Enel 1H26: Solid execution supports move to top-end EPS guidance

Research evidence excerpt

Enel 1H26: Solid execution supports move to top-end EPS guidance

ounts for about 25% of Enel's EBITDA. A 10% depreciation of LatAm currencies would reduce FY27e

EBITDA by 2.5%; 2) Failure to deliver on Enel’s renewables expansion strategy adding 11.8GW of consolidated gross renewable

capacities in FY26e-FY28e on our estimates; 3) Lack of a significant supply margin recovery.

Upside: 1) Attractively valued inorganic growth; 2) More investments in networks; 3) Positive regularity surprises

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EUROPEAN UTILITIES & CLEAN ENERGY 7