Italian energy group Enel reported a net profit of €2bn ($2.15bn) in the first quarter of 2025, marking an increase of nearly 4% compared to the same period in 2024, according to results published on May 8. This performance came despite falling electricity prices in the Italian market.
Results exceed market expectations
The group’s revenue reached €22bn ($23.66bn) in the first three months of the year, clearly surpassing the €19bn forecasted by analysts surveyed by financial platform Bloomberg. By comparison, Enel had reported similar revenue of €19bn in the first quarter of the previous year.
Enel Chief Executive Officer Flavio Cattaneo attributed the results to “the optimisation of processes, activities and products”, noting that performance was supported by operations in Spain, the United States and Latin America. This marks the seventh consecutive quarter of reported growth, according to the executive cited in a statement.
Strategic shift under new leadership
Since assuming leadership of Enel in May 2023, Flavio Cattaneo has steered a strategic adjustment, slowing investments in renewable energy to prioritise margins. The revised strategic plan, presented in November, foresees €12bn ($12.91bn) in renewable investments between 2025 and 2027, a reduction of €5bn compared to the prior plan covering 2023–2025.
The earlier programme, outlined under former CEO Francesco Starace, targeted €17bn in renewable investments out of a total €37bn. The new investment plan totals €43bn. Privatised in 1999, Enel remains the leading electricity producer in Italy.
Renewables remain dominant in energy mix
Despite the reduced commitment, renewable energy still accounts for nearly 70% of Enel’s electricity generation mix. Thermal sources contribute around 18%, while nuclear accounts for 12%. The group thus retains a majority exposure to non-fossil energy sources.
Flavio Cattaneo also stated that the company is open to participating in the development of next-generation nuclear technologies, including in Italy, where the last reactors were shut down in 1990. No specific investment decisions have been announced in this area to date.
