Enel (ENEL) investor relations material

Executive summary

• EBITDA and net income rose 3% year-over-year in H1 2026, reaching EUR 11.8 billion and EUR 3.9 billion, respectively, driven by strong performance in Spain and Latin America, improved business fundamentals, and reduced commodity price exposure, offsetting regulatory headwinds in Italy.

• Earnings per share for H1 2026 increased 5% to EUR 0.40, with full-year EPS expected at the top end of guidance, around EUR 0.74.

• Strategic focus on regulated, low-risk businesses, disciplined capital allocation, and asset portfolio reshaping expanded earnings and improved margin quality.

• Shareholder returns enhanced with EUR 6.6 billion distributed via dividends and buybacks, including EUR 1.5 billion in buybacks and EUR 5.1 billion in dividends.

• Growth supported by greenfield and brownfield investments, with significant progress in asset sales and acquisitions.

Financial highlights

• Ordinary EBITDA rose to EUR 11.8 billion (+3% year-over-year), with distribution business EBITDA up 10% to EUR 4.8 billion, now 41% of group margin.

• Net income reached EUR 3.9 billion (ordinary), up 2.8% year-over-year; reported net income at EUR 3.4 billion.

• Revenues reached EUR 40.9 billion (+0.3% year-over-year), driven by higher distribution and generation in Spain and Latin America.

• Net financial debt increased to EUR 61.0 billion (+6.7% from FY 2025), impacted by capital expenditure, dividends, buybacks, FX, and regulatory effects.

• Capital expenditure totaled EUR 5.1 billion (+13.6% year-over-year), mainly in grids and renewables.

Outlook and guidance

• Full-year 2026 EPS expected at EUR 0.74, at the high end of guidance, with organic growth, brownfield investments, and share buybacks as main drivers.

• Ordinary EBITDA for 2026 forecasted between EUR 23.1 billion and EUR 23.6 billion; net ordinary income between EUR 7.1 billion and EUR 7.3 billion.

• Strategic plan targets a 3% CAGR in EPS for 2024-27 and 6% for 2025-28.

• Brownfield M&A pipeline of 15 GW, with 15%-20% in advanced negotiations.

• Share buyback program of EUR 1.5 billion ongoing, with further potential at both parent and subsidiary levels.