Revenue and earnings before interest and taxes (EBIT) at Enel Green Power both fell in 2019 compared with 2018.
EBIT fell 6.5% to almost €3.28bn from more than €3.50bn in 2018, while revenue was down 4% to over €7.73bn from more than €8.05bn in the previous year.
The company did not provide a specific reason for the falls but said sales volumes had declined.
Ordinary EBITDA was up 2% to just above €4.63bn from €4.54bn, mainly down to an indemnity received for the early withdrawal of a major customer from an electricity supply contract in Chile (€80m) and rising average prices.
Capital expenditure increased over 54% to just under €4.3bn from more than €2.78bn.
Overall, parent company Enel reported revenue up 6.3% last year to almost €80.33bn, compared with 2018, but EBIT fell over 30% to nearly €6.88bn from €9.90bn in 2018.
This was down to amortisation and impairment losses, which included impairment on a number of coal-fired plants in Italy, Spain, Chile and Russia, the company said.