Enel

Interim / Quarterly Report • Jul 28, 2022

First Half 2022

Consolidated results

Francesco Starace CEO

Business performance Energy crisis in Europe Financial performance Simplification Renewables development in line with targets Investments protected from inflation dynamics Successful commercial season Resilient Latam performance Challenging market context Temporary squeeze in integrated margin partially offset by portfolio optimizations Strong liquidity position Limited refinancing needs Initial reabsorption of temporary working capital items Exit from Russia at final stages Latam final streamlining underway

Key highlights

FY2022 Guidance CONFIRMED

Turbulence in energy market had no impact on our developing machine

Total capacity evolution¹ (GW)

1. Rounded figures. It includes renewable managed capacity.

2. It includes BESS capacity built for around 0.5 GW

Investments in networks and renewables protected against inflation

A successful and customer oriented commercial offering accelerates our strategic targets

Free market customers (mn)

Free market volumes¹ (TWh)

Business performance

Resilient performance in Latam on a post pandemic recovery

Energy crisis in Europe

H1 2022 sees full impact from energy turbulences in Europe…

Average pool prices (€/MWh)

Tensions on commodities transferred on electricity markets, driving spot prices to unprecedented levels

…which translated into a downside in the integrated margin, mainly in Italy…

Integrated margin management (€bn)

Turbulences impact concentrated in Italy translating into a hit to the country integrated margin partially compensated by portfolio optimization activities

…where clients remained protected throughout the turbulences and sales were higher than expected

Free market dynamics in Italy

250 Avg. spot price Italy Avg. fixed price offering 50% lower than spot Avg. sales price (€/MWh) Sales (TWh) 16 19 10. 00 Expected H1 2022 Retail contracts have been locked in during COVID-19 outbreak Our clients benefitted from energy costs around 50% below the MtM Our commercial offering resulted into a drop of the churn rate and consequent increase in our customer base and consumption Churn rate down by c.3 p.p vs expected 33 38 Fixed price¹ +5 TWh

Lower share of renewables on higher sales pushed up unitary cost

Our integrated position will rebalance in forthcoming quarters

Integrated margin management (€bn)

Turbulences impact partially offset, already, by portfolio optimization Visibility on FY2022 supported by contracts repricing and renewables growth

2022 guidance fully confirmed

Our sustainable and integrated business model delivering results amidst distressed environment

Ordinary EBITDA (€bn)	19.0 – 19.6
Net Ordinary Income (€bn)	5.6 – 5.8
DPS (€/sh)	0.40

First Half 2022

Financial results

Alberto De Paoli CFO

Key financial highlights

FY2022: EBITDA 19-19.6 Net income 5.6-5.8

Positive business performance offset energy crisis impact in Europe

16 1. Ordinary figures. It excludes extraordinary items in H1 2021 (-641 €mn: -24 €mn emergency costs COVID19, -555 €mn energy transition and digitalization funds, -62 €mn impairment) and in H1 2022 (-93 €mn: -18 €mn emergency costs COVID-19, -75 €mn energy transition and digitalization funds).

by regulatory adjustments, efficiencies and supported by FX revaluation

Stable results in Europe despite WACC reset in Italy

Romania still affected by negative regulatory actions

Infrastructure and Networks

EBITDA evolution¹ (€bn)

Global Power Generation & Enel X Global Retail

EBITDA evolution¹ (€bn)

Iberia benefitted from portfolio management optimization, RoE still affected by Romanian government's adverse measures

Stewardship profit due to Ufinet transaction

Efficiencies across all businesses offset CPI increase

Opex evolution¹

(€bn) Efficiencies by business¹

Net Income

Net Ordinary Income evolution (€bn)

investments deployed and FX impact

Bad debt level equal to 1.4% on revenues in line with historical trend

Windfall Tax in Italy impacting for 50 €mn

FY2022 EBITDA guidance

1. It does not include stewardship contribution accounted in H1 2022

2. It includes delta non recurring for -0.1 €bn

H1 FFO contribution turned positive vis-à-vis Q1

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

2. Restated figure.

3. Includes dividends received from equity investments.

FY2022 FFO guidance

23

Net debt evolution (€bn)

Net Debt

FY2022 Net Debt guidance

Net debt evolution to FY2022 (€bn)

Solid and ample liquidity protects against market volatility

Liquidity position

Long Term debt maturities (€bn)

First Half 2022

Closing remarks

Business underlying extremely supportive to medium and long term targets

An integrated business model offsetting extreme energy scenarios

A strong financial position

No risks to our guidance and dividend policy

First Half 2022 Consolidated results

Annexes

Macroscenario

	GDP	(%)	CPI	(%)	against FX	€1	Spot Price	(€/MWh)	Electricity	(TWh)2 Demand
	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021
Italy	5 43	8 80	6 70	0 97	-	-	249 09	66 96	158 02	154 86
Iberia	6 22	6 85	8 40	1 40	-	-	205 94	58 23	118 23	120 14
Latin America
Argentina	6 57	11 48	56 80	44 52	131 28	113 47	-	-	71 27	68 07
Brazil	1 98	40 7	11 33	6 51	51 89 5 5		10 16 29 42		306 67	304 97
Chile	5 95	9 90	9 90	3 25	967 68	867 73	98 35	61 94	41 70	40 13
Colombia	9 81	9 69	8 58	2 26	4 334 79 ,	4 447 79 ,	49 09	36 77	37 87	35 88
Peru	1 81	23 49	7 25	2 63	4 01	4 58	22 81	6 84	27 30	26 58
of Rest Europe
Romania	4 38	7 68	10 30	2 73	4 95	4 93	170 35	54 63	29 54	31 24
Russia	1 37	4 80	14 23	5 78	57 37	86 75	17 18	15 37	422 76	410 21
North America
USA	2 76	6 39	8 32	3 38	1 05	1 19	-	-	2 037 00 ,	1 998 00 ,
Mexico	48 1	8 33	52 7	97 4	21 09	23 64	-	-	142 62	23 157
Africa Asia & Oceania ,
India	7 84	11 59	6 81	5 23	82 36	88 39	-	-	750 81	677 55
Australia	3 40	5 56	5 10	2 45	1 52	1 58	-	-	-	-
South Africa	1 80	8 55	6 18	3 97	17 06	16 94	-	-	109 29	109 85

Group consolidated net capacity: breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12 991 ,	794	774	29	-	2 248 ,	4 720 ,	4 596 ,	26 151 ,
Iberia	4 746 ,	2 602 ,	-	1 160 ,	3 328 ,	2 333 ,	1 644 ,	5 445 ,	21 259 ,
Latin America	10 542 ,	3 194 ,	69	3 174 ,	-	2 661 ,	546	4 168 ,	24 354 ,
Argentina	1 328 ,	-	-	-	-	1 169 ,	-	1 922 ,	4 419 ,
Brazil	1 272 ,	2 420 ,	-	1 234 ,	-	-	-	319	5 245 ,
Chile	3 508 ,	642	69	1 537 ,	-	581	320	1 468 ,	8 125 ,
Colombia	3 097 ,	-	-	122	-	180	226	-	3 625 ,
Perù	792	132	-	179	-	730	-	459	2 294 ,
Other1	545	-	-	101	-	-	-	-	646
of Rest Europe	19	1 131 ,	-	130	-	4 447 ,	-	830	6 556 ,
Romania	-	498	-	36	-	-	-	-	534
Russia	-	260	-	-	-	4 447 ,	-	830	5 537 ,
Other2	19	372	-	94	-	-	-	-	485
North America	53	6 262 ,	72	1 556 ,	-	-	-	-	7 941 ,
Mexico	53	893	-	220	-	-	-	-	1 165 ,
Canada	-	211	-	-	-	-	-	-	211
USA	-	158 5 ,	72	336 1 ,	-	-	-	-	6 566 ,
Oceania3 Africa Asia & ,	-	1 274 ,	-	992	-	-	-	-	2 266 ,
Total	28 351 ,	256 15 ,	915	040 7 ,	3 328 ,	689 11 ,	6 910 ,	039 15 ,	88 528 ,

1. Includes Panama, Guatemala and Costa Rica 31

2. Includes Greece and Germany

3. Includes Australia, 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	5 705 ,	722	2 716 ,	34	-	46	8 262 ,	5 583 ,	23 067 ,
Iberia	2 480 ,	2 832 ,	-	904	13 447 ,	2 082 ,	697	8 698 ,	31 140 ,
Latin America	16 011 ,	5 475 ,	190	2 246 ,	-	3 753 ,	978	7 164 ,	35 817 ,
Argentina	734	-	-	-	-	2 553 ,	-	2 628 ,	5 915 ,
Brazil	1 964 ,	4 335 ,	-	936	-	-	-	-	7 235 ,
Chile	3 414 ,	847	190	975	-	732	831	3 239 ,	10 229 ,
Colombia	6 641 ,	-	-	77	-	22	147	-	6 888 ,
Perù	2 344 ,	293	-	206	-	445	-	1 296 ,	4 583 ,
Other1	914	-	-	53	-	-	-	-	967
of Rest Europe	22	1 198 ,	-	90	-	7 145 ,	-	2 911 ,	11 366 ,
Romania	-	665	-	23	-	-	-	-	688
Russia	-	128	-	-	-	7 145 ,	-	2 911 ,	10 184 ,
Other2	22	405	-	68	-	-	-	-	494
North America	69	10 647 ,	170	1 522 ,	-	-	-	-	12 407 ,
Mexico	69	833	-	274	-	-	-	-	1 175 ,
Canada	-	401	-	-	-	-	-	-	401
USA	-	9 414 ,	170	1 248 ,	-	-	-	-	10 831 ,
Oceania3 Africa Asia & ,	-	1 147 ,	-	563	-	-	-	-	1 710 ,
Total	24 286 ,	22 020 ,	3 076 ,	5 359 ,	13 447 ,	13 026 ,	9 937 ,	24 355 ,	115 506 ,

1. Includes Panama, Guatemala and Costa Rica 32

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	547	-	-	-	-	-	-	-	547
Iberia	5	56	-	62	-	-	-	-	124
Latin America	1	264	-	252	-	3	-	-	519
Argentina	-	-	-	-	-	-	-	-	-
Brazil	-	264	-	-	-	-	-	-	264
Chile	1	-	-	216	-	3	-	-	219
Colombia	-	-	-	36	-	-	-	-	36
Perù	-	-	-	-	-	-	-	-	-
Other2	-	-	-	-	-	-	-	-	-
of Rest Europe	-	32	-	-	-	-	-	-	32
Romania	-	-	-	-	-	-	-	-	-
Russia	-	32	-	-	-	-	-	-	32
Other3	-	-	-	-	-	-	-	-	-
North America	-	-	-	-	-	-	-	-	-
Mexico	-	-	-	-	-	-	-	-	-
Canada	-	-	-	-	-	-	-	-	-
USA	-	-	-	-	-	-	-	-	-
Oceania4 Africa Asia & ,	-	-	-	325	-	-	-	-	325
Total	552	352	-	639	-	3	-	-	1 546 ,

1. Excludes managed capacity

2. Includes Panama, Guatemala and Costa Rica

3. Includes Greece and Germany

4. Includes Australia, South Africa, India and Zambia

Renewable projects in execution: breakdown by technology and geography¹

MW	Wind	Hydro	Geothermal	Solar & Other	BESS	Total
Italy	98	19	3	339	1 734 ,	2 193 ,
Iberia	259	20	-	1 625 ,	25	1 928 ,
Latin America	1 824 ,	159	-	1 955 ,	78	016 4 ,
of Rest Europe	-	-	-	158	-	158
North America	904	-	-	2 417 ,	854	4 175 ,
Africa Asia & Oceania ,	773	-	-	95	-	868
Total	3 859 ,	198	3	6 589 ,	2 691 ,	13 340 ,

Renewables Pipeline (GW) 2022-24 Additional capacity target²

1. It includes BESS for around 45 GW in early stage and around 19 GW in mature pipeline

2. It includes both renewables and BESS

Pipeline

EGP mature pipeline¹

Infrastructure & Networks KPIs

	Electricity	distributed1 (TWh)	Grid customers	(mn)	(mn)1 Smart meters
	H1	H1	H1	H1	H1	H1
	2022	2021	2022	2021	2022	2021
Italy	110	110	31	31	31	30
	3	0	7	5	1	8
Iberia	66	64	12	12	12	12
	1	3	4	3	5	5
Latin America	68 5	67 3	28 5	27 9	0 5	0 4
Argentina	8 5	8 2	2 6	2 5	-	-
Brazil	40 0	40 0	18 6	18 3	0 1	-
Chile	8	8	2	2	0	0
	5	0	1	0	3	3
Colombia	7	0	3	3	0	0
	4	7	8	7	1	1
Peru	4 1	4 1	1 5	1 5	-	-
of	7	7	3	3	1	1
Rest	8	8	1	0	1	0
Europe
Romania	8	8	3	3	1	0
	7	7	1	0	1	1
Total	252	249	75	74	45	44
	7	4	7	8	3	7

Retail KPIs

E-MARKET SDIR CERTIFIED

		Power			Gas
	(mn) Customers		Volumes1	(TWh)	Customers	(mn)	Volumes	(bscm)
	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022 H1 2021
Italy	21 6 22 2		47 7	45 5	4 4	4 1	2 9	2 5
Iberia	10 5	10 2	38 5	39 4	1 8	1 7	2 9	2 8
Latin America	28 5	27 9	66 4 62 9		0 0 0 0		0 2	0 1
of Rest Europe	3 0 3 0		4 9	4 3	0 2	0 1	0 2	0 1
Total	63 6	63 3	157 5	152 1	6 3	8 5	6 1	4 5

Enel X KPIs

	Charging Points1,2 (k)			Street lighting (mn)	Electric buses2	(#)	Storage BTM (MW)		Demand Response (GW)
	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021
Italy	46.7	32.3	1.5	1.6	31	-	-	-	0.6	0.8
Iberia	11.1	8.0	0.1	0.1	202	31	-	-	-	-
Latin America	6.6	2.5	1.2	1.1	2,649	1,333	1	-	0.1	-
North America	123.0	79.9	-	-	267	111	61	42	4.5	4.1
Rest of Europe	2.6	1.1	-	-	32	-	-	20	1.2	1.1
Africa, Asia & Oceania	5.1	0.7	-	-	207	-	-	-	1.6	1.4
Other	186.3	104.7	-	-	-	-	-	-	-	-
Total	381.5	229.2	2.8	2.9	3,388	1,475	62	62	7.9	7.4

Baseload power price & production sold forward

		Baseload price
	2022	2023	2024
(€/MWh) Italy	88 1	78 9	75 0
(€/MWh) Iberia	82 9	69 4	59 0

		Production sold forward
	2022		2023		2024
	price	%	price	%	price	%
(€/MWh)1 Italy	63 2	100%	85 8	51%	6 75	12%
(€/MWh)1 Iberia	65 0	100%	65 0	88%	-	-
(USD/MWh) Brazil	47 9	100%	50 1	100%	48 2	100%
(USD/MWh) Chile	67 6	100%	65 6	100%	65 2	100%
(USD/MWh) Colombia	73 5	99%	75 6	100%	77 4	97%
(USD/MWh) Peru	60 3	100%	62 9	100%	63 8	100%

Capex¹ (€mn)

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP	Retail		Enel	X	&	Services Other	Total
	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021
Italy	170	97	1,104	1,088	392	160	258	187	42	29	22	29	1,988	1,589
Iberia	92	100	359	345	289	205	129	67	21	16	16	10	905	744
Latin America	49	49	817	674	727	679	-	-	28	14	1	4	1,622	1,420
Argentina	8	11	80	57	0	0	-	-	-	0	-	-	88	68
Brazil	1	3	536	396	247	291	-	-	3	2	0	3	787	694
Chile	25	17	67	72	364	333	-	-	0	1	1	1	457	423
Colombia	3	7	87	105	65	28	-	-	12	7	0	-	167	147
Peru	12	12	46	43	34	2	-	-	13	6	0	-	105	64
Other	0	-	-	-	17	23	-	-	-	-	-	-	17	24
Rest of Europe	13	13	52	85	25	98	4	8	3	1	0	0	98	206
Romania	-	-	52	85	1	1	4	8	2	-	0	0	60	95
Russia	13	13	-	-	18	94	-	-	-	-	-	0	32	108
Other	-	-	-	-	5	3	-	-	0	1	-	-	6	3
North America	1	2	-	-	1,056	669	-	-	21	20	4	2	1,081	694
Africa, Asia & Oceania	-	-	-	-	99	138	-	-	3	1	0	-	102	139
Other	0	0	59	1	9	9	-	-	28	27	40	47	136	83
Total	324	262	2,390	2,193	2,597	1,958	392	262	146	108	83	91	5,931	4,874

Asset development Capex¹ (€mn)

	Conventional Global	Generation & Trading	Infrastructure &	Networks	EGP		Retail		Enel	X	Services &	Other	Total
	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021
Italy	135	66	541	568	334	108	-	-	17	25	10	18	1,038	786
Iberia	5	3	145	134	259	173	-	-	0	2	8	6	418	318
Latin America	1	3	87	200	686	641	-	-	23	11	0	1	797	854
Argentina	-	0	9	15	-	0	-	-	-	0	-	-	9	15
Brazil	-	0	52	123	238	279	-	-	-	-	-	-	290	402
Chile	1	2	11	19	351	325	-	-	-	0	0	1	364	347
Colombia	0	0	9	30	54	19	-	-	10	6	0	0	73	55
Peru	0	0	5	14	32	0	-	-	13	4	0	-	50	18
Other	-	-	-	-	12	18	-	-	-	-	-	-	12	18
of Rest Europe	7	6	5	29	22	96	-	-	0	0	0	0	35	131
Romania	-	-	5	29	0	1	-	-	0	0	0	0	6	30
Russia	7	6	-	-	18	94	-	-	-	-	-	-	25	100
Other	-	-	-	-	4	1	-	-	-	-	-	-	4	1
North America	-	-	-	-	1,041	664	-	-	1	0	3	2	1,046	667
Africa , Asia & Oceania	-	-	-	-	95	135	-	-	-	-	-	-	95	135
Other	-	-	59	-	5	5	-	-	26	26	28	21	119	52
Total	148	77	838	931	2,443	1,823	-	-	68	64	50	48	3,548	2,943

Revenues¹ (€mn)

E-MARKET SDIR CERTIFIED

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP	Retail		Enel	X	Services &	2 Other	Total
	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021
Italy	26,622	10,036	3,431	3,551	968	1,173	15,411	8,020	339	209	(6,247)	(3,627)	40,524	19,362
Iberia	6,249	2,604	1,177	1,233	502	417	12,861	6,143	155	122	(6,132)	(2,319)	14,812	8,200
Latin America	1,456	1,019	5,559	4,540	1,975	1,608	842	637	211	96	(874)	(756)	9,169	7,144
Argentina	82	72	394	288	19	17	-	-	8	6	(2)	(1)	501	382
Brazil	486	341	3,680	2,999	343	435	241	135	13	8	(417)	(306)	4,346	3,612
Chile	668	435	694	607	944	584	57	45	23	22	(312)	(222)	2,074	1,471
Colombia	98	82	375	306	446	406	422	360	140	37	(45)	(168)	1,436	1,023
Peru	122	89	416	340	92	61	122	97	27	23	(97)	(59)	682	551
Other	-	-	-	-	131	105	-	-	-	-	(1)	-	130	105
of Rest Europe	265	241	237	196	252	149	1,145	577	53	36	(269)	(179)	1,683	1,020
Romania	19	-	237	196	178	92	1,145	577	19	14	(272)	(180)	1,326	699
Russia	246	241	-	-	17	2	-	-	-	-	1	-	264	243
Other	-	-	-	-	57	55	-	-	34	22	2	1	93	78
North America	86	47	-	-	663	524	1	5	159	107	22	11	931	694
Africa, Asia & Oceania	-	-	-	-	105	68	-	-	30	26	-	-	135	94
Other	(60)	(93)	40	16	(11)	2	9	-	262	17	(236)	(165)	4	(223)
Total	34,618	13,854	10,444	9,536	4,454	3,941	30,269	15,382	1,209	613	(13,736)	(7,035)	67,258	36,291

Reported EBITDA¹ (€mn)

	Global &	Generation Trading	Global &	Infrastructures Networks	Enel	Green Power		Retail		Enel X	Holding, &	Services 2 Other	Total
	2022 H1	2021 H1	2022 H1	2021 H1	2022 H1	2021 H1	2022 H1	2021 H1	2022 H1	2021 H1	2022 H1	2021 H1	2022 H1	2021 H1
Italy	1,551	291	1,741	1,497	(368)	650	312	1,164	53	56	55	(30)	3,344	3,628
Iberia	956	391	832	909	261	256	(176)	250	41	27	(6)	-	1,908	1,833
Latam	119	175	1,093	769	952	855	226	109	57	29	(45)	(39)	2,402	1,898
Argentina	47	43	(38)	(4)	12	11	6	3	3	3	(2)	(2)	28	54
Brazil	62	45	683	445	234	142	124	50	(1)	(1)	(11)	(9)	1,091	672
Chile	(84)	(1)	97	57	202	280	35	19	(2)	(3)	(32)	(28)	216	324
Colombia	18	23	248	189	347	284	49	25	46	21	-	-	708	542
Peru	77	66	103	82	97	61	12	12	11	9	-	-	300	230
Panama	(1)	(1)	-	-	60	77	-	-	-	-	-	-	59	76
Rest of Europe	48	43	(51)	51	139	77	(115)	43	18	7	(1)	-	38	221
Europa	1	(1)	(51)	51	83	37	(115)	43	8	4	1	2	(73)	136
Romania	47	44	-	-	14	(1)	-	-	-	-	-	-	61	43
Other	-	-	-	-	42	41	-	-	10	3	(2)	(2)	50	42
North & Central	(11)	(21)	-	-	312	317	1	5	22	15	(12)	(12)	312	304
Africa & Asia	-	-	-	-	55	40	-	-	(11)	(1)	(1)	(1)	43	38
Others and	2	(12)	17	(13)	(19)	(17)	2	-	225	1	(69)	(86)	158	(127)
Total	2,665	867	3,632	3,213	1,332	2,178	250	1,571	405	134	(79)	(168)	8,205	7,795

Ordinary EBITDA¹(€mn)

E-MARKET SDIR
CERTIFIED

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP	Retail		Enel	X	Services &	2 Other	Total
	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021
Italy	1,555	357	1,752	1,805	(367)	661	313	1,234	53	60	56	36	3,362	4,153
Iberia	952	393	838	909	261	256	(174)	250	41	27	6	-	1,924	1,835
Latin America	176	197	1,093	796	952	860	226	111	58	30	(45)	(36)	2,460	1,958
Argentina	47	43	(38)	(4)	12	11	6	3	3	3	(2)	(2)	28	54
Brazil	62	45	683	464	234	142	124	51	(1)	(1)	(11)	(9)	1,091	692
Chile	(27)	21	97	65	202	283	35	20	(2)	(2)	(32)	(25)	273	362
Colombia	18	23	248	189	347	285	49	25	46	21	-	-	708	543
Peru	77	66	103	82	97	62	12	12	12	9	-	-	301	231
Other	(1)	(1)	-	-	60	77	-	-	-	-	-	-	59	76
Rest of Europe	48	43	(50)	60	139	77	(115)	45	18	7	(1)	1	39	233
Romania	1	(1)	(50)	60	83	37	(115)	45	8	4	1	3	(72)	148
Russia	47	44	-	-	14	(1)	-	-	-	-	-	-	61	43
Other	-	-	-	-	42	41	-	-	10	3	(2)	(2)	50	42
North America	(11)	(21)	-	-	314	318	1	5	22	16	(12)	(12)	314	306
Africa, Asia & Oceania	-	-	-	-	55	40	-	-	(11)	(1)	(1)	(1)	43	38
Other	2	(8)	17	(6)	(19)	(14)	2	-	225	2	(71)	(61)	156	(87)
Total	2,722	961	3,650	3,564	1,335	2,198	253	1,645	406	141	(68)	(73)	8,298	8,436

45 1. It excludes extraordinary items in H1 2021 (-641 €mn: -24 €mn emergency costs COVID19, -555 €mn energy transition and digitalization funds, -62 €mn impairment) and in H1 2022 (-93 €mn: -18 €mn emergency costs COVID-19, -75 €mn energy transition and digitalization funds). H1 2021 restated figure

Reported EBIT¹(€mn)

E-MARKET SDIR
CERTIFIED

	Conventional Global	Generation & Trading	&	Infrastructure Networks	EGP		Retail		Enel	X	&	Services Other	Total
	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021	H1 2022	H1 2021
Italy	1,478	195	1,075	924	(533)	514	(160)	779	20	32	18	(67)	1,899	2,377
Iberia	693	112	444	538	129	150	(287)	156	15	9	(35)	(29)	958	935
Latin America	(43)	96	698	455	757	521	56	7	46	20	(47)	(39)	1,467	1,059
Argentina	4	14	(54)	(15)	9	9	(3)	(5)	3	2	(2)	(1)	(43)	4
Brazil	(14)	41	419	238	179	107	(7)	(22)	(1)	(2)	(11)	(9)	565	353
Chile	(103)	(24)	65	33	121	204	22	7	(3)	(3)	(33)	(29)	69	188
Colombia	9	14	199	146	322	259	37	18	39	16	(1)	-	605	453
Peru	62	52	70	53	83	49	7	9	8	7	-	-	230	170
Other	(1)	(1)	-	-	43	(107)	-	-	-	-	-	-	42	(108)
of Rest Europe	(491)	28	(92)	11	110	45	(127)	38	16	5	(2)	(1)	(586)	125
Romania	1	(1)	(92)	11	72	26	(127)	38	6	3	-	1	(140)	78
Russia	(492)	29	-	-	12	(5)	-	-	-	-	-	-	(480)	24
Other	-	-	-	-	26	24	-	-	10	2	(2)	(2)	34	24
North America	(11)	(21)	-	-	134	169	-	4	(3)	(1)	(19)	(16)	101	135
Africa, Asia & Oceania	-	-	-	-	14	13	-	-	(13)	(3)	-	(1)	1	9
Other	1	(13)	15	(12)	(31)	(24)	2	-	215	(11)	(141)	(133)	61	(193)
Total	1,627	396	2,140	1,915	580	1,388	(516)	983	296	52	(226)	(286)	3,902	4,447

From EBITDA to net income¹ (€mn)

	2022 H1	2021 H1		2022 H1	2021 H1
	reported	reported	∆ yoy	ordinary	ordinary	∆ yoy
EBITDA	8 205 ,	795 7 ,	3% 5	8 298 ,	8 436 ,	6% -1
D&A	(4 303) ,	(3 348) ,		(3 671) ,	(3 162) ,
EBIT	3 902 ,	4 447 ,	-12 3%	4 627 ,	5 274 ,	-12 3%
financial charges Net	(1 020) ,	(1 137) ,		(1 022) ,	(1 127) ,
from method Net income equity investments using equity	62	138		62	68
EBT	2 944 ,	3 448 ,	-14 6%	3 667 ,	4 215 ,	-13 0%
Income tax	(991)	(1 177) ,		(1 044) ,	(1 376) ,
income Net	1 953 ,	2 271 ,		2 623 ,	2 839 ,
Minorities	(260)	(493)		(514)	(540)
Group income net	1 693 ,	1 778 ,	-4 8%	2 109 ,	2 299 ,	-8 3%

D&A reported (€mn)

0	H1 2022	H1 2021	∆ yoy
Generation and Trading	1,038	471	120%
Enel Green Power	751	790	-5%
Distribution	1,492	1,299	15%
Retail	766	587	31%
Enel X	109	83	31%
Others and adjustments	147	118	25%
Total	4,303	3,348	29%

Gross debt¹structure

Debt structure by instrument (€bn)

Debt by instrument	Enel Spa	EFI	EGP SpA and Central Others	Italy	Iberia	Latin America	North America	Europe	Africa, Asia and Oceania	Total
Bonds	4.45	40.47	-	-	0.01	5.12	-	-	0.06	50.11
Bank Loans	1.53	-	0.27	3.61	4.51	2.88	0.33	-	0.38	13.51
Tax Partnership	-	-	-	-	-	-	0.50	-	-	0.50
Other Loans	-	-	-	0.48	1.07	0.45	0.68	0.07	0.02	2.77
Other short term debt	0.62	1.44	-	1.17	1.46	0.86	0.14	0.40	0.10	6.19
Commercial Paper	-	1.07	-	-	2.73	-	2.94	-	-	6.74
Gross debt	6.60	42.98	0.27	5.26	9.78	9.31	4.59	0.47	0.56	79.82
Financial Receivables	-	-1.21	-0.46	-0.30	-0.75	-0.97	-	-	-0.04	-3.73
Tariff Deficit	-	-	-	-	-1.64	-	-	-	-	-1.64
Other short term financial receivables	-0.35	-0.20	-	-0.78	-3.65	-0.02	-0.57	-	-0.06	-5.63
Cash and cash equivalents	-1.77	-0.21	-0.22	-0.78	-0.20	-2.20	-0.72	-0.39	-0.09	-6.58
Net Debt – Thitd Parties	4.48	41.36	-0.41	3.40	3.54	6.12	3.30	0.08	0.37	62.24
Net Debt – Intercompany	16.83	-34.85	-5.42	13.11	4.69	4.54	0.68	0.22	0.20	-
Net Debt – Group View	21.31	6.51	-5.83	16.51	8.23	10.66	3.98	0.30	0.57	62.24

Debt maturity coverage split by typology (€bn)

1. Of which 18.5 € bn of long term committed credit lines with maturities beyond June 2023

Balance sheet (€mn)

	H1 2022	FY 2021	Δ
Net	62	51	19
financial	238	952	8%
debt	,	,
Shareholders' equity	45 783 ,	42 342 ,	8 1%
Net	108	94	14
capital	021	294	6%
employed	,	,

Headcount

	H1	FY	∆
	2022	2021	yoy
Generation	7	7	-1%
and	787	847
Trading	,	,
Enel	9	8	6%
Green	572	989
Power	,	,
Distribution	33 369 ,	33 263 ,	0%
Retail	6 158 ,	6 148 ,	0%
Enel X	2 938 ,	3 352 ,	-12%
adjustments	7	6	9%
Others	293	680
and	,	,
Total	67 117 ,	66 279 ,	1%

Disclaimer

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

Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, 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 Federica Pozzi Fabrizio Ragnacci Danielle Ribeiro Da Encarnação Noemi Tomassi Emanuele Toppi

Contacts

Email investor.relations@enel.com Phone +39 06 8305 7975

Investor Relations App

iOS Android

Channels