Investing.com -- Italian energy giant Enel posted a solid first quarter, with ordinary EBITDA climbing 3.6% year-on-year to €6 billion, in line with analyst expectations, as strong performances in Spain and Latin America compensated for a weaker showing in its home market.

Revenues fell 6.7% to €20.59 billion, with the decline attributed primarily to lower electricity sales volumes in Italy, reduced average end-customer prices, and decreased wholesale market trading activity.

Despite the revenue softness, profitability improved across the group. Ordinary net income rose 3.9% to €1.94 billion, supported by better operating performance, contributions from renewable energy stewardship activities in Greece, South Africa, and Australia, and lower debt costs.

Ordinary net earnings per share climbed 6.2% to €0.203.

Capital expenditure increased 11% to €2.30 billion, reflecting the group's accelerating investment agenda. Net financial debt edged up to €57.83 billion from €57.18 billion at year-end, primarily due to exchange rate movements.

Enel reaffirmed its full-year 2026 guidance, targeting ordinary EBITDA of €23.1-23.6 billion and ordinary net income of €7.1-7.3 billion. The targets were originally set at the group's capital markets day in February, ahead of the outbreak of the U.S.-Israeli conflict with Iran.

Over the 2026-2028 strategic plan, Enel plans total gross investments of approximately €53 billion, with more than half allocated to renewables and the remainder directed toward power grid infrastructure.