Enel closes the first half of 2026 with revenues of 40.919 million euros, essentially stable compared to the €40.816 million recorded in the first half of 2025, with a change of just 0,3% and an absolute value of €103 million. Behind this apparent stability are two opposing forces. On the one hand, revenues in Italy are decreasing due to the lower average prices applied to residential and SME customers with fixed-price offers and to the reduction in volumes on the wholesale and indexed market, on the other hand, revenues from distribution and generation are growing in Spain and Latin AmericaAt the business level, Thermoelectric Generation and Trading fell to €13.289 million from €15.103 million, a decrease of 12%, Enel Commercial went from €17.788 million to €16.565 million, a decrease of 6,9%, while Enel Green Power rose by 6,9% to €6.220 million from €5.818 million and Enel Grids grew by 9,2% to €12.173 million from €11.145 million.
Ordinary EBITDA stood at €11.838 million versus €11.468 million in the first half of 2025, up €370 million or 3,2%. Performance in Spain and Brazil more than offset declines in margins in Italy on sales and generation. The breakdown by sector shows Grids at €4.844 million from €4.402 million, a jump of 10%; Commercial at €2.405 million from €2.210 million, an 8,8% increase; Green Power essentially stable at €3.373 million from €3.387 million, a decrease of 0,4% due to lower water availability in Italy and Latin America and lower tax partnership incentives in the US offset by storage in Italy; Thermoelectric and Trading at €1.348 million from €1.562 million, a decrease of 13,7% due to the normalization of trading.
Reported EBITDA, adjusted for non-recurring items, amounted to €11.725 million compared to €11.092 million in H1 2025. Among the non-recurring items for 2026, €47 million in charges for the Brindisi and Torrevaldaliga Nord coal-fired power plants, whose production activities ceased on December 31, 2025 but which continue to incur maintenance costs for potential emergency use, in addition to €16 million for Colombian wealth tax. Compared to the first quarter of 2026, when ordinary EBITDA was €6 billion, the second quarter therefore closes at around 5,84 billion, slightly down sequentially but above the consensus expectation of €11,6-€11,7 billion for the first half of the year. Operating profit rose to €7.720 million from €7.199 million, a 7,2% increase despite higher depreciation related to investments in the last twelve months.
Profit, debt and the (negative) effect of the Bills Decree
The group's ordinary net result reaches 3.929 million euros compared to 3.823 million in the first half of 2025, up 106 million, equal to 2,8%Operating growth fully absorbed the increase in net financial expenses, higher depreciation and amortization, and higher profit attributable to minority interests. Ordinary net earnings per share rose to €0,40 from €0,38, a 5,3% increase., calculated net of the 229,13 million treasury shares already purchased through buyback. The group's reported net profit was €3.743 million, up 9,2% from €3.428 million, and an improvement of €315 million. Reconciling ordinary and reported results includes €68 million in tax effects related to the so-called Bollette Decree in Italy, €53 million in results from non-recurring activities, €32 million from coal residues, and €26 million in value adjustments.
On a quarterly comparison, if the first quarter closed with an ordinary net profit of 1,94 billion, the second is therefore worth approximately 1,989 billion, substantially stable and slightly above analysts' expectations which estimated a half-yearly profit of around 3,85 billion. Net financial debt rises to 61.011 million euros from 57.182 million at the end of 2025 with an increase of 3.829 million equal to 6,7% and a debt to equity ratio of 1,23 from 1,22. The trend reflects positive recurring FFO of approximately 6,1 billion net ofnegative impact of the Bills Decree equal to approximately 1.200 million, 1.972 million from perpetual hybrid issues and 144 million from the sale of the residual stake in Duereti, more than offset by investments of 4.215 million net of 927 million in contributions, dividends of 2.862 million including 144 million in coupons on hybrids, purchase of treasury shares by Enel and Endesa for 1.578 million, 71 million for the acquisition of Energía Colectiva in Spain, 273 million from a capital increase in Mooney Group and 1.010 million from a negative exchange rate effect.
Investments, cash flow and guidance confirmed towards the high end
Investments for the semester amount to 5.142 million Compared to €4.528 million in H1 2025, up 13,6% and €614 million more, focused on networks and renewables. If the €91 million acquisition of the Spanish customer portfolio of Energía Colectiva from Enel Commercial is included, the total rises to €5.233 million. Enel Grids absorbed €3.549 million, or 69% of the total, with an annual increase of 14% for projects in Italy, Brazil, and Spain on reliability, quality, and climate resilience; Enel Green Power absorbed €914 million, with a 27,3% increase in Italy and Chile; Thermoelectric €233 million, with a 6,4% increase; and Commercial €370 million, with a -5,1% increase before the acquisition.
The financial statement shows a Cash flow from operating activities to 4.251 million from 4.045 million, a negative cash flow from investments of €5.367 million (down from €5.217 million) and a negative cash flow from financing of €544 million (down from €3.478 million in 2025) thanks to new bond issuances. Liquid assets at the end of the period decreased to €4.782 million from €5.519 million at the beginning of the year.
For 2026, Enel confirms ordinary EBITDA between 23,1 and 23,6 billion and ordinary net profit between 7,1 and 7,3 billion, but explicitly states that, given the solid performance of the first half of the year, EPS is expected to be around €0,74, corresponding to the high end of the guidance range. This signal places the group above the consensus at the beginning of the year and is supported by the 2026-2028 strategic plan, which calls for €53 billion in gross investments, of which over €26 billion in integrated operations with 15 GW of new renewables and over €26 billion in networks, with a RAB expected to reach €58 billion in 2028, up from €47 billion at the end of 2025.
