Enel (ENEL) Q2 2026 earnings summary

Executive summary

• EBITDA and net income increased 3% year-over-year in H1 2026 to EUR 11.8 billion and EUR 3.9 billion, respectively, driven by international growth and strong performance in Spain and Latin America, offsetting weaker Italian margins and regulatory impacts.

• EPS for H1 2026 reached EUR 0.40, up 5% year-over-year, with full-year EPS expected at the upper end of guidance, around EUR 0.74.

• Strategic focus on regulated, low-risk Tier 1 markets, with over 90% of earnings from secured businesses and continued asset portfolio reshaping.

• Disciplined capital allocation in greenfield and brownfield investments, with greenfield up 14% year-over-year and significant progress in asset sales and acquisitions.

• EUR 6.6 billion returned to shareholders via dividends and buybacks, maintaining a net debt/EBITDA ratio of 2.6x.

Financial highlights

• Revenue for H1 2026 was EUR 40,919 million, up 0.3% year-over-year, with ordinary EBITDA rising 3.2% to EUR 11,838 million.

• Net profit attributable to owners increased 9.2% to EUR 3,743 million; group net ordinary income was EUR 3,929 million (+2.8% year-over-year).

• Distribution business EBITDA grew 10% year-over-year to EUR 4.8 billion, now 41% of group margin.

• Capital expenditure totaled EUR 5,142 million (+13.6% year-over-year), mainly in grids and renewables.

• Net financial debt increased to EUR 61,011 million (+6.7% from 2025 year-end), impacted by capex, dividends, buybacks, FX, and regulatory effects.

Outlook and guidance

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

• Strategic Plan 2026-2028 targets EUR 53 billion in gross capex, focusing on grids and renewables, with 15 GW of new renewable capacity expected.

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

• EPS projected to grow at a 6% CAGR through 2028.

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