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Enel

Earnings Release • Nov 5, 2020

4317_10-q_2020-11-05_578f3fe7-db5d-4085-bea9-bce1b5d9a6bf.pdf

Earnings Release

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9M 2020

Consolidated results

November 5, 2020

Key highlights of the period

Financial performance Strong renewables Group Full year
growth simplification guidance
Net Income
+9%		 +1.7 GW
year
to date
+4.1 GW
over last 12
months		 Merger of EGP
Latam
into
Enel Americas
announced		 EBITDA
c.18.0 €bn
Net Income
5.0-5.2 €bn

Currencies' weakness extended in Q3, electricity demand shows recovery signs

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

Continued capex deployment to fuel growth ambitions

Net of currency impact capex up by 7% yoy in real terms

Enel Green Power

Strong and continued delivery with 4.1 GW built over the last 12 months

Merger of EGP Latam assets in Enel Américas

Transaction to be completed in Q2 2021

9M 2020 Financial results

Financial highlights (€mn)

  1. As of December 2019

Ordinary EBITDA flat yoy despite COVID-19 and strong FX devaluation

  1. Excludes extraordinary items in 9M 2019 (+94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, -161 impairment Italy, -42 impairment Spain) and 9M 2020 (-101 €mn donations and emergency costs, -213 €mn Provision AVS Carbon (Iberia), -124 €mn impairment, -3 €mn EF Solare Italia))

MWh

Global Power Generation

Improved operating performance despite weaker FX

28%

Latin America

RoW

GPG - Enel Green Power

New capacity deployed more than offset negative FX impact

GPG - Conventional generation and trading

Output down by 27%, continued benefits from short position and efficiencies

Infrastructure and Networks

Protective regulation in Europe, Latam affected by FX and volumes

Electrification

Retail +400k customers yoy despite lockdowns

Operational efficiency Opex down by 7% yoy, net of one off

Profit & loss (€mn)

9M 2020 9M
2019		 ∆ yoy
Ordinary EBITDA 13,146 13,268 -1%
D&A (4,935) (5,008) -1%
EBIT 8,211 8,260 -1%
Financial expenses1 (1,725) (1,876) -8%
Results from equity investments 45 (73) n.m.
EBT 6,531 6,311 +3%
Income taxes (1,901) (1,766) +8%
Minorities (1,037) (1,250) -17%
income2
Group net ordinary		 3,593 3,295 +9%
    1. Includes other financial expenses (-184 €mn in 9M 2020, -116 €mn in 9M 2019)
  • 16 2. Excludes extraordinary items in 9M 2019 (+49 €mn second tranche earn out Rete Gas, +97 €mn disposals Mercure plant, -2,520 €mn impairment coal in Italy, Chile and Spain, -56 €mn impairment coal in Russia, -52 €mn Slovenske investment impairment) and in 9M 2020 (-4 €mn write-down of Funac in Brazil, -40 €mn Slovenske investment impairment, -66 €mn donations and other cost due to COVID-19, -204 €mn impairment in Italy and Iberia, -335 €mn impairment coal in Chile (Bocamina II), other impairments in renewables -23 €mn)

Net Ordinary Income up by 9% yoy

  1. Rounded figures

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

  3. Includes dividends received from equity investments

Closing remarks

9% growth in Net Ordinary Income shows business mix resiliency

Signs of stabilisation in demand and prices Normalisation of renewables capacity addition

A new phase of Group's semplification kicked off

Floor DPS to underpin a 7% yoy CAGR and c.5% Yield

Annexes

Macroscenario

GDP
(%)		 CPI (%) €1
FX
against
Spot
Price
(€/MWh)		 (TWh)2
Electricity
Demand
9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019
Italy (10
.66)		 0.37 (0
.01)		 0.72 - - 35.61 53.71 225.14 241.64
Iberia (12
.44)		 2.05 (0
.12)		 0.78 - - 31.90 49.90 175.81 187.25
Latin
America		 - - - - - - - - - -
Argentina (12
.29)		 (2
.45)		 46.18 54.07 89.26 63.00 - - 99.86 100.06
Brazil (5
.67)		 0.97 2.77 3.86 6.58 4.54 21.70 33.23 431.10 442.10
Chile (7
.32)		 2.17 3.08 2.09 919.59 796.64 36.11 56.60 58.02 57.89
Colombia (7
.52)		 3.13 2.83 3.41 4,482.00 3,818.00 67.12 61.33 52.31 53.60
Peru (19
.27)		 2.50 1.77 2.22 4.22 3.70 6.96 6.57 35.60 39.42
Rest
of
Europe		 - - - - - - - - - -
Romania (4
.40)		 4.16 2.93 3.85 4.87 4.74 36.04 51.74 43.41 45.73
Russia (4
.64)		 1.02 2.94 4.82 90.85 71.24 14.49 16.90 565.55 586.81
North
America		 - - - - - - - - - -
USA (3
.99)		 2.10 1.24 1.74 1.17 1.09 - - 2,788.62 2,860.21
M exico (10
.03)		 (0
.13)		 3.30 3.88 25.89 21.64 - - - -
Africa,
Asia
&
Oceania		 - - - - - - - - - -
India (10
.94)		 5.11 6.58 3.00 86.23 77.72 - - 938.01 990.94
Australia (3
.80)		 1.69 0.72 1.53 1.64 1.63 - - - -
South
Africa		 (9
.39)		 0.39 3.26 4.27 19.63 16.76 - - 161.41 171.75

Group consolidated net capacity: breakdown by technology and geography

MW Hydro Wind Geothermal Solar
&
Other		 Nuke Oil
&
Gas		 Coal CCGT TOTAL
Italy 12
408
,		 772 769 28 - 2
389
,		 6
206
,		 4
583
,		 27
156
,
Iberia 4
749
,		 2
377
,		 - 352 3
318
,		 2
334
,		 2
764
,		 5
445
,		 21
339
,
Latin
America		 10
580
,		 1
876
,		 41 1
798
,		 - 2
693
,		 664 4
168
,		 21
820
,
Argentina 1
328
,		 - - - - 1
169
,		 - 1
922
,		 4
419
,
Brazil 1
269
,		 1
102
,		 - 978 - - - 319 3
668
,
Chile 3
548
,		 642 41 492 - 603 439 1
467
,		 7
232
,
Colombia 3
097
,		 - - 86 - 184 225 - 3
592
,
Perù 793 132 - 180 - 737 - 460 2
301
,
Other1 545 - - 62 - - - - 606
Rest
of
Europe		 19 909 - 123 - 4
447
,		 - 809 6
306
,
Romania - 498 - 36 - - - - 534
Russia - - - - - 4
447
,		 - 809 5
255
,
Other2 19 410 - 88 - - - - 517
North
America		 77 4
854
,		 72 948 - - - - 5
951
,
Mexico 53 731 - 220 - - - - 1
003
,
Canada - 211 - - - - - - 211
USA 25 3
913
,		 72 728 - - - - 737
4
,
Oceania3
Africa
, Asia
&		 - 513 - 392 - - - - 905
Total 27
833
,		 11
301
,		 882 3
641
,		 3
318
,		 11
863
,		 9
634
,		 15
004
,		 83
476
,

  1. Includes Panama, Guatemala and Costa Rica

  2. Includes Greece and Bulgaria

  3. Includes 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 12
527
,		 893 4
232
,		 16 - 224 6
110
,		 6
669
,		 30
671
,
Iberia 6
042
,		 3
481
,		 - 420 19
523
,		 3
184
,		 1
031
,		 8
470
,		 42
150
,
Latin
America		 27
868
,		 4
548
,		 160 2
117
,		 - 1
230
,		 2
150
,		 13
134
,		 51
208
,
Argentina 2
350
,		 - - - - 221 - 7
896
,		 10
467
,
Brazil 3
937
,		 2
817
,		 - 831 - - - 205 7
790
,
Chile 6
362
,		 1
275
,		 160 809 - 500 1
551
,		 3
368
,		 14
025
,
Colombia 10
247
,		 - - 108 - 37 600 - 10
993
,
Perù 3
330
,		 456 - 304 - 472 - 666
1
,		 6
228
,
Other1 1
641
,		 - - 65 - - - - 1
706
,
of
Rest
Europe		 18 1
616
,		 - 137 - 9
461
,		 - 3
674
,		 14
906
,
Romania - 910 - 33 - - - - 944
Russia - - - - - 9
461
,		 - 3
674
,		 13
135
,
Other2 18 706 - 103 - - - - 827
North
America		 154 10
732
,		 218 1
261
,		 - - - - 12
364
,
Mexico 132 875 - 346 - - - - 1
353
,
Canada - 331 - - - - - - 331
USA 22 9
525
,		 218 915 - - - - 10
680
,
Oceania3
Africa
Asia
&
,		 - 673 - 448 - - - - -
Total 46
608
,		 21
942
,		 4
611
,		 4
398
,		 19
523
,		 14
099
,		 9
292
,		 31
947
,		 152
421
,

  1. Includes Panama, Guatemala and Costa Rica

  2. Includes Greece and Bulgaria

  3. Includes 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 2 - 4 - - - - 48 54
Iberia 2 86 - - - - - - 88
Latin
America		 - 320 - 298 - - - - 618
Argentina - - - - - - - - -
Brazil - 320 - 298 - - - - 618
Chile - - - - - - - - -
Colombia - - - - - - - - -
Perù - - - - - - - - -
Other2 - - - - - - - - -
Rest
of
Europe		 - 14 - - - - - 5 19
Romania - - - - - - - - -
Russia - - - - - - - 5 5
Other3 - 14 - - - - - - 14
North
America		 - 459 - 210 - - - - 669
Mexico - 158 - - - - - - 158
Canada - 122 - - - - - - 122
USA - 179 - 210 - - - - 389
Oceania4
Africa
, Asia
&		 - 94 - 34 - - - - 129
Total 4 974 4 542 - - - 53 1
576
,

  1. Excludes managed capacity

  2. Includes Panama, Guatemala and Costa Rica

  3. Includes Greece and Bulgaria

  4. Includes South Africa, India and Zambia

Renewable projects in execution: breakdown by technology and geography1

MW Wind Hydro Geothermal Solar Biomass Total
Italy 46 62 5 - - 113
Iberia 45 6 - 375 - 427
Latin
America		 1
800
,		 4 28 1
388
,		 - 3
220
,
Rest
of
Europe		 291 - - 6 - 297
North
America		 717 - - 465 - 1
182
,
Africa
Asia
&
Oceania
,		 925 - - - - 925
Total 3
824
,		 72 34 2
234
,		 - 6
164
,

EGP mature pipeline

Infrastructure & Networks KPIs

Electricity (TWh)1
distributed		 End
users		 (mn) Smart (mn)1
meters
9M 9M 9M 9M 9M 9M
2020 2019 2020 2019 2020 2019
Italy 155 169 5 5 31 31
9 6 31 31 4 4
Iberia 93 95 12 12 12 12
2 5 3 2 3 1
Latin
America		 96
8		 102
7		 27
6		 27
1		 0
4		 0
4
Argentina 12
1		 12
8		 2
5		 2
5		 - -
Brazil 57
1		 60
6		 18
1		 17
7		 - -
Chile 11 12 2 2 0 0
9 5 0 0 3 3
Colombia 10 10 3 3 0 0
2 7 6 5 1 1
Peru 5
6		 6
2		 1
4		 1
4		 - -
Rest 11 11 3 2 0 5
of 4 8 0 9 8 0
Europe
Romania 11 11 3 2 0 0
4 8 0 9 8 5
Total 357 379 74 73 44 44
2 6 3 7 9 3

Retail KPIs

Power Gas
Customers (mn)1 Volumes2 (TWh) Customers (mn)1 Volumes (bsmc)
9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019
Italy 22
9		 24
0		 67
3		 74
1		 4
1		 4
1		 3
1		 3
4
Iberia 10
5		 10
7		 60
6		 67
0		 1
7		 1
6		 3
5		 4
2
Latin
America		 27
6		 27
1		 87
5		 93
7		 0
0		 0
0		 0
0		 0
0
Rest
of
Europe		 3
0		 3
1		 6
6		 3
7		 0
05		 0
05		 0
08		 0
01

Total 64.0 64.9 222.0 242.2 5.8 5.8 6.7 7.6

  1. Net of energy losses.

Baseload power price & production sold forward

Baseload price
2020 2021
Italy
(€/MWh)		 60
2		 59
8
Iberia
(€/MWh)		 53
2		 53
5
Production sold
forward
2020 2021 2022
price % price % price %
(€/MWh)1
Italy		 56
9		 100% 51
7		 85% 51
7		 26%
(€/MWh)1
Iberia		 73
9		 100% 71
6		 96% ~
72
0		 43%
(USD/MWh)
Brazil		 63
5		 100% 60
8		 100% 60
2		 100%
Chile
(USD/MWh)		 75
7		 100% 69
4		 100% 64
9		 100%
Colombia
(USD/MWh)		 68
5		 100% 72
1		 90% 67
1		 90%
Peru
(USD/MWh)		 55
3		 100% 57
8		 100% 60
1		 100%
  1. Average hedged price; wholesale price for Italy, retail price for Spain. 30

Capex1 (€mn)

Conventional
Generation
&
Global
Trading		 & Infrastructure
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019
Italy 90 85 1,291 1,256 138 134 220 234 43 32 10 37 1,792 1,777
Iberia 179 264 401 360 313 599 78 56 30 39 17 21 1,018 1,340
Latin
America		 66 104 860 911 936 652 - - 22 22 1 2 1,884 1,690
Argentina 17 27 70 126 3 1 - - - - - - 90 154
Brazil 8 4 496 472 463 449 - - 2 9 - 1 970 934
Chile 17 29 90 79 412 154 - - 1 1 1 1 521 263
Colombia 9 28 149 157 50 32 - - 13 12 - - 221 230
Peru 15 16 54 76 6 12 - - 5 0 - - 80 105
Other - - - - 2 4 - - - - - - 2 4
Rest
of
Europe		 40 44 131 116 122 160 6 9 1 3 0 1 301 333
Romania - - 131 116 1 1 6 9 1 3 0 1 139 129
Russia 40 44 - - - - - - - - - - 40 44
Other - 0 - - 121 159 - - - - 0 0 121 160
North
America		 1 1 - - 1,137 1,099 - - 27 38 - - 1,166 1,139
Africa,
Asia
&
Oceania		 - - - - 299 238 - - 2 1 - - 301 238
Other 0 0 8 (1) 19 17 - - 34 36 41 24 102 76
Total 376 498 2,691 2,643 2,964 2,898 304 299 159 171 69 84 6,563 6,593

Asset development Capex1 (€mn)

Conventional
Trading		 Generation
&
Global		 & Infrastructure
Networks		 EGP Retail Enel X Services
&		 Other Total
9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019
Italy 44 16 563 590 73 67 - - 37 32 3 24 720 729
Iberia 13 1 129 143 267 559 - - 9 2 0 2 418 706
Latin
America		 8 23 223 275 892 598 - - 20 16 0 0 1,143 912
Argentina 0 - 6 44 3 0 - - - - - - 9 44
Brazil - 0 134 144 454 437 - - 1 3 - - 589 584
Chile 5 6 20 12 397 139 - - 1 1 0 0 423 159
Colombia 2 13 55 62 36 20 - - 13 12 - - 107 107
Peru 1 4 7 13 0 1 - - 5 0 - - 13 18
Other - - - - 0 1 - - - - - - 0 1
Rest
of
Europe		 23 1 47 42 119 158 - - 1 - (0) - 191 201
Romania - - 47 42 - - - - - - (0) - 47 42
Russia 23 1 - - - - - - - - - - 23 1
Other - 0 - - 119 158 - - - - - - 119 158
North
America		 - 0 - - 1,123 1,087 - - 5 3 - - 1,129 1,090
Africa,
Asia
&
Oceania		 - - - - 297 235 - - 1 1 - - 298 236
Other - - 7 - 12 7 - - 34 35 12 - 65 42
Total 88 42 969 1,049 2,784 2,711 - - 107 89 16 26 3,964 3,917

Asset management Capex1 (€mn)

Conventional
Trading		 Generation
&
Global		 & Infrastructure
Networks		 EGP Retail Enel X & Services
Other		 Total
9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019
Italy 46 68 327 323 65 67 - - - - 7 13 446 470
Iberia 165 263 143 128 46 40 - - - - 17 19 370 450
Latin
America		 58 80 316 314 44 54 - - - - 1 2 419 450
Argentina 17 27 39 56 0 1 - - - - - - 55 84
Brazil 8 4 170 148 9 12 - - - - - 1 187 165
Chile 13 22 27 36 15 14 - - - - 1 1 55 74
Colombia 7 15 57 49 13 12 - - - - - - 77 76
Peru 14 12 23 25 6 11 - - - - - - 42 48
Other - - - - 2 3 - - - - - - 2 3
Rest
of
Europe		 17 44 29 27 2 2 - - - - 0 1 48 73
Romania - - 29 27 1 1 - - - - 0 1 30 28
Russia 17 44 - - - - - - - - - - 17 44
Other - - - - 2 1 - - - - 0 0 2 1
North
America		 1 1 - - 14 12 - - - - - - 15 13
Africa,
Asia
&
Oceania		 - - - - 2 2 - - - - - - 2 2
Other 0 0 1 (1) 7 9 - - - - 29 24 36 32
Total 288 456 816 791 180 187 - - - - 54 58 1,338 1,493

Customers Capex1 (€mn)

Conventional Generation
&
Global
Trading		 & Infrastructure
Networks		 EGP Retail Enel X & Services
Other		 Total
9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019
Italy - - 401 344 - - 220 234 6 - - - 626 578
Iberia - - 129 89 - - 78 56 21 37 - - 228 183
Latin
America		 - - 321 322 - - - - 2 6 - - 323 328
Argentina - - 25 27 - - - - - - - - 25 27
Brazil - - 192 180 - - - - 2 6 - - 194 186
Chile - - 43 31 - - - - - - - - 43 31
Colombia - - 36 46 - - - - 0 0 - - 36 46
Peru - - 24 39 - - - - 0 - - - 24 39
Other - - - - - - - - - - - - - -
Rest
of
Europe		 - - 55 48 - - 6 9 1 3 - - 62 59
Romania - - 55 48 - - 6 9 1 3 - - 62 59
Russia - - - - - - - - - - - - - -
Other - - - - - - - - - - - - - -
North
America		 - - - - - - - - 22 35 - - 22 35
Africa,
Asia
&
Oceania		 - - - - - - - - 1 0 - - 1 0
Other - - - - - - - - 0 1 - - 0 1
Total - - 906 803 - - 304 299 52 82 - - 1,262 1,184

Revenues1 (€mn)

Conventional
Trading		 Generation
&
Global		 & Infrastructure
Networks		 EGP Retail Enel X & Services
Other		 Total
9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019
Italy 11,066 17,027 5,515 5,736 1,584 1,385 10,704 11,945 215 227 (5,731) (5,661) 23,353 30,659
Iberia 3,856 4,590 1,892 1,956 559 459 8,828 10,294 169 186 (2,585) (3,442) 12,719 14,043
Latin
America		 963 1,419 6,553 8,193 2,137 2,793 1,109 1,187 151 120 (951) (1,191) 9,962 12,521
Argentina 120 215 515 909 34 45 1 33 4 - - - 674 1,202
Brazil 106 200 4,115 5,097 335 527 226 309 16 12 - - 4,798 6,145
Chile 472 675 953 1,127 897 1,143 201 216 40 53 10 30 2,573 3,244
Colombia 140 68 448 465 620 768 524 585 56 50 - - 1,788 1,936
Peru 125 261 522 595 98 132 157 44 35 5 - - 937 1,037
Other - - - - 153 178 - - - - (5) (5) 148 173
Rest
of
Europe		 406 750 289 282 244 187 852 838 34 25 (281) (275) 1,544 1,807
Romania - 23 289 282 148 126 852 838 18 13 15 17 1,322 1,299
Russia 404 725 - - - - - - - 1 2 2 406 728
Other 2 2 - - 87 54 - - 16 12 - 1 105 69
America
North		 21 17 - - 700 644 - 1 137 258 (8) (2) 850 918
Africa,
Asia
&
Oceania		 - 1 - - 73 78 - - 40 38 (1) (1) 112 116
Other 14 (347) 21 (8) (13) (10) 1 - 10 (19) (523) (348) (490) (732)
Total 16,326 23,457 14,270 16,159 5,284 5,536 21,494 24,265 756 835 (10,080) (10,920) 48,050 59,332

Reported EBITDA1 (€mn)

Conventional
Trading		 Generation
&
Global		 & Infrastructure
Networks		 EGP Retail Enel X & Services
Other		 Total
9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019
Italy 292 73 2,922 2,970 1,033 894 1,648 1,647 6 (1) 65 129 5,966 5,712
Iberia 722 523 1,585 1,449 312 237 430 518 34 36 2 75 3,085 2,838
Latin
America		 213 463 1,109 1,658 1,432 1,685 147 236 60 41 (75) (79) 2,886 4,004
Argentina 71 110 29 240 26 36 (7) 10 2 - (3) (1) 118 395
Brazil 33 75 575 804 179 262 78 122 1 (2) (23) (36) 843 1,225
Chile 11 166 121 168 574 691 19 28 6 17 (49) (42) 682 1,028
Colombia 8 15 266 288 444 474 39 50 35 26 - - 792 853
Peru 90 97 118 158 98 105 18 26 16 - - - 340 386
Other - - - - 111 117 - - - - - - 111 117
Rest
of
Europe		 96 178 100 87 128 95 62 4 3 1 2 2 391 367
Romania - - 100 87 58 54 62 4 7 5 2 2 229 152
Russia 95 178 - - (3) (1) - - - - - - 92 177
Other 1 - - - 73 42 - - (4) (4) - - 70 38
North
America		 12 (11) - - 446 406 - - (15) 54 (2) - 441 449
Africa,
Asia
&
Oceania		 - - - - 37 44 - - (1) (3) - - 36 41
Other 6 (11) (2) (16) (12) (69) - - (19) (21) (73) (85) (100) (202)
Total 1,341 1,215 5,714 6,148 3,376 3,292 2,287 2,405 68 107 (81) 42 12,705 13,209

Ordinary EBITDA1(€mn)

Conventional
Trading		 Generation
&
Global		 & Infrastructure
Networks		 EGP Retail Enel X Services
&		 Other Total
9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019
Italy 383 140 2,951 2,920 1,038 894 1,658 1,647 6 (1) 82 129 6,118 5,729
Iberia 946 565 1,585 1,449 314 237 430 518 34 36 26 75 3,335 2,880
Latin
America		 232 463 1,118 1,658 1,433 1,685 147 236 60 41 (74) (79) 2,916 4,004
Argentina 71 110 31 240 26 36 (7) 10 2 - (3) (1) 120 395
Brazil 33 75 581 804 179 262 78 122 1 (2) (23) (36) 849 1,225
Chile 30 166 121 168 574 691 19 28 6 17 (48) (42) 702 1,028
Colombia 8 15 266 288 444 474 39 50 35 26 - - 792 853
Peru 90 97 119 158 99 105 18 26 16 - - - 342 386
Other - - - - 111 117 - - - - - - 111 117
Rest
of
Europe		 97 178 101 87 128 95 62 4 3 1 2 2 393 367
Romania - - 101 87 58 54 62 4 7 5 2 2 230 152
Russia 96 178 - - (3) (1) - - - - - - 93 177
Other 1 - - - 73 42 - - (4) (4) - - 70 38
North
America		 12 (11) - - 447 406 - - (14) 54 (2) - 443 449
Africa,
Asia
&
Oceania		 - - - - 37 44 - - (1) (3) - - 36 41
Others 7 (11) (2) (16) (10) (69) - - (18) (21) (72) (85) (95) (202)
Total 1,677 1,324 5,753 6,098 3,387 3,292 2,297 2,405 70 107 (38) 42 13,146 13,268

37 1. Rounded figures. Excludes extraordinary items in 9M 2019 (+94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, -161 impairment Italy, -42 impairment Spain) and 9M 2020 (-101 €mn donations and emergency costs, -213 €mn Provision AVS Carbon (Iberia), -124 €mn impairment, -3 €mn EF Solare Italia))

Reported EBIT1(€mn)

Conventional Generation
&
Global
Trading		 & Infrastructure
Networks		 EGP Retail Enel X & Services
Other		 Total
9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019		 9M
2020		 9M
2019
Italy 161 (2,054) 1,827 1,973 803 670 1,084 1,198 (29) (27) 15 38 3,861 1,798
Iberia 374 (1,576) 1,035 910 164 111 275 391 11 3 (26) 46 1,833 (115)
Latin
America		 (649) (54) 598 1,078 1,130 1,378 (32) 97 50 38 (77) (81) 1,020 2,456
Argentina 28 71 17 218 23 28 (29) (20) 2 - (3) (1) 38 296
Brazil 26 66 239 408 131 194 (38) 36 (1) (4) (23) (36) 334 664
Chile (765) (263) 87 133 452 564 (2) 21 4 16 (51) (45) (275) 426
Colombia (4) 2 187 206 405 431 25 42 33 26 - - 646 707
Peru 66 70 68 113 71 74 12 18 12 - - - 229 275
Other - - - - 48 87 - - - - - 1 48 88
Rest
of
Europe		 65 12 39 17 84 61 37 (18) (1) (1) 1 - 225 71
Romania - (1) 39 17 43 38 37 (18) 4 4 1 1 124 41
Russia 64 12 - - (4) - - - - - - - 60 12
Other 1 1 - - 45 23 - - (5) (5) - (1) 41 18
North
America		 11 (12) - - 232 210 - 1 (44) 14 (2) (2) 197 211
Africa,
Asia
&
Oceania		 - - - - 11 14 - - (3) (5) - 1 8 10
Other 4 (13) (4) (17) (16) (68) - - (22) (26) (131) (108) (169) (232)
Total (34) (3,697) 3,495 3,961 2,408 2,376 1,364 1,669 (38) (4) (220) (106) 6,975 4,199

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

9M
2020		 Italy Iberia South
America		 Europe
&
North
Africa		 North
&
Central
America		 Africa
Asia
&
,
Oceania		 Others
and
adjustments		 Total
Reported 5
966
,		 3
085
,		 2
886
,		 391 441 36 (100) 705
12
,
Extraordinary
items		 (152) (250) (32) (2) (2) (0) (4) (441)
Ordinary 6
118
,		 3
335
,		 2
916
,		 391 443 36 (95) 13
146
,
One-offs 273 378 (7) - - - - 644
Adjusted 5
845
,		 2
957
,		 2
923
,		 391 443 36 (95) 12
502
,
9M
2019		 Italy Iberia South
America		 Europe
&
North
Africa		 North
&
Central
America		 Africa
Asia
&
,
Oceania		 Others
and
adjustments		 Total
Reported 5
712
,		 2
838
,		 4
004
,		 367 449 41 (202) 13
209
,
Extraordinary
items		 (17) (42) - - - - - (59)
Ordinary 729
5
,		 2
880
,		 4
004
,		 367 449 41 (202) 13
268
,
One-offs 222 10 324 - 58 - - 614
Adjusted 507
5
,		 2
870
,		 3
680
,		 367 391 41 (202) 12
654
,

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

9M
2020		 Global
Thermal
Generation
&
Trading		 Global
Infrastructure
&
Networks		 Global
Renewable
Energies		 Retail Enel
X		 Services
&
Holding		 Total
Reported 1
341
,		 714
5
,		 3
376
,		 2
287
,		 68 (81) 12
705
,
Extraordinary
items		 (336) (39) (11) (10) (2) (43) (441)
Ordinary 1
677
,		 753
5
,		 3
387
,		 2
297
,		 70 (38) 13
146
,
One-offs 188 449 (5) 21 - (9) 644
Adjusted 1
489
,		 5
304
,		 3
392
,		 2
276
,		 70 (29) 502
12
,
9M
2019		 Global
Thermal
Generation
&
Trading		 Global
Infrastructure
&
Networks		 Global
Renewable
Energies		 Retail Enel
X		 Services
&
Holding		 Total
Reported 1
215
,		 6
148
,		 3
292
,		 2
405
,		 107 42 13
209
,
Extraordinary
items		 (109) 50 - - - - (59)
Ordinary 1
324
,		 6
098
,		 3
292
,		 2
405
,		 107 42 13
268
,
One-offs 89 364 78 25 58 - 614
Adjusted 1
235
,		 5
734
,		 3
214
,		 2
380
,		 49 42 654
12
,

From EBITDA to net income1 (€mn)

9M
2020
reported		 9M
2019
reported		 ∆
yoy		 9M
2020
ordinary		 9M
2019
ordinary		 ∆
yoy
EBITDA 12
705
,		 13
209
,		 -3
8%		 13
146
,		 13
268
,		 -0
9%
D&A (5
730)
,		 (9
010)
,		 (4
935)
,		 (5
008)
,
EBIT 6
975
,		 4
199
,		 66
1%		 8
211
,		 8
260
,		 -0
6%
Net
financial
charges		 (1
725)
,		 (1
905)
,		 (1
725)
,		 (1
876)
,
Net
income
from
equity
investments
using
equity
method		 5 (104) 45 (73)
EBT 5
255
,		 2
190
,		 140
0%		 6
531
,		 6
311
,		 3
5%
Income
tax		 (1
576)
,		 (647) (1
901)
,		 (1
766)
,
Net
income		 3
679
,		 1
543
,		 4
630
,		 4
545
,
Minorities (758) (730) (1
037)
,		 (1
250)
,
Group
income
net		 2
921
,		 813 259
3%		 3
593
,		 3
295
,		 9
0%

D&A reported (€mn)

0 9M
2020		 9M
2019		 ∆
yoy
Generation
and
Trading		 375
1
,		 4
912
,		 -72%
Enel
Green
Power		 968 916 6%
Distribution 2
219
,		 2
187
,		 1%
Retail 923 736 25%
Enel
X		 106 111 -5%
Others
and
adjustments		 139 145 -4%
Total 5
730
,		 9
010
,		 -36%

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 7.34 29.40 - - 0.02 4.83 - 0.05 - 41.64
Bank Loans 0.40 - 0.39 3.87 2.23 1.83 0.51 0.20 0.68 10.11
Tax Partnership - - - - - - 0.61 - - 0.61
Other Loans - - - 0.57 0.81 0.29 0.39 0.09 - 2.15
Other short term debt 0.38 0.41 - 0.17 0.10 0.86 - - - 1.92
Commercial Paper - 3.17 - - 1.51 0.13 0.97 - - 5.78
Gross debt 8.12 32.98 0.39 4.61 4.67 7.94 2.48 0.34 0.68 62.21
Financial Receivables -0.25 -0.86 -0.43 -0.80 -0.52 -0.89 -0.01 - -0.01 -3.77
Tariff Deficit - - - - -0.94 - - - - -0.94
Other short term financial receivables -1.59 -0.74 - -0.30 -0.06 -0.14 -0.02 - -0.06 -2.91
Cash and cash equivalents -1.50 -0.19 -0.20 -0.48 -0.27 -2.03 -0.19 -0.66 -0.12 -5.64
Net Debt –
Thitd Parties		 4.78 31.19 -0.24 3.03 2.88 4.88 2.26 -0.32 0.49 48.95
Net Debt –
Intercompany		 15.44 -35.25 6.41 7.71 3.00 1.75 0.65 0.23 0.06 -
Net Debt –
Group View		 20.22 -4.06 6.17 10.74 5.88 6.63 2.91 -0.09 0.55 48.95

Debt maturity coverage split by typology (€bn)

  1. Of which 14.3 € bn of long term committed credit lines with maturities beyond September 2021

Balance sheet (€mn)

Balance sheet structure (€bn)

Net capital employed

Headcount

0 9M 9M ∆
2020 2019 yoy
Generation 8 9 -12%
and 272 432
Trading , ,
Enel 8 7 3%
Green 168 957
Power , ,
Distribution 34
455
,		 34
822
,		 -1%
Retail 6
288
,		 6
336
,		 -1%
Enel
X		 2
971
,		 2
808
,		 6%
Others 6 6 -5%
and 581 898
adjustments , ,
Total 66
735
,		 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.

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

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