Italian utility Enel reported on Thursday an ordinary core profit of 22.9 billion euros ($27 billion), in line with the group’s guidance for 2025, adding that the full-year net income would come in at slightly above 6.9 billion euros.
Ordinary earnings before interest, taxes, depreciation and amortisation (EBITDA) was slightly below an analyst consensus of 23 billion euros calculated by LSEG, as growth in international businesses was offset by a weaker performance in Italy.
In 2024 ordinary EBITDA totalled 22.8 billion euros, or 22.4 billion euros after stripping off the contribution from assets that Enel sold during that year.
The group, which will present its updated strategy on February 23 in Milan, reported a 2.5% increase in net debt to 57.2 billion euros, but said the ratio of debt to EBITDA remained steady at 2.5.
Enel stock closed at a record high of 9.53 euros on Wednesday after rising nearly 24% since July 31, when the state-controlled group launched a share buy-back programme worth 1 billion euros.
Investors expect the group to start a new tranche of share repurchases this year and are waiting to hear from the top management about investment plans for the future both in Italy, where the government is weighing an extension of the power distribution licence, and abroad.
Under its CEO Flavio Cattaneo the state-controlled group has focused on regulated assets, such as grids, and completed a broad plan of assets disposals to streamline its activities and cut costs.
Last year the group increased its renewable energy capacity by 4% to nearly 68 gigawatts, boosting in particular its battery storage assets, according to pro-forma numbers that exclude the assets sold in 2024.
($1 = 0.8476 euros)
(Reporting by Francesca Landini)
