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- Enel’s program targets 2.9 million treasury shares, ~0.029% of its share capital.
- Aimed at Long-Term Incentive Plan 2024 for management.
- Purchase price tied to achieving a sustainability goal by 2026.
Enel S.p.A. has approved a share buyback program to purchase 2.9 million treasury shares, approximately 0.029% of its share capital. This program, running from September 16 to December 16, 2024, is designed to support the Long-Term Incentive Plan 2024 for Enel’s management.
Financial Details
Based on the July 24, 2024 closing price of €6.631 per share, the estimated disbursement for the program is €19.2 million. An authorized intermediary will independently manage the purchase, adhering to daily price and volume limits set by regulations.
Sustainability Commitment
Enel’s commitment to sustainable development is reflected in the program’s terms. A discount on the repurchase price is linked to achieving the “Scope 1” GHG emissions intensity target of ≤125gCO2eq/kWh by 2026. This initiative aligns with Enel’s broader sustainability objectives.
Regulatory Compliance
Purchases will be conducted on the Euronext Milan market to ensure equal shareholder treatment, following Consob Regulation and EU market abuse regulations. Enel currently holds 10,085,106 treasury shares, about 0.0992% of its share capital. These existing shares, alongside the newly repurchased ones, will support the LTI Plan 2024.
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Enel’s CEO stated, “This buyback program underscores our dedication to sustainable growth while incentivizing our management team. Linking financial strategies with environmental goals exemplifies Enel’s forward-thinking approach.“
The company will disclose transaction details to CONSOB and the market as required, ensuring transparency and adherence to regulatory standards.