Enel

Investor Presentation • Jul 26, 2023

First Half

Consolidated results July 26th, 2023

First Half 2023

Consolidated results

Flavio Cattaneo

CEO & General Manager

Management's priorities

Capital allocation tailored to maximize risk-adjusted returns and secure long-term value and growth

Improving efficiencies across all activities to improve profitability

Group's streamlining to focus on core activities and geographies

A sustainable integrated business model to foster energy transition and tackle climate change

Fast and effective onboarding, focus on execution

Capital allocation tailored to maximize risk-adjusted returns and secure long-term value and growth 1 2 3

• Capital Allocation defined through a structured assessment of investments profitability and risk profile
• Flexible and differentiated approach to maximize capacity/production plan leveraging on value creation differential spread CASH COST¹ JUNE

Improving efficiencies across all activities to improve profitability

• Extended returns-based spending review and monitoring 100% of the Cash Cost (new process already launched in June)
• Immediate focus on cash costs to bring efficiencies forward

Group's streamlining to focus on core activities and geographies

• Increased focus on reducing non-core geographies exposure to support the Disposal Program and improve Capital Returns (Australia and Greece)
• New and leaner organization to improve accountability and enable efficiencies: C-levels reduced by around 25%

~60% 40% Addressing repositioning program to deleverage 21 €bn Progress on disposal plan YEAR END 2022 YEAR END 2023 YEAR END 2024 5.9 Total 5.9 2.8 21 €bn Q1 H1 Closed or announced 5.0 Advanced negotiation 6.0¹ ~4.0 12.2

First Half 2023

Consolidated results

Stefano De Angelis CFO

Key highlights of the period

Sound and resilient operating delivery across all businesses

1. It includes renewable managed capacity and BESS

2. It includes production from renewable managed capacity and nuclear

Capex tailored to enhance value creation in core countries

58% 42% H1 2023 6.4 €bn Gross capex by business Gross capex by geography +11% +6%

Delta yoy

Share of gross capex in core countries/activities

Ordinary EBITDA up double digit within a normalizing environment

4.5 6.7 3.7 0.6 2.2 (0.2) 4.2 0.2 H1 2022 Grids Integrated business Stewardship H1 2023 +29% 8.3 10.7 Stewardship Ordinary EBITDA evolution1,2 (€bn) EBITDA by geography 45% 24% 24% 2%5% H1 2023 10.7² €bn Latam Spain North America Italy RoW

9 1. Ordinary figures, it excludes extraordinary items in H1 2022 (-95 €mn: -18 €mn emergency costs COVID-19, -75 €mn energy transition and digitalization funds, -2 €mn discontinued operations) and in H1 2023 (-1.063 €mn: -208 €mn solidarity contributions Spain, -367 €mn Costanera and Dock Sud (Argentina), -488 €mn discontinued operations Greece and Romania)

1. It does not include 'Services & Other'.

Grids supported by positive regulatory frameworks and efficiencies across all countries

Net Ordinary Income up by more than 50% versus PY, driven by a strong EBITDA performance

Financial Expenses

Trend driven by gross debt dynamics and interest rate environment

Assets under disposal or held for sale weighing on total level for the period

Income taxes

Tax rate in line with previous year

Minorities

Different geographical mix on earnings drives minorities evolution

FFO up by almost 7x vs previous year thanks to working capital recovery

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

2. Includes dividends received from equity investments.

Quarterly dynamics mostly affected by non-operating items; 2H set to improve

1. HFS: FY 2022 0.9 €bn and H1 2023 1.9 €bn.

2. APM includes impact of assets classified as HFS for 1.0 €bn mainly 0.5 €bn Perú DX, Supply & Enel X, 0.4 €bn Perú GX, 0.1 €bn Romania.

3. It includes new leases for around 0.2 €bn and hedges.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Net Debt/EBITDA evolution

Net Debt/EBITDA evolution¹

Strengthening of credit ratio: Net debt/EBITDA on track to reach Full Year 2023 target

We confirm Full Year 2023 guidance

First Half 2023

Consolidated results

Flavio Cattaneo

CEO & General Manager

Closing remarks

Capital allocation tailored to maximize risk-adjusted returns and secure long-term value and growth Cash generation

Improving efficiencies across all activities to improve profitability

Group's streamlining to focus on core activities and geographies

improvement and financial discipline

0.43 €/sh DPS confirmed Maintaining a visible and sustainable dividend covered by operating cash flows

First Half 2023 Consolidated results

Annexes

Macroscenario

	(%) GDP		(%) CPI		€1 FX against		(€/MWh) Spot Price		(TWh) Electricity Demand
	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1
Italy	1 29	5 77	8 65	6 70	-	-	136 21	249 09	150 63	158 01
Iberia	3 14	7 01	3 88	8 40	-	-	89 41	205 94	144 11	150 65
Latin America
Argentina	0 41	6 30	107 37	56 80	280 09	131 28	-	-	72 43	69 50
Brazil	3 31	2 97	4 55	11 33	5 22	5 51	12 60	10 16	311 21	308 22
Chile	(0 73)	6 29	10 25	9 90	874 66	967 68	105 89	98 35	41 60	41 60
Colombia	2 55	10 10	12 86	8 58	4 552 63 ,	4 334 79 ,	82 31	49 09	38 80	41 60
Peru	1 90	3 63	8 01	25 7	3 96	4 01	42 65	22 81	29 20	27 30
of Rest Europe
Romania	2 83	4 34	12 87	11 72	4 96	4 95	79 51	170 35	27 02	29 54
North America
USA	2 10	2 74	4 88	8 32	1 09	1 05	-	-	2 067 00 ,	2 076 00 ,
Mexico	3 31	2 02	6 59	7 52	18 67	21 09	-	-	159 60	161 40
Africa Asia & Oceania ,
India	4 44	8 52	5 41	6 81	88 99	82 36	-	-	769 60	750 81
Australia	1 97	3 09	6 65	5 60	1 64	1 52	-	-
Africa South	0 49	1 23	6 82	6 18	20 59	17 06	-	-	102 10	108 65

Group consolidated net capacity: breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12 997 ,	861	776	54	-	2 283 ,	4 720 ,	4 607 ,	26 298 ,
Iberia	4 746 ,	2 882 ,	-	1 665 ,	3 328 ,	2 333 ,	1 644 ,	5 445 ,	22 044 ,
Latin America	10 545 ,	3 833 ,	83	3 984 ,	-	1 470 ,	226	1 931 ,	22 073 ,
Argentina	1 328 ,	-	-	-	-	-	-	-	1 328 ,
Brazil	1 272 ,	2 904 ,	-	1 234 ,	-	-	-	-	5 410 ,
Chile	3 510 ,	797	83	2 043 ,	-	575	-	1 468 ,	8 475 ,
Colombia	3 097 ,	-	-	274	-	175	226	-	3 771 ,
Perù	793	132	-	302	-	721	-	463	2 412 ,
Other1	545	-	-	132	-	-	-	-	677
of Rest Europe	19	871	-	193	-	-	-	-	1 083 ,
Romania	-	498	-	99	-	-	-	-	597
Other2	19	372	-	94	-	-	-	-	486
North America	53	7 196 ,	72	2 382 ,	-	-	-	-	9 702 ,
Mexico	53	893	-	220	-	-	-	-	1 165 ,
Canada	-	363	-	-	-	-	-	-	363
USA	-	5 940 ,	72	2 163 ,	-	-	-	-	8 174 ,
Oceania3 Africa Asia & ,	-	371	-	667	-	-	-	-	1 038 ,
Total	28 360 ,	16 014 ,	931	8 945 ,	3 328 ,	6 086 ,	6 590 ,	11 983 ,	82 237 ,

1. Includes Panama, Guatemala and Costa Rica 20

2. Includes Greece and Germany

3. Includes South Africa, India and Zambia

Group consolidated net production: breakdown by technology and geography

GWh	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	7 296 ,	681	2 632 ,	45	-	26	6 340 ,	4 544 ,	21 565 ,
Iberia	2 627 ,	3 307 ,	-	1 357 ,	12 441 ,	2 104 ,	311	7 343 ,	29 490 ,
Latin America	17 973 ,	6 161 ,	176	3 088 ,	-	2 054 ,	230	6 146 ,	35 830 ,
Argentina	957	-	-	-	-	172	-	1 537 ,	2 665 ,
Brazil	2 152 ,	5 115 ,	-	1 007 ,	-	-	-	-	8 274 ,
Chile	3 683 ,	849	176	1 707 ,	-	866	-	3 271 ,	10 553 ,
Colombia	8 030 ,	-	-	90	-	18	230	-	8 368 ,
Perù	2 238 ,	197	-	200	-	999	-	1 338 ,	4 971 ,
Other1	913	-	-	85	-	-	-	-	997
of Rest Europe	26	1 055 ,	-	82	-	-	-	-	1 163 ,
Romania	-	654	-	20	-	-	-	-	674
Other2	26	401	-	62	-	-	-	-	488
North America	59	10 714 ,	165	1 860 ,	-	-	-	-	12 798 ,
Mexico	59	674	-	274	-	-	-	-	1 007 ,
Canada	-	459	-	-	-	-	-	-	459
USA	-	9 581 ,	165	1 586 ,	-	-	-	-	11 332 ,
Oceania3 Africa Asia & ,	-	607	-	547	-	-	-	-	1 155 ,
Total	27 980 ,	22 526 ,	2 974 ,	6 980 ,	12 441 ,	4 184 ,	6 881 ,	18 033 ,	101 999 ,

1. Includes Panama, Guatemala and Costa Rica 21

2. Includes Greece and Germany

3. Includes Australia, South Africa, India and Zambia

Group total additional capacity¹ : breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	2	-	-	3	-	35	-	11	51
Iberia	-	-	-	-	-	-	-	-	-
Latin America	3	411	-	231	-	34	-	54	732
Argentina	-	-	-	-	-	-	-	54	54
Brazil	-	339	-	-	-	-	-	-	339
Chile	2	72	-	26	-	-	-	-	99
Colombia	-	-	-	65	-	-	-	-	65
Perù	1	-	-	123	-	34	-	-	158
Other2	-	-	-	17	-	-	-	-	17
& North Africa Europa	-	-	-	63	-	-	-	-	63
Romania	-	-	-	63	-	-	-	-	63
Other	-	-	-	-	-	-	-	-	-
North/Central Americas	-	36	-	134	-	-	-	-	170
Mexico	-	-	-	-	-	-	-	-	-
Canada	-	36	-	-	-	-	-	-	36
USA	-	-	-	134	-	-	-	-	134
Africa Asia & Oceania ,	-	-	-	-	-	-	-	-	-
Total	4	447	-	430	-	69	-	65	1 016 ,

1. Includes Panama

Renewable projects in execution: breakdown by technology and geography¹

MW	Wind	Hydro	Geothermal	Solar & Other	BESS	Total
Italy	29	7	-	386	1 734 ,	2 155 ,
Iberia	9	16	-	2 095 ,	1	2 121 ,
Latin America	1 022 ,	158	-	1 672 ,	203	3 055 ,
of Rest Europe	1	-	-	84	-	85
North America	36	-	-	1 776 ,	767	2 579 ,
Africa Asia & Oceania ,	693	-	-	93	-	786
Total	1 790 ,	181	0	6 105 ,	2 704 ,	10 780 ,

Pipeline

Renewables Pipeline (GW) 2023-25 Additional capacity target²

10.7 0.9 9.4 21 GW Capacity in execution Built capacity Residual target

1. It includes BESS for around 33 GW in early stage and around 25 GW in mature pipeline

2. It includes both renewables and BESS

Mature pipeline¹

Enel Grids KPIs¹

	Electricity	2 distributed	Grid	(mn) customers	2 (mn) Smart meters
	H1	H1	H1	H1	H1	H1
	2023	2022	2023	2022	2023	2022
Italy	103	110	31	31	31	31
	1	3	8	7	7	6
Iberia	67	66	12	12	12	12
	0	1	5	4	4	3
Latin America	62 1	69 2	25 6	28 5	0 8	0 6
Argentina	9	8	2	2	0	0
	2	5	6	6	0	0
Brazil	33	40	15	18	0	0
	9	6	5	6	4	2
Chile	7	8	2	2	0	0
	1	5	1	1	4	4
Colombia	7	7	3	3	0	0
	5	4	8	8	1	1
Peru	4	4	1	1	0	0
	3	1	6	5	0	0
of	7	7	3	3	1	1
Rest	3	8	1	1	4	0
Europe
Romania	7	7	3	3	1	1
	3	8	1	1	4	0
Total	239	253	73	75	46	45
	6	4	1	7	3	5

1. 2023 figures after the disposal of Enel Goiás (Brazil) for 3.3 mn

Retail KPIs¹

			Power			Gas
	Customers	(mn)	Volumes	(TWh)	Customers	(mn)	(bsmc) Volumes
	H1	H1	H1	H1	H1	H1	H1	H1
	2023	2022	2023	2022	2023	2022	2023	2022
Italy	19	21	43	47	4	4	2	2
	7	6	7	7	6	4	5	9
Iberia	10	10	37	38	1	1	2	2
	5	5	7	5	8	8	2	9
Latin America	25 6	28 5	63 8	66 4	0 00	0 00	0 09	0 16
of	2	3	4	4	0	0	0	0
Rest	9	0	3	9	20	16	15	17
Europe
Total	58	63	149	157	6	6	5	6
	8	6	5	5	6	3	0	1

Enel X and Enel X Way KPIs

	Enel	X Way	Enel X
	Public Charging	points (k)	Street	lighting (mn)	Storage	(MW)	Demand (GW) Response
	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022
Italy	19 2	16 .4	1.6	1.5	-	-	0 9	0 6
Iberia	4.7	3 0	0 .1	0 .1	-	-	0 2	-
South America	0 .7	0 3	1.3	1.2	0 .5	0 .5	0 .1	0 .1
North America	-	-	-	-	95 6	61 .1	4.7	4.5
Africa Europe & North	0 3	0 2	-	-	-	-	1.3	1.2
Africa . Asia & Oceania	-	-	-	-	2 2	-	2 3	1.6
Other	-	-	-	-	-	-	-	-
Total	24 9	20 0	3 0	2 8	98 3	61 6	9 3	7.9

Capex¹ (€mn)

	Conventional Generation & Global Trading		Enel Grids			EGP		Retail		Enel X		Services 2 & Other		Total
	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022
Italy	166	170	1,446	1,104	1,007	392	189	258	66	42	28	22	2,903	1,988
Iberia	112	92	417	359	376	289	99	129	20	21	14	16	1,038	905
Latin America	55	49	717	817	854	727	-	-	34	28	2	1	1,662	1,622
Argentina	7	8	71	80	0	0	-	-	-	-	-	-	77	88
Brazil	1	1	439	536	417	247	-	-	14	3	(1)	-	870	787
Chile	31	25	57	67	253	364	-	-	1	-	2	1	344	457
Colombia	2	3	107	87	152	65	-	-	8	12	-	-	269	167
Peru	15	12	43	46	15	34	-	-	11	13	1	-	85	105
Other	-	-	-	-	17	17	-	-	-	-	-	-	17	17
Rest of Europe	-	13	80	52	33	25	6	4	4	3	-	-	122	98
North America	1	1	-	-	479	1,056	-	-	15	21	6	4	502	1,081
Africa , Asia & Oceania	-	-	-	-	107	99	-	-	5	3	-	-	112	102
Other	-	-	-	59	7	9	-	-	32	28	45	40	84	136
Total	335	324	2,660	2,390	2,862	2,597	294	392	176	146	96	83	6,424	5,931

Asset development Capex¹ (€mn)

	Conventional Generation & Global Trading		Enel Grids EGP			Retail		Enel X		Services 2 & Other		Total
	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022
Italy	128	135	645	541	949	334	-	-	46	17	13	10	1,781	1,038
Iberia	5	5	190	145	341	259	-	-	0	-	9	8	545	418
Latin America	2	1	115	87	778	686	-	-	18	23	2	-	915	797
Argentina	0	-	7	9	-	-	-	-	-	-	-	-	7	9
Brazil	-	-	76	52	393	238	-	-	1	-	-	-	470	290
Chile	2	1	7	11	218	351	-	-	-	0	2	0	229	364
Colombia	-	-	23	9	141	54	-	-	7	10	-	-	170	73
Peru	-	-	2	5	12	32	-	-	11	13	-	-	24	50
Other	-	-	-	-	14	12	-	-	-	-	-	-	14	12
of Rest Europe	-	7	24	5	26	22	-	-	1	0	0	0	52	35
North America	-	-	-	-	441	1,041	-	-	1	1	4	3	446	1,046
Africa , Asia & Oceania	-	-	-	-	105	95	-	-	-	-	-	-	105	95
Other	-	-	-	59	4	5	-	-	30	26	23	28	57	119
Total	135	148	974	838	2,645	2,443	-	-	97	68	51	50	3,902	3,548

Revenues¹ (€mn)

	Global Generation & Trading		Enel Grids		Renewable Energies		Retail		Enel X		Services 2 & Other		Total
	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022
Italy	12,589	26,622	3,733	3,431	1,378	968	14,166	15,411	347	339	(8 ,195)	(6 ,247)	24,018	40,524
Iberia	5,628	6,249	1,216	1,177	629	502	10,471	12,861	189	155	(5 ,041)	(6 ,132)	13,092	14,812
Latin America	1,399	1,456	5,187	5,559	2,399	1,975	835	842	121	211	(739)	(874)	9,202	9,169
Argentina	23	82	456	394	18	19	-	-	6	8	-	-	503	503
Brazil	322	486	3 ,179	3 680 ,	420	343	224	241	15	13	(271)	(415)	3,889	4,348
Chile	780	668	695	694	1,217	944	58	57	29	23	(354)	(312)	2,425	2,074
Colombia	133	98	379	375	503	446	413	422	40	140	(1)	(46)	1,467	1,435
Peru	141	122	478	416	108	92	140	122	31	27	(114)	(97)	784	682
Other	-	-	-	-	133	131	-	-	-	-	1	(4)	134	127
Rest of Europe	-	19	-	-	-	1	-	-	35	27	2	(28)	37	19
North & Central America	66	86	-	-	624	663	-	1	156	159	10	22	856	931
Africa , Asia & Oceania	-	-	-	-	77	105	-	-	37	30	1	-	115	135
Others and adjustments	(11)	(59)	14	39	5	(11)	1	9	(2)	263	(232)	(201)	(225)	40
Total	19,671	34,373	10,150	10,206	5,112	4,203	25,473	29,124	883	1,184	(14 ,194)	(13 ,460)	47,095	65,630

Reported EBITDA¹ (€mn)

	Global Generation & Trading		Enel Grids			Renewable Energies Retail			Enel X		Services 2 & Other		Total
	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022
Italy	737	1,551	1,859	1,741	146	(368)	2,051	312	68	53	22	55	4,883	3,344
Iberia	1,002	956	857	832	439	260	297	(176)	38	41	(207)	(5)	2,426	1,908
Latin America	(243)	118	1,208	1,093	1,117	952	174	226	33	58	(64)	(45)	2,225	2,402
Argentina	(311)	47	(58)	(38)	(6)	12	3	6	2	3	(4)	(2)	(374)	28
Brazil	(10)	62	852	683	271	234	106	124	(2)	(1)	(17)	(11)	1,200	1,091
Chile	(2)	(84)	53	97	317	202	30	35	3	(2)	(43)	(32)	358	216
Colombia	4	18	241	248	373	347	21	49	17	46	-	-	656	708
Peru	78	77	120	103	114	97	14	12	13	12	-	-	339	301
Other	(2)	(2)	-	-	48	60	-	-	-	-	-	-	46	58
Rest of Europe	-	17	-	-	(2)	5	-	-	2	11	(1)	(18)	(1)	15
North & Central America	(35)	(11)	-	-	299	313	(2)	1	11	22	(13)	(13)	260	312
Africa , Asia & Oceania	-	-	-	-	34	55	-	-	(1)	(11)	(2)	(1)	31	43
Others and adjustments	(7)	4	(6)	10	(32)	(22)	(6)	2	(5)	222	(92)	(37)	(148)	179
Total	1,454	2,635	3,918	3,676	2,001	1,195	2,514	365	146	396	(357)	(64)	9,676	8,203

Ordinary EBITDA¹(€mn)

	Global Generation & Trading		Enel Grids		Renewable Energies		Retail		Enel X		Services 2 & Other		Total
	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022	H1 2023	H1 2022
Italy	737	1,555	1,859	1,752	146	(367)	2,051	313	68	53	22	56	4,883	3,362
Iberia	1,002	952	858	838	440	261	297	(174)	38	41	-	6	2,635	1,924
Latin America	84	176	1,208	1,093	1,135	952	174	226	33	58	(64)	(45)	2,570	2,460
Argentina	15	47	(58)	(38)	12	12	3	6	2	3	(4)	(2)	(30)	28
Brazil	(10)	62	852	683	271	234	106	124	(2)	(1)	(17)	(11)	1,200	1,091
Chile	(2)	(27)	53	97	317	202	30	35	3	(2)	(43)	(32)	358	273
Colombia	4	18	241	248	373	347	21	49	17	46	-	-	656	708
Peru	78	77	120	103	114	97	14	12	13	12	-	-	339	301
Other	(1)	(1)	-	-	48	60	-	-	-	-	-	-	47	59
of Rest Europe	9	48	282	(50)	134	139	40	(115)	11	18	-	(1)	476	39
North & Central America	(35)	(11)	-	-	299	314	(2)	1	11	22	(13)	(12)	260	314
Africa , Asia & Oceania	-	-	-	-	34	55	-	-	(1)	(11)	(2)	(1)	31	43
Others and adjustments	10	2	-	17	(28)	(19)	(6)	2	(2)	225	(90)	(71)	(116)	156
Total	1,807	2,722	4,207	3,650	2,160	1,335	2,554	253	158	406	(147)	(68)	10,739	8,298

33 1. Ordinary figures, it excludes extraordinary items in H1 2022 (-95 €mn: -18 €mn emergency costs COVID-19, -75 €mn energy transition and digitalization funds, -2 €mn discontinued operations) and in H1 2023 (-1.063 €mn: -208 €mn solidarity contributions Spain, -367 €mn Costanera and Dock Sud (Argentina), -488 €mn discontinued operations Greece and Romania)

Reported EBIT¹(€mn)

	Global &	Generation Trading	Enel	Grids	Renewable	Energies		Retail	Enel	X	&	Services 2 Other	Total
	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1	2023 H1	2022 H1
Italy	664	1,478	1,184	1,075	(15)	(533)	1,640	(160)	45	20	(15)	18	3,503	1,899
Iberia	740	693	458	444	304	129	112	(287)	18	15	(233)	(35)	1,399	958
Latin America	(291)	(43)	829	698	897	757	45	56	20	46	(67)	(47)	1,433	1,467
Argentina	(316)	4	(78)	(54)	(9)	9	(4)	(3)	2	3	(4)	(2)	(409)	(43)
Brazil	(10)	(14)	598	419	202	179	5	(7)	(3)	(1)	(19)	(12)	773	564
Chile	(18)	(103)	27	65	225	121	21	22	2	(3)	(45)	(33)	212	69
Colombia	(6)	9	198	199	350	322	13	37	10	39	-	-	565	606
Peru	63	62	84	70	99	83	10	7	9	8	-	-	265	230
Other	(4)	(1)	-	-	30	43	-	-	-	-	1	-	27	42
of Rest Europe	(0)	17	1	0	(3)	4	0	(0)	1	10	(1)	(1)	(3)	31
North & Central America	(36)	(11)	-	-	86	134	(2)	-	(3)	(3)	(16)	(19)	29	101
Africa , Asia & Oceania	-	-	-	-	14	14	-	-	(3)	(13)	(2)	-	9	1
Others and adjustments	(7)	1	(7)	9	(45)	(33)	(6)	2	(21)	213	(158)	(126)	(244)	66
Total	1,070	2,136	2,464	2,226	1,237	473	1,789	(390)	57	288	(492)	(210)	6,125	4,523

From EBITDA to net income¹ (€mn)

	2023 H1 reported	2022 H1 reported	∆ yoy	2023 H1 ordinary	2022 H1 ordinary	∆ yoy
EBITDA	9 676 ,	8 203 ,	18 0%	10 739 ,	8 298 ,	29 4%
D&A	3 551 ,	3 680 ,		3 644 ,	3 671 ,
EBIT	6 125 ,	4 523 ,	35 4%	7 095 ,	4 627 ,	53 3%
financial charges Net	(1 621) ,	(995)		(1 588) ,	(1 022) ,
from method income equity investments using equity Net	27	62		101	62
EBT	531 4 ,	3 590 ,	26 2%	608 5 ,	3 667 ,	52 9%
Income tax	(1 519) ,	(1 007) ,		(1 565) ,	(996)
Net income	3 012 ,	2 583 ,		4 043 ,	2 671 ,
Minorities	570	259		764	514
Discounted operations	71	(632)		-	-
Group income net	2 513 ,	1 692 ,	48 5%	3 279 ,	2 157 ,	52 0%

1

D&A reported¹ (€mn)

	H1 2023	H1 2022	∆ yoy
Generation and Trading	384	499	-23 0%
Enel Green Power	764	722	5 8%
Grids	454 1 ,	450 1 ,	0 3%
Retail	725	755	-4 0%
Enel X	89	108	-17 6%
Others and adjustments	135	146	-7 5%
Total	3 551 ,	3 680 ,	-3 5%

Long-term debt¹ structure

Debt structure by instrument (€bn)

Debt by instrument	Spa Enel	EFI	EGP SpA Central and Others	Italy	Iberia	Latin America	North America	Europe	Africa Asia , and Oceania	Total
Bonds	3 93	41 63	-	-	0 01	4 67	1 58	-	-	51 82
Bank Loans	1 52	-	0 19	3 70	6 03	3 14	1 50	-	0 10	16 18
Partnership Tax	-	-	-	-	-	-	0 46	-	-	0 46
Other Loans	-	-	0 01	0 50	0 85	0 46	0 82	-	0 01	2 65
Other short debt term	0 24	0 70	0 01	1 72	0 51	0 21	0 18	-	0 01	3 58
Commercial Paper	-	3 61	-	-	0 42	-	0 79	-	-	4 82
debt Gross	5.69	45.94	0 21	5.92	7.82	8 .48	5.33	-	0 .12	79 .51
Financial Receivables	-	-1 23	-0 79	-0 62	-0 81	-0 96	-0 01	-	-0 01	-4 43
Tariff Deficit	-	-	-	-	-2 15	-	-	-	-	-2 15
Other short financial receivables term	-0 39	-0 52	-	-0 28	-3 13	-0 04	-0 31	-	-0 07	-4 74
Cash and cash equivalents	-1 91	-	-0 20	-0 68	-0 69	-2 42	-0 22	-0 03	-0 04	-6 19
borrowings1 m/l on exchange Derivative rates term	0 18	-0 03	-	-	-	0 01	-	-	-	0 16
Debt – Third Parties Net	3 .57	44.16	-0 .78	4.34	1.04	5.07	4.79	-0 03	-	62 .16
Debt Net – Intercompany	15 64	-55 73	8 53	21 31	6 70	3 21	0 26	0 01	0 07	-
Debt – Group View Net	19 21	-11.57	7.75	25 65	7.74	8 28	5.05	-0 02	0 07	62 .16

1. Fair Value of the Cross Currency Swaps stipulated to hedge the financing with third parties in foreign currency

Debt maturity coverage split by typology (€bn)

Available liquidity¹

1. Liquidity position does not include the credit line guaranteed by SACE

2. Of which 18.6 € bn of long term committed credit lines with maturities beyond June 2024

36.1

Focus on disposals

Sale of Argentina GX o Costanera o Central Dock Sud Sale of Perú distribution & supply Exit from Romania Sale of 50% stake in EGP Hellas Net Debt impact: 300 €mn in 2023 Sale of 50% stake in Australia Net Debt impact: 145 €mn in 2023 Expected closing Pending CP Closed Q4 Q3 Expected closing Pending CP Local Antitrust Foreign Investment Consent Latam & European repositioning Asset base optimization Q4 EU Antitrust FIRB & EU merger control Q4

Sale of PV Assets in Chile Net Debt impact: c.500 €mn in 2023

Q4 Local Antitrust

Balance sheet (€mn)

1

Headcount

	H1 2023	FY 2022	∆ yoy
Generation and Trading	6,061	6,447	-6.0%
Enel Green Power	9,304	9,397	-1.0%
Distribution	30,853	30,262	2.0%
Retail	5,447	5,418	0.5%
Enel X	2,921	2,875	1.6%
Others and adjustments	10,983	10,725	2.4%
Total	65,569	65,124	0.7%

Disclaimer

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

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

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Monica Girardi Head of Group Investor Relations

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Federico Baroncelli Serena Carioti Gaia Cherubini Federica Dori Fabrizio Ragnacci Danielle Ribeiro Da Encarnacao Riccardo Ricci Noemi Tomassi Emanuele Toppi

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