the wind and hydroelectric sectors.

This amount includes the investment of 1,000 million euros earmarked for the acquisition of 100% of Corporación Acciona Hidráulica, S.L., which is anticipated to be finalised in the first half of 2025 (see Note 7 of the Consolidated Financial Statements for the year ended 31 December 2024). This operation involves adding an additional 626 MW to the existing 4,700 MW of hydroelectric capacity located in Aragon, Soria, Navarra, and Valencia (87% of which is manageable). The average lifespan of these assets is 30 years.

This transaction is strategically significant as it aligns with Endesa's commitment to expanding its renewable energy portfolio and supports the company's Sustainability efforts. By incorporating these hydroelectric assets, the sources of electricity generation are diversified, and the Company's vertically integrated business is strengthened.

Endesa will maintain a selective approach when investing in renewable assets and will continue to use the model of collaborating with partners on these new projects.

The key factors for this period of the 2025-2027 Strategic Plan related to generation:

Key Factors	Actions
Partnership	• Optimise investment allocation.
Adjustment of the Generation mix	• Reducing exposure in the solar business and concentrating on higher value-added assets.
Wind and Hydraulic Repowering	• Repowering projects for existing renewable energy parks.

In addition to this renewable investment, in the rest of the generation business, Endesa will invest approximately Euro 1,000 million (10% of the total) in the period 2025-2027, mainly for maintenance of nuclear assets, combined cycle plants and generation groups located in the Non-Peninsular Territories' Electricity Systems (NPT).

3) Business strategy: Recovery of the customer base

The investment allocated for customers will total 900 million euros up to 2027, with the primary focus on promoting electrification and securing the longterm loyalty of high-value customers by enhancing commercial channels, advancing their digitalisation, and providing high-value services tailored to the increasingly sophisticated needs arising from the Energy Transition.

With all this, the aim is to restore the growth of the customer base to reach 7.1 million contracts in the free market by the end of 2027. Overall electricity sales are projected to remain stable at around 84 TWh throughout the period, with a strategic shift towards fixed price sales (primarily targeting the residential sector) as opposed to sales linked to spot market prices.

The key factors for this period of the 2025-2027 Strategic Plan related to marketing:

Key Factors	Actions
Customer Focus	• Enhance the customer experience and deliver a high standard of service to encourage customer loyalty.
High-Value Service Offering	• Providing high-value services tailored to the increasingly sophisticated demands resulting from the Energy Transition.
Portfolio Optimisation	• Focus on the most valuable customers.

6.3. Key financial indicators

In terms of financial performance, and based on the lines of action, the new 2025-2027 Strategic Plan includes, among other parameters, forecasts of financial indicators for consolidated earnings. Under the Plan, Endesa envisions a positive trend in the following:

Economic indicator	Forecast
Gross Operating Profit (EBITDA)(1)	• Estimated to reach a range of 5,600–5,900 million euros by 2027, with a compound annual growth rate of 4%.
Net Ordinary Income(1)	• Around 2,000–2,200 million euros at the end of the three-year period, which represents a compound annual growth rate of 7%.
Net Financial Debt (1)	• The net financial debt will be between 10,000–11,000 million euros in the 2027 financial year due to increased investments and dividend payments, which will be offset by strong cash generation and the contribution of external partners joining renewable projects.

(1) See definition in Section 9 of this Consolidated Management Report.

In order to maintain Endesa's risk profile and financial strength, the dividend policy approved by the Company maintains a 70% pay-out on net ordinary income until 2027, with a guaranteed minimum dividend of 1.0 euro gross per share throughout the period.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Millions of Euros
Financial Objectives	Unit	2025	 	2027
Gross Operating Profit (EBITDA) (1)	Millions of Euros	5,400 – 5,600		5,600 – 5,900
Net Ordinary Income (1)	Millions of Euros	1,900 – 2,000		2,000 – 2,200
Gross Dividend per Share	Euros	1.3		1.5

(1) See definition in Section 9 of this Consolidated Management Report.

6.4. Long-term vision. Full decarbonisation by 2040

The review of the strategy in the three major foundational pillars of the business is accompanied, across the board, by a reaffirmation of Endesa's commitment to environmental Sustainability. The objective of reaching Net Zero emissions by 2040, through the generation and sale of 100% renewable energy, accompanied by the withdrawal from the gas retail business as customers transition to electrification, remains valid.

The roadmap towards achieving a Net Zero Company by 2040 is aligned with the 2015 Paris Agreement, which aims to limit the global temperature increase to no more than 1.5 ºC above pre-industrial levels, encompassing both direct and indirect emissions reductions.

The following table shows how Endesa has closed the 2024 financial year with an accumulated reduction in emissions of 82% since the Kyoto Protocol came into force in 2005 and 71% since the adoption of the Paris Agreement in 2015:

Endesa plans to completely phase out coal in Spain by 2027, with the closure of the Alcudia Thermal Power Plant, which currently operates for supply security reasons, pending the necessary administrative approvals. The company reaffirms its ambition to achieve full decarbonisation by 2040, aiming for 100% emission-free generation and exiting the gas business.

Zero emissions - Decarbonisation Pathway aligned with the Paris Agreement (1.5ºC pathway) covering direct and indirect emissions through specific targets.

(1) The closure of a coal-fired power plant is not the sole responsibility of Endesa, but is subject to an authorisation process. (2) Non-mainland systems.

6.5. Outlook for the business

The Electricity Sector faces important challenges in the coming years, related to the Energy Transition towards a more sustainable, efficient and decarbonised model. In this context, the economic and regulatory environment in which the electricity sector operates is of great importance, as it conditions the investment, financing and operating decisions of the agents participating in the market.

Macroeconomic environment

The European economy in 2024 has sustained a moderate growth rate within a context characterised by the normalisation of monetary policies, a deceleration in inflation, and the influence of external factors on economic activity. In this scenario, the Gross Domestic Product (GDP) of the European Union (EU) is estimated to expand by 0.8%, according to the European Commission, indicating a slight improvement compared to 2023, while forecasts for 2025 suggest more dynamic growth of around 1.3%. This evolution is related to the stabilisation of energy markets and increased resilience in domestic demand, although exports are still impacted by economic weakness in other regions.

In the realm of monetary policy, the European Central Bank (ECB) retained its restrictive stance throughout the first half of the year, with interest rates remaining at elevated levels following successive increases in 2023. As inflation has been converging towards the 2% target, the European Central Bank (ECB) began making decisions for a gradual easing of interest rates in the second half of 2024. Following successive reductions, the general interest rate has been set at 3.15% after the meeting of its Governing Council on 12 December 2024.

Overall inflation in the eurozone has significantly decreased from 6.3% in 2023 to the 2.4% estimated by

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

the European Commission for 2024, aligning with the slowdown in energy prices and other volatile goods, although underlying inflation remains slightly above these levels due to wage pressures.

In Spain, economic performance stands out within Europe, with Gross Domestic Product (GDP) growth increasing up to 3% in 2024. This upturn has been driven by the dynamism of private consumption, the recovery of tourism, and the deployment of the European funds from the Recovery Plan. Nevertheless, the tightening of financial conditions has exerted a moderating influence on corporate investment and the real estate market, sectors that are sensitive to interest rate increases.

Regarding inflation, Spain has recorded a significant slowdown, with an annual average of 2.8% in 2024, according to the indicator produced by the National Statistics Institute (Instituto Nacional de Estadística - INE), establishing itself as one of the Eurozone economies with the least inflationary pressure. This behaviour is explained by the drop in energy prices and the stabilisation of global supply chains. Conversely, the labour market has continued to demonstrate progress. There has been a decrease in the unemployment rate which, although still high, has been on a consistent downward trend since 2021.

Tight monetary policy and price moderation have characterised the European and Spanish macroeconomic environment in 2024, with expectations that next year will see a consolidation of growth within a more favourable framework.

Regulatory landscape for the sector

The year 2024 was pivotal for the approval in July of the European Union's 'Fit for 55' legislative package, which seeks to cut net greenhouse gases (GHG) emissions by at least 55% by 2030 compared to 1990 levels.

Securing these emission reductions within the next decade is vital for Europe to become the world's first climate-neutral continent by 2050 and to bring the European Green Deal to fruition.

Thus, during the year, the European Union (EU) has approved all the key energy and climate dossiers of the 'Fit-for-55' package, including the amendments derived from the 'REPowerEU' plan to reduce external energy dependence, and the revision of the EU Emissions Trading Scheme, which now applies to maritime transport emissions, modifies the rules on free allocation to incentivise industrial decarbonisation and requires Member States to allocate all revenues to climate and energy purposes.

The Net Zero Industry Act and the Critical Raw Materials Act, which also came into effect in 2024, will help reinforce the resilience of the supply chain by diversifying sources of supply and establishing a robust domestic manufacturing base for net zero technologies. New harmonised European Union (EU) eco-design standards will also contribute to reducing energy costs for European businesses and citizens.

Nationally, it should be noted that at the end of the third quarter of 2024, the government passed Royal Decree 986/2024 on 24 September, which sanctioned the update to the 2023-2030 INECP, and it was forwarded to the European Commission the following day for final approval.

The update of this Plan aims to provide society with a framework of certainty and anticipation regarding the Energy Transition, allowing for the maximisation of positive effects and the prevention, minimisation, and compensation of the impacts of the model change through Just Transition policies. Based on this, the 2023-2030 INECP increases the number of planned policies and measures from 78 in the original INECP to the current 110, aiming to achieve greater social, economic, and environmental benefits.

Regarding the Energy Sector in which Endesa operates, the 2023-2030 INECP strengthens climate targets and is even more ambitious than the original 2021-2030 Plan. Specifically, by 2030, the share of renewables will increase to 48% of final energy consumption, compared to the original 42%, reaching 81% of electricity versus the initial 74%. Energy efficiency will improve from 42% to 43%, and the electrification of the economy will rise to 35%, up from the 32% projected in the original document, which will in turn support an increase in electricity demand.

The information relating to the regulatory framework is included in Section 16 of this Consolidated Management Report.

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III. Sustainability Statement Verification Report

V. Consolidated Financial Statements VI. Statement of Responsibility

7. Reference scenario

7.1. Macroeconomic environment

The macroeconomic environment of the year 2024 was characterised by a combination of economic and geopolitical factors. The major central banks started to relax their monetary policies by lowering the main official interest rates in mid-year. Inflation has been gradually easing throughout the year towards the levels set as targets by the major central banks. Geopolitical tensions, especially in Europe and the Middle East, added to the uncertainty in global markets. Lastly, electoral processes in various key economies, particularly in the United States, affected expectations regarding fiscal policies, trade policies, and investor confidence.

The European Central Bank (ECB), during its December 2024 meeting, lowered the official interest rates by 25 basis points, marking the third consecutive decrease and the fourth overall for the year. With this measure, a total reduction of 100 basis points was accumulated since the first decrease in June. After this latest decision, the deposit facility rate at the end of the year was 3.00%, the interest rate on main refinancing operations was 3.15%, and the marginal lending facility rate was 3.40%. Moreover, the European Central Bank (ECB) has lowered its growth expectations and inflation forecasts for the upcoming years.

The interest rates in the interbank market for the euro and the US dollar experienced significant fluctuations during 2024. The short-term euro interest rate (3-month Euribor) fell by 120 basis points to settle at 2.71% by the end of the year. Regarding the shortterm interest rate for the US dollar (3-month SOFR), it decreased by 102 basis points to end the year at 4.31%.

Spain's overall inflation decreased by 0.3 percentage points during 2024, reaching an annual rate of 2.8%, despite having risen in the last two months due to increased fuel prices. Conversely, underlying inflation, which excludes energy and unprocessed food items, was at 2.6% year-on-year, 1.2 percentage points lower than in December 2023 (3.8%).

On the foreign exchange market, the euro depreciated by 6.3% against the US dollar (USD) during 2024, with the euro/dollar (EUR/USD) exchange rate closing at 1.0355 at the end of 2024. Meanwhile, the euro depreciated by 4.6% against the pound sterling, with the euro/pound (EUR/GBP) exchange rate standing at 0.8268 on 31 December 2024.

	31 December 2024	31 December 2023	Difference	% Chg.
Average Exchange Rate (Euro/US Dollar)(1)	1.0819	1.0812	0.00	0.1
Closing Exchange Rate (Euro/US Dollar)(1)	1.0355	1.1047	(0.07)	(6.3)
Closing Exchange Rate (Euro/Pound Sterling)	0.8268	0.8665	(0.04)	(4.6)
Six-month Euribor (period average)	3.4821	3.6900	(0.21)	(5.6)
Short-Term Euro Interest Rate (3-Month Euribor) (%)(1)	2.71	3.91	(1.20)	(30.7)
Long-Term Euro Interest Rate (10-Year Swap) (%)(1)	2.36	2.49	(0.13)	(5.2)
Short-Term US Dollar Interest Rate (3-Month SOFR) (%)(1)	4.31	5.33	(1.02)	(19.1)
Long-Term US Dollar Interest Rate (USD 10-Year SOFR) (%)(1)	4.07	3.47	0.60	17.3
German 10-Year Bond (%)(1)	2.36	2.02	0.34	16.8
German 30-Year Bond (%)(1)	2.59	2.26	0.33	14.6
10-Year Spanish Bond (%)(1)	3.06	2.98	0.08	2.7
Risk Premium for Spain (bp)(1) (2)	69	96	(27.00)	(28.1)
Risk Premium for Italy (bp)(1) (2)	116	167	(51.00)	(30.5)
Risk Premium for Portugal (bp)(1) (2)	48	61	(13.00)	(21.3)
European Central Bank (ECB) Reference Rates (%)(1)	3.15	4.50	(1.35)	(30.0)
European Central Bank (ECB) Deposit Facility Rate (%)(1) (3)	3.00	4.00	(1.00)	(25.0)
US Federal Reserve Reference Rates (%)(1)	4.25 - 4.50	5.25 - 5.50	(1.00)	(18.2)
Annual Inflation Rate in Spain (%)(4)	2.8	3.1	(0.30)	—
Annual Core Inflation Rate in Spain (%)(4)	2.6	3.8	(1.20)	—

(1) Source: Bloomberg.

(2) Spread against the German 10-year bond.

(3) Fee that the European Central Bank (ECB) charges banks for their deposits.

(4) Source: Spanish National Statistics Institute (Instituto Nacional de Estadística - INE).

bp = Basis points.

7.2. Electricity and gas market

68

During the 2024 year, the average arithmetic price in the wholesale electricity market was €63.0/MWh (-27.7% compared to 2023), continuing the downward trend in European electricity market prices compared to 2023. This was primarily driven by lower gas prices as a result of the diversification of supply sources and changes in the generation mix, moderate seasonal energy demand, and increased renewable production, supported by favourable weather conditions and regulation.

Gas prices showed a downward trend in 2023, and have maintained the same trend in 2024, decreasing by 15.5% compared to 2023, while average Brent prices have decreased by nearly 3% compared to the previous year. The average price of carbon dioxide (CO2 ) has decreased by 21.9% compared to the previous year, mainly due to climate and Sustainability policies and the evolution of supply and demand fluctuations in the carbon markets.

Renewable production and energy material prices

In 2024, solar photovoltaic production continues to achieve high levels compared to 2023, with increases of 19% in Spain and 37% in Portugal, according to data from Red Eléctrica de España, S.A. and Redes Energéticas Nacionais, SGPS, S.A., respectively. This is attributed to favourable weather conditions and the enhanced installed capacity of renewable sources as Energy Transition plans progress.

Hydroelectric production in Spain has increased by 36% compared to 2023, significantly impacting the generation mix and, consequently, the market price formation by displacing higher-cost technologies.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

Demand for electricity and gas

During year 2024, Spain recorded an electricity demand of 248,811 GWh, marking a 0.9% increase compared to year 2023 (+1.4% when factoring in calendar and temperature effects). This weak growth is due, among other aspects, to the increasing expansion of solar self-consumption and a lower growth of the Gross Domestic Product (GDP) of the country.

In mainland Spain, in year 2024, electricity demand was 233,462 GWh, 0.9% higher than in 2023 (+1.5% considering labour and temperature effects). In year 2024, gross demand in the Balearic and Canary Islands is estimated at 6,063 GWh and 8,896 GWh (+1.5% and +0.8%, respectively, adjusted for labour and temperature effects, compared to the previous year).

Regarding demand for gas, it decreased by 3.7% in Spain in year 2024, mainly due to reduced demand from the Electricity Sector (-22.3%) despite the slight increase in demand from the conventional gas market (+3.9%).

7.2.1. Evolution of the main market indicators

Market Indicators	2024	2023	% Chg.
Arithmetic Average Price in the Wholesale Electricity Market (€/MWh)(1)	63.0	87.1	(27.7)
ICE Brent Average Price (\$/bbl)(2)	79.9	82.2	(2.8)
Average Price of Carbon Dioxide (CO2 ) Emission Rights (€/t)(3)	65.2	83.5	(21.9)
Average Price of Guarantees of Origin (€/MWh)(4)	0.4	5.3	(92.5)
Average Price of Coal (\$/t)(5)	112.8	128.9	(12.5)
Average Price of Gas (€/MWh)(6)	34.3	40.6	(15.5)
(1) Source: Operador del Mercado Ibérico de Energía – Polo Español (OMIE).

(2) Source: ICE: Brent Crude Futures. (3) Source: ICE: ECX Carbon Financial Futures Daily.

(4) Source: Prepared in-house.

(5) Source: Api2 Index.

(6) Source: TTF index.

7.2.2. Evolution of demand

Electricity

Percentage (%)
	Without Adjustment for Seasonal and Temperature Effects			Adjusted for Seasonal and Temperature Effects
Electricity(1)	2024	2023	2024	2023
Peninsular	0.9	(2.5)	1.5	(2.1)
Endesa Area(2)	(0.6)	(2.0)	(0.1)	(1.5)
Industrial	(1.2)	(3.1)
Services	(0.3)	(1.2)
Residential	(0.3)	(1.9)
Non-Peninsular Territories (NPT)	0.4	1.1	1.0	0.4
Canary Islands	1.6	2.5	0.8	2.2
Balearic Islands	1.0	(0.7)	1.5	(1.4)

(1) Source: Red Eléctrica de España, S.A. (REE). In busbars.

(2) Source: Prepared in-house

Gas

Percentage (%)
Gas (1)	2024	2023
Spanish Domestic market	(3.7)	(10.3)
Spanish Conventional	3.9	1.5
Electricity Sector	(22.3)	(30.1)
(1) Source: Enagás, S.A.

7.2.3. Market share

Percentage (%)
Market share(1)	31 December 2024	31 December 2023
Electricity
Peninsular Generation(2)	18.7	18.2
Distribution	43.3	44.2
Commercialisation	28.9	29.6
Gas
Deregulated Market	11.1	13.3

(1) Source: Prepared in-house (2) Includes renewable energies.

7.3. Climate Change

As a leading player in the Energy Sector, Endesa is aware of the importance of leading the transformation towards a low-carbon economy to tackle Climate Change. Therefore, as a consequence of the work and ongoing dialogue with stakeholders, and aware of the economic, social and environmental repercussions of its activities, Endesa has put in place a Sustainable Development strategy aligned with implementation of its Strategic Plan that aims to generate sustainable value, based on the Sustainability, Environmental, Biodiversity and Human Rights policies approved by its Board of Directors. On 19 November 2024, the 2025- 2027 Strategic Plan was presented, which guides the Company's activities to tackle the challenges of the Energy Transition.

Information relating to Climate Change is described in Section 25.2 of this Consolidated Management Report.

IV. CONSOLIDATED MANAGEMENT REPORT CONSOLIDATED MANAGEMENT

8. Main risks and uncertainties associated with Endesa's activity

8.1. General Risk Control and Management Policy

The General Risk Control and Management Policy establishes the basic principles and the general framework to control and manage risks of any kind that could affect the attainment of targets, ensuring that they are systematically identified, analysed, assessed, managed and controlled within the risk levels set. The General Risk Control and Management Policy identifies the different types of risks, both financial and non-financial (including operational, technological, legal, social, environmental, political, and reputational risks, as well as those related to corruption) that the Company faces, including contingent liabilities and other risks outside the Consolidated Statement of Financial Position.

The General Risk Control and Management Policy aims to guide and direct the range of strategic, organisational, and operational actions that allow the Board of Directors of Endesa, S.A. to precisely define the acceptable level of risk. This enables managers of the various Business Lines, staff, and service functions to maximise the Company's profitability, preserve or enhance its net equity, and ensure certainty in achieving these objectives above certain levels. It also prevents uncertain and future events from negatively impacting the achievement of set profitability targets, operations, Sustainability, resilience, or reputation over time, while providing an adequate level of assurance to shareholders and safeguarding their interests, as well as those of customers and other stakeholders.

The principles of Endesa's General Risk Control and Management Policy, designed to control and mitigate the identified potential risks, are as follows:

	Principles
General Risk Control and Management Policy of Endesa	• Existence of a regulatory framework, personnel, resources, and systems to carry out a continuous process of identification, quantification, mitigation, and reporting of all relevant risks affecting the Company.
	• Ensuring adequate segregation of duties, as well as coordination mechanisms between the different areas and risk control systems.
	• Risks must be consistent with Endesa's strategy, objectives, and core values, ensuring that risk levels are aligned with the objectives and limits set by the Board of Directors.
	• Optimisation of risk management and control from a consolidated perspective, prioritising this over the individual management of each risk.
	• Continuous assessment of hedging, transfer, and mitigation mechanisms to ensure their suitability and the adoption of best market practices.
	• Continuous review of current regulations, including tax provisions, to ensure that operations are carried out in accordance with the rules governing the activity.
	• Respect for and compliance with internal regulations, with a special focus on Regulatory Compliance, Corporate Governance, and the provisions for the Prevention of Criminal Risks and Anti-Bribery, particularly the Code of Ethics and the Zero Tolerance for Corruption Plan.
	• Safety is Endesa's number one value, and all actions must preserve the health and safety of the people who work in and for Endesa.
	• Commitment to Sustainable Development, efficiency, and respect for the environment and Human Rights.
	• Responsible optimisation in the use of available resources, in order to provide profitability to shareholders within a framework of relationships based on principles of loyalty and transparency.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

The General Risk Control and Management Policy is developed and supplemented by other specific risk policies of the Business Lines, staff, and service functions, as well as by the limits established for optimal risk management in each of them.

The General Risk Control and Management Policy is implemented through an Internal Control and Risk Management System, which comprises an organisation, principles, a regulatory framework, and a risk control and management process.

The Internal Control and Risk Management System adheres to a model that is based, firstly, on the continuous assessment of the risk profile, employing the best current practices in the Energy Sector or those referenced in risk management. It focuses on ensuring consistency in measurements within the same risk type, maintaining a distinction between risk managers and controllers. Secondly, it ensures the alignment between the risk undertaken and the resources required to operate the businesses, consistently maintaining a suitable balance between the risk undertaken and the objectives established by the Board of Directors of Endesa, S.A.

The risk control and management model implemented in the Company is aligned with international standards, following a methodology based on the three lines of defence model.

The organisation of the Internal Control and Risk Management System is implemented through independent risk control and management functions that ensure an appropriate segregation of duties. The main governing bodies in the risk control process are:

Main Governing Bodies	Description
Risk Committee	• Oversees the management and monitoring of all risks, including specifically tax risks, and excluding those of a criminal nature and those relating to the Internal Control over Reporting System (ICRS), reporting the results of its deliberations and conclusions to the Audit and Compliance Committee (ACC).
Transparency Committee	• Chaired by the Chief Executive Officer and composed of Endesa's main executives, including all members of the Executive Management Committee along with other members of Endesa's management directly involved in the preparation, verification, and disclosure of financial and non-financial information. Its main objective is to ensure compliance with and correct application of the general principles of financial and non-financial information (confidentiality, transparency, consistency, and responsibility), to assess the facts, transactions, reports, or other relevant aspects that are communicated externally, and to determine the manner and timeframe for presenting public information. The Transparency Committee is also the body of Endesa's management that assesses the conclusions on the compliance and effectiveness of the ICRS controls and the internal controls and procedures for disclosing information externally, formulating corrective and/or preventive actions in this regard. The conclusions of the Transparency Committee are reported to the ACC.
Supervisory Committee for the Criminal Risk Prevention and Anti Bribery Model	• The collegiate body with autonomous powers of initiative and control with regard to criminal risks, which is directly supervised by the ACC. It oversees compliance with and updating of the Model for preventing criminal risks that could give rise to criminal liability for Endesa.

The General Risk Control and Management Policy defines the Internal Control and Risk Management System as an intertwined system of rules, processes, controls, and information systems, in which the overall risk is defined as the risk resulting from the complete view of all risks to which the Company is exposed, considering the mitigation effects between the different exposures and categories thereof, which allows for the consolidation of the risk exposures of the different Endesa Units and their assessment, as well as the preparation of the corresponding management information for decision-making in terms of risk and appropriate use of capital.

The risk control and management process consists of the identification, assessment, monitoring, and management over time of the different risks, and covers the main risks to which the Company is exposed, both endogenous (due to internal factors) and exogenous (due to external factors):

Risk Control and Management Process	Description
Identification	• Aims to generate the risk inventory based on the events that could prevent, degrade, or delay the achievement of objectives. Identification should include risks whether their origin is under the organisation's control or due to unmanageable external causes.
Assessment	• The objective is to obtain the parameters that allow for the measurement of the economic and reputational impact of all risks for their subsequent prioritisation. The assessment includes different methodologies adapted to the characteristics of the risk, such as scenario analysis and estimation of potential loss based on the assessment of impact and probability distributions.
Monitoring	• The objective is to monitor risks and establish management mechanisms that allow risks to be kept within the established limits, as well as to take appropriate management actions.
Management	• The objective is to implement actions aimed at aligning risk levels with optimal levels and, in any case, respecting the limits set.

The General Risk Control and Management Policy, established and approved by the Board of Directors of Endesa, S.A., constitutes the central element of the system from which other specific documents and policies are derived, such as the Tax Risk Management and Control Policy and the Criminal Compliance and Anti-Bribery Policy, which are approved by the Board of Directors of Endesa, S.A. and in which risk and control catalogues are defined.

In addition, given the increased interest in controlling and managing the risks to which companies are exposed and the increasing complexity of identifying them from a comprehensive perspective, it is important for employees at all levels to participate in this process. In this regard, there is a risk mailbox where employees can contribute to identifying market risks and proposing mitigation measures, thus complementing the existing top-down risk control and management systems and the specific mailboxes and procedures for sending communications related to ethical breaches, criminal risks, tax risks, and occupational risks.

Information relating to risk management and derivative financial instruments is included in Notes 41 and 43, respectively, of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

The Annual Corporate Governance Report describes Endesa, S.A.'s risk control and management systems in Section E, 'Risk Control and Management System' and forms an integral part of this Consolidated Management Report (see Section 4 of the Annual Corporate Governance Report of this Consolidated Management Report).

For more information on risk management, see the General Risk Control and Management Policy published on the Company's website (https://www. endesa.com/es/accionistas-e-inversores/gobiernocorporativo/politicas-corporativas.html).

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

8.1.1. Risks catalogue

Endesa classifies the risks to which it is exposed into six categories: Strategic, Financial, Operational, Compliance, Corporate Governance, and Culture and Digital Technology-related.

The risks catalogue serves as a reference for all areas of the Company involved in management processes. The adoption of a common language facilitates the mapping and organic representation of risks within Endesa, thus allowing for the identification of those that impact the Company's processes and the functions of the organisational units involved in their management.

Section 8.4 of this Consolidated Management Report sets out the risks that may affect Endesa's activity.

8.1.2. Risk control and management

Endesa has implemented a risk control and management process that allows it to gain a comprehensive view of all the risks it faces, taking into account the mitigating effects between the various exposures and their categories, as well as preparing the relevant management information for decisionmaking regarding risk and optimal use of capital.

The Risk Committee oversees the management and monitoring of all risks, including specifically tax risks, and excluding those of a criminal nature and those relating to the ICRS. The mission of the Risk Committee is:

Committee	Mission
Risk Committee	• Actively engaging in the formulation of risk strategy and key decisions regarding its management.
	• Ensuring the effective operation of the risk control and management systems, by identifying, managing, and appropriately quantifying the relevant risks impacting the Company.
	• Ensuring that the Internal Control and Risk Management System effectively mitigates risks.
	• Ensuring senior management involvement in strategic risk management and control decisions.
	• Regularly offering the Board of Directors a comprehensive overview on both current and anticipated risk exposure.
	• Ensuring coordination between risk management units and the units responsible for their control.
	• Encouraging a culture where risk is considered a factor in every decision and at all levels of the Company.

The Risk Committee convenes at least quarterly to analyse the key outcomes and conclusions related to Endesa's risk exposure, overseeing risk management and monitoring. The outcomes of their discussions and conclusions are forwarded to Endesa's ACC.

Additionally, the Risk Committee regularly receives information on key risk monitoring indicators, as well as on significant events in risk management and control. Any member may convene the Committee to authorise or propose potential risk management strategies for extraordinary or significant transactions.

The Risk Control Area is the area entrusted by the Risk Committee with the task of defining the procedures and standards of the Internal Control and Risk Management System. This is to ensure that all risks impacting the entity within its scope of responsibility are consistently and regularly identified, characterised, quantified, and effectively managed, as well as to oversee risk exposure and the control activities implemented.

Following the internal procedures and operational instructions, the Risk Control Area is tasked with preparing, for the risks within its scope:

Reports	Description
Risk Appetite Framework	• Identifies the primary risk indicators, the levels of risk deemed acceptable, and the management and mitigation mechanisms, which are approved by the Board of Directors of Endesa, S.A.
Risk Map	• Offers a prioritised view of the relevant risks and is approved by the Board of Directors of Endesa, S.A.
Monitoring Reports	• Guarantee compliance with the established limits and the effectiveness of the mitigation measures to address risks, and their conclusions are regularly communicated to the Audit and Compliance Committee (ACC).

To carry out its functions, Risk Control Area relies on other Areas and Committees that have specific and complementary risk control and management models and policies. Thus, for example, in tax matters, the Board of Directors of Endesa, S.A. has also approved a Tax Risk Management and Control Policy aimed at guiding and directing the set of strategic, organisational, and operational actions that enable the managers of the Tax Affairs Unit and the various areas of the organisation whose functions impact the company's taxation to achieve the objectives established by the Company's Tax Strategy regarding the control and management of tax risks.

According to the latest report by PwC, which assessed the performance of the internal risk control and management function, Endesa is one of the listed companies and one of the companies in the electricity sector most closely aligned with applicable best practices. This evaluation complies with the provisions of the Regulations of the ACC, which indicates that an evaluation of the performance of the internal risk control and management function will be carried out periodically by an independent external party, which will be selected by the ACC.

8.2. The Internal Control over Reporting System (ICRS)

The quality and reliability of the financial, non-financial and Sustainability information that listed companies disclose to the market is a fundamental element for the credibility of the Company, which significantly affects the value that the market assigns to it, so that the disclosure of incorrect or low-quality information could lead to a significant decrease in the value of the Company, with the consequent detriment to shareholders.

The ICRS for financial, non-financial and Sustainability reporting forms part of the Company's internal

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report Verification Report

III. Sustainability Statement

V. Consolidated Financial Statements IV. Consolidated Management Report

controls, comprising a comprehensive series of processes through which the company provides reasonable assurance with regard to the reliability of its internal and external Financial, Non-financial And Sustainability reporting. For more detailed information about the Internal Control over Reporting System for Non-Financial and Sustainability Information, see Section 24.3.5 of this Consolidated Management Report.

Endesa's Internal Control Unit is the area responsible for identifying the most significant processes, activities, risks and controls of the ICRS considered to be factor when it comes to providing reasonable assurance that the financial, non-financial and Sustainability information disclosed by Endesa both internally and externally is reliable and suitable.

The documentation of the processes that are part of the ICRS of Endesa includes detailed descriptions of the activities relating to the preparation of financial, non-financial and Sustainability information and its subsequent publication, including its authorisation and processing, and has been prepared with the following basic objectives:

Basic Objectives

• Identify the critical processes directly and indirectly linked to the generation of information.

• Identification of the risks intrinsic to these processes that could give rise to material errors in financial reporting (typically related to completeness, validity, recognition, cut-off, measurement and presentation) or significant errors in Non-financial and Sustainability Information (from 2024 specifically related to attributes such as relevance, faithful representation, comparability, verifiability, and understandability).

• Identify and classify the controls established to mitigate such risks.

In 2024, Endesa's ICRS comprised 82 processes. Within them, and also considering the related entity controls, there are over 1,700 control activities (also known as controls). Additionally, there are more than 190 general control activities pertaining to information technology (ITGC).

In terms of processes, Endesa has identified 10 Business cycles common to all its companies:

Business Cycles
1. Fixed Assets
2. Accounting Close
3. Capital Investments
4. Finance
5. Inventory
6. Personnel Expenses
7. Procurement Cycle
8. Revenue Cycle
9. Taxes
10. Sustainability

The corporate report is a critical function of communication with all the Company's stakeholders, both internal and external (shareholders, investors, financing entities, supervisory bodies, civil society, suppliers, customers, etc.) that is fed by information from various sources. In fact, to a greater or lesser extent, all of Endesa's organisational units supply information of relevance to the corporate reporting process. For this reason, compliance with the objectives of transparency and veracity of information is the responsibility of all the units that make up Endesa in their respective areas of action. This shared liability by all the areas is precisely one of the cornerstones of how the ICRS works.

All information relating to the Internal Control model is documented in the Internal Control software tool 'SAP-GRC-PC'. The persons responsible for each control activity are appointed by the process owners, and are responsible for carrying out the six-monthly self- assessments.

Endesa's Internal Control Unit provides those responsible for the processes and controls with the necessary support and guarantees the proper development of the assessment process.

The ICRS assessment process includes:

Action
	• Certification of the Internal Control System, covering the following stages: — Self-assessment of control activities, management controls, segregation of duties controls, and access controls, carried out by the person(s) in charge of each of them. — Sign-off by the Heads of the various Organisational Units involved, escalated through the Com pany's hierarchical structure to the final sign-off by the CEO. The above-mentioned stages are monitored and supported on an ongoing basis by the Internal Control Unit.
	• Verification carried out by an independent expert on the design and operation of a representative sample of the most relevant controls of Endesa's ICRS.

The outcome of the ICRS certification and the results obtained as part of the verification performed by the independent expert are included in the report submitted by the Internal Control Unit to the Transparency Committee and the Audit and Compliance Committee (ACC).

The weaknesses detected are classified into 3 categories according to their potential impact on the financial statements, as follows:

Category
• Control weaknesses (not significant).
• Significant weaknesses.
• Material weaknesses.

All the weaknesses detected by the ICRS trigger the implementation of a specific action plan to rectify each of them. The Internal Control Unit reports to the Transparency Committee and the ACC on the weaknesses detected in the ICRS, until its final resolution.

Besides the report from the Internal Control Unit, the ACC also receives a report from the Directorate General of Audit regarding the confidence and reliability level of the ICRS, with suggestions, if applicable, for improvement actions.

Additionally, since 2017, Endesa's ACC has annually hired an independent expert to undertake a comprehensive assessment of the operation and effectiveness of Endesa's ICRS. The result of this assessment is presented by the independent expert at the ACC's meeting at the end of the financial year.

8.3. Endesa's Criminal and Anti-Bribery Risk Prevention Model

Endesa is aware that the sustainable fulfilment of its corporate responsibilities must be accompanied by the constant pursuit of excellence in the areas of business ethics in all decision-making processes, something that must be understood in a corporate environment where strict adherence to the most advanced national and international standards, practices, and principles in the field is one of the basic pillars of its operations.

Regarding the prevention of criminal behaviour, Organic Law 5/2010, of 22 June, which amended Organic Law 10/1995, of 23 November, of the Spanish Criminal Code, not only incorporated offences applicable to legal entities, but also referred to the need for the establishment of monitoring and control measures for their prevention and detection. This legal regime was reformed by Organic Law 1/2015, of 30 March, detailing the requirements for having control and management systems that allow legal entities to demonstrate their diligence in the field of criminal prevention and detection. The Organic Law 1/2019, of 20 February, once again amended the Organic Law 10/1995, of 23 November, of the Criminal Code, to transpose European Union (EU) Directives in the financial and terrorism fields, and to address issues of an international nature. More

II. Consolidated Financial Statements Audit Report

V. Consolidated Financial Statements VI. Statement of Responsibility IV. Consolidated Management Report

recently, Organic Law 10/2022, of 6 September, on the comprehensive guarantee of sexual freedom, has once again modified certain aspects of the criminal liability of legal entities.

In line with these legal requirements, Endesa has established 'Endesa's Criminal Compliance and Anti-Bribery Management System' consisting of internal regulatory instruments and policies that have consistently met the need for appropriate control and management systems applied in the field of criminal detection and prevention.

The proper implementation of the 'Endesa's Criminal Compliance and Anti-Bribery Management System' is verified by the ACC through the Supervisory Committee as the delegated authority, and it also adheres to various external certifications.

Endesa offers training on its anti-corruption policies and procedures to its employees.

As part of the Criminal Compliance and Anti-Bribery Management System, Endesa has an Information Channel through which incidents related to breaches in criminal risk prevention and anti-bribery matters, among other things, are reported. In 2024, the Company fully complied with all of the processes put in place to correctly apply the Code of Ethics.

For more detailed information, see Sections 26.1.3.2, 27.1.1, 27.1.3 and 27.1.5 of this Consolidated Management Report.

The following is information on Reported Incidents received from different parties for breaches of the Code of Ethics:

	Number
	2024	2023	% Chg.
Total Reported Incidents Received through the Information Channel for Potential Breaches	23	12	91.7
Proven Breaches	5(1)	3	66.7
Related to Corruption and/or Fraud	1	—	Na

(1) Five breaches have been identified, one of which involves fraud against the Company due to the private interest of the individual under investigation. The information is subject to confidentiality obligations imposed by applicable regulations, particularly concerning the protection of personal data.

8.4. Main risks and uncertainties

Endesa's activities are carried out against a backdrop in which outside factors may affect the performance of its operations and earnings.

Due to the geopolitical tensions between Russia and Ukraine, the conflict in the Middle East, the tariff-related tensions between the United States and China, and the prevailing macroeconomic environment, Endesa must contend with uncertainty and its business could be affected by adverse economic conditions in Spain, Portugal, the Eurozone and international markets, as well as by the regulatory environment.

As a result, certain risks have become more significant and others have become more volatile (see Note 5.2 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).

In the present context, there are risks that are hard to manage and of uncertain probability, such as regulatory changes in the electricity sector, cybersecurity, uncertainties in US tariff policies, and temporary fiscal measures, which could increase the pressure on meeting the objectives of the Strategic Plan.

8.4.1. Details of the main risks affecting Endesa

Prioritisation of the main risks that may affect Endesa's operations is as follows:

Category	Section	Risk	Definition	Metrics	Materiality(3)
Strategic Risks	a.1, a.2, a.3, a.4 and a.5	Legislative and Regulatory Developments	Endesa's activities are heavily regulated, and regulatory changes could have an adverse impact on its business activities, results, financial position and cash flows.		High
		Climate Change	Endesa is impacted by climate changes resulting from human activity, affecting both physical aspects and those related to the Energy Transition.
		Strategic Plan	Endesa makes decisions that impact the company's future and its Sustainability. These decisions are subject to significant risks, uncertainties, changes in circumstances and other factors that may be beyond Endesa's control or may be difficult to predict.	Scenario(1)
		Macroeconomic and Geopolitical Trends	Endesa's business could be affected by adverse economic or political conditions in Spain, Portugal, the Eurozone and in international markets.
		Competition in Activities	Endesa is exposed to competition in its commercial activities.
	b.1, b.2, b.3, b.4, b.5 and b.6	Commodities	Endesa's business is largely dependent on the constant supply of large amounts of fuel to generate electricity; on the supply of electricity and natural gas used for its own consumption and commercialisation; and on the supply of other commodities, the prices of which are subject to market forces that may affect the price and the amount of energy sold by Endesa.	Stochastic(2)	High
			Endesa's activity may be affected by natural resource, climate, and weather conditions.	Stochastic(2)	Medium
Financial Risks		Exchange Rate	Endesa is exposed to foreign currency risk.	Stochastic(2)	Low
		Interest Rate	Endesa is exposed to interest rate risk.
		Capital Structure Adequacy and Access to Finance Liquidity	Endesa's business depends on its ability to obtain the funds necessary to refinance its debt and finance its capital expenses.	Stochastic(2)	Medium
		Credit and Counterparty	Endesa is exposed to credit and counterparty risk. Credit risk is generated when a counterparty does not meet its obligations under a financial or commercial contract, giving rise to financial losses.	Stochastic(2)	High

AND SUBSIDIARIES

LEGAL DOCUMENTATION 2024 | ENDESA, S.A.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Category	Section	Risk	Definition	Metrics	Materiality(3)
Risks Associated with Digital Technologies	c.1 and c.2	Cybersecurity	Endesa is exposed to Cybersecurity risks.
		Digitalisation	Endesa manages its activities with information technology that guarantees operating efficiency, as well as the continuity of the businesses, systems and processes that contribute to attaining its corporate objectives.	—	(4)
Strategy Risks d.7		Business Interruption	Endesa is exposed to risks associated with the construction of new electricity generation and distribution facilities.	Scenario (1)	Medium
			Endesa's activity may be affected by failures, breakdowns, problems in carrying out planned work or other problems that cause unscheduled non-availability and other operational risks.	Scenario (1)	Medium
		Protection of Assets	Endesa's insurance cover and guarantees may not be adequate or may not cover all of the damage.	—	(4)
	d.1, d.2, d.3, d.4, d.5, d.6, and	Environment	Risk that the activities undertaken by Endesa may negatively impact the quality of the environment and the Ecosystems involved, as well as incurring court or administrative sanctions, economic or financial losses and reputational damage as a result of non-compliance with international, national or local environmental laws and regulations.	Stochastic (2)	Low
			The success of Endesa's business depends on the continuity of the services provided by the Company's management and by Endesa's key workers.
		People and Organisation	Endesa considers occupational health and — safety (OHS) and fluid social dialogue to be priority objectives. The inability not to meet these objectives could adversely affect Endesa's business, image, results, financial position and cash flows.		(4)
		Procurement, Logistics and Supply Chain	Endesa's business could be adversely affected by a possible inability to maintain its relations with suppliers or because the available supplier offering is insufficient in terms of quantity and/ or quality, as well as supplier failures to maintain the conditions of the service provided, limiting the possibilities of operability and business continuity.	Stochastic (2)	Medium

Category	Section	Risk	Definition	Metrics	Materiality(3)
Compliance Risks		Data Protection	Endesa may face legal or administrative penalties, financial or economic losses, and reputational harm due to a violation of applicable data protection and privacy laws.
		Compliance with Antitrust Regulations and Consumer Rights	Past or future infringements of competition and antitrust laws could adversely affect Endesa's business activities, results, financial position and cash flows.
	e.1, e.2,		Endesa is involved in various court and arbitration proceedings.
	e.3, e.4, e.5 and e.6	Compliance with other Laws and Regulations	The Enel Group controls the majority of Endesa's share capital and voting rights, and the interests of the Enel Group could conflict with those of Endesa.	—	(4)
			Endesa could be affected by tax risks arising from interpretations of the regulations by the tax authorities that differ from those adopted by the Company or by an incorrect understanding by third parties of the tax position adopted by the Company.
		Tax Compliance	Endesa could be held liable for income tax and value added tax (VAT) charges corresponding to the tax group of which it forms part or has formed part.
Corporate Governance and Culture Risk	f.1	Corporate Culture and Ethics	Risk of (i) inadequate integration of the ethical principles defined by the Company into business processes and activities, (ii) inability to implement policies and processes that ensure respect for the principles of diversity and equal opportunities, and (iii) unsanctioned behaviours of employees and managers that are contrary to Endesa's ethical values.	—	(4)

(1) Scenario: calculated as the loss arising from the hypothetical situations. (2) Stochastic: calculated as the loss that could be incurred with a certain degree of probability or confidence.

(3) The significance of the risks is measured based on the expected potential loss: High (exceeding 75 million euros), Medium (between 10 million and 75 million euros) and Low (less than 10 million euros).

(4) They relate to risks whose impact may be difficult to quantify economically (in general, high impact and probability, following the mitigation mechanisms implemented, very low or very difficult to determine).

a) Strategic Risks

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a.1. Endesa's activities are heavily regulated, and regulatory changes could have an adverse impact on its business activities, results, financial position and cash flows.

Endesa's subsidiaries are subject to extensive regulations on tariffs and other aspects of their activities in Spain and Portugal. In many respects, these regulations determine how Endesa conducts its business and the revenue it receives from its products and services.

Endesa is subject to a set of applicable regulations from both public and private bodies, including the Spanish National Markets and Competition Commission (Comisión Nacional de los Mercados y la Competencia – CNMC). The introduction of new regulations, or modifications to existing ones, could negatively affect Endesa's business, results, financial situation, and cash flows.

Information relating to sectoral regulation is included in Section 16 of this Consolidated Management Report and in Note 6 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

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Additionally, the European Union (EU) establishes a framework of action for the different Member States, which includes, among others, targets in terms of emissions, efficiency, and renewable energies.

The introduction of new requirements, or modifications to existing ones, could negatively impact Endesa's business, results, financial situation, and cash flows if it is unable to adapt to and manage the resulting environment effectively.

Details regarding the expected development of the new economic and industrial model, along with Endesa's Strategic Plan, are provided in Section 6 of this Consolidated Management Report.

a.2. Endesa is impacted by climate changes resulting from human activity, affecting both physical aspects and those related to the transition

Endesa is firmly committed to the fight against Climate Change and, therefore, decisions are taken at the highest level of management. The Company's strategy has Climate Change as one of its main pillars, and it is the Board of Directors of Endesa S.A. that is responsible for its approval, and the Senior Management that of its development and implementation (see Note 5.1 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).

As evidence of this commitment, Endesa has presented the update of its Strategic Plan for the 2025-2027, period, which directs the company's activities to address the challenges of the Energy Transition (see Section 6.2 of this Consolidated Management Report).

The process of identifying risks and opportunities includes those related to Climate Change: transition risks, related to regulation, new technologies, changes in market and reputation, as well as physical risks, concerning potential impacts linked to climate variables, considering both acute and chronic phenomena.

In relation to Climate Change, risks are assessed based on established risk tolerance levels, considering: exposure (climate impacts that can affect facilities), sensitivity (potential effects and their implications for business or facilities), and vulnerability (ability to adapt to overcome the impacts of climate change considering financial, technological and knowledge requirements).

Information regarding the risks related to Climate Change for Endesa is described in Section 25.2.3 of this Consolidated Management Report.

a.3. Endesa makes decisions that impact the company's future and its Sustainability. These decisions are subject to significant risks, uncertainties, changes in circumstances and other factors that may be beyond Endesa's control or may be difficult to predict

Endesa presents its Strategic Plan each year, which includes the company's strategic guidelines and objectives for economic, financial, and asset growth, as well as its contribution to society.

The main assumptions on which the forecasts and objectives of the Strategic Plan are based are related to:

• The regulatory environment, exchange rates, commodities, investments and divestments, increases in electricity generation and installed capacity in markets where Endesa operates, and increases in demand in such markets;
• The allocation of electricity generation among different technologies, with cost increases associated with a greater amount of activity that does not exceed certain limits, with an electricity price not lower than certain levels, with the cost of combined cycle plants and with the availability and cost of raw materials and carbon dioxide (CO2 ) emission allowances necessary to operate the business at desired levels; and the general evolution of social, environmental, and ethical trends in the operating environment, which may include factors related to terrorism, water stress, cybersecurity, inequality and social instability, rising cost of living, infectious diseases, extreme political conflicts, extreme weather events and environmental disasters, climate change and supply chain disruption.

Endesa cannot guarantee that its forecasts will be met as communicated because, among other things, these are based on:

• Assumptions related to future events that Management expects to occur and actions that Management plans to undertake at the time of preparation; and
• General assumptions regarding future events and actions by Management itself that do not necessarily have to be fulfilled and that substantially depend on variables beyond the control of Management.

Endesa's Strategic Plan anticipates a significant investment effort in systems and installations for electricity generation and distribution. The execution of these investments is affected by market and regulatory conditions. If the necessary conditions for the viability of the plants are not met, Endesa may have to shut down the facilities and, if necessary, undertake decommissioning work. These closures would imply a reduction in the installed capacity and electricity generation that provides support for energy sales to customers, and therefore, Endesa's business, results, financial situation, and cash flows could be negatively affected.

The information pertaining to the Strategic Plan is contained in Section 6 of this Consolidated Management Report, and the details regarding Endesa's commitment to Sustainable Development through its Sustainability Policy are outlined in Section 25 of this Consolidated Management Report.

a.4. Endesa's business could be affected by adverse economic or political conditions in Spain, Portugal, the Eurozone and in international markets

Adverse economic conditions may negatively impact energy demand and the ability of Endesa's consumers to meet their payment commitments. During periods of economic recession, there tends to be a reduction in demand for electricity, which negatively affects the Company's results.

A deterioration of the economic situation in Spain, Portugal, or other Eurozone economies could negatively impact energy consumption and, consequently, Endesa's business, financial situation, operating results, and cash flows could be negatively affected.

On the other hand, the financial conditions in international markets pose a challenge to Endesa's economic situation due to the potential impact on its business of public debt levels, low growth rates, sovereign bond ratings in the international environment, particularly in Eurozone countries, and monetary expansion measures in the credit market. Developments in any of these areas could affect Endesa's access to capital markets and the conditions under which it obtains this financing, consequently impacting its business, results, financial situation, and cash flows.

In addition to global economic issues that may arise, Endesa faces a situation of political uncertainty, both nationally and internationally, which could negatively affect its economic and financial situation. Current geopolitical conflicts and tensions are impacting commodity markets, financial markets, the international sanctions regime on individuals and legal entities, and the security of infrastructure and essential services (see Note 5.2 of the Consolidated Financial Statements for the year ended 31 December 2024).

There is no guarantee that there will not be a deterioration in the international economic situation, nor in the Eurozone, nor that conflicts could escalate or even spread, significantly impacting markets, and consequently affecting Endesa's business, economic situation, financial position, operating results, and cash flows.

a.5. Endesa is exposed to competition in its commercial activities

Endesa maintains relationships with a large number of customers, 10.2 million electricity customers and 1.8 million gas customers as of 31 December 2024 (see Section 11.1 of this Consolidated Management Report).

Endesa's commercial activities are conducted in a highly competitive environment. Although the potential loss of individual customers would not have a significant impact on Endesa's business as a

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whole, an inability to maintain stable relationships with customers could negatively affect Endesa's business, results, financial situation, and cash flows (see Note 41.6 of the Consolidated Financial Statements for the year ended 31 December 2024).

b) Financial risks

b.1. Endesa's business is largely dependent on the constant supply of large amounts of fuel to generate electricity; on the supply of electricity and natural gas used for its own consumption and commercialisation; and on the supply of other commodities, the prices of which are subject to market forces that may affect the price and the amount of energy sold by Endesa

The contribution margin of the Generation and Commercialisation Segment in 2024 was 4,903 million euros, most of which corresponding to deregulated activities subject to the effects of competition and market volatility. These activities require the purchase of gas, electricity, and raw materials, as follows:

Consumption

• During 2024, 24,707 tonnes of coal and 2,040 million m3 of natural gas were consumed for electricity generation.

Commitments

• As of 31 December 2024, the total amount of commitments for the purchase of electricity and energy materials stands at 18,184 million euros, including those related to agreements with take or pay clauses (see Note 47 of the Consolidated Financial Statements for the year ended 31 December 2024).

Endesa is exposed to market price risks related to the purchase of fuels, carbon dioxide (CO2 ) emission allowance prices, and the guarantees of origin required to generate electricity, for gas supply and commercialisation activities. In this regard, fluctuations in the price of these products on international markets may affect the contribution margin. To mitigate this impact, Endesa hedges commodity price risk through financial instruments arranged in organised and Over-the-counter (OTC) markets. Those operations with financial guarantee requirements associated with fair value variations ('Mark-to-Market') could, in turn, have a direct impact on Endesa's Liquidity Risk (see Note 41.4 of the Consolidated Financial Statements for the year ended 31 December 2024 and Section 12.2 of this Consolidated Management Report).

Endesa has entered into electricity and natural gas supply contracts based on certain assumptions about future market prices for electricity and natural gas. A deviation from the assumptions at the time of signing these supply contracts could lead to the obligation to purchase electricity or natural gas at prices higher than those contemplated in these contracts. If market prices deviate from estimates, if Endesa's fuel needs differ from projections, or if regulatory changes impact energy pricing, and if its risk management strategies are inadequate to address these changes, Endesa's business, results, financial position, and cash flow could be negatively impacted.

Endesa has signed certain natural gas supply contracts that include 'take or pay' binding clauses for the acquisition of the contractually agreed fuel so that, even if it is not withdrawn, there remains an obligation to pay. The terms of these contracts have been set based on certain assumptions about future needs for electricity and gas demand. A deviation from the assumptions considered could result in the obligation to purchase more fuel than necessary or to sell the excess on the market at existing prices.

Information regarding purchase commitments for energy materials is included in Note 47 of the Consolidated Financial Statements for the year ended 31 December 2024.

b.2. Endesa is exposed to foreign currency risk

Endesa is exposed to foreign currency risk, primarily concerning the payments it must make in international markets for the procurement of energy raw materials, especially natural gas, where the prices of these raw materials are typically denominated in United States dollars (USD).

This implies, therefore, that fluctuations in the exchange rate could negatively affect Endesa's business, results, financial position, and cash flows. Information relating to foreign currency risk and the foreign currency sensitivity analysis is provided in Note 41.2 to the Consolidated Financial Statements for the year ended 31 December 2024.

b.3. Endesa's activity may be affected by natural resource, climate, and weather conditions

Endesa's electricity generation depends on the levels of natural resources, the availability of power plants, and market conditions. The electricity generation from renewable power plants depends on precipitation levels, as well as the levels of solar irradiation and wind present in the geographical areas where hydroelectric, wind, and photovoltaic generation facilities are located. In this way, if there is a low level of natural water, wind, or solar resources, or other circumstances that negatively affect renewable energy generation activity, Endesa's business, results, financial position, and cash flows could be adversely affected.

The demand not met by renewable sources is generated by thermal power plants, whose electricity generation, as well as their margin, depends on the competitiveness between the different technologies. A year with scarce rainfall, little irradiation, or less wind results in lower electricity generation from hydroelectric, solar, and wind sources, respectively. This implies higher electricity generation from thermal power plants, which is more costly, leading to an increase in electricity prices and energy purchase costs. In a wet year, with higher irradiation or wind, the opposite effects occur. In the event of unfavourable conditions due to low resource levels, power generation will increasingly come from thermal power plants, and Endesa's operating expenses from these activities will rise. Endesa's inability to manage changes in natural resource conditions could negatively impact its business activities, results,

In an average year, it is estimated that hydroelectricity generation can vary by ± 35%, wind power by ± 6.5%, and photovoltaic by ± 4%.

Information on Endesa's electricity production (Gwh) by technology is included in Section 11.1 of this Consolidated Management Report.

Weather conditions, and in particular seasonality, have a significant impact on electricity demand, as they mean that electricity consumption peaks in summer and winter. Seasonal changes in demand are attributed to the impact of various climatological factors, such as the weather and the amount of natural light, as well as the use of lighting, heating and air conditioning. Variations in demand due to weather conditions can have a significant impact on business profitability. Additionally, Endesa must make certain projections and estimates about climatic conditions when negotiating its contracts, and a significant divergence in the levels of precipitation and other forecasted weather conditions could negatively affect Endesa's business, results, financial position, and cash flows.

Similarly, adverse weather conditions could affect the regular supply of energy due to damage to the grid, resulting in service interruptions, which might compel Endesa to compensate its customers for delays or power supply outages.

The occurrence of any of these circumstances could adversely affect its business activities, results, financial position and cash flows.

b.4. Endesa is exposed to interest rate risk

Interest rate fluctuations change the fair value of assets and liabilities bearing interest at fixed rates and the future flows from assets and liabilities indexed to floating interest rates. Interest rate fluctuations could adversely affect Endesa's business activities, results, financial position and cash flows.

Information relating to interest rate risk and the interest rate sensitivity analysis is provided in Note 41.1 to the Consolidated Financial Statements for the year ended 31 December 2024.

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financial position and cash flows.

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b.5. Endesa's business depends on its ability to obtain the funds necessary to refinance its debt and finance its capital expenditures

Endesa is confident that it will be able to generate funds internally (self-financing), access bank financing through long-term credit facilities, access short-term capital markets as a source of liquidity and access the long-term debt market in order to finance its organic growth programme and other capital requirements, including its commitments arising from the on-going maintenance of its current facilities. This debt includes long-term credit facilities with banks and Enel Group companies, and financial investments.

If Endesa is unable to access capital under reasonable conditions, refinance its debt, settle its capital expenses and implement its strategy, the Company could be adversely affected. Capital and turmoil in the capital market, a possible reduction in Endesa's creditworthiness or possible restrictions on financing conditions imposed on the credit facilities if financial ratios deteriorate, could increase the Company's financial expenses or adversely affect its ability to access the capital markets.

A lack of financing could force Endesa to dispose of or sell its assets to offset the liquidity shortfall in order to pay amounts owed, and such sales could occur under circumstances that prevent Endesa from obtaining the best price for the assets. Endesa's business activities, results, financial position and cash flows could be adversely affected if it is unable to access financing under acceptable conditions.

The Company has the amount available under longterm credit facilities to ensure that Endesa can obtain sufficient financial resources to continue its operations and settle its assets and liabilities at the amounts shown in the Consolidated Statement of Financial Position.

Uncertainty affects the credit markets by pushing up risk premiums, for both sovereign and corporate debt. Additionally, the hedging strategies for volatility risks in the market to ensure results remain stable could result in a considerable increase in requirements to provide cash collateral to continue operating in organised markets in the event of significant changes in commodity prices. Funding using shortterm instruments would be a drain on the company's liquidity.

Endesa's financial management and capital management policy is described in Notes 34.1.12 and 40.3 of the Explanatory Notes to the Consolidated Financial Statements for the year ended 31 December 2024, and in Section 12.2 of this Consolidated Management Report. In the short term, liquidity risk is mitigated by Endesa by maintaining sufficient resources available unconditionally, including cash and short-term deposits, drawable lines of credit and a portfolio of highly liquid assets. Endesa's liquidity policy consists of arranging committed long-term credit facilities with banks and Enel Group companies and financial investments in an amount sufficient to cover projected needs over a given period based on the situation in and expectations about the debt and capital markets.

Information relating to liquidity risk and the main financial transactions carried out is included in Notes 41.4 and 40.4, respectively, of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

The conditions in which Endesa accesses capital markets or other means of financing, whether within the Company or on the credit market, are highly dependent upon its credit rating which, in turn, is conditioned by that of its parent company Enel. Endesa's capacity to access the markets and financing could therefore be adversely affected, in part, by the credit and financial position of Enel, to the extent that it could determine the availability of intercompany financing for Endesa or the conditions under which the Company accesses the capital market.

Any deterioration of Enel's credit rating and, consequently, that of Endesa, could limit Endesa's

ability to access the capital markets or any other means of financing (or refinancing) from third parties or increase the cost of these transactions. This could adversely affect Endesa's business activities, results, financial position and cash flows.

Information on Endesa's rating is presented in Section 19.1 of this Consolidated Management Report.

b.6. Endesa is exposed to credit and counterparty risk

In its commercial and financial activities, Endesa is exposed to the risk that its counterparty may be unable to meet all or some of its obligations, both payment obligations arising from goods already delivered and services already rendered, as well as payment obligations related to expected cash flows, in accordance with the financial derivative contracts entered into, cash deposits or financial assets. In particular, Endesa assumes the risk that consumers may not be able to fulfil payment obligations for the supply of energy, including all transmission and distribution costs.

Endesa closely monitors the credit risk of its commodity, financial and commercial counterparties. The Company's debt recovery management has allowed for a reduction in overdue debts with trading partners (see Note 5.2 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).

Endesa cannot guarantee that it will not incur losses as a result of the non-payment of commercial or financial receivables and, therefore, the failure of one or various significant counterparties to fulfil their obligations could adversely affect Endesa's business activities, results, financial position and cash flows.

Information relating to credit risk is provided in Note 41.5 to the Consolidated Financial Statements for the year ended 31 December 2024.

c) Risks associated with digital technologies

c.1. Endesa is exposed to Cybersecurity risks

Endesa's digital transformation involves greater exposure to potential cyberattacks, which may endanger the security of IT systems and databases with sensitive information.

The potential impact on Endesa would cause economic losses and reputational impacts (loss of trust in the Company) in the event of Endesa's information systems being affected by a cyber-attack. The Company's critical infrastructure may also be exposed to this type of attack, which could have a serious impact on the essential services provided (for example, nuclear plants). The danger of identity theft is increasing in commercial activity, and with it the need for enhanced security measures and protection of customer data.

With respect to the risk management and mitigation measures, Endesa has a cybersecurity strategy, in keeping with international standards and government initiatives. As part of this strategy, Endesa assesses the main risks and identifies vulnerabilities, and also conducts exhaustive digital monitoring through which the information is analysed and remedial measures are implemented to mitigate risks. It also conducts training and awareness-raising programmes on the use of digital technologies for its employees, at both the professional and individual level, to change the conduct of people and reduce risks.

The Cybersecurity Unit is keeping close track of the situation to identify any cyber events or anomalies at Endesa.

Endesa performs cybersecurity exercises for its plants and industrial facilities.

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c.2. Endesa manages its activities with information technology that guarantees operating efficiency, as well as the continuity of the businesses, systems and processes that contribute to attaining its corporate objectives

The use of information technology at Endesa is essential to manage its activity. Endesa's systems set it apart strategically from other companies in the sector, given the business volumes handled and the technical complexity, volume, granularity, functionality and diversity of cases. Specifically, Endesa's main computer systems handle the following business processes:

Systems	Business Processes Supported
Commercial	• Marketing processes, demand forecasts, profitability, sales, customer service, claim management, hiring and the basic sales cycle (validation of meter reading, invoicing, collection management and debt processing).
Technical distribution	• Processes for managing the grid, meter-reading management, handling of new supplies, network planning, field work management, management of meter-reading equipment with advanced remote management and energy management capabilities.
Generation systems, energy management and renewables	• Fuel management processes, meter-reading management, risk management, etc.
Economic and financial	• Economic management, accounting, financial consolidation and balance sheet processes.

The management of Endesa's activity through these systems is key to carry out its activity efficiently and to achieve Endesa's corporate objectives.

d) Operational risks

d.1. Endesa is exposed to risks associated with the construction of new electricity generation and distribution facilities

The construction of generation facilities and energy distribution is time-consuming and can be highly complex. This means that investment needs to be planned well in advance of the estimated start-up date of the facility and, therefore, it could be necessary to adapt such decisions to changes in the market conditions. This may entail significant additional costs not originally planned that may affect the return on these types of projects.

Generally, in connection with the development of such facilities, Endesa has to obtain the related administrative authorisations and permits, acquire land purchase or lease agreements, sign equipment procurement and construction contracts, operation and maintenance agreements, fuel supply and transport agreements and off-take arrangements, and obtain sufficient financing to meet its capital and debt requirements.

The 2025-2027 Strategic Plan approved by the Board of Directors of Endesa, S.A. on 19 November 2024 and presented to the market includes an investment target of up to 9,600 euros million between 2025 and 2027.

Factors that may affect Endesa's ability to construct new facilities include:

Risk	Factors
Risks Associated with the Construction of New Electricity Generation and Distribution Facilities	• Delays in obtaining regulatory approvals, including environmental permits.
	• Shortages or changes in the price of equipment, supplies or labour.
	• Opposition from local groups, political groups or other stakeholders.
	• Adverse changes in the political and regulatory environment (e.g. remuneration rates in regulated businesses) and in environmental regulations.
	• Adverse weather conditions, natural catastrophes, accidents and other unforeseen events that could delay the completion of power plants or substations.
	• Non-compliance by suppliers with agreed contract conditions.
	• Inability to obtain financing under conditions that are satisfactory to Endesa.

Any of these factors may cause delays in completion or commencement of the Group's construction projects and may increase the cost of planned projects. In addition, if Endesa is unable to complete these projects, any costs incurred in connection with such projects may not be recoverable.

If Endesa faces problems related to the development and construction of new facilities, its business, results, financial position and cash flows may be adversely affected.

The information related to investments is included in Notes 20.1 and 23.1 of the Consolidated Financial Statements for the year ended 31 December 2024, and in Sections 6.2 and 12.5 of this Consolidated Management Report.

d.2. Endesa's activity may be affected by failures, breakdowns, problems in carrying out planned work or other problems that cause unscheduled nonavailability and other operational risks.

Endesa has a huge volume of assets related with its activities, including:

Activity	Sections	Impacts
Energy Generation	2.4 and 11.1	• On 31 December 2024, Endesa's total net installed capacity in Spain amounted to 21,449 MW, of which 17,117 MW were in the Peninsular Electricity System and 4,332 MW in Non-Peninsular Territories (NPT) in the Balearic Islands, Canary Islands, Ceuta and Melilla.
Energy Distribution	2.4 and 11.1	• At 31 December 2024, Endesa distributed electricity in 24 Spanish provinces in eight autonomous regions and the autonomous city of Ceuta, with a total area of 195,881 km2 and a population of close to 22 million inhabitants. Total energy distributed by Endesa's networks reached 138,580 GWh in 2024.
Energy Commercialisation	2.4 and 11.1	• On 31 December 2024, Endesa has around 12 million electricity and gas customers.

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Endesa is exposed to risks of breakdown and accidents that can temporarily interrupt the operation of its plants and services to its customers. Prevention and protection strategies exist to mitigate these risks, including predictive and preventive maintenance techniques in line with best international practices. The company has set a tolerance level for this risk of 85% availability for its generation assets.

Endesa cannot ensure that during the performance of its business activities, direct or indirect losses will not arise from inadequate internal processes, technological failures, human error or certain external events, such as accidents at facilities, workplace conflicts and natural disasters. These risks and dangers could cause explosions, floods or other circumstances that could cause the total loss of energy generation and distribution facilities; damage to or the deterioration or destruction of Endesa's facilities or those of third parties, or environmental damage; delays in electricity generation and the partial or total interruption of activities. The occurrence of any of these circumstances could adversely affect its business activities, results, financial position and cash flows.

d.3. Risk that the activities undertaken by Endesa may negatively impact the quality of the environment and the Ecosystems involved, as well as incurring court or administrative sanctions, economic or financial losses and reputational damage as a result of non-compliance with international, national or local environmental laws and regulations.

Endesa considers environmental excellence to be a key value in its business culture. Accordingly, its activities are performed in a way that respects the environment, in line with Sustainable Development principles, and it is firmly committed to the conservation and sustainable use of its resources.

Endesa has an Environmental Policy in place, which was approved by its Board of Directors, that formalises its commitment to responsible environmental management and that encompasses the entire Value Chain. This Policy applies to all phases of the life cycle of each product and service.

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Endesa is subject to environmental regulations, which affect both the normal course of its operations and the development of its projects, leading to increased risks and costs. This regulatory framework requires licences, permits and other administrative authorisations to be obtained in advance, as well as fulfilment of all the requirements in such licences, permits and authorisations. As in any regulated company, Endesa cannot guarantee that:

• The regulations will not be amended or interpreted in such a way as to increase the costs necessary to comply with such laws or as to affect Endesa's operations, facilities or plants;
• Public opposition will not lead to delays or changes in the projects that are proposed; and
• The authorities will grant the environmental permits, licences and authorisations required to develop new projects.

In addition, Endesa is exposed to environmental risks inherent to its business, including risks relating to management of waste, spills and emissions from electricity production facilities, particularly nuclear power plants. Endesa may be held responsible for environmental damage, for harm to employees or third parties, or for other types of damage associated with its energy generation, supply and distribution facilities, as well as port terminal activities.

Although the plants are prepared to comply with the prevailing environmental requirements, Endesa cannot guarantee that it will always be able to comply with the requirements imposed or that it will be able to avoid fines, administrative or other sanctions, or any other penalties and expenses related to compliance matters, including those related to the management of waste, spills and emissions from electricity production units. Failure to comply with this regulation may give rise to liabilities, as well as fines, damages, sanctions and expenses, including, where applicable, facility closures. Government authorities may also impose charges or taxes on the parties responsible in order to guarantee obligations are repaid. Endesa's business activities, results, financial position and cash flows could be adversely affected if it were accused of failing to comply with environmental regulations.

In this connection, Endesa has taken out the following insurance policies:

Insurance	Description
Environmental Liability	• Cover up to a maximum of 150 euros million for claims arising from pollution.
General Civil Liability	• Cover for claims relating to damage to third parties or their property up to a maximum of 450 million euros, with this coverage increasing to 950 million euros for hydroelectric plants.
Third-Party Liability for Nuclear Accidents	• Under current legislation in Spain and pursuant to Electricity Sector Law 24/2013 of 26 December, the Company is insured for up to 1,200 million euros against third-party liability claims for any nuclear accidents at its plants. Any loss or damage in excess of this amount would be subject to the international conventions to which Spain is a signatory. The nuclear power plants are also insured against damage to their facilities (including stocks of nuclear fuel) and machinery breakdowns, with maximum coverage of 1,500 million euros for each plant. • On 28 May 2011, the Spanish government published Law 12/2011, of 27 May, on third-party liability due to nuclear damage or damage caused by radioactive materials, which raises operator liability to 1,200 million euros, while also allowing operators to cover this liability in several ways. This Regulation will enter into force on 1 January 2022, following the joint ratification by the Member States of the Protocols of 12 February 2004, amending the Nuclear Civil Liability Convention (Paris Convention) and the Brussels Convention, complementing the foregoing. The civil nuclear liability coverage arranged by Endesa has a limit of 1,200 million euros from 1 January 2022.

However, Endesa may face third-party damage claims. If Endesa were to be held liable for damages generated by its facilities for amounts greater than its insurance policy cover or for damages that exceed the scope of the insurance policy's coverage, its business activities, financial position, results and cash flows could be adversely affected.

Endesa is subject to compliance with the legislation and regulations on emissions of pollutants and on the storage and treatment of waste from fuel from nuclear power plants. It is possible that the Company will be subject to even stricter environmental regulations in the future. In the past, the approval of new regulations has required, and could require in the future, significant

capital investment expenditure in order to comply with legal requirements. Endesa cannot foresee the increase in capital investment or the increase in operating costs or other expenses it may have to incur in order to comply with all environmental requirements and regulations. Nor can it predict if the aforementioned costs may be transferred to third parties. Thus, the costs related to compliance with the applicable regulations could adversely affect Endesa's business activities, results, financial position and cash flows.

Information on Endesa's environmental management systems is included in Section 25.6 of this Consolidated Management Report.

d.4. Endesa's insurance cover and guarantees may not be adequate or may not cover all of the damage

Despite the fact that Endesa attempts to obtain adequate insurance cover in relation to the main risks associated with its business – including damage to the Company itself, general third-party liability, and environmental and nuclear power plant liability – it is possible that insurance cover may not be available on the market in commercially reasonable terms. Likewise, the amounts for which Endesa is insured may not be sufficient to cover the losses incurred in their entirety.

In the event of a partial or total loss of Endesa's facilities or other assets, or a disruption to its activities, the funds Endesa receives from its insurance may not be sufficient to cover the complete repair or replacement of the assets or losses incurred. Furthermore, in the event of a total or partial loss of Endesa's facilities or other assets, part of the equipment may not be easily replaced, given its high value or its specific nature, or may not be easily or immediately available.

Similarly, the cover of guarantees in relation to the aforementioned equipment or the limits to Endesa's ability to replace the equipment could disrupt or hinder its operations or significantly delay the course of its ordinary operations. Consequently, all of the above could adversely affect Endesa's business activities, results, financial position and cash flows.

Likewise, Endesa's insurance contracts are subject to constant review by its insurers. Therefore, Endesa may be unable to maintain its insurance contracts under conditions similar to those currently in place in order to meet potential increases in premiums, or if cover becomes inaccessible. If Endesa is unable to pass on any potential premium increase to its customers, these additional costs may adversely affect its business activities, results, financial position and cash flows.

d.5. The success of Endesa's business depends on the continuity of the services provided by the Company's management and by Endesa's key workers

For the development of its activities, as of 31 December 2024, Endesa had a workforce of 8,914 employees. Endesa needs to guarantee talent management, especially with regard to digital competences, so it can maintain its position in the sector.

The market in qualified labour is highly competitive and Endesa must be able to successfully hire additional qualified staff or to replace outgoing staff with sufficiently qualified and effective employees. Endesa's inability to retain or recruit essential staff could adversely affect its business activities, results, financial position and cash flows.

Details regarding staffing, talent attraction and retention, training, leadership, and personnel development are provided in Section 26.1 of this Consolidated Management Report.

d.6. Endesa considers Occupational Health and Safety (OHS) and fluid social dialogue to be priority objectives. The inability not to meet these objectives could adversely affect Endesa's business, image, results, financial position and cash flows.

Information on Occupational Health and Safety (OHS) and Social Dialogue at Endesa is presented in Section 26.1 of this Consolidated Management Report.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

d.7. Endesa's business could be adversely affected by a possible inability to maintain its relations with suppliers or because the available supplier offering is insufficient in terms of quantity and/ or quality, as well as supplier failures to maintain the conditions of the service provided, limiting the possibilities of operability and business continuity.

Endesa's relationships with the main industry service suppliers and providers are essential for the development and growth of its business, and will continue to be so in the future.

Endesa's dependence on these relationships could affect its ability to negotiate contracts with these parties under favourable conditions. Although Endesa's supplier portfolio is sufficiently diverse, if any of these relationships is severed or terminated, Endesa cannot guarantee the replacement of any significant service supplier or provider within an appropriate time frame or with similar conditions.

Endesa makes significant purchases of fuels, materials and services. In this regard, it is worth mentioning that:

• Consumption in some thermal plants is limited to just a few suppliers and countries, which represents a risk in the event of interrupted supply;
• Fuel supply contracts, especially gas contracts, are found in areas with a significant geopolitical risk that may materialise in supply interruptions; and
• In the case of Non-Peninsular Territory (NPT) plants, (Balearic and Canary Islands and the cities of Ceuta and Melilla), they are all geographically isolated and have a significant dependence on liquid fuels.

If Endesa is unable to negotiate contracts with its suppliers under favourable terms, if such suppliers are unable to comply with their obligations or if their relationship with Endesa is severed, and Endesa is unable to find an appropriate replacement, its business activities, results, financial position and cash flows could be affected adversely.

A worsening of the crisis situation in the conflicts between Russia and Ukraine or in the Middle East could lead to potential delays in supplies and breaches of contracts at the supply chain level. This event could adversely affect Endesa's businesses, results, financial position and cash flows see Note 5.2 of the Consolidated Financial Statements for the year ended 31 December 2024).

Note 41.6 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024 provides information on the concentration of customers and suppliers.

e) Compliance risks

e.1. Endesa may face legal or administrative penalties, financial or economic losses, and reputational harm due to a violation of applicable data protection and privacy laws

In the construction and operation of Endesa's information systems, the Company includes the highest security and contingency standards so that it guarantees operating efficiency, as well as the continuity of its business and the processes that contribute to achieving its corporate objectives.

These standards acquire a particularly significant role faced with the digital transformation process in which Endesa is immersed, which involves a growing exposure to potential cyberattacks, which are increasingly numerous and complex, and which may compromise the security of its systems, its data, including personal data, the continuity of its operations and, consequently, the quality of its customer relations and its results, financial position and cash flows.

Security has therefore become a global strategic matter. In this regard, Endesa has put in place policies,

processes, methodologies, tools and protocols based on international standards and duly audited governance initiatives. In particular, Endesa has a Cybersecurity action and management model promoted by senior management that covers all business areas and the area responsible for the management of IT systems. This model is based on the identification, prioritisation and quantification of existing security risks, taking into account the impact of each system on Endesa's business, to adopt security actions to minimise and mitigate such risks.

e.2. Past or future infringements of competition and antitrust laws could adversely affect Endesa's business activities, results, financial position and cash flows

Endesa is subject to competition and antitrust laws in the markets in which it operates. Infringements, especially in Spain, Endesa's main market, could give rise to legal actions against Endesa.

Endesa has been, is and could be the object of legal investigations and proceedings regarding competition and antitrust matters. Investigations regarding the infringement of competition and antitrust laws usually last several years and may be subject to rules that prevent the disclosure of information. Infringements of these regulations may give rise to fines and other types of sanctions which could adversely affect Endesa's business activities, results, financial position and cash flows.

Information on litigation and arbitration proceedings is set out in Note 50 to the Consolidated Financial Statements for the year ended 31 December 2024.

Endesa's growth strategy has always included, and continues to include, acquisitions that are subject to various competition laws. Such regulations may impact Endesa's ability to undertake strategic operations (see Section 10.1 of this Consolidated Management Report and in Note 7 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

e.3. Endesa is involved in court and arbitration proceedings

Endesa is party to various ongoing legal proceedings related to its business activities, including tax, regulatory and antitrust disputes. It is/may also be subject to tax audits. In general, Endesa is exposed to third-party claims from all jurisdictions (criminal, civil, commercial, labour and economic-administrative) and national and international arbitration proceedings.

Endesa uses its best estimate to recognise its provisions for legal contingencies, provided that the need to meet such obligations is probable and the amount can be reasonably quantified.

However, Endesa cannot guarantee that it will be successful in all the proceedings in which it expects a positive outcome, or that an unfavourable decision will not adversely affect Endesa's business activities, results, financial position and cash flows. Likewise, the Company cannot ensure that it will not be the object of new legal proceedings in the future which, if the outcome were unfavourable, would not have an adverse effect on its business activities, operating results, financial position or cash flows.

Information on litigation and arbitration proceedings is set out in Note 50 to the Consolidated Financial Statements for the year ended 31 December 2024.

e.4. Endesa could be affected by tax risks arising from interpretations of the regulations by the tax authorities that differ from those adopted by the Company or by an incorrect understanding by third parties of the tax position adopted by the Company.

Currently, the tax risks to be managed and controlled are those arising from the uncertainties arising either due to the possibility that the tax authorities may demand additional contributions considered by Endesa (either as a result of the failure to file returns or of a different interpretation of the applicable

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

regulations) or of the risk of an incorrect perception or valuation by third parties of tax events that are erroneously of unjustly attributed to the Company.

In 2024, Endesa's total tax contribution amounted to 4,463 million euros (see Section 27.1.9 of this Consolidated Management Report), of which 48% corresponded to taxes borne that represent a cost for Endesa and 52% relate to taxes collected by Endesa as a result of its business activities. Most of the tax paid by Endesa has been paid in Spain, representing over 88% of the total taxes paid and collected in 2024.

The following was of note with respect to Endesa's tax risk situation:

Tax Risks	References (1)	Endesa Mitigates the Occurrence of these Risks through:
The periods open for review by the Tax Authorities and significant Inspections for the period and their effects	3.2o	• General Risk Control and Management Policy (see section 8.1 of this Consolidated Management Report), which is the base document of the Tax Compliance Management System implemented by the Company. • Inclusion in the cooperative compliance system, as expressed in the Code
Significant tax disputes that might generate a contingency	50	of Good Tax Practices and in the annual filing of the Tax Transparency Report https://www.endesa.com/es/nuestro-compromiso/transparencia with the tax authorities. • This inclusion means that Endesa voluntarily undertakes with respect to the tax authorities to foster good practices that significantly reduce tax risks and promote prevention of conduct likely to generate such risks.

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

Despite this firm commitment, any change in the interpretation of the tax regulations by the tax authorities or the Administrative or Justice Tribunals could affect Endesa's compliance with its tax obligations, and its business, results, financial position and cash flows.

Information on tax litigation is provided in Note 50 to the Consolidated Financial Statements for the year ended 31 December 2024.

e.5. Endesa could be held liable for Corporate Income Tax and Value Added Tax (VAT) charges corresponding to the tax group of which it forms part or has formed part

Since 2010, Endesa has filed consolidated tax returns for income tax purposes as part of consolidated tax group no. 572/10, of which Enel, S.p.A. is the Parent Company and Enel Iberia, S.L.U. the representative in Spain. Likewise, since January 2010, Endesa has formed part of Spanish consolidated VAT group no. 45/10, the Parent Company of which is Enel Iberia, S.L.U. Until 2009, Endesa filed consolidated tax returns as the Parent for Group no. 42/1998 for Corporate Income Tax and for Group no. 145/08 for Value Added Tax (VAT).

Additionally, Enel Green Power España, S.L.U., a wholly-owned Endesa subsidiary, was fully consolidated between 2010 and 2016 as part of group 574/10 of which Enel Green Power España, S.L.U. was the Parent Company. From 1 January 2017, Enel Green Power España, S.L.U. paid taxes as part of tax group number 572/10 of which Enel, S.p.A. is the Parent Company and Enel Iberia, S.L.U. is the representative in Spain.

Up to 31 December 2023, there was another tax consolidation group within Endesa, numbered 21/02, whose Parent Company and representative in Spain was Empresa de Alumbrado Eléctrico de Ceuta, S.A. Following the merger by absorption on 1 July 2024, where Empresa de Alumbrado Eléctrico de Ceuta, S.A. was absorbed by its sole subsidiary, Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A., this tax consolidation group ceased to exist (see Note 7.1 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).

In accordance with the regime for filing consolidated tax returns for purposes of income tax and VAT for company groups, all of the Group companies which file consolidated tax returns are jointly responsible for paying the Group's tax charge. This includes certain sanctions arising from failure to comply with specific obligations imposed under the VAT regime for company groups.

As a result of this, Endesa is jointly responsible for paying the tax charge of the other members of the consolidated tax groups to which it belongs or has belonged for all tax periods still open for review. Likewise, Enel Green Power España, S.L.U. is also jointly and severally liable with respect to the other members of the consolidated tax group of which it has formed part, and Empresa de Alumbrado Eléctrico de Ceuta, S.A. is jointly and severally liable with respect to its members.

Even though Endesa or, where applicable, Enel Green Power España, S.L.U. or Empresa de Alumbrado Eléctrico de Ceuta, S.A. has the right to recourse against the other members of the corresponding consolidated tax group, any of them could be held jointly and severally liable if any outstanding tax charge were to arise that had not been duly settled by another member of the consolidated tax groups to which Endesa or, where applicable, Enel Green Power España, S.L.U. or Empresa de Alumbrado Eléctrico de Ceuta, S.A. belongs or has belonged. Any material tax liability could adversely affect Endesa's business activities, results, financial position and cash flows.

Information on tax litigation is provided in Note 50 to the Consolidated Financial Statements for the year ended 31 December 2024.

e.6. The Enel Group controls the majority of Endesa's share capital and voting rights, and the interests of the Enel Group could conflict with those of Endesa

On 31 December 2024, the Enel Group, through Enel Iberia, S.L.U., held 70.1% of Endesa, S.A.'s share capital and voting rights, enabling it to appoint the majority of Endesa, S.A.'s board members and, therefore, to control management of the business and its management policies.

The Enel Group's interests may differ from the interests of Endesa or those of its shareholders. Furthermore, both the Enel Group and Endesa compete in the European electricity market. It not possible to ensure that the interests of the Enel Group will coincide with the interests of Endesa's other shareholders or that the Enel Group will act in support of Endesa's interests.

Information on balances and transactions with related parties is provided in Note 46 to the Consolidated Financial Statements for the year ended 31 December 2024.

f) Corporate Governance and Culture Risk

f.1. Corporate culture and ethics

Information on Endesa's Anti-Bribery and Criminal Risk Prevention Model can be found in Sections 8.3, 27.1.5, and 27.1.6 of this Consolidated Management Report.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements

VI. Statement of Responsibility

8.4.2. Reputation management and mitigation of reputational impact on risks

A significant portion of the company's intangible value lies in the reputation it builds among its key stakeholders. In addition, this reputation represents an important support lever for facilitating the best fulfilment of its economic, commercial, industrial and institutional objectives.

To achieve rigorous and reliable knowledge of the opinion of these audiences and the image and reputation parameters that may affect the Company, Endesa employs social research tools (surveys, press indicators, qualitative studies, preand post-test studies, etc.) used periodically and exclusively for the company, as well as information generated by similar studies that are publicly accessible. It also has information and conversation monitoring systems on social media with a view to detecting early warnings about potential incidents or critical situations and assessing the calibre of the incident.

These tools make it possible to detect potential risks with an impact on image or reputation and design appropriate communication actions to avoid or correct them where appropriate, as well as to improve their perception among the aforementioned audiences.

The design and development of these actions are contained in the annual Communication Plan that the Company prepares as part of the development and promotion of its Strategic Plan. In essence, they cover actions focussed on the management and activation of the brand (advertising, sponsorship of events, etc.), media relations, digital communication and internal communication.

Endesa is exposed to the opinion and perception projected to different stakeholders. This perception could deteriorate as a result of events produced by the Company or third parties over which it has little or no control. Should this occur, this could lead to economic detriment for the Company due, among other factors, to increased requirements on the part of regulators, higher borrowing costs or increased efforts to attract customers.

Although Endesa actively works to identify and monitor potential reputational events and affected stakeholders, and transparency forms part of its communications policy, there is no guarantee that it will not have its image or reputation impaired which, since the outcome would be unfavourable, will have an adverse affect on its business, operating results, financial position or cash flows.

Furthermore, Endesa cannot guarantee that it will maintain solid relationships and ongoing communication with suppliers, consumers and users and with the associations that represent them. Therefore, any change in these relationships could entail negative publicity and a significant loss of customers, which could adversely affect Endesa's business activities, results, financial position and cash flows.

IV. CONSOLIDATED MANAGEMENT REPORT

ENDESA PERFORMANCE AND METRICS

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements Management Report

VI. Statement of Responsibility

9. Alternative Performance Measures (APMs)

The following outlines the alternative performance metrics for Endesa and their value in the years 2024 and 2023:

Indicators associated with result analysis

Alternative Performance	Unit	Definition	Performance Measures (APMs)	Reconciliation of Alternative	Relevance of Use
Measures (APMs)			2024	2023
Procurements and Services	M€	Power Purchases + Fuel Consumption + Transmission Costs + Other Variable Procurements and Services	13.054 M€ = 4,545 M€ + 2,271 M€ + 3,595 M€ + 2,643 M€	16,312 M€ = 6.944 M€ + 2.708 M€ + 3.213 M€ + 3.447 M€	Goods and services for production
Contribution Margin	M€	Revenue - Procurements and Services +- Income and Expenses for Energy Stocks Derivatives	7,345 M€ = 21,307 M€ – 13,054 M€ - 908 M€	5,975 M€ = 25,459 M€ - 16,312 M€ - 3,172 M€	Measure of operating profit considering direct variable production costs
Gross Operating Profit (EBITDA)	M€	Income - Procurements and Services +- Income and Expenses for Energy Stocks Derivatives + Self-constructed assets - Personnel Expenses - Other Fixed Operating Expenses + Other gains and losses	5,293 M€ = 21,307 M€ - 13,054 M€ - 908 M€ + 275 M€ - 986 M€ - 1,396 M€ + 55 M€	3,777 M€ = 25,459 M€ - 16,312 M€ - 3,172 M€ + 345 M€ - 1,137 M€ - 1,423 M€ + 17 M€	Measure of operating return excluding interest, taxes, provisions and amortisation
Operating Profit (EBIT)	M€	Operating Profit (EBITDA) - Depreciation, Amortisation, and Impairment Losses.	3,071 M€ = 5,293 M€ - 2,222 M€	1,645 M€ = 3,777 M€ - 2,132 M€	Measure of operating profit excluding interest and taxes
Net Financial Result	M€	Financial Income - Financial Expense +- Income and Expenses on Derivative Financial Instruments +- Net Exchange Differences	(493) M€ = 131 M€ - 639 M€ + 19 M€ - 4 M€	(590) M€ = 38 M€ - 705 M€ + 56 M€ + 21 M€	Measure of financial cost
Net Financial Loss	M€	Financial Income - Financial Expense +- Income and Expenses on Derivative Financial Instruments	(489) M€ = 131 M€ - 639 M€ + 19 M€	(611) M€ = 38 M€ - 705 M€ + 56 M€	Measure of financial cost
Net Income	M€	Parent Company's Net income	1,888 M€		742 M€ Measure of profit for the period
Net Earnings per Share	€	Parent Company's Net Income/Number of Shares at the end of the Reporting Period	1.783 € = 1,888 M€ / 1,058,752,117 shares	0.701 € = 742 M€ / 1,058,752,117 shares	Measure of the portion of net income corresponding to each share in circulation

M€ = million euros; € = euros.

n = 31 December of the year being calculated.

n-1 = 31 December of the year before the year being calculated.

Alternative Performance	Unit	Definition		Reconciliation of Alternative Performance Measures (APMs)	Relevance of Use
Measures (APMs)			2024	2023
Net Ordinary Income	M€	Net Ordinary Income = Parent Company's Net Income - Net Profit/Loss on Disposal of Non-Financial Assets (Exceeding 10 million euros) - Net Impairment Losses on Non-Financial Assets (Exceeding 10 million euros) - Initial Net Allocation for Personnel Expenses as a Result of Workforce Restructuring Plans Relating to the Decarbonisation Plan and Process Digitalisation	1,993 M€ = 1,888 M€ - 28 M€ + 95 M€ + 38 M€	951 M€ = 742 M€ - 0 M€ + 85 M€ + 124 M€	Measure of profit for the period excluding extraordinary items exceeding 10 million euros
Net Ordinary Income per Share	€	Parent Company's Net Ordinary Income/ Number of Shares at the End of the Reporting Period	1.882 € = 1,993 M€ / 1,058,752,117 shares	0.898 € = 951 M€ / 1,058,752,117 shares	Measure of the portion of net ordinary income corresponding to each share in circulation
Economic Profitability	%	Operating Profit (EBIT) for the last 12 months/((PP&E (n) + PP&E (n-1)) / 2)	13.42 % = 3,071 M€ / ((22,940 + 22,839) / 2) M€	7.28 % = 1,645 M€ / ((22,839 + 22,338) / 2) M€	Measurement of the income-generating capacity of the invested assets or capital
Return on Capital Employed (ROCE)	%	Profit from operations after tax for the last 12 months/((Non-current Assets (n) + Non-current Assets (n-1)) / 2) + ((Current Assets (n) + Current Assets (n-1)) / 2)	5.71 % = 2,245 M€ / ((28,232 + 28,825) / 2 + (9,113 + 12,458) / 2) M€	2.58 % = 1,177 M€ / ((28,825 + 30,142) / 2 + (12,458 + 19,925) / 2) M€	Measure of the return on capital employed
Return on Invested Capital (ROIC)	%	Profit from Operations After Tax for the Last 12 Months/(Equity of the Parent + Net Financial Debt)	12.90 % = 2,245 M€ / (8,110 M€ + 9,298 M€)	6.76 % = 1,177 M€ / (7,017 M€ + 10,405 M€)	Measure of the return on invested capital
Ordinary Return on Equity	%	Net Ordinary Income Attributable to the Parent Company in the Last 12 Months/ ((Equity of the Parent (n) + Equity of the Parent (n-1)) / 2)	26.35 % = 1,993 M€ / ((8,110 + 7,017) / 2) M€	15.13 % = 951 M€ / ((7,017 + 5,557) / 2) M€	Measure of the capacity to generate profits on shareholder investments
Ordinary Return on Assets	%	Net Ordinary Income of the Parent for the Last 12 Months/(Total Assets (n) + Total Assets (n-1) / 2)	5.07 % = 1,993 M€ / ((37,345 + 41,283) / 2) M€	2.08 % = 951 M€ / ((41,283 + 50,067) / 2) M€	Measure of business profitability

M€ = million euros; € = euros.

100

n = 31 December of the year being calculated.

n-1 = 31 December of the year before the year being calculated.

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

<-- PDF CHUNK SEPARATOR -->

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

VI. Statement of Responsibility

Indicators associated with financial and asset analysis

Alternative			Reconciliation of Alternative Performance Measures (APMs)
Performance Measures (APMs)	Unit	Definition	31 December 2024	31 December 2023	Relevance of Use
Gross Financial Debt	M€	Non-Current Financial Debt + Current Financial Debt	10,494 M€ = 9,881 M€ + 613 M€	13,727 M€ = 9,636 M€ + 4,091 M€	Financial debt, long and short term.
Average Life of Gross Financial Debt	Number of years	(Principal * Number of Valid Days)/(Valid Principal at the end of the Reporting Period * Number of Days in the Period)	4.1 years = 43,341 / 10,515	4.0 years = 55,308 / 13,780	Measure of the duration of borrowings to maturity
Cost of Gross Financial Debt	M€	Expenses for Financial Liabilities at Amortised Cost - Expense allocated to Financial Guarantees recorded in Liabilities -/+ Income and Expenses for Financial Assets and Liabilities at Fair Value with Changes in Results -/+ Income and Expenses for Derivative Financial Instruments Associated with Debt.	473 M€ = 471 M€ - 8 M€ + 29 M€ - 19 M€	486 M€ = 505 M€ - 8 M€ + 43 M€ - 54 M€	Measure of the financial cost of gross financial debt
Average Cost of Gross Financial Debt	%	Cost of Gross Financial Debt / Average Gross Financial Debt	3.6 % = 473 M€ / 13,013 M€	3.2 % = 486 M€ / 15,373 M€	Measure of the effective rate of borrowings
Average Gross Financial Debt	M€	(Total Drawdowns or Debt Positions * Number of Days in force of each Provision or Position)/(Cumulative Number of Days in Force	13,013 M€	15,373 M€	Measure of average gross financial debt in the period to calculate the average cost of gross financial debt
Net Financial Debt	M€	Non-Current Borrowings + Current Borrowings + Debt Derivatives Recognised in Liabilities - Cash and Cash Equivalents - Debt Derivatives Recognised in Assets - Financial Guarantees Recognised in Assets	9,298 M€ = 9,881 M€ + 613 M€ + 36 M€ - 840 M€ - 41 M€ - 351 M€	10,405 M€ = 9,636 M€ + 4,091 M€ + 61 M€ - 2,106 M€ - 57 M€ - 1,220 M€	Current and non current borrowings, less cash and financial investments equivalent to cash and financial guarantees recognised in assets
Leverage	%	Net Financial Debt / Equity	102.71 % = 9,298 M€ / 9,053 M€	144.43 % = 10,405 M€ / 7,204 M€	Measure of the weighting of external funds in the financing of business activities
Liquidity	M€	Cash and Cash Equivalents + Unconditional Undrawn Credit Lines and Loans	6,544 M€ = 840 M€ + 5,704 M€	10,027 M€ = 2,106 M€ + 7,921 M€	Measure of the capacity to meet debt maturities and related financial expenses
Liquidity Ratio	N/a	Current Assets / Current Liabilities	1.02 = 9,113 M€ / 8,970 M€	0.85 = 12,458 M€ / 14,575 M€	Measure of the capacity to meet short term commitments
Debt Maturity Coverage	Number of Months	Maturity period (no. of months) for vegetative debt and financial expense that could be covered with available liquidity	35 months	27 months	Measure of the capacity to meet debt maturities and related financial expenses
Debt Coverage Ratio	N/a	Net Financial Debt/ Gross Operating Profit (EBITDA) of the Last 12 Months	1.76 = 9,298 M€ / 5,293 M€	2.75 = 10,405 M€ / 3,777 M€	Measure of the amount of available cash flow to meet payments of principal on borrowings
Debt Ratio	%	Net Financial Debt/(Equity + Net Financial Debt)	50.67 % = 9,298 M€ / (9,053 + 9,298) M€	59.09 % = 10,405 M€ / (7,204 + 10,405) M€	Measure of the weighting of external funds in the financing of business activities
Solvency Ratio	N/a	(Equity + Non-Current Liabilities)/Non Current Assets	1.01 = (9,053 M€ + 19,322 M€) / 28,232 M€	0.93 = (7,204 M€ + 19,504 M€) / 28,825 M€	Measure of the capacity to meet obligations

M€ = million euros; € = euros.

Alternative	Unit	Definition	Reconciliation of Alternative Performance Measures (APMs)
Performance Measures (APMs)			31 December 2024	31 December 2023	Relevance of Use
Fixed Assets	M€	Property, Plant and Equipment + Investment Property + Intangible Assets + Goodwill	24,942 M€ = 22,940 M€ + 4 M€ + 1,536 M€ + 462 M€	25,016 M€ = 22,839 M€ + 69 M€ + 1,646 M€ + 462 M€	Tangible or intangible assets of the Company, not convertible into liquid assets at short term, necessary for the functioning of the Company and not earmarked for sale
Total Net Non Current Assets	M€	Property, Plant and Equipment + Intangible Assets + Goodwill + Investments Accounted for using The Equity Method + Investment Property + Other Non-Current Financial Assets + Non-Current Derivative Financial Instruments + Other Non-Current Assets - Grants - Non-Current Liabilities from Contracts with Customers - Non Current Derivative Financial Instruments - Other Non-Current Financial Liabilities - Other Non-Current Liabilities - Financial Guarantees Recognised in Non-Current Assets - Debt Derivatives Recognised under Non-Current Financial Assets and Liabilities	20,978 M€ = 22,940 M€ + 1,536 M€ + 462 M€ + 287 M€ + 4 M€ + 829 M€ + 377 M€ + 486 M€ - 249 M€ - 4,413 M€ - 336 M€ - 64 M€ - 574 M€ - 302 M€ - 5 M€	21,453 M€ = 22,839 M€ + 1,646 M€ + 462 M€ + 273 M€ + 69 M€ + 663 M€ + 879 M€ + 386 M€ - 227 M€ - 4,348 M€ - 544 M€ - 8 M€ - 578 M€ - 47 M€ - 12 M€	Measure of non current assets excluding deferred tax assets, less the value of deferred income and other non-current liabilities
Total Net Working Capital	M€	Trade Receivables for Sales and Services and Other Receivables + Inventories + Other Current Financial Assets + Current Derivative Financial Instruments + Current Income Tax Assets + Other Tax Assets + Current Assets from Contracts with Customers - Current Income Tax Liabilities - Other Tax Liabilities - Current Derivative Financial Instruments - Other Current Financial Liabilities - Current Liabilities from Contracts with Customers - Financial Guarantees Recognised in Current Assets - Debt Derivatives Recognised under Current Financial Assets and Liabilities - Suppliers and Other Payables	882 M€ = 4,194 M€ + 1,831 M€ + 974 M€ + 541 M€ + 265 M€ + 419 M€ + 12 M€ - 309 M€ - 607 M€ - 656 M€ - 97 M€ - 487 M€ - 49 M€ + 0 M€ - 5,149 M€	88 M€ = 4,912 M€ + 2,060 M€ + 1,777 M€ + 1,054 M€ + 233 M€ + 312 M€ + 4 M€ - 215 M€ - 446 M€ - 1,673 M€ - 104 M€ - 427 M€ - 1,173 M€ + 16 M€ - 6,242 M€	Measure of current assets excluding cash and financial investments equivalent to cash, less suppliers and other payables and current income tax liabilities
Gross Invested Capital	M€	Total Net Non-Current Assets + Total Net Working Capital	21,860 M€ = 20,978 M€ + 882 M€	21,541 M€ = 21,453 M€ + 88 M€	Total net non-current assets plus total net working capital
Total Deferred Tax Assets and Liabilities and Provisions	M€	- Provisions for Employee Benefits - Other Non-Current Provisions - Current Provisions + Deferred Tax Assets - Deferred Tax Liabilities	(3,529) M€ = - 227 M€ - 2,531 M€ - 1,035 M€ + 1,311 M€ - 1,047 M€	(3,932) M€ = - 268 M€ - 2,587 M€ - 1,377 M€ + 1,608 M€ - 1,308 M€	Measure of deferred tax assets and liabilities and provisions
Net Invested Capital	M€	Gross Capital Invested - Total Deferred Tax Assets and Liabilities and Provisions + Net Non-Current Assets Held for Sale and Discontinued Operations	18,351 M€ = 21,860 M€ - 3,529 M€ + 20 M€	17,609 M€ = 21,541 M€ - 3,932 M€ + 0 M€	Measure of gross invested capital plus total provisions and assets and liabilities for deferred taxes and non-current assets held for sale and discontinued operations

M€ = million euros; € = euros.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Stock Market Indicators

Alternative	Unit	Definition	Reconciliation of Alternative Performance Measures (APMs)
Performance Measures (APMs)			31 December 2024	31 December 2023	Relevance of Use
Book Value per Share	€	Equity of the Parent / Number of Shares at the End of the Reporting Period	7.660 € = 8,110 M€ / 1,058,752,117 shares	6.628 € = 7,017 M€ / 1,058,752,117 shares	Measure of the portion of own funds corresponding to each share in circulation
Market Capitalisation	M€	Number of Shares at the End of the Reporting Period * Price at the End of the Reporting Period	21,990 M€ = 1,058,752,117 shares * 20.770 €	19,545 M€ = 1,058,752,117 shares * 18.460 €	Measure of the Company's market value according to the share price
Price to Earnings Ratio (P.E.R.) -Ordinary	N/a	Price at the End of the Reporting Period / Net Ordinary Income per Share for the Last 12 Months	11.04 = 20.770 € / 1.882 €	20.55 = 18.460 € / 0.8982 €	Measure indicating the number of times net ordinary income per share can be divided into the market price of the shares
Price to Earnings Ratio (P.E.R.)	N/a	Price at the End of the Reporting Period / Net Earnings per Share for the Last 12 Months	11.65 = 20.770 € / 1.783 €	26.34 = 18.460 € / 0.7008 €	Measure indicating the number of times net earnings per share can be divided into the market price of the shares
Price/Carrying Amount	N/a	Market Capitalisation / Net Equity of the Parent Company	2.71 = 21,990 M€ / 8,110 M€	2.79 = 19,545 M€ / 7,017 M€	Measure comparing the Company's market value according to the share price with the carrying amount

M€ = million euros; € = euros.

Alternative Performance	Unit	Definition	Reconciliation of Alternative Performance Measures (APMs)		Relevance of Use
Measures (APMs)			2024	2023
Shareholder Return	%	Stock Market Return + Dividend Yield	17.93 % = 12.51 % + 5.42 %	13.67 % = 4.68 % + 8.99 %	Measure of the relationship between the amount invested in a share and the economic result delivered, which includes the effect of the change in price of the share in the year and of the gross dividend received in cash (without considering reinvestment).
Stock Market Return	%	(Share Price at the Close of the Period - Share Price at the Beginning of the Period / Share Price at the Beginning of the Period	12.51 % = (20.770 € - 18.460 €) / 18.460 €	4.68 % = (18.460 € - 17.635 €) / 17.635 €	Measure of the relationship between the amount invested in a share and the effect of the change in the share price during the year
Dividend Yield	%	(Gross Dividend Paid in the Year) / Share Price at the Beginning of the Period	5.42 % = 1.0000 € / 18.460 €	8.99 % = 1.5854 € / 17.635 €	Measure of the relationship between the amount invested in a share and the gross dividend received in cash (without considering any reinvestment)

M€ = million euros; € = euros.

Alternative Performance	Unit	Definition	Performance Measures (APMs)	Reconciliation of Alternative	Relevance of Use
Measures (APMs)			2024	2023
Consolidated Ordinary Pay-Out	%	(Gross Dividend per Share * Number of Shares at the End of the Reporting Period) / Net Ordinary Income of the Parent.	70.0 % = (1.3177 € * 1,058,752,117 shares) / 1,993 M€	111.3 % = (1 € * 1,058,752,117 shares) / 951 M€	Measure of the part of ordinary income obtained used to remunerate shareholders through the payment of dividends (consolidated Group)
Consolidated Pay Out	%	Gross Dividend per Share * Number of Shares at the End of the Reporting Period) / Profit for the Year of the Parent	73.9 % = (1.3177 € * 1,058,752,117 shares) / 1,888 M€	142.7 % = (1 € * 1,058,752,117 shares) / 742 M€	Measure of the part of profits obtained used to remunerate shareholders through the payment of dividends (consolidated Group)
Individual Pay-Out	%	(Gross Dividend per Share * Number of Shares at the End of the Reporting Period / Profit of Endesa, S.A. for the Year	97.8 % = (1.3177 € * 1,058,752,117 shares) / 1,427 M€	182.5 % = (1 € * 1,058,752,117 shares) / 580 M€	Measure of the part of profits obtained used to remunerate shareholders through the payment of dividends (individual company)

M€ = million euros; € = euros.

Other Indicators

Alternative Performance	Unit	Definition		Reconciliation of Alternative Performance Measures (APMs)	Relevance of Use
Measures (APMs)			2024 2023
Funds from Operations	M€	Cash Flows from Operating Activities - Changes in Working Capital - Self Constructed Assets	4,025 M€ = 3,567 M€ + 733 M€ - 275 M€	3,341 M€ = 4,697 M€ –1,011 M€ - 345 M€	Measure of the cash generated by the company's business available to make investments, repay debt and distribute dividends to shareholders
Interest Expenses	M€	Interest Paid	547 M€		480 M€ Measure of interest paid
Cash Flow	M€	Gross Profit Before Taxes + Adjustments to Profit + Changes in Working Capital + Other Cash Flows from Operating Activities	3,567 M€ = 2,589 M€ + 3,033 M€ - 733 M€ - 1,322 M€	4,697 M€ = 1,065 M€ + 4,177 M€ - 1,011 M€ - 1,556 M€	Measurement of cash inflows and outflows from the entity's operating activities.
Cash Flow per Share	€	Net Cash Flow from Operating Activities / Number of Shares at the End of the Period	3.369 € = 3,567 M€ / 1,058,752,117 shares	4.436 € = 4,697 M€ / 1,058,752,117 shares	Measure of the portion of funds corresponding to each share in circulation
Cash Flow/Net Financial Debt	%	Net Cash Flow from Operating Activities of the last 12 months / Net Financial Debt	38.36 % = 3,567 M€ / 9,298 M€	45.14 % = 4,697 M€ / 10,405 M€	Measure of the portion of funds generated over total net financial debt
Gross Investment	M€	Gross Investments in Property, Plant and Equipment + Investments in Intangible Assets + Investments in Real Estate Investments	2,057 M€ = 1,669 M€ + 380 M€ + 8 M€	2,463 M€ = 2,068 M€ + 395 M€ + 0 M€	Measure of investing activity
Net Investments	M€	Gross Investments - Capital Grants and Facilities Transferred	1,757 M€ = 2,057 M€ - 300 M€	2,262 M€ = 2,463 M€ - 201 M€	Measure of investing activity net of grants received

M€ = million euros; € = euros.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements VI. Statement of Responsibility

10. Significant events in the period

10.1. Changes in the consolidation scope

Information relating to changes in the consolidation perimeter of Endesa is included in Note 7 of the Consolidated Financial Statements for the year ended 31 December 2024.

10.2. Geopolitical situation

Information on the geopolitical situation is included in Note 5.2 to the Consolidated Financial Statements for the year ended 31 December 2024.

11. Endesa's operating performance and earnings in the year 2024

11.1. Operating performance

59,780 GWh

GENERATION OF ELECTRICITY(1) IN THE YEAR 2024

of which 17,792 GWh are Renewable

10,032 MW

NET INSTALLED PENINSULAR RENEWABLE CAPACITY

of a total of 17,117 MW

TRANSMISSION GRIDS

12,495 Thousands

DIGITAL CUSTOMERS

+99% Ratio of digital customers

10,217 Thousands

NUMBER OF CUSTOMERS (ELECTRICITY) (2) (3)

of which 6,670 thousands from the deregulated market

74,376 GWh

NET ELECTRICITY SALES(4) IN THE YEAR 2024

–4.3% compared to year 2023

PUBLIC AND PRIVATE CHARGING STATIONS

+16.4% compared to 31 December 2023

(1) In busbars.

• (2) Supply points. (3) Customers of the commercialisation companies.
• (4) Sales to end customers.

(5) Without in-house generation consumption.

NUMBER OF CUSTOMERS (GAS) (2)

of which 1,302 thousands from the deregulated market

GAS SALES (5) IN THE YEAR 2024

–4.2% compared to 2023

106

As of 31 December 2024

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements

VI. Statement of Responsibility

Below is a breakdown of the most relevant operating figures in the year 2024 and their variation compared to the previous year:

Operating Figures	SDG(1)	Unit	2024	2023	% Chg.
Electricity Generation(2)		GWh	59,780	60,264	(0.8)
Generation of Renewable Electricity	7	GWh	17,792	14,212	25.2
Gross Installed Capacity		MW	22,148(3)	21,956(4)	0.9
Net Installed Capacity		MW	21,449(3)	21,247(4)	1.0
Net Installed Peninsular Renewable Capacity	7	MW	10,032(3)	9,800(4)	2.4
Net Installed Non-Peninsular Territory (NPT) Renewable Energy Capacity	7	MW	99(3)	99(4)	—
Energy Distributed(5)	9	GWh	138,580	136,363	1.6
Digital Customers(6)	9	Thousands	12,495(3)	12,396(4)	0.8
Distribution Networks and Transmission Grids	9	km	320,329(3)	319,136(4)	0.4
End Users(7)		Thousands	12,638(3)	12,548(4)	0.7
Ratio of Digital Customers(8)		(%)	99(3)	99(4)	—
Gross Electricity Sales(2)		GWh	82,881	86,516	(4.2)
Net Electricity Sales(9)		GWh	74,376	77,688	(4.3)
Gas Sales (10)		GWh	62,170	64,880	(4.2)
Number of Customers (Electricity) (11) (12)		Thousands	10,217(3)	10,522(4)	(2.9)
Deregulated Market(13)		Thousands	6,670(3)	6,893(4)	(3.2)
Number of Customers (Gas) (11)		Thousands	1,777(3)	1,829(4)	(2.8)
Deregulated Market			1,302(3)	1,387(4)	(6.1)
Public and Private Electricity Charging Stations	11	Units	22,417(3)	19,252(4)	16.4
Public Electricity Charging Stations (units)		Units	6,188(3)	5,481(4)	12.9
Private Electricity Charging Stations (units)		Units	16,229(3)	13,771(4)	17.8
Public Lighting Points	11	Units	151(3)	147(4)	2.7
Response to Demand		MW	51(3)	155(4)	(67.1)
Final Workforce		No. of Employees	8,914(3)	9,035(4)	(1.3)
Average Headcount		No. of Employees	8,816	9,097	(3.1)
(1) Sustainable Development Goals. (2 In busbars.		(7) Customers of distributors.	(8) Number of Digital Customers/End Users (%).

(2 In busbars.

(3) On 31 December 2024.

(4) On 31 December 2023.

(5) Energy supplied to customers, with or without a contract, auxiliary consumption from generators and outputs to other grids (transmission grids and distribution networks).

(6) Activated smart meters.

(9) Sales to end customers. (10) Without in-house generation consumption.

(11) Supply points.

(12) Customers of the commercialisation companies. (13) Customers of free market commercialisation companies.

Electricity generation

GWh
	2024		2023
Electricity Generation(1)	GWh	Percentage (%)	GWh	Percentage (%)	% Chg.
Peninsular	48,769	81.6	48,896	81.1	(0.3)
Renewables	17,792	29.8	14,212	23.5	25.2
Hydroelectric	7,660	12.8	5,083	8.4	50.7
Wind(2)	6,374	10.7	6,392	10.6	(0.3)
Photovoltaic(3)	3,758	6.3	2,736	4.5	37.4
Rest	—	—	1	0.0	(100.0)
Nuclear	24,152	40.4	24,865	41.3	(2.9)
Coal	—	—	672	1.1	(100.0)
Combined Cycle (CCGT)	6,825	11.4	9,147	15.2	(25.4)
Non-Peninsular Territories (NPT)	11,011	18.4	11,368	18.9	(3.1)
Coal	54	0.1	70	0.1	(22.9)
Fuel-Gas	4,309	7.2	4,505	7.5	(4.4)
Combined Cycle (CCGT)	6,648	11.1	6,793	11.3	(2.1)
TOTAL	59,780	100.0	60,264	100.0	(0.8)

(1) In busbars.

(2) The year 2024 includes 99 GWh corresponding to Non-Peninsular Territories (76 GWh year 2023).

(3) The year 2024 includes 92 GWh corresponding to Non-Peninsular Territories (95 GWh year 2023).

Non-emitting renewable and nuclear technologies accounted for 86.0% of Endesa's peninsular generation mix in the year 2024, compared with 88.0% for the rest of the sector (79.8% and 83.9%, respectively, in the year 2023).

The following chart shows Endesa's peninsular generation mix by technology in the year 2024:

Gross and net installed capacity 108

	31 December 2024		31 December 2023
Gross Installed Capacity	MW	Percentage (%)	MW	Percentage (%)	% Chg.
Peninsular	17,451	78.8	17,219	78.4	1.3
Renewables(1)	10,175	45.9	9,943	45.3	2.3
Hydroelectric	4,790	21.6	4,790	21.8	—
Wind(2)	2,893	13.1	2,884	13.1	0.3
Photovoltaic(3)	2,492	11.2	2,269	10.3	9.8
Nuclear	3,453	15.6	3,453	15.7	—
Combined Cycle (CCGT)	3,823	17.3	3,823	17.4	—
Non-Peninsular Territories (NPT)	4,697	21.2	4,737	21.6	(0.8)
Coal	260	1.2	260	1.2	—
Fuel-Gas	2,580	11.6	2,620	11.9	(1.5)
Combined Cycle (CCGT)	1,857	8.4	1,857	8.5	—
TOTAL	22,148	100.0	21,956	100.0	0.9

(1) On 31 December 2024 and 31 December 2023, additional installed capacity was 232 MW and 607 MW, respectively.

(2) On 31 December 2024, this includes 42 MW corresponding to Non-Peninsular Territories (NPT) (42 MW on 31 December 2023).

(3) On 31 December 2024, this includes 57 MW corresponding to Non-Peninsular Territories (NPT) (57 MW on 31 December 2023).

Net Installed Capacity						% Chg.
			31 December 2024
I. Letter to Shareholders and Other Stakeholders	II. Consolidated Financial Statements Audit Report	III. Sustainability Statement Verification Report	IV. Consolidated Management Report	V. Consolidated Financial Statements	VI. Statement of Responsibility

	MW	Percentage (%)	MW	Percentage (%)
Peninsular	17,216	80.3	16,984	79.9	2.3
Renewables(1)	10,131	47.2	9,899	46.6	2.3
Hydroelectric	4,746	22.1	4,746	22.3	—
Wind(2)	2,893	13.5	2,884	13.6	0.3
Photovoltaic(3)	2,492	11.6	2,269	10.7	9.8
Nuclear	3,328	15.5	3,328	15.7	—
Combined Cycle (CCGT)	3,757	17.6	3,757	17.6	—
Non-Peninsular Territories (NPT)	4,233	19.7	4,263	20.1	(0.7)
Coal	241	1.1	241	1.1	—
Fuel-Gas	2,304	10.7	2,334	11.0	(1.3)
Combined Cycle (CCGT)	1,688	7.9	1,688	7.9	—
TOTAL	21,449	100.0	21,247	100.0	1.0

(1) On 31 December 2024 and 31 December 2023, additional installed capacity was 232 MW and 607 MW, respectively.

(2) On 31 December 2024, this includes 42 MW corresponding to Non-Peninsular Territories (NPT) (42 MW on 31 December 2023).

(3) On 31 December 2024, this includes 57 MW corresponding to Non-Peninsular Territories (NPT) (57 MW on 31 December 2023).

The following chart breaks down Endesa's net installed capacity by technology on 31 December 2024:

Commercialisation

Electricity

31 December 2024	31 December 2023	% Chg.
3,547	3,629	(2.3)
3,065	3,128	(2.0)
482	501	(3.8)
6,670	6,893	(3.2)
5,050	5,259	(4.0)
971	992	(2.1)
649	642	1.1
10,217	10,522	(2.9)
1.4	1.6	—

(1) Supply points.

(2) Customers of the commercialisation companies.

(3) Ratio between revenue from electricity sales and the number of electricity supply points (Thousands of euros/Supply points).

GWh	Gross Electricity Sales (1)			Net Electricity Sales (2)
	2024	2023	% Chg.	2024	2023	% Chg.
Regulated Price	8,647	8,891	(2.7)	7,320	7,515	(2.6)
Deregulated Market	74,234	77,625	(4.4)	67,056	70,173	(4.4)
Spain	62,662	66,595	(5.9)	56,184	59,829	(6.1)
Outside Spain	11,572	11,030	4.9	10,872	10,344	5.1
TOTAL	82,881	86,516	(4.2)	74,376	77,688	(4.3)

(1) In busbars.

110

(2) Sales to end customers.

Gas

Thousands
Number of Customers (gas)(1)	31 December 2024	31 December 2023	% Chg.
Regulated Market	475	442	7.5
Peninsular Spain	449	416	7.9
Non-Peninsular Territories (NPT)	26	26	—
Deregulated Market	1,302	1,387	(6.1)
Peninsular Spain	1,089	1,161	(6.2)
Non-Peninsular Territories (NPT)	61	66	(7.6)
Outside Spain	152	160	(5.0)
TOTAL	1,777	1,829	(2.8)
Revenue/Supply Points (2)	1.8	3.0	—

(1) Supply points.

(2) Ratio between revenue from gas sales and the number of gas supply points (Thousands of euros/Supply points).

I. Letter to Shareholders and Other Stakeholders	II. Consolidated Financial Statements Audit Report	III. Sustainability Statement Verification Report	IV. Consolidated Management Report	V. Consolidated Financial Statements	VI. Statement of Responsibility

GWh
Gas Sales	2024	2023	% Chg.
Deregulated Market	59,538	62,698	(5.0)
Spain	46,925	49,466	(5.1)
Outside Spain	12,613	13,232	(4.7)
Regulated Market	2,632	2,182	20.6
TOTAL(1)	62,170	64,880	(4.2)

(1) Without in-house generation consumption.

Other products and services

Business Performance	31 December 2024	31 December 2023	% Chg.
Public and Private Electricity Charging Stations (units)	22,417	19,252	16.4
Public Electricity Charging Stations (units)	6,188	5,481	12.9
Private Electricity Charging Stations (units)	16,229	13,771	17.8

Electricity distribution

Supply Quality Measures	2024	2023	% Chg.
Energy Distributed (GWh)(1)	138,580	136,363	1.6
Energy Losses (%)(2)	6.4	6.8	—
Installed Capacity Equivalent Interruption Time (Average) – ICEIT (Minutes)(3)	47.7	48.7	(2.1)
Duration of Interruptions in the Distribution Network – SAIDI (Minutes)(4)	56.0	63.0	(11.1)
Number of Interruptions in the Distribution Grid – SAIFI (4)	1.1	1.2	(8.3)

(1) Energy supplied to customers, with or without a contract, auxiliary consumption from generators and outputs to other grids (transmission grid and distribution network).

(2) Input of energy in the distribution network (or energy injected into the distribution network), less distributed energy divided among the energy input to the distributor (or energy injected into the distribution network).

(3) Criteria of the Spanish regulator. Includes data of In-house, Scheduled and Transmission of Installed Capacity Equivalent Interruption Time (ICEIT).

(4) Source: Prepared in-house. Figures for the last 12 months.

11.2. Analysis of results

euros

year 2023

GROSS OPERATING PROFIT (EBITDA)(1)

+40.1% compared to

euros

OPERATING PROFIT (EBIT)(1)

+86.7% compared to year 2023

RESULT(1)

+154.4% compared to year 2023

NET ORDINAY RESULT(1)

+109.6% compared to year 2023

(1) See the definition provided in Section 9 of this Consolidated Management Report.

The net income attributed to the Parent amounted to 1,888 million euros in 2024 compared to 742 million euros in the previous year (+154.4%).

To analyse the evolution of net income for 2024, the following effects must be taken into account:

Period	Effect	References (1)	Impact
Financial Year 2024	"Bono Social" (Social Bonus) subsidised rate	10.3, 16.1 and 50	▲ 135 million euros	• Acknowledgement of Endesa, S.A.'s right to receive payment from the Administration for the amounts paid in financing and co-financing related to consumers supplied by Endesa Energía S.A., as well as the amounts invested to establish the application, verification, and management process for the Bono Social, associated with consumers supplied by Energía XXI Comercializadora de Referencia, S.L.U., plus the corresponding interest.
	Impairment Losses on Renewable Plants Projects		15.1 ▼ 90 million euros	• Accounting record of an impairment of certain renewable projects corresponding, for the most part, to photovoltaic plants in line with the selective policy of investment in renewable assets established in the Strategic Plan.
	Workforce restructuring plans		12 and 36.2 ▼ 38 million euros	• Provision for workforce restructuring plans related to the Digitalisation of Processes in line with the commitment to efficiency improvements, within the framework of Endesa's digital transformation.
	Arbitral Award		10.1 and 16.1 ▼ 398 million euros	• Recognition of an expense due to an arbitration award for the revision of the price of a long-term supply contract for Liquefied Natural Gas (LNG).
Financial Year 2023	Workforce Restructuring Plans		12 and 36.2 ▼ 124 million euros	• Provision for workforce restructuring plans related to the Digitalisation of Processes in line with the commitment to efficiency improvements, within the framework of Endesa's digital transformation.
	Impairment Losses in Non Peninsular Territories (NPT)		15.1 ▼ 68 million euros	• Accounting recognition of the impairment of cash-generating units (CGUs) for the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta and Melilla.

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

Endesa reported an net ordinary income of 1,993 million euros for the year 2024, compared to 951 million euros in the previous year (+109.6%), as detailed below:

I. Letter to Shareholders and Other Stakeholders	II. Consolidated Financial Statements Audit Report	III. Sustainability Statement Verification Report	IV. Consolidated Management Report	V. Consolidated Financial Statements	VI. Statement of Responsibility
--------------------------------------------------------	----------------------------------------------------------	---------------------------------------------------------	---------------------------------------	-----------------------------------------	------------------------------------

Millions of Euros	Section	2024	2023	Difference	% Chg.
Net Income(1)		1,888	742	1,146	154.4
Net Profit/Loss on Disposal of Non-Financial Assets(2)	11.2.2	(28)	—	(28)	Na
Concession of Rights to Use Fibre Optics		(28)	—	(28)	Na
Net Losses due to Impairment of Non-Financial Assets(2)	11.2.2	95	85	10	11.8
Cash Generating Units (CGUs) in Non-Peninsular Territories (NPT)		—	68	(68)	(100.0)
Renewable Plants Projects		107	17	90	529.4
Land adjacent to the former headquarters of Gas y Electricidad Generación, S.A.U. (Palma de Mallorca)		(12)	—	(12)	Na
Net Initial Allocation of Personnel Expenses for Workforce Restructuring Plans related to the Decarbonisation Plan and Process Digitalisation	11.2.2	38	124	(86)	(69.4)
Net Ordinary Income(1)		1,993	951	1,042	109.6

(1) See the definition in Section 9 of this Consolidated Management Report.

(2) More than 10 million euros.

The table below breaks down the key figures from Endesa's Consolidated Income Statement for the year 2024 and changes compared to the previous year:

Millions of Euros	Key Figures
	References (1)	2024	2023	Difference	% Chg.
Income	9	21,307	25,459	(4,152)	(16.3)
Procurements and Services	10	(13,054)	(16,312)	3,258	(20.0)
Income and Expenses from Energy Commodity Derivatives	11	(908)	(3,172)	2,264	(71.4)
Contribution Margin (2)		7,345	5,975	1,370	22.9
Self-Constructed Assets	3.2b.1 and 3.2e.3	275	345	(70)	(20.3)
Personnel Expenses	12	(986)	(1,137)	151	(13.3)
Other Fixed Operating Expenses	13	(1,396)	(1,423)	27	(1.9)
Other Results	14	55	17	38	223.5
Gross Operating Profit (EBITDA)(2)		5,293	3,777	1,516	40.1
Depreciation and Impairment Losses on Non-Financial Assets	15.1	(2,018)	(1,864)	(154)	8.3
Impairment Losses on Financial Assets	15.2	(204)	(268)	64	(23.9)
Operating Profit(EBIT)(2)		3,071	1,645	1,426	86.7
Net FinancialResults (2)	16	(493)	(590)	97	(16.4)
Profit/Loss Before Tax		2,589	1,065	1,524	143.1
Net Income(2)		1,888	742	1,146	154.4
Net Ordinary Income(2)		1,993	951	1,042	109.6

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) See the definition provided in Section 9 of this Consolidated Management Report.

Gross Operating Profit (EBITDA) for the first half of 2024 stood at 5,293 million euros (+40.1%). In order to analyse this performance, the following effects should be taken into account:

Period	Effect	References (1)	Impact
Year 2024	'Bono Social' (Social Bonus) discount rate		10.3, 16.1 and 50 ▲154 million euros	• Acknowledgement of Endesa, S.A.'s right to receive payment from the Administration for the amounts paid in financing and co financing related to consumers supplied by Endesa Energía S.A., as well as the amounts invested to establish the application, verification, and management process for the Bono Social, associated with consumers supplied by Energía XXI Comercializadora de Referencia, S.L.U., plus the corresponding interest.
	Workforce Restructuring Plans		12 and 36.2 ▼ 38 million euros	• Provision for workforce restructuring plans related to the Digitalisation of Processes in line with the commitment to efficiency improvements, within the framework of Endesa's digital transformation.
Year 2023	Arbitral Award		10.1 and 16.1 ▼ 515 million euros	• Recognition of an expense due to an arbitration award for the revision of the price of a long-term supply contract for liquefied natural gas (LNG).
	Workforce Restructuring Plans		12 and 36.2 ▼ 165 million euros	• Provision for workforce restructuring plans related to the Digitalisation of Processes in line with the commitment to efficiency improvements, within the framework of Endesa's digital transformation.

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

Operating Profit (EBIT) was up 86.7% for the year 2024 compared to the previous year, reaching 3,071 million euros. To analyse its evolution, the variation in EBITDA and the following effects must be considered:

Period	Effect	References (1)	Impact
Year 2024	Impairment Losses on Renewable Plants Projects		15.1 ▼ 124 million euros	• Accounting record of an impairment of certain renewable projects corresponding, for the most part, to photovoltaic plants, in line with the selective policy of investment in renewable assets established in the Strategic Plan.
Year 2023	Impairment Losses in Non Peninsular Territories (NPT)		15.1 ▼ 90 million euros	• Accounting recognition of the impairment of Cash-generating units (CGUs) for the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta and Melilla.

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

11.2.1. Income

In the year 2024, revenue stood at 21,307 million euros, 4,152 million euros lower (-16.3%) than in the year 2023.

The table below breaks down the 'Revenue' heading of the Consolidated Income Statement for the year 2024 and its variation compared to the previous year:

Millions of Euros	Income
	References (1)	2024	2023	Difference	% Chg.
Revenue from Sales and Services	9.1	20,935	25,070	(4,135)	(16.5)
Other Operating Income	9.2	372	389	(17)	(4.4)
TOTAL	9	21,307	25,459	(4,152)	(16.3)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

Revenue from sales and services

The table below breaks down the 'Revenue from Sales and Services' heading in the Consolidated Income Statement for the year 2024 and its variation compared to the previous year.

Millions of Euros	Revenue from Sales and Services
References (1)	2024	2023	Difference	% Chg.
Electricity Sales	14,735	16,572	(1,837)	(11.1)
Sales on the Deregulated Market	10,428	12,077	(1,649)	(13.7)
Sales on the Spanish Deregulated Market	8,893	10,673	(1,780)	(16.7)
Sales to customers in Deregulated Markets outside Spain	1,535	1,404	131	9.3
Sales at Regulated Prices	1,423	1,623	(200)	(12.3)
Wholesale Market Sales	1,211	1,324	(113)	(8.5)
Compensations for Non-Peninsular Territories (NPT)	1,668	1,557	111	7.1
Remuneration for Investment in Renewable Energies	5	(9)	14	(155.6)
Gas sales	3,168	5,419	(2,251)	(41.5)
Sales on the Deregulated Market	3,005	5,214	(2,209)	(42.4)
Sales at Regulated Prices	163	205	(42)	(20.5)
Regulated Revenue from Electricity Distribution	2,064	1,930	134	6.9
Verifications and Connections	35	32	3	9.4
Services Provided at Facilities	37	47	(10)	(21.3)
Other Sales and Rendering of Services	888	1,064	(176)	(16.5)
Sales related to Value Added Services	365	398	(33)	(8.3)
Proceeds due to Capacity	9	11	(2)	(18.2)
Sales of other Energy Commodities	241	386	(145)	(37.6)
Provision of Services and Others	273	269	4	1.5
Lease Revenue	8	6	2	33.3
TOTAL 9.1	20,935	25,070	(4,135)	(16.5)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

Electricity sales to deregulated market customers

In the year 2024, sales on the deregulated market amounted to 10,428 million euros (-13.7%), broken down as follows:

Sales on the Deregulated Market	Variation
Spain	▼ 1,780 million euros (-16.7%)	• The change between both periods is due to the reduction in the unit price (-16.1%), mainly of Business to Business (B2B) indexed customers, and also a reduction in the number of total physical units sold (-5,9%).
Outside Spain	▲131 million euros (+9.3%)	• The evolution is due to the total increase in physical units sold in markets outside Spain (+4.9%), which must be considered together with the lower revenues, in the year 2023, in the Portuguese market due to the Network Access Tariff.

Electricity sales at a regulated price

In the year 2024, these sales generated revenue of 1,423 million euros, down 12.3% on 2023, as a result of the reduction in price reduction and the number of physical units sold (-2.7%).

Electricity sales in the wholesale market

Revenues from electricity sales to the wholesale market in the year 2024 period amounted to 1,211 million euros, down 8.5% compared to the previous year due to the evolution in electricity prices during the period (-27.7%) despite the increase in physical units sold (+72.6%).

Remuneration for investment in renewable energies

116

During the year 2024, Endesa has recorded an adjustment for deviation from the market price for a net amount equal to 5 million euros related to those Type Installations (TI) that, according to the best estimate of energy market prices, will receive a Return on Investment (Rinv) during their regulatory useful life.

Gas sales

Gas sales revenues for the year 2024 amounted to 3,168 million euros, 2,251 million euros lower (-41.5%) than those for the year 2023, as detailed below:

Gas Sales	Variation
Deregulated Market	▼ 2,209 million euros (–42.4%)	• The variation between the two periods is the result of, among other things, the decrease in price and the decrease in physical units sold (-5.0%).
Regulated Price	▼ 42 million euros (–20.5%)	• The decrease in price (-15.5%) despite the increase in physical units sold (+20.6%) has led to a decrease in these sales in economic terms.

Compensations for Non-Peninsular Territories (NPT)

In the year 2024, compensations for generation extracosts of Non-Peninsular Territories (NPT) amounted to 1,668 million euros, up 111 million euros compared to the previous year.

The change in compensation of the Non-Peninsular Territories in the year 2024 is largely the result of the decrease (-27.7%) of the price in the wholesale electricity market.

The wholesale market price, which is settled on account by the System Operator, increases or decreases, respectively, the amount of compensation to cover the regulated revenue resulting from the applicable regulations.

Electricity distribution

During the year 2024, Endesa distributed 138,580 GWh in the Spanish market, up 1.6% on the year 2023.

Regulated revenue from distribution activity during the year 2024 amounted to 2,064 million euros, up 134 million euros (+6.9%) compared to the previous year. This rise is partly due to the re-settlement of previous years' accounts recorded in 2024, in accordance with the Resolution of 31 July 2024 by the National Commission on Markets and Competition (Comisión Nacional de los Mercados y la Competencia - CNMC).

Sales of other energy commodities

Sales of other energy commodities with physical settlement have decreased by 145 million euros, mainly due to changes in the settlement of carbon dioxide (CO2 ) emission allowance derivatives and guarantees of origin, which should be read in conjunction with the decrease in purchases of those energy commodities with physical settlement amounting to 321 million euros, as recognised under 'Other variable procurements and services' in the

Consolidated Income Statement. These sales and purchases of other energy materials are made to cover the industrial risks caused by the variability of the market and the technologies that have participated in it.

Other operating income

The table shows a break down of other operating income in the year 2024 and the change compared with the previous year.

V. Consolidated Financial Statements VI. Statement of Responsibility

Millions of Euros		Other Operating Income
	References (1)	2024	2023	Difference	% Chg.
Recognition in Profit/Loss of Facilities Transferred from Customers and Rights for Extension Connections and Other Liabilities from Contracts with Customers	27.2	187	178	9	5.1
Grants Recognised in Profit/Loss		86	96	(10)	(10.4)
Guarantees of Origin and other Environmental Certificates(2)		21	78	(57)	(73.1)
Other Allocations to Profit/Loss from Grants(3)		65	18	47	261.1
Third-Party Compensation		41	27	14	51.9
Others		58	88	(30)	(34.1)
TOTAL	9.2	372	389	(17)	(4.4)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) The change is mainly due to the evolution of the average price of guarantees of origin (-92.5%).

(3) In the year 2024, it included 29 million euros in capital related to grants and 36 million euros to operating grants (16 million euros and 2 million euros, respectively, in the year 2023). The increase in capital grants and operating subsidies is mainly due to the aid received from European funds under the Recovery, Transformation and Resilience Plan (PRTR) (Euro 14 million) and the aid obtained by the French branch of Endesa Energía, S.A.U. related to the use of biogas and sustainable biomethane (Euro 35 million), respectively.

11.2.2. Operating expenses

Operating expenses in the year 2024 amounted to 18,236 million euros, down 23.4% on the previous year.

The table shows a break down of other operating expenses in the year 2024 and the change compared with the previous year.

References(1) Procurements and Services Power Purchases 10.1 Fuel Consumption 10.2 Transmission Costs Other Variable Procurements and Services 10.3 Taxes and Charges Temporary Energy Tax Tax on Electricity Production Rate for the Treatment of Radioactive Waste Street Lighting/Works Licences Nuclear Charges and Taxes Catalonia Environmental Tax Water Tax Other Taxes and Charges 'Bono Social' (Social Bonus) subsidised rate Consumption of Carbon Dioxide (CO2 ) Emission Rights Consumption of Energy with Guarantees of Origin and other Environmental Certificates Costs related to Value Added Services Purchases of other Energy Commodities Energy Efficiency Cost Others Income and Expenses from Energy Commodity 11 Derivatives Self-Constructed Assets 3.2b.1 and 3.2e.3 Personnel Expenses 12 Other Fixed Operating Expenses 13 Other Results 14	Operating Expenses
	2024	2023	Difference	% Chg.
	13,054	16,312	(3,258)	(20.0)
	4,545	6,944	(2,399)	(34.5)
	2,271	2,708	(437)	(16.1)
	3,595	3,213	382	11.9
	2,643	3,447	(804)	(23.3)
	1,274	1,132	142	12.5
	138	208	(70)	(33.7)
	342	—	342	Na
	229	205	24	11.7
	198	234	(36)	(15.4)
	107	115	(8)	(7.0)
	137	138	(1)	(0.7)
	48	38	10	26.3
	75	194	(119)	(61.3)
	(89)	248	(337)	(135.9)
	726	925	(199)	(21.5)
	45	157	(112)	(71.3)
	182	194	(12)	(6.2)
	127	448	(321)	(71.7)
	99	49	50	102.0
	279	294	(15)	(5.1)
	908	3,172	(2,264)	(71.4)
	(275)	(345)	70	(20.3)
	986	1,137	(151)	(13.3)
	1,396	1,423	(27)	(1.9)
	(55)	(17)	(38)	223.5
Depreciation and Impairment Losses on Non-Financial 15.1 Assets	2,018	1,864	154	8.3
Impairment Losses on Financial Assets 15.2	204	268	(64)	(23.9)
TOTAL	18,236	23,814	(5,578)	(23.4)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

Procurements and services (variable costs)

Procurements and services (variable costs) totalled 13,054 million euros in the year 2024, 20.0% less than in the previous year.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements
Other Stakeholders	Audit Report	Verification Report

VI. Statement of Responsibility

Procurements and Services	References (1)	Variation
Power Purchases	10.1 and 50	▼ 2,399 million euros (–34.5%)	The change mainly encompasses: • The decrease in electricity purchases (-1,140 million euros) was due to the reduction in the average arithmetic price in the wholesale electricity market (63.0 euros/MWh; -27.7%) along with the decrease in the physical units purchased (-13.7%). • The decrease in gas purchases (-1,259 million euros) due to both the reduction in the average gas price (34.3 euros/MWh; -15.5%) and the recognition, in the year 2023, of an expense amounting to 515 million euros due to an arbitration award for the revision of the price of a long-term liquefied natural gas (LNG) supply contract.
Fuel Consumption	10.1	▼ 437 million euros (–16.1%)	• The decrease is primarily due to the evolution of commodity prices during the period and lower production with combined cycles on the Peninsula (-25.4%).
Other Variable Procurements and Services		▼ 804 million euros (–23.3%)
Temporary Energy Tax		▼ 70 million euros (–33.7%)	• The variation between both years is primarily due to the conclusion of the inspection process for the 2023 levy and the acceptance by the Inspectorate of certain claims by Endesa concerning various items to be deducted from the levy base.
Tax on Electricity Production		6 and 10.3 ▲342 million euros	• In compliance with Royal Decree Law 8/2023, dated 27 December, the temporary suspension of the Electricity Production Value Tax has concluded (see Section 16 of this Consolidated Management Report).
Public Road Occupation Fee/ Lighting	6	▼ 36 million euros (–15.4%)	• The decrease is mainly due to the reduction in revenues from electricity sales both in the deregulated market and at regulated prices (-13.5%), which are the basis for calculating this rate.
'Bono Social' discount rate	6, 10.3, 16.1 and 50	▼ 337 million euros (–135.9%)	• By the Order of 18 September 2024 issued by the Supreme Court in Appeal No. 687/2017, the motion filed by Endesa, S.A. has been upheld as there is no evidence that Endesa, S.A. passed on (either explicitly or implicitly) the cost of financing the Social Bonus. This Court Order states (i) Endesa's right to be reimbursed by the government for the sum of 148 million euros for amounts paid in financing and co-financing related to consumers supplied by Endesa Energía S.A., along with the corresponding interest, which amounts to 25 million euros, calculated from the date of payment until the date of its actual reimbursement for the financing of the Social Bonus related to the free market segment of the marketing market, (ii) the right to be reimbursed by the Administration for the sum of 6 million euros for amounts invested in implementing the application, verification, and management procedure of the Social Bonus, associated with consumers supplied by Energía XXI Comercializadora de Referencia, S.L.U., plus the corresponding interest, amounting to 1 million euros, calculated from the date of payment until the date of reimbursement (see Note 50 of the Consolidated Financial Statements for the year ended 31 December 2024 and Section 11.2.3 of this Consolidated Management Report). • In addition, in 2024, an accrual of 59 million euros has been recorded for the financing of the Bono Social.
Consumption of carbon dioxide (CO2 ) emission allowances		▼ 199 million euros (–21.5%)	• The evolution is a consequence of the reduction in the average price of carbon dioxide (CO2 ) emission allowances (€65.2/t; -21.9%) and the decrease in tons (-14.7%) due to the decrease in production with emitting technologies.
Consumption of energy with guarantees of origin and other environmental certificates		▼ 112 million euros (–71.3%)	• The variation between both years is mainly due to the evolution of the average price of guarantees of origin (-92.5%).
Purchases of other energy commodities		▼ 321 million euros (–71.7%)	• Movements in these costs are analysed together with sales of other energy materials (see Section 11.2.1 of this Consolidated Management Report).
Energy Efficiency Cost		▲50 million euros (+102.0%)	• In accordance with Order TED/268/2024, of 20 March, contributions to the National Energy Efficiency Fund were increased in the 2024 year, amounting to 99 million euros (49 million euros in the 2023 year).

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

Income and expenses from energy commodity derivatives

The following table shows the breakdown of revenue and expenses arising from energy commodity derivatives in the year 2024 and the changes with respect to the previous year:

Millions of Euros	References(1)	2024	2023	Difference	% Chg.
Income	40.5
Revenue from Derivatives Designated as Hedging Instruments		859	1,153	(294)	(25.5)
Revenue from Cash Flow Hedging Derivatives (2)		859	1,153	(294)	(25.5)
Income from Derivatives at Fair Value with Changes in Profit/Loss		762	1,936	(1,174)	(60.6)
Revenue from Fair Value Derivatives Recognised in the Income Statement		762	1,936	(1,174)	(60.6)
Total Revenue		1,621	3,089	(1,468)	(47.5)
Expenses	40.5
Expenses from Derivatives Designated as Hedging Instruments		(1,243)	(2,817)	1,574	(55.9)
Expenses from Cash Flow Hedging Derivatives (2)		(1,243)	(2,817)	1,574	(55.9)
Expenses from Derivatives at Fair Value through Changes in Profit/Loss		(1,286)	(3,444)	2,158	(62.7)
Expenses from Fair Value Derivatives Recognised in the Income Statement		(1,286)	(3,444)	2,158	(62.7)
Total Expenses		(2,529)	(6,261)	3,732	(59.6)
TOTAL	11	(908)	(3,172)	2,264	(71.4)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) On 31 December 2024 includes 169 million euros net positive impact on the Income Statement due to ineffectiveness (200 million euros net positive on 31 December 2023).

In line with its General Risk Control and Management Policy, Endesa uses financial instruments (derivatives) to hedge the risks to which its activities are exposed. The use of derivatives is essential for Endesa to plan its operations, as they ensure the revenue to be obtained when delivering the products and the cost of the raw materials used in the production processes. This procedure therefore makes it possible to manage risk without exposing the business to short-term price developments (spot prices).

In the year 2024, the total of 'Income and Expenses from Energy Derivatives' amounted to 908 million euros, negative, compared to 3,172 million euros, also negative, in the previous year, mainly due to the evolution of the settlement of gas derivatives as a result, among other factors, of the price volatility in energy markets that took place in 2022, during which derivatives were contracted whose settlement has been carried out in the years 2024 and 2023 (see Section 7.2 of this Consolidated Management Report).

Fixed operating expenses

The table shows a break down of fixed operating expenses in the year 2024 and the change compared with the previous year.

Millions of Euros	Fixed Operating Expenses
	References(1)	2024	2023	Difference	% Chg.
Self-Constructed Assets	3.2b.1 and 3.2e.3	(275)	(345)	70	(20.3)
Personnel Expenses	12	986	1,137	(151)	(13.3)
Other Fixed Operating Expenses	13	1,396	1,423	(27)	(1.9)
TOTAL		2,107	2,215	(108)	(4.9)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

In the year 2024, fixed operating costs amounted to 2,107 million euros, down 108 million euros (-4.9%) compared to 2023, as a result, inter alia, of the following aspects:

Fixed Operating
Expenses	References (1)	Variation
Workforce Restructuring Plans		12 and 36.2 ▼ 141 million euros	• In the years 2024 and 2023, Endesa has allocated provisions amounting to 38 million euros and 165 million euros, respectively (38 million euros and 124 million euros , respectively, net of tax effects) in accordance with its commitment to enhancing efficiency within the framework of the digital transformation that Endesa has been implementing for years. This includes the planned departure of up to 100 and 201 employees, respectively, affected by the digitisation of processes (see Section 11.2.6 of this Consolidated Management Report). • The update of the provisions for active workforce restructuring plans has resulted in a negative impact of 14 million euros.
Wages and Salaries		▼ 14 million euros (–1.9%)	• Lower personnel costs are due, among other factors, to a decrease in the average workforce (-3.1%) between both periods.
Other Fixed Operating Expenses		▼ 27 million euros (–1.9%)	• The evolution during the period is mainly due to the reduction in expenses for infrastructure and systems support services (24 million euros) as a result of the cost control actions carried out in line with the strategic focus on efficiency and effectiveness of the Company's operations.

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

Other results

In the years 2024 and 2023, the main transactions were as follows:

Millions of Euros			Other Results
	References (1)	2024	2023	Difference	% Chg.
Disposals of Fixed Assets and Other Non-Financial Assets		55	17	38	223.5
Concession of Rights to Use Fibre Optics		37(2)	—	37	Na
Land Adjoining the Former Headquarters of Gas y Electricidad Generación, S.A.U. (Palma de Mallorca)		10(3)	—	10	Na
Land adjoining the Foix Thermal Power Station (Barcelona)		—	6	(6)	(100.0)
Land Located in Granada, Malaga and Teruel of the Generation and Commercialisation Business.		—	6	(6)	(100.0)
Bahía de Bolonia Land (Cádiz)		7	—	7	Na
Others (4)		1	5	(4)	(80.0)
TOTAL	14	55	17	38	223.5

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) Includes the reversal of provisions for contingencies arising from transactions carried out in prior years by Endesa Ingeniería, S.L.U. amounting to 37 million euros (28 million euros, net of tax effect).

(3) On 30 December 2024, Edistribución Redes Digitales, S.L.U. sold one of the plots of land annexed to the former headquarters of Gas y Electricidad Generación, S.A.U. located in Palma de Mallorca for an amount, net of transaction costs, equal to 62 million euros, of which 51 million euros are pending collection as of 31 December 2024, having generated a gross capital gain of 10 million euros

(4) Relates to capital gross gains generated by the sale of land and real estate.

Depreciation, amortisation and impairment losses on non-financial assets

During the years 2024 and 2023, the breakdown of this Consolidated Income Statement heading is as follows:

Millions of Euros		Amortisation and Impairment Losses
	References(1)	2024	2023	Difference	% Chg.
AMORTISATION	8.2.1	1,903	1,768	135	7.6
Provision for the Depreciation of Property, Plant, and Equipment	20	1,518	1,418	100	7.1
Provision for Amortisation of Intangible Assets	23	385	350	35	10.0
IMPAIRMENT LOSSES ON NON-FINANCIAL ASSETS		115	96	19	19.8
Provision for Impairment Losses	8.2.1	136	116	20	17.2
Provision for Impairment Losses on Property, Plant, and Equipment and Investment Property		35	95	(60)	(63.2)
Coal-Fired Thermal Power Plants(2)	3.2f.4 and 20.3	—	1	(1)	(100.0)
Cash Generating Units (CGUs) of Non-Peninsular Territories (NPT)(3)	3.2f.4 and 20.3	11	90	(79)	(87.8)
Renewable Plant Projects(4)		23	4	19	475.0
Other Tangible Fixed Assets and Investment Property	22	1	—	1	Na
Provision for Impairment Losses on Intangible Assets	23.3	101	21	80	381.0
Renewable Plant Projects(4).		101	21	80	381.0
Reversal of Impairment Losses	8.2.1	(21)	(20)	(1)	5.0
Reversal of Impairment Losses ion Property, Plant, and Equipment and Investment Property		(21)	(18)	(3)	16.7
Coal-Fired Thermal Power Plants(2)	3.2f.4 and 20.3	(2)	(7)	5	(71.4)
Cash Generating Units (CGUs) of Non-Peninsular Territories (NPT)(3)	3.2f.4 and 20.3	(2)	—	(2)	Na
Other Tangible Fixed Assets and Investment Property(5)	22	(17)	(11)	(6)	54.5
Reversal of Impairment Losses on Intangible Assets	23.3	—	(2)	2	(100.0)
Renewable Plant Projects(4)		—	(2)	2	(100.0)
TOTAL	15.1	2,018	1,864	154	8.3

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) Includes the reversal of impairment losses for the Los Barrios Port Terminal (Cádiz) totalling 2 million euros (7 million euros in the 2023 year).

(3) Includes 7 million euros in the year 2024 and 68 million euros in the year 2023, both net of tax effect.

(4) Includes 107 million euros in the year 2024 and 17 million euros in the year 2023, both net of tax effect.

(5) In 2024 and 2023 it includes the reversal of impairment losses on the property where the former headquarters of Gas y Electricidad Generación, S.A.U. were located and its adjoining land in Palma de Mallorca for an amount of 16 million euros and 10 million euros (12 million euros and 8 million euros, respectively, net of tax effect).

V. Consolidated Financial Statements IV. Consolidated Management Report

Amortisation and impairment losses on non-financial assets for the year 2024 totalled 2,018 million euros, representing an increase of 154 million euros (+8.3%) compared to the previous year, primarily due to the following factors:

Depreciation and impairment losses on non-financial assets	References (1)	Variation
Depreciation Charges		▲135 million euros (+7,6 %)	• The rise in depreciation and amortisation expenses is attributable, firstly, to the investment efforts in systems and facilities for generating electricity from renewable sources and electricity distribution, aligning with the Company's Strategic Plan, and secondly, to the commercial efforts resulting in increased activation of incremental costs incurred in securing contracts with customers.
Cash-Generating Units (CGUs) for each of the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta and Melilla.	3.2f.4 and 15.1	▼ 81 million euros (–90,0 %)	• In the years 2024 and 2023, an impairment loss was recorded on the Cash Generating Units (CGUs) for each of the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta, and Melilla. This was done to align the net book value of these assets with their recoverable amount, amounting to 9 million euros and 90 million euros, respectively (see Section 11.2.6 of this Consolidated Management Report).
Renewable Power Plants Projects		15.1, 20.3 and 23.3 ▲ 101 million euros	• Recognition in the 2024 year of an impairment loss for several projects, primarily related to photovoltaic plants, amounting to a total net sum of 124 million euros (107 million euros net of tax effect). This arises due to, among other factors, the failure to secure the necessary permits for plant operation, the adverse result of the Environmental Impact Assessment (EIA), and the revision of investment return expectations for certain projects in alignment with the selective investment policy as per the Company's Strategic Plan. • Recognition in the 2023 year of an impairment loss for various wind projects amounting to a total net sum of 23 million euros (17 million euros net of tax effect), primarily due to receiving a negative Environmental Impact Assessment (EIA).

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

Impairment losses on financial assets

During the years 2024 and 2023, the breakdown of this Consolidated Income Statement heading is as follows:

Millions of Euros	References(1)	2024	2023	Difference	% Chg.
Provision for Impairment Losses	8.2.1, 40.1.3 and 40.5.1	400	446	(46)	(10.3)
Provision for Impairment Losses on Receivables from Contracts with Customers		399	440	(41)	(9.3)
Provision for Impairment Losses on other Financial Assets		1	6	(5)	(83.3)
Reversal of Impairment Losses	8.2.1, 40.1.3 and 40.5.1	(196)	(178)	(18)	10.1
Reversal of Impairment Losses on Receivables from Contracts with Customers		(194)	(176)	(18)	10.2
Reversal of Impairment Losses on other Financial Assets		(2)	(2)	—	—
TOTAL	15.2	204	268	(64)	(23.9)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

In the year 2024, net impairment losses on financial assets amounted to 204 million euros, with decrease of 64 million euros (-23.9%) and mainly relate to the allocation of net impairment losses on receivables from contracts with customers.

The variation with respect to the 2023 financial year is a consequence of the worse payment behaviour, in that year, of customers with regulated tariff contracts in a macroeconomic environment of high inflation and higher energy prices that reduced the economic capacity of domestic customers.

11.2.3. Net financial result

Net financial profit/loss in the years 2024 and 2022 was negative for the amount of 493 million euros and 590 million euros, respectively.

The table below presents the detail of net financial profit/loss in year 2024 and its variation compared with the previous year:

Millions of Euros	Net Financial Results (2)
References(1)	2024	2023	Difference	% Chg.
Net Financial Expense	(489)	(611)	122	(20.0)
Financial Income	131	38	93	244.7
Financial Expense	(639)	(705)	66	(9.4)
Income and Expenses on Derivative Financial Instruments	19	56	(37)	(66.1)
Net Exchange Differences	(4)	21	(25)	(119.0)
TOTAL 16	(493)	(590)	97	(16.4)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) See the definition provided in Section 9 of this Consolidated Management Report.

Net financial expense

In the year 2024, net financial expense amounted to 489 million euros, up 122 euros million on the previous year.

In analysing changes in net financial expense during the year 2024, the following effects should be taken into account:

Millions of Euros	Net Financial Expense(1)
	2024	2023	Difference	% Chg.
Net Expense for Financial Instruments at Amortised Cost(2)	(411)	(491)	80	(16.3)
Income Financial Assets at Amortised Cost	60	14	46	328.6
Expense for Financial Instruments at Amortised Cost	(471)	(505)	34	(6.7)
Updating of provisions for workforce restructuring plans, dismantling of facilities and impairment of financial assets in accordance with IFRS 9 — 'Financial Instruments'	(65)	(79)	14	(17.7)
Late-Payment Interest under the 'Bono Social' Ruling	26	4	22	550.0
Late-payment Interest under the Arbitration Award	—	(15)	15	(100.0)
Factoring Transaction Fees	(29)	(49)	20	(40.8)
Interest on Delay of the Judgement of Unconstitutionality Declaration Royal Decree Law 3/2016, of 2 December. (3)	21	—	21	Na
Costs for the Enforcement of Renewable Guarantees	(32)	—	(32)	Na
Others	1	19	(18)	(94.7)
Income and Expenses from Financial Assets and Liabilities at Fair Value with changes in Profit or Loss	(29)	(42)	13	(31.0)
Financial Income and Expenses from Derivative Financial Instruments associated with Debt	19	54	(35)	(64.8)
Other Net Financial Expenses	11	7	4	57.1
TOTAL	(489)	(611)	122	(20.0)

(1) See the definition in Section 9 of this Consolidated Management Report.

(2) The year 2024 includes 9 million euros in financial income allocated to financial guarantees recorded as assets, while the financial expenses assigned to financial guarantees recorded as liabilities amount to 8 million euros (14 million euros and 8 million euros in the year 2023, respectively).

(3) See Section 11.2.5 of this Consolidated Management Report.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated
Shareholders and	Financial Statements	Statement	Management Report
Other Stakeholders	Audit Report	Verification Report

V. Consolidated Financial Statements

VI. Statement of Responsibility

Changes in these costs in the year 2024 were as follows:

Net Financial Expense	References(1)	Variation
Net Expenses from Financial Instruments at Amortised Cost		▼ 80 million euros (–16.3%)	• Net financial expense decreased mainly due to the decrease in the average gross financial debt between both periods, which has evolved from 15,373 million euros in the year 2023 to 13,013 million euros in the year 2024, and the formalisation of deposits held by the Company in the year 2024, despite the higher cost of gross financial debt, which has increased from 3.2% in the year 2023 to 3.6% in the year 2024, in line with the evolution of interest rates in both periods (see Section 12.2 of this Consolidated Management Report).
Provisions for Workforce Restructuring Plans, Dismantling and Impairment of Financial Assets (IFRS 9)		▼ 14 million euros (–17.7%)	• The change is largely due to the reduced expense from updating provisions for workforce restructuring plans (14 million euros) and costs of dismantling facilities (3 million euros) as a result of changes in interest rates.
'Bono Social' Late Payment Interest		16.1 and 50 ▼ 22 million euros	• In the years 2024 and 2023, 26 million euros and 4 million euros, respectively, were recognised as late payment interest due to the acknowledgement of Endesa, S.A.'s right to receive payment from the Administration for the amounts paid in financing and co-financing related to consumers supplied by Endesa Energía S.A.U., as well as the amounts invested to establish the application, verification, and management process for the Bono Social, associated with consumers supplied by Energía XXI Comercializadora de Referencia, S.L.U.
Late-Payment Interest under the Arbitration Award		16.1 and 50 ▲15 million euros	• In the 2023 year, 15 million euros were recorded as interest on arrears due to the recognition of an expense as a result of the award rendered in an arbitration for the revision of the price of a long-term supply contract for liquefied natural gas (LNG).
Cost for Execution of Renewable Project Guarantees		16.1 ▲32 million euros	• In 2024, the risk arising from the execution of guarantees for certain renewable projects has been recognised (see Section 11.2.2 of this Consolidated Management Report).

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

Net exchange differences

In the 2024 financial year, net exchange rate differences amounted to a negative 4 million euros (positive 21 million euros in the 2023 financial year).

The change is mainly due to the impact in 2023 of the evolution of the Euro/US dollar (EUR/USD) exchange rate on the payments associated with the contracts concluded in US dollars that the Company had to make in that period.

11.2.4. Net profit/(loss) of companies accounted for using the equity method

In the years 2024 and 2023, companies accounted for using the equity method contributed net income of 11 million euros and 10 million euros, respectively, broken down as follows:

Millions of Euros	Net Profit/Loss of Companies Accounted for using the Equity Method
References(1)	2024	2023
Associates	—	(8)
Energías Especiales del Bierzo, S.A.	1	2
Gorona del Viento El Hierro, S.A.	(1)	(6) (2)
Compañía Eólica Tierras Altas, S.A.	3	1
Endesa X Way, S.L.	(5)	(4)
Other	2	(1)
Joint Ventures	11	18
Front Marítim del Besòs, S.L.	—	(2)
Nuclenor, S.A.	1	4
Énergie Électrique de Tahaddart, S.A.	2	3
Suministradora Eléctrica de Cádiz, S.A.	1	3
Others	7	10
TOTAL 17 and 26	11	10

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) Primarily corresponds to the losses related to the reduction in remuneration for power guarantee received by this Company, based on the update of the standard annual operating hours of the hydro-wind power plant, approved by the General Directorate for Energy Policy and Mines.

II. Consolidated Financial Statements Audit Report

11.2.5. Corporate Income Tax

In the year 2024, the Corporate Income Tax expense increased to 696 million euros, with a rise of 393 million euros (+129.7% compared to the amount recorded in the year 2023) (see Note 18 in the Notes to the Consolidated Financial Statements corresponding to the year ended 31 December 2024).

To analyse the main aspects explaining the evolution of the effective rate for the years 2024 and 2023, the following effects must be taken into consideration:

Millions of Euros	2024		2023
	Income Statement	Effective Rate (%)	Income Statement	Effective Rate (%)
Profit/Loss Before Tax	2,589		1,065
Corporate Income Tax	696	26.9	303	28.5
Non-Deductible Expense due to Temporary Energy Tax(1)	(34)		(51)
Deductions in Quota Imputed to Results of the Fiscal Year.	24		39
Limitation on the Dividend Exemption	(24)		(18)
Interest on Delay of the Judgement of Unconstitutionality Declaration Royal Decree Law 3/2016, of 2 December. (2)	(6)		—
Corporate Income Tax without Considering Previous Impacts	656	25.3	273	25.6

(1) See Section 11.2.2 of this Consolidated Management Report.

(2) Lower net corporate income tax expense resulting, on the one hand, from the declaration of unconstitutionality of certain amendments introduced by Royal Decree Law 3/2016, of 2 December, to Law 27/2014, of 27 November, according to Constitutional Court Ruling 11/2024, of 18 January, and, on the other, from the incorporation into Law 7/2024, of 20 December, of the measures that had been declared unconstitutional.

11.2.6. Net income and net ordinary income

Net income attributable to the Parent in the year 2024 amounted to 1,888 million euros, up 1,146 million euros (+154.4%) on the amount reported in the year 2023.

Net ordinary income attributable to the Parent in the year 2023 amounted to 1,993 million euros (+109.6%), broken down as follows:

Millions of Euros	Section	2024	2023	Difference	% Chg.
Net Income(1)		1,888	742	1,146	154.4
Net Profit/Loss on Disposal of Non-Financial Assets(2)	11.2.2	(28)	—	(28)	Na
Concession of Rights to Use Fibre Optics		(28)	—	(28)	Na
Net Losses due to Impairment of Non-Financial Assets(2)	11.2.2	95	85	10	11.8
Cash Generating Units (CGUs) in Non-Peninsular Territories (NPT)		—	68	(68)	(100.0)
Renewable Plant Projects		107	17	90	529.4
Land adjacent to the former headquarters of Gas y Electricidad Generación, S.A.U. (Palma de Mallorca)		(12)	—	(12)	Na
Net Initial Allocation of Personnel Expenses for Workforce Restructuring Plans related to the Decarbonisation Plan and Process Digitalisation	11.2.2	38	124	(86)	(69.4)
Net Ordinary Income(1)		1,993	951	1,042	109.6

(1) See the definition in Section 9 of this Consolidated Management Report.

(2) More than 10 million euros.

12. Equity and financial analysis

12.1. Net invested capital and financing

The following details the composition and changes in Endesa's net invested capital as of 31 December 2024 and 31 December 2023:

Millions of Euros	References (1)	31 December 2024	31 December 2023	Difference
Net Non-Current Assets:
Property, Plant, and Equipment and Intangible Assets	20 and 23	24,476	24,485	(9)
Goodwill	24	462	462	—
Investments Accounted for using the Equity Method	26	287	273	14
Other Net Non-Current Assets/(Liabilities)		(4,247)	(3,767)	(480)
Total Net Non-Current Assets(2)		20,978	21,453	(475)
Net Working Capital:
Trade Receivables for Sales and Services and other Receivables	32	4,194	4,912	(718)
Inventories	31	1,831	2,060	(229)
Other Net Current Assets/(Liabilities)		6	(642)	648
Suppliers and other Payables	39	(5,149)	(6,242)	1,093
Total Net Working Capital(2)		882	88	794
Gross Invested Capital(2)		21,860	21,541	319
Deferred Tax Assets and Liabilities and Provisions:
Provisions for Employee Benefits	36.1	(227)	(268)	41
Other Provisions	36.2 and 36.3	(3,566)	(3,964)	398
Deferred Tax Assets and Liabilities	25	264	300	(36)
Total Deferred Tax Assets and Liabilities and Provisions		(3,529)	(3,932)	403
Net Non-Current Assets Held for Sale and Discontinued Operations	22	20	—	20
Net Invested Capital(2)		18,351	17,609	742
Equity(3)	34	9,053	7,204	1,849
Net Financial Debt(2)(4)	40.3	9,298	10,405	(1,107)
(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) See the definition provided in Section 9 of this Consolidated Management Report.

(3) See Section 12.3 of this Consolidated Management Report.

(4) See Section 12.2 of this Consolidated Management Report.

AND SUBSIDIARIES

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

IV. Consolidated Management Report

On 31 December 2024, gross capital invested stood at 21,860 million. The change in the year 2024 includes, among other aspects, the following:

Heading	References (1)	Variation
Trade Receivables for Sales and Services and other Receivables		32 ▼ 718 million euros	• The change between the two periods is a result, among other factors, of decreased revenue from electricity and gas sales due to a drop in prices (see Section 11.2.1 of this Management Report).
Suppliers and other Payables	39	▲1,093 million euros	• The evolution of this item involves the payment of the award resulting from an arbitration for the review of the price of a long-term liquefied natural gas (LNG) supply contract, totalling 530 million euros (see Section 12.4 of this Consolidated Management Report).

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

On 31 December 2024, net invested capital amounted to 18,351 million euros and its evolution in the year 2024 includes, on the one hand, the change in gross invested capital in the amount of 319 million euros and, on the other hand, the aspects detailed below:

Heading	References (1)	Variation
Other Provisions		36 ▲398 million euros	• The changes are is largely due to the net effect of: — The variation in provisions for workforce restructuring amounting to 119 million euros, primarily due to the payment of provisions (165 million euros) and an increase in the cost of provisions for workforce restructuring plans (38 million euros). — The redemption of carbon dioxide (CO2 ) emission allowances and guaran tees of origin in the amount of 1,075 million euros for the year 2023, partially offset by the provision to cover the cost of carbon dioxide (CO2 ) emission allowances and guarantees of origin in the amount of 771 million euros for the year 2024.
Net Non-Current Assets Held for Sale and Discontinued Operations		22 ▲20 million euros	• Following the decision by Endesa's Board of Directors to sell the properties where the former headquarters of Gas y Electricidad Generación, S.A.U. and its adjoining lands to the Palma de Mallorca City Council were located, the Company has reclassified the net book value of these lands under the heading 'Non-current Assets Held for Sale', amounting to 37 million euros as of 31 December 2024. Additionally, the liabilities associated with these assets have been reclassified under the heading 'Liabilities Associated with Non-current Assets Held for Sale', totalling 17 million euros.

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

12.2. Financial management

Endesa's financial management objectives, taking into account, among other factors, the macroeconomic environment outlined in Section 7.1 of this Consolidated Management Report, aim to ensure a sufficient level of liquidity while minimising opportunity costs, and to sustain a financial debt structure aligned with maturities, ensuring continued access to funding sources.

In the short term, Endesa seeks to guarantee its liquidity by maintaining a sufficient level of resources available unconditionally, including cash and shortterm deposits, drawable lines of credit and a portfolio of highly liquid assets. The liquidity position of Endesa as of 31 December 2024 is described in Note 40.4.1 of the Consolidated Financial Statements for the year ended 31 December 2024. Additionally, to reinforce its liquidity position and ensure the continuity of business financing, Endesa has arranged a series of financial transactions (see Note 40.4.2).

Financial debt

On 31 December 2024, Endesa's net financial debt amounted to 9,298 million euros, down 1,107 million euros (-10.6%) compared to 31 December 2023.

The reconciliation of Endesa's gross and net financial debt on 31 December 2024 and 2023 is as follows:

Millions of Euros		Reconciliation of borrowings
	References (1)	31 December 2024	31 December 2023	Difference	% Chg.
Non-Current Financial Debt	40.3	9,881	9,636	245	2.5
Current Financial Debt	40.3	613	4,091	(3,478)	(85.0)
Gross Financial Debt(2)(3)		10,494	13,727	(3,233)	(23.6)
Debt Derivatives Recognised as Financial Assets	43	36	61	(25)	(41.0)
Cash and Cash Equivalents	33	(840)	(2,106)	1,266	(60.1)
Debt Derivatives Recognised as Assets	43	(41)	(57)	16	(28.1)
Financial Guarantees Recognised as Assets	28.1 and 30	(351)	(1,220)	869	(71.2)
Net Financial Debt(3)		9,298	10,405	(1,107)	(10.6)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) The amount of Gross Financial Debt that has clauses linked to indicators that, in turn, comply with the alignment of activities of the European Taxonomy Regulation is equal to 3,321 million euros (32% of the total Gross Financial Debt) (see Section 25.1 of this Consolidated Management Report and Note 5.1.2 of the Consolidated Financial Statements for the year ended 31 December 2024). Furthermore, the Company has arranged financial operations totalling 6,018 million euros (57% of the gross financial debt) which include clauses associated with Sustainability targets that have not been taken into account in the previous calculation.

(3) See the definition provided in Section 9 of this Consolidated Management Report.

130

To understand the changes in net financial debt, it is important to note that on 23 December, Endesa, through its wholly-owned subsidiary Enel Green Power España, S.L.U, completed the sale of a 49.99% minority stake in Enel Green Power España Solar 1, S.L. This company owns all of Endesa's operational solar photovoltaic facilities in Spain, with a total installed capacity of approximately 2 GW. The stake was sold to Masdar España Renewables 1, S.L., for a total amount, net of transaction costs, equal to 849 million euros, which was fully received by 31 December 2024 (see Notes 7 and 45.3 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).

V. Consolidated Financial Statements IV. Consolidated Management Report

Structure

The structure of Endesa's gross financial debt on 31 December 2024 and 2023 is as follows:

Millions of Euros	Structure of Gross Financial Debt(1)
	31 December 2024	31 December 2023	Difference	% Chg.
EUR	10,385	13,586	(3,201)	(23.6)
US dollar (USD)	109	141	(32)	(22.7)
TOTAL	10,494	13,727	(3,233)	(23.6)
Fixed Interest Rate	6,604	9,771	(3,167)	(32.4)
Floating Interest Rate	3,890	3,956	(66)	(1.7)
TOTAL	10,494	13,727	(3,233)	(23.6)
Average Life (No. of Years) (1)	4.1	4.0	—	—
Average Cost (%) (1)	3.6	3.2	—	—

(1) See the definition in Section 9 of this Consolidated Management Report.

On 31 December 2024, gross financial debt subject to fixed interest rates accounted for 63%, while the remaining 37% was subject to floating rates. On this date, 99% of the Company's gross financial debt was denominated in euros.

Information on Endesa's financial debt is described in Note 40.3 to the Consolidated Financial Statements for the year ended 31 December 2024.

12.3. Capital management

Information relating to capital management is included in Note 34.1.12 to the Consolidated Financial Statements for the year ended 31 December 2024.

Share capital

Information on Endesa's Share Capital is described in Note 34.1.1 to the Consolidated Financial Statements for the year ended 31 December 2024.

Leverage

The consolidated leverage ratio is a key indicator to monitor the financial situation, with the data as of 31 December 2024 and 2023 as follows:

Millions of Euros		Leverage
	References (1)	31 December 2024	31 December 2023	% Chg.
Net Financial Debt:		9,298	10,405	(10.6)
Non-Current Financial Debt	40.3	9,881	9,636	2.5
Current Financial Debt	40.3	613	4,091	(85.0)
Debt Derivatives Recognised as Financial Assets	43	36	61	(41.0)
Cash and Cash Equivalents	33	(840)	(2,106)	(60.1)
Debt Derivatives Recognised as Assets	43	(41)	(57)	(28.1)
Financial Guarantees Recognised as Assets	28.1	(351)	(1,220)	(71.2)
Equity:	34	9,053	7,204	25.7
Of the Parent	34.1	8,110	7,017	15.6
Of Non-Controlling Interests	34.2	943	187	404.3
Leverage (%)(2)		102.71	144.43	Na

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) See the definition provided in Section 9 of this Consolidated Management Report.

Financial indicators 132

Financial indicators (1)	31 December 2024	31 December 2023
Liquidity ratio	1.02	0.85
Solvency ratio	1.01	0.93
Debt ratio (%)	50.67	59.09
Debt coverage ratio	1.76	2.75
Net financial debt /Fixed assets (%)	37.28	41.59
Net financial debt /Funds from operations	2.31	3.11
(Funds from Operations + Interest Expenses)/Interest expense(2)	8.36	7.96

(1) See the definition in Section 9 of this Consolidated Management Report.

(2) Corresponds to the years 2024 and 2023, respectively.

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

12.4. Cash flow

As of 31 December 2024 and 2023, the cash and cash equivalents are as follows:

Millions of Euros	Cash and Cash Equivalents
References (1)	31 December 2024	31 December 2023	Difference	% Chg.
Cash in hand and at banks	78	1,281	(1,203)	(93.9)
Other Cash Equivalents (2)	762	825	(63)	(7.6)
TOTAL 33	840	2,106	(1,266)	(60.1)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) This heading covers the deposits formalised at the closing date of both periods that accrue a market interest rate.

Endesa's net cash flows in the years 2024 and 2023, classified by activities (operating, investing and financing), were as follows:

Millions of Euros	Statement of cash flows
	References (1)	2024	2023	Difference	% Chg.
Net Cash Flows from Operating Activities	45.1	3,567	4,697	(1,130)	(24.1)
Net Cash Flows from Investing Activities	45.2	(1,333)	3,196	(4,529)	(141.7)
Net Cash Flows from Financing Activities	45.3	(3,500)	(6,658)	3,158	(47.4)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

In the year 2024, the cash flows generated from operating activities (3,567 million euros) and the reduction in cash and cash equivalents (1,266 million euros) have enabled the coverage of net cash flows directed towards investing activities (1,333 million euros) and financing activities (3,500 million euros).

Information on Endesa's Consolidated Statement of Cash Flows of is described in Note 45 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

12.5. Investments

In the years 2024 and 2023, Endesa's gross investments in property, plant and equipment, investment properties, and intangible assets amounted to 2,057 million euros and 2,463 million euros, respectively, as follows:

Millions of Euros Investments
References (1)	2024	2023	% Chg.
Generation and Commercialisation	764	1,192	(35.9)
Conventional Generation(2)	306	289	5.9
Renewable Generation	412	859	(52.0)
Energy Commercialisation	3	3	—
Commercialisation of other Products and Services	43	41	4.9
Distribution	900	859	4.8
Structure, services and others(3)	13	17	(23.5)
TOTAL MATERIAL AND REAL ESTATE INVESTMENTS(4) 20.1 and 22	1,677	2,068	(18.9)
Generation and Commercialisation	355	352	0.9
Conventional Generation(2)	12	18	(33.3)
Renewable Generation	52	64	(18.8)
Energy Commercialisation	251	230	9.1
Commercialisation of other Products and Services	40	40	—
Distribution	14	33	(57.6)
Structure, services and others(3)	11	10	10.0
TOTAL INTANGIBLE ASSETS 23.1	380	395	(3.8)
TOTAL GROSS INVESTMENTS(5)	2,057	2,463	(16.5)
Capital Grants and Facilities Transferred	(300)	(201)	49.3
Generation and Commercialisation	(22)	(3)	633.3
Conventional Generation	(3)	(3)	—
Renewable Generation	(19)	—	Na
Energy Commercialisation	—	—	Na
Commercialisation of other Products and Services	—	—	Na
Distribution	(278)	(198)	40.4
TOTAL NET INVESTMENTS(5)	1,757	2,262	(22.3)

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(2) In the year 2024, there are significant material gross investments in the Non-Peninsular Territories (NPT) totalling 73 euros (60 million euros in the year 2023), as well as intangible gross investments in the Non-Peninsular Territories (NPT) amounting to less than 1 million euros (2 million euros in the year 2023).

(3) Structure, Services and Adjustments.

(4) In the year 2024, it includes additions for rights of use amounting to 55 million euros (147 million euros in the year 2023) (see Note 21 to the Consolidated Financial Statements corresponding to the year ended 31 December 2024).

(5) See the definition provided in Section 9 of this Consolidated Management Report.

Information on the main investments is included in Notes 20.1 and 23.1 to the Consolidated Financial Statements for the year ended 31 December 2024.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

12.6. Contractual obligations and off-balance sheet transactions

Information relating to contractual obligations and transactions outside the Consolidated Statement of Financial Position is included in Note 47 to the Consolidated Financial Statements for the year ended 31 December 2024.

13. Results by Segment

Segment information, including the basis for segmentation and segment information by geographic area, is disclosed in Explanatory Note 8 of the Consolidated Financial Statements for the year ended 31 December 2024.

Presented below are the key figures of Endesa's Consolidated Income Statement and Investments by Segment for the years 2024 and 2023:

Millions of Euros	2024 Generation and Commercialisation
	Conventional Generation(1)	Renewable Generation	Energy Commercialisation
REVENUE	7,984	1,420	16,096
Revenue with third parties	2,804	399	15,290
Revenue from transactions between segments	5,180	1,021	806
PROCUREMENTS AND SERVICES	(6,206)	(171)	(13,454)
INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES	318	3	(1,229)
CONTRIBUTION MARGIN(3)	2,096	1,252	1,413(2)
FIXED OPERATING COSTS AND OTHER PROFITS AND LOSSES	(798)	(276)	(492)
GROSS OPERATING PROFIT (EBITDA)(3)	1,298	976	921
Depreciation and impairment losses on non-financial assets	(550)	(417)	(239)
Depreciation	(542)	(293)	(239)
Provision for impairment of non-financial assets	(12)	(124)	—
Reversal of impairment of non-financial assets	4	—	—
Impairment losses on financial assets	1	—	(182)
Provision for impairment of financial assets	(1)	(1)	(321)
Reversal of impairment of financial assets	2	1	139
OPERATING PROFIT (EBIT)(3)	749	559	500
Net Profit/Loss of Companies Accounted for using the Equity Method	8	5	2

(1) Includes the Contribution Margin, Gross Operating Profit (EBITDA) and Operating Profit (EBIT) from power generation in Non-Peninsular Territories (NPT) amounting to 397 million euros, positive, 134 million euros, positive, and 50 million euros, positive, respectively.

(2) Includes the Contribution Margin from gas for commercialisation of 149 million euros.

(3) See the definition provided in Section 9 of this Consolidated Management Report.

2024
	Generation and Commercialisation
Commercialisation of other Products and Services	Generation and Commercialisation adjustments and eliminations	Total	Distribution	Structure and Services	Consolidated adjustments and eliminations	TOTAL
349	(6,983)	18,866	2,602	399	(560)	21,307
349	—	18,842	2,457	8	—	21,307
—	(6,983)	24	145	391	(560)	—
(187)	6,963	(13,055)	(146)	9	138	(13,054)
—	—	(908)	—	—	—	(908)
162	(20)	4,903	2,456	408	(422)	7,345
(56)	20	(1,602)	(452)	(420)	422	(2,052)
106	—	3,301	2,004	(12)	—	5,293
(52)	—	(1,258)	(720)	(40)	—	(2,018)
(52)	—	(1,126)	(737)	(40)	—	(1,903)
—	—	(136)	—	—	—	(136)
—	—	4	17	—	—	21
(16)	—	(197)	(7)	—	—	(204)
(33)	—	(356)	(44)	—	—	(400)
17	—	159	37	—	—	196
38	—	1,846	1,277	(52)	—	3,071
(5)	—	10	1	—	—	11

Millions of Euros	2023 Generation and Commercialisation
	Conventional Generation(1)	Renewable Generation	Energy Commercialisation
REVENUE	11,339	1,216	20,343
Revenue with third parties	3,059	304	19,409
Revenue from transactions between segments	8,280	912	934
PROCUREMENTS AND SERVICES	(7,400)	(164)	(18,377)
INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES	(2,426)	18	(764)
CONTRIBUTION MARGIN(3)	1,513	1,070	1,202(2)
FIXED OPERATING COSTS AND OTHER PROFITS AND LOSSES	(785)	(249)	(534)
GROSS OPERATING PROFIT (EBITDA)(3)	728	821	668
Depreciation and impairment losses on non-financial assets	(613)	(288)	(185)
Depreciation	(530)	(265)	(185)
Provision for impairment of non-financial assets	(90)	(26)	—
Reversal of impairment of non-financial assets	7	3	—
Impairment losses on financial assets	2	(5)	(254)
Provision for impairment of financial assets	(3)	(5)	(359)
Reversal of impairment of financial assets	5	—	105
OPERATING PROFIT (EBIT)(3)	117	528	229
Net Profit/Loss of Companies Accounted for using the Equity Method	5	2	2

138

(1) Includes the Contribution Margin, Gross Operating Profit (EBITDA) and Operating Profit (EBIT) from power generation in Non-Peninsular Territories (NPT) amounting to 486 million euros, positive, 213 million euros, positive, and 37 million euros, positive, respectively.

(2) Includes the Contribution Margin from gas for commercialisation of 91 million euros.

(3) See the definition provided in Section 9 of this Consolidated Management Report.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements
Other Stakeholders	Audit Report	Verification Report

			2023
	Generation and Commercialisation
Commercialisation of other Products and Services	Generation and Commercialisation adjustments and eliminations	Total	Distribution	Structure and Services	Consolidated adjustments and eliminations	TOTAL
382	(10,101)	23,179	2,466	501	(687)	25,459
376	—	23,148	2,302	9	—	25,459
6	(10,101)	31	164	492	(687)	—
(217)	10,064	(16,094)	(166)	(209)	157	(16,312)
—	—	(3,172)	—	—	—	(3,172)
165	(37)	3,913	2,300	292	(530)	5,975
(104)	37	(1,635)	(563)	(530)	530	(2,198)
61	—	2,278	1,737	(238)	—	3,777
(51)	—	(1,137)	(684)	(43)	—	(1,864)
(51)	—	(1,031)	(694)	(43)	—	(1,768)
—	—	(116)	—	—	—	(116)
—	—	10	10	—	—	20
(14)	—	(271)	3	—	—	(268)
(17)	—	(384)	(62)	—	—	(446)
3	—	113	65	—	—	178
(4)	—	870	1,056	(281)	—	1,645
(3)	—	6	4	—	—	10

13.1. Generation and Commercialisation

Throughout 2024, there has been a gradual stabilisation of gas prices due to measures implemented by the European Union (EU) to secure supply, primarily by diversifying suppliers and boosting imports of liquefied natural gas (LNG). However, towards the end of the year, the conclusion of Gazprom's transit agreement with Ukraine, rising geopolitical risks, and unavailability in Norway's production fields, combined with lower levels of strategic storage, resulted in an increase in gas prices and their volatility.

On the other hand, energy saving policies have allowed for more efficient use of resources, which, combined with mild temperatures, has positively impacted the demand for natural gas. Furthermore, the shift towards more sustainable energies has also impacted gas consumption. This, combined with the high level of hydroelectricity during the period, has led to a reduction in gas demand for electricity generation and has contributed to a lower price in the wholesale electricity market.

Key figures for the year 2024 and their variation compared to the same period of the previous year are detailed below:

VI. Statement of Responsibility

	Millions of Euros
	Key figures	2024	2023	Difference	% Chg.	References (1)
	Contribution Margin	4,903	3,913	990	+25.3	The margin evolution is the result of, among other things: • The positive variation in "income and expenses from commodity derivatives" in the amount of 2,264 million euros mainly due to the evolution of the settlement of gas derivatives contracted in fiscal year 2022 in a context of price volatility in the energy markets, partially offset by lower electricity and gas sales (4,088 million euros) and lower energy purchase and fuel consumption costs (2,836 million euros) as a result, among other things, of the decrease in the arithmetic average price on the wholesale electricity and gas markets (63.0 €/MWh; -27.7% and 34.3 €/MWh; 6 -15.5%, respectively). • The recording, in fiscal year 2024, of the expense related to the Tax on the Value of Electricity Production ('342 million) due to the end of the extension of the temporary suspension of this tax in accordance with Royal Decree Law 8/2023, of December 27. • The evolution of the consumption of carbon dioxide (CO2 ) emission rights, guarantees of origin and other environmental certificates, which resulted in lower expenses amounting to 311 million euros, mainly due to the reduction in the average price of carbon dioxide (CO2 ) emission rights (65.2 €/t; -21.9%) and guarantees of origin (-92.5%).
	Gross Operating Profit (EBITDA)	3,301	2,278	1,023	+44.9	The decrease in fixed operating costs (33 million euros) is the result of several factors, including: • The reduction in expenses related to salaries and wages (9 million euros) due to a decrease in the average workforce (-3.3%) between the two periods and a lower net provision for workforce 12, 13, 26.1 and 36 restructuring plans (4 million euros, positive). • Lower fixed operating expenses due to the reduction in infrastructure and systems support services expenses (15 million euros) as a result of cost control actions in line with the strategic focus on efficiency and effectiveness of the Company's operations.
	Operating Profit (EBIT)	1,846	870	976	+112.2	• Includes the increase in depreciation and amortisation expense (95 million euros), mainly as a result of the increased investment in renewable assets and increased capitalisation of the incremental costs incurred in obtaining contracts with customers. • The provision for impairment of the Cash Generating Units (CGUs) for each of the Non 15.1, 20.1, 23.1 Peninsular Territories (NPT) of the Balearic Islands, and 32.1 Canary Islands, Ceuta, and Melilla amounts to 9 million euros (90 million euros in the year 2023). • Recognition of an impairment charge for certain renewable projects that will not be developed totalling 124 million euros (23 million in 2023). • Reflects the lower net provisioning (74 million euros) as a result of improved payment behaviour from customers with regulated rate contracts in the year 2024.

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

13.2. Distribution

Key figures for the year 2024 and their variation compared to the same period of the previous year are detailed below:

Millions of Euros
Key figures		2024	2023	Difference	% Chg.	References (1)
	Contribution Margin	2,456	2,300	156	+6.8	• The evolution of the margin is due to the increase in regulated income from the distribution activity as a result, among other aspects, of 6 the registration in 2024 of the re-settlement of previous years in accordance with the Resolution of 31 July 2024 of the National Markets and Competition Commission (CNMC).
	Gross Operating Profit (EBITDA)	2,004	1,737	267	+15.4	The decrease in fixed operating costs and other results (111 million euros) is the result of several factors, including: • Reduced personnel costs (85 million euros) due to the variation between the two periods in the net provision for staff restructuring plans (79 million euros, positive) and the reduction in 13, 36 and 50 wages and salaries (3 million euros) resulting from a decrease in the average workforce (-2.4%) between the two periods. • The reversal of provisions for contingencies arising from transactions carried out in previous years by Endesa Ingeniería, S.L.U. (37 million euros).
	Operating Profit (EBIT)	1,277	1,056	221	+20.9	• The increase in depreciation and amortisation costs (43 million euros), mainly as a result of investments made in electricity distribution systems and installations. • In the years 2024 and 2023, it includes the reversal of impairment losses on the property where the former headquarters of Gas and Electricity Generation, S.A.U. was located, along with its adjacent lands in Palma de Mallorca, amounting to 16 million euros and 10 million euros, respectively.

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

13.3. Structure and others

The main figures for the year 2024 are detailed below:

	Millions of Euros
Key figures		2024	2023	Difference	% Chg.	References (1)
	Contribution Margin	(14)	(238)	224	(94.1)	• Includes the accounting of income derived from the Supreme Court's decision regarding the non applicability of the Social Bonus financing regime concerning the free segment of the retail market (148 million euros). 51 • In both periods, the recognition of the expense associated with the temporary energy tax introduced by Law 38/2022, of 27 December (138 million euros and 208 million euros, respectively).
	Gross Operating Profit (EBITDA)	(12)	(238)	226	(95.0)	• The evolution of EBITDA includes, among other aspects, lower personnel costs (58 million euros) due to the variation between the two periods in the net provision for workforce restructuring plans and lower fixed operating expenses due 36 to the reduction in infrastructure and systems support services (9 million euros) as a result of cost control measures in line with the strategic focus on efficiency and effectiveness of the Company's operations.
	Operating Profit (EBIT)	(52)	(281)	229	(81.5)	• Includes a reduction in the amortisation of software (3 million euros).

(1) Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements VI. Statement of Responsibility

14. Innovation and digitalisation

Endesa is fully dedicated to innovation and digitalisation, viewing them as essential elements in tackling present and future challenges across all its operational domains. The digital transformation at Endesa encompasses the modernisation of its assets, customer interaction, and staff development. Innovation and digitalisation are constantly accelerating, leading Endesa to continue investing continuously in improving its platforms, processes, systems, and tools, always with a primary focus on cybersecurity, personal data protection, and increasing security standards, business continuity, and operational efficiency.

The use of technology for process improvement such as voice biometrics, generative artificial intelligence, industrial robotics, machine learning, robot automation (RPA), virtual assistants, and big data, along with modern work approaches such

as agile methodologies, telecommuting, or datadriven approaches, are now fundamental elements at Endesa, being assimilated into the daily lives of the Company's employees. Data management plays an essential role in Endesa's business management, being key in decision-making, from continuous analysis of best practices in the Electric Sector and other sectors, conducting advanced analysis to identifying operational improvements in its various Business Lines.

Digitalisation is one of the key aspects of the 2025-2027 Strategic Plan as a pillar of business development. The digital strategy is, in fact, geared towards optimising processes and containing costs to achieve greater efficiency in order to facilitate the Energy Transition, enabling new energy uses and new ways of managing it to make it more accessible to a wider audience.

14.1. Innovation Model

Endesa fosters an open innovation model to find quality ideas in the development of innovative solutions capable of transforming the current energy model. Open innovation is a model of relationship between companies and external actors (Universities, startups, SMEs, research centres or other companies in the same or different sector) that promotes collaboration and the exchange of knowledge to drive business impact.

Endesa's innovation activities are carried out in close collaboration and synergy with the rest of the Enel Group, leveraging the open innovation tools developed by the Group, as well as the Group's laboratories and the best research centres, Universities, suppliers and national and international startups.

Endesa leverages the digital crowdsourcing platform openinnovability.com, aimed at both the external global community of innovators and company employees who want to contribute to business development, turning proposals into concrete projects capable of addressing specific business challenges. Endesa's innovation model leverages the network of 'Hubs' and 'Innovation Laboratories' set up in various parts of the world by the Enel Group. The 'Hubs' are offices situated within the innovation Ecosystems pertinent to the Enel Group (Silicon Valley, Boston, Europe, Italy and Israel), which oversee the interaction with stakeholders engaged in innovation activities and act as a resource for sourcing innovative solutions. The 'Innovation Labs' enable Business Units and external entities to collaboratively develop solutions.

Similarly, Endesa employees actively participate in the 'Innovation Communities', multifunctional working groups established within the Enel Group to monitor technological advancements, foster a culture of innovation among participants, and promote new Business Models, value-added services, or ideas on technology use cases that can be implemented in various areas of the company.

The capability to manage innovation as a system and to organise all phases of the process is strategic for Endesa and represents a critical success factor.

As of 31 December 2024 and 2023, Endesa holds 10 patents in Spain.

14.2. Context and objectives of Research, Development and Innovation (R&D&I) activities

The Energy Sector is undergoing significant transformations, which will intensify in the future, due to a growing environmental awareness from both governments and consumers. Endesa acknowledges the importance of achieving emission reduction goals and increasing efficiency while maintaining supply security, which requires additional effort on its part to achieve them.

In this context, Endesa's initiatives in Research, Development and Innovation (R&D&I) aim to progress towards a more efficient and sustainable energy model. Reducing emissions is not feasible without also electrifying customer demand, which underscores the importance of developing, testing, and implementing new technologies and innovative Business Models.

Endesa's Research, Development, and Innovation (R&D&I) activities are carried out in collaboration with the rest of the Enel Group, establishing joint research activities in areas of shared interest and in the markets where both entities operate.

14.3. Costs in Research, Development and Innovation (R&D&I)

The gross direct cost in Research, Development and Innovation (R&D&I) for the years 2024 and 2023 amounts to 39 million euros and 46 million euros, respectively, as detailed below:

Millons of Euros		Gross Direct Investment R&D&I(1)
		2024(2)	2023 (3)
	Generation and Commercialisation	21	28
	Distribution	15	16
	Structure, Services, and Others	3	2
TOTAL		39	46
	Gross Direct Cost R&D&I/Gross Operating Profit (EBITDA)(4) (%).	0.74	1.22
	Gross Direct Cost R&D&I/ Operating Profit (EBIT)(4) (%).	1.27	2.80

(1) Corresponds to expenses and investments for which, for the purposes of the deduction for Research, Development, and Innovation (R&D&I) provided for in Law 27/2014, of 27 November on Corporation Tax, the certification of an entity accredited by the National Accreditation Entity in Spain (Entidad Nacional de Acreditación - ENAC) and a Binding Reasoned Report (BRR) by the Ministry of Science and Innovation has been obtained or requested.

(2) Provisional data pending certification by the accredited entity and mandatory Binding Reasoned Report (BRR).

(3) Final data of certification by the accredited entity and pending obtaining the mandatory Binding Reasoned Report (BRR).

(4) See the definition provided in Section 9 of this Consolidated Management Report.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements

14.4. Main areas of activity

Endesa's Research, Development, and Innovation (R&D&I) activities are founded on a commitment to Sustainability. Consequently, technological projects

are undertaken to deliver value, foster a culture of innovation, and create competitive advantages within the realm of Sustainability.

Key performance indicators (KPIs) relating to the innovation

In the years 2024 and 2023 the Innovation indicators have evolved as indicated below:

Number	2024(1)	2023
Pilot Activities to Test Innovative Solutions	30	35
Activities in scaling phase	248	278

(1) Provisional data pending certification by the accredited entity and mandatory Binding Reasoned Report.

Endesa develops innovation projects across all its Business Lines. The following outlines the areas

of action, their future guidelines, and some of the most relevant ongoing projects:

Generation

Guidelines: Decarbonisation of generation assets, enhancement of construction processes for new renewable plants, increased digitalisation of plants, reduction of environmental impact during the design and operational phases, improved efficiency and greater flexibility of both conventional and renewable plants to optimise their performance, and validation of new energy storage technologies.

Areas of activity: The following table displays the key activities in the realm of innovation in Generation for the year 2024:

Technology Area	Description
Energy Storage	• Validation of new technologies that enable the reduction of energy storage costs and enhance their environmental impact by decreasing the use of toxic or flammable elements, along with an assessment of their performance. • Validation and identification of new technologies for generating green hydrogen. • In this area of work, the 1 MW/5.5 MWh Vanadium flow battery demonstration project at the Son Orlandis photovoltaic plant in Mallorca is noteworthy, where this technology is being explored as an alternative to lithium-ion batteries. Additionally, it is worth highlighting the ongoing initiatives to validate Zinc hybrid cathode technology. • Introduction of new initiatives and projects in the field of green hydrogen production, including the project linked to the Pego connection node in Portugal and the project related to the Just Transition Mudéjar node.
Introduction of Robotic Solutions	• In the field of robot development for operational support, specific projects are being undertaken to validate autonomous solutions for the automatic cleaning of photovoltaic modules. This includes a demonstration project at the Totana photovoltaic plant in Murcia, as well as a pilot project for vegetation cleaning and clearing in Andalusia.
Improved Efficiency and Increased Flexibility of Power Plants	• Introduction of technological solutions aimed at enhancing plant efficiency or boosting their operational flexibility to ensure assets are better equipped to meet market demands: — In this field, work is being carried out on a project to improve flexibility in hydroelectric plants with the aim of improving the flexibility of flowing plants by incorporating variable speed in the generators and in a second line to improve the flexibility of pumping. In this case, a pilot project has been developed at the Guillena pumping plant (Seville). — In the field of hydraulics, a pilot project is underway to create digital models of plants to streamline maintenance processes. Additionally, there is a development based on artificial intelligence aimed at enhancing long-term rainfall forecasts within a hydraulic basin. — In the wind energy sector, new machine learning models have been integrated to enhance predictive maintenance, along with predictive fault detection systems based on noise analysis. To enhance the management of technical documentation, a generative artificial intelligence system has been developed to make accessing this documentation easier. In the realm of enhancing efficiency, a pilot project is being developed to improve the advanced control of wind turbines. Finally, a validation pilot for a new technology aimed at reducing ice formation on wind turbine blades is being developed within the European project 'HORIZON Europe Nanowings'. — In the photovoltaic sector, a project is underway to develop new control strategies for solar trackers that enable the control strategy to operate independently of atmospheric conditions, and to mitigate the effects of adverse conditions on the plant. — Various solutions are being explored to minimise external production losses in renewable plants and enhance their involvement in secondary markets. — Finally, a system to assist operations in the renewable control room has been completed. It is based on artificial intelligence and aims to improve response times to operational incidents in renewable plants.
Process of Designing and Building New Renewable Energy Generation Plants	• Development of projects centred on: — Enhancement in wind resource estimation for new locations through advanced models. — Photovoltaic testing platform for assessing production and ageing based on various operational parameters. — Development of 3D simulation tools to enhance the execution of repowering projects. — Reduction of the time needed for the completion of the project through the identification of pre-assembly technologies, a crucial element in the accelerated decarbonisation process driven by Endesa. Work is being conducted on two pre-assembly solutions for solar modules in this line.
Innovation for the Enhancement of End of-Life Equipment and Systems with a Circular Economy Approach	• Development of projects aimed at finding end-of-life solutions for both wind energy assets, with a particular focus on recycling the composites, that make up the blades of wind turbines, and for electrochemical energy storage systems. This includes two projects dedicated to recycling and materials recovery in these two areas, along with participation in the 'HORIZON Europe Blades2Build' project.
Enhancing Environmental Impacts	• In this area, work is being carried out within the 'HORIZON Europe SUSTAINEXT' project, which aims to develop a high value-added chain associated with an agrivoltaic model in the North of Extremadura. • Development of innovative solutions for the enhancement of access roads to renewable energy plants to minimise environmental impacts. • Different pilot projects are also being developed for the validation of new systems to improve the protection of birdlife near wind farms, using on cameras, radar, and artificial intelligence.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

Distribution

Guidelines: In 2024, innovation activities in Distribution remained focused on resilience, operational excellence, and safety, aiming for advanced solutions that can ensure and enhance worker protection, while positively impacting

the business, with consideration for customers, communities, and environmental protection.

Areas of activity: during the year 2024, the main innovation projects in the field of Distribution were as follows:

Projects	Description
Resilient, Adaptable, and Low-Impact Grid	• Within the realm of sustainable design, research persisted on network components, materials, and systems for their innovative and sustainable reimagining. The following projects should be highlighted: — The project nmed 'Resisto', which is developing new applications based on digitalization, automation and data intelligence to increase the resilience of the electricity distribution network to extreme weather events, as well as other related risks in natural spaces. During 2024, sensors based on Internet of Things (IOT) were installed for measuring weather variables, with thermal and visible cameras being installed on critical assets. Smart drones were tested for asset inspection and AI-powered algorithms were developed for the risk management platform. — The 'Smart Earthing' project, which aims to estimate the lifespan of underground cables to improve the prioritisation of their replacement. The estimate is based on a continuous measurement of the impedances of the cable screens and the grounding systems of the distribution centres they connect. In the year 2024, the project commenced with the selection of locations in the city of Barcelona. — 'Risk Management on Satellite Images' project developed in collaboration with the European Union Agency for the Space Programme (EUSPA), which creates fire and flood risk maps using 'Copernicus' satellite imagery and other open data sources. The aim of this project is to identify vulnerable areas within the distribution network to these events. — Project 'LEO Satellite', which seeks to provide the necessary communication for network automation and telecontrol services in rural and remote areas, where conventional communication technologies, such as fibre optics and mobile networks, are unavailable. The system is made up of modems connected to the distribution centre components and satellite antennas that enable communication with a group of satellites orbiting in low earth orbit constellations ('low earth orbit'). In the year 2024, the installation and commissioning of this telecommunications solution were completed across 8 distribution centres spread throughout all regions of Spain.
Safety & Operational Excellence	• The primary projects undertaken in the year 2024 concentrated on intelligent and sustainable tools and devices, more comfortable protective clothing, drones, and robotic solutions that function at heights and facilitate interaction with network components for maintenance and installation tasks, as well as employing artificial intelligence to assist operational personnel, highlighting the following: — Project 'Drones Charging as a Service' in the Aragón area, aimed at autonomous remote monitoring of network infrastructures. The implementation has been achieved through 'Beyond Visual Line of Sight' (BVLOS) flights and contact-based drone charging stations, enabling the distribution network operator to carry out maintenance and preventive inspections without the necessity of physically travelling to the site, particularly in remote areas. — Project 'AI for Working Capital', where a digital artificial intelligence tool has been tested to enhance the forecasting of requirements and optimise the materials purchasing strategy, thereby reducing inventory in materials warehouses. — Creation of a 'Digital Barrier' is the goal pursued by two projects, to allow people and vehicles to move safely within work areas and construction sites, mitigating the risk of contact with live cables and impacts between people on site and heavy vehicles used during work. — The 'Volumetric' project for demarcating work areas involves using a device that allows for the definition of safe zones and their separation from hazardous ones through the creation of virtual barriers, both vertical and horizontal, which can be adjusted based on the task at hand. In the year 2024, tests were conducted in the Catalonia region, both at 'AT/MT' substations and 'MT/BT' distribution centres. — Security project at the Sant Boi de Llobregat substation (Barcelona), conducting tests by delimiting with 'Light Detection and Ranging or Laser Imaging Detection and Ranging (LIDAR)' equipment. — Security project at the Ecogarraf power station located in the Garraf Natural Park (Barcelona), as part of the 'Smart5Grid' project. The environment is monitored using cameras and sensors that have already been installed, and their data processing and communication are facilitated by the deployment of the private 5G network directly at the sub-station.

Description
• Project 'BeFlexible': developed in Seville. Electric domestic hot water heaters, managed by temperature probes that monitor their behaviour and energy consumption, have been distributed. This same control system is used to provide flexibility to the grid, smoothing out demand peaks and trying to resolve possible structural saturations in the distribution network. • Project "Flow": developed on the island of Menorca. Using both one-way and bi-directional chargers to provide flexibility to the network. These resources make it possible to smooth out the peaks in demand caused by the seasonality of the use of electric vehicles, guaranteeing supply in all demand scenarios through the distribution network and analysing the benefits provided by smart charging. This is achieved thanks to the fact that bidirectional chargers (V2G or Vehicle to Grid) allow, in periods of high demand, to export the energy stored in the electric vehicle's battery. During the year 2024, significant progress has been achieved, with communications established between the Iberian Energy Market Operator – Spanish Division (Operador del Mercado ibérico de Energía - OMIE) and Endesa, ensuring the demo's compliance. Surveys have also been conducted with project participants, obtaining key insights into their needs. A use case has been defined that focuses on managing demand through bi-directional (V2G) and unidirectional (V1G) charger technologies to stabilise the grid in scenarios of high demand, thereby avoiding potential technical constraints. • Project "Twin EU" which involves advancing the development of a common data platform to improve the management, operations, and resilience of the European Union's Electrical System in support of "REPowerEU". • The project "TwinEU" seeks collaboration among network operators, market operators, "stakeholders", technology providers, and research centres to advance the creation of a European data platform for the Electricity Sector. Such a platform should facilitate new Business Models that accelerate decarbonisation in Europe.
• The aim is to collaborate with Universities in organising seminars and conferences, developing Bachelor's and Master's degree projects, and conducting doctoral theses or research projects in the electricity sector, safety and efficiency studies, and research into storage systems. • There are chairs at the Polytechnic University of Catalonia, the University of Seville, the University of Las Palmas de Gran Canaria, the University of the Balearic Islands, and the University of Zaragoza.

Innovation in Commercialisation

Guidelines: carry out various proof of concepts and pilots to validate ideas, as well as testing of new technologies in real environments, new work approaches seeking areas for improvement and optimisation of processes, focused on the continuous improvement of the value proposition to customers.

Areas of activity: during the year 2024, the main Commercialisation innovation projects are:

Projects	Description
Voice Biometrics in the Call Center	• Deployment, in the company's Contract Centre, of voice biometrics as a customer authentication element in call centres, facilitating the validation of security policies in their interactions with Endesa through a two-step process. — Enrollment Request to the client, after completing the transaction through 'Watson' (artificial intelligence) to create their voiceprint from the recording of their conversation with the agent. — Authentication. Identification of the phone number used by the customer to call and verify their voice (if enrolled) against the voiceprint assigned to that number.
'Responsible Consumption 4 ALL' (RC4ALL)	• The 'Responsible Consumption 4 ALL' (RC4ALL) project uses Artificial Intelligence and Big Data techniques to generate personalised recommendations for customers, with the aim of improving consumption efficiency, promoting responsible and efficient consumption, reducing energy consumed and unused, contributing to the decarbonisation of society and meeting the United Nations Sustainable Development Goals (SDGs). This project is funded by the Ministry of Science and Innovation and is carried out jointly by Endesa and Comillas-IIT (Institute for Technological Research).
'Confía'	• Project for the improvement of the management of vulnerable customers, developed jointly with Malaga City Council, the University of Malaga and several collaborators to improve the exchange of information between the public administrations involved, social services and energy companies.
Self-Service in End To-End Contracting Through the WhatsApp Channel	• Creation of an end-to-end sales process through the WhatsApp channel in self-service mode by means of bots guided by preset automated workflows. This boosts digital self-service sales, thereby lowering acquisition costs.

I. Letter to II. Consolidated III. Sustainability Shareholders and Financial Statements Statement Other Stakeholders Audit Report Verification Report	IV. Consolidated Management Report	V. Consolidated Financial Statements	VI. Statement of Responsibility
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	---------------------------------------	-----------------------------------------	------------------------------------

Projects	Description
Automating Call Quality Control	• Automation of the quality control process of sales confirmation telephone calls by transcribing the audio and extracting the basic parameters of the call (National Identity Document "DNI"), Universal Supply Point Code (CUPS), Customer Name, Address and Product Contracted). The goal is to reduce the average handling time for each call by avoiding the need for QA agents to listen to the entire call.
'PARA TI': Endesa's Loyalty Programme	• Innovative initiative for customer loyalty through a system of points obtained for signing up to the programme, having contracts in place with Endesa, signing new contracts and being more sustainable by activating digital billing. Customers can use the points earned to get discounts on bills and benefits from partner companies and take part in exclusive prize draws.
'MOVE Project': Digital Sales Target Model	• Advanced Transcription and Natural Language Processing (NLP) solution to gain knowledge and new 'insights' from our customer interactions. The information obtained from transcribing sales calls aims to optimise interaction and enhance agents' sales conversion rates.
'SIGNAL project'	• Advanced Transcription and Natural Language Processing (NLP) solution to gain knowledge and new 'insights' from our customer interactions. The goal is to extract information from customer-agent interactions (such as audio from customer service calls and text from chat, email, or WhatsApp conversations, among others) to enhance customer experience/satisfaction and channel performance.

Electrification of public transport

Guidelines: Endesa, through its 'Business to Government'(B2G) division, provides a comprehensive proposal to suppor t Public Administrations and Transpor t Operators in achieving their decarbonisation and public transport electrification goals. This encompasses end-to-end project support, from the initial analysis of the optimal technical solution to the provision and installation of charging infrastructure for electric buses and their maintenance, including both conventional and

innovative models under the offered 'Charging as a Service' services, as well as the necessary platforms for optimising the charging process and integrating with the operator's existing systems for fleet management.

Areas of activity: during the year 2024, the main awarded public transport electrification projects were as follows:

149

Projects	Description
Seville Urban Transport	• Installation of 23 inverted pantograph charging points, a solar plant for self-consumption, and the supply of
(TUSSAM Seville)	renewable energy for 5 years, marking the first 'Charging as a Service' model project in Spain.
Zaragoza Urban Buses	• The second phase will entail the expansion of electrification with 44 chargers for electric urban buses and an
(AVANZA Zaragoza)	additional 3 for electric tourist buses.
Municipal Urban Transport Company (EMTUSA Huelva)	• Installation of 5 battery chargers for its fleet of electric buses, including maintenance of the necessary charging infrastructure for their operation.

Decarbonisation of cities

Guidelines: Endesa offers innovative solutions to create smarter, more sustainable, and efficient cities through electrification, decarbonisation, and resource optimisation, supporting environmental conservation.

Areas of activity: during the year 2024, Endesa has focused its efforts on the following projects:

Projects	Description
Tarragona Water Consortium	• Joint project by Endesa and the Tarragona Water Consortium for constructing two 4.7 MW solar plants for self-consumption.
University of Burgos	• Installation of multiple solar plants across 8 buildings. The approximately 2,300 photovoltaic panels that will be installed on the roofs of several university buildings will enable a total power capacity of 1.27 MWp. The solar energy generated by the solar panels will avoid the release of 551.8 tonnes of carbon dioxide (CO2 ) into the atmosphere annually, equivalent to planting 3,305 trees.
University of Alicante	• The new facilities will comprise 3,612 photovoltaic panels distributed across the roofs of 6 buildings and 2 car parks, with a total capacity of 2 MW, which will prevent the emission of 772.1 tonnes of carbon dioxide (CO2 ) into the atmosphere annually, equivalent to the absorption capacity of 4,625 trees per year.
Port of Cádiz	• Endesa has started work to become the first company nationwide to provide electricity supply services to cruise ships at the Port of Cadiz, via an 'On-shore Power Supply' (OPS) facility.

Decarbonisation in industrial processes

Guidelines: Endesa serves as an energy partner for businesses and industries, offering guidance on the decarbonisation process and enhancing Sustainability.

Areas of activity: in 2024, the following projects should be highlighted:

Projects	Description
Heat Recovery System	• Development of an automated heat recovery system at the high-power graphite electrode plant owned by the Japanese multinational 'Showa Denko', located in A Grela (La Coruña). • In addition to increasing energy efficiency, this contributes to the decarbonisation of the industry by reducing pollutant emissions by more than 2,772 tonnes of carbon dioxide (CO2 ) annually.

150

Customer focus

Guidelines: Endesa works on innovative projects to enhance the customer experience and streamline customer service.

Areas of activity: During the year 2024, several key projects leveraging innovative technologies have been as follows:

Projects	Description
Automation of urgent Work Orders (WO)	• Continuation of the project started in 2021-2022 for the communication and allocation of urgent Work Orders (WO) via robotic process automation (RPA). • With the development undertaken in 2023, the Telegram application is used for communication with the technician, enabling the integration of information regarding the work to be performed, as well as the structuring of the orders. • This allows for swift and effective management of urgent repair orders, enhancing customer service and lowering operational costs.
Speech Analytics and Text Analytics.	• Auditing of customer calls for specific processes through call transcription using Speech Analytics with artificial intelligence. • Analysis of customer feedback in perceived quality surveys using Text Analytics through artificial intelligence. • Identification of best practices, as well as corrective actions.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

Occupational Health and Safety

The primary actions undertaken in the year 2024 regarding Research, Development, and Innovation (R&D&I) concentrated on identifying areas for improvement in Occupational Health and Safety (OHS), as well as in work equipment and facilities:

Projects	Description
Projects Related to Especially Hazardous Work	• Verification of adherence to fundamental safety guidelines in the workplace. Notable in the Distribution Business Line are the projects 'APP5RO', which involves checking compliance with the 5 golden rules in electrical manoeuvres, and '5PPA', related to work at heights.
Projects Related to Security in Facilities	• Project Grid Blue Sky (GBS), which consists of several applications: — Accident and Incident Dashboard (AIDA), created to report accidents. — Near Miss, Safety Observations and Smart Control, created for the comprehensive management of safety and environmental inspections and to report the initiation of fieldwork.
Projects concerning Personal and Collective Protection and Workwear	• Optimisation of personal protective equipment (PPE) to incorporate preventive and ergonomic technological advancements, enhancing protection, comfort, and durability. Database and a process that enables real-time monitoring of equipment management status.
Projects Related to Safety Inspections, Event Communication, and Work Permit Management	• Use of the following software applications: — 'HSEQ4all', interconnected to report security breaches and, at the same time, request action plans to address these situations. — 'E-DIANA' for the management of data on inspections, event communication, and reporting. — 'INGEN', 'WCM / EPTW' and 'OFA' for the management of work permits. — 'INCHECK' for the 'PREJOB CHECK and POST JOB REVIEW' process.
Projects related to Leadership in Safety, Unsafe Behaviours and Acts, and Occupational Risk Prevention (ORP) Training	• The 'Safety Training Automation' project, development of a tool that manages employee safety training throughout their career in the Company based on their risk profile. • The 'Training Standard in Occupational Risk Prevention' (ORP) project within the framework of the 'Association of Electrical Energy Companies' (AELEC). This aims to standardise the training in Occupational Risk Prevention (ORP) required for service contractor companies in the Electric Sector.
Projects Related to the Coordination of Business Activities and Management of Contractor Companies	• The 'Dynamo' tool: seeks to enhance the communication of contractor work and the efficiency of information exchange among stakeholders across various processes. New information module for managing the construction process across different functional areas and details on the level of regulatory compliance of all buildings.

Information relating to Endesa's workforce is included in Note 49 of the Consolidated Financial Statements for the year ended 31 December 2024.

Information on Endesa's own personnel and employees in the Value Chain is described in Sections 26.1 and 26.2 of this Consolidated Management Report.

16. Regulatory Framework

Information on the regulatory framework is provided in Note 6 to the Consolidated Financial Statements for the year ended 31 December 2024.

17. Treasury shares

152

Information relating to treasury shares is included in Note 34.1.8 to the Consolidated Financial Statements for the year ended 31 December 2024.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements VI. Statement of Responsibility

18. Stock market information

The changes in Endesa, S.A.'s share price and the main benchmark indexes in the years 2024 and 2023 are as follows:

Euros
Endesa share price (1)	2024	2023	% Chg.
Maximum	21,470	21,450	0.09
Minimum	15,975	17,765	(10.08)
Fiscal Year Average	18,530	19,296	(3.97)
Fiscal Year Closing	20,770	18,460	12.51

(1) Source: Madrid Stock Exchange.

Percentage (%) Share price performance (1) 2024 2023 Endesa, S.A. 12.5 4.7 Ibex-35 14.8 22.8 EuroStoxx 50 8.3 19.2 EuroStoxx Utilities (3.1) 11.9

(1) Source: Madrid Stock Exchange.

The IBEX-35 concluded the year 2024 at 11,595 points, achieving a cumulative increase of 14.8%. It successfully surpassed the 12,000-point threshold for the first time since 2010, reaching the year's peak of 12,119 points at the close of trading on 5 December 2024.

The sectors that have most contributed to this growth are the banking sector, benefiting from changes in interest rates, shareholder remuneration policies, and corporate movements, as well as the transport and retail sectors, which have capitalised on the improvement in the country's economic climate.

On the other hand, among the most penalised stocks, as in 2023, companies in the renewable energy sector have once again stood out. They have been significantly affected by the still weak electricity demand and the low prices recorded in the pool, as these factors have raised doubts about their profitability and ability to meet targets.

Within the group of stocks in the Electricity and Gas Sector, amidst a complex fiscal and regulatory environment, Endesa shares have demonstrated outstanding performance and have been positioned at the forefront of this group's stocks, thanks to investor confidence in the Company's strategy to spearhead the country's Energy Transition process.

The shares have gained a 12.51% increase in value in 2024, reaching 20.770 euros per share on 31 December 2024, after fluctuating between a low of 15.975 euros per share on 12 March 2024 and a high of 21.470 euros per share on 5 December 2024, shortly following the presentation of the 2025- 2027 Strategic Plan. The shares thus conclude 2 consecutive years of positive performance, 2024 and 2023, moving past a period of 3 years of negative stock market returns influenced by the pandemic, the energy crisis, and the significant regulatory risk that impacted the Sector.

This evolution in 2024 positioned Endesa in the third best position among the 20 companies that currently make up the European sectoral index EURO STOXX UTILITIES, which closed the year with a

decline of 3.1%. Despite the overall rebound in stock markets, the European utilities sector was impacted by uncertainty surrounding energy policies and fluctuations in energy prices.

Final returns to Endesa shareholders, calculated as the sum of the stock market return and the dividend return, was 17.93% positive. The performance of the share price on the stock market resulted in a positive return of 12.51%, plus a gross dividend per share of 1 (€/share) that the Company distributed as a dividend against 2023 results, providing shareholders with a final additional dividend yield of 5.42%.

By the end of the year, the Company's market capitalisation reached 21,990 million euros, ranking it eleventh in the IBEX-35 index by market capitalisation.

PERFORMANCE OF ENDESA, S.A., IBEX-35, AND EURO STOXX UTILITIES IN THE YEAR 2024

Source: Bloomberg.

Main stock market indicators

The evolution of the main global stock indexes in the year 2024 was as follows:

Stock market indicators	Country / Region	Evolution	% Chg.
Nasdaq	United States	Positive	24.9
S&P 500	United States	Positive	23.3
Nikkei 225	Japan	Positive	19.2
DAX	Germany	Positive	18.8
IBEX-35	Spain	Positive	14.8
DOW JONES INDUSTRIAL AVERAGE	United States	Positive	12.9
FTSE MIB	Italy	Positive	12.6
EUROSTOXX 50	Europe	Positive	8.3
FTSE 100	United Kingdom	Positive	5.7
CAC 40	France	Negative	(2.2)
EURO STOXX Utilities	Europe	Negative	(3.1)

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

In general, 2024 has been a year of significant gains for stock markets, particularly in Asia and the Americas, whereas European indices have demonstrated a more restrained performance. Despite the persistence of geopolitical uncertainties, investor confidence has increased due to improvements in macroeconomic prospects, moderation of inflation levels, and interest rate reduction policies implemented by major central banks.

Globally, the largest increases were in the US NASDAQ and S&P 500, both reaching all-time highs and nearing a 25% rise at the close, driven by the strong momentum of technology stocks and the confidence shown by investors in the monetary and trade policies to be developed by the new government following last November's presidential elections. The Japanese NIKKEI 225 index followed, achieving a 19.2% improvement over the year due to the country's economic recovery and a rise in foreign investments.

In Europe, the German DAX 30 index tops the ranking with an 18.8% appreciation, due to expectations that a new conservative government will attract more investment, followed by the Spanish IBEX-35, which has risen by 14.8%, driven by economic recovery and increased investor confidence. The FTSE-100 index in the UK experienced mixed results, affected by inflation and energy prices, and concluded the year with a 5.7% appreciation.

The EUROSTOXX 50, an index that includes the 50 largest companies in the eurozone, closed with a positive performance of 8.3%, after hitting all-time highs at various times throughout the year. Factors such as economic recovery and strong corporate performance propelled their growth.

The exception to these positive returns was the French CAC 40 index, which dropped by 2.2%, influenced by political uncertainty and the underperformance of the luxury sector, one of the most significant sectors in this index, reflecting the weakness of the Chinese economy, a crucial market for this sector.

Stock market information

Key stock market figures for Endesa, S.A. on 31 December 2024 and 2023 were as follows:

Stock market information		31 December 2024	31 December 2023	% Chg.
Market capitalisation(1)	Millions of Euros	21,990	19,545	12.51
Number of Shares		1,058,752,117	1,058,752,117	—
Nominal share value	Euros	1.2	1.2	—
Cash(2)	Millions of Euros	6,057	6,679	(9.31)
Continuous Market	Shares
Trading volume(3)		330,515,414	344,730,169	(4.12)
Average daily trading volume (4)		1,301,242	1,346,602	(3.37)
Price to Earnings Ratio (P.E.R.) Ordinary (1)		11.04	20.55	—
Price to Earnings Ratio (P.E.R.)(1)		11.65	26.34	—
Price/Book Value(1)		2.71	2.79	—
Shareholder Return(1)	%	17.93	13.67	—

(1) See the definition in Section 9 of this Consolidated Management Report.

(2) Cash = Sum of all the transactions performed on the shares during the reference period (Source: Madrid Stock Exchange).

(3) Trading Volume = Total volume of Endesa, S.A. securities traded in the period (Source: Madrid Stock Exchange).

(4) Average Daily Trading Volume = Arithmetic mean of stock in Endesa, S.A. traded per session during the year (Source: Madrid Stock Exchange).

19. Further information

19.1. Management of credit ratings

Sovereign credit rating

Throughout 2024, the rating of Spain's sovereign debt has improved according to the evaluation of the 3 leading agencies.

On 18 March 2024, Moody's announced its decision to maintain the rating at 'Baa1', altering the outlook from stable to positive to reflect an improvement in the perception of the country's economic and fiscal stability. According to the agency, Spain currently exhibits a more balanced growth model, along with enhancements in governance and the effectiveness of its economic policies. On the positive side, the lower private sector debt, a robust banking sector, a current account surplus, and a stronger labour market compared to the last decade also stood out.

On 8 November 2024, the Fitch rating agency similarly decided to upgrade the outlook for Spanish debt to positive, although it maintained the rating at 'A-' due to the government's weakness in implementing necessary reforms.

This assessment reflects the robustness of the Spanish economy, bolstered by a resilient tourism sector and a progressing labour market, while also highlighting challenges such as high public debt and low productivity growth.

Finally, Standard & Poor's (S&P) maintained Spain's sovereign rating at 'A', with a stable outlook. This evaluation reflects confidence in the Spanish economy, although the agency also highlights challenges like the country's high public debt and low productivity growth.

Endesa Credit Rating

Regarding Endesa, the year commenced with the annual review by the Fitch rating agency on 30 January 2024, after which Endesa's long-term credit rating was reaffirmed at 'BBB+/stable outlook' and its senior unsecured rating at '-A-'. The 'Standalone Credit Profile' (SCP) rating was also confirmed unchanged at 'bbb+'.

According to the agency, this rating significantly reflects the Company's leadership in the Spanish electricity market, with half of its revenues being regulated, and an anticipated leverage lower than its competitors by 2026, despite the substantial increase in the Investment Plan presented to the market for the 2024-2026 period.

The anticipated growth in EBITDA, a swifter than anticipated reduction in financial collateral and regulatory working capital figures, and the use of the partnership model for new renewable energy projects are highlighted as positive aspects of the period.

The assessment also considered the structural absence of geographic diversification beyond Spain, the generous remuneration to shareholders, and its perspective that the political and regulatory risk in Spain is greater than in other EU jurisdictions, although it also noted that this risk had decreased.

On 3 June 2024, Moody's announced to the market its decision to improve Endesa's rating outlook from negative to stable, following a similar decision regarding the rating of its principal shareholder. The long-term rating remained at 'Baa1' and the shortterm rating at 'P-2'.

In the follow-up report on Endesa published by the agency on 6 June 2024, Moody's highlighted that

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

Endesa's underlying credit quality benefits from the significant proportion of regulated activities in its mix of business, which ensure earnings stability, and low leverage According to Moody's, these two positive factors offset Endesa's geographical concentration in the Iberian market, the substantial shareholder returns, and the extensive Investment Plan outlined in the 2024-2026 Strategic Plan, primarily focused on regulated and renewable assets.

Finally, the credit rating agency Standard & Poor's kept Endesa's credit rating unchanged at 'BBB/ A-2' with a stable outlook throughout 2024.

This rating was reaffirmed at the start of 2025, in a report released on 10 January 2025. In it, analysts emphasise that Endesa's 2025-2027 Strategic Plan prioritises the expansion of the grid over renewable energy, leading them to anticipate a rebalancing of the mix of business towards a greater share of lowrisk regulated EBITDA.

Standard & Poor's is confident that Endesa's financial ratios will recover in the coming years to levels consistent with its autonomous Stand Alone Credit Profile (SACP) of 'a-', indicating that the Company's leverage will remain significantly below that of its

European counterparts. In its base case scenario, the agency anticipates that Endesa will produce positive cash flow, even after raising the dividends to 1.50 euros gross per share in 2027 from 1 euro gross per share distributed to shareholders in 2023.

Finally, on 7 February 2025, a new annual review by the Fitch rating agency concluded. On this occasion, Endesa's long-term credit rating remained unchanged at "BBB+/stable outlook" and its senior unsecured rating at "A-", but Endesa's Stand Alone Credit Profile (SACP) was upgraded from "bbb+" to "a-".

This rating upgrade is underpinned by the strong recovery Fitch expects for Endesa's earnings in 2024, both in terms of EBITDA and cash flow generation.

Furthermore, in the agency's opinion, the Company's financial ratios and balance sheet during the period 2025-2027 provide sufficient margin to maintain the rating, "Stand Alone Credit Profile" (SACP) at "a-", even in the event of an increase in investments in the regulated distribution and non-mainland electricity generation businesses, if the remuneration review for the following period 2026-2031 were to conclude with a favourable outcome.

Credit rating

In summary, the evolution of Endesa's credit rating in 2024 and up to the date of formulation of this Consolidated Management Report has been as follows:

				Credit rating
	31 December 2024(1)					31 December 2023(1)
	Long-term	Short-term	Outlook	Date of last report	Long-term	Short-term	Outlook
Standard & Poor's	BBB	A-2	Stable	10 January 2025	BBB	A-2	Stable
Moody's	Baa1	P-2	Stable	6 June 2024	Baa1	P-2	Negative
Fitch	BBB+	F2	Stable	7 February 2025	BBB+	F2	Stable

(1) At the respective dates of formulation of the Consolidated Management Report.

Endesa's credit rating is affected by the rating of its parent company, Enel, according to the methods employed by the rating agencies, and as of 31 December 2024, it is classified within the investment grade category by all the rating agencies.

Endesa works to maintain its investment grade credit rating, to be able to efficiently access money markets and bank financing, and to obtain preferential terms from its main suppliers.

19.2. Dividend policy

The Board of Directors of Endesa, S.A. advocates for an economic-financial strategy that, considering the Company's results and ensuring the financial structure, enables the maximisation of shareholder returns. In this way, the objective of ensuring the Sustainability of the business project is also fulfilled.

As a consequence of this economic and financial strategy, except in exceptional circumstances, which will be duly announced, the Board of Directors of Endesa, S.A., in a meeting held on 15 November 2024, approved the following shareholder remuneration policy for the period 2024-2027.

Shareholder Remuneration Policy

Fiscal years 2024, 2025, 2026, and 2027

• For the years 2024, 2025, 2026, and 2027, the Board of Directors of Endesa, S.A. will aim to ensure that the ordinary dividend per share agreed to be distributed for the year is equal to 70% of the net ordinary profit attributed to the Parent Company in the Group's Consolidated Financial Statements, with a minimum of 1 gross euros per share. • The Board of Directors intends to pay the ordinary dividend exclusively in cash and in two payments (January and July) on a specific date to be confirmed for each month, which will be clearly announced.

Notwithstanding the above, Endesa's ability to distribute dividends to its shareholders depends on several factors, including profit generation, the availability of distributable reserves, and its liquidity situation. There is no guarantee regarding the dividends that may be paid in future years or their amounts.

In relation to 2024, the Board of Directors of Endesa, S.A., at its meeting held on 15 November 2024, resolved to distribute to its shareholders an interim dividend of Euros 0.5 gross per share against 2024 results, the payment of which, which entailed a

disbursement of 529 million euros, was made on 8 January 2025.

Similarly, the proposed application of the 2024 profit to be presented by the Board of Directors of Endesa, S.A. for approval at the General Shareholders' Meeting will involve distributing a total gross dividend of 1.3177 euros per share to its shareholders (see Section 23 of this Consolidated Management Report).

Accordingly, the breakdown of dividends per share for Endesa, S.A. in the years 2024 and 2023 is as follows:

		2024	2023	% Chg.
Share Capital	Millions of Euros	1,270.5	1,270.5	—
Number of shares		1,058,752,117	1,058,752,117	—
Consolidated net ordinary income	Millions of Euros	1,993	951	109.6
Consolidated net income	Millions of Euros	1,888	742	154.4
Individual net income	Millions of Euros	1,427	580	146.0
Net Ordinary Income per Share(1)	Euros	1,882	0.898	109.6
Net earnings per share(1)	Euros	1,783	0.701	154.4
Gross dividend per share	Euros	1.3177(2)	1(3)	—
Consolidated ordinary pay-out(1)	%	70.0	111.3	—
Consolidated pay-out(1)	%	73.9	142.7	—
Individual pay-out(1)	%	97.8	182.5	—

(1) See the definition in Section 9 of this Consolidated Management Report.

(2) Interim dividend of 0.5 euros gross per share paid on 8 January 2025, plus a final dividend of 0.8177 euros gross per share to be paid on 1 July 2025 (subject to approval by the General Meeting of Shareholders).

(3) Interim dividend of 0.5 euros gross per share paid on 2 January 2024, plus a final dividend of 0.5 euros gross per share paid on 1 July 2024.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements VI. Statement of Responsibility

20. Information on financial instruments

Information on Financial Instruments is included in Note 40 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

21. Events after the reporting period

The events after the reporting period are described in Note 52 of the Consolidated Financial Statements for the year ended 31 December 2024.

22. Information on the average suppliers payment period

Information on the average payment period to suppliers for the year 2024 is provided in Note 39.1 to Endesa, S.A.'s Consolidated Financial Statements for the year ended 31 December 2024.

23. Proposal for the allocation of results

160

The profit for 2024 of the Parent Company ENDESA, S.A. was Euro 1,426,696,354.78, which together with the surplus, amounting to Euro 2,395,944,459.74, makes a total of Euro 3,822,640,814.52.

Euros	Proposed Implementation of the Result
To Dividends (1)	1,395,117,664.57
To Retained Earnings	2,427,523,149.95
TOTAL	3,822,640,814.52

(1) Maximum amount to be distributed based on 1.3177 euros gross per share for all shares (1,058,752,117 shares).

The proposal for the allocation of this amount, put forward by the Company's Board of Directors to the General Shareholders' Meeting, involves distributing 1.3177 euros gross per share to dividend-entitled shares, with the remaining amount allocated to Retained Earnings.

CAPÍTULO I. IV. CONSOLIDATED MANAGEMENT REPORT

Carta a los

ACCIONISTAS y otros GRUPOS CONSOLIDATED NON-FINANCIAL INFORMATION STATEMENT AND INFORMATION ON SUSTAINABILITY

DE INTERÉS

This English-language version has been translated from the original issued in Spanish by the entity itself and under its sole responsibility, and is not considered official or regulated financial information. In the event of discrepancy, the Spanish-language version prevails.

24. General Information

Main acronyms used in the Statement on Sustainability Report

Acronym	Meaning
ESRS / NEIS	«European Sustainability Reporting Standards» / Normas Europeas de Información sobre Sostenibilidad
ESG / ASG	«Environmental Social Governance» / Ambiental Social y de Gobernanza
CSRD	«Corporate Sustainability Reporting Directive» / Directiva de Informes de Sostenibilidad Corporativa
	Breakdown Requirements
IRO	«Impacts, Risks and Opportunities» / Impactos, Riesgos y Oportunidades
BP	«Basis for Preparation» / Base de Preparación
GOV	«Governance» / Gobernanza
SBM	«Strategy and Business Model» / Estrategia y Modelo de Negocio
MT	«Metrics and Targets» / Métricas y Objetivos
MDR-P	«Minimum Disclosure Requirements regarding Policies» / Requisitos Mínimos de Divulgación relativos a Políticas
MDR-A	«Minimum Disclosure Requirements regarding Actions» / Requisitos Mínimos de Divulgación relativos a Actuaciones
MDR-M	«Minimum Disclosure Requirements regarding Metrics» / Requisitos Mínimos de Divulgación relativos a Métricas
MDR-T	«Minimum Disclosure Requirements regarding Targets» / Requisitos Mínimos de Divulgación relativos a Objetivos

Legend corresponding to the reference numbering preceding the paragraphs.

Throughout the report, a structured approach has been followed to ensure traceability and alignment with the Corporate Sustainability Reporting Directive (CSRD). Each section includes the reference numbering indicating the specific paragraph of the Delegated Regulation (EU) 2023/2772 of July 31, 2023, to which it

162

refers, making it easier to understand and verify. In correspondence with this numbering, the content developed under each reference provides a direct and substantiated response to the requirements established in the standard, thus ensuring consistency and clarity in the presentation of the information.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

24.1. Company Sustainability Statement (ESRS 2 IRO-2)

The Consolidated Non-Financial Information Statement and Sustainability Report for Endesa, S.A. and Subsidiaries for the year ended 31 December 2024 (hereinafter, the Sustainability Report) has been prepared in compliance with the requirements of Directive (EU) 2022/2464 of 16 December, on the presentation of Sustainability Reports by companies, also in response to Law 11/2018, of 28 December, pending the transposition of this Directive into Spanish law, and in accordance with the joint communication issued on 27 November 2024 by the Spanish National Securities Market Commission (CNMV) and the Spanish Accounting and Auditing Institute (ICAC).

The purpose of this Sustainability Report is to provide a transparent and comprehensive overview of the

company's sustainability performance, in accordance with its Sustainability Policy and the Endesa Sustainability Plan (ESP) or (PES) for its acronym in Spanish, and in compliance with current legal requirements. In this way, Endesa conveys to its stakeholders its commitment to generating long-term value and to the sustainable management of its business.

56, 59

The disclosure requirements established in the European Sustainability Reporting Standards (ESRS/NEIS) that have been covered in Endesa's Sustainability Report as a result of the outcome of the Double Materiality assessment process (see Section 24.5.1. of this Consolidated Management Report) are detailed below:

Section	Standard	Disclosure Requirement(1)	Number of Section
GENERAL INFORMATION
Company Sustainability Statement	ESRS 2	IRO-2	24.1
Basis of preparation	ESRS 2	—	24.2
General basis for the preparation of Sustainability Statements	ESRS 2	BP-1	24.2.1
Specific circumstances	ESRS 2	BP-2	24.2.2
Sustainability Governance	ESRS 2	—	24.3
The role of administrative, management and supervisory bodies	ESRS 2	GOV-1	24.3.1
Administrative, management and supervisory bodies of the company and sustainability issues addressed by them	ESRS 2	GOV-2	24.3.2
Sustainability-related performance of incentive schemes	ESRS 2	GOV-3	24.3.3
Human Rights Due Diligence	ESRS 2	GOV-4	24.3.4
Risk management and internal controls over sustainability reporting	ESRS 2	GOV-5	24.3.5
Strategy	ESRS 2	—	24.4
Strategy, Business Model and Value Chain	ESRS 2	SBM-1	24.4.1
Stakeholder interests and opinions	ESRS 2 ESRS S1 ESRS S2 ESRS S3 ESRS S4	SBM-2	24.4.2
Double Materiality Analysis	ESRS 2	—	24.5
Information on the Double Materiality assessment process	ESRS 2	IRO-1	24.5.1
Material Impacts, Risks and Opportunities (IROs) and their interaction with the strategy and the Business Model	ESRS 2	SBM-3	24.5.2
ENVIRONMENTAL INFORMATION
Taxonomy		—	25.1
Climate Change (E1)		—	25.2
Transition Plan for Climate Change mitigation	ESRS E1	E1-1	25.2.1

Section	Standard	Disclosure Requirement(1)	Number of Section
Material Impacts, Risks and Opportunities and their interaction with strategy and Business Model	ESRS E1	SBM-3	25.2.2
Processes for determining and assessing material climate-related Impacts, Risks and Opportunities (IROs)	ESRS E1	IRO-1	25.2.3
Governance - Sustainability-related performance in incentive systems	ESRS E1	GOV-3	25.2.4
Policies related to mitigation and adaptation to Climate Change	ESRS E1	E1-2	25.2.5
Actions and resources in relation to Climate Change Policies	ESRS E1	E1-3	25.2.6
Metrics and targets	ESRS E1	—	25.2.7
Objectives related to mitigation and adaptation to Climate Change	ESRS E1	E1-4	25.2.7.1
Energy consumption	ESRS E1	E1-5	25.2.7.2
Gross Greenhouse Gases (GHG) emissions of Scope 1, 2, 3 and total emissions	ESRS E1	E1-6	25.2.7.3
Greenhouse Gases (GHG) removals and Greenhouse Gases (GHG) mitigation projects financed through carbon credits	ESRS E1	E1-7	25.2.7.4
Internal carbon pricing	ESRS E1	E1-8	25.2.7.5
Expected financial impacts of physical, material and Transition Risks and potential Climate-related Opportunities	ESRS E1	E1-9	25.2.7.6
Pollution (E2)		—	25.3
Processes for determining and assessing pollution-related Impacts, Risks and Opportunities (IROs)	ESRS E2	IRO-1	25.3.1
Pollution-related policies	ESRS E2	E2-1	25.3.2
Actions and remedies in relation to pollution	ESRS E2	E2-2	25.3.3
Metrics and targets	ESRS E2	—	25.3.4
Pollution-related objectives	ESRS E2	E2-3	25.3.4.1
Air pollution	ESRS E2	E2-4	25.3.4.2
Substances of concern and substances of very high concern	ESRS E2	E2-5	25.3.4.3
Anticipated financial effects of pollution-related risks and opportunities	ESRS E2	E2-6	25.3.4.4
Water and Marine Resources (E3)		—	25.4
Processes for determining and assessing Impacts, Risks and Opportunities (IROs) related to water and marine resources	ESRS E3	IRO-1	25.4.1
Policies related to water and marine resources	ESRS E3	E3-1	25.4.2
Actions and resources in relation to Water and Marine Policies	ESRS E3	E3-2	25.4.3
Metrics and targets	ESRS E3	—	25.4.4
Objectives related to water and marine resources	ESRS E3	E3-3	25.4.4.1
Water consumption	ESRS E3	E3-4	25.4.4.2
Anticipated financial effects of Risks and Opportunities related to water and marine resources	ESRS E3	E3-5	25.4.4.3
Biodiversity and Ecosystems (E4)		—	25.5
Transition Plan and consideration of Biodiversity and Ecosystems in Strategy and Business Model	ESRS E4	E4-1	25.5.1
Material Impacts, Risks and Opportunities and their interaction with strategy and Business Model	ESRS E4	SBM-3	25.5.2
Processes for determining and assessing Biodiversity and Ecosystem-related Impacts, Risks and Opportunities (IROs)	ESRS E4	IRO-1	25.5.3
Biodiversity and Ecosystem-related Policies	ESRS E4	E4-2	25.5.4
Actions and resources in relation to Biodiversity and Ecosystems	ESRS E4	E4-3	25.5.5
Metrics and targets	ESRS E4		25.5.6
Objectives related to Biodiversity and Ecosystems	ESRS E4	E4-4	25.5.6.1
Biodiversity and Ecosystem-related impact metrics	ESRS E4	E4-5	25.5.6.2
Anticipated financial effects from Biodiversity and Ecosystem Risks and Opportunities	ESRS E4	E4-6	25.5.6.3

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

Section Standard

V. Consolidated Financial Statements Management Report

Disclosure Requirement(1)

VI. Statement of Responsibility

Number of Section

Resource Use and Circular Economy (E5)		—	25.6
Processes to determine and assess the Impacts, Risks and Opportunities (IROs) related to resource use and the Circular Economy.	ESRS E5	IRO-1	25.6.1
Policies related to resource use and the Circular Economy	ESRS E5	E5-1	25.6.2
Actions and resources in relation to resource use and the Circular Economy	ESRS E5	E5-2	25.6.3
Metrics and targets	ESRS E5	—	25.6.4
Objectives related to the use of resources and the Circular Economy	ESRS E5	E5-3	25.6.4.1
Resource outflows	ESRS E5	E5-5	25.6.4.2
Anticipated financial effects of Risks and Opportunities related to resource use and the Circular Economy	ESRS E5	E5-6	25.6.4.3
SOCIAL INFORMATION
Own Workforce (S1)		—	26.1
Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and Business Model	ESRS 2	SBM-3	26.1.1
Policies relating to own staff	ESRS S1	S1-1	26.1.2
Processes	ESRS S1	—	26.1.3
Processes for interacting with workers themselves and workers' representatives on Impacts	ESRS S1	S1-2	26.1.3.1
Processes to remedy Negative Impacts and channels for workers to raise their own concerns	ESRS S1	S1-3	26.1.3.2
Taking action on material Impacts on own staff, and approaches to mitigating material Risks and pursuing material Opportunities related to own staff, and the effectiveness of those actions	ESRS S1	S1-4	26.1.4
Metrics and targets	ESRS S1	—	26.1.5
Objectives related to managing material Negative Impacts, advancing Positive Impacts and managing material Risks and Opportunities.	ESRS S1	S1-5	26.1.5.1
Characteristics of the company's employees	ESRS S1	S1-6	26.1.5.2
Characteristics of non-salaried workers in the company's own workforce	ESRS S1	S1-7	26.1.5.3
Diversity Metrics	ESRS S1	S1-9	26.1.5.4
Adequate wages	ESRS S1	S1-10	26.1.5.5
Social protection	ESRS S1	S1-11	26.1.5.6
People with disabilities	ESRS S1	S1-12	26.1.5.7
Training and skills development metrics	ESRS S1	S1-13	26.1.5.8
Health and safety metrics	ESRS S1	S1-14	26.1.5.9
Work-life balance metrics	ESRS S1	S1-15	26.1.5.10
Compensation metrics	ESRS S1	S1-16	26.1.5.11
Incidents, complaints and serious human rights impacts	ESRS S1	S1-17	26.1.5.12
Value Chain Workers (S2)		—	26.2
Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and Business Model	ESRS S2	SBM-3	26.2.1
Policies related to workers in the Value Chain	ESRS S2	S2-1	26.2.2
Processes	ESRS S2	—	26.2.3
Processes for interacting with Value Chain workers on Impacts	ESRS S2	S2-2	26.2.3.1
Processes for remediating Negative Impacts and channels for Value Chain workers to raise concerns	ESRS S2	S2-3	26.2.3.2
Take action on material Impacts on workers in the Value Chain, and approaches to mitigate material Risks and pursue material Opportunities related to workers in the Value Chain, and the effectiveness of those actions.	ESRS S2	S2-4	26.2.4
Objectives related to managing material Negative Impacts, advancing Positive Impacts and managing material Risks and Opportunities.	ESRS S2	S2-5	26.2.5
Affected Communities (S3)		—	26.3
Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and Business Model	ESRS S3	SBM-3	26.3.1

165

Section	Standard	Disclosure Requirement(1)	Number of Section
Policies related to Affected Communities	ESRS S3	S3-1	26.3.2
Processes	ESRS S3	—	26.3.3
Processes for interacting with affected Communities on Impacts	ESRS S3	S3-2	26.3.3.1
Processes for remedying Negative Impacts and channels for affected Communities to raise concerns	ESRS S3	S3-3	26.3.3.2
Take action on material Impacts on Affected Communities, and approaches to mitigate material Risks and pursue material Opportunities related to Affected Communities, and the effectiveness of those actions	ESRS S3	S3-4	26.3.4
Objectives related to managing material Negative Impacts, advancing Positive Impacts and managing material Risks and Opportunities.	ESRS S3	S3-5	26.3.5
Consumers and End Users (S4)		—	26.4
Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and Business Model	ESRS 2	SBM-3	26.4.1
Consumer and end-user policies	ESRS S4	S4-1	26.4.2
Processes	ESRS S4	—	26.4.3
Processes for interacting with consumers and end-users on Impacts	ESRS S4	S4-2	26.4.3.1
Processes for remediating Negative Impacts and channels for consumers and end-users to raise concerns	ESRS S4	S4-3	26.4.3.2
Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of such actions	ESRS S4	S4-4	26.4.4
Metrics and Targets	ESRS S4	—	26.4.5
Objectives related to managing material Negative Impacts, advancing Positive Impacts and managing material Risks and Opportunities.	ESRS S4	S4-5	26.4.5.1
GOVERNANCE INFORMATION
Business Conduct (G1)		—	27.1
The role of administrative, management and supervisory bodies	ESRS G1	GOV-1	27.1.1
Description of processes for determining and assessing Impacts, Risks and Opportunities (IROs)	ESRS G1	IRO-1	27.1.2
Business conduct policies and corporate culture	ESRS G1	G1-1	27.1.3
Supplier relationship management	ESRS G1	G1-2	27.1.4
Preventing and detecting corruption and bribery	ESRS G1	G1-3	27.1.5
Confirmed cases of corruption or bribery	ESRS G1	G1-4	27.1.6
Political influence and lobbying activities	ESRS G1	G1-5	27.1.7
Payment practices	ESRS G1	G1-6	27.1.8
Taxation	ESRS G1		27.1.9

(1) Disclosure Requirements E5-4 and S1-8 are not included as they were not material.

The paragraphs of the disclosure requirements of the different standards of the Corporate Sustainability Reporting Directive (CSRD) that contain cross-cutting data with other European legislation are listed below, indicating whether or not they are material for Endesa, as well as the section of this Consolidated Management Report in which this information is detailed:

Standard	Disclosure Requirement Paragraph(1)		Reference(2)	Materiality	Section of the Report
ESRS 2	GOV-1	21 d	SFDR/BNCH	Material	24.3.1.
ESRS 2	GOV-1	21 e	BNCH	Material	24.3.1.
ESRS 2	GOV-4	30; 32	SFDR	Material	24.3.4.
ESRS 2	SBM-1	40 d i	SFDR/P3/BNCH	Material	24.4.1.
ESRS 2	SBM-1	40 d ii	SFDR/BNCH	Na	—
ESRS 2	SBM-1	40 d iii	SFDR/BNCH	Na	—
ESRS 2	SBM-1	40 d iv	BNCH	Na	—

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements
Other Stakeholders	Audit Report	Verification Report

VI. Statement of Responsibility

	Disclosure
Standard	Requirement Paragraph(1)		Reference(2)	Materiality	Section of the Report
ESRS E1	E1-1	14; 16	LC	Material	25.2.1.
ESRS E1	E1-1	16 g	P3/BNCH	Material	25.2.1.
ESRS E1	E1-4	34	SFDR/P3/BNCH	Material	25.2.7.1.
ESRS E1	E1-5	37	SFDR	Material	25.2.7.2.
ESRS E1	E1-5	38	SFDR	Material	25.2.7.2.
ESRS E1	E1-5	40	SFDR	Material	25.2.7.2.
ESRS E1	E1-5	41	SFDR	Material	25.2.7.2.
ESRS E1	E1-5	42	SFDR	Material	25.2.7.2.
ESRS E1	E1-5	43	SFDR	Material	25.2.7.2.
ESRS E1	E1-6	44	SFDR/P3/BNCH	Material	25.2.7.3.
ESRS E1	E1-6	53	SFDR/P3/BNCH	Material	25.2.7.3.
ESRS E1	E1-6	54	SFDR/P3/BNCH	Material	25.2.7.3.
ESRS E1	E1-6	55	SFDR/P3/BNCH	Material	25.2.7.3.
ESRS E1	E1-7	56 a	LC	Material	25.2.7.4.
ESRS E1	E1-7	56 b	LC	Material	25.2.7.4.
ESRS E1	E1-9	66	BNCH	Material
ESRS E1	E1-9	66 a, c	P3	Material	No response will be given this year as Endesa is taking
ESRS E1	E1-9	67 c	P3	Material	advantage of the "phase in" option provided for in the Corporate Sustainability Reporting Directive (CSRD).
ESRS E1	E1-9	69	BNCH	Material
ESRS E2	E2-4	28	SFDR	Material	25.3.4.2.
ESRS E3	E3-1	9, 11	SFDR	Material	25.4.2.
ESRS E3	E3-1	13	SFDR	Material	25.4.2.
ESRS E3	E3-1	14	SFDR	Material	25.4.2.
ESRS E3	E3-4	28 c	SFDR	Material	25.4.4.2.
ESRS E3	E3-4	29	SFDR	Material	25.4.4.2.
ESRS E4	E4 SBM-3	16 a i	SFDR	Material	25.5.2.
ESRS E4	E4 SBM-3	16 b	SFDR	Material	25.5.2.
ESRS E4	E4 SBM-3	16 c	SFDR	Material	25.5.2.
ESRS E4	E4-2	24 b	SFDR	No Material	—
ESRS E4	E4-2	24 c	SFDR	No Material	—
ESRS E4	E4-2	24 d	SFDR	Material	25.5.4.
ESRS E5	E5-5	37 d	SFDR	Material	25.6.4.2.
ESRS E5	E5-5	39	SFDR	Material	25.6.4.2.
ESRS S1	S1 SBM-3	14 f	SFDR	Material	26.1.2.
ESRS S1	S1 SBM-3	14 g	SFDR	Material	26.1.1.
ESRS S1	S1-1	20	SFDR	Material	26.1.1.
ESRS S1	S1-1	21	P3	Material	26.1.1.
ESRS S1	S1-1	22	SFDR	Material	26.1.1.
ESRS S1	S1-1	23	SFDR	Material	26.1.2.
ESRS S1	S1-3	32 c	SFDR	Material	26.1.3.2.
ESRS S1	S1-14	88 b, c	SFDR/BNCH	Material	26.1.5.9.
ESRS S1	S1-14	88 e	SFDR	Material	26.1.5.9.
ESRS S1	S1-16	97 a	SFDR/BNCH	Material	26.1.5.11
ESRS S1	S1-16	97 b	SFDR	Material	26.1.5.11
ESRS S1	S1-17	103 a	SFDR	Material	26.1.5.12.
ESRS S1	S1-17	104 a	SFDR/BNCH	Material	26.1.5.12.
ESRS S2	S2 SBM-3	11 b	SFDR	Material	26.2.1.
ESRS S2	S2-1	17	SFDR	Material	26.2.2.
ESRS S2	S2-1	18	SFDR	Material	26.2.2.
ESRS S2	S2-1	19	SFDR/BNCH	Material	26.2.2.
ESRS S2	S2-4	36	SFDR	Material	26.2.4.

Standard	Disclosure Requirement Paragraph(1)		Reference(2)	Materiality	Section of the Report
ESRS S3	S3-1	16	SFDR	Material	26.3.2.
ESRS S3	S3-1	17	SFDR/BNCH	Material	26.3.2.
ESRS S3	S3-4	36	SFDR	Material	26.3.4.
ESRS S4	S4-1	16	SFDR	Material	26.4.2.
ESRS S4	S4-1	17	SFDR/BNCH	Material	26.4.2.
ESRS S4	S4-4	35	SFDR	Material	26.4.4.
ESRS G1	G1-1	10 b	SFDR	Material	27.1.3.
ESRS G1	G1-1	10 d	SFDR	Non-material	—
ESRS G1	G1-4	24 a	SFDR/BNCH	Material	27.1.6.
ESRS G1	G1-4	24 b	SFDR	Material	27.1.6.

(1) Where a paragraph is referred to in generic terms (see E1-4, paragraph 34), all information and subparagraphs required by the paragraph apply. (2) European legislation including data points included in the Corporate Sustainability Reporting Directive (CSRD) (see Section 24.2.2. of this Consolidated Management Report):

• SFDR: Regulation on Sustainability Disclosures in the Financial Services Sector.

• P3: Pillar 3.

• BNCH: Benchmark Regulation.

• LC: European Climate Legislation.

24.2. Basis of preparation (ESRS 2)

24.2.1. General Basis for the Preparation of Sustainability Statements (BP-1)

5 a)

168

Endesa's Sustainability Report for the year ended 31 December 2024 has been prepared in accordance with the following regulations:

• "Corporate Sustainability Reporting Directive" (CSRD), complying with the requirements of Directive 2014/95/EU of 22 October, as amended by Directive (EU) 2022/2464 of 16 December, on Sustainability Reporting by companies, which introduces more detailed obligations and a higher level of transparency in the disclosure of Non-Financial Information.

Likewise, Endesa, pending the transposition of this Directive into Spanish law and in line with the joint statement issued by the Spanish National Securities Market Commission (CNMV) and the Spanish Accounting and Audit Institute (ICAC) on 27 November 2024, has considered in this Sustainability Report the requirements stipulated by Law 11/2018, of 28 December, which amends the Commercial Code, the revised text of the Capital Companies Act approved by Royal Decree Law 1/2010, of 2 July, Act 22/2015, of 20 July, on Auditing of Accounts, with regard to Non-Financial Information and Diversity and Act 5/2021, of 12 April, which amends article 49.6.II, fourth indent, of the Commercial Code.

• "European Sustainability Reporting Standards (ESRS), following the standards published by the "European Financial Reporting Advisory Group" (EFRAG) to ensure the correct presentation of information related to environmental, social, governance (ESG) factors, as well as the impacts derived from business activity.
• Article 8 of the European Union (EU) Taxonomy Regulation, and all associated Delegated Acts issued by the European Commission.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

Scope of the Statement on Sustainability Report

5 b) i, ii, c), d), e)

The scope of the information presented in this report covers both Endesa, S.A. and its subsidiaries, in accordance with the same scope of consolidation used in the consolidated financial statements for the year ended 31 December 2024.

Endesa's Sustainability Report includes consolidated information prepared in accordance with the Basis of Presentation of the Consolidated Financial Statements for the year ended 31 December 2024 (see Note 2 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).

Endesa's Sustainability Report comprehensively covers all stages of the Value Chain, i.e. it covers upstream and downstream stages. It also includes detailed information on the Impacts, Risks and Opportunities (IROs) arising from the company's activities and its direct and indirect business relationships, from the procurement of raw materials to the final distribution of its products or services. The scope of the Value Chain has been established on the basis of the Human Rights Due Diligence process and the Double Materiality Analysis (see Section 24.5.1. of this Consolidated Management Report).

Furthermore, Endesa declares that it has not availed itself of any of the exemptions from disclosure provided for in Directive 2013/34/EU of 26 June (exemption from disclosure of imminent events or matters under negotiation), and therefore all the information required has been provided in accordance with the regulations in force.

24.2.2. Specific Circumstances (BP-2)

Time horizons

9 a), b)

The time horizons that delimit the information provided in the Sustainability Report are those defined in the "Corporate Sustainability Reporting Directive" (CSRD) and are detailed below:

Time Horizon	Definition of the Time Horizon
Short Term	The period adopted by the Company as the reference period in the Financial Statements, i.e. equal to or less than 12 months, (see Note 3.2 n) of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.
Medium Term	From the end of the short-term reporting period up to 5 years.
Long-term	More than 5 years.

Endesa has also defined time horizons for certain information or analysis other than those used in the Sustainability Report mentioned above, which are detailed below:

• Endesa's 2025-2027 Strategic Plan: the horizons defined in this Plan correspond to the management horizons managed internally by the Company. In this way, Endesa has specific visibility of the variables that affect the business, thus avoiding uncertainty and lack of precision regarding these variables over longer time horizons that allow for a better capacity to respond to changes in the environment.
• Analysis of climate scenarios and Greenhouse Gases (GHG) reduction targets. Endesa defines its time horizons according to the following criteria:
  • • Short term: 1 to 3 years, aligned with the Company's Strategic Plan, where sensitivity analyses can be performed based on the Strategic Plan 2025-2027.
  • • Medium term: 4 to 10 years, when the effects of the Energy Transition start to materialise.
  • • Long term: more than 10 years, in which, in addition to the materialisation of the effects of the Energy Transition, chronic changes at the climate level will be seen.

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

• Endesa has also aligned the time horizons of the Double Materiality - Financial Materiality analysis with the horizons defined in the Strategic Plan, as it considers that the financial elements included in the analysis are addressed through the actions set out in the Strategic Plan. In this regard, the "short term" time horizon defined in the "Corporate Sustainability Reporting Directive" (CSRD) has been maintained, while the medium term has been

aligned with the 3-year period included in the Company's Strategic Plan (2025-2027), and the long term for all those horizons that exceed the period of the Strategic Plan (from 2028 onwards).

Below is a summary of the time horizons other than those defined in the "Corporate Sustainability Reporting Directive" (CSRD) listed above:

Time Horizon	Strategic Plan	Climate Scenarios and Greenhouse Gases (GHG) Reduction Targets	Double Materiality - Financial Materiality
Short Term	Period 2025-2027	Period 2025-2027	Period 2024
Medium Term	Not Applicable	Period 2028-2034	Period 2025-2027
Long-term	Not Applicable	Period 2035-2050	Period 2028-onwards

Metrics

170

10 a), b), c), d) 11 a), b) i, ii

In preparing this Sustainability Report, estimates have been used to quantify metrics relating to the calculation of the carbon footprint of the value chain in order to provide an adequate representation of the impact generated by Endesa. These estimates relate to:

• Quantitative metrics that have been obtained using indirect sources, and are mainly related to upstream or downstream stages of the Value Chain. These estimates mainly refer to the Value Chain Carbon Footprint, which is included in Scope 3 emissions and involves a calculation based on activity data and bibliographic emission factors. This calculation is validated annually by an independent verifier in accordance with the International Standard ISO 14064.
• Quantitative metrics that have been derived using estimation sources with measurement uncertainty. However, the Company does not consider that all metrics that cannot be measured directly entail a high level of uncertainty. Endesa has not identified metrics estimated with a high degree of measurement uncertainty in the preparation of the Sustainability Report.

Changes in the presentation and preparation of Sustainability Information

13 a), b), c)

In the 2024 financial year, Endesa has modified the calculation of the unadjusted salary gap in order to adapt it to the calculation required by the "Corporate Sustainability Reporting Directive" (CSRD) through the social standard relating to its own workforce. In this regard, Endesa has opted to review the figures provided in previous periods to update them with the new calculation methodology. In addition, in order to maintain continuity with the data reported in previous years, Endesa has opted to include the adjusted pay gap data (see Section 26.1.5.11 of this Consolidated Management Report).

In addition, the methodology for calculating the tables of critical areas affected by biodiversity has been modified by applying, in 2024, the corporate methodology "Locate, Evaluate, Assess, Prepare" (LEAP) proposed by the Taskforce on Nature-related Financial Disclosures (TNFD). Accordingly, Endesa does not include the 2023 data in these tables due to lack of comparability (see sections 25.5.2 and 25.5.6.2 of this Consolidated Management Report).

In preparing this Sustainability Report for the year ended 31 December 2024, Endesa has not identified any errors reported in the previous year's statement that are material to the Company.

Information derived from other legislation or generally accepted standards on Sustainability Reporting

15

Other legislation or standards used in the preparation of the Sustainability Report are listed below:

• Law 11/2018, of 28 December, which amends the Commercial Code, the revised text of the Capital Companies Act approved by Royal Decree Law 1/2010, of 2 July, and Law 22/2015, of 20 July, on Auditing of Accounts, in matters of Non-Financial Information and Diversity, and Law 5/2021, of 12 April, which amends article 49.6.II, fourth indent, of the Commercial Code.

• "Global Reporting Initiative (GRI Standards), a worldwide initiative for the presentation of Sustainability Reports and the Electric Sector Supplement. These standards have been applied to report information relating to Taxation (see Section 27.1.9. of this Consolidated Management Report).
• The recommendations set out by the Task Force on Climate-Related Financial Disclosures (TCFD) in relation to the reporting of identified Climate Change Risks and Opportunities.

24.3. Sustainability Governance (ESRS 2)

24.3.1. The Role of Administrative, Management and Supervisory Bodies (GOV-1)

Composition and diversity of the administrative, management and supervisory bodies

administer and represent the Company, will, as a general rule, entrust the day-to-day management of the Company to the Delegated Management Bodies.

171

21 a), b), c), d), e)

The Board of Directors of Endesa, S.A., which has the broadest powers and authority to manage, direct, The composition of the Board of Directors of Endesa, S.A., including the position of each member and the distinction between Executive and Non-Executive Directors, is detailed below:

Member	Cargo	Typology	First Appointment	Latest Appointment
Mr Juan Sánchez-Calero Guilarte	President	External-Independent	12/4/2019	28/4/2023
Mr Flavio Cattaneo	Vice-President	External-Propietary (1)	20/6/2023	24/4/2024
Mr José D. Bogas Gálvez	Chief Executive Officer	Executive	7/10/2014	29/4/2022
Mr Guillermo Alonso Olarra	Member	External-Independent	24/4/2024	24/4/2024
Mr Stefano de Angelis	Member	External-Propietary (1)	22/9/2023	24/4/2024
Mr Gianni Vittorio Armani	Member	External-Propietary (1)	25/7/2023	24/4/2024
Ms Eugenia Bieto Caubet	Member	External-Independent	5/5/2020	24/4/2024
Ms Elisabetta Colacchia	Member	External-Propietary (1)	24/4/2024	24/4/2024
Mr Ignacio Garralda Ruiz de Velasco	Member	External-Independent	27/4/2015	28/4/2023
Ms Pilar González de Frutos	Member	External-Independent	5/5/2020	24/4/2024
Ms Francesca Gostinelli	Member	External-Propietary (1)	29/4/2022	29/4/2022
Mr Francisco de Lacerda	Member	External-Independent	27/4/2015	28/4/2023
Ms Michela Mossini	Member	External-Propietary (1)	24/4/2024	24/4/2024
Ms Cristina de Parias Halcón	Member	External-Independent	29/4/2022	29/4/2022
Mr Borja Acha Besga	Secretary	—	1/8/2015	—

(1) Representing Enel, S.p.A.

In addition, the Skills Matrix of the Board of Directors of Endesa, S.A. at 31 December 2024 includes the experience and skills of the Directors in different sectors:

Directors	Finance and Risk	Engineering	Legal	Management	Strategy	ICT	HR	and Corporate Sustainability Governance	Climate Change	Years in office(1)	Nationality	Gender	Age(1)
Mr Juan Sanchez-Calero Guilarte	•		•	•	•			•		5.8	ESP	H	68
Mr Flavio Cattaneo	•			•	•	•	•	•	•	1.6	ITA	H	61
Mr José Bogas Gálvez	•	•		•	•				•	10.2	ESP	H	69
Mr Guillermo Alonso Olarra	•		•	•	•					0.8	ESP	H	58
Mr Stefano De Angelis	•			•	•	•				1.3	ITA	H	57
Mr Gianni Vittorio Armani	•	•		•	•				•	1.5	ITA	H	58
Ms Eugenia Bieto Caubet	•			•	•		•	•		4.7	ESP	M	74
Ms Elisabetta Colacchia	•			•	•		•			0.8	ITA	M	50
Mr Ignacio Garralda Ruiz de Velasco	•		•	•	•		•	•		9.8	ESP	H	73
Ms Pilar Gonzalez de Frutos	•		•	•	•					4.7	ESP	M	68
Ms Francesca Gostinelli	•	•		•	•			•	•	2.8	ITA	M	51
Mr Francisco de Lacerda	•			•	•		•	•		9.8	PORT	H	64
Ms Michela Mossini	•			•	•					0.8	ITA	M	56
Ms Cristina de Parias Halcón	•		•	•	•	•		•		2.8	ESP	M	59

172

(1) Age and years in office at 31/12/2024

All the members of the Board of Directors of Endesa, S.A. have extensive experience in the energy sector, having held positions of responsibility in various areas of the industry throughout their professional careers. They also have in-depth knowledge of the geographical areas where the Company operates, enabling them to contribute effectively to business strategy and decision-making in Endesa's key markets.

The composition of the Board of Directors of Endesa, S.A. is 50% independent Directors, 42.8% proprietary Directors and a single executive member representing 6.25%. Furthermore, there is no representation of employees or other workers on the board.

Endesa promotes diversity by integrating it at all levels of the company. In this regard, the Company has a Director selection policy that aims to ensure that at least 40 % of the members of the Board of Directors are women. As of 31 December 2024, the percentage of women on the Board of Directors is 43% (see Section 3.3 of this Consolidated Management Report).

Likewise, in order to promote gender diversity in senior management, Endesa's succession plans require that at least half of the candidates must be of the least represented gender.

Functions of the administrative, management and supervisory bodies

22 a), b), c) i, ii, iii, d), AR 5

Endesa has a Sustainability Governance and Management System that involves the entire company, with the Board of Directors as its highest governing body, advised by the Sustainability and Corporate Governance Committee and the General Directorate of Sustainability, which forms part of the Executive Management Committee and is responsible for coordinating and promoting the company's sustainability strategy.

The Sustainability and Corporate Governance Committee establishes an annual work programme with an annual meeting schedule and planning. The Committee meets in accordance with this schedule,

V. Consolidated Financial Statements IV. Consolidated Management Report

173

as well as whenever convened by its Chairman, or when so decided by a majority of its members, or at the request of the Board of Directors.

The main function of the Sustainability and Corporate Governance Committee is to advise the Board of Directors of Endesa, S.A. and supervise it in matters of the Environment and Sustainability, Human Rights and Diversity, in relation to the strategy for social action, as well as in the area of the Company's Corporate Governance strategy. In this respect, this Committee is informed at all times of the latest national and international trends, regulations and standards on sustainability matters in order to promote the skills of its members and thus ensure that the highest governance body is fully aware of these issues.

Among the various functions of the Committee is the supervision of the Double Materiality process, which covers the sustainability issues relevant to the Company's stakeholders, including the supervision and approval of the identification of Impacts, Risks and Opportunities (IROs) carried out in this process, which is led by the General Directorate of Sustainability, which transfers the results to the Committee for approval.

The General Directorate of Sustainability, which reports directly to the CEO and also sits on the Executive Management Committee, plays a key role in mobilising and promoting Endesa's sustainability strategy.

The governance model of the Double Materiality analysis process is detailed below:

		Sustainability and Corporate Governance Committee
	• Members of the Sustainability and Corporate Governance Committee, which supervises and reports to the company's highest governing body, the Endesa, S.A. Board of Directors.			• Approval of the Double Materiality process.
		General Directorate of Sustainability
	• General Manager of Sustainability-Endesa. • Head of Sustainability Planning and Stakeholder Relations - Endesa.		• Final validation of the results of the evaluation of the Double Materiality process.
		Project team				Internal areas		• Planning, design and leadership of surveys and interviews in order to ensure the correct
Endesa.	• Sustainability planning and stakeholder relations			• Risk area.	Opportunities (IROs) identified. • Planning and control area.	• Internal areas responsible for the internal management of the issues related to each of the Impacts, Risks and	identification and assessment of Impacts, Risks and Opportunities (IROs). • Review and standardisation of evaluations. • Upload the evaluation results into the E-MIA group tool. • Further review and identification of Impacts, Risks and Opportunities (IROs). • Impact, Risk and Opportunity Assessments (IROs) on the basis of the parameters defined by "European Financial Repoking Advisory Group". (EFRAG). • Quantification of financial materiality.
	Stakeholders							• Identification of Impacts, Risks and (IROs) through
Suppliers	Employees	Clients	Civil society	Business community	Financial community	Sustainable development networks	Internal stakeholders	different consultation methods. • Evaluation of the impacts related to its management theme, through online surveys, based on the parameters of scale, scope and irremediability.

These responsibilities are set out in the Rules of Procedure of the Board of Directors. For further information, the Rules of Procedure of the Board of Directors can be found on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/normativa-interna

To manage impacts, risks and opportunities (IROs), Endesa, through the General Directorate of Sustainability, coordinates the sustainability planning process which, through the Endesa Sustainability Plan (ESP), aims to respond to each of the impacts, risks and opportunities (IROs) through metrics and objectives that can be measured and assessed annually. The management of compliance with each of the metrics and objectives is the responsibility of the areas that manage them, with the General Directorate of Sustainability being responsible for reporting on their achievement.

To prepare the Endesa Sustainability Plan (ESP), the Company has a working group, led by the Sustainability area and comprising the internal areas of the Company responsible for managing each of the Impacts, Risks and Opportunities (IROs), which is responsible for establishing metrics and objectives and designing and implementing action plans to mitigate Negative Impacts and Risks and enhance Positive Impacts and Opportunities. This Endesa Sustainability Plan (ESP) has the same timeframe as the Company's Strategic Plan, and the General Directorate of Sustainability shares it with the Company's Management Committee and reports to the Sustainability and Corporate Governance Committee for approval by the Board of Directors of Endesa, S.A. In addition, the General Directorate of Sustainability submits the degree of compliance with the Endesa Sustainability Plan (ESP) to the

Sustainability and Corporate Governance Committee for its supervision on an annual basis.

Sustainability among the administrative, management and supervisory bodies

23 a), b)

E n d e s a's a d m i n i s t ra t i ve, ma na g e m e nt a n d supervisory bodies are responsible for assessing the skills and expertise required to adequately supervise sustainability issues and material impacts, risks and opportunities (IROs), and may rely on specialised external consultants for this purpose. The Directors' skills matrix lists those whose specific competence is Sustainability and Corporate Governance (see Section 24.3.1. of this Consolidated Management Report).

24.3.2. Administrative, management and supervisory bodies of the company and Sustainability issues addressed by them (GOV-2)

26 a), b), c)

174

As indicated in Section 24.3.1, in order to always respond to the best compliance and implementation of actions and strategy in the field of Sustainability, Endesa has a Sustainability and Corporate Governance Committee, whose main function is to advise the Board of Directors of Endesa, S.A. and to supervise and monitor matters related to the Environment, including Climate Change, as well as social and governance issues.

The Sustainability and Corporate Governance Committee is also the body in charge of supervising the Double Materiality process, which includes informing the administrative, management and supervisory bodies of the material Impacts, Risks and Opportunities (IROs) faced by the Company and reporting on the results of the Human Rights Due Diligence process, with the aim of identifying and assessing possible Risks arising from Endesa's operations, as well as the potential Impacts they may generate. This communication also includes an assessment of the results and effectiveness of the policies, actions, parameters and targets

adopted to manage these material impacts, risks and opportunities (IROs), ensuring constant and rigorous monitoring of the same. The communication of the Impacts, Risks and Opportunities (IROs), as a result of the Double Materiality process, is carried out annually. The results of the Due Diligence process are presented to the Sustainability and Corporate Governance Committee every 3 years, which is when the process is carried out, although this process results in the development of an action plan whose monitoring is submitted to the Sustainability and Corporate Governance Committee annually to report on the statement of actions and the degree of compliance.

Endesa, S.A.'s administrative, management and supervisory bodies approve the company's strategy for tackling the main social and environmental challenges. This strategy is described annually in Endesa's Strategic Plan. The Double Materiality analysis includes the key elements in terms of social, environmental and ethical aspects in order to incorporate them into Endesa's decision-making process and, therefore, into the Company's strategy (see Section 24.5.2 of this Consolidated Management Report).

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

Endesa's Strategic Plan defines the key factors and lines of work for the next three-year period, through which the company will tackle the main challenges, seize opportunities and mitigate negative impacts. These actions include boosting the grids to address the Energy Transition, improving service to customers and complying with the decarbonisation strategy through investments in renewable generation see

Section 6.2 of this Consolidated Management Report). In addition, through the Endesa Sustainability Plan (ESP), Endesa responds to material impacts, risks and opportunities (IROs) with a high level of detail, enabling the company to respond appropriately to social and environmental issues. Both plans are approved by the Board of Directors of Endesa, S.A.

24.3.3. Sustainability-related performance in incentive schemes (GOV-3)

29 a), b), c), d), e)

Endesa has implemented a long-term incentive system called the "Loyalty or Strategic Incentive Plan", the main purpose of which is to reward the contribution to the Company's business strategy and long-term sustainability of people in positions of greater responsibility, executive Directors and executives whose participation is considered essential in achieving the strategic plan. This variable remuneration scheme is organised in consecutive three-year programmes that begin each year, and whose objectives are reviewed annually. Currently, the 2022-2024, 2023-2025 and 2024-2026 plans are

underway, which establish the following objectives related to Sustainability (see Note 46.3.5 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024):

Strategic Incentive Plan 2022-2024

The "Strategic Incentive Plan 2022-2024" is linked to the achievement of 5 objectives, 3 of which are linked to Sustainability issues, during the performance period, which will be 3 years, starting on 1 January 2022:

175

	Objectives Linked to Sustainability Issues	Weighting(1)
Strategic Incentive	• Net installed capacity from renewable sources, represented by the ratio of net installed capacity from renewable sources to Endesa's total cumulative net installed capacity in 2024 (see Note 5.1 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).
	• Reduction of Endesa's carbon dioxide (CO2 ) emissions in 2024 (see Note 5.1 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).	10%
	• Percentage of women in management succession plans by 2024.	5%

(1) In the Incentive Total.

Strategic Incentive Plan 2023-2025

Sustainability issues, during the performance period, which will be 3 years, starting on 1 January 2023:

The "Strategic Incentive 2023-2025" is linked to the achievement of 4 objectives, 2 of which are linked to

	Objectives Linked to Sustainability Issues	Weighting(1)
Strategic Incentive 2023- 2025	• Reduction of Endesa's carbon dioxide (CO2 ) emissions in 2025, based on the evolution of the thermal gap of the Spanish mainland electricity system (see Note 5.1 of the Notes 10% to the Consolidated Financial Statements for the year ended 31 December 2024).
	• Percentage of women in management succession plans by 2025.	10%

(1) In the Incentive Total.

Strategic Incentive Plan 2024-2026

Sustainability issues, during the performance period, which will be 3 years, starting on 1 January 2024

The "Strategic Incentive Plan 2024-2026" is linked to the fulfilment of 4 objectives, 2 of which are linked to

	Objectives Linked to Sustainability Issues	Weighting(1)
Strategic Incentive	• Reduction of Endesa's specific carbon dioxide (CO2 ) emissions (gCO2 /kWh) in 2026, based on the evolution of the thermal gap of the Spanish mainland electricity system (see Note 4.1 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).	15%
	• Percentage of female "Manager" and "Middle Manager" over the total Endesa "Manager" and "Middle Manager" population in 2026	10%

(1) In the Incentive Total.

In all incentive plans, for each of the targets, an entry level is set at which the target would be considered met and 2 levels of over-achievement: achievement above the first level is equivalent to 150%; and achievement above the second level is equivalent to a maximum achievement of 180%. The level of variable remuneration would therefore be between and 180% of the base incentive.

Currently, all 3 strategic incentive plans have related Sustainability targets and metrics which are taken into account as performance benchmarks and are detailed in the Remuneration Policy.

The conditions of the incentive systems are reported by the Appointments and Remuneration Committee (NRC), which is responsible, among other functions, for reporting and/or proposing to the Board of Directors the appointments of Directors, the Remuneration Policy and the incentive systems, for submission to the General Shareholders' Meeting. This Committee makes proposals to the Board of Directors of Endesa, S.A. and monitors the carbon dioxide (CO2 ) emission reduction targets linked to the variable remuneration of executive Directors.

24.3.4. Human Rights Due Diligence (GOV-4)

32, AR 8 - AR 10

176

Endesa carried out its third Human Rights Due Diligence process in 2023, continuing with its commitment to ensure compliance with its Human Rights Policy and the United Nations (UN) Guiding Principles. The Human Rights Policy establishes the commitment to carry out a Due Diligence process every 3 years, the result of which is an action plan to be carried out in the following 3 years. This process has covered all the Company's business activities in Spain and Portugal, including the generation, distribution and commercialisation of electricity, gas and other related products as well as the Value Chain and corporate functions. The Due Diligence process takes into account both the principles applicable to companies within the framework of the Guiding Principles of the United Nations (UN) and the principles of the Human Rights Policy, which are divided into two main areas such as working

conditions and communities and society. Aspects of human rights are therefore assessed within the scope of these principles, such as all those affecting Endesa's employees and its value chain (forced and child labour, respect for diversity and non-discrimination, freedom of association and collective bargaining, health, safety and welfare, and fair and favourable working conditions) and also all those rights affecting communities (environment, rights of local communities and indigenous peoples, zero tolerance of corruption, confidentiality and communication).

The process also takes into account the needs and opinions of stakeholders (customers, suppliers, employees, Non-Governmental Organisations (NGOs), the business community, academics and experts) and, to this end, surveys and interviews are conducted by an external company specialising in Human Rights, which supports Endesa in gathering

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

all these impressions, both in the context assessment phase and in the identification of potential impacts, to then incorporate them into the final assessment and, as far as possible, as actions to be carried out in the resulting action plan.

With regard to the new European "Corporate Sustainability Due Diligence Directive" (CSRD), Endesa has carried out an exercise to begin to align itself with its requirements and, in anticipation of the transposition of this Directive at the national level, has already introduced some actions in its 2024-2026 action plan. One of these actions has been to publish a full report on its human rights management. For more information see the report at:

https://www.endesa.com/content/dam/endesacom/home/sostenibilidad/plandesostenibilidad/ documentos/derechos-humanos-2024.pdf

Below is a summary of the main stages of Endesa's latest Human Rights Due Diligence:

Main Stages of the Human Rights Due Diligence Process	Section
Integrating Human Rights Due Diligence into Governance, Strategy and Business Model	24.3.4
Stakeholder Participation	26.1.3.1, 26.2.3.1, 26.3.3.1 and 26.4.3.1
Identification and Assessment of Adverse Impacts	26.1.1, 26.2.1, 26.3.1 and 26.4.1
Implementation of Measures to Mitigate Adverse Impacts	26.1.4, 26.2.4, 26.3.4 and 26.4.4
Monitoring and Reporting on the Effectiveness of Actions Taken	26.1.5.1, 26.2.5, 26.3.5 and 26.4.5

24.3.5. Risk Management and Internal Controls over Sustainability Reporting (GOV-5)

36 a), b), c), d), e)

Starting in 2020, Endesa extended its Internal Control over Financial Reporting System (ICFRS) methodology to include sustainability information in order to have a single Internal Control over Reporting System (ICRS), which guarantees the supervision of processes and systems, the identification of risks and the design and implementation of appropriate controls for both financial information and Sustainability information.

The basic objectives behind the documentation of the processes forming part of the Internal Control over Reporting System (ICRS) and the business cycles common to all Endesa companies are described in Section 8.2 of this Consolidated Management Report.

Through the processes of the Sustainability cycle of Endesa's Internal Control over Reporting System (ICRS), the risks associated with the process of preparing the Sustainability Report are identified and controlled. During 2024, Endesa worked on adapting the Non-Financial Reporting and Sustainability processes of the Internal Control over Reporting System (ICRS) to bring them into line with Endesa's internal development of the new "Corporate Sustainability Reporting Directive" (CSRD), which sets out the European Corporate Reporting Standards (ESRS). Of particular note is the creation of a new control process on Double Materiality analysis, the review of risks associated with ESG «Environmental, Social and Governance» reporting, the redesign of controls on qualitative information and the review of specific entity controls on ESG "Environmental, Social and Governance" issues.

Risks are reviewed on a recurring basis whenever changes in processes occur or when new KPIs are included in the scope. This review may result in the identification of new risks that would be mitigated by updating or designing new controls.

Specifically for Non-Financial Reporting and Sustainability risks, the following control objectives are covered:

Control Objectives
• Relevance
• Faithful Representation
• Comparability
• Verifiability
• Comprehensibility

The risks identified in the area of sustainability information are detailed below:

Risks

178

• Risks related to the handling of information in IT systems.

• Risks related to the use of current and/or estimated inaccurate/ incomplete (qualitative and quantitative) data (qualitative and quantitative) on the components used in the calculation of the indicators and to the calculation of the indicator itself.
• Risks related to the chain of transmission and approval of qualitative and quantitative data.
• Risks related to incomplete publication of data with respect to the regulatory framework.
• Risks related to the lack of transparency and/or neutrality of published qualitative and quantitative data and estimates used in the calculations.
• Double Materiality Risks related to errors or lack of defined procedures/guidelines defining the operating methods of the Double Materiality process.
• Double Materiality Risks related to incorrect identification of Impacts, Risks and Opportunities (IROs) and their incorrect assessment.
• Double Materiality Risks related to incorrect definition of material issues.

The mitigation strategy for all of them is materialised in the establishment of controls. For each of these controls, the control activities to be carried out are defined, the actions that trigger the result of the control are established, the person responsible for the control is identified and the products that evidence the execution of the control are detailed. There are more than 200 control activities in the Sustainability cycle processes, which mitigate the risks affecting the following areas of interest:

Areas of Interest
E1 Climate Change.
E2 Pollution.
E3 Water and Marine Resources.
E4 Biodiversity and Ecosystems.
E5 Resource use and Circular Economy.
S1 Own Workforce.
S2 Value Chain Workers.
S3 Affected Communities.
S4 Consumers and End Users.
G1 Business Conduct.

Endesa's Internal Control Unit reviews the map of relevant processes of the Internal Control over Reporting System (ICRS) to detect any quantitative or qualitative changes affecting the Internal Control model.

All the documentation of Endesa's Internal Control Information over Reporting System (ICRS) is contained in a corporate IT tool. The information in the system is continually updated, reflecting changes in the Company's activities and controls.

To ensure correct monitoring of the model, Endesa carries out a six-monthly certification process of the Internal Control over Reporting System (ICRS) , in which each of those responsible for Internal Control over Reporting System (ICRS) controls assesses both its design and its effectiveness. Within the model, there is also a process of continuous verification of the Internal Control over Reporting System (ICRS) , carried out by an independent expert.

All the weaknesses detected in the Internal Control over Reporting System (ICRS) entail the definition, by those responsible for each process, of an action plan to remedy each of them.

The results of the certification of the Internal Control Information over Reporting System (ICRS), the possible action plans to remedy weaknesses and the results obtained in the verification performed by the independent expert are included in the half-yearly report sent by the Internal Control Unit to Endesa's Transparency Committee and Audit and Compliance Committee (ACC) or ("CAC"), for its acronym in Spanish. Throughout the year, the Internal Control Unit monitors the implementation of the action plans to remedy weaknesses, informing both committees of their progress until they are finally resolved. At the end of each six-monthly evaluation, Endesa's management, meeting in the Transparency Committee, and based on the results obtained in the evaluation and ongoing verification processes, reaches a conclusion regarding the proper functioning of Endesa's Internal Control over Reporting System (ICRS), establishing, where appropriate, the corresponding action plans to remedy the deficiencies or opportunities for improvement revealed. The results are reported to:

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

IV. Consolidated Management Report

Results

• The Audit and Compliance Committee (ACC), which, in accordance with the Spanish Companies Act (LSC), is responsible for supervising the effectiveness of the Company's internal control.
• The Board of Directors, which, in accordance with the Capital Companies Act (LSC), has the non-delegable power to supervise internal information and control systems.

In addition, since 2017, Endesa's Audit and Compliance Committee (ACC) has contracted an independent expert each year to conduct a full assessment of the functioning and effectiveness of the Internal Control over Reporting System (ICRS). The result of this assessment is presented by the independent expert at the meeting of the Audit and Compliance Committee (ACC) at the end of the financial year.

24.4. Strategy (ESRS 2)

24.4.1. Strategy, Business Model and Value Chain (SBM-1)

Core business activities

40 a) i, iv

Endesa has made sustainability a fundamental pillar of its overall strategy, adapting its products and services to align them with the Energy Transition and decarbonisation objectives. Throughout the reporting period, the Company has prioritised the development and offer of solutions based on renewable energies, energy efficiency and electrification of sectors, while progressing in the progressive elimination of products and services linked to fossil fuels, as part of its commitment to reducing emissions. The key groups of products and services offered by Endesa that are directly related to sustainability are described below:

Products and Services with a Direct Link to Sustainability

• Electricity Generation from Renewable Sources (Wind, Solar Photovoltaic, Hydroelectric).
• Distribution of Energy from Renewable Sources.
• Commercialisation of Energy from Renewable Sources.
• Electricity Storage.
• Installation, Maintenance and Repair of Energy Efficiency Equipment and Renewable Energy Technologies.
• Professional Services Related to Energy Efficiency of Buildings and Public Lighting.
• Installation, Maintenance and Repair of Electric Vehicle Charging Stations.

Endesa does not sell or market prohibited products or services.

Main markets

40 a) ii

Endesa carries out its activities in the Spanish and Portuguese markets in the areas of electricity generation, electricity distribution and electricity and gas supply. It also, to a lesser extent, sells electricity and gas in other European markets, mainly Germany and France from its platform in Spain, as well as other products and services related to its core business.

179

Salaried employees by geographical area

40 a) iii

The number of salaried employees by geographical area is detailed in Section 26. 1 .5. 2 . of this Consolidated Management Report.

Revenue

40 b), d) i

In accordance with Appendix C of the European Sustainability Reporting Standards (ESRS/NEIS) 1 , relating to the list of phased-in reporting requirements, Endesa does not disclose, in the Sustainability Statement, either total revenues or intercompany revenues by significant sectors of the European Sustainability Reporting Standards (ESRS/ NEIS). Said Appendix details that this information

must be disclosed from the date of application specified in the Delegated Act of the Commission to be adopted in accordance with Article 29 ter, Paragraph 1, third subparagraph, point (ii), of Directive 2013/34/EU of June 26. This Delegated Act has not been published as of the date of preparation of this Consolidated Management Report. The most relevant magnitudes of Endesa's Consolidated Income Statement by Segments for the years 2024 and 2023 are detailed in Section 13 of this Consolidated Management Report.

Endesa also engages in activities related to the fossil fuel sector, as described in section 25.1.8. of this Consolidated Management Report, which details the revenues derived therefrom. These activities, in accordance with the nomenclature established in this section, include the generation of electricity from coal, the generation of electricity from fuel oil and diesel and the generation of electricity from gaseous fossil fuels, as well as trading activities (wholesale energy sales).

Sustainability-related objectives

40 e), f)

180

Information on sustainability objectives related to Endesa's products, services and customer categories is detailed in Section 26.4.5. of this Consolidated Management Report.

Key elements of business strategy in relation to sustainability

40 g)

Endesa has presented its 2025-2027 Strategic Plan with a clear vision of promoting sustainable growth and adapting to the demands of an environment that is increasingly committed to sustainability. This Plan seeks to address present and future challenges, integrating key actions to ensure longterm competitiveness while maintaining Endesa's commitment to decarbonisation and environmental responsibility. The key elements of the company's strategy in relation to sustainability have been defined in the new 2025-2027 Strategic Plan, and are detailed in Section 6.2 of this Consolidated Management Report.

Business Model and Value Chain

42 a), b), c), AR 14

In order to effectively address all the risks and take advantage of all the opportunities in a constantly changing energy sector, Endesa's business model is structured into different business lines in order to act swiftly in the markets in which it operates and take into account the needs of its customers in the territories and businesses in which it operates. These business lines correspond to Endesa's activities: generation, distribution and sale of electricity, gas and other related products (see Section 2.3.3. of this Consolidated Management Report).

In this regard, for the period 2025-2027, the 3 strategic pillars established in the previous Plan are confirmed, the first being profitability, flexibility and resilience, the second efficiency and effectiveness, a n d t h e t h i rd f i na n c i a l a n d e nv i ro n m e nta l sustainability, which seek the ultimate objective of optimising the Company's risk-return profile to maximise value creation for all stakeholders (see Section 6.2 of this Consolidated Management Report).

This strategy is complemented by an Endesa Sustainability Plan (ESP) which basically works under 5 lines of action:

Lines of action	Description
1. Zero Emissions Ambition	• With the main objective of combating Climate Change through emission-free generation, promoting the electrification of uses.
2. Commitment to People	• The company not only focuses on Endesa's employees, but also extends its commitment to the supply chain and the communities where it operates, always with the maximum guarantee of respect for health and safety.
3. Nature Protection	• Endesa sets objectives to preserve Ecosystems and Biodiversity, as well as the responsible use of water, proper waste management and improving air quality.
4. Good Governance and Human Rights	• The Company promotes Good Governance practices and guarantees respect for Human Rights in all its activities and Value Chain.
5. Growth Accelerators	• Endesa relies on key elements such as cybersecurity, digitalisation and sustainable finance to implement its sustainable strategy.

In order to achieve a comprehensive understanding of Endesa and to be able to implement the sustainable strategy, it is essential to understand Endesa's Value Chain, which is defined as the set of activities, resources and relationships that are linked to the company's Business Model and the external environment in which it operates. In identifying the Value Chain, the company's own activities have been taken into account, as well as upstream and downstream activities.

The mapping of the Company's own Value Chain operations has considered the main Business Lines mentioned above, which are described below:

• Power generation encompasses renewable sources, such as solar, wind and hydro, and conventional sources, such as natural gas and other fossil fuels.

• Electricity distribution is carried out through advanced networks and infrastructures that ensure efficient and safe delivery to customers.
• The commercialisation of electricity, gas and other related products includes the offer of personalised contracts, energy efficiency programmes, customer service and the development of new business models based on digitalisation.

For upstream activities, the products or services that are necessary for the development of the Company's activity have been evaluated. To this end, an exhaustive analysis of its suppliers has been carried out, segmenting them by Business Line and Operating Category, with special emphasis on those identified as critical due to their potential to generate Impacts, Risks or Opportunities (IROs).

Following the analysis carried out, the main products and/or services offered by these suppliers are detailed below:

Category of Operation	Products and Services
	Nuclear Generation	Thermal Generation	Renewable Generation	Distribution	Commercialisation
Works	—	Decommissioning of power plants. Environmental adjustments.	Construction.	Installation of lines and assemblies. Constructions.	—
Services	Hazardous waste management. Uranium supply.	Hazardous waste management. Gas supply.	Wind turbine maintenance.	Network maintenance. Security.	Installation of recharging points or self-consumption services.
Materials	Metal extraction.	Fuel-gas extraction.	Metal extraction.	Metal extraction.	—

On the other hand, in downstream activities, a detailed mapping of the different customer typologies has been carried out, segmenting them according to the Business Line in which they participate and their particular characteristics within each group. This classification process includes the analysis of residential, commercial and industrial customers, as well as large energy consumers and public entities.

The mapping of Endesa's Value Chain has facilitated a comprehensive process of identifying both Positive and Negative Impacts, as well as the Risks and Opportunities associated with all the operations in which the Company participates. This analysis has enabled a thorough breakdown and understanding of each stage of the Value Chain, from the procurement of raw materials and supplier management to the

distribution and commercialisation of products and services. This has enabled these findings to be taken into consideration in strategic and operational decisions, more effectively aligning the Business Model with the principles of Sustainability and the expectations of stakeholders.

Endesa's Business Model and Value Chain, as well as the financial information differentiated by Segment, is based on the approach used by the Executive Management Committee to monitor results (see Note 8 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024):

• Generation, together with Commercialisation.
• Distribution.
• Structure, which basically includes the balances and transactions of the holding companies and of

the companies whose business is the financing and provision of services.

Endesa's strategic pillar is financial and environmental sustainability, seeking to create value while addressing the challenges of climate change as the main challenge facing the sector in which the company operates. This enables a value-based Business Model designed to capitalise on future opportunities, while mitigating any potential risks that may arise.

This Business Model enables the establishment of goals and objectives as a long-term climate strategy that the Company extends to its entire Value Chain and that allows it to address the main potential impacts, Risks and Opportunities.

How this commitment is materialised through the different activities is detailed below:

Activities	Commitments
Generation	• Abandonment of coal-fired generation by 2027 and gas by 2040. • 100% emission-free generation by 2040.
Commercialisation	• Abandonment of gas retailing by 2040 in favour of electrification of uses. • 100% of sales from renewable sources by 2040.
Suppliers and Communities	• Decarbonisation of the supply chain by 2040. • Dialogue, engagement and collaboration in line with the principles of Just Transition and Creating Shared Value (CSV).
Finance	• Investment plan fully aligned with the Zero Emissions target for 2040. • Sustainability-linked instruments to finance the decarbonisation strategy.

42 b)

182

Endesa offers a wide range of products and services designed to meet the needs of its customers, generate value for investors and serve other stakeholders:

• In the generation business line, the company is committed to an energy mix increasingly oriented towards renewable sources, in line with its commitment to decarbonisation. At 31 December 2024, it has a net installed peninsular capacity of 10,032 MW of renewable energies (see Section 11.1 of this Consolidated Management Report), with plans to expand by approximately 13,100 MW over the next three years.
• In distribution, at 31 December 2024 Endesa managed a network of 320,329 km, with ongoing investment in smart grids that improve the efficiency and quality of supply provided to customers (see Section 11.1 of this Consolidated Management Report).

• In the area of supply, Endesa supplied electricity to 10,217 thousand customers in 2024, offering solutions that promote energy efficiency and responsible consumption, supporting the transition to a more sustainable economy (see Section 11.1 of this Consolidated Management Report).

Endesa guarantees solid and stable returns for investors, backed by its leadership in the Energy Transition and a robust financial position. Net profit attributable to the Parent amounted to Euro 1,888 million in 2024, and sustained growth is expected, driven by expansion in renewable energies and electric mobility solutions (see Section 6.2 of this Consolidated Management Report). Endesa also works actively with other stakeholders, such as local communities, to promote balanced economic and social development in the areas where it operates.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

24.4.2. Stakeholders' interests and opinions (SBM-2)

Main stakeholders

45 a) i

Endesa's stakeholders, their opinions, and their integration into the strategy and Business Model are vital for incorporating a holistic perspective of the material issues facing the company. Endesa, through its Double Materiality analysis, identifies and reviews all its stakeholders on a biennial basis to ensure that the views of all its interested parties are reflected.

Endesa establishes an open dialogue with its various internal areas on an ongoing basis with its different stakeholders, enabling them to gather their priorities and possible needs, which they can then pass on to the design of the strategy. This is done through the various specific channels available to each area for managing and including its stakeholders, as well as other operational processes at the company, such as complaints systems, the Internal Whistleblower Protection System and the shareholder services office, among others.

These same areas, within the Double Materiality process, collaborate to prioritise the different stakeholders in order to assess their relevance and thus guide Endesa's sustainability strategy. This relevance is obtained through the parameters of influence, dependence and tension.

As a result of the identification process, Endesa's main stakeholders are described below:

Endesa's main stakeholders
• Business Community.
• Clients.
• Financial Community.
• Institutions.
• Civil Society and Local and Global Communities.
• Media.
• Employees.
• Suppliers and Contractors.

For further information on dialogue and communication with these stakeholders see Sections 26.1.3.1., 26.2.3.1., 26.3.3.3.1. and 26.4.3.1. of this Consolidated Management Report.

"Engagement" and communication channels

45 a) i, ii

In order to ensure ongoing dialogue, Endesa has various communication channels for its main stakeholders to ensure that their priorities are incorporated into the company's strategy.

During the year, representatives of all the stakeholders identified above are contacted directly through the company's various active processes in order to gather their concerns and involve them in the various activities carried out by Endesa. Stakeholders are also involved in the identification and assessment of potential impacts, risks and opportunities (IROs) through the Double Materiality analysis and various consultation techniques.

In addition to this proactive contact on the part of Endesa, there are various channels for attending to and communicating with stakeholders within the scope of management of each of the internal areas.

In the case of customers, who are one of the Company's most important stakeholders, there are physical, digital and telephone channels available, in addition to being able to interact through social networks or the quality surveys that the Company actively conducts with this stakeholder group.

Similarly, there are specific channels for the rest of the stakeholders: suppliers have working groups and a specific system for collecting needs and queries, among others, and employees are consulted periodically in addition to having internal channels for collecting needs.

The different stakeholder groups and the channels of communication with them are detailed below:

Stakeholders	Communication Channels
Business Community	• Interviews. • Meetings and working groups. • Direct contact. • Forums and conferences.
Customers	• Interviews. • Commercial offices. • Commercial managers. • Web channel. • Customer service centres. • Forums and working groups. • Mobile application. • Social networking. • Surveys.
Financial Community	• Interviews. • Comisión Nacional del Mercado de Valores (CNMV). • Corporate website. • Investor relations activities. • Shareholder's office. • General Meeting of Shareholders. • Communications with proxy advisors.
Institutions	• Documentary review. • Direct Contact. • Forums and conferences. • Working groups.
Civil Society and Local and Global Communities	• Meetings with local actors. • Interviews. • Surveys.
Media	• Direct contact. • Press conferences. • Forums and conferences. • Social networking. • Documentary review.
Employees	• Surveys. • "Focus Group". • Corporate channels. • Forums and working groups. • Contact mailboxes. • Interviews and meetings with senior management.
Suppliers and Contractors	• Surveys. • Direct contact. • Web channel. • Committees. • Forums and conferences. • Working groups.

45 a) iii, iv

184

Endesa maintains an ongoing dialogue with its stakeholders through the various communication channels described above. This enables the company to keep abreast of the latest trends at in terms of management and groups related to its operations, so that it updates and adapts these channels to ensure smooth and effective communication.

In addition, as part of the Double Materiality process, the internal areas of the Company responsible for the direct management of these stakeholders update the stakeholder tree every two years. The areas also prioritise their different types of stakeholder within the same management area on an annual basis. This allows Endesa to ensure the correct inclusion of all stakeholders in its Double Materiality consultation processes, as well as to ascertain the statement of the relationship with each stakeholder, their influence and dependence, and to assess the relevance of each stakeholder in order to be able to better orientate the sustainability strategy.

Therefore, Endesa, through communication with its different stakeholders, with the aim of understanding their concerns and needs, ensures alignment with new trends, allowing the current identification of Impacts, Risks and Opportunities (IROs) to serve as the basis for the design of its sustainable strategy.

Stakeholders and relationship with the strategy and Business Model

45 a) v, 45 b)

As described above, Endesa's sustainable strategy must be defined with the participation of the Company's stakeholders, who are aware of the Company's belonging to the territory, in order to involve them and build solid and positive relationships that will enable Endesa to achieve sustainable and lasting results. Along these lines, the company:

• It identifies Impacts, Risks and Opportunities (IROS) and stakeholder priorities through more than 800 online surveys answered by representatives of employees, suppliers and contractors, customers and civil society.
• Identifies the Impacts, Risks and Opportunities (IROs) that serve as input for the elaboration of the Sustainability strategy through interviews with representatives of civil society, the business community, the financial community and a working group with employees.
• It includes the vision of Sustainability issues for the Company's strategy, taking into consideration the

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

lines of action defined in the Strategic Plan, and completing the identification of Impacts, Risks and Opportunities (IROs) with the direct participation of the Management Committee, through specific interviews.

A relevant aspect of this Double Materiality analysis is the Human Rights Due Diligence process, which is taken into account when identifying potential Impacts, Risks and Opportunities (IROs).

In this process, a high level of stakeholder involvement is maintained through semi-structured and anonymous surveys and interviews with representatives of the business community, nongovernmental organisations (NGOs), experts and academics, employees and suppliers. In addition, as in the Double Materiality analysis, this vision is completed with direct in-depth interviews with senior management.

Although the company's Business Model and general strategy have remained unchanged over the last year, the results of the stakeholder consultations have enabled Endesa to identify where it needs to focus, incorporating these results into its planning process, defining objectives to be included in the Strategic Plan and the Endesa Sustainability Plan (ESP), and actions aimed at further improving its performance in the various sustainability issues analysed, in order to successfully respond to stakeholder expectations.

In line with the above, Endesa has increased its investment to Euro 9,600 million in the 2025-2027 Strategic Plan in order to meet the challenges of the Energy Transition and seize opportunities (see Section 6.2 of this Consolidated Management Report). This new Plan, which integrates all stakeholders in an attempt to respond to the main needs, pivots on the promotion of clean electrification, based on

emission-free generation sources, as a lever to achieve a competitive energy system for customers, more secure by reducing energy dependence on external sources, and sustainable thanks to the reduction in Greenhouse Gases (GHG) emissions.

This review of the strategy in the three main pillars of the business (power generation, distribution and retailing) is accompanied by a reaffirmation of Endesa's environmental sustainability path. The goal of achieving net zero emissions ("Net Zero") by 2040 through renewable energy generation and sales, accompanied by the exit from the gas retail business as customers switch to electrification, remains in place.

45 d)

The conclusions obtained from the Double Materiality analysis and the opinions of the stakeholders, obtained through the same, are transferred to the Sustainability and Corporate Governance Committee which, in turn, advises the highest governing body of the Company, the Board of Directors, in periodic meetings that respond to the calendar established annually for the approval of the most relevant issues in matters of Sustainability and whose competence is attributed to this governing body.

The validation of the Double Materiality analysis is the responsibility of the General Directorate of Sustainability, which submits the results of this analysis for approval by the Board of Directors.

The Double Materiality analysis is supervised annually by the Sustainability and Corporate Governance Committee, and the Sustainability strategy that responds to this analysis is also submitted annually by this Committee to the Board of Directors of Endesa, S.A. for approval.

24.5. Double Materiality Analysis (ESRS 2)

24.5.1. Information on the Double Materiality assessment process

Processes for identifying and assessing material Impacts, Risks and Opportunities (IROs) (IRO-1)

53 a), b) i, ii, iii, iv, c), d), e), f), g), h)

The 6 steps of the Double Materiality assessment to identify and assess material Impacts, Risks and Opportunities (IROs) are described below.

1. Introduction

186

Endesa seeks to integrate and respond to the main concerns and priorities of its stakeholders, seeking to create long-term relationships with its customers, employees, suppliers, investors and society in general. This vision of the Company and the needs of its main stakeholders, as well as the sustainability trends and context of the sector in which Endesa operates, are gathered annually through the Double Materiality analysis. This analysis is key to incorporating social, environmental and ethical aspects in decision-making and, therefore, in the company's strategy.

The Double Materiality analysis allows, through its dual perspective, the identification of the Impacts that the Company generates on society and the Environment directly linked to its operations and Value Chain, as well as the identification of Risks and Opportunities that may arise from external aspects linked to Sustainability. The evaluation and prioritisation of these Impacts, Risks and Opportunities (IROs) enables Endesa to design its strategy and sustainable Business Model.

Based on this analysis, Endesa has identified the issues considered relevant and which are described in this Sustainability Report.

2. Context analysis

In order to establish its sustainable strategy and respond with its activity to the main environmental, social and ethical challenges that arise, Endesa must consider the context in which it operates, from the perspective of both the sector in which it operates and the stakeholders it manages and collaborates with.

Understanding the Company 's context is a key element for identifying issues on which to subsequently identify possible Impacts, Risks and Opportunities (IROs). To this end, Endesa has considered the following key aspects:

• The Human Rights Due Diligence process, which has been considered one of the essential documents in view of the Company's concern to ensure respect for Human Rights through its own operations, Value Chain and commercial relations. Through the involvement of different stakeholders, Endesa identifies the human rights risks associated with its geographical context and with a focus on the sector in which it operates. In addition, potential Human Rights Impacts arising from its activity throughout the Value Chain are directly identified.
• The Company's internal documentation, which for the Double Materiality analysis includes, among others
  • • The assessment in the main sustainability indices and ratings, which allows us to identify areas where there is room for improvement.
  • • Internal documents that analyse the Company's appearance in the different media in order to assess the issues associated with these appearances.
  • • Documents such as the annual reports and the Environmental, Social, Governance (ESG) risk map drawn up by the company have enabled Endesa to obtain sufficient information on its business activity to enable it to subsequently better identify the impacts, risks and opportunities (IROs) in all its operations, value chain and business relations.
• Ongoing analysis of current and potential trends that could lead to Risks and Opportunities in the Business Model, firmly rooted in the Company's vision of leadership in a Just Energy Transition, which allows it to improve its integration into the environment. This trend analysis is completed

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

VI. Statement of Responsibility

with a closer look at the current needs and potential risks facing the electricity sector by analysing information from competitors, applicable regulations and the results of environmental, social and governance risk reports.

• The Company's Value Chain and its business relationships. Endesa defines its Value Chain as the set of activities, resources and relationships that are linked to the Business Model and the environment in which it operates. From upstream activities, providing products and services for the development of the company's own activities, to downstream activities, as recipients of these final products or services. Endesa's Value Chain, which has been considered for the identification of possible Impacts, Risks and Opportunities (IROs), is shown below.

As indicated in Section 24.4.1. of this Consolidated Management Report, in order to gain a more detailed understanding of the value chain, it has been mapped in collaboration with the General Directorate of Procurement, which is responsible for managing suppliers, so that Endesa has mapped suppliers by geographical area, business activity and type of service provided, in order to identify activities that have a significant impact on the environment and/or society. Similarly, a mapping of the types of customers that make up Endesa's integrated structure has been carried out with the collaboration of the General Directorates of the Business Lines.

This integrated vision of the Company, together with the aforementioned documentary review, allows Endesa to establish a contextual situation on which to establish the basis for direct consultation with its main stakeholders so that they can be integrated into the design of the strategy and the sustainable Business Model.

3. Identification and involvement of internal and external stakeholders

188

Integrating the analysis of the current reference context, and with the aim of mapping all the Company's own operations and the Company's Value Chain, Endesa, as described in Section 24.4.2 of this Consolidated Management Report, identifies and reviews all its stakeholders every two years in order to involve all interested parties in the Double Materiality analysis. Endesa's various internal areas responsible for relations with each stakeholder group are involved in the Double Materiality analysis by reviewing and identifying new stakeholders that are aligned with the context in which the company operates. With the support of these areas, Endesa also prioritises the company's stakeholders each year based on parameters of influence, dependence and tension. This enables it to assess the relevance of each of its stakeholders in order to better target its sustainability strategy. In this regard, the following first-level stakeholders have been identified: Business community, customers, financial community, institutions, civil society, media, employees and suppliers.

4. Identification of current and potential Impacts, Risks and Opportunities (IROs)

In order to identify the Impacts, Risks and Opportunities (IROs) Endesa has taken into consideration the internal and external documentation reviewed in the context analysis, detailed in step 2. Context analysis, as well as direct consultations with internal and external stakeholders

Endesa also consults stakeholders directly through various communication channels. Specifically, the following direct consultations were carried out in 2024 to incorporate the different points of view of stakeholders in the Double Materiality analysis:

Direct Consultations

• More than 800 surveys responded to by stakeholder representatives from employees, suppliers, customers and civil society.
• More than 30 individual interviews with representatives of the financial community, business community, customers, civil society and senior management as an internal stakeholder group.
• Working group with employee representatives from different internal areas of the Company.

In accordance with the above and Endesa's commitment to the fight against climate change, in the process of identifying Impacts, Risks and Opportunities (IROs), special focus has been placed on operations related to the electricity generation business, as it has been identified that this activity may entail a greater risk of impact. All this without neglecting other issues such as, for example, those arising from the operations themselves in stakeholders of great relevance to the Company, such as its customers and its own employees.

Based on the Company's main area of operation, understanding the context in which it carries out its activity and with a special focus on its own operations, the Double Materiality analysis is mainly framed in Spain and Portugal.

All of this has enabled the identification of Positive and Negative Impacts which, in turn, have been categorised as real or potential. In addition, and for the identification of Risks and Opportunities, the Impacts that the Company generates through its activities have been taken into account, as well as those derived from the Value Chain and commercial relations and the

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

possible Dependencies that these may generate. The Risks and Opportunities deriving from Impacts and/or Dependencies are detailed in the environmental, social and governance standards (see Sections 25, 26 and 27 of this Consolidated Management Report).

In addition, the results of the Impacts, Risks and Opportunities (IROs) identified have been shared with the internal areas of the Company that manage them in order to validate them, expand them with new identifications and subsequently evaluate them.

5. Assessment and prioritisation of material Impacts, Risks and Opportunities (IROs)

The Impacts, Risks and Opportunities (IROs) have been grouped into themes and sub-themes, following the themes and sub-themes proposed by the "European Sustainability Reporting Standards " (ESRS) in accordance with the list proposed in the "Application Requirement" (AR) 16 of the General Reporting Standard (ESRS 2) published in the Commission Delegated Regulation (EU) 2023/2772 of 31 July. This classification has allowed its evaluation by internal experts of the Company who manage and have a relationship with each of the thematic areas. As a result of the above, a more detailed view has been obtained of the impact Endesa has on the environment and people, as well as the risks and opportunities that each issue has on the company's consolidated financial statements.

Material Impacts, Risks and Opportunities (IROs) Assessment

Risks and opportunities have been assessed on the basis of the probability of occurrence and the potential magnitude of the financial effects. To facilitate the assessment of the potential financial effects, the Company has considered different variables that show the potential economic impact of the Risks and Opportunities, specifically on Endesa's Consolidated Statement of Financial Position, Consolidated Cash Flows or access to capital. In the case of time horizons, these have been aligned with the company's financial strategy, selecting as short term those that could occur in less than 1 year, medium term those between 1 and 3 years and long term, beyond 3 years.

The assessment of both Positive and Negative Impacts has been carried out, in the first instance, on the basis of their magnitude. In the case of Positive Impacts, the assessment of magnitude has been obtained through the evaluation of scale and scope, and in the case of Negative Impacts, by also adding the assessment of irremediability. In addition to the magnitude, and in the case of Impacts identified as potential, the probability of occurrence has also been considered. It is worth mentioning that, in the case of having identified a potential Negative Impact related to the violation of Human Rights, its magnitude has prevailed over any possible probability of occurrence. Finally, the time horizon applied in the Impact assessment is short term for Impacts occurring in less than 1 year, medium term for those occurring between 2 and 5 years, and long term for those occurring beyond 5 years.

The identification and assessment of Double Materiality risks, under the methodology described above, is integrated into the Company's Enterprise Risk Management (ERM) risk control and management process, as an additional element in the phases of identification and quantification of the main risks and uncertainties associated with Endesa's activity. The Double Materiality methodology establishes a prioritisation of sustainability risks with respect to other risks identified in the company, which are updated annually and integrated into Endesa's risk map.

Thresholds of material Impacts, Risks and Opportunities (IROs)

The assessment of Impacts, Risks and Opportunities (IROs) has led to the establishment of different thresholds to identify those that are material to the Company.

The assessment results, obtained numerically, have been classified into 5 magnitude categories: "Low", "Medium-Low", "Medium", "Medium-High" and "High". In addition, for the potential Impacts, Risks and Opportunities (IROs), 4 categories of probability of occurrence have been defined: "Unlikely", "Less Likely", "Likely" and "Very Likely" and the actual Impacts, in turn, have been categorised with the category of "Actual".

Endesa has applied different thresholds depending on the type of Impacts, Risks and Opportunities (IROs), reflecting its strong commitment to sustainability:

Impacts, Risks and Opportunities (IROs)	Threshold
Positive Impacts	• The Company has considered as material all those Impacts classified with a magnitude category of "High" and a probability of occurrence of "Very Likely", in the case of potential Impacts. For actual Impacts, with an "Actual" classification, only the threshold set in magnitude has been considered.
Negative Impacts	• Endesa has cross-referenced magnitude and probability, so that the materiality threshold has been defined jointly on the basis of the two variables. In this sense, Endesa has established that the greater the probability of occurrence, the lower the magnitude threshold. Thus, a "Medium" magnitude threshold has been defined for actual impacts, "Medium-High" for "Very Likely" and "High" for "Likely".
Risks and Opportunities	• As has been done for Negative Impacts, the materiality threshold for Risks and Opportunities has been set considering a lower magnitude to a higher probability of occurrence. Thus, a threshold of "Medium-Low" magnitude has been defined for Risks and Opportunities classified as "Very Likely" and a "Medium" threshold for "Likely".

The matrices below summarise graphically what has been described above:

Magnitude
	(Scale, scope and irremediability)

Probability Low Medium-Low Medium Medium-High High Unlikely Less Likely Likely Material negative impact Very Likely Material negative impact Material negative impact Current Material negative impact Material negative impact Material negative impact

The assessment and identification of material Impacts, Risks and Opportunities (IROs) has, in turn, allowed us to discern the materiality of the topics and sub-topics considered for analysis. Based on the results obtained, the Company designs and develops actions to mitigate potential Impacts or Risks, or to benefit from certain Opportunities in relation to a Sustainability issue with positive effects.

6. Governance of Double Materiality

The Double Materiality analysis is updated annually and is supervised by the Sustainability and Corporate Governance Committee as a representative of the Board of Directors, the Company's highest governance body.

This analysis has 6 established control points that are carried out throughout the Double Materiality process, namely:

191

Internal Control Procedures
1) Following the identification of relevant sustainability issues.
2) Following the identification of the Impacts, Risks and Opportunities (IROs) with the collaboration of the Organisational Units (Internal Stakeholders) involved in the process.
3) After receiving the Impact, Risk and Opportunities (IROs) assessment emails from the relevant Organisational Units.
4) After receiving an email with the approval of the ratings.

5) After reviewing the document with the results of the application of the thresholds corresponding to the Impacts, Risks and Opportunities (IROs) assessed.

6) After the validator has closed the assessment of Impacts, Risks and Opportunities (IROs).

In 2024, this analysis has been reviewed in order to respond to current regulatory and regulatory requirements and an annual review is foreseen in order to adapt it to possible regulatory updates and updates to the Company's Strategic Plan.

24.5.2. Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and the Business Model (SBM-3)

48 a), b), c) i, ii, iii, iv, d), f), g), h)

192

As indicated above, Endesa, due to the activity it carries out and the sector in which it operates, focuses a large part of its Impacts, Risks and Opportunities (IROs) on Climate Change, which is the company's main strategic objective. Also noteworthy is the number of material impacts, risks and opportunities (IROs) related to the Company's commercial activity and the management of its own workforce.

This concentration perfectly reinforces the Company's Business Model, whose strategy has been updated to respond to these issues. Specifically, the new 2025-2027 Strategic Plan has established an overall increase of 8% in the investment to be made, focusing a large part of it on advancing towards the Energy Transition of Endesa's assets and operations, with a particular focus on its own distribution and generation operations, where there is a high concentration of material Impacts, Risks and Opportunities (IROs) (see Section 6.2 of this Consolidated Management Report). In addition, through the new Endesa Sustainability Plan (ESP) 2025-2027, the company establishes actions and targets to address these material impacts, risks and opportunities (IROs).

Impacts

The vast majority of the material impacts identified have been assessed as current, which means that Endesa has positive and negative impacts on people or the environment that it must manage and/or mitigate. In addition, those impacts assessed as potential are framed within a short-term time horizon.

	Conclusions on Material Impacts
Negative Impacts	• Environmental: the impact of the emissions generated by the thermal power plants still in operation and the impact on biodiversity due to the occupation of land or the generation of waste. These impacts can directly affect people's health, the climate and certain social activities in the primary sector in the first case, and directly affect biodiversity in the second, if appropriate mitigation measures are not taken. • Social: highlights the potential impact of a possible lack of diversity in the workforce or potential violations of human rights in the supply chain, in addition to other real impacts on communities due to the closure of plants, which may reduce the socio-economic development of the areas in which it operates if mitigation measures are not carried out or the supply and/or commercial transparency in the way Endesa relates to customers.
Positive Impacts	• Environmental: the effects of the Company's commitment to reducing carbon dioxide (CO2 ) emissions, as evidenced by its investments in renewables and the closure of the most emitting technologies, as well as its correct management to reduce atmospheric pollutants, the proper use of water and appropriate waste management, are noteworthy. This is directly related to Endesa's commitment to the fight against climate change and the conservation of biodiversity, as far as nature is concerned, and to improving air quality, which directly affects the health of society worldwide. • Social: the impacts on quality employment, respect for human rights in the company's own workforce and supply chain, as well as socio-economic growth in the communities where they operate stand out. Positive impacts on customers in terms of privacy, electrification and digitalisation, and those derived from good governance through ethical conduct, transparency and responsible tax contributions are also relevant.

In conclusion, it should be noted that practically all impacts arise from the business model and the company's own operations, with the exception of those impacts arising from the supply chain and Endesa's suppliers, in relation to possible violations of human rights, or environmental damage arising from indirect activities.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Risks and Opportunities

Regarding Risks and Opportunities:

Conclusions on Material Impacts
Risks	• Environmental: related to Climate Change such as extreme weather events or droughts and those related to the loss of Biodiversity due to the relationship between some Endesa facilities and nature. • Social: the Company faces the risk of social opposition in the deployment of new generation technologies or the non compliance with a Just Energy Transition, among others.
Opportunities	• Social and Environmental: Endesa must take advantage of changes in behaviour to meet their needs with more sustainable products and use its competitive advantage to continue to lead the fight against climate change, being able to develop its business with the deployment of renewables, without forgetting key elements in society such as the health and safety of both its own staff and the supply chain

These Risks and Opportunities are integrated into the Company's strategy, responding to them through the Strategic Plan and more directly with the Endesa Sustainability Plan (ESP), which is updated annually and covers a period of three years, a time horizon in which the Company establishes objectives and metrics to enhance opportunities and mitigate any possible financial effect that could produce a risk.

Endesa's material risks and opportunities have been classified as potential. The Company has not identified that any of them are currently materialising and, therefore, they are not currently having a financial impact on the Company. Those that are likely to occur in the short term could have a significant materiality adjustment during the next annual reporting period, becoming material and being classified as real.

Details of Endesa's Impacts, Risks and Opportunities (IROs)

The material Positive and Negative Impacts, Risks and Opportunities (IROs), actual or potential, relating to the different issues that apply to Endesa and which are described in the following sections of this Consolidated Management Report, are detailed below:

Thematic	No. of Section	Typology of IRO	Real / Potential	Description of Impacts, Risks and Opportunities (IROs)
		IP	Real	Promotion of the Energy Transition and low-carbon technologies in the national territory through investments.
		IP		Contribution to limiting the increase in global average temperature by meeting national and international targets.
		IP	Real	Reducing the cost of system energy consumption by implementing a strategy to accelerate clean electrification, in line with the decarbonisation pathway.
		IP	Real	Decreased Greenhouse Gases (GHG) footprint due to increased supply of renewable energy to the customer.
		IP	Real	Reduction of absolute Greenhouse Gases (GHG) emissions by phasing out thermoelectric generation.
		IP	Real	Reduction and mitigation of environmental impacts on external stakeholders by adopting regulatory developments at an early stage and promoting an environmental culture.
ESRS E1 - Climate Change	25.2.	IN	Real	Carbon dioxide (CO2) emissions from the operation of thermal power plants.
		RI	Potential	Failure to comply with the commitments undertaken in the socio economic section of the awarded Just Transition tenders that may lead to the loss of guarantees.
				Potential	Damage to or reduced efficiency of power generation and distribution facilities and supporting infrastructure due to increased extreme weather events due to Climate Change.
		OP	Potential	Promotion and development of initiatives by institutions to accelerate the Energy Transition.
		OP	Potential	Tenders for new renewable capacity and awarding of funds and subsidies with socio-economic scores that enable business growth.
		OP	Potential	Stakeholder demand for sound business strategies on environmental sustainability and climate change issues with an impact on reputation and attraction of ESG (Environmental, Social and Governance) investment.

Thematic	No. of Section	Typology of IRO	Real / Potential	Description of Impacts, Risks and Opportunities (IROs)
	25.2.	OP	Potential	Provision of insurance coverage against acute weather events within the commodity supply.
ESRS E1 - Climate Change		OP	Potential	Effective management of the long-term generation portfolio through the analysis of Climate Scenarios with the objective of identifying potential chronic changes to support strategic decisions.
ESRS E2 -		IP	Real	Reduction of polluting emissions into the atmosphere (other than Greenhouse Gases (GHG) through monitoring programmes and continuous improvement in their management.
Pollution	25.3.	IN	Real	Emissions of air pollutants (nitrogen oxide (NOx ), sulphur dioxide (SO2 ), particulate matter, etc.) from the generation of energy from conventional fuels.
ESRS E3 -		IP	Real	Ensuring Local Communities' access to water resources for their needs through responsible management of water use.
Water and Marine Resources	25.4	RI	Potential	Depletion of water resources for industrial uses and/or cooling systems in generation.
ESRS E4 -		IN	Real	Occupation of large plots of land for renewable energy generation, affecting the biodiversity of the land.
Biodiversity and Ecosystems	25.5	RI	Potential	Birdlife incidents or any other impact on Biodiversity that may result in fines, sanctions and/or reputational cost.
		IP	Real	Reduction of waste generation through waste reduction programmes and targets.
ESRS E5 - Resource Use		IN	Real	Waste generated in both own and contracted activities.
and the Circular Economy	25.6.	RI	Potential	Increase in expenses arising from higher costs related to the management by Empresa Nacional de Residuos Radiactivos, S.A., S.M.E. (ENRESA) of radioactive waste, including spent nuclear fuel and the dismantling and decommissioning of nuclear facilities.
		IP	Real	Ensuring respect for Human Rights in Endesa's activities by monitoring possible violations through Human Rights Due Diligence processes.
		IP	Real	Creation of new employment opportunities through the stimulation and development of qualification programmes.
		IP	Real	Improving working conditions in society through recruitment, pay and benefits policies.
		IP	Real	"Upskilling" and "reskilling" of employees affected by the closure of conventional power plants.
ESRS S1 - Own Workforce	26.1.	IN	Potential	Insufficient inclusion of groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee its inclusion.
		RI	Potential	Possible increase in occupational accidents of own staff and of suppliers and contractors due to the increase in activities in the renewable or distribution business caused by the increase in investments in these technologies.
		OP	Potential	Reduction of accidents in the working environment of workers and contractors due to an appropriate socio-cultural health and safety environment.
	26.2.	IP	Real	Ensuring respect for Human Rights in Endesa's activities by monitoring possible violations through Human Rights Due Diligence processes.
ESRS S2 - Workers in the Value Chain		RI	Potential	Possible increase in occupational accidents of own staff and of suppliers and contractors due to the increase in activities in the renewable or distribution business caused by the increase in investments in these technologies.
		IP	Real	Socio-economic growth and population settlement in areas where generation facilities operate.
		IN	Real	Decrease in socio-economic activity in the vicinity of coal plant closures.
ESRS S3 -		IN	Real	Occupation of large plots of land for renewable energy generation, affecting the biodiversity of the land.
Affected Communities	26.3.	RI	Potential	Social opposition due to the development of renewables, impact on biodiversity and/or proximity of thermal power plants to urban environments.
		RI	Potential	Non-compliance with the commitments undertaken in the socio economic section of the awarded Just Transition tenders that may lead to the loss of guarantees.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements
Other Stakeholders	Audit Report	Verification Report

Thematic	No. of Section	Typology of IRO	Real / Potential	Description of Impacts, Risks and Opportunities (IROs)
		IP	Real	Respect for consumer rights through respectful and non-discriminatory communications through compliance with legislation and web accessibility to ensure the inclusion of Diversity.
		IP	Real	Improved efficiency due to digitisation and/or automation of processes.
		IP	Real	Improved capacity and quality of supply through investments in grid modernisation and improved digitisation.
		IP	Real	Decreased Greenhouse Gases (GHG) footprint due to increased supply of renewable energy to the customer.
ESRS S4 - Consumers and Users Finals	26.4.	IP	Real	Boosting electrification through solutions to make consumption more efficient, cost-effective and sustainable.
		IP	Potential	Improving customer confidentiality and privacy through the correct use of the data and information provided.
		IN	Real	Lack of simplicity, clarity, transparency and accessibility of information to customers.
		IN	Real	Low electrification of cities, businesses and people due to lack of new solutions and technologies.
		IN	Potential	Insufficient accessibility to solutions for certain "sensitive groups" due to lack of solutions, lack of concrete information or long waiting times.
		RI	Potential	Customer dissatisfaction due to problems in the billing system.
		OP	Potential	Society's demand for environmentally friendly products.
		OP	Potential	Increased revenues by capturing new markets, offering solutions in the electrification of customers according to customer type and geographical area, making contract renewal more flexible and fostering customer loyalty.
ESRS G1 - Business Conduct	27.1.	IP	Real	Promoting transparency and increasing trust in the Company vis-à-vis stakeholders by disclosing sensitive information in an accurate and timely manner.
		IP	Real	Reduction and mitigation of environmental impacts on external stakeholders by adopting regulatory developments at an early stage and promoting an environmental culture.
		IP	Real	Fair, responsible and transparent taxation through the adoption of a tax strategy.
		IP	Real	Ensuring respect for Human Rights in Endesa's activities by monitoring possible violations through Human Rights Due Diligence processes.
		IP	Real	Improved external and internal awareness of the principles of integrity and ethics of business conduct through stakeholder outreach.
		IN	Potential	Infringement of human rights in the procurement of certain energy goods and services.
		RI	Potential	Political and regulatory intervention in market prices and/or corporate profits that increase tax payments.
		OP	Potential	Stakeholder demand for sound business strategies on environmental sustainability and climate change issues with an impact on reputation and attraction of ESG (Environmental, Social and Governance) investment.

IP: Positive Impact.

IN: Negative Impact.

RI: Risk.

OP: Opportunity.

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VI. Statement of Responsibility

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25. ENVIRONMENTAL INFORMATION

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

16 e), f), AR 4, AR 5

Article 8 of the EU Taxonomy Regulation (EU) 2020/852 of 18 June establishes a standardised and science-based classification system to identify environmentally sustainable economic activities. The EU Taxonomy acts as an important supporting element to promote sustainable investments and accelerate the decarbonisation of the European economy, in turn creating confidence and transparency for investors, while supporting companies in planning for the Transition to Net Zero.

Endesa undertakes to report data as required by the European Union (EU) Taxonomy Regulation, in accordance with the criteria set out in the Regulations of the European Commission Delegated Acts that are applicable at the date of preparation of the Sustainability Information included in the Consolidated Annual Report for the financial year 2024. In particular, this Sustainability Information has been prepared in accordance with the following regulations:

Regulations
• Delegated Regulation (EU) 2021/2139, of 4 June (Delegated Act on Climate).
• Delegated Regulation (EU) 2021/2178, of 6 July (Delegated Act on disclosure).
• Delegated Regulation (EU) 2022/1214, of 9 March (Supplementary Delegated Act on Climate).
• Delegated Regulation (EU) 2023/2485, of 27 June amending the delegated act on climate.
• Delegated Regulation (EU) 2023/2486, of 27 June (Delegated Environment Act).

Endesa's 2025-2027 Strategic Plan maintains its decarbonisation strategy to become a zero net emissions company by 2040 through an investment plan aligned with the Sustainable Development Goals (SDGs) and the European Union (EU) Taxonomy. This Plan has been approved by the Board of Directors, which is the highest administrative and representative body of the Company, in accordance with the Law and the Articles of Association.

The Company will earmark a total gross investment of 9,600 million euros for the period 2025-2027, with growth in clean electrification through renewable generation and distribution networks being the key focus. This is expected to reach 13,100 MW of gross renewable capacity by 2027, in line with the commitment to 100% emission-free electricity production by 2040. Of the total planned investment, 4,000 million euros will be allocated to distribution grids in order to continue to invest in their digitalisation, to increase their quality and resilience and to increase distributed generation facilities. The investment foreseen for the development of

renewable power in this Plan amounts to 3,700 million euros. In turn, 900 million euros of investment will be earmarked for the commercialisation area, which will allow us to continue to focus on the electrification of uses as a guide for the commercial strategy.

In accordance with the above Endesa, in compliance with the disclosure requirements of the Taxonomy, has included for the third consecutive year the investment alignment percentage (CapEx) as one of the key performance indicators of the Sustainabilitylinked financing framework used to define the Company's sustainable financial instruments. With this important step, the Company reinforces the role of the Taxonomy as a driver to promote sustainable investment decisions and show how Sustainability can be fully integrated into the financial aspect. Endesa has therefore confirmed its objective of adapting investment (CapEx) to the European Union (EU) Taxonomy by more than 80% for the period 2025- 2027, in accordance with the new Strategic Plan presented on 19 November 2024.

25.1.1. The implementation process

Endesa has adopted a process structured in 5 phases to analyse the degree of applicability of the European Union (EU) Taxonomy Regulation throughout the Value Chain and in all the countries in which it operates.

1. Identification of "Eligible" Economic Activities

Through this process, Endesa has classified all economic activities along its Value Chain according to

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the following 3 categories foreseen in the Regulation: "Eligible-aligned", "Eligible-non-aligned", "not Eligible" or "Ineligible".

Taxonomic Activities
"Eligible aligned"	• "Eligible aligned": refers to an economic activity that simultaneously fulfils the following 3 conditions: It is explicitly included in the European Union (EU) Taxonomy Regulation for its substantial contribution to Climate Change mitigation; Meets the specific criteria developed by the European Union (EU) Taxonomy Regulation for the specific environmental objective; It complies with the principle of no significant harm to the environment (DNSH) and minimum safeguards.
"Eligible-not aligned"	• "Eligible-non-aligned": refers to an economic activity which: — It is explicitly included in the European Union (EU) Taxonomy Regulation for its substantial contribution to mitigating or adapting to Climate Change, however: — Does not comply with the specific criteria developed by the European Union (EU) Taxonomy Regulation for these specific environmental objectives; or — It does not comply with the principle of no significant harm to the environment (DNSH) and/or minimum safeguards.
"not Eligible"	• "not Eligible": refers to an economic activity that has not been identified by the European Union (EU) Taxonomy as a substantial contributor to climate change mitigation and therefore no criteria have been developed. The logic of the European Commission is that these activities could: — Not have a significant impact on Climate Change mitigation or could be integrated into the EU Taxonomy Regulation at a later stage; — Cause a significant Negative Impact on Climate Change mitigation and therefore cannot be "Eligible" in any case.

In accordance with the mapping that Endesa has carried out, all the activities within the Company's portfolio that are included in the Delegated Acts on climate, environment and disclosure have been

identified so that the process has been carried out under the perspective of the 6 objectives (Climate Change mitigation and adaptation, water and marine resources, Circular Economy, pollution prevention and

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

Financial Statements IV. Consolidated Management Report

control and Biodiversity and Ecosystems), although Endesa is mainly exposed to the Climate Change mitigation and adaptation objectives. In this regard, it is important to note that activities classified as "Eligible" from the point of view of Climate Change mitigation also include adaptation solutions, particularly in the design and creation phase of the assets. Consequently, they are also "Eligible" from the point of view of this other objective.

Endesa is hardly affected by the remaining four objectives. It should be noted that only the following activities related to the Circular Economy and the protection and restoration of Biodiversity and Ecosystems have been identified as 'eligible for support', although both have a minimal impact in terms of financial metrics: sale of spare parts (5.2) in relation to the environmental objective "Transition to a Circular Economy", and the restoration of habitats, Ecosystems and species (1.1) linked to the "Biodiversity and Ecosystem protection and restoration" objective.

The mapping of Endesa's business activities for the contribution to the environmental objective of Climate Change Mitigation is shown below:

European Taxonomy
	"Eligible aligned"	• Wind and solar • Hydroelectric (98,9%) • Electrical energy storage
		• Distribution, excluding new connections between a substation or grid and an energy production plant that is more Greenhouse Gases (GHG) intensive than 100gCO2 eq/kWh.
Mapping according to the		• Efficient lighting • Electric public mobility • Electric private mobility • Energy efficiency of buildings • Value-added services to residential customers • Distributed energy services • Energy storage in batteries
Delegated Climate Act and the Supplementary Delegated Act	"Eligible-not aligned"	• Hydroelectric (1,1%)	199
		• Gaseous fossil fuels (CCGT)
		• New connections between a substation or grid and an electricity generation facility with a Greenhouse Gases (GHG) intensity above the threshold of 100 gCO2 eq/kWh
	"Ineligible"	• Coal • Nuclear • Fuel oil and CGT (Open Cycle Gas Turbines)
		• Trading • Retail sales of energy and gas to final customers
		• Financial services, general and structural services, as well as other non relevant product groups.

The analysis of the eligibility of the Company's productive economic activities under the Business Model has been updated in financial year 2024.

2. Substantial contribution analysis

Climate Change Mitigation

The "Eligible" activities identified in the previous phase have been analysed in detail in order to verify their compliance with the specific technical criteria established in relation to their substantial contribution to Climate Change mitigation. The analysis has been developed according to the criteria of the Climate Delegated Act and the complementary Delegated Act. That is to say:

a. Technological level analysis of energy generation activities. The threshold of 100 gCO2eq/kWh measured over the life cycle was adopted according to the following technological approach:

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

Technological Approach
Coal and Liquid Fossil Fuels	• Technology excluded from the European Union (EU) Taxonomy.
Gas	• Compliance with the 100 gCO2 /kWh threshold set in the Supplementary Delegated Act for all gas fired power plants has been analysed. At the same time, the potential compliance with the alternative criteria set out in the Delegated Act for gas-fired power generation has been verified.
Nuclear	• The eligibility of the 3 different activities related to nuclear electricity production identified in the Supplementary Delegated Act has been assessed.
Wind, Solar and Energy Storage	• Exempt from the carbon intensity threshold check due to their significant contribution to climate change mitigation.
Hydroelectric power	• The carbon intensity threshold has only been verified for plants with a power density of less than 5 W/ m². All plants with a power density of more than 5 W/m², as well as flowing water plants and pumped storage plants, are exempted from verification of the threshold.

b. Geographical and system level analysis for electricity distribution activities. Compliance with the following technical selection criteria has been analysed in Spain:

• The Distribution System Operator (DSO) is part of the European interconnected system.

• Infrastructure dedicated to the construction of a direct connection or the extension of an existing direct connection between a substation or the grid and an electricity generation facility that exceeds the emissions intensity threshold of 100 gCO2 eq/kWh measured over the lifecycle has been identified and excluded from the aligned activities of the DSOs (Distribution System Operator).

c. Analysis at product cluster level for the Energy Trading and Other Products and Services Business Line. A comprehensive analysis of the Energy Trading and Other Products and Services Business Line portfolio has been carried out. It has classified the "Eligible" activities in the sectors identified in the Delegated Act on climate, such as construction and real estate, transport or professional, scientific and technical activities.

Adaptation to Climate Change

No income from Endesa's activities can be considered as an action in support of climate change adaptation. This is because it does not provide adaptation solutions within the meaning of Article 11(1)(b) of the Taxonomy Regulation. Therefore, no income can be considered "Eligible" for this objective.

However, some of Endesa's production activities are considered eligible as they include adaptation solutions in accordance with Article 11(1)(a) of the Taxonomy Regulation. In this case, investments according to European Taxonomy (CapEx) and other fixed operating expenses according to European Union Taxonomy (OpEx), dedicated to adaptation solutions, can be considered to meet the Climate Change adaptation objective. For Endesa, most

adaptation solutions are part of the design or refurbishment of facilities which, in turn, meet the objective of climate change mitigation. It is therefore difficult to distinguish the investments and other fixed operating costs of each of the 2 climate objectives (mitigation and adaptation). Consequently, in accordance with the guidelines set out in the European Commission's Communication 2023/305, the figures for investments and other fixed operating costs have been reported only under the Climate Change mitigation objective, as this is the predominant objective for Endesa, thus avoiding any possible double counting.

Endesa's climate change adaptation strategy is described in Section 25.2 of this Consolidated Management Report.

Other environmental objectives

The activities of spare parts sales (5.2) linked to the environmental objective of "Transition to a Circular Economy", and the restoration of habitats, Ecosystems and species (1.1) linked to the objective of "Protection and Restoration of Biodiversity and Ecosystems" have been considered as "Eligible - not aligned", taking into account their marginality both economically and in terms of business impact.

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I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

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3. Assessment of the principle of No Significant Harm to the Environment (DNSH)

Existing environmental procedures to verify compliance with the principle of No Significant Harm to the Environment (DNSH) have been analysed for each technology (energy generation activities), region (distribution activities) and product grouping level (activities of the Energy Trading and Other Products and Services Business Line), adapted to the specific requirements for each of the following environmental objectives:

Environmental Objectives
Climate Change Mitigation	• Applicable only to activities "Eligible" for climate adaptation or for any of the other 4 objectives. In this case, the criteria are considered to be fulfilled to the extent that Endesa's activities themselves undoubtedly contribute to climate mitigation. In other words, they meet the technical criteria for selecting climate mitigation, which are equivalent to or more demanding than the criteria corresponding to the principle of no significant harm to the environment (DNSH) on climate mitigation.
Adaptation to Climate Change	• Analysis of global processes (including emerging and restoration), assessment of physical climate risks and solutions and adaptation plans in place, covering all applicable activities, from energy generation and distribution to energy trading and other products and services.
Sustainable Use and Protection of Water and Marine Resources	• Analysis of water-related procedures, as well as permits, environmental impact assessments, national regulations and water management plans. The analysis has been limited to energy generation activities, as these are the predominant ones.
Transition to a Circular Economy	• Analysis of waste management plans, purchasing requirements and Circular Economy projects and plans covering all activities applicable to electricity generation and distribution and the products of the Energy Trading and Other Products and Services Business Line.
Pollution Prevention and Control	• Analysis of global procedures and national regulations covering all applicable activities of energy generation, distribution and production. Emissions from electromagnetic radiation for distribution and emissions from power generation activities have also been analysed in relation to air quality.
Biodiversity and Ecosystem Protection and Restoration	• Analysis of global procedures and national regulations covering all applicable power generation and distribution activities.

4. Verification of minimum social guarantees

Endesa's Human Rights Due Diligence process covers the entire company. It is also inspired by the main international benchmark standards, such as the United Nations (UN) Guiding Principles on Business and Human Rights and the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises. Since 2013, Endesa has adopted a specific Human Rights Policy reflecting its commitment, updated in 2021 in order to

incorporate the evolution of international frameworks and operational, organisational and management processes. The content of the Policy refers to internationally recognised Human Rights, understood, at least, as those contained in the International Bill of Human Rights and the fundamental rights principles set out in the conventions of the International Labour Organisation (ILO) and underpinning the Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy. The following table illustrates the approach to the minimum guarantee criteria:

Minimum Guarantee Criteria
Human Rights	• The main international benchmark standards guiding Endesa's commitment are the United Nations "Protect, Respect, Remedy" framework (set out in the Guiding Principles on Business and Human Rights) and the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises. This commitment is clearly reflected in Endesa's Human Rights Policy, which was drafted and adopted in 2013 and is due to be updated in 2021. • Endesa is committed to monitoring compliance with the Policy through a specific Due Diligence process defined on the basis of the United Nations guidelines and the Due Diligence Guidelines for Responsible Business Conduct of the Organisation for Economic Co-operation and Development (OECD). In relation to the Guiding Principles on Business and Human Rights (Principles 17-21), this term refers to an ongoing management system that a company puts in place depending on the sector in which it operates, its operational contexts and its size. The objective is to ensure that it respects or is not complicit in human rights violations. This involves identifying, preventing, mitigating and reporting adverse impacts that may be caused by the company. For more information, see Section 24.3.4 of this Consolidated Management Report.
Corruption	• In accordance with Endesa's Human Rights Policy. Endesa opposes corruption in all its forms, direct and indirect, considering that it is one of the factors that weaken institutions and democracy, ethical values and justice, well-being and the development of society. • To this end, the Company reaffirms its commitment to the fight against corruption through a plan called "Zero Tolerance to Corruption Plan". This Plan is one of the pillars underpinning the Company's Anti-Corruption Management System (see:https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/conducta-etica) and the Company's Code of Ethics.
Fiscal Strategy	• Endesa has a tax strategy aimed at ensuring fair, responsible and transparent taxation. Its objective is to achieve coherent and uniform tax management in all the Group's entities. Tax management is based on the joint objectives of: 1) The correct and timely assessment and settlement of taxes payable by law and the fulfilment of the corresponding obligations. 2) Adequate management of tax risk, understood as the risk of incurring tax violations or non compliance with the principles and purposes of the tax system. For further information, see Section 27.1.9 of this Consolidated Management Report.
Fair Competition	• Endesa promotes the principle of fair competition and refrains from collusive or predatory behaviour and abuse of dominant position, as established in Endesa's Code of Ethics.

5. Calculation of financial metrics

The corresponding financial metrics have been associated with each economic activity according to the classification established in steps 1-4 by compiling the relevant financial information from Endesa's accounting records. The criteria and observations made during the calculation process are set out below:

• The 3 financial metrics required by the European Union (EU) Taxonomy Regulation, revenue (turnover), investments (CapEx) and other fixed operating expenses (OpEx), have been calculated in accordance with the eligibility analysis described above.
• The financial information has been obtained from the digital accounting system used by Endesa or from the management systems used by the Business Lines. However, some approximations have also been used to represent the values in more detail or to exclude certain activities from the overall calculation of the 'Eligible' alignment, such as non-aligned hydroelectric generation or infrastructures considered 'Eligible-aligned'

distribution systems. The 'proxies' used are listed below as an example:

• • Hydroelectric power: 'Eligible-non-aligned' hydroelectric power plants have been excluded based on their production multiplied by the average unit turnover in 2023 and 2024. This approach has also been applied to investments (CapEx) and other fixed operating expenses (OpEx).
• • Distribution: with respect to investment (CapEx), new connections between a substation or network and a power generation plant with a Greenhouse Gas (GHG) intensity above the threshold of 100 gCO2eq/kWh have been excluded based on their capacity (in MW) multiplied by the average unit investment (CapEx) (k€/MW) for the years 2023 and 2024. This approach has also been applied to billing based on the useful life of the assets.
• The financial data refers to the 'sectoral' level and includes elements related to third parties and intersectoral exchanges.
• The financial metrics have been represented considering all electricity and gas sales as 'Non-Eligible'.

IV. Consolidated Management Report

VI. Statement of Responsibility

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

• Revenues classified as 'Eligible-Aligned' include revenues related to the sale of renewable electricity produced by the Group's generation companies and sold to companies for commercialisation to end customers, in accordance with the Group's integrated position.
• Regarding investments, the costs accounted for as established in IFRS 16 Leases, Section 53(h), are considered, as required by Commission Delegated Regulation (EU) 2021/2178 of 6 July.
• The data relating to investments (CapEx) and other fixed operating expenses (OpEx) that may correspond to adaptation solutions, in accordance with Article 11, Section 1, letter a), of the European Union (EU) Taxonomy Regulation on business activities that already contribute to the mitigation

of Climate Change, have not been assigned to the climate adaptation objective, thus avoiding any possible double counting with the data provided for the climate change mitigation objective. Furthermore, no income has been considered 'Eligible for' the climate adaptation objective, as Endesa does not provide adaptation solutions as defined in Article 11(1)(b) of the European Union (EU) Taxonomy Regulation.

• For minor activities that contribute to the objective of protecting and restoring Biodiversity and Ecosystems, as well as to the Circular Economy objective, a figure rounded to '0' has been indicated due to their marginal weight in relation to the overall financial figures.

25.1.2. Statement on the alignment of Endesa's activity with European Union (EU) Taxonomy

Overall results

The following shows the level of alignment of Endesa's business activities with the European Union (EU) Taxonomy during 2024, taking into account its substantial contribution to the objective of mitigating Climate Change, in accordance with the principle of No Significant Harm to the Environment (DNSH) and minimum social safeguards.

Revenue (Turnover):

• 20.2% of revenues (Turnover) in 2024 are from business activities aligned with the EU Taxonomy Regulation, compared to 15.6% in 2023.
• The percentage of Eligible revenues has increased from 25.8% in 2023 to 31.1% in 2024.
• Both increases in 2024 are due to a decrease in the turnover of non-eligible activities (electricity and gas trading) and an increase in the turnover of both aligned and non-aligned eligible activities, which increases the weight of eligible activities over noneligible activities.

Other Fixed Operating Expenses (OpEx):

Set out below are the costs that are part of "Other Fixed Operating Expenses" in the Consolidated Income Statement for 2024 and 2023 considered eligible for classification into the categories of activities in accordance with the EU Taxonomy Regulation and the percentage of these costs considered Eligible, Non-Aligned Eligible and Non-Eligible. These costs correspond mainly to Repairs and Maintenance, as well as Insurance Premiums.

• 46.5% of Other Fixed Operating Expenses (OpEx) in 2024 relate to commercial activities aligned with the European Union (EU) Taxonomy Regulation, compared to 46.0% in 2023.
• The percentage of Eligible of Other Fixed Operating Expenses (OpEx) increases slightly in 2024 compared to 2023 mainly due to higher maintenance costs incurred in renewable energy production and Taxonomy-aligned distribution activities.

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Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

IV. Consolidated Management Report

Investments (CapEx):

• 67.9% of CapEx in 2024 is related to business activities aligned to the EU Taxonomy Regulation, compared to 74.3% in 2023. The share of CapEx from Taxonomy aligned and Eligible activities decreases in 2024 compared to 2023 mainly due to lower investments in PV power generation.

25.1.3. Results in detail

The tables below are represented in accordance with European Union Regulation (EU) 852/2020 of 18 June and Delegated Regulation (EU) 2023/2486 of 27 June.

Revenue (Turnover)

Proportion of Revenue (Turnover) from products or services associated with economic activities that conform to the Taxonomy-divulgence for the year 2024

Financial Year		2024			Substantial Contribution Criteria				No Significant Harm Criteria ("No Significant Harm")					Category
	Taxonomy codes	Turnover	Turnover Ratio	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Proportion of Turnover conforming according to Taxonomy (A.2), year to Taxonomy (A.1) or Eligible 2023	Category Enablng Activity	Category Transition Activity
Economic Activities		Millions of Euros	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL					Y/N Y/N Y/N Y/N Y/N Y/N Y/N			%	E	T
A. "ELIGIBLE" ACTIVITIES ACCORDING TO THE TAXONOMY. A.1. Environmentally sustainable activities
(conforming to the Taxonomy).
Electricity generation from wind energy.	CCM 4.3	664.9	3.1%	Y		N/EL N/EL N/EL N/EL			N/EL	Y	Y	Y	Y	Y	Y	Y	2.1%
Electricity generation using solar photovoltaic technology.	CCM 4.1	210.6	1.0%	Y		N/EL N/EL N/EL N/EL			N/EL	Y	Y	Y	Y	Y	Y	Y	0.9%
Electricity generation from hydroelectric power.	CCM 4.5	536.7	2.5%	Y		N/EL N/EL N/EL N/EL			N/EL	Y	Y	Y	Y	Y	Y	Y	1.8%
Electricity storage.	CCM 4.10	0.7	0.0%	Y		N/EL N/EL N/EL N/EL			N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
Transmission and distribution of electricity.	CCM 4.9	2,602.0	12.2%	Y		N/EL N/EL N/EL N/EL			N/EL	Y	Y	Y	Y	Y	Y	Y	9.7%	E
Installation, maintenance and repair of energy efficient equipment.	CCM 7.3 d	0.0	0.0%	Y		N/EL N/EL N/EL N/EL			N/EL	Y	Y	Y	Y	Y	Y	Y	0.1%	E
Urban and suburban transport, passenger transport by road.	CCM 6.3	36.4	0.2%	Y		N/EL N/EL N/EL N/EL			N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%
Installation, maintenance and repair of energy efficient equipment.	CCM 7.3	161.6	0.8%	Y		N/EL N/EL N/EL N/EL			N/EL	Y	Y	Y	Y	Y	Y	Y	0.6%	E
Installation, maintenance and repair of instruments and devices for measuring, regulating and controlling the energy efficiency of buildings.	CCM 7.5	0.0	0.0%	Y		N/EL N/EL N/EL N/EL			N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E

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Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
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Proportion of Revenue (Turnover) from products or services associated with economic activities that conform to the Taxonomy-divulgence for the year 2024

Financial Year	2024		Substantial Contribution Criteria							No Significant Harm Criteria ("No Significant Harm")					Category
	Taxonomy codes	Turnover	Turnover Ratio	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Proportion of Turnover conforming according to Taxonomy (A.2), year to Taxonomy (A.1) or Eligible 2023	Category Enablng Activity	Category Transition Activity
Economic Activities		Millions of Euros	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL					Y/N Y/N Y/N Y/N Y/N Y/N Y/N			%	E	T
Professional services related to the energy efficiency of buildings.	CCM 9.3	14.1	0.1%	Y			N/EL N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.1%	E
Installation, maintenance and repair of renewable energy technologies.	CCM 7.6	87.9	0.4%	Y			N/EL N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.4%	E
Installation, maintenance and repair of renewable energy technologies.	CCM 7.6 f	0.0	0.0%	Y			N/EL N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
Infrastructure for personal mobility, bicycle logistics.	CCM 6.13	0.0	0.0%	Y			N/EL N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and in parking spaces attached to buildings).	CCM 7.4	0.0	0.0%	Y			N/EL N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
Turnover from environmentally sustainable activities (compliant with the Taxonomy) (A.1).		4,314.9	20.2%				20.2% 0% (1) 0.0% 0.0% 0.0%		0.0%	Y	Y	Y	Y	Y	Y	Y	15.6%
Of which: enabling			13.5%				13.5% 0.0% 0.0% 0.0% 0.0%		0.0%	Y	Y	Y	Y	Y	Y	Y	10.9%	E
Of which: Transitional			0.0%	0.0%													0.0%		T

207

Proportion of Revenue (Turnover) from products or services associated with economic activities that conform to the Taxonomy-divulgence for the year 2024

Financial Year		2024		Substantial Contribution Criteria						No Significant Harm Criteria ("No Significant Harm")							Category
			Taxonomy codes	Turnover	Turnover Ratio	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Proportion of Turnover conforming according to Taxonomy (A.2), year to Taxonomy (A.1) or Eligible 2023	Category Enablng Activity	Category Transition Activity
		Economic Activities A.2 Activities "Eligible"		Millions of Euros	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL					Y/N Y/N Y/N Y/N Y/N Y/N Y/N			%	E	T
		according to the Taxonomy but not environmentally sustainable (activities that do not comply with the Taxonomy).
		Electricity generation from hydroelectric power.	CCM 4.5	9.8	0.0%	EL		N/EL N/EL N/EL N/EL			N/EL								0.0%
		Electricity transmission and distribution (new connections to plants with threshold > 100 gCO2eq/kWh).	CCM 4.9	0.0	0.0%	EL		N/EL N/EL N/EL N/EL			N/EL								0.0%
		Generation of electricity from gaseous fossil fuels (CCGT).	CCM 4.29	2,303.9	10.8%	EL		N/EL N/EL N/EL N/EL			N/EL								10.2%
	THE TAXONOMY)	Sale of spare parts.	CE 5,2	0.0	0.0%	N/EL		N/EL N/EL	EL(2)	N/EL	N/EL								0.0%
		Conservation, including recovery of habitats, Ecosystems and species.	BIO 1.1	0.0	0.0%	N/EL		N/EL N/EL N/EL N/EL			EL(2)								0.0%
ENVIRONMENTALLY SUSTAINABLE (ACTIVITIES THAT DO NOT COMPLY WITH A.2. ACTIVITIES 'ELIGIBLE' ACCORDING TO THE TAXONOMY BUT NOT		Income (Turnover) from "Eligible" activities according to the Taxonomy but not environmentally sustainable (activities that do not comply with the Taxonomy) (A.2).		2,313.7	10.9%	10.9%	0%	0%	0%	0%	0%								10.2%
		A. Income (Turnover) from "Eligible" activities according to Taxonomy (A.1+A.2).		6,628.7	31.1%					31.1% 0.0% 0.0% 0.0% 0.0% 0.0%									25.8%

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Proportion of Revenue (Turnover) from products or services associated with economic activities that conform to the Taxonomy-divulgence for the year 2024

Financial Year		2024			Substantial Contribution Criteria							No Significant Harm Criteria ("No Significant Harm")
	Taxonomy codes	Turnover	Turnover Ratio	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Proportion of Turnover conforming according to Taxonomy (A.2), year to Taxonomy (A.1) or Eligible 2023	Category Enablng Activity	Category Transition Activity
Economic Activities		Millions of Euros	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL					Y/N Y/N Y/N Y/N Y/N Y/N Y/N			%	E	T
B. ACTIVITIES NOT "ELIGIBLE" ACCORDING TO THE TAXONOMY.
Turnover from activities not "Eligible" by Taxonomy (B).
Coal-fired power generation.	Na	19.7	0.1%
Nuclear electricity generation.	Na	1,670.0	7.8%
Electricity generation from fuel oil and gas oil OCGT(3).	Na	246.1	1.2%
Endesa Energía, S.A.U. (only non-"Eligible" activities).	Na	49.0	0.2%
Trading activities (Energy sales - wholesale).	Na	3,744.5	17.6%
Commercialisation (Retail gas sales).	Na	3,287.0	15.4%
Commercialisation (Retail electricity sales).	Na	12,047.9	56.5%
Services, Holding and Others.	Na	399.0	1.9%
Deletions/omissions and adjustments.	Na	(6,784.8) (31.8%)
Income (Turnover) from activities not "Eligible" under Taxonomy (B).		14,678.4	68.9%
TOTAL (A + B).		21,307.0 100.0%

(1) "Eligible" Revenues (turnover) have not been considered for the Climate Change adaptation objective as Endesa does not provide adaptation solutions in accordance with article 11.b of the Taxonomy Regulation.

(2) The alignment analysis of these activities was carried out for the first time in 2024 in accordance with the schedule established in the Delegated Environmental Act. It has been decided to consider both activities as "Eligible not aligned" although they are marginal both in economic terms and in terms of business impact.

(3) Electricity generation from fuel oil and OCGT: in 2024 refers to thermal generation plants located in the Non-Peninsular Territories (NPT) that use fuel oil and/ or gas (OCGT), for which there is no breakdown by technology. The column "Proportion of Turnover that conforms to Taxonomy (A.1) or Eligible according to Taxonomy (A.2), year 2023" has been modified with this classification in order to show comparative values in the financial year 2023.

		Ratio Revenue (Turnover)/ Total Revenue (Turnover) Total
	That Fits the Taxonomy by Objective	"Eligible" according to the Taxonomy by objective
Climate Change Mitigation (CCM)	20.2%	31.1%
Climate Change Adaptation (CCA)	0.0%	0.0%
Water and Marine Resources (WTR)	0.0%	0.0%
Circular Economy (CE)	0.0%	0.0%
Pollution Prevention and Control (PPC)	0.0%	0.0%
Biodiversity and Ecosystems (BIO)	0.0%	0.0%

Other Fixed Operating Expenses (OpEx)

Proportion of Other Fixed Operating Expenses (OpEx) from products or services associated with economic activities that comply with the Taxonomy-Disclosure for the year 2024

Financial Year			2024						Substantial Contribution Criteria		No Significant Harm Criteria ("No Significant Harm")								Category
		Taxonomy codes	Other Fixed Operating Expenses (OpEx)	Ratio of Other Fixed Operating Expenses (OpEx)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Operating Expenses (OpEx) that Eligible according to Taxonomy conforms to Taxonomy (A,1) or Proportion of Other Fixed (A,2). year 2023	Category Enablng Activity	Category Transition Activity
	Economic Activities		Millions of Euros	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL			Y/N Y/N Y/N Y/N Y/N Y/N Y/N					%	E	T
	A. "ELIGIBLE" ACTIVITIES ACCORDING TO THE TAXONOMY.
	A.1. Environmentally sustainable activities (conforming to the Taxonomy).
	Electricity generation from wind energy.	CCM 4.3 / CCA 4.3	14.4	3.5%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	4.6%
	Electricity generation using solar photovoltaic technology.	CCM 4.1 / CCA 4.1	12.6	3.1%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	3.6%
A.1. ENVIRONMENTALLY SUSTAINABLE ACTIVITIES (CONFORMING TO THE TAXONOMY)	Electricity generation from hydroelectric power.	CCM 4.5 / CCA 4.5	23.2	5.7%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	7.5%
	Electricity storage.	CCM 4.10 / CCA 4.10	0.0	0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
	Transmission and distribution of electricity.	CCM 4.9 / CCA 4.9	139.2	34.1%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	30.1%	E
	Installation, maintenance and repair of energy efficient equipment.	CCM 7.3 d / CCA 7.3 d	0.0	0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
	Urban and suburban transport, passenger transport by road.	CCM 6.3 / CCA 6.3	0.4	0.1%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.1%
	Installation, maintenance and repair of energy efficient equipment.	CCM 7.3 / CCA 7.3	0.0	0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.1%	E
	Installation, maintenance and repair of instruments and devices for measuring, regulating and controlling the energy efficiency of buildings.	CCM 7.5 / CCA 7.5	0.0	0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
	Professional services related to the energy efficiency of buildings.	CCM 9.3 / CCA 9.3	0.0	0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
	Installation, maintenance and repair of renewable energy technologies.	CCM 7.6 / CCA 7.6	0.1	0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Proportion of Other Fixed Operating Expenses (OpEx) from products or services associated with economic activities that comply with the Taxonomy-Disclosure for the year 2024

Financial Year		2024		Substantial Contribution Criteria							No Significant Harm Criteria ("No Significant Harm")			Category
	Taxonomy codes	Other Fixed Operating Expenses (OpEx)	Ratio of Other Fixed Operating Expenses (OpEx)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Operating Expenses (OpEx) that Eligible according to Taxonomy conforms to Taxonomy (A,1) or Proportion of Other Fixed (A,2). year 2023	Category Enablng Activity	Category Transition Activity
Economic Activities		Millions of Euros	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL			Y/N Y/N Y/N Y/N Y/N Y/N Y/N					%	E	T
Installation, maintenance and repair of renewable energy technologies.	CCM 7.6 f / CCA 7.6 f	0.0	0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
Infrastructure for personal mobility, bicycle logistics.	CCM 6.13 / CCA 6.13	0.0	0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and in parking spaces attached to buildings).	CCM 7.4 / CCA 7.4	0.0	0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
Fixed Operating Expenses (OpEx) of environmentally sustainable activities (compliant with the Taxonomy) (A.1)		189.9	46.5%	46.5% 0.0% 0.0% 0.0% 0.0%					0.0%	Y	Y	Y	Y	Y	Y	Y	46.0%
Of which enabling			34.1%	34.1%													30.2%	E
Of which Transition			0.0%	0.0%													0.0%		T
A.2 "Eligible" activities according to the Taxonomy but not environmentally sustainable (activities that do not comply with the Taxonomy)
Generation of electricity from hydropower.	CCM 4.5 / CCA 4.5	0.4	0.1%	EL	EL		N/EL N/EL N/EL		N/EL								0.1%
Electricity transmission and distribution (new connections to plants with threshold > 100 gCO2 eq/kWh).	CCM 4.9 / CCA 4.9	0.0	0.0%	EL	EL		N/EL N/EL N/EL		N/EL								0.0%
Generation of electricity from gaseous fossil fuels (CCGT).	CCM 4.29 / CCA 4.29	100.2	24.5%	EL	EL		N/EL N/EL N/EL		N/EL								16.0%
Sale of spare parts.	CE 5,2	0.0	0.0%	N/EL		N/EL N/EL	EL(2)	N/EL	N/EL								0.0%
Conservation, including recovery of habitats, Ecosystems and species.	BIO 1.1	0.0	0.0%	N/EL		N/EL N/EL N/EL N/EL			EL(2)								0.0%
Other Fixed Operating Expenses (OpEx) of activities "Eligible" according to the Taxonomy but not environmentally sustainable (activities that do not comply with the Taxonomy) (A.2)		100.6	24.6%	24.6% 0.0% 0.0% 0.0% 0.0%					0.0%								16.1%
A. Other Fixed Operating Expenses (OpEx) of "Eligible" activities according to		290.5	71.1%		71.1% 0.0% 0.0% 0.0% 0.0%				0.0%								62.1%

Proportion of Other Fixed Operating Expenses (OpEx) from products or services associated with economic activities that comply with the Taxonomy-Disclosure for the year 2024

Financial Year		2024			Substantial Contribution Criteria						No Significant Harm Criteria ("No Significant Harm")							Category
	Taxonomy codes	Other Fixed Operating Expenses (OpEx)	Ratio of Other Fixed Operating Expenses (OpEx)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Operating Expenses (OpEx) that Eligible according to Taxonomy conforms to Taxonomy (A,1) or Proportion of Other Fixed (A,2). year 2023	Category Enablng Activity	Category Transition Activity
Economic Activities		Millions of Euros	%	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL			Y/N Y/N Y/N Y/N Y/N Y/N Y/N					%	E	T
B. ACTIVITIES NOT "ELIGIBLE" UNDER THE TAXONOMY
Coal-fired power generation.	Na	3.5	0.9%
Nuclear electricity generation.	Na	89.1	21.8%
Fuel oil and gas oil-fired power generation OCGT(3).	Na	11.6	2.8%
Endesa Energía, S.A.U. (only non-"Eligible" activities).	Na	0.3	0.1%
Trading activities (Energy sales - wholesale).	Na	2.7	0.7%
Commercialisation (Retail gas sales).	Na	0.5	0.1%
Commercialisation (Electricity retail sales).	Na	1.7	0.4%
Services, Holding and Other.	Na	8.5	2.1%
Deletions/omissions and adjustments.	Na	0.0	0.0%
Other Fixed Operating Expenses (OpEx) of activities not "Eligible" under Taxonomy		117.9	28.9%
TOTAL (A + B)		408.4	100.0%

(1) Any Other Operating Expenses (OpEx) figures that might correspond to adaptation solutions. in accordance with Article 11(1)(a) of the European Union (EU) Taxonomy Regulation. in business activities that already contribute to climate mitigation have not been allocated to the climate adaptation objective. thus avoiding any possible double counting with the figures presented for the Climate Change mitigation objective,

(2) The alignment analysis of these activities has been carried out for the first time in the year 2024 according to the schedule set out in the Environmental Delegated Act, It has been decided to consider both activities as "Eligible not aligned" although they are marginal both in economic terms and in terms of business impact. (3) Electricity generation from fuel oil and OCGT: in 2024 refers to thermal generation plants located in the Non-Peninsular Territories (NPT) that use fuel oil and/or gas (OCGT). for which there is no breakdown by technology, The column "Proportion of Other Fixed Operating Expenses (OpEx) that conforms to Taxonomy (A,1) or Eligible according to Taxonomy (A,2). year 2023" has been modified with this classification in order to show the comparative values in the year 2023,

Ratio of Other Fixed Operating Expenses (OpEx)/Other Fixed Operating Expenses (OpEx) Total

	That Fits the Taxonomy by Objective	"Eligible" according to the Taxonomy by Objective
Climate Change Mitigation (CCM)	46.5%	71.1%
Climate Change Adaptation (CCA)	46.5%	71.1%
Water and Marine Resources (WTR)	0.0%	0.0%
Circular Economy (CE)	0.0%	0.0%
Pollution Prevention and Control (PPC)	0.0%	0.0%
Biodiversity and Ecosystems (BIO)	0.0%	0.0%

AND SUBSIDIARIES

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Investments (CapEx)

Proportion of investment (CapEx) from products or services associated with economic activities that conform to the Taxonomy-disclosure for the year 2024

Financial Year		2024			Substantial Contribution Criteria								No Significant Harm Criteria ("No Significant Harm")		Category
		Taxonomy codes	CapEx	CapEx ratio, year 2024	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Proportion of CapEx conforming according to Taxonomy (A.2), to Taxonomy (A.1) or Eligible year 2023	Category Enabling Activity	Category Transition Activity
	Economic Activities		Millions of Euros %		Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL			Y/N Y/N Y/N Y/N Y/N Y/N Y/N					%	E	T
	A. ELIGIBLE" ACTIVITIES ACCORDING TO THE TAXONOMY.
	A.1. Environmentally sustainable activities (conforming to the Taxonomy).
	Electricity generation from wind energy.	CCM 4.3 / CCA 4.3	52.2	2.5%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	2.9%
	Electricity generation using solar photovoltaic technology.	CCM 4.1 / CCA 4.1	243.2	11.8%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	24.6%
	Electricity generation from hydroelectric power.	CCM 4.5 / CCA 4.5	72.4	3.5%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	3.6%
	Electricity storage.	CCM 4.10 / CCA 4.10	2.8	0.1%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.1%	E
	Transmission and distribution of electricity.	CCM 4.9 / CCA 4.9	901.3	43.8%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	35.9%	E
	Installation. maintenance and repair of energy efficient equipment.	CCM 7.3 d / CCA 7.3 d	1.7	0.1%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.2%	E
	Urban and suburban transport. passenger transport by road.	CCM 6.3 / CCA 6.3	1.5	0.1%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%
	Installation. maintenance and repair of energy efficient equipment.	CCM 7.3 / CCA 7.3	35.0	1.7%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
	Installation. maintenance and repair of instruments and devices for measuring. regulating and controlling the energy efficiency of buildings.	CCM 7.5 / CCA 7.5	8.0	0.4%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.2%	E
	Professional services related to the energy efficiency of buildings.	CCM 9.3 / CCA 9.3	0.8	0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
	Installation. maintenance and repair of renewable energy technologies.	CCM 7.6 / CCA 7.6	3.3	0.2%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E

213

Proportion of investment (CapEx) from products or services associated with economic activities that conform to the Taxonomy-disclosure for the year 2024

	Financial Year		2024						Substantial Contribution Criteria						No Significant Harm Criteria ("No Significant Harm")				Category
		Taxonomy codes	CapEx	CapEx ratio, year 2024	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Proportion of CapEx conforming according to Taxonomy (A.2), to Taxonomy (A.1) or Eligible year 2023	Category Enabling Activity	Category Transition Activity
	Economic Activities		Millions of Euros %		Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL					Y/N Y/N Y/N Y/N Y/N Y/N Y/N			%	E	T
	Installation. maintenance and repair of renewable energy technologies.	CCM 7.6 f / CCA 7.6 f		0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
	Infrastructure for personal mobility. bicycle logistics.	CCM 6.13 / CCA 6.13		0.0%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	0.0%	E
A.1. ENVIRONMENTALLY SUSTAINABLE ACTIVITIES (CONFORMING TO THE TAXONOMY)	Installation. maintenance and repair of charging stations for electric vehicles in buildings (and in parking spaces attached to buildings).	CCM 7.4 / CCA 7.4	31.6	1.5%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	1.2%	E
	Additions to right-of-use assets (IFRS 16 par, 53 point h).	Na	43.4	2.1%	Y	Y		N/EL N/EL N/EL		N/EL	Y	Y	Y	Y	Y	Y	Y	5.5%
	Investments (CapEx) of environmentally sustainable activities (compliant with the Taxonomy) (A.1)		1,397.2	67.9%	67.9% 0% (1) 0.0% 0.0% 0.0%					0.0%	Y	Y	Y	Y	Y	Y	Y	74.3%
	Of which enabling			47.9%				47.9% 0.0% 0.0% 0.0% 0.0%		0.0%	Y	Y	Y	Y	Y	Y	Y	37.7%	E
	Of which Transition			0.0%	0.0%													0.0%		T

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Proportion of investment (CapEx) from products or services associated with economic activities that conform to the Taxonomy-disclosure for the year 2024

Financial Year			2024			Substantial Contribution Criteria									No Significant Harm Criteria ("No Significant Harm")					Category
		Taxonomy codes	CapEx	CapEx ratio, year 2024	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Proportion of CapEx conforming according to Taxonomy (A.2), to Taxonomy (A.1) or Eligible year 2023	Category Enabling Activity	Category Transition Activity
	Economic Activities		Millions of Euros %		Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL					Y/N Y/N Y/N Y/N Y/N Y/N Y/N			%	E	T
	A.2 "Eligible" activities according to the Taxonomy but not environmentally sustainable (activities that do not comply with the Taxonomy)
	Electricity generation from hydroelectric power.	CCM 4.5 / CCA 4.5	1.3	0.1%	EL	EL		N/EL N/EL N/EL		N/EL								0.0%
SUSTAINABLE (ACTIVITIES THAT DO NOT COMPLY WITH THE TAXONOMY) gCO2	Electricity transmission and distribution (new connections to plants with threshold > 100 eq/kWh).	CCM 4.9 / CCA 4.9	0.0	0.0%	EL	EL		N/EL N/EL N/EL		N/EL								0.0%
	Generation of electricity from gaseous fossil fuels (CCGT).	CCM 4.29 / CCA 4.29	49.0	2.4%	EL	EL		N/EL N/EL N/EL		N/EL								2.0%
	Additions to right-of-use assets (IFRS 16 par, 53 point h).	Na	3.8	0.2%	EL	EL		N/EL N/EL N/EL		N/EL								0.1%
	Sale of spare parts.	CE 5,2	0.0	0.0%	N/EL		N/EL N/EL	EL(2)	N/EL	N/EL								0.0%
	Conservation. including recovery of habitats. Ecosystems and species.	BIO 1.1	0.0	0.0%	N/EL		N/EL N/EL N/EL N/EL			EL(2)								0.0%
A.2. ACTIVITIES 'ELIGIBLE' ACCORDING TO THE TAXONOMY BUT NOT ENVIRONMENTALLY	Investments (CapEx) of "Eligible" activities according to the Taxonomy but not environmentally sustainable (activities that do not comply with the Taxonomy) (A.2).		54.2	2.6%	2.6%		0.0% 0.0% 0.0% 0.0%			0.0%								2.1%
	A. Investments (CapEx) of "Eligible" activities according to the Taxonomy (A.1+A.2).		1,451.4	70.5%		70.5% 0.0% 0.0% 0.0% 0.0%				0.0%								76.4%

215

Proportion of investment (CapEx) from products or services associated with economic activities that conform to the Taxonomy-disclosure for the year 2024

	Financial Year		2024				Substantial Contribution Criteria						No Significant Harm Criteria ("No Significant Harm")							Category
		Taxonomy codes	CapEx	CapEx ratio, year 2024	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Climate Change Mitigation (CCM)	Climate Change Adaptation (CCA)	Water and Marine Resources (WTR)	Circular Economy (EC)	Pollution Prevention and Control (PPC)	Biodiversity and Ecosystems (BIO)	Minimum Guarantees	Proportion of CapEx conforming according to Taxonomy (A.2), to Taxonomy (A.1) or Eligible year 2023	Category Enabling Activity	Category Transition Activity
	Economic Activities		Millions of Euros %		Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL	Y; N; N/EL			Y/N Y/N Y/N Y/N Y/N Y/N Y/N					%	E	T
	B. ACTIVITIES NOT "ELIGIBLE" ACCORDING TO THE TAXONOMY.
	Coal-fired power generation.	Na		0.0%
	Nuclear electricity generation.	Na	174.0	8.5%
	Electricity generation from fuel oil and gas oil OCGT(3).	Na	72.3	3.5%
	Endesa Energía. S,A,U, (only non-"Eligible" activities).	Na	1.2	0.1%
B. ACTIVITIES NOT "ELIGIBLE" UNDER THE TAXONOMY	Trading activities (Energy sales - wholesale).	Na	15.2	0.7%
	Commercialisation (Retail gas sales).	Na	37.3	1.8%
	Commercialisation (Retail electricity sales).	Na	214.7	10.4%
	Services. Holding and Others.	Na	16.5	0.8%
	Deletions/omissions and adjustments.	Na	66.5	3.2%
	Additions to right-of-use assets (IFRS 16 par, 53 point h).	Na	8.0	0.4%
	Investments (CapEx) from activities not "Eligible" according to the Taxonomy.		605.7	29.5%
	TOTAL (A + B).		2,057.1 100.0%

(1) No amount of CapEx that could correspond to adaptation solutions, according to Article 11 (1)(a) of the EU Taxonomy Regulation, in business activities that already contribute to climate mitigation has been allocated to the climate adaptation objective, thus avoiding any possible double counting with the figures presented for the Climate Change mitigation objective.

(2) The alignment analysis of these activities has been carried out for the first time in the year 2024 according to the schedule set out in the Environmental Delegated Act. It has been decided to consider both activities as "Eligible not aligned" although they are marginal both in economic terms and in terms of business impact. (3) Electricity generation from fuel oil and OCGT: in 2024 refers to thermal generation plants located in the Non-Peninsular Territories (NPT) that use fuel oil and/or gas

(OCGT), for which there is no breakdown by technology. The column "Proportion of CapEx compliant with Taxonomy (A.1) or Eligible according to Taxonomy (A.2), year 2023" has been modified with this classification in order to show comparative values in the year 2023.

	Ratio of Total CapEx / Total CapEx Investments
	That Fits the Taxonomy by Objective	"Eligible" according to the Taxonomy by Objective
Climate Change Mitigation (CCM)	65.8%	68.3%
Climate Change Adaptation (CCA)	65.8%	68.3%
Water and Marine Resources (WTR)	0.0%	0.0%
Circular Economy (CE)	0.0%	0.0%
Pollution Prevention and Control (PPC)	0.0%	0.0%
Biodiversity and Ecosystems (BIO)	0.0%	0.0%

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

Additional information requested by Annex III of Delegated Regulation (EU) 2022/1214 of 9 March on electricity generation activities from nuclear power and fossil fuels

The following data are presented in accordance with Commission Delegated Regulation (EU) 2022/1214 of 9 March amending Delegated Regulation (EU) 2021/2139 of 4 June as regards economic activities in certain energy sectors and Delegated Regulation (EU) 2021/2178 of 6 July as regards specific public information for these economic activities.

Template 1 - Activities related to nuclear energy and fossil gas

Nuclear Energy Activities

• ¹ The company conducts, finances or has exposures to research, development, demonstration and deployment of innovative power generation facilities that produce energy from nuclear processes with a minimum of fuel cycle waste. No
• 2 The company undertakes, finances or has exposures to the construction and safe operation of new nuclear facilities to produce electricity or process heat, including for district heating purposes or industrial processes such as hydrogen production, as well as their safety upgrades, using the best available technologies. No
• 3 The company carries out, finances or has exposures to the safe operation of existing nuclear facilities that produce electricity or process heat, including for district heating purposes or industrial processes such as the production of hydrogen from nuclear energy, as well as their safety upgrades. Yes

Fossil Gas Activities

• ⁴ The company carries out, finances or has exposures to the construction or operation of electricity generation facilities that produce electricity from gaseous fossil fuels. Yes
• ⁵ The company carries out, finances or has exposures to the construction, renovation and operation of combined heat/cold and power generation facilities using gaseous fossil fuels. No
• ⁶ The company carries out, finances or has exposures to the construction, renovation and operation of heat generation facilities producing heat/cooling from gaseous fossil fuels. No

As the table above shows, they are the safe operation of existing nuclear installations and the generation of electricity from gaseous fossil fuels. The former activity is 100% non-eligible, while the latter is 100% eligible-non-aligned.

The data requested in templates 4 and 5 of the Supplementary Delegated Act are included below, while the rest of the templates provided for in the Supplementary Delegated Act are not applicable in accordance with Endesa's Business Model. Likewise, the information refers exclusively to the objective of mitigating climate change, as this is the Company's main objective.

217

Template 4 - Economic activities "Eligible" according to the Taxonomy, but not aligned with the Taxonomy

Revenue (Turnover)

	Climate Change Mitigation
Economic Activities	Amount in Millions of Euros	%
Amount and proportion of economic activity "Eligible" according to the Taxonomy but not aligned with the Taxonomy according to section 4.29 of Annexes I and II of the Delegated Regulation (EU) 2021/2139 of 4 June in the denominator of the applicable Key Performance Indicator (KPI).	2,303.9	10.8%
Amount and proportion of other economic activities "Eligible" according to the Taxonomy but not aligned with the Taxonomy not mentioned in rows 1 to 6 above in the denominator of the applicable Key Performance Indicator (KPI).	9.8	0.0%
Amount and proportion of economic activities "Eligible" according to the Taxonomy but not aligned with the Taxonomy in the denominator of the applicable Key Performance Indicator (KPI).	2,313.7	10.9%

Investments (CapEx)

	Climate Change Mitigation
Economic Activities	Amount in Millions of Euros	%
Amount and proportion of economic activity "Eligible" according to the Taxonomy but not aligned with the Taxonomy referred to in section 4.29 of Annexes I and II of the Delegated Regulation (EU) 2021/2139 of 4 June in the denominator of the applicable Key Performance Indicator (KPI).	49.0	2.4%
Amount and proportion of other economic activities "Eligible" according to the Taxonomy but not aligned with the Taxonomy not mentioned in rows 1 to 6 in the denominator of the applicable Key Performance Indicator (KPI).	5.2	0.3%
Amount and proportion of economic activities that are "Eligible" according to the Taxonomy but do not conform to the Taxonomy in the denominator of the applicable Key Performance Indicator (KPI).	54.2	2.6%

Other Fixed Operating Expenses (OpEx)

	Climate Change Mitigation
Economic Activities	Amount in Millions of Euros	%
Amount and proportion of economic activity "Eligible" according to the Taxonomy but not aligned with the Taxonomy according to section 4.29 of Annexes I and II of the Delegated Regulation (EU) 2021/2139 of 4 June in the denominator of the applicable Key Performance Indicator (KPI).	100.2	24.5%
Amount and proportion of other economic activities "Eligible" according to the Taxonomy but not aligned with the Taxonomy not mentioned in rows 1 to 6 above in the denominator of the applicable Key Performance Indicator (KPI).	0.4	0.1%
Amount and proportion of economic activities "Eligible" according to the Taxonomy but not aligned with the Taxonomy in the denominator of the applicable Key Performance Indicator (KPI).	100.6	24.6%

Template 5 - "Ineligible" economic activities according to the Taxonomy

Revenue (Turnover)

	Climate Change Mitigation
Economic Activities	Amount in Millions of Euros	%
Amount and proportion of the economic activity referred to in row 3 of Template 1 that is "Not Eligible" according to the Taxonomy under section 4.28 of Annexes I and II of Delegated Regulation (EU) 2021/2139 of 4 June in the denominator of the applicable Key Performance Indicator (KPI).	1,670.0	7.8%
Amount and proportion of other "Ineligible" economic activities according to the Taxonomy not mentioned in rows 1 to 6 in the denominator of the applicable Key Performance Indicator (KPI).	13,008.4	61.1%
Amount and proportion of "Ineligible" economic activities according to the Taxonomy in the denominator of the applicable Key Performance Indicator (KPI).	14,678.4	68.9%

Investments (CapEx)

	Climate Change Mitigation
Economic Activities	Amount in Millions of Euros	%
Amount and proportion of the economic activity referred to in row 3 of Template 1 that is "Not Eligible" according to the Taxonomy under section 4.28 of Annexes I and II of Delegated Regulation (EU) 2021/2139 of 4 June in the denominator of the applicable Key Performance Indicator (KPI).	174.0	8.5%
Amount and proportion of other "Ineligible" economic activities according to the Taxonomy not mentioned in rows 1 to 6 in the denominator of the applicable Key Performance Indicator (KPI).	431.7	21.0%
Amount and proportion of "Ineligible" economic activities according to the Taxonomy in the denominator of the applicable Key Performance Indicator (KPI).	605.7	29.4%

V. Consolidated Financial Statements

Other Fixed Operating Expenses (OpEx)

	Climate Change Mitigation
Economic Activities	Amount in Millions of Euros
Amount and proportion of the economic activity referred to in row 3 of Template 1 that is "Ineligible" according to the Taxonomy under section 4.28 of Annexes I and II of Delegated Regulation (EU) 2021/2139 of 4 June in the denominator of the applicable Key Performance Indicator (KPI)	89.1	21.8%
Amount and proportion of other "Ineligible" economic activities according to the Taxonomy not mentioned in rows 1 to 6 in the denominator of the applicable Key Performance Indicator (KPI)	28.8	7.0%
Amount and share of "Ineligible" economic activities according to the Taxonomy in the denominator of the applicable Key Performance Indicator (KPI)	117.9	28.9%

25.2. Climate Change (ESRS E1)

Below is a description of the information related to Climate Change that will enable us to understand the way in which Endesa affects, in terms of actual or potential material Positive and Negative Impacts on Climate Change. It also details any actions taken and the results of these actions to prevent or mitigate actual or potential material negative impacts and ensure that Endesa's strategy is compatible with limiting global warming to 1.5ºC, as well as addressing the related risks and opportunities. Endesa thus specifies the plans and capacity it has to adapt its strategy in line with a Just and economically sustainable Transition.

The table below details the material Impacts, Risks and Opportunities (IROs) related to this subject that apply to Endesa, including their definition, typology and associated Policy:

Impact, Risk and Opportunity (IRO) Typology	Sub-theme	Sub-sub theme	Definition	Impact, Risk and Opportunity Type (IRO)	Associated Policy
Positive Impact	Climate Change	—	Promotion of the Energy Transition and low-carbon technologies in the national territory through investments.
		—	Contribution to limiting the increase in global average temperature by meeting national and international targets.
		—	Reducing the cost of system energy consumption by implementing a strategy to accelerate clean electrification, in line with the decarbonisation pathway.		Environmental
		Mitigation	—	Decreased Greenhouse Gases (GHG) footprint due to increased supply of renewable energy to the customer.	Real	Policy
	— —		Reduction of absolute Greenhouse Gases (GHG) emissions by phasing out thermoelectric power.
			Reduction and mitigation of environmental impacts on external stakeholders by adopting regulatory developments at an early stage and promoting an environmental culture.
Negative Impact	Climate Change Mitigation	—	Emissions of carbon dioxide (CO2) from the operation of thermal power plants.	Real	Environmental Policy
Risk		— Climate Change Mitigation —		Failure to comply with the commitments undertaken in the socio economic section of the awarded Just Transition tenders that may lead to the loss of guarantees.		Sustainability Policy
				Damage or reduced efficiency of power generation and distribution facilities and support infrastructures due to increased extreme weather events due to Climate Change.	Potential	Environmental Policy
Opportunity		—	Promotion and development of initiatives by institutions to accelerate the Energy Transition.		Environmental Policy
	— Climate Change Mitigation — —		Tenders for new renewable capacity and awarding of funds and subsidies with socio-economic scores that enable business growth.		Sustainability Policy
			Stakeholder demand for sound business strategies on environmental sustainability and climate change issues with an impact on reputation and attraction of ESG (Environmental, Social and Governance) investment.	Potential	Environmental
			Provision of insurance coverage against acute weather events within the commodity supply.		Policy
	Adaptation to Climate Change	Effective management of the long-term generation portfolio through — the analysis of Climate Scenarios with the objective of identifying potential chronic changes to support strategic decisions.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

25.2.1. Climate Change Mitigation Transition Plan (E1-1)

Targets and levers for Greenhouse Gases (GHG) emission reductions

16 a), b), g), h), AR 2

Endesa is working steadily to advance along the path defined to become a company with fully decarbonised generation and commercialisation activities and to achieve "Net-Zero" throughout its value chain by 2040, progressively increasing its ambition to reach the defined target. Proof of this is the reduction in Endesa's Greenhouse Gases (GHG) emissions in recent years (71% reduction compared to 2017, the base year for the Science Based Targets

initiative (SBTi)), in line with the targets committed to in the different Plans.

Endesa, as part of the Enel Group, is committed to achieving zero emissions by 2040 and to developing a Business Model in line with the objectives of the Paris Agreement. The Company has therefore established a roadmap for decarbonising both direct and indirect emissions, through specific and absolute targets, in line with the criteria and recommendations of the Science Based Target Initiative (SBTI) and in line with an average global temperature increase of no more than 1.5ºC compared to pre-industrial values.

Decarbonisation
Scope 1	• As part of its commitment to achieving decarbonisation, Endesa has set a target of achieving fully decarbonised generation by 2040.
Scope 3	• Endesa has a target for the electricity sold by the company (own generation and energy purchased from third parties) which, together with the natural gas sales target and the impact of the decarbonisation of electricity generation on emissions in the fossil fuel supply chain, means that it currently has emission reduction targets that cover 91% of total Scope 3 emissions (considering emissions in 2023), coverage that extends to 100% with the targets set for 2040. Endesa is excluded from the European Union (EU) benchmarks harmonised with the Paris Agreement.
Scope 2	• The Company does not have a specific target as these emissions are not considered to be material (Scope 2 < 5% of Scope 1+2), it should be noted that, by accounting for the losses of traded electricity not generated by the company, they are implicitly covered by the target of achieving emission-free electricity trading.

Endesa does not have a Transition Plan, but it has the objectives and actions to manage the material Impacts, Risks and Opportunities (IROs) related to the subject through its Strategic Plan and its Endesa Sustainability Plan (ESP), committed to the integration of Sustainability throughout all the Company's processes, in order to meet the challenges towards a decarbonised economy. This integration is possible thanks to a structured process that begins with an analysis of the Environmental, Social, Governance (ESG) context, identifying the main macro-trends and understanding the current situation in which the company operates. This context is crucial for Endesa to identify its real and potential impacts through its activities, as well as to establish actions and plan its strategy in the short, medium and long term.

To achieve decarbonisation, Endesa's strategy is based on three pillars: profitability, flexibility and resilience; efficiency and effectiveness; and financial and environmental sustainability. These are the basis of its Strategic Plan and its Endesa Sustainability Plan (ESP), with specific actions and significant investment in each area. The objectives established, the levers used to achieve them and the specific actions carried out are set out in detail below, along with the impact on the general strategy and the investment figures assigned to each of them:

Objectives	Levers	Actions	Strategic Impact	Resources per Share (€)
	Increase in Renewable Generation Capacity	• Development of wind and solar plants: Endesa is increasing installed renewable generation capacity, with large-scale projects in Spain and Portugal, to reach a gross renewable capacity volume of 13,100 MW in 2027, which will enable a 32% increase in renewable electricity generation compared to the end of 2024. • Investment in batteries and storage: Implementation of energy storage systems in new renewable installations, improving grid efficiency and stability. • Complementary to the organic development of new renewable capacity, growth under the partnership model is considered to maximise the risk-return profile.	This approach sup ports the Energy Tran sition and positions Endesa as a leader in clean generation, driv ing the electrification of the economy and reducing its depend ence on fossil fuels.	3,700 million of Euros over the 2025-2027 horizon.
Scope 1 emissions from generation <95gCO2 e/kWhin 2030 0gCO2 e/kWhin 2040 Scope 1 emissions from mainland generation 70gCO2 e/kWh in 2027	Decarbonisation of the Generation Park	• Modernisation of the generation plant in isolated systems: Endesa has submitted bids to modernise the thermal generation plant as part of the competitive tendering process. In addition, authorisation has been obtained for the closure of the Gas 1 de Jinamar and Gas Móvil de Las Salinas units. • Achieve "Net-Zero" by 2040. • Optimisation of operations: Adoption of advanced technologies and operational improvements to reduce emissions and improve energy efficiency in combined cycle plants.	These actions are key to reducing direct Greenhouse Gas - es (GHG) emissions, meeting carbon neu trality commitments and responding to regulatory and social pressure to eliminate the most polluting en ergy sources.	Resources will be allocated following the resolution of the Concurrence Competition.
Scope 1+3 emissions from electricity trading <90gCO2 e/kWh in 2030 0gCO2 e/kWh in 2040	Quality, Resilience and Digitisation of the Grid, Grid Management and Connections	• Investment in networks as a key factor for the Energy Transition, improving energy management and efficiency, reducing technical and non-technical losses, and promoting integration of renewables and the electrification of final energy consumption. • Automation and predictive maintenance: Use of digital and analytical tools for preventive maintenance of infrastructure, reducing the risk of failure and increasing resilience to weather events.	The modernisation and expansion of grid capacity is a neces sary step in the Energy Transition.	4,000 million of Euros over the 2025-2027 horizon.
	Demand Side Electrification and Electric Mobility	• Development of charging infrastructure for electric vehicles. • Energy efficiency services: Energy efficiency and self-consumption solutions are promoted for industrial and residential sectors, facilitating the transition to more sustainable electricity consumption.	These actions not only support the transition to cleaner mobility and the reduction o f e m i s s i o n s i n the transport and industrial sectors, but also generate n e w b u s i n e s s o p p o r tu n i t i es fo r Endesa in the energy services sector.	900 million of Euros over the 2025-2027 horizon.
Scope 3 emissions from natural gas trading 6.6MtCO2 e in 2030 0 tCO2 ein 2040	Decarbonisation of Society	• Abandonment of gas commercialisation to final customers in 2040. • Termination of gas contracts with Qatar (2025) and Nigeria (2026). • Boost customer electrification through the promotion of efficient electricity technologies. • Devote 37% of the planned network investment for the period 2025-2027 to connections, which will allow a higher penetration of electrification and increase the free market customer portfolio to 7.1 million customers in 2027, 6% more than in 2024.		2,380 million of Euros over the 2025-2027 horizon.

I. Letter to II. Consolidated III. Sustainability IV. Consolidated Shareholders and Financial Statements Statement Management Report Other Stakeholders Audit Report Verification Report	V. Consolidated VI. Statement of Financial Statements Responsibility
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	-------------------------------------------------------------------------------

Objectives	Levers	Actions	Strategic Impact	Resources per Share (€)
	Fostering Innovation and Nature-Based Solutions (SBN)	• Environmental restoration and biodiversity: Endesa carries out restoration programmes, such as reforestation and the recovery of degraded ecosystems. • Innovation projects in renewable energies: Collaboration in national and international research projects to promote technology in energy efficiency, renewable energies and climate resilience.	These actions enhance Endesa's reputation, comply with sustain ability standards re quired by regulations, and help ensure a pos itive and sustainable relationship with local communities.	Allocated resources included in the above actions.
Impact on all Objectives	Transparency and Governance in Sustainability	• Emission reduction targets: Endesa has set clear emission reduction targets in line with the Paris Agreement and has strengthened its transparency policies in its Sustainability Report. • Integration of ESG (Environmental, Social and Governance) criteria: Environmental, social and governance factors are integrated into decision-making, especially investment strategy, to align with the expectations of shareholders and regulators.	This strategy reinforc es Endesa's commit ment to sustainability and corporate re sponsibility, improving its attractiveness to investors and support ing a solid relationship with all stakeholders.	Allocated resources included in the above actions.

Together, these levers and actions reflect Endesa's commitment to its decarbonisation strategy, seeking to generate long-term value and meet financial and climate targets. Through significant investments in each of these areas, Endesa strengthens its position as a leader in sustainability and contributes to the transition to a cleaner and more resilient energy model.

Investments and funding for the Transition Plan

16 c), g), e) f), AR 4, AR 5

Endesa maintains its decarbonisation strategy to become a zero net emissions company by 2040 through an investment plan aligned with the Sustainable Development Goals (SDGs) and the European Union (EU) Taxonomy. This climate strategy is transferred to its entire Value Chain with the aim of joining efforts against Climate Change.

Endesa does not have an investment plan (CapEx) with the specific terms contemplated in point 1.1.2.2. of Delegated Regulation (EU) 2021/2078, of 6 July, although most of the investments in its Strategic Plan, in particular 100% of the investments in networks and in renewable generation, are aligned with the European Union (EU) Taxonomy according to Delegated Regulation (EU) 2020/852 of 18 June (see Section 25.1 of this Consolidated Management Report).

Endesa does not meet any of the exclusion criteria of the minimum standards applicable to the European Union (EU) Climate Transition benchmarks and the European Union (EU) benchmarks harmonised with the Paris Agreement established in Delegated Regulation (EU) 1818/2020 of 17 July.

The information relating to investments (CapEx) according to European Union (EU) financing and Taxonomy related to the Transition Plan is described in Section 25.1. of this Consolidated Management Report.

Greenhouse Gases Emissions (GHG) blocked

16 d)

Endesa is committed to achieving a fully decarbonised generation mix by 2040, as well as the goal of achieving carbon neutrality in the entire value chain. Based on the company's current activities, there are no emissions lock-ins.

Approval of the Transition Plan and Progress

16 i), j)

224

Endesa does not have a Transition Plan, but it has the objectives and actions to manage the material

Objectives Progress in the Achievement of the Objectives • Achieve a decarbonised generation mix by 2040. • Reduction of generation-specific emissions by 63% in 2024 compared to 2017. • Achieve a decarbonised commercialisation mix by 2040. • Reduction of commercialisation-specific emissions by 54% in 2024 compared to 2017. • Maintain the commitment to abandon gas commercialisation to end-customers by 2040. • 51% reduction in emissions from gas trading in 2024 compared to 2017. • Growth in renewables to 2027. • Increase in installed renewable capacity by 262 MW, reaching 10,161 MW net installed capacity by 31 December 2024. • Implement a Just Transition Plan based on training and retraining

programmes. • Na

25.2.2. Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and Business Model (ESRS 2 SBM-3)

Physical and Transitional Risks

18

In the Double Materiality analysis, the company has identified material Impacts, Risks and Opportunities (IROs) in relation to Climate Change. Specifically, the material climate risks have been classified as physical or Transition Risks, the physical risk being the damage or reduction in efficiency of energy generation and distribution facilities and support infrastructures due to the increase in extreme weather phenomena due to Climate Change, while the Transition Risk is the non-compliance with the Just Transition agreements signed with the Ministry for Ecological Transition and the Demographic Challenge (MITECO) that could lead to the loss of guarantees.

Impacts, Risks and Opportunities (IROs) related to the subject through its Strategic Plan and its Endesa Sustainability Plan (ESP), both approved by the Board of Directors, committed to the integration of sustainability throughout all the company's processes.

The Transition Plan shows the following progress in achieving the objectives set:

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

225

Climate Change Resilience Analysis

19 a), b), c), AR 6, AR 7, AR 8

Endesa permanently develops short, medium and long-term macroeconomic, financial, energy and climate scenarios to support planning processes, capital allocation, strategic positioning and risk assessment, and the resilience of the strategy. Strategic planning, through the use of Scenarios, is based on the definition of "alternative futures", defined on the basis of certain key variables such as, for example, the fulfilment of the objectives defined in the Paris Agreement, or the variability of climate parameters. The development of Scenarios allows the analysis and modelling of alternative plausible futures, which enables the design of different pathways, time horizons and options, and ultimately supports the strategic decision-making process with the aim of maximising Opportunities and mitigating Risks. This is particularly relevant in case of significant potential disruptions arising from the evolution of key uncertainties.

Benchmarking of external Energy Scenarios has also been carried out as a useful starting point for building robust internal scenarios. There are many global, national and regional Energy Transition Scenarios published by different agencies and designed for multiple purposes, from government planning to supporting business decision-making processes. The benchmarking activity consists of the analysis of Scenarios prepared by different organisations in order to compare the results in terms of energy mix, emission levels and technology options, and to identify for each of them the main drivers of the Energy Transition.

The analysis of the context, trends and the Energy Transition process is a fundamental contribution to defining the Group's business strategy. Endesa carries out this analysis through:

• Identification and analysis of short, medium and long-term trends to develop a comprehensive analysis of how the current context and macro trends influence the speed of the transition and the expected impacts on the energy sector and, in particular, on the businesses in which Endesa operates. The analysis of the context, with the identification and analysis of the main external trends and dynamics associated with the Energy Transition, the competitive and business environment, provides a basis for guiding the positioning of the business and the definition of the relevant macro trends for the materiality analysis.

• "Benchmarking" of external energy scenarios, based on an in-depth assessment of the reports available at global, regional and local level, with a special focus on the countries in which Endesa operates, with the aim of comparing the main drivers of the Energy Transition and its potential impacts.

The analysis of the Global Scenarios shows a strong consensus among energy analysts on the main levers for achieving the climate targets: electrification of energy consumption, and increasing electricity generation from renewable sources, both in the medium and long term. In the Scenarios compatible with a global average temperature increase within +1.5°C above pre-industrial values, the electrification rate exceeds 50% in 2050, compared to 20% in 2023, while the share of renewable generation in the global electricity mix rises to almost, compared to in 2023.

Endesa's Energy and Climate Transition Scenarios

19 a), b), c), AR 6, AR 7, AR 8

The preparation of strategic planning with the help of Scenarios allows to improve business decisions, maximise Opportunities and mitigate Risk, promoting greater flexibility and adaptability of the organisation. This approach is based on the development of alternative Scenarios, defined on the basis of key uncertainties, such as the achievement of the Paris Agreement targets.

The Scenarios are constructed with the objective of providing a general framework to ensure consistency between the Energy Transition Scenarios and the Physical Scenarios:

Scenarios	Defining Aspects
Energy Transition Scenarios	• To describe how energy production and consumption evolve, considering different factors such as commodity prices, technology, climate and energy policies, as well as the social context.
Physical Scenarios	• To take into account issues related to future trends in climate variables, based on climate model simulations that project future variables such as temperature, precipitation and wind as a function of different levels of Greenhouse Gases (GHG) emissions and other climatic conditions.

To assess the effects of the Energy Transition and physical phenomena on the energy system, the Enel Group establishes models that incorporate the energy system in detail, taking into account the technological, socio-economic, political and regulatory specificities of the various countries. The acquisition and processing of the data needed to define the Scenarios, as well as the selection of the appropriate methodologies and metrics to interpret complex phenomena, require careful analysis and the use of advanced models, and are also based on dialogue with external experts.

In addition, the use of long-term climate scenarios enables adaptation plans to be drawn up for Endesa's portfolio of assets and activities, and they also form part of the analyses carried out in the area of biodiversity. Climate scenarios provide both highlevel indications and high-resolution data to analyse physical impacts in specific locations. By combining climate analyses with vulnerability assessments of installations, it is possible to determine priorities for action and define adaptation plans. This approach applies to both existing facilities and new investments.

The adoption of Energy and Physical Transition Scenarios and their integration into business decision-making processes takes into account the guidelines defined by the Task Force on Climate-Related Financial Disclosures (TCFD) and the requirements derived from the Corporate Sustainability Reporting Directive (CSRD), and is a facilitating factor in the assessment of Risks and Opportunities related to Climate Change. The process that translates Scenario phenomena into useful information for industrial and strategic decisions can be summarised in 5 steps:

• 1 Identification of trends and drivers for the business (e.g. electrification of the demand, heat waves, etc.).
• 2 Development of connectors between climate and Transition scenarios and operating variables.
• 3 Identification of risks and opportunities.
• 4 Calculation of business impacts (e.g. changes in results, losses, investments).
• 5 Strategic actions: definition and implementation (e.g. capital allocation, resilience plans).

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements VI. Statement of Responsibility

227

Transition Scenarios

A Transition Scenario represents how energy production and consumption may evolve in a given geopolitical, macroeconomic, social and regulatory context, and according to the different technological options available. Each scenario corresponds to an evolution of Greenhouse Gases (GHG) emissions and a potential temperature increase at the end of the century compared to pre-industrial values.

The Reference Scenario for planning, called the "Reference" Scenario, is a Scenario that envisages the achievement of the minimum target set in the Paris Agreement, i.e. limiting the global average temperature increase compared to pre-industrial levels to less than 2ºC compared to pre-industrial levels. This Scenario does not consider reaching the "Net Zero" target at the global level in 2050, given the slowdown in the speed of the Energy Transition at the local level in some Transition variables.

With regard to full achievement of the Paris Agreement, i.e. achieving a global average temperature increase of less than 1.5°C above preindustrial levels, there are uncertainties regarding the possibility of some countries continuing on inertial trajectories, without taking timely and effective measures to reduce their emissions, delaying the decarbonisation process towards net zero emissions in 2050. However, Endesa has defined strategic guidelines in line with the greater ambition of the Paris Agreement targets, i.e. consistent with a global average temperature increase of 1.5°C by 2100, as certified by the Science Based Targets (SBTi) initiative at Enel Group level. In fact, Endesa has set a target of emission-free generation (Scope 1) and electricity trading (Scope 3) by 2040. This model takes into account recent developments in European and national climate and energy legislation, and the National Integrated Energy and Climate Plan (PNIEC) published in September 2024.

In order to assess the Risks and Opportunities associated with the Energy Transition, 2 Alternative Scenarios to the Reference Scenario have been defined, considering different levels of climate ambition assumed at global and local level. The 2 alternative scenarios are:

Alternative Scenarios	Description
"Slower Transition"	• Characterised by a slower Energy Transition, with less development of some variables, such as renewable capacity and electric mobility, and mainly taking into account the short-term slowdown in some geographical areas.
"Accelerated Transition"	• It is characterised by an increase in ambition with respect to the Reference Scenario, particularly with regard to some characteristic variables of the Energy Transition. The scenario foresees an acceleration in the authorisation processes for renewable energies, the provision of economic support mechanisms for renewable installations, as well as a greater penetration of the electrification of energy consumption.

The assumptions on commodity price developments for the Reference Scenario are consistent with the external scenarios that achieve the Paris Agreement targets. Carbon dioxide (CO2 ) prices are assumed to grow steadily in 2030, as a result of a gradual reduction in the supply of allowances in the face of rising demand, and a sharp decline in coal prices, due to falling demand. For gas, price tensions are expected to continue to ease in the coming years thanks to a rebalancing between global supply and demand. Finally, oil prices are expected to stabilise gradually, with peak demand estimated around 2030.

	2024	2030
	Endesa (1)	Endesa	Benchmark Medium(2) (3)	Maximum Benchmark	Benchmark Minimum
Brent price (\$ / bbl)	80	~74	~82	~89	~70
Api2 Coal Price (\$ / ton)	112	~83	~85	~110	~75
Carbon dioxide (CO2) (€ / ton)	65	~117	~125	~150	~100
TTF Gas Price (€ / MWh)	35	~30	~26	~35	~20

(1) See Section 7.2 of this Consolidated Management Report.

(2) Source: International Energy Agency (IEA), BloombergNEF (BNEF), Standard & Poor's (S&P), Enerdata. N.B.

(3) The Scenarios used as a reference have been published at different times of the year, and may not be up to date with the latest market dynamics.

The Scenarios "Accelerated Transition" foresee a faster decline in demand for fossil fuels, resulting in lower fossil fuel prices by 2030. In contrast, in the case of a Slower Transition, fuel demand will peak more gradually, maintaining energy commodity prices.

Physical scenarios

228

In the Scenarios, the impact of Climate Change is increasingly important and has an impact not only in terms of Transition of the economy towards net zero emissions, but also in terms of physical Impacts, which can be classified as follows:

• Acute events, i.e. events of short duration, but particularly intense, such as floods, extreme wind, etc., with potential impacts on assets (e.g. damage and business interruption).
• Chronic phenomena related to structural changes in the climate, such as increasing temperature trends, sea level rise, etc., which can lead, for

example, to a constant change in the output of installations and a permanent change in electricity consumption profiles in the residential and commercial sectors.

These phenomena are analysed by selecting the best available data from climate model outputs at different levels of resolution and historical data, which serve as input for impact assessments at Endesa, including Biodiversity and Value Chain analyses.

For the assessment of physical risks, 3 climate scenarios have been selected, consistent with those published in the sixth report of the Intergovernmental Panel on Climate Change (IPCC) (IPCC "Sixth Assessment Report" (2021), "The Physical Science Basis"). These scenarios are characterised by a level of emissions according to the Representative Concentration Pathway (RCP), and each of them is related to one of the 5 scenarios defined by the scientific community as Shared Socioeconomic Pathways (SSP), which consider general assumptions on population and urbanisation, among others.

AND SUBSIDIARIES

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated
Shareholders and	Financial Statements	Statement	Management Report
Other Stakeholders	Audit Report	Verification Report

Accordingly, the 3 scenarios considered are described as follows:

Scenarios	Description
"Shared Socioeconomic Pathways 1 (SSP 1) - Representative Concentration Pathway 2.6 (RCP 2.6)	• Scenario compatible with a global temperature increase below 2°C in 2100 compared to pre industrial levels (1850-1900). The Intergovernmental Panel on Climate Change (IPCC) projects an average temperature increase of ~+1.8°C compared to the period 1850-1900. For the analysis that takes into account both physical and Transition variables, the Shared Socioeconomic Pathways Scenario 1 (SSP 1) - Representative Concentration Pathway 2.6 (RCP 2.6) is associated with the Reference and Accelerated Transition Scenarios.
"Shared Socioeconomic Pathways 2 (SSP 2) - Representative Concentration Pathway 4.5 (RCP 4.5)	• Scenario compatible with an Intermediate Scenario, which estimates an average temperature increase of about 2.7°C in 2100, compared to the period 1850-1900. This scenario has been considered the most representative of the current global climate and geopolitical context. For the analysis that takes into account both physical and Transition variables, the "Shared Socioeconomic Pathways" Scenario 2 (SSP 2) "Representative Concentration Pathway" 4.5 (RCP 4.5) is associated with the "Slower Transition" Scenario.
"Shared Socioeconomic Pathways 5 (SSP 5) - Representative Concentration Pathway 8.5 (RCP 8.5)	• Scenario compatible with a Scenario that assumes that no specific measures to combat Climate Change will be implemented. In this Scenario, the global temperature increase compared to pre-industrial levels is estimated to be about 4.4°C in 2100 compared to pre-industrial values. Representative Concentration Pathway Scenario 8.5 (RCP 8.5) is considered to be the most climatically unfavourable scenario and is used to assess the effects of physical phenomena in the context of extreme climate change, which is currently considered unlikely.

The work carried out with the Climate Scenarios considers both Chronic Phenomena and Extreme Events. For the description of specific complex phenomena, data and analyses by private, public and academic institutions are taken into account.

The scenarios used are global, but in order to define the effects at the level of the specific areas in which Endesa operates, they must be analysed at the local level.

Collaboration with the Department of Earth Sciences of the International Centre for Theoretical Physics (ICTP) in Trieste (Italy) has provided projections of the most important climate variables with a grid resolution between 12 and 100 km in length, for a time horizon between 2020 and 2050. The analysis includes variables such as temperature, precipitation, wind gusts and solar radiation, evaluated using a set of regional climate models to ensure the robustness of the results. The number of models used varies according to the Representative Concentration Pathway Scenario (RCP).

The analysis of certain aspects depends not only on climate projections, but also on the characteristics of the territory, making it necessary to carry out a more specific modelling in order to achieve a highresolution representation. To achieve this, in addition to the Climate Scenarios developed by the Centre for Theoretical Physics (ICTP), Natural Hazard maps are used. By using these maps, it is possible to obtain, with a high spatial resolution, the expected frequencies for a series of climatic events such as storms, hurricanes or floods. The use of this type of maps based on historical data is well established in the Enel Group and is used to optimise the strategy in the field of insurance.

V. Consolidated Financial Statements VI. Statement of Responsibility

Endesa has equipped itself with the tools and acquired sufficient knowledge to work independently with the raw data published by the scientific community, which provides a global and highlevel view of the long-term evolution of the climate variables of interest. The sources used are the outputs of the CMIP6 climate and regional models (see https://wcrp-cmip.org/cmip6/ ) and CORDEX ( https://cordex.org/). CMIP6 is the sixth assessment of the Coupled Model Intercomparison Project (CMIP), both under the World Climate Research Programme (WCRP) and the Working Group of Coupled Modelling (WGCM).

Conclusions in relation to the territories in which Endesa operates

19 a), b), c), AR 6, AR 7, AR 8

Once the resilience analyses have been performed, the results are used to gain a better understanding of the possible scenarios that Endesa could face, which can be related and integrated into its sustainability strategy through the Endesa Sustainability Plan (ESP) and the Strategic Plan. This information is also taken into account by Endesa as a key pillar when establishing its strategy and Business Model.

Analysing the different external scenarios, there is a unanimous consensus among energy analysts on the main drivers for achieving the climate targets: the level of demand-side electrification and the share of renewables in the different scenarios, both in the medium and long term. Specifically, in the Scenarios compatible with a global average temperature increase of no more than 1.5°C, the level of demand electrification rises to over 50% in 2050, compared to 20% in 2022, while the share of renewable generation in the electricity mix rises to 90%, compared to 30% in 2022.

25.2.3. Processes for determining and assessing material climaterelated Impacts, Risks and Opportunities (IROs) (ESRS 2 IRO-1)

20 a), AR 9

230

Impacts, Risks and Opportunities (IROs)

To identify and assess climate-related Impacts, Risks and Opportunities (IROs), Endesa has established a Double Materiality process (see Section 24.5.1. of this Consolidated Management Report) based on identifying, assessing, analysing and responding to material issues related to the environment throughout the value chain. Endesa, in the Double Materiality exercise carried out to address this integral process, has studied the possible interaction with all the sub-topics specified in the regulations in force, as well as assessing the possible dependencies between the impacts, risks and opportunities (IROs) identified in them.

The Energy Transition and Climate Change will affect Endesa's activities through 2 major macrocategories of Risks/Opportunities: those derived from the evolution of the Transition Scenarios and those derived from the evolution of physical climate variables. To assess these current and potential impacts, an approach based on robust alternative scenarios built using quantitative models is adopted.

In reference to the Energy Transition process, there are Risks and Opportunities related to the evolution of the regulatory and policy environment, technological and competitive development trends, consumer behaviour and consequent market dynamics.

Risks and Opportunities

Physical climate hazards are further subdivided into acute (Extreme Events) and chronic: the former are linked to the occurrence of extreme weather and climate conditions, and the latter to gradual but structural changes in climatic conditions.

Endesa has decided to lead and enable the Energy Transition, preparing to take advantage of all its opportunities. As described above, the Company's strategy is fully focused on the Energy Transition, with more than 90% of the investments set out in the 2025-2027 Strategic Plan earmarked for improving one of the Sustainable Development Goals (SDGs) related to Climate Change, which enables it to mitigate Risks and maximise Opportunities from the design phase through a positioning that takes into account the phenomena identified in the medium and long term. These strategic decisions are supported by the best operational practices adopted by the Company.

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

The following table shows the reference framework for Risks and Opportunities identified on the basis of the evolution of the Transition Scenarios and the physical variables, which highlights the relationships between the physical Scenarios, the Transition Scenarios and the factors that influence Endesa's business. These effects, related to the scenario phenomena described, materialise over 3 time horizons:

• Short term: (1 to 3 years), aligned with the Company's Strategic Plan, where sensitivity analyses can be performed based on the Strategic Plan 2025-2027.
• In the medium term (4-10 years), when the effects of the Energy Transition start to materialise.
• Long term (more than 10 years) in which, in addition to the materialisation of the effects of the Energy Transition, chronic changes at the climate level will be seen.

Climate Scenario	Category	Time Horizon	Risks and Opportunities	Management Mode
Acute Physical	Extreme Events	As of Short Term (1-3 years)	Risk: extreme weather and climate events in terms of intensity, which can cause impacts in terms of asset damage and downtime, and effects on the supply chain.	Endesa adopts best practices to manage business recovery in the shortest possible time. With regard to risk management from the insurance standpoint, the company manages a "Loss Prevention" programme for property risks, also aimed at assessing the main exposure factors associated with natural events, accompanied by preventive maintenance actions and internal risk management policies. In addition, an assessment of the potential impacts associated with climate change is included the processes relating to both operating assets and the evaluation of new projects.
Chronic Physical	Market	Medium (4- 10 years) and Long-term (over 10 years)	Risk / Opportunity: Increased or de creased production from renewable sources and electricity demand as a consequence of structural changes in the availability of the renewable re source or reduced electricity demand as a consequence of temperature var iation.	Geographical and technological diversity makes it possible to mitigate the impact of variations (positive or negative) of a single variable. To adequately manage the impact of meteorological phenomena, weather forecasting, monitoring and real-time control of the facilities are implemented. It also uses long-term climate scenarios in the planning and evaluation of new projects.
Transition	Policies and Regulation	As of Short Term (1-3 years)	Opportunity: New policies, regulatory frameworks and adequate and effec tive measures by public administra tions, including simplification of per mitting procedures, policies on carbon dioxide (CO2) pricing and review of market design, to accelerate the Ener gy Transition and the development of the corresponding technologies.	Endesa maximises opportunities thanks to a strategy aimed at acting as a leader and facilitator of the Energy Transition, with a business focused on developing renewable generation, improving distribution networks and facilitating the electrification of energy consumption. In addition, Endesa uses Transition Scenarios for strategic assessments, including the "Accelerated Transition" Scenario.
Transition	Market	As of Medium Term (4-10 years)	Late or inadequate policies, regulatory frameworks and measures by public administrations in support of the En ergy Transition, including bureaucracy and slow permitting, causing a delay in technological development.	Endesa reduces exposure to risk through an integrated position in generation, distribution and supply, diversifying operational and financial risks and balancing the position in the different segments. In addition, Endesa uses Transition Scenarios for strategic assessments, including the "Slow Transition" Scenario.

V. Consolidated Financial Statements

IV. Consolidated Management Report

The main sources of Risks and Opportunities identified according to the evolution of the physical and Transition Scenarios, operational best practices for the management of climate events and the qualitative and quantitative impact assessments conducted to date are described below. The process of disclosing Climate Change related Risks and Opportunities is gradual and incremental, in line with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), the European Corporate Sustainability Reporting Directive (CSRD), and consistent with evolving reporting standards.

Physical Risks and Opportunities

20 b) i, ii, AR 11

In relation to the Risks and Opportunities associated with the physical variables, and taking the Intergovernmental Panel on Climate Change (IPCC) Scenarios as a reference, the trend of the variables listed in the following sections is assessed, as well as the associated operational and industrial activities as potential Risks and Opportunities.

Chronic physical changes and potential associated Risks and Opportunities

The main impacts as a consequence of chronic physical changes would be seen in the following variables:

Variables
Electricity Demand	• Variation of the average temperature level with potential effect (increase/decrease) on electricity demand.
Thermoelectric production	• Variation of the mean temperature level of water bodies with effect on thermoelectric production.
Hydroelectric production	• Variation in the average level of rain and snowfall and temperatures with potential increase and/or reduction of hydropower production.
Photovoltaic Production	• Variation of the average level of solar radiation, temperature and rainfall with potential increase and/ or reduction of PV production.
Wind Power Production	• Variation of the average wind regime level with potential increase and/or reduction of wind production.
Value Chain	• Variation in the average level of the rainfall regime with potential impact on the supply chain.

In relation to electricity demand, the impact of temperature increase due to Climate Change has been assessed, together with the contribution of the Energy Transition, which is a key variable in all Scenarios. The calculation has been made using models that describe the energy system at country level, taking into account temperature variations, through indicators that represent the energy needs for cooling (Degree Days Cooling) and heating (Degree Days Heating), and additionally considering the technical, socio-economic, political and regulatory particularities of the country (Energy System Model). Furthermore, in relation to the Value Chain, an analysis of the risk of climate events has been launched, identifying the perimeter potentially most impacted by Climate Change (see details in the "Physical Risk Associated with Acute and Chronic Events in the Value Chain" of this same Section of the Consolidated Management Report).

The following table shows the importance of the impact associated with the main chronic physical changes for the different types of Endesa facilities and their corresponding priority in the analysis:

VI. Statement of Responsibility

233

Chronic physical changes | Impact matrix 2024

Impact of Chronic Climate Change on Renewable Generation

To calculate the impact of the chronic effects of climate change on the production of Endesa's facilities, a set of "ad-hoc" functions were constructed for each renewable technology (wind, solar and hydroelectric) and plant, which associate each variation of the climatic variables (e.g. temperature, solar radiation, wind speed, rainfall) with the probable changes in terms of their electricity producibility. To calibrate these functions, historical data on meteorological-climatic variables ("Istituto Superiore per la Protezione e la Ricerca Ambientale" (ISPRA) and ERA5 data from the "European Centre for Medium-Range Weather Forecasts" (ECMWF)), as well as internally available information on the producible energy of the generation plant, are used to calibrate these functions. In this way, link functions corresponding to the specific characteristics of each plant and renewable technology were obtained and used to calculate the effects of climate change on production.

Fluctuations in production affect the integrated strategy. A reduction in energy produced can lead to supply imbalances that have to be compensated by purchasing the missing volumes on the market to feed the trading strategy or by a reduction in volumes sold. Conversely, increased renewable production leads to a possible reduction in the purchase of volumes on the market, or increased sales. The Impacts have been calculated using the chronic climate Impacts on electricity production in the worst-case Representative Concentration Pathway (RCP) 8.5 for the low value, while the high value has been estimated using the medium uncertainty interval value of the Representative Concentration Pathway (RCP) 2.6 which corresponds to the lowest level of Climate Change impact.

Scenario	Description	Time Horizon	Description of Impact	Affected Activity	Perimeter	Quantifica tion - Type of Impact	Quantification - Range
							<100€ min	100- 300€ min	>300€ min
Chronic physical	Risk/ Opportunity: Higher or lower renewable production.	Medium	Renewable production is affected by the availability of the resource, the fluctuations of which can impact on the business. Although structural changes are not expected to materialise in the short or medium term, sensitivity analyses have been carried out considering the variation of producibility in different climate scenarios to assess the possible impact on the Company's results.	Generation	Spain	Gross Operating Profit (EBITDA)/ year

Extreme Events and potential associated Risks and Opportunities

Risks associated with Extreme Events are assessed in both the short and medium to long term, using Scenarios ("Representative Concentration Pathway" (RCP) 2.6, 4.5 and 8.5) to assess possible variations in frequency and intensity.

The following table shows the importance of the impact associated with the main extreme weather events for Endesa's facilities and their corresponding priority in the analysis:

Extreme Events| Impact Matrix 2024

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

The assessment of the impact of thunderstorms on the different activities has been initiated in order to establish the necessary priority for their analysis.

Physical risk associated with acute and chronic events in the Value Chain

Climate Change is a challenge for the entire Value Chain, affecting all stages from production through distribution to final consumption. However, the most potentially significant impacts are seen in the supply chain, where more intense and frequent extreme weather events can compromise transport, supplies and the operation of production plants. Events such as the Panama Canal drought have demonstrated how extreme weather conditions can affect the transport and distribution of goods. In addition, weather events, such as flooding, can also have impacts on the performance of production plants with possible repercussions on the availability of materials.

At Enel Group level, an analysis of the climate risk associated with the main supply chains, such as photovoltaic modules, wind turbines, stationary batteries, cables, transformers and chargers for mobility, and raw materials, such as gas and coal, has been launched, analysing the production centres and the main commercial centres, such as the Panama Canal, the Suez Canal and the Strait of Malacca. The most relevant phenomena were identified (represented in the relevant Chronic and Acute Phenomena tables) and the information needed to geolocate the supply chain was mapped. Information on the supply chain and production sites of the Group's suppliers and component manufacturers was overlaid on the climate analyses for an initial risk assessment by identifying the most exposed areas. These preliminary assessments will be progressively expanded and improved. Climate indicators, calculated from data from a set of global CIMIP6 models for the 3 Representative Concentration Pathway (RCP) Reference Scenarios, were used for these analyses.

For all future scenarios in the period 2030-2050 compared to the historical baseline (1990-2020), the average number of days per year with heat waves will tend to increase. This increase will be most intense in mainland China, where several production sites related to the PV and battery string are located, and in parts of South America, in particular in Brazil and Colombia, where some production plants of the cable and transformer string are located.

For the other phenomena (droughts, floods, frost), the climate data of the Representative Concentration Pathway Scenarios (RCP) show heterogeneous variations in the different regions. In southern China, where many production sites are located, and in the South American production areas, increases in heavy rainfall are expected in Representative Concentration Pathway Scenario (RCP) 2.6. In contrast, for factories in northern China, India and Brazil, chronic rainfall is expected to decrease.

For the Panama Canal, the number of consecutive dry days will increase in the Representative Concentration Pathway Scenario (RCP) 2.6 and, more significantly, also in the Representative Concentration Pathway Scenario (RCP) 8.5, compared to the historical reference period.

The Group adopts specific strategies that help mitigate Risks, such as the diversification of suppliers and the application of standard contractual clauses (available on the Enel Group website: https:// globalprocurement.enel.com/es/documentos ) that include the formalisation of insurance contracts and guarantees for the management of force majeure events. This approach strengthens the resilience of the supply chain and minimises potential disruptions caused by weather events. To date, Endesa has not experienced significant direct damage to its supply chains due to weather events, although these events may have caused delays in deliveries.

Short-term hazard risk management

In the short term (1-3 years), Endesa, in addition to risk assessment, implements actions aimed at reducing the impacts that the business may suffer as a result of catastrophic extreme events. Two types of actions are carried out: the definition of effective insurance coverage and activities to adapt to climate change, related to the prevention of damage that could result from extreme events.

Impact of extreme phenomena on Endesa

Endesa has a well-diversified portfolio in terms of technologies, geographic distribution and asset size and, as a result, the portfolio's exposure to natural risks is also diversified. Empirical evidence reports negligible impacts of these risks, as evidenced by the data for the last 5 years. Considering the most significant events, defined as events with a gross impact of more than EUR 10 million, the cumulative value of the gross impact amounts to approximately EUR 13 million, which represents around 0.02% of the insured amounts at Endesa level in 2024, equivalent to approximately EUR 55 billion.

Transition Risks and Opportunities

20 c) i, ii, AR 12, 21, AR 13, AR 15

Transition Risks

The Energy Transition represents an opportunity for Endesa to generate value and consolidate its leadership in the sector. The Strategic Plan is geared towards long-term growth, in line with the Paris Agreement, and is based on the development and management of infrastructures that enable the Transition, such as distribution grids, and on the gradual increase in generation from renewable sources. Electrification of final consumption is another business driver. The transition is therefore a material opportunity: the external context highlights the potential for the introduction of new policies and regulations on renewable energy, grids and the electrification of energy consumption, and Endesa's strategy enables it to take advantage of new opportunities thanks to its diversified commercial coverage. In addition, in order to take advantage of Opportunities and minimise Risks, definition of strategic lines is based on an analysis of Scenarios and sensitivities, which reinforces the company's capacity to respond flexibly and resiliently to changes in the economic, regulatory and technological context.

The Energy Transition brings several benefits to the end consumer and to society. Increased electrification, supported by the growth of renewable generation (clean electrification) is the most effective measure for the decarbonisation process. Electrification of energy demand saves energy and therefore reduces costs for consumers by reducing energy bills and mitigating the effects of any unexpected price increases. In addition to the economic benefits, electrification of consumption offers customers environmental and social benefits, such as improved air quality through reduced local emissions and increased energy awareness and the possibility to self-produce energy.

The variables impacted by the Energy Transition are:

I. Letter to Shareholders and Other Stakeholders	II. Consolidated Financial Statements Audit Report	III. Sustainability Statement Verification Report	IV. Consolidated Management Report	V. Consolidated Financial Statements	VI. Statement of Responsibility
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Variables
Policy and Regulation	• Carbon dioxide (CO2) regulation, market design and regulatory frameworks with consequences on the speed of decarbonisation, in particular with regard to the penetration of renewables. electrification of demand and the need for grid investments.
Market	• Market dynamics, such as volatility of raw material prices and end-customer behaviour, influence the Transition to more efficient electricity technologies and the penetration of renewables and Power Purchase Agreement (PPA) contracts. Volatility of material prices and slowdowns/shocks pose the risk of an increase in prices and availability of some materials needed for the Transition process.
Technologies	• Innovation in new technologies such as electric vehicles, storage, demand response and electrolysers, which may lead to increased adoption of these technologies. Development of data centres, with a consequent increase in electricity demand and the need for connections.
Products and Services	• With the progressive electrification of demand, the penetration of electric technologies is growing, as is the opportunity to provide related services and products, and the demand for mobility-related electricity is increasing.

To quantify the Risks and Opportunities arising from the Energy Transition, the Transition Scenarios described in the section "Endesa's Energy and Climate Transition Scenarios" in this section of the Consolidated Management Report have been taken into account. In the Reference Scenario, the progressive electrification of energy consumption, particularly in the transport and residential sectors, results in an increase in electricity consumption and, therefore, a growth in electricity demand. This dynamic reduces the risk associated with a progressive increase in the share of renewables in the energy mix, which could lead to a reduction in the wholesale electricity price. In addition, market design revisions aimed at favouring long-term remuneration would have a favourable effect on profitability.

The effects of the Slower Transition and Accelerated Transition Scenarios on the variables that could have the greatest impact on the business have been identified: electricity demand, influenced by the dynamics of the electrification of energy consumption, and the electricity generation mix. In relation to the electrification of energy consumption, the Slower Transition Scenario foresees lower penetration rates of electricity technologies, in particular electric mobility and heat pumps, leading to a decrease in electricity demand compared to the Reference Scenario, which is estimated to have a limited impact on the trading business. At the same time, lower electricity demand would lead to a smaller gap for the development of renewable capacity, impacting the generation business, partially offset by higher electricity prices compared to a scenario with more renewables.

The Accelerated Transition Scenario assumes more ambitious Transition targets and more competitive electricity technologies compared to the Reference Scenario, with a corresponding increase in electricity demand and renewable capacity.

In all Scenarios, grids will play an increasingly important role, with a growing presence of distributed generation systems, storage systems, a higher penetration of electric charging infrastructure and an increasing rate of electrification of energy consumption. This increase is more pronounced in the Accelerated Scenario. This context will lead to a decentralisation of consumption/injection points, an increase in electricity demand and average power requirements, and a high variability of energy flows, which will require dynamic and flexible grid management.

Scenario	Description	Time Horizon		Affected Activity	Perimeter	Quanti fication - Impact Type	Quantification - Range
			Description of Impact				<100€ min	100- 300€ min	>300€ min
Transition	Risk/ Opportunity: Higher or lower penetration of renewables	Medium	Assessment of the impact of a different level of penetration of renewable generation on additional installed capacity, considering the 2 Transition Scenarios additional to the Reference Scenario.	Generation	Spain	Gross operating profit (EBITDA)/ year
	Risk/ Opportunity: Higher or		Assessment of the impact of a different level of cialisation electrification of demand on average unit consumption and electricity demand, considering the 2 Transition Scenarios in addition to the Reference scenario.	Commer -	Spain	Gross operating profit (EBITDA)/ year
Transition	lower level of electrification of demand	Medium

Transition Risks in the Value Chain

238

The Energy Transition is transforming the value chains of integrated utilities, with significant impacts on the supply of raw materials. The decarbonisation process is progressively reducing dependence on fossil fuels, particularly gas, with a consequent reduction in the risk to security of supply. Endesa's decarbonisation strategy progressively mitigates the impact of any risk related to the volatility of fossil raw material prices, ensuring greater long-term stability. The growing adoption of renewable technologies, such as solar and wind, requires large volumes of metals and minerals, such as aluminium, copper, polysilicon and lithium. The high geographic concentration of some of these commodities exposes utilities to geopolitical risks, such as supply chain disruptions and price fluctuations. To mitigate the Transition Risks associated with the materials supply chain, the Enel Group adopts strategies to diversify sources and suppliers and adopts a circularity-oriented strategy through the use of recycled materials, life extension and material recovery. This improves resilience, reduces costs and accelerates the Energy Transition.

For further information related to the Scenario analysis see Section 25.2.2. of this Consolidated Management Report.

Adaptation to Climate Change

Endesa applies climate change adaptation solutions according to a global approach that assesses potential impacts in order to properly calibrate the measures needed to improve the capacity to respond to adverse events ("Response Management") and increase the resilience of the business ("Resiliency Measures"), thereby reducing the risk of future negative impacts of adverse events.

Adaptation solutions can include both the establishment of procedures and the implementation of best practices in the short term, as well as longterm decisions.

For new investments, action can be taken as early as the design and construction phase to reduce the impact of climate risks (see more details in the section "Inclusion of Climate Change Effects in the Assessment of New Projects" in this section of the Consolidated Management Report).

The following table shows an overview representing the type of actions that Endesa implements to properly manage adverse events and increase resilience to weather phenomena, and their evolution due to Climate Change.:

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Business	"Resiliency Measures: Increasing the Resilience of Assets	"Response Management: Management of Adverse Events
Generation	Existing Facilities: • In hydraulic technology: guidelines for risk assessment and design. • "Lessons learned feedback" processes from operation and maintenance to the construction and development phases of new facilities.	Existing Facilities: • Incident and critical event management. • Facility-specific emergency management plans and procedures. • Specific tools for forecasting imminent Extreme Events and weather warnings.
	New Facilities: • In addition to the provisions for existing facilities, a Climate Change Risk Assessment (CCRA) is carried out in accordance with internally defined procedures.
Distribution	Existing and New Facilities: • Guidelines for the definition of Network Resilience Improvement Plans. • Strategies and guidelines on risk prevention actions in distribution networks.	Existing Facilities: • Strategies and guidelines on risk prevention, preparedness, response and recovery activities for the distribution network. • Global guidelines for the management of emergencies and critical events. • Risk prevention and preparedness measures in case of fire in electrical installations (lines, transformers, etc.).
Commercialisation	Existing Facilities: • Preliminary analysis of the effects of Climate Change in the medium and long term.	Existing Facilities: • Critical event management.

A project has been carried out to define a catalogue of practical intervention actions aimed at improving the resilience of assets and their capacity to respond to the possible effects of climate change. This catalogue includes specific actions for each of the relevant events listed in the impact matrices, and differentiated according to the different technologies. The catalogue of possible adaptation actions is maintained and updated periodically, and includes more than 100 possible actions, among which the following stand out:

Possible Actions	239
• Weather warning (including the use of different tools to monitor and manage both assets and natural resources).
• Automation (e.g. in Medium Voltage (MV) networks to reduce the impact of faults on customers).

• Structural reinforcement of the entire asset base, with particular attention to critical components.

• Continuous staff training.

• Maintenance work on the vegetation and care of the surroundings of the facilities.

The catalogue is an important element that brings together the possible adaptation options, from which it is possible to make estimates of the cost and risk avoided by implementing them in a particular installation. The following sections detail the areas of action, best management practices and policies adopted in each business.

Preventive vulnerability management

As part of the adaptation activities carried out, Endesa is implementing an innovative model for analysing and managing vulnerability, with the aim of preventing crises and helping to reduce physical, operational and reputational risks, reducing Endesa's exposure to potential threats and economic impacts. This model favours a preventive approach, identifying and mitigating risks before they become real crises or emergencies.

A fundamental aspect of this approach is the promotion of a shared management of emergencies, involving all relevant institutional and business actors, which allows for the strengthening of relations between the public and private sectors, through the establishment of protocols for action with local authorities, security forces and other bodies that provide essential services. This system of cooperation allows for a more fluid management of emergencies, favouring a rapid exchange of information and more effective coordination during critical phases. In addition, continuous education and training activities are carried out to develop awareness and competencies for crisis management, including Climate Change. In the context of this collaborative

strategy, joint crisis drills, carried out in collaboration with police forces and civil protection, are essential to test response capacity on the ground and refine procedures to ensure timeliness and efficiency.

The second pillar of this model is the introduction of a maximum level of "early warning" as an intermediate phase before the activation of extraordinary crisis management measures, to monitor the evolution of risk situations and rapidly activate intervention procedures. In case of maximum pre-alert, a crisis operations room is activated, which will be located in one of the responsible Public Administrations, and will act as a coordination centre for all emergency management activities. By centralising communications and decisions, the effectiveness and speed of response to events that may compromise the security of critical infrastructures and essential services can be ensured.

In the Generation Business Line, the following actions in relation to the management of risks associated with climate change are noteworthy:

Main

• Improved cooling water management systems to compensate for possible reductions in river flows.

• Actions ("Fogging Systems") to improve airflow and compensate for power reduction as a consequence of increased ambient temperature in combined cycle generation facilities.

• Installation of drainage pumps, periodic cleaning of channels and other actions to eliminate the risk of landslides as a result of torrential rain or flooding.

• Periodic reassessment for hydropower facilities of the Heavy Rainfall and Flood Scenarios. Scenarios are managed through mitigation actions and interventions on facilities.

Good practice

In the Generation Business Line, a series of good practices have been adopted for the appropriate management of adverse meteorological phenomena:

Good practice

Weather Forecasts.	• Monitoring the availability of renewable resources and the occurrence of Extreme Events, with warning systems that guarantee the protection of people and facilities.
Geographic Information System (GIS).	• Hydrological simulations, topographical surveys (including with drones) and monitoring of potential vulnerabilities through digital Geographic Information Systems (GIS) and satellite data.
Supervision of Dams and Hydraulic Civil Works.	• Advanced monitoring of more than 100,000 parameters (with more than 160 million historical measurements) taken at dams and hydraulic civil works.
Supervision of Installations.	• Real-time remote monitoring of power generation facilities
Hydrological and Hydraulic Studies.	• Adoption of specific guidelines for the execution of hydrological and hydraulic studies in the initial phases of development, with the aim of assessing the risks both in the area of the installation and in the surrounding areas.
Monitoring of Climate Parameters Affecting Project Design.	• Monitoring of the evolution of climatic parameters for their possible impact on project design, e.g. evaluation of rainfall patterns for the design of drainage systems for photovoltaic installations.
Estimation of Extreme Wind Speeds.	• Up-to-date databases containing records of historical windstorm series are used in order to choose the most suitable wind turbine technology for the sites.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report

In addition, Endesa has adopted specific emergency management procedures for immediate action in the event of extreme events, with real-time communication protocols, planning and management of all activities to resume operations safely in the shortest possible time, and predefined lists for damage assessment. One solution implemented to minimise the impact of climatic events is the "Lesson Learned Feedback" process, through which information is transferred from the technical operation and maintenance units to the units that design new projects.

Analysing future climate impacts to identify needs

V. Consolidated Financial Statements

IV. Consolidated Management Report VI. Statement of Responsibility

An analysis of risks associated with acute and chronic climate phenomena is being carried out based on the mapping of relevant climate events, with the aim of estimating the impact they may have in the medium to long term on generation plants. The analysis of acute phenomena has been carried out in 2 phases:

Phases

• Preliminary analysis of the hazard and exposure of all hydro, wind and solar power plants in order to group them according to their degree of vulnerability, and to be able to identify the plants with the highest risk from which to select 1 or 2 plants for the definition of possible adaptation actions.

• Detailed analysis of the plants identified as being at greatest risk, in order to define possible adaptation actions, as well as measures to prevent production losses.

The detailed analysis was carried out to determine the possible increase in the frequency and intensity of Extreme Events and to identify the facilities exposed. This analysis has shown that, for the whole set of meteorological phenomena considered, there are few facilities exposed to high risk in the long term. The weather phenomena analysed are:

Phenomena
Torrential Rains.	• An analysis of a significant number of plants has led to the conclusion that there is a high correlation between the geomorphology of the site and the impact of the meteorological phenomenon on the installation, and has confirmed the need for a site-specific analysis, especially for those installations most exposed to the phenomenon. • More detailed analyses have identified possible structural adaptation measures to reduce the level of flood risk to an acceptable threshold, the implementation of which will require a cost-benefit analysis. Such structural adaptation interventions would be, for example, the construction of hydraulic mitigation works (mainly embankments, re-profiling of channels, adaptation of drainage channels, expansion and lamination basins) and elevation of the components at risk through earthworks and increasing the length of the supporting structures in the case of photovoltaic panels.
Heat waves.	• The impact of heat waves on photovoltaic and wind power installations has been analysed. • Despite the increase in the frequency and intensity of this climatic phenomenon, the conclusion has been that there are no significant impacts on the installations, only a reduction in inverter performance at certain times of the year and in specific locations.
Cold Waves and Ice Formation	• The phenomenon of cold spells has been analysed for wind farms and, as with heat waves, only has an impact in terms of an eventual reduction in production. • The icing phenomenon has been modelled for wind farms and an analysis will be carried out in 2025 and applied to operating installations.
Windstorms	• With regard to the risk of windstorms, although the Scenarios show an increase in the incidence of the phenomenon, the impact analysis shows a high resilience by design, especially of the wind farms analysed. • The implementation of possible adaptation measures will require site-level assessments based on a cost benefit analysis, considering the limited impact of the phenomenon.
Fires.	• In relation to fire risk, a study has been carried out to identify the areas of greatest risk, and with the aim of preventing and/or reducing intervention times, some possible adaptation measures have been identified to be adopted in the design or operation phases of the facilities, such as, for example, the removal of vegetation around the project area, the creation of firebreaks, and additional coordination with the local authorities on how to respond in case of fire.

The methodologies developed will be further refined with a view to applying them also to the design and development of new facilities.

These analyses will allow quantification of the need for adaptation in terms of risk prevention (e.g. adoption of adaptive design), and in terms of event management and residual risk management.

Distribution

In the Distribution Business Line, a specific Policy (Climate Change Risk Assessment) has been prepared in order to establish the general criteria, methodology and requirements for the identification, analysis and assessment of the Risks inherent to Climate Change, both of the facilities and of the activities carried out, with the aim of monitoring the risk and the actions to be implemented to mitigate its impact.

To manage extreme weather events, Endesa has adopted a "4R" approach which, through a specific procedure, defines the measures to be adopted, both in the emergency preparedness phase and in the subsequent commissioning phase after the facilities have been damaged by an extreme event.

This management is articulated through 4 phases of action:

Risk Prevention	• It includes actions that reduce the probability of losing network elements as a result of an event and/or minimise its impact, and includes both actions aimed at increasing the robustness of the infrastructures and maintenance actions. The choice of technical solutions to improve resilience is made through a catalogue that allows the best solution to be implemented depending on the climatic event and the geographical location of the installation.
Readiness	• It includes all actions aimed at improving the immediacy with which a potentially critical event is identified, and ensuring coordination with Civil Protection and the Local Administration, as well as organising resources once a service failure has occurred.
Response	• Assessment phase of the operational capability to deal with an emergency once the extreme event occurs, considering both the ability to mobilise operational resources on the ground and the possibility to perform telecommanded feedback manoeuvres through backup connections.
Recovery	• This is the last phase, which aims to return the network to normal operating conditions as soon as possible in those cases where the extreme event has caused service interruptions despite all preventive measures taken.

The Distribution Business Line has adopted various specific policies and actions to integrate the different aspects and risks related to Climate Change:

Policies and Actions
Guidelines for Emergency Preparedness, Response and Recovery Actions	• It includes guidelines for the last 3 phases of the "4R" management approach. • It includes indications for improving the preparedness strategy, for mitigating the impact of total service interruptions, and for bringing the network back into service, for the largest number of customers and in the shortest possible time.
Network Resilience Improvement Plan Guidelines	• Its objective is to determine the actions to be carried out to minimise the impact of Extreme Events on the network, based on the operating history. • These guidelines are based on the first 2 phases of the "4R" management approach. An analysis process is currently underway in order to plan investments to increase the resilience of the network to extreme weather events.
Risk Prevention and Preparedness Measures in case of Forest Fires affecting Electrical Installations	• Integrated emergency management approach applied to forest fires, whether they originate from the network or from external causes. • The document provides guidelines for identifying facilities at risk, defining specific prevention measures (e.g. evaluation of specific maintenance plans) and, when a fire occurs, for managing the emergency in an optimal way to limit its impact and restore service as soon as possible.
Support Actions	• Implementation of weather forecasting systems, monitoring of the network statement and assessment of the impact of Extreme Events on the network, preparation of operational plans and conducting drills. • Of particular note are the agreements reached to mobilise extraordinary resources (internal and from contractors) to deal with emergency situations.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

243

In addition, and based on a continuous improvement approach, expert start-ups in the sector are contacted, and innovation challenges are launched with the aim of identifying innovative technological solutions to support climate impact analyses and adaptation measures to increase the resilience of the grid.

Analysing future climate impacts to identify adaptation needs

Based on the mapping of globally relevant phenomena, they monitor the trend of the most critical phenomena at the local level, in order to estimate the impact of Climate Change on the network in the medium and long term. To do this, it is first necessary to make a preliminary assessment of extreme weather events that have occurred in the past with their corresponding network impacts (also in terms of associated failures). This information helps to prioritise the possible adaptation measures required.

On the basis of these assessments, detailed analyses have been carried out for specific phenomena. Some examples are given below:

	Meteorological Phenomena
Explosive Cyclogenesis	• Analysis carried out to provide details on explosive cyclogenesis (combination of wind and torrential rain), projecting the events up to 2050, and assessing the possible future impacts on the facilities. The first results indicate a trend fairly aligned with the historical one, with the exception of the Catalan coast, where a possible intensification of the events is foreseen.
Heat Waves	• A first study has been carried out on the impact of heat waves in Spain, with a particular focus on the Balearic Islands and the metropolitan area of Barcelona. This phenomenon has affected Endesa's networks more frequently in recent years. Initial evidence from the analysis showed that days subject to heat waves will increase by between 50% and 60% in the Representative Concentration Pathway Scenario (RCP) 2.6. As a result of these conclusions, a series of adaptation actions have been defined and will be included in the business development plans.
Fires	• Updated guidelines in relation to fire risk prevention, applying an index that evaluates the fire risk of the areas, based on their orographic and environmental characteristics "Fire Weather Index" (FWI), as a support tool for projecting on the Scenarios to 2050. • A study has been carried out to identify the areas with the highest fire risk in forest areas, identifying the networks and the environmental setting in which they are located, so that the necessary interventions can be carried out under a fire risk prevention approach.

Commercialisation

For the commercialisation activity, work has continued to estimate the potential impacts of climate events through climate risk mapping, with the aim of defining the necessary actions to improve the resilience of the facilities.

For own installations, which make up a small part, impact analyses have continued and insurance policies have been taken out to cover damages due to catastrophic events. In relation to the photovoltaic installations of the Commercialisation Business Line, the impact of Extreme Events and the corresponding cost-benefit of adaptation actions have been evaluated.

Through marketing intelligence initiatives, customers' short, medium and long-term needs are being assessed in order to offer new solutions and services. The current context allows us to explore business opportunities related to Climate Change in order to integrate them into the portfolio and enrich the value proposition to customers to support them in raising awareness of the climate risks of their assets in order to increase their resilience. To this end, the Retail Business Line uses Endesa's catalogue of adaptation actions, which includes specific intervention measures for each of its technologies.

Inclusion of Climate Change effects in the assessment of new projects

Many activities related to the assessment and implementation of new projects can benefit from climate analyses, both general and site-specific, which Endesa is beginning to integrate with those already taken into account in the assessment of new projects. Some examples of activities that can benefit from such analyses are:

Policies and Actions
Preliminary Studies	• In this phase, climate data provide preliminary screening through the analysis of specific climatic phenomena. These data provide a preliminary measure of the most relevant phenomena in the area where the project is planned to be located, among those identified as being of interest for each technology.
Estimated Expected Production	• Climate scenarios are taken into account in the calculations in order to assess how climate change will change the availability of the renewable resource in the area where the project is planned to be located. The approach applied to new projects is the same as that applied to the existing operational fleet.
Environmental Impact Analysis	• The Climate Change Risk Assessment, which contains a representation of the main physical phenomena and their expected change in the area in which the new facility is located, has begun to be included in the set of documentation prepared for the new facilities.
Resilient Design	• Endesa considers it very important that new facilities are designed to be resilient. Work is being carried out to progressively incorporate analyses based on climate data, for example, the increase in the frequency and intensity of acute events. These analyses will complement those based on historical data in order to increase the resilience of future assets, as well as to be able to identify adaptation actions that may be necessary during the useful life of the project.

25.2.4. Governance - Sustainability-related performance performance in incentive schemes (GOV-3)

13

244

Endesa, as part of its long-term incentive system, known as the Loyalty Plan or Strategic Incentive, considers an objective directly related with the reduction of carbon dioxide (CO2 ) emissions.

This incentive system is aimed at Executive Directors, as well as Executives whose participation is considered essential to the achievement of the established objectives.

Objectives	Description
Reduction of Carbon Dioxide Emissions (CO2 )	• Endesa's specific carbon dioxide (CO2 ) emissions reduction (g/CO2 /kWh) in a given period of time. It is defined as the ratio between Endesa's absolute carbon dioxide (CO2 ) emissions due to electricity generation and Endesa's total net production for that year. • This parameter has a weighting of 10% and 15% of the total incentive depending on the three-year plan to which it refers.

For further information see Note 46.3.5. to the Endesa, S.A. Share Price in the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

25.2.5. Policies related to climate change mitigation and adaptation (E1-2)

24, 25 a), b), c), d)

Sustainability Policy

Endesa has adopted a Sustainability Policy to identify, assess and effectively manage the material Impacts, Risks and Opportunities (IROs) related to mitigating and adapting to Climate Change. This policy seeks to address environmental challenges through a comprehensive approach that promotes sustainability, improving energy efficiency and encouraging the use of renewable energies.

Endesa's Sustainability Policy reflects its commitment to protecting the environment, combating climate change and promoting sustainable economic development, integrating these principles into all its activities. Along these lines, the Company promotes the creation of lasting alliances, based on mutual trust and managed ethically and transparently with various institutions, with the aim of positioning itself as a key player in the fulfilment of the 2030 Agenda, the Paris Agreements and national commitments in the field of Energy and Climate, actively contributing to limiting the increase in the average global temperature.

One of its main commitments is to lead the decarbonisation of the economy, establishing lowemission energy sources as a pillar of its energy mix. To this end, Endesa is increasing its renewable generation capacity, including solar, wind and hydroelectric power, and is making progress in closing thermal plants and gradually exiting the gas business. Endesa is also driving the electrification of energy demand, facilitating the penetration of clean energies in various productive sectors, and promoting sustainable mobility through the development of infrastructures for electric vehicles. The company also invests in technological innovation to better integrate renewable energies and ensure an efficient and reliable supply. With these actions, Endesa seeks to be a benchmark in the transition to a cleaner and more sustainable energy system, reaffirming its commitment to carbon neutrality and the creation of value for society and the environment.

One of the basic principles of the Sustainability Policy is to actively contribute to the fight against Climate Change through the progressive decarbonisation of its energy mix. To this end, the company promotes the development of renewable energies, invests in networks, improves energy efficiency and adopts new technologies to optimise its operations. Endesa is also aligned with the objectives set out in the National Integrated Energy and Climate Plan (PNIEC) and the National Climate Change Adaptation Plan (PNACC), pledging to follow its roadmap to reduce Greenhouse Gases (GHG) emissions and move towards a cleaner energy model. Within this framework, the Company is also committed to offering solutions that favour the gradual electrification of society, promoting a sustainable and responsible Energy Transition.

This Policy covers the entire Value Chain and each stage of the life cycle of Endesa's products and services, reinforcing its commitment to Sustainability and serving as a guide for its management systems in all its operations. By incorporating regulatory developments from its earliest stages, the company not only ensures early compliance with regulations, but also mitigates environmental and social risks for its external stakeholders, promoting a culture of respect and environmental awareness throughout its Value Chain. It also requires suppliers and contractors to implement environmental policies based on the principles of Endesa's Environmental Policy, covering all processes throughout its value chain.

The company also maintains a constant dialogue with its main stakeholders to understand and integrate their expectations in a structured way, aligning itself with the demand for sound business strategies in Environmental Sustainability and Climate Change, which strengthens its reputation and facilitates the attraction of investments with ESG ("Environmental, Social and Governance") criteria, in coherence with the corporate strategy.

To meet the commitments established and reduce negative impacts, Endesa has developed an Endesa Sustainability Plan (ESP) which details all the actions and targets to be followed. The Sustainability Committee and Corporate Governance are

responsible for monitoring progress and compliance with this plan on an annual basis, ensuring that the defined objectives are achieved.

The Board of Directors of Endesa S.A., through its Sustainability and Corporate Governance Committee, is responsible for supervising compliance with and control of the Sustainability Policy and the Sustainability and Corporate Governance strategy in accordance with the functions and powers established in the Regulations of the Sustainability and Corporate Governance Committee.

This Policy is available on Endesa's website, guaranteeing access to all interested parties. For further information, the Policy can be consulted on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Environmental Policy

Endesa has an Environmental Policy, approved by the Board of Directors in June 2021, in which it undertakes to identify, assess and manage the positive and negative environmental aspects and impacts arising from its activities, striving to minimise the negative and maximise the positive, applying the following basic principles of action:

Basic Principles

246

• Maintain, in all its activities, permanent control of compliance with current legislation, as well as the voluntary agreements acquired, and periodically check the environmental performance and safety of its facilities, communicating the results obtained.

• Contribute to the fight against Climate Change through the progressive decarbonisation of the energy generation mix, promoting the development of renewable energies, energy efficiency and the application of new technologies, and also offering solutions for a gradual electrification of society.
• Establish a constructive dialogue and adopt a collaborative attitude with Public Administrations, official bodies, shareholders, customers, Local Communities and other stakeholders and take into account their expectations, relevant issues and, in short, the environmental challenges facing the society in which we operate when defining our business strategies, in order to orientate these strategies to respond to these challenges.
• Require its contractors and suppliers, with whom it establishes any type of commercial collaboration, to implement Environmental Policies, including Climate Change, based on these same principles, which cover all processes along its Value Chain.
• Percentage of women in management succession plans by 2024. This parameter has a weighting of 5% in the incentive.

This Policy covers the entire Value Chain and applies to all phases of the life cycle of each product and service, including distribution and logistics, and aims to formalise and specify Endesa's commitment to the Environment, as set out in the Purpose, Vision and Values (see Section 2.3 of this Consolidated Management Report) that make up the Company's principles of conduct. The Policy expresses Endesa's commitment to the fight against Climate Change, both through the decarbonisation of its own activity and by contributing to that of society as a whole. This Policy in turn serves as a frame of reference for the necessary Policies in the area of the Company's management systems.

In addition, Endesa belongs to the Enel Group and complies with the Group's Environmental Policy. In accordance with this Policy, the Enel Group is committed to protecting the environment and natural resources, to tackling climate change and to contributing to sustainable economic development as an integral part of the Enel Group's strategic planning, development and operation, applying internationally recognised Environmental Management Systems throughout the organisation. It establishes a strategic objective in relation to the fight against Climate Change:

"Driving action on Climate Change in line with limiting the global average temperature increase to 1.5°C compared to the pre-industrial era, accelerating the Energy Transition towards zero emissions and increasing the resilience of business activities to Climate Change. Promoting climate mitigation actions through the reduction of direct and indirect Greenhouse Gases (GHG) emissions along the entire Value Chain, strengthening the development of renewable energy, sustainable and digital grids, electrification of energy demand and energy efficiency solutions, managing the risks of the Energy Transition, while taking advantage of its potential opportunities. Decrease vulnerability to physical climate risks, both chronic and acute, by promoting the resilience of business activities and infrastructure

V. Consolidated Financial Statements IV. Consolidated Management Report

247

to the effects of Climate Change and the ability to react promptly to adverse events".

Both Endesa's Environmental Policy and that of the Enel Group are available on its website and are accessible to all interested parties. For further information, the Policy can be consulted on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Certification of environmental management systems

Endesa's environmental management systems are based on international procedures and standards that are audited by independent accredited bodies of recognised prestige and ensure that the Company regularly and systematically identifies, assesses and controls the environmental impact of its facilities and operations. The Company currently holds the following environmental certifications:

Activity	Standard	% Certified in 2024.
• Electricity Generation (thermal, hydro and renewable)	• ISO14001:2015 • ISO 9001:2015 • ISO 50001:2018 • EMAS	• 100% • 100% • 3 thermal power plants • 99,7% of the energy generated in thermal power plants registered in the Eco-Management and Audit Scheme (EMAS).
• Nuclear Generation	• ISO 14001:2015 • ISO 9001:2015	• 100%
• Electricity Distribution	• ISO 14001:2015 • ISO 9001:2015 • ISO 50001:2018	• 100%
• Port Terminals	• ISO 14001:2015 • ISO 9001:2015 • EMAS • Zero Waste	• 100%
• Corporate Headquarters and Office Buildings	• ISO 14001:2015 • ISO 9001:2015 • ISO 16000-40:2023	• 5 main locations
• Commercialisation	• ISO 14001:2015 • ISO 9001:2015 • ISO 50001:2018	• 100%

25.2.6. Actions and resources in relation to Climate Change Policies (E1-3)

Actions and resources for climate change mitigation and adaptation

29 a), b), c) i, ii, AR 21, AR 22

Endesa, in its commitment to sustainability and the fight against climate change, has implemented actions designed to achieve the objectives defined in its Sustainability and Environmental Policy. These actions are essential for making progress in mitigating and adapting to the effects of climate change.

In this regard, it should be specified that Endesa does not have any material negative impact that is not currently being managed in an appropriate manner, thus mitigating the adverse effects that may be occurring on climate change.

The main actions taken and planned or underway to promote Positive Impacts and prevent or mitigate Negative Impacts, as well as the proper management of material Risks and Opportunities related to Climate Change, are presented below:

		Amount of Green		Investment / Cost earmarked for the Action				Results
Actions	Scope / Correc tive Ac tions (1)	house Gases (GHG) reduced (tCO2e)	Invest ment (I) / Cost (C)	Amount (million of euros)	Time Horizon	Expected results	2024	2023
Carried out
Decarbonisation of the thermal generation fleet	1.	1,692,080	(2)			Progressive decarbonisation of the thermal generation fleet	Specific Greenhouse Gases (GHG) emissions Scope 1 Mainland generation (Operational control): 58 gCO2eq/kWh	Specific Greenhouse Gases (GHG) emissions Scope 1 Mainland generation (Operational control): 87 gCO2eq/kWh
Growth in electricity generation from renewable energy sources	2.	Na	(3)			Transformation of the generation fleet to achieve all emission-free generation	Carbon dioxide (CO2)-free production (peninsular): 86%.	Carbon dioxide (CO2)-free production (peninsular): 88%.
Modifications to the distribution network to meet the challenges of the Energy Transition	3.	Na	(3)		Long-term	Adaptation of the network to meet growing demand with the highest quality while improving its resilience.	Equivalent Installed Power Interruption Time (EIPIT): 47.7 minutes	Equivalent Installed Power Interruption Time (EIPIT): 48.7 minutes
Promoting demand side electrification and energy efficiency at the customer level	4	Na	(3)			Improving customer loyalty through a comprehensive value-added service offering	Investments in the creation of customer services: 337 million euros	Investments in the creation of customer services: 314 million euros
Creation and maintenance of carbon sinks through the Endesa Forest initiative as part of the Voluntary Biodiversity Conservation Plan. Planned(5)	5.	Na	C	(4)		Increase in the surface area of sinkholes in Spanish territory	101 hectares	101 hectares

(1) The description and scope of each of the actions is detailed below following the numbering shown in the table.

(2) See Notes 5.1.1, 20.4 and 36.3 of theNotes to the Consolidated Financial Statements for the year ended 31 December 2024.

(3) The allocation of capital to carry out these actions is described in Endesa's 2025-2027 Strategic Plan, which details the amounts for each of the lines of action: generation: higher value renewable assets, investments in networks and commercial strategy: recovery of the customer base (see Section 6.2 of this Consolidated Management Report).

(4) Less than EUR 1 million.

(5) No planned actions have been defined.

AND SUBSIDIARIES

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

The description and scope of each of the actions is detailed below:

1. Decarbonisation of the thermal generation fleet.

Description

• In relation to the decarbonisation of the coal-fired thermal generation fleet, the actions carried out have been:
• As Pontes Thermal Power Plant: in 2023, Endesa completed the definitive cessation of activity at the plant, an important milestone in the transition to a more sustainable energy model, and in 2024, the "phase out" process was completed, which included making the facilities safe and gradually de-energising the equipment. This process was carried out in a controlled manner, following technical standards that guarantee environmental and operational safety. Subsequently, the contract for the decommissioning of the plant was awarded, with a priority focus on hiring local employment, fostering the economic development of the region. The decommissioning process is expected to last 4 years.

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of Responsibility

• Compostilla Thermal Power Plant: Endesa completed the demolition work on the boilers and external equipment of Groups 1 and 2, together with the chimney of Group 3. Progress is currently being made on the demolition of Groups 3, 4 and 5.
• Teruel Thermal Power Plant: total dismantling was completed, and 2 solar photovoltaic plants were developed on the site of the old plant. Sedéis is now operational, while Mudéjar is under construction. This replacement of fossil generation with renewable energy is an example of Endesa's commitment to the Energy Transition.
• Litoral Thermal Power Plant: decommissioning reached 62% in 2024, including the controlled blasting of the chimney and the desulphurisation and denitrification systems. In addition, 90.31% of the waste generated was recovered, and more than 1,000 items were donated to local organisations, contributing to community and educational development.
• In relation to the decarbonisation of the thermal generation park in the Non-Peninsular Territories (NPT):
• In 2024, Endesa made progress in dismantling 4 steam units at the Candelaria plant and 3 at Jinámar, as well as 7 BW diesel units at the Ibiza plant. This work forms part of a comprehensive strategy for the modernization and Sustainability of the generation fleet on the islands.
• The operation of the diesel engines at the Mahón power station, limited to 1,500 hours per year, has been consolidated, which allows for a significant reduction in the emissions associated with their operation. On the other hand, since 2022, the use of fuel oil as the main fuel has been eliminated in the Balearic Islands, allowing its use only in specific situations in the steam groups of the Alcudia power station.
• Law 17/2013, of 29 October, and Royal Decree 738/2015, of 31 July, provide a framework for conventional generation in Non-Peninsular Territories (NPT) under which both new capacity and the renovation and modernisation of existing facilities will require a favourable compatibility resolution prior to obtaining the corresponding authorisations, in order to be entitled to the additional remuneration regime necessary for the economic viability of these actions, a resolution that will be granted through a competitive bidding process. In this context, units that reach 25 years of age and wish to continue in operation while maintaining the additional remuneration regime must also apply within this procedure. In this context, Endesa is considering the closure and replacement of groups that are more than 25 years old with more efficient technologies. The objectives of this replacement include:
• Increased energy efficiency.
  • Greater operational flexibility to better manage variable demands.
  • Increased reliability of the electrical system.
  • Reduction of start-up times, emissions and associated noise.
  • In July 2024, the Ministry for Ecological Transition and the Demographic Challenge launched the tendering procedure. Endesa has submitted 132 projects, 18 of which focus on capacity replacement. The power stations involved in these projects include Jinámar, Candelaria, Granadilla, Punta Grande, Las Salinas, Los Guinchos and Llanos Blancos.
  • On the other hand, the decommissioning without replacement of capacity of the Gas Turbine 1 of Formentera is planned.
• Authorisation has been received to close the Gas 1 units of the Jinámar Thermal Power Plant and the Gas Móvil unit of the Las Salinas Thermal Power Plant.

Scope

• Action on fossil fuel power plants for electricity generation.

Impacts, Risks and Opportunities (IROs) linked to the action

• Promotion of the Energy Transition and low-carbon technologies in the national territory through investments.
• Contribution to limiting the increase in global average temperature by meeting national and international targets.
• Reducing the cost of system energy consumption by implementing a strategy to accelerate clean electrification, in line with the decarbonisation pathway.
• Decreased Greenhouse Gases (GHG) footprint due to increased supply of renewable energy to the customer.
• Reduction of absolute Greenhouse Gases (GHG) emissions by phasing out thermoelectric power.

• Reduction and mitigation of environmental impacts on external stakeholders by adopting regulatory developments at an early stage and promoting an environmental culture.

• Carbon dioxide (CO2) emissions from the operation of thermal power plants.
• Stakeholder demand for sound business strategies on environmental sustainability and climate change issues with an impact on reputation and attraction of ESG (Environmental, Social and Governance) investment.
• Effective management of the long-term generation portfolio through the analysis of Climate Scenarios with the objective of identifying potential chronic changes to support strategic decisions.

2. Growth in electricity generation from renewable sources.

Description

• Endesa continued to make progress in the installation of renewable energies in 2024, with special emphasis on photovoltaic solar plants. These new facilities not only help to reduce Greenhouse Gases (GHG) emissions, but also improve air quality in the areas of influence, consolidating the company's commitment to a Just and Sustainable Energy Transition. Endesa will close 2024 with an increase in net installed renewable capacity of 262 MW to 10,161 MW net installed renewable capacity (see Section 11 of this Consolidated Management Report).

Scope

• Growth in renewable electricity generation in all the territories in which Endesa operates.

Impacts, Risks and Opportunities (IROs) linked to the action

• Promotion of the Energy Transition and low-carbon technologies in the national territory through investments.
• Contribution to limiting the increase in global average temperature by meeting national and international targets.
• Reducing the cost of system energy consumption by implementing a strategy to accelerate clean electrification, in line with the decarbonisation pathway.
• Decreased Greenhouse Gases (GHG) footprint due to increased supply of renewable energy to the customer.
• Reduction and mitigation of environmental impacts on external stakeholders by adopting regulatory developments at an early stage and promoting an environmental culture.
• Non-compliance with the commitments undertaken in the socio-economic section of the awarded Just Transition tenders that may lead to the loss of guarantees.
• Tenders for new renewable capacity and awarding of funds and subsidies with socio-economic scores that enable business growth.
• Stakeholder demand for sound business strategies on environmental sustainability and climate change issues with an impact on reputation and attraction of ESG (Environmental, Social and Governance) investment.
• Effective management of the long-term generation portfolio through the analysis of Climate Scenarios with the objective of identifying potential chronic changes to support strategic decisions.

3. Modifications to the distribution grid to cope with the Energy Transition.

Description

• Actions aimed at accommodating the growing electricity demand resulting from the progressive electrification of energy consumption, improving the quality of service thanks to the digitalisation and modernisation of the distribution network. • Actions to improve the resilience of the network to climatic events.

Scope

250

• Endesa's entire distribution network.

Impacts, Risks and Opportunities (IROs) linked to the action

• Promotion of the Energy Transition and low-carbon technologies in the national territory through investments.
• Contribution to limiting the increase in global average temperature by meeting national and international targets.
• Reducing the cost of system energy consumption by implementing a strategy to accelerate clean electrification, in line with the decarbonisation pathway.
• Decreased Greenhouse Gases (GHG) footprint due to increased supply of renewable energy to the customer.
• Reduction and mitigation of environmental impacts on external stakeholders by adopting regulatory developments at an early stage and promoting an environmental culture.
• Damage to or reduced efficiency of power generation and distribution facilities and supporting infrastructure due to increased extreme weather events due to Climate Change.
• Stakeholder demand for sound business strategies on environmental sustainability and climate change issues with an impact on reputation and attraction of ESG (Environmental, Social and Governance) investment.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

4. Promotion of demand-side electrification and energy efficiency at customers.

Description

• Installation, maintenance and repair of energy efficient equipment, including smart lighting, renewable generation technologies, as well as devices to measure, regulate and control energy efficiency.
• Installation, maintenance and repair of electric vehicle charging stations.

Scope

• All electricity consumers and all potentially electrifiable energy consumers.

Impacts, Risks and Opportunities (IROs) linked to the action

• Promotion of the Energy Transition and low-carbon technologies in the national territory through investments.
• Contribution to limiting the increase in global average temperature by meeting national and international targets.
• Reducing the cost of system energy consumption by implementing a strategy to accelerate clean electrification, in line with the decarbonisation pathway.
• Decrease in Greenhouse Gases (GHG) footprint due to increased supply of renewable energy to the customer.
• Reduction and mitigation of environmental impacts on external stakeholders by adopting regulatory developments at an early stage and promoting an environmental culture.
• Stakeholder demand for sound business strategies on environmental sustainability and climate change issues with an impact on reputation and attraction of ESG (Environmental, Social and Governance) investment
• 5. Creation and maintenance of carbon sinks through the Endesa Forest initiative as part of the voluntary Biodiversity Conservation Plan.

Description

• This action promotes the restoration of degraded land through the planting of native species, contributing both to the absorption of carbon dioxide (CO2) and the recovery of ecosyst ems and biodiversity. It also includes actions to improve knowledge.

Scope

• Degraded land in Spanish territory.

Impacts, Risks and Opportunities (IROs) linked to the action

• Reduction and mitigation of environmental impacts on external stakeholders by adopting regulatory developments at an early stage and promoting an environmental culture.

Those actions involving investment or cost could be affected by the availability and allocation of resources to carry out these actions, although, as indicated above, the actions indicated here have been foreseen in Endesa's Strategic Plan and Endesa does not expect them to be affected by the availability of resources, as they have been allocated in the Plan.

Since 2016, Endesa has been developing the Endesa Forest initiative through which it implements reforestation projects in degraded lands. It currently has projects in La Atalaya (Sierra de Madrid), Doñana (Huelva), Teruel (Aragon), all of which are registered in the National Carbon Footprint Register. Other projects, such as Bosque Endesa Baleares and Pirineos (Catalonia), are in the execution phase, and Bosque Endesa Ceuta and Bosque Endesa Sevilla are in the design phase. It is estimated that the initiative will absorb 10,400 tonnes of carbon dioxide (CO2 ) equivalent.

The impact of such a programme goes beyond the environmental, as it promotes adaptation to Climate Change, the recovery of Biodiversity and natural capital, the fight against desertification and protects Ecosystems. Economically, it dynamises rural areas by restoring associated ecosystem services such as tourism and natural resources. Socially, it prioritises the hiring of people at risk of social exclusion and promotes volunteer activities and environmental awareness, generating a positive impact on sustainability and social cohesion.

Below is a summary of Endesa's environmental restoration actions active in 2024:

Habitat Area (Ha)
Work being carried out to improve the biodiversity of the compensation habitat.	• Recovery of native fauna/flora and their habitats after a fire/ degradation process/ mining exploitation in the area of Endesa's activity.
Main conserved/protected species.	• "Pinus.pinea" / "Pinus.halepensis" / "Pinus.nigra" / "Quercus.suber" / "Quercus. ilex" / "Quercus.faginea" / "Sorbus aria" / "Acer monspessulanum" / "Crataegus. monogyna" / "Amelanchier ovalis" / "Prunus spinosa" / "Olea oleaster" / "Arbutus unedo" / "Myrtus comunis" / "Pyrus bourgeana" / "Fraxinus angustifolia" / "Malus sylvestris" / "Prunus spp" "Sorbus spp" / "Phillyrea angustifolia".
Description of habitat	• Forest/ Dehesa/ Steppe/ Sub-steppe.
Comparison of the Biodiversity of the original habitat before company activities with the Biodiversity of the compensation habitat.	• Most of these are forestry restorations of burned and/or degraded land in the national territory, using native species, the choice of which takes into account the evolution of environmental and climatic parameters in the area where the project is located. In cases associated with the restoration of areas related to past mining operations (eco-restoration), this does not necessarily have to be forestry, but is aimed at fully reintegrating the restored land with its immediate surroundings.
Biodiversity monitoring and reporting period at offset sites.	• Between 30 and 40 years old.

The Opportunities "Promotion and development of initiatives by institutions to accelerate the Energy Transition" and "Provision of insurance coverage against acute weather events within the supply of commodities" do not have associated actions as they depend on external factors. Work will continue in the coming years to identify possible actions linked to these Opportunities.

25.2.7. Metrics and targets 252

25.2.7.1. Objectives related to climate change mitigation and adaptation (E1-4)

32, 33

Once the material Impacts, Risks and Opportunities (IROs) have been identified and the general commitments of its Sustainability and Environmental Policy have been established, Endesa has undertaken to set specific objectives linked to these Impacts, Risks and Opportunities (IROs), thereby complying with its Policy:

I. Letter to
Shareholders and
Other Stakeholders	Audit Report

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of

Responsibility

						Objectives 2024-2026		Objectives 2025-2027
Impacts, Risks and Opportunities (IROs)	ESP objectives(1)	Units	Scope	2024 2023		2024	2026	2025	2027	Amend ments (2)
Promotion of Energy Transition and low carbon technologies in the national territory through investments	Installed renewable capacity (net)	GW	Spain and Portugal. Includes solar, wind, hydro and battery technology	10.2	9.9	—	13.9	11.6	13.1
Contribution to limiting the increase in global average temperature by meeting national and international targets	Carbon dioxide (CO2) emission free production (peninsular)	%	Spain and Portugal	86	80	88	93	90	93
Reducing the cost of system energy consumption by implementing a strategy to accelerate clean electrification, in line with the decarbonisation pathway	Production from renewable sources	TWh	Spain and Portugal. Includes solar, wind and hydro technology	17.8	14.2	17.9	23.6	20.9	24.9	Unchanged
Decreased Greenhouse Gases (GHG) footprint due to increased renewable energy supply to the customer	Absolute emissions from the Commercialisation of gas to final customers	MtCO2 eq	Applies to all Endesa's ac tivities, both nationally and interna tionally	7.0	8	—	10	10.7	6.6MtCO2 eq in 2030 0MtCO2 eq in 2040
	Specific Greenhouse Gases (GHG) emissions Scope 1 and 3. Generation and purchase of electricity from third parties	gCO2 eq/ kWh		187	214	—	140	<140	90gCO2eq/ kWh in 2030 0gCO2 eq/ kWh in 2040
	Specific Emissions Greenhouse Gases (GHG) Scope 1. Generation	gCO2 eq/ kWh		166	193	—	145	<145	95gCO2eq/ kWh in 2030 0gCO2eq/ kWh in 2040
Absolute Greenhouse Gases (GHG) emissions reduction by phasing out thermoelectricity	Specific Greenhouse Gases (GHG) emissions Scope 1 Mainland Generation (Operational Control)	gCO2 eq/ kWh	Spain and Portugal, only peninsular generation	58	88	—	—	—	75gCO2eq/ kWh in 2027 70gCO2 eq/ kWh in 2030	New target, evolution of the previous one but only with peninsular perimeter
Reduction and mitigation of environmental impacts on external stakeholders by adopting regulatory developments at an early stage and promoting an environmental culture.	Carbon footprint associated with all Endesa's activity, including direct and indirect emissions (scopes 1+2+3)	MtCO2eq	Spain and Portugal	27	29	—	—		0MtCO2eq in 2040 (3)	New objective responding to Impact, Risk, Opportunity (IRO)

					Objectives 2024-2026		Objectives 2025-2027
Impacts, Risks and Opportunities (IROs)	ESP objectives(1)	Units	Scope	2024 2023		2024	2026	2025	2027	Amend ments (2)
Carbon dioxide (CO2)	Specific Emissions Greenhouse Gases (GHG) Scope 1. Generation	gCO2eq/ kWh	Applies to all Endesa's ac tivities, both nationally and interna tionally	166	193	—	145	< 145	95gCO2eq/ kWh in 2030 0gCO2eq/ kWh in 2040	Unchanged
emissions fromthe operation of Thermal Power Plants	Specific Greenhouse Gases (GHG) emissions Scope 1 Mainland Generation (Operational Control)	gCO2eq/ kWh	Applies to all Endesa's activities, Peninsular Territory	58	88	—	—	—	75gCO2eq/ kWh in 2027 70gCO2eq/ kWh in 2030	New target, evolution of the previous one but only with peninsular perimeter
Non-compliance with the commitments made in the socio economic section of the awarded Just Transition tenders that may lead to the loss of guarantees	Socio-economic plan for Andorra	Qualita tive	Socio economic plan for the Andorra competition	—	—	—	—		Fulfilment of the commitments in the socio-economic section of the Andorra tendering procedure	New objective responding to Impact, Risk, Opportunity (IRO)
Damage or reduced efficiency of power generation and distribution facilities and supporting infrastructure due to increased extreme weather events due to Climate Change	(4)	Na	Na	Na	Na	Na	Na	Na	Na	Na
Promotion and development of initiatives by the institutions to accelerate the Energy Transition	(5)	Na	Na	Na	Na	Na	Na	Na	Na
Tenders for new renewable capacity and awarding of funds and grants scoring under the socio-economic heading enabling business growth	Installed renewable capacity (net)	GW	Spain and Portugal. Includes solar, wind, hydro and battery technology	10.2	9.9	—	13.9	11.6	13.1
Stakeholder demand for sound business strategies on environmental sustainability and climate change issues with an impact on reputation and attraction of ESG (Environmental, Social and Governance) investment	Investments (CapEx) aligned with European Union (EU) taxonomy	% Eligible aligned	Spain and Portugal	68	76	>80		>80	>80	Unchanged

I. Letter to II. Consolidated Shareholders and Financial Statements Other Stakeholders Audit Report	III. Sustainability IV. Consolidated Statement Management Report Verification Report	V. Consolidated Financial Statements
--------------------------------------------------------------------------------------------------------------------	--------------------------------------------------------------------------------------------------	-----------------------------------------

Impacts, Risks and Opportunities (IROs) ESP objectives(1) Units Scope 2024 2023 Objectives 2024-2026 Objectives 2025-2027 Amendments (2) 2024 2026 2025 2027 Provision of acute weather insurance coverage within the commodity supply (6) Na Na Na Na Na Na Na Na Na Effective long-term generation portfolio management through the analysis of climate scenarios with the objective of identifying potential chronic changes to support strategic decisions (7) Na Na Na Na Na Na Na Na

(1) Endesa Sustainability Plan (ESP).

(2) Indicates whether there have been any changes in targets compared to the previous year.

(3) The use of neutralisation instruments may be considered for those emissions for which there is no emission-free technological solution.

(4) The Company does not have specific quantifiable metrics for this risk, due to the complexity of defining precise indicators. However, the risk is

managed and mitigated through the planned investments in generation and distribution facilities described in the 2025-2027 Strategic Plan.

(5) The Company does not have specific quantifiable metrics for this risk, due to the complexity of defining precise indicators. However, the

opportunity is managed and mitigated through the processes described in Section 27.1.7 of this Consolidated Management Report. (6) The Company does not have specific quantifiable metrics for this Opportunity, due to the complexity of defining precise indicators. However, the opportunity is addressed by identifying it within the commodity offering.

(7) The Company does not have specific quantifiable metrics for this Opportunity, due to the complexity of defining precise indicators. However, the opportunity is addressed through the planned investments and the optimisation of the allocation of investments in generation facilities described in the Strategic Plan 2025-2027.

These objectives cover the entire scope of Endesa's corporate perimeter. Stakeholder opinions have been taken into account in establishing them, as shown in the Double Materiality analysis (see Section 24.5.1. of this Consolidated Management Report). These targets are based on conclusive scientific evidence consisting of the reduction of Greenhouse Gases (GHG) emissions in line with the levels required by the Science Based Targets initiative (SBTi) to limit global warming to 1.5°C above pre-industrial levels and are supervised by independent experts, based on a methodology of a sectorial nature, ensuring the transparency and integrity of the process.

The monitoring of the objectives is carried out annually by the General Directorate of Sustainability, through the measurement of the established metrics. Data collection is carried out with the same frequency, ensuring continuous control over the evolution of the indicators. Progress is reviewed by the Sustainability and Corporate Governance Committee, also on an annual basis, where, through internal presentations, the consolidated data are reflected and possible deviations from the target values are analysed. In addition, the General Directorate of Sustainability and the responsible areas internally assess the results to identify significant trends or necessary adjustments to the strategy for meeting the targets.

The indicators, metrics and objectives described above arise from the combination of the Company's strategic objectives for each of its businesses and/ or corporate activities, in relation to Sustainability aspects, which respond to the material Impacts, Risks and Opportunities (IROs) of the current financial year 2024, and the Company's additional response to address the remaining material Impacts, Risks and Opportunities (IROs) not covered in the first case. The time horizon of these objectives is in line with the Company's strategy for the period 2025-2027 and aims to enhance or mitigate the main Impacts, Risks and Opportunities (IROs) resulting from the Double Materiality exercise.

255

VI. Statement of Responsibility

The changes that have taken place in terms of targets compared to the previous year are detailed in the table itself. It is worth highlighting the improvement in the disclosure of Scope 1 emissions data by including a target for emissions from the generation activity in the Iberian Peninsula, which corresponds to the emissions over which Endesa maintains operational control.

Greenhouse Gases Emissions (GHG)

In line with its commitment to combat climate change and contribute to global sustainability targets, Endesa has set ambitious Greenhouse Gases (GHG) reduction targets. To achieve these targets, Endesa has developed a comprehensive strategy that encompasses decarbonisation of the generation and supply mix, together with a drive to electrify end-use energy consumption through investment in networks. The main Greenhouse Gases (GHG) reduction targets that will guide actions towards a more sustainable future are set out below:

34 a), b), c), d)

	Greenhouse Gases (GHG) Reduction Targets(1)
	Short Term Objectives	Medium Term Objectives	Long Term Objectives
	2025	2027	2030	2040
Scope 1 Generation (gCO2eq/kWh)	(67%)		(79%)	(100%)
Scope 1 Peninsular Generation (gCO2 eq/kWh)(2)		(80%)	(81%)	(100%)
Scope 1 and 3 Electricity (gCO2eq/kWh)	(66%)		(78%)	(100%)
Scope 1 Electricity (gCO2 eq/ kWh)
Scope 3 Electricity (gCO2 eq/ kWh)
Scope 2 (gCO2eq/kWh)
Scope 3 Retail Gas (MtCO2)(category 11)	(27%)		(55%)	(100%)
(1) % Reduction vs 2017.

256

Endesa established 2017 as the reference year, firstly because it is the year immediately following the entry into force of the Paris Agreement and also because it coincides with the year of greatest thermal generation activity, using fossil fuels.

With regard to Scope 2, although the Company does not have a specific target as these emissions are not considered to be material (Scope 2 < 5% of Scope 1+2), it should be noted that, taking into account the losses of marketed electricity not generated by Endesa, are implicitly covered by the objective of achieving emission-free electricity commercialisation.

34 e), AR 26

These targets are aligned with the principles of climate science and aim to limit global warming to 1.5°C, in line with the Paris Agreement.

As part of the Science Based Target initiative (SBTi) certified at Enel Group level, Endesa aims to become "Net-Zero" by 2040. In keeping with the aspiration to achieve zero emissions, the use of neutralisation instruments would eventually be considered for those emissions for which there is no emission-free technological solution. The determination of the Net-Zero target and emission reductions are based on the SBTi Sectoral Decarbonization Approach methodology for the Power Sector aligned with a 1.5°C ambition. Eventual emissions and residual emissions would correspond to the supply chain and would be addressed with the "Science Based Target initiative" (SBTi) indications on the use of offsetting instruments.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

34 f), AR 30

To meet its Greenhouse Gases (GHG) reduction targets, Endesa has earmarked specific investments to strengthen the decarbonisation levers, which are described in Sections 25.2.1 and 25.2.6 of this Consolidated Management Report. For the scenarios used, see Section 25.2.2 of this Consolidated Management Report.

Endesa, as reflected in its 2025-2027 Strategic Plan, is leveraging its decarbonisation process by developing renewable electricity generation based on technologies such as photovoltaic, wind and hydroelectric power and progressively introducing storage projects (see Section 6.2 of this Consolidated Management Report).

25.2.7.2. Energy consumption (E1-5)

Non-renewable and renewable energy consumption

37 a), b), c) i, ii, iii, 38 a), b), c), d), e), AR 32

Endesa's energy consumption is associated with the fuels consumed for the processes of generation, distribution and sale of electricity. Self-consumption of electricity associated with the generation facilities has not been considered, as the facilities are supplied with electricity produced by the organisation itself.

In 2024 and 2023, the breakdown of total energy consumption in MWh by source is as follows:

	2024	2023
Fossil Sources
Fuel Consumption from Coal and Coal Products (MWh)	138,304	2,689,990
Fuel Consumption from Crude Oil and Petroleum Products (MWh)	20,441,634	20,930,356
Natural Gas Fuel Consumption (MWh)	21,256,016	25,492,218
Fuel Consumption from Other Fossil Fuel Sources (MWh)	—	—
Consumption of Electricity, Heat, Steam and Refrigeration purchased or procured from Fossil Fuel Sources (MWh)	—	—
Total Fossil Energy Consumption (MWh)	41,835,954	49,112,564
Share of Fossil Sources in Total Energy Consumption (%)	36.76%	39.94%
Nuclear Sources
Fuel Consumption from Nuclear Sources (MWh)	71,946,488	73,825,933
Share of Nuclear Sources in Total Energy Consumption (%)	63.22%	60.03%
Renewable Sources
Fuel Consumption by Renewable Source (biomass, biogas, renewable waste, green hydrogen, etc.)	230	1,666
Consumption of Electricity, Heat, Steam and Cooling purchased or acquired from Renewable Sources (MWh)	29,572	31,944
Consumption of self-generated Renewable Energy that is not used as fuel (MWh)	—	—
Total Renewable Energy Consumption (MWh)	29,802	33,610
Share of Renewable Sources in Total Energy Consumption (%)	0.03%	0.03%
TOTAL ENERGY CONSUMPTION (MWh)	113,812,244	122,972,107

During the financial years 2024 and 2023, electricity from renewable sources has been consumed in all of the Company's office buildings through guarantees of origin.

Non-renewable and renewable energy production

39

Below is a breakdown of Endesa's net energy generation, distinguishing between non-renewable and renewable energy generation:

MWh	2024	2023
Net Electricity Production (1)	59,780,000	60,264,000
Net Non-Renewable Energy Production	41,988,000	46,052,000
Classic Thermal	4,363,000	5,247,000
Oil	4,309,000	4,505,000
Coal	54,000	742,000
Nuclear Thermal	24,152,000	24,865,000
Combined Cycles	13,473,000	15,940,000
Net Renewable Energy Production	17,792,000	14,212,000
Hydroelectric	7,660,000	5,083,000
Wind	6,374,000	6,392,000
Photovoltaics	3,758,000	2,736,000
Rest	—	1,000

(1) See Section 11.2 of this Consolidated Management Report.

Energy intensity

40, 41, 42, 43

258

The energy intensity has been calculated considering the internal energy consumption. The energy intensity value is affected by the proportion of the different generation technologies and the operation of each of them in the year. A breakdown of the energy intensity in the years 2024 and 2023 is shown below:

	2024	2023
Energy Consumption (MWh)	113,812,244	122,940,000
Revenues (million)(1)	21,307	25,459
Energy Intensity(2) (MWh/ million euros)	5,342	4,829

(1) In power plant busbars.

(2) As all Endesa's activities are in sectors with a high climate impact, both net income and energy intensity related to activities in these sectors is the same as the total.

25.2.7.3. Gross Greenhouse Gases (GHG) emissions of Scope 1, 2, 3 and total emissions (E1-6)

44 a), b), c), d), 48 a), b), 49 a), b), 52 a), b), 51, AR 39 a), b), d), AR 45 d), AR 46, AR 47, AR 48

Endesa is working steadily to advance along the path defined to become a company with fully decarbonised generation, distribution and commercialisation activities and to reach "Net-Zero" by 2040 for the entire value chain, progressively increasing its ambition to achieve the defined target. Proof of this is the reduction in Endesa's Greenhouse Gases (GHG) emissions in recent years.

It is important to note that Endesa has no operational control over its thermal generation plants in the Non-Peninsular Territories (NPT): the Canary Islands, Balearic Islands, Ceuta and Melilla, and therefore lacks

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

the capacity to manage them. The System Operator decides when and how these plants operate, and the regulation determines fundamental aspects such as the fuels and technologies permitted, as well as the call for tenders for the renewal of existing equipment. Furthermore, any modification to the facilities, including the closure of a group, requires external authorisations, which limits Endesa's autonomy in their management.

Endesa is therefore unable to implement policies to reduce Greenhouse Gases (GHG) emissions or use cleaner technologies. For example, there is currently no logistical possibility to use biofuels and, in some systems, not even to use natural gas. In short, Greenhouse Gases (GHG) emissions in these plants are the result of the regulatory and technical system, which Endesa has difficulty managing.

Endesa works in collaboration with the authorities to promote regulatory changes that allow greater operational flexibility and the integration of clean technologies, facilitating the reduction of emissions within existing restrictions. Endesa has also presented various projects and initiatives to the various regional and national authorities that address the limitations in the Non-Peninsular Territories (NPT), promoting the transition to less polluting fuels such as natural gas and biofuels.

To calculate Scope 3, Endesa analyses all possible sources of emissions from the different activities it carries out and determines the inventory of emissions to be reported in accordance with the GHG Protocol and the International Standard ISO 14064, including the most relevant and those considered important to report, taking into account the activities carried out. Significant emissions are considered to be those that represent more than of their category.

The evolution of emissions by year and by type of scope is detailed below:

	Retrospective					Target(7)
CO2 eq (t)	2024	2023	Base Year (2017)	% Chg. 2024-2023	2025	2030	Target % Annual / Base Year
Scope 1 Greenhouse Gases Emissions (GHGs)
Scope 1 Gross Greenhouse Gases Emissions (GHG)	10,023,966	11.737.327	34.801.749	(17.09%)	—	—	—
Percentage of Scope 1 Greenhouse Gases (GHG) Emissions from Regulated Emissions Trading Schemes (%)	99.0%	99.0%	99.0%	0.00%	—	—	—
Scope 2 Greenhouse Gases Emissions (GHGs)
Gross Scope 2 Greenhouse Gases (GHG) Emissions location based(1)	244,379	297,098	707,019	(21.57%)	—	—	—
Gross Scope 2 Greenhouse Gases (GHG) Emissions market based(2)(3)	634,912	639,841	837,034	(0.78%)	—	—	—
Greenhouse Gases Emissions (GHG) Scope 3(4)(5)
Total Gross Indirect Greenhouse Gases Emissions (GHG) (Scope 3)	16,567,911	17,157,669	35,237,225	(3.56%)	—	—	—
1. Purchased goods and services: includes emissions from the life cycle stages of chemicals consumed in the different activities. Includes manufacturing and transport	9,046	1,990	23,223	78.00%	—	—	—
2. Capital goods: supply chain of key equipment	1,456,590	1,494,437	—	(2.60%)	—	—	—
3. Fuel and energy-related activities: upstream emissions from purchased fuels, emissions from the generation of electricity marketed and not generated by Endesa.	7,683,076	7,639,834	16,694,573	0.56%	—	—	—
5. Waste generated in the operations and emissions from the final treatment processes of waste generated in the activity.	3,508	9,272	181,658	(164.33%)	—	—	—
6. Business travel: emissions from transporting employees for work purposes (train, plane, rental cars, taxi and hotel nights).	3,390	3,401	200,267	0.33%	—	—	—
7. Employee commuting: emissions from employee commuting "in itinere".	4,508	4,508	—	0.00%	—	—	—

	Retrospective			Target(7)
CO2 eq (t)	2024	2023	Base Year (2017)	% Chg. 2024-2023	2025	2030	Target % Annual / Base Year
11. Use of products sold: natural gas flaring is included, the use of electricity does not generate emissions.	7,141,084	8,004,227	18,137,504	(12.09%)	—	—	—
15. Investments (6)	266,710	—	—	—	—	—	—
Total Greenhouse Gases Emissions (GHGs)
Total (Scope 1 + Scope 2 (location based) + Range 3)	26,836,256	29,192,094	70,745,993	8.78%	—	—	—
Total (Scope 1 + Scope 2 (market based) + Scope 3)	27,226,789	29,534,837	70,876,008	8.48%	—	—	—

(1) "Location based": calculation methodology that uses the emission factor of the electricity grid to which the installations are connected.

(2) "Market based": calculation methodology that uses the emission factor of the electricity supply company.

(3) In relation to the calculation of Scope 2 emissions, the consumption of electricity from renewable sources in all office buildings has been taken into account, through guarantees of origin.

(4) At the date of preparation of this Consolidated Management Report, the calculation of Endesa's Carbon Footprint results for 2024 is in the process of being verified, so the data included are provisional. The final data after completion of verification will be published in the 2024 Carbon Footprint report.

(5) Categories 8 (Upstream leased assets), 9 (Transport of sold products), 10 (Use of sold products), 12 (End-of-life treatment of sold products), 13 (Downstream leased assets), 14 (Franchises) are not included in Endesa's Scope 3 Carbon Footprint calculation as they are not applicable.

(6) Category 15, investments, will start to be reported from 2024.

(7) The specific objectives linked to Greenhouse Gases (GHG) emissions are described in Section 25.2.7.1. of this Consolidated Management Report.

Emissions of categories 4, 8, 10, 12, 13 and 14 are not included in the above table because they are not included in the above table:

from rental vehicles are covered by category 6 emissions (business travel) or category 3 emissions (maintenance activities).

• Category 4 emissions are already included in category 1 which includes the entire life cycle of products. • Emissions in categories 10, 12, 13 and 14 are zero
• Emissions from category 8 are included in category 1, 3 and 6 emissions: emissions from (rented) office use have been included as Scope 1; emissions

The applicable regulations that have marked the criteria and information that have been taken into account to verify the calculation of Greenhouse Gases (GHG) emissions have been, among others:

because they do not apply to Endesa.

Applicable Regulations

260

• ISO 14064-1:2018: Specification with guidance, at the organisation level, for the quantification and reporting of Greenhouse Gases (GHG) emissions and removals.
• ISO 14064-3:2019: Specification with guidance for validation and verification of Greenhouse Gases (GHG) declarations.
• Regulation (EU) No 2018/2066 of 19 December, (as amended by Regulation (EU) 2020/2085) of 14 December and the corresponding requirements set out in the permitting and monitoring plan for installations subject to the EU ETS ("European Emission Trading System").
• Greenhouse Gases (GHG) Protocol.
• "The Greenhouse Gas Protocol. A Corporate Accounting and Reporting Standard (Revised Edition)". Sectoral guides and associated tools.
• "Corporate Value Chain (Scope 3) Accounting and Reporting Standard. Supplement to the GAG Protocol Corporate Accounting and Reporting Standard".

Scope 2 Greenhouse Gases Emissions (GHGs)

With regard to Scope 2 Greenhouse Gases (GHG) emissions, the table above shows the calculations made depending on whether the approach is "market-based" or "location-based", but the results represented in Endesa's Carbon Footprint (293,502 tCO2 e) are obtained by applying:

• "Market-based" to electricity consumption (applying the emission factor of the national electricity "mix" of the marketers without guarantees of origin or zero if the electricity consumed is of renewable origin).

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report

• "Location-based" to losses incurred during electricity distribution (applying the emission factor on domestic generation).
  • • For the calculation of the Carbon Footprint, several emission factors have been used depending on the calculation approach and territory. The sources selected are the official ones in each country and are considered to be the best available option, both for national and international sources. Due to the Company's presence in Spain (both on the Iberian Peninsula and on the islands, Ceuta and Melilla), specific emission factors are calculated for each territory, so that the calculation is more accurate.
• Spain
  • • The emission factor of the reference retailer's "mix" provided by the National Markets and Competition Commission (CNMC) for the year 2023 was used for the "market-based" approach, which is the most up-to-date available at the time of formulation of this Consolidated Management Report. The emission factor applied was that of the "mix" without guarantees of origin: 0.260 kgCO2 e/kWh. On the other hand, the country's electricity generation "mix" factor has also been applied for the "location-based" approach, calculated from data published by Red Eléctrica de España (REE). More specifically, the factors have been calculated by territory:

Network Emission Factor	2024
Iberian Peninsula + Balearic Islands	0.084 kgCO2 e/kWh
Canary Islands	0.545 kgCO2 e/kWh
Ceuta and Melilla	0.689 kgCO2 e/kWh

• For the rest of the countries:
  • • The source of emission factors is the International Energy Agency (IEA) and the Association of Issuing Bodies (AIB).

For the calculation of emissions of gases other than carbon dioxide (CO2 ), the global warming potentials of the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) have been used. Endesa has no emissions of perfluorocarbons (PFCs) nor nitrogen trifluoride (NF3).

Scope 3 Greenhouse Gases Emissions (GHGs)

Scope 3 emissions have been partly calculated using literature data on upstream and downstream Value Chain activities. Approximately 91% of these emissions have been estimated using actual data provided by suppliers and other key Value Chain partners, while the remaining 9% have been calculated based on recognised literature sources. The includes emissions from categories 3, 6 and 11 (fuels, business travel and use of products sold).

For category 3 and 11 emissions, the consumption and origin of liquid fuels and natural gas consumed or sold by Endesa is available; the emission factors indicated and published annually by the Ministry for Ecological Transition and the Demographic Challenge (MITECO), among others, are applied. For category 6 emissions, the information is based on information provided directly by the travel agency.

For the calculation of emissions in category 2, which includes the entire supply chain (goods and services), Endesa's economic data provided by the General Directorate of Purchases was used as a starting point; however, when calculating emissions, the work was based on bibliographic data.

46, 47

Endesa maintains a continuously updated register of all its shareholdings, regardless of their nature, whether direct or indirect, as well as any entity in which it has the capacity to exercise control.

The scope of the information in this section is the scope of Endesa's corporate scope described in Note 7 and Appendix I of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

AR 39 c)

Other emissions

In 2024 and 2023 the other emissions by gas type and scope are as follows:

48 a), AR 45 e), AR 46 j)

	Greenhouse Gases Emissions (GHG) by Gas Type(1)
	Scope 1		Scope 3		Scope 3		TOTAL
tCO2 eq	2024	2023	2024	2023	2024	2023	2024	2023
Carbon dioxide (CO2)	9,943,969	11,651,744	239,976	291,915	15,780,685	16,252,629	25,964,631	28,196,288
Methane (CH4)	46,590	51,905	589	643	743,098	865,818	790,277	918,366
Nitrogen oxide (N2O)	18,470	17,458	864	944	44,128	39,222	63,462	57,624
Sulphur Hexafluoride (SF6)	14,294	15,846	—	—	—	—	14,294	15,846
Hydrofluorocarbons (HFCs)	642	374	—	—	—	—	642	374
Perfluorocarbons (PFCs)	—	—	—	—	—	—	—	—
Nitrogen Trifluoride (NF3)	—	—	—	—	—	—	—	—
TOTAL	10,023,966	11,737,327	241,429	293,502	16,567,911	17,157,669	26,833,306	29,188,498

(1) At the date of preparation of this Consolidated Management Report, the calculation of Endesa's Carbon Footprint results for 2024 is in the process of being verified, so the data included are provisional. The final data after completion of verification will be published in the 2024 Carbon Footprint report.

Endesa does not disclose emissions of perfluorocarbons (PFCs) nor nitrogen trifluoride (NF3) because the company does not generate this type of emissions through its activities.

emissions related to Scope 1, which in total amount to 2.49 tCO2 eq by 31 December 2024 (2.9 tCO2 eq by 31 December 2023).

The emission of gases such as methane (CH4) and nitrogen oxide (N2 O) are associated with the biogenic

262

In 2024 and 2023 the breakdown of biogenic emissions is as follows:

	Biogenic Emissions
t CO2	2024	2023
Direct Greenhouse Gases Emissions (GHGs)
Direct Emissions from Stationary Combustion (biogas)	40	273
Direct Emissions from Mobile Combustion (vehicles)	70	69
Indirect Greenhouse Gases (GHG) Emissions from Transport
Indirect Emissions Mobile Combustion Subcontracts	141	140
TOTAL Direct Greenhouse Gases Emissions (GHG)	110	342
TOTAL Indirect Greenhouse Gases Emissions (GHG)	141	140
TOTAL Greenhouse Gases Emissions (GHGs)	250	482

Endesa's efforts are reflected in the reduction of emissions in its 3 scopes.

• On the one hand, the reduction in direct emissions (Scope 1) is undoubtedly due to the abandonment of coal, the reduction in the operation of combined cycle plants and the increase in renewable generation.
• On the other hand, indirect emissions have decreased mainly due to the reduction in natural gas sales in 2024.

In 2024 and 2023, the breakdown of Greenhouse Gases Emissions (GHG) by Business Line is as follows:

IV. Consolidated V. Consolidated VI. Statement of Management Report Financial Statements Responsibility

	Greenhouse Gases Emissions (GHG) by Business Line(1)(3)
	Scope 1		Scope 3		Scope 3		TOTAL
tCO2 eq	2024	2023	2024	2023	2024	2023	2024	2023
Generation	9,947,483	11,640,134	—	—	15,780,685	2,650,971	25,728,168	14,291,105
Natural Gas Commercialisation	45,689	68,076	—	—	743,098	9,632,075	788,787	9,700,151
Electricity Distribution	29,135	27,444	240,881	292,698	44,128	29,990	314,144	350,132
Electricity Commercialisation	531	380	—	—	—	3,341,903	531	3,342,283
Port Terminal Management	12	28	548	804	—	32	560	864
Activities in Administrative Buildings(2)	1,116	1,265	—	—	—	1,502,698	1,116	1,503,963
TOTAL	10,023,966	11,737,327	241,429	293,502	16,567,911	17,157,669	26,833,306	29,188,498

(1) At the date of preparation of this Consolidated Management Report, the calculation of Endesa's Carbon Footprint results for 2024 is in the process of being verified, so the data included are provisional. The final data once verification has been completed will be published in the Carbon Footprint 2024 report.

(2) Includes emissions associated with the manufacture of the equipment installed and services supplied.

(3) Calculation made by applying the emission factor of the National Markets and Competition Commission (CNMC) for 2023, as the corresponding figure for 2024 has not been published. The final data after completion of the verification will be published in the Carbon Footprint 2024 report.

Greenhouse Gases (GHG) emissions intensity per net revenue

In 2024 and 2023 the Greenhouse Gases (GHG) emissions intensity is as follows:

263

53, 54, 55, AR 39 c), AR 53

	2024	2023
Total Greenhouse Gases (GHG) Emissions ("location based") (tCO2eq)	26,836,256	29,192,094
Total Greenhouse Gases (GHG) Emissions ("market based") (tCO2eq)	27,226,789	29,534,837
Net Revenues (million euros)(1)	21,307	25,459
Greenhouse Gases (GHG) Emission Intensity ("based location") (tCO2eq/ million euros)	1,260	1,147
Greenhouse Gases (GHG) Emissions Intensity ("market based") (tCO2eq/ million euros)	1,278	1,160

(1) See Section 11.2 of this Consolidated Management Report.

The emissions intensity associated with the electricity generation process is calculated from the Scope 1 emissions from the consumption of fossil fuels for electricity production, divided by the net revenue.

Greenhouse Gases (GHG) Emission Intensity per Unit of Energy

The emissions intensity associated with the electricity generation process is calculated from the Scope 1 emissions from the consumption of fossil fuels for electricity production, divided by the net electricity production.

The emissions intensity associated with electricity trading (electricity generation process plus electricity purchases from the market) calculated from Scope 1 emissions derived from the consumption of fossil fuels for electricity production, plus Scope 3 emissions associated with the production of electricity purchased from the market, divided by electricity sales to final customers.

In 2024 and 2023 the Greenhouse Gases (GHG) emissions intensity per unit of energy is as follows:

	Greenhouse Gases emission intensity per unit of energy
	2024	2023
Total Greenhouse Gases (GHG) emissions ("location based") (tCO2eq)	26,836,256	29,192,094
Total ("market based") Greenhouse Gases Emissions (tCO2eq)	27,226,789	29,534,837
Greenhouse Gases Emissions (GHG) Scope 1 Total generation (tCO2eq)	9,916,322	11,606,991
Greenhouse Gases Emissions (GHG) Scope 1 Generation Peninsula total (tCO2eq)	2,812,978	4,284,631
Greenhouse Gases Emissions (GHG) 1&3 electricity trading (tCO2eq)	13,927,604	15,079,230
Net Electricity Production (GWh)	59,780	60,264
Electricity Commercialisation (GWh)	74,376	77,688
Emission Intensity Greenhouse Gases (GHG) Scope 1 total (tCO2eq/ GWh)	166	193
Greenhouse Gases (GHG) Emission Intensity Scope 1 Peninsula (tCO2eq/ GWh)	58	88
Greenhouse Gases (GHG) Emissions Intensity 1&3 Electricity Trading (tCO2eq/ GWh)	187	192

264

Emissions intensity is higher than expected due to the fact that, among other reasons, since the target was set in 2021, the cogeneration fleet has operated below forecast. Thus, considering the share of Endesa's natural gas plants in the thermal gap, the output of Endesa's combined cycle plants has increased considerably and, therefore, the associated emissions.

25.2.7.4. Greenhouse Gases (GHG) removals and Greenhouse Gases (GHG) mitigation projects financed through carbon credits (E1-7)

56 a), b), 58 a), b,) AR 56, AR 57, AR 58, 59 a), b), 60

As part of its Biodiversity Conservation Plan, Endesa took part in 39 projects and initiatives to protect species and natural habitats during 2024. A highlight of this plan is the Endesa Forest initiative, through which 101 hectares have been restored and more than 50,000 trees have been planted with a total potential for forest absorption of 10,400 tCO2. The calculation of potential absorption is based on the tool and guidelines of the Ministry for Ecological Transition and Demographic Challenge (MITECO) absorption project register. Tree planting on degraded land after fires uses resilient species and advanced bioengineering techniques to improve carbon sequestration through the photosynthesis process carried out by the trees and regenerate soils.

The Ministry for Ecological Transition and Demographic Challenge (MITECO) registry of absorption projects provides for a safety buffer so that all registered projects surrender part of the expected emissions in order to cover any reversal incidents.

The credits obtained, Absorption Units (UDAs), are used to offset the Company's Carbon Footprint.

Endesa does not use carbon credits outside its Value Chain, only the Absorption Units (UDAs) obtained through the Endesa Forest project and according to the Carbon Footprint register and offset register of the Ministry for Ecological Transition and the Demographic Challenge (MITECO).

IV. Consolidated Management Report

to optimise decision-making when selecting projects with associated capital investment, managing risks or

Endesa uses a carbon dioxide (CO2

planning business strategy.

associating a cost to carbon dioxide (CO2

) reference price

) emissions

As part of the Science Based Targets initiative (SBTi) certified at Enel Group level, Endesa aims to become "Net-Zero" by 2040 (see Section 25.2.7.1 of this Consolidated Management Report).

25.2.7.5. Internal carbon pricing (E1-8)

63 a), b), c), d)

Euros

Carbon Internal Price Rate	Scope	Volume 2024 (tCO2eq)	Volume 2023 (tCO2eq)	Applied Prices 2024 (€/ tCO2eq)	Prices Applied 2023 (€/ tCO2eq)	Perimeter
"Shadow Price"	All Endesa activities	13,923,465	14,948,576	65	84	Endesa(1)

(1) Endesa's corporate perimeter.

Endesa uses a carbon price benchmark associating a cost to carbon dioxide emissions (CO2 ) to optimise decision-making when selecting projects with associated capital investment, managing risks or planning business strategy. This price is determined for the current year using the average European Emissions Trading System (EU-ETS) Emissions Trading Scheme (ETS) value for the previous year.

The Company also recognises the role of carbon dioxide (CO2 ) price mechanisms in providing an appropriate price signal for Greenhouse Gases (GHG) emissions, and as the most effective way of ensuring compliance with committed emission reduction targets. Endesa has therefore supported the reform of the Emissions Trading Scheme (ETS) approved by the European Union (EU) for the period 2021-2030 and in 2024 actively participated in the process of transposing it into national law, maintaining the role of the Emissions Trading Scheme (ETS) as a key instrument for achieving the European Union's (EU) decarbonisation targets.

The prices of carbon dioxide (CO2) reported in this section of the Consolidated Management Report are consistent with the prices of carbon dioxide (CO2) reported in Section 7.2 of this Consolidated Management Report.

25.2.7.6. Expected financial impacts of physical, material and Transition Risks and potential climate-related opportunities (E1-9)

As the disclosure requirement is in a process of gradual implementation ("phase in") at the date of preparation of this Consolidated Management Report, Endesa has an action plan in place to respond to this requirement, on which it will provide qualitative details in future years.

25.3. Pollution (ESRS E2)

Below is a description of the information related to air pollution that will enable us to understand the way in which Endesa affects pollution in terms of actual or potential material Positive and Negative Impacts, as well as the material Risks and Opportunities for the company related to this material sub-topic. In addition, the actions taken, and the results thereof, to prevent or mitigate the actual or potential material negative impacts of pollution, to avoid incidents and optimise the material positive impacts, and to manage the related risks and opportunities, are also detailed.

The table below details the material Impacts, Risks and Opportunities (IROs) related to this subject that apply to Endesa including their definition, typology and associated Policy:

Table of Impacts, Risks and Opportunities (IROs) Materials - Pollution

Impact, Risk and Opportunity (IRO) Typology	Sub-theme	Sub-sub	theme Definition	Impact, Risk and Opportunity Type (IRO)	Associated Policy
Positive Impact	Air pollution	—	Reduction of pollutant emissions into the atmosphere (other than Greenhouse Gases (GHG) emissions) through monitoring and continuous improvement programmes in their management	Real	Environmental Policy Sustainability Policy
Negative Impact	Air pollution	—	Emissions of air pollutants (nitrogen oxide (NOx), sulphur dioxide (SO2), particulate mat ter, etc.) from the generation of energy from conventional fuels	Real	Environmental Policy

266

25.3.1. Processes for determining and assessing pollution-related Impacts, Risks and Opportunities (IROs) (ESRS 2 IRO-1)

Impacts, Risks and Opportunities (IROs)

11 a), AR 1, AR 3, AR9

To identify and assess pollution-related Impacts, Risks and Opportunities (IROs), Endesa has performed a Double Materiality analysis (see Section 24.5.1. of this Consolidated Management Report) based on identifying, assessing, analysing and responding to material issues related to the environment throughout the value chain. Endesa, in the Double Materiality exercise carried out to address this integral process, has studied the possible interaction with all the sub-topics specified in the regulations in force, as well as assessed the possible dependencies between the impacts, risks and opportunities (IROs) identified in them.

To this end, within the framework of the Double Materiality analysis, the Company has mapped the sources of air pollutants emitted, with the aim of identifying the sites where the Company produces the greatest impacts in terms of air quality. The vast majority of these pollutants are currently linked to thermal generation, which is still in use to ensure the Energy Transition, but with a plan to gradually eliminate them by 2040 as described in Endesa's 2025-2027 Strategic Plan (see sections 6.2. and 24.4.1. of this Consolidated Management Report).

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

The sites where there is material Pollution ("locality - town") are listed below:

Sites

Peninsular

• Besós Barcelona
• San Roque Cádiz
• Colón Huelva
• As Pontes La Coruña
• Pego Abrantes

Non-Peninsular

• Alcudia Majorca
• Son Reus Mallorca
• Ca's Tresorer Majorca
• Mahon Menorca
• Ibiza
• Formentera
• Jinamar Gran Canaria
• Tirajana Ravine Gran Canaria
• Candelaria Tenerife
• Granadilla Tenerife
• Punta Grande Lanzarote
• Las Salinas Fuerteventura
• El Palmar La Gomera
• Llanos Blancos El Hierro
• Los Guinchos La Palma
• Ceuta
• Melilla

Positive and negative impacts

As shown in the list above, the greatest impact in terms of emissions is in the Non-Peninsular Territories (NPT), where the company operates thermal plants to guarantee the security of electricity supply. These emission sources, together with some existing on the Iberian Peninsula, cause Endesa to have a negative impact which the company hopes to mitigate through the decarbonisation of its generation, which involves achieving 100% emission-free generation by 2040. On the other hand, Endesa has a Positive Impact associated with the fact that it has a real-time control and supervision system that ensures compliance with emission limit values and confirms the progressive reduction of pollutant emissions into the atmosphere thanks to the improvements implemented. Lastly, the results of the Double Materiality exercise did not identify any material Risks and Opportunities associated with air pollution, so there are no material Positive and Negative Impacts.

Endesa carries out an Environmental Impact Study at its thermal generation facilities prior to their construction and, subsequently, when it has been necessary to carry out any relevant modification, in which all the impacts and dependencies that the facility may have on the different environmental vectors, including emissions of pollutants into the atmosphere, have been assessed. Among other aspects, the Environmental Impact Study includes an atmospheric dispersion study to determine the impact on air quality in the worst case scenario. The Integrated Environmental Authorisation (AAI), which regulates the operating conditions of the facility, is issued at the end of the authorisation process and regulates the conditions under which the facility must operate and limits its impacts to the current regulatory framework. Installations with Integrated Environmental Authorisation (AAI) are subject to periodic inspections and controls by the Administration to ensure compliance with the requirements established therein.

In addition, as part of the inclusion of the entire value chain in the Double Materiality exercise (see Section 24.5.1. of this Consolidated Management Report), the supply chain has been assessed based on the rating of suppliers, considering a series of criteria among which, albeit indirectly, through the measurement of the carbon footprint, it is possible to identify operations with a potential impact in terms of atmospheric pollution. To gain access to Endesa's register of suppliers, suppliers must undergo a specific and mandatory assessment of environmental requirements (see Section 26.2.2 of this Consolidated Management Report). With regard to commercial relations, no material impacts have been detected in terms of air pollution.

11 b)

The processing of thermal electricity generation facilities requires the Environmental Impact Assessment (EIA) and integrated pollution control procedures, both of which include the requirement to consult the interested parties and the general public, through public exposure processes in Official Gazettes. In this way, the main comments received are taken into account by the competent Administration, both in the authorisation of installations and in the review of current permits.

In addition, and also in the initial permitting phase, a prior dialogue process is carried out in the territory with the Affected Communities within the framework of the Creating Shared Value (CSV) plans.

For more information on stakeholder consultations, see Section 24.4.2. of this Consolidated Management Report.

25.3.2. Pollution-related policies (E2-1)

14), 15 a), AR 10

268

Sustainability Policy

Through its Sustainability Policy, Endesa establishes the principles governing the Company's sustainable management, in line with its Purpose, Vision and Values (see Section 2.3 of this Consolidated Management Report), highlighting the need to use natural resources to ensure the development of future generations, paying special attention to the conservation and sustainable use of the resources it uses and the measurement, reduction and offsetting of the organisation's Carbon Footprint. Endesa is committed to developing initiatives to reduce Greenhouse Gases (GHG) emissions and improve air quality, with a commitment to implement initiatives to reduce atmospheric emissions, in line with the transition to low-emission energy sources.

This Policy extends to the entire Value Chain and all phases of the life cycle of products and services, formalising the Company's commitment to sustainability and serving as a reference framework for management systems and the basis for transferring requirements and commitments regarding pollution reduction to suppliers. Endesa is also committed to ongoing dialogue with its main stakeholders in order to understand and integrate their expectations in a structured way that is aligned with corporate strategy.

Furthermore, the Board of Directors of Endesa, S.A., through the Sustainability and Corporate Governance Committee, is responsible for supervising compliance with and control of the Sustainability Policy and the Sustainability and Corporate Governance strategy in accordance with the functions and powers established in the Regulations of the Sustainability and Corporate Governance Committee.

For further information, see the Policy on Endesa's website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Environmental Policy

Endesa has an Environmental Policy, approved by the Board of Directors in June 2021, which sets out its commitment to environmental excellence and describes the guidelines and commitments to identify, assess and manage the environmental aspects and impacts of its activities, striving to minimise the negative and maximise the positive, including those related to air pollution.

With regard to stakeholder engagement, Endesa's Environmental Policy defines as a basic principle of action the establishment of constructive dialogue and the adoption of a collaborative attitude with public authorities, official bodies, shareholders, customers, local communities and other stakeholders, taking into account their expectations, relevant issues and, in

AND SUBSIDIARIES

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

short, the environmental challenges facing the society in which it operates when defining its business strategies, in order to orientate these strategies to respond to these challenges.

In addition, Endesa, as a subsidiary of the Enel Group, assumes and endorses the Group's Environmental Policy, in which it establishes a commitment to the environment and, specifically, a strategic objective in relation to the prevention and control of air pollution, minimising its impact on ecosystems and implementing restoration actions where necessary.

In order to comply with the commitments assumed by Endesa in these policies and mitigate the negative impacts related to air pollution, an Endesa Sustainability Plan (ESP) has been established, which includes details of all the actions and objectives defined to comply with these commitments. The Board of Directors approves the content of the Endesa Sustainability Plan (ESP) and the Sustainability and Corporate Governance Committee monitors compliance with the plan on an annual basis.

The aforementioned Policies are available on the Endesa and Enel website, guaranteeing access to all interested parties. For additional information, the Policies can be consulted on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

https://www.enel.com/content/dam/enel-com/ documenti/investitori/sostenibilita/politicamedioambiental-grupo-enel.pdf

15 a), b), c), AR 11

Endesa's Environmental Policy establishes basic principles for action in relation to pollution prevention. These principles are developed through the implementation of appropriate management systems for the Company's different activities, covering all environmental vectors (air, water, biodiversity and soil) in order to achieve excellence in the environmental management of its activities, based on continuous improvement, aimed at preventing pollution incidents and guaranteeing compliance with the environmental legislation applicable to the centres, as well as the management standards adopted. To this end, Endesa established in its Endesa Sustainability Plan (ESP) 2024-2026 the objective of having 100% of its generation and distribution facilities certified to the ISO 14001 International Standard. The target was met in 2024 and, in order to extend the commitment, the rest of Endesa's activities are included in the new Endesa Sustainability Plan (ESP) 2025-2027.

Endesa also has operating instructions and internal procedures for managing nitrogen oxide (NOx ), sulphur dioxide (SO2 ) and particulate emissions at thermal power plants. The instructions regulate aspects such as quality control of the continuous emission control systems, to ensure that emissions are monitored correctly and in accordance with applicable legislation and the Environmental Authorisations of each facility, and the management of the automatic systems for measuring emissions into the atmosphere installed in thermal power plants.

269

25.3.3. Pollution actions and remedies (E2-2)

18

Actions and remedies in relation to pollution

Endesa, in its commitment to minimise atmospheric pollution, has implemented actions designed to achieve the objectives defined in the Sustainability and Environmental Policy.

In this regard, it should be noted that Endesa does not have any material negative impact that is not currently being adequately managed, thus mitigating the adverse effects that may be caused by atmospheric pollution.

The main actions taken to promote Positive Impacts and mitigate Negative Impacts related to Pollution are presented below:

		Investment / Cost earmarked for the Action				Result
Actions	Scope / Corrective Actions(1)	Investment (I) / Cost (C)	Amount (millions of euros)	Time Horizon	Expected results	2024	2023
Carried out
Decarbonisation of the thermal genera tion fleet	1,	(2)			Progressive decarbonisation of the thermal generation fleet	Nitrogen oxide emissions (NOx): 0.71g/kWh Sulphur dioxide (SO2) emissions: 0.12g/kWh Particulate matter emissions: 0.01g/kWh	Nitrogen oxide emissions (NOx): 0.71g/kWh Sulphur dioxide (SO2) emissions: 0.12g/kWh Particulate matter emissions: 0.01g/kWh
Growth in electricity generation from renewable energy sources	2,	(3)		Long-term	Transformation of the generation fleet to achieve all emission-free generation	Carbon dioxide (CO2)-free production (peninsular): 86%	Carbon dioxide (CO2)-free production (peninsular): 88%
Air emissions and air quality monitoring	3,	C	1.8		Adequate control and monitoring of air emissions and air quality	Nitrogen oxide emissions (NOx): 0.71g/kWh Sulphur dioxide (SO2) emissions: 0.12g/kWh Particulate matter emissions: 0.01g/kWh	Nitrogen oxide emissions (NOx): 0.71g/kWh Sulphur dioxide (SO2) emissions: 0.12g/kWh Particulate matter emissions: 0.01g/kWh

Previstas(4)

(1) The description and scope of each of the actions is detailed below following the numbering shown in the table.

(2) See Notes 5.1.1, 20.4 and 36.3 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

(3) The allocation of capital to carry out these actions is described in Endesa's 2025-2027 Strategic Plan, which details the amounts for each of the lines of action: generation: higher value renewable assets, investments in networks and commercial strategy: recovery of the customer base (see Section 6 of this Consolidated Management Report).

(4) No planned actions have been defined.

The description and scope of each of the actions is detailed below:

270

1. Decarbonisation of the thermal generation fleet

Description

• In relation to the decarbonisation of the coal-fired thermal generation fleet in the mainland and non-mainland territories (NPT), the details of this action are described in action 1 of Section 25.2.6 of this Consolidated Management Report.

Scope

• Action on fossil fuel power plants for electricity generation.

Impacts, Risks and Opportunities (IROs) linked to the action

• Emissions of air pollutants (nitrogen oxide (NOx ), sulphur dioxide (SO2), particulate matter, etc.) from the generation of energy from conventional fuels.

2. Growth in electricity generation from renewable sources

Description

• Endesa has continued to make progress in the installation of renewable energies in 2024. Details of this action are described in action 2 of Section 25.2.6 of this Consolidated Management Report.

Scope

• Growth in renewable electricity generation in all the territories in which Endesa operates.

Impacts, Risks and Opportunities (IROs) linked to the action

• Emissions of air pollutants (nitrogen oxide (NOx ), sulphur dioxide (SO2), particulate matter, etc.) from the generation of energy from conventional fuels.

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

3. Control of air emissions and air quality.

Description
• In relation to the control of atmospheric emissions, the actions carried out in 2024 were as follows: — Endesa strictly complies with the regulatory requirements relating to control, monitoring, verification and information for the different emission sources at each facility, in accordance with the provisions of the corresponding Integrated Environmental Authorisations (AAI) and state and regional legislation. Additionally, with the legally established frequency, the corresponding tests and calibrations are carried out in accordance with the different applicable UNE Standards (a Spanish Standard). All these actions make it possible to ascertain the characteristics and volume of atmospheric emissions and guarantee compliance with the emission limit values imposed by the legislation in force, in accordance with the applicable regulatory requirements and standards. — In 2024, progress was made in the migration of the "MEDAS" and "SIGMA" systems to the PI platform, which allows data to be acquired in real time and subsequently processed. It is worth highlighting the continuous monitoring of the emissions from the Canary Islands power plants and their instantaneous transmission to the competent environmental administration, which is an enormous exercise in control and transparency. Also in 2024, the adaptation to the UNE-EN 17255-4:2004 Standard was carried out, specifying the requirements for the installation and continuous quality assurance and quality control of data acquisition and handling systems. • In relation to air quality, the actions carried out in 2024 have been: — Maintenance of Endesa's air quality monitoring network, which includes more than 50 automatic stations in the areas of influence of the facilities, the configuration and location of which are established in the corresponding Integrated Environmental Authorisations (AAI). These stations measure pollutants such as sulphur dioxide (SO2), nitrogen oxide (NOx), PM10 and PM2.5 particles, ozone and carbon monoxide in real time, as well as monitoring meteorological parameters and communicating in real time with Endesa's facilities and the relevant environmental authorities.
— The data obtained allow verification of compliance with the limit values laid down in the applicable air quality legislation.
Scope
• Endesa's entire thermal generation fleet.
Impacts, Risks and Opportunities (IROs) linked to the action

IV. Consolidated Management Report

• Reduction of polluting emissions into the atmosphere (other than Greenhouse Gases (GHG)) through monitoring programmes and continuous improvement in their management.

AR 13

Endesa's material impacts identified only refer to its own operations within the value chain. For this reason, actions related to the upstream or downstream Value Chain (suppliers and customers) are not detailed.

V. Consolidated Financial Statements VI. Statement of Responsibility

271

25.3.4. Metrics and Targets

25.3.4.1. Pollution-related targets (E2-3)

22

Endesa considers the prevention and management of atmospheric pollution to be a key aspect of its operations, setting annual improvement targets to ensure an effective proactive approach to reducing its environmental impact. Once the material Impacts, Risks and Opportunities (IROs) have been identified and commitments regarding air pollution management have been established in its Environmental Policy, Endesa sets specific targets linked to these Impacts, Risks and Opportunities (IROs) through its Endesa Sustainability Plan (ESP), thereby complying with its Policy.

These objectives, including the scope and magnitudes, are described below:

Impacts, Risks and						Objectives 2024-2026		Objectives 2025-2027		Amend
Opportunities (IROs)	ESP objectives(1)	Units	Scope	2024	2023	2024	2026	2025	2027	ments (2)
Reduction of air pollutant emissions (other than Greenhouse Gases (GHG)) through monitoring programmes and continuous improvement in their management	ISO 14001 certified Environmental Management System	% of in stallations	Business facilities in Spain and Portugal	100	100	100 100		100	Un
Emissions of air pollutants (nitrogen oxide (NOx), sulphur dioxide (SO2), Particulate Mat ter, etc.) from conventional fuels for power generation	Reduction of sulphur dioxide (SO2) emissions	g/kWh	Spain and Portugal. Thermal generation	0.12	0.12	0.12	0.11	0.11	0.11	changed
	Reduction of nitrogen oxide (NOx) emissions	g/kWh		0.71	0.71	0.70	0.66	0.67	0.65
	Reduction of particulate emissions	g/kWh		0.01	0.01	0.01	0.01	0.01	0.01

(1) Endesa Sustainability Plan (ESP).

(2) Indicates whether there have been any changes in objectives with respect to the previous year.

Financial Statements Audit Report

These objectives cover the entire scope of Endesa's corporate perimeter and, taking into account the opinions of stakeholders as shown in the Double Materiality analysis (see Section 24.5.1. of this Consolidated Management Report) and have been supervised by the Business Lines Environment Unit.

The monitoring of the objectives is carried out annually by the General Directorate of Sustainability, through the measurement of the established metrics. Data collection is carried out with the same frequency, ensuring continuous control over the evolution of the indicators. The review of progress is presented at the Sustainability and Corporate Governance Committees, also on an annual basis, where, through internal presentations, the consolidated data are reflected and possible deviations from the target values are analysed. In addition, the General Directorate of Sustainability and the responsible areas internally assess the results to identify significant trends or necessary adjustments in the strategy for meeting the targets.

The indicators, metrics and objectives described above arise from the combination of the Company's strategic objectives for each of its businesses and/ or corporate activities, in relation to Sustainability aspects, which respond to the material Impacts, Risks and Opportunities (IROs) of the 2024 financial year, and the Company's additional response to address the remaining material Impacts, Risks and Opportunities (IROs) not covered in the first case. The time horizon of these objectives is in line with the Company's strategy for the period 2025-2027 and aims to enhance or mitigate the main Impacts, Risks and Opportunities (IROs) resulting from the Double Materiality exercise.

Commitment to environmental performance and improvement of air quality

23 a

In line with its commitment to improve air quality, Endesa has established specific targets related to the reduction of atmospheric pollutants, which are materialised through the progressive decarbonisation of the thermal generation fleet, and which reflect its commitment to the continuous improvement of environmental performance and the minimisation of the impact on air quality.

In setting these targets, it is worth highlighting strict compliance with all applicable legal obligations in environmental matters relating to the operation of the businesses and infrastructures. In addition to these direct targets to reduce pollutant emissions, Endesa has an ambitious decarbonisation target that will result in the total decarbonisation of the generation mix by 2040. In this way, by increasing the proportion of emission-free electricity generation, a significant reduction in the absolute amount of pollutants will be achieved.

In 2024, Endesa continued to intensify its digitalisation process to improve control and environmental protection processes, working on a project to improve atmospheric emissions data acquisition systems in order to achieve greater control and ensure that the targets set are met.

25

Endesa's atmospheric emissions targets are voluntary. Despite the fact that they are not mandatory, Endesa is immersed in a global process of digitalisation of all its business processes.

25.3.4.2. Air pollution (E2-4)

28 a), 29, AR 21, AR 22

The amounts of pollutants emitted into the atmosphere with a potential impact on air quality, in accordance with the criteria established in Annex II of Regulation (EC) No 166/2006 of the European Parliament and of the Council of 18 January 2006, excluding Greenhouse Gases (GHG) emissions, which are described in the Climate Change Standard (ESRS E1) (see Section 25.2 of this Consolidated Management Report), are detailed below.

Tons	2024	2023
Sulphur Dioxide (SO2)	7,069	7,147
Nitrogen oxides (NOx )	42,530	42,527
Particles	648	677

28 b), AR 20

Endesa does not generate microplastics, nor does it produce any product that may generate microplastics during its use or in subsequent stages of the Value Chain.

30 a), b), AR 26, AR 27 c)

Sulphur dioxide (SO2 ) emissions have decreased by 1.1%, nitrogen oxide (NOx ) emissions have remained at the same level, and particulate emissions have decreased by 4.3%, compared to emissions in 2023, thanks to the progressive decarbonisation process of the thermal generation fleet.

In order to compile the data in the table above, most of the facilities have continuous emission measurement equipment for the main pollutants (sulphur dioxide (SO2 ), nitrogen oxides (NOx ) and particulates). Those that do not have them, carry out punctual measurements, together with an air quality control network that ensures that at all times the conditions of compatibility and minimisation of impact in relation to atmospheric pollution in the surroundings of the installations are met. The procedure followed is as follows:

• Every day in the thermal power plants, emission analysers automatically measure the flow of pollutant gases such as particulate matter, nitrogen oxide (NOx ) and sulphur dioxide (SO2 ), recording the data in the "MEDAS" system. According to the International Standard UNE14181, the calibration of these devices is verified annually by independent laboratories, while staff make adjustments every 15 days. The "MEDAS" system calculates hourly averages of emissions, which are then sent to the "SIGMA" system for validation and calculation of daily tonnes of pollutants, based on fuel consumption.
• The data is automatically transferred from "MEDAS" to "SIGMA", where the operator verifies that the information has been processed correctly. In installations without an analyser, emissions are measured periodically by an external laboratory. On a quarterly basis, operators manually upload concentration data into "SIGMA".

• Annually, the accumulated data are extracted from "SIGMA" and uploaded into the "EDEN" system. This system warns of errors in the upload and, after verification of the data, it is sent for approval. Finally, the Environment Manager validates the information before it is finally sent, ensuring the accuracy of the emissions reported.

The Integrated Environmental Authorisation (AAI) for all the facilities includes emission limit values in compliance with the "BREF" Available Technical Improvements (BAT) for Large Combustion Facilities, and compliance is verified on the basis of measurements taken in accordance with current regulations and, in those cases where it is considered necessary due to the environment in which they are located, it includes protocols for action on air quality.

31

The measurement of pollutants is done through direct methodology, so no less accurate methodologies than this type of measurement are used.

25.3.4.3. Substances of concern and very high concern (E2-5)

34, 35, AR 28, AR 29

No ozone-depleting substances have been produced by 2024.

Endesa does not report total quantities of substances of concern or very high concern as their use does not generate atmospheric emissions.

25.3.4.4. Anticipated financial effects of pollution-related risks and opportunities (E2-6)

39 a), b), c), 40 a), b), c), 41

As this disclosure requirement is in a process of gradual implementation ("phase in") at the date of preparation of this Consolidated Management Report, Endesa has an action plan in place to respond to it, on which it will provide qualitative details in future years.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

25.4. Water and Marine Resources (ESRS E3)

Below is a description of the information related to water and marine resources, which will enable us to understand how Endesa affects water and marine resources in terms of actual or potential material Positive and Negative Impacts, also detailing the material Risks and Opportunities for the company related to the sub-sub-themes of water extraction and water consumption. In addition, the actions taken and the results of these actions are described to prevent or mitigate actual or potential Negative Impacts that are material to avoid impacts on water and marine resources and to optimise material Positive Impacts and to manage the related Risks and Opportunities.

The table below details the material Impacts, Risks and Opportunities (IROs) related to this subject that apply to Endesa, including their definition, typology and associated Policy:

Table of Impacts, Risks and Opportunities (IROs) Materials - Water Consumption

Impact, Risk and Opportunity (IRO) Typology	Sub theme	Sub-sub theme	Definition	Impact, Risk and Opportunity Type (IRO)	Associated Policy
Positive Impact	Water	Water abstraction	Ensuring Local Communities' access to water resources for their needs through responsible management of water use	Real	Environmental Policy Sustainability Policy
Risk	Water	Water abstraction Water consumption	Depletion of water resources for industrial uses and/or cooling systems in generation	Potential	Environmental Policy Sustainability Policy

25.4.1. Processes for identifying and assessing Impacts, Risks and Opportunities (IROs) related to water and marine resources (ESRS 2 IRO-1)

Impacts, Risks and Opportunities (IROs)

8 a), b), AR 3, AR 6, AR 7, AR 10, AR 15

To identify and assess the impacts, risks and opportunities (IROs) related to water and marine resources, Endesa conducted a Double Materiality analysis (see Section 24.5.1. of this Consolidated Management Report) based on identifying, assessing, analysing and responding to material issues related to the environment throughout the value chain. Endesa, in the Double Materiality exercise carried out to address this integral process, has studied the possible interaction with all the sub-topics specified in the regulations in force, and has assessed the possible dependencies between the impacts, risks and opportunities (IROs) identified in them.

In the process of identifying the Impacts, Risks and Opportunities (IROs) related to water and marine resources, all Endesa's assets and facilities were taken into account, with a special focus on those located in water-stressed areas. All activities in which Endesa makes use of water and/or marine resources have been mapped, identifying those sites where the company has the greatest interaction. This identification has been carried out through indicators of water collection volumes by type of source, water discharge volumes and discharge quality parameters, thus calculating the volumes consumed and/or involved in industrial processes at the different sites. In this sense, the following have been taken into account:

• The Company's hydroelectric plants located in the Autonomous Communities of Andalusia, Extremadura, Catalonia, Aragon, Galicia and Castile and Leon.

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

• Nuclear power plants and combined cycle power plants, as they are technologies with an impact on water resources because they use this resource for their cooling system. In the case of nuclear power plants, only one plant is located on the coast and therefore makes use of salt water; the rest, like the combined cycle plants, are mostly located in river basins, extracting water from rivers for their cooling circuits and other industrial uses.

Positive Impact

The Double Materiality analysis reveals water abstraction and water consumption as material subthemes, identifying Endesa's management of water abstraction at its electricity generation facilities as a Positive Impact: abstractions carried out in an efficient and responsible manner, always taking into account their compatibility with pre-existing users, complying with current regulations and in accordance with the principles of the environmental management systems in place. In particular, the management of hydroelectric generation plants, whose operation is carried out at all times in coordination with river basin bodies to ensure compliance with easements, maintain ecological flows and favour the most rational use of the resource, always ensuring access to water resources for local communities.

The Hydrological Planning exercise, which includes the assessment of the statement of water bodies and the corresponding action plans to achieve good status, is regulated by Royal Decree Law 1/2001, of 20 July, approving the revised text of the Water Law, which transposes Directive 2000/60/EC of the European Parliament and of the Council, of 23 October, into Spanish law. This assessment is the responsibility of each water basin organisation. In Endesa's case, it has a list and location of all the bodies of water where its hydroelectric plants are located and an assessment of the statement of the water bodies, upstream and downstream. Endesa also incorporates all the requirements derived from the planning process through strict compliance with ecological flows.

Risk

In addition, this Double Materiality analysis has identified a risk related to the depletion of water resources for industrial uses and/or cooling systems in electricity generation. The analysis was performed taking into account the location of the thermal generation plants (conventional and nuclear) in areas of moderate and high water stress, the volumes of extraction for cooling uses (non-consumptive) and the consumptive uses of fresh water in the industrial processes of these plants. The analysis of water stress has been carried out using the "Aqueduct Water Risk Atlas" tool of the World Resources Institute (WRI), aimed at companies and organisations to facilitate the identification and analysis of water consumption produced during the development of their productive activity, as well as to assess the risks related to their global operations and their supply chain with regard to the use of water resources. Water stress measures the relationship between total water withdrawals and available renewable supplies of surface water and groundwater. It is important to note that water stress in an area is inherent to the area and is not caused by the presence of a facility.

In addition, as part of the inclusion of the entire Value Chain in the Double Materiality exercise (see Section 24.5.1 of this Consolidated Management Report), the supply chain has been assessed through supplier qualification. To gain access to Endesa's supplier register, suppliers must undergo a specific and mandatory assessment of environmental requirements, including water (See Section 26.2.2 of this Consolidated Management Report). With regard to commercial relations, no material impacts have been detected from the point of view of water and marine resources.

Water use. Local Communities

In order to ensure that Endesa responds to the needs and concerns of its stakeholders within the Double Materiality process, the company has consulted directly with the communities affected by issues related to water use. This consultation has highlighted Endesa's interaction with local institutions in the areas where it operates in order to adapt river levels and flows for the development of socio-cultural activities, improving their integration into the environment and supporting local communities. Through surveys

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report VI. Statement of Responsibility

and interviews with representatives of civil society, it has been possible to gather information on the importance of the responsible use of water resources through actions that ensure respect for biodiversity, as well as the use of water in areas where there is a risk of water stress. As a result of this interaction, the importance of carrying out coordinated actions with the Communities with a view to respecting the use and enjoyment of all the social parties that interact with this resource stands out.

In relation to the above, thermal generation facilities are subject to the Environmental Impact Assessment (EIA) and integrated pollution control regimes, with authorisations for the collection, use and discharge of water being a fundamental part of both regimes, and in both cases including a public information procedure. In this way, the main interest groups have the opportunity to participate in the authorisation process for new installations or substantial changes,

25.4.2. Policies related to water and marine resources (E3-1)

as well as in the renewal of authorisations for existing installations. With regard to hydroelectric generation facilities, in addition to the public information procedures for the authorisation of new facilities, every six years a new hydrological plan is approved, which regulates the operating conditions and in which the main stakeholders have the opportunity to participate. In addition, and also in the initial processing phase, a prior dialogue process is carried out with the territory within the framework of the Creating Shared Value (CSV) plans.

Finally, for the fifteenth consecutive year, Endesa has participated in CDP Water Disclosure. This initiative requires companies to analyse the current and future risks of their water resources, reporting information on water strategy and use, including targets for reducing use, and does so in accordance with the requirements of institutional investors and companies with large purchasing power.

11, 12 a) i), ii), iii), b), c), 13, 14

Sustainability Policy

Endesa's Sustainability Policy sets out the principles guiding the Company's sustainable management, in line with its Purpose, Vision and Values (see Section 2.3 of this Consolidated Management Report), highlighting the need to use natural resources to ensure the development of future generations, paying special attention to the conservation and sustainable use of the resources it employs, including the management of water and marine resources. It also seeks to extend these commitments to its Value Chain in order to meet global challenges and challenges, to be a relevant agent in sustainable development and to lead the fight against Climate Change and the decarbonisation of the economy through the commitment to the use of renewable energy sources. This Technological Transition implies a significant reduction in the use and consumption of water resources.

277

The Company pursues a sustainable value creation approach in the environments in which it operates, involving stakeholders in the definition of Creating Shared Value (CSV) plans, with the aim of achieving a Positive Impact on these Communities and integrating at local level the relevant economic, social, ethical and environmental aspects.

In addition, the Board of Directors of Endesa, S.A., through its Sustainability and Corporate Governance Committee, is responsible for supervising compliance with and control of the Sustainability Policy and the Sustainability and Corporate Governance strategy, in accordance with the functions and powers established in the Sustainability and Corporate Governance Committee Regulations.

For further information, please consult the Policy on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Environmental Policy

Endesa has an Environmental Policy, approved by the Board of Directors of Endesa, S.A. in June 2021, which

sets out its commitment to environmental excellence and describes its guidelines and commitments to identify, evaluate and manage the environmental aspects and impacts arising from its activities, striving to minimise the negative ones and maximise the positive ones, including those related to water and marine resources. All of this by applying the following basic principles of action:

Basic Principles of Action

• Integrate environmental management, the Circular Economy approach and the concept of sustainable development into the Company's corporate strategy.
• Establish appropriate management systems to achieve excellence, based on continuous improvement, aimed at preventing pollution and guaranteeing compliance with the environmental legislation applicable to the centres, as well as the management standards adopted.
• To use energy, water and raw materials resources sustainably, and to measure and reduce environmental impact by applying the best available techniques and practices, promoting innovation and establishing actions aimed at combating Climate Change.
• Protect, conserve and promote Biodiversity, Ecosystems and their services in operations related to its activity.
• Promote awareness and awareness of environmental protection, carrying out external and internal training actions and collaborating with the authorities, institutions and citizen associations in the areas in which it operates.
• Require contractors and suppliers to implement environmental policies based on these same principles, covering all processes along the value chain.

In addition, Endesa, as a subsidiary of the Enel Group, assumes and endorses the Group's Environmental Policy, which establishes the following specific objective related to water resources:

Specific Objective Related to Water Resources	Actions
Preserving Water and Optimising Water Management	• Efficiently manage water resources for industrial uses, with special attention to "water stressed" areas, minimising freshwater abstraction and increasing the recovery rate of wastewater;
	• Adopt water management plans for hydropower plants that preserve ecological status of catchments and multi-purpose services for Local Communities.

In line with the aforementioned principles and strategic objectives, in July 2024 the Enel Group published a procedure ("Water Management Policy", no. 1298) establishing the best international recommendations and practices with common assessment and management criteria for the entire Group, including Endesa, with more detailed objectives:

Objectives

278

• Identify, on the basis of the different technologies adopted by the Enel Group for electricity generation, distribution and energy services, the activities that have actual or potential material impacts, risks and opportunities (IROs) on water resources and/or significant dependence on water availability or quality, identifying the "hotspot" assets, with particular reference to areas of water stress or risk.

• To indicate the criteria of the metrics necessary for the elaboration of solid Sustainability Reports, relating to the quantities of water abstracted for different uses, their origin, and the pollutants present in them, and to seek strategies, management practices and technological solutions aimed at the recycling of wastewater, and always making efficient and sustainable use of water resources.

For further information, please consult the Policy on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

25.4.3. Actions and resources in relation to water and marine resources (E3-2)

15, 17, AR 19

Endesa, in its commitment to the protection of water and marine resources, has implemented actions designed to achieve the objectives defined in its Sustainability and Environmental Policy.

The following are the main actions undertaken and planned or underway to promote Positive Impacts and for the proper management of material Risks and Opportunities related to Water and Marine Resources.

		Investment / Cost earmarked for the Action				Result
Actions	Scope / Corrective Actions(1)	Investment (I) / Cost (C)	Amount (millions of euros)	Time Horizon	Expected results	2024	2023
Carried out
Integrated water management at hydropower plants to ensure compatibility with Local Communities and other users.	1,	(2)	—	Long Term	Good understanding with other water resource users	—	—
Reduction of water consumption at the Besós combined cycle plant through improvements to the plant's drinking water network.	2,	I	(3)	Year 2024	Reduction of municipal water consumption	-50% vs. Year 2023	—

Planned (4)

(1) The description and scope of each of the actions is detailed below following the numbering shown in the table.

(2) Actions with qualitative impact, with no associated cost or investment.

(3) Less than EUR 1 million.

(4) No planned actions have been defined.

The description and scope of each of the actions is detailed below:

1. Integrated water management at hydropower plants to ensure compatibility with Local Communities and other users.

Description

• Regulation of the flow of the river Segre to facilitate the 7th popular canoe descent. In order to maintain a constant volume of water in the river, optimal for the descent, the activity of the Camarasa power station it is adapted and the flow of water from the Lleida Dam will be increased.

• Punctual release of 150 m3/s at the Flix hydroelectric power station with the aim of renewing the water in the meander of the river Ebro as it passes through this town in the Ribera del Ebro region. The purpose of this action is to preserve the river's natural ecosystem.

Scope

• Actions on hydroelectric plants.

Impacts, Risks and Opportunities (IROs) linked to the action

• Ensuring Local Communities' access to water resources for their needs through responsible management of water use.

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

2. Reduction of water consumption at the Besós combined cycle plant through improvements to the plant's drinking water network.

Description

• Replacement of components and improvement of efficiency in the drinking water installation for municipal supply at the Besós combined cycle power plant.

Scope

• Actions on the Besós combined cycle power plant.

Impacts, Risks and Opportunities (IROs) linked to the action

• Depletion of water resources for industrial uses and/or cooling systems in generation.

Water stress

19

As it does every year, Endesa has carried out an analysis to identify which of its facilities with significant water use are in a water stress zone, and what these uses have been.

The analysis was carried out on electricity production facilities that use and consume water for their operation. Hydroelectric power plants do not consume water because they make non-consumptive use of it.

It should be noted that all the plants have an environmental management system certified by the International Standard ISO 14001, in whose environmental management programmes many of them set targets for reducing water consumption or improving discharges, measures that will reduce the impact of the plants on the availability of fresh water resources in their respective basins.

During 2024, the abstraction of fresh water for industrial use in the thermal power plants in the stress zone and which consume part of this water was 17.1% of the total water abstracted for industrial use. Sixty percent of the fresh water withdrawn for industrial use in the stress zone corresponds to the Almaraz nuclear power plant (water from the Torrejón-Tajo reservoir).

It should be borne in mind that 99% of the total water abstracted is returned to the environment in a suitable condition for further use.

The consumption of fresh process water at facilities in stressed areas represents 1.16% of total water consumption. Much of the process water used at Endesa's plants is desalinated seawater.

In addition, Endesa has implemented actions and allocated specific resources to manage areas at water risk, as detailed below:

		Investment / Cost earmarked for the Action				Results
Actions Related to Water Hazard Zones	Scope / Corrective Actions (1)	Investment (I) / Cost (C)	Amount (million of euros)	Time Horizon	Expected results	2024	2023
Reuse of process water from the Son Reus combined cycle power plant for washing panels and irrigation of plant screens in the photovoltaic generation park in Mallorca.	Actions on the Son Reus combined cycle power plant	I	0,126	2040	Reduce water con sumption	Volume reused: 134 m3 Financial savings: 14,900 €/ year	-

25.4.4. Metrics and targets

25.4.4.1. Objectives related to water and marine resources (E3-3)

22, 25

Integral water management is one of Endesa's main concerns, which is why it sets annual improvement targets related to the use of water in its interactions, as part of its environmental management system. Having identified the material Impacts, Risks and Opportunities (IROs) and established the commitments regarding water and marine resource management in its Environmental Policy, Endesa has set specific objectives linked to these Impacts, Risks and Opportunities (IROs) through its Endesa Sustainability Plan (ESP), thereby complying with its Policy. These objectives, including their scope and magnitudes, are described below:

Impacts, Risks and						Objectives 2024-2026		Objectives 2025-2027		Amend
Opportunities (IROs)	ESP objectives(1)	Units	Scope	2024	2023	2024	2026	2025	2027	ments (2)
Securing Local Communities' access to water resources for their needs through responsible management of water use	(3)	Na	Na	Na	Na	Na	Na	Na	Na	Na
Depletion of water resources for industrial uses and/or cooling systems in generation	Specific water abstraction in the electricity generation process	l/MWh	Spain and Portugal. Thermal and nuclear generation	59.4	74.3	70.6	59.7	60.7	56.2	Unchanged

(1) Endesa Sustainability Plan (ESP).

(2) Indicates whether there have been any changes in objectives with respect to the previous year.

(3) The Company does not have metrics and targets related to this Impact. The management thereof and the enhancement of this Positive Impact is addressed through the application of the policies described in Section 25.4.2. of this Consolidated Management Report, in relation to the water resources of the Local Communities in the areas in which it operates.

These objectives cover the entire scope of Endesa's corporate perimeter and, taking into account the opinions of stakeholders as shown in the Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report).

The monitoring of the objectives is carried out annually by the General Directorate of Sustainability, through the measurement of the established metrics. Data collection is carried out with the same frequency, ensuring continuous control over the evolution of the indicators. Progress is reviewed at the Sustainability and Corporate Governance Committee, also on an annual basis, where, through internal presentations, the consolidated data are reflected and possible deviations from the target values are analysed. In addition, the General Directorate of Sustainability and the responsible areas internally assess the results to identify significant trends or necessary adjustments in the strategy for meeting the targets.

The indicators, metrics and objectives described above arise from the combination of the Company's strategic objectives for each of its businesses and/ or corporate activities, in relation to Sustainability aspects, which respond to the material Impacts, Risks and Opportunities (IROs) of the current financial year 2024, and the Company's additional response to address the remaining material Impacts, Risks and Opportunities (IROs) not covered in the first case. The time horizon of these objectives is in line with the Company's strategy for the period 2025-2027 and aims to enhance or mitigate the main Impacts, Risks and Opportunities (IROs) resulting from the Double Materiality exercise.

23 a), b), c)

In relation to the methodologies used to define these objectives, the tool used to define facilities in water stress zones was the "Aqueduct Water Risk Atlas" of the World Resources Institute (WRI) (see Section 25.4.1 of this Consolidated Management Report), which is aimed at companies and organisations to assess the risks related to their global operations and their supply chain with regard to the use of water resources. Water stress measures the ratio between total water withdrawals and available renewable supplies of surface water and groundwater. Endesa sets targets on water abstraction for industrial use which represents less than 1% of its total abstraction. These targets cover all the company's generation facilities, not just those located in waterstressed areas, in accordance with the commitment established in the policy to make responsible use of water resources.

The conclusions drawn from the water stress study are as follows:

Conclusions

• A total of 24 thermal power plants are located in areas defined as low-stress water resources (extremely high, high, and mediumhigh ratio between total water withdrawals and available renewable supplies of surface and groundwater (>20%)), representing 85.7% of Endesa's thermal power plants.

• Only 29.2% of the thermal power plants located in areas with low stress water resources consume fresh water for industrial uses. The sum of this consumption is 262,780 m3. It should be noted that Endesa optimises the use of fresh water at all its facilities, whether or not they are located in a water stress zone.

25.4.4.2. Water consumption

Water consumption

28 a), b), 29

282

The table shows Endesa's water consumption with the specific breakdown of water stress zones:

m3		Water Consumption
	2024		2023
Categoría	All Zones	Stress Zones	All Zones	Stress Zones
Fresh Water (<=1.000 mg/l)	19,587,000	2,052,000	20,653,000	2,072,000
Other waters (>1.000 mg/l)	3,058,000	22,000	904,000	235,000
TOTAL	22,645,000	2,074,000	21,557,000	2,307,000
Water Intensity (m3/million euros revenue)	1,063	97	847	91

28 c)

The following table shows the volume of water recycled in Endesa's processes:

m3	Recycled Water
	2024	2023
TOTAL	24,302	107,400

28 d)

The following table shows the water stored in the facilities and locations where Endesa is located, specifically the water stored in the 3 hydroelectric production units: Ebro-Pyrenees, Northwest and South

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

IV. Consolidated
Management Report

m3	Stored Water(1)
	2024
TOTAL	7,482,500,000
(1) Water in storage has started to be recorded and reported in the year 2024.

28 e), AR 29

Volume metrics are obtained through direct measurements at catchments and discharges for most cases, also for stored water; consumption data correspond to the difference between catchments and discharges.

25.4.4.2. Anticipated financial effects of Risks and Opportunities related to water and marine resources (E3-5)

33 a), b), c)

As this disclosure requirement is in a process of gradual implementation ("phase in") at the date of preparation of this Consolidated Management Report, Endesa has an action plan in place to respond to it, on which it will provide qualitative details in future years.

25.5. Biodiversity and Ecosystems (ESRS E4)

Below is a description of the information related to Biodiversity that will allow us to understand the way in which Endesa affects, in terms of material Positive and Negative Impacts, real or potential, on Ecosystems, also detailing the material Risks and Opportunities for the company related to the subsub-themes of land use change and the size of the species population. In addition, describe the actions taken and the outcome of these actions to prevent or mitigate actual or potential Negative Impacts that are material to avoid impacts on Ecosystems and optimise material Positive Impacts and to manage the related Risks and Opportunities.

The table below details the material Impacts, Risks and Opportunities (IROs) related to this subject that apply to Endesa and includes their definition, typology and associated Policy:

Typology of Impacts, Risks and Opportunities (IROs)	Sub theme	Sub-sub theme	Definition	Type of Impact, Risk and Opportunity (IRO)	Associated Policy
Negative Impact	Impacts on the extent and statement of Ecosys tems	Land use change	Occupation of large plots of land for renewable energy generation, affecting the biodiversity of the land	Real	Biodiversity Policy Sustainability Policy
Risk	Impacts on species statement	Species population size	Birdlife incidents or any other impact on Biodiversity that may result in fines, sanctions and/or reputational cost	Potential	Biodiversity Policy Sustainability Policy

The Risks associated with the identified Impacts would have economic consequences for the organisation through repair costs or losses related to loss of supply, as well as the imposition of fines and penalties or the need for extra investment in corrective and compensatory measures.

Endesa's Strategic Plan plans to install 3 GW of new renewable capacity, as well as significant investments in improving and reinforcing the distribution network. These are investments which, although they represent a significant benefit for habitats and species in terms of climate change, must be developed while ensuring the resilience and sustainability of the business model. Endesa applies Biodiversity management models based on the Mitigation Hierarchy that are focused on preventing and mitigating the most significant negative impacts. Today, these measures ensure the resilience and sustainability of the business model in the short and medium term

25.5.1. Transition Plan and consideration of Biodiversity and Ecosystems in the Strategy and Business Model (E4-1)

13 a), b), c), d), e), f), 14, 15

284

The protection of biodiversity, natural capital and ecosystem services is integrated into Endesa's business strategy, with a commitment to implementing structured policies and procedures to identify and manage the associated environmental risks and opportunities. Through the Endesa Sustainability Plan (ESP), the company sets biodiversity targets to mitigate the risk of environmental impacts. Endesa's Biodiversity Conservation Plan (PCBdE) is one of the most important aspects of the Biodiversity Policy.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

Endesa has targets for no net loss of biodiversity and no net deforestation from 2025 for new projects located in areas of high biodiversity sensitivity and from 2030 for all new developments.

At the project level, Endesa considers the protection and conservation of biodiversity, natural capital and ecosystem services as a priority and focuses its activities on the no net loss of biodiversity by applying the mitigation hierarchy.

In addition, as a way of completing the Environmental Impact Assessment (EIA) process, Endesa demonstrates its commitment to the conservation and improvement of the natural environment through the development of numerous voluntary projects in the areas surrounding its facilities, as part of its Biodiversity Conservation Plan (PCBdE).

The supply chain is assessed on the basis of supplier qualification, considering a series of criteria among which, albeit indirectly, through the measurement of the Carbon Footprint, it is possible to identify operations with a potential impact in terms of Biodiversity. To gain access to Endesa's supplier register, suppliers must undergo a specific and mandatory assessment of environmental requirements (see Section 26.2.2 of this Consolidated Management Report). With regard to commercial relations, no material impacts have been detected from the point of view of biodiversity.

As explained in Section 24 of this Consolidated Management Report, Endesa has updated its Strategic Plan to improve its capacity to address negative impacts and material risks, as well as to enhance and take advantage of positive impacts and opportunities. In addition, with a view to aligning with the new nature protection frameworks such as the "Kunming-Montreal Global Biodiversity Framework and the European Union (EU) Biodiversity Strategy 2030", the company has launched a detailed assessment of Impacts, Risks and Opportunities (IROs) related to Biodiversity to be carried out during the 2025 financial year, where a Scenario analysis will also be carried out as well as an analysis of the resilience of the company's strategy in relation to its impact on Biodiversity. This analysis will assess both Risks and Dependencies related to nature in 3 time horizons: short term (aligned with the duration of the Company's Strategic Plan), medium term (2030) and long term (2050). In both the medium and longterm horizons, it will be assumed that the objectives established by the aforementioned national and international agreements will be met. In each of the scenarios, the behaviour of the risks will be assessed, as well as the measures available to Endesa to ensure the resilience of the business model and strategy in the face of these risks. The results of this analysis will be shared and contrasted with stakeholders (internal departments, customers, investors and civil society representatives) and new management measures will be proposed whenever necessary.

25.5.2. Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and Business Model (ESRS 2 SBM-3)

16 a) i, ii, iii

Endesa has carried out a sensitivity analysis of the territories in which the activities included in Endesa's scope of consolidation (Spain and Portugal) are located. These own operations are those over which the company has operational control.

Specifically, the sensitive areas in which the company operates have been identified. The definition of sensitive areas has been carried out considering 5 environmental variables that are applied to the different technologies of the Company according to the material impacts and dependencies related to each activity. The following aspects of the territory have been included in the sensitivity analysis:

Aspects of the Territory

• Importance for Biodiversity; through the valuation of protected areas, for which open global databases ("World Database on Protected Areas" (WDPA) have been used and corrected with cartographies of protected areas of relevance at European level (Natura 2000 Network).
• Ecosystem Integrity, measured by the presence of Key Biodiversity Areas (KBAs).
• Water stress, measured as the availability of water and which is decisive for the operation of certain generation technologies such as hydroelectric or thermal power ("Water Stress" (WS)).
• Provision of ecosystem services, to identify whether conflicts may arise in the areas where Endesa operates due to the occupation of territories that provide ecosystem services of high value to the local population ("Territories and areas conserved by Indigenous Peoples and communities" (ICCAs) and Important Systems of World Agricultural Heritage (SIPAM)).

Following the recommendations of the Taskforce on Nature-Related Financial Disclosures (TNFD), sensitive areas are described as those with moderate, high or very high values of these assessed criteria.

In order to analyse Endesa's interaction with these sensitive areas, both the area of occupation and the area of influence of its facilities have been taken into account. The area of occupation is understood to be the area in which the organisation's activity takes place, including those in which some type of management is carried out. Area of influence is understood to be that area outside the areas of occupation in which nature may be subject to impacts derived from the organisation's activity

The areas of occupancy and influence are detailed below for both generation and distribution facilities:

• For power generation facilities, the area of occupation is defined by the space occupied by the facilities (fencing areas, wind turbine sites, etc.), while the area of influence has been defined as the space of 1 kilometre radius from the occupied area.
• In the case of power distribution, the area of occupation has been defined as the easement of the lines and the area of influence has been set at 5 metres for Medium Voltage (MV) and 10 metres for High Voltage (HV).

Endesa's Biodiversity "Hotspots"

To identify the Company's biodiversity hotspots, a unified methodology is used at the Enel Group level, based on the "Locate, Evaluate, Assess, Prepare" (LEAP) approach of the Taskforce on Nature-related Financial Disclosures (TNFD). This methodology establishes quantitative thresholds for the following indicators (KPIs) of Biodiversity Significance:

Objectives

• Presence of threatened species and their degree of threat (according to the International Union for Conservation of Nature (IUCN) Red List classification) in the area occupied by the facility and its area of influence.
• Presence of critical habitats, as defined by the International Finance Corporation (IFC) Performance Standard 6, in the area occupied by the facility and its area of influence.
• Presence of protected areas listed in the World Database on Protected Areas (WDPA) in the area occupied by the facility or its area of influence.

Those facilities that, in a first analysis by means of a Geographic Information System (GIS) application, exceed any of the thresholds designated for the aforementioned indicators (KPIs), are identified as possible Biodiversity "hotspots". For this set of "hotspot" facilities, a more detailed analysis is carried out that takes into account the technology and specific characteristics of the facility, the impact mitigation measures and management of Biodiversity risks and opportunities, and the presence of protected areas and species not considered in the preliminary analysis (such as Natura 2000 Network, or species protected at regional or national level with a higher degree of threat than that reflected in the Red List of the International Union for Conservation of Nature (IUCN)).

The methodology makes it possible to identify, for each facility, the activities with a Negative Impact, the Impacts on Biodiversity, the associated risks, and the measures to mitigate Impacts and manage Risks. For each Impact and Risk, a final assessment is obtained (Low/Medium/High) that allows us to detect whether there is an adequate degree of control over the Impacts and Risks to Biodiversity, given the degree of sensitivity of the environment, or whether additional measures are necessary.

Once aggregated, these results can further inform recurrent materiality analysis processes at the corporate level.

Below is a list of the facilities identified as "hotspots", their activities with potential Negative Impacts and the Biodiversity sensitive areas that led to their identification.

286

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements
Other Stakeholders	Audit Report	Verification Report

VI. Statement of Responsibility

Impacts and Dependencies	Ecological Status of the Areas	Location	Activities with Negative Impacts	Affected Sensitive Biodiversity Areas (1)
	High	EEE-Energía Eléctrica del Estrecho (Cádiz)		Los Alcornocales and Estrecho SAC/SPAs
	High	Fuencaliente (La Palma)	Renewable	ZEC Franca marina of Fuencaliente
	High	Muniesa (Teruel)	generation (wind)	Desfiladeros del río Martín Special Protection Area and Parque Cultural del río Martín SAC
	High	Granujales (Cádiz)		Río Salado de Conil SAC and Acebuchales de la campiña sur de Cádiz SAC
	Medium	Motilla (Cuenca)		Hoces de Alarcón SAC
Occupation of large plots of land for renewable energy generation,	High	Doña Aldonza (Jaén)		ZEPA/ZEC Alto Guadalquivir, ZECs Lower Guadalimar River and Upper Guadalquivir and Guadiana Menor River - Lower Section
affecting the	High	Mengíbar (Jaén)		ZEC Lower Guadalimar river and upper Guadalquivir SAC
biodiversity of the land	High	Mequinenza (Zaragoza)	Renewable generation (hydroelectric)	Valcuerna, Serreta Negra and Liberola and Matarraña - Aiguabarreix SPAs, Río Guadalope, Val de Fabara and Val de Pilas SACs
	High	Nuevo Chorro - Gaitanejo Reservoir (Malaga)		ZEPA/ZEC Desfiladero de Los Gaitanes, ZECs Sierras de Abdalajís and La Encantada Sur and Ríos Guadalhorce, Fahalas y Pereilas
	High	Hernán Cortés (Cáceres)		ZEPA Vegas del Ruecas, Vubilar and Moheda Alta, and ZEC Dehesas del Ruecas y Cubilar
	High	Quijote (Cáceres)	Renewable generation (solar)	ZEPA Vegas del Ruecas, Vubilar and Moheda Alta, and ZEC Dehesas del Ruecas y Cubilar
	High	Torrecilla (Cáceres)		Riberos del Almonte SPA
	High	Alt Áneu (Lleida)		Noguera Pallaresa-Bonaigua partial nature reserve; ZEC/ ZEPAs Aigüestortes and Alt Pallars
	High	Baix Pallars (Lleida)		Noguera Pallaresa-Collegats partial nature reserve; ZEC/ ZEPAs Aigüestortes, Alt Pallars and Serra de Boumort Collegats; ZEC Estany de Montcortès
	High	Carboneras (Almería)		Natural monument/ZEC San Andrés Island; ZEC/ZEPA Cabo de Gata-Níjar
	High	Gérgal (Almería)		Natural Park/ZEC/ZEPA Tabernas Desert
	High	Mequinenza (Zaragoza)		Matarraña-Aiguabarreix, and Valcuerna, Serreta Negra and Liberola SPAs
	High	La Matanza de Acentejo (Tenerife)	Operation and maintenance of overhead lines of	Protected Landscape and SAC Las Lagunetas; Natural Park and SAC Corona Forestal; Protected Landscape Costa de Acentejo; SPAs Montes y cumbre de Tenerife and Roque de la Playa Marine Area.
Birdlife incidents or any other impact on Biodiversity that	High	Pont de Suert (Lleida)	the distribution network	El Turbón and Sierra de Sís SPAs; Vall Alta de Serradell Serra de Sant Gervàs, La Faiada de Malpàs i Cambatiri, and Aigüestortes SAC/SPAs
may result in fines, sanctions and/or reputational cost	High	Talarrubias (Badajoz)		Humendal Ramsar site Sierra de Orellana; SACs La Serena and Sierra de Escorial; SPAs Embalse de la Serena and La Serena and Sierras Periféricas; SAC/SPAs Embalse de Orellana and Sierra de Pela, and Puerto Peña - Los Golondrinos
	High	Tarragona (Tarragona)		Desembocadura del Riu Gaià Wildlife Nature Reserve; ZEC Costes del Tarragonès; ZEC/ZEPA Riu Gaià; ZEPA Marine area of Delta de l'Ebre - Illes Columbretes
	High	Villaviciosa de Córdoba (Córdoba)		ZEPA/ZEC/ZIC/Parque Natural Sierra de Hornachuelos; ZEPA/ZIC Guadiato - Bembézar
	Medium	CT El Palmar (La Gomera)		ZEPA/KBA La Gomera Marine Area - Teno
	Medium	CT Ibiza (Ibiza)	Thermal generation	ZEC Serra Grossa, ZEPA Marine area of Formentera and south of Ibiza, ZEC/ZEPA Ses Salines d'Eivissa i Formentera
	High	CT Llanos Blancos (El Hierro)		ZEC Timijiraque

Impacts affecting the land and endangered species and their habitats

16 b)

Endesa has identified a single material negative impact related to land degradation. The occupation of large tracts of land for renewable energy generation can modify the natural balance of the local Ecosystem, reducing Biodiversity and causing changes in land use. These impacts can negatively influence the ability of the soil to maintain its essential ecological functions, such as natural regeneration and water retention.

The company considers land to be a highly valuable environmental resource and applies measures to minimise its degradation, maintaining, where possible, its natural character and applying agricultural uses where compatible. Based on the Natural Capital in the Spanish Energy Sector Guide, in the creation of which Endesa played an active role, an assessment was made of the impact of technologies on land use. Within this framework, Endesa has analysed the potential impact of its technologies on nature through a pilot project that examines the effects on land at various locations. By 2025, the company's priority facilities will be identified for a detailed analysis of the impact on soil, based on the results obtained in the pilot project.

16 c)

288

Endesa operates technologies that may affect endangered species and their habitats. These include wind energy infrastructures, which pose a risk to birdlife due to collisions with turbines. On the other hand, power lines pose a risk of collision or electrocution for birds and bats, while solar infrastructures modify the landscape and can have a negative impact on sensitive ecosystems.

Through detailed environmental studies, the Company identifies and assesses the presence of species at risk, with a special focus on those included in the International Union for Conservation of Nature (IUCN) Red List and national conservation lists. Below is a breakdown of the total number of species on the IUCN Red List and national conservation lists whose habitats are in areas affected by Endesa's operations, by level of risk of extinction:

Number of Species	International Union for Conservation of Nature (IUCN) classification (1) (2)
	2024
Critically Endangered	23
In Danger	49
Vulnerable	86
Near Threatened	115
Minor Concern	1,333

(1) Following the analysis of Endesa's facilities, applying the "Locate, Evaluate, Assess, Prepare" (LEAP) methodology proposed by the Taskforce on Nature-Related Financial Disclosures (TNFD), which identifies the most sensitive sites for biodiversity ("hotspots"), the species data according to IUCN 2024 and 2023 coincide.

(2) Thermal generation, renewable generation and distribution facilities identified, according to the "Locate, Evaluate, Assess, Prepare" (LEAP) methodology proposed by the Taskforce on Nature-related Financial Disclosures (TNFD) applied for the first time in Endesa in 2024, as the most sensitive sites for biodiversity ("hotspots") with assessment of the impact on biodiversity in close proximity to areas with critical biodiversity.

Endesa, committed to biodiversity conservation, continuously monitors the impact of its operations on endangered species and their habitats. It has therefore implemented several strategies to reduce the impact of its operations on biodiversity:

Strategies

• In the case of wind power technology, the Company applies measures from the initial phase, in which it selects locations with no potential impact, to the operation phase, in which intensive environmental monitoring measures are implemented to minimise bird collisions. It is also worth highlighting the development of R&D&I activities on equipment for detecting and stopping wind turbines in situations where there is a risk of incident.
• In hydroelectric generation, the flow downstream of the production facilities is managed in such a way as to preserve biodiversity and local uses. In addition, work is carried out to control invasive exotic species associated with hydroelectric generation facilities (such as the mussel zebra), as well as to promote the presence of endangered species (bats) present in the galleries and tunnels of the facilities.
• Power lines are adapted to prevent collisions and electrocutions, in particular through agreements with local authorities for the adaptation of pylons in the distribution network.
• In solar infrastructures, landscape and biodiversity conservation measures are implemented, such as the creation and maintenance of water reservoirs, or the compatibility with agricultural activity (Agrivoltaica), which allows both electricity generation activities and agricultural land use, the promotion and recovery of populations of pollinating species, improved land yields, lower water consumption for irrigation thanks to the photovoltaic modules that allow partial shading and the creation of shared value in the territory through collaboration with agronomists, agricultural companies and other stakeholders in the sector.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

25.5.3. Processes for determining and assessing Impacts, Risks and Opportunities (IROs) related to Biodiversity and Ecosystems (ESRS 2 IRO-1)

17 a), b), AR 5, AR 6

Impacts, Risks and Opportunities (IROs)

To identify and assess impacts, risks and opportunities (IROs) related to biodiversity and ecosystems, Endesa has established a Double Materiality process (see Section 24.5.1. of this Consolidated Management Report) based on identifying, assessing, analysing and responding to material issues related to biodiversity throughout the value chain. Endesa, in the Double Materiality exercise carried out to address this integral process, has studied the possible interaction with all the subtopics specified in the regulations in force, as well as assessing the possible dependencies between the impacts, risks and opportunities (IROs) identified in them.

Likewise, for the identification process, Endesa's biodiversity assessments and studies have been taken into account, as well as the data obtained in the Environmental Impact Assessment (EIA) prior to the execution of any project and also through the Environmental Monitoring Plans during the construction, operation and decommissioning phases.

For the analysis of environmental impacts and risks during 2024, Endesa continued to use the Environmental Risk Assessment (ERA) tool, which the environmental risks associated with Endesa's various businesses and facilities are collected and assessed on an annual basis. In addition to the results of the assessment of the significance of the environmental aspects identified, the methodology incorporates the consideration of organisational, strategic, economic and reputational aspects associated with the various business activities and infrastructures. The Environmental Risk Assessment (ERA) tool also assesses legal compliance and the effectiveness of the operational controls in place, both legally required and voluntary, and a "Residual Risk" assessment is obtained for each generation facility and distribution company. Depending on the results obtained, it may be necessary to launch specific action plans to mitigate the environmental risks associated with the activity. The results of the assessments carried out in the Environmental Risk Assessment (ERA) make it possible to compare the environmental risk associated with the different facilities and technologies

Risk and Negative Impact

The results of the assessments in the different technologies confirm the risk identified in the direct consultations with stakeholders, which is identified as the main risk in the renewable generation and distribution businesses, and which the Company is firmly committed to mitigating. In the case of wind energy, there is a significant potential impact on birdlife, which generates a risk for the Company in terms of having to face fines, sanctions or actions to mitigate this impact. Similarly, this occurs in electricity distribution activities, both due to cable lines and the problems caused by the interaction of birdlife with distribution network supports.

In addition, external stakeholders have identified, through direct consultation as part of the Company's Double Materiality analysis, the potential negative impacts on communities, biodiversity and ecosystems arising from the Company's activities.

During the period 2024-2025, work is underway to review and update the Biodiversity and Ecosystemrelated Impacts and Dependencies at the facilities, integrating the latest recommendations of the Taskforce on Nature-Related Financial Disclosures (TNFD), also using the "ENCORE" tool.

17 c)

For those priority hotspots, an identification and assessment of physical and Transition Risks, as well as

opportunities related to Biodiversity and Ecosystems has been carried out, following the "Locate, Evaluate, Assess, Prepare" (LEAP) methodology proposed by the Taskforce on Nature-related Financial Disclosures (TNFD). Based on the Impacts and Dependencies identified, the risks were classified into 2 categories: Physical and Transition. Subsequently, the risks were assessed and prioritised according to their magnitude and probability of occurrence.

As shown in the table in Section 25.5.2 of this Consolidated Management Report, each facility identified as a "hotspot" refers to one of the two material biodiversity issues, depending on the type of activity Endesa carries out at each one.

17 d)

290

No systemic risks associated with Endesa's activities are considered likely to arise. This assessment is based on the nature of the operations carried out, which are subject to a strict legal and regulatory framework that ensures compliance with mandatory impact assessment and management procedures. These procedures include the analysis and control of actual and potential impacts on biodiversity and ecosystems.

Environmental Impact Assessment (EIA). Sites in or near sensitive areas

17 e) i, ii, iii

Endesa, through its Double Materiality analysis, involves the various stakeholders in the identification of Impacts, Risks and Opportunities (IROs) related to Biodiversity and Ecosystems. To achieve this, it carries out direct consultations through online surveys, allowing affected groups to identify and evaluate the different Impacts. In addition, it conducts individual interviews with representatives of the company's stakeholders to gain a deeper understanding of their perspectives and concerns.

Endesa carries out public consultation processes aimed at the groups potentially affected by its activities, in accordance with the procedures established in current legislation and in the Environmental Impact Assessment (EIA) procedures for new projects. These consultations guarantee compliance with legal requirements and allow for the incorporation of the contributions of the communities involved in decision-making, promoting transparency and the integration of environmental and social concerns in the development of projects. In addition, and also in the initial permitting phase, a prior dialogue process is carried out with the territory within the framework of the Creating Shared Value (CSV) plans.

The Environmental Impact Assessment (EIA) process for new projects applies the Mitigation Hierarchy, avoiding, correcting and compensating for identified Negative Impacts.

19 a)

As previously mentioned (see Section 25.5.2 of this Consolidated Management Report), Endesa has identified that it has sites located in or near sensitive areas in terms of biodiversity, such as protected areas or key conservation sites. Although the activities carried out at these sites may have a direct impact on these areas, it ensures that these activities are compatible with the protected elements, implementing the necessary prevention, mitigation and compensation measures to address any possible impact.

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

III. Sustainability Statement

IV. Consolidated Management Report

VI. Statement of Responsibility

291

Endesa's facilities located within or adjacent to protected areas, as well as in areas of high biodiversity value, are listed below:

Km2	2024	2023
Thermal Generation
Area (km2) occupied by installations in Natura 2000 Network sites	0.03	0.03
Renewable Generation
Area (km2) occupied by installations in Natura 2000 Network sites (hydroelectric generation)	115.30	115.30
Area (km2) occupied by installations in Natura 2000 sites (wind power generation)	0.73	0.73
Area (km2) occupied by installations in Natura 2000 sites (solar generation)	—	—
Area (km2) occupied by installations in Natura 2000 sites (biomass generation)	—	—

19 b)

Endesa's new projects are subject to Environmental Impact Assessment (EIA) studies, so that all activity is carried out in compliance with all the requirements included in Directive 92/2011, of 13 December, on Environmental Impact Assessment (EIA). Within these environmental impact studies, any impact or interaction with Directive 147/2009, of 30 November, on birds and Directive 43/1992, of 21 May, on habitats, is considered.

As a result of the environmental assessment process, Endesa has proposed the corresponding preventive and corrective measures within the scope of protection of the aforementioned Directives. The table below, in Section 25.5.5 of this consolidated management report, lists the measures adopted, both voluntary and those included in the corresponding environmental permits.

25.5.4. Policies related to Biodiversity and Ecosystems (E4-2)

Sustainability Policy

Sustainability management at Endesa is a crosscutting issue for the entire company. For this reason, Endesa's Sustainability Policy includes the sustainability principles and commitments that govern the company's sustainable management, in line with its Purpose, Vision and Values (see Section 2.3 of this Consolidated Management Report). Environmental protection is a permanent criterion in Endesa's strategic decision-making, in the company's management and throughout the life cycle of its projects. Endesa therefore carries out all its activities in an environmentally-friendly manner, in accordance with the principles of sustainable development and applying the best available techniques, with the aim of going beyond compliance with legal requirements, identifying, assessing and managing the environmental risks and impacts arising from its activities and minimising them in all the company's activities and infrastructures. All actions and objectives to comply with these commitments are included in the Endesa Sustainability Plan (ESP).

This Policy extends to the entire Value Chain and all phases of the life cycle of its products and services, formalising the Company's commitment to Sustainability and the responsibility to have a continuous dialogue with its main stakeholders, to understand and integrate their expectations in a structured way and aligned with the corporate strategy.

In addition, the Board of Directors of Endesa, S.A., through its Sustainability and Corporate Governance Committee, is responsible for supervising compliance with and control of the Sustainability Policy and the Sustainability and Corporate Governance strategy, in accordance with the functions and powers established in the Sustainability and Corporate Governance Committee Regulations.

For further information, please consult the Policy on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Biodiversity Policy

22

Endesa's Biodiversity Policy, the first edition of which was approved by the Board of Directors in 2020, was updated in 2023, aligning it with the Kunming-Montreal Global Biodiversity Framework approved at COP15, and with the European Union (EU) Biodiversity Strategy.

The Policy reinforces the integration of Biodiversity protection in its governance, and renews its commitment to the management of its Impacts, Risks and Opportunities (IROs) derived from its activities, assets and Value Chain on Biodiversity and ecosystem services. In this regard, a series of commitments are established, of which the following stand out:

Commitments

292

• Undertake actions necessary for the establishment of targets to ensure no deforestation, no net loss of Biodiversity and, where possible, positive net gain. Monitor and report transparently and accountably on progress towards global and local biodiversity targets, in accordance with international standards.
• Transparently assess and disclose Biodiversity Impacts, Dependencies, Risks and Opportunities throughout the Value Chain, setting clear targets in priority areas to define actions.
• Integrate the principles of biodiversity conservation, natural capital and the Mitigation Hierarchy into the Company's strategy, including their consideration in governance and, therefore, in decision-making, as well as in the processes of analysis of new business opportunities, merger processes or new acquisitions, promoting it in non-managed operations and joint ventures.
• Plan the Company's business development by carrying out thorough environmental impact studies and design specific action plans to minimise potential impacts arising from the construction or operation of new projects.
• Monitor effects on Biodiversity, evaluate the effectiveness of actions and apply the Mitigation Hierarchy in all project phases. This includes avoiding and reducing Impacts on areas of high Biodiversity and ecosystem services, limiting deforestation and habitat transformation. If Impacts cannot be avoided, they should be minimised, affected areas restored and residual effects compensated for.

• Actively collaborate with public administrations, research centres, environmental and social associations, international stakeholders and local communities for the conservation, restoration and sustainable use of resources. This includes promoting innovative and systematic synergies, respecting the rights of indigenous peoples and promoting biodiversity awareness among employees and stakeholders. In addition, to achieve the Biodiversity objectives, each Business Line shall identify and engage with relevant stakeholders.

The Biodiversity Policy is public and is available to all its stakeholders so that they are aware of its commitments to biodiversity conservation. This Policy applies to all Endesa's activities, and will be progressively aligned with the Value Chain where it is reasonable to do so.

To ensure the correct implementation of this Policy, the responsibilities of Endesa's Biodiversity Committee, created in 2020, have been updated, and which acts as the corporate body responsible for translating the objectives of the Policy into the Company's strategy and decision-making. This

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

Committee meets every four months and includes representatives from all of the company's business lines. At these meetings, the members review the statement of ongoing projects of the Biodiversity Conservation Plan, present the results of projects and actions carried out, and propose, evaluate and approve/reject new project proposals.

23 a), AR 4 b), c), d)

Endesa's Biodiversity Policy establishes the commitment to carry out actions for the establishment of objectives and targets that ensure No Net Deforestation, No Net Loss of Biodiversity and, whenever possible, positive Net Gain. In that sense, it addresses several levers related to Biodiversity loss (such as direct exploitation, pollution, land use change, etc.), as well as the Impacts caused on species status, effects on the extent and status of Ecosystems and the Impacts and Dependencies of ecosystem services.

Endesa's Biodiversity Policy is integrally related to the main factors directly affecting biodiversity loss. For example, to counteract Climate Change, Endesa is committed to defining and promoting nature-based solutions that contribute to reducing Greenhouse Gases (GHG) emissions. With regard to land and water use change, Endesa implements the Mitigation Hierarchy, prioritising the avoidance and minimisation of Impacts and the transformation of natural habitats, while implementing restoration and compensation plans when Impacts cannot be avoided.

In addition, the Policy focuses on mitigating the effects of direct resource exploitation and invasive alien species through careful management of operational activities and specific monitoring and control programmes. Attention is also devoted to protecting species status through assessments to identify and safeguard priority species, while working on strategies to restore and maintain Ecosystems, reducing effects on the ground. In terms of ecosystem services, Endesa recognises Corporate Dependencies and proposes their sustainable management to preserve essential natural benefits, promoting actions to ensure the long-term resilience of natural systems.

Endesa links its policy to the management of relevant impacts on biodiversity and ecosystems through a strategic approach and by applying the mitigation hierarchy. This approach establishes priorities to minimise environmental impacts, giving preference to areas of low ecological value and avoiding those of high value, applying methodologies such as No Net Loss and restoration or compensation actions. In the different phases of the projects developed by Endesa, detailed analyses of species and habitats are carried out, and stakeholders, local communities and experts are consulted. A Biodiversity Action Plan (BAP) is also established to manage and monitor actions, adjusting measures according to risks or unexpected impacts to ensure the protection of biodiversity. Endesa is also carrying out an assessment and prioritisation of the physical, systemic and Transition Risks that impact Biodiversity, with a view to the 2025 financial year.

The sourcing of raw materials is a part of the Value Chain that has not yet been integrated within the scope of the Biodiversity Policies. According to the Enel Group's Policy 474, the Value Chain will be gradually incorporated into the analysis of the Company's progress towards No Net Loss. This " Policy 474" expressly mentions the procurement of products and raw materials.

23 f)

Another of the Policy's commitments is to promote the integration of Biodiversity and nature-based solutions in the value propositions of both our own and our customers, promoting the related environmental and social Positive Impacts. Furthermore, and seeking to address the social consequences of Positive and Negative Impacts related to Biodiversity and Ecosystems, thorough studies on social Impacts are carried out with the participation of stakeholders.

In addition, Endesa's Human Rights Policy seeks to minimise environmental impact and promote sustainable development, always considering the possible direct and indirect effects of its operations on communities. Within this framework, Endesa is committed to implementing measures to mitigate the effects that the occupation of large areas of land for the generation of renewable energy may have on local communities and the biodiversity of the land, protecting ecosystems and respecting the natural balance of the affected areas. Furthermore, it is committed to a Just and Inclusive Transition that ensures that the shift to a low carbon economy takes place in an equitable manner, leaving no one behind. Endesa therefore recognises the importance of addressing the specific needs of all its stakeholders, especially those most vulnerable, ensuring that they can benefit from the opportunities generated by this Transition.

Endesa's Biodiversity Policy refers to the management of "Biodiversity, Natural Capital and Ecosystem Services", understanding "Ecosystem Services" as the flow of goods and services provided by wellfunctioning Ecosystems to society as a whole.

The first point of the Enel Group's Biodiversity Policy states that the Mitigation Hierarchy will be applied to avoid and reduce Impacts on areas of high Biodiversity and Ecosystem services and functions.

24 a), d)

294

Endesa, as reflected in its Biodiversity Policy, is firmly committed to analysing, assessing, monitoring and transparently disclosing the relationship between its activities, natural capital and biodiversity. This approach includes the protection of biodiversity at all its operating sites, whether owned, leased or managed, paying special attention to those located in or near biodiversity-sensitive areas, without considering the adoption of agricultural or marine practices.

Endesa also undertakes not to operate thermal generation facilities in protected natural areas on the Iberian Peninsula, and not to design or develop new thermal generation facilities in protected natural areas in the Non-Peninsular Territories (NPT). The company also refrains from developing new projects in areas declared Natural World Heritage Sites by UNESCO (United Nations Educational, Scientific and Cultural Organisation).

In this regard, one of the main commitments of its Biodiversity Policy is to establish objectives and targets to ensure no net deforestation. In 2022, Endesa published a new target of no net deforestation by 2030, starting its implementation in selected projects of high importance for biodiversity from 2025.

For further information, please consult the Policy on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

25.5.5. Biodiversity and Ecosystem Actions and Resources (E4-3)

27

Endesa prioritises the protection and conservation of biodiversity, natural capital and ecosystem services, orienting its activities towards No Net Loss of Biodiversity in the scope of its projects, through the application of the Mitigation Hierarchy. This approach translates into effective actions to avoid, correct and compensate environmental impacts, guaranteeing a proactive response to the environmental assessment processes associated with new developments and the operation of infrastructures.

Statement Verification Report

IV. Consolidated Management Report

Endesa also carries out numerous projects and actions in the field of biodiversity, which are executed under the Endesa Biodiversity Conservation Plan (PCBdE).

In this regard, it is worth specifying that Endesa does not have any material negative impact that is not currently being adequately managed, thus mitigating the adverse effects that may be produced on biodiversity and ecosystems.

The main actions carried out and planned or in progress to prevent or mitigate the Negative Impacts and for the correct management of the material Risks and Opportunities in terms of conservation and study of Biodiversity and ecosystem services are presented below. These actions seek not only to mitigate the Impacts, but also to generate a positive effect on the affected Ecosystems:

			Investment / Cost earmarked for the Action				Result
Typology	Actions	Scope / Corrective Actions(1)	Investment (I) / Cost (C)	Amount (millions of euros)(4)	Time Horizon	Expected results	2024	2023
Carried out
Species/ Biodiversity/avifauna conservation projects	Species conservation actions	1.	(I) / (C)	2.4		No Net Loss of	Targeting No Biodiversity Loss (Quantitative indicator under definition)
	Scientific projects on species	2.	(I) / (C)	(2)	Long Term	Biodiversity in line with the corporate target of No Net Loss (NNL) at 40%
Habitat/territory conservation projects	Actions on habitats and/or territory	3.	(I) / (C)	(2)		2027 Achieving 100% by 2030
	Habitat Science Projects	4.	(I) / (C)	(2)

Planned (3)

(1) The description and scope of each of the actions is detailed below following the numbering shown in the table.

(2) Less than EUR 1 million.

(3) No planned actions have been defined.

(4) Estimated and actual data available at the date of preparation of this Consolidated Management Report, which will be adjusted in future revisions.

The scope of the actions is detailed below:

1. Species conservation actions.

Description

• Actions carried out for the conservation and protection of biodiversity species over which the company may have some kind of effect or relationship. Within this type of species/avifauna conservation projects, the following stand out:
  • Conservation measures for the red kite through participation in the "Life eurokite" project.
  • Conservation of the Eagle Owl, recovery of Lesser Kestrel populations.
  • Black vulture marking and monitoring project.
  • "PAS Project" for the conservation of large birds of prey and necrophagous birds in the Pyrenees
  • Management of Muladares for the protection of necrophagous birds and large birds of prey in El Espinar (Castilla y León)
  • Conservation of the European Roller in the natural parks of Aiguamolls de l'Empordà (PNAE) and Montgri, Illes Medes and Baix Ter.
  • Protection and conservation of capercaillie in the Pyrenees.
  • Studies on the behaviour and adaptation of steppe birds (Little Bustard, Great Bustard) in different territories.
  • Recovery of the osprey population in the provinces of Cádiz and Huelva.
  • Montagu's harrier marking and tracking.
  • Conservation of the Montagu's harrier population at Endesa's solar installations.
  • ENDESABATS" project for the study and conservation of bats in the Company's installations (hydraulic and solar) as large reservoirs for colonies of bats of various species, including endangered species.
  • Adaptation of power line infrastructures to avoid electrocution and bird collisions.

Scope

• Territory in which Endesa operates.

Impacts, Risks and Opportunities (IROs) linked to the action

• Birdlife incidents or any other impact on Biodiversity that may result in fines, sanctions and/or reputational cost.

2. Scientific projects on species.

Description

• Scientific and/or research studies and projects carried out on species over which the Company may have some kind of relationship or interaction due to its activities. These include the study of different devices for detecting birdlife in the vicinity of renewable facilities. Studies of the impact on biodiversity at the company's facilities. Research with monitoring, marking and surveillance of the species existing on the land occupied by Endesa's activities. These studies are carried out with research bodies and universities of recognised prestige.

Scope

• Territory in which Endesa operates.

Impacts, Risks and Opportunities (IROs) linked to the action

• Birdlife incidents or any other impact on Biodiversity that may result in fines, sanctions and/or reputational cost.

3. Actions on habitats and/or territory.

Description

• Actions carried out directly on habitats and/or territory for the conservation, protection and/or recovery of biodiversity affected by the Company's activities, including measures for the recovery of spaces, reforestation and environmental restoration. Among the actions carried out, the following stand out:
  • Agri-environmental measures carried out at the Company's solar and wind farms. Biodiversity enrichment in bear areas in the Pyrenees, plant stands and screens in solar environments, creation of pastures and naturalisation of the surroundings of the facilities, recovery of wetlands, reforestation through tree plantations such as the Endesa forest.
  • Recovery of habitats of existing bird species in the surroundings of the facilities. Management and management of fallow land, recovery of chiropteran habitats.

Scope

296

• Territory in which Endesa operates.

Impacts, Risks and Opportunities (IROs) linked to the action

• Occupation of large plots of land for renewable energy generation, affecting the biodiversity of the land.
• 4. Scientific projects on habitats.

Description

• Study of the environmental effects of Endesa's facilities in the planning, construction and operation processes of the Company's existing projects, such as new solar photovoltaic facilities. Effects of the management of hydraulic infrastructures, study of the impact on biodiversity of facilities in environmentally sensitive areas. Study of hydraulic spaces as important environmental wetlands.

Scope

• Territory in which Endesa operates.

Impacts, Risks and Opportunities (IROs) linked to the action

• Occupation of large plots of land for renewable energy generation, affecting the biodiversity of the land.

Biodiversity Offsets

28 b) i, ii, iii

Part of the actions detailed in the table above are related to projects aimed at offsetting the impacts on biodiversity generated by the Company. These projects are focused on the restoration and improvement of affected ecosystems, promoting the recovery of natural habitats and, when necessary, the reinforcement and reintroduction of native species.

The 6 actions to offset the impacts on biodiversity implemented by Endesa in 2024 are detailed below:

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements Management Report

VI. Statement of Responsibility

297

Action	Description of the Action	Compensation target	Indicators (KPIs)	Financial Effects (cost 2024)
Endesa Forest	Reforestation of areas that have suffered from forest fires.	Habitats and/or Territory	Reforested area	14,000.75€
Conservation of the osprey in Cádiz and Huelva	Support for the expansion of the eagle in the area of the Gulf of Cadiz and other wetlands in the provinces of Cadiz and Huelva.	Endangered species (osprey)	Platforms and perches installed Nesting pairs / year Chickens fledged / year GPS tagged individuals / year	22,995.00€
Supplementary feeding points (SFPs) for black vultures and large necrophagous vultures	Maintenance of a network of Supplementary Feeding Points (SFP) and monitoring of their use by target species.	Threatened species (large necrophagous raptors)	Inflow to Supplementary Feeding Points (SFPs) (no. individuals and no. species) / year	25,000.00€
Recovery of Lesser Kestrel populations through hacking	Maintenance of a nursery in Fuente de Piedra (Málaga) and introduction, rearing and release of lesser kestrel chicks using the "hacking" technique.	Threatened species (lesser kestrel)	No. of chicks fledged / year	30,426.00€
Adaptation of anti-scald structures on distribution network supports.	C o n se r va t i o n of ba t s a n d nocturnal birds of prey in the Sierra de Aracena y Picos de Aroche Natural Park by adapting anti-escalation structures for use as refuges for the target species.	Threatened species (avifauna and bats)	No. of adapted structures No. of adapted structures used as nest or shelter / year No. nesting species / year	27,405.29€
Installation of nests for lesser kestrels	Installation of specific "colony" nest boxes on supports of the distribution network, with the aim of fixing the individuals released in the area of Mollet de Peralada (Girona).	Threatened species (lesser kestrel)	No. of nesting boxes installed Occupancy: no. new occupied nest-boxes/ year and total no. occupied nest-boxes/ year (new and old) No. nesting species / year	19,862.62€
€ = euros.

All these compensation projects comply with the requirement that they entail a clear and verifiable increase in the conservation statement of species, groups of species or habitats on which Endesa's activity has a residual impact in the territories in which it operates. All of them are carried out in accordance with the stipulations of the competent environmental authorities and in collaboration with conservation organisations and/or local research groups.

Biodiversity and Local Communities

28 c)

Endesa promotes increased knowledge and awareness of Biodiversity, collaborating with conservation organisations, non-governmental organisations (NGOs), local communities, recovery centres, research centres, government bodies, universities and experts in order to conserve and protect Biodiversity, as indicated in the Biodiversity Policy.

In addition, Endesa's Biodiversity Conservation Plan (PCBdE) projects are developed with the help of local communities and entities, and facilities subject to the Environmental Impact Assessment (EIA) process a public consultation phase/local interest groups.

Endesa is also developing unique projects beyond the scope of the Environmental Impact Statement (EIS), such as the insect shelter in Minglanilla, rabbit population management at wind farms, the Morcegos Project for bat shelters, and the production of solar honey at photovoltaic plants, under the trademark "Miel Solar Energía de Endesa" (Endesa Solar Honey Energy).

The identification of affected communities within the context of the Double Materiality exercise, the positive and negative impacts of Endesa's activities on them, the actions taken in this regard, and the processes

25.5.6. Metrics and targets

25.5.6.1. Objectives related to Biodiversity and Ecosystems (E4-4)

29, 31, AR 23

The protection of biodiversity, natural capital and ecosystem services is central to Endesa's business strategy. The Biodiversity Conservation Plan (PCBdE), which forms part of its Biodiversity Policy, sets out a series of ambitious goals in this area. These goals are as follows:

Targets

• No net loss of Biodiversity for new projects from 2030, starting implementation in selected projects of high Biodiversity significance from 2025.

• No net loss of Biodiversity of 40% of the additional installed capacity between 2025-2027.

• No net deforestation, with a commitment to protect forests, reforest equivalent areas where it is not possible to avoid deforestation.

• No development of new projects in UNESCO (United Nations Educational, Scientific and Cultural Organisation) World Natural Heritage areas, reflecting Endesa's commitment to conservation.

Once the material Impacts, Risks and Opportunities (IROs) have been identified and given that the protection of biodiversity, natural capital and ecosystem services is a priority, Endesa, through its Endesa Sustainability Plan (ESP), defines specific biodiversity objectives focused on mitigating environmental risks and promoting sustainable development linked to these Impacts, Risks and Opportunities (IROs), thereby complying with its Policy.

These objectives, including the scope and magnitudes, are described below:

implemented to interact with these communities are described in Section 26.3.4 of this Consolidated

Management Report.

I. Letter to Shareholders and Other Stakeholders	II. Consolidated Financial Statements Audit Report	III. Sustainability Statement Verification Report	IV. Consolidated Management Report	V. Consolidated Financial Statements

VI. Statement of Responsibility

299

Impacts, Risks and						Objectives 2024-2026	Objectives 2025- 2027
Opportunities (IROs)	ESP objectives(1)	Units	Scope	2024	2023	2024 2026	2025	2027	Amend ments(2)
Birdlife incidents or any other impact on Biodiversity that may result in fines, sanctions and/or reputational cost.	Bird deterrent systems on wind turbines	No. of installa tions per year	Wind power generation facilities	71	59	2 more per year		3 more per year
Occupation of large plots of land for renewable energy generation affecting the biodiversity of the land.	No net loss of biodiversity commitment (3)	—	Applies to all Endesa's business activities	Na	Na	No net loss of biodiversity in new projects and no net deforestation from 2030 onwards	No net loss (4)	40% (5)	Unchanged
	Implementation of the Biodiversity conservation programme	No. of shares		45	39	>30	>35	>35
	Biodiversity Impact Assessment (6)	%		100	—	100	100	100

(1) Endesa Sustainability Plan (ESP).

(2) Indicates whether there have been any changes in objectives with respect to the previous year.

(3) Includes the commitment not to develop new generation projects in areas declared UNESCO World Natural Heritage Sites.

(4) In areas identified as having a high impact on biodiversity in accordance with Enel Group Policy 474.

(5) Applies to new projects.

(6) All projects requiring Environmental Impact Assessment (EIA).

Endesa's biodiversity and ecosystem targets are voluntary. These targets cover the entire scope of Endesa's corporate perimeter, and the opinions of stakeholders have been taken into account in establishing them, as shown in the Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report).

The monitoring of the objectives is carried out annually by the General Directorate of Sustainability, through the measurement of the established metrics. Data collection is carried out with the same frequency, ensuring continuous control over the evolution of the indicators. Progress is reviewed at the Sustainability Committees, also on an annual basis, where, through internal presentations, the consolidated data are reflected and possible deviations from the target values are analysed. In addition, the General Directorate of Sustainability and the responsible areas internally assess the results to identify significant trends or necessary adjustments to the strategy for meeting the targets.

The indicators, metrics and objectives described above arise from the combination of the Company's strategic objectives for each of its businesses and/ or corporate activities, in relation to Sustainability aspects, which respond to the material Impacts, Risks and Opportunities (IROs) of the current financial year 2024, and the Company's additional response to address the remaining material Impacts, Risks and Opportunities (IROs) not covered in the first case. The time horizon of these objectives is in line with the Company's strategy for the period 2025-2027 and aims to enhance or mitigate the main Impacts, Risks and Opportunities (IROs) resulting from the Double Materiality exercise.

32 a) i, ii, iii

There are no Biodiversity ecological thresholds at corporate or Group level. The ecological thresholds are determined specifically by site and are included in the corresponding Environmental Impact Statement (EIS) and are monitored through the environmental monitoring plan.

32 b)

Endesa's biodiversity conservation commitments are aligned with the global Kunming-Montreal framework and the European Union (EU) Biodiversity Strategy 2030. Endesa also ensures compliance with local regulations in each of the territories where it operates and is supported by various benchmark initiatives, particularly the Taskforce on Nature-Related Financial Disclosures (TNFD).

32 c)

Endesa defines targets directly linked to the material impacts and risks identified on biodiversity and ecosystems in its operations. These goals are aimed at mitigating the risks associated with these impacts and taking responsibility for their effective management. The objectives and targets are integrated into Endesa's Sustainability Plan (ESP), and following the implementation of the corresponding procedure, the necessary adjustments are made to ensure their compliance and effectiveness.

32 d), e), f)

300

The targets set are aligned with the levels of the Mitigation Hierarchy, prioritising the avoidance of Biodiversity and Ecosystem Impacts in each of the actions undertaken. Where this is not possible, minimisation measures are implemented, followed by restoration and rehabilitation actions, and where necessary, compensation measures to ensure a positive balance on Biodiversity. These actions are integrated and prioritised at each stage of management, ensuring a progressive and responsible approach in line with the Mitigation Hierarchy. The scope of the targets set includes Spain and Portugal.

25.5.6.2. Biodiversity and Ecosystemrelated impact metrics (E4-5)

35

Endesa has developed a project to assess the potential impact of its assets on biodiversity, which has performance indicators (KPIs) specifically defined to measure this impact. This makes it possible to establish specific actions to move towards no net loss of biodiversity.

The following table shows the periodic assessments of the areas occupied by Endesa's operational activities and the implementation of biodiversity management plans to protect and restore habitats.

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I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

	Facilities and Areas Occupied by Endesa's Operating Activities
	Number of Facilities	Area (ha)
		2024
Number of sites and total area occupied by operational activities(1)	347	9,347.50
Evaluation
Sites where Biodiversity Impact Assessments have been carried out in the last 5 years(1)	347	9,347.50
Exhibition
Sites with Biodiversity Impact Assessment in close proximity to Critical Biodiversity, and the total area of these sites(2)	25	1,086.00
Management Plans
Sites with a Biodiversity Impact Assessment and located in close proximity to critical areas that have a Biodiversity Management Plan, and the total of these sites	25	1,086.00

(1) The figures consider all Endesa's electricity generation facilities and do not include the distribution network and substations. The area of reservoirs more than 10 years old has been excluded from the calculation. The data were obtained from Endesa's Biodiversity Indicator System.

(2) Thermal generation, renewable generation and distribution facilities identified, according to the "Locate, Evaluate, Assess, Prepare" (LEAP) methodology proposed by the Taskforce on Nature-Related Financial Disclosures (TNFD) applied for the first time in Endesa in 2024, as the most sensitive sites for biodiversity ("hotspots") with an assessment of the impact on biodiversity in close proximity to areas with critical biodiversity.

25.5.6.3. Anticipated financial effects of Biodiversity and Ecosystem Risks and Opportunities (E4-6)

45 a), b), c)

As this disclosure requirement is in a process of gradual implementation ("phase in") at the date of preparation of this Consolidated Management Report, Endesa has an action plan in place to respond to this requirement, on which it will provide qualitative details in future years.

25.6. Resource Use and Circular Economy (ESRS E5)

Below is a description of the information related to the use of resources and the Circular Economy that will enable us to understand how Endesa affects, in terms of actual or potential material Positive and Negative Impacts, the material issue of waste, also detailing the material Risks and Opportunities for the company related to this material sub-topic. In addition, it details any actions taken and the outcome of these actions to prevent or mitigate actual or potential material Negative Impacts in relation to the use of resources and the Circular Economy and to optimise material Positive Impacts, and to address related Risks and Opportunities.

The table below details the material Impacts, Risks and Opportunities (IROs) related to this subject that apply to Endesa and includes their definition, typology and associated Policy:

Table of Material Impacts, Risks and Opportunities (IROs) - Circular Economy
Impact, Risk and Opportunity (IRO) Typology	Sub-theme	Sub-sub	theme Definition	Type of Im pact, Risk and Oppor tunity (IRO)	Associated Policy
Positive Impact	Waste		— Reduction of waste generation through waste reduction programmes and targets	Real	Environmental Policy
Negative Impact	Waste		— Waste generated from both own and contracted activities	Real	Environmental Policy
Risk	Waste	—	Increased costs arising from higher costs related to the management by Empresa Nacional de Residuos Radiactivos, S.A. S.M.E., (Enresa) of radioactive waste, including spent nuclear fuel and the dismantling and decommissioning of nuclear facilities	Potential	Environmental Policy

25.6.1. Processes to determine and assess Impacts, Risks and Opportunities (IROs) related to resource use and the Circular Economy (ESRS 2 IRO-1).

Impacts, Risks and Opportunities (IROs)

11 a), AR 1, AR 3

302

To identify and assess the Impacts, Risks and Opportunities (IROs) related to the use of resources and the Circular Economy, Endesa conducted a Double Materiality analysis (see Section 24.5.1. of this Consolidated Management Report) based on identifying, assessing, analysing and responding to material issues related to the environment throughout the value chain. Endesa, in the Double Materiality exercise carried out to address this integral process, has studied the possible interaction with all the subtopics specified in the regulations in force, as well as evaluating the possible dependencies between the impacts, risks and opportunities (IROs) identified in them.

In this process of identifying the Impacts, Risks and Opportunities (IROs) related to the use of resources and the Circular Economy, all Endesa's assets and

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

303

facilities have been taken into account, with a special focus on those whose activities have a greater impact on waste generation.

Critical activities in the use of resources

In mapping Endesa's Value Chain, critical activities have been identified by Business Line and which use resources, with the aim of identifying Impacts, Risks and Opportunities (IROs). Endesa generates waste throughout its entire value chain, from the supply of fuels and materials in the various electricity generation processes to the materials used to sell end products, not forgetting the various types of materials, mostly metals, used in the distribution of energy. It is important to note that all waste management is carried out by different authorised waste managers, for which mandatory requirements are established regarding documentation, deadlines and operations, requiring a minimum percentage of recovery of both hazardous and non-hazardous waste, prioritising those that ensure final recycling and recovery treatments. To ensure proper waste management until final treatment, Endesa requires all its waste managers to certify the management of all the waste they remove until "end of life" and, in particular, for some types of waste, they are required to provide evidence of final treatment of 100% recycling/recovery.

In the various direct consultations with stakeholders described in Section 24.4.2. of this Consolidated Management Report, the Company has carried out consultations on the use of resources and the Circular Economy with the groups affected, showing that Endesa generates a negative impact because its direct and indirect activities produce waste, but at the same time generates a positive impact through proper waste management, which leads to waste reduction.

Endesa has implemented environmental management systems with specific waste management procedures. These ensure that the waste hierarchy is applied at all stages of the value chain: prevention, reuse, recycling, recovery (including energy recovery) and disposal, prioritising waste recovery and recycling.

Finally, the Company works actively to promote the Circular Economy, both internally and externally, considering it essential to achieve decarbonisation targets and necessary, in electricity generation and distribution assets, to address challenges such as the supply of materials, the reduction of strategic dependence in sensitive areas such as critical raw materials and end-of-life management through reuse and recycling.

11 b), AR 7 a), b), c), d), e), f)

The internal procedure "KPIs Waste" describes the activities related to data management, calculation and reporting of waste-related KPIs and lists the associated business units:

Business Units - Activities
• General Directorate Nuclear: waste generation in nuclear power plants.
• General Directorate for Energy Management: waste generation in port terminals.
• General Directorate Real Estate and General Services: waste management in buildings
• General Directorate for Generation: waste generation at generation plants.
• General Directorate for Infrastructures and Networks: generation of waste in the distribution activity.

Radioactive waste and spent fuel management

As regards the management of radioactive waste arising from the operation of nuclear power plants, in accordance with Law 25/1964, of 29th April, on nuclear energy, the management of radioactive waste, including spent nuclear fuel and the dismantling and decommissioning of nuclear facilities, constitutes an essential public service reserved to the State, in accordance with article 128.2 of the Spanish Constitution. By means of this Act, the Empresa Nacional de Residuos Radiactivos, S.A. S.M.E. (Enresa) is entrusted with the management of this public service. In accordance with the seventh General Radioactive Waste Plan (PGRR) in force, the State will assume ownership of the radioactive waste and any surveillance that may be required following the decommissioning

of a nuclear facility, once the period established in the corresponding declaration of decommissioning has elapsed. Endesa makes contributions to the Fund for Financing the Activities of the General Radioactive Waste Plan by means of a non-tax public benefit (known as the Enresa Tax) calculated by Empresa Nacional de Residuos Radiactivos, S.A. S.M.E. (Enresa), (Enresa) and approved by the Government, which covers all expenses relating to the management of spent fuel and radioactive wastes generated at its investee plants, and those corresponding to their dismantling and decommissioning, as foreseen in the General Radioactive Waste Plan (Plan General de Residuos Radiactivos, PGRR). As regards risk management, Endesa, like the other electricity utilities, is a member of the Joint Commission, which, as established in Appendix L of the UNESA-ENRESA Standard Contract for radioactive waste management and the dismantling of nuclear power plants, establishes that its basic function is to exchange any information that might affect waste management or the dismantling of nuclear power plants as a whole and, specifically, to deal with options relating to the temporary storage of spent fuel.

25.6.2. Policies related to resource use and the Circular Economy (E5-1)

14,16

304

Sustainability Policy

Sustainability management at Endesa is a crosscutting issue for the entire company. For this reason, Endesa's Sustainability Policy includes the sustainability principles and commitments that govern the company's sustainable management, in line with its Purpose, Vision and Values(see Section 2.3 of this Consolidated Management Report). Environmental protection is a permanent criterion in Endesa's strategic decision-making, in the company's management and throughout the life cycle of its projects. Endesa therefore carries out all its activities in an environmentally friendly manner, in accordance with the principles of sustainable development and applying the best available techniques, with the aim of going beyond compliance with legal requirements, identifying, assessing and managing the environmental risks and impacts arising from its activities and minimising them in all the company's activities and infrastructures. All actions and objectives to comply with these commitments are included in the Endesa Sustainability Plan (ESP).

This Policy extends to the entire Value Chain and all phases of the life cycle of products and services, formalising the Company's commitment to Sustainability and is committed to an ongoing dialogue with key stakeholders, to understand and integrate their expectations in a structured way that is aligned with the corporate strategy.

Furthermore, the Board of Directors of Endesa, S.A., through its Sustainability and Corporate Governance Committee, is responsible for supervising compliance with and control of the Sustainability Policy and the Sustainability and Corporate Governance strategy in accordance with the functions and powers established in the Regulations of the Sustainability and Corporate Governance Committee.

For further information, please consult the Policy on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Environmental Policy

Endesa has its own Environmental Policy which covers the effective management of material impacts related to the use of resources and the Circular Economy. The purpose of this policy is to formalise and specify Endesa's commitment to the environment in the dayto-day management of the business.

One of the main foundations of Endesa's Environmental Policy is to manage waste optimally, guaranteeing its maximum recovery and promoting the reduction of its generation under the Circular Economy approach.

Endesa also manages the waste generated throughout its operations under strict environmental standards, ensuring that it is properly treated,

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

recycled and disposed of in accordance with current regulations. It is also committed to measuring and reducing its environmental impact by applying the best available practices and technologies, promoting innovation and developing actions to mitigate negative impacts and maximise positive ones.

This policy covers the entire value chain and applies to all phases of the life cycle of each producer and service. Endesa is also committed to maintaining a constructive and collaborative dialogue with its stakeholders in order to understand their expectations and integrate them into the definition of its business strategy.

The Environmental Policy is approved by the Board of Directors and is available on Endesa's website, guaranteeing access to all interested parties. For further information, the Policy can be consulted on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

In addition, Endesa, as a subsidiary of the Enel Group, assumes and adopts the Group's Environmental Policy, which considers the protection of the environment and natural resources as strategic factors in the planning, implementation and development of activities. This commitment is reflected in the fundamental principles of the Policy, which are based on:

Fundamental Principles

• Protect the environment through risk analysis, assessment and management in order to prevent impacts and take advantage of opportunities.

• Mitigate the effects of increasing environmental degradation and Climate Change taking into account their social impact.

• Set and review objectives with the ultimate aim of avoiding and, where this is not possible, mitigating or reducing the impact on terrestrial and aquatic Ecosystems, pursuing continuous improvement of processes and performance and making the necessary resources available.

One of the strategic objectives of this Policy is the establishment of internationally recognised Environmental Management Systems throughout the organisation, ensuring the implementation of ISO 14001 certification in all Group activities, optimising certifications in the various organisational areas and operational sites. In addition, environmental risk management, in particular pollution prevention and emergency situations, is addressed by adopting suitable and appropriate measures to control and limit any potential impact on people and the environment.

25.6.3. Actions and resources in relation to resource use and the Circular Economy (E5-2)

Actions and resources in relation to resource use and the Circular Economy

19

Endesa is aware of the need to adopt a Circular Economy approach to waste management in order to meet challenges such as reducing waste generation, reusing materials and recycling efficiently. In line with its commitment to the responsible management of resources, it has implemented various actions aimed at meeting the objectives set out in its Sustainability Policy and Environmental Policy regarding the optimisation of waste management.

In this regard, it should be specified that Endesa does not have any material negative impact that is not currently being managed in an appropriate manner, thus mitigating the adverse effects that may be occurring on the use of resources and the Circular Economy.

The main actions taken and planned or underway to promote Positive Impacts and prevent or mitigate Negative Impacts, as well as the proper management of material Risks and Opportunities related to the use of resources and the Circular Economy, are presented below:

		Investment / Cost earmarked for the Action				Result
Actions	Scope / Corrective Actions(1)	Investment (I) / Cost (C)	Amount (millions of euros)		Expected results	2024	2023
Carried out
Sustainability Indicators, related to waste generation prevention	1.				Increase in the degree of introduction of sustainability indicators in tenders with respect to the total amount tendered	75%	92%
Repair and reuse of wind components and circular repowering	2.	Na			Extending the service life of components, with the consequent economic savings for the company	Savings from internal re-use and sale to third parties: 5.4 million euros	Savings from internal re-use and sale to third parties: 4.1 million euros
Maximising ma terial recovery and equipment valorisation in the decommissioning of thermal power plants	3.			Long-term	Improving the management of materials and equipment from the decommissioning of thermal power plants	Material recovered: 247 kt Savings from internal reuse and sale to third parties: 14.1 million euros	Material recovered: 148 kt Savings from internal reuse and sales to third parties: 4.5 million euros
"Grid Mining"	4.	Na	Na		Improving the valorisation of electricity grid assets at end of life	Tons valued: 3,058 t	Tons valued: 3,377 t

Planned (2)

306

(1) The description and scope of each of the actions is detailed below following the numbering shown in the table.

(2) No planned actions have been defined.

The description and scope of each of the actions is detailed below:

1. Sustainability indicators, related to the prevention of waste generation.

Description

• A mechanism designed to favour suppliers that stand out in their commitment to the Transition to the Circular Economy. This is done through a parameter called "K for Sustainability (Sustainability indicators)" which is applied to positively weight those bids that comply with the established Sustainability and Circular Economy criteria.

Scope

• Procurement tenders for all Business Lines and staff areas.

Impacts, Risks and Opportunities (IROs) linked to the action

• Reduction of waste generation through waste reduction programmes and targets.

2. Repair and reuse of wind components and circular repowering.

Description

• Endesa applies the philosophy of repairing and reusing components that break down in the wind turbines installed in its wind farms in order to make operation and maintenance more efficient, reducing costs and the consumption of materials. In this way, the life of small components is extended by repairing them instead of replacing them with new equipment, while at the same time generating economic activity in the areas where the workshops with which it works are located.
• In relation to the aid programme of the Institute for Energy Diversification and Saving (IDEA) for "Circular Repowering", and within which Endesa has been awarded for the execution of 6 wind farm repowering projects, certain commitments related to the development of a socio-economic plan, as well as aspects related to the Circular Economy, were proposed and assumed within the positive externalities. It should be noted that in the implementation of these projects, the Environmental Product Declaration will be requested in the supply of wind turbines, it will be ensured that at least 70% (by weight) of non-hazardous construction and demolition waste is prepared for recovery, the waste hierarchy will be applied, and blades and other components of wind turbines using composite materials will not be deposited in landfills or sent to incineration.

Scope

• Endesa's wind farm fleet.

Impacts, Risks and Opportunities (IROs) linked to the action

Reduction of waste generation through waste reduction programmes and targets.

• Waste generated in both own and contracted activities.

3. Maximisation of material recovery and equipment recovery in the decommissioning of thermal power plants.

Description

• In relation to the recovery of materials from decommissioning plants, Endesa is changing the concept of waste to that of resources, and will therefore try to reincorporate the materials into other production processes, avoiding the extraction of new raw materials. These projects have included a series of indicators related to the waste generated, recovered and recovered, which allow the results obtained to be easily shown and monitored.
• With respect to the recovery of equipment from dismantling, a second life is sought by firstly considering the internal reuse of the equipment in other Company facilities and, subsequently, the sale to third parties and donation to different stakeholders is analysed.
• The Technical Specifications for the contracting of the demolition of the Litoral Thermal Power Plant and the As Pontes Thermal Power Plant also include the requirement to obtain a Zero Waste Certificate for the works, which implies the recovery or valorisation of more than 90% of non-hazardous waste, thus avoiding sending it to landfill.

Scope

• Endesa's thermal generation plant.

Impacts, Risks and Opportunities (IROs) linked to the action

• Reduction of waste generation through waste reduction programmes and targets.
• Waste generated in both own and contracted activities.

4. "Grid Mining.

Description

• Endesa is developing and applying the "Grid Mining" concept to electricity infrastructures. The idea is to optimise the end-of-life stage of distribution grid assets to retain the value of the materials that make up Endesa's distribution grid. The distribution network, which is made up of lines, metal towers, transformers and other elements, contains mainly metals (copper, aluminium, iron and steel) as well as plastics and ceramics. In particular, nearly 100% of the metallic waste generated is recovered. In 2024, 3,058 tonnes of metal waste were recovered, saving raw materials, energy and carbon dioxide (CO2 ) emissions into the atmosphere.

Scope

• Endesa's electricity distribution network.

Impacts, Risks and Opportunities (IROs) linked to the action

• Reduction of waste generation through waste reduction programmes and targets.
• Waste generated in both own and contracted activities.

The risk "Increased costs derived from higher costs related to the management by Empresa Nacional de Residuos Radiactivos, S.A., S.M.E. (Enresa) of radioactive waste, including spent nuclear fuel and the dismantling and decommissioning of nuclear facilities" has no associated actions as it depends on external factors. Work will continue in the coming years to detect possible actions linked to this Risk.

25.6.4. Metrics and targets

25.6.4.1. Objectives related to resource use and the Circular Economy (E5-3)

23, 25, AR 15, 27, 24 e), f), AR

Endesa considers the management of resource use and the Circular Economy as a key aspect of its operations, setting annual improvement targets that ensure an effective proactive approach to reducing its environmental impact in relation to waste. Having identified the material Impacts, Risks and Opportunities (IROs) and established the commitments regarding waste in its Environmental Policy, Endesa has undertaken to set specific targets linked to these Impacts, Risks and Opportunities (IROs), thereby furthering the commitments in its Sustainability Policy and in its Environmental Policy. These objectives, including their scope and magnitudes, are described below:

Impacts, Risks							Objectives 2024-2026		Objectives 2025-2027
and Opportuni ties (IROs)	ESP objectives(1)	Units	Waste Hierarchy	Scope	2024	2023	2024	2026	2025	2027	Amend ments(2)
Reducing waste generation through waste reduction programmes and targets	Promotion of the minimisation of the production of waste generated in the electricity generation process	Tons	Preven tion	Spain and Portugal. Renewa ble, ther mal and nuclear genera tion	22,444	20,210	—	< 14,000	16,300	15,250	Un changed
Waste generated from both own and contracted activities
Cost increase due to higher costs related to the management by Empresa Nacion al de Residuos Radiactivos, S.A., S.M.E. (Enresa) of radioactive waste, including spent nuclear fuel and the dismantling and decommis sioning of nuclear facilities	(3)	Na	Na	Na	Na	Na	Na	Na	Na	Na	Na

308

(1) Endesa Sustainability Plan (ESP).

(2) Indicates whether there have been any changes in objectives with respect to the previous year.

(3) The Company does not have specific quantifiable metrics for this risk, due to the complexity of defining precise indicators. However, radioactive waste management is entrusted to Empresa Nacional de Residuos Radiactivos, S.A. S.M.E., (Enresa). See Section 25.6.1. of this Consolidated Management Report.

In line with its commitment to responsible resource management, Endesa has defined specific targets to optimise waste management in its ordinary activities. These targets reflect its firm commitment to continuous improvement in environmental performance and the efficient use of resources.

Endesa's waste management targets are voluntary. These targets cover Endesa's entire corporate perimeter, and the opinions of stakeholders have been taken into account in establishing them, as shown in the Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report).

The monitoring of the objectives is carried out annually by the General Directorate of Sustainability, through the measurement of the established metrics. Data collection is carried out with the same frequency, ensuring continuous control over the evolution of the indicators. Progress is reviewed at the Sustainability and Corporate Governance Committee, also on an annual basis, where, through internal presentations, the consolidated data are reflected and possible deviations from the target values are analysed. In addition, the General Directorate of Sustainability and the responsible areas internally assess the results to identify significant trends or necessary adjustments in the strategy for meeting the objectives.

II. Consolidated Financial Statements Audit Report

Statement Verification Report

The indicators, metrics and objectives described above arise from the combination of the Company's strategic objectives for each of its businesses and/ or corporate activities, in relation to Sustainability aspects, which respond to the material Impacts, Risks and Opportunities (IROs) of the 2024 financial year, and the Company's additional response to address the remaining material Impacts, Risks and Opportunities (IROs) not covered in the first case. The time horizon of these objectives is in line with the Company's strategy for the period 2025-2027 and aims to enhance or mitigate the main Impacts, Risks and Opportunities (IROs) resulting from the Double Materiality exercise.

25.6.4.2. Resource outflows (E5-5)

Waste

37 a), b) i, ii, iii, c) i, ii, iii, 39, 40

Endesa has environmental management systems that include specific operating procedures for the management of waste generated in all its activities and which are reviewed on an ongoing basis to detect and promote improvements, as well as to take into account any new legislation that may arise in this area. Waste management is carried out in accordance with the waste hierarchy (prevention, preparation for reuse, recycling, other types of recovery, including energy recovery, and finally elimination), always starting with prevention, and when this is not possible, prioritising the recovery and recycling of the waste generated, especially inert waste, as well as the preparation for reuse of hazardous waste that admits it, for example, used oils or cleaning solvents.

Waste management is contracted with various authorised waste managers, for which mandatory requirements are established regarding documentation, deadlines and operations, requiring a minimum percentage of recovery of both hazardous and non-hazardous waste, prioritising those that ensure final recycling and recovery treatments. To ensure the correct management of waste until its final treatment, Endesa requires all its waste managers to certify the management until the "end of life" of all the waste they remove and, specifically, of the fractions generated by their intermediate treatments. In particular, for some types of waste, it is required to demonstrate final treatment of 100% recycling/recovery.

In parallel, studies are being carried out and pilot projects are being implemented by the different Business Lines to identify viable alternatives (technically and economically) to ensure the recovery or second life of certain types of waste.

Endesa relies mainly on contractors to carry out construction, maintenance and dismantling activities, so that it is their activity that generates waste, establishing the same requirements for them as for waste managed by waste managers under framework contracts, with minimum recovery percentage requirements, and successful results in this respect, with the recovery of non-hazardous waste being practically complete in the construction phase, ensuring its correct classification in the phase in which it is generated. In fact, since 2021, in tenders for demolition work on thermal power plants, contractors have been required to obtain zero waste certification, which means at least 90% recovery in waste management.

The table below shows details of the waste generated by Endesa's activities.

309

Tons	Waste by type of treatment(1)
	Non-Hazardous Waste (NHW)		Hazardous Waste (HW)		TOTAL
	2024	2023	2024	2023	2024	2023
Valorisation
Preparing for Re-use	—	—	—	—	—	—
Recycling (2)	10,773	10,748	12,674	11,075	23,447	21,823
Other Recovery Operations (3)	89	78	789	1,969	878	2,047
Total Waste Recovered	10,862	10,826	13,463	13,044	24,325	23,870
Elimination
Incineration (3)	—	—	32	1	32	1
Landfill	6,805	5,501	1,701	1,025	8,506	6,526
Other Disposal Operations	178	278	988	2,262	1,166	2,540
Total Waste Disposal	6,983	5,779	2,721	3,288	9,704	9,067
TOTAL	17,845	16,605	16,184	16,332	34,029	32,937

(1) Does not contain ash, slag and gypsum, or radioactive waste.

(2) Waste is reported according to the final treatment operation.

(3) Incineration figures for the year 2023 have been broken down between "Other Recovery Operations" and "Incineration" to comply with disclosure requirement AR 9.

310

For the collection of the data reported in the table above, the following procedure is followed:

• Authorised waste managers must periodically report the data on tonnes generated, through weighing systems, as well as their destination: recovery or disposal. This information is stored in the waste register of each unit, as well as in the platforms designated by local administrations. This process is supervised through Endesa's environmental management and quality systems, in accordance with International Standard ISO 14001.
• Annually, the total amount of waste generated in the year is calculated in aggregate, based on the waste register, as well as how much waste has been recovered or disposed of.

37 d)

The total amount of non-recycled waste is 10,582 tonnes, corresponding to 31% of the total.

38 a), b)

The following table shows the materials present in the main waste typologies:

III. Sustainability Statement	IV. Consolidated Management Report
	II. Consolidated Financial Statements Audit Report Verification Report

Waste Typology	Materials in Waste
Industrial Waste	• Oils, absorbents, filter materials and protective clothing, machinery and equipment, meters, accumulators, lead batteries, nickel-cadmium batteries, wood, copper, aluminium, steel, metals, cables, fluorescent tubes and other mercury-containing waste.
Soil and Stones	• Soil, rocks, absorbents, rags, filter materials and protective clothing.
PCB (polychlorinated biphenyls) wastes	• Oils, transformers and capacitors.
Construction and Demolition	• Concrete, bricks, tiles, ceramic materials, bituminous mixtures, coal tar and tarred products.
Oils, Water, other Liquids	• Oil, water, emulsions, sludge.
Other Waste	• Coatings and refractories, other coatings, water, paints, varnish, sludge, municipal waste.
Packaging	• Paper, cardboard, plastic, wood, metal.
Municipal and Similar Waste (urban and forestry pruning)	• Plant remains.
Asbestos	• Asbestos-containing materials.

Endesa also produces radioactive waste generated in nuclear power plants, which is shown below:

m3	2024	2023
Solids	234.98	172.40

25.6.4.3. Anticipated financial effects of Risks and Opportunities related to the use of resources and the Circular Economy (E5-6)

43 a), b), c)

As this disclosure requirement is in a process of gradual implementation ("phase in") at the date of preparation of this Consolidated Management Report, Endesa has an action plan in place to respond to this requirement, on which it will provide qualitative details in future years.

26. SOCIAL INFORMATION

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

VI. Statement of Responsibility

313

26.1 Own Workforce (ESRS S1)

Below is a description of the information related to the company's own workforce that will enable an understanding of the way in which Endesa affects its own workforce in terms of actual or potential material Positive and Negative Impacts, also detailing the material Risks and Opportunities for the company related to them. It also describes the actions taken and the results thereof to prevent or mitigate actual or potential negative impacts, which are material to avoid incidents on its own workforce and optimise material positive impacts, and to manage the related risks and opportunities.

The table below details the material Impacts, Risks and Opportunities (IROs) related to this subject that apply to Endesa and includes their definition, typology and associated Policy:

Table of Impacts, Risks and Opportunities (IROs) Materials - Own Workforce

Impact, Risk and Opportunity (IRO) Typology		Sub-theme Sub-sub-theme	Definition	Type Impact, Risk and Opportunity (IRO)	Associated Policy
	Other la bour rights	Child labour	Ensuring respect for Human Rights in Endesa's activities by monitoring possible violations through Human Rights Due Dili gence processes.	Real	Human Rights Policy
		Forced labour
	Equal treat	Gender equality and equal pay for work of equal value	Creation of new employment opportunities		Diversity and Inclusion Policy
	ment and opportuni ties for all	Training and ca pacity building	through the stimulation and development of qualification programmes.		"Workforce Evolution Engagement Process
Positive Impact	Working conditions	Secure employment	Improving working conditions in the Com pany through recruitment, remuneration and benefits policies.		Human Rights Policy
		Working times			Human Rights Policy
		Adequate salary			Remuneration Policy
		Work-life balance			Work-Life Balance Policy Disconnection Policy
	Equal treat ment and opportuni ties for all	Training and ca pacity building	"Upskilling" and "reskilling" of employees affected by the closure of conventional power plants.		"Workforce Evolution Engagement Process
Negative Impact	Equal treat ment and opportuni ties for all	Employment and inclusion of people with disabilities	Insufficient inclusion of groups due to the lack of appreciation of Diversity in the Company due to the absence of models	Potential	Diversity and Inclusion Policy
		Diversity	that guarantee their inclusion.

ર 台 ぐ ≫	0 H
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Table of Impacts, Risks and Opportunities (IROs) Materials - Own Workforce
Impact, Risk and Opportunity (IRO) Typology		Sub-theme Sub-sub-theme	Definition	Type Impact, Risk and Opportunity (IRO)	Associated Policy
Risk	Working conditions	Health and safety	Possible increase in occupational accidents of own staff and of suppliers and contrac tors due to the increase in activities in the renewable or distribution business caused by the increase in investments in these technologies.	Potential	Health and Safety Policy (SSL)
Opportunity	Working conditions	Health and safety	Reduction of accidents in the working en vironment of workers and contractors due to an appropriate socio-cultural health and safety environment.	Potential	Health and Safety Policy (SSL)

26.1.1. Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and Business Model (ESRS 2 SBM-3)

Impacts, Risks and Opportunities (IROs)

13 a) b) 14 a) 15

To identify Impacts, Risks and Opportunities (IROs), Endesa has performed a Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report) in which the Company performs a context analysis analysing, among other reference information, Endesa's current strategy and Business Model and information relating to its own workforce. This documentation is used by Endesa to adapt its strategy and is fully integrated, through various objectives and targets, into the Endesa Sustainability Plan (ESP).

Endesa has collected the results of various internal surveys that the company conducts with its own employees to assess their priorities and perceptions of performance, as well as carrying out a direct consultation with employees in Spain and Portugal to identify and assess various impacts. These direct consultations were carried out by means of a mass mailing through online surveys which addressed different topics of the interaction between the Company and its own staff, and through a Focus Group with a smaller selection of employees where they were invited to exchange information through open dialogue. These results, together with what the internal area of the company that manages the stakeholder group receives through the various communication channels, are used to establish the lines of action on which Endesa develops its business model and sustainability strategy.

The process of identifying Impacts, Risks and Opportunities (IROs) has taken into account the Impacts that the Company generates on the stakeholder group of its own workforce through its activities, as well as any possible dependence in relation to them. The material risks and opportunities for Endesa related to its own workforce are linked to health and safety aspects. This information is related to the planned investments in renewable generation reducing workplace accidents.

workers:

(ETTs).

impacts.

and distribution reflected in the update of Endesa's Strategic Plan 2025-2027. Additionally, the fact that the company has a Positive Impact in terms of promoting the wellbeing and health of its employees would provide an opportunity to continue working on

Endesa employs both salaried and non-salaried

• Salaried employees are employees on the payroll. • Non-salaried employees are self-employed contractors working for Endesa, as well as people hired through Temporary Employment Agencies

Endesa does not have a typology of employees with specific characteristics that are affected by its

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

Impacts

14 b)

Negative Impacts are described below and it is indicated whether they are generalised or individual:

Negative Impacts	Generalised/Concrete or Individual
• Insufficient inclusion of disad vantaged groups due to a lack of appreciation of diversity in the company because of the absence of models that guar antee their inclusion.	• This is a widespread impact in the context in which the Company operates.

Impacts

14 c)

With respect to the Positive Impacts, the activities that generate or may generate them and the personnel affected by them are detailed below:

Positive Impacts	Activities	Type of staff
• Creation of new employment opportunities through the stimulation and development of qualification programmes.	• Employment created in the construction process and the execution of renewable projects promoted by Endesa.	• Salaried employees • Non-salaried employees
• Improving working conditions in the Company through Remuneration and Benefits Policies.	• A market wage is established as a fair wage for each activity, always above the Minimum Interprofessional Wage (SMI). • All Endesa employees are entitled to the catalogue of social benefits, in addition to being participants in the Pension Plan, unless they expressly waive their entitlement to it.	• Salaried employees
• Ensuring respect for Human Rights in Endesa's activities by monitoring possible violations through Human Rights Due Diligence processes.	• Endesa carries out a Human Rights Due Diligence process to identify potential impacts and establish action plans for their management and mitigation.	• Salaried employees • Non-salaried employees
• "Upskilling and reskilling of employees affected by the closure of conventional power plants to support a Just Energy Transition.	• Futur-e" plans that aim to help mitigate the impact of thermal power plant closures by boosting economic activity and employment in the surrounding area.	• Salaried employees

Risks and Opportunities

14 d)

The material risks and opportunities for Endesa related to its own workforce are linked to the health and safety of its employees. In this case, it depends closely on how the company deals with health and safety issues and how its own workforce comply with the provisions established to ensure the highest health and safety standards, a fundamental pillar of Endesa's Business Model. This risk has been identified for employees of the distribution and generation business lines that carry out actions arising from the operation of these facilities and the development of investments by specific groups, although it is an inherent risk across the board in all the company's activities.

Additionally, the fact that the company has a Positive Impact in terms of promoting the wellbeing and health of its employees and raising awareness of safety issues to reduce the accident rate of both its own staff and its supply chain offers the opportunity to continue working on reducing the accident rate in the workplace.

Impacts on people resulting from the Transition Plan

14 e

The actions carried out within the framework of Endesa's Transition Plan may have a negative impact on the staff of the 5 coal-fired thermal generation plants currently in the process of closure.

The "Futur-e" plans that Endesa is implementing to manage the negative impacts of each plant in the process of closure (see Section 26.3.3.2 of this Consolidated Management Report) include a focus on its own employees. Re-employment plans are underway, after negotiation with trade union representatives, to relocate employees for vacancies that arise in the Company, with criteria that minimise geographical mobility and with training measures to improve the technical skills of employees.

These plants are all being decommissioned, albeit with varying degrees of progress:

Thermal Power Plant	Degree of progress
Andorra (Teruel)	• Completed by 31 July 2024, the main dismantling works.
Compostilla (León)	• 75% progress.
Litoral (Almería)	• 39% progress.
As Pontes (A Coruña)	• Start of decommissioning work by the end of 2024.
Alcudia (Balearic Islands)	• Reduced dismantling of groups I and II completed. Pending III and IV.

Operations with significant risk to people

14 f) i, ii g) i, ii

316

Endesa has not identified any operations with a high risk of child or forced labour. Endesa operates in an environment, mainly Spain and Portugal, where there is a regulatory framework that establishes the necessary guarantees to ensure that there are no violations of child or forced labour and guarantees strict compliance with current legislation, as well as international standards and the principles of the International Labour Organisation (ILO) in this area.

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26.1.2. Policies related to own workforce (S1-1)

19, 23, 24 a), b), c), d), AR 10

Endesa has various policies in place to manage the material impacts, risks and opportunities (IROs) related to its own workforce, as detailed below.

Endesa's VI Framework Collective Bargaining Agreement

In 2024, Endesa agreed a new Framework Collective Bargaining Agreement, which will regulate employees' working conditions and will be in force from 1 January 2024 to 31 December 2028, i.e. for a period of 5 years.

This agreement includes labour and social advances, adapting to the current socio-economic environment, in which there are continuous transformations affecting economic activity in general and the electricity sector in particular. The new agreement reflects the company's efforts to guarantee stability and significant improvements for Endesa employees, while maintaining a balance between the company's needs and labour rights

The functional scope of the VI Framework Collective Bargaining Agreement extends to Endesa, S.A., Enel Iberia S.L.U., and other companies specified in Article 2 thereof, covering 90.5% of the salaried employees of Endesa, S.A. and its subsidiaries, including future companies resulting from corporate reorganisations affecting the current companies to which the VI Framework Collective Bargaining Agreement applies. It therefore applies throughout Spain and to all employees of the companies included, with specific exceptions for personnel regulated by Royal Decree 1,382/1985 of 1 August 1985 and managerial functions.

Endesa's VI Framework Collective Bargaining Agreement introduces several changes and updates with respect to the V Framework Collective Bargaining Agreement. Below is a summary of the main aspects and changes:

Main Aspects

Economic Growth

• Fixed 1% increase for each of the years of application of the Framework Collective Agreement.

• Additional increases, based on Consumer Price Index (CPI) and EBITDA compliance (see Section 9 of this Consolidated Management Report).

Complementary Social Protection

• increase in contributions to the Pension Plan for workers in Module VI.

• Incorporation of a health policy for the workforce, with a progressive contribution from the company covering 40% of the amount in 2025 and reaching in 2029.

Working Time

• Progressive reduction of annual working hours, starting with 16 hours less in 2025 and 8 hours less each year thereafter. By 2028, the annual working time will be 1,656 hours.

Social Benefits

• Electricity supply.
• Study grants
• Housing loans and credits.

• Support for employees with children with disabilities.

Work-Life Balance

• Guarantee of the right to digital disconnection outside working time.

• Paid sick or bereavement leave on working days.
• Increased reconciliation measures for staff with disabilities.

Diversity

• Endesa's Equality Plan in order to establish corrective measures to achieve the goal of effective equality between men and women.

• Adoption of measures against discrimination against Lesbian, Gay, Bisexual and Transgender (LGTBI) people and a protocol to promote an inclusive environment.

• Extension of compulsory retirement to 68 years of age, with a commitment to hire one person for each retirement.

Inclusion Framework Guarantee Agreement

The VI Framework Collective Bargaining Agreement also maintains the Joint Prevention Service, with specific Occupational Health and Safety (OHS) functions, and guarantees the health and safety of employees through regular monitoring of the health statement of Endesa employees.

The body responsible for the implementation of the VI Collective Framework Agreement is the management of the Company.

Endesa had two collective bargaining agreements in force at the end of 2024, the aforementioned agreement and the collective bargaining agreement of the Ascó-Vandellós II Nuclear Association, A.I.E., which affected 7,865 people, 88% of the workforce.

						Endesa Employees
	Spain				Portugal				Total Spain and Portugal
	Employees		%		Employees		%		Employees	%
	2024	2023	2024	2023	2024	2023	2024	2023		2024
Convention Staff	7,865	7,971	89%	88%	—	—	0%	0%	7,865	88%
Non-Convention Staff	1,020	1,031	11%	12%	29	33	100%	100%	1,049	12%
TOTAL	8,885	9,002	100%	100%	29	33	100%	100%	8,914	100%

Diversity and Inclusion Policy

The Diversity and Inclusion Policy rejects all forms of discrimination and is committed to ensuring and promoting Diversity, inclusion and equal opportunities. The Diversity and Inclusion Policy covers the following grounds of discrimination: racial and ethnic origin, colour, sex, sexual orientation, gender identity, disability, age, religion, political opinion, national extraction or social origin, as well as all other forms of discrimination covered by European Union (EU) and national legislation. In 2024, the Diversity and Inclusion Policy was revised to include 2 new dimensions of Diversity (the dimensions: age, gender, nationality and disability are maintained):

• Parenting and care: with a focus on meeting the needs of parents and carers of elderly and dependent people.
• Affectional orientation and gender identity: with a focus on a workplace free from stereotyping, discrimination, bullying and harassment, and inclusive and respectful behaviours.

In addition, the scope of application of the disability dimension is widened by incorporating neurodivergent conditions and vulnerabilities into this Diversity pillar.

Continuous monitoring of objectives is reinforced by presenting results and highlighted actions to the Board of Directors.

Based on the principles of non-discrimination, equal opportunities and dignity for all forms of diversity, inclusion and reconciliation of personal, family and professional life, Endesa undertakes to implement specific actions to promote non-discrimination and inclusion in the dimensions that make up its Diversity Policy, as well as to regularly monitor the actions and the different indicators. Continuous commitment, clear and conscious responsibility at all levels regarding daily behaviour, and continuous improvement of key internal processes with a Diversity perspective, are the 3 fundamental pillars of the new edition of the Diversity, Equity, Inclusion and Belonging Policy (DEIB). Emphasising that continuous improvement is based on constant listening to employees, Employee Resource Group (ERG) activities and engagement with other external stakeholders.

This Policy is implemented in all Endesa companies for salaried and non-salaried employees, and responsibility for its implementation lies at executive level with the General Manager of People and Organisation (P&O) and the Chief Executive Officer and, ultimately, with the Sustainability and Corporate Governance Committee, which reports to the Board of Directors, which annually monitors the actions arising from the Diversity and Inclusion Policy.

The Diversity and Inclusion is implemented with an action plan for each of the dimensions of Diversity (disability, gender, age, etc.). In addition to the specific action plans for each dimension, there are performance indicators (KPIs) for monitoring which are included in the Endesa Sustainability Plan (ESP) and/or sent monthly to managers and the entire workforce (Diversity thermometers). In addition, awareness training is provided to prevent discrimination (training on disability, gender, LGTBI (Lesbian, Gay, Bisexual and Transgender), etc.). In the event that discrimination is detected (there is a specific report of data detected), the different protocols are activated depending on the type of discrimination (sexual, harassment, Lesbian, Gay, Bisexual and Trans, (LGTBI), etc.). Finally, in addition to the specific plans and performance indicators (KPIs), there are the plans required by law, such as the equality plan, which has specific measures.

Likewise, as the main procedure for preventing discrimination, there is a Harassment Protocol and an Action Protocol for the Prevention, Eradication and Action in situations of Sexual Violence, through which control and monitoring measures are established to prevent and act in situations of discrimination and sexual violence.

During 2024, Endesa implemented a new protocol for the prevention of sexual violence and the Lesbian, Gay, Bisexual and Transgender (LGTBI) Act as part of the new Collective Framework Agreement.

Endesa is committed to the inclusion of people with disabilities, as a result of which it collaborates with foundations for the incorporation of people with disabilities, training and awareness-raising for teams in the event of the incorporation of a person with a disability, etc.

Endesa is also committed to the incorporation of under-represented groups, such as women in technical areas, and includes commitments with targets for the incorporation of women in selection processes and in positions of responsibility. These measures are included in the Equality Plan and a series of indicators have been identified to monitor them.

For more information on the actions and objectives set out in Diversity, see Sections 26.1.4. and 27.1.5 of this Consolidated Management Report.

Health and Safety Policy (SSL)

The Health and Safety Policy (H&S Policy) establishes Endesa's commitment to the continuous improvement of working conditions and the health and safety of its employees. Endesa implements its Health and Safety Policy (H&S Policy) in all companies that form part of the Company's perimeter. The Chief Executive Officer and the Management Committee participate in the process of continuous improvement, monitoring and compliance with the Health and Safety Policy, focusing on the evolution of qualitative and quantitative objectives, behaviour by business, accident and absenteeism indicators, as well as serious and fatal accidents, and may also determine the need to prioritise new improvement action plans to be designed and implemented in each organisational area.

Endesa has an Occupational Health and Safety Management System, in accordance with International Standard ISO 45001, a set of responsibilities, processes and resources for managing the production process. The company's senior management, represented by the Chief Executive Officer, reviews this system on an annual basis.

In addition, and with the aim of reinforcing risk awareness and encouraging responsible behaviour to ensure that work is carried out with quality and without accidents, the "Stop Work Policy" is available. This initiative urges all workers to act quickly and stop any activity that poses a risk their own or others' health and safety, any risky behaviour and any action, omission or situation that could create a risk or cause an accident or harm.

Disconnection at Work Policy

The Disconnection at Work Policy is an internal policy, applicable to Endesa salaried employees, which regulates the right to digital disconnection of Endesa employees. The Policy defines the right to digital disconnection and the training and awareness-raising activities that the company provides for employees

to make reasonable use of technological tools in order to avoid the risk of computer fatigue. The aim of this Policy is to ensure that work is carried out in a way that respects the working day of the worker, in order to guarantee the right to computer/digital and work disconnection in relation to the effective reconciliation of personal, family and work life. In this sense, as it is an agreement reached in the Equality Commission with the Social Representation, this Policy is available to all workers.

This Policy applies to all companies within the scope of application of Endesa's 6th Framework Collective Bargaining Agreement and responsibility for its implementation lies with the General Directorate of People and Organisation (P&O), which, through the Labour Relations Unit, ensures compliance with it.

Endesa's Remuneration Policy

Endesa's Remuneration Policy is aligned with the recommendations of national and international regulations on Corporate Governance and ensures that its employees are compensated competitively and fairly. Endesa's remuneration policy is governed by the 6th Framework Collective Bargaining Agreement, which applies to all companies within the scope of the agreement and Endesa's salaried employees. Employees excluded from the 6th Framework Collective Bargaining Agreement are remunerated according to the value of each position, applying good market practices to ensure the attraction and retention of talent in the Company. Responsibility for its implementation lies with the General Directorate of People and Organisation (P&O), which is responsible for applying the remuneration processes.

Human Rights Policy

20 a), b), c), 21, 22, AR 12

Endesa's Human Rights Policy expresses its commitment to respecting the human rights of all stakeholders in the value chain. With regard to its own workforce, the Policy establishes the labour practices on which it focuses the protection of the Human Rights of its own workforce, both salaried and non-salaried:

Work Placements
• Rejection of forced or compulsory labour and child labour.
• Respect for diversity and non-discrimination.
• Freedom of association and collective bargaining.
• Health, safety and well-being.
• Fair and favourable working conditions.
• Rejection of forced or compulsory labour and child labour.

With this Policy Endesa expresses its commitment to respect all Human Rights, and especially those that are closely related to its Value Chain, in line with the consultation with its stakeholders carried out according to the criteria listed in the United Nations Global Compact Guide for Business: How to develop a Human Rights Policy. Through its Human Rights Policy, Endesa is committed to respecting these principles in all countries where it operates, taking into account local cultural, social and economic diversity, requiring each of its stakeholders to behave in accordance with these principles, paying particular attention to high-risk or conflict-affected contexts. By stakeholders, Endesa considers any party with a direct or indirect interest in the Company's activities, such as, for example, customers, employees of any type and hierarchical level, suppliers, contractors, partners, other companies and trade associations, the financial community, civil society, local communities and indigenous and tribal populations, national and international institutions, the media and the organisations and institutions that represent them.

Endesa's Human Rights Policy is aligned with the United Nations Guiding Principles on Business and Human Rights and is based on the following fundamental values of international and European law and applies its founding principles:

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

International Frameworks of Reference: International and European Law

• The United Nations (UN) International Bill of Human Rights:
• Universal Declaration of Human Rights.
• International Covenant on Civil and Political Rights.
• International Covenant on Economic, Social and Cultural Rights.
• The fundamental conventions of the International Labour Organisation (ILO) Nos. 29, 87, 98, 100, 105, 111, 138, 182 and the Declaration on Fundamental Principles and Rights at Work.
• The UN Convention on the Rights of the Child.
• International Labour Organisation (ILO) Conventions Nos. 107 and 169 on the rights of indigenous and tribal peoples.
• The European Convention on Human Rights.

The latest versions of the following corporate standards and voluntary initiatives have also been taken into account:

International reference frameworks: Business Standards and Voluntary Initiatives

• The principles of the UN Global Compact.

• The Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises.

• The Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy of the International Labour Organisation (ILO).
• The "UN Guiding Principles on Business and Human Rights: Implementing the UN Framework to 'Protect, Respect and Remedy'.
• The United Nations Declaration on Indigenous Peoples.
• The UK Modern Slavery Act 2015.

• International Finance Corporation Standard No. 5 on "Environmental and Social Sustainability Performance Standards".

Endesa is committed to remedying any negative impacts on its own workforce in relation to human rights. To this end, the Human Rights Policy provides that when any person related to Endesa, whether an employee or an external person, considers that a situation exists that is contrary to the provisions of the Policy, they may report it through the mechanisms established by the Company. A Human Rights Due Diligence process is also carried out to identify possible risks in this area. For more information on these mechanisms, see Section 26.1.3 of this Consolidated Management Report.

Any employee who considers that there is a situation contrary to what is stated in the Policy can report it through the aforementioned mechanisms.

The implementation and monitoring of the commitments expressed in this document are based on the Human Rights Due Diligence process. Furthermore, the Sustainability Planning and Stakeholder Management organisational unit within the General Directorate of Sustainability is the area responsible for the integration of this Policy into the company's processes and for ensuring that Human Rights Due Diligence activities are carried out.

Endesa's Human Rights Policy and Code of Ethics comply rigorously with international standards, such as the United Nations Global Compact and the UN Guiding Principles on Business and Human Rights.

For further information, please consult the Policy on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

"Workforce Evolution Engagement Process"

Endesa describes with this process its commitment to personnel development, with the objective of an integrated model for the development, implementation and continuous improvement of strategies for the organisation, applying this procedure to all salaried employees.

Through the "Workforce Evolution Engagement Progress", the aim is to anticipate and proactively develop the functions and skills required to support business objectives, internalise strategic competencies and optimise the allocation of resources according to real needs, which represents a clear and distinctive factor of competitive advantage for Endesa's employees. This process includes, among others:

Procedures

• Strategic workforce planning mechanisms to anticipate the need for critical functions and competencies.
• Identification of new jobs based on a global approach involving the People and Organisation (P&O) Units.
• Internal promotions and/or applications within the organisation that can be used to meet the demand for resources.

Endesa promotes training with the aim of internal optimisation, allowing greater agility, stability and commitment in its own workforce, thus covering the demand for personnel internally.

26.1.3. Processes

26.1.3.1 Processes for interacting with own workers and workers' representatives on Impacts (S1-2)

27 a), b), c), d), e), 28, AR 24

322

The perspectives of Endesa's own workforce are taken into account when making decisions and developing activities to manage potential impacts on employees. Within the framework of Endesa's labour regulations and the provisions of Title III of the Workers' Statute, and in order to implement labour relations based on dialogue and agreement, the company recognises the trade union representatives who are signatories to Endesa's collective bargaining agreements as the necessary interlocutors to facilitate the resolution of any conflicts that may arise in the social and labour dynamics that may arise in the company. Endesa has 3 trade union sections as resources for managing the processes of interaction with employees.

Communication with own staff takes place on a regular basis, through various channels or procedures.

At Enel Group level, there is a European Works Council, as a global trade union interlocution body. Employee consultation and participation in Occupational Health and Safety (OHS) matters is provided for in Endesa's 6th Framework Collective Bargaining Agreement (see Section 26.1.2 of this Consolidated Management Report), specifically through the Commission for Participation and Management Control of Preventive Activities and the Occupational Health and Safety (OHS) Committees provided for therein.

In addition to the perspectives gathered through the Trade Union Representations, the views of the staff themselves are also collected through surveys and interviews to ensure that the actions put in place take into account their views.

There are different surveys that gather the opinion of employees on commitment, working environment and well-being throughout the year, which are detailed in this section. The results of the surveys are also published by the General Directorate of Communication to all employees.

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Financial Statements Audit Report

III. Sustainability Statement Verification Report

With regard to data protection, in order to raise the awareness of the function regarding the protection of people's data in the Company and to facilitate access to information and interaction on data protection, the "Datakeeper" pilot initiative has been implemented, promoted by the General Directorate

of People and Organisation (P&O) in collaboration with the Legal Advice Department for all people in the General Directorate of People and Organisation (P&O). This initiative is articulated through various communication and information channels:

Communication and Information Channels

• SharePoint "Datakeeper": Centralised platform with resources, standards and training.

• Internal communications: Newsletters and messages with reminders and challenges to maintain awareness.
• Interactive workshops: Practical sessions to address real cases and encourage participation.
• Course "General Data Protection Regulation": Mandatory training with a focus on concrete cases.

• Team of experts: Professionals from the General Directorate of People and Organisation (P&O) and the Legal Department are available to answer questions and provide advice.

With regard to "upskilling/ reskilling" training, once the "online" training is completed or 30 minutes before the end of the virtual/on-site training, all Endesa employees are provided with a digital satisfaction questionnaire that allows them to answer whether the training content favours professional development, broadens their knowledge to progress in their professional career or provides new skills for the performance of their job. The results obtained allow the unit responsible for training to validate and make action plans to improve content, duration, modality, etc., if appropriate.

Climate Survey

The Climate Survey the main survey launched across the organisation. This survey, which is conducted annually and was carried out in fiscal year 2024, is instrumental in assessing how employees feel about and connect with the organisation. By gathering opinions on aspects such as communication, leadership and development opportunities, it provides a clear picture of the working environment. Endesa uses the results to implement improvements that foster a positive and inclusive work environment, thus building together a workspace that responds to employees' expectations and needs. This process is carried out with the entire Endesa workforce in mind.

Psychosocial Risks Survey

In addition, the Psychosocial Risks Survey is launched every 5 years. The evaluation of psychosocial risks is a fundamental process that not only complies with the legal obligations established in Law 31/1995, of 8 November, and Law 54/2003, of 12 December, but also reflects the Company's commitment to the wellbeing of all employees. This process, defined in article 3.1 of the Prevention Services Regulations (RSP), seeks to optimise working conditions, promoting a healthier and more productive working environment. This process is carried out taking into account the entire Endesa workforce.

Psychosocial risk assessment is the first step towards a work organisation that prioritises mental and emotional health. By integrating action on these factors into the overall management of risk prevention, a space is created where the concerns and suggestions of all employees are valued.

Within Endesa, this approach has been agreed and approved by the Workers' Representatives. The frequency of these evaluations, every 5 years, together with follow-up surveys, ensures that the actions are effective.

Wellness Plan Surveys

In addition, the Welfare Plan includes periodic questionnaires that are sent to all employees in a consecutive manner to understand how they feel in their professional and personal environment on a physical, psychological and relational level. Specific questions are also included to understand the needs and interests of people with disabilities.

In addition, in 2024 a great deal of focus has been placed on disseminating the Company's new values,

which are an important element for employee engagement and well-being. In this regard, after launching the communication campaign, initiatives and satisfaction questionnaires have been carried out to assess the level of knowledge and alignment with the values and, in this way, to assess commitment to them. For example, this year the third edition of the "Endesa days" was held with a focus on the territories. A number of simultaneous events were held in all Endesa's territories, such as business talks, development presentations focusing on values, recognition and moments of relaxation that helped reconnect people with the business strategy. These events are evaluated by those attending the meetings.

Stakeholder consultations

324

During the Human Rights Due Diligence process, Endesa, through an external expert in Human Rights, carries out various consultations with its stakeholders, including its own workforce, both in the context analysis phase and in the phase of assessing the potential impacts of the activity. In the case of employees, the consultations consist of anonymous surveys and semi-structured interviews with the sample selected by the General Directorate People and Organisation (P&O). The impressions gathered are taken into account when assessing the potential impacts of Endesa's activities, as well as when establishing measures for the Human Rights Due Diligence action plan approved by the Board of Directors through the Sustainability and Corporate Governance Committee.

In addition, through the Double Materiality analysis consultation process, the company gathers the main needs of its employees, which it subsequently integrates into the design of its sustainability strategy. This consultation is carried out through online surveys and group meetings. For more information, see Sections 24.4.2. and 24.5.1. of this Consolidated Management Report.

Prisma Channel

The Prisma channel is a means provided by the company to warn of any cleaning or maintenance incident in the facilities.

The channel provides the Prism@Net application for reporting cleaning and maintenance incidents, and you can easily access this platform through the link, create the record and follow up on it. The contact details for support of this platform are: e-mail: prisma@endesa.es and telephone: 902 180 748.

Employees can also make use of the new mailbox Servicios te responde, where they can explain their needs by e-mail.

Other channels

In addition to the regular surveys of the entire workforce, the "Business Partner" team of the General Directorate of People and Organisation (P&O) conducts an annual personal interview to detect the concerns, motivation and commitment of employees.

Another area for listening to employees is Endesa's Communities, which continue to consolidate and have grown (currently almost 3,000 people), segmenting employees by interest groups (Women's Community, Data Experts, LGBTI Community (Lesbians, Gays, Bisexuals and Trans), "Energy Linkers" Community, Inclusion Community, etc.), which have also contributed to improving the climate and commitment of employees. This engagement is carried out specifically with these groups. Endesa's own staff includes people with disabilities categorised as vulnerable groups and, in addition to carrying out initiatives to promote their inclusion and integration, their perspectives are taken into account by the company through meetings of the Inclusion Community.

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26.1.3.2. Processes to remedy Negative Impacts and channels for workers to raise their own concerns (S1-3)

32 a), b), c), d), e), 33, AR 30

In June 2023 Endesa adopted the necessary measures to comply with Law 2/2023, of 20 February, regulating the protection of people who report regulatory breaches, implementing the Internal Whistleblower Protection System. This system consists of a compliance model that includes, among other measures, a Policy, a Procedure for the Management of reported facts and a person in charge (Supervisory Committee), establishing a specific channel within the organisation for its processing called the Information Channel. This channel has a platform managed by an external and independent firm that guarantees confidentiality and compliance with other legal obligations in this area. The Internal Whistleblower Protection System also allows information to be submitted anonymously, prohibits retaliation in any form, and establishes support measures and special protection for personal data, which is further proof of Endesa's commitment to complying with the most advanced ethical and regulatory compliance principles applicable in this area.

Endesa makes the Information Channel available to all its stakeholders, including its employees on its intranet, so that they can report, securely and anonymously, any irregular, unethical or illegal conduct which, in their opinion, occurs in the course of the Company's activities.

In 2024, various communications and training actions were carried out for the entire workforce, including references to the Internal Whistleblower Protection System: signing of the Company's commitment to ethics and compliance, publication of newsletters, courses and adherence to the Code and Procedure for Comprehensive Protection from Sexual Violence in the Workplace.

When any person related to Endesa, whether an employee or an external person, considers that there is a situation that could be covered by the whistleblower protection regulations, they can report it through the following mechanisms:

• In writing: by accessing the website:

https://www.endesa.com/es/accionistas-einversores/gobierno-corporativo/sistema-internode-proteccion-del-informante

or on the intranet, in the Corporate Governance-Ethics and Compliance section, or by e-mail to eticaycumplimiento@endesa.es in the case of Spain and Portugal, or by post to (i) in Spain, the Audit General Directorate at Endesa's head office in Madrid at Calle Ribera del Loira 60, 28042 (ii) in Portugal, the Legal Department, at Quinta da Fonte, Edf. D. Manuel I, piso 3, Ala B, 2770-203 Paço de Arcos.

• Verbally: by telephone on 900 990 011 (Spain) or 800 800128 (Portugal), or courier service or
• In person by contacting Endesa's Audit General Directorate (Spain) or Legal Department (Portugal) at the addresses indicated above. The facts reported in Portugal will be referred to the Audit General Directorate and will be handled in the same way as the rest of the facts reported.

The Audit General Directorate is in charge of ensuring the correct treatment of the facts reported through a homogeneous methodology and acting independently from the other Company Units. It has access to all Company documents necessary for the exercise of its functions.

However, the communication of facts with knowledge of their falsity or reckless disregard for the truth could lead to the liabilities envisaged in the regulations in force. In the event that complaints about commercial and/or operational issues are reported through the Information Channel, an analysis is made of whether there has been an incorrect practice and when it is confirmed that they are operational issues, they are referred to the competent units of the organisation for management.

The analysis of trends in the use of the Information Channel shows that the different stakeholders are aware of and use this channel to report irregular, unethical or illegal conduct in a secure and anonymous manner.

Endesa acts to protect whistleblowers from any form of retaliation when processing information provided through the Information Channel, understood as any act that may give rise to the mere suspicion that the person in question may be subject to any form of discrimination or penalisation. Furthermore, through the Whistleblower Protection Policy, the confidentiality of the identity of whistleblowers is guaranteed, unless otherwise provided for in the applicable legislation. For further details on this Policy, see Section 27.1.3 of this Consolidated Management Report.

In all cases in which, as a result of the investigation of a reported fact, it is determined that there has been a breach of the principles set out in Endesa's Policies, the system of sanctions established in the organisation's Framework Collective Bargaining Agreement is applied, without prejudice to the possibility of resorting to other measures that may exist in accordance with the applicable regulations.

26.1.4. Take action on material impacts on own staff, and approaches to mitigate material risks and pursue material opportunities related to own staff, and the effectiveness of those actions (S1-4).

37, 38, 39, 40, 41, 43, AR 42, AR 43, AR 45, AR

326

Endesa seeks to mitigate and prevent the materialisation of Negative and Positive Impacts, Risks and Opportunities (IROs) through the development of various actions, which are detailed below. These actions are designed, in turn, to achieve the objectives defined in the associated policies (Diversity and Inclusion Policy, Health and Safety Policy (SSL), Disconnection Policy, Endesa's Remuneration Policy, Human Rights Policy and Workforce Evolution Engagement Process).

In this regard, it should be specified that Endesa does not have any material negative impact that is not currently being managed in an appropriate manner, thus mitigating the adverse effects that may be occurring on the communities affected by it.

The main actions taken and planned or underway to prevent, mitigate or remedy material Impacts, Risks and Opportunities (IROs) related to own staff are presented below:

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements
Other Stakeholders	Audit Report	Verification Report

VI. Statement of Responsibility

		Investment / Cost earmarked for the Action			Results
	Scope / Corrective	Investment (I) /	Amount (millions of	Time	Expected
Actions	Actions(1)	Cost (C)	euros)	Horizon	results	2024	2023
Carried out
Allocation of 2% of the Scholarship Scheme for people with disabilities	1.				10 additions	8	9
Publication of vacancies in the State Public Employment Service (SEPE) for compliance with the General Disability Act (LDG)	2.				17 publications	10	10
Inclusion of a non discrimination disclaimer in job advertisements (internal and external)	3.				100%	100%	100%
Recruitment of external vacancies for people with disabilities	4.			Short	15 recruitments	4	5
Minimum percentage of people with disabilities on the staff of all Endesa companies	5.			Term	1%	0,97%	1,08%
Assignment of reference persons by Business Lines to promote initiatives for people with disabilities	6.				25 people	25	25
Trainings for the inclusion of people with disabilities	7.	Na			2	3	2
Communication initiatives integrating employees with disabilities	8.				3	3	3
Deployment of gender action plan (increase women's presence)	9.			Medium Term	• No. of girls trained in Science, Technology, Engineering and Math ematics (STEM). • % of women in positions of • Responsi bility / total women. • No. of ac tions to pro mote female leadership	• 1,702 girls trained • 22% / 42 women • "Manag er"/192 total "Manager" • 3 actions	Na
Encouragement of employee training (Employees/training hours/employee)	10.				No. of hours of	46,35	52

		Investment / Cost earmarked for the Action				Results
Actions	Scope / Corrective Actions(1)	Investment (I) / Cost (C)	Amount (millions of euros)	Time Horizon	Expected results	2024	2023
Planned
Deployment of the social benefits of the Convention Promotion and encouragement of social benefits according to the Agreement	11.				• No. of Com munications of social benefits of Agreement	4	Na
Deployment of action plans for other dimensions of Diversity (disability, multiculturalism, age, Lesbian, Gay, Bisexual and Trans (LGBTI)) Implementation of initiatives on interculturality to promote awareness and inclusion in the organizational context	12.			Medium Term	• No. of actions to promote Diversity • No. of employees involved	6	7
Accident prevention measures and prevention plans at work	13.	Na			Assessment of the effectiveness of the measures: actual reduction of fatal accidents among own staff and actual reduction of the Frequency Index (FI) among own staff.	0 fatal accidents. IF with "in itineres": 3.69	0 fatal accidents Frequency Index (FI) with "in itineres": 3.36
Training in Occupational Risk Prevention (ORP)	14.			Medium Term	No. hours of training	113,050	124,161
Analysis of events and identification of possible non conformities in each inspection performed and recorded	15.				% based on the number of inspections	100% out of 106,697 inspections	100% out of 117,775 inspections
Follow-up and management of the inspections carried out and registered	16.				carried out

(1) The description and scope of each of the actions is detailed below following the numbering shown in the table.

The description and scope of each of the actions is detailed below:

1. Allocation of 2% of the Scholarship Scheme for people with disabilities.

Description

• Allocate 2% of the Company's Scholarship Plan to incorporate people with disabilities.

Scope

• People applying for published scholarships, direct search or through agreements with Foundations, Universities for all the Company's companies.

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of Responsibility

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient inclusion of disadvantaged groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee their inclusion.
• 2. Publication of vacancies in the State Public Employment Service (SEPE) for compliance with the General Disability Act (LDG).

Description

• Publish new job offers in the State Public Employment Service (SEPE) to facilitate access to employment for people with disabilities, collaborating with the State Public Employment Service (SEPE) and its public job offer platform that favours the integration of people with disabilities into the labour market.

Scope

• Companies with a workforce of more than 50 employees and with vacant positions. Potential candidates who meet the general requirements for access to the post, accrediting a degree of disability equal to or greater than 33%.

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient inclusion of groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee its inclusion.

329

3. Inclusion of a non-discrimination disclaimer in job advertisements (internal and external).

Description

• Include in the publication of vacancies the disclaimer of non-discrimination for any dimension of Diversity in order to reinforce the commitment to promote an inclusive culture that does not discriminate against any person for any condition. Example of the disclaimer: "We value people for their ability and adaptation to the required profile".

Scope

• Incorporation of the "disclaimer" in all publications of external and internal vacancies of the Company's companies.

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient inclusion of disadvantaged groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee their inclusion.

4. Recruitment of external vacancies for people with disabilities.

Description

• Direct hiring of people with disabilities under open-ended contracts.

Scope

• Incorporation of people with disabilities to comply with the General Law on Disability (LGD), 2% in companies with a workforce of more than 50 employees.

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient inclusion of disadvantaged groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee their inclusion.

5. Minimum percentage of people with disabilities in the workforce for all Endesa companies.

Description

• Achieve 1% or more people with disabilities in Endesa's workforce to comply with the General Disability Act (LGD).

Scope

• Incorporation of people with disabilities to comply with the General Law on Disability (LGD) in companies with more than 50 employees.

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient inclusion of disadvantaged groups due to a lack of appreciation of Diversity in the company due to the absence of models that guarantee their inclusion.

6. Assignment of reference persons by Business Lines to promote initiatives for people with disabilities.

Description

• Identification of a "focal point" for people with disabilities by Business Line to promote, raise awareness and be a benchmark in the inclusive culture within the Company.

Scope

• All of the Company's Lines of Business.

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient inclusion of disadvantaged groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee their inclusion.
• 7. Training for the inclusion of people with disabilities.

Description

• Training actions with the aim of raising awareness and promoting an inclusive culture and language. This training is compulsory for all new recruits to the Company. Training: "Let's Talk about Disability" course and "The House of Inclusion" course.

Scope

330

• Aimed at all Company employees and new recruits as part of the onboarding process.

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient inclusion of disadvantaged groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee their inclusion.

8. Communication initiatives that integrate employees with disabilities.

Description

• Communication initiatives with the aim of raising awareness, promoting an inclusive culture and language and outreach.

• These initiatives include among others:
  • Launch of "Plan Emerge" Personalised advice for employees and their families. Randstad Foundation.
• Aid Fund for Children of Employees with Disabilities. Additional amount to support families.
• "Solidarity Market" Diversity Week.

Scope

• Aimed at all employees of the Company, employees with family members with disabilities and employees with disabilities.

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient inclusion of disadvantaged groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee their inclusion.

9. Deployment of the gender action plan (Increasing the presence of women).

Description

• The aim of this action is to promote gender diversity in the company through measures to attract talent, training, recognition and internal promotion:
  • Training for girls in Science, Technology, Engineering and Mathematics (STEM) vocations. Number of girls trained. Promoting motivation for technical careers among girls at an early age, thus favouring their incorporation into the labour market in highly sought-after positions.
  • Promotion of women's access to positions of responsibility. Percentage of women in positions of responsibility/total women. Through the increase of female empowerment actions and policies established in the Succession Plans in which the percentage of women must be at least 50%.
  • Promotion of Endesa's women's network (Endesa "Power Her") Number of actions to promote female leadership. Promotion through the creation of a specific space on the intranet and with various actions and awareness-raising talks to promote female leadership.

Scope

This action is aimed at girls in pre-university stages and women in Endesa's workforce.

Impacts, Risks and Opportunities (IROs) linked to the action

• Ensuring respect for Human Rights in Endesa's activities by monitoring possible violations through Human Rights Due Diligence processes.
• Insufficient inclusion of disadvantaged groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee their inclusion.

10. Encouragement of employee training (Encouragement of employee training/training hours/employee).

Description

skills

• This action involves:

• Promote the campaign to detect training needs.
• Communication to employees and people managers on the learning needs necessary to develop their professional/personal activity. — Promote external learning platforms by making online content available to employees to enable Endesa employees to develop their

Scope

• This action is aimed at Endesa employees.

Impacts, Risks and Opportunities (IROs) linked to the action

• Creation of new employment opportunities through the stimulation and development of qualification programmes.
• 11. Deployment of the social benefits of the Agreement/Promotion and promotion of the social benefits according to the Agreement.

Description

• Communications to highlight the social benefits of the Collective Framework Agreement: health policy, study grants for employees' children, payroll increments, grants for children of employees with disabilities.

Scope

• This action is aimed at Endesa employees.

Impacts, Risks and Opportunities (IROs) linked to the action

• Improving working conditions in society through Remuneration and Benefits Policies.

12. Deployment of action plans for other dimensions of Diversity (disability, multiculturalism, age, Lesbian, Gay, Bisexual and Trans (LGTBI)). Implementation of diversity initiatives to promote awareness and inclusion in the organisational context.

Description

• Specific awareness-raising campaigns to mainstream disability already described in Action 8 and additionally: — Disability awareness training for "People Business Partner" and all employees "The House of Inclusion".
• LGBTI (Lesbian, Gay, Bisexual and Transgender) communication actions:
  • Communications ephemeris celebrating Diversity, LGBTI (Lesbian, Gay, Bisexual and Transgender).
  • Preparation of the LGBTI (Lesbian, Gay, Bisexual and Transgender) Plan in line with current regulations.
• External publications and participation in external events with other companies on LGBTI (Lesbian, Gay, Bisexual and Trans) issues. • Communication actions/events to promote multiculturalism:
• Endesa Days are held in different regions to disseminate the company's values and share its business objectives. — Celebration of the Endesa Communities meeting.

Scope

• This action is aimed at Endesa employees.

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient inclusion of disadvantaged groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee their inclusion.

13. Accident prevention measures and prevention plans at work.

Description

• Implementation of different measures and plans, including general and specific plans, development of technological solutions, improvement of facilities and infrastructures, reinforcement of surveillance on construction sites, health surveillance, continuous improvement of protective equipment, technical management contracts, etc.

Scope

332

This action is aimed at Endesa employees.

Impacts, Risks and Opportunities (IROs) linked to the action

• Possible increase in occupational accidents of own staff and of suppliers and contractors due to the increase in activities in the renewable or distribution business caused by the increase in investments in these technologies.
• Reduction of accidents in the working environment of workers and contractors due to an appropriate socio-cultural health and safety environment.

14. Training and awareness-raising in Occupational Risk Prevention (ORP).

Description

• Deployment of initiatives / programmes / campaigns, etc., that promote the culture of Occupational Health and Safety (OHS) in all processes both at the level of knowledge and awareness.

Scope

• This action is aimed at Endesa employees.

Impacts, Risks and Opportunities (IROs) linked to the action

• Possible increase in occupational accidents of own staff and of suppliers and contractors due to the increase in activities in the renewable or distribution business caused by the increase in investments in these technologies.
• Reduction of accidents in the working environment of workers and contractors due to an appropriate socio-cultural health and safety environment.

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

15. Analysis of events and identification of possible non-conformities in each inspection carried out and recorded.

Description

• On-site survey the safety statement of the inspected object, identifying possible deviations from standards / procedures / processes, etc.

Scope

• This action is aimed at Endesa employees.

Impacts, Risks and Opportunities (IROs) linked to the action

• Reduction of accidents in the working environment of workers and contractors due to an appropriate socio-cultural health and safety environment.

16. Follow-up and management of inspections carried out and registered.

Description

• Regular updates on the progress and results of the inspection process, application of sanctions, actions taken, etc.

Scope

• This action is aimed at Endesa employees.

Impacts, Risks and Opportunities (IROs) linked to the action

• Reduction of accidents in the working environment of workers and contractors due to an appropriate socio-cultural health and safety environment.

With respect to the impact of "Upskilling" and "reskilling" of employees affected by the closure of the conventional generation plants, the actions regarding the training and relocation of these employees are those envisaged in the "Workforce Evolution Engagement Progress" Policy, described in Section 26.1.2. of this Consolidated Management Report, and were completed with the closure of the As Pontes Thermal Power Plant (see Section 26.3.1. of this Consolidated Management Report).

333

26.1.5. Metrics and targets

26.1.5.1. Objectives related to the management of material Negative Impacts, the advancement of Positive Impacts and the management of material Risks and Opportunities (S1-5)

46, 47

Following the identification of the material Impacts, Risks and Opportunities (IROs) and the establishment of general objectives and commitments in the aforementioned Policies, Endesa, through its Endesa Sustainability Plan (ESP), has undertaken to establish certain objectives associated with the Impacts, Risks and Opportunities (IROs) detailed below, thereby complying with its various Policies:

						Objectives 2024-2026		Objectives 2025- 2027
Impacts, Risks and Opportunities (IROs)	ESP objectives(1)	Units	Scope	2024	2023	2024	2026	2025	2027	Amend ments (2)
Creation of new employment oppor tunities through the stimulation and devel opment of qualifica tion programmes.	Promoting em ployee training	Hours/em ployee	The entire Endesa work force	46.3	52	>45	>45	>42	>42	Un changed
Improving working conditions in society through pay and ben efits policies	Promotion and encouragement of social benefits according to the Convention	Number of communi cations	The entire Endesa work force included in the Collec tive Bar gaining Agree ment	—	—	—	—	3	3	New ob jective re sponding to Impact, Risk, Op portunity (IRO)
Ensuring respect for human rights in Ende sa's activities	Action plan de rived from the Human Rights Due Diligence process	Implemen tation of the Action Plan	Own staff and contrac tors	Ongoing	—	Implementation of the Action Plan in the period 2024-2026		Implementation of the Action Plan in the period 2025-2026		Un changed
"Upskilling" and "reskilling" of employees affected by the closure of conventional power plants to support a Just Energy Transition	(3)	Na	Na	Na	Na	Na	Na	Na	Na	Na
Insufficient inclusion of disadvantaged groups due to a lack of appreciation of diversity in the company because of the absence of models that guarantee their inclusion.	Presence of women in the workforce	%		26.9	26.7	27.0	28.0	27.2	28.5	Un changed
	Promoting diversity through awareness-raising and inclusion in the organisational context	Number	The entire Endesa workforce	—	—	—	—	6	6	It is rede fined by grouping various aspects of Diversity under a single ob jective

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated
Shareholders and	Financial Statements	Statement	Management Report
Other Stakeholders	Audit Report	Verification Report

VI. Statement of Responsibility

V. Consolidated Financial Statements

						Objectives 2024-2026		Objectives 2025- 2027
Impacts, Risks and Opportunities (IROs)	ESP objectives(1)	Units	Scope	2024	2023	2024	2026	2025	2027	Amend ments (2)
Possible increase in occupational accidents of own staff and of suppliers and contractors due to increased activities in the renewable or distribution business due to increased investments in these technologies.	Reduction of fatal accidents	Number		2	1	0	0	0	0
	Reduction of the combined accident frequency index (FI)	Number	Own staff and con tractors	0.45	0.35	0.34	0.33	0.36	0.35	Un changed
Reduction of accidents in the working environment of workers and contractors due to an adequate socio cultural health and safety environment.	Promotion of safety inspections at own and contractors' facilities	Number		106,697	117,775	110,000	110,000	100,000	100,000

(1) Endesa Sustainability Plan (ESP).

(2) Indicates whether there have been any changes in objectives with respect to the previous year.

(3) The Company does not have specific quantifiable metrics for this Impact, due to the complexity of defining precise indicators. However, the management thereof and the enhancement of this Positive Impact is addressed through the application of the policies described in Section 26.1.2. of this Consolidated Management Report, in relation to the employees affected by the closure of the conventional generation plants.

These objectives cover the entire scope of Endesa's corporate perimeter and, in order to establish them, the opinions of stakeholders have been taken into account, as shown in the Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report).

The monitoring of the objectives is carried out annually by the General Directorate of Sustainability, through the measurement of the established metrics. Data collection is carried out with the same frequency, ensuring continuous control over the evolution of the indicators. Progress is reviewed at the Sustainability and Corporate Governance Committee, also on an annual basis, where, through internal presentations, the consolidated data are reflected and possible deviations from the target values are analysed. In addition, the General Directorate of Sustainability and the responsible areas internally assess the results to identify significant trends or necessary adjustments to the strategy for meeting the targets.

The indicators, metrics and targets described above arise from the combination of the Company's strategic objectives for each of its businesses and/ or corporate activities, in relation to Sustainability aspects, which respond to the material Impacts, Risks and Opportunities (IROs) of the 2024 financial year and the Company's additional response to address the remaining material Impacts, Risks and Opportunities (IROs) not covered in the first case. The time horizon of these objectives is in line with the Company's strategy for the period 2025-2027 and aims to enhance or mitigate the main Impacts, Risks and Opportunities (IROs) resulting from the Double Materiality exercise.

26.1.5.2. Characteristics of the company's employees (S1-6)

Distribution of staff

50 d) i, ii, e), AR 58, 60

At 31 December 2024, Endesa had a total of 8,914 employees, of which 8,885 in Spain and 29 in Portugal.

The methodology used for the calculation of these data has considered 31 December, the closing date of the financial year, as the extraction date and has taken into account employees in both Spain and Portugal.

Endesa does not have other gender typologies, only reporting men and women for this category. Endesa is committed in the future to expand data collection tools to inclusively and respectfully include all gender typologies, thus ensuring diverse and equitable representation in operations and decisions.

50 a), f)

At 31 December 2024 and 2023 the breakdown of Endesa's final workforce by country and gender is as follows:

	Final Workforce by Country(1) (2)
Number of Employees	31 December 2024	31 December 2023
Spain(3)	8,885	9,002
Portugal	29	33
TOTAL	8,914	9,035

(1) Endesa's salaried employees.

(2) Includes the final workforce in both Spain and Portugal, although the requirement only calls for reporting in countries where Endesa has 50 or more employees representing at least 10% of its total number of employees.

(3) Includes 136 employees at 31 December 2024 (118 at 31 December 2023) of Endesa Energía, S.A.U. who work in the branches in Germany, France and Portugal.

At 31 December 2024 and 2023 the breakdown of Endesa's final workforce by gender and professional category is as follows:

	Final Workforce by Gender(1)
Number of Employees	31 December 2024	31 December 2023
Men	6,516	6,618
Women	2,398	2,417
TOTAL	8,914	9,035

(1) Endesa salaried employees.

	Final Workforce by Professional Category(1)
Number of Employees	31 December 2024	31 December 2023
Executives	192	203
Middle Management	3,746	3,770
Administration and Management	3,865	3,948
Operators	1,111	1,114
TOTAL	8,914	9,035

(1) Endesa salaried employees.

V. Consolidated Financial Statements IV. Consolidated Management Report

337

50 b) I, ii, iii, 52 a), b)

At 31 December 2024 and 2023 the distribution of Endesa employees by type of contract is as follows:

Number of Employees		Type of Contract by Gender(1)
		31 December 2024			31 December 2023
	Men	Women	TOTAL	Men	Women	TOTAL
Indefinite Contracts	6,433	2,387	8,820	6,518	2,397	8,915
Temporary contracts	83	11	94	100	20	120
Non-Guaranteed Hours	—	—	—	—	—	—
TOTAL EMPLOYEES	6,516	2,398	8,914	6,618	2,417	9,035

(1) Endesa salaried employees.

Distribution of recruitment

The breakdown of the average annual number of contracts during the financial years 2024 and 2023 by type of contract is as follows:

	Number of Contracts by Type(1)
Number of Average Contracts	2024	2023
Indefinite Contracts	8,715	8,907
Temporary contracts	101	190
TOTAL CONTRACTS	8,816	9,097

(1) Endesa salaried employees.

The following table shows the number of contracts by gender, age and professional category for Spain and Portugal for Endesa's average workforce in 2024 and 2023, distinguishing between permanent and temporary contracts and full-time and part-time contracts:

	Contracts by Gender - Average Workforce(1)
	Indefinite contract							Temporary contract
Number of		Full-time		Part-time		TOTAL		Full-time		Part-time		TOTAL
contracts	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Men	6,357	6,541	3	1	6,360	6,542	86	145	1	3	87	148
Women	2,354	2,364	1	1	2,355	2,365	14	42	—	—	14	42
TOTAL CONTRACTS	8,711	8,905	4	2	8,715	8,907	100	187	1	3	101	190

(1) Endesa salaried employees.

	Contracts by Age - Average Workforce(1)
	Indefinite contract							Temporary contract
Number of	Full-time		Part-time		TOTAL			Full-time		Part-time		TOTAL
contracts	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024	2023
Under 30s	353	408	—	—	353	408	30	80	1	2	31	82
Between 30 and 50 years old	4,908	5,109	4	1	4,912	5,110	67	106	—	1	67	107
Over 50 years old	3,450	3,388	—	1	3,450	3,389	3	1	—	—	3	1
TOTAL CONTRACTS	8,711	8,905	4	2	8,715	8,907	100	187	1	3	101	190

(1) Endesa salaried employees.

	Contracts by Professional Category - Average Headcount(1)
	Indefinite contract							Contrato Temporal
Number of	Full-time		Part-time		TOTAL			Full-time		Part-time	TOTAL
contracts		2024 2023	2024 2023		2024 2023		2024 2023		2024 2023		2024 2023
Executives	196	206	—	—	196	206	—	—	—	—	—	—
Middle Management	3,715	3,726	1	—	3,716	3,726	7	22	1	1	8	23
Administration and Management	3,759	3,895	3	1	3,762	3,896	42	102	—	1	42	103
Operators	1,041	1,078	—	1	1,041	1,079	51	63	—	1	51	64
TOTAL CONTRACTS	8,711	8,905	4	2	8,715	8,907	100	187	1	3	101	190

(1) Endesa salaried employees.

Rotation

50 c), AR 59

The table below shows the total turnover of Endesa's employees, detailing the reasons for termination of contracts (voluntary severance, voluntary severance, retirement, redundancies and others) in 2024 and 2023:

I. Letter to Shareholders and Other Stakeholders	II. Consolidated Financial Statements Audit Report Verification Report	III. Sustainability IV. Consolidated Statement Management Report	V. Consolidated Financial Statements
--------------------------------------------------------	---------------------------------------------------------------------------------	---------------------------------------------------------------------------	-----------------------------------------

VI. Statement of Responsibility

	Rotation(1)
Number	2024	2023
Voluntary Departures	74	70
Incentivised Departures(2)	159	161
Pensions	67	87
Dismissals	7	12
Other(3)	76	176
Turnover Rate (%)(4)	4.30	5.60

(1) Endesa salaried employees.

(2) Incentivised departures: this includes early retirements.

(3) Others: the vast majority are due to contract terminations and contract suspensions.

(4) Percentage of contract terminations as a percentage of the final workforce.

In addition, the number of redundancies during the financial years 2024 and 2023 is detailed below by gender, age and professional category:

		Redundancies(1)
Number of redundancies		2024	2023
	Men	5	10
Gender	Women	2	2
	Under 30s	—	2
Age	Between 30 and 50 years old	6	7
	Over 50 years old	1	3
	Executives	1	—
	Middle Management	1	5
Professional Category	Administration and Management	5	4
	Operators	—	3
TOTAL		7	12

(1) Endesa salaried employees.

26.1.5.3. Characteristics of nonsalaried workers in the enterprise's own workforce (S1-7)

This disclosure requirement is in the process of gradual implementation ("phase in") at the date of preparation of this Consolidated Management Report. Endesa expects to provide this information from next year onwards.

26.1.5.4. Diversity Metric (S1-9)

Gender and generational diversity

66 a), AR 71

Endesa establishes gender as one of the social objectives in its strategy. The following table shows the distribution of the members of Endesa's Executive Management Committee by gender:

	Senior Management(1)
	31 December 2024		31 December 2023
	Number	Percentage	Number	Percentage
Men	13	81%	13	87%
Women	3	19%	2	13%
TOTAL	16	100%	15	100%

(1) Employees belonging to Endesa's Executive Management Committee.

66 b)

The generational diversity is also detailed in the table below with a breakdown of Endesa's final workforce by age at 31 December 2024 and 2023:

	Final Workforce by Age(1)
	31 December 2024	31 December 2023
Under 30s	423	496
Between 30 and 50 years old	5,102	5,294
Over 50 years old	3,389	3,245
TOTAL EMPLOYEES	8,914	9,035

(1) Endesa salaried employees.

26.1.5.5. Adequate wages (S1-10)

Adequate wages

69, 70, AR 72, AR 73 a)

Endesa establishes as a fair wage a market wage for each activity that is always above the Minimum Interprofessional Wage (SMI) established each year. In 2024, this minimum wage in Spain is Euro 15,876 gross per annum and in Portugal it is Euro 11,480 gross per annum.

The lowest salary for Endesa employees in Spain is Euro 25,079 gross per year and Euro 24,933 gross per year in Portugal, in both cases well above the minimum salaries required by the legislation of each country. For the calculation of the lowest salary, the lowest salary category has been taken into account, excluding trainees and interns.

In addition, market studies are analysed each year which show that the salaries of Endesa employees are average or above average in the energy sector.

26.1.5.6. Social protection (S1-11)

Social protection

74 a), b), c), d), e)

At Endesa, all salaried employees are covered by social protection, through public programmes or through benefits offered by the Company, against loss of income due to any of the following major life events:

Other Stakeholders Audit Report Verification Report	I. Letter to Shareholders and	II. Consolidated Financial Statements	III. Sustainability Statement	IV. Consolidated Management Report	V. Consolidated Financial Statements
-----------------------------------------------------------	----------------------------------	------------------------------------------	----------------------------------	---------------------------------------	-----------------------------------------

VI. Statement of
Responsibility

Employee Life Events	Public Programme / Benefits Offered by the Company
• Illness.	• Public Programme and Health Policy (Flexible Remuneration).
• Unemployment from the moment the employee works for the company.	• Public Programme.
• Accidents at work or acquired disability.	• Public Programme and Employment Pension Scheme.
• Parental leave.	• Public Programme and 1 additional week Endesa.
• Retirement.	• Public Programme and Employment Pension Scheme.

Retirement, sickness, unemployment and accidents at work

Endesa

All Endesa employees are members of a pension plan, unless they expressly waive their entitlement to it (see Note 36.1 to the consolidated financial statements for the year ended 31 December 2024). Following the signing of the first Framework Collective Bargaining Agreement on 25 October 2000, a defined contribution pension system was defined for retirement and a defined benefit system for death and disability resulting from accidents at work or occupational illness, serious illness or longterm unemployment. A system of shared employeremployee contributions was established, with a maximum of pensionable earnings for the employer and of the same earnings for the employee.

However, there are workers affected by original agreements that have a defined contribution and defined benefit for the contingencies indicated in the previous paragraph, respectively, but with a benefit system and a contribution system different from the one described above, where the casuistry varies depending on the origin.

In addition, there are workers affected by original agreements with defined benefit plans for all contingencies of death and incapacity derived from accidents at work or occupational illness, serious illness or long-term unemployment, differentiating between two large groups:

341

Collectives
• Electrical Ordinance workers of former Endesa	• Closed group, where the predetermined nature of the retirement benefit and its full insurance eliminates any risk.
• Fecsa/Enher/HidroEmpordá workers.	• Closed group, in which the benefit is linked to the evolution of the Consumer Price Index (CPI) and insured by means of a policy signed on 30 September 2024 that eliminates any risk for this group.

Spain

On the other hand, in Spain, the Social Security System offers various public benefits to cover situations such as retirement, death, disability, serious illness and long-term unemployment:

Public Benefits • Retirement • It provides a monthly pension to workers who have reached retirement age and have paid the necessary contributions. • Death • It includes benefits such as widow's/widower's pension, orphan's pension and death grant. • Incapacity • It provides permanent disability pensions and temporary disability benefits. • Serious Illness • It covers temporary incapacity and, in cases of serious illness, may include additional childcare benefits.

The Servicio Público de Empleo Estatal (SEPE) manages unemployment benefits, including subsidies for the long-term unemployed.

Parental leave

In Spain, parental leave is covered by the childbirth and childcare benefit, with both parents entitled to 16 weeks of leave, which are non-transferable and paid, with the first 6 weeks to be taken uninterruptedly

26.1.5.7. Persons with disabilities (S1-12)

People with disabilities

79, AR 76

The table below details the percentage and number of Endesa employees with disabilities at 31 December 2024 and 2023

		Persons with Disabilities(1) (2)
	31 December 2024	31 December 2023
Percentage	1.07%	1.08%
Number of Employees	97	98

(1) Endesa salaried employees.

(2) In Spain, all employees with a Disability Certificate issued by the Social Security are included. In Portugal, all employees with 33% disability are included.

Endesa complies with current legislation on disability, as approved in the General Disability Act (LGD), and as a sign of its commitment to the inclusion of people with disabilities, in 2020 Endesa joined the "Valuable 500", an initiative aimed at 500 private sector companies with the aim of promoting and integrating the business, social and economic value of people with disabilities around the world.

Endesa, which already has disability on the agenda of its Board of Directors, has made a public commitment to action on disability issues.

after the birth, adoption or foster care, and the remaining 10 weeks can be distributed flexibly within the following 12 months. To apply for this leave, you must be affiliated and registered with the Social Security and have paid contributions for at least 180 days within the 7 years prior to the start of the leave.

Endesa extends this parental leave by 1 additional week in accordance with the Company's Framework Collective Bargaining Agreement.

343

26.1.5.8. Training and skills development metrics (S1-13)

Training

83 a), b), AR 77, AR 78, AR 79

Endesa, with the aim of the professional development of its employees, provides technical training to its employees, as well as other generic training for the proper performance of the work to be carried out (e.g. Occupational Risk Prevention (ORP)).

The table shows by gender the percentage of employees evaluated according to their performance and professional development and average number of training hours of Endesa's salaried employees during the 2024 and 2023 financial years:

	Performance Evaluation and Training(1) (2) (3)
	2024			2023
	Men	Women	TOTAL	Men	Women	TOTAL
Percentage of Employees Evaluated on the Basis of Performance and Professional Development(2)	100%	100%	100%	100%	100%	100%
Average number of training hours per salaried employee(3)	48.86	39.54	46.35	53.56	46.92	51.81

(1) Endesa salaried employees.

(2) The formula used to calculate the percentage takes into account the same number of employees in the workforce as the denominator.

(3) Average number of hours is the total number of hours of training offered and completed by employees by gender divided by the total number of employees by gender.

In the financial years 2024 and 2023 the total and average hours of training provided by professional category and gender are as follows:

	Total Training and Average Hours broken down by Gender and Professional Category(1)
	Executives				Middle Management
	Total Hours		Media		Total Hours		Media
	2024	2023	2024	2023	2024	2023	2024	2023
Men	4,590	5,389	29.8	33.2	105,261	121,996	44.0	50.2
Women	1,657	1,467	39.2	33.8	52,684	63,054	39.6	47.7
TOTAL	6,247	6,856	31.8	33.3	157,945	185,050	42.4	49.4

	Administration and Management Staff				Operators
	Total Hours		Media			Total Hours	Media
	2024	2023	2024	2023	2024	2023	2024	2023
Men	141,074	168,245	49.5	56.0	64,067	62,705	61.1	57.2
Women	36,637	46,074	38.5	46.3	2,691	2,345	62.0	49.8
TOTAL	177,710	214,319	46.7	53.6	66,758	65,050	61.1	56.9

(1) Endesa salaried employees.

26.1.5.9. Health and safety metrics (S1-14)

Health and safety

88 a), AR 80

Endesa has implemented a Health and Safety management system certified by the International Standard ISO 45001 which covers all Group companies and controls all operations carried out by its own workforce and by collaborating companies through a Business Activity Coordination control system. The percentage of employees covered by this health and safety system is . Likewise, all non-salaried workers are controlled through the contractual relations of the main contractors.

Occupational accidents and diseases.

88 b), c), AR 88, AR 89. AR 91

Details of the total number of fatal, serious and nonserious occupational accidents, as well as the rate of occupational accidents during the financial years 2024 and 2023, for both salaried and non-salaried employees are as follows:

		Accidents at Work(1)
	2024		2023
Staff	Number Total	Rate(2)	Number Total	Rate(2)
Salaried employees	53	3.69	50	3.36
Non Salaried Employees	—	—	—	—
TOTAL	53	3.69	50	3.36

(1) Endesa's own salaried and non-salaried employees.

(2) Number of cases divided by the total number of hours worked by own staff multiplied by 1,000,000.

In 2024, there were no fatal accidents among Endesa's own staff. With respect to Value Chain employees, there were a total of 2 fatal accidents.

88 d), AR 92

In addition, the number of occupational illnesses and accidents broken down by gender for the financial years 2024 and 2023 is as follows:

	Occupational Diseases and Accidents(1)
	2024			2023
	Men	Women	TOTAL	Men	Women	TOTAL
Occupational Diseases(2)	—	—	—	—	—	—
Accidents at work	30	23	53	30	20	50
TOTAL	30	23	53	30	20	50

(1) Endesa's own salaried employees.

(2) Includes acute, recurrent and chronic health problems caused or aggravated by work.

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

Frequency index and severity index.

In 2024 and 2023, Endesa's frequency and severity rates by gender are as follows:

	Frequency Index (FI) (1) (2)
	2024			2023
	Men	Women	TOTAL	Men	Women	TOTAL
Salaried employees	2.88	5.83	3.69	2.72	5.19	3.36
Non-salaried employees	—	—	—	—	—	—
TOTAL	2.88	5.83	3.69	2.72	5.19	3.36

(1) Endesa's own salaried and non-salaried employees.

(2) Total number of accidents, including "in itinere" accidents, with respect to total hours worked, multiplied by 1,000,000.

	Severity Index (SI) (1) (2)
	2024			2023
	Men	Women	TOTAL	Men	Women	TOTAL
Salaried employees	0.02	0.00	0.01	0.03	0.00	0.02
Non-salaried employees	—	—	—	—	—	—
TOTAL	0.02	0.00	0.01	0.03	0.00	0.02

(1) Endesa salaried and non-salaried workers.

(2) Total number of days lost due to accidents, including "in itinere", with respect to total hours worked multiplied by 1,000.

Days lost and hours of absence.

88 e), AR 95

In financial years 2024 and 2023, Endesa has not lost any days (calendar days) due to deaths due to occupational accidents, occupational illnesses and deaths due to illnesses.

In addition, the number of hours of absence of salaried employees in the financial year 2024 amounts to 2,451,442.26 hours (2,450,668 hours in the financial year 2023).

26.1.5.10. Work-life balance metrics (S1-15)

93 a), b)

100% of Endesa's employees are entitled to take leave for family reasons, provided that the requirements for the use of such leave are met.

In 2024 and 2023, the percentage of Endesa employees who have taken such leave is shown in the table below:

	Employees who have been on Family Leave(1)
Percentage	2024	2023(2)
Men	41.33%	37.47%
Women	52.75%	46.46%
TOTAL EMPLOYEES	44.40%	39.88%

(1) Endesa salaried employees.

(2) The figures for 2023 have been restated with respect to those published in the Statement of Non-Financial Information for the year ended 31 December 2023 as teleworking is not included in the calculation this year, and in order to comply with the Corporate Sustainability Reporting Directive (CSRD).

26.1.5.11. Compensation metrics (pay gap and total compensation) (S1-16)

Remuneration

346

97 a), AR 98, AR 99, AR 99, AR 100, 97 b, AR 101, 97 c, AR 102

The average remuneration of Endesa employees in 2024 and 2023, taking into account gender and professional category, is set out below:

	Average Remuneration by Gender and Professional Category(1) (2)
	Men			Women		Media
Euros	2024	2023	2024	2023	2024	2023
Executives	230,572	244,200	202,268	207,213	224,282	236,233
Middle Management	90,340	87,531	82,091	79,514	87,368	84,687
Administrative and Office Staff	75,928	72,887	64,616	61,600	73,125	70,080
Operators	77,347	73,742	71,644	67,058	77,122	73,468
Media	84,871	82,266	76,988	74,162	82,764	80,117

(1) Endesa salaried workers.

(2) Includes fixed and variable salary and social benefits.

347

In the 2024 financial year, the average remuneration at Endesa amounts to 82,764 euros.

In addition, the average remuneration of Endesa's employees in 2024 and 2023 by age is detailed:

	Average Remuneration by Age(1) (2)
Euros	2024	2023
Under 30s	52,515	45,561
Between 30 and 50 years old	73,785	66,770
Over 50 years old	97,193	89,329

(1) Endesa salaried employees.

(2) Includes fixed salary, variable salary and social benefits.

Wage gaps. Ratio of highest pay to median other pay.

97 a), AR 98, AR 99, AR 100

During 2024 and 2023, the percentage of the salary gap by professional category between Endesa's female and male salaried employees is as follows:

	Unadjusted Wage Gap(1) (2)
Percentage	2024	2023
Executives	12.28	15.15
Middle Management	9.08	9.17
Administrative	14.25	14.83
Operators	5.78	7.68
TOTAL	8.75	9.36

(1) Endesa salaried employees.

(2) The formula used to calculate the gender pay gap is the average gross hourly pay (by level) of male employees minus the average gross hourly pay (by level) of female employees divided by the average gross hourly pay (by level) of male employees, multiplied by 100, taking into account both fixed and variable pay.

97 b), AR 101

In financial years 2024 and 2023, the average ratio between the total annual remuneration of the highest-paid Endesa employee and the median annual remuneration of the Company's employees as a whole (excluding the highest-paid employee) is as follows:

	Ratio: Highest Remuneration / Median other Remuneration(1)(2)
	2024	2023
TOTAL	26	32

(1) Endesa salaried employees.

(2) The formula used to calculate the remuneration ratio is the division between the total remuneration of the Company's highest-paid employee and the median total remuneration of all other employees (excluding the highest-paid employee). All employees of the Company have been taken into account in the calculation. In addition, base salary, cash benefits, benefits in kind and direct remuneration (including share option awards) have been included in the calculation.

97 c), AR 102

In 2023 Endesa deepened its study on the pay gap and the Company commissioned the external firm Ernest & Young (EY) to conduct a specific study on the pay gap, which aims to understand the pay differences between different groups or categories of professionals, taking into account objective factors that could explain these differences and the existing differences between men and women.

This approach represented a change from the approach used in previous years, in which the method used to calculate the pay gap did not allow exogenous effects other than gender to be excluded, as the calculation method was the weighted pay gap by age group. The adjusted pay gap, on the other hand, makes it possible to isolate and take into account objective factors related to gender, and therefore the adjusted pay gap indicator has been established at Endesa as the benchmark indicator for observing the evolution of the pay gap.

In 2024 and 2023 the percentage of the adjusted pay gap detailed by occupational category is as follows:

	Adjusted Wage Gap(1)
Percentage	2024	2023
Executives	5.86%	6.22%
Middle Management	4.15%	4.30%
Administrative	3.31%	3.33%
Operators	4.88%	5.60%
TOTAL	4.09%	4.29%

(1) Endesa salaried employees.

Endesa has carried out a comparative analysis of positions of the same value segregated by the different activities and it is evident that the few cases with a greater difference are explained by the following factors:

Factors

348

• The historical gender composition of the Company, due to historical cultural and socio-demographic factors, resulting in a higher average seniority of men compared to women.
• The terms of the home country agreements.

• Low staff turnover.

Therefore, it can be concluded that, at Endesa, pay discrimination is not responsible for the pay gap.

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

Directors' remuneration

Directors' remuneration is detailed in the Annual Report on Directors' Remuneration (see Section 5 of this Consolidated Management Report) and in the Directors' Remuneration Policy. Both documents are published on Endesa's website. For further information, see:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/remuneraciones-consejeros

The average remuneration of Directors by item and gender for 2024 and 2023 is detailed below:

	Average Directors' Remuneration
	Men		Women		TOTAL
Thousands of Euros	2024	2023	2024	2023	2024	2023
Remuneration of members of the Board of Directors
Fixed Allowance Members of the Board of Directors	188	188	188	188	188	188
Attendance fees Board of Directors and Committees(1)	33.1	36.6	36.1	38.7	34.6	37.8
Remuneration of positions on Boards and Committees
Fixed Assignment Chairman of the Board of Directors	600	600	—	—	600	600
Fixed Assignment Chairman of the Audit and Compliance Committee	60	60	—	—	60	60
Fixed Assignment Chairman of the Appointments and Remuneration Committee	36	36	—	—	36	36
Fixed Assignment Chairman of the Sustainability and Corporate Governance Committee	36	36	—	—	36	36

(1) The amount of the allowances of the Board of Directors is the same for all the members of the Board of Directors and the Committees, amounting to 1.5 thousand euros per meeting. The difference in the averages between men and women is due to membership or not of Board Committees, attendance and number of meetings.

26.1.5.12. Incidents, Complaints and Severe Human Rights Impacts (S1-17)

102, 103 a), b), d), AR 104

During financial year 2024, Endesa has received through the Information Channel, 1 event related to discrimination, in respect of which no noncompliance has been verified.

In addition, during financial year 2024, 9 events were reported through the Information Channel, referring mainly to issues related to the working environment or harassment, of which 1 non-compliance was verified for which the corresponding measures were taken, activating the action protocol defined in the Endesa Framework Collective Bargaining Agreement. This information is subject to the duty of confidentiality imposed by the applicable regulations, particularly with regard to personal data protection.

104 a), b)

With regard to human rights incidents, in 2024 Endesa did not receive any incidents related to human rights infringements through the Information Channel, an element of the Internal Whistleblower Protection System, following the same trend as in 2023.

103 c)

In 2024, Endesa filed a lawsuit for harassment in the workplace claiming 90,000 euros for moral damages. The trial was held this year and is pending judgement.

26.2. Value Chain Workers (ESRS S2)

Below is a description of the information related to the workers in the Value Chain that will enable us to understand how Endesa affects, in terms of actual or potential material Positive and Negative Impacts, the workers in the Company's Value Chain. It also details any actions taken and the results of these actions to prevent or mitigate actual or potential negative impacts, which are material in order to avoid impacts on workers in the value chain and optimise material positive impacts, and to manage the related risks and opportunities.

The table below details the material Impacts, Risks and Opportunities (IROs) related to this subject that apply to Endesa and includes their definition, typology and associated Policy:

Table of Impacts, Risks And Opportunities (IROs) Materials - Value Chain Workers

Impact, Risk and Opportunity (IRO) Typology	Sub-theme	Sub-sub-theme	Definition	Impact, Risk and Opportunity (IRO) Typology	Associated Policy
Positive Impact	Other labour rights	Child labour Forced labour	Ensuring respect for Human Rights in Endesa's activities by monitoring possible violations through Human Rights Due Diligence processes	Real	Human Rights Policy Internal Supplier Procedure
Risk	Working conditions	Health and safety	Possible increase in occupational accidents of own staff and of suppliers and contractors due to the increase in activities in the renew-able or distribution business caused by the increase in investments in these	Potential	Internal Supplier Procedure Occupational Health and Safety Policy (SSL)

26.2.1. Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and Business Model (ESRS 2 SBM-3)

Impacts, Risks and Opportunities (IROs)

10 a) i, ii, 10 b)

350

To identify Impacts, Risks and Opportunities (IROs), Endesa has performed a Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report) in which the Company performs a context analysis that includes, among other reference information, Endesa's current strategy and Business Model and information relating to employees in the Value Chain. This documentation is used by Endesa to adapt its strategy and is fully integrated, through various objectives and targets, into the Endesa Sustainability Plan (ESP).

A solid and sustainable supply chain is an essential element for achieving decarbonisation objectives, and through the Company's Strategic Plan and the investments contemplated therein, possible situations of interaction between the Company and its Value Chain have been analysed, as well as the Impacts, Risks and Opportunities (IROs) that the company may have in relation to the latter.

To identify Impacts, Risks and Opportunities (IROs), Endesa has used the analysis of the results of its Human Rights Due Diligence, where, through various consultations with external and internal stakeholders, Endesa has identified potential Impacts on this stakeholder group.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

The final result of the Double Materiality analysis is also analysed by Endesa in order to integrate the information and reflect it in the business strategy, which is materialised through the Endesa Sustainability Plan (ESP). This enables the company to respond to the main needs of the value chain and thus ensure that any possible risk to it is mitigated.

The results of this Double Materiality analysis did not identify any material Negative Impacts or Opportunities associated with the workers in the Value Chain, and therefore there are no Dependencies with respect to Positive Risks and Impacts.

Details of the workers in the Value Chain

11 a) i, ii, iii, iv, v, 12

Endesa's Value Chain is made up of Endesa's own or internal employees and those belonging to Endesa's suppliers of works and services, both upstream and downstream of its own operations. Endesa must ensure compliance with labour, health and safety and legal obligations under Spanish labour legislation throughout its value chain. This vision encompasses local, national and international suppliers' workers with links to all the Company's corporate and business areas.

Accordingly, the assessment of all Impacts and Risks has taken into account the Company's entire Value Chain, i.e. it includes the upstream and downstream Value Chain as well as the operations themselves. Therefore, the workers in the Value Chain that could be affected are:

Affected Value Chain Workers

• Subcontracted service workers who work at Endesa's and/or its customers' facilities, carrying out functions at these facilities, such as the construction or maintenance of renewable generation facilities, as well as distribution facilities.

• Employees of suppliers contracted by Endesa who work at the suppliers' own facilities, such as call centre and back office workers.

• Workers of suppliers contracted by Endesa who carry out occasional maintenance work at Endesa's and/or its customers' facilities. For example, workers responsible for the maintenance of boilers or air conditioning equipment.

• Employees of companies that partner with Endesa for a specific operation or project ("Joint venture") such as, for example, employees of companies with which Endesa partners to develop energy efficiency projects.

11 b)

Endesa's value chain (upstream and downstream) has not identified any geographical area or country where there is a risk of child labour or forced labour for workers in its value chain. Its commitment to the prevention of forced and child labour is reflected in the company's Human Rights Policy, available on the website, which details the conditions the company requires of its employees, both internal and external. For more information, see the Policy at

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Positive Impacts

11 d)

The material Positive Impacts identified relate to "Ensuring respect for Human Rights in Endesa's activities by monitoring possible violations through Human Rights Due Diligence processes". In this regard, Endesa identifies as activities that generate these Positive Impacts the performance of Human Rights Due Diligence in order to ensure respect for human rights throughout the value chain and the establishment of supplier selection criteria related to Human Rights, the Global Compact and Ethical Regulations in order to obtain a formal commitment from partners and suppliers to comply with legal obligations related

to the protection of child labour and forced labour, among others.

Risks

11 e), 13

The material risks for Endesa related to employees in the value chain do not arise from impacts or dependencies of the company.

Endesa, due to the integrated activity of its business and the sector in which it operates, is exposed to various occupational health and safety (OHS) risks, which it strives to mitigate, as reflected in its accident rates, as this is considered a fundamental pillar of the Company's strategy. Specifically, in generation and distribution activities there are certain groups of suppliers that increase their exposure to this risk due to the difficulty of the work and tasks they perform to ensure the correct functioning of electricity generation and distribution technologies. Endesa is therefore strengthening its commitment to these groups with the firm objective of achieving zero accident rates.

26.2.2. Policies related to workers in the Value Chain (S2-1)

Internal Supplier Procedure

16, AR 10

352

Endesa has a Supplier Qualification System drawn up directly and under the responsibility of the General Directorate for Purchases, based on the evaluation of the Company's technical, economic/financial, environmental, safety, human rights, legal, ethical and reputational requirements. In order to participate in any purchasing process, all suppliers will have to comply with the requirements established in said Qualification System.

When contracting, Endesa has General Conditions of Contract applicable to all contractors. In these, the supplier is expressly required to comply correctly and to the full extent of labour, legal or conventional regulations, and Occupational Health and Safety (OHS), requiring the adoption of the necessary measures.

Endesa and the supplier also recognise their commitment to the Global Compact, assuming the principles as their own and the obligation to manage their business activities and operations in accordance with them. The principles include respect for human rights and labour rights.

Within the terms and conditions, the supplier (and its subcontractors, third parties contracted by the supplier and its entire supply chain) is required to comply with Ethical Conduct standards, in particular with:

Code of Ethical Conduct

• Code of Ethics, the Zero Tolerance Plan against Corruption and Endesa's Human Rights Policy, assuming the principles contained in these regulations or other equivalent ones.

• International Labour Organisation (ILO) Conventions, and with legal obligations on the prevention of child labour and the protection of women; equal opportunities; prohibition of discrimination; abuse and harassment; freedom of association and representation; forced labour; safety and environmental protection; and health and safety conditions.

• Current legislation on salaries, pensions and social security contributions, insurance, taxes, etc.

Once the supplier begins its working relationship with Endesa, its performance is monitored and evaluated through a specific "Supplier Performance Management" process, where aspects relating to the quality of the execution of the corresponding contract, compliance with health, safety and environmental regulations and respect for human rights are assessed.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

Human Rights Policy

17 a), b), c), 18, 19, AR 14

Endesa's Human Rights Policy is based on the following fundamental values of international and European law and applies its founding principles:

International Frameworks of Reference: International and European Law

• The United Nations (UN) International Bill of Human Rights:
• a) Universal Declaration of Human Rights.
• b) International Covenant on Civil and Political Rights. c) International Covenant on Economic, Social and Cultural Rights.
• The fundamental conventions of the International Labour Organisation (ILO) Nos. 29, 87, 98, 100, 105, 111, 138 and 182 and the Declaration on Fundamental Principles and Rights at Work.
• The UN Convention on the Rights of the Child.
• International Labour Organisation (ILO) Conventions Nos. 107 and 169 on the rights of indigenous and tribal peoples.
• The European Convention on Human Rights.

The latest versions of the following corporate standards and voluntary initiatives have also been taken into account:

International benchmarking frameworks | Corporate standards and voluntary initiatives

• The principles of the UN Global Compact.
• The Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises.
• The Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy of the International Labour Organisation (ILO).
• The UN Guiding Principles on Business and Human Rights: Implementing the UN Framework to Protect, Respect and Remedy.
• The United Nations Declaration on Indigenous Peoples.
• The UK Modern Slavery Act 2015.
• International Finance Corporation Standard 5 "Environmental and Social Sustainability Performance Standards".

Endesa's Human Rights Policy expresses its commitment to respecting the human rights of all stakeholders in the value chain. The Policy promotes the adherence of its suppliers and business partners to the same principles, paying particular attention to conflict and high-risk situations. The protection of Human Rights focuses on the following labour practices:

International benchmarking frameworks | Corporate standards and voluntary initiatives

• Rejection of forced or compulsory labour and child labour.
• Respect for diversity and non-discrimination.
• Freedom of association and collective bargaining.
• Health, safety and well-being.
• Fair and favourable working conditions.

The Human Rights Policy provides that when any person related to Endesa, whether an employee or an external person, considers that there is a situation contrary to that set out in the Policy, they can report it through the mechanisms established by the company. A Human Rights Due Diligence process is also carried out to identify possible risks in this area.

Endesa's Human Rights Policy and Code of Ethics comply rigorously with international standards, such as the United Nations Global Compact and the United Nations Guiding Principles on Business and Human Rights, as well as the Organisation for Economic Cooperation and Development (OECD) Guidelines and the International Labour Organisation (ILO) Declaration of Principles Concerning Multinational Enterprises and Social Policy. The rest of the Value Chain Worker Policies are also in line with various internationally recognised instruments.

With its Human Rights Policy, Endesa expresses its commitment to respect all Human Rights, including those related to its Value Chain, as identified in the stakeholder consultation carried out in accordance with the criteria listed in the "UN Global Compact Guidelines for Business: How to Develop a Human Rights Policy". Additionally, through its Human Rights Policy, Endesa is committed to respecting the principles of its Human Rights Policy in all countries where it operates, taking into account local cultural, social and economic diversity, requiring each of its stakeholders to behave in accordance with these principles, paying special attention to high-risk or conflict-affected contexts.

By stakeholders, Endesa means any party with a direct or indirect interest in the Company's activities, such as customers, employees of all types and hierarchical levels, suppliers, contractors, partners, other companies and trade associations, the financial community, civil

society, local communities and indigenous and tribal populations, national and international institutions, the media and the organisations and institutions that represent them.

The implementation and monitoring of the commitments expressed in this Consolidated Management Report are based on the Human Rights Due Diligence process. Furthermore, the Sustainability Planning and Stakeholder Management Unit of the General Directorate of Sustainability is the area responsible for integrating this Policy into the company's processes and ensuring that Human Rights Due Diligence activities are carried out.

The Policy, published on the Company's website, is available to all Endesa's stakeholders:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Occupational Health and Safety Policy (SSL)

354

Endesa's Occupational Health and Safety Policy (OHS) is committed to providing healthy and safe working conditions to prevent injuries and deterioration of health and its continuous improvement. Endesa applies this commitment from the supplier qualification process itself, and subsequently in the General Conditions of Contract, whereby the supplier undertakes to comply with the requirements established in these conditions in terms of Health and Safety. In addition, during the execution of the contract, Endesa continues to ensure compliance with the health and safety of its employees (see Section 26.1.2 of this Consolidated Management Report).

The Health and Safety Policy (H&S Policy) establishes Endesa's commitment to the continuous improvement of working conditions and the health and safety of its employees. Endesa implements its Health and Safety Policy (H&S Policy) in all companies that form part of the Company's perimeter. The Chief Executive Officer and the Management Committee participate in the process of continuous improvement, monitoring and compliance with the Health and Safety Policy, focusing on the evolution of qualitative and quantitative objectives, behaviour by business, accident and absenteeism indicators, as well as serious and fatal accidents, and may also determine the need to prioritise new improvement action plans to be designed and implemented in each organisational area.

Endesa has an Occupational Health and Safety Management System, in accordance with International Standard ISO 45001, a set of responsibilities, processes and resources for managing the production process. The company's senior management, represented by the Chief Executive Officer, reviews this system on an annual basis.

In addition, and with the aim of reinforcing risk awareness and encouraging responsible behaviour to ensure that work is carried out with quality and without accidents, the "Stop Work Policy" is available. This initiative urges all workers to act quickly and stop any activity that poses a risk to their own or others' health and safety, any risky behaviour and any action, omission or situation that could create a risk or cause an accident or harm.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

Financial Statements IV. Consolidated Management Report

26.2.3. Processes

26.2.3.1. Processes for interacting with workers in the Value Chain on Impacts (S2-2)

22 a), b), c), e), AR 22, 24

There are currently no general procedures in place to directly gather the perspectives of employees of companies in the value chain, as Endesa's relationship with supplier companies is direct. However, the Human Rights Due Diligence process consults stakeholders, including representatives of companies in the Value Chain, and in specific cases, such as the audits of certain higher-risk activities included in the Human Rights Due Diligence action plan carried out in 2023, in coordination with contractor companies, an external expert has conducted interviews with contractor company employees to gather their perspectives on this matter.

Endesa has begun to analyse the feasibility of incorporating their perspectives through the main channel with suppliers, giving workers in the Value Chain access to this channel.

Endesa also has several channels of communication with the representatives of supplier companies. For Endesa, a key element in the value chain is the supply chain. For this reason, ongoing communication with suppliers is essential. This communication makes it possible to generate more lasting relationships based on trust and transparency. Endesa therefore has different communication channels with suppliers at different stages of contracts.

This communication between the Company and suppliers, both during the corresponding bidding and purchasing processes and during the execution of the contract, is established through the "WeBUY" purchasing system, which is used to transfer commercial and technical needs, receive bids and resolve all aspects related to the purchasing processes, as well as assess contract performance and aspects related to safety and sustainability. Endesa's General Directorate of Purchases is the most senior manager of this channel. There are also various communications with suppliers through other channels, such as working groups, forums and specific workshops.

22 d)

The Global Framework Agreement agreed with the trade unions, approved in 2013 by the Enel Group and therefore applicable to Endesa as a member company, was renewed in 2023 and refers to the rights of workers in the supply chain through principles 84 to 86, in which the Enel Group:

• In accordance with the principles of the Global Compact, it requires its contractors to comply fully with local laws.
• It includes in the contractual conditions with contractors the respect of labour law obligations, compliance with occupational health, safety and environmental standards, and respect for human rights.
• It monitors and assesses the performance of contractors through a specific Supplier Performance Management ("SPM") process. During Global Council meetings, the number of product groups and related suppliers being monitored is shared, focusing on any critical Human Rights issues.

26.2.3.2. Processes to remedy Negative Impacts and channels for workers in the Value Chain to raise concerns (S2-3)

27 b), c), d), 28

In 2023 Endesa adopted the necessary to comply with Law 2/2023, of 20 February, regulating the protection of people who regulatory breaches, implementing an Internal Whistleblower Protection System. Information about the Information Channel and access to it is available to employees in the Value Chain on Endesa's website (see: https://www.endesa.com/es/accionistase-inversores/gobierno-corporativo/sistema-internode-proteccion-del-informante ) and, additionally, on the Supplier Portal itself.

Information Channel

All Endesa stakeholders, including employees in the Value Chain, have access to the Information Channel (which forms part of the Internal Whistleblower Protection System), so that they can report, securely and anonymously, any irregular, unethical or illegal conduct which, in their opinion, occurs in the course of the Company's activities. This Channel is articulated through a platform managed by an external and independent firm that fully guarantees confidentiality.

The Audit General Directorate is in charge of ensuring the correct treatment of the facts reported through a homogeneous treatment methodology, and acting with independence of criteria and action with respect to the other Units of the organisation. It has access to all Company documents necessary for the exercise of its functions.

However, the communication of facts with knowledge of their falsity or reckless disregard for the truth could lead to criminal or civil liabilities, in the terms contemplated in the current legislation. In the event that complaints about commercial and/or operational issues are reported through the Information Channel, we analyse whether there has been an incorrect practice and, when it is confirmed that they are operational issues, they are referred to the business for management.

When dealing with facts reported through the Information Channel, Endesa acts to protect whistleblowers from any form of retaliation, understood as any act that may give rise to the mere suspicion that the person in question may be subject to any form of discrimination or criminalisation. In addition, and thanks to the Whistleblower Protection Policy, the confidentiality of the identity of whistleblowers is guaranteed, unless otherwise provided for in the applicable legislation. For further details on this Policy, see Section 27.1.3 of this Consolidated Management Report.

In all cases in which, based on a communication of this type, it is determined that there has been a breach of the principles set out in Endesa's Policies, the corresponding procedure set out in the Code of Ethics and the system of sanctions established in the Company's Collective Bargaining Agreement are applied. Endesa is also committed to developing the appropriate remediation mechanisms, without prejudice to allowing access to other judicial and nonjudicial mechanisms that may exist.

The analysis of trends in the use of the Information Channel shows that the different stakeholders, including Value Chain employees, are aware of and use this channel to report irregular, unethical or illegal conduct safely and anonymously.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

26.2.4. Take action on material Impacts on workers in the Value Chain, and approaches to mitigate material Risks and pursue material Opportunities related to workers in the Value Chain, and the effectiveness of those actions (S2-4).

32 a), b), c), d), 34 a), 37, 38, AR 41, AR 43

Endesa seeks to mitigate and prevent the materialisation of Risks, as well as to enhance Positive Impacts. This is done through the development of various actions, which are detailed throughout this section and which are designed, in turn, to achieve the objectives defined in the policies associated with them (Internal Supplier Procedure, Human Rights Policy and Occupational Health and Safety Policy (OHS)).

In this regard, it should be noted that Endesa does not have any material negative impacts related to workers in the value chain.

The main actions carried out and planned or underway to promote Positive Impacts and the correct management of material Risks related to workers in the Value Chain are presented below:

		Investment / Cost earmarked for the Action				Result
Actions	Scope / Corrective Actions(1)	Investment (I) / Cost (C)	Amount (millions of euros)	Time Horizon	Expected results	2024	2023
Carried out
Supplier training in specific to human rights	1.			Medium Term	No. communications to suppliers / no. of suppliers with active contracts Realisation of a progress report	• 100% communications • Yes • 94	Na	357
					No. of registered suppliers
Verification of environmental, human rights and security aspects in the supplier qualification process.	2.			Long Term	100%	100%	100%
Planned
Share accident prevention measures and prevention		Na			Assessment of effec-tiveness of measures: actual reduction of contractor fatalities	2	1
plans at work, etc. for the reduction of fatal accidents of contractors, as well as for the reduc-tion of the frequency rate (FI) of contractors.	3.			Medium Term	Assessment of the effectiveness of the measures: actual reduction of the frequency rate (FI) of contractors including "in itineres".	0.57	0.38
Analysis of events and identification of possible non-conformities in each safety inspection performed and recorded.	4.				% based on the number of inspections carried out	100% out of 106,697 inspec tions registered	100% out of 117,775 registered inspections
Follow-up and management of the inspections carried out.	5.				% based on the number of inspections carried out	100% out of 106,697 inspec tions registered	100% out of 117,775 registered inspections

(1) The description and scope of each of the actions is detailed below following the numbering shown in the table.

The description and scope of each of the actions is detailed below:

1. Training for suppliers on specific human rights issues.

Description

• This action is carried out through the "Global Compact Spain" platform and aims to promote knowledge and awareness of Human Rights aspects in the supply chain, thus optimising the working conditions of its workers and helping to understand the requirements of large companies in tenders, as well as updating information on new existing European regulations.
• There are 2 ways to achieve this goal:
• −On the one hand, suppliers are invited to participate in an international training programme, "Sustainable Suppliers", focusing on specific areas of the Ten Principles of the United Nations (UN) Global Compact and Human Rights, as well as the Sustainable Development Goals (SDGs) and corporate sustainability in general.
• −On the other hand, they are also sent an email with information about the training courses of the open platform offered by "UN Global Compact" to its partners.
• Number of communications to suppliers/number of suppliers with active contracts. Several mailings are sent out to publicise Endesa's commitment to Human Rights and invite them to receive training in this area, using a tool developed by the Global Compact with different courses that suppliers can take online and free of charge, or join the supplier training programme called "Sustainable Suppliers".
• Annual monitoring of the registration of suppliers on the "UN Global Compact" platform and registered in the sustainable supplier programme and preparation of a progress report. A progress report is drawn up on the number of suppliers who have undergone training at the invitation of Endesa and the number of training courses on Human Rights carried out.

Scope

• This action is aimed at all Endesa suppliers.

Impacts, Risks and Opportunities (IROs) linked to the action

• Ensuring respect for human rights in Endesa's activities through the monitoring of possible violations in due diligence processes.

2. Verification of environmental, human rights and security aspects in the supplier qualification process.

Description

358

• As part of the qualification process, in order to gain access to Endesa's supplier register and therefore be awarded a contract, the supplier must undergo a specific and mandatory assessment of environmental requirements, health and safety requirements and human rights requirements. In practice, the supplier is required to complete questionnaires and provide the relevant supporting documentation to carry out the assessment, as well as adherence to the principles expressed by the Code of Ethics, the Zero Tolerance to Corruption Plan, the Human Rights Policy and the Global Compact.

Scope

• This action is aimed at all Endesa suppliers.

Impacts, Risks and Opportunities (IROs) linked to the action

• Ensuring respect for human rights in Endesa's activities through the monitoring of possible violations in due diligence processes.

3. Share accident prevention measures and prevention plans at worksites, etc. for the reduction of fatal accidents of contractors, as well as for the reduction of the frequency rate (FI) of contractors.

Description

• Sharing of different measures and plans, including general and specific plans, development of technological solutions, improvement of facilities and infrastructures, reinforcement of surveillance on construction sites, health surveillance, continuous improvement of protective equipment, technical management contracts, etc.

Scope

• This action is aimed at all workers in the value chain. This action is common to the 2 objectives directly linked to the reduction of accidents.

Impacts, Risks and Opportunities (IROs) linked to the action

• Possible increase in occupational accidents of own staff and of suppliers and contractors due to the increase in activities in the renewable or distribution business caused by the increase in investments in these technologies.

4. Analysis of events and identification of possible non-conformities in each inspection carried out and recorded.

Description
• On-site safety survey study on the safety statement of the inspected object, identifying possible deviations from standards/ procedures/processes, etc.

Scope

• This action is aimed at all workers in the Value Chain.

Impacts, Risks and Opportunities (IROs) linked to the action

• Possible increase in occupational accidents of own staff and of suppliers and contractors due to the increase in activities in the renewable or distribution business caused by the increase in investments in these technologies.

5. Follow-up and management of inspections carried out.

Description

• Regular updates on the progress and results of the inspection process, application of sanctions, actions taken, etc.

Scope

• This action is aimed at all workers in the Value Chain.

Impacts, Risks and Opportunities (IROs) linked to the action

• Possible increase in occupational accidents of own staff and of suppliers and contractors due to the increase in activities in the renewable or distribution business caused by the increase in investments in these technologies.

36

In 2024, no Human Rights cases related to the upstream or downstream stages of Endesa's Value Chain have been reported through the Information Channel.

26.2.5. Objectives related to the management of material Negative Impacts, the advancement of Positive Impacts and the management of material Risks and Opportunities (S2-5)

41, 42 a), b), c)

Following the identification of the material Impacts, Risks and Opportunities (IROs) and the establishment of the general objectives and commitments in the aforementioned Policies, Endesa, through its Endesa Sustainability Plan (ESP), has undertaken to establish certain objectives detailed below associated with the Impacts, Risks and Opportunities (IROs) of the employees in the Value Chain, thereby complying with its various Policies:

Impacts, Risks and							Objectives 2024-2026		Objectives 2025-2027
Opportunities (IROs)	ESP objectives (1)	Unit	Scope	2024	2023	2024	2026	2025	2027	Amendments (2)
Ensuring respect for human rights in Endesa's activities by monitoring possible violations through due diligence processes.	Action plan derived from the Human Rights Due Diligence process	Implemen tation of the Action Plan	Own staff and contractors	Ongoing	—	Implementation Plan in the period	of the Action 2024-2026	Implementation	of the Action Plan in the period 2025-2026
	Ensure compliance with environmental, human rights and security aspects in the supplier qualification process.		% All qualified suppliers	100	100	100	100	100	100	Unchanged
Possible increase in occupational	Reduction of fatal accidents			2	1	0	0	0	0
accidents of own staff and of suppliers and contractors due to increased activities in the renewable or distribution business due to increased investments in these technologies.	Reduction of the combined accident frequency index (FI)	Number	Own staff and contractors	0.45	0.35	0.34	0.33	0.36	0.35
(1) Endesa Sustainability Plan (ESP). (2) Indicates whether there have been any changes in objectives with respect to the previous year.

These objectives cover the entire scope of Endesa's business and, in order to establish them, the opinions of employees in the value chain or their representatives have been taken into account as part of the stakeholders with whom dialogue has been established, as shown in the Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report).

360

The monitoring of the objectives is carried out annually by the General Directorate of Sustainability, through the measurement of the established metrics. Data collection is carried out with the same frequency, ensuring continuous control over the evolution of the indicators. Progress is reviewed at the Sustainability Committees, also on an annual basis, where, through internal presentations, the consolidated data are reflected and possible deviations from the target values are analysed. In addition, the General Directorate of Sustainability and the responsible areas internally assess the results to identify significant trends or necessary adjustments to the strategy for meeting the targets.

The indicators, metrics and objectives described above arise from the combination of the Company's strategic objectives for each of its businesses and/ or corporate activities, in relation to Sustainability aspects, which respond to the material Impacts, Risks and Opportunities (IROs) of the 2024 financial year, and the Company's additional response to address the remaining material Impacts, Risks and Opportunities (IROs) not covered in the first case. The time horizon of these objectives is in line with the Company's strategy for the period 2025-2027 and aims to enhance or mitigate the main Impacts, Risks and Opportunities (IROs) resulting from the Double Materiality exercise.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

VI. Statement of Responsibility

26.3. Affected Communities (ESRS S3)

Below is a description of the information related to the affected communities that will enable an understanding of the way in which Endesa affects these communities in terms of actual or potential material Positive and Negative Impacts, also detailing the material Risks and Opportunities for the company related to them. It also describes the actions taken and the results of these to prevent or mitigate actual or potential Negative Impacts, which are material to avoid impacts on the Affected Communities and optimise material Positive Impacts, and to manage the related Risks and Opportunities.

The table below details the material Impacts, Risks and Opportunities (IROs) related to this subject that apply to Endesa and includes their definition, typology and associated Policy:

Table of Material Impacts, Risks and Opportunities (IROs) - Affected Communities

Impact, Risk and Opportunity (IRO) Typology	Sub-theme	Sub-sub-theme	Impact, Risk and Opportunity (IRO)	Type of Impact, Risk and Opportunity (IRO)	Associated Policy
Positive Impact	Economic, social and cultural rights of collectives	Social and economic development of neighbouring communities	Socio-economic growth and population settlement in areas where generation facilities operate.	Real	Sustainability Policy Human Rights Policy
Negative Impact	Economic, social and cultural rights of collectives	Social and economic development of neighbouring communities	Decrease in socio-economic activity in the vicinity of coal plant closures.	Real	Sustainability Policy Human Rights Policy
		Land-related incidents	Occupation of large plots of land for renewable energy generation, affecting the biodiversity of the land.		Sustainability Policy
Risk	Collective civil and political rights	Freedom of expression	Social opposition due to the development of renewables, impact on biodiversity and/ or proximity of thermal power plants to urban environments.		Sustainability Policy Human Rights Policy
		Social and economic development of neighbouring communities	Failure to comply with the commitments undertaken in the socio-economic section of the awarded Just Transition tenders that may lead to the loss of guarantees.	Potential	Sustainability Policy

26.3.1. Material Impacts, Risks and Opportunities (IROs) and their interaction with strategy and Business Model (ESRS 2 SBM-3)

Impacts, Risks and Opportunities (IROs)

8 a), b), 9 a) i, ii, iii, iv, 10

To identify Impacts, Risks and Opportunities (IROs), Endesa has performed a Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report) in which the Company performs a context analysis, analysing, among other reference information, Endesa's current strategy and Business Model and information relating to Local Communities. This documentation is used by Endesa to adapt its strategy and is fully integrated, through various objectives and targets, into the Endesa Sustainability Plan (ESP).

In the process of identifying Impacts, Risks and Opportunities (IROs), the Impacts that the Company generates in the affected Communities, as well as any possible dependencies in relation to them, have been taken into account. The table below shows the material Risks arising from Impacts and Dependencies, and their relationship with the strategy and Business Model:

Risks	Impacts/ Dependencies	Business Model and Strategy
• Social opposition due to the development of renewables, impact on biodiversity and/ or proximity of thermal power plants to urban environments.	• Occupation of large plots of land for renewable energy generation, affecting the biodiversity of the land.	• Risk and impact arising from Endesa's own activities

The process of assessing Impacts, Risks and Opportunities (IROs) has made it possible to identify all affected communities that may be significantly impacted by Endesa's own operations, as well as by its commercial relations and the activities of its Value Chain, both upstream and downstream. In order to understand the Company's interaction with the affected communities, it was essential to take a holistic view of Endesa, analysing how the Company relates to them through its energy generation, distribution and commercialisation operations. This identification was carried out by mapping the activities of the value chain and incorporating the expert vision of the areas that directly manage these stakeholders.

The communities affected by Endesa's material impacts are related to the company's own operations, and are those associated with the surroundings of the generation plants. These sites have a direct impact on the environment and on the communities that live in and relate to them.

In accordance with the above, specific mention should be made of the communities associated with the six coal-fired thermal power plants owned by Endesa's investee companies. These communities are being directly affected by a decrease in socio-economic activity as a result of the closure of the coal-fired power plants, which are located in the following municipalities:

Municipalities

• Andorra (Andorra Thermal Power Station, Teruel).
• Ponferrada (Compostilla Thermal Power Station, León).

• As Pontes (As Pontes Thermal Power Station, A Coruña).
• Carboneras (Litoral Thermal Power Station, Almería).
• Alcudia (Alcudia Thermal Power Station, Balearic Islands).
• Abrantes (Central Térmica de Pego (1), Abrantes, in Portugal).

(1) Ownership of the Joint Venture Tejo Energia - Produção e Distribuição de Energia Eléctrica, S.A.

In coal-fired power plant closure projects, the groups directly affected are the company's own workers, workers of auxiliary companies and the direct and indirect auxiliary companies themselves, which carried out their operations in the power plant and which are directly impacted by the cessation of activity. The local councils of the municipalities where the plants are located are also affected due to the cessation of tax collection.

In addition, local communities can be identified that are affected by the rest of the generation projects. Power plants in operation have a direct impact on local councils and on the socio-economic activity generated in the local environment with the hiring of workers and companies. New renewable capacity projects in turn have an impact on local councils and the local community , and also have a negative impact on the primary and tertiary sectors of the community, due to the displacement of activities such as agriculture and the effect on tourism due to the modification of the landscape.

Negative Impacts

9 b), 10

The 2 Negative Impacts identified after the Double Materiality analysis correspond to the following typology:

Negative Impacts	Generalised/Concrete or Individual
• Decrease in socio-economic activity in the vicinity of coal plant closures.	• Concrete.
• Occupation of large plots of land for renewable energy generation, affecting the biodiversity of the land.	• Generalised.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of Responsibility

The decrease in socio-economic activity has a specific impact on specific communities, these being those associated with the coal-fired power plants that are in the process of closure. This impact derives from the decarbonisation process that Endesa is carrying out in its energy mix through the total closure of coal-fired thermal generation (5.7 GW). Specifically, the six plants described above are in the process of closure, although each of them has made varying degrees of progress. Specifically, Andorra completed its decommissioning process on 31st July 2024, Compostilla and Litoral are in the process of demolition, while As Pontes has received authorisation for total closure and has a works licence from the local council, with decommissioning having begun in 2024. As regards the Alcudia plant, groups 1 and 2 have been authorised for decommissioning since 2019, and their reduced dismantling has been completed. Groups 3 and 4 remain in operation until 2027 with an operating limitation of 500 hours/year for each group. Finally, with respect to the Pego plant, its production licence expired in 2021.

Prior to the closure of these plants, and at the level of each facility, two specific analyses were carried out: one at the macro level and the other at the micro level. With regard to the former, Endesa carried out an impact analysis in terms of economic activity and employment, using an input-output methodology that measures the direct, indirect and induced impacts on gross value added and the number of workers in the areas surrounding the facilities and at different local, regional and national levels. With regard to micro-analysis, Endesa carries out specific processes under the Creating Shared Value (CSV) methodology, with which it identifies the reality of the surroundings around each facility, with which it then structures its action plans. This methodology is detailed in Section 26.3.3 of this Consolidated Management Report.

Positive Impacts

9 c)

Following the Double Materiality analysis carried out, a material positive impact on local communities has been identified in terms of socio-economic growth and population settlement in the areas where the generation projects are installed. This impact is due to Endesa's support plans for each project, specifically for new renewable generation projects, under the Creating Shared Value (CSV) methodology. This methodology, which has been part of Endesa's sustainability strategy since 2016, is highly structured to provide a broad level of detail in the specific environment of each project, with a direct impact on the communities located in the area where these projects are located. In this sense, and to generate a Positive Impact on them, the Creating Shared Value (CSV) plans have 2 main axes: sustainable construction and support for the socioeconomic development of the Local Community, with training plans to improve employability, employment exchange or promotion of local companies through the direct contracting of services, and specific support for companies in other sectors. For further information, see Section 26.3.4 of this Consolidated Management Report.

It is also worth highlighting the renewable growth plan to be developed by Endesa over the next three years, which will generate socio-economic development in the local areas where the new facilities will be built. In addition to the "business as usual" Positive Impacts generated by a project (taxes for the local council and the creation of economic activity and employment), Endesa defines accompanying Creating Shared Value (CSV) plans for each construction project that include actions with additional Positive Impacts on the local community.

The Creating Shared Value (CSV) plans are widely applied to Endesa's generation projects and are described in Section 26.3.3 of this Consolidated Management Report.

Risks

9 d), 11

In the process of identifying Impacts, Risks and Opportunities (IROs), the Impacts that the company generates in the affected Communities have been taken into account, as well as any possible dependencies in

relation to them. The following table shows the only material Risk deriving from Impacts and Dependencies.

Risks	Impacts/Dependencies
• Social opposition due to the development of renewables, impact on biodiversity and/ or proximity of thermal power plants to urban environments.	• Occupation of large plots of land for renewable energy generation, affecting the biodiversity of the land.

The growing social opposition and the phenomenon of the formation of platforms opposing the development of renewable energy plants affect the development of projects, especially in the permitting phase. In this regard, this risk derives from a negative impact on the affected communities, which generally affects all communities near the sites where Endesa develops renewable energy projects.

26.3.2. Policies relating to Affected Communities (S3-1)

14, 15, 16 a), b), 17, AR 10, AR 12, AR 9, 16 c)

To manage the material Impacts, Risks and Opportunities (IROs) identified in relation to the affected communities, Endesa has a Sustainability Policy and a Human Rights Policy. The relationship between the Policies and the material Impacts, Risks and Opportunities (IROs) addressed by each is set out in the table of material Impacts, Risks and Opportunities (IROs).

Sustainability Policy

364

Endesa's Sustainability Policy is intended to formalise and specify the principles guiding sustainability management and the future commitments established with its stakeholders, which constitute Endesa's framework for sustainable development, as set out in the Purpose, Vision and Values (see Section 2.3 of this Consolidated Management Report) that make up Endesa's principles of conduct. The stakeholders covered by the Policy include the affected communities, specifically those identified and considered for the Double Materiality analysis carried out. The direct relationship between these communities and Endesa is established through dialogue with local agents.

This Policy is part of Endesa's support for the Universal Declaration of Human Rights and respect for Endesa's Code of Ethics as essential elements containing the principles on which the Company's activities are based.

The commitments included in the Policy include putting people at the centre both internally, by creating a diverse, inclusive, healthy and safe working environment that allows employees to develop, and externally, by creating shared value in the societies in which Endesa operates.

Creating Shared Value in the long term is one of the guiding principles of Endesa's business strategy. The Company pursues a sustainable value creation approach in the development of its activities, involving, as far as possible, local agents in the areas in which it operates in the definition of plans for the Creation of Shared Value, with the aim of achieving a positive impact on these communities and integrating the relevant economic, social, ethical and environmental aspects at a local level.

The Sustainability initiatives and projects resulting from the various Creating Shared Value plans are aimed at supporting the achievement of the United Nations Sustainable Development Goals (SDGs), thereby contributing to the resolution of the growing challenges facing society.

Endesa's Sustainability Policy shall apply to the Company and all its subsidiaries, which are understood to be all entities directly or indirectly controlled by Endesa, under the terms of article 42 of the Commercial Code.

The Board of Directors of Endesa, S.A., through its Sustainability and Corporate Governance Committee, is responsible for supervising compliance with

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

and control of the Sustainability Policy and the Sustainability and Corporate Governance strategy in accordance with the functions and powers established in the Regulations of the Sustainability and Corporate Governance Committee.

In this regard, each year it receives a proposal for the Endesa Sustainability Plan (ESP), which includes details of all the actions and objectives defined to comply with the principles and commitments included in this Policy over the next three years and, after supervision, submits it to the Board of Directors for approval.

Similarly, the Sustainability and Corporate Governance Committee monitors the degree of compliance with the Endesa Sustainability Plan (ESP) on an annual basis. This Policy is available on Endesa's website, applies to all affected communities and is available to all interested parties. For more information, see the Policy at

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Human Rights Policy

Endesa's Human Rights Policy reflects a firm commitment to respecting and protecting the rights of communities and society in general. Endesa recognises that its activities may have a direct or indirect impact on local communities and is therefore committed to maintaining responsible and sustainable relations. To achieve this, the company is guided by principles that prioritise environmental protection, the promotion of socio-economic development and respect for the rights of communities.

This policy seeks to minimise environmental impact and promote sustainable development, always considering the possible direct and indirect effects of operations on communities. Within this framework, Endesa is committed to implementing measures to mitigate the effects that the occupation of large areas of land for the generation of renewable energy may have on local communities and the biodiversity of the land, protecting ecosystems and respecting the natural balance of the affected areas. Furthermore, it is committed to a Just and Inclusive Transition that ensures that the shift to a low carbon economy takes place in an equitable manner, leaving no one behind. Endesa therefore recognises the importance of addressing the specific needs of all stakeholders, especially the most vulnerable, ensuring that they can benefit from the opportunities generated by this Transition.

Endesa is committed to working with suppliers, contractors and business partners to share these values, ensuring that all parties involved respect the rights of Communities, work towards their socioeconomic development, and adhere to responsible and sustainable practices. This includes adopting measures for free and informed prior consultation, promoting social inclusion and engaging in local projects that generate shared value.

Endesa seeks to maintain an open and constructive dialogue with all stakeholders, including potentially affected communities, to design solutions that facilitate progress towards a sustainable economy, while respecting and protecting their wellbeing. This involves involving them from the initial design phase, ensuring that their views, needs and concerns are heard and considered.

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With this Policy Endesa expresses its commitment to respect all Human Rights, and especially those that are closely related to the Value Chain, in line with what emerged from the stakeholder consultation (including local stakeholders) carried out according to the criteria listed in the UN Global Compact Guidelines for Business: "how to develop a Human Rights Policy", Endesa undertakes to respect these principles in all countries where it operates, taking into account local cultural, social and economic Diversity, requiring each stakeholder to behave in accordance with these principles, paying particular attention to high-risk or conflict-affected contexts. By stakeholders, Endesa considers any party with a direct or indirect interest in the Company's activities, such as, for example, customers, employees of any type and hierarchical level, suppliers, contractors, partners, other companies

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

and trade associations, the financial community, civil society, local communities and indigenous and tribal populations, national and international institutions, the media and the organisations and institutions that represent them.

The Human Rights Policy rigorously complies with international standards, such as the UN Global Compact and the UN Guiding Principles on Business and Human Rights, as well as the Organisation for Economic Co-operation and Development (OECD) Guidelines and the International Labour Organisation (ILO) Declaration of Principles Concerning Multinational Enterprises and Social Policy. Furthermore, in the event that an Affected Community considers that there is a situation that contradicts the Human Rights Policy, the Policy provides procedures for reporting this situation.

Endesa is committed to mitigating and remedying any negative impacts that may affect communities in relation to human rights. To this end, the Human Rights Policy provides that when any person related to Endesa, whether an employee or an external person, considers that a situation exists that is contrary to the provisions of the Policy, they may report it, among others, through the following mechanisms:

• Through the Information Channel, an element of the Internal Whistleblower Protection System, which the Company makes available to all its local agents on its website or, in the case of Endesa employees, also via the company's intranet:

https://www.endesa.com/es/accionistas-einversores/gobierno-corporativo/sistema-internode-proteccion-del-informante

• By e-mail to Endesa's Ethics Mailbox: eticaycumplimiento@endesa.es
• By post, to the following address: Endesa, S.A. Audit General Directorate. Ribera del Loira, 60 - 28042 Madrid.

In all cases in which, based on a communication of this type, it is determined that there has been a breach of the principles set out in the Human Rights Policy, the corresponding procedure set out in the Code of Ethics and the system of sanctions established in the Company's Collective Bargaining Agreement are applied. Endesa is also committed to developing the appropriate remediation mechanisms, without prejudice to allowing access to other judicial and nonjudicial mechanisms that may exist.

In 2024, there has been no significant change in the Policies in relation to Local Communities nor has there been any legal dispute related to land tenure rights and free, prior and informed consent of indigenous peoples.

The implementation and monitoring of the commitments expressed in this Consolidated Management Report are based on the Human Rights Due Diligence process. Furthermore, the Sustainability Planning and Stakeholder Management organisational unit within the General Directorate of Sustainability is the area responsible for integrating this Policy into the company's processes and ensuring that Human Rights Due Diligence activities are carried out.

In order to raise awareness of the Human Rights Policy among local agents, some of the actions carried out in the first Human Rights Due Diligence Action Plan 2018-2020 were to include it in all references in internal regulations and to disseminate it to employees through internal communication channels. The Human Rights Policy is also available on Endesa's website for all interested parties. For further information, see:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

26.3.3. Processes

26.3.3.1. Processes for Interacting with Affected Communities on Impacts (S3-2)

21 a), b), c), d), 22

One of the fundamental aspects for Endesa in relation to the communities that may be affected by the company's activities is to establish direct communication channels to remedy the negative impacts generated on the communities themselves. In this regard, the Creating Shared Value (CSV) process, together with the Enel Group's internal Environmental and Social Impact Assessment and Management procedure, envisages the development of measures to avoid the impacts identified, minimise them or compensate them, always in line with international reference frameworks.

An essential part of this process is ongoing communication with the communities, through specific interviews throughout the life of the project, which enable the communities' views on the proposed mitigation measures to be incorporated. Endesa aims to work with the local communities in the vicinity of its projects and business assets to achieve maximum territorial integration.

The Creating Shared Value (CSV) methodology is structured in 4 phases of work, 2 of which are characterised by contact and dialogue with stakeholders to address the needs of the Communities:

Creating Shared Value (CSV) Methodology
1. Analysis of the municipality where the project is to be located	• A socio-economic, political and environmental radiography is carried out based on different indicators, as well as the mapping of local actors to detect the relevant issues for the Community in any field.
2. Direct contact in the field with previously identified local actors through meetings and encounters to present the project and gather sensitivities regarding the project.	• This phase ensures the inclusion of the perspectives of vulnerable groups in the Communities, mainly people with disabilities, the unemployed and women, through concrete dialogue with local actors, who convey the specific needs of the Community, and in particular the needs of these vulnerable groups. After this, joint and participative plans are drawn up to accompany the "Creating Shared Value (CSV)" to generate the greatest value and the minimum impact on the Community in the project environment.
3. Definition of the actions that make up the Creating Shared Value (CSV) plan.	• In a participatory manner and through dialogue with local actors.
4. Implementation and monitoring of the measures envisaged in the Creating Shared Value (CSV) plan defined	• All initiatives and projects are covered by contracts and agreements with counterparties, which include control and monitoring clauses through committees of which Endesa is a member.

The 4 phases of the methodology are shown in the graph below:

The incorporation of the Creating Shared Value (CSV) process is the responsibility of the Sustainability and Circular Economy Initiatives Unit in the Generation Business of the General Directorate of Sustainability. When the project team is set up, a Sustainability focal point is added to the team to ensure the implementation of the Creating Shared Value (CSV) process in that project. This person establishes early on the direct and permanent interlocution with the different agents of the Local Community to internally transfer to the team the different sensitivities collected

with respect to the same. The ultimate objective is to achieve the social licence of the project, seeking its maximum integration in the territory so that, in a preventive manner, the implicit risk of the possible Impacts perceived in the Local Community can be managed.

It is worth mentioning that Endesa has no interaction with indigenous peoples as there are no indigenous peoples in the Iberian Peninsula that are being affected by Endesa's activities.

26.3.3.2. Processes for Remedying Negative Impacts and Channels for Affected Communities to Raise Concerns (S3-3)

27 a), b), c), d), 28

The Creating Shared Value (CSV) process and, specifically, the Future Plans ("Futur-e"), contemplate the definition of measures to mitigate the Impacts on the Local Community derived from the closures of coal-fired plants, mainly of a socioeconomic nature. Specifically, each closing plant has a specific associated Future Plan (for those affected by the closure of coal-fired plants) with actions developed to mitigate the impact generated. These plans are in line with the Agreements for a Just Energy Transition signed with the competent Ministries and Trade Union Representations. Each Future Plan has 4 priority lines of action:

Main Lines of Action for each Future Plan

368

• 1. Proactive job search for directly affected staff, with outplacement plans and prioritisation criteria for people registered in the Just Transition Pools, for training and recruitment linked to the projects planned in the area.
• 2. Training plans for professional retraining of the local population, mainly training linked to Endesa's activity, by means of training courses for the local population.
• 3. Promotion of economic activity and employment with priority in the areas affected by the closure, these being priority investment areas for Endesa.
• 4. Promotion of sustainability in the municipality through energy efficiency and self-consumption plans.

For further details on the actions carried out and planned, see Section 26.3.4. of this Consolidated Management Report.

The Creating Shared Value (CSV) process the main channel for affected communities to raise their concerns regarding the projects. As has already been mentioned, it is a channel established by the Company itself, which is materialised through the Sustainability representatives in permanent contact with local agents throughout the life of the project (from the development and construction phase to the closure phase). In this sense, the referents identify and transfer to the project team what they gather in their dialogue with the local community for the corresponding management.

In addition, if a breach of human rights is detected in local communities, the Creating Shared Value (CSV) process informs local agents of Endesa's Human Rights Policy, which includes an ongoing commitment to identify risks and impacts on communities related to the company's activities. Likewise, if necessary due to the violation detected, an action plan is defined to minimise it, based on the company's Human Rights Due Diligence process. In particular, it is specified in which areas of a generation project there is a greater risk of Human Rights violations and which are the lines of action planned by the Company for their management.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

Information Channel

Endesa, through local agents, makes available to the affected communities, among other stakeholders, the Information Channel that forms part of the Internal Whistleblower Protection System, available on the website, by e-mail through Endesa's ethics mailbox (eticaycumplimiento@endesa.es) and by post to the following address: Endesa, S.A, General Directorate of Audit, Ribera del Loira, 60 -28042 Madrid. This is so that the Communities can use the Channel to report any situation that is contrary to the Human Rights Policy. For more information, see:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/sistema-interno-deproteccion-del-informante

The Audit General Directorate is in charge of ensuring the correct treatment of the facts reported through a homogeneous treatment methodology, and acting with independence of criteria and action with respect to the other Units of the organisation. It has access to all Company documents necessary for the exercise of its functions.

However, the communication of facts with knowledge of their falsity or reckless disregard for the truth could lead to criminal or civil liabilities, in the terms contemplated in the current legislation. In the event that complaints about commercial and/or operational issues are reported through the Information Channel, we analyse whether there has been an incorrect practice and when it is confirmed that they are operational issues, they are referred to the business for management.

When dealing with facts reported through the Information Channel, Endesa acts to protect whistleblowers from any form of retaliation, understood as any act that may give rise to the mere suspicion that the person in question may be subject to any form of discrimination or criminalisation. In addition, and thanks to the Whistleblower Protection Policy, the confidentiality of the identity of whistleblowers is guaranteed, unless otherwise provided for in the applicable legislation. For further details on this Policy, see Section 27.1.3 of this Consolidated Management Report.

In all cases in which, based on a communication of this type, it is determined that there has been a breach of the principles set out in Endesa's Policies, the corresponding procedure set out in the Code of Ethics and the system of sanctions established in the Company's Collective Bargaining Agreement are applied. Endesa is also committed to developing the appropriate remediation mechanisms, without prejudice to allowing access to other judicial and nonjudicial mechanisms that may exist.

The analysis of trends in the use of the Information Channel shows that the different stakeholders, including the affected Communities, are aware of and use this channel to report irregular, unethical or illegal conduct in a secure and anonymous manner.

26.3.4. Take action on material Impacts on affected Communities, and approaches to mitigate material Risks and pursue material Opportunities related to affected Communities, and the effectiveness of those actions (S3-4).

32 a), b), c), d), 33 a), b), c), 34 a), b), AR 33, AR 36, AR 40, AR 42, 35, 37, 38

Endesa seeks to mitigate and prevent the materialisation of Negative Impacts and Risks, as well as to enhance Positive Impacts and Opportunities. This is done through the development of various actions, which are detailed throughout this section and which are designed, in turn, to achieve the objectives defined in the policies associated with them (Sustainability Policy and Human Rights Policy).

In this regard, it should be specified that Endesa does not have any material negative impact that is not currently being managed in an appropriate manner, thus mitigating the adverse effects that may be occurring on the communities affected by it.

The main actions taken and planned or underway to promote Positive Impacts and prevent or mitigate Negative Impacts, as well as the proper management of material Risks and Opportunities related to the affected Communities, are presented below.

		Investment / Cost earmarked for the Action			Result
Actions	Scope / Corrective Actions(1)	Investment (I) / Cost (C)	Amount (millions of euros)	Time Horizon	Expected results	2024	2023
Carried out
Implementation of local procurement mechanisms in the context of coal plant closures and development of renewable projects.	1.	contract by imposing a local on closures and renewable	Additional cost implicit in the main contractor's procurement restriction projects.		• % local procurement of any projects that it undertakes in the closures environment. • % local procurement in renewable projects outside the closure environment.	40% 46%	48% 38%
Promotion of the recruitment of companies at local level (including special employment centres).	2.	There is no financial cost beyond the dedication of the Creating Shared Value (CSV)	referent to maximise the results of this action.		• No. of companies with support from the Sustainability team (to register as Endesa suppliers and/ or participate in tenders).	20	1
Incorporation of primary sector initiatives in generation facilities.	3.	C/I	(3)		• No. of ongoing initiatives (all active initiatives).	55	47
Implementation of mechanisms for local participation in the investment of renewable projects.	4.	I	(3)		• No. of initiatives. • Amount issued. • Beneficiaries welcomed.	1 0.3 million of Euros 17	0 0 0
Promotion of tourism initiatives linked to generation facilities.	5.	C	(3)		• Number of initiatives carried out in the course.	21	28
Implementation of training programmes for employability in the local environment of projects and generation assets (closures are not included).	6.	C	(3)		• Number of courses by typology(4). • No. of people trained in the current year.	45 855	53 940
Implementation of initiatives to reduce the cost of electricity supply in the local environment of projects and generation assets (including projects in closure areas).	7.	I	3 M€	Long term	• No. of initiatives by type (self consumption in public buildings, shared self-consumption, efficient lighting, recharging points). Includes those with an agreement signed in the current year.	13	11
Proactive job search for staff affected by the closure of coal-fired power plants.	8.	Na	Na		• No. of own employees relocated or pre-retired. • No. of people registered in the "Just Transition Exchange" (BTJ) who are hired in the projects in the closure areas.	619 Accumulated 184	412 Accumulated 163
Priority for new investment in areas affected by coal plant closures	9.	-	Not available		• MW of renewable energy in the portfolio of projects planned in the closure areas in the design, permitting and construction phases. • No. of industrial projects in the "Futur-e" process in the design, permitting and construction phase.	4,891 MW 20 projects	5,835 MW 22 projects
Training plans for retraining of the population affected by the closure of coal-fired power plants	10.	C	(3)		• Number of courses by typology(4) • No. of persons trained in the current year	79 1,216	46 738
Conducting meetings with local actors in the Generation projects and facilities under the management of the General Directorate of Sustainability.	11.	beyond the dedication of the	It has no economic cost Sustainability team.		• Number of meetings held in the current year in the area of projects and generation facilities under the management of the Sustainability team (reference to the project and number of meetings).	576	989

Planned(2)

(1) All actions are carried out on an ongoing basis with a long-term time horizon, as long as a generation portfolio is maintained with New Renewable Projects (NRP), coal-fired power plant closure projects and operating facilities.

(2) No planned actions have been defined.

(3) Less than EUR 1 million.

(4) 44 courses: 38 Primary Sector courses, 3 courses in Operation and Maintenance (O&M) of renewable energy plants, 1 course for solar panel fitters, 1 course in maintenance of hydraulic installations and 1 course in maintenance of thermal installations.

(5) 79 courses, 50 courses on renewable installations, 24 courses in the primary sector, 3 courses on Occupational Risk Prevention (ORP) and 2 courses on other subjects.

The description and scope of each of the actions is detailed below:

1. Implementation of local procurement mechanisms in the environment of coal closures and renewable projects.

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of Responsibility

Description

• They aim to manage the social licence, maximising the value generated by the installation's activity in the local environment by hiring people from the municipalities where the parks are built:
• −Promoting local employment, boosting socio-economic development through local employment exchanges in collaboration with local councils and contractors to provide local workers for the necessary profiles.
• −Binding commitment to a percentage of local procurement in tenders to the main contractor.

Scope

• The scope of this action is considered to apply to all Endesa's new renewable capacity projects in the construction phase, as well as to the demolition projects of coal-fired plants in progress.

Impacts, Risks and Opportunities (IROs) linked to the action

• Socio-economic growth and population settlement in areas where generation facilities operate.

2. Promotion of the recruitment of companies at local level (including special employment centres).

Description

• Identification and support for these companies in the process of registering and qualifying as Endesa suppliers in certain activities related to the installation:
  • −Clearing of solar plants.
• −Environmental compensatory measures/Biodiversity.
• Accompaniment during the tendering process.

Scope

• The scope of this action is considered to apply to all Endesa's new renewable capacity projects, as well as facilities in operation and maintenance.

Impacts, Risks and Opportunities (IROs) linked to the action

• Socio-economic growth and population settlement in areas where generation facilities operate.

3. Incorporation of primary sector initiatives in generation facilities.

Description

• Development and implementation of primary sector and biodiversity initiatives within the renewable installations focused on the management of local agents of the primary sector in the rural environment due to the displacement of their activity with the implementation of the installations:
• −Hybrid installations between electricity production and the primary sector, such as agriculture, livestock or beekeeping activities. Endesa's MIEL SOLAR® brand has been registered.
• −Promotion of initiatives linked to Biodiversity with unique projects beyond the Environmental Impact Statement (EIS), such as, for example, the insect refuge in Minglanilla, the management of the rabbit population in wind farms and the Morcegos Project for bat shelters.
• −Other initiatives to maximise the positive effects: promotion of trade in local products, courses for entrepreneurship, initiatives linked to tourism, collaboration with associations of reference in disability and specialised employment centres.

Scope

• The scope of this action is considered to apply to all Endesa's new renewable capacity projects, as well as facilities in operation and maintenance.

Impacts, Risks and Opportunities (IROs) linked to the action

• Occupation of large plots of land for renewable energy generation, affecting the biodiversity of the land.
• Socio-economic growth and population settlement in areas where generation facilities operate.

4. Implementation of mechanisms for local participation in the investment of renewable projects.

Description

• The objective is the management of social opposition through the participation of local actors in the investment of the project with advantageous conditions in the return on their contributed capital. Main characteristics:
• −Citizen participation in the investment, with a maximum amount established, depending on the project.
• −Debt issuance mechanism by the project promoter (in most cases) or equity participation in Navarra, the Balearic and Canary Islands. −Aimed at resident families or local businesses in the municipalities hosting the renewable projects.
• −It offers a return with a range between 4.5% and 5.7% for a period of 5 to 10 years.

Scope

• The scope of this action is considered to apply to Endesa's new renewable capacity projects.

Impacts, Risks and Opportunities (IROs) linked to the action

• Socio-economic growth and population settlement in areas where generation facilities operate.

5. Promotion of tourism initiatives linked to generation facilities.

Description

• Promotion of local activity rooted in the rural environment, mainly tourism, as proof of the long-term commitment to the territory. The initiatives carried out fall under the following themes:
• −Art with energy. Mitigation of the visual impact of some elements of the facilities through art, by means of collaborations with schools, associations and town councils, turning them into new tourist attractions in the municipality.
• −Energy trails. Adaptation of tourist trails around the facilities, highlighting the contribution of renewable energy to the environment and contributing to the development of local commerce.
• −Culture. Cessions of space in the facilities for the development of cultural activities of dance, art, music and architecture, as singular spaces.
• −Musealisation of spaces. Sharing unique spaces for the development of temporary exhibitions or museums;
• −Temporary exhibitions: "Aiguaviva" at the Capdella Hydroelectric Power Station and "Ephimeral Electricities" at the Ibiza Thermal Power Station.
• Donations of various equipment and materials for museum purposes following the dismantling of the power plants, improving the range of museums related to Endesa's activities (coal transport wagons for the Railway Heritage Foundation at the Teruel thermal power plant).
• Transfer of assets to improve the tourist offer in the municipalities surrounding the facilities (Vall Fosca cable car at the Sallente hydroelectric power station).
• −Sports. Integration of sporting events at Endesa's facilities (a section of the mountain bike race at the Las Corchas solar plant) and management of water resources in coordination with local entities and companies for sporting competitions and adventure tourism activities.

Scope

372

• The scope of this action is considered to apply to all Endesa facilities in the operation and maintenance and decommissioning phase.

Impacts, Risks and Opportunities (IROs) linked to the action

• Socio-economic growth and population settlement in areas where generation facilities operate.
• 6. Implementation of training programmes for employability in the local environment of projects and generation assets (closures are not included).

Description

• This action allows greater access in the local environment to labour trained in skills linked to Endesa's activity, in the construction and operation and maintenance phases of the facilities:
• −Training programmes in subjects related to Endesa's activity offered to the local population, facilitating their professional retraining in new sectors with potential for growth and employment in the area.
• −Training with certified modules that facilitate the beneficiary's integration into the labour market.
• −Priority is given to the participation of unemployed people, people with disabilities, young farmers and women

Scope

• The scope of this action is considered to apply to all Endesa's new renewable capacity projects in the construction, operation and maintenance phase of the facility.

Impacts, Risks and Opportunities (IROs) linked to the action

• Socio-economic growth and population settlement in areas where generation facilities operate.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements
Other Stakeholders	Audit Report	Verification Report

7. Implementation of initiatives to reduce the cost of electricity supply in the local environment of projects and generation assets (including projects in closure areas)

Description

• This action responds to a generalised demand for compensation to the municipalities impacted in the energy sector by reducing the cost of supply. The activities carried out are:
• −Installation of solar panels on the roofs of public buildings for self-consumption and shared consumption with neighbours in those buildings where energy and economic savings are viable.
• −Installation of street lighting in municipalities as an energy efficiency measure.
• −Promotion of electric mobility with the installation of recharging points and the transfer of electric vehicles, key to the electrification of demand and key to the socio-economic plans of the territories.
• −Long-term Power Purchase Agreement (PPA).

Scope

• The scope of this action is considered to apply to all Endesa's new renewable capacity projects under construction

Impacts, Risks and Opportunities (IROs) linked to the action

• Socio-economic growth and population settlement in areas where generation facilities operate.
• 8. Proactive job search for staff affected by the closure of coal-fired power plants.

Description

• Relocation in the Company's vacancies, with criteria that minimise geographical mobility with a change of address and with training measures to improve technical training and professional retraining.
• Preferential hiring for people affected by plant closures. For people registered in the Just Transition Exchange (BTJ) organised by the Just Transition Institute, there are prioritisation criteria for training and hiring linked to the projects planned in the area.

Scope

• The scope of this action is considered to apply to the 6 Endesa coal plant closures.

Impacts, Risks and Opportunities (IROs) linked to the action

• Decrease in socio-economic activity in the vicinity of coal plant closures.
• Non-compliance with awarded Just Transition tenders that require the deposit of guarantees.

9. Priority to areas affected by coal plant closures for new investment.

Description

• Own energy projects. New renewable generation facilities to be developed in the closure areas.
• Other industrial projects, which could attract investment using coal-fired power plant sites.

Scope

• The scope of this action is considered to apply to the 6 Endesa coal plant closures.

Impacts, Risks and Opportunities (IROs) linked to the action

• Decrease in socio-economic activity in the vicinity of coal plant closures.

AND SUBSIDIARIES

373

VI. Statement of Responsibility

10. Training plans for retraining the population affected by the closure of coal-fired power plants.

Description

• The aim of this action is to develop training plans for the professional retraining of the local population in activities of the future for the area, a common denominator in all Endesa's projects, both for decommissioning and renewable construction:
• −Training programmes in subjects related to Endesa's activity offered to the local population, facilitating their professional retraining in new sectors with potential for growth and employment in the area.
• −Training with certified modules that facilitate the beneficiary's integration into the labour market.

Scope

• The scope of this action is considered to apply to the 6 Endesa coal plant closures.

Impacts, Risks and Opportunities (IROs) linked to the action

• Decrease in socio-economic activity in the vicinity of coal plant closures.
• Non-compliance with awarded Just Transition tenders that require the deposit of guarantees.
• 11. Conducting meetings with local actors in the projects and generation facilities under the management of the Sustainability team.

Description

• This consists of holding meetings and encounters with local agents identified in the vicinity of the projects or generation facilities, to present them, gather sensitivities and identify opportunities for Creating Shared Value (CSV). The aim is to achieve maximum integration of the project or asset in the environment and thus guarantee its long-term sustainability.

• Meetings may be repeated with the same local agent of the project or generation facility.

Scope

374

• The scope of this action is considered to apply to projects and generation facilities under the management of the Sustainability team.
• The number of meetings is counted with reference to the project or facility

Impacts, Risks and Opportunities (IROs) linked to the action

• Social opposition due to the development of renewables, impact on biodiversity and/or proximity of thermal power plants to urban environments.

In 2024, no cases have been reported through the Information Channel in relation to human rights violations related to the affected communities at Endesa.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements

VI. Statement of Responsibility

26.3.5. Objectives related to the management of material Negative Impacts, the advancement of Positive Impacts and the management of material Risks and Opportunities (S3-5)

41, 42 a), b), c)

Following the identification of the material Impacts, Risks and Opportunities (IROs) and the establishment of the general objectives and commitments in the aforementioned Policies, Endesa, through its Endesa Sustainability Plan (ESP), has undertaken to establish certain objectives associated with the Impacts, Risks and Opportunities (IROs) detailed below, thereby complying with its various Policies:

						Objectives 2024-2026		Objectives 2025-2027
Impacts, Risks and Opportunities (IROs)	ESP objectives (1)	Units	Scope 2024		2023	2024	2026	2025		2027 Amendments(2)
Socio-economic growth and population fixation in areas where generation facilities operate.	Local procurement in closure projects and renewable projects	%	Suppliers: Spain and Portugal	Na	Na	Na	-	>30	>30	New objective responding to
	Training for community members in the area of facilities and projects	No. of persons		Na	Na	Na	-	>3,500	-	Impact, Risk, Opportunity (IRO)
Decline in socio economic activity in the vicinity of coal plant closures	No. of "Futur-e" Plans	No. of plans	Spain and Portugal	6	6	6	6	6	6	Unchanged
Occupation of large plots of land for renewable energy generation affecting the biodiversity of the land.	Primary sector and biodiversity initiatives	No. of initiatives		Na	Na	Na	Na	>50	>50
Social opposition due to the development of renewables, impact on biodiversity and/or proximity of thermal power plants to urban environments.	Meetings with local actors to obtain social licence (3)	%		Na	Na	Na	Na	100	100	New objective responding to Impact, Risk, Opportunity (IRO)
Non-compliance with the commitments undertaken in the socio-economic section of the awarded Just Transition tenders that may lead to the loss of guarantees.	Socio economic plan for Andorra	Qualitative	Socio economic plan for the Andorra competition	Na	Na	Na	Na	Fulfilment of the economic section	commitments in the socio of the Andorra competition

(1) Endesa Sustainability Plan (ESP).

(2) Indicates whether there have been any changes in objectives with respect to the previous year.

(3) Projects and facilities under "Creating Shared Value (CSV)" management (according to project size and/or impact on Local Communities).

These objectives cover the whole of Endesa's corporate perimeter and, in order to establish them, the opinions of the employees of the Value Chain or their representatives have been taken into account, as part of the stakeholders with whom dialogue has been established, as shown in the Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report).

The monitoring of the objectives is carried out annually by the General Directorate of Sustainability, through the measurement of the established metrics. Data collection is carried out with the same frequency, ensuring continuous control over the evolution of the indicators. Progress is reviewed at the Sustainability Committees, also on an annual basis, where, through internal presentations, the consolidated data are reflected and possible deviations from the target values are analysed. In addition, the General Directorate of Sustainability and the responsible areas internally assess the results to identify significant trends or necessary adjustments to the strategy for meeting the targets.

The indicators, metrics and objectives described above arise from the combination of the Company's strategic objectives for each of its businesses and/ or corporate activities, in relation to Sustainability aspects, which respond to the material Impacts, Risks and Opportunities (IROs) of the current financial year 2024, and the Company's additional response to address the remaining material Impacts, Risks and Opportunities (IROs) not covered in the first case. The time horizon of these objectives is in line with the Company's strategy for the period 2025-2027 and aims to enhance or mitigate the main Impacts, Risks and Opportunities (IROs) resulting from the Double Materiality exercise.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

26.4. Consumers and End Users (ESRS S4)

Below is a description of the information related to consumers and end users that will enable us to understand how Endesa affects, in terms of actual or potential material Positive and Negative Impacts, the consumers or end users of its products or services. It also describes the actions taken, and the results of these actions, to prevent or mitigate actual or potential negative impacts, which are material in order to avoid the related incidents on consumers and end users.

The table below details the material Impacts, Risks and Opportunities (IROs) related to this subject that apply to Endesa and includes their definition, typology and associated Policy:

Impact, Risk and Opportunity (IRO) Typology	Sub-theme	Sub-sub-theme	Definition	Type of Impact, Risk and Opportunity (IRO)	Associated Policy
Positive Impact	Incidents related to information for consumers or end-users.	Access to (quality) information Respect for consumer rights through respectful and non-discriminatory communications			Voice of Customer Policy
	Social inclusion of consumers and end-users.	Access to products and services	through compliance with legislation and web accessibility to ensure the inclusion of Diversity.		Voice of Customer Policy
		Responsible marketing practices			Voice of Customer Policy
		Access to products and services	Improved efficiency due to digitisation and/or automation of processes.		Global Billing Policy and Global Billing Policy
	Improved capacity and quality of supply through investments in grid modernisation and improved digitisation.	Quality and reliability of products/services	Improved capacity and quality of supply due to investments in modernisation and digitisation of the grid	Real	Policy "Voice of Customer" and Policy "4R Innovative Resilience Strategy for power distribution networks".
	Social inclusion of consumers and end-users.	Access to products and services	Decreased Greenhouse Gases (GHG) footprint due to increased supply of renewable energy to the customer.
		Non-discrimination			Voice of Customer Policy
		Access to products and services	Boosting electrification through solutions to make consumption more efficient, cost
		Responsible marketing practices	effective and sustainable.
	Incidents related to information for consumers or end-users.	Privacy	Improving customer confidentiality and privacy through the correct use of the data and information provided.	Potential	Data Protection Policy
	Incidents related to information for consumers or end-users.	Access to (quality) information	Lack of simplicity, clarity, transparency and accessibility of information to customers.	Real	Customer Care Service Model" and "Personalised Carepolicy
Negative Impact	Social inclusion of consumers and end-users.	Access to products and services	Low electrification of cities, businesses and people due to lack of new solutions and technologies.	Potential	Sustainability Policy
		Non-discrimination	Insufficient accessibility to solutions for certain	Potential	Sustainability Policy
		Access to products and services	"sensitive groups" due to lack of solutions, lack of concrete information or long waiting times.
Risk	Social inclusion of consumers and end-users.	Access to products and services	Customer dissatisfaction due to problems in the	Potential	Global Billing Policy and Voice
		Quality and reliability of products/services	billing system.		of Customer Policy
Opportunity			Society's demand for environmentally friendly products.
	Social inclusion of consumers or end-users.	Access to products and services	Increased revenues by capturing new markets, offering solutions in the electrification of customers according to customer type and geographical area, making contract renewal more flexible and fostering customer loyalty.	Potential	Sustainability Policy

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

26.4.1. Material Impacts, Risks and Opportunities (IROs) and their interaction with the strategy and the Business Model (ESRS 2 SBM-3)

Impacts, Risks and Opportunities (IROs)

9 a), b)

To identify Impacts, Risks and Opportunities (IROs), Endesa has established a Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report) in which the Company performs a context analysis by analysing, among other reference information, Endesa's current strategy and Business Model and information relating to consumers and end users. This documentation is used by Endesa to adapt its strategy and is fully integrated, through various objectives and targets, into the Endesa Sustainability Plan (ESP).

The Impacts, Risks and Opportunities (IROs) identified are based on direct consultation with customer stakeholders and other internal documents used to design the Business Model and the sustainability strategy reflected in the Endesa Sustainability Plan (ESP), such as customer satisfaction reports, press releases and direct channels for residential customers. Together with the information the company receives through its various communication channels with this stakeholder group, Endesa establishes the management model for the Impacts, Risks and Opportunities (IROs) generated by its business activity and its Value Chain and, based on this, the Strategic Plan is updated. In order to respond to these Impacts, Risks and Opportunities (IROs), the Company establishes in the Strategic Plan and in the Endesa Sustainability Plan (ESP) actions aimed at mitigating the risks identified, which ensures that the corporate strategy and the Business Model are fully integrated with the real and potential Impacts identified.

The process of identifying risks and opportunities has taken into account the Impacts that the company generates on the stakeholder group of consumers and end users, as well as any possible dependencies in relation to them. Specifically, the following dependencies have been identified:

Risks and Opportunities	Impacts/Dependencies
• Society's demand for environmentally friendly products.	• Decreased Greenhouse Gases (GHG) footprint due to increased supply of renewable energy to the customer.
• Increased revenues by capturing new markets, offering solutions in the electrification of customers according to customer type and geographical area, making contract renewal more flexible and fostering customer loyalty.	• Boosting electrification through solutions to make consumption more efficient, cost-effective and sustainable.

12

One of the Impacts, Risks and Opportunities (IROs) identified is associated only with the group of consumers of "sensitive groups", typology described below: "Insufficient accessibility to solutions for certain sensitive groups due to lack of solutions, lack of specific information or long waiting times for processing". The rest of the Impacts, Risks and Opportunities (IROs) identified can be considered general for all end-users.

Client typology and its relationship with the Impacts, Risks and Opportunities (IROs) identified.

10 a) i, ii

One of Endesa's main activities is the sale of electricity and gas, as well as other value-added products and services. This is why the customer stakeholder group is one of the most important, and one on which the company focuses for the proper management of its Impacts, Risks and Opportunities (IROs).

The scope of this stakeholder group is very broad in terms of types of individuals, as well as the goods, products and services marketed. The Company currently provides electricity, gas and other value-added products and services to residential "Business to Customer" (B2C), corporate "Business to Business" (B2B) and institutional "Business to Government" (B2G) customers through its various service channels, including management with

trade associations. However, taking into account the definition of consumer and end-user provided by the standard, the focus will be on the group of residential customers (B2C).

In this regard, residential "Business to Customer" (B2C) customers are the group most affected by those impacts related to the quality of information, billing, digitalisation and accessibility to the information provided by the Company, which may in some cases be insufficient or lack transparency or accessibility. This group could also be affected by data protection breaches that violate their privacy, directly affecting their right to privacy and protection of their personal data, or by the lack of accessibility to solutions or information for particularly vulnerable groups. Positively, Endesa seeks to promote electrification through solutions that make consumption more sustainable and reduce the carbon footprint by increasing the supply of renewable energy. This Positive Impact is reflected in all groups, from the promotion of self-consumption in residential customers, to energy efficiency solutions for companies or the electrification of large cities.

Negative Impacts

10 b)

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The material negative impacts are intrinsic to the sale of Endesa's products and services and are generalised impacts in the context in which the company operates, all of which can be mitigated through the different actions carried out by the company. Some cases, such as the "Lack of simplicity, clarity, transparency and accessibility of information to customers" affect the customer stakeholder group, while in other cases, such as "Insufficient accessibility to solutions for certain sensitive groups due to lack thereof, lack of specific information or long waiting times for processing" affect specific business relationships.

Positive Impacts

10 c)

The material Positive Impacts are the result of excellence in commercial service, which is one of the fundamental lines of Endesa's relationship with its customers in all geographical areas. To this end, Endesa strives to overcome any possible barriers to accessing information and is promoting the digitalisation of its processes to improve customer satisfaction. The company is also working to improve accessibility for "sensitive groups", having implemented both physical improvements at its customer service points and digital tools for this purpose.

Another of the company's strategic pillars is clean electrification. To this end, Endesa is committed to the consumption of renewable energy by its customers, as well as the promotion of sustainable products and services. All of this while guaranteeing respect for privacy and the proper use of the personal data of this group.

It is also important to highlight Endesa's ongoing efforts to provide consumers and end users with energy solutions that improve energy efficiency and reduce the Greenhouse Gases (GHG) footprint, as well as the electrification of consumption and the incorporation of renewable energy production with self-consumption solutions for customers.

10 d)

As mentioned above, there are dependencies between certain Risks and Opportunities and the Negative and Positive Impacts identified. In this case, 2 opportunities have been identified derived from the Positive Impacts detected:

Opportunities

• The opportunity for environmentally friendly product development, which is derived from the Positive Impact related to the increased supply of renewable energy to the customer.

• The opportunity to increase revenue by capturing new market by offering solutions in customer electrification, which relates to the Positive Impact associated with driving electrification through solutions to make consumption more efficient, costeffective and sustainable.

"Sensitive groups"

10 a) iv

There are customers who are especially vulnerable, considered as "sensitive groups", which are those people who, due to their characteristics, needs or personal, economic, educational, social and/or environmental circumstances, find themselves in

II. Consolidated Financial Statements Audit Report

Financial Statements IV. Consolidated Management Report

V. Consolidated

VI. Statement of Responsibility

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situations of subordination, defencelessness or lack of protection. This prevents them from exercising their rights as consumers on equal terms, and they may have difficulty in

• Participate on equal terms in the energy market.
• Obtain or use the information to represent their interests.
• Feeling less integrated in accessing and using appropriate channels, services and products.

Clients who are not considered "sensitive groups" may fall under this definition if there are persons considered in this group and are dependent on family or other care support.

damage. One of these groups are electro-dependent people, who are usually conditioned to need life support equipment (breathing apparatus, dialysis, monitoring, etc.). At Endesa, guaranteeing supply for people whose energy dependence poses a danger to their health or physical integrity is a priority. In order for a customer to be considered electro-dependent and to be identified as such by both the supply companies and distributors, they must be notified by means of a medical certificate, which is valid for a limited period of time. A working group was created in 2024 to review the protocols and procedures for the management of electro-dependent customers and this review is currently underway. Once progress has been made, conclusions will be drawn and any changes will be made public.

11

Endesa is aware that there are certain groups that are particularly vulnerable to suffering greater risks or

26.4.2. Policies related to consumers and end-users (S4-1)

15

To manage the material Impacts, Risks and Opportunities (IROs) identified in relation to consumers and end users, Endesa has a Sustainability Policy, a Human Rights Policy and a Data Protection Policy. At the global level, it has the Enel Group's own policies: Claims monitoring and classification, Global Billing, Customer Care Service Model, Personalised Care and Voice of Customer.

Sustainability Policy

Endesa's Sustainability Policy is intended to formalise and specify the principles that guide sustainability management and the future commitments established with stakeholders, which constitute Endesa's framework for action with regard to sustainable development, as set out in the Purpose, Vision and Values (see Section 2.3 of this Consolidated Management Report) that make up Endesa's principles of conduct. This Policy forms part of Endesa's support for the Universal Declaration of Human Rights and respect for the Code of Ethics as essential elements containing the principles on which the Company's activities are based.

One of the commitments included in the Policy is to lead innovation in all business areas, from generation to customer service. This includes adopting new technologies to improve energy production and storage, reduce environmental impact and create a more efficient and sustainable distribution network. Endesa is also committed to achieving excellence in the quality of products and services and in customer service, and to generating, through digitalisation, platforms that allow customers to play a leading role in the new sustainable energy model. Endesa also recognises the essential role that access to energy plays in guaranteeing the fulfilment of human rights, as it is directly related to people's well-being and quality of life. The company is therefore committed to working together with the nine local and regional governments and third sector organisations to ensure that no customer in a vulnerable situation is deprived of energy supply.

Endesa is committed to increasing the installed capacity of renewable energies available to all customers, thereby contributing to a cleaner and more sustainable Energy Transition. It also promotes electrification through the development of innovative solutions that promote more efficient, profitable and environmentally-friendly energy consumption. In line with its business strategy, it considers it essential to capture new markets, offering electrification solutions adapted to the specific needs of each type of customer and region, and promoting loyalty through greater flexibility in the renewal of contracts.

In addition, Endesa undertakes to ensure proper communication of its business performance, implementing initiatives to promote accessibility, clarity and transparency of information on the products and services offered and provided to customers.

Endesa's Sustainability Policy applies to the Company and all its subsidiaries, which are understood to be all entities directly or indirectly controlled by Endesa under the terms of article 42 of the Code of Commerce.

The Board of Directors of Endesa, S.A., through its Sustainability and Corporate Governance Committee, is responsible for supervising compliance with and control of the Sustainability Policy and the Sustainability and Corporate Governance strategy in accordance with the functions and powers established in the Regulations of the Sustainability and Corporate Governance Committee.

In this regard, each year it receives a proposal for the Endesa Sustainability Plan (ESP), which includes details of all the actions and objectives defined to comply with the principles and commitments included in this Policy over the next three years and, after supervision, submits it to the Board of Directors for approval.

Similarly, the Sustainability and Corporate Governance Committee monitors the degree of compliance with the Endesa Sustainability Plan (ESP) on an annual basis. This Plan is available on the Endesa website. Endesa and will apply to all consumers and end users. For more information, see the Policy at

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Human Rights Policy

17, AR 1, AR 10

Through its Human Rights Policy, Endesa is committed to respecting these principles in all countries where it operates, taking into account local cultural, social and economic diversity, requiring each of its stakeholders to behave in accordance with these principles, paying special attention to high-risk or conflict-affected contexts. Endesa considers stakeholders to be any party with a direct or indirect interest in the company's activities, such as customers. All stakeholders have access to this Policy through Endesa's website. For more information, see the Policy at

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

The Policy is focused on the creation of sustainable value throughout the entire Value Chain, towards the business activity and operations carried out by all Endesa employees. It includes commitments to the Sustainable Development Goals (SDGs) as a framework of guarantees to avoid risks of Human Rights violations, paying special attention to the most vulnerable stakeholders, such as people with disabilities, children and the elderly. It also promotes the adherence of its contractors, suppliers and business partners to the same principles.

The Policy identifies 12 principles framed in 2 broad areas, namely labour practices and Communities and Society. The identification of the principles is inspired by the Universal Declaration of Human Rights and various International Labour Organisation (ILO) conventions on Human and Social Rights, and has been cross-checked with independent experts.

The Board of Directors of Endesa, S.A. is responsible for approving the Human Rights Policy, as well as any amendments or additions thereto. The Human Rights Policy includes Endesa's commitment to carry out a Human Rights Due Diligence process, the results of

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

which and the associated action plan are supervised by the Sustainability and Corporate Governance Committee. The Sustainability Planning and Stakeholder Management organisational unit within the General Directorate of Sustainability is responsible for coordinating at executive level the integration of the Human Rights Policy into the company's processes and ensuring that Human Rights Due Diligence activities are carried out.

Endesa's Human Rights Policy is based on the following fundamental values of international and European law and applies its founding principles:

International Frameworks of Reference: International and European Law

• 1. The United Nations (UN) International Bill of Human Rights: a) Universal Declaration of Human Rights.
  • b) International Covenant on Civil and Political Rights. c) International Covenant on Economic, Social and Cultural Rights.
• 2. The fundamental conventions of the International Labour Organisation (ILO) Nos. 29, 87, 98, 100, 105, 111, 138 and 182 and the Declaration on Fundamental Principles and Rights at Work.
• 3. The UN Convention on the Rights of the Child.
• 4. International Labour Organisation (ILO) Conventions Nos. 107 and 169 on the rights of indigenous and tribal peoples.
• 5. The European Convention on Human Rights.

The latest versions of the following corporate standards and voluntary initiatives have also been taken into account:

International Reference Frameworks | Business Standards and Voluntary Initiatives

• 1. The UN Global Compact Principles.
• 2. The Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises.
• 3. The Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy of the International Labour Organisation (ILO).
• 4. The "UN Guiding Principles on Business and Human Rights: Implementing the UN Framework to 'Protect, Respect and Remedy'.
• 5. The United Nations Declaration on Indigenous Peoples.
• 6. The UK Modern Slavery Act 2015.
• 7. International Finance Corporation Standard No. 5 on "Environmental and Social Sustainability Performance Standards".

16 a)

Within the framework of this Policy, Endesa is committed to a "fair for all" Energy Transition, guaranteeing respect for the Human Rights of consumers, offering innovative and inclusive services for customers of all ages and vulnerable groups, with special attention to people with disabilities.

A Just and Inclusive Transition is one that leaves no one behind and takes into account the needs of all stakeholders, especially the most vulnerable. To this end, Endesa is committed to proactively considering the needs and priorities of people and society because this enables innovation in processes and products, a key aspect of an increasingly competitive, inclusive and sustainable Business Model, also through the adoption of principles of circularity, protection of natural capital and Biodiversity; promoting the involvement of the main external and internal stakeholders to raise awareness and develop a constructive dialogue that can make a valuable contribution to the design of solutions to mitigate Climate Change.

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Endesa strives to ensure that products and services are designed to be accessible to all and do not compromise the health and physical integrity of customers, to the extent reasonably foreseeable.

Endesa respects the confidentiality and right to privacy of its stakeholders and is committed to the correct use of data and information provided by its employees, customers and other interested parties. Personal data is processed with respect for all fundamental rights and in compliance with the freedoms and principles recognised by law, in particular respect for private and family life, home and communications, protection of personal data, freedom of thought, conscience and religion, freedom of expression and information.

Privacy is integrated from the design of a business process and the processing of personal data to the extent necessary and sufficient for the intended purposes and for the period strictly necessary are an integral part of Endesa's digitalisation processes, as are risk analysis and the protection of sensitive data. The privacy of individuals is protected by

adopting international standards, and the way in which personal data is processed and stored is defined with the support of the Data Protection Officer (DPO) in accordance with the Company's policies and the various European and national regulations.

Endesa also undertakes to monitor all third party companies that may be in a position to use your personal data. To this end, specific clauses are included in contracts with partners who use personal data to carry out specific activities, for example, sales services or customer satisfaction surveys.

Endesa is also committed to institutional and commercial communication that is non-discriminatory and respectful of different cultures, while taking special care not to negatively influence vulnerable audiences, such as children and the elderly.

In addition, it requires that contracts and communications sent to its customers be:

Contracts and Communications

• Clear and simple, formulated in language as close as possible to the language normally used by the interlocutors.
• Comply with applicable regulations, without resorting to circumvention or other unfair practices.
• Comprehensive, so that no element relevant to the client's decision is overlooked.
• Available on the websites of Endesa companies.
• Accessible, in order to accommodate the needs of people with disabilities.

16 b)

384

Endesa undertakes to always respond to suggestions and complaints from customers and their Associations, using appropriate and timely communication channels (e.g. customer service hotlines and e-mail inboxes) in order to meet customers' needs, with special attention to people with disabilities.

Endesa's Human Rights Due Diligence process takes into account the collaboration and opinion of consumers and end users as one of its stakeholders. To this end, both in the context analysis phase to analyse the risks inherent in its sphere of operation and in the Impact identification phase, customer surveys and interviews are conducted.

16 c)

The Human Rights Policy provides that when any person related to Endesa, whether an employee or an external person, considers that a situation exists that is contrary to the provisions of the Policy, they may report it, among others, through the following mechanisms:

• Through the Information Channel, an element of the Internal Whistleblower Protection System, which the Company makes available to all its stakeholders on its website or, in the case of Endesa employees, also via the company's intranet:

https://www.endesa.com/es/accionistas-einversores/gobierno-corporativo/sistema-internode-proteccion-del-informante

• By e-mail to Endesa's Ethics Mailbox: eticaycumplimiento@endesa.es
• By post, to the following address: Endesa, S.A. Audit General Directorate. Ribera del Loira, 60 - 28042 Madrid.

In the processing of these communications, the Audit General Directorate is responsible for their management and acts to protect whistleblowers from any form of retaliation, understood as any act that may give rise to the mere suspicion that the person in question may be subject to any form of discrimination or criminalisation. Furthermore, the confidentiality of the identity of informants is guaranteed, unless otherwise provided for in the applicable legislation. For more information on the manner in which Audit handles communications with stakeholders, see Section 26.3.3.2. Processes for Remedying Negative Impacts and channels for Affected Communities to raise concerns in this Consolidated Management Report.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report

For further information, please consult the Policy on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Protection Policy

Endesa respects the rights and freedoms of individuals, including the fundamental right to the protection of personal data, as established in the Charter of Fundamental Rights of the European Union (EU).

Endesa's commitment to privacy is one of the priority areas for improving trust and a transparent relationship with all those with whom Endesa is linked. For this reason, Endesa is guided by the principles included in the European Union (EU) Regulation 2016/679 General Data Protection Regulation of 27 April, and establishes a series of commitments:

IV. Consolidated Management Report

V. Consolidated Financial Statements

Commitments

• To treat data responsibly, fairly and transparently.
• Use the data for specified, clear and legitimate purposes.
• Only use data that is appropriate, timely and limited to the purpose for which it was collected.
• Use accurate and up-to-date data.
• Keep data only for as long as necessary.
• Ensure data integrity and confidentiality.
• Act with proactive responsibility.

Endesa has a Data Protection Policy for all its customers available in all customer relations channels and is committed to guaranteeing the use of its customers' personal data in a transparent and secure manner, ensuring that customers have control over them at all times.

As indicated in the Data Protection Policy, Endesa processes its customers' data for the following purposes:

Purposes

• Processing necessary for the performance of the contract with Endesa: (i) to manage the contracting of the service; (ii) to enable the provision of the service (including billing, identification when Endesa and the sending of informative communications), to respond to queries and to manage the contractual relationship through web services, provided that have registered.
• Processing necessary for Endesa to comply with its legal obligations: (i) to enable Endesa to exchange information with the distribution company for the provision of the service and billing; (ii) to meet police, judicial and tax requirements; (iii) to meet the requirements of supervisory authorities and other public administrations.
• Processing based on Endesa's prevailing legitimate interest: (i) to assess the economic solvency that may determine admission as a customer or, where appropriate, the communication of data to credit information systems, always in full compliance with applicable regulations; (ii) to carry out satisfaction surveys; (iii) to carry out factoring operations, so that Endesa can have an efficient business management model; (iv) to carry out factoring operations, so that Endesa can have an efficient business management model; (iii) to carry out factoring operations, so that Endesa may have an efficient business management model; (iv) to carry out recovery actions in the event of non-payment; (v) to advertise energy services similar to those contracted or Endesa's packaged energy offers.
• Processing based on the data subject's consent: (i) for the provision of additional services such as the remission of the electronic invoice; (ii) to collect and process data related to Internet browsing; (iii) for registration or access to the private customer area by logging in through social networks; (iv) for the preparation of complex profiles, as well as for the performance of commercial activities such as the sending of advertising on products and services provided by third party companies, related to household, insurance, automotive, financial services and leisure, as well as to transfer the data to said companies, in order to send advertising on Endesa products and services when the customer is no longer a customer.

In order to make its Data Protection Policy effective and efficient, Endesa adopts the necessary technical and organisational security measures to prevent the alteration, loss, misuse, processing, unauthorised access or theft of data, for all channels in which personal data may be processed.

The Data Protection Policy applies to all Endesa's operations, and the Data Protection Delegate is the person ultimately responsible for the scope of application of the Policy.

For further information, please consult the Policy on the website:

https://www.endesa.com/es/proteccion-datosendesa

Claims monitoring and classification policy

The Enel Group's Claims monitoring and classification policy aims to provide guidelines on the claims monitoring and classification process in Global

Customer Operations in order to maximise service quality and increase customer satisfaction.

The guidelines set out apply to all Customer Segments, markets, products, services and countries served by Global Customer Operations.

The person in charge of this Policy belongs to the Commercial Operations area, within the Global Commercialisation Department.

All processes included in this Policy are optimised by means of digitisation and automation tools.

Global Billing Policy

The Enel Group's Global Billing Policy aims to ensure the correct billing of customers to guarantee their satisfaction and maximise revenues and cash flow.

The principles guiding customer billing are:

386

Principles

• The correctness and completeness of the billing data.
• Punctuality in the issuing of invoices.
• Compliance with applicable tax laws, regulations and business rules.

• Clear and transparent communication of invoicing data to the customer.

To guarantee business objectives and increase the quality of service, the Invoicing Units must take advantage of the simplification of processes, the automation of backoffice activities and the digitalisation of invoice delivery, with actions to promote the adoption of electronic invoicing.

The person responsible for this Policy is from the Commercial Operations area, within the Global Commercialisation Directorate. The scope of this Policy is to create a common guideline for customer billing within the Global Commercialisation Department, covering all markets (free and regulated), all products (commodities, products and services, mobility, etc.), all Business to Customer (B2C), Business to Business (B2B) and Business to Government (B2G) customer segments and all countries in which the Enel Group operates.

Customer Care Service Model Policy

The Enel Group's Customer Care Service Model Policy aims to create a Customer Care Service Model guide to optimise the customer care process and create synergies.

It applies within the global customer operations of the Energy Trading and Other Products and Services Business Line, for all markets (free and regulated), all perimeters (commodity, products and services), all Business to Customer (B2C), Business to Business (B2B) and Business to Government (B2G) customer segments and countries.

The person in charge of this Policy belongs to the Commercial Operations area within the Global Commercialisation Directorate.

The Customer Service Model is a strategic lever to ensure customer satisfaction, optimise the cost of service, increase customer value and enable electrification.

"Personalised Care" Policy

The Enel Group's Personalised Care Policy aims to create a standard guideline for personalised care in all countries, in order to homogenise processes and create synergies.

It applies within the global customer operations of the Energy Trading and Other Products and Services Business Line, for all markets (free and regulated), all perimeters (commodity, products and services, mobility), any Business to Customer (B2C), Business to Business (B2B) and Business to Government (B2G) Customer Segment and country.

The Enel Group's reputation and customer satisfaction are strategic levers to ensure customer retention, increase customer value and enable electrification.

To address sensitive issues that could damage both reputation and customer satisfaction, the Personalised Care Policy provides guidelines for uniformly managing 3 main categories of issues:

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

Main issues

• Customer service issues or requests related to specific customers or cases that need personalised attention or differentiated treatment in a proactive manner to avoid further escalation or impact.
• Customer service issues with media or reputational impact.
• Customer service issues raised by the customer to senior management.

The person in charge of this Policy belongs to the Commercial Operations area within the Global Commercialisation Directorate.

Personalised Care" is the combination of processes, tools and customer care teams that must be ensured at country and Group level to adequately address the above issues in with this Policy.

Voice of the Customer Policy

The Enel Group supports its customers on their journey towards electrification, providing them with convenient, safe and green energy and working to break down the economic, knowledge and technological barriers that prevent access to sustainable solutions and services that facilitate decarbonisation and ensure reduced consumption and costs.

As also defined in Endesa's Human Rights Policy, the company is committed to always responding to suggestions and complaints from customers and consumer associations, using appropriate and timely communication systems (e.g. telephone hotlines and e-mail addresses), and to take into account the needs and expectations of all its customers. On this basis, the purpose of the Voice of the Customer Policy is to provide guidelines for measuring the satisfaction, advocacy and loyalty of customers served by the Energy Trading and Other Products and Services Business Line, identifying any potential areas for improvement

26.4.3. Processes

26.4.3.1. Processes for interacting with consumers and end users on Impacts (S4-2)

20 a), b), c), d), AR 14, AR 15, AR 16, AR 17

Direct consultation for the Double Materiality exercise

In order to ensure the correct involvement of stakeholders in the Double Materiality process, which is reviewed The person responsible for this Policy is the Customer Satisfaction area within the Global Commercialisation Directorate. The scope of this Policy is to provide guidelines for measuring the satisfaction, advocacy and loyalty of customers served within the Global Commercialisation Division, identifying any potential areas for improvement. This Policy covers the Enel Group, and therefore also Endesa as part of the Group, and is applied in compliance with the laws, regulations and governance standards applicable locally in the countries in which Endesa operates.

Policy "4R Innovative Resilience Strategy for power distribution networks".

Endesa has a policy that defines the innovative resilience strategy for power distribution networks ("4R Innovative Resilience Strategy for power distribution networks"). This describes the processes for optimising network operation through a databased approach to improve efficiency in dealing with network failures, improving detection, carrying out remote manoeuvres to restore supply through the creation of plans to improve quality, including technological upgrades to deal with force majeure events.

This Policy is approved by the Enel Group Head of Global Networks Management.

Through this policy, Endesa aims to improve the quality of supply on its network by optimising the capacity resulting from the investments in modernisation and digitalisation of the network envisaged in the Strategic Plan.

annually, Endesa carries out direct consultation through surveys and interviews with customers and consumers to identify and assess Impacts, Risks and Opportunities (IROs). This has made it possible, through online surveys, to gather the opinions of residential customers in Spain and Portugal and assess the impacts for the design of the strategy and business model. These surveys were conducted at a general level for all the Impacts, Risks and Opportunities (IROs) identified and were addressed directly to customers

rather than to their representatives (see Section 24.5.1 of this Consolidated Management Report).

In addition, in the phase of identification of Impacts, Risks and Opportunities (IROs), internal Company reports have been taken into account that include relevant information for this stakeholder group, such as the satisfaction of the "Business to Customer" (B2C) residential customer typology, as well as the results obtained from the Human Rights Due Diligence process carried out every 3 years (see Section 26.1 of this Consolidated Management Report).

Both the direct consultation process for the Double Materiality exercise and the Human Rights Due Diligence process are under the responsibility of the Board of Directors through the Sustainability and Corporate Governance Committee, which approves both processes. The General Directorate of Sustainability is considered to be the executive responsible for these processes.

Endesa also continually conducts surveys among its customers, through the quality area, to ensure the optimum provision of services and the execution of installation projects. These surveys collect the degree of customer satisfaction with respect to the Company's operational processes within commercial management, as well as the different customer service channels and their trends, a key element for evaluating the customer experience and identifying key issues for the identification of Impacts, Risks and Opportunities (IROs). These surveys are conducted daily and the person in charge of them is the head of Commercial Quality.

20 d), 21

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To assess the effectiveness of the processes described above, the Double Materiality analysis monitors responses in order to achieve an adequate level of response, also taking into account that consultations under this process do not coincide in time with other commercial communications from the company so as not to interfere with the results in the face of saturation in communications to customers. A random sample is chosen for these enquiries to ensure that all customer groups are represented, including vulnerable customers, and specific questions are asked about this group and Endesa's customer service system to meet their needs, in order to understand the company's performance with regard to this type of customer and their prospects.

Direct consultation in the Due Diligence process

In the Human Rights Due Diligence process, Endesa consulted its stakeholders, both in the operational context analysis phase and in the potential impact assessment phase, in order to assess the likelihood and seriousness of the risks identified. These stakeholders include the customers to whom the survey was carried out by an external consultant. The survey was conducted in Spanish and Portuguese and adapted for people with disabilities. On the other hand, in order to gather the impressions of vulnerable groups and customers, third sector organisations representing these groups were surveyed and interviewed in the same way.

The effectiveness of these communication channels is accredited by the external consultant "Business and Human Rights" (BHR), which is in charge of the entire process and provides assurance. Endesa's Human Rights Management Report, which explains the entire process, is verified by the external auditor Forvis Mazars.

To assess the effectiveness of Endesa's customer surveys, the questions are reviewed, field work is monitored, meetings are held with telephone operators, survey knots are resolved, survey abandonment is monitored and simple language is used, identifying and substituting words or expressions that customers do not understand. Segmented analysis of survey results is also conducted to understand the perspectives of all customers, including vulnerable customers.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

26.4.3.2. Processes to remedy Negative Impacts and channels for consumers and end-users to raise concerns (S4-3)

25 a), b), c), d), AR 18, AR19, AR 24, 26, AR 23

A key strategic objective at Endesa is the effective and objective management of customer complaints. For this reason, there are multiple complaint channels to address negative impacts related to customers and end users:

Complaints Channels
• Face-to-Face Channel	• There is a network of Service Points and Customer Service Offices that attend to customers and assist in the management of complaints and requests. The network of Customer Service Points is public and can be found on Google, and on Endesa's website. For more information, see https://www.endesa.com/es/te-ayudamos/oficinas-y-puntos-de-servicio
• Telephone Channel	• Each commercialisation company (Endesa Energía, S.A.U. and Energía XXI Comercializadora de Referencia, S.L.U.) has its own customer service telephone number to deal with, register and manage customer complaints.
• Digital Channel (web and app)	• Customers can submit their complaints via Endesa's website. To do so, see https://www.endesa.com/es/te-ayudamos
• Intermediaries	• Endesa also deals with complaints through various intermediaries: consumer associations, consumer offices, arbitration boards, courts, etc.

Each channel has its own quality controls, both operational and in the service offered to and received by customers. There are satisfaction indicators to measure the service received by the different channels and satisfaction with the management of complaints.

Endesa carries out internal quality controls in the management of complaints, randomly selecting cases and monitoring their management. On the other hand, external complaints departments measure the quality offered to customers by means of satisfaction surveys, the Perceived Quality System (PCS) and universal measurement. Dissatisfied customers are consulted again to understand the degree and reason for dissatisfaction.

In addition, the main actions carried out by the Company to meet this strategic objective of efficient and objective management of customer complaints are as follows:

Main Actions

• Ensuring customer satisfaction in the handling of complaints.
• Detect the causes that affect and/or damage the usual commercial activity.
• Define measures to address them and specify improvements in management systems.
• Use accurate and up-to-date data.
• Manage complaints submitted through all customer service channels, including social media.
• Resolve complaints in the shortest possible time.
• Acting as interlocutors with public or private consumer protection organisations.
• Drawing up the reports on complaints required by official bodies (National Markets and Competition Commission (CNMC)).

All Endesa's complaints channels are accessible to all customers, guaranteeing reasonable and transparent access to them. The Company focuses on dialogue with the complaining parties as a means of reaching agreed solutions, always ensuring that human rights are respected.

Endesa maintains maximum transparency in sharing its strategy and performance with all its stakeholders through its various communication channels. These channels are available through different channels (website, physical shops, telephone channels) to all customers and end consumers. The company gathers the needs of these stakeholders and compiles information on how to integrate and improve the effectiveness of non-financial information through the company's various communication channels. Endesa assesses that consumers are aware of and trust these faceto-face, telephone and digital channels by means of consumer satisfaction surveys, mentioned in Section 26.4.3.1 of this Consolidated Management Report.

Information Channel

25 a), b), c), d), AR 18, AR 19, AR 24, 26 AR 23

In addition, in June 2023 Endesa adopted the necessary measures to comply with Law 2/2023, of 20 February, regulating the protection of people who report regulatory breaches, implementing an Internal Whistleblower Protection System. This system consists of a compliance model that includes, among other measures, a Whistleblower Protection Policy, a Whistleblower Management Procedure and a person in charge (Oversight Committee), establishing a specific channel within the organisation for processing the information, known as an Information Channel.

The Information Channel, which is available to all Endesa's stakeholders, can be accessed via its website and intranet:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/sistema-interno-deproteccion-del-informante

It guarantees various aspects, such as the right to submit information on irregular, unethical or illegal conduct that, in their opinion, occurs in the development of the Company's activities. The Internal Whistleblower Protection System also allows anonymous reporting, prohibits reprisals in any form, and establishes support measures and special protection for personal data, which is further proof of Endesa's commitment to complying with the most advanced ethical and regulatory compliance principles applicable in this area. In addition, the platform on which the channel is based is managed by an external and independent firm, which guarantees confidentiality and compliance with other legal obligations in this area.

All of this is further proof of Endesa's commitment to compliance with the most advanced ethical and regulatory compliance principles applicable in this area.

The Audit General Directorate is in charge of ensuring the correct treatment of the facts reported through a homogeneous methodology and acting independently from the other Units of the organisation. It has access to all Company documents necessary for the exercise of its functions.

However, the communication of facts with knowledge of their falsity or reckless disregard for the truth could lead to the liabilities envisaged in the regulations in force. In the event that complaints about commercial and/or operational issues are reported through the Information Channel, an analysis is made of whether there has been an incorrect practice and, when it is confirmed that they are operational issues, they are referred to the competent units of the organisation for management.

In processing these communications from customers or end users through the Information Channel, Endesa acts to protect informants from any form of retaliation, understood as any act that may give rise to the mere suspicion that the person in question may be subject to any form of discrimination or penalisation. Furthermore, the confidentiality of the identity of informants is guaranteed, unless otherwise provided for in the applicable legislation.

In all cases in which, based on a communication of this type, it is determined that there has been a breach of the principles set out in Endesa's Policies, the corresponding procedure set out in the Code of Ethics and the system of sanctions established in the Company's Framework Collective Bargaining Agreement are applied. Endesa is also committed to developing the appropriate remediation mechanisms, without prejudice to allowing access to other judicial and non-judicial mechanisms that may exist.

The analysis of trends in the use of the Information Channel shows that the different stakeholders are aware of and use this channel to report irregular, unethical or illegal conduct in a secure and anonymous manner.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

391

26.4.4. Taking action on material impacts on consumers and endusers, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of such actions (S4-4)

30-34, 37, AR 26, 29, AR 30, AR 32, 36, AR 25, AR 35, AR 37, AR 38, AR 40

Endesa, in line with its commitment to minimise Negative Impacts and optimise Positive Impacts and Opportunities derived from the Double Materiality exercise, has identified and implemented actions designed to achieve the objectives defined in its associated Policies.

Endesa does not have any real material adverse impacts that are not currently being adequately managed and, therefore, mitigating the adverse effects that may be produced on its customers.

The main actions taken and planned or underway to prevent, mitigate or remediate material Impacts, Risks and Opportunities (IROs) related to consumers or endusers are presented below.

		Investment / Cost earmarked for the Action				Result
	Scope / Corrective	Investment (I) /	Amount (millions of	Time	Expected
Actions	Actions(1)	Cost (C)	euros)	Horizon	results	2024	2023
Carried out Internal mechanisms for addressing customer dissatisfaction with billing system problems	1.			Short Term	No. of invoices affected < 2	2.3%(electricity) / 3.9%(gas)	4.2%(electricity) / 5.6%(gas)
Monitoring of the e-invoicing percentage for consideration of actions to encourage adoption	2.			Medium	58%	56%	53.20%
Monitoring of the rate of automatic payments for the consideration of actions to encourage adoption	3.			Term	91.8%	91.4%	91.20%
Decrease in the number of complaints (number of complaints per 10,000 customers) as an indicator of the lack of simplicity, clarity, transparency and accessibility of information to customers.	4.	Na			263	316	Na
Number of actions in services, products and projects aimed at promoting, improving and strengthening accessibility and social inclusion of "sensitive groups" (people with disabilities, the elderly, people with economic vulnerability, etc.).	5.			Short Term	2	2	2
Growth in electricity generation from renewable energy sources	6.	(1)		Long term	Transformation of the generation fleet to achieve all emission-free generation	Carbon dioxide (CO2 )-free production (peninsular): 86%.	Carbon dioxide (CO2 )-free production (peninsular): 88%.
Offer of products and services based on customer electrification (self-consumption, electric vehicle charging points, heat pumps, aerothermal energy, etc.).	7.	Na			Na	Na	Na
Sales and service quality controls will continue through 2025 to ensure the quality of all communications with customers.	8.			Short Term	Na	Na	Na
Planned
Installation of remote controls in the Medium Voltage (MV) network to improve the Installed Power Equivalent Interruption Time (IPEIT).	9.	I		93 Medium Term	1.34 minutes reduction in Equivalent Installed Power Interruption Time (EIPIT)	47.7	Na
Number of actions in services, products and projects aimed at promoting, improving and strengthening accessibility and social inclusion of "sensitive groups" (people with disabilities, the elderly, people with economic vulnerability, etc.).	10.	Na		Short Term	2	2	2
Investment in customer digitalisation	11.				Na	63.7	Na
Investment in the creation of	12.					337	314
customer services Investment to improve the quality, resilience and digitisation of the network	13.	(1)			(2)	914	892
Product and Service Sales Plan	14.	Na			Na	Na	Na

(1) The description and scope of each of the actions is detailed below following the numbering shown in the table.

(2) The allocation of capital to carry out these actions is described in Endesa's 2025-2027 Strategic Plan, which details the amounts for each of the lines of action: generation: higher value renewable assets, investments in networks and commercial strategy: recovery of the customer base (see Section 6.2 of this Consolidated Management Report).

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

(The description and scope of each of the actions is detailed below:

1. Internal mechanisms to address customer dissatisfaction with billing system problems.

Description

• Endesa has a Communication Plan for customers with billing problems that was implemented in 2024: the company makes proactive calls to accompany customers with billing delays and in cases billed by manual billing or special cases. It also makes follow-up calls to customers with long-standing complaints due to billing delays. It is planned to continue with the most affected typologies in 2025 to provide solutions to possible incidents in the billing process, and during 2025, 2 main actions will be developed:

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of Responsibility

• −Increase the number of resources in the teams responsible for the development and integration of the new commercial systems in the "Digital Solutions Iberia" area.
• −To undertake manual invoicing for those customers whose invoicing is delayed for longer periods.

Scope

• The scope of this action is considered to apply to all Endesa customers with billing problems.
• Impacts, Risks and Opportunities (IROs) linked to the action
• Customer dissatisfaction due to problems in the billing system
• 2. Monitoring of the percentage of e-invoicing for consideration of actions to encourage adoption.

Description

• Endesa offers all its customers the possibility of receiving their bill by e-mail or viewing and/or downloading it via the "Endesa Customers" application. These options are presented during the contracting process and this is the ideal time for customers to choose electronic billing. More and more customers are gradually opting for these methods, thus improving the efficiency of the processes.

Scope

• The scope of this action is considered to apply to all Endesa customers, especially those who do not yet have electronic billing.
• Impacts, Risks and Opportunities (IROs) linked to the action
• Improved efficiency due to digitisation and/or automation of processes.
• 3. Monitoring of the percentage of automatic payments for consideration of actions to encourage adoption.

Description

• Endesa makes it possible for all its customers to pay their energy bills by direct debit. The automatic payment percentage indicator referred to here corresponds to the perimeter of Spain and Portugal. In Spain, the culture of paying electricity and natural gas bills by direct debit is accepted by all customers in the residential segment, but in Portugal they have other habits, so there are discounted tariffs if they are paid by direct debit to encourage automatic payments. The overall figure for the 2 countries is above 91% and is expected to be close to 92% in the near future.
• Scope

• The scope of this action is considered to apply to all Endesa customers, especially those who have not paid their energy bills by direct debit.

Impacts, Risks and Opportunities (IROs) linked to the action

• Improved efficiency due to digitisation and/or automation of processes.

4. Decrease in the number of complaints (number of complaints per 10,000 customers) as an indicator of the lack of simplicity, clarity, transparency and accessibility of information to customers.

Description

• Endesa is considering the following measures to reduce the number of complaints:
• −Plan to improve First Contact Resolution (FCR) in the different channels. Plan to reduce inappropriate complaints: validations prior to opening complaints, improvement in front-end training: specialisation of front-end teams for complaint management and first instance resolution.
• −Quality and dissatisfaction management plan: improvements in customer information, communications and resolution times to improve customer satisfaction and reduce repeated complaints, both massive and those that are referred to organisations.
• −"Special Caring": proactive actions for customers with extraordinary impacts, both to prevent the generation of complaints and to ensure the closure of the complaint. "Project C-Connect, in service claims, which should reduce claims for incorrect sales of services.
• −New proposals for developments in systems to reduce the generation of billing and collection claims (with improved information available, improved data, etc.), in web and app price claims (with improved contract price information, etc.).

Scope

• The scope of this action is considered to apply to all Endesa customers.

Impacts, Risks and Opportunities (IROs) linked to the action

• Lack of simplicity, clarity, transparency and accessibility of information to customers.

5. Number of actions in services, products and projects aimed at promoting, improving and strengthening accessibility and social inclusion of "sensitive groups" (people with disabilities, the elderly, the economically vulnerable, etc.).

Description

• Endesa contemplates actions for the social inclusion of "sensitive groups", understood as those people who, due to their characteristics, needs or personal, economic, educational, social and/or environmental circumstances, find themselves in situations of subordination, defencelessness or lack of protection. This prevents them from exercising their rights as consumers under equal conditions. These groups:
• −They may find it difficult to participate on equal terms in the energy market.
• −They may have difficulty obtaining or using information to represent their interests.
• −They may feel less integrated in accessing and using appropriate channels, services and products.
• In this sense, it promotes, programmes and implements actions in 2 main lines of action plus an additional action in 2024 referring to humanitarian aid (emergencies):
• 1. Support for the reduction of energy poverty: Voluntary projects that minimise economic barriers for groups in vulnerable situations
• in terms of access to energy, promote energy efficiency and raise awareness of its use. In 2024 it has been carried out: a. Improved communications, channels and market facilities for the attraction, retention and loyalty of customers belonging to "sensitive groups". It has been developed:
  • Training on bill optimisation and Bono Social.
  • Training on energy bills, the Social Bonus and energy efficiency for Non-Governmental Organisations (NGOs) and Social Services so that they can better carry out their work of advising and supporting families in vulnerable situations. Under management since 2016, 21 workshops have been held during 2024, training more than 600 technicians who attend to some 52,000 people in a situation of energy poverty.
  • Webinar on Bono Social aimed at end-user groups at national level.
  • b. Advice and support for obtaining the Bono Social:
    • "Cita Bono Social" with Red Cross implemented in Granada, Huelva, Zaragoza and Palma de Mallorca.
  • "Red Bono Social" with Cáritas carried out in Jaén and Teruel.
  • c. Agreements with institutions:
  • Project Confía: deployed with Cruz Roja Andalucía, 1 municipality in the Canary Islands and 8 municipalities in Extremadura (signed agreement with the Junta de Extremadura).
  • 10 agreements against energy poverty.
  • Advice, assistance and guidance to Organisations and Associations on energy matters.
  • d. Energy awareness:
    • Energy auditors' workshops for schoolchildren in Andalusia, the Balearic Islands and Melilla.
    • Workshops on electricity bill optimisation and energy efficiency measures for people in the primary sector.
    • Collaboration with educational centres for educational visits to the generation plants.

e. Others:

394

• University Chair in Fuel Poverty: Interdisciplinary research and meeting point with social agents.
• Voluntary notice to customers with Bono Social about their need to renew.

2. Accessibility and social inclusion actions:

• Mapping and characterisation of "sensitive groups" and proposal of possible improvement actions.
• Qualitative survey of a face-to-face channel on care for "sensitive groups". • Production of the "Inclusive customer service guide" to raise awareness among customer service teams and the general public, disseminated to some 900 users (own and external) working at 263 service points and 11 sales offices.
• Carrying out a study on accessibility guidelines in commercial offices.

3. Emergency support:

• Voluntary stop of billing of customers affected by the volcano on La Palma: about 3,000 people affected.
• Condonation of 1 month of the energy bill (electricity and gas) for a preliminary estimated value of 3 million euros, to customers affected by the Valencia DANA.

Scope

• The scope of this action is considered to apply to all Endesa customers.

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient accessibility to solutions for certain "sensitive groups" due to lack of solutions, lack of concrete information or long waiting times.

• 6. Growth in electricity generation from renewable sources.
• Description • Endesa has made progress in the installation of renewable energies in 2024, with special emphasis on photovoltaic solar plants. These new facilities not only help to reduce Greenhouse Gases (GHG) emissions, but also improve air quality in the areas of influence, consolidating the company's commitment to a Just and Sustainable Energy Transition. Endesa will close 2024 with a 262 MW increase in installed renewable capacity, reaching a net 10,161 MW of installed renewable capacity, of which 4,746 MW corresponds to hydro, 2,893 MW to wind, 2,522 MW to solar photovoltaic and 0.5 MW to biogas plants.

Scope

• Growth in renewable electricity generation in all the territories in which Endesa operates.

Impacts, Risks and Opportunities (IROs) linked to the action

• Decreased Greenhouse Gases (GHG) footprint due to increased supply of renewable energy to the customer.
• 7. Offer of products and services based on customer electrification (self-consumption, electric vehicle charging points, heat pumps, aerothermal energy, etc.).

Description

• Endesa offers products and services based on the electrification of its customers. Its products include solar self-consumption, aerothermal energy and electric vehicle charging points in both public and private facilities.

Scope

• The scope of this action is considered to apply to all Endesa customers.

• Impacts, Risks and Opportunities (IROs) linked to the action
• Society's demand for environmentally friendly products.
• 8. Sales and service quality controls will continue through 2025 to ensure the quality of all communications with customers.

395

Description

• Endesa has a protocol of arguments to ensure proper sales and customer service, and respectful treatment of its customers. To guarantee the quality of all communications with customers, Endesa carries out quality controls on sales and customer service, which will continue throughout 2025.

Scope

• The scope of this action is considered to apply to all Endesa customers.

Impacts, Risks and Opportunities (IROs) linked to the action

• Respect for consumer rights through respectful and non-discriminatory communications through compliance with legislation and web accessibility to ensure the inclusion of Diversity.
• 9. Installation of remote controls in the Medium Voltage (MV) network to improve the Equivalent Interruption Time of Installed Power ("TIEPI").

Description

• Installation of 2,925 remote controls ordered by Equivalent Installed Power Interruption Time (EIPIT) savings in the Medium Voltage (MV) network to improve the quality of the network's Equivalent Installed Power Interruption Time (EIPIT). The installation of the new remote controls will be carried out as part of the distribution quality improvement programme planned for the period 2025-2027 and is expected to contribute to reducing the Installed Power Equivalent Interruption Time (IPEIT) by 1.34 minutes.

Scope

• The scope of this action is Endesa's Medium Voltage (MV) network.

Impacts, Risks and Opportunities (IROs) linked to the action

• Improved capacity and quality of supply through investments in grid modernisation and improved digitisation.

10. Number of actions in services, products and projects aimed at promoting, improving and strengthening accessibility and social inclusion of "sensitive groups" (people with disabilities, the elderly, the economically vulnerable, etc.).

Description

• Support for the reduction of fuel poverty:
• −Training on bill optimisation and Social Bonus: 15 workshops for Non-Governmental Organisations (NGOs) and Social Services. Delivery of 1 webinar for the final group.
• −Advice and support for obtaining the Bono Social: 2 new editions of the "Cita Bono Social" project.
• −Agreements with institutions: Deployment of the Confía Project, 10 agreements with institutions and Non-Governmental Organisations (NGOs) against energy poverty and advice, assistance and guidance to Organisations and Associations on energy issues.
• −Energy awareness: Energy auditors' workshops for schoolchildren, workshops on optimising electricity bills and energy efficiency measures aimed at people in the primary sector and collaboration with educational centres for educational visits to generation plants.
• Accessibility and social inclusion:
• −Quantitative survey of 1,600 telephone channel agents on attention to "sensitive groups".
• −Improvement plan for accessibility actions (easy reading, signage, prioritisation of shifts, etc.) with possible implementation in the customer service channels: face-to-face, telephone and digital.

Scope

• The scope of this action is considered to apply to all Endesa customers.

Impacts, Risks and Opportunities (IROs) linked to the action

• Insufficient accessibility to solutions for certain "sensitive groups" due to lack of solutions, lack of concrete information or long waiting times.

11. Investment in the digitisation of customers.

Description

• Includes full investment to improve efficiency and automation of processes through digitisation of residential customers by developing strategic projects.

Scope

• The scope of this action is considered to apply to Endesa's residential customers, to be implemented over a 3-year time horizon.

Impacts, Risks and Opportunities (IROs) linked to the action

• Improved efficiency due to digitisation and/or automation of processes.

12. Investment for the creation of customer services.

Description

• This is the sum of investments for the creation of products and services for the "Business to Customers (B2C); Business to Business (B2B) and Business to Government (B2G)" customer typology. It also includes the part of investments in the deployment of recharging points.

Scope

• The scope of this action is considered to apply to all types of customers, to be implemented over a time horizon of 3 years.

Impacts, Risks and Opportunities (IROs) linked to the action

• Low electrification of cities, businesses and people due to lack of new solutions and technologies.
• Boosting electrification through solutions to make consumption more efficient, cost-effective and sustainable.

13. Investment to improve the quality, resilience and digitisation of the network.

Description • This is the sum of investment earmarked for network management projects, improving their efficiency and quality, within the framework of the Integrated Quality Plan and the resilience and digitisation of assets through remote management projects, metering equipment and technological development.

Scope

• The scope of this action is considered to apply to all types of customers, to be implemented over a time horizon of 3 years.

Impacts, Risks and Opportunities (IROs) linked to the action

• Improved capacity and quality of supply through investments in grid modernisation and improved digitisation.

14. Sales plan for Products and Services.

Description

• Endesa intends to offer bundled energy products and electrification solutions to all its customers. One of the highlights of the offers is the campaign to be launched in 2025 for energy tariff and charging point packages. The aim is to increase sales of products and services, improve customer loyalty and offer increasingly varied products.

Scope

• The scope of this action is considered to apply to all Endesa customers.

Impacts, Risks and Opportunities (IROs) linked to the action

• Increased revenues by capturing new markets, offering solutions in the electrification of customers according to customer type and geographical area, making contract renewal more flexible and fostering customer loyalty.

35)

During 2024, Endesa has not received through the Information Channel any facts related to human rights violations, following the same trend as in 2023.

26.4.5. Metrics and targets

26.4.5.1. Objectives related to the management of material Negative Impacts, the advancement of Positive Impacts and the management of material Risks and Opportunities (S4-5)

40, 41 a), b), c), AR 43, 44, 45

Following the identification of the material Impacts, Risks and Opportunities (IROs) and the establishment of the general objectives and commitments in the aforementioned Policies, Endesa, through its Endesa Sustainability Plan (ESP), has undertaken to establish certain objectives associated with its Impacts, Risks and Opportunities (IROs), which are detailed below, thereby complying with its various Policies:

Impacts, Risks and Opportunities (IROs)

							Objectives 2024-2026		Objectives 2025-2027
Impacts, Risks and						2024	2026	2025	2027
Opportunities (IROs)	ESP objectives(1)	Units		Scope 2024 2023						Amendments(2)
Respect for consumer rights through respectful and non-discriminatory communications through compliance with legislation and web accessibility to ensure inclusion of Diversity.	(3)	Na	Na	Na	Na	Na	Na	Na	Na	Na
Efficiency gains due to digitisation and/or automation of processes	Investment in customer digitalisation	Millions of euros	Customers	63.7	—	—	—		154	New objective responding to Impact, Risk, Opportunity (IRO)
	Electronic invoicing	%	Spain and	56.9	53.2	—	—	57.9	60.6
	Automatic payments	%	Portugal	91.6	91.2	—	—	91.4	91.9
Lack of simplicity, clarity, transparency and accessibility of information to customers.	Customer complaints	Nº/ 10,000		273	—	—	—	259	189
Low electrification of cities, businesses and people due to lack of new solutions and technologies	Investment in the creation of customer services	Millions of euros		83.0	—	~300			~270	Unchanged
Insufficient accessibility to solutions for certain "sensitive groups" due to lack of such solutions, lack of concrete information or long waiting time for processing	Initiatives to promote and improve accessibility and inclusion of "sensitive groups".	No. of actions	Spain and Portugal	3	—	—	—	4	4	New objective responding to Impact, Risk, Opportunity (IRO)
Societal demands for environmentally friendly products	(4)	Na	Na	Na	Na	Na	Na	Na	Na	Na
Customer dissatisfaction with billing system problems	Overall customer satisfaction	Number	Spain and Portugal. Free market	7.6	7.56	7.6	7.75	7.7	7.8
Improved capacity and quality of supply through investments in grid	Investing in quality, resilience and digitisation of the network	Millions of euros	Iberia: Spain and Portugal 278.6		—	> 800			> 1.600
modernisation and improved	Network losses (5)	%	Endesa's	9.78	9.98	9.89	9.64	9.74	9.47
digitisation of the grid	Time of Interruption of Supply (TIEPI) (6)	Minutes	distribution network	47.7	48.7	47.8	41.8	47.7	40.8	Unchanged
Decreased Greenhouse Gases (GHG) footprint due to increased renewable energy supply to the customer	Specific Greenhouse Gases (GHG) emissions Scope 1 and 3. Generation and purchase of electricity from third parties	gCO2eq/ kWh	Applies to all Endesa's activities, both nationally and internationally.	187	214	—	140	<140	90gCO2 eq/ kWh in 2030 0gCO2 eq/ kWh in 2040
Boosting electrification through solutions to make consumption more efficient, cost-effective and sustainable	Investment in the creation of customer services	Millions of euros	Spain and Portugal	83	—	~300			~270
Increased revenue by capturing new markets by offering solutions in the electrification of customers according to customer type and geographical area, making contract renewal more flexible and encouraging customer loyalty.	(7)	Na	Na	Na	Na	Na	Na	Na	Na	Na

(1) Endesa Sustainability Plan (ESP).

398

(2) Indicates whether there have been any changes in objectives with respect to the previous year.

(3) The Company does not have specific quantifiable metrics for this Impact, due to the complexity of defining precise indicators. However, the management of the same and the enhancement of this Positive Impact are addressed with the adoption of the policies described in Section 26.4.2. of this Consolidated Management Report.

(4) The Company does not have specific quantifiable metrics for this Opportunity, due to the complexity of defining precise indicators. However, the management of the same and the strengthening of this Opportunity are faced with the adoption of the policies described in Section 26.4.2. of this Consolidated Management Report.

(5) System Operator (SO) criteria. At busbars (Red Eléctrica de España, S.A. (REE) criteria). At country level. Not adjusted.

(6) Interruption Time Equivalent to Installed Capacity (regulatory TIEPI). According to Spanish regulator.

(7) The Company does not have specific quantifiable metrics for this Opportunity, due to the complexity of defining precise indicators. However, the management of the same and the promotion of this Opportunity is addressed through the planned investments related to the Commercial Strategy described in the Strategic Plan 2025-2027.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report

These objectives cover the entire scope of Endesa's business and, in order to establish them, the opinions of employees, consumers and end users or their representatives have been taken into account as part of the stakeholders with whom dialogue has been established, as shown in the Double Materiality analysis (see Section 24.5.1 of this Consolidated Management Report).

The monitoring of the objectives is carried out annually by the General Directorate of Sustainability, through the measurement of the established metrics. Data collection is carried out with the same frequency, ensuring continuous control over the evolution of the indicators. Progress is reviewed at the Sustainability and Corporate Governance Committee, also on an annual basis, where, through internal presentations, the consolidated data are reflected and possible deviations from the target values are analysed. In addition, the General Directorate of Sustainability and the responsible areas internally assess the results to identify significant trends or necessary adjustments in the strategy for meeting the objectives. The indicators, metrics and targets described above arise from the combination of the Company's strategic objectives for each of its businesses and/ or corporate activities, in relation to Sustainability aspects, which respond to the material Impacts, Risks and Opportunities (IROs) of the current financial year 2024, and the Company's additional response to address the remaining material Impacts, Risks and Opportunities (IROs) not covered in the first case. The time horizon of these objectives is in line with the Company's strategy for the period 2025-2027 and aims to enhance or mitigate the main Impacts, Risks and Opportunities (IROs) resulting from the Double Materiality exercise.

26.4.5.2. Complaints received

A total of 345,917 commercial complaints related to Endesa's services in Spain were received in 2024, an increase of 1.98% compared to 2023.

Number	2024 (1)	2023 (1)
Complaints Generated	345,917	339,195
Closed Claims	375,069	270,794

(1) Does not include claims generated and closed by Endesa X Servicios, S.L.U., a company absorbed by Endesa Energía, S.A.U. effective 1 October 2024, or claims generated and closed by Endesa Energía S.A.U. in Portugal.

The volume of complaints received by distributors in 2024, generated directly by the customer, was 46,831, 17% less than in 2023:

V. Consolidated Financial Statements VI. Statement of Responsibility

Number	2024	2023
Complaints Generated	46,831	56,629
Closed Claims	46,352	58,482

26.4.5.3. Safety of installations

Endesa complies with current legislation regarding the safety of people, taking into account both workers and citizens in general, in all its facilities:

Security for People

IV. Consolidated Management Report

• High and Medium Voltage (HV/MV) installations are subject to tri-annual safety and suitability inspections, and action plans are established to resolve the defects identified.
• The installations connected to the High Voltage (HV/HV) and High-Medium Voltage (HV/MV) distribution substations have protections that isolate any faults that may occur.
• Medium Voltage (MV) lines have intermediate protections such as lightning arresters and self-valves to prevent overvoltages caused by atmospheric discharges.
• Transformer substations (MV/LV) and Low Voltage (LV) lines have similar safety measures.

399

With regard to public health, Endesa shares the concerns of the rest of the electricity sector operators and society in general regarding the potential effects that the electromagnetic fields generated by its facilities may have on the health of the population. For this reason, various technical actions are carried out to verify and, where necessary, adapt the facilities to ensure that the operation does not have an impact on the health of the population.

Endesa is constantly updated with the latest studies on this subject and actively participates in electricity sector forums to contribute knowledge and initiatives (technical, constructive, operational, etc.) on the prevention of health risks related to these causes.

Health and safety impacts are assessed in all Endesa's product and service categories.

27. GOVERNANCE INFORMATION

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II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of Responsibility

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27.1 Business Conduct (ESRS G1)

Below is a description of the information related to business conduct that will enable an understanding of Endesa's strategy, approach, processes and procedures, as well as its performance with respect to business conduct. In addition, it describes the Impacts, Risks and Opportunities (IROs) identified and the actions taken and the result of these, to prevent or mitigate actual or potential Negative Impacts that are material in relation to business conduct and to address the related Risks and Opportunities.

The table below details the material Impacts, Risks and Opportunities (IROs) related to this subject that apply to Endesa and includes their definition, typology and associated Policy:

Impact, Risk and Opportunity	Sub-theme	Sub-sub-theme	Definition	Type	Associated Policy
(IRO) Typology Positive Impacts	Corporate Culture	—	Promoting transparency and increasing trust in the Company vis-à-vis stakeholders by disclosing sensitive information in an accurate and timely manner.	Real	Endesa's Corporate Governance Policy. Code of Ethics.
	Corporate Culture	—	Reduction and mitigation of environmental impacts on external stakeholders by adopting regulatory developments at an early stage and promoting an environmental culture.		Endesa's Corporate Governance Policy.
	Taxation	—	Fair, responsible and transparent taxation through the adoption of a tax strategy.		Endesa's Corporate Governance Policy. Tax policy.
	Supplier relationship management, including payment practices	—	Ensuring respect for Human Rights in Endesa's activities by monitoring possible violations through Human Rights Due Diligence processes.		Human Rights Policy. Ethical Channel.
	Corruption and bribery	Prevention and detection, including training and forecasting Cases	Improved external and internal awareness of the principles of integrity and ethics of business conduct through stakeholder outreach.		Anti-Bribery and Criminal Compliance Policy.
Negative Impacts	Supplier relationship management, including payment practices	—	Infringement of human rights in the procurement of certain energy goods and services.	Potential	Human Rights Policy. Ethical Channel.
Risks	Taxation	—	Political and regulatory intervention in market prices and/or corporate profits that increase tax payments.	Potential	Endesa's Corporate Governance Policy. Tax policy.
Opportunities	Corporate Culture	—	Stakeholder demand for sound business strategies on Environmental Sustainability and Climate Change with impact on reputation and attraction of Environmental, Social, Governance (ESG) investment.	Potential	Endesa's Corporate Governance Policy. Sustainability Policy.

Table of Impacts, Risks and Opportunities (IROs) Materials - Business Conduct

27.1.1. The role of administrative, management and supervisory bodies (ESRS 2 GOV-1)

5 a), b)

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Endesa is fully committed to complying with ethical principles and current legislation in its relations with stakeholders and in all its activities. In this regard, Endesa is constantly monitoring the development of best national and international practices in order to incorporate them into its internal corporate governance rules. Specifically, the general principles that inform the Company's Corporate Governance strategy inspire the content and application of all its internal corporate rules, as well as the actions of its governing bodies.

With regard to the Company's business conduct, the Company's governing bodies, i.e. the Board of Directors together with its Committees, are responsible for maintaining a high level of excellence in the fulfilment of their ethical commitments and responsibilities and for promoting good Corporate Governance practices.

In this regard, Directors accept the Internal Regulations for Conduct in the Securities and Issuance Rights Markets, notify in writing their closely related persons, are included on lists of insiders during certain periods in which they have inside information about the Company, during which they must not carry out or recommend transactions in Endesa securities, and are informed at the time of their appointment as Directors that they must not communicate inside information to third parties, except in the normal course of their work, profession or duties, and must not take any action that could constitute market manipulation or attempted market manipulation.

In addition, they must disclose all transactions executed by themselves or their closely related persons relating to the securities concerned, emission allowances, auctioned products based on emission allowances or derivative instruments related to emission allowances within 3 trading days after the execution of such transaction in accordance with applicable law. In addition, the Directors sign the annual declaration of assets and activities.

In order to promote best practices in Corporate Governance, the Company monitors legislative and Good Governance developments and proposes, where appropriate, to the Board of Directors and its Committees the relevant amendments to internal regulations and action plans. Furthermore, the Directors of the Board of Directors and its Committees have extensive experience (see Sections 3.3 and 24.3.1. of this Consolidated Management Report) in the field of Sustainability and Corporate Governance, which enables them to deal with all matters related to the business conduct of the Company. In this regard, the Audit and Compliance Committee (ACC) is responsible for proposing to the Board of Directors the approval or modification of Endesa's ethical regulations and supervising compliance with them, as well as overseeing the operation of and compliance with Endesa's Anti-Bribery and Criminal Risk Prevention Model. These regulations include, among others, the Criminal and Anti-Bribery Compliance Policy, the Criminal and Anti-Bribery Risk Prevention Model, the Code of Ethics, the Zero Tolerance Plan for Corruption, the Protocol for Accepting and Offering Gifts and Hospitality, the Protocol for Good Practices in Dealing with Public Officials and Authorities, the Protocol for Compliance - Defence of People's Rights and the Human Rights Policy.

5 a), b)

Endesa has a Criminal and Anti-Bribery Risk Prevention Model Oversight Committee (CSMPRPyA), a delegated body of the Audit and Compliance Committee (ACC), whose main function is to monitor the effectiveness and keep the Criminal and Anti-Bribery Risk Prevention Model up to date, in order to prevent risks that could result in criminal liability for Endesa. The members of the Criminal Risk Prevention and Anti-Bribery Model Oversight Committee (CSMPRPyA) have extensive experience in promoting continuous improvement in behaviour and ethical regulations and, additionally, in managing, maintaining, disseminating and updating the Internal Whistleblower Protection System.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

VI. Statement of Responsibility

In accordance with the above, as of 2013 the functions of the Oversight Committee of the Criminal Risk Prevention and Anti-Bribery Model (CSMPRPyA), which is composed of the General Audit Director, the General and Board Secretary, the Director of Corporate Legal Advisory and Compliance and the Director of Human Resources and Organisation, with a profile of lawyers and 50% Business Administration graduates, are as follows: to ensure compliance with the provisions of the Model and ethical regulations by the entire organisation, to ensure the effectiveness of the Model for preventing the commission of crimes, and to propose updates to the Model in order to adapt it to the needs of the Company and to legal changes. In addition, the Oversight Committee draws up an annual programme of activities detailing the activities to be carried out in relation to the Model, and periodically submits reports to the Audit and Compliance Committee (ACC) on the implementation of this programme, as well as on the meetings held, the issues discussed at them, the agreements reached and the action plans implemented.

27.1.2. Description of processes for identifying and assessing impacts, risks and opportunities (ESRS 2 IRO-1)

6

To identify Impacts, Risks and Opportunities (IROs) related to business conduct, Endesa has analysed the context, in its Double Materiality exercise, in which it operates and how the company interacts with the environment and society through the governance of its different operational processes and company strategies. To this end, it has taken into account how Endesa relates to society and its various stakeholders under fundamental premises for the company, such as transparency and respect for good governance practices. It has also taken into account how the development of a solid corporate culture enables the company to establish climate and social strategies that generate positive impacts on the environment and society, and how the company, from its highest governance level, establishes measures to guarantee key elements for its stakeholders, such as respect for human rights. For further details, see Section 24.5. of this Consolidated Management Report.

All of the above is reflected in the policies and procedures mentioned throughout this section, which ensure correct compliance with responsible practices, as well as internal actions that promote a solid corporate culture for all Endesa employees.

27.1.3. Business Conduct Policies and Corporate Culture (G1-1)

Endesa's Corporate Governance Policy

9,10 a)

Endesa's Corporate Governance Policy establishes a comprehensive framework for the ethical, transparent and sustainable management of the Company, with the aim of guaranteeing the creation of long-term value. This policy promotes advanced governance practices based on the principles of transparency, equal treatment of shareholders and excellence in management. In this regard, Endesa is committed to maintaining high standards of transparency in the information it provides to the markets, ensuring that all decision-making processes by its governing bodies are carried out ethically and with integrity.

With regard to its relationship with its shareholders, Endesa seeks to maintain a constant flow of clear and accurate information, encouraging active participation, especially by minority shareholders, in the Company's strategic decisions.

Endesa has a governance structure comprising the General Shareholders' Meeting, the Board of Directors and various specialised committees that oversee

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key aspects such as the preparation of the financial statements, auditing, appointments, sustainability and risk management. These bodies advise the Board of Directors to ensure that decisions are taken responsibly and in the best interests of all stakeholders.

Risk management is another fundamental pillar of this Policy, establishing a comprehensive system to identify, assess, manage and mitigate potential threats that may affect the achievement of the Company's objectives. The Board of Directors has approved a General Risk Control Policy and Risk Management and is responsible for supervising the internal information and control systems. The Audit and Compliance Committee (ACC) is responsible for verifying the effectiveness of these systems. The General Risk Control and Management Policy is developed and complemented by other risk policies specific to the Business Lines, staff and service functions, as well as the limits established for optimal risk management in each of them. For more information, see Section 8.1 of this Consolidated Management Report).

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9,10 a)

In addition to this, it is committed to complying with ethical principles and all current legislation in its relations with stakeholders and in all the activities it carries out. To this end, it has a Criminal and Anti-Bribery Compliance Management System to prevent crimes and combat corruption, a Tax Compliance Management System to facilitate the identification, prevention and detection of tax risks, and a Competition Compliance Management System to prevent, stop and react to anti-competitive practices.

For further information, please consult the Policy on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Human Rights Policy

9,10 a)

Endesa's Human Rights Policy establishes a firm commitment to respect and promote Human Rights in all operations and business relations. This commitment extends to all countries where it operates and covers employees, suppliers, contractors, local communities and other stakeholders. Endesa also implements Human Rights Due Diligence processes to identify and mitigate Human Rights risks, with ongoing monitoring of suppliers to ensure compliance with ethical standards.

For more information on how the Human Rights Policy is applied with the different stakeholders, see Sections 26.1.2, 26.2.2, 26.3.2 and 26.4.2. of this Consolidated Management Report.

Sustainability Policy

Endesa's Sustainability Policy aims to formalise and specify the principles that guide sustainability management and the future commitments established with its stakeholders, which constitute Endesa's framework for action in the area of sustainable development, as set out in the Purpose, Vision and Values (see Section 2.3 of this Consolidated Management Report) that make up Endesa's principles of behaviour.

This Policy is part of Endesa's support for the Universal Declaration of Human Rights and respect for Endesa's Code of Ethics as essential elements containing the principles on which the Company's activities are based.

The commitments included in the Policy include putting people at the centre both internally, by creating a diverse, inclusive, healthy and safe working environment that allows employees to develop, and externally, by creating shared value in the societies in which Endesa operates.

Endesa's Sustainability Policy applies to the Company and all its subsidiaries, which are understood to be

II. Consolidated Financial Statements Audit Report

all entities directly or indirectly controlled by Endesa under the terms of article 42 of the Commercial Code.

The Board of Directors of Endesa, S.A., through its Sustainability and Corporate Governance Committee, is responsible for supervising compliance with and control of the Sustainability Policy and the Sustainability and Corporate Governance strategy in accordance with the functions and powers established in the Regulations of the Sustainability and Corporate Governance Committee.

In this regard, each year it receives a proposal for the Endesa Sustainability Plan (ESP), which includes details of all the actions and objectives defined to comply with the principles and commitments included in this Policy over the next three years and, after supervision, submits it to the Board of Directors for approval.

Similarly, the Sustainability and Corporate Governance Committee supervises the degree of compliance with the Endesa Sustainability Plan (ESP) on an annual basis.

This Policy is available on Endesa's website to all interested parties. For further information, the Policy can be consulted on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Code of Ethics

9,10 a)

Endesa's Code of Ethics establishes the fundamental principles and guidelines for conduct that guide the company's operations and relations. Its aim is to ensure that all Endesa's activities are carried out with integrity, transparency and respect for society and the environment.

Endesa prioritises the safety and well-being of employees, fairness in labour relations and integrity in business operations. The Code of Ethics also establishes clear criteria to avoid conflicts of interest, guarantee the confidentiality of information and promote fair competition.

In addition, it promotes the Creation of Shared Value, considering the needs of customers, shareholders, Local Communities and future generations.

In short, Endesa's Code of Ethics not only defines the Company's core values, but also establishes a system to address and manage any conduct that contradicts them, which is fundamental to maintaining Endesa's reputation and trust. Through robust detection, reporting and investigation mechanisms, and with assured protection for whistleblowers of alleged irregular, unethical or illegal conduct, Endesa reaffirms its commitment to ethics, transparency and accountability in all its operations.

Compliance with the Code of Ethics is essential to maintain Endesa's reputation and trust. For this reason, it includes mechanisms for detecting, reporting and investigating unlawful conduct or conduct contrary to its principles, such as the Reporting Channel.

In June 2023, Endesa adopted the necessary measures to comply with Law 2/2023, of 20 February, regulating the protection of persons who report regulatory infringements and the fight against corruption (Transposition of Directive (EU) 2019/1937, of 23 October, of the European Parliament and of the Council), implementing an Internal Whistleblower Protection System. This system consists of a compliance model that includes, among other measures, a Whistleblower Protection Policy, a Whistleblower Management Procedure, a person in charge and an Information Channel.

The Information Channel, available to all Endesa's stakeholders, both internal and external, is accessible via its website and intranet (see: https://www. endesa.com/es/accionistas-e-inversores/gobiernocorporativo/sistema-interno-de-proteccion-delinformante ), and guarantees various aspects, such as the right to report irregular, unethical or illegal conduct which, in their opinion, occurs in the course of the Company's activities anonymously and securely, the prohibition of retaliation in any form, support measures and the special protection of personal data. In addition, the platform on which the channel is articulated is managed by an external and independent firm, which fully guarantees confidentiality.

The Reportable Event Management Procedure details the steps for investigating cases related to business conduct.

The Audit General Directorate is in charge of ensuring the correct treatment of the facts reported by means of a homogeneous treatment methodology and, acting with independence of criteria and action with respect to the other Units of the organisation. For further information on the way in which the General Directorate of Audit handles communications with stakeholders, see Section 26.3.3.2. of this Consolidated Management Report.

For further information, please consult the Code on the website:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/conducta-etica

Criminal and Compliance Policy

10 a), b), h)

Endesa's Anti-Bribery and Criminal Compliance Policy is a fundamental element that reflects the Company's firm commitment to integrity and compliance with applicable regulations in all its activities. Designed to prevent, detect and manage criminal risks, this Policy specifically addresses the fight against bribery and other illicit practices, ensuring that Endesa's activities are carried out in accordance with the highest ethical standards.

The Policy establishes that regulatory compliance and the prevention of criminal conduct are central objectives for Endesa. In line with the applicable regulations, the Company has implemented a Comprehensive Compliance Management System that extends to all companies controlled by Endesa, both in Spain and Portugal. This system is based on clear principles that seek to ensure respect for the law and ethics in all business decisions, promoting a culture of prevention and responsibility.

One of the key components of this Policy is the Criminal Risk Prevention and Anti-Bribery Model, which establishes specific protocols to prevent the commission of offences within the organisation. Endesa has adopted a Zero Tolerance Policy on Corruption, which is reflected in its firm adherence to international standards such as the United Nations Global Compact. The company also has specific protocols that regulate aspects such as the management of conflicts of interest, the acceptance of gifts and interaction with public officials, ensuring that all business relations are handled with transparency and integrity.

The Policy also describes a proactive approach to identifying areas of risk within the organisation. Ongoing risk assessment is essential to detect potential vulnerabilities, and control activities are designed to mitigate these risks effectively. The Audit General Directorate and the Oversight Committee are responsible for overseeing the system, ensuring that all measures are properly implemented and that any deficiencies are addressed with specific action plans.

In particular, the positions with the highest risk of corruption and bribery are associated with "Managers" and "Middle Managers", who have signed a specific adherence to ethics and anti-corruption rules.

Management of behaviour contrary to the Conduct Policy

10 e), g)

In June 2023 Endesa implemented an Internal Whistleblower Protection System, which includes, among other measures, a Whistleblower Protection Policy, a Whistleblower Management Procedure, a person in charge (Oversight Committee) and an Information Channel. All of this is further proof of Endesa's commitment to complying with the most advanced ethical and regulatory compliance principles applicable in this area. For further information, see Section 27.1.3. of this Consolidated Management Report.

The Reportable Events Management Procedure, available on Endesa's website, details the steps for investigating cases related to business conduct. For more information, see Procedure at:

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/sistema-interno-deproteccion-del-informante

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

In particular, corruption and bribery cases follow the same homogeneous methodology:

Corruption and Bribery Case Methodology

• 1. Receipt of the case. Acknowledgement of receipt is given within 7 calendar days of receipt.
• 2 . Preliminary analysis to identify the possible relationship of the event to possible breaches under the Policy and collection and recording of information to support the investigation (within 7 calendar days of receipt).

IV. Consolidated Management Report

• 3. Investigation. The Audit General Directorate investigates on the basis of what was planned in the preliminary analysis and may contact the whistleblower if it considers it necessary to request additional information. The investigation should generally be concluded within 3 months of receipt of the case.
• 4. Resolution: the conclusions and measures adopted are reported within a maximum period of 3 months to the Reporting Officer and the System Manager (if applicable, to the competent Authorities and Units affected in accordance with the applicable regulations). In addition, periodic reports are made to the Audit and Compliance Committee (ACC) and/or the Supervisory Committee.
• 5. Follow-up of corrective actions by the System Manager.

The Audit General Directorate is in charge of ensuring the correct treatment of the facts reported through a homogeneous treatment methodology and, acting with independence of criteria and action with respect to the other Company Units. It has access to all Company documents necessary for the exercise of its functions.

However, the communication of facts with knowledge of their falsity or reckless disregard for the truth could lead to criminal or civil liabilities, in the terms contemplated in the current legislation. In the event that complaints about commercial and/or operational issues are reported through the Information Channel, an analysis is made of whether there has been an incorrect practice and, when it is confirmed that they are operational issues, they are referred to the business for management.

In 2024, no corruption and bribery-related facts have been reported through the Information Channel.

In terms of dissemination and training, various communications have been made in 2024 for all staff on ethics and compliance, in particular on the Internal Whistleblower Protection System and the Information Channel, encompassed within the same. In addition, these elements have been included in the courses on the Model for the Prevention of Criminal Risks and Antibribery and Comprehensive Protection against Sexual Violence in the Workplace, which are mandatory for all staff, including staff who receive reported facts, who also receive specific training on the subject.

Following dissemination and training on the subject, the analysis of trends in the use of the Information Channel shows that the different stakeholders are aware of and use this channel to report irregular, unethical or illegal conduct safely and anonymously.

V. Consolidated Financial Statements

On the other hand, behaviour in line with the Business Conduct Policies is monitored through the supervision of the Criminal and Anti-Bribery Risk Prevention Model, which includes, among others, the testing of controls for the prevention and detection of cases related to corruption and bribery.

In order to ensure that all Endesa employees have a correct understanding of the Code of Ethics, the Supervisory Committee of the Criminal Risk Prevention Model prepares and implements an annual training plan that includes aspects of business conduct (corruption, conflict of interest, etc.) to promote knowledge of the principles and ethical rules.

Training initiatives are differentiated according to the role and responsibility of the employees: for new hires, a specific compliance training programme is foreseen which illustrates the content of the Code of Ethics, the Anti-Bribery and Criminal Risk Prevention Model and other aspects of business conduct, with which compliance is required; likewise, new Directors also receive compliance training; as well as specially exposed staff ("Managers" and "Middle Managers").

VI. Statement of Responsibility

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27.1.4. Supplier Relationship Management (G1-2)

14

Endesa has a series of procedures in place to manage supplier payments and avoid delays, such as the "Policy Group Administrative Model", which defines the administrative processes, including "Procure to Pay" (PTP) and the "Global Organisational Procedure". These procedures regulate the operational management of payments to suppliers for Endesa's commercial operations, so that the deadlines established for payment comply with Law 15/2010, of 5 July, as amended by Law 18/2022, of 28 September. This law regulates supplier payment practices and includes measures to combat commercial late payment, which is a major burden, especially for small and mediumsized companies, as they are the ones that suffer the most from non-compliance with payment deadlines.

The range of maturity dates of Endesa's commercial debt is therefore between 0 and 60 days (see Note 39.1 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024).

15 a)

408

With regard to Endesa's relationship with suppliers, the Company bases its purchasing processes on pre-contractual and contractual behaviour based on mutual loyalty, transparency and cooperation. In addition to guaranteeing the necessary quality standards, suppliers' actions must be accompanied by a commitment to adopt best practices in the areas of human rights and labour conditions, occupational health and safety and environmental responsibility.

Throughout Endesa's relationship with its suppliers, there are certain processes that assess the risks and impacts of sustainability issues.

There is a comprehensive procurement process in which the qualification of all suppliers is required as a mandatory requirement to be awarded a contract. This qualification evaluates the fulfilment of technical, economic, financial, legal, ethical and honourable requirements that the supplier must comply with and, in addition, Sustainability aspects such as environmental, Human Rights and Occupational Health and Safety (OHS) aspects are also evaluated.

In order to prioritise the purchase of goods and services that minimise negative impacts, Endesa favours the contracting of suppliers that stand out for their commitment to promoting social and environmental aspects by including the so-called "Sustainability Ks", factors that are weighted positively in the weighting of the bid submitted. In addition, all contracts signed by Endesa with its suppliers include specific clauses on the commitment of its counterparties to human rights, personal safety, the environment and anti-corruption.

Finally, all suppliers are subject to performance monitoring and evaluation through a specific "Supplier Performance Management" process, which assesses, among other aspects, compliance with health, safety and environmental regulations. Based on these aspects, Endesa assigns a score to the supplier on the basis of which decisions are made to resolve critical issues, encourage improvement and reward excellence. In addition, in activities where a higher risk is detected, and as part of the Human Rights Due Diligence action plans, specific audits are carried out, such as, for example, the case of Bettercoal for the coal supply chain or the audit of the Call Centres established in Colombia.

Supplier qualification system

15 b)

Endesa has established a Supplier Qualification System that allows for the careful selection and evaluation of companies wishing to participate in bidding procedures through the assessment of technical, economic, financial, legal, environmental, safety, human rights and ethical requirements, and requirements of good repute, in order to guarantee the appropriate level of quality and reliability in the case of awarding contracts in the Energy Sector. This qualification system is created in accordance with local and European Union (EU) laws and regulations.

verification of these aspects.

II. Consolidated Financial Statements Audit Report

As part of the qualification process, in order to access Endesa's Supplier Qualification System, the supplier must undergo a specific and mandatory assessment on environmental requirements, health and safety requirements and Human Rights requirements. In practice, the supplier is asked to complete questionnaires and provide the relevant supporting documentation to carry out the assessment. In the case of activities considered to be of high safety or environmental risk, an on-site audit is foreseen for the

Only with a positive overall judgement can the supplier be qualified in Endesa's Supplier Qualification System (or remain in the case of being previously qualified) and be considered for participation in Endesa's purchasing processes. The assessment of individual sustainability requirements contributes to the overall assessment of the supplier's admission or non-admission to Endesa's Supplier Qualification System. In the event that nonadmission is recognised as a result, for example, of a negative environmental judgement, the supplier may

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

submit a new application for qualification, providing evidence of the Improvement Plan adopted.

The environmental criteria that are taken into account in the evaluation of suppliers, and which are requested through the form, consist of:

Environmental Criteria

• Number of Environmental incidents in the last 3 years (with special emphasis on events considered as serious).
• Quantification of Greenhouse Gas Protocol (GHG) emissions resulting from its activity.
• ISO 14001 International Standard Certification.
• Internal environmental management policy.
• In case you do not submit the International Standard ISO 14001, you are asked whether you have, among others, the following:
• −Risk assessment and risk management.
• −Waste management (Policy for the reduction, reuse or recycling of waste).
• −Structured system for recording environmental events.
• −Internal audits to verify compliance with environmental management.
• −Emergency management procedures.

On the other hand, the social criteria, validated through their recognition in a self-declaration, consist of the following aspects:

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Social Criteria

• Compliance with the principles of the United Nations Global Compact.

• Management of its business activities and operations in accordance with the fundamental principles of human rights, labour standards, environment and anti-corruption.

• Knowledge and assumption of the Enel Group's commitments in relation to its Human Rights Policy, Code of Ethics and Zero Tolerance to Corruption Plan.

AR 2 c)

Endesa has a supplier control and monitoring system to evaluate compliance with the environmental and social criteria established in the supplier code and in the contracting documents. In the financial years 2024 and 2023, the following supplier controls were carried out:

	Suppliers Evaluated in Environmental Matters, Human Rights, Occupational Health and Safety (OHS)
	2024	2023
Environmental Assessments (Number of files)	1,135	1,612
Compliance Qualified Suppliers (%)	100%	100%

27.1.5. Preventing and detecting corruption and bribery (G1-3)

18 a), b), c)

Zero Tolerance for Corruption Plan

Endesa is committed, through its Zero Tolerance Plan against Corruption and the full rejection of any form in which it manifests itself, in compliance with the tenth principle of the Global Compact, to which Endesa is a signatory: "Businesses are committed to combating corruption in all its forms, including extortion and bribery". In addition, there are policies and procedures that regulate certain company processes that could prevent corruption-related risks.

Endesa's Zero Tolerance Plan against Corruption reflects its firm commitment to integrity and transparency in all its activities. Based on an exhaustive analysis of the areas most vulnerable to the risk of corruption, the Plan establishes clear measures to prevent and combat corrupt practices, in line with the values expressed in its Code of Ethics.

Firstly, Endesa categorically prohibits the use of bribes to obtain advantages in business relations. This includes any form of payment, whether monetary or in kind, that could be construed as an attempt to influence decisions or secure favourable treatment. The Company makes it clear that this principle applies to both employees and external collaborators, and requires that any attempt at bribery be reported through the channels established in the Whistleblower Protection Policy, under the principles of confidentiality and anonymity, prohibition of retaliation, among others, defined in the same Policy.

The Plan also establishes that Endesa refrains from making donations to political parties or candidates, and avoids any kind of pressure that could be considered interference in the political sphere, so the amount of donations to political parties or candidates in 2024 was zero. This neutrality policy is applied both in Spain and in other countries where the company operates, ensuring that relations with public institutions are always transparent and legal.

With regard to donations and sponsorships, Endesa promotes non-profit projects in areas such as culture, the environment and sport. This support is managed in accordance with rigorous procedures that seek to guarantee consistency and the absence of conflicts of interest, ensuring that all initiatives meet ethical criteria and contribute value to the communities in which the company operates.

The Zero Tolerance Plan also covers the Gifts and Gifts Policy, highlighting that Endesa does not allow the giving or receiving of gifts that exceed the standards of business courtesy. Any gift that could be construed as an attempt to influence business decisions is strictly prohibited. Even in markets where giving valuable gifts may be considered common practice, the company refrains from engaging in such actions. Employees who receive gifts that do not comply with Endesa's Policies must return the gift and report it to their next higher level of management, who will inform Endesa's Supervisory Committee.

However, if any employee has doubts as to whether gifts received are in line with the principles established in the Code of Ethics, the Zero Tolerance Plan against Corruption or other applicable regulations, they should inform the Endesa Supervisory Committee, through the management eticaycumplimiento@endesa.es, for advice on the criteria to be followed.

Violations of the Zero Tolerance Plan against Corruption are referred to the Audit and Compliance Committee which, in the most significant cases, after the appropriate analysis, informs the Chief Executive Officer of Endesa S.A. or, where appropriate, the Board of Directors, of the violations and the penalties arising therefrom.

Criminal Risk Prevention and Anti-Bribery Model

With regard to bribery, Endesa, in accordance with article 31 bis of the Criminal Code, has a Criminal Risk Prevention and Anti-bribery Model , with the aim of

410

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preventing the commission of criminal offences in the scope of its activity, from which the company could be held criminally liable, in compliance with the provisions of article 31 bis of the Criminal Code, Standard UNE 19601 (Criminal compliance management systems-Requirements with guidance for use) and Standard UNE-ISO 37001 ("Antibribery management systems-Requirements with guidance for use"), both of which Endesa has been certified to since 2017. Endesa also has an Endesa Anti-bribery and Criminal Compliance Management System comprising an integrated body of provisions, including the Anti-bribery and Criminal Compliance Policy, which incorporates the general principles that inform the System. These principles consist of:

General principles

• Compliance with the applicable regulations.
• The prevention, detection and appropriate reaction to criminal offences.
• The promotion of preventive behaviour, properly identifying activities within the scope of which criminal acts may be committed and

encouraging proactive and responsible behaviour by the members of the organisation. • Dissemination both of the Compliance System itself and of the duty of all members of the Company to report in good faith any facts that are reasonably suspected of constituting criminal acts, and of the consequences of non-compliance with the Compliance

System.

• The provision of sufficient material and human resources for the management of the Compliance System.

• Periodic review and continuous improvement of the Compliance System by the Monitoring Committee.

For its part, and under the direct and exclusive supervision of the Audit and Compliance Committee (ACC) of the Board of Directors, the main activity of the Supervisory Committee (SC) of the Model is the supervision of the Compliance System, as established in its Regulations.

The facts reported are investigated and managed by the Audit General Directorate, ensuring a homogeneous methodology in the treatment. The Audit General Directorate is responsible for ensuring the correct treatment of the facts reported, given that it acts with independence of judgement and action. For further information, see Section 27.1.3. of this Consolidated Management Report.

In addition, in the General Directorate of Audit, there is a procedure for identifying cases of potential conflict of interest and a self-declaration of independence and absence of conflict of interest is signed annually by all auditors, ending with the presentation of the declaration by the Director General of Audit to the Audit and Compliance Committee (ACC).

The Oversight Committee, composed of the General Directorates of Legal, People and Organisation (P&O) and Audit, reports regularly to the Audit and Compliance Committee (ACC) on the results of the oversight and risk assessment activities and, additionally, on the activities of implementation, updating, training and dissemination of the Compliance System.

20, 21 a), b), c)

The Zero Tolerance of Corruption Plan is available on the "Ethical Conduct" sub-section of the Company's website. For more information, see the Plan at

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/conducta-etica

411

The compliance training programme is comprehensive and designed to ensure that all members of the organisation understand and apply compliance regulations and policies in their daily work. Specific training programmes are launched annually, differentiated according to subject matter and target audience, using interactive courses with explanatory videos and interactive content to bring the world of compliance closer all employees. The Company runs on-line courses on the various compliance models: i) a course describing the Criminal Risk Prevention and Anti-Bribery Model, which covers the set of procedures and monitoring and control activities that are suitable for preventing the commission of crimes within Endesa's scope and the offences under the Spanish Criminal Code that may result in criminal liability for the legal entity, ii) a course on the tax compliance system iii) a course on competition law and (iv) courses on Personal Data Protection.

In addition, monographic sessions are organised periodically for different Endesa groups. These online courses specifically cover aspects related to anticorruption.

As of 31 December 2024, 7,637 employees had completed this training, with 82% of the 'Managers' group and 90% of the 'Middle Managers' group having completed this training, these being particularly exposed groups. As of 31 December 2023, 3,758 employees had completed this training, including 25% of the 'Managers' group and 30% of the 'Middle Managers' group.

All members of the Board of Directors receive a "welcome pack" with access to Endesa's Regulations and Policies, including the Code of Ethics and the Zero Tolerance to Corruption Plan as a commitment to the fight against corruption and bribery.

In addition, the Appointments and Remuneration Committee has designed, organised and approved the continuous training and refresher programme for Directors 2024 and 2025, which includes certain continuous training actions on matters relating to the business and on strategic matters or matters of general interest, and in May 2024, as a consequence of the incorporation to the Board of Directors of 3 new Directors appointed at the General Shareholders' Meeting held on 24 April 2024, the "Welcome Programme for New Directors" was activated with the aim of ensuring a minimum knowledge of the Company and facilitating the active participation of the new Directors from their incorporation.

27.1.6. Confirmed cases of corruption or bribery (G1-4)

24 a), b), 26

412

There have been no anti-corruption and anti-bribery convictions or fines in fiscal year 2024.

27.1.7. Political influence and lobbying (G1-5)

Endesa considers that this Disclosure Requirement is directly related to the material sub-topic Corporate Culture, thus responding to the information required by this Requirement.

29 a)

Endesa's persons responsible for supervising lobbying activities are the General Manager of Institutional Relations and Regulation and the Director of Institutional Relations.

29 c), AR 14

Endesa maintains and manages its relations with institutions in accordance with the principles established in the applicable regulations and the Code of Ethics, providing its vision or position and providing complete and transparent information so that they can make their decisions under the best conditions.

In this regard, and in particular, as established in the Code of Ethics: "Endesa does not finance political parties, their representatives or candidates, nor does it sponsor congresses or parties whose sole purpose is political propaganda. It refrains from any kind of direct or indirect pressure on political exponents (for example, through public concessions to Endesa, acceptance of suggestions for contracts, consultancy contracts, etc.)".

Endesa works actively in business associations, think tanks and research groups, among others, to drive climate ambition, promoting policies that support the Energy Transition and emissions reductions, in line with Endesa's Industrial Strategy.

Endesa also participates in initiatives and forums where it actively promotes decarbonisation and the adoption of renewable energies, influencing the Associations to adopt a more ambitious stance on climate action, and to promote the Energy Transition and the care and

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements IV. Consolidated Management Report

preservation of natural resources. To this end, Endesa carries out an annual process to verify the consistency of the positions of the associations in which it participates with the company's climate policies. For more information, see https://www.endesa.com/ es/nuestro-compromiso . Endesa also participates in various thematic conferences and cooperation programmes with society, civil institutions and the statement, thus promoting the reduction of negative impacts generated in society.

29 d)

Endesa is committed to transparency and accountability in its activities. As part of this commitment, the company is registered in the European Union (EU) Transparency Register, with registration number 47504237466- 74. This registration reflects the Company's ongoing commitment to maintain open and cooperative communication with European institutions, as well as to comply with standards of transparency and ethics in relations with European Union (EU) decision-makers.

29 d)

In accordance with the Code of Ethics, Endesa does not finance political parties, their representatives or candidates in Spain or abroad. Furthermore, it does not sponsor congresses or parties whose sole purpose is political propaganda.

29 c), AR 14

Endesa is present in sector, business and employer associations which, among other functions, represent their members in public regulatory processes and, in general, within the framework of consultation processes for energy and business policy initiatives developed by public institutions. However, Endesa does not make any lobbying, interest representation or similar contributions.

Endesa's involvement in 2024 focused on supporting consultation and regulatory development processes in the following areas:

Policy Development: aimed at promoting a sustainable Energy Model, including, among other issues, energy efficiency, the growth of renewable energies, the development of smart grids and digitalisation. The contribution in the 2024 financial year was 2.46 million euros.

Business regulation: related to increasing business competitiveness, including, among others, industrial legislation, tax regulation, labour law issues. The contribution in the financial year 2024 was €1.58 million.

30, AR 11

No member of the Board of Directors has held a position in the Public Administration in the 2 years prior to his appointment as Director. However, Endesa, S.A.'s share capital is 70.1% owned by Enel, S.p.A., whose share capital is in turn 23.58% owned by the Italian Ministry of Economy and Finance.

Contribution to society

Law 11/2018, of 28 December

413

Endesa demonstrates its commitment to society through local economic development and by offering renewable solutions.

Endesa also makes contributions to foundations, nonprofit organisations and associations.

In 2024 and 2023, Endesa's Consolidated Income Statement revenues include aligned eligible activities, non-aligned eligible activities and non-eligible activities (see Section 25.1. European Taxonomy of this Consolidated Management Report).

Below is a breakdown of the most relevant financial aggregates and their variation with respect to the previous year:

Millions of Euros	2024	2023
Contributions to foundations and non-profit organisations	8.3	8.7
Foundations	7.2	7.0
Public Administrations	1.1	1.7
Public Subsidies Received	50.6	3.8

The information on contributions to foundations and non-profit organisations refers to the amounts accrued in the financial year 2024.

The detail of the main contributions to entities covered by the Law on the tax regime for non-profit organisations and tax incentives for patronage (Law 49/2002, of 23 December) during the financial year 2024 is as follows:

Contributions to Entities 2024
• Endesa Foundation, in the amount of 6 million euros.	• This is the annual donation made to the Foundation for the development and financing of its foundational activities, which are based on support for education, job training, biodiversity and culture.
• Universo Mujer III Programme (Public Administration), for an amount of 1.1 million euros.	• This is a donation in the framework of a programme classified as an "event of exceptional public interest" aimed at promoting and increasing women's participation in all areas of sport.

During 2024, Endesa and its subsidiaries received nonrefundable contributions in the form of direct subsidies for innovation projects amounting to Euro 50.6 million from both European and national institutions, the most significant of which are as follows:

Innovation Projects
MOVES I-II-III	• Dedicated to electric mobility.
ALDEAVIEJA	• Wind repowering.
AMBRA-E	• International project, carried out jointly with Romania and Italy, dedicated to electric mobility.
MATORRAL	• Hybridisation of photovoltaic park with storage.
NANOWINGS	• Bio-inspired" nano-coating for ice protection of wind turbines.
ARDILA	• Hybridisation of photovoltaic park with storage.
AVIFAUNA PRTR	• Installation of supports for the correction of power lines dangerous for birds in Catalonia.
PRTR DIGITISATION	• Installations or reinforcements for public access electric vehicle charging points.

27.1.8. Payment practices (G1-6)

414

Information relating to the company's customary payment periods to suppliers, the average supplier payment period and the degree of compliance by Endesa with the deadlines established for the payment of suppliers for commercial transactions in accordance with Law 15/2010, of 5 July, as amended by Law 18/2022, of 28 September, is described in Note 39.1 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

33 c)

Endesa is not involved in any legal proceedings of significant amount currently pending due to delays in payments to suppliers in which Endesa is a defendant. For further information, see Note 50 of the Notes to the Consolidated Financial Statements for the year ended 31 December 2024.

27.1.9. Taxation

GRI 207-1

Tax policy - Endesa's tax strategy

Endesa tries to contribute actively through its participation in various associations and forums in the tax field, as well as through its direct participation in the different stages of public consultation in the approval of new tax regulations. At the same time, Endesa goes to court to legitimately defend its position when it believes that any of the above principles and regulations have not been respected by the public

II. Consolidated Financial Statements Audit Report

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VI. Statement of Responsibility

415

authorities and has had certain regulations annulled in recent years.

With regard to the possible use of fiscal policies as levers to promote certain activities, particularly in the energy sector, Endesa is confident that they can be used to achieve the decarbonisation targets in force in the European Union (EU), together with the entire Energy Transition process, in an attempt to accelerate the clean electrification of the economy and the adoption of more sustainable technologies.

The revision of the Energy Taxation Directive is part of a package of policy reforms that respond to this ambition. The main objectives of the revision of the Directive are: (i) to align the taxation of energy products and electricity with the European Union (EU) Energy and Climate Policies, in order to contribute to the European Union (EU) energy targets for 2030 and to climate neutrality by 2050; (ii) to preserve the EU single market by updating the scope and structure of tax rates and rationalising the use of optional tax exemptions and reductions.

In this regard, Endesa made observations during the public information process on the regulation, pointing out that the taxation of energy products was not aligned with the European Union's (EU) energy and climate policies, in the sense that not all energy sectors were subject to the same level of taxation and that precisely those that should accompany the Energy Transition were particularly penalised. It is understood that the "polluter pays" principle should prevail in these measures, trying to incentivise clean energies as opposed to other more polluting ones. It also seems essential to establish a tax rate structure based on the energy content and environmental performance of the different fuels, which is not currently the case. Likewise, the funds collected should be dedicated to decarbonisation policies that promote the shift towards the electrification of demand.

Endesa has a Tax Strategy approved by the Board of Directors on 15 June 2015, updated on 19 June 2017, as well as a Tax Risk Control and Management Policy approved by the Board of Directors on 15 June 2015 and updated on 21 June 2020.

Endesa's tax strategy is based on principles of transparency, regulatory compliance and integrity, in line with its commitment to good corporate governance. The company ensures that it complies with prevailing tax laws, adopting a reasonable interpretation to avoid unnecessary tax costs. Furthermore, it rejects structures or transactions whose sole purpose is to reduce the tax burden, ensuring that all its operations have a real and justified economic basis.

Endesa promotes cooperative relations with the tax authorities, collaborating fully in verification processes and internal audits to ensure compliance with regulations. Endesa and its subsidiaries adhere to the Spanish Code of Good Tax Practices (CBPT), as well as the Codes of Good Tax Practices in France and Portugal (in France and Portugal Endesa adheres to simplified versions of the Codes of Good Tax Practices in those countries, in accordance with its size in those markets). Endesa prepares and submits an annual Enhanced Transparency Report to the State Tax Administration Agency (Agencia Estatal de la Administración Tributaria), in which it discloses the information that Endesa voluntarily submits to the Administration in accordance with the provisions of the Annex to the Code of Best Tax Practices (CBPT). On 22 July 2024, Endesa submitted its report for 2023, actively participating in initiatives that promote transparency and fiscal integrity.

To maintain transparency, the Company regularly reports on its tax policies to the Board of Directors, through the Audit and Compliance Committee (ACC), highlighting the tax consequences of relevant operations. In addition, it ensures that transactions with related parties are carried out in accordance with current regulations. This includes both 'ex ante' and 'ex post' validation processes for significant operations, which are submitted to the Board of Directors or the Audit and Compliance Committee (ACC) for consideration or authorisation, as appropriate.

Endesa has robust mechanisms in place to manage and control tax risks, relying on specialist advice to ensure compliance and maintain responsible management, while its Tax Compliance System is certified in accordance with the UNE 19602 Standard. The tax

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

strategy seeks to contribute to economic and social development, aligning its practices with international standards such as the BEPS Project, "Action Plan on Base Erosion and Profit Shifting" (BEPS), of the Organisation for Economic Co-operation and Development (OECD) to combat base erosion and profit shifting.

Fiscal Risk Control and Management System

GRI 207-2

416

Endesa's Tax Risk Management and Control Policy is the basic document of Endesa's Tax Control Framework. It seeks to regulate the principles that should guide Endesa's Tax Function in order to correctly manage and control tax risks, establishing the principles that should guide the management of tax risks, setting out the obligations and responsibilities within the organisation in this regard and including a description of the measures that should be in place to mitigate any tax risks identified.

The Policy also establishes the principles that should guide the correct control of tax risks, which include, on the one hand, a series of ex ante preventive controls and, on the other, a series of ex post controls that entail the identification, measurement, analysis, monitoring and reporting of these risks in line with the provisions of Endesa's Risk Management and Control Policy and the operating procedure of Endesa's Risk Map. For more information, see Policy at

https://www.endesa.com/es/accionistas-e-inversores/ gobierno-corporativo/politicas-corporativas

Through this Policy, Endesa creates a framework of tax risk control functions, as well as the roles and responsibilities for this management by the different levels of the organisation.

The Audit and Compliance Committee (ACC) is responsible for supervising the functioning and effectiveness of the Group's Risk Management and Control System, including tax risks. In this regard, the Risk Committee acts as the delegated body of the Audit and Compliance Committee (ACC) in relation to the functions of the Tax Compliance Body. It is responsible for supervising the functioning and effectiveness of the Group's Tax Risk Control and Management System, reporting to the Audit and Compliance Committee (ACC) for this purpose.

Contributions to Entities 2024
Control Environment	• A set of rules, processes and structures that form the basis on which the organisation's internal control is developed.
Risk Assessment and Control Activities	• It is carried out jointly by the Risk Committee and the process owners. Each identified tax risk scenario has at least one control activity aimed at preventing the risk from materialising and preventing the occurrence of the risks analysed.
Supervisory Activities	• It is continuously monitored to check whether its design and operation are adequate with respect to the requirements of the applicable regulations, analysing and resolving any incidents identified.
Information and Communication	• The necessary initiatives are promoted for the appropriate dissemination and training of personnel, so that the members of the Company can adequately comply with the provisions of the regulations.
Disciplinary System	• Failure to comply with the measures contemplated in the model and the Company's rules of conduct are sanctioned through the application of Endesa's system of penalties contemplated in the Company's Collective Bargaining Agreement.

In May 2023, Endesa renewed the AENOR (Spanish Association for Standardisation and Certification) certificate for its Tax Compliance Management System in accordance with the UNE 19602 Standard

Tax contribution, country benefit and government subsidies

GRI 207-4

In 2024, Endesa's total tax contribution amounted to Euro 4,463 million (see Section 8.4.1 of this Consolidated Management Report), of which Euro 2,143 million relates to amounts paid by the Group and Euro 2,320 million to amounts collected as a result of Endesa's business activity.

Millions of Euros Distribution of Taxes Paid by Geography 2024

VI. Statement of Responsibility

	Spain		Portugal		France		Germany		The Netherlands
	Amounts Paid	Amounts Collected	Amounts Paid	Amounts Collect ed	Amounts Paid	Amounts Collected	Amounts Paid	Amounts Collect ed	Amounts Paid	Amounts Collected
I. TAXES PAID IN THE TAX GROUP (1)
TAXES ON PROFITS	587
Corporate income tax	587
SUBTOTAL TAXES SATISFIED TAX GROUP	587
II. TAXES PAID TO THE PUBLIC TREASURY
Taxes on Profits	63	56	4	—	9	—	2	—	—	—
Corporate income tax	27		4		9		2
Tax on Economic Activities	28
Other Withholdings and others	8	56
Property Taxes	95	—	—	—	—	—	—	—	—	—
Real Estate Tax (municipal)	63
Other	32
Taxes associated with Employment	139	234	1	1	2	1	—	—	—	—
Payments made to Social Security	139	24	1		2	1
Withholdings on earned income		210		1
Taxation of Products and Services	396	1,122	—	213	—	113	—	55	—	1
VAT Assessed	3	1,122		211		113		55		1
Public Domain Exploitation Tax	208			2
Temporary Energy Levy	171
Other Public Domain Fees and others	14
Environmental Taxes	845	393	—	19	—	72	—	40	—	—
Tax on the Value of Electricity Production	245
Nuclear Fuel Tax	119
Hydraulic Canon	38
Nuclear Services Fees	240
Environmental (regional) taxes and others	203
Electricity Tax		362		5		6		37
Tax on mineral oils		31		14		66		3
Coal Tax
SUBTOTAL TAXES SATISFIED	1,538	1,805	5	233	11	186	2	95	—	1

(1) Given that the requirements set out in Chapter VI of Title VII of Law 27/2104, of 27 November, on Corporate Income Tax, since 2010, Endesa S.A. and certain subsidiaries resident in Spain have formed part of the Tax Consolidation Group whose parent company is Enel S.p.A., the compa-ny representing the Tax Group in Spain being Enel Iberia, S.L.U. It is this company which, as the entity representing the Tax Group, maintains the ultimate relationship with the Tax Authorities with respect to this Tax.

417

	2024
Concept	Amounts Paid	Amounts Collected	TOTAL
Total Tax Contribution	2,143	2,320	4,463
Other Regulatory Payments (1)
Bono Social (Spain)	73
Bono Social (Portugal)
Energy Efficiency (Spain)	99
Others (Spain)	1
Other (France)	10
Other (Portugal)	21
Subtotal Other Regulatory Payments	204

(1) Endesa also reports separately on "Other regulatory payments" made to the government by Endesa by law as a result of the regulation of the sector in which it operates, although these are not strictly tax payments and therefore cannot be included in the Total Tax Contribution.

In addition, Endesa's profits per country and public subsidies in 2024 are as follows:

Millions of Euros	Total Accounting Results broken down by country of operation 2024
	Spain	Portugal	France	Germany	The Netherlands	Morocco	TOTAL
Total Income	18,612	1,354	790	551	—	—	21,307
Third Party Income	18,920	1,229	787	371			21,307
Intragroup Transactions	(308)	125	3	180			—
Accounting Profit Before Taxes (1)	2,488	47	31	21	—	2	2,589
Profit Tax Paid (2) (6)	614	4	9	2	—	—	629
Accrued Income Tax (3)( 6)	(675)	(16)	(8)	(7)	—	—	(706)
Retained Earnings(6)	4,663	149	73	11	1	—	4,897
Tangible Assets other than Cash and Cash Equivalent Instruments	22,672	265	3	—	—	—	22,940
Average workforce	8,656	94	58	8	—	—	8,816
Number of Employees (4)	8,749	93	63	9	—	—	8,914
Contributions to foundations and non-profit organisations	8.3						8.3
Public Subsidies Received (5)	50.6						50.6

(1) The accounting result is determined on a consolidated basis.

(2) The figure for income tax paid corresponds to the income tax paid/collected in the reporting period. In this case, it should be noted that Endesa S.A. and its wholly-owned subsidiaries resident in Spain form part of the tax consolidation group whose parent company is Enel S.p.A., the company representing the tax group in Spain being Enel Iberia, S.L.U. Consequently, the figure shown is the amount paid/collected by Endesa and its subsidiaries included in the tax group to Enel Iberia, S.L.U., which, in accordance with the regulations of the tax group, is the company representing Enel Iberia, S.L.U., which, in accordance with the regulations of the tax group, is the parent company of Endesa S.p.A., which is the company representing the tax group in Spain, which, in accordance with tax regulations, declares and settles the tax of the tax group with the tax authorities. On the other hand, for the rest of the subsidiaries of the consolidated commercial Group that do not form part of the tax consolidation Group, the amount paid/collected to the tax authorities is taken into account. Morocco is consolidated in the group using the equity method, so the accounting result corresponds to the after-tax result in the percentage in which Endesa participates. (+) payment, (-) collection.

(3) The Income Tax Accrued corresponds to the Current Corporate Income Tax recorded in the period. (+) Income tax income, (-) income tax expense.

(4) The number of employees refers to the number of active employees as of 31 December 2024. The employees in France, Germany, the Netherlands and part of Portugal correspond to the employees of Endesa Energía, S.A.U.'s branches in these countries, which are consolidated in Spain.

(5) The figure for public subsidies received corresponds to the total amount of public subsidies received in 2024, all in Spain.

(6 See definition in Section 9. of this Consolidated Management Report.

The scope of the information presented in this Consolidated Management Report covers both Endesa, S.A. and its subsidiaries, in accordance with the same scope of consolidation used in the Consolidated Financial Statements for the year ended 31 December 2024.

Other Stakeholders Audit Report Verification Report	I. Letter to Shareholders and	II. Consolidated Financial Statements	III. Sustainability Statement	IV. Consolidated Management Report	V. Consolidated Financial Statements
-----------------------------------------------------------	----------------------------------	------------------------------------------	----------------------------------	---------------------------------------	-----------------------------------------

419

27.1.10. Environmental sanctions and litigation

2-27

	2024	2023
Fines for cases of non-compliance with laws and regulations that occurred in the current reporting period (€) (1)	0	0
Fines for non-compliance with laws and regulations that occurred in previous reporting periods (€) (2)	260,000.00	125,156.19
Number of cases where non-monetary sanctions were incurred (3)	0	0
Number of cases in which fines were incurred (4)	10	0
Total number of environmental litigation as defendant (5)	31	6

€ = euros.

The information provided refers to the companies Energías Especiales del Alto Ulla, S.A., Enel Green Power España, S.L.U. and Edistribución Redes Digitales, S.L.U. under the criteria set out below:

(1) Amounts of environmental fines/sanctions equal to or greater than 10,000 euros, for events occurring and paid in the year 2024 in which they

are sued in judicial or administrative proceedings, regardless of whether the fine/sanction is final or can be appealed. (2) Amounts of environmental fines/sanctions equal to or greater than 10,000 euros for events occurring in years prior to the year 2024 and paid in the year 2024 in which they are sued in judicial or administrative proceedings, regardless of whether the fine/sanction is final or subject to appeal. (3) Number of administrative (non-judicial) proceedings without monetary fine/sanction. (4) Number of administrative (non-judicial) proceedings with a fine/monetary penalty of 10,000 euros or more.

(5) Number of pending environmental lawsuits in which the company is a defendant in court, regardless of the year in which they were initiated and regardless of their amount.

Appendix I: Non-Financial Information Law 11/2018

This Sustainability Report, in addition to complying with the reporting requirements of the Corporate Sustainability Reporting Directive (CSRD), also responds to Law 11/2018, of 28 December, which amends the Commercial Code, the revised text of the

Capital Companies Act approved by Royal Decree Law 1/2010, of 2 July, Law 22/2015, of 20 July, on Auditing of Accounts, in matters of Non-Financial Information and Diversity and Law 5/2021, of 12 April, which amends article 49.6.II, fourth indent, of the Commercial Code.

Table of contents

The table of contents of the information required under Law 11/2018 of 28 December on Non-Financial Information and Diversity and the reference to the sections of the Consolidated Management Report in which this information is described are set out below:

Taxonomy 420

Areas Reporting Framework		Reference
Taxonomy	Own methodology based on compliance of Regulation (EU) 2020/852 of 22 June.	25.1 European Taxonomy

General areas

ESRS 2 24. E1-2, E1-4 Description of the Business Model: E2-1, E2-3 Business environment E3-1, E3-3 Organisation and structure E4-2, E4-4 Markets in which it operates Business Model E5-1, E5-3 Objectives and strategies S1-1, S1-5 Main factors and trends that may affect its future S2-1, S2-5 development S3-3, S3-5 Main policies applied by the Group S4-1, S4-5 G1-1 27.1.3.	Areas		Reporting Framework	Reference
				25.2.5., 25.2.7.1 25.3.2., 25.3.4.1. 25.4.2., 25.4.4.1. 25.5.4., 25.5.6.1. 25.6.2., 25.6.4.1. 26.1.2., 26.1.5.1. 26.2.2., 26.2.5. 26.2.3., 26.3.5. 26.4.2., 26.4.5.
Internal Control and Risk Management System 24.3.5	Main Risks and Impacts Identified		ESRS 2 GOV 5 ESRS 2 IRO-1, SBM-3
24.5. Risk and Impact Analysis related to key issues

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements
Other Stakeholders	Audit Report	Verification Report

VI. Statement of Responsibility

Environmental issues

Areas		Reporting Framework	Reference
	Current and foreseeable effects of the company's activities	ESRS 2 GOV 5 ESRS 2 IRO-1, SBM-3	24.5.
	Environmental assessment or certification procedures	E1-2	25.2.5
	Resources dedicated to environmental risk prevention	E1-3	25.2.6.
Environmental Management	Application of the precautionary principle	E1-2 E2-1 E3-1 E4-2	25.2.5. 25.3.2. 25.4.2. 25.5.4.
	Amount of provisions and guarantees for environmental risks	E5-1 E1-3 E1-2 E3-2 E4-3 E5-2	25.6.2. 25.2.6. 25.3.3. 25.4.3. 25.5.5. 25.6.3.
Pollution	Measures to prevent, reduce or remedy carbon emissions (also includes noise and light pollution)	E2-2	25.3.3.
Circular Economy and Waste Prevention and Management	Measures for prevention, recycling, reuse, other forms of recovery and disposal of waste	E5-2	25.6.3.
	Actions to combat food waste	Not applicable	Actions to combat waste are not reported as they are not considered to be a material issue.
	Water consumption and water supply according to local constraints	E3-4	25.4.4.2.
Sustainable Use of Resources	Consumption of raw materials and measures taken to improve the efficiency of raw material use	E1-5	25.2.7.2
	Direct and indirect energy consumption	E1-5	25.2.7.2.
	Measures taken to improve energy efficiency	E1-3	25.2.6.
	Use of renewable energies	E1-5	25.2.7.2.
Climate Change	Important elements of emissions of Greenhouse Gases (GHG) generated	E1-4 E1-6	25.2.7.1. 25.2.7.3.
	Measures taken to adapt to the consequences of Climate Change	E1-3	25.2.6.
	Voluntary reduction targets	E1-4	25.2.7.1.
	Measures taken to preserve or restore Biodiversity	E4-3	25.5.5.
Protection of Biodiversity	Impacts caused by activities or operations in protected areas	ESRS 2 SBM 3	25.5.2.

Social and workforce issues

Areas		Reporting Framework	Reference
	Total number and distribution of employees by gender, age, country and occupational category	S1-6	26.1.5.2.
	Total number and distribution of types of employment contracts	S1-6	26.1.5.2.
	Average annual number of permanent, temporary and part-time contracts by gender, age and professional category	S1-6	26.1.5.2.
Employment	Number of redundancies by gender, age and professional category	S1-6	26.1.5.2.
	Wage gap	S1-16	26.1.5.11.
	Average remuneration by gender, age and occupational category	S1-16	26.1.5.11.
	Average Directors' remuneration by gender	S1-16	26.1.5.11.
	Average executive remuneration by gender	S1-16	26.1.5.11.
	Implementation of policies to disconnect from work	S1-1	26.1.2.
	Employees with disabilities	S1-12	26.1.5.7.
	Organisation of working time	S1-1	26.1.2.
	Number of absence hours	S1-14	26.1.5.9.
Work organisation	Measures aimed at facilitating the enjoyment of work-life balance and encouraging the co responsible exercise of work-life balance by both parents.	S1-4	26.1.4.
Health and Safety	Health and safety conditions at work	S1-11	26.1.5.6. 26.1.5.9.
	Number of occupational accidents and occupational diseases by gender, frequency and severity rate by gender	S1-14	26.1.5.9.
	Organisation of social dialogue, including procedures for informing and consulting with staff and negotiating with them	S1-2	26.1.3.1.
	Percentage of employees covered by Collective Bargaining Agreement by country	S1-8	26.1.2.
Social Relations	Taking stock of collective agreements, particularly in the field of occupational health and safety at	S1-1	26.1.2.
	Mechanisms and procedures that the company has in place to promote the involvement of workers in the management of the company, in terms of information, consultation and participation.	S1-2	26.1.3.1.
	Policies implemented in the field of training	S1-2	26.1.3.1.
Training	Total number of training hours per professional category.	S1-13	26.1.5.8.
Universal Accessibility for Persons with Disabilities		S1-4 S1-12	26.1.4. 26.1.5.7.
Equality	Measures taken to promote equal treatment and opportunities for women and men	S1-4 S1-9	26.1.4. 26.1.5.4.
	Equality plans measures taken to promote employment, protocols against sexual and gender based harassment	S1-1 S1-4 S1-9	26.1.2. 26.1.4. 26.1.5.4.
	Integration and universal accessibility of persons with disabilities	S1-4 S1-12	26.1.4. 26.1.5.7.
	Anti-discrimination and, where appropriate, diversity management policy	S1-1	26.1.2.

422

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Information on respect for human rights

Areas	Reporting Framework	Reference
Implementation of Human Rights Due Diligence procedures	ESRS 2 GOV 4	24.3.4 (ESRS 2 GOV-4)
Prevention of risks of human rights abuses and, where appropriate, measures to mitigate, manage and redress possible abuses committed	S1-4 S2-4 S3-4 S4-4	26.1.4. 26.3.4. 26.3.4. 26.4.4.
Complaints of human rights violations.	S1-17	26.1.5.12.
Promotion and enforcement of the provisions of the fundamental conventions of the International Labour Organisation (ILO) relating to respect for freedom of association and the right to collective bargaining, the elimination of discrimination in respect of employment and occupation, the elimination of forced or compulsory labour and the effective abolition of child labour.	S1-1 S2-1	26.1.2. 26.2.2.

Information relating to the fight against corruption and bribery

Areas	Reporting Framework	Reference
Measures taken to prevent corruption and bribery	G1-3	27.1.5.
Measures to combat money laundering	G1-3	27.1.5.
Contributions to foundations and non-profit organisations	G1-5; AR10	27.1.9.

Information about the Company

Areas	Reporting Framework	Reference
	Impact of the Company's activity on employment and local development	ESRS 2 SBM 3	26.3.1.
Company Commitments to	Impact of the Company's activity on local populations and the territory	ESRS 2 SBM 3	26.3.1.
Sustainable Development	Relations with Local Community actors and the modalities of the dialogue with these actors	S3-2	26.3.3.1.
	Partnership or sponsorship actions	S3-4	26.3.4.
	Inclusion of social, gender equality and environmental issues in procurement policy.	S2-1	26.2.2.
Subcontracting and Suppliers	Consideration in relations with suppliers and subcontractors of their social and environmental responsibility	S2-2, S2-3 S2-4 G1-2	26.2.3. 26.2.4. 27.1.4.
	Monitoring and audit systems and audit results	G1-2 S2-2, S2-3 S2-4	27.1.4. 26.2.3. 26.2.4.
	Consumer health and safety measures	S4-1 S4-4	26.4.2. 26.4.5.3.
Consumers	Complaint systems	S4-3	26.4.3.2.
	Complaints received and resolution of complaints	S4-5	26.4.5.
	Country-by-country benefits		27.1.9
Tax Information	Taxes on profits paid	GRI 207-1, 207-2, 207-4
	Public subsidies received

Legal Disclaimer

This document contains certain forward-looking statements concerning financial and operating statistics and results and other forward-looking statements. These statements are not guarantees that future results will materialise and are subject to significant risks, uncertainties, changes in circumstances and other factors that may be beyond Endesa's control or may be difficult to predict.

These statements include, among other things, information about: estimates of future earnings; changes in electricity production by technology and market share; expected changes in gas demand and supply; management strategy and objectives; cost reduction estimates; pricing and tariff structures; investment forecasts; estimated asset disposals; expected changes in generation capacity and changes in the capacity mix; repowering of capacity; and macroeconomic conditions. The main assumptions underlying the forecasts and targets included in this document relate to the regulatory environment, exchange rates, commodities, counterparties, divestments, increases in production and installed capacity in markets where Endesa operates, and increases in demand in those markets, allocation of production between different technologies, cost increases associated with increased activity that do not exceed certain limits, an electricity price no lower than certain levels, the cost of combined cycle plants and the availability and cost of raw materials and emission rights necessary to operate our business at the desired levels.

In making these statements, Endesa avails itself of the protection afforded by the US Private Litigation Reform Act of 1995 for forward-looking statements.

The following factors, in addition to those discussed herein, could cause financial and operating results and statistics to differ materially from those stated in the forward-looking statements: economic and industry conditions; liquidity and funding factors; operational factors; strategic and regulatory, legal, tax, environmental, governmental and political factors; reputational factors; and business or transactional factors.

Additional information on the reasons why actual results and other developments may differ materially from the expectations implicitly or explicitly contained in this document can be found in the Risk Factors chapter of Endesa's regulated information filed with the Spanish CNMV.

Endesa cannot guarantee that the prospects contained in this document will be fulfilled in their terms. Neither Endesa nor any of its subsidiaries intends to update such estimates, forecasts and targets except as otherwise required by law.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

V. Consolidated Financial Statements VI. Statement of Responsibility

425

Signatures for authorisation for issue

ENDESA, S.A. and Subsidiaries of the Consolidated Management Report for the year ended 31 December 2024

The Consolidated Management Report for the year ended 31 December 2024 for ENDESA, Sociedad Anónima and SUBSIDIARIES was authorised for issue in electronic format by the Board of Directors of ENDESA, Sociedad Anónima at its meeting of 25 February 2025, following the format and labelling requirements established in the European Commission Delegated Regulation EU 2019/815, and is signed below by all the Directors, in compliance with Article 253 of the Spanish Corporate Enterprises Act.

Mr Juan Sánchez-Calero Guilarte	Mr Flavio Cattaneo
Chairman	Vice Chairman
Mr José Damián Bogas Gálvez	Mr Guillermo Alonso Olarra
Chief Executive Officer	Member
Mr Stefano de Angelis	Mr Gianni Vittorio Armani
Member	Member
Ms Eugenia Bieto Caubet	Ms Elisabetta Colacchia
Member	Member
Mr Ignacio Garralda Ruiz de Velasco	Ms Pilar González de Frutos
Member	Member
Ms Francesca Gostinelli	Mr Francisco de Lacerda
Member	Member
Ms Michela Mossini	Ms Cristina de Parias Halcón
Member	Member

Madrid, 25 February 2025

CHAPTER V.

CONSOLIDATED FINANCIAL STATEMENTS

Endesa, S.A. and Subsidiaries

Consolidated Income Statements

for the years ended 31 December 2024 and 2023

Millions of Euros	Notes	2024	2023
REVENUE	9	21,307	25,459
Revenue from sales and services	9.1	20,935	25,070
Other operating income	9.2	372	389
PROCUREMENTS AND SERVICES		(13,054)	(16,312)
Power purchases	10.1	(4,545)	(6,944)
Fuel consumption	10.2	(2,271)	(2,708)
Transmission costs		(3,595)	(3,213)
Other variable procurements and services	10.3	(2,643)	(3,447)
INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES	11	(908)	(3,172)
CONTRIBUTION MARGIN		7,345	5,975
Self-constructed assets	3.2b.1 and 3.2e.3	275	345
Personnel Expenses	12	(986)	(1,137)
Other fixed operating expenses	13	(1,396)	(1,423)
Other income	14	55	17
GROSS OPERATING PROFIT		5,293	3,777
Depreciation and impairment losses on non-financial assets	15.1	(2,018)	(1,864)
Impairment losses on financial assets	15.2	(204)	(268)
OPERATING PROFIT		3,071	1,645
FINANCIAL RESULT		(493)	(590)
Financial income	16.1	131	38
Financial expense	16.1	(639)	(705)
Income and expenses on derivative financial instruments	16.2	19	56
Net exchange differences	16.1	(4)	21
Net income of companies accounted for using the equity method	17	11	10
PROFIT BEFORE TAX		2,589	1,065
Corporate income tax	18	(696)	(303)
PROFIT AFTER TAX FROM CONTINUING OPERATIONS		1,893	762
PROFIT AFTER TAX FROM DISCONTINUED OPERATIONS		—	—
PROFIT FOR THE PERIOD		1,893	762
Parent company		1,888	742
Non-controlling interests	34.2	5	20
BASIC EARNINGS PER SHARE FROM CONTINUING OPERATIONS (in euros)	19	1.78	0.70
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS (in euros)	19	1.78	0.70
BASIC EARNINGS PER SHARE (in euros)	19	1.78	0.70
DILUTED EARNINGS PER SHARE (in euros)	19	1.78	0.70

Notes 1 to 53, as described in the accompanying Notes, are an integral part of the Consolidated Income Statements for the years ended 31 December 2024 and 2023.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial
Other Stakeholders	Audit Report	Verification Report		Statements

VI. Statement of Responsibility

Endesa, S.A. and Subsidiaries

Consolidated Statements of other Comprehensive Income

for the years ended 31 December 2024 and 2023

Millions of Euros Notes	2024	2023
CONSOLIDATED INCOME FOR THE PERIOD	1,893	762
OTHER COMPREHENSIVE INCOME:
ITEMS THAT WILL NOT BE RECLASSIFIED AS INCOME FOR THE PERIOD	42	(9)
Revaluation/(reversal) of tangible and intangible assets	—	—
Actuarial gains and losses 34.1.11 and 36.1	52	(13)
Share of other comprehensive income from investments in joint ventures and associates	—	2
Equity instruments with changes in other comprehensive income	—	—
Other income and expenses that will not be reclassified to income for the period	—	—
Tax effect 34.1.11 and 18	(10)	2
ITEMS THAT COULD SUBSEQUENTLY BE RECLASSIFIED AS INCOME FOR THE PERIOD	142	2,932
Hedging transactions 34.1.6 and 34.1.11	187	3,909
Revaluation gains/(losses)	(333)	2,087
Amounts transferred to the income statement	520	1,822
Other reclassifications	—	—
Exchange differences 34.1.11	1	—
Revaluation gains/(losses)	1	—
Amounts transferred to the income statement	—	—
Other reclassifications	—	—
Share of other comprehensive gains/(losses) from investments in joint 34.1.6 and 34.1.11 ventures and associates	1	—
Revaluation gains/(losses)	1	—
Amounts transferred to the income statement	—	—
Other reclassifications	—	—
Debt instruments at fair value through with changes to other comprehensive income	—	—
Revaluation gains/(losses)	—	—
Amounts transferred to the income statement	—	—
Other reclassifications	—	—
Other income and expenses that could subsequently be reclassified as income for the period	—	—
Revaluation gains/(losses)	—	—
Amounts transferred to the income statement	—	—
Other reclassifications	—	—
Tax effect 34.1.11 and 18	(47)	(977)
TOTAL COMPREHENSIVE INCOME	2,077	3,685
Of the parent company	2,072	3,665
Of non-controlling interests	5	20

Notes 1 to 53 as described in the accompanying Notes, are an integral part of the Consolidated Statements of Other Comprehensive Income for the years ended 31 December 2024 and 2023.

Endesa, S.A. and Subsidiaries

Consolidated Statements of Financial Position

at 31 December 2024 and 2023

		31 December	31 December
Millions of Euros	Notes	2024	2023
ASSETS
NON-CURRENT ASSETS		28,232	28,825
Property, plant and equipment	20	22,940	22,839
Real estate investments	22	4	69
Intangible Assets	23	1,536	1,646
Goodwill	24	462	462
Investments accounted for using the equity method	26	287	273
Non-current assets from contracts with customers	27	—	—
Non-current financial assets	28	829	663
Non-current derivative financial instruments	43	377	879
Other non-current assets	29	486	386
Deferred tax assets	25	1,311	1,608
CURRENT ASSETS		9,113	12,458
Inventories	31	1,831	2,060
Trade and other receivables	32	4,878	5,457
Trade receivables for sales and services and other receivables		4,194	4,912
Current corporate income tax assets		265	233
Other tax assets		419	312
Current assets from contracts with customers	27	12	4
Other current financial assets	30	974	1,777
Current derivative financial instruments	43	541	1,054
Cash and cash equivalents	33	840	2,106
Non-current assets held for sale and discontinued operations	22	37	—
TOTAL ASSETS		37,345	41,283
NET EQUITY AND LIABILITIES
NET EQUITY	34	9,053	7,204
Of the parent company	34.1	8,110	7,017
Share capital		1,271	1,271
Share premium and reserves		5,593	5,788
(Treasury shares)		(4)	(4)
Income for the period attributable to the parent company		1,888	742
Interim dividend		(529)	(529)
Other Equity Instruments		5	5
Valuation adjustments		(114)	(256)
Of non-controlling interests	34.2	943	187
NON-CURRENT LIABILITIES		19,322	19,504
Subsidies	35	249	227
Non-current liabilities from contracts with customers	27	4,413	4,348
Non-current provisions	36	2,758	2,855
Provisions for employee benefits	36.1	227	268
Other non-current provisions		2,531	2,587
Non-current financial debt	40.3	9,881	9,636
Non-current derivative financial instruments	43	336	544
Other non-current financial liabilities	38	64	8
Other non-current liabilities	37	574	578
Deferred tax liabilities	25	1,047	1,308
CURRENT LIABILITIES		8,970	14,575
Current liabilities from contracts with customers	27	487	427
Current provisions	36	1,035	1,377
Provisions for employee benefits		—	—
Other current provisions		1,035	1,377
Current financial debt	40.3	613	4,091
Current derivative financial instruments	43	656	1,673
Other current financial liabilities	38	97	104
Trade and other payables	39	6,065	6,903
Suppliers and other payables		5,149	6,242
Current corporate income tax liabilities		309	215
Other tax liabilities		607	446
Liabilities associated with non-current assets held for sale and discontinued operations	22	17	—
TOTAL NET EQUITY AND LIABILITIES		37,345	41,283

Notes 1 to 53 as described in the accompanying Notes, are an integral part of the Consolidated Statements of Financial Position at 31 December 2024 and 2023.

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial
Other Stakeholders	Audit Report	Verification Report		Statements

VI. Statement of Responsibility

Endesa, S.A. and Subsidiaries Consolidated Statement of Changes in Equity

for the year ended 31 December 2024

Millions of Euros		Equity attributable to the Parent Company (Note 34.1)
				Capital and reserves
	Notes	Capital	reserves and interim Share premium, dividend	Treasury shares	Income for the period	Other equity instruments	Valuation adjustments	Non controlling interests (Note 34.2)	Total equity
Opening balance on 1 January 2024		1,271	5,259	(4)	742	5	(256)	187	7,204
Adjustments due to changes in accounting criteria		—	—	—	—	—	—	—	—
Adjustments for errors		—	—	—	—	—	—	—	—
Adjusted opening balance		1,271	5,259	(4)	742	5	(256)	187	7,204
Total comprehensive income		—	42	—	1,888	—	142	5	2,077
Operations with shareholders or owners		—	(979)	—	—	—	—	751	(228)
Capital increases/(reductions)		—	—	—	—	—	—	(1)	(1)
Conversion of liabilities to equity		—	—	—	—	—	—	—	—
Distribution of dividends	34.1.10	—	(1,059)	—	—	—	—	(17)	(1,076)
Transactions involving (net) treasury shares	34.1.8	—	—	—	—	—	—	—	—
Increases/(reductions) due to business combinations		—	—	—	—	—	—	—	—
Other operations with shareholders or owners	7.1	—	80	—	—	—	—	769	849
Other changes in net equity		—	742	—	(742)	—	—	—	—
Equity-settled share-based payments		—	—	—	—	—	—	—	—
Transfers between equity line items		—	742	—	(742)	—	—	—	—
Other changes		—	—	—	—	—	—	—	—
Closing balance on 31 December 2024		1,271	5,064	(4)	1,888	5	(114)	943	9,053

Notes 1 to 53 as described in the accompanying Notes, are an integral part of the Consolidated Statement of Changes in Equity for the year ended 31 December 2024.

Endesa, S.A. and Subsidiaries

Consolidated Statement of Changes in Equity

for the year ended 31 December 2023

Millions of Euros		Equity attributable to the Parent Company (Note 34.1)
				Capital and reserves
	Notes	Capital	Share premium, interim dividend reserves and	Treasury shares	Income for the period	Other equity Instruments	Valuation adjustments	Non controlling interests (Note 34.2)	Total net equity
Opening balance on 1 January 2023		1,271	4,934	(5)	2,541	4	(3,188)	201	5,758
Adjustments due to changes in accounting criteria		—	—	—	—	—	—	—	—
Adjustments for errors		—	—	—	—	—	—	—	—
Adjusted opening balance		1,271	4,934	(5)	2,541	4	(3,188)	201	5,758
Total comprehensive income		—	(9)	—	742	—	2,932	20	3,685
Operations with shareholders or owners		—	(2,207)	1	—	—	—	(34)	(2,240)
Capital increases/(reductions)		—	—	—	—	—	—	(7)	(7)
Conversion of liabilities to equity		—	—	—	—	—	—	—	—
Distribution of dividends	34.1.10	—	(2,207)	—	—	—	—	(27)	(2,234)
Transactions involving (net) treasury shares	34.1.8	—	—	1	—	—	—	—	1
Increases/(reductions) due to business combinations		—	—	—	—	—	—	—	—
Other operations with shareholders or owners		—	—	—	—	—	—	—	—
Other changes in net equity		—	2,541	—	(2,541)	1	—	—	1
Equity-settled share-based payments		—	—	—	—	1	—	—	1
Transfers between equity line items		—	2,541	—	(2,541)	—	—	—	—
Other changes		—	—	—	—	—	—	—	—
Closing balance on 31 December 2023		1,271	5,259	(4)	742	5	(256)	187	7,204

Notes 1 to 53 as described in the accompanying Notes, are an integral part of the Consolidated Statement of Changes in Equity for the year ended 31 December 2023.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

Endesa, S.A. and Subsidiaries Consolidated Statements of Cash Flows

for the years ended 31 December 2024 and 2023

Millions of Euros	Notes	2024	2023
Profit before tax		2,589	1,065
Income adjustments		3,033	4,177
Depreciation of fixed assets and impairment losses	15	2,222	2,132
Other income (net) adjustments		811	2,045
Changes in working capital:	45.1	(733)	1,011
Trade and other receivables		799	360
Inventories		(835)	(934)
Current financial assets		(6)	1,781
Trade payables and other current liabilities		(691)	(196)
Other cash flows from operating activities:	45.1	(1,322)	(1,556)
Interest received		113	77
Dividends received		10	25
Interest paid		(547)	(480)
Corporate income tax paid		(629)	(854)
Other collections and payments from operating activities		(269)	(324)
NET CASH FLOWS FROM OPERATING ACTIVITIES	45	3,567	4,697
Payments for investments		(2,466)	(2,661)
Acquisitions of property, plant, and equipment and intangible assets	45.2	(1,846)	(2,284)
Investments in Group companies		—	—
Acquisitions of other investments	45.2	(620)	(377)
Proceeds from divestments		938	5,751
Disposals of property, plant, and equipment and intangible assets	45.2	30	20
Disposal of interests in Group companies	45.2	—	27
Disposal of other investments	45.2	908	5,704
Other cash flows from investment activities	45.2	195	106
Other collections and payments from investment activities		195	106
NET CASH FLOWS FROM INVESMENT ACTIVITIES	45	(1,333)	3,196
Cash flows from equity instruments	45.3	835	(21)
Proceeds from non-current financial debt	40.3 and 45.3	818	3,291
Depreciation of non-current financial debt	40.3 and 45.3	(40)	(1,170)
Net cash flow from current maturity of financial debts	40.3 and 45.3	(4,041)	(7,051)
Dividends paid by the parent company	34.1.10, 34.1.12 and 45.3	(1,058)	(1,678)
Dividends paid to non-controlling interests	45.3	(14)	(29)
NET CASH FLOWS FROM FINANCING ACTIVITIES	45	(3,500)	(6,658)
TOTAL NET CASH FLOWS		(1,266)	1,235
Exchange rate variation on cash and cash equivalents		—	—
CHANGES IN CASH AND CASH EQUIVALENTS		(1,266)	1,235
INITIAL CASH AND CASH EQUIVALENTS	33	2,106	871
Cash in hand and at banks		1,281	871
Other cash equivalents		825	—
FINAL CASH AND CASH EQUIVALENTS	33	840	2,106
Cash in hand and at banks		78	1,281
Other cash equivalents		762	825

Notes 1 to 53 as described in the accompanying Notes, are an integral part of the Consolidated Statements of Cash Flows for the years ended 31 December 2024 and 2023.

1. The Group's Activity and Financial Statements

Endesa, S.A. (hereinafter the "Parent Company" or the "Company") and its subsidiaries constitute the Endesa Group (hereinafter "Endesa"). Endesa, S.A.'s registered tax offices, as well as its headquarters, are located in Madrid (Spain), at Calle Ribera del Loira, 60.

The Company was incorporated In Spain with limited liability in 1944, under the name Empresa Nacional de Electricidad, S.A. It subsequently changed its name to Endesa, S.A. pursuant to a resolution adopted by the General Shareholders' Meeting on 25 June 1997. Since that date, there have been no changes to its company name.

Endesa's corporate purpose is the electricity business in all its various industrial and commercial areas; the exploitation of primary energy resources of all types; the provision of industrial services, particularly in the areas of telecommunications, water and gas and those preliminary or supplementary to the Group's corporate purpose, and the management of the Corporate Group, comprising investments in other companies. Endesa carries out the activities that make up its purpose, either directly or through its shareholdings in other companies, both domestically and internationally, mainly in Spain and Portugal, as well as through branches in several other European countries.

Endesa's Consolidated Financial Statements for the year ended 31 December 2023 were approved by the General Shareholders' Meeting on 24 April 2024 and are filed at the Madrid Mercantile Registry.

Endesa's Consolidated Financial Statements for the financial year ended 31 December 2024, as well as those of each of the companies integrated within Endesa for the 2024 financial year, which have served as the basis for the authorisation of these Consolidated Financial Statements, are largely pending approval by their respective General Shareholders' Meetings. However, the Directors of the parent company believe that these financial statements will be approved once they are submitted.

The euro is used as the reporting currency in these Consolidated Financial Statements, and the figures are presented in millions of euros (unless expressly stated otherwise), as this is the parent company's reporting currency.

The Company is part of the Enel Group, whose parent company is Enel, S.p.A., governed by current Italian legislation, with registered offices in Rome, Viale Regina Margherita, 137, and its leading company in Spain is Enel Iberia, S.L.U., with registered offices in Madrid, Calle Ribera del Loira, 60. The Enel Group, through Enel Iberia, S.L.U., controls 70,1% of Endesa, S.A.'s share capital (see Notes 34.1.1 and 34.1.8).

The Enel Group's Consolidated Financial Statements for the year ended 31 December 2023 were approved by the General Shareholders' Meeting held on 23 May 2024 and are filed with the Rome and Madrid Mercantile Registries.

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2. Basis of presentation of the Consolidated Financial Statements

2.1. Accounting regulation applied

Endesa's Consolidated Financial Statements for the year ended 31 December 2024, which were authorised for issue by the Directors of the Parent Company at a meeting of the Board of Directors held on 25 February 2025, have been prepared in accordance with International Financial Reporting Standards (IFRS) and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), as adopted by the European Union (EU) at the date of the Consolidated Statement of Financial Position, in accordance with Regulation (EC) No. 1606/2002, of 19 July, of the European Parliament and of the Council and other provisions of the financial reporting regulatory framework applicable to Endesa and will be submitted for approval to the General Shareholders' Meeting, and are expected to be approved without modification.

These Consolidated Financial Statements present a true and fair overview of the assets and financial position of Endesa as of 31 December 2024, the consolidated overall result of its operations, the changes in consolidated Equity, and the consolidated cash flows that have occurred in Endesa during the financial year ended on that date.

The Consolidated Financial Statements have been prepared following the same Accounting Policies, Basis of Presentation, and measurement standards applied in the Consolidated Financial Statements for the financial year ended 31 December 2023, except for the new International Financial Reporting Standards (IFRS) and Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) published in the Official Journal of the European Union (OJEU), first applied by Endesa in the Consolidated Financial Statements for the financial year ended 31 December 2024 (see Note 4). The statements have been prepared under the going concern principle using the cost method, except for those items that, in accordance with the International Financial Reporting Standards (IFRS), are recognised at fair value, as indicated in the measurement standards for each item. Furthermore, items in the Consolidated Income Statement are classified by the nature of their costs.

The Consolidated Financial Statements for the financial years ended 31 December 2024, and 2023 have been prepared based on the Company's accounting records and those of the other Endesa subsidiaries.

Each Subsidiary prepares its Financial Statements following the accounting principles and criteria applicable in the country in which it operates. Therefore, in the consolidation process, necessary adjustments and reclassifications have been made to harmonise these principles and criteria with the International Financial Reporting Standards (IFRS) and interpretations of the International Financial Reporting Interpretations Committee (IFRIC).

Note 4 sets out the changes in accounting policies made on the date of preparing these Consolidated Financial Statements.

3. Principles, accounting policies, and measurement standards

3.1. Relevant accounting estimates made

The information contained in these Consolidated Financial Statements, which were approved at the Board of Directors" meeting held on 25 February 2025, is the responsibility of the Parent Company's Directors. They expressly state that the principles and criteria included in the International Financial Reporting Standards (IFRS) adopted by the European Union (EU) have been applied.

In the preparation of the Consolidated Financial Statements, the Company's Directors made estimates to measure certain assets, liabilities, income, expenses and commitments included therein. These estimates were as follows:

• Endesa considers that matters related to Climate Change are an implicit element in the application of the methodologies and models used by Management to estimate certain assets, liabilities, income, expenses, and commitments (see Note 5.1). To this end, the estimates where Climate Change may have a more significant impact relate, among other aspects, to the useful life of tangible and intangible assets (see Notes 3.2b and 3.2e), to the obligations associated with the Energy Transition process concerning affected employees, and to future costs for the closure of facilities (see Notes 3.2l and 36.3), as well as to the valuation of non-financial assets to determine the existence of impairment losses (see Notes 3.2f, 20.3, and 23.3).
• Measurement of financial assets to determine any impairment thereto. (see Notes 3.2f, 20.3 and 23.3).
• Useful lives of tangible and intangible assets (see Notes 3.2b and 3.2e).
• Assumptions used to calculate the fair value of financial instruments (see Notes 3.2h, 3.2q and 44).
• Impacts derived from interpretation of existing or new electricity sector regulations, the final economic effects of which will ultimately depend on rulings by the authorities responsible for settlements. Certain rulings are pending at the date of authorisation of these Consolidated Financial Statements (see Note 6).
• Energy supplied to customers yet to be billed (see Notes 3.2p.1 and 32).
• Accrual of remuneration for the electricity generation activity in the Non-Peninsular Territories ("NPT") with additional remuneration regime (see Note 6).
• Accrual of the electricity distribution activity for assets commissioned since 1 January 2018, as well as incentives for the distribution activity (see Note 6).
• Accrual of the renewable energy production activity with specific remuneration regime and calculation of the adjustment for deviations in market price according to Royal Decree 413/2014, of 6 June (see Motes 6, 9.1, 28.1 and 38).
• Cost of funding the "Bono Social" subsidised rate as established in the financing mechanism of this cost (see Note 6).
• Assumptions used in the actuarial calculation of liabilities and provisions to employees and the leaving dates and conditions of employees involved in agreements regarding redundancy procedures and to suspend contracts (see Notes 3.2I.1, 3.2l.2, 36.1 and 36.2).

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• Future costs for the closure of facilities and land restoration (see Notes 3.2b, 3.2c, 3.2e, 3.2l and 36.3).
• Probability of occurrence and amount of uncertain or contingent assets or liabilities (see Notes 3.2l and 36.3). In particular, for uncertainties regarding uncertain tax treatments, apply the most likely amount method to reflect the effect of uncertainty (see Notes 3.2o, 18, 25, and 39).
• Hypotheses used for the measurement of deferred tax assets and tax credits (see Notes 3.2o and 25.1).

Although these estimates were based on the best information available on the date of authorisation for the issue of these Consolidated Financial Statements regarding the facts analysed, future events could require the estimates to be increased or decreased in subsequent years. Changes in accounting estimates would be applied prospectively, recognising the effects of the change in estimates in the related Consolidated Financial Statements.

3.2. Measurement standards

The main recognition and measurement criteria used during the preparation of the accompanying Consolidated Financial Statements were as follows.

a) Consolidation principles and business combinations

a.1. Consolidation principles

a.1.1. Endesa companies and shareholdings

Subsidiaries

Subsidiaries are entities over which the Parent Company has control, either directly or indirectly. This control involves the ability to influence the investee, exposure to variable returns from the investee, or the holding of rights that enable the management of significant activities of that investee. In this context, it is understood that a company is exposed to the variable returns of an investee when these returns fluctuate based on the investee's economic performance, and the parent company can exercise its power to influence those variable returns.

The existence of control arises from the substantive rights held over the investee. The management of Endesa applies its judgement to assess whether these substantive rights grant it the power to manage the significant activities of the investee to impact its returns. To evaluate whether control exists, all relevant facts and circumstances are considered, analysing factors such as contracts with third parties, rights arising from other contractual agreements, as well as actual and potential voting rights. For these purposes, potential voting rights held by Endesa or third parties that can be exercised or converted as of the reporting date are considered.

When events occur that affect the power over the investee, the exposure to variable returns due to continued involvement, or the ability to use power over the investee to influence the amount of returns, the existence of control over the mentioned investee is reassessed.

As of 31 December 2024 and 2023, Endesa does not possess structured entities which, as defined by IFRS 12 "Disclosure of Interests in Other Entities", are designed in such a way that voting rights and other similar rights are not the primary factors in determining control.

Subsidiaries are consolidated from the date of acquisition, which is when Endesa effectively obtains control over them. The entirety of their assets, liabilities, income, expenses, and cash flows is integrated into the Consolidated Financial Statements once the necessary adjustments and eliminations for transactions conducted within Endesa have been made.

The results of subsidiaries acquired or disposed of during the reporting period are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as applicable.

All balances and transactions between the consolidated subsidiaries, as part of full consolidation, have been eliminated in the consolidation process, as has the corresponding portion for subsidiaries consolidated using proportional consolidation.

When a transaction occurs that results in the loss of control over a subsidiary while retaining an interest in that entity, the initial recognition of the retained interest is recorded at its fair value at the time control is lost. The difference between the fair value of the consideration received in the transaction, plus the fair value of the retained investment, plus the carrying amount of any non-controlling interests in the former subsidiary, and the assets and liabilities derecognised from the Consolidated Statement of Financial Position as a result of the loss of control over the previously controlled entity, is recorded under "Other Income" in the Consolidated Income Statement.

Amounts recognised in "Other Comprehensive Income" are accounted for as if the related assets or liabilities had been disposed of.

When a transaction results in obtaining control over a company in which a previous interest was held (step acquisition), the initial recognition of the prior interest is made at its fair value at the time control is acquired. The difference between this fair value and the carrying amount of the previously held investment is recognised in the line item "Net income of companies accounted for using the equity method" in the Consolidated Income Statement. Amounts recognised in "Other Comprehensive income" are likewise accounted for as if the related assets and liabilities had been disposed of.

Changes in interests in subsidiaries that do not result in gaining or losing control are recorded as equity transactions, adjusting the carrying amount of the controlling interests and non-controlling interests to reflect changes in their relative interests in the subsidiary. Any difference that arises between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in the equity of the Parent Company.

Companies not consolidated by the full integration method with a shareholding of more than 50%.

Endesa holds an interest exceeding 50% in the entities listed below; however, these interests are considered Joint Operations, Joint Ventures, and Associates, as Endesa, by virtue of the partnership agreement entered into, exercises joint control with the other participant and has rights to the assets and obligations with respect to the liabilities of these entities, exercises joint control with the other partner, and has rights to the net assets of the company, or holds significant influence, respectively (see Note 26):

	Share on 31 December 2024 (%)		Consolidation
Company	Control	Economic	Method
Asociación Nuclear Ascó-Vandellós II, A.I.E.	85.41	85.41	P.C.
Front Marítim del Besòs, S.L.	61.37	61.37	E.M. (J.V.)
Renovables Brovales 400 kV, S.L.	64.15	40.06	E.M. (A)
Transformadora Almodóvar Renovables, S.L.	60.53	60.53	E.M. (A)
Renovables Brovales Segura de León 400 KV, S.L.	64.05	47.54	E.M. (A)

P.C.: Proportional Consolidation: E.M.: Equity Method J.V.: Joint Venture; A.: Associate

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Joint Arrangements

A Joint Arrangement is one that grants two or more parties joint control, where decisions regarding relevant activities require the unanimous consent of all parties sharing control.

These joint arrangements can be classified as a joint operation or a joint venture, depending on the rights and obligations of the parties involved in the Arrangement.

To determine the type of Joint Arrangement arising from a contractual arrangement as at the reporting date, management evaluates the legal structure and content of the arrangement, the terms agreed upon by the parties, as well as other relevant facts and factors. In the event that changes occur in the contractual elements of a Joint Arrangement, these relevant facts and factors are reassessed.

Joint Operations

Joint Operations are considered to be those entities for which there is a Joint Arrangement whereby Endesa and the other participants have rights to the assets and obligations regarding the liabilities.

Entities classified as Joint Operations are consolidated, integrating the proportional share of their assets, liabilities, income, expenses, and cash flows into the Consolidated Financial Statements based on Endesa's percentage of participation in these entities, after making the necessary adjustments and eliminations for transactions conducted within Endesa.

Joint Ventures

Joint Ventures are considered to be those companies for which there is a Joint Arrangement whereby Endesa and the other participants have rights to the net assets.

Joint Ventures are registered in the Consolidated Financial Statements using the equity method.

The equity method requires registering the participation in the Consolidated Statement of Financial Position by the fraction of its Net Assets that represents Endesa's share of its capital, adjusting, if necessary, for the effects of transactions conducted with Endesa, plus any implicit gains related to goodwill paid in the acquisition of the company.

If the resulting amount is negative, the interest is kept at zero in the Consolidated Statement of Financial Position unless there is a commitment by Endesa to restore the company's financial situation, in which case the corresponding provision is created and recognised under "Non-current provisions" in the Consolidated Statement of Financial Position.

Dividends received from these companies are recorded by reducing the value of the interest, and the results obtained by them that correspond to Endesa according to its interest are incorporated into the Consolidated Income Statement under "Net income of companies accounted for using the equity method".

After applying the equity method, for interest with a value that includes latent gains derived from goodwill paid in the acquisition of the company, or for those where this situation does not exist but there are indications of impairment, the recoverable amount of the interest is evaluated, and if it is less than the carrying amount, an impairment loss is recognised for the difference between the recoverable amount of the associated company or joint venture and its carrying amount.

To assess the recoverable amount, the greater of the fair value less costs of disposal of Endesa's net interest in the investee or the discounted future cash flows that this company is estimated to generate is calculated, deducting the debt as of the closing date of the Financial Statements from that amount and applying Endesa's percentage of ownership in the company to that value.

If, as a result of legal or implicit obligations and once the value of the interest has been reduced, additional losses occur, these will be recognised by recording a liability.

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Associates

Associates are entities in which the parent company, directly or indirectly, exerts a significant influence. A significant influence is the power to participate in financial and operating policy decisions of an entity, without implying control or joint control over it.

In assessing the existence of significant influence, potential voting rights that are exercisable or convertible as of the accounting closing date are considered, also taking into account potential voting rights held by Endesa or by another entity.

Generally, significant influence is presumed in cases where Endesa holds an interest greater than 20%.

Endesa holds an interest of less than 20% in the following companies; however, these interests are considered associates since Endesa, by virtue of the partnership agreement signed, has significant influence (see Note 26.1):

	Share on 31 December 2024 (%)
Company	Control	Economic
Infraestructuras San Serván Set 400, S.L.	19.23	9.62
Energías Limpias de Carmona, S.L.	23.08	23.08
Set Carmona 400 KV Renovables, S.L.	16.00	16.00
Evacuación Carmona 400-220 KV Renovables, S.L.	10.36	10.36
Toro Renovables 400 KV, S.L.	8.28	8.28

Associates are registered in the attached Consolidated Financial Statements using the equity method, as described in the section on joint ventures.

Other shareholdings

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The economic figures of the entities in which Endesa has interests that do not qualify as subsidiaries, joint operations, joint ventures, or associates are deemed insignificant concerning the fair representation required by the Consolidated Financial Statements.

Annex I of these Consolidated Financial Statements lists the subsidiaries, joint operations, joint ventures, and associates of Endesa as of 31 December 2024 and 2023.

a.1.2. Standardisation

The Financial Statements of the subsidiaries, joint operations, joint ventures, and associates used to prepare the Consolidated Financial Statements correspond to 31 December 2024 and have been prepared in accordance with Endesa's accounting policies. If any of these entities use different accounting policies, these are standardised to those used by Endesa.

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a.1.3. Conversion of Financial Statements of foreign entities

The conversion of the Financial Statements of foreign entities with a functional currency other than the euro is carried out as follows:

Key figures	Exchange Rate
Assets and liabilities	• Exchange rate at the closing date of the Consolidated Financial Statements.
Items of the income statements	• Average exchange rate for the year.
Equity	• Historical exchange rate at the date of acquisition, or • Average exchange rate for the year of generation, both in the case of retained earnings and contributions made, as applicable.

The exchange differences arising from the conversion of the Financial Statements are recorded net of their tax effect under "conversion differences" in the Consolidated Statement of Other Comprehensive Income.

a.2. Business combinations

On the acquisition date, the assets, liabilities, and contingent liabilities of the subsidiary that constitute a business are recorded at fair value, except for certain assets and liabilities that are measured according to the measurement principles established in the standards. If this fair value is provisionally determined, the value of the business combination is recognised at its provisional values.

Any adjustment resulting from the completion of the valuation process, which should not exceed 12 months after the business combination, will be made, if applicable, with the corresponding re-statement of comparative figures. If there is a positive difference between the acquisition cost of the subsidiary and the fair value of its assets and liabilities, including contingent liabilities, corresponding to the parent company's interest, this difference is recorded as goodwill.

If the difference is negative, once the fair values of the net acquired assets and liabilities have been reviewed, it is recorded as a gain in the Consolidated Income Statement. Costs related to the acquisition are recognised as expenses that have been incurred.

Any contingent consideration arising from a business combination is recognised at fair value on the acquisition date. The payment obligation arising from a contingent consideration is recognised in liabilities or equity in the Consolidated Statement of Financial Position, depending on whether it meets the definition of these items described in IAS 32 "Financial Instruments: Presentation". The claim related to a contingent consideration arising from the return of previously transferred considerations is recognised as an asset in the Consolidated Statement of Financial Position.

The value of non-controlling interests in the fair value of the acquired net assets and in the results of the consolidated subsidiaries via full integration is presented, respectively, under the headings "Equity: non-controlling interests" in the Consolidated Statement of Financial Position and "Non-controlling interests" in the Consolidated Statement of Other Comprehensive Income.

If, at the acquisition date, the assets and liabilities acquired from a subsidiary do not constitute a business, Endesa will identify and recognise the identifiable assets acquired and the assumed liabilities individually, so that the cost will be allocated among the individually identifiable assets and liabilities based on their relative fair values at the date of purchase. This transaction will not give rise to goodwill.

b) Property, plant and equipment

b.1. Acquisition costs

Property, plant, and equipment are measured at cost, net of their corresponding accumulated depreciation and any impairment losses incurred. In addition to the purchase price paid for each item, the cost also includes the following items, where applicable:

• Interest expense incurred during the construction period that is directly attributable to the acquisition, construction, or production of qualifying assets, which are those requiring a substantial period of time before they are ready for use, such as power generation or distribution facilities. The interest rate used corresponds to specific financing or, if none exists, the average financing rate of the company making the investment. The average interest rate in the year 2024 was 3.6% (3.2% in the year 2023) (see Note 40.3). The amount capitalised for this concept reached €11 million in 2024 (€12 million in 2023) (see Note 16.1).
• Personnel expenses directly related to ongoing works are capitalised. The amounts capitalised for this item are recorded in the Consolidated Income Statement as an expense under the heading "Personnel expenses" and as income under the heading "Self-constructed assets". In 2024, the amount capitalised for this concept reached €129 million (€154 million in 2023).
• The future costs that Endesa will incur in relation to the closure of its facilities are incorporated into the asset's value at present value, including the corresponding provision. Endesa reviews its estimate of these future costs annually, increasing or decreasing the asset value based on the results of this estimate. In the case of nuclear plants, this provision includes the estimated amount that Endesa will have to bear until the public enterprise company, Empresa Nacional de Residuos Radiactivos, S.A. S.M.E. (Enresa),

takes responsibility for the decommissioning of these plants (see Note 36.3).

Assets acquired prior to 31 December 2003 include, where applicable, asset revaluations allowed to adjust the value of property, plant, and equipment for inflation recorded up to that date.

Construction work in progress is transferred to property, plant, and equipment when the testing period is completed, and they are available for use, at which point depreciation begins.

Costs for expansion, modernisation, or improvement that result in increased productivity, capacity, or efficiency or extend the useful life of the assets are capitalised as an increased cost of the respective assets.

Replacement or renewal of complete items that extend the useful life of the asset or its economic capacity are recorded as a higher value of the property, plant, and equipment, with the corresponding elimination of the replaced or renewed items from the accounts.

Periodic maintenance, preservation, and repair expenses are charged to the Consolidated Income Statement as costs in the period in which they are incurred (see Note 13).

Undivided assets over which Endesa has shared ownership with other owners (communities of goods) are recorded at the proportional part that corresponds to it in such assets (see Note 20.4).

For assets incorporated into Endesa's holdings with the purpose of being used durably in its activities, aimed at minimising environmental impact and protecting the environment, they are recorded in the corresponding items of Property, Plant, and Equipment and Intangible Assets according to their nature, valued at their

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purchase price or production cost, and amortised on a straight-line basis over their useful lives.

Environmental expenses are those incurred by the Company to minimise the environmental impact of its activity.

The amount of environmental expenses related to the aforementioned activities, as well as those arising from events outside Endesa's ordinary operations that are not expected to occur frequently, such as fines, penalties, and compensation to third parties for damages caused by environmental harm, are considered operating expenses and are recorded in the Consolidated Income Statement based on their nature.

The Directors of the Parent Company, based on the results of the impairment test explained in Note 3.2f, consider that the carrying amount of the assets does not exceed their recoverable amount, except for the Cash Generating Units (CGUs) in the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta, and Melilla (see Notes 3.2f.4 and 20.3).

b.2. Depreciation

Property, plant, and equipment, net of their residual value if applicable, are depreciated from the moment they are ready for use, distributing the cost of the various components linearly over the estimated useful lives that constitute the period during which the companies expect to use them. Their useful life is reviewed when there are indications that it may have changed and, if necessary, adjusted prospectively.

The following useful lives have been used for the depreciation of assets during 2024 and 2023:

		Years of estimated useful life
	2024	2023
Generation facilities:
Hydroelectric power plants
Civil works	100	100
Electromechanical equipment	50	50
Coal-fired power stations	25 - 48	25 - 48
Nuclear power plants	44 - 50	44 - 50
Combined cycle power plants	40	40
Renewables
Photovoltaic	30	30
Wind	30	30
Transmission and distribution facilities:
Low and medium voltage network	40	40
Measurement and remote control equipment	6 - 15	6 - 15
Other installations	25	25

Land is not depreciated due to its having an unlimited useful life.

In accordance with Law 29/1985 of 2 August, partially amended by Law 46/1999 of 13 December, all Spanish hydroelectric power generation plants are subject to a temporary administrative concession regime. According to the terms of these administrative concessions, upon expiry of the established periods, the mentioned facilities revert to state ownership in good working condition, with the reversion period set between 2024 and 2078 (see Note 36.3). These facilities are depreciated over the concession period or their economic life, whichever is shorter.

Endesa has evaluated the specific circumstances of these concessions and concluded that, in none of these cases, the determining factors for applying IFRIC 12: "Service Concession Agreements" are present.

b.3. Other matters

An item of property, plant, and equipment is derecognised when it is sold or disposed of by other means, or when future economic benefits from its use, sale, or disposal are not expected to be obtained.

Gains or losses arising from the sale or disposal of property, plant, and equipment are recognised in the financial year in the "Other income" section of the Consolidated Income Statement and are calculated as the difference between the sale price and the net carrying amount of the asset.

c) Investment properties

The "Investment Properties" section of the Consolidated Statement of Financial Position includes land and buildings that are expected not to be recovered in the ordinary course of business activities that make up Endesa's corporate purpose.

Investment properties are recognised at cost, net of their corresponding accumulated depreciation and any impairment losses incurred.

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To determine the reasonable market value of investment properties, valuations are requested from officially recognised independent experts who provide their best estimate of value, considering the highest and best use of the property according to its urban planning status and current state of conservation, in the case of constructed properties. Investment properties, excluding land, are depreciated by distributing the cost of the various components linearly over their useful lives. The average useful life of these investment properties is 50 years.

An investment property is derecognised when it is sold or disposed of by other means, or when future economic benefits from its use, sale, or disposal are not expected to be obtained.

Financial

Gains or losses arising from the sale or disposal of investment properties are recognised in the financial year in the "Other income" section of the Consolidated Income Statement. They are calculated as the difference between the sale price and the net carrying amount of the asset.

d) Goodwill

Goodwill represents future economic benefits arising from other acquired assets in a business combination that are not individually identified or recognised separately (see Note 3.2a).

Goodwill is not amortised; instead, it is allocated to each of the Cash Generating Units (CGUs) or groups thereof. At the end of each financial year, an assessment is made to estimate whether any impairment has

e) Intangible Assets

Intangible assets are initially recognised at their acquisition or production cost and are subsequently measured at their cost net of corresponding accumulated amortisation and any impairment losses incurred. Intangible assets are amortised on a straight-line basis over their useful lives, starting from the moment they are ready for use, except for those with indefinite useful lives, which are not amortised.

As of 31 December 2024 and 2023, there are no intangible assets with indefinite useful lives.

An intangible asset is derecognised when it is sold or disposed of by other means, or when future economic benefits from its use, sale, or disposal are not expected to be obtained.

Gains or losses arising from the sale or disposal of intangible assets are recognised in the financial year in the "Other income" section of the Consolidated Income Statement. They are calculated as the occurred that reduces its recoverable amount to an amount below the net carrying cost recorded, and an appropriate write-down is carried out if necessary.

The Directors of the Parent Company, based on the results of the impairment test explained in Note 3.2f, consider that the carrying amount of the assets does not exceed their recoverable amount.

difference between the sale price and the net carrying amount of the asset.

The criteria for recognising impairment losses on these assets and, where applicable, reversals of impairment losses recognised in previous financial years are explained in Note 3.2f.

e.1. Concessions

Concession arrangements "Service Concession Arrangements" not subject to IFRIC 12 are recognised using general criteria. To the extent that Endesa recognises assets as property, plant, and equipment (see Note 3.2b), they are depreciated over the shorter of their economic life or the concession period. Any investment, improvement, or replacement obligation assumed by Endesa is considered in the calculations for impairment of property, plant, and equipment as a contractual commitment of future cash outflows

necessary to obtain future cash inflows. If Endesa has assets leased out for consideration, the criteria established in Note 3.2g apply.

e.2. Research and Development Expenses

Endesa follows the policy of recognising costs of projects in the development phase as intangible assets in the Consolidated Statement of Financial Position, provided that their technical feasibility and economic profitability are reasonably assured.

Development expenses are amortised over their useful lives according to a systematic plan, which is estimated to be five years in most cases.

Research costs are recognised as expenses in the Consolidated Income Statement. The amount of such costs in the Consolidated Income Statement was €39 million in 2024 (€46 million in 2023), and for all of them, certification has been requested or obtained from an entity accredited by the National Accreditation Entity in Spain (ENAC), as well as a Binding Motivated Report (IMV) from the Ministry of Science and Innovation.

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e.3. Other intangible assets

Software programmes, which are initially recognised at:

• Their acquisition or production cost and are subsequently measured at their net cost, net of corresponding accumulated amortisation and any impairment losses experienced. They are amortised over their useful lives, which is estimated to be five years in most cases. During 2024 and 2023, €42 million and €31 million of personnel expenses have been capitalised, respectively.

• Customer portfolios acquired through business combinations as a result of the merger operations of GEM Suministro Gas 3, S.L.U. and Madrileña Suministro de Gas, S.L.U., carried out in the years 2012 and 2015, respectively, are initially recognised at their fair value at the acquisition date. They are subsequently measured at cost, net of their corresponding accumulated depreciation and any impairment losses incurred. The amortisation method for these portfolios is declining over their useful lives, which, as of 31 December 2024, ranges between 15 years and 25 years based on the expected gradual decline in these portfolios.

e.4. Incremental costs of obtaining a contract with a customer

The incremental costs of obtaining a contract are those costs incurred to secure a contract with a customer that would not have been incurred if the contract had not been obtained.

Endesa recognises incremental costs of acquiring contracts with customers as an intangible asset, provided that they are directly related to a specific contract or a specifically identifiable future contract from which the costs are expected to be recovered.

This asset is amortised systematically based on the expected average life of the customer contracts associated with those costs, which, as of 31 December 2024, ranges from 2 years to 15 years.

Costs incurred to obtain a contract that Endesa would have incurred, regardless of whether the contract is secured or not, are recognised as an expense in the Consolidated Income Statement when they occur.

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f) Impairment of non-financial assets

Throughout the year and, in any case, at the yearend, an assessment is made to determine whether there are indications that any asset may have suffered an impairment loss. If such an indication exists, an estimate is made of the recoverable amount of that asset to determine, if necessary, the amount of the write-down required. For identifiable assets that do not generate cash flows independently, the recoverability of the Cash Generating Unit (CGU) to which the asset belongs is estimated, which is understood as the smallest identifiable group of assets that generates independent cash inflows.

In the case of Cash Generating Units (CGUs) to which goodwill or intangible assets with an indefinite useful life have been allocated, the assessment of their recoverability is conducted systematically at the end of each financial year.

If the recoverable amount of the Cash Generating Unit (CGU) is less than the carrying amount of the associated assets, the corresponding impairment loss is recognised for the difference, charged to the line item "Amortisation and Impairment Losses on Non-Financial Assets" in the Consolidated Income Statement. This impairment loss is first allocated to the carrying amount of the goodwill assigned to it, and then to the other assets of the Cash Generating Unit (CGU), on a pro-rata basis according to the carrying amount of each asset, with the limitation of the higher of its fair value less costs to sell, its value in use, and zero.

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Impairment losses recognised on an asset in prior periods are reversed when there is a change in the estimates regarding its recoverable amount, increasing the value of the asset with a credit to the Consolidated Income Statement, up to the carrying amount that the asset would have had if the impairment had not been recognised. In the case of goodwill, any impairment losses recognised are not reversible.

f.1. Cash Generating Units (CGUs)

Endesa considers that the assets of the electricity generation business, which belong to the same interconnected system, and those of the electricity distribution business, which receive joint remuneration, constitute a Cash Generating Unit (CGU).

The most significant Cash Generating Units (CGUs) as of 31 December 2024 and 2023 are as follows:

Business	Cash Generating Units (CGUs)	Description	Main Features
Generation	Generation in the Iberian Peninsula	• The management of all generation assets in the Iberian Peninsula, except for coal plants, is conducted under an integrated portfolio approach, with the ultimate goal of maximising the integrated margin from electricity generation and Commercialisation.	• All assets are managed collectively, regardless of the type of technology (combined cycle, fuel, nuclear, and renewable, including hydroelectric), based on the availability of the plants, weather conditions, demand, and the need to address technical constraints of the system, among other factors. • This collective management and diversification of the generation portfolio enables Endesa to respond dynamically and flexibly to demand needs through offers in various markets, coordinated by a single representative and settlement subject, ensuring supply security. • Decision-making regarding operations is based on the installed capacity of the entire generation fleet, with a focus on integrated margin management aimed at optimising electricity purchases and sales.
	Generation in each of the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta, and Melilla	of each autonomous community or city.	• Each of these geographical areas forms a Cash Generating Unit (CGU) as there is a collective management of assets within each area, being isolated or poorly connected territories, where there is regulated remuneration that compensates for the specificities of each geographical area and differentiated criteria for activity organisation at the level
Distribution	Distribution	• The distribution network assets in Spain constitute a single Cash Generating Unit (CGU), as this distribution network is made up of a set of interrelated and interdependent assets whose development, operation, and maintenance are managed collectively.

f.2. Calculation of the recoverable amount

The recoverable amount is the higher of fair value less costs of disposal and value in use. The latter is understood as the present value of the estimated future cash flows expected from its use in the normal course of business and, where applicable, from its sale or other forms of disposal, taking into account its current condition.

To estimate value in use, Endesa prepares forecasts of future cash flows before tax based on the most recent available budgets. These budgets incorporate the best estimates from Endesa's management regarding the revenues and costs of the Cash Generating Units (CGUs) by using sector forecasts, past experience, and future expectations.

These forecasts cover the next 3 years, except for the Cash Generating Units (CGUs) in each of the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta, and Melilla, where the forecasts extend over the next 5 years. Future cash flows are estimated until the end of the assets" useful lives, considering residual value, if applicable, and applying reasonable increasing growth rates that, under no circumstances, exceed the growth rates for the sector.

These cash flows are discounted to calculate their present value at a pre-tax rate that reflects the cost of capital for the business and the geographical area in which it operates. In calculating this rate, consideration is given to the current cost of money and the risk premiums generally used by analysts for the business and the geographic area.

f.3. Key assumptions used in determining value in use

The models used by Endesa to determine the market variables employed in the calculation of value in use operate under the Scenario they consider most likely. In any case, Endesa monitors the evolution of the key assumptions used in determining value in use to assess whether any asset may have suffered an impairment loss since the end of the previous fiscal year throughout the fiscal year.

Discount rates

The pre-tax discount rates applied in the 2024 and 2023 financial years to the main Cash Generating Units (CGUs) are within the following ranges:

		31 December 2024		31 December 2023
%	Currency	Minimum	Maximum	Minimum	Maximum
Generation in the Iberian Peninsula	€	6.7	9.6	8.0	9.3
Generation in Non-Peninsular Territories ("NPT")
Balearic Islands	€	6.9	8.0	8.6	8.6
Canary Islands	€	6.9	6.9	6.3	6.3
Ceuta	€	7.9	7.9	0.0	0.0
Melilla	€	7.6	7.6	6.9	6.9
Distribution	€	5.3	7.2	5.9	7.7

Analysing the parameters that make up the discount rates for 2024, it should be noted that the risk-free rate has been reduced, due, among other things, to the stability of the current macroeconomic and geopolitical environment, which has led to four interest rate cuts by the European Central Bank (ECB) during the 2024 financial year, from 4.50% in the 2023 financial year to 3.15% in the 2024 financial year, and the business risk premium, which is based on the deleveraged betas considered for companies with similar activities, has remained the same in both liberalised and regulated businesses.

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Growth rates

The average growth rates used to extrapolate the projections for the 2024 and 2023 fiscal years (growth rate g) have been as follows:

%	2024	2023
Generation in the Iberian Peninsula	0.0 - 4.3	0.0 - 2.4
Generation in Non-Peninsular Territories ("NPT") (1)
Balearic Islands	0.0	0.0
Canary Islands	0.0	0.0
Ceuta	0.0	0.0
Melilla	0.0	0.0
Distribution	1.8	2.1

(1) In the Cash Generating Units (CGUs) of Generation in the Non-Peninsular Territories ("NPT") of the Balearic Islands, Canary Islands, Ceuta, and Melilla, a growth rate is not applied as the continuity of cash flows from the regulated generation business is expected.

These growth rates, which do not exceed the longterm average growth rate of the sector and the markets in which Endesa operates, are in line with the long-term inflation rate in Spain and align with market consensus estimates.

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Key assumptions

Based on these assumptions, the approach used to assign value to the key hypotheses considered took into account the following items and/or parameters:

Items and/or parameters	Description
Trend of demand for electricity and gas	• The estimated growth was calculated on the basis of the growth forecast for Gross Domestic Product (GDP) and other assumptions used by Endesa with respect to trends in consumption of electricity and gas in these markets.
Regulatory measures	• A substantial part of Endesa's business is regulated and subject to wide-ranging complex regulations, which may be amended by the introduction of new laws, by amendments to existing laws in such a way that forecasts contemplate proper application of current regulations, and any other laws now in process that may come into force during the projected period.
Average rainfall and wind	• The forecasts are drawn up on the basis of the average weather conditions in a year, taking account of historical conditions series. However, the actual rainfall and wind availability in the preceding year were used for the first year of the projection, adjusting the average year accordingly.
Installed capacity	• The generation activity takes into account the investment required to maintain installed capacity in proper operating conditions; distribution activity considers investment in grid maintenance, improvement and enhancement and the investment required to implement the remote metering plan, and commercialisation activity takes into account the investment required to perform activities involving other products and services.
Production mix	• The production mix was determined using complex, specifically-developed internal forecast models that consider factors such as prices and availability of energy stocks (e.g. Brent, gas, coal), forecast demand, planned construction or the commissioning of new capacity in the various technologies. These models are constantly changing, factoring in changes in variables such as availability of the production base, availability of fuels or start-up of operation of new plants. They provide signals on prices in the system and estimates of production costs, on which output forecasts for generation facilities are based.
Assumptions for power sales and purchase prices	• Assumptions for power sale and purchase prices are made based on complex, specifically developed internal forecasting models. The pool price is estimated taking into account different scenarios regarding the expected trend or performance in a series of determining factors such as the costs and productions of the different technologies, electricity demand, commodity prices and other market and macroeconomic variables, and, as a result of these models, the most likely scenario is considered. To this end, the evolution of the electricity pool price primarily impacts the Cash Generating Unit (CGU) of Generation in the Iberian Peninsula.
Electricity and gas sales prices	• The prices at which electricity and gas are sold are determined on the basis of the prices established in sales contracts and future energy prices.
Estimate of fuel costs	• Fuel costs are estimated taking into consideration existing supply contracts, and long-term forecasts are made for oil, gas or coal prices based on forward markets and estimates available from analysts.
Fixed costs	• Fixed costs are projected considering estimated levels of activity for each company in terms of trends in personnel, as well as other operating and maintenance costs, forecast inflation and long-term maintenance contracts and other types of contracts.
Rights-of-use	• In determining the value in use of the Cash Generating Units (CGUs) that incorporate usage rights, the fixed fees included in the lease liability have been excluded.
Macroeconomic assumptions	• External sources (e.g. analysts, domestic and international official bodies, etc.) are always used to compare macroeconomic assumptions, such as price trends, growth in gross domestic product (GDP) variations in demand, inflation, variations in interest rates and exchange rates.
Climate Change	• Energy Transition scenarios and climate change impacts used in the valuation models (see Note 5.1).

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The following sets out the key assumptions used to determine the value in use for the impairment tests of non-financial assets as of 31 December 2024 (Strategic Plan 2025-2027):

	2025	2026	2027
Brent Price (\$/bbl)	76	74	72
Carbon Dioxide (CO2 ) (€/t)	78	86	95
TTF gas price (€/MWh)	38	35	31
PVB gas price (€/MWh)	37	35	31
Electricity Demand in the Iberian Peninsula (TWh)	244	252	265
Consumer Price Index (CPI) (average) (%)	2.1	2.0	1.9
Gross Domestic Product (GDP) Growth Spain (%)	1.9	1.7	1.6
Average Arithmetic Price of the Daily Electricity Market (€/MWh)	67	64	62

f.4. Impairment test

• Cash-generating units (CGUs) for the Non-Peninsular Territories of the Balearic Islands, Canary Islands, Ceuta and Melilla.

As of 31 December 2024 and 2023, in order to align the carrying amount of the assets in the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta, and Melilla with their recoverable amount, an impairment of the Cash Generating Units (CGUs) for each of the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta, and Melilla has been recorded, amounting to a total net of 9 million euros and 90 million euros, respectively (see Notes 15.1 and 20.3).

The impairment allowance recognised in 2024 and 2023 is a consequence of the update of the main assumptions used in determining the value in use of the assets of the Non-Peninsular Territories (NPT) of the Balearic Islands, the Canary Islands, Ceuta and Melilla.

• Los Barrios Port Terminal (Cádiz).

As of 31 December 2024 and 2023, a reversal of the impairment of the Los Barrios Port Terminal (Cádiz) has been recorded for amounts of 2 million euros and 7 million euros, respectively, as a result of the request for an extension of the terminal concession, which could last until 2057 at most (see Notes 15.1 and 20.3).

f.5. Sensitivity analysis

As of 31 December 2024, Endesa has conducted a sensitivity analysis on the results of the impairment tests described, through reasonable variations in the key assumptions while keeping the other variables constant, in accordance with the following details by Cash Generating Units (CGUs):

	31 December 2024
	Generation in the Iberian Peninsula		Generation Non Peninsular Territories ("NPT")		Distribution
Millions of Euros	Increases	Decreases	Increases	Decreases	Increases	Decreases
Increase of 50 basis points in the Discount Rate	(9,116)	—	(20)	—	(2,374)	—
Increase of 100 basis points in the Discount Rate	(15,437)	—	(40)	—	(4,161)	—
Decreases of 50 basis points in the Discount Rate	—	(8,527)	—	(2)	—	(2,243)
Decrease of 5% in the Price of the Electricity "Pool"	—	(1,011)	—	Na	—	Na
Increase of 5% in Operating and Maintenance Costs	(936)	—	(62)	—	(471)	—
Increase of 5% in Maintenance Investments	(575)	—	(10)	—	(448)	—
Decrease of 1% in Electricity Demand	—	(1,916)	—	(6)	—	Na

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As of 31 December 2024, as a result of this sensitivity analysis, it is concluded that an unfavourable modification in the key assumptions used within the considered ranges, while keeping the other variables unchanged, would not result in an impairment of assets, except for the assets of the Cash Generating Units (CGUs) of Generation in the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta, and Melilla, and the assets of the Los Barrios Port Terminal (Cádiz), whose carrying amount has been adjusted to their value in use.

g) Leases

A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the beginning of a contract, Endesa evaluates whether it is, or contains, a lease, and analyses whether various components are included to account for the lease separately from the other components that do not constitute a lease.

g.1. Lessee

When the contract contains a lease component and one or more additional components, Endesa allocates the consideration of the contract to each lease component based on the relative standalone price of the lease component and the aggregate standalone price of the non-lease components.

Leases in which Endesa acts as lessee are recognised at the beginning of the contract by recording in the Consolidated Statement of Financial Position an asset for the right of use, representing the right to use the leased asset, and a liability for the present value of the obligation to make lease payments over the term of the lease.

Initially, the right-of-use asset is measured at cost, which includes the initial measurement amount of the lease liability, any lease payments made at or before the commencement date, less any lease incentives received, plus any initial direct costs incurred and an estimate of the costs to be incurred for dismantling and removing the underlying asset, restoring the location where it is situated, or returning the asset to the condition required under the contract.

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To determine the term of the leases, Endesa has considered the non-cancellable period of the contract, except for those contracts where there is a unilateral option to extend or terminate, in which case the extended or early termination period has been considered if there is reasonable certainty that such option will be exercised. In this regard, Endesa has considered the period forecast in the budgeting process.

Subsequent to initial recognition, Endesa measures the right-of-use asset at cost less accumulated depreciation and impairment losses, adjusting for any changes in the measurement of the associated lease liabilities. The rights of use are amortised under the same terms as other similar depreciable assets if there is reasonable certainty that the lessee will acquire ownership of the asset at the end of the lease. If no such certainty exists, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.

The initial value of the lease liability is calculated at the commencement date of the lease as the value of the future payments under the lease that are not paid on that date, generally discounted at the implicit interest rate of the contract. If the implicit interest rate of the lease is not available, Endesa uses the incremental borrowing rate, considering the term of the contract and the type of underlying asset. These payments will include fixed or substantially fixed payments, less any lease incentives receivable by Endesa, as well as variable payments that depend on an index or rate, the amounts that Endesa expects to pay for guarantees related to the residual value of the underlying asset, the exercise price of the purchase option if Endesa has reasonable certainty that it will exercise it, and any penalties for terminating the lease if the lease term reflects Endesa's exercise of the early cancellation option.

Subsequently, the lease liability is increased to reflect interest on the lease liability and is reduced by the lease payments made. The minimum lease payments are divided into finance costs and debt reduction. The finance charge is recognised as an expense and allocated to income over the lease term so as to obtain a constant interest rate each year applicable to the remaining balance of the liability.

The lease liability must be re-evaluated when certain changes in payments occur, such as changes in the lease term or changes in future payments. In these cases, the amount of the re-evaluation of the lease liability is generally recognised as an adjustment to the right-of-use asset.

Variable lease payments, as well as contingent payments when it is likely that they will be incurred, are recorded as an expense in the Consolidated Income Statement.

In the case of short-term leases and leases where the underlying asset is of low value (less than 5,000 US dollars (USD)), Endesa has opted to recognise the amounts incurred for these as expenses on a straightline basis over the lease term.

g.2. Leases

For a contract that contains a lease component and one or more additional components that are either lease or non-lease components, Endesa allocates the consideration of the contract in the same manner as it does for ordinary revenues from contracts with customers (see Note 3.2p.1).

Leases in which Endesa transfers substantially all the risks and rewards inherent to the ownership of an underlying asset are classified as finance leases. All other leases are classified as operating leases.

Finance leases are recognised at the beginning of the contract by recording a financial asset for the present value of the minimum lease payments receivable, plus the residual value of the asset, discounted at the implicit interest rate of the contract. These payments will include fixed or substantially fixed payments, less any lease incentives to be paid, as well as variable payments that depend on an index or rate, any guarantee of the residual value of the underlying asset provided to the lessor by the lessee, the exercise price of the purchase option if the lessee has reasonable

certainty that it will exercise it, and any penalties for terminating the lease if the lease term reflects the lessee's exercise of the early cancellation option. The difference between the recorded financial asset and the amount to be received, corresponding to unearned interest, will be recognised in the Consolidated Income Statement for the fiscal year in which those interests are accrued in accordance with the effective interest rate method.

In operating leases, Endesa recognises the lease payments as income on a straight-line basis. Additionally, it will recognise as an expense the costs incurred in generating lease revenue, including depreciation.

g.3. Sale and leaseback transactions

Endesa applies the requirements for determining when a performance obligation is met in accordance

h) Financial instruments

A financial instrument is any agreement that gives rise simultaneously to a financial asset of one entity and a financial liability or equity instrument of another entity.

h.1. Classification and valuation of financial assets except derivatives

For valuation purposes, Endesa classifies its financial assets at the date of initial recognition, considering the business model and the characteristics of the contractual cash flows, whether permanent or temporary, into the following categories:

• Financial assets at their amortised cost: are recorded at their amortised cost if they are managed under a business model intended to hold financial assets to receive contractual cash flows and the contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Upon initial recognition the amortised cost corresponds to the with the recognition of income from contracts with customers to establish whether the transfer of an asset should be recognised as the sale of that asset (see Note 3.2p.1).

If the recognition of sale criteria are met, Endesa, as lessee-seller, will measure the right-of-use asset arising from the leaseback as a proportion of the previous book amount of the asset related to the rights of use adopted by Endesa, recognising only the amount of any gain or loss that relates to the rights transferred to the buyer.

If the criteria for recognition of the sale are not met, Endesa, as lessee-seller, continues recognising the asset and recognises a financial liability for the consideration received (see Note 3.2h.4).

initial fair value, minus principal repayments made, plus uncollected accrued interest calculated using the effective interest rate method.

The effective interest method is a way of calculating the amortised cost of a financial asset or financial liability (or a group of financial assets or financial liabilities) and of allocating interest income or interest expense over the relevant period. The effective interest rate is the discount rate that precisely matches the estimated cash flows receivable or payable over the expected life of the financial instrument (or, when appropriate, a shorter period) with the net book amount of the financial asset or financial liability.

• Financial assets at their fair value through the Statement of Other Comprehensive Income: are initially recognised at their fair value if they are managed under a business model intended to earn contractual cash flows and sell financial assets, and the contractual terms give rise, on specified dates,

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to cash flows that are solely payments of principal and interest on the principal amount outstanding. Initial recognition at fair value includes transaction costs directly attributable to the acquisition. In subsequent periods these assets are valued at their fair value with the gain or loss recognised in the Statement of Other Comprehensive Income, although accrued interest is recognised in the Income Statement. Amounts recognised in the Statement of Other Comprehensive Income, except for equity instruments allocated to this category on initial recognition, are recognised in the Income Statement when the financial assets are delisted.

• Financial assets (this being mandatory) at their fair value through profit or loss include financial assets held for trading, being those that are originated or acquired for the purpose of short-term realisation or are included in a portfolio of identified financial instruments that are managed together and there is evidence of actions for short-term profit or are derivatives that do not meet the definition of a financial guarantee contract and have not been designated as hedging instruments for accounting purposes. They are initially recorded at their fair value plus transaction costs directly attributable to the transaction. In subsequent periods these assets are measured at their fair value with the gain or loss recognised in the Consolidated Income Statement.

Endesa has designated equity instruments in this category.

Purchases and sales of financial assets are accounted for using the trade date.

The criteria for impairment of financial assets are described in Note 3.2h.3.

h.2. Cash and cash equivalents

Cash on hand, demand deposits and other short-term, highly liquid investments with contractual maturities that are readily available in cash and have no risk of changes in value are recorded under this heading in the Consolidated Statement of Financial Position.

Bank overdrafts are recognised in the Consolidated Statement of Financial Position as bank borrowings.

Demand deposits with restrictions on their use arising from an agreement with a third party are considered "Cash and Cash Equivalents" as long as the contractual restrictions on the use of the amounts held therein do not change the nature of the deposit and Endesa can access these amounts.

h.3. Impairment of the value of financial assets

Endesa uses the expected credit loss method to determine the need to recognise any impairment of financial assets, in accordance with the following procedure:

• In the case of financial assets with a commercial origin, receivables from leases and contractual assets arising from agreements with customers included in the category of "Financial Assets at Amortised Cost", the expected credit losses over the entire life of the financial assets are determined collectively, grouped by type of customer and market.

Default rates are calculated separately for each of the groups identified, grouped by maturity, type of customer and market, based on the historical default experience of the last 36 months and considering the likelihood that a receivable will evolve to the following scenarios, until collection or definitive delisting.

• For all other financial assets, the following aspects are considered:
  • • For financial assets where there is an individualised identification of the counterparty, an individual assessment is carried out on both the likelihood of default and the loss in the event of a default. The expected loss is calculated by multiplying both factors by the net exposure in the event of a default.
  • • Those assets with large volumes and similar characteristics are grouped by nature and an estimate is made of the expected loss of the group as a whole.

Notwithstanding the above, expected credit losses are determined on a case-by-case basis for assets where there is objective evidence that Endesa will not be able

to recover all amounts according to the original terms of the agreements.

When assessing whether the risk has increased significantly, for a financial asset or group of financial assets, Endesa uses the change in the risk of default that will occur over the expected life of the instrument.

Endesa recognises impairment losses on financial assets at their amortised cost by recognising an allowance account. The book value is written off against the allowance account when the impairment is deemed irreversible. Impairment losses on trade receivables, leases and contractual assets arising from contracts with customers are recognised as an expense under "Impairment Losses on Financial Assets" in the Consolidated Income Statement and on other financial assets are recognised as an expense under "Finance Costs" in the Consolidated Income Statement (see Notes 15 and 16, respectively). In subsequent periods it shall be reversible up to the amortised cost value that the assets would have had if they had not been impaired. If the impairment is irreversible, the book value of the financial asset is written off against the asset allowance account.

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At the preparation date of these Consolidated Financial Statements there are no overdue financial assets for a significant amount that are not of commercial origin (see Note 41.5).

h.4. Classification and valuation of financial liabilities except derivatives

For valuation purposes, Endesa classifies its financial liabilities on the date of initial recognition:

• Financial liabilities at their amortised cost: include both financial debt and trade and other payables and are initially recognised at the amount of cash received, net of transaction costs incurred. In subsequent periods these obligations are valued at their amortised cost, using the effective interest rate method (see Note 3.2h.1).

• Financial liabilities at their fair value are initially recognised at fair value, which is the price of the transaction. Costs incurred in the transaction are recorded as expenses as and when they are incurred. Subsequent to initial recognition, they are recognised at their fair value with any changes recorded in the Profit and Loss Account.

If liabilities are the underlying asset of a hedging derivative at fair value, as an exception, they are valued at their fair value for the portion of the hedged risk.

To calculate the fair value of debt, both for the cases in which it is recorded in the Consolidated Statement of Financial Position and for information thereon included in Note 40.3, this has been divided into fixed interest rate debt and variable interest rate debt:

• Fixed rate debt is that which pays fixed interest coupons over its life, either explicitly or implicitly, fixed from the outset of the transaction.
• Variable rate debt is debt issued at a variable interest rate, meaning each coupon is fixed at the start of each period on the basis of the benchmark rate. All debt has been valued by discounting expected future cash flows with the market interest rate curve according to the currency of payment.

Endesa has made supplier payment management transactions with various financial institutions ("confirming") (see Note 39), some of which incorporate sustainability criteria. Trade liabilities whose settlement is managed by financial institutions are recorded under "Trade and other payables" in the Consolidated Statement of Financial Position insofar as Endesa has only assigned the management of payment to financial institutions, does not receive any financing from financial institutions and remains the primary obligee for the payment of debts to trade creditors.

The confirming agreements concluded by Endesa do not envisage additional guarantees granted to financial institutions, changes in interest rates or changes in the terms of payment of debts with respect to the conditions granted to trade creditors.

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On 31 December 2024 there were no supplier payment management transactions ("confirming") between Group companies.

h.5. Derivative financial instruments and hedging operations

The derivatives held by Endesa relate mainly to transactions contracted to hedge interest rate, exchange rate or energy commodity price risks (electricity, fuel, carbon dioxide (CO2 ) emission rights), and are intended to eliminate or significantly reduce these risks in the underlying asset transactions being hedged.

Derivatives are recorded at fair value on the date of the Consolidated Statement of Financial Position. If their value is positive, they are recorded under the heading "Derivatives", under Current or Non-Current Assets, depending on their maturity and the intention to hold the derivative until maturity, whether they are financial derivatives or derivatives on energy commodities. If their value is negative, they are recorded under "Derivatives", under current or non-current liabilities, depending on their maturity and the intention to hold the derivative until maturity, whether they are financial derivatives or derivatives on energy commodities.

Changes in fair value are recognised in the Consolidated Income Statement unless the derivative has been designated for accounting purposes as a hedging instrument and the conditions established by International Financial Reporting Standards (IFRS) for hedge accounting are met, in which case they are recognised as follows:

• Fair value hedges: the portion of the underlying asset for which the risk is hedged is measured at fair value, as is the hedging instrument, and changes in the value of both are recognised in the Consolidated Income Statement.
• Cash flow hedges: changes in the fair value of derivatives are recorded, to the extent that such hedges are effective, in "Other Comprehensive income" in the Consolidated Statement of Other Comprehensive Income (see Note 34.1.6). The cumulative gain or loss under this heading is transferred to the Consolidated Income Statement

as the underlying asset has an impact on the Consolidated Income Statement for the hedged risk. The results corresponding to the ineffective portion of the hedges are recorded directly in the Consolidated Income Statement.

A hedge only applies when there is an economic relationship between the hedged item and the hedging instrument, the credit risk of the hedged item does not exert a dominant effect on changes in value resulting from said economic relationship and the hedge ratio of the hedging relationship is the same as that resulting from the amount of the hedged item that Endesa actually uses to hedge that amount of the hedged item.

At the start of the hedging relationship and on an ongoing basis, Endesa assesses whether the relationship meets the effectiveness requirements prospectively. It also assesses effectiveness at each accounting close or when significant changes occur that affect the effectiveness requirements.

Endesa performs a qualitative assessment of effectiveness, provided that the key conditions of the instrument and the hedged item match. When the underlying conditions do not fully match, Endesa uses a hypothetical derivative with equivalent underlying conditions to the hedged item to assess and measure ineffectiveness.

The hedge is discontinued prospectively if the hedging instrument expires, is sold, terminated or exercised or if the criteria for hedge accounting are no longer met. For these purposes, the replacement or renewal of the hedging instrument is not an expiry or termination, as long as the transaction is consistent with Endesa's risk target.

When hedge accounting is discontinued on a cash flow hedge, the cumulative amount in "Other Comprehensive Income" in the Consolidated Statement of Other Comprehensive Income is not recognised in the Consolidated Income Statement until the hedged future cash flows occur (see Note 34.1.6). Conversely, amounts accumulated in "Other Comprehensive Income" in the Consolidated Statement of Other Comprehensive Income are recognised in the Consolidated Income Statement when the hedged future cash flows are no longer expected to occur.

h.5.1. Energy stock derivatives

At Endesa, risk management is carried out at the level of comprehensive margins, which means that the risk and positions of the various business activities are handled through a single consolidated view of risk and a single hedging decision process. This decision process is supported by risk and market analysis, which results in market mandates. In this respect, a representation of the industrial assets and the exposures to which the company's results are subject is carried out and, based on this, different strategies are proposed with the aim of cancelling or partially reducing the risk of assets in the industrial portfolio. These mandates have a clear relationship to the underlying asset and arise from hedging decisions that are made solely on business criteria. That is why Endesa may choose to designate a hedging relationship between a hedging instrument and a hedged item and not apply its classification as an accounting hedge, even though its objective is to manage risk. In the case of these transactions:

• There is always a fully traceable Hedging Committee mandate, which gives full meaning and explanation to the purpose of the hedging, and
• They are classified in European Markets Infrastructure Regulation (EMIR), Markets in Financial Instruments Directive (MiFID II) and Market in Financial Instruments Regulation (MiFIR) as "Risk Reducing" or "Hedge", following the standards of this Regulation on Over The Counter (OTC) derivatives and the operations logbook.

Changes in the fair value of these hedging financial instruments that are not classified as accounting hedges are recorded in "Income and Expense from Energy Derivatives" in the Consolidated Income Statement.

Endesa has concluded forward contracts for the purchase or sale of energy materials, mainly electricity, fuels, carbon dioxide (CO2 ) emission rights and guarantees of origin with physical delivery. As discussed above, these contracts are measured in the Consolidated Statement of Financial Position at their market value on the closing date, with differences in value recorded in the Consolidated Income Statement as "Revenue" or "Procurements and Services", unless all of the following conditions are met:

• The sole purpose of the contract is own use, meaning, in the case of contracts for the purchase of fuels, their use for the generation of electricity, in contracts for the purchase of electricity or gas for marketing, their sale to final customers, and in contracts for the sale of electricity or gas, the sale to final customers.
• Endesa's future forecasts justify the existence of these contracts for its own use.
• Past experience of these contracts shows that they applied to own use, except in those sporadic cases where other use has been necessary for exceptional reasons or associated with logistics management beyond Endesa's control and foresight.
• The contract does not provide for settlement by difference, nor has there been a practice of settling similar contracts by difference in the past.
• In these cases forward purchases or sales are accounted for as contracts pending performance and are recorded when performed under the corresponding "Revenue" or "Procurements and Services" headings.

h.5.2. «Power Purchase Agreement (PPAs)/ Virtual Power Purchase Agreement» (VPPA)

Endesa has entered into long-term power purchase and sale agreements, known as "Power Purchase Agreements" (PPAs), whereby it agrees to purchase or sell a certain volume of energy and guarantees of origin at a given price.

When these contracts are settled by physical delivery of the electricity (or of the original guarantees) they are measured in the Consolidated Statement of Financial Position at their market value on the closing date, with differences in value recorded in the Consolidated Income Statement as "Revenues" or "Procurements

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and Services", except when the own-use exception described in Note 3.2h.5.1 is met. In these cases forward purchases or sales are accounted for as contracts pending performance and are recorded when performed under the corresponding "Revenue" or "Procurements and Services" headings.

When these contracts are settled on a "Virtual Power Purchase Agreement" (VPPA) basis, they are considered Derivatives within the scope of IFRS 9 "Financial Instruments", and are measured at market value, with differences in value recorded in the Consolidated Income Statement as "Income and Expenses from Energy Derivatives", unless they have been designated as hedges for accounting purposes and meet the requirements for hedge accounting as described in Note 3.2h.5.

h.5.3. Embedded derivatives

Endesa assesses the existence of embedded derivatives in financial contracts and instruments to determine whether their characteristics and risks are closely related to the lain contract as long as the whole is not being accounted for at fair value. If they are not closely related, they are recorded separately, with changes in value accounted for in the Consolidated Income Statement.

h.5.4. Fair value

The fair value of the different derivatives is calculated as follows:

• For derivatives traded on an exchange, by their quoted price at the end of the period.
• In the case of derivatives not listed on exchanges, Endesa uses internal tools to perform valuations and calculates the fair value of financial derivatives considering observable market variables by estimating future cash flows discounted to present value using the zero-coupon interest rate curves for each currency on the last business day of each yearend, converted to euros at the exchange rate on the last business day of each year-end. Once the gross market value is obtained, an adjustment is made for own credit risk or Debt Valuation Adjustment

(DVA) and for counterparty risk or Credit Valuation Adjustment (CVA). Credit Valuation Adjustment (CVA) / Debt Valuation Adjustment (DVA) is measured based on the potential future exposure of the instrument (creditor or debtor position) and the risk profile of the counterparties and that of Endesa itself. During 2024 and 2023 the value of the adjustments made for counterparty risk "Credit Valuation Adjustment" (CVA) and for own credit risk "Debt Valuation Adjustment" (DVA) have not been significant.

In line with the procedures described above, Endesa classifies financial instruments according to the levels indicated in Note 3.2q (see Note 44).

h.6. Financial guarantee contracts

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for the loss it incurs when a specified debtor defaults on its payment obligation under the original or modified terms of a debt instrument, such as a bond or guarantee.

Financial guarantee contracts are initially measured at fair value which, unless there is evidence to the contrary, is the premium received plus, where applicable, the present value of the premiums to be received.

Subsequently, financial guarantee contracts are measured at the highest of the following amounts:

• The amount resulting from the application of the accounting policy for provisions and contingencies (see Note 3.2l).
• That which was initially recognised minus, where applicable, the part of it taken to the Consolidated Income Statement because it corresponds to accrued income in accordance with the principles of the accounting policy on Revenue from contracts with customers (see Note 3.2p.1).

h.7. Guarantees provided and received

For guarantees given and received for operating leases or for the provision of services, the difference

between the fair value and the amount paid is treated as a prepayment or collection and is recognised in the Income Statement during the period the service is provided or the lease term.

h.8. Derecognition of financial assets and liabilities

Financial assets are removed from the Consolidated Statement of Financial Position when:

• The contractual rights to receive related cash flows have expired or have been transferred or, while retained, contractual obligations have been assumed that result in the payment of those cash flows to one or more beneficiaries; and
• Endesa has substantially transferred the risks and benefits of ownership or, if it has not substantially transferred or retained them, where it does not retain control of the asset.

Endesa has concluded accounts receivable assignment agreements for 2024 and 2023, which have been considered as non-recourse factoring as the risks and benefits of ownership of the assigned financial assets have been transferred (see Notes 16.1 and 32.1).

Transactions in which Endesa substantially retains all the risks and rewards of ownership of a transferred financial asset are reflected through recognition of the consideration received as a liability. Transaction costs are recognised in the Consolidated Income Statement using the effective interest rate method.

Financial liabilities are removed from the Consolidated Statement of Financial Position when they are extinguished, i.e. when the obligation under the liability has been settled, cancelled or has expired.

h.9. Offsetting financial assets and liabilities

A financial asset and a financial liability are offset when there is a legally enforceable right to set off the recognised amounts and an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously (see Note 42).

These rights can only be legally enforceable in the normal course of the institution's business, or in the event of default, insolvency or bankruptcy of the counterparty.

i) Inventories

Generally, inventories are valued at the lower of weighted average acquisition cost or net realisable value.

i.1. Nuclear fuel

The acquisition cost of nuclear fuel includes the financial expenses allocated to its financing while it is in progress. The capitalised financial expenses related thereto amounted to 3 million euros in 2024 (2 million euros in 2023) (see note 16.1). Nuclear fuel in progress is transferred to operation when it is fed into the reactor and is charged to the Consolidated Income Statement on the basis of the energy capacity consumed during the period.

i.2. Carbon dioxide (CO2) emission allowances

Endesa companies that emit carbon dioxide (CO2 ) in their electricity generation activities must deliver carbon dioxide (CO2 ) emission allowances, specifically European Union Allowances (EUAs), equivalent to the emissions made during the previous year, in the first few months of the following year.

The criterion for the recognition of carbon dioxide (CO2 ) emission allowances is that they are recorded as inventories in accordance with the following breakdown:

• Carbon dioxide (CO2 ) emission allowances held to hedge emissions made are valued at the lower of the weighted average purchase price or net realisable value.

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• Carbon dioxide (CO2 ) emission allowances held for trading purposes constitute a trading portfolio and are recorded at fair value less costs of sale, with changes in the Consolidated Income Statement.

i.3. Guarantees of origin

Guarantees of origin generated in connection with the production of energy from own facilities using renewable resources are initially measured at cost and recognised under "Inventories". They are subsequently measured at the lower cost and net realisable value, unless incorporated into the production cycle for which no valuation adjustments are made as long as the finished products into which they are incorporated, i.e. electricity, are expected to be sold above cost.

j) Capital grants

These are recognised when there is reasonable assurance that the conditions attached thereto are met. These amounts are recorded under "Grants" in the Consolidated Statement of Financial Position and are allocated to income under "Other Operating Income" in the Consolidated Income Statement over the useful life of the asset.

Guarantees of origin bought from third parties and held for the purpose of crediting renewable energy that is commercialised are initially recognised at acquisition cost under "Inventories", which is equivalent to their fair value, and are measured at the lower cost and net realisable value. In addition, those held for the purpose of trading constitute a trading portfolio and are recorded at fair value with changes in the Consolidated income Statement.

Financial

The income and expenses arising from the sale and purchase of these certificates are recorded in the Consolidated Income Statement under "Income from Sales and Services" and "Other Variable Procurements and Services", respectively, with a corresponding change in inventories.

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k) Liabilities under contracts with customers

k.1. Electrical extension connections

Endesa receives payments from customers to carry out a series of actions necessary to provide a new supply or to extend an existing supply, which finance the construction or acquisition of certain tangible fixed asset facilities. In other cases, it receives the financed facility directly from the customer, in accordance with the regulations in force, in exchange for taking responsibility for its operation and maintenance, security and quality of supply from that moment onwards.

The concepts included under this heading are:

• The "Fees for Extension Connections" which correspond to the legally agreed economic consideration associated with the new extension facilities that the distribution company is obliged to carry out according to the voltage and power requested, within the legally agreed limit, and which are necessary to make new supplies possible and to carry out extensions to the existing distribution network. These "Fees for Extension Connections" have been regulated up to and including the

financial year 2000 by Royal Decree 2949/1982, of 15 October, since the financial year 2001 by Royal Decree 1955/2000, of 1 December, and since the financial year 2013 by Royal Decree 1048/2013, of 27 December.

• The "Facilities transferred from customers", which correspond to the valuation of distribution facilities transferred from customers as well as the income received from customers, related to the consideration received for the new extension facilities necessary to meet requests for new supplies or expansion of existing ones, when, based on the voltage and power requested, they exceed the legally established limit.

l) Provisions and contingencies

Liabilities in existence on the date of the Consolidated Statement of Financial Position arising as a result of past events which could give rise to a probable loss for Endesa, the amount and timing of which are uncertain, are recognised in the Consolidated Statement of Financial Position as provisions at the present value of the most likely amount that Endesa expects to have to pay to settle the obligation.

Endesa also maintains provisions for liabilities arising from litigation in progress and indemnities, as well as for bonds, sureties or other similar guarantees and other risk hedging.

Provisions are quantified on the basis of the best information available at the preparation date of the Consolidated Financial Statements on the consequences of the events giving rise to them and are re-estimated at the end of each reporting period.

Contingent assets and contingent liabilities are recognised in the Consolidated Financial Statements based on the likelihood of an inflow or outflow of resources, respectively, and Endesa discloses them in Note 50.

For Facilities Transferred from Customers, both the tangible assets and the customer contract liability are recorded at the fair value of the asset at the date of transfer and are recognised in the Consolidated Income Statement over the useful life of the asset, thereby offsetting the impairment expense.

k.2. Other liabilities from contracts with customers

Endesa presents contracts with customers as a contractual liability to reflect in the Consolidated Statement the obligation to transfer goods or services for which it has received consideration from the customer (or for which consideration is receivable from the customer).

l.1. Provisions for employee benefits

Defined benefit plans

For defined benefit plans, Endesa recognises the expense relating to these provisions on an accrual basis over the employees' working lives by performing the appropriate actuarial studies at the date of the Consolidated Statement of Financial Position, calculated using the projected unit credit method. Provisions for defined benefit plans represent the present value of accrued provisions after deducting the fair value of the eligible assets allocated to the various plans. Actuarial gains and losses arising on the valuation of both the liabilities and assets relating to these plans are recognised, net of the related tax effect, directly in "Other Comprehensive Income" in the Consolidated Statement of Other Comprehensive Income (see Note 34.1.7).

For each of the plans, if the difference between the actuarial liability for services rendered and the assets allocated to the plan is positive, this difference is recorded under the heading "Non-current provisions: "Provisions for employee benefits" for the liability in the Consolidated Statement of Financial Position, and if negative, under "Other non-current assets" for

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the asset in the Consolidated Statement of Financial Position provided that the established requirements are met (see Notes 29 and 36.1).

Defined contribution plans

Post-employment plans that are fully insured and in which Endesa has transferred the entire risk are deemed to be defined contribution plans and, therefore, as with the latter, no actuarial liabilities or assets are considered to exist.

Contributions to defined contribution plans are recognised as an expense in the Consolidated Income Statement as employees render their services.

l.2. Provisions for workforce restructuring plans

Endesa records the termination or suspension of employment benefits when there is an individual or collective agreement with employees that allows them, unilaterally or by mutual agreement with the company, to leave Endesa or temporarily suspend their employment contract, receiving compensation in exchange. Where mutual agreement is necessary, the provision is only recorded in situations where Endesa has decided to give its consent to the termination of the employees and this consent has been made known to the employee individually or collectively to the employee's representatives. Wherever such provisions are recorded, there is an expectation on the part of the employees that such removals will be made, there will be a formal communication from the company to the employee or employee representatives, and it is unlikely that there will be significant changes to the plan.

Endesa has put workforce reduction plans in place, which materialised in the corresponding redundancy plans approved by the government or through agreements signed with the workers" social representatives. These plans guarantee the payment of an indemnity or the maintenance of a regular payment during the period of early retirement or suspension of the employment contract.

Endesa recognises the full cost of these plans when the obligation arises, which is understood to be when the company is unable to avoid disbursement, based on the commitments acquired with employees or their representatives. These amounts are determined by carrying out, where necessary, the appropriate actuarial studies for the calculation of the actuarial obligation at the end of the period. The actuarial gains and losses disclosed are recognised in the Consolidated Income Statement.

l.3. Provision to cover the cost of carbon dioxide (CO2) emissions

Endesa companies that emit carbon dioxide (CO2 ) in their electricity generation activities must surrender carbon dioxide (CO2 ) emission allowances in the first few months of the following year, equivalent to the emissions made during the previous year.

The obligation to surrender allowances for carbon dioxide (CO2 ) emissions made during the year is recorded as current provisions under "Other Current Provisions" in the Consolidated Statement of Financial Position, and the corresponding cost is recorded under "Other Variable Procurements and Services" in the Consolidated Income Statement (see Notes 36.3 and 10.3, respectively). This obligation is measured at the same amount at which the carbon dioxide (CO2 ) emission allowances, intended to be surrendered to cover this obligation, are recorded under "Inventories" in the Consolidated Statement of Financial Position (see Note 3.2i.2).

If Endesa does not hold all the carbon dioxide (CO2 ) emission rights it requires at the date of the Consolidated Statement of Financial Position, the cost and provision thereof are recorded on the basis of the best estimate of the price Endesa will have to pay to acquire them. Where no better estimate exists, the estimated acquisition price of rights not held by Endesa is the market price at the closing date of the Consolidated Statement of Financial Position.

l.4. Provisions to cover guarantees of origin

Endesa companies that use guarantees of origin in their electricity trading activity must redeem, in the following year, the guarantees of origin assigned to

the consumers to whom they have supplied electricity during the months corresponding to the guarantees to be redeemed.

The obligation to deliver guarantees of origin made during the year is recorded under "Other Current Provisions" in the Consolidated Statement of Financial Position, and the corresponding cost is recorded under "Other Variable Procurements and Services" in the Consolidated Income Statement (see Notes 36.3 and 10.3, respectively). This obligation is measured at the same amount at which the guarantees of origin, which are intended to be delivered to cover this obligation, are recorded under the heading "Inventories" in the Consolidated Statement of Financial Position (see Note 3.2i.3) and at the prices agreed in forward contracts for the purchase of guarantees of origin which have not yet been delivered.

On the date of the Consolidated Statement of Financial Position, if Endesa does not possess all the guarantees of origin it requires, the cost and provision are recorded considering the best estimate of the price Endesa will have to pay to acquire them. Where there is no better estimate, the estimated acquisition price of guarantees not held by Endesa is the market price at the closing date of the Consolidated Statement of Financial Position.

l.5. Provisions for the costs of plant closures

Endesa records the costs it must incur to dismantle some of its power plants and certain electricity distribution facilities (see Notes 3.2b, 3.2c and 36.3). The change in the provision arising from its financial discounting is recorded with a charge to "Financial expenses" in the Consolidated Income Statement (see Note 16).

The interest rates applied for the corresponding discounting, depending on the remaining useful life of the associated asset, have been in the following ranges:

%	2024	2023
Financial Discounting Rates	2.1 - 2.6	2.2 - 3.4

l.6. Onerous contracts

In the case of contracts in which the unavoidable costs of meeting the obligations they entail exceed the economic benefits expected to be received from them (onerous contracts), Endesa records a provision at the present value of the difference between the expected costs and benefits of the contract. Such costs shall reflect the lower of the cost of complying with its provisions, which includes both incremental costs and the allocation of other costs that are directly related to compliance, and the amount of any compensation or penalties resulting from non-compliance.

As of 31 December 2024 and 2023, no provision has been made for onerous contracts.

m) Foreign currency transactions

Transactions carried out in currencies other than the functional currency of each company are recorded in the functional currency section at the exchange rates in force at the time of the transaction.

During the financial year, any differences arising between the exchange rate recorded and the exchange rate in force on the date of collection or payment are recorded as financial results under the heading "Net exchange rate differences" in the Consolidated Income Statement (see Note 16.1).

Likewise, any balances receivable or payable at the closing date in currencies other than the functional currency in which the financial statements of the consolidated companies are recorded are converted at the closing rate. Any resulting valuation differences are recorded as financial results under "Net exchange rate differences" in the Consolidated Income Statement (see Note 16.1).

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n) Classification of non-current and current balances

In the Consolidated Statement of Financial Position, balances are classified on the basis of their maturity, meaning those maturing in 12 months or less are classified as current and those maturing in more than 12 months as non-current.

o) Corporate Income Tax

In 2024 most of Endesa's subsidiaries were taxed for corporation tax purposes under the consolidated tax regime through the consolidated tax group number 572/10, whose parent company is Enel, S.p.A. and its representative in Spain is Enel Iberia, S.L.U., which consists of all the entities in which Enel, S.p.A. (the Italian parent company of the Enel Group) holds an interest of at least 75% or 70% (in the case of listed investees or subsidiaries thereof) and which meet the requirements for this purpose under the rules on taxation of the consolidated profits of groups of companies.

As of 31 December 2024, 105 companies make up this consolidated tax group (109 companies at 31 December 2023), the most significant of which are as follows: Enel Iberia, S.L.U., Endesa, S.A., Edistribución Redes Digitales, S.L.U., Endesa Energía, S.A.U., Endesa Financiación Filiales, S.A.U., Endesa Generación, S.A.U., Endesa Medios y Sistemas, S.L.U. and Enel Green Power España, S.L.U.

Up to 31 December 2023 there was another tax consolidation group in Endesa, number 21/02, the parent company and representative in Spain of which was Empresa de Alumbrado Eléctrico de Ceuta, S.A. This group was abolished as a result of the merger by absorption on 1 July 2024, with Empresa de Alumbrado Eléctrico de Ceuta, S.A. being absorbed by its sole subsidiary, Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A. (see Note 7.1).

The rest of Endesa's subsidiaries file individual tax returns pursuant to the tax regulations applicable in each country.

Corporate income tax expense for the year is determined as being the sum of the current tax of the various companies after applying the tax rate to the taxable income for the year and after applying the tax credits allowable for tax purposes, plus any change in deferred tax assets and liabilities and tax credits, both for tax losses that can be carried forward and tax credits pending application.

V. Consolidated Financial Statements

Differences between the book value of assets and liabilities and their tax bases give rise to deferred tax asset or liability balances which are calculated according to the tax rates expected to be in effect when the assets and liabilities are realised.

Deferred tax assets are recognised for any deductible temporary differences, except those arising from the initial recognition of assets and liabilities in a transaction that is not a business combination, those which, on the date of the transaction, affect neither taxable profit nor book profit and, at the time of the transaction, do not give rise to taxable and deductible temporary differences of an equal amount.

Deferred tax assets are also recorded for deductible temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures insofar as it is likely that the temporary difference will be reversed in the foreseeable future and taxable profit against which the temporary difference can be utilised, will be available.

Corporate Income tax and changes in deferred tax assets or liabilities are recorded in the Consolidated Income Statement or in the Equity accounts of the Consolidated Statement of Financial Position depending on where the gains or losses giving rise to them have been recorded.

Deferred tax assets and tax credits are recorded only when it is considered likely that the consolidated companies will have sufficient future taxable profit to

recover the temporary difference assets and to realise the tax credits.

Deferred tax liabilities are recorded for all taxable temporary differences, except those arising from the initial recording of goodwill or the initial recording of an asset or liability in a transaction that is not a business combination, or which at the time of the transaction affects neither book nor taxable profit or loss and does not result in taxable and deductible temporary differences that are equal in amount.

A deferred tax liability is nevertheless recorded for taxable temporary differences associated with investments in subsidiaries, branches and associates, or interests in joint ventures, unless the timing of the reversal of the temporary difference is controlled and it is likely that the temporary difference will not be reversed in the foreseeable future.

Tax credits arising from economic events occurring in the year are deducted from the income tax expense, unless there are doubts as to whether they can be realised, in which case, they are not recorded until they have effectively been realised.

Deferred tax assets and liabilities are reviewed at the end of each reporting period to ensure that they are still valid, and the appropriate adjustments are made in accordance with the results of this analysis.

Uncertain tax treatments

Endesa also reflects the effect of uncertainty in uncertain tax treatments when determining taxable profit or loss, tax bases, unused tax losses or tax credits or the corresponding tax rates. This is done by assessing whether to consider each uncertain tax treatment separately or in conjunction with one or more other uncertain tax treatments, to determine which approach best predicts the resolution of any uncertainty. When it is concluded that it is unlikely that the tax authority will accept an uncertain tax treatment, Endesa reflects the effect of the uncertainty by generally using the most likely amount method, i.e. the single most likely amount within a range of potential outcomes.

The presentation of liabilities or assets related to uncertain tax treatments are presented as current or deferred tax assets or liabilities (see Notes 25.1 and 39).

Administrative checks

In accordance with current law, taxes cannot be considered definitive until they have been inspected and agreed by the taxation authorities or before the inspection period of four years has elapsed.

As of 31 December 2024, the following financial years are subject to administrative auditing:

	31 December 2024
Consolidated Corporation Tax Group (Nº 572/10)	2006(1), 2019 et seq
Consolidated Corporation Tax Group (Nº 21/02)	2020 to 2023
The rest of Endesa's subsidiaries	2020 et seq

(1) In the 2014 financial year, Endesa filed an application for a refund of undue payments with respect to Corporate Tax for the 2006 financial year as a result of the taxation in that year of the income from the refund of the Extremadura Ecotax declared unconstitutional in 2006. At the date of preparation of these Consolidated Financial Statements, the right of the Administration to inspect that financial year has not lapsed.

During the 2023 financial year, the Tax Administration initiated a verification and investigation procedure of Tax Consolidation Group number 572/10 for Corporate Income Tax and Value Added Tax (VAT) for the 2019 to 2022 financial years, as well as for Withholdings for the 2020 to 2022 financial years, from which contingent liabilities could arise. At the date of authorisation for issue of these Consolidated Financial Statements, the actions are in the information gathering and analysis phase by the Inspectorate, so it is not possible to estimate the possible economic consequences that could arise from the procedure.

Use of non-cooperative jurisdictions

As of 31 December 2024, Endesa had no interests in companies or permanent establishments located in any territory classified as a non-cooperative jurisdiction.

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For more information on Endesa's Tax Transparency and Tax Policies, please visit the corporate website: https://www.endesa.com/es/nuestro-compromiso/ transparencia .

p) Income and expense recognition

p.1. Ordinary revenue from contracts with customers

I. General income recognition criteria

As a general rule, Endesa records revenue from its ordinary activities as it transfers control of the goods or services contractually committed to its customers and at the amount of the consideration it expects to be entitled to, in exchange for transferring those goods or services.

Inter alia, Endesa takes the following steps to record revenue from contracts with customers:

• 1. Identify the contract with the customer.
• 1. Identify the obligations for performing the contract.
• 1. Establish the price of the transaction.
• 4.Allocation of the transaction price among the contract performance obligations.
• 5.Recording of revenue as performance obligations are met by determining whether the performance obligation is met over time or at a given point in time.

When a contract includes several goods or services, to assess whether they should be accounted separately or jointly, Endesa considers both the individual characteristics of the goods or services and the nature of the commitment within the framework of the contract, also assessing all facts and circumstances related to the specific contract under the relevant legal and regulatory framework. When deciding when a performance obligation has been met, Endesa assesses when control of the goods or services is transferred to the customer, assessed mainly from the customer's perspective.

In the case of contracts with customers with multiple performance obligations (bundled sales contracts offering the customer electricity, gas and other valueadded services), the transaction price is allocated to each performance obligation based on the relative stand-alone selling price of each performance obligation determined at the beginning of the contract. The stand-alone sale price is estimated on the basis of prices observable in sales transactions of the good when sold separately in similar circumstances and to similar customers. In the absence of observable market prices, the price is estimated on the basis of the most appropriate valuation method based on the information available.

Assets and liabilities from contracts with customers

Endesa presents contracts with customers in the Consolidated Statement of Financial Position as an asset or a liability depending on the relationship between Endesa's performance and the payment made by the customer:

• The contract with the customer is presented as a contractual liability when the customer has paid consideration before the goods or services have been transferred to it, such that Endesa is obligated to transfer the goods or services for which it has already received consideration to the customer.
• The contract with the customer is presented as a contractual asset when Endesa has performed it by transferring goods or services to the customer before the customer has handed over any consideration, such that Endesa has the right to the consideration in exchange for the goods or services it has transferred to the customer. Endesa excludes the amounts presented as receivables from this amount.

Principal versus agent

When a third party is involved in the provision of goods or services to a customer, Endesa analyses whether

the nature of its commitment is a performance obligation to provide the goods or services itself to the customer (Endesa acting as principal) or whether its commitment is to arrange for the third party to provide those goods or services (Endesa acting as agent).

When Endesa is acting as principal, it records revenue at the gross amount of the consideration to which it expects to be entitled in exchange for the goods or services transferred, while when it acts as an agent, it records revenue at the amount of any payment or commission to which it expects to be entitled in exchange for arranging for the other party to provide its goods or services.

II. Specific criteria for income recognition by Segment

Endesa's main types of revenue by segment are described below, indicating the nature and timing of the performance obligation and their accounting arrangement:

Segments	Type of revenue	Nature and Time of Performance of the Enforcement Obligation	Accounting Treatment
Generation and Commercia lisation	Commercia lisation of Electricity and Gas	• The amount of electricity and gas sales includes both sales on the deregulated market and sales on the regulated market of gas at the Tariff of Last Resort (TUR) and electricity at the Voluntary Price for Small Consumers (PVPC). • In the case of electricity and gas sales contracts with customers, committed assets are identified as a single performance obligation, as they correspond to a number of different assets that are substantially the same and whose transfer pattern is the same. This performance obligation is recorded at the time of delivery of the energy to the customer. • Any consideration to be received for the supply of energy shall be valued at the price fixed in the contract with the customer for the energy supplied at each given moment in time.	• Sales of electricity and gas are recorded as revenue on the date they are delivered to the customer, based on the quantities delivered during the period, even if they are not invoiced and in line with the unit price established in the contract. This means that revenue includes the estimated energy supplied and not yet read on the customer's meters (see Note 32). • The methodology used to estimate the energy supplied to customers and not yet invoiced is as follows: — Revenue from energy that has been supplied and not yet read at the customer's meters are based on estimates of the amount of energy supplied and all the usual price components for each type of customer. — The amount of energy supplied (GWh) is estimated on the basis of the following parameters: I. Energy purchases made on the market during that period of time, in busbars (bc), with this data identified through the orders placed. II. The estimated transmission and distribution energy losses based on established parameters that are continuously updated with the latest actual information available; III. The actual volume of energy billed to customers. — The difference between the estimate of total energy delivered (I) - (II) and the energy already billed (III) corresponds to the amount of energy yet to be billed. — The price (€/GWh) is estimated on the basis of the following components: I. The cost of energy, which corresponds to purchases made on the market in that period of time, including all components, plus an estimate of any deviations due to customer consumption profiling; II. Transmission and distribution costs, based on access charges, and III. The margin associated with each different product contracted by customers according to the parameters defined in their contract and for the different products in the catalogue.

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Shareholders and	Financial Statements	Statement	Management Report	Financial	Responsibility
Other Stakeholders	Audit Report	Verification Report		Statements

Segments	Type of revenue	Nature and Time of Performance of the Enforcement Obligation	Accounting Treatment
Generation and Commercia lisation	Wholesale Electricity Sales	• In wholesale electricity sales, committed goods are identified as a single performance obligation, as they correspond to various different goods that are substantially the same and whose transfer pattern is the same. This performance obligation is recorded at the time of delivery of the energy on the wholesale market.	• They are recognised as revenue on the date they are delivered, based on the electricity delivered and any ancillary services provided.
	Renewable, Co-generation and Waste Generation Activity	• This is subject to a special remuneration regime established by Royal Decree 413/2014, of 6 June, which governs the activity of electricity production from renewable energy sources, co-generation and waste, meaning it can receive income in addition to the average price on mainland Spain to guarantee it a reasonable return and to be able to compete on an equal footing with other technologies (see Note 6). • Likewise, article 22 of Royal Decree 413/2014, of 6 June, establishes a mechanism called "Value of Adjustments for Deviations in Market Price" that adjusts the sale prices of electricity estimated by the regulator at the beginning of the regulatory half-period, and which were taken into account when determining the specific remuneration, with the actual market prices resulting in each half-period, such that a positive or negative balance is generated each year and included in the next review of the remuneration parameters for the subsequent regulatory half-period, and which will be offset during the rest of the useful life of the facility through a higher or lower specific remuneration.	• This revenue is recorded as energy sales are transferred to the market as this additional remuneration complements the revenues from the electricity market to achieve the agreed reasonable profitability. • Pursuant to article 22 of the Royal Decree, Endesa generally records each positive and negative deviation from the market arising under Royal Decree 413/2014 of 6 June, unless abandoning the remuneration system would have significantly worse economic consequences than remaining in it.
	Generation in Non Peninsular Territories (NPT)	• Remuneration is basically governed (see Note 6) on the basis of the operation and availability of facilities, with part of this remuneration being received from the valuation of the energy sold at the average price on the peninsular, and the rest, until the agreed remuneration is reached, from the settlements made by the National Markets and Competition Commission (CNMC).	• This revenue is recorded over time as electricity sales are transferred to the market.
Distribution	Regulated Revenues from the Electricity Distribution Activity	• The National Markets and Competition Commission (CNMC) is responsible for settling the remuneration recognised for electricity distribution companies.	• This revenue is recorded in accordance with the regulatory framework of the electricity sector in Spain (see Note 6).

p.2. Other income and expenses

Dividends from equity instruments are recognised as income in the Consolidated Income Statement on the date when the right to receive them arises.

For assets and liabilities measured at amortised cost, interest income and expenses are recognised using the effective interest rate method applicable to the outstanding principal during the relevant accrual period. Additionally, financial income and expenses include changes in the fair value of financial instruments—excluding derivatives—related to financial assets and liabilities measured at fair value through profit or loss.

q) Fair value measurement

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Fair value is defined as the price that would be collected for the sale of an asset or that would be paid for the transfer of a liability, in an orderly transaction between market players at the valuation date.

The valuation is calculated on the premise that the transaction is carried out on the main market, i.e. the market with the largest volume or activity for the asset or liability. In the absence of a main market, it is assumed that the transaction is carried out on the most advantageous market, i.e. that which maximises the amount received from selling the asset or that which minimises the amount paid to transfer the liability.

The fair value of the asset or liability is determined by applying the assumptions that would be made by the market players at the time the price of the asset or liability is set, on the understanding that the market players are acting in their best economic interests. The market players are independent of each other, they are well informed, they can carry out a transaction with the asset or liability, and are motivated to carry out the transaction but are not in any way obliged or forced to do so.

Assets and liabilities measured at fair value may be classified on the following levels (see Note 44):

Endesa recognises at net value contracts for purchase or sale of non-financial items that are settled net in cash or through another financial instrument. Contracts entered into and maintained for the purpose of receiving or delivering such non-financial items are recognised based on the contractual terms of the purchase, sale, or the entity's expected usage requirements.

Expenses are recognised on an accrual basis, and immediately in cases where disbursements do not generate future economic benefits or fail to meet the necessary criteria for recognition as assets.

• Level 1: Fair value is calculated from quoted prices in active markets for identical assets or liabilities.
• Level 2: Fair value is calculated from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. In all cases, these inputs are based on quotations obtained from publications by specialised firms. The methods and assumptions used to determine fair value within Level 2 by class of assets or liabilities take into account the estimate of future cash flows discounted to present value using zero-coupon yield curves for each currency on the last working day of each closing, translated to Euros at the exchange rate prevailing on the last working day of each closing. All these measurements are made using internal tools.
• Level 3: The fair value is calculated from inputs for assets or liabilities that are not based on observable market data. Specifically, they are valued using analytical approximation formulas based on various parameters, including contract terms, market curves, hedging, and volatilities. The price curve used for valuation is derived from fundamental models and market quotations.

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II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

Endesa uses valuation tools to measure the fair value of assets and liabilities that are suited to the circumstances and for which sufficient data are available to appraise fair value, making maximum use of major observable variables and minimum use of non-observable variables.

r) Earnings (loss) per share

Basic net earnings per share are calculated by dividing the net profit for the period attributable to the Parent by the weighted average number of ordinary shares outstanding and owned by the Parent Company during the period, excluding the average number of shares of the Parent Company owned by Endesa.

Basic net earnings per share from Continuing and Discontinued Operations are calculated by dividing the profit/loss after tax from Continuing and Discontinued Operations, respectively, minus the

s) Dividends

Dividends receivable are recognised when the right to receive them arises.

Dividends payable are recognised as a reduction in "Equity" on the date they are approved by the competent body, typically the Board of Directors for interim dividends, and the General Shareholders' Meeting for dividends charged to reserves or supplementary dividends (see Note 34.1.10).

t) Share-based remuneration schemes

Endesa has granted certain employees of its business Group, who occupy positions of greater responsibility, remuneration plans based on equity instruments, in which, in exchange for the services they provide, Endesa settles them with equity instruments. These plans are also combined with cash settlements, whose amount is based on the value of equity instruments (see Note 46.3.5).

Endesa recognises the services received from in-house employees as "Personnel Expenses" in the Consolidated Income Statement, at the time of obtaining them and, by contrast, it posts the corresponding increase in Equity under "Other Equity Instruments" in the Consolidated Statement of Changes in Equity when the transaction is settled with equity instruments, or the corresponding liability under "Non-Current Provisions" in the Statement of Financial Position if the transaction is settled in cash with an amount that is based on the value of equity instruments.

Transactions in which it is necessary to complete a certain period of services are recognised to the extent that such services are provided throughout that period.

portion attributable to Non-Controlling Interests, by the weighted average number of ordinary shares of the Parent Company outstanding during the period, excluding the average number of shares of the Parent Company owned by Endesa.

In 2024 and 2023, Endesa did not perform any transactions with a potential dilutive effect that would result in a diluted earnings per share different from basic earnings per share (see Notes 19, 34.1.8, and 34.1.12).

In transactions with employees settled with equity instruments, both the services provided and the increase in the Equity to be recognised shall be measured at the fair value of the equity instruments transferred, referred to the date of the concession agreement.

Once the goods and services received have been recognised, in accordance with the provisions of the preceding paragraphs, as well as the corresponding increase in Equity, no additional adjustments will be made to the Equity after the date of irrevocability.

In transactions settled in cash, the goods or services received and the liability to be recognised shall be measured at the fair value of the liability, referring to the date on which the requirements for recognition are met. Subsequently, and until settlement, the corresponding liability shall be measured at fair value at the closing date of each financial year, with any valuation changes that occurred during the financial year being charged to the Consolidated Income Statement.

The fair value is determined based on the market value of the shares on their grant date, minus the estimated dividends to which the employee is not entitled during the performance period (see Note 46.3.5).

u) Treasury shares

Own shares acquired by Endesa in the year are recognised at the value of the consideration delivered in exchange, directly as a reduction of Equity under "Net Equity Shares" in the Consolidated Statement of Financial Position (see Note 34.1.8).

The results arising from the purchase and sale of equity instruments are recognised directly in Equity, and no results are recognised in the Consolidated Income Statement under any circumstances.

v) Transactions with related parties

Related parties are those over which Endesa, directly or indirectly through one or more intermediary companies, exercises control or joint control, has significant influence, or is a key member of Endesa's management.

All Company transactions with related parties are performed on an arm's length basis. Transfer prices are adequately supported, and consequently, the Company's Directors consider that no significant risks exist in this respect from which significant liabilities could arise in the future (see Note 46).

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4. New accounting standards, amendments, and interpretations

As of the date of preparation of these Consolidated Financial Statements, the following standards, amendments to standards, and interpretations have been approved by the European Union (EU). They were applied for the first time in the Consolidated Financial Statements for the year ended 31 December 2024:

Standards, Amendments to Standards, and Interpretations	Mandatory Application: Effective for periods beginning on or after
Amendments to IAS 1 "Presentation of Financial Statements" (1)	1 January 2024
Amendments to IFRS 16 "Leases" – Lease Liabilities in a Sale and Leaseback Transaction	1 January 2024
Amendments to IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments: Disclosures" – Supplier Finance Arrangements	1 January 2024

(1) Includes Classification of Liabilities as Current or Non-current, Classification of Liabilities as Current or Non-current - Deferral of Effective Date, and Non-current Liabilities with Financial Covenants.

The application of these amendments has not had a significant impact on the Consolidated Financial Statements for the year ended 31 December 2024.

5. Non-financial information

5.1. Climate Change

Endesa promotes a business model aimed at addressing the key challenges facing the society in which it operates, with the aim of leading the Energy Transition in line with the United Nations Sustainable Development Goals (SDGs) and the objectives of the Paris Agreement to achieve the decarbonisation target of the economy. Endesa collaborates in achieving the goal of limiting the average global temperature increase to 1.5°C compared to pre-industrial levels, creating shared value for all its stakeholders and designing its strategy to address the challenges of the Energy Transition.

The Energy Sector in Europe is currently facing significant challenges in developing an Energy System capable of meeting three major goals: affordability, security, and Sustainability.

Within the European Union (EU), significant progress has been made in developing and implementing a cohesive regulatory framework to achieve these objectives. This framework is built around two main pillars: the "REPowerEU" plan and the "Fit for 55" package of measures (see Note 6). By incorporating these complementary regulations into the legal frameworks of Member States, the aim is to strike a balance between the development of clean energy sources and the modernisation of transmission and distribution grids, reduce prices and volatility in energy markets, and ultimately, support economic recovery and reindustrialisation across Europe.

These guiding principles are reflected in the corresponding national plans. For Spain, they are embodied in the Integrated National Energy and Climate Plan (INECP) 2023-2030, presented by the Spanish Government on 24 September 2024, which has updated the initial 2021-2030 Plan. This update includes an investment forecast of Euro 308,000 million, 82% of which must be carried out by the private sector. Essentially, this new Integrated National Energy and Climate Plan (INECP) 2023-2030 is notable for its emphasis and increased ambition on the electrification of the economy (which will account for 17% of this investment, ten percentage points more than in the previous INECP 2021-2030); an aggressive growth in new solar, wind, and storage capacity, and a strong commitment to an electricity grid with greater capacity and coverage.

Endesa is committed to leading the Energy Transition and seizing all the opportunities it presents. Therefore, the 2025-2027 Strategic Plan has taken into account the key metrics and objectives outlined in the updated NECP.

For the 2025-2027 period, the 3 strategic pillars established in the previous plan remain in place, all with the ultimate goal of optimising the Company's risk-return profile to maximise value creation for all stakeholders.

This 2025-2027 Strategic Plan is tailored to the new energy landscape and emphasises more selective and efficient capital allocation. Given all the above, gross investments projected in this Plan for the 2025-2027 period foresee an overall increase of 8% compared to the previous plan, estimated at 9,600 million euros gross. Accordingly, distribution networks and renewable generation, two pillars of clean electrification, continue to be key growth drivers.

The information on Climate Change, which illustrates Endesa's impact in terms of Climate Change-related Material Impacts, Risks, and Opportunities (IROs) related to Climate Change (ESRS E1) is outlined in Section 25.2 of the Consolidated Management Report for the year ended 31 December 2024.

In accordance with the above, and in line with the recommendations of the European Securities and Markets Authority (ESMA) and the "Effects of Climate-Related Matters on Financial Statements" document published by the International Accounting Standards Board (IASB) in November 2020 and updated in July 2023, Endesa includes disclosures related to Climate Change in the Notes to the Consolidated Financial Statements for the year ended 31 December 2024. These include:

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Aspects		Notes Content
Climate Change-Related Estimates	3.1 and 5.1.1	• Impact of Climate Change-Related Matters on accounting estimates, with a particular focus on the estimation of the present value of future cash flows for Cash Generating Units (CGUs), as well as the impact of the Paris Agreement commitments on the useful life of tangible and intangible assets.
Regulatory Framework	6	• Spain: Strategic framework for energy and climate. • Europe: European regulation pertaining to energy, the environment, and sustainable finance.
Sustainable Investment and Acquisition Commitments	7.1, 20.1, 20.2, 23.1 and 23.2	• Investment plan and commitments for acquiring assets related to renewable generation, infrastructure for grid development, and investments in mobility, urban, electronic industries, and home automation business development.
Impairment of Non-Financial Assets	3.2f.3, 5.1.1, 20.3, 23.3 and 24.1	• Impact of Climate Change commitment on the valuation of non-financial assets to determine impairment losses.
Provisions		36.2 and 36.3 • Obligations related to the Energy Transition process, including those concerning affected employees and future decommissioning costs of facilities.
Sustainable Financing		40.3 and 5.1.2 • Financial debt with terms that comply with the alignment of economic activities under the EU Taxonomy Regulation.
Long-term Financial Power Purchase Agreements		3.2h.5.2 and 44.5 • Key features of long-term financial Power Purchase Agreements (PPAs).
Share-Based Payments		46.3.5 • Variable compensation linked to Sustainability objectives.
Market Mechanisms Related to Environmental Objectives	3.2i.2, 3.2i.3, 3.2l.3, 3.2l.4, 5.1.3, 10.3, 31.1, 31.2, 36.3 and 5.1.3	• Description and accounting treatment of carbon dioxide (CO2 ) emission allowances, energy savings certificates, and guarantees of origin. • Recognition of costs and associated provision.

5.1.1. Accounting estimates and judgements related to the risks and implications of Climate Change and the Energy Transition

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Below are the key accounting estimates and judgements made by Endesa's Management to measure certain assets, liabilities, income, expenses, and commitments related to the effects of Climate Change and the Energy Transition:

a) Commitment to Climate Change in the valuation of non-financial assets

Endesa is fully committed to developing a sustainable business model aligned with the goals of the Paris Agreement, which aims to limit the temperature increase to 1.5°C compared to pre-industrial levels. For Endesa, the fight against Climate Change is an unprecedented challenge. It has been setting ambitious targets through the successive Strategic Plans it has approved.

The 2025-2027 Strategic Plan presented on 19 November 2024 reiterates the objective of reaching "Net Zero" emissions by 2040 through the generation and sale of 100% renewable energy, accompanied by the withdrawal from the fossil gas retail business as customers transition to electrification. This longterm approach seeks to achieve solid financial and environmental Sustainability, striving to create value while addressing the challenges of Climate Change, which will be achieved through the development of strategic lines of action.

Endesa maintains its commitment to fully phase out coal in Spain by 2027, with plans to request the decommissioning of the last 2 generators at the Alcudia Power Plant (which are currently kept operational on a limited basis for security of supply reasons). With this in mind, Endesa has outlined the following strategic guidelines:

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III. Sustainability Statement Verification Report

IV. Consolidated Management Report

Statements

VI. Statement of Responsibility

Strategic Guidelines

• Allocate capital to support a decarbonised electricity supply.
• Enable the electrification of customer energy demand.
• Maximise value creation across the entire value chain.
• Accelerate the achievement of sustainable "Net-Zero" emissions goals.

These premises are integrated into the approach used to assign value to the key assumptions that serve as a basis for the impairment test for non-financial assets (see Note 3.2f.3).

Zero emissions – Decarbonisation Pathway aligned with the Paris Agreement (1.5ºC pathway) covering direct and indirect emissions through specific targets.

(1) The closure of a coal-fired power plant is not the sole responsibility of Endesa, but is subject to an authorisation process. (2) Non-mainland systems.

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Analysing the impact of climate change on the most relevant aspects of Endesa's business is a complex activity that requires the definition of a framework of coherent scenarios and analyses. Endesa uses the following climate, energy and macroeconomic scenarios to evaluate the flexibility and resilience of its Strategic Plan and to identify the risks and opportunities that arise:

Scenarios	Scope of application
Short Term (1 to 3 years)	• Aligned with the Company's Strategic Plan, in which sensitivity analyses can be carried out based on the 2025-2027 Strategic Plan.
Medium Term (4 to 10 years)	• Scenario in which the effects of the Energy Transition materialise.
Long Term (more than 10 years)	• In this Scenario, in addition to the materialisation of the effects of the Energy Transition, chronic changes in the climate will be observed.

These scenarios allow the company to analyse the impact of changes in climate variables (Physical Scenarios), as well as the evolution of technological and regulatory factors (Transition Scenarios) in terms of extreme events, chronic phenomena, and the transition process, respectively.

In line with this, Endesa has assessed Climate Changerelated matters to determine how they have affected the reasonable and sustainable assumptions used to estimate future cash flow projections. The following outlines the Climate Change-related impacts that Endesa has taken into account for the long-term time horizon (2050):

• Factoring in a long-term growth rate for the terminal value estimate, in line with the projected evolution of electricity demand in Spain for the 2028-2050 period. This process relies on Endesa's energy models, which consider the effects of rising temperatures due to Climate Change and trends associated with the Energy Transition to quantify demand, as outlined in the Physical and Transition Scenarios selected by Endesa for longterm planning. These scenarios are consistent with the objectives of the Paris Agreement and the 2023-2030 Integrated National Energy and Climate Plan (INECP).

• • Factoring potential changes in the levels of hydroelectric, wind, and solar photovoltaic electricity generation across Endesa's renewable assets, based on projections of underlying weather conditions (such as temperature, rainfall, wind speed, and solar radiation).
• • Estimating the decommissioning costs for coal/ fuel power plants and combined-cycle power plants, in line with Endesa's long-term goal of achieving complete decarbonisation by 2040, which includes attaining 100% emission-free electricity generation and ceasing gas-related activities.
• • Factoring in the key Climate Change-related variables announced in Endesa's 2025-2027 Strategic Plan, among others:

Strategic Guidelines

• Maintaining commitment to fully phase out coal in Spain by 2027, with plans to request the decommissioning of the last two generators at the Alcudia Power Plant (which are currently kept operational on a limited basis for security of supply reasons), following the decommissioning of the last coal power plant on the Iberian Peninsula (As Pontes) in 2023.
• Redirecting investments in renewable energies, totalling Euro 3,700 million, by reducing exposure to solar energy and focusing on higher-value-added assets.

• Increasing net installed capacity from renewable energy sources by adding 3 GW to reach 23.1 GW by 2027.

• Achieving zero emissions in the Generation and Commercialisation businesses by 2040 without relying on carbon removal technologies to meet this target.

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b) Key Endesa assets subject to Climate Change and Energy Transition risks

Business	Asset Type and Key Climate Change Impacts
Generation	Coal and fuel power plants • Endesa plans to fully phase out coal-fired electricity generation by 2027, and has pledged to request the decommissioning of the last two generators at the Alcudia Power Plant (which are currently kept operational on a limited basis for security of supply reasons). The company is also actively working to shut down the power plants that remain operational as of 31 December 2024. • Regarding coal thermal power plants, — Generators 3 and 4 of the Alcudia Thermal Power Plant, which remain in operation for security of supply reasons, have been limited to a maximum of 500 operating hours per year since 17 August 2021. As of 31 December 2024, their net book value stood at 20 million euros (26 million euros as of 31 December 2023). • Regarding fuel power plants, which are fully integrated into the Cash Generating Units (CGUs) for Generation in the Non-Peninsular Territories (NPT), their net book value as of 31 December 2024 stood at 392 million euros (406 million euros on 31 December 2023); — The generation facilities in the Non-Peninsular Territories (NPT) (the Canary and Balearic Islands, Ceuta and Melilla), where Endesa is the main generator, are ageing, which has had significant consequences for the emission of Greenhouse Gases (GHG) in these electrical systems.
	Renewable energy generation facilities • In line with the Paris Agreement (1.5°C pathway), Endesa has established a path to decarbonisation that covers both direct emissions (Scope 1) and indirect emissions (Scopes 2 and 3). To achieve this, Endesa is actively deploying new renewable capacity to make its entire generation activity 100% emission-free, both in the Iberian Peninsula and beyond. • As of 31 December 2024, the net book value of the tangible fixed assets related to renewable energy generation facilities stood at 4,107 million euros (4,163 million euros on 31 December 2023). Additionally, the value of the intangible assets related to renewable energy generation facilities was 608 million euros (701 million euros on 31 December 2023). • The value-in-use of renewable energy generation facilities may be affected by potential physical impacts related to Climate Change, particularly shortages of water, solar, and wind resources. Other influencing factors include regulatory changes, energy demand, and projections for energy purchase and sale prices.
Distribution	Distribution networks • As of 31 December 2024, the net book value of the tangible fixed assets related to transmission and distribution facilities stood at 12,577 million euros (12,414 million euros on 31 December 2023). • Endesa sees distribution networks and demand electrification as key to mitigating Climate Change. For this reason, investment in regulated distribution assets is aimed at improving service quality, reducing losses, enhancing resilience, and enabling the integration of new connection requests. • The Distribution Business may be impacted by regulatory changes and extreme weather events, which could affect service quality. Additionally, the distribution network faces challenges as the essential integrating element enabling the Energy Transition, particularly in response to the growth of the renewable energy generation pool and the expansion of value-added services and electricity supply for customers.
Supply	Costs associated with customer acquisition and charging points • Non-financial assets in the Commercialisation Business that may be affected by Climate Change and the Energy Transition include costs associated with customer acquisition and charging points, mainly due to fluctuations in demand in this evolving landscape and orientating customers towards energy efficiency solutions that guarantee efficiency and energy savings without neglecting the environment.

(1) The closure of the facility will depend on the corresponding authorisation from the Administration.

c) Provisions for decommissioning

As part of its response to Climate Change, Endesa estimates the decommissioning costs for coal/fuel power plants and combined-cycle power plants in line with its long-term goal of achieving 100% emissionfree electricity generation by 2040. Some electricity distribution facilities are also included, as distribution networks are the backbone of clean electrification (see Note 3.2l.5). These provisions are recognised at their present value (see Note 36.3).

d) Carbon dioxide (CO2) emission allowances and guarantees of origin

Carbon dioxide (CO2) emission allowances

Endesa has set a long-term goal to achieve "Net-Zero" emissions by 2040, with a commitment to reaching zero emissions. The company will consider using offset instruments only for those emissions where no emission-free technological solutions are available.

The obligation to submit allowances for carbon dioxide (CO2 ) emissions during the year is recognised as current provisions under "Other Current Provisions" in the Consolidated Statement of Financial Position, while the corresponding cost is recognised under "Other Variable Procurements and Services" in the Consolidated Income Statement (see Note 3.2l.2).

Guarantees of origin

In line with its commitment to decarbonisation, Endesa is dedicated to promoting clean electrification by advancing both electricity generation and commercialisation from renewable energy sources.

In terms of electricity commercialisation, Endesa guarantees its final consumers that the electricity it sells is generated from renewable energy sources. This is verified through the associated guarantees of origin, which certify the renewable origin of the electricity provided. For this reason, companies that commercialise renewable energy have the obligation to redeem a volume of guarantees of origin equivalent to the sales of renewable energy made to customers to the National Commission of Markets and Competition ("CNMC") (see Note 6).

Additionally, Endesa generates guarantees of origin related to electricity generation from its own facilities that use renewable resources and recognises them as "Inventories" in the Consolidated Statement of Financial Position.

The obligation to submit the guarantees of origin for the year to the National Commission for Markets and Competition (CNMC) is recognised under "Other Current Provisions" in the Consolidated Statement of Financial Position, while the corresponding cost is recognised under "Other Variable Procurements and Services" in the Consolidated Income Statement (see Note 3.2l.4).

e) Recoverability of deferred tax assets

At the end of each period, Endesa assesses the recoverability of its recognised deferred tax assets, factoring in the effects of Climate Change and the Energy Transition. Any necessary adjustments are made based on the findings of this analysis (see Note 25).

f) Regulatory framework

The regulatory framework related to Climate Change and the Energy Transition is constantly evolving. Endesa's activities are subject to extensive environmental regulations. Therefore, failure to comply with current environmental laws or requirements, or to adapt to regulatory changes, could negatively impact the company's business, financial performance, financial position, and cash flows.

In 2024, the European Union (EU) has continued to make great progress towards its ambitious climate targets, despite the recent energy crisis. These include technological aspects such as the electrification of demand, grid interconnections, storage systems, increased deployment of renewable energies and the integration of other energy sources such as hydrogen and biomethane. However, when transforming the European Union's (EU) Energy System, it is also important to ensure energy security, boost energy independence, ramp up domestic production of clean technologies, and make energy more affordable, as evidenced by the recent energy crisis.

In this context, progress has continued on legislative proposals under the "Fit for 55" package. This has led to the adoption of various regulatory measures in 2024 aimed at achieving the European Union's (EU) climate goals.

In Spain, the implementation of Climate Change mitigation targets is outlined in the 2023-2030 Integrated National Energy and Climate Plan (INECP) and the 2021-2030 National Climate Change Adaptation Plan (NCCAP) (see Note 6).

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Note 20.4 describes Endesa's investments and expenses in environmental protection activities that have been carried out during the 2024 and 2023 financial years.

g) Litigation

Endesa's activities are subject to extensive environmental laws and regulations, and failure to comply could negatively impact the company's business, financial performance, and financial position.

For details on legal proceedings or arbitration cases involving Endesa companies, see Note 50.

h) Variable remuneration linked to sustainability objectives

Financial

Endesa's long-term variable remuneration is structured through long-term remuneration plans, called Loyalty Plans and Strategic Incentive Plans, whose main purpose is to reward the contribution to the Company's business strategy and longterm sustainability of those in positions of greater responsibility, Executive Directors, as well as those managers whose participation is considered essential in the achievement of the Strategic Plan. These plans have Sustainability-related objectives and metrics that are taken into account as performance benchmarks and are detailed in the Remuneration Policy.

Information regarding Endesa's incentive system is described in Note 46.3.5.

5.1.2. Financing related to economic activities under the European Taxonomy Regulation

Following the adoption of the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change by the United Nations (UN), the European Commission published its "Financing Sustainable Growth" Action Plan, one of its objectives being to redirect capital flows towards sustainable investments. Endesa anticipates that over 80% of planned investment for the 2025-2027 period aligns with the European Union (EU) Taxonomy.

As of 31 December 2024, gross financial debt with terms that comply with the alignment of economic activities under the European Taxonomy Regulation amounts to 3,321 million euros (32% of total gross financial debt) (see Notes 40.3 and 40.4). Additionally, the Company has negotiated financial transactions with clauses linked to Sustainability objectives for a total of 6,018 million euros (57% of gross financial debt). These have not been considered in the previous calculation.

5.1.3. Market mechanisms related to environmental objectives

Endesa's companies are subject to national and international environmental regulations and participate in market mechanisms related to environmental objectives, which are described below:

a) Definitions and nature of the market mechanisms associated with environmental objectives

Environmental Mechanism	Definitions related to the Environmental Mechanism	Nature
Emissions Trading System	• The European Union has set ambitious greenhouse gas reduction targets and developed the emissions trading system as a key tool to help meet these goals. • This mechanism, which applies to all EU member states, establishes an annual emissions cap for electricity generation and industrial power plants. This cap is gradually reduced by decreasing the number of available emissions allowances. • Emissions allowances are primarily made available through auction (57%), while the remaining 43% are allocated for free to facilities in sectors deemed at risk of carbon leakage. • The affected installations must surrender emission allowances, known as "European Union Allowances" (EUAs), equivalent to the emissions made during the previous year by 30 September of the following year, in 2025.	• This legally mandated environmental scheme ensures that emissions reductions are in line with the Paris Agreement and the Company's strategic goals. • Since 2013, thermal electricity generation no longer receives free emissions allowances, meaning electricity companies must purchase carbon dioxide (CO2 ) allowances from the market. This mechanism incentivises companies to make decisions aimed at reducing their emissions, thereby bringing the European Union (EU) closer to a more sustainable future. • Endesa companies that emit carbon dioxide (CO2 ) in their thermal electricity generation activities must submit "European Union Allowances" (EUAs) equivalent to the emissions generated during the previous year by 30 September of the following year. • Endesa closed the 2024 financial year with a cumulative emissions reduction of 71% over just 9 years since the adoption of the Paris Agreement in 2015. This achievement comes despite a temporary deviation from the projected path in the last two years, primarily due to the Russia-Ukraine conflict, geopolitical tensions, and the ongoing energy crisis. • As of 31 December 2024, the total value of the existing allowances to be submitted to cover carbon dioxide (CO2 ) emissions and the provisions for this purpose amounts to 694 million euros and 716 million euros, respectively (see Notes 31 and 36.3).
Guarantees of Origin	• This European mechanism is designed to promote the use of energy generated from renewable sources. • In Spain, the National Commission for Markets and Competition (Comisión Nacional de los Mercados y la Competencia -CNMC) oversees the Guarantee of Origin System, including the issuance and management of the generated guarantees of origin. • Companies may request guarantees of origin for the energy they produce in renewable electricity generation facilities. • Companies that commercialise renewable energy are required to redeem a volume of guarantees of origin equivalent to the amount of renewable energy sold to customers.	• This mechanism applies to Endesa's retailers, which must certify the renewable energy they commercialise. Specifically, Endesa companies that use guarantees of origin in their electricity commercialisation activities must, in the following year, redeem the guarantees of origin assigned to consumers who received renewable electricity during the corresponding months. • Additionally, Endesa's companies that generate energy from their own renewable energy facilities receive guarantees of origin issued by the CNMC. • As of 31 December 2024, the total value of the existing allowances to be submitted in the form of guarantees of origin and the provisions for this purpose amounts to 26 million euros and 29 million euros, respectively (see Notes 31 and 36.3).

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated
Shareholders and	Financial Statements	Statement	Management Report	Financial
Other Stakeholders	Audit Report	Verification Report		Statements

VI. Statement of Responsibility

Environmental Mechanism	Definitions related to the Environmental Mechanism	Nature
Energy Savings Certificates (ESC (1), EECs)	• Law 19/2014, of 15 October, establishes a mandatory system from which an annual energy saving target will be defined following the same criteria established in Directive 2012/27/EU of the European Parliament and of the Council, of 25 October. In Spain, compliance with this target has historically been achieved through: a. A national system of requirements implemented via contributions to the so-called National Energy Efficiency Fund (Fondo Nacional de Eficiencia Energética - FNEE), and b. A variety of alternative measures that cannot be financed by the aforementioned Fund, including taxes, targeted advertising campaigns, vehicle fleet renewal, etc. • This requirement system mandates that electricity and gas retailers, as well as wholesale operators of petroleum products and liquefied petroleum gases (LPG) (obligated parties), meet an annual energy savings target, which is typically implemented in the form of a payment to the FNEE. However, since 2023, retailers and wholesale operators are allowed, on a voluntary basis, to supplement their compliance—in the form of a financial contribution to the FNEE—by submitting so called Energy Savings Certificates (ESC). • Every year a Ministerial Order is published establishing the savings obligation and its equivalent economic amount and the minimum amount that each subject must contribute economically to the National Energy Efficiency Fund (FNEE), with the rest of the obligation being covered by the delivery of Energy Saving Certificates (CAEs). In the event of not providing all the expected Energy Saving Certificates (CAEs), the obligated party must make an equivalent supplementary contribution. • Following the European Union's (EU) energy and climate agreements, the "POPE" Law was passed in France in 2005, which mandates energy suppliers and fuel distributors to generate or finance energy savings in the following sectors: transportation, residential, small and medium-sized enterprises (SMEs), and agriculture. • The obligation is calculated based on the amounts billed to consumers in the applicable sectors and is fulfilled by submitting an equivalent amount of Energy Efficiency Certificates (EECs). • If the obligated party fails to meet their obligations by the end of the period, financial penalties ranging from Euro 15/MWh to Euro 20/MWh will be applied.	• This mechanism affects Endesa's retailers, which are required to make an annual contribution to the FNEE. A mandatory minimum percentage economic contribution to the FNEE is established, with the option to submit ESC to fulfil their annual obligation. Alternatively, the annual obligation may only be fulfilled through a financial contribution to the FNEE for the total amount of the obligations (see Note 6). • Endesa Energía, S.A.U. conducts its commercialisation activities in the liberalised French market through a specific branch that operates as an obligated party within this mechanism. • EECs are obtained either through the primary or secondary markets. As of 31 December 2024, the total value of the existing allowances to be submitted in the form of EECs and the provisions for this purpose amounts to 26 million euros and 29 million euros, respectively ,(see Notes 31 and 36.3).

(1) An Energy Saving Certificate (ESC) is an electronic documents that certifies that the implementation of an Energy Efficiency measure has resulted in a new final energy saving equivalent to 1 kWh.

b) Accounting standards related to market mechanisms associated with environmental objectives

The recognition and measurement standards for carbon dioxide (CO2 ) emission allowances, guarantees of origin, and other environmental certificates are outlined in Notes 3.2i.2, 3.2i.3, 3.2l.3, and 3.2l.4.

c) Accounting impacts related to market mechanisms associated with environmental objectives

Cost of market mechanisms related to environmental objectives

The breakdown of operating costs related to market mechanisms associated with environmental objectives, included under "Other variable procurements and services" in the Consolidated Income Statement for 2024 and 2023, is as follows:

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Millions of Euros	Notes	31 December 2024	31 December 2023
Consumption of carbon dioxide (CO2 ) emission allowances	10.3	726	925
Consumption of energy with guarantees of origin and other environmental certificates	10.3	45	157
TOTAL		771	1,082

The number of carbon dioxide (CO2 ) emission allowances, guarantees of origin, and other environmental certificates used by Endesa in its environmental compliance obligations are as follows:

	31 December 2024		31 December 2023
Notes	Carbon dioxide (CO2) emission allowances (thousands of tonnes)	Guarantees of origin and other environmental certificates (GWh)	Carbon dioxide (CO2) emission allowances (thousands of tonnes)	Guarantees of origin and other environmental certificates (GWh)
Opening Balance	10,974	19,233	10,421	16,815
Self-produced	—	16,222	—	11,732
Procurement	10,007	16,229	13,824	13,625
Sales	—	—	—	—
Redemption 31.1 and 31.2	(11,555)	(26,255)	(13,271)	(22,939)
Closing Balance	9,426	25,429	10,974	19,233

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Provision to cover the cost of market mechanisms related to environmental objectives

As of 31 December 2024 and 2023, the details of provisions to cover the cost of carbon dioxide (CO2 ) emission allowances, guarantees of origin, and other environmental certificates related to obligations for their submission to the competent authorities are as follows:

Millions of Euros	31 December 2024		31 December 2023
Notes	Non-Current	Current	Non-Current	Current
Provisions for carbon dioxide (CO2 ) emission allowances	—	716	—	917
Provisions for Guarantees of Origin and other Environmental Certificates	—	58	—	161
TOTAL	—	774	—	1,078

Millions of Euros	Balance as of 31 December 2023	Allocations	Redemption	Transfers and other	Balance as of 31 December 2024
Provisions for carbon dioxide (CO2 ) emission allowances	917	726	(927)	—	716
Provisions for Guarantees of Origin and other Environmental Certificates	161	45	(148)	—	58
TOTAL	1,078	771	(1,075)	—	774

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III. Sustainability Statement Verification Report

IV. Consolidated Management Report VI. Statement of Responsibility

5.2. Geopolitical situation

From a global energy perspective, 2024 has been defined by energy availability, resilient oil demand despite economic challenges in China, and a return to normal energy prices following the sharp increases triggered by the 2022 crisis. However, energy costs in Europe have remained higher than in the United States, and energy markets continue to face uncertainty and volatility due to geopolitical tensions, particularly the conflicts in Ukraine and the Middle East.

V. Consolidated Financial Statements

	Aspects
	• The year has seen an improved macroeconomic outlook and a slowdown in inflation compared to the previous year.
Macroeconomic and political environment	• As of the date of preparation of these Consolidated Financial Statements, the macroeconomic landscape has shifted from an environment defined by rising public and corporate debt financing costs to a scenario characterised by a widespread reduction in interest rates. Nonetheless, high levels of public debt could drive up risk premiums for certain countries and increase fiscal risks.

In compliance with the recommendations of the European Securities and Markets Authority (ESMA), Endesa monitors both the status and evolution of the current situation generated by the Russia-Ukraine and Middle East conflicts in order to manage potential risks and changes in the macroeconomic, financial, and commercial variables of the current environment, as well as the regulatory measures in force, in order to update the estimate of their potential impacts on the Consolidated Financial Statements. This analysis is detailed in the following Notes to the Consolidated Financial Statements for the year ended 31 December 2024:

Aspects		Notes Content
Regulatory Framework	6	Regulatory measures adopted by EU and national authorities in response to the economic and social consequences of the conflict and the current environment.
Impairment of Non-Financial Assets		3.2f.3, 20.3, 23.3 and 24.1 Monitoring of the current context.
Inventories		31 Effect of the economic context on contracts with "take or pay" clauses.
Provisions		36 Actuarial assumptions used.
Financial Instruments	34.1.6 and 40	Modification of the business model and the characteristics of the contractual cash flows of the financial assets, as well as reclassification between their categories. Evolution of the valuation and settlement of energy commodity derivatives, detail of financial instruments and compliance with the criteria established by the regulations for applying hedge accounting.
Financial Debt		28, 30 and 40.3 Details of financial debt.
Price Risk of Energy Commodities		41.3 Sensitivity analysis. Evolution of electricity and gas prices in the energy and other commodities markets.
Liquidity risk		40.4 and 41.4 Detail of liquidity position.
Credit risk		41.5 Analysis of impairment of financial assets.
Concentration Risk		41.6 Analysis of potential delays in supplies and contract fulfilment at the supply chain level.
Fair Value Measurement		44 Details of financial assets and liabilities valued at fair value.

In accordance with the above, in the year ended 31 December 2024 the effects arising from both the current conflict and context have not had a significant impact on Gross Operating Profit (EBITDA) or Operating Profit (EBIT).

In a constantly evolving landscape, Endesa continuously monitors macroeconomic and business variables in real time to provide the most accurate assessment of potential impacts.

6. Sector regulation

6.1. Regulatory framework in Spain

Law 24/2013 of 26 December on the Electricity Sector, repealed and replaced Law 54/1997 of 27 November, which had previously established the basic regulatory framework for the Electricity Sector. The new legislation a new operating framework for the sector, as well as the roles and responsibilities of industry participants. The key aspects of this framework include:

• The Electricity System is governed by the funda mental principle of economic and financial sustainability, which ensures that revenues are adequate to fully cover its costs. System costs will be funded through access tariffs for transmission and distribution grids, which are intended to cover the remuneration of both activities; charges established to finance other cost components; allocations from the General State Budget (Presupuestos Generales del Estado - PGE); and any other applicable revenue sources or financial mechanisms. Additionally:
  • • Any increase in costs or reduction in revenue must be offset by an equivalent cost reduction or increase in revenue. As long as there are cost items designated to pay off outstanding debts from previous years, charges cannot be lowered.
  • • From 2014 onward, temporary imbalances are capped at 2% of the System's estimated annual revenue (or 5% on a cumulative basis). Temporary imbalances and deviations are financed proportionally by all entities within the settlement System in proportion to the compensation they are entitled to. If the established limits are exceeded, tariffs or charges will be adjusted accordingly. Within these limits, any imbalances will entitle financing entities to recover their contributions over the following five years, with interest rates set at market-equivalent conditions.
• • The PGE for each year will finance 50% of remuneration for the Electricity Systems of the Non-Peninsular Territories (NPT) for that year.
• In terms of activity remuneration, the framework establishes that the remuneration for transmission, distribution, and electricity generation in the NPTs, as well electricity generation from renewable energy sources, high-efficiency cogeneration, and waste-to-energy technologies will factor in the costs of an efficient, well-managed company. The remuneration parameters will be established considering the cyclical nature of the economy, electricity demand, and an appropriate profitability for these activities over regulatory periods of 6 years. The Law established the asset remuneration rate for the first regulatory period (which ended on 31 December 2019) as the average yield of 10-year Spanish Government Obligations on the secondary market over the 3 months prior to the entry into force of Royal Decree-Law 9/2013, of 12 July, increased by 200 basis points for transmission, distribution, and production activities in the NPTs, and by 300 basis points for electricity generation from renewable energy sources, high-efficiency cogeneration, and waste-to-energy technologies. For the second regulatory period, which began on 1 January, 2020, the financial remuneration rate for electricity transmission and distribution activities has been established by Circular 2/2019, of 20 November, from the National Commission for Markets and Competition (CNMC). On the other hand, electricity generation activities in the NPTs under the additional remuneration scheme, as well as electricity generation from renewable energy sources, cogeneration, and waste-toenergy technologies under specific remuneration schemes has been established by Royal Decree-Law 17/2019, of 22 November.

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

• No distinction is made between electricity generation under the ordinary regime and the special regime, except for specific provisions concerning certain technologies.
• The tariff applied to most domestic consumers is the Voluntary Price for Small Consumers (Precio Voluntario para el Pequeño Consumidor - PVPC), while the Last Resort Tariff (Tarifa de Último Recurso - TUR) is reserved for vulnerable consumers and those who, despite failing to meet the criteria for the PVPC, temporarily don't have an active contract with a liberalised market supplier.

In addition to this basic Law, several provisions have been approved since 2012 to reduce the deficit of regulated activities and ensure the financial stability of the System. Notably, Royal Decree-Law 9/2013, 12 of July, adopting urgent measures to guarantee the financial stability of the electricity system, modifies, among other aspects, the remuneration regime for renewable energy, cogeneration, and waste-to-energy electricity generation facilities, as well as for electricity transmission and distribution activities.

Likewise, reference must be made to Law 15/2012, of 27 December, on fiscal measures for energy sustainability, in force since 1 January 2013, established new taxes (or modifying existing ones) that affect electricity generation facilities. Specifically, the following taxes were introduced:

• A general tax on electricity generation, equivalent to 7% of total revenue. This tax has subsequently been temporarily suspended on several occasions.

• Taxes on the production and centralised storage of spent nuclear fuel and radioactive waste.
• A tax on hydroelectric generation, which was modified through Law 7/2022, of 8 April, following the Supreme Court ruling of 19 April 2021. This tax amounts to 25.5% of revenue, with a 92% reduction for facilities with a capacity of 50 MW or less and a 90% reduction for pumped storage facilities over 50 MW. Additional reductions may be introduced through future regulations for certain types of electricity generation or facilities that require incentives for broader energy policy reasons.
• A 'green cent' tax on the use of natural gas, coal, fuel oil, and diesel for electricity generation, which was later repealed in certain cases through Royal Decree-Law 15/2018, of 5 October.

According to the provisions of this Law, the revenue collected from these taxes, along with proceeds from greenhouse gas emissions allowance auctions, will be used to finance the costs of the Electricity System.

In addition to these general measures, the Government has approved various regulations governing different activities related to electricity supply.

Additionally, as part of the Energy Transition process and to align the functions of the National Commission for Markets and Competition (CNMC) to EU regulations, the Govern ment has approved certain modifications to the existing regulatory framework, which are detailed further below.

Royal Decree-Law 1/2019, of 11 January, on urgent measures to adapt the competences of the National Commission for Markets and Competition (CNMC) to the requirements derived from Community law in relation to Directives 2009/72/EC and 2009/73/EC of the European Parliament and of the Council, of 13 July, concerning common rules for the internal market for electricity and natural gas

On 12 January 2019, this Royal Decree-Law was published in the Official State Gazette (Boletín Oficial del Estado - BOE) with the aim of adapting the competences of the CNMC to EU law, following requests from European authorities.

Under this Royal Decree-Law, the CNMC is responsible for approving, through Circulars, various aspects such as the structure, methodology, and specific values of access tariffs for natural gas and electricity transmission and distribution grids, as well as for liquefied natural gas (LNG) plants. It also regulates the methodology and parameters for determining the remuneration of gas and electricity transmission and distribution activities, liquefied natural gas (LNG) plants, the system operator, and the technical manager of the Gas System. Additionally, it sets the rate of return for transmission and distribution activities within the maximum limit established by the Government.

The Ministry for Ecological Transition and the Demo graphic Challenge (Ministerio para la Transición Ecológica y el Reto Demográfico - MITECO) is tasked with approving a series of energy policy guidelines that the CNMC must adhere to. These cover aspects such as supply security, the economic and financial Sustainability of the System, supply independence, air quality, Climate Change mitigation, demand management, future technology choices, and the rational use of energy. The MITECO has a one-month deadline to approve CNMC Circulars that may affect energy policy, including tariffs, the remuneration of regulated activities, access and connection conditions, and the operating rules of the Electricity and Gas Systems. In the event of a dispute, a Cooperation Committee will be established to seek a resolution.

The CNMC's new functions officially took effect on 1 January 2020. Additionally, any procedures initiated before the Royal Decree-Law came into effect, as well as any procedures—regardless of when they were initiated—that pertain to years prior to 2019, will be processed under the previous regulations.

The Royal Decree-Law also modifies certain aspects of Law 24/2013, of 26 December, on the Electricity Sector. Regarding the financial remuneration rate for transmission and distribution activities, which will be determined by the CNMC under the Royal Decree-Law, the Government will establish a legal maximum limit for this rate. This limit will be based on the 10-year Spanish Government Obligations from the 24 months preceding May of the year prior to the start of each new regulatory period, with an additional differential to be established during each regulatory period. If the maximum limit has not been set at the beginning of the new period, the limit from the previous regulatory period will be considered extended. Failing that, the financial remuneration rate from the previous period will apply.

For generation activities under an additional remu neration regime in Non-Peninsular Territories (NPT), the financial remuneration rate will be determined by the Government. This rate may be adjusted before the start of each regulatory period, based on the 10-year Spanish Government Obligations from the 24 months preceding May of the year prior to the start of each new regulatory period, plus a differential to be established by Law for each regulatory period. If the financial remuneration rate has not been set at the beginning of a new regulatory period, the rate from the previous period will be considered extended.

Finally, for renewable energy, high-efficiency co generation, and waste-to-energy electricity gene ration facilities with a specific remuneration regime, the basis for the reasonable return rate may be adjusted during each regulatory period's review process, for the remainder of the regulatory life of the facilities, as mandated by law.

As part of its duties under Royal Decree-Law 1/2019, of 11 January, the CNMC has approved various provisions, including:

• Circular 2/2019, of 12 November, on the financial remuneration rate for electricity and gas: This circular on the financial remuneration rate for the second regulatory period (2020-2025) sets a value of 5.580% (6.003% for 2020) for electricity transmission and distribution activities. On 9 May 2024, the CNMC launched a public consultation

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

to revise this Circular. The consultation raised a series of questions for stakeholders in light of the challenges posed by the Energy Transition and the crucial role that investments on grids will play in the electrification of the economy. Additionally, on 31 October 2024, the BOE published Order TED/1193/2024, of 30 October, which outlines energy policy guidelines for the CNMC regarding the proposed amendment to Circular 2/2019, of 12 November. This document establishes the methodology for calculating the financial remuneration rate for electricity transmission and distribution activities, as well as for the regasification, transmission, and distribution of natural gas.

• Circular 3/2019, of 20 November, on the func tioning of the wholesale electricity market and System operation: This Circular covers the me thodologies governing the functioning of the wholesale electricity production market and the operation of the electricity System. Its goal is to establish regulations for energy markets across various time horizons (including forward, day-ahead, intraday, balancing, and Electricity System congestion Resolution markets) and define methodologies for the technical aspects of System operation, all while ensuring the progressive harmonisation and integration of European electricity markets.
• Circular 6/2019, of 5 December, on the metho dology for electricity distribution remuneration: This Circular on the methodology for remuneration of electricity distribution activities establishes the parameters, criteria, and methodology for remuneration in the next regulatory period. It introduces a new remuneration formula, reor ganises elements from Royal Decree 1048/2013, of 27 December, and creates new ones. It also modifies certain aspects of incentives related to losses, quality, and fraud. On 9 May 2024, the National Commission for Markets and Competition (CNMC) launched a public consultation to draft

a proposal to amend Circular 6/2019, of 5 December.

• Circular 3/2020, of 15 January, on the methodology for calculating access tariffs for electricity transmission and distribution grids, which was amended on 5 February 2025 by Circular 1/2025, of 28 January, of the National Commission for Markets and Competition (CNMC).
• Circular 1/2021, of 20 January, on the methodology and conditions for access and connection to electricity transmission and distribution grids for electricity generation facilities, regulates the procedures, deadlines, and criteria for assessing access capacity and granting permits. It also aims to improve the transparency of the process and includes measures for monitoring project progress to ensure their completion. This Circular was amended by Circular 1/2024, of 27 September, by the CNMC. The updated version establishes the methodology and conditions for access and connection to electricity transmission and distribution grids for electricity demand facilities, and was published in the BOE on 11 October 2024.
• Communication 1/2019, of 23 October, defines a range of financial ratios designed to assess the level of indebtedness and economic and financial capacity of regulated companies. It recommends specific values for these ratios and introduces a global ratio index that could affect remuneration below certain thresholds. Its scope of application includes transmission and distribution activities in both the electricity and gas sectors. Additionally, for the analysis of ownership transactions, this may also apply to companies operating in NPTs within the Electricity Sector, and to companies in the hydrocarbons sector. In line with this Communication, the CNMC has been approving the value of the aforementioned global ratio index. The most recent approval, for the year 2025, was granted by a Resolution on 28 November 2024.

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As mentioned later, in January 2024, the admi nistrative procedure was initiated for a Preliminary Draft Law aimed at reinstating the National Energy Commission (Comisión Nacional de la Energía - CNE) as a dedicated body focused on analysing matters related to the Energy Sector.

Remuneration from electricity distribution

On 30 December 2013, Royal Decree 1048/2013, of 27 December, was published, which establishes the methodology for calculating the remuneration for electricity distribution activities, in implementation of the provisions set forth in Royal Decree-Law 9/2013, of 12 July, and Law 24/2013, of 26 December. The aim is to establish a stable and predictable methodology that ensures, under standardised criteria throughout the Spanish territory, an adequate return at the lowest possible cost for the System. The main aspects of this methodology are as follows:

• Investment in non-depreciated service assets will be remunerated, considering their net value and a financial remuneration rate referenced to ten-year Government Bonds increased by 200 basis points, in addition to the operation and maintenance of the assets.
• The costs of carrying out the distribution activity will be remunerated, including meter readings, contracting, billing for access fees and debt management, telephone support for customers connected to their networks, public highway occupancy fees, and structural costs.
• Incentives and penalties are included to improve supply quality, reduce losses in distribution networks, as well as a new incentive to reduce fraud.
• The additional costs incurred due to specific regional or local regulations are not covered by the electricity tariff.
• The collection of remuneration for facilities put into operation in year n will begin from 1 January of year n+2, recognising a financial cost.
• Control mechanisms for investment are established. Therefore, the maximum volume of authorised

investment is limited to a total of 0.13% of the Gross Domestic Product (GDP) for the sector. Distribution companies will submit their annual and multi-annual investment plans to the Ministry for Ecological Transition and the Demographic Challenge (Ministerio para la Transición Ecológica y el Reto Demográfico - MITECO) for approval, also requiring a favourable report from the affected Autonomous Communities. A limitation on deviations from the established standard is also imposed. Only part of the additional costs is recognised, which must be duly justified and audited. Furthermore, the volume of investment will be reduced in the event of noncompliance with the planned proposals, and the possibility of advancing the construction of a facility is established, provided that it was foreseen and that it does not burden the System.

The framework established in this Royal Decree will come into effect once the first regulatory period begins, and until then, the transitional framework established in Royal Decree-Law of 12 July, will apply.

On 28 November 2015, Royal Decree 1073/2015, of 27 November, was published in the Official State Gazette (Boletín Oficial del Estado - BOE), amending various provisions in the Royal Decrees regulating electricity grid remuneration (Royal Decree 1047/2013, of 27 December, for transmission, and Royal Decree 1048/2013, of 27 December, for distribution). Among other aspects, Royal Decree 1073/2015 eliminated the annual updating of unit values based on the Consumer Price Index (CPI) in accordance with Law 2/2015, of 30 March, on the de-indexation of the economy.

On 12 December 2015, Ministerial Order IET/2660/2015, of 11 December, was published, which establishes the standard facilities and unit values to be considered in the calculation of distribution remuneration. This

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IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

Order programmed the start of the first regulatory period for 1 January 2016.

On 17 June 2016, Ministerial Order IET/980/2016, of 10 June, was published in the BOE, establishing the remuneration for distribution activities for 2016. On 15 September 2017, the Announcement from the General Subdirectorate of Resources, Claims, and Relations with the Administration of Justice was published in the BOE, notifying the Hearing Process of the Order from the Ministry of Energy, Tourism, and Digital Agenda, which initiated the procedure for declaring the detrimental nature of Order IET/980/2016, of 10 June, to the public interest. In parallel, on 21 September 2020, Order TED/865/2020, of 15 September, was published in the BOE, executing several Supreme Court rulings concerning the remuneration for distribution activities for 2016. In the case of Endesa, a new value is established for the λibase parameter (coefficient based on one that reflects for company i the complement to one of the volume of facilities commissioned up to 31 December of the baseline year, which have been financed and transferred by third parties). After the application sua sponte to review an administrative act contrary to public interest was initiated, the Supreme Court issued a partially favourable ruling, pursuant to which the MITECO began processing a proposal for an Order to execute this ruling, which was finally approved as Order TED/490/2022, of 31 May, which also takes into account the effects of Order TED/865/2020, of 15 September.

On 3 August 2022, Order TED/749/2022, of 27 July, was published, which approves the incentive or penalty for reducing losses in the electricity distribution network for the year 2016, modifies the base remuneration for the year 2016 for several distribution companies, and approves the remuneration for electricity distribution companies for the years 2017, 2018, and 2019. This Ministerial Order establishes the remuneration values for the years 2017 to 2019, in which the remuneration for all investment and operation and maintenance items are not included. As the Company considers that these items are adequately justified, it has filed the corresponding contentious administrative appeal with the Supreme Court.

According to Royal Decree-Law 1/2019, of 11 January, the remuneration methodology from 2020 onwards is established by the National Commission for Markets and Competition (Comisión Nacional de los Mercados y la Competencia - CNMC).

In this regard, the aforementioned Commission approved Circular 6/2019 of 5 December, on the methodology for the remuneration of electricity distribution, the purpose of which is to establish the parameters, criteria, and methodology for the remuneration of this activity in the next regulatory period. This includes a new remuneration formula, regrouping some of the items from Royal Decree 1048/2013, of 27 December, and creating other new ones. It also modifies certain aspects of incentives related to losses, quality, and fraud.

Thus, on 12 August 2024, the Resolution of 31 July 2024 from the CNMC was published in the BOE, establishing the remuneration for companies owning electricity distribution facilities for the year 2020. Similarly, on 11 November 2024, the CNMC initiated a public consultation on the proposed remuneration for electricity distribution for 2021.

Regarding the financial remuneration rate for the period 2020-2025, the CNMC approved Circular 2/2019 of 12 November, which establishes the calculation methodology for the rate, setting a value of 5.580% (6.003% for 2020) for the activities of electricity transmission and distribution. For the upcoming regulatory period (2026-2031), Order TED/1193/2024, of 30 October, was published on 31 October 2024, establishing the energy policy guidelines that the CNMC should consider regarding the aforementioned Circular 2/2019, of 12 November.

Additionally, it should be noted that on 1 February 2024, the Resolution of 18 January 2024 from the CNMC was published, which establishes the calculation methodology for the adjustment to be made in the annual remuneration of electricity transport and distribution companies for the use of optical fibre in activities other than the transport and distribution of electricity. Accordingly, on 13 July 2024, the Resolution

of 27 June 2024 of the National Commission for Markets and Competition (CNMC) was published in the Official State Gazette (BOE), establishing the adjustment for the years 2020, 2021, 2022, 2023 and 2024 and, on 10 February 2025, the adjustment for 2025.

Finally, on 4 June 2024, the MITECO launched a prior consultation regarding the modification of the investment limits in transport and distribution networks, currently capped at a certain percentage of the Gross Domestic Product (GDP), with the aim of reviewing this limit to account for the new context of the Energy Transition and provide greater flexibility for annual and multi-annual approvals in networks.

The amounts recorded under this regulation as of 31 December 2024 are described in Note 9.1.

Electrical Systems of Non-Peninsular Territories (NPT)

The electricity supply activities carried out in the Electrical Systems of Non-Peninsular Territories (NPT) are subject to a specific regulation that addresses the specifics of their territorial location. This special regulation was initially developed through Royal Decree 1747/2003, of 19 December, and by Ministerial Orders of 30 March 2006, which implemented the aforementioned Royal Decree.

The main feature of the regulatory framework for nonpeninsular systems was that electricity production was configured as a regulated remuneration activity, unlike the situation on the Iberian Peninsula, due to the specificities of these systems.

On 30 October 2013, Law 17/2013, of 29 October, was published in the Official State Gazette (BOE) to guarantee supply and increase competition in the Electrical Systems of NPTs, with the following key aspects included:

• For safety reasons and technical and economic efficiency, an additional remuneration regime over the price of the peninsular market may be recognised for new generation facilities in the Electrical Systems of NPTs, even if the necessary power values to ensure demand coverage are exceeded.
• The additional remuneration or premium regime will not be recognised for new facilities in the Electrical Systems of NPTs that are owned by a

company or business group that holds a generation capacity percentage exceeding 40% in that System. Exceptions are made for those facilities awarded in capacity auctions for the implementation of renewable energy sources, which have administrative authorisation or have been registered in the preassignment remuneration registry. Additionally, exceptions are considered for investments aimed at the renewal and efficiency improvement of operating plants that do not result in an increase in capacity, or when there are no other interested parties in promoting facilities.

• The acquisition of the additional remuneration regime by new facilities or renovations of existing facilities will require obtaining a favourable com patibility resolution prior to obtaining the preliminary administrative authorisation.
• Ownership of pumped storage facilities aimed at ensuring supply safety or integrating renewables must correspond to the System Operator. In other cases, a competitive procedure will be implemented. Notwithstanding the above, companies that had been granted a concession for hydraulic exploitation before 1 March 2013 or held administrative authorisation and did not have authorisation for commissioning at the time of the entry into force of this regulation will retain their ownership, provided they present a guarantee of 10% of the investment and comply with an execution schedule.

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• The ownership of regasification plants will exclusively lie with the Technical System Manager, and the affected facilities must be transferred within six months at market price. In cases where the facility does not have administrative authorisation, the price will be limited to the total costs effectively incurred up to 1 March 2013.
• The remuneration concepts associated with fuel costs will be established through a mechanism that adheres to the principles of competition, transparency, objectivity, and non-discrimination.
• A compatibility resolution from the Directorate General for Energy Policy and Mines will be mandatory prior to the authorisation of new groups, to determine that the facility is compatible with the technical criteria established by the System Operator and with economic criteria for cost reduction.
• The possibility of reducing the remuneration for facilities in the Electrical Systems of NPTs is provided for in cases of substantial reductions in their availability, supply security, or quality supply indices attributable to generation facilities. Furthermore, the possibility of government intervention in the Electrical System is reinforced to ensure supply in situations of risk.

On 1 August 2015, Royal Decree 738/2015, of 31 July, regarding generation in NPTs, was published in the BOE. This Royal Decree established a regime similar to that in force until its entry into effect, consisting of remuneration for fixed costs, which includes investment and fixed operation and maintenance costs, and variable costs to compensate for fuels and variable operation and maintenance costs, also considering, within the costs of these Systems, the taxes arising from Law 15/2012, of 27 December, on fiscal measures for energy sustainability. Certain aspects of the methodology are modified to improve the efficiency of the System. The Royal Decree also addresses aspects already contained in Law 17/2013, of 29 October for guaranteeing supply and increasing competition in these Systems. Among other provisions, a competitive procedure is regulated for obtaining a favourable compatibility resolution introduced by the aforementioned Law 17/2013, of 29 October.

The entry into force of the Royal Decree is set for 1 September 2015, with a transitional period from 1 January 2012 allowed for certain measures. According to the eleventh additional provision, its full and definitive effectiveness is contingent upon the absence of objections from the European Commission concerning its compatibility with community law. In this regard, on 28 May 2020, the European Commission approved the regime established in the Royal Decree, concluding that it meets the criteria for Services of General Economic Interest and is compatible with the internal market. The regime has initially been approved until 31 December 2025 for the Balearic Islands, and until 31 December 2029 for the Canary Islands, Ceuta, and Melilla, with the Kingdom of Spain able to request its continuation prior to these dates.

In accordance with Law 24/2013, of 26 December, on the Electricity Sector, the financial remuneration rate for the recognised net investment will be referenced to the yield of ten-year State Obligations in the secondary market, increased with an adequate differential. For the first regulatory period, which runs until 31 December 2019, this rate will correspond to the average yield from the quotations in the secondary market for ten-year State Obligations during the months of April, May, and June of 2013, increased by 200 basis points. Starting from 1 January 2020, and in accordance with Royal Decree-Law 17/2019, of 22 November, on urgent measures for the necessary adaptation of remuneration parameters affecting the Electrical System and in response to the cessation of activity of thermal generation plants, the remuneration rate has been set for the 2020-2025 period at a value of 5.580%, with the corresponding value for 2020 being 6.003%.

On 28 December 2019, Order TEC/1260/2019, of 26 December, was published in the BOE, revising the technical and economic parameters for the remuneration of generation groups in the NPTs for the next 2020-2025 regulatory period. This Order establishes the new values that will apply in the

second regulatory period 2020-2025 for the various technical and economic parameters that determine the remuneration of generation groups in the NPTs, applying the methodology already outlined in Royal Decree 738/2015, of 31 July.

Regarding fuel prices, on 7 August 2020, Order TED/776/2020, of 4 August, was published in the BOE, which revises the product and logistics prices to be used in determining the fuel price, effective from 1 January 2020. It should be noted that on 16 November 2021, the Supreme Court issued Ruling 1337/2021 on the appeal filed by Endesa against this Order, ordering the State Administration (MITECO) to issue a new Ministerial Order regulating fuel auctions within six months.

In accordance with this, on 30 December 2022, Order TED/1315/2022 was published, which implements Supreme Court Ruling 1337/2021 of 16 November 2021 regarding the need to regulate auctions for fuel supply in the NPTs as well as other technical aspects. The Order establishes the procedure for conducting fuel auctions, which will be biennial and will cover the product delivered to the power plant (or the raw material in the case of gas for the Balearic Islands). The auctions will be conducted as descending auctions, based on the initial prices obtained by increasing reference prices by 10% (3% in the case of natural gas), which will apply until the auctions are held and in the event that these auctions are left vacant or are cancelled. The reference price for natural gas will be the Iberian Gas Market (MIBGAS) price. At the same time, for other fuels, it will be defined based on a series of international indices, with an added premium where applicable. The Order also recognises logistics costs for delivering the product to the power plant, which may be reviewed every three years. Furthermore, the Order also incorporates the use of natural gas in the Canary Islands and Melilla, as well as liquefied petroleum gases (LPG) in the Canary Islands, along with other less polluting fuels.

Additionally, Royal Decree 446/2023, of 13 June, which modifies the calculation methodology for the Voluntary Prices for Small Electricity Consumers (PVPC), has altered certain regulatory aspects of Generation in the NPTs, including the following:

• The fuel bill correction factor is eliminated, effective from 1 January 2023.
• A correlation factor is introduced in the calculation of remuneration for carbon dioxide (CO2 ) emission rights, effective from 1 July 2023, to take into account the actual emissions from the facilities.
• Regarding the economic repercussions arising from the adoption of extraordinary measures to ensure supply security, a financial cost is recognised for the delay between the settlement closure of the regulated activities of the Electricity Sector for the year in which these measures are approved and the approval date of the final settlement for that year, in accordance with the one-year Euribor increased by 50 basis points.

On 4 July 2024, the BOE published a Resolution by the Secretary of State for Energy, which calls for a competitive process for awarding a favourable compatibility resolution for recognition of the additional remuneration regime for the Electrical Systems of NPTs, a process provided for in Royal Decree 738/2015 of 31 July, to meet these regions' power needs. The power covered by the call, derived from the coverage reports prepared by the System Operator, amounts to a total of 1,361 MW in 2028. The deadline for submitting applications to cover these needs was 5 October 2024, while the Directorate-General for Energy Policy and Mines had six months to issue a resolution. Within this procedure, on 23 December 2024, the MITECO approved and published the Resolution that approves the final list of accepted and excluded applications in the competitive procedure on its digital platform.

Previously, on 10 May 2024, Order TED/430/2024 of 8 May was published, establishing the method for calculating the price of liquefied petroleum gases as fuel and defining new standard facilities for the additional remuneration regime for electricity production facilities located in NPTs. This Order includes a calculation

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methodology for liquefied petroleum gases (LPG), which may be used in the NPT of the Canary Islands. Additionally, new standard facilities for gas engines are introduced for the competitive process regulated in Royal Decree 738/2015, of 31 August.

Finally, it should be noted that, in September 2023, the processing of the proposed resolution approving the final amounts of the costs of production activity in the Non-Peninsular Territories (NPT) for the year 2020 began.

Production from renewable energy sources, cogeneration, and waste

Royal Decree 413/2014, of 6 June, approved a new remuneration system for facilities generating electricity from renewable sources, cogeneration, and waste, following Royal Decree-Law 9/2013, of 12 July, which adopts urgent measures to ensure the financial stability of the Electrical System and Law 24/2013, of 26 December, on the Electricity Sector.

The new methodology replaces the previous regulated tariff regime with a new framework which applies the concept of reasonable profitability, established as a pre-tax return situated around the average yield of ten-year Government Bonds plus 300 basis points. In this new framework, in addition to remuneration for energy sales valued at market prices, facilities will receive a specific remuneration composed of a term per unit of installed capacity which, where appropriate, covers the investment costs for each defined standard installation that cannot be recovered through energy sales in the market referred to as investment remuneration and an operational term that covers, where applicable, the difference between operating costs and revenues from participation in the production market of that standard installation, referred to as operational remuneration.

The new compensation regime is applicable to both existing and new facilities. For new installations, the granting of specific remuneration regimes will be established through competitive procedures.

An investment incentive is established for the reduction of generation costs in NPTs.

The regulations also contain the conditions for reviewing the various remuneration parameters These may only be modified, as applicable, every six years, every three years, or annually. The standard value of the initial investment and the regulatory useful life remain unchanged once recognised for each standard installation.

On 20 June 2014, Order IET/1045/2014, of 16 June, was published in the BOE, which approves the remuneration parameters for standard installations applicable to certain electricity production facilities from renewable energy sources, cogeneration, and waste, and which sets the specific values of standard costs for each of the defined standard installations.

On 5 August 2014, Order IET/1459/2014 of 1 August, was published in the BOE, which approves the remuneration parameters and establishes the mechanism for allocating the specific remuneration regime for new wind and photovoltaic installations in the Electrical Systems of NPTs.

On 28 February 2020, Order TED/171/2020 of 24 February was published in the BOE, which updates the remuneration parameters for standard installations applicable to certain electricity production facilities from renewable energy sources, cogeneration, and waste, for application in the regulatory period starting on 1 January 2020. This Order updates the values that will be applicable in the second regulatory period 2020-2025 for the different parameters determining the remuneration for these installations, in accordance with the methodology established in its general regulations, notwithstanding the mechanisms for periodic updating contemplated therein. The values of the various parameters are applicable from 1 January 2020, in accordance with the provisions of Royal-Decree-Law 17/2019, of 22 November. The Order also approves the market price anticipated for each year of the 2020-2022 semi-period.

At the same time, through Royal Decree-Law 17/2019, of 22 November, the reasonable profitability rate for renewable installations, cogeneration, and waste was set from 1 January 2020 at a value of 7.090%, with installations prior to Royal Decree-Law 9/2013, of 12 July, able to maintain the current rate (7.398%) until 2031 if they have not presented arbitrations or renounce them.

On 24 June 2020, Royal Decree-Law 23/2020, of 23 June, was published, which approves measures concerning energy and other areas for economic reactivation. Among other aspects, this Royal Decree-Law introduces a new auction model for future renewable energy developments, based on the long-term recognition of a fixed price for energy, allowing for differentiation between various technologies.

On 5 August 2020, Order TED/765/2020 and Order TED/766/2020, both dated 3 August, were published in the BOE, which establish the regulatory bases for investment aid auctions in thermal energy production facilities using renewable sources and for electricity generation facilities using renewable sources, respectively, all of which may be co-financed with European Union (EU) funds. The aid will be granted through non-repayable subsidies via competitive bidding procedures applicable throughout the national territory, specifying the geographical scope of application in each call for proposals. The projects must be fully completed before 30 June 2023, unless a more restrictive time frame is explicitly established in the calls for proposals. The Institute for Energy Saving and Diversification (Instituto para la Diversificación y el Ahorro de la Energía - IDAE) has already launched several calls for investment aid in facilities through competitive procedures for several regions of the national territory.

Subsequently, on 4 November 2020, Royal Decree 960/2020, of 3 November, was published in the BOE, regulating the development of the new remuneration regime for future renewable energy developments, called the Economic Regime for Renewable Energies (Régimen Económico de Energías Renovables - REER). This economic regime will be awarded through auctions regulated by Ministerial Order, which will set a maximum quota of energy and/or power to be auctioned, allowing for differentiation between various technologies based on their technical characteristics, size, manageability, location, or technological maturity; the product to be auctioned will be the installed capacity, the electricity generated, or a combination of both, with the price offered per unit of electricity, in €/MWh.

Regarding the remuneration for electricity, the price to be received for each unit sold in the day-ahead or intraday market will be the offered price (for adjustment and balancing services, it will be the price of the respective markets). Alternatively, participation or exposure incen tives in the market may be established through a market adjustment percentage to be applied to the daily market price, with the correction percentage on the price set in the auction defined in each call for proposals.

All installations under this regime will participate in the market, and the Iberian Energy Market Operator-Polo Español (Operador del Mercado Ibérico de Energía - Polo Español - OMIE) will carry out a settlement for differences between the prices of the day-ahead or intraday market and the award price of the installations.

Additionally, a Ministerial Order will establish an auction schedule for a minimum period of five years, which will be updated at least annually and may include time lines, frequency, capacity, and technologies. This schedule was published on 5 December 2020, through Order TED/1161/2020, of 4 December, which regulates the first auction mechanism for granting the economic regime for renewable energies and establishes the indicative schedule for the period 2020-2025. This schedule will be updated annually and will be aimed at achieving the renewable production targets set out in the National Energy and Climate Plan 2021-2030 (NECP). The auctions will be convened by means of a Resolution from the Secretary of State for Energy. Since then, four auctions have been held, with results of 3,034 MW, 3,124 MW, 177 MW, and 45.5 MW awarded.

On 8 July 2023, Order TED/741/2023, of 30 June, was published in the BOE, which updates the remuneration parameters for the semi-period 2023-2025, incorporating, among other aspects, the modification of the electricity market price references and fuels to be used for certain facilities under the specific remuneration regime for

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with a mandate introduced by Royal Decree-Law 5/2023,

Moreover, over the last few years, in light of the consequences arising from both COVID-19 and the war in Ukraine, several measures have been adopted to promote the development of production from renewable sources, cogeneration, and waste. The aforementioned

• To prevent speculative actions in the renewable sector and avoid overwhelming the administrations, it is established that for a period of 18 months (from the publication of Royal Decree-Law 20/2022, of 27 December), certain procedures initiated by promoters before the competent authority will be suspended in those nodes reserved for capacity

• Progress has been made in simplifying and speeding up the processing of renewable installations. Among other matters, the deadline for renewable projects with access permits submitted from 1 January 2018 is extended by 12 months for them to meet the milestone of obtaining administrative building permits. Additionally, for these projects, the current time frame for obtaining definitive commissioning authorisation is

of 28 June, references to forward prices.

measures include the following:

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renewables, cogeneration, and waste, to consider values more in line with the current market situation. Additionally, the anticipated market prices incorporate, in accordance where renewable installations for self-consumption have been or will be auctioned is contemplated.

• Specific procedures have been established to expedite the processing of new renewable plants or those in processing for wind projects up to 75 MW and photovoltaic projects up to 150 MW, with connection lines of less than 15 kW, through simplified procedures.

On 5 April 2024, the MITECO launched a public consultation to modify the economic regime for renewable energies currently regulated by Royal Decree 960/2020 of 3 November, regulating the economic regime for renewable energy for electric power production facilities, and Order TED/1161/2020 of 4 December, regulating the first auction mechanism for granting the economic regime for renewable energies and establishing the indicative time line for the period 2020-2025.

In parallel, on 30 July 2024, the MITECO initiated a preliminary consultation to assess the possibility of making adjustments to the specific remuneration regime, in response to new challenges in the sector, including high renewable energy penetration, increased energy discharges, and a reduction in wholesale market prices. Following this prior consultation, on 27 December 2024, the MITECO published the corresponding draft Royal Decree, which modifies Royal Decree 413/2014 of 6 June, which regulates the production of electricity from renewable energy sources, cogeneration, and waste, in order to update the specific remuneration regime.

• Regarding access auctions, among other aspects, the release of 10% of the capacity reserved for nodes The amounts recorded under this regulation as of 31 December 2024 are described in Note 9.1 and 39.

Self-consumption

extended from five to eight years.

On 10 October 2015, Royal Decree 900/2015, of 9 October, was published in the BOE, which regulates the administrative, technical, and economic conditions for the supply and production of electricity with selfconsumption, establishing a regulatory framework that guarantees the economic Sustainability of the System and the appropriate distribution of the System's burdens.

It also develops the tolls and charges that selfconsumers must pay, in accordance with Law 24/2013, of 26 December, on the Electricity Sector, which already established that self-consumption must contribute to the financing of the costs and services of the System in the same amount as other consumers. Two exceptions are made to this principle regarding these costs:

• Consumers on the islands; and
• Small consumers with a contracted power of up to 10 kW.

Additionally, a register of self-consumption installations is created so that the System Operator and distribution companies can be aware of the generation facilities that exist in their networks and thus ensure the proper operation of the Electrical System under safe conditions.

On 6 October 2018, Royal Decree-Law 15/2018, of 5 October, was published, which modified certain aspects of the regulation of self-consumption. Specifically, the modalities for self-consumption were simplified, and shared self-consumption was made possible. Additionally, the application of charges and tolls for self-consumed energy from renewable sources, cogeneration, or waste was eliminated. The decree also includes measures for administrative and technical simplification, especially for small capacity installations.

On 6 April 2019, Royal Decree 244/2019, of 5 April, was published in the BOE, which regulates the administrative, technical, and economic conditions of electricity selfconsumption, in compliance with the provisions of Royal Decree-Law 15/2018, of 5 October, on urgent measures for the Energy Transition and consumer protection.

Among other aspects, Royal Decree 244/2019, of 5 April, includes the following provisions:

• In addition to individual self-consumption connected to an internal network, the concept of collective selfconsumption is introduced, allowing several consu mers to associate with the same generation facility (for example, in residential communities or among businesses or industries located in the same area).
• The concept of 'generation facility close to the consumption site and associated with it' is also defined, enabling self-consumption with generation facilities located both within the same residence (current situation) and in others nearby.
• A simplified mechanism for surplus compensation (energy generated by self-consumption installations that the user does not consume instantly) is introduced

for installations with a capacity not exceeding 100 kW, provided they produce electricity from renewable energy sources. In this case, it will not be necessary to be registered as an energy producer to obtain compensation. Instead, the retailer will compensate the user for the surplus energy on each monthly bill, with the compensation potentially reaching up to 100% of the energy consumed in that month.

• In the case of collective and proximity self-consumption, energy distribution among the associated consumers is contemplated based on their contracted power, with the Royal Decree allowing for the development of dynamic distribution coefficient methods, enabling one consumer to take advantage of the surpluses of another associated consumer if the latter is not consuming their proportional share.
• Administrative procedures are simplified for all users, especially for small self-consumers (installations of up to 15 kW or up to 100 kW in the case of self-consumption without surpluses). Measurement configurations are also simplified so that, in most cases, a single meter at the boundary with the distribution network will suffice.
• Finally, a monitoring system is established for the implementation of these facilities to control their impact on the operation of the System and allow for their gradual integration under safe conditions.

On 21 December 2021, the Council of Ministers approved the Self-Consumption Roadmap, aimed at identifying the challenges and opportunities presented by selfconsumption and establishing measures to ensure its widespread deployment in Spain in the coming years.

Additionally, on 22 December 2021, Royal Decree-Law 29/2021, of 21 December, was published in the BOE, which adopts urgent measures in the energy sector to promote electric mobility, self-consumption, and the deployment of renewable energies. Among other aspects, and to boost self-consumption, modifications were introduced in the current regulations to expedite its processing, as well as to link these networks not only to consumers connected to the internal network but also to other nearby consumers connected through distribution and transmission networks.

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It is also noteworthy that, in the context of measures adopted due to the consequences of the war in Ukraine, a number of initiatives have been implemented to promote the development of self-consumption, such as extending the distance for photovoltaic selfconsumption installations to 2,000 metres throughout the network, as well as allowing their location to be on industrial land or structures whose primary purpose is not electricity generation, in addition to rooftops.

Finally, on 9 October 2024, the MITECO launched a public consultation on the draft Royal Decree regulating the administrative, technical, and economic conditions of electricity self-consumption, aimed at updating the regulatory bases of self-consumption in the current context of the Energy Transition.

Capacity mechanisms

On 23 November 2017, Order ETU/1133/2017, of 21 November, was published, which amends Order IET/2013/2013, of 31 October, regulating the competitive mechanism for allocating the demand management service for interruptibility.

Among other aspects, the Order amended the remuneration for the availability service, extending the availability service during the first half of 2018 and excluding hydroelectric facilities from receiving this availability service during that period.

Order TEC/1366/2018, of 20 December, which establishes the access tolls for electricity for 2019, eliminated the availability incentive from Order ITC/3127/2011, of 17 November, until the capacity mechanisms are reviewed to align them with European regulations and the Energy Transition process.

In 2021, the MITECO initiated the preliminary processing of a proposal for an Order to create a capacity market in the Peninsular Electricity System. However, this proposal was put on hold due to the crisis situation that began in 2021, leading to a process of updating this proposal, also taking into account other changes in the regulations of the European Commission.

Therefore, on 18 December 2024, the MITECO initiated the processing of a new draft Order to create a capacity market in the Spanish Peninsular Electricity System.

The proposed mechanism includes firm power auctions, with a delivery horizon of five years (the so-called main auctions), and adjustment auctions, with delivery for one year. These auctions are open to generation, storage, and demand facilities. In the main auctions, both new installations (which may obtain contracts lasting half the useful life of their technology) and existing installations (which will only be eligible for one-year contracts) can participate, while adjustment auctions are reserved for existing facilities. Temporarily, until the beginning of the first service period of the main auction, transitional auctions will be held with an annual service period, open to both new and existing installations.

The product to be auctioned will be firm power, expressed in MW, and the bidding variable will be the price per unit of firm capacity, expressed in €/MW per year. Each facility will participate with its firm power, which is the product of its nominal power multiplied by the firmness coefficient.

The required firm power in each auction will be determined by a curve relating the expected hours of energy not supplied and the value of the load loss. The supply curve will consist of the bids from the agents, ordered in increasing order.

In the proposal, it is required that non-renewable technologies demonstrate a flexibility coefficient value (the ratio between the energy mobilised through manual activation balancing markets and the energy actually produced) exceeding a certain threshold determined in the resolution of the call for proposals for the three years prior to the auction.

Awarded facilities commit to ensuring the availability of firm capacity during the stress hours defined by the System Operator each year, which cannot exceed 10% of the total annual hours.

The cost of the mechanism will be financed by retailers and direct consumers.

Vulnerable Consumers 'Bono Social' (Social Bonus) or subsidised rate

Law 24/2013, of 26 December, establishes certain measures to reduce the cost of electricity supply for customers classified as vulnerable based on the requirements established at any given time. The financing mechanism for the costs arising from these measures has undergone various modifications since its implementation due to the lack of alignment with the legal framework.

On 24 December 2016, Royal Decree-Law 7/2016, of 23 December, was published, which regulates the financing mechanism for the cost of the Social Bonus and other measures for the protection of vulnerable electricity consumers. According to this Royal Decree-Law, the Social Bonus will be borne by the parent companies of groups that engage in the activity of electricity marketing or by the companies themselves if they do not belong to any corporate group, in the proportion corresponding to their customer share. This percentage will be calculated annually by the CNMC.

On 7 October 2017, Royal Decree 897/2017, of 6 October, was published, which regulates the figure of the vulnerable consumer, the Social Bonus, and other protective measures for domestic electricity consumers, as well as Order ETU/943/2017, of 6 October, which develops Royal Decree 897/2017.

Among other aspects, three categories of vulnerable customers are identified based on income level, measured through the Public Multiple Effects Income Indicator (Indicador Público de Renta de Efectos Múltiples - IPREM), establishing different discount percentages for each category. Specifically, the three categories defined are:

• Vulnerable customers (25% discount).
• Severely vulnerable customers (40% discount).
• Severely vulnerable customers at risk of social exclusion (100% discount), which refers to those severely vulnerable customers whose social services certify that they are financing at least 50% of the bill.

This Royal Decree also regulates aspects related to supply and, among other provisions, extends the payment default cut-off period for vulnerable customers from two to four months (in the case of severely vulnerable customers at risk of social exclusion, supply cannot be cut off, as they are considered essential consumers).

Through Royal Decree-Law 15/2018, of 5 October, on urgent measures for the Energy Transition and consumer protection, the group of beneficiaries of the Social Bonus has been expanded to include single-parent families, as well as those with dependants at levels 2 or 3, who do not reach certain income thresholds The circumstances prohibiting cut-offs due to non-payment have also been extended to beneficiary families where social services certify that they have children under 16 years old, dependants, or individuals with disabilities, with these amounts financed by the entities required to fund the Social Bonus. Maximum consumption limits eligible for discounts have also been increased. Finally, a thermal Social Bonus for heating has been created, which will be financed by the State General Budgets (Presupuestos Generales del Estado - PGE). This Royal Decree-Law provides for the approval of a National Strategy to Combat Energy Poverty within six months. In this regard, on 19 December 2018, the MITECO initiated a public consultation on the matter, which was ultimately approved on 5 April 2019.

Following the rulings concerning the financing mechanism of the Social Bonus, Royal Decree-Law 6/2022, of 29 March, which adopts urgent measures within the National Plan to respond to the economic and social consequences of the war in Ukraine, establishes, among other aspects, a new financing mechanism for the Social Bonus. According to this new mechanism, the Social Bonus will be covered by all entities in the Electricity Sector (generation, transmission, distribution, and commercialisation as well as direct con sumers) based on the aggregated billing free of taxes for each activity, which will determine a unit contribution value for each activity. In the event that the coverage level of the contributions is 20% lower than the actual financing needs, the CNMC may propose new contribution values. Royal Decree-Law 6/2022, of 29 March, temporarily sets these unit contribution values until the CNMC proposes the definitive unit values for the year 2022, which have been approved through Order TED/733/2022, of 22 July. Finally, it is established that the amounts incurred by the reference

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retailers, as recognised in the ruling, for the financing of the Social Bonus, will be assumed by the new obliged entities (see Note 51). The Royal Decree-Law also establishes that the financing of the Social Bonus will be incorporated as a cost in the remuneration of activities with regulated remuneration.

On 31 January 2023, Order TED/81/2023, of 27 January, was published, updating for 2023 the different unit values to be paid by those subject to financing the subsidised rate, which were updated downwards for 2024 through Royal Decree Law 8/2023, of 27 December, the measures to be adopted to confront the economic and social consequences derived from the conflicts in Ukraine and the Middle East, and to alleviate the effects of the drought. On 28 December 2024, Order TED/1487/2024 of 26 December 2024 was published, updating the unit values for the year 2025.

Likewise, against the backdrop of the consequences of both COVID-19 and the war in Ukraine, a number of measures have been taken in recent years to protect the most vulnerable consumers, including the following, some of which have recently been extended:

• Discounts for beneficiaries of the Social Bonus discount rate were increased from 25% to 65% for vulnerable consumers during the first 3 quarters of 2024, and from 40% to 80% for severely vulnerable consumers. In the fourth quarter of 2024, these percentages were reduced to 57.5% and 72.5% respectively, and during 2025 they are to be progressively reduced every six months, so that from 1 January 2026 they will be set at 35% and 50% respectively. Likewise, until 30 June 2024, the energy limit to which the discounts apply is increased by 15%.
• A new discount of 40% has been created until 30 June 2024 for working households covered by the Voluntary Price for Small Consumers (Precio Voluntario para el Pequeño Consumidor - PVPC) with incomes between 1.5 and 2 times the Public Multiple Effect Income Indicator (Indicador Público de Renta de Efectos Múltiples - IPREM), increased by 0.3 for each additional adult member and 0.5 for each additional minor member.
• A ban on the suspension of electricity, water and gas supplies to vulnerable, severely vulnerable consumers

or those at risk of social exclusion has been prohibited until 31 December 2025.

• A minimum vital supply has been established for vulnerable consumers in a situation of non-payment for 4 months after the first payment request, establishing a regulatory power limit that guarantees minimum conditions of comfort, which may not be exceeded for a period of 6 months during which supply may not be interrupted.
• Other aspects of the criteria for eligibility for the Social Bonus Subsidised rate have also been modified. Specifically, it establishes the automatic renewal of the Social Bonus subsidised rate every 2 years. Likewise, new criteria have been established for determining the category of vulnerable consumer, which is now based on the cohabitation unit, consisting of those people who live together in the same home by marriage, common-law, second degree of consanguinity, affinity, adoption or similar. The basic threshold has been set at 1.5 times the IPREM index for 14 payments, which will be increased by 0.3 for each additional adult member and 0.5 for each minor member of the household. The beneficiaries of the Social Bonus subsidised rate also include recipients of the minimum living income. The above thresholds will be increased by a value of 1 in certain cases (high dependency, gender-based violence, terrorism, etc.), and reduced by 50% for severely vulnerable consumers.

In addition, regarding the mandate provided for in Royal Decree Law 15/2018 of 5 October, on 5 April 2019 the Council of Ministers approved the National Strategy against Energy Poverty for 2019-2024. This scheme defines the concepts of energy poverty and vulnerable consumers, diagnoses the situation of energy poverty, including the implications for health, personal and social development and equality, identifies lines of action and sets targets for reduction.

The National Strategy against Energy Poverty is based on the need to maintain and improve benefit systems (electricity and thermal Social Bonus discount rate) as transitional tools that will gradually give greater prominence to structural measures that seek to tackle the problem at its root and in the long term.

To analyse and properly monitor the various types of fuel poverty, the main official indicators adopted are

those used by the European Energy Poverty Observatory (energy expenditure over income, hidden energy poverty, inability to keep the dwelling at an adequate temperature and late payment of bills). To improve on the lowest value in the series of these indicators in 2008-2017, and to improve on the EU average, the Strategy sets out a minimum reduction target of 25% by 2025 compared to 2017, with a target of a 50% reduction to be achieved. For the implementation of this National Strategy against Energy Poverty, operational plans are envisaged, the management and monitoring of which corresponds to the Institute for Energy Diversification and Saving (Instituto para la Diversificación y el Ahorro de la Energía - IDAE).

The timeframe of the approved National Energy Poverty Strategy was 5 years (2019-2024). On 24 January 2024, the Ministry for Ecological Transition and the Demographic Challenge (Ministerio para la Transición Ecológica y el Reto Demográfico - MITECO) launched a public consultation to update this Strategy for the 2025-2030 horizon.

The amounts recorded pursuant to this standard on 31 December 2024 are described in Note 10.3.

Regulated activities deficit

Royal Decree-Laws 6/2009 of 30 April 2009 and 6/2010 of 9 April 2010 established that from 2013, the grid access tariffs to be set should be sufficient to cover the total costs of the electricity system, so that no new ex-ante deficits would be generated. Likewise, for the 2009-2012 period, the aforementioned Royal Decree Law 6/2009, of 30 April, established a maximum deficit limit for each of the years, and in these years access tariffs must be set at a sufficient level to ensure that these limits are not exceeded. These limits were modified by Royal Decree Law 14/2010 of 23 December 2010 and Royal Decree Law 29/2012 of 28 December 2012.

In turn, the aforementioned Royal Decree-Laws governed the securitisation process of the collection rights accumulated by electricity companies to finance this deficit, including compensation for the additional costs of non-peninsular generation for the 2001-2008 period pending recovery.

The regulations also provide that any temporary imbalances in the settlements of regulated activities must be financed by the companies indicated in the aforementioned regulation (44.16% of which corresponds to Endesa), with these companies having the right to recover the amounts financed in the settlements of regulated activities for the year in which they are recorded.

Royal Decree 437/2010, of 9 April, developed the regulation of the securitisation process of the Electricity System deficit generated up to 31 December 2012, and Royal Decree 1054/2014, of 12 December, of the deficit generated in 2013. With the transfers pursuant to the aforementioned Royal Decrees, the last of which was agreed on 15 December 2014, the transfer of all recognised tariff deficit rights up to 2013 was completed.

From 2014 onwards, the Electricity Sector Act 24/2013 of 26 December established that any temporary imbalances that may arise would be financed by all parties involved in the settlement system, in proportion to the remuneration corresponding to them, setting limits on such imbalances equivalent to 2% per year of the estimated revenues of the system (or 5% in cumulative terms). If the agreed limits are exceeded, tariffs or charges will be adjusted accordingly. Within the aforementioned limits, imbalances will entitle financing entities to recover them within the following 5 years, recognising an interest rate equivalent to market conditions.

On 26 November 2024, the National Markets and Competition Commission (Comisión Nacional de los Mercados y la Competencia - CNMC) approved the final 2023 settlement of regulated activities of the electricity sector, which showed a surplus of 3,903 million euros. Pursuant to Royal Decree Law 8/2023 of 27 December and Royal Decree Law 4/2024 of 26 June, a total amount of 1,478 million euros has been transferred to the provisional settlements for 2024, leaving a surplus of 2,425 million euros pending application.

The amounts recognised recorded pursuant to this standard on 31 December 2024 are described in Note 40.1.

AND SUBSIDIARIES

LEGAL DOCUMENTATION 2024 | ENDESA, S.A.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

Strategic Energy and Climate Framework

The European Union (EU) has made a clear commitment to the fight against global warming, agreeing a greenhouse gas (GHG) emissions reduction target of at least 80% by 2050 compared to 1990, defining ambitious targets and commitments for all Member States and signing the Paris Agreement, which is intended to prevent the planet's global average temperature from rising more than 2ºC above pre-industrial levels, and as to promote additional efforts to ensure that global warming does not exceed 1.5ºC (see Note 5.1).

The transposition of these objectives into Spanish law basically consists of the following documents:

• Law 7/2021, of 20 May, on Climate Change and the Energy Transition, published in the Official State Gazette (Boletín Oficial del Estado - BOE) on 21 May 2021: this constitutes the regulatory and institutional framework for the implementation of the European Union's (EU) commitment to decarbonise the economy by 2050, and the global commitment of the Paris Agreement. This law includes the following aspects among others:
  • • Targets are set for 2 deadlines: by 2030, a greenhouse gas (GHG) emissions reduction target of at least 23% compared to 1990, a target to generate at least 74% of electricity from renewable sources, and a target to improve Energy Efficiency by at least 39.5% compared to the baseline Scenario; and by 2050, to achieve net zero and a 100% renewable Electricity System.
  • • Measures to promote renewable energies through a remuneration framework based on the longterm recognition of a fixed energy price.
  • • New hydro concessions will be aimed at supporting the integration of non-dispatchable renewables.
  • • The introduction of new entities in the Electricity Sector as owners of storage facilities or indepen dent aggregators.
  • • Limits are being set on hydrocarbon exploitation by restricting fossil fuel subsidies and reviewing their taxation.
  • • The promotion of Energy Efficiency measures and the use of renewables in the construction sector.
• • The promotion of electric mobility, intended to have a vehicle fleet with no direct carbon dioxide (CO2 ) emissions by 2050 and to ensure that from 2040, new passenger cars/light commercial vehicles will have no direct emissions. It also seeks to establish low-emission zones in municipalities with over 50,000 inhabitants and island territories by 2023 and the obligation to develop recharging infrastructures at petrol stations.
• • The mobilisation of resources for the fight against Climate Change: at least 450 million euros of revenue from the auctioning of carbon dioxide (CO2 ) allowances will be used each year to cover the costs of the Electricity System.
• The Integrated National Energy and Climate Plan for (INECP 2021-2030), approved by the Council of Ministers on 16 March 2021 after its approval by the European Commission: this is the national strategic planning framework that integrates energy and climate policy, and reflects Spain's contribution to meeting the objectives set by the European Union (EU). Likewise, the (INECP) 2021-2030 sets out the milestones and various stages by which the transition towards a modernisation of the economy as a whole will be carried out and envisages, in its initial version for the 2021-2030 period, among others, a reduction of greenhouse gas (GHG) emissions by 23% compared with 1990, the deployment of renewables amounting to up to 42% of the country's final energy use (74% for electricity generation) and the improvement of the country's Energy Efficiency by 39.5%. Moreover, it includes efforts to be made by all sectors by 2030 (energy, industry, transport, agriculture, residential, waste, as well as contributions from natural sinks). After a prior public consultation in 2024 and subsequent referral to and analysis by the European Commission, on 24 September 2024 the Council of Ministers approved Royal Decree 968/2024, which updates the (INECP 2023-2030). Among other aspects, the reduction of Greenhouse Gas (GHG) emissions by 2030 is being extended from 23% to 32%; the share of renewables is being increased to 48% of final energy consumption

• reaching 81% of electricity - and the energy efficiency improvement target is being increased to 43%. Likewise, the update also raises the target for electrification of the economy from its initial 32% to 35%. At the same time, the Government has adopted the National Long Term Strategy, called 'Spain 2050', which identifies 9 major challenges for the country, including the creation of a carbon neutral, sustainable society that is resilient to Climate Change.

• The Just Transition Strategy: the goal of which is to optimise job opportunities for those territories whose population is affected by the transition to a low-carbon economy.

Finally, on 22 September 2020, the Council of Ministers approved the National Adaptation Plan (NAP) for climate change for 2021-2030 period, which constitutes the basic planning framework for promoting coordinated action to address the effects of climate change.

Economic Recovery, Transformation and Resilience Plan

On 7 October 2020, the Government presented the Economic Recovery, Transformation and Resilience Plan to respond to the challenges of the next decade, focusing on 4 changes necessary to modernise and boost Spain's economy: the ecological transition, digital transformation, gender equality and social and territorial cohesion.

The Recovery Plan will entail a significant amount of public and private investment in the coming years, and is financed with funds from the European Union's 'Next Generation EU' Recovery Plan. The Plan sets out 10 key policies that are considered to have a direct impact on the productive sectors with the greatest capacity to transform the economic and social fabric, and which are as follows:

Policies
1. The urban and rural agenda, the fight against depopulation and agricultural development.
2. Resilient infrastructures and Ecosystems.
3. A just and inclusive energy transition.
4. An Administration for the 21st century.
5. Modernisation and digitisation of the industrial fabric and SMEs, the recovery of tourism and promotion of an entrepreneurial Spain as a nation.
6. Science and Innovation Pact. Enhancing the capacities of the National Health System.
7. Education and knowledge, lifelong learning and building capacity.
8. New care economy and employment policies.
9. Boosting the culture and sports industry.
10. Modernisation of the tax system for inclusive and sustainable growth.

than 37% of the total Plan and digitalisation 33%.

In the energy field, the above policies include actions such as: the mass deployment of renewable generation, smart grids and electricity infrastructure; the development of a renewable hydrogen roadmap and its sectoral integration; the development of a Just Transition Strategy to ensure employment in areas affected by the Energy Transition and the promotion of sustainable mobility and refurbishment of buildings as well as the promotion of Energy Efficiency measures.

Thanks to the above, several calls have been launched by different ministries for the presentation of specific projects in certain action areas of the plan.

Likewise, so-called Strategic Projects for Economic Recovery and Transformation (SPRET) have been approved, a comprehensive tool which includes the actions of the different sectors, including the following:

Projects	Sectors
	For the development of electric and smart vehicles.
	On renewable energy, renewable hydrogen and storage.
Strategic	The Circular Economy.
Project for Economic	On Industrial decarbonisation.
Recovery and	For cutting-edge health care.
Transformation	Agri-food.
(SPRET) or (PERTE) for	The new economics of language.
its acronym	For the shipbuilding industry.
in Spanish	Aerospace.
	For digitisation of the water cycle.
	For microelectronics and semiconductors.
	For the social and care economy.

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VI. Statement of Responsibility

On 6 June 2023, the Council of Ministers approved the final document of the addendum to the extension of the Recovery, Transformation and Resilience Plan (RTRP), which was approved by the European Commission on 2 October 2023. The addendum incorporates a new package of reforms, strengthens Strategic Projects for Economic Recovery and Transformation (SPRET) and includes newly created funds for the channelling of loans. Specifically it incorporates 84,000 million in loans, an additional 7,700 million in subsidies and 2,600 million from the 'REPowerEU' programme, bringing the total amount of aid under the Recovery, Transformation and Resilience Plan to 160,000 million euros. Likewise it creates a 20,000 million euros Autonomous Resilience Fund for large regional projects, includes various tax reliefs and strengthens governance aspects.

Regulations on permits for access and connection to electricity transmission and distribution grids

In line with the new responsibilities attributed to the CNMC deriving from Royal Decree Law 1/2019, of 11 January, specific regulations on access and connection permits must be developed both by the Government, through a Royal Decree, and by the CNMC, through a Circular, depending on their respective remit.

On 30 December 2020, Royal Decree 1183/2020, of 29 December, on access and connection to electricity transmission and distribution networks, was published in the BOE. This Royal Decree governs the criteria and procedure for granting access and connection permits for both producers and consumers. The general criterion shall be chronological priority. However, to promote the penetration of renewable energy, exceptions to this general criterion are established in cases of hybridisation of existing generation facilities and in capacity access tenders for new transmission grid nodes or in those nodes where capacity is freed up or emerges.

It provides for the possibility, by Ministerial Order, to convene capacity tenders that are only applicable to new nodes introduced through a new planning process, or those where a certain volume of access capacity is released. Participants must be renewable generation facilities, which may also include storage.

Aspects relating to the storage and hybridisation of facilities are also governed, as is the system of guarantees.

Finally, exemptions have been introduced for access and connection permits for self-consumption facilities, and the figure of the single node representative, which has so far been responsible for processing access and connection permits when there were connection requests from multiple stakeholders for the same node, is abolished, so that from now on each developer will liaise directly with the grid operator.

Likewise, on 22 January 2021, Circular 1/2021, dated 20 January, of the CNMC was published in the BOE, which sets out the methodology and conditions for access and connection to the transmission and distribution networks of electricity production facilities. This Circular governs the procedures, deadlines and criteria for the assessment of access capacity and the granting of permits.

In this respect, on 3 November 2021, Order TED/1182/2021 of 2 November was published in the BOE, subsequently corrected by Order TED/1198/2021 of 3 November, which governs the procedure and requirements applicable to the public tender for the concession of evacuation access capacity to the electricity transmission grid for renewable generation facilities at the Justa Mudéjar 400 kV Transition Junction and calls for tenders. This Order sets out the specific regulatory bases for the concession of access capacity in the Justa Mudéjar Transition Node affected by the closure of the Teruel Thermal Power Plant and with the aim of boosting new renewable power and

optimising its potential with the generation of socioeconomic benefits for this area.

Likewise, on 10 June 2022, the MITECO initiated a proposed Order to call for tenders for access capacity at certain nodes of the transmission grid, pursuant to Royal Decree 1183/2020, of 29 December, and for a total capacity of 5,844 MW.

Additionally, on 9 August 2022, the Resolution of 3 August 2022 of the Secretary of State for Energy was published, by which it was agreed to call another tender for access capacity in certain nodes of the transmission grid. Likewise, in 2023, several resolutions were published for access capacity tenders in certain nodes of the transmission grid.

Likewise it is worth noting that, in the context of certain measures taken in the wake of the economic effects of the COVID-19 crisis and the war in Ukraine, the government has adopted certain measures related to the management of access and connection permits.

Finally, among other tenders for access to the grid, on 18 April 2024, Order TED/345/2024 of 9 April was published in the BOE, governing the procedure and requirements applicable to the concession of grid access capacity for synchronous electricity generation modules from renewable sources and synchronous storage facilities at the Justa de Garoña 220 kV (Burgos), Guardo 220 kV (Palencia), Lada 400 kV (Asturias), Mudéjar 400 kV (Teruel) and La Robla 400 kV (León) transition nodes.

Voluntary Prices for Small Consumers (PVPC) of electricity and its legal contracting regime

On 29 March 2014, Royal Decree 216/2014 of 28 March 2014 was published, which sets out the methodology for calculating the PVPC as of 1 April 2014, the main aspects of which were as follows:

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• The cost of energy to be used in calculating the PVPC will be the hourly price of the daily and intraday market in the billing period, to which adjustment services, capacity payments and payments for the financing of the System Operator and the Market Operator must be added.
• In the case of meters with remote management integrated into the Systems, the hourly price will be applied to the actual hourly consumption; otherwise a profile published by the System Operator will be used.
• Alternatively, Reference Suppliers will be required to make an offer to customers entitled to the PVPC in the form of a fixed price for a one year period made up of the tolls subject to review and a fixed value for one year, in €/kWh, for the remaining aspects. The offer will be in force for one month and will be

uniform throughout Spain, and each Reference Supplier may have only one offer in force.

• The Royal Decree envisages other aspects, including the Social Bonus discount rate being equivalent to a 25% discount on the PVPC.

On 4 June 2015, the operating procedures for the hourly billing of consumers under the PVPC were published. Pursuant to these procedures, from 1 July 2015, consumers with an a remote meter that is effectively integrated will be billed according to their actual hourly consumption, rather than according to a consumption profile.

On 25 November 2016, Royal Decree 469/2016 of 18 November was published in the BOE, which establishes the methodology for setting the marketing margin of the PVPC, thus complying with various Supreme Court rulings that annulled the marketing margin established in Royal Decree 216/2014 of 28 March, which establishes the methodology for calculating the PVPC of electricity and its legal contracting regime.

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IV. Consolidated Management Report V. Consolidated Financial Statements

On 24 December 2016, Ministerial Order ETU/1948/2016 of 22 December 2016 was published, which, as of 1 January 2017, establishes the values of the commercial margin of the PVPC. Ministerial Order ETU/258/2017 of 24 March 2017, published on 25 March 2017 and taking effect the following day, set a new value for the part of the trading margin corresponding to the cost of contributing to the National Energy Efficiency Fund.

Royal Decree 446/2023 of 13 June 2023 was published on 14 June 2023, and modifies, as of 1 January 2024, the methodology for calculating the PVPC, the most relevant aspects of which are as follows:

• The PVPC will be applicable to domestic consumers and micro-enterprises with contracted power of 10 kW or less.
• The cost of energy will be partially indexed to the forward markets, incorporating a basket of forward products referenced to OMIP (Operador del Mercado Ibérico de Energía - Polo Portugués), which will be

carried out gradually: 25% in 2024, 40% in 2025 and 55% from 2026. The rest of the weighting will correspond to the spot price. The portion linked to futures is split between the monthly (10%), quarterly (36%) and annual (54%) product. These percentages may be modified by Ministerial Order, the formulation also incorporating a reference to the price resulting from auctions of infra-marginal, dispatchable and non-emitting energy, included in Royal Decree Law 17/2021, of 14 September, if the reference suppliers participate in these auctions.

• The reference supplier is recognised, within the PVPC, the cost of financing the Social Bonus subsidised rate set annually in the corresponding Order, alongside an additional coefficient for the recovery of the amounts borne since Royal Decree Law 6/2022, of 29 March.

Additionally, this Royal Decree modified certain regulatory aspects of generation in Non-Peninsular Territories (NPT).

Energy Efficiency

Law 18/2014, of 15 October, on urgent measures for growth, competitiveness and efficiency, created, in the field of Energy Efficiency, the National Energy Efficiency Fund to meet the energy saving target.

Additionally, on 25 January 2023, Royal Decree 36/2023 of 24 January was published, establishing a system of Energy Saving Certificates (ESC), which has been partially developed by Order TED/815/2023 of 18 July. Likewise, Order TED/845/2023 of 18 July approved the catalogue of standardised measures for Energy Efficiency actions.

On 23 March 2024, Order TED/268/2024 of 20 March was published, establishing the mandatory contributions to the National Energy Efficiency Fund for the year 2024. Endesa is expected to contribute a financial amount equivalent to 99 million euros to the fund for 2024, with at least 35% covered through financial contributions. The remainder of its obligation can be met by presenting ESC.

Finally, on 23 December 2024, the MITECO initiated a hearing and public information on the proposed Order establishing the energy saving obligations to contribute to the National Energy Efficiency Fund (Fondo Nacional de Eficiencia Energética - FNEE) for 2025, envisaging an economic amount equivalent to 132 million euros for Endesa, of which at least 15% must be covered by financial contributions to the Fund, with the rest of the obligation to be met by presenting ESC's.

Methodology for calculating charges in Electricity and Gas Systems

Alongside the approval of the methodology for determining access tolls to the electricity and gas networks, which is incumbent, pursuant to Royal Decree Law 1/2019 of 11 January, on the CNMC, the Government must approve the methodology for calculating the charges of Electricity and Gas Systems. These methodologies should establish which variables are used to apportion the costs to be covered by charges, such that the apportionment is nondiscriminatory and responds to the energy policies promoted by the government, that is to promote efficiency, the electrification of the economy and a just Energy Transition.

Pursuant to it, on 18 March 2021, Royal Decree 148/2021, of 9 March, was published in the BOE, setting out the methodology for calculating Electricity System charges, and the corresponding methodology for the Gas System was approved by Royal Decree 1184/2020, of 29 December.

2024 Electricity Tariff

On 25 December 2023, Resolution of 21 December 2023 of the CNMC was published in the BOE, establishing values of the access tolls to the electricity transmission and distribution grids to be applied as of 1 January 2024, which represent an average reduction of 1.1% with respect to the values in force on 1 January 2023.

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In relation to charges for 2024, Royal Decree Law 8/2023 of 27 December adopting measures to address the economic and social consequences of the conflicts in Ukraine and the Middle East, and to alleviate the effects of the drought, and to which we refer below, extended charges for 2023 until the Ministerial Order approving those applicable for 2024 is approved. In this regard, Order TED/113/2024 of 9 February was published in the BOE on 14 February 2024, establishing the prices of Electricity System charges and various regulated costs for the 2024 tax year, maintaining the charge levels of 2023, effective from 15 February 2024.

2025 Electricity Tariff

On 16 December 2024, the CNMC published the Resolution of 4 December in the BOE, establishing values of the access tolls to the electricity transmission and distribution grids for 2025, which represent an average reduction of 4.0% with respect to the values in force on 1 January 2024.

For its part, on 28 December 2024, Order TED/1487/2024 of 26 December was published, setting out the prices of charges in the Electricity System, establishing various regulated costs of the Electricity System for the 2025 financial year and approving the distribution of the amounts to be financed in relation to the Social Bonus subsidised rate for 2025. This Order provides for an increase in charges from 1 January 2025 of 33%.

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Seventh General Radioactive Waste Plan (GRWP)

In 2020, the MITECO launched the ordinary strategic environmental assessment procedure for the Seventh General Radioactive Waste Plan (GRWP), a document that updates the Government's policy on the management of radioactive waste, including spent nuclear fuel, and the dismantling and decommissioning of nuclear facilities. The Strategic Environmental Declaration of the GRWP was published on 27 July 2023.

Finally, the Plan was approved by the Council of Ministers on 27 December 2023 and published in the BOE on 8 January 2024. In this respect, after a public consultation and taking into account the estimates of future costs set out in the aforementioned Seventh Plan, Royal Decree 589/2024, of 25 June 2024, was published in the BOE on 26 June, mo difying the fixed unitary tariff relating to the nontax public asset benefit through which the service of the Empresa Nacional de Residuos Radiactivos, S.A. S.M.E., (Enresa) is financed to nuclear power plants in operation, setting the value of this unitary rate at 10.36 €/MWh, with its entry into force on 1 July 2024.

Energy Storage Strategy

On 9 February 2021, the Council of Ministers approved the Energy Storage Strategy, an element considered key to the transition to a carbon-neutral economy and the effective integration of renewable energies into the Electricity System.

The Energy Storage Strategy quantifies storage needs in a manner consistent with the INECP 2021-2030 and the objective of net zero by 2050, increasing from 8.3 GW available today to around 20 GW in 2030 and 30 GW in 2050. It also classifies the range of technologies that make up energy storage according to the applicable method and system, identifies actions for their effective roll-out and regulatory challenges for the participation of storage in electricity markets, considering market access procedures as well as their role in the structure and price signals, and also analyses the economic challenges involved and the need for industrial policies that encourage their financing.

Royal Decree on closed electricity distribution networks

Royal Decree 314/2023 of 25 April was published on 26 April 2023, developing the procedure and requirements for the granting of administrative permits for closed electricity distribution networks, which governs the particular conditions and requirements for closed electricity distribution grids and their owners, as well as the administrative authorisation procedure and the circumstances for their revocation.

Pursuant thereto, an industrial area of no more than 8 km2 in area may be authorised as a closed electricity distribution network, as long as the grids distributes electricity to the industrial undertakings located on that site by means of its own grids.

Industrial consumers will be deemed those belonging to category B or C of the National Classification of Economic Activities (Clasificación Nacional de Actividades Económicas - C.N.A.E.) and those who, although belonging to groups D and E, are counted as industrial for statistical purposes.

Up to 100 non-industrial consumers may also participate in the grid, as long as they are related to industries, are inside or adjacent to the grid and do not represent more than 2% of the total electricity consumption.

The industrial owners of the closed grid will be required to build it or buy it from a distribution company, and

will be responsible for managing it, investing in its maintenance and billing for tolls, charges and other costs to consumers connected thereto, while traders selling electricity to members of the closed network will only bill for the energy consumed.

Electric vehicle charging services

19 March 2022 saw the publication of Royal Decree 184/2022 of 8 March in the BOE, which governs the provision of energy recharging services for electric vehicles. The main aspects governed by this regulation are:

• It defines the 2 legal entities that can participate in the public or corporate access charging activity for their fleets, establishing their rights and obligations: the Charging Point Operator, the holder of the rights to operate the charging stations and responsible for their physical operation, and the Electric Mobility Service Provider Company, an intermediary between operators and electric vehicle users, which can provide value-added services to these users.

• It strengthens the obligation to provide timely recharging at public access stations, eliminating barriers of a technical or contractual nature.
• Additionally, both operators and suppliers must send the necessary information to the MITECO, the Autonomous Communities and Ceuta and Melilla, to publish an official map of recharging points indicating, among other details, their location, characteristics and the price of recharging.

Regulatory sandbox for the promotion of research and innovation in the Electricity Sector

12 July 2022 saw the publication of Royal Decree 568/2022 of 11 July in the BOE, setting out the general framework of the regulatory sandbox for the promotion of research and innovation in the Electricity Sector, the aim of which is to establish controlled spaces where potential regulatory improvements can be tested to speed up regulatory changes and help to ensure that modifications are better adapted to the needs of the Sector. In this way, the regulation enables the implementation of pilot projects that promote research and innovation, which are limited in volume, duration and geographical scope, and which may require exemptions from sectoral regulations. Developers of these projects will have to sign a test protocol with the Secretary of State for Energy, in cooperation with the CNMC, which will set out the specific rules and conditions for each pilot project. 6 June 2023 saw the publication of Order TED/567/2023 of 31 May in the BOE, announcing access to the regulatory sandbox for the promotion of research and innovation in the electricity sector.

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Temporary mechanism for reducing market revenues of generation facilities by incorporating the value of the price of natural gas into wholesale market prices.

Royal Decree Law 17/2021, of 14 September, on urgent measures to mitigate the impact of rising natural gas prices on the retail gas and electricity markets, set out, among other measures, an obligation to pay, from its entry into force on 16 September 2021 and until 31 March 2022, an amount proportional to the alleged higher revenue they would have obtained as a result of incorporating the value of the price of natural gas into electricity prices on the wholesale market, This mechanism was subsequently supplemented by Royal Decree Law 23/2021, of 26 October, on urgent energy measures to protect consumers and introduce transparency in the wholesale and retail electricity and natural gas markets. Facilities with a remuneration regime regulated in article 14 of Law 24/2013, of 26 December, on the Electricity Sector and those with a capacity equal to or less than 10 MW are excluded. The amount resulting from this reduction of revenue will be used to reduce the charges of the System. Likewise, the scope of the payment obligation will not apply to energy covered by fixed price and term contracts prior to Royal Decree Law 17/2021, of 14 September, nor to energy covered by new fixed price contracts covering a period equal to or greater than one year. Where, in these forward instruments, a portion of the energy is partially indexed to the market price, only the non-indexed proportional part shall be excluded. Each month, producers shall a responsible declaration and supporting documentation of the energy covered by forward instruments. It also establishes that producers and commercialisation companies must regularly inform the CNMC of forward contracting instruments, both physical and financial, between companies in the same business group or with third parties.

Additional amendments were introduced by Royal Decree Law 6/2022 of 29 March adopting urgent measures in the framework of the National Plan responding to the economic and social consequences of the war in Ukraine. Pursuant thereto, energy covered by fixed-price forward contracts prior to 31 March 2022 is exempted from the application of the mechanism. Hedging instruments with a hedging term of one year or more and a fixed price after 31 March 2022 are excluded if the fixed price is equal to or less than 67 euros/MWh. In the case of bilateral contracts between Generation and Retailing of the same Business Group, the hedging price will be the price that Retailers pass on to final consumers and, in this case, the exempted fixed price will be determined by increasing the value of 67 euros/ MWh in the average marketing margin of the Sector.

Finally, Royal Decree Law 18/2022 of 18 October, which approved measures to strengthen the protection of energy consumers and to contribute to the reduction of natural gas consumption pursuant to the 'Plan + seguridad para tu energía (+SE)' (Plan + Security for your energy), as well as measures regarding the remuneration of public sector personnel and the protection of temporary agricultural workers affected by the drought, extended its validity until 31 December 2023.

Production cost adjustment mechanism to reduce electricity prices in the wholesale market

On 14 May 2022, the Official State Gazette (Boletín Oficial del Estado - BOE) was published containing Royal Decree-Law 10/2022, of 13 May, which temporarily establishes a production cost adjustment mechanism to lower the price of electricity in the wholesale market. The measure establishes a mechanism to lower the cost of production of marginal fossil technologies, with the aim of achieving a reduction equivalent to the balancing price in the wholesale market, initially until 31 May 2023, but later extended to 31 December 2023

by Royal Decree Law 3/2023, dated 28 March, to extend the production cost adjustment mechanism to lower electricity prices in the wholesale market regulated under Royal Decree Law 10/2022, dated 13 May.

This mechanism establishes an adjustment based on the difference between a reference price for the gas consumed by thermal plants and the spot price for gas in the Spanish Organised Gas Market (MIBGAS). The pathway for gas prices, established under Royal Decree Law 3/2023 considers values rising from €45/ MWh in January 2023 to €65/MWh in December 2023. This mechanism can apply to combined cycles, coalfired power plants and co-generation not covered by any regulated remuneration framework, as well as, in accordance with Royal Decree Law 20/2022, dated 27 December, any co-generation and waste facilities prior to 2013, with between 50 MW and 100 MW power which are temporarily permitted to reject the specific remuneration regime. The amount of this adjustment will be shared between the part of Iberian demand that benefits directly from this, either because it acquires energy at a price directly tied to the wholesale market value or because a contract has been signed that already takes into account the beneficial effects of the mechanism on wholesale prices. As regards this latter aspect, units that offer storage, whether batteries or pumped consumption are excluded from paying the adjustment cost, along with units that offer auxiliary generation services.

This application was due to come into effect subject to the authorisation of the European Commission, which was granted on 8 June 2022, after which the Ministry for the Ecological Transition and Demographic Challenge (Ministerio para la Transición Ecológica y el Reto Demográfico - MITECO) passed Order TED/517/2022, dated 8 June, which establishes the start date of the mechanism as 14 June 2022 (for balancing, 15 June 2022). This mechanism was applied until 31 December 2023.

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Mechanism for encouraging long-term contracts

Royal Decree Law 17/2021, dated 14 September, for urgent measures to reduce the effect of rising gas prices on retail gas and electricity markets established a mechanism for encouraging long-term contracts for purchasing energy through auctions of long-term energy purchasing contracts that were linked to a maximum of up to 25% of the lower value in 10 years of non-emitting manageable baseload generation that had no specific remuneration and is not the recipient of renewable auctions. Sellers would be those producers of electricity that were dominant operators in electricity generation. Purchasers could be retailers (except for the groups that are the main electricity operators) and direct consumers as well as the reference retailers in the terms set out by the resolution of the call for proposals

Statute of electro-intensive consumers

Royal Decree 444/2023, dated 13 June, modifying Royal Decree 1106/2020, dated 15 December, regulating the Statute of electro-intensive consumers, was published on 14 June 2023. This Royal Decree modifies the Statute of electro-intensive consumers passed in 2020 which regulated the requirements that allow certain industrial facilities to apply for certification as electro-intensive consumers. This modification expanded the catalogue of activities that can be included under this situation and lowers certain requirements, which increased the number of beneficiaries. The maximum support was also updated to compensate the cost of the specific remuneration regime for renewables and the cost of non-peninsular electricity systems, including the charges, which changed from the current 85% for all activities to: 85% for sectors with significant risk; 75% for sectors with risk (expandable to 85% if they can show that 50% of consumption comes from carbon-

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based sources with a forward contract for 10% of consumption or 5% of consumption with renewable self-consumption); or a larger percentage for facilities with greater exposure (when the cost of electricity is above certain thresholds for Gross Value Added - GVA). Even so, in no case were the charges borne by the beneficiaries equal to or less than €0.5/MWh.

Also, as indicated below, consumers holding the certificate of electro-intensive consumers had a temporary reduction of 80% on access fees to electricity distribution networks and transmission grids until 31 December 2024. On 24 December 2024, Royal Decree 9/2024, of 23 December, which, among other acts, extended this reduction until 31 December 2025 was published in the BOE. However, the Plenary session of Congress held on 22 January 2025 finally rejected the approval of this Royal Decree Law 9/2024, dated 23 December, which has therefore been repealed and is no longer in force.

Modification of the environmental assessment legislation

On 14 June 2023, the BOE published Royal Decree 445/2023, of 13 June, modifying Appendices I, II and III of Law 21/2013, of 9 December, on environmental assessment, which regulates projects subject to ordinary and simplified assessment in order to adapt it to European law, and to update and unify its content in accordance with the experience acquired during the years when it was in force. The most important aspects include:

• The introduction of new types of projects subject to ordinary Environmental Impact Assessment (EIA),, especially projects that affect the energy sector, industry and mines.
• The expanded scope of simplified assessment by removing various thresholds that had excluded certain projects from this procedure. The following projects are among those now subject to simplified assessment: standalone energy storage using electrochemical batteries or any other technology hybridised with electricity installations, certain repowering projects for electricity transmission lines or industrial facilities for producing electrolytic photoelectric or photocatalytic hydrogen from renewable sources.

Law 38/2022, of 27 December, establishing temporary levies on energy companies and financial credit institutions, creating the temporary solidarity tax on high-wealth subjects, and amending certain tax rules.

On 28 December 2022, the BOE published this law, whose main aspects related to the energy tax are as follows:

• It established a temporary levy during 2023 and 2024 of 1.2% of the net revenue derived from operations in Spain in the calendar year prior to the start of the obligation to pay (which started on the first day of the calendar year) (see Note 51).
• It excludes from the net revenue the income from the hydrocarbon tax, the special tax of the Canary Islands on petroleum-based fuels and the complementary levies on Petroleum-based fuels of Ceuta and Melilla that have been paid or borne by repercussion. It also excludes from the net revenue any income from regulated activities, which are understood to include supplies at regulated price (PVPC for electricity, TUR for gas, bottled LPG and pipeline LPG), the regulated income from transmission and distribution networks for electricity and natural gas and, for generation of regulated remuneration and additional remuneration in Non-peninsular territories, all income from installations, including those from the market and economic dispatch respectively.
• The levy will apply to individuals and entities who are principal operators in the energy sectors with an annual net revenue in 2019 above 1,000 million euros for the year or whose net revenue in 2017, 2018 and 2019 for the activity where they are classed as principal operator is more than 50% of the total net revenue for the respective year. In addition, it establishes that to be the principal operators in the energy sectors the individuals or entities that

engage in producing crude oil, natural gas or coal mining or oil refining in Spain and which generated at least 75% of their business volume from business activities in extraction, mining, oil refining or the manufacture of coking products in the year prior to the start of the obligation to pay the provision.

• When the companies form part of a tax group that pays tax under a consolidated tax regime, the net revenue from their business is determined with reference to this group.
• This levy will have the legal status of a non-tax public financial contribution and will not be considered a tax-deductible expense with regard to the base rate for Corporation Tax, nor can it be passed on to third parties.

Law 7/2024, dated 20 December was published on 21 December 2024, repealing article 1 of Law 38/2022, of 27 December, thereby eliminating the legal framework that supported the Temporary Energy Tax that was in force until then. However, on 24 December 2024, Royal Decree Law 10/2024, dated 23 December, was published, which regulates a new temporary energy tax to apply in 2025. This new tax basically reproduces the content of Law 38/2022, of 27 December, with a quota equivalent to 1.2% of the net revenue from 2024, while incorporating a reduction of the same as the amount of the provision towards a non-distributable reserve for making strategic investments, where the reduction cannot in any case exceed 60% of the levy. However, the Plenary session of Congress held on 22 January 2025 formally rejected the approval of this Royal Decree Law 10/2024, dated 23 December, which has therefore been repealed and is no longer in force.

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Draft Bill for restoring the National Energy Commission (Comisión Nacional de la Energía - CNE)

On 20 January 2024, the Ministry for the Ecological Transition and Demographic Challenge (Ministerio para la Transición Ecológica y el Reto Demográfico - MITECO) initiated a public hearing process for the Draft Bill to restore the CNE. The Commission's roles will focus on monitoring the proper functioning of energy markets, including the new objective of decarbonisation. Some aspects of this Draft Bill include:

• The new Commission would be a public law entity with its own legal status, organic and functional autonomy, its own budget, and full independence from the Government, Public Administrations, and the market. It would also be subject to parliamentary and judicial oversight.
• It will have supervisory and control functions over the electricity, liquid hydrocarbons, natural gas, green hydrogen, and other renewable gases markets. Additionally, it will perform inspection, sanction, and arbitration functions, provide information and support, and process complaints raised by agents and consumers. Lastly, it will be responsible for settling access tariffs and handling charges, prices, fees, and regulated remuneration of the industries under its purview. It will also oversee share acquisition

processes and provide advisory functions for the development of regulatory proposals.

• The Commission's Council will comprise 7 members (president, vice president, and 5 councillors), with a non-renewable 6-year term. The Commission will include three departments: Electricity, Hydrocarbons and New Fuels, and Inspection.
• The new CNE must be fully constituted and operational within a maximum of 4 months from the approval of the Law.
• Additionally, the Draft Bill provides for the creation of the Fund for the Economic-Financial Management of Electricity and Gas Sector Settlements (Fondo para la Gestión Económico-Financiera de las Liquidaciones del Sector Eléctrico y del Sector del Gas - FGLSEG) to manage revenues and payments for the settlements of access tariffs, charges, fees, prices, and regulated remuneration of the electricity and gas sectors, as well as the transfers established for these sectors in the General State Budgets.

On 24 September 2024, the Council of Ministers approved the Draft Bill for restoring the CNE and sent it to the Congress of Deputies.

Extension for 2024 of certain measures adopted in the context of the crisis resulting from the Russia-Ukraine conflict

Through Royal Decree-Law 8/2023, of 27 December, which adopts measures to address the economic and social consequences derived from the conflicts in Ukraine and the Middle East, as well as to alleviate the effects of the drought, and Royal Decree-Law 4/2024, of 26 June, which adopts urgent measures in fiscal, energy, and social matters, previously approved measures have been extended, and new measures have been adopted. Some notable measures include the following:

• Regarding energy taxation, the reduced Value Added Tax (VAT) rate of 5%, in effect until 31 December 2023, increased to 10% for electricity for the entirety of 2024, and until 31 March 2024 for natural gas. In addition, the reduced rate for the Special Electricity Tax of 0.5% until 31 December 2023 will change to 2.5% during the first quarter of 2024 and 3.8% during the second quarter of 2024. As for the Tax on the Value of Electricity Production, the rate will change to 3.5% in the first quarter of 2024, 5.25% in the second quarter of 2024, and 7% thereafter.

• In the realm of social protection, the prohibition on cutting off basic electricity, water, and gas supplies to vulnerable consumers in the event of non-payment is extended until 31 December 2024. Likewise, the progressive discounts on the Social Bonus for vulnerable customers are extended until 30 June 2025, albeit on a decreasing scale, with the final discounts being 35% for vulnerable consumers and 50% for severely vulnerable consumers from 1 July 2025.
• In terms of tariffs and charges, the 80% discount on access tariffs applicable to electricity transmission and distribution grids for energy-intensive industries is maintained until 31 December 2024. Additionally, an amount equivalent to 62.5% of the provisional surplus for 2023 System Charges is expected to be allocated to the year 2024. The remaining surplus from 2023 can be used to offset the Electrical System's costs for the year 2025, which will be financed through the charges. Moreover, it is stipulated that if there is a positive provisional balance for the years 2020 and 2021 in the separate account of the body responsible for settlements related to the extra costs of electricity production in the Spanish Non-Peninsular Territories (NPT) charged to the General State Budgets, up to 70% of this balance may be transferred to the settlement system for extra costs of electricity production in Non-Peninsular Territories (NPT) charged to the General State Budgets for the year 2019. The remaining balance will be allocated with 5% going to 2023 and 95% to 2024.
• Regarding the deployment of renewable energy projects, the deadlines stipulated in the regulations for meeting certain administrative milestones have been extended. For example, for projects with access and connection permits granted after 31 December 2017, and before this regulation, the deadline to obtain the administrative authorisation for construction has been extended by an additional 6 months, until 25 July 2024. Moreover, these projects can request an extension, within 3 months from the entry into force of the Royal

Decree-Law or from the date of the administrative authorisation for construction, whichever is later, to extend the deadline for obtaining the final operating authorisation, up to a maximum of 8 years from 25 July 2020, or for obtaining the access permits, whichever is later. Additionally, Law 24/2013, of 26 December, on the Electric Sector, has been amended to allow the inclusion of non-economic criteria, with a weight of up to 30% of the total score, in renewable energy auctions.

On 24 December 2024, the BOE published Royal Decree Law 9/2024, dated 23 December, adopting urgent measures on economic, tax, transport and Social Security matters and extending other measures to deal with situations of social vulnerability. This Royal Decree Law, among other aspects, extends the ban on cutting off electricity, water and gas to vulnerable consumers until 31 December 2025, modifies the route of the incremental discounts of the Social Bonus for vulnerable customers, applying final discounts of 35% for vulnerable consumers and 50% for highly vulnerable consumers from 1 January 2026, instead of 1 July 2025; and extends until 31 December 2025 the 80% discount rate on access fees to the electricity transmission and distribution networks for electrointensive industry. However, the Plenary session of Congress held on 22 January 2025 finally rejected the approval of this Royal Decree Law 9/2024, dated 23 December, which has therefore been repealed and is no longer in force.

However, on 28 January 2025, the Council of Ministers approved Royal Decree Law 1/2025, of 28 January, which approves urgent measures in the areas of the economy, transport, Social Security, and to deal with situations of vulnerability, which includes some of the measures contained in the repealed Royal Decree Law 9/2024, of 23 December, and specifically, for the energy sector, the measures to protect vulnerable consumers are maintained through the extension of the prohibition on supply cuts and the modification of the path of discounts of the Social Bonus.

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Consultation on the Draft Royal Decree that approves the General Regulation on supply and contracting, and that establishes the conditions for marketing, aggregation, and consumer protection in electricity commercialisation

On 31 July 2024, the Ministry for the Ecological Transition and Demographic Challenge (MITECO) initiated a consultation on a Draft Royal Decree aimed at consolidating regulations related to electricity supply and contracting, which are currently scattered across various standards, to adapt them to current realities and new business models. Below are some of the aspects included in the draft Royal Decree.

• Prohibition on suppliers from engaging in advertising and contracting practices via telephone unless expressly requested by the customer. Additionally, offers must be contracts with dynamic prices indexed to the spot market.
• Conditions are set for entry to the marketing activity consisting of proving sufficient financial capacity and economic solvency, as well as establishing disqualification procedures for non-compliance with their obligations.

• A new obligation is established for information exchange between suppliers and grid operators, whether for transmission or distribution.
• The deadlines for changing electricity supplier will be shortened from the current 21 days to 24 hours from 2026, and during the transitional period the changeover will take place no later than 2 weeks after the consumer's request.
• Regarding electricity supply contracts, with the general rule being an annual contract that is automatically renewed for equal periods, the possibility is introduced in the deregulated market for consumers and suppliers to agree on a longer duration, as well as the option to contract with more than one supplier simultaneously. For contracts lasting more than one year, the contract and its renewals can be terminated by the consumer at any time without penalty.
• For third-party access agreements for customers connected to the transmission grid, a new requirement is established to sign a third-party grid access contract with the transmission operator, instead of the distributor.
• A number of consumer protection measures are introduced, including access to new complaint channels in the event of an unfavourable response from the company within one month, through a customer ombudsman, autonomous communities or cities, or the alternative dispute resolution system. The option for suppliers to voluntarily develop an additional consumer protection mechanism (customer ombudsman) has been introduced. The customer ombudsman's decisions will be binding for the company and must be resolved within 2 months.
• The position of the aggregator is regulated, and its rights and obligations are established.

Gas System

On 22 May 2015, Law 8/2015, of 21 May, was published, amending Law 34/1998, of 7 October, on the hydro carbons sector, and governing certain tax and non-tax measures pertaining to the exploration, research and exploitation of hydrocarbons, whose purpose is, among other things, to amend the Hydrocarbons Law to bring it up to date and with the aim of increasing competition and transparency in the hydrocarbons sector, reducing fraud, ensuring greater consumer protection, reducing costs for consumers and adapting the system of infringements and penalties.

In the field of natural gas, the goal is to create an organised natural gas market that will enable more competitive and transparent prices for consumers, and facilitate the entry of new commercialisation companies by increasing competition. It also desig nates the Organised Gas Market Operator, enables any authorised natural gas installer to inspect facilities (previously this was done through distributors), encourages the entry of new commercialisation companies through the mutual recognition of licences to market natural gas with another European Union (EU) member country with which a prior agreement is in place and adopts certain measures pertaining to minimum security stocks to provide commercialisation companies with greater flexibility and lower costs, without undermining the security of supply, by enabling the Strategic Petroleum Reserve Corporation (Corporación de Reservas Estratégicas de Productos Petrolíferos - CORES) to maintain strategic stocks of natural gas.

On 31 October 2015, Royal Decree 984/2015 of 30 October 2015 was published, governing the organised gas market and third party access to facilities in the Gas System. This Royal Decree sets out the basic rules for the operation of this gas market, as well as other measures such as the inspection procedure for gas facilities.

On 13 December 2017, after a resolution of the Council of Ministers was adopted on 10 November 2017, a Resolution was published establishing the conditions for the provision of a mandatory market maker service by dominant operators in the natural gas market, including Endesa.

Natural gas tariff for 2024

On 29 December 2023, the Resolution of 28 December 2023 of the Directorate General for Energy Policy and Mining was published, publishing the Last Resort Tariff (Tarifa de Último Recurso - TUR) for natural gas to be applied from 1 January 2024, with an approximate increase of 6.5%, 7.9% and 8.5%, respectively, for the Last Resort Tariff 1 (LRT1), the Last Resort Tariff 2 (LRT2) and the Last Resort Tariff 3 (LRT3). Additionally, LRTs applicable to Property Owners associations, which were introduced with Royal Decree-Law 18/2022 of 18 October, will see an increase of approximately 4.8% to 6.8%.

Later, on 29 March 2024, Resolution of 26 March 2024 by the Directorate General for Energy Policy and Mines was published in the Official State Gazette (Boletín Oficial del Estado - BOE), announcing the LRT for natural gas to be applied from 1 April 2024. The tariff

will decrease on average, excluding taxes, by 10.1%, 12.1%, and 13% for Last Resort Tariff 1 (LRT1), Last Resort Tariff 2 (LRT2), and Last Resort Tariff 3 (LRT3), respectively.

Additionally, on 30 May 2024, the National Markets and Competition Commission (CNMC) published its Resolution of 23 May 2024, which establishes access tolls for the gas transmission, local networks and regasification networks for 2025, applicable from 1 October 2024 to 30 September 2025, which entail, with respect to current values, a 16% decrease in gas transmission tolls, an 11% increase in local network access tolls and a 21.6% increase in regasification activity tolls.

On 29 June 2024, the Resolution of 27 June 2024, of the Directorate General for Energy Policy and Mines,

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published in the BOE, published the LRT for natural gas from 1 July 2024. The current prices of individual LRTs (LRT1, LRT2 and LRT3) are maintained because, as provided for in the regulations, there has been no increase or decrease of more than 2% in the cost of raw materials compared to the previous quarter.

Finally, on 28 September 2024, the Resolution of 26 September 2024 of the Directorate General for Energy Policy and Mines was published in the BOE, publishing the last resort tariff for natural gas from 1 October 2024, of 5.3%, 11.9% and 14.7% respectively, for Last Resort Tariff 1 (LRT1), Last Resort Tariff 2 (LRT2) and Last Resort Tariff 3 (LRT3).

Natural gas tariff for 2025

On 30 December 2024, the Resolution of 26 December 2024 of the Directorate General for Energy Policy and Mining published the Last Resort Tariff (LRT) for natural gas to be applied from 1 January 2025, with an approximate increase of 8.6%, 10.1% and 11.1%, respectively, for Last

Resort Tariff 1 (LRT1), Last Resort Tariff 2 (LRT2) and Last Resort Tariff 3 (LRT3). Additionally, LRTs applicable to Property Owners associations, which were introduced with Royal Decree-Law 18/2022 of 18 October, will see an increase of approximately 8.6% to 16.7%.

Electricity transmission grid planning

On 23 December 2023, Order TED/1375/2023, of 21 December, was published in the BOE, initiating the procedure to make proposals for the development of the electricity transmission grid with a 2030 deadline. Based on this Order, there was a parti cipatory process in which all stakeholders submitted their development proposals to the 2025-2030 planning process up until 31 March 2024. From 1 April 2024 to 1 October 2024 Red Eléctrica de España, S.A.U. (REE), based on the criteria set by the MITECO, has analysed the proposals submitted to the Ministry. And finally, on 9 October 2024, the MITECO launched a prior consultation on the Strategic Environmental Assessment of the 2025- 2030 Electricity Transmission Grid Development Plan.

Subsequently, on 16 April 2024, the Council of Ministers, at the request of the MITECO, approved a specific modification to the Electricity Transmission Grid Development Plan for 2026.

Urgent measures to boost the Immediate Response, Reconstruction and Relaunch Plan in response to damage caused by the Isolated High-Level Depression (IHLD)

Following the natural disaster caused by the Isolated High Level Depression (IHLD or "DANA"), various autonomous communities, and especially the Community of Valencia, the Spanish government agreed to approve a series of measures to help the people affected and to restore the state of affected infrastructures, goods and services, by Royal Decree Law 6/2024, of 5 November, adopting urgent measures to respond to the damage caused by the Isolated High Level Depression (IHLD) in different municipalities between 28 October and 4 November 2024 and Royal Decree Law 7/2024, of 11 November, adopting urgent measures to promote the Plan for immediate response, reconstruction and relaunching to respond to the damage caused by the Isolated High Level Depression (IHLD) in different municipalities

between 28 October and 4 November 2024. Some of the main measures in terms of energy include:

• On an exceptional basis and until 31 December 2025, supply contracts and third-party access to the grid will be temporarily suspended at those electricity and natural gas supply points whose supply has been interrupted due to the IHLD, at no cost to end consumers both in the suspension and in the reactivation thereof.
• On an exceptional basis and until 31 December 2025, the electricity supply contracts of those supply points located in the municipalities affected by the IHLD may be temporarily suspended or modified in order to contract an alternative offer. From 31 December 2025, and within a 3 month period, reactivation may be requested and must be resolved within a maximum period of 5 days and at no cost to the consumer, subject to certain conditions.
• On an exceptional basis and until 31 December 2025, holders of supply points that are covered by local

network toll levels RL1 or higher, or that have single customer liquefied natural gas (LNG) satellite plants may request, for each contract prior to 28 October 2024, regardless of its duration, the modification of the contracted daily flow or modification of the toll applied.

• On an exceptional basis and until 31 December 2025, the supply of electricity, petroleum products, natural gas and water may not be suspended.
• On an exceptional basis, investments for the reconstruction of the electricity transmission and distribution grids of the municipalities affected by the IHLD, commissioned during the years 2024 and 2025, will not be included in the volume of investment subject to remuneration by the Electricity System, although they will be remunerated by it.
• On an exceptional basis and until 31 December 2025, invoices corresponding to electricity and natural gas supply contracts affected by the IHLD will be deferred.

6.2. Regulatory framework in Europe

Energy and the environment in Europe

Regulation (EU) 2021/1119 of the European Parliament and of the Council of 30 June setting out a framework for achieving climate neutrality and amending European Climate Legislation Regulations fixes a European target of at least a 55% domestic reduction of net greenhouse gas (GHG) emissions by 2030 compared to 1990 levels.

The 'Fit for 55' package presented by the European Commission on 14 July 2021 is the framework that revises and updates EU law to support the achievement of this objective. The following provisions are of particular note:

On 16 May 2023, Directive 2023/959 revising the Emissions Trading Scheme (ETS) was published in the Official Journal of the European Union (OJEU), which amends the emissions cap by increasing the annual reduction rate and sets a reduction target of 62% in 2030 compared to 2005. Among other aspects, the free allocation of certificates for aviation has been abolished, maritime navigation has been included, and a new emissions system for road transport and buildings has been created.

On 16 May 2023, Regulation (EU) 2023/956 was published in the Official Journal of the European Union (OJEU) establishing the Carbon Border Adjustment Mechanism (CBAM), which sets a price for carbon dioxide (CO2 ) imports of certain products, including electricity.

On 26 April 2024, Regulation 2023/857 on binding annual greenhouse gas emission reductions by

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Member States (Effort Sharing Regulation) was published in the Official Journal of the European Union (OJEU), which strengthens, by setting targets, emission reductions for buildings, European road and maritime transport, agriculture, waste and small industry for each Member State.

In addition, the revision of the Energy Efficiency Directive (EU) 2023/1791 on Energy Efficiency was published in the Official Journal of the European Union (OJEU) on 20 September 2023. It is notable for its increase in ambition, with a mandatory EU energy consumption reduction target of 11.7% in 2030 compared to a baseline calculated in 2020. Regarding the Energy Efficiency obligation schemes at the level of end customers, the annual reduction obligation is increased from 0.8% to 1.3% in 2024-2025, 1.5% in 2026-2027 and 1.9% in 2028-2030.

On 22 September 2023, Regulation 2023/1804 was published in the Official Journal of the European Union (OJEU) on the implementation of an alternative fuels infrastructure, requiring the expansion of recharging capacity in line with the sale of zero-emission vehicles and the installation of recharging and refuelling points on major motorways (every 60 km for electric charging and every 200 km for hydrogen refuelling). Aviation and maritime sectors are required, under certain conditions, to provide access to electricity at major ports and airports.

Likewise, the revision of the Renewable Energy Directive (EU) 2023/2413 was published in the Official Journal of the European Union (OJEU) on 18 October 2023. Among its new features is a renewables target of 42.5% of the European Union's (EU) final energy consumption in 2030, with the intention of achieving 45%, and also, in relation to permitting, the approval of measures to speed up permitting that differentiate between projects located inside or outside the socalled 'renewable acceleration zones'. It also sets out certain requirements to be met by gases in order to be considered renewable. Two delegated acts complete the criteria to be met by gases of nonbiological origin, such as hydrogen, to be considered renewable.

On 8 May 2024, Directive (EU) 2024/1275 on the Energy Performance of Buildings was published in the Official Journal of the European Union (OJEU). This Directive promotes the improvement of the energy performance of buildings and the reduction of their greenhouse gas emissions, with the aim of achieving a zero-emission building stock by 2050. It takes into account local peculiarities and weather conditions, indoor environmental quality requirements, and cost-effectiveness. Regarding electric vehicles, pre-wiring will be mandatory for new and renovated buildings, increasing the minimum number of charging points.

On 31 May 2024, Recommendation (EU) 2024/1343 of the European Commission of 13 May, aimed at speeding up permit-granting procedures for renewable energy, was published in the Official Journal of the European Union (OJEU). It specifically addresses speeding up permit-granting procedures for renewable energy for renewable energy and related infrastructure projects.

On 6 June 2024, Regulation 2024/1610 of 14 May was published in the Official Journal of the European Union (OJEU), strengthening the carbon dioxide (CO2 ) emission performance standards for new heavy-duty vehicles and integrating reporting obligations. This regulation establishes a 90% reduction in carbon dioxide (CO2 ) emissions for new heavy-duty vehicles by 2040 and a 100% reduction for new urban buses by 2035.

On 28 June 2024, Regulation (EU) 2024/1735, the Zero Net Emissions Industry Regulation, was published in the Official Journal of the European Union (OJEU), setting out a framework of measures to strengthen the European manufacturing ecosystem for zero net emissions technologies.

On 15 July 2024, Regulation (EU) 2024/1787 on the reduction of methane emissions in the Energy Sector was published in the Official Journal of the European Union (OJEU) with the goal of establishing rules for the accurate and correct measurement, quantification, monitoring, reporting and verification of methane emissions from the energy sector in the

European Union (EU) and on instruments ensuring the transparency of these emissions.

Finally, on 15 July 2024, Directive 2024/1788 and Regulation 2024/1789 concerning common rules for internal markets in renewable gas, natural gas and hydrogen were published in the Official Journal of the European Union (OJEU) to establish the conditions for access to the system and participation in wholesale markets. The main objective of the package is to facilitate the entry to the market of renewable and low-carbon gases. Its main new features are the definition of low-carbon hydrogen, the unbundling of hydrogen networks, the maximum blending percentage to be accepted by network operators at interconnection set at 2% and the creation of a new independent hydrogen entity (EU Entity for Hydrogen Network Operators - ENNOH) that will coordinate the planning and development of the EU hydrogen infrastructure. The joint purchase of gas from EU countries is maintained on a voluntary basis.

Measures to combat high energy prices

In October 2021, the increase in energy prices throughout the second half of 2021, due to the post-COVID-19 economic recovery and the resulting increase in demand, led the European Commission to publish a Communiqué with actions that Member States could take to cope with the price increase without breaching existing European law.

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The deterioration of the situation due to the crisis caused by the conflict between Russia and Ukraine led the European Commission to issue 2 communications:

• On 8 March 2022, the communication entitled 'REPowerEU: Joint European Action for more Affordable, Secure and Sustainable Energy', which emphasises the need to have sufficient gas reserves for the coming winter and to reduce dependence on Russian gas supplies by diversifying the European Union's (EU) supply and promoting renewable energies; it also indicates the measures that can be implemented by Member States in response to high prices on energy markets and the conditions under which certain actions can be carried out by Member States.
• On 23 March 2022, the Communication was published on 'Security of Supply and Affordable Energy Prices: Options for Immediate Measures and Preparing for Next Winter', which sets out the different possible options for Member States to manage energy price increases.

These Communications were detailed through diffe rent initiatives and plans:

• On 18 May 2022, in response to the difficulties and disruptions in the global energy market caused by the Russian invasion of Ukraine, the European Commission presented the 'REPowerEU' Plan. This Plan sets out a number of measures to reduce dependence on Russian fossil fuels in the short term, advance the ecological transition and save energy, while increasing the production of clean energy and ensuring the resilience of the EU-wide energy system. It is backed by financial and legal measures to build the new energy infrastructure and energy system that Europe needs.
• Likewise, 18 May 2022 saw the publication of the Communication 'Short-Term Energy Market Interventions and Long-Term Improvements to the Electricity Market Design. A Course for Action'. The document sets out a number of additional shortterm measures to address high energy prices and to respond to possible supply disruptions from Russia. It also presents several areas where the design of the electricity market can be optimised to accommodate the transition from fossil fuels and increase resilience to price shocks, as well as the protection of consumers and affordable electricity supply.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report VI. Statement of Responsibility V. Consolidated Financial Statements

Notwithstanding the above, on 6 October 2022, the ongoing rise in energy prices led the European Council to publish a Regulation with time-barred measures for emergency intervention to mitigate the effects of these high prices. The main measures agreed were:

• To reduce 10% of gross monthly consumption and at least 5% of consumption in 10% of peak hours, or 3% of peak hour consumption, from December 2022 to March 2023.
• To introduce a cap of €180/MWh on the market revenues of certain infra-marginal electricity producers and redistribute them to end customers.
• To enable Member States to apply public intervention measures when setting supply prices to households and small and medium-sized enterprises.
• To establish a solidarity contribution from EU companies whose main business is in the oil, natural gas, coal and refining sector, calculated on the basis of 'excess' profits over previous years, to be applied in the 2022 and/or 2023 tax year.

Regarding these measures, on 5 June 2023 the European Commission published on its report on the review of temporary emergency measures to alleviate high energy prices, indicating that it did not consider it necessary to prolong these measures.

Moreover, the Regulation also echoed the liquidity difficulties that energy companies are suffering from as a result of rising prices and volatilities and states that alongside European regulators (European Securities and Markets Authority - ESMA, and European Banking Authority - EBA), it is assessing issues related to collateral and guarantees, as well as potential ways to limit excessive intraday volatility.

At the same time, discussions were held on a new price capping mechanism for the wholesale gas market and the new design of the electricity market.

In this respect, on 29 December 2022, Regulation 2022/2578 was published in the Official Journal of the European Union (OJEU), setting out the so-called market correction mechanism, which is a temporary tool that is activated to limit episodes of excessively high gas prices in the European Union (EU) that do not reflect world market prices. Said mechanism applies to natural gas transactions on the main derivatives markets, the Title Transfer Facility (TTF) and derivatives linked to other virtual exchange points, with maturities of between one month and one year. But on 19 December 2023, Regulation (EU) 2023/2920 was published in the Official Journal of the European Union (OJEU) extending its validity until 31 January 2025.

Likewise, on the same date, 29 December 2022, Regulation (EU) 2022/2576 was published, enhan cing solidarity through better coordination of gas purchases, reliable price references and cross-border gas exchanges. On 29 December 2023, Regulation (EU) 2023/2919 extending the application period of Regulation (EU) 2022/2576 until 31 December 2024 was published in the Official Journal of the European Union (OJEU).

Moreover, Regulation (EU) 2022/2577 establishing a framework for accelerating the deployment of rene wable energies was published on 29 December 2022. This Regulation was valid for an initial period of 18 months. Notwithstanding this, certain provisions have been extended until 30 June 2025 by Regulation (EU) 2024/223, which was published in the Official Journal of the European Union (OJEU) on 10 January 2024.

Likewise, on 28 March 2023, through Regulation (EU) 2023/706, the Council agreed to extend for an additional year (from 1 April 2023 to 31 March 2024) the voluntary measure to reduce Member States' gas demand by 15%, contained in Council Regulation (EU) 2022/1369 of 5 August.

Regarding the issue of collateralisation, on 6 March 2024, Delegated Regulation (EU) 2024/818 was published, amending Delegated Regulation (EU) 153/2013 of 19 December. This Regulation allowed non-financial clearing members, until 7 September 2024, to use uncollateralised bank guarantees vis-àvis Clearing Houses for energy derivatives.

Reform of the electricity market

On 21 May 2024, the Council of the European Union (EU) approved the reform of the European Union's electricity market design, with regulatory provisions published in the Official Journal of the European Union (OJEU) on 26 June 2024. These include Directive (EU) 2024/1711 of 13 June, amending Directives (EU) 2018/2001 of 11 December and (EU) 2019/944 of 5 June, as regards improving the Union's electricity market design, and Regulation (EU) 2024/1747 of 13 June, amending Regulations (EU) 2019/942 of 5 June and (EU) 2019/943 of 5 June, to improve the EU's electricity market design. The main elements of this reform include:

• Promoting renewables (and clean technologies) to protect customers from price volatility by encouraging Power Purchase Agreements (PPAs), and using Contracts for Difference ("CfDs") for new wind, solar, geothermal, hydro and nuclear projects.
• Strengthening flexibility mechanisms, with indicative targets and the possibility for Member States to introduce support systems in favour of demand or storage management.
  • Greater consumer protection: With aspects such as the requirement of adequate hedging strategies for commercialisation companies, the creation of the figure of suppliers of last resort, the empowerment of Member States, in the event of a crisis, to extend regulated prices to households and Small and

Medium Enterprises (SMEs), or the enhancing of protection against disconnection for the vulnerable.

• Grid remuneration methodologies must consider investments that anticipate grid needs.
• Removing the qualification of capacity mechanisms as mechanisms of last resort, and the mandate to the European Commission to consider how to streamline and simplify their approval process.

On the other hand, on 14 March 2023 the European Commission submitted a proposal to amend the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) and on 17 April 2024, Regulation (EU) 2024/1106 on Wholesale Energy Market Integrity and Transparency (REMIT) was published in the Official Journal of the European Union (OJEU) and entered into force on 7 May 2024. This Regulation revises the predecessor Regulations and establishes additional reporting requirements for activity on wholesale energy markets. The Regulation substantially increases the powers entrusted to the Agency for the Cooperation of Energy Regulators (ACER) by granting it penalty and investigative powers. It also seeks to clarify concepts such as the definition of inside information or market players. Moreover, it introduces new provisions taken from the Market Abuse Regulation duplicating in some cases the obligations of market players. The proposal substantially increases the powers entrusted to the Agency for the Cooperation of Energy Regulators (ACER) by giving it penalty and investigative powers.

Financial regulation

524

In October 2022, the European Commission adopted Delegated Commission Regulation 2022/2310 of 18 October, increasing the value of the clearing threshold for positions held in commodity and other OTC derivative contracts to 4,000 million euros.

Regarding the Regulation on over-the-counter derivatives, central counterparties and trade repositories (EMIR) on 7 December 2022, the European Commission adopted a proposal to amend the Regulation. The final text of the EMIR was approved by the European Parliament and adopted by the Council on 19 November 2024 and published in the Official Journal of the European Union (OJEU) on 4 December 2024. The Regulation applies from 24 December 2024, with the exception of articles amending the clearing obligation and the calculation of the threshold, which will not be applicable until the date the regulatory technical standards implementing them enter into force.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

Among the most important changes is the way in which positions are calculated for the clearing threshold. It is established that only those derivatives that have not been cleared in a Central Counterparty authorised or recognised under European Union (EU) law will be included in this calculation. Likewise, the reporting exemption for intra-group transactions is maintained. On the other hand, Central Counterparties are allowed to accept bank guarantees and highly liquid public guarantees as collateral, provided that they are unconditionally available upon request within the settlement period.

Likewise, on 7 March 2023, Law 6/2023 on Securities Markets and Investment Services was published in the BOE. This Law transposes into Spanish law Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February, amending Directive 2014/ 65/EU of 15 May regarding disclosure requirements, product governance and position limits, and Directive 2013/36/EU of 26 June and Directive (EU) 2019/878 of 20 May regarding their application to investment firms to contribute to the recovery from the COVID-19 crisis (so-called 'MiFID quick fix'). This Directive abolishes the requirement to notify the regulator of the intention to apply the ancillary business exemption for those companies whose activity at group level is ancillary to the core business. Moreover, this Directive introduces a third criterion for considering the the activity to be ancillary, based on net open exposure on commodities or emission allowances or derivatives thereof that are financially settled outside a trading centre, not exceeding the threshold of 3,000 million euros. These provisions are developed further in Royal Decree 813/2023 of 8 November on the legal regime for investment firms and other entities providing investment services, which further specifies that the system of position limits would apply, even if exempt on the basis of the ancillary activity exemption.

This Directive also amends the position limit system, limiting it to those derivatives that are conside red critical or significant. Royal Decree 814/2023 of 8 November on financial instruments, admission to trading, the registration of marketable securities and market infrastructures, implements these provisions.

Moreover, the Markets in Financial Instruments Direc tive (MiFID) and the Market in Financial Instruments Regulation (MiFIR) on markets in financial instruments were published on 8 March 2024. In this regard, it is worth noting that the Directive requires the preparation of two reports by the European Commission, to be submitted before 31 July 2024 and 2025, respectively. These reports will assess the contribution to liquidity and proper functioning of commodity derivatives markets or carbon dioxide (CO2 ) emissions allowance derivatives markets, the criteria for determining when an activity should be considered ancillary to the main activity at the group level, and position limit and position management control regimes.

Sustainable finance

After the adoption of the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change by the United Nations (UN), the European Commission published its 'Financing Sustainable Growth' Action Plan, one of its goals being to redirect capital flows towards sustainable investments.

Within the framework of this Action Plan, Regulation 2020/852 of the European Parliament and of the Council of 18 June 2020, on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation), was published in 2020.

In this respect, for an economic activity to be considered environmentally sustainable, it must make a substantial contribution to one or more of the six environmental objectives set out in the Regulation, including climate change mitigation and adaptation, and not cause significant harm to any of the other environmental objectives.

Likewise, the technical criteria that must be met for an economic activity to be considered to make a substantial contribution to climate change mitigation and adaptation were defined in Delegated Commission Regulation 2021/2139 of 4 June. In general, the Taxonomy covers the production of electricity using renewable sources and excludes generation using fossil fuels.

On 10 December 2021, Delegated Commission Regu lation 2021/2178, of 6 July, was published in the Official Journal of the European Union (OJEU), detailing the information and calculations to be carried out to comply with the obligations contained in the Taxonomy Regulation. This Regulation was amended in 2022 and 2023 to adapt it to the new activities that have been included in the Taxonomy.

State aid

526

On 23 March 2022 the European Commission issued a Communication on the Temporary Framework for State aid measures to support the economy in the aftermath of Russia's invasion of Ukraine. In this Temporary Framework, the European Commission set out the criteria for assessing compatibility with the internal market of state aid measures that Member States may take to mitigate the economic effects arising from the war and subsequent sanctions adopted by the European Union (EU) and international partners, as well as countermeasures adopted by Russia.

In March 2022, the European Commission adopted the Delegated Act supplementing the Climate Taxonomy on Climate Change Mitigation and Adaptation, which includes a number of activities related to gas and nuclear energy.

On 21 November 2023, Delegated Regulation 2023/2486 was published in the Official Journal of the European Union (OJEU), approving a new set of EU Taxonomy criteria for economic activities that substantially contribute to one or more of the non-climate environmental objectives: the sustainable use and protection of water and marine resources, transition to a Circular Economy, the prevention and control of pollution, protection and restoration of Biodiversity and Ecosystems. This Regulation applies from 1 January 2024.

Likewise, the European Commission adopted several amendments throughout 2022 to the 'Temporary Crisis Framework for State Aid', allowing Member States to continue to use the flexibility provided for in State aid rules to support the economy in the context of Russia's war against Ukraine and in line with the objectives of the 'REPowerEU' Plan until 31 December 2023. The European Commission has extended the previous Framework until June 2024, increasing the amount of support companies can receive.

Wholesale market

From 10 May 2022, and after the review criteria established in Decision 4/2017 of the Agency for the Cooperation of Energy Regulators (ACER) of the European Union (EU), the harmonised maximum limit price of the daily market increased from €3,000/MWh to €4,000/MWh. The aforementioned Decision 4/2017 provided for the upper limit to be increased by €1,000/ MWh 5 weeks after 60% of the limit has been reached. Although the value of 4,000 €/MWh was reached in August 2022, which should have led to a further increase, this has not been finalised, with the Agency for the Cooperation of Energy Regulators (ACER) insisting in September 2022 on a review of the criteria for modifying the price caps. On 10 January 2023, the Agency for the Cooperation of Energy Regulators (ACER) approved Decision 1/2023 with the new criteria.

AND SUBSIDIARIES

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

7. Changes in the consolidation scope

Transactions with non-controlling interests

On 23 December 2024 Endesa, through its fully-owned subsidiary Enel Green Power España, S.L., completed the sale to Masdar España Renewables 1, S.L. of a 49.99% minority stake in Enel Green Power España Solar 1, S.L., which owns all of Endesa's operating solar PV facilities in Spain with a total installed capacity of approximately 2 GW, for a total amount net of transaction costs of 849 million euros, which will be fully collected by 31 December 2024 (see Note 45.3).

This transaction allows Endesa to maintain control and, therefore, full consolidation of Enel Green Power España Solar 1, S.L. and was recognised as a transaction with non-controlling interests, with a total impact of 849 million euros on equity, of which 769 million euros and 80 million euros relate to 'Equity of noncontrolling interest' and 'Equity of the parent company', respectively, with no impact on the Consolidated Income Statement (see Notes 34.2).

Acquisition agreements

On 15 November 2024 Endesa announced that its fully-owned subsidiary Endesa Generación, S.A.U. had signed an agreement with Corporación Acciona Energías Renovables, S.A., a company belonging to the Acciona group, to purchase the whole share capital of Corporación Acciona Hidráulica, S.L. The agreement provides for the payment of 1,000 million euros, subject to the usual adjustments in this type of transaction, for 100% of the shares, free of debt.

Corporación Acciona Hidráulica, S.L. owns a portfolio of 34 hydropower plants located in north-eastern Spain with a total installed capacity of 626 MW, most of which are modular and which generated approximately 1.3 TWh in 2023.

With the completion of the transaction, Endesa will achieve an installed hydro capacity of more than 5.3 GW in Spain, with a total capacity from renewable sources in Spain and Portugal of 10.7 GW.

Once authorisations have been obtained from the authorities in antitrust and foreign investment in Spain, is expected that the transaction will be completed in the first quarter of 2025.

7.1. Subsidiaries

Additions

In the financial years ended 31 December 2024 and 2023, the following subsidiaries were included in the scope of consolidation:

Companies	Transaction	Date	Activity
Ren Alfajarín Solar S.L.U. (1)	Incorporation	18 July 2024	Photovoltaic
FV Andrea Solar S.L.U. (1)	Incorporation	18 July 2024	Photovoltaic
FV Campos Solar S.L.U. (1)	Incorporation	18 July 2024	Photovoltaic
FV La Cerca S.L.U. (1)	Incorporation	18 July 2024	Photovoltaic
FV Menaute S.L.U. (1)	Incorporation	18 July 2024	Photovoltaic
FV Santa María S.L.U. (1)	Incorporation	18 July 2024	Photovoltaic
Loira de Logística, S.L.U. (2)	Incorporation	07 October 2024	Commercialisation
Loira de Logística 2, S.L.U. (2)	Incorporation	07 October 2024	Commercialisation
Loira de Logística 3, S.L.U. (2)	Incorporation	07 October 2024	Commercialisation
Loira de Logística 4, S.L.U. (2)	Incorporation	07 October 2024	Commercialisation
Loira de Logística 5, S.L.U. (2)	Incorporation	07 October 2024	Commercialisation
Loira de Logística 6, S.L.U. (2)	Incorporation	07 October 2024	Commercialisation
Loira de Logística 7, S.L.U. (2)	Incorporation	28 October 2024	Commercialisation
Loira de Logística 8, S.L.U. (2)	Incorporation	28 October 2024	Commercialisation
Loira de Logística 9, S.L.U. (2)	Incorporation	28 October 2024	Commercialisation
Loira de Logística 10, S.L.U. (2)	Incorporation	28 October 2024	Commercialisation
Endesa Mobility, S.L.U.	Incorporation	26 January 2023	Mobility
Enel Green Power España Solar 1, S.L. (1)(3)	Incorporation	27 July 2023	Photovoltaic
EGPE Solar 2, S.L.U. (1)	Incorporation	27 July 2023	Photovoltaic

(1) Companies incorporated by Enel Green Power España, S.L.U.

(2) Companies incorporated by Endesa Energía, S.A.U.

(3) On 23 December 2024, Enel Green Power España, S.L. completed the sale of a 49.99% minority stake in Enel Green Power España Solar 1, S.L. to Masdar España Renewables 1, S.L.

VI. Statement of Responsibility

Addition of companies
Share on 31 December 2024 (%)		Share on 31 December 2023 (%)		Share on 31 December 2022 (%)
Control	Economic	Control	Economic	Control	Economic
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–
100.00	100.00	–	–
100.00	100.00	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	–	–	–	–
100.00	100.00	100.00	100.00	–	–
50.01	50.01	100.00	100.00	–	–
100.00	100.00	100.00	100.00	–	–

Disbursements pending

On 31 December 2024 and 2023, the detail of pending disbursements relating to the acquired companies as well as pending provisions and the estimated date of payment is as follows:

		Disbursements pending
	31 December of 2024	31 December of 2023	Acquisition date	Provisions pending compliance	Expected date payment
Arena Power Solar 11, S.L.U. (2) Arena Power Solar 12, S.L.U. (1) Arena Power Solar 13, S.L.U. (1)	3		3 25 February 2021	Construction start date of the project ('Ready to Build').	'Ready to Build' December 2025
Arena Power Solar 20, S.L.U. (1)	–		Obtaining the Environmental Impact Statement (EIS) and 2 29 July 2021 the start date for the construction of the project ('Ready to Build').		–
Savanna Power Solar 4, S.L.U. (2) Savanna Power Solar 5, S.L.U. (2)	4	10	25 February 2021
Savanna Power Solar 6, S.L.U. (2) Arena Power Solar 33, S.L.U. (1) Arena Power Solar 34, S.L.U. (2) Arena Power Solar 35, S.L.U. (1) Savanna Power Solar 9, S.L.U. (1) Savanna Power Solar 10, S.L.U. (1)			15 March 2021	Construction start date of the project ('Ready to Build').	'Ready to Build': December 2025
Suggestion Power, Unipessoal, Lda (2)	3		3 14 September 2020	Ready to build date, date of notification to the respective municipalities of the start of construction of the project (SOC) and commercial operation date of the project (COD).	'Ready to Build': September 2025 (SOC): October 2025 'Commercial Operation Date' (COD): April 2027.
TOTAL	10	18

(1) On 31 December 2024, these companies' photovoltaic plants companies were not being developed or built as a result of the failure to obtain the necessary permits to operate the plants or the unfavourable outcome of a negative Environmental Impact Statement (EIS), so Endesa will not have to meet the disbursements pending payment and has reversed the related liability for a total of 9 million euros (see Notes 20.3 and 23.3). (2) These companies are in the process of applying for permits and licences for the development of the projects, and therefore have not

generated ordinary income since the date of acquisition.

IV. Consolidated Management Report V. Consolidated Financial Statements

Variations

In the years ending 31 December 2024 and 2023, the following changes occurred in the percentages of control and economic interest of the following subsidiaries in the scope of consolidation:

			Variations in companies
				Share Share on 31 December on 31 December 2024 (%) 2023 (%)		Share on 31 December 2022 (%)
Companies	Transaction	Activity	Control	Economic	Control	Economic	Control	Economic
Aranort Desarrollos, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Baleares Energy, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Baylio Solar, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Dehesa de los Guadalupes Solar, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Emintegral Cycle, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Enel Green Power España Solar 1, S.L. (1)	Sale	Photovoltaic	50.01	50.01	100.00	100.00	–	–
Energía Base Natural, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Energía Neta Sa Caseta Llucmajor, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Energía y Naturaleza, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Fotovoltaica Yunclillos, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
FRV Corchitos I, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Furatena Solar 1, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Olivum PV Farm 01, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Renovables Mediavilla, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Seguidores Solares Planta 2, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Stonewood Desarrollos, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Tico Solar 1, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Tico Solar 2, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Torrepalma Energy 1, S.L.U. (1)	Sale	Photovoltaic	100.00	50.01	100.00	100.00	100.00	100.00
Energía Ceuta XXI Comercializadora de Referencia, S.A.U. (2)	Acquisition	Commercialisation	100.00	100.00	100.00	100.00	100.00	96.42

(1) On 23 December 2024, Enel Green Power España, S.L. completed the sale of a 49.99% minority stake in Enel Green Power España Solar 1, S.L. to Masdar España Renewables 1, S.L.

(2) On 1 July 2023, Energía Ceuta XXI Comercializadora de Referencia, S.A.U. was purchased by Endesa Energía, S.A.U. (buyer) from Empresa de Alumbrado Eléctrico de Ceuta, S.A. (seller) for an insignificant amount.

Exclusions

In the financial years ending 31 December 2024 and 2023, the following subsidiaries were excluded from the scope of consolidation:

			Exclusion of companies
				Share on 31 December 2024 (%)	Share on 31 December 2023 (%)		Share on 31 December 2022 (%)
Company	Transaction	Activity	Control	Economic Control		Economic		Control Economic
Endesa Generación II, S.A.U. (1)	Dissolution	Generation	–	–	100.00	100.00	100.00	100.00
Endesa Generación Nuclear, S.A.U. (1)	Dissolution	Nuclear	–	–	100.00	100.00	100.00	100.00
Trasportes y Distribuciones Eléctricas, S.A. (in liquidation) (1)	Dissolution	Transmission	–	–	100.00	100.00	100.00	100.00
Xaloc Solar, S.L.U. (2)	Sale	Photovoltaic	–	–	–	–	100.00	100.00
Endesa Comercialização de Energía, S.A.(1)	Dissolution	Commercialisation	–	–	–	–	100.00	100.00

(1) The size of these companies was not significant.

(2) On 23 March 2023 Enel Green Power España, S.L.U. completed the sale of its stake in this Company for 2 million Euros, which was paid by offsetting credit rights with the buyer. The gross revenue generated is less than 1 million euros, negative.

532

IV. Consolidated Management Report V. Consolidated Financial Statements

Mergers

In the financial years ending 31 December 2024 and 2023, the following mergers were carried out between subsidiaries in the scope of consolidation:

			Mergers of companies
		Absorbed	Share on 31 December 2024 (%) (Absorbed Company)		Share on 31 December 2023 (%) (Absorbed Company)		Share on 31 December 2022 (%) (Absorbed Company)
Absorbing Company	Merger Date	companies	Control	Economic	Control	Economic	Control	Economic
Endesa Generación II, S.A.U.	1 July 2024	Guadarranque Solar 4, S.L.U.	–	–	100.00	100.00	100.00	100.00
Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A.	1 July 2024	Empresa de Alumbrado Eléctrico de Ceuta, S.A. (1)	–	–	96.42	96.42	96.42	96.42
Endesa Energía, S.A.U.	1 October 2024	Endesa X Servicios, S.L.U.	–	–	100.00	100.00	100.00	100.00
Endesa Energía, S.A.U.	1 October 2024	Endesa Energía Renovable, S.L.U.	–	–	100.00	100.00	100.00	100.00
Endesa, S.A.	2 November 2023	Endesa Red, S.A.U. (2)	–	–	–	–	100.00	100.00
Enel Green Power España, S.L.U.	19 September 2023	Energías Especiales Peña Armada, S.A.U.	–	–	–	–	100.00	100.00

(1) On 25 April 2024, approval was given to the joint reverse merger project referring to the merger by absorption by which Empresa de Alumbrado Eléctrico de Ceuta, S.A., the sole shareholder of Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A., is integrated into the latter by means of the transfer en-bloc of its assets, resulting in its extinction without liquidation. This reverse merger was registered. on 1 July 2024.

(2) On 22 September 2023, the Board of Directors of Endesa, S.A. and the Sole Director of Endesa, S.A.'s wholly-owned investee, Endesa Red, S.A.U., approved the joint merger plan relating to the merger by absorption whereby Endesa Red, S.A.U. is integrated into Endesa, S.A. through the transfer en-bloc of its assets and liabilities, resulting in its extinction without liquidation. This merger by absorption of Endesa Red, S.A.U. into Endesa, S.A. was registered on 2 November 2023.

7.2. Associates

Additions

No associate companies were included in the scope of consolidation in the financial year ending 31 Decem ber 2024.

In the financial year ending 31 December 2023, the following associates were included in the scope of consolidation:

				Addition of companies
				Share on 31 December 2023 (%)		Share on 31 December 2022 (%)
Companies	Notes	Transaction	Activity	Control	Economic	Control	Economic
Renovables Brovales Segura de León 400 KV, S.L. (1)	26.1	Incorporation	Photovoltaic	64.05	64.05	–	–
María Renovables, S.L. (1)	26.1	Incorporation	Photovoltaic	45.36	45.36	–	–

(1) Companies incorporated directly and/or indirectly by Enel Green Power España, S.L.U. for a total amount of less than 1 million euros.

Variations

In the financial years ending 31 December 2024 and 2023, the following changes were made in the percentages of control and economic interest in the following associate companies in the scope of consolidation:

			Variations in companies
			Share on 31 December 2024 (%)		Share on 31 December 2023 (%)			Share on 31 December 2022 (%)
Companies	Notes Transaction	Activity	Control	Economic Control		Economic	Control	Economic
Brazatortas 220 Renovables, S.L. (1)	26.1 Sale	Photovoltaic	33.96	16.98	33.96	33.96	33.96	33.96
Energías Limpias de Carmona, S.L. (2)	Acquisition	Photovoltaic	23.08	23.08	18.75	18.75	18.75	18.75
Evacuación Carmona 400–220 KV Renovables, S.L. (2)	Acquisition	Photovoltaic	10.36	10.36	9.39	9.39	9.39	9.39
Infraestructuras San Serván SET 400, S.L. (1)	Sale	Photovoltaic	19.23	9.62	19.23	19.23	19.23	19.23
Infraestructuras San Serván 220, S.L. (1)	Sale	Photovoltaic	30.80	15.40	30.80	30.80	30.80	30.80
Instalaciones San Serván II 400, S.L. (1)	Sale	Photovoltaic	23.81	11.90	23.81	23.81	23.81	23.81
Lucas Sostenible, S.L. (1)	Sale	Photovoltaic	35.29	17.65	35.29	35.29	35.29	35.29
Promotores Mudéjar 400KV, S.L. (1)	Sale	Photovoltaic	37.19	34.35	37.19	37.19	37.19	37.19
Renovables Brovales 400KV, A.I.E. (1)	Sale	Photovoltaic	64.15	40.06	64.15	64.15	64.15	64.15
Renovables Brovales Segura de León 400 KV, S.L. (1)	Sale	Photovoltaic	64.05	47.54	64.05	64.05	–	–
Renovables Manzanares 400 KV, S.L. (1)	Sale	Photovoltaic	43.98	35.92	43.98	43.98	43.98	43.98
Trévago Renovables, S.L. (1)	Sale	Photovoltaic	35.50	17.75	35.50	35.50	35.50	35.50
Ribina Renovables 400, S.L.(2)	Acquisition	Photovoltaic	40.21	40.21	40.21	40.21	39.24	39.24
Solana Renovables, S.L. (2)	Sale	Photovoltaic	39.90	39.90	39.90	39.90	49.84	49.84

(1) On 23 December 2024, Enel Green Power España, S.L. completed the sale of a 49.99% minority stake in Enel Green Power España Solar 1, S.L.

to Masdar España Renewables 1, S.L. (2) The scale of these companies and transactions is not significant.

534

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

Exclusions

In the financial year ending 31 December 2024, no associate companies were excluded from the scope of consolidation.

In the financial year ending 31 December 2023, the following associate company was excluded from the scope of consolidation:

				Exclusion of Companies
				Share on 31 December 2023 (%)		Share on 31 December 2022 (%)
Companies	Notes	Transaction	Activity	Control	Economic	Control	Economic
Tecnatom, S.A. (1)	45.2	Sale	Nuclear	–	–	45.00	45.00

(1) On 24 November 2023, the sale of the stake in this company was completed for a total amount of 27 million euros and no revenue was generated in the transaction.

7.3. Joint Arrangements

7.3.1. Joint Operations

Incorporations and exclusions

In the financial years ending 31 December 2024 and 2023, no Joint Operation Entities were included in or excluded from the scope of consolidation.

Variations

In the financial year ending 31 December 2024, the following changes were made in the percentages of control and economic interest of the Joint Operations Entities in the scope of consolidation:

				Variations in Entities
			Share on 31 December 2024 (%)		Share on 31 December 2023 (%)		Share on 31 December 2022 (%)
Companies	Transaction	Activity	Control	Economic	Control	Economic	Control	Economic
Minglanilla Renovables 400KV, A.I.E.(1)	Sale	Photovoltaic	36.16	31.38	36.16	36.16	36.16	36.16

(1) On 23 December 2024, Enel Green Power España, S.L. completed the sale of a 49.99% minority stake in Enel Green Power España Solar 1, S.L. to Masdar España Renewables 1, S.L.

In the financial year ending 31 December 2023, there were no changes in the control and economic percentages of the Joint Operations Entities in the scope of consolidation.

7.3.2. Joint Ventures

Additions

In the financial years ending 31 December 2024 and 2023, the following Joint Ventures were included in the scope of consolidation:

				Incorporation of Companies
				Share on 31 December 2024 (%)		Share on 31 December 2023 (%)		Share on 31 December 2022 (%)
Companies	Notes	Transaction	Activity	Control	Economic	Control	Economic	Control	Economic
Ice Fotovoltaicos Villameca, S.L.(1)	26.1	Incorporation	Photovoltaic	50.00	50.00	–	–	–	–
Grineo Gestión Circular, S.L. (2)		Incorporation	Services	–	–	35.00	35.00	–	–

Exclusions

(1) Company incorporated by Enel Green Power España, S.L.U. for an amount of less than 1 million euros.

(2) Company incorporated by Endesa Generación, S.A.U. for an amount of less than 1 million euros.

Variations

In the financial years ending 31 December 2024 and 2023 there was no change in the percentages of controlling and economic interest of any Joint Venture in the scope of consolidation.

In the financial year ending 31 December 2024, the following Joint Venture was excluded from the scope

of consolidation:

				Exclusion of Companies
	Share on Share on 31 December 31 December 2024 (%) 2023 (%)		Share on 31 December 2022 (%)
Companies	Notes	Transaction	Activity	Control	Economic	Control	Economic	Control	Economic
Grineo Gestión Circular, S.L. (1)	26.1	Sale	Services	–	–	35.00	35.00	–	–

(1) Company incorporated by Endesa Generación, S.A.U. for an amount of less than 1 million euros.

No Joint Ventures were excluded from the scope of consolidation in the financial year ending 31 December 2023.

536

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report Financial Statements

VI. Statement of Responsibility

8. Segment information

8.1. Basis of segmentation

To conduct its activities, Endesa's organisation is struc tured around a primary focus on its core business, which comprises the generation, distribution, and commercialisation of electricity, gas, and related servi ces. Therefore, its segmented financial information is based on the approach used by the company's Executive Management Committee to monitor results, and includes:

• Generation, together with Commercialisation;
• Distribution;
• A structure, mainly encompassing the balances and transactions of holding companies and

entities engaged in financing and service pro vision; and

• Consolidation Adjustments and Eliminations, including eliminations and adjustments inherent to the con solidation process for the segments.

Intersegment transactions are part of routine ope rations in terms of purpose and conditions.

During the 2024 and 2023 financial years Endesa did not have, in any of the Segments, any external customer representing 10% or more of its revenues.

537

8.2. Segment information

8.2.1. Segment information: Consolidated Income Statement for the years ending 31 December 2024 and 2023

Millions of Euros	2024
	Generation and Commercialisation	Distribution	Structure and Services	Consolidated adjustments and eliminations	Total
REVENUE	18,866	2,602	399	(560)	21,307
Revenue with third parties	18,842	2,457	8	–	21,307
Revenue from transactions between segments	24	145	391	(560)	–
PROCUREMENTS AND SERVICES	(13,055)	(146)	9	138	(13,054)
INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES	(908)	–	–	–	(908)
CONTRIBUTION MARGIN	4,903	2,456	408	(422)	7,345
FIXED OPERATING COSTS AND OTHER GAINS AND LOSSES	(1,602)	(452)	(420)	422	(2,052)
GROSS OPERATING PROFIT	3,301	2,004	(12)	–	5,293
Depreciation and impairment losses on non financial assets	(1,258)	(720)	(40)	–	(2,018)
Depreciation	(1,126)	(737)	(40)	–	(1,903)
Provision for impairment of non-financial assets	(136)	–	–	–	(136)
Reversal of impairment of non-financial assets	4	17	–	–	21
Impairment losses on financial assets	(197)	(7)	–	–	(204)
Provision for impairment of financial assets	(356)	(44)	–	–	(400)
Reversal of impairment of financial assets	159	37	–	–	196
OPERATING PROFIT	1,846	1,277	(52)	–	3,071
Net profit/loss of companies accounted for using the equity method	10	1	–	–	11
PROPERTY, PLANT AND EQUIPMENT, INVESTMENT PROPERTY AND INTANGIBLE ASSETS(1)	1.119	914	24	–	2.057

(1) Includes additions of 55 million euros in Rights of Use (37 million euros in Generation and Commercialisation, 12 million euros in Distribution and 6 million euros in Structure and Services) (see Note 21).

VI. Statement of Responsibility

Millions of Euros	2023
	Generation and Commercialisation	Distribution	Structure and Services	Consolidated adjustments and eliminations	Total
REVENUE	23,179	2,466	501	(687)	25,459
Revenue with third parties	23,148	2,302	9	—	25,459
Revenue from transactions between segments	31	164	492	(687)	—
PROCUREMENTS AND SERVICES	(16,094)	(166)	(209)	157	(16,312)
INCOME AND EXPENSES FROM ENERGY COMMODITY DERIVATIVES	(3,172)	—	—	—	(3,172)
CONTRIBUTION MARGIN	3,913	2,300	292	(530)	5,975
FIXED OPERATING COSTS AND OTHER GAINS AND LOSSES	(1,635)	(563)	(530)	530	(2,198)
GROSS OPERATING PROFIT	2,278	1,737	(238)	—	3,777
Depreciation and impairment losses on non financial assets	(1,137)	(684)	(43)	—	(1,864)
Depreciation	(1,031)	(694)	(43)	—	(1,768)
Provision for impairment of non-financial assets	(116)	—	—	—	(116)
Reversal of impairment of non-financial assets	10	10	—	—	20
Impairment losses on financial assets	(271)	3	—	—	(268)
Provision for impairment of financial assets	(384)	(62)	—	—	(446)
Reversal of impairment of financial assets	113	65	—	—	178
OPERATING PROFIT	870	1,056	(281)	—	1,645
Net profit/loss of companies accounted for using the equity method	6	4	—	—	10
PROPERTY, PLANT AND EQUIPMENT, INVESTMENT PROPERTY AND INTANGIBLE ASSETS(1)	1,544	892	27	—	2,463

(1) Includes additions of 147 million euros in Rights of Use (133 million euros in Generation and Commercialisation, 7 million euros in Distribution and 7 million euros in Structure and Services) (see Note 21).

8.2.2. Segment information: Statement of Financial Position at 31 December 2024 and 2023

Millions of Euros	31 December 2024
	Generation and Commercialisation	Distribution	Structure and Services	Consolidated adjustments and eliminations	Total
Property, plant and equipment(1)	10,069	12,731	140	–	22,940
Intangible assets	1,298	208	30	–	1,536
Goodwill	361	97	4	–	462
Investments accounted for using the equity method	272	12	3	–	287
Non-current Assets from Contracts with Customers	–	–	–	–	–
Trade Receivables for Sales and Services and other Receivables	3,470	853	439	(568)	4,194
Current assets from contracts with customers	–	12	–	–	12
Others(2)	1,725	583	13	–	2,321
SEGMENT ASSETS	17,195	14,496	629	(568)	31,752
TOTAL ASSETS					37,345
Non-current assets from contracts with customers	34	4,379	–	–	4,413
Non-current provisions	2,119	372	267	–	2,758
Provisions for employee benefits	104	104	19	–	227
Other non-current provisions	2,015	268	248	–	2,531
Non-current liabilities from contracts with customers	17	470	—	–	487
Current provisions	944	54	37	–	1,035
Provisions for employee benefits	–	–	–	–	–
Other current provisions	944	54	37	–	1,035
Suppliers and other Payables	3,479	1,460	778	(568)	5,149
Others(3)	142	673	8	–	823
SEGMENT LIABILITIES	6,735	7,408	1,090	(568)	14,665
TOTAL LIABILITIES					37,345

(1) Includes Rights of Use amounting to 712 million euros (621 million euros in Generation and Commercialisation, 29 million euros in Distribution and 62 million euros in Structure and Services) (see Note 21).

(2) Includes Investment Property amounting to 4 millions (2 million euros in Distribution and 2 million euros in Structure and Services) (see Note 22), Inventories amounting to 1,831 million euros (1,659 million euros in Generation and Commercialisation and 172 million euros in Distribution) (see Note 31), and Other Non-Current Assets of 486 million euros (66 million euros in Generation and Commercialisation, 409 million euros in Distribution and 11 million euros in Structure and Services) (see Note 29).

(3) Includes Grants of 249 million euros (55 million euros in Generation and Commercialisation and 194 million euros in Distribution) (see Note 35) and Other Non-Current Liabilities of 574 million euros (87 million euros in Generation and Commercialisation, 479 million euros in Distribution and 8 million euros in Structure and Services) (see Note 37).

V. Consolidated Financial Statements VI. Statement of Responsibility

Millions of Euros	31 December 2023
	Generation and Commercialisation	Distribution	Structure and Services	Consolidated adjustments and eliminations	Total
Property, plant and equipment(1)	10,132	12,555	152	—	22,839
Intangible assets	1,401	215	30	—	1,646
Goodwill	361	97	4	—	462
Investments accounted for using the equity method	257	13	3	—	273
Non-current Assets from Contracts with Customers	—	—	—	—	—
Trade Receivables for Sales and Services and other Receivables	4,262	801	271	(422)	4,912
Current assets from contracts with customers	—	4	—	—	4
Others(2)	1,923	588	4	—	2,515
SEGMENT ASSETS	18,336	14,273	464	(422)	32,651
TOTAL ASSETS					41,283
Non-current assets from contracts with customers	20	4,328	—	—	4,348
Non-current provisions	2,089	534	232	—	2,855
Provisions for employee benefits	116	125	27	—	268
Other non-current provisions	1,973	409	205	—	2,587
Non-current liabilities from contracts with customers	3	424	—	—	427
Current provisions	1,137	94	146	—	1,377
Provisions for employee benefits	—	—	—	—	—
Other current provisions	1,137	94	146	—	1.377
Suppliers and other Payables	4,101	1,779	784	(422)	6,242
Others(3)	127	671	7	—	805
SEGMENT LIABILITIES	7,477	7,830	1,169	(422)	16,054
TOTAL LIABILITIES					41,283

(1) Includes Rights of Use amounting to 810 million euros (716 million euros in Generation and Commercialisation, 25 million euros in Distribution and 69 million euros in Structure and Services) (see Note 21).

(2) Includes Investment Property amounting to 69 million euros (67 million euros in Distribution and 2 million euros in Structure and Services) (see Note 22), Inventories amounting to 2,060 million euros (1,875 million euros in Generation and Commercialisation and 185 million euros in Distribution) (see Note 31), and Other Non-Current Assets amounting to 386 million euros (48 million euros in Generation and Commercialisation, 336 million euros in Distribution and 2 million euros in Structure and Services) (see Note 29).

(3) Includes subsidies of 227 million euros (36 million euros in Generation and Commercialisation and 191 million euros in Distribution) (see Note 35) and Other Non-Current Liabilities of 578 million euros (91 million euros in Generation and Commercialisation, 480 million euros in Distribution and 7 million euros in Structure and Services) (see Note 37).

On 31 December 2024 and 2023, the reconciliation of assets and liabilities by Segment to Total Assets and Total Liabilities in the Consolidated Statement of Financial Position was as follows:

Millions of Euros Notes	31 December 2024	31 December 2023
TOTAL ASSETS	37,345	41,283
Non-current financial assets 28	829	663
Non-current derivative financial instruments 43	377	879
Deferred tax assets 25	1,311	1,608
Current corporate income tax assets 32	265	233
Other tax assets 32	419	312
Other current financial assets 30	974	1,777
Current derivative financial instruments 43	541	1,054
Cash and cash equivalents 33	840	2,106
Non-Current Assets Held for Sale and Discontinued Operations 22	37	—
SEGMENT ASSETS	31,752	32,651
TOTAL LIABILITIES	37,345	41,283
Equity 34	9,053	7,204
Non-current financial debt 40.3	9,881	9,636
Non-current derivative financial instruments 43	336	544
Other non-current financial liabilities 38	64	8
Deferred tax liabilities 25	1,047	1,308
Current financial debt 40.3	613	4,091
Current derivative financial instruments 43	656	1,673
Other non-current financial liabilities 38	97	104
Current corporate income tax liabilities 39	309	215
Other tax liabilities 39	607	446
Liabilities associated with Non-Current Assets Held for Sale and Discontinued Operations 22	17	—
SEGMENT LIABILITIES	14,665	16,054

8.2.3. Segment information: Consolidated Statements of Cash Flows for the financial years ending 31 December 2024 and 2023

Millions of Euros	2024
Statement of Cash Flows	Generation and Commercialisation	Distribution	Structure, services, and others(1)	Total
Net Cash Flows from Operating Activities	2,885	1,128	(446)	3,567
Net Cash Flows from Investment Activities	1,440	(970)	(1,803)	(1,333)
Net Cash Flows from Financing Activities	(4,394)	(158)	1,052	(3,500)

(1) Structure, Services and Adjustments.

Millions of Euros	2023
Statement of Cash Flows	Generation and Commercialisation	Distribution	Structure, services, and others(1)	Total
Net Cash Flows from Operating Activities	3,296	2,268	(867)	4,697
Net Cash Flows from Investment Activities	3,706	(992)	482	3,196
Net Cash Flows from Financing Activities	(7,017)	(1,275)	1,634	(6,658)

(1) Structure, Services and Adjustments.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

8.3. Information by geographical areas

8.3.1. Profit and loss of the Parent Company, revenue from sales and services to external customers and other operating revenues to external customers for the years ended 31 December 2024 and 2023

Millions of Euros		2024
Country	Parent Company's Profit and Loss	Revenue from Sales and Services	Other operating income
Spain	1,815	17,578	329
Portugal	34	1,353	1
France	24	751	36
Germany	13	420	—
United Kingdom	—	367	—
Switzerland	—	190	—
Luxembourg	—	71	—
The Netherlands	—	68	—
Singapore	—	54	—
Italy	—	4	2
Morocco	2	—	—
Others	—	79	4
TOTAL	1,888	20,935	372

Millions of Euros	2023
Country	Parent Company's Profit and Loss	Revenue from Sales and Services	Other operating income
Spain	666	20,589	377
Portugal	33	1,050	2
Italy	—	6	7
Luxembourg	—	859	—
France	28	1,247	—
Germany	12	523	—
Singapore	—	147	—
Switzerland	—	147	3
The Netherlands	—	34	—
Morocco	3	—	—
United Kingdom	—	406	—
Others	—	62	—
TOTAL	742	25,070	389

8.3.2. Property, plant and equipment, investment property, intangible assets and goodwill on 31 December 2024 and 2023

Millions of Euros	31 December 2024
	Tangible assets	Real estate investments	Intangible assets	Goodwill
Spain	22,672	4	1,516	462
Portugal	265	—	20	—
France	3	—	—	—
TOTAL	22,940	4	1,536	462

Millions of Euros	31 December 2023
	Tangible assets	Real estate investments	Intangible assets	Goodwill
Spain	22,538	69	1,639	462
Portugal	297	—	7	—
France	4	—	—	—
TOTAL	22,839	69	1,646	462

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report Financial Statements

VI. Statement of Responsibility

Details of this heading in the Consolidated Income

Statements for 2024 and 2023 are as follows:

Millions of Euros	Notes	2024	2023
Revenue from sales and services	9.1	20.935	25.070
Other operating income	9.2	372	389
TOTAL		21.307	25.459

9.1. Revenue from sales and services

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros Notes	2024	2023
Electricity sales	14,735	16,572
Sales on the deregulated market	10,428	12,077
Sales to the Spanish deregulated market	8,893	10,673
Sales to customers in deregulated markets outside Spain	1,535	1,404
Sales at regulated prices	1,423	1,623
Wholesale market sales	1,211	1,324
Compensation for Non-Peninsular Territories (NPT)	1,668	1.557
Remuneration for Investment in Renewable Energies	5	(9)
Gas sales	3,168	5,419
Sales on the deregulated market	3,005	5,214
Sales at regulated prices	163	205
Regulated revenue from electricity distribution	2,064	1,930
Verifications and Connections	35	32
Services provided at facilities	37	47
Other sales and services	888	1,064
Sales related to Value Added Services	365	398
Proceeds due to capacity	9	11
Sales of other energy commodities	241	386
Provision of services and others	273	269
Lease revenue 21.2	8	6
TOTAL	20,935	25,070

Revenue from ordinary activities included in contracts with customers recognised under this heading in the 2024 financial year amounted to 20,773 million euros (24,904 million euros in the 2023 financial year).

9.2. Other operating income

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros	Notes	2024	2023
Facilities transferred from customers and Rights for extension connections and other liabilities from contracts with customers recognised in profit/loss	27.2	187	178
Subsidies assigned to profit/loss		86	96
Guarantees of Origin and other Environmental Certificates (1)		21	78
Other allocations to profit/(loss) from Subsidies(2)		65	18
Third-party compensation		41	27
Others		58	88
TOTAL		372	389

(1) The variation is mainly due to the evolution of the average price of guarantees of origin (- 92.5%).

(2) In the 2024 financial year, it includes 29 million euros relating to capital subsidies (16 million euros in 2023) (see Note 35) and 36 million euros of operating grants (2 million euros in 2023). In 2024, the increase in capital subsidies and operating subsidies is mainly due to the aid received from European funds under the Recovery, Transformation and Resilience Plan (RTRP) (14 million euros) and the aid obtained by the French branch of Endesa Energía, S.A.U. related to the use of biogas and sustainable biomethane (35 million Euros), respectively.

Revenue from ordinary activities from contracts with customers recognised under this heading in the 2024 financial year amounted to 197 million euros (194 million Euros in the 2023 financial year).

546

10. Procurements and services

10.1. Power purchases

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros	2024	2023
Electricity	2,915	4,055
Energy Commodities	1,630	2,889 (1)
TOTAL	4,545	6,944

(1) Includes an expense of 515 million euros recognised by Endesa Generación, S.A.U. as a result of the arbitration award for the review of the price of a long-term liquefied natural gas (LNG) supply contract (see Notes 16.1, 39 and 45.1).

10.2. Fuel consumption

Details of this heading in the Consolidated Income State ments for 2024 and 2023 are as follows:

Millions of Euros	2024	2023
Energy commodities
Coal	6	64
Nuclear fuel	103	100
Fuel	1,304	1,344
Gas	858	1,200
TOTAL	2,271	2,708

10.3. Other variable procurements and services

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros Notes	2024	2023
Taxes and charges	1,274	1,132
Temporary energy tax (1) 6	138	208
Tax on electricity production(2) 6	342	—
Rate for the treatment of radioactive waste	229	205
Street lighting / works licences	198	234
Nuclear charges and taxes	107	115
Catalonia environmental tax	137	138
Water tax	48	38
Other taxes and charges	75	194
Social Bonus subsidised rate (3) 6 and 50	(89)	248
Consumption of carbon dioxide (CO2 ) emission allowances 5.1	726	925
Consumption of energy with guarantees of origin and other 5.1 environmental certificates	45	157
Costs related to Value Added Services	182	194
Purchases of other energy commodities	127	448
Energy Efficiency Cost	99	49
Others	279	294
TOTAL	2,643	3,447

(1) This corresponds to the expense associated with the temporary energy levy introduced by Law 38/2022 of 27 December establishing temporary energy levies and levies on credit institutions and financial credit establishments and which creates the temporary solidarity tax on large fortunes and amends certain tax regulations (see Note 6). The variation between the two years is mainly due to the completion of the inspection process for the 2023 levy and the acceptance by the Inspectorate of certain allegations made by Endesa regarding various items to be deducted from the base of the levy.

(2) Pursuant to Royal Decree Law 8/2023 of 27 December, in 2024 the extension of the temporary suspension of the tax on the value of electricity production has ended (see note 6).

(3) By Order of 18 September 2024 issued by the Supreme Court in Appeal No. 687/2017, the motion filed by Endesa, S.A. was upheld as it was not proven that Endesa, S.A. passed on (either explicitly or implicitly) the cost of financing the Social Bonus subsidised rate. Said Order declared (i) Endesa's right to be reimbursed by the government for the amount of 148 million euros for amounts paid in financing and co-financing associated with the consumers supplied by Endesa Energía, S.A.U., plus the corresponding interest amounting to 25 million euros, calculated from the date on which the payment was made until the date on which it was effectively reimbursed for the financing of the Social Bonus subsidised rate relating to the free market segment of the electricity market, (ii) the right to be paid by the Administration the amount of 6 million euros for the amounts invested to implement the application procedure, verification and management of the Social Bonus discount rate, associated with consumers supplied by Energía XXI Comercializadora de Referencia, S.L.U. plus the corresponding interest, which amounts to 1 million euros, calculated from the date on which the payment was made until the date of reimbursement (see Notes 16.1 and 50). In addition, the accrual of the Social Bonus financing for the amount of 59 million euros has been recorded in 2024.

11. Income and expenses from energy commodity derivatives

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros	Notes	2024	2023
Income	40.5
Revenue from derivatives designated as hedging instruments		859	1,153
Revenue from cash flow hedging derivatives(1)		859	1,153
Revenue from derivatives at fair value with changes in profit/loss		762	1,936
Revenue from fair value derivatives recognised in the Income Statement		762	1,936
Total revenue		1,621	3,089
Expenses	40.5
Expenses from derivatives designated as hedging instruments		(1,243)	(2,817)
Expenses from cash flow hedging derivatives(1)		(1,243)	(2,817)
Expenses from derivatives at fair value through profit and loss		(1,286)	(3,444)
Expenses on from fair value derivatives recognised in the Income Statement		(1,286)	(3,444)
Total expenses		(2,529)	(6,261)
TOTAL		(908)	(3,172)

(1) On 31 December 2024 includes 169 million euros net positive impact on the Income Statement due to ineffectiveness (200 million euros net positive on 31 December 2023).

12. Personnel expenses

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros Notes	2024	2023
Wages and salaries	705	719
Contributions to pension schemes 36.1	46	40
Provisions for Workforce Restructuring Plans	29	170
Provisions for redundancy proceedings 36.2.1	—	(1)
Provisions for Suspension of Contracts(1) 36.2.2	29	171
Other personnel expenses/employee benefits expense	206	208
TOTAL	986	1.137

(1) Includes the initial provision of 38 million euros (165 million euros in 2023) in line with the commitment to efficiency improvements, within the framework of the digital transformation that Endesa has been carrying out for years, which envisages the exit of a maximum of 100 employees (201 employees in 2023) affected by the Digitalisation of Processes (see Note 36.2).

Information on the average and final workforce is provided in Note 49.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

13. Other fixed operating expenses

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros	2024	2023
Repairs and maintenance	384	331
Insurance premiums	69	64
Freelance professional services and outsourced services	93	93
Leases and levies	22	24
Taxes and charges	115	119
Travel expenses	10	14
Support services for systems and applications	160	184
Sanctioning proceedings	18(1)	19
Others	525	575
TOTAL	1,396	1,423

(1) In the 2024 financial year, an expense was recorded for penalties amounting to 26 million euros as a result of not developing or building certain renewable projects (see Notes 20.3 and 23.3).

14. Other results

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros Notes	2024	2023
Disposals of investments in Group companies and other:	—	—
Disposals of fixed assets	55	17
Concession of fibre optic usage rights	37(1)	—
Land adjoining the former headquarters of Gas y Electricidad Generación, 22 S.A.U. (Palma de Mallorca)	10(2)	—
Land adjoining the Foix Thermal Power Station (Barcelona)	—	6
Land located in Granada, Malaga and Teruel of the Generation and Commercialisation Business	—	6
Bahía de Bolonia Land (Cádiz)	7	—
Others(3)	1	5
TOTAL	55	17

(1) Includes the reversal of provisions for contingencies arising from transactions carried out in prior years by Endesa Ingeniería, S.L.U. amounting to 37 million euros (28 million euros, net of tax effect).

(2) On 30 December 2024, Edistribución Redes Digitales, S.L.U. sold one of the plots of land annexed to the former headquarters of Gas y Electricidad Generación, S.A.U. located in Palma de Mallorca for an amount, net of transaction costs, equal to 62 million euros, of which 51 million euros are pending collection as of 31 December 2024, having generated a gross capital gain of 10 million euros.

(3)Relates to capital gross gains generated by the sale of land and real estate.

15. Depreciation and impairment losses

15.1. Depreciation, amortisation and impairment losses on non-financial assets

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros	Notes	2024	2023
DEPRECIATION	8.2.1	1,903	1,768
Provision for the depreciation of property, plant, and equipment	20	1,518	1,418
Provision for depreciation of intangible assets	23	385	350
IMPAIRMENT LOSSES ON NON-FINANCIAL ASSETS		115	96
Provision for impairment losses	8.2.1	136	116
Provision for impairment losses on property, plant, and equipment and investment property		35	95
Coal-fired power plants(1)	3.2f.4 and 20.3	—	1
Cash Generating Units (CGUs) of Non-Peninsular Territories (NPT)(2)	3.2f.4 and 20.3	11	90
Renewable Power Plant Projects	20.3	23(3)	4(4)
Other tangible fixed assets and investment property	22	1	—
Provision for impairment losses on intangible assets		101	21
Renewable Power Plant Projects	23.3	101(3)	21(4)
Reversal of impairment losses	8.2.1	(21)	(20)
Reversal of impairment losses on property, plant, and equipment and investment property		(21)	(18)
Coal-fired power plants(1)	3.2f.4 and 20.3	(2)	(7)
Cash Generating Units (CGUs) of Non-Peninsular Territories (NPT)(2)	3.2f.4 and 20.3	(2)	—
Other Tangible Fixed Assets and Investment Property(5)	22	(17)	(11)
Reversal of impairment losses on intangible assets	23.3	—	(2)(4)
TOTAL		2,018	1,864

(1) Includes the reversal of impairment losses of the Los Barrios Port Terminal (Cadiz) amounting to 2 million euros (7 million euros in 2023).

(2) In the 2024 and 2023 financial years, this includes the impairment charge for the Cash Generating Units (CGUs) for each of the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta and Melilla for a total net amount of 9 million euros and 90 million euros, respectively. (3) In the 2024 financial year, an impairment charge of 124 million euros (107 million euros net of tax effect) was recorded for several projects relating

mainly to photovoltaic plants as a result of, among other things, the failure to obtain the necessary permits to operate the plants or the unfavourable outcome of the Environmental Impact Statement (EIS), and the change in the expected return on investment of certain projects in line with the selective investment policy in accordance with the Company's Strategic Plan.

(4) In the 2023 financial year, an impairment charge of 23 million euros was recorded for several wind farm and plant projects, mainly as a result of a negative Environmental Impact Statement (EIS).

(5) In the 2024 and 2023 financial years, this mainly includes the reversal of impairment losses on the property where the former headquarters of Gas y Electricidad Generación, S.A.U. and its adjoining land located in Palma de Mallorca were located, amounting to 16 million euros and 10 million euros, respectively.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

15.2. Impairment losses on financial assets

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros	Notes	2024	2023
Provision for impairment losses	8.2.1, 40.1. and 0.5.1	400	446
Provision for impairment losses on receivables from contracts with customers		399	440
Provision for impairment losses on other financial assets		1	6
Reversal of impairment losses	8.2.1, 40.1. and 0.5.1	(196)	(178)
Reversal of impairment losses on receivables from contracts with customers		(194)	(176)
Reversal of impairment losses on other financial assets		(2)	(2)
TOTAL		204	268

16. Financial result

16.1. Financial result without derivative financial instruments

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros Notes	2024	2023
Financial Income	131	38
Revenue from financial assets at amortised cost(1)	60	7
Revenue from financial assets and liabilities at fair value with changes to profit/loss(2) 16.2 and 43.1.1	6	1
Revenue from workforce restructuring plans 36.2.1 and 36.2.2	2	—
Other financial income(3)	63(4)	30
Financial Expenses	(639)	(705)
Expenses for Financial Liabilities at Amortised Cost(5) 40.5.2	(471)	(505)
Expenses from financial assets and liabilities at fair value with changes to profit/loss(2) 16.2 and 43.1.1	(35)	(43)
Expenses from post-employment commitments 36.1	(6)	(9)
Expenses from workforce restructuring plans 36.2.1 and 36.2.2	(21)	(33)
Expenses from other provisions 36.3	(49)(6)	(54)
Capitalised borrowing costs 3.2b.1 and 3.2i.1	14	14
Expenses from impairment losses on other financial assets 40.1. and 0.5.1	(1)	4
Profit/loss on disposal of financial assets 32	(29)	(49)
Other financial expenses	(41)(7)	(30)(8)
Exchange differences	(4)	21
Positive	44	83
Negative	(48)	(62)
TOTAL	(512)	(646)

(1) Includes income corresponding to the formalisation of deposits held by the Company (see Note 33).

(2) Corresponds wholly to the fair value measurement of financial liabilities underlying a fair value hedge (see Note 16.2).

(3) In the 2024 and 2023 financial years, 26 million euros and 4 million euros, respectively, in late-payment interest was recognised as a result of the recognition of Endesa's right to be paid by the Administration for amounts paid in financing and co-financing associated with the consumers supplied by Endesa Energía, S.A.U. and the amounts invested to implement the application, verification and management procedure for the Social Bonus discount rate, associated with the consumers supplied by Energía XXI Comercializadora de Referencia, S.L.U. (see Note 10.3).

(4) Includes 21 million euros in late payment interest as a result of the declaration of unconstitutionality of certain amendments introduced by Royal Decree-Law 3/2016, of 2 December, to Law 27/2014, of 27 November, on Corporate Income Tax according to Constitutional Court Ruling 11/2024, of 18 January (see Note 18).

(5) In the 2024 and 2023 financial years this includes interest expenses on financial debt associated with rights of use amounting to 43 million euros and 42 million euros, respectively (see Note 21).

(6) Includes 2 million euros of financial expenses corresponding to Other Employee Benefits.

(7) Includes 32 million euros of costs associated with the risk derived from the execution of guarantees on certain renewable projects (see Note 15.1).

(8) Included 15 million euros in late payment interest as a result of the recognition of the arbitration award for the revision of the price of a long-term liquefied natural gas (LNG) supply contract (see Notes 10.1).

Net exchange differences

In the 2024 financial year, net exchange rate differences amounted to a negative 4 million euros (positive 21 million euros in the 2023 financial year).

The change is mainly due to the impact in 2023 of the evolution of the euro/US dollar exchange rate on the payments associated with the contracts concluded in US dollars that the Company had to make in that period.

16.2. Financial income and expenses from derivative financial instruments

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros Notes	2024	2023
Income 40.5
Revenue from derivatives designated as hedging instruments	57	88
Revenue from cash flow hedging derivatives	29	44
Revenue from Fair Value Hedging Derivatives(1) 16.1 and 43.1.1	28	44
Income from derivatives at fair value with changes in profit/loss	19	—
Revenue from derivatives at fair value with changes in profit/(loss)	19	—
Total revenue	76	88
Expenses 40.5
Expenses from derivatives designated as hedging instruments	(38)	(34)
Expenses from cash flow hedging derivatives	(1)	(3)
Expenses from fair value hedging derivatives(1) 16.1 and 43.1.1	(37)	(31)
Expenses from derivatives at fair value through profit and loss	(19)	2
Expenses from derivatives at fair value through profit and loss	(19)	2
Total expenses	(57)	(32)
TOTAL	19	56

(1) On 31 December 2024 this includes changes in fair value of hedging instruments whose underlying assets are financial liabilities at a fair value of 28 million euros net positive (44 million euros net positive on 31 December 2023).

17. Net income of companies accounted for using the equity method

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Millions of Euros Notes	2024	2023
Associates 26.1	—	(8)
Energías Especiales del Bierzo, S.A.	1	2
Gorona del Viento El Hierro, S.A.	(1)	(6)
Compañía Eólica Tierras Altas, S.A.	3	1
Endesa X Way, S.L.	(5)	(4)
Other	2	(1)
Joint ventures 26.1	11	18
Front Marítim del Besòs, S.L.	—	(2)
Nuclenor, S.A.	1	4
Énergie Électrique de Tahaddart, S.A.	2	3
Suministradora Eléctrica de Cádiz, S.A.	1	3
Others	7	10
TOTAL	11	10

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

18. Corporate Income Tax

Details of this heading in the Consolidated Income Statements for 2024 and 2023 are as follows:

Notes Millions of Euros	2024	2023
Current year tax	706	347
Deferred year tax 25	(19)	(40)
Prior years' back taxes	18	—
Tax provisions for corporate income tax	(9)	(4)
TOTAL	696 (1)	303

(1) Lower net corporate income tax expense totalling 6 million euros, resulting, on the one hand, from the declaration of unconstitutionality of certain amendments introduced by Royal Decree Law 3/2016, of 2 December, to Law 27/2014, of 27 November, according to Constitutional Court Ruling 11/2024, of 18 January, and, on the other hand, the incorporation into Law 7/2024, of 20 December, of the measures that had been declared unconstitutional.

Reconciliation of Accounting Profit with Corporate Income Tax expense

In 2024 and 2023, the reconciliation of 'Accounting Profit After Continuing Operations Tax' with 'Corporate Income Tax' expense was as follows:

Millions of Euros	2024
	Income Statement	Type (%)	Income and expenses directly recognised in equity	Type (%)	Total	Type (%)
Accounting Result after Tax on Continuing Operations	1,893	—	184	—	2,077	—
Corporation tax	696	—	57	—	753	—
Profit/loss before tax	2,589	—	241	—	2,830	—
Notional Tax	647	25.0	60	25.0	707	25.0
Permanent differences	89	—	(3)	—	86	—
Limitation on the Dividend Exemption	24	—	—	—	24	—
Effect on Net Profit of using the Equity Method	(3)	—	—	—	(3)	—
Non-Deductible Expense due to Temporary Energy Tax	34	—	—	—	34	—
Consolidation Adjustments and Others	34	—	(3)	—	31	—
Deductions in Quota Attributed to Profit/Loss for the Fiscal Year.	(24)	—	—	—	(24)	—
Previous Years' Adjustments and Others in Deferred Taxes	(25)	—	—	—	(25)	—
Tax Impact in the Financial Year	687	—	57	—	744	—

Millions of Euros
	2023
	Income Statement	Type (%)	Income and expenses directly recognised in equity	Type (%)	Total	Type (%)
Accounting Result after Tax on Continuing Operations	762	—	2,923	—	3,685	—
Corporation tax	303	—	975	—	1,278	—
Profit/loss before tax	1,065	—	3,898	—	4,963	—
Notional Tax	266	25.0	975	25.0	1,241	25.0
Permanent differences	87	—	—	—	87	—
Limitation on the Dividend Exemption	18	—	—	—	18	—
Effect on Net Profit of using the Equity Method	(3)	—	(1)	—	(4)	—
Non-Deductible Expense due to Temporary Energy Tax	52	—	—	—	52	—
Consolidation Adjustments and Others	20	—	1	—	21	—
Deductions in Quota Imputed to Results of the Fiscal Year.	(39)	—	—	—	(39)	—
Previous Years' Adjustments and Others in Deferred Taxes	(7)	—	—	—	(7)	—
Tax Impact in the Financial Year	307	—	975	—	1,282	—

Reconciliation of the net tax quota

In 2024 and 2023, the reconciliation of the cost of Corporate Income Tax with the net tax quota from Continuing Operations was as follows:

Millions of Euros		2024
Notes	Income Statement	Income and expenses directly recognised in equity	Total
Tax Impact in the Financial Year	687	57	744
Change in deferred tax 25.1 and 25.2	19	(57)	(38)
Net Tax Quota for Continuing Operations	706	—	706

Millions of Euros
	Notes	Income Statement	Income and expenses directly recognised in equity	Total
Tax Impact in the Financial Year		307	975	1,282
Change in deferred tax	25.1 and 25.2	40	(975)	(935)
Net Tax Quota for Continuing Operations		347	—	347

VI. Statement of Responsibility

Details of the Corporate Income Tax expense

In 2024 and 2023, the breakdown of the Corporate Income Tax expense was as follows:

2024
	Change in deferred	Total
706	(19)	687
706	—	706
—	(19)	(19)
—	(9)	(9)
—	2	2
—	36	36
—	(1)	(1)
—	(69)	(69)
—	10	10
—	12	12
—	57	57
—	10	10
—	47	47
—	—	—
706	38	744
	Current tax	tax(Note 25)

Millions of Euros	2023
	Current tax	Change in Deferred Tax(Note 25)	Total
State Assignment of Results, of which:	347	(40)	307
Net Tax Quota for Continuing Operations	347	—	347
Deferred Taxes	—	(40)	(40)
Depreciation of Material and Intangible Assets	—	17	17
Amounts for Provisions for Employee Benefits	—	29	29
Other Provisions	—	(6)	(6)
Evaluation of Derivative Financial Instruments	—	(2)	(2)
Tax Loss Carryforwards	—	(66)	(66)
Unused tax credits	—	(5)	(5)
Others	—	(7)	(7)
Recognition in equity, of which:	—	975	975
Amounts for Provisions for Employee Benefits	—	(2)	(2)
Evaluation of Derivative Financial Instruments	—	977	977
Others	—	—	—
Tax Impact in the Financial Year	347	935	1,282

In 2024 and 2023, the deductions and rebates in the quota attributed to profit/loss were as follows:

Millions of Euros	2024	2023
Deductions for Investment in New Fixed Assets in the Canary Islands	17	33
Deductions for Charitable Donations	4	3
Deductions for Contributions to Business Provident Schemes	2	1
Rebates for the Production of Corporate Property in the Canary Islands	—	—
Rebates for Revenue obtained in Ceuta and Melilla	1	2
Total Deductions and Rebates in the Quota Attributed to Profit/Loss	24	39

International Tax Reform: Pillar Two Model Regulations

The legislation "Pillar 2 — Global Anti-Base Erosion Model (GloBE Rules)", which are intended to ensure that large multinational companies pay a minimum level of income tax within a certain period in every jurisdiction in which they operate, has been implemented or substantially implemented in the jurisdictions where Endesa operates. In general, these rules establish a system of additional taxes ('Complementary Taxes') that raise the total amount of tax payable for excessive profits in a jurisdiction to a maximum rate of 15%. It also establishes a temporary regime that regulates the nonmandatory nature of the complementary tax in the tax periods beginning from 31 December 2023 until 31 December 2026 which presents country information for each applicable country, jurisdiction and period. This country-by-country report is submitted by Enel, S.p.A. (Italian company that heads the Enel Group) to the Italian Government and, in accordance with the same, Endesa satisfies the safe port requirements for the simplified rate in the jurisdictions where it operates.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

19. Basic and diluted earnings per share

In 2024 and 2023, the weighted average number of ordinary shares used in the calculation of basic and diluted (see Note 3.2r) earnings per share is as follows:

Number of Shares Notes	2024	2023
Number of ordinary shares for the financial year 34.1.1	1,058,752,117	1,058,752,117
Number of shares of the parent company owned by Endesa, S.A. 34.1.8	201,836	234,679
Weighted average number of ordinary shares in circulation	1,058,458,650	1,058,471,772

The basic and diluted earnings per share for financial years 2024 and 2023 are as follows:

Millions of Euros	Basic and diluted earnings per share
	2024	2023
Profit/loss after tax on continuing operations	1,893	762
Profit/loss after tax on discontinued operations	—	—
Results for the period		762
Of the parent	1,888	742
Non-controlling interests	5	20
Weighted average number of ordinary shares in circulation	1,058,458,650	1,058,471,772
Net basic earnings per share (in euros)	1.78	0.70
Net diluted earnings per share (in euros)		0.70
Net basic earnings per share from continuing operations (in euros)	1.78	0.70
Net diluted earnings per share from continuing operations (in euros)	1.78	0.70
Net basic earnings per share from discontinued operations (in euros)	—	—
Net diluted earnings per share from discontinued operations (in euros)	—	—

20. Property, plant and equipment

On 31 December 2024 and 2023, the details and transactions under this item in the attached Consolidated Statement of Financial Position were as follows:

Millions of Euros				Electricity Generation Facilities
	Land	Buildings	Hydroelectric power plants	Coal/fuel power plants	Nuclear power plants
Property, plant and equipment in operation and under construction
Cost	443	1,603	3,506	9,466	10,712
Cumulative depreciation	(49)	(461)	(2,670)	(6,952)	(8,470)
Impairment losses	(17)	(40)	(2)	(2,191)	—
Balance as of 31 December 2023	377	1,102	834	323	2,242
Incorporation/(Reduction) of Companies	—	—	—	—	—
Investments(Note 20.1)	29	12	—	2	47
Charges	(14)	(65)	(53)	(65)	(323)
Depreciation(Note 15.1)	(14)	(65)	(53)	(60)	(323)
Impairment losses(Note 15.1)	—	—	—	(5)	—
Decommissioning	(51)(3)	(7)	—	—	—
Transfers and other(2)	13	235	83	55	257
Total variations	(23)	175	30	(8)	(19)
Cost	434	1,838	3,589	9,332	10,998
Cumulative depreciation	(63)(4)	(521)	(2,723)	(6,821)	(8,775)
Impairment losses	(17)	(40)	(2)	(2,196)	—
Balance as of 31 December 2024(5)	354	1,277	864	315	2,223

(1) Related to Low and Medium Voltage, Measurement and Remote Control Equipment, and other Facilities.

(2) Includes changes in the estimated costs of decommissioning facilities amounting to a positive 61 million euros recognised in property, plant and equipment (see Note 36.3).

(3) Includes derecognitions due to rights of use for the adaptation of the duration of the lease contracts corresponding to the land where certain renewable generation facilities are located to the useful life of the facilities.

(4) Includes the depreciation of the right-of-use asset corresponding to the land where certain renewable energy generation facilities are located.

(5) Includes right-of-use assets amounting to 712 million euros (see Note 21).

IV. Consolidated Management Report Financial Statements

VI. Statement of Responsibility

	Electricity Generation Facilities
Combined cycle power plants	Renewables	Total	Transmission and Distribution Facilities(1)	Other Fixed Assets	Property, plant and equipment under construction	TOTAL
4,162	3,131	30,977	24,475	882	1,561	59,941
(1,880)	(543)	(20,515)	(12,432)	(588)	—	(34,045)
(718)	(8)	(2,919)	—	(46)	(35)	(3,057)
1,564	2,580	7,543	12,043	248	1,526	22,839
—	—	—	—	—	—	—
1	12	62	30	19	1,517	1,669
(103)	(140)	(684)	(710)	(53)	(22)	(1,548)
(100)	(140)	(676)	(710)	(53)	—	(1,518)
(3)	—	(8)	—	—	(22)	(30)
—	(2)	(2)	—	(10)	(2)	(72)
46	244	685	850	27	(1,758)	52
(56)	114	61	170	(17)	(265)	101
4,209	3,377	31,505	25,297	908	1.311	61,293
(1,980)	(675)	(20,974)	(13,084)	(631)	—	(35,273)
(721)	(8)	(2,927)	—	(46)	(50)	(3,080)
1,508	2,694	7,604	12,213	231	1,261	22,940

Millions of Euros

562

Electricity Generation Facilities

	Land	Buildings	Hydroelectric power plants	Coal/fuel power plants	Nuclear power plants
Property, plant and equipment in operation and under construction
Cost	331	1,403	3,465	9,431	10,570
Cumulative depreciation	(35)	(414)	(2,627)	(6,889)	(8,197)
Impairment losses	(17)	(35)	(2)	(2,140)	—
Balance as of 31 December 2022	279	954	836	402	2,373
Incorporation/(Reduction) of Companies	—	—	—	—	—
Investments(Note 20.1)	129	17	—	3	43
Charges	(14)	(54)	(44)	(115)	(290)
Depreciation(Note15.1)	(14)	(55)	(44)	(64)	(290)
Impairment losses(Note 15.1)	—	1	—	(51)	—
Decommissioning	(21)(3)	(3)	—	—	—
Transfers and other(2)	4	188	42	33	116
Total variations	98	148	(2)	(79)	(131)
Cost	443	1,603	3,506	9,466	10,712
Cumulative depreciation	(49)(4)	(461)	(2,670)	(6,952)	(8,470)
Impairment losses	(17)	(40)	(2)	(2,191)	—
Balance as of 31 December 2023(5)	377	1,102	834	323	2,242

(1) Related to Low and Medium Voltage, Measurement and Remote Control Equipment, and other Facilities.

(2) Includes changes in the estimated costs of decommissioning facilities amounting to a negative 70 million euros recognised in property, plant and equipment (see Note 36.3) and the transfer from "Intangible Assets" of wind farm and photovoltaic plant projects where construction of the facilities costing 14 million euros, positive (see Note 23) has started.

(3) Includes the renegotiation of the lease contract payments for the land where certain renewable energy generation facilities are located.

(4) Includes the depreciation of the right-of-use asset corresponding to the land where certain renewable energy generation facilities are located.

(5) Includes right-of-use assets amounting to 810 million euros (see Note 21).

Electricity Generation Facilities
Combined cycle power plants	Renewables	Total	Transmission and Distribution Facilities(1)	Other Fixed Assets	Property, plant and equipment under construction	TOTAL
4,166	2,791	30,423	23,752	839	1,294	58,042
(1,782)	(420)	(19,915)	(11,828)	(532)	—	(32,724)
(679)	(9)	(2,830)	—	(45)	(53)	(2,980)
1,705	2,362	7,678	11,924	262	1,241	22,338
—	—	—	—	—	—	—
2	23	71	20	7	1,824	2,068
(138)	(131)	(718)	(664)	(57)	2	(1,505)
(99)	(131)	(628)	(664)	(57)	—	(1,418)
(39)	—	(90)	—	—	2	(87)
—	—	—	—	—	—	(24)
(5)	326	512	763	36	(1,541)	(38)
(141)	218	(135)	119	(14)	285	501
4,162	3,131	30,977	24,475	882	1,561	59,941
(1,880)	(543)	(20,515)	(12,432)	(588)	—	(34,045)
(718)	(8)	(2,919)	—	(46)	(35)	(3,057)
1,564	2,580	7,543	12,043	248	1,526	22,839

20.1. Main investments and divestments

20.1.1. Main investments

The list of tangible investments in the years of 2024 and 2023 are as follows:

Millions of Euros	Tangible investments
Activity Segment	2024	2023
Generation and Commercialisation
	764	1.192
Conventional generation	306	289	• Primarily includes investments in generation facilities for various technologies, mainly nuclear.
Renewable generation	412	859	In the successive Strategic Plans approved by Endesa, the growth of its emission-free generation fleet is one of the Company's strategic lines of action. • In 2024, Endesa made investments in construction of electricity generation facilities from renewable sources amounting to 332 million euros (see Note 5.1). • Investments in this activity include the recognition of a right-of use asset corresponding to the land where certain renewable energy generation facilities are located, amounting to 29 million euros (129 million euros in 2023).
Energy Commercialisation and other products and services	46	44	• Related to investments in charging points for e-Mobility activities, in line with its strategic objective of achieving customer loyalty through a comprehensive offer of value added services.
Distribution	892	859	• Related mainly to grid extensions, as well as investments aimed at optimising its operation to improve efficiency, adapt the grid to new customer needs, and strengthen the quality of service and grid resilience in line with Endesa's strategy.
Structure and others(1)	13	17
TOTAL	1,669	2,068

(1) Structure, Services and Adjustments.

564

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III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

20.1.2. Main divestments

In 2024, 66 million euros were registered as divestments of rights of use as a consequence of, among other things, adapting the length of the lease contracts for the land where certain renewable energy generation facilities are located to their working life at a cost of 44 million and deductions of 10 million euros from the cost of hiring an LNG Carrier vessel when maintenance work meant that it was out of service.

In 2023, 20 million euros were registered as divestments of rights of use as a consequence of, among other aspects, renegotiating the lease contract payments for the land where certain renewable energy generation facilities are located.

20.2. Acquisition commitments

On 31 December 2024 and 2023, the list of acquisition commitments for property, plant and equipment is as follows:

Millions of Euros	Acquisition commitments
Activity Segment	31 December 2024(1)	31 December 2023(2)
Generation and Commercialisation	499	633	• It includes 351 million euros and 504 million euros, respectively, of investment commitments in non-emitting, nuclear and renewable technologies (see Note 5.1). • Additionally, it includes investment commitments in charging points for e-Mobility activity amounting to 85 million euros and 80 million euros, respectively.
Distribution	375	526	• Related to investment commitments in grids to improve quality, losses, and resilience, and enable the integration of new connection requests in line with Endesa's strategic approach.
Structure and others(3)	1	1
TOTAL	875	1,160

(1) Includes 86 million euros with Associated Companies (see Note 46.1.2). No amounts have been committed with Joint Ventures.

(2) Includes 80 million euros and 5 million euros with Associated Companies and Group Companies, respectively (see Note 46.1.2). No amounts have been committed with Joint Ventures.

(3) Structure, Services and Adjustments.

20.3. Impairment test

In the financial years 2024 and 2023, a provision for net impairment was made for 30 million euros and 87 million euros respectively, as detailed below:

Millions of Euros Notes	2024	2023
Los Barrios Port Terminal (Cádiz)	(2)	(7)
Cash Generating Units (CGUs) in Non-Peninsular Territories (NPT)	9	90
Balearic Islands	2	52
Canary Islands	8	20
Ceuta	1	13
Melilla	(2)	5
Renewable Plants and Others	23	4
TOTAL 3.2f.4, and 15.1	30	87

On 31 December 2024 and 2023, the recoverable value of these assets was as follows:

Millions of Euros	31 December 2024(1)	31 December 2023(1)
Los Barrios Port Terminal (Cádiz)	27	18
Cash Generating Units (CGUs) in Non-Peninsular Territories (NPT)	651	701
Balearic Islands	270	286
Canary Islands	355	391
Ceuta	9	9
Melilla	17	15
Renewable Plants and Others	3	—

(1) Corresponding to the recoverable value after tax.

In the financial years 2024 and 2023, the events that caused the main provisions for impairment was as follows:

• Cash-generating units (CGUs) for the Non-Peninsular Territories of the Balearic Islands, Canary Islands, Ceuta and Melilla.

As of 31 December 2024 and 2023, in order to align the carrying amount of the assets in the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta, and Melilla with their recoverable amount, an impairment of the Cash Generating Units (CGUs) for each of the Non-Peninsular Territories (NPT) of the Balearic Islands, Canary Islands, Ceuta, and Melilla has been recorded, amounting to a total net of 9 million euros and 90 million euros, respectively (see Notes 3.2f.4 and 15.1).

impairment allowance recognised in 2024 and 2023 is a consequence of the update of the main assumptions used in determining the value in use of the assets of the Non-Peninsular Territories (NPT) of the Balearic Islands, the Canary Islands, Ceuta and Melilla.

• Los Barrios Port Terminal (Cádiz).

As of 31 December 2024 and 2023, a reversal of the impairment of the Los Barrios Port Terminal (Cádiz) has been recorded for amounts of 2 million euros and 7 million euros, respectively, as a result of the request for an extension of the terminal concession, which could last until 2057 at most (see Notes 3.2f.4 and 15.1).

• Renewable Plants.

In the 2024 financial year, an impairment expense was recorded for several projects, mostly corresponding to photovoltaic plants, of which 23 million euros were recorded under the heading 'Property, plant and equipment' as a consequence, among other aspects, of not obtaining the necessary permits to operate the plants or the unfavourable result of the Environmental Impact Statement (EIS), and the modification of the profitability expectations of the investment of certain projects in line with the

566

Notes 15.1 and 23.3).

tests are indicated in Note 3.2f.

plant projects, mainly as a result of obtaining a negative Environmental Impact Statement (EIS) (see

The methodology, basic hypothesis and sensitivity analysis considered for performing these impairment

selective investment policy in accordance with the Company's Strategic Plan (see Notes 15.1 and 23.3).

In the 2023 financial year, an impairment loss was recognised under the heading 'Property, plant and equipment' for a total net amount of 4 million euros corresponding to several wind farm and photovoltaic

20.4. Other information

Joint Ownerships

On 31 December 2024 and 2023 the balances of property, plant and equipment include the participation in Joint Ownerships listed below:

Millions of Euros	Joint Ownerships
	% Participation	31 December 2024	31 December 2023
Central Nuclear Vandellós II, C.B. Nuclear Power Plant	72.00	773	778
Central Nuclear Ascó II, C.B. Nuclear Power Plant	85.00	597	620
Central Nuclear Almaraz, C.B. Nuclear Power Plant	36.02	250	271
Saltos del Navia, C.B.	50.00	13	13
Central Nuclear Trillo, C.B. Nuclear Power Plant	1.00	10	11

Environment

In the financial years 2024 and 2023, Endesa's investments and expenditure on environmental protection activities were as follows:

Millions of Euros	2024	2023
Annual Gross Investment	43	30
Accumulated Gross Investments at the Close of the Financial Year	2,040	1,997
Annual Expenditure	137	104
Amortisation and impairment losses	31	30
Other Expenses	106	74

Insurance

Endesa and its subsidiaries have insurance policies in place to cover potential risks associated with various elements of their property, plant, and equipment. These policies sufficiently cover all potential claims arising from their operations, as understood within the scope of such coverage. The potential loss of profits that could result from outages at the facilities is also covered by certain assets. In the financial year 2024 insurance companies paid compensation amounting to 21 million euros (20 million euros in 2023) for accidents involving material damages.

In compliance with current legislation in Spain, Endesa is insured for up to 1,200 million euros against thirdparty liability claims for any nuclear accidents that may occur from operating its plants. Any loss or damage in excess of this amount would be subject to the international conventions to which Spain is a signatory. The nuclear power plants are also insured against damage to their facilities (including stocks of nuclear fuel) and machinery breakdowns, with maximum coverage of 1,500 million euros for each plant.

On 28 May 2011, the Spanish government published Law 12/2011, of 27 May, on third-party liability due to

nuclear damage or damage caused by radioactive materials that, besides expanding the concept of nuclear damages, raises operator liability to 1,200 million euros, while also allowing them to cover this liability in several ways. This Regulation entered into force on 1 January 2022, following the joint ratification by the Member States of the Protocols of 12 February 2004, amending the Nuclear Civil Liability Convention (Paris Convention) and the Brussels Convention, complementing the foregoing. The civil nuclear liability coverage arranged by Endesa has a limit of 1,200 million euros from 1 January 2022.

In the financial year 2024, Endesa did not detect any significant impacts in relation to the insurance policies it had taken out.

Other information

On 31 December 2024 and 2023, the net book value of coal power plants for which Endesa has applied for authorisation from the competent authorities for closure and provision for their decommissioning, recorded under the item 'Non-Current Provisions' in the Consolidated Statement of Financial Position, is as follows:

Millions of Euros			31 December 2024			31 December 2023
Thermal power plant	Date of application	Effective closing date	Carrying amount	Provision for decommissioning (Note 36.3)	Carrying amount	Provision for decommissioning (Note 36.3)
As Pontes (A Coruña)	27 December 2019	1 December 2023	—	105	—	119
Litoral (Almería)	27 December 2019	26 November 2021	—	56	—	66
Compostilla II (León) – Groups III, IV, and V	19 December 2018	23 September 2020	—	67	—	59
Andorra (Teruel)	19 December 2018	21 July 2020	—	15	—	28
Alcudia (Balearic Islands) – Groups I and II	27 December 2018	30 December 2019	—	30	—	30
TOTAL			—	273	—	302

On 31 December 2024 and 2023, the full amortised property, plant and equipment still in use is as follows:

	31 December 2024	31 December 2023
Buildings	191	190
Other Items	293	302
TOTAL(1)	484	492

(1) Does not include 4,928 million euros and 5,118 million euros at 31 December 2024 and 2023, respectively, corresponding to the thermal power plants whose closure has been authorised.

On 31 December 2024 there were items of property, plant and equipment under guarantee for the finance received from third parties amounting to 32 million euros (39 million euros at 31 December 2023) (see Notes 34.1.13, 40.4.3 and 47).

II. Consolidated Financial Statements Audit Report

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21. Right-of-use assets

On 31 December 2024 and 2023, the details of the right-of-use assets included under the heading 'Property, Plant and Equipment' in the Consolidated Statement of Financial Position and their transactions during the financial years 2024 and 2023 were as follows:

Millions of Euros			Electricity generation facilities: Combined cycle	Other Fixed
Right-of-use assets		Property Buildings	power plants	Assets	TOTAL
Balance as of 31 December 2023	300	95	277	138	810
Additions	29	11	—	15	55
Decommissioning (Note 20.1.2)	(51)	(5)	—	(10)	(66)
Depreciation and impairment losses	(14)	(17)	(26)	(30)	(87)
Transfers and other	—	—	—	—	—
Balance as of 31 December 2024(1)	264	84	251	113	712

(1) Allocated to the Iberian Peninsula Generation Cash Generating Unit (CGU) (621 million euros), Distribution (29 million euros), and Structure and Services (62 million euros) (see Note 8.2.2).

Millions of Euros			Electricity generation facilities: Combined cycle power	Other Fixed
Right-of-use assets		Property Buildings	plants	Assets	TOTAL
Balance as of 31 December 2022	207	97	305	173	782
Additions	129	16	—	2	147
Decommissioning(Note 20.1.2)	(20)	—	—	—	(20)
Depreciation and impairment losses	(14)	(18)	(28)	(37)	(97)
Transfers and other	(2)	—	—	—	(2)
Balance as of 31 December 2023(1)	300	95	277	138	810

(1) Allocated to the Iberian Peninsula Generation Cash Generating Unit (CGU) (716 million euros), Distribution (25 million euros), and Structure and Services (69 million euros) (see Note 8.2.2).

During the financial years 2024 and 2023, the impact of right-of-use assets on the Consolidated Income Statement was as follows:

Millions of Euros Notes	2024	2023
Depreciation provision for right-of-use assets	87	97
Interest expenses on financial debt associated with right-of-use assets	51	37
Financial expense 16.1 and 45.1	43	42
Exchange differences	8	(5)
Expenses for short-term leases and/or low-value assets(1)	—	—
Expenses for variable lease payments	1	2
Total effect on the Consolidated Income Statement	139	136

(1) Leases expiring within the next 12 months from the date of initial application and/or with an underlying asset value of less than 5,000 US Dollars (USD).

21.1. Right-of-use assets as a lessee

On 31 December 2024, the most important lease contracts in which Endesa is the lessee are as follows:

Contracts	Company	Duration	Description
'Tolling' contract with Elecgas, S.A. (company which is 50% owned by Endesa Generación, S.A.U.)	Endesa Generación, S.A.U.	For 25 years, with 11 years left to run.	• Offering Endesa Generación, S.A.U. all the plant's production capacity and the commitment to transform the gas supplied into electricity in exchange for a financial toll.
Lease Contracts corresponding to Office Buildings	Edistribución Redes Digitales, S.L.U.	Approximately 3 years	• Lease of office buildings, most of which are located in Barcelona, Lleida and Zaragoza.
Lease contract for the Head Offices of Endesa, located in Ribera del Loira (Madrid)	Endesa Medios y Sistemas, S.L.U.	Until 30 June 2030	• Lease of the company's head offices (Madrid).
Lease Contracts corresponding to the land where certain renewable energy generation facilities are located.	Renewable Companies	Maturing between 2025-2055	• Long-term contracts which may include automatic renewal clauses whose prices are set by combining an amount based on installed capacity (MW) and, in some cases, on production (GWh).
Charter Contracts for Transport of Liquefied Natural Gas (LNG)	Endesa Energía, S.A.U.	7 years extendible	• Charter contracts for methane carriers for transporting liquefied natural gas (LNG).
Lease Contracts for Technical Equipment	Renewable Companies, Services and Thermal Generation	Maturing between 2025-2027	• Contracts to cover occasional availability services for operational requirements.
Vehicle Lease Contracts	All Businesses	Multi-year maturities with a maximum of 5 years.	• Vehicle fleet.

In general, contracts that include an option to purchase where the amount matches the amount established as the final instalment.

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21.2. Right-of-use assets as a lessor

Financial Lease

On 31 December 2024 and 2023, Endesa has not formalised any finance lease contracts where it acts as a lessor.

Operating lease

On 31 December 2024, the most significant operating lease contracts where Endesa acts as a lessor are those formalised by Endesa Energía, S.A.U. related to contracts with third parties, primarily for value-added products and services.

On 31 December 2024 and 2023, future payments derived from operating lease contracts are as follows:

Millions of Euros	31 December 2024	31 December 2023
Less than one year	3	2
Between one and two years	3	2
Between two and three years	2	2
Between three and four years	2	2
Between four and five years	2	1
More than five years	7	4
TOTAL	19	13

The amount of lease payments recognised as income in the financial year 2024 amounted to 8 million euros (6 million in 2023) (see Note 9.1).

22. Investment property

On 31 December 2024 and 2023, the details and transactions under this item in the attached Consolidated Statement of Financial Position were as follows:

Millions of Euros	Land	Buildings	TOTAL
Cost	140	7	147
Cumulative depreciation	—	(4)	(4)
Impairment losses	(73)	(1)	(74)
Balance as of 31 December 2023	67	2	69
Investments	8	—	8
(Provision)/Reversal of Impairment losses(Note 15.1)	16(1)	—	16
Divestment through Sales	(51)	(1)	(52)
Transfer to Non-Current Assets Held for Sale	(37)	—	(37)
Total variations	(64)	(1)	(65)
Cost	5	4	9
Cumulative depreciation	—	(1)	(1)
Impairment losses	(2)	(2)	(4)
Balance as of 31 December 2024	3	1	4

572

(1) Includes the reversal of impairment losses on the property where the former headquarters of Gas y Electricidad Generación, S.A.U. was located, along with its adjacent land in Palma de Mallorca, as a result of valuations conducted by third parties.

Millions of Euros	Terrenos	Construcciones	TOTAL
Cost	140	7	147
Cumulative depreciation	—	(4)	(4)
Impairment losses	(83)	(1)	(84)
Balance as of 31 December 2022	57	2	59
Investments	—	—	—
(Provision)/Reversal of Impairment losses(Note 15.1)	10(1)	—	10
Divestment through Sales	—	—	—
Transfers to Non-Current Assets Held for Sale	—	—	—
Total ariations	10	—	10
Cost	140	7	147
Cumulative depreciation	—	(4)	(4)
Impairment losses	(73)	(1)	(74)
Balance as of 31 December 2023	67	2	69

(1) Includes the reversal of impairment losses on the property where the former headquarters of Gas y Electricidad Generación, S.A.U. was located, along with its adjacent land in Palma de Mallorca, as a result of valuations conducted by third parties.

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VI. Statement of Responsibility

On 29 October 2024, the Board of Directors of Endesa, S.A. agreed to authorise, on the one hand, the signing of a transactional contract of Edistribución Redes Digitales, S.L.U. with the City Council of Palma that entails the sale of one of the properties classified in the heading 'Investment Properties', the partial compensation for the equity losses suffered by Endesa and to put an end to the judicial proceedings between the parties and, on the other, the sale of the remaining properties owned by Endesa and which are also included under the heading "Investment Properties".

As a result of this decision, Endesa has registered the following financial facts:

• As part of the settlement agreement with the Palma City Council, development costs amounting to 8 million euros have been recognised in the financial year 2024 under the heading "Investment Property".
• On 30 December 2024, one of the plots of land was sold for a total amount, net of transaction costs,

22.1. Other information

equal to 62 million euros, and was derecognised under 'Investment Property' for the net book value of 52 million euros and a net capital gain of 10 million euros, recorded under the heading "Other Results". Of the sale price, 20% of the total was collected on the date of the transaction, leaving the remaining 80%, amounting to 51 million euros, pending collection, recorded under the heading "Trade Debtors and Other Receivables" (see Notes 14 and 32).

• The net book value of the remaining land included under the 'Investment Properties' heading has been registered under the heading 'Non-current assets held for sale and discontinued operations', whose value on 31 December 2024 was 37 million euros, and the book value of the provisions associated with these assets has also been reclassified under the heading 'Liabilities associated with non-current assets held for sale and discontinued operations', with a total amount of 17 million euros.

Insurance

Endesa have insurance policies in place to cover potential risks associated with various elements of their investment properties and potential claims arising from their operations, and these policies are understood to provide sufficient cover for the risks that they are exposed to.

In the financial year 2024, Endesa did not detect any significant impacts in relation to the insurance policies it had taken out.

Other information

As of 31 December 2024, market value of the investment property amounted to 6 million euros (72 million euros on 31 December 2023) (see Notes 3.2c and 44.2).

As of 31 December 2024 and 2023, none of the significant investment property had been fully depreciated.

On 31 December 2024 and 2023 there were no restrictions on doing this.

The amounts registered as direct expenditure in the Consolidated Income Statement for 2024 and 2023 associated with investment properties were not significant.

On 31 December 2024 and 2023, Endesa has no contractual obligations for the purchase, construction or development of investment properties, nor for repairs, maintenance or improvement for significant amounts.

573

23. Intangible assets

On 31 December 2024 and 2023, the breakdown and transactions under this heading of the accompanying Consolidated Statement of Financial Position were as follows:

Millions of Euros	Software applications	Concessions	Acquisition costs	Others	TOTAL
Cost	2,298	65	918	1,084	4,365
Cumulative depreciation	(1,769)	(33)	(522)	(389)	(2,713)
Impairment losses	—	(4)	—	(2)	(6)
Balance as of 31 December 2023	529	28	396	693	1,646
Incorporation/(Reduction) of Companies(Note 7.1)	—	—	—	—	—
Investments(Note 23.1)	92	—	233	55	380
Charges	(138)	(2)	(198)	(148)	(486)
Depreciation(Note 15.1)	(138)	(2)	(198)	(47)	(385)
Impairment losses(Note 15.1)	—	—	—	(101)	(101)
Decommissioning	—	—	—	(3)	(3)
Transfers and other	9	—	—	(10)	(1)
Total variations	(37)	(2)	35	(106)	(110)
Cost	2,398	65	1,151	1,095	4,709
Cumulative depreciation	(1,906)	(35)	(720)	(437)	(3,098)
Impairment losses	—	(4)	—	(71)	(75)
Balance as of 31 December 2024	492	26	431	587(1)	1,536

(1) It mainly includes authorisations for the operation of wind farms and photovoltaic plants, as well as client portfolios acquired amounting to 563 million euros and 10 million euros, respectively.

Millions of Euros	Software		Acquisition
	applications	Concessions	costs	Others	TOTAL
Cost	2,167	65	715	1,034	3,981
Cumulative depreciation	(1,618)	(31)	(373)	(315)	(2,337)
Impairment losses	—	(4)	—	(4)	(8)
Balance as of 31 December 2022	549	30	342	715	1,636
Incorporation/(Reduction) of Companies(Note 7.1)	—	—	—	(2)	(2)
Investments(Note 23.1)	132	—	204	59	395
Charges	(152)	(2)	(150)	(65)	(369)
Depreciation(Note 15.1)	(152)	(2)	(150)	(46)	(350)
Impairment losses(Note 15.1)	—	—	—	(19)	(19)
Decommissioning	—	—	—	—	—
Transfers and other(1)	—	—	—	(14)	(14)
Total variations	(20)	(2)	54	(22)	10
Cost	2,298	65	918	1,084	4,365
Cumulative depreciation	(1,769)	(33)	(522)	(389)	(2,713)
Impairment losses	—	(4)	—	(2)	(6)
Balance as of 31 December 2023	529	28	396	693(2)	1,646

(1) Related to the transfer to the 'Property, Plant and Equipment' of wind farm and photovoltaic plant projects where construction of the facilities has commenced (see Note 20).

(2) It mainly includes authorisations for the operation of wind farms and photovoltaic plants, as well as client portfolios acquired amounting to 668 million euros and 12 million euros, respectively.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

23.1. Main investments and divestments

23.1.1. Main investments

The list of investments in intangible assets in the financial years 2024 and 2023 is as follows:

Millions of Euros	Intangible investments
Activity Segment	2024	2023
Generation and Commercialisation	355	352
Conventional Generation			• Includes investments in systems and telecommunications (ICT)
	12	18	activity
Generación Renovable			• It mainly includes investments aimed at achieving strategic
	52	64	decarbonisation goals in electricity production systems and facilities from renewable sources.
Energy Commercialisation and other products and services	291	270	• Primarily related to the increased incremental costs incurred in obtaining contracts with customers amounting to Euro 233 million. • It also includes investments in systems and communications (ICT) activity in line with the Company's digitalisation strategy and strategic objective of electrifying demand, amounting to 58 million euros.
Distribution			• Corresponding to investments in systems and communications
	14	33	(ICT) activity in line with the digitalisation strategy and strategic objective of more efficient grids
Structure and others(1)	11		10 • It mainly includes investments in Information and Communication Technology (ICT) activity
TOTAL	380	395

(1) Structure, Services and Adjustments

23.1.2. Main divestments

In the financial years 2024 and 2023, there were no divestments of significant cost in this heading of the Consolidated Statement of Financial Position.

23.2. Acquisition commitments

On 31 December 2024 and 2023, the list of commitments for the acquisition of intangible assets, mainly corresponding to computer software, is as follows:

Millions of Euros	Acquisition commitments(1)
Activity Segment	31 December 2024	31 December 2023
Generation and Commercialisation			• Includes the commitments made with the seller of Shark
	10	90	Power, S.L.U. regarding certain pending stipulations yet to be executed by them, amounting to 9 million euros (85 million euros on 31 December 2023).
Distribution	2	25	• Corresponding in both periods to commitments with group companies for the digitalisation of the distribution network
Structure and others(2)	13	—	• Corresponding to sponsorship of the Male and Female Endesa Leagues
TOTAL	25	115

(1) On 31 December 2024 and 2023, they are committed with Group Companies for 2 million and 25 million euros, respectively (see Note 46.1.2). None of these amounts are committed to Associated Companies or Joint Ventures.

(2) Structure, Services and Adjustments.

23.3. Impairment test

576

In the 2024 financial year, under the heading 'Intangible Assets', an impairment expense has been recorded for several projects, corresponding mainly to photovoltaic plants, for a total net amount of 101 million euros as a result, among other aspects, of not obtaining the necessary permits to operate the plants or the unfavourable result of the Environmental Impact Statement (EIS), and the modification of the expected return on investment of certain projects in line with the selective investment policy in accordance with the Company's Strategic Plan (see Notes 15.1 and 20.3).

In the 2023 financial year, an impairment loss provision was recorded under this heading, for a total net amount of 19 million euros corresponding to several wind farm and photovoltaic plant projects, mainly as a result of obtaining a negative Environmental Impact Statement (EIS) (see Notes 15.1 and 20.3).

As of 31 December 2024 and 2023, the recoverable value of these assets amounts to zero million euros.

The methodology, basic hypothesis and sensitivity analysis considered for performing these impairment tests are indicated in Note 3.2f.

23.4. Other information

On 31 December 2024 the value of totally amortised intangible fixed assets still in use amounted to 318 million euros (245 million on 31 December 2023).

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements

VI. Statement of Responsibility

On 31 December 2024 and 2023, the details and transactions of this item in the attached Consolidated Statement of Financial Position were as follows:

Millions of Euros	Notes	Cash Generating Unit (CGU)	31 December 2024	31 December 2023
Enel Green Power España, S.L.U.	8.2	Generation in the Iberian Peninsula	296	296
Eléctrica del Ebro, S.A.U.	8.2	Distribution	2	2
Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A.	8.2	Distribution	21	21(1)
		Generation in the Iberian Peninsula	65	65
Information and Communication Technology (ICT)	8.2	Distribution	74	74
		Endesa, S.A.	4	4
TOTAL			462	462

(1) Corresponds to Empresa de Alumbrado Eléctrico de Ceuta, S.A

All of these goodwill funds correspond to the geographical area of Spain.

24.1. Other information

Impairment test

On 31 December 2024, Endesa evaluated the recoverability of these goodwill funds by carrying out an impairment test on the Cash Generating Units (CGUs) that these assets were assigned to, without any impairment losses becoming apparent.

The methodology, basic hypothesis and sensitivity analysis considered for performing these impairment tests are indicated in Note 3.2f.

25. Deferred tax assets and liabilities

25.1. Deferred tax assets and liabilities

In the financial years 2024 and 2023, the origin and transaction of deferred tax assets and liabilities registered in both periods, as well as the registered deferred non-offsetable tax assets and liabilities were as follows:

Millions of Euros	Deferred Tax Assets and Liabilities
	Balance as of 31 December 2023	(Debit)/Credit Profit and Loss(Note 18)	(Debit)/Credit Equity(Notes 18)	Transfers and other	Balance as of 31 December 2024
Deferred Tax Assets:
Depreciation of Material and Intangible Assets	361	(33)	—	—	328
Provisions for Employee Benefits	217	(2)	(10)	9	214
Other Provisions	342	(36)	—	(8)	298
Evaluation of Derivative Financial Instruments	414	(20)	(230)	(13)	151
Tax Loss Carryforwards	72	69	—	—	141
Unused tax credits	21	(10)	—	—	11
Others	181	(25)	—	12	168
TOTAL	1,608	(57)	(240)	—	1,311
Deferred Tax Liabilities:
Depreciation of Material and Intangible Assets	630	(42)	—	31	619
Evaluation of Derivative Financial Instruments	306	(21)	(183)	16	118
Others	372	(13)	—	(49)	310
TOTAL	1,308	(76)	(183)	(2)	1,047
Non-Offsetable Deferred Tax Assets	547				467
Non-Offsetable Deferred Tax Liabilities	247				203
Offsetable Deferred Taxes	1,061				844

Deferred Tax Assets and Liabilities
Balance as of 31 December 2023	(Debit)/Credit Profit and Loss(Note 18)	Debit)/Credit Equity(Notes 18)	Transfers and other	Balance as of 31 December 2024
414	(52)	—	(1)	361
241	(29)	2	3	217
340	6	—	(4)	342
1,466	1	(1,052)	(1)	414
6	66	—	—	72
16	5	—	—	21
177	2	—	2	181
2,660	(1)	(1,050)	(1)	1,608
666	(35)	—	(1)	630
383	(1)	(75)	(1)	306
376	(5)	—	1	372
1,425	(41)	(75)	(1)	1,308
1,494				547
259				247
1,166				1,061

The recovery of the balances of deferred tax assets depends on obtaining sufficient tax benefits in the future. At the date of preparing these Consolidated Financial Statements, the Directors of the Parent Company consider that the forecast future profits of the different Endesa companies are sufficient to recover these assets.

On 31 December 2024 and 2023 there are deferred tax assets corresponding to tax losses pending recognition that amount to 5 million euros.

On 31 December 2024 there are deferred tax assets corresponding to tax loss carryforwards that can be compensated by future profits of 141 million euros (72 million euros on 31 December 2023).

On 31 December 2024 and 2023, the list of deferred tax assets corresponding to the deductions for quota pending application against future profits and the year when they can be used is as follows:

Millions of Euros
Year	31 December 2024	31 December 2023
2032	3	3
2033	—	3
2038	—	2
No Limit	8	13
TOTAL	11	21

On 31 December 2024 and 2023, there were no deferred tax liabilities not registered in the Consolidated Statement of Financial Position associated with investments in subsidiaries, associates and entities under joint control in which Endesa can control the return of the same and which are unlikely to be reversed in the foreseeable future.

25.2. Other information

Realisation of deferred tax assets and liabilities

On 31 December 2024 and 2023, the estimated realisation of the deferred tax assets and liabilities recognised in the Consolidated Statement of Financial Position is as follows:

Millions of Euros	31 December 2024	31 December 2023
Deferred tax assets	1,311	1,608
To be realised in one year	202	448
To be realised in more than one year	1,109	1,160
Deferred tax liabilities	1,047	1,308
To be realised in one year	93	224
To be realised in more than one year	954	1,084

26. Investments accounted for using the equity method and joint operating entities

26.1. Investments accounted for using the equity method

On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position is as follows:

Millions of Euros	31 December 2024	31 December 2023
Associates	190	188
Joint Ventures	97	85
TOTAL	287	273

A complete list of the investee companies over which Endesa exercises significant influence is included in Appendix I of these Consolidated Financial Statements. These companies do not have publicly listed share prices.

On 31 December 2024 and 2023, there are no significant restrictions imposed on the ability of the associated companies or joint venture to transfer funds to Endesa as cash dividends or to repay loans or advances made by Endesa (see Note 34.1.13).

On 31 December 2024 and 2023 Endesa has no contingent liabilities related to Associated Companies and Joint Ventures with significant amounts.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of

Responsibility

On 31 December 2024 and 2023, the loans and guarantees granted to Associates, Joint Ventures, and transactions with the same during the financial years 2024 and 2023 are listed in Notes 28.1, 30, 40.1.1 and 46.2.

On 31 December 2024 and 2023, the details and transactions under this item in the attached Consolidated Statement of Financial Position were as follows:

Millions of Euros	Percentage % (1)	31 December Balance as of 2023	Incorporation/ (Exclusion) of Companies and 7.3) (Note 7.2	Investments or Increases	Divestments or Reductions	Profit/Loss using the Equity Method(Note 17)	Dividends	Transfers and other	31 December Balance as of 2024
Associates		188	—	12	—	—	(5)	(5)	190
Elcogas, S.A. (In Liquidation)	41.0	—	—	—	—	—	—	—	—
Energías Especiales del Bierzo, S.A.	50.0	6	—	—	—	1	(1)	(1)	5
Gorona del Viento El Hierro, S.A.	23.2	7	—	—	—	(1)	—	—	6
Compañía Eólica Tierras Altas, S.A.	37.5	7	—	—	—	3	(2)	(1)	7
Cogenio Iberia, S.L.	20.0	6	—	—	—	—	—	(1)	5
Endesa X Way, S.L.	49.0	122	—	6	—	(5)	—	—	123
Other		40	—	6	—	2	(2)	(2)	44
Joint Ventures		85	—	1	—	11	(4)	4	97
Tejo Energia - Produção e Distribuição de Energia Eléctrica, S.A.	43.7	5	—	—	—	—	—	1	6
Front Marítim del Besòs, S.L.	61.4	30	—	—	—	—	—	—	30
Nuclenor, S.A.	50.0	—	—	—	—	1	—	(1)	—
Énergie Électrique de Tahaddart, S.A.	32.0	8	—	—	—	2	—	1	11
Suministradora Eléctrica de Cádiz, S.A.	33.5	8	—	—	—	1	(2)	1	8
Others		34	—	1	—	7	(2)	2	42
TOTAL		273	—	13	—	11	(9)	(1)	287

(1) Percentage on 31 December 2024

Millions of Euros

	Percentage % (1)	31 December Balance as of 2022	Incorporation/ (Exclusion) of Companies	Investments or Increases	Divestments or Reductions	using the Equity Method(Note 17) Profit/Loss	Dividends	and other Transfers	31 December Balance as of 2023
Associates		181	—	18	—	(8)	(6)	3	188
Elcogas, S.A. (In Liquidation)	41.0	—	—	—	—	—	—	—	—
Energías Especiales del Bierzo, S.A.	50.0	7	—	—	—	2	(2)	(1)	6
Gorona del Viento El Hierro, S.A.	23.2	13	—	—	—	(6)	—	—	7
Compañía Eólica Tierras Altas, S.A.	37.5	7	—	—	—	1	(1)	—	7
Cogenio Iberia, S.L.	20.0	5	—	—	—	—	—	1	6
Endesa X Way, S.L.	49.0	124	—	2	—	(4)	—	—	122
Boiro Energía, S.A.	40.0	—	—	—	—	—	—	—	—
Other		25	—	16	—	(1)	(3)	3	40
Joint Ventures		93	—	10	(5)	18	(19)	(12)	85
Tejo Energia — Produção e Distribuição de Energia Eléctrica, S.A.	43.7	5	—	—	—	—	—	—	5
Front Marítim del Besòs, S.L.	61.4	31	—	—	—	(2)	—	1	30
Nuclenor, S.A.	50.0	—	—	7	—	4	—	(11)	—
Énergie Électrique de Tahaddart, S.A.	32.0	11	—	—	(5)	3	(2)	1	8
Suministradora Eléctrica de Cádiz, S.A.	33.5	9	—	—	—	3	(3)	(1)	8
Others		37	—	3	—	10	(14)	(2)	34
TOTAL		274	—	28	(5)	10	(25)	(9)	273

(1) Percentage on 31 December 2023.

Associates

On 31 December 2024 and 2023, the information of the Financial Statements of the main Associated Companies that served as the basis for preparing these Consolidated Financial Statements is the following:

Millions of Euros	Statement of Financial Position
	Elcogas, S.A. Energías Especiales del Bierzo, (In Liquidation) S.A.
	31 December 2024	31 December 2023	31 December 2024	31 December 2023
Non-Current Assets	—	—	11	13
Current Assets	14	15	2	3
Cash and Cash Equivalents	13	14	—	1
Other Current Assets	1	1	2	2
Total assets	14	15	13	16
Equity	(115)	(114)	10	12
Non-Current Liabilities	129	129	2	2
Non-Current Financial Debt	129	129	1	1
Other non-current liabilities	—	—	1	1
Current Liabilities	—	—	1	2
Current financial debt	—	—	—	—
Other Current Liabilities	—	—	1	2
Total Net Equity and Liabilities	14	15	13	16

VI. Statement of
Responsibility

Statement of Financial Position
El Hierro, S.A.	Gorona del Viento		Compañía Eólica Tierras Altas, S.A. Cogenio Iberia, S.L.		Endesa X Way, S.L.
31 December 2024	31 December 2023	31 December 2024	31 December 2023	31 December 2024	31 December 2023	31 December 2024	31 December 2023
63	65	11	14	49	39	33	33
20	20	12	7	18	24	74	63
5	18	11	4	12	18	11	1
15	2	1	3	6	6	63	62
83	85	23	21	67	63	107	96
55	55	19	18	27	30	44	42
26	27	3	2	29	24	4	3
—	—	—	—	29	24	2	2
26	27	3	2	—	—	2	1
2	3	1	1	11	9	59	51
—	—	—	—	7	5	—	—
2	3	1	1	4	4	59	51
83	85	23	21	67	63	107	96

Millions of Euros	Income Statement Elcogas, S.A. Energías Especiales (In Liquidation) del Bierzo, S.A. 2024 2023 2024
				2023
Income	—	—	5	8
Amortisation and impairment losses	—	—	(2)	(2)
Financial income	—	—	—	—
Financial expense	—	—	—	—
Profit/Loss before tax	(1)	(1)	1	4
Corporation tax	—	—	—	(1)
Annual Results for Continuing Operations	(1)	(1)	1	3
Results After Tax on Discontinued Operations	—	—	—	—
Other Comprehensive Income	—	—	—	—
Total Comprehensive Income	(1)	(1)	1	3

Income Statement
Gorona del Viento El Hierro, S.A.				Cogenio Iberia, S.L.		Endesa X Way, S.L.
2023	2024	2023	2024	2023	2024	2023
7	10	4	14	17	53	78
(3)	(3)	(3)	(5)	(6)	(1)	(1)
—	—	—	1	1	—	—
—	—	—	(2)	(1)	—	—
1	7	2	(1)	1	(13)	(10)
—	—	—	—	—	3	3
1	7	2	(1)	1	(10)	(7)
—	—	—	—	—	—	—
—	—	—	(1)	1	—	—
1	7	2	(2)	2	(10)	(7)
			Compañía Eólica Tierras Altas, S.A.

This data corresponds to the information from individual companies.

Gorona del Viento El Hierro, S.A.

In the financial year 2023, the negative result of the 23.2% share in the Company Gorona del Viento El Hierro, S.A. valued at 6 million euros, reflected the losses associated with the lower remuneration for guaranteed power earned by the Company, based on the update of the annual hours of standard operation of the hydroelectric plant approved by the Directorate-General for Energy Policy and Mines.

Endesa X Way, S.L.

On 31 December 2024 and 2023, the reconciliation of the book value of the share in Endesa X Way, S.L. with the financial information from this Company is as follows:

Millions of Euros	31 December 2024	31 December 2023
Net Equity of the Company	44	42
Share in Net Equity (49%)	21	20
Goodwill	102	102
Investments accounted for using the equity method	123	122

LEGAL DOCUMENTATION 2024 | ENDESA, S.A.

AND SUBSIDIARIES

Joint Ventures

On 31 December 2024 and 2023, the information of the Financial Statements of the main Joint Ventures that served as the basis for preparing these Consolidated Financial Statements is the following:

Millions of Euros	Statement of Financial Position
		Tejo Energia — Produção e Distribuição de Energia Eléctrica, S.A.	Front Marítim del Besòs, S.L.
	31 December 2024	31 December 2023	31 December 2024	31 December 2023
Non-Current Assets	22	23	—	—
Current Assets	77	77	123	122
Cash and Cash Equivalents	53	55	—	—
Other Current Assets	24	22	123	122
Total assets	99	100	123	122
Equity	55	60	122	122
Non-Current Liabilities	35	30	—	—
Non-Current Financial Debt	—	—	—	—
Other non-current liabilities	35	30	—	—
Current Liabilities	9	10	1	—
Current financial debt	—	—	—	—
Other Current Liabilities	9	10	1	—
Total Net Equity and Liabilities	99	100	123	122

Statement of Financial Position
	Suministradora Eléctrica de Cádiz, S.A.	Énergie Électrique	de Tahaddart, S.A.	Nuclenor, S.A.
31 December 2023	31 December 2024	31 December 2023	31 December 2024	31 December 2023	31 December 2024
60	59	17	4	1	—
15	20	40	42	22	24
11	16	24	29	12	3
4	4	16	13	10	21
75	79	57	46	23	24
38	36	26	33	9	10
21	26	—	—	10	10
5	4	—	—	—	—
16	22	—	—	10	10
16	17	31	13	4	4
5	7	—	—	—	—
11	10	31	13	4	4
75	79	57	46	23	24

587

Millions of Euros	Income Statement
		Tejo Energia — Produção e Distribuição de Energia Eléctrica, S.A.		Front Marítim del Besòs, S.L.
	2024	2023	2024	2023
Income	3	4	—	—
Amortisation and impairment losses	(1)	(1)	—	—
Financial income	—	—	—	—
Financial expense	2	—	—	—
Profit/Loss before tax	(4)	(6)	—	(8)
Corporation tax	—	—	—	—
Annual Results for Continuing Operations	(4)	(6)	—	(8)
Results After Tax on Discontinued Operations	—	—	—	—
Other Comprehensive Income	—	—	—	—
Total Comprehensive Income	(4)	(6)	—	(8)

Income Statement
	Énergie Électrique Nuclenor, S.A. de Tahaddart, S.A.			Suministradora Eléctrica de Cádiz, S.A.
2024	2023	2024	2023	2024	2023
13	15	45	44	14	18
		(14)	(15)	(3)	(3)
1	—	1	1	—	—
(1)	(1)	—	—	—	—
2	(5)	11	15	5	10
—	—	(4)	(5)	(2)	(2)
2	(5)	7	10	3	8
—	—	—	—	—	—
—	5	1	—	—	—
2	—	8	10	3	8

The equity data for the Joint Ventures correspond to the information of the individual companies.

Front Marítim del Besòs, S.L.

On 31 December 2024 and 2023, the reconciliation of the book value of the stake in Front Marítim del Besòs, S.L. with the financial information from this Company is as follows:

Millions of Euros	31 December 2024	31 December 2023
Net Equity of the Company	122	122
Share in Net Equity (61.37%)	75	75
Impairment(1)	(45)	(45)
Investments accounted for using the equity method	30	30

(1) Elimination of the result generated in Endesa Generación, S.A.U., in proportion to its percentage share, for the contribution made by the Company for certain land that it possesses in the Tres Chimeneas site in Sant Adrià de Besòs (Barcelona).

Nuclenor

In the financial years 2024 and 2023, the result of the 50 % share in Nuclenor, S.A. increased to 1 million and 4 million euros respectively, due to the reconciliation of the services provided to Empresa Nacional de Residuos Radiactivos, S.A. S.M.E., (Enresa) for the transfer and during the started plant dismantling phase. Additionally, in 2023, there was also the partial reversal registration of the excess costs that the Company had previously estimated incurring to meet its future commitments with third parties and personnel assets and liabilities.

On 31 December 2024 and 2023, the header 'Non-current Provisions' liabilities in the Consolidated Statement of Financial Position includes the provision registered to cover the estimated excess costs that the Company would incur until the closure of the Plant at Santa Maria de Garoña mentioned previously (see Note 36.3).

Other Companies

On 31 December 2024 and 2023, the aggregated information from the Financial Statements of the other shares in Associated Companies or Joint Ventures that are irrelevant individually that served as the basis for preparing these Consolidated Financial Statements is the following:

Millions of Euros	Associates		Joint Ventures
	2024	2023	2024	2023
Annual Results for Continuing Operations	5	(9)	17	22
Results After Tax on Discontinued Operations	—	—	—	—
Other Comprehensive Income	(2)	4	4	(4)
Total Comprehensive Income	3	(5)	21	18

26.2. Joint Operations

On 31 December 2024 and 2023, the information of the Financial Statements of the main Joint Operations that served as the basis for preparing these Consolidated Financial Statements is the following:

Millions of Euros		Statement of Financial Position
	Ascó—Vandellós II, A.I.E.	Asociación Nuclear	Minglanilla Renovables 400KV, A.I.E.
	31 December 2024	31 December 2023	31 December 2024	31 December 2023
Non-Current Assets	98	68	6	6
Current Assets	82	63	2	1
Cash and Cash Equivalents	—	—	1	1
Other Current Assets	82	63	1	—
Total assets	180	131	8	7
Equity	16	16	1	1
Non-Current Liabilities	50	28	—	—
Non-Current Financial Debt	—	—	—	—
Other non-current liabilities	50	28	—	—
Current Liabilities	114	87	7	6
Current financial debt	—	—	2	2
Other Current Liabilities	114	87	5	4
Total Net Equity and Liabilities	180	131	8	7

Millions of Euros			Income Statement
	Asociación Nuclear Ascó—Vandellós II, A.I.E.		Minglanilla Renovables 400KV, A.I.E.
	2024	2023	2024	2023
Income	258	231	—	—
Amortisation and impairment losses	—	—	—	—
Financial income	—	—	—	—
Financial expense	1	(1)	—	—
Profit/Loss before tax	(13)	4	—	—
Corporation tax	—	—	—	—
Annual Results for Continuing Operations	(13)	4	—	—
Results After Tax on Discontinued Operations	—	—	—	—
Other Comprehensive Income	13	(4)	—	—
Total Comprehensive Income	—	—	—	—

In the financial years 2024 and 2023, the details of the cash flows generated by the Joint Operations are as follows:

Millions of Euros	2024	2023
Net Cash Flows from Operating Activities	20	3
Net Cash Flows from Investing Activities	(20)	(2)
Net Cash Flows from Financing Activities	—	1

On 31 December 2024 and 2023 Endesa has incurred no significant contingent liability in relation with the companies in its Joint Operations.

591

27. Assets and liabilities from contracts with customers

On 31 December 2024 and 2023, the breakdown of these headings in the Consolidated Statement of Financial Position is as follows:

Millions of Euros		31 December 2024		31 December 2023
Notes		Non-Current	Current	Non-Current	Current
Customer Contract Assets	27.1	—	12	—	4
Customer Contract Liabilities	27.2	4.413	487	4.348	427

27.1. Non-current and current assets from contracts with customers

In the financial years 2024 and 2023, the transactions under these headings in the Consolidated Statement of Financial Position were as follows:

Millions of Euros	2024(1)	2023(1)
Opening Balance	4	8
Decommissioning	(46)	(28)
Allocation to Profits/Losses	54	24
Closing Balance	12	4

(1) Net sum, includes the value adjustments of 3 million and 2 million euros in the financial years 2024 and 2023, respectively (see Note 40.1.3).

On 31 December 2024 and 2023, the current assets from contracts with customers primarily relate to construction contracts executed between Endesa Ingeniería, S.L.U. and Red Eléctrica de España, S.A.U. (REE), which are expected to remain in effect until 2028.

As of 31 December 2024, Endesa has formalised future service provision commitments amounting to 19 million euros linked to the construction contracts executed with Red Eléctrica de España, S.A.U. (REE) (15 million euros at 31 December 2023) (see Note 47).

592

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

27.2. Non-current and current liabilities from contracts with customers

On 31 December 2024 and 2023, the composition and transactions of these headings in the attached Consolidated Statement of Financial Position were as follows:

Millions of Euros	Customer Transferred Installations and Extension	Other Non-Current Liabilities from Contracts
	Connection Rights	with Customers	TOTAL
Balance as of 31 December 2022	4.242	58	4.300
Additions	196	9	205
Allocation to Profits/Losses	—	—	—
Short—term Transfers and other	(159)	2	(157)
Balance as of 31 December 2023	4.279	69	4.348
Additions	246	19	265
Allocation to Profits/Losses	—	—	—
Short—term Transfers and other	(195)	(5)	(200)
Balance as of 31 December 2024	4.330	83	4.413

In the financial years 2024 and 2023, transactions under current liabilities from contracts with customers in the Consolidated Statement of Financial Position were as follows:

Millions of Euros	Notes	2024	2023
Opening Balance		427	294
Allocation to Profits/Losses	9.2	(187)	(178)
Transfers and other		247	311
Closing Balance		487	427

28. Other non-current financial assets

On 31 December 2024 and 2023, the composition and transactions under this heading in the attached Consolidated Statement of Financial Position were as follows:

Millions of Euros	Balance as of 31 December 2023	Additions or Allocations	Disposals, Cancellations, or Derecognitions	Valuation Adjustments against Equity	Transfers and other	Changes in the Consolidation Scope	Balance as of 31 December 2024
Loans and Receivables	679	108	(27)	—	86	—	846
Equity Instruments	8	—	—	—	—	—	8
Impairment	(24)	(1)	—	—	—	—	(25)
TOTAL	663	107	(27)	—	86	—	829

Millions of Euros	Balance as of 31 December 2022	Additions or Allocations	Disposals, Cancellations, or Derecognitions	Valuation Adjustments against Equity	Transfers and other	Changes in the Consolidation Scope	Balance as of 31 December 2023
Loans and Receivables	1.177	63	(643)	—	82	—	679
Equity Instruments	8	—	—	—	—	—	8
Impairment	(25)	—	1	—	—	—	(24)
TOTAL	1,160	63	(642)	—	82	—	663

On 31 December 2024 and 2023, the breakdown of the other non-current financial assets, by maturity, was as follows:

Millions of Euros	31 December 2024	31 December 2023
Between more than one and three years	241	114
Between three and five years	50	23
More than five years	538	526
TOTAL	829	663

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28.1. Loans and other receivables

On 31 December 2024 and 2023, the details of the Company's loans and other receivables are as follows:

Millions of Euros	Notes	31 December 2024	31 December 2023
Compensation for Generation Cost Overruns in Non-Peninsular Territories (NPT)	6	117	85
Bonds and Deposits	37	433	434
Staff Loans		78	80
Loans to Associates, Joint Ventures, and Joint Operating Entities	40.1. and 6.2	66	3
Remuneration for Investment in Renewable Energies		73	—
Financial Guarantees Recognised as Assets	3.2h.6, 3 and 4.1.12	49	47
Other Financial Assets		30	30
Valuation Adjustments	40.1.3	(23)(1)	(22)
TOTAL		823	657

(1) Includes 2 million euros of value adjustment of Credits to Associated Companies, Joint Ventures and Joint Operation Companies.

Bonds and deposits

On 31 December 2024 and 2023, the 'Bonds and Deposits' heading primarily includes guarantees and deposits received from customers in Spain at the time of contracting, serving as security for the electricity supply. These are recognised under 'Other Non-Current Liabilities' in the Consolidated Statement of Financial Position, as they were deposited with the relevant public authorities in accordance with current legislation in Spain (see Note 37).

Remuneration for investment in renewable energies

On 31 December 2024, this heading includes net positive amounts generated in the current halfyear by the adjustment value for price deviations in the market, as per Article 22 of Royal Decree 413/2014, dated 6 June, which regulates the activity of electricity production from renewable energy sources, cogeneration, and waste, relating to those Type (IT) installations which, according to the best estimate of the future evolution of energy market prices, will receive Return on Investment (Rinv) during their regulatory useful life (see Notes 6 and 38).

Financial Guarantees Recognised as Assets

On 31 December 2024 and 2023, this heading corresponds to the financial guarantees necessary to operate in the organised markets where Endesa contracts its derivative financial instruments.

Loans to associates, joint ventures, and joint operating entities

On 31 December 2024 and 2023, the current and noncurrent loans granted to Associates, Joint Ventures, Joint Operating entities, and their maturity dates, were as follows.

Millions of Euros		Balance as of 31 December 2024	Current Maturity 2025(Note 30)	Non-current Maturity
	Notes			2026	2027	2028	2029	Subsequent	TOTAL
In Euros		77	11	59	—	—	7	—	66
In Foreign currency		—	—	—	—	—	—	—	—
TOTAL	46.2	77	11	59	—	—	7	—	66

Millions of Euros		Balance as of 31 December 2023	Current	Non-current Maturity
	Notes		Maturity 2024(Note 30)	2025	2026	2027	2028	Subsequent	TOTAL
In Euros		71	68	—	—	—	—	3	3
In Foreign currency		—	—	—	—	—	—	—	—
TOTAL	46.2	71	68	—	—	—	—	3	3

In the financial years 2024 and 2023, the average interest rate on these loans was 5.1% and 5.6%, respectively.

28.2. Equity instruments

On 31 December 2024 and 2023, this category includes equity instruments representing stakes in other companies, net of impairment, valued at 6 million euros respectively.

The individual value of the investments listed under this heading is not significant.

29. Other non-current assets

On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position is as follows:

Millions of Euros Notes	31 December 2024	31 December 2023
Remuneration from Distribution Activities 6	391	333
Other Assets(1)	98	53
Valuation Adjustments	(3)	—
TOTAL	486	386

(1) On 31 December 2024, this includes the book value of the surplus arising from the difference between the actuarial liability and the market value of the assets related to Endesa's defined benefit pension plans, amounting to 71 million euros (41 million euros at 31 December 2023) (see Note 36.1).

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30. Other current financial assets

On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position is as follows:

Millions of Euros Notes	31 December 2024	31 December 2023
Financing of Revenue Shortfalls from Regulated Activities in Spain and Other 6 Regulated Remunerations	201	—
Compensation for Generation Cost Overruns in Non-Peninsular Territories 6 (NPT)	247	473
Limitation on the Increase of the Last Resort Tariff (LRT) for Gas 6	—	5
Staff Loans	14	14
Loans to Associates, Joint Ventures, and Joint Operating Entities 40.1.1 and 46.2	11	68
Financial Guarantees Recognised as Assets 34.1.12	302	1,173
Other Financial Assets	200	46
Valuation Adjustments 40.1.3	(1)	(2)
TOTAL	974	1,777

The fair value of these financial assets does not significantly differ from their book values.

Financial Guarantees Recognised as Assets

On 31 December 2024 and 2023, this heading corresponds to the financial guarantees necessary amounting to 302 million and 1,173 million euros respectively, to operate in the regulated markets in which Endesa contracts its derivative financial instruments.

31. Inventories

On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position was as follows:

Millions of Euros	31 December 2024	31 December 2023
Energy Commodities:	739	709
Coal	6	10
Nuclear fuel	360	255
Fuel	116	93
Gas	257	351
Other Inventories	367	377
Carbon Dioxide (CO2 ) Emission Allowances	694	884
Guarantees of Origin and other Environmental Certificates	52	120
Valuation Adjustments	(21)	(30)
TOTAL	1,831	2,060

598

31.1. Carbon dioxide (CO2) emission allowances

In the financial years 2024 and 2023, the 2023 and 2022 carbon dioxide (CO2 ) emission allowances were redeemed, resulting in derecognitions of 927 million euros and 869 million euros, respectively (12 million tonnes and 13 million tonnes, respectively).

On 31 December 2024 the provision for allowances to be delivered to cover carbon dioxide (CO2 ) emissions, included under 'Current Provisions' in the Consolidated Statement of Financial Position, amounts to 716 million euros (917 million euros as of 31 December 2023) (see Note 36.3).

31.2. Guarantees of origin and other environmental certificates

In the financial years 2024 and 2023, the 2023 and 2022 guarantees of origin were redeemed, resulting in derecognitions of 148 million euros and 76 million euros, respectively (26,255 GWh and 22,939 GWh, respectively).

On 31 December 2024, the provision for allowances to be delivered to cover Guarantees of Origin and other Environmental Certificates included under 'Current Provisions' in the Consolidated Statement of Financial Position, amounts to 58 million euros (161 million euros as of 31 December 2023) (see Note 36.3).

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31.3. Acquisition commitments

On 31 December 2024, the total amount of commitments for the purchase of inventories stands at 18,252 million euros (18,848 million euros as of 31 December 2023), including those related to agreements with 'take or pay' clauses. The details are as follows:

Millions of Euros	Future Purchase Commitments as of 31 December 2024(1)
	Carbon Dioxide (CO2) Emission Allowances	Electricity	Nuclear fuel	Fuel	Gas	Others	TOTAL
2025 — 2029	34	—	490	697	7.227	68	8.516
2030 — 2034	—	—	47	—	5.599	—	5.646
2035 — 2039	—	—	2	—	4.088	—	4.090
2040 — Beyond	—	—	—	—	—	—	—
TOTAL	34	—	539	697	16.914	68	18.252

.

(1) None of these amounts correspond to Joint Ventures.

On 31 December 2024 and 2023, the inventory purchase commitments figure includes the commitment to purchase gas under contracts signed in 2014 with Corpus Christi Liquefaction, LLC, part of which is guaranteed by Enel, S.p.A. (see Note 46.1.2)

Regarding contracts with 'take or pay' clauses, current forecasts suggest that Endesa will continue to consume the specified inventories under these contracts (see Note 5.2).

In addition, during the review process of the pricing in a long-term liquefied natural gas supply contract, the counterparty, a liquefied natural gas production company, initiated arbitration against Endesa Generación, S.A.U. in March 2023. They are requesting a payment of approximately 650 million US dollars (USD) as of 30 September 2024. On 28 November 2024, the arbitration court, in London, rejected this claim outright.

The Company's Directors believe that Endesa will be able to fulfil these commitments, thus they anticipate no significant contingencies arising from this matter.

31.4. Other information

Valuation adjustments

In the financial years 2024 and 2023, there was no impairment of inventories of significant cost in this heading of the Consolidated Statement of Financial Position.

Insurance

Endesa has taken out insurance policies to cover potential risks associated with its inventories, ensuring that these policies adequately cover the risks involved.

In the financial year 2024, Endesa did not detect any significant impacts in relation to the insurance policies it had taken out.

Other information

On 31 December 2024 and 2023, Endesa does not have any significant inventories pledged as collateral for debt obligations.

32. Trade and other receivables

On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position is as follows:

Millions of Euros Notes	31 December 2024	31 December 2023
Customer Receivables for Sales and Services and other Receivables 40	4,194	4,912
Customer Receivables for Sales and Services	4,006	4,609
Customers Receivables for Electricity Sales	3,058	3,181
Customers Receivables for Gas Sales	657	1,064
Customers Receivables for other Transactions	242	306
Customer Receivables from Group Companies and Associates 46.1.3 and 46.2	49	58
Other Receivables	757	895
Remuneration from Distribution Activities	347	283
Other Third—Party Receivables	372	559
Other Receivables from Group Companies and Associates 46.1.3 and 46.2	38	53
Valuation Adjustments 40.1.3	(569)	(592)
Customer Receivables for Sales and Services	(488)	(488)
Other Receivables	(81)	(104)
Tax Assets	684	545
Current Corporate Tax	265	233
Value Added Tax (VAT) Receivables	374	304
Other Taxes	45	8
TOTAL	4,878	5,457

The balances included in this section of the Consolidated Statement of Financial Position generally do not accrue interest.

On 31 December 2024 and 2023 there was no individual client with a significant balance with regard to Endesa's total sales or accounts receivable (see Note 41.6).

Energy supplied to customers and pending billing

Due to the misalignment between the usual meter reading period and the end of the year, Endesa estimates sales to customers by its commercialisation companies Endesa Energía, S.A.U., Energía XXI Comercializadora de Referencia, S.L.U., Empresa de Alumbrado Eléctrico de Ceuta Energía, S.L.U. and Energía Ceuta XXI Comercializadora de Referencia, S.L.U., which are pending invoicing.

As of 31 December 2024, the accumulated balances for electricity and gas sales pending final customer invoicing are included under 'Trade and Other

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Receivables' in the accompanying Consolidated Statement of Financial Position, amounting to 1,400 million and 376 million euros, respectively (1,533 million and 476 million euros, respectively, on 31 December 2023) (see Note 3.2p.1).

Factoring operations

In the financial years 2024 and 2023, factoring transactions were carried out, with amounts not yet due on 31 December 2024 and 2023 amounting to 1,081 million and 1,630 million euros, respectively. These amounts have been derecognised from the Consolidated Statement of Financial Position. These transactions incurred costs of 29 million euros and 49 million euros, respectively, and were recorded under 'Financial Result' in the Consolidated Income Statement (see Note 16.1).

Average collection period

In the financial year 2024, the average collection period for customers was 50 days (45 days in 2023), so the reasonable value does not differ significantly from the book value.

Other information

On 31 December 2024 and 2023, there are no restrictions on the disposition of this type of collection rights for significant amounts,

33. Cash and cash equivalents

On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position is as follows:

Millions of Euros	31 December 2024	31 December 2023
Cash in Hand and at Banks	78	1,281
Other Cash Equivalents	762	825
TOTAL	840	2.106

Short-term cash investments mature within less than 3 months from the date of acquisition. On 31 December 2024 and 2023, 'Other Cash Equivalents' includes deposits bearing interest at market rates totalling 762 million and 825 million euros, respectively.

On 31 December 2024 and 2023, details of this heading in the Consolidated Statement of Financial Position by currency were as follows:

Millions of Euros Currency
	31 December 2024	31 December 2023
Euro	838	2.103
US dollar (USD)	1	2
Pound sterling (GBP)	1	1
TOTAL	840	2.106

Other information

602

On 31 December 2024 and 2023 there were no placements in sovereign debt.

On 31 December 2024 the balance of cash and cash equivalents included 5 million euros corresponding to the debt service reserve account set up by certain renewable energy subsidiaries of Endesa by virtue of the loan transactions entered into to finance projects (5 million euros on 31 December 2023) (see Note 40.4.3).

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On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position is as follows:

Millions of Euros	Notes	31 December 2024	31 December 2023
Total Equity of the Parent	34.1	8,110	7,017
Share capital	34.1.1	1,271	1,271
Share Premium	34.1.2	89	89
Legal Reserve	34.1.3	254	254
Revaluation Reserve	34.1.4	404	404
Other Reserves	34.1.5	106	106
(Treasury Shares)	34.1.8	(4)	(4)
Retained Earnings	34.1.9	6,785	5,876
Interim dividend	34.1.10	(529)	(529)
Other Net Equity Instruments		5	5
Reserve for Actuarial Gains and Losses	34.1.7	(157)	(199)
Valuation Adjustments		(114)	(256)
Exchange Differences		—	(1)
Unrealised Asset and Liability Revaluation Reserve	34.1.6	(114)	(255)
Total Equity Attributable to Non-controlling Interests	34.2	943	187
TOTAL EQUITY		9,053	7,204

34.1. Net Equity: of the Parent Company

34.1.1. Share capital

On 31 December 2024, Endesa, S.A. had share capital of 1,270,502,540.40 euros, represented by 1,058,752,117 shares with a par value of €1.2 each, which were fully subscribed and paid and all admitted to trading on the Spanish Stock Exchanges. There were no changes in these figures in the financial years 2024 and 2023.

On 31 December 2024 and 2023, the Enel Group, through Enel Iberia, S.L.U., held 70.1% of Endesa, S.A.'s share capital (see Note 1).

On that date, no other shareholder held more than 10% of the share capital of Endesa, S.A.

34.1.2. Share premium

The share premium arises from the Company's corporate restructuring. Article 303 of the consolidated text of the Spanish Corporate Enterprises Act expressly permits the use of the share premium to increase capital and does not establish any specific restrictions as to its use.

Nonetheless, on 31 December 2024, 29 million euros of the share premium is restricted to the extent that it is subject to tax assets capitalised in prior years (31 million euros on 31 December 2023).

34.1.3. Legal reserve

In accordance with section 274 of the consolidated text of the Spanish Corporate Enterprises Act, an amount equal to ten per cent of the annual profit shall be earmarked every year for the legal reserve until such reserve represents at least twenty per cent of the share capital.

The legal reserve can be used to increase share capital provided that the balance left on the reserve is at least equal to 10% of the nominal value of the total share capital after the increase. Except for the aforementioned purpose, the legal reserve may not be used to offset losses unless it exceeds 20% of the share capital and no other sufficient reserves are available for such purpose.

On 31 December 2024 and 2023, Endesa, S.A. had allocated the minimum amount required by said law to this reserve.

34.1.4. Revaluation reserve

The "Revaluation reserve" is a result of the revaluation of assets made pursuant to Royal Decree-Law 7/1996, of 7 June.

On 1 January 2000, the revalued assets were contributed to the corresponding companies following the corporate restructuring carried out by Endesa, S.A.

This balance can be used, tax-free, to offset the accounting loss for the year or accounting losses accumulated from prior years or that could arise in the future, and to increase share capital or unrestricted reserves. It can also be transferred to unrestricted reserves provided that the monetary gain has been realised. The gain will be deemed to have been realised when the related revalued assets have been depreciated, transferred or derecognised.

This balance would be taxed if used for any purpose other than that foreseen in Royal Decree Law 7/1996 of 7 June.

Nonetheless, on 31 December 2024, 179 million euros of the share premium is restricted to the extent that it is subject to tax assets capitalised in prior years (193 million euros on 31 December 2023).

34.1.5. Other reserves

On 31 December 2024 and 2023, this heading essentially includes the reserve of 102 million euros for amortised capital, which has been provided in compliance with Article 335 of the Corporate Enterprises Act, which requires companies to post to this reserve an amount equal to the par value of the redeemed shares or of the reduction in their par value, when the reduction is charged to unrestricted profits or reserves by redeeming shares acquired free of charge by the Company. The drawdown on this reserve shall be subject to the same requirements as set forth for reducing share capital.

34.1.6. Unrealised asset and liability revaluation reserve

In the financial years 2024 and 2023, the transactions in this reserve were as follows:

Millions of Euros				Other operations with
	31 December 2023	Variation in Market Value	Allocation to Profits/Losses	partners or owners	31 December 2024
Hedging Transactions	(244)	(248)	388	—	(104)
Interest Rate Derivatives	28	4	(20)	—	12
Exchange Rate Derivatives	(11)	121	(43)	—	67
Energy Commodity Derivatives	(261)	(373)	451	—	(183)
Investments in Joint Ventures and Associates	(11)	—	1	—	(10)
TOTAL	(255)	(248)	389	—	(114)

Millions of Euros	31 December 2022	Variation in Market Value	Allocation to Profits/Losses	Other operations with partners or owners	31 December 2023
Hedging Transactions	(3.176)	1.568	1.364	—	(244)
Interest Rate Derivatives	80	(16)	(36)	—	28
Exchange Rate Derivatives	63	(27)	(47)	—	(11)
Energy Commodity Derivatives	(3.319)	1.611	1.447	—	(261)
Investments in Joint Ventures and Associates	(11)	—	—	—	(11)
TOTAL	(3.187)	1.568	1.364	—	(255)

34.1.7. Reserve for actuarial gains and losses

On 31 December 2024 and 2023 this reserve derives from actuarial gains and losses recorded in equity (see Note 36.1).

34.1.8. Treasury shares

Strategic Incentive Plans

Endesa, S.A. holds treasury shares with the aim of covering the existing long-term variable remuneration plans, which include the delivery of shares as part of the payment for the strategic incentive (see Note 46.3). The purchase of these shares has been carried out through temporary share buy-back programmes.

Under these programmes, Endesa, S.A. acquired a total of 232,538 treasury shares in prior years. On 30 September 2024, Endesa S.A. paid 70% and 30% based on the achievement of long-term remuneration targets accrued in previous years under the '2020- 2022 Strategic Incentive Plan' and the '2021-2023 Strategic Incentive Plan,' respectively. This resulted in the distribution of 33,442 ordinary shares of Endesa, S.A. to the plan beneficiaries, with a total value of less than 1 million euros. As a result of the above, 199,096 shares remained in the possession of the Parent Company as of 31 December 2024.

Flexible share remuneration programme

Likewise, the Board of Directors of Endesa, S.A., at its meeting held on 19 March 2024, agreed to carry out another Temporary Share Buyback Programme, in accordance with the authorisation granted at the Company's General Shareholders' Meeting held on 5 May 2020, and also in conformity with the approval of the Company's Board of Directors held on 27 February 2024 in relation to the plan to award shares to employees ('Flexible Share Remuneration Programme'). This Temporary Share Buyback Programme aims to acquire shares to comply with the obligations under the Flexible Share Remuneration Programme for serving employees of Endesa in Spain who opt in 2024 to receive a portion of their salary in shares of Endesa, S.A. as part the Endesa's general remuneration policy framework. The Temporary Share Buyback Programme includes the volume of shares required to cover the monetary amount requested by employees.

Within the framework of the aforementioned Program, in 2024 Endesa, S.A. acquired 825,386 treasury shares of the Parent Company for 14 million euros, of which, on 31 December 2024, 599 shares remained in the Parent Company's possession.

Under similar Programmes, in the years 2023 and 2022, Endesa, S.A. acquired shares of the Parent, of which 1,351 shares and 790 shares remained in the Parent Company's possession as of 31 December 2024.

Treasury shares of Endesa, S.A.

On 31 December 2024 and 2023, the treasury shares of Endesa, S.A. were as follows:

Number of Shares	Nominal Value (Euros/Share)	% of total Share Capital	Average acquisition cost (Euro/Share)	Total Cost of Acquisition (Euros)
201,836	1.2	0.01906	19.25	3,884,627
199,096	1.2	0.01880	19.25	3,832,202
2,740	1.2	0.00026	19.13	52,425
234,679	1.2	0.02217	19.25	4,518,265
232,538	1.2	0.02197	19.25	4,475,783
2,141	1.2	0.00020	19.84	42,482

34.1.9. Retained Earnings

Details of the Company's reserves on 31 December 2024 and 2023 are as follows:

Millions of Euros	31 December 2024	31 December 2023
Voluntary Reserves	702	702
Merger reserve	676	676
Other unrestricted reserves	26	26
Other Retained Earnings	6,083	5,174
TOTAL	6,785	5,876

The merger reserve arises from the Company's corporate reorganization operations, and its balance on December 31, 2024 is 676 million euros, 73 million of which are restricted to the extent that they are subject to certain tax benefits (676 million and 76 million euros restricted, respectively, on December 31, 2023).

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34.1.10. Dividends

Financial Year 2024

At its meeting held on 15 November 2024, Endesa, S.A.'s Board of Directors agreed to pay its shareholders a gross interim dividend against 2024 profit of gross €0.5 per share, which gave rise to a pay-out of 529 million euros on 8 January 2025 (see Note 39). This interim dividend was deducted from the Parent Company's Net Equity on 31 December 2024.

Pursuant to article 277 of Royal Decree Law 1/2010, of 2 July, approving the consolidated text of the Spanish Corporate Enterprises Act, the projected liquidity statement of Endesa, S.A., showing that the Company has sufficient liquidity to distribute this dividend, is as follows:

Millions of Euros	From 1 November 2024 to 31 October 2025
Available at the Start of the Period	5,734
Cash in hand and at banks and cash equivalents	33
Loans Available with Group Companies	5,701
Increases in cash	3,062
For Ordinary activities	210
For Financial transactions	2,852
Decreases in cash	(2,724)
For Ordinary activities	(42)
For Financial transactions	(2,682)
Available at the End of the Period	6,072
Proposed Interim Dividend Drawn on the Results of 2024	529

607

This amount does not exceed the earnings obtained by the Endesa, S.A. in 2024, having deducted prior years' losses and the amount to be allocated to the obligatory reserves specified by law or in the Bylaws, as well as the estimate of the tax to be paid on these earnings.

Financial Year 2023

Approval was granted at Endesa, S.A.'s General Shareholders' Meeting held on 24 April 2024 to pay shareholders a total dividend charged against 2023 profit and retained earnings for a gross amount of 1 euro per share, for a total of 1,058 million euros, as follows:

Millions of Euros			Gross Euros
	Notes	Approval Date	per Share	Amount	Payment Date
Interim Dividend		22 November 2023	0.5	529	2 January 2024
Final Dividend		24 April 2024	0.5	529	1 July 2024
Total dividend charged against 2023 Profit	45.3		1	1,058

34.1.11. Profit and loss recognised in the Consolidated Statement of Other Comprehensive Income

On 31 December 2024 and 2023 the composition and transactions that come under the Profits and Losses recognised in the Consolidated Statement of Other Comprehensive Income is as follows:

Millions of Euros		31 December 2023
	Notes	Total	Of the parent company	Of non-controlling interests
ITEMS THAT WILL NOT BE RECLASSIFIED AS PROFIT/LOSS FOR THE PERIOD		(197)	(197)	—
Revaluation/(reversal) of PPE and intangible assets		—	—	—
Actuarial gains and losses	36.1	(199)	(199)	—
Share in Other Global Result recognised by Investments in Joint Ventures and Associates		2	2	—
Equity instruments through other comprehensive income		—	—	—
Other income and expenses that will not be Reclassified as Profit/Loss for the Period		—	—	—
ITEMS THAT COULD SUBSEQUENTLY BE RECLASSIFIED AS PROFIT OR LOSS FOR THE PERIOD		(255)	(256)	1
Hedging Transactions		(243)	(244)	1
Exchange differences		(1)	(1)	—
Share in Other Results recognised by Investments in Joint Ventures and Associates		(11)	(11)	—
Debt instruments at fair value through other comprehensive income		—	—	—
Other Income and Expenses that could subsequently be Reclassified as Profit/Loss for the period		—	—	—
TOTAL		(452)	(453)	1

31 December 2024				Variations in 2024
Of non-controlling interests	Of the parent company	Total	Other operations with partners or owners	Others	Tax Effect (Note 18)	Amounts transferred to the income statement	Profit/Loss by Evaluation
—	(155)	(155)	—	—	(10)	—	52
—	—	—	—	—	—	—	—
—	(157)	(157)	—	—	(10)	—	52
—	2	2	—	—	—	—	—
—	—	—	—	—	—	—	—
—	—	—	—	—	—	—	—
—	(114)	(114)	—	(1)	(47)	520	(331)
—	(104)	(104)	—	(1)	(47)	520	(333)
—	—	—	—	—	—	—	1
—	(10)	(10)	—	—	—	—	1
—	—	—	—	—	—	—	—
—	—	—	—	—	—	—	—
—	(269)	(269)	—	(1)	(57)	520	(279)

Millions of Euros		31 December 2022
	Notes	Total	Of the parent company	Of non-controlling interests
ITEMS THAT WILL NOT BE RECLASSIFIED TO RESULTS FOR THE PERIOD		(190)	(190)	—
Revaluation/(reversal) of PPE and intangible assets		—	—	—
Actuarial profits and losses	36.1	(190)	(190)	—
Share in Other Results recognised by Investments in Joint Ventures and Associates		—	—	—
Equity instruments through other comprehensive income		—	—	—
Other income and expenses that will not be Reclassified to Results for the Period		—	—	—
ITEMS THAT COULD SUBSEQUENTLY BE RECLASSIFIED TO PROFIT OR LOSS FOR THE PERIOD		(3,187)	(3,188)	1
Hedging transactions		(3,175)	(3,176)	1
Exchange differences		(1)	(1)	—
Share in Other Results recognised by Investments in Joint Ventures and Associates		(11)	(11)	—
Debt instruments at fair value through other comprehensive income		—	—	—
Other Income and Expenses that could subsequently be Reclassified to Results for the period		—	—	—
TOTAL		(3,377)	(3,378)	1

		Variations in 2023	31 December 2023
Profit/Loss by Evaluation	Amounts transferred to the income statement	Tax Effect (Note 18)	Others	Other operations with partners or owners	Total	Of the parent company	Of non-controlling interests
(11)	—	2	2	—	(197)	(197)	—
—	—	—	—	—	—	—	—
(13)	—	2	2	—	(199)	(199)	—
2	—	—	—	—	2	2	—
—	—	—	—	—	—	—	—
—	—	—	—	—	—	—	—
2,087	1,822	(977)	—	—	(255)	(256)	1
2,087	1,822	(977)	—	—	(243)	(244)	1
—	—	—	—	—	(1)	(1)	—
—	—	—	—	—	(11)	(11)	—
—	—	—	—	—	—	—	—
—	—	—	—	—	—	—	—
2,076	1,822	(975)	2	—	(452)	(453)	1

34.1.12. Capital management

Endesa's capital management is focused on maintaining a solid financial structure that optimises the cost of capital and the availability of financial resources to ensure the long-term continuity of the company. This policy of financial prudence makes it possible to maintain suitable value creation for the shareholder while guaranteeing Endesa's liquidity and solvency.

The administrators of the parent company consider the consolidated leverage ration to be an indicator for monitoring the financial situation, and on 31 December 2024 and 2023 it was as follows:

Millions of Euros	Leverage
	Notes	31 December 2024	31 December 2023
Net financial debt:		9,298	10,405
Non-Current Financial Debt	40.3	9,881	9,636
Current financial debt	40.3	613	4,091
Debt derivatives recognised as financial assets	43	36	61
Cash and Cash Equivalents	33	(840)	(2,106)
Debt derivatives recognised as assets	43	(41)	(57)
Financial Guarantees Recognised as Assets	28.1 and 30	(351)	(1,220)
Equity:	34	9,053	7,204
Of the parent company	34.1	8,110	7,017
Of non-controlling interests	34.2	943	187
Leverage (%)(1)		102.71	144.43

(1) Leverage (%)= Net financial debt/Net Equity.

Endesa maintains prudent criteria for its level of debt and its structure by obtaining long-term financing that enables it to adapt the calendar of debt maturity to its cash generating capacity in accordance with its business plan.

It also has short-term financing that contributes towards optimising its handling of working capital requirements and to improve the cost of its debt as a whole.

The Company has a strong financial position and unconditional lines of credit contracted with top-tier entities available for significant amounts. This, along with the implementation of specific plans for improved and efficient management of liquidity ensures it has enough flexibility to face the evolution of its business (see Note 41.4).

Taking the expectations of results and investment plan into account, the set dividends policy enables it to maintain appropriate leverage in the future.

In the financial years 2024 and 2023 the following dividends were approved and distributed (see Note 34.1.10):

Millions of Euros		Dividends Approved and Distributed
	Notes	Approval Date	Gross Euros per Share	Amount	Payment Date
Interim Dividend		22 November 2023	0.5	529	2 January 2024
Final Dividend		24 April 2024	0.5	529	1 July 2024
Total dividend charged against 2023 profit	45.3		1	1,058
Dividend		28 April 2023	1.5854	1,678	3 July 2023
Total dividend charged against 2022 profit	45.3		1.5854	1,678

The long-term ratings assigned to Endesa by the credit rating agencies on the respective dates of drafting the Consolidated Financial Statements for the financial years ending on 31 December 2024 and 2023, and which correspond to the 'investment grade' level, are as follows:

	Credit rating
			31 December 2024 (1)	31 December 2023(1)
	Non current	Current	Outlook	Date of last report	Non-current	Current	Outlook
Standard & Poor's	BBB	A—2	Stable	10 January 2025	BBB	A—2	Stable
Moody's	Baa1	P—2	Stable	6 June 2024	Baa1	P—2	Negative
Fitch	BBB+	F2	Stable	7 February 2025	BBB+	F2	Stable

(1) On the respective dates of formulation of the Consolidated Financial Statements.

The Directors of the parent company consider that the rating granted by the credit rating agencies would allow, if necessary, access to reasonable conditions on the financial markets.

34.1.13. Restriction of the disposition of funds and pledges on shares of the subsidiaries

On 31 December 2024, certain subsidiaries of Endesa that operate in the renewable energy sector and which are financed through 'project finance' have clauses in their financial contracts whose compliance is a requirement for distributing the profits to their shareholders.

On of 31 December 2024, the volume of financial debt affected by these restrictions amounted to 32 million euros (39 million euros on at 31 December 2023) (see Notes 20.4, 40.4.3 and 47).

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

34.2. Net equity: Attributable to Non-controlling Interests

On 31 December 2024 and 2023, the composition and transactions under these headings in the attached Consolidated Statement of Financial Position were as follows:

Millions of Euros	Balance as of 31 December 2023	Dividends Distributed	Profit/ loss for the Period	Investments or Expansions(1)	Divestments or Reductions(2)	Other Transactions	Balance as of 31 December 2024
Aguilón 20, S.A.	21	—	—	—	—	—	21
Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A.(3)	3	—	—	—	—	—	3
Enel Green Power Solar 1, S.L.	—	—	—	769	—	—	769
Eólica Valle del Ebro, S.A.	3	—	—	—	—	—	3
Explotaciones Eólicas Saso Plano, S.A.	10	(1)	—	—	—	—	9
Parque Eólico Sierra del Madero, S.A.	27	—	—	—	—	—	27
Sociedad Eólica de Andalucía, S.A.	34	(9)	1	—	—	—	26
Other	89	(7)	4	—	(1)	—	85
TOTAL	187	(17)	5	769	(1)	—	943

(1) Recognition of the minority holding of 49.99 % held by Enel Green Power España, S.L. in the company Enel Green Power España Solar 1, S.L. for the value of 769 million euros after the sale of this participation to Masdar España Renewables 1, S.L. (See Note 7).

(2) Corresponds to the return of funds from members of Bosa del Ebro S.L.

(3) With effect from 1 July 2024, the reverse merger has been registered by virtue of which Empresa de Alumbrado Eléctrico de Ceuta, S.A., sole shareholder of Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A., is integrated into the latter by means of the block transfer of its assets, resulting in its extinction without liquidation. With effect from 1 July 2024, this reverse merger has been registered (see Note 7.1). .

Millions of Euros	Balance as of 31 December 2022	Dividends Distributed	Profit/loss for the Period	Investments or Expansions	Divestments or Reductions(1)	Other Transactions	Balance as of 31 December 2023
Aguilón 20, S.A.	27	(7)	1	—	—	—	21
Empresa de Alumbrado Eléctrico de Ceuta, S.A.	3	—	—	—	—	—	3
Eólica Valle del Ebro, S.A.	3	—	—	—	—	—	3
Explotaciones Eólicas Saso Plano, S.A.	13	(4)	1	—	—	—	10
Parque Eólico Sierra del Madero, S.A.	26	—	1	—	—	—	27
Sociedad Eólica de Andalucía, S.A.	33	(8)	9	—	—	—	34
Other	96	(8)	8	—	(7)	—	89
TOTAL	201	(27)	20	—	(7)	—	187

(1) Corresponds to the return of funds from members of Bosa del Ebro S.L. and Tauste Energia Distribuida, S.L., for 4 million euros and 3 million euros respectively (see Note 45.3)

On 31 December 2024 and 2023, the balance of 'Net Equity Attributable to Non-controlling Interests' primarily reflects the non-controlling interests held by Enel Green Power España, S.L.U.

On 31 December 2024 and 2023, the most important items in the Statement of Financial Position, Income Statement and Cash Flow Statement of the main Endesa companies with no controlling interests that served as the basis for preparing these Consolidated Financial Statements were as follows:

Millions of Euros		Statement of Financial Position
	Aguilón 20, S.A.														Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A.		Enel Green Power Solar 1, S.L.		Eólica Valle del Ebro, S.A.		Explotaciones Eólicas Saso Plano, S.A.		Parque Eólico Sierra del Madero, S.A.		Sociedad Eólica de Andalucía, S.A.
	31 December 2024	31 December 2023	31 December 2024	31 December 2023(1)	31 December 2024	31 December 2023	31 December 2024	31 December 2023	31 December 2024	31 December 2023	31 December 2024	31 December 2023	31 December 2024	31 December 2023
Non-Current Assets	78	77	108	116	1,725		8	8	29	28	86	87	107	108
Current Assets	11	10	7	6	56		2	2	1	7	5	5	11	25
Total assets	89	87	115	122	1,781		10	10	30	35	91	92	118	133
Equity	43	44	92	98	1,540		7	6	25	27	64	64	60	82
Non-Current Liabilities	33	31	16	18	176		2	2	4	7	11	11	36	36
Current Liabilities	13	12	7	6	65		1	2	1	1	16	17	22	15
Total Net Equity and Liabilities	89	87	115	122	1,781		10	10	30	35	91	92	118	133

(1) Corresponds to Empresa de Alumbrado Eléctrico de Ceuta, S.A.

614

Millions of Euros	Income Statement
Aguilón 20, S.A.				Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A. 1, S.L.		Enel Green Power Solar Eólica Valle del Ebro, S.A.		Explotaciones Eólicas Saso Plano, S.A.		Parque Eólico Sierra del Madero, S.A.		Sociedad Eólica de Andalucía, S.A.
		2024 2023		2024 2023(1) 2024		2023		2024 2023		2024 2023 2024		2023	2024	2023
Income	6	12	12	28	179	—	3	4	5	18	7	31	13	55
Profit/loss before tax	(1)	4	8	5	57	—	—	1	1	14	—	23	6	36
Annual Results for Continuing Operations	(1)	3	7	4	42	—	—	1	1	10	—	17	4	27
Results After Tax on Discontinued Operations	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Comprehensive Income	—	—	—	—	(2)	—	—	—	—	—	—	—	—	—
Total Comprehensive Income	(1)	3	7	4	40	—	—	1	1	10	—	17	4	27

(1) Corresponds to Empresa de Alumbrado Eléctrico de Ceuta, S.A.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report IV. Consolidated Management Report VI. Statement of Responsibility V. Consolidated Financial Statements

Millions of Euros	Statement of Cash Flows
	Aguilón 20, S.A.		Empresa de Alumbrado Eléctrico de Ceuta Distribución, S.A.		Enel Green Power Solar 1, S.L.		Eólica Valle del Ebro, S.A.		Explotaciones Eólicas Saso Plano, S.A.		Parque Eólico Sierra del Madero, S.A.		Sociedad Eólica de Andalucía, S.A.
		2024 2023		2024 2023(1) 2024		2023	2024	2023	2024	2023	2024	2023	2024	2023
Net Cash Flows from Operating Activities	1	3	10	20	86		1	2	2	2	4	7	14	18
Net Cash Flows from Investment Activities	—	—	(7)	(20)	(186)		(1)	(1)	(5)	(1)	(4)	(6)	(1)	—
Net Cash Flows from Financing Activities	(2)	(20)	(3)	—	100		—	—	(3)	(11)	—	—	(19)	(37)

(1) Corresponds to Empresa de Alumbrado Eléctrico de Ceuta, S.A.

As of 31 December 2024, the equity data corresponds to the information of the individual companies, with the exception of that relating to Enel Green Power España Solar 1, S.L.

As of 31 December 2023, the equity data corresponds to the information of the individual companies, with the exception of that relating to Empresa de Alumbrado Eléctrico de Ceuta, S.A.

35. Subsidies

On 31 December 2024 and 2023, the composition and transactions under these headings in the attached Consolidated Statement of Financial Position were as follows:

Millions of Euros	Notes	Capital subsidies
Balance as of 31 December 2022		238
Additions		5
Allocation to Profits/Losses	9.2	(16)
Balance as of 31 December 2023		227
Additions		51
Allocation to Profits/Losses	9.2	(29)
Balance as of 31 December 2024		249

The "Capital Subsidies" item is mainly composed of aid received under the provisions of the collaboration agreements for implementing improvement plans for the quality of the electricity supply in the distribution networks that are signed, among others, by the Ministry for the Ecological Transition and Demographic Challenge (Ministerio para la Transición Ecológica y el Reto Demográfico — MITECO) and approved Public Bodies of the Autonomous Communities.

Also, in the financial year 2024, the aid received from European funds were recognised in accordance with the Plan for Recovery, Transformation and Resilience (PRTR), amounting to 26 million euros.

On 31 December 2024 and 2023 Endesa satisfied the requirements necessary to receive and employ the subsidies indicated above.

36. Provisions

On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position is as follows:

Millions of Euros	31 December 2024		31 December 2023
	Notes	Non-Current	Current	Non-Current	Current
Provisions for Employee Benefits		227	—	268	—
Provisions for Pensions and other Similar Obligations	36.1	204	—	238	—
Other Employee Benefits		23	—	30	—
Provisions for Workforce Restructuring Plans		462	162	536	207
Redundancy Procedures	36.2.1	6	23	9	25
Voluntary Severance Agreements	36.2.2	456	139	527	182
Other Provisions	36.3	2,069	873	2,051	1,170
TOTAL		2,758	1,035	2,855	1,377

36.1. Provisions for pensions and other similar obligations

616

The obligations contained in the Consolidated Statement of Financial Position for pensions and other similar obligations in the accompanying financial statement are the result of obligations set forth in collective or individual agreements with the Company's employees, whereby the Company undertakes to supplement the public social security system benefits in the event of retirement, permanent disability and death.

Pension commitments, both defined benefits and defined contributions, are basically arranged through pension plans or insurance policies, except as regards certain benefits in kind, which due to their nature have not been outsourced and are covered by in-house provisions.

Net and gross actuarial liabilities

On 31 December 2024 and 2023, the balance recorded in the Consolidated Statement of Financial Position as the result of the difference between actuarial liabilities for defined benefit obligations and the market value of the assets affected was as follows:

Millions of Euros	31 December 2024	31 December 2023
Actuarial Liability	430	585
Affected assets	(297)	(388)
Accounting Balance of Actuarial Liability Deficit	133	197

On 31 December 2024 and 2023, the amounts recorded in the Consolidated Statement of Financial Position were:

Millions of Euros	Notes	31 December 2024	31 December 2023
Provisions for Pensions and other Similar Obligations	36	204	238
Other Non-current Assets	29	(71)	(41)
Accounting Balance of Actuarial Liability Deficit		133	197

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements

VI. Statement of Responsibility

On 31 December 2024 and 2023, the information about the net actuarial liabilities for the defined benefit obligations is as follows:

Millions of Euros	2024
Notes	Pensions	Energy	Health Care	TOTAL
Opening Actuarial Liability	(6)	202	1	197
Net Interest Cost 16	(1)	7	—	6
Service Costs for the Period 12	3	1	—	4
Benefits Paid in the Period	—	—	—	—
Contributions for the period	(14)	(12)	—	(26)
Other Transactions	4	—	—	4
Actuarial Loss (Profit) from Changes in Demographic Assumptions	—	—	—	—
Actuarial Loss (Profit) from Changes in Financial Assumptions	(44)	(10)	—	(54)
Actuarial Loss (Profit) from Experience	28	15	—	43
Actuarial Return on Plan Assets Excluding Interest	(41)	—	—	(41)
Closing Net Actuarial Liability	(71)	203	1	133

Millions of Euros		2023
	Notes	Pensions	Energy	Health Care	TOTAL
Opening Actuarial Liability		27	212	1	240
Net Interest Cost	16	1	8	—	9
Service Costs for the Period	12	4	1	—	5
Contributions for the year		(59)	(14)	—	(73)
Other Transactions		3	—	—	3
Actuarial Loss (Profit) from Changes in Financial Assumptions		22	7	—	29
Actuarial Loss (Profit) from Experience		6	(12)	—	(6)
Actuarial Return on Plan Assets Excluding Interest		(10)	—	—	(10)
Closing Net Actuarial Liability		(6)	202	1	197

On 31 December 2024 and 2023, the information about the gross actuarial liabilities for the defined benefit obligations is as follows:

Millions of Euros	2024
	Pensions	Energy	Health Care	TOTAL
Opening Actuarial Liability	382	202	1	585
Financial Expenses	10	7	—	17
Service Costs for the Period	3	1	—	4
Benefits Paid in the Period	(43)	(12)	—	(55)
Actuarial Loss (Profit) from Changes in Demographic Assumptions	—	—	—	—
Actuarial Loss (Profit) from Changes in Financial Assumptions	(44)	(10)	—	(54)
Actuarial Loss (Profit) from Experience	28	15	—	43
Insurance for Benefits Payable	(114)	—	—	(114)
Changes in the Consolidation Scope	—	—	—	—
Other Transactions	4	—	—	4
Closing Actuarial Liability	226	203	1	430

The amount recorded as 'Underwriting of Accrued Benefits' in the financial year 2024, amounting to 114 million euros, relates to the payment of premiums for underwriting defined benefit obligations undertaken during this period to fully eliminate the risks assumed by Endesa for the insured obligations. These payments resulted in a corresponding decrease in the related assets. The policy cost is 2 million euros higher than the actuarial liability for these obligations, resulting in a negative impact of the same amount recorded under "Personnel Expenses" in the Consolidated Income Statement.

Millions of Euros	2023
	Pensions	Energy	Health Care	Total
Opening Actuarial Liability	376	212	1	589
Financial Expenses	14	8	—	22
Service Costs for the Period	4	1	—	5
Benefits Paid in the Period	(43)	(14)	—	(57)
Actuarial Loss (Profit) from Changes in Financial Assumptions	22	7	—	29
Actuarial Loss (Profit) from Experience	6	(12)	—	(6)
Other Transactions	3	—	—	3
Closing Actuarial Liability	382	202	1	585

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of Responsibility

On of 31 December 2024 and 2023, the information on changes in the market value of assets earmarked for defined benefit obligations is as follows:

Millions of Euros	2024
	Pensions	Energy	Health Care	Total
Initial Market Value of Affected Assets	388	—	—	388
Expected Return	11	—	—	11
Contributions for the period	14	12	—	26
Benefits Paid in the Period	(43)	(12)	—	(55)
Actuarial (Loss) Profit	41	—	—	41
Insurance for Benefits Payable	(114)	—	—	(114)
Final Market Value of Affected Assets(1)	297	—	—	297

(1) Post-employment benefits other than pension schemes are not included

Millions of Euros		2023
	Pensions	Energy	Health Care	Total
Initial Market Value of Affected Assets	349	—	—	349
Expected Return	13	—	—	13
Contributions for the period	59	14	—	73
Benefits Paid in the Period	(43)	(14)	—	(57)
Actuarial (Loss) Profit	10	—	—	10
Final Market Value of Affected Assets(1)	388	—	—	388

(1) Post-employment benefits other than pension schemes are not included.

Impact on the Consolidated Income Statement and Consolidated Statement of Other Comprehensive Income

During the financial years 2024 and 2023, the amounts recorded in the Consolidated Income Statement for defined benefit and defined contribution pension provisions were:

Millions of Euros	Notas	2024	2023
Defined Benefit		(12)	(14)
Current Service Cost(1)	12	(4)	(5)
Net Financial Costs	16	(6)	(9)
Other Current Costs of the Financial Year	12	(2)	—
Defined Contribution		(40)	(35)
Current Service Cost(2)	12	(40)	(35)
TOTAL		(52)	(49)

(1) The financial year 2024 includes 2 million euros of the current annual cost relating to pre-retired staff that were previously recorded under the 'Provision for Workforce Restructuring' heading and transferred during the year to "Provisions for Pensions and Similar Provisions" (4 million euros in 2023).

(2) In the 2024 financial year, it includes 15 million euros of the current cost for the year corresponding to early retired personnel that was previously recorded as a provision under the heading "Provision for Workforce Restructuring" (21 million euros in the 2023 financial year).

During the financial years 2024 and 2023, the amounts recognised in Other Consolidated Comprehensive Income for defined benefit pension provisions were as follows:

Millions of Euros	Notes	2024	2023
Actuarial Return on Plan Assets Excluding Interest		41	18
Actuarial Profits and Losses		11	(31)
TOTAL	35.1.11	52	(13)

On 31 December 2024, according to the best estimate available, the planned contributions to satisfy the defined benefit plans for 2025 amount to approximately 4 million euros (26 million euros on 31 December 2023, to satisfy the defined benefit plans for the financial year 2024).

Affected assets

The main categories of defined benefit plan assets as a percentage of total assets, on 31 December 2024 and 2023 were as follows:

Percentage (%)	31 December 2024	31 December 2023
Fixed Income Assets(1)	48	47
Shares(1)	30	28
Real estate and other investments	22	25
TOTAL	100	100

(1) Includes shares and bonds from Enel Group companies totalling 8 million euros as of 31 December 2024 (11 million euros on 31 December 2023).

As of 31 December 2024 and 2023, the fair value breakdown of fixed income securities by geographical area was:

Millions of Euros
Country	31 December 2024	31 December 2023
United States of America	41	52
Spain	11	13
France	10	11
Italy	10	7
Germany	5	8
Luxembourg	3	2
United Kingdom	2	2
The Netherlands	1	4
Belgium	1	2
Rest	58	81
TOTAL	142	182

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report

As of 31 December 2024 and 2023, the value of assets related to defined benefit plans held in sovereign debt was:

Millions of Euros
Country	31 December 2024	31 December 2023
Spain	5	5
Italy	8	4
France	3	3
Germany	1	2
Belgium	—	2
Rest	28	39
TOTAL	45	55

IV. Consolidated

Equities and fixed income assets are quoted in active markets. The expected return on affected assets has been estimated considering forecasts from the main fixed-income and equity financial markets, assuming asset classes will maintain a weighting similar to the previous year. In the financial year 2024, the actual average return was 7.40%, positive (6.88%, positive, in 2023).

Currently, the investment strategy and risk management are uniform for all Plan participants, with no asset-liability correlation strategy being followed.

Actuarial assumptions

On 31 December 2024 and 2023, the assumptions used when calculating the actuarial liability in respect of uninsured defined benefit obligations are as follows:

	31 December 2024	31 December 2023
Mortality Tables	PERM / FCOL2020	PERM/FCOL2020
Interest Rate	3.43 % — 3.50 %	3.30% — 3.32%
Expected Return on Plan Assets	3.47 %	3.31%
Salary Review(1)	1.00 %	1.00%
Increase in the Costs of Health Care	4.18 %	5.14%

(1) Benchmark percentage for estimating salary increases

On 31 December 2024 and 2023, the actuarial assumptions for the interest rate and cost of health and salary reviews include, among others, the consequences of the current macroeconomic and geopolitical environment (see Note 5.2).

To determine the interest rate applied to discount the provisions in Spain, a curve is constructed using the yields on corporate bond issues by companies with an

'AA' credit rating, based on the estimated term of the provisions arising from each commitment.

Sensitivity analysis

On 31 December 2024 and 2023, the sensitivity of the actuarial liability value for pensions, faced with fluctuations in the main actuarial assumptions, the other variables remaining constant, was:

AND SUBSIDIARIES

LEGAL DOCUMENTATION 2024 | ENDESA, S.A.

Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

Millions of Euros	31 December 2024		31 December 2023
Assumption	Pensions	Other Defined Benefit Commitments	Pensions	Other Defined Benefit Commitments
Reduction of 50 b.p. in the Interest Rate	16	12	26	11
Increase of 50 b.p. in the Interest Rate	(14)	(11)	(24)	(10)
Reduction of 50 b.p. In the Consumer Price Index (CPI)(1)	(2)	Na	(3)	Na
Increase of 50 b.p. In the Consumer Price Index (CPI)(1)	2	Na	3	Na
Increase of 1% in Health Care Costs	Na	Na	Na	Na
1 Year increase in Life Expectancy for Active Employees and Pensioners.	5	3	32	14

(1) Benchmark percentage for estimating salary increases.

Other information

Endesa's pension plans are administered in accordance with the general limits for risk acceptance and management set by the current respective legislation that applies in Spain.

The pension fund to which the pension plans adopted by Endesa companies currently accepts these risks as inherent in the assets in which it made investments, which are principally:

Risks

• The risks of investing in fixed—rate securities arise from changes in interest rates as well as the credit rating of the assets held in the portfolio.
• The risks of investing in variable—rate securities arise from the effects of volatility (variations) in the price of said securities, which is greater than for fixed—rate securities.
• The risk of investing in derivative financial instruments arises from the leverage they entail, which makes them especially sensitive to variations in the underlying price (reference asset).
• Investments in assets held in non-euro currencies entail an additional risk due to variations in the exchange rate.

• Investments in non-negotiable assets, by operating in less efficient markets with limited liquidity, entail evaluation risks derived from both the methods used and the absence of comparable prices in the market.

On 31 December 2024, the average weighted length, calculated according to the probable commitment flows, is 12.76 years (13.45 years at 31 December 2023), and the calendar planned for the necessary payments to meet the defined benefit provisions is as follows:

Millions of Euros	31 December 2024	31 December 2023
Year 1	18	24
Year 2	19	26
Year 3	21	28
Year 4	23	31
Year 5	24	32
From year 5	634	831
TOTAL	739	972

V. Consolidated Financial Statements

VI. Statement of Responsibility

623

As of 31 December 2024 and 2023, the classification of defined benefit plan assets by levels of fair value hierarchy is:

Millions of Euros	31 December 2024			31 December 2023
	Fair Value	Level 1	Level 2	Level 3	Fair Value	Level 1	Level 2	Level 3
Defined Benefit Plan Assets	297	210	47	40	388	262	86	40

Valuations of assets classified as Level 3 are determined based on valuation reports from the relevant Management Company.

36.2. Provisions for workforce restructuring plans

The obligations contained in the Consolidated Statement of Financial Position for provisions for the various workforce restructuring plans are the result of individual or collective agreements with the Company's employees, whereby the Company undertakes to supplement state benefits in the event of termination or suspension of employment by agreement between the parties.

36.2.1. Redundancy Procedures

On 31 December 2024 there are 2 types of current plans, Planes Mineros 2006-2012 and Plan Minero 2016 which affect a total of 185 people who are all in early retirement (284 people at 31 December 2023).

Changes in this long-term provision in the financial years 2024 and 2023 were as follows:

Millions of Euros Notes	2024	2023
Opening Balance	9	14
Amounts Charged to the Profit/Loss Statement for the Year	1	1
Personnel Expenses 12	—	(1)
Financial Results 16	1	2
Short—term Transfers and other	(4)	(6)
Closing Balance	6	9

On 31 December 2024, the heading 'Current Provisions' of the Consolidated Statement of Financial Position includes 23 million euros corresponding to provisions for redundancy procedures (25 million on 31 December 2023).

Actuarial assumptions

On 31 December 2024 and 2023, the assumptions used in the actuarial calculation for these redundancy procedures were as follows:

	31 December 2024	31 December 2023
Interest Rate	3,04 %	3,14 %
Consumer Price Index (CPI)	2,09 %	2,57 %
Mortality Tables	PERM FCOL2020	PERM / FCOL2020

On 31 December 2024 and 2023, the actuarial assumptions for the interest rate and cost of health and salary reviews include, among others, the consequences of the current macroeconomic and geopolitical environment (see Note 5.2).

Sensitivity analysis

On 31 December 2024 and 2023, the result of the sensitivity analysis concluded that both a reduction of 50 basic points In the main actuarial assumptions while maintaining the rest of the variables constant would not have any significant financial impact.

36.2.2. Agreement on voluntary suspension or termination of employment contracts

As of 31 December 2024, in application of the contract suspension agreements, Endesa has recognised a provision of 595 million euros (709 million euros as of 31 December 2023) affecting a maximum of 2,005 employees for whom Endesa has undertaken not to exercise the right to request their return to the company (2,396 employees as of 31 December 2023).

Transactions in this long-term provision in the financial years 2024 and 2023 were as follows:

Millions of Euros	Notes	2024	2023
Opening Balance		527	505
Amounts Charged to the Profit/Loss Statement for the Year		47	202
Personnel Expenses	12	29	171
Financial Results	16	18	31
Short—term Transfers and other		(118)	(180)
Closing Balance		456	527

On 31 December 2024, the heading 'Current Provisions' of the Consolidated Statement of Financial Position includes 139 million euros corresponding to provisions for redundancy procedures (182 million euros on 31 December 2023).

Obligations associated with the Energy Transition process

Endesa is committed to leading the Energy Transition and therefore considers the need for decarbonisation and to increase its renewable generation and digitalisation of its distribution network and its client portfolio and services offered as part of its course of action (see Note 5.1).

As of 31 December 2024, the total balance of the provision associated with these Digitisation and Decarbonisation Plans amounts to 478 million euros (528 million euros as of 31 December 2023).

Actuarial assumptions

On 31 December 2024 and 2023, the assumptions used in the actuarial calculation for the agreement to suspend contracts were as follows:

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report IV. Consolidated Management Report VI. Statement of Responsibility V. Consolidated Financial Statements

	31 December 2024	31 December 2023
Interest Rate	3,04 %	3,14 %
Future Increase in Guarantee	1.00 %	1,00 %
Increase in Other Items	2,09 %	2,57 %
Mortality Tables	PERM / FCOL2020	PERM / FCOL2020

On 31 December 2024 and 2023, the actuarial assumptions for the interest rate and cost of health and salary reviews include, among others, the consequences of the current macroeconomic and geopolitical environment (see Note 5.2).

Sensitivity analysis

On 31 December 2024 and 2023, the sensitivity of the actuarial liability value for contract suspensions, faced with fluctuations in the main actuarial assumptions, the other variables remaining constant, was:

Millions of Euros	31 December 2024		31 December 2023
Assumption	Increases 50 b.p.	Decreases 50 b.p.	Increases 50 b.p.	Decreases 50 b.p.
Interest Rate	(10)	11	(11)	11
Guarantee and Other Concepts	5	(5)	4	(4)

36.3. Other provisions

In the financial years 2024 and 2023, the composition and transactions under this heading in the Consolidated Statement of Financial Position was as follows:

Millions of Euros		Operating expenses
	31 December 2023 Balance as of	Allocations	Redemption	Redención	Financial Results (Note 16.1)	to property, plant, and Net amounts charged equipment (Note 20)	Payments	Transfers and other	31 December 2024 Balance as of
Provisions for Decommissioning Costs	1,712	39	(33)	—	45	61	(53)	—	1,771
Nuclear Power Plants	571	—	—	—	17	99	—	1	688
Other Plants	1,063	39	(33)	—	26	(40)	(49)	1	1,007
Decommissioning of Meters	74	—	—	—	2	2	(3)	(2)	73
Closure of Mining Operations	4	—	—	—	—	—	(1)	—	3
Provisions for Carbon Dioxide (CO2 ) Emission Allowances	917	726	—	(927)	—	—	—	—	716
Provisions for Guarantees of Origin and other Environ mental Certificates	161	45	—	(148)	—	—	—	—	58
Provisions for Litigation, Compensation, and Other Legal or Contractual Obligations	431	107	(121)(1)	—	2	—	(21)	(1)	397
TOTAL	3,221	917	(154)	(1,075)	47	61	(74)	(1)	2,942

(1) Includes the reversal of provisions for contingencies arising from transactions carried out in previous years by Endesa Ingeniería, S.L.U. amounting to 37 million euros (see Note 14).

Millions of Euros

626

		Operating expenses
	31 December 2022 Balance as of	Allocations	Reversals	Redemption	Financial Results (Note 16.1)	to property, plant, and Net amounts charged equipment(Note 20)	Payments	Transfers and other	31 December 2023 Balance as of
Provisions for Decommissioning Costs	1,796	26	(40)	—	50	(70)	(50)	—	1,712
Nuclear Power Plants	581	—	—	—	17	(27)	—	—	571
Other Plants	1,129	26	(39)	—	31	(36)	(49)	1	1,063
Decommissioning of Meters	81	—	(1)	—	2	(7)	—	(1)	74
Closure of Mining Operations	5	—	—	—	—	—	(1)	—	4
Provisions for Carbon Dioxide (CO2 ) Emission Allowances	862	925	—	(869)	—	—	—	(1)	917
Provisions for Guarantees of Origin and other Environ mental Certificates	81	157	—	(77)	—	—	—	—	161
Provisions for Litigation, Compensation, and Other Legal or Contractual Obligations	460	40	(43)	—	—	—	(18)	(8)	431
TOTAL	3,199	1,148	(83)	(946)	50	(70)	(68)	(9)	3,221

Provision for closure costs of facilities

Endesa records the costs it must incur to dismantle some of its power plants and certain electricity distribution facilities (see Note 3.2l.5). These provisions are recorded at their present value.

In the case of nuclear plants, this provision includes the estimated amount that Endesa will have to bear until the public enterprise company, Empresa Nacional de Residuos Radiactivos, S.A. S.M.E. (Enresa), takes responsibility for the decommissioning of these plants (see Note 3.2b.1).

Provision to cover the cost of carbon dioxide (CO2) emission rights

This provision includes the obligations to submit allowances for carbon dioxide (CO2 ) emissions made during the financial year.

Endesa companies that emit carbon dioxide (CO2 ) in their electricity generation activities are obliged to surrender carbon dioxide (CO2 ) emission allowances in the first few months of the following year, equivalent to the emissions made during the previous year (see Note 3.2l.3).

Provisions to cover the cost of guarantees of origin and other environmental certificates

This provision includes the obligations to provide the guarantees of origin to the National Markets and Competition Commission (Nacional de los Mercados y la Competencia — CNMC) equivalent to the electricity sold to end consumers generated from renewable energy sources or high-efficiency co-generation.

The Endesa companies that guarantee their end consumers that the energy they sell is produced from renewable energy sources or high-efficiency cogeneration must redeem in the first months of the following year the associated guarantees of origin that certify the provision of electricity to these customers (see Note 3.2l.4).

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

37. Other non-current liabilities

On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position is as follows:

Millions of Euros Notes	31 December 2024	31 December 2023
Bonds and Deposits 28.1	469	465
Other Payables	105	113
TOTAL	574	578

38. Other non-current and current financial liabilities

On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position was as follows:

Millions of Euros		Non-Current		Current
	Notes	31 December 2024	31 December 2023	31 December 2024	31 December 2023
Interest Payable on Financial Debt		—	—	83	103
Remuneration for Investment in Renewable Energies	28.1	64	8	14	1
TOTAL		64	8	97	104

As of 31 December 2024, under the headings 'Other Non-Current Financial Liabilities' and 'Other Current Financial Liabilities,' negative amounts of 64 million euros and 14 million euros, respectively, are included. These amounts were generated in previous halfyear periods due to the adjustment for deviations in market price according to Article 22 of Royal Decree 413/2014, dated 6 June, which regulates the activity of electricity production from renewable energy sources, co-generation, and waste. These relate to Type Installations (TI) which, based on the best estimate of future market price developments, will receive a Return on Investment (Rinv) during their regulatory useful life.

39. Trade creditors and other accounts payable

On 31 December 2024 and 2023, the breakdown of this heading in the accompanying Consolidated Statement of Financial Position was as follows:

Millions of Euros Notes	31 December 2024	31 December 2023
Trade and Other Current Liabilities 40	5,149	6,242
Suppliers and other Creditors	4,057	5,028(1)
Dividends Paid 34.1.10	534	530
Other Payables	558	684
Tax Liabilities:	916	661
Current Corporate Tax	309	215
Value Added Tax (VAT) Payables	104	101
Other Taxes	503	345
TOTAL	6,065	6,903

(1) Includes the liability of 515 million Euros recognised by Endesa Generación, S.A.U. as a result of the arbitration award for the review of the price of a long-term liquefied natural gas (LNG) supply contract which was paid in the financial year 2024 (see Notes 10.1 and 45.1).

Dividends Payable

As of 31 December 2024, the 'Dividend Payable' heading primarily includes the following dividends for Endesa, S.A.:

			Gross Dividend
Millions of Euros	Notes	Dividends Paid	per Share	Amount	Payment Date
Interim Dividend	34.1.10	Financial Year 2024	0.5	529	8 January 2025

Costs derived from energy supplied to costumers and pending payment

As of 31 December 2024, the estimated outstanding invoices for electricity and gas toll costs due to supplied and unbilled energy are 86 million and 89 million euros, respectively (132 million and 96 million euros, respectively, as of 31 December 2023), included in the Consolidated Statement of Financial Position.

'Confirming' agreements

As of 31 December 2024, the amount of trade debt discounted with financial institutions for supplier payment management ('confirming') classified under 'Trade and Other Payables' in the Consolidated Statement of Financial Position is 64 million euros (56 million euros as of 31 December 2023). All of the suppliers of this discounted trade debt with 'confirming' agreements have received payment from financial entities.

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

In the financial years 2024 and 2023, the range of maturity date for the discounted trade debt for supplier payment management transactions ('confirming') and the rest of the comparable trade debt was as follows:

Number of Days	2024	2023
Trade debt discounted with «confirming»	0 – 60	0 – 60
Trade debt discounted without «confirming»	0 – 60	0 – 60

In the financial years 2024 and 2023, the income accrued from confirming contracts was less than 1 million euros.

39.1. Information on the average payment period to suppliers. Third Additional Provision. 'Duty of Information' of Law 15/2010, of 5 July, amended by Law 18/2022, of 28 September

The information about the degree of compliance by Endesa with the deadlines established for the payment of suppliers for commercial transactions in accordance with Law 15/2010, of 5 July, amended by Law 18/2022, of 28 September is shown below:

Number of Days	2024	2023
Average Supplier Payment Period	18	14
Paid Transactions Ratio	17	13
Payable Transactions Ratio	30	76

Millions of Euros	2024	2023
Total Payments Made	12,961	13,431
Total Payments Outstanding	303	285

	2024	2023
Number of Invoices Paid within a Period Shorter than the Maximum Established	320,016	319,869
% of Total Invoices	95.03	91.81
Monetary Volume of Invoices Paid within a Period Shorter than the Maximum Established(1)	12,666	13,156
% of Total Monetary Payments to Suppliers	97.72	97.56

(1) Millions of Euros

40. Financial instruments

As of 31 December 2024 and 2023, the classification of the financial instruments in the Consolidated Statement of Financial Position was as follows:

Millions of Euros		31 December 2024		31 December 2023
	Notes	Non-Current	Current	Non-Current	Current
Asset-Based Financial Instruments
Customer Contract Assets	27.1	—	12	—	4
Other Financial Assets	28 and 30	829	974	663	1,777
Derivative Financial Instruments	43	377	541	879	1,054
Other Assets	29	486	—	386	—
Trade Receivables for Sales and Services and other Receivables	32	—	4,194	—	4,912
Cash and Cash Equivalents	33	—	840	—	2,106
TOTAL	40.1	1,692	6,561	1,928	9,853
Liability-Based Financial Instruments
Customer Contract Liabilities	27.2	4,413	487	4,348	427
Financial Debt	40.3	9,881	613	9,636	4,091
Derivative Financial Instruments	43	336	656	544	1,673
Other Financial Liabilities	38	64	97	8	104
Other Liabilities	37	574	—	578	—
Trade and other Payables	39	—	5,149	—	6,242
TOTAL	40.2	15,268	7,002	15,114	12,537

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

40.1. Classification of non-current and current financial asset instruments

On 31 December 2024 and 2023, the classification of financial asset instruments in the Consolidated Statement of Financial Position by category was as follows:

Millions of Euros		31 December 2024		31 December 2023
	Notes	Non-Current	Current	Non-Current	Current
Financial Assets at Amortised Cost	40.1.1	1,309	6,020	1,043	8,799
Customer Contract Assets	27.1	—	12	—	4
Other Financial Assets	28.1 and 30	823	974	657	1,777
Other Assets	29	486	—	386	—
Trade Receivables for Sales and Services and other Receivables	32	—	4,194	—	4,912
Cash and Cash Equivalents	33	—	840	—	2,106
Financial Assets at Fair Value with Changes in the Profit Statement	40.1.2	49	173	85	358
Equity Instruments	28.2	6	—	6	—
Derivatives not Designated as Hedging Instruments	43	43	173	79	358
Financial Assets at Fair Value with Changes in the Statement of Other Comprehensive Income		—	—	—	—
Hedging Derivatives	43	334	368	800	696
TOTAL		1,692	6,561	1,928	9,853

Endesa has not modified its business model, nor have there been significant changes to the characteristics of the contractual cash flows of its financial assets. Consequently, no reclassification between these categories has occurred.

40.1.1. Financial assets at amortised cost

On 31 December 2024 and 2023, the details of the financial assets at amortised cost, by type, was as follows

Millions of Euros		31 December 2024		31 December 2023
	Notes	Non-Current	Current	Non-Current	Current
Financial Assets at Amortised Cost
Other Financial Assets		823	974	657	1,777
Financing of Revenue Shortfalls from Regulated Activities in Spain and Other Regulated Remunerations	30	—	201	—	—
Compensation for Generation Cost Overruns in Non Peninsular Territories (NPT)	28.1 and 30	117	247	85	473
Limitation on the Increase of the Last Resort Tariff (Tarifa de Último Recurso — TUR) for Gas	30	—	—	—	5
Bonds and Deposits	28.1	433	—	434	—
Staff Loans	28.1 and 30	78	14	80	14
Loans to Associates, Joint Ventures, and Joint Operating Entities	28.1, 30 and 46.2	66	11	3	68
Remuneration for Investment in Renewable Energies	28.1	73	—	—	—
Financial Guarantees	28.1 and 30	49	302	47	1,173
Other Financial Assets	28.1 and 30	30	200	30	46
Valuation Adjustments	28.1, 30 and 41.1.3	(23)	(1)	(22)	(2)
Other Non-current Assets	29	486	—	386	—
Remuneration from Distribution Activities		391	—	333	—
Other Assets		98	—	53	—
Valuation Adjustments	41.1.3	(3)	—	—	—
Trade Receivables for Sales and Services and other Receivables	32	—	4,194	—	4,912
Customer Receivables for Sales and Services		—	4,006	—	4,609
Other Receivables		—	757	—	895
Remuneration from Distribution Activities		—	347	—	283
Others		—	410	—	612
Valuation Adjustments	41.1.3	—	(569)	—	(592)
Customer Contract Assets	27.1	—	12	—	4
Customer Contract Assets		—	15	—	6
Valuation Adjustments	41.1.3	—	(3)	—	(2)
Cash and Cash Equivalents	33	—	840	—	2,106
TOTAL		1,309	6,020	1,043	8,799

The fair value of these financial assets does not significantly differ from their book values.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

40.1.2. Financial Assets at Fair Value with Changes in the Profit Statement

As of 31 December 2024 and 2023, this category includes equity instruments representing stakes in other companies, valued at 6 million euros for both dates. The individual value of the investments listed under this heading is not significant.

This category also includes the derivatives not designated as hedging instruments for accounting purposes which are described in Note 43.2

40.1.3. Valuation adjustments

On 31 December 2024 and 2023, the list of expected losses recognised in financial assets assessed at amortised cost:in relation to the general or simplified approach was as follows:

Millions of Euros				31 December 2024			31 December 2023
	Notes	Weighted Average Expected Loss Rate	Gross Balance	Value Adjustments for Expected Losses	Net Balance	Weighted Average Expected Loss Rate	Gross Balance	Value Adjustments for Expected Losses	Net Balance
Customers for Sales and Services Provided and other Receivables	32	11.9%	4,763	569	4,194	10.8%	5,504	592	4,912
Current and Not Expired		1.0%	3,848	40	3,808	1.9%	4,250	80	4,170
Expired:		57.8%	915	529	386	40.8%	1,254	512	742
1 to 30 days old		1.0%	98	1	97	6.1%	82	5	77
31 to 60 days old		13.6%	59	8	51	6.9%	87	6	81
61 to 90 days old		22.2%	27	6	21	7.0%	114	8	106
91 to 120 days old		27.5%	40	11	29	13.5%	89	12	77
121 to 150 days old		29.7%	37	11	26	51.9%	52	27	25
151 to 180 days old		28.2%	39	11	28	60.9%	46	28	18
Older than 180 days		78.2%	615	481	134	54.3%	784	426	358
Customer Contract Assets	27.1	20.0%	15	3	12	33.3%	6	2	4
Non-current financial assets	28.1	2.7%	846	23	823	3.2%	679	22	657
Other current financial assets	30	0.1%	975	1	974	0.1%	1,779	2	1,777
Other Non-current Assets	29	0.6%	489	3	486	0.0%	386	—	386
Cash and Cash Equivalents	33	0.0%	840	—	840	0.0%	2,106	—	2,106
TOTAL			7,928	599	7,329		10,460	618	9,842

Customers for sales and services provided and other receivables

In the financial years 2024 and 2023, the transaction under the heading 'Valuation Adjustments' in 'Trade Receivables for Sales and Services and other Receivables' was as follows:

Millions of Euros	Notes	2024	2023
Opening Balance		592	474
Allocations	8.2 and 15.2	205	264
Applications		(228)	(146)
Closing Balance	32	569	592

During the 2024 financial year, a lower provision for impairment losses from contracts with customers was recorded, amounting to 59 million euros. The variation with respect to the 2023 financial year is a consequence of the worse payment behaviour, in that year, of customers with regulated tariff contracts in a macroeconomic environment of high inflation and higher energy prices that reduced the economic capacity of domestic customers.

Customer contract assets

In the financial years 2024 and 2023, the transaction under the heading 'Valuation Adjustments' in 'Customer Contract Assets' (see Note 27.1) was as follows:

Millions of Euros	Notes	2024	2023
Opening Balance		2	2
Allocations	15.2	1	—
Applications		—	—
Closing Balance	27.1	3	2

Other non-current and current financial assets

In the financial years 2024 and 2023, the transaction under the heading 'Valuation Adjustments' in 'Other Non-current and Current Financial Assets' (see Notes 28.1 and 30) was as follows:

Millions of Euros		2024		2023
	Notes	Non-current financial assets	Current financial assets	Non-current financial assets	Current financial assets
Opening Balance		22	2	22	6
Allocations	16.1	1	—	—	—
Applications	15.2 and 16.1	—	—	—	(4)
Transfers and others		—	(1)	—	—
Closing Balance		23	1	22	2

Other non-current assets

634

In the financial years 2024 and 2023, the transaction under the heading 'Valuation Adjustments' in 'Other Non-current Assets' (see Note 29) was as follows:

Millions of Euros Notes	2024	2023
Opening Balance	—	—
Allocations	—	—
Applications 15.2	(2)	—
Transfers and others	5	—
Closing Balance	3	—

40.1.4. Commitments with asset-based financial Instruments

On 31 December 2024, Endesa, S.A. has no agreements that include commitments to make financial investments of a significant amount.

40.2. Classification of non-current and current financial liability instruments

On 31 December 2024 and 2023, the classification of financial liability instruments in the Consolidated Statement of Financial Position by category was as follows:

Millions of Euros		31 December 2024		31 December 2023
	Notes	Non-Current	Current	Non-Current	Current
Financial liabilities at amortised cost	40.2.1	14,918	6,346	14,556	10,864
Customer Contract Liabilities	27.2	4,413	487	4,348	427
Financial Debt	40.3	9,867	613	9,622	4,091
Other Financial Liabilities	38	64	97	8	104
Other Liabilities	37	574	—	578	—
Trade and Other Current Liabilities	39	—	5,149	—	6,242
Financial Liabilities at Fair Value with Changes in the Profit Statement		63	154	117	519
Financial Debt(1)	40.3	14	—	14	—
Derivatives not Designated as Hedging Instruments	43	49	154	103	519
Hedging Derivatives	43	287	502	441	1,154
TOTAL		15,268	7,002	15,114	12,537

(1) Corresponds entirely to financial liabilities that, from the inception of the transaction, are subject to a fair value hedge and are valued at fair value through the Consolidated Income Statement.

40.2.1. Financial liabilities at amortised cost

On 31 December 2024 and 2023, the details of the financial liabilities at amortised cost, by type, was as follows:

Millions of Euros	31 December 2024		31 December 2023
Notes	Non-Current	Current	Non-Current	Current
Bank Borrowings 40.3		5,630 512	5,302	744
Other Financial Debts 40.3		4,237 101	4,320	3,347
Trade payables and other current liabilities	39	— 5,149	—	6,242
Customer Contract Liabilities 27.2		4,413 487	4,348	427
Other Financial Liabilities	38	64 97	8	104
Other Liabilities	37	574 —	578	—
TOTAL		14,918 6,346	14,556	10,864

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

40.3. Financial debt

On 31 December 2024 and 2023, the breakdown of 'Non-Current Financial Debt' and 'Current Financial Debt' in the Consolidated Statement of Financial Position was as follows:

Millions of Euros
	Nominal Value	Book Value
Notes		Non-Current	Current	Total	Fair Value
Bonds and other Marketable Securities	12	14	—	14	14
Bank Borrowings	6,161	5,630	512	6,142	6,158
Other Financial Debts	4,342	4,237	101	4,338	4,453
Financial Debts Associated with Rights of Use 21	784	698	86	784	784
Other	3,558	3,539	15	3,554	3,669
TOTAL	10,515	9,881	613	10,494	10,625

Millions of Euros	Notes	31 December 2023
		Nominal Value	Book Value
			Non-Current	Current	Total	Fair Value
Bonds and other Marketable Securities		12	14	—	14	14
Bank Borrowings		6,095	5,302	744	6,046	6,089
Other Financial Debts		7,673	4,320	3,347	7,667	7,795
Financial Debts Associated with Rights of Use	21	868	784	84	868	868
Other		6,805	3,536	3,263	6,799	6,927
TOTAL		13,780	9,636	4,091	13,727	13,898

On 31 December 2024 and 2023, the breakdown of the nominal value of the financial debt without derivatives by maturity was as follows:

Millions of Euros
	Maturity	Book Value 31 December 2024	Fair Value
Bonds and other Marketable Securities		14	14
Fixed interest rate	2031	14	14
Floating interest rate		—	—
Bank Borrowings		6,142	6,158
Fixed Rate	2028	1,784	1,815
Floating interest rate	2039	4,358	4,343
Other Financial Debts		4,338	4,453
Financial Debts Associated with Rights of Use		784	784
Fixed interest rate	2080	784	784
Floating interest rate		—	—
Other Financial Debts		3,554	3,669
Fixed interest rate	2040	3,526	3,641
Floating interest rate	2030	28	28
TOTAL		10,494	10,625

Nominal Value		Maturity
Current	Non-Current	2026	2027	2028	2029	Subsequent	Total Nominal Value
—	12	—	—	—	—	12	12
—	12	—	—	—	—	12	12
—	—	—	—	—	—	—	—
512	5,649	460	1,335	1,870	300	1,684	6,161
—	1,799	200	675	924	—	—	1,799
512	3,850	260	660	946	300	1,684	4,362
101	4,241	93	1,738	1,946	59	405	4,342
86	698	92	75	70	58	403	784
86	698	92	75	70	58	403	784
—	—	—	—	—	—	—	—
15	3,543	1	1,663	1,876	1	2	3,558
—	3,530	1	1,650	1,876	1	2	3,530
15	13	—	13	—	—	—	28
613	9,902	553	3,073	3,816	359	2,101	10,515

Millions of Euros
	Maturity	Book Value 31 December 2023	Fair Value
Bonds and other Marketable Securities
Fixed interest rate	2031	14	14
Floating interest rate		—	—
Bank Borrowings		6,046	6,089
Fixed Rate	2028	2,254	2,279
Floating interest rate	2037	3,792	3,810
Other Financial Debts		7,667	7,795
Financial Debts Associated with Rights of Use		868	868
Fixed interest rate	2080	868	868
Other Financial Debts		6,799	6,927
Fixed interest rate	2040	6,525	6,653
Floating interest rate	2027	274	274
TOTAL		13,727	13,898

Nominal Value			Maturity
Current	Non-Current	2025	2026	2027	2028	Subsequent	Total Nominal Value
—	12	—	—	—	—	12	12
—	12	—	—	—	—	12	12
—	—	—	—	—	—	—	—
761	5,334	533	460	952	1,838	1,551	6,095
500	1,799	—	200	675	924	—	2,299
261	3,535	533	260	277	914	1,551	3,796
3,347	4,326	86	82	1,727	1,943	488	7,673
84	784	80	81	71	67	485	868
84	784	80	81	71	67	485	868
3,263	3,542	6	1	1,656	1,876	3	6,805
3,001	3,530	—	1	1,650	1,876	3	6,531
262	12	6	—	6	—	—	274
4,108	9,672	619	542	2,679	3,781	2,051	13,780

On 31 December 2024 and 2023, the breakdown of gross financial debt before derivatives, by currency, and the effect of exchange rate hedges on these, was as follows:

Millions of Euros	31 December 2024
	Initial debt structure				Debt Structure After Coverage		Interest Rate
	Amortised cost	Nominal Value	% of Total	Debt Coverage Effect	Amortised cost	% of Total	Average Interest Rate (%)	Effective Interest Rate (%)
Euro	10,385	10,406	99.0	—	10,385	99.0	3.6	3.6
US dollar (USD)	109	109	1.0	—	109	1.0	3.7	3.7
TOTAL	10,494	10,515	100.0	—	10,494	100.0	3.6	3.6

Millions of Euros		31 December 2023
		Initial debt structure			Debt Structure After Coverage		Interest Rate
	Amortised cost	Nominal Value	% of Total	Debt Coverage Effect	Amortised cost	% of Total	Average Interest Rate (%)	Effective Interest Rate (%)
Euro	13,586	13,639	99,0	—	13,586	99.0	3.2	3.2
US dollar (USD)	141	141	1,0	—	141	1.0	2.9	2.9
TOTAL	13,727	13,780	100,0	—	13,727	100.0	3.2	3.2

During the financial years 2024 and 2023, the transaction in the nominal value of non-current financial debt was as follows:

Millions of Euros		Does Not Generate Cash Flows		Generates Cash Flows
	Nominal Value as of 31 December 2023	(Reductions) Additions/	Transfers and other	Payments and Amortisations (Note 45.3)	New Financing (Note 45.3)	Nominal Value as of 31 December 2024
Bonds and other Marketable Securities	12	—	—	—	—	12
Bank Borrowings	5,334	—	(462)	(34)	811	5,649
Other Financial Debts	4,326	(18)	(68)	(6)	7	4,241
Financial Debts Associated with Rights of Use	784	(18)	(68)	—	—	698
Other	3,542	—	—	(6)	7	3,543
TOTAL	9,672	(18)	(530)	(40)	818	9,902

Millions of Euros			Does Not Generate Cash Flows	Generates Cash Flows
	Nominal Value as of 31 December 2022	(Reductions) Additions/	Transfers and other	Payments and Amortisations (Note 45.3)	New Financing (Note 45.3)	Nominal Value as of 31 December 2023
Bonds and other Marketable Securities	12	—	—	—	—	12
Bank Borrowings	5,895	—	(1,275)	(702)	1,416	5,334
Other Financial Debts	5,885	120	(3,086)	(468)	1,875	4,326
Financial Debts Associated with Rights of Use	756	120	(92)	—	—	784
Other	5,129	—	(2,994)	(468)	1,875	3,542
TOTAL	11,792	120	(4,361)	(1,170)	3,291	9,672

During the financial years 2024 and 2023, the transaction in the nominal value of current financial debt is as follows:

Millions of Euros		Does Not Generate Cash Flows		Generates Cash Flows
	Nominal Value as of 31 December 2023	(Reductions) Additions/	Transfers and other	Payments and Amortisations (Note 45.3)	New Financing (Note 45.3)	Nominal Value as of 31 December 2024
Bonds and other Marketable Securities	—	—	—	(1,265)	1,265	—
Bank Borrowings	761	—	462	(712)	1	512
Other Financial Debts	3,347	8	76	(3,335)	5	101
Financial Debts Associated with Rights of Use	84	8	75	(81)	—	86
Other	3,263	—	1	(3,254)	5	15
TOTAL	4,108	8	538	(5,312)	1,271	613

Millions of Euros	Nominal Value as of 31 December 2022	Does Not Generate Cash Flows		Generates Cash Flows
		(Reductions) Additions/	Transfers and other	Payments and Amortisations (Note 45.3)	New Financing (Note 45.3)	Nominal Value as of 31 December 2023
Bonds and other Marketable Securities	4,988	—	—	(17,611)	12,623	—
Bank Borrowings	981	—	1,277	(1,498)	1	761
Other Financial Debts	815	9	3,089	(801)	235	3,347
Financial Debts Associated with Rights of Use	88	9	86	(99)	—	84
Other	727	—	3,003	(702)	235	3,263
TOTAL	6,784	9	4,366	(19,910)	12,859	4,108

The average interest rate of the gross financial debt in the financial year 2024 was 3.6% (3.2% in 2023) (see Note 3.2b.1).

40.4. Other matters

40.4.1. Liquidity

As of 31 December 2024, Endesa's liquidity stood at 6,544 million euros (10,027 million euros as of 31 December 2023), detailed as follows:

Millions of Euros	Liquidity
	Notes	31 December 2024	31 December 2023
Cash and Cash Equivalents	33	840	2,106
Unconditional Undrawn Credit Lines and Loans(1)		5,704	7,921
TOTAL		6,544	10,027

(1) On 31 December 2024 and 2023, 2,125 million and 3,525 million euros, respectively, correspond to committed and irrevocable lines of credit arranged with Enel Finance International, N.V. (see Note 46.1.3).

40.4.2. Main financial operations

The main financial transactions carried out in 2024 were as follows:

• Endesa has launched a new commercial paper programme named 'Endesa, S.A. SDG 13 Euro Commercial Paper Programme' (ECP) for 5,000 million euros with a duration of 5 years, renewed annually, without an outstanding nominal balance as of 31 December 2024. This programme includes Sustainability targets.

• The following financial operations have been concluded:

Millions of Euros
Operations	Counterparty	Signature date	Maturity date	Amount
Loan(1)	Ibercaja, S.A.	30 January 2024	31 July 2027	50
Line of Credit(1)(2)	Caixabank, S.A.	20 March 2024	20 March 2028	600
Line of Credit(1)(2)	Deutsche Bank, S.A.	20 March 2024	20 March 2028	70
Line of Credit(1)(2)	BBVA, S.A.	21 March 2024	20 March 2028	300
Line of Credit(1)(2)	Kutxabank, S.A.	21 March 2024	21 March 2028	250
Line of Credit(1)(2)	Bankinter, S.A.	22 March 2024	22 March 2028	175
Line of Credit(1)(2)	Unicaja, S.A.	25 March 2024	25 March 2028	100
Line of Credit(1)(2)	Sabadell, S.A.	26 March 2024	26 March 2028	100
Line of Credit(1)(2)	Ibercaja, S.A.	26 March 2024	26 March 2028	90
Lines of Credit(1)(2)	Enel Finance International N.V.	28 May 2024	28 May 2028	1,000
Loan(3)	BBVA, S.A.	2 August 2024	17 December 2027	125
Loan(1)(3)	BBVA, S.A.	2 August 2024	17 December 2027	225
TOTAL				3,085

(1) Renewal of existing loans and credit lines.

(2) The credit terms of these operations are pegged to environmental sustainability goals based on the proportion of investments according to the EU Taxonomy for the period 2024-2026.

(3) Financial operations that comply with the alignment of economic activities under the Taxonomy Regulation of the European Union (EU).

• Additionally, on 29 October 2024, 2 operations signed with the European Investment Bank in 2023 for a total sum of 450 million euros were disbursed.

40.4.3. Covenants

Certain Endesa subsidiaries are subject to compliance with specific obligations stipulated in their financing contracts ('covenants'), typical in such agreements.

On 31 December 2024, neither Endesa, S.A. nor any of its subsidiaries are in breach of covenants or any other financial obligations that would require early repayment of its financial commitments.

Endesa' s Directors do not consider that the existence of these clauses changes the current or non-current classification in the Consolidated Statement of Financial Position on 31 December 2024.

Endesa, S.A.

Endesa, S.A., which centralises nearly all of Endesa's financing activities, has no stipulations in its financing contracts with financial ratios that could lead to a breach resulting in early maturity.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

The outstanding bond issues of Endesa, S.A. (12 million euros on 31 December 2024) the outstanding bond issuance commitments of Endesa, S.A. and the bank financing arranged by Endesa, S.A. contain the following clauses:

Clauses	Operations	Stipulations
Cross—default clauses	Outstanding bond issues of Endesa, S.A.	The debt must be prepaid in the event of default (over and above a certain amount) on the settlement of certain obligations of Endesa, S.A.
Negative pledge clauses	The outstanding bond issuance commit ments of Endesa, S.A. and the bank fi	Endesa, S.A. may not issue mortgages, liens or other encumbrances on its assets (above a certain amount) to secure certain types of bonds, unless equivalent guarantees are issued in favour of the remaining debtors.
Pari passu clauses.	nancing arranged by Endesa, S.A.	Bonds and bank financing have the same status as any other existing or future unsecured or non subordinated debts issued by Endesa, S.A.

Additionally, the most significant financial stipulations contained in Endesa, S.A.'s financial debt are as follows:

Millions of Euros			Nominal debt
Clauses	Operations	Stipulations	31 December of 2024	31 December of 2023
Related to credit ratings	Financial transactions with the European Investment Bank (EIB) and Official Credit Institute (Instituto de Crédito Oficial — ICO)	Additional or renegotiated guarantees in the event of credit rating downgrades.	2,961	2,689
Relating to change of control	Financial Operations with the European Investment Bank (EIB), the ICO and Enel Finance International, N.V.	May be repaid early in the event of a change of control at Endesa, S.A.	6,486(1)	9,214(1)
Related to asset transfers	Financial Operations with the EIB, the ICO and other financial entities	Restrictions arise if a percentage of between 7% and 10% of Endesa's consolidated assets is exceeded(2).	6,125(3)	6,013(3)
Related to Sustainability	Financial Operations with the EIB, the ICO and other financial entities	Credit terms are tied to the reduction of certain levels of Carbon dioxide (CO2 ) emissions by set dates, or dependent on the proportion of investments According to the EU Taxonomy for different periods (4).	7,829	7,912

(1) The amount signed was 8,611 million euros on 31 December 2024 (13,189 million on 31 December 2023).

(2) Above these thresholds, the restrictions would only apply, in general, if no equivalent consideration is received or if there was a material negative impact on Endesa, S.A.'s solvency.

(3) The amount signed was 9,690 million euros on 31 December 2024 (10,428 million on 31 December 2023).

(4) Non-compliance with these stipulations only implies a modification of the financing conditions.

Subsidiaries of the renewables business

As of 31 December 2024, certain renewable subsidiaries of Endesa financed through project financing have financial debts amounting to 32 million euros, which include the following clauses (39 million euros as of 31 December 2023) (see Notes 20.4, 34.1.13 and 47):

Clauses	Operations	Stipulations
Relating to change of control	Loan Operations subscribed for Project Financing and associated Derivatives (1).	May be Repaid Early in the event of a Change of Control.
Related to the Fulfilment of Obligations		Pledge of shares as security for the fulfilment of contractu ally specified obligations to creditor financial institutions (2).
Related to the Distribution of Profits to Shareholders	Loan Operations subscribed for	Restrictions conditional upon meeting certain criteria.
Related to the Sale of Assets	Project Financing.	Restrictions requiring approval from the majority of lend ers and, in some cases, allocation of sale proceeds towards debt repayment.
Related to the Debt Service Reserve Account		Obligation to maintain a Debt Service Reserve Account (see Note 33).

(1) With a net positive market value of 1 million euros on 31 December 2024 (1 million euros, positive, on 31 December 2023).

(2) For the amount of outstanding financial debt.

Additionally, these renewable subsidiaries are obligated to comply with certain Annual Debt Service Coverage Ratios (ADSCR). With reference to these, on 31 December 2024 there has been no breach of these ratios.

40.4.4. Other considerations

On 31 December 2024 and 2023, the estimated amount of interest on gross financial debt, considering the applicable interest rate on these dates to maturity, was as follows:

646
-----

Millions of Euros		Interest on Gross Financial Debt on 31 December 2024
Instrument	Total	2025	2026	2027	2028	2029	Subsequent
Bonds and other Marketable Securities	5	1	—	1	1	1	1
Bank Borrowings	943	187	175	157	112	68	244
Other Financial Debts	721	154	150	124	56	25	212
Financial Debts Associated with Rights of Use	375	41	37	32	28	25	212
Other	346	113	113	92	28	—	—
TOTAL	1,669	342	325	282	169	94	457

Millions of Euros Interest on Gross Financial Debt on 31 December 2023
Instrument	Total	2024	2025	2026	2027	2028	Subsequent
Bonds and other Marketable Securities	6	1	1	1	1	1	1
Bank Borrowings	1,039	203	187	165	147	94	243
Other Financial Debts	909	228	150	146	121	54	210
Financial Debts Associated with Rights of Use	374	40	36	33	29	26	210
Other	535	188	114	113	92	28	—
TOTAL	1,954	432	338	312	269	149	454

On 31 December 2024 and 2023, there are no emissions convertible to Company shares, nor any that grant privileges or rights that could, in some contingency, be converted into shares.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

40.5. Profit and loss by categories of financial assets and liabilities

40.5.1. Net Profit and loss by categories of financial assets

In the financial years 2024 and 2023, the amount of net earnings and losses by category of financial assets and liabilities was as follows:

Millions of Euros	2024		2023
	(Loss)/Profit in the Consolidated Income Statement	(Loss)/Profit in the Consolidated Statement of Other Comprehensive Income	(Loss)/Profit in the Consolidated Income Statement	(Loss)/Profit in the Consolidated Statement of Other Comprehensive Income
Financial Assets at Amortised Cost(1)	(205)	—	(264)	—
Financial Assets at Fair Value with Changes in the Income Statement(2)	934	—	2,097	—
Financial Assets at Fair Value with Changes in the Statement of Other Comprehensive Income	—	—	—	—
Hedging Derivatives(3)	916	187	1,241	3,909
TOTAL	1,645	187	3,074	3,909

(1) Corresponding to net impairment losses pending collection (see Notes 15.2 and 16.1).

(2) Corresponding to income from change in energy derivatives and financial derivatives (see Notes 9, 10.1, 10.3, 11 and 16.2).

(3) Corresponding to income from cash flow hedges and fair value (see Notes 11 and 16.2).

647

40.5.2. Net Profit and loss by categories of financial liabilities

In the financial years 2024 and 2023, the amount of net profits and losses by category of financial liabilities is as follows:

Millions of Euros		2024	2023
	(Loss)/Profit in Consolidated Income Statement	(Loss)/Profit in the Consolidated Statement of Other Comprehensive Income	(Loss)/Profit in Consolidated Income Statement	(Loss)/Profit in the Consolidated Statement of Other Comprehensive Income
Financial Liabilities at Amortised Cost(1)	(471)	—	(505)	—
Financial Liabilities at Fair Value with Changes in the Income Statement(2)	(1,324)	—	(3,532)	—
Hedging Derivatives(3)	(1,280)	—	(2,851)	—
TOTAL	(3,075)	—	(6,888)	—

(1) Corresponding to financial debt expenses (see Note 16.1).

(2) Corresponding to expenses for changes in energy derivatives and financial derivatives (see Notes 9, 10.1, 10.3, 11 and 16.2) (3) Corresponding to expenses for cash flow hedges and fair value (see Notes 11 and 16.2).

41. Financial risk control and management

The activities of Endesa S.A. and its Dependent Companies are carried out in an environment of financial risks that can influence the performance of its operations and its earnings, making it necessary to manage and control its exposure to these. Further information on the main risks and uncertainties associated with Endesa's activity can be found in Section 8.4 of the Consolidated Management Report for the year ended 31 December 2024.

In particular, the General Risk Control and Management Policy and the Internal Risk Control and Management System allow for the identification, measurement and control of the different types of financial risks to which Endesa is exposed (see Section 8.1 of the Consolidated Management Report for the year ended 31 December 2024).

41.1. Interest rate risk

Interest rate fluctuations change the fair value of assets and liabilities bearing interest at fixed rates and the future flows from assets and liabilities indexed to floating interest rates.

The objective of interest rate risk management is to achieve a balanced financial debt structure that makes it possible to minimise the cost of financial debt over several years with reduced Consolidated Income Statement volatility, through diversification of types of financial assets and liabilities and modifications to the risk exposure profile by arranging derivatives.

The goal to reduce the amount of financial debt subject to interest rate fluctuations is achieved by contracting specific hedging transactions, generally through the use of interest rate swap contracts. In any case, the structure of the contracts adapts to that of the underlying financial instrument, and never exceeds the maturity of the underlying financial instrument, so that any changes in the fair value or cash flows of these contracts are offset by changes in the fair value or cash flows of the underlying position.

On 31 December 2024 and 2023, the interest rate risk structure, taking into account the derivatives arranged, was as follows:

Millions of Euros	Net Position
	31 December 2024		31 December 2023
	Before Derivatives	After Derivatives	Before Derivatives	After Derivatives
Fixed interest rate	6.604	6.586	9.771	9.734
Floating interest rate	2.731	2.712	630	671
TOTAL	9.335	9.298	10.401	10.405

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of Responsibility

On 31 December 2024 and 2023, the reference interest rate for the borrowings arranged by Endesa companies is mainly Euribor.

On 31 December 2024 and 2023, the notional value breakdown of interest rate derivatives was as follows:

Millions of Euros	Net Notional Value
INTEREST RATE DERIVATIVES	2024	2023
Interest Rate Swaps
Interest Rate Swaps Fixed to Variable	1,172	1,256
Interest Rate Swaps Variable to Fixed	687	1,187
TOTAL INTEREST RATE DERIVATIVES	1,859	2,443

Sensitivity analysis

On 31 December 2024 and 2023, the pre-tax impact of variation in the interest rate on the Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income, assuming other variables remain constant, was as follows:

Millions of Euros		31 December 2024		31 December 2023
	Basis points change	Consolidated Income Statement	Consolidated Statement of Other Comprehensive Income	Consolidated Income Statement	Consolidated Statement of Other Comprehensive Income
Finance costs of variable gross borrowings after derivatives
Increase of the Interest Rate	+25	10	—	16	—
Reduction of the Interest Rate	-25	(10)	—	(16)	—
Fair value of derivative hedging instruments
Fair value
Increase of the Interest Rate	+25	(4)	—	(6)	—
Reduction of the Interest Rate	-25	4	—	6	—
Cash flow
Increase of the Interest Rate	+25	—	12	—	14
Reduction of the Interest Rate	-25	—	(12)	—	(14)
Fair value of Derivative Financial Instruments Not Designated as Hedging Instruments for Accounting Purposes
Increase of the Interest Rate	+25	—	—	—	—
Reduction of the Interest Rate	-25	—	—	—	—

41.2. Foreign exchange risk

Exchange rate risks correspond essentially to transactions to acquire energy raw materials (especially natural gas) in international markets where the price of these raw materials is normally denominated in United States Dollars (USD). Endesa also incurs this risk by managing financial debt denominated in foreign currency, supplies, insurance premium payments, maintenance contracts for plants and dividends.

With the aim of reducing exchange rate risk, Endesa has taken out financial currency swaps and exchange rate insurance, among others, and has also sought to find a balance between cash collection and payments from its assets and liabilities denominated in foreign currency.

In any case, the structure of the contracts adapts to that of the underlying financial instrument, and never exceeds the maturity of the underlying financial instrument, so that any changes in the fair value or cash flows of these contracts are offset by changes in the fair value or cash flows of the underlying position.

As of 31 December 2024 and 2023, the notional value breakdown of foreign exchange derivatives was as follows:

Millions of Euros		Net Notional Value
FOREIGN EXCHANGE DERIVATIVES	2024	2023
Energy Commodity Currency Contracts
Forward/Future Contracts	2,282	3,018
Other Contracts
Forward/Future Contracts	33	534
Total Forward/Future Contracts	2,315	3,552
TOTAL FOREIGN EXCHANGE DERIVATIVES	2,315	3,552

Sensitivity analysis

As of 31 December 2024 and 2023, the pre-tax impact of the evolution of the euro-to-US dollar (USD) exchange rate on the Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income, assuming other variables remain constant, was as follows:

Millions of Euros		31 December 2024		31 December 2023
	Percentage Variation	Consolidated Income Statement	Consolidated Statement of Other Comprehensive Income	Consolidated Income Statement	Consolidated Statement of Other Comprehensive Income
Fair value of derivative hedging instruments
Cash flow hedges
Euro Depreciation	10%	—	201	—	304
Euro Appreciation	10%	—	(165)	—	(249)
Fair value
Euro Depreciation	10%	—	—	—	—
Euro Appreciation	10%	—	—	—	—
Fair value of Derivative Financial Instruments Not Designated as Hedging Instruments for Accounting Purposes
Euro Depreciation	10%	(3)	—	(6)	—
Euro Appreciation	10%	3	—	5	—

41.3. Price risk of energy commodities

Endesa is exposed to the risk of fluctuations in energy commodity prices, including carbon dioxide (CO2 ) emission allowances and guarantees of origin, primarily through:

• Purchases of energy commodities for electricity generation.
• Energy trading in national and international markets

To manage this exposure, risk limits are monitored to ensure a balance between the expected returns and the risk assumed by the Company. These limits are based on projected outcomes with a 95% confidence interval. Industrial portfolio holdings are reviewed monthly based on Profit at Risk, while the trading portfolio is reviewed daily based on Value at Risk.

Additionally, specific risk analyses are conducted to assess the impact of key transactions on Endesa's risk profile and compliance with established limits.

In the long term, this risk is managed through contract diversification, procurement portfolio management based on indices that track similar or comparable trends to final electricity prices (generation) or sales prices (commercialisation), and contractual periodic renegotiation clauses designed to maintain the economic balance of procurement agreements.

In the short and medium term, fluctuations in energy commodity prices are managed through targeted hedging strategies, typically using derivatives.

The following table presents the notional value of outstanding transactions as of 31 December 2024 and 31 December 2023, classified by type of instrument:

Millions of Euros	Notional
ENERGY COMMODITY DERIVATIVES	2024	2023
Swaps	5,452	6,870
Forward/Future Contracts	4,750	5,488
Options	653	741
TOTAL ENERGY COMMODITY DERIVATIVES	10,855	13,099

Sensitivity analysis

As of 31 December 2024 and 2023, the pre-tax impact on the Consolidated Income Statement and the Consolidated Statement of Other Comprehensive Income from the existing energy commodity derivatives, assuming a change in commodity prices while other variables remain constant, is as follows:

Millions of Euros	31 December 2024			31 December 2023
Cash Flow Hedging Derivatives	Variation in Energy Commodity Prices	Consolidated Income Statement	Statement of Other Comprehensive Income	Variation in Energy Commodity Prices	Consolidated Income Statement	Statement of Other Comprehensive Income
	15 %	—	(75)	15 %	—	(198)
Liquid Fuels and Gas Derivatives	–15 %	—	75	-15 %	—	198
	15 %	—	139	15 %	—	284
Electricity Derivatives	–15 %	—	(139)	-15 %	—	(284)
Carbon Dioxide (CO2 ) Emission	15 %	—	(62)	15 %	—	(127)
Allowance Derivatives	–15 %	—	62	-15 %	—	127

Millions of Euros	31 December 2024			31 December 2023
Derivatives not Designated as Hedging Instruments	Variation in Energy Commodity Prices	Consolidated Income Statement	Statement of Other Comprehensive Income	Variation in Energy Commodity Prices	Consolidated Income Statement	Statement of Other Comprehensive Income
	15 %	(35)	—	15 %	4	—
Liquid Fuels and Gas Derivatives	–15 %	35	—	–15 %	(4)	—
	15 %	(43)	—	15 %	(7)	—
Electricity Derivatives	–15 %	43	—	–15 %	7	—
Carbon Dioxide (CO2 ) Emission	15 %	2	—	15 %	—	—
Allowance Derivatives	-15 %	(2)	—	–15 %	—	—

41.4. Liquidity risk

Liquidity risk arises from potential difficulties in meeting obligations associated with financial liabilities settled through cash or other financial assets. The primary goals of liquidity risk management are to ensure sufficient liquidity while minimising opportunity costs and to structure financial debt in line with maturities and funding sources. In the short term, liquidity risk is mitigated by maintaining sufficient resources available unconditionally, including cash and short-term deposits, drawable lines of credit and a portfolio of highly liquid assets.

Endesa's liquidity policy consists of arranging committed long-term credit facilities with banks and Enel Group companies and financial investments in an amount sufficient to cover projected needs over a given period based on the situation in and expectations about the debt and capital markets.

These needs include maturity of financial debt. Further details of the characteristics and conditions of financial debt and derivative financial instruments are provided in Notes 40.3 and 43, respectively.

The company's treasury function is centralised at Endesa S.A. and Endesa Financiación Filiales, S.A.U., which draw up cash forecasts to ensure that the Group has sufficient cash to meet operational needs, and maintain sufficient levels of availability in its loans and credit facilities.

LEGAL DOCUMENTATION 2024 | ENDESA, S.A.

AND SUBSIDIARIES

II. Consolidated Financial Statements Audit Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

Endesa's liquidity position as of 31 December 2024 is detailed in Note 40.4.1.

Endesa maintains a robust financial standing with access to substantial unconditional credit lines from top-tier banks.

However, to reinforce its liquidity position and ensure the continuity of business activities, Endesa has arranged a series of financial transactions (see Note 40.4.2).

The breakdown of the nominal value of Endesa's financial debt by maturity can be found in Note 40.3.

41.5. Credit risk

Credit risk is generated when a counterparty does not meet its obligations under a financial or commercial contract, giving rise to financial losses. Endesa is exposed to credit risk from its operational and financial activities, including derivatives, deposits with banks, transactions in foreign currency, and other financial instruments.

Endesa closely monitors the credit risk of its commodity, financial and commercial counterparties. The exposure to default risk with commercial counterparties has moderated due to the decline in energy prices compared to the previous year. Additionally, the Company's collection management efforts have helped reduce overdue debt (see Note 5.2).

Unexpected changes to the credit rating of a counterparty have an impact on the creditor's position in terms of solvency (non-compliance risk) or changes to market value (spread risk).

Endesa closely monitors credit risk and takes several additional precautions, including the following:

Endesa's Risk Policies
• Risk analysis, assessment, and monitoring of counterparty credit quality.
• Establishing contractual clauses guarantee requests, or contracting insurance where necessary.
• Strict monitoring of counterparty exposure levels.
• Diversification of counterparties.

Credit risk associated with accounts receivables from commercial activities has historically been limited due to the short collection period for customers. Individual customers do not typically accumulate significant outstanding balances before a potential supply suspension due to non-payment, in accordance with applicable regulations (see Note 32).

As of 31 December 2024, overdue customer debt from sales, service provision, and other receivables amounts to Euro 915 million, equivalent to 19.4 days of billing (1,254 million euros and 21.2 days of billing, respectively, as of 31 December 2023).

In terms of credit risk related to financial assets, Endesa follows these key risk management policies:

	Endesa's Risk Policies
Credit Risk of Financial Assets	• Endesa and its subsidiaries invest their cash surpluses in top-tier counterparties in the markets where they operate. As of 31 December 2024, the highest exposure from cash positions held with a counterparty outside the Enel Group amounts to 400 million euros (300 million euros as of 31 December 2023).
	• Interest rate and foreign exchange risk derivatives are arranged with highly solvent institutions. Thus, as of 31 December 2024, 93% of the total exposure from these transactions corresponds to entities rated 'A-' or higher (96% as of 31 December 2023).
	• The credit risk associated with financial instruments related to energy commodities is limited. As of 31 December 2024, and based on market values, the exposure in energy commodity derivatives is below 211 million euros (below 520 million euros as of 31 December 2023).
	• As of 31 December 2024, the highest accumulated risk from interest rate, foreign exchange, and energy commodity derivatives by counterparty amounts to 330 million euros, with no single counterparty accounting for more than 16% of the total credit risk of financial instruments (538 million euros and 31%, respectively, as of 31 December 2023).

As of 31 December 2024 and 2023, the following sureties, letters of guarantee, and pledges have been received as collateral for commercial transactions:

Millions of Euros	31 December 2024	31 December 2023
Business-to-business (B2B)	256	237
Counterparties in Energy Commodity Markets	441	148
TOTAL	697	385

654

As of 31 December 2024 and 2023, no guarantees, letters of guarantee or pledges have been executed in relation to commercial transactions for significant amounts.

Counterparty risk analysis

At 31 December 2024 and 2023, the breakdown of the credit rating of current and non-current unmatured financial assets, which do not belong to the categories of trade receivables and other debtors, assets from contracts with customers or other non-current assets, is as follows:

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated	V. Consolidated	VI. Statement of
Shareholders and	Financial Statements	Statement	Management Report	Financial Statements	Responsibility
Other Stakeholders	Audit Report	Verification Report

Millions of Euros Notes	31 December 2024	31 December 2023
Cash and Cash Equivalents 33	840	2.106
A+	764	501
A	36	487
A-	26	404
BBB+	10	215
BBB	1	389
BBB-	2	110
Counterparty Without a Credit Rating	1	—
Equity Instruments 40.1.2	6	6
A-	3	3
Counterparty Without a Credit Rating	3	3
Derivative Financial Instruments 43	918	1.933
AAA	452	505
AA-	1	10
A+	31	10
A	66	306
A-	118	207
BBB+	4	57
BBB	6	7
BBB-	—	87
BB+	—	16
BB	47	413
BB-	22	29
B+	1	1
B-	1	87
CCC+	8	1
CCC-	86	21
LC	73	175
D	—	1
Counterparty Without a Credit Rating 40.1.1	2	—
Financial Guarantees Recognised as Assets	351	1.220
AAA	309	1.201
A+	34	—
A	8	—
Counterparty Without a Credit Rating	—	19
Financial assets (1)	1,446	1,214
Financing of Revenue Shortfalls from Regulated Activities in Spain 6 and 40.1.1	201	—
Compensation for Generation Cost Overruns in Non-Peninsular Territories 6 and 40.1.1 (NPT)	364	558
Limitation on the Increase of the Last Resort Tariff (Tarifa de Último Recurso 6 and 40.1.1 — TUR) for Gas	—	5
Bonds and Deposits 40.1.1	433	434
Staff Loans 40.1.1	92	94
Loans to Associates, Joint Ventures, and Joint Operating Entities 40.1.1 and 46.2	77	71
Remuneration for Investment in Renewable Energies	73	—
Other Financial Assets 40.1.1	230	76
Impairment Adjustment	(24)	(24)
TOTAL	3,561	6,479

(1) It primarily includes accounts receivable from Public Administrations, as well as from counterparties without a credit rating.

41.6. Concentration risk

Endesa is exposed to the risk of concentration of customers and suppliers in the course of its business.

Customer concentration risk

The risk of customer concentration is managed and minimised through a business strategy based on several diversification criteria:

	Diversification Criteria
Customer Concentration Risk	• Types of costumers: large industrial customers, mid-sized companies, and residential customers, including both private individuals and Public Administrations.
	• Economic activity of customers: commercial relationship with customers operating in different sectors.
	• Product portfolio: electricity, natural gas, and other products and services.

This strategy ensures that sales to any single customer do not represent a significant share of Endesa's financial results.

The company actively monitors this risk by regularly reviewing customer accounts receivables (both overdue and current debt) at both the individual customer level and the Group level for entities under common control.

656

As of 31 December 2024, accounts receivable from Endesa's 10 largest customers (Business Group) accounted for less than 21.3% of the total, with no single customer exceeding 3.7% of the total (32.1% and 9.1%, respectively, as of 31 December 2023).

Supplier concentration risk

Endesa's relationships with key service suppliers and providers are essential for the development and growth of its business. Endesa's dependence on these relationships could affect its ability to negotiate contracts with these parties under favourable conditions. To mitigate this risk, Endesa has established technical and financial qualification processes to ensure the quality of both the goods and services it procures, as well as the financial stability of its suppliers. Additionally, the company maintains a diversified supplier portfolio across all procurement categories, making it easier to replace a supplier in case of disruption and thereby mitigating supplier concentration risk.

As of 31 December 2024, the 10 largest suppliers accounted for no more than 21.4% of the total (compared to 28.1% as of 31 December 2023).

The potential loss of an individual supplier is not expected to have a significant impact on concentration risk, given the low level of supplier concentration and the company's strong ability to replace suppliers. Nonetheless, Endesa continues to closely monitor the evolution of this risk (see Note 5.2).

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

41.7. Risk of purchase commitments for energy commodities

As of 31 December 2024, the total amount of commitments for the purchase of inventories stands at Euro 18,252 million euros (18,848 million euros as of 31 December 2023), including those related to agreements with 'take or pay' clauses (see Note 31.3).

The Company's Directors believe that Endesa will be able to fulfil these commitments, thus they anticipate no significant contingencies arising from this matter.

42. Offsetting non-current and current financial assets and liabilities

As of 31 December 2024 and 2023, offset and nonoffset non-current and current financial assets and liabilities designated for offsetting include:

Millions of Euros	31 December 2024
	Gross	Amount Designated for Offsetting	Net Financial Assets Presented in the Financial Statements	Amounts Under Non-Offset Netting Agreements
Notes	Financial Assets			Financial Instrument	Financial Guarantees	Net Amount
Non-Current Assets from Contracts 27.1 with Customers	—	—	—	—	—	—
Other Non-Current Financial Assets	28 829	—	829	—	—	829
Non-current derivative financial 43 instruments	377	—	377	(22)	42	397
Other Non-Current Assets	29 486	—	486	—	—	486
TOTAL NON-CURRENT ASSET-BASED FINANCIAL INSTRUMENTS	1,692	—	1,692	(22)	42	1,712
Trade Receivables from Sales and Services and other Debtors(1)	32 4,194	—	4,194	(232)	—	3,962
Current Assets from Contracts with 27.1 Customers	12	—	12	—	—	12
Other current financial assets	30 974	—	974	—	(2)	972
Current derivative financial 43 instruments	541	—	541	(79)	—	462
Cash and Cash Equivalents	33 840	—	840	—	—	840
TOTAL CURRENT ASSET-BASED FINANCIAL INSTRUMENTS	6,561	—	6,561	(311)	(2)	6,248

(1) Does not include balances with Public Administrations.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report IV. Consolidated Management Report VI. Statement of Responsibility V. Consolidated Financial Statements

Millions of Euros		31 December 2023
		Gross	Amount	Net Financial Assets Presented in	Amounts Under Non-Offset Netting Agreements
	Notes	Financial Assets	Designated for Offsetting	the Financial Statements	Financial Instrument	Financial Guarantees	Net Amount
Non-Current Assets from Contracts with Customers	27.1	—	—	—	—	—	—
Other Non-Current Financial Assets	28	663	—	663	—	—	663
Non-current derivative financial instruments	43	879	—	879	(564)	—	315
Other Non-Current Assets	29	386	—	386	—	—	386
TOTAL NON-CURRENT ASSET-BASED FINANCIAL INSTRUMENTS		1,928	—	1,928	(564)	—	1,364
Trade Receivables from Sales and Services and other Debtors(1)	32	4,912	—	4,912	(284)	—	4,628
Current Assets from Contracts with Customers	27.1	4	—	4	—	—	4
Other current financial assets	30	1,777	—	1,777	—	(835)	942
Current derivative financial instruments	43	1,054	—	1,054	(775)	—	279
Cash and Cash Equivalents	33	2,106	—	2,106	—	—	2,106
TOTAL CURRENT ASSET-BASED FINANCIAL INSTRUMENTS		9,853	—	9,853	(1,059)	(835)	7,959

(1) Does not include balances with Public Administrations.

Millions of Euros	31 December 2024
		Gross	Amount	Net Financial Liabilities Presented in	Amounts Under Non-Offset Netting Agreements
	Notes	Financial Liabilities	Designated for Offsetting	the Financial Statements	Financial Instrument	Financial Guarantees	Net Amount
Non-Current Liabilities from Contracts with Customers	27.2	4,413	—	4,413	—	—	4.413
Non-Current Financial Debt	40.3	9,881	—	9,881	—	—	9.881
Non-current derivative financial instruments	43	336	—	336	(64)	—	272
Other non-current financial liabilities	38	64	—	64	—	—	64
Other non-current liabilities	37	574	—	574	—	—	574
TOTAL NON-CURRENT LIABILITY BASED FINANCIAL INSTRUMENTS		15,268	—	15,268	(64)	—	15.204
Non-current liabilities from contracts with customers	27.2	487	—	487	—	—	487
Current financial debt	40.3	613	—	613	—	—	613
Current derivative financial instruments	43	656	—	656	3	—	659
Other non-current financial liabilities	38	97	—	97	—	—	97
Suppliers and other Payables(1)	39	5,149	—	5,149	(232)	—	4,917
TOTAL CURRENT LIABILITY-BASED FINANCIAL INSTRUMENTS		7,002	—	7,002	(229)	—	6,773

(1) Does not include balances with Public Administrations.

Millions of Euros	31 December 2024
		Gross Financial Liabilities	Amount Designated for Offsetting	Net Financial Liabilities Presented in the Financial Statements	Amounts Under Non-Offset Netting Agreements
	Notes				Financial Instrument	Financial Guarantees	Net Amount
Non-Current Liabilities from Contracts with Customers	27.2	4,348	—	4,348	—	—	4,348
Non-Current Financial Debt	40.3	9,636	—	9,636	—	—	9,636
Non-current derivative financial instruments	43	544	—	544	(372)	—	172
Other non-current financial liabilities	38	8	—	8	—	—	8
Other non-current liabilities	37	578	—	578	—	—	578
TOTAL NON-CURRENT LIABILITY BASED FINANCIAL INSTRUMENTS		15,114	—	15,114	(372)	—	14,742
Non-current liabilities from contracts with customers	27.2	427	—	427	—	—	427
Current financial debt	40.3	4,091	—	4,091	—	(228)	3,863
Current derivative financial instruments	43	1,673	—	1,673	(1,574)	—	99
Other non-current financial liabilities	38	104	—	104	—	—	104
Suppliers and other Payables(1)	39	6,242	—	6,242	(284)	—	5,958
TOTAL CURRENT LIABILITY-BASED FINANCIAL INSTRUMENTS		12,537	—	12,537	(1,858)	(228)	10,451

(1) Does not include balances with Public Administrations.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

43. Derivative financial instruments

As of 31 December 2024 and 2023, the 'Derivative Financial Instruments' heading in the Consolidated Statement of Financial Position includes:

Millions of Euros	31 December 2024		31 December 2023
	Non-Current	Current	Non-Current	Current
Derivative Financial Assets	377	541	879	1,054
Derivative Financial Liabilities	336	656	544	1,673

In line with the risk management policy outlined in Note 41, Endesa enters into derivative contracts primarily for interest rates, exchange rates, and hedging of physical transactions.

Endesa does not disclose separate information on embedded derivatives, as their characteristics and the associated financial risks are closely tied to the underlying contracts.

As of 31 December 2024 and 2023, the composition of the balances, including their notional amounts and the changes in derivative financial instruments, was as follows:

Millions of Euros		Non-Current Assets			Current Assets
	Notional		Fair Value		Notional		Fair Value
	2024	2023	2024	2023	2024	2023	2024	2023
Fair Value Hedging Derivatives	12	12	2	3	—	—	—	—
Interest Rate	12	12	2	3	—	—	—	—
Cash flow hedging derivatives	2,266	4,493	332	797	3,162	3,252	368	696
Interest Rate	622	706	39	54	—	—	—	—
Exchange Rate	715	312	38	3	1,252	900	70	32
Energy Commodities	929	3,475	255	740	1,910	2,352	298	664
Derivatives not Designated as Hedging Instruments	361	483	43	79	1,678	1,310	173	358
Exchange Rate	21	76	—	—	50	12	4	1
Energy Commodities	340	407	43	79	1,628	1,298	169	357
TOTAL	2,639	4,988	377	879	4,840	4,562	541	1,054

Millions of Euros		Non-Current Liabilities			Current Liabilities
	Notional		Fair value		Notional		Fair value
	2024	2023	2024	2023	2024	2023	2024	2023
Fair value hedging derivatives	675	675	16	27	—	500	—	16
Interest Rate	675	675	16	27	—	500	—	16
Cash flow hedging derivatives	2,536	2,839	271	414	2,551	3,161	502	1,138
Interest Rate	550	550	20	18	—	—	—	—
Exchange Rate	—	1,164	—	23	174	522	3	12
Energy Commodities	1,986	1,125	251	373	2,377	2,639	499	1,126
Derivatives not Designated as Hedging Instruments	324	442	49	103	1,464	1,927	154	519
Exchange Rate	21	64	—	—	82	502	7	8
Energy Commodities	303	378	49	103	1,382	1,425	147	511
TOTAL	3,535	3,956	336	544	4,015	5,588	656	1,673

The notional amount of the contracts concluded by Endesa does not represent the risk assumed by the company, as it simply serves as the basis for calculating the settlement of the derivative.

662

43.1. Derivative financial instruments designated as cash flow hedges

As of 31 December 2024, Endesa has reviewed that the criteria established by the regulations to apply hedge accounting continue to be complied with.

In 2024, there have been no discontinuations of derivatives initially designated as cash flow hedges.

In 2023, there were discontinuations in derivatives initially designated as cash flow hedges, resulting in 28 million euros in income. This was primarily due to the cancellation of a loan with Caixabank, S.A. in September 2023, along with the associated derivatives.

III. Sustainability Statement

IV. Consolidated Management Report Financial Statements

V. Consolidated

VI. Statement of Responsibility

43.1.1. Interest rate risk

Maturity

As of 31 December 2024 and 2023, the notional value and average interest rate of interest rate cash flow hedging derivatives, broken down by maturity, were as follows:

		Maturity
Cash Flow Hedging Derivatives as of 31 December 2024		2025	2026	2027	2028	2029	Subsequent	Total
Interest Rate Swaps (IRS) in Euros	Notional (millions of euros)	—	—	250	—	—	922	1,172
	Average Interest Rate (%)	—	—	3.0	—	—	1.6

		Maturity
Cash Flow Hedging Derivatives as of 31 December 2023		2024	2025	2026	2027	2028	Subsequent	Total
Interest Rate Swaps (IRS) in Euros	Notional (millions of euros)	—	—	—	250	—	1,006	1,256
	Average Interest Rate (%)	—	—	—	3.0	—	2.3

As of 31 December 2024 and 2023, the notional value and average interest rate of fair value interest rate hedging derivatives, broken down by maturity, were as follows:

		Maturity
Fair Value Hedging Derivatives as of 31 December 2024		2025	2026	2027	2028		2029 Subsequent	Total
Interest Rate Swaps (IRS) in Euros	Notional (millions of euros)	—	—	675	—	—	12	687
	Average Interest Rate (%)	—	—	1.9	—	—	5.7

		Maturity
Fair Value Hedging Derivatives as of 31 December 2023		2024	2025	2026	2027	2028	Subsequent	Total
Interest Rate Swaps (IRS) in Euros	Notional (millions of euros)	500	—	—	675	—	12	1,187
	Average Interest Rate (%)	0.1	—	—	1.9	—	5.7

Hedged item

As of 31 December 2024 and 2023, interest rate hedging derivatives, broken down by designation and classified by type of hedged item, were as follows:

Millions of Euros	31 December 2024
INTEREST RATE DERIVATIVES	Hedged Item	Net Notional Value	Net Fair Value	Notional Financial Assets	Fair Value of Assets	Notional Financial Liabilities	Fair Value of Liabilities
Cash Flow Hedging Derivatives		1,172	19	622	39	550	20
Interest Rate Swaps	Variable-Rate Financing	1,172	19	622	39	550	20
Fair value hedging derivatives		687	(14)	12	2	675	16
	Fixed-Rate Bonds	12	2	12	2	—	—
Interest Rate Swaps	Fixed-Rate Financing	675	(16)	—	—	675	16
Total Interest Rate Swaps		1,859	5	634	41	1,225	36
TOTAL INTEREST RATE DERIVATIVES		1,859	5	634	41	1,225	36

Millions of Euros	31 December 2023
INTEREST RATE DERIVATIVES	Hedged Item	Net Notional Value	Net Fair Value	Notional Financial Assets	Fair Value of Assets	Notional Financial Liabilities	Fair Value of Liabilities
Cash Flow Hedging Derivatives		1,256	36	706	54	550	18
Interest Rate Swaps	Variable-Rate Financing	1,256	36	706	54	550	18
Fair value hedging derivatives		1,187	(40)	12	3	1,175	43
	Fixed-Rate Bonds	12	3	12	3	—	—
Interest Rate Swaps	Fixed-Rate Financing	1,175	(43)	—	—	1,175	43
Total Interest Rate Swaps		2,443	(4)	718	57	1,725	61
TOTAL INTEREST RATE DERIVATIVES		2,443	(4)	718	57	1,725	61

Stratification of expected cash flows

As of 31 December 2024 and 2023, the expected cash flows from these derivatives for the upcoming periods were as follows:

Millions of Euros	Stratification of Expected Cash Flows
INTEREST RATE DERIVATIVES Present Value (Net of Accrued Interest)	31 December 2024	2025	2026	2027	2028	2029	Subsequent
Cash Flow Hedging Derivatives	19	8	1	3	4	2	2
Positive Fair Value	39	12	7	7	6	4	7
Negative Fair Value	(20)	(4)	(6)	(4)	(2)	(2)	(5)
Fair value hedging derivatives	(14)	(13)	(4)	(5)	—	—	1
Positive Fair Value	2	—	1	—	—	—	1
Negative Fair Value	(16)	(13)	(5)	(5)	—	—	—

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

Millions of Euros	Stratification of Expected Cash Flows
INTEREST RATE DERIVATIVES Present Value (Net of Accrued Interest)	31 December 2023	2024	2025	2026	2027	2028	Subsequent
Cash Flow Hedging Derivatives	36	24	5	3	2	4	8
Positive Fair Value	54	21	10	8	7	6	13
Negative Fair Value	(18)	3	(5)	(5)	(5)	(2)	(5)
Fair value hedging derivatives	(40)	(41)	(9)	(5)	(4)	—	1
Positive Fair Value	3	—	—	—	—	—	1
Negative Fair Value	(43)	(41)	(9)	(5)	(4)	—	—

Effect of cash flow hedging derivatives on the Consolidated Financial Statements

The effect of the cash flow hedging derivatives on the Consolidated Statement of Financial Position, the Consolidated Income Statement, and the Consolidated Statement of Other Comprehensive Income has been:

Millions of Euros		31 December 2024		2024
	Net Notional Value	Fair Value of Assets(1)	Fair Value of Liabilities(2)	Changes in Fair Value in Other Comprehensive Income	Amount Reclassified from the Statement of Other Comprehensive Income to the Income Statement(3)(4)	Amount Reclassified from the Statement of Other Comprehensive Income to the Income Statement(4)(5)	Changes in Fair Value Recognised in the Income Statement due to Ineffectiveness
Cash Flow Hedging Derivatives
Interest Rate Swaps	1,172	39	(20)	(19)	25	—	2
TOTAL CASH FLOW

HEDGING DERIVATIVES 1,172 ³⁹ (20) (19) ²⁵ — ²

(1) Included under the 'Derivative Financial Instruments' heading in the Assets section of the Consolidated Statement of Financial Position.

(2) Included under the 'Derivative Financial Instruments' heading in the Liabilities section of the Consolidated Statement of Financial Position.

(3) Amount reclassified in the Consolidated Income Statement due to the impact of the hedged item on the result. (4) Included under the 'Income and Expenses from Derivative Financial Instruments' heading of the Consolidated Income Statement.

(5) Amount reclassified in the Consolidated Income Statement because cash flows from Forward/Future Contracts are no longer expected to occur.

Millions of Euros	31 December 2023			2023
	Net Notional Value	Fair Value of Assets(1)	Fair Value of Liabilities(2)	Changes in Fair Value in Other Comprehensive Income	Amount Reclassified from the Statement of Other Comprehensive Income to the Income Statement (3)(4)	Amount Reclassified from the Statement of Other Comprehensive Income to the Income Statement(4)(5)	Changes in Fair Value Recognised in the Income Statement due to Ineffectiveness
Cash Flow Hedging Derivatives
Interest Rate Swaps	1,256	54	(18)	(70)	44	22	(3)
TOTAL CASH FLOW HEDGING DERIVATIVES	1,256	54	(18)	(70)	44	22	(3)

(1) Included under the 'Derivative Financial Instruments' heading in the Assets section of the Consolidated Statement of Financial Position.

(2) Included under the 'Derivative Financial Instruments' heading in the Liabilities section of the Consolidated Statement of Financial Position.

(3) Amount reclassified to the Consolidated Income Statement due to the impact of the hedged item on the result. (4) Included under the 'Income and Expenses from Derivative Financial Instruments' heading of the Consolidated Income Statement.

(5) Amount reclassified to the Consolidated Income Statement because cash flows from Forward/Future Contracts are no longer expected to occur.

As of 31 December 2024, considering the effective cash flow hedges, 32% of the debt was hedged against interest rate risk (20% as of 31 December 2023). If we include fair value hedges, this percentage increases to 39% as of 31 December 2024 (29% as of 31 December 2023).

Effect of fair value hedging derivatives on the Consolidated Financial Statements

As of 31 December 2024 and 2023, the effect of fair value hedging derivatives in the Consolidated Statement of Financial Position was as follows:

Millions of Euros	31 December 2024
	Net Notional Value	Fair Value of Assets(1)	Fair Value of Liabilities(2)
Fair value hedging derivatives
Interest Rate Swaps	687	2	(16)
TOTAL FAIR VALUE HEDGING DERIVATIVES	687	2	(16)

(1) Included under the 'Derivative Financial Instruments' heading in the Assets section of the Consolidated Statement of Financial Position (2) Included under the 'Derivative Financial Instruments' heading in the Liabilities section of the Consolidated Statement of Financial Position

Millions of Euros	31 December 2023
	Net Notional Value	Fair Value of Assets(1)	Fair Value of Liabilities(2)
Fair value hedging derivatives
Interest Rate Swaps	1,187	3	(43)
TOTAL FAIR VALUE HEDGING DERIVATIVES	1,187	3	(43)

(1) Included under the 'Derivative Financial Instruments' heading in the Assets section of the Consolidated Statement of Financial Position

(2) Included under the 'Derivative Financial Instruments' heading in the Liabilities section of the Consolidated Statement of Financial Position

666

As of 31 December 2024 and 2023, the effect of the item hedged by fair value hedging derivatives in the Consolidated Statement of Financial Position was as follows:

Millions of Euros		31 December 2024		31 December 2023
	Carrying Amount of the Item	Cumulative Fair Value Hedge Adjustments on the Hedged Item	Fair Value Used to Measure the Ineffectiveness for the Year	Carrying Amount of the Item	Cumulative Fair Value Hedge Adjustments on the Hedged Item	Fair Value Used to Measure the Ineffectiveness for the Year
Fair Value Hedging Derivatives
Fixed-Term Debt	665	(22)	13	654	(33)	24
TOTAL FAIR VALUE HEDGING DERIVATIVES	665	(22)	13	654	(33)	24

In 2024 and 2023, the amount recorded in the Consolidated Income Statement from the derivative and the hedged item under fair value hedges was as follows:

Millions of Euros		2024	2023
Notes	Income	Expenses	Income	Expenses
Hedged Items 16.1	6	35	—	43
Derivatives(1) 16.2	28	—	44	—
TOTAL	34	35	44	43

(1) Without settlements.

43.1.2. Foreign exchange risk

Maturity

As of 31 December 2024 and 2023, the notional value and average exchange rate of foreign exchange hedging derivatives, broken down by maturity, are as follows:

	Maturity
Cash Flow Hedging Derivatives as of 31 December 2024			2027	2028	2029	Subsequent	Total
Notional (Millions of Euros)	1,426	714	1	—	—	—	2,141
Average EUR/USD Exchange Rate	1.10	1.13	1.10	—	—	—
		2025	2026

		Maturity
Cash Flow Hedging Derivatives as of 31 December 2023		2024	2025	2026	2027	2028	Subsequent	Total
Forward/Future Contracts EUR/ USD Exchange Rate	Notional (Millions of Euros)	1,422	980	496	—	—	—	2,898
	Average EUR/USD Exchange Rate	1.12	1.11	1.13	—	—	—

Hedged item

As of 31 December 2024 and 2023, the notional value and fair value of foreign exchange hedging derivatives, broken down by designation and classified by type of hedged item, are as follows:

Millions of Euros	31 December 2024
FOREIGN EXCHANGE DERIVATIVES		Net Notional Value	Net Fair Value	Notional Financial Assets	Fair Value of Assets	Notional Financial Liabilities	Fair Value of Liabilities
Cash Flow Hedging Derivatives
Forward/Future Currency Contracts	Currency Commodity Contracts	2,108	104	1,934	107	174	3
	Other Contracts	33	1	33	1	—	—
Total Forward/Future Contracts		2,141	105	1,967	108	174	3
TOTAL FOREIGN EXCHANGE DERIVATIVES		2,141	105	1,967	108	174	3

Millions of Euros	31 December 2023
FOREIGN EXCHANGE DERIVATIVES		Net Notional Value	Net Fair Value	Notional Financial Assets	Fair Value of Assets	Notional Financial Liabilities	Fair Value of Liabilities
Cash Flow Hedging Derivatives
Forward/Future Currency Contracts	Currency Commodity Contracts	2,875	—	1,199	35	1,676	35
	Other Contracts	23	—	13	—	10	—
Total Forward/Future Contracts		2,898	—	1,212	35	1,686	35
TOTAL FOREIGN EXCHANGE DERIVATIVES		2,898	—	1,212	35	1,686	35

Stratification of expected cash flows

As of 31 December 2024 and 2023, the expected cash flows from these derivatives for the upcoming periods were as follows:

Millions of Euros	Stratification of Expected Cash Flows
Present Value (Net of Accrued Interest)	31 December 2024	2025	2026	2027	2028	2029	Subsequent
Foreign Exchange Derivatives — Cash Flow Hedge	105	67	38	—	—	—	—
Positive Fair Value	108	70	38	—	—	—	—
Negative Fair Value	(3)	(3)	—	—	—	—	—
Foreign Exchange Derivatives — Fair Value Hedge	—	—	—	—	—	—	—
Positive Fair Value	—	—	—	—	—	—	—
Negative Fair Value	—	—	—	—	—	—	—

Stratification of Expected Cash Flows
31 December 2023	2024	2025	2026	2027	2028	Subsequent
—	22	(16)	(6)	—	—	—
35	33	2	—	—	—	—
(35)	(11)	(18)	(6)	—	—	—
—	—	—	—	—	—	—
—	—	—	—	—	—	—
—	—	—	—	—	—	—

Effect of cash flow hedging derivatives on the Consolidated Financial Statements

The effect of the cash flow hedging derivatives on the Consolidated Statement of Financial Position, the Consolidated Income Statement, and the Consolidated Statement of Other Comprehensive Income has been:

Millions of Euros		31 December 2024		2024
	Net Notional Value	Fair Value of Assets(1)	Fair Value of Liabilities(2)	Changes in Fair Value in Other Comprehensive Income	Amount Reclassified from the Statement of Other Comprehensive Income to the Income Statement(3)(4)	Amount Reclassified from the Statement of Other Comprehensive Income to the Income Statement(4)(5)	Changes in Fair Value Recognised in the Income Statement due to Ineffectiveness(4)
Cash Flow Hedging Derivatives
Forward/Foreign Exchange Future Contracts	2,141	108	(3)	104	57	—	—
TOTAL CASH FLOW HEDGING DERIVATIVES	2,141	108	(3)	104	57	—	—

(1) Included under the 'Derivative Financial Instruments' headings in the Assets section of the Consolidated Statement of Financial Position.

(2) Included under the 'Derivative Financial Instruments' headings in the Liabilities section of the Consolidated Statement of Financial Position.

(3) Amount reclassified to the Consolidated Income Statement due to the impact of the hedged item on the result. (4) Included under the 'Income and Expenses from Energy Commodity Derivatives' heading of the Consolidated Income Statement.

(5) Amount reclassified to the Consolidated Income Statement because cash flows from Forward/Future Contracts are no longer expected to occur.

Millions of Euros		31 December 2023
	Net Notional Value	Fair Value of Assets(1)	Fair Value of Liabilities(2)	Changes in Fair Value in Other Comprehensive Income	Amount Reclassified from the Statement of Other Comprehensive Income to the Income Statement(3)(4)	Amount Reclassified from the Statement of Other Comprehensive Income to the Income Statement(4)(5)	Changes in Fair Value Recognised in the Income Statement due to Ineffectiveness(4)
Cash Flow Hedging Derivatives
Foreign Exchange Futures/ Forward contracts	2,898	35	(35)	(100)	63	—	—
TOTAL CASH FLOW HEDGING DERIVATIVES	2,898	35	(35)	(100)	63	—	—

(1) Included under the 'Derivative Financial Instruments' headings in the Assets section of the Consolidated Statement of Financial Position.

(2) Included under the 'Derivative Financial Instruments' headings in the Liabilities section of the Consolidated Statement of Financial Position.

(3) Amount reclassified to the Consolidated Income Statement due to the impact of the hedged item on the result. (4) Included under the 'Income and Expenses from Energy Commodity Derivatives' heading of the Consolidated Income Statement.

(5) Amount reclassified to the Consolidated Income Statement because cash flows from Forward/Future Contracts are no longer expected to occur.

43.1.3. Energy commodity risk

Maturity

As of 31 December 2024 and 2023, the notional value and average price of energy commodity hedging derivatives, broken down by maturity, are as follows:

台	4 →	0	e
---	-----	---	---

Millions of Euros				Maturity
Cash Flow Hedging Derivatives as of 31 December 2024			2025	2026	2027	2028	2029	Subsequent	Total
Swaps
		Notional (Millions of Euros)	381	12	—	—	—	—	393
	Barrels	Average Price (USD/ Thousands of Barrels)	77.7	70.4	—	—	—	—	—
		Notional (Millions of Euros)	390	73	—	—	—	—	463
Liquid Fuels and Gas	MBTU	Average Price (USD/MBTU)	4.2	4.1	—	—	—	—	—
Derivatives	Metric	Notional (Millions of Euros)	174	—	—	—	—	—	174
	Tonnes	Average Price (USD/MT) 578.7 — — Notional (Millions of Euros) 1,292 362 2 Average Price (€/MWh) 50.2 34.3 26.8 Notional (Millions of Euros) 237 159 153 Average Price (€/MWh) 52.4 38.0 34.2 Notional (Millions of Euros) — — — Average Price (USD/ — — — Thousands of Barrels) Notional (Millions of Euros) 29 251 — Average Price (USD/MBTU) 3.4 4.0 — Notional (Millions of Euros) 1,470 741 1 Average Price (€/MWh) 40.1 33.8 27.4	—	—	—	—
						—	—	—	1,656
Electricity Derivatives	MWh					—	—	—	—
	MWh					150	148	600	1,447
						33.5	33.2	32.8	—
Forward/Future Contracts
	Barrels					—	—	—	—
						—	—	—	—
Liquid Fuels and Gas						—	—	— — — — — — 36 26.7 636	280
Derivatives	MBTU					—	—		—
						—	—		2,212
	MWh					—	—		—
Carbon Dioxide (CO2 ) Emission	Metric Tonnes	Notional (Millions of Euros)	494	47	—	—	—		541
Allowance Derivatives		Average Price (€/MT)	82.5	69.3	—	—	—		—
Options
		Notional (Millions of Euros)	—	—	—	—	—		36
Electricity Derivatives	MWh	Average Price (€/MWh)	—	—	—	—	—		—
TOTAL NOTIONAL VALUE			4,467 1,645		156	150	148		7,202

VI. Statement of Responsibility

Millions of Euros				Maturity
Cash Flow Hedging Derivatives as of 31 December 2023			2024	2025	2026	2027	2028	Subsequent	Total
Swaps
		Notional (Millions of Euros)	493	106	11	—	—	—	610
	Barrels	Average Price (USD/ Thousands of Barrels)	75.3	78.4	69.4	—	—	—	—
		Notional (Millions of Euros)	410	366	68	—	—	—	844
Liquid Fuels and Gas	MBTU	Average Price (USD/MBTU)	3.7	4.2	4.1	—	—	—	—
Derivatives	Metric	Notional (Millions of Euros)	525	—	—	—	—	—	525
	Tonnes	Average Price (USD/MT)	682.2	—	—	—	—	—	—
		Notional (Millions of Euros)	1,137	1,338	228	—	—	—	2,703
	MWh	Average Price (€/MWh)	61.5	56.1	35.5	—	—	—	—
Electricity Derivatives		Notional (Millions of Euros)	128	106	100	93	90	286	803
	MWh	Average Price (€/MWh)	79.3	42.5	37.1	35.0	34.1	32.1	—
Forward/Future Contracts
		Notional (Millions of Euros)	72	—	—	—	—	—	72
	Barrels	Average Price (USD/ Thousands of Barrels)	79.9	—	—	—	—	—	—
Liquid Fuels and Gas		Notional (Millions of Euros)	6.0	25.0	176.0	—	—	—	207.0
Derivatives	MBTU	Average Price (USD/MBTU)	3.1	3.4	4.0	—	—	—	—
		Notional (Millions of Euros)	1,757	303	451	—	—	—	2,511
	MWh	Average Price (€/MWh)	72.0	50.9	36.7	—	—	— — — 342 33.3 628	—
Carbon Dioxide (CO2 )	Metric	Notional (Millions of Euros)	445	337	21	—	—		803
Emission Allowance Derivatives	Tonnes	Average Price (€/MT)	91.9	92.9	84.5	—	—		—
Options
		Notional (Millions of Euros)	19	34	39	39	40		513
Electricity Derivatives	MWh	Average Price (€/MWh)	33.6	33.7	33.8	33.8	33.8		—
TOTAL NOTIONAL VALUE			4,992	2,615	1,094	132	130		9,591

Hedged item

As of 31 December 2024 and 2023, the notional value and fair value of energy commodity hedging derivatives, classified by type of commodity, were as follows:

Millions of Euros		Assets				Liabilities
	Notional Fair Value			Notional		Fair Value
Energy Commodity Derivatives	2024 2023		2024 2023		2024 2023		2024 2023
Cash Flow Hedging Derivatives
Liquid Fuels and gas Derivatives	1,912	3,997	259	880	3,266	3,475	632	1,273
Swaps	487	2,763	41	613	2,199	1,919	389	430
Forward/Future Contracts	1,425	1,234	218	267	1,067	1,556	243	843
Electricity Derivatives	507	1,190	216	433	976	126	94	224
Swaps	471	677	207	353	976	126	94	162
Options	36	513	9	80	—	—	—	62
Carbon Dioxide (CO2 ) Emission Allowance Derivatives	420	640	78	91	121	163	24	2
Forward/Future Contracts	420	640	78	91	121	163	24	2
TOTAL ENERGY COMMODITY DERIVATIVES	2,839	5,827	553	1,404	4,363	3,764	750	1,499

Fair value stratification

As of 31 December 2024 and 2023, the expected cash flows from these derivatives for the upcoming periods are as follows:

Millions of Euros	Fair Value Stratification
Fair Value	31 December 2024	2025	2026	2027	2028	2029	Subsequent
Cash Flow Hedging Derivatives
Liquid Fuels and Gas Derivatives	(373)	(255)	(118)	—	—	—	—
Electricity Derivatives	122	36	24	18	19	21	4
Carbon Dioxide (CO2 ) Emission Allowance Derivatives	54	58	(4)	—	—	—	—

Millions of Euros	Fair Value Stratification
Fair Value	31 December 2023	2024	2025	2026	2027	2028	Subsequent
Cash Flow Hedging Derivatives
Liquid Fuels and Gas Derivatives	(393)	(567)	115	59	—	—	—
Electricity Derivatives	209	51	26	22	26	29	55
Carbon Dioxide (CO2 ) Emission Allowance Derivatives	89	54	35	—	—	—	—

IV. Consolidated Management Report V. Consolidated Financial Statements

Responsibility

Effect of cash flow hedging derivatives on the Consolidated Financial Statements

The effect of the cash flow hedging derivatives on the Consolidated Statement of Financial Position, the Consolidated Income Statement, and the Consolidated Statement of Other Comprehensive Income has been:

Millions of Euros		31 December 2024				2024
	Net Notional Value	Fair Value of Assets(1)	Fair Value of Liabilities(2)	Changes in Fair Value in the Consolidated Statement of Other Comprehensive Income	Amount Reclassified from the Consolidated Statement of Other Comprehensive Income to the Consolidated Income Statement(3)(4)	Amount Reclassified from the Consolidated Statement of Other Comprehensive Income to the Consolidated Income Statement(4)(5)	Changes in Fair Value Recognised in the Income Statement due to Ineffectiveness(4)
Cash Flow Hedging Derivatives
Liquid Fuels and Gas Derivatives	5,178	259	632	243	(532)	—	162
Electricity Derivatives	1,483	216	94	(102)	(70)	—	4
Carbon Dioxide (CO2 ) Emission Allowance Derivatives	541	78	24	(39)	—	—	3
TOTAL CASH FLOW HEDGING DERIVATIVES	7,202	553	750	102	(602)	—	169

(1) Included under the 'Derivative Financial Instruments' headings in the Assets section of the Consolidated Statement of Financial Position.

(2) Included under the 'Derivative Financial Instruments' heading in the Liabilities section of the Consolidated Statement of Financial Position.

(3) Amount reclassified to the Consolidated Income Statement due to the impact of the hedged item on the result.

(4) Included under the 'Income and Expenses from Energy Commodity Derivatives' heading of the Consolidated Income Statement.

(5) Amount reclassified to the Consolidated Income Statement because future cash flows are no longer expected to occur.

Millions of Euros		31 December 2023			2023
	Net Notional Value	Fair Value of Assets(1)	Fair Value of Liabilities(2)	Changes in Fair Value in the Consolidated Statement of Other Comprehensive Income	Amount Reclassified from the Consolidated Statement of Other Comprehensive Income to the Consolidated Income Statement(3)(4)	Amount Reclassified from the Consolidated Statement of Other Comprehensive Income to the Consolidated Income Statement(4)(5)	Changes in Fair Value Recognised in the Income Statement due to Ineffectiveness(4)
Cash Flow Hedging Derivatives
Liquid Fuels and Gas Derivatives	7,472	880	1,273	4,465	(1,473)	6	166
Electricity Derivatives	1,316	433	224	(443)	(456)	—	34
Carbon Dioxide (CO2 ) Emission Allowance Derivatives	803	91	2	59	—	—	—
TOTAL CASH FLOW HEDGING DERIVATIVES	9,591	1,404	1,499	4,079	(1,929)	6	200

(1) Included under the 'Derivative Financial Instruments' headings in the Assets section of the Consolidated Statement of Financial Position

(2) Included under the 'Derivative Financial Instruments' heading in the Liabilities section of the Consolidated Statement of Financial Position

(3) Amount reclassified to the Consolidated Income Statement due to the impact of the hedged item on the result.

(4) Included under the 'Income and Expenses from Energy Commodity Derivatives' heading of the Consolidated Income Statement.

(5) Amount reclassified to the Consolidated Income Statement because future cash flows are no longer expected to occur.

43.2. Derivative financial instruments not designated as cash flow hedges

Maturity

As of 31 December 2024 and 2023, the notional value, broken down by maturity, was as follows:

Millions of Euros	Notional Value Stratification
Derivatives not Designated as Hedging Instruments	31 December 2024	2025	2026	2027	2028	2029	Subsequent
Foreign Exchange Derivatives	174	132	42	—	—	—	—
Liquid Fuels and Gas Derivatives	3,258	2,684	559	15	—	—	—
Electricity Derivatives	63	56	4	3	—	—	—
Carbon Dioxide (CO2 ) Emission Allowance Derivatives	324	321	3	—	—	—	—
Derivatives from Guarantees of Origin and other Environmental Certificates	8	4	3	1	—	—	—

Millions of Euros	Notional Value Stratification
Derivatives not Designated as Hedging Instruments	31 December 2023	2024	2025	2026	2027	2028	Subsequent
Foreign Exchange Derivatives	654	514	101	39	—	—	—
Liquid Fuels and Gas Derivatives	3,325	2,572	735	18	—	—	—
Electricity Derivatives	110	89	17	2	2	—	—
Carbon Dioxide (CO2 ) Emission Allowance Derivatives	48	41	7	—	—	—	—
Derivatives from Guarantees of Origin and other Environmental Certificates	25	21	3	1	—	—	—

Hedged item

As of 31 December 2024 and 2023, the notional value and fair value of derivatives not designated as hedging instruments for accounting purposes, broken down by type and hedged item, are as follows:

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

Millions of Euros		Assets			Liabilities
		Notional Fair Value			Notional		Fair Value
Derivatives not Designated as Hedging Instruments	2024	2023	2024	2023	2024	2023	2024	2023
Exchange Rate Derivatives	71	88	4	1	103	566	7	8
Forward Currency Futures	71	88	4	1	103	566	7	8
Liquid Fuels and Gas Derivatives	1,708	1,595	199	411	1,550	1,730	189	598
Swaps	671	889	52	278	586	391	70	133
Forward/Future Contracts	954	479	145	131	578	1,339	101	465
Options	83	227	2	2	386	—	18	—
Electricity Derivatives	36	81	3	21	27	29	1	9
Swaps	36	81	3	21	26	24	1	2
Forward/Future Contracts	—	—	—	—	—	4	—	6
Options	—	—	—	—	1	1	—	1
Carbon Dioxide (CO2 ) Emission Allowance Derivatives	220	20	8	2	104	28	4	2
Forward/Future Contracts	73	20	7	2	104	28	4	2
Options	147	—	1	—	—	—	—	—
Derivatives from Guarantees of Origin and other Environmental Certificates	4	9	2	2	4	16	2	5
Forward/Future Contracts	4	9	2	2	4	16	2	5
TOTAL	2,039	1,793	216	437	1,788	2,369	203	622

Fair value stratification

The following table presents the expected cash flows from derivatives not designated as hedging instruments for accounting purposes for future periods.

Millions of Euros	Fair Value Stratification
Derivatives not Designated as Hedging Instruments	31 December 2024	2025	2026	2027	2028	2029	Subsequent
Foreign Exchange Derivatives	(3)	(3)	—	—	—	—	—
Liquid Fuels and Gas Derivatives	10	11	(2)	1	—	—	—
Electricity Derivatives	2	2	—	—	—	—	—
Carbon Dioxide (CO2 ) Emission Allowance Derivatives	4	4	—	—	—	—	—
Derivatives from Guarantees of Origin and other Environmental Certificates	—	—	—	—	—	—	—

Millions of Euros	Fair Value Stratification
Derivatives not Designated as Hedging Instruments	31 December 2023	2024	2025	2026	2027	2028	Subsequent
Foreign Exchange Derivatives	(8)	(8)	—	—	—	—	—
Liquid Fuels and Gas Derivatives	(187)	(164)	(21)	(2)	—	—	—
Electricity Derivatives	12	12	1	(1)	—	—	—
Carbon Dioxide (CO2 ) Emission Allowance Derivatives	—	—	—	—	—	—	—
Derivatives from Guarantees of Origin and other Environmental Certificates	(3)	(2)	—	(1)	—	—	—

44. Fair value measurement

44.1. Fair value measurement of financial asset classes

As of 31 December 2024 and 2023, the classification of financial assets measured at fair value in the Consolidated Statement of Financial Position by fair value hierarchy was as follows:

Millions of Euros		31 December 2024
		Non-Current Assets			Current Assets
	Notes	Fair Value		Level 1 Level 2 Level 3		Fair Value		Level 1 Level 2 Level 3
Equity Instruments	40.1	6	—	—	6	—	—	—	—
Fair Value Hedging Derivatives:	43	2	—	2	—	—	—	—	—
Interest Rate		2	—	2	—	—	—	—	—
Cash Flow Hedging Derivatives:	43	332	33	87	212	368	264	104	—
Interest Rate		39	—	39	—	—	—	—	—
Exchange Rate		38	—	38	—	70	—	70	—
Energy Commodities		255	33	10	212	298	264	34	—
Derivatives not Designated as Hedging Instruments	43	43	36	7	—	173	115	58	—
Exchange Rate		—	—	—	—	4	—	4	—
Energy Commodities		43	36	7	—	169	115	54	—
Inventories	30.1 and 30.2	—	—	—	—	—	—	—	—
TOTAL		383	69	96	218	541	379	162	—

Millions of Euros		31 December 2023
		Non-Current Assets				Current Assets
	Notes	Fair Value		Level 1 Level 2 Level 3		Fair Value		Level 1 Level 2 Level 3
Equity Instruments	40.1	6	—	—	6	—	—	—	—
Fair Value Hedging Derivatives:	43	3	—	3	—	—	—	—	—
Interest Rate		3	—	3	—	—	—	—	—
Cash Flow Hedging Derivatives:	43	797	161	301	335	696	198	404	94
Interest Rate		54	—	54	—	—	—	—	—
Exchange Rate		3	—	3	—	32	—	32	—
Energy Commodities		740	161	244	335	664	198	372	94
Derivatives not Designated as Hedging Instruments	43	79	25	54	—	358	108	250	—
Exchange Rate		—	—	—	—	1	—	1	—
Energy Commodities		79	25	54	—	357	108	249	—
Inventories	30.1 and 30.2	—	—	—	—	3	—	3	—
TOTAL		885	186	358	341	1,057	306	657	94

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

In 2024 and 2023, no transfers occurred between any of the previously mentioned financial asset hierarchy levels.

Endesa has continued to apply the same measurement standards to determine fair value (see Notes 3.1, 3.2h.5 and 3.2q).

44.2. Fair value measurement of categories of assets not measured at fair value

As of 31 December 2024 and 2023, the classification by level of fair value hierarchy of non-current assets not measured at fair value in the Consolidated Statement of Financial Position but whose fair value is broken down in the Notes to these Consolidated Financial Statements by level in the fair value hierarchy is as follows:

Millions of Euros		31 December 2024		31 December 2023
	Notes	Fair Value				Level 1 Level 2 Level 3 Fair Value		Level 1 Level 2 Level 3
Real estate investments	3.2c and 22.1	6	—	—	6	72	—	—	72

44.3. Fair value measurement of financial liability classes

As of 31 December 2024 and 2023, non-current and current financial liabilities measured at fair value in the Consolidated Statement of Financial Position, by fair value hierarchy levels, were as follows:

Millions of Euros		31 December 2024
		Non-Current Liabilities Current Liabilities
	Notes	Fair Value		Level 1 Level 2 Level 3		Fair Value		Level 1 Level 2 Level 3
Bonds and other Marketable Securities	40.3	14	—	14	—	—	—	—	—
Fair Value Hedging Derivatives:	43	16	—	16	—	—	—	—	—
Interest Rate		16	—	16	—	—	—	—	—
Cash Flow Hedging Derivatives:	43	271	99	83	89	502	167	335	—
Interest Rate		20	—	20	—	—	—	—	—
Exchange Rate		—	—	—	—	3	—	3	—
Energy Commodities		251	99	63	89	499	167	332	—
Derivatives not Designated as Hedging Instruments	43	49	22	27	—	154	84	70	—
Exchange Rate		—	—	—	—	7	—	7	—
Energy Commodities		49	22	27	—	147	84	63	—
TOTAL		350	121	140	89	656	251	405	—

Millions of Euros		31 December 2023
		Non-Current Liabilities				Current Liabilities
	Notes	Fair Value		Level 1 Level 2 Level 3		Fair Value		Level 1 Level 2 Level 3
Bonds and other Marketable Securities	40.3	14	—	14	—	—	—	—	—
Fair Value Hedging Derivatives:	43	27	—	27	—	16	—	16	—
Interest Rate		27	—	27	—	16	—	16	—
Cash Flow Hedging Derivatives:	43	414	43	194	177	1.138	802	294	42
Interest Rate		18	—	18	—	—	—	—	—
Exchange Rate		23	—	23	—	12	—	12	—
Energy Commodities		373	43	153	177	1.126	802	282	42
Derivatives not Designated as Hedging Instruments	43	103	95	7	1	519	378	141	—
Exchange Rate		—	—	—	—	8	—	8	—
Energy Commodities		103	95	7	1	511	378	133	—
TOTAL		558	138	242	178	1.673	1.180	451	42

In 2024 and 2023, no transfers occurred between any of the previously mentioned financial liability hierarchy levels.

678

44.4. Fair value measurement of categories of financial liabilities not measured at fair value

As of 31 December 2024 and 2023, non-current and current financial liabilities not measured at fair value in the Consolidated Statement of Financial Position, but whose fair value is disclosed in the Notes to these Consolidated Financial Statements, by fair value hierarchy levels, were as follows:

I. Letter to	II. Consolidated	III. Sustainability	IV. Consolidated
Shareholders and	Financial Statements	Statement	Management Report
Other Stakeholders	Audit Report	Verification Report

V. Consolidated

Financial Statements

VI. Statement of Responsibility

Millions of Euros		31 December 2024
Notes	Fair Value	Level 1	Level 2	Level 3
Bank Borrowings 40.3	5,483	—	5,483	—
Fixed interest rate	1,775	—	1,775	—
Floating interest rate	3,708	—	3,708	—
Other Financial Debts 40.3	4,238	—	4,238	—
Financial Debts Associated with Rights of Use	698	—	698	—
Fixed interest rate	698	—	698	—
Other	3,540	—	3,540	—
Fixed interest rate	3,527	—	3,527	—
Floating interest rate	13	—	13	—
TOTAL NON-CURRENT LIABILITIES	9,721	—	9,721	—
Bank Borrowings 40.3	675	—	675	—
Fixed interest rate	40	—	40	—
Floating interest rate	635	—	635	—
Other Financial Debts 40.3	215	—	215	—
Financial Debts Associated with Rights of Use	86	—	86	—
Fixed interest rate	86	—	86	—
Other	129	—	129	—
Fixed interest rate	114	—	114	—
Floating interest rate	15	—	15	—
TOTAL CURRENT LIABILITIES	890	—	890	—

Millions of Euros	31 December 2023
	Notes	Fair Value	Level 1	Level 2	Level 3
Bank Borrowings	40.3	5,153	—	5,153	—
Fixed interest rate		1,751	—	1,751	—
Floating interest rate		3,402	—	3,402	—
Other Financial Debts	40.3	4,307	—	4,307	—
Financial Debts Associated with Rights of Use		784	—	784	—
Fixed interest rate		784	—	784	—
Other		3,523	—	3,523	—
Fixed interest rate		3,511	—	3,511	—
Floating interest rate		12	—	12	—
TOTAL NON-CURRENT LIABILITIES		9,460	—	9,460	—
Bank Borrowings	40.3	936	—	936	—
Fixed interest rate		528	—	528	—
Floating interest rate		408	—	408	—
Other Financial Debts	40.3	3,488	—	3,488	—
Financial Debts Associated with Rights of Use		84	—	84	—
Fixed interest rate		84	—	84	—
Other		3,404	—	3,404	—
Fixed interest rate		3,142	—	3,142	—
Floating interest rate		262	—	262	—
TOTAL CURRENT LIABILITIES		4,424	—	4,424	—

44.5. Level 3 of the fair value hierarchy level

Endesa has entered into long-term Power Purchase Agreements (PPAs) whereby it undertakes to purchase/

sell a certain volume of energy at a certain price (see Note 3.2h.5.2).

Contracted Energy Volume
Contract (1)	TWh	Duration	Accounting Treatment
Purchase of Electric Power	0.02	2019-2028	Fair Value with Changes in Results
Purchase of Electric Power	20.93	2020-2035	Cash Flow Hedges
Sale of Electric Power	15.86	2022-2040	Cash Flow Hedges

(1) Virtual Power Purchase Agreement (VPPA) executed at market price.

As of 31 December 2024 and 2023, the balance of derivative financial instruments classified as Level 3 corresponded to these financial contracts.

Fair value

In 2024 and 2023, the movement of derivative financial instruments measured at Level 3 fair value was as follows:

Millions of Euros	2024	2023
Opening Balance	209	764
(Loss)/Profit in the Consolidated Income Statement	1	(3)
(Loss)/Profit in the Consolidated Statement of Other Comprehensive Income	(87)	(552)
Closing Balance	123	209

The fair value of derivative financial instruments classified in Level 3 has been determined by applying the cash flow method. These cash flow projections are calculated on the basis of available market information, supplemented, where necessary, by estimates derived from fundamental models representing the functioning of these markets.

As of 31 December 2024, none of the foreseeable possible Scenarios of the above assumptions would result in a significant change in the fair value of the financial instruments classified in this Level.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report Financial Statements

VI. Statement of Responsibility

45. Statement of cash flows

The Statement of Cash Flows reflects the changes in cash occurring during the year, both from Continuing and Discontinued Operations, calculated using the indirect method.

As of 31 December 2024, cash and cash equivalents amounted to 840 million euros (2,106 million euros as of 31 December 2023) (see Note 33).

Endesa's net cash flows during 2023 and 2024, classified by activities (operating, investing and financing), were as follows:

Millions of Euros	Statement of Cash Flows
	2024	2023
Net Cash Flows from Operating Activities	3,567	4,697
Net Cash Flows from Investing Activities	(1,333)	3,196
Net Cash Flows from Financing Activities	(3,500)	(6,658)

In 2024, cash flows from operating activities (3,567 million euros) and the reduction in cash and cash equivalents (1,266 million euros) have enabled the coverage of net cash flows directed towards investing activities (1,333 million euros) and financing activities (3,500 million euros).

45.1. Net cash flows from operating activities

In 2024, net cash flows from operating activities totalled 3,567 million euros (4,697 million euros in 2023) and are detailed as follows:

Millions of Euros Notes	2024	2023
Gross Profit/Loss Before Tax	2.589	1.065
Adjustments in Profit/Loss:	3.033	4.177
Depreciation of Fixed Assets and Impairment Losses 15	2.222	2.132
Other Adjustments in (Net) Profit/Loss	811	2.045
Changes in Working Capital:	(733)	1.011
Trade and other receivables	799	360
Inventories	(835)	(934)
Current Financial Assets	(6)	1.781
Trade and Other Current Liabilities(1)	(691)	(196)
Other cash flows from operating activities:	(1.322)	(1.556)
Interest Received	113	77
Dividends Received	10	25
Interest Paid(2)	(547)	(480)
Corporate Income Tax Paid	(629)	(854)
Other Cash Flows from Operating Activities(3)	(269)	(324)
NET CASH FLOWS FROM OPERATING ACTIVITIES	3.567	4.697

(1) Includes discounted trade debt with financial institutions for the management of payments to suppliers ('confirming') amounting to 64 million euros as of 31 December 2024 (56 million euros as of 31 December 2023).

(2) In 2024 and 2023, interest payments on financial debts for right-of-use assets amounted to 43 million euros and 42 million euros, respectively (see Note 21).

(3) Corresponds to payments of provisions.

682

The changes in the main items determining the net cash flows from operating activities are as follows:

Headings	Variation
Changes in Working Capital	▼.1,744 million euros (-172,5%)	The evolution of this heading is due to the following effects: • Increased collections from trade and other receivables (439 million euros). • Decreases in payments for inventories (99 million euros). • Lower net collections of regulatory items amounting to 1,787 million euros, which includes, on one hand, a decrease in compensation for the extra costs of gen eration in the Non-Peninsular Territories (NPT) (1,502 million), payments for tariff deficit (214 million), and the limitation of the increase in the Last Resort Tariff (Tarifa de Último Recurso - TUR) for gas (57 million euros), and, on the other hand, a de crease in the remuneration for investment in renewable energies (14 million euros). • Increase in payments to trade creditors and other current liabilities (495 million euros). Cash flows for 2024 include the payment of the award resulting from an arbitration for the review of the price of a long-term liquefied natural gas (LNG) supply contract totalling 515 million euros (see Notes 10.1 and 39).

In 2024, the Company has also continued with its active policy of managing current assets and current liabilities, focusing, among other aspects, on process improvement, the factoring of receivables and supplier payment management agreements ('confirming') (see Notes 32 and 39).

As of 31 December 2024 and 2023, working capital was composed of the following items:

I. Letter to	II. Consolidated	III. Sustainability
Shareholders and	Financial Statements	Statement
Other Stakeholders	Audit Report	Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of

Responsibility

Millions of Euros	Working Capital
	Notes	31 December 2024	31 December 2023
Current Assets(1)		8,236	10,352
Inventories	31	1,831	2,060
Trade and other receivables	32	4,878	5,457
Remuneration from Distribution Activities		347	283
Others		4,531	5,174
Current Assets from Contracts with Customers	27	12	4
Other current financial assets	30	974	1,777
Compensation for Generation Cost Overruns in Non-Peninsular Territories (NPT)		247	473
Receivables from Financing of Revenue Shortfalls from Regulated Activities		201	-
Others		526	1,304
Current derivative financial instruments	43	541	1,054
Current Liabilities(2)		8,340	10,484
Non-current liabilities from contracts with customers	27	487	427
Current provisions	36	1,035	1,377
Current derivative financial instruments	43	656	1,673
Other non-current financial liabilities	38	97	104
Trade payables and other current liabilities	39	6,065	6,903
Dividends from the Parent Company	34.1.10 and 34.1.12	529	529
Others		5,536	6,374

(1) Does not include 'Cash and Cash Equivalents.'

(2) Does not include 'Current financial debt.'

683

45.2. Net cash flows from investing activities

In 2024, net cash flows applied to investing activities amounted to 1,333 million euros (3,196 million euros earned in 2023) and include, among others:

• Cash payments and receipts applied to the acquisition of property, plant and equipment and intangible assets:

Millions of Euros Notes	2024	2023
Acquisitions of Property, Plant, and Equipment and Intangible Assets	(1,846)	(2,284)
Acquisitions of Property, Plant, and Equipment and Real estate investments(1) 20.1 and 22	(1,622)	(1,921)
Acquisitions of Intangible Assets	23.1 (380)	(395)
Facilities Provided by Customers	105	95
Suppliers of Fixed Assets	51	(63)
Disposal of Tangible Fixed Assets and Intangible Assets	30	20
Other Receipts and Payments from Investing Activities(2)	195	106
TOTAL	(1,621)	(2,158)

(1) Does not include additions for rights of use amounting to 55 million euros as of 31 December 2024, and 147 million euros as of 31 December 2023. (2) Corresponds to receipts from subsidies and new installations requested by customers.

• Cash payments and receipts applied to Investments and/or disposal of shares in Group Companies:

Millions of Euros	Notes	2024	2023
Disposal of interests in Group companies		-	27
Sale of 45% of the company Tecnatom, S.A.	7.2	-	27
TOTAL		-	27

• Cash payments and receipts applied to acquisitions and/or disposals of other investments

Millions of Euros Notes	2024	2023
Acquisitions of other investments	(620)	(377)
Remuneration from Non-Current Distribution Activity	(412)	(305)
Other Financial Assets	(208)	(72)
Disposal of other Investments	908	5,704
Net Financial Guarantees 28.1 and 30	869	5,504
Other Financial Assets	39	200
TOTAL	288	5,327

45.3. Net cash flows from financing activities

684

In 2024, net cash flows applied to financing activities amounted to 3,500 million euros (6,658 million euros in 2023) and mainly include the following aspects:

• Cash flows from equity instruments:

Millions of Euros	Notes	2024	2023
Sale of a 49.99% minority stake in the share capital of Enel Green Power España Solar 1, S.L.	7	849	—
Capital reduction of Énergie Électrique de Tahaddart, S.A.	26.1	—	5
Contributions from Shareholders in Endesa X Way, S.L.	26.1	(6)	(2)
Contributions from Shareholders of Companies directly and/or indirectly held by Enel Green Power España, S.L.U.	26.1	(7)	(17)
Return of contributions from minority shareholders of Funds of Bosa del Ebro, S.L. and Tauste de Energía Distribuida, S.L.	34.2	(1)	(7)
TOTAL		835	(21)

VI. Statement of Responsibility

• Disposal of non-current financial debt:

Millions of Euros Notes	2024	2023
Drawdowns on Bank Loans and Credit Lines	225	1.075
Loan and Credit Facility Provisions from Enel Finance International N.V.	—	1.875
Drawdowns on Loans from the European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO)	575	300
Others	18	41
TOTAL 40.3	818	3.291

• Repayment of non-current financial debt:

Millions of Euros	Notes	2024	2023
Repayment of Bank Loans and Credit Lines		—	(675)
Repayment of Loans and Lines of Credit from Enel Finance International N.V.		—	(450)
Others		(40)	(45)
TOTAL	40.3	(40)	(1,170)

• Amortisation and repayment of current financial

debt:

Millions of Euros	Notes	2024	2023
Drawdowns
Issuance of Euro Commercial Paper (ECP)	40.3	1,265	12,623
Other Financial Liabilities		6	236
Amortisation
Redemption of Euro Commercial Paper (ECP)	40.3	(1,265)	(17,611)
Repayment of credit lines with Enel Finance International N.V.	46.1.3	(3,000)	-
Payment for Rights of Use Contracts		(81)	(99)
Amortisation of Bank Loans and Credit Lines		(777)	(1,969)
Amortisation of Loans from the European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO)		(178)	(165)
Other Financial Liabilities		(11)	(66)
TOTAL		(4,041)	(7,051)

• Dividends paid:

Millions of Euros Notes	2024	2023
34.1.10 and Dividends paid by the Parent 34.1.12	(1,058)	(1,678)
Dividends Paid to Non-Controlling Interests(1)	(14)	(29)
TOTAL	(1,072)	(1,707)

(1) Primarily to related to companies within Enel Green Power España, S.L.U. of which 3 million euros are pending payment (see Note 34.2).

46. Balances and related party transactions

Related parties are those over which Endesa, directly or indirectly through one or more intermediary companies, exercises control or joint control, has significant influence, or is a key member of Endesa's management.

Key Management personnel of Endesa are those individuals who have the authority and responsibility for planning, directing, and controlling the activities of Endesa, either directly or indirectly, including any member of the Board of Directors.

Transactions between the Company and its Subsidiaries and Joint Operating Entities, which are related parties, are part of the Company's ordinary course of business in terms of their subject matter and conditions. They have therefore been eliminated from the consolidation process and are not detailed in this Note.

For the purposes of the information included in this Note, all companies of the Enel Group that are not included in Endesa's Consolidated Financial Statements are considered significant shareholders of the Company.

The amount of the transactions carried out with other parties related to certain members of the Board of Directors corresponds to the Company's normal business activities which were, in all cases, carried out on an arm's length basis.

All transactions with related parties are conducted on normal market terms and conditions.

In this regard, related-party transactions conducted by Endesa's subsidiaries adhere to the arm's length principle outlined in the Guidelines of the Organisation for Economic Co-operation and Development (OECD), the European Union (EU) Joint Transfer Pricing Forum, and the provisions of the Spanish Corporate Income Tax Law.

In accordance with the applicable regulations and recommendations, the pricing methodology to verify compliance with the arm's length principle must be based on the facts and circumstances of each transaction to ensure that it was conducted under terms that independent parties would have agreed under normal market conditions.

Whenever the circumstances surrounding the transactions warrant it, Endesa encourages the signing of Advance Pricing Agreements (APAs) with tax authorities to establish the applicable methodology.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

46.1. Expenditure and income, and other transactionss

In 2024 and 2023, the relevant balances and transactions with related parties were as follows:

46.1.1. Expenses and income

Millions of Euros	2024
	Significant Shareholders	Directors and Senior Management	Individuals, Companies, or Entities of Endesa	Other Related Parties	TOTAL
Financial Expenses	199	—	—	—	199
Leases	—	—	—	—	—
Services Received	56	—	—	1	57
Purchase of Inventory	13	—	—	—	13
Other Expenses	81	—	—	—	81
Expenses for Financial Instruments Derived from Energy Commodities(1)	15	—	—	—	15
Power Purchases	6	—	—	—	6
Management or Collaboration Contracts	60	—	—	—	60
TOTAL EXPENSES	349	—	—	1	350
Financial Income	2	—	—	—	2
Received Dividends	—	—	—	—	—
Rendering of Services	5	—	—	—	5
Sales of Inventory	216	—	—	—	216
Other Income	22	—	—	—	22
Income from Financial Instruments Derived from Energy Commodities(1)	17	—	—	—	17
Energy Sales	—	—	—	—	—
Management or Collaboration Contracts	3	—	—	—	3
Leases	2	—	—	—	2
Others	—	—	—	—	—
TOTAL INCOME	245	—	—	—	245

(1) Includes 2 million euros, positive, recorded in the Consolidated Statement of Other Comprehensive Income.

Millions of Euros	2023
	Significant Shareholders	Directors and Senior Management	Individuals, Companies, or Entities of Endesa	Other Related Parties	TOTAL
Financial Expenses	207	-	-	-	207
Leases	-	-	-	-	-
Services Received	51	-	-	-	51
Purchase of Inventory	33	-	-	-	33
Other Expenses	1,173	-	-	-	1,173
Expenses for Financial Instruments Derived from Energy Commodities(1)	1,085	-	-	-	1,085
Power Purchases	18	-	-	-	18
Management or Collaboration Contracts	70	-	-	-	70
TOTAL EXPENSES	1,464	-	-	-	1,464
Financial Income	4	-	-	-	4
Received Dividends	-	-	-	-	-
Rendering of Services	5	-	-	-	5
Sales of Inventory	261	-	-	-	261
Other Income	447	-	-	-	447
Income from Financial Instruments Derived from Energy Commodities(1)	440	-	-	-	440
Energy Sales	3	-	-	-	3
Management or Collaboration Contracts	2	-	-	-	2
Leases	2	-	-	-	2
Others	-	-	-	-	-
TOTAL INCOME	717	-	-	-	717

(1) Includes 342 million euros, negative, recorded in the Consolidated Statement of Other Comprehensive Income.

IV. Consolidated V. Consolidated Financial Statements VI. Statement of Responsibility

46.1.2. Other transactions

Millions of Euros	31 December 2024
	Notes	Significant Shareholders	Directors and Senior Management	Individuals, Companies, or Entities of Endesa	Other Related Parties	TOTAL
Financing Agreements: Loans and Capital Contributions (Lender)		-	1	-	-	1
Financing Agreements: Loans and Capital Contributions (Borrower)		5,646	-	-	-	5,646
Balance of Loans and Credit Lines Formalised and Drawn with Enel Finance International N.V.	46.1.3	3,521	-	-	-	3,521
Undrawn Committed and Irrevocable Credit Facilities with Enel Finance International N.V.	40.4.1 and 46.1.3	2,125	-	-	-	2,125
Guarantees Provided	46.3.1	-	8	-	-	8
Guarantees Received(1)	31.3	132	-	-	-	132
Commitments Made		2	-	-	-	2
Dividends and Other Distributions	34.1.10 and 34.1.12	742	-	-	-	742
Other Transactions(2)		22	-	-	67(3)	89

(1) Includes the guarantee received from Enel, S.p.A. for the fulfilment of the contract for the purchase of liquefied natural gas (LNG) from Corpus Christi Liquefaction, LLC.

(2) Includes purchases of property, plant and equipment, intangible assets, or other assets.

(3) Corresponds to payments made to the Endesa employee Pension Plan during 2024.

Millions of Euros		31 December 2023
	Notes	Significant Shareholders	Directors and Senior Management	Individuals, Companies, or Entities of Endesa	Other Related Parties	TOTAL
Financing Agreements: Loans and Capital Contributions (Lender)		-	1	-	-	1
Financing Agreements: Loans and Capital Contributions (Borrower)		10,056	-	-	-	10,056
Balance of Loans and Credit Lines Formalised and Drawn with Enel Finance International N.V.	46.1.3	6,525	-	-	-	6,525
Undrawn Committed and Irrevocable Credit Facilities with Enel Finance International N.V.	40.4.1 and 46.1.3	3,525	-	-	-	3,525
Balance of 'Credit Support Annex' formalised with Enel Global Trading S.p.A.		6	-	-	-	6
Guarantees Provided	46.3.1	-	7	-	-	7
Guarantees Received(1)	31.3	124	-	-	-	124
Commitments Made(2)		30	-	-	-	30
Dividends and Other Distributions	34.1.10 and 34.1.12	1,177	-	-	-	1,177
Other Transactions(3)		23	-	-	68(4)	91

(1) Includes the guarantee received from Enel, S.p.A. for the fulfilment of the contract for the purchase of liquefied natural gas (LNG) from Corpus Christi Liquefaction, LLC.

(2 ) Corresponds to commitments made with Group Companies (see Notes 20.2 and 23.2). This includes, among others, the commitment made with Enel Global Infrastructure and Networks S.r.l (EGIN) concerning the License for the use of the Blue Sky Grid Platform, amounting to 22 million euros.

(3) Includes purchases of property, plant and equipment, intangible assets, or other assets.

(4) Corresponds to payments made to the Endesa employee Pension Plan during 2023.

In 2024 and 2023, the Directors, or persons acting on their behalf, did not engage in any transactions with the Company or other Subsidiaries that were outside the ordinary course of business or not on market terms.

46.1.3. Balance at year-end of the financial year

As of 31 December 2024 and 2023, the balances with related parties were as follows:

Millions of Euros		31 December 2024
			Significant Shareholders			Individuals,
	Notes	Enel Iberia, S.L.U.	Other Significant Shareholders	Total	Directors and Senior Management	Companies, or Entities of Endesa	Other Related Parties	TOTAL
Customers and Trade Debtors	32	39	43	82	—	—	—	82
Loans and Credits Granted		—	—	—	1	—	—	1
Other Receivables(1)		261	3	264	—	—	—	264
TOTAL RECEIVABLE BALANCES		300	46	346	1	—	—	347
Suppliers and Trade Creditors		527(2)	202	729	—	—	—	729
Loans and Receivables(3)		—	3.521	3.521	—	—	—	3.521
Other Payment Obligations(1)		191	—	191	—	—	—	191
TOTAL PAYABLE BALANCES		718	3.723	4,441	—	—	—	4,441

(1) These entries reflect the accounts receivable and payable, respectively, from the Endesa companies that comprise the Consolidated Tax Group number 572/10, whose Parent Company is Enel, S.p.A., represented in Spain by Enel Iberia, S.L.U. (see Note 3.2.o).

(2) Primarily includes the interim dividend payable by Endesa, S.A. to Enel Iberia, S.L.U. amounting to 371 million euros (see Notes 34.1.10 and 39).

(3) Includes the ledger balance of loans subscribed and credit lines formalised and utilised with Enel Finance International N.V.

	690

Millions of Euros		31 December 2023
			Significant Shareholders
	Notes	Enel Other Iberia, Significant S.L.U. Shareholders Total		Directors and Senior Management	Individuals, Companies, or Entities of Endesa	Other Related Parties	TOTAL
Customers and Trade Debtors	32	32	71	103	—	—	—	103
Loans and Credits Granted		2	—	2	1	—	—	3
Other Receivables(1)		227	2	229	—	—	—	229
TOTAL RECEIVABLE BALANCES		261	73	334	1	—	—	335
Suppliers and Trade Creditors		489(2)	224	713	—	—	—	713
Loans and Receivables(3)		—	6,526	6,526	—	—	—	6,526
Other Payment Obligations(1)		104	—	104	—	—	—	104
TOTAL PAYABLE BALANCES		593	6,750	7,343	—	—	—	7,343

(1) These entries reflect the accounts receivable and payable, respectively, from the Endesa companies that comprise the Consolidated Tax Group number 572/10, whose Parent Company is Enel, S.p.A., represented in Spain by Enel Iberia, S.L.U. (see Note 3.2.o).

(2) Primarily includes the interim dividend payable by Endesa, S.A. to Enel Iberia, S.L.U. amounting to 371 million euros (see Notes 34.1.10 and 39). (3) Includes the ledger balance of loans and credit lines formalised and utilised with Enel Finance International N.V., totalling 6,520 million euros, and the balance of the 'Credit Support Annex' formalised with Enel Global Trading S.p.A., amounting to Euro 6 million.

IV. Consolidated Management Report V. Consolidated Financial Statements

Enel Finance International N.V.

As of 31 December 2024 and 2023, the nominal value of Endesa's non-current and current financial debt with Enel Finance International, N.V. was as follows:

Millions of Euros	31 December 2024		31 December 2023
	Limit	Non Current	Current	Limit	Non Current	Current	Terms and Conditions	Maturity
Credit Line with Enel Finance International, N.V. (1)(2)	-	-	-	1,700	-	-	Margin of 67 bp and Fee Applicable if not used of 20 bp.	25 May 2025
Credit Line with Enel Finance International, N.V. (1)(2)	-	-	-	700	-	-	Margin of 72 bp and Fee Applicable if not Used of 25 bp.	13 May 2025
Credit Line with Enel Finance International, N.V. (1)	1,125	-	-	1,125	-	-	Margin of 134 bp and Fee Applicable if not used of 23 bp.	4 May 2026
Credit Line with Enel Finance International, N.V. (1)(3)	1,000	-	-	-	-	-	Margin of 63 bp and Fee Applicable if not used of 20 bp.	28 May 2028
Inter-company Loan with Enel Finance International, N.V. (4)	-	-	-	3,000	-		3,000 Fixed Interest Rate of 3.000%	29 October 2024
Inter-company Loan with Enel Finance International, N.V.	1,650	1,650	-	1,650	1,650		- Fixed Interest Rate of 1.997%	13 May 2027
Inter-company Loan with Enel Finance International, N.V.	1,875	1,875	-	1,875	1,875		- Fixed Interest Rate of 4.263%	4 May 2028
TOTAL	5,650	3,525	-	10,050	3,525	3,000

(1) Committed and irrevocable credit lines (see Note 40.4.1).

(2) On 13 May 2024, two credit lines formalised with Enel Finance International, N.V. were repaid early, amounting to 1,700 million euros and 700 million

euros, respectively, with their original maturity date being May 2025. (3) On 28 May 2024, Endesa, S.A. formalised a new long-term intercompany credit line with Enel Finance International, N.V. for the amount of 1,000 million euros.

(4) On 29 October 2024, the loan was fully repaid upon maturity.

46.2. Associates, joint ventures, and joint operating entities

As of 31 December 2024 2023, the information relating to customers from sales and service provision, and loans and guarantees granted to Associates, Joint Ventures, and Joint Operating entities was as follows:

Millions of Euros		Associates		Joint Ventures		Joint Operation
	Notes	31 December 2024	31 December 2023	31 December 2024	31 December 2023	31 December 2024	31 December 2023
Customer Receivables from Sales and Services	32	4	13	—	5	1	3
Credits	28.1, 40 and 40.1.1	62	63	4	1	8	7
Guarantees Granted		—	—	—	—	—	—

During 2024 and 2023, the transactions with Associates, Joint Ventures, and Joint Operating entities, not eliminated during the consolidation process, included:

Millions of Euros	Associates			Joint Ventures Joint Operation
	31 December 2024	31 December 2023	31 December 2024	31 December 2023	31 December 2024	31 December 2023
Income	8	5	2	1	6	4
Expenses	(5)	(26)	(27)	(26)	(44)	(39)

46.3. Directors and Senior Management

46.3.1. Remuneration of the Board of Directors

Article 40 of the Articles of Association establishes that 'the remuneration of the Directors in their capacity as such consists of the following items: a fixed monthly compensation and attendance fees for each session of the Company's governing bodies and its committees.

The maximum global and annual remuneration for the entire Board, covering the aforementioned items, shall be as determined in the General Shareholders' Meeting, and it shall remain in effect until the latter decides to amend it.

The Board itself is responsible for determining the specific amount to be paid each year, within the limit established in the General Shareholders' Meeting, and for distributing this amount among these items and among the Directors in the manner, timing, and proportion it freely decides, considering the functions and responsibilities assigned to each Director, membership in Board Committees, and other relevant objective circumstances it deems relevant.

In addition, the amount of the attendance fee shall not exceed the amount determined in accordance with the preceding paragraphs as a fixed monthly compensation. The Board of Directors may, within this limit, determine the amount of the fees.

The remuneration outlined in the preceding section, arising from membership on the Board of Directors,

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

shall be compatible with other forms of remuneration, compensation, contributions to social security systems, or any other professional or employment-related remuneration items that Directors are entitled to for any other executive, advisory, or representative roles they may undertake for the Company, aside from the supervisory and collective decision-making duties as Directors, which are subject to the applicable legal framework.

In addition to the remuneration described above, the remuneration of Executive Directors may also include compensation in shares, stock options, or amounts linked to the value of the shares. The implementation of this remuneration method requires the approval of the General Shareholders' Meeting, specifying, if applicable, the maximum number of shares that can be allocated each year under this remuneration system, the exercise price or the method for calculating the exercise price of the share options, the value of the shares used as a reference, if applicable, the duration of the Plan, and any other conditions deemed appropriate.'

The members of the Board of Directors of Endesa, S.A. have received remuneration in their capacity as Directors of the Company:

• In 2024 and 2023, the fixed monthly compensation for each Director has been 15.6 thousand euros gross.
• The fees for attending the meetings of the Board of Directors, the Nomination and Remuneration Committee (NRC), the Audit and Compliance Committee (ACC), and the Sustainability and Corporate Governance Committee amounted to 1.5 thousand euros gross each for the years 2024 and 2023.
• Besides the remuneration specified for the members of the Board of Directors, the following remuneration criteria have been established for the positions specified:
• • The non-executive Chairman of the Board of Directors shall receive a fixed monthly compensation of 50,000 euros gross (instead of the fixed monthly compensation of 15,642.56 euros gross foreseen for the other members).
• • The Chair of the Audit and Compliance Committee will receive a fixed monthly compensation of 5,000 euros gross in 2024 and 5,000 euros gross in 2023 (in addition to the fixed monthly compensation as a member).
• • The Chairs of the Nomination and Remuneration Committee and the Sustainability and Corporate Governance Committee will receive a fixed monthly compensation of 3,000 euros gross in 2024 and 3,000 euros gross in 2023 (in addition to the fixed monthly compensation as a member).
• In addition, the members of the Board of Directors, Executive Directors, for the performance of duties in the Company other than those of Director, receive remuneration in accordance with the salary structure of Endesa's Senior Management, of which the main items are as follows:
  • • Fixed annual remuneration: monthly cash compensation linked to the complexity and responsibility of the duties assigned.
  • • Short-term variable remuneration: non-guaranteed cash remuneration contingent on achieving annual targets determined by the Company's established evaluation systems.
  • • Long-term variable remuneration: non-guaranteed cash and equity remuneration contingent on achieving multi-annual targets.
  • • Employee benefits: compensation, typically non-monetary, received under specific requirements or special conditions determined voluntarily, legally, contractually, or by convention.

Remuneration accrued by Directors

In 2024 and 2023, the remuneration accrued by the Directors was as follows:

Thousands of Euros		Directors
Remuneration Item	2024	2023
Remuneration for Belonging to the Board of Directors and/or Board Committees	2,138	2,126
Salaries	1,000	1,000
Variable Remuneration in Cash	798(1)	759 (2)
Share-Based Payment Plans	311(3)	285 (4)
Compensations	-	-
Long-Term Savings Systems	14	7
Other Items (5)	156	158
TOTAL	4,417	4,335

(1) Corresponding to short-term variable remuneration and long-term variable remuneration for one third of the 2022-2024, 2023-2025 and 2024- 2026 Strategic Incentive Plans. The consolidated payment in 2024 amounted to 845 thousand euros, corresponding to short-term variable remuneration (499 thousand euros) and long-term variable remuneration (346 thousand euros). In 2024 the effective payment of 70% of the 2020-2022 Strategic Incentive Plan (289 thousand euros) and the right to payment of 30% of the 2021-2023 Strategic Incentive Plan (57 thousand euros) were consolidated. These Strategic Incentive Plans have a cash payment component (239 thousand euros) and a share payment component, under which 5,567 shares were delivered, resulting in a gross profit of 107 thousand euros.

(2) Corresponding to short-term variable remuneration and long-term variable remuneration for one third of the 2021-2023, 2022-2024 and 2023-2025 Strategic Incentive Plans. The consolidation of the payment in 2023 amounted to 975 thousand euros, corresponding to the short-term variable remuneration (525 thousand euros) and the long-term variable remuneration (450 thousand euros). In 2023 they consolidated the effective payment of 70 % of the Loyalty Plan 2019-2021 (326 thousand euros), and the right to payment of 30 % of the Strategic Incentive Plan 2020-2022 (124 thousand euros). This Strategic Incentive Plan has a cash payment component (62 thousand euros) and a share payment component, under which a delivery of 3,225 shares was made, resulting in a gross profit of 62 thousand euros.

(3) Corresponding to the long-term variable compensation accrued for one-third of the 2022-2024, 2023-2025, and 2024-2026 Strategic Incentive Plans.

(4) Corresponding to the long-term variable compensation accrued for one-third of the 2021-2023, 2022-2024, and 2023-2025 Strategic Incentive Plans.

(5) Includes remuneration in kind and life insurance.

IV. Consolidated Management Report

V. Consolidated Financial Statements VI. Statement of Responsibility

Remuneration for belonging to the Board and/or Board Committees, salaries, and attendance fees

In 2024 and 2023, the annual monetary remuneration of the Directors, based on the position held in each case, was as follows:

Thousands of Euros	2024			2023
	Remuneration for Belonging to the Board of Directors and/or Board Committees	Attendance Fees (9)	Salaries	Remuneration for Belonging to the Board of Directors and/or Board Committees	Attendance Fees(9)	Salaries
Mr Juan Sánchez-Calero Guilarte	636	27	—	636	26	—
Mr Flavio Cattaneo(2)	—	—	—	—	—	—
Mr Francesco Starace(1)	—	—	—	—	—	—
Mr José Damián Bogas Gálvez	—	—	1.000	—	—	1.000
Mr Stefano de Angelis(6)	—	—	—	—	—	—
Mr Gianni Vittorio Armani (4)	—	—	—	—	—	—
Ms Eugenia Bieto Caubet	188	50	—	188	48	—
Mr Ignacio Garralda Ruiz de Velasco	238	39	—	224	36	—
Ms Pilar González de Frutos	188	48	—	188	47	—
Ms Francesca Gostinelli	—	—	—	—	—	—
Ms Alicia Koplowitz y Romero de Juseu(7)	59	5	—	188	17	—
Mr Francisco de Lacerda	234	47	—	248	48	—
Ms Cristina de Parias Halcón	188	42	—	188	44	—
Mr Antonio Cammisecra(3)	—	—	—	—	—	—
Mr Alberto de Paoli(5)	—	—	—	—	—	—
Mr Guillermo Alonso Olarra(8)	129	20	—	—	—	—
Ms Elisabetta Colacchia(8)	—	—	—	—	—	—
Ms Michela Mossini(8)	—	—	—	—	—	—
TOTAL	1,860	278	1,000	1,860	266	1,000

(1) Left on 10 May 2023.

(2) Joined on 20 June 2023.

(3) Left on 20 July 2023.

(4) Joined on 25 July 2023.

(5) Left on 18 September 2023.

(6) Joined on 22 September 2023.

(7) Left on 23 April 2024.

(8) Joined on 24 April 2024.

(9) Attendance fees for each session of the Board of Directors and its Committees.

Variable remuneration in cash

In 2024 and 2023, the variable remuneration of the Chief Executive Officer, in the performance of his executive duties, was as follows:

Thousands of Euros	2024		2023
	Short Term	Long-term	Short Term	Long-term
Mr José Damián Bogas Gálvez	499	299	525	233
TOTAL	499	299(1)	525	233(2)

(1) Corresponding to the long-term variable cash compensation accrued for one third of the 2022-2024, 2023-2025, and 2024-2026 Strategic Incentive Plans. The consolidated payment in 2024 amounted to 346 thousand euros, comprising the effective payment of 70% of the 2020-2022 Loyalty Plan (145 thousand euros), along with the right to payment of 30% of the 2021-2023 Strategic Incentive Plan. These Strategic Incentives Plans have a cash payment component (145 thousand euros) and a share-based payment component, under which 5,567 shares were delivered, resulting in a gross benefit of 107 thousand euros.

(2) Corresponding to the long-term variable cash compensation accrued for one third of the 2021-2023, 2022-2024, and 2023-2025 Strategic Incentive Plans. The consolidated payment in 2023 amounted to 450 thousand euros, comprising the effective payment of 70% of the 2019-2021 Loyalty Plan (326 thousand euros), along with the right to payment of 30% of the 2020-2022 Strategic Incentive Plan. This Strategic Incentive Plan has a cash payment component (Euro 62 thousand) and a share-based payment component, under which 3,225 shares were delivered, resulting in a gross benefit of Euro 62 thousand.

Long-term savings systems

In 2024, contributions to pension funds and plans for Executive Directors amounted to 14 thousand euros gross (7 thousand euros gross in 2023).

696

Other items

The Chairman and the Executive Director, in accordance with Endesa's Directors' Remuneration Policy, have established as remuneration in kind, among other things, a collective health insurance policy with a 100% subsidy of the cost of the premium for the policyholder and dependent family members, the allocation of a company car under a leasing arrangement, and, in the case of the Executive Director, other employee benefits and attendance fees.

Life and accident insurance premiums

The Executive Director has life and accident insurance taken out through the Company, which guarantees certain sums and/or annuities depending on the contingency in question (disability and death benefits).

In 2024, the premium amount was 84 thousand euros gross (78 thousand euros gross in 2023).

Advances and loans

As of 31 December 2024, the Executive Director has a loan of 230 thousand euros gross with an average interest rate of 4.121% (230 thousand euros gross as of 31 December 2023 with an average interest rate of 3.534%), and an interest-free loan of 421 thousand euros gross (421 thousand euros gross as of 31 December 2023) (the interest subsidy is considered remuneration in kind) (see Note 46.1.2).

Pension funds and plans: accrued benefits

As of 31 December 2024, the Executive Director has accrued rights in pension funds and plans amounting to 14,707 thousand euros gross (14,280 thousand euros gross as of 31 December 2023).

Guarantees granted by the Company to the Executive Director

As of 31 December 2024, with regard to remuneration, the Company has guarantees in place as a surety in favour of the Chief Executive Officer for the amount of 7,575 thousand euros net to secure his early retirement entitlements (7,347 thousand euros net as of 31 December 2023) (see Note 46.1.2 and 46.3.3).

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

46.3.2. Remuneration of Senior Management

Identification of the members of Senior Management who are not also Executive Directors.

	Members of Senior Management 2024
Name	Position (1)
Ms María Lacasa Marquina (3)	General Manager – Communication
Mr Ignacio Jiménez Soler (4)	General Manager – Communication
Mr Juan María Moreno Mellado	General Manager – Energy Management
Mr Paolo Bondi	General Manager – People and Organisation
Mr Rafael González Sánchez	General Manager – Generation
Mr José Manuel Revuelta Mediavilla	General Manager – Infrastructure and Grids
Mr Francisco de Borja Acha Besga	General Secretary and Secretary of the Board of Directors, and General Manager – Legal and Corporate Affairs Consultancy
Mr Davide Ciciliato (5)	General Manager – Commercialisation
Mr José Casas Marín	General Manager – Institutional Affairs and Regulatory Iberia
Mr Pablo Azcoitia Lorente	General Manager - Real Estate and General Services
Mr Gonzalo Carbó de Haya	General Manager – Nuclear
Ms Patricia Fernández Salís	General Manager – Audit
Mr Manuel Fernando Marín Guzmán	General Manager – ICT Digital Solutions
Ms María Malaxechevarría Grande	General Manager – Sustainability
Mr Ignacio Mateo Montoya	General Manager - Procurement
Mr Marco Palermo	General Manager – Administration, Finance, and Control
Mr Florencio José Retortillo Rodríguez (5)	General Manager - Security
Mr Javier Uriarte Monereo (2)	General Manager - Commercialisation

(1) The list of people included in this table corresponds to the definition of Senior Management established in Circular 5/2013, of 12 June, from the National Securities Market Commission (CNMV).

(2) Left on 31 May 2024.

(3) Joined on 1 July 2024.

(4) Left on 30 June 2024.

(5) Joined on 1 June 2024.

	Members of Senior Management 2023 Position (1)
Name
Mr Ignacio Jiménez Soler	General Manager – Communication
Mr Juan María Moreno Mellado	General Manager – Energy Management
Mr Paolo Bondi	General Manager – People and Organisation
Mr Rafael González Sánchez	General Manager – Generation
Mr José Manuel Revuelta Mediavilla	General Manager – Infrastructure and Grids
Mr Francisco de Borja Acha Besga	General Secretary and Secretary of the Board of Directors, and General Manager – Legal and Corporate Affairs Consultancy
Mr Javier Uriarte Monereo	General Manager – Commercialisation
Mr José Casas Marín	General Manager – Institutional Affairs and Regulatory Iberia
Mr Pablo Azcoitia Lorente	General Manager – Media
Mr Gonzalo Carbó de Haya	General Manager – Nuclear
Ms Patricia Fernández Salís	General Manager – Audit
Mr Manuel Fernando Marín Guzmán	General Manager – ICT Digital Solutions
Ms María Malaxechevarría Grande	General Manager – Sustainability
Mr Ignacio Mateo Montoya	General Manager - Procurement
Mr Marco Palermo	General Manager – Administration, Finance, and Control
Mr Davide Ciciliato(2)	General Manager - Endesa X

(1) (The list of people included in this table corresponds to the definition of Senior Management established in Circular 5/2013, of 12 June, from the National Securities Market Commission (CNMV).

(2) On 31 October 2023, Mr Davide Ciciliato resigned as General Manager of Endesa X. This Directorate was incorporated into the General Directorate of Commercialisation.

Remuneration of Senior Management

In 2024 and 2023, the remuneration of the members of Senior Management who are not also Executive Directors was as follows:

Thousands of Euros	Remuneration received
		In the Company	For Membership on Boards of Directors of Endesa Group Companies
	2024	2023	2024	2023
Fixed remuneration	5,287(1)	5,509 (2)	—	—
Variable remuneration	3,677(3)	3,638 (4)	—	—
Attendance fees	-	-	—	—
Statutory benefits	-	-	—	—
Stock options and other financial instruments	1,164(5)	1,174 (6)	—	—
Others	3,744(7)	343	—	—
TOTAL	13,872	10,664	—	—

(1) The remuneration received by Senior Management includes the amount relating to the discount for the purchase of shares, 84 thousand euros, and the discount corresponding to the canteen of Euro 6 thousand, under the Flexible Remuneration Plan.

(2) The remuneration received by Senior Management includes the amount relating to the discount for the purchase of shares, 84 thousand euros, and the discount corresponding to the canteen of Euro 6 thousand, under the Flexible Remuneration Plan.

(3) Corresponding to short-term variable compensation, and one-third of the long-term variable compensation relating to the 2022-2024, 2023-2025, and 2024-2026 Strategic Incentive Plans. The consolidated payment in 2024 amounted to 3,591 thousand euros, comprising short-term variable compensation ( thousand euros) and long-term variable compensation (1,135 thousand euros). In 2024, the effective payment of 70% of the 2020- 2022 Strategic Incentive Plan was consolidated, along with the right to payment of 30% of the 2021-2023 Strategic Incentive Plan.

(4) Corresponding to short-term variable compensation, and one-third of the long-term variable compensation relating to the 2021-2023, 2022- 2024, and 2023-2025 Strategic Incentive Plans. The consolidated payment in 2023 amounted to 4,229 thousand euros, comprising short-term variable compensation (2,541 thousand euros) and long-term variable compensation (1,688 thousand euros). In 2023, the effective payment of 70% of the 2019-2021 Loyalty Plan was consolidated, along with the right to payment of 30% of the 2020-2022 Strategic Incentive Plan. (5) Corresponding to the long-term variable compensation accrued for one-third of the 2022-2024, 2023-2025, and 2024-2026 Strategic Incentive

698

Plans. (6) Corresponding to the long-term variable compensation accrued for one-third of the 2021-2023, 2022-2024, and 2023-2025 Strategic Incentive Plans.

(7) Other concepts include payments for remuneration in kind and severance pay.

Thousands of Euros	Other Benefits
		In the Company	For Membership on Boards of Directors of Endesa Group Companies
	2024	2023	2024	2023
Advances	540	586	—	—
Loans Granted	—	—	—	—
Pension Funds and Plans: Contributions	692	816	—	—
Pension Funds and Plans: Accrued Benefits	15,781	19,793	—	—
Life and Accident Insurance Premiums	189	162	—	—

Guarantees granted by the Company to Senior Management

As of 31 December 2024 and 2023, in terms of remuneration, the Company had not issued any guarantees to Senior Managers who are not also Executive Directors.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

46.3.3. Guarantee clauses: Board of Directors and Senior Management

Guarantee Clauses in the Event of Dismissal or Change of Control

These types of clauses have been approved by the Board of Directors based on a report from the Nomination and Remuneration Committee (NRC) and address compensation in the event of termination of employment and post-contractual non-compete agreements.

The Chief Executive Officer's contract does not provide for severance pay. However, when the Chief Executive Officer ceases to hold his position, his prior employment agreement as a senior manager, which was suspended upon his appointment as Chief Executive Officer, will automatically terminate. In this case, upon termination of his employment as a Senior Manager, Mr José Damián Bogas Gálvez will be entitled to a net payment of 7,575 thousand euros. This amount is the gross compensation he has accrued less withholdings for Personal Income Tax (Impuesto sobre la Renta de las Personas Físicas - IRPF) and, where applicable, Social Security contributions applicable on the date of payment. This amount will be adjusted for inflation based on the previous year's Consumer Price Index (CPI).

This compensation is incompatible with any other indemnity payment that may arise from termination of his/her employment as Director. This net amount of 7,575 thousand euros includes consideration for a 2-year post-employment non-compete agreement, as stipulated in the Chief Executive Officer's Senior Management contract.

This indemnity or guaranteed compensation is compatible with the defined benefit saving scheme for the Chief Executive Officer. The termination in the event of death or retirement recognises the right of the Chief Executive Officer or its assignees to the guaranteed compensation.

While such termination clauses are uncommon for Senior Management and other management personnel, when they do exist, they are similar in content for situations covered by standard employment agreements.

These clauses provide for the following:

Clauses	Terms
Termination	• By mutual agreement: Compensation of 1 to 3 times the annual remuneration, depending on the case. Endesa's Directors' Remuneration Policy for 2024-2027 establishes a maximum limit on termination payments for new Senior Management and Executive Directors. This limit is equal to two years of total annual accrued remuneration, including any amounts that have not previously been consolidated from long-term savings plans and payments under post-employment non-compete agreements, applicable in any case, under the same terms, to contracts with Executive Directors. • By unilateral decision of Manager: No right to compensation, unless the resignation is due to a serious and culpable breach of the Company's obligations, a substantial reduction in duties and responsibilities (constructive dismissal), a change of control, or other grounds for severance pay as provided for in Royal Decree 1382/1985, of 1 August. • By the Company's decision: Compensation as described in the first point. • By decision of the Company, based on the Manager's grossly fraudulent and culpable conduct in the performance of their duties: No right to compensation. These conditions are alternatives to those arising from changes to the existing employment relationship or from termination due to early retirement for Senior Managers.
Post Contractual Non-Compete Agreement	• In the vast majority of contracts, the outgoing Senior Manager is required not to engage in any activity that competes with Endesa for a period of two years following termination, in exchange for which they are entitled to a payment of up to one year's fixed remuneration.

As of 31 December 2024 and 2023, eleven Executive Directors and Senior Managers had guarantee clauses in their contracts.

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

46.3.4. Other Disclosures concerning the Board of Directors

To enhance the transparency of listed public companies, the Directors disclose, to the best of their knowledge, the direct or indirect stakes that both they and their related parties hold in the capital of companies with business activities that are the same, similar, or complementary to Endesa's corporate purpose. They also disclose any positions or duties they hold in those companies:

31 December 2024
Director's Name	Company Tax ID or VAT number	Company Name	Stake (%)	Positions
Mr Flavio Cattaneo	00811720580	Enel, S.p.A.	0.02852455	Chief Executive Officer and General Manager
Mr Flavio Cattaneo	B85721025	Enel Iberia, S.L.U.	-	Chairman
Mr José Damián Bogas Gálvez	B85721025	Enel Iberia, S.L.U.	-	Director
Mr Stefano de Angelis	00811720580	Enel, S.p.A.	-	General Manager – Administration, Finance and Control
Mr Gianni Vittorio Armani	00811720580	Enel, S.p.A.	-	General Manager of Enel Grids, S.r.l.
Mr Gianni Vittorio Armani	00811720580	Enel, S.p.A.	-	Sole Director of Enel Grids, S.r.l.
Ms Francesca Gostinelli	00811720580	Enel, S.p.A.	0.00030761	Global Head of Enel X Retail
Ms Michela Mossini	00811720580	Enel, S.p.A.	0.00005312	General Manager of the Office of the CEO and Strategy
Ms Elisabetta Colacchia	00811720580	Enel, S.p.A.	0.00010525	General Manager of People and Organisation

31 December 2023
Director's Name	Company Tax ID or VAT number	Company Name	Stake (%)	Positions
Mr Flavio Cattaneo	00811720580	Enel, S.p.A.	0.02459013	Chief Executive Officer and General Manager
Mr Flavio Cattaneo	B85721025	Enel Iberia, S.L.U.	-	Chairman
Mr José Damián Bogas Gálvez	B85721025	Enel Iberia, S.L.U.	-	Director
Mr Stefano de Angelis	00811720580	Enel, S.p.A.	-	General Manager – Administration, Finance and Control
Mr Gianni Vittorio Armani	00811720580	Enel, S.p.A.	-	General Manager of Enel Grids, S.r.l.
Mr Gianni Vittorio Armani	00811720580	Enel, S.p.A.	-	Sole Director of Enel Grids, S.r.l.
Ms Francesca Gostinelli	00811720580	Enel, S.p.A.	0.00028522	Global Head of Enel X Retail

The members of the Board of Directors reported no direct or indirect conflicts between their own interests and those of the Company in 2024, in accordance with Article 229 of the Corporate Enterprises Act (LSC).

Distribution by gender: As of 31 December 2024, the Board of Directors of Endesa, S.A. comprised 14 Directors, 6 of whom were women (12 Directors, 5 of whom were women, as of 31 December 2023).

In 2024 and 2023, the Company arranged third-party liability insurance policies for Directors and Senior Managers for a gross amount of 1,726 thousand euros and 1,768 thousand euros, respectively. This insures both the Company's Directors and employees with management responsibilities.

In 2024 and 2023, there were no damages caused by acts or omissions of the Directors that required the use of the civil liability insurance premium they hold through the Company.

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I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

46.3.5. Share-based payment schemes tied to the Endesa, S.A. share price

Endesa's long-term variable remuneration is based on long-term remuneration schemes, known as 'Loyalty and Strategic Incentive Plans', aimed primarily at strengthening the commitment of employees, who occupy positions of greater responsibility in the attainment of the Group's strategic targets. The Plan is structured through successive triennial programs, which start every year from 1 January 2010. Since 2014, the Plans have foreseen a deferral of the payment and the requirement for the Executive to be active on the date of liquidation thereof; and payments are made on two dates: 30% of the incentive will be paid in the year following the end of the Plan, and the remaining 70%, if applicable, will be paid two years after the end of the Plan.

Once the accrual period of the Loyalty and Strategic Incentive Plans has ended, the only entitlement to payment of these will be in the event of retirement, termination of the fixed-term contract or decease, with payment being made at the corresponding time, and may be advanced to the heirs in the event of death. For those Loyalty and Strategic Incentive Plans in which the accrual has not ended, only the amount corresponding to the Base Amount of the Incentive that has been assigned, 'pro rata temporis' until the date of termination of the contractual relationship, when the Exercise Conditions are met for departures due to retirement or termination of the fixed-term contract.

2022-2024 Strategic Incentive Plan

On 29 April 2022, the Ordinary General Meeting of Shareholders of Endesa, S.A. approved the long-term variable Compensation Plan known as the '2022-2024 Strategic Incentive Plan,' whose main purpose is to reward those holding positions of greater responsibility, including the Executive Directors of Endesa, S.A., for their contribution to sustainably fulfilling the Strategic Plan. The main features of this Plan are as follows:

701

	Main Features
	• The performance period will be 3 years, commencing from 1 January 2022.
2022-2024 Strategic Incentive Plan	• The Incentive provides for the allocation of an incentive consisting of the right to receive: (i) a number of ordinary shares of Endesa, S.A. and (ii) a monetary amount, referenced to a 'target' base incentive, subject to the conditions and possible variations under the Plan.
	• The Plan foresees a deferral of the payment: 30% of the incentive will be paid in the year following the end of the Plan, and the remaining 70%, if applicable, will be paid two years after the end of the Plan.

With respect to the total accrued incentive, the Plan provides for up to 50% of the 'target' base incentive to be paid entirely in shares.

The monetary amount to be paid is calculated as the difference between the total amount of the accrued incentive and the portion to be paid in shares.

Therefore, the accrual of the '2022-2024 Strategic Incentive' is linked to the fulfilment of five targets during the performance period, which shall be three years running from 1 January 2022:

	Objectives	Weighting
Accrual of 2022-2024 Strategic Incentive	1. Performance of the average 'Total Shareholder Return' (TSR) of Endesa, S.A. in relation to the perfor mance of the average TSR of the EuroStoxx Utilities index, selected as the benchmark for the peer Group.	50 %
	2. Cumulative Return on Average Capital Employed (ROACE)(1) target over the accrual period. Endesa's cumulative ROACE target represents the relationship between the Ordinary Operating Profit (Ordinary EBIT)(2) and the Average Net Invested Capital (Average NIC)(3) cumulatively over the 2022-2024 period.	25 %
	3. Net installed capacity from renewable sources, represented by the ratio of net installed capacity from renewable sources to the total cumulative net installed capacity at Endesa in Notes 2024 (see Note 5.1).	10 %
	4. Reduction in carbon dioxide (CO2 ) emissions at Endesa in Spain by Notes 2024 (see Note 5.1).	10 %
	5. Percentage of women in succession planning for management in 2024.	5 %

(1) Return On Average Capital Employed (ROACE) (%) = Ordinary Operating Income without tax effect (Ordinary EBIT)/Average Net Invested Capital (Average NIC).

(2) Ordinary Operating Profit (Ordinary EBIT (Millions of Euros) = Operating Profit (EBIT) adjusted for non-budgeted extraordinary effects.

(3) Average Net Invested Capital (Average NIC) (Millions of Euros) = ((Equity + Net Financial Debt — Cash and Cash Equivalents) n + (Equity + Net Financial Debt — Cash and Cash Equivalents) n-1) / 2.

For each target, a baseline level is established at which the target is considered achieved, along with two levels of over-achievement: exceeding the first level corresponds to 150%, and exceeding the second level corresponds to a maximum achievement of 180%. Therefore, the variable compensation level would range between 0% and 180% of the base incentive.

2023-2025 Strategic Incentive Plan

On 28 April 2023, the General Shareholders' Meeting of Endesa, S.A. approved a long-term variable remuneration scheme known as the '2023- 2025 Strategic Incentive Plan.'

The purpose and characteristics of this Plan are identical to those of the '2022-2024 Strategic Incentive Plan' described in the previous section, with the differences being the performance period and the targets linked to its accrual.

Therefore, the accrual of the '2023–2025 Strategic Incentive' is linked to the fulfilment of four targets during the performance period, which shall be three years running from 1 January 2023:

	Objectives	Weighting
	1. Performance of the average 'Total Shareholder Return' (TSR) of Endesa, S.A. in relation to the perfor mance of the average TSR of the EuroStoxx Utilities index, selected as the benchmark for the peer group.	50 %
Accrual of 2023-2025 Strategic Incentive	2. ROIC Target ('Return on Invested Capital')(1) – WACC ('Weighted Average Cost of Capital') (3) repre sented by the ratio between NOPAT (Ordinary EBIT excluding tax effect)(2) and average Net Invested Capital (NIC)(4) less WACC.	30 %
	3. Reduction in Endesa's carbon dioxide (CO2 ) emissions in Spain and Portugal by 2025 (see Note 5.1).	10 %
	4. Percentage of women in succession planning for management in 2025.	10 %

(1) Return on Invested Capital (ROIC) (%) = Ordinary Operating Income without tax effect (Ordinary EBIT without tax effect)/Average Net Invested Capital (Average NIC).

(2) Ordinary Operating Profit excluding tax effect (Ordinary EBIT excluding tax effect (Millions of Euros) = Operating Profit (EBIT) adjusted for non-budgeted after-tax extraordinary effects.

(3) WACC (Weighted Average Cost of Capital) = Endesa's after-tax discount rate for the relevant period. (4) Average Net Invested Capital (Average NIC) (Millions of Euros) = ((Equity + Net Financial Debt) n + (Equity + Net Financial Debt) n-1) / 2.

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

2024-2026 Strategic Incentive Plan

On 24 April 2024, the General Shareholders' Meeting of Endesa, S.A. approved a long-term variable remuneration scheme known as the '2024-2026 Strategic Incentive Plan'.

The purpose and characteristics of this Plan are identical to those of the '2022-2024 Strategic Incentive Plan' and the '2023-2025 Strategic Incentive Plan' described in the previous sections, with the differences being the performance period and the targets linked to its accrual.

Therefore, the accrual of the '2024-2026 Strategic Incentive Plan' is linked to the fulfilment of four targets during the performance period, which shall be three years running from 1 January 2024:

	Objectives	Weighting
Accrual of 2024-2026 Strategic Incentive	1. Performance of the average 'Total Shareholder Return' (1) (TSR) of Endesa, S.A. in relation to the performance of the average TSR(1) of the EuroStoxx Utilities index, selected as the benchmark for the peer Group during the 2024-2026 period.	45 %
	2. ROIC Target ('Return on Invested Capital')(2) – WACC ('Weighted Average Cost of Capital')(5) represented by the ratio between NOPAT (Ordinary EBIT excluding tax effect)(3) and average Net Invested Capital (NIC)(4) less WACC(5).	30 %
	3. Reduction of carbon dioxide (CO2 ) emissions: reduction of Endesa's specific CO2 emissions (gCO2 / kWh) in 2026 based on the evolution of the thermal gap in the Spanish Mainland Electrical System (see Note 5.1).	15 %
	4. Percentage of Female Managers and Middle Managers in relation to the total number of Managers and Middle Managers by 2026.	10 %

(1) 'Total Shareholder Return' (TSR) = (Closing Share Price - Initial Share Price) + Gross Dividend Paid in the Year and Reinvested in the same security at the time of the dividend payment.

(2) Return on Invested Capital' (ROIC) (%) = Ordinary Operating Profit without tax effect (Ordinary EBIT without tax effect)/Average Net Invested Capital (Average NIC).

(3) Ordinary Operating Profit excluding tax effect (Ordinary EBIT excluding tax effect (Millions of Euros) = Operating Profit (EBIT).

(4) Average Net Invested Capital (Average NIC) (Millions of Euros) = ((Equity + Net Financial Debt) n + (Equity + Net Financial Debt) n-1) / 2.

(5) WACC ('Weighted Average Cost of Capital') = Endesa's after-tax discount rate for the relevant period.

The amount accrued under the Plans in force in 2024, was 4 million euros gross (4 million euros gross in 2023, relating to the 2021-2023, 2022-2024, and 2023- 2025 Strategic Incentive Plans), with 2 million euros gross corresponding to the estimate of share-based payments that will be settled in equity instruments (2 million euros gross in 2023, relating to the 2021-2023, 2022-2024, and 2023-2025 Strategic Incentive Plans)

The 'Other Equity Instruments' section of the Equity on the Consolidated Financial Statement reflects the transactions for 2024, with a balance of 5 million euros as of 31 December 2024 (5 millions euros at 31 December 2023).

47. Purchase commitments and guarantees issued to third parties and other commitments

As of 31 December 2024 and 2023, there are guarantees issued to third parties for the following items and amounts, and information relating to future purchase commitments is detailed as follows:

Millions of Euros Notes	31 December 2024	31 December 2023
Guarantees Issued to Third Parties:
Tangible Fixed Assets Pledged as Collateral for Financing Received 20.4, 34.1.13 and 40.4.3	32	39
Short and Long-Term Gas Contracts(1)	293	466
Energy Contracts	112	69
Contracts for Operating in Financial Markets	40	40
Supply Contracts for Property, Plant, and Equipment and Other Inventories	47	57
Associated Companies, Joint Ventures, and Joint Operating Entities 46.2	-	3
TOTAL(2)	524	674
Future Purchase Commitments:
Tangible assets 20.2	875	1,160
Intangible Assets 23.2	25	115
Financial Asset 40.1.4	-	-
Acquisition of Subsidiaries 7	1,000	-
Rendering of Services 27.1	19	15
Purchases of Energy Commodities and Others: 31.3	18,252	18,848
Energy Commodities	18,150	18,691
Electricity	-	-
Carbon Dioxide (CO2 ) Emission Allowances	34	100
Other Inventories	68	57
TOTAL	20,171	20,138

(1) Includes guarantees associated with LNG carrier lease agreements.

(2) Excludes bank guarantees to third parties.

704

Endesa considers that any additional liabilities that could arise from the guarantees provided as of 31 December 2024, if any, would not be significant.

There are no additional commitments beyond those described in Notes 7, 20, 23, 27, 31 and 40.1.4 of these Consolidated Financial Statements.

The Directors of the Parent Company consider that it will be able to fulfil these commitments and therefore do not expect any significant contingencies to arise for this reason.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements

VI. Statement of Responsibility

48. Remuneration to auditors

As of 31 December 2024 and 2023, the fees incurred for services rendered by KPMG Auditores, S.L. and other entities within its network, regardless of the billing date, are as follows:

Thousands of Euros	2024	2023
For Audit Services	2,122	2,086
For other Accounting Verification Services (1)	752	539
For other Services (2)	200	370
TOTAL	3,074	2,995

(1) Primarily related to limited reviews of Interim Financial Statements, as well as assurance and verification reports.

(2) Primarily related to agreed-upon procedure reports.

49.1. Final workforce

Final workforce details for Endesa are as follows:

Number of Employees	Final Workforce
	31 December 2024			31 December 2023
	Men	Women	Total	Men	Women	Total
Managers	149	43	192	160	43	203
Middle management	2,394	1,352	3,746	2,425	1,345	3,770
Administration and Management Personnel and Workers	3,973	1,003	4,976	4,033	1,029	5,062
TOTAL EMPLOYEES	6,516	2,398	8,914	6,618	2,417	9,035

Number of Employees		Final Workforce
		31 December 2024 31 December 2023
		Men	Women	Total	Men	Women	Total
	Generation and Commercialisation	3,592	1,220	4,812	3,697	1,258	4,955
	Distribution	2,263	520	2,783	2,254	496	2,750
	Structure and others (1)	661	658	1,319	667	663	1,330
TOTAL EMPLOYEES		6,516	2,398	8,914	6,618	2,417	9,035

(1) Structure and Services.

Number of Employees	Final Workforce
	31 December 2024				31 December 2023
	Men	Women	Total	Men	Women	Total
Under 30 years old	280	143	423	326	170	496
Between 30 and 50 years old	3,624	1,478	5,102	3,729	1,565	5,294
Over 50 years old	2,612	777	3,389	2,563	682	3,245
TOTAL EMPLOYEES	6,516	2,398	8,914	6,618	2,417	9,035

Number of Employees	Final Workforce
		31 December 2024		31 December 2023
	Men	Women	Total	Men	Women	Total
Spain	6,501	2,384	8,885	6,601	2,401	9,002
Portugal	15	14	29	17	16	33
TOTAL EMPLOYEES	6,516	2,398	8,914	6,618	2,417	9,035

49.2. Average workforce

Average workforce details for Endesa are as follows:

Number of Employees	Average Workforce
	2024			2023
	Men	Women	Total	Men	Women	Total
Managers	154	42	196	163	43	206
Middle management	2,392	1,332	3,724	2,428	1,322	3,750
Administration and Management Personnel and Workers	3,901	995	4,896	4,099	1,042	5,141
TOTAL EMPLOYEES	6,447	2,369	8,816	6,690	2,407	9,097

	Number of Employees	Average Workforce
			2024			2023
706			Men	Women	Total	Men	Women	Total
		Generation and Commercialisation	3,600	1,227	4,827	3,747	1,243	4,990
		Distribution	2,192	491	2,683	2,258	491	2,749
		Structure and others(1)	655	651	1,306	685	673	1,358

(1) Structure and Services.

In 2024 and 2023, the average number of employees in the Joint Operating entities was 749 and 773, respectively.

The details of the average number of employees in 2024 and 2023 with a disability of 33% or greater are as follows:

Number of Employees	Average Workforce with Disabilities(1)
	2024				2023
	Men	Women	Total	Men	Women	Total
Managers	1	—	1	1	–	1
Middle management	29	7	36	27	7	34
Administration and Management Personnel and Workers	42	15	57	41	14	55
TOTAL EMPLOYEES	72	22	94	69	21	90

TOTAL EMPLOYEES 6,447 2,369 8,816 6,690 2,407 9,097

(1) Greater than or equal to 33%.

Number of Employees	Average Workforce with Disabilities(1)
			2024			2023
		Men	Women	Total	Men	Women	Total
	Generation and Commercialisation	32	11	43	30	10	40
	Distribution	24	2	26	23	2	25
	Structure and others(2)	16	9	25	16	9	25
TOTAL EMPLOYEES	72	22	94	69	21	90

(1) Greater than or equal to 33%.

(2) Structure and Services.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

50. Provisions, contingent assets and liabilities

On the date that these Consolidated Financial Statements were prepared, the main lawsuits or arbitration proceedings involving Endesa companies are as follows:

• There are currently two major ongoing legal proceedings against Edistribución Redes Digitales, S.L.U. in connection to the forest fire that occurred in Aguilar de Segarra (Barcelona) on 18 July 1998. These cases may result in the company being required to settle various claims for damages totalling 3 million euros.
• The administrative authorisations for the Peña del Gato and Valdesamario wind farms, owned by Energías Especiales del Alto Ulla, S.A.U. (a 100% subsidiary of Enel Green Power España, S.L.U.), were annulled by the Supreme Court rulings of 13 July 2015 and 5 May 2017, respectively, due to improper handling of the Environmental Impact Assessment (EIA) process. Additionally, the municipal licenses granted by the municipalities of Valdesamario and Riello for the Valdesamario wind farm were also annulled for the same reason (Rulings from the High Court of Justice of Castile and Leon on 26 June 2017, and from the Administrative Court of Leon on 30 May 2017, both final), along with the evacuation infrastructures for the wind farms (Rulings from the High Court of Justice of Castile and Leon on 13 and 19 March 2018). These were challenged before the Supreme Court by its owner, Promociones Energéticas del Bierzo, S.L.U. (a 100% subsidiary of Enel Green Power España, S.L.U.). However, the Supreme Court decided not to admit the 3 appeals through Orders dated 20 December 2018 and 31 January 2019). The approval of the Ponjos Electrical Transformation Sub-Station (ETS) project was also annulled in a

Ruling from the Administrative Court 1 of Leon on 31 May 2017, which was challenged by Promociones Energéticas del Bierzo, S.L.U., and subsequently appealed. The Appeal was upheld in the Ruling of the High Court of Justice of Castile and Leon on 1 July 2021. A new administrative authorisation for the Peña del Gato wind farm was granted on 8 May 2017, after the project was resubmitted to address the deficiencies in its environmental assessment. The facilities began operating with 14 turbines on 3 January 2018, and the remaining 11 turbines were brought online on 4 April 2018, after a modified permit for woodland use was received, in line with the new authorisation. In the enforcement phase of the court Ruling, the High Court of Justice of Castile and Leon annulled the new administrative authorisation granted on 30 July 2018, as it was deemed to have issued with the intention of circumventing the High Court of Justice of Castile and Leon's Ruling of 13 July 2015. An Appeal for reconsideration was filed against the Ruling by the regional Government of Castile and Leon and Energías Especiales del Alto Ulla, S.A.U., which was dismissed in a Ruling on 21 December 2018. Energías Especiales del Alto Ulla, S.A.U. subsequently filed an Appeal in cassation with the Supreme Court, which was inadmissible as per the Order issued on 3 July 2019.

As a result of the suspension of the evacuation infrastructure, the Peña del Gato wind farm was forced to halt operations again in May 2019. On 26 October 2021, Energías Especiales del Alto Ulla, S.A.U. was notified of a submission to the High Court of Justice of Castile and Leon by the association 'Plataforma para la Defensa de la Cordillera Cantábrica' ('Platform for the Defence of the Cantabrian Mountain Range'), requesting the suspension of the new administrative

authorisation proceedings and an environmental expert assessment. This was part of the enforcement phase of the court Ruling that annulled the Peña del Gato wind farm's administrative authorisation. Both Energías Especiales del Alto Ulla, S.A.U. and the regional Government of Castile and Leon opposed the request, which was rejected by the High Court of Justice of Castile and Leon in an Order on 10 February 2022. On 24 May 2022, a new administrative authorisation and Environmental Impact Assessment (EIA)were obtained for the Peña del Gato and Valdesamario wind farms, as well as the associated evacuation infrastructure. Appeals were subsequently filed against these authorisations by several environmental associations, but were dismissed by the regional Government of Castile and Leon. On 20 January 2023, Energías Especiales del Alto Ulla, S.A.U. was notified that the association 'Plataforma para la Defensa de la Cordillera Cantábrica' had filed two contentious-administrative Appeals with the Administrative Court of Leon against the dismissal of the Appeals concerning the administrative authorisation and Environmental Impact Assessment (EIA) of the Valdesamario and Peña del Gato wind farms. The Appeal concerning the Valdesamario wind farm is currently in the discovery phase, while the Appeal concerning the Peña del Gato wind farm is in the conclusion phase.

• The Supreme Court delivered Ruling number 212/2022 on 21 February, in the appeal lodged by Endesa, S.A., Endesa Energía, S.A.U. and Energía XXI Comercializadora de Referencia, S.L.U., and in the Appeals filed by other electricity sector companies against the obligation, envisaged in article 45.4 of Electricity Sector Law 24/2013, of 26 December, Royal Decree-Law 7/2016, of 23 December, and Royal Decree 897/2017, of 6 October, to finance the cost of the Social Bonus, and to cofinance with the public administrations the supply of severely vulnerable consumers that avail themselves of the Last Resort Tariffs (Tarifas de Último Recurso - TUR) and which are at risk of social exclusion. It is an Appeal filed against the third system to finance the Social Bonus, whereby the obligation was imposed to finance the parents of company groups that carry out electricity commercialisation activities, or the companies themselves that do so if they do not form part of a corporate group. In particular, the Supreme Court partially upheld the Appeal declaring (i) inapplicable the Social Bonus financing system and the cofinancing system with the administrations for the supply of severely vulnerable consumers that avail themselves of the LRT and that are at risk of social exclusion; (ii) articles 12 to 17 of Royal Decree 897/2017, of 6 October, to be inapplicable and null and void. In turn, the following is acknowledged, (iii) the right of the claimant to be compensated for the amounts paid to finance and cofinance (alongside the public administrations) the Social Bonus, so that all amounts paid in this regard are refunded, less any amounts that may have been passed on to customers. Lastly, the following is declared: (iv) the right of the complainant to be compensated for the amounts invested to implement the application, verification, and management process for the Social Bonus, together with the amounts paid to apply this procedure, discounting those amounts that, where appropriate, would have been passed on to the customers. By Order of 24 May 2022, the Ruling was deemed to have been received by the responsible body, indicating that the ruling must be honoured by the Subdirectorate General for Electricity. In view of the inactivity of the Administration, on 10 November 2022, a written request for enforcement was filed. Subsequently, by Order of 9 January 2023, a report was received from the Ministry for Ecological Transition and the Demographic Challenge (Ministerio para la Transición Ecológica y el Reto Demográfico - MITECO) on the status of enforcement of the Ruling, and Endesa was given notice to state, within 10 days, whether the Administration had set the amounts to be paid as compensation. On 24 January 2023, Endesa submitted a written statement of allegations, together with the corresponding reports, and requested access to the report prepared by the National Commission for Markets and Competition (Comisión Nacional de los Mercados y la Competencia - CNMC) on which the MITECO based its report on the status of execution of the Ruling, reserving the right to make further allegations in view of the aforementioned report. On 29 March 2023, a new submission was made

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

to the Supreme Court requesting that (i) the uncon-

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

tested amount of the compensation claimed be paid immediately, (ii) the report from the CNMC, which the MITECO relies upon to prepare its report on the execution status of the Ruling, be forwarded, and (iii) the State Attorney be summoned to present submissions and proceed with the ratification of the expert reports presented. On 26 May 2023, the Supreme Court issued a decision, among other matters, to: (i) to initiate enforcement of the Ruling, (ii) to order the MITECO to submit the report of the CNMC dated 24 March 2022 as requested, (iii) to partially uphold the motion filed by Endesa declaring Energía XXI Comercializadora de Referencia, S.L.U.'s entitlement to be paid an amount of 152 million euros, plus legal interest calculated from the date of payment until the date of reimbursement, for the item referred to in section four of the operative part of the Ruling; (iv) to order the MITECO to quantify, within a maximum period of one month, the amount payable to the appellant as compensation for the share of Endesa's deregulated retailer of the cost of financing the Social Bonus after deducting any applicable amount that had been passed on to customers, (v) to order the MITECO to quantify, as quickly as possible, the amount to be paid to the appellant for amounts invested to implement the application, verification, and management process for the Social Bonus and, within a maximum period of two months, pay the appellant the appropriate amount plus legal interest in the terms specified in the operative part of the Ruling. On 28 July 2023, the Secretary of State for Energy issued a Resolution recognising Endesa (i) compensation of Euro 152 million (to which should be added the legal interest accrued up to the date of effective payment, totalling 21 million euros) for the financing costs associated with customers in the regulated market segment, and (ii) compensation of 7 million euros (including the corresponding legal interest) for the costs of implementing and processing the Social Bonus. Regarding the financing cost associated with customers in the deregulated market segment, the aforementioned Resolution of the Secretary of State for Energy does not recognise any compensation. On 18 September 2023, Endesa submitted a pleading to the Supreme Court, along with the corresponding expert reports, to demonstrate that Endesa has not passed on the financing cost of the Social Bonus associated with customers in the deregulated market segment and, therefore, is entitled to full compensation. By a Ruling of 2 April 2024, the Supreme Court admitted the evidence proposed by Endesa. In April 2024, the expert reports submitted by Endesa were ratified, and in May 2024, the Court appointed a judicial expert whose report was ratified on 4 July 2024. Finally, after the relevant reports were ratified, the Supreme Court, in its ruling of 18 September 2024, upheld the appeal and decided to:

• i. Partially annul the Resolution issued by the Secretary of State for Energy on 21 July 2023, concerning the amounts claimed in the appeal that were not recognised by the Administration;
• ii. Declare Endesa's right to receive payment of 148 million euros for the amounts allocated to financing and co-financing of consumers supplied by Endesa Energía S.A.U., plus the corresponding interest from the date of payment until the date of the actual reimbursement;
• iii.Declare Endesa's right to receive payment of Euro 6 million in principal for the amounts invested to implement the application, verification, and management process for the Social Bonus for consumers supplied by Energía XXI Comercializadora de Referencia S.L.U. As ruled by the Supreme Court, this sum should be paid in addition to the amounts already paid by the Administration for this purpose (amounting to 6 million euros), plus the corresponding interest from the date of payment until the date of reimbursement.

Given that the Administration had already paid the full amounts invested to implement the application, verification, and management process for the Social Bonus (as stated in Section (iii)), on 13 December 2024, Endesa informed the Supreme Court that the amount of 148 million euros, recognised for the financing and co-financing of consumers supplied by Endesa Energía S.A.U., is still pending payment.

• In June 2017, the Competition Directorate of the CNMC decided to initiate a sanctioning proceedings against Energía XXI Comercializadora de Referencia, S.L.U. for a potential violation of Article 3 of Law 15/2007, of 3 July, on the Defence of Competition (LDC). The violation involved the use of invoices for customers under the voluntary Price to the Small Consumer (VPSC) or the LRT to advertise the services offered by Endesa's deregulated retailer.

Following the investigation of the sanctioning proceeding, the proposal for Resolution was sent, and the relevant allegations were submitted by Energía XXI Comercializadora de Referencia, S.L.U. On 20 June 2019, a Resolution was issued by the National Commission for Markets and Competition (CNMC) imposing a fine of approximately Euro 5 million on Energía XXI Comercializadora de Referencia, S.L.U. for an alleged act of unfair competition contrary to Article 3 of Law 15/2007, of 3 July, on the Defence of Competition (LDC) and Article 4 of Law 3/1991, of 10 January, on Unfair Competition (LCD).

According to the CNMC, Energía XXI Comercializadora de Referencia, S.L.U. allegedly took advantage of a privileged channel (invoices issued to customers under the voluntary Price to the Small Consumer (VPSC) or the LRT), which was not accessible to other competitors, to launch advertisements for its own deregulated market services to a supposedly vulnerable group: regulated market consumers.

On 31 July 2019, Energía XXI Comercializadora de Referencia, S.L.U. filed a contentious-administrative Appeal before the National Court, requesting a cautionary suspension of the execution of the sanctioning Resolution, among others, because it believes that (i) the CNMC based its conclusions on mere unproven presumptions, (ii) the conduct of Energía XXI Comercializadora de Referencia, S.L.U. does not meet the necessary requirements to be considered an act contrary to good faith, and (iii) it has not been proven that the alleged conduct had an impact on competition and public interest that would be subject to sanctions under Article 3 of Law 15/2007, of 3 July, on the Defence of Competition (LDC).

On 10 October 2023, a Ruling was issued by the National Court dismissing this contentious-administrative Appeal. Energía XXI Comercializadora de Referencia, S.L.U. filed an Appeal in cassation against it before the Supreme Court. The Appeal in cassation was admitted by Order of 19 June 2024. Subsequently, on 6 September 2024, the statement of grounds for the Appeal in cassation was submitted, with the State Attorney filing a statement of opposition. The case is now awaiting the scheduling of a date for deliberation and ruling.

• On 14 December 2020, the Competition Directorate of the CNMC notified Enel Green Power España, S.L.U. and its parent company, Endesa Generación, S.A.U., of the commencement of disciplinary proceedings for alleged abuse of a dominant position by Enel Green Power España, S.L.U. in the market for access and connection to the transmission grid at certain nodes, impacting the related electricity generation market. According to the CNMC, Enel Green Power España, S.L.U. allegedly exploited its status as the Single Node Interlocutor (Interlocutor Único de Nudo - IUN) to favour companies within its own group to the detriment of third-party generators.

Enel Green Power España, S.L.U. submitted representations stating that it does not hold a dominant position in the market for access and connection to the transmission grid, nor does the role of the IUN have any decision-making powers or discretion in the process of grid access applications, as has been acknowledged by the CNMC in numerous cases and is stipulated in the sector regulations that grant the System Operator the exclusive authority to handle and analyse connection requests to the transmission grid. Furthermore, Enel Green Power España, S.L.U. contends that no exclusionary effect or market closure has occurred, and therefore, the alleged abusive practice should be outright dismissed, as it does not meet the criteria set out in Article 2 of Law 15/2007, of 3 July, on the Defence of Competition (LDC). Following the investigation of the sanctioning proceeding, the proposal for Resolution was sent, and the relevant allegations were submitted by Enel Green Power

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

España, S.L.U., on 10 June 2022, the CNMC issued a sanctioning Resolution imposing fines totalling 5 million euros on Enel Green Power España, S.L.U. and, jointly and severally, on its parent company Endesa Generación, S.A.U., for two very serious infringements contrary to Article 2 of Law 15/2007, of 3 July, on the Defence of Competition (LDC). These infringements involved alleged abuse of a dominant position by Enel Green Power España, S.L.U., in its capacity as an IUN, in the market for access and connection to the transmission grid at the Tajo de la Encantada and Lastras sub-stations. On 29 July 2022, Enel Green Power España, S.L.U. and Endesa Generación, S.A.U. filed an appeal with the National High Court against the sanctioning resolution of 10 June 2022 and concurrently requested the provisional suspension of the third Section of the operative part of the resolution concerning the payment of the imposed fines. By Order of 13 December 2022, the National Court suspended the enforcement of the fine. With the necessary procedural steps now completed, the case is awaiting

• On 24 January 2022, Edistribución Redes Digitales, S.L.U. was notified of a new resolution from the Directorate General for Energy of the Government of the Canary Islands, dated 18 November 2021. This resolution initiated a sanctioning procedure, ES.AE.LP 06/2020, for the alleged commission of five continuous and serious infringements and two non-continuous very serious infringements, with a potential fine of Euro 94 million. The alleged infringements pertained to requests for access and connection to the grid, execution of connections, processing of customer requests, provided information, implemented systems, and delays in execution and complaint and claim services. These infringements were related to 50 non-penal administrative files. Allegations were submitted on 18 March 2022. On 28 September 2022, a Proposal for Resolution dated 26 September 2022 was notified, proposing to fine Edistribución Redes Digitales, S.L.U. 31 million euros as the entity responsible for committing five serious and two very serious infringements under

the scheduling of a date for deliberation and ruling.

Law 24/2013, of 26 December, on the Electricity Sector.

This pattern of reducing the initial amount at the start of proceedings is being replicated in other minor sanctioning cases, as well as the closure of cases due to expiration, following recent rulings by the High Court of Justice of the Canary Islands. However, there have been instances where cases previously declared expired have been reopened.

• Royal Decree-Law 17/2021, of 14 September, on urgent measures to mitigate the impact of soaring natural gas prices on the retail gas and electricity markets, established a mechanism for reducing the excess remuneration of infra-marginal and non-emitting electricity generation facilities, in proportion to the greater income obtained by them as a result of the incorporation into electricity prices on the wholesale market of the value of the price of natural gas by marginal emitting technologies.

In application of this precept, the System Operator was attributed the monthly settlement of the amount calculated according to the methodology established by the aforementioned Royal Decree Law, the payment of which will correspond to the generating companies that own the affected facilities, or to the commercialisation companies in the event that the energy produced by them is bilateralised within the same Group of companies.

Previously, on a monthly basis, each company or Group of companies could declare energy exempt from reduction, covered by a forward contracting instrument that met the requirements in force at the time (which have varied with successive Royal Decree-Laws modifying the original regulation).

In accordance with the above, throughout 2023, Endesa declared the energy exempt that meets the legally established requirements, paid the amounts of the settlements issued by the System Operator, and, without prejudice to these payments, contested those it deemed non-compliant with current legislation.

The CNMC is tasked with the checking and verification of this mechanism. Accordingly, on 18 July 2022, it initiated a procedure to verify Endesa's settlements for the period from 16 September 2021 to 31 March 2022. This process concluded with a resolution from the CNMC on 18 April 2024, initially resulting in a payment obligation for Endesa of Euro 5 million. Endesa has appealed this resolution to the National High Court.

Additionally, in response to the CNMC's Resolution of 18 April 2024, Endesa filed a request for annulment of adverse administrative acts. The request sought to have the CNMC consider certain data provided by Endesa when calculating Endesa's net seller position and to adjust the volume of energy declared exempt from the reduction regime payment accordingly. On 14 September 2024, a Resolution by the CNMC, dated 10 October 2024, was notified. It granted the request and recognising an amount of4 million euros in favour of Endesa. As a result, the amount claimed by Endesa in its appeal against the CNMC's Resolution of 18 April 2024 is currently 1 million euros (instead of the initially claimed 5 million euros).

The National Commission on Markets and Competition (CNMC) has not yet notified Endesa of the start of a procedure to verify and check Endesa's settlements for the following period between April 2022 and December 2023. Given the complexity of the regulation, its successive amendments, and the lack of established general and public criteria that could provide greater legal certainty regarding the application of Royal Decree-Law 17/2021 of 14 September, as well as the discrepancies noted in the previous verification period, it is currently not possible to predict a final outcome. The emergence of impacts on the amount of the final sums to be settled for the period from April 2022 to December 2023 cannot be ruled out. Regarding the 2023 and 2022 fiscal years, Endesa made payments under Royal Decree-Law 17/2021, of 14 September, amounting to 119 million euros and 9 million euros, respectively.

• In September 2022, Edistribución Redes Digitales, S.L.U. filed an Appeal before the Supreme Court against Order TED/749/2022, of 27 July, which approves the incentive or penalty for reducing losses in the distribution network for 2016, modifies the base remuneration for 2016 for several companies, and approves the remuneration for electricity retailers for the years 2017, 2018, and 2019.

In particular, Edistribución Redes Digitales, S.L.U. challenges (i) the remuneration recognised for the years 2017, 2018, and 2019 due to the inclusion of results from inspection procedures that were clearly detrimental to the Company. These significantly reduced the remuneration for those years and failed to recognise certain investments and expenses incurred by Edistribución Redes Digitales, S.L.U. in the course of its operations. Additionally, (ii) the penalty amount for distribution network losses for 2016, as established by Edistribución Redes Digitales, S.L.U., is being contested.

The case is currently ongoing. Specifically, on 3 October 2024, Edistribución Redes Digitales, S.L.U. submitted a claim. The State Attorney responded to the claim on 29 October 2024, with the matter currently in the conclusions phase.

• Following a series of complaints filed with the National Commission on Markets and Competition (CNMC) against Edistribución Redes Digitales, S.L.U. for alleged anti-competitive practices, in June 2023, the Competition Directorate conducted an investigation at several Endesa offices. Subsequently, on 5 July 2024, the Competition Directorate agreed to initiate disciplinary proceedings against Edistribución Redes Digitales, S.L.U. for an alleged abuse of a dominant position consisting of discriminatory treatment (to the detriment of third-party retailers not related to Endesa) in the resolution of complaints relating to procedures related to the electricity retail markets, the provision of energy services, the installation of metering equipment, as well as the installation and operation of self-consumption.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

According to the press release published by the National Commission on Markets and Competition (CNMC), the opening of this case does not prejudge the final outcome of the investigation. The aforementioned sanctioning procedure is still in its initial phase.

• Separate litigation is also underway concerning the Records filed by the Tax Inspection in 2017 against Enel Green Power España, S.L.U. regarding Corporate Income Tax (CIT) for the years 2010 to 2013. The main point of contention is whether the fiscal neutrality regime applies to the 2011 merger of Enel Green Power España, S.L.U. by absorption of Enel Unión Fenosa Renovables, S.A. (EUFER). On 10 December 2019, a Ruling from the Central Economic-Administrative Court (Tribunal Económico-Administrativo Central - TEAC) dismissed the case regarding Corporate Income Tax (CIT) for 2011 (concerning the position of Enel Green Power España, S.L.U. as the successor of Enel Unión Fenosa Renovables, S.A. (EUFER)). An appeal was subsequently filed before the National Court. Additionally, on 16 June 2020, a partially favourable Ruling was received on Corporate Income Tax (CIT) for the years 2010 to 2013. The Ruling discussed the effects of applying the fiscal neutrality regime during that period, and a further appeal has been later submitted to the National Court in this case as well. The contingent amount associated with the potential loss of the litigation of the merger of Enel Unión Fenosa Renovables, S.A. (EUFER) by Enel Green Power España, S.L.U. has been estimated based on the criteria shared by the Tax Inspectorate in the course of the ongoing inspection proceedings against the Enel Iberia, S.L.U. Group. This criterion considers the potential recoveries of the tax paid in the tax assessment under dispute in the following years after 2011, which implies that the potential net contingency of said recoveries, as of 31 December 2024, amounts to 33 million euros. A guarantee is in place to ensure the suspension of the debt.
• On 9 July 2018, Endesa, S.A. was notified of the final Settlement Agreements on Corporate Income Tax (CIT) and Value Added Tax (VAT) for the Fiscal

Consolidation Groups for both taxes to which the company belongs. These agreements stemmed from a tax Inspection process for the years 2011 to 2014 and were subsequently appealed before the TEAC on 27 July 2018. On 28 January 2022, a partially favourable Ruling was received on Value Added Tax (VAT), which was subsequently further appealed before the National Court. Finally, on 4 April 2022, Rulings were received on Corporate Income Tax (CIT), which were likewise appealed before the National Court.

For Corporate Income Tax (CIT), the main points of contention concern differences in criteria regarding the deductibility of expenses incurred for the decommissioning of power plants, certain financial expenses, and certain losses arising from the transfer of shares during the audited period. The contingency associated with the process amounts to 51 million euros, and a guarantee is available to ensure debt suspension. In the case of Value Added Tax (VAT), the main issue under discussion is the application of the pro rata rule and the associated contingency amounts to 7 million euros, the corresponding settlement having been paid after the precautionary measure of the National High Court was dismissed on 5 June 2023.

• In relation to the tax Inspection process for the years 2015 to 2018, final Settlement Agreements have been received on Corporate Income Tax (CIT) and Value Added Tax (VAT) for the Fiscal Consolidation Groups for both taxes to which Endesa, S.A. belongs, as well as for Withholdings of Personal Income Tax (Impuesto sobre la Renta de las Personas Físicas - IRPF) for each of the audited Companies. The Agreements were appealed before the TEAC, and the following dismissals were received in 2024: on 29 February 2024, the decision regarding the settlement agreement that regularised the deductibility of financial expenses for Corporate Income Tax (CIT) purposes was received, and on 26 March 2024, the decisions concerning Personal Income Tax (IRPF) were received. Additionally, on 3 October 2024, a partially favourable ruling was received on

the settlement agreement for the general portion of Corporate Income Tax (CIT). Likewise, on 7 October 2024, a partial favourable ruling was received for Value Added Tax (VAT). These rulings have been contested before the National High Court.

The concepts under discussion originate mainly in the difference in criteria on the deductibility of certain financial expenses for the period inspected and in the rejection of part of the accredited deduction for Research, Development and Technological Innovation (R&D&I). The contingency associated with the process amounts to 50 million euros. A guarantee is available to ensure debt suspension.

• Regarding the Tax on Spent Nuclear Fuel governed by Law 15/2012, of 27 December, on Fiscal Measures for Energy Sustainability, there are ongoing proceedings where Endesa Generación, S.A.U. has requested a modification of the tax base of the Tax on Spent Nuclear Fuel. This is because it believes that the criterion established in the Resolution of the TEAC from 22 February 2022 should be applied for calculating the retroactivity coefficient set out in the Third Transitional Provision of the law. Following these claims, Endesa Generación, S.A.U. has requested a refund of undue payments. On 22 March 2024, tax Inspection authorities approved a refund of 5 million euros. Settlement agreements have been received that deny all refunds received for 141 million euros.

• In relation to the New Temporary Energy Levy introduced by Law 38/2022, of 27 December, which establishes temporary taxes on energy and financial credit institutions and creates a temporary solidarity tax for large fortunes, while amending certain tax regulations (see Note 6), Endesa, S.A. challenged the implementing regulations in February 2023 at the National High Court, arguing that the tax contravenes European and Spanish law. The company has filed self-appeals against the tax returns filed in the years 2023 and 2024 and requested an additional refund of 361 million euros.

The Parent Company's Directors believe that the provisions recorded in the Consolidated Statement of Financial Position adequately cover the risks associated with the litigation, arbitrations, and other matters described in this Note. Therefore, they do not anticipate any additional liabilities beyond those already recognised.

Due to the nature of the risks covered by these provisions, it is not feasible to determine a reasonable timetable for potential payment or collection dates.

In 2024 and 2023, the amount of payments made for the resolution of disputes amounted to 11 million euros and 18 million euros, respectively.

I. Letter to Shareholders and Other Stakeholders

II. Consolidated Financial Statements Audit Report

III. Sustainability Statement Verification Report

IV. Consolidated Management Report V. Consolidated Financial Statements VI. Statement of Responsibility

51. Accounting standards pending future application

a) Standards and Interpretations approved by the European Union (EU) that will first apply in 2025

Standards, Amendments to Standards, and Interpretations	Mandatory Application: Effective for periods beginning on or after
Amendments to IAS 21: 'Lack of Exchangeability'	1 January 2025

As of the date of preparation of these Consolidated Financial Statements, Endesa's Management is assessing the impact of their application, although it expects that it will not have a significant effect on the Consolidated Financial Statements.

b) Standards and Interpretations issued by the International Accounting Standards Board (IASB), pending approval by the European Union (EU)

The International Accounting Standards Board (IASB) has approved the following International Financial Reporting Standards (IFRS) that could affect Endesa and are pending approval by the European Union (EU) as of the preparation date of these Consolidated Financial Statements:

Amendments to IFRS 9 and IFRS 7: 'Amendments to Classification and Measurement of Financial Instruments'	Effective for periods beginning on or after
	1 January 2026
Annual Amendments to IFRS Standards, Volume 11 (2)	1 January 2026
Amendments to IFRS 9 and IFRS 7: 'Renewable Electricity Contracts'	1 January 2026
IFRS 19 'Subsidiaries without Public Accountability: Disclosures'	1 January 2027
IFRS 18 'Presentation and Disclosure in Financial Statements'	1 January 2027

(1) (If adopted unchanged by the European Union (EU).

(2) Amendments to IFRS 1 'First-time Adoption of International Financial Reporting Standards', IFRS 7 'Financial Instruments: Disclosures', and its Implementation Guide, IFRS 9 'Financial Instruments', IFRS 10 'Consolidated Financial Statements', and IAS 7 'Statement of Cash Flows.'

As of the date that these Consolidated Financial Statements were prepared, Endesa's Management is assessing the potential impact of applying these Standards and amendments, if ultimately endorsed by the European Union (EU), on Endesa's Consolidated Financial Statements.

52. Events after the reporting period

In January 2025, a liquefied natural gas (LNG) production company initiated arbitration proceedings against Endesa Generación, S.A.U. to review the price of its long-term liquefied natural gas (LNG) supply contract. Although the plaintiff has not formulated a specific claim for a price adjustment, reserving the right to do so later in the proceedings, in the previous negotiation phase it requested a price increase that would lead to a retroactive payment by Endesa Generación, S.A.U. of 308 million US dollars (USD), including interest, estimated as of 31 December 2024. This amount could vary during the course of the proceedings. In any case, and pending knowledge of the terms of the claim, it is too early to make an assessment of it.

On 18 February 2025, notification was received from the National Commission for Markets and Competition (CNMC) referring to a Resolution approving the remuneration of the electricity distribution activity for the year 2021. At the date of formulation of these

716

Consolidated Financial Statements, no significant impact is expected from its application.

On 24 February 2025, Edistribución Redes Digitales, S.L.U., formalised the sale to the Palma de Mallorca City Council of 3 properties resulting from the Cooperation Project of Execution Unit 71-03 Llevant Façana Marítima Sector, which, as of 31 December 2024, were presented under the headings 'Non-Current Assets Held for Sale and Discontinued Operations' and 'Liabilities Associated with Non-Current Assets Held for Sale and Discontinued Operations' for an amount of 28 million euros and 17 million euros, respectively (see Note 22), generating a gross capital gain of 1 million euros.

Except as mentioned in the preceding paragraphs, no significant events have occurred between 31 December 2024 and the date of formulation of these Consolidated Financial Statements that have not been reflected therein.

53. Explanation Added for Translation to English

These Consolidated Financial Statements are presented on the basis of IFRSs, as adopted by the European Union. Consequently, certain accounting practices applied by the Group that conform to IFRSs may not conform to other generally accepted accounting principles in other countries. Translation from the original issued in Spanish. In the event of discrepancy, the Spanish language versión prevails.

Appendix I: Relevant companies and shareholdings of Endesa

Below is a list of the companies that were part of Endesa on 31 December 2024.

Their main activities are categorised as follows:

Activity	Description of Activity	Activity	Description of Activity
	Conventional Generation		Commercialisation of other Products and Services
	Renewable Generation		Distribution
	Energy Commercialisation		Structure and Services

718

Company Name	Address	Share Capital	Activity
ENDESA, S.A.	MADRID (SPAIN)	1,270,502,540.40 EUR
COMPANIES
AGUILÓN 20, S.A.	ZARAGOZA (SPAIN)	2,682,000.00 EUR
ARAGONESA DE ACTIVIDADES ENERGÉTICAS, S.A. (SOCIEDAD UNIPERSONAL)	TERUEL (SPAIN)	60,100.00 EUR
ARANORT DESARROLLOS, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	1,953.00 EUR
ARENA GREEN POWER 1, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ARENA GREEN POWER 2, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ARENA GREEN POWER 3, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ARENA GREEN POWER 4, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ARENA GREEN POWER 5, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

	Consolidation		Ownership % as of 31 December 2024		Ownership % as of 31 December 2023
	Method	Shareholders	Control	Economic	Control	Economic	Auditing Firm
	HOLDING			100.00		100.00	KPMG AUDITORES
F.C.		ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	51.00	51.00	51.00	51.00	KPMG AUDITORES
F.C.		ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.		ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.		SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.		SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.		SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.		SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.		SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED

Company Name Address Share Capital Activity

ENDESA, S.A. MADRID (SPAIN) 1,270,502,540.40 EUR

AGUILÓN 20, S.A. ZARAGOZA (SPAIN) 2,682,000.00 EUR

UNIPERSONAL) TERUEL (SPAIN) 60,100.00 EUR

ARANORT DESARROLLOS, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 1,953.00 EUR

ARENA GREEN POWER 1, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ARENA GREEN POWER 2, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ARENA GREEN POWER 3, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ARENA GREEN POWER 4, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ARENA GREEN POWER 5, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

COMPANIES

ARAGONESA DE ACTIVIDADES ENERGÉTICAS, S.A. (SOCIEDAD

719

VI. Statement of

V. Consolidated

LEGAL DOCUMENTATION 2024 | ENDESA, S.A. AND SUBSIDIARIES

Company Name	Address	Share Capital	Activity
ARENA POWER SOLAR 11, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ARENA POWER SOLAR 12, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ARENA POWER SOLAR 13, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ARENA POWER SOLAR 20, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ARENA POWER SOLAR 33, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ARENA POWER SOLAR 34, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ARENA POWER SOLAR 35, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ASOCIACIÓN NUCLEAR ASCÓ-VANDELLÓS II, A.I.E.	TARRAGONA (SPAIN)	19,232,400.00 EUR
ATECA RENOVABLES, S.L.	MADRID (SPAIN)	3,000.00 EUR
BAIKAL ENTERPRISE, S.L. (SOCIEDAD UNIPERSONAL)	PALMA DE MALLORCA (SPAIN)	3,006.00 EUR
BALEARES ENERGY, S.L. (SOCIEDAD UNIPERSONAL)	PALMA DE MALLORCA (SPAIN)	4,509.00 EUR
BAYLIO SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
BOSA DEL EBRO, S.L.	ZARAGOZA (SPAIN)	3,010.00 EUR
BRAZATORTAS 220 RENOVABLES, S.L.	MADRID (SPAIN)	3,000.00 EUR
CAMPOS PROMOTORES RENOVABLES, S.L.	ALICANTE (SPAIN)	3,000.00 EUR
CENTRAL HIDRÁULICA GÜEJAR-SIERRA, S.L.	SEVILLE (SPAIN)	364,213.34 EUR
CENTRAL TÉRMICA DE ANLLARES, A.I.E.	MADRID (SPAIN)	595,001.98 EUR
CENTRALES NUCLEARES ALMARAZ-TRILLO, A.I.E.	MADRID (SPAIN)	0.00 EUR
COGENERACIÓN EL SALTO, S.L. (EN LIQUIDACIÓN)	ZARAGOZA (SPAIN)	36,060.73 EUR
COGENIO IBERIA, S.L.	MADRID (SPAIN)	2,874,621.80 EUR
COMERCIALIZADORA ELÉCTRICA DE CÁDIZ, S.A.	CÁDIZ (SPAIN)	600,000.00 EUR
COMPAÑÍA EÓLICA TIERRAS ALTAS, S.A.	SORIA (SPAIN)	13,222,000.00 EUR
CORPORACIÓN EÓLICA DE ZARAGOZA, S.L.	ZARAGOZA (SPAIN)	271,652.00 EUR
DEHESA DE LOS GUADALUPES SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
DEHESA PV FARM 03, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

AND SUBSIDIARIES

Company Name Address Share Capital Activity

ARENA POWER SOLAR 11, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ARENA POWER SOLAR 12, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ARENA POWER SOLAR 13, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ARENA POWER SOLAR 20, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ARENA POWER SOLAR 33, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ARENA POWER SOLAR 34, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ARENA POWER SOLAR 35, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ASOCIACIÓN NUCLEAR ASCÓ-VANDELLÓS II, A.I.E. TARRAGONA (SPAIN) 19,232,400.00 EUR

ATECA RENOVABLES, S.L. MADRID (SPAIN) 3,000.00 EUR

BAYLIO SOLAR, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

BOSA DEL EBRO, S.L. ZARAGOZA (SPAIN) 3,010.00 EUR

BRAZATORTAS 220 RENOVABLES, S.L. MADRID (SPAIN) 3,000.00 EUR

CAMPOS PROMOTORES RENOVABLES, S.L. ALICANTE (SPAIN) 3,000.00 EUR

CENTRAL HIDRÁULICA GÜEJAR-SIERRA, S.L. SEVILLE (SPAIN) 364,213.34 EUR

CENTRAL TÉRMICA DE ANLLARES, A.I.E. MADRID (SPAIN) 595,001.98 EUR

CENTRALES NUCLEARES ALMARAZ-TRILLO, A.I.E. MADRID (SPAIN) 0.00 EUR

COGENERACIÓN EL SALTO, S.L. (EN LIQUIDACIÓN) ZARAGOZA (SPAIN) 36,060.73 EUR

COGENIO IBERIA, S.L. MADRID (SPAIN) 2,874,621.80 EUR

COMERCIALIZADORA ELÉCTRICA DE CÁDIZ, S.A. CÁDIZ (SPAIN) 600,000.00 EUR

COMPAÑÍA EÓLICA TIERRAS ALTAS, S.A. SORIA (SPAIN) 13,222,000.00 EUR

CORPORACIÓN EÓLICA DE ZARAGOZA, S.L. ZARAGOZA (SPAIN) 271,652.00 EUR

UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

DEHESA PV FARM 03, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

DEHESA DE LOS GUADALUPES SOLAR, S.L. (SOCIEDAD

(SPAIN) 3,006.00 EUR

(SPAIN) 4,509.00 EUR

BAIKAL ENTERPRISE, S.L. (SOCIEDAD UNIPERSONAL) PALMA DE MALLORCA

BALEARES ENERGY, S.L. (SOCIEDAD UNIPERSONAL) PALMA DE MALLORCA

V. Consolidated Financial Statements

VI. Statement of Responsibility

		Ownership % as of 31 December 2024		Ownership % as of 31 December 2023
Consolidation Method	Shareholders	Control	Economic	Control	Economic	Auditing Firm
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
P.C.	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	85.41	85.41	85.41	85.41	KPMG AUDITORES
E.M. (J.V.)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	50.00	50.00	50.00	50.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	51.00	51.00	51.00	51.00	KPMG AUDITORES
	FURATENA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL)	16.98		16.98
E.M. (A)	BAYLIO SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	16.98	16.98	16.98	33.96	UNAUDITED
E.M. (J.V.)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	25.30	25.30	25.30	25.30	UNAUDITED
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	33.33	33.33	33.33	33.33	GATT AUDITORES
E.M. (A)	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	33.33	33.33	33.33	33.33	UNAUDITED
E.M. (A)	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	24.18	24.18	24.18	24.18	KPMG AUDITORES
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	20.00	20.00	20.00	20.00	UNAUDITED
E.M. (A)	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	20.00	20.00	20.00	20.00	DELOITTE
E.M. (J.V.)	ENDESA, S.A.	33.50	33.50	33.50	33.50	DELOITTE
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	37.50	37.50	37.50	37.50	ERNST & YOUNG
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	25.00	25.00	25.00	25.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED

Company Name	Address	Share Capital	Activity
DEHESA PV FARM 04, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
DISTRIBUIDORA DE ENERGÍA ELÉCTRICA DEL BAGES, S.A.	BARCELONA (SPAIN)	108,240.00 EUR
DISTRIBUIDORA ELÉCTRICA DEL PUERTO DE LA CRUZ, S.A. (SOCIEDAD UNIPERSONAL)	SANTA CRUZ DE TENERIFE (SPAIN)	12,621,210.00 EUR
EDISTRIBUCIÓN REDES DIGITALES, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	1,204,540,060.00 EUR
EGPE SOLAR 2, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ELCOGAS, S.A. (EN LIQUIDACIÓN)	CIUDAD REAL (SPAIN)	809,690.40 EUR
ELECGAS, S.A.	SANTARÉM (PORTUGAL)	50,000.00 EUR
ELÉCTRICA DE JAFRE, S.A.	BARCELONA (SPAIN)	165,876.00 EUR
ELÉCTRICA DE LÍJAR, S.L.	CÁDIZ (SPAIN)	1,081,821.79 EUR
ELÉCTRICA DEL EBRO, S.A. (SOCIEDAD UNIPERSONAL)	BARCELONA (SPAIN)	500,000.00 EUR
ELECTRICIDAD DE PUERTO REAL, S.A.	CÁDIZ (SPAIN)	4,960,246.40 EUR
EMINTEGRAL CYCLE, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
EMPRESA CARBONÍFERA DEL SUR, ENCASUR, S.A. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	18,030,000.00 EUR
EMPRESA DE ALUMBRADO ELÉCTRICO DE CEUTA DISTRIBUCIÓN, S.A.	CEUTA (SPAIN)	16,562,250.00 EUR
EMPRESA DE ALUMBRADO ELÉCTRICO DE CEUTA ENERGÍA, S.L. (SOCIEDAD UNIPERSONAL)	CEUTA (SPAIN)	10,000.00 EUR
ENDESA CAPITAL, S.A. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	60,200.00 EUR
ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	14,445,575.90 EUR
ENDESA FINANCIACIÓN FILIALES, S.A. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	4,621,003,006.00 EUR
ENDESA GENERACIÓN PORTUGAL, S.A.	LISBOA (PORTUGAL)	50,000.00 EUR
ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	SEVILLE (SPAIN)	1,940,379,737.02 EUR
ENDESA INGENIERÍA, S.L. (SOCIEDAD UNIPERSONAL)	SEVILLE (SPAIN)	965,305.00 EUR
ENDESA MEDIOS Y SISTEMAS, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	89,999,790.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report IV. Consolidated Management Report V. Consolidated Financial Statements

Company Name Address Share Capital Activity

SANTA CRUZ DE TENERIFE

(SPAIN) 12,621,210.00 EUR

DEHESA PV FARM 04, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

DISTRIBUIDORA DE ENERGÍA ELÉCTRICA DEL BAGES, S.A. BARCELONA (SPAIN) 108,240.00 EUR

EDISTRIBUCIÓN REDES DIGITALES, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 1,204,540,060.00 EUR

EGPE SOLAR 2, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ELCOGAS, S.A. (EN LIQUIDACIÓN) CIUDAD REAL (SPAIN) 809,690.40 EUR

ELECGAS, S.A. SANTARÉM (PORTUGAL) 50,000.00 EUR

ELÉCTRICA DE JAFRE, S.A. BARCELONA (SPAIN) 165,876.00 EUR

ELÉCTRICA DE LÍJAR, S.L. CÁDIZ (SPAIN) 1,081,821.79 EUR

ELÉCTRICA DEL EBRO, S.A. (SOCIEDAD UNIPERSONAL) BARCELONA (SPAIN) 500,000.00 EUR

ELECTRICIDAD DE PUERTO REAL, S.A. CÁDIZ (SPAIN) 4,960,246.40 EUR

EMINTEGRAL CYCLE, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

UNIPERSONAL) MADRID (SPAIN) 18,030,000.00 EUR

DISTRIBUCIÓN, S.A. CEUTA (SPAIN) 16,562,250.00 EUR

(SOCIEDAD UNIPERSONAL) CEUTA (SPAIN) 10,000.00 EUR

ENDESA CAPITAL, S.A. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 60,200.00 EUR

ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 14,445,575.90 EUR

ENDESA FINANCIACIÓN FILIALES, S.A. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 4,621,003,006.00 EUR

ENDESA GENERACIÓN PORTUGAL, S.A. LISBOA (PORTUGAL) 50,000.00 EUR

ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL) SEVILLE (SPAIN) 1,940,379,737.02 EUR

ENDESA INGENIERÍA, S.L. (SOCIEDAD UNIPERSONAL) SEVILLE (SPAIN) 965,305.00 EUR

ENDESA MEDIOS Y SISTEMAS, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 89,999,790.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

DISTRIBUIDORA ELÉCTRICA DEL PUERTO DE LA CRUZ, S.A.

EMPRESA CARBONÍFERA DEL SUR, ENCASUR, S.A. (SOCIEDAD

EMPRESA DE ALUMBRADO ELÉCTRICO DE CEUTA ENERGÍA, S.L.

EMPRESA DE ALUMBRADO ELÉCTRICO DE CEUTA

(SOCIEDAD UNIPERSONAL)

VI. Statement of Responsibility

		Ownership % as of 31 December 2024		Ownership % as of 31 December 2023
Consolidation Method	Shareholders	Control	Economic	Control	Economic	Auditing Firm
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	HIDROELÉCTRICA DE CATALUNYA, S.L. (SOCIEDAD UNIPERSONAL)	45.00	100.00	45.00	100.00	KPMG AUDITORES
	ENDESA, S.A.	55.00		55.00
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
E.M. (A)	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	40.99	40.99	40.99	40.99	UNAUDITED
E.M. (J.V.)	ENDESA GENERACIÓN PORTUGAL, S.A.	50.00	50.00	50.00	50.00	KPMG AUDITORES
F.C.	HIDROELÉCTRICA DE CATALUNYA, S.L. (SOCIEDAD UNIPERSONAL)	47.46	100.00	47.46	100.00	KPMG AUDITORES
	ENDESA, S.A.	52.54		52.54
E.M. (J.V.)	ENDESA, S.A.	50.00	50.00	50.00	50.00	AVANTER AUDITORES
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
E.M. (J.V.)	ENDESA, S.A.	50.00	50.00	50.00	50.00	DELOITTE
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA, S.A.	96.42	96.42	100.00	96.42	KPMG AUDITORES
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	99.20		99.20
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	0.20	100.00	0.20	100.00	KPMG AUDITORES
	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	0.60		0.60
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES

Company Name	Address	Share Capital	Activity
ENDESA MOBILITY, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	10,000,000.00 EUR
ENDESA OPERACIONES Y SERVICIOS COMERCIALES, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	10,138,577.00 EUR
ENDESA X WAY, S.L.	MADRID (SPAIN)	600,000.00 EUR
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	11,152.74 EUR
ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	MADRID (SPAIN)	81,106,00 EUR
ENERGÍA BASE NATURAL, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ENERGÍA CEUTA XXI COMERCIALIZADORA DE REFERENCIA, S.A. (SOCIEDAD UNIPERSONAL)	CEUTA (SPAIN)	65,000.00 EUR
ENERGÍA EÓLICA ÁBREGO, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,576.00 EUR
ENERGÍA EÓLICA GALERNA, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,413.00 EUR
ENERGÍA EÓLICA GREGAL, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,250.00 EUR
ENERGÍA NETA SA CASETA LLUCMAJOR, S.L. (SOCIEDAD UNIPERSONAL)	PALMA DE MALLORCA (SPAIN)	9,000.00 EUR
ENERGÍA XXI COMERCIALIZADORA DE REFERENCIA, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	2,000,000.00 EUR
ENERGÍA Y NATURALEZA, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ENERGÍAS ALTERNATIVAS DEL SUR, S.L.	LAS PALMAS DE GRAN CANARIA (SPAIN)	546,919.10 EUR
ENERGÍAS DE ARAGÓN I, S.L. (SOCIEDAD UNIPERSONAL)	ZARAGOZA (SPAIN)	3,200,000.00 EUR
ENERGÍAS DE GRAUS, S.L.	ZARAGOZA (SPAIN)	1,298,160.00 EUR
ENERGÍAS ESPECIALES DE CAREÓN, S.A.	LA CORUÑA (SPAIN)	270,450.00 EUR
ENERGÍAS ESPECIALES DEL ALTO ULLA, S.A. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	19,594,860.00 EUR
ENERGÍAS ESPECIALES DEL BIERZO, S.A.	LEÓN (SPAIN)	1,635,000.00 EUR
ENERGÍAS LIMPIAS DE CARMONA, S.L.	SEVILLE (SPAIN)	5,687.50 EUR
ENERGIE ELECTRIQUE DE TAHADDART, S.A.	TANGIER (MOROCCO)	306,160,000.00 MAD
ENIGMA GREEN POWER 1, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ENVATIOS PROMOCIÓN I, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ENVATIOS PROMOCIÓN II, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report IV. Consolidated Management Report V. Consolidated Financial Statements

Company Name Address Share Capital Activity

ENDESA MOBILITY, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 10,000,000.00 EUR

(SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 10,138,577.00 EUR

ENDESA X WAY, S.L. MADRID (SPAIN) 600,000.00 EUR

ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 11,152.74 EUR

SOLAR 1, S.L MADRID (SPAIN) 81,106,00 EUR

ENERGÍA BASE NATURAL, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

(SOCIEDAD UNIPERSONAL) CEUTA (SPAIN) 65,000.00 EUR

ENERGÍA EÓLICA ÁBREGO, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,576.00 EUR

ENERGÍA EÓLICA GALERNA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,413.00 EUR

ENERGÍA EÓLICA GREGAL, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,250.00 EUR

(SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 2,000,000.00 EUR

ENERGÍA Y NATURALEZA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ENERGÍAS DE ARAGÓN I, S.L. (SOCIEDAD UNIPERSONAL) ZARAGOZA (SPAIN) 3,200,000.00 EUR

ENERGÍAS DE GRAUS, S.L. ZARAGOZA (SPAIN) 1,298,160.00 EUR

ENERGÍAS ESPECIALES DE CAREÓN, S.A. LA CORUÑA (SPAIN) 270,450.00 EUR

UNIPERSONAL) MADRID (SPAIN) 19,594,860.00 EUR

ENERGÍAS ESPECIALES DEL BIERZO, S.A. LEÓN (SPAIN) 1,635,000.00 EUR

ENERGÍAS LIMPIAS DE CARMONA, S.L. SEVILLE (SPAIN) 5,687.50 EUR

ENERGIE ELECTRIQUE DE TAHADDART, S.A. TANGIER (MOROCCO) 306,160,000.00 MAD

ENIGMA GREEN POWER 1, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ENVATIOS PROMOCIÓN I, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ENVATIOS PROMOCIÓN II, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

ENERGÍAS ALTERNATIVAS DEL SUR, S.L. LAS PALMAS DE GRAN

PALMA DE MALLORCA

(SPAIN) 9,000.00 EUR

CANARIA (SPAIN) 546,919.10 EUR

ENDESA OPERACIONES Y SERVICIOS COMERCIALES, S.L.

ENERGÍA CEUTA XXI COMERCIALIZADORA DE REFERENCIA, S.A.

ENERGÍA NETA SA CASETA LLUCMAJOR, S.L. (SOCIEDAD

ENERGÍA XXI COMERCIALIZADORA DE REFERENCIA, S.L.

ENERGÍAS ESPECIALES DEL ALTO ULLA, S.A. (SOCIEDAD

ENEL GREEN POWER ESPAÑA

UNIPERSONAL)

VI. Statement of Responsibility

		Ownership % as of 31 December 2024		Ownership % as of 31 December 2023
Consolidation Method	Shareholders	Control	Economic	Control	Economic	Auditing Firm
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
E.M. (A)	ENDESA MOBILITY, S.L. (SOCIEDAD UNIPERSONAL)	49.00	49.00	49.00	49.00	KPMG AUDITORES
F.C.	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	50.01	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	54.95	54.95	54.95	54.95	KPMG AUDITORES
F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	66.67	66.67	66.67	66.67	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	97.00	97.00	97.00	97.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	50.00	50.00	50.00	50.00	KPMG AUDITORES
	ENVATIOS PROMOCIÓN I, S.L. (SOCIEDAD UNIPERSONAL)	7.69		6.25
E.M. (A)	ENVATIOS PROMOCIÓN II, S.L. (SOCIEDAD UNIPERSONAL)	7.69	23.08	6.25	18.75	UNAUDITED
	ENVATIOS PROMOCIÓN III, S.L. (SOCIEDAD UNIPERSONAL)	7.69		6.25
E.M. (J.V.)	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	32.00	32.00	32.00	32.00	DELOITTE
F.C.	SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED

Company Name	Address	Share Capital	Activity
ENVATIOS PROMOCIÓN III, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
ENVATIOS PROMOCIÓN XX, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
EÓLICA VALLE DEL EBRO, S.A.	ZARAGOZA (SPAIN)	3,561,342.50 EUR
EÓLICAS DE AGAETE, S.L.	LAS PALMAS DE GRAN CANARIA (SPAIN)	240,400.00 EUR
EÓLICAS DE FUENCALIENTE, S.A.	LAS PALMAS DE GRAN CANARIA (SPAIN)	216,360.00 EUR
EÓLICAS DE FUERTEVENTURA, A.I.E.	LAS PALMAS DE GRAN CANARIA (SPAIN)	4,558,426.83 EUR
EÓLICAS DE LA PATAGONIA, S.A.	CAPITAL FEDERAL (ARGENTINA)	480,930.00 ARS
EÓLICAS DE LANZAROTE, S.L.	LAS PALMAS DE GRAN CANARIA (SPAIN)	1,758,225.50 EUR
EÓLICAS DE TENERIFE, A.I.E.	SANTA CRUZ DE TENERIFE (SPAIN)	420,708.40 EUR
EÓLICOS DE TIRAJANA, S.L.	LAS PALMAS DE GRAN CANARIA (SPAIN)	3,000.00 EUR
EPRESA ENERGÍA, S.A.	CÁDIZ (SPAIN)	2,500,000.00 EUR

EVACUACIÓN CARMONA 400-220 KV RENOVABLES, S.L. SEVILLA (SPAIN) 9,066.00 EUR

EXPLOTACIONES EÓLICAS DE ESCUCHA, S.A.	ZARAGOZA (SPAIN)	3,505,000.00 EUR
EXPLOTACIONES EÓLICAS EL PUERTO, S.A.	ZARAGOZA (SPAIN)	3,230,000.00 EUR
EXPLOTACIONES EÓLICAS SANTO DOMINGO DE LUNA, S.A.	ZARAGOZA (SPAIN)	100,000.00 EUR
EXPLOTACIONES EÓLICAS SASO PLANO, S.A.	ZARAGOZA (SPAIN)	5,488,500.00 EUR
EXPLOTACIONES EÓLICAS SIERRA COSTERA, S.A.	ZARAGOZA (SPAIN)	8,046,800.00 EUR
EXPLOTACIONES EÓLICAS SIERRA LA VIRGEN, S.A.	ZARAGOZA (SPAIN)	4,200,000.00 EUR
FOTOVOLTAICA YUNCLILLOS, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
FRONT MARÍTIM DEL BESÒS, S.L.	BARCELONA (SPAIN)	6,000.00 EUR
FRV CORCHITOS I, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	75,800.00 EUR
FRV CORCHITOS II SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	22,000.00 EUR
FRV GIBALBIN -JEREZ, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	23,000.00 EUR
FRV TARIFA, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

Company Name Address Share Capital Activity

CANARIA (SPAIN) 240,400.00 EUR

CANARIA (SPAIN) 216,360.00 EUR

CANARIA (SPAIN) 4,558,426.83 EUR

(ARGENTINA) 480,930.00 ARS

CANARIA (SPAIN) 1,758,225.50 EUR

(SPAIN) 420,708.40 EUR

CANARIA (SPAIN) 3,000.00 EUR

ENVATIOS PROMOCIÓN III, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

ENVATIOS PROMOCIÓN XX, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

EÓLICA VALLE DEL EBRO, S.A. ZARAGOZA (SPAIN) 3,561,342.50 EUR

EPRESA ENERGÍA, S.A. CÁDIZ (SPAIN) 2,500,000.00 EUR

EVACUACIÓN CARMONA 400-220 KV RENOVABLES, S.L. SEVILLA (SPAIN) 9,066.00 EUR

EXPLOTACIONES EÓLICAS DE ESCUCHA, S.A. ZARAGOZA (SPAIN) 3,505,000.00 EUR

EXPLOTACIONES EÓLICAS EL PUERTO, S.A. ZARAGOZA (SPAIN) 3,230,000.00 EUR

EXPLOTACIONES EÓLICAS SANTO DOMINGO DE LUNA, S.A. ZARAGOZA (SPAIN) 100,000.00 EUR

EXPLOTACIONES EÓLICAS SASO PLANO, S.A. ZARAGOZA (SPAIN) 5,488,500.00 EUR

EXPLOTACIONES EÓLICAS SIERRA COSTERA, S.A. ZARAGOZA (SPAIN) 8,046,800.00 EUR

EXPLOTACIONES EÓLICAS SIERRA LA VIRGEN, S.A. ZARAGOZA (SPAIN) 4,200,000.00 EUR

FOTOVOLTAICA YUNCLILLOS, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

FRONT MARÍTIM DEL BESÒS, S.L. BARCELONA (SPAIN) 6,000.00 EUR

FRV CORCHITOS I, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 75,800.00 EUR

FRV CORCHITOS II SOLAR, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 22,000.00 EUR

FRV GIBALBIN -JEREZ, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 23,000.00 EUR

FRV TARIFA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

EÓLICAS DE AGAETE, S.L. LAS PALMAS DE GRAN

EÓLICAS DE FUENCALIENTE, S.A. LAS PALMAS DE GRAN

EÓLICAS DE FUERTEVENTURA, A.I.E. LAS PALMAS DE GRAN

EÓLICAS DE LANZAROTE, S.L. LAS PALMAS DE GRAN

EÓLICOS DE TIRAJANA, S.L. LAS PALMAS DE GRAN

EÓLICAS DE TENERIFE, A.I.E. SANTA CRUZ DE TENERIFE

EÓLICAS DE LA PATAGONIA, S.A. CAPITAL FEDERAL

VI. Statement of Responsibility

		Ownership % as of 31 December 2024		Ownership % as of 31 December 2023
Consolidation Method	Shareholders	Control	Economic	Control	Economic	Auditing Firm
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	50.50	50.50	50.50	50.50	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	80.00	80.00	80.00	80.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	55.00	55.00	55.00	55.00	KPMG AUDITORES
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	40.00	40.00	40.00	40.00	ERNST & YOUNG
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	50.00	50.00	50.00	50.00	UNAUDITED
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	40.00	40.00	40.00	40.00	LUJAN AUDITORES
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	50.00	50.00	50.00	50.00	BDO AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	60.00	60.00	60.00	60.00	KPMG AUDITORES
E.M. (J.V.)	ENDESA, S.A.	50.00	50.00	50.00	50.00	DELOITTE
	ENVATIOS PROMOCIÓN I, S.L. (SOCIEDAD UNIPERSONAL)	3.45		3.13
E.M. (A)	ENVATIOS PROMOCIÓN II, S.L. (SOCIEDAD UNIPERSONAL)	3.45	10.36	3.13	9.39	UNAUDITED
	ENVATIOS PROMOCIÓN III, S.L. (SOCIEDAD UNIPERSONAL)	3.45		3.13
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	70.00	70.00	70.00	70.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	73.60	73.60	73.60	73.60	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	51.00	51.00	51.00	51.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	65.00	65.00	65.00	65.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	90.00	90.00	90.00	90.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	90.00	90.00	90.00	90.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
E.M. (J.V.)	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	61.37	61.37	61.37	61.37	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED

Company Name	Address	Share Capital	Activity
FRV VILLALOBILLOS, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
FRV ZAMORA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
FRV ZAMORA SOLAR 3, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
FUNDAMENTAL RECOGNIZED SYSTEMS, S.L. (SOCIEDAD UNIPERSONAL)	TERUEL (SPAIN)	3,000.00 EUR
FURATENA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
FV ANDREA SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
FV CAMPOS SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
FV LA CERCA, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
FV MENAUTE, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
FV SANTA MARÍA, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
GAS Y ELECTRICIDAD GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	PALMA DE MALLORCA (SPAIN)	213,775,700.00 EUR
GORONA DEL VIENTO EL HIERRO, S.A.	SANTA CRUZ DE TENERIFE (SPAIN)	30,936,736.00 EUR
HIDROELÉCTRICA DE CATALUNYA, S.L. (SOCIEDAD UNIPERSONAL)	BARCELONA (SPAIN)	126,210.00 EUR
HIDROELÉCTRICA DE OUROL, S.L.	LA CORUÑA (SPAIN)	1,608,200.00 EUR
HIDROFLAMICELL, S.L.	BARCELONA (SPAIN)	78,120.00 EUR
HISPANO GENERACIÓN DE ENERGÍA SOLAR, S.L.	BADAJOZ (SPAIN)	3,500.00 EUR
ICE FOTOVOLTAICOS VILLAMECA, S.L.	MADRID (SPAIN)	3,000.00 EUR
INFRAESTRUCTURA DE EVACUACIÓN PEÑAFLOR 220 KV, S.L.	MADRID (SPAIN)	3,500.00 EUR
INFRAESTRUCTURAS PALOS 220, S.L.	MADRID (SPAIN)	3,000.00 EUR
INFRAESTRUCTURAS SAN SERVÁN SET 400, S.L.	MADRID (SPAIN)	90,000.00 EUR
INFRAESTRUCTURAS SAN SERVÁN 220, S.L.	MADRID (SPAIN)	12,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

728

Company Name Address Share Capital Activity

FRV VILLALOBILLOS, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

FRV ZAMORA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

FRV ZAMORA SOLAR 3, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

UNIPERSONAL) TERUEL (SPAIN) 3,000.00 EUR

FURATENA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

FV ANDREA SOLAR, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

FV CAMPOS SOLAR, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

FV LA CERCA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

FV MENAUTE, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

FV SANTA MARÍA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

HIDROELÉCTRICA DE CATALUNYA, S.L. (SOCIEDAD UNIPERSONAL) BARCELONA (SPAIN) 126,210.00 EUR

HIDROELÉCTRICA DE OUROL, S.L. LA CORUÑA (SPAIN) 1,608,200.00 EUR

HIDROFLAMICELL, S.L. BARCELONA (SPAIN) 78,120.00 EUR

HISPANO GENERACIÓN DE ENERGÍA SOLAR, S.L. BADAJOZ (SPAIN) 3,500.00 EUR

ICE FOTOVOLTAICOS VILLAMECA, S.L. MADRID (SPAIN) 3,000.00 EUR

INFRAESTRUCTURA DE EVACUACIÓN PEÑAFLOR 220 KV, S.L. MADRID (SPAIN) 3,500.00 EUR

INFRAESTRUCTURAS PALOS 220, S.L. MADRID (SPAIN) 3,000.00 EUR

INFRAESTRUCTURAS SAN SERVÁN SET 400, S.L. MADRID (SPAIN) 90,000.00 EUR

INFRAESTRUCTURAS SAN SERVÁN 220, S.L. MADRID (SPAIN) 12,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

GORONA DEL VIENTO EL HIERRO, S.A. SANTA CRUZ DE TENERIFE

PALMA DE MALLORCA

(SPAIN) 213,775,700.00 EUR

(SPAIN) 30,936,736.00 EUR

FUNDAMENTAL RECOGNIZED SYSTEMS, S.L. (SOCIEDAD

GAS Y ELECTRICIDAD GENERACIÓN, S.A. (SOCIEDAD

UNIPERSONAL)

VI. Statement of Responsibility

			Ownership % as of 31 December 2024		Ownership % as of 31 December 2023
	Consolidation Method	Shareholders	Control	Economic	Control	Economic	Auditing Firm
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
	F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
	F.C.	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
	E.M. (A)	UNIÓN ELÉCTRICA DE CANARIAS GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	23.21	23.21	23.21	23.21	ERNST & YOUNG
	F.C.	ENDESA, S.A.	100.00	100.00	100.00	100.00	KPMG AUDITORES
	E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	30.00	30.00	30.00	30.00	UNAUDITED
	F.C.	HIDROELÉCTRICA DE CATALUNYA, S.L. (SOCIEDAD UNIPERSONAL)	75.00	75.00	75.00	75.00	KPMG AUDITORES
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	51.00	51.00	51.00	51.00	UNAUDITED
	E.M. (J.V.)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	50.00	50.00	—	—	UNAUDITED
	E.M. (J.V.)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIE-DAD UNIPERSONAL)	41.14	41.14	41.14	41.14	UNAUDITED
	F.C.	PUERTO SANTA MARÍA ENERGÍA I, S.L. (SOCIEDAD UNIPERSONAL)	50.00	100.00	50.00	100.00	UNAUDITED
		PUERTO SANTA MARÍA ENERGÍA II, S.L. (SOCIEDAD UNIPERSONAL)	50.00		50.00
		BAYLIO SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	6.41		6.41
	E.M. (A)	FURATENA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL)	6.41	9.62	6.41	19.23	UNAUDITED
		ARANORT DESARROLLOS, S.L. (SOCIEDAD UNIPERSONAL)	6.41		6.41
	E.M. (A)	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	30.80	15.40	30.80	30.80	UNAUDITED

C 台 4 →	0.0
---------------	-----

Address	Share Capital	Activity
MADRID (SPAIN)	11,026.00 EUR
BARCELONA (SPAIN)	627,126.00 EUR
MADRID (SPAIN)	3,000.00 EUR
MADRID (SPAIN)	3,000.00 EUR
MADRID (SPAIN)	3,000.00 EUR
MADRID (SPAIN)	3,000.00 EUR
MADRID (SPAIN)	3,000.00 EUR
MADRID (SPAIN)	3,000.00 EUR
MADRID (SPAIN)	3,000.00 EUR
MADRID (SPAIN)	3,000.00 EUR
MADRID (SPAIN)	3,000.00 EUR
MADRID (SPAIN)	3,000.00 EUR
MADRID (SPAIN)	1,099,775.00 EUR
ZARAGOZA (SPAIN)	3,000.00 EUR

MINGLANILLA RENOVABLES 400KV, A.I.E. VALENCIA (SPAIN) —

MINICENTRALES DEL CANAL IMPERIAL-GALLUR, S.L.	ZARAGOZA (SPAIN)	1,820,000.00 EUR
MONTE REINA RENOVABLES, S.L.	MADRID (SPAIN)	4,000.00 EUR
NOVOLITIO RECUPERACIÓN DE BATERÍAS, S.L.	LEON (SPAIN)	180,000.00 EUR
NUCLENOR, S.A.	BURGOS (SPAIN)	5,406,000.00 EUR
OLIVUM PV FARM 01, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

AND SUBSIDIARIES

730

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report IV. Consolidated Management Report V. Consolidated Financial Statements

Company Name Address Share Capital Activity

INSTALACIONES SAN SERVÁN II 400, S.L. MADRID (SPAIN) 11,026.00 EUR

KROMSCHROEDER, S.A. BARCELONA (SPAIN) 627,126.00 EUR

LOIRA DE LOGÍSTICA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

LOIRA DE LOGÍSTICA 2, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

LOIRA DE LOGÍSTICA 3, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

LOIRA DE LOGÍSTICA 4, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

LOIRA DE LOGÍSTICA 5, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

LOIRA DE LOGÍSTICA 6, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

LOIRA DE LOGÍSTICA 7, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

LOIRA DE LOGÍSTICA 8, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

LOIRA DE LOGÍSTICA 9, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

LOIRA DE LOGÍSTICA 10, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

LUCAS SOSTENIBLE, S.L. MADRID (SPAIN) 1,099,775.00 EUR

MARÍA RENOVABLES, S.L. ZARAGOZA (SPAIN) 3,000.00 EUR

MINGLANILLA RENOVABLES 400KV, A.I.E. VALENCIA (SPAIN) —

MINICENTRALES DEL CANAL IMPERIAL-GALLUR, S.L. ZARAGOZA (SPAIN) 1,820,000.00 EUR

MONTE REINA RENOVABLES, S.L. MADRID (SPAIN) 4,000.00 EUR

NOVOLITIO RECUPERACIÓN DE BATERÍAS, S.L. LEON (SPAIN) 180,000.00 EUR

NUCLENOR, S.A. BURGOS (SPAIN) 5,406,000.00 EUR

OLIVUM PV FARM 01, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

VI. Statement of Responsibility

		Ownership % as of 31 December 2024		Ownership % as of 31 December 2023
Consolidation Method	Shareholders	Control	Economic	Control	Economic	Auditing Firm
	BAYLIO SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	7.94		7.94
E.M. (A)	FURATENA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL)	7.94	11.90	7.94	23.81	UNAUDITED
	ARANORT DESARROLLOS, S.L. (SOCIEDAD UNIPERSONAL)	7.94		7.94
E.M. (A)	ENDESA MEDIOS Y SISTEMAS, S.L. (SOCIEDAD UNIPERSONAL)	29.26	29.26	29.26	29.26	ILV AUDIT AND ADVISORY
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
F.C.	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
E.M. (A)	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	35.29	17.65	35.29	35.29	UNAUDITED
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	45.36	45.36	45.36	45.36	UNAUDITED
	ENERGÍA EÓLICA GALERNA, S.L. (SOCIEDAD UNIPERSONAL)	9.31		9.31
	ENERGÍA EÓLICA GREGAL, S.L. (SOCIEDAD UNIPERSONAL)	9.31		9.31
P.C.	ENERGÍA EÓLICA ÁBREGO, S.L. (SOCIEDAD UNIPERSONAL)	7.98	31.38	7.98	36.16	UNAUDITED
	ENERGÍA BASE NATURAL, S.L. (SOCIEDAD UNIPERSONAL)	4.78		4.78
	ENERGÍA Y NATURALEZA, S.L. (SOCIEDAD UNIPERSONAL)	4.78		4.78
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	36.50	36.50	36.50	36.50	UNAUDITED
E.M. (A)	FRV ZAMORA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL)	20.58	20.58	20.58	20.58	UNAUDITED
E.M. (J.V.)	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	45.00	45.00	45.00	45.00	UNAUDITED
E.M. (J.V.)	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	50.00	50.00	50.00	50.00	ERNST & YOUNG
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES

Company Name	Address	Share Capital	Activity
OXAGESA, A.I.E. (EN LIQUIDACIÓN)	TERUEL (SPAIN)	6,010.12 EUR
PAMPINUS PV FARM 01, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
PARAVENTO, S.L.	LUGO (SPAIN)	3,006.00 EUR
PARC EOLIC LA TOSSA-LA MOLA D'EN PASCUAL, S.L.	MADRID (SPAIN)	1,183,100.00 EUR
PARC EOLIC LOS ALIGARS, S.L.	MADRID (SPAIN)	1,313,100.00 EUR
PARQUE EÓLICO A CAPELADA, S.L. (SOCIEDAD UNIPERSONAL)	LA CORUÑA (SPAIN)	5,857,704.37 EUR
PARQUE EÓLICO BELMONTE, S.A.	MADRID (SPAIN)	120,400.00 EUR
PARQUE EÓLICO CARRETERA DE ARINAGA, S.A.	LAS PALMAS DE GRAN CANARIA (SPAIN)	1,007,000.00 EUR
PARQUE EÓLICO DE BARBANZA, S.A.	LA CORUÑA (SPAIN)	3,606,072.63 EUR
PARQUE EÓLICO DE SAN ANDRÉS, S.A.	LA CORUÑA (SPAIN)	552,920.00 EUR
PARQUE EÓLICO DE SANTA LUCÍA, S.A.	LAS PALMAS DE GRAN CANARIA (SPAIN)	901,500.00 EUR
PARQUE EÓLICO FINCA DE MOGÁN, S.A.	SANTA CRUZ DE TENERIFE (SPAIN)	3,810,340.00 EUR
PARQUE EÓLICO MONTES DE LAS NAVAS, S.A.	MADRID (SPAIN)	6,540,000.00 EUR
PARQUE EÓLICO MUNIESA, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,006.00 EUR
PARQUE EÓLICO PUNTA DE TENO, S.A.	SANTA CRUZ DE TENERIFE (SPAIN)	528,880.00 EUR
PARQUE EÓLICO SIERRA DEL MADERO, S.A.	MADRID (SPAIN)	7,193,970.00 EUR
PEGOP - ENERGÍA ELÉCTRICA, S.A.	SANTARÉM (PORTUGAL)	50,000.00 EUR
PRODUCTIVE SOLAR SYSTEMS, S.L. (SOCIEDAD UNIPERSONAL)	TERUEL (SPAIN)	3,000.00 EUR
PRODUCTORA DE ENERGÍAS, S.A.	BARCELONA (SPAIN)	60,101.21 EUR
PROMOCIONES ENERGÉTICAS DEL BIERZO, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	12,020.00 EUR
PROMOTORES MUDÉJAR 400KV, S.L.	ZARAGOZA (SPAIN)	3,000.00 EUR
PROYECTOS UNIVERSITARIOS DE ENERGÍAS RENOVABLES, S.L.	ALICANTE (SPAIN)	27,000.00 EUR
PUERTO SANTA MARÍA ENERGÍA I, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

Company Name Address Share Capital Activity

OXAGESA, A.I.E. (EN LIQUIDACIÓN) TERUEL (SPAIN) 6,010.12 EUR

PAMPINUS PV FARM 01, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

PARAVENTO, S.L. LUGO (SPAIN) 3,006.00 EUR

PARC EOLIC LA TOSSA-LA MOLA D'EN PASCUAL, S.L. MADRID (SPAIN) 1,183,100.00 EUR

PARC EOLIC LOS ALIGARS, S.L. MADRID (SPAIN) 1,313,100.00 EUR

PARQUE EÓLICO A CAPELADA, S.L. (SOCIEDAD UNIPERSONAL) LA CORUÑA (SPAIN) 5,857,704.37 EUR

PARQUE EÓLICO BELMONTE, S.A. MADRID (SPAIN) 120,400.00 EUR

PARQUE EÓLICO DE BARBANZA, S.A. LA CORUÑA (SPAIN) 3,606,072.63 EUR

PARQUE EÓLICO DE SAN ANDRÉS, S.A. LA CORUÑA (SPAIN) 552,920.00 EUR

PARQUE EÓLICO MONTES DE LAS NAVAS, S.A. MADRID (SPAIN) 6,540,000.00 EUR

PARQUE EÓLICO MUNIESA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,006.00 EUR

PARQUE EÓLICO SIERRA DEL MADERO, S.A. MADRID (SPAIN) 7,193,970.00 EUR

PEGOP - ENERGÍA ELÉCTRICA, S.A. SANTARÉM (PORTUGAL) 50,000.00 EUR

PRODUCTIVE SOLAR SYSTEMS, S.L. (SOCIEDAD UNIPERSONAL) TERUEL (SPAIN) 3,000.00 EUR

PRODUCTORA DE ENERGÍAS, S.A. BARCELONA (SPAIN) 60,101.21 EUR

UNIPERSONAL) MADRID (SPAIN) 12,020.00 EUR

PROMOTORES MUDÉJAR 400KV, S.L. ZARAGOZA (SPAIN) 3,000.00 EUR

PROYECTOS UNIVERSITARIOS DE ENERGÍAS RENOVABLES, S.L. ALICANTE (SPAIN) 27,000.00 EUR

PUERTO SANTA MARÍA ENERGÍA I, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

CANARIA (SPAIN) 1,007,000.00 EUR

CANARIA (SPAIN) 901,500.00 EUR

(SPAIN) 3,810,340.00 EUR

(SPAIN) 528,880.00 EUR

PARQUE EÓLICO CARRETERA DE ARINAGA, S.A. LAS PALMAS DE GRAN

PARQUE EÓLICO DE SANTA LUCÍA, S.A. LAS PALMAS DE GRAN

PARQUE EÓLICO FINCA DE MOGÁN, S.A. SANTA CRUZ DE TENERIFE

PARQUE EÓLICO PUNTA DE TENO, S.A. SANTA CRUZ DE TENERIFE

PROMOCIONES ENERGÉTICAS DEL BIERZO, S.L. (SOCIEDAD

VI. Statement of Responsibility

		Ownership % as of	Ownership % as of 31 December 2023
Shareholders	Control	Economic	Control	Economic	Auditing Firm
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	33.33	33.33	33.33	33.33	UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	90.00	90.00	90.00	90.00	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	30.00	30.00	30.00	30.00	UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	30.00	30.00	30.00	30.00	UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	50.17	50.17	50.17	50.17	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	80.00	80.00	80.00	80.00	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	75.00	75.00	75.00	75.00	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	82.00	82.00	82.00	82.00	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	66.33	66.33	66.33	66.33	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	90.00	90.00	90.00	90.00	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	75.50	75.50	75.50	75.50	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	52.00	52.00	52.00	52.00	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	58.00	58.00	58.00	58.00	KPMG AUDITORES
ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	49.98		49.98
ENDESA GENERACIÓN PORTUGAL, S.A.	0.02		0.02		KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	30.00	30.00	30.00	30.00	UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	24.75		24.75
RENOVABLES MEDIAVILLA, S.L. (SOCIEDAD UNIPERSONAL)	5.69	34.35	5.69	37.19	UNAUDITED
RENOVABLES LA PEDRERA, S.L. (SOCIEDAD UNIPERSONAL)	6.75		6.75
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	33.33	33.33	33.33	33.33	UNAUDITED
ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
			31 December 2024 50.00		50.00

733

Company Name	Address	Share Capital	Activity
PUERTO SANTA MARÍA ENERGÍA II, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
REBUILDING AGENTE REHABILITADOR, S.L.	MADRID (SPAIN)	250,000.00 EUR
REN ALFAJARÍN SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
RENOVABLES ANDORRA, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR

RENOVABLES BROVALES 400KV, S.L. SEVILLE (SPAIN) 5,000.00 EUR

RENOVABLES BROVALES SEGURA DE LEÓN 400 KV, S.L.	SEVILLE (SPAIN)	5,000.00 EUR
RENOVABLES LA PEDRERA, S.L. (SOCIEDAD UNIPERSONAL)	ZARAGOZA (SPAIN)	3,000.00 EUR
RENOVABLES MANZANARES 400 KV, S.L.	MADRID (SPAIN)	5,000.00 EUR
RENOVABLES MEDIAVILLA, S.L. (SOCIEDAD UNIPERSONAL)	ZARAGOZA (SPAIN)	3,000.00 EUR
RENOVABLES TERUEL, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
RIBINA RENOVABLES 400, S.L.	MADRID (SPAIN)	3,000.00 EUR
SALTO DE SAN RAFAEL, S.L.	SEVILLE (SPAIN)	462,185.88 EUR
SAN FRANCISCO DE BORJA, S.A.	ZARAGOZA (SPAIN)	60,000.00 EUR
SANTO ROSTRO COGENERACIÓN, S.A. (EN LIQUIDACIÓN)	SEVILLE (SPAIN)	207,340.00 EUR
SAVANNA POWER SOLAR 4, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SAVANNA POWER SOLAR 5, S.L. (SOCIEDAD UNIPERSONAL)	SEVILLE (SPAIN)	3,000.00 EUR
SAVANNA POWER SOLAR 6, S.L. (SOCIEDAD UNIPERSONAL)	SEVILLE (SPAIN)	3,000.00 EUR
SAVANNA POWER SOLAR 9, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

I. Letter to Shareholders and Other Stakeholders II. Consolidated Financial Statements Audit Report III. Sustainability Statement Verification Report IV. Consolidated Management Report V. Consolidated Financial Statements

Company Name Address Share Capital Activity

PUERTO SANTA MARÍA ENERGÍA II, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

REBUILDING AGENTE REHABILITADOR, S.L. MADRID (SPAIN) 250,000.00 EUR

REN ALFAJARÍN SOLAR, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

RENOVABLES ANDORRA, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

RENOVABLES BROVALES 400KV, S.L. SEVILLE (SPAIN) 5,000.00 EUR

RENOVABLES BROVALES SEGURA DE LEÓN 400 KV, S.L. SEVILLE (SPAIN) 5,000.00 EUR

RENOVABLES LA PEDRERA, S.L. (SOCIEDAD UNIPERSONAL) ZARAGOZA (SPAIN) 3,000.00 EUR

RENOVABLES MANZANARES 400 KV, S.L. MADRID (SPAIN) 5,000.00 EUR

RENOVABLES MEDIAVILLA, S.L. (SOCIEDAD UNIPERSONAL) ZARAGOZA (SPAIN) 3,000.00 EUR

RENOVABLES TERUEL, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

RIBINA RENOVABLES 400, S.L. MADRID (SPAIN) 3,000.00 EUR

SALTO DE SAN RAFAEL, S.L. SEVILLE (SPAIN) 462,185.88 EUR

SAN FRANCISCO DE BORJA, S.A. ZARAGOZA (SPAIN) 60,000.00 EUR

SANTO ROSTRO COGENERACIÓN, S.A. (EN LIQUIDACIÓN) SEVILLE (SPAIN) 207,340.00 EUR

SAVANNA POWER SOLAR 4, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SAVANNA POWER SOLAR 5, S.L. (SOCIEDAD UNIPERSONAL) SEVILLE (SPAIN) 3,000.00 EUR

SAVANNA POWER SOLAR 6, S.L. (SOCIEDAD UNIPERSONAL) SEVILLE (SPAIN) 3,000.00 EUR

SAVANNA POWER SOLAR 9, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

VI. Statement of Responsibility

		Ownership % as of 31 December 2024		Ownership % as of 31 December 2023
Consolidation Method	Shareholders	Control	Economic	Control	Economic	Auditing Firm
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
E.M. (J.V.)	ENDESA ENERGÍA, S.A. (SOCIEDAD UNIPERSONAL)	50.00	50.00	50.00	50.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	–	–	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
	DEHESA DE LOS GUADALUPES SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	6.24		6.24
	FURATENA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL)	6.24		6.24
	BAYLIO SOLAR, S.L. (SOCIEDAD UNIPERSONAL)	6.24		6.24
E.M. (A)	SEGUIDORES SOLARES PLANTA 2, S.L. (SOCIEDAD UNIPERSONAL)	6.24	40.06	6.24	64.15	UNAUDITED
	EMINTEGRAL CYCLE, S.L. (SOCIEDAD UNIPERSONAL)	16.99		16.99
	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	6.24		22.20
	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	15.96
	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	31.03		31.03
E.M. (A)	EMINTEGRAL CYCLE, S.L. (SOCIEDAD UNIPERSONAL)	33.02	47.54	64.05 33.02	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	27.86	35.92	27.86
E.M. (A)	STONEWOOD DESARROLLOS, S.L. (SOCIEDAD UNIPERSONAL)	16.12		16.12	43.98	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	40.21	40.21	40.21	40.21	UNAUDITED
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	50.00	50.00	50.00	50.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	66.67	66.67	66.67	66.67	KPMG AUDITORES
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	45.00	45.00	45.00	45.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED

Company Name	Address	Share Capital	Activity
SAVANNA POWER SOLAR 10, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SAVANNA POWER SOLAR 12, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SAVANNA POWER SOLAR 13, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SECCIONADORA ALMODÓVAR RENOVABLES, S.L.	MÁLAGA (SPAIN)	5,000.00 EUR
SEGUIDORES SOLARES PLANTA 2, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,010.00 EUR
SET CARMONA 400 KV RENOVABLES, S.L.	SEVILLE (SPAIN)	10,000.00 EUR
SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	143,000.00 EUR
SHARK POWER REN 4, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SHARK POWER REN 5, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SHARK POWER REN 6, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SHARK POWER REN 7, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SHARK POWER REN 8, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SHARK POWER REN 9, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SHARK POWER REN 10, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,000.00 EUR
SISTEMA ELÉCTRICO DE CONEXIÓN VALCAIRE, S.L.	MADRID (SPAIN)	175,200.00 EUR
SISTEMAS ENERGÉTICOS MAÑÓN ORTIGUEIRA, S.A.	LA CORUÑA (SPAIN)	2,007,750.00 EUR
SOCIEDAD EÓLICA DE ANDALUCÍA, S.A.	SEVILLE (SPAIN)	4,507,590.78 EUR
SOCIEDAD EÓLICA EL PUNTAL, S.L.	SEVILLE (SPAIN)	3,286,000.00 EUR
SOCIEDAD EÓLICA LOS LANCES, S.A.	SEVILLE (SPAIN)	2,404,048.42 EUR
SOLANA RENOVABLES, S.L.	MADRID (SPAIN)	6,246.00 EUR
SOTAVENTO GALICIA, S.A.	LA CORUÑA (SPAIN)	601,000.00 EUR
STONEWOOD DESARROLLOS, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	4,053,000.00 EUR
SUGGESTION POWER, UNIPESSOAL, LDA.	LISBOA (PORTUGAL)	50,000.00 EUR
SUMINISTRADORA ELÉCTRICA DE CÁDIZ, S.A.	CÁDIZ (SPAIN)	12,020,240.00 EUR
SUMINISTRO DE LUZ Y FUERZA, S.L.	BARCELONA (SPAIN)	2,800,000.00 EUR
TAUSTE ENERGÍA DISTRIBUIDA, S.L.	ZARAGOZA (SPAIN)	60,508.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

736

Company Name Address Share Capital Activity

SAVANNA POWER SOLAR 10, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SAVANNA POWER SOLAR 12, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SAVANNA POWER SOLAR 13, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SECCIONADORA ALMODÓVAR RENOVABLES, S.L. MÁLAGA (SPAIN) 5,000.00 EUR

SEGUIDORES SOLARES PLANTA 2, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,010.00 EUR

SET CARMONA 400 KV RENOVABLES, S.L. SEVILLE (SPAIN) 10,000.00 EUR

SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 143,000.00 EUR

SHARK POWER REN 4, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SHARK POWER REN 5, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SHARK POWER REN 6, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SHARK POWER REN 7, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SHARK POWER REN 8, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SHARK POWER REN 9, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SHARK POWER REN 10, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,000.00 EUR

SISTEMA ELÉCTRICO DE CONEXIÓN VALCAIRE, S.L. MADRID (SPAIN) 175,200.00 EUR

SISTEMAS ENERGÉTICOS MAÑÓN ORTIGUEIRA, S.A. LA CORUÑA (SPAIN) 2,007,750.00 EUR

SOCIEDAD EÓLICA DE ANDALUCÍA, S.A. SEVILLE (SPAIN) 4,507,590.78 EUR

SOCIEDAD EÓLICA EL PUNTAL, S.L. SEVILLE (SPAIN) 3,286,000.00 EUR

SOCIEDAD EÓLICA LOS LANCES, S.A. SEVILLE (SPAIN) 2,404,048.42 EUR

SOLANA RENOVABLES, S.L. MADRID (SPAIN) 6,246.00 EUR

SOTAVENTO GALICIA, S.A. LA CORUÑA (SPAIN) 601,000.00 EUR

STONEWOOD DESARROLLOS, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 4,053,000.00 EUR

SUGGESTION POWER, UNIPESSOAL, LDA. LISBOA (PORTUGAL) 50,000.00 EUR

SUMINISTRADORA ELÉCTRICA DE CÁDIZ, S.A. CÁDIZ (SPAIN) 12,020,240.00 EUR

SUMINISTRO DE LUZ Y FUERZA, S.L. BARCELONA (SPAIN) 2,800,000.00 EUR

TAUSTE ENERGÍA DISTRIBUIDA, S.L. ZARAGOZA (SPAIN) 60,508.00 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

V. Consolidated Financial Statements

VI. Statement of Responsibility

		Ownership % as of 31 December 2024		Ownership % as of 31 December 2023
Consolidation Method	Shareholders	Control	Economic	Control	Economic	Auditing Firm
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	37.50	37.50	37.50	37.50	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	16.00	16.00	16.00	16.00	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
F.C.	SHARK POWER, S.L. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	UNAUDITED
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	28.12	28.12	28.12	28.12	UNAUDITED
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	96.00	96.00	96.00	96.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	64.73	64.73	64.73	64.73	KPMG AUDITORES
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	50.00	50.00	50.00	50.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	60.00	60.00	60.00	60.00	KPMG AUDITORES
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	39.90	39.90	39.90	39.90	UNAUDITED
E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	36.00	36.00	36.00	36.00	AUDIESA
F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
F.C.	ENDESA GENERACIÓN PORTUGAL, S.A.	100.00	100.00	100.00	100.00	UNAUDITED
E.M. (J.V.)	ENDESA, S.A.	33.50	33.50	33.50	33.50	DELOITTE
F.C.	HIDROELÉCTRICA DE CATALUNYA, S.L. (SOCIEDAD UNIPERSONAL)	60.00	60.00	60.00	60.00	KPMG AUDITORES
F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	51.00	51.00	51.00	51.00	KPMG AUDITORES

Company Name	Address	Share Capital	Activity
TEJO ENERGIA - PRODUÇÃO E DISTRIBUIÇÃO DE ENERGIA ELÉCTRICA, S.A.	LISBOA (PORTUGAL)	5,025,000.00 EUR
TERMOTEC ENERGÍA, A.I.E. (EN LIQUIDACIÓN)	VALENCIA (SPAIN)	481,000.00 EUR
TERRER RENOVABLES, S.L.	MADRID (SPAIN)	5,000.00 EUR
TICO SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL)	ZARAGOZA (SPAIN)	3,000.00 EUR
TICO SOLAR 2, S.L. (SOCIEDAD UNIPERSONAL)	ZARAGOZA (SPAIN)	3,000.00 EUR
TOLEDO PV, A.I.E.	MADRID (SPAIN)	26,887.96 EUR
TORO RENOVABLES 400 KV, S.L.	MADRID (SPAIN)	3,000.00 EUR
TORREPALMA ENERGY 1, S.L. (SOCIEDAD UNIPERSONAL)	MADRID (SPAIN)	3,100.00 EUR
TRANSFORMADORA ALMODÓVAR RENOVABLES, S.L.	SEVILLE (SPAIN)	5,000.00 EUR
TRÉVAGO RENOVABLES, S.L.	MADRID (SPAIN)	3,000.00 EUR
UNIÓN ELÉCTRICA DE CANARIAS GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	LAS PALMAS DE GRAN CANARIA (SPAIN)	190,171,521.16 EUR
VIRULEIROS, S.L.	LA CORUÑA (SPAIN)	160,000.00 EUR
YEDESA COGENERACIÓN, S.A. (EN LIQUIDACIÓN)	ALMERÍA (SPAIN)	234,394.72 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

738

Company Name Address Share Capital Activity

ELÉCTRICA, S.A. LISBOA (PORTUGAL) 5,025,000.00 EUR

TERMOTEC ENERGÍA, A.I.E. (EN LIQUIDACIÓN) VALENCIA (SPAIN) 481,000.00 EUR

TERRER RENOVABLES, S.L. MADRID (SPAIN) 5,000.00 EUR

TICO SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL) ZARAGOZA (SPAIN) 3,000.00 EUR

TICO SOLAR 2, S.L. (SOCIEDAD UNIPERSONAL) ZARAGOZA (SPAIN) 3,000.00 EUR

TOLEDO PV, A.I.E. MADRID (SPAIN) 26,887.96 EUR

TORO RENOVABLES 400 KV, S.L. MADRID (SPAIN) 3,000.00 EUR

TORREPALMA ENERGY 1, S.L. (SOCIEDAD UNIPERSONAL) MADRID (SPAIN) 3,100.00 EUR

TRANSFORMADORA ALMODÓVAR RENOVABLES, S.L. SEVILLE (SPAIN) 5,000.00 EUR

TRÉVAGO RENOVABLES, S.L. MADRID (SPAIN) 3,000.00 EUR

VIRULEIROS, S.L. LA CORUÑA (SPAIN) 160,000.00 EUR

YEDESA COGENERACIÓN, S.A. (EN LIQUIDACIÓN) ALMERÍA (SPAIN) 234,394.72 EUR

F.C.: Full Consolidation; P.C.: Proportional Consolidation; E.M.: Equity Method; J.V.: Joint Venture; A: Associate.

LAS PALMAS DE GRAN

CANARIA (SPAIN) 190,171,521.16 EUR

TEJO ENERGIA - PRODUÇÃO E DISTRIBUIÇÃO DE ENERGIA

UNIÓN ELÉCTRICA DE CANARIAS GENERACIÓN, S.A. (SOCIEDAD

UNIPERSONAL)

	Consolidation		31 December 2024	Ownership % as of	31 December 2023	Ownership % as of
	Method	Shareholders	Control	Economic	Control	Economic	Auditing Firm
	E.M. (J.V.)	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	43.75	43.75	43.75	43.75	KPMG AUDITORES
	E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	45.00	45.00	45.00	45.00	UNAUDITED
	E.M. (J.V.)	ENEL GREEN POWER ESPAÑA , S.L. (SOCIEDAD UNIPERSONAL)	29.57	29.57	29.57	29.57	UNAUDITED
	F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
	F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
	E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	33.33	33.33	33.33	33.33	KPMG AUDITORES
	E.M. (A)	FRV ZAMORA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL)	8.28	8.28	8.28	8.28	UNAUDITED
	F.C.	ENEL GREEN POWER ESPAÑA SOLAR 1, S.L	100.00	50.01	100.00	100.00	KPMG AUDITORES
	E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	60.53	60.53	60.53	60.53	UNAUDITED
	SEGUIDORES SOLARES PLANTA 2, S.L. (SOCIEDAD UNIPERSONAL)	17.77		17.77
	E.M. (A)	FURATENA SOLAR 1, S.L. (SOCIEDAD UNIPERSONAL)	17.73	17.75	17.73	35.50	UNAUDITED
	F.C.	ENDESA GENERACIÓN, S.A. (SOCIEDAD UNIPERSONAL)	100.00	100.00	100.00	100.00	KPMG AUDITORES
	F.C.	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	67.00	67.00	67.00	67.00	UNAUDITED
	E.M. (A)	ENEL GREEN POWER ESPAÑA, S.L. (SOCIEDAD UNIPERSONAL)	40.00	40.00	40.00	40.00	UNAUDITED

Responsibility

Signatures for authorisation for issue

ENDESA, S.A. and Subsidiaries of the Consolidated Financial Statements for the year ended 31 December 2024

The Consolidated Financial Statements (Consolidated Statement of Financial Position, Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement, and Consolidated Notes) for the year ended 31 December 2024 of ENDESA, Sociedad Anónima and SUBSIDIARIES were authorised for issue in electronic format by the Board of Directors of ENDESA, Sociedad Anónima at its meeting of 25 February 2025, following the format and labelling requirements established in the European Commission Delegated Regulation EU 2019/815, and are signed below by all the Directors, in compliance with Article 253 of the Spanish Corporate Enterprises Act.

Mr Juan Sánchez-Calero Guilarte	Mr Flavio Cattaneo
Chairman	Vice Chairman
Mr José Damián Bogas Gálvez	Mr Guillermo Alonso Olarra
Chief Executive Officer	Member
Mr Stefano de Angelis	Mr Gianni Vittorio Armani
Member	Member
Ms Eugenia Bieto Caubet	Ms Elisabetta Colacchia
Member	Member
Mr Ignacio Garralda Ruiz de Velasco	Ms Pilar González de Frutos
Member	Member
Ms Francesca Gostinelli	Mr Francisco de Lacerda
Member	Member
Ms Michela Mossini	Ms Cristina de Parias Halcón
Member	Member

740

Madrid, 25 February 2025

CHAPTER VI.

STATEMENT OF RESPONSIBILITY

STATEMENT OF RESPONSIBILITY

ANNUAL FINANCIAL REPORT 2024

The members of the Board of Directors of Endesa, S.A., in accordance with Article 8 of Royal Decree 1362/2007, of 19 October, hereby declares that to the best of its knowledge and belief, the Individual and Consolidated Financial Statements for the year ended 31 December 2024, authorised for issue in its meeting of 25 February 2025 and prepared in accordance with the applicable accounting principles, present a true and fair view of the equity, financial position and results of Endesa, S.A. and of the consolidated companies taken as a whole and that the individual and consolidated management reports for 2024 include a true and fair analysis of the business performance and position of Endesa, S.A. and of the consolidated companies taken as a whole, along with a description of the main risks and uncertainties these face.

Mr Juan Sánchez-Calero Guilarte	Mr Flavio Cattaneo
Chairman	Vice Chairman
Mr José Damián Bogas Gálvez	Mr Guillermo Alonso Olarra
Chief Executive Officer	Member
Mr Stefano de Angelis	Mr Gianni Vittorio Armani
Member	Member
Ms Eugenia Bieto Caubet	Ms Elisabetta Colacchia
Member	Member
Mr Ignacio Garralda Ruiz de Velasco	Ms Pilar González de Frutos
Member	Member
Ms Francesca Gostinelli	Mr Francisco de Lacerda
Member	Member
Ms Michela Mossini	Ms Cristina de Parias Halcón
Member	Member

Madrid, 25 February 2025

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