Enel (ENEL) Q3 2025 earnings summary

Executive summary

• Revenues rose 3.6% year-over-year to €59,702 million, driven by higher commodity sales and increased average prices, especially in Thermal Generation and Trading.

• Ordinary EBITDA was €17.3 billion, up 0.9% year-over-year when adjusted for disposals, and net ordinary income reached €5.7 billion, up 4.5% (adjusted), with strong contributions from Spain and Colombia.

• 83–84% of production is emission-free, supporting sustainability goals.

• Net financial debt increased 3.2% to €57,535 million, reflecting capital expenditure, dividend payments, treasury share purchases, and acquisitions, partially offset by positive cash flows and hybrid bond issues.

• Interim dividend for 2025 set at €0.23 per share (+7% vs. 2024), with a minimum annual DPS of €0.46 and potential payout up to 70% of net ordinary income.

Financial highlights

• EBIT fell 14.2% year-over-year to €10,924 million, mainly due to higher depreciation, amortization, and impairments, especially in renewables.

• Group net income was €5,236 million, down 10.8% year-over-year, impacted by non-ordinary items and impairments.

• Capital expenditure totaled €6,836 million (-10.1% year-over-year), with 69% focused on Grids and 15% on renewables.

• Cash flow from operating activities reached €9,093 million, up from €8,393 million in the prior year.

• FFO for nine months was €11.1 billion, with a 64% cash conversion rate and FFO/net debt at 25%.

Outlook and guidance

• 2025 ordinary EBITDA guidance confirmed at €22.9–23.1 billion; net ordinary income expected slightly above €6.9 billion.

• Strategic Plan 2025–2027 targets €43 billion in investments, with €26 billion for Grids and €12 billion for Renewables.

• By 2027, ordinary EBITDA is forecast at €24.1–24.5 billion and net ordinary income at €7.1–7.5 billion.

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

• Europe expected to remain stable, Spain to grow 5% year-on-year in Q4, and LatAm to see single-digit growth, with Brazil rebounding due to curtailment refunds.