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The Enel Group closes the first quarter of the year with an ordinary Ebitda of 6,094 million euros (5,463 million euros in the first quarter of 2023, +11.6 percent). This is what we read in a note from the group released in the evening. The increase is attributable to the positive contribution of the different business units and different geographies.
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Net of changes in the scope, the performance of distribution network management activities was also positive. The Group’s ordinary net result was 2,180 million euros (1,512 million euros in the first quarter of 2023, +44.2%), an increase mainly attributable to the positive performance of ordinary operational management and the optimization of financial management, while the result net is at 1,931 million euros (1,034 million euros in the first quarter of 2023, +86.8 percent). However, revenues fell by 26.4% to 19,432 million and the change is mainly attributable to the progressive decline in prices in the periods compared and to the lower quantities of energy sold on the end markets.
Investments in Enel Grids in Italy, Chile, Colombia, Spain and Argentina and in end markets are increasing, mainly in mobility in Italy and in retail in Italy and Spain. The ordinary financing fund stands at 4.4 billion euros and rises by 19% annually, while the pro forma debt stands at 54 billion. In the first quarter of 2024 cash flow neutrality was essentially achieved.
«The solid results of the first quarter of 2024 confirm the effectiveness of the managerial actions undertaken with the 2024-2026 Strategic Plan, as well as the resilience of our business model in all the countries of presence – underlined Enel’s CFO, Stefano De Angelis – . Also in the coming months, Enel will continue to pursue a selective capital allocation with great discipline, maximizing management efficiency and effectiveness, as well as financial and environmental sustainability. We are therefore confident of achieving all our objectives for 2024, including the reduction of the group’s net debt, which has already fallen to 54 billion euros today also considering the divestments now being finalized. The excellent performance of the first quarter also provides us with ample visibility on the confirmation of the shareholder remuneration policy presented at the Capital Markets Day in November 2023″.
The first quarter results are in line with the guidance and – Enel indicates in the note – «in light of the solid performance of the first quarter, the guidance provided to the financial markets on the occasion of the presentation of the 2024-2026 Strategic Plan in November 2023 is confirmed: in 2024, the Group expects an ordinary Ebitda of between 22.1 and 22.8 billion euros and an ordinary net profit of between 6.6 and 6.8 billion”