The following is a summary of the Enel SpA (ENLAY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Enel SpA reported a substantial increase in EBITDA, amounting to €6.1 billion, marking a double-digit growth compared to the previous year.

• Net income has seen a 45% increase.

• The company's Funds From Operations (FFO) total €4.4 billion, demonstrating an EBITDA conversion rate of approximately 70%.

Business Progress:

• The company is progressing well in all business areas and geographical regions, staying on track with its established efficiency programs.

• An addressable cost reduction of €300 million compared to the 2022 baseline has been achieved.

• Enel saw an increase in renewable capacity by 4 gigawatts, contributing to emissions-free production of over 80% of the total.

• Given the solid operational performance, Enel's financial outlook remains stable and aligns well with their annual guidance.

• Regulatory changes forthcoming from Spain and network upgrades in Brazil are anticipated, which may impact business in those markets.

• There are M&A activities in progress, with expectations to close deals in Peru and Italy in the current year; potential U.K. grid acquisitions were also mentioned.

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