1.5 billion profits in the first quarter of 2023, debt drops to 58.9 billion – Corriere.it

Enel closed the first quarter of 2023 with a group net ordinary income of 1,512 million euros (+1.9% on year), a group net result down by 27.7% to 1,034 million (penalized by items such as extraordinary solidarity contributions and the value adjustment of certain assets relating to the sale of the equity investment in Slovenské Elektrárne), an ordinary gross operating margin (ordinary EBITDA) of 5,463 million (+21.8%). Revenues fell by 22.6% to 26,414 million. The drop – reads the note – is “mainly attributable to a progressive drop in energy prices following the normalization of the energy context”. The growth in net ordinary profits – explains the group led by Francesco Starace – “reflects the positive trend in ordinary operations, which more than compensated for the increase in net financial charges, due to the increase in interest rates combined with the higher gross debt for the period compared to the first quarter of 2022, as well as the higher tax burden and the increase in minority interests for the results achieved essentially in Spain, Latin America and Romania”. While the increase in EBITDA is attributable to the growth of the integrated business, resulting from the combination of the businesses of Thermoelectric Generation and Trading, Enel Green Power, Mercati Finali and Enel X, together with the better results of Enel Grids. Investments rose by 13.4% to 2,873 million.

Starace: excellent results

«The excellent results achieved by Enel in the first quarter of 2023 – commented the CEO Francesco Starace – further confirm the solidity of our integrated business model which has allowed the group to successfully face a highly challenging start to the decade. We have made significant progress in executing our repositioning plan in Italy and other core geographies, already exceeding half of the €21 billion disposal target announced at the presentation of the 2023-2025 Strategic Plan. The excellent operational and financial performances achieved by Enel in the quarter provide clear visibility on the rest of the year, allowing us to confirm already now the guidance for 2023 on ordinary Ebitda, ordinary net income and net debt provided to the financial markets”.