
Enel focuses on share buyback, Italian licence after steady Q1
Following the example of oil and gas majors, the state-controlled group will urge shareholders at an annual meeting on May 22 to approve a plan worth up to 3.5 billion euros ($3.9 billion) to repurchase its own shares.
On the same day investors will also vote on the introduction of an option to cancel acquired shares without reducing the group's share capital, making the buyback another way of rewarding shareholders in addition to dividends.
"I hope the plan will be approved on May 22," Enel's Chief Financial Officer Stefano De Angelis told analysts at a post-result conference call.
De Angelis also said the company is holding talks with Italian authorities over securing a 20-year extension of its distribution power licence in its home country.
Enel will devote part of the financial space it has secured by cutting its net debt to the licence renewal, and may also deploy some capital in Spain, the CFO said.
The group reported ordinary earnings before interest, taxes, depreciation and amortisation (EBITDA) of 5.97 billion euros for the first quarter, slightly above an analyst consensus of 5.90 billion compiled by LSEG.
Ordinary EBITDA for the first quarter of last year was revised to 5.87 billion euros, down from 6.09 billion euros, to take out the effects of recent disposals.
Better-than-expected results at Enel's Spanish unit Endesa (ELE.MC), opens new tab and healthy growth both in Latin America and the United States more than offset a fall in ordinary EBITDA in Italy, where the utility cut power prices by 30-40% to retain customers.
De Angelis said the group expects the performance of its retail business in Italy to stabilize in the coming quarters.
Chief Executive Flavio Cattaneo, who was appointed two years ago, said the January-March period marked the seventh consecutive quarter of positive financial results.
Enel confirmed its guidance for ordinary EBITDA of between 22.9 billion and 23.1 billion euros for the whole 2025.
($1 = 0.8918 euros)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
an hour ago
- Reuters
Carrefour to sell Italy business, reports improving sales growth
LONDON, July 24 (Reuters) - Carrefour ( opens new tab, Europe's biggest food retailer, has agreed to sell its loss-making business in Italy to food and drinks manufacturer NewPrinces Group ( opens new tab as part of a strategic review kicked off earlier this year. The sale of Carrefour Italy, which operates 1,188 stores but made a 67 million euro ($78.85 million) operating loss last year, will help boost Carrefour's growth, profitability and cash generation, the French-based retailer said in a statement. The deal gives Carrefour Italy an enterprise value of around 1 billion euros, Italy-based NewPrinces Group said in a separate statement, and should close by the end of the third quarter subject to regulatory approval. Carrefour also reported stronger second-quarter sales as price cuts helped to attract more inflation-weary shoppers particularly in France, its biggest market. Overall, Carrefour's second-quarter sales grew 4.4% on a like-for-like basis from a year earlier, building on 2.9% growth in the first quarter. In France, like-for-like sales returned to growth for the first time since 2023, up 2.1% compared to a year ago. "Volumes declined at a historic rate after the wave of hyperinflation in 2022 and 2023, but we are seeing a gradual recovery in purchasing power, which is evidenced by volumes increasing [in the second quarter]," Chief Financial Officer Matthieu Malige told journalists on a call. Carrefour plans to keep lowering prices in the second half as it tries to keep improving its competitive position, Malige added. The group's first-half sales totalled 46.559 billion euros, up from 44.863 billion euros a year earlier. "Carrefour's business saw a clear acceleration in the first half of 2025, driven by the momentum in its three core countries: France, Spain, and Brazil," Carrefour CEO Alexandre Bompard said in a statement. However, Carrefour's profitability remained under pressure, with its first-half operating margin falling to 1.6% from 1.8% a year ago. ($1 = 0.8498 euros)


The Independent
2 hours ago
- The Independent
FA issue England manager warning ahead of Euros final
The Football Association (FA) is determined to retain Sarina Wiegman as England manager, with chief executive Mark Bullingham stating she is "not for sale" at any price. Wiegman has reached five consecutive major tournament finals, including the last three with the Lionesses, and will lead them in the Euro 2025 final against world champions Spain. Her current contract with the FA extends until the end of the 2027 Women's World Cup, and Bullingham expressed confidence in keeping her in charge. Bullingham praised Wiegman as a "special coach" for her exceptional tournament record, work with players, and ability to maintain a cool head in critical moments. He dismissed suggestions that Wiegman should be considered for the England men's job, asserting it is disrespectful to view the men's role as more senior.


Telegraph
2 hours ago
- Telegraph
Putin is preparing for another invasion while Nato is fatally distracted
At the latest Nato summit in The Hague, the alliance announced that members had set a new target of spending 5 per cent of GDP on defence and security by 2035. In part, this is likely to have been driven by a realisation that Trump envoy Steve Witkoff's shuttle diplomacy and Europe's denunciations of Vladimir Putin will not be enough to end the war in Ukraine. More fundamentally, however, members are waking up to the need to deter Russia from attacking a Nato country – which, according to Mark Rutte, the alliance's secretary-general, it could be ready to do within five years. As a military intelligence analyst specialising in Putin's thinking and Russian military strategy, I agree with Rutte's assessment about Russia's readiness for another offensive military campaign in just a few years. I'm less convinced that a Nato country is likely to be the Kremlin's next target, unless the alliance directly intervenes in Ukraine by deploying troops onto the battlefield. Nevertheless, what Nato does or doesn't do in the next few years could be highly significant in determining whether Putin decides to attack another post-Soviet state – such as Moldova. The problem is that increasing spending on defence and security-related areas will not do the trick on its own. Money and technology, the staples of the West's style of warfare, do not by themselves prevent or win wars. Strategy does. And a successful strategy must be based on a deep understanding of the opponent's way of war, addressing the key elements of its military planning. I briefed Nato members on Russia's war-fighting strategy in September 2013, just months prior to Putin's invasion of Crimea. Regrettably, no counter-strategy was developed by the Pentagon and its Nato counterparts. Hence Putin's invasions. Developed by the Russian General Staff and often dubbed 'asymmetric warfare', Russia's strategy borrows heavily from the classic works of the British strategist Sir Basil Liddell Hart. He advocated indirect methods of fighting the opponent, rather than the brute application of force. The centrepiece of this approach is to bypass the enemy's areas of strength and focus on exploiting weaknesses and vulnerabilities. Obviously, the war in Ukraine has developed into precisely the sort of conflict Russia seeks to avoid. But that doesn't mean that the Kremlin has fundamentally changed its approach to conflict, particularly when facing new opponents. Since Nato militaries are technologically superior to the Russian forces, Moscow knows it will have to rely on seizing the strategic initiative during the initial period of any future war. It will not be seeking a repeat of what has happened in Ukraine. Russian planners therefore envision undermining Nato's network-centric approach to war by disrupting its forces' 'kill chain', the process that enables military decision-making to detect, target, and destroy adversaries. This could be achieved by targeting, perhaps pre-emptively, the C4ISR (command, control, communications, computers, intelligence, surveillance, and reconnaissance) and space systems on which Nato forces depend. So Nato members need to do more than spend money. They need to understand what the Russians consider to be the alliance's vulnerabilities, and take action to remove the Kremlin's incentive to exploit them. There are five principal areas that require action. 1. Secure space-related infrastructure Russia has a formidable arsenal of counter-space weapons, designed to degrade or destroy US and allied satellites. It includes GPS-jamming systems, lasers, orbital interceptors, and anti-satellite missiles. The US Office of the Director of National Intelligence warned in its 2025 Annual Threat Assessment that Russia is training its space forces, fielding new anti-satellite weapons, and is already using electronic warfare to counter Western assets. Moscow is also developing a new satellite meant to carry a nuclear weapon as an anti-satellite capability. 2. Harden critical infrastructure against cyber attacks Russia has one of the world's most destructive arsenals of cyber weapons, a sophisticated doctrine, and advanced expertise. The 2025 Annual Threat Assessment warned about Russia's repeated success in compromising sensitive targets for intelligence collection. Moscow is likely to already have access to critical infrastructure in the US and Europe. Moscow has a particular strength and practical experience in integrating cyber attacks with military operations in wartime. 3. Establish stronger protocols to guard undersea communications cables Russia's General Staff Main Directorate has a highly secretive deep sea research programme, known as GUGI. Moscow is highly likely to have put this expertise into practice, with several suspected sabotage operations of undersea cables in the Baltic Sea since the war in Ukraine began. A similar risk applies to energy pipelines. In October 2022, the UK Ministry of Defence acknowledged that a Royal Navy frigate was deployed to the North Sea to assist Norwegian forces in protecting gas pipelines, after the rupture of Nord Stream in the Baltic. 4. Bullet-proof against Russian espionage It hardly needs saying that Russia routinely infiltrates spies all across Europe and recruits locals to steal military, political, and economic secrets. But Moscow has also been able to insert intelligence operatives to conduct destabilisation operations, targeting critical infrastructure. Some estimates suggest that such sabotage operations almost quadrupled in number between 2023-24. Multiple arrests have taken place, including in Germany, Poland, and the UK. But the alliance must take a more pro-active approach, neutralising and disrupting Russia's espionage operations before they are able to do damage. 5. Establish advantage in total combat potential Having moved onto a war footing several years prior to the invasion of Ukraine, Russia now produces more ammunition in three months than Europe does in one year. Scaling up production of air defence systems, tanks, drones, and ammunition is imperative for Nato to catch up to Russia and restock its depleted arsenals. Weapons don't shoot themselves, however. The alliance must recruit, train, and equip a fighting force sufficient to change Putin's decision calculus. Moscow has been mobilising overtly and covertly throughout its three and a half year war in Ukraine. And on Tuesday, a bill was submitted to the State Duma introducing year-round conscription for military service. If approved and signed by Putin, the law will come into effect on Jan 1, 2026. In Europe, only a few countries have mandatory military service, and so far most of the others are not considering it. But in a war of attrition, such as the one Russia is fighting in Ukraine, the side that has more manpower is better positioned to win. The good news is that the alliance has time to get its act together to prevent another invasion. It would be tragic if the alliance fails to step up to the plate now, especially given the colossal price Ukraine is paying to defend itself against the Russians. Nato owes it to all those dead Ukrainians and their families to develop a viable counter-strategy to Putin's playbook. Rebekah Koffler is a strategic military intelligence analyst, formerly with the US Defense Intelligence Agency. She is the author of 'Putin's Playbook', Regnery 2021. Her next book 'Trump's Playbook' will be published later this year. Rebekah's podcast Trump's Playbook is running on her channel Censored But Not Silenced and is available on most social media platforms @Rebekah0132.