ENDESA SA-UNSP ADR Business Summary

Endesa S.A. (ELEZY) operates as a leading integrated utility company primarily in the Iberian Peninsula, generating revenue through a diversified energy portfolio that includes electricity generation, regulated distribution, and retail supply. The company’s business is structured into four primary segments: Networks, which manages regulated distribution infrastructure and contributes approximately 36% of total EBITDA; Renewables, focusing on wind, solar, and hydroelectric production; Supply, which handles the commercialization of electricity and gas to over 11 million customers; and Conventional Generation, encompassing nuclear and thermal assets. As of July 2026, Endesa has significantly accelerated its 2026–2028 strategic plan, prioritizing grid digitalization and clean electrification to meet decarbonization targets. Within the competitive landscape, Endesa maintains its position as the dominant electricity provider in Spain and the second-largest in Portugal, competing directly with Iberdrola SA, Repsol SA, Naturgy Energy Group, and EDP (Energias de Portugal). Originally founded in 1944 by the Spanish state as Empresa Nacional de Electricidad, S.A., the company is currently led by Chief Executive Officer Gianni Vittorio Armani, who was appointed in April 2026. Armani brings over 20 years of infrastructure and energy experience, having previously served as the Global Manager of Grids and Innovation at Enel Group and CEO of the Italian utility Iren. The executive leadership team also includes Daniele Caprini as the General Manager of Administration, Finance, and Control (CFO) and Borja Acha Besga as Secretary of the Board. The company is overseen by Chairman Juan Sánchez-Calero Guilarte and Vice-Chairman Flavio Cattaneo, who also serves as the CEO of Enel SpA. Endesa remains a core subsidiary of the Italian energy giant Enel SpA, which maintains a 70.1% majority stake, providing the company with significant industrial backing and strategic alignment within the broader European energy transition.