Enel S p A : Integrated Annual Report 2025
ENEL.MI
Published on 04/13/2026 at 11:06 am EDT
INTEGRATED ANNUAL REPORT
2025
New
horizons
Energy that shapes tomorrow
The concept celebrates Enel's vision as an enabler of possibilities.
Energy broadens our perspective, allowing us to imagine and create what does not yet exist.
This concept pokrays Enel as a guide in the global energy transition, a brand capable of shaping change while meeting people's needs.
The design is built on horizontal gradients and beams of light that generate depth and perspective - a metaphor for trust, care and closeness.
It brings the brand's purpose - Build the future through sustainable power - to life in a visual system by turning energy into a force that drives change today, tomorrow, and every day.
INTEGRATED ANNUAL REPORT
2025
CONTENTS
The Group's Integrated Annual Repok includes a section dedicated to sustainability repoking, with qualitative and quantitative disclosures on environmental, social and governance issues, in compliance with the EU Corporate Sustainability Repoking Directive (CSRD) implemented in Italy with Legislative Decree 125 of September 6, 2024. ESG disclosures are presented in the section dedicated to the Sustainability Statement, but also in other sections of the Repok on Operations.
The leaf symbol in the table of contents helps the reader to immediately identify the sections containing sustainability-related content, facilitating perusal and strengthening the integration between financial and environmental, social and governance aspects.
GUIDE TO NAVIGATING THE REPORT
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Value Chain
Incorporation by Reference
Letter to shareholders and other stakeholders ...................................................... 10
Basis of Presentation ......................................................................................................... 17
REPORT ON OPERATIONS
Enel Group 21
Enel around the world 26
Significant events in 2025 28
Summary of results 33
Highlights 34
Main performance indicators 35
Main sustainability indicators 39
Governance 41
Enel shareholders 42
Corporate boards 44
The Enel corporate governance system 46
Internal control and risk management system on corporate repoking 60
Enel organizational model 62
Transparency in institutional processes 69
Group strategy and risk management 71
Reference scenario ............................................................................................................. 72
Intangibles 82
Risk management 85
Climate change 101
The strategy for tackling climate change 104
Impacts, risks and oppokunities related to climate change 109
Policies related to climate change mitigation and adaptation 121
Enel's advocacy system on climate policies and a just
energy transition 123
Actions for managing the impacts, risks and oppokunities
related with climate change 127
Enel's metrics in combating climate change 143
Group performance 153
Definition of performance measures 154
Group performance 157
Analysis of the Group's financial position and structure 168
Performance by Segment 174
Enel shares 205
Regulatory and rate issues 207
Outlook 225
Outlook 226
Sustainability Statement 231
General information 232
Environmental information 269
Social information 325
Governance information 381
Consolidated financial statements 407
Consolidated financial statements 408
Notes to the consolidated financial statements 415
Declaration of the Chief Executive Officer and the officer in charge
of financial repoking of the Enel Group at December 31, 2025 594
Declaration of the Chief Executive Officer and the officer in charge of financial repoking in respect of the consolidated Sustainability
Statement at December 31, 2025 595
Repoks 596
Repok of the Board of Statutory Auditors 596
Repok of the Audit Firm 612
Aflachments 625
Attachment 1 - Subsidiaries, associates and other significant equity investments of the Enel Group at December 31, 2025 625
Attachment 2 - Green Bond Repok 2025 - Accompanying notes 691
Attachment 3 - Sustainability-Linked Financing Repok 697
Build the future through sustainable power.
Drive electrification, fulfilling people's needs
and shaping a better world.
Trust Innovation Proactivity Respect Flexibility
Your energy choices, our responsibility.
Every day, powered by clean energy.
Paolo Scaroni Chairman
Letter to shareholders and other stakeholders
Dear shareholders and stakeholders,
In 2025 Enel continued to progress along the strategic guidelines outlined by the 2025-2027 Business Plan, consolidating a more solid capital structure and regaining the financial flexibility required for long-term sustainable growth.
With around 68 GW of managed renewable capacity, Enel confirmed its position as the world's largest renewable energy operator,1 as well as the largest electricity distribution company in 2025,1 with networks serving about 69 million end users. Enel also has the largest customer base in the retail sector,1 with 54 million customers.
Confirming the strong performance achieved since 2023, Enel's stock posted an increase of approximately 29% in 2025, with a TSR above 37%. Moreover, the Enel Group distributed nearly €6 billion in dividends to shareholders, in addition to nearly €2 billion in share buybacks.
As confirmed by our purpose statement "Build the future through sustainable power", in addition to focusing
on performance and financial results, we also promote a fair and inclusive energy transition, with an integrated approach focused on local communities, institutions, suppliers, customers, workers and shareholders.
Enel's commitment to sustainability is strengthened by a solid and transparent governance model, ensuring integrity and responsibility in managing corporate activities, as confirmed by the Group's consistent inclusion in the world's main sustainability rankings and indexes.
The macroeconomic environment
The global economy showed resilience in 2025, despite persistent geopolitical tensions and a redefinition of international trade relations. The gradual decline in inflation, as well as fiscal and industrial policies aimed at strengthening competitiveness and energy security, supported growth with positive effects on the labor market.
Group of reference: listed companies not predominantly state-owned.
The macroeconomic environment improved in the euro area, driven by the recovery of households' purchasing power and investments in infrastructure, defense and energy transition, which offset the weakness of international trade. In the United States, domestic demand, fiscal suppok, and investments in technological innovation have helped absorb geopolitical shocks, suppoking a higher-than-expected growth rate despite trade tariffs.
In Latin America, economic growth was overall better than expected. Brazil and Colombia benefited from the resilience of domestic demand; in Chile, inflation has returned to target, boosting confidence, while in Argentina, concrete signs of macroeconomic stabilization emerged. Nonetheless, divergences in monetary policy paths remain, and financial conditions remain tight in some economies.
As regards the commodities market, European gas prices increased in the first pak of 2025, driven by the recovery in demand due to cold temperatures and pressures to fill
69 million
End users
storages, while they normalized in the second pak of the year. Overall, prices were higher than in 2024.
Coal prices decreased due to lower demand for electricity generation, while the price of Brent oil decreased by 15% compared with 2024, to an annual average of around $68/ bbl, reflecting limited growth in global demand and stable supply. In 2025, the price of CO2 (EUA ETS) closed higher than the previous year, at an average of around €74/ton (up 13% compared with 2024), on the back of decreasing supply of emission allowances and expectations of a significant annual deficit in the EU ETS.
In 2025, the wholesale price of electricity in Italy (Prezzo Unico Nazionale - PUN) came to €115.9/MWh, up 7% compared with 2024 (€108.5/MWh), reflecting the increase in the price of natural gas and the rise in the prices of CO2 emission allowances, which affected the costs of thermoelectric generation, which sets the price for over 60% of the hours.
68 GW
Managed renewable capacity
Domestic demand was covered by domestic generation for approximately 85%, and by net impoks for about 15%.
In Spain, the average annual price in the wholesale electricity market ("pool") was €65.3/MWh, up 4% compared with €63/MWh in 2024, but still lower than in most European countries (except for France), thanks to renewables and nuclear power capacity. Price developments were characterized by high volatility: the daily peak was reached on January 20 (€144.9/MWh), while the annual low was recorded on April 19 (€1.72/MWh), coinciding with high renewable generation and weak demand. After the blackout of April 28, combined-cycle gas generation increased (+27.8%) to provide stability and security to the system, while the share of renewables in the mix remained stable at 40%, suppoked by a 12.5% growth in photovoltaic.
Performance
Enel's 2025 financial year ends with solid results and the achievement of the annual targets communicated to the market, with ordinary EBITDA at €22.9 billion - slightly higher than 2024, despite lower contributions associated with the disposals in 2024, and in line with
Flavio Caflaneo Chief Executive Officer and General Manager
INTEGRATED ANNUAL REPORT 2025 11
the guidance communicated to the markets - and ordinary net profit at €7.0 billion, above the upper end of the guidance range. The dividend to be proposed to shareholders for 2025 amounts to €0.49 per share, 4% higher than in 2024. In 2025, the FFO (funds from operations)/ net financial debt ratio is equal to 26%, up from 25% in the previous year, while the net financial debt/ordinary EBITDA ratio stands at 2.5x, well below the sector average. This restored financial strength allows us to have the financial flexibility required to seize growth and value generation oppokunities in a highly dynamic environment.
Main events
Enel continues its growth path in renewable generation capacity, up by 2.8 GW2 (of which around 0.6 GW of battery storage) thanks to the development of new plants (greenfield) and the acquisition of already operating assets (brownfield), reaching a total installed renewable capacity of approximately 68 GW, generating 142 TWh/ year.
In Italy, assets commissioned included the Fusina plant, a former coal-fired plant conveked to a 0.8 GW next-gen-eration, high-efficiency CCGT, which, at full capacity, will generate approximately 4 TWh.
As regards the evolution of the Italian energy sector, Enel played a leading role by pakicipating in the first MACSE auction (the electricity storage capacity procurement mechanism), launched by Terna for the construction of new storage plants in Southern Italy. The auction ended on September 30, 2025, and assigned a total of 10 GWh of capacity, 67% of which to Enel.
Enel continues to focus on distribution grids through significant capital expenditure in their resilience, quality, and digitalization, essential both for the energy transition process and to address the increasingly frequent and severe weather events associated with climate change. Capital expenditure on grids exceeded €7 billion, up by about 20% compared with 2024.
The fast-paced transformation of the energy system forces us to rethink the model for managing grids, reinforcing contacts and proximity to customers, also with a significant hiring plan involving over 3,700 new people.
The role of grids is increasingly central in energy transition. Today, 88 GW of distributed renewable capacity is connected to our grids, coming from approximately 2.7 million producers and prosumers,3 of which nearly 390,000 were added in 2025.
In pakicular, over €4.3 billion were invested in Italy in 2025, of which over €1.1 billion from National Recovery and Resilience Plan funds (NRRP), to achieve distributed renewable capacity of 2.88 GW, higher than the NRRP target of
2.5 GW.
2025 was a year of change for the retail division, which was renamed Enel Commercial to reflect an identity more aligned with its commercial role across the Group and towards all customers: individuals, businesses, industry and government. In a constantly changing market context, Enel Commercial has strengthened its long-term leadership through an increasingly dynamic use of data and relationships, to suppok rapid commercial decisions and a greater capacity to create value on the Group's integrated margin.
The division has improved and strengthened customer value management models and tools, to improve the resilience of its customer base in a highly volatile/highly competitive scenario, characterized by increasing regulatory complexity.
At the same time, it has fukher strengthened its commitment to customer protection, in response to growing fraudulent activities in both Italy and Iberia. In 2025, a number of dedicated anti-fraud campaigns were developed and launched, including Enel's new free-toll shok number 140, a clear and recognizable point of reference for customers in Italy, suppoking transparency, security, and proximity.
In October 2025, the Enel Group established Lene, a digital company aimed at the B2C market and designed for digital customers: it features a fully digital experience, a rapid onboarding process, and advanced customer suppok, suppoked by AI-based vikual assistants. Lene was established to respond to new consumer habits, quickly adapting its offering pokfolio to market needs.
Also in 2025, Enel formalized the establishment of Nuclitalia, a new company owned by Enel (51%), Ansaldo Energia (39%) and Leonardo (10%), which represents the
Of which 2.6 GW of consolidated capacity alone.
A "prosumer" (a blend word of "producer" and "consumer") is an individual or a company that not only consumes goods or services, but also produces them, e.g. by installing photovoltaic panels to generate electricity.
main reference in Italy for research into new generation nuclear power. The company is charged with the analysis of SMR (Small Modular Reactor) and AMR (Advanced Modular Reactor) technologies, evaluating their maturity, supply chain and regulatory and financial conditions, to suppok future industrial decisions and policy-mak-ers. Enel believes that new generation nuclear power can suppok the achievement of decarbonization goals by streamlining the Italian electricity system with a more balanced mix ensuring greater energy independence, long-term stability, environmental sustainability, and lower system charges.
Enel Global Services4 has consolidated a more efficient and integrated operational model, strengthening the Group's performance. ICT reorganization has generated significant benefits in terms of cost optimization and service quality, also thanks to increasing adoption of artificial intelligence solutions. Procurement has combined a consistent approach focused on sustainability and value with the search for new sourcing models and enabling technologies. Global Real Estate and General Services supported the development of a global governance to maximize the value of the real estate portfolio, improve services and business infrastructure. Finally, the establishment of the Business Transformation Project unit has further strengthened the contribution to the industrial development and competitiveness of the Group.
In line with the Paris Agreement, we continue our decarbonization path towards zero net direct and indirect emissions across our entire value chain by 2040, structured into a set of Science Based Targets initiative (SBTi) cekified targets. In 2025, absolute direct and indirect greenhouse gas emissions amounted to approximate-
ly 62.5 MtCO2eq, down by 10% on 2024 (down by 67% on 2017, the baseline year for the SBTi cekification).
In 2025, the Group continued to reinforce its financial structure, building on balanced capital management, the optimization of funding costs, and efficient and diversified access to financial markets, with a view to suppoking the creation of sustainable value for shareholders. In this context, Enel implemented a share buyback program, extending from August 1 to December 16, 2025, during which 122.5 million shares were repurchased for a total of about €1 billion, with the aim of providing additional remuneration to shareholders as a result of the cancellation of treasury shares purchased for this purpose.
In order to ensure fukher flexibility in liquidity management, Enel and Enel Finance International entered into a new five-year €12 billion revolving credit line. During 2025, Enel Finance International successfully placed senior bond issues on the European and US markets for a total of
€2 billion and $4.5 billion, with an overall demand exceeding the equivalent of €17 billion, confirming the Group's financial solidity. This was in addition to a €2 billion issue of hybrid instruments by Enel and the subscription of financing with development banks and expok credit agencies for approximately the equivalent of €2 billion, fukher expanding the diversification of financing sources.
In 2025, the Enel Group finalized two acquisitions, in Spain and in the United States, in line with its new growth strategy in renewables, which also includes investment in already operating brownfield assets in order to maximize pokfolio value and reduce risks.
More specifically, in Spain Endesa Generación finalized the acquisition of the entire capital of Corporación Acciona Hidráulica SL from Corporación Acciona Energías Renovables, a company belonging to the Acciona Group, acquiring a pokfolio of 34 hydro plants with total installed capacity of 626 MW and increasing the Group installed hydro capacity in Iberia to over 5.3 GW.
In the United States, Enel increased its consolidated renewable capacity by 285 MW, through a swap transaction finalized by Enel Green Power Nokh America (EGPNA) with Gulf Pacific Power.
Finally, in line with the Group's strategy to offer customers a pokfolio of bundled solutions with energy, products and services, the subsidiary Endesa Energía SAU signed an agreement with MasOrange, a leading operator in Spain, to offer energy and telecommunications services in Spain. This agreement includes, among other things, the acquisition of Energía Colectiva SL, a company with digital and technological expekise and over 350,000 customers in the electricity and gas sector.
Strategy and forecasts for 2026-2028
As stated in the Strategic Plan for 2026-2028, the Enel Group will focus on three strategic priorities:
accelerating growth in countries with stable environ-
ments, focusing on grids, renewables and final customers, through greenfield and brownfield investments;
Includes: Global Information & Communication Technologies, Global Procurement, Global Real Estate and General Services, Positioning and Transformation Office and Business Transformation Project.
maximizing capital productivity through optimal allocation as well as efficient and effective management of economic resources;
ensuring a balanced risk/return profile in order to
achieve improved EPS (ordinary earnings per share) while maintaining rigorous financial discipline.
The new Strategic Plan for 2026-2028 provides for a total gross capex of about €53 billion, an increase of about €10 billion compared with the previous Plan.
Of these, €26 billion are to be allocated to the Integrated Businesses, where the Group expects a strong acceleration of investments in Renewables, reaching about €20 billion, in geographical areas characterized by significant growth in electricity demand. These investments are expected to add a total of 15 GW of renewable capacity, of which about 9 GW through greenfield projects and about 6 GW through brownfield oppokunities. More than 75% of the new capacity will be accounted for by wind and programmable technologies, such as battery energy storage systems. The Group will reach over 80 GW of installed renewable capacity by 2028.
As regards customers, the Group confirms their centrality and intends to increase their loyalty and value through bundled offers, with the aim of increasing the customer base on the free market (electricity, gas and optical fiber) to about 26 million in 2028 from about 23 million in 2025.
The Group has planned total capital expenditure of over
€26 billion on grids, which will foster a 22% growth in the Group's Regulated Asset Base (RAB), from about
€47 billion at the end of 2025 to about €58 billion in 2028.
The 2026-2028 Strategic Plan aims at fukher improving the Group's risk/return profile, fostering more visible and predictable results. Cumulative Group ordinary EBITDA over the Plan period is expected to come to about €74 billion, and approximately 90% will derive from regulated or contracted activities.
The Group also expects an increase in EPS to between
€0.80 and €0.82 in 2028, up from about €0.69 in 2025, with a CAGR (Compound Average Growth Rate) of about 6%. DPS is also expected to increase in line with expected EPS growth, by approximately 6% in terms of CAGR between 2025 and 2028.
Moreover, in order to provide shareholders with additional remuneration, the Company's Board of Directors approved the execution of a new tranche of the share buyback program for a total of up to €1 billion, implementing the resolution of the Shareholders' Meeting of May 22, 2025, which authorized the purchase and subsequent cancellation of treasury shares for a total outlay of up to
€3.5 billion.
As regards environmental sustainability, the Group intends to continue to pursue the reduction of direct and indirect greenhouse gas emissions, in line with the Paris Agreement and the 1.5 °C scenario, as cekified by the SBTi, and confirm the objective of achieving net zero emissions across all Scopes by 2040, while continuing to safeguard the social and economic structure of communities through its Just Transition plan.
Basis of Presentation
Integrated Annual Report
Enel's Integrated Annual Repok is pak of the Group's broader corporate repoking system, based on transparency, effectiveness and responsibility of information.
The Integrated Annual Repok aims at describing Enel's strategic vision and presenting the performance and the medium- and long-term prospects of its sustainable business model, as it promotes value creation in the context of the energy transition; it consists of the following documents:
the Report on Operations which includes the Sustain-
ability Statement in application of the Corporate Sustainability Reporting Directive (CSRD), implemented in Italy with Legislative Decree 125 of September 6, 2024, and prepared in accordance with the European Sustainability Reporting Standards (ESRS), issued
by the European Financial Reporting Advisory Group (EFRAG);
the consolidated financial statements and the notes to
the consolidated financial statements prepared in accordance with the international accounting standards IFRS/IAS.
These documents are prepared also taking into account the latest recommendations issued by the European Securities and Markets Authority (ESMA) on October 14, 2025.
The fundamental principles for the preparation of the Repok on Operations are repoked below, while information on the basis of presentation of the consolidated financial statements and the notes can be found in the section "Form and content of the consolidated financial statements".
Enel's approach to the Report on Operations
The Enel Group's Repok on Operations aims to represent our business model ability to create shok-, medium- and long-term value for stakeholders, ensuring consistency with the information presented in the consolidated financial statements and in the notes; it includes a section dedicated to sustainability repoking, aimed at presenting qualitative and quantitative disclosure on environmental, social and governance issues as required by the CSRD Directive and the ESRS standards and deemed relevant based on the double materiality process.
In this context, the Enel Group has defined the structure of the Repok on Operations taking into account both the information needs and expectations of the users of the Repok, and the provisions of the aforementioned rules on sustainability repoking, presenting the information in a connected, logical and structured way.
The organization of the information within the Repok on Operations includes:
a general section breaking down into two main areas:
an introductory section dedicated to the presenta-
tion of the Group, significant events of the year and a summary of the results presented on a like-for-like basis;
four key thematic pillars (i.e. "Governance", "Group
strategy and risk management", "Group performance" and "Outlook"), also including a series of disclosures required by cross-cutting ESRS as well as the information on operating segments required by IFRS 8;
a specific focus dedicated to "Climate change", which
presents the information required by ESRS E1, as well as other disclosures deemed relevant for primary users, considering the strategic relevance of the topic, also aimed at ensuring better consistency with the consolidated financial statements;
a section specifically dedicated to the consolidated
Sustainability Statement, which includes by reference the environmental, social and governance disclosures compliant with the requirements of the ESRS, presented in the other sections of the Repok on Operations together with other sustainability information not required by the ESRS but deemed relevant for primary users.
Enel - ISSB Building Blocks Approach - Integrated Annual Repok
ESRS
IFRS
TCFD
SASB
GRI
ISSB
Guaranteed consistency
Integrated performance and sustainability disclosures within clearly identified ESRS boxes
Key thematic pillars of the Repok
Governance
Corporate governance
Internal control
Business ethics
Group strategy and risk management
Scenario
Strategy
Risk governance
Group performance
Economic and financial results
Segments (IFRS 8)
Outlook
Double materiality
Double materiality to select ESG (environmental, social and governance) disclosures
Recipients
Business pakners
Investors
Civil society
NGOs
GRI
Global Repoking Initiative Standards
RELEVANT
SASB
Sector-Specific Disclosures
RELEVANT
Notes
Summary of performance data Performance and financial position data IFRS 8 disclosures
IFRS
IFRS
ISSB Sustainability Standards
RELEVANT
ESRS
European Sustainability Repoking Standards
MANDATORY
SUSTAINABILITY STATEMENT
Consolidated financial statements
IAS/IFRS Standards
IFRS
In pakicular, the information presented in the Repok on Operations, including the Sustainability Statement, is selected based on its materiality, as determined on the basis of specific frameworks, methodologies and processes.
For more information on the basis of presentation of the Sustainability Statement, as well as the description of the double materiality analysis process (so-called "double ma-teriality"), please refer to the specific sections of the Sustainability Statement.
In addition to the concept of relevance, the qualitative and quantitative disclosures, both financial and sustainability-related, included in the Repok on Operations have been prepared and presented in such a way as to guarantee their completeness, accuracy, neutrality and compre-hensibility, and are consistent with the previous financial year.
In preparing the Repok on Operations the Group generally applies the same methodologies from year to year, unless otherwise specified, in accordance with:
the ESRS in respect of the Sustainability Statement; and
international best practice, the ISSB/SASB Standards and the GRI, in respect of cekain sustainability information included in the general pak of the Repok on Oper-
ations and, for the entity-specific topics or topics not required by the ESRS but deemed relevant for primary users, in the Sustainability Statement.
In order to ensure consistency of information and to communicate how sustainability issues contribute to current and future performance, clear and consistent relationships between key financial and sustainability information have been identified and presented in the Repok on Operations.
Disclosures required by the CSRD and compliant with the ESRS, in the general pak of the Repok on Operations, are clearly identified through a specific vekical pattern, which highlights their alignment with the relevant repoking requirements.
Also with a view to consistency and for the purpose of a more effective and comprehensive communication of information on climate change, the notes to the consolidated financial statements include a map of the related topics, highlighting the sections in which specific disclosures are presented.
Enel's Integrated Annual Repok is published in the "Inves-tors" section of the Enel website (https://www.enel.com).
REPORT ON OPERATIONS
1
Enel Group
Enel vision
The Group leads the energy transition by enabling access to cleaner and more efficient solutions.
Enel stands by people and helps them to consciously manage energy consumption, actively contributing to a more responsible lifestyle
by showing respect and commitment towards future generations, protecting the environment, and contributing with a long-term vision to a sustainable and better future for all.
The business model and the value creation process
The Group operates in an integrated manner along the entire energy value chain - generation, distribution, sales and services - and pursues efficiency, sustainable growth and financial solidity by seizing the oppokunities offered by the energy and digital transitions and contributing to decarbonization and electrification of consumption to create shared value and stronger business resilience in the long term.
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Enel Group
Summary
Governance
Group strategy
Climate
Group
Outlook
Sustainability
Consolidated financial
of results
and risk management
change
performance
Statement
statements
ESRS 2 SBM-1 - Strategy, business model and value chain
The Enel Group operates in an integrated manner along the entire energy value chain - generation, distribution, sales and services - with the aim of maximizing the return on invested capital and ensuring long-term financial solidity. The Group's strategy aims at seizing oppokunities arising from the energy and digital transition to optimize the risk/ return profile, ensuring proactive management of changes in a rapidly evolving sector. As detailed in the section "Or-ganizational model", each business line pursues specific efficiency and growth objectives, contributing synergistically to the consolidated results.
By integrating business sustainability targets with financial discipline, the Group pursues the creation of shared and lasting value. This approach allows to combine decarbonization and electrification of consumption with the generation of sustainable operating margins, the protection of local social and economic structures and the reinforcement of the resilience of the business in the countries where the Group operates.
The diagram below offers a representation of the Group's integrated value chain, with an indication of the main op-
erating activities and upstream and downstream relationships with stakeholders. It also outlines the main inputs on which the Group leverages to develop its business and the main products and results in terms of shok and medium/ long-term benefits expected for stakeholders.
In this respect, the Group has mapped the main players in the value chain, through a process that has allowed the identification of the most critical upstream and downstream relationships in terms of potential associated environmental, social and governance (ESG) impacts, risks and oppokunities. More specifically, with regard to the upstream players in the value chain, the main suppliers were identified by business line and activity, with pakicular attention to those identified as critical in ESG terms with respect to their activity. With regard to the downstream activities of the value chain, a detailed mapping of the different types of customers allowed to segment them based on the business line in which they pakicipate and their characteristics, classifying them as residential, commercial, industrial, public bodies as well as distribution users.
Value creation and the business model
INPUTS AND DEPENDENCIES
FINANCIAL DATA
€57,182 million net financial debt 65% sustainable sources of financing
€46,805 million total equity
€103,987 million net invested capital
ASSET DATA
€93,675 million propeky, plant and equipment
€15,132 million intangible assets
€10,671 million investments
86.6% investments aligned with the EU Taxonomy
Financial capital: financial resources are the engine of business operations. The Group finances capital expenditure and working capital through a balanced combination of operating cash flows, access to capital markets and sustainable-linked finance instruments, optimizing the cost of debt and ensuring the liquidity required for strategic development.
UPSTREAM
Acquisition of supplies, works and services
POWER GENERATION
DISTRIBUTION
PRODUCTS AND SERVICES
ENEL'S BUSINESS
NATURAL RESOURCES
168.59 TWh total energy consumption (primary and final)
32,141,000 m3 total water consumption
Productive capital and natural resources: the industrial infrastructure is based on the efficient procurement of energy commodities (gas, energy vectors) and strategic raw materials (copper, lithium, rare-eakh elements) essential for the development of renewable assets and the digitization of networks. A careful management of these resources is critical for business continuity and energy independence.
HUMAN CAPITAL
61,634 people
4,606 hires
Human capital: the know-how and productivity of over 60,000 people working in the Group, together with external workforce, are a fundamental intangible asset for the execution of the Business Plan and operational excellence.
PARTNER AND STAKEHOLDER RELATIONS
Relational capital: maintaining constructive and transparent relations with institutions, business pakners and local communities is instrumental to operational stability ("license to operate") and minimizing regulatory and reputational risks.
DOWNSTREAM
Retail customer relations
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Enel Group
Summary
Governance
Group strategy
Climate
Group
Outlook
Sustainability
Consolidated financial
of results
and risk management
change
performance
Statement
statements
Acquisition of energy commodities
186.1 TWh 87 GW 71.1%
OUTPUTS AND BENEFITS
INVESTORS
€6,060 million dividends and coupons paid to hybrid bond holders
0.49 (€/share) fixed DPS
€80,346 million revenue
€22,874 million ordinary EBITDA
€13,926 million cash flows from/(used in) operating activities
Shareholders and the financial community: Enel is committed to ensuring an attractive and sustainable return on risk capital. Through transparent governance and rigorous financial repoking, the Group aims to increase investor confidence,
CONSOLIDATED ELECTRICITY GENERATION
TOTAL
NET INSTALLED CAPACITY
NET INSTALLED RENEWABLES CAPACITY
ensuring a clear understanding of operational performance and the effective transformation of resources deployed into profits and dividends.
ENVIRONMENT
62.53 million tCO2eq carbon footprint(1)
3,950 thousand m3 volume of recycled water
Environment: the Enel Group is committed to the protection of natural capital, by preventing and reducing impacts on air, water and ecosystems, and maintaining an approach geared
million 1,880,651 km
END USERS ELECTRICITY DISTRIBUTION GRID
31,600 54,358,950 249.9 TWh
towards the sustainable management of resources and waste.
ENEL PEOPLE
33.9% percentage of women managers and middle managers
0.67 Lost Time Injury Frequency Rate (LTI FR) -Enel employees
Enel people: the Group promotes a culture of inclusion and enhancement of diversity, innovation and entrepreneurship to suppok an ever-evolving environment.
CUSTOMERS
188.4 average min. SAIDI
PUBLIC CHARGING POINTS
RETAIL CUSTOMERS
ENERGY SALES
122.5 commercial claims/10,000 customers
Customers: the commercial strategy aims at offering competitive and flexible energy solutions which build customer loyalty and ensure stable revenue, with a focus on service affordability and vulnerable groups.
COMMUNITY
1.16 million beneficiaries connected to projects related to Clean and Affordable Energy (SDG 7)
Community and Country System: the Group contributes to the economic development of local communities through investments in infrastructure, job creation and a significant tax contribution, while promoting access to energy as a lever for economic growth.
SUPPLIERS
94.0% of suppliers undergoing
Relations with end users
Gross GHG emissions of Scope 1, 2 and 3 (total location based).
Percentage of Tier 1 suppliers with which a new contract was signed in the year that underwent an environmental/social assessment.
environmental/social assessment(2)
1,381 suppliers involved in capacity building programmes
Suppliers: the integration of the production chain aims to promote the quantitative and qualitative growth of business pakners, suppoking them in adjusting to the technological and environmental standards required to compete in evolving global markets.
Enel around the world
The Enel Group has a presence in 41 countries on multiple continents around the world, with more than 1,200 subsidiaries. The following map shows the distribution of the Enel Group across the globe.
41 countries
More than
1,200
subsidiaries
61,634
No. of total Enel employees
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Enel Group
Summary
Governance
Group strategy
Climate
Group
Outlook
Sustainability
Consolidated financial
of results
and risk management
change
performance
Statement
statements
Significant events in 2025
Enel places new €2 billion perpetual hybrid bonds
On January 7, 2025, Enel SpA has successfully launched on the European market new non-convekible, subordinated perpetual hybrid bonds for institutional investors, denominated in euros, for an aggregate amount of €2 billion. The issue is structured in the following two series:
a €1,000 million bond with an annual fixed coupon of
4.250% to be paid until (but excluding) the first reset date of April 14, 2030;
a €1,000 million bond with an annual fixed coupon of
4.5% which will be paid until (but excluding) the first reset date of January 14, 2033.
Enel launches a triple-tranche €2 billion sustainability-linked bond
in the Eurobond market
On February 17, 2025, Enel Finance International NV launched a sustainability-linked bond for institutional investors in the Eurobond market of a total €2 billion, totaling orders for about €5 billion.
The issue, which has an average duration of approximately six years, has an average coupon lower than 3% and is structured in the following three tranches:
€750 million at a fixed rate of 2.625%, maturing on Febru-
ary 24, 2028;
€750 million at a fixed rate of 3%, maturing on February 24, 2031;
€500 million at a fixed rate of 3.5%, maturing on Febru-
ary 24, 2036.
Enel signs a €12 billion committed revolving credit line
On February 19, 2025, Enel SpA and its subsidiary Enel Finance International NV (EFI) signed a committed, revolving, sustainability-linked credit facility for €12 billion and a maturity of five years.
This facility replaces the previous credit line that had been signed by Enel and EFI in March 2021, and subsequently amended, with an overall value of €13.5 billion. The cost of the new facility varies on the basis of the pro-tempore rating assigned to Enel. Based on the current rating, it has a spread of 40 bps above Euribor, with a floor at zero; the commitment fee is equal to 35% of the spread.
Closing of the acquisition from Acciona Energía of a 626 MW portfolio of hydro plants in Spain
On February 26, 2025, Endesa Generación finalized the acquisition of the entire share capital of Corporación Acciona Hidráulica SLU (CAH) from Corporación Acciona Energías Renovables, a company of the Acciona Group, for a total €961 million, of which €959 million paid in cash and a residual of €2 million subject to compliance with cekain contractual terms.
The pokfolio of plants held by CAH includes 34 hydro plants, located in nokheastern Spain, for a total installed capacity of 626 MW.
Launch of Endesa's share buyback program
On March 26, 2025, the Board of Directors of Endesa SA approved a share buyback framework for up to €2 billion, to be executed in multiple tranches by December 31, 2027. During 2025, the first three tranches of the program were implemented:
the first tranche, ending in April 2025, involved the buy-
back of shares in the amount of €17 million to serve the variable compensation plan for employees;
the second tranche, aimed at reducing the share capi-
tal, ended early in October 2025 for a total €442 million (equal to 88.5% of the maximum outlay);
the third tranche, also intended to reduce the share
capital by up to €500 million, was launched in October 2025.
At December 31, 2025, as pak of the second and third tranches, Endesa repurchased a total of 19.8 million shares for a total outlay of €525 million; all the shares were held at the end of the year.
With the establishment of Nuclitalia, Enel, Ansaldo Energia and Leonardo join forces on research on new nuclear power
On May 14, 2025, Enel, Ansaldo Energia and Leonardo formalized the establishment of Nuclitalia, a company tasked with studying advanced technologies and analyzing market oppokunities in the new nuclear sector. The capital of Nuclitalia is held by Enel (51%), Ansaldo Energia (39%) and Leonardo (10%).
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Enel Group
Summary
Governance
Group strategy
Climate
Group
Outlook
Sustainability
Consolidated financial
of results
and risk management
change
performance
Statement
statements
Nuclitalia will assess the most innovative and mature designs of new sustainable nuclear power technology, with an initial focus on water-cooled Small Modular Reactors (SMRs).
Closing of the sale to Energetický
a průmyslový holding of the residual interest held by Enel Produzione
in Slovenské elektrárne
On May 23, 2025, Enel Produzione SpA finalized the sale to Energetický a průmyslový holding (EPH) of 50% of the share capital held in Slovak Power Holding BV, a company owning 66% of Slovenské elektrárne.
The sale was completed in execution of the agreement signed on December 18, 2024, following the exercise by EPH of the early call option foreseen by agreements signed between 2015 and 2020, under which a total consideration of €150 million for the sale of 100% of Slovak Power Holding was set and paid.
In this phase, the transaction provides for the repayment by EPH of the credit facilities disbursed by the Enel Group to Slovenské elektrárne, for a total €1,144 million including capitalized interest (of which €77 million already paid in 2024) and the expiration of any financial commitment as well as guarantees provided by the Enel Group to Slovak Power Holding and Slovenské elektrárne.
The transaction had a negative accounting impact on the Group net income of €341 million, reflecting the release of equity reserves.
Enel finalizes the agreement to purchase Cetasa, owner of a portfolio of wind plants and wind projects in Spain
On July 31, 2025, Enel announced that Enel Green Power España SLU, a Group subsidiary controlled through Endesa, finalized an agreement to buy 37.5% and 25% of the capital of Cetasa from Caja Rural de Soria and Caja Rural de Navar-ra, respectively. Cetasa is the owner of a 99 MW pokfolio of operating wind plants in the province of Soria, plus a further 30 MW in wind projects under development. Following the agreement, Enel Green Power España SLU increased its interest in Cetasa to 100%. The consideration paid was €45 million for 100% enterprise value of about €60 million.
Enel Américas approved a share buyback program
On July 31, 2025, the Board of Directors of the Chilean listed subsidiary Enel Américas SA approved the call of an
Extraordinary Shareholders' Meeting held on August 28, 2025 to resolve on the approval of a share buyback program, regarding a maximum of 4% of Enel Américas' share capital, with a duration of 90 days from the date of the Shareholders' Meeting.
The Board of Directors, meeting after the Extraordinary Shareholders' Meeting, set the purchase price at $105.23, based on the weighted average price over the 90 days prior to July 30, 2025, plus a premium of 15%.
The transaction was finalized on October 1, 2025, with an outlay of €421 million. Following the transaction, the Group's interest in Enel Américas SA increased from 82.27% to 85.71%.
Enel launches a new buyback program of up to €1 billion
On July 31, 2025, in implementation of the resolution of the Shareholders' Meeting of May 22, 2025, the Board of Directors of Enel SpA approved the launch of a share buyback program (the "Program") for a total outlay of up to
€1 billion and a maximum number of shares in any case not exceeding 495 million, equal to approximately 4.87% of Enel's share capital.
The program, extending from August 1 to December 31, 2025, was aimed at providing shareholders a remuneration in addition to the distribution of dividends as a result of the cancellation of treasury shares purchased for this purpose.
At December 31, 2025, in execution of the program, Enel SpA purchased 122,469,633 shares for a total €1,000 million. Considering shares already held and purchases during the period, at December 31, 2025 the Company held a total of 133,554,875 treasury shares, equal to approximately 1.3% of the share capital.
Enel finalizes the placement of a $4.5 billion multi-tranche bond at an average cost equivalent in euros of around 3.6%
On September 24, 2025 Enel Finance International NV, the finance company controlled by Enel SpA, launched a multi-tranche bond for institutional investors in the US and international markets for a total $4.5 billion, equivalent to about €3.8 billion. The transaction, which was guaranteed by Enel, was oversubscribed about three times, with total orders of about $14.4 billion. The issue was structured in four tranches with settlement date on September 30, 2025, has an average duration of about
12 years and an average cost equivalent in euros of about 3.6%.
Enel increases its US consolidated renewable capacity by 285 MW
On October 1, 2025, Enel Green Power Nokh America (EGPNA), a wholly owned subsidiary controlled through Enel Nokh America, closed an asset swap transaction with Gulf Pacific Power. Pursuant to the agreement, EG-PNA increased to 51% its stake in a number of corporate vehicles owning wind farms. At the same time, the company disposed of a number of minority interests in wind farms and its entire stake in a smaller wind facility, for a cash consideration of about $50 million subject to an adjustment mechanism typical for this type of transactions.
As a result, Enel increased its consolidated net installed capacity in the United States by 285 MW. The transaction is in line with the Group's strategy to increase its generation capacity from renewable sources, including through the acquisition of assets already in operation (brownfield).
Enel and Masdar finalize the partnership agreement signed in March 2025
for 446 MW of operating photovoltaic plants in Spain
On October 2, 2025 Enel Green Power España, a Group company controlled through Endesa, closed the sale to Masdar, the UAE's clean energy leader, of a non-con-trolling interest of 49.99% in the share capital of EGPE Solar 2, a vehicle owning four Endesa photovoltaic assets operating in Spain with total installed capacity of 446 MW.
In line with the agreement signed on March 24, 2025, Masdar paid €182 million for the acquisition of 49.99% of the share capital of EGPE Solar 2, subject to adjustments customary for this type of transactions.
The transaction had no impact on Group economic results, as Enel continues to maintain control and, therefore, fully consolidate EGPE Solar 2.
The transaction, following the paknership with Masdar finalized in December 2024 on a 2 GW pokfolio of other solar assets already operating in Spain, is in line with the aim of retaining control on strategic assets while maxi-
mizing productivity and returns on invested capital set in the 2025-2027 Strategic Plan.
Enel presents Lene, the new digital company of the Group
On October 28, 2025, the Group established Lene, a new digital company focusing on the offer of electricity and subsequently also gas-related services, with the aim of controlling a growing market segment characterized by a preference for digital channels.
Enel acquires a portfolio of onshore wind farms in Germany
On December 15, 2025, acting through its subsidiary Enel Green Power Germany GmbH, Enel finalized the acquisition of a pokfolio consisting of two onshore wind farms in Germany with a total installed capacity of 51 MW. With an enterprise value of approximately €80 million, the deal represents the Enel Group's first significant acquisition of a pokfolio of plants operating in Germany, a key market within the Group's geographic expansion strategy, due to its growth potential and favorable regulatory environment.
Bargi hydroelectric plant
As regards the accident occurred at the hydroelectric power plant of Bargi on April 9, 2024, Enel Green Power Italia continues to work with the authorities to reconstruct the event, the causes of which are still being investigated by the Public Prosecutor's Office of Bologna.
In view of the performance of an unrepeatable examination, the Public Prosecutor's Office has placed five people on the list of people under investigation: three Enel Green Power Italia employees and two external professionals involved in the execution of works that were underway at the power plant.
Note that this substantially represents required procedure to guarantee people under investigation, in view of the performance of the examination.
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Enel Group
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Governance
Group strategy
Climate
Group
Outlook
Sustainability
Consolidated financial
of results
and risk management
change
performance
Statement
statements
REPORT ON OPERATIONS
Group ordinary net profit of €7.0 billion
Enel closes 2025 with a strong performance, achieving all the annual targets communicated to the markets. Ordinary EBITDA amounted to
€22.9 billion, in line with the guidance range, while ordinary net profit came to €7.0 billion, overperforming the guidance, as a result of a better conversion of ordinary EBITDA and lower net financial expense connected to the decrease in both financial debt and its average cost.
Capex focusing on grids and renewables
Capital expenditure in 2025 totaled €10,671 million, mainly concentrated in grids and renewable energy: Enel Grids accelerates mainly in Italy, Brazil, and Spain, to improve reliability, service quality, and climate resilience, while Enel Green Power shows greater selectivity, in line with the Group's strategy which includes the acquisition of already operational renewable plants (brownfield).
Proposed dividend of €0.49 per share (+4.3%)
Solid cash generation and optimized capital allocation allow us to propose a dividend of €0.49 per share for 2025, an increase of 4.3% from €0.47 in 2024, fully consistent with the dividend policy and return targets outlined in the updated Strategic Plan.
Highlights
2025
2024
Change
Revenue (millions of euro)
80,346
78,947
1.8%
EBITDA (millions of euro)
22,073
24,066
-8.3%
Ordinary EBITDA (millions of euro)
22,874
22,801
0.3%
Profit attributable to owners of the Parent (millions of euro)
4,225
7,016
-39.8%
Ordinary profit attributable to owners of the Parent (millions of euro)
7,011
7,135
-1.7%
Net financial debt (millions of euro)
57,182
55,767
2.5%
Cash flows from operating activities (millions of euro)
13,926
13,223
5.3%
Capital expenditure (millions of euro)
10,671
10,821
-1.4%
Total net efficient consolidated capacity (GW)(1)
87.0
83.8
3.8%
Net efficient consolidated renewables capacity (GW)(1)
61.9
59.5
4.0%
Net efficient consolidated renewables capacity (%)
71.1%
71.0%
0.1%
Additional efficient consolidated renewables capacity (GW)
2.56
2.64
-3.0%
Storage (GW)
3.4
2.9
17.2%
Efficient unconsolidated capacity (GW)
5.80
6.30 -7.9%
Total installed capacity (GW)
92.80
90.10 3.0%
Consolidated net electricity generation (TWh)
186.10
191.87 -3.0%
Consolidated net renewable electricity generation (TWh)
128.06
133.33 -4.0%
Electricity distribution and transmission grid (km)
1,880,651
1,870,283 0.6%
Electricity transpoked on Enel's distribution grid (TWh)
474.7
481.2 -1.4%
End users (no.)
69,066,581
68,523,156 0.8%
End users with active smak meters (no.)
46,204,043
45,181,536 2.3%
Electricity sold by Enel (TWh)
249.9
273.5 -8.6%
Retail customers (no.)(2)
54,358,950
55,476,431 -2.0%
- of which free market(2)
22,532,644
23,656,147 -4.7%
Demand response capacity (MW)
10,245
9,250 10.8%
Public charging points (no.)(2)
31,572
28,314 11.5%
No. of employees
61,634
60,359 2.1%
Following an update of the calculation methodology, the figure includes efficient capacity from Battery Energy Storage Systems (BESS) as renewable capacity.
The figure for 2024 reflects a more accurate calculation of the aggregate.
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Enel Group
Summary
Governance
Group strategy
Climate
Group
Outlook
Sustainability
Consolidated financial
of results
and risk management
change
performance
Statement
statements
Main performance indicators
Below are the Group's key performance indicators for 2025 by business line together with the related 2024 comparative figures.
Revenue Ordinary EBITDA Ordinary EBIT
Millions of euro
2025
2024
% change
2025
2024
% change
2025
2024
% change
Thermal Generation and Trading
27,922
24,276
15.0%
3,139
3,245
-3.3%
2,263
2,397
-5.6%
Enel Green Power
11,649
12,239
-4.8%
6,782
7,316
-7.3%
4,770
5,586
-14.6%
Enel Grids
22,811
24,915
-8.4%
8,896
8,199
8.5%
5,511
4,858
13.4%
End-user Markets
35,266
40,182
-12.2%
4,203
4,345
-3.3%
2,645
2,484
6.5%
Holding and Services
2,123
1,944
9.2%
(146)
(304)
52.0%
(375)
(564) -
Eliminations and adjustments
(19,425)
(24,609)
21.1%
-
-
-
-
-
-
Total
80,346
78,947
1.8%
22,874
22,801
0.3%
14,814
14,761
0.4%
In 2024, the rationalization and focus on core countries and business lines resulted in changes in the Group's consolidation scope, with different impacts on the results of the two years under review. In order to provide a consistent and comparable representation of performance and al-
low a better understanding of the underlying operations, a number of indicators were reformulated, for management purpose only, to reflect the changes in the scope of consolidation as if the rationalization operations had been in place since the beginning of the period ("like-for-like").
Like-for-like
Millions of euro
2025
2024
Change
2025
2024
Change
Revenue
80,346
78,947
1,399
1.8%
80,346
75,895
4,451
5.9%
Ordinary EBITDA
22,874
22,801
73
0.3%
22,874
22,435
439
2.0%
Ordinary operating profit/(loss)
14,814
14,761
53
0.4%
14,814
14,454
360
2.5%
Group ordinary profit
7,011
7,135
(124)
-1.7%
7,011
6,635
376
5.7%
More specifically, the like-for-like representation of 2024 data does not include the effects of the following main disposal transactions:
Millions of euro
2024
Ordinary
operating Group ordinary Revenue Ordinary EBITDA profit/(loss) profit
Carrying amount
78,947
22,801
14,761
7,135
Capital gains on the disposal of assets in Peru
(1,347)
-
-
-
Capital gains on the sale of distribution assets in the municipalities of Milan and Brescia
(989)
-
-
-
Sale of assets in Peru
(582)
(250)
(191)
(117)
Sale of distribution assets in the municipalities of Milan and Brescia
(118)
(100)
(100)
(72)
Sale of the investment in Slovenské elektrárne
-
-
-
(298)
Other
(16)
(16)
(16)
(13)
Like-for-like amount
75,895
22,435
14,454
6,635
Group revenue in 2025 came to €80,346 million, up 1.8% from €78,947 million in 2024.
The €4,451 million increase on a like-for-like basis mainly reflects higher revenue from Thermal Generation and Trading for the sale of commodities in the wholesale market against a backdrop of higher average prices compared with the same period of the previous year, higher revenue from the transpok of electricity and gas, mainly in Italy, and higher retail revenue in Spain.
These developments more than offset the decrease in retail revenue in Italy, following the repositioning of the customer pokfolio, which led to lower average prices applied to retail customers and small and medium-sized enterprises and lower quantities of energy sold to customers in the top segment.
Ordinary EBITDA increased by €73 million (0.3%) compared with the previous year.
On a like-for-like basis, ordinary EBITDA increased by €439 million, in spite of the overall negative impact of exchange rate developments, in the amount of €446 million, thanks to the improved performance of Enel Grids in Italy, as a
result of the strong acceleration in investments, implemented from 2023, as well as in Spain, Colombia and Argentina, which more than offset the decrease in margins in the Integrated Businesses, mainly in the retail market in Italy, due to the normalization of the offering pokfolio for retail customers and lower quantities sold, and in Nokh America, reflecting lower income from tax paknership agreements.
Ordinary operating profit increased by €53 million in 2025, compared with the previous year. On a like-for-like basis, ordinary operating profit increased by €360 million, reflecting the improvements commented for ordinary EBITDA net of higher depreciation and amokization in the periods under review reflecting investments that came into operation in the previous 12 months.
Group ordinary profit in 2025 decreased by €124 million compared with 2024 mainly reflecting the different contribution of assets sold in 2024, as commented previously, only pakly offset by the decrease in financial charges in 2025 connected to the reduction in average debt.
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Climate
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Outlook
Sustainability
Consolidated financial
of results
and risk management
change
performance
Statement
statements
Millions of euro
at Dec. 31, 2025
at Dec. 31, 2024
Change
Net capital employed
103,987
104,938
(951)
-0.9%
Total equity
46,805
49,171
(2,366)
-4.8%
Net financial debt
57,182
55,767
1,415
2.5%
Capital expenditure
10,671
10,821
(150)
-1.4%
Net capital employed at December 31, 2025 came to
€103,987 million and was funded by €46,805 million in equity attributable to owners of the Parent and non-con-trolling interests and €57,182 million in net financial debt. The debt-to-equity ratio at December 31, 2025 was 1.22
(1.13 at December 31, 2024).
The decrease in net capital employed is mainly attributable to the reduction in net non-current assets (down
€1,903 million) due to impairments recognized during the year, mainly in the thermoelectric segment in Italy and renewables in Spain, the United States, Mexico and Canada for wind and photovoltaic plants and storage systems.
This decrease was pakially offset by higher net working capital (+€163 million), lower provisions (+€715 million) and the positive balance of net assets held for sale (+€74 million).
Total equity at December 31, 2025 decreased by
€2,366 million mainly due to dividend distribution (€6,119 million, including coupons paid to holders of hybrid bonds), the decrease in reserves related to the buyback transaction carried out by Enel SpA (€1,005
million) and comprehensive income recognized directly in equity (€1,528 million). These effects were partly offset by the profit for the period (€5,581 million) and the increase in the reserve for perpetual hybrid bonds (€1,074 million).
Net financial debt at December 31, 2025 amounted to
€57,182 million, up by €1,415 million compared with the end of 2024, as cash requirements for net investments (€10,190 million), dividend distribution (€6,060 million), the purchase of own shares (€1,947 million), brownfield acquisitions (€1,094 million) and the effect of new leases (€535 million) were only pakially offset by cash flows generated by operating activities (€13,926 million), favorable exchange rate developments (€2,779 million), net new issues of hybrid bonds (€1,074 million) and sale of photovoltaic plants in Spain (€182 million).
Capital expenditure totaled €10,671 million in 2025, down
€150 million from the previous year.
The breakdown of and changes in capital expenditure by geographical area are repoked below.
Millions of euro
2025
2024
Change
Thermal Generation and Trading
591
673
(82)
-12.2%
Enel Green Power
1,939
3,055
(1,116)
-36.5%
Enel Grids
7,029
5,868
1,161
19.8%
End-user Markets
850
971
(121)
-12.5%
Holding and Services
262
254
8
3.1%
Total(1)
10,671
10,821
(150)
-1.4%
The figure does not include €2 million regarding units classified as held for sale (€189 million in 2024).
The decrease reflects a different approach to investment selection, with a stronger focus on plants already in operation (brownfield investments) to maximize financial return and profitability.
If we include the acquisition of 34 hydroelectric plants for €961 million and of a portfolio of wind power plants for €45 million in Spain, two wind power plants in the United States as part of an asset swap agreement for
€44 million, and two wind power plants in Germany for
€44 million, total capital expenditure (in non-current assets and plant-owning companies) in 2025 came to
€11,765 million, up €944 million from the previous year. The Group capital expenditure is mainly concentrated in grids (€7,029 million, 66% of the total) and renewable energies (€1,939 million, 18% of the total), in line with the Group's Strategic Plan assumptions.
Capital expenditure in distribution increased by €1,161 million and is aimed at improving the reliability and quality
of service, ensuring greater resilience of networks to extreme weather events and maximizing returns on assets. In pakicular, increases are concentrated in Italy, Spain, Brazil, Chile, Argentina and Colombia.
As regards renewables, the decrease of €1,116 million, excluding the impact of brownfield investments mentioned above, mainly affected activities in Nokh America (€678 million), Brazil (€295 million), Italy (€49 million), Chile (€185 million) and Spain (€65 million), and was only pakially off-
set by increases in Colombia (€147 million) and South Africa (€14 million).
If we include the acquisition of brownfield plants, total capital expenditure in renewables in 2025 is substantially in line with the previous year.
Capital expenditure decreased in End-user Markets by
€121 million, mainly in Italy and Spain, and in Thermal Generation and Trading by €82 million, pakicularly in Italy.
2025
2024
Change
No. of shares outstanding at December 31 (millions)(1)
10,167
10,167
-
Market capitalization (millions of euro)(2)
89,191
70,230
27.0%
Average share price in December (euro)
8.77
6.91
26.9%
Group ordinary profit per share (euro)
0.69
0.70
-1.4%
Dividend per share (euro)
0.49
0.47
4.3%
It includes 133,554,875 and 12,079,670 treasury shares in 2025 and 2024, respectively.
Calculated on average share price in December.
Enel shares recorded a solid performance on the financial markets in 2025, with the average share price in December up 26.9% compared with the same period in 2024. This trend was reflected in an increase in market capitalization of approximately €19 billion, to €89.2 billion, confirming investors' growing appreciation of the Group's strategic and financial profile.
The number of outstanding shares was stable at 10,167 million.
As regards shareholders remuneration, despite the Group's slightly lower ordinary profit per share, solid cash generation and optimized capital allocation allowed us to increase the proposed dividend for the 2025 to €0.49 (+4.3% on
€0.47 in 2024), fully consistent with the dividend policy and return targets outlined in the updated Strategic Plan.
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Enel Group
Summary
Governance
Group strategy
Climate
Group
Outlook
Sustainability
Consolidated financial
of results
and risk management
change
performance
Statement
statements
Main sustainability indicators
In 2025, the Enel Group continued to pursue its commitment to reduce direct and indirect greenhouse gas (GHG) emissions in line with the Paris Agreement and the 1.5 °C
scenario, as cekified by the Science Based Targets initiative (SBTi), confirming its ambition to achieve net zero emissions in all Scopes by 2040.
Scope 1 GHG emissions Intensity
relating to Power Generation
97 gCO /kWh
2eq
72 by 2030
101 in 2024
in line
Scope 1 and 3 GHG emissions Intensity
relating to Integrated Power
108 gCO /kWh
2eq
73 by 2030
121 in 2024
in line
In 2025, the Scope 1 GHG emissions Intensity relating to Power Generation decreased by 4.0%, in line with the decarbonization roadmap, mainly due to lower generation from fossil sources, especially coal. The same downward trend is also confirmed for the Scope 1 and 3 GHG emis-
sions Intensity relating to Integrated Power (-10.7%), linked not only to the decrease in thermoelectric generation, but also to the decrease in emissions from the purchase of energy for sale to end users.
Women managers and middle managers
33.9%
34.1% by 2028
33.3% in 2024
in line
Average frequency rate of injuries weighted for their severity
0.32 (i)
0.47 (i) by 2028
0.53 in 2024
in line
The percentage of women in the total number of managers and middle managers in 2025 increased slightly compared to 2024 (+0.6 percentage points), confirming that gender equality continues to be an essential strategic pillar of the Group's vision.
The focus has also been on reducing serious injuries, by analyzing their causes and defining action plans aimed at progressively reducing risk situations producing such events.
Share of variable remuneration dependent on sustainability-related targets 38%
30% in 2024
Board of directors meetings in which sustainability issues were addressed 10
10 in 2024
The Group's activities are based on a solid governance structure, strongly oriented towards sustainability: in fact, all the meetings of the Board of Directors held in 2025 dealt
with sustainability-related issues, and the Remuneration Policy takes into account the achievement of sustainability-related targets.
Disclaimer
Enel S.p.A. published this content on April 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 13, 2026 at 15:05 UTC.