Enel Posts €6.018 Billion in Ordinary Profit in 9 Months, Up 5.5%
Key Facts
Enel reported ordinary group net income of €6.018 billion in the first nine months of 2026, up 5.5% year on year, according to its results presentation for the period. Ordinary earnings before interest, taxes, depreciation and amortization (EBITDA) reached €17.946 billion, up 4% from the same period in 2025. Revenue totaled €65.022 billion, an increase of 8.9% from €59.702 billion a year earlier. The company attributed revenue growth mainly to higher distribution revenue in Latin America and Spain, increased wholesale sales in Europe, growth in renewable generation in Colombia and positive currency effects. The results put expansion of networks and regulated assets at the forefront of performance, alongside varied results across regions.
The group’s regulated asset base reached €50.4 billion, compared with €45.7 billion in the same period a year earlier. In Spain, the base rose 26% year on year, which Enel said reflected a structural improvement in the regulatory framework and settlements for previous years. Networks accounted for about 70% of organic investment in the first nine months. Operating profit from networks was €7.3 billion, lifting their share of group EBITDA to 41%, up 3 percentage points from the comparable period. The larger share reflects the increased weight of regulated activities in the company’s earnings mix during the period.
Enel’s total investment was about €10.6 billion in the first nine months, up 30% from the same period a year earlier, with more than 75% going to the European Union and the United States. The results presentation showed a separate figure of €8.2 billion within the period’s investment composition, compared with €6.8 billion in the first nine months of 2025; total comparative investment in 2025 was also €8.3 billion. Spending is not captured by a single line item, as the presentation distinguishes between total investment and its composition. The company said about 70% of organic investment was directed to networks. The investment expansion coincided with an increase in the regulated asset base, supporting growth in distribution operations across the group’s markets.
Geographically, international activities grew 16% year on year, supported by abundant hydropower resources in Colombia and stable performance in Chile and Brazil. By contrast, ordinary operating profit in Italy fell 5.5% to €8.319 billion, while it rose 12.9% in Iberia to €4.703 billion. Enel said record demand and a 27 terawatt-hour decline in hydropower availability in Italy affected generation activities and retail margins. The company estimated the pressure on retail margins at about €0.2 billion in the third quarter of 2026. The figures highlight differing operating conditions between the Italian market and international markets supported by water resources in Colombia.
Reported net debt rose to €66.2 billion in September 2026, from €57.2 billion at the end of 2025, while adjusted net debt was €64.6 billion. The presentation put the ratio of reported net debt to EBITDA at 2.8 times. This came during a period when total investment increased 30% year on year, with more than three-quarters directed to the European Union and the United States. The comparison shows debt expanding alongside the funding of higher investment and growth in the regulated asset base. The presentation did not provide a specific figure in the reported numbers here for shareholder distributions or additional amounts allocated to them.
Earnings per share were €0.61 in the first nine months of 2026, up 8% from €0.56 in the comparable period. Enel reaffirmed its target for ordinary earnings per share of about €0.74 for 2026. It also said its development plan at existing sites is building additional growth that is expected to be fully reflected in 2027 results. The plan includes 2.5 gigawatts under construction, alongside an additional 1.5 gigawatts already discussed, and the company estimates related EBITDA growth of about €0.5 billion in 2027. The company expects a review of Italy’s weighted average regulatory return by the end of the year, a milestone relevant to the outlook for network investment. ENLAY shares closed at $10.91 on November 11, 2026, according to EL7 data.