Enel (ENEL) Q3 2025 earnings summary

Executive summary

• Ordinary EBITDA reached €17.3 billion (up 1% year-over-year) and net income €5.7 billion (up 5% year-over-year), with strong performance driven by a strategic focus on regulated assets and flexible capital allocation in core countries.

• 84% of production is emission-free, supporting sustainability goals and ongoing investments in grids and renewables.

• Strategic portfolio reshaping and disciplined capital allocation enhanced business resilience and flexibility.

• Total installed capacity reached 92.9 GW in Q3 2025, up 3.9% year-over-year, with renewables growing 5.0% and battery storage up 41.7%.

Financial highlights

• Revenue rose 3.6% year-over-year to €59.7 billion; like-for-like revenue up 7.4%.

• Ordinary EBITDA was €17.3 billion, up 1% year-over-year; net income rose 5% to €5.7 billion.

• Net financial debt stood at €57.5 billion, with a Net Debt/EBITDA ratio of 2.5x.

• Cash conversion and debt coverage remain strong, with FFO/Net Debt at 25%.

• Capital expenditure for the period was €6.8 billion, focused on grids and renewables.

Outlook and guidance

• 2025 guidance confirmed: ordinary EBITDA between €22.9–23.1 billion, net ordinary income slightly above €6.9 billion.

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

• Strategic Plan 2025-2027 targets €43 billion in gross capex, with €26 billion for grids and €12 billion for renewables.

• End of regulated tariff in Italy for non-vulnerable customers, with vulnerable customers still included in the regulated base.