Enel

Investor Presentation • May 4, 2022

Q1 2022

Consolidated results May 4th, 2022

Key highlights of the period

1

EBITDA +7% yoy Net Income +19% yoy

Integrated portfolio management drives Group's performance

5.6 GW RES capacity built over LTM 13.1 GW in execution

A quarter that bodes well for full year targets

Q1 2022 dynamics in a distressed energy scenario

+1.8mn additional clients in free market thanks to appealing commercial offerings

Low hydrology (-3 TWh vs. Q1 2021) and high power prices impacting sourcing costs

Wind and solar production increasing strongly (+17% yoy)

Governments' intervention

Measures approved weigh significantly on results but discussions are ongoing

Profit & Loss… …Balance Sheet and Cash Flow

Ample liquidity of more than 25 €bn to withstand a volatile scenario

Debt associated with Governments' measures to stand at 2.2 €bn at the end of the quarter

Negative movement in working capital vs. last year due to temporary items associated with the energy crisis

Impact from FX on debt fully covered by swap contracts

3

EBITDA up by 7% amidst energy crisis scenario…

+7% 4.2 4.5 -2% 2.4 +13% 2.8 1.8 0.93 0.24 (0.68) 0.05 (0.25) 1.7 Q1 2021 Growth & Efficiencies Steward. Negative dynamics FX Delta Non recurring & other Q1 2022

EBITDA evolution¹ (€bn)

Growth and efficiencies

• Growth driven by new capacity, high prices hedged, increasing conventional generation volumes, regulatory improvements and beyond commodity sales
• Efficiencies totalled 150 €mn

Negative dynamics

• Low hydro availability in Italy and Spain
• Sourcing costs impacted by retail commercial positioning and higher electricity purchases costs

• Regulatory actions in Romania weighted both on networks (100 €mn) and retail (160 €mn)

• Ordinary figures. It excludes extraordinary items in Q1 2021 (-68 €mn: -13 €mn emergency costs COVID19, -55 €mn energy transition and digitalization funds) and in Q1 2022 (-40 €mn: -9 €mn emergency costs COVID-19, -31 €mn energy transition and digitalization funds).

…fueled growth in Net Income

Net Ordinary Income evolution (€bn)

Double digit increase driven by growth, lower cost of debt & Group simplification

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6

Cash flow impacted by Working Capital swings to be recovered along the year

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

2. Includes dividends received from equity investments

Net Debt adjusted for temporary items and FX stand at 52.8 €bn

Net debt¹ (€bn)

1. Total amount of debt includes 3 €bn associated with leasing.

2. It includes foreign exchange derivatives realized in the period and new leases for 0.1 €bn.

3. It excludes 0.5 €bn related to government actions which are included in "Government measures".

Solid and ample liquidity protects against market volatility

19.0

Liquidity position

Long Term debt maturities (€bn)

Q1 2022 Global Business Lines results

37.0

0.4

54.4

Q1 2022

Wind and solar production up significantly thanks to LTM roll out

Total production¹ (TWh) Total capacity evolution¹ (GW)

Total

(2.0)

0.5

0.7 GW built in Q1 2022

Phase out

-

5.6

2

1. Rounded figures. It includes renewable managed capacity.

2. It includes BESS capacity built.

Our customer base in the free market increases remarkably together with beyond commodity sales

1. It includes energy losses.

B2B B2C

1. It includes interoperability points.

2. Q1 2021 restated figures.

Global Power Generation & Enel X Global Retail

EBITDA evolution¹ (€bn)

-

• c.200 €mn renewable additions and prices
• c.550 €mn conventional generation benefitting from high prices and increasing volumes and regulatory improvements on non mainland assets
• c.300 €mn customers and stewardship contribution
• c.200 €mn from low hydro availability in Italy and Spain (-3 TWh yoy)
• c.250 €mn net effect of higher sourcing costs, both on generation and retail, and commodity portfolio optimization
• c.160 €mn price cap in Romania

Networks volumes stabilizing after a post pandemic jump

Smart meter 2.0

Electricity distributed SAIDI (min.) ¹(TWh) Grid customers (mn) 74.5 75.4 92.6 92.4 34.0 34.3 0.0 0 20. 00 40. 00 60. 00 80. 00 100 .00 120 .00 140 .00 Q1 2021 Q1 2022 257 242 200 .00 210 .00 220 .00 230 .00 240 .00 250 .00 260 .00 Q1 2021 Q1 2022 -% -6% Smart meter 23.0 22.1 Q1 2022 45.1 mn Smart meter c.700k smart meters installed in LTM 127 127 Latam Europe

Infrastructure and Networks

EBITDA evolution¹ (€bn)

• c.100 €mn tariff indexation in Latin America
• c.80 €mn efficiencies across all geographies
• 30 €mn positive impact from FX

-

• 100 €mn impact from measures implemented in Romania
• c.70 €mn WACC reset in Italy

Q1 2022 Closing remarks

A strong start of the year supporting future strategic ambitions

Integration and diversification as key drivers

of performance

FY2022 guidance confirmed

AGM to approve a proposed DPS of 0.38 €/share or >6% Dividend Yield¹

Closing remarks

First Quarter 2022 Consolidated results

Annexes

Macroscenario

	(%) GDP		(%) CPI		€1 FX against		(€/MWh) Price Spot		(TWh)2 Electricity Demand
	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Italy	5 26	0 10	5 73	0 58	-	-	249 27	59 31	80 43	78 63
Iberia	6 71	(4 09)	81 7	0 55	-	-	230 33	44 41	60 81	62 58
Latin America
Argentina	4 75	2 63	51 27	40 65	123 00	108 00	-	-	36 51	34 22
Brazil	0 29	2 64	10 53	5 29	5 25	6 61	9 74	25 18	158 40	157 01
Chile	6 97	1 46	8 31	2 95	869 21	844 51	69 23	62 23	20 70	19 95
Colombia	5 87	2 06	8 43	3 50	4 173 70 ,	4 300 00 ,	69 87	47 39	18 69	17 84
Peru	2 77	4 49	6 21	4 27	4 07	4 40	21 06	6 88	13 70	13 31
of Rest Europe
Romania	2 06	(0 51)	8 38	3 07	4 94	4 92	184 04	49 45	15 80	16 60
Russia	0 36	(0 43)	18 76	5 55	90 26	88 72	25 15	81 15	227 74	223 36
North America
USA	4 12	0 55	7 92	1 90	1 11	1 17	-	-	1 028 00 ,	1 000 00 ,
Mexico	0 86	(2 79)	7 23	3 99	21 99	23 97	-	-	72 36	72 02
Africa Asia & Oceania ,
India	3 99	1 22	6 21	4 87	84 20	85 78	-	-	345 53	335 31
Australia	2 76	1 32	4 75	0 94	1 48	1 54	-	-	-	-
South Africa	1 17	(2 52)	5 96	3 06	16 17	17 33	-	-	54 28	53 35

Group consolidated net capacity: breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12 981 ,	794	774	29	-	2 253 ,	720 4 ,	596 4 ,	26 146 ,
Iberia	4 746 ,	2 602 ,	-	1 098 ,	3 328 ,	2 333 ,	1 644 ,	5 445 ,	21 196 ,
Latin America	10 585 ,	2 930 ,	69	3 135 ,	-	2 661 ,	546	4 168 ,	24 095 ,
Argentina	1 328 ,	-	-	-	-	1 169 ,	-	1 922 ,	4 419 ,
Brazil	1 272 ,	2 156 ,	-	1 234 ,	-	-	-	319	981 4 ,
Chile	3 551 ,	642	69	1 499 ,	-	581	320	1 468 ,	8 130 ,
Colombia	3 097 ,	-	-	122	-	180	226	-	3 625 ,
Perù	792	132	-	179	-	730	-	459	2 294 ,
Other1	545	-	-	101	-	-	-	-	646
of Rest Europe	19	1 120 ,	-	130	-	4 447 ,	-	830	6 545 ,
Romania	-	498	-	36	-	-	-	-	534
Russia	-	250	-	-	-	4 447 ,	-	830	5 526 ,
Other2	19	372	-	94	-	-	-	-	485
North America	53	6 262 ,	72	1 556 ,	-	-	-	-	941 7 ,
Mexico	53	893	-	220	-	-	-	-	1 165 ,
Canada	-	211	-	-	-	-	-	-	211
USA	-	5 158 ,	72	1 336 ,	-	-	-	-	6 566 ,
Oceania3 Africa Asia & ,	-	1 274 ,	-	912	-	-	-	-	2 186 ,
Total	28 384 ,	14 981 ,	915	6 860 ,	3 328 ,	11 694 ,	6 910 ,	15 039 ,	88 111 ,

1. Includes Panama, Guatemala and Costa Rica 18

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	2 506 ,	431	1 378 ,	15	-	19	4 321 ,	3 329 ,	12 000 ,
Iberia	1 137 ,	1 551 ,	-	292	7 113 ,	1 048 ,	250	4 072 ,	15 462 ,
Latin America	8 472 ,	2 313 ,	102	1 115 ,	-	606	589	5 038 ,	18 234 ,
Argentina	427	-	-	-	-	100	-	2 928 ,	3 455 ,
Brazil	089 1 ,	781 1 ,	-	438	-	-	-	-	3 308 ,
Chile	1 847 ,	397	102	500	-	293	455	1 572 ,	5 165 ,
Colombia	3 473 ,	-	-	41	-	6	134	-	3 654 ,
Perù	1 233 ,	134	-	108	-	207	-	539	2 220 ,
Other1	403	-	-	29	-	-	-	-	433
of Rest Europe	13	701	-	34	-	4 404 ,	-	1 612 ,	6 765 ,
Romania	-	414	-	8	-	-	-	-	422
Russia	-	83	-	-	-	4 404 ,	-	1 612 ,	6 099 ,
Other2	13	205	-	26	-	-	-	-	244
North America	38	251 5 ,	102	639	-	-	-	-	6 030 ,
Mexico	38	423	-	129	-	-	-	-	591
Canada	-	234	-	-	-	-	-	-	234
USA	-	4 593 ,	102	510	-	-	-	-	5 205 ,
Oceania3 Africa Asia & ,	-	443	-	313	-	-	-	-	757
Total	12 166 ,	10 690 ,	1 581 ,	2 408 ,	7 113 ,	6 077 ,	5 160 ,	14 052 ,	59 247 ,

1. Includes Panama, Guatemala and Costa Rica 19

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	538	-	-	-	-	-	-	-	538
Iberia	5	57	-	-	-	-	-	-	61
Latin America	-	-	-	213	-	3	-	-	216
Argentina	-	-	-	-	-	-	-	-	-
Brazil	-	-	-	-	-	-	-	-	-
Chile	-	-	-	178	-	3	-	-	180
Colombia	-	-	-	36	-	-	-	-	36
Perù	-	-	-	-	-	-	-	-	-
Other2	-	-	-	-	-	-	-	-	-
of Rest Europe	-	21	-	-	-	-	-	-	21
Romania	-	-	-	-	-	-	-	-	-
Russia	-	21	-	-	-	-	-	-	21
Other3	-	-	-	-	-	-	-	-	-
North America	-	-	-	-	-	-	-	-	-
Mexico	-	-	-	-	-	-	-	-	-
Canada	-	-	-	-	-	-	-	-	-
USA	-	-	-	-	-	-	-	-	-
Oceania4 Africa Asia & ,	-	-	-	246	-	-	-	-	246
Total	542	78	-	459	-	3	-	-	1 082 ,

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	27	3	118	694 1 ,	940 1 ,
Iberia	259	22	-	1 690 ,	25	1 996 ,
Latin America	2 088 ,	156	-	1 932 ,	78	4 255 ,
of Rest Europe	266	-	-	158	-	425
North America	904	-	-	1 921 ,	644	3 469 ,
Africa Asia & Oceania ,	863	-	-	175	-	038 1 ,
Total	4 480 ,	204	3	5 994 ,	2 441 ,	13 122 ,

Renewables Pipeline (GW) 2022-24 Additional capacity target²

1. It includes BESS for around 51 GW in early stage and around 15 GW in mature pipeline

2. It includes both renewables and BESS

EGP mature pipeline¹

Infrastructure & Networks KPIs

	distributed1 (TWh) Electricity		Grid customers	(mn)	(mn)1 Smart meters
	Q1	Q1	Q1	Q1	Q1	Q1
	2022	2021	2022	2021	2022	2021
Italy	55	55	31	31	31	30
	8	7	6	4	0	7
Iberia	32	32	12	12	12	12
	5	7	4	3	5	4
Latin America	34 3	34 0	28 4	27 8	0 5	0 4
Argentina	4 2	4 0	2 6	2 5	-	-
Brazil	20 3	20 5	18 5	18 1	0 1	-
Chile	4	4	2	2	0	0
	1	0	0	0	3	3
Colombia	3	3	3	3	0	0
	7	5	7	6	1	1
Peru	2 1	2 0	1 5	1 5	-	-
of	4	4	3	3	1	0
Rest	1	1	0	0	1	9
Europe
Romania	4	4	3	3	1	0
	1	1	0	0	1	9
Total	126	126	75	74	45	44
	7	6	4	5	1	4

Retail KPIs

- )	E-MARKET SDIR CERTIFIED

	Power				Gas
	(mn)		Volumes1		(mn)		Volumes
	Customers		(TWh)		Customers		(bscm)
	Q1	Q1	Q1	Q1	Q1	Q1	Q1	Q1
	2022	2021	2022	2021	2022	2021	2022	2021
Italy	21	22	24	23	4	4	2	2
	8	4	4	9	3	1	1	0
Iberia	10	10	19	20	1	1	1	1
	4	3	6	7	7	7	7	6
Latin America	28 3	27 8	33 3	31 9	0 0	0 0	0 1	0 0
of	3	3	2	2	0	0	0	0
Rest	0	0	6	3	1	1	1	1
Europe
Total	63	63	79	78	6	5	4	3
	5	5	9	8	2	8	0	7

Enel X KPIs

C	E-MARKET SDIR CERTIFIED

	Charging	Points1,2 (k)	lighting (mn) Street		buses2 Electric (#)		(MW) Storage BTM		Demand (GW) Response
	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Italy	43 2	29 5	1 5	1 6	17	-	-	-	0 6	0 5
Iberia	10 2	7 5	0 1	0 1	165	31	-	-	-	-
Latin America	5 5	2 2	1 2	1 1	2 598 ,	1 333 ,	1	-	0 1	-
North America	107 8	71 9	-	-	267	-	58	23	3 2	3 3
of Rest Europe	2 4	0 3	-	-	23	-	-	22	1 2	1 1
Africa Asia & Oceania ,	2 4	0 4	-	-	207	-	-	-	6 1	3 1
Other	174 5	107 0	-	-	-	-	-	-	-	-
Total	347 7	218 9	2 8	2 8	3 277 ,	1 364 ,	59	45	6 6	6 1

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%	75 6	12%
(€/MWh)1 Iberia	65 0	100%	65 0	82%	-	-
(USD/MWh) Brazil	51 7	100%	49 2	100%	46 5	100%
(USD/MWh) Chile	70 6	100%	66 9	100%	66 5	100%
(USD/MWh) Colombia	66 1	100%	64 3	100%	65 3	98%
(USD/MWh) Peru	58 5	100%	60 5	100%	62 9	100%

Capex¹ (€mn)

E-MARKET SDIR CERTIFIED

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Italy	45	36	464	481	162	72	117	74	19	13	4	8	812	683
Iberia	28	34	179	141	109	54	67	30	15	10	5	2	402	271
Latin America	21	20	389	245	230	351	-	-	10	5	-	5	651	626
Argentina	3	7	32	22	-	-	-	-	-	-	-	-	35	28
Brazil	-	2	274	121	105	131	-	-	1	-	-	5	381	260
Chile	11	6	30	32	108	187	-	-	-	1	-	-	149	226
Colombia	1	3	34	51	8	19	-	-	4	3	-	-	48	75
Peru	6	3	19	19	3	1	-	-	4	2	-	-	32	24
Other	-	-	-	-	5	13	-	-	-	-	-	-	5	13
of Rest Europe	4	5	20	43	20	56	2	4	2	-	-	-	48	109
Romania	-	-	20	43	1	-	2	4	1	-	-	-	23	48
Russia	4	5	-	-	18	54	-	-	-	-	-	-	22	59
Other	-	-	-	-	1	2	-	-	1	-	-	-	2	2
North America	-	1	-	-	496	268	-	-	12	11	-	-	507	280
Africa, Asia & Oceania	-	-	-	-	93	56	-	-	1	-	-	-	94	57
Other	-	-	4	1	2	4	-	-	25	13	6	11	36	29
Total	98	96	1,057	910	1,111	862	186	108	82	53	16	26	2,550	2,055

Asset development Capex¹ (€mn)

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Italy	35	24	227	234	140	50	-	-	10	14	1	3	412	324
Iberia	1	-	71	53	95	41	-	-	4	4	-	-	171	98
Latin America	2	1	58	70	213	331	-	-	8	5	-	-	282	407
Argentina	-	-	3	4	-	-	-	-	-	-	-	-	3	4
Brazil	-	-	39	32	101	123	-	-	-	-	-	-	141	155
Chile	3	1	6	11	104	184	-	-	-	1	-	-	113	196
Colombia	-	-	7	17	3	13	-	-	4	3	-	-	14	33
Peru	-	-	4	6	2	-	-	-	4	1	-	-	9	7
Other	-	-	-	-	3	11	-	-	-	-	-	-	3	11
of Rest Europe	1	2	-	12	18	56	-	-	1	-	-	-	20	70
Romania	-	-	-	12	-	-	-	-	-	-	-	-	-	12
Russia	1	2	-	-	18	54	-	-	-	-	-	-	19	57
Other	-	-	-	-	-	1	-	-	1	-	-	-	1	1
North America	-	-	-	-	490	266	-	-	2	1	-	-	492	266
Africa, Asia & Oceania	-	-	-	-	92	55	-	-	-	-	-	-	92	55
Other	-	-	-	-	1	3	-	-	24	13	2	2	27	18
Total	39	28	356	369	1,051	802	-	-	48	36	3	5	1,497	1,239

Revenues¹ (€mn)

E-MARKET SDIR CERTIFIED

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Italy	13,935	5,237	1,686	1,746	432	566	8,611	4,289	151	95	(3,278)	(2,067)	21,537	9,866
Iberia	2,689	1,273	570	612	284	265	6,400	3,354	89	59	(2,456)	(1,089)	7,576	4,474
Latin America	668	454	2,662	2,187	958	829	411	306	73	43	(427)	(337)	4,345	3,482
Argentina	34	30	167	132	8	7	-	-	3	2	(1)	(1)	211	170
Brazil	226	163	1,795	1,442	157	253	114	60	10	3	(186)	(127)	2,116	1,794
Chile	301	184	323	287	451	288	27	17	9	10	(150)	(102)	961	684
Colombia	49	40	174	153	235	198	211	179	39	16	(44)	(79)	664	507
Peru	58	37	203	173	47	35	59	50	12	12	(46)	(28)	333	279
Other	-	-	-	-	60	48	-	-	-	-	-	-	60	48
Rest of Europe	151	138	114	104	123	83	575	307	28	22	(142)	(101)	849	553
Romania	8	-	114	104	90	51	575	307	7	10	(142)	(101)	652	371
Russia	143	138	-	-	6	-	-	-	-	-	-	-	149	138
Other	-	-	-	-	27	32	-	-	21	12	-	-	48	44
North America	24	36	-	-	285	174	3	-	96	53	(1)	-	407	263
Africa, Asia & Oceania	-	-	-	-	48	34	-	-	17	12	-	-	65	46
Other	(30)	(90)	24	7	1	4	-	-	241	7	(57)	(122)	179	(194)
Total	17,437	7,048	5,056	4,656	2,131	1,955	16,000	8,256	695	291	(6,361)	(3,716)	34,958	18,490

Reported EBITDA¹ (€mn)

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Italy	1,019	109	837	876	(183)	329	317	713	15	23	26	16	2,031	2,066
Iberia	477	263	409	452	145	155	(161)	117	24	13	(4)	(3)	890	997
Latin America	60	42	552	384	502	429	102	54	23	13	(17)	(17)	1,222	905
Argentina	19	15	(7)	-	6	4	3	2	1	1	(1)	(1)	21	21
Brazil	26	18	349	216	106	53	59	24	1	-	(4)	(7)	537	304
Chile	(25)	(24)	51	33	146	158	17	9	(1)	(3)	(12)	(9)	176	164
Colombia	5	5	110	93	172	142	18	13	17	10	-	-	322	263
Peru	36	29	49	42	48	36	5	6	5	5	-	-	143	118
Other	(1)	(1)	-	-	24	36	-	-	-	-	-	-	23	35
of Rest Europe	27	27	(73)	24	80	47	(138)	24	12	2	-	1	(92)	125
Romania	(3)	-	(73)	24	57	23	(138)	24	3	1	-	1	(154)	73
Russia	30	27	-	-	3	(1)	-	-	-	-	-	-	33	26
Other	-	-	-	-	20	25	-	-	9	1	-	-	29	26
North America	8	(18)	-	-	155	83	3	-	9	(2)	-	(1)	175	62
Africa, Asia & Oceania	-	-	-	-	29	17	-	-	(1)	(1)	-	-	28	16
Other	4	2	-	(2)	(2)	(8)	(3)	-	217	(7)	(24)	(25)	192	(40)
Total	1,595	425	1,725	1,734	726	1,052	120	908	299	41	(19)	(29)	4,446	4,131

Ordinary EBITDA¹(€mn)

E-MARKET SDIR CERTIFIED

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP		Retail	Enel	X	&	Services Other	Total
	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Italy	1,019	111	841	896	(182)	330	317	715	15	24	27	19	2,037	2,095
Iberia	478	264	411	452	145	155	(157)	117	25	13	1	(2)	903	999
Latin America	79	55	552	402	502	429	102	55	23	13	(17)	(17)	1,241	937
Argentina	18	15	(7)	-	6	4	3	2	1	1	(1)	(1)	20	21
Brazil	26	18	349	234	106	53	59	25	1	-	(4)	(7)	537	323
Chile	(6)	(12)	51	33	146	158	17	9	(1)	(3)	(12)	(9)	195	176
Colombia	6	6	110	93	172	142	18	13	17	10	-	-	323	264
Peru	36	29	49	42	48	36	5	6	5	5	-	-	143	118
Other	(1)	(1)	-	-	24	36	-	-	-	-	-	-	23	35
of Rest Europe	27	27	(73)	24	80	47	(138)	25	12	2	-	1	(92)	126
Romania	(3)	-	(73)	24	57	23	(138)	25	3	1	-	1	(154)	74
Russia	30	27	-	-	3	(1)	-	-	-	-	-	-	33	26
Other	-	-	-	-	20	25	-	-	9	1	-	-	29	26
North America	8	(18)	-	-	155	84	3	-	9	(2)	-	(1)	175	63
Africa, Asia & Oceania	-	-	-	-	29	17	-	-	(1)	(1)	-	-	28	16
Other	4	3	-	(1)	(2)	(8)	(3)	-	217	(8)	(22)	(23)	194	(37)
Total	1,615	442	1,731	1,773	727	1,054	124	912	300	41	(11)	(23)	4,486	4,199

32 1. It excludes extraordinary items in Q1 2021 (-68 €mn: -13 €mn COVID19, -23 €mn 'Quota 100', -19 €mn JTF Brazil, -12 €mn Impairment Bocamina, -1 €mn Impairment Iberia) and in Q1 2022 (-40 €mn: -9 €mn emergency costs COVID-19, -13 €mn energy transition and digitalization funds, -18 €mn impairment)

Reported EBIT¹(€mn)

E-MARKET SDIR CERTIFIED

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP	Retail		Enel	X	&	Services Other	Total
	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Italy	991	67	526	589	(254)	261	86	536	1	13	10	(1)	1,359	1,465
Iberia	340	121	210	262	80	103	(205)	53	14	11	(15)	(14)	423	536
Latin America	16	7	374	226	409	342	10	10	17	8	(19)	(17)	806	576
Argentina	(2)	1	(14)	(5)	4	3	(3)	(2)	1	1	(1)	(1)	(15)	(3)
Brazil	23	15	233	110	80	38	(14)	(4)	2	(1)	(4)	(7)	320	151
Chile	(34)	(32)	35	22	107	119	12	3	(2)	(2)	(13)	(9)	105	100
Colombia	1	1	87	71	160	130	13	9	13	7	-	-	274	218
Peru	29	23	33	28	42	28	2	4	3	3	-	-	109	86
Other	(1)	-	-	-	16	24	-	-	-	-	(1)	-	14	24
Rest of Europe	20	23	(94)	4	67	30	(145)	24	11	1	-	1	(141)	82
Romania	(3)	-	(94)	4	52	17	(145)	24	3	1	-	1	(187)	47
Russia	23	23	-	-	2	(4)	-	-	-	-	-	-	25	19
Other	-	-	-	-	13	17	-	-	8	-	-	-	21	17
North America	8	(18)	-	-	68	10	2	-	(5)	(12)	(1)	(1)	72	(21)
Africa, Asia & Oceania	-	-	-	-	10	6	-	-	(2)	(2)	-	-	8	4
Other	4	2	(2)	(1)	(8)	(10)	(3)	-	214	(18)	(53)	(49)	152	(76)
Total	1,378	202	1,013	1,079	372	742	(255)	623	250	1	(79)	(82)	2,679	2,565

From EBITDA to net income¹ (€mn)

	Q1 2022 reported	Q1 2021 reported	∆ yoy	Q1 2022 ordinary	Q1 2021 ordinary	∆ yoy
EBITDA	4 446 ,	4 131 ,	7 6%	4 486 ,	4 199 ,	6 8%
D&A	(1 767) ,	(1 566) ,		(1 765) ,	(1 561) ,
EBIT	2 679 ,	2 565 ,	4 4%	2 721 ,	2 638 ,	3 1%
financial charges Net	(411)	(461)		(429)	(461)
income from equity investments using equity method Net	43	34		43	31
EBT	2 311 ,	2 138 ,	8 1%	2 335 ,	2 208 ,	8% 5
Income tax	(661)	(643)		(668)	(666)
Net income	1 650 ,	1 495 ,		1 667 ,	1 542 ,
Minorities	(220)	(319)		(224)	(328)
income Group net	1 430 ,	1 176 ,	21 6%	1 443 ,	1 214 ,	18 9%

D&A reported (€mn)

1

0	Q1 2022	Q1 2021	∆ yoy
Generation and Trading	217	223	-3%
Enel Green Power	354	310	14%
Distribution	712	655	9%
Retail	375	285	32%
Enel X	49	40	23%
Others and adjustments	60	53	13%
Total	1,767	1,566	13%

Gross Debt¹structure

Debt structure by instrument (€bn)

			EGP SpA
Debt by instrument	Enel Spa	EFI	and Central Others	Italy	Iberia	Latin America	North America	Europe	Africa, Asia and Oceania	Total
Bonds	4.44	35.62	-	-	0.02	4.79	-	0.02	0.01	44.90
Bank Loans	1.71	-	0.29	3.74	4.19	2.68	0.31	0.38	0.37	13.67
Tax Partnership	-	-	-	-	-	-	0.50	-	-	0.50
Other Loans	-	-	-	0.51	1.02	0.47	0.64	0.07	0.02	2.73
Other short term debt	0.92	0.38	-	0.44	0.62	0.70	0.14	0.31	0.16	3.67
Commercial Paper	-	4.50	-	-	3.82	-	2.31	-	-	10.63
Gross debt	7.07	40.50	0.29	4.69	9.67	8.64	3.90	0.78	0.56	76.10
Financial Receivables	-	-1.15	-0.43	-0.34	-0.59	-0.98	-	-	-0.06	-3.55
Tariff Deficit	-	-	-	-	-1.04	-	-	-	-	-1.04
Other short term financial receivables	-0.72	-0.29	-	-1.92	-2.50	-0.19	-0.30	-	-0.01	-5.93
Cash and cash equivalents	-2.41	-0.15	-0.18	-0.40	-0.57	-1.92	-0.15	-0.49	-0.18	-6.45
Net Debt – Third Parties	3.94	38.91	-0.32	2.03	4.97	5.55	3.45	0.29	0.31	59.13
Net Debt – Intercompany	15.72	-33.19	-3.17	11.33	3.95	4.36	0.71	0.18	0.11	-
Net Debt – Group View	19.66	5.72	-3.49	13.36	8.92	9.91	4.16	0.47	0.42	59.13

Debt maturity coverage split by typology (€bn)

1. Of which 18.2 €bn of long term committed credit lines with maturities beyond March 2023

Balance sheet (€mn)

Balance sheet structure (€bn)

1

0	Q1 2022	FY 2021	∆ yoy
Generation and Trading	7 802 ,	7 847 ,	1% -
Enel Green Power	9 432 ,	8 989 ,	5%
Distribution	33 338 ,	33 263 ,	0%
Retail	6 157 ,	6 148 ,	0%
Enel X	3 418 ,	3 352 ,	2%
Others and adjustments	6 720 ,	6 680 ,	1%
Total	66 867 ,	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.

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Monica Girardi Head of Group Investor Relations

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Federico Baroncelli Serena Carioti Federica Dori Matteo Marengon Federica Pozzi Fabrizio Ragnacci Noemi Tomassi Emanuele Toppi

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