AI assistant
Enel Investor Presentation 2025
4317_rns_2025-07-31_ca998a82-c1c8-426f-be32-b8d91a5ae465.pdf
Investor Presentation
Open in viewerOpens in your device viewer
First Half 2025
Consolidated results July 31st, 2025
First Half 2025
Consolidated results
Flavio Cattaneo
CEO
Solid economic and financial results Net ordinary income up by 4% net of perimeter
Resilient business model supported by managerial actions implemented
Shares Buy back implementation: 1 €bn tranche from August 1st to December 31st 2025
Continued advocacy activities to support business evolution
H1 2025 delivery shows solid economic and financial results
-
Ordinary figures. It excludes extraordinary items in H1 2025 (-376 €mn: -341 €mn release of equity reserves after Slovenské Elektrarne closing, -35€mn corporate restructuring plan and value adjustments) and in H1 2024 (+1.181 €mn: -202 €mn solidarity contribution in Spain, +1.347 €mn gain disposal Perù, +36 €mn gain Iberia)
-
In the whole presentation Pro Forma numbers are calculated excluding the perimeter of disposed assets (Perù and grids in Lombardy)
Delivering on CMD's strategic pillars: capital allocation
-
2024 restated
-
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
-
Gross of energy losses 4
Brownfield opportunities to boost capital allocation on renewables
Implementation of renewables' growth strategy to enhance value creation and maximize returns
1 Profitability, flexibility and resiliency
Delivering on CMD's strategic pillars: Group's operations and sustainability
First Half 2025
Consolidated results
Stefano De Angelis CFO
Operating delivery across all businesses…
…sustains "secured" and organic delivery proved by positive net cash flow outcomes
Proving our secured growth more than offsetting FX and regulated cost of sourcing spike in Spain
-
H1 2024 restated, split does not include Other for -154 €mn in 2024 and -93 €mn in 2025
-
Source: OMIE and REE
Enel Group Ordinary EBITDA: H1 2025 overview by country
EBITDA up by 9% net of perimeter effect, Latam performance offset by FX impact
- Proforma
Integrated strategy evolution in line with expected trend for 2025
-
Rounded figures. H1 2024 restated
-
Pro forma
EBITDA in Italy supported by Grids' performance
- Fair and innovative regulatory framework
- Consistent returns with quality and efficiencies driven by return premium
- Renewal of concession already defined, terms to be approved by ARERA
customers restated
Group's Customers and Generation business 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 (12/24 months)
-
Contracts dutation is perpetual with the option to align price condition to relevant change in the market scenario
Net Ordinary Income evolution (€bn)
Cash generation: FFO adjusted at 6.7 €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) 17
Full Year guidance supported by improved business performance offsetting headwinds
Full Year 2025 EBITDA guidance confirmed, Net income moving towards the top-end of the guidance range
First Half 2025
Closing remarks
Annexes
Macroscenario
| GDP (%) | CPI (%) | FX against € (January-June avg) | Spot Price (€/MWh)1 | Electricity Demand (TWh) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| H1 2025 | H1 2024 | H1 2025 | H1 2024 | H1 2025 | H1 2024 | H1 2025 | H1 2024 | H1 2025 | H1 2024 | |
| Italy | 0.64 | 0.46 | 1.82 | 0.92 | 119.50 | 93.56 | 152.42 | 152.11 | ||
| Iberia | 2.71 | 3.00 | 2.40 | 3.42 | 60.27 | 37.82 | 151.13 | 147.38 | ||
| Rest of World | ||||||||||
| Latin America | ||||||||||
| Argentina | 6.34 | (3.02) | 59.62 | 275.93 | 1,397.51 | 977.43 | - | - | 60.68 | 73.47 |
| Brazil | 3.29 | 2.48 | 5.22 | 4.13 | 6.29 | 5.49 | 30.26 | 11.47 | 353.40 | 348.22 |
| Chile | 2.91 | 2.18 | 4.58 | 4.05 | 1,044.07 | 1,017.17 | 66.89 | 52.67 | 42.79 | 43.30 |
| Colombia & Central America | 2.73 | 0.97 | 5.10 | 7.49 | 4,587.79 | 4,241.24 | 56.48 120.15 | 40.74 | 40.81 | |
| USA & Canada | ||||||||||
| USA | 1.86 | 2.97 | 2.58 | 3.25 | 1.09 | 1.08 | - | - | 2,178.37 | 2,126.72 |
| Canada | 1.70 | 0.99 | 2.04 | 2.82 | 1.54 | 1.47 | - | - | ||
| Mexico | 0.55 | 1.47 | 3.97 | 4.67 | 21.81 | 18.51 | - | - | ||
| Other | ||||||||||
| Peru | 3.26 | 2.51 | 1.61 | 2.68 | 4.02 | 4.05 | 25.91 | 27.67 | 30.56 | 29.78 |
| India | 7.03 | 7.43 | 3.45 | 4.95 | 94.16 | 89.93 | 860.60 | 849.65 | ||
| Australia | 1.51 | 1.05 | 2.30 | 3.80 | 1.72 | 1.64 | ||||
| South Africa | 0.41 | 0.63 | 2.94 | 5.28 | 20.11 | 20.25 | 84.99 | 104.91 |
Group consolidated net capacity: breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
BESS | Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|
| Italy | 12 995 , |
874 | 776 | 437 | 1 688 , |
- | 1 633 , |
4 160 , |
5 507 , |
28 072 , |
| Iberia | 5 369 , |
2 893 , |
- | 2 530 , |
6 | 3 328 , |
2 293 , |
241 | 5 445 , |
22 104 , |
| Rest of World |
9 957 , |
11 972 , |
83 | 9 406 , |
1 667 , |
- | 821 | 226 | 1 468 , |
35 601 , |
| Latin America and Central America |
9 957 , |
301 5 , |
83 | 181 5 , |
210 | - | 497 | 226 | 468 1 , |
22 924 , |
| Brazil | 272 1 , |
3 506 , |
- | 845 1 , |
- | - | - | - | 6 622 , |
|
| Chile | 3 665 , |
903 | 83 | 2 073 , |
203 | - | 497 | - | 1 468 , |
8 892 , |
| Argentina | 1 328 , |
- | - | - | - | - | - | - | 1 328 , |
|
| Mexico | 52 | 893 | - | 220 | - | - | - | - | 1 164 , |
|
| 1 Colombia Central and America |
3 640 , |
- | - | 1 044 , |
7 | - | - | 226 | - | 4 917 , |
| USA & Canada |
- | 6 296 , |
- | 3 867 , |
1 457 , |
- | - | - | - | 11 620 , |
| USA | - | 5 933 , |
- | 3 867 , |
1 457 , |
- | - | - | - | 11 258 , |
| Canada | - | 363 | - | - | - | - | - | - | 363 | |
| Other Countries |
- | 375 | - | 357 | - | 325 | - | - | 1 057 , |
|
| Peru | - | - | - | - | - | 325 | - | - | 325 | |
| 2 Europe and Africa |
- | 203 | - | 357 | - | - | - | - | 560 | |
| 3 Asia and Oceania |
- | 172 | - | - | - | - | - | - | 172 | |
| Total | 28 321 , |
739 15 , |
860 | 12 373 , |
3 362 , |
3 328 , |
4 747 , |
627 4 , |
12 420 , |
85 777 , |
GWh Hydro Wind Geothermal Solar & Other Nuke Oil & Gas Coal CCGT TOTAL Italy 8,970 659 2,608 322 - 56 547 2,518 15,681 Iberia 5,201 2,950 - 1,702 12,087 2,026 89 6,082 30,137 Rest of World 17,550 18,818 56 7,400 - 612 147 2,921 47,504 Latin America and Central America 17,550 7,906 56 3,978 - 479 147 2,921 33,038 Brazil 2,319 6,033 - 1,337 - - - - 9,689 Chile 5,416 1,041 56 1,560 - 479 - 2,921 11,474 Argentina 1,344 - - - - - - - 1,344 Mexico 50 832 - 246 - - - - 1,127 Colombia and Central America 8,420 - - 836 - - 147 - 9,403 USA & Canada - 10,516 - 3,171 - - - - 13,687 USA - 9,907 - 3,171 - - - - 13,079 Canada - 609 - - - - - - 609 Other countries - 396 - 250 - 132 - - 778 Peru - - - - - 132 - - 132 Europe and Africa - 285 - 250 - - - - 535 Asia and Oceania - 111 - - - - - - 111 Total 31,721 22,427 2,665 9,423 12,087 2,694 784 11,521 93,322Group consolidated net production: breakdown by technology and geography 1 2 3
- 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 |
BESS | Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|
| Italy | 1 | - | - | 1 | 514 | - | - | - | 798 | 1 314 , |
| Iberia | 623 | - | - | 38 | - | - | - | - | 661 | |
| Rest of World |
- | - | - | 23 | - | - | - | - | 23 | |
| Latin America and Central America |
- | - | - | 23 | - | - | - | - | 23 | |
| Brazil | - | - | - | - | - | - | - | - | - | |
| Chile | - | - | - | 23 | - | - | - | - | 23 | |
| Argentina | - | - | - | - | - | - | - | - | - | |
| Mexico | - | - | - | - | - | - | - | - | - | |
| Colombia and Central America |
- | - | - | - | - | - | - | - | - | |
| USA & Canada |
- | - | - | - | - | - | - | - | - | |
| USA | - | - | - | - | - | - | - | - | - | |
| Canada | - | - | - | - | - | - | - | - | - | |
| Other countries |
- | - | - | - | - | - | - | - | - | |
| Peru | - | - | - | - | - | - | - | - | - | |
| Europe and Africa |
- | - | - | - | - | - | - | - | - | |
| Asia and Oceania |
- | - | - | - | - | - | - | - | - | |
| Total | 624 | - | - | 62 | 514 | - | - | - | 798 | 997 1 , |
Pipeline
Renewable projects in execution: breakdown by technology and geography1
2025-27 Additional capacity target2
| MW | Wind | Hydro | Geothermal | Solar & Other |
BESS | Total |
|---|---|---|---|---|---|---|
| Italy | - | 2 | - | 12 | 802 | 816 |
| Iberia | 24 | 8 | - | 572 | 5 | 609 |
| Rest of World |
336 | 2 | - | 654 | 20 | 012 1 , |
| Latin America |
- | 2 | - | 556 | - | 558 |
| North America |
- | - - |
- | - | - | |
| Other countries |
336 | - - |
98 | 20 | 454 | |
| Total | 360 | 11 | - | 1 239 , |
827 | 2 437 , |
Pipeline3
-
It Includes consolidated and JV and stewardship capacity
-
It includes both renewables and BESS
-
Of which 22.2 GW of BESS
By technology By geography2 By COD Mature pipeline1 19% 15% 20% 34% 12% 1% 13% 86% 36% 58% 6% Wind Solar Hydro & Other Italy Iberia Latam and Central America Other countries USA & Canada 2027 >2027 61.5 GW 2026 H1 2025 consolidated results 61.5 GW 61.5 GW
-
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
| গাঁর | |
|---|---|
| Electricity distributed (TWh) |
Grid | (mn) customers |
Smart (mn) meters |
||||
|---|---|---|---|---|---|---|---|
| H1 | H1 | H1 | H1 | H1 | H1 | ||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||
| Italy | 101 | 104 | 31 | 31 | 31 | 31 | |
| 3 | 7 | 2 | 9 | 1 | 8 | ||
| Iberia | 69 | 67 | 12 | 12 | 12 | 12 | |
| 6 | 6 | 7 | 6 | 5 | 5 | ||
| Rest | 60 | 64 | 25 | 24 | 2 | 1 | |
| of | 5 | 5 | 0 | 5 | 1 | 4 | |
| World | |||||||
| Latin America |
60 5 |
60 8 |
25 0 |
24 5 |
2 1 |
1 4 |
|
| Brazil | 37 | 36 | 16 | 15 | 1 | 0 | |
| 0 | 9 | 0 | 8 | 6 | 9 | ||
| Chile | 2 | 7 | 2 | 2 | 0 | 0 | |
| 7 | 4 | 2 | 1 | 4 | 4 | ||
| Argentina | 8 | 8 | 2 | 2 | 0 | 0 | |
| 8 | 8 | 7 | 7 | 0 | 0 | ||
| Colombia | 7 | 7 | 4 | 3 | 0 | 0 | |
| 6 | 6 | 0 | 9 | 1 | 1 | ||
| Other countries |
- | 3 7 |
- | - | - | - | |
| Peru | - | 3 7 |
- | - | - | - | |
| & Africa Europe |
- | - | - | - | - | - | |
| Total | 231 | 236 | 68 | 69 | 45 | 6 | |
| 4 | 8 | 9 | 0 | 7 | 45 | ||
Enel X Global Retail: Retail KPIs1
| Power | Gas | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Customers (mn) |
Volumes | (TWh) | Customers | (mn) | Volumes (bsmc) |
||||||
| H1 | H1 | H1 | H1 | H1 | H1 | H1 | H1 | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||
| Italy | 14 | 17 | 27 | 37 | 3 | 4 | 1 | 2 | |||
| 1 | 1 | 9 | 2 | 9 | 1 | 8 | 1 | ||||
| Iberia | 9 | 10 | 36 | 36 | 1 | 1 | 1 | 1 | |||
| 9 | 3 | 3 | 6 | 7 | 8 | 6 | 9 | ||||
| Rest | 24 | 24 | 59 | 65 | 0 | 0 | 0 | 0 | |||
| of | 9 | 5 | 6 | 3 | 0 | 0 | 1 | 1 | |||
| World | |||||||||||
| Latin America |
24 9 |
24 5 |
59 6 |
60 5 |
0 0 |
0 0 |
0 1 |
0 1 |
|||
| Other countries |
- | - | - | 4 8 |
- | - | - | - | |||
| Total | 48 | 51 | 123 | 139 | 5 | 5 | 3 | 4 | |||
| 8 | 9 | 8 | 1 | 7 | 9 | 5 | 1 | ||||
Enel X Global Retail: Enel X
| Enel X |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public Charging |
points (k) |
Street | lighting (mn) |
Storage | (MW) | Demand Response (GW) |
|||||||
| H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
||||||
| Italy | 23 2 |
20 5 |
1 6 |
1 6 |
- | - | 0 8 |
0 6 |
|||||
| Iberia | 6 4 |
5 9 |
0 2 |
0 2 |
- | - | 0 1 |
0 1 |
|||||
| Rest of World |
1 0 |
1 0 |
1 1 |
1 1 |
11 | 118 | 8 8 |
8 4 |
|||||
| Brazil | - | - | 0 3 |
0 3 |
- | - | - | - | |||||
| Chile | 1 0 |
1 0 |
0 4 |
0 4 |
- | - | 0 0 |
0 0 |
|||||
| Colombia | 0 0 |
0 0 |
0 4 |
0 4 |
- | - | 0 0 |
0 0 |
|||||
| USA & Canada |
- | - | - | - | - | 108 | 4 6 |
4 5 |
|||||
| Other countries |
- | - | - | - | 11 | 10 | 2 4 |
3 8 |
|||||
| Total | 30 5 |
27 3 |
2 9 |
2 8 |
11 | 118 | 9 8 |
9 0 |
Capex1 (€mn)
| Global Generation & Trading |
Enel Grids |
Renewable Energies |
2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
|
| Italy | 58 | 122 | 2 035 , |
1,738 | 259 | 439 | 219 | 292 | 70 | 100 | 2 640 , |
2 691 , |
| Iberia | 110 | 144 | 398 | 403 | 136 | 184 | 142 | 155 | 5 | 2 | 791 | 889 |
| Rest of World |
51 | 41 | 679 | 731 | 321 | 1,018 | 13 | 33 | 1 | 6 | 1,064 | 1,829 |
| Latin America |
50 | 29 | 679 | 669 | 274 | 555 | 9 | 9 | 1 | 6 | 012 1 , |
269 1 , |
| Brazil | 0 | 0 | 417 | 414 | 55 | 314 | 1 | 4 | 0 | 2 | 473 | 733 |
| Chile | 44 | 27 | 57 | 59 | 42 | 176 | 0 | 2 | 0 | 5 | 144 | 268 |
| Argentina | - | - | 98 | 64 | 0 | 0 | - | - | - | - | 98 | 64 |
| Mexico | 0 | (0) | - | - | 12 | 12 | - | - | - | - | 12 | 12 |
| Colombia & CAM |
6 | 2 | 107 | 132 | 165 | 53 | 7 | 4 | - | - | 285 | 192 |
| USA & Canada |
0 | 0 | - | - | 45 | 450 | 3 | 10 | - | 0 | 48 | 460 |
| Other countries |
1 | 11 | - | 62 | 3 | 13 | 1 | 13 | - | (0) | 4 | 99 |
| Peru | 1 | 11 | - | 62 | - | 9 | - | 12 | - | (0) | 1 | 94 |
| Others and adjustments |
0 | 0 | 0 | 3 | 4 | 2 | 16 | 31 | 13 | 20 | 34 | 56 |
| Total | 219 | 307 | 3 ,112 |
2 876 , |
719 | 1,643 | 390 | 510 | 89 | 128 | 4,530 | 5,464 |
- Rounded figures. H1 2024 restated figures, it includes capex related to asset classified as HFS for 2 €mn in H1 2025 and for 185 €mn in H1 2024
Asset development Capex1 (€mn)
| Global Generation & Trading |
Grids Enel |
Energies Renewable |
2 Global Retail Enel X |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
|
| Italy | 40 | 102 | 1,103 | 882 | 172 | 384 | 43 | 78 | 55 | 95 | 1,411 | 1,540 |
| Iberia | 9 | 3 | 91 | 111 | 109 | 148 | 8 | 18 | 0 | 0 | 217 | 279 |
| Rest of World |
0 | 2 | 204 | 188 | 227 | 912 | 4 | 21 | 0 | 4 | 436 | 1,128 |
| Latin America |
0 | 2 | 204 | 182 | 205 | 473 | 4 | 6 | 0 | 4 | 413 | 668 |
| Brazil | 0 | 0 | 145 | 127 | 35 | 289 | (0) | 3 | - | - | 179 | 420 |
| Chile | 0 | 1 | 16 | 8 | 18 | 143 | 0 | 1 | 0 | 4 | 35 | 158 |
| Argentina | - | - | 15 | 9 | - | - | - | - | - | - | 15 | 9 |
| Mexico | - | - | - | - | 0 | 3 | - | - | - | - | 0 | 3 |
| Colombia & CAM |
0 | 0 | 27 | 38 | 151 | 38 | 4 | 2 | - | - | 183 | 78 |
| USA & Canada |
- | - | - | - | 22 | 431 | 0 | 3 | - | - | 22 | 434 |
| Other countries |
- | (0) | - | 6 | 0 | 8 | - | 12 | - | - | 0 | 26 |
| Peru | - | (0) | - | 6 | - | 8 | - | 12 | - | - | - | 26 |
| Others adjustments and |
- | - | - | 3 | 3 | 1 | 16 | 15 | 1 | 1 | 19 | 20 |
| Total | 49 | 106 | 1,397 | 1,185 | 511 | 1,444 | 70 | 131 | 56 | 100 | 2 083 , |
2 967 , |
- H1 2024 restated figures, Rounded figures
Revenues1 (€mn)
| Global Generation & Trading |
Enel Grids |
Renewable Energies |
2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
|
| Italy | 9,842 | 6,340 | 4,407 | 4,021 | 2,120 | 2,049 | 9,319 | 11,960 | (4,891) | (7,693) | 20,797 | 16,677 |
| Iberia | 4,136 | 3,394 | 1,262 | 1,260 | 633 | 662 | 8,102 | 7,772 | (3,287) | (2,667) | 10,846 | 10,421 |
| Rest of World |
1,139 | 1,264 | 5,466 | 7,327 | 3,059 | 3,464 | 357 | 371 | (743) | (767) | 9,278 | 11,659 |
| Latin America |
1,079 | 1,111 | 5,466 | 5,531 | 2,307 | 2,511 | 191 | 208 | (708) | (655) | 8,335 | 8,706 |
| Brazil | 491 | 362 | 3,043 | 3,187 | 439 | 481 | 35 | 35 | (403) | (342) | 3,605 | 3,723 |
| Chile | 424 | 495 | 791 | 806 | 1,084 | 1,185 | 74 | 74 | (294) | (292) | 2,079 | 2,268 |
| Argentina | - | - | 731 | 541 | 23 | 20 | - | 3 | 1 | - | 755 | 564 |
| Mexico | 44 | 73 | - | - | 99 | 115 | 1 | 18 | (5) | (15) | 139 | 191 |
| Colombia & CAM |
120 | 181 | 901 | 997 | 662 | 710 | 81 | 78 | (7) | (6) | 1,757 | 1,960 |
| USA & Canada |
26 | 25 | - | - | 696 | 719 | 80 | 97 | (30) | (28) | 772 | 813 |
| Other countries |
34 | 128 | - | 1,796 | 56 | 234 | 86 | 68 | - | (79) | 176 | 2,147 |
| Peru | 34 | 128 | - | 1,796 | - | 160 | - | (27) | - | - | 34 | 2,057 |
| Europe & Africa |
- | - | - | - | 48 | 69 | 34 | 42 | - | - | 82 | 111 |
| & Oceania Asia |
- | - | - | - | 8 | 5 | 52 | 55 | - | - | 60 | 60 |
| RoW elisions |
- | - | - | - | - | - | - | (2) | (5) | (5) | (5) | (7) |
| Others and adjustments |
(14) | 15 | 10 | 7 | 6 | 21 | 10 | 31 | (117) | (100) | (105) | (26) |
| Total | 15,103 | 11,013 | 11,145 | 12,615 | 5,818 | 6,196 | 17,788 | 20,134 | (9,038) | (11,227) | 40,816 | 38,731 |
- H1 2024 restated figures, Rounded figures
Reported EBITDA1 (€mn)
| Global Generation & Trading |
Enel Grids |
Renewable Energies |
2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
|
| Italy | 845 | 1,083 | 2 239 , |
1,940 | 1,251 | 1,311 | 1,508 | 1,648 | 1 | 1 | 5,844 | 5,983 |
| Iberia | 710 | 643 | 901 | 911 | 429 | 478 | 612 | 525 | 8 | (195) | 2 660 , |
2 362 , |
| Rest of World |
(340) | 37 | 1,244 | 2 656 , |
1,712 | 1,967 | 65 | 27 | (23) | (57) | 2 658 , |
4,630 |
| Latin America |
2 | (51) | 1 245 , |
1 263 , |
1 224 , |
1 268 , |
63 | 85 | (24) | (53) | 2 510 , |
2 512 , |
| Argentina | (1) | - | 131 | 22 | 16 | 7 | - | 1 | (1) | - | 145 | 30 |
| Brazil | (2) | (2) | 699 | 816 | 232 | 306 | 8 | 6 | (12) | (16) | 925 | 1 110 , |
| Chile | (8) | (54) | 81 | 54 | 493 | 538 | 40 | 42 | (11) | (37) | 595 | 543 |
| Colombia | 12 | 4 | 334 | 371 | 450 | 379 | 16 | 30 | - | - | 812 | 784 |
| Mexico | 1 | 1 | - | - | 33 | 38 | (1) | 6 | - | - | 33 | 45 |
| USA & Canada |
(16) | (16) | - | - | 460 | 494 | 1 | (22) | 1 | (4) | 446 | 452 |
| Other countries |
(326) | 104 | (1) | 1 393 , |
28 | 205 | 1 | (36) | - | - | (298) | 1 666 , |
| Peru | 15 | 104 | - | 1 394 , |
- | 162 | - | (39) | - | - | 15 | 1 621 , |
| Others and adjustments |
5 | - | 14 | (4) | (12) | (13) | 4 | 9 | (81) | (105) | (70) | (113) |
| Total | 1,220 | 1,763 | 4,398 | 5,503 | 3 380 , |
3 ,743 |
2 ,189 |
2 209 , |
(95) | (356) | 11,092 | 12 862 , |
- H1 2024 restated figures, Rounded figures
Ordinary EBITDA1 (€mn)
| Global Generation & Trading |
Enel Grids |
Renewable Energies |
2 Enel X Global Retail |
Services & Other |
Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
|
| Italy | 845 | 1,083 | 2 239 , |
1,940 | 1,251 | 1,311 | 1,508 | 1,648 | 1 | - | 5,844 | 5,982 |
| Iberia | 710 | 643 | 901 | 874 | 429 | 478 | 612 | 525 | 8 | 8 | 2 660 , |
2 ,528 |
| Rest of World |
2 | (7) | 1,248 | 1,369 | 1,719 | 1,902 | 86 | 77 | (21) | (57) | 3 034 , |
3 284 , |
| Latin America |
3 | (51) | 1 248 , |
1 263 , |
1 229 , |
1 268 , |
84 | 85 | (22) | (53) | 2 542 , |
2 512 , |
| Argentina | - | - | 131 | 22 | 16 | 7 | - | 1 | (1) | - | 146 | 30 |
| Brazil | (2) | (2) | 699 | 816 | 232 | 306 | 8 | 6 | (12) | (16) | 925 | 1 110 , |
| Chile | (8) | (54) | 84 | 54 | 496 | 538 | 41 | 42 | (9) | (37) | 604 | 543 |
| Colombia | 12 | 4 | 334 | 371 | 452 | 379 | 36 | 30 | - | - | 834 | 784 |
| Mexico | 1 | 1 | - | - | 33 | 38 | (1) | 6 | - | - | 33 | 45 |
| USA & Canada |
(16) | (16) | - | - | 462 | 494 | 1 | (22) | 1 | (4) | 448 | 452 |
| Other countries |
15 | 60 | - | 106 | 28 | 140 | 1 | 14 | - | - | 44 | 320 |
| Peru | 15 | 60 | - | 106 | - | 97 | - | 11 | - | - | 15 | 274 |
| Others and adjustments |
5 | - | 14 | (4) | (12) | (13) | 4 | 9 | (81) | (105) | (70) | (113) |
| Total | 1,562 | 1,719 | 4,402 | 4,179 | 3 387 , |
3 678 , |
2 210 , |
2 259 , |
(93) | (154) | 11,468 | 11,681 |
- H1 2024 Restated figures. Ordinary figures, It excludes extraordinary items in H1 2025 (-376 €mn: -341 €mn release of equity reserves after Slovenské Elektrarne closing, -35€mn corporate restructuring plan and value adjustments) and in H1 2024 (+1.181 €mn: -202 €mn solidarity contribution in Spain, +1.347 €mn gain disposal Perù, +36 €mn gain Iberia)
Reported EBIT1(€mn)
| Global & |
Generation Trading |
Enel | Grids | Renewable | Energies | Enel X |
2 Global Retail |
& | Services Other |
Total | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
H1 2025 |
H1 2024 |
|
| Italy | 747 | 983 | 1,523 | 1,233 | 1,040 | 1,125 | 1,131 | 1,139 | (40) | (13) | 4,401 | 4,467 |
| Iberia | 407 | 370 | 484 | 534 | 250 | 318 | 374 | 284 | (12) | (214) | 1,503 | 1,292 |
| Rest of World |
(371) | 3 | 666 | 1,866 | 1,154 | 1,464 | 40 | 150 | (30) | (61) | 1,459 | 3 ,421 |
| Latin America |
(24) | (70) | 666 | 670 | 920 | 995 | 48 | 127 | (24) | (49) | 1 587 , |
1 673 , |
| Brazil | (5) | (2) | 312 | 452 | 138 | 215 | 6 | (5) | (15) | (18) | 436 | 642 |
| Chile | (20) | (64) | 42 | 31 | 348 | 430 | 35 | 27 | (9) | (31) | 397 | 394 |
| Argentina | (0) | (0) | 40 | (47) | 16 | 1 | (0) | 9 | (1) | (1) | 55 | (37) |
| Mexico | 1 | 1 | - | - | 18 | 24 | (1) | 6 | 0 | - | 19 | 31 |
| Colombia and Central |
(0) | (6) | 273 | 234 | 400 | 325 | 8 | 90 | 0 | 0 | 681 | 644 |
| USA & Canada |
(16) | (19) | - | - | 218 | 290 | (7) | (96) | 0 | (4) | 195 | 172 |
| Other countries |
(331) | 92 | - | 1 196 , |
15 | 179 | (1) | 119 | (7) | (8) | (324) | 1 576 , |
| Perù | 10 | 91 | - | 1 196 , |
(0) | 151 | (0) | 118 | (0) | (0) | 10 | 1 556 , |
| Others and adjustments |
4 | 0 | 12 | (5) | (38) | (21) | (24) | (19) | (119) | (147) | (164) | (192) |
| Total | 787 | 1,356 | 2 686 , |
3 628 , |
2 ,406 |
2 886 , |
1,521 | 1,554 | (201) | (436) | 7,199 | 8 988 , |
- H1 2024 restated figures, Rounded figures
From EBITDA to net income1 (€mn)
| H1 2025 reported |
H1 2024 reported |
∆ yoy |
H1 2025 ordinary |
H1 2024 ordinary |
∆ yoy |
|
|---|---|---|---|---|---|---|
| EBITDA | 11 092 , |
12 862 , |
-14% | 11 468 , |
11 681 , |
-1 8% |
| D&A | (3 893) , |
(3 874) , |
(3 875) , |
(3 819) , |
||
| EBIT | 7 199 , |
8 988 , |
-19 9% |
7 593 , |
7 862 , |
-3 4% |
| Net financial charges |
(1 321) , |
(1 585) , |
(1 288) , |
(1 585) , |
||
| Net income from equity investments using equity method |
(45) | 4 | (14) | 137 | ||
| EBT | 5 833 , |
7 407 , |
-21 3% |
6 291 , |
6 414 , |
-1 9% |
| Income tax |
(1 731) , |
(2 482) , |
(1 768) , |
(1 823) , |
||
| Net income |
4 102 , |
4 925 , |
4 523 , |
4 591 , |
||
| Minorities | (674) | (781) | (700) | (635) | ||
| Discontinued operations |
- | - | - | - | ||
| Group income net |
3 428 , |
4 144 , |
-17 3% |
3 823 , |
3 956 , |
-3 4% |
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 | 2.23 | 39.2 | - | - | 0.01 | 3.97 | 3.35 | 0.62 | - | 45.41 |
| Bank Loans | 1.3 | - | 0.15 | 4.05 | 6 | 4.4 | 3.42 | 0.9 | 0.08 | 15.9 |
| Tax Partnership | - | - | - | - | - | 0.22 | 0 | 0.22 | - | 0.22 |
| Other Loans | - | - | 0.02 | 0.64 | 0.93 | 1.39 | 0.61 | 0.77 | 0.01 | 2.98 |
| Other short term debt | 0.05 | 0.1 | - | 0.27 | 0.03 | 0.32 | 0.27 | - | 0.05 | 0.77 |
| Commercial Paper | - | - | - | - | - | 0.58 | - | 0.58 | - | 0.58 |
| Gross debt | 3.58 | 39.3 | 0.17 | 4.96 | 6.97 | 10.88 | 7.65 | 3.09 | 0.14 | 65.86 |
| Financial Receivables | - | -0.46 | -0.88 | -0.21 | -0.6 | -0.95 | -0.86 | -0.01 | -0.08 | -3.1 |
| Tariff Deficit | - | - | - | - | -0.52 | - | - | - | - | -0.52 |
| Other short term financial receivables | -0.47 | -1.57 | - | -0.1 | -0.45 | -0.11 | 0.08 | -0.12 | -0.07 | -2.7 |
| Cash and cash equivalents | -0.94 | -0.01 | -0.3 | -0.63 | -0.23 | -1.98 | -1.6 | -0.27 | -0.11 | -4.09 |
| Net Debt – Third Parties | 2.17 | 37.26 | -1.01 | 4.02 | 5.17 | 7.84 | 5.27 | 2.69 | -0.12 | 55.45 |
| Net Debt – Intercompany | 15.68 | -45.28 | 5.58 | 19.11 | 3.52 | 1.39 | 1.31 | - | 0.08 | - |
| Net Debt – Group View | 17.85 | -8.02 | 4.57 | 23.13 | 8.69 | 9.23 | 6.58 | 2.69 | -0.04 | 55.45 |
Debt maturity coverage split by typology (€bn)
Available liquidity
Cash
Balance sheet (€mn)
1
Headcount
| H1 2025 | FY 2024 | ∆ yoy | |
|---|---|---|---|
| Generation and Trading | 4,873 | 5,105 | -4.5% |
| Enel Green Power | 7,466 | 8,269 | -9.7% |
| Distribution | 34,022 | 32,214 | 5.6% |
| 1 Enel X Global Retail |
6,768 | 7,944 | -14.8% |
| Others and adjustments | 7,821 | 6,827 | 14.6% |
| Total | 60,950 | 60,359 | 1.0% |
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.
Contact us
Omar Al Bayaty Head of Group Investor Relations
Serena Carioti – Equity and Credit Analysts Noemi Tomassi
Paolo Germiniani - Equity Investors and Reporting Danielle Ribeiro da Encarnação Riccardo Ricci Alessandro Taddei
Federico Baroncelli - Fixed Income Investors and ESG Bianca Brancati Jaime Andres Rodrigues Perez Emanuele Toppi
Contacts
Email [email protected] Phone +39 06 8305 7975
Investor Relations App
iOS Android
Website
Enel.com