Enel Group
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In November 2023, the Group presented its new StrategicvPlan for 2024-2026, based on three pillars:

  • profitability, flexibility and resilience through selective capital allocation, aimed at optimizing the Enel Group’s risk/return profile;
  • effectiveness and efficiency as drivers of the Group’s operations, based on process simplification, a leaner organization focused on core geographies, and streamlined costs;
  • financial and environmental sustainability to pursue value creation in addressing the challenges of climate change.

For the three-year period 2024-2026, the Group mapped out a total gross investment plan of €35.8 billion:

  • around €18.6 billion in Grids, focusing on improving quality, resilience and digitalization, and encouraging new connections;
  • around €12.1 billion in Renewables, particularly on onshore wind, solar and battery storage, also leveraging on practices as repowering plants;
  • around €3 billion in Customer experience, with an active management of the customer base through multi-play bundled offers, including goods and services in an integrated portfolio available through a single touchpoint for the customer.

As a result of the strategic actions described above, the Enel Group’s ordinary EBITDA is expected to increase to between €23.6 billion and €24.3 billion in 2026, while Group net ordinary income is expected to increase to between €7.1 billion and €7.3 billion.

Dividend policy provides for a minimum fixed dividend per share (DPS) of €0.43 for the 2024-2026 period, with a potential increase up to a 70% payout on net ordinary income if cash neutrality is achieved.

The following are planned for 2024:

  • investment in distribution grids focusing on geographical areas that have fair and transparent regulatory frameworks in place, in particular in Italy;
  • selective investment in renewables, aimed at maximizing the return on capital employed and minimizing risks; active management of the customer base through bundled multi-play offers.

In view of the foregoing, the financial targets on which the Group’s 2024-2026 Plan is based are reported below.

Prospetto di raccordo tra patrimonio netto e risultato di Enel SpA e i corrispondenti dati consolidati

(1) Minimum DPS
(2) Cash neutrality is achieved if funds from operations (FFO) fully cover Group net investment plus dividends in excess of the fixed minimum dividend.

Financial targets
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