Enel, net ordinary income up 14.1% in the first nine months of 2019, ordinary Ebitda target for the year revised upward to 17.8 billion euros

Published on Friday, 15 November 2019

“The positive performance recorded in the first nine months of 2019 demonstrates the solidity of Enel's integrated business model, which made it possible to increase the Group's net ordinary income by 14% and ordinary EBITDA by 11%. During the period, the Group also accelerated its investments to over 6 billion euros, 84% of which dedicated to renewables and grids, fuelled by a strong cash generation that will continue to support our medium and long-term growth ambitions. Furthermore, in these nine months the Group expanded by 24% its investments in asset development, which are fully addressed for 2019 and 2020, offering full visibility on the achievement of our industrial objectives. Actions to fully integrate sustainability into the Group's business strategy have been increasingly effective. Our path towards decarbonisation continues, in which a key step was the commitment undertaken by Enel last September to reduce direct greenhouse gas emissions per kWh by 70% by 2030 compared with 2017 values. This goal has been certified by the Science Based Targets initiative. In addition, the Group launched the first corporate bonds in the world linked to the achievement of the United Nations Sustainable Development Goals, first on the US market and then in Europe. The issues raised about 4 billion euros and were four times oversubscribed, underscoring market confidence in this innovative sustainable finance tool. In renewables, we installed 600 MW in these nine months and we are expecting the entry into service of a further 2,400 MW by the end of the year. This allows us to confirm the target of 3 GW of new renewable capacity installed by the end of 2019. We are also working to increase our annual target of additional renewable capacity to 4 GW, starting in 2020. Looking ahead, operational growth, the continuous effort going into efficiency enhancement and the simplification of the corporate structure place us in the best position to exceed our full-year consolidated ordinary EBITDA target, raising it to around 17.8 billion euros, and to generate a consolidated net ordinary income of about 4.8 billion euros at the end of 2019. These actions are being pursued within a strategic approach that views sustainability as a key factor in the creation of value for the Group and its stakeholders”

– Francesco Starace, Enel CEO and General Manager