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Enel (ENEL) investor relations material
Enel Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
EBITDA reached €17.3 billion and net income €5.7 billion, both growing steadily year-over-year, with a 5% net income increase compared to the same period last year.
Strategic portfolio reshaping, disciplined capital allocation, and a focus on regulated assets enhanced resilience and flexibility.
84% of production is emission-free, supporting sustainability goals.
Total installed capacity reached 92.9 GW in Q3 2025, up 3.9% year-over-year, with renewables growing 5.0% and BESS up 41.7%.
Share buyback programs and improved asset quality have driven higher EPS and enhanced shareholder returns.
Financial highlights
Ordinary EBITDA reached €17.3 billion, up 1% year-over-year; ordinary net income rose to €5.7 billion, up 5% year-over-year.
Net debt stood at €57.5 billion, with a Net Debt/EBITDA ratio of 2.5x.
Revenues totaled €59.7 billion, up 3.6% year-over-year.
Cash conversion and debt coverage remain strong, with FFO/Net Debt at 25%.
Capital expenditure for the period was €6.8 billion, with a focus on grids and renewables.
Outlook and guidance
2025 ordinary EBITDA guidance confirmed; net ordinary income expected slightly above the top end of the guidance range.
Strategic Plan 2025-2027 targets €43 billion in gross capex, with €26 billion for grids and €12 billion for renewables.
Dividend policy: minimum DPS of €0.46, with potential payout up to 70% of net ordinary income.
End of regulated tariff in Italy for non-vulnerable customers, with vulnerable customers still included in the regulated base.
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