Enel stock: Nine-month profit rises as overseas growth offsets Italy

Enel reported stronger results for the nine months ended September 30, 2026, with growth in Spain and the Americas more than offsetting weaker margins in Italy. In its November 12 results release, the utility said ordinary net income rose 6% to 6,018 million euros.

Networks lead earnings growth

Revenue increased 8.9% to 65,022 million euros, while ordinary EBITDA rose 4% to 17,946 million euros. Enel Grids generated ordinary EBITDA of 7,295 million euros, an increase of 11.7% from the same period a year earlier, with Spain and Latin America providing the main support.

Italy remained a weaker part of the portfolio. Lower average prices for residential customers and small and medium-sized businesses reduced sales margins, while lower water availability weighed on hydropower generation. Ordinary EBITDA from the integrated businesses declined slightly to 10,772 million euros.

Investment raises financial demands

Capital expenditure increased 19.1% to 8,140 million euros, including 5,431 million euros for Enel Grids and 1,660 million euros for Enel Green Power. Net financial debt stood at 66,158 million euros at September 30, up from 57,182 million euros at the end of 2025. The net debt-to-equity ratio rose to 1.32 from 1.22.

The figures show a business increasingly supported by regulated networks and international operations, while the investment program places greater demands on the balance sheet. That mix remains central for investors weighing earnings growth against leverage and weaker domestic retail margins.

Outlook and dividend remain confirmed

Enel confirmed its 2026 forecast for ordinary EBITDA of between 23.1 billion and 23.6 billion euros and group net ordinary income of between 7.1 billion and 7.3 billion euros. Ordinary earnings per share are expected at about 0.74 euros, at the upper end of the guidance range.

The board approved an interim dividend of 0.245 euros per share, 7% above the 2025 interim payment. The dividend is scheduled for payment from January 20, 2027, with January 18 as the ex-dividend date and January 19 as the record date.

Investors will next focus on whether the international and grid-led earnings trend can continue while Enel finances its expansion and manages the pressure on Italian margins.

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