Enel (ENEL) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered solid operational and financial results, with ordinary EBITDA up 3.6–4% year-over-year and net income ranging from €1.86–1.94 billion, confirming disciplined execution of the strategic plan and progress toward full-year targets.

• Revenue for Q1 2026 was €20,588 million, down 6.7% year-over-year, mainly due to lower electricity and gas sales and commodity price effects, partially offset by growth in Spain and Latin America.

• Earnings quality improved, driven by a higher share of regulated networks and reduced exposure to commodity trading.

• EPS for Q1 2026 reached €0.20, achieving 27% of the full-year target, supported by organic business evolution and share buybacks.

• Net financial debt increased 1.1% to €57,830 million, mainly due to FX effects and capital allocation activities.

Financial highlights

• Ordinary EBITDA rose to €6.0 billion (+3.6–4% YoY); net income ranged from €1.86–1.94 billion, with EBITDA to net income conversion at 32%.

• Revenue: €20,588 million (-6.7% YoY); cash flows from operating activities: €3,717 million (+7.9% YoY).

• EPS grew 6% year-over-year, in line with guidance CAGR and 2026 targets.

• Net financial debt: €57,830 million (+1.1% YoY); net debt/EBITDA at 2.5x.

• Capital expenditure increased 10.9% to €2,301 million, mainly in grids and renewables.

Outlook and guidance

• 2026 guidance confirmed: ordinary EBITDA €23.1–23.6 billion, net ordinary income €7.1–7.3 billion, EPS €0.72–0.74 (+6% YoY).

• Strategic Plan 2026–2028 targets €53 billion gross capex, focusing on grids, renewables, and customer solutions.

• 2028 EPS expected to reach €0.80–0.82, with a CAGR of about 6% from 2025.

• Growth to be accelerated in stable markets, maximizing capital productivity and maintaining financial discipline.

• Improved earnings visibility expected from a growing share of regulated activities and less volatile earnings mix.