Live nieuws • 15h
Enel Q1 Profit Supported by Spain and Latin America as Renewables Investment Continues Enel reported a 3.6% rise in ordinary EBITDA in Q1, mainly supported by operations in Spain and Latin America.
Ordinary net income increased 3.9% year on year, despite group revenues moving lower.
The company reaffirmed its 2026 guidance and highlighted sizeable investment plans in renewables and power grid infrastructure.
For you as an investor, the key takeaway is that Enel is generating higher profitability even with lower revenues, helped by its geographic mix. Spain and Latin America are currently offsetting weaker conditions in Italy, which reduces the company’s reliance on a single market and shows the importance of its diversified footprint.
The renewed focus on renewables and grid assets, paired with confirmed 2026 targets, signals that Enel is keeping its current medium-term plan intact. If you follow the stock, it can be useful to watch how capital spending on grids and clean generation feeds through to future EBITDA and cash flows, as well as how conditions in Italy evolve relative to the stronger Spanish and Latin American businesses. Aankondiging • Apr 22
Enel SpA, Annual General Meeting, May 12, 2026 Enel SpA, Annual General Meeting, May 12, 2026, at 14:00 W. Europe Standard Time. Location: via dalmazia n 15 00198, roma Italy New Risk • Apr 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 124% Cash payout ratio: 151% Minor Risks High level of debt (126% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.0% net profit margin). New Risk • Mar 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 125% Cash payout ratio: 151% Dividend yield: 5.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 125% Cash payout ratio: 151% Minor Risks High level of debt (136% net debt to equity). Profit margins are more than 30% lower than last year (5.3% net profit margin). Reported Earnings • Mar 20
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: €0.39 (down from €0.67 in FY 2024). Revenue: €80.3b (up 6.1% from FY 2024). Net income: €4.26b (down 37% from FY 2024). Profit margin: 5.3% (down from 8.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 19% per year. Aankondiging • Mar 09
Sembcorp, Hexa Climate Solutions Reportedly Vie for the India Renewables Business of Italy's Enel in $300-Million Deal IPO-bound Singapore's Sembcorp Industries Ltd. (SGX:U96)'s Indian renewable energy business and Hexa Climate Solutions (Hexa Climate Solutions Private Limited) are vying to acquire the entire India renewable business of Italy's Enel Group (Enel SpA (BIT:ENEL)) in a deal having an equity and enterprise value of around $100 million and $300 million, respectively, according to two people aware of the development. Sembcorp is present in India throughSembcorp India Private Limited and Sembcorp Green Infra Ltd. (SGIL) along with other subsidiaries., while Hexa is backed by I Squared Capital. The HSBC-run sale process follows a deal signed last year-which later fell through-under which Waaree Energies Ltd. had agreed to buy 100% of Enel Green Power India Pvt Ltd. (EGP India) from its parent Enel Green Power Development S.R.L. for INR 7,920 million. Mint first reported on 15 November 2023 that Enel Group planned to exit its India renewable business. "Enel Group's entire India renewable business is back on offer again and Sembcorp and Hexa are in talks for it," one of the two people cited above said, requesting anonymity. Enel Green Power India's portfolio comprises 760 megawatts (MW) of operational wind and solar assets, and a development pipeline of 2.5 gigawatts (GW). The company has been present in India's renewable sector since 2015 and in 2020 it partnered with Norway's state-owned investment fund Norfund to jointly finance, build and operate new renewable projects in the country. Spokespersons for Enel Group and HSBC, as well as Hexa Climate Solutions' founder and executive chairman Sanjeev Aggarwal declined to comment. Queries emailed to Sembcorp Industries Ltd. on Thursday evening remained unanswered till press time. Declared Dividend • Feb 26
Dividend increased to €0.26 Dividend of €0.26 is 2.0% higher than last year. Ex-date: 20th July 2026 Payment date: 22nd July 2026 Dividend yield will be 4.8%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not covered by cash flows (126% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Jan 12
Upcoming dividend of €0.23 per share Eligible shareholders must have bought the stock before 19 January 2026. Payment date: 21 January 2026. Payout ratio is on the higher end at 81%, and the cash payout ratio is above 100%. Trailing yield: 5.2%. Within top quartile of Italian dividend payers (4.5%). Higher than average of industry peers (3.9%). Declared Dividend • Nov 17
Dividend of €0.23 announced Shareholders will receive a dividend of €0.23. Ex-date: 19th January 2026 Payment date: 21st January 2026 Dividend yield will be 5.4%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not covered by cash flows (133% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: €0.16 (up from €0.16 in 3Q 2024). Revenue: €18.9b (flat on 3Q 2024). Net income: €1.90b (up 5.6% from 3Q 2024). Profit margin: 10.0% (in line with 3Q 2024). Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 2.9%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 03
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: €0.14 (down from €0.21 in 2Q 2024). Revenue: €18.7b (down 2.9% from 2Q 2024). Net income: €1.42b (down 34% from 2Q 2024). Profit margin: 7.6% (down from 11% in 2Q 2024). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 14
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 21 July 2025. Payment date: 23 July 2025. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 6.4%. Within top quartile of Italian dividend payers (5.1%). Higher than average of industry peers (4.5%). Major Estimate Revision • May 21
Consensus revenue estimates increase by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €71.7b to €85.8b. EPS estimate unchanged at €0.678. Net income forecast to grow 0.6% next year vs 2.3% growth forecast for Electric Utilities industry in Italy. Consensus price target broadly unchanged at €8.23. Share price rose 4.7% to €8.09 over the past week. Major Estimate Revision • May 09
Consensus revenue estimates decrease by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €85.5b to €71.7b. EPS estimate unchanged from €0.68 per share at last update. Electric Utilities industry in Italy expected to see average net income growth of 2.5% next year. Consensus price target broadly unchanged at €8.14. Share price was steady at €7.58 over the past week. Reported Earnings • Apr 25
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: €0.67 (up from €0.36 in FY 2023). Revenue: €75.7b (down 20% from FY 2023). Net income: €6.77b (up 87% from FY 2023). Profit margin: 8.9% (up from 3.9% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 11
Enel SpA, Annual General Meeting, May 22, 2025 Enel SpA, Annual General Meeting, May 22, 2025, at 14:00 W. Europe Standard Time. Declared Dividend • Mar 19
Final dividend of €0.26 announced Shareholders will receive a dividend of €0.26. Ex-date: 21st July 2025 Payment date: 23rd July 2025 Dividend yield will be 6.5%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but not covered by cash flows (234% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 3.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 14
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: €0.67 (up from €0.36 in FY 2023). Revenue: €78.9b (down 16% from FY 2023). Net income: €7.02b (up 93% from FY 2023). Profit margin: 8.9% (up from 3.9% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 13
Upcoming dividend of €0.21 per share Eligible shareholders must have bought the stock before 20 January 2025. Payment date: 22 January 2025. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 6.2%. Within top quartile of Italian dividend payers (5.2%). Higher than average of industry peers (5.0%). Buy Or Sell Opportunity • Nov 12
Now 22% undervalued Over the last 90 days, the stock has risen 1.6% to €6.59. The fair value is estimated to be €8.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 5.6% per annum over the same time period. Declared Dividend • Nov 11
Dividend of €0.21 announced Shareholders will receive a dividend of €0.21. Ex-date: 20th January 2025 Payment date: 22nd January 2025 Dividend yield will be 6.4%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but not covered by cash flows (460% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: €0.16 (up from €0.15 in 3Q 2023). Revenue: €18.9b (down 16% from 3Q 2023). Net income: €1.80b (up 7.3% from 3Q 2023). Profit margin: 9.5% (up from 7.5% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) also missed analyst estimates by 4.4%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 28
Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2024 results: EPS: €0.21 (up from €0.14 in 2Q 2023). Revenue: €19.3b (down 6.7% from 2Q 2023). Net income: €2.21b (up 58% from 2Q 2023). Profit margin: 12% (up from 6.8% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 15
Upcoming dividend of €0.21 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 24 July 2024. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 6.2%. Within top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (4.9%). Aankondiging • Jun 10
JSW, Torrent, Masdar Among Suitors for Enel's India Assets About half a dozen investors, including Abu Dhabi Future Energy Company PJSC - Masdar of the UAE, Singapore's Sembcorp Industries Ltd. (SGX:U96), JSW Energy Limited (BSE:533148), Torrent Power Limited (NSEI:TORNTPOWER), Sekura Energy Limited and Oil and Natural Gas Corporation Limited (NSEI:ONGC), have submitted non-binding bids to acquire 760 MW of operational assets in India that have been put on the block by Italy's Enel Group, said people aware of the development. HSBC is advising Enel on the sale. The proposed deal may have an enterprise value of $500 million (INR 41.00 billion), the sources said. The portfolio of Enel Green Power India Private Limited comprises 760 megawatts (MW) of operational wind and solar power assets and a development pipeline of 2 gigawatts (GW). Of the operational capacity, solar power projects comprise 420 MW, with the balance 340 MW coming from wind power. Last year, Norwegian Climate Investment Fund, managed by Norfund, and KLP, Norway's largest pension company, had together committed $100 million of equity and guarantees for a 168 MW wind power plant developed by Enel Green Power in India. In 2020, Norfund and Enel Green Power (EGP) entered into a joint investment agreement for renewable energy projects in India. Their first project together, the 420 MW Thar solar plant, was announced in 2022. Enel Green Power, founded in 2008 within the Enel Group to develop and manage renewable power projects globally, operates over 63 GW of installed renewable capacity at 1,300 plants in Asia, Europe, Africa and America. EGP had strengthened its position in India through an acquisition of a majority stake in renewable energy company BLP Energy for INR 30 million (INR 2.20 billion) in 2015.Enel, ONGC, Masdar and Sekura Energy spokespersons declined to comment. JSW, Sembcorp and Torrent didn't respond to queries. Energy producers such as Sekura Energy, Sembcorp and Masdar Energy are already in the race for several Indian renewable assets that are on the block. These three were among the contenders for the 2 GW renewable portfolio of Brookfield in India that's up for sale at an estimated enterprise value of $800 million - 1 billion (INR 66.00 billion - INR 83.00 billion). JSW Neo Energy and Sekura Energy are among the bidders that have made non-binding offers to acquire a controlling stake in Ayana Renewable Power, majority owned by National Investment and Infrastructure Fund (NIIF), at a valuation of about $2 billion, ET had reported. ONGC is another contender for several assets in the clean energy space as part of decarbonising its operations. ONGC plans to have a renewable energy capacity of 10 GW by 2030 at an investment of INR 1 lakh crore. The outlook for the renewable energy (RE) sector remains stable, led by strong policy support from the government, superior tariff competitiveness and sustainability initiatives by large commercial and industrial (C&I) customers. Reported Earnings • May 10
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: €0.19 (up from €0.099 in 1Q 2023). Revenue: €19.4b (down 26% from 1Q 2023). Net income: €1.93b (up 89% from 1Q 2023). Profit margin: 9.9% (up from 3.9% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 27%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.36 (up from €0.34 in FY 2022). Revenue: €94.2b (down 32% from FY 2022). Net income: €3.63b (up 5.2% from FY 2022). Profit margin: 3.9% (up from 2.5% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 27
Final dividend of €0.21 announced Shareholders will receive a dividend of €0.21. Ex-date: 22nd July 2024 Payment date: 24th July 2024 Dividend yield will be 7.1%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not covered by earnings (121% earnings payout ratio) nor is it covered by cash flows (413% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 35% to bring the payout ratio under control. EPS is expected to grow by 45% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.35 (up from €0.35 in FY 2022). Revenue: €95.6b (down 31% from FY 2022). Net income: €3.81b (up 8.5% from FY 2022). Profit margin: 4.0% (up from 2.5% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jan 15
Upcoming dividend of €0.21 per share at 6.3% yield Eligible shareholders must have bought the stock before 22 January 2024. Payment date: 24 January 2024. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 6.3%. Within top quartile of Italian dividend payers (5.2%). Higher than average of industry peers (5.2%).