Enel updates its 2024 guidance after sale of Romanian assets, shares in focus for European utilities investors

By Thomas Klein, Operations & Strategy desk. Reviewed prior to publication on 2026-06-26, 20:37.

Enel S.p.A. (IT0003132476) has adjusted its 2024 financial guidance and capital allocation priorities following the completion of recent disposals, including the sale of its Romanian business, according to its latest strategic update and full-year 2023 results presentation. The group remains one of the largest integrated utilities in Europe and a constituent of major benchmarks such as the Stoxx Europe 600 Utilities, with its shares traded on Borsa Italiana in Milan as a liquid proxy for the sector.

Guidance update and portfolio reshaping

In its most recent medium-term plan, Enel S.p.A. outlined a 2024 ordinary EBITDA target range of roughly 20.1 billion to 21.1 billion euros, narrowing and refining prior guidance to reflect the disposal of non-core assets and a sharper focus on core markets in Italy, Spain and Latin America, as seen in its investor presentation and strategic outlook. The company also confirmed a 2024 net ordinary income target between 7.1 billion and 7.3 billion euros, underpinning its dividend policy, after reallocating capital away from peripheral geographies like Romania through portfolio rationalization transactions completed during 2023.

Enel S.p.A. completed the sale of its Romanian operations in March 2023 to Public Power Corporation S.A. (PPC), an Athens-listed utility and regional peer, for an enterprise value of approximately 1.9 billion euros including debt, a move that reduced leverage and sharpened strategic focus on larger, more scalable markets. The exit from Romania formed part of a broader asset rotation program worth around 21 billion euros in disposals, which aimed to reduce consolidated net debt and concentrate investments in networks and renewable generation in priority countries, according to the companys capital markets day materials and supporting documentation.

Debt reduction and investment priorities

According to Enel S.p.A.s latest publicly available financials, the company targeted a reduction of net debt to approximately 51 billion to 52 billion euros by the end of 2023, down from around 60.1 billion euros at the end of 2022, with asset disposals like the Romanian sale and other perimeter changes contributing meaningfully to deleveraging. Management reiterated its intention to keep the ratio of net debt to ordinary EBITDA within a range that supports a solid investment-grade rating, balancing investments in grid modernization and renewables with a disciplined approach to shareholder remuneration, as outlined in its strategic plan.

On the investment side, Enel S.p.A. has guided for cumulative capital expenditures of roughly 47 billion euros over the 2023-2025 period, with the bulk directed toward regulated distribution networks and renewable capacity additions in core geographies, including Italy, Spain, Brazil and Chile. The company emphasizes that networks and renewables offer visible, long-term cash flows and a favorable risk-return profile within the European utilities landscape, where peers such as Iberdrola and RWE are following similar asset-light and renewables-focused strategies, according to their respective investor communications.

The product behind the stock

Enel S.p.A. generates the bulk of its revenues from the generation, distribution and sale of electricity and gas to industrial, commercial and residential customers, with a strong presence in regulated distribution networks and renewable generation assets. Among its consumer-facing offerings is the Enel Energia retail electricity and gas service, which provides households in Italy and other European markets with electricity and gas supply contracts that can include green energy options and digital customer services.

Where the stock trades today

Enel S.p.A. shares last changed hands at about 6.50 euros on Borsa Italiana in Milan, with this indicative level based on recent trading ranges and the utilities sector environment rather than a live intraday quote.

This article was produced with AI assistance and editorially reviewed. Price and company figures without guarantee; prices and dates may change at short notice. No investment advice, no buy or sell recommendation. Stock-market transactions carry risks up to and including total loss.