Enel

Investor Presentation • Mar 17, 2022

FULL YEAR 2021

Consolidated results March 17th, 2022

Full Year 2021 Consolidated results

Francesco Starace CEO

Key highlights of the year

EBITDA & Net Income at top of the guidance range

Solid operating performance across all businesses

New record on renewables 5.1 GW deployed in 2021

Shareholder return 0.38 €/sh fixed DPS

Enel positioning in 2021

A visible acceleration in renewables growth…

Total capacity evolution¹ (GW) Total production¹

1. It includes renewable managed capacity

(TWh)

Renewable pipeline at around 370 GW supports delivery on additional capacity target

Renewables Pipeline (GW) 2022-24 Additional capacity target²

1. It includes both renewables and BESS

Volumes back to pre COVID-19 levels, continued improvement in quality and digitalization

SAIDI¹ Electricity distributed (TWh) (min.) Smart meter 2.0 End users¹ (mn) 74.3 75.2 485 510 FY 2020 FY 2021 259 243 FY 2020 FY 2021 +5% -6% Smart meter 22.9 22.1 FY 2021 45 mn Smart meter 700k smart meters installed in 2021

Simple and predictable shareholder remuneration

Visible improvement in shareholder remuneration with a 6% increase in DPS and 7% dividend yield¹

Full Year 2021 Financial results

Alberto De Paoli CFO

Financial highlights (€mn)

10 1. EBITDA FY 2020 restated. Ordinary figures, it excludes extraordinary items in FY 2020 (-1,124 €mn: -133 €mn donations and emergency costs COVID-19, -232 €mn impairment, -759 €mn energy transition and digitalization funds) and in FY 2021 (1,643 €mn: -53 €mn donations and emergency costs COVID-19, -1,590 €mn energy transition and digitalization funds)

Integrated and diversified business model drives EBITDA up by 7% yoy

Enel Green Power and Conventional generation

Renewable performance up by 2% yoy despite lack of resources

EBITDA evolution (€bn)

Enel Green Power Conventional Generation & Trading

Infrastructure and Networks

KPIs back to pre-COVID levels, growth yoy overshadowed by non-recurrings

EBITDA evolution¹ (€bn)

1. FY 2021: mainly 110 €mn Resolution n.50 in Italy; FY 2020: mainly c.180 €mn Provision reversal in Spain and 390 €mn Resolution n.50 in Italy

Retail Free Market performance: EBITDA up by 3% in Italy and 5% in Spain

EBITDA evolution¹ (€mn)

Focus on free market

1. FY2020 restated

2. Free market, it includes energy losses

Net Income up by 8% yoy, despite the liability management program executed in 2021

• 1. Rounded figures
• 1. EBITDA FY2020 restated. Calculation includes 0.4 €bn provision reversal in Spain reported separately in Q1 2020

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

• Includes dividends received from equity investments

27% increase in capital deployed vs previous year to fuel future growth

Total investments¹

(€bn) Capex by business line

2021 additional renewable capacity to contribute more than 500 €mn EBITDA in 2022

18 1. It includes around 0.97 €bn related to the change in accounting treatment following the consent solicitation and 2.21 €bn of new hybrids

1. It includes foreign exchange derivatives realized in the period

Strong financial position with ample liquidity available

Liquidity position and LT debt maturities (€bn)¹ 2021 LT debt breakdown

1. As of December 31st, 2021

Earnings at the top of the guidance range, confirming our delivery capabilities

Our business model is engineered for resilience

Our strategy is fit for a changing energy world

Our dividend policy will continue to be visible

20

Full Year 2021 Consolidated results

Annexes

Macroscenario

	GDP	(%)	CPI	(%)	FX against	€1	Spot Price	(€/MWh)	Electricity	(TWh)2 Demand
	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020
Italy	6 48	(9 00)	1 87	(0 14)	-	-	125 53	38 90	319 43	302 80
Iberia	4 96	(10 82)	3 09	(0 32)	-	-	111 93	33 96	241 70	236 34
Latin America
Argentina	10 08	(9 90)	48 41	42 02	117 01	101 60	-	-	138 72	131 70
Brazil	4 70	(4 18)	8 30	3 21	6 50	6 37	43 00	35 59	608 99	586 61
Chile	12 03	(6 00)	4 52	3 05	968 29	872 01	66 24	34 61	81 47	77 70
Colombia	10 56	(7 05)	3 50	2 53	4 604 52 ,	4 288 30 ,	34 03	59 65	74 15	70 42
Peru	13 32	(11 03)	27 4	2 00	4 54	40 4	42 14	8 08	53 99	49 20
of Rest Europe
Romania	6 07	(3 70)	5 05	2 65	4 97	4 88	114 77	34 57	62 23	59 35
Russia	4 68	(2 95)	6 69	3 38	84 33	90 29	16 74	15 65	820 10	778 59
North America
USA	5 67	(3 40)	4 69	1 25	1 14	1 22	-	-	4 031 41 ,	3 663 22 ,
Mexico	5 19	(8 38)	5 69	3 40	23 46	24 27	-	-	318 15	312 01
Africa , Asia & Oceania
India	8 27	(6 97)	5 13	6 62	85 01	89 74	-	-	1 366 29 ,	1 249 70 ,
Australia	32 4	(2 16)	2 82	0 89	-	-	-	-	-	-
South Africa	4 70	(6 43)	4 55	3 29	18 17	17 84	-	-	222 53	215 96

Group consolidated net capacity: breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12 444 ,	794	774	29	-	2 253 ,	4 720 ,	4 596 ,	25 609 ,
Iberia	4 746 ,	2 546 ,	-	1 098 ,	3 328 ,	2 333 ,	1 644 ,	5 445 ,	21 140 ,
Latin America	10 585 ,	2 930 ,	69	2 922 ,	-	2 682 ,	546	4 168 ,	23 903 ,
Argentina	1 328 ,	-	-	-	-	1 169 ,	-	1 922 ,	4 419 ,
Brazil	1 272 ,	2 156 ,	-	1 234 ,	-	-	-	319	4 981 ,
Chile	3 551 ,	642	69	321 1 ,	-	603	320	468 1 ,	973 7 ,
Colombia	3 097 ,	-	-	86	-	180	226	-	3 589 ,
Perù	792	132	-	179	-	730	-	459	2 294 ,
Other1	545	-	-	101	-	-	-	-	646
of Rest Europe	19	1 099 ,	-	130	-	4 447 ,	-	830	6 524 ,
Romania	-	498	-	36	-	-	-	-	534
Russia	-	228	-	-	-	4 447 ,	-	830	5 505 ,
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	-	5 158 ,	72	1 336 ,	-	-	-	-	6 566 ,
Oceania3 Africa Asia & ,	-	274 1 ,	-	667	-	-	-	-	941 1 ,
Total	27 847 ,	14 903 ,	915	6 401 ,	3 328 ,	11 715 ,	6 910 ,	15 039 ,	87 058 ,

1. Includes Greece and Germany

2. 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	273 17 ,	333 1 ,	491 5 ,	59	-	444	10 529 ,	12 835 ,	964 47 ,
Iberia	6 122 ,	5 605 ,	-	1 067 ,	25 504 ,	4 077 ,	775	14 443 ,	57 592 ,
Latin America	33 350 ,	9 433 ,	284	3 375 ,	-	2 344 ,	2 554 ,	19 037 ,	70 376 ,
Argentina	1 955 ,	-	-	-	-	306	-	10 837 ,	13 099 ,
Brazil	3 759 ,	7 084 ,	-	1 471 ,	-	-	-	399	12 713 ,
Chile	743 7 ,	1 731 ,	284	1 235 ,	-	831	2 327 ,	883 4 ,	19 034 ,
Colombia	12 869 ,	-	-	129	-	17	227	-	13 241 ,
Perù	4 417 ,	617	-	443	-	1 190 ,	-	2 918 ,	9 585 ,
Other1	2 607 ,	-	-	97	-	-	-	-	2 704 ,
of Rest Europe	36	2 283 ,	-	169	-	15 845 ,	-	5 403 ,	23 736 ,
Romania	-	1 184 ,	-	40	-	-	-	-	1 224 ,
Russia	-	149	-	-	-	15 845 ,	-	5 403 ,	21 397 ,
Other2	36	950	-	129	-	-	-	-	1 115 ,
North America	220	17 631 ,	310	2 195 ,	-	-	-	-	20 356 ,
Mexico	220	1 795 ,	-	493	-	-	-	-	2 509 ,
Canada	-	670	-	-	-	-	-	-	670
USA	-	15 166 ,	310	1 702 ,	-	-	-	-	17 178 ,
Oceania3 Africa Asia & ,	-	506 1 ,	-	075 1 ,	-	-	-	-	2 580 ,
Total	57 001 ,	37 791 ,	6 086 ,	7 940 ,	25 504 ,	22 709 ,	13 858 ,	51 718 ,	222 605 ,

1. Includes Panama, Guatemala and Costa Rica 24

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	29	22	4	1	-	5	-	13	75
Iberia	4	123	-	500	-	-	-	-	627
Latin America	-	801	28	1 121 ,	-	-	1	3	1 954 ,
Argentina	-	-	-	-	-	-	-	-	-
Brazil	-	801	-	256	-	-	-	-	1 056 ,
Chile	-	-	28	826	-	-	-	1	855
Colombia	-	-	-	-	-	-	1	-	1
Perù	-	-	-	-	-	-	-	2	2
Other2	-	-	-	39	-	-	-	-	39
of Rest Europe	-	142	-	6	-	-	-	16	165
Romania	-	-	-	-	-	-	-	-	-
Russia	-	138	-	-	-	-	-	16	154
Other3	-	4	-	6	-	-	-	-	10
North America	-	753	-	611	-	-	-	-	1 364 ,
Mexico	-	-	-	-	-	-	-	-	-
Canada	-	-	-	-	-	-	-	-	-
USA	-	753	-	611	-	-	-	-	364 1 ,
Oceania4 Africa Asia & ,	-	755	-	275	-	-	-	-	1 030 ,
Total	33	2 596 ,	33	2 514 ,	-	5	1	32	214 5 ,

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	36	3	28	-	165
Iberia	316	22	-	622 1 ,	26	986 1 ,
Latin America	2 088 ,	156	-	2 167 ,	78	4 490 ,
of Rest Europe	359	-	-	158	-	517
North America	904	-	-	1 659 ,	643	3 206 ,
Africa Asia & Oceania ,	863	-	-	420	-	1 283 ,
Total	4 628 ,	214	3	6 054 ,	747	11 645 ,

EGP mature pipeline¹

Infrastructure & Networks KPIs

	Electricity	distributed1 (TWh)	Grid customers	(mn)	Smart	(mn)1 meters
	FY	FY	FY	FY	FY	FY
	2021	2020	2021	2020	2021	2020
Italy	226	214	31	31	31	30
	7	4	6	4	0	6
Iberia	131	124	12	12	12	12
	1	5	4	3	5	4
Latin America	136 4	131 0	28 2	27 6	0 5	0 4
Argentina	16 7	9 15	2 5	2 5	-	-
Brazil	80 4	77 9	18 4	18 1	-	-
Chile	16	15	2	2	0	0
	6	7	0	0	3	3
Colombia	14	13	3	3	0	0
	6	8	7	6	1	1
Peru	8 1	7 6	1 5	1 5	-	-
of	16	15	3	3	1	0
Rest	0	4	0	0	1	9
Europe
Romania	16	15	3	3	1	0
	0	4	0	0	1	9
Total	510	485	75	74	45	44
	3	2	2	3	0	3

Retail KPIs

E-MARKET SDIR CERTIFIED

		Power					Gas
	(mn) Customers		Volumes1 (TWh)		Customers	(mn)	Volumes (bsmc)
	FY 2021	FY 2020	FY 2021 FY 2020		FY 2021	FY 2020	FY 2021	FY 2020
Italy	21 8	22 6	92 8	90 2	4 2	4 1	4 4	4 4
Iberia	10 3	10 4	79 5	80 8	1 7	1 7	5 2	5 0
Latin America	28 3	27 6	127 9	118 4	0 0	0 0	0 2	0 2
of Rest Europe	3 0	3 0	9 3 8 8		0 1	0 1	0 2	0 1
Total	63 63 309 298 2 4 7 4		6 0	8 5	9 9	9 7

Italian and Spanish Power Market

Italy Spain³

		Customers (mn)		Enel
	Regulated	Free	Total	2 Market Share
Business	1 .7	5 2	6 9	37%
Residential	11 .7	18 1	29 8	45%
Total	13 4	23 3	36 .7
Enel Market Share	87%	44%

		sold1 Energy		Enel
	Regulated	Free	Total	2 Market Share
Business	7.9	207 0	214 9	24%
Residential	25 5	40 9	66 4	44%
Total	33 4	247 9	281 3
Enel Market Share	90%	27%

	Enel			Customers (mn)		Enel
			Regulated	Free	Total	2 Market Share
		Business	0.0	0.9	0.9	22%
		Residential	10.9	17.9	28.8	28%
		Total	10.9	18.8	29.7
		Enel Market Share	44%	28%
(TWh)	Enel			Energy sold1 (TWh)		Enel

		Energy sold1 (TWh)		Enel
	Regulated	Free	Total	2 Market Share
Business	1.3	167.9	169.2	28%
Residential	26.6	60.6	87.2	33%
Total	27.8	228.6	256.4
Enel Market Share	45%	28%

Enel's estimate based on FY 2021; % calculated on Total Regulated and Free Market (excluding Last Resort - "Salvaguardia")

• 1. Gross of energy losses
• 1. Market Share refers to Free Market only.
• 1. Portugal is not included.

Enel X KPIs

(k)	Street	lighting (mn)	Electric	buses (#)	Storage	(MW) BTM	Demand	(GW) Response
2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020

	Points1 Charging (k)		Street	lighting (mn)	Electric	buses (#)	Storage	(MW) BTM	Demand	(GW) Response
	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020
Italy	39 3	26 8	1 5	6 1	17	-	-	-	0 1	0 3
Iberia	9 5	7 1	0 1	0 1	146	31	-	-	-	-
Latin America	3 8	1 9	1 2	1 1	2 491 ,	932	-	-	-	-
North America	98 7	68 5	-	-	267	-	52	22	4 1	3 9
of Rest Europe	2 2	0 7	-	-	-	-	22	47	1 1	0 5
Africa Asia & Oceania ,	3 8	-	-	-	125	-	6	-	1 5	1 4
Other	161 7	80 4	-	-	-	-	-	-	-	-
Total	318 9	185 5	2 8	2 8	3 046 ,	963	80	69	7 7	6 0

Baseload power price & production sold forward

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

	Production sold forward
	2022		2023		2024
	price	%	price	%	price	%
(€/MWh)1 Italy	60 0	100%	75 4	46%	- -
(€/MWh)1 Iberia	54 0	97%	58 0	55%	-	-
(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%

1. Average hedged price; wholesale price for Italy and Spain. 32

Capex¹ (€mn)

E-MARKET SDIR
CERTIFIED

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP	Retail		Enel	X	&	Services Other	Total
	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020
Italy	303	180	2,554	1,966	406	282	427	310	99	70	54	33	3,843	2,842
Iberia	334	331	873	631	713	460	196	139	54	50	31	27	2,201	1,638
Latin America	143	120	1,663	1,156	1,864	1,514	-	-	48	67	4	3	3,722	2,859
Argentina	56	35	166	92	1	1	-	-	-	-	-	-	222	127
Brazil	6	9	991	656	748	718	-	-	11	7	1	1	1,757	1,390
Chile	40	30	166	128	754	688	-	-	3	3	3	2	966	850
Colombia	18	16	225	194	273	81	-	-	17	47	-	-	533	339
Peru	23	30	115	86	41	14	-	-	16	10	-	-	195	141
Other	-	-	-	-	47	12	-	-	-	-	-	-	48	12
Rest of Europe	34	56	192	182	204	157	20	11	4	5	1	1	456	411
Romania	1	-	192	182	4	3	20	11	3	3	1	-	221	198
Russia	34	56	-	-	192	125	-	-	-	-	-	-	226	181
Other	-	-	-	-	7	30	-	-	1	2	-	-	9	32
North America	8	7	-	-	2,237	1,773	-	-	45	36	1	-	2,292	1,816
Africa, Asia & Oceania	-	-	-	-	318	414	-	-	10	3	-	-	329	417
Other	-	-	13	2	30	29	-	-	106	71	116	111	266	212
Total	822	694	5,296	3,937	5,773	4,629	643	460	367	303	207	174	13,108	10,197

Asset development Capex¹ (€mn)

	Conventional Global	Generation & Trading	Infrastructure &	Networks	EGP			Retail	Enel	X	Services &	Other	Total
	2021 FY	2020 FY	2021 FY	2020 FY	2021 FY	2020 FY	2021 FY	2020 FY	2021 FY	2020 FY	2021 FY	2020 FY	2021 FY	2020 FY
Italy	207	92	1,355	954	244	145	-	-	55	61	18	10	1,879	1,261
Iberia	15	48	408	239	635	394	-	-	17	15	7	1	1,082	696
Latin America	17	10	454	316	1,753	1,417	-	-	34	57	-	1	2,258	1,802
Argentina	-	1	42	12	-	-	-	-	-	-	-	-	42	13
Brazil	-	(1)	285	181	721	702	-	-	1	1	-	-	1,007	883
Chile	16	5	41	35	726	656	-	-	3	3	-	-	785	699
Colombia	-	4	59	73	249	53	-	-	15	44	-	-	323	174
Peru	-	2	28	16	29	1	-	-	14	10	-	-	72	28
Other	-	-	-	-	29	5	-	-	-	-	-	-	29	5
of Rest Europe	13	26	67	64	197	151	-	-	2	3	-	-	279	245
Romania	-	-	67	64	1	-	-	-	2	1	-	-	70	66
Russia	13	26	-	-	192	125	-	-	-	-	-	-	205	150
Other	-	-	-	-	3	26	-	-	-	2	-	-	3	28
North America	-	-	-	-	2,190	1,742	-	-	8	17	-	-	2,198	1,759
Africa, Asia & Oceania	-	-	-	-	311	411	-	-	-	-	-	-	311	411
Other	-	-	-	-	21	20	-	-	103	69	31	28	156	117
Total	251	176	2,285	1,573	5,351	4,280	-	-	218	223	57	40	8,162	6,291

Revenues¹ (€mn)

E-MARKET SDIR
CERTIFIED

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP	Retail		Enel	X	&	Services Other	Total
	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020
Italy	22,816	14,965	7,326	7,488	2,725	2,154	19,818	14,869	536	324	(7,804)	(7,597)	45,417	32,203
Iberia	8,344	5,125	2,489	2,617	900	771	16,177	11,987	271	244	(7,129)	(3,574)	21,052	17,170
Latin America	2,390	1,304	10,366	8,908	4,235	3,234	1,393	1,492	275	218	(1,702)	(1,253)	16,957	13,903
Argentina	165	148	688	647	37	39	2	-	12	7	(2)	(3)	902	838
Brazil	957	182	7,109	5,736	1,551	837	349	299	23	20	(689)	(251)	9,300	6,823
Chile	899	627	1,262	1,229	1,375	1,209	93	271	66	68	(515)	(541)	3,180	2,863
Colombia	186	183	630	601	884	814	760	705	127	75	(379)	(330)	2,208	2,048
Peru	183	164	677	695	141	132	189	217	47	48	(117)	(128)	1,120	1,128
Other	-	-	-	-	247	203	-	-	-	-	-	-	247	203
Rest of Europe	554	539	414	396	358	323	1,309	1,150	88	52	(375)	(375)	2,348	2,085
Romania	4	-	414	396	220	198	1,309	1,150	35	25	(378)	(376)	1,604	1,393
Russia	550	539	-	-	13	-	-	-	-	-	3	1	566	540
Other	-	-	-	-	125	125	-	-	53	27	-	-	178	152
North America	100	12	-	-	1,147	1,156	7	10	274	192	(15)	(3)	1,513	1,367
Africa, Asia & Oceania	-	-	-	-	175	99	-	-	67	55	(1)	(1)	241	153
Other	(1,049)	(209)	61	20	(14)	(45)	4	-	30	35	1,446	(678)	478	(877)
Total	33,155	21,736	20,656	19,429	9,526	7,692	38,708	29,508	1,541	1,120	(15,580)	(13,481)	88,006	66,004

Reported EBITDA¹ (€mn)

	Conventional Generation & Global Trading		&	Infrastructure Networks		EGP		Retail	Enel	X	&	Services Other	Total
	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020
Italy	(277)	221	3,454	3,824	1,160	1,311	2,223	2,362	123	38	(50)	68	6,633	7,824
Iberia	859	1,039	1,872	1,890	840	434	545	467	49	39	18	(94)	4,183	3,775
Latin America	290	310	1,780	1,665	1,803	1,979	259	201	91	83	(80)	(88)	4,143	4,150
Argentina	97	85	2	45	24	28	12	(7)	5	3	(3)	(4)	137	150
Brazil	132	66	1,100	958	333	271	134	107	1	2	(18)	(19)	1,682	1,385
Chile	(107)	35	136	156	533	825	43	25	18	15	(58)	(65)	565	991
Colombia	58	11	385	353	600	573	49	54	50	41	-	-	1,142	1,032
Peru	112	114	157	153	141	136	21	22	17	22	(1)	-	447	447
Other	(2)	(1)	-	-	172	146	-	-	-	-	-	-	170	145
Rest of Europe	80	117	88	135	176	162	(43)	82	17	9	5	4	323	509
Romania	(2)	(2)	88	135	81	79	(43)	82	11	10	5	4	140	308
Russia	82	119	-	-	5	(7)	-	-	-	(1)	-	-	87	111
Other	-	-	-	-	90	90	-	-	6	-	-	-	96	90
North America	(38)	17	-	-	696	767	6	9	22	(10)	(2)	(5)	684	778
Africa, Asia & Oceania	-	-	-	-	110	53	-	-	-	2	-	-	110	55
Other	(15)	(4)	16	6	(24)	(59)	-	-	(19)	(9)	1,533	(122)	1,491	(188)
Total	899	1,700	7,210	7,520	4,761	4,647	2,990	3,121	283	152	1,424	(237)	17,567	16,903

	Conventional Global	Generation & Trading	Infrastructure &	Networks		EGP	Retail		Enel	X	Services &	Other	Total
	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020
Italy	464	488	3,836	3,861	1,184	1,362	2,311	2,372	131	38	56	83	7,982	8,204
Iberia	844	1,258	1,877	2,114	840	436	547	530	52	45	31	30	4,191	4,413
Latin America	350	340	1,810	1,684	1,809	1,982	263	203	92	84	(77)	(86)	4,247	4,207
Argentina	97	85	3	47	24	28	12	(7)	5	3	(3)	(3)	138	153
Brazil	132	66	1,120	964	334	271	136	107	1	2	(18)	(19)	1,705	1,391
Chile	(49)	64	144	157	536	825	44	25	19	15	(55)	(64)	639	1,022
Colombia	58	11	385	362	601	575	49	56	50	42	-	-	1,143	1,046
Peru	114	115	158	154	141	136	22	22	17	22	(1)	-	451	449
Other	(2)	(1)	-	-	173	147	-	-	-	-	-	-	171	146
Rest of Europe	81	118	96	136	177	162	(41)	83	17	9	7	4	337	512
Romania	(2)	(2)	96	136	82	79	(41)	83	11	10	7	4	153	310
Russia	83	120	-	-	5	(7)	-	-	-	(1)	-	-	88	112
Other	-	-	-	-	90	90	-	-	6	-	-	-	96	90
North America	(39)	17	-	-	699	769	6	9	22	(9)	(1)	(5)	687	781
Africa, Asia & Oceania	-	-	-	-	110	54	-	-	-	2	-	-	110	56
Other	2	9	44	6	(4)	(44)	-	-	(16)	(8)	1,630	(109)	1,656	(146)
Total	1,702	2,230	7,663	7,801	4,815	4,721	3,086	3,197	298	161	1,646	(83)	19,210	18,027

37 1. It excludes extraordinary items in FY 2020 (-1,124 €mn: -133 €mn donations and emergency costs COVID-19, -232 €mn impairment, -759 €mn energy transition and digitalization funds) and in FY 2021 (1,643 €mn: -53 €mn donations and emergency costs COVID-19, -1,590 €mn energy transition and digitalization funds)

Reported EBIT¹(€mn)

E-MARKET SDIR
CERTIFIED

	Conventional Global	Generation & Trading	Infrastructure &	Networks		EGP	Retail		Enel	X	&	Services Other	Total
	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020	FY 2021	FY 2020
Italy	(1,465)	(39)	2,119	2,370	886	935	1,421	1,538	10	(11)	(169)	(2)	2,801	4,790
Iberia	(1,205)	559	1,089	1,140	609	235	343	241	1	(7)	(35)	(141)	802	2,027
Latin America	87	(589)	1,133	783	1,274	1,543	(45)	(22)	71	71	(82)	(90)	2,439	1,697
Argentina	27	32	(25)	(187)	18	(15)	4	(44)	5	3	(3)	(3)	25	(214)
Brazil	120	56	676	521	253	208	(114)	(39)	1	(2)	(19)	(21)	917	723
Chile	(181)	(749)	87	109	375	660	19	11	16	14	(59)	(66)	257	(22)
Colombia	41	(7)	297	252	552	521	31	39	39	40	-	-	959	846
Peru	84	80	98	88	107	99	16	12	10	16	(1)	-	313	293
Other	(3)	-	-	-	(30)	70	-	-	-	-	-	-	(33)	70
of Rest Europe	51	76	(2)	53	114	130	(66)	51	15	3	4	2	115	314
Romania	(2)	(2)	(2)	53	61	109	(66)	51	9	6	4	3	3	220
Russia	53	83	-	-	(1)	(13)	-	-	-	(1)	(1)	-	51	69
Other	-	(5)	-	-	54	33	-	-	6	(2)	1	(1)	61	25
North America	(39)	14	-	-	226	(27)	5	9	(22)	(52)	(2)	(4)	168	(61)
Africa, Asia & Oceania	-	-	-	-	15	(11)	-	-	(3)	(1)	1	-	13	(12)
Other	(16)	(5)	10	3	(42)	(70)	-	-	(41)	(18)	1,431	(209)	1,342	(300)
Total	(2,586)	15	4,348	4,349	3,082	2,734	1,657	1,817	30	(16)	1,149	(444)	7,680	8,455

From EBITDA to net income¹ (€mn)

	FY 2021 reported	FY 2020 reported	∆ yoy	FY 2021 ordinary	FY 2020 ordinary	∆ yoy
EBITDA	17,567	16 903 ,	3.9%	19 210 ,	18 027 ,	6.6%
D&A	(9 887) ,	(8 448) ,		(6 975) ,	(6 656) ,
EBIT	7,680	8 ,455	-9.2%	12 235 ,	11,371	7.6%
financial charges Net	(2 751) ,	(2 693) ,		(2 827) ,	(2 284) ,
from method Net income equity investments using equity	571	(299)		102	134
EBT	5,500	5,463	0.7%	9 ,510	9 221 ,	3.1%
Income tax	(1 643) ,	(1 841) ,		(2 831) ,	(2 541) ,
Net income	3 857 ,	3 622 ,		6 679 ,	6 680 ,
Minorities	(668)	(1 012) ,		(1 086) ,	(1 483) ,
Group income net	3 ,189	2 610 ,	22.2%	5,593	5,197	7.6%

D&A reported (€mn)

0	FY 2021	FY 2020	∆ yoy
Generation and Trading	3,485	1,685	107%
Enel Green Power	1,679	1,913	-12%
Distribution	2,862	3,171	-10%
Retail	1,333	1,304	2%
Enel X	253	168	51%
Others and adjustments	275	207	33%
Total	9,887	8,448	17%

Long-term 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	4.42	32.87	-	-	0.02	4.47	-	0.02	-	41.80
Bank Loans	2.51	-	0.30	3.76	3.42	2.50	0.30	0.40	0.38	13.57
Tax Partnership	-	-	-	-	-	-	0.52	-	-	0.52
Other Loans	-	-	-	0.50	1.09	0.44	0.65	0.07	0.02	2.77
Other short term debt	0.94	0.32	-	0.65	0.06	0.30	0.13	0.10	0.10	2.60
Commercial Paper	-	5.08	-	-	2.92	-	2.71	-	-	10.71
Gross debt	7.87	38.27	0.30	4.91	7.51	7.71	4.31	0.59	0.50	71.97
Financial Receivables	-	-1.10	-0.42	-0.36	-0.52	-0.85	-	-	-0.05	-3.30
Tariff Deficit	-	-	-	-	-0.93	-	-	-	-	-0.93
Other short term financial receivables	-1.09	-0.45	-	-4.00	-0.88	-0.13	-0.23	-	-0.06	-6.84
Cash and cash equivalents	-0.95	-0.22	-0.22	-4.02	-0.70	-1.55	-0.62	-0.55	-0.12	-8.95
Net Debt – Third Parties	5.83	36.50	-0.34	-3.47	4.48	5.18	3.46	0.04	0.27	51.95
Net Debt – Intercompany	17.37	-47.31	7.30	15.26	3.00	3.37	0.76	0.14	0.11	-
Net Debt – Group View	23.20	-10.81	6.96	11.79	7.48	8.55	4.22	0.18	0.38	51.95

Debt maturity coverage split by typology (€bn)

1. Of which 14.8 €bn of long term committed credit lines with maturities beyond December 2022

Balance sheet (€mn)

Balance sheet structure (€bn)

Headcount

0	FY 2021	FY 2020	∆ yoy
and Trading Generation	7 847 ,	8 142 ,	4% -
Enel Green Power	8 989 ,	8 298 ,	8%
Distribution	33 263 ,	34 332 ,	3% -
Retail	6 148 ,	6 324 ,	3% -
Enel X	3 352 ,	2 989 ,	12%
Others and adjustments	6 680 ,	6 632 ,	1%
Total	66 279 ,	66 717 ,	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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