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Investor Presentation • May 9, 2024
4317_10-q_2024-05-09_4679e478-05aa-4c88-837c-114fbcba3711.pdf
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2024
First Quarter
Consolidated results May 9th, 2024
First Quarter 2024
Consolidated results
Stefano De Angelis CFO
First quarter delivery supports Full Year 2024 targets
Solid operating performance across all businesses
Continued effort on improving grids' profitability and efficiency
Visible progress towards a greener asset base
Increased share of sales covered by renewables supports Group's marginality
-
- Calculated excluding disposals executed in 2023;
-
- It includes production from renewable managed capacity;
-
- Fixed sales, gross of energy losses.
Strong delivery in Q1 drives double digit increase in EBITDA
4 1. It excludes extraordinary items in Q1 2023 (-698 €mn: -208 €mn solidarity contribution in Spain, -154 €mn Costanera (Argentina), -336 €mn discontinued operations Greece and Romania) and in Q1 2024 (-202 €mn solidarity contribution in Spain);
-
Mainly Costanera and Docksud in Argentina and Enel Romania;
-
Split calculated excluding 'Other'
Grids
EBITDA up double digit net of perimeter effect
Ordinary EBITDA evolution (€bn)
Improved remuneration and new investments supports positive EBITDA trajectory in Italy
Growth in Latam benefitted from tariff indexation in Argentina
Around 60 €mn contribution from Perù distribution in Q1 2024
0.0 00
0.5 00
1.0 00
1.5 00
2.0 00
2.5 00
0.0 00 0.5 00 1.0 00 1.5 00 2.0 00 2.5 00 3.0 00 3.5 00 4.0 00 4.5 00
Renewable growth and optimized E2E management support a solid and consistent performance
Strong renewables growth driven by 2.8 TWh higher production and supportive hedging strategy
End of mandatory requirements on coal and stronger hydro output reduce thermal generation contribution
Improved marginality in Italy and Iberia drives up customers performance
Full Year 2024 guidance fully on track
Full Year 2024 EBITDA guidance (€bn)
Growth drivers
Grids
Global operating evolution in line with plan expectation Investments on development and quality upgrade in Italy fully on track
Integrated business
Renewables: growth of asset base and optimized energy management set to sustain improved marginality
Customers: normalization of retail margins in Italy expected in Q2-Q4:
- expiry of offers re-priced in Q2 2023
-
renewals based on new offer portfolio and in line with plan assumptions
-
It does not include "Other" for (0.2) €bn
-
Guidance range does not include M&A contribution
Delivering on a cost disciplined organization
Addressable cost baseline1 (€bn)
30% of 1 €bn CMD efficiencies target already achieved
Net Ordinary Income up by a sound 44% yoy
D&A and Provisions Ordinary EBITDA Financial expenses1 Income taxes Minorities Net Ordinary Income ∆ yoy +12% Q1 2023 (1.86) 5.46 (0.83) (0.74) (0.52) 1.51 (1.89) 6.10 Q1 2024 (0.63) (1.02) (0.37) 2.18 +44%
Profit & loss (€bn)
Key Drivers
Financial expenses
Cost of debt mostly stable with Gross Debt reduction expected from 2Q24
Financial charges down yoy impacted by FX hedges and interest rates hedges expected to normalize by YE
Income taxes Increase versus PY mainly driven by improved business performance
Tax Rate normalization due to higher weight of EU contribution
Minorities
Geographical contribution, skewed towards Europe, drives reduction in minorities
Improved cash generation: FFO up by around 800 €mn versus Q1 2023
Cash flow (€bn)
Continued management effort on cash generation provides visibility on cash flow neutrality in 2024
Rounded figures
-
Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges).
-
Includes dividends received from equity investments.
Pro Forma Net Debt at around 54 €bn
Net debt evolution1 (€bn)
First Quarter 2024 Closing remarks
First Quarter 2024
Consolidated results
Annexes
Macroscenario
| (%) GDP |
(%) CPI |
€1 against FX |
1 (€/MWh) Spot Price |
(TWh) Electricity Demand |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
|
| Italy | 0 35 |
2 32 |
0 97 |
9 53 |
- | - | 91 72 |
157 20 |
77 76 |
77 13 |
| Iberia | 2 21 |
4 07 |
3 23 |
5 00 |
- | - | 45 74 |
99 94 |
76 10 |
76 39 |
| Latin America |
||||||||||
| Argentina | (5 51) |
1 43 |
272 77 |
101 87 |
928 03 |
226 83 |
39 04 |
40 87 |
||
| Brazil | 1 91 |
3 78 |
4 31 |
5 34 |
5 41 |
5 49 |
11 28 |
12 37 |
178 32 |
160 22 |
| Chile | 2 15 |
- | 4 00 |
11 77 |
1 057 47 , |
862 96 |
43 21 |
102 80 |
21 17 |
20 44 |
| Colombia | - | 3 00 |
7 82 |
13 29 |
4 164 65 , |
5 061 46 , |
137 29 |
77 71 |
20 50 |
19 04 |
| Peru | 1 80 |
(0 40) |
3 12 |
8 57 |
4 02 |
4 09 |
28 73 |
29 60 |
15 07 |
14 53 |
| North America |
||||||||||
| USA | 3 19 |
1 72 |
3 27 |
5 80 |
1 08 |
1 08 |
1 047 00 , |
1 009 01 , |
||
| Mexico | 2 32 |
3 49 |
4 57 |
7 46 |
17 88 |
19 56 |
82 73 |
76 88 |
||
| Africa & Asia Oceania , |
||||||||||
| India | 6 95 |
6 18 |
5 01 |
6 21 |
89 87 |
89 47 |
397 90 |
371 13 |
||
| Australia | 24 1 |
2 47 |
3 60 |
00 7 |
66 1 |
62 1 |
||||
| South Africa |
0 70 |
0 15 |
5 40 |
7 00 |
20 37 |
19 29 |
51 20 |
49 60 |
Group consolidated net capacity: breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas | Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 12,995 | 874 | 776 | 250 | - | 2,052 | 4,160 | 4,607 | 25,714 |
| Iberia | 4,746 | 2,884 | - | 2,367 | 3,328 | 2,333 | 241 | 5,445 | 21,344 |
| Rest of World | 10,596 | 12,094 | 83 | 8,128 | - | 1,231 | 226 | 1,931 | 34,289 |
| Latin America | 10,544 | 4,524 | 83 | 4,732 | - | 1,231 | 226 | 1,931 | 23,271 |
| Argentina | 1,328 | - | - | - | - | - | - | - | 1,328 |
| Brazil | 1,272 | 3,312 | - | 1,519 | - | - | - | - | 6,103 |
| Chile | 3,510 | 903 | 83 | 1,970 | - | 511 | - | 1,468 | 8,444 |
| Colombia | 3,097 | - | - | 779 | - | - | 226 | - | 4,102 |
| Perù | 793 | 309 | - | 302 | - | 721 | - | 463 | 2,589 |
| Other1 | 543 | - | - | 162 | - | - | - | - | 705 |
| Rest of Europe2 | - | 4 | - | - | - | - | - | - | 4 |
| North America | 52 | 7,195 | - | 3,038 | - | - | - | - | 10,286 |
| Mexico | 52 | 893 | - | 220 | - | - | - | - | 1,164 |
| Canada | - | 363 | - | - | - | - | - | - | 363 |
| USA | - | 5,940 | - | 2,819 | - | - | - | - | 8,759 |
| Africa, Asia & Oceania3 | - | 371 | - | 357 | - | - | - | - | 729 |
| Total | 28,337 | 15,853 | 860 | 10,744 | 3,328 | 5,616 | 4,627 | 11,983 | 81,348 |
-
Includes Panama, Guatemala and Costa Rica 16
-
Includes Germany
-
Includes South Africa, India and Zambia
Group consolidated net production: breakdown by technology and geography
| GWh | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas | Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 4,060 | 445 | 1,342 | 29 | - | 15 | 464 | 2,347 | 8,703 |
| Iberia | 2,131 | 2,167 | - | 719 | 6,591 | 1,052 | - | 2,957 | 15,618 |
| Rest of World | 10,132 | 8,562 | 94 | 3,021 | - | 378 | 283 | 1,894 | 24,364 |
| Latin America | 10,114 | 2,673 | 94 | 1,902 | - | 378 | 283 | 1,894 | 17,338 |
| Argentina | 811 | - | - | - | - | - | - | - | 811 |
| Brazil | 1,443 | 1,961 | - | 364 | - | - | - | - | 3,769 |
| Chile | 2,930 | 543 | 94 | 1,047 | - | 157 | - | 1,282 | 6,052 |
| Colombia | 2,982 | - | - | 228 | - | - | 283 | - | 3,493 |
| Perù | 1,365 | 168 | - | 197 | - | 221 | - | 613 | 2,564 |
| Other1 | 583 | - | - | 66 | - | - | - | - | 649 |
| Rest of Europe2 | - | 2 | - | - | - | - | - | - | 2 |
| North America | 17 | 5,697 | - | 964 | - | - | - | - | 6,678 |
| Mexico | 17 | 330 | - | 130 | - | - | - | - | 477 |
| Canada | - | 288 | - | - | - | - | - | - | 288 |
| USA | - | 5,079 | - | 834 | - | - | - | - | 5,913 |
| Africa, Asia & Oceania3 | - | 191 | - | 155 | - | - | - | - | 346 |
| Total | 16,323 | 11,175 | 1,436 | 3,770 | 6,591 | 1,445 | 747 | 7,199 | 48,685 |
-
Includes Panama, Guatemala and Costa Rica 17
-
Includes Germany
-
Includes South Africa, India and Zambia
Group total additional capacity1 : breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 1 | - | - | 13 | - | - | - | - | 14 |
| Iberia | - | - | - | 98 | - | - | - | - | 98 |
| of World Rest |
- | - | - | 298 | - | - | - | - | 298 |
| Latin America |
- | - | - | 198 | - | - | - | - | 198 |
| Argentina | - | - | - | - | - | - | - | - | - |
| Brazil | - | - | - | 135 | - | - | - | - | 135 |
| Chile | - | - | - | - | - | - | - | - | - |
| Colombia | - | - | - | 63 | - | - | - | - | 63 |
| Perù | - | - | - | - | - | - | - | - | - |
| Other2 | - | - | - | - | - | - | - | - | - |
| Africa & North Europa |
- | - | - | - | - | - | - | - | - |
| North/Central Americas |
- | - | - | 100 | - | - | - | - | 100 |
| Mexico | - | - | - | - | - | - | - | - | - |
| Canada | - | - | - | - | - | - | - | - | - |
| USA | - | - | - | 100 | - | - | - | - | 100 |
| Africa Asia & Oceania , |
- | - | - | - | - | - | - | - | - |
| Total | 1 | - | - | 409 | - | - | - | - | 410 |
18 1. Excludes managed capacity and BESS
- Includes Uruguay, Panama, Guatemala and Costa Rica
Renewable projects in execution: breakdown by technology and geography1
| MW | Wind | Hydro | Geothermal | Solar & Other |
BESS | Total |
|---|---|---|---|---|---|---|
| Italy | - | 4 | - | 203 | 1 572 , |
1 778 , |
| Iberia | 33 | 10 | - | 661 | 42 | 746 |
| of World Rest |
530 | 156 | - | 2 263 , |
283 | 3 232 , |
| Latin America |
194 | 156 | - | 1 021 , |
168 | 1 539 , |
| North America |
- | - | - | 1 148 , |
115 | 1 263 , |
| Africa Asia & Oceania , |
336 | - | - | 93 | - | 429 |
| Total | 563 | 170 | - | 3 127 , |
1 896 , |
5 756 , |
Pipeline
~389 76 Gross Pipeline BESS Early stage Mature In execution 1
-
It includes BESS for around 51 GW in early stage and around 25 GW in mature pipeline
-
It includes both renewables and BESS
Enel Grids KPIs1
| Electricity | distributed | Grid customers |
(mn) | (mn) Smart meters |
|||
|---|---|---|---|---|---|---|---|
| Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | ||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
| Italy | 53 | 53 | 31 | 31 | 31 | 31 | |
| 7 | 2 | 9 | 8 | 7 | 6 | ||
| Iberia | 33 | 33 | 12 | 12 | 12 | 12 | |
| 4 | 3 | 6 | 5 | 4 | 3 | ||
| of | 33 | 35 | 26 | 28 | 2 | 2 | |
| World | 1 | 7 | 0 | 6 | 1 | 0 | |
| Rest | |||||||
| Latin America |
33 1 |
31 9 |
26 0 |
25 5 |
1 2 |
0 7 |
|
| Argentina | 6 | 9 | 2 | 2 | 0 | 0 | |
| 4 | 4 | 7 | 6 | 0 | 0 | ||
| Brazil | 18 | 17 | 15 | 15 | 0 | 0 | |
| 8 | 5 | 7 | 5 | 7 | 3 | ||
| Chile | 3 | 3 | 2 | 2 | 0 | 0 | |
| 6 | 6 | 1 | 1 | 4 | 4 | ||
| Colombia | 3 | 3 | 3 | 3 | 0 | 0 | |
| 8 | 7 | 9 | 8 | 1 | 1 | ||
| Peru | 2 | 2 | 1 | 1 | 0 | 0 | |
| 3 | 2 | 6 | 5 | 0 | 0 | ||
| of Rest Europe |
- | 3 8 |
- | 3 1 |
- | 1 3 |
|
| Romania | - | 3 8 |
- | 3 1 |
- | 1 3 |
|
| Total | 120 | 122 | 70 | 72 | 3 | 46 | |
| 2 | 2 | 4 | 9 | 45 | 0 | ||
Enel X Global Retail: Retail KPIs1
| Power | Gas | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2 (mn) Customers |
Volumes | (TWh) | Customers | (mn) | (bsmc) Volumes |
|||||||
| Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | ||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2023 | ||||||
| Italy | 17 | 21 | 19 | 23 | 4 | 4 | 1 | 2 | ||||
| 8 | 2 | 8 | 4 | 2 | 6 | 7 | 1 | |||||
| Iberia | 10 | 10 | 19 | 19 | 1 | 1 | 1 | 1 | ||||
| 5 | 5 | 0 | 5 | 8 | 8 | 2 | 4 | |||||
| of | 26 | 28 | 34 | 35 | 0 | 0 | 0 | 0 | ||||
| World | 0 | 4 | 2 | 3 | 0 | 2 | 1 | 1 | ||||
| Rest | ||||||||||||
| Latin America |
26 0 |
25 5 |
34 2 |
32 9 |
0 0 |
0 0 |
0 1 |
0 0 |
||||
| of Rest Europe |
- | 2 9 |
- | 2 3 |
- | 0 2 |
- | 0 1 |
||||
| Total | 54 | 60 | 72 | 78 | 6 | 6 | 2 | 3 | ||||
| 2 | 1 | 9 | 2 | 1 | 6 | 9 | 6 | |||||
Enel X Global Retail: Enel X
| ercial use strictly prohibited EMARKET SDIR | CERTIFIED |
|---|---|
| Enel X |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public Charging |
(k) points |
Street | lighting (mn) |
Storage | (MW) | Demand (GW) Response |
||||||
| Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2023 |
||||||
| Italy | 19 7 |
18 7 |
1 6 |
1 6 |
- | - | 0 6 |
0 9 |
||||
| Iberia | 5 6 |
3 9 |
0 1 |
0 1 |
- | - | 0 1 |
0 2 |
||||
| of World Rest |
0 9 |
0 9 |
1 5 |
1 3 |
115 0 |
76 0 |
7 4 |
7 1 |
||||
| South America |
0 9 |
0 6 |
1 5 |
1 3 |
0 5 |
0 5 |
0 0 |
0 0 |
||||
| North America |
- | - | - | - | 107 4 |
74 4 |
3 7 |
3 8 |
||||
| & North Africa Europe |
- | 0 3 |
- | - | - | - | 1 1 |
1 2 |
||||
| Africa Asia & Oceania |
- | - | - | - | 7 1 |
1 1 |
2 6 |
2 0 |
||||
| Total | 26 2 |
23 5 |
3 2 |
3 0 |
0 115 |
76 0 |
8 1 |
8 1 |
Capex1 (€mn)
| Global Generation & Trading |
Enel Grids | Renewable Energies | 2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | |
| Italy | 53 | 72 | 810 | 661 | 292 | 775 | 142 | 121 | 3 | 8 | 1,300 | 1,637 |
| Iberia | 44 | 35 | 185 | 183 | 106 | 129 | 77 | 60 | 1 | 3 | 412 | 408 |
| Rest of World | 23 | 39 | 354 | 393 | 565 | 479 | 14 | 28 | 9 | 2 | 967 | 940 |
| Latin America | 23 | 38 | 354 | 355 | 332 | 291 | 12 | 13 | 9 | 1 | 731 | 698 |
| Argentina | - | 8 | 32 | 30 | 0 | 0 | - | 0 | - | - | 32 | 38 |
| Brazil | 0 | 0 | 195 | 225 | 192 | 167 | 4 | 3 | 7 | 0 | 398 | 396 |
| Chile | 14 | 21 | 37 | 24 | 111 | 72 | 1 | 1 | 3 | 0 | 165 | 118 |
| Colombia | 0 | 0 | 60 | 54 | 21 | 40 | 1 | 4 | - | - | 82 | 99 |
| Peru | 9 | 9 | 31 | 22 | 7 | 5 | 6 | 5 | (0) | - | 53 | 40 |
| Other | 0 | 0 | - | - | 1 | 6 | - | - | - | - | 1 | 7 |
| Rest of Europe | - | (0) | - | 38 | - | 23 | - | 5 | - | 0 | - | 66 |
| North & Central America | 0 | 0 | - | - | 232 | 134 | 2 | 8 | 0 | 1 | 234 | 143 |
| Africa, Asia & Oceania | - | - | - | - | 2 | 31 | 1 | 2 | - | - | 2 | 34 |
| Others and adjustments | 0 | 0 | 0 | 0 | 1 | 2 | 9 | 22 | 1 | 8 | 11 | 32 |
| Total | 120 | 145 | 1,350 | 1,237 | 964 | 1,384 | 242 | 231 | 14 | 20 | 2,690 | 3,018 |
- Rounded figures, it includes capex related to asset classified as HFS for 145 €mn in Q1 2023 and for 103 €mn in Q1 2024; 25
Asset development Capex1 (€mn)
| Global Generation & Trading |
Enel Grids | Renewable Energies | 2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | |
| Italy | 44 | 62 | 348 | 285 | 269 | 752 | 40 | 18 | 0 | 1 | 702 | 1,118 |
| Iberia | 0 | 1 | 39 | 83 | 87 | 115 | 8 | 5 | 0 | 0 | 133 | 204 |
| Rest of World | 1 | (0) | 62 | 63 | 510 | 428 | 10 | 12 | 3 | 0 | 585 | 503 |
| Latin America | 1 | (0) | 62 | 53 | 296 | 264 | 9 | 9 | 3 | - | 370 | 326 |
| Argentina | - | - | 5 | 3 | - | - | - | 0 | - | - | 5 | 3 |
| Brazil | 0 | - | 38 | 35 | 185 | 159 | 2 | 0 | - | - | 225 | 195 |
| Chile | 1 | (0) | 3 | 3 | 88 | 60 | 1 | 0 | 3 | - | 95 | 64 |
| Colombia | 0 | - | 14 | 10 | 16 | 35 | 0 | 4 | - | - | 30 | 49 |
| Peru | 0 | 0 | 3 | 2 | 6 | 3 | 6 | 4 | - | - | 15 | 10 |
| Other | - | - | - | - | 0 | 5 | - | - | - | - | 0 | 5 |
| Rest of Europe | - | (0) | - | 10 | - | 21 | - | 1 | - | 0 | - | 32 |
| North & Central America | - | - | - | - | 214 | 113 | 1 | 2 | - | - | 215 | 115 |
| Africa, Asia & Oceania | - | - | - | - | 0 | 31 | - | - | - | - | 0 | 31 |
| Others and adjustments | - | - | - | - | 1 | 1 | 7 | 21 | 0 | 3 | 8 | 26 |
| Total | 45 | 63 | 449 | 431 | 866 | 1,296 | 66 | 56 | 3 | 5 | 1,429 | 1,851 |
Revenues1 (€mn)
| Global Generation & Trading |
Enel Grids |
Renewable Energies |
2 Enel Global Retail X |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
|
| Italy | 3,473 | 7,861 | 1,993 | 1,835 | 1,053 | 790 | 6,916 | 8,259 | (4 ,539) |
(4 ,950) |
8,896 | 13,795 |
| Iberia | 1,822 | 3,441 | 628 | 611 | 365 | 323 | 4,271 | 6,243 | (1 ,552) |
(3 ,129) |
5,534 | 7,489 |
| of World Rest |
575 | 843 | 2,563 | 2,666 | 1,568 | 1,454 | 706 | 608 | (403) | (378) | 5,009 | 5,193 |
| Latin America |
534 | 817 | 2,563 | 2,666 | 1,220 | 1,091 | 595 | 454 | (387) | (374) | 4,525 | 4,654 |
| Argentina | - | 29 | 217 | 210 | 9 | 10 | 1 | 3 | 1 | (1) | 228 | 251 |
| Brazil | 177 | 157 | 1,533 | 1,674 | 237 | 199 | 134 | 118 | (166) | (125) | 1,915 | 2,023 |
| Chile | 217 | 505 | 351 | 360 | 561 | 530 | 47 | 39 | (158) | (189) | 1,018 | 1,245 |
| Colombia | 91 | 59 | 225 | 179 | 267 | 238 | 312 | 211 | (2) | - | 893 | 687 |
| Peru | 49 | 67 | 237 | 243 | 72 | 56 | 101 | 81 | (61) | (57) | 398 | 390 |
| Other | - | - | - | - | 74 | 58 | - | - | (1) | - | 73 | 58 |
| Rest of Europe |
- | - | - | - | 2 | - | 21 | 18 | - | 1 | 23 | 19 |
| North America |
41 | 26 | - | - | 301 | 322 | 64 | 106 | (14) | (3) | 392 | 451 |
| Africa, Asia & Oceania |
- | - | - | - | 45 | 41 | 26 | 30 | (1) | - | 70 | 71 |
| elisions Row |
- | - | - | - | - | - | - | - | (1) | (2) | (1) | (2) |
| Other | 11 | 33 | 5 | 16 | 12 | (4) | 14 | 6 | (49) | (114) | (7) | (63) |
| Total | 5,881 | 12,178 | 5,189 | 5,128 | 2,998 | 2,563 | 11,907 | 15,116 | (6 ,543) |
(8 ,571) |
19,432 | 26,414 |
Reported EBITDA1 (€mn)
| Global Generation & Trading |
Enel Grids | Renewable Energies | 2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | |
| Italy | 652 | 158 | 983 | 912 | 523 | (19) | 1,025 | 830 | 21 | 16 | 3,204 | 1,897 |
| Iberia | 293 | 853 | 463 | 428 | 247 | 218 | 253 | 142 | (202) | (207) | 1,054 | 1,434 |
| Rest of World | 10 | (16) | 615 | 651 | 914 | 790 | 146 | 94 | (34) | (34) | 1,651 | 1,485 |
| Latin America | 12 | 1 | 615 | 651 | 698 | 619 | 154 | 92 | (30) | (32) | 1,449 | 1,331 |
| Argentina | - | (113) | 1 | (58) | (2) | (15) | 7 | (1) | (1) | - | 5 | (187) |
| Brazil | - | (4) | 393 | 510 | 144 | 124 | 58 | 55 | (9) | (9) | 586 | 676 |
| Chile | (27) | 83 | 22 | 23 | 272 | 228 | 19 | 13 | (20) | (23) | 266 | 324 |
| Colombia | 1 | (2) | 140 | 111 | 167 | 183 | 54 | 12 | - | - | 362 | 304 |
| Peru | 40 | 38 | 59 | 65 | 72 | 61 | 16 | 13 | - | - | 187 | 177 |
| Other | (2) | (1) | - | - | 45 | 38 | - | - | - | - | 43 | 37 |
| Rest of Europe | - | - | - | - | 2 | (2) | 1 | 1 | - | - | 3 | (1) |
| North America | (2) | (17) | - | - | 183 | 155 | (8) | - | (4) | (2) | 169 | 136 |
| Africa, Asia & Oceania | - | - | - | - | 31 | 18 | (1) | 1 | - | - | 30 | 19 |
| Other and adjustments | 3 | (15) | (1) | 2 | 1 | (6) | 7 | (2) | (27) | (30) | (17) | (51) |
| Total | 958 | 980 | 2,060 | 1,993 | 1,685 | 983 | 1,431 | 1,064 | (242) | (255) | 5,892 | 4,765 |
Ordinary EBITDA1(€mn)
| Global Generation & Trading |
Enel Grids | Renewable Energies | 2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | |
| Italy | 652 | 158 | 983 | 912 | 523 | (19) | 1,025 | 830 | 21 | 16 | 3,204 | 1,897 |
| Iberia | 293 | 853 | 463 | 428 | 247 | 218 | 253 | 142 | - | 1 | 1,256 | 1,642 |
| Rest of World | 10 | 127 | 615 | 867 | 914 | 866 | 146 | 123 | (34) | (35) | 1,651 | 1,948 |
| Latin America | 12 | 134 | 615 | 652 | 698 | 619 | 154 | 92 | (30) | (33) | 1,449 | 1,464 |
| Argentina | - | 19 | 1 | (58) | (2) | (15) | 7 | - | (1) | (1) | 5 | (55) |
| Brazil | - | (4) | 393 | 510 | 144 | 124 | 58 | 54 | (9) | (9) | 586 | 675 |
| Chile | (27) | 84 | 22 | 24 | 272 | 228 | 19 | 13 | (20) | (23) | 266 | 326 |
| Colombia | 1 | (3) | 140 | 111 | 167 | 183 | 54 | 12 | - | - | 362 | 303 |
| Peru | 40 | 38 | 59 | 65 | 72 | 61 | 16 | 13 | - | - | 187 | 177 |
| Other | (2) | - | - | - | 45 | 38 | - | - | - | - | 43 | 38 |
| Rest of Europe | - | 10 | - | 215 | 2 | 74 | 1 | 30 | - | - | 3 | 329 |
| North America | (2) | (17) | - | - | 183 | 155 | (8) | - | (4) | (2) | 169 | 136 |
| Africa, Asia & Oceania | - | - | - | - | 31 | 18 | (1) | 1 | - | - | 30 | 19 |
| Other | 3 | 5 | (1) | 4 | 1 | (6) | 7 | 1 | (27) | (28) | (17) | (24) |
| Total | 958 | 1,143 | 2,060 | 2,211 | 1,685 | 1,059 | 1,431 | 1,096 | (40) | (46) | 6,094 | 5,463 |
- Ordinary figures, It excludes extraordinary items in Q1 2023 (-698 €mn: -208 €mn solidarity contribution in Spain, -154 €mn Costanera (Argentina), -336 €mn discontinued operations Greece and Romania) and in Q1 2024 (-202 €mn solidarity contribution in Spain);
Reported EBIT1(€mn)
| Global Generation & Trading |
Enel Grids | Renewable Energies | Enel X Global Retail 2 | Services & Other |
Total 2 |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | Q1 2024 | Q1 2023 | |
| Italy | 609 | 123 | 631 | 572 | 442 | (97) | 766 | 575 | 4 | (1) | 2,452 | 1,172 |
| Iberia | 160 | 721 | 263 | 225 | 168 | 152 | 149 | 44 | (212) | (218) | 528 | 924 |
| Rest of World | (7) | (46) | 406 | 459 | 664 | 568 | 51 | 6 | (37) | (35) | 1,078 | 952 |
| Latin America | (3) | (29) | 406 | 459 | 560 | 515 | 67 | 15 | (33) | (34) | 997 | 926 |
| Argentina | - | (124) | (20) | (75) | (6) | (17) | 1 | (5) | (2) | (1) | (27) | (222) |
| Brazil | - | (3) | 261 | 386 | 101 | 94 | (1) | (1) | (10) | (10) | 351 | 466 |
| Chile | (32) | 75 | 10 | 10 | 221 | 184 | 14 | 7 | (21) | (23) | 192 | 253 |
| Colombia | (1) | (6) | 114 | 90 | 150 | 172 | 42 | 4 | - | - | 305 | 260 |
| Peru | 32 | 31 | 41 | 48 | 64 | 53 | 11 | 10 | - | - | 148 | 142 |
| Other | (2) | (2) | - | - | 30 | 29 | - | - | - | - | 28 | 27 |
| Rest of Europe | - | - | - | - | 1 | (3) | 1 | - | - | - | 3 | (2) |
| North America | (4) | (17) | - | - | 80 | 51 | (15) | (8) | (4) | (3) | 57 | 23 |
| Africa, Asia & Oceania | - | - | - | - | 23 | 5 | (2) | (1) | - | 1 | 21 | 5 |
| Other | 4 | (15) | (2) | 1 | (3) | (12) | (6) | (15) | (50) | (56) | (57) | (97) |
| Total | 766 | 783 | 1,298 | 1,257 | 1,271 | 611 | 960 | 610 | (294) | (310) | 4,001 | 2,951 |
From EBITDA to net income1 (€mn)
| Q1 2024 reported |
Q1 2023 reported |
∆ yoy |
Q1 2024 ordinary |
Q1 2023 ordinary |
∆ yoy |
|
|---|---|---|---|---|---|---|
| EBITDA | 5 892 , |
4 765 , |
23 7% |
6 094 , |
5 463 , |
11 6% |
| D&A | (1 891) , |
(1 814) , |
(1 891) , |
(1 861) , |
||
| EBIT | 4 001 , |
2 951 , |
35 6% |
4 203 , |
3 602 , |
16 7% |
| financial charges Net |
(734) | (865) | (734) | (877) | ||
| from income equity investments using equity method Net |
1 | 12 | 108 | 47 | ||
| EBT | 3 268 , |
2 098 , |
8% 55 |
3 577 , |
2 772 , |
0% 29 |
| Income tax |
(1 024) , |
(704) | (1 024) , |
(737) | ||
| Net income |
2 244 , |
1 394 , |
2 553 , |
2 035 , |
||
| Minorities | (313) | (411) | (373) | (523) | ||
| Discontinued operations |
- | 51 | - | - | ||
| Group income net |
1 931 , |
1 034 , |
86 8% |
2 180 , |
1 512 , |
44 2% |
D&A reported (€mn)
| Q1 2024 |
Q1 2023 |
∆ yoy |
|
|---|---|---|---|
| Generation and Trading |
192 | 197 | -2 5% |
| Enel Green Power |
414 | 372 | 11 3% |
| Grids | 762 | 736 | 3 5% |
| 1 Enel X Global Retail |
471 | 450 | 4 7% |
| Others and adjustments |
52 | 59 | -11 9% |
| Total | 1 891 , |
1 814 , |
4 2% |
Long-term debt1structure
Debt structure by instrument (€bn)
| Debt by instrument | Enel Spa | EFI | EGP SpA and Central Others |
ltaly | lberia | Rest of the World |
Latin America |
North America |
Europe | Africa, Asia and Oceania |
Total |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bonds | 3.12 | 43.27 | 0.01 | 5.99 | 4.40 | 1.59 | 52.39 | ||||
| Bank Loans | 1.53 | 0.22 | 4.00 | 5.99 | 4.80 | 3.67 | 1.05 | 0.08 | 16.54 | ||
| Tax Partnership | 0.41 | 0 41 | 0.41 | ||||||||
| Other Loans | 0.02 | 0.64 | 0.87 | 1.42 | 0.43 | 0 95 | 0.04 | 2.95 | |||
| Other short term debt | 0.16 | 0.46 | 0.01 | 1.06 | 0.42 | 0.52 | 0.38 | 0.14 | 2.63 | ||
| Commercial Paper | 0.22 | 0.22 | 0.22 | ||||||||
| Gross debt | 4.81 | 43.73 | 0.25 | 5.70 | 7.29 | 13.36 | 8.88 | 4.36 | 0.12 | 75.14 | |
| Financial Receivables | -1.27 | -0.83 | -0.59 | -0.64 | -1.01 | -0.90 | -0.03 | -0.08 | -4.34 | ||
| Tariff Deficit | -0.75 | -0.75 | |||||||||
| Other short term financial receivables | -0.44 | -0.88 | -0.01 | -0.07 | -0.84 | -0.34 | 0.04 | -0.30 | -0.08 | -2.58 | |
| Cash and cash equivalents | -2.10 | -0.04 | -0.23 | -0.61 | -1.60 | -2.19 | -1.82 | -0.25 | -0.04 | -0.08 | -6.77 |
| Net Debt - Third Parties | 2.27 | 41.54 | -0.82 | 4.43 | 3.46 | 9.82 | 6.20 | 3.78 | -0.04 | -0.12 | 60.70 |
| Net Debt - Intercompany | 19.77 | -52.99 | 6.48 | 16.72 | 6.52 | 3.50 | 3.03 | 0.33 | 0.01 | 0.13 | |
| Net Debt - Group View | 22.04 | -11.45 | 5.66 | 21.15 | 9.98 | 13.32 | 9.23 | 4.11 | -0.03 | 0.01 | 60.70 |
Debt maturity coverage split by typology (€bn)
Available liquidity
32.2
Cash
Balance sheet (€mn)
Headcount
| Q1 | FY | ∆ | |
|---|---|---|---|
| 2024 | 2023 | yoy | |
| Generation | 5 | 5 | -2 |
| and | 609 | 725 | 0% |
| Trading | , | , | |
| Enel | 8 | 8 | -0 |
| Green | 841 | 891 | 6% |
| Power | , | , | |
| Distribution | 30 | 30 | -0 |
| 817 | 946 | 4% | |
| , | , | ||
| 1 Retail Enel X Global |
8 781 , |
8 926 , |
-1 6% |
| Others | 6 | 6 | 4 |
| and | 857 | 567 | 4% |
| adjustments | , | , | |
| Total | 60 | 61 | -0 |
| 905 | 055 | 2% | |
| , | , |
1
Disclaimer
This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. Certain numbers in this presentation are rounded, while certain figures may have been restated. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries.
Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Stefano De Angelis, declares that the accounting information contained herein correspond to document results, books and accounting records.
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Federico Baroncelli Serena Carioti Gaia Cherubini Federica Dori Fabrizio Ragnacci Danielle Ribeiro da Encarnação Riccardo Ricci Noemi Tomassi Emanuele Toppi
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