by Redazione
Enel confirms its international growth and the strength of its long-term strategy, balancing expansion in foreign markets with targeted investments in efficiency, renewables, and grids, while ensuring sustainable shareholder returns.
Solid Results in First Nine Months
Enel S.p.A. closed the first nine months of 2025 with solid results, driven mainly by strong performance in its international operations, particularly in Spain and Latin America.
Revenue and Margins
Group revenues reached €59.7 billion, up 3.6% from €57.6 billion in the same period of 2024. Growth was driven by higher energy sales in the wholesale market, despite a slowdown in some local markets, such as Italy and Chile. Ordinary EBITDA stood at €17.3 billion, essentially stable (+0.9% on a like-for-like basis), thanks to positive contributions from Spain and Colombia, which offset lower margins in Italy due to reduced prices for customers and lower water availability. Operating profit (EBIT) amounted to €10.9 billion, down 14.2% from the same period last year, while the Group’s ordinary net income reached €5.7 billion (+4.5% on a like-for-like basis).
Debt and Investments
Net financial debt was €57.5 billion, up 3.2% from the end of 2024, mainly due to investments and dividend payments. The Group invested €6.8 billion in the first nine months, focusing on distribution networks (about 69% of the total) and renewable energy (15%), aiming to increase efficiency and resilience.
Energy Production and Sales
In the first nine months of 2025, Enel produced 141.15 TWh of electricity, down 4.1% from the same period in 2024, with 83.3% of production coming from renewable sources. The Group’s consolidated efficient capacity rose to 86.3 GW, thanks to new acquisitions in Spain and increased capacity from solar plants and storage systems in Italy. Electricity sales totaled 188.1 TWh (-9.9% vs. 2024), with declines mainly in Italy, Peru, Chile, and Brazil, partially offset by increases in Spain. Natural gas sales reached 4.3 billion cubic meters (-14%).
Parent Company Results
Industrial holding Enel closed the first nine months of 2025 with a net profit of €3.37 billion (+32% vs. €2.55 billion in 2024), despite a negative EBITDA of €173 million, affected by higher operating costs.
Dividends and Shareholder Returns
The Board of Directors approved an interim 2025 dividend of €0.23 per share, payable from January 21, 2026, up 7% from the 2024 interim dividend. The dividend policy for 2025 provides for a minimum fixed dividend of €0.46 per share, with a potential payout of up to 70% of ordinary net income.
2025–2027 Outlook and Strategy
Enel’s 2025–2027 Strategic Plan targets gross investments of approximately €43 billion, including €26 billion in networks and €12 billion in renewables, aiming to add 12 GW of renewable capacity by 2027 and further increase zero-emission production. Guidance for 2025 confirms ordinary EBITDA between €22.9 and €23.1 billion and ordinary net income slightly above the upper end of the range (€6.7–6.9 billion).
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