Q1 2026 Enel SpA Earnings Call Transcript

May 7, 2026 / 10:59 AM GMT

Release Date Price: CHF8.9

Transcript

Key Points

Positve

Enel SpA (ENLAY) reported a significant increase in the contribution from resilient network activities, reaching 42% of EBITDA, up from 32% in the previous period.
The company achieved a 32% net income conversion into EBITDA, demonstrating strong cash generation and financial health.
Enel SpA (ENLAY) maintained a solid leverage ratio of 2.5 times, well below the sector average of 3.5 times.
The company's new business model focusing on flexible energy management and final markets has resulted in a more stable and solid EBITDA evolution.
Enel SpA (ENLAY) has a robust pipeline of brownfield opportunities, particularly in the U.S., which is expected to drive future growth.

Negative

The trading and wholesale segment now accounts for only 3% of total group EBITDA, indicating a significant reduction in this area.
There was a slight decline in generation from non-emitting technologies, with reduced resource availability in Latin America and lower tax incentives in the U.S.
The company faces challenges in the Brazilian market, with ongoing issues related to the Sao Paulo concession and extraordinary weather events impacting operations.
Enel SpA (ENLAY) is experiencing high churn rates in Spain's retail market, which could affect margins and necessitates a change in commercial strategy.
The company's hedging strategy has been reset to reduce margin volatility, which may limit potential profits from commodity price fluctuations.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ENEI.MI - Enel SpA
Q1 2026 Enel SpA Earnings Call
May 07, 2026 / NTS GMT

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Presentation
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Unidentified_1 [1]
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Good evening to all the people connected.

Welcome to the first quarter 2026 result presentation.

NL CFO Stefano D'Angelis will present the economic and financial results of the period.

We ask those connected to the webcast to send questions only via e-mail at [email protected].

Before we start, let me remind you that media is listening to both the presentation and the Q&A session.

Thank you, and now let me hand over to the CFO.

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Unidentified_2 [2]
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Thank you, Omar, and good evening to everybody.

I will start

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