Q1 2026 Enel SpA Earnings Call Transcript

May 7, 2026 / 04:00 PM 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 and improved cash generation, with FFO on net debt increasing by 3 percentage points year-on-year.
Enel SpA (ENLAY) maintained a solid operating delivery across its asset portfolio, resulting in a 4% year-on-year increase in EBITDA, reaching almost 6 billion.
The company's cash generation was strong, with FFO reaching $4.4 billion, implying a remarkable 73% cash conversion.
Enel SpA (ENLAY) has a robust pipeline of brownfield opportunities, particularly in the U.S., with 15 GW capacity portfolios under evaluation, indicating potential future growth.

Negative

The trading and wholesale segment's contribution to EBITDA decreased significantly, now accounting for only 3% of the total, reflecting a shift away from commodity-driven earnings.
Enel SpA (ENLAY) faced a slight decline in generation from non-emitting technologies, with higher output in Europe offset by reduced resource availability in Latin America and lower tax incentives in the U.S.
The company experienced challenges in Brazil due to curtailment issues, impacting resource availability.
Enel SpA (ENLAY) reported a high churn rate in Spain's retail market, reaching 35%, indicating potential issues with customer retention.
The company is exposed to execution risks in its brownfield opportunities, particularly in the U.S., which could impact future growth projections.

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 / 04:00PM 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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