Enel stock dips after removal from Goldman conviction list while Q2 2026 results show solid margins

Enel stock has come under pressure after being removed from a prominent European conviction list, even as Q2 2026 figures show double-digit profit margins and substantial trailing revenue. For investors, the combination of valuation and earnings stability is now crucial.

Enel stock (ISIN IT0003132476) recently traded in the United States at 10.44 USD per share as of September 2, 2026, with a daily decline of 1.69 % on the over-the-counter market, according to market data for the ENLAY ticker.

Goldman reshuffles conviction list and drops Enel

A fresh sentiment driver for Enel stock is a change in a high-profile list of preferred European equities. On September 2, 2026, an overview of European stock picks reported that a major investment bank removed Enel from its September European conviction list while adding other names such as Adyen, RWE and Talanx, a move that reflects a repositioning rather than an outright negative rating change for the Italian utility group, according to a detailed article on the conviction list reshuffle.

The same coverage highlights that other European utilities such as RWE remain favored with double-digit implied upside, underlining that within the sector, investor attention is shifting toward companies with a strong grid and renewables focus, while Enel is no longer part of the top conviction basket even though its core business profile has not changed, based on a news feed summarizing the September stock picks.

Q2 2026 results point to solid profitability

From an operational perspective, the latest available data show that in Q2 fiscal 2026 Enel generated revenue of 17.05 billion USD and earnings of 1.88 billion USD, implying a profit margin of 11.04 % for the quarter, according to fundamental figures compiled for the ENLAY ticker.

On a trailing basis, the same data set indicates revenue over the last twelve months of 79.5 billion USD and net income available to common shareholders of 4.26 billion USD, highlighting that Enel is operating at scale with a trailing net margin of a little over 5 %, which is roughly half the Q2 2026 margin of 11.04 %, underscoring how volatility in power prices and hedging can move quarterly profitability around that longer-term average.

The comparison between the Q2 2026 profit margin of 11.04 % and the implied trailing margin of just above 5 % suggests that the most recent quarter was significantly more profitable than the average of the last four quarters, indicating either a favorable generation mix, lower input costs or positive one-off items, aspects that investors will examine closely in upcoming guidance updates based on the same revenue and earnings overview.

Key role in European utilities and DACH comparison

Within the European utilities universe, Enel competes and collaborates with large peers such as RWE, which is a major component of German indices and is currently discussed as a beneficiary of grid and renewables investments, as highlighted in the same conviction list reshuffle that removed Enel, according to data for RWE shares listed in Germany.

For DACH-based investors, this context is relevant because it shows how capital is being reallocated within the sector: while Enel is no longer classified as a top conviction idea, German peer RWE remains positioned with a target implying about 28 % upside from a recent close of 58.58 EUR, according to the conviction list report, underlining that regional exposure and index membership can influence capital flows into different utilities across Europe based on the same coverage of European utilities.

Enel focus on integrated power and networks

As a representative example of its business, Enel is strongly engaged in integrated generation and distribution of electricity, combining conventional generation assets with a growing portfolio of renewables and regulated network infrastructure, which together support the multi-billion-dollar revenue base seen in Q2 2026 and over the trailing twelve months, as reflected in the 17.05 billion USD quarterly revenue and 79.5 billion USD trailing revenue figures already cited from the ENLAY data set.

Enel stock level and market perspective

Enel stock, via its ENLAY over-the-counter listing, traded at 10.44 USD with a daily move of minus 1.69 % as of the September 2, 2026 close in the United States, placing the share below recent highs and showing that the market has reacted cautiously to changes in analyst conviction lists despite the company posting an 11.04 % profit margin in Q2 2026, according to the same price and performance overview for ENLAY.

Enel stock key data

• Company: Enel SpA
• ISIN: IT0003132476
• Ticker: ENLAY
• Trading venue: OTC Markets (United States)
• Price (as of September 2, 2026, 16:00): 10.44 USD
• Sector / Industry: Utilities / Electric Utilities
• Index membership: EURO STOXX 50