Enel (ENEL) Q1 2025 earnings summary

Executive summary

• Revenues rose 13.6% year-over-year to €22,074 million, driven by higher electricity generation, commodity prices, and strong performance in Iberia and the Americas, despite lower sales volumes and asset disposals in Peru.

• Ordinary EBITDA reached €5,974 million, up 1.7% on a like-for-like basis, but down 2% overall due to scope changes and lower retail margins in Italy; adjusted EBITDA rose 1.4% excluding non-recurring items.

• Net ordinary income was €2,003 million, up 1.5% year-over-year on a comparable basis, while reported net income attributable to owners increased 3.9% to €2,007 million.

• Net financial debt stood at €56,011 million, with a net debt/equity ratio of 1.06, improved from 1.13 at year-end 2024.

• All 2025 guidance targets were confirmed, reflecting confidence in ongoing performance and strategic focus on grids and renewables.

Financial highlights

• Revenue: €22,074 million (+13.6% year-over-year), driven by higher commodity prices and increased electricity generation.

• Ordinary EBITDA: €5,974 million (-2.0% overall, +1.7% like-for-like); Adjusted EBITDA: €5,974 million (+1.4% excluding non-recurring items).

• Net income attributable to owners: €2,007 million (+3.9%); net ordinary income: €2,003 million (+1.5% comparable basis).

• Net financial debt: €56,011 million (+0.4% vs. year-end 2024); net debt/equity ratio: 1.06.

• Capital expenditure: €2,074 million (-19.8%), focused on grids (68%) and renewables (18%).

Outlook and guidance

• 2025-2027 Strategic Plan targets €43 billion in gross investments, with €26 billion for grids and €12 billion for renewables, aiming for 12 GW new capacity and 76 GW renewables by 2027.

• 2025 guidance reaffirmed: ordinary EBITDA between €22.9–23.1 billion and net ordinary income between €6.7–6.9 billion.

• Dividend policy ensures a minimum annual DPS of €0.46, with potential payout up to 70% of net ordinary income.

• Full-year 2025 targets confirmed, supported by robust capital allocation and ongoing greenfield and brownfield investments.

• 90% of 2025–27 EBITDA secured, with limited exposure to market volatility.