INTERIM FINANCIAL REPORT
at March 31, 2026
New
horizons
Energy that shapes tomorrow
The concept celebrates Enel's vision as an enabler of possibilities.
Energy broadens our perspective, allowing us to imagine and create what does not yet exist.
This concept portrays Enel as a guide in the global energy transition, a brand capable of shaping change while meeting people's needs.
The design is built on horizontal gradients and beams of light that generate depth and perspective - a metaphor for trust, care and closeness.
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INTERIM FINANCIAL REPORTat March 31, 2026
Purpose
Build the future through sustainable power.
VisionDrive electrification, fulfilling people's needs
and shaping a better world.
ValuesTrust Innovation Proactivity Respect Flexibility
PositioningYour energy choices, our responsibility.
Every day, powered by clean energy.
Contents |
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6 INTERIM FINANCIAL REPORT AT MARCH 31, 2026
-
REPORT ON OPERATIONS
Highlights.................................................................................................................................. 11
Foreword ................................................................................................................................... 12
Enel organizational model................................................................................................. 13
Reference scenario .............................................................................................................. 16
The macroeconomic environment ..................................................................... 16
Energy conditions ...................................................................................................... 17
Significant events in the 1st Quaker of 2026 20
Group performance 22
Analysis of the Group's financial position and structure 32
Performance by Segment ................................................................................................. 37
Thermal Generation and Trading 41
Enel Green Power 47
Enel Grids 53
Enel Commercial 59
Holding and Services 65
Definition of performance measures 67
Outlook 69
- CONSOLIDATED FINANCIAL
Condensed Consolidated Income Statement 73
Statement of Consolidated Comprehensive Income ........................................... 74
Condensed Consolidated Statement of Financial Position 75
Statement of Changes in Consolidated Shareholders' Equity 76
Condensed Consolidated Statement of Cash Flows 78
Notes to the consolidated financial situation at March 31, 2026 79
Declaration of the officer responsible for preparing the accounting documentation of Enel SpA pursuant to Akicle 154-bis, paragraph 2,
of the Consolidated Law on Financial Intermediation,
on the Interim Financial Repok at March 31, 2026 100
1
Repok
on Operations
Highlights
1st Quarter | Change | ||
2026 | 2025 | ||
Revenue (millions of euro) | 20,588 | 22,074 | -6.7% |
Gross operating profit (millions of euro) | 5,942 | 5,974 | -0.5% |
Ordinary gross operating profit (millions of euro) | 6,003 | 5,797(1) | 3.6% |
Profit attributable to the owners of the Parent (millions of euro) | 1,861 | 2,007 | -7.3% |
Ordinary profit attributable to the owners of the Parent (millions of euro) | 1,941 | 1,868(1) | 3.9% |
Net financial debt (millions of euro) | 57,830 | 57,182 | 1.1% |
Cash flows from operating activities (millions of euro) | 3,717 | 3,445 | 7.9% |
Capital expenditure (millions of euro) | 2,301 | 2,074 | 10.9% |
Total net efficient consolidated capacity (GW)(2) | 85.8 | 87.0(3) -1.4% |
Net efficient consolidated renewables capacity (GW) | 60.7 | 61.9(3) -1.9% |
Net efficient consolidated renewables capacity (%) | 70.7% | 71.1%(3) -0.4% |
Additional efficient consolidated renewables capacity (GW) | 0.16 | 0.64 -75.0% |
Storage (GW) | 3.40 | 3.40(3) |
Efficient unconsolidated capacity (GW) | 6.10 | 5.80(3) 5.2% |
Total installed capacity (GW) | 91.90 | 92.80(3) -1.0% |
Consolidated net electricity generation (TWh) | 47.80 | 46.67 2.4% |
Consolidated net renewable electricity generation (TWh) | 31.75 | 31.66 0.3% |
Electricity distribution and transmission grid (km) | 1,881,405 | 1,879,107(3)(4) | 0.1% |
Electricity transported on Enel's distribution network (TWh) | 120.9 | 117.4(4) | 3.0% |
End users (no.) | 69,209,968 | 68,643,131 | 0.8% |
End users with active smart meters (no.) | 46,447,338 | 45,354,158 | 2.4% |
Electricity sold by Enel (TWh) | 59.2 | 63.8 -7.2% |
Retail customers (no.) | 54,416,844 | 55,045,921 -1.1% |
- of which free market | 22,533,268 | 23,311,263 -3.3% |
Demand response capacity (MW) | 10,426 | 9,184 13.5% |
Public charging points (no.) | 33,780 | 31,572(3) 7.0% |
No. of employees | 61,544 | 61,634(3) -0.1% |
The figures for 2025 do not include the positive impact of the fair value measurement of the commodity portfolio in the 1st Quarter, due to a particularly favorable market scenario.
It includes 3,680 MW relating to the Brindisi and Torrevaldaliga Nord coal-fired plants in Italy for which the authorization to use coal (AIA requirement) expired on January 1, 2026.
At December 31, 2025.
The figure for the 1st Quarter of 2025 reflects a more accurate calculation.
Foreword
The Interim Financial Report at March 31, 2026 has been prepared in compliance with Article 154-ter, paragraph 5, of Legislative Decree 58 of February 24, 1998, with the clarification indicated in the following section, and in conformity with the recognition and measurement criteria set out in the international accounting standards (International Accounting Standards - IAS and International Financial Reporting Standards - IFRS) issued by the International Accounting Standards Board (IASB), as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognized in the European Union pursuant to Regulation (EC) no. 1606/2002 and in effect as of the close of the period.
Article 154-ter, paragraph 5, of the Consolidated Financial Intermediation Act, as amended by Legislative Decree 25/2016, no longer requires issuers to publish an interim financial report at the close of the 1st and 3rd Quarters of the year. The new rules give CONSOB the power to issue a regulation requiring issuers, following an impact analysis, to publish periodic financial information in addition to the annual and semi-annual financial reports. In view of the foregoing, Enel intends to continue voluntarily publishing an interim financial report at the close of the 1st and 3rd Quarters of each year in order to satisfy investor expectations and conform to consolidated best practices in the main financial markets, while also taking due account of the quarterly reporting requirements of a number of major listed subsidiaries.
Enel organizational model
ENEL GROUP CHAIRMAN
P. Scaroni
ENEL GROUP CEO
F. Cattaneo
STAFF FUNCTIONS
ADMINISTRATION, FINANCE AND CONTROL
S. De Angelis
EXTERNAL RELATIONS
N. Mardegan
AUDIT
A. Spina
CEO OFFICE, STRATEGY AND SUSTAINABILITY
M. Mossini
PEOPLE AND ORGANIZATION
E. Colacchia
LEGAL, CORPORATE, REGULATORY AND ANTITRUST AFFAIRS
F. Puntillo
SECURITY
V. Giardina
GLOBAL SERVICE
FUNCTION
GLOBAL SERVICES
S. Ciurli
GLOBAL BUSINESS LINES
ENEL GRIDS AND INNOVATION
F. Bertoli
GLOBAL ENERGY AND COMMODITY MANAGEMENT AND CHIEF PRICING OFFICER
L. Ceppatelli
ENEL GREEN POWER AND THERMAL GENERATION
S. Bernabei
ENEL COMMERCIAL
F. Gostinelli
COUNTRIES AND REGION
ITALY
F. Gostinelli
IBERIA
G.V. Armani
REST OF THE WORLD
R.A.E. Deambrogio
The Enel Group structure is organized into a matrix that comprises:
Global Business Lines The Global Business Lines are responsible for managing and developing assets, optimizing their performance and the return on capital employed in the various geographical areas in which the Group operates (Italy, Iberia and ROW - Rest of the World). In compliance with safety, protection and environmental policies and regulations, they are tasked with maximizing the efficiency of the processes they manage and applying international best practices, sharing responsibility for EBITDA, cash flows and revenue with the countries.
The Group, which also draws on the work of an Investment Committee,1 benefits from a centralized industrial vision of projects in the various business lines. Each project is assessed not only on the basis of its financial return but also in relation to the best technologies available at the Group level. Furthermore, each business line contributes to guiding Enel's leadership in the energy transition and in the fight against climate change, managing the associated risks and opportunities in its area of competence. The following provides a brief summary of the primary objectives of each Global Business Line:
Enel Grids and Innovation: ensures the optimal allocation of resources to achieve a
high level of reliability and quality for electricity supply services, maximizing performance with respect to the most advanced safety standards and developing technologically advanced grids that can fully exploit any synergies; promotes, harmonizes and coordinates innovation and sustainability processes, supporting the activities of the Global Business Lines and Countries.
Global Energy and Commodity Management and Chief Pricing Officer: optimizes the
Group's margin through the active management of its hedging strategy and the exposure to commodity risk, taking account of all commercial/market factors in order to maximize the integrated margin in the markets in which we operate through the optimization of gas and fuel supplies, and local dispatching of thermal and renewable generation, while supporting Enel Commercial in defining the commercial strategy.
Enel Green Power and Thermal Generation: provides guidance for a rapid and effec-
tive energy transition, growing the portfolio of renewable generation facilities, and manages the corresponding evolution of thermal generation and storage assets with a view to decarbonizing our energy mix in order to meet the needs of customers in all the countries in which we operate; manages the operation and maintenance of Group generation plants in compliance with applicable policies and regulations governing safety, protection and the environment.
Enel Commercial: defines the commercial and marketing strategy and manages the
customer product range for energy, products and services, including electric mobility, up to sales through the various commercial channels, ensuring compliance with safety, protection and environmental regulations, maximizing value for the customer and operational efficiency, and supporting margin optimization with Global Energy and Commodity Management. It manages the entire customer process, from activation to billing and customer care, with the aim of improving customer satisfaction and value while optimizing service cost and cash flows. It maximizes operational excellence and customer focus, exploring new service models to improve productivity and effectiveness, driving the transformation needed to ensure long-term competitiveness.
1. The Group Investment Committee is made up of the heads of Administration, Finance and Control, Innovation, Legal and Corporate Affairs, Regulatory and Antitrust Affairs, Global Procurement, the geographical areas, and the heads of the business lines.
Region
and Countries
The Region and Countries are responsible for managing relationships with institutional bodies and regulatory authorities, as well as handling distribution and electricity and gas sales, in their areas, while also providing staff and other service support to the business lines. They are also charged with promoting decarbonization and guiding the energy transition toward a low-carbon business model within their areas of responsibility.
The following functions provide support to Enel's business operations:
Global Service Function
The Global Service Function is responsible for managing information and communication technology activities, procurement at the Group level, managing global customer relationship activities, facility management and the associated general services.
The Global Service Function is also focused on the responsible adoption of measures that enable the achievement of sustainable development goals, specifically in managing the supply chain and developing digital solutions to support the development of enabling technologies for the energy transition and the fight against climate change.
Holding Company Staff Functions
The Holding Company Staff Functions are responsible for managing governance processes at the Group level (e.g. Administration, Finance and Control; People and Organization; External Relations; Audit, Legal, Corporate, Regulatory and Antitrust Affairs; Security; CEO Office, Strategy and Sustainability). More specifically, the CEO Office, Strategy and Sustainability function is also responsible for defining strategy, long-term planning and the Group's strategic objectives, guiding the associated decision-mak-ing, and ensures the alignment of internal stakeholders with our strategic positioning, aimed among other things at promoting the decarbonization of the energy mix and the electrification of energy demand, key actions in the fight against climate change; defines the strategy, strategic positioning and guidelines in respect of sustainability, manages the execution of projects and monitors their performance; supports the sustainability strategic planning process and supports the preparation of the Sustainability Statement.
Reference scenario
The macroeconomic environmentThe 1st Quarter of 2026 was characterized by a global environment marked by persistent geopolitical uncertainties, as well as risks related to possible energy shocks and tensions in the Middle East, which continue to affect the international growth and inflation outlook. Against this backdrop, monetary and fiscal policies remain geared toward supporting economic resilience, while governments are called upon to mitigate the impact of energy price increases and strengthen energy efficiency.
In the United States, GDP growth is expected to be 2.5% year-on-year in the 1st Quarter, accelerating from the previous period (2.0%), despite continued uncertainty related to trade policies and energy price tensions. Inflation stood at 2.4% year-on-year, signaling price dynamics still above the Federal Reserve's target. Domestic demand remains solid, although there are downside risks related to labor market developments and the fiscal policy outlook.
Economic recovery remains weak in the euro area, with GDP growth estimated at 0.8% year-on-year in the first three months of the year. Although penalized by adverse temporary factors - including unfavorable weather conditions that affected industrial activity, particularly in Germany - growth continues to be mainly driven by domestic demand, especially private consumption, aided by resilient labor markets. However, elements of fragility remain on the external front, with exports still suffering from unfavorable global conditions related to geopolitical tensions. Inflation rose to 2.5% in March, driven mainly by energy prices, showing a temporary departure from the European Central Bank's (ECB) target. Against this backdrop, the ECB's stance remains uncertain, with the possibility of a wait-and-see approach in the face of upside risks to inflation and downside risks to growth.
In Latin America, the economic picture remains heterogeneous. In Brazil, GDP growth is expected at 1.1% year-on-year in the 1st Quarter, reflecting still weak domestic demand and a gradual recovery in the services sector. Inflation stood at 3.8% in March, down from last year's levels (average of 5% in 2025), allowing the central bank to cut the key interest rate by 25 basis points to 14.75% in March.
In Chile, economic growth is estimated at 1.0% year-on-year, in a context of still low inflation and restrictive monetary policy. However, consumer prices rose by 2.8% year-on-year in March, mainly as a result of government measures introduced on March 24, which accelerated the pass-through of higher oil prices to domestic fuels, following changes to the fuel price stabilization mechanism.
In Colombia, GDP is estimated to grow by 2.7% year-on-year, supported by a recovery in consumption and robust domestic demand. Inflation remained high, at 5.3% in March, partly due to the increase in the legal minimum wage (+23%) since the beginning of the year. These inflationary pressures prompted the central bank to raise the interest rate to 11.25% (+100 basis points) at its meeting at the end of March, following a similar increase in January.
In Argentina, the economy shows moderate growth, estimated at 1.9% in the 1st Quarter, slowing down from the strong momentum in 2025. Growth is mainly driven by export-oriented sectors - agriculture, energy and mining - while consumption and investment show signs of weakening. Inflationary pressures remain contained, thanks to the consolidation of stabilization policies and the controlled exchange rate regime of the Argentine peso.
Change in consumer price index (CPI)
1st Quarter | Change | ||
% | 2026 | 2025 | |
Italy | 1.33 | 1.83 | -0.50 |
Spain | 2.73 | 2.67 | 0.06 |
Argentina | 32.87 | 69.10 | -36.23 |
Brazil | 4.02 | 5.03 | -1.01 |
Chile | 2.67 | 4.83 | -2.16 |
Colombia | 5.31 | 5.20 | 0.11 |
United States | 2.40 | 2.73 | -0.33 |
Canada | 1.97 | 2.27 | -0.30 |
Exchange rates
1st Quarter | Change | ||
2026 | 2025 | ||
Euro/US dollar | 1.17 | 1.05 11.4% | |
US dollar/Argentine peso | 1,417.80 | 1,055.14 34.4% | |
US dollar/Brazilian real | 5.26 | 5.85 -10.1% | |
US dollar/Chilean peso | 886.60 | 963.71 -8.0% | |
US dollar/Colombian peso | 3,693.91 | 4,189.05 -11.8% | |
The commodity market
In the 1st Quarter of 2026, the energy commodities and metals markets showed a sharp discontinuity between the first two months of the year and March, due to the closure of the Strait of Hormuz and the escalation of the conflict in the Middle East. While in January and February the market environment was still characterized by high volatility but with largely steady energy flows, March marked a historic turning point, with profound impacts on prices, availability and logistics of key commodities.
In the first two months of the year, oil and natural gas prices were somewhat affected by rising geopolitical tensions, but flows through the Strait of Hormuz -through which around 20% of the world's oil and LNG supply transits - continued, albeit with some slowdowns and an increasing risk premium. Brent crude remained at high levels, but still below the $100/bbl mark, while the price of European natural gas (TTF) fluctuated between €28 and €31/MWh, supported by robust seasonal demand and winter concerns, but without any sudden supply shocks. Coal also showed rising prices, supported by still solid demand and logistical tensions.
Since the beginning of March, the situation has changed radically: the effective closure of the Strait of Hormuz, a direct consequence of the attacks and retaliation between the United States, Israel and Iran, has led to a collapse in shipping transit, with the number of oil and gas carriers dropping from over 90 per day in February to fewer than 10 in March, and with exports of crude oil and refined products almost reduced to zero for the Gulf's main producers.
The impact on prices was immediate and violent: Brent exceeded $110/bbl in mid-March, peaking at up to $118, before falling back on signs of a possible ceasefire. European natural gas saw a surge, with TTF rising above
€50/MWh and spot prices reaching €65/MWh, while futures for the rest of the year rose above €40/MWh.
On the flow side, the closure of the Strait has led to a drastic reduction in oil and LNG exports from the Gulf: crude oil production in Iraq, Qatar, Kuwait, the United Arab Emirates and Saudi Arabia has been cut by at least 8-10 million barrels per day, with rapidly depleting stockpiles and alternative export capacities (pipelines to the Red Sea and Fujairah) insufficient to compensate for the
loss. LNG exports from Qatar and the Emirates were suspended, resulting in a weekly loss of around 2 billion cubic meters and immediate impacts on Europe and Asia.
The refined products and coal markets were also under severe strain: the closure of numerous refineries in the Gulf, either due to direct damage or stockpile saturation, reduced the global supply of diesel, jet fuel and LPG, with knock-on effects on prices and availability, especially in Europe and Asia.
Finally, the price of CO2 (EU ETS) returned to growth, up
+3.8% to €73.7/ton, reflecting the increase in demand for allowances and the positioning of financial operators, in an environment of tighter environmental regulation, albeit
penalized by expectations of a revision of the operating mechanism, in order to contain energy prices in Europe.
Base metals prices generally increased, driven by expectations of economic recovery and a more accommodative monetary policy stance in Europe and the United States. Copper prices significantly increased, to around $13,000/ ton, supported by tight fundamentals and expectations of rising demand, especially for energy transition. Aluminum prices also showed a strong rise, to average values around
$3,200/ton, while nickel, after a period of oversupply, recovered to higher levels than in the 1st Quarter of 2025. Battery metals bucked the trend, with prices remaining penalized by continued oversupply, although showing signs of rebalancing.
1st Quarter | Change | ||
2026 | 2025 | ||
Market indicators
Average Brent ICE price ($/bbl) | 77.7 | 74.9 | 3.7% |
Average CO2 price (€/ton) | 76.1 | 73.3 | 3.8% |
Average coal price ($/ton CIF ARA)(1) | 108.2 | 102.4 | 5.7% |
Average gas price (€/MWh)(2) | 39.5 | 47.0 | -16.0% |
Average copper price ($/ton) | 12,852 | 9,346 | 37.5% |
Average aluminum price ($/ton) | 3,195 | 2,629 | 21.5% |
Average nickel price ($/ton) | 17,357 | 15,569 | 11.5% |
API2 index
TTF index.
Electricity and natural gas markets
Developments in electricity demand
1st Quarter | Change | ||
TWh | 2026 | 2025 | |
Italy | 79.9 | 77.6 3.0% | |
Spain | 68.2 | 67.2 1.5% | |
Argentina | 37.7 | 39.3 -4.1% | |
Brazil | 195.0 | 198.7 -1.9% | |
Chile | 21.4 | 21.2 0.9% | |
Colombia | 21.2 | 20.3 4.4% | |
Source: National TSOs. The figures may change during the year.
In the first three months of 2026, electricity demand in Italy grew significantly compared with the same period in 2025 (+3.0%), driven by a recovery in industrial activity and weather conditions in line with the seasonal average. Growth was mainly concentrated on weekdays, a sign of a recovery in the manufacturing sector, while the residential sector remained stable.
In Spain, electricity demand increased by 1.5% compared with the 1st Quarter of 2025, but weakened in
March, reflecting the slowdown in industrial activity and above-average temperatures. The impact of the Middle East crisis was reflected in a contraction of industrial demand, which affected consumption prospects.
In Latin America, electricity demand decreased in Argentina (-4.1%) and Brazil (-1.9%), while it grew in Chile (+0.9%) and Colombia (+4.4%).
Electricity prices
Average baseload price Q1 2026 (€/ MWh) | Change in average baseload price Q1 2026 - Q1 2025 | Average peakload price Q1 2026 (€/ MWh) | Change in average peakload price Q1 2026 - Q1 2025 | |
Italy | 130.2 | -5.7% | 141.1 | -4.3% |
Spain | 43.3 | -49.7% | 37.5 | -53.8% |
In the 1st Quarter of 2026, electricity prices showed a downward trend compared with the previous year, almost exclusively reflecting the sharp declines in the first two months of the year. In Italy, the average baseload price was €130.2/MWh (-5.7% compared with 2025), reaching €132.7/MWh in January and falling to €114.4/ MWh in February, thanks to the combination of stable demand, strong growth in renewables and falling gas prices. The closure of the Strait of Hormuz and the subsequent surge in gas prices reversed the trend in March, bringing the average monthly price to €143.4/MWh, the
highest level for more than a year, with daily peaks above
€160/MWh.
In Spain, the decrease in prices was even more pronounced in the first two months, with an average baseload price of €71.7/MWh in January and €16.4/MWh in February, reflecting the abundance of renewable and hydroelectric generation and subdued demand. Here too, however, March marked a reversal, with the average price rising to €41.8/MWh, although remaining at historically low levels compared to other European markets.
Natural gas demand
1st Quarter | Change | ||
Billions of m3 | 2026 | 2025 | |
Italy | 21.62 | 21.54 0.08 0.4% | |
Spain | 7.97 | 7.73 0.24 3.1% | |
Natural gas demand in Italy
1st Quarter | Change | |||
Billions of m3 | 2026 | 2025 | ||
Distribution networks | 11.68 | 11.71 | (0.03) | -0.3% |
Industry | 3.06 | 3.05 | 0.01 | 0.3% |
Thermal generation | 6.42 | 6.27 | 0.15 | 2.4% |
Other(1) | 0.46 | 0.51 | (0.05) | -9.8% |
Total | 21.62 | 21.54 | 0.08 | 0.4% |
Includes other consumption and losses.
Source: Enel based on data from the Ministry for Economic Development and Snam Rete Gas.
In the 1st Quarter of 2026, demand for natural gas in Italy remained substantially stable compared with the previous year, at around 21.6 billion cubic meters (+0.4%). Growth was mainly concentrated in the thermoelectric
sector, while civil and industrial consumption remained unchanged. Spain also recorded an increase, mainly reflecting higher electricity generation through gas-fired plants in January and March.
Significant events in the 1st Quarter of 2026
Enel places new €2 billion perpetual hybrid bonds
On January 7, 2026, Enel SpA launched on the European market new non-convertible, subordinated perpetual hybrid bonds for institutional investors, denominated in euros, for an aggregate amount of €2 billion.
The new issue is structured in two series, has no fixed maturity, and is due and payable only in the event of winding up or liquidation of the Company:
€1,250 million bond with a fixed annual coupon of
4.125%;
€750 million bond with a fixed annual coupon of 4.500%.
The securities are listed both on the regulated market of the Irish Stock Exchange (Euronext Dublin) and the MOT of Borsa Italiana.
Enel completes the share buyback program serving its 2025 Long-Term Incentive Plan
On January 12, 2026, implementing the authorization granted by the Shareholders' Meeting of May 22, 2025 and the resolution subsequently passed by the Compa-ny's Board of Directors, Enel SpA launched a share buyback program, for 3.2 million shares, equal to approximately 0.0315% of Enel's share capital.
The program is designed to serve the Long-Term Incentive Plan 2025 for the management of Enel and/or of its subsidiaries pursuant to Article 2359 of the Italian Civil Code (LTI Plan 2025), which was also approved by the Shareholders' Meeting on May 22, 2025.
The program ended on February 19, 2026 with a total outlay of €29.3 million.
Decree Law 21 of February 20, 2026 ("Energy bills Decree")
On February 20, 2026, Decree Law 21 ("Energy bills De-cree") introduced a package of measures to keep energy costs down for households and businesses. The main provisions affecting the energy sector concern:
support to end customers: enhancement of the social electricity bonus for 2026 and introduction of a mechanism of voluntary contributions by sellers in favor of households not benefiting from the bonus;
system charges and taxation: reduction of the Asos
component for some non-domestic users. This is partly financed through the rescheduling of incentives for large photovoltaic plants under the Conto Energia (Energy Account), the realignment of the timing of system charges payment, and a temporary (2026-2027) 2% increase in the IRAP for companies in the energy sector;
wholesale markets and generation: introduction of
mechanisms to reduce the wholesale price of electricity and gas, including targeted refunds for thermal generation (subject to European authorization), the optimization of the sale of stored gas and the introduction of a cap on the number of hours of minimum guaranteed prices for bioenergy;
infrastructure and grids: new provisions to mitigate vir-
tual saturation of the transmission grid, with procedural simplifications and new capacity allocation rules to foster the integration of renewables.
The parliamentary process for conversion into law was concluded on April 8, 2026 with final approval by the Senate. The Regulatory Authority for Energy, Networks and the Environment (ARERA) is charged to define the relevant implementation rules for the areas under its jurisdiction.
Agreements for the acquisition of an 830 MW portfolio of wind and solar power plants in the United States
On February 21, 2026, Enel SpA, acting through its wholly-owned subsidiaries Enel Green Power North America and EGPNA Project HoldCo 2, signed agreements with Excelsior Energy Capital to acquire a portfolio of wind and solar power plants, located in the United States, with a total installed capacity of 830 MW and an expected average annual generation of about 2.1 TWh, for approximately $1 billion (equal to about €850 million) subject to customary adjustments for these types of transactions. The enterprise value on a 100% basis of the portfolio is equal to
around $1.3 billion. The transaction is expected to close in the third quarter of 2026.
Enel completes a new buyback program of up to €1 billion
On February 22, 2026, the Board of Directors of Enel SpA approved the launch of a new share buyback program aimed at providing shareholders an additional remuneration with respect to the distribution of dividends as a result of the cancellation of the treasury shares purchased for this purpose.
The program ended on March 30, 2026 with the purchase of 106,661,417 treasury shares, equal to 1.0491% of the share capital), at a volume-weighted average price of €9.3755 per share and a total outlay of approximately
€1 billion.
Group financing operations
On February 22, 2026, the Board of Directors of Enel SpA authorized the issuance of bonds and the subscription and/or renewal of bank loans by Enel and/or Enel Finance International NV and/or Enel Finance America LLC (in the latter two cases, with a guarantee issued by Enel), for a maximum total amount of €12 billion.
Exercise of purchase option on 10% interest in Duereti Srl
On March 19, 2026, A2A SpA exercised a purchase option on a 10% interest in Duereti Srl held by e-distribuzione SpA, consistent with the agreement signed between e-dis-tribuzione SpA and A2A SpA on December 30, 2024 The transaction was finalized on April 13, 2026 for €144 million.
Group performance
OperationsElectricity generation
1st Quarter | Change | ||
2026 | 2025 | ||
Consolidated net electricity generation (TWh)(1) | 47.80 | 46.67 1.13 2.4% | |
of which:
- renewable (TWh)(1) | 31.75 | 31.66 0.09 0.3% |
Total net efficient consolidated capacity (GW)(2) | 85.8 | 87.0(3) | (1.2) | -1.4% |
Net efficient consolidated renewables capacity (GW) | 60.7 | 61.9(3) | (1.2) | -1.9% |
Net efficient consolidated renewables capacity (%) | 70.7% | 71.1%(3) | -0.4% | - |
Additional efficient consolidated renewables capacity (GW) | 0.16 | 0.64 | (0.48) | -75.0% |
Storage (GW) | 3.4 | 3.4(3) | - | - |
Efficient unconsolidated capacity (GW)(4) | 6.1 | 5.8(3) | 0.30 | 5.2% |
Total installed capacity (GW) | 91.9 | 92.8(3) | (0.90) | -1.0% |
51.1 TWh including the output of managed renewables capacity (50.2 TWh in the 1st Quarter of 2025); generation from renewable sources would be equal to 35.1 TWh (35.2 TWh in the 1st Quarter of 2025).
It includes 3,680 MW relating to the Brindisi and Torrevaldaliga Nord coal-fired plants in Italy for which the authorization to use coal (AIA requirement) expired on January 1, 2026.
At December 31, 2025.
It is calculated as the capacity operated under the Stewardship model.
Net energy generated by Enel in the 1st Quarter of 2026 increased by 1.13 TWh compared with 2025 (+2.4%), the result of higher thermal generation (+1.35 TWh) reflecting an increase in quantities generated by combined-cycle plants (+1.74 TWh) mainly in Italy and Spain, partially offset by lower generation from coal (-0.36 TWh), fuel oil and turbogas (-0.03 TWh).
The increase in energy generation from renewable sources (+0.09 TWh) is mainly attributable to higher generation from wind (+0.49 TWh) mainly in the United States and Spain, and solar (+0.40 TWh) in Chile, Spain and Colombia, partially offset by the decrease in generation from hydroelectric (-0.77 TWh) and other sources (-0.03 TWh).
Nuclear generation decreased by 0.31 TWh.
NET ELECTRICITY GENERATION BY SOURCE (1ST QUARTER OF 2026)
28.8%
Hydroelectric
31.2% in the 1st Quaker of 2025
24.9%
Wind
24.4% in the 1st Quaker of 2025
9.9%
Solar
9.3% in the 1st Quaker of 2025
2.7%
Geothermal and other
2.9% in the 1st Quaker of 2025
TOTAL RENEWABLE SOURCES:
66.3%
67.8% in the 1st Quaker of 2025
1st Quaker of 2026
Total 47.80 TWh
46.67 TWh
in the 1st Quaker of 2025
16.4%
Combined-cycle
13.1% in the 1st Quaker of 2025
14.3%
Nuclear
15.3% in the 1st Quaker of 2025
2.7%
Fuel oil and turbo-gas
2.8% nin the 1st Quaker of 2025
0.3%
Coal
1.0% in the 1st Quaker of 2025
TOTAL TRADITIONAL SOURCES:
33.7%
32.2% in the 1st Quaker of 2025
The Group's total net efficient consolidated capacity is 85.8 GW, a decrease compared with the end of 2025 (87 GW), reflecting lower renewable capacity in Argentina due to the end of the concession of the El Chocón hydroelectric plant. The figure includes the installed capacity of 3.7 GW from the Brindisi and Torrevaldaliga Nord coal-fired plants in Italy, currently used as "cold reserve" since the related integrated environmental au-
thorizations (AIA requirements) set the final deadline for phasing out coal at December 31, 2025 and, therefore, they cannot be operated as from January 1, 2026. A formal application was submitted to the Ministry for the Environment and Energy Security (MASE) for authorization to permanently cease operations. At the reporting date, the authorization had not yet been issued; therefore, the plants remain formally included in the capacity count.
NET EFFICIENT CONSOLIDATED CAPACITY BY SOURCE (AT MARCH 31, 2026)
32.0%
Hydroelectric
32.5% at Dec. 31, 2025
19.0%
Wind
18.6% at Dec. 31, 2025
15.0%
Solar
15.0% at Dec. 31, 2025
4.0%
BESS
4.0% at Dec. 31, 2025
1.0%
Geothermal and other
1.0% at Dec. 31, 2025
TOTAL RENEWABLE SOURCES:
71.0%
71.1% at Dec. 31, 2025
at Mar. 31, 2026
Total 85.8 GW
87.0 GW
at Dec. 31, 2025
14.0%
Combined-cycle
14.3% at Dec. 31, 2025
6.0%
Fuel oil and turbo-gas
5.5% at Dec. 31, 2025
5.0%
Coal
5.3% at Dec. 31, 2025
4.0%
Nuclear
3.8% at Dec. 31, 2025
TOTAL TRADITIONAL SOURCES:
29.0%
28.9% at Dec. 31, 2025
At the end of March 2026, the Group's net efficient consolidated renewables capacity came to 60.7 GW, equal to 70.7% of total net efficient consolidated capacity. Excluding
the capacity of the Brindisi and Torrevaldaliga Nord plants, the Group's net consolidated renewables capacity accounts for 73.9% of the total net efficient consolidated capacity.
Electricity distribution
1st Quarter | Change | |||
2026 | 2025 | |||
Electricity transported on Enel's distribution network (TWh) | 120.9 | 117.4(1) | 3.5 | 3.0% |
End users with active smart meters (no.)(2) | 46,447,338 | 45,354,158 | 1,093,180 | 2.4% |
Electricity distribution and transmission grid (km) | 1,881,405 | 1,879,107(1) (3) | 2,298 | 0.1% |
End users (no.) | 69,209,968 | 68,643,131 | 566,837 | 0.8% |
SAIDI (average minutes) | 47.4 | 49.8(1) | (2.4) | -4.8% |
SAIFI (average no.) | 0.6 | 0.6(1) | - | - |
The figure for the 1st Quarter of 2025 reflects a more accurate calculation.
Of which 30.7 million second-generation meters in the 1st Quarter of 2026 and 30 million in the 1st Quarter of 2025.
At December 31, 2025.
Electricity transported on Enel's distribution network in the 1st Quarter of 2026 amounted to 120.9 TWh, an increase of 3.5 TWh (+3.0%) compared with the same pe-
Enel Commercial
riod of 2025. The increase is accounted for by Italy (+1.5 TWh), Spain (+1.4 TWh), Brazil (+0.5 TWh) and Colombia (+0.1 TWh).
1st Quarter | Change | |||
2026 | 2025 | |||
Electricity sold by Enel (TWh) | 59.2 | 63.8 | (4.6) | -7.2% |
Gas sold to end users (billions of m3) | 2.4 | 2.5 | (0.1) | -4.0% |
Retail customers (no.)(1) | 54,416,844 | 55,045,921 | (629,077) | -1.1% |
- of which free market | 22,533,268 | 23,311,263 | (777,995) | -3.3% |
Demand response capacity (MW) | 10,426 | 9,184 | 1,242 | 13.5% |
Public charging points (no.) | 33,780 | 31,572(2) | 2,208 | 7.0% |
Includes fiber optic customers.
At December 31, 2025.
Electricity sold by Enel in the 1st Quarter of 2026 came to 59.2 TWh, a decrease of 4.6 TWh (-7.2%) compared with the same period in the previous year, reflecting a decrease in the volumes of electricity sold in Italy, Spain and Latin America.
Gas sold by Enel in the 1st Quarter of 2026 amounted to
2.4 billion cubic meters, a decrease of 0.1 billion cubic meters compared with the same period of the previous year, mainly regarding Spain.
Demand response capacity came to 10,426 MW in the 1st Quarter of 2026, up 1,242 MW on the same period in the previous year, reflecting increases in Italy (+34 MW), Spain (+272 MW) and the Rest of the World (+936 MW).
Enel public charging points in the 1st Quarter of 2026 increased compared with the same period of 2025 by 2,208, mainly in Italy and Spain.
People at the Enel GroupThe Enel Group workforce at March 31, 2026 numbered 61,544, of which 49% employed in Group companies outside Italy. The decrease of 90 units was due to the negative
balance between new hires and terminations (-124), partially offset by changes in the scope of consolidation due to the acquisition in Spain of Energía Colectiva SL (+34).
No. | at Mar. 31, 2026 | at Dec. 31, 2025 | Percentage of total at Mar. 31, 2026 | Percentage of total at Dec. 31, 2025 |
Thermal Generation and Trading | 4,527 | 4,560 | 7.4% | 7.4% |
Enel Green Power | 7,193 | 7,266 | 11.7% | 11.8% |
Enel Grids | 35,481 | 35,395 | 57.6% | 57.4% |
Enel Commercial | 6,562 | 6,651 | 10.7% | 10.8% |
Holding and Services | 7,781 | 7,762 | 12.6% | 12.6% |
Total | 61,544 | 61,634 |
Group performance
Foreword
The performance figures for the 1st Quarter of 2025, as shown in the table below, have been restated for management purposes only, to take into account the positive effects (equal to €177 million in terms of ordinary EBITDA and €135 million in terms of Group ordinary profit), that a particularly favorable market scenario produced on commodity hedging optimization in the period. These effects were reabsorbed during the subsequent periods of 2025.
The restatement was therefore carried out for the sole purpose of providing a consistent and comparable management representation of the Group's results for the two periods under review and to allow a better understanding of the underlying operations.
1st Quarter | Adjusted | |||
1st Quarter | ||||
Millions of euro | 2026 | 2025 Change | 2026 | 2025 Change |
Revenue | 20,588 | 22,074 (1,486) -6.7% | 20,588 | 22,074 (1,486) -6.7% |
Ordinary EBITDA | 6,003 | 5,974 29 0.5% | 6,003 | 5,797 206 3.6% |
Ordinary operating profit | 4,038 | 4,043 (5) -0.1% | 4,038 | 3,866 172 4.4% |
Group ordinary profit | 1,941 | 2,003 (62) -3.1% | 1,941 | 1,868 73 3.9% |
Millions of euro | Ordinary income statement(1) Income statement | |||||||
1st Quarter | 1st Quarter | Change | ||||||
2026 | 2025(2) | Change | 2026 | 2025 | ||||
Revenue | 20,580 | 22,074 | (1,494) | -6.8% | 20,588 | 22,074 | (1,486) | -6.7% |
Costs | 14,557 | 16,551 | (1,994) | -12.0% | 14,626 | 16,551 | (1,925) | -11.6% |
Net results from commodity contracts | (20) | 274 | (294) | - | (20) | 451 | (471) | - |
EBITDA | 6,003 | 5,797 | 206 | 3.6% | 5,942 | 5,974 | (32) | -0.5% |
Depreciation, amortization and impairment losses | 1,965 | 1,931 | 34 | 1.8% | 1,977 | 1,929 | 48 | 2.5% |
Operating profit | 4,038 | 3,866 | 172 | 4.4% | 3,965 | 4,045 | (80) | -2.0% |
Financial income | 1,224 | 1,950 | (726) | -37.2% | 1,224 | 1,950 | (726) | -37.2% |
Financial expense | 1,922 | 2,633 | (711) | -27.0% | 1,920 | 2,633 | (713) | -27.1% |
Net financial expense | (698) | (683) | (15) | -2.2% | (696) | (683) | (13) | -1.9% |
Share of profit/(loss) of equity-accounted investments | 17 | (6) | 23 | - | 17 | (6) | 23 | - |
Pre-tax profit | 3,357 | 3,177 | 180 | 5.7% | 3,286 | 3,356 | (70) | -2.1% |
Income taxes | 1,004 | 918 | 86 | 9.4% | 1,021 | 960 | 61 | 6.4% |
Profit from continuing operations | 2,353 | 2,259 | 94 | 4.2% | 2,265 | 2,396 | (131) | -5.5% |
Profit/(Loss) from discontinued operations | - | - | - | - | - | - | - | - |
Profit for the period (owners of the Parent and non-controlling interests) | 2,353 | 2,259 | 94 | 4.2% | 2,265 | 2,396 | (131) | -5.5% |
Attributable to owners of the Parent | 1,941 | 1,868 | 73 | 3.9% | 1,861 | 2,007 | (146) | -7.3% |
Attributable to non-controlling interests | 412 | 391 | 21 | 5.4% | 404 | 389 | 15 | 3.9% |
The ordinary income statement does not include non-recurring items, as defined in the "Definition of performance measures" section.
The figures for 2025 do not include the positive impact of the fair value measurement of the commodity portfolio in the 1st Quarter, due to a particularly favorable market scenario.
Revenue
1st Quarter | Change | |||
Millions of euro | 2026 | 2025 | ||
Sale of electricity | 10,400 | 10,958 | (558) | -5.1% |
Transport of electricity | 3,435 | 3,198 | 237 | 7.4% |
Fees from network operators | 292 | 312 | (20) | -6.4% |
Transfers from institutional market operators | 469 | 383 | 86 | 22.5% |
Sale of gas | 1,717 | 2,065 | (348) | -16.9% |
Transport of gas | 287 | 172 | 115 | 66.9% |
Sale of fuels | 235 | 374 | (139) | -37.2% |
Fees for connection to electricity and gas networks | 239 | 230 | 9 | 3.9% |
Revenue from construction contracts | 357 | 283 | 74 | 26.1% |
Sale of commodities with physical settlement and fair value gain/(loss) on contracts settled in the period | 2,008 | 3,024 | (1,016) | -33.6% |
Sale of value-added services | 308 | 286 | 22 | 7.7% |
Sale of environmental certificates | 18 | 56 | (38) | -67.9% |
Gain from sale of property, plant and equipment and intangible assets | 1 | 1 | - | - |
Grants for environmental certificates | 47 | 42 | 5 | 11.9% |
Sundry reimbursements | 106 | 117 | (11) | -9.4% |
Tax partnerships | 126 | 210 | (84) | -40.0% |
Other income | 543 | 363 | 180 | 49.6% |
Total | 20,588 | 22,074 | (1,486) | -6.7% |
In the 1st Quarter of 2026, the Group's revenue came to
€20,588 million, a decrease of 6.7% from €22,074 million in the same period of 2025, mainly reflecting lower revenue from the sale of gas and other fuels in Italy, lower revenue from the sale of electricity due a decrease in quantities sold, and the negative effects on the results from commodity sales contracts with physical settlement closed in the period, mainly related to the increase in average prices compared with the reference scenario in the settlement period.
In particular, revenue from the sale of commodities with physical settlement, including the results from the fair value measurement of transactions closed in the period,
sales of gas and other fuels, decreased by €1,269 million overall in Italy compared with the 1st Quarter of 2025, due to the overall decrease in volumes used in trading operations together with a drop of about 14% in the average wholesale price of gas (PSV - Virtual Trading Point).
Revenue from the sale of electricity decreased by €558 million, of which €371 million related to Italy, reflecting the decrease in volumes sold (-2.2 TWh) and in average rate applied to customers.
These negative effects were partially offset by higher revenue from the transport of electricity and gas (€352 million) mainly related to Spain, Brazil and Italy.
Costs
1st Quarter | Change | |||
Millions of euro | 2026 | 2025 | ||
Electricity purchases | 4,582 | 5,175 | (593) | -11.5% |
Consumption of fuel for electricity generation | 805 | 776 | 29 | 3.7% |
Fuel for trading and gas for sale to end users | 3,000 | 4,433 | (1,433) | -32.3% |
Materials | 420 | 575 | (155) | -27.0% |
Personnel | 1,177 | 1,165 | 12 | 1.0% |
Services, leases and rentals | 4,227 | 4,187 | 40 | 1.0% |
Environmental certificates | 468 | 217 | 251 | - |
Other costs connected with electrical and gas system | 57 | 64 | (7) | -10.9% |
Other taxes and duties | 405 | 440 | (35) | -8.0% |
Other expenses | 144 | 161 | (17) | -10.6% |
Capitalized costs | (659) | (642) | (17) | -2.6% |
Total | 14,626 | 16,551 | (1,925) | -11.6% |
As with revenue, costs in the 1st Quarter of 2026 also decreased mainly reflecting purchases of gas, other fuels and electricity, in line with the general contraction in traded volumes.
The decrease was fair most pronounced in Italy, where gas procurement costs post a decrease of €1,362 mil-
lion compared with the 1st Quarter of 2025, also including fair value measurements at the settlement date of closed transactions, while the costs of electricity purchases decreased by €502 million, due to the decrease in volumes, from 16.1 TWh in 2025 to 12.4 TWh in 2026.
Net results from commodity contracts
Net results from commodity contracts came to a net expense of €20 million in the 1st Quarter of 2026, down
€294 million from net income of €274 million in the same period of 2025. The decrease mainly reflects the increase in prices in the quarter compared with the end
Ordinary EBITDA
of 2025, negatively impacting the fair value measurement of the exposure of the derivatives portfolio, particularly when compared with the 1st Quarter of 2025, which benefited a particularly positive fair value measurement effects.
1st Quarter | Change | |||
Millions of euro | 2026 | 2025(1) | ||
Thermal Generation and Trading | 698 | 790 | (92) | -11.6% |
Enel Green Power | 1,595 | 1,712 | (117) | -6.8% |
Enel Grids | 2,539 | 2,153 | 386 | 17.9% |
Enel Commercial | 1,177 | 1,169 | 8 | 0.7% |
Holding and Services | (6) | (27) | 21 | 77.8% |
Total | 6,003 | 5,797 | 206 | 3.6% |
The figures for 2025 do not include the positive impact of the fair value measurement of the commodity portfolio in the 1st Quarter, due to a particularly favorable market scenario.
Ordinary EBITDA for the 1st Quarter of 2026 increased by
€206 million compared with the same period of 2025, also taking into account the negative effects of exchange rate developments (amounting to €121 million, mainly related to Brazil for €41 million and Argentina for €33 million).
EBITDA increased by €386 million in Enel Grids, of which
€212 million reflecting an increase in revenue in Spain mainly related to the recognition of regulatory adjustments due to the revision of a number of remuneration parameters following a ruling by the Supreme Court, €71 million
EBITDA
reflecting an increase in the Regulated Asset Base (RAB) in Italy related to the higher investments made in previous years, and €51 million reflecting the increase in volumes in Brazil combined with the recovery of inflation in the rates.
This increase was only partially offset by the decrease in ordinary EBITDA attributable to the Integrated Businesses (€201 million), connected with the results of Thermal Generation and Trading, Enel Green Power and Enel Commercial mainly in Italy, and the lower margins of renewable generation in Latin America, mainly in Chile and Brazil.
1st Quarter 2026
Millions of euro
Thermal Generation and Trading
Enel Green
Power
Enel Grids
Enel Commercial
Holding and
Services
Total
Ordinary EBITDA
698
1,595
2,539
1,177
(6)
6,003
Colombia wealth tax
-
(9)
(7)
-
-
(16)
Loss on the Torrevaldaliga Nord and Brindisi coal-fired plants
(22) -
-
-
-
(22)
Loss on 3SUN
-
-
-
-
(23)
(23)
EBITDA
676
1,586
2,532
1,177
(29)
5,942
EBITDA came to €5,942 million, down €32 million from the 1st Quarter of 2025, reflecting the factors commented on in the ordinary EBITDA as well as the contribution from non-recurring items, totaling €61 million, mainly related to the losses associated with the Brindisi and Torrevaldaliga Nord (Civitavecchia) coal-fired power plants and the photovoltaic panel production activities in Sicily (3SUN).
In particular, in order to provide a better representation of the operating performance of its core business, the results attributable to the two coal-fired power plants mentioned above, together with those attributable to the subsidiary 3SUN, have been excluded from ordinary profit.
This new approach is based on the following considerations, which, in the opinion of management, exclude the results of these assets from ordinary operations.
Termination of commercial coal operations: the Group
is currently awaiting feedback from the MASE on its application to permanently cease operations of the plants. Moreover, as stipulated in the integrated environmental
authorizations (AIAs) and in line with the National Integrated Plan for Energy and Climate (PNIEC), the deadline for the use of coal in the two power plants expired on December 31, 2025 and, consequently, they cannot be operated. During this transitional phase, however, the Group continues to incur in a number of operating and safety charges to ensure the use of the plants in case of need. In this context, since these charges are incurred outside the normal production cycle and the use of the power plants would only occur in extraordinary cases, they are no longer attributable to the ordinary business of power generation.
Strategic focus and industrial discontinuity: the Group reaffirmed its strategic focus on its primary activities of renewable generation, grid management and customer solutions. In this context, the industrial activity of photovoltaic module production, performed by the subsidiary 3SUN, is characterized by competitive industrial dynamics and risk profiles structurally different from the ordinary business model of the Group. Nevertheless, the Enel Group confirms its commitment to ensure compliance with its commitments to the European Union.
Ordinary operating profit
1st Quarter | Change | |||
Millions of euro | 2026 | 2025(1) | ||
Thermal Generation and Trading | 500 | 572 | (72) | -12.6% |
Enel Green Power | 1,100 | 1,263 | (163) | -12.9% |
Enel Grids | 1,645 | 1,301 | 344 | 26.4% |
Enel Commercial | 844 | 810 | 34 | 4.2% |
Holding and Services | (51) | (80) | 29 | 36.3% |
Total | 4,038 | 3,866 | 172 | 4.4% |
The figures for 2025 do not include the positive impact of the fair value measurement of the commodity portfolio in the 1st Quarter, due to a particularly favorable market scenario.
Ordinary operating profit for the 1st Quarter of 2026 increased by €172 million compared with the 1st Quarter of 2025, reflecting the factors already commented in rela-
Operating profit
tion to ordinary EBITDA and the increase of depreciation attributable to capital expenditure that entered into service in the previous 12 months.
1st Quarter 2026 | ||||||
Millions of euro | Thermal Generation and Trading | Enel Green Power | Enel Grids | Enel Commercial | Holding and Services | Total |
Ordinary operating profit | 500 | 1,100 | 1,645 | 844 | (51) | 4,038 |
Colombia wealth tax | - | (9) | (7) | - | - | (16) |
Loss on the Torrevaldaliga Nord and Brindisi coal-fired plants | (22) - | - | - | - | (22) | |
Loss on 3SUN | - | - | - | - | (35) | (35) |
Operating profit | 478 | 1,091 | 1,638 | 844 | (86) | 3,965 |
Operating profit for the 1st Quarter of 2026 decreased by €80 million compared with the same quarter in 2025, essentially due to the different weight of non-recurring
Group ordinary profit
Group ordinary profit in the 1st Quarter of 2026 amounted to €1,941 million, compared with €1,868 million in the same period of the previous year.
The increase reflects the factors commented above for the ordinary operating result, the financial result for the
items, which in 2026 mainly included the loss of the coal-fired plants and the company mentioned above.
period being substantially in line with the same period of the previous year.
The net income from favorable equity-accounted investments increased by €23 million, more than offset by higher taxes of €86 million.
Group profit
1st Quarter | ||
Millions of euro | 2026 | 2025(1) |
Group ordinary profit | 1,941 | 1,868 |
Loss of the company 3SUN | (23) | - |
Loss of the Torrevaldaliga Nord and Brindisi coal-fired plants | (16) | - |
Energy bills Decree (Italy) | (33) | - |
Colombia wealth tax | (8) | - |
Value adjustments | - | 4 |
Commodity scenario 1st Quarter 2025 | - | 135 |
Group profit | 1,861 | 2,007 |
The figures for 2025 do not include the positive impact of the fair value measurement of the commodity portfolio in the 1st Quarter, due to a particularly favorable market scenario.
The table provides a reconciliation of Group profit with Group ordinary profit, indicating the non-recurring items and their respective impact on performance, net of the associated tax effects and non-controlling interests.
Group profit came to €1,861 million in the 1st Quarter of 2026, a decrease of €146 million from €2,007 million in the same period of 2025.
The decrease is substantially due to higher depreciation and amortization related to capital expenditure made in previous years, while EBITDA was in line with 2025, and reflects the factors commented in the note to the table.
Analysis of the Group's financial position and structure
Net capital employed and fundingThe following schedule shows the composition of and changes in net capital employed.
Millions of euro
at Mar. 31, 2026
at Dec. 31, 2025 Change
Net non-current assets:
- property, plant and equipment and intangible assets
110,600
108,836
1,764
1.6%
- goodwill
13,109
13,051
58
0.4%
- equity-accounted investments
1,359
1,317
42
3.2%
- other net non-current assets/(liabilities)
(2,062)
(2,981)
919
30.8%
Total net non-current assets
123,006
120,223
2,783
2.3%
Net working capital:
- trade receivables
14,873
14,555
318
2.2%
- inventories
4,272
3,301
971
29.4%
- net receivables due from institutional market operators
(4,362)
(4,422)
60
1.4%
- other net current assets/(liabilities)
(10,250)
(10,523)
273
2.6%
- trade payables
(12,093)
(11,827)
(266)
-2.2%
Total net working capital
(7,560)
(8,916)
1,356
15.2%
Gross capital employed
115,446
111,307
4,139
3.7%
Provisions:
- employee benefits
(1,130)
(1,127)
(3)
-0.3%
- provisions for risks and charges and net deferred taxes
(6,592)
(6,532)
(60)
-0.9%
Total provisions
(7,722)
(7,659)
(63)
-0.8%
Net assets held for sale
505
339
166
49.0%
Net capital employed
108,229
103,987
4,242
4.1%
Total equity
50,399
46,805
3,594
7.7%
Net financial debt
57,830
57,182
648
1.1%
Net capital employed at March 31, 2026 amounted to
€108,229 million and was funded by shareholders' equity attributable to the owners of the Parent and non-con-trolling interests in the amount of €50,399 million and net financial debt of €57,830 million. At March 31, 2026 the debt/equity ratio was 1.15 (1.22 at December 31, 2025).
The increase in net capital employed of €4,242 million mainly reflected:
an increase in net non-current assets mainly related to:
property, plant and equipment and intangible assets, which increased mainly as a result of higher investments (€2,053 million), favorable exchange rate developments (€1,275 million) and the acquisition of En-
ergía Colectiva (€117 million), offset by depreciation and amortization for the period of €1,762 million;
net non-current liabilities, which decreased mainly
as a result of the increase in non-current derivative assets (€434 million), non-current financial assets in respect of service concession arrangements (€587 million), receivables due from institutional market operators and for energy services (€83 million), contract assets (€66 million) and tax receivables (€59 million), partially offset by the reclassification to assets held for sale of the investment held in Duereti Srl amounting to €137 million, following the exercise of the purchase option by A2A SpA;
the increase in net working capital mainly due to the increase in inventories of CO2 emission allowances held for trading, as well as the decrease in other net current liabilities, which decreased mainly as a result of the payment of the 2025 interim dividend (€2,369 million), only partially offset by the increase in net tax liabilities (€1,410 million), the negative performance of current derivatives (€461 million) and the increase in amounts due to customers (€149 million).
Total equity at March 31, 2026 increased by €3,594 million mainly reflecting the profit for the period (€2,265 million), the net increase in perpetual hybrid bonds (€1,972 million) and the positive contribution of comprehensive income recognized directly in equity (€746 million).
These increases were partially offset by the change in the treasury reserve following the share buyback of Enel SpA (€1,035 million) and Endesa (€266 million) and the coupons paid to holders of hybrid bonds (€58 million).
Net financial debt
Net financial debt and changes in the period are detailed in the table below.
Millions of euro | at Mar. 31, 2026 | at Dec. 31, 2025 Change |
Long-term debt:
- bank borrowings | 14,663 | 13,528 | 1,135 | 8.4% |
- bonds | 40,969 | 40,736 | 233 | 0.6% |
- other borrowings(1) | 2,870 | 2,883 | (13) | -0.5% |
Long-term debt | 58,502 | 57,147 | 1,355 | 2.4% |
Long-term financial assets and securities | (2,532) | (2,890) | 358 | 12.4% |
Net long-term debt | 55,970 | 54,257 | 1,713 | 3.2% |
Short-term debt
Bank borrowings:
- current portion of long-term bank borrowings | 3,244 | 3,017 | 227 | 7.5% |
- other short-term bank borrowings | 177 | 192 | (15) | -7.8% |
Short-term bank borrowings | 3,421 | 3,209 | 212 | 6.6% |
Bonds (current portion) | 5,559 | 5,419 | 140 | 2.6% |
Other borrowings (current portion) | 359 | 367 | (8) | -2.2% |
Commercial paper | 2,217 | 2,342 | (125) | -5.3% |
Cash collateral and other financing for derivative transactions | 341 | 289 | 52 | 18.0% |
Other short-term financial borrowings(2) | 130 | 152 | (22) | -14.5% |
Other short-term debt | 8,606 | 8,569 | 37 | 0.4% |
Long-term loan assets (short-term portion) | (2,276) | (1,372) | (904) | -65.9% |
Loan assets - cash collateral | (3,043) | (2,033) | (1,010) | -49.7% |
Other short-term financial assets | (151) | (153) | 2 | 1.3% |
Cash and cash equivalents and short-term securities | (4,697) | (5,295) | 598 | 11.3% |
Cash and cash equivalents and short-term financial assets | (10,167) | (8,853) | (1,314) | -14.8% |
Net short-term debt | 1,860 | 2,925 | (1,065) | -36.4% |
NET FINANCIAL DEBT | 57,830 | 57,182 | 648 | 1.1% |
Net financial debt of "assets classified as held for sale" | 404 | 382 | 22 | 5.8% |
Includes "Other non-current financial borrowings" presented under "Other non-current liabilities" in the condensed statement of financial position.
Includes "Other current financial borrowings included in net financial debt" included in "Other current financial liabilities" in the condensed statement of financial position.
Net financial debt amounted to €57,830 million at March 31, 2026, not including the net financial debt of "assets classified as held for sale", an increase of €648 million on December 31, 2025.
In particular, cash flows from operating activities and the new issues of non-convertible, subordinated perpetual hybrid bonds covered the financial requirements arising from investments for the period, the
payment of dividends, the purchase of treasury shares by Enel SpA and Endesa SA, as part of their share buybacks programs, and extraordinary transactions. The increase in debt is attributable to exchange rate developments.
At March 31, 2026, gross financial debt amounted to
€70,529 million, an increase of €1,604 million compared with December 31, 2025.
Gross financial debt
at Mar. 31, 2026 | at Dec. 31, 2025 | |||||
Millions of euro | Gross long-term debt | Gross short-term debt | Gross debt | Gross long-term debt | Gross short-term debt | Gross debt |
Gross financial debt | 67,664 | 2,865 | 70,529 | 65,950 | 2,975 | 68,925 |
More specifically, gross long-term financial debt (including the short-term portion), in the amount of €67,664 million, includes €43,456 million in sustainable financing, and is structured as follows:
bonds in the amount of €46,528 million, of which
€27,947 million related to sustainable bonds, an increase of €373 million compared with December 31, 2025, mainly due to negative exchange rate developments;
bank borrowings in the amount of €17,907 million, of
which €15,509 million related to sustainability-linked financing, which increased by €1,362 million compared with December 31, 2025 mainly due to the utilization of new financing and negative exchange rate developments. Of particular note are two new sustainability-linked loans granted by the European Investment Bank to
Cash flows
Cash flows from operating activities in the first three months of 2026 was a positive €3,717 million, an increase of €272 million on the same period of the previous year, mainly attributable to lower cash requirements related to net working capital.
Cash flows used in investing activities in the first three months of 2026 absorbed cash in the amount of €1,689 million, compared with €3,077 million in the first three months of 2025.
The difference is mainly attributable to lower investments in companies or business units, amounting to €71 million in the 1st Quarter of 2026 for the acquisition of the entire share capital of Energía Colectiva SL by Endesa Energía net of cash acquired of €3 million, while in the 1st Quarter of 2025 investments in companies or business units included €949 million in respect of the acquisition of the entire capital of Corporación Acciona Hidráulica SL by Endesa Generación net of cash and cash equivalent acquired of €10 million. Capital grants in the 1st Quarter of 2026 came to €653 million, compared to €18 million in the corresponding period of 2025.
Cash flows used in financing activities absorbed cash in the amount of €2,689 million, up from €116 million absorbed in the corresponding period of 2025, mainly reflecting:
Endesa for a total amount of €650 million and the disbursement of a new tranche of the loan granted by the European Investment Bank to e-distribuzione, amounting to €200 million;
other borrowings in the amount of €3,229 million, down
€20 million on December 31, 2025.
Gross short-term financial debt came to €2,865 million (including €2,217 million in sustainability-linked financing), a decrease of €110 million compared with December 31, 2025.
Cash and cash equivalents and short- and long-term financial assets, totaling €12,699 million, increased by €956 million compared with December 31, 2025, mainly due to the increase in cash collateral by €1,010 million.
changes in net financial debt, resulting in a negative
€774 million balance of new issues, repayments and other changes (compared to a positive balance of
€1,328 million in the 1st Quarter of 2025).
New issues of long-term financial debt amounted to
€1,349 million in the period, while repayments came to €459 million, both down from €2,464 million and
€1,401 million, respectively, in the corresponding period of 2025.
Other changes are mainly related to the increase in cash collateral (€1,010 million), the decrease in commercial paper (€125 million) and other short-term loans (€117 million), and the increase in financial receivables from the Spanish electricity system (€314 million);
the distribution of dividends in the amount of €2,518
million, plus €58 million paid to holders of perpetual hybrid bonds. In the first three months of 2025, dividend payments amounted to €2,472 million, plus €38 million paid to holders of hybrid bonds;
the issue of hybrid bonds in the amount of €1,972 mil-
lion (€1,074 in the first three months of 2025 net of repurchases in the amount of €900 million);
the purchase of treasury shares by Enel SpA for €1,035
million and Endesa for €266 million. In the first three months of 2025, the purchase of treasury shares amounted to €7 million.
In the first three months of 2026, cash flows used in investing activities of €1,689 million and cash flows used in financing activities of €2,689 million fully absorbed cash flows from operating activities of €3,717 million. The dif-
Capital expenditure
ference is reflected in a decrease of €604 million in cash and cash equivalents at March 31, 2026 (including €57 million associated with the exchange rates developments of local currencies against the euro).
1st Quarter | Change | |||
Millions of euro | 2026 | 2025 | ||
Thermal Generation and Trading | 88 | 83 | 5 | 6.0% |
Enel Green Power | 427 | 343 | 84 | 24.5% |
Enel Grids | 1,582 | 1,408 | 174 | 12.4% |
Enel Commercial | 174 | 195 | (21) | -10.8% |
Holding and Services | 30 | 45 | (15) | -33.3% |
Total(1) | 2,301 | 2,074 | 227 | 10.9% |
Does not include €6 million regarding units classified as "held for sale" (€1 million in the first three months of 2025).
Capital expenditure amounted to €2,301 million in the first three months of 2026, an increase compared with the same period of 2025.
The Group's capital expenditure is focused above all on grids (€1,582 million, 69% of the total) and renewable energy (€427 million, 19% of the total), in line with the Group's Strategic Plan.
Capital expenditure in distribution activities is increasing (€174 million) with a view to ensuring greater reliability and quality of distribution services, as well as greater resilience for grids in responding to extreme climate events. In particular, investments in distribution networks increased in Italy (€79 million), Brazil (€54 million) and Spain (€42 million).
As regards renewable energies, the increase in capital expenditure mainly concerned assets in Italy (€138 million) and Chile (€20 million). The overall increase was only partially offset by lower capital expenditure in Colombia (€33 million), Brazil (€23 million) and Spain (€16 million).
Capital expenditure in Thermal Generation and Trading increased by €5 million, mainly in Spain and Chile.
Capital expenditure in Enel Commercial decreased by €21 million, mainly in Italy (€11 million) and Spain (€8 million). However, taking into account the acquisition of the entire share capital of Energía Colectiva for €91 million, finalized in Spain in the 1st Quarter of 2026 (see Note 3 to the consolidated financial situation), capital expenditure is up by
€70 million (+35.9%).
Performance by Segment
The representation of performance by business segment presented here is based on the approach used by management in monitoring Group performance and to communicate to the market its results, taking account of the operational model adopted by the Group.
The business line is therefore the main discriminant in the analyses performed and decisions taken by the management of the Enel Group, and is fully consistent with the internal reporting prepared for these purposes, considering that the results are measured and evaluated first and
foremost for each business line and only thereafter are they broken down by geographical area.
Following a new organizational arrangement, management decided to reallocate the performance and financial data of the 3SUN subsidiary from Enel Green Power to the Holding and Services Business Line.
Following the new allocation, the figures of the corresponding period of 2025 have been restated for comparative purposes.
Results by Segment for the 1st Quaker of 2026 and 20251st Quarter 2026
Millions of euro | Thermal Generation and Trading | Enel Green Power | Enel Grids | Enel Commercial | Holding and Services | Total reporting segment(1) | Eliminations and adjustments | Total |
Revenue and other income from third parties | 4,008 | 2,279 | 5,472 | 8,807 | 22 | 20,588 | - | 20,588 |
Revenue and other income from transactions with other segments | 2,230 | 1,013 | 568 | 309 | 411 | 4,531 | (4,531) | - |
Total revenue | 6,238 | 3,292 | 6,040 | 9,116 | 433 | 25,119 | (4,531) | 20,588 |
Net results from commodity contracts | 176 | 11 | - | (203) | (4) | (20) | - | (20) |
EBITDA | 676 | 1,586 | 2,532 | 1,177 | (29) | 5,942 | - | 5,942 |
Depreciation, amortization and impairment losses | 198 | 495 | 894 | 333 | 57 | 1,977 | - | 1,977 |
Operating profit/(loss) | 478 | 1,091 | 1,638 | 844 | (86) | 3,965 | - | 3,965 |
Capital expenditure | 88 | 427(2) | 1,582 | 174 | 30 | 2,301 | - | 2,301 |
Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
Does not include €6 million regarding units classified as "held for sale".
1st Quarter 2025
Thermal Enel Holding Total Eliminations Generation Green Enel Enel and reporting and | ||||||||
Millions of euro | and Trading | Power | Grids | Commercial | Services | segment(1) | adjustments | Total |
Revenue and other income from third parties | 5,104 | 2,086 | 4,889 | 9,950 | 45 | 22,074 | - | 22,074 |
Revenue and other income from transactions with other segments | 3,766 | 892 | 651 | 424 | 435 | 6,168 | (6,168) | - |
Total revenue | 8,870 | 2,978 | 5,540 | 10,374 | 480 | 28,242 | (6,168) | 22,074 |
Net results from commodity contracts | 235 | (1) | - | 216 | 1 | 451 | - | 451 |
EBITDA | 967 | 1,712 | 2,153 | 1,169 | (27) | 5,974 | - | 5,974 |
Depreciation, amortization and impairment losses | 218 | 446 | 852 | 359 | 54 | 1,929 | - | 1,929 |
Operating profit/(loss) | 749 | 1,265 | 1,301 | 810 | (80) | 4,045 | - | 4,045 |
Capital expenditure | 83 | 343(2) | 1,408 | 195 | 45 | 2,074 | - | 2,074 |
Segment revenue includes both revenue from third parties and revenue from transactions with other segments.
Does not include €1 million regarding units classified as "held for sale".
In the table below, ordinary EBITDA is shown for the two periods under review, for each business line, showing the related geographical area. It should be noted that ordinary EBITDA does not include non-recurring items as set out
in further details in the "Definition of performance meas-ures" section. The reconciliation with EBITDA is provided in the "Group performance" section.
Ordinary EBITDA
Millions of euro | Thermal Generation and Trading Enel Green Power Enel Grids | ||||||||
1st Quarter | 1st Quarter | 1st Quarter | Change | ||||||
2026 | 2025(1) | Change | 2026 | 2025 | Change | 2026 | 2025 | ||
Italy | 188 | 412 | (224) | 601 | 538 | 63 | 1,165 | 1,094 | 71 |
Iberia | 367 | 354 | 13 | 220 | 251 | (31) | 658 | 446 | 212 |
Rest of the World | 136 | 24 | 112 | 780 | 931 | (151) | 707 | 606 | 101 |
Argentina | - | - | - | (1) | 9 | (10) | 57 | 21 | 36 |
Brazil | (1) | (2) 1 | 91 | 120 | (29) | 415 | 364 | 51 | |
Chile | 114 | 6 | 108 | 199 | 274 | (75) | 34 | 47 | (13) |
Colombia and Central America | 7 | 3 | 4 | 233 | 249 | (16) | 201 | 174 | 27 |
Colombia | 7 | 3 | 4 | 185 | 196 | (11) | 201 | 174 | 27 |
Costa Rica | - | - | - | 2 | 2 | - | - | - | - |
Guatemala | - | - | - | 8 | 9 | (1) | - | - | - |
Panama | - | - | - | 38 | 42 | (4) | - | - | - |
United States and Canada | 5 | 6 | (1) | 219 | 256 | (37) | - | - | - |
Mexico | 4 | 4 | - | 23 | 8 | 15 | - | - | - |
Rest of the World -Other countries | 7 | 7 | - | 16 | 15 | 1 | - | - | - |
Peru | 7 | 7 | - | - | - | - | - | - | - |
Europe and Africa | - | - | - | 15 | 14 | 1 | - | - | - |
Asia and Oceania | - | - | - | 1 | 1 | - | - | - | - |
Other countries | - | - | - | - | - | - | - | - | - |
Other | 7 | - | 7 | (6) | (8) 2 | 9 | 7 | 2 | |
Total | 698 | 790 | (92) | 1,595 | 1,712 | (117) | 2,539 | 2,153 | 386 |
The figures for 2025 do not include the positive impact of the fair value measurement of the commodity portfolio in the 1st Quarter, due to a particularly favorable market scenario.
Enel Commercial Holding and Services Total | ||||||||
1st Quarter | 1st Quarter | 1st Quarter | Change | |||||
2026 | 2025 | Change | 2026 | 2025 | Change | 2026 | 2025(1) | |
778 | 764 | 14 | 37 | 14 | 23 | 2,769 | 2,822 | (53) |
338 | 349 | (11) | 25 | 5 | 20 | 1,608 | 1,405 | 203 |
45 | 49 | (4) | (11) | (8) | (3) | 1,657 | 1,602 | 55 |
- | - | - | - | - | - | 56 | 30 | 26 |
4 | 6 | (2) | (7) | (4) | (3) | 502 | 484 | 18 |
17 | 20 | (3) | (4) | (3) | (1) | 360 | 344 | 16 |
17 | 21 | (4) | - | - | - | 458 | 447 | 11 |
17 | 21 | (4) | - | - | - | 410 | 394 | 16 |
- | - | - | - | - | - | 2 | 2 | - |
- | - | - | - | - | - | 8 | 9 | (1) |
- | - | - | - | - | - | 38 | 42 | (4) |
4 | (2) 6 | - | (1) 1 | 228 | 259 | (31) | ||
(1) | (1) - | - | - | - | 26 | 11 | 15 | |
4 | 5 | (1) | - | - | - | 27 | 27 | - |
- | - | - | - | - | - | 7 | 7 | - |
4 | 2 | 2 | - | - | - | 19 | 16 | 3 |
- | 3 | (3) | - | - | - | 1 | 4 | (3) |
- | - | - | - | - | - | - | - | - |
16 | 7 | 9 | (57) | (38) | (19) | (31) | (32) 1 | |
1,177 | 1,169 | 8 | (6) | (27) 21 | 6,003 | 5,797 | 206 | |