Enel stock faces results test as Endesa regulated earnings gain weight

Enel stock faces its next earnings test after subsidiary Endesa reported stronger nine-month results on October 28. The update adds a more detailed read-through on earnings quality before Enel presents its group figures on November 12.

Endesa's official results release said net profit rose 15 percent to EUR 1.962 billion and ordinary net profit increased 22 percent to EUR 2.125 billion. EBITDA advanced 8.4 percent to EUR 4.577 billion, allowing the subsidiary to confirm its target of more than EUR 2.4 billion in ordinary net profit for 2026.

Regulated earnings gain weight

Regulated businesses, led by electricity distribution and generation in non-peninsular territories, now contribute nearly half of Endesa's EBITDA, compared with approximately 40 percent a year earlier. Distribution EBITDA rose 24.8 percent to EUR 1.747 billion, supported by the regulatory framework introduced in January and settlements from previous fiscal years.

The mix also carries a caution for Enel investors. Combined EBITDA from generation and commercialisation grew 3 percent to EUR 2.889 billion, but higher renewable generation did not prevent a lower renewables gross margin because realised power prices fell and solar curtailment increased.

Investment supports electrification

Gross investment increased 19.4 percent to EUR 1.622 billion, including about EUR 900 million for distribution networks, up 42 percent year on year. Electricity distributed rose to 114 terawatt-hours from 109 terawatt-hours, while grid losses improved from 9.5 percent to 9 percent. Endesa generated EUR 3.5 billion of cash flow and ended the period with EUR 11.187 billion of net financial debt.

Enel stock traded at 9.26 euros on Lang & Schwarz at 14:21 CET on Monday, November 2, 2026, 0.54 percent below the Xetra close of Friday, October 30, at 9.31 euros. The real-time quote of Enel stock provides the latest trading indication.

Italian equities remain influenced by the broader FTSE MIB market alongside company-specific earnings expectations.

The November 12 release will show whether Enel's wider generation, network and customer businesses match Endesa's stronger operating signal and how management assesses the full-year outlook. More news and analyses on Enel stock will track that earnings checkpoint.