Enel (ENEL) Q4 2025 earnings summary

Executive summary

• Achieved solid economic and financial performance in FY 2025, with revenues up 1.8% to €80,346 million and ordinary EBITDA up 0.3% to €22,874 million, driven by higher wholesale market volumes and grid and renewables investment.

• Net ordinary income rose 6% year-over-year to €7,011 million, aided by lower financial expenses.

• Net debt decreased to €55.8bn from €57.2bn, improving leverage ratios, though net financial debt increased 2.5% to €57,182 million due to treasury share purchases and capex.

• Dividend per share proposed at €0.49, up over 4% from the prior year.

• Significant investments in grids and renewables, with grids capex up 21% and visible delivery on infrastructure.

Financial highlights

• Ordinary EBITDA reached €22.9bn, up from €22.8bn in FY 2024 pro forma.

• Net ordinary income was €7.0bn, up from €6.6bn year-over-year.

• Net debt/EBITDA ratio at 2.5x, FFO/Net Debt at 26%.

• Reported EBITDA was €22.1bn, down from €24.1bn due to non-recurring items.

• Shareholders' equity at €46.8bn, with net capital employed at €103,987 million.

Outlook and guidance

• Strategic Plan 2026-2028 targets €53 billion in investments, focusing on renewables and grids, with an additional renewable capacity target of ~15 GW for 2026-28 and 2.8 GW already in execution.

• EPS expected to grow at a CAGR of ~6%, reaching €0.80–0.82 by 2028, with dividend policy aligned.

• Continued focus on grid investments and renewables to support future growth and reduced exposure to commodity price volatility.