AI assistant
Enel Investor Presentation 2026
4317_rns_2026-03-19_e3ca4b0f-aafc-45f5-92be-deca10e715d5.pdf
Investor Presentation
Open in viewerOpens in your device viewer
emarket
adv storage
CERTIFIED
FY 2025
Consolidated results
March 19th, 2026
CERTIFIED
Solid economic and financial performance supports targets achievement
FY 2024 Pro-Forma restated, EBITDA split does not include Other for -304 €mn in 2024 and -146 €mn in 2025
CERTIFIED
Acceleration on Grids' investments supports solid and visible delivery
Grids
Capex (€bn)
Grids' share of Group's EBITDA
RAB (€bn)
- 2024 Pro Forma, restated.
CERTIFIED
Reduced exposure to commodities price volatility improved margins quality and visibility
Integrated business
EBITDA evolution (€bn)
14.9
Ordinary EBITDA
14.1
EBITDA by business² (€bn)
14.9
14.1
FY 2024 restated 2. From 2021 to 2023 based on ordinary figures, 2024 Pro Forma.
Net Ordinary Income evolution (€bn)
e market
e of s
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
e
4
- It includes income on equity
- Pro forma
CERTIFIED
FFO and Net Debt evolution
Rounded figures
- Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks & charges). 2. It includes 0.3 €bn dividends paid to bondholders
5
emarket adv storage CERTIFIED
Share Buy Back Programs to further enhance shareholders' remuneration
Enel S.p.A
> 1 €bn Tranche ongoing from February 23rd to July 31st, 2026.
~0.5 €bn already executed
Ongoing
> 1 €bn Share buy-back executed from Aug. 1st to Dec 16th, 2025 (122.5 mln shares)
Endesa
> 500 €mn tranche announced from March 2nd to July 7th 2026.
~0.1 €bn already executed
Ongoing
> 2nd tranche completed for 442 €mn (17 mln shares)
> 3rd tranche of 121 €mn completed (4 mln shares)
Enel Americas
> 470 mn USD executed
> Successful completion with 279% acceptance
> Enel shareholding after the cancellation of the shares will equal to 85.7%
~2.6 €bn
Total amount executed¹
~1.5 €bn
Enel S.p.A
~0.7 €bn
Endesa
~0.4 €bn
Enel Americas³
- Latest update as of March 13th. 2. Enel S.p.A SBB program approved on May 22nd 2025: maximum 500 million shares, total outlay of up to 3.5 billion euros. Endesa total SBB Framework Program 2 €bn, approved by the shareholders meeting on April 29th, 2025, 1st tranche for LTI purposes. 3. Exchange rate EUR/USD 1.1723, payment date October 1st.
emarket
adv storage
CERTIFIED
FY 2025
Consolidated results
Annexes
enel
CERTIFIED
FY 2025 consolidated results
Macroscenario
| GDP (%) | CPI (%) | € vs. local currency² | Spot Price (€/MWh)² | Electricity Demand (TWh) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025¹ | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | |
| Italy | 0.65 | 0.49 | 1.63 | 1.06 | - | - | 115.3 | 108.0 | 311.3 | 311.9 |
| Iberia | 2.80 | 3.45 | 2.69 | 2.87 | - | - | 65.5 | 62.9 | 320.7 | 311.2 |
| Rest of World | ||||||||||
| Latin & Central America | ||||||||||
| Brazil | 2.28 | 3.41 | 5.02 | 4.37 | 6.31 | 5.83 | 31.9 | 22.7 | 754.4 | 751.7 |
| Chile | 2.40 | 2.64 | 4.21 | 4.26 | 1,074.72 | 1,021.11 | 53.3 | 45.1 | 85.1 | 85.5 |
| Argentina | 4.28 | (1.34) | 44.48 | 236.79 | 1,704.78 | 1,067.60 | - | - | 145.5 | 144.7 |
| Mexico | 0.60 | 1.50 | 3.81 | 4.72 | 21.67 | 19.83 | - | - | - | - |
| Colombia | 2.60 | 1.70 | 5.14 | 6.63 | 4,575.95 | 4,408.70 | 52.9 | 156.3 | 84.0 | 82.2 |
| USA & Canada | - | - | ||||||||
| USA | 2.20 | 2.80 | 2.72 | 2.96 | 1.13 | 1.08 | - | - | 4,503.8 | 4,411.9 |
| Canada | 1.70 | 2.05 | 2.08 | 2.39 | 1.58 | 1.48 | - | - | 606.3 | 596.1 |
| Other Countries | - | - | ||||||||
| Peru | 3.50 | 3.48 | 1.50 | 2.36 | 4.03 | 4.06 | 26.3 | 28.2 | 60.0 | 60.0 |
| India | 7.10 | 6.71 | 2.23 | 4.94 | 98.59 | 90.53 | - | - | 1,713.4 | 1,679.7 |
| Australia | 1.90 | 1.03 | 2.84 | 3.15 | 1.75 | 1.64 | - | - | - | - |
| South Africa | 1.30 | 0.54 | 3.22 | 4.43 | 20.19 | 19.83 | - | - | 204.6 | 213.0 |
- Data based on Bloomberg consensus
- Yearly Average
- As of December 31st
CERTIFIED
FY 2025 consolidated results
Group consolidated net capacity: breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other | BESS | Nuke | Oil & Gas | Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|
| Tier 1 Countries | 18,362 | 10,512 | 776 | 7,243 | 3,232 | 3,328 | 3,925 | 4,401 | 10,952 | 62,731 |
| Europe | 18,362 | 3,931 | 776 | 3,376 | 1,774 | 3,328 | 3,925 | 4,401 | 10,952 | 50,825 |
| Italy | 12,994 | 874 | 776 | 447 | 1,763 | - | 1,633 | 4,160 | 5,507 | 28,154 |
| Iberia | 5,368 | 3,001 | - | 2,929 | 11 | 3,328 | 2,293 | 241 | 5,445 | 22,616 |
| Other EU Countries | - | 55 | - | - | - | - | - | - | - | 55 |
| USA & Canada | - | 6,581 | - | 3,867 | 1,457 | - | - | - | - | 11,905 |
| USA | - | 6,218 | - | 3,867 | 1,457 | - | - | - | - | 11,543 |
| Canada | - | 363 | - | - | - | - | - | - | - | 363 |
| LatAm & Others | 9,958 | 5,672 | 83 | 5,816 | 210 | - | 821 | 226 | 1,468 | 24,255 |
| Brazil | 1,272 | 3,506 | - | 1,845 | - | - | - | - | - | 6,622 |
| Chile | 3,666 | 903 | 83 | 2,084 | 203 | - | 497 | - | 1,468 | 8,904 |
| Argentina | 1,328 | - | - | - | - | - | - | - | - | 1,328 |
| Mexico | 52 | 893 | - | 220 | - | - | - | - | - | 1,164 |
| Colombia & CAM^{1} | 3,640 | - | - | 1,310 | 7 | - | - | 226 | - | 5,184 |
| Peru | - | - | - | - | - | - | 325 | - | - | 325 |
| Africa, Asia and Oceania^{2} | - | 371 | - | 357 | - | - | - | - | - | 729 |
| Total | 28,320 | 16,184 | 860 | 13,059 | 3,441 | 3,328 | 4,747 | 4,627 | 12,420 | 86,986 |
- Includes Panama, Guatemala and Costa Rica. 2. Includes South Africa, Zambia and India
CERTIFIED
FY 2025 consolidated results
Group consolidated net production: breakdown by technology and geography
| GWh | Hydro | Wind | Geothermal | Solar & Other | Nuke | Oil & Gas | Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Tier 1 Countries | 24,498 | 26,975 | 5,224 | 10,767 | 24,924 | 4,507 | 1,315 | 21,042 | 119,252 |
| Europe | 24,498 | 6,985 | 5,224 | 4,140 | 24,924 | 4,507 | 1,315 | 21,042 | 92,634 |
| Italy | 16,063 | 1,225 | 5,224 | 649 | - | 129 | 1,225 | 7,103 | 31,618 |
| Iberia | 8,435 | 5,756 | - | 3,490 | 24,924 | 4,378 | 89 | 13,938 | 61,012 |
| Other EU Countries | - | 4 | - | - | - | - | - | - | 4 |
| USA & Canada | - | 19,990 | - | 6,627 | - | - | - | - | 26,617 |
| USA | - | 18,812 | - | 6,627 | - | - | - | - | 25,439 |
| Canada | - | 1,179 | - | - | - | - | - | - | 1,179 |
| LatAm & Others | 34,441 | 17,420 | 98 | 8,639 | - | 1,046 | 189 | 5,015 | 66,849 |
| Brazil | 4,681 | 12,729 | - | 2,590 | - | - | - | - | 19,999 |
| Chile | 10,339 | 2,075 | 98 | 3,274 | - | 782 | - | 5,015 | 21,583 |
| Argentina | 2,369 | - | - | - | - | - | - | - | 2,369 |
| Mexico | 162 | 1,834 | - | 486 | - | - | - | - | 2,483 |
| Colombia & CAM^{1} | 16,890 | - | - | 1,778 | - | - | 189 | - | 18,856 |
| Peru | - | - | - | - | - | 265 | - | - | 265 |
| Africa, Asia and Oceania^{2} | - | 783 | - | 512 | - | - | - | - | 1,294 |
| Total | 58,939 | 44,396 | 5,323 | 19,406 | 24,924 | 5,553 | 1,503 | 26,056 | 186,100 |
- Includes Panama, Guatemala and Costa Rica. 2. Includes South Africa, Zambia and India
CERTIFIED
FY 2025 consolidated results
Group total additional capacity¹: breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other | BESS | Nuke | Oil & Gas | Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|
| Tier 1 Countries | 624 | 595 | - | 448 | 594 | - | - | - | 798 | 3,058 |
| Europe | 624 | 160 | - | 448 | 594 | - | - | - | 798 | 2,623 |
| Italy | 1 | - | - | 10 | 589 | - | - | - | 798 | 1,398 |
| Iberia | 623 | 108 | - | 438 | 5 | - | - | - | - | 1,174 |
| Other EU Countries | - | 51 | - | - | - | - | - | - | - | 51 |
| USA & Canada | - | 435 | - | - | - | - | - | - | - | 435 |
| USA | - | 435 | - | - | - | - | - | - | - | 435 |
| Canada | - | - | - | - | - | - | - | - | - | - |
| LatAm & Others | 1 | - | - | 300 | - | - | - | - | - | 301 |
| Brazil | - | - | - | - | - | - | - | - | - | - |
| Chile | 1 | - | - | 33 | - | - | - | - | - | 34 |
| Argentina | - | - | - | - | - | - | - | - | - | - |
| Mexico | - | - | - | - | - | - | - | - | - | - |
| Colombia & CAM | - | - | - | 267 | - | - | - | - | - | 267 |
| Peru | - | - | - | - | - | - | - | - | - | - |
| Africa, Asia and Oceania | - | - | - | - | - | - | - | - | - | - |
| Total | 625 | 595 | - | 748 | 594 | - | - | - | 798 | 3,359 |
- Excludes JV and stewardship capacity (705 MW, of which 555 MW Wind and 150 MW PV, 594 MW BESS)
2026-28 additional capacity target
CERTIFIED
^{}[]
Renewable projects in execution¹: breakdown by technology and geography²
| MW | Wind | Hydro | Geothermal | Solar & Other | BESS | TOTAL |
|---|---|---|---|---|---|---|
| Tier 1 Countries | 295 | 4 | - | 919 | 1,499 | 2,716 |
| Europe | 90 | 4 | - | 294 | 1,499 | 1,886 |
| Italy | 90 | 1 | - | 165 | 1,450 | 1,706 |
| Iberia | - | 3 | - | 129 | - | 131 |
| Other EU Countries | - | - | - | - | 49 | 49 |
| USA & Canada⁴ | 205 | - | - | 625 | - | 830 |
| LatAm & Others | 108 | 1 | - | 299 | 548 | 956 |
| Latin America | - | 1 | - | 256 | 548 | 805 |
| Africa, Asia & Oceania | 108 | - | - | 43 | - | 151 |
| Total | 403 | 5 | - | 1,218 | 2,047 | 3,673 |
2026-28 additional capacity target³
- Capacity in execution
- US acquisition announced⁴
-
Residual target
-
In execution projects have been approved by investment committee
- Includes consolidated, IV and stewardship capacity (49 MW BESS in Greece, 151 MW in Australia of which 108 MW Wind)
- Includes both greenfield and brownfield projects
- Brownfield deal in US announced on 21.02.2026
CERTIFIED
FY 2025 consolidated results
Enel Grids KPIs¹
| Electricity Distributed (TWh) | End users (mn) | Smart meters (mn) | ||||
|---|---|---|---|---|---|---|
| FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | |
| Europe | 351.8 | 355.9 | 43.9 | 43.7 | 43.6 | 43.5 |
| Italy | 208.2 | 217.4 | 31.2 | 31.1 | 31.0 | 31.0 |
| Iberia | 143.6 | 138.6 | 12.7 | 12.6 | 12.6 | 12.5 |
| LatAm & Others | 123.0 | 125.3 | 25.1 | 24.8 | 2.6 | 1.7 |
| Brasil | 75.4 | 73.9 | 16.2 | 15.9 | 2.2 | 1.3 |
| Chile | 14.4 | 14.6 | 2.2 | 2.2 | 0.4 | 0.4 |
| Argentina | 17.7 | 17.6 | 2.7 | 2.7 | 0.0 | 0.0 |
| Colombia | 15.5 | 15.4 | 4.1 | 4.0 | 0.1 | 0.1 |
| Peru | - | 3.7 | - | - | - | - |
| Total | 474.7 | 481.2 | 69.1 | 68.5 | 46.2 | 45.2 |
- 2025 figures after the disposal of Enel Perú and grids in Lombardy (Italy)
CERTIFIED
FY 2025 consolidated results
Enel Commercial: Retail KPIs¹
| Power | Gas | |||||||
|---|---|---|---|---|---|---|---|---|
| Customers (mn) | Volumes (TWh) | Customers (mn) | Volumes (bsmc) | |||||
| FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | |
| Europe | 23.2 | 24.8 | 132.0 | 148.1 | 5.7 | 5.8 | 6.0 | 6.8 |
| Italy | 13.7 | 14.6 | 56.9 | 73.7 | 4.0 | 4.0 | 3.0 | 3.4 |
| Iberia | 9.6 | 10.2 | 75.2 | 74.4 | 1.7 | 1.8 | 3.0 | 3.4 |
| LatAm & Others | 25.1 | 24.7 | 117.9 | 125.4 | 0.0 | 0.0 | 0.2 | 0.3 |
| - LatAm & Others Grids | 25.1 | 24.7 | 79.7 | 84.1 | ||||
| - LatAm & Others Retail | - | - | 38.2 | 41.3 | ||||
| Total | 48.3 | 49.5 | 249.9 | 273.5 | 5.7 | 5.8 | 6.3 | 7.1 |
| Public Charging Points (k) | ||||||||
| --- | --- | |||||||
| FY 2025 | FY 2024 | |||||||
| 32.1 | 28.6 | |||||||
| 25.1 | 22.4 | |||||||
| 7.1 | 6.2 | |||||||
| 1.1 | 1.0 | |||||||
| 33.3 | 29.6 |
- 2025 figures after the disposal of Enel Peru
CERTIFIED
FY 2025 consolidated results
Total Investments¹ (€mn)
| Global Generation & Trading | Enel Grids | Renewable Energies | Enel Commercial | Services & Others | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | |
| Tier 1 Countries | 455 | 584 | 5,316 | 4,431 | 1,306 | 2,098 | 778 | 891 | 92 | 64 | 7,948 | 8,067 |
| Europe | 454 | 583 | 5,316 | 4,431 | 1,167 | 1,281 | 772 | 873 | 92 | 64 | 7,802 | 7,231 |
| Italy | 151 | 269 | 4,303 | 3,530 | 809 | 857 | 471 | 549 | 73 | 47 | 5,807 | 5,252 |
| Iberia | 303 | 314 | 1,013 | 901 | 358 | 423 | 302 | 324 | 19 | 17 | 1,995 | 1,979 |
| Other EU Countries | - | - | - | - | - | - | - | - | - | - | - | - |
| USA & Canada | 1 | 1 | - | - | 139 | 817 | 6 | 18 | - | 0 | 146 | 836 |
| LatAm & Others | 136 | 102 | 1,706 | 1,499 | 624 | 953 | 32 | 44 | 4 | 13 | 2,503 | 2,612 |
| Brazil | 0 | 0 | 1,081 | 868 | 114 | 409 | 7 | 7 | 2 | 2 | 1,204 | 1,287 |
| Chile | 120 | 75 | 144 | 120 | 143 | 328 | 2 | 4 | 3 | 12 | 412 | 539 |
| Argentina | - | - | 200 | 179 | 1 | 0 | - | - | - | - | 200 | 180 |
| Mexico | 1 | 1 | - | - | 21 | 26 | - | - | - | - | 22 | 26 |
| Colombia & CAM | 13 | 12 | 281 | 270 | 328 | 178 | 20 | 18 | - | - | 642 | 478 |
| Peru | 3 | 13 | - | 62 | - | 9 | - | 12 | - | (0) | 3 | 96 |
| Africa, Asia & Oceania | - | - | - | - | 19 | 4 | 2 | 3 | - | - | 21 | 6 |
| Others and adjustments | 0 | 0 | 6 | 0 | 10 | 13 | 40 | 50 | 165 | 268 | 222 | 331 |
| Total Investments | 591 | 686 | 7,029 | 5,930 | 1,941 | 3,064 | 850 | 985 | 262 | 345 | 10,673 | 11,010 |
- FY 2024 restated figures, it includes capex related to asset classified as HFS for 2 €mn in FY 2025 and for 189 €mn in FY 2024
CERTIFIED
FY 2025 consolidated results
Asset development Investments¹ (€mn)
| Global Generation & Trading | Enel Grids | Renewable Energies | Enel Commercial | Services & Others | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | |
| Tier 1 Countries | 82 | 236 | 2,593 | 2,021 | 883 | 1,750 | 119 | 168 | 9 | 10 | 3,685 | 4,184 |
| Europe | 82 | 236 | 2,593 | 2,021 | 841 | 1,014 | 119 | 165 | 9 | 10 | 3,642 | 3,445 |
| Italy | 62 | 215 | 2,304 | 1,763 | 568 | 681 | 93 | 133 | 8 | 9 | 3,035 | 2,802 |
| Iberia | 19 | 21 | 288 | 258 | 273 | 332 | 26 | 32 | 1 | 1 | 607 | 644 |
| Other EU Countries | - | - | - | - | - | - | - | - | - | - | - | - |
| USA & Canada | - | - | - | - | 42 | 736 | 0 | 3 | - | - | 42 | 739 |
| LatAm & Others | 2 | 5 | 548 | 407 | 429 | 775 | 12 | 25 | 1 | 10 | 992 | 1,222 |
| Brazil | 0 | 1 | 389 | 277 | 51 | 359 | (1) | 2 | - | - | 440 | 638 |
| Chile | 1 | 4 | 48 | 18 | 83 | 268 | 2 | 3 | 1 | 10 | 135 | 302 |
| Argentina | - | - | 32 | 27 | - | - | - | - | - | - | 32 | 27 |
| Mexico | - | - | - | - | (0) | 5 | - | - | - | - | (0) | 5 |
| Colombia & CAM | 1 | 1 | 79 | 80 | 283 | 134 | 11 | 9 | - | - | 372 | 223 |
| Peru | - | (0) | - | 6 | - | 8 | - | 12 | - | - | - | 26 |
| Africa, Asia & Oceania | - | - | - | - | 13 | 0 | - | - | - | - | 13 | 0 |
| Others and adjustments | - | - | - | 0 | 7 | 8 | 40 | 47 | 108 | 172 | 155 | 227 |
| Total Asset Development Investments | 84 | 240 | 3,140 | 2,428 | 1,319 | 2,533 | 171 | 240 | 118 | 192 | 4,832 | 5,633 |
- FY 2024 restated figures
CERTIFIED
FY 2025 consolidated results
Revenues¹ (€mn)
| Global Generation & Trading | Enel Grids | Renewable Energies | Enel Commercial | Services & Others | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | |
| Tier 1 Countries | 25,798 | 21,817 | 11,567 | 11,842 | 6,798 | 7,326 | 34,756 | 39,561 | (15,797) | (20,930) | 63,122 | 59,616 |
| Europe | 25,754 | 21,752 | 11,567 | 11,842 | 5,508 | 5,523 | 34,515 | 39,412 | (15,746) | (20,904) | 61,598 | 57,625 |
| Italy | 18,326 | 13,775 | 8,844 | 9,281 | 4,249 | 4,102 | 17,790 | 22,869 | (9,069) | (13,775) | 40,140 | 36,252 |
| Iberia | 7,428 | 7,977 | 2,723 | 2,561 | 1,258 | 1,420 | 16,655 | 16,467 | (6,677) | (7,129) | 21,387 | 21,296 |
| Other EU Countries | - | - | - | - | 1 | 1 | 70 | 76 | - | - | 71 | 77 |
| USA & Canada | 44 | 65 | - | - | 1,290 | 1,803 | 241 | 149 | (51) | (26) | 1,524 | 1,991 |
| LatAm & Others | 2,157 | 2,432 | 11,227 | 13,042 | 4,825 | 4,878 | 480 | 562 | (1,284) | (1,475) | 17,405 | 19,439 |
| Brazil | 896 | 796 | 6,590 | 6,531 | 981 | 946 | 77 | 76 | (651) | (664) | 7,893 | 7,685 |
| Chile | 841 | 990 | 1,565 | 1,585 | 2,160 | 1,852 | 143 | 157 | (569) | (686) | 4,140 | 3,898 |
| Argentina | - | 1 | 1,275 | 1,301 | 39 | 45 | - | 8 | 1 | - | 1,315 | 1,355 |
| Mexico | 108 | 128 | - | - | 225 | 242 | 3 | 21 | (51) | (33) | 285 | 358 |
| Colombia & CAM | 248 | 353 | 1,797 | 1,880 | 1,309 | 1,496 | 168 | 157 | (14) | (14) | 3,508 | 3,872 |
| Peru | 64 | 164 | - | 1,745 | - | 160 | - | 23 | - | (78) | 64 | 2,014 |
| Africa, Asia & Oceania | - | - | - | - | 111 | 137 | 89 | 120 | - | - | 200 | 257 |
| Elisions | - | - | - | - | - | - | - | (7) | (8) | (10) | (8) | (17) |
| Others and adjustments | (33) | 27 | 17 | 31 | 26 | 35 | 30 | 66 | (214) | (250) | (174) | (91) |
| Total Revenues | 27,922 | 24,276 | 22,811 | 24,915 | 11,649 | 12,239 | 35,266 | 40,182 | (17,302) | (22,665) | 80,346 | 78,947 |
- FY 2024 restated figures
CERTIFIED
FY 2025 consolidated results
Reported EBITDA¹ (€mn)
| Global Generation & Trading | Enel Grids | Renewable Energies | Enel Commercial | Services & Others | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | |
| Tier 1 Countries | 2,642 | 3,094 | 6,409 | 6,917 | 3,923 | 4,473 | 3,985 | 4,089 | 128 | (178) | 17,087 | 18,395 |
| Europe | 2,679 | 3,103 | 6,409 | 6,917 | 3,085 | 3,289 | 3,967 | 4,143 | 133 | (177) | 16,273 | 17,275 |
| Italy | 1,368 | 1,658 | 4,418 | 5,001 | 2,172 | 2,314 | 2,872 | 3,128 | 109 | (16) | 10,939 | 12,085 |
| Iberia | 1,652 | 1,445 | 1,991 | 1,916 | 915 | 976 | 1,090 | 1,013 | 24 | (161) | 5,672 | 5,189 |
| Other EU Countries | (341) | - | - | - | (2) | (1) | 5 | 2 | - | - | (338) | 1 |
| USA & Canada | (37) | (9) | - | - | 838 | 1,184 | 18 | (54) | (5) | (1) | 814 | 1,120 |
| LatAm & Others | 74 | 71 | 2,458 | 3,594 | 2,579 | 2,255 | 155 | 176 | (68) | (129) | 5,198 | 5,967 |
| Brazil | (5) | 1 | 1,469 | 1,503 | 530 | 579 | 17 | 12 | (25) | (35) | 1,986 | 2,060 |
| Chile | 33 | (42) | 158 | 60 | 1,048 | 662 | 80 | 84 | (28) | (92) | 1,291 | 672 |
| Argentina | - | - | 169 | 24 | 28 | 18 | - | 5 | (3) | (1) | 194 | 46 |
| Mexico | 1 | 5 | - | - | 58 | 92 | 1 | 7 | - | - | 60 | 104 |
| Colombia & CAM | 16 | (16) | 662 | 664 | 857 | 667 | 53 | 53 | - | - | 1,588 | 1,368 |
| Peru | 29 | 123 | - | 1,343 | - | 162 | (1) | 11 | (12) | (1) | 16 | 1,638 |
| Africa, Asia & Oceania | - | - | - | - | 58 | 75 | 5 | 4 | - | - | 63 | 79 |
| Others and adjustments | 9 | 3 | 12 | 1 | - | (53) | 37 | 5 | (270) | (252) | (212) | (296) |
| Total Reported EBITDA | 2,725 | 3,168 | 8,879 | 10,512 | 6,502 | 6,675 | 4,177 | 4,270 | (210) | (559) | 22,073 | 24,066 |
- FY 2024 restated figures
CERTIFIED
FY 2025 consolidated results
Ordinary EBITDA¹ (€mn)
| Global Generation & Trading | Enel Grids | Renewable Energies | Enel Commercial | Services & Others | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | |
| Tier 1 Countries | 3,041 | 3,214 | 6,409 | 5,843 | 4,143 | 4,517 | 3,986 | 4,164 | 129 | 55 | 17,708 | 17,793 |
| Europe | 3,078 | 3,223 | 6,409 | 5,843 | 3,244 | 3,312 | 3,967 | 4,195 | 134 | 56 | 16,832 | 16,629 |
| Italy | 1,426 | 1,732 | 4,418 | 4,023 | 2,305 | 2,314 | 2,872 | 3,159 | 110 | 61 | 11,131 | 11,289 |
| Iberia | 1,652 | 1,491 | 1,991 | 1,820 | 941 | 999 | 1,090 | 1,034 | 24 | (5) | 5,698 | 5,339 |
| Other EU Countries | - | - | - | - | (2) | (1) | 5 | 2 | - | - | 3 | 1 |
| USA & Canada | (37) | (9) | - | - | 899 | 1,205 | 19 | (31) | (5) | (1) | 876 | 1,164 |
| LatAm & Others | 89 | 28 | 2,471 | 2,357 | 2,639 | 2,814 | 176 | 176 | (55) | (114) | 5,320 | 5,261 |
| Brazil | (5) | 1 | 1,471 | 1,503 | 531 | 579 | 17 | 12 | (25) | (34) | 1,989 | 2,061 |
| Chile | 47 | (41) | 162 | 60 | 1,050 | 1,269 | 80 | 84 | (27) | (78) | 1,312 | 1,294 |
| Argentina | - | - | 171 | 24 | 28 | 18 | - | 5 | (3) | (1) | 196 | 46 |
| Mexico | 1 | 5 | - | - | 89 | 92 | 1 | 7 | - | - | 91 | 104 |
| Colombia & CAM | 17 | (16) | 667 | 664 | 883 | 685 | 74 | 53 | - | - | 1,641 | 1,386 |
| Peru | 29 | 79 | - | 106 | - | 96 | (1) | 11 | - | (1) | 28 | 291 |
| Africa, Asia & Oceania | - | - | - | - | 58 | 75 | 5 | 4 | - | - | 63 | 79 |
| Others and adjustments | 9 | 3 | 16 | (1) | - | (15) | 41 | 5 | (220) | (245) | (154) | (253) |
| Total Ordinary EBITDA | 3,139 | 3,245 | 8,896 | 8,199 | 6,782 | 7,316 | 4,203 | 4,345 | (146) | (304) | 22,874 | 22,801 |
- FY 2024 restated figures
CERTIFIED
FY 2025 consolidated results
From Ordinary to Reported figures (€mn)
| EBITDA | ||
|---|---|---|
| FY 2025 | FY 2024 | |
| Ordinary | 22,874 | 22,801 |
| Impairments | (91) | (90) |
| Energy transition & digitalization funds | (258) | |
| Results from M&A operations | (398) | 2,358 |
| ow Slovenske | (341) | |
| ow Asset swap US | (57) | |
| ow Romania and India | ||
| ow Peru | 1,332 | |
| ow A2A | 989 | |
| ow Fiber | 37 | |
| FX Chile¹ | (607) | |
| Corporate Restr. Plan & others | (312) | (138) |
| ow mainly severance plan LatAm | (87) | |
| ow solidarity contribution Spain | (138) | |
| ow mainly carbon and Enel Produzione charges | (225) | |
| Total adjustments | (801) | 1,265 |
| Reported | 22,073 | 24,066 |
| Net Income | ||
| --- | --- | |
| FY 2025 | FY 2024 | |
| 7,011 | 7,135 | |
| (2,100) | (457) | |
| (184) | ||
| (455) | 899 | |
| (341) | (526) | |
| (54) | ||
| (60) | ||
| 428 | ||
| 978 | ||
| 19 | ||
| (281) | ||
| (231) | (96) | |
| (61) | ||
| (96) | ||
| (170) | ||
| (2,786) | (119) | |
| 4,225 | 7,016 |
- Change of functional currency from CLP to USD
CERTIFIED
FY 2025 consolidated results
Reported EBIT¹ (€mn)
| Global Generation & Trading | Enel Grids | Renewable Energies | Enel Commercial | Services & Others | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | FY 2025 | FY 2024 | |
| Tier 1 Countries | 722 | 2,304 | 4,082 | 4,687 | 1,584 | 3,121 | 2,547 | 2,293 | 21 | (286) | 8,956 | 12,119 |
| Europe | 760 | 2,318 | 4,082 | 4,687 | 2,106 | 2,447 | 2,544 | 2,440 | 26 | (285) | 9,519 | 11,607 |
| Italy | 36 | 1,422 | 2,946 | 3,549 | 1,699 | 1,905 | 1,961 | 1,923 | 42 | (84) | 6,684 | 8,715 |
| Iberia | 1,066 | 896 | 1,136 | 1,138 | 409 | 543 | 580 | 516 | (16) | (201) | 3,175 | 2,892 |
| Other EU Countries | (341) | - | - | - | (2) | (1) | 3 | 1 | - | - | (341) | (0) |
| USA & Canada | (38) | (14) | - | - | (523) | 674 | 3 | (147) | (5) | (1) | (563) | 512 |
| LatAm & Others | 4 | 13 | 1,325 | 2,486 | 1,708 | 1,515 | 106 | 111 | (80) | (140) | 3,062 | 3,985 |
| Brazil | (9) | 0 | 747 | 822 | 311 | 359 | 0 | (17) | (30) | (40) | 1,019 | 1,123 |
| Chile | 8 | (62) | 72 | (11) | 764 | 413 | 69 | 82 | (35) | (98) | 878 | 325 |
| Argentina | (1) | 0 | (30) | (160) | 27 | 12 | (0) | 5 | (3) | (1) | (6) | (145) |
| Mexico | (7) | 5 | - | - | (127) | 54 | 1 | 7 | - | 1 | (134) | 67 |
| Colombia & CAM | (7) | (37) | 535 | 529 | 747 | 508 | 38 | 32 | (0) | 0 | 1,314 | 1,033 |
| Peru | 21 | 106 | - | 1,307 | (0) | 151 | (1) | 7 | (12) | (1) | 8 | 1,569 |
| Africa, Asia & Oceania | - | - | - | - | (14) | 17 | (1) | (4) | - | - | (16) | 13 |
| Others and adjustments | 9 | 3 | 1 | (2) | (41) | (70) | (75) | (147) | (379) | (393) | (485) | (610) |
| Total Reported EBIT | 735 | 2,320 | 5,408 | 7,171 | 3,250 | 4,566 | 2,579 | 2,256 | (439) | (819) | 11,533 | 15,494 |
- FY 2024 restated figures
emarket
and storage
CERTIFIED
FY 2025 consolidated results
From EBITDA to net income¹ (€mn)
| FY 2025 ordinary | FY 2024 ordinary | Δ yoy | FY 2025 reported | FY 2024 reported | Δ yoy | |
|---|---|---|---|---|---|---|
| EBITDA | 22,874 | 22,801 | +0.3% | 22,073 | 24,066 | -8.3% |
| D&A and Others | (8,060) | (8,040) | (10,540) | (8,572) | ||
| EBIT | 14,814 | 14,761 | +0.4% | 11,533 | 15,494 | -25.6% |
| Net financial charges | (2,906) | (3,331) | (3,069) | (3,401) | ||
| Net income from equity investments using equity method | (9) | 277 | (74) | (210) | ||
| EBT | 11,899 | 11,707 | +1.6% | 8,390 | 11,883 | -29.4% |
| Income tax | (3,405) | (3,253) | (2,773) | (3,654) | ||
| Net income | 8,494 | 8,454 | 5,617 | 8,229 | ||
| Minorities | (1,483) | (1,319) | (1,356) | (1,213) | ||
| Discontinued operations | - | - | (36) | - | ||
| Group net income | 7,011 | 7,135 | -1.7% | 4,225 | 7,016 | -39.8% |
- Rounded figures
CERTIFIED
FY 2025 consolidated results
Gross debt¹ structure
Long term debt by currency
After swap
Long term Interest rate composition
- In nominal terms
CERTIFIED
FY 2025 consolidated results
Debt structure by instrument (€bn)
| Debt by instrument | Enel Spa | EFI | EGP SpA and Central Others | Italy | Iberia | Rest of the World | LATAM and Central America | USA and Canada | RoW-Other | Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Bonds | 2.16 | 40.09 | - | - | 0.01 | 3.90 | 3.29 | 0.61 | - | 46.16 |
| Bank Loans | 1.00 | 0.41 | 0.13 | 4.35 | 5.63 | 5.02 | 4.08 | 0.86 | 0.08 | 16.54 |
| Tax Partnership | - | - | - | - | - | 0.23 | - | 0.23 | - | 0.23 |
| Other Loans | - | - | 0.02 | 0.58 | 0.96 | 1.46 | 0.64 | 0.81 | 0.01 | 3.02 |
| Other short term debt | 0.11 | 0.14 | - | 0.14 | 0.11 | 0.14 | 0.04 | - | 0.10 | 0.64 |
| Commercial Paper | - | 1.01 | - | - | 0.35 | 0.98 | 0.28 | 0.70 | - | 2.34 |
| Gross debt | 3.27 | 41.65 | 0.15 | 5.07 | 7.06 | 11.73 | 8.33 | 3.21 | 0.19 | 68.93 |
| Financial Receivables | - | -0.48 | -1.29 | -0.16 | -0.60 | -0.88 | -0.79 | -0.01 | -0.08 | -3.41 |
| Tariff Deficit | - | - | - | - | -0.85 | - | - | - | - | -0.85 |
| Other short term financial receivables | -0.42 | -1.28 | -0.01 | -0.28 | -0.07 | -0.13 | 0.06 | -0.11 | -0.08 | -2.19 |
| Cash and cash equivalents | -0.05 | - | -0.30 | -2.25 | -0.21 | -2.49 | -1.96 | -0.38 | -0.15 | -5.30 |
| Net Debt – Third Parties | 2.80 | 39.89 | -1.45 | 2.38 | 5.33 | 8.23 | 5.64 | 2.71 | -0.12 | 57.18 |
| Net Debt – Intercompany | 19.73 | -47.49 | 3.89 | 19.41 | 3.53 | 0.93 | 0.90 | 0.02 | 0.01 | - |
| Net Debt – Group View | 22.53 | -7.60 | 2.44 | 21.79 | 8.86 | 9.16 | 6.54 | 2.73 | -0.11 | 57.18 |
CERTIFIED
FY 2025 consolidated results
Debt maturity coverage split by typology (€bn)
Available liquidity
- Of which 18.0 € bn of long term committed credit lines with maturities beyond December 2026
- Short Term not included (+2.34 €bn Commercial paper, +0.64 €bn, other short term)
CERTIFIED
FY 2025 consolidated results
Balance sheet (€mn)
| FY 2025 | FY 2024 | Δ yoy | |
|---|---|---|---|
| Net financial debt | 57,182 | 55,767 | +2.5% |
| Shareholders' equity | 46,805 | 49,171 | -4.8% |
| Net capital employed | 103,987 | 104,938 | -0.9% |
emarket
and storage
CERTIFIED
FY 2025 consolidated results
Headcount
| FY 2025 | FY 2024 | Δ ycy | |
|---|---|---|---|
| Generation and Trading | 4,560 | 5,105 | -10.7% |
| Enel Green Power | 7,266 | 8,269 | -12.1% |
| Grids | 35,395 | 32,214 | +9.9% |
| Enel Commercial | 6,651 | 7,944 | -16.3% |
| Others and adjustments | 7,762 | 6,827 | +13.7% |
| Total | 61,634 | 60,359 | +2.1% |
CERTIFIED
FY 2025 consolidated results
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
CERTIFIED
Omar Al Bayaty
Head of Group Investor Relations
Federico Baroncelli - Fixed Income and ESG Investors and Ratings
Alessia Accili
Bianca Brancati
Jaime Andres Rodrigues Perez
Emanuele Toppi
Serena Carioti – Equity Market and Financial Analysis
Esteci Yamil Medina Luciano
Paolo Germiniani - Equity Investors and Reporting
Davide Abete
Danielle Ribeiro da Encarnação
Alessandro Taddei
Contacts
Email [email protected]
Phone +39 06 8305 7975
Investor Relations App
iOS
Android
Website
Enel.com