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UTILITIES: Enel (ENELIM Baa1/BBB/BBB+): 1H24 Results

UTILITIES

Firm but probably credit neutral results.

  • Adj. EBITDA came in-line with consensus, up 9% YoY with growth from renewables and networks slightly down due to disposals.
  • Cash flow was €1.6bn up from -€1bn YoY on lower capex.
  • Pro-forma leverage steady at 2.4x.
  • FY24 EBITDA guidance of €22.1-22.8bn maintained but expected to reach the top-end of the range.
  • Webcast replay https://events.enel.com/1st-half-2024-results/event

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