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Enel reports 86.8% jump in first-quarter net profit

Energy group Enel has announced an 86.8% increase in net profit, reaching 1.93 billion euros in the first quarter, beating forecasts despite falling electricity and gas prices. Operational activities and optimized financial management contributed to this success.

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In the first quarter, Enel posted a net profit of 1.93 billion euros. A figure 86.8% up on the previous year. Excluding non-recurring items, net profit rose by 44.2% to 2.18 billion euros. Although sales fell by 26.4% to 19.4 billion euros due to lower prices and reduced sales volumes, CFO Stefano De Angelis remains confident of achieving the year’s targets.

Financial optimization and debt

First-quarter performance is attributable to optimized operational activities and financial management. Net debt rose by 0.9% to €60.6 billion, but will be reduced to €54 billion thanks to asset disposals currently underway. Enel is targeting net income excluding exceptional items of €6.6 to €6.8 billion for 2024, and EBITDA of between €22.1 and €22.8 billion.

Selective investment strategy

Since the arrival of CEO Flavio Cattaneo, Enel has adopted a more selective approach to its investments. The group prioritizes projects that create added value. Under the current strategic plan, the Group will invest 12.1 billion euros in renewable energies between 2024 and 2026. This is less than the 17 billion initially forecast. Renewable energy generation now accounts for 67.2% of the total, surpassing thermal and nuclear generation.

Group outlook

Enel’s solid financial results, in contrast to previous years, demonstrate the Group’s ability to adapt to a rapidly changing energy market. The revised strategic plan aims to ensure sustainable growth while preserving profitability. Enel remains determined to improve its position in renewable energies, while pursuing a prudent investment strategy.
Enel’s growth reflects effective management and an investment strategy focused on value creation. Despite the challenges of energy prices, the Group remains confident in its ability to achieve its financial and strategic objectives.

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