Enel SpA

Goldman Sachs expects several European utility companies to post strong quarterly results, with RWE, Naturgy, Enel, and EDP positioned to potentially exceed their full-year guidance. The bank points to trading activities, flexible generation, and pumping hydro as key drivers, supported by commodity volatility, elevated prices, and solid power demand. Goldman Sachs projects RWE could deliver nine-month net profit of €1.6-1.7 billion, roughly 75% of the full-year Bloomberg consensus estimate of €2.25 billion, with earnings due on November 11. For Naturgy, the bank estimates nine-month EBITDA of €4.3-4.4 billion and net profit of approximately €1.75 billion, suggesting the company could exceed its full-year bottom-line guidance of above €2.1 billion. Enel is projected to post nine-month EBITDA of €17.8 billion and net profit of €5.7-5.8 billion, more than 75% of Goldman Sachs' full-year net profit projection of €7.47 billion, ahead of its November 12 report. For EDP, Goldman Sachs sees clear upside risk to full-year guidance, projecting third-quarter EBITDA at nearly €1.2 billion and nine-month EBITDA at €3.9 billion, with expected asset rotation gains of €200-250 million for the rest of the year making the €5.3 billion full-year EBITDA guidance look conservative; EDP reports on November 6. The bank also anticipates that certain companies may book fourth-quarter restructuring provisions to support future cost savings, which could limit potential earnings beats in 2026 but improve profits in 2027-28.