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Enel

Investor Presentation • Jul 25, 2024

4317_10-q_2024-07-25_a9b62df2-69b2-431c-9555-549f74093cf3.pdf

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First Half 2024

Consolidated results July 25th, 2024

First Half 2024 Consolidated results

Flavio Cattaneo CEO

Opening remarks

Solid operational and financial results, deleverage and efficiencies program well on track

M&A: 5 €bn cashed in in Q2 2024

Disposal Plan completed

Full Year 2024: on track to achieve the top of the range

Financial sustainability: on track to provide support to a shareholder remuneration consistent with our dividend policy

already achieved

businesses

3

Continued advocacy activity to drive value creation

  • Positive evolution on renewables development and remuneration creates potential to exploit 20 GW mature pipeline in Italy (FER 2, FER X and suitable areas Decrees approval).
    • More than 1 million customers added to the liberalized market starting from July 1st on the "Placet" segment
    • Improved market presence on targeted/premium areas with higher GDP pro capita (Milan, Rome)
    • Avoided front-loaded acquisition costs
    • Leverage immediate opportunity for cross selling/bundled offers
  • Continued constructive discussions on grids' regulatory framework in all core countries
  • New regulatory framework in Brazil (Decree n.12068, June 20th) provides optionality to extend the duration of our concessions beyond current expiry (2026/2028), creating value also beyond the current plan

Capex deployment to sustain a visible long-term growth and enhance value creation

    1. It includes production from renewable managed capacity;
    1. Gross of energy losses.

Accelerated deployment of the new "partnership" business model

1.9 €bn cash in from partnerships to optimize capital allocation in 6 months

Delivering on a cost disciplined organization

New management's actions translated into a strong financial and environmental performance

First Half 2024 Consolidated results

Stefano de Angelis CFO

Strong operating delivery in H1 drives high single digit increase in EBITDA

8.5 3.3 EBITDA by geography Ordinary EBITDA1 3 (€bn) H1 2024 11.7 €bn +9% 10.2 0.6 H1 2023 H1 2024 2023 Disposals2 7.8 4.0 H1 2024 11.7 €bn EBITDA by business3 10.7 11.7 ROW +13% vs PY

10 1. Rounded figures. It excludes extraordinary items in H1 2023 (-1.063 €mn: -208 €mn solidarity contribution in Spain, -367 €mn Costanera and Dock Sud (Argentina), -488 €mn discontinued operations Greece and Romania) and in H1 2024 (+1.181 €mn: -202 €mn solidarity contribution in Spain, +1.347 €mn gain disposal Perù, +36 €mn gain Iberia)

  1. Mainly Costanera and Docksud in Argentina and Enel Romania;

  2. Split calculated excluding 'Other'

Grids

Positive networks' performance across all geographies

Ordinary EBITDA evolution (€bn)

EBITDA up by 4% net of perimeter effect from disposed assets

Confirmed supportive regulatory framework in Italy drives EBITDA increase and capital allocation

Tariff indexation in Latin America offsets CPI impacts on Opex and support growth (new tariff scheme in Argentina)

  1. Mainly Enel Romania

0.0 00 0.5 00 1.0 00 1.5 00 2.0 00 2.5 00 3.0 00 3.5 00 4.0 00 4.5 00

  1. Perù distribution contributed for c.120 €mn in H1 2023 and c.95 €mn in c.H1 2024

0.0 00 1.0 00 2.0 00 3.0 00 4.0 00 5.0 00 6.0 00 7.0 00 8.0 00 9.0 00

Strong renewables growth drives up integrated business EBITDA

Ordinary EBITDA evolution (€bn)

Strong EBITDA growth in renewables thanks to:

  • 9 TWh of higher resource availability vs 2023
  • hedging with Retail B2C more than offsets declining wholesale pool price

Thermal generation contribution

Customers' EBITDA affected by the expected normalization of retail margins in Italy, in line with FY and CMD guidance

  1. Perù generation & supply contributed for c.220 €mn in H1 2023 and c.180 €mn in H1 2024

Net Ordinary Income up by a sound 21% yoy

Profit & loss (€bn)

Rounded figures

D&A and Provisions

Financial expenses1

Net Ordinary Income

Income taxes

Minorities

Ordinary EBITDA

FFO up yoy despite negative non-recurring items, ample visibility on H2 delivery

Cash flow (€bn)

FFO adjusted for working capital seasonal dynamics fully supports Cash Flow visibility to sustain deleverage ambitions and shareholders' remuneration, according to CMD guidance

14 Rounded figures 1. CO2 cash settlement in Italy related to extraordinary high volumes of coal generation (0.7 €bn) and cash settlement of the gas arbitration booked in 2023 P&L (0.5 €bn)

  1. Includes dividends received from equity investments

  2. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges)

Pro-forma Net Debt/EBITDA at 2024 target

Net debt evolution1 (€bn)

  1. HFS: FY 2023 0.9 €bn and H1 2024 0.1 €bn

  2. Restated figure

  3. Net Capex: 5.5 €bn Gross Capex – 1.1 €bn Partnership – 0.5 €bn Grants

Successful completion of the re-engineered M&A Plan

M&A delivery: Net Debt impact

Full Year 2024 guidance supported by H1 delivery

Full Year 2024 Ordinary EBITDA guidance (€bn)

Full Year 2024 guidance expected to reach the top-end of the guidance range

  1. It does not include "Other" for (0.2) €bn

  2. Guidance range does not include Perù contribution, in line with CMD 2023

First Half 2024 Closing remarks

Closing remarks

Strict focus on the new strategic pillars to deliver organic, clear and predictable growth

Management's execution restored an organic business performance with solid cash flow production moving leverage to one of the lowest in the sector

A pragmatic and returndriven approach to investments, accountability and advocacy result into a more profitable, efficient and resilient company, delivering consistent value to shareholders

2024 DPS above 0.43 €/sh

Annexes

Update on M&A plan

Net Debt impact

Amount (€bn) Year
Deals
closed		 Sale of Argentina generation1 0.1 2023
Australia1
Sale of 50%
stake in		 0.1 2023
Exit from Romania1 2.1 2023
Sale of PV Assets in Chile 0.5 2023
Sale of
50%
stake in EGP Hellas		 0.3 2023
Sale 150 MW of solar and
geothermal capacity		 0.3 2024
Partnership with Sosteneo: BESS
and open-cycle		 1.1 2024
Sales of Peru assets2 5.0 2024
Deals
Deals
announced
announced		 Solar assets in Spain 0.8 2024
Sale of 90% of DX
activities of some municipalities
in Lombardy		 1.2 2024

  1. Numbers shown do not take into account the impact on Net Debt recorded in 2022

  2. Perù distribution & supply included in HFS for c.0.5 €bn and Perù generation included in HFS for c.0.3 €bn as of December 31st, 2023

Macroscenario

(%)
GDP		 (%)
CPI		 €1
against
FX		 1
(€/MWh)
Price
Spot		 Electricity
Demand
(TWh)
H1
2024		 H1
2023		 H1
2024		 H1
2023		 H1
2024		 H1
2023		 H1
2024		 H1
2023		 H1
2024		 H1
2023
Italy 0
87		 38
1		 0
92		 8
65		 93
56		 136
21		 53
151		 149
90
Iberia 2
46		 2
98		 3
42		 3
88		 37
82		 89
41		 146
00		 145
23
Latin
America
Argentina (3
65)		 (2
11)		 275
93		 107
37		 976
63		 280
09		 73
82		 74
81
Brazil 2
08		 3
85		 4
13		 4
55		 5
99		 5
22		 11
47		 12
60		 345
86		 316
31
Chile 2
78		 (0
05)		 4
05		 10
25		 1
010
09
,		 874
66		 52
67		 105
89		 43
31		 41
61
Colombia 10
1		 1
45		 49
7		 12
86		 26
4
444
,		 552
63
4
,		 120
15		 82
31		 40
68		 38
84
Peru 1
95		 (0
45)		 2
68		 8
01		 4
11		 3
96		 27
67		 42
65		 29
77		 29
03
North
America
USA 2
91		 2
05		 3
25		 4
88		 1
07		 1
09		 2
119
96
,		 2
021
41
,
Mexico 1
85		 3
57		 4
67		 6
59		 19
59		 18
67		 - -
Africa
Asia
&
Oceania
,
India 43
7		 21
7		 96
4		 42
5		 89
30		 88
99		 796
14		 769
61
Australia 1
06		 2
12		 3
60		 6
50		 1
61		 1
64		 - -
South
Africa		 0
53		 1
03		 5
30		 6
58		 19
50		 20
59		 104
77		 101
52

Group consolidated net capacity: breakdown by technology and geography

MW Hydro Wind Geothermal Solar
&
Other		 Nuke Oil
&
Gas		 Coal CCGT TOTAL
Italy 12
992
,		 874 776 333 - 2
052
,		 160
4
,		 607
4
,		 25
794
,
Iberia 746
4
,		 2
893
,		 - 2
453
,		 3
328
,		 2
333
,		 241 5
445
,		 21
439
,
of
World
Rest		 9
803
,		 979
11
,		 83 8
528
,		 - 830 226 468
1
,		 32
917
,
Latin
America		 9
751
,		 408
4
,		 83 832
4
,		 - 830 226 468
1
,		 21
599
,
Argentina 328
1
,		 - - - - - - - 328
1
,
Brazil 272
1
,		 3
506
,		 - 748
1
,		 - - - - 6
526
,
Chile 3
511
,		 903 83 2
051
,		 - 511 - 468
1
,		 8
526
,
Colombia 3
097
,		 - - 872 - - 226 - 195
4
,
Perù - - - - - 319 - - 319
Other1 543 - - 162 - - - - 705
Europe2
of
Rest		 - 4 - - - - - - 4
North
America		 52 195
7
,		 - 3
338
,		 - - - - 10
586
,
Mexico 52 893 - 220 - - - - 164
1
,
Canada - 363 - - - - - - 363
USA - 940
5
,		 - 3
119
,		 - - - - 9
058
,
Oceania3
Africa
Asia
&
,		 - 371 - 357 - - - - 729
Total 27
542
,		 746
15
,		 860 313
11
,		 3
328
,		 215
5
,		 627
4
,		 520
11
,		 80
150
,

  1. Includes Panama, Guatemala and Costa Rica 23

  2. Includes Germany

  3. Includes South Africa, India and Zambia

Group consolidated net production: breakdown by technology and geography

GWh Hydro Wind Geothermal Solar
&
Other		 Nuke Oil
&
Gas		 Coal CCGT TOTAL
Italy 9
884
,		 758 2
638
,		 109 - 34 642 3
771
,		 17
837
,
Iberia 4
442
,		 3
603
,		 - 1
867
,		 12
246
,		 2
104
,		 50 5
465
,		 29
778
,
of
World
Rest		 19
104
,		 18
858
,		 168 6
217
,		 - 706 545 3
530
,		 49
128
,
Latin
America		 19
067
,		 6
915
,		 168 3
608
,		 - 706 545 3
530
,		 34
539
,
Argentina 1
516
,		 - - - - - - - 1
516
,
Brazil 2
452
,		 5
631
,		 - 833 - - - - 8
916
,
Chile 5
832
,		 1
045
,		 168 1
897
,		 - 376 - 2
801
,		 12
119
,
Colombia 6
489
,		 - - 504 - - 545 - 7
538
,
Perù 1
819
,		 238 - 257 - 331 - 729 3
374
,
Other1 959 - - 118 - - - - 1
077
,
Europe2
of
Rest		 - 3 - - - - - - 3
North
America		 37 11
529
,		 - 2
331
,		 - - - - 13
897
,
Mexico 37 698 - 268 - - - - 1
002
,
Canada - 571 - - - - - - 571
USA - 10
260
,		 - 2
063
,		 - - - - 12
323
,
Oceania3
Africa
&
Asia
,		 - 411 - 278 - - - - 689
Total 33
430
,		 23
219
,		 2
805
,		 8
193
,		 12
246
,		 2
845
,		 1
237
,		 12
766
,		 96
742
,

  1. Includes Panama, Guatemala and Costa Rica 24

  2. Includes Germany

  3. Includes South Africa, India and Zambia

Group total additional capacity1 : breakdown by technology and geography

MW Hydro Wind Geothermal Solar
&
Other		 Nuke Oil
&
Gas		 Coal CCGT TOTAL
Italy 1 - - 96 - - - - 97
Iberia - 9 - 184 - - - - 193
of
World
Rest		 1 194 - 1
001
,		 - - - - 1
195
,
Latin
America		 1 194 - 601 - - - - 795
Argentina - - - - - - - - -
Brazil - 194 - 364 - - - - 558
Chile 1 - - 81 - - - - 82
Colombia - - - 156 - - - - 156
Perù - - - - - - - - -
Other2 - - - - - - - - -
&
North
Africa
Europa		 - - - - - - - - -
North/Central
Americas		 - - - 400 - - - - 400
Mexico - - - - - - - - -
Canada - - - - - - - - -
USA - - - 400 - - - - 400
Africa
Asia
&
Oceania
,		 - - - - - - - - -
Total 2 203 - 1
280
,		 - - - - 1
484
,

25 1. Excludes managed capacity and BESS

  1. Includes Uruguay, Panama, Guatemala and Costa Rica

Renewable projects in execution: breakdown by technology and geography1

MW Wind Hydro Geothermal Solar
&
Other		 BESS Total
Italy - 4 - 212 572
1
,		 788
1
,
Iberia 33 10 - 661 42 746
of
World
Rest		 530 156 - 2
529
,		 283 3
498
,
Latin
America		 194 156 - 1
288
,		 168 1
806
,
North
America		 - - - 1
148
,		 115 1
263
,
Africa
&
Asia
Oceania
,		 336 - - 93 - 429
Total 563 171 - 3
403
,		 1
896
,		 6
032
,

Pipeline

~364 73 174 Gross Pipeline BESS Early stage Mature In execution 1

  1. It includes BESS for around 49 GW in early stage and around 24 GW in mature pipeline

  2. It includes both renewables and BESS

Enel Grids KPIs1

Electricity distributed Grid
customers		 (mn) (mn)
Smart
meters
H1 H1 H1 H1 H1 H1
2024 2023 2024 2023 2024 2023
Italy 104 103 31 31 31 31
7 1 9 8 8 7
Iberia 67 67 12 12 12 12
6 0 6 5 5 4
of 64 69 24 28 1 2
World 5 4 5 8 4 2
Rest
Latin
America		 64
5		 62
1		 24
5		 25
6		 1
4		 0
8
Argentina 8 9 2 2 0 0
8 2 7 6 0 0
Brazil 36 33 8 15 0 0
9 9 15 5 9 4
Chile 7 7 2 2 0 0
4 1 1 1 4 4
Colombia 7 7 3 3 0 0
6 5 9 8 1 1
Peru 3
7		 4
3		 - 1
6		 - 0
0
of
Rest
Europe		 - 7
3		 - 3
1		 - 1
4
Romania - 7
3		 - 3
1		 - 1
4
Total 236 239 69 73 45 46
8 6 0 1 6 3

Enel X Global Retail: Retail KPIs1

Power Gas
2
(mn)
Customers		 Volumes (TWh) Customers (mn) Volumes
(bsmc)
H1 H1 H1 H1 H1 H1 H1 H1
2024 2023 2024 2023 2024 2023 2024 2023
Italy 17 19 37 43 4 4 2 2
1 6 2 7 1 6 1 5
Iberia 10 10 36 37 1 1 1 2
3 5 6 7 8 8 9 2
of 24 28 67 68 0 0 0 0
World 5 6 1 1 0 2 1 2
Rest
Latin
America		 24
5		 25
6		 67
1		 63
8		 0
0		 0
0		 0
1		 0
1
of
Rest
Europe		 - 2
9		 - 3
4		 - 0
2		 - 0
2
Total 9 58 140 149 9 6 4 0
51 7 9 5 5 6 1 5

  1. 2023 figures after the disposal of Enel Green Power Romania and Enel Perù. It excludes fiber customers.

  2. H1 2023 restated figures.

Enel X Global Retail: Enel X

Enel
X
Public
Charging		 points
(k)		 Street lighting
(mn)		 Storage (MW) Demand
(GW)
Response
H1
2024		 H1
2023		 H1
2024		 H1
2023		 H1
2024		 H1
2023		 H1
2024		 H1
2023
Italy 20
5		 19
2		 1
6		 1
6		 - - 0
6		 0
9
Iberia 5
9		 4
7		 0
2		 0
1		 - - 0
1		 0
2
of
World
Rest		 1
0		 1
1		 1
1		 1
3		 118
1		 98
3		 8
4		 8
3
South
America		 0
1		 0
7		 1
1		 3
1		 - 0
5		 0
0		 0
1
North
America		 - - - - 108
2		 95
6		 4
5		 4
7
North
Africa
&
Europe		 - 0
3		 - - - - 1
2		 1
3
Africa
Asia
&
Oceania		 - - - - 9
9		 2
2		 2
7		 2
3
Total 27
3		 24
9		 2
8		 3
0		 118
1		 98
3		 9
0		 9
3

Capex1 (€mn)

Global Generation Enel Grids
& Trading		 Renewable Energies 2
Enel X Global Retail		 Services
& Other		 Total
H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023
Italy 122 166 1,738 1,446 531 1,007 292 263 8 20 2,691 2,903
Iberia 144 112 403 417 184 376 155 128 2 6 889 1,038
Rest of World 41 56 731 797 1,018 1,473 33 70 6 3 1,829 2,399
Latin America 41 55 731 717 552 854 21 35 6 1 1,352 1,662
Argentina - 7 64 71 0 0 - 0 - - 64 77
Brazil 0 1 414 439 314 417 4 14 2 (1) 733 870
Chile 27 31 59 57 176 253 2 2 5 1 268 344
Colombia 2 2 132 107 50 152 4 8 - - 189 269
Peru 11 15 62 43 9 15 12 11 (0) 1 94 85
Other 0 0 - - 3 17 - - - - 3 17
Rest of Europe - (0) - 80 0 33 - 10 - 0 0 122
North & Central America (0) 1 - - 462 479 10 20 0 1 472 502
Africa, Asia & Oceania - - - - 4 107 1 5 - - 5 112
Others and adjustments 0 0 3 0 2 7 31 48 20 29 56 84
Total 307 335 2,876 2,660 1,734 2,862 510 509 37 58 5,464 6,424
  1. Rounded figures, it includes capex related to asset classified as HFS for 185 €mn in H1 2024 and for 382 €mn in H1 2023; 32

Asset development Capex1 (€mn)

Global Generation
& Trading		 Enel Grids Renewable Energies 2
Enel X Global Retail		 Services
& Other		 Total
H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023
Italy 102 128 812 645 475 949 78 54 4 5 1,470 1,781
Iberia 3 5 91 190 148 341 18 9 0 0 259 545
Rest of World 3 2 145 139 912 1,351 21 26 4 1 1,084 1,518
Latin America 2 2 145 115 478 778 18 20 4 0 647 915
Argentina - - 9 7 - - - 0 - - 9 7
Brazil 0 - 100 76 289 393 3 1 - - 392 470
Chile 1 2 5 7 143 218 1 1 4 0 155 229
Colombia 0 0 28 23 38 141 2 7 - - 68 170
Peru (0) (0) 4 2 8 12 12 11 - - 24 24
Other - - - - 0 14 - - - - 0 14
Rest of Europe - 0 - 24 0 26 - 1 - 0 0 52
North & Central America - - - - 434 441 3 5 - - 437 446
Africa, Asia & Oceania - - - - 0 105 - - - - 0 105
Others and adjustments - - 3 - 1 4 15 46 1 8 20 57
Total 106 135 1,051 974 1,536 2,645 131 135 9 13 2,833 3,902

Revenues1 (€mn)

Global
Generation
Trading
&		 Enel
Grids		 Renewable
Energies		 2
Enel
X
Global
Retail		 Services
Other
&		 Total
H1
2024		 H1
2023		 H1
2024		 H1
2023		 H1
2024		 H1
2023		 H1
2024		 H1
2023		 H1
2024		 H1
2023		 H1
2024		 H1
2023
Italy 6,340 12,589 4,021 3,733 2,050 1,378 11,960 14,508 (7
,694)		 (8
,190)		 16,677 24,018
Iberia 3,394 5,628 1,260 1,216 662 629 7,772 10,663 (2
,667)		 (5
,044)		 10,421 13,092
Rest
of
World		 1,264 1,465 6,269 5,187 3,464 3,095 1,428 1,212 (766) (756) 11,659 10,203
Latin
America		 1,166 1,399 6,269 5,187 2,556 2,399 1,220 961 (723) (744) 10,488 9,202
Argentina - 23 541 456 20 18 3 4 - - 564 501
Brazil 362 322 2,965 3,179 481 420 257 244 (343) (267) 3,722 3,898
Chile 495 780 784 695 1,185 1,217 96 88 (297) (362) 2,263 2,418
Colombia 181 133 453 379 559 503 622 454 (5) (1) 1,810 1,468
Peru 128 141 1,526 478 160 108 242 171 (78) (114) 1,978 784
Other - - - - 151 133 - - - - 151 133
of
Rest
Europe		 - - - - 2 - 40 37 1 - 43 37
North
&
Central
America		 98 66 - - 834 624 113 176 (42) (10) 1,003 856
Africa
, Asia
&
Oceania		 - - - - 72 77 55 38 - - 127 115
elisions
RoW		 - - - - - (5) - - (2) (2) (2) (7)
Others
and
adjustments		 15 (11) 7 14 12 10 32 (1) (92) (230) (26) (218)
Total 11,013 19,671 11,557 10,150 6,188 5,112 21,192 26,382 (11
,219)		 (14
,220)		 38,731 47,095

Reported EBITDA1 (€mn)

Global Generation
& Trading		 Enel Grids Renewable Energies 2
Enel X Global Retail		 Services
& Other		 Total
H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023
Italy 1,083 737 1,940 1,859 1,291 146 1,648 2,111 21 30 5,983 4,883
Iberia 643 1,002 911 858 478 440 525 328 (195) (202) 2,362 2,426
Rest of World 37 (278) 2,290 1,208 1,967 1,449 393 203 (57) (67) 4,630 2,515
Latin America 52 (244) 2,290 1,208 1,392 1,118 406 205 (53) (62) 4,087 2,225
Argentina - (311) 2 (58) 7 (5) 21 5 - (4) 30 (373)
Brazil (2) (10) 714 852 306 271 108 104 (16) (17) 1,110 1,200
Chile (54) (3) 56 53 538 317 40 31 (37) (41) 543 357
Colombia 5 4 289 241 319 373 112 38 - - 725 656
Peru 104 78 1,229 120 162 114 125 27 - - 1,620 339
Other (1) (2) - - 60 48 - - - - 59 46
Rest of Europe - 1 - - 1 (2) 2 - - - 3 (1)
North & Central America (15) (35) - - 532 299 (16) 1 (4) (5) 497 260
Africa, Asia & Oceania - - - - 42 34 1 (3) - - 43 31
Others and adjustments - (7) (4) (7) (13) (34) 9 (33) (105) (67) (113) (148)
Total 1,763 1,454 5,137 3,918 3,723 2,001 2,575 2,609 (336) (306) 12,862 9,676

Ordinary EBITDA1(€mn)

Global Generation
& Trading		 Enel Grids Renewable Energies 2
Enel X Global Retail		 Services
& Other		 Total
H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023
Italy 1,083 737 1,940 1,859 1,291 146 1,648 2,111 20 30 5,982 4,883
Iberia 643 1,002 874 858 478 440 525 328 8 7 2,528 2,635
Rest of World (7) 58 1,156 1,490 1,902 1,602 290 253 (57) (66) 3,284 3,337
Latin America 8 84 1,156 1,208 1,327 1,135 303 205 (53) (62) 2,741 2,570
Argentina - 15 2 (58) 7 12 21 5 - (4) 30 (30)
Brazil (2) (10) 714 852 306 271 108 104 (16) (17) 1,110 1,200
Chile (54) (2) 56 53 538 317 40 31 (37) (41) 543 358
Colombia 5 4 289 241 319 373 112 38 - - 725 656
Peru 60 78 95 120 97 114 22 27 - - 274 339
Other (1) (1) - - 60 48 - - - - 59 47
Rest of Europe - 9 - 282 1 134 2 50 - 1 3 476
North & Central America (15) (35) - - 532 299 (16) 1 (4) (5) 497 260
Africa, Asia & Oceania - - - - 42 34 1 (3) - - 43 31
Others and adjustments - 10 (4) - (13) (28) 9 (31) (105) (67) (113) (116)
Total 1,719 1,807 3,966 4,207 3,658 2,160 2,472 2,661 (134) (96) 11,681 10,739

36 1. Ordinary figures. It excludes extraordinary items in H1 2023 (-1.063 €mn: -208 €mn solidarity contribution in Spain, -367 €mn Costanera and Dock Sud (Argentina), -488 €mn discontinued operations Greece and Romania) and in H1 2024 (+1.181 €mn: -202 €mn solidarity contribution in Spain, +1.347 €mn gain disposal Perù, +36 €mn gain Iberia);

Reported EBIT1(€mn)

Global Generation
& Trading		 Enel Grids Renewable Energies 2
Enel X Global Retail		 Services
& Other		 Total
2
H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023
Italy 983 664 1,233 1,184 1,125 (15) 1,139 1,673 (13) (3) 4,467 3,503
Iberia 370 740 535 458 318 304 284 122 (214) (226) 1,292 1,398
Rest of World 4 (328) 1,865 830 1,463 994 199 41 (62) (68) 3,469 1,468
Latin America 21 (291) 1,865 829 1,121 897 290 63 (58) (65) 3,240 1,433
Argentina - (316) (47) (78) 1 (9) 9 (2) (1) (4) (38) (409)
Brazil (2) (10) 452 598 214 202 (5) 2 (18) (19) 641 773
Chile (64) (18) 31 27 430 225 27 22 (39) (43) 385 213
Colombia (2) (6) 234 198 288 350 91 23 - - 611 565
Peru 92 63 1,195 84 151 99 168 18 - - 1,607 264
Other (3) (4) - - 37 30 - - - 1 34 27
Rest of Europe - (0) - 1 1 (3) 2 (0) - 1 3 (3)
North & Central America (17) (36) - - 314 86 (92) (16) (3) (5) 202 29
Africa, Asia & Oceania - - - - 27 14 (1) (6) (1) 1 25 9
Others and adjustments - (7) (5) (7) (21) (45) (69) (60) (146) (125) (241) (244)
Total 1,357 1,070 3,628 2,464 2,885 1,237 1,553 1,776 (435) (422) 8,988 6,125

From EBITDA to net income1 (€mn)

H1 2024
reported		 H1 2023
reported		 ∆ yoy H1 2024
ordinary		 H1 2023
ordinary		 ∆ yoy
EBITDA 12,862 9,676 32.9% 11,681 10,739 8.8%
D&A (3,874) (3,551) (3,819) (3,644)
EBIT 8,988 6,125 46.7% 7,862 7,095 10.8%
Net financial charges (1,585) (1,621) (1,585) (1,588)
Net income from equity investments using equity method 4 27 137 101
EBT 7,407 4,531 63.5% 6,414 5,608 14.4%
Income tax (2,482) (1,519) (1,823) (1,565)
Net income 4,925 3,012 4,591 4,043
Minorities (781) (570) (635) (764)
Discontinued operations - 71 - -
Group net income 4,144 2,513 64.9% 3,956 3,279 20.6%

D&A reported (€mn)

H1
2024		 H1
2023		 ∆
yoy
Generation
and
Trading		 406 384 5
7%
Enel
Green
Power		 838 764 9
7%
Grids 1
509
,		 1
454
,		 3
8%
1
Enel
X
Global
Retail		 1
022
,		 833 22
7%
Others
and
adjustments		 99 116 -14
7%
Total 3
874
,		 3
551
,		 9
1%

Long-term debt1structure

Debt structure by instrument (€bn)

Debt
by
instrument		 Enel
Spa		 EFI EGP
SpA
and
Central
Others		 Italy Iberia of
Rest
the
World		 Latin
America		 North
America		 Europe Africa
, Asia
and
Oceania		 Total
Bonds 2
33		 44
30		 - - 0
01		 5
13		 3
53		 1
60		 - - 51
77
Bank
Loans		 1
32		 - 0
20		 4
12		 5
89		 4
82		 3
65		 1
06		 - 0
11		 16
35
Tax
Partnership		 - - - - - 0
40		 - 0
40		 - - 0
40
Other
Loans		 - - 0
01		 0
64		 0
93		 1
46		 0
47		 0
98		 - 0
01		 3
04
Other
short
debt
term		 0
16		 0
65		 0
01		 0
74		 0
15		 0
30		 0
16		 0
14		 - - 2
01
Commercial
Paper		 - 0
93		 - - 0
15		 0
55		 - 0
55		 - - 1
63
Gross
debt		 3
81		 45
88		 0
22		 5
50		 7
13		 12
66		 7
81		 4
73		 - 0
12		 75
20
Financial
Receivables		 - -1
25		 -0
92		 -0
59		 -0
64		 -0
97		 -0
87		 -0
03		 - -0
07		 -4
37
Tariff
Deficit		 - - - - -0
76		 - - - - - -0
76
Other
short
financial
receivables
term		 -0
40		 -0
66		 - -0
10		 -0
75		 -0
38		 0
02		 -0
33		 - -0
07		 -2
29
Cash
and
cash
equivalents		 -3
02		 - -0
17		 -0
55		 -1
96		 -4
67		 -4
34		 -0
25		 -0
04		 -0
04		 -10
37
Net
Debt
– Third
Parties		 0
39		 43
97		 -0
87		 4
26		 3
02		 6
64		 2
62		 4
12		 -0
04		 -0
06		 57
41
Net
Debt
– Intercompany		 16
23		 -51
22		 6
72		 18
07		 6
52		 3
68		 3
21		 0
33		 0
01		 0
13		 -
Net
Debt
– Group
View		 16
62		 25
-7		 5
85		 22
33		 9
54		 10
32		 5
83		 4
45		 -0
03		 0
07		 57
41

Debt maturity coverage split by typology (€bn)

34.7 Available liquidity

  1. Of which 19.7 € bn of long term committed credit lines with maturities beyond June 2025

Balance sheet (€mn)

Headcount

H1 FY ∆
2024 2023 yoy
Generation 5 5 -6
and 379 725 1%
Trading , ,
Enel 8 8 -4
Green 483 891 6%
Power , ,
Distribution 30 30 0
963 946 1%
, ,
1
Enel
X
Global
Retail		 8
362
,		 8
926
,		 -6
3%
Others 6 567 5
and 931 6 5%
adjustments , ,
Total 60 61 -1
118 055 5%
, ,

1

Disclaimer

This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. Certain numbers in this presentation are rounded, while certain figures may have been restated. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries.

Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Stefano De Angelis, declares that the accounting information contained herein correspond to document results, books and accounting records.

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