As it already happened in the 2025 financial year, also in the first quarter of this year Enel's growth is supported by its activities in Spain and Latin America, which confirms the guidance indicated at the Capital Market Day last February. A note at the end of the board meeting in fact communicated that revenues fell to 20,588 billion euros (-6,7%), with the reduction in revenues in Italy due to lower quantities of electricity sold and for the lower average prices applied to end customers.
Margins growing despite the slowdown in Italy
Ordinary EBITDA stands at 6,003 billion euros (+3,6%) with the positive performance recorded mainly in Spain and Latin America which more than offset the reduction in margins in ItalyThe Group's ordinary net income stood at €1,941 billion, up 3,9% from €1,868 billion in the first quarter of 2025. "The increase is attributable to the positive performance of ordinary operations observed at the EBITDA level, the improved contribution of the Stewardships active in the renewable energy sector (Greece, South Africa, and Australia), and the containment of debt costs, partially offset by higher taxes," the statement explains. The Group's ordinary net income per share (EPS) was €0,203 in the first quarter (+6,2%).
Debt is increasing, but due to exchange rates
Net financial debt rose to 57,83 billion (from €57,182 billion at the end of 2025, +1,1%), but the company attributes this increase to exchange rate fluctuations: “Cash flows generated by operating activities and the effects of the new issuances of perpetual hybrid subordinated non-convertible bonds satisfied the financing needs associated with investments during the period, the payment of dividends, the purchase of treasury shares by Enel SpA and Endesa SA as part of share buyback transactions, and extraordinary transactions.”
Investments up nearly 11% to 2,3 billion
Investments amounted to 2,3 billion euros in the first three months of 2026, an increase of 227 million euros compared to the first quarter of 2025 (+10,9%). Investments during the period were primarily focused on networks and renewable energy. In particular, Enel Grids (1.582 million euros, 69% of the total) saw higher investments compared to the same period of 2025. mainly concerned Italy, Brazil and Spain, with the aim of further improving the reliability, service quality, and the resilience of plants to extreme weather events. At Enel Green Power (427 million euros, 19% of the total), the increase in investments compared to the same period in 2025 is largely attributable to operations in Italy and Chile. Furthermore, if the acquisition of a customer base in Spain worth 91 million euros is included in Enel Commercial's investments, total investments in the first three months of 2026 amount to 2.392 million euros.
Net profit forecasts for 2026 of between 7,1 and 7,3 billion euros confirmed
“The results achieved in the first quarter of the year and the strategic actions outlined, allow the Group to confirm the forecast for 2026 of an ordinary EBITDA of between 23,1 and 23,6 billion and an ordinary net profit of between 7,1 and 7,3 billion. In light of the solid performance of the first quarter, the guidance provided to the financial markets at the presentation of the 2026-2028 Strategic Plan is confirmed: in 2026, the Group expects ordinary net earnings per share (EPS) of between 0,72 and 0,74 euros,” the note reads. While for 2028 the estimate of an ordinary net earnings per share (EPS) between 0,80 and 0,82 euros, growing from approximately 0,69 euros in 2025, with a CAGR (Compound Average Growth Rate) of approximately 6%.
For the three-year period 2026-2028, the Enel Group will therefore focus on three strategic prioritiesAccelerate growth in countries with stable environments, focusing on networks, renewables, and end customers, through Greenfield and Brownfield investments; maximize capital productivity through optimal allocation and efficient and effective management of financial resources; and ensure a balanced risk/return profile in order to pursue improved ordinary net earnings per share (EPS) while maintaining rigorous financial discipline. The 2026-2028 Strategic Plan foresees total gross investments of approximately 53 billion euros, an increase of approximately 10 billion euros compared to the previous Plan.
