Italy's biggest utility, Enel, announced a 3% increase in first-half ordinary earnings, with EBITDA excluding extraordinary items reaching EUR11.8 billion. The state-controlled group benefited from strong contributions from its Spanish and Latin American units, which offset a drop in hydroelectric…
Italy's largest utility company, Enel, reported on Thursday that its ordinary earnings for the first half of 2026 rose by 3% compared to the same period in the previous year. The growth was supported by the company's operations in Spain and Latin America, which helped counterbalance weaker performance in its domestic market.
Earnings before interest, taxes, depreciation, and amortisation EBITDA , excluding extraordinary items, totaled EUR11.8 billion in the first half of 2026. This figure translates to approximately $13.6 billion based on the exchange rate of $1 equaling 0.8678 euros. The result surpassed the analyst consensus of EUR11.7 billion, which had been compiled by the company itself.
Enel's Spanish and Latin American units were the primary contributors to the group's overall performance during the first six months of the year. The company said these regions helped bolster its financial results, despite headwinds encountered in Italy. The utility, which is controlled by the Italian state, relies on its international operations to diversify its earnings base and reduce exposure to local market fluctuations.
Profitability in Italy was negatively affected by several factors. A significant drop in hydroelectric generation reduced output from one of the country's key renewable sources. Additionally, retail electricity and gas prices remained soft, limiting revenue potential. The contribution from trading activities also declined compared to the prior period, further pressuring margins in the home market.
The company did not provide specific figures for the decline in Italian hydro generation or the exact impact of the other factors. However, the group's overall ordinary EBITDA still managed to grow year over year thanks to the strength of its overseas businesses.
The earnings report was released on July 30, 2026, and was covered by Reuters. Reporting was done by Francesca Landini, with editing by Keith Weir.
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