Enel stock in focus after nine-month profit rises 6%
Published on 11/13/2026 at 10:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSKey earnings signals
- Enel increased nine-month revenue and ordinary earnings, led by Spain, the Americas and regulated grid operations.
- Italy remained a pressure point as lower retail prices and weaker hydropower availability reduced margins.
- The company confirmed its 2026 outlook and approved an interim dividend payable in January 2027.
Enel reported stronger results for the nine months ended September 30, 2026, while warning that weaker Italian margins remain a constraint. In its nine-month results release published on Thursday, November 12, Enel said growth in Spain and the Americas more than offset lower profitability in Italy.
Enel stock traded at 9.89 euros on Lang & Schwarz at 10:42 CET on Friday, November 13, 2026, 0.40 percent below the Xetra close of Thursday, November 12. The comparison uses the 9.93-euro Xetra close from the prior session.
Foreign growth offsets Italy
Revenue rose 8.9 percent year over year to 65.022 billion euros from 59.702 billion euros. Ordinary EBITDA increased 4.0 percent to 17.946 billion euros, while group net ordinary income advanced 5.5 percent to 6.018 billion euros. Reported net income, which includes non-ordinary items, reached 5.634 billion euros, up 7.6 percent.
Enel said distribution activities in Latin America benefited from tariff adjustments, while Spain gained from a new regulatory framework. Renewable generation, particularly in Colombia, and higher wholesale electricity sales in Europe also supported revenue. Enel Grids produced ordinary EBITDA of 7.295 billion euros, up 11.7 percent from the year-earlier period.
Italy remained weaker. 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 billion euros as the group continued to reduce exposure to commodity volatility.
Investment and debt rise
Capital expenditure increased 19.1 percent to 8.140 billion euros. Enel Grids accounted for 5.431 billion euros, or 67 percent of the total, while Enel Green Power received 1.660 billion euros. Including acquisitions, total investment reached 9.049 billion euros, supported by a US solar portfolio and assets in Spain and Italy.
That expansion came with higher leverage. Net financial debt stood at 66.158 billion euros at September 30, compared with 57.182 billion euros at the end of 2025. The net debt-to-equity ratio rose to 1.32 from 1.22. Investors therefore face a trade-off between the group's regulated-network growth and the financing burden of its investment plan.
Guidance and dividend confirmed
Enel confirmed its 2026 targets of 23.1 billion to 23.6 billion euros in ordinary EBITDA and 7.1 billion to 7.3 billion euros in ordinary net income. Ordinary earnings per share are expected at about 0.74 euros, at the upper end of the existing guidance range.
The board also approved an interim dividend of 0.245 euros per share, 7 percent above the 2025 interim payment. The dividend will be paid from January 20, 2027, with the ex-dividend date set for January 18 and the record date for January 19.
Italy's FTSE MIB market context provides the broader setting for Italian-listed utilities.
More news and analyses on Enel stock will track the next guidance updates, investment progress and the January dividend timetable.
Enel at a glance
- Company: Enel S.p.A.
- ISIN: IT0003128367
- Home ticker: ENEL.MI
- Latest quote: 9.89 euros on Lang & Schwarz, November 13, 2026 at 10:42 CET
- Daily comparison: 0.40 percent below the 9.93-euro Xetra close of November 12, 2026
- Nine-month revenue: 65.022 billion euros, up 8.9 percent
- Ordinary EBITDA: 17.946 billion euros, up 4.0 percent
- Net financial debt: 66.158 billion euros at September 30, 2026
