Enel closes the first half of 2026 with growing profit and profitability, supported, above all, by activities in Spain and Latin America. The results, however, also show a significant increase in net financial debt, which rose above 61 billion euros.
The group recorded revenues of 40.919 billion euros, substantially stable compared to 40.816 billion in the same period of 2025. Ordinary EBITDA increased by 3.2% to 11.838 billion, while ordinary net profit reached 3.929 billion, with an increase of 2.8%.
The most delicate data concerns the debt, which reached 61.011 billion euros, against the 57.182 billion recorded at the end of 2025. The increase is approximately 3.8 billion in six months and reflects investments, shareholder remuneration, the effect of exchange rates and the financial impact of the Bill Decree.
Despite the increase in debt, Enel has improved its earnings per share forecast for 2026: EPS is now expected to be around 0.74 euros, i.e. at the high end of the guidance indicated to the market.
The numbers of Enel’s half-yearly report
In the first half of 2026 Enel recorded:
- revenues of 40.919 billion euros, +0.3%;
- Ordinary EBITDA at 11.838 billion, +3.2%;
- ordinary net profit at 3.929 billion, +2.8%;
- net accounting profit of approximately 3.7 billion, +9%;
- ordinary profit per share at 0.40 euros, +5.3%;
- net financial debt at 61.011 billion, +6.7% compared to the end of 2025;
- Recurring Funds From Operations for approximately 6.1 billion, compared to 5.9 billion a year earlier;
- net investments of approximately 5 billion euros.
Earnings per share grow faster than ordinary net profit also due to the program for the purchase and cancellation of treasury shares. The lower number of shares in circulation allows, in fact, to distribute the group’s result on a more limited share base.
Networks, Spain and Latin America support the results
The networks produced an ordinary EBITDA of approximately 4.8 billion euros, against 4.4 billion in the first half of 2025, with growth close to 10%.
The Regulated Asset Base, i.e. the value of regulated assets on which the remuneration paid to operators is calculated, rose from 45.3 to 49.7 billion euros. The growth reflects increased investment in distribution infrastructure in Italy, Spain and Latin America.
The integrated generation and sales business also recorded an EBITDA of approximately 6.8 billion, up from 6.1 billion last year.
In Latin America, results were supported by new installed capacity, hydroelectric production in Colombia and growth in investments in Brazilian networks. In Spain, the new integrated model between production and sales contributed, together with the greater diffusion of fixed price offers.
In Italy, however, the limited availability of hydroelectric resources has limited the benefits deriving from the increase in wholesale prices. The more favorable economic conditions guaranteed to customers through fixed price contracts also weighed on commercial margins.
Because Enel’s debt has risen to 61 billion
Net financial debt went from 57.182 billion at the end of 2025 to 61.011 billion at 30 June 2026. The 6.7% increase is the figure destined to attract the most attention of analysts.
The generation of recurring operating cash, equal to approximately 6.1 billion, was not sufficient to fully compensate:
- approximately 5 billion in net investments;
- 4.4 billion allocated to shareholder remuneration;
- the negative effects of exchange rates;
- the financial impact of the Bill Decree.
Shareholder compensation includes approximately 2.9 billion in dividends and 1.5 billion in buybacks. The company also benefited from 2 billion from the issue of hybrid bonds.
How much does the Bill Decree weigh?
Enel indicates a negative financial impact of approximately 1.2 billion euros attributable to the Bill Decree.
The effect derives mainly from the advance of some financial components, including system charges, and from the fiscal measures envisaged by the provision. The decree therefore affects, above all, the cash requirements and indebtedness, rather than the group’s industrial capacity to generate margins.
This element is important to correctly interpret the increase in debt: not all of the increase represents a structural deterioration in management. One part is related to time, currency and regulatory effects.
However, there remains a concrete financial cost in the short term, which is added to the investments and resources distributed to shareholders.
Earnings per share towards the high end of guidance
Enel has indicated ordinary earnings per share of approximately 0.74 euros for the whole of 2026, corresponding to the upper part of the previous range between 0.72 and 0.74 euros.
Compared to the 0.69 euros in 2025, the expected increase is approximately 7%. In the first half of the year, EPS has already reached 0.40 euros, equal to 54% of the annual target.
The result is supported by organic growth, investments in networks, greater production capacity and buyback effects.
The half-yearly report does not contain the announcement of a new dividend. However, the confirmation of the EPS at the high end of the guidance strengthens the visibility on the remuneration policy envisaged by the 2026-2028 strategic plan, which aims to increase the dividend per share in line with the earnings per share.
What changes for Enel shareholders
For shareholders, the half-yearly report contains three positive indications.
The first is the growth in ordinary net profit, which continues despite the weakness of the Italian market. The second is the increase in EPS, also favored by the buyback of own shares. The third is the forecast for 2026 positioned at the top of the guidance.
The weakest point, however, is the increase in debt. The growth in investments is consistent with the business plan, but absorbs a significant portion of the liquidity produced by operating activities. Dividends and buybacks also reduce available cash and make it more important to keep leverage under control.
The overall assessment of the accounts remains, however, positive: profitability grows, the quality of the EBITDA improves and international activities compensate for the Italian weakness. However, the increase in debt cannot be ignored and will probably be the main theme in analysts’ questions.
The market will be able to fully react to the half-yearly report in tomorrow’s session, Friday 31 July.
