Enel

Investor Presentation • Nov 22, 2022

Capital Markets Day

November 22nd 2022, Milan

Agenda

Francesco Starace, CEO & General Manager

• The energy context
• The Group in the energy context 2023-25
• Strategic Plan
• Enel's strategic actions
• Sustainable profitability

Alberto de Paoli, CFO

• Investing in our integrated strategy
• Strategic repositioning

2023-25 Strategic Plan

• Financial management
• Plan de-risking
• Targets

Francesco Starace, CEO & General Manager

Closing remarks

Francesco Starace CEO & General Manager

The energy context

The last three years have highlighted the importance of good energy markets design

Clean electrification is now clearly emerging as the solution to tackle three challenges…

electrification to create affordable, secure, sustainable

Achievable if 2030 EU targets are met:

RES penetration of 70% and electrified consumption of 35%

…and it is at the heart of the long term policy packages of the major western economies

Long term support increased in the face of short-term energy crisis

The Group in the energy context

A business mix built over years to capture clean electrification opportunities

Managerial actions supported Group's performance

A stronger-than-the-sector financial profile was preserved

ND/EBITDA evolution (€bn)

ND/EBITDA below sector average despite governments' interventions weighting 8 €bn on 2022E financials ²

1. European Utilities

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0.50

1.00

1.50

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2.50

3.00

3.50

4.00

1. Enel figure calculated on mid-point range

Enel's strategic actions

Enel 2023-2025 plan in nutshell

Acceleration of clean electrification

Business & geographies strategic repositioning

~90% sales1,2

covered by GHG free sources

75% RES production on total1

~80% digitalized grid customers¹

21 €bn 2022E-25 disposal plan³

6 core countries Growth and financial strength

+10-13%

Net Income 2022E-25 CAGR

28% FFO/ND from 2023

0.43 €/sh minimum DPS⁴

Enel strategic actions

Pursue an integrated position across the value chain to serve our customers in their electrification journey

Balance customers' demand and supply to optimize the risk/return profile

Decarbonization to ensure competitiveness, sustainability and security

Reinforce, grow and digitize networks to enable the transition

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3

2

1

Streamline our portfolio of businesses and geographies

Balancing customer demand and supply

Fixed power sales coverage Fixed power sales^{1 1} (TWh)

Affordable price offering to customers based on fixed price contracts

More effective commercial strategy granted by a higher coverage from RES production

Clean energy coverage enhances margins and reduces short term risks

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-10.00 10.00 30.00 50.00 70.00 90.00 110.00 130.00 150.00

Services and infrastructures will foster the switch from fossil energy to clean electricity

Investments in renewables to target sustainability, independence and affordability

• 1. It includes BESS (around 44 GW in early stage and around 22 GW in mature pipeline)
• 1. It incudes 2 GW capacity under the stewardship business model

Zero Emissions as a business driver

1.5°C SBTi certification covering 100% GHG emissions (Scope 1, 2 & 3) ongoing and under validation by SBTi

Supporting the strategic reshaping of the supply chain in key areas

19

First and only factory in the world to produce HJT solar panels

Our strategy in grids is to concentrate in countries where the transition to a green future accelerates

Enel's Grids and the green future index ranking world map¹

Focusing on quality, resiliency and digitalization of distribution grids in countries most committed to clean electrification

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135

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335

435

535

Networks are key enablers of clean electrification already happening

New connections request to Enel grids (k)

A more concentrated focus to better deliver security, digitalization and efficiency

0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00

Re-shape our global presence and businesses coherently with our strategy boosting value creation

Optimize footprint and extract value from asset base with Group's strategy 2

1 Optimize footprint and asset base

Exit from businesses and geographies less fitting

Continued stewardship model in Tier 2 Countries

Leverage on market opportunity to initiate exit from gas activities

Main focus of actions in 2023

A simpler structure with high growth potential

1. It includes around 4 GW of BESS capacity

Sustainable profitability

An investment plan that maximizes the value of our integrated model

Gross capex by business

Investments driven by integrated margin maximization

Steady flow of investments on grids as a key enabler of the electrification

Growing commodities and services offering

Enel's evolution through 2025

		2022E	2025
	RES Capacity1	59 GW	75 GW
	RES Capacity on total1	67%	79%
CO 2	GHG free production on total	68%	83%
	Fixed power sales on total2	~75%	~80%
	Fixed sales covered by GHG free sources2	~70%	~90%
	Digitalized grid customers	60%	~80%
	SAIDI (min)	~230	~150

1. It includes BESS capacity. 2. Core countries

Value creation for all of our stakeholders

Financial community	Value creation spread	~350
Clients	Reduction of household power price1	-20%
Planet	Scope 1 Generation GHG emission intensity2	-44%
Communities	Cumulated GDP created by local investments	~70 €bn
Employees	Upskilling and reskilling programs on overall training3	40%
Suppliers	Supplies' value covered by Carbon Footprint certification3	75%
Partners	Transition investments through partnerships	~15 €bn

1. Re-pricing 2025 vs 2023. Fixed price offered to free market clients. 2. Target does not include M&A plan 3. In 2025

Alberto De Paoli CFO

Investing in our integrated strategy

Our investments in the next three years will be concentrated in core countries

2023-25 Gross capex by business and geography

1. It includes 1.3 €bn related to stewardship model

Power Generation & Retail: Capex, EBITDA evolution and value creation

1. It includes 1.3 €bn related to stewardship model. 2. It excludes perimeter for 0.7 €bn.

2022E-25 Integrated commercial business: EBITDA evolution

CAGR

19 GW renewable development in core countries

Generation capex 18 €bn

The integrated commercial business is set to grow at 15% CAGR over the plan

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4.00

6.00

8.00

10.00

12.00

1. It excludes tax partnership and incentives for around 0.7 €bn. 2. It includes tax partnerships and incentives for around 0.7 €bn. 3. Fixed sales

Grids: Capex, EBITDA evolution and value creation

1. Net of perimeter for 0.9 €bn and stewardship for 0.5 €bn

Grids investments deliver RAB growth within stable regulatory frameworks

Improvements into unitary KPIs across geographies

EBITDA evolution (€bn)

6.00 6.20 6.40 6.60 6.80 7.00 7.20 7.40

Strategic repositioning

Impacts on economics and financials

EV/EBITDA of ~8x

• 1. Yearly impact
• 1. Yearly impact, post tax

Financial management

Visible improvement of credit metrics in 2023

1. 00 47. 00 49. 00 51. 00 53. 00 55. 00 57. 00 59. 00 61. 00 63. 00

An extremely low exposure to credit tensions

1. As of September 30th 2022

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5.0

10.0

15.0

20.0

25.0

30.0

Stable cost of debt despite rise in rates

Cost of debt evolution 2022E-25

Stable cost over the plan thanks to the structure of our debt built over years through continues optimization and managerial actions

2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0%

Intrinsic de-risked characteristics of our debt

75% 25% >80% 20% Fixed + Hedged Floating Share of centralized financing 2025 2025

Centralized financing Gross debt structure

2025 Gross debt and EBITDA by currency Gross debt¹ EBITDA Euro 84% 75% USD 11% 10% Latam 5% 15% currencies Other 0% 0%

Our sustainable finance is at the core of our financial strategy

1. 2022E. Enel, EFI, EFA, Endesa and Enel Chile 2.Nominal values of the Programs, it includes, Sustainability-Linked instruments,.Green bonds and subsidized finance 3. KPIs refer only to Sustaibalility-Linked instruments

Plan de-risking

Operational de-risking

1. Including LT PPAs

Financial de-risking

Liquidity position

Avg. yearly LT refinancing (€bn)

Liquidity/ 2023-25 LT financing needs 1.8x

Targets

Solid and sustainable growth

Closing remarks

Closing remarks

Maximisation of our integrated position

Closing remarks

Focus on core countries

Financial position strenghtening

Stakeholders value creation and distribution

2023-25 Annexes

2023-25 Financial Annexes

2023-25 Macroscenario

GDP, CPI and FX

		GDP (%)		CPI (%)			€1 FX against
	2023	2024	2025	2023	2024	2025	2023	2024	2025
Italy	0 2	1 6	1 1	6 0	2 2	1 6	n.m	n.m	n.m
Iberia	1 5	2 9	2 0	4 4	1 9	1 8	n.m	n.m	n.m
Latin America
Argentina	(1 5)	1 2	0 5	83 3	59 0	48 3	309 0	414 0	478 0
Brazil	0 3	2 9	2 7	6 6	3 8	3 6	5 3	5 7	5 8
Chile	(1 1)	2 4	2 6	7 7	3 5	3 2	929 0	924 0	941 0
Colombia	0 2	2 5	3 0	7 3	3 2	3 2	4 493 0 ,	4 709 0 ,	4 811 0 ,
Peru	3 0	3 5	3 4	5 0	2 8	2 4	4 1	4 3	4 3
Rest of Europe
Romania	3 0	3 5	2 6	5 2	3 1	2 5	4 9	5 0	5 0
North America
USA	0 3	2 1	2 4	3 4	2 5	2 0	1 1	1 1	1 2
Mexico	0 6	2 5	2 9	5 5	3 9	3 5	23 0	24 4	25 0

Commodities' prices

	2022E	2023	2024	2025
(€/MWh) Power price Italy -	390 0	256 5	244 8	168 5
Power price Spain (€/MWh) -	190 0	177 0	154 0	117 0
Gas	158	110	110	66
(€/MWh)	0	0	0	0
TTF
(\$/mmbtu) Gas Henry Hub	6 9	5 7	0 5	4 3
Gas	160	110	110	66
PSV	5	0	0	8
(€/MWh)
(\$/bbl)	101	93	80	70
Oil	0	0	0	0
Brent
(\$/ton)	330	270	215	170
Coal	0	0	0	0
API2
(€/ton)	80	84	89	91
CO	0	0	0	0
2

2023-25 Enel Green Power

1. Rounded figures

2. It excludes renewable managed capacity for 5.0 GW in 2022E and 10 GW in 2025

Consolidated production¹ 20% 9% 9% 11% 23% 20% 3% 5% 2022E 230 TWh 11% 4% 2% 13% 28% 24% 3% 15% 2025 204 TWh 22% 28% 33% 5% 11%1% 2022E 230 TWh 21% 32% 30% 17% 2025 204 TWh By technology² By geography² Hydro Wind Solar & Other Geothermal Nuke CCGT Coal Oil & Gas 51% share of RES 70% share of RES 2. It excludes managed RES production for 11 TWh in 2022 and 25 TWh in 2025. Italy Latin America Iberia North America Rest of Europe Africa, Asia & Oceania

1. Rounded figures.

Total 4,465 5,649 6,875

RES Additional Capacity¹ (MW)

	Hydro			Wind			Geothermal			Solar & Other			Total
	2023	2024	2025	2023	2024	2025	2023	2024	2025	2023	2024	2025	2023	2024	2025
Italy	4	14	17	-	86	196	-	-	-	104	400	957	108	499	1,170
Iberia	11	9	3	135	639	593	-	-	-	959	887	1,170	1,105	1,535	1,766
Latin America	1	153	-	156	325	-	-	-	-	1,053	159	815	1,209	637	815
Rest of Europe	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
North America	-	-	-	39	-	800	-	-	-	815	1,500	700	854	1,500	1,500
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total	16	176	20	329	1,049	1,589	-	-	-	2,931	2,945	3,641	3,276	4,171	5,250
1. Rounded figures												Managed	1,188	1,478	1,625

By technology By geography

1. Rounded figures. It excludes BESS capacity for around 4 GW .

COD 2023-25 Mature Pipeline¹(GW)

	COD
	2023	2024	2025	Total
Italy	0.1	1.0	3.6	4.6
Iberia	0.2	2.6	5.0	7.8
Latin America	0.0	3.2	12.9	16.1
Rest of Europe	0.0	2.2	3.7	5.9
North America	0.2	4.7	7.8	12.7
Africa, Asia & Oceania	0.1	5.1	4.9	10.0
RES Total Pipeline	0.6	18.8	37.8	57.1
BESS	0.3	6.3	6.4	12.9
Total Mature Pipeline	0.8	25.1	44.1	70.0

By geography² By COD² By technology

North America Africa, Asia & Oceania

	COD
	2023	2024	2025	Total
Wind	0.0	3.1	14.2	17.3
Solar	0.5	15.4	23.6	39.5
Hydro	0.0	0.1	0.0	0.1
Geothermal	0.0	0.2	-	0.2
Total RES Pipeline	0.6	18.8	37.8	57.1
BESS	0.3	6.3	6.4	12.9
Total Mature Pipeline	0.8	25.1	44.1	70.0

1. Rounded figures

Sales Portfolio & PPAs key features

duration

2023-25 Grids

Electricity distributed, Grid customers, Smart meters¹

	Electricity distributed (TWh)		Grid customers (mn)		Smart meters (mn)
	2022E	2025	2022E	2025	2022E	2025
Italy	227	232	31.7	31.8	31.2	32.8
Iberia	132	143	12.5	12.7	12.5	13.1
Latin America	139	87	28.8	18.2	0.6	2.4
Rest of Europe	16	-	3.1	-	1.2	-
Total	514	462	76.1	62.7	45.6	48.3

Current regulatory framework¹

1. As of November 2022

2. WACC update in 2025

3. Nominal pre tax.

4. Return rate before taxes for Chile it is an estimation given that the real WACC post-tax will be 6.0%. Chile uses a Price Cap based on VNR (NRC – New Replacement value)

5. Smart meters are not included in the RAB but they will have a regulated remuneration

2023-25 Enel X Global Retail

Power & Gas customers and volumes¹

	Power			Gas3
	Customers (mn)			Volumes (TWh)		Customers (mn)		Volumes (bsmc)
	2022E	2025	2022E	2025	2022E	2025	2022E	2025
Italy	21 0	17 5	106 0	89 1	4 6	4 4	4 9	4 0
Free Market	11 9	12 9	84 8	76 9	4 6	4 4	4 9	4 0
Regulated	9 0	4 5	21 2	12 1	-	-	-	-
Iberia2	10 6	10 4	86 0	84 8	1 8	-	5 2	-
Free Market	6 9	7 3	75 8	76 9	1 5	-	5 1	-
Regulated	3 7	3 1	10 2	7 9	0 2	-	0 1	-
Latin America	28 8	18 2	148 5	110 3	0 0	0 0	0 3	0 3
Rest of Europe	3 0	-	10 0	-	0 2	-	0 3	-
Total	63 3	46 1	350 5	284 1	6 5	4 4	10 8	4 3

1. Rounded figures. 71

2. Iberia includes Spain and Portugal

3. It contemplates the impact of M&A plan currently under analysis.

Enel X Retail KPIs

	Charging Points1	(k)		Street lighting (mn)		Electric buses (#)		Storage (MW)		Demand Response (GW)
	2022E	2025	2022E	2025	2022E	2025	2022E	2025	2022E	2025
Italy	56	169	1.6	1.8	141	1,292	-	11	0.6	1.4
Iberia	14	66	0.1	0.1	234	1,270	-	-	-	0.2
Latin America	5	37	1.3	1.3	3,983	7,444	1	-	0.1	0.2
Rest of Europe	7	58	-	-	129	536	-	14	1.2	2.0
North America	149	624	-	-	267	1,611	94	249	4.7	4.8
Africa, Asia & Oceania	20	105	-	-	293	812	4	78	1.9	3.8
Other	245	365	-	-	-	-	-	-	-	-
Total	495	1,425	3.0	3.3	5,047	12,965	99	352	8.4	12.4

Italian and Spanish Power Market – Forecast 2022

Italy Spain

	Customers	Enel
	Regulated	Free	Total	2 share** market
Business	1 5 ,	5 6 ,	7 1 ,	38%
Residential	9 8 ,	20 1 ,	30 0 ,	49%
Total	11 4 ,	25 7 ,	37 0 ,
1 Enel Market share %	80%*	2 46%**	57%

	Energy	Enel
	Regulated	Free	Total	2 market share**
Business	4 5 ,	207 9 ,	212 4 ,	29%
Residential	23 1 ,	45 1 ,	68 2 ,	47%
Total	27 6 ,	253 0 ,	280 6 ,
Enel Market share %	77%*	2 32%**

		(mln) Customers
	Regulated	Free	Total	3 Enel Market Share %***
Business	0 0 ,	0 9 ,	0 9 ,	22%
Residential	10 5 ,	18 4 ,	28 9 ,	33%
Total	10 5 ,	19 3 ,	29 8 ,	33%
1 Enel Market Share %*	43%	27%	33%

	Energy	Sold (TWh)
	Regulated	Free	Total	3 Enel Market Share %***
Business	0 0 ,	159 2 ,	159 2 ,	30%
Residential	29 8 ,	82 0 ,	111 8 ,	27%
Total	29 8 ,	241 2 ,	271 0 ,	29%
1 Enel Market Share %*	34%	28%	29%

1. Enel best estimate based on Forecast 2022 Regulated; % calculated on Total Regulated Market.

57%**

1. Enel best estimate based on Forecast 2022 Free; % calculated on Total Free Market (not including Last Resort - "Salvaguardia" and "Tutele Graduali").

2. Portugal is not included.

Enel Group in 2030

Enel Group in 2030

RES capacity on total¹	~85%
Gas sold2	~3 bcm
Charging Points	>4 mn
Demand Response	>20 GW
SAIDI	~100 min
Digitalized grid customers	100%

1. It contemplates the impact of M&A plan currently under analysis

2023-25 Enel Group financials

Gross Capex¹(€bn)

Cumulated gross capex by GBL Cumulated gross capex by geography

	Enel Green Power						Enel X Global Retail
	Conventional Generation & Trading			Renewables			Grids			Retail			Enel X2			Services & Other			Total
	2023	2024	2025	2023	2024	2025	2023	2024	2025	2023	2024	2025	2023	2024	2025	2023	2024	2025	2023	2024	2025
Italy	0.5	0.2	0.1	1.9	1.6	1.9	3.1	3.3	3.0	0.5	0.5	0.5	0.2	0.1	0.2	0.1	0.1	-	6.3	5.8	5.6
Iberia	0.3	0.2	0.2	1.3	1.5	1.5	0.9	0.9	0.8	0.2	0.2	0.2	0.1	0.1	0.1	-	-	-	2.8	3.0	2.8
Latin America	0.1	0.1	-	1.0	0.9	0.6	1.0	0.8	0.7	0.1	0.1	-	0.1	-	-	-	-	-	2.4	1.8	1.4
Rest of Europe	-	-	-	-	-	-	0.1	-	-	-	-	-	-	-	-	-	-	-	0.2	-	-
North America	-	-	-	0.8	1.8	2.1	-	-	-	-	-	-	0.1	0.1	0.1	-	-	-	0.9	2.0	2.2
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total	0.9	0.5	0.4	5.0	5.7	5.9	5.2	5.1	4.5	0.8	0.7	0.7	0.5	0.6	0.5	0.2	0.2	0.1	12.7	12.6	12.1
Total Capex 2023 - 25			1.8			16.6			14.7			2.2			1.6			0.5			37.4

Asset Development Capex¹(€bn)

Cumulated gross capex by GBL Cumulated gross capex by geography

	Enel Green Power				Enel X Global Retail
	Conventional Generation & Trading			Renewables				Retail			Enel X2			Services & Other			Total
	2023	2024	2025	2023	2024	2025	2023	2024	2025	2023	2024	2025	2023	2024	2025	2023	2024	2025	2023	2024	2025
Italy	0.4	0.1	-	1.7	1.4	1.7	1.7	1.9	1.5	-	-	-	0.1	0.1	0.1	-	-	-	3.9	3.5	3.3
Iberia	-	-	-	1.2	1.4	1.4	0.4	0.4	0.3	-	-	-	-	0.1	0.1	-	-	-	1.6	1.9	1.8
Latin America	-	-	-	0.9	0.7	0.5	0.2	0.2	0.2	-	-	-	-	-	-	-	-	-	1.1	1.0	0.7
Rest of Europe	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
North America	-	-	-	0.7	1.7	2.0	-	-	-	-	-	-	-	0.1	-	-	-	-	0.7	1.8	2.1
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total	0.4	0.1	-	4.4	5.1	5.4	2.3	2.5	2.0	-	-	-	0.3	0.3	0.3	-	-	-	7.4	8.1	7.7
Total Capex 2023 - 25			0.5			15.0			6.8			-			0.9			0.1			23.3

Group Ordinary EBITDA¹(€bn)

By GBL² By geography²

1. Rounded figures

2. Other is not include in the breakdown

3. It includes Enel X Way

Enel Green Power Ordinary EBITDA¹

Ordinary EBITDA (€bn) Renewables - By geography

1. Rounded figures.

0

2

4

6

8

10

12

1. The breakdown does not include Italy for around -0.5 €bn .

Grids Ordinary EBITDA¹

Ordinary EBITDA (€bn) EBITDA - By geography

Enel X Global Retail Ordinary EBITDA¹

0.6

6.6

Ordinary EBITDA (€bn)

0.8 6.0 0.6 0.0 1.0 2.0 3.0 4.0 5.0 2022E 2025 Enel X & Enel X Way Global Retail 1.4 2

1. Rounded figures

6.0

7.0

1. It includes stewardship for around 0.3 €bn

2. This breakdown does not include Rest of Europe for around -0.2 €bn

Ordinary EBITDA by GBLs¹ (€bn)

1. Rounded figures. It excludes Rest of Europe in 2022E for around 0.3 €bn. 83

2. It includes Renewables and Conventional Generation.

Ordinary EBITDA by GBLs¹ (€bn)

1. Rounded figures.

2. The breakdown does not include Other for around -0.1 €bn in 2022E and -0.1 €bn in 2025.

Sensitivities

2023-25 ESG Annexes

Sustainability strategy

Our strategy for sustainable progress

1

4

Long-term climate strategy

Long-term climate strategy: partnering with all our stakeholders in the fight against climate change

Enel capex plan fully aligned with 2040 Net Zero targets Sustainability-linked instrumetns to finance Enel decarbonization strategy

Planet

Exit from coal generation by 2027 & gas generation by 2040 100% RES fleet by 2040

Exit gas retail by 2040 pushing on electrification of uses 100% sales from RES by 2040 while closing the open position Clients

Enel fully supports the principles of a just transition, so that no one is left behind even in the short term

Suppliers Decarbonize the supply chain by 2040

People

Just Transition for Enel's People

Professional orientation and training for the development of our people and their skills, even more in situations impacted by the energy transition, is key to requalifying and enhancing existing potential which translates into:

• Internal redeployment and upskilling/reskilling processes for people working in coal generation, enabling them to work in other units, ensuring knowledge transfer
• Voluntary early retirement plans

Hiring and upskilling/reskilling programs to acquire new skills and to support the generational mix and the sharing of knowledges

• ~40% of people leaving coal power plants in 2022 are redeployed and attended upskilling and reskilling programs (67 hours per capita)
• 30% of overall training dedicated to total employees conducted on reskilling and upskilling
• Coal redeployed people: ~80% within GPG perimeter, ~20% to other Enel business areas

2022E 2023-2025 Targets

• 70% of people leaving coal power plants will be redeployed, attending upskilling and reskilling program. The other 30% will be involved in early retirement plans
• Overall training dedicated to total employees up to 40% to reskilling and upskilling
• Strengthening of 'internal training' approach

Human Rights Policy

Purpose

Inclusion & uniqueness

Inclusion of people's multiple and unique talents is an essential factor in Enel's approach to create long term value for all stakeholders

Enel puts in place an organic set of actions aimed at:

• allowing expression of people uniqueness ensuring nondiscrimination, equal opportunities, equal dignity, and inclusion of every person regardless to any form of diversity;
• promoting cultural conditions for an inclusive and unbiased workplace that ensures a coherent mix of diversity in terms of skills, qualities and experiences that create value for people and business.

1. Selection processes involving blue collars, or similar technical roles, and related to USA and Canada perimeter are not included as a result of local anti-discriminatory legislation which does not allow gender to be monitored in the recruiting phase. 2. % Enel Headcounts covered with at least 1 of the services (assistance, accompaniment, inclusive and accessible services) 2. 3. # of countries of implementation of initiatives to increase inclusion of different ethnicity and raise awareness on diversity (workshops, training programs and communication campaigns)

Human Rights Policy Global Diversity & Inclusion Policy Global Workplace Harassment Policy Statement against harassment

Wellbeing & Welfare

Development and dissemination of a robust well-being culture, promoting personal and organizational well-being, is an enabler of the engagement and innovative potential of people and critical to business performance

Purpose and Actions

• Promote a high level of Wellbeing for all Enel People that also has a positive "radial" reverberation even outside the organizational context by:
• Developing a metric common to all countries: an Overall Wellbeing Index that measures Wellbeing at 360° - both work and private life - through an annual survey;
• Creating a Global Wellbeing Program that keeps People constantly informed, aware and engaged on their psychological, physical, social wellbeing and work-life harmony.

Global Overall Wellbeing Index¹

A Global program to measure, support and improve people wellbeing

• Based on people listening
• Program to be launched in December 2022
• Addressed to all employees
• To support psychophysical wellbeing
• 1. % of People quite or very much satisfied with their general wellbeing (personal life and work) annual survey. Due to its extensive meaning, the kpi encompasses all factors that may influence the overall wellbeing of Enel's people. This includes both exogenous effects (such as pandemics, socio-economic issues, politics, climate i.e.) as well as endogenous ones, on which Enel is committed to intervene with its Wellbing&Welfare actions

Human Rights Policy

Sustainability and Innovation in the Procurement Process - Suppliers and Contractors

Sustainability initiatives with local and global communities

Key pillar of our strategy is to establish solid, long-lasting relationships with local communities, integrating socio-economic factors within business processes

An approach along the entire value chain: business development, supply chain & design, engineering and construction, operation and maintenance up to the end of life through:

• proactive stakeholder engagement and addressing community needs in the design phase of our initiatives;
• sustainable and circular approach embedded along the entire value chain;
• promoting inclusive business initiatives for vulnerable clients (both physical, social and economic).

Human Rights: Enel's public commitment based on the voluntary international reference standards

2021 update Key

Added description of Enel's commitment to respecting human rights along the value chain, and specifically: i) mission; ii) contribution to the United Nations Sustainable Development Goals; iii) commitment to a just and inclusive energy transition.

updates

• Update process carried out in line with the "UN Global Compact Guide for business: how to develop a Human Rights Policy" with an active involvement of key Enel's stakeholders.
• Increased granularity in the "Communities and Society" section, adding a few subprinciples:
• "Environment" establishing a connection with human rights, ensuring alignment to the environmental policy and introducing the notion of respect of biodiversity;
• "Respecting the rights of local communities" and "Respecting the rights of indigenous and tribal peoples", in line with ILO Convention n. 169, both formerly included in the overall "Respecting the rights of communities";
• Split of "Privacy and communications" in two principles, "Privacy" and "Communications" and strengthening of the messages of both jointly with a more detailed correlation with customers.

Nature

Environmental Sustainability - Biodiversity

Enel is committed to apply the Mitigation Hierarchy principle to avoid and prevent negative impacts respecting the No Net Loss principle when building new infrastructures

• Including Biodiversity Risks Assessment to evaluate company-wide risk
• Developing a Biodiversity Action Plan taking into account the specific aspects of local environments
• Minimizing the impact of Enel sites on habitats and species included on the Red List of the IUCN¹

2022E 2023-25 Targets

Our

Improving processes for risk assessment and biodiversity management

• Implementation of the Biodiversity performance monitoring on significant projects
• Participation to Business for Nature Coalition, to SBTN's Corporate Engagement Program, to TNFD Forum and to WBCDS piloting activities
• Incorporation of nature-related risk and opportunity assessment into all company activities
• Assessment of all relevant assets and revision of Nature restoration Plan on infrastructure
• Enlarge and consolidate scientific and industrial partnerships
• Adopting quantitative biodiversity performance indicators on generation and distribution assets

No Go in UNESCO areas²

commitment No Net Loss on selected projects in highly importance biodiversity areas starting from 2025 Biodiversity No Net Loss for new infrastructures by 2030

No Net Deforestation by 2030

1. International Union for Conservation of Nature 2. In any case Enel commits to comply to service obligation with the best adequate and feasible solutions

Biodiversity Policy

Environmental Sustainability - Water

Enel applies an integrated approach for optimal management of use of water resources and their protection

Water quality

Downstream of internal recoveries and reuses, wastewater discharged from the plants is returned to the surface water body. Discharge always takes place downstream of a conservation treatment process that removes any pollutants present to ^a level where they will not have a negative impact on the receiving water body, in compliance with the limits provided for under national regulations and by operating permits

Strategic goals

Enel is constantly monitoring all its production sites located in water stressed areas in order to ensure that water resources can be managed efficiently

Specific freshwater withdrawal¹ (l/kWh) Freshwater withdrawal 2022E 22% In water stressed areas Target revised to strengthen Protection of Natural Capital Target 2022E -44% 2030 -65% Reduction vs baseline year 2017² 2025 -61% 2022E 0.13 In water stressed areas 0.25 In the whole perimeter

1. Ratio between: a) all the freshwater withdrawal quotas from surface, groundwater and third parties; b) the total production + heatIt.

2. It excludes new Green Hydrogen Production Plants. 2017 baseline recalculated

Environmental key performance indicators Policy

1. Target in line with 2030 Scope 1 emissions reduction target certified by SBTi

2. Extended perimeter to all O&M activities performed by Enel and contractors

Backbones

Health & Safety Health & Safety Management system is based on hazard identification, on qualitative and quantitative risk analysis. Certification of the whole Group according to ISO 45001 and relative implementation Human Rights Policy Health & Safety Policy Extra checking on site Policy Data-driven approach based on digital tools, dashboard and analytics, used both for prevention and Consequence Management Focus on serious injuries (absence from work of more than 3 days) and dangerous events (High Potential) A specific function (SHE Factory) promotes the dissemination of a different cultural approach to Health, Safety, Environment issues by everyone Integration into the procurement processes. Suppliers are monitored both in qualification system, and in the contract execution phase through a control system (e.g. Supplier Performance Management (SPM), Contractor Safety Assessments, Evaluation Groups, operational controls in the field) (-22% vs 2021) Lost Time Injury Frequency Rate¹ 0.51 -1% YoY More than 3 day Frequency Rate² 0.35 -1% YoY High Potential Accident FR³ 0.071 -1% YoY 2022E 2025 (-19% vs 2021) (-24% vs 2021) Data driven performance evaluation Culture dissemination Safety on supplier management

1.Number of accident with at least one day of absence from work / million worked hours.

2.Number of accident with more than three days of absence from work / million worked hours. The 2025 data is to be considered a projection and not a target.

3.An accident whose dynamic, independently from the damage, could have resulted in a Life Changing Accident or in a Fatal Accident. The 2025 data is to be considered a projection and not a target.

Growth Accelerators

Circular economy

Enel's vision of the circular economy stands on five pillars that define the related context and methods of application

cycle

of a life cycle through reuse, regeneration, upcycling or recycling

• 1. Materials and fuel consumption reduction of the Group's power fleet throughout the life cycle, compared to 2015
• 1. It will consider all the resource consumed (tons of materials and fuel) related to asset for energy production and distribution, energy sold to customer, technology and solution for the customers compared with the Group EBITDA

Circular economy – Focus Wind

Inputs Material	Useful Life	New Life Cycle
Main materials used: Steel Concrete	25 years average lifetime Expected volume at end of life considering the installed capacity¹:	Current recyclability of WTGs ~ 80% (steel, alumiunium, copper already fully recycled)
Fiberglass Copper Aluminium	~ 970 MW before 2030 ~ 1.700 MW 2031-35 ~ 4.000 MW 2036-40 ~ 10.000 MW after 2040	Estimated recyclability of WTGs at 2025 ~ 90% (improvement in the recycling of fiberglass)

KEY INITIATIVES (examples)

New solutions for wind

Development of new materials more sustainable, performing and recyclable through collaboration with start-ups and major players (e.g. wood based tower with a potential CO2 reduction per KWh of 90%).

Recycling plant for wind blades

In Spain (capacity 6.000 tons/year), and in Italy (capacity 4.000 tons/year)

With the aim of reusing recycled fiberglass back into the wind energy sector and other sectors that may require such composites.

Circular economy – Focus Solar

Inputs Material	Useful Life	New Life Cycle
Main materials used: Aluminium Glass Copper Steel Concrete Silicon Silver	25 years average lifetime No significant volume at the end of life expected before 2040 considering the installed capacity¹	Current recyclability ~ 80% (steel, alumiunium, copper, glass already fully recycled) Estimated recyclability ~ 95% (improvement in the recycling rate of precious materials (silicon, silver etc).

KEY INITIATIVES (examples)

PV Circular Design (3SUN) Photorama project for PV

Evaluation of the possibility to introduce recycled materials into the production process, such as replacing the glass of the panels with recycled plastic.

Recycling

EU Funded projects in collaboration with 14 partners with the aim to identify a suitable treatment for the recovery of precious materials reaching a total recycling rate of 95 %.

Circular economy – Focus BESS

Inputs Material	Useful Life	New Life Cycle
Main materials used: Lithium Copper Graphite Iron Phosphorus Steel Concrete Aluminium	15 years average lifetime No significant volume at the end of life expected before 2040 considering the installed capacity¹	Current recyclability ~ 50% (steel, copper fully recycled) Estimated recyclability ~ 70% (improvement in the recycling of cells material)

KEY INITIATIVES (examples)

New materials and solutions for storage

For example, thermal storage that use materials (rocks, pipes and casings) that are to be considered environmentally sustainable and not critical.

Second life solutions for EV Batteries to be reused as storage systems (Melilla, Pioneer) and Battery recycling plant in Spain (8.000 tons/year) to recover precious materials as lithium etc.

Cyber security

Cyber Security Framework

The Policy, adopted in 2017, addresses the principles and operational processes that support a global strategy of cyber risk analysis, prevention and management. Such Framework is fully applicable to the complexity of regular Information Technology (IT), industrial Operational Technology (OT) and Internet of Things (IoT) environments.

Cyber Security Structure and Governance

From the organizational point of view, Enel Group has set up, since September 2016, within the Global Digital Solutions Function, a "Cyber Security" unit, committed to guarantee governance, direction and control of cyber security topics. The Head of Cyber Security unit, which is also the Enel Group

CISO, directly reports to the Head of Global Digital Solutions function (CIO).

Furthermore, the Cyber Security Committee, chaired by the Group's CEO and made up of his/her front lines, addresses/approves the cyber security strategy and periodically checks the progress of its implementation.

Cyber Emergency Readiness Team CERT

Enel disposes of its own CERT, whose mission is to protect the Group's constituency, i.e., all employees and assets (instrumental to Enel's business that could be compromised by cyber threats), promoting a proactive approach based on

"incident readiness" rather than "incident response". Incident Response, Threat Intelligence and Information Sharing are the processes the unit operates with, also exchanging information within a network of accredited international partners.

People cyber empowerment journey

The journey drives Enel people to be the first line of cyber defense and is powered by an Awareness Development.

Cyber Security Framework

Program and an Anti-Phishing Program that leverage on different communication channels and diffusion tools.

1. The 2022 data includes ad-hoc initiatives supporting the execution of simulated phishing campaigns (6 campaigns in 2022).

and test solutions together with our Business Lines. Data from 2015 to 9M 2022. 2. Data from 2017 to 9M 2022. 3. Active partnerships as of 9M 2022.

Innovation projects samples

Storage X-Lab

Modular living labs to develop, test and validate BESS technologies for domestic, commercial and industrial uses. In addition, the labs allow Enel X to develop algorithms, making use of artificial intelligence, for the optimal usage of energy storage systems in several use cases, including Front of The Meter large power plants, aggregations in Virtual Power Plants and energy communities.

Skybot

Development of a robotic platform remotely controlled by operators, that executes maintenance and construction tasks on the electrical grid (both on deenergized and live voltage conditions) zeroing all risk of falls and electrocutions and increasing efficiency and quality of service. Prototype development ongoing.

Gravitational storage system

New long duration storage technology using heavy loads are carried up/down to store/release gravitational energy. The system will reduce the dependency on critical raw materials through the recycling of decommissioned wind turbine blades into the weights used by their innovative gravitational energy storage system. Operation expected to start in

March 2024.

Biometric voice recognition

Use of voice biometrics as an element of customer authentication in call centers in two-step process: Enrollment (Request to identified customers to create their voice print from the recording of just 5 seconds of conversation with the agent); Authentication (Voice identification of the client with only 3 seconds of conversation, comparing your voice with your previously stored voice print).

Focus on…

Advocacy for Climate

Enel is committed to ensuring that its advocacy activities are conducted in line with the Paris Agreement

Indirect advocacy

• Enel's positioning on key climate related issues is reflected by its direct advocacy activities with the EU and other governmental authorities:
  • Enel supports the European Green Deal and RepowerEU;
  • Enel supports the EU Climate Law;

Direct advocacy

• Enel supports the EU's proposed ETS reform, which must be strengthened and supported by a CBAM;
• Enel welcomes the Commission's initiative to review the Renewable Energy Directive;
• The Enel Group actively promotes renewable hydrogen;
• The Enel Group is actively promoting e-mobility;
• Enel fully supports the European building renovation strategy;
• Enel has involved various stakeholders in the European Commission's New Circular Economy Action Plan.
• Enel discloses the list of all associations it collaborates with on climate related issues.
• Enel systematically verifies that the positions of such associations are consistent with the Paris Agreement and the Group's climate policies:
  • before joining the association, through an in-depth analysis of the body's by-laws;
  • after joining the association, contributing to its work and/or promoting the Enel Group's position within working groups;
  • in case of inconsistency Enel assesses the misalignment and could eventually withdraws from the association.
• Enel discloses the level of alignment of the main associations¹ with the Paris Agreement.
• The level of alignment of all associations to be disclosed in 2023.

^1. The assessment is based on targeted evaluations on the science of climate change, climate policies at global and national level, disclosures on the topic, and technologies proposed.

Sector leader in the Refinitiv ESG and FTSE Russell ESG ratings

S&P CSA rating

Highest score among utilities with integrated business model in the

Reconfirmed by Vigeo ESG in second position in the utility

sector

Consolidated position in main ESG Ratings focused on covering most material issues for the Energy sector

¹ Refinitiv does not provide an industry average.

Industry average

Climate Action 100+ Net Zero Company Benchmark

Enel is the first and only company to fully align disclosures with Climate Action 100+ Net Zero Company Benchmark¹

Enel Score

YES: All metrics for a sub indicator or indicator are Yes

PARTIAL: At least one (not all) metrics for a sub indicator or indicator is Yes

NO: All metrics for a sub indicator or indicator are No 116

1. Around 160 companies targeted by the Net Zero Company Benchmark.

2. Assesment not publicly disclosed.

Corporate Governance

Corporate Governance Structure

1. Out of which 3 Directors drawn from the slate filed by a group of mutual funds and other institutional investors.

Board nomination and election

BoD's Members

Enel's Board of Directors consists of three to nine members who are appointed by the ordinary shareholders' meeting for a term of up to three financial years.

Gender balance

In order to assure to the less represented gender at least 40% of the seats, the slates containing a number of candidates equal to or over three shall include candidates belonging to different genders.

Candidates' qualifications

A report containing exhaustive information on the background of the candidates, accompanied by a statement as to whether or not they qualify as independent, must be filed with the slates.

Slate voting system

The appointment of the entire Board of Directors takes place according to a slate voting system, aimed at allowing the presence of members nominated by minorities totaling 3/10 of the Directors elected. If the slate that obtained the majority of the votes cast have not a suitable number of candidates in order to achieve 7/10 of the Directors to be elected, the other candidates necessary to complete the Board shall be drawn from the minority slates.

The slates may be presented by the outgoing Board or by shareholders who, individually or together with other shareholders, own at least 0.5% of the share capital.

The slates must be filed at least 25 days before the AGM and published by the Company at least 21 days before the date of the meeting.

Board composition

Costanza Esclapon de Villeneuve

Chair (C) Corp. Governance & Sust. C. Michele Crisostomo CEO and General Manager Francesco Starace Cesare Calari (C) Control & Risk C. Nomination & Compensation C. Corp. Governance & Sust. C. Nomination & Compensation C. Samuel Leupold Control & Risk C. Related Parties C. Alberto Marchi (C) Nomination & Compensation C. Control & Risk C. Mariana Mazzucato Corp. Governance & Sust. C. Related Parties C. Mirella Pellegrini Control & Risk C. Related Parties C.

Anna Chiara Svelto (C) Related Parties C. Nomination & Compensation C.

Board of Directors Board of Directors' diversity

CEO Remuneration Overall structure

Compensation accrued in 2021 equal to: 4,580,456 € (-33% vs 2020)

Enel's position vs the Peer Group¹

Market Cap: between the third quartile and the ninth decile²

Revenues: between the third quartile and the ninth decile²

Employees: between the median and third quartile²

Fixed compensation 1,520,000 € Compensation at Target level Total 5,016,000 € Paymix 30% 30% 40% Fixed Annual bonus LTI Annual bonus 100% of fixed remuneration Long-term incentive 130% of fixed remuneration Fixed compensation 1,520,000 € Compensation at Maximum level Total 8,056,000 € Paymix 19% 28% 53% Fixed Annual bonus LTI Annual bonus 150% of fixed remuneration Long-term incentive 280% of fixed remuneration Total Direct Compensation is between the median and the third quartile of the Peer Group for both Target and Maximum levels

1. Eni, Leonardo, Prysmian, Stellantis, Terna, TIM, EdP, Engie, E.On, Iberdrola, National Grid, Naturgy, Orsted, RWE, Airbus, Royal Dutch Shell, SAP, Schneider Electric, Siemens, Total.

2. Data as of December 31, 2020. For Stellantis, the latest available data regarding the remuneration treatment of Fiat Chrysler Automobiles - FCA directors, published for the 2021 AGM season, were considered. 121

CEO's short-term variable remuneration¹

Macro objective	Objective	2 Weight	Entry (50%)	Target (100%)	Over (150%)	Type of target
Profitability	Ordinary consolidated net income	40%	5.50 €bn	5.67 €bn	5.84 €bn	Economic
Efficiency	Group Opex	10%	8.11 €bn	8.03 €bn	7.95 €bn	Economic
Cash and debt management	FFO/Consolidated net financial debt	20%	22.2%	22.8%	23.5%	Financial
Safety	Safety in the workplace	20%	FI3 < 0.52 & FA4 ≤ 6	FI3 < 0.43 & FA4 ≤ 6	FI3 < 0.40 & FA4 ≤ 6	ESG
Customer Satisfaction	Claims + SAIDI	10%	GC5=320/10,000 users IC6≤150/10,000 users SAIDI7 ≤ 242 min	GC5=310/10,000 users IC6≤150/10,000 users SAIDI7 ≤ 242 min	GC5=300/10,000 users IC6≤150/10,000 users SAIDI7 ≤ 242 min	ESG

1. Management by objectives (MBO) 2022

2. (%) Weight in the variable remuneration

3. FI: Work-related accident Frequency Index = Number of accidents (more than 3 days of absence from work) / total amount of worked hours (Enel + contractors) expressed in millions 4. FA: Number of Fatal Accidents during 2022, except for road events (Enel + contractors)

4. GC: Commercial complaints at Group level

5. IC: Commercial complaints on the open commodities market in Italy (gateway objective)

6. SAIDI: System Average Interruption Duration Index (gateway objective)

CEO's short term variable remuneration Changes vs 2021 remuneration policy¹

2021 MBO	2022 MBO	Underlying rationale
Ordinary consolidated net income (weight 35%)	Objective unchanged, weight increased to 40%
Group Opex (weight 20%)	Objective unchanged, weight reduced to 10%	Further emphasize the importance of maintaining a solid financial structure and growth in terms of profitability for the Group, ensuring that the progressive increase in investments can develop in an environment characterized by an adequate return for shareholders and adequate levels of operating efficiency
FFO/Consolidated net financial debt (weight 15%)	Objective unchanged, weight increased to 20%
Safety in the workplace (weight 15%)	Objective unchanged, weight increased to 20%	In consideration of the central role of ensuring safety in the workplace and the non-achievement of this objective in 2020 and 2021
SAIDI (weight 15%)	Objective widen to include claims, weight reduced to 10%	Measure customers' satisfaction also through the number of claims - considering their central role in the electrification process – with a focus on Italy, the market of most relevant dimension and greatest value creation for Enel

Long-term variable remuneration¹ 130% of the base amount is assigned in Enel shares²

Macro objective	Objective	Weight 3	Target (130%)4	Over I (150%)	Over II (280%)4	Type of target
Performance	TSR 5	50%	Enel's TSR = 100% of Index's TSR	Enel's TSR = 110% of Index's TSR	Enel's TSR ≥ 115% of Index's TSR	Market
Profitability	Cumulative ROIC - WACC6	30%	= 11.9%	= 12.2%	≥ 12.5%	Economic
Climate Change	GHG Scope 1 emissions reduction7	10%	= 140 gCO /kWh 2eq eq	= 137 gCO /kWh 2eq eq	≤ 135 gCO /kWh 2eq eq	ESG
Gender Gap	% of women in top mgmt succession plans8	10%	= 45%	= 47%	≥ 50%	ESG

• 1. Long-Term Incentive (LTI) Plan 2022. Performance period: January 1, 2022 December 31, 2024. 30% payment (if any) in the 4th year. 70% payment (if any) in the 5th year (deferred payment)
• 1. For the CEO/General Manager. 65% for the other beneficiaries of the LTI Plan 2022 (c.300 managers)

The number of Enel shares to be assigned is determined on the basis of the arithmetical mean of Enel's daily VWAP in the three-months period preceding the beginning of the performance period

1. (%) Weight in the variable remuneration for the CEO/General Manager

2. 1. 100% at Target and 180% at Over II for the other beneficiaries of the LTI Plan 2022
3. 1. Average TSR Enel compared to average TSR EUROSTOXX Utilities Index-EMU, calculated in the 3-year period 2022-2024
4. 1. For the 3-year period 2022-2024
5. 1. GHG Scope 1 emissions per kWh equivalent produced by the Group in 2024
6. 1. At the end of 2024

Long-term variable remuneration Changes vs 2021 remuneration policy¹

2021 LTI	2022 LTI	Underlying rationale
ROACE (weight 25%)	Objective substituted with Cumulative ROIC - WACC, weight increased to 30%	Financial markets consider ROIC - WACC a better measure of a company's ability to create value in the medium-long term
% of women in mgmt. succession plans (weight 5%)	Objective focused on top management, weight increased to 10%	Encourage fair representation of women in the bases that supply managerial succession plans, with particular reference to top positions
Renewable capacity on total (weight 10%)	Objective removed	Prevent the use of a performance indicator linked exclusively to volume growth without taking into adequate account the priorities represented by profitability and financial balance
Share component for CEO: 100% of the base amount	Share component for CEO increased to 130% of the base amount2	Ensuring a further alignment with the interests of the shareholders in the long term and set the basis for the wished adoption of a policy ensuring an adequate share ownership by the CEO and Executives with strategic responsibilities

1. Fixed remuneration and performance scale unchanged. TSR and GHG Scope 1 emissions reduction: objectives and weights unchanged

2. From 50% to 65% for the other beneficiaries of the LTI Plan 2022

CEO remuneration Termination agreements

Pro rata temporis rule

In case of misalignment between the performance period of the 2022 LTI plan and the term of office of CEO/GM, due to the expiry of its mandate without renewal, a "pro rata temporis" rule for compensation was confirmed¹

Severance payment

It was confirmed a severance payment equal 2 years of fixed compensation payable only in the event of:

• revocation or non-renewal of the CEO/GM without just cause;
• resignation of the CEO/GM due to a just cause.

No severance payment is provided for in cases of variation in Enel's ownership structure (so called "change of control" provision).

Non competition agreement

It was confirmed the grant by the CEO/GM to the Company, for a consideration equal to 500,000 € (payable in three yearly installments), of the right to activate a non-competition agreement, upon termination of directorship and executive relationships.

Should the Company exercise such option right, the agreement refrains the CEO from carrying out activities in competition with the Enel Group, for a period of one year and within specific Countries² , for a consideration equal to a maximum amount of 3,300,000 €.

^1. Specifically, in the event of expiration of directorship relationship without simultaneous renewal of the same – and, therefore, in the event of automatic termination also of the executive relationship – before the LTI 2022 performance period conclusion, it is provided that the CEO/GM shall maintain the right to the disbursement of the accrued incentive, based upon the level of achievement of the performance objectives provided under the Plan, and that the final assessment of the incentive will be made pro rata temporis until the date of termination of the directorship and executive relationship.

^2. Namely in the following Countries: Italy, France, Spain, Germany, Chile and Brazil.

1. Sale announced, pending closing

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.

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, Alberto De Paoli, declares that the accounting information contained herein correspond to document results, books and accounting records.

Contact us

Monica Girardi Head of Group Investor Relations

Investor Relations team

Federico Baroncelli Serena Carioti Federica Dori Fabrizio Ragnacci Danielle Ribeiro da Encarnação Riccardo Ricci Noemi Tomassi Emanuele Toppi

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