Enel announces a 65% increase in its half-year profit despite the fall in energy prices

Excluding exceptional items, the group's net profit stood at 3,9 billion euros, up 20,6%, according to a group press release.

Conversely, Enel's turnover fell by 17,8% to 38,7 billion euros, due to "falling prices" and the "decrease in the quantities of energy sold on markets”.

The decline in sales of energy produced from thermoelectric sources was “partially compensated” by “the increase in revenues” from energy produced from renewable sources, explains Enel.

“We have obtained excellent results, thanks to significant organic growth generated by the rigorous execution of our strategic plan,” commented its CEO Flavio Cattaneo.

The group has confirmed its objectives for this year, namely a net profit excluding exceptionals of 6,6 to 6,8 billion euros and a gross operating surplus (Ebitda) excluding exceptionals of between 22,1 and 22,8 billion euros.

Now forecasting results "at the top of the range" of forecasts, Enel intends to pay its shareholders "a dividend higher than the minimum set at 0,43 euros per share".

Ebitda excluding exceptional items increased by 8,8% to 11,7 billion euros in the first half.

Enel's net debt was reduced by 4,6% to 57,4 billion euros over the half-year, and it increases to 55 billion if we take into account the asset sales currently being finalized, according to M . Cattaneo.

In order to reduce its debt, Enel has planned asset sales of 21 billion euros as part of its 2023-2025 strategic plan.

Latest sale to date, Enel announced Thursday to sell to the Emirati renewable energy company Masdar 49,99% of EGPE Solar, which brings together all the photovoltaic assets of its subsidiary Endesa in Spain.

The transaction amount is 817 million euros and the enterprise value of EGPE Solar is estimated at 1,7 billion euros.

Enel's renewable energy production now represents 69,9% of the total, compared to 17,4% from thermal origin and 12,7% from nuclear origin.