Enel’s 2026-2028 strategic plan involves €53b worth of investments

23 Feb Enel’s 2026-2028 strategic plan involves €53b worth of investments

(Oilandgaspress) – Enel is presenting the Group’s 2026-2028 Strategic Plan to financial markets and the media. In 2023-2025, the Enel Group achieved the targets announced to the market. Specifically, the Group: completed the disposal plan announced in 2022, reducing Net Financial Debt in order to rebalance the capital structure; strengthened balance sheet solidity thanks to greater financial discipline as well as an improved risk/return profile through selective capital allocation, increasing value creation; revised the portfolio of activities, focusing on markets and geographies which are core and profitable.

As a result of these managerial actions, in 2025 the Group’s Net Financial Debt/EBITDA ratio was 2.5x; the conversion rate of Ordinary EBITDA into Net Ordinary Income reached approximately 30%, an increase in the order of 6 percentage points compared to the average in the 2020-2022 period; finally, EPS has grown by an average 9% per year since 2022, reaching around 0.69 euros per share expected in 2025.

In 2023-2025, Enel therefore guaranteed growth and returns to shareholders, with around 15 billion euros distributed between dividends and a share buy-back program.

As a result of these managerial actions, in 2025 the Group’s Net Financial Debt/EBITDA ratio was 2.5x; the conversion rate of Ordinary EBITDA into Net Ordinary Income reached approximately 30%, an increase in the order of 6 percentage points compared to the average in the 2020-2022 period; finally, EPS has grown by an average 9% per year since 2022, reaching around 0.69 euros per share expected in 2025.

• In the 2026-2028 Strategic Plan, the Group will focus on three strategic priorities: 
  • Accelerating growth in countries with stable environments, with a focus on grids, renewables and final customers through Greenfield and Brownfield investments
  • Maximizing capital productivity through optimal allocation as well as efficient and effective economic resource management
  • Guaranteeing a balanced risk/return profile in order to achieve improved EPS (Ordinary Earnings Per Share), while maintaining strict financial discipline

• Group total gross investments in the 2026-2028 Plan amount to approximately 53 billion euros, up by around 10 billion euros compared to the previous Plan. Specifically, the Group expects to invest:
  • over 26 billion euros in the Integrated Business, of which around 20 billion euros in Renewables with an increase of about 8 billion euros compared to the previous Plan, in order to add around 15 GW of new renewable capacity, both Greenfield and Brownfield
  • over 26 billion euros in Grids, of which about 55% in Italy and the remainder distributed between Iberia and Latin America
• Furthermore, Enel’s Board of Directors approved the execution of a new tranche of the share buy-back program for a total outlay of up to 1 billion euros in implementation of the resolution of the Shareholders’ Meeting of May 22^nd, 2025, which authorized the acquisition and subsequent cancellation of treasury shares for a total outlay of up to 3.5 billion euros
• EPS is expected to increase to between 0.80 and 0.82 euros in 2028 compared to approximately 0.69 euros expected in 2025
• The visibility on Group 2025 financial results allows for the proposal at Enel’s next Shareholders’ Meeting of an overall dividend of 0.49 euros per share
• In line with the foreseen EPS growth, the Dividend Per Share (DPS) is also expected to increase by around 6% in terms of CAGR between 2025 and 2028

*In line with the expected EPS growth.

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