The following is a summary of the Enel SpA (ENLAY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Enel SpA posted a significant performance in 2023, with financials showing a double-digit year-on-year increase.

• Free Cash Flow (FFO) improved by over 60%.

• The company met all the upwardly revised targets of November 2023.

• EBITDA reached €22 billion in a less volatile environment.

• Net income amounted to €6.5 billion, a 20% increase compared to 2022.

• A dividend per share of €0.43 was proposed following the strong results.

• Debt guidance for 2024 is expected to decrease to a range of €53 billion and €54 billion, from the €60.1 billion in 2023.

Business Progress:

• Enel is nearing completion of its disposal plan, with 90% already addressed.

• The company made selective capital allocations to maximize returns while minimizing risk–60% of total CapEx was focused on Europe.

• Over half of the company's investments have been in assets with long-term stable and visible returns.

• A partnership business model has been introduced to foster capacity growth.

• Environmental sustainability continues to improve, aligning with Enel's 2030 goal.

• The company plans to continue focusing on cash generation and financial discipline, indicating potential upside in shareholder remuneration from 2024.

• Based on Enel's strategic intent, their future asset rotation will aim to maximize return on invested capital while keeping an eye on market opportunities.

• Retail EBITDA in Italy reached €4 billion in 2023, with a normalization expected in 2024.

More details: ENEL SPA UN SPON ADR EA REPR 1 ORD SHS IR

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