Enel has set out a €53bn investment plan for 2026-28 to accelerate growth across grids, renewables and customer operations in its most dynamic markets.
The company said the new strategy represents an increase of about €10bn on the previous plan and includes financial flexibility of approximately €15bn to boost investment while improving shareholder remuneration.
It added that over €26bn will be directed to the integrated business, including around €20bn for renewables to add about 15GW of greenfield and brownfield capacity.
A further €26bn-plus will go to grids, with about 55% earmarked for Italy and the remainder split between Iberia and Latin America.
Enel said it expects earnings per share to rise to between €0.80 and €0.82 in 2028 compared with about €0.69 expected in 2025.
The board has approved a new tranche of the share buy-back programme worth up to €1bn under a 22 May 2025 mandate allowing acquisitions and cancellations of up to €3.5bn of shares.
The group also plans to propose a dividend of €0.49 per share at its next shareholders’ meeting.
“Today Enel presents an ambitious and credible Strategic Plan with a sharp acceleration in growth thanks to an increase of Greenfield and Brownfield investments, which will lead to further improvement of the Group’s risk/return profile,” said Flavio Cattaneo, chief executive of the Enel Group.
“The managerial actions carried out in the last three years provide us with the financial flexibility to invest in the most dynamic markets in terms of electricity demand,” he added.
He said: “Thanks to the clear visibility on Group results and the execution of our share buy-back program, we expect to further increase shareholder remuneration, with an EPS that will increase to between 0.80 and 0.82 euros in 2028 and that will support dividend growth, through returns from international subsidiaries.”
Enel said the group achieved its 2023-25 targets, delivering around €15bn in dividends and share buy-backs while reducing net financial debt, strengthening its balance sheet and focusing its portfolio on core geographies.
It stated that the group plans to raise installed renewable capacity to over 80GW by 2028 from about 68GW in 2025, with more than 75% of new additions coming from wind and battery storage technologies.
Customer numbers in the free market are expected to rise to around 26 million in 2028 from approximately 23 million in 2025, according to Enel.
The company noted that investments in grids should lift its regulated asset base to about €58bn in 2028 from around €47bn at the end of 2025.
It further stated that additional efficiencies of around €700m are targeted by 2028 following early delivery of about €1bn in savings under the previous plan.
Enel said over 90% of its roughly €74bn cumulative ordinary EBITDA expected for 2026-28 will come from regulated or contracted activities.
The company added that it expects dividend per share to grow by around 6% CAGR between 2025 and 2028.
Enel said that beyond 2028 it anticipates continued growth in renewable capacity, grids’ regulated asset base and EPS, while remaining on track to reach net zero emissions across all scopes by 2040.