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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.
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Q3 2025 earnings summary13 Nov, 2025

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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Frequently asked questions

Enel SpA is a multinational energy company involved in the generation, distribution, and sale of electricity and gas. The company focuses on renewable energy development and operates power plants, transmission networks, and energy storage systems globally. It serves residential, commercial, and industrial customers. The company is headquartered in Rome, Italy, and its shares are listed on the BIT.

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