OPEN POWER FOR A BRIGHTER FUTURE.

WE EMPOWER SUSTAINABLE PROGRESS.

Interim Financial Repo at September 30, 2023

We live in an increasingly interconnected world where the companies that will continue to thrive in the long run will be those able to act collectively, creating and sharing value with all stakeholders. This is what the graphic design of the Enel Group's Corporate Reporting expresses through the development of connected and balanced forms. Elements inspired by nature, whose movement offers a narration of harmony, growth and evolution.

OPEN POWER FOR A BRIGHTER FUTURE.

WE EMPOWER SUSTAINABLE PROGRESS.

Interim Financial Report at September 30, 2023

Enel is Open Power

VISION

challenges.

Open Power to tackle some of the world's biggest

PRINCIPLES OF CONDUCT

Make decisions in daily activities and take responsibility for them.
Share information, being willing to collaborate and open to the contribution of others.
Follow through with commitments, pursuing activities with determination and passion.
Change priorities rapidly if the situation evolves.
Get results by aiming for excellence.
Adopt and promote safe behavior and move proactively to improve conditions for health, safety and well-being.
Work for the integration of all, recognizing and leveraging individual diversity (culture, gender, age, disabilities, personality, etc.).
Work focusing on satisfying customers and/or coworkers, acting effectively and rapidly.
Propose new solution and do not give up when faced with obstacles or failure.
Recognize merit in co-workers and give feedback that can improve their contribution.

MISSION

Open access to electricity for more people.
Open the world of energy to new technology.
Open up to new uses of energy.
Open up to new ways of managing energy for people.
Open up to new partnerships.

VALUES

Trust
Proactivity
Responsibility
Innovation

Enel is Open Power 4

Report on Operations

	2.
Condensed
consolidated
financial
statements at
September 30, 2023

Highlights	11
Foreword	12
Enel organizational model	13
Reference scenario	15
The macroeconomic environment	15
Energy conditions	17
Significant events in the 3rd Quarter of 2023	20
Performance of the Group	22
Analysis of the Group's financial position and structure	31
Performance by primary segment (Business Line) and secondary segment (Geographical Area)	35
Thermal Generation and Trading	40
Enel Green Power	46
Enel Grids	52
End-user Markets	58
Enel X	62
Holding, Services and Other	66
Definition of performance indicators	69
Outlook	71

Condensed Consolidated Income Statement	75
Statement of Consolidated Comprehensive Income	76
Condensed Consolidated Statement of Financial Position	77
Statement of Changes in Consolidated Equity	78
Condensed Consolidated Statement of Cash Flows	80
Notes to the condensed consolidated financial statements at September 30, 2023	81
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 120

Report on Operations

Highlights

	First nine months
SDG		2023	2022	Change
	Revenue (millions of euro)	69,534	105,522(1)	-34.1%
	Gross operating profit/(loss) (millions of euro)	15,220	12,327(1)	23.5%
	Ordinary gross operating profit/(loss) (millions of euro)	16,386	12,671	29.3%
	Profit attributable to owners of the Parent (millions of euro)	4,253	1,758(2)	-
	Ordinary profit attributable to owners of the Parent (millions of euro)	5,033	3,046(2) (3)	65.2%
	Net financial debt (millions of euro)	63,312	60,068(4)	5.4%
	Cash flows from operating activities (millions of euro)	10,015	1,001(5)	-
	Capital expenditure on property, plant and equipment and intangible assets (millions of euro)(6)	8,759	9,309	-5.9%

	Total net efficient installed capacity (GW)	82.9	84.6(4)	-2.0%
7	Net efficient installed renewables capacity (GW)	54.8	53.6(4)	2.2%
7	Net efficient installed renewables capacity (%)	66.1%	63.3%(4)	4.4%
7	Additional efficient installed renewables capacity (GW)	1.74	2.28	-23.7%
	Net electricity generation (TWh)(7)	158.3	174.3	-9.2%
7	Net renewable electricity generation (TWh)(7)	94.0	83.5	12.6%
9	Electricity distribution and transmission grid (km)	2,030,861	2,024,038(4)	0.3%
9	Electricity transported on Enel's distribution grid (TWh)	369.1	387.2(8)	-4.7%
	End users (no.)	73,268,416	75,894,254	-3.5%
9	End users with active smart meters (no.)(9)	46,521,418	45,709,488(8)	1.8%
	Electricity sold by Enel (TWh)	228.8	242.3	-5.6%
	Retail customers (no.)	64,938,902	70,209,823	-7.5%
	- of which free market	27,922,249	27,791,184	0.5%
11	Storage (MW)	876	760(4)	15.3%
11	Public charging points (no.)(10)	24,819	22,112(4) (8)	12.2%
11	Demand response (MW)	9,375	8,226	14.0%
	No. of employees	65,212	65,124(4)	0.1%

(1) The figures for the first nine months of 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/ (Loss) from discontinued operations" of profit/(loss) connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

(2) The figures for the first nine months of 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

(3) For a more accurate representation, the taxes relating to ordinary items in the first nine months of 2022 have been adjusted to take account of the extraordinary nature of the solidarity levy recognized during the first nine months of 2022 in the total amount of €69 million. This adjustment also involved the recalculation of "Ordinary profit attributable to owners of the Parent" and the amount "attributable to owners of the Parent" for the same period.

(4) At December 31, 2022.

(5) In order to improve presentation, for comparative purposes only, realized financial income and expense connected solely with foreign currency loans have been reclassified under a new item "Collections/(Payments) associated with derivatives connected with borrowings" in the section on cash flows from financing activities.

(6) Does not include €605 million regarding units classified as "held for sale" or "discontinued operations" (€47 million in the first nine months of 2022).

(7) If net generation through joint ventures is included, total generation in the first nine months of 2023 would amount to 168.2 TWh (182.3 TWh in the first nine months of 2022). Similarly, renewables generation in the first nine months of 2023 would total 103.9 TWh (91.9 TWh in the first nine months of 2022). (8) The figure reflects a more accurate calculation of the aggregate.

(9) Of which 27.9 million second-generation meters in the first nine months of 2023 and 24.9 million in the first nine months of 2022.

(10) If the figures also included charging points of joint ventures, they would amount to 25,797 at September 30, 2023 and 22,617 at December 31, 2022.

Foreword

The Interim Financial Report at September 30, 2023 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.

Enel organizational model Modello organizzativo di Enel

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

Global Business Lines

The Global Business Lines 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 addition, 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, which reflect the new strategic line adopted, explicitly integrating the SDGs within our financial strategy and promoting a low-carbon business model. 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 are the primary objectives of each Global Business Line:

Enel Grids and Innovability: ensures the reliability and quality of supply service through efficient, resilient and digital grids; promotes, harmonizes and supports the Global Business Lines in the areas of innovation and sustainability;
Global Energy & Commodity Management and Chief Pricing Officer: optimizes the Group's margin by managing it as a single portfolio, seeking the best balance;
Enel Green Power & Thermal Generation: accelerates the energy transition, expanding installed renewable capacity;
Enel X Global Retail: optimizes the integrated margin by managing the supply of energy, services, electric mobility and innovative solutions.

Regions and Countries are responsible for managing relationships with institutional bodies and regulatory authorities, as well as selling electricity and gas, in each of the countries in which the Group is present, 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.

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

The Global Service Functions are responsible for managing information and communication technology activities, procurement at the Group level and managing global customer relationship activities.

The Global Service Functions are also focused on the responsible adoption of measures that allow the achievement of sustainable development objectives, in the specific 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.

Staff Functions (Holding)

Global Service Functions

Regions and Countries

The Staff Functions (Holding) 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.

⁽¹⁾ The Group Investment Committee is made up of the heads of Administration, Finance and Control, Innovability, Legal and Corporate Affairs, Global Procurement, and the heads of the Regions and the Business Lines.

Reference scenario

The macroeconomic environment

After exceeding expectations for global macroeconomic conditions in the early part of 2023, supported by a broad decline in energy prices and the continuing resilience of private demand for goods and services, the 3rd Quarter of the year saw the continuation of the reversal of conditions already seen in the previous period. The impact of the tighter monetary policy implemented by central banks has begun to slow private consumption and dampen the confidence of the industrial sector and the financial markets. The persistence of inflation driven by the core component (which excludes the more volatile components of the index such as energy and food) has also continued to erode real incomes and prolong expectations for restrictive monetary policy conditions in the coming quarters.

After performing reasonably well in the 1st Quarter (1.2% on an annual basis), driven by a resilient labor market and robust demand for services, the euro area then experienced two quarters of stagnation followed, with growth in the 3rd Quarter expected to be 0.2%. Faced with the persistence of greater-than-expected core inflation, during the year the European Central Bank rapidly raised its key interest rates (at its last meeting in September, the rates on main refinancing operations, the marginal lending facility and the deposit facility at the central bank reached 4.00%, 4.50% and 4.75% respectively), the impact of which severely affected the industrial sector and, with a lag, private consumption.

In Italy, the GDP growth rate is expected to be 0.2% on an annual basis in the 3rd Quarter, confirming the sharp slowdown in Italian economic growth after a 2.0% jump in the 2nd Quarter. The prolonged tightening of monetary policy has eroded domestic demand, especially for private investment. In addition, the persistent inflationary pressures driven by the core component and the increases in energy prices in recent months continue to act as a brake on the pace of growth in economic activity.

In Spain, the 3rd Quarter is expected to see a slight decline in GDP growth, easing to 1.6% on an annual basis from the 4.2% and 1.8% posted in the previous two quarters respectively, when growth was initially supported by the steep fall in energy prices. In the 3rd Quarter, inflationary pressures (2.6% year-on-year) generated by the recent increase in energy prices once again put pressure on domestic demand. In addition, weak external growth and the prolonged period of restrictive financial conditions have further slowed the industrial sector, which has been struggling since the 2nd Quarter of the year.

In the United States, GDP growth is forecast to exceed expectations in the 3rd Quarter (2.4% year-on-year), confirming the positive trend since the beginning of the year. Despite the Federal Reserve continuing to raise the federal funds rate (in its latest decision in September, the Fed confirmed its target range of between 5.25% and 5.50%) and inflation displaying weak signs of slowing (3.5% on an annual basis expected in the 3rd Quarter), both the labor market and private consumption still showed strong signs of resilience, sustaining the performance of the real economy.

In Brazil, growth is expected to slow in the 3rd Quarter to 2.9% on an annual basis, compared with 3.3% between April and June. Brazilian inflation is expected to accelerate in the 3rd Quarter, rising to 4.7% on an annual basis from 3.8% in the previous three months, reflecting the dissipation of the base effects of fuel tax exemptions. However, the gradual disinflation under way since the beginning of the year prompted the central bank to reduce its benchmark rate to 12.75% in September following two consecutive cuts of 50 basis points.

The Chilean economy is expected to post a slight recovery in the 3rd Quarter, with expected GDP rate of 0.4% on an annual basis, after recording a sharp contraction (-1.1%) in the previous quarter. In the 3rd Quarter, inflation is expected to decline significantly (to 5.7% on an annual basis, from 8.7% in the previous period). The marked slowdown, which reflects a broad decline in activity across all sectors of the economy, enabled the central bank to ease its monetary policy stance with a larger than expected interest rate cut in July (100 basis points), followed by a further reduction of 75 basis points in September.

After recording GDP growth of 0.3% on an annual basis in the 2nd Quarter, the Colombian economy is expected to decelerate in the 3rd Quarter due to a general decline in all sectors. The disinflation process is proving to be less rapid than expected due to the persistence of high food and energy prices, with headline inflation expected to be 11.3% in the 3rd Quarter, compared with the 12.4% recorded in the previous period.

Change in consumer price index (CPI)

%	First nine months
	2023	2022	Change
Italy	7.71	7.47	0.24
Spain	3.44	8.99	-5.55
Argentina	113.24	63.20	50.04
Brazil	4.60	10.61	-6.01
Chile	8.73	11.14	-2.41
Colombia	12.34	9.33	3.01
Peru	7.17	7.69	-0.52

Exchange rates

	First nine months
	2023	2022	Change
Euro/US dollar	1.08	1.06	1.9%
Euro/British pound	0.87	0.85	2.4%
Euro/Swiss franc	0.98	1.01	-3.0%
US dollar/Japanese yen	138.17	128.31	7.7%
US dollar/Canadian dollar	1.35	1.28	5.5%
US dollar/Australian dollar	1.50	1.42	5.6%
US dollar/Russian ruble	83.05	71.98	15.4%
US dollar/Argentine peso	246.24	120.33	104.6%
US dollar/Brazilian real	5.01	5.13	-2.3%
US dollar/Chilean peso	821.72	860.35	-4.5%
US dollar/Colombian peso	4,404.94	4,075.65	8.1%
US dollar/Peruvian sol	3.73	3.82	-2.4%
US dollar/Mexican peso	17.80	20.25	-12.1%
US dollar/Turkish lira	22.23	15.91	39.7%
US dollar/Indian rupee	82.37	77.44	6.4%
US dollar/South African rand	18.36	15.96	15.0%

Energy conditions

The commodity market

The 3rd Quarter of 2023 saw commodity markets post strong rises compared with the first six months of the year, although they were still sharply down compared with the same period of 2022.

Focusing attention on the oil market, oil prices rose in the 3rd Quarter, with Brent rising from below \$75 a barrel in June to over \$95 a barrel in September. This dynamic was largely driven by the action of OPEC+ to keep supply under control through production cuts, with a consequent decline in inventory levels globally.

During the first nine months of 2023, the gas market experienced a sharp decline, with the TTF benchmark price falling from almost €75/MWh in January to close to €23/MWh in June, thanks to the combination of low demand and high levels of gas in storage. In the 3rd Quarter, gas prices began to rise again, exceeding €40/MWh on some days. This rebound is mainly due to a number of disruptions along the supply chain, such as extraordinary maintenance in Norway and the threat of strikes in Australia. On average, the TTF price decreased by almost 70% compared with the first nine months of 2022.

Coal prices remained fairly stable in the 3rd Quarter, fluctuating between \$100 and \$120/ton, but were down more than 55% compared with the same period of the previous year. Underpinning these developments is the progressive return to gas-fired generation in Europe, which has impacted demand for coal.

After edging close to €100/ton at the beginning of the year, the CO2 market experienced substantial volatility, falling to €77/ton in June before settling at between €80 and €90/ton. Driving this behavior is the low demand for allowances, balanced in some periods of the year by a lack of auctions.

Metal prices slowed in the first nine months of 2023. The prices of copper, iron and steel declined, reflecting fears of a slowdown in the global economy, the crisis in the Chinese property market and the consequent erosion of demand. Aluminum was partly buoyed by the energy crisis, geopolitical tensions and low levels of storage. However, these factors were insufficient to offset the loss of demand, keeping prices at low levels. Lithium and polysilicon prices also continue to experience strong downward pressure due to the entry of substantial new supply in the market. The expected demand for these materials remains strong, however, reflecting the impact of policies to stimulate the green economy. The pace of recovery in the global economy will be crucial in determining the timing of the energy transition and the consequent acceleration of demand for the necessary materials.

	First nine months
	2023	2022	Change
Market indicators
Average Brent ICE price (\$/barrel)	82.05	102.20	-19.7%
Average CO2 price (€/ton)	86.00	82.00	4.9%
Average coal price (\$/t CIF ARA)(1)	130.06	307.70	-57.7%
Average gas price (€/MWh)(2)	40.71	129.20	-68.5%
Average copper price (\$/t)	8,592.38	9,067.82	-5.2%
Average aluminum price (\$/t)(3)	2,274.10	2,823.64	-19.5%
Average nickel price (\$/t)(3)	22,711.57	25,678.83	-11.6%

(1) API#2 index.

(2) TTF index.

(3) The figures for the first nine months of 2022 reflect a more accurate calculation of the indicator.

Electricity and natural gas markets

Developments in electricity demand

3rd Quarter			TWh	First nine months
2023	2022	Change		2023	2022	Change
82.2	83.0	-1.0%	Italy	232.7	241.0	-3.4%
63.9	65.7	-2.7%	Spain(1)	183.4	191.1	-4.0%
159.8	149.6	6.8%	Brazil(1)	476.1	457.8	4.0%
20.6	20.8	-1.0%	Chile(1)	61.8	62.4	-1.0%
1,223.0	1,202.7	1.7%	United States	3,211.1	3,274.1	-1.9%
20.7	19.6	5.6%	Colombia(1)	59.4	57.6	3.1%

(1) The figures for the first nine months of 2022 reflect a more accurate calculation of the indicator. Source: national TSOs.

In the 3rd Quarter of 2023, electricity demand decreased slightly in Italy compared with the same period of the previous year (-1.0%). The decline recorded in Spain was more marked (-2.7%). Demand in both countries is still depressed due to the high prices recorded last year, which still weigh on demand growth. The decrease in both countries is more evident when comparing the final figures for the first nine months of the two years, which came to -3.4% and -4.0% respectively.

By contrast, demand in Brazil and Colombia is growing, with increases of 4.0% and 3.1% respectively compared with the first nine months of 2022. At the same time, however, Chile and the United States recorded small declines of 1.0% and 1.9% respectively.

Electricity prices

	Average baseload price Q3 2023 (€/MWh)	Change in average baseload price Q3 2023 - Q3 2022	Average peakload price Q3 2023 (€/MWh)	Change in average peakload price Q3 2023 - Q3 2022
Italy	113.2	-76.0%	118.3	-78.0%
Spain	96.6	-34.0%	98.2	-31.0%

Electricity prices fell steeply in the 3rd Quarter of 2023, driven by sharp declines in gas and coal prices, combined with strong renewables generation. This dynamic was very marked in Italy, where prices decreased by over 70% compared with last year. The decline in Spain was smaller (around 30% compared with the 3rd Quarter of 2022), thanks to the regulatory measures introduced in 2022 which had limited price growth.

Natural gas demand

3rd Quarter				Billions of m3		First nine months
2023	2022		Change		2023	2022		Change
11.4	12.0	(0.6)	-5.0%	Italy	43.7	50.5	(6.8)	-13.5%
6.7	7.5	(0.8)	-10.7%	Spain	21.5	24.1	(2.6)	-10.8%

In Italy, demand for natural gas in the 3rd Quarter of 2023 declined by 5.0% compared with the same period of the previous year, while the reduction for the first nine months is more marked, at 13.5%. In Spain, demand fell by 10.7% compared with the 3rd Quarter of 2022, in line with the contraction of 10.8% for the first nine months of the year. The decreases trend recorded in these two countries since the beginning of the year was mainly caused by the decline in industrial output, which is struggling to revive, lower demand for heating due to the mild winter and a decrease in gas-fired generation as new renewables capacity has entered service.

Natural gas demand in Italy

	3rd Quarter			Billions of m3	First nine months
2023	2022		Change		2023	2022		Change
2.6	2.7	(0.1)	-3.7%	Distribution networks	18.3	21.0	(2.7)	-12.9%
2.7	2.6	0.1	3.8%	Industry(1)	8.5	9.2	(0.7)	-7.6%
5.9	6.5	(0.6)	-9.2%	Thermal generation(1)	15.8	19.2	(3.4)	-17.7%
0.2	0.2	-	-	Other(2)	1.1	1.1	-	-
11.4	12.0	(0.6)	-5.0%	Total	43.7	50.5	(6.8)	-13.5%

(1) The figures for the first nine months of 2022 reflect a more accurate calculation of the indicator.

(2) Includes other consumption and losses.

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

The demand for natural gas in Italy in the 3rd Quarter of 2023 stood at 11.4 billion cubic meters, a decline compared with the same period of 2022. The quarter experienced an increase in demand in the industrial sector (+3.8%), offset by a decline in demand for distribution networks (-3.7%) and for thermal generation (-9.2%). The balance for the first nine months showed a contraction compared with 2022 (-13.5%), with the demand for gas down markedly in all sectors.

Significant events in the 3rd Quarter of 2023

Enel Group signs deal for the sale of a photovoltaic generation portfolio in Chile to Sonnedix

On July 12, 2023, Enel SpA and its subsidiary Enel Chile SA signed a share purchase agreement with Sonnedix Chile Arcadia SpA and Sonnedix Chile Arcadia Generación SpA, both of which are controlled by the international renewable energy producer Sonnedix, for the sale of the entire equity interests held by Enel (about 0.009%) and Enel Chile (about 99.991%) in the share capital of Arcadia Generación Solar SpA, a Chilean company which owns a portfolio of four operating photovoltaic (PV) plants with a total installed capacity of approximately 416 MW.

On October 25, 2023, following the fulfillment of all conditions set out in the share purchase agreement signed on July 12, 2023, including clearance from the Chilean antitrust authority Fiscalía Nacional Económica (FNE), Enel SpA and Enel Chile SA closed the sale of their entire holdings in the share capital of Arcadia Generación Solar SA. Pursuant to the above agreement, the purchaser paid a total of \$556 million (equivalent to about €525 million), corresponding to 100% of the enterprise value agreed by the parties.

Enel sells 50% of Enel Green Power Hellas to Macquarie Asset Management

On July 26, 2023, Enel SpA, acting through its wholly-owned subsidiary Enel Green Power SpA, signed an agreement with Macquarie Asset Management, acting through the Macquarie Green Investment Group Renewable Energy Fund 2, for the sale of 50% of Enel Green Power Hellas, Enel Green Power's wholly-owned renewables subsidiary in Greece, for a total of about €345 million, equal to an enterprise value of about €980 million on a 100% basis. At closing, Enel Green Power and Macquarie Asset Management will enter into a shareholder agreement which provides for the joint control of Enel Green Power Hellas in order to co-manage the company's current renewable generation portfolio and continue to develop its project pipeline, further increasing its installed capacity.

The closing of the sale is subject to certain conditions customary for these kinds of transaction, including the clearance from competent antitrust authorities.

Enel finalizes joint venture deal with INPEX Corporation by selling 50% of Enel Green Power Australia

On September 29, 2023, Enel SpA, acting through its wholly-owned subsidiary Enel Green Power SpA, closed the sale to INPEX Corporation (INPEX) of 50% of two entities that own all of the Group's renewables operations in Australia, namely Enel Green Power Australia (Pty) Ltd and Enel Green Power Australia Trust. The sale was closed following the fulfillment of all conditions set out in the sale agreement signed on July 13, 2023.

In line with the above agreement, INPEX paid a total of about €142 million, equivalent to an enterprise value of €426 million on a 100% basis.

Upon the transaction's closing, Enel Green Power SpA and INPEX will jointly control Enel Green Power Australia, overseeing the company's current renewable generation portfolio and continuing to develop its project pipeline, seeking to increase its installed capacity.

Performance of the Group

The following presents the operating and financial performance indicators of the Group.

Operations

			First nine months
SDG		2023	2022	Change

	Net electricity generation (TWh)(1)	158.3	174.3	(16.0)
	of which:
7	- renewable (TWh)(1)	94.0	83.5	10.5
	Total net efficient installed capacity (GW)	82.9	84.6(2)	(1.7)
7	Net efficient installed renewables capacity (GW)	54.8	53.6(2)	1.2
7	Net efficient installed renewables capacity (%)	66.1%	63.3%(2)	2.8
7	Additional efficient installed renewables capacity (GW)	1.74	2.28	(0.54)

9	Electricity transported on Enel's distribution grid (TWh)	369.1	387.2(3)	(18.1)
9	End users with active smart meters (no.)(4)	46,521,418	45,709,488(3)	811,930
9	Electricity distribution and transmission grid (km)	2,030,861	2,024,038(2)	6,823
	End users (no.)	73,268,416	75,894,254	(2,625,838)

	Electricity sold by Enel (TWh)	228.8	242.3	(13.5)
	Gas sold to end users (billions of m3)	6.0	7.5	(1.5)
	Retail customers (no.)	64,938,902	70,209,823	(5,270,921)
	- of which free market	27,922,249	27,791,184	131,065

11	Demand response capacity (MW)	9,375	8,226	1,149
11	Public charging points (no.)(5)	24,819	22,112(2) (3)	3,634
11	Storage (MW)	876	760(2)	116

(1) 168.2 TWh including the output of managed renewables capacity (182.3 TWh in the first nine months of 2022). Similarly, renewables generation in the first nine months of 2023 would total 103.9 TWh (91.9 TWh in the first nine months of 2022).

(2) At December 31, 2022.

(3) The figure reflects a more accurate calculation of the aggregate.

(4) Of which 27.9 million second-generation meters in the first nine months of 2023 and 24.9 million in the first nine months of 2022.

(5) If the figures also included charging points of joint ventures, they would amount to 25,797 at September 30, 2023 and 22,617 at December 31, 2022.

Net electricity generated by Enel in the first nine months of 2023 decreased by 16.0 TWh compared with the same period of 2022 (-9.2%), reflecting a decline in thermal generation (-25.4 TWh), mainly in Europe, Argentina, Spain, Italy, Chile and Russia. For the latter, this reflected the full deconsolidation of the companies present in that country, which produced a decrease in electricity generation of 10.2 TWh and a reduction in nuclear generation of 1.1

TWh. Net of changes attributable to the disposal of assets connected with the disposal plan announced previously, generation was virtually unchanged (+0.9%). Remaining renewables generation increased by 10.5 TWh compared with the same period of 2022, notably hydroelectric output (+7.2 TWh), mainly in Italy, Colombia and Chile, and solar generation (+2.9 TWh), mainly in Spain, Chile and the United States.

Net electricity generation by source (rst nine months of 2023)

18.3%

Net electricity generation by source (first nine months of 2023) 28.5%

Net electricity generation by source (rst nine months of 2023)

The Group's total net efficient installed capacity decreased by 1.7 GW in the first nine months of 2023, mainly reflecting the deconsolidation of the Argentine companies Enel Generación Costanera and Central Dock Sud, which caused capacity to decrease by 1.2 GW in oil & gas facil-

Net ecient installed capacity by source (at September 30, 2023)

ities and 1.9 GW in combined-cycle plants. This decline was only partially offset by an increase in net wind capacity (+0.6 GW) recorded in Brazil and Chile and solar capacity (+0.6 GW) in Peru, Colombia, Chile and the United States.

Net efficient installed capacity by source (at September 30, 2023) Net ecient installed capacity by source (at September 30, 2023)

63.3% at December 31, 2022

36.7% at December 31, 2022

Electricity transported on Enel's distribution grid in the first nine months of 2023 Totald 369.1 TWh, down 18.1 TWh (-4.7%) compared with the same period of 2022, mainly in Brazil (-9.7 TWh), Italy (-8.7 TWh) and Chile (-2.3 TWh), only partially offset by an increase in electricity transported in Spain (+1.9 TWh) and Argentina (+0.7 TWh).

Electricity sold by Enel in the first nine months of 2023 amounted to 228.8 TWh, a decrease of 13.5 TWh (-6%) on the same period of 2022. More specifically, quantities mainly decreased on the regulated market in Italy (-5.7 TWh), in Brazil (-7.3 TWh) due to the sale of Celg Distribuição SA - Celg-D (Enel Goiás) in 2022 and in Spain

(-0.7 TWh). This change was only partially offset by the increases recorded in Argentina (+0.6 TWh), Chile (+0.1 TWh) and Peru (+0.2 TWh).

Gas sold by Enel in the first nine months of 2023 Totald 6 billion cubic meters, a decrease of 1.5 billion cubic meters on the year-earlier period (-20%).

The Enel Group workforce at September 30, 2023 numbered 65,212, of whom 33,358 were employed in companies outside of Italy. The increase of 88 in the first nine months of 2023 reflects the balance between new hires and terminations (+633) and the change in the consolidation scope (-545), essentially connected with the sale of assets in Argentina, India and Australia.

no.
	at Sept. 30, 2023	at Dec. 31, 2022	Percentage of total at Sept. 30, 2023	Percentage of total at Dec. 31, 2022
Thermal Generation and Trading	5,951	6,447	9.6%	10.4%
Enel Green Power	9,086	9,397	14.7%	15.2%
Enel Grids	31,036	30,262	50.1%	49.0%
End-user Markets	5,388	5,418	8.7%	8.8%
Enel X	2,915	2,875	4.7%	4.7%
Holding, Services and Other	7,517	7,325	12.2%	11.9%
Total continuing operations	61,893	61,724
Total discontinued operations	3,319	3,400
Total	65,212	65,124	100.0%	100.0%

Group performance

Ordinary income statement(1)					Income statement
Millions of euro	First nine months				First nine months
	2023	2022		Change		2023 2022(2)		Change
Revenue	71,876	108,177	(36,301)	-33.6%	69,534	105,522	(35,988)	-34.1%
Costs	53,155	97,609	(44,454)	-45.5%	51,975	95,289	(43,314)	-45.5%
Net results from commodity contracts	(2,335)	2,103	(4,438)	-	(2,339)	2,094	(4,433)	-
Gross operating profit	16,386	12,671	3,715	29.3%	15,220	12,327	2,893	23.5%
Depreciation, amortization and impairment losses	5,527	5,456	71	1.3%	5,385	6,260	(875)	-14.0%
Operating profit/(loss)	10,859	7,215	3,644	50.5%	9,835	6,067	3,768	62.1%
Financial income	4,768	8,448	(3,680)	-43.6%	4,755	8,427	(3,672)	-43.6%
Financial expense	7,239	10,173	(2,934)	-28.8%	7,251	10,123	(2,872)	-28.4%
Net financial expense	(2,471)	(1,725)	(746)	-43.2%	(2,496)	(1,696)	(800)	-47.2%
Share of profit/(loss) of equity-accounted investments	141	55	86	-	30	55	(25)	-45.5%
Pre-tax profit/(loss)	8,529	5,545	2,984	53.8%	7,369	4,426	2,943	66.5%
Income taxes	2,454	1,568(3) (4)	886	56.5%	2,431	1,571	860	54.7%
Profit/(Loss) from continuing operations	6,075	3,977(3) (4)	2,098	52.8%	4,938	2,855	2,083	73.0%
Profit/(Loss) from discontinued operations	-	-	-	-	150	(564)	714	-
Profit for the period (owners of the Parent and non-controlling interests)	6,075	3,977(3) (4)	2,098	52.8%	5,088	2,291	2,797	-
Attributable to owners of the Parent	5,033	3,046(3) (4)	1,987	65.2%	4,253	1,758	2,495	-
Attributable to non controlling interests	1,042	931(4)	111	11.9%	835	533	302	56.7%

(1) The ordinary income statement does not include non-recurring items. 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 period (attributable to owners of the Parent).

(2) The figures for the first nine months of 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/ (Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met. For more details, please see note 5 to the condensed consolidated quarterly financial statements at September 30, 2023.

(3) For a more accurate representation, the taxes relating to ordinary items in the first nine months of 2022 have been adjusted to take account of the extraordinary nature of the solidarity levy recognized during the first nine months of 2022 in the total amount of €69 million. This adjustment also involved the recalculation of "Profit attributable to owners of the Parent" and the amount "attributable to owners of the Parent" for the same period.

(4) The figures for the first nine months of 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

Revenue

Millions of euro	First nine months
	2023	2022(1)		Change
Sale of electricity	39,537	54,160	(14,623)	-27.0%
Transport of electricity	8,432	8,171	261	3.2%
Fees from network operators	987	633	354	55.9%
Transfers from institutional market operators	1,138	971	167	17.2%
Sale and transport of gas	5,806	6,321	(515)	-8.1%
Sale of fuels	1,779	4,149	(2,370)	-57.1%
Fees for connection to electricity and gas networks	648	608	40	6.6%
Revenue from construction contracts	743	1,253	(510)	-40.7%
Sale of commodities with physical settlement and fair value gain/ (loss) on contracts settled in the period	7,080	25,830	(18,750)	-72.6%
Sale of value-added services	1,193	996	197	19.8%
Other income	2,191	2,430	(239)	-9.8%
Total	69,534	105,522	(35,988)	-34.1%

(1) The figures for the first nine months of 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/ (Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

Revenue decreased in the first nine months of 2023, reflecting both a decline in the quantity of electricity sold on the wholesale and retail markets and a decrease in the average sales prices of commodities, which also significantly impacted the valuation of sales contracts with physical settlement.

The reduction in revenue also reflected the effects of the deconsolidation of a number of companies sold during the 2nd Half of 2022 (specifically, Enel Transmisión Chile, Celg Distribuição SA - Celg-D (Enel Goiás) and CGT Fortaleza in Brazil), the effect of which was only partially offset by an increase in revenue from renewables operations, especially in Colombia and Italy from hydro plants and in Latin America from wind and solar plants.

During the first nine months of 2023, the Group also recognized income of €103 million from the partial sale with loss of control of assets in Australia and end-of-concession income recognized by Enel CIEN of €99 million. These effects were more than offset by the impact of the recognition in the first nine months of 2022 of the proceeds on the sale of UFINET (€220 million) and the sale by Enel X Srl of companies in the financial sector to Mooney (€67 million).

Costs

Millions of euro	First nine months
	2023	2022(1)		Change
Electricity purchases	18,283	38,078	(19,795)	-52.0%
Consumption of fuel for electricity generation	5,008	6,661	(1,653)	-24.8%
Fuel for trading and gas for sale to end users	9,887	30,925	(21,038)	-68.0%
Materials	1,668	2,541	(873)	-34.4%
Personnel expenses	3,719	3,459	260	7.5%
Services, leases and rentals	11,280	12,261	(981)	-8.0%
Environmental certificates	2,070	2,066	4	0.2%
Other costs connected with electric and gas system	275	18	257	-
Other costs for taxes and duties	896	855	41	4.8%
Capital losses and other costs on the disposal of equity investments	365	148	217	-
Extraordinary solidarity levies	208	-	208	-
Other expenses	565	457	108	23.6%
Capitalized costs	(2,249)	(2,180)	(69)	-3.2%
Total	51,975	95,289	(43,314)	-45.5%

(1) The figures for the first nine months of 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/ (Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

Developments in costs during the period essentially reflected the same factors addressed in the comments on revenue item concerning the decrease in quantities generated and purchased as well as the decline in the prices of commodities used for generation and/or sales activities. Note also that the item "Capital losses and other costs on the disposal of equity investments" for the first nine months of 2023 essentially reports charges recognized following the disposals of Enel Generación Costanera (€132 million) and Central Dock Sud (€194 million), while in 2022 the figure mainly regarded the capital loss recognized on the sale of CGT Fortaleza in Brazil (€134 million).

Finally, "Extraordinary solidarity levies" regard to the levy recognized in the 1st Quarter of 2023 in Spain following its introduction with Law 38 of December 27, 2022.

Net results from commodity contracts

Net results from commodity contracts connected with hedging operations in the first nine months of 2023 declined by €4,433 million, mainly due to fluctuations in market prices.

Ordinary gross operating profit/(loss)

Millions of euro	First nine months
	2023	2022		Change
Thermal Generation and Trading	2,788	4,479	(1,691)	-37.8%
Enel Green Power	3,648	2,164	1,484	68.6%
Enel Grids	6,058	5,307	751	14.2%
End-user Markets	3,906	287	3,619	-
Enel X	272	554	(282)	-50.9%
Holding, Services and Other	(286)	(120)	(166)	-
Total	16,386	12,671	3,715	29.3%

Ordinary gross operating profit increased by €3,715 million on the same period of the previous year despite the negative effects of the change in the consolidation scope connected with the sale of certain assets during the first nine months of 2023. The increase mainly reflected the performance of the integrated business (the combination of Thermal Generation and Trading, Enel Green Power, End-user Markets, Enel X and Enel X Way), which benefitted from the gradual stabilization of the commodity markets, posting an improvement in ordinary gross operating profit of about €3,301 million, essentially attributable to the improvement in the performance of sales on End-user Markets, mainly in Italy and Spain, which reflected the normalization of margins compared with the first nine months of 2022, a period characterized by significant price instability. With regard to generation, the increase in renewables output (+10.5 TWh), in particular from hydro sources, together with the change in the trend in sales prices in trading activities, substantially offset the effects of the decrease in quantities of electricity produced from conventional sources and the recognition of the clawback in Italy (€357 million).

These effects do not include the recognition in the first nine months of 2023 of the proceeds from the partial sale of the net assets of companies in Australia, India and South Africa for a total of €92 million and, in the first nine months of 2022, of the proceeds from the partial sale of the equity investments referred to earlier (Ufinet and a number of Enel X financial companies to Mooney Group SpA).

The ordinary gross operating profit of Enel Grids rose by €751 million, essentially reflecting rate adjustments in Brazil and Italy, the end-of-concession payment of €99 million received by Enel CIEN and the recognition in Romania of price differences on quantities connected with grid losses, as well as the positive effect of a decline in costs connected with the repurchase of electricity for grid losses, since average prices in 2023 were lower than those in the same period of 2022 (€304 million). The increase already does not include the effects of the change in scope connected with the sales at the end of 2022 of Celg Distribuição SA - Celg-D (Enel Goiás) and Enel Transmisión Chile (a total of €200 million).

Gross operating profit/(loss)

Gross operating profit amounted to €15,220 million in the first nine months of 2023 (€12,327 million in the first nine months of 2022).

Non-recurring items included in gross operating profit at September 30, 2023 mainly regarded the capital losses on the disposals of Central Dock Sud (€194 million) and Enel Generación Costanera (€132 million), the sale of the El Chocón generators (€14 million) and the extraordinary solidarity levies recognized in Spain (€208 million). Gross operating profit does not include the operating results of discontinued operations, which are recognized in a separate income statement item as required by IFRS 5 for net assets classified as discontinued operations.

Millions of euro	First nine months 2023
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services, Other and eliminations	Total
Ordinary gross operating profit/(loss)	2,788	3,648	6,058	3,906	272	(286)	16,386
Non-recurring gain/(loss) of mergers and acquisitions	(349)(1)	(14)(2)	-	-	-	-	(363)
Extraordinary solidarity levies	-	-	-	-	-	(208)	(208)
Ordinary profit/(loss) from discontinued operations	-	(208)	(313)	(52)	(17)	(5)	(595)
Gross operating profit/ (loss)	2,439	3,426	5,745	3,854	255	(499)	15,220

(1) The balance includes €194 million in respect of the capital loss on the sale of Central Dock Sud, €132 million for the capital loss on the sale of Enel Generación Costanera recognized by Enel Argentina, €21 million for the writeoff of receivables recognized by Enel SpA in respect of Enel Generación Costanera and €2 million for the writedown of the receivable recognized by Enel Américas in respect of Enel Generación Costanera.

(2) The balance regards the loss on the sale of the El Chocón generators (€14 million).

Millions of euro	First nine months 2022(1)
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services, Other and eliminations	Total
Ordinary gross operating profit/(loss)	4,479	2,164	5,307	287	554	(120)	12,671
Energy-transition and digitalization costs	(62)	-	(17)	(2)	(1)	(8)	(90)
Capital loss on sale of CGTF - Central Geradora Termelétrica Fortaleza	(134)	-	-	-	-	-	(134)
Ordinary profit/(loss) from discontinued operations	(52)	(192)	8	138	(15)	19	(94)
COVID-19 costs	(4)	(4)	(11)	(2)	(1)	(4)	(26)
Gross operating profit/ (loss)	4,227	1,968	5,287	421	537	(113)	12,327

(1) The figures for the first nine months of 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/ (Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

Ordinary operating profit/(loss)

Millions of euro First nine months
	2023	2022		Change
Thermal Generation and Trading	2,211	3,846	(1,635)	-42.5%
Enel Green Power	2,417	1,042	1,375	-
Enel Grids	3,806	3,080	726	23.6%
End-user Markets	2,792	(819)	3,611	-
Enel X	124	390	(266)	-68.2%
Holding, Services and Other	(491)	(324)	(167)	-51.5%
Total	10,859	7,215	3,644	50.5%

Ordinary operating profit in the first nine months of 2023 increased by €3,644 million, substantially in line with ordinary gross operating profit, taking account of the fact that the increase in amortization and depreciation in the period associated with the entry into service of new plants built in the last 12 months was essentially offset by a decline in writedowns of trade receivables.

Operating profit/(loss)

Non-recurring items included in operating profit and not reported in the table for gross operating profit also include the recognition of impairment on the net assets of US geothermal companies reclassified as held for sale (€33 million), partly offset by the writeback of the Cartagena plant in Colombia (€29 million). In addition, in the first nine months of 2022 net writedowns regarded Celg Distribuição SA - Celg-D (Enel Goiás) (distribution company in the Brazilian state of Goiás) and CGT Fortaleza in Brazil in the respective amounts of €824 million and €73 million.

Millions of euro	First nine months 2023
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services, Other and eliminations	Total
Ordinary operating profit/ (loss)	2,211	2,417	3,806	2,792	124	(491)	10,859
Non-recurring gain/(loss) of mergers and acquisitions	(349)(1)	(14)(2)	-	-	-	-	(363)
Value adjustments	29	(33)	-	-	-	-	(4)
Extraordinary solidarity levies	-	-	-	-	-	(208)	(208)
Ordinary profit/(loss) from discontinued operations	-	(165)	(248)	(20)	(13)	(3)	(449)
Operating profit/(loss)	1,891	2,205	3,558	2,772	111	(702)	9,835

(2) The balance regards the loss on the sale of the El Chocón generators (€14 million).

Millions of euro	First nine months 2022(1)
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services, Other and eliminations	Total
Ordinary operating profit/ (loss)	3,846	1,042	3,080	(819)	390	(324)	7,215
Energy-transition and digitalization costs and writedowns	(72)	-	(17)	(2)	(1)	(8)	(100)
Capital losses and writedowns	(207)	(8)	(842)	(6)	-	-	(1,063)
Ordinary profit/(loss) from discontinued operations	(38)	(150)	71	152	(13)	19	41
COVID-19 costs	(4)	(4)	(11)	(2)	(1)	(4)	(26)
Operating profit/(loss)	3,525	880	2,281	(677)	375	(317)	6,067

(1) The figures for the first nine months of 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/ (Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

Profit/(Loss) from discontinued operations

In the first nine months of 2023, profit/(loss) from discontinued operations includes the performance figures for the discontinued operations of the companies in Romania and Greece that meet the requirements of "IFRS 5 - Non-current assets held for sale and discontinued operations". More specifically, the reported values include the effects of the recognition of an additional value adjustment on the Romanian companies (€177 million net of taxation) in order to align their carrying amount at September 30, 2023 with the estimated realizable value determined on the basis of the agreements reached with the counterparty in the disposal. For more information on the reclassification of the income statement items to enhance their comparability with the figures for the first nine months of 2022, please see note 5 to the condensed consolidated financial statements at September 30, 2023.

Group ordinary profit/(loss)

Group ordinary profit for the first nine months of 2023 amounted to €5,033 million, an increase of €1,987 million compared with the €3,046 million registered in the same period of the previous year (+65.2%).

In particular, the increase in ordinary operating profit was only partially offset by an increase in net financial expense connected with both the rise in interest rates and the increase in average financial debt in the two periods under comparison. In absolute terms, tax liabilities also increased as a result of the improvement in pre-tax profit, while the tax rate was broadly in line with that recorded in the first nine months of 2022.

Finally, ordinary profit achieved in the first nine months of 2023 benefitted from a larger contribution to the Group compared with that recorded in the first nine months of 2022 from the improved performance recorded in Italy and Latin America in particular.

Group profit/(loss)

Group profit in the first nine months of 2023 came to €4,253 million (€1,758 million in the same period of 2022), an increase of €2,495 million on the year-earlier period. The following table provides a reconciliation of Group profit with Group ordinary profit for the first nine months of 2023, indicating the non-recurring items and their respective impact on performance, net of the associated tax effects and non-controlling interests.

Millions of euro	First nine months
	2023	2022
Group ordinary profit/(loss)	5,033	3,046(1) (2)
Non-recurring gain/(loss) of mergers and acquisitions	(304)	-
Non-recurring profit/(loss) from discontinued operations	(162)	(285)
Extraordinary solidarity levies	(148)	(69)(1)
Writedown of certain assets related to the sale of the investment in Slovenské elektrárne	(111)	(24)
Impairment losses	(55)	(852)
Energy transition and digitalization costs and impairment losses	-	(40)
COVID-19 costs	-	(18)
Group profit/(loss)	4,253	1,758(2)

(1) For a more accurate representation, the taxes relating to ordinary items in the first nine months of 2022 have been adjusted to take account of the extraordinary nature of the solidarity levy recognized during the first nine months of 2022 in the total amount of €69 million. This adjustment also involved the recalculation of "Ordinary profit attributable to owners of the Parent" and the amount "attributable to owners of the Parent" for the same period.

(2) The figures for the first nine months of 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

Analysis of the Group's financial position and structure

Net capital employed and associated funding

Changes in and the composition of net capital employed are detailed in the following schedule.

Millions of euro
	at Sept. 30, 2023	at Dec. 31, 2022	Change
Net non-current assets:
- property, plant and equipment and intangible assets	107,647	106,135	1,512	1.4%
- goodwill	13,196	13,742	(546)	-4.0%
- equity-accounted investments	1,548	1,281	267	20.8%
- other net non-current assets/(liabilities)	(2,394)	(5,139)	2,745	53.4%
Total net non-current assets	119,997	116,019	3,978	3.4%
Net working capital:
- trade receivables	15,782	16,605	(823)	-5.0%
- inventories	4,537	4,853	(316)	-6.5%
- net receivables due from institutional market operators	(4,540)	(1,083)	(3,457)	-
- other net current assets/(liabilities)	(9,121)	(11,193)	2,072	18.5%
- trade payables	(11,201)	(17,641)	6,440	36.5%
Total net working capital	(4,543)	(8,459)	3,916	46.3%
Gross capital employed	115,454	107,560	7,894	7.3%
Provisions:
- employee benefits	(2,410)	(2,202)	(208)	-9.4%
- provisions for risks and charges and net deferred taxes	(7,584)	(5,999)(1)	(1,585)	-26.4%
Total provisions	(9,994)	(8,201)	(1,793)	-21.9%
Net assets held for sale	6,400	2,789	3,611	-
Net capital employed	111,860	102,148	9,712	9.5%
Total equity	48,548	42,080(1)	6,468	15.4%
Net financial debt	63,312	60,068	3,244	5.4%

(1) The figures at December 31, 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

Net capital employed at September 30, 2023 amounted to €111,860 million and was funded by equity attributable to the owners of the Parent and non-controlling interests in the amount of €48,548 million and net financial debt of €63,312 million. At September 30, 2023, the debt/equity ratio was 1.30 (1.43 at December 31, 2022). The increase in net capital employed mainly reflected:

• an increase in property, plant and equipment and intangible assets (€1,512 million), mainly due to capital expenditure in the period (€8,166 million) and the hyperinflation adjustment in Argentina (€1,083 million), offset in part by amortization and depreciation in the first nine months of 2023 (€4,568 million) and the reclassification under assets held for sale (a total of €4,205 million) of the property, plant and equipment and intangible assets mainly held by the Peruvian companies and the geothermal companies operating in the United States;

• an increase in net working capital as a result of the reduction of trade payables, primarily reflecting the decline in commodity prices and a larger liability at December 2022 for dividends to be paid (reported under "other net current assets/(liabilities)"). These factors were partially offset by the effects of the restoration in 2023 of system charges in Italy (reported under "net receivables due from institutional market operators").

The reclassification of the net assets – mainly regarding property, plant and equipment and intangible assets – of the Peruvian and US companies operating in the geothermal sector among net assets held for sale increased the item "Net assets held for sale" by €3,611 million.

Total equity at September 30, 2023 increased by €6,468 million. More specifically, equity attributable to owners of the Parent increased by €5,749 million, mainly reflecting profit for the period (€4,253 million), the positive impact of OCI reserves (€1,746 million), notably the cash flow hedge reserves, the change in the reserve for perpetual hybrid bonds (€986 million), the monetary revaluation of €350 million in Argentina connected with its status as a hyperinflationary economy and the increase in the translation reserve (€622 million) in reflection of the appreciation of foreign currencies against the euro. These positive factors were partly offset by dividends distributed in the first nine months of 2023 in the amount of €2,188 million (including coupons paid to holders of hybrid bonds totaling €156 million).

Equity attributable to non-controlling interests increased by €719 million, primarily reflecting profit for the period (€835 million), the increase in OCI reserves (€586 million) and the monetary revaluation recognized in Argentina for hyperinflation (€248 million). These factors were partly offset by dividends distributed in the period (€876 million).

Net financial debt

The following schedule shows the composition of and changes in net financial debt.

Millions of euro
	at Sept. 30, 2023	at Dec. 31, 2022		Change
Long-term debt:
- bank borrowings	13,797	15,261	(1,464)	-9.6%
- bonds	44,380	50,079	(5,699)	-11.4%
- other borrowings	2,764	2,851	(87)	-3.1%
Long-term debt	60,941	68,191	(7,250)	-10.6%
Long-term financial assets and securities	(3,889)	(4,213)	324	7.7%
Net long-term debt	57,052	63,978	(6,926)	-10.8%
Short-term debt				-
Bank borrowings:				-
- current portion of long-term bank borrowings	2,297	890	1,407	-
- other short-term bank borrowings	1,517	1,320	197	14.9%
Short-term bank borrowings	3,814	2,210	1,604	72.6%
Bonds (current portion)	6,873	1,612	5,261	-
Other borrowings (current portion)	337	333	4	1.2%
Commercial paper	2,958	13,838	(10,880)	-78.6%
Cash collateral on derivatives and other financing	1,979	1,513	466	30.8%
Other short-term financial borrowings	467	1,721	(1,254)	-72.9%
Other short-term debt	12,614	19,017	(6,403)	-33.7%
Long-term loan assets (short-term portion)	(2,385)	(2,838)	453	16.0%
Loan assets - cash collateral	(3,425)	(8,319)	4,894	58.8%
Other short-term financial assets	(385)	(2,266)	1,881	83.0%
Cash and cash equivalents with banks and short-term securities	(3,847)	(11,119)	7,272	65.4%
Cash and cash equivalents and short-term financial assets	(10,042)	(24,542)	14,500	59.1%
Net short-term debt	6,386	(3,315)	9,701	-
Net exchange rate derivatives connected with borrowings	(126)	(595)	469	78.8%
NET FINANCIAL DEBT	63,312	60,068	3,244	5.4%
Net financial debt of "Assets classified as held for sale"	1,260	892	368	41.3%

Net financial debt at September 30, 2023 amounted to €63,312 million (not including the position in respect of assets classified as available for sale in the total amount of €1,260 million), while at December 31, 2022 net financial debt Totald €60,068 million (not including the position in respect of assets classified as available for sale in the amount of €892 million), an increase of €3,244 million (+5.4%). More specifically, the positive cash flow generated by operations and the sale of a number of investments no longer considered strategic (in particular, Central Dock Sud, Enel Generación Costanera and the Australian companies), the issue of new perpetual hybrid bonds in the total amount of €986 million and the effects of net costs associated with the reclassification of certain assets as available for sale partially offset the funding requirements of investments in the period (€9,016 million(2)), the payment of dividends totaling €5,148 million(3) and adverse exchange rate developments (€1,036 million).

At September 30, 2023, gross financial debt amounted to €77,369 million, a decrease of €12,049 million compared with December 31, 2022.

Gross financial debt

Millions of euro	at Sept. 30, 2023			at Dec. 31, 2022
	Gross long term debt	Gross short term debt	Gross debt	Gross long term debt	Gross short term debt	Gross debt
Gross financial debt	70,448	6,921	77,369	71,026	18,392	89,418
of which:
- sustainable financing	44,813	3,098	47,911	42,561	13,977	56,538
Sustainable financing/Total gross debt (%)			62%			63%

More specifically, gross long-term financial debt (including the short-term portion) amounted to €70,448 million, of which €44,813 million in respect of sustainability-linked financing. It breaks down as follows:

bonds in the amount of €51,253 million, of which €31,286 million in sustainable bonds, a decrease of €438 million on December 31, 2022, reflecting repayments and the bonds of the Peruvian companies classified as held for sale during 2023. The decline was partially offset by negative exchange rate developments and new issues, mainly represented by a sustainability-linked bond of €1,500 million issued by Enel Finance International in February 2023;
bank borrowings in the amount of €16,094 million, of which €13,527 million in sustainability-linked financing, a decrease of €57 million on December 31, 2022;
other borrowings in the amount of €3,101 million, a decrease of €83 million on December 31, 2022.

Gross short-term financial debt amounted to €6,921 million, a decrease of €11,471 million on December 31, 2022. The change mainly reflects a contraction in commercial paper from €13,838 million to €2,958 million and in other short-term financing from €1,721 million to €467 million.

Cash and cash equivalents and long and short-term financial assets amounted to €13,931 million, a decrease of €14,824 million on December 31, 2022, mainly reflecting a decline of €7,272 million in current account balances and short-term securities and €4,894 million in cash collateral paid.

Net exchange rate derivatives connected with borrowings regard the fair value of hedging instruments on loans denominated in currencies other than the functional currency. The item showed a positive balance of €126 million at September 30, 2023 and €595 million at December 31, 2022.

⁽²⁾ Includes €605 million regarding units classified as "held for sale" or "discontinued operations" and adjusted by the NRRP grant of €348 million, which will be used to support future investments in the distribution grid.

⁽³⁾ Includes €156 million in coupon payments to holder of perpetual hybrid bonds.

Cash flows

For more information on cash flows in the first nine months of 2023, please see note 9 to the condensed consolidated financial statements at September 30, 2023.

Capital expenditure

Millions of euro	First nine months
	2023	2022		Change
Thermal Generation and Trading	460	499	(39)	-7.8%
Enel Green Power	3,724	3,973	(249)	-6.3%
Enel Grids	3,724	3,866	(142)	-3.7%
End-user Markets	414	581	(167)	-28.7%
Enel X	279	228	51	22.4%
Holding, Services and Other	158	162	(4)	-2.5%
Total(1)	8,759	9,309	(550)	-5.9%

(1) The figure does not include €605 million regarding units classified as "held for sale" or "discontinued operations" in the first nine months of 2023 (€47 million in the first nine months of 2022).

Capital expenditure amounted to €8,759 million in the first nine months of 2023, a decrease of €550 million on the same period of the previous year. Capital expenditure on the distribution grid decreased in Brazil (€264 million), Romania (€85 million), Peru (€56 million), Argentina (€24 million) and Chile (€18 million), only partly offset by increases in Italy (€322 million) and Spain (€38 million), mainly for upgrades, maintenance, quality remote control activities and smart grids. In addition, the Enel Group, guided by efficiency and energy transition objectives, continued to invest above all in renewable energy systems. Specifically, increased spending was recorded in Italy (€611 million) for BESS technologies and solar plants, in Brazil (€283 million), in Colombia (€108 million) and in Spain (€53 million). These increases were offset by a decrease in spending in the United States (€770 million), in Canada (€163 million), in Chile (€134 million) and in India (€55 million). The increase in capital expenditure by Enel X was primarily registered in Italy, with €35 million for the e-City business, and in Latin America, with €26 million for the Distributed Energy, e-City and e-Home businesses. Capital expenditure declined in the End-user Markets segment, especially in Italy (€114 million) and Spain (€45 million) as a result of a decline in the activation of customer connections.

In 2023, the Group in Italy received a grant of €348 million under the NRRP, which will be used for future investments in distribution grids.

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.

The following chart outlines these organizational arrangements.

	HOLDING
Regions/		Global Business Lines	Local businesses
Countries	Thermal Generation	Trading	Enel Green Power	Enel Grids	Enel X	End-user Markets	Services
Italy
Iberia
Europe
Africa, Asia and Oceania
Nort h America
Latin America

The organization continues to be based on matrix of business lines (Thermal Generation and Trading, Enel Green Power, Enel Grids, End-user Markets, Enel X, Services and Holding/Other) and geographical areas (Italy, Iberia, Central/Holding, Rest of the World: Europe, Latin America, North America, Africa, Asia and Oceania).

Performance by primary segment (Business Line) in the 3rd Quarter of 2023 and 2022

3rd Quarter of 2023(1)

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other	Total reporting segment	Eliminations and adjustments	Total
Revenue and other income from third parties	4,151	2,206	4,275	11,319	445	43	22,439	-	22,439
Revenue and other income from transactions with other segments	4,957	678	767	734	13	473	7,622	(7,622)	-
Total revenue and other income	9,108	2,884	5,042	12,053	458	516	30,061	(7,622)	22,439
Net results from commodity contracts	(635)	9	-	(128)	-	(1)	(755)	-	(755)
Gross operating profit/ (loss)	985	1,425	1,827	1,340	109	(139)	5,547	(3)	5,544
Depreciation, amortization and impairment losses	164	457	733	357	55	68	1,834	-	1,834
Operating profit/(loss)	821	968	1,094	983	54	(207)	3,713	(3)	3,710

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

3rd Quarter of 2022(1) (2)

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other	Total reporting segment	Eliminations and adjustments	Total
Revenue and other income from third parties	15,626	1,631	4,527	17,513	525	70	39,892	-	39,892
Revenue and other income from transactions with other segments	7,490	671	825	2,161	4	494	11,645	(11,645)	-
Total revenue and other income	23,116	2,302	5,352	19,674	529	564	51,537	(11,645)	39,892
Net results from commodity contracts	(722)	116	-	1,308	(2)	(15)	685	-	685
Gross operating profit/ (loss)	1,592	773	1,611	56	141	(64)	4,109	15	4,124
Depreciation, amortization and impairment losses	203	366	1,556	343	54	58	2,580	-	2,580
Operating profit/(loss)	1,389	407	55	(287)	87	(122)	1,529	15	1,544

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

(2) The figures for 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of profit/(loss) connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

Performance by primary segment (Business Line) in the first nine months of 2023 and 2022

First nine months of 2023(1)

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other	Total reporting segment	Eliminations and adjustments	Total
Revenue and other income from third parties	13,696	5,714	12,873	35,801	1,311	139	69,534	-	69,534
Revenue and other income from transactions with other segments	15,083	2,282	2,319	1,725	30	1,467	22,906	(22,906)	-
Total revenue	28,779	7,996	15,192	37,526	1,341	1,606	92,440	(22,906)	69,534
Net results from commodity contracts	(1,752)	13	-	(598)	(1)	(1)	(2,339)	-	(2,339)
Gross operating profit/ (loss)	2,439	3,426	5,745	3,854	255	(496)	15,223	(3)	15,220
Depreciation, amortization and impairment losses	548	1,221	2,187	1,082	144	203	5,385	-	5,385
Operating profit/(loss)	1,891	2,205	3,558	2,772	111	(699)	9,838	(3)	9,835
Capital expenditure	460(2)	3,724(3)	3,724(4)	414(5)	279(6)	158(7)	8,759	-	8,759

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

(2) Does not include €13 million regarding units classified as "held for sale" or "discontinued operations".

(3) Does not include €384 million regarding units classified as "held for sale" or "discontinued operations".

(4) Does not include €181 million regarding units classified as "held for sale" or "discontinued operations".

(5) Does not include €8 million regarding units classified as "held for sale" or "discontinued operations". (6) Does not include €18 million regarding units classified as "held for sale" or "discontinued operations".

(7) Does not include €1 million regarding units classified as "held for sale" or "discontinued operations".

First nine months of 2022(1) (2)

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other	Total reporting segment	Eliminations and adjustments	Total
Revenue and other income from third parties	40,823	4,649	13,135	45,080	1,688	147	105,522	-	105,522
Revenue and other income from transactions with other segments	16,666	1,864	2,423	3,718	32	1,456	26,159	(26,159)	-
Total revenue	57,489	6,513	15,558	48,798	1,720	1,603	131,681	(26,159)	105,522
Net results from commodity contracts	499	178	-	1,413	(12)	(12)	2,066	28	2,094
Gross operating profit/ (loss)	4,227	1,968	5,287	421	537	(143)	12,297	30	12,327
Depreciation, amortization and impairment losses	702	1,088	3,006	1,098	162	204	6,260	-	6,260
Operating profit/(loss)	3,525	880	2,281	(677)	375	(347)	6,037	30	6,067
Capital expenditure	499(3)	3,973(4)	3,866(5)	581	228(6)	162	9,309	-	9,309

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

(3) Does not include €1 million regarding units classified as "held for sale" or "discontinued operations".

(4) Does not include €42 million regarding units classified as "held for sale" or "discontinued operations".

(5) Does not include €2 million regarding units classified as "held for sale" or "discontinued operations".

(6) Does not include €2 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 excludes non-recurring items. For a reconciliation with gross operating profit, please see the section "Group performance".

Ordinary gross operating profit/(loss)(1)

Millions of euro	Thermal Generation and Trading Enel Green Power					Enel Grids
	First nine months			First nine months			First nine months
	2023	2022	Change	2023	2022	Change	2023	2022	Change
Italy	1,728	2,263	(535)	311	(509)	820	2,734	2,651	83
Iberia	996	1,897	(901)	628	350	278	1,295	1,073	222
Latin America	77	259	(182)	1,963	1,588	375	1,728	1,579	149
Argentina	11	76	(65)	17	18	(1)	(54)	(65)	11
Brazil	(14)	83	(97)	417	362	55	1,163	981	182
Chile	(11)	(45)	34	651	418	233	76	128	(52)
Colombia	(15)	28	(43)	641	534	107	374	377	(3)
Peru	108	119	(11)	161	149	12	169	158	11
Panama	(1)	(2)	1	58	66	(8)	-	-	-
Other countries	(1)	-	(1)	18	41	(23)	-	-	-
Europe	4	57	(53)	200	194	6	305	(19)	324
Romania	4	5	(1)	143	111	32	305	(19)	324
Russia	-	52	(52)	(1)	16	(17)	-	-	-
Other countries	-	-	-	58	67	(9)	-	-	-
North America	(32)	(1)	(31)	427	492	(65)	-	-	-
United States and Canada	(31)	-	(31)	419	423	(4)	-	-	-
Mexico	(1)	(1)	-	8	69	(61)	-	-	-
Africa, Asia and Oceania	-	-	-	45	73	(28)	-	-	-
South Africa	-	-	-	36	58	(22)	-	-	-
India	-	-	-	5	13	(8)	-	-	-
Other countries	-	-	-	4	2	2	-	-	-
Other	15	4	11	74	(24)	98	(4)	23	(27)
Total	2,788	4,479	(1,691)	3,648	2,164	1,484	6,058	5,307	751

(1) Ordinary gross operating profit does not include non-recurring items. For a reconciliation with gross operating profit, see the section "Group performance".

Ordinary gross operating profit/(loss)(1)

(1) Ordinary gross operating profit does not include non-recurring items. For a reconciliation with gross operating profit, see the section "Group performance".

End-user Markets		Enel X Holding, Services and Other				Total
First nine months		First nine months			First nine months				First nine months
2023	2022	Change	2023	2022	Change	2023	2022	Change	2023	2022	Change
3,108	70	3,038	107	84	23	22	57	(35)	8,010	4,616	3,394
497	32	465	58	56	2	6	9	(3)	3,480	3,417	63
252	316	(64)	54	82	(28)	(97)	(80)	(17)	3,977	3,744	233
4	7	(3)	3	4	(1)	(5)	(2)	(3)	(24)	38	(62)
160	177	(17)	(3)	2	(5)	(26)	(19)	(7)	1,697	1,586	111
44	49	(5)	8	(1)	9	(65)	(59)	(6)	703	490	213
22	63	(41)	29	57	(28)	-	-	-	1,051	1,059	(8)
22	20	2	17	20	(3)	(1)	-	(1)	476	466	10
-	-	-	-	-	-	-	-	-	57	64	(7)
-	-	-	-	-	-	-	-	-	17	41	(24)
53	(137)	190	16	24	(8)	(2)	(2)	-	576	117	459
53	(137)	190	13	13	-	1	1	-	519	(26)	545
-	-	-	-	-	-	-	-	-	(1)	68	(69)
-	-	-	3	11	(8)	(3)	(3)	-	58	75	(17)
(2)	2	(4)	31	24	7	(35)	(22)	(13)	389	495	(106)
(2)	-	(2)	28	24	4	(35)	(22)	(13)	379	425	(46)
-	2	(2)	3	-	3	-	-	-	10	70	(60)
-	-	-	1	(9)	10	(3)	(3)	-	43	61	(18)
-	-	-	-	-	-	-	-	-	36	58	(22)
-	-	-	-	-	-	-	-	-	5	13
-	-	-	1	(9)	10	(3)	(3)	-	2	(10)	(8)
											12 (310)
(2)	4	(6)	5	293	(288)	(177)	(79)	(98)	(89)	221
3,906	287	3,619	272	554	(282)	(286)	(120)	(166)	16,386	12,671	3,715

Thermal Generation and Trading

Mauro, Piombino, Livorno, Elba Island representative, Enel Green Power and Thermal Generation Italy - Former Piombino thermoelectric plant, site undergoing redevelopment as part of the energy transition process.

Operations

Net electricity generation

Millions of kWh	First nine months
	2023	2022	Change
Coal-fired plants	9,545	14,980	(5,435)	-36.3%
Fuel-oil and turbo-gas plants	6,460	12,602	(6,142)	-48.7%
Combined-cycle plants	28,913	42,744	(13,831)	-32.4%
Nuclear plants	19,357	20,424	(1,067)	-5.2%
Total net generation	64,275	90,750	(26,475)	-29.2%
- of which Italy	16,864	22,259	(5,395)	-24.2%
- of which Iberia	35,824	40,398	(4,574)	-11.3%
- of which Latin America	11,587	18,037	(6,450)	-35.8%
- of which Europe	-	10,056	(10,056)	-

Thermal generation decreased by 26,475 million kWh in the first nine months of 2023 compared with the same period of 2022, due in part to the increase in renewable generation, particularly from hydroelectric sources.

The decreases of 6,142 kWh in fuel-oil and turbo-gas generation and 13,831 million kWh in combined-cycle generation are mainly attributable to Russia following the sale of the entire equity interest held in PJSC Enel Russia, as well as to the deconsolidation of the Argentine companies Enel Generación Costanera and Central Dock Sud.

The decrease of 5,435 million kWh in coal-fired generation is attributable to Italy (4,357 million kWh), Latin America (1,028 million kWh) and Iberia (51 million kWh), while the decrease of 1,067 million kWh in nuclear generation is attributable to Spain.

Net efficient generation capacity

MW
	at Sept. 30, 2023	at Dec. 31, 2022	Change
Coal-fired plants	6,590	6,590	-	-
Fuel-oil and turbo-gas plants	6,157	7,204	(1,047)	-14.5%
Combined-cycle plants	11,983	13,895	(1,912)	-13.8%
Nuclear plants	3,328	3,328	-	-
Total	28,058	31,017	(2,959)	-9.5%
- of which Italy	11,681	11,569	112	1.0%
- of which Iberia	12,751	12,751	-	-
- of which Latin America	3,626	6,697	(3,071)	-45.9%

The net efficient generation capacity of thermal plants amounted to 28,058 MW at September 30, 2023, a decrease of 2,959 MW on the end of 2022, mainly reflecting the sale of the Enel Generación Costanera and Central Dock Sud plants in Argentina.

Performance

				Millions of euro	First nine months
2023	2022	Change			2023	2022		Change
9,108	23,116(1)	(14,008)	-60.6%	Revenue	28,779	57,489(1)	(28,710)	-49.9%
985	1,592(1)	(607)	-38.1%	Gross operating profit/(loss)	2,439	4,227(1)	(1,788)	-42.3%
981	1,757	(776)	-44.2%	Ordinary gross operating profit/(loss)	2,788	4,479	(1,691)	-37.8%
821	1,389(1)	(568)	-40.9%	Operating profit/(loss)	1,891	3,525(1)	(1,634)	-46.4%
789	1,556	(767)	-49.3%	Ordinary operating profit/(loss)	2,211	3,846	(1,635)	-42.5%
				Capital expenditure	460(2)	499(3)	(39)	-7.8%

(1) The figures for 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of profit/(loss) connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

(2) The figure does not include €13 million regarding units classified as "held for sale" or "discontinued operations".

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

The following table breaks out revenue from thermal and nuclear generation for the Thermal Generation and Trading area.

Millions of euro	First nine months
	2023	2022	Change
Revenue(1) (2)
Revenue from thermal generation	10,729	17,845	-39.9%
- of which coal-fired generation	2,931	4,909	-40.3%
Revenue from nuclear generation	1,126	1,227	-8.2%

Revenue from thermal generation as a percentage of total revenue	15.4%	16.9%
- of which revenue from coal-fired generation as a percentage of total revenue	4.2%	4.7%

Revenue from nuclear generation as a percentage of total revenue 1.6% 1.2%

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

The following tables show a breakdown of performance by geographical area in the first nine months of 2023 and 3rd Quarter of 2023, with comparative figures for the same periods of 2022.

Revenue(1)

3rd Quarter				Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
5,812	15,462	(9,650)	-62.4%	Italy	18,401	42,084	(23,683)	-56.3%
2,815	6,721	(3,906)	-58.1%	Iberia	8,443	12,970	(4,527)	-34.9%
345	1,006	(661)	-65.7%	Latin America	1,744	2,462	(718)	-29.2%
(5)	51	(56)	-	- of which Argentina	18	133	(115)	-86.5%
168	271	(103)	-38.0%	- of which Brazil	490	757	(267)	-35.3%
217	552	(335)	-60.7%	- of which Chile	997	1,220	(223)	-18.3%
92	59	33	55.9%	- of which Colombia	225	157	68	43.3%
(127)	73	(200)	-	- of which Peru	14	195	(181)	-92.8%
115	97	18	18.6%	North America	181	183	(2)	-1.1%
22	27	(5)	-18.5%	Other	63	76	(13)	-17.1%
(1)	(197)	196	99.5%	Eliminations and adjustments	(53)	(286)	233	81.5%
9,108	23,116	(14,008)	-60.6%	Total	28,779	57,489	(28,710)	-49.9%

Revenue for the first nine months of 2023 amounted to €28,779 million, a decrease of €28,710 million on the same period of 2022. The decrease is mainly attributable to the declining average prices applied in the wholesale sales of Enel Global Trading and to a decrease in thermal generation, particularly in Italy and Spain, which also reflected improved water conditions in the first nine months of 2023 compared with the same period of 2022.

Ordinary gross operating profit/(loss)

3rd Quarter				Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
991	708	283	40.0%	Italy	1,728	2,263	(535)	-23.6%
(6)	945	(951)	-	Iberia	996	1,897	(901)	-47.5%
(7)	83	(90)	-	Latin America	77	259	(182)	-70.3%
(4)	29	(33)	-	- of which Argentina	11	76	(65)	-85.5%
(4)	21	(25)	-	- of which Brazil	(14)	83	(97)	-
(10)	(18)	8	44.4%	- of which Chile	(12)	(45)	33	73.3%
(19)	10	(29)	-	- of which Colombia	(15)	28	(43)	-
30	42	(12)	-28.6%	- of which Peru	108	119	(11)	-9.2%
-	(1)	1	-	- of which other countries	(1)	(2)	1	50.0%
3	10	(7)	-70.0%	North America	(32)	(1)	(31)	-
(5)	9	(14)	-	Europe	4	57	(53)	-93.0%
5	2	3	-	Other	15	4	11	-
981	1,757	(776)	-44.2%	Total	2,788	4,479	(1,691)	-37.8%

The decrease of €1,691 million in ordinary gross operating profit is mainly attributable to the decrease in thermal power generation, combined with a reduction in the average prices applied in the first nine months of 2023 compared with the same period of the previous year. The decline also reflects the change in the consolidation scope with the sales of Enel Generación Costanera and Central Dock Sud in Argentina.

Gross operating profit amounted to €2,439 million (€4,227 million in the first nine months of 2022). In addition to the factors mentioned in relation to ordinary gross operating profit, the decrease also reflects the different impact of extraordinary items (97 million).

In particular, in the first nine months of 2023 they amounted to €349 million and regarded the charges connected with the sale of Enel Generación Costanera and Central Dock Sud in Argentina, while in the first nine months of 2022 the extraordinary items amounted to €252 million, mainly regarding the charges associated with the sale of CGT Fortaleza in Brazil and the closure of the Bocamina II power plant in Chile.

Ordinary operating profit/(loss)

3rd Quarter				Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
955	679	276	40.6%	Italy	1,619	2,170	(551)	-25.4%
(142)	818	(960)	-	Iberia	598	1,506	(908)	-60.3%
(17)	39	(56)	-	Latin America	19	124	(105)	-84.7%
(3)	7	(10)	-	- of which Argentina	7	11	(4)	-36.4%
(4)	21	(25)	-	- of which Brazil	(14)	78	(92)	-
(15)	(28)	13	46.4%	- of which Chile	(32)	(74)	42	56.8%
(15)	6	(21)	-	- of which Colombia	(21)	15	(36)	-
23	35	(12)	-34.3%	- of which Peru	86	97	(11)	-11.3%
(3)	(2)	(1)	-50.0%	- of which other countries	(7)	(3)	(4)	-
(7)	10	(17)	-	North America	(43)	(1)	(42)	-
(4)	8	(12)	-	Europe	4	44	(40)	-90.9%
4	2	2	-	Other	14	3	11	-
789	1,556	(767)	-49.3%	Total	2,211	3,846	(1,635)	-42.5%

The decline in ordinary operating profit essentially reflects the factors described above in relation to ordinary gross operating profit, as well as a decrease of €56 million in depreciation, amortization and impairment losses compared with the same period of the previous year, with the latter primarily connected with the sale of the power generation companies in Argentina.

Operating profit for the first nine months of 2023 amounted to €1,891 million (€3,525 million in the first nine months of 2022), a decrease of €1,634 million reflecting the factors described above in relation to ordinary operating profit and gross operating profit.

Capital expenditure

Millions of euro	First nine months
	2023 2022			Change
Italy	257	238	19	8.0%
Iberia	154	138	16	11.6%
Latin America	47	108	(61)	-56.5%
North America	2	1	1	-
Europe	-	14	(14)	-
Total	460(1)	499(2)	(39)	-7.8%

(1) The figure does not include €13 million regarding units classified as "held for sale" or "discontinued operations".

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

The decrease in capital expenditure in the first nine months of 2023 essentially reflects the sale of generation plants in Argentina.

Performance by primary segment (Business Line) and secondary segment (Geographical Area) 45

Enel Green Power

Davide, Shift Manager, Enel Green Power and Thermal Generation Italy - 3SUN Gigafactory, Catania, one of the largest PV manufacturing plants in Europe.

Operations

Net electricity generation

Millions of kWh	First nine months
	2023	2022		Change
Hydroelectric	45,130	37,975	7,155	18.8%
Geothermal	4,452	4,578	(126)	-2.8%
Wind	32,965	32,394	571	1.8%
Solar	11,407	8,525	2,882	33.8%
Other sources	33	34	(1)	-2.9%
Total net generation	93,987	83,506	10,481	12.6%
- of which Italy	16,512	13,905	2,607	18.7%
- of which Iberia	10,159	8,925	1,234	13.8%
- of which Latin America	45,254	38,999	6,255	16.0%
- of which Europe	1,787	1,860	(73)	-3.9%
- of which North America	18,674	17,427	1,247	7.2%
- of which Africa, Asia and Oceania	1,601	2,390	(789)	-33.0%

In the first nine months of 2023 electricity generation increased, mainly reflecting a rise in hydro, solar and wind generation.

Hydroelectric generation rose sharply primarily as a consequence of improved water conditions in Italy (+2,679 million kWh), Colombia (+2,174 million kWh), Chile (+1,756 million kWh) and Argentina (+882 million kWh), partly offset by a decline in output in Brazil (-166 million kWh) and Peru (-160 million kWh).

Solar generation also increased, mainly in Chile (+1,121 million kWh), the United States (+793 million kWh), Iberia (+757 million kWh), Brazil (+97 million kWh), Colombia (+67 million kWh) and Peru (+49 million kWh).

The most substantial increases in wind generation came in Brazil (+635 million kWh), the United States (+504 million kWh) and Iberia (+398 million kWh), partly offset by a decline in output in South Africa (-538 million kWh), India (-159 million kWh), Peru (-140 million kWh) and Mexico (-119 million kWh).

Net efficient generation capacity

MW
	at Sept. 30, 2023	at Dec. 31, 2022		Change
Hydroelectric	28,360	28,355	5	-
Geothermal	931	931	-	-
Wind	16,374	15,735	639	4.1%
Solar	9,150	8,534	616	7.2%
Other sources	6	6	-	-
Total net efficient generation capacity	54,821	53,561	1,260	2.4%
- of which Italy	14,688	14,683	5	-
- of which Iberia	9,293	9,293	-	-
- of which Latin America	19,181	17,827	1,354	7.6%
- of which Europe	1,083	1,020	63	6.2%
- of which North America	9,847	9,532	315	3.3%
- of which Africa, Asia and Oceania	729	1,206	(477)	-39.6%

The increase in net efficient generation capacity was due mainly to the construction of new solar plants (+0.6 GW) in the United States, Chile, Colombia and Peru and new wind plants (+0.6 GW), primarily in Brazil and Chile.

Performance

	Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
2,884	2,302(1)	582	25.3%	Revenue	7,996	6,513(1)	1,483	22.8%
1,425	773(1)	652	84.3%	Gross operating profit/(loss)	3,426	1,968(1)	1,458	74.1%
1,488	829	659	79.5%	Ordinary gross operating profit/(loss)	3,648	2,164	1,484	68.6%
968	407(1)	561	-	Operating profit/(loss)	2,205	880(1)	1,325	-
1,049	450	599	-	Ordinary operating profit/(loss)	2,417	1,042	1,375	-
				Capital expenditure	3,724(2)	3,973(3)	(249)	-6.3%

(2) Does not include €384 million regarding units classified as "held for sale" or "discontinued operations".

(3) Does not include €42 million regarding units classified as "held for sale" or "discontinued operations".

The following tables show a breakdown of performance by geographical area in the first nine months of 2023 and the 3rd Quarter of 2023, with comparative figures for the same periods of 2022.

Revenue(1)

3rd Quarter		Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
566	655	(89)	-13.6%	Italy	1,944	1,623	321	19.8%
263	113	150	-	Iberia	892	615	277	45.0%
1,570	1,129	441	39.1%	Latin America	3,969	3,104	865	27.9%
9	10	(1)	-10.0%	- of which Argentina	27	29	(2)	-6.9%
219	199	20	10.1%	- of which Brazil	639	542	97	17.9%
667	586	81	13.8%	- of which Chile	1,884	1,530	354	23.1%
337	212	125	59.0%	- of which Colombia	840	658	182	27.7%
256	51	205	-	- of which Peru	364	143	221	-
56	43	13	30.2%	- of which Panama	147	127	20	15.7%
26	28	(2)	-7.1%	- of which other countries	68	75	(7)	-9.3%
345	358	(13)	-3.6%	North America	969	1,021	(52)	-5.1%
292	282	10	3.5%	- of which United States and Canada	806	807	(1)	-0.1%
53	76	(23)	-30.3%	- of which Mexico	163	214	(51)	-23.8%
-	-	-	-	Europe	-	9	(9)	-
35	44	(9)	-20.5%	Africa, Asia and Oceania	112	149	(37)	-24.8%
174	61	113	-	Other	318	175	143	81.7%
(69)	(58)	(11)	-19.0%	Eliminations and adjustments	(208)	(183)	(25)	-13.7%
2,884	2,302	582	25.3%	Total	7,996	6,513	1,483	22.8%

The increase in revenue is mainly attributable to the increase in the volume of electricity generated by hydroelectric plants, especially in Italy and Colombia, in addition to an increase in quantities generated by wind and solar plants that entered service during the period, mainly in Latin America. Note that during the first nine months of 2023 the Group recognized income of €103 million from the partial sale with loss of control of assets in Australia.

Ordinary gross operating profit/(loss)

3rd Quarter		Millions of euro		First nine months
2023	2022		Change		2023	2022		Change
165	(142)	307	-	Italy	311	(509)	820	-
188	89	99	-	Iberia	628	350	278	79.4%
828	636	192	30.2%	Latin America	1,963	1,588	375	23.6%
5	6	(1)	-16.7%	- of which Argentina	17	18	(1)	-5.6%
146	128	18	14.1%	- of which Brazil	417	362	55	15.2%
334	216	118	54.6%	- of which Chile	651	418	233	55.7%
268	187	81	43.3%	- of which Colombia	641	534	107	20.0%
47	52	(5)	-9.6%	- of which Peru	161	149	12	8.1%
14	28	(14)	-50.0%	- of which Panama	58	66	(8)	-12.1%
14	19	(5)	-26.3%	- of which other countries	18	41	(23)	-56.1%
128	178	(50)	-28.1%	North America	427	492	(65)	-13.2%
168	151	17	11.3%	- of which United States and Canada	419	423	(4)	-0.9%
(40)	27	(67)	-	- of which Mexico	8	69	(61)	-88.4%
66	55	11	20.0%	Europe	200	194	6	3.1%
40	28	12	42.9%	- of which Romania	143	111	32	28.8%
-	2	(2)	-	- of which Russia	(1)	16	(17)	-
26	26	-	-	- of which Greece	59	68	(9)	-13.2%
-	(1)	1	-	- of which other countries	(1)	(1)	-	-
11	18	(7)	-38.9%	Africa, Asia and Oceania	45	73	(28)	-38.4%
102	(5)	107	-	Other	74	(24)	98	-
1,488	829	659	79.5%	Total	3,648	2,164	1,484	68.6%

The increase in ordinary gross operating profit in the first nine months of 2023, recorded primarily in Italy, Chile, Iberia and Colombia, essentially reflects an increase in renewable generation, notably from hydro power, and the normalization of margins compared with the first nine months of 2022, which had experienced considerable price instability. Another factor was the positive impact of the income of €103 million from the partial sale with loss of control of assets in Australia.

These factors were partially offset by the greater impact of the clawback in Italy (357 million).

Gross operating profit came to €3,426 million (€1,968 million in the first nine months of 2022) and includes the loss on the sale of the El Chocón generators in Argentina (€14 million) and excludes the ordinary earnings of discontinued operations in the two periods analyzed.

Ordinary operating profit/(loss)

	3rd Quarter		Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
78	(219)	297	-	Italy	63	(742)	805	-
113	24	89	-	Iberia	417	153	264	-
695	527	168	31.9%	Latin America	1,610	1,284	326	25.4%
4	4	-	-	- of which Argentina	13	13	-	-
105	96	9	9.4%	- of which Brazil	307	275	32	11.6%
281	174	107	61.5%	- of which Chile	506	295	211	71.5%
248	174	74	42.5%	- of which Colombia	598	496	102	20.6%
39	42	(3)	-7.1%	- of which Peru	138	125	13	10.4%
9	23	(14)	-60.9%	- of which Panama	44	53	(9)	-17.0%
9	14	(5)	-35.7%	- of which other countries	4	27	(23)	-85.2%
15	84	(69)	-82.1%	North America	101	220	(119)	-54.1%
61	63	(2)	-3.2%	- of which United States and Canada	112	172	(60)	-34.9%
(46)	21	(67)	-	- of which Mexico	(11)	48	(59)	-
52	41	11	26.8%	Europe	156	151	5	3.3%
35	23	12	52.2%	- of which Romania	127	95	32	33.7%
-	2	(2)	-	- of which Russia	(2)	14	(16)	-
17	17	-	-	- of which Greece	32	43	(11)	-25.6%
-	(1)	1	-	- of which other countries	(1)	(1)	-	-
1	5	(4)	-80.0%	Africa, Asia and Oceania	15	19	(4)	-21.1%
95	(12)	107	-	Other	55	(43)	98	-
1,049	450	599	-	Total	2,417	1,042	1,375	-

The increase in ordinary operating profit reflects the factors described above in relation to ordinary gross operating profit. Compared with the same period of the previous year, we report an increase of €109 million in depreciation as a result of bringing new plants online during the period.

Operating profit amounted to €2,205 million, a rise of €1,325 million on the first nine months of 2022, essentially reflecting the factors described above in relation to gross operating profit and ordinary operating profit, as well as the impairment losses recognized on a number of geothermal and solar plants in the United States that were reclassified as held for sale in the 3rd Quarter of 2023.

Capital expenditure

Millions of euro	First nine months
	2023	2022		Change
Italy	1,127	516	611	-
Iberia	545	492	53	10.8%
Latin America	1,315	1,168	147	12.6%
North America	723	1,665	(942)	-56.6%
Europe	-	32	(32)	-
Africa, Asia and Oceania	3	88	(85)	-96.6%
Other	11	12	(1)	-8.3%
Total	3,724(1)	3,973(2)	(249)	-6.3%

(1) Does not include €384 million regarding units classified as "held for sale" or "discontinued operations".

(2) Does not include €42 million regarding units classified as "held for sale" or "discontinued operations".

Capital expenditure in the first nine months of 2023 decreased by €249 million compared with the same period of the previous year. In particular, the change was essentially attributable to:

a decrease of €942 million in North America, mainly in wind and solar plants;
a decrease of €85 million in Africa, Asia and Oceania, related mainly to the reduction in spending on solar plants in India and wind and solar plants in Australia;
a decrease in capital expenditure on wind and solar plants in Europe;
an increase of €611 million in Italy, mainly in the battery and solar plant segments;
an increase of €147 million in Latin America, primarily in solar plants in Brazil and Colombia and wind plants in Brazil and Chile;
an increase of €87 million in Iberia, attributable mainly to solar plants.

Operations

Electricity transport

Millions of kWh	First nine months
	2023	2022		Change
Electricity transported on Enel's network(1)	369,054	387,203	(18,149)	-4.7%
- of which Italy(1)	160,242	168,959	(8,717)	-5.2%
- of which Iberia	103,859	101,959	1,900	1.9%
- of which Latin America(1)	93,590	104,482	(10,892)	-10.4%
- of which Europe	11,363	11,803	(440)	-3.7%
End users with active smart meters (no.)(1)	46,521,418	45,709,488	811,930	1.8%

(1) The figure for the first nine months of 2022 has been restated.

In the first nine months of 2023, electricity transported on the grid decreased (by 4.7%), mainly attributable to:

• Latin America (-10.4%), particularly in Brazil and Chile, for the sale, respectively, of Celg Distribuição SA - Celg-D (Enel Goiás) and Enel Transmisión Chile SA, both in December 2022;

• Italy, where there was a decline in demand for electricity distributed to low, medium and high voltage customers.

Average frequency of interruptions per customer

	at Sept. 30, 2023	at Dec. 31, 2022		Change
SAIFI (average no.)
Italy	1.9	1.6	0.3	18.8%
Iberia	1.3	1.3	-	-
Argentina	7.5	5.3	2.2	41.5%
Brazil	3.6	4.5	(0.9)	-20.0%
Chile	1.4	1.6	(0.2)	-12.5%
Colombia	4.3	3.9	0.4	10.3%
Peru	2.8	2.9	(0.1)	-3.4%
Romania(1)	2.5	2.6	(0.1)	-3.8%

(1) The figure at December 31, 2022, has been restated.

Average duration of interruptions by customer

	at Sept. 30, 2023	at Dec. 31, 2022		Change
SAIDI (average minutes)
Italy(1)	50.4	41.8	8.6	20.6%
Iberia(1)	68.9	64.3	4.6	7.2%
Argentina	1,172.1	892.0	280.1	31.4%
Brazil	443.9	547.3	(103.4)	-18.9%
Chile(1)	133.4	158.6	(25.2)	-15.9%
Colombia	335.4	320.0	15.4	4.8%
Peru(1)	640.1	610.3	29.8	4.9%
Romania(1)	88.7	90.4	(1.7)	-1.9%

(1) The figure at December 31, 2022, has been restated.

As indicated in the tables above, the level of service quality improved, primarily in Brazil and Chile, while there was a significant deterioration in Argentina as a result of adverse weather events during the first nine months of 2023.

Grid losses

	at Sept. 30, 2023	at Dec. 31, 2022		Change
Grid losses (average %)
Italy	4.7	4.7	-	-
Iberia	6.8	7.0	(0.2)	-2.9%
Argentina	16.9	17.1	(0.2)	-1.2%
Brazil	13.3	13.5	(0.2)	-1.5%
Chile	5.2	5.1	0.1	2.0%
Colombia	7.5	7.5	-	-
Peru	8.5	8.2	0.3	3.7%
Romania	8.6	8.5	0.1 1.2%

Performance

3rd Quarter		Millions of euro		First nine months
2023	2022		Change		2023	2022		Change
5,042	5,352(1)	(310)	-5.8%	Revenue	15,192	15,558(1)	(366)	-2.4%
1,827	1,611(1)	216	13.4%	Gross operating profit/(loss)	5,745	5,287(1)	458	8.7%
1,851	1,657	194	11.7%	Ordinary gross operating profit/(loss)	6,058	5,307	751	14.2%
1,094	55(1)	1,039	-	Operating profit/(loss)	3,558	2,281(1)	1,277	56.0%
1,096	907	189	20.8%	Ordinary operating profit/(loss)	3,806	3,080	726	23.6%
				Capital expenditure	3,724(2)	3,866	(142)	-3.7%

(1) The figures for 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

(2) Does not include €181 million regarding units classified as "held for sale" or "discontinued operations".

The following tables show a breakdown of performance by geographical area in the first nine months of 2023 and the 3rd Quarter of 2023, with comparative figures for the same periods of the previous year.

Revenue(1)

3rd Quarter		Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
1,853	1,772	81	4.6%	Italy	5,586	5,203	383	7.4%
609	414	195	47.1%	Iberia	1,825	1,591	234	14.7%
2,567	3,139	(572)	-18.2%	Latin America	7,754	8,698	(944)	-10.9%
270	280	(10)	-3.6%	- of which Argentina	726	674	52	7.7%
1,533	2,006	(473)	-23.6%	- of which Brazil	4,712	5,686	(974)	-17.1%
323	428	(105)	-24.5%	- of which Chile	1,018	1,122	(104)	-9.3%
215	201	14	7.0%	- of which Colombia	594	576	18	3.1%
226	224	2	0.9%	- of which Peru	704	640	64	10.0%
90	172	(82)	-47.7%	Other	280	433	(153)	-35.3%
(77)	(145)	68	46.9%	Eliminations and adjustments	(253)	(367)	114	31.1%
5,042	5,352	(310)	-5.8%	Total	15,192	15,558	(366)	-2.4%

(1) The figures for 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

The decrease in revenue is attributable mainly to Brazil and Chile for, respectively, the sale in December 2022 of Celg Distribuição SA - Celg-D (Enel Goiás) and Enel Transmisión Chile SA, the effects of which were only partly offset by an increase in revenue:

• in Italy, as a result of the adjustment of rates for electricity distribution and metering services for non-residential customers and for rates on grid service provision for residential customers for 2023, in accordance with the Regulatory Authority for Energy, Networks and the Environment (ARERA) Resolutions no. 720/2022 and no. 721/2022 published in December 2022;

• in Iberia, as a result of the registration in 2022 of the update of the remuneration for distribution activities with ministerial decree no. TED/749/2022 of July 27, 2022, with which the rates for the years 2017, 2018 and 2019 were retroactively modified (-€180 million).

Ordinary gross operating profit/(loss)

3rd Quarter			Millions of euro		First nine months
2023	2022		Change		2023	2022		Change
875	899	(24)	-2.7%	Italy	2,734	2,651	83	3.1%
437	235	202	86.0%	Iberia	1,295	1,073	222	20.7%
520	486	34	7.0%	Latin America	1,728	1,579	149	9.4%
4	(27)	31	-	- of which Argentina	(54)	(65)	11	16.9%
311	298	13	4.4%	- of which Brazil	1,163	981	182	18.6%
23	31	(8)	-25.8%	- of which Chile	76	128	(52)	-40.6%
133	129	4	3.1%	- of which Colombia	374	377	(3)	-0.8%
49	55	(6)	-10.9%	- of which Peru	169	158	11	7.0%
23	31	(8)	-25.8%	Europe	305	(19)	324	-
(4)	6	(10)	-	Other	(4)	23	(27)	-
1,851	1,657	194	11.7%	Total	6,058	5,307	751	14.2%

Ordinary gross operating profit increased:

in Europe due mainly to recognition of the price differentials on quantities related to grid losses in Romania for 2022 and 2023 (€182 million) and a decrease in costs for grid losses as a result of the decline in average prices applied compared with the same period of the previous year;
in Iberia as a result of a number of adverse rate developments recognized in 2022, as discussed under revenue;
in Latin America, in Brazil in particular reflecting the recognition of income by Enel CIEN in the amount of €99 million following the transfer, upon contract expiration, of the transmission activities managed under concession to the new concession holder, as well as to inflation-related rate adjustments and positive exchange

rate effects. These factors were partly offset by a decline in ordinary gross operating profit associated with the sale of Celg Distribuição SA - Celg-D (Enel Goiás) and Enel Transmisión Chile in the total amount of €200 million;

• in Italy, mainly as a result of rate adjustments in application of the ARERA Resolutions no. 720/2022 and no. 721/2022 as mentioned above.

Gross operating profit came to €5,745 million (€5,287 million in the first nine months of 2022), and reflects the factors described in relation to ordinary gross operating margin and the recognition under discontinued operations of the profit or loss of the net assets held in Romania (€313 million).

3rd Quarter			Millions of euro		First nine months
2023	2022		Change		2023	2022		Change
533	580	(47)	-8.1%	Italy	1,717	1,666	51	3.1%
242	28	214	-	Iberia	700	478	222	46.4%
325	285	40	14.0%	Latin America	1,154	999	155	15.5%
(11)	(39)	28	71.8%	- of which Argentina	(89)	(93)	4	4.3%
186	165	21	12.7%	- of which Brazil	784	599	185	30.9%
10	18	(8)	-44.4%	- of which Chile	37	83	(46)	-55.4%
108	105	3	2.9%	- of which Colombia	306	304	2	0.7%
32	36	(4)	-11.1%	- of which Peru	116	106	10	9.4%
-	9	(9)	-	Europe	240	(83)	323	-
(4)	5	(9)	-	Other	(5)	20	(25)	-
1,096	907	189	20.8%	Total	3,806	3,080	726	23.6%

Ordinary operating profit/(loss)

The increase in ordinary operating profit essentially reflects the factors described in relation to ordinary gross operating profit for the period and an increase in depreciation and amortization as a result of new capital expenditure in Italy on the distribution grid.

Operating profit amounted to €3,558 million (€2,281 million in the first nine months of 2022), reflecting the factors described in relation to ordinary operating profit and the recognition under discontinued operations of the profit or loss of the assets held in Romania (€248 million).

Capital expenditure

Millions of euro	First nine months
	2023	2022		Change
Italy	2,113	1,791	322	18.0%
Iberia	601	563	38	6.7%
Latin America	996	1,342	(346)	-25.8%
Europe	-	85	(85)	-
Other	14	85	(71)	-83.5%
Total	3,724(1)	3,866	(142)	-3.7%

(1) Does not include €181 million regarding units classified as "held for sale" or "discontinued operations".

Capital expenditure decreased by €142 million compared with the same period of 2022, mainly attributable to Latin America, and Brazil in particular as a result of the sale in December 2022 of Celg Distribuição SA - Celg-D (Enel Goiás).

The decline was partially offset by Italy, with an increase in new customer connections and investments to improve service quality.

End-user Markets

Barbara, Channel manager Spazio Enel Partner Emilia-Romagna and Marche - Spazio Enel Partner, Cingoli, Province of Macerata.

Operations

Electricity sales

Millions of kWh	First nine months
	2023	2022		Change
Free market	148,751	149,443	(692)	-0.5%
Regulated market	80,059	92,903	(12,844)	-13.8%
Total	228,810	242,346	(13,536)	-5.6%
- of which Italy	66,649	74,300	(7,651)	-10.3%
- of which Iberia	59,506	60,105	(599)	-1.0%
- of which Latin America	96,366	100,462	(4,096)	-4.1%
- of which Europe	6,289	7,479	(1,190)	-15.9%

The decrease in the volume of electricity sold in the first nine months of 2023 compared with the same period of 2022 was mainly concentrated in the regulated market in Italy, reflecting the shift of customers to the free market, and in Latin America, due to the sale at the end of 2022 of Celg Distribuição SA - Celg-D (Enel Goiás) in Brazil. The reduction in the free market, essentially attributable to the business-to-business (B2B) customer segment, was partially offset by an increase in the business-to-consumer (B2C) customer segment, mainly in Italy and Spain.

Natural gas sales

Millions of m3	First nine months
	2023	2022		Change
Business to consumer	2,429	2,718	(289)	-10.6%
Business to business	3,616	4,808	(1,192)	-24.8%
Total	6,045	7,526	(1,481)	-19.7%
- of which Italy	2,911	3,281	(370)	-11.3%
- of which Iberia	2,823	3,702	(879)	-23.7%
- of which Latin America	136	356	(220)	-61.8%
- of which Europe	175	187	(12)	-6.4%

The decrease in gas sold in the first nine months of 2023 is mainly attributable to the business-to-business (B2B) customer segment in Spain, Italy and Chile and to the business-to-consumer (B2C) customer segment in Italy and Spain.

Performance

			Millions of euro			First nine months
2023	2022		Change		2023	2022		Change
12,053	19,674(1)	(7.621)	-38,7%	Revenue	37,526	48,798(1)	(11,272)	-23.1%
1,340	56(1)	1.284	-	Gross operating profit/(loss)	3,854	421(1)	3,433	-
1,352	34	1.318	-	Ordinary gross operating profit/(loss)	3,906	287	3,619	-
983	(287)(1)	1.270	-	Operating profit/(loss)	2,772	(677)(1)	3,449	-
981	(309)	1.290	-	Ordinary operating profit/(loss)	2,792	(819)	3,611	-
				Capital expenditure	414(2)	581	(167)	-28.7%

(1) The figures for 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

(2) Does not include €8 million regarding units classified as "held for sale" or "discontinued operations".

Revenue(1)

3rd Quarter				Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
6,548	9,926	(3,378)	-34.0%	Italy	20,714	25,337	(4,623)	-18.2%
5,022	9,321	(4,299)	-46.1%	Iberia	15,493	22,182	(6,689)	-30.2%
476	421	55	13.1%	Latin America	1,311	1,263	48	3.8%
115	128	(13)	-10.2%	- of which Brazil	339	369	(30)	-8.1%
29	26	3	11.5%	- of which Chile	87	83	4	4.8%
250	199	51	25.6%	- of which Colombia	663	621	42	6.8%
82	68	14	20.6%	- of which Peru	222	190	32	16.8%
-	3	(3)	-	North America	-	4	(4)	-
6	5	1	20.0%	Other	8	13	(5)	-38.5%
1	(2)	3	-	Eliminations and adjustments	-	(1)	1	-
12,053	19,674	(7,621)	-38.7%	Total	37.526	48,798	(11,272)	-23.1%

(1) The figures for 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

Revenue in the first nine months of 2023 decreased by 23.1%, mainly as a result of the lower quantities of electricity and gas sold and of lower average prices, primarily in Italy and Spain. In Brazil, the decline in revenue is primarily attributable to the sale of Celg Distribuição SA - Celg-D (Enel Goiás) in December 2022, partly offset by rate increases in the period.

Ordinary gross operating profit/(loss)

	3rd Quarter			Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
1,057	(243)	1,300	-	Italy	3,108	70	3,038	-
200	206	(6)	-2.9%	Iberia	497	32	465	-
78	90	(12)	-13.3%	Latin America	252	316	(64)	-20.3%
1	1	-	-	- of which Argentina	4	7	(3)	-42.9%
54	53	1	1.9%	- of which Brazil	160	177	(17)	-9.6%
14	14	-	-	- of which Chile	44	49	(5)	-10.2%
1	14	(13)	-92.9%	- of which Colombia	22	63	(41)	-65.1%
8	8	-	-	- of which Peru	22	20	2	10.0%
-	1	(1)	-	North America	(2)	2	(4)	-
13	(22)	35	-	Europe	53	(137)	190	-
4	2	2	-	Other	(2)	4	(6)	-
1,352	34	1,318	-	Total	3,906	287	3,619	-

Gross operating profit amounted to €3,854 million (€421

Ordinary gross operating profit amounted to €3,906 million, an increase of €3,619 million compared with the same period of 2022, reflecting an improvement in performance on the free market in Italy and Spain, mainly due to the reduction in provisioning costs within a climate of stabilizing sales prices.

Ordinary operating profit/(loss)

million in the first nine months of 2022), reflecting the factors described above in relation to ordinary gross operating profit and excluding the ordinary profit or loss posted by discontinued operations in Romania.

	3rd Quarter			Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
868	(464)	1,332	-	Italy	2,508	(623)	3,131	-
103	147	(44)	-29.9%	Iberia	215	(138)	353	-
7	29	(22)	-75.9%	Latin America	52	88	(36)	-40.9%
(3)	(6)	3	50.0%	- of which Argentina	(7)	(9)	2	22.2%
(4)	14	(18)	-	- of which Brazil	1	10	(9)	-90.0%
11	9	2	22.2%	- of which Chile	32	31	1	3.2%
(3)	6	(9)	-	- of which Colombia	10	43	(33)	-76.7%
6	6	-	-	- of which Peru	16	13	3	23.1%
1	1	-	-	North America	(1)	1	(2)	-
(2)	(24)	22	91.7%	Europe	20	(151)	171	-
4	2	2	-	Other	(2)	4	(6)	-
981	(309)	1,290	-	Total	2,792	(819)	3,611	-

Ordinary operating profit, including depreciation, amortization and impairment losses of €1,114 million (€1,106 million in the first nine months of 2022), reflects the factors described above in relation to ordinary gross operating profit and an increase in depreciation, amortization and impairment losses, primarily associated with an increase in depreciation and amortization mainly in Spain and Italy, partly offset by a decrease in the impairment of trade receivables in Italy and all the Latin America countries.

Operating profit in the first nine months of 2023 amounted to €2,772 million (an operating loss of €677 million in the first nine months of 2022), and reflects the factors described above in relation to ordinary operating profit excluding the profit or loss of discontinued operations in Romania.

Capital expenditure

Millions of euro	First nine months
	2023	2022		Change
Italy	268	382	(114)	-29.8%
Iberia	146	191	(45)	-23.6%
Europe	-	8	(8)	-
Total	414(1)	581	(167)	-28.7%

(1) Does not include €8 million regarding units classified as "held for sale" or "discontinued operations".

The decrease in capital expenditure is mainly attributable to lower costs for customer acquisition in Italy and Spain.

Enel X

Alessandro, Enel X Store, Corso Francia, Rome - Urban area for recharging electric vehicles and smart solutions for home energy efficiency.

Operations

	First nine months
	2023	2022		Change
Demand response capacity (MW)	9,375	8,226	1,149	14.0%
Lighting points (thousands)	3,079	2,818	261	9.3%
Storage (MW)	876	760(1)	116	15.3%

(1) As at December 31, 2022.

In the first nine months of 2023, the Group further increased demand response activities, mainly in Japan (+506 MW), Italy (+252 MW), Spain (+155 MW), the United States (+117 MW) and Poland (+88 MW).

The increase in storage was due essentially to the installation of new batteries at renewable energy plants in North America (+84 MW).

Performance

3rd Quarter			Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
458	529(1)	(71)	-13.4%	Revenue	1,341	1,720(1)	(379)	-22.0%
109	141(1)	(32)	-22.7%	Gross operating profit/(loss)	255	537(1)	(282)	-52.5%
114	148	(34)	-23.0%	Ordinary gross operating profit/(loss)	272	554	(282)	-50.9%
54	87(1)	(33)	-37.9%	Operating profit/(loss)	111	375(1)	(264)	-70.4%
57	93	(36)	-38.7%	Ordinary operating profit/(loss)	124	390	(266)	-68.2%
				Capital expenditure	279(2)	228(3)	51	22.4%

(1) The figures for 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

(2) Does not include €18 million regarding units classified as "held for sale" or "discontinued operations".

(3) Does not include €2 million regarding units classified as "held for sale" or "discontinued operations".

Revenue(1)

3rd Quarter			Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
171	209	(38)	-18.2%	Italy	518	548	(30)	-5.5%
90	72	18	25.0%	Iberia	279	227	52	22.9%
73	64	9	14.1%	Latin America	194	275	(81)	-29.5%
2	6	(4)	-66.7%	- of which Argentina	8	14	(6)	-42.9%
12	8	4	50.0%	- of which Brazil	27	21	6	28.6%
18	12	6	50.0%	- of which Chile	47	35	12	34.3%
25	22	3	13.6%	- of which Colombia	65	162	(97)	-59.9%
16	16	-	-	- of which Peru	47	43	4	9.3%
76	68	8	11.8%	North America	232	227	5	2.2%
20	13	7	53.8%	Europe	55	47	8	17.0%
28	26	2	7.7%	Africa, Asia and Oceania	65	56	9	16.1%
35	107	(72)	-67.3%	Other	97	434	(337)	-77.6%
(35)	(30)	(5)	-16.7%	Eliminations and adjustments	(99)	(94)	(5)	-5.3%
458	529	(71)	-13.4%	Total	1,341	1,720	(379)	-22.0%

(1) The figures for 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

Revenue in the first nine months of 2023 decreased by €379 million compared with the same period of 2022, mainly reflecting the impact of the recognition last year of the gain on the sale by Enel X International of a 1.1% interest in Ufinet (€220 million) and the sale by Enel X Srl of certain assets to Mooney (€67 million). In addition, 2023 saw a decrease in revenue in Colombia in respect of the e-Bus project and in Italy for activities connected with the Vivi Meglio commercial campaign and the Demand Respone business. These effects were only partially offset by an increase in revenue in Spain, mainly in the Demand Response and Distributed Energy segments.

3rd Quarter			Millions of euro		First nine months
2023	2022		Change		2023	2022		Change
39	31	8	25.8%	Italy	107	84	23	27.4%
20	15	5	33.3%	Iberia	58	56	2	3.6%
21	24	(3)	-12.5%	Latin America	54	82	(28)	-34.1%
1	1	-	-	- of which Argentina	3	4	(1)	-25.0%
(1)	3	(4)	-	- of which Brazil	(3)	2	(5)	-
5	1	4	-	- of which Chile	8	(1)	9	-
12	11	1	9.1%	- of which Colombia	29	57	(28)	-49.1%
4	8	(4)	-50.0%	- of which Peru	17	20	(3)	-15.0%
20	2	18	-	North America	31	24	7	29.2%
5	6	(1)	-16.7%	Europe	16	24	(8)	-33.3%
2	2	-	-	Africa, Asia and Oceania	1	(9)	10	-
7	68	(61)	-89.7%	Other	5	293	(288)	-98.3%
114	148	(34)	-23.0%	Total	272	554	(282)	-50.9%

Ordinary gross operating profit/(loss)

Ordinary gross operating profit decreased by €282 million, mainly due to the income posted in the first nine months of 2022 from the sale of the investment in Ufinet and of a number of investments to Mooney, as well as activities connected with the Vivi Meglio commercial campaign. These factors were only partially offset by the results of e-Home, e-City and Demand Response activities.

Gross operating profit came to €255 million, down €282 million. The decline reflected the factors discussed for ordinary gross operating profit and the classification of the profit or loss of the assets held in Romania under discontinued operations.

Ordinary operating profit/(loss)

3rd Quarter				Millions of euro		First nine months
2023	2022		Change		2023	2022		Change
25	11	14	-	Italy	70	31	39	-
6	3	3	-	Iberia	24	19	5	26.3%
12	20	(8)	-40.0%	Latin America	32	66	(34)	-51.5%
1	1	-	-	- of which Argentina	3	4	(1)	-25.0%
(3)	3	(6)	-	- of which Brazil	(6)	2	(8)	-
5	1	4	-	- of which Chile	7	(2)	9	-
8	9	(1)	-11.1%	- of which Colombia	18	48	(30)	-62.5%
1	6	(5)	-83.3%	- of which Peru	10	14	(4)	-28.6%
12	(9)	21	-	North America	9	(12)	21	-
3	5	(2)	-40.0%	Europe	11	21	(10)	-47.6%
-	1	(1)	-	Africa, Asia and Oceania	(3)	(12)	9	75.0%
(1)	62	(63)	-	Other	(19)	277	(296)	-
57	93	(36)	-38.7%	Total	124	390	(266)	-68.2%

Ordinary operating profit, including depreciation, amortization and impairment losses of €148 million (€164 million in the first nine months of 2022), essentially reflects the factors described in relation to ordinary gross operating profit, the decrease in depreciation and amortization recognized primarily in Italy and the United States, and the decrease in writedowns on trade receivables, primarily in Italy, Spain and North America.

Operating profit for the first nine months of 2023 amounted to €111 million (€375 million in the first nine months of 2022), reflecting the factors described above in relation to ordinary operating profit, excluding the profit or loss of discontinued operations in Romania.

Capital expenditure

Millions of euro	First nine months
	2023	2022		Change
Italy	99	64	35	54.7%
Iberia	30	32	(2)	-6.3%
Latin America	67	41	26	63.4%
North America	26	42	(16)	-38.1%
Europe	2	4	(2)	-50.0%
Africa, Asia and Oceania	7	7	-	-
Other	48	38	10	26.3%
Total	279(1)	228(2)	51	22.4%

(1) Does not include €18 million regarding units classified as "held for sale" or "discontinued operations".

(2) Does not include €2 million regarding units classified as "held for sale" or "discontinued operations".

Capital expenditure increased mainly in Italy, by €35 million, in the e-City business, and in Latin America, by €26 million, in the Distributed Energy, e-City and e-Home businesses.

Holding, Services and Other

Monica, architectural design new locations, Servizi Italia - Historic building designed by Giò Ponti in Via Carducci, Milan headquarters of the Enel Group since 1962.

Performance

3rd Quarter				Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
516	564(1)	(48)	-8.5%	Revenue	1,606	1.603(1)	3	0.2%
(139)	(64)(1)	(75)	-	Gross operating profit/(loss)	(496)	(143)(1)	(353)	-
(139)	(52)	(87)	-	Ordinary gross operating profit/(loss)	(286)	(120)	(166)	-
(207)	(122)(1)	(85)	-69.7%	Operating profit/(loss)	(699)	(347)(1)	(352)	-
(208)	(109)	(99)	-90.8%	Ordinary operating profit/(loss)	(491)	(324)	(167)	-51.5%
				Capital expenditure	158(2)	162	(4)	-2.5%

(1) The figures for 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

(2) Does not include €1 million regarding units classified as "held for sale" or "discontinued operations".

Revenue(1)

3rd Quarter				Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
195	199	(4)	-2.0%	Italy	614	603	11	1.8%
129	130	(1)	-0.8%	Iberia	379	354	25	7.1%
1	26	(25)	-96.2%	Latin America	6	32	(26)	-81.3%
9	5	4	80.0%	North America	30	35	(5)	-14.3%
1	1	-	-	Europe	3	3	-	-
1	-	1	-	Africa, Asia and Oceania	2	-	2	-
276	267	9	3.4%	Other	785	749	36	4.8%
(96)	(64)	(32)	-50.0%	Eliminations and adjustments	(213)	(173)	(40)	-23.1%
516	564	(48)	-8.5%	Total	1,606	1,603	3	0.2%

(1) The figures for 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

Revenue in the first nine months of 2023 was broadly in line with that in the corresponding period of 2022.

Ordinary gross operating profit/(loss)

3rd Quarter Millions of euro			First nine months
2023	2022		Change		2023	2022		Change
-	1	(1)	-	Italy	22	57	(35)	-61.4%
6	3	3	-	Iberia	6	9	(3)	-33.3%
(33)	(35)	2	5.7%	Latin America	(97)	(80)	(17)	-21.3%
(1)	-	(1)	-	- of which Argentina	(5)	(2)	(3)	-
(9)	(8)	(1)	-12.5%	- of which Brazil	(26)	(19)	(7)	-36.8%
(22)	(27)	5	18.5%	- of which Chile	(65)	(59)	(6)	-10.2%
(1)	-	(1)	-	- of which Peru	(1)	-	(1)	-
(22)	(10)	(12)	-	North America	(35)	(22)	(13)	-59.1%
(2)	(1)	(1)	-	Europe	(2)	(2)	-	-
(1)	(2)	1	50.0%	Africa, Asia and Oceania	(3)	(3)	-	-
(87)	(8)	(79)	-	Other	(177)	(79)	(98)	-
(139)	(52)	(87)	-	Total	(286)	(120)	(166)	-

The deterioration in the ordinary gross operating loss in the first nine months of 2023 mainly reflects an increase in Italy in costs for services and in provisions for risks and charges recognized by Enel Insurance (€99 million).

The gross operating loss increased compared with the first nine months of 2022 mainly due to the extraordinary solidarity levy in Spain of €208 million, which was recognized as non-recurring, and to the factors described above in relation to ordinary gross operating profit.

Ordinary operating profit/(loss)

3rd Quarter		Millions of euro	First nine months
2023	2022		Change		2023	2022		Change
(20)	(16)	(4)	-25.0%	Italy	(35)	2	(37)	-
(7)	3	(10)	-	Iberia	(32)	(19)	(13)	-68.4%
(36)	(36)	-	-	Latin America	(104)	(83)	(21)	-25.3%
(1)	-	(1)	-	- of which Argentina	(5)	(2)	(3)	-
(11)	(10)	(1)	-10.0%	- of which Brazil	(30)	(21)	(9)	-42.9%
(23)	(27)	4	14.8%	- of which Chile	(68)	(60)	(8)	-13.3%
-	1	(1)	-	- of which Colombia	-	-	-	-
(1)	-	(1)	-	- of which Peru	(1)	-	(1)	-
(23)	(11)	(12)	-	North America	(39)	(30)	(9)	-30.0%
(3)	(1)	(2)	-	Europe	(4)	(3)	(1)	-33.3%
-	(2)	2	-	Africa, Asia and Oceania	(2)	(3)	1	33.3%
(119)	(46)	(73)	-	Other	(275)	(188)	(87)	-46.3%
(208)	(109)	(99)	-90.8%	Total	(491)	(324)	(167)	-51.5%

The change in the ordinary operating loss in the first nine months of 2023 was broadly in line with the decrease in ordinary gross operating profit.

The operating loss reflects the factors discussed for the gross operating loss.

Capital expenditure(1)

Millions of euro	First nine months
	2023	2022		Change
Italy	52	65	(13)	-20.0%
Iberia	28	32	(4)	-12.5%
Latin America	5	2	3	-
North America	9	5	4	80.0%
Other	64	58	6	10.3%
Total	158(1)	162	(4)	-2.5%

(1) Does not include €1 million regarding units classified as "held for sale" or "discontinued operations".

Capital expenditure in the first nine months of 2023 was essentially in line with the same period of 2022.

Definition of performance indicators

In order to present the results of the Group and analyze its financial structure, in this Interim Financial Report at September 30, 2023, Enel has prepared separate reclassified schedules that differ from the schedules envisaged under the IFRS-EU adopted by the Group and contained in the condensed consolidated financial statements at September 30, 2023. These reclassified schedules contain different performance indicators from those obtained directly from the condensed consolidated financial statements at September 30, 2023, which management believes are useful in monitoring the performance of the Group and representative of the financial performance and position of our business.

With regard to those indicators, on April 29, 2021, CONSOB issued warning notice no. 5/21, which gives force to the Guidelines issued on March 4, 2021 by the European Securities and Markets Authority (ESMA) on disclosure requirements under Regulation (EU) 2017/1129 (the Prospectus Regulation), which took effect on May 5, 2021 and replace the references to the CESR Recommendations and those contained in Communication no. DEM/6064293 of July 28, 2006 regarding the net financial position.

The Guidelines update the previous CESR Recommendations (ESMA/2013/319, in the revised version of March 20, 2013) with the exception of those concerning the special issuers referred to in Annex no. 29 of Delegated Regulation (EU) 2019/980, which were not converted into Guidelines and remain applicable.

The Guidelines are intended to promote the usefulness and transparency of alternative performance indicators included in regulated information or prospectuses within the scope of application of Directive 2003/71/EC in order to improve their comparability, reliability and comprehensibility.

In line with the regulations cited above, the criteria used to construct these indicators are the following.

Gross operating profit: an operating performance indicator, calculated as "Operating profit" plus "Depreciation, amortization and impairment losses".

Ordinary gross operating profit: defined as "Gross operating profit" from core business connected with the Ownership and Stewardship business models, plus the ordinary gross operating profit of discontinued operations. It does not include costs connected with corporate restructurings and any extraordinary solidarity levies charged to companies operating in the energy industry.

Ordinary operating profit: defined as "Operating profit" from core business connected with the Ownership and Stewardship business models, plus the ordinary operating profit of discontinued operations.

It is calculated by adjusting "Operating profit" for the effects of transactions not connected with core operations referred to with regard to ordinary gross operating profit and excluding significant impairment losses on assets and/ or groups of assets following impairment testing (including reversals of impairment losses) or classification under "Assets held for sale".

Group ordinary profit: it is defined as "Group profit" generated by Enel's core business connected with the Ownership and Stewardship business models.

It is equal to "Group profit" adjusted primarily by the solidarity tax on energy companies for 2022, as well as the items discussed under "Ordinary operating profit", net of any tax effects and non-controlling interests.

Net non-current assets: calculated as the difference between "Non-current assets" and "Non-current liabilities" with the exception of:

"Deferred tax assets" and "Non-current receivables and securities included in net financial debt" reported under "Other non-current assets";
"Long-term borrowings";
"Other non-current financial liabilities" included in "Other non-current liabilities";
"Employee benefits"; "Provisions for risks and charges (non-current portion)" and "Deferred tax liabilities" included in "Provisions and deferred tax liabilities".

Net working capital: calculated as the difference between "Current assets" and "Current liabilities" with the exception of:

"Other current financial assets included in net financial debt", which include the current portion of non-current financial receivables, securities, cash collateral and other current financial receivables included in "Other current assets";
"Cash and cash equivalents";
"Short-term borrowings and current portion of longterm borrowings";
"Provisions for risks and charges (current portion)" and "Other current financial liabilities" included in "Other current liabilities".

Net assets held for sale: calculated as the algebraic sum of "Assets held for sale" and "Liabilities included in disposal groups held for sale".

Net capital employed: calculated as the algebraic sum of "Net non-current assets" and "Net current assets", "Provisions for risks and charges", "Deferred tax liabilities" and "Deferred tax assets", as well as "Net assets held for sale".

Net financial debt: a financial structure indicator, determined by:

"Long-term borrowings" and "Short-term borrowings and current portion of long-term borrowings", taking account of "Long- and short-term financial borrowings" included respectively in "Other non-current liabilities" and "Other current liabilities";
net of "Cash and cash equivalents";

Main changes in the scope of consolidation

In the two periods under review, the scope of consolidation changed as a result of a number of transactions. For more information, please see note 4 of the notes to the condensed consolidated quarterly financial statements at September 30, 2023.

net of the "Current portion of long-term loan assets", "Current securities" and "Other financial assets" included in "Other current assets";
net of "Non-current securities" and "Non-current financial assets" included in "Other non-current assets";
net of "Cash flow hedge derivative assets on exchange rates connected to loans" and ""Fair value hedge derivative assets on exchange rates connected to loans";
"Cash flow hedge derivative liabilities on exchange rates connected to loans" and "Fair value hedge derivative liabilities on exchange rates connected to loans".

More generally, the net financial debt of the Enel Group is determined in accordance with Guideline 39, issued on March 4, 2021, by ESMA, applicable as from May 5, 2021, and with warning notice no. 5/2021 issued by CONSOB on April 29, 2021.

Outlook

The first nine months of this year were characterized by the continuation of the restrictive policy stances adopted by central banks to counter inflationary pressures largely generated by the increase in energy prices in 2022. This environment, together with the continuing deterioration in geopolitical conditions associated with the situation in the Middle East, increases the uncertainty surrounding the outlook for global growth and the near-term normalization of commodity prices.

In this context, the top management appointed in May this year have defined the priorities of the Enel Group for the near future:

allocation of capital with a focus on value creation and on the optimization of the risk/return profile of investments to support future growth;
efficiency improvements across all activities and countries in which the Group operates through cost efficiency and optimization measures;
simplification of the Group structure to be pursued through the adoption of a leaner organization and a geographical focus on the six core countries identified in the 2023-2025 Strategic Plan.

The focus on financial discipline and on the improvement of cash flow generation will allow the Enel Group to optimize its integrated and sustainable development model, which is designed to effectively promote the energy transition and the fight against climate change.

In light of the solid operating performance recorded in the first nine months of 2023, the guidance for 2023 provided to the financial markets during the presentation of the 2023-2025 Strategic Plan has been revised upwards.

More specifically, ordinary EBITDA is expected to amount to between €21.5 and 22.5 billion, an increase on the previous target of €20.4-21.0 billion. Ordinary profit attributable to owners of the Parent is forecast at between €6.4 and 6.7 billion, greater than the earlier target of €6.1-6.3 billion.

The net financial debt/EBITDA ratio target of 2.4-2.5x is confirmed, considering a pro forma net financial debt adjusted to take account of planned asset disposals, whose financial impact will only be felt following completion of the ordinary authorization procedures by the competent authorities.

Accordingly, any differences with the net financial debt target for 2023 will be attributable solely to differences in the timing of completion of the asset sales compared with the schedule set out in the 2023-2025 Strategic Plan. An update of the target for net financial debt at the end of 2023 will be provided at the presentation of the new Strategic Plan on November 22.

A dividend of €0.43 per share is also confirmed for 2023, in line with the announcement in the 2023-2025 Strategic Plan.

Condensed consolidated financial statements at September 30, 2023

Condensed Consolidated Income Statement

Millions of euro		First nine months
	Notes	2023	2022(1)
Total revenue	7.a	69,534	105,522
Total costs	7.b	57,360	101,549
Net results from commodity contracts	7.c	(2,339)	2,094
Operating profit		9,835	6,067
Financial income		3,089	6,893
Financial expense		5,874	8,850
Net income/(expense) from hyperinflation	3	289	261
Total net financial income/(expense)	7.d	(2,496)	(1,696)
Share of profit/(loss) of equity-accounted investments	7.e	30	55
Pre-tax profit		7,369	4,426
Income taxes(2)	7.f	2,431	1,571
Profit from continuing operations(2)		4,938	2,855
Attributable to owners of the Parent(2)		4,120	2,041
Attributable to non-controlling interests(2)		818	814
Profit/(Loss) from discontinued operations	5	150	(564)
Attributable to owners of the Parent		133	(283)
Attributable to non-controlling interests		17	(281)
Profit for the period (owners of the Parent and non-controlling interests)(2)		5,088	2,291
Attributable to owners of the Parent(2)		4,253	1,758
Attributable to non-controlling interests(2)		835	533
Earnings per share
Basic earnings per share
Basic earnings per share		0.41	0.17
Basic earnings per share from continuing operations		0.40	0.20
Basic earnings/(loss) per share from discontinued operations		0.01	(0.03)
Diluted earnings per share
Diluted earnings per share		0.41	0.17
Diluted earnings per share from continuing operations		0.40	0.20
Diluted earnings/(loss) per share from discontinued operations		0.01	(0.03)

(2) The figures for the first nine months of 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

Statement of Consolidated Comprehensive Income

First nine months
2023	2022(1)
5,088	2,291

2,227	(3,277)
(38)	(67)
99	58
(1)	(13)
445	2,882
16	263

(158)	287
(5)	(3)
(1)	6
2,584	136
7,672	2,427

6,251	2,614
1,421	(187)

(2) The figures for the first nine months of 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

Condensed Consolidated Statement of Financial Position

Millions of euro
	Notes	at Sept. 30, 2023	at Dec. 31, 2022
ASSETS
Non-current assets
Property, plant and equipment		107,647	106,135
Goodwill		13,196	13,742
Equity-accounted investments		1,548	1,281
Other non-current assets(1) (2)		24,538	26,498
Total non-current assets	8.a	146,929	147,656
Current assets
Inventories		4,537	4,853
Trade receivables		15,782	16,605
Cash and cash equivalents		3,756	11,041
Other current assets(3)		18,981	33,564
Total current assets	8.b	43,056	66,063
Assets classified as held for sale(2)	8.c	10,472	6,155
TOTAL ASSETS		200,457	219,874
LIABILITIES AND EQUITY
Equity attributable to the owners of the Parent(2)	8.d	34,404	28,655
Non-controlling interests		14,144	13,425
Total equity		48,548	42,080
Non-current liabilities
Long-term borrowings		60,941	68,191
Provisions and deferred tax liabilities(2)		17,097	18,052
Other non-current liabilities		13,456	15,887
Total non-current liabilities	8.e	91,494	102,130
Current liabilities
Short-term borrowings and current portion of long-term borrowings		16,428	21,227
Trade payables		11,201	17,641
Other current liabilities		28,714	33,430
Total current liabilities	8.f	56,343	72,298
Liabilities included in disposal groups classified as held for sale(2)	8.g	4,072	3,366
TOTAL LIABILITIES		151,909	177,794
TOTAL LIABILITIES AND EQUITY		200,457	219,874

(1) Of which long-term financial assets and other securities at September 30, 2023 equal respectively to €3,389 million (€3,766 million at December 31, 2022) and €500 million (€447 million at December 31, 2022).

(2) The figures at December 31, 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

(3) Of which short-term portion of long-term financial assets, short-term financial assets and other securities at September 30, 2023 equal respectively to €2,385 million (€2,838 million at December 31, 2022), €3,810 million (€10,585 million at December 31, 2022) and €91 million (€78 million at December 31, 2022).

Total equity

Statement of Changes in Consolidated Equity

							Share capital and reserves attributable to the owners of the Parent
	Share	Share premium	Treasury share	Reserve for equity instruments - perpetual	Legal	Other	Translation	Hedging
Millions of euro	capital	reserve	reserve	hybrid bonds	reserve	reserves	reserve	reserve
At January 1, 2022	10,167	7,496	(36)	5,567	2,034	2,313	(8,125)	(2,268)
Application of new accounting standards(1)	-	-	-	-	-	-	-	-
At January 1, 2022 restated	10,167	7,496	(36)	5,567	2,034	2,313	(8,125)	(2,268)
Distribution of dividends	-	-	-	-	-	-	-	-
Coupons paid to holders of hybrid bonds	-	-	-	-	-	-	-	-
Reclassifications	-	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	(11)	-	-	11	-	-
Reserve for share-based payments (LTI bonus)	-	-	-	-	-	5	-	-
Equity instruments - hybrid perpetual bonds	-	-	-	-	-	-	-	-
Monetary restatement (IAS 29)	-	-	-	-	-	-	-	-
Change in the consolidation scope	-	-	-	-	-	-	79	26
Transactions in non-controlling interests	-	-	-	-	-	-	(35)	(11)
Comprehensive income/(expense) for the period	-	-	-	-	-	-	2,448	(1,804)
of which: - other comprehensive income/	-	-	-	-	-	-	2,448	(1,804)
(expense)
- profit for the period(1)	-	-	-	-	-	-	-	-
At September 30, 2022 restated	10,167	7,496	(47)	5,567	2,034	2,329	(5,633)	(4,057)
At January 1, 2023	10,167	7,496	(47)	5,567	2,034	2,332	(5,912)	(3,553)
Application of new accounting standards(1)	-	-	-	-	-	-	-	-
At January 1, 2023 restated	10,167	7,496	(47)	5,567	2,034	2,332	(5,912)	(3,553)
Distribution of dividends	-	-	-	-	-	-	-	-
Coupons paid to holders of hybrid bonds	-	-	-	-	-	-	-	-
Reclassifications	-	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	-	-	-	-	-
Disbursement of treasury shares	-	-	9	-	-	(9)	-	-
Reserve for share-based payments (LTI bonus)	-	-	-	-	-	(6)	-	-
Equity instruments - hybrid perpetual bonds	-	-	-	986	-	-	-	-
Monetary restatement (IAS 29)	-	-	-	-	-	-	-	-
Change in the consolidation scope	-	-	-	-	-	-	319	48
Transactions in non-controlling interests	-	-	-	-	-	-	-	-
Comprehensive income (expense) for the period	-	-	-	-	-	-	303	1,758
of which: - other comprehensive income/ (expense)	-	-	-	-	-	-	303	1,758
- profit for the period	-	-	-	-	-	-	-	-
At September 30, 2023	10,167	7,496	(38)	6,553	2,034	2,317	(5,290)	(1,747)

(1) The figures at January 1, 2022, January 1, 2023 and September 30, 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

Statement of Changes

in Consolidated Equity

(1) The figures at January 1, 2022, January 1, 2023 and September 30, 2022 have been adjusted to take account of the effects of the amendment of IAS 12,

which entered force as from January 1, 2023.

Share capital and reserves attributable to the owners of the Parent

Non controlling interests	Equity attributable to owners of the Parent	Retained earnings	Reserve from acquisitions of non controlling interests	Reserve from disposal of equity interests without loss of control	Actuarial reserve	Reserve from equity accounted investments	Reserve from measurement of financial instruments at FVOCI	Hedging costs reserve
12,689 -	29,653 (2)	17,801 (2)	(843) -	(2,378) -	(1,325) -	(721) -	10 -	(39) -

12,689 (751)	29,651 (1,931)	17,799 (1,931)	(843) -	(2,378) -	(1,325) -	(721) -	10 -	(39) -
-	(79)	(79)	-	-	-	-	-
-	-	-	-	-	-	-	-	- -
-	(11)	(11)	-	-	-	-	-	-
-	5	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-	-
286	357	357	-	-	-	-	-	-
31	97	-	(30)	-	-	21	-	1
311	(360)	-	(317)	-	(2)	-	-	5
(187)	2,614	1,758	-	-	222	61	(15)	(56)
(720)	856	-	-	-	222	61	(15)	(56)
533	1,758	1,758	-	-	-	-	-	-
12,379	30,343	17,893	(1,190)	(2,378)	(1,105)	(639)	(5)	(89)
13,425	28,657	15,797	(1,192)	(2,390)	(1,063)	(476)	(22)	(81)
-	(2)	(2)	-	-	-	-	-	-
13,425	28,655	15,795	(1,192)	(2,390)	(1,063)	(476)	(22)	(81)
(876) -	(2,032) (156)	(2,032) (156)	- -	- -	- -	- -	- -	- -
-	-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-	-
-	9	9	-	-	-	-	-	-
-	(6)	-	-	-	-	-	-	-
-	986	-	-	-	-	-	-	-
248	350	350	-	-	-	-	-	-
(71)	370	-	-	-	3	-	-	-
(3)	(23)	-	(23)	-	-	-	-	-
1,421	6,251	4,253	-	-	(125)	96	-	(34)
586	1,998	-	-	-	(125)	96	-	(34)
	4,253	4,253	-	-	-	-	-	-
835

Condensed Consolidated Statement of Cash Flows

Millions of euro	First nine months
	2023	2022
Profit for the period	5,088	2,291
Adjustments for:
Net impairment losses/(reversals) on trade receivables and other receivables	752	874
Depreciation, amortization and other impairment losses	4,994	6,026
Net financial (income)/expense	2,529	1,723
Net gains from equity-accounted investments	(31)	(55)
Income taxes	2,443	1,562

Changes in net working capital:	(2,817)	(8,405)
- inventories	353	(2,606)
- trade receivables	116	(5,762)
- trade payables	(6,092)	1,465
- other contract assets	(38)	(30)
- other contract liabilities	(71)	10
- other assets/liabilities	2,915	(1,482)
Interest and other financial expense and income paid and received(1)	(2,669)	(1,840)
Other changes	(274)	(1,175)
Cash flows from operating activities (A)(1)	10,015	1,001
of which discontinued operations	118	(522)
Investments in property, plant and equipment, intangible assets and non-current contract assets	(9,016)	(9,356)
Investments in entities (or business units) less cash and cash equivalents acquired	(17)	(1,241)
Disposals of entities (or business units) less cash and cash equivalents sold	173	139
(Increase)/Decrease in other investing activities	218	3
Cash flows used in investing activities (B)	(8,642)	(10,455)
of which discontinued operations	(199)	(143)
New long-term borrowing	4,288	15,493
Repayments of borrowings	(4,902)	(4,659)
Other changes in net financial debt	(4,028)	971
Collections/(Payments) associated with derivatives connected with borrowings(1)	60	(94)
Payments for acquisition of equity investments without change of control and other transactions in non-controlling interests	-	12
Issues/(Redemptions) of hybrid bonds	986	-
Sale/(Purchase) of treasury shares	-	(14)
Coupons paid to holders of hybrid bonds	(156)	(79)
Dividends and interim dividends paid	(4,992)	(4,706)
Cash flows from (used in) financing activities (C)(1)	(8,744)	6,924
of which discontinued operations	(54)	561
Impact of exchange rate fluctuations on cash and cash equivalents (D)	19	289
Increase/(Decrease) in cash and cash equivalents (A+B+C+D)	(7,352)	(2,241)
Cash and cash equivalents at the beginning of the period(2)	11,543	8,990
Cash and cash equivalents at the end of the period(3)	4,191	6,749

(1) The figures for the first nine months of 2022 have been adjusted, for comparative purposes only, to take account of the classification of realized financial income and expense connected solely with borrowings in foreign currency under a new item "Collections/(Payments) associated with derivatives connected with borrowings" in the section on cash flows from financing activities.

(2) Of which cash and cash equivalents equal to €11,041 million at January 1, 2023 (€8,315 million at January 1, 2022), short-term securities equal to €78 million at January 1, 2023 (€88 million at January 1, 2022), cash and cash equivalents pertaining to "Assets held for sale" in the amount of €98 million at January 1, 2023 (€44 million at January 1, 2022) and cash and cash equivalents pertaining to "Discontinued operations" equal to €326 million at January 1, 2023 (€543 million at January 1, 2022).

(3) Of which cash and cash equivalents equal to €3,756 million at September 30, 2023 (€6,169 million at September 30, 2022), short-term securities equal to €91 million at September 30, 2023 (€85 million at September 30, 2022), cash and cash equivalents pertaining to "Assets held for sale" in the amount of €142 million at September 30, 2023 (€32 million at September 30, 2022) and cash and cash equivalents pertaining to "Discontinued operations" equal to €202 million at September 30, 2023 (€463 million at September 30, 2022).

Notes to the condensed consolidated financial statements at September 30, 2023

1. Accounting policies and measurement criteria

The accounting standards adopted, the recognition and measurement criteria and the consolidation criteria and methods used for these condensed consolidated financial statements at September 30, 2023 are the same as those adopted for the consolidated financial statements at December 31, 2022 (please see the related report for more information) with the exception of new standards and a number of amendments to certain accounting standards. In particular, as from January 1, 2023 the following new standards and amendments of accounting standards have become applicable to the Enel Group.

• "Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies", issued in February 2021. The amendments are intended to support entities in deciding which accounting policies to disclose in the financial statements.

In this respect:

the amendments to "IAS 1 Presentation of Financial Statements" require companies to disclose their material accounting policy information rather than their significant accounting policies;
the amendments to "IFRS Practice Statement 2 Making Materiality Judgements" seek to provide a guide on how to apply the concept of materiality to disclosures of accounting policies.

In the absence of a definition of "significant" in the IFRSs, in the context of disclosures of accounting policies, the term has been replaced with "material". In this regard, the definition of material was changed in October 2018, and aligned with the IFRSs and the Conceptual Framework and, therefore, was largely understood by primary users of the financial statements. Disclosure of accounting policies in accordance with IAS 1 is material if, taken together with other information included in the financial statements, it can reasonably be expected to influence the decisions that the primary users of general purpose financial statements make on the basis of those financial statements.

In assessing the materiality of disclosures of accounting policies, it is appropriate to consider both the amount of the transactions, other events or conditions, and their nature. However, although a transaction, other event or condition – to which the disclosure of accounting policies refers – may be material, this does not imply that the corresponding disclosure is material for the purposes of the financial statements.

The amendments to IFRS Practice Statement 2 seek to illustrate how to assess whether the disclosure of an accounting policy is material for the purposes of the financial statements, providing guidance. These amendments aim to: (i) clarify that the assessment of the materiality of disclosures of accounting policies should follow the same guide applicable in the assessment of the materiality of other disclosures, thus considering both qualitative and quantitative factors; (ii) emphasize the importance of providing disclosures of accounting policies that are specific to the Group; (iii) provide examples of situations where generic or standardized information, which summarizes or duplicates the requirements of IFRSs, can be considered disclosures of material accounting policies.

The application of the amendments has not had a material impact in these condensed consolidated financial statements at September 30, 2023, but could influence disclosures on accounting policies in the consolidated financial statements at December 31, 2023.

• "Amendments to IAS 8 - Definition of Accounting Estimates", issued in February 2021. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The definition of changes in accounting estimates has been replaced with a definition of accounting estimates as "monetary amounts in financial statements that are subject to measurement uncertainty". In order to clarify the interaction between an accounting policy and an accounting estimate, IAS 8 was amended to state that an accounting policy could require the measurement of items in financial statements at monetary amounts that cannot be directly observed, and therefore must be estimated (since they involve uncertainty in the measurement).

In these circumstances, accounting estimates are made to achieve the objective established by the accounting policy, including the use of judgments and assumptions

based on the most recent reliable information available. The amendments explain how valuation techniques and inputs should be used to develop accounting estimates and establish that such techniques include both measurement and estimation techniques.

To provide greater guidance, the amendments clarify that the effects on an accounting estimate of a change in an input or valuation technique are changes in accounting estimates, unless they result from the correction of prior period errors. Furthermore, changes in accounting estimates resulting from new information are not corrections of errors.

The application of the amendments has not had a material impact in these condensed consolidated financial statements at September 30, 2023.

• "Amendments to IAS 12 - Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction", issued in May 2021. The amendments clarify that the exemption from initial recognition envisaged by the standard no longer applies to transactions that give rise to taxable and deductible temporary differences of the same amount.

The exemption from initial recognition under IAS 12 prohibits the recognition of deferred assets and liabilities relating to the initial recognition of assets or liabilities in a transaction that does not constitute a business combination, and does not affect either accounting or taxable income. The changes, as illustrated, have narrowed the scope of the exception.

For transactions (e.g., leases and decommissioning provisions) subject to the amendments, the associated deferred assets and liabilities shall be recognized from the beginning of the first comparative period presented, with any cumulative effect recognized as an adjustment to retained earnings (or other component of equity) at that date. In this regard, the application of the amendments did not have a significant impact on "Retained earnings" in the opening shareholders' equity of the Enel Group at January 1, 2022.

For more information, please see section 2.

"IFRS 17 Insurance Contracts", issued in May 2017 in replacement of IFRS 4, essentially defines the recognition, measurement, presentation and disclosure criteria for insurance contracts, including reinsurance contracts issued and held. The new standard:
- requires the provision of updated information on the obligations, risks and performance of insurance contracts;
- improves the transparency of financial information, providing greater confidence to investors and analysts in understanding the insurance sector;
- introduces a single accounting model for all insurance contracts.

The application of the amendments, as currently stands and in the light of the findings of the analyses performed so far, has not had a material impact in these condensed consolidated financial statements at September 30, 2023.

2. Restatement of comparative disclosures "IFRS 5 - Discontinued operations" and "IAS 12 - Income taxes"

The consolidated income statement and statement of consolidated comprehensive income in the condensed consolidated financial statements at September 30, 2023 have been adjusted to take account of:

• the presentation of discontinued operations as required by the "IFRS 5 - Non-current assets held for sale and discontinued operations". For more information, please refer to the note "Discontinued operations";

• the effects of the amendment to IAS 12, which entered

force as from January 1, 2023. It clarifies that the exemption from initial recognition envisaged by the standard no longer applies to transactions that give rise to taxable and deductible temporary differences of the same amount on lease and decommissioning transactions.

In addition, the amendment to IAS 12 also led to the adjustment of the consolidated statement of financial position at December 31, 2022.

Millions of euro	First nine months
	2022	IFRS 5	IAS 12	2022 restated
Total revenue	108,177	(2,655)	-	105,522
Total costs	104,759	(3,210)	-	101,549
Net results from commodity contracts	2,103	(9)	-	2,094
Operating profit	5,521	546	-	6,067
Financial income	6,940	(47)	-	6,893
Financial expense	8,924	(74)	-	8,850
Net income/(expense) from hyperinflation	261	-	-	261
Total net financial income/(expense)	(1,723)	27	-	(1,696)
Share of profit/(loss) of equity-accounted investments	55	-	-	55
Pre-tax profit	3,853	573	-	4,426
Income taxes	1,561	9	1	1,571
Profit/(Loss) from continuing operations	2,292	564	(1)	2,855
Attributable to owners of the Parent	1,759	283	(1)	2,041
Attributable to non-controlling interests	533	281	-	814
Loss from discontinued operations	-	(564)	-	(564)
Attributable to owners of the Parent	-	(283)	-	(283)
Attributable to non-controlling interests	-	(281)	-	(281)
Profit for the period (owners of the Parent and non-controlling interests)	2,292	-	(1)	2,291
Attributable to owners of the Parent	1,759	-	(1)	1,758
Attributable to non-controlling interests	533	-	-	533

EMARKET SDIR
CERTIFIED

Millions of euro	First nine months
	2022	IFRS 5	IAS 12	2022 restated
Profit for the period	2,292	-	(1)	2,291
Other comprehensive income (expense) that may be subsequently reclassified to profit or loss (net of taxes)
Effective portion of change in the fair value of cash flow hedges	(3,260)	(17)	-	(3,277)
Change in fair value of hedging costs	(62)	(5)	-	(67)
Share of the other comprehensive expense of equity-accounted investments	71	(13)	-	58
Change in the fair value of financial assets at FVOCI	(13)	-	-	(13)
Change in translation reserve	3,110	(228)	-	2,882
Cumulative other comprehensive income that may be subsequently reclassified to profit or loss in respect of non-current assets and disposal groups classified as held for sale/discontinued operations	-	263	-	263
Other comprehensive income (expense) that may not be subsequently reclassified to profit or loss (net of taxes)
Remeasurement of net assets for defined-benefit plans	293	(6)	-	287
Change in fair value of equity investments in other companies	(3)	-	-	(3)
Cumulative other comprehensive income that may not be subsequently reclassified to profit or loss in respect of non-current assets and disposal groups classified as held for sale/discontinued operations	-	6	-	6
Other comprehensive income for the period	136	-	-	136
Comprehensive income/(expense) for the period	2,428	-	(1)	2,427
Attributable to:
- owners of the Parent	2,615	-	(1)	2,614
- non-controlling interests	(187)	-	-	(187)

Millions of euro

	at Dec. 31, 2022	IAS 12	at Dec. 31, 2022 restated
ASSETS
Non-current assets
Property, plant and equipment	106,135	-	106,135
Goodwill	13,742	-	13,742
Equity-accounted investments	1,281	-	1,281
Other non-current assets	26,248	250	26,498
Total non-current assets	147,406	250	147,656
Current assets
Inventories	4,853	-	4,853
Trade receivables	16,605	-	16,605
Cash and cash equivalents	11,041	-	11,041
Other current assets	33,564	-	33,564
Total current assets	66,063	-	66,063
Assets classified as held for sale	6,149	6	6,155
TOTAL ASSETS	219,618	256	219,874
LIABILITIES AND EQUITY
Equity attributable to the owners of the Parent	28,657	(2)	28,655
Non-controlling interests	13,425	-	13,425
Total equity	42,082	(2)	42,080
Non-current liabilities
Long-term borrowings	68,191	-	68,191
Provisions and deferred tax liabilities	17,800	252	18,052
Other non-current liabilities	15,887	-	15,887
Total non-current liabilities	101,878	252	102,130
Current liabilities
Short-term borrowings and current portion of long-term borrowings	21,227	-	21,227
Trade payables	17,641	-	17,641
Other current liabilities	33,430	-	33,430
Total current liabilities	72,298	-	72,298
Liabilities included in disposal groups classified as held for sale	3,360	6	3,366
TOTAL LIABILITIES	177,536	258	177,794
TOTAL LIABILITIES AND EQUITY	219,618	256	219,874

The figures presented in the comments and the tables of the notes to these condensed consolidated financial statements at September 30, 2023 are uniform and comparable with each other.

3. Argentina - Hyperinflationary economy: impact of the application of IAS 29

As from July 1, 2018, the Argentine economy has been considered hyperinflationary based on the criteria established by "IAS 29 - Financial reporting in hyperinflationary economies". This designation is determined following an assessment of a series of qualitative and quantitative circumstances, including the presence of a cumulative inflation rate of more than 100% over the previous three years. For the purposes of preparing these condensed consolidated financial statements and in accordance with IAS 29, certain items of the balance sheets of the investees in Argentina have been remeasured by applying the general consumer price index to historical data in order to reflect changes in the purchasing power of the Argentine peso at the reporting date for those companies.

Bearing in mind that the Enel Group acquired control of the Argentine companies on June 25, 2009, the remeasurement of the non-monetary balance sheet figures was conducted by applying the inflation indices starting from that date. In addition to being already reflected in the opening balance sheet, the accounting effects of that remeasurement also include changes during the period. More specifically, the effect of the remeasurement of non-monetary items, the components of equity and the components of the income statement recognized in the first nine months of 2023 was recognized in a specific line of the income statement under financial income and expense. The associated tax effect was recognized in taxes for the period.

In order to also take account of the impact of hyperinflation on the exchange rate of the local currency, the income statement balances expressed in the hyperinflationary currency have been translated into the Group's presentation currency (euro) applying, in accordance with IAS 21, the closing exchange rate rather than the average rate for the period in order to adjust these amounts to current values.

The cumulative changes in the general price indices from December 31, 2018 to September 30, 2023 are shown in the following table:

Periods	Cumulative change in general consumer price index
From July 1, 2009 to December 31, 2018	346.30%
From January 1, 2019 to December 31, 2019	54.46%
From January 1, 2020 to December 31, 2020	35.41%
From January 1, 2021 to December 31, 2021	49.73%
From January 1, 2022 to December 31, 2022	97.08%
From January 1, 2023 to September 30, 2023	103.15%

In the first nine months of 2023, the application of IAS 29 generated net financial income from hyperinflation adjustments (gross of tax) of €289 million.

The following tables report the effects of IAS 29 on the balance at September 30, 2023 and the impact of hyperinflation on the main income statement items for the first nine months of 2023, differentiating between that concerning the revaluation on the basis of the general consumer price index and that due to the application of the closing exchange rate rather than the average exchange rate for the period in accordance with the provisions of IAS 21 for hyperinflationary economies.

Millions of euro
	Cumulative hyperinflation effect at Dec. 31, 2022	Hyperinflation effect for the period	Exchange differences	Change in consolidation scope	Cumulative hyperinflation effect at Sept. 30, 2023
Total assets	1,989	1,127	(974)	(108)	2,034
Total liabilities	555	400	(264)	(17)	674
Equity	1,434	727(1)	(710)	(91)	1,360

(1) The figure includes the profit for the first nine months of 2023, equal to €129 million.

Millions of euro	First nine months 2023
	IAS 29 effect	IAS 21 effect	Total effect
Revenue	206	(220)	(14)
Costs	281(1)	(226)(2)	55
Operating income	(75)	6	(69)
Net financial income/(expense)	(25)	21	(4)
Net income/(expense) from hyperinflation	289	-	289
Pre-tax profit/(loss)	189	27	216
Income taxes	60	42	102
Profit for the period (owners of the Parent and non-controlling interests)	129	(15)	114
Attributable to owners of the Parent	80	(59)	21
Attributable to non-controlling interests	49	44	93

(1) The figure includes the impact on depreciation, amortization and impairment losses of €35 million.

(2) The figure includes the impact on depreciation, amortization and impairment losses of €(7) million.

4. Main changes in the consolidation scope

At September 30, 2023, the scope of consolidation changed with respect to September 30, 2022 and December 31, 2022, as a result of the following main transactions.

2022

On January 3, 2022, Enel Produzione SpA acquired 100% of ERG Hydro Srl (subsequently renamed Enel Hydro Appennino Centrale Srl then merged into Enel Produzione SpA as from December 1, 2022), owner of generation plants with an installed capacity of about 527 MW and an annual output of approximately 1.5 TWh, for around €1,267 million; in December 2022, the identification of the fair value of the acquired assets and liabilities was completed, with the recognition of goodwill of approximately €349 million.
On February 17, 2022, Enel Green Power España acquired 100% of Stonewood Desarrollos SLU for about €14 million, representing the licenses acquired for the development and construction of photovoltaic systems. The acquisition had no impact on profit or loss.
On March 3, 2022, Enel X Germany sold its entire stake in Cremzow KG and Cremzow Verwaltungs for about €12 million.
On June 30, 2022, Enel Green Power SpA sold to Al Rayyan Holding LLC (controlled by the Qatar Investment Authority) 50% of its stake in EGP Matimba NewCo 1 Srl, indirect owner of six companies in South Africa with an installed capacity of about 740 MW, for about €108 million, which has been paid in full.
On July 25, 2022, Enel X Srl sold to Mooney SpA, for about €140 million, settled in the form of financial receivables, its entire stakes in Enel X Financial Services, CityPoste Payment, PayTipper and Junia Insurance and their subsidiaries.
On August 24, 2022, Enel Brasil SA, a subsidiary of Enel Américas, closed the sale of its entire stake in CGTF - Central Geradora Termelétrica Fortaleza SA to ENEVA SA for about €89 million. The transaction had a negative impact on profit or loss of about €210 million.
In the first nine months of 2022, Enel Green Power Romania acquired 100% of Prowind Windfarm Bogdanesti, Prowind Windfarm Deleni, Prowind Windfarm Ivesti and Prowind Windfarm Viisoara for a total of about €35 million.
On October 12, 2022, Enel finalized the sale of its entire stake in PJSC Enel Russia, equal to 56.43% of the latter's share capital, to PJSC Lukoil and the Closed Combined Mutual Investment Fund "Gazprombank-Frezia", for a total of about €137 million. The transaction had a negative impact on operating profit of around €1.5 billion, mainly reflecting the release of a currency translation reserve of about €1 billion and an impairment adjustment of €497 million.
On December 9, 2022, Enel Chile SA finalized the sale of its entire 99.09% stake in the share capital of listed Chilean power transmission company Enel Transmisión Chile SA to Sociedad Transmisora Metropolitana SpA, controlled by Inversiones Grupo Saesa Ltda, for about €1.3 billion. The transaction generated a capital gain of about €1.1 billion.
On December 22, 2022, Enel closed the sale of a 50% quota in its wholly-owned subsidiary Gridspertise Srl to the international private equity fund CVC Capital Part-

ners Fund VIII for a total of approximately €300 million. The transaction involved the recognition of a capital gain of €261 million and the remeasurement to fair value of the residual holding in the amount of €259 million.

• On December 23, 2022, Enel Green Power India Private Limited finalized an agreement with Norfund following which the latter made an investment in Avikiran Surya India Private Limited by subscribing shares issued by the company totaling 49% of the paid-up share capital. The transaction had a negative impact of about €4 million on profit or loss, of which €2 million from the remeasurement at fair value of the residual interest and a capital loss of €2 million.

2023

On February 17, 2023, the Enel Group, through its subsidiary Enel Argentina, closed the deal for the sale to energy company Central Puerto SA of the Group's stake in the thermal generation company Enel Generación Costanera for €42 million, which have been collected in full. The transaction resulted in the recognition of a capital loss of €132 million.
On April 14, 2023, the Enel Group completed the sale to YPF and Pan American Sur SA of the shares held in Inversora Dock Sud SA and Central Dock Sud SA, for a total

Sale of Enel Generación Costanera

On February 17, 2023, the Enel Group sold its stake in the thermal generation company Enel Generación Costanera for €42 million, which have been collected in full.

• On December 29, 2022, Enel Brasil SA, a subsidiary of Enel Américas SA, finalized the sale of its entire stake in the Brazilian power distribution company Celg Distribuição SA - Celg-D (Enel Goiás), equal to about 99.9% of the latter's share capital, to Equatorial Participações e Investimentos SA, a subsidiary of Equatorial Energia SA, for a total of about €1.5 billion (of which about €269 million for the equity portion and about €1.2 billion as repayment of intercompany loans). The transaction had a negative impact on profit or loss of about €1 billion mainly reflecting the release of a currency translation reserve associated with the net assets sold.

of €48 million. The transaction had a negative impact on profit or loss of about €194 million.

• On September 29, 2023, the Enel Group, acting through its subsidiary Enel Green Power SpA, finalized the sale of 50% of the two companies that own all of the Group's renewables operations in Australia, specifically Enel Green Power Australia (Pty) Ltd and Enel Green Power Australia Trust, to INPEX Corporation, for a total of €142 million. The operation resulted in the recognition of a gain of €103 million.

Millions of euro
Sale price	42
Total net assets sold	(39)
Release of OCI reserve	(135)
Gain/(Loss) on sale	(132)

Sale of Inversora Dock Sud SA and Central Dock Sud SA

On April 14, 2023, the Enel Group completed the sale of shares held in the thermal generation companies Inversora Dock Sud SA and Central Dock Sud SA for €48 million, collected in full.

Millions of euro
Sale price	48
Total net assets sold	(48)
Release of OCI reserve	(194)
Gain/(Loss) on sale	(194)

Sale of 50% of Enel Green Power Australia

On September 29, 2023, the Enel Group, acting through its subsidiary Enel Green Power SpA, finalized the sale of 50% of the two companies that own all of the Group's renewables operations in Australia, specifically Enel Green Power Australia (Pty) Ltd and Enel Green Power Australia Trust, to INPEX Corporation, for a total of €142 million.

Millions of euro
Sale price	142
Total net assets sold	(63)
Release of OCI reserve	(55)
Remeasurement at fair value of residual interest (50%)	79
Gain/(Loss) on sale	103

5. Discontinued operations

Within the European area, the Enel Group has decided to dispose of important business lines, particularly in Russia (sold in 2022), Romania and Greece. Due to the fact that all discontinued assets and assets in the process of being discontinued represent a significant part of a geographical area in which the Group operates, the results relating to these assets have been classified in accordance with the provisions of IFRS 5 in a separate line of the consolidated income statement denominated "Profit/(Loss) from discontinued operations".

Note that the performance figures for Russia are included exclusively in the comparative figure for the first nine months of 2022 as the sale was completed last year.

In accordance with the provisions of IFRS 5, which governs the presentation in the financial statements of profit or loss and the disclosures to be provided in the explanatory note on non-current assets held for sale and discontinued operations, the income statement below reports the results of discontinued operations for 2023 and 2022.

The items are shown net of intercompany transactions which have been completely eliminated.

Millions of euro	First nine months
	2023	2022	Change
Revenue	2,346	2,664	(318)
Costs	2,153	3,210	(1,057)
Operating profit/(loss)	193	(546)	739
Financial income/(expense)	(32)	(27)	(5)
Pre-tax profit/(loss) from discontinued operations	161	(573)	734
Income taxes	11	(9)	20
Profit/(Loss) from discontinued operations	150	(564)	714

The following provides a breakdown by country:

Millions of euro		First nine months		First nine months
	2023	Greece	Romania	2022	Russia	Greece	Romania
Total revenue	2,346	87	2,259	2,664	285	91	2,288
Costs	1,938	56	1,882	2,705	239	48	2,418
Impairment	215	-	215	505	505	-	-
Total costs	2,153	56	2,097	3,210	744	48	2,418
Operating profit/(loss)	193	31	162	(546)	(459)	43	(130)
Financial income/(expense)	(32)	(15)	(17)	(27)	(9)	(19)	1
Pre-tax profit/(loss) from discontinued operations	161	16	145	(573)	(468)	24	(129)
Current taxes	49	1	48	(9)	8	6	(23)
Deferred tax income and expense	(38)	-	(38)	-	-	-	-
Income taxes	11	1	10	(9)	8	6	(23)
Profit/(Loss) from discontinued operations	150	15	135	(564)	(476)	18	(106)

In accordance with the provisions of IFRS 5, the facts and circumstances that led to the reclassification are described below.

Russia

On October 12, 2022, Enel SpA closed the sale of the entire stake held in PJSC Enel Russia. Upon completion of the sale, Enel sold all power generation assets in Russia, which include approximately 5.6 GW of conventional capacity and approximately 300 MW of wind capacity at various stages of development, ensuring continuity for its employees and customers.

The performance figures for Russia are included exclusively in the comparative figures for the first nine months of 2022.

Romania

Following the agreements signed on December 14, 2022, February 4, 2023, and March 9, 2023, on October 25, 2023, Enel SpA finalized the sale of all the equity stakes held by the Enel Group in Romania to the Greek company Public Power Corporation SA (PPC).

In accordance with the terms of the agreement, PPC paid a total of about €1,240 million.

For more information, please see the section "Subsequent events".

Greece

On July 26, 2023, Enel Green Power signed an agreement with Macquarie Asset Management, acting through Macquarie Green Investment Group Renewable Energy Fund 2, for the sale of 50% of Enel Green Power Hellas in Greece.

The status of the negotiations under way suggests that a sale is highly probable. Accordingly, the requirements established by "IFRS 5 - Non-current assets held for sale and discontinued operations" have been met for the classification of the Greek assets as "discontinued operations".

The transaction is expected to close during the 4th Quarter of 2023.

For more details on the financial position by business line and geographical area of assets classified as discontinued operations, please see the section "Performance by primary segment (Business Line) and secondary segment (Geographical Area)".

The details of cash flows relating to discontinued operations are provided below, as already separately shown in the consolidated statement of cash flows.

Millions of euro	First nine months
	2023	2022	Change
Cash flow from operating activities - discontinued operations	118	(522)	640
Cash flow used in investing activities - discontinued operations	(199)	(143)	(56)
Cash flow from/(used) in financing activities - discontinued operations	(54)	561	(615)
Cash flow - discontinued operations	(135)	(104)	(31)

6. Performance and financial position by primary segment (Business Line) and secondary segment (Geographical Area)

The presentation of performance and financial position by business line presented here is based on the approach used by management in monitoring Group performance for the two periods being compared. For more information on the developments in performance and financial position that characterized the period under review, please see the appropriate sections of the Report on Operations.

Performance by primary segment (Business Line)

First nine months of 2023(1)

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End user Markets	Enel X	Holding, Services and Other	Total reporting segment	Eliminations and adjustments	Total
Revenue and other income from third parties	13,696	5,714	12,873	35,801	1,311	139	69,534	-	69,534
Revenue and other income from transactions with other segments	15,083	2,282	2,319	1,725	30	1,467	22,906	(22,906)	-
Total revenue	28,779	7,996	15,192	37,526	1,341	1,606	92,440	(22,906)	69,534
Total costs	24,588	4,583	9,447	33,074	1,085	2,101	74,878	(22,903)	51,975
Net results from commodity contracts	(1,752)	13	-	(598)	(1)	(1)	(2,339)	-	(2,339)
Depreciation and amortization	579	1,179	2,182	376	133	200	4,649	-	4,649
Impairment losses	4	55	65	786	13	3	926	-	926
Impairment gains	(35)	(13)	(60)	(80)	(2)	-	(190)	-	(190)
Operating profit/(loss)	1,891	2,205	3,558	2,772	111	(699)	9,838	(3)	9,835
Capital expenditure	460(2)	3,724(3)	3,724(4)	414(5)	279(6)	158(7)	8,759	-	8,759

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments. Other income and costs for the period have been treated analogously.

(2) Does not include €13 million regarding units classified as "held for sale" or "discontinued operations".

(3) Does not include €384 million regarding units classified as "held for sale" or "discontinued operations".

(4) Does not include €181 million regarding units classified as "held for sale" or "discontinued operations".

(5) Does not include €8 million regarding units classified as "held for sale" or "discontinued operations".

(6) Does not include €18 million regarding units classified as "held for sale" or "discontinued operations".

(7) Does not include €1 million regarding units classified as "held for sale" or "discontinued operations".

First nine months of 2022(1) (2)

	Thermal Generation	Enel Green	Enel	End user		Holding, Services and	Total reporting	Eliminations and
Millions of euro	and Trading	Power	Grids	Markets	Enel X	Other	segment	adjustments	Total
Revenue and other income from third parties	40,823	4,649	13,135	45,080	1,688	147	105,522	-	105,522
Revenue and other income from transactions with other segments	16,666	1,864	2,423	3,718	32	1,456	26,159	(26,159)	-
Total revenue	57,489	6,513	15,558	48,798	1,720	1,603	131,681		(26,159) 105,522
Total costs	53,761	4,723	10,271	49,790	1,171	1,734	121,450	(26,161)	95,289
Net results from commodity contracts	499	178	-	1,413	(12)	(12)	2,066	28	2,094
Depreciation and amortization	608	1,060	2,115	345	140	187	4,455	-	4,455
Impairment losses	98	29	956	846	27	17	1,973	-	1,973
Impairment gains	(4)	(1)	(65)	(93)	(5)	-	(168)	-	(168)
Operating profit/(loss)	3,525	880	2,281	(677)	375	(347)	6,037	30	6,067
Capital expenditure	499(3)	3,973(4)	3,866(5)	581	228(6)	162	9,309	-	9,309

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments. Other income and costs for the period have been treated analogously.

(3) Does not include €1 million regarding units classified as "held for sale" or "discontinued operations".

(4) Does not include €42 million regarding units classified as "held for sale" or "discontinued operations".

(5) Does not include €2 million regarding units classified as "held for sale" or "discontinued operations".

(6) Does not include €2 million regarding units classified as "held for sale" or "discontinued operations".

Performance by secondary sector (Geographical Area)

First nine months of 2023(1)

Millions of euro	Italy	Iberia	Latin America	Europe	North America	Africa, Asia and Oceania	Other, eliminations and adjustments	Total
Revenue and other income from third parties	34,903	19,172	13,696	54	1,373	177	159	69,534
Revenue and other income from transactions with other segments	141	9	185	5	25	2	(367)	-
Total revenue	35,044	19,181	13,881	59	1,398	179	(208)	69,534
Total costs	27,133	13,534	10,300	61	883	137	(73)	51,975
Net results from commodity contracts	99	(2,375)	54	-	(126)	1	8	(2,339)
Depreciation and amortization	1,695	1,388	1,018	2	367	39	140	4,649
Impairment losses	384	304	206	1	29	-	2	926
Impairment gains	(11)	(134)	(39)	-	-	(5)	(1)	(190)
Operating profit/(loss)	5,942	1,714	2,450	(5)	(7)	9	(268)	9,835
Capital expenditure	3,916(2)	1,504	2,430(3)	2(4)	760	10(5)	137	8,759

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

(2) Does not include €199 million regarding units classified as "held for sale" or "discontinued operations".

(3) Does not include €101 million regarding units classified as "held for sale" or "discontinued operations".

(4) Does not include €184 million regarding units classified as "held for sale" or "discontinued operations".

(5) Does not include €121 million regarding units classified as "held for sale" or "discontinued operations".

First nine months of 2022(1) (2)

Millions of euro	Italy	Iberia	Latin America	Europe	North America	Africa, Asia and Oceania	Other, eliminations and adjustments	Total
Revenue and other income from third parties	64,601	24,543	14,247	54	1,436	204	437	105,522

Revenue and other income from transactions with other segments	243	23	239	(26)	25	2	(506)	-
Total revenue	64,844	24,566	14,486	28	1,461	206	(69)	105,522
Total costs	64,035	19,525	11,003	44	858	132	(308)	95,289
Net results from commodity contracts	3,767	(1,641)	69	31	(110)	(13)	(9)	2,094
Depreciation and amortization	1,618	1,293	1,043	2	306	57	136	4,455
Impairment losses	514	283	1,150	1	11	-	14	1,973
Impairment gains	(2)	(157)	(6)	(1)	-	-	(2)	(168)
Operating profit	2,446	1,981	1,365	13	176	4	82	6,067
Capital expenditure	3,056	1,448	2,661(3)	143(4)	1,713	95(5)	193(6)	9,309

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

(3) Does not include €1 million regarding units classified as "held for sale" or "discontinued operations".

(4) Does not include €4 million regarding units classified as "held for sale" or "discontinued operations".

(5) Does not include €40 million regarding units classified as "held for sale" or "discontinued operations".

(6) Does not include €2 million regarding units classified as "held for sale" or "discontinued operations".

Financial position by primary segment (Business Line)

At September 30, 2023

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other	Total reporting segment	Eliminations and adjustments	Total
Property, plant and equipment	8,301	44,727	41,848	200	644	851	96,571	(2)	96,569
Intangible assets	279	6,240	20,006	4,230	701	595	32,051	-	32,051
Non-current and current contract assets	20	56	609	-	97	59	841	(2)	839
Trade receivables	5,442	3,582	7,886	6,972	754	953	25,589	(8,585)	17,004
Other	5,463	573	3,280	2,162	420	1,430	13,328	(4,059)	9,269
Operating assets	19,505(1)	55,178(2)	73,629(3)	13,564(4)	2,616(5)	3,888(6)	168,380	(12,648)	155,732

Trade payables	4,360	3,277	3,536	6,911	609	1,022	19,715	(8,084)	11,631
Non-current and current contract liabilities	57	215	7,648	16	5	8	7,949	(31)	7,918
Sundry provisions	4,807	963	3,403	502	97	1,105	10,877	(61)	10,816
Other	3,687	1,465	10,595	4,802	194	1,821	22,564	(4,977)	17,587
Operating liabilities	12,911(7)	5,920(8)	25,182(9)	12,231(10)	905(11)	3,956(12)	61,105	(13,153)	47,952

(1) Of which €647 million regarding units classified as "held for sale" or "discontinued operations".

(2) Of which €3,694 million regarding units classified as "held for sale" or "discontinued operations".

(3) Of which €4,267 million regarding units classified as "held for sale" or "discontinued operations".

(4) Of which €1,020 million regarding units classified as "held for sale" or "discontinued operations".

(5) Of which €150 million regarding units classified as "held for sale" or "discontinued operations". (6) Of which €2 million regarding units classified as "held for sale" or "discontinued operations".

(7) Of which €126 million regarding units classified as "held for sale" or "discontinued operations".

(8) Of which €344 million regarding units classified as "held for sale" or "discontinued operations".

(9) Of which €990 million regarding units classified as "held for sale" or "discontinued operations".

(10) Of which €241 million regarding units classified as "held for sale" or "discontinued operations".

(11) Of which €19 million regarding units classified as "held for sale" or "discontinued operations".

(12) Of which €5 million regarding units classified as "held for sale" or "discontinued operations".

At December 31, 2022

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other	Total reporting segment	Eliminations and adjustments	Total
Property, plant and equipment	8,530	41,519	40,377	44	553	805	91,828	(3)	91,825
Intangible assets	397	5,723	20,035	4,172	647	623	31,597	-	31,597
Non-current and current contract assets	-	50	500	-	72	53	675	(11)	664
Trade receivables	7,667	3,730	5,706	8,426	618	1,304	27,451	(9,715)	17,736
Other	7,928	540	2,551	2,716	480	2,535	16,750	(7,897)	8,853
Operating assets	24,522(1)	51,562(2)	69,169(3)	15,358(4)	2,370(5)	5,320	168,301	(17,626)	150,675

51,252
15,554
9,671
7,964
18,063

(1) Of which €190 million regarding units classified as "held for sale" or "discontinued operations".

(2) Of which €1,951 million regarding units classified as "held for sale" or "discontinued operations".

(3) Of which €1,855 million regarding units classified as "held for sale" or "discontinued operations".

(4) Of which €1,160 million regarding units classified as "held for sale" or "discontinued operations".

(5) Of which €80 million regarding units classified as "held for sale" or "discontinued operations".

(6) Of which €87 million regarding units classified as "held for sale" or "discontinued operations".

(7) Of which €185 million regarding units classified as "held for sale" or "discontinued operations".

(8) Of which €390 million regarding units classified as "held for sale" or "discontinued operations".

(9) Of which €476 million regarding units classified as "held for sale" or "discontinued operations". (10) Of which €11 million regarding units classified as "held for sale" or "discontinued operations".

(11) Of which €4 million regarding units classified as "held for sale" or "discontinued operations".

Financial position by secondary segment (Geographical Area)

At September 30, 2023

Millions of euro	Italy	Iberia	Latin America	Europe	North America	Africa, Asia and Oceania	Other, eliminations and adjustments	Total
Property, plant and equipment	32,859	23,160	23,382	2,269	14,307	491	101	96,569
Intangible assets	3,141	16,204	11,017	339	588	119	643	32,051
Non-current and current contract assets	61	21	459	218	44	17	19	839
Trade receivables	6,829	4,146	4,875	1,029	263	71	(209)	17,004
Other	4,524	2,558	1,562	257	344	26	(2)	9,269
Operating assets	47,414(1)	46,089	41,295(2)	4,112(3)	15,546(4)	724(5)	552	155,732

Trade payables	5,722	2,204	3,616	269	704	75	(959)	11,631
Non-current and current contract liabilities	4,267	3,195	48	448	-	-	(40)	7,918
Sundry provisions	3,666	3,619	2,619	107	111	19	675	10,816
Other	7,710	2,932	4,329	536	2,050	36	(6)	17,587
Operating liabilities	21,365(6)	11,950	10,612(7)	1,360(8)	2,865(9)	130(10)	(330)	47,952

(1) Of which €479 million regarding units classified as "held for sale" or "discontinued operations".

(2) Of which €4,974 million regarding units classified as "held for sale" or "discontinued operations".

(3) Of which €4,025 million regarding units classified as "held for sale" or "discontinued operations".

(4) Of which €256 million regarding units classified as "held for sale" or "discontinued operations".

(5) Of which €46 million regarding units classified as "held for sale" or "discontinued operations". (6) Of which €89 million regarding units classified as "held for sale" or "discontinued operations".

(7) Of which €394 million regarding units classified as "held for sale" or "discontinued operations".

(8) Of which €1,235 million regarding units classified as "held for sale" or "discontinued operations".

(9) Of which €4 million regarding units classified as "held for sale" or "discontinued operations".

(10) Of which €3 million regarding units classified as "held for sale" or "discontinued operations".

At December 31, 2022

Italy	Iberia	Latin America	Europe	North America	Africa, Asia and Oceania	Other, eliminations and adjustments	Total
30,327	23,167	21,099	2,397	13,722	1,002	111	91,825
3,200	16,173	10,534	331	602	129	628	31,597
73	9	493	48	19	16	6	664
7,086	4,369	5,037	1,127	268	66	(217)	17,736
4,947	2,929	1,498	294	250	63	(1,128)	8,853
45,633(1)	46,647	38,661(2)	4,197(3)	14,861	1,276(4)	(600)	150,675
9,595	3,220	4,813	483	1,261	119	(1,428)	18,063
4,188	3,351	35	443	-	1	(54)	7,964

Operating liabilities	21,114(5)	13,173	11,706(6)	1,632(7)	3,251	218(8)	158	51,252
Other	4,323	3,144	4,480	637	1,893	66	1,011	15,554
Sundry provisions	3,008	3,458	2,378	69	97	32	629	9,671

(1) Of which €251 million regarding units classified as "held for sale" or "discontinued operations".

(2) Of which €307 million regarding units classified as "held for sale" or "discontinued operations".

(3) Of which €4,125 million regarding units classified as "held for sale" or "discontinued operations".

(4) Of which €553 million regarding units classified as "held for sale" or "discontinued operations".

(5) Of which €64 million regarding units classified as "held for sale" or "discontinued operations".

(6) Of which €76 million regarding units classified as "held for sale" or "discontinued operations".

(7) Of which €961 million regarding units classified as "held for sale" or "discontinued operations".

(8) Of which €52 million regarding units classified as "held for sale" or "discontinued operations".

The following table reconciles segment assets and liabilities and the consolidated figures.

Millions of euro
	at Sept. 30, 2023	at Dec. 31, 2022
Total assets	200,457	219,874
Equity-accounted investments	1,548	1,281
Other non-current financial assets	12,259	12,329
Non-current tax assets included in "Other non-current assets"	1,402	1,674
Other current financial assets	12,579	28,583
Cash and cash equivalents	3,756	11,041
Deferred tax assets(1)	9,505	11,175
Tax assets	2,985	2,159
Financial and tax assets of "Assets held for sale"(1)	691	957
Segment assets	155,732	150,675

Total liabilities	151,909	177,794
Long-term borrowings	60,941	68,191
Non-current financial derivative liabilities	3,491	5,895
Other non-current financial liabilities	-	-
Short-term borrowings	6,921	18,392
Current portion of long-term borrowings	9,507	2,835
Other current financial liabilities	8,064	16,994
Deferred tax liabilities(1)	8,843	9,794
Income tax liabilities	2,069	1,623
Other tax liabilities	1,774	1,048
Financial and tax liabilities of "Liabilities held for sale"(1)	2,347	1,770
Segment liabilities	47,952	51,252

(1) The figures at December 31, 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

Information on the condensed consolidated income statement

Revenue

7.a Revenue – €69,534 million

Millions of euro	First nine months
	2023	2022(1)		Change
Sale of electricity	39,537	54,160	(14,623)	-27.0%
Transport of electricity	8,432	8,171	261	3.2%
Fees from network operators	987	633	354	55.9%
Transfers from institutional market operators	1,138	971	167	17.2%
Sale and transport of gas	5,806	6,321	(515)	-8.1%
Sale of fuels	1,779	4,149	(2,370)	-57.1%
Connection fees to electricity and gas networks	648	608	40	6.6%
Construction contracts	743	1,253	(510)	-40.7%
Sale of environmental certificates	86	65	21	32.3%
Sale of value-added services	1,193	996	197	19.8%
Other sales and services	624	799	(175)	-21.9%
Total IFRS 15 revenue	60,973	78,126	(17,153)	-22.0%
Sale of commodities under contracts with physical settlement	5,258	30,219	(24,961)	-82.6%
Fair value gain/(loss) on commodity sales contracts with physical settlement closed during the period	1,822	(4,389)	6,211	-
Grants for environmental certificates	261	150	111	74.0%
Sundry reimbursements	212	206	6	2.9%
Gain on sale of subsidiaries, associates, joint ventures, joint operations and non-current assets held for sale	210	305	(95)	-31.1%
Gain on sale of property, plant and equipment and intangible assets	21	26	(5)	-19.2%
Other revenue	777	879	(102)	-11.6%
Total revenue	69,534	105,522	(35,988)	-34.1%

In the first nine months of 2023, revenue from the "sale of electricity" amounted to €39,537 million, a decrease of €14,623 million compared with the same period of the previous year (-27.0%). The decrease mainly reflects lower sales volumes against a background of decreasing electricity sales prices, mainly in Italy (€8,963 million) and Spain (€5,775 million), reflecting the stabilization of markets.

The decrease in revenue from the "sale and transport of gas" (-€515 million compared with the first nine months of 2022) is mainly attributable to a decrease in quantities mainly in Spain (€609 million) and a decline in wheeling revenue, mainly as a result of the application of the rate component in favor of end users provided for in the Regulatory Authority for Energy, Networks and the Environment (ARERA) Resolution no. 148/2022/R/gas in Italy. These factors were partly offset by the adjustment of offers to market prices (through indexing or amendment of contract terms).

Revenue from the "sale of fuel" decreased by €2,370 million, reflecting the decline in gas sales prices. This factor was partly offset by an increase in sales in Spain.

The decrease in the "sale of commodities under contracts with physical settlement" measured at fair value through profit or loss within the scope of IFRS 9 (€24,961 million), partly offset by the positive movement in the results from the measurement of contracts settled compared with the first nine months of 2022 (+€6,211 million), mainly regards the sale of gas.

The following table shows the net gain or loss on contracts for the sale or purchase of commodities with physical settlement measured at fair value through profit or loss within the scope of IFRS 9.

Millions of euro	First nine months
	2023	2022	Change
Fair value gain/(loss) on contracts for energy commodities with physical
settlement (within the scope of IFRS 9) closed in the period Sales contracts
Sale of electricity	962	4,318	(3,356)	-77.7%
Fair value gain/(loss) on closed contracts	267	(868)	1,135	-
Total electricity	1,229	3,450	(2,221)	-64.4%

Sale of gas	4,257	25,097	(20,840)	-83.0%
Fair value gain/(loss) on closed contracts	1,550	(3,593)	5,143	-
Total gas	5,807	21,504	(15,697)	-73.0%

Sale of emissions allowances	5	803	(798)	-99.4%
Fair value gain/(loss) on closed contracts	7	72	(65)	-90.3%
Total emissions allowances	12	875	(863)	-98.6%

Sale of guarantees of origin	34	1	33	-
Fair value gain/(loss) on closed contracts	(2)	-	(2)	-
Total guarantees of origin	32	1	31	-
Total revenue	7,080	25,830	(18,750)	-72.6%

Purchase contracts
Purchase of electricity Fair value gain/(loss) on closed contracts	2,181 336	4,677 (402)	(2,496) 738	-53.4% -
Total electricity	2,517	4,275	(1,758)	-41.1%

Purchase of gas	5,481	26,756	(21,275)	-79.5%
Fair value gain/(loss) on closed contracts	1,246	(2,520)	3,766	-
Total gas	6,727	24,236	(17,509)	-72.2%

Purchase of emissions allowances	50	943	(893)	-94.7%
Fair value gain/(loss) on closed contracts	(3)	54	(57)	-
Total emissions allowances	47	997	(950)	-95.3%

Purchase of guarantees of origin	67	6	61	-
Fair value gain/(loss) on closed contracts	49	(1)	50	-
Total guarantees of origin	116	5	111	-

Total costs Net revenue/(costs) on contracts for energy commodities with physical	9,407	29,513	(20,106)	-68.1%
settlement closed in the period	(2,327)	(3,683)	1,356	36.8%
Gain/(Loss) from measurement of outstanding contracts for energy
commodities with physical settlement (IFRS 9)
Sales contracts
Electricity	225	(261)	486	-
Gas	(515)	(17,335)	16,820	97.0%
Emissions allowances	230	623	(393)	-63.1%
Guarantees of origin	(1)	(15)	14	93.3%
Total	(61)	(16,988)	16,927	99.6%
Purchase contracts Electricity	278	2,014	(1,736)	-86.2%
Gas	75	(20,233)	20,308	-
Emissions allowances	128	464	(336)	-72.4%
Guarantees of origin	29	96	(67)	-69.8%
Total	510	(17,659)	18,169	-
Gain/(Loss) from measurement of outstanding contracts for energy
commodities with physical settlement (IFRS 9)	(571)	671	(1,242)	-

TOTAL NET REVENUE/(COSTS) ON CONTRACTS WITH PHYSICAL SETTLEMENT (IFRS 9)	(2,898)	(3,012)	114	3.8%

The gain on sale of entities in the first nine months of 2023 amounted to €210 million, mainly accounted for by the income recognized by Enel CIEN (in Brazil) of €99 million for the end-of-concession indemnity received for the takeover of the concession by another entity and the overall income of €104 million from the partial sale with loss of control of assets held in Australia. At September 30, 2022 the item reported the gain of €220 million from the sale of Ufinet and the sale by Enel X Srl of companies operating in the financial industry to Mooney (€67 million).

Costs

7.b Costs – €57,360 million

Millions of euro	First nine months
	2023	2022(1)		Change
Electricity purchases	18,283	38,078	(19,795)	-52.0%
Consumption of fuel for electricity generation	5,008	6,661	(1,653)	-24.8%
Fuel for trading and gas for sale to end users	9,887	30,925	(21,038)	-68.0%
Materials	1,668	2,541	(873)	-34.4%
Personnel	3,719	3,459	260	7.5%
Services, leases and rentals	11,280	12,261	(981)	-8.0%
Depreciation, amortization and impairment losses	5,385	6,260	(875)	-14.0%
Costs of environmental certificates	2,070	2,066	4	0.2%
Other costs connected with electrical and gas system	275	18	257	-
Other charges for taxes and duties	896	855	41	4.8%
Capital losses and other charges on the sale of equity investments	365	148	217	-
Extraordinary solidarity levies	208	-	208	-
Other operating expenses	565	457	108	23.6%
Capitalized costs	(2,249)	(2,180)	(69)	-3.2%
Total	57,360	101,549	(44,189)	-43.5%

"Electricity purchases" decreased due to a decrease in volumes purchased and a decline in average prices compared with the first nine months of 2022, mainly in Italy (€15,299 million) and Spain (€4,223 million). The item includes the result of the fair value measurement of contracts for the purchase of electricity with physical settlement closed in the first nine months of 2023, which registered an increase of €738 million on the same period of 2022.

The decrease in "consumption of fuel for electricity generation" mainly reflects a decrease in average provisioning prices on the same period of 2022, notably in Italy and Spain.

The decrease in costs for "fuel for trading and gas for sale to end users" essentially reflects commodity price effects, gas in particular, and developments in volumes handled, mainly in Italy and Spain. This decrease also reflected the impact (€845 million) of the renegotiation of natural gas supply contracts with the Algerian state oil company Sonatrach.

The item includes the results from the fair value measurement of gas purchase contracts with physical settlement closed in the first nine months of 2023, which increased by €3,766 million compared with the corresponding period of 2022.

The decrease in costs for "materials" was mainly due to a decline in purchases of CO2 allowances as a result of a decrease in thermal generation.

In the first nine months of 2023, "personnel" costs amounted to €3,719 million, an increase of €260 million (+7.5%).

The change mainly reflects an increase in costs for salaries, wages and other remuneration personnel (€131 million), mainly due to new hiring in Italy and Spain, and an increase in costs linked to the adjustment of provisions for early retirement incentives in Italy (€106 million).

The Enel Group workforce at September 30, 2023 numbered 65,212, of whom 33,358 were employed outside

Italy. In the first nine months of 2023, the Group workforce increased by 88, reflecting the positive balance between new hires and terminations (+633) and the change in the consolidation scope (-545), mainly connected with:

the sale of Enel Generación Costanera in Argentina;
the sale of Central Dock Sud SA in Argentina;
the sale of USME ZE SAS and Fontibón ZE SAS in Colombia;
the sale of Avikiran Solar India Private Limited in India;
the sale of Enel Green Power Australia in Australia.

The overall change compared with December 31, 2022 breaks down as follows:

Balance at December 31, 2022	65,124
Hirings	3,383
Terminations	(2,750)
Change in consolidation scope	(545)
Balance at September 30, 2023	65,212

The decrease of €981 million in costs for "services, leases and rentals" compared with the first nine months of 2022 mainly reflected:

a decrease of €653 million in costs for wheeling, mainly in Italy as a result the application of the rate component in favor of end users provided for in ARERA Resolution no. 148/2022/R/gas, and in Spain as a reduction in rates;
a decrease in costs for service concessions in Brazil (€195 million);
a decrease in costs for services connected with the electricity and gas business.

The decrease in "depreciation, amortization and impairment losses" in the first nine months of 2023 essentially reflects:

a decrease in impairment losses on trade receivables, mainly in Italy;
impairment losses recognized on the net assets of Celg Distribuição SA - Celg-D (Enel Goiás) (€824 million) and impairment losses recognized on CGT Fortaleza in Brazil (€73 million) in 2022.

These effects were partly offset:

• by an increase in greater depreciation and amortization of property, plant and equipment and intangible assets as a result of new investment, especially in the renewable energy and distribution sectors;

• by impairment losses recognized on certain geothermal and solar companies in North America (€33 million).

"Other costs connected with electrical and gas system" increased by €257 million, essentially due to an increase in the impact of the Bono Social subsidy scheme in Spain (€246 million), primarily reflecting the effect of the grant in 2022 on compensation of €152 million following ruling no. 202/2022 of the Supreme Court.

"Capital losses and other charges on the sale of equity investments" in the first nine months of 2023 essentially include the capital losses on the sale of Enel Generación Costanera (€132 million) and Central Dock Sud (€194 million). The figure for the first nine months of 2022 mainly reflected the loss on the sale of CGT Fortaleza in Brazil (€134 million).

"Extraordinary solidarity levies" regard the tax recognized in the first nine months of 2023 in Spain (€208 million) following the enactment of Law 38 of December 27, 2022.

The increase in "other operating expenses" essentially reflects the rise in provisions for risks and charges recognized by Enel Insurance (€99 million).

7.c Net results from commodity contracts – €(2,339) million

Net results from commodity contracts showed net expense of €2,339 million in the first nine months of 2023 (net income of €2,094 in the same period of 2022) and break down as follows:

• net expense from commodity derivatives in the amount of €1,768 million (net income of €1,424 million in the first nine months of 2022), relating to derivatives designated as cash flow hedges and derivatives measured at fair value through profit or loss. In particular, net expense from derivatives settled in the period amounted to €2,281 million (net income of €3,034 million in the first nine months of 2022) and the net fair value gain on outstanding derivatives came to €513 million (net expense of €1,610 million in the first nine months of 2022);

• a net fair value loss on energy commodity sale and purchase contracts with physical settlement still outstanding at the reporting date amounting to €571 million (net gain of €670 million in the first nine months of 2022).

7.d Net financial income/(expense) – €(2,496) million

Net financial expense increased by €800 million on the same period of 2022. The change mainly reflects the following factors:

• an increase of €850 million in interest and other expense on financial debt, reflecting the combined impact of the increase in interest rates and that in average debt in the period;

• an increase of €1,372 million in net exchange gains, almost entirely offset by an increase in net financial expense on derivatives.

7.e Share of profit/(loss) of equity-accounted investments – €30 million

The pro-rata share of the profit/(loss) pertaining to owners of the Parent Company of equity-accounted investments in the first nine months of 2023 was a positive €30 million. It mainly regarded Rusenergosbyt (€47 million), GNL Chile SA (€8 million) and the Spanish companies (€14 million), partially offset by the losses posted by Mooney (€24 million) and the Kino project companies (€13 million).

This item decreased by €25 million compared with the first nine months of 2022, essentially reflecting the reduction in the pro-rata share of the results of Mooney (€16 million), PowerCrop (€6 million) and the North American companies (€6 million). These effects were partially offset by the increase in the pro-rata results of Gridspertise Srl (€4 million) and GNL Chile (€4 million).

7.f Income taxes – €2,431 million

Income taxes in the first nine months of 2023 came to €2,431 million, up €860 million compared with the same period of 2022.

The effective income tax rate for the first nine months of 2023 was 33%, compared with 35.5% in the first nine months of 2022.

The decrease in the effective rate in the first nine months of 2023 on the same period of 2022 essentially reflects the following items:

the effect of the impact of impairment losses in the first nine months of 2022 (essentially regarding Celg Distribuição SA - Celg-D (Enel Goiás));
the tax effect of hyperinflation in Argentina;

• an increase in costs incurred in the first nine months of 2022 in Italy in respect of the extraordinary tax imposed to fund measures countering high energy costs for consumers.

These factors were partially offset by:

the change in the impact of mergers and acquisitions in the first nine months of 2023 compared with the same period of 2022;
the non-deductibility of the extraordinary solidarity levy in Spain;
deferred tax assets recognized in 2022 on the carve-out of the e-Mobility business in North America.

Information on the condensed consolidated statement of financial position

Assets

8.a Non-current assets – €146,929 million

Property, plant and equipment and intangible assets, including investment property, amounted to €107,647 million at September 30, 2023, an increase of €1,512 million. The rise mainly reflects investments in the period (€8,166 million), exchange gains (€401 million), hyperinflation effects in Argentina (€1,083 million gross of the impact on depreciation and amortization), new lease contracts (€267 million) and the capitalization of interest on loans obtained specifically for investments in property, plant and equipment (€173 million). These impacts were partially offset by depreciation, amortization and impairment losses on those assets (€4,548 million) and assets reclassified as held for sale (€4,205 million), mainly the companies in Peru.

Goodwill amounted to €13,196 million, a decrease of €546 million that mainly reflected the reclassification of the generation and distribution assets in Peru and the associated liabilities to assets held for sale (€570 million) and the reclassification of Arcadia Generación Solar in Chile to assets held for sale (€46 million). This reduction is partially offset by exchange gains recorded in Brazil.

Equity-accounted investments amounted to €1,548 million, an increase of €267 million on the end of 2022. The rise is mainly attributable to:

the positive impact of the change in the consolidation scope (€176 million), which mainly reflected:
- the recognition of investments in the joint ventures of Enel Green Power Australia (€142 million), following the sale to INPEX Corporation of 50% of these companies, which were previously held as subsidiaries and classified as held for sale;
- the recognition of the investment in the associate Avikiran Solar India Private Limited (€29 million) following the sale to Norfund of 49% of the company previously held, which led to the loss of control;
the change in OCI reserves for cash flow hedge derivatives (€98 million), relating mainly to Slovak Power Holding, parent company of Slovenské elektrárne;
profit pertaining to owners of the Parent Company (€30 million), mainly regarding Rusenergosbyt, GNL Chile SA and the Spanish companies, partially offset by the loss posted by Mooney and the Kino project companies.

These positive factors were partly offset by the distribution of dividends (€24 million), especially by the Spanish companies, and adverse exchange rate developments.

Other non-current assets include:

Millions of euro
	at Sept. 30, 2023	at Dec. 31, 2022		Change
Deferred tax assets(1)	9,505	11,175	(1,670)	-14.9%
Non-current receivables and securities included in net financial debt	3,889	4,213	(324)	-7.7%
Other non-current financial assets	8,370	8,116	254	3.1%
Receivables due from institutional market operators	379	282	97	34.4%
Other long-term receivables	2,395(2)	2,712(3)	(317)	-11.7%
Total	24,538	26,498	(1,960)	-7.4%

(1) The figure at December 31, 2022 for deferred tax assets have been adjusted €250 million to take account of the amendment of IAS 12, which took effect as from January 1, 2023.

(2) The item includes investments in contract assets of €593 million.

(3) The item includes investments in contract assets of €1,174 million.

The decline in the period is attributable to:

• a decrease in "deferred tax assets", essentially due to the decline in deferred tax assets connected with developments in the fair value of cash flow hedge derivatives, as well as the reclassification of the generation and distribution assets in Peru under assets held for sale;

• a decrease in "non-current receivables and securities included in net financial debt", mainly reflecting a decrease

in financial assets in respect of cash deposits (€588 million), largely attributable to the Endesa Group. This factor was partially offset by:

an increase in financial assets in respect of the deficit of the Spanish electric system (€93 million);
an increase in medium/long-term financial assets (€95 million), mainly connected with EFI, the Latin American companies and Enel X;
an increase in securities measured at FVTOCI (€53 million), in which the Dutch insurance companies invest part of their liquidity;
an increase in receivables due from employees (€22 million);
a decline in "other long-term receivables", primarily in Brazil due to the reclassification of assets in respect of service concession arrangements within the scope of IFRIC 12 to intangible assets and non-current financial assets, following the completion of the implementation

phase of the infrastructure works envisaged in the arrangements, as well as the outcome of the PIS/COFINS dispute, which resulted in the recognition of a decrease of €263 million in tax credits.

These factors were partly offset by:

an increase in "other non-current financial assets", due to the rise in financial assets in respect of service concession arrangements in Latin America (€601 million). This rise was partly offset by:
- a reduction in the fair value of derivatives (€320 million), including derivatives at FVTPL (€269 million) and those designated as being in a cash flow hedge (€92 million);
- a reduction in investments in other entities at FVOCI (€17 million);
an increase in "receivables due from institutional market operators" in Italy and Spain in respect of distribution activities.

8.b Current assets – €43,056 million

Inventories amounted to €4,537 million, a decrease of €316 million, mainly in Italy and Spain, essentially reflecting the decrease in inventories of fuels.

Trade receivables amounted to €15,782 million, a decrease of €823 million, mainly in Latin America, Italy and Spain, reflecting a decline in receivables for the sale and transport of gas as a result of the decrease in commodity prices.

Other current assets break down as follows:

Millions of euro
	at Sept. 30, 2023	at Dec. 31, 2022		Change
Other current financial assets included in net financial debt	6,286	13,501	(7,215)	-53.4%
Other current financial assets	6,293	15,082	(8,789)	-58.3%
Tax assets	2,985	2,159	826	38.3%
Amounts due from institutional market operators	1,224	1,033	191	18.5%
Other short-term assets	2,193	1,789	404	22.6%
Total	18,981	33,564	(14,583)	-43.4%

The decrease in the period of €14,583 million is due to:

a decrease in "other current financial assets included in net financial debt", attributable to the decrease in shortterm financial assets (€6,775 million), mainly reflecting the decline in cash collateral paid to counterparties in derivatives transactions, and in the current portion of long-term financial assets;
a decrease in "other current financial assets", mainly attributable to the decline in the fair value of derivatives in the amount of €8,841 million, in respect of derivatives at FVTPL (€7,150 million) and derivatives designated as cash flow hedges (€1,690 million).

These negative factors were partially offset by:

• an increase in "amounts due from institutional market operators", primarily attributable in Italy to amounts due from the Energy and Environmental Services Fund, mainly claimed by Servizio Elettrico Nazionale and e-distribuzione in connection with equalization mechanisms;

an increase in "tax assets", primarily in Italy, relating to liabilities in respect of value added tax and the estimated income tax liability for the period, taking account of periodic settlement procedures;
an increase in "other short-term assets", mainly regarding an increase in amounts due in respect of expired derivatives contracts and an increase in prepaid expenses, largely in respect of fees for water diversion for industrial use and items connected with personnel.

8.c Assets classified as held for sale – €10,472 million

The item reports assets measured at the lower of cost (net carrying amount) and estimated realizable value based on the current state of negotiations that, in view of the decisions taken by management, meet the requirements of IFRS 5 "Non-current assets held for sale and discontinued operations" for classification under this item.

Millions of euro		Reclassification from/to current and non-current assets	Disposals and changes in the consolidation scope	Impairment	Exchange	differences Investments	Other changes
	at Dec. 31, 2022							at Sept. 30, 2023
Property, plant and equipment	3,304	3,489	(1,112)	(258)	(26)	582	231	6,210
Intangible assets	334	715	(22)	17	4	23	(35)	1,036
Goodwill	-	615	6	-	(1)	-	5	625
Deferred tax assets(1)	217	142	(48)	-	(35)	-	(17)	259
Equity-accounted investments	27	-	-	-	-	-	(1)	26
Non-current contract assets	-	-	-	-	-	-	-	-
Other non-current assets(2)	50	37	(7)	-	(1)	-	175	254
Non-current financial assets and securities(2)	75	-	(32)	-	(28)	-	2	17
Non-current financial assets	138	-	(85)	-	(2)	-	(49)	2
Current financial assets and securities	43	1	(28)	-	(19)	-	4	1
Other current financial assets	9	2	(9)	-	-	-	5	7
Cash and cash equivalents	425	255	(61)	-	(24)	-	(251)	344
Inventories, trade receivables, and other current assets	1,533	349	(102)	-	(54)	-	(35)	1,691
Total(1)	6,155	5,605	(1,500)	(241)	(186)	605	34	10,472

(1) The figures at December 31, 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

(2) The item at December 31, 2022 included "Non-current financial assets and securities", which at September 30, 2023 are reported separately.

In the first nine months of 2023, assets classified as held for sale changed as follows with respect to December 31, 2022:

net assets classified as held for sale in the first nine months of 2023 included:
- in Peru: the electricity distribution and supply activities held by Enel Distribución Perú SAA, the advanced energy services activities of Enel X Perú SAC and the generation activities held by Enel Generación Perú, Enel Green Power Peru and Enel Generación Piura as, on the basis of the negotiations in progress in the first nine months of 2023, the requirements of IFRS 5 have been met;
- in Chile: the assets relating to Arcadia Generación Solar SA, a subsidiary of Enel Chile SA, were classified as held for sale following the signing of the share purchase agreement with Sonnedix Chile Arcadia SpA and Sonnedix Chile Arcadia Generación SpA; note that on October 25, 2023 the sale was completed at a price of about €525 million. For further details, please see the section "Subsequent events";
- in Guatemala: the transmission assets owned in Guatemala;
- in North America: activities relating to a portfolio of renewable assets in the United States consisting of some 150 MW of operational geothermal and solar plants;
- in Africa: a number of companies owning renewables plants;
net assets classified as held for sale whose sale was finalized in the first nine months of 2023:
in Argentina, the generation companies Enel Generación Costanera and Central Dock Sud were sold. For more information on the financial effects of these sales, please see the section "Main changes in the consolidation scope";
Enel Green Power India relinquished control, in May 2023, over the net assets held through Avikiran Solar India Private Limited while maintaining a residual interest in the same company equal to 51% of its paidup share capital;
in Australia, 50% of the two companies that own all of the Group's renewables activities in the country, specifically Enel Green Power Australia (Pty) Ltd and Enel Green Power Australia Trust, were sold. For more information on the financial effects of these disposals, please see the section "Main changes in the consolidation scope".

On October 25, 2023, Enel SpA completed the sale to the Greek company Public Power Corporation SA (PPC) of all the equity investments held by the Enel Group in Romania. Accordingly, the value of the net assets held in Romania was adjusted to the sale price with the recognition, in the first nine months of 2023, of an additional value adjustment of €177 million net of tax effects, which is reported in the income statement under "Profit/(Loss) result from discontinued operations".

For more information, please see the section "Subsequent events".

Equity and liabilities

8.d Equity attributable to the owners of the Parent – €34,404 million

The increase of €5,749 million in the first nine months of 2023 in equity attributable to the owners of the Parent mainly reflects profit for the period (€4,253 million), the positive impact of OCI reserves (€1,746 million), notably the cash flow hedge reserves, the change in the reserve for perpetual hybrid bonds (€986 million) and an increase of €622 million in the translation reserve due to the strengthening of foreign currencies against the euro. These positive factors were partly offset by dividends paid in the first nine months of 2023 in the amount of €2,188 million (including coupons paid to holders of perpetual hybrid bonds in the amount of €156 million).

8.e Non-current liabilities – €91,494 million

Long-term borrowings amounted to €60,941 million (€68,191 million at December 31, 2022). They consist of bonds totaling €44,380 million (€50,079 million at December 31, 2022), and bank and other borrowings of €16,561 million (€18,112 million at December 31, 2022). The item decreased by €7,250 million, largely due to:

a decrease of €5,699 million in bonds, mainly reflecting the reclassification of the short-term portion (€6,357 million), repayments by Enel SpA and the reclassification of the bonds of the Peruvian companies to "liabilities included in disposal groups classified as held for sale". These effects were partially offset by new issues, essentially the sustainability-linked bond issued by Enel Finance International, and adverse exchange rate developments;
a reduction of €1,464 million in bank borrowings, mainly reflecting the reclassification of the short-term portion (€2,309 million), repayments, especially by the Endesa Group, and the reclassification of the bank borrowings of Peruvian companies to "liabilities included in disposal groups classified as held for sale". These effects were partially offset by new borrowing, mainly by Enel Finance International and the Latin American companies, and adverse exchange rate developments.

Provisions and deferred tax liabilities amounted to €17,097 million at September 30, 2023 (€18,052 million at December 31, 2022) and include:

post-employment and other employee benefits totaling €2,410 million, up €208 million on December 31, 2022. The change is largely associated with the updating of actuarial assumptions by the Group at June 30, 2023 for the benefit plans of the Italian, Spanish and Latin American companies and adverse exchange rate developments;
provisions for risks and charges amounting to €8,246 million (of which €2,402 million at short term). The item includes, among others, the litigation provision in the amount of €700 million (€703 million at December 31, 2022), the nuclear decommissioning provision in the

amount of €549 million (€581 million at December 31, 2022) and the plant retirement and site restoration provision in the amount of €2,698 million (€2,933 million at December 31, 2022), the provision for taxes and duties in the amount of €299 million (€339 million at December 31, 2022), the provision for environmental certificates of €1,625 million (€292 million at December 31, 2022), the provision for early retirement incentives and other restructuring plans of €294 million (€423 million at December 31, 2022), which is mainly attributable to Spain and Italy, and the provision for restructuring programs connected with the energy transition of €897 million (€990 million at December 31, 2022), which represents the estimated costs that the Group has provisioned to accelerate the energy transition process for all direct and indirect activities related to the review of processes and operating models and the roles and skills of employees.

The main change in provisions for risks and charges in the first nine months of 2023 is mainly attributable to provisions accrued in the period for environmental compliance, mainly in Italy and Spain in respect of the provision for CO2 allowances, which as usual will be delivered at the end of the year;

• deferred tax liabilities amounting to €8,843 million (€9,794 million at December 31, 2022), with the decrease of €951 million mainly attributable to deferred taxation on cash flow hedge derivatives, the impact of exchange differences in Latin America and the reclassification of the deferred tax liabilities of the companies classified as held for sale or discontinued operations.

Other non-current liabilities amounted to €13,456 million (€15,887 million at December 31, 2022), a decrease of €2,431 million. The decrease essentially reflects the decline of €2,415 million in non-current financial liabilities, connected largely with the decrease in the fair value of derivatives (€2,403 million), mainly in respect of cash flow hedge derivatives (€2,084 million) and derivatives at FVTPL (€314 million).

8.f Current liabilities – €56,343 million

Short-term borrowings and current portion of long-term borrowings amounted to €16,428 million (€21,227 million at December 31, 2022). The item included short-term borrowings of €6,921 million (€18,392 million at December 31, 2022) and the current portion of long-term borrowings in the amount of €9,507 million (€2,835 million at December 31, 2022). The decrease of €4,799 million in the item compared with December 31, 2022 reflects:

• a reduction in short-term borrowings of €11,471 million, mainly due to a decrease in commercial paper issues (€10,880 million) by Enel Finance International, the Endesa Group and Enel Finance America and a decrease in the short-term financial payables of Italian companies for collections to be paid to factoring companies (€1,253 million). These effects were partially offset by an increase in cash collateral received for derivatives transactions (€466 million) and short-term bank borrowings (€197 million);

• an increase in the current portion of long-term borrowings of €6,672 million, mainly bonds (€5,261 million) and bank borrowings (€1,407 million).

Other current liabilities break down as follows:

Millions of euro
	at Sept. 30, 2023	at Dec. 31, 2022		Change
Amounts due to customers	1,914	2,094	(180)	-8.6%
Amounts due to institutional market operators	5,764	2,115	3,649	-
Current financial liabilities	8,064	16,994	(8,930)	-52.5%
Amounts due to employees and social security institutions	679	732	(53)	-7.2%
Tax liabilities	3,844	2,670	1,174	44.0%
Other	8,449	8,825	(376)	-4.3%
Total	28,714	33,430	(4,716)	-14.1%

The change in the period is essentially due to:

a decrease in "current financial liabilities", largely attributable the decline in the fair value of derivatives (€9,137 million), mainly regarding derivatives at FVTPL (€6,880 million) and cash flow hedge derivatives (€2,270 million). This was slightly offset by an increase in accrued financial liabilities (€127 million) and liabilities in respect of accrued interest to be paid (€79 million);
an increase in "amounts due to institutional market operators", mainly regarding Italy, specifically e-distribuzione for the progressive restoration in 2023 of charges to support renewable energy and cogeneration as well

as other charges (the Asos and Arim rate components) determined in ARERA Resolutions nos. 735/2022 and 134/23;

an increase in "tax liabilities", primarily regarding Italy and attributable to liabilities for value-added tax as well as estimated income taxes for the period, taking account of periodic settlement procedures;
a reduction in "other" liabilities, mainly attributable to the payment of dividends during the first nine months of 2023, partially offset by the increase in the current portion of provisions for environmental certificates recorded in Italy and Spain.

8.g Liabilities included in disposal groups classified as held for sale – €4,072 million

The item reports liabilities included in disposal groups classified as held for sale that, in view of the decisions taken by management, meet the requirements of "IFRS 5 - Non-current assets held for sale and discontinued operations" for classification under this item.

		Reclassification from/to current and non-current	Disposals and changes in the consolidation	Exchange
Millions of euro		liabilities	scope	differences	Other changes
	at Dec. 31, 2022					at Sept. 30, 2023
Long-term borrowings	775	662	(472)	(22)	(304)	639
Provisions for risks and charges, non-current portion	33	34	(15)	1	2	55
Deferred tax liabilities(1)	246	563	(98)	(39)	15	687
Post-employment and other employee benefits	23	4	(2)	(2)	3	26
Non-current financial liabilities	69	-	(58)	(2)	(9)	-
Non-current contract liabilities	442	-	-	(2)	8	448
Other non-current liabilities	179	18	(6)	(5)	14	200
Short-term borrowings	642	216	-	(2)	(44)	812
Long-term borrowings, current portion	18	100	(4)	(1)	59	172
Provisions for risks and charges, current portion	33	10	(1)	(1)	38	79
Other current financial liabilities	12	8	(14)	-	6	12
Trade payables and other current liabilities	894	384	(71)	(28)	(237)	942
Total(1)	3,366	1,999	(741)	(103)	(449)	4,072

(1) The figures at December 31, 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

The balance of liabilities included in disposal groups classified as held for sale and discontinued operations at September 30, 2023 mainly regards the cases indicated in the section "Assets classified as held for sale", to which reference should be made.

Information on the consolidated statement of cash flows

9. Cash flows

Cash flows from operating activities in the first nine months of 2023 were a positive €10,015 million, up €9,014 million on the same period in 2022, mainly attributable to decreased cash requirements connected with changes in net working capital.

Cash flows used in investing activities in the first nine months of 2023 absorbed cash in the amount of €8,642 million, compared with €10,455 million in the same period in 2022.

Investments in property, plant and equipment, intangibles and non-current contract assets came to €9,364 million in the first nine months of 2023, of which €605 million regarding units reclassified as held for sale, were recognized net of grants received (€348 million).

Investments in companies or business units, net of cash and cash equivalents acquired, amount to €17 million compared with €1,241 million in the first nine months of 2022, mainly referred to the acquisition by Enel Produzione SpA of 100% of ERG Hydro Srl (now Enel Hydro Appennino Centrale Srl), for €1,196 million net of cash and cash equivalents acquired of €69 million.

Disposals of businesses or business units, net of cash and cash equivalents sold, amount to €173 million and mainly refer to:

the sale by Enel Argentina of the entire interest held in Enel Generación Costanera for €28 million net of cash and cash equivalents sold of €14 million;
the sale by Enel Green Power India Private Limited of the entire interest held in Khidrat Renewable Energy Private Limited for €4 million;
the sale to YPF and Pan American Sur SA of shares held in Inversora Dock Sud SA and Central Dock Sud SA, for a

10. Net financial position

The financial position is reported in compliance with Guideline 39, issued on March 4, 2021 by ESMA and applicable as from May 5, 2021, and with warning notice no. 5/2021 issued by CONSOB on April 29, 2021, which replaced the references to the CESR Recommendations and the references in Communication no. DEM/6064293 of July 28, 2006 regarding the net financial position.

total of about €29 million net of cash and cash equivalents sold of €19 million;

the sale of 80% of interest held in the Colombian bus company Colombia ZE SAS for about €6 million;
the sale of 50% of the two companies that own all the Group's renewables operations in Australia, specifically Enel Green Power Australia (Pty) Ltd and Enel Green Power Australia Trust, to INPEX Corporation, for a total of €121 million net of cash and cash equivalents sold of €21 million.

Cash flows from/(used in) other investing activities in the first nine months of 2023 came to €218 million and mainly reflects minor sales, mainly in Latin America and Italy.

Cash flows from financing activities absorbed liquidity for a total €8,744 million, from €6,924 million generated in the same period in 2022, mainly reflecting:

a change in net financial debt (as the net balance between repayments, new borrowings and other changes) of €4,642 million;
distribution of dividends in the amount of €4,992 million, in addition to €156 million paid to holders of perpetual hybrid bonds;
the issue of hybrid bonds in the amount of €986 million.

In the first nine months of 2023, cash flows used in investing activities in the amount of €8,642 million and cash flows from financing activities of €8,774 million fully absorbed cash flows from operating activities, which were a positive €10,015 million. The difference was covered by an increase in the use of cash and cash equivalents, which decreased by €7,352 million at September 30, 2023 (including €19 million associated with the positive developments in the exchange rates of local currencies against the euro).

The following table reports the net financial position at September 30, 2023 and December 31, 2022, reconciled with net financial debt as prepared in accordance with the presentation procedures of the Enel Group.

Millions of euro
	at Sept. 30, 2023	at Dec. 31, 2022	Change
Liquidity
Cash and cash equivalents on hand	12	35	(23)	-65.7%
Bank and post office deposits	3,114	8,968	(5,854)	-65.3%
Cash	3,126	9,003	(5,877)	-65.3%
Cash equivalents	630	2,038	(1,408)	-69.1%
Securities	91	78	13	16.7%
Short-term loan assets	3,810	10,585	(6,775)	-64.0%
Current portion of long-term loan assets	2,385	2,838	(453)	-16.0%
Other current financial assets	6,286	13,501	(7,215)	-53.4%
Liquidity	10,042	24,542	(14,500)	-59.1%
Current financial debt
Bank borrowings	(1,517)	(1,320)	(197)	-14.9%
Commercial paper	(2,958)	(13,838)	10,880	78.6%
Other current financial debt	(2,446)	(3,234)	788	24.4%
Current financial debt (including debt instruments)	(6,921)	(18,392)	11,471	62.4%
Bank borrowings (current portion)	(2,297)	(890)	(1,407)	-
Bonds issued (current portion)	(6,873)	(1,612)	(5,261)	-
Other borrowings (current portion)	(337)	(333)	(4)	-1.2%
Current portion of non-current financial debt	(9,507)	(2,835)	(6,672)	-
Current financial debt	(16,428)	(21,227)	4,799	22.6%
Net current financial debt	(6,386)	3,315	(9,701)	-
Non-current financial debt
Borrowings from banks and financial institutions	(13,797)	(15,261)	1,464	9.6%
Other borrowings	(2,764)	(2,851)	87	3.1%
Non-current financial debt (excluding current portion and debt instruments)	(16,561)	(18,112)	1,551	8.6%
Bonds	(44,380)	(50,079)	5,699	11.4%
Trade payables and other non-interest-bearing debt with a significant financing component	-	-	-	-
Non-current financial debt	(60,941)	(68,191)	7,250	10.6%
Financial assets in respect of "Assets classified has held for sale"	362	543	(181)	-33.3%
Financial liabilities in respect of "Liabilities included in disposal groups classified as held for sale"	(1,622)	(1,435)	(187)	-13.0%
Net financial debt as per CONSOB instructions	(68,587)	(65,768)	(2,819)	-4.3%
Long-term financial assets and securities	3,889	4,213	(324)	-7.7%
Net exchange rate derivatives associated with borrowings	126	595	(469)	-78.8%
( - ) Financial assets in respect of "Assets classified has held for sale"	(362)	(543)	181	33.3%
( - ) Financial liabilities in respect of "Liabilities included in disposal groups classified as held for sale"	1,622	1,435	187	13.0%
NET FINANCIAL DEBT	(63,312)	(60,068)	(3,244)	-5.4%

The net position as per CONSOB instructions does not include derivatives designated as qualifying for hedge accounting or trading derivatives held for hedging purposes.

At September 30, 2023, non-current financial derivative assets equal to €3,649 million (€3,970 million at December 31, 2022) are included under "Other non-current assets" of the condensed consolidated statement of financial position and current derivative assets equal to €5,989 million (€14,830 million at December 31, 2022) are included under "Other current assets" of the condensed consolidated statement of financial position; non-current derivative liabilities equal to €3,492 million (€5,895 million at December 31, 2022) are included under "Other non-current liabilities" of the condensed consolidated statement of financial position and current derivative liabilities equal to €7,004 million (€16,141 million at December 31, 2022) are included under "Other current liabilities" of the condensed consolidated statement of financial position.

Other information

11. Related parties

As an operator in the field of generation, distribution, transport and sale of electricity and the sale of natural gas, Enel carries out transactions with a number of companies directly or indirectly controlled by the Italian State, the Group's controlling shareholder.

The table below summarizes the main types of transactions carried out with such counterparties.

Related party	Relationship	Natura delle principali transazioni
Single Buyer	Fully controlled (indirectly) by the Ministry for the Economy and Finance	Purchase of electricity for the enhanced protection market
Cassa Depositi e Prestiti Group	Directly controlled by the Ministry for the Economy and Finance	Sale of electricity on the Ancillary Services Market (Terna) Sale of electricity transport services (Eni Group) Purchase of transport, dispatching and metering services (Terna) Purchase of postal services (Poste Italiane) Purchase of fuels for generation plants and natural gas storage and distribution services (Eni Group)
ESO - Energy Services Operator	Fully controlled (directly) by the Ministry for the Economy and Finance	Sale of subsidized electricity Payment of A3 component for renewable resource incentives
EMO - Energy Markets Operator	Fully controlled (indirectly) by the Ministry for the Economy and Finance	Sale of electricity on the Power Exchange (EMO) Purchase of electricity on the Power Exchange for pumping and plant planning (EMO)
Leonardo Group	Directly controlled by the Ministry for the Economy and Finance	Purchase of IT services and supply of goods

Finally, Enel also maintains relationships with the pension funds FOPEN and FONDENEL, as well as Enel Cuore, an Enel non-profit company devoted to providing social and healthcare assistance, maintaining institutional relations and social projects.

All transactions with related parties were carried out on normal market terms and conditions, which in some cases are determined by the Regulatory Authority for Energy, Networks and the Environment.

The following tables summarize transactions with related parties, associated companies and joint arrangements carried out in the first nine months of 2023 and 2022 and outstanding at September 30, 2023 and December 31, 2022.

Millions of euro

	Single Buyer	EMO	ESO	Cassa Depositi e Prestiti Group (1)	Other	Total first nine months 2023	Associates and joint arrangements	Overall total first nine months 2023	Total in financial statements	% of total
Income statement
Revenue	-	2,377	(351)	2,219	151	4,396	151	4,547	69,534	6.5%
Other financial income	-	-	-	-	-	-	167	167	4,755	3.5%
Electricity, gas and fuel	1,559	5,301	-	815	1	7,676	85	7,761	33,107	23.4%
Services and other materials	-	51	2	2,126	50	2,229	333	2,562	13,018	19.7%
Other operating expenses	8	158	-	32	2	200	-	200	4,379	4.6%
Net results from commodity contracts	-	-	-	3	-	3	(7)	(4)	(2,339)	0.2%
Other financial expense	1	1	-	20	-	22	26	48	7,251	0.7%

(1) Includes balances primarily regarding Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo and Italgas.

Millions of euro

	Single Buyer	EMO	ESO	Cassa Depositi e Prestiti Group(1)	Other	Total at Sept. 30, 2023	Associates and joint arrangements	Overall total at Sept. 30, 2023	Total in financial statements	% of total
Balance sheet
Other non-current asset	-	-	-	4	-	4	1,945	1,949	24,538	7.9%
Trade receivables	-	146	7	835	39	1,027	198	1,225	15,782	7.8%
Other current assets	-	5	17	40	3	65	183	248	18,981	1.3%
Long-term borrowings	-	-	-	402	-	402	307	709	60,941	1.2%
Other non-current liabilities	-	-	-	11	7	18	12	30	13,456	0.2%
Short-term borrowings and current portion of long-term borrowings	-	-	-	90	-	90	33	123	16,428	0.7%
Trade payables	532	206	367	606	11	1,722	166	1,888	11,201	16.9%
Other current liabilities	-	-	-	39	47	86	9	95	28,714	0.3%
Other information
Guarantees given	-	20	-	10	59	89	-	89
Guarantees received	-	-	-	139	36	175	-	175
Commitments	-	-	-	325	-	325	-	325

(1) Includes balances primarily regarding Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo and Italgas.

Millions of euro

	Single Buyer	EMO	ESO	Cassa Depositi e Prestiti Group(1)	Other	Total first nine months 2022	Associates and joint arrangements	Overall total first nine months 2022	Total in financial statements(2)	% of total
Income statement
Revenue	-	5,645	78	3,295	155	9,173	185	9,358	105,522	8.9%
Other financial income	-	-	-	-	-	-	148	148	8,427	1.8%
Electricity, gas and fuel	6,061	13,528	-	3,224	2	22,815	301	23,116	75,599	30.6%
Services and other materials	-	154	2	2,517	27	2,700	165	2,865	14,868	19.3%
Other operating expenses	7	106	-	21	-	134	1	135	3,544	3.8%
Net results from commodity contracts	-	-	-	36	-	36	1	37	2,094	1.8%
Other financial expense	-	-	2	7	-	9	21	30	10,123	0.3%

(1) Includes balances primarily regarding Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo and Italgas.

Millions of euro

	Single Buyer	EMO	ESO	Cassa Depositi e Prestiti Group(1)	Other	Total at Sept. 30, 2022	Associates and joint arrangements	Overall total at Sept. 30, 2022	Total in financial statements	% of total
Balance sheet
Other non-current asset	-	-	-	-	-	-	1,885	1,885	26,498(2)	7.1%
Trade receivables	-	220	6	1,040	38	1,304	259	1,563	16,605	9.4%
Other current assets	-	-	30	63	2	95	167	262	33,564	0.8%
Long-term borrowings	-	-	-	447	-	447	327	774	68,191	1.1%
Other non-current liabilities	-	-	-	9	8	17	9	26	15,887	0.2%
Short-term borrowings and current portion of long-term borrowings	-	-	-	89	-	89	35	124	21,227	0.6%
Trade payables	1,211	305	6	1,097	(1)	2,618	192	2,810	17,641	15.9%
Other current liabilities	-	-	-	26	43	69	22	91	33,430	0.3%
Other information
Guarantees given	-	20	-	11	58	89	-	89
Guarantees received	-	-	-	134	36	170	-	170
Commitments	-	-	-	149	-	149	-	149

(1) Includes balances primarily regarding Terna, Cassa Depositi e Prestiti SpA, Eni, Snam, Poste Italiane, Ansaldo and Italgas.

(2) The figures at December 31, 2022 have been adjusted to take account of the effects of the amendment of IAS 12, which entered force as from January 1, 2023.

In November 2010, the Board of Directors of Enel SpA approved a procedure governing the approval and execution of transactions with related parties carried out by Enel SpA directly or through subsidiaries. The procedure (available at https://www.enel.com/investors/governance/ bylaws-rules-policies in both the version in effect until June 30, 2021 and that amended by the Board of Directors in June 2021, which took effect from July 1, 2021) sets out rules designed to ensure the transparency and procedural and substantive propriety of transactions with related parties. It was adopted in implementation of the provisions of Article 2391-bis of the Italian Civil Code and the implementing regulations issued by CONSOB. In the first nine months of 2023, no transactions were carried out for which it was necessary to make the disclosures required in the rules on transactions with related parties adopted with CONSOB Resolution no. 17221 of March 12, 2010, as amended.

12. Contractual commitments and guarantees

The commitments entered into by the Enel Group and the guarantees given to third parties are summarized below.

Millions of euro
	at Sept. 30, 2023	at Dec. 31, 2022	Change
Guarantees issued:
- sureties and other guarantees granted to third parties	3,860	4,296	(436)
Commitments to suppliers for:
- electricity purchases	67,562	64,878	2,684
- fuel purchases	54,037	96,996	(42,959)
- various supplies	2,471	2,449	22
- tenders	7,039	6,165	874
- other	9,285	6,889	2,396
Total	140,394	177,377	(36,983)
TOTAL	144,254	181,673	(37,419)

Commitments for electricity amounted to €67,562 million at September 30, 2023, of which €14,200 million refer to the period October 1, 2023-2027, €20,592 million to the period 2028-2032, €13,064 million to the 2033-2037 period and the remaining €19,706 million beyond 2037.

Commitments for the purchase of fuels are determined with reference to the parameters and exchange rates applicable at the end of the period (given that fuel prices vary and are mainly set in foreign currencies). At September 30, 2023, they amounted to €54,037 million, of which €11,017 million refer to the period October 1, 2023-2027, €27,008 million to the 2028-2032 period, €10,768 million to the 2033-2037 period and the remaining €5,244 million beyond 2037.

The decrease in commitments for the purchase of fuels came to €42,959 million, mainly attributable to the decrease in gas prices in the first nine months of 2023.

"Other" primarily includes commitments for environmental compliance and the increase in volumes envisaged in the new investment plan.

13. Contingent assets and liabilities

Compared with the consolidated financial statements at December 31, 2022, which the reader is invited to consult

Antitrust proceeding 12461 – EE – contract renewals

With regard to the proceeding completed in the first instance with a ruling of the Lazio Regional Administrative Court of May 19, 2023 which accepted the appeal filed by Enel Energia (EE) and voided the two precautionary measures issued on December 12 and 29, 2022 by the Competition Authority (AGCM) in the context of a proceeding for unfair commercial practices (violation of certain provisions of the Consumer Code and Article 3 of Legislative Decree 115/2022, the second "Aid Decree"), the AGCM challenged the aforementioned ruling of the Lazio Regional Administrative Court before the Council of State with an appeal of September 4, 2023. On October 4, 2023, EE appeared in for more information, the following main changes have occurred in contingent assets and liabilities.

court requesting the denial of the appeal filed by the AGCM and proposing, at the same time, a cross-appeal with which it renewed the criticisms of the AGCM provisions rejected by the Lazio Regional Administrative Court and reiterated the grounds for appeal not examined by the court of first instance.

The antitrust proceeding is still under way. On July 20, 2023, the AGCM announced its preliminary findings, confirming in part the objections advanced in the original proceeding. The deadline for closing the proceeding is set on November 7, 2023.

Criminal proceeding against e-distribuzione concerning an accident – Italy

With regard to the proceeding against a number of employees and managers of e-distribuzione SpA and e-distribuzione itself pursuant to Legislative Decree 231/2001, initiated by the Public Prosecutor's Office of Taranto, following the accident that occurred on the night between June 27 and 28, 2021 to an employee of a contractor, at the preliminary hearing of September 26, 2023 the Prosecutor requested an adjournment to examine documentation filed in the interest of e-distribuzione and the defendants. The hearing was thus rescheduled to December 5, 2023.

BEG litigation

Following the petition submitted by BEG on November 3, 2022 before the Court of Milan, by which the plaintiff advanced the same claims for damages as those in the proceeding previously filed by that company on December 29, 2021 before the same Court, which were subsequently extinguished for failure to resume the proceeding before the competent judge, following a hearing for admission of evidence on October 25, 2023, the court issued an order on October 26, 2023 denying the preliminary requests of the plaintiff and, considering the case ready for decision, scheduled final arguments for October 17, 2024.

Proceedings undertaken by Albania BEG Ambient Shpk (ABA) to obtain enforcement of the ruling of the District Court of Tirana of March 24, 2009

Italy

With an appeal notified on September 11, 2023, Albania BEG Ambient Shpk (ABA) initiated a proceeding before the Court of Appeal of Rome against Enel SpA and Enelpower Srl, in order to obtain, pursuant to Article 67 of Law 218/1995, enforcement of the ruling of the Court of Tirana of March 24, 2009. The two companies are preparing their defense to contest the claim for execution in Italy as well. A hearing for the parties to appear before the court was scheduled for November 30, 2023.

Environmental incentives - Spain

As part of the proceeding initiated before the Court of Justice of the European Union (CJEU) with the appeals filed by Naturgy and EDP España against the decision of the European Commission of November 27, 2017 on the issue of environmental incentives for thermoelectric plants – in which Endesa Generación had intervened – on July 13, 2023, the Advocate General issued his conclusions, recommending

Luxembourg

With regard to the proceeding initiated by ABA to obtain enforcement of the ruling of the Court of Tirana of March 24, 2009 in Luxembourg, which is still pending before the court of first instance owing to a number of procedural delays, on September 22, 2023, the legal representative appointed by ABA withdrew from the case. The court suspended the proceeding for at least a month and subsequent procedural indications are pending.

that the CJEU void both the ruling of the General Court of the European Union of September 8, 2021 and appealed before the CJEU and the decision of the Commission's Directorate-General for Competition to initiate a formal enquiry pursuant to Article 108, paragraph 3, of the Treaty on the Functioning of the European Union (TFEU).

Bono Social - Spain

In relation to the various financing schemes for the Bono Social adopted by the Spanish government and the enforcement of ruling no. 212/2022 of February 21, 2022 with which the Tribunal Supremo partially upheld the appeals filed by Endesa SA, Endesa Energía SAU and Energía XXI Comercializadora de Referencia SLU (Endesa) and other companies in the energy sector against the third scheme for financing the Bono Social, and for co-financing with government authorities of the supply to vulnerable consumers (envisaged in Article 45, paragraph 4 of Spain's

Electricity Industry Law no. 24 of December 26, 2013, Royal Decree Law 7/2016 of December 23 and Royal Decree 897/2017 of October 6), on July 28, 2023, the Secretary of State for Energy (MITECO) announced a Resolution that grants Endesa (i) an indemnity of €171.6 million (including interest) for financing costs associated with customers in the regulated market and (ii) an additional indemnity of €6.6 million (including interest) for costs incurred to im-

plement the Bono Social. However the Resolution does not provide for any indemnity for the financing costs of the Bono Social for the free market. Therefore, on September 18, 2023, Endesa filed arguments supported by technical studies with the Tribunal Supremo to demonstrate Endesa's entitlement to be indemnified for the free market segment as well.

LNG Endesa Generación SA arbitration proceeding - I

With regard to the arbitration proceeding for the revision of the price of a long-term supply contract for liquefied natural gas (LNG) initiated by Endesa Generación SA, at September 30, 2023, the amount involved in the counterclaim advanced by the counterparty is equal to \$1.283 billion. The arbitration proceeding is currently expected to conclude by the 4th Quarter of 2023. The company believes that this counterclaim is unfounded and late and its external legal counsel feel that the likelihood of the claim being upheld is remote.

LNG Endesa Generación SA arbitration proceeding - II

With regard to the second arbitration proceeding for the revision of the price of a long-term supply contract for liquefied natural gas (LNG) initiated against Endesa Generación SA, at September 30, 2023, the amount involved in the claim advanced by the actor is equal to about \$598 million. The arbitration proceeding is currently expected to conclude by the 2nd Half of 2024. The Company believes that the claim is unfounded.

Extraordinary 2022 rate revision (Ceará) – Brazil

With regard to the six proceedings, later joined, brought before the Federal Regional Court of the district of Ceará against Resolution no. 3.026/2022 of April 19, 2022, with which the Agência Nacional de Energia Elétrica (ANEEL) authorized a rate increase for 2022 for the electricity distribution services performed by Enel Distribuição Ceará, a decision is pending. In addition, on July 31, 2023, an additional suit connected with the original proceedings was filed by the one of the public parties involved with the same Federal Regional Court, arguing against the excessive cost of the rate increase and alleging contract non-performance, requesting collective non-pecuniary damages quantified in about R\$55 million (about €10 million).

CTEEP litigation – Brazil

On March 16, 2021, Enel Distribuição São Paulo (then Eletropaulo Metropolitana Eletricidade de São Paulo SA - Eletropaulo) filed suit before the Tribunal de Justiça do Estado de São Paulo to recovery a claim of about R\$1.5 billion against the transmission system operator ISA CT-EEP – Companhia de Transmissão de Energia Elétrica Paulista, as the original debtor for a debt arising before the privatization of Eletropaulo, to Centrais Elétricas Brasileiras SA (Eletrobras) and initially paid to the latter by Eletropaulo as part of a settlement agreement.

With a ruling of September 26, 2023, the Court of Appeal upheld the ruling of the court of first instance denying the claim of Enel Distribuição São Paulo, setting the legal costs due for the adverse ruling at 13% of the discounted value of the claim, equal to an amount corresponding to, in September 2023, about R\$275 million (about €52 million). On October 11, 2023, Enel Distribuição São Paulo filed an appeal with the Court of Appeal and a ruling is pending.

GasAtacama Chile - Chile

With regard to the proceedings initiated by a number of operators of the Sistema Interconectado del Norte Grande (SING), including Aes Gener SA Eléctrica, Angamos SA and Engie Energía Chile SA against GasAtacama Chile (today Enel Generación Chile), on October 17, 2023, the ruling of first instance was issued partly granting the claims of the plaintiffs in an amount to be quantified in a future phase. Enel Generación Chile has appealed the ruling and a decision is pending.

Chucas arbitration - Costa Rica

With regard to the arbitration proceeding initiated by PH Chucas SA (Chucas) before the Cámara Costarricense-Norteamericana de Comercio (AMCHAM CICA) against the Instituto Costarricense de Electricidad (ICE), following the rejection by Costa Rican Supreme Court of the extraordinary appeals filed by Chucas, the arbitration proceeding was dismissed on August 3, 2023.

Kino arbitration - Mexico

With regard to the request for arbitration filed by Parque Solar Don José SA de Cv, Villanueva Solar SA de Cv and Parque Solar Villanueva Tres SA de Cv against Kino Contractor SA de Cv (Kino Contractor), Kino Facilities Manager SA de Cv (now Enel Services Mexico SA de Cv - Enel Services) and Enel SpA, for the alleged violation of contracts concerning solar projects owned by the three companies filing for arbitration, on August 4, 2023 the arbitration

Gastalsa - Peru

With regard to the litigation initiated by Empresa de Gas de Talara SA (Gastalsa) before the Courts of the Province of Talara, in the District of Piura, to obtain the reassignment to it of the natural gas concession of the District of Parinas, in the Province of Talara as well as the transfer to it of the pipeline in the same area, owned by Enel Generación Piura SA (EGPIURA), with decision of July 25, 2023, the court of first instance revoked the suspension of the proceeding that had been ordered and took up the case for a decision. With a measure of September 15, 2023, the court found the claim that the provision was null raised by EGPIURA and

Gabčíkovo dispute - Slovakia

With regard to the proceedings brought by Vodohospodárska Výstavba Štátny Podnik (VV) against Slovenské elektrárne (SE) for alleged unjustified enrichment by the latter (estimated at about €360 million, plus interest) in the 2006- 2015 period, the following developments have occurred: (i) with regard to the proceeding for 2006, in April 2023 both SE and VV filed an extraordinary appeal before the Supreme ruling was notified. The arbitration board declared that it did not have jurisdiction against Enel SpA and, in partially granting the claim, ordered Kino Contractor and Enel Services to pay penalties totaling about \$77 million, plus interest at an annual rate of 6%. On September 4, 2023, Kino Contractor filed a petition requesting correction of the arbitration award, while the time limit for Kino Contractor and Enel Services to file for additional remedies is pending.

the other party was unfounded and scheduled oral arguments for September 25, 2023. EGPIURA and the other party in the proceeding appeal that ruling with the Court of Appeal, asking that it be suspended. The rulings at first and second instance are pending.

In the meantime, on August 9, 2023, EGPIURA also filed an appeal with the Superior Court of Justice of Lima against the decision of June 27, 2023 of the Appeal Court denying the claim of forfeit advanced by an affected third party, arguing that it conflicted with the ruling of the Constitutional Court of January 24, 2023.

Court against the appellate ruling of December 6, 2022 and the proceeding is pending; and (ii) the proceedings relating to 2014 were completed at first instance with a ruling of the Court of Bratislava of October 10, 2023, which has not yet been published, rejecting the primary claim of VV and, consequently, the counterclaim of SE.

Tax litigation in Brazil

Withholding Tax - Ampla

In 1998, Ampla Energía e Serviços SA (Ampla) financed the acquisition of Coelce with the issue of bonds in the amount of \$350 million ("Fixed Rate Notes" - FRN) subscribed by its Panamanian subsidiary, which had been established to raise funds abroad. Under the special rules then in force, subject to maintaining the bond until 2008, the interest paid by Ampla to its subsidiary was not subject to withholding tax in Brazil.

However, the financial crisis of 1998 forced the Panamanian company to refinance itself with its Brazilian parent, which for that purpose obtained loans from local banks. The tax authorities considered this financing to be the equivalent of the early extinguishment of the bond, with the consequent loss of entitlement to the exemption from withholding tax.

In December 2005, Ampla Energia e Serviços SA carried out a spin-off that involved the transfer of the residual FRN debt and the associated rights and obligations to Ampla Investimentos e Serviços SA.

On November 6, 2012, the Câmara Superior de Recursos Fiscais (the highest level of administrative courts) issued a ruling against Ampla for which the company promptly asked that body for clarifications. On October 15, 2013, Ampla was notified of the denial of the request for clarification (embargo de declaração), thereby upholding the previous adverse decision. The company provided security for the debt and on June 27, 2014 continued litigation before the ordinary courts (Tribunal de Justiça).

In December 2017, the court appointed an expert to examine the issue in greater detail in support of the future ruling. In September 2018, the expert submitted a report, requesting additional documentation.

In December 2018, the company, now Enel Distribuição Rio (Enel Rio), provided the additional documentation and, in view of the conclusions presented by the expert, requested a further expert opinion. The case has been referred to the expert for clarifications regarding the position expressed by the company.

In July 2021, the supplementary report was filed by the expert in which the existence of the loan agreements was acknowledged and the bond was terminated, both for the principal amount and for interest, mainly through a capital increase. The company, called to pronounce on the report filed, requests the full cancellation of the tax debt. The amount involved in the dispute at September 30, 2023 was about €271 million.

ICMS - Ampla, Coelce and Eletropaulo

The States of Rio de Janeiro, Ceará and São Paulo issued a number of tax assessments against Ampla Energía e Serviços SA (for the years 1996-1999 and 2007-2017), Companhia Energética do Ceará SA (for the years 2003, 2004, 2006-2012, 2015, 2016 and 2018) and Eletropaulo (for the years 2008-2021), challenging the deduction of ICMS (Imposto sobre Circulação de Mercadorias e Serviços, tax on the circular of goods and services) in relation to the purchase of certain non-current assets. The companies challenged the assessments, arguing that they correctly deducted the tax and asserting that the assets, the purchase of which generated the ICMS, are intended for use in their electricity distribution activities. The companies are continuing to defend their actions at the various levels of adjudication.

The estimated amount involved in the proceeding at September 30, 2023 was about €111 million.

ICMS - Coelce

The State of Ceará has filed various tax assessments (for the years 2015-2018) against Companhia Energética do Ceará SA, as well as against all other energy distributors in Brazil, demanding the ICMS (Imposto sobre Circulação de Mercadorias e Serviços, tax on the circular of goods and services) on the subsidies paid by the Federal government against the regulatory discounts granted to certain consumers.

The company has appealed the individual assessments, defending its actions at the various levels of jurisdiction. The estimated amount involved in the proceeding at September 30, 2023 was about €68 million.

PIS/COFINS - Eletropaulo

Starting from June 2017, the Federal Tax Authority served a number of tax assessment notices against Eletropaulo (for the 2013-2018 tax periods) contesting the offsetting of tax credits relating to social security contributions (PIS and COFINS), requesting the payment of those contributions.

The tax authorities argue that the company has claimed PIS and COFINS credits for the purchase of goods and services that cannot be considered fiscally relevant since they are not essential for the distribution of electricity. Furthermore, it disputes the claim of a tax credit associated with "non-technical" losses on the electricity purchased.

The company has promptly defended the accuracy of its

calculations in the various levels of jurisdiction and argued the validity of the offsets claimed.

The estimated amount involved in the proceeding at September 30, 2023 was about €56 million.

14. Subsequent events

Enel launches a sustainability-linked share buyback program serving its Long-Term Incentive Plan 2023

On October 5, 2023, the Board of Directors of Enel SpA, implementing the authorization granted by the Shareholders' Meeting of May 10, 2023 and in compliance with the relevant terms already disclosed to the market, approved the launch of a share buyback program for a total of 4.2 million shares, equal to approximately 0.041% of Enel's share capital.

The program, which will run from October 16, 2023 until no later than January 18, 2024, is designed to serve the LongTerm Incentive Plan 2023 reserved to the management of Enel and/or of its subsidiaries pursuant to Article 2359 of the Italian Civil Code, which was also approved by the Shareholders' Meeting on May 10, 2023.

Taking account of the closing price of Enel's shares on October 4, 2023 on the Euronext Milan market organized and operated by Borsa Italiana SpA, equal to €5.557, the potential outlay connected with execution of the program is estimated at about €23.3 million.

Enel signs agreement to sell a geothermal and solar portfolio in United States to ORMAT

On October 23, 2023, Enel SpA, acting through its fully-owned subsidiary Enel Green Power North America Inc., signed an agreement with ORMAT Technologies Inc., for the sale of a renewable asset portfolio in the United States for a total of \$271 million, equivalent to about €255 million, subject to adjustments customary for these kinds of transactions. The portfolio consists of some 150 MW of operational geothermal and solar facilities.

The overall transaction is expected to generate a positive effect on Enel Group's consolidated net debt of about €255 million and a negative impact of around €35 million on Group profit.

Enel closes the sale of a photovoltaic generation portfolio in Chile to Sonnedix

On October 25, 2023, Enel SpA and its listed subsidiary Enel Chile SA closed the sale of their entire equity interests in the share capital of Arcadia Generación Solar SA, a Chilean company which owns a portfolio of four operating PV plants with a total installed capacity of about 416 MW, to Sonnedix, an international renewable energy producer. The transaction was closed following the fulfillment of all conditions set forth in the stock purchase agreement signed on July 12, 2023, including receipt of clearance from the Chilean antitrust authority Fiscalía Nacional Económica (FNE).

Pursuant to the above agreement, the purchaser paid a total of \$556 million, equivalent to about €525 million, corresponding to the 100% enterprise value agreed by the parties. The transaction is expected to generate a positive impact on Enel Group net debt of around €525 million and on Group profit for 2023 of about €50 million.

Enel finalized the sale of its Romanian operations to PPC

On October 25, 2023, Enel SpA finalized the sale to the Greek company Public Power Corporation SA (PPC) of all the interests held by the Enel Group in Romania, following the fulfillment of all the conditions customary for these kinds of transactions set forth in the related sale agreement, signed on March 9, 2023.

In line with the agreement, PPC paid a total of about €1,240 million, equivalent to an enterprise value of around €1,900 million (on a 100% basis). An earn-out mechanism is also envisaged, involving a potential further post-closing payment based on the future value of the retail business.

The overall transaction, excluding the potential earn-out, generated a positive effect on the Group's consolidated net debt of around €2,080 million in 2023, which includes the collection of around €200 million in extraordinary dividends, in addition to the positive impact of about €85 million already generated in 2022.

The transaction also had a cumulative negative impact for 2022-2023 on Group profit amounting to €1,398 million, of which €777 million in 2023 (including €655 million related to the release of the translation reserve).

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

The officer responsible for the preparation of the Company financial reports, Stefano De Angelis, hereby certifies, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Financial Intermediation, that the accounting information contained in the Interim Financial Report at September 30, 2023 corresponds with that contained in the accounting documentation, books and records.

Concept design and realization Gpt Group

Copy editing postScriptum di Paola Urbani

Publication not for sale

Edited by Enel Communications

Disclaimer This Report issued in Italian has been translated into English solely for the convenience of international readers

Enel Società per azioni Registered Office 00198 Rome - Italy Viale Regina Margherita, 137 Stock Capital Euro 10,166,679,946 fully paid-in Companies Register of Rome and Tax I.D. 00811720580 R.E.A. of Rome 756032 VAT Code 15844561009

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OPEN POWER FOR A BRIGHTER FUTURE.

OPEN POWER FOR A BRIGHTER FUTURE.

Enel is Open Power

PRINCIPLES OF CONDUCT

MISSION

VALUES

Contents

Enel is Open Power 4

Report on Operations

Highlights

Foreword

Enel organizational model Modello organizzativo di Enel

Reference scenario

The macroeconomic environment

Change in consumer price index (CPI)

Exchange rates

Energy conditions

The commodity market

Electricity and natural gas markets

Developments in electricity demand

Electricity prices

Natural gas demand

Natural gas demand in Italy

Significant events in the 3rd Quarter of 2023

Enel Group signs deal for the sale of a photovoltaic generation portfolio in Chile to Sonnedix

Enel sells 50% of Enel Green Power Hellas to Macquarie Asset Management

Enel finalizes joint venture deal with INPEX Corporation by selling 50% of Enel Green Power Australia

Performance of the Group

Operations

Net electricity generation by source (first nine months of 2023) 28.5%

Net efficient installed capacity by source (at September 30, 2023) Net ecient installed capacity by source (at September 30, 2023)

Group performance

Revenue

Costs

Net results from commodity contracts

Ordinary gross operating profit/(loss)

Gross operating profit/(loss)

Ordinary operating profit/(loss)

Operating profit/(loss)

Profit/(Loss) from discontinued operations

Group ordinary profit/(loss)

Group profit/(loss)

Analysis of the Group's financial position and structure

Net capital employed and associated funding

Net financial debt

Gross financial debt

Cash flows

Capital expenditure

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

Performance by primary segment (Business Line) in the 3rd Quarter of 2023 and 2022

3rd Quarter of 2023(1)

3rd Quarter of 2022(1) (2)

Performance by primary segment (Business Line) in the first nine months of 2023 and 2022

First nine months of 2023(1)

First nine months of 2022(1) (2)

Ordinary gross operating profit/(loss)(1)

Thermal Generation and Trading

Operations

Net electricity generation

Net efficient generation capacity

Performance

Revenue(1)

Ordinary gross operating profit/(loss)

Ordinary operating profit/(loss)

Capital expenditure

Enel Green Power

Operations

Net electricity generation

Net efficient generation capacity

Performance

Revenue(1)

Ordinary gross operating profit/(loss)

Ordinary operating profit/(loss)

Capital expenditure

Operations

Electricity transport

Average frequency of interruptions per customer