Enel has outlined a €53bn investment plan for 2026–2028 aimed at accelerating expansion in electricity networks, renewable generation and customer operations across its core markets.
The Italian utility said the strategy represents an increase of about €10bn compared with its previous plan and includes roughly €15bn of financial flexibility to support higher investment while enhancing shareholder returns.
More than €26bn will be allocated to the integrated business, including about €20bn earmarked for renewables to deliver around 15GW of new greenfield and brownfield capacity. A further €26bn-plus is planned for grids, with approximately 55% directed to Italy and the remainder split between Iberia and Latin America.
Enel expects earnings per share (EPS) to rise to between €0.80 and €0.82 in 2028, up from roughly €0.69 forecast for 2025.
The board has also approved a new share buy-back tranche of up to €1bn under a 22 May 2025 mandate permitting acquisitions and cancellations of up to €3.5bn of shares. The group intends to propose a dividend of €0.49 per share at its next shareholder 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 chief executive Flavio Cattaneo.
“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.
Cattaneo said the company expects higher shareholder remuneration supported by earnings growth, noting EPS is projected to reach between €0.80 and €0.82 in 2028.
The group said it had already achieved its 2023–2025 targets, delivering about €15bn in dividends and buy-backs while reducing net financial debt and sharpening its focus on core geographies.
Installed renewable capacity is projected to exceed 80GW by 2028, up from around 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 increase to about 26 million by 2028 from roughly 23 million in 2025.
Enel added that grid investments should lift its regulated asset base to around €58bn in 2028 from about €47bn at the end of 2025, while additional efficiencies of roughly €700m are targeted by 2028 following early delivery of about €1bn in savings under the previous plan.
The company said more than 90% of its roughly €74bn cumulative ordinary EBITDA expected for 2026–2028 will come from regulated or contracted activities, and it anticipates dividend per share growth of around 6% CAGR between 2025 and 2028.
Beyond 2028, Enel expects continued expansion in renewable capacity, growth in its regulated asset base and further EPS improvement, while remaining on track to achieve net-zero emissions across all scopes by 2040.
