The following is a summary of the Enel SpA (ENLAY) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Enel SpA reported improved financial results, with ordinary EBITDA at €11.7 billion, a 9% increase from the previous year.

• Ordinary net income experienced double-digit growth, consistent with trends observed in previous quarters.

• Strong cash generation with FFO reaching $5.5 billion, providing coverage for net CapEx.

Business Progress:

• Advanced in partnership business model, completing two partnership deals worth approximately €2 billion.

• Capital expenditures were focused predominantly in Europe, with significant investments in renewables and energy transition.

• Achieved significant savings of approximately €500 million, halfway to the €1 billion target set for cost reductions.

Opportunities:

• Substantial investments in renewable energy assets and partnerships, specifically through the partnership with Masdar in Spain for solar assets and Sosteneo in Italy.

• Beneficial regulatory updates in Italy and stable frameworks in Latin America bolster business opportunities.

Risks:

• Economic and financial impacts affect cash flow and working capital dynamics, requiring careful management.

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