Enel

Investor Presentation • Mar 18, 2021

Full Year

Consolidated results March 18th, 2021

Full Year 2020 Consolidated results

Francesco Starace CEO

Key highlights of the year

Results & shareholders	Push on	Group	Credit rating
remuneration	decarbonisation	simplification	improvements
5.2 €bn Net Income at top of the range 0.358 €/sh DPS (+9% vs 2019)	+3.1 GW New record on renewable built capacity despite COVID-19	Merger of EGP Latam into Enel Americas effective as of April 1st 2021	Moody's upgrade to Baa1

A remarkable operational and financial performance amidst COVID-19 pandemic

Operational delivery… …coupled with outstanding financial performance

Top notch delivery, preserving asset continuity and people's health

Enhancing green leadership position entering the new decade

Fostering scale, quality and resiliency of the backbone of the energy transition

Positioning optimally to benefit from growth of customers' value

1. 2019 data for comps. Renewable capacity includes managed capacity. Number of customers includes gas and power

2. Europe, Gross margin per customer

Delivering on a fully sustainable capex plan, net of currency impact capex up by 7% yoy

Capex by business model and GBL

Global Power Generation

1. It includes nuclear generation and production from renewable managed capacity.

2. It includes nuclear and renewable managed capacity.

Key highlights

Set new additional capacity record with 3,100 MW built in 2020 notwithstanding COVID-19

Further acceleration on coal exit to boost GHG emission reduction

Renewable pipeline up 1.5x enhances visibility on delivery

Capacity addressed Residual target

1. It includes storage for around 11 GW in early stage and around 4 in mature pipeline.

Renewables Pipeline (GW)

Infrastructure & Networks

Retail & Enel X 17.2 17.4 16 17 17 17 17 17 18 FY 2019 FY 2020 Charging points² (k) ^{82 186} +2.3x Retail Enel X and new infrastructures Fiber deployment (Households passed mn) 7.9 11.1 +41% +12% Free market power customers (mn) Free market energy sold (TWh) 1 38.5 39.4 145.4 131.4 184.0 170.7 40 60 80 100 120 140 160 180 200 -10% +2% -7% +200k Street lighting (mn) 2.4 2.8 +17%

1. It includes energy losses.

Total power customers (mn)

16 16

1. Public and private charging points. It includes interoperability points.

2. 20

FY 2019 FY 2020

B2B B2C

FY 2019 FY 2020

64.6 63.7

Demand Response

(GW) 6.3 6.0

Storage (MW) 110 123

Merger of EGP Latam assets in Enel Américas

1. Exchange Ratio 0.41x

Total Shareholders Return at 22%

DPS (€/Share) 2020 Total Shareholder Return¹

2020 DPS above guaranteed 0.35 €/sh Guaranteed DPS double digit growth by 2023

0.30

Full Year 2020 Financial results

Alberto De Paoli CFO

Financial highlights (€mn)

Currencies' weakness over 2020, electricity demand starts recover in H2

-9% -8% -5% 2% -2% -2% -3% 2% -% -2% Italy Spain Brazil Chile Colombia Electricity demand (∆ yoy) -5% -2% +1% -1% -5% FY Currencies vs. euro¹ (∆ yoy) H1 2020 H2 2020 -34% -24% -13% -13% -6% ARS/EUR BRL/EUR CLP/EUR COP/EUR PEN/EUR FY 2020

FX and COVID-19 impact on demand and bad debt (€bn)

Ordinary EBITDA in line vs PY despite COVID-19 and FX devaluation impact

EBITDA FY 2020

20 1. It excludes "Services & Other" for around -0.1 €bn. It excludes extraordinary items in FY 2019 (-201 €mn: +94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, -205 €mn impairment coal Italy, -103 €mn impairment coal Iberia, -30 €mn price adjustment Kafireas, -7 €mn impairment coal Russia) and FY 2020 (-1.124 €mn: -759 €mn energy transition fund (-612 €mn Iberia, -131 €mn Italia, -11 €mn Colombia, -4 €mn Chile), -133 €mn donations and emergency costs, -186 €mn impairment Italy, -24 €mn impairment Chile, -9 €mn impairment Spain, -14 €mn other EGP Italy (-4 €mn EF Solare Italia, -10 €mn solar panels and other)

4,618 4,721 1,585 2,230 - 1,00 0 2,00 0 3,00 0 4,00 0 5,00 0 6,00 0 7,00 0 8,00 0 9,00 0 10,0 00 FY 2019 FY 2020 27% 11% 24% 33% 5% Italy Iberia North America Latin America RoW FY 2020 7.0 €bn 6,203 6,951 Gross Margin/ MWh 39.9 43.2 EBITDA evolution (€mn)¹ EBITDA by geography¹ +12% EGP Conventional Generation & Trading Benefits from short position and gas portfolio management Ongoing efficiencies in conventional generation FY '19: 260 €mn PPA early termination and JV unwinding FY '20: 170 €mn provision reversal Positive contribution of new RES capacity

Global Power Generation

Performance driven by growth in renewables, efficiencies and short position

GPG - Enel Green Power

Continued delivery on renewable growth drives EGP result in 2020

GPG - Conventional generation and trading

Production down by 22% yoy, benefits from trading activities and efficiencies

EBITDA evolution (€mn)¹ EBITDA by geography¹

Infrastructure and Networks

EBITDA up by 3% net of currency devaluation and COVID-19 impact

EBITDA evolution (€mn)¹ EBITDA by geography¹

Retail Increase in customer base in spite of COVID-19

EBITDA evolution (€mn)¹ Free market – Energy sold (TWh) 2

B2C B2B

+7%

-6%

-4%

-13%

Profit & loss (€mn)

	FY 2020	FY 2019	∆ yoy
Ordinary EBITDA	17,940	17,905	-%
D&A	(6,656)	(6,809)	-2%
EBIT	11,284	11,096	+2%
Financial expenses1	(2,197)	(2,413)	-9%
Results from equity investments	134	(88)	n.m.
EBT	9,221	8,595	+7%
Income taxes	(2,541)	(1,960)	+30%
Minorities	(1,483)	(1,868)	-21%
income2 Group net ordinary	5,197	4,767	+9%

1. Includes other financial expenses (-20 €mn in FY 2020, -158 €mn in FY 2019)

26 2. Excludes extraordinary items: FY2019 (-2,593 €mn: +97 €mn disposal Mercure plant, +49 €mn second tranche earn out Rete Gas, -1,412 €mn coal impairments and other Italy, -108 €mn impairment USA, -902 €mn coal impairments Iberia, -151 €mn coal impairments Chile, -60 €mn impairment RGRES, -34 €mn Slovenske investment impairment and -72 €mn other); FY2020 (-2,587 €mn: -720 €mn Italy due to asset impairments and devaluation of SVK credit, -424 mn JTF mainly in Iberia and italy, -433 €mn Slovenske investment impairment, -86 €mn donations and other cost due to COVID-19, -164 €mn impairment Argentina, -351 €mn impairment Mexico, -338 €mn impairment coal Chile, -66 €mn other impairments GPG, -6 €mn write-down of Funac in Brazil)

Net Ordinary Income up by 9% driven by focus on minorities and financial charges

Net Ordinary Income evolution (€bn)

charges on equity

2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5

27

1. Rounded figures

18.0 20.0

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

Cash flow (€bn)¹

Fin. receivables Net debt Cash Cost of gross debt 4.1% 3.7% -4% 45.2 45.4 7.3 7.6 9.0 6.0 61.5 59.0 - 10 20 30 40 50 60 Dec 31, 2019 Dec 31, 2020 2.4 45.4 (1.3) 4.7 1.0 0.5 (2.3) 45.4 30 32 34 36 38 40 42 44 46 48 50 Dec 31, 2019 FCF Dividends paid APM New leasing FX Dec 31, 2020 45.2 1 Hybrids Net debt evolution Gross debt Hybrids

Debt (€bn)

-40 bps

Liquidity position and credit metrics

Strong financial position with ample liquidity available

Liquidity position and LT debt maturities (€bn)¹ Credit metrics

18.6

Accelerating towards next decade goals...

Earnings at top of the range confirming an outstanding growth in spite of COVID-19 disruption

A solid operating roll out supporting long term positioning to capture energy transition opportunities

People first: proactive measure to protect people and ensure business continuity

Top quartile 2020 Total Shareholder Return

Full Year 2020 Consolidated results

Annexes

Macroscenario

	GDP (%)		CPI (%)		€1 FX against		Spot Price (€/MWh)		(TWh)2 Electricity Demand
	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019
Italy	(8 .86)	0.34	(0 .14)	0.63	-	-	38.91	52.35	302.92	319.64
Iberia	(10 .02)	3.37	(0 .33)	0.78	-	-	34.01	47.71	236.36	249.04
Latin America	-	-	-	-	-	-	-	-	-	-
Argentina	(8 .59)	(2 .03)	42.68	53.58	101.60	67.00	-	-	132.09	133.32
Brazil	(0 .50)	5.74	3.21	3.74	6.37	4.54	26.42	44.62	587.00	594.26
Chile	(5 .96)	1.03	3.05	2.25	872.01	838.15	34.66	46.55	77.70	77.06
Colombia	(6 .84)	3.28	2.53	3.52	4,288.30	3,696.28	59.65	62.17	70.42	71.89
Peru	(11 .09)	2.24	1.83	2.14	4.40	3.72	8.52	7.86	49.20	52.90
Rest of Europe	-	-	-	-	-	-	-	-	-	-
Romania	(3 .34)	4.18	(0 .16)	0.06	4.88	4.79	34.57	42.91	59.35	61.71
Russia	(1 .92)	1.19	3.38	4.47	90.29	69.51	15.65	18.31	778.59	801.92
North America	-	-	-	-	-	-	-	-	-	-
USA	(3 .50)	2.16	1.25	1.81	1.22	1.12	-	-	3,650.61	3,749.54
M exico	(8 .45)	(0 .05)	3.40	3.64	24.27	21.10	-	-	307.80	317.63
Africa, Asia Oceania &	-	-	-	-	-	-	-	-	-	-
India	(7 .09)	4.85	6.63	3.71	89.74	80.04	-	-	1,145.02	1,284.50
Australia	(2 .80)	1.90	0.90	1.60	1.59	1.60	-	-	-	-
South Africa	(6 .37)	0.06	3.27	4.13	17.84	15.71	-	-	197.97	227.33

Group consolidated net capacity: breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12 417 ,	771	769	29	-	2 237 ,	5 594 ,	4 583 ,	26 400 ,
Iberia	4 749 ,	2 422 ,	-	610	3 328 ,	2 334 ,	2 764 ,	5 445 ,	21 652 ,
Latin America	10 582 ,	2 129 ,	41	1 801 ,	-	2 693 ,	545	4 168 ,	21 960 ,
Argentina	328 1 ,	-	-	-	-	169 1 ,	-	922 1 ,	419 4 ,
Brazil	1 269 ,	1 355 ,	-	978	-	-	-	319	3 922 ,
Chile	3 551 ,	642	41	495	-	603	320	1 467 ,	7 118 ,
Colombia	3 097 ,	-	-	86	-	184	225	-	3 592 ,
Perù	792	132	-	179	-	737	-	460	2 301 ,
Other1	545	-	-	62	-	-	-	-	606
of Rest Europe	19	999	-	123	-	4 447 ,	-	814	6 401 ,
Romania	-	498	-	36	-	-	-	-	534
Russia	-	90	-	-	-	4 447 ,	-	814	5 350 ,
Other2	19	410	-	88	-	-	-	-	517
North America	53	5 572 ,	72	948	-	-	-	-	6 643 ,
Mexico	53	893	-	220	-	-	-	-	1 165 ,
Canada	-	211	-	-	-	-	-	-	211
USA	-	4 468 ,	72	728	-	-	-	-	5 268 ,
Oceania3 Africa Asia & ,	-	519	-	392	-	-	-	-	911
Total	27 820 ,	12 412 ,	882	3 903 ,	3 328 ,	11 711 ,	8 903 ,	15 009 ,	83 967 ,

1. Includes Panama, Guatemala and Costa Rica

2. Includes Greece and Bulgaria

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	16 582 ,	1 204 ,	5 647 ,	18	-	282	9 085 ,	9 677 ,	42 495 ,
Iberia	7 682 ,	5 235 ,	-	498	25 839 ,	4 217 ,	1 433 ,	11 365 ,	56 269 ,
Latin America	37 947 ,	6 331 ,	221	2 902 ,	-	1 995 ,	2 638 ,	17 132 ,	69 165 ,
Argentina	2 860 ,	-	-	-	-	474	-	10 567 ,	13 901 ,
Brazil	5 487 ,	3 946 ,	-	1 068 ,	-	-	-	212	10 713 ,
Chile	9 713 ,	768 1 ,	221	1 177 ,	-	621	988 1 ,	3 843 ,	19 331 ,
Colombia	13 315 ,	-	-	136	-	45	650	-	14 146 ,
Perù	4 358 ,	617	-	435	-	855	-	2 510 ,	8 774 ,
Other1	2 215 ,	-	-	85	-	-	-	-	2 300 ,
of Rest Europe	23	2 188 ,	-	163	-	12 907 ,	-	5 180 ,	20 461 ,
Romania	-	1 236 ,	-	39	-	-	-	-	1 275 ,
Russia	-	-	-	-	-	12 907 ,	-	5 180 ,	18 087 ,
Other2	23	952	-	125	-	-	-	-	1 099 ,
North America	203	15 114 ,	299	1 565 ,	-	-	-	-	17 182 ,
Mexico	179	298 1 ,	-	444	-	-	-	-	920 1 ,
Canada	-	566	-	-	-	-	-	-	566
USA	24	13 250 ,	299	1 122 ,	-	-	-	-	14 695 ,
Oceania3 Africa Asia & ,	-	920	-	617	-	-	-	-	1 537 ,
Total	62 437 ,	30 992 ,	6 167 ,	5 764 ,	25 839 ,	19 401 ,	13 155 ,	43 353 ,	207 108 ,

1. Includes Panama, Guatemala and Costa Rica

2. Includes Greece and Bulgaria

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	9	-	4	-	-	-	-	48	62
Iberia	2	132	-	258	10	-	-	-	401
Latin America	4	574	-	301	-	-	1	-	880
Argentina	-	-	-	-	-	-	-	-	-
Brazil	-	574	-	298	-	-	-	-	871
Chile	4	-	-	4	-	-	1	-	9
Colombia	-	-	-	-	-	-	-	-	-
Perù	-	-	-	-	-	-	-	-	-
Other2	-	-	-	-	-	-	-	-	-
Rest of Europe	-	104	-	-	-	-	-	5	109
Romania	-	-	-	-	-	-	-	-	-
Russia	-	90	-	-	-	-	-	5	95
Other3	-	14	-	-	-	-	-	-	14
North America	-	1 176 ,	-	210	-	-	-	-	1 386 ,
Mexico	-	320	-	-	-	-	-	-	320
Canada	-	122	-	-	-	-	-	-	122
USA	-	734	-	210	-	-	-	-	944
Oceania4 Africa Asia & ,	-	101	-	34	-	-	-	-	135
Total	15	2 086 ,	4	803	10	-	1	53	2 972 ,

1. Excludes managed capacity

2. Includes Panama, Guatemala and Costa Rica

3. Includes Greece and Bulgaria

4. Includes Australia, South Africa, India and Zambia

Renewable projects in execution: breakdown by technology and geography¹

MW	Wind	Hydro	Geothermal	Solar & Other	Total
Italy	137	58	4	-	199
Iberia	180	6	-	583	769
Latin America	2 293 ,	3	28	2 498 ,	4 822 ,
Rest of Europe	272	-	-	6	279
North America	953	-	-	1 445 ,	2 398 ,
Africa Asia & Oceania ,	1 542 ,	-	-	420	1 962 ,
Total	5 377 ,	68	32	4 952 ,	10 429 ,

EGP mature pipeline

Infrastructure & Networks KPIs

	Electricity	(TWh)1 distributed	(mn)1 End users		(mn)1 Smart meters
	FY	FY	FY	FY	FY	FY
	2020	2019	2020	2019	2020	2019
Italy	213	228	31	31	30	30
	6	1	4	5	6	7
Iberia	124	126	12	12	12	12
	7	6	3	2	4	2
Latin America	131 0	137 3	27 6	27 2	0 4	0 4
Argentina	15 9	16 8	2 5	2 5	-	-
Brazil	9 77	81 3	18 1	17 8	-	-
Chile	15	16	2	2	0	0
	7	6	0	0	3	3
Colombia	13	14	3	3	0	0
	8	4	6	5	1	1
Peru	6 7	8 2	1 5	1 4	-	-
Rest	15	15	3	2	0	0
of	4	7	0	9	9	6
Europe
Romania	15	15	3	2	0	0
	4	7	0	9	9	6
Total	484	507	74	73	44	43
	6	7	3	8	3	8

Retail KPIs

E-MARKET SDIR CERTIFIED

	Power			Gas
	(mn)1		Volumes1,2		(mn)1		(bsmc)1
	Customers		(TWh)		Customers		Volumes
	FY	FY	FY	FY	FY	FY	FY	FY
	2020	2019	2020	2019	2020	2019	2020	2019
Italy	22	23	90	97	4	4	4	4
	6	7	2	5	1	2	4	7
Iberia	10	10	80	89	1	1	5	5
	4	6	8	4	7	6	0	7
Latin America	27 6	27 2	118 4	125 3	0 0	0 0	0 2	0 2
Rest	3	3	8	9	0	0	0	0
of	0	1	8	7	06	05	11	14
Europe
Total	63	64	298	322	5	5	9	10
	7	6	2	0	8	9	7	8

Italian and Spanish power market

	Customers	Enel
	Regulated	Free	Total	2 Market Share %
Business	2 2	5 0	7 2	37%
Residential	13 0	16 7	29 7	46%
Total	15 2	21 7	36 9
1 Enel Market Share %	86%	44%

	(mn) Customers			Enel
	Regulated	Free	Total	3 Market Share %
Business	-	0 9	0 9	23%
Residential	10 9	17 7	28 7	29%
Total	10 9	18 6	29 6
Enel Market Share %	44%	29%

	sold (TWh) Energy		Enel	Energy	Enel
	Regulated	Free	Total	2 Market Share %		Regulated	Free	Total	3 Market Share %
Business	11 6	191 5	203 1	24%	Business	1 4	153 5	154 8	31%
Residential	28 9	39 5	68 4	44%	Residential	26 8	53 6	80 4	33%
Total	40 5	231 0	271 5		Total	28 1	207 1	235 2
1 Enel Market Share %	83%	27%			Enel Market Share %	47%	32%

Italy Spain

1. Enel estimate based on FY2020; % calculated on total regulated market and total free market (excluding "Salvaguardia);

2. Market Share calculated on total free market;

3. Customers: CNMC "Informe de supervision de los cambios de comercializador 2020 published 03/12/20; Market Share calculated on total free market;

4. Energy sold: Internal estimation based on "sectorial energy daily forecast system".

Baseload power price & production sold forward

	Baseload price
	2020	2021	2022	2023
Italy (€/MWh)	38 9	52 3	53 9	55 3
Iberia (€/MWh)	34 0	48 4	49 2	49 7

	Production sold forward
	2020	2021		2022		2023
	price	%	price	%	price	%	price	%
(€/MWh)1 Italy	57 5	100%	51 6	85%	51 6	41%	-	-
(€/MWh)1 Iberia	73 9	100%	70 7	97%	73 5	57%	-	-
Brazil (USD/MWh)	45 3	100%	53 6	100%	56 9	100%	57 3	100%
Chile (USD/MWh)	75 4	100%	70 3	100%	64 7	100%	65 5	100%
Colombia (USD/MWh)	59 6	100%	66 3	100%	63 1	97%	63 8	96%
Peru (USD/MWh)	54 5	100%	56 4	100%	59 2	100%	61 6	100%

1. Average hedged price; wholesale price for Italy, retail price for Spain. 42

Capex¹ (€mn)

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019
Italy	180	189	1,966	1,753	282	240	310	324	70	52	33	78	2,842	2,635
Iberia	331	388	631	648	460	764	139	111	50	63	27	46	1,638	2,020
Latin America	120	193	1,156	1,335	1,514	1,058	-	-	67	40	3	9	2,859	2,636
Argentina	35	52	92	164	1	2	-	-	-	-	-	-	127	219
Brazil	9	18	656	699	718	702	-	-	7	10	1	6	1,390	1,435
Chile	30	49	128	134	688	241	-	-	3	3	2	3	850	430
Colombia	16	41	194	225	81	80	-	-	47	26	-	-	339	373
Peru	31	33	86	113	14	25	-	-	10	2	-	-	141	172
Other	-	-	-	-	12	8	-	-	-	-	-	-	12	8
Rest of Europe	56	79	182	169	157	189	11	15	5	4	1	1	411	458
Romania	-	-	182	169	3	2	11	15	5	4	-	1	200	191
Russia	56	79	-	-	-	-	-	-	-	-	-	-	56	79
Other	-	-	-	-	155	187	-	-	-	-	-	-	155	188
North America	7	1	-	-	1,773	1,744	-	-	36	61	-	-	1,816	1,806
Africa, Asia & Oceania	-	-	-	-	414	274	-	-	3	1	-	-	417	275
Other	1	2	2	-	28	27	-	-	71	48	111	44	213	121
Total	694	851	3,937	3,905	4,629	4,297	460	449	303	270	174	179	10,197	9,951

Asset development Capex¹ (€mn)

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019
Italy	92	49	954	851	145	113	-	-	61	47	10	47	1,261	1,107
Iberia	48	7	239	284	394	707	-	-	15	6	1	5	696	1,009
Latin America	10	40	316	430	1,417	949	-	-	57	28	1	-	1,802	1,448
Argentina	1	2	12	56	-	1	-	-	-	-	-	-	13	59
Brazil	(1)	1	181	231	702	676	-	-	1	3	-	-	883	911
Chile	5	13	35	32	656	210	-	-	3	1	-	-	699	256
Colombia	4	17	73	93	53	59	-	-	44	24	-	-	174	192
Peru	2	8	16	20	1	2	-	-	10	-	-	-	28	29
Other	-	-	-	-	5	1	-	-	-	-	-	-	5	1
Rest of Europe	26	4	64	63	151	185	-	-	3	-	-	-	245	252
Romania	-	-	64	63	-	-	-	-	3	-	-	-	68	63
Russia	26	4	-	-	-	-	-	-	-	-	-	-	26	4
Other	-	-	-	-	151	185	-	-	-	-	-	-	151	185
North America	-	(1)	-	-	1,742	1,710	-	-	17	4	-	-	1,759	1,713
Africa, Asia Oceania &	-	-	-	-	411	270	-	-	-	-	-	-	411	270
Other	-	-	-	-	20	12	-	-	69	47	28	-	117	59
Total	176	99	1,573	1,628	4,280	3,946	-	-	223	133	40	53	6,292	5,858

Revenues¹ (€mn)

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019
Italy	14,029	23,688	7,488	7,647	2,154	1,918	14,869	16,042	324	282	(7,597)	(7,798)	31,267	41,779
Iberia	5,129	6,261	2,617	2,724	771	653	11,987	13,867	244	261	(3,574)	(4,712)	17,174	19,054
Latin America	1,304	1,875	8,821	11,033	3,234	3,677	1,492	1,559	218	186	(1,252)	(1,537)	13,817	16,793
Argentina	148	323	647	1,166	39	64	-	30	7	4	(2)	(7)	839	1,580
Brazil	182	283	5,649	6,946	837	694	299	404	20	17	(248)	(442)	6,739	7,902
Chile	627	813	1,229	1,467	1,209	1,479	271	293	68	81	(543)	(635)	2,861	3,498
Colombia	183	102	601	641	814	1,007	705	777	75	77	(331)	(338)	2,047	2,266
Peru	164	354	695	813	132	196	217	55	48	7	(128)	(115)	1,128	1,310
Other	-	-	-	-	203	237	-	-	-	-	-	-	203	237
Rest of Europe	539	956	396	386	323	271	1,150	1,131	53	35	(376)	(379)	2,085	2,400
Romania	-	42	396	386	198	175	1,150	1,131	25	18	(377)	(382)	1,392	1,370
Russia	539	911	-	-	-	-	-	-	-	-	1	3	540	914
Other	-	3	-	-	125	96	-	-	28	17	-	-	153	116
North America	12	29	-	-	1,156	1,115	10	-	192	328	(3)	(3)	1,367	1,469
Africa, Asia & Oceania	-	-	-	-	99	107	-	-	55	52	(1)	-	153	159
Other	(209)	(797)	20	(1)	(45)	(24)	-	-	35	(14)	(679)	(491)	(878)	(1,327)
Total	20,804	32,012	19,342	21,789	7,692	7,717	29,508	32,599	1,121	1,130	(13,482)	(14,920)	64,985	80,327

Reported EBITDA¹ (€mn)

	Conventional Generation & Global Trading		Infrastructure EGP & Networks			Retail		Enel X		Services & Other		Total
	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019
Italy	221	(14)	3,824	3,906	1,311	1,240	2,362	2,314	38	13	68	169	7,824	7,628
Iberia	1,039	590	1,890	2,025	434	358	467	715	39	38	(94)	66	3,775	3,792
Latin America	309	609	1,579	2,259	1,979	2,202	201	292	83	64	(88)	(123)	4,063	5,303
Argentina	85	165	46	270	28	51	(7)	3	3	-	(4)	(1)	151	488
Brazil	66	102	871	1,144	271	335	107	154	2	(1)	(19)	(49)	1,298	1,685
Chile	35	198	156	222	825	888	25	41	15	26	(65)	(72)	991	1,303
Colombia	9	8	353	399	573	620	54	66	41	38	-	-	1,030	1,131
Peru	114	136	153	224	136	157	22	28	22	1	-	(1)	447	545
Other	-	-	-	-	146	151	-	-	-	-	-	-	146	151
Rest of Europe	118	209	135	107	161	112	82	15	9	-	4	5	509	448
Romania	(1)	(2)	135	107	78	75	82	15	9	6	4	5	307	206
Russia	119	209	-	-	(7)	(1)	-	-	-	(2)	-	-	112	206
Other	-	2	-	-	90	38	-	-	-	(4)	-	-	90	36
North America	17	(16)	-	-	767	737	9	(2)	(10)	80	(5)	-	778	799
Africa, Asia & Oceania	-	-	-	-	53	62	-	-	2	(1)	-	-	55	61
Other	(4)	(14)	5	(19)	(58)	(123)	-	-	(9)	(36)	(122)	(135)	(188)	(327)
Total	1,700	1,364	7,433	8,278	4,647	4,588	3,121	3,334	152	158	(237)	(18)	16,816	17,704

Ordinary EBITDA¹(€mn)

	Conventional Generation & Global Trading		&	Infrastructure Networks	EGP		Retail		Enel X		Services & Other		Total
	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019
Italy	489	97	3,861	3,856	1,362	1,240	2,372	2,314	38	13	82	169	8,204	7,689
Iberia	1,258	693	2,114	2,025	436	358	530	715	45	38	30	66	4,413	3,895
Latin America	338	609	1,598	2,259	1,982	2,202	204	292	84	64	(86)	(123)	4,120	5,303
Argentina	85	165	48	270	28	51	(7)	3	3	-	(4)	(1)	153	488
Brazil	66	102	877	1,144	271	335	107	154	2	(1)	(18)	(49)	1,305	1,685
Chile	64	198	157	222	825	888	25	41	15	26	(64)	(72)	1,022	1,303
Colombia	9	8	362	399	575	620	56	66	42	38	-	-	1,044	1,131
Peru	114	136	154	224	137	157	23	28	22	1	-	(1)	450	545
Other	-	-	-	-	146	151	-	-	-	-	-	-	146	151
Rest of Europe	119	216	136	107	161	142	82	15	9	-	5	5	512	485
Romania	(1)	(2)	136	107	78	75	82	15	9	6	5	5	309	206
Russia	120	216	-	-	(7)	(1)	-	-	-	(2)	-	-	113	213
Other	-	2	-	-	90	68	-	-	-	(4)	-	-	90	66
America North	17	(16)	-	-	769	737	9	(2)	(9)	80	(5)	-	781	799
Africa, Asia & Oceania	-	-	-	-	54	62	-	-	2	(1)	-	-	56	61
Others	9	(14)	5	(19)	(43)	(123)	-	-	(8)	(36)	(109)	(135)	(146)	(327)
Total	2,230	1,585	7,714	8,228	4,721	4,618	3,197	3,334	161	158	(83)	(18)	17,940	17,905

47 1. Excludes extraordinary items in FY 2019 (-201 €mn: +94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, -205 €mn impairment coal Italy, -103 €mn impairment coal Iberia, -30 €mn price adjustment Kafireas, -7 €mn impairment coal Russia) and FY 2020 (-1.124 €mn: -759 €mn energy transition fund (-612 €mn Iberia, -131 €mn Italia, -11 €mn Colombia, -4 €mn Chile), -133 €mn donations and emergency costs, -186 €mn impairment Italy, -24 €mn impairment Chile, -9 €mn impairment Spain, -14 €mn other EGP Italy (-4 €mn EF Solare Italia, -10 €mn solar panels and other)

Reported EBIT¹(€mn)

	Conventional	Generation & Global Trading	&	Infrastructure Networks		EGP		Retail	Enel X		Services & Other		Total
	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019	FY 2020	FY 2019
Italy	(40)	(1,908)	2,370	2,647	935	909	1,538	1,609	(12)	(45)	(1)	17	4,790	3,229
Iberia	559	(1,650)	1,140	1,288	235	183	241	491	(7)	(13)	(141)	20	2,027	319
Latin America	(589)	35	696	1,349	1,544	1,793	(22)	126	71	58	(89)	(122)	1,611	3,239
Argentina	32	100	(186)	240	(15)	38	(44)	(35)	3	-	(4)	-	(214)	343
Brazil	56	89	433	487	207	249	(39)	49	(2)	(4)	(20)	(50)	635	820
Chile	(749)	(246)	108	173	660	718	11	30	14	24	(66)	(71)	(22)	628
Colombia	(7)	(9)	253	292	521	560	39	59	40	37	-	-	846	939
Peru	79	101	88	157	99	118	11	23	16	1	-	(1)	293	399
Other	-	-	-	-	72	110	-	-	-	-	1	-	73	110
Rest of Europe	76	30	52	13	129	58	51	(14)	3	(3)	3	2	314	86
Romania	(2)	(1)	52	13	109	49	51	(14)	6	4	3	3	219	54
Russia	83	31	-	-	(13)	-	-	-	-	(1)	-	-	70	30
Other	(5)	-	-	-	33	9	-	-	(3)	(6)	-	(1)	25	2
North America	14	(17)	-	-	(28)	418	9	(2)	(52)	(50)	(4)	-	(61)	349
Africa, Asia & Oceania	-	-	-	-	(11)	24	-	-	(1)	(5)	-	-	(12)	19
Other	(5)	(15)	4	(20)	(70)	(125)	-	-	(18)	(40)	(212)	(163)	(301)	(363)
Total	15	(3,525)	4,262	5,277	2,734	3,260	1,817	2,210	(16)	(98)	(444)	(246)	8,368	6,878

EBITDA from Reported to Adjusted: breakdown by geography (€mn)

2020 FY	Global Thermal Generation & Trading	Global Infrastructure & Networks	Global Renewable Energies	Retail	Enel X	Services & Holding	Total
Reported	700 1 ,	433 7 ,	647 4 ,	3 121 ,	152	(237)	16 816 ,
Extraordinary items	(531)	(281)	(73)	(76)	(9)	(154)	(1 124) ,
Ordinary	2 230 ,	7 714 ,	4 721 ,	3 197 ,	161	(83)	17 940 ,
One-offs	147	548	(24)	12	(1)	(21)	662
Adjusted	2 083 ,	7 166 ,	4 745 ,	3 185 ,	162	(62)	17 278 ,

FY 2019	Global Thermal Generation & Trading	Global Infrastructure & Networks	Global Renewable Energies	Retail	Enel X	Services & Holding	Total
Reported	1 364 ,	8 278 ,	4 588 ,	3 334 ,	158	(18)	17 704 ,
Extraordinary items	(221)	50	(30)	-	-	-	(201)
Ordinary	585 1 ,	8 228 ,	618 4 ,	3 334 ,	158	(18)	905 17 ,
One-offs	87	351	77	23	98	-	636
Adjusted	1 498 ,	7 877 ,	4 541 ,	3 311 ,	60	(18)	17 269 ,

EBITDA from Reported to Adjusted: breakdown by business line (€mn)

FY 2020	Italy	Iberia	South America	Europe North & Africa	North & Central America	Africa Asia , & Oceania	Others and adjustments	Total
Reported	7 824 ,	3 775 ,	4 063 ,	509	778	55	(188)	16 816 ,
Extraordinary items	(380)	(638)	(57)	(3)	(3)	(0)	(43)	(1 124) ,
Ordinary	8 204 ,	4 413 ,	4 120 ,	512	781	56	(146)	17 940 ,
One-offs	278	335	71	-	-	-	(22)	662
Adjusted	926 7 ,	078 4 ,	049 4 ,	512	781	56	(124)	278 17 ,

FY 2019	Italy	Iberia	South America	Europe North & Africa	North & Central America	Africa Asia , & Oceania	Others and adjustments	Total
Reported	7 628 ,	3 792 ,	5 303 ,	448	799	61	(327)	17 704 ,
Extraordinary items	(61)	(103)	-	(37)	-	-	-	(201)
Ordinary	7 689 ,	3 895 ,	5 303 ,	485	799	61	(327)	17 905 ,
One-offs	222	10	306	-	98	-	-	636
Adjusted	467 7 ,	3 885 ,	997 4 ,	485	701	61	(327)	269 17 ,

From EBITDA to net income¹ (€mn)

	FY 2020	FY 2019		FY 2020	FY 2019	∆ yoy
	reported	reported	∆ yoy	ordinary	ordinary
EBITDA	16,816	17,704	-5.0%	17,940	17,905	0.2%
D&A	8,448	10,826		6,656	6,809
EBIT	8,368	6,878	21.7%	11,284	11,096	1.7%
Net financial charges	(2,606)	(2,444)		(2,197)	(2,413)
Net income from equity investments using equity method	(299)	(122)		134	(88)
EBT	5,463	4,312	26.7%	9,221	8,595	7.3%
Income tax	(1,841)	(836)		(2,541)	(1,960)
Net income	3,622	3,476		6,680	6,635
Minorities	1,012	1,302		1,483	1,868
Group net income	2,610	2,174	20.1%	5,197	4,767	9.0%

1

D&A reported (€mn)

	FY 2020	FY 2019	∆ yoy
Generation and Trading	1,685	4,889	-66%
Enel Green Power	1,913	1,328	44%
Distribution	3,171	3,001	6%
Retail	1,304	1,124	16%
Enel X	168	256	-34%
Others and adjustments	207	228	-9%
Total	8,448	10,826	-22%

Gross debt¹structure

Debt structure by instrument (€bn)

Debt by instrument	Enel Spa	EFI	EGP and Central Others	Italy	Iberia	Latin America	North America	Europe	Africa, Asia and Oceania	Total
Bonds	5.53	29.39	-	-	0.02	4.77	-	0.06	-	39.77
Bank Loans	1.39	-	0.37	3.74	2.18	1.58	0.41	0.22	0.14	10.03
Tax Partnership	-	-	-	-	-	-	0.55	-	-	0.55
Other Loans	-	-	-	0.58	0.83	0.42	0.42	0.08	0.01	2.34
Other short term debt	0.25	0.11	-	0.41	0.08	0.63	-	-	0.02	1.50
Commercial Paper	-	2.74	-	-	1.16	-	0.95	-	-	4.85
Gross debt	7.17	32.24	0.37	4.73	4.27	7.40	2.33	0.36	0.17	59.04
Financial Receivables	-0.27	-0.88	-0.42	-0.42	-0.50	-0.78	-0.01	-	-0.01	-3.29
Tariff Deficit	-	-	-	-	-0.88	-	-	-	-	-0.88
Other short term financial receivables	-1.59	-1.40	-	-0.27	-0.03	-0.11	-0.02	-	-0.06	-3.48
Cash and cash equivalents	-2.13	-0.17	-0.19	-0.27	-0.40	-1.78	-0.26	-0.65	-0.12	-5.97
Net Debt – Thitd Parties	3.18	29.79	-0.24	3.77	2.46	4.73	2.04	-0.29	-0.02	45.42
Net Debt – Intercompany	15.24	-34.44	6.21	7.31	3.00	1.75	0.64	0.22	0.07	-
Net Debt – Group View	18.42	-4.65	5.97	11.08	5.46	6.48	2.68	-0.07	0.05	45.42

Debt maturity coverage split by typology (€bn)

Balance sheet (€mn)

Balance sheet structure (€bn)

1

Headcount

	FY 2020	FY 2019	∆ yoy
Generation and Trading	8,142	9,432	-14%
Enel Green Power	8,298	7,957	4%
Distribution	34,332	34,822	-1%
Retail	6,324	6,336	0%
Enel X	2,989	2,808	6%
Others and adjustments	6,632	6,898	-4%
Total	66,717	68,253	-2%

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.

Full Year 2020 consolidated results

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Monica Girardi Head of Group Investor Relations

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

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