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Investor Presentation • May 8, 2025
4317_10-q_2025-05-08_6bc21c87-9b01-4871-a35c-d8c55e3cb9df.pdf
Investor Presentation
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First Quarter 2025
Consolidated results May 8th, 2025
First Quarter 2025
Consolidated results
Flavio Cattaneo
CEO
Execution of Strategic Pillars delivers visible results turnaround, improving financial solidity and shareholders' remuneration
Completed 7 quarters of solid organic growth leveraging our new Strategic Pillars…
Strategic Pillars
Asset Portfolio turnaround delivering consistent upside in our profitability
Efficiency and effectiveness 2
60% of efficiency target achieved, higher ROIC on present results and Long Term ambitions
Financial and environmental sustainability
3
Strong, Visible and Sustainable Returns, backed by a solid capital structure
…resulted into a visible and improved shareholders' remuneration
Share price up by 33% since the appointment vs 17% EuroStoxx Utilities
>9 €bn of dividends distributed since 2023
Dividend yield: 6% TSR: 52%1vs 32% EuroStoxx Utilities
- From April 18th, 2023 to April 30th, 2025 – 2. Ordinary, calculated on a Pro Forma basis
Delivering on CMD's strategic pillars
Amidst volatility and uncertainty, Q1 performance confirms the visibility and resilience of our highly secured business model
-
In the whole presentation Pro Forma numbers are calculated excluding the perimeter of disposed assets (Perù and grids in Lombardy)
-
In the whole presentation emission free production and capacity are calculated including consolidated renewable and nuclear capacity/production, BESS and capacity /production related to JV and Stewardships
First Quarter 2025
Consolidated results
Stefano De Angelis CFO
Business protected against current volatility
Strategic Plan Investments
- Around 2/3 of the Investment Plan allocated to networks' quality and resiliency improvement
- ~80% of networks' investments in Europe
- Additional renewable capacity:
- o No merchant exposure excluding domestic "short" integrated market
- o Relevant portion of Regulated Assets
Cumulated EBITDA 2025-27: 90% secured
Investments Plan Guidelines
Flexible capital allocation leveraging also on brownfield assets-opportunities:
Limited exposure to the unpredictable current scenario: no 2025 COD additional capacity
Brownfield as preferred and concrete option for additional capacity in US (faster and secured)
Intrinsic protection against current tariffs' turmoil
Limited impact from macro volatility across all businesses mostly dependent from domestic dynamics
Grids
- Capex mostly based on "local content" (no exposure to tariff issues)
- Framework agreements covering equipment
- Regulatory frameworks shield, recovering inflation and any potential cost increase
Renewables
- Diversified portfolio of suppliers: almost 90% outside US
- RoW generation secured by Long Term PPAs, more than 60% indexed to CPI
- No significant exposure to greenfield projects under construction, implicit zero risk on brownfield
2025-271 ~43 €bn
~20%
Latam & Other
5%
~75%
Europe
Enel Group Ordinary EBITDA: Q1 2025 overview by country
Solid operating delivery across the board…
…supports visible and consistent financial delivery
EBITDA up yoy driven by consistent domestic capex deployment, improvement in Latam operations offset by FX weakness
9
Integrated strategy provides a resilient long-term matching enabling a secured, fair and affordable pricing to the final Retail customers
EBITDA evolution1 (€bn)
FLAT
0 0.5 1 1.5 2 2.5 3 3.5 4 4.5
Ordinary EBITDA
Italy
Iberia
RoW
Pro Forma Q1 2024
3.8
Integrated
Group's hedging strategy in Italy
-
Integrated energy management does not include hydro buffer, pumping, ancillary services and regulated generation
-
Retail volumes are 100% related to contracted Customers. "Priced" refers to volumes whose cost of sourcing has been already secured and matched with customers' binding pricing terms
-
Contracts with expiry date within 12/24 months with the option to align price condition to significant change in the market scenario
Net Ordinary Income evolution
| Q1 2025 |
Q1 2024 Pro Forma |
∆ yoy | Q1 2024 | |
|---|---|---|---|---|
| Reported EBITDA | 6.0 | 5.7 | +5% | 5.9 |
| Ordinary EBITDA | 6.0 | 5.9 | +2% | 6.1 |
| D&A and Provisions | (1.9) | (1.9) | (1.9) | |
| Financial expenses1 | (0.7) | (0.7) | (0.6) | |
| o/w net financial exp. on debt | (0.6) | (0.7) | (0.8) | |
| Income taxes | (1.0) | (1.0) | (1.0) | |
| Minorities | (0.4) | (0.4) | (0.4) | |
| Net Ordinary Income |
2.0 | 2.0 | +2% | 2.2 |
| Reported Net Income |
2.0 | 1.8 | +10% | 1.9 |
Profit & loss (€bn)
Key Drivers
Financial expenses
- ✓ Lower financial expenses on debt thanks to around 5 €bn debt reduction versus March 2024
- ✓ Income on equity Q1 2025 affected by perimeter (100 €mn), flat on a Pro Forma basis
Minorities
Net Income attributable to minorities stable yoy as lower dilution from disposed assets offset impact from partnership model
Reported Net Income
In line with Ordinary Net income and increasing 10% versus previous year on a Pro Forma basis
Cash generation: FFO adjusted at 4.5 €bn
Rounded figures
-
Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges).
-
FFO adjusted excludes: (i) ΔWC change related to Capex Payables, included in the capital expenditure and (ii) one-off items related to relevant previous years' accrual (Claw-back cash-out refers to 1H23 accrual) 13
First Quarter 2025
Closing remarks
1
4
Solid delivery in Q1 supported by a resilient business model set to persist in next quarters
Capital allocation deployment supported by both greenfield and brownfield opportunities
2
Attractive shareholders remuneration in light of current dividend policy and share buy back program
3
Full Year 2025 targets confirmed
Annexes
Macroscenario
| GDP | (%) | CPI | (%) | FX against |
€1 | Spot Price |
1 (€/MWh) |
Electricity | Demand | |
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
|
| Italy | 0 44 |
0 25 |
1 83 |
0 97 |
- | - | 137 57 |
91 72 |
77 42 |
77 88 |
| Iberia | 3 11 |
2 63 |
2 67 |
3 23 |
- | - | 90 91 |
45 74 |
77 57 |
77 03 |
| Rest of World |
- | - | - | - | - | - | - | - | ||
| Latin America |
- | - | - | - | - | - | - | - | ||
| Argentina | 3 50 |
(5 10) |
69 10 |
272 77 |
1 158 16 , |
925 43 |
- | - | 40 44 |
39 04 |
| Brazil | 2 90 |
2 50 |
03 5 |
31 4 |
6 19 |
40 5 |
26 00 |
28 11 |
185 58 |
01 177 |
| Chile | 1 60 |
2 50 |
4 83 |
4 00 |
1 029 48 , |
1 057 64 , |
54 74 |
43 21 |
21 25 |
21 73 |
| Colombia & Central America |
2 20 |
0 70 |
5 20 |
7 82 |
4 529 23 , |
4 164 32 , |
88 38 |
137 29 |
20 30 |
20 51 |
| USA & Canada |
- | - | - | - | - | - | - | - | ||
| USA | 1 86 |
2 90 |
2 73 |
3 27 |
1 08 |
1 08 |
- | - | 1 105 89 , |
1 043 22 , |
| Canada | 2 18 |
0 70 |
2 27 |
2 87 |
1 55 |
1 46 |
- | - | - | - |
| Mexico | 0 31 |
1 71 |
3 72 |
4 57 |
22 06 |
17 87 |
- | - | - | - |
| Other | - | - | - | - | - | - | - | - | ||
| Peru | 02 4 |
42 1 |
1 54 |
3 12 |
3 95 |
02 4 |
29 30 |
28 73 |
36 15 |
06 15 |
| India | 6 66 |
8 35 |
3 75 |
5 01 |
92 26 |
89 99 |
416 74 |
397 90 |
||
| Australia | 1 65 |
1 12 |
1 60 |
3 60 |
1 73 |
1 65 |
- | - | ||
| South Africa |
0 99 |
0 68 |
3 03 |
5 40 |
19 85 |
20 37 |
49 89 |
50 52 |
MW Hydro Wind Geothermal Solar & Other Nuke Oil & Gas Coal CCGT TOTAL Italy 12,995 874 776 436 - 1,633 4,160 4,709 25,584 Iberia 5,369 2,893 - 2,492 3,328 2,304 241 5,445 22,072 Rest of World 9,957 11,972 83 9,403 - 821 226 1,468 33,931 Latin America and Central America 9,957 5,301 83 5,178 - 497 226 1,468 22,711 Brazil 1,272 3,506 - 1,845 - - - - 6,622 Chile 3,665 903 83 2,070 - 497 - 1,468 8,686 Argentina 1,328 - - - - - - - 1,328 Mexico 52 893 - 220 - - - - 1,164 Colombia and Central America 3,640 - - 1,044 - - 226 - 4,910 USA & Canada - 6,296 - 3,867 - - - - 10,163 USA - 5,933 - 3,867 - - - - 9,800 Canada - 363 - - - - - - 363 Other Countries - 375 - 357 - 325 - - 1,057 Peru - - - - - 325 - - 325 Europe and Africa - 203 - 357 - - - - 560 Asia and Oceania - 172 - - - - - - 172 Total 28,321 15,739 860 12,331 3,328 4,758 4,627 11,622 81,587Group consolidated net capacity: breakdown by technology and geography 1 2 3
- Includes Panama, Guatemala and Costa Rica. 2. Includes Germany, South Africa and Zambia. 3. Includes India
GWh Hydro Wind Geothermal Solar & Other Nuke Oil & Gas Coal CCGT TOTAL Italy 3,731 388 1,303 92 - 30 255 1,727 7,527 Iberia 2,328 1,736 - 612 7,134 1,050 89 2,990 15,939 Rest of World 8,492 9,288 29 3,659 - 238 134 1,370 23,208 Latin America and Central America 8,492 3,528 29 2,218 - 163 134 1,370 15,933 Brazil 1,295 2,565 - 726 - - - - 4,586 Chile 2,520 599 29 901 - 163 - 1,370 5,581 Argentina 519 - - - - - - - 519 Mexico 26 364 - 150 - - - - 540 Colombia and Central America 4,132 - - 441 - - 134 - 4,706 USA & Canada - 5,591 - 1,303 - - - - 6,894 USA - 5,253 - 1,303 - - - - 6,555 Canada - 339 - - - - - - 339 Other countries - 168 - 138 - 75 - - 381 Peru - - - - - 75 - - 75 Europe and Africa - 132 - 138 - - - - 271 Asia and Oceania - 36 - - - - - - 36 Total 14,551 11,412 1,331 4,363 7,134 1,318 478 6,087 46,6741 2 3
Group consolidated net production: breakdown by technology and geography
- Includes Panama, Guatemala and Costa Rica. 2. Includes Germany, South Africa and Zambia. 3. Includes India
Group total additional capacity1 : breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 1 | - | - | 0 | - | - | - | - | 1 |
| Iberia | 623 | - | - | - | - | - | - | - | 623 |
| Rest of World |
- | - | - | 20 | - | - | - | - | 20 |
| Latin America and Central America |
- | - | - | 20 | - | - | - | - | 20 |
| Brazil | - | - | - | - | - | - | - | - | - |
| Chile | - | - | - | 20 | - | - | - | - | 20 |
| Argentina | - | - | - | - | - | - | - | - | - |
| Mexico | - | - | - | - | - | - | - | - | - |
| Colombia and Central America |
- | - | - | - | - | - | - | - | - |
| USA & Canada |
- | - | - | - | - | - | - | - | - |
| USA | - | - | - | - | - | - | - | - | - |
| Canada | - | - | - | - | - | - | - | - | - |
| Other countries |
- | - | - | - | - | - | - | - | - |
| Peru | - | - | - | - | - | - | - | - | - |
| Europe and Africa |
- | - | - | - | - | - | - | - | - |
| Asia and Oceania |
- | - | - | - | - | - | - | - | - |
| Total | 624 | - | - | 20 | - | - | - | - | 643 |
Renewable projects in execution: breakdown by technology and geography1
| MW | Wind | Hydro | Geothermal | Solar & Other |
BESS | Total |
|---|---|---|---|---|---|---|
| Italy | - | 2 | - | 12 | 601 | 614 |
| Iberia | 24 | 8 | - | 438 | 5 | 475 |
| Rest of World |
336 | 2 | - | 678 | 20 | 1 037 , |
| Latin America |
- | 2 | - | 580 | - | 582 |
| North America |
- | - | - | - | - | - |
| Other countries |
336 | - | - | 98 | 20 | 454 |
| Total | 360 | 11 | - | 129 1 , |
626 | 2 126 , |
~240 59 105 75 2.1 Gross Pipeline BESS Early stage Mature In execution 1 2.1 0.7 9.1 12 GW Renewables Pipeline (GW) 2025-27 Additional capacity target2 Pipeline Capacity in execution Residual target Built capacity Q1 2025 consolidated results
-
It includes BESS for around 37 GW in early stage and around 22 GW in mature pipeline
-
It includes both renewables and BESS
By technology By geography2 By COD Mature pipeline1 16% 19% 27% 27% 11% 3% 15% 82% 35% 60% 5% Wind Solar Hydro & Other Italy Iberia Latam and Central America Other countries USA & Canada 2027 >2027 75 GW 75 GW 75 GW 2026 Q1 2025 consolidated results
-
It excludes BESS mature pipeline
-
Latin America includes Argentina, Brazil, Chile, Mexico, Colombia and Central America; other countries include Germany, Poland, India, Kenya, Morocco, South Africa, Tunisia and Zambia
Enel Grids KPIs1
| Electricity | distributed | Grid customers |
(mn) | Smart | (mn) meters |
|
|---|---|---|---|---|---|---|
| Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | |
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Italy | 8 | 53 | 31 | 31 | 31 | 31 |
| 51 | 7 | 1 | 9 | 0 | 7 | |
| Iberia | 34 | 33 | 12 | 12 | 12 | 12 |
| 4 | 4 | 7 | 6 | 5 | 4 | |
| Rest | 31 | 33 | 24 | 26 | 1 | 1 |
| of | 0 | 1 | 9 | 0 | 9 | 2 |
| World | ||||||
| Latin America |
31 0 |
30 9 |
24 9 |
24 4 |
9 1 |
2 1 |
| Brazil | 19 | 18 | 16 | 15 | 1 | 0 |
| 0 | 8 | 0 | 7 | 4 | 7 | |
| Chile | 3 | 3 | 2 | 2 | 0 | 0 |
| 6 | 6 | 2 | 1 | 4 | 4 | |
| Argentina | 4 | 4 | 2 | 2 | 0 | 0 |
| 5 | 6 | 7 | 7 | 0 | 0 | |
| Colombia | 3 | 3 | 4 | 3 | 0 | 0 |
| 8 | 8 | 0 | 9 | 1 | 1 | |
| Other countries |
- | 2 3 |
- | 1 6 |
- | 0 0 |
| Peru | - | 2 3 |
- | 1 6 |
- | 0 0 |
| & Africa Europe |
- | - | - | - | - | - |
| Total | 117 | 120 | 68 | 70 | 45 | 3 |
| 1 | 2 | 6 | 4 | 4 | 45 | |
Enel X Global Retail: Retail KPIs1
- Q1 2024 restated figures. 2024 figures after the disposal of Enel Perù. It excludes fiber customers.
25
| Power | Gas | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Customers (mn) |
Volumes | (TWh) | Customers | (mn) | Volumes (bsmc) |
|||||
| Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | |||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||
| Italy | 14 | 17 | 14 | 19 | 4 | 4 | 1 | 1 | ||
| 2 | 8 | 7 | 8 | 0 | 2 | 4 | 7 | |||
| Iberia | 10 | 10 | 18 | 19 | 8 | 8 | 1 | 2 | ||
| 0 | 5 | 9 | 0 | 1 | 1 | 1 | 1 | |||
| Rest | 24 | 26 | 30 | 34 | 0 | 0 | 0 | 0 | ||
| of | 8 | 0 | 2 | 2 | 0 | 0 | 1 | 1 | ||
| World | ||||||||||
| Latin America |
24 8 |
24 4 |
30 2 |
30 9 |
0 0 |
0 0 |
0 1 |
0 1 |
||
| Other countries |
- | 1 6 |
- | 3 2 |
- | - | - | - | ||
| Total | 49 | 54 | 63 | 72 | 5 | 6 | 2 | 2 | ||
| 1 | 2 | 8 | 9 | 7 | 1 | 5 | 9 | |||
Enel X Global Retail: Enel X1
| Enel X |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public | Charging points (k) |
lighting (mn) |
Storage | (MW) | Demand Response (GW) |
||||||||
| Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
||||||
| Italy | 22 9 |
19 7 |
1 6 |
1 6 |
- | - | 0 8 |
0 6 |
|||||
| Iberia | 6 2 |
5 6 |
0 2 |
0 1 |
- | - | 0 1 |
0 1 |
|||||
| Rest of World |
0 1 |
0 9 |
1 1 |
1 5 |
11 | 115 | 8 3 |
7 4 |
|||||
| Brazil | - | - | 0 3 |
0 3 |
- | - | - | - | |||||
| Chile | 1 0 |
0 8 |
0 4 |
0 4 |
- | - | - | - | |||||
| Colombia | 0 0 |
0 0 |
0 4 |
0 4 |
- | - | 0 0 |
0 0 |
|||||
| USA & Canada |
- | - | - | - | - | 107 | 4 0 |
3 7 |
|||||
| Other countries |
- | - | - | 0 4 |
11 | 8 | 4 2 |
3 7 |
|||||
| Total | 30 1 |
26 2 |
2 9 |
3 2 |
11 | 115 | 9 2 |
8 1 |
Capex1 (€mn)
| Global Generation & Trading |
Enel Grids |
Renewable Energies |
2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
|
| Italy | 25 | 53 | 925 | 810 | 170 | 292 | 106 | 142 | 10 | 3 | 1,234 | 1,300 |
| Iberia | 36 | 44 | 175 | 185 | 62 | 106 | 78 | 77 | 3 | 1 | 353 | 412 |
| Rest of World |
22 | 23 | 308 | 354 | 141 | 565 | 4 | 14 | 0 | 9 | 475 | 967 |
| Latin America |
22 | 14 | 308 | 323 | 117 | 331 | 3 | 6 | 0 | 10 | 450 | 684 |
| Brazil | (0) | 0 | 195 | 195 | 30 | 192 | 1 | 4 | 0 | 7 | 226 | 398 |
| Chile | 21 | 14 | 25 | 37 | 19 | 111 | 0 | 1 | 0 | 3 | 65 | 165 |
| Argentina | - | - | 44 | 32 | 0 | 0 | - | - | - | - | 44 | 32 |
| Mexico | 0 | - | - | - | 1 | 6 | - | - | - | - | 1 | 6 |
| Colombia & CAM |
1 | 0 | 45 | 60 | 67 | 22 | 2 | 1 | - | - | 115 | 84 |
| USA & Canada |
- | 0 | - | - | 22 | 226 | 1 | 2 | - | 0 | 23 | 227 |
| Other countries |
0 | 9 | - | 31 | 1 | 9 | 0 | 7 | - | (0) | 2 | 55 |
| Peru | 0 | 9 | - | 31 | - | 7 | - | 6 | - | (0) | 0 | 53 |
| Others and adjustments |
0 | 0 | 0 | 0 | 1 | 1 | 7 | 9 | 3 | 1 | 12 | 11 |
| Total | 82 | 120 | 1,408 | 1,350 | 373 | 964 | 195 | 242 | 16 | 14 | 2 075 , |
2 690 , |
- Rounded figures. Q1 2024 restated figures, it includes capex related to asset classified as HFS for 1 €mn in Q1 2025 and for 103 €mn in Q1 2024
Asset development Capex1 (€mn)
| Global Generation & Trading |
Grids Enel |
Energies Renewable |
2 Global Retail Enel X |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
|
| Italy | 21 | 44 | 445 | 376 | 131 | 269 | 17 | 40 | 1 | 0 | 614 | 730 |
| Iberia | 6 | 0 | 32 | 52 | 51 | 87 | 4 | 8 | - | 0 | 93 | 146 |
| Rest of World |
0 | 1 | 88 | 81 | 110 | 510 | 1 | 10 | 0 | 3 | 199 | 605 |
| Latin America |
0 | 1 | 88 | 77 | 95 | 291 | 1 | 3 | 0 | 3 | 185 | 375 |
| Brazil | - | 0 | 64 | 50 | 18 | 185 | (0) | 2 | - | - | 82 | 236 |
| Chile | 0 | 1 | 6 | 5 | 13 | 88 | 0 | 1 | 0 | 3 | 20 | 97 |
| Argentina | - | - | 7 | 5 | - | - | - | - | - | - | 7 | 5 |
| Mexico | - | - | - | - | 0 | 2 | - | - | - | - | 0 | 2 |
| Colombia & CAM |
0 | 0 | 10 | 18 | 64 | 17 | 1 | 0 | - | - | 75 | 35 |
| USA & Canada |
- | - | - | - | 15 | 212 | 0 | 1 | - | - | 15 | 213 |
| Other countries |
- | 0 | - | 4 | 0 | 7 | - | 6 | - | - | 0 | 17 |
| Peru | - | 0 | - | 4 | - | 6 | - | 6 | - | - | - | 16 |
| Others adjustments and |
- | - | - | - | 1 | 1 | 7 | 7 | 0 | 0 | 8 | 8 |
| Total | 27 | 45 | 564 | 509 | 293 | 866 | 29 | 66 | 1 | 3 | 915 | 1,489 |
- Q1 2024 restated figures, Rounded figures
Revenues1 (€mn)
| Global Generation & Trading |
Enel Grids |
Renewable Energies |
2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
|
| Italy | 5,918 | 3,473 | 2,162 | 1,993 | 994 | 1,053 | 5,501 | 6,916 | (3,060) | (4,539) | 11,515 | 8,896 |
| Iberia | 2,399 | 1,822 | 617 | 628 | 357 | 365 | 4,674 | 4,271 | (2,162) | (1,552) | 5,885 | 5,534 |
| Rest of World |
541 | 575 | 2,754 | 3,051 | 1,639 | 1,568 | 190 | 218 | (397) | (403) | 4,727 | 5,009 |
| Latin America |
509 | 517 | 2,754 | 2,727 | 1,221 | 1,189 | 100 | 110 | (383) | (326) | 4,201 | 4,217 |
| Brazil | 248 | 177 | 1,493 | 1,649 | 212 | 237 | 22 | 18 | (194) | (166) | 1,781 | 1,915 |
| Chile | 167 | 217 | 409 | 362 | 605 | 561 | 36 | 36 | (186) | (156) | 1,031 | 1,020 |
| Argentina | - | - | 379 | 217 | 13 | 9 | - | 1 | 1 | 1 | 393 | 228 |
| Mexico | 24 | 32 | - | - | 41 | 41 | - | 17 | (1) | (2) | 64 | 88 |
| Colombia & CAM |
70 | 91 | 473 | 499 | 350 | 341 | 42 | 38 | (3) | (3) | 932 | 966 |
| USA & Canada |
15 | 9 | - | - | 389 | 260 | 34 | 47 | (12) | (12) | 426 | 304 |
| Other countries |
17 | 49 | - | 324 | 29 | 119 | 56 | 61 | (1) | (62) | 101 | 491 |
| Peru | 17 | 49 | - | 324 | - | 72 | - | 14 | - | (61) | 17 | 398 |
| Europe & Africa |
- | - | - | - | 25 | 45 | 20 | 21 | - | - | 45 | 66 |
| Asia & Oceania |
- | - | - | - | 4 | 2 | 36 | 26 | - | - | 40 | 28 |
| RoW elisions |
- | - | - | - | - | - | - | - | (1) | (3) | (1) | (3) |
| Others and adjustments |
12 | 11 | 7 | 6 | - | 12 | 9 | 13 | (81) | (49) | (53) | (7) |
| Total | 8,870 | 5,881 | 5,540 | 5,678 | 2,990 | 2,998 | 10,374 | 11,418 | (5,700) | (6,543) | 22,074 | 19,432 |
- Q1 2024 restated figures, Rounded figures
Reported EBITDA1 (€mn)
| Global Generation & Trading |
Enel Grids |
Renewable Energies |
2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
|
| Italy | 589 | 652 | 1,094 | 983 | 532 | 523 | 764 | 1,025 | 14 | 21 | 2 993 , |
3 204 , |
| Iberia | 354 | 293 | 446 | 463 | 251 | 247 | 349 | 253 | 5 | (202) | 1,405 | 1,054 |
| Rest of World |
24 | 10 | 606 | 722 | 931 | 914 | 49 | 39 | (8) | (34) | 1,602 | 1,651 |
| Latin America |
11 | (17) | 606 | 655 | 660 | 639 | 46 | 44 | (7) | (30) | 1 316 , |
1 291 , |
| Argentina | - | - | 21 | 7 | 9 | (2) | - | 1 | - | (1) | 30 | 5 |
| Brazil | (2) | - | 364 | 448 | 120 | 144 | 6 | 3 | (4) | (9) | 484 | 586 |
| Chile | 6 | (27) | 47 | 20 | 274 | 272 | 20 | 21 | (3) | (20) | 344 | 266 |
| Colombia | 3 | (1) | 174 | 180 | 249 | 212 | 21 | 14 | - | - | 447 | 405 |
| Mexico | 4 | 11 | - | - | 8 | 13 | (1) | 5 | - | - | 11 | 29 |
| USA & Canada |
6 | (13) | - | - | 256 | 170 | (2) | (13) | (1) | (4) | 259 | 140 |
| Other countries |
7 | 40 | - | 67 | 15 | 105 | 5 | 8 | - | - | 27 | 220 |
| Peru | 7 | 40 | - | 67 | - | 72 | - | 8 | - | - | 7 | 187 |
| Others and adjustments |
- | 3 | 7 | (1) | (8) | 1 | 7 | 7 | (32) | (27) | (26) | (17) |
| Total | 967 | 958 | 2 ,153 |
2 ,167 |
1,706 | 1,685 | 1,169 | 1,324 | (21) | (242) | 5,974 | 5,892 |
- Q1 2024 restated figures, Rounded figures
Ordinary EBITDA1 (€mn)
| Global Generation & Trading |
Enel Grids |
Renewable Energies |
2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
|
| Italy | 589 | 652 | 1,094 | 983 | 532 | 523 | 764 | 1,025 | 14 | 21 | 2 993 , |
3 204 , |
| Iberia | 354 | 293 | 446 | 463 | 251 | 247 | 349 | 253 | 5 | - | 1,405 | 1,256 |
| Rest of World |
24 | 10 | 606 | 722 | 931 | 914 | 49 | 39 | (8) | (34) | 1,602 | 1,651 |
| Latin America |
11 | (17) | 606 | 655 | 660 | 639 | 46 | 44 | (7) | (30) | 1 316 , |
1 291 , |
| Argentina | - | - | 21 | 7 | 9 | (2) | - | 1 | - | (1) | 30 | 5 |
| Brazil | (2) | - | 364 | 448 | 120 | 144 | 6 | 3 | (4) | (9) | 484 | 586 |
| Chile | 6 | (27) | 47 | 20 | 274 | 272 | 20 | 21 | (3) | (20) | 344 | 266 |
| Colombia | 3 | (1) | 174 | 180 | 249 | 212 | 21 | 14 | - | - | 447 | 405 |
| Mexico | 4 | 11 | - | - | 8 | 13 | (1) | 5 | - | - | 11 | 29 |
| USA & Canada |
6 | (13) | - | - | 256 | 170 | (2) | (13) | (1) | (4) | 259 | 140 |
| Other countries |
7 | 40 | - | 67 | 15 | 105 | 5 | 8 | - | - | 27 | 220 |
| Peru | 7 | 40 | - | 67 | - | 72 | - | 8 | - | - | 7 | 187 |
| Others adjustments and |
- | 3 | 7 | (1) | (8) | 1 | 7 | 7 | (32) | (27) | (26) | (17) |
| Total | 967 | 958 | 2 ,153 |
2 ,167 |
1,706 | 1,685 | 1,169 | 1,324 | (21) | (40) | 5,974 | 6 094 , |
- Q1 2024 Restated figures. Ordinary figures, It excludes extraordinary items in Q1 2024 (solidarity contribution in Spain -202 €mn)
Reported EBIT1(€mn)
| Global Generation & Trading |
Enel Grids |
Renewable Energies |
Enel X Global Retail 2 |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
Q1 2025 |
Q1 2024 |
|
| Italy | 541 | 609 | 742 | 631 | 427 | 442 | 561 | 766 | (1) | 4 | 2 270 , |
2 ,452 |
| Iberia | 201 | 160 | 231 | 263 | 170 | 168 | 217 | 148 | (5) | (212) | 814 | 527 |
| Rest of World |
7 | (7) | 321 | 437 | 673 | 664 | 34 | 20 | (11) | (36) | 1,024 | 1,078 |
| Latin America |
(3) | (25) | 321 | 390 | 524 | 501 | 36 | 36 | (8) | (29) | 870 | 874 |
| Brazil | (4) | (0) | 181 | 260 | 72 | 101 | 3 | (0) | (6) | (10) | 245 | 351 |
| Chile | 0 | (32) | 27 | 3 | 213 | 221 | 18 | 21 | (2) | (17) | 256 | 195 |
| Argentina | (0) | 0 | (28) | (19) | 10 | (6) | (0) | 1 | (0) | (2) | (19) | (26) |
| Mexico | 4 | 11 | - | - | 1 | 6 | (1) | 5 | (0) | - | 4 | 21 |
| Colombia Central and |
(3) | (3) | 142 | 145 | 229 | 180 | 16 | 10 | (0) | (0) | 384 | 333 |
| USA & Canada |
5 | (14) | - | - | 138 | 74 | (6) | (20) | (0) | (4) | 137 | 36 |
| Other countries |
5 | 32 | - | 47 | 12 | 89 | 4 | 4 | (3) | (3) | 18 | 168 |
| Perù | 5 | 32 | - | 47 | (0) | 64 | (0) | 5 | (0) | (0) | 5 | 148 |
| Others adjustments and |
(0) | 3 | 5 | (2) | (15) | (3) | (2) | (6) | (52) | (50) | (64) | (57) |
| Total | 749 | 766 | 1,301 | 1,329 | 1,256 | 1,271 | 810 | 929 | (70) | (294) | 4,045 | 4,001 |
- Q1 2024 restated figures, Rounded figures
From EBITDA to net income1 (€mn)
| Q1 2025 |
Q1 2024 |
∆ yoy |
Q1 2025 |
Q1 2024 |
∆ yoy |
|
|---|---|---|---|---|---|---|
| reported | reported | ordinary | ordinary | |||
| EBITDA | 5 974 , |
5 892 , |
0% | 5 974 , |
6 094 , |
-2 0% |
| D&A | (1 929) , |
(1 891) , |
(1 931) , |
(1 891) , |
||
| EBIT | 4 045 , |
4 001 , |
0% | 4 043 , |
4 203 , |
-3 8% |
| Net financial charges |
(683) | (734) | (683) | (734) | ||
| Net income from equity investments using equity method |
(6) | 1 | (6) | 108 | ||
| EBT | 3 356 , |
3 268 , |
2 7% |
3 354 , |
3 577 , |
-6 2% |
| Income tax |
(960) | (1 024) , |
(960) | (1 024) , |
||
| Net income |
2 396 , |
2 244 , |
2 394 , |
2 553 , |
||
| Minorities | (389) | (313) | (391) | (373) | ||
| Discontinued operations |
- | - | - | - | ||
| Group income net |
2 007 , |
1 931 , |
3 9% |
2 003 , |
2 180 , |
-8 1% |
Long-term debt1 structure
Debt structure by instrument (€bn)
| EGP SpA and | LATAM and | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Debt by instrument | Enel Spa | EFI | Central Others |
Italy | Iberia | Rest of the World |
Central America |
USA and Canada |
RoW-Other | Total |
| Bonds | 2.29 | 41.49 | - | - | 0.01 | 3.98 | 3.31 | 0.67 | - | 47.77 |
| Bank Loans | 1.32 | - | 0.16 | 4.21 | 6.1 | 4.67 | 3.58 | 1.01 | 0.08 | 16.46 |
| Tax Partnership | - | - | - | - | - | 0.31 | - | 0.31 | - | 0.31 |
| Other Loans | - | - | 0.03 | 0.66 | 0.87 | 1.43 | 0.57 | 0.85 | 0.01 | 2.99 |
| Other short term debt | 0.1 | 0.55 | 0.01 | 0.47 | 0.03 | 0.64 | 0.64 | - | - | 1.8 |
| Commercial Paper | - | - | - | - | - | 0.65 | - | 0.65 | - | 0.65 |
| Gross debt | 3.71 | 42.04 | 0.2 | 5.34 | 7.01 | 11.68 | 8.1 | 3.49 | 0.09 | 69.98 |
| Financial Receivables | - | -0.48 | -0.85 | -0.21 | -0.6 | -0.97 | -0.88 | -0.01 | -0.08 | -3.11 |
| Tariff Deficit | - | - | - | - | -0.7 | - | - | - | - | -0.7 |
| Other short term financial receivables | -0.38 | -0.77 | - | -0.1 | -0.36 | -0.19 | 0.03 | -0.16 | -0.06 | -1.8 |
| Cash and cash equivalents | -3.93 | -0.02 | -0.32 | -0.7 | -0.1 | -3.29 | -2.27 | -0.31 | -0.71 | -8.36 |
| Net Debt – Third Parties | -0.6 | 40.77 | -0.97 | 4.33 | 5.25 | 7.23 | 4.98 | 3.01 | -0.76 | 56.01 |
| Net Debt – Intercompany | 21.24 | -47.44 | 5.72 | 15.28 | 3.53 | 1.67 | 1.54 | - | 0.13 | - |
| Net Debt – Group View | 20.64 | -6.67 | 4.75 | 19.61 | 8.78 | 8.9 | 6.52 | 3.01 | -0.63 | 56.01 |
Debt maturity coverage split by typology (€bn)
Available liquidity
Cash
Balance sheet (€mn)
Headcount
| Q1 2025 | FY 2024 | ∆ yoy | |
|---|---|---|---|
| Generation and Trading | 4,970 | 5,105 | -2.6% |
| Enel Green Power | 8,102 | 8,269 | -2.0% |
| Distribution | 33,456 | 32,214 | 3.9% |
| 1 Enel X Global Retail |
6,783 | 7,944 | -14.6% |
| Others and adjustments | 7,273 | 6,827 | 6.5% |
| Total | 60,584 | 60,359 | 0.4% |
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.
Omar Al Bayaty Head of Group Investor Relations
Investor Relations team
Federico Baroncelli Serena Carioti Gaia Cherubini Federica Dori Paolo Germiniani Danielle Ribeiro da Encarnação Riccardo Ricci Alessandro Taddei Noemi Tomassi Emanuele Toppi
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