INTERIM FINANCIAL REPORT AT MARCH 31, 2024

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INTERIM FINANCIAL REPORT AT MARCH 31, 2024

1.	REPORT ON

Highlights	9
Foreword	10
Enel organizational model	11
Reference scenario	14
The macroeconomic environment	14
Energy conditions	16
Significant events in the 1st Quarter of 2024	18
Group performance	20
Analysis of the Group's financial position and structure	27
Performance by primary segment (Business Line) and secondary segment (Geographical Area)	31
Thermal Generation and Trading	37
Enel Green Power	41
Enel Grids	47
End-user Markets	53
Holding and Services	57
Definition of performance measures	59
Outlook	61

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT MARCH 31, 2024 63

Condensed Consolidated Income Statement	65
Statement of Consolidated Comprehensive Income	66
Condensed Consolidated Statement of Financial Position	67
Statement of Changes in Consolidated Shareholders' Equity	68
Condensed Consolidated Statement of Cash Flows	70
Notes to the condensed consolidated financial statements at March 31, 2024	71
Declaration of the officer responsible for the preparation of the Company financial reports pursuant to the provisions of Article 154-bis, paragraph 2,
of Legislative Decree 58/1998	99

1. REPORT ON OPERATIONS

HIGHLIGHTS

	1st Quarter
SDG		2024	2023	Change
	Revenue (millions of euro)	19,432	26,414	-26.4%
	Gross operating profit (millions of euro)	5,892	4,765	23.7%
	Ordinary gross operating profit (millions of euro)	6,094	5,463	11.6%
	Profit attributable to owners of the Parent (millions of euro)	1,931	1,034	86.8%
	Ordinary profit attributable to owners of the Parent (millions of euro)	2,180	1,512	44.2%
	Net financial debt (millions of euro)	60,696	60,163(1)	0.9%
	Cash flows from operating activities (millions of euro)	4,639	3,482(2)	33.2%
	Capital expenditure on property, plant and equipment and intangible assets (millions of euro)(3)	2,587	2,873	-10.0%

	Total net efficient installed capacity (GW)	81.3	81.4(1)	-0.1%
7	Net efficient installed renewables capacity (GW)	55.8	55.5(1)	0.5%
7	Net efficient installed renewables capacity (%)	68.6%	68.2%(1)	0.6%
7	Additional efficient installed renewables capacity (GW)	0.41	0.27	51.9%
	Net electricity generation (TWh)(4)	48.68	53.79(5)	-9.5%
7	Net renewable electricity generation (TWh)	32.70	29.95(5)	9.2%
9	Electricity distribution and transmission grid (km)	1,900,955	1,899,419(1)	0.1%
9	Electricity transported on Enel's distribution grid (TWh)	120.2	122.2	-1.6%
	End users (no.)	70,447,362	72,852,049	-3.3%
9	End users with active smart meters (no.)(6)	45,341,460	45,965,120	-1.4%
	Electricity sold by Enel (TWh)	72.9	78.2	-6.8%
	Retail customers (no.)	60,308,129	66,733,014(5)	-9.6%
	- of which free market	23,917,657	28,133,930(5)	-15.0%
11	Storage (MW)	1,733	1,730(1)	0.2%
11	Public charging points (no.)(7)	25,044	24,281(1)	3.1%
11	Demand response capacity (MW)	8,127	8,103	0.3%
	No. of employees	60,905	61,055(1)	-0.2%

(1) At December 31, 2023.

(2) In order to improve presentation, for comparative purposes only, realized financial income and expense on interest rate hedge derivatives, a total €65 million in the 1st Quarter of 2023, included in the section on cash flows from financing activities, have been reclassified under the item "Interest expense and other financial expense and income paid and received" included in cash flows from operating activities.

(3) Does not include €103 million regarding units classified as held for sale or discontinued operations (€145 million in 2023).

(4) If net generation operated through joint ventures was also included, total generation would amount to 52.7 TWh at March 31, 2024 (57.0 TWh at March 31, 2023); similarly, generation from renewable sources would amount to 36.7 TWh at March 31, 2024 (33.1 TWh at March 31, 2023).

(5) The figure for the 1st Quarter of 2023 reflects a more accurate calculation of the aggregate. (6) Of which 29.3 million second-generation smart meters in the 1st Quarter of 2024 and 26.0 million in the 1st Quarter of 2023. The overall decrease reflects

the sale of assets held in Romania (1.3 million smart meters at March 31, 2023).

(7) If the figures also included charging points operated through joint ventures, they would amount to 26,188 at March 31, 2024 and 25,337 at December 31, 2023.

FOREWORD

The Interim Financial Report at March 31, 2024 has been prepared in compliance with Article 154-ter, paragraph 5, of Legislative Decree 58 of February 24, 1998, with the clarification indicated in the following section, and in conformity with the recognition and measurement criteria set out in the international accounting standards (International Accounting Standards - IAS and International Financial Reporting Standards - IFRS) issued by the International Accounting Standards Board (IASB), as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognized in the European Union pursuant to Regulation (EC) no. 1606/2002 and in effect as of the close of the period.

Article 154-ter, paragraph 5, of the Consolidated Financial Intermediation Act, as amended by Legislative Decree 25/2016, no longer requires issuers to publish an interim financial report at the close of the 1st and 3rd Quarters of the year. The new rules give CONSOB the power to issue a regulation requiring issuers, following an impact analysis, to publish periodic financial information in addition to the annual and semi-annual financial reports. In view of the foregoing, Enel intends to continue voluntarily publishing an interim financial report at the close of the 1st and 3rd Quarters of each year in order to satisfy investor expectations and conform to consolidated best practice in the main financial markets, while also taking due account of the quarterly reporting requirements of a number of major listed subsidiaries.

² Condensed consolidated financial statements at March 31, 2024 ¹ Report on Operations

ENEL ORGANIZATIONAL MODEL

ENEL GROUP CHAIRMAN P. Scaroni

ENEL GROUP CEO F. Caaneo

STAFF FUNCTIONS

ADMINISTRATION, FINANCE AND CONTROL S. De Angelis

EXTERNAL RELATIONS N. Mardegan

AUDIT S. Fiori

CEO OFFICE AND STRATEGY M. Mossini

PEOPLE AND ORGANIZATION E. Colacchia

LEGAL, CORPORATE, REGULATORY AND ANTITRUST AFFAIRS F. Puntillo

SECURITY V. Giardina

GLOBAL SERVICE FUNCTION GLOBAL SERVICES S. Ciurli

GLOBAL BUSINESS LINES

ENEL GRIDS AND INNOVABILITY G.V. Armani

GLOBAL ENERGY AND COMMODITY MANAGEMENT AND CHIEF PRICING OFFICER C. Machei

ENEL GREEN POWER AND THERMAL GENERATION S. Bernabei

ENEL X GLOBAL RETAIL F. Gostinelli

IBERIA J. Bogas Gálvez

REST OF THE WORLD A. De Paoli

The Enel Group structure is organized into a matrix that comprises:

Global Business Lines

Global Business Lines, which are responsible for managing and developing assets, optimizing their performance and the return on capital employed in the various geographical areas in which the Group operates. In compliance with safety, protection and environmental policies and regulations, they are tasked with maximizing the efficiency of the processes they manage and applying best international practices, sharing responsibility for EBITDA, cash flows and revenue with the countries. The Group, which also draws on the work of an Investment Committee,(1) benefits from a centralized industrial vision of projects in the various business lines. Each project is assessed not only on the basis of its financial return but also in relation to the best technologies available at the Group level. Furthermore, each business line contributes to guiding Enel's leadership in the energy transition and in the fight against climate change, managing the associated risks and opportunities in its area of competence.

The following provides a brief summary of the primary objectives of each Global Business Line:

Enel Grids and Innovability: ensures the reliability and quality of electricity supply services through efficient, resilient and digital grids; promotes, harmonizes and coordinates innovation and sustainability processes, supporting activities in the Global Business Lines and the Countries.
Global Energy and Commodity Management and Chief Pricing Officer: optimizes the Group's margin through the active management of its hedging strategy and exposure to commodity risk, taking account of all commercial/market factors in order to maximize the integrated margin in the markets in which we operate through the optimization of gas and fuel provisioning, and local dispatching of thermal and renewable generation, while supporting Enel X Global Retail in defining the commercial strategy.
Enel Green Power and Thermal Generation: provides guidance for a rapid and effective energy transition, growing the portfolio of renewable generation facilities, and manages the corresponding evolution of thermal generation and storage assets with a view to decarbonizing our energy mix in order to meet the needs of customers in all the countries in which we operate.
Enel X Global Retail: defines the commercial strategy and manages the customer product range for energy, products and services, including electric mobility, ensuring compliance with safety, protection and environmental regulations, maximizing value for the customer and operational efficiency, and supporting margin optimization with Global Energy and Commodity Management.

Region and Countries

The Region and Countries are responsible for managing relationships with institutional bodies and regulatory authorities, as well as distributing, selling electricity and gas, while also providing staff and other service support to the business lines. They are also charged with promoting decarbonization and guiding the energy transition towards a low-carbon business model within their areas of responsibility.

⁽¹⁾ The Group Investment Committee is made up of the heads of Administration, Finance and Control, Innovability, Legal, Corporate, Regulatory and Antitrust Affairs, Global Procurement, the geographical areas, and the heads of the business lines.

The following functions provide support to Enel's business operations:

Global Service Function	The Global Service Function is responsible for managing information and communication technol ogy activities and procurement at the Group level and managing global customer-related actions. The Global Service Function is also focused on the responsible adoption of measures that allow the achievement of sustainable development objectives, in particular in managing the supply chain and developing digital solutions to support the development of enabling technologies for the energy transition and the fight against climate change.
Holding Company Staff Functions	The Holding Company Staff Functions are responsible for managing governance processes at the Group level. The Administration, Finance and Control Function is also responsible for consolidating scenario analysis and managing the strategic and financial planning process aimed at promoting the decarbonization of the energy mix and the electrification of energy demand, key actions in the fight against climate change.

Global Service
Function

The Global Service Function is responsible for managing information and communication technol
ogy activities and procurement at the Group level and managing global customer-related actions.
The Global Service Function is also focused on the responsible adoption of measures that allow the
achievement of sustainable development objectives, in particular in managing the supply chain and
developing digital solutions to support the development of enabling technologies for the energy
transition and the fight against climate change.

Holding Company
Staff Functions

The Holding Company Staff Functions are responsible for managing governance processes at the
Group level. The Administration, Finance and Control Function is also responsible for consolidating
scenario analysis and managing the strategic and financial planning process aimed at promoting
the decarbonization of the energy mix and the electrification of energy demand, key actions in the
fight against climate change.

REFERENCE SCENARIO

The macroeconomic environment

In the 1st Quarter of 2024, despite restrictive financial conditions and geopolitical tensions in the Red Sea, which have increased shipping costs and lengthened delivery times, the macroeconomic environment continued to enjoy moderate global growth, sustained by a steeper than expected decline in inflation. However, some of the factors that contributed to the disinflation process over the past year, such as improvements in supply chains and falling commodity prices, have begun to dissipate, causing the pace of the price deceleration to slow. Given these factors, market consensus expects a global GDP growth rate of around 2.4% on an annualized basis in the 1st Quarter.

The United States continued its strong economic recovery in the first three months of the year, with GDP expected to increase by an annualized 2.0%, supported by the resilience of the labor market and the continued expansionary stance of fiscal policy. Moreover, sound household finances supported the recovery in private consumption after a negative start to the year. However, inflation was stronger than expected this quarter, rising by an estimated 3.2% on an annualized basis. Nevertheless, the rebalancing of labor supply and demand has exerted downward pressure on nominal wage growth, thus reducing inflationary pressures in the services sector.

After near-zero growth in the second half of last year, the euro-area economy recorded a weak recovery in the first three months of 2024, with GDP estimated to have increased by an annualized 0.2%. Specifically, the slow recovery of economic activity has reflected the still restrictive stance of monetary policy, the erosion of consumer purchasing power, weak foreign demand and an industrial sector still struggling to get restarted. However, the latest data show that industrial sector confidence is improving, suggesting a more optimistic outlook for the rest of the year. The disinflation process in the euro-area continued its slow progression, with inflation estimated to have declined to 2.6% on an annualized basis in the 1st Quarter of the year. It is encouraging, however, that the impact of the Red Sea turbulence on prices in the euro-area remains limited. On the monetary policy front, the March meeting of the European Central Bank did not provide a specific indication of the timing and extent of any reduction in official interest rates, postponing any such decision to the upcoming meetings in April or June, with any modifications to be based on developments in the most persistent inflation categories and nominal wages.

The economies of Latin America recorded faster-than-expected growth in the 1st Quarter of the year, accompanied by less rapid disinflation compared with the previous three months. The increase in seasonal prices at the beginning of the year and wage adjustments contributed to increasing inflationary pressures in the services sector, prompting central banks to be more cautious in the pace of reduction of key interest rates.

In Brazil, economic activity in the early months of the year was stronger than expected, with an estimated annualized GDP growth rate of 1.7%. However, this represented a sharp deceleration compared with the 1st Quarter of 2023, when the figure was 3.8% on an annualized basis, driven by the extraordinary performance of the agricultural sector. On the inflation front, the average expected inflation rate in the 1st Quarter was an annualized 4.3%, a decrease compared with the dynamics seen the previous year.

In Chile, the economy is expected to have grown at an average rate of 1.7% on an annualized basis in the 1st Quarter of 2024, a sharp recovery from the contraction of 0.8% registered in the same period in 2023. This reflected the strong acceleration of economic activity at the beginning of the year driven by the mining and services sectors. The slowdown in inflation has been faster than in other South American economies, although core inflation has been under upward pressure. The inflation rate is expected to come in at 3.6% on an annualized basis in the 1st Quarter of 2024.

In Colombia, the real economy is expected to contract by an annualized 0.4% in the first three months of the year, reflecting the marked contraction in investment and the continuing high level of inflation, which have penalized private consumption and savings. Although disinflation has been slower than in other Latin American countries, in the 1st Quarter of 2024 the normalization of prices continued at a more rapid pace, with inflation at 7.8% on an annualized basis, compared with the 10.0% recorded in the previous three months.

In Argentina, the economy is expected to have contracted by an annualized 3.8% in the 1st Quarter of the year due to the austerity measures implemented by the government and to hyperinflation, which have eroded the purchasing

power of households and firms. Although the most recent data has shown signs of a deceleration in the early months of 2024, inflation remains at its highest level since 1990 and is expected to reach 277.4% on an annualized basis in the 1st Quarter of the year, compared with 172.0% in the previous period.

Change in consumer price index (CPI)

%	1st Quarter
	2024	2023	Change
Italy	1.00	9.53(1)	-8.53
Spain	3.20	5.00	-1.80
Argentina	277.40	101.87(1)	175.53
Brazil	4.30	5.34	-1.04
Chile	3.60	11.77	-8.17
Colombia	7.82	13.29	-5.47
Peru	3.12	8.57	-5.45

(1) The figures for the 1st Quarter of 2023 reflect a more accurate determination of the index.

Exchange rates

		1st Quarter
	2024	2023	Change
Euro/US dollar	1.09	1.07	1.9%
Euro/British pound	0.86	0.88	-2.3%
Euro/Swiss franc	0.95	0.99	-4.0%
US dollar/Japanese yen	148.43	132.39	12.1%
US dollar/Canadian dollar	1.35	1.35	-
US dollar/Australian dollar	1.52	1.46	4.1%
US dollar/Russian ruble	90.95	73.39	23.9%
US dollar/Argentine peso	833.97	192.67	332.8%
US dollar/Brazilian real	4.95	5.19	-4.6%
US dollar/Chilean peso	946.98	810.73	16.8%
US dollar/Colombian peso	3,915.50	4,756.09	-17.7%
US dollar/Peruvian sol	3.76	3.82	-1.6%
US dollar/Mexican peso	16.98	18.65	-9.0%
US dollar/Turkish lira	30.94	18.87	64.0%
US dollar/Indian rupee	83.05	82.25	1.0%
US dollar/South African rand	18.88	17.76	6.3%

Energy conditions

The commodity market

In the 1st Quarter of 2024, the energy commodity markets confirmed the downward tendency observed in 2023, although the dynamics of the decline varied depending on the commodity. These developments can be attributed to weak demand, only partially offset by supply shocks, including those of a geopolitical nature.

Compared with the 1st Quarter of last year, the TTF price decreased by 49.3% to below €30/MWh. The causes of the decline are to be found in the high level of stocks, reflecting a generalized contraction in demand that has struggled to return to pre-crisis levels.

Tracking the developments in gas prices, the benchmark price for coal also has fallen steeply, albeit by somewhat less (API2 has fallen by 28.9%). The decline in demand for coal, which has become less attractive than gas, is driving the downward slide, although a reversal of the trend was registered in March, mainly due to the sanctions imposed by the United States on certain Russian producers.

On the other hand, oil prices are stable (the Brent price has slipped by 0.5% compared with the same period of the previous year), a strong recovery compared with the dynamics recorded in the 4th Quarter of 2023. This has reflected geopolitical factors linked to the tensions in Middle East, which have increased supply risks. Further supporting prices was the confirmation of production cuts by OPEC+.

The price of CO2 fell sharply compared with the 1st Quarter of 2023 (-30.5%), due to low industrial demand and low gas prices. This trend encouraged speculators to establish short positions, which pushed the price down further.

During the first three months of 2024, base metal prices remained stable on average compared with 2023, although an increase was registered in the last few weeks of the year. Prices were boosted by the expectation of an acceleration in economic activity and a recovery in demand following the interest rate cuts expected this year in Europe and the United States. Of note in recent weeks is the performance of copper, which is benefiting from expectations of rising demand and strained fundamentals over the course of the year.

	1st Quarter
	2024	2023	Change
Market indicators
Average ICE Brent oil price (\$/bbl)	81.8	82.2	-0.5%
Average CO2 price (€/ton)	60.5	87.0	-30.5%
Average coal price (\$/ton CIF ARA)(1)	105.26	148.00	-28.9%
Average gas price (€/MWh)(2)	27.43	54.10	-49.3%
Average copper price (\$/ton)	8,444	8,920	-5.3%
Average aluminum price (\$/ton)	2,201	2,398	-8.2%
Average nickel price (\$/ton)	16,588	26,122	-36.5%

(1) API2 index.

(2) TTF index.

Electricity and natural gas markets

Developments in electricity demand

TWh	1st Quarter
	2024	2023	Change
Italy	77.8	77.1	0.9%
Spain	62.5	62.6	-0.2%
Argentina	41.5	40.9	1.5%
Brazil	180.9	160.2	12.9%
Chile	21.6	20.9	3.3%
Colombia	20.6	19.0	8.4%
Peru	15.1	14.5	4.1%

Source: National TSOs. The figures may change during the year.

In the first three months of 2024, electricity demand in Italy increased slightly compared with the same period of 2023 (+0.9%), reflecting a gradual increase in industrial consumption. Electricity demand edged downwards in Spain (-0.2%) as macroeconomic conditions remained weak. In Latin America, electricity demand is growing in all the countries in which the Group operates, especially in Brazil (+12.9%) and Colombia (+8.4%).

Electricity prices

	Average baseload price Q1 2024 (€/MWh)	Change in average baseload price Q1 2024 - Q1 2023	Average peakload price Q1 2024 (€/MWh)	Change in average peakload price Q1 2024 - Q1 2023
Italy	91.9	-41.6%	101.7	-41.2%
Spain	44.8	-54.1%	43.8	-54.4%

The decrease in gas and coal prices, together with strong renewables generation, led to a contraction in electricity prices compared with 2023. In particular, prices in Italy have decreased by an average of 41.6%, a decline consistent with developments in the prices of commodities relevant for generation and the recovery in renewables generation. In Spain, the contraction was more than 50%, thanks to the abundant availability of renewables, which pushed prices below €10/MWh on certain days during the quarter.

Natural gas demand

Billions of m3	1st Quarter
	2024	2023		Change
Italy	19.8	20.4	(0.6)	-2.9%
Spain	7.0	7.9	(0.9)	-11.4%

Natural gas demand in Italy

Billions of m3	1st Quarter
	2024	2023		Change
Distribution networks	11.4	11.6	(0.2)	-1.7%
Industry	3.0	3.0	-	-
Thermal generation	5.0	5.3	(0.3)	-5.7%
Other(1)	0.5	0.5	-	-
Total	19.8	20.4	(0.6)	-2.9%

(1) Includes other consumption and losses.

Source: Enel based on data from the Ministry for Economic Development and Snam Rete Gas.

Demand for natural gas in Italy in the first three months of 2024 came to 19.8 billion cubic meters, down 2.9% on 2023. At the sectoral level, sharp decreases were recorded in demand for thermal generation and heating, while industrial consumption remained unchanged.

In Spain, consumption decreased more sharply, falling by 11.4%. The main declines were registered in residential demand and that for power generation, while industrial demand recovered slightly.

SIGNIFICANT EVENTS IN THE 1ST QUARTER OF 2024

Agreement finalized to sell a geothermal and solar portfolio in the United States to Ormat

On January 4, 2024, Enel SpA, acting through its wholly-owned subsidiary Enel Green Power North America Inc. (EGPNA), closed an agreement with Ormat Technologies Inc. on the sale of a renewable asset portfolio in the United States for a total of €253 million, including a positive post-closing price adjustment. The assets sold include EGPNA's entire geothermal portfolio as well as a number of small solar plants, with a total capacity of about 150 MW. The overall transaction, which was closed following the fulfillment of a number of conditions, had a negative overall impact of €26 million following impairment adjustments for IFRS 5 purposes.

Enel issues a dual-tranche €1.75 billion sustainability-linked bond in the Eurobond market

On January 16, 2024, Enel Finance International NV, a finance company controlled by Enel SpA, issued a dual-tranche sustainability-linked bond for institutional investors in the Eurobond market in the total amount of €1.75 billion.

The new issue envisages the use of two sustainability Key Performance Indicators for each tranche, illustrated in the Sustainability-Linked Financing Framework, last updated in January 2024.

The issue is structured in the following two tranches:

€750 million at a fixed rate of 3.375%, with settlement date set at January 23, 2024, maturing July 23, 2028;
€1,000 million at a fixed rate of 3.875%, with settlement date set at January 23, 2024, maturing January 23, 2035.

Enel issues a new €900 million perpetual hybrid bond with coupon at 4.75%

On February 20, 2024, Enel SpA issued a non-convertible, subordinated perpetual hybrid bond for institutional investors on the European market, denominated in euros, with an aggregate principal amount of €900 million. The transaction refinanced the €900 million equity-accounted perpetual hybrid bond with first call date in February 2025 and a 3.5% coupon. The bond has no fixed maturity, and is due and payable only in the event of the winding up or liquidation of the Company. An annual fixed coupon of 4.75% will be paid until (but excluding) the first reset date of May 27, 2029, which is the last day for the first optional redemption.

Partnership with Sosteneo to develop battery and opencycle plant projects in Italy

On March 1, 2024, Enel SpA, acting through its subsidiary Enel Italia SpA, signed an agreement with Sosteneo Fund 1 HoldCo Sàrl, for the acquisition by the latter of 49% of the share capital of Enel Libra Flexsys Srl, a company wholly-owned by Enel Italia and established for the implementation and operation of a portfolio of battery energy storage systems (BESS) and open-cycle gas turbines (OCGT). The agreement provides for payment by Sosteneo HoldCo of approximately €1.1 billion for the purchase of 49% of Enel Libra Flexsys. The price is also subject to an adjustment mechanism customary for this type of transaction. The enterprise value on a 100% basis of Enel Libra Flexsys recognized in the agreement is equal to around €2.5 billion once the investment cycle foreseen by the project is completed. Upon closing, the transaction is expected to generate a positive impact of about €1.1 billion on the Enel Group's consolidated net debt, while it will have no impact on the Group's performance, as Enel will continue to maintain control and fully consolidate Enel Libra Flexsys upon the closing of the transaction.

Agreement with A2A on electricity distribution operations in a number of municipalities in Lombardy

On March 9, 2024, the Enel subsidiary e-distribuzione SpA signed an agreement with A2A SpA for the sale to the latter of 90% of the capital of a newly incorporated vehicle to which electricity distribution operations in a number of municipalities of the provinces of Milan and Brescia will be transferred.

The agreement provides for A2A to pay about €1.2 billion, based on an enterprise value (for 100% of the company) of around €1.35 billion. The price, which will be paid at closing, is subject to an adjustment mechanism customary for these kinds of transactions.

Upon completion of the transaction, e-distribuzione will retain a 10% stake in NewCo's capital to support the startup phase of the company, and which will be subject to a put and call option mechanism that can be triggered starting from the first year from completion of the transaction. Furthermore, specific agreements between the parties provide for e-distribuzione to guarantee supporting activities to ensure continuity of service.

The transaction is expected to generate a positive effect on the Enel Group's consolidated net debt in 2024 of about €1.2 billion and a positive impact on the Group's reported profit for 2024 of about €1 billion.

If, before the closing of the transaction, a precise specification of further activities that e-distribuzione may carry out for NewCo is reached and such activities are reflected in specific agreements, thereby forming an industrial Stewardship relationship, the aforementioned performance effects could also be recognized on the Group's ordinary results.

The closing of the transaction, which is expected to occur by December 31, 2024, is subject to a number of conditions, including receipt of antitrust clearance, the successful completion of the golden power procedure by the Presidency of Italy's Council of Ministers and receipt of authorization to transfer the electricity distribution service concessions to NewCo.

GROUP PERFORMANCE

Operations

			1st Quarter
SDG		2024	2023	Change

	Net electricity generation (TWh)(1)	48.68	53.79(2)	(5.11)
	of which:
7	- renewables (TWh)	32.70	29.95(2)	2.75
	Total net efficient installed capacity (GW)	81.3	81.4(3)	(0.1)
7	Net efficient installed renewables capacity (GW)	55.8	55.5(3)	0.3
7	Net efficient installed renewables capacity (%)	68.6%	68.2%(3)	0.4%
7	Additional efficient installed renewables capacity (GW)	0.41	0.27	0.14

9	Electricity transported on Enel's distribution grid (TWh)	120.2	122.2	(2.0)
9	End users with active smart meters (no.)(4)	45,341,460	45,965,120	(623,660)
9	Electricity distribution and transmission grid (km)	1,900,955	1,899,419(3)	1,536
	End users (no.)	70,447,362	72,852,049	(2,404,687)

	Electricity sold by Enel (TWh)	72.9	78.2	(5.3)
	Gas sold to end users (billions of m3)	2.9	3.6	(0.7)
	Retail customers (no.)	60,308,129	66,733,014(2)	(6,424,885)
	- of which free market	23,917,657	28,133,930(2)	(4,216,273)

11	Demand response capacity (MW)	8,127	8,103	24
11	Public charging points (no.)(5)	25,044	24,281(3)	763
11	Storage (MW)	1,733	1,730(3)	3

(1) If net generation operated through joint ventures was also included, total generation at March 31, 2024 would amount to 52.7 TWh (57.0 TWh at March 31, 2023); similarly, generation from renewable sources would be equal to 36.7 TWh at March 31, 2024 (33.1 TWh at March 31, 2023).

(2) The figure for the 1st Quarter of 2023 reflects a more accurate calculation of the aggregate.

(3) At December 31, 2023.

(4) Of which 29.3 million second-generation smart meters in the 1st Quarter of 2024 and 26.0 million in the 1st Quarter of 2023. The overall decrease reflects the sale of assets held in Romania (1.3 million smart meters at March 31, 2023).

(5) If the figures also included charging points operated through joint ventures, they would amount to 26,188 at March 31, 2024 and 25,337 at December 31, 2023.

Net electricity generated by Enel in the 1st Quarter of 2024 decreased by 5.11 TWh compared with the same period in 2023 (-9.5%), attributable to lower generation from traditional sources (-7.86 TWh), mainly in Italy where the decrease in generation was primarily associated with coal-fired output (-4.50 TWh).

Generation from renewable sources increased by 2.75 TWh compared with the same period of 2023, notably hydroelectric power (+2.79 TWh), mainly in Italy, Spain and Chile, and solar output (+0.68 TWh), above all in the United States, Spain and Chile, offsetting a decrease in generation from other renewable sources.

NET ELECTRICITY GENERATION BY SOURCE (1ST QUARTER OF 2024)

The Group's total net efficient installed capacity came to 81.3 GW, essentially in line with the figure at the end of 2023 (81.4 GW).

NET EFFICIENT INSTALLED CAPACITY BY SOURCE (AT MARCH 31, 2024)

At the end of March 2024, the Group's net efficient installed renewables capacity reached 55.8 GW, equal to 68.6% of total net efficient installed capacity.

Electricity transported on Enel's distribution grid in the 1st Quarter of 2024 came to 120.2 TWh, down 2.0 TWh (-1.6%) compared with the same period of 2023, mainly reflecting the deconsolidation of Romania (-3.8 TWh). This effect was partly offset by an increase in volumes transported in Brazil (+1.3 TWh) and Italy (+0.5 TWh).

Electricity sold by Enel in the 1st Quarter of 2024 amounted to 72.9 TWh, a decrease of 5.3 TWh (-6.8%) compared with the year-earlier period.

Quantities sold decreased in Italy (-3.6 TWh), Spain (-0.5 TWh) and Romania (-2.3 TWh), with the latter reflecting its deconsolidation, partly offset by an increase in volumes sold in Latin America (+1.1 TWh).

Gas sold by Enel in the 1st Quarter of 2024 amounted to 2.9 billion cubic meters, down 0.7 billion cubic meters on the same period of 2023.

Enel public charging points increased by 763 in the 1st Quarter of 2024, with the new sites primarily located in Italy, Spain and Latin America.

The Enel Group workforce at March 31, 2024 numbered 60,905, of whom about 48% were employed in companies outside of Italy. The decrease of 150 reflects the negative balance between new hires and terminations.

No.
	at Mar. 31, 2024	at Dec. 31, 2023	Percentage of total at Mar. 31, 2024	Percentage of total at Dec. 31, 2023
Thermal Generation and Trading	5,609	5,725	9.2%	9.3%
Enel Green Power	8,841	8,891	14.5%	14.6%
Enel Grids	30,817	30,946	50.6%	50.7%
End-user Markets	8,781	8,926	14.4%	14.6%
Holding and Services	6,857	6,567	11.3%	10.8%
Total	60,905	61,055	100.0%	100.0%

Group performance

		Ordinary income statement(1)			Income statement
Millions of euro	1st Quarter			1st Quarter
	2024	2023		Change	2024	2023		Change
Revenue	19,432	27,474	(8,042)	-29.3%	19,432	26,414	(6,982)	-26.4%
Costs	12,931	21,381	(8,450)	-39.5%	13,133	21,009	(7,876)	-37.5%
Net results from commodity contracts	(407)	(630)	223	35.4%	(407)	(640)	233	36.4%
Gross operating profit/(loss)	6,094	5,463	631	11.6%	5,892	4,765	1,127	23.7%
Depreciation, amortization and impairment losses	1,891	1,861	30	1.6%	1,891	1,814	77	4.2%
Operating profit/(loss)	4,203	3,602	601	16.7%	4,001	2,951	1,050	35.6%
Financial income	2,347	2,177	170	7.8%	2,347	2,174	173	8.0%
Financial expense	3,081	3,054	27	0.9%	3,081	3,039	42	1.4%
Total net financial income/(expense)	(734)	(877)	143	16.3%	(734)	(865)	131	15.1%
Share of profit/(loss) of equity-accounted investments	108	47	61	-	1	12	(11)	-91.7%
Pre-tax profit/(loss)	3,577	2,772	805	29.0%	3,268	2,098	1,170	55.8%
Income taxes	1,024	737	287	38.9%	1,024	704	320	45.5%
Profit/(Loss) from continuing operations	2,553	2,035	518	25.5%	2,244	1,394	850	61.0%
Profit/(Loss) from discontinued operations	-	-	-	-	-	51	(51)	-
Profit for the year (owners of the Parent and non controlling interests)	2,553	2,035	518	25.5%	2,244	1,445	799	55.3%
Attributable to owners of the Parent	2,180	1,512	668	44.2%	1,931	1,034	897	86.8%
Attributable to non-controlling interests	373	523	(150)	-28.7%	313	411	(98)	-23.8%

(1) The summary of results presents a reconciliation of reported figures with ordinary figures for the following aggregates: gross operating profit, operating profit and profit for the year (attributable to owners of the Parent).

Revenue

Millions of euro	1st Quarter
	2024	2023		Change
Sale of electricity	11,293	13,963	(2,670)	-19.1%
Transport of electricity	3,026	2,864	162	5.7%
Fees from network operators	211	457	(246)	-53.8%
Transfers from institutional market operators	453	363	90	24.8%
Sale and transport of gas	2,571	3,189	(618)	-19.4%
Sale of fuels	429	930	(501)	-53.9%
Connection fees to electricity and gas networks	212	205	7	3.4%
Revenue from construction contracts	244	263	(19)	-7.2%
Sale of commodities with physical settlement and fair value gain/(loss) on contracts settled in the period	43	2,970	(2,927)	-98.6%
Sale of value-added services	306	400	(94)	-23.5%
Other income	644	810	(166)	-20.5%
Total	19,432	26,414	(6,982)	-26.4%

In the 1st Quarter of 2024, revenue decreased by €6,982 million (-26.4%), reflecting both a decrease in quantities generated (mainly thermal generation) and sold on wholesale and retail markets, and the decrease in average sale prices of commodities compared with the previous period, which also impacted the effect of contracts with physical settlement.

The decrease in revenue also reflects the impact of the concession termination indemnity received in the 1st Quarter of 2023 by Enel CIEN (€99 million).

These impacts are partly offset by the increase in revenue from renewables, reflecting the increase in quantities generated, in particular by hydroelectric plants in Italy, Spain and Chile.

Costs

Millions of euro	1st Quarter
	2024	2023		Change
Electricity purchases	4,641	7,073	(2,432)	-34.4%
Consumption of fuel for electricity generation	1,004	2,124	(1,120)	-52.7%
Fuel for trading and gas for sale to end users	1,366	5,260	(3,894)	-74.0%
Materials	482	575	(93)	-16.2%
Personnel expenses	1,176	1,229	(53)	-4.3%
Services, leases and rentals	4,136	3,703	433	11.7%
Environmental certificates	369	861	(492)	-57.1%
Other charges related to the electricity and gas system	34	90	(56)	-62.2%
Other charges for taxes and duties	341	335	6	1.8%
Capital losses and other costs on the disposal of equity investments	-	154	(154)	-
Extraordinary solidarity levies	202	208	(6)	-2.9%
Other operating expenses	138	123	15	12.2%
Capitalized costs	(756)	(726)	(30)	-4.1%
Total	13,133	21,009	(7,876)	-37.5%

As with revenue, costs in the 1st Quarter of 2024 also decreased significantly, mainly due to the decrease in commodity prices and the reduction in volumes.

tion and the generalized decrease in the prices of environmental certificates.

Charges for environmental certificates decreased by €492 million as a result of the decline in conventional generaMoreover, in the 1st Quarter of 2023 charges of €154 million had been recognized in connection with the sale of Enel Generación Costanera in Argentina.

Net results from commodity contracts

Net results from commodity contracts entered into primarily for hedging purposes in the 1st Quarter of 2024 posted an increase of €233 million, due mainly to fluctuations in market prices.

Ordinary gross operating profit/(loss)

Millions of euro	1st Quarter
	2024	2023		Change
Thermal Generation and Trading	958	1,143	(185)	-16.2%
Enel Green Power	1,685	1,059	626	59.1%
Enel Grids	2,060	2,211	(151)	-6.8%
End-user Markets(1)	1,431	1,096	335	30.6%
Holding and Services(1)	(40)	(46)	6	13.0%
Total	6,094	5,463	631	11.6%

(1) The figures for the 1st Quarter of 2023 for the End-user Markets Business Line have been adjusted to take account of the values for Enel X and Enel X Way. The latter had previously been reported under Holding, Services and Other.

Ordinary gross operating profit increased by €631 million on the same period of 2023. In particular, the Integrated Businesses of Global Power Generation, Trading and Global Retail posted an overall increase of €776 million. The increase in renewable generation, the optimization of provisioning costs, the decline in the impact of measures to limit the extra profits of renewable generation companies (clawback measures, for a total of €97 million in the 1st Quarter of 2023 in Italy) and an increase in the operating profit achieved by End-user Markets, especially in Italy and Spain on the free electricity market, more than offset the decrease in margins on thermal generation.

In particular, the increase in the ordinary gross operating profit of Enel Green Power is attributable to higher generated volumes in Italy, Spain and Chile, primarily from hydroelectric plants.

These effects were partly offset by the decrease in the volume of conventional generation at decreasing average prices, especially in Italy and Spain, and by the change in the consolidation scope following the sale of the Group's assets in Romania and Greece in the 4th Quarter of 2023 (these assets had contributed €115 million to the integrated margin in the 1st Quarter of 2023).

Ordinary gross operating profit from distribution operations decreased by €151 million compared with the 1st Quarter of 2023. The decline is attributable to the change in the consolidation scope associated with the sale of the distribution activities in Romania and the concession termination indemnity received by Enel CIEN in the 1st Quarter of 2023. Net of these items, distribution operations would have seen ordinary gross operating profit increase by €163 million, mainly due to rate adjustments recorded in Latin America, Italy and Spain.

Gross operating profit/(loss)

Gross operating profit amounted to €5,892 million (€4,765 million in the 1st Quarter of 2023). This change essentially reflects the effects mentioned in relation to ordinary gross operating profit, excluding the effects attributable to discontinued operations for 2023 only (€336 million).

Note that the gross operating profit for the 1st Quarter of 2023 included the impact of charges associated with the sale of Enel Generación Costanera (a total of €154 million).

Millions of euro	1st Quarter 2024
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Holding and Services	Total
Ordinary gross operating profit/(loss)	958	1,685	2,060	1,431	(40)	6,094
Extraordinary solidarity levies	-	-	-	-	(202)	(202)
Gross operating profit/(loss)	958	1,685	2,060	1,431	(242)	5,892
Millions of euro			1st Quarter 2023
	Thermal

	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets(1)	Holding and Services(1)	Total
Ordinary gross operating profit/(loss)	1,143	1,059	2,211	1,096	(46)	5,463
Non-ordinary gain/(loss) on mergers and acquisitions	(154)	-	-	-	-	(154)
Extraordinary solidarity levies	-	-	-	-	(208)	(208)
Ordinary profit/(loss) of discontinued operations	(9)	(76)	(218)	(32)	(1)	(336)
Gross operating profit/(loss)	980	983	1,993	1,064	(255)	4,765

Ordinary operating profit/(loss)

Millions of euro	1st Quarter
	2024	2023		Change
Thermal Generation and Trading	766	946	(180)	-19.0%
Enel Green Power	1,271	673	598	88.9%
Enel Grids	1,298	1,454	(156)	-10.7%
End-user Markets(1)	960	634	326	51.4%
Holding and Services(1)	(92)	(105)	13	12.4%
Total	4,203	3,602	601	16.7%

Ordinary operating profit for the 1st Quarter of 2024 increased by €601 million as a result of the factors commented above in relation to ordinary gross operating profit, partially offset by an increase in depreciation attributable to capital expenditure made during the previous year.

Operating profit/(loss)

Millions of euro	1st Quarter 2024
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Holding and Services	Total
Ordinary operating profit/(loss)	766	1,271	1,298	960	(92)	4,203
Extraordinary solidarity levies	-	-	-	-	(202)	(202)
Operating profit/(loss)	766	1,271	1,298	960	(294)	4,001

Millions of euro	1st Quarter 2023
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets(1)	Holding and Services(1)	Total
Ordinary operating profit/(loss)	946	673	1,454	634	(105)	3,602
Non-ordinary gain/(loss) on mergers and acquisitions	(154)	-	-	-	-	(154)
Extraordinary solidarity levies	-	-	-	-	(208)	(208)
Ordinary profit/(loss) of discontinued operations	(9)	(62)	(197)	(20)	(1)	(289)
Operating profit/(loss)	783	611	1,257	614	(314)	2,951

Group ordinary profit/(loss)

Group ordinary profit for the first three months of 2024 amounted to €2,180 million, compared with €1,512 million in the same period of the previous year. As already noted for ordinary operating profit, the increase of €668 million reflected the improvement in finance operations, including the net positive effects of hyperinflation in Argentina, and the reduced incidence of non-controlling interests, the latter attributable to the improvement in performance achieved above all in Italy.

These positive factors were only partially offset by the increase in taxes attributable to the increase in taxable income achieved in the 1st Quarter of 2024.

Group profit/(loss)

Millions of euro	1st Quarter
	2024	2023
Group ordinary profit	2,180	1,512
Extraordinary solidarity levies	(142)	(145)
Write-down of certain assets related to the sale of the investment in Slovenské elektrárne	(107)	(35)
Non-ordinary gain/(loss) on mergers and acquisitions	-	(131)
Non-ordinary profit/(loss) of discontinued operations	-	(167)
Group profit	1,931	1,034

Group profit amounted to €1,931 million in the 1st Quarter of 2024, an increase of €897 million (+86.8%) on the €1,034 million registered in the same period of 2023.

The table above provides a reconciliation of Group profit with Group ordinary profit, indicating the non-recurring items and their respective impact on performance, net of the associated tax effects and non-controlling interests.

ANALYSIS OF THE GROUP'S FINANCIAL POSITION AND STRUCTURE

Net capital employed and funding

The following table shows the composition of and changes in net capital employed.

Millions of euro
	at Mar. 31, 2024	at Dec. 31, 2023		Change
Net non-current assets:
- property, plant and equipment and intangible assets	108,300	106,953	1,347	1.3%
- goodwill	13,038	13,042	(4)	-
- equity-accounted investments	1,685	1,650	35	2.1%
- other net non-current assets/(liabilities)	(2,687)	(3,363)	676	20.1%
Total net non-current assets	120,336	118,282	2,054	1.7%
Net working capital:
- trade receivables	15,574	17,773	(2,199)	-12.4%
- inventories	3,598	4,290	(692)	-16.1%
- net receivables due from institutional market operators	(4,249)	(4,317)	68	1.6%
- other net current assets/(liabilities)	(8,573)	(9,907)	1,334	13.5%
- trade payables	(12,918)	(15,821)	2,903	18.3%
Total net working capital	(6,568)	(7,982)	1,414	17.7%
Gross capital employed	113,768	110,300	3,468	3.1%
Provisions:
- employee benefits	(2,201)	(2,320)	119	5.1%
- provisions for risks and charges and net deferred taxes	(6,507)	(6,311)	(196)	-3.1%
Total provisions	(8,708)	(8,631)	(77)	-0.9%
Net assets held for sale	3,821	3,603	218	6.1%
Net capital employed	108,881	105,272	3,609	3.4%
Total equity	48,185	45,109	3,076	6.8%
Net financial debt	60,696	60,163	533	0.9%

Net capital employed at March 31, 2024 came to €108,881 million and was funded by shareholders' equity attributable to owners of the Parent and non-controlling interests in the amount of €48,185 million and net financial debt of €60,696 million. At March 31, 2024 the debt/equity ratio was 1.26 (1.33 at December 31, 2023). The increase in net capital employed mainly reflected an increase in net non-current assets (primarily as a result of capital expenditure in the period) and net working capital, mainly related to the payment of interim dividends and the reduction in trade receivables and payables as a result of the decrease in commodity prices.

Total equity at March 31, 2024 increased by €3,076 million, primarily due to comprehensive income for the period of €2,274 million (of which €2,244 million recognized through profit or loss and €30 million in equity) and the issue of new subordinated non-convertible perpetual hybrid bonds, net of instruments redeemed (with a total net impact of €593 million).

Net financial debt

Net financial debt and changes in the period are detailed in the table below:

Millions of euro
	at Mar. 31, 2024	at Dec. 31, 2023		Change
Long-term debt:
- bank borrowings	14,524	14,500	24	0.2%
- bonds	44,812	43,579	1,233	2.8%
- other borrowings(1)	3,024	3,014	10	0.3%
Long-term debt	62,360	61,093	1,267	2.1%
Long-term financial assets and securities	(3,838)	(3,837)	(1)	-
Net long-term debt	58,522	57,256	1,266	2.2%
Short-term debt
Bank borrowings:
- current portion of long-term bank borrowings	2,010	1,992	18	0.9%
- other short-term bank borrowings	539	393	146	37.2%
Short-term bank borrowings	2,549	2,385	164	6.9%
Bonds (current portion)	7,582	6,763	819	12.1%
Other borrowings (current portion)	339	331	8	2.4%
Commercial paper	215	2,499	(2,284)	-91.4%
Cash collateral on derivatives and other financing	1,897	1,383	514	37.2%
Other short-term financial borrowings(2)	201	495	(294)	-59.4%
Other short-term debt	10,234	11,471	(1,237)	-10.8%
Long-term loan assets (short-term portion)	(1,251)	(1,007)	(244)	-24.2%
Loan assets - cash collateral	(2,461)	(2,899)	438	15.1%
Other short-term financial assets	(120)	(161)	41	25.5%
Cash and cash equivalents with banks and short-term securities	(6,777)	(6,882)	105	1.5%
Cash and cash equivalents and short-term financial assets	(10,609)	(10,949)	340	3.1%
Net short-term debt	2,174	2,907	(733)	-25.2%
NET FINANCIAL DEBT	60,696	60,163	533	0.9%
Net financial debt of "Assets classified as held for sale"	983	888	95	10.7%

(1) Includes "Other non-current financial borrowings" presented under "Other non-current liabilities" in the statement of financial position.

(2) Includes "Other current financial borrowings included in net financial debt" included in "Other current financial liabilities" in the statement of financial position.

Net financial debt amounted to €60,696 million at March 31, 2024, not including the net financial debt of "Assets classified as held for sale", an increase of €533 million compared with December 31, 2023. In particular, the funding needs generated by the payment of interim dividends and coupons to holders of hybrid instruments (totaling €2,396 million) and investment in the period totaling €2,690 million were partially offset by the cash flow generated by operating activities (€4,639 million).

At March 31, 2024 gross financial debt amounted to €75,143 million, an increase of €194 million on December 31, 2023.

Gross financial debt

Millions of euro	at Mar. 31, 2024			at Dec. 31, 2023
	Gross long Gross short term debt term debt		Gross debt	Gross long term debt	Gross short term debt	Gross debt
Gross financial debt	72,291	2,852	75,143	70,179	4,770	74,949
of which:
- sustainable financing	47,284	352	47,636	45,147	2,663	47,810
Sustainable financing/Total gross debt (%)			63%			64%

More specifically, gross long-term financial debt (including the short-term portion), in the amount of €72,291 million, includes €47,284 million in sustainable financing and is structured as follows:

bonds in the amount of €52,394 million, of which €32,843 million in sustainable bonds, up by €2,052 million on December 31, 2023, mainly reflecting the multitranche issue of a sustainability-linked bond of €1,750 million by Enel Finance International in January and adverse exchange rate developments;
bank borrowings in the amount of €16,534 million, €14,441 million of which related to sustainable financing, an increase of €42 million on December 31, 2023;

Cash flows

For more details on cash flows, please see note 7 to the condensed consolidated financial statements at March 31, 2024.

• other borrowings in the amount of €3,363 million, an increase of €18 million on December 31, 2023.

Gross short-term financial debt, equal to €2,852 million, includes €352 million in sustainable financing. It decreased by €1,918 million on December 31, 2023, mainly reflecting the decline in commercial paper issues.

Cash and cash equivalents and short and long-term financial assets, totaling €14,447 million, decreased by €339 million on December 31, 2023, mainly reflecting the reduction in cash collateral paid and in cash and cash equivalents with banks and short-term securities.

Capital expenditure

Millions of euro	1st Quarter
	2024	2023(1)		Change
Thermal Generation and Trading	111	137	(26)	-19.0%
Enel Green Power	907	1,290	(383)	-29.7%
Enel Grids	1,319	1,199	120	10.0%
End-user Markets	236	227	9	4.0%
Holding and Services	14	20	(6)	-30.0%
Total(2)	2,587	2,873	(286)	-10.0%

(2) The figure for the 1st Quarter of 2024 does not include €103 million regarding units classified as held for sale (€145 million in 2023).

Capital expenditure amounted to €2,587 million in the first three months of 2024, a decrease on the 1st Quarter of 2023.

The Group's capital expenditure is focused above all in grids (€1,319 million, 51% of the total) and renewable energy (€907 million, 35% of the total), in line with the Group's Strategic Plan.

More specifically, the change with regard to renewable energy mainly concerned activities in North America (€98 million), Chile (€39 million) and Brazil (€25 million), and was more than offset by the decrease in expenditure in Italy (€488 million), mainly in battery energy storage systems (BESS), considering the completion in 2023 of development activities begun earlier.

In addition, capital expenditure in distribution activities is increasing (€120 million), with a view to ensuring greater resilience for grids in responding to increasingly variable external climate events, thereby guaranteeing the reliability and quality of distribution services. More specifically, capital expenditure in distribution grids is increasing in Italy, Chile, Colombia, Spain and Argentina.

Capital expenditure in the End-user Markets Business Line increased by €9 million, with the rise concerning the mobility business in Italy and the retail business in Italy and Spain.

Capital expenditure by the Thermal Generation and Trading segment decreased by €26 million, especially in Italy and Latin America.

PERFORMANCE BY PRIMARY SEGMENT (BUSINESS LINE) AND SECONDARY SEGMENT (GEOGRAPHICAL AREA)

The representation of performance by business line presented here is based on the approach used by management in monitoring Group performance for the two periods under review, taking account of the operational model adopted as described above.

With regard to disclosures for operating segments, as management reports on performance by business line, the Group has therefore adopted the following reporting sectors:

primary segment: Business Line;
secondary segment: Geographical Area.

The business line is therefore the main discriminant in the analyses performed and decisions taken by the management of the Enel Group, and is fully consistent with the internal reporting prepared for these purposes since the results are measured and evaluated first and foremost for each business line and only thereafter are they broken down by geographical area.

In this regard, note that the organizational simplification process begun in 2023 led to a restructuring of the business lines and geographical areas, with a consequent need to redefine the segments subject to disclosure in order to present the results of the segments based on the approach used by management to monitor and present the Group's performance to investors.

In particular, in the presentation of figures by primary segment (Business Line):

the figures for Enel X, which in the 1st Quarter of 2023 had been presented separately, are now reported under End-user Markets;
the figures for Enel X Way, which in the 1st Quarter of 2023 had been presented under Holding, Services and Other, are now reported under End-user Markets.

In the presentation of figures by secondary segment (Geographical Area), the figures for Latin America, Europe, North America, and Africa, Asia and Oceania have merged into the "Rest of the World" area.

The organization continues to be based on a matrix of business lines (Thermal Generation and Trading, Enel Green Power, Enel Grids, End-user Markets, Enel X, Holding and Services) and geographical areas (Italy, Iberia, Rest of the World, Central/Holding).

The following chart outlines these organizational arrangements.

REGIONS/ COUNTRIES	THERMAL GENERATION	TRADING	ENEL GREEN POWER	ENEL GRIDS	END-USER MARKETS		HOLDING AND SERVICES
Italy
Iberia
Rest of the World
Africa, Asia and Oceania
Latin America
Europe
Nort h America

Following these changes, the figures for the previous year were adjusted for comparative purposes only.

Results by primary segment (Business Line) for the 1st Quarter of 2024 and 2023

1st Quarter of 2024(1)

REGIONS/

Italy

Iberia

Rest of the World

Latin America

Europe

Nort h America

Africa, Asia and Oceania

COUNTRIES THERMAL

GENERATION TRADING ENEL GREEN

POWER ENEL GRIDS END-USER MARKETS HOLDING

AND SERVICES

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Holding and Services	Total reporting segment	Eliminations and adjustments	Total
Revenue and other income from third parties	1,736	2,081	4,430	11,179	6	19,432	-	19,432
Revenue and other income from transactions with other segments	4,145	917	759	728	460	7,009	(7,009)	-
Total revenue	5,881	2,998	5,189	11,907	466	26,441	(7,009)	19,432
Net results from commodity contracts	112	23	-	(543)	1	(407)	-	(407)
Gross operating profit/(loss)	958	1,685	2,060	1,431	(242)	5,892	-	5,892
Depreciation, amortization and impairment losses	192	414	762	471	52	1,891	-	1,891
Operating profit/(loss)	766	1,271	1,298	960	(294)	4,001	-	4,001
Capital expenditure	111(2)	907(3)	1,319(4)	236(5)	14	2,587	-	2,587

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2) The figure does not include €9 million regarding units classified as held for sale or discontinued operations.

(3) The figure does not include €57 million regarding units classified as held for sale or discontinued operations.

(4) The figure does not include €31 million regarding units classified as held for sale or discontinued operations.

(5) The figure does not include €6 million regarding units classified as held for sale or discontinued operations.

1st Quarter of 2023(1)

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Holding and Services	Total reporting segment	Eliminations and adjustments	Total
Revenue and other income from third parties	5,798	1,772	4,299	14,545	-	26,414	-	26,414
Revenue and other income from transactions with other segments	6,380	791	829	571	482	9,053	(9,053)	-
Total revenue	12,178	2,563	5,128	15,116	482	35,467	(9,053)	26,414
Net results from commodity contracts	(527)	101	-	(212)	(2)	(640)	-	(640)
Gross operating profit/(loss)	980	983	1,993	1,064	(254)	4,766	(1)	4,765
Depreciation, amortization and impairment losses	197	372	736	450	59	1,814	-	1,814
Operating profit/(loss)	783	611	1,257	614	(313)	2,952	(1)	2,951
Capital expenditure	137(2)	1,290(3)	1,199(4)	227(5)	20	2,873	-	2,873

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2) The figure does not include €8 million regarding units classified as held for sale or discontinued operations.

(3) The figure does not include €95 million regarding units classified as held for sale or discontinued operations.

(4) The figure does not include €38 million regarding units classified as held for sale or discontinued operations.

(5) The figure does not include €4 million regarding units classified as held for sale or discontinued operations.

In addition to the above, the Group also monitors performance by geographical area, classifying results by region/ country.

a view of performance not only by Business Line, but also by Geographical Area.

In the table below, ordinary gross operating profit is shown for the two periods under review with the goal of providing It should be noted that ordinary gross operating profit does not include the items reported in the schedule reconciling it with gross operating profit. For more information, please see the section "Group performance".

Ordinary gross operating profit/(loss)

Millions of euro	Thermal Generation and Trading Enel Green Power Enel Grids
	1st Quarter			1st Quarter			1st Quarter
	2024	2023	Change	2024	2023	Change	2024	2023	Change
Italy	652	158	494	523	(19)	542	983	912	71
Iberia	293	853	(560)	247	218	29	463	428	35
Rest of the World	10	127	(117)	914	866	48	615	867	(252)
Latin America	12	134	(122)	698	619	79	615	652	(37)
Argentina	-	19	(19)	(2)	(15)	13	1	(58)	59
Brazil	-	(4)	4	144	124	20	393	510	(117)
Chile	(27)	84	(111)	272	228	44	22	24	(2)
Colombia	1	(3)	4	167	183	(16)	140	111	29
Peru	40	38	2	72	61	11	59	65	(6)
Panama	-	-	-	36	30	6	-	-	-
Other countries	(2)	-	(2)	9	8	1	-	-	-
Europe	-	10	(10)	2	74	(72)	-	215	(215)
Romania	-	10	(10)	-	58	(58)	-	215	(215)
Russia	-	-	-	2	(1)	3	-	-	-
Other countries	-	-	-	-	17	(17)	-	-	-
North America	(2)	(17)	15	183	155	28	-	-	-
United States and Canada	(13)	(14)	1	170	123	47	-	-	-
Mexico	11	(3)	14	13	32	(19)	-	-	-
Africa, Asia and Oceania	-	-	-	31	18	13	-	-	-
South Africa	-	-	-	32	11	21	-	-	-
India	-	-	-	(1)	3	(4)	-	-	-
Other countries	-	-	-	-	4	(4)	-	-	-
Other	3	5	(2)	1	(6)	7	(1)	4	(5)
Total	958	1,143	(185)	1,685	1,059	626	2,060	2,211	(151)

	End-user Markets Holding and Services				Total
1st Quarter				1st Quarter			1st Quarter
2024	2023	Change	2024	2023	Change	2024	2023	Change
1,025	830	195	21	16	5	3,204	1,897	1,307
253	142	111	-	1	(1)	1,256	1,642	(386)
146	123	23	(34)	(35)	1	1,651	1,948	(297)
154	92	62	(30)	(33)	3	1,449	1,464	(15)
7	-	7	(1)	(1)	-	5	(55)	60
58	54	4	(9)	(9)	-	586	675	(89)
19	13	6	(20)	(23)	3	266	326	(60)
54	12	42	-	-	-	362	303	59
16	13	3	-	-	-	187	177	10
-	-	-	-	-	-	36	30	6
-	-	-	-	-	-	7	8	(1)
1	30	(29)	-	-	-	3	329	(326)
-	30	(30)	-	-	-	-	313	(313)
-	-	-	-	-	-	2	(1)	3
1	-	1	-	-	-	1	17	(16)
(8)	-	(8)	(4)	(2)	(2)	169	136	33
(13)	(1)	(12)	(4)	(2)	(2)	140	106	34
5	1	4	-	-	-	29	30	(1)

(1)	1	(2)	-	-	-	30	19	11
-	-	-	-	-	-	32	11	21
-	-	-	-	-	-	(1)	3	(4)
(1)	1	(2)	-	-	-	(1)	5	(6)
7	1	6	(27)	(28)	1	(17)	(24)	7
1,431	1,096	335	(40)	(46)	6	6,094	5,463	631

THERMAL GENERATION AND TRADING

Operations

Net electricity generation

Millions of kWh	1st Quarter
	2024	2023		Change
Coal-fired plants	747	5,251	(4,504)	-85.8%
Fuel-oil and turbo-gas plants	1,445	1,955	(510)	-26.1%
Combined-cycle plants	7,199	9,794	(2,595)	-26.5%
Nuclear plants	6,591	6,835	(244)	-3.6%
Total net generation	15,982	23,835	(7,853)	-32.9%
- of which Italy	2,826	7,596	(4,770)	-62.8%
- of which Iberia	10,601	11,740	(1,139)	-9.7%
- of which Rest of the World	2,555	4,499	(1,944)	-43.2%
- of which Latin America	2,555	4,499	(1,944)	-43.2%

In the 1st Quarter of 2024 thermal generation decreased by 7,853 million kWh compared with the same period of 2023. The decrease in coal-fired generation of 4,504 million kWh is mainly attributable to Italy, which had used this technology between 2022 and the 1st Quarter of 2023 to comply with the preventive measures established by the government to reduce gas consumption. The decrease in generation from fuel-oil and turbo-gas plants and from combined-cycle plants, equal respectively to 510 million kWh and 2,595 million kWh, is mainly attributable to the sale of Enel Generación Costanera (1,069 million kWh) and Central Dock Sud (640 million kWh) in Argentina as well as operations in Iberia (895 million kWh).

Net efficient generation capacity

MW
	at Mar. 31, 2024	at Dec. 31, 2023		Change
Coal-fired plants	4,627	4,627	-	-
Fuel-oil and turbo-gas plants	5,616	5,942	(326)	-5.5%
Combined-cycle plants	11,983	11,983	-	-
Nuclear plants	3,328	3,328	-	-
Total	25,554	25,880	(326)	-1.3%
- of which Italy	10,819	11,145	(326)	-2.9%
- of which Iberia	11,347	11,347	-	-
- of which Rest of the World	3,388	3,388	-	-
- of which Latin America	3,388	3,388	-	-

Net efficient generation capacity declined by 326 MW compared with end-2023 in Italy, mainly reflecting the decommissioning by Enel Produzione of a unit of the thermal plants of Termini Imerese and Porto Empedocle.

Performance

Millions of euro	1st Quarter
	2024	2023		Change
Revenue	5,881	12,178	(6,297)	-51.7%
Gross operating profit/(loss)	958	980	(22)	-2.2%
Ordinary gross operating profit/(loss)	958	1,143	(185)	-16.2%
Operating profit/(loss)	766	783	(17)	-2.2%
Ordinary operating profit/(loss)	766	946	(180)	-19.0%
Capital expenditure	111(1)	137(2)	(26)	-19.0%

(1) The figure does not include €9 million regarding units classified as held for sale or discontinued operations.

(2) The figure does not include €8 million regarding units classified as held for sale or discontinued operations.

The following table provides a breakdown of revenue for Thermal Generation and Trading from conventional thermal and nuclear generation.

Revenue from thermal and nuclear generation(1)

Millions of euro	1st Quarter
	2024	2023	Change
Revenue
Revenue from thermal generation	1,790	4,264	-58.0%
- of which coal-fired generation	191	1,312	-85.4%
Revenue from nuclear generation	480	367	30.8%

Revenue from thermal generation as a percentage of total revenue	9.2%	16.1%
- of which revenue from coal-fired generation as a percentage of total revenue	1.0%	5.0%
Revenue from nuclear generation as a percentage of total revenue	2.5%	1.4%

(1) The revenue analyzed refers to that for the segment and includes transactions with third parties and the intersegment transactions of each segment with the others.

The following tables show a breakdown of performance by geographical area in the 1st Quarter of 2024.