Enel to Boost Investments, Cash Generation as Part of 2024-26 Strategy

By Giulia Petroni

Enel plans to increase investments, boost cash generation and carry out cost reductions as part of its strategic plan for the 2024-26 period.

The Rome-based energy company said Wednesday that it plans for total gross capital expenditure of around 35.8 billion euros ($39.07 billion), with approximately EUR18.6 billion allocated toward grids and around EUR12.1 billion toward renewables. Net capex is expected to amount to around EUR26.2 billion.

Enel aims for around EUR43.8 billion of funds from operations to fully cover investments and dividends, and achieve a total cost reduction of around EUR1.2 billion in 2026. The company said it will implement a disposal plan set to have an estimated positive impact on net debt of around EUR11.5 billion between 2023 and 2024.

Ordinary earnings before interest, taxes, depreciation and amortization are seen between EUR23.6 billion and EUR24.3 billion in 2026, while net ordinary income is expected between EUR7.1 billion and EUR7.3 billion.

Enel said its dividend policy comprises a EUR0.43 fixed minimum dividend per share for the 2024-26 period, with a potential increase up to a 70% payout on net ordinary income, if cash flow neutrality is achieved.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 22, 2023 02:27 ET (07:27 GMT)

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