March 21, 2019

Key highlights of the period

Continued exceptional delivery on renewables development Double digit increase in end users

Further decline in operating costs

Portfolio rotation and further simplification to accelerate growth and optimize risk profile

Significant progresses on SDGs 4, 7 and 8

Ordinary EBITDA up by 4% Group Net income up by 9%

Financial targets delivery

Industrial growth: capex

FY 2018 Gross capex¹ FY 2018 Asset development capex by business and geography

Continued delivery on renewables growth

Renewable capacity evolution 2018¹ (GW)

Rounded figures 4
Including acquisitions for 0.2 GW

Group's decarbonization

Share of renewables on total installed capacity¹ (GW)

Includes managed capacity for 2.6 GW in FY2017 and 4.2 GW in FY 2018.
Emission free production includes nuclear generation and production from managed capacity
Target certified as «Science based». CO2 specific emissions will be <0.345 kg/kWheq in 2021
Calculated including managed capacity

Enel X

Public & private charging points installed (public 1.8 k in 2017 and 5.5 k in 2018)

Driving efficiencies across all businesses

8.6 8.5 FY 2017 FY 2018 -1% Perimeter and One-offs² 310 Growth 50 Opex evolution Opex - main drivers (€mn) 1 (€bn) Efficiency⁴ (315) CPI & Forex³ (145)

In nominal terms, rounded figures. Adjustments: FY 2017 excludes +45 €mn one-offs, FY 2018 excludes +94 €mn one-offs 8
Includes net delta Perimeter of +264 €mn
Including hyperinflation in Argentina for 56 €mn
Includes impact of IFRS 15 for -163 €mn

Portfolio management and simplification

Deals executed Recent transactions

EGP Brazil

Sale of 540MW¹ renewable assets Enterprise value 700 €mn

EGP North America

Acquisition of 650 MW from US JV Equity value of 256 US\$mn

Enel Americas

Shares swap on 5% of Enel Americas capital

Our commitment to SDGs – Communities & people

2018¹ 2030¹

		High-quality, inclusive and fair education	1.0	2.5
		Access to affordable and clean energy	6.3	10.0
		Employment and sustainable & 1.8 inclusive economic growth
				20181
	Talent	99% people appraised
	attraction & retention	work with2 Climate corporate survey2		86% people participating
Our people	Diversity &	Global implementation of diversity and inclusion policy	39% women in recruit. processes
	Training	Enable digital skills diffusion among our people	35% people involved

Cumulated data and targets from 2015
Eligible and reachable people having worked in the Group for at least 3 months

Shareholder remuneration

FY 2018 consolidated results Financial results

Financial highlights (€mn)

1. Excluding extraordinary items for 98 €mn in FY 2017 and for 193 €mn in FY 2018. Includes hyperinflation in Argentina for 62 €mn
1. Including one off for +161 €mn in FY 2017 and +308 €mn in FY 2018
13 3. Including 775 €mn for capex related to HFS in FY 2017 and 378 €mn in FY 2018 related to BSO Mexico
1. Includes hyperinflation in Argentina

Ordinary EBITDA evolution (€bn)

EBITDA evolution¹ (€ bn)

	€ mn
Growth in renewables and networks	1,000
Efficiency	315
and One-offs2 Perimeter	20
FX3	(470)
Scenario and margins	(265)

Rounded figures. 14
FY 2017 includes one off for +298 €mn and FY 2018 for +80 €mn. Net delta Perimeter is equal to +238 €mn
Includes hyperinflation in Argentina for 62 €mn

Ordinary EBITDA by business line

∆ YoY

Performance driven by growth and volume/prices	+12%
Growth and efficiencies	+3%
Higher margins across all markets	+20%
Focus on new infrastructures and services	-
Normalization of market environment and thermal gap	(40%)

Global Renewable energies

EBITDA evolution¹ (€ bn)

1. Rounded figures

FY 2017 includes one offs for +100 €mn, FY 2018 includes one offs for – 7€mn. Net delta Perimeter is equal to +6 €mn

Global Infrastructure and networks

EBITDA FY 2018 by geography

1. Rounded figures. 17

FY 2017 includes one offs for -135 €mn, FY 2018 includes one offs for +124 €mn. Net delta Perimeter is equal to +181 €mn

Retail

EBITDA evolution¹ (€bn)

1. Rounded figures. 18
1. Includes impact of IFRS 15 for 163 €mn
1. FY 2018 includes one offs for 4€mn. Net delta Perimeter is equal to -52 €mn
1. Net of energy losses

Free market - main KPIs

(€/MWh)

(mn)

From Ordinary EBITDA to Net Ordinary Income

Includes other financial expenses (-439 €mn for FY 2017, -102 €mn for FY 2018) and results from equity investments (+118 €mn for FY 2017, +81 €mn for FY 2018)
Includes dividends received from equity investments

Cash flow (€bn)

Funds from operations

20 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges) 4. EGP Brazilian assets classified in HFS for 362 €mn and capex related to BSO Mexico for 378 €mn

Debt and financial expenses (€bn)

Solid improvement in profitability, returns, and credit metrics

FY 2018 consolidated results Annexes

Macroscenario

	GDP (%)			CPI (%)	FX against €1			Spot Price (€/MWh)	Electricity Demand (TWh)2
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	0.80	1.70	1.10	1.20	1.10	1.20	61.30	53.90	321.90	320.50
Iberia	2.50	3.00	1.70	2.00	1.10	1.20	57.30	52.20	304.40	302.10
South America	-	-	-	-	-	-	-	-	-	-
Argentina	(2.40)	2.90	33.80	25.70	43.20	22.30	7.70	12.30	137.30	136.70
Brazil	1.10	1.10	3.70	3.50	4.50	4.00	61.70	84.30	583.00	574.50
Chile	4.00	1.60	2.70	2.20	796.10	738.40	54.90	52.40	76	74
Colombia	2.70	1.40	3.20	4.30	3,725.00	3,580.80	32.00	31.30	69	67
Peru	4.00	2.50	1.30	2.80	3.90	3.90	9.50	8.80	51.40	48.90
Rest of Europe	-	-	-	-	-	-	-	-	-	-
Romania	4.30	6.80	4.60	1.30	4.70	4.70	46.40	48.20	62.00	60.80
Russia	1.60	1.50	2.90	3.70	80.00	69.20	15.80	17.20	805.90	795.70
North & Central America	-	-	-	-	-	-	-	-	-	-
USA	2.90	2.20	2.40	2.10	1.10	1.20	-	-	3,801.90	3,682.00
M exico	2.00	2.30	4.90	6.00	22.50	23.60	-	-	255.40	250.00
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-
India	7.30	6.60	4.00	3.30	79.80	76.60	-	-	1,270.50	1,192.40
Australia	3.00	2.30	1.90	1.90	1.60	1.50	-	-	226.90	225.50
South Africa	0.70	1.20	4.60	5.30	16.50	14.80	-	-	230.90	229.30

Group total net installed capacity¹ : breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12,411	772	763	65	-	516	6,340	6,758	27,624
Iberia	4,761	1,750	-	14	3,318	2,377	5,052	5,445	22,717
South America	10,031	1,616	41	1,575	-	2,688	813	4,233	20,997
Argentina	1,328	-	-	-	-	1,169	-	1,922	4,419
Brazil	1,269	842	-	820	-	-	-	319	3,250
Chile	3,548	642	41	492	-	611	589	1,525	7,448
Colombia	3,093	-	-	84	-	182	224	-	3,583
Perù	792	132	-	180	-	726	-	467	2,297
Uruguay	-	-	-	-	-	-	-	-	-
Rest of Europe	19	741	-	123	-	4,447	3,623	809	9,762
Romania	-	498	-	36	-	-	-	-	534
Russia	-	-	-	-	-	4,447	3,623	809	8,878
Slovakia	-	-	-	-	-	-	-	-	-
Other2	19	242	-	88	-	-	-	-	349
North/Central Americas	623	2,940	-	264	-	-	-	-	3,826
Mexico	53	246	-	0	-	-	-	-	299
Panama	300	-	-	62	-	-	-	-	362
USA	26	2,618	-	202	-	-	-	-	2,845
Other3	245	76	-	-	-	-	-	-	321
Africa, Asia & Oceania4	-	371	-	323	-	-	-	-	695
Total	27,845	8,190	804	2,364	3,318	10,028	15,828	17,244	85,620

Excludes managed capacity
Includes Belgium, Greece, Bulgaria
Includes Canada, Guatemala, Costa Rica 4. Includes South Africa, India

Group total net production¹ : breakdown by technology and geography

GWh	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	18,395	1,289	5,667	125	-	481	20,698	6,578	53,232
Iberia	8,459	3,688	-	25	24,067	6,681	22,316	8,957	74,193
South America	36,136	6,138	214	2,969	-	2,843	2,781	16,816	67,897
Argentina	2,859	-	-	-	-	1,214	-	9,876	13,949
Brazil	4,187	3,757	-	1,360	-	-	-	537	9,840
Chile	11,477	1,740	214	1,186	-	280	2,608	3,380	20,885
Colombia	13,763	-	-	1	-	116	173	-	14,053
Perù	3,849	471	-	422	-	1,233	-	3,023	8,999
Uruguay	-	170	-	-	-	-	-	-	170
Rest of Europe	32	1,700	-	163	-	14,827	18,572	5,783	41,076
Romania	-	1,186	-	41	-	-	-	-	1,227
Russia	-	-	-	-	-	14,827	18,572	5,783	39,182
Slovakia	-	-	-	-	-	-	-	-	-
Other2	32	514	-	122	-	-	-	-	668
North/Central Americas	2,871	8,413	-	1,149	-	-	-	-	12,433
Mexico	226	1,555	-	839	-	-	-	-	2,619
Panama	1,725	-	-	83	-	-	-	-	1,808
USA	48	6,637	-	227	-	-	-	-	6,912
Other3	873	221	-	-	-	-	-	-	1,094
Africa, Asia & Oceania4	-	933	-	574	-	-	-	-	1,508
Total	65,893	22,161	5,881	5,005	24,067	24,832	64,366	38,134	250,339

Excludes managed capacity
Includes Belgium, Greece, Bulgaria
Includes Canada, Guatemala, Costa Rica 4. Includes South Africa, India

Group total additional capacity¹ : breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	10	-	1	-	-	-	-	-	11
Iberia	10	132	-	-	-	-	-	-	141
South America	51	304	-	187	-	-	-	-	542
Argentina	-	-	-	-	-	-	-	-	-
Brazil	-	172	-	103	-	-	-	-	275
Chile	-	-	-	-	-	-	-	-	-
Colombia	37	-	-	84	-	-	-	-	121
Perù	14	132	-	-	-	-	-	-	146
Uruguay	-	-	-	-	-	-	-	-	-
Rest of Europe	-	-	-	-	-	-	-	-	-
Romania	-	-	-	-	-	-	-	-	-
Russia	-	-	-	-	-	-	-	-	-
Slovakia	-	-	-	-	-	-	-	-	-
Other2	-	-	-	-	-	-	-	-	-
North/Central Americas	-	979	-	1,008	-	-	-	-	1,988
Mexico	-	177	-	974	-	-	-	-	1,151
Panama	-	-	-	8	-	-	-	-	8
USA	-	802	-	27	-	-	-	-	830
Other3	-	-	-	-	-	-	-	-	-
Africa, Asia & Oceania4	-	-	-	-	-	-	-	-	-
Total	71	1,415	1	1,195	-	-	-	-	2,682

Excludes managed capacity
Includes Greece, Bulgaria
Includes Canada, Guatemala, Costa Rica 4. Includes South Africa, India

Renewable projects in execution: breakdown by technology and geography1,2

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	8	34	10	-	-	51
Iberia	561	7	-	339	-	907
South America	1,099	153	28	993	-	2,273
Rest of Europe	244	-	-	-	-	244
North & Central America	897	-	-	220	-	1,117
Africa, Asia & Oceania	1,200	-	-	68	-	1,268
Total	4,010	193	38	1,619	-	5,860

21%

South America

North & Central America Africa, Asia & Oceania

Rest of Europe

Italy Iberia 22%

Global Renewable Energies gross pipeline¹

44%

As of December 31st, 2018

Wind Solar

55%

1% 1%

19.8 GW

Hydro Geo

FY 2018 consolidated results Dx KPIs

		Electricity distributed (TWh)		End users (mn)	Smart meters (mn)
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	227.7	228.5	31.4	31.5	31.4	31.3
Iberia	124.7	126.4	12.2	12.1	11.6	10.9
South America	117.4	90.7	26.5	19.1	0.4	0.2
Argentina	17.5	17.7	2.5	2.5	-	-
Brazil	61.3	34.9	17.1	10.0	-	-
Chile	16.5	16.3	1.9	1.9	0.3	0.1
Colombia	14.0	13.8	3.4	3.3	-	-
Peru	8.0	7.9	1.4	1.4	-	-
Rest of Europe	15.6	15.2	2.9	2.8	0.5	0.3
Romania	15.6	15.2	2.9	2.8	0.5	0.3
Total	485.4	460.7	72.9	65.5	43.8	42.6

Retail KPIs

		Power			Gas
		Customers (mn)		Volumes (TWh)	Customers (mn)		Volumes (bsmc)
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	25.2	26.1	104.3	103.2	4.1	4.0	4.8	4.8
Iberia	10.8	10.8	89.6	96.5	1.6	1.6	6.4	6.9
South America	25.8	18.2	91.1	74.7	0.0	-	0.0	-
Rest of Europe	3.00	2.8	10.40	10.3	0.04	0.01	0.01	0.01
Total	64.7	58.0	295.4	284.8	5.7	5.6	11.2	11.8

Italian power market 2018

Customers (mn) Energy sold (TWh)

1 Enel estimate based on closing 2018; % calculated on Total Italian Regulated Market

2 Enel estimate based on closing 2018; % calculated on Total Italian Free Market (not including Last Resort - "Salvaguardia")

Spanish power market 2018

Customers (mn) Energy sold (TWh)

Baseload power price & production sold forward

		Baseload price
	2018	2019
Italy (€/MWh)	61.3	56.9
Iberia (€/MWh)	57.3	56.5

		Production sold forward
		2018	2019		2020		2021
	price	%	price	%	price	%	price	%
Italy (€/MWh)1	46.0	100%	53.0	90%	58.7	25%	-	0 %
Iberia (€/MWh)1	67.5	100%	73.4	85%	78.1	40%	-	0 %
Brazil (USD/MWh)	60.2	100%	60.4	100%	61.9	100%	60.6	100%
Chile (USD/MWh)	79.0	100%	79.3	100%	84.4	100%	84.2	100%
Colombia (USD/MWh)	61.5	100%	65.9	100%	69.9	90%	74.0	60%
Peru (USD/MWh)	49.1	100%	51.8	100%	52.6	100%	55.0	100%

Average hedged price; wholesale price for Italy, retail price for Spain. 35

(€mn)

	Global Generation & Trading		Global Infrastructures & NetworNs		Global Renewable Energies			Retail	Enel X			Services & Other	Total
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	172	115	1,685	1,275	255	227	249	140	54	-	69	56	2,484	1,812
Iberia	345	295	668	657	245	65	108	56	40	-	28	33	1,433	1,105
South America	252	258	1,279	1,379	642	1,343	36	15	31	-	7	8	2,247	3,002
Argentina	86	67	125	189	3	2	6	-	0	-	-	-	219	258
Brazil	8	15	710	735	201	723	14	1	2	-	2	2	938	1,475
Chile	90	108	118	120	261	304	5	4	3	-	5	6	482	543
Colombia	39	24	212	229	113	49	6	6	26	-	-	-	396	309
Peru	29	43	114	106	64	264	5	3	-	-	-	-	211	417
Other	-	-	-	-	1	0	-	-	-	-	-	-	1	0
Rest of Europe	70	112	159	125	140	107	17	6	3	-	1	1	390	350
Romania	-	-	159	125	1	2	17	6	3	-	1	1	181	134
Russia	65	106	-	-	22	-	-	-	-	-	-	-	86	106
Other2	5	5	-	-	117	105	-	-	-	-	-	-	123	110
North & Central America3	1	-	-	-	1,710	2,121	-	-	34	6	-	-	1,745	2,127
Africa, Asia & Oceania4	-	-	-	-	142	30	-	-	-	-	-	-	142	30
Other	1	1	3	1	28	36	-	-	22	7	35	28	89	72
Total	841	780	3,795	3,436	3,162	3,928	408	216	183	13	141	126	8,530	8,499

Rounded figures. It includes 775 €mn in 2017 and 378 €mn in 2018 related to BSO Mexico 36
Includes Belgium, Greece, France and Bulgaria. Belgium and France deconsolidated at end 2016
Includes Mexico, USA, Panama, Canada, Guatemala, Costa Rica
Includes South Africa, India

Gross Capex¹

Asset developement Capex¹ (€mn)

		Global Generation & Trading		Global Infrastructures & NetworNs		Global Renewable Energies	Retail		Enel X		Services & Other		Total
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	31	28	824	413	141	103	-	-	37	-	40	15	1,073	559
Iberia	15	47	288	252	196	12	-	-	4	-	9	10	513	321
South America	53	57	441	384	547	1,261	-	-	27	-	4	0	1,070	1,702
Argentina	1	3	50	54	1	0	-	-	0	-	-	-	52	58
Brazil	-	-	234	190	190	716	-	-	0	-	-	0	424	907
Chile	32	38	41	33	236	277	-	-	2	-	4	-	315	348
Colombia	15	7	94	92	89	24	-	-	24	-	-	-	221	123
Peru	6	10	22	14	32	243	-	-	-	-	-	-	59	266
Other	-	-	-	-	-	0	-	-	-	-	-	-	-	0
Rest of Europe	5	5	72	51	136	103	-	-	-	-	-	-	214	158
Romania	-	-	72	51	-	-	-	-	-	-	-	-	72	51
Russia	-	-	-	-	21	-	-	-	-	-	-	-	21	-
Other	5	5	-	-	114	103	-	-	-	-	-	-	120	108
North & Central America	1	-	-	-	1,687	2,091	-	-	2	6	-	-	1,689	2,097
Africa, Asia & Oceania	-	-	-	-	137	25	-	-	-	-	-	-	137	25
Other	(0)	-	-	-	14	10	-	-	11	7	-	(0)	25	17
Total	104	137	1,625	1,100	2,858	3,605	-	-	80	13	53	25	4,720	4,879

Rounded figures. It includes 775 €mn in 2017 and 378 €mn in 2018 related to BSO Mexico

Asset management Capex¹ (€mn)

	Global Generation & Trading			Global Infrastructures & NetworNs		Global Renewable Energies		Retail	Enel X			Services & Other	Total
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	141	87	452	448	114	124	-	-	-	-	29	40	737	700
Iberia	330	248	196	210	49	53	-	-	-	-	19	24	594	535
South America	199	201	449	430	95	82	-	-	-	-	4	8	747	720
Argentina	85	64	53	91	2	2	-	-	-	-	-	-	140	157
Brazil	8	15	254	180	11	7	-	-	-	-	2	1	276	203
Chile	58	71	38	44	25	26	-	-	-	-	1	6	122	147
Colombia	25	18	63	65	24	25	-	-	-	-	-	-	112	108
Peru	23	33	41	51	32	21	-	-	-	-	-	-	96	105
Other	-	-	-	-	1	0	-	-	-	-	-	-	1	0
Rest of Europe	65	106	37	38	4	4	-	-	-	-	1	1	107	149
Romania	-	-	37	38	1	2	-	-	-	-	1	1	39	40
Russia	65	106	-	-	0	-	-	-	-	-	-	-	65	106
Other	-	-	-	-	3	3	-	-	-	-	-	-	3	3
North & Central America	0	-	-	-	23	30	-	-	-	-	-	-	24	30
Africa, Asia & Oceania	-	-	-	-	5	5	-	-	-	-	-	-	5	5
Other	1	1	3	1	14	26	-	-	-	-	35	28	53	56
Total	736	643	1,137	1,127	305	324	-	-	-	-	88	101	2,266	2,194

Customers Capex¹ (€mn)

		Global Generation & Trading		Global Infrastructures & NetworNs		Global Renewable Energies		Retail	Enel X			Services & Other	Total
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	-	-	409	414	-	-	249	140	17	-	-	-	675	553
Iberia	-	-	184	194	-	-	108	56	36	-	-	-	327	249
South America	-	-	390	566	-	-	36	15	5	-	-	-	430	580
Argentina	-	-	22	43	-	-	6	-	0	-	-	-	28	43
Brazil	-	-	222	365	-	-	14	1	2	-	-	-	239	366
Chile	-	-	40	43	-	-	5	4	1	-	-	-	45	47
Colombia	-	-	55	73	-	-	6	6	2	-	-	-	62	79
Peru	-	-	52	41	-	-	5	3	-	-	-	-	57	45
Other	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Rest of Europe	-	-	50	37	-	-	17	6	3	-	-	-	70	43
Romania	-	-	50	37	-	-	17	6	3	-	-	-	70	43
Russia	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other	-	-	-	-	-	-	-	-	-	-	-	-	-	-
North & Central America	-	-	-	-	-	-	-	-	32	-	-	-	32	-
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other	-	-	-	-	-	-	-	-	11	-	-	-	11	-
Total	-	-	1,033	1,210	-	-	408	216	103	-	-	-	1,545	1,426

Revenues¹ (€mn)

	Global Generation & Trading			Global Infrastructures & NetworNs		Global Renewable Energies		Retail	Enel X			Services & Other	Total
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	19,044	19,919	7,672	7,584	2,084	1,822	16,367	16,256	247	-	1,388	1,314	38,398	38,781
Iberia	6,319	6,233	2,671	2,786	716	497	14,920	15,798	247	-	514	475	19,492	19,994
South America	1,726	2,588	10,716	9,304	3,605	3,077	-	-	161	-	35	48	14,742	13,154
Argentina	228	217	1,039	1,130	59	52	-	-	-	-	-	-	1,323	1,393
Brazil	270	263	5,925	4,206	676	622	-	-	15	-	-	-	6,592	4,763
Chile	739	1,724	1,603	1,818	1,584	1,142	-	-	70	-	41	55	3,261	3,674
Colombia	126	118	1,382	1,366	941	909	-	-	70	-	-	-	2,261	2,116
Peru	363	266	767	784	334	339	-	-	6	-	-	-	1,300	1,202
Other	-	-	-	-	11	13	-	-	-	-	(6)	(7)	5	6
Rest of Europe	1,052	1,212	382	405	256	230	1,040	917	7	-	22	26	2,361	2,411
Romania	54	57	382	405	173	155	1,040	917	7	-	19	19	1,281	1,180
Russia	998	1,134	-	-	-	-	-	-	-	-	3	7	997	1,135
Other	-	21	-	-	83	75	-	-	-	-	-	-	83	96
North & Central America	3	151	-	-	1,099	1,036	-	-	338	151	(2)	-	1,438	1,187
Africa, Asia & Oceania	-	-	-	-	101	96	-	-	-	-	-	-	101	96
Other	79	22	45	43	316	129	-	-	60	-	(1,360)	(1,178)	(860)	(984)
Total	28,223	30,125	21,486	20,122	8,177	6,887	32,327	32,971	1,060	151	597	685	75,672	74,639

Reported EBITDA¹ (€mn)

	Global Generation & Trading			Global Infrastructures & NetworNs		Global Renewable Energies		Retail	Enel X			Services & Other	Total
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	22	239	3,679	3,467	1,220	1,054	2,233	2,007	31	-	119	96	7,304	6,863
Iberia	425	783	1,965	2,086	361	199	676	467	51	-	80	38	3,558	3,573
South America	469	687	1,921	1,687	2,028	1,917	-	-	56	-	(104)	(87)	4,370	4,204
Argentina	142	116	157	140	46	32	-	-	-	-	(1)	(1)	344	287
Brazil	7	119	915	644	395	284	-	-	-	-	(42)	(39)	1,275	1,008
Chile	124	281	247	237	877	888	-	-	19	-	(61)	(47)	1,206	1,359
Colombia	51	43	406	461	544	557	-	-	37	-	-	-	1,038	1,061
Peru	145	128	196	205	156	147	-	-	-	-	-	-	497	480
Other	-	-	-	-	10	9	-	-	-	-	-	-	10	9
Rest of Europe	233	269	152	166	115	145	12	(42)	3	-	1	5	516	543
Romania	-	2	152	166	62	104	12	(42)	3	-	1	2	230	232
Russia	233	267	-	-	(1)	-	-	-	-	-	-	3	232	270
Other	-	-	-	-	54	41	-	-	-	-	-	-	54	41
North & Central America	(6)	-	-	-	711	751	-	8	3	-	-	-	708	759
Africa, Asia & Oceania	-	-	-	-	58	57	-	-	(4)	-	-	-	54	57
Other	(26)	(15)	(20)	(28)	115	(76)	-	-	(16)	-	(212)	(227)	(159)	(346)
Total	1,117	1,963	7,697	7,378	4,608	4,047	2,921	2,440	124	-	(116)	(175)	16,351	15,653

Ordinary EBITDA¹(€mn)

	Global Generation & Trading			Global Infrastructures & NetworNs		Global Renewable Energies		Retail	Enel X			Services & Other	Total
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	22	239	3,551	3,467	1,156	1,054	2,233	2,007	31	-	119	96	7,111	6,863
Iberia	425	783	1,965	2,086	361	199	676	467	51	-	80	38	3,558	3,573
South America	469	580	1,921	1,687	2,028	1,926	-	-	56	-	(104)	(88)	4,370	4,106
Argentina	142	116	157	140	46	32	-	-	-	-	(1)	(1)	344	287
Brazil	7	119	915	644	395	284	-	-	(0)	-	(42)	(39)	1,275	1,008
Chile	124	174	247	237	877	888	-	-	19	-	(61)	(47)	1,206	1,252
Colombia	51	43	406	461	544	566	-	-	37	-	(0)	0	1,038	1,070
Peru	145	128	196	205	156	147	-	-	0	-	(0)	0	497	480
Other	(0)	0	(0)	(0)	10	9	-	-	(0)	-	(0)	0	10	9
Rest of Europe	233	269	152	166	115	145	12	(42)	3	-	1	5	516	543
Romania	0	2	152	166	62	104	12	(42)	3	-	1	2	230	232
Russia	233	267	-	-	(1)	(0)	-	-	(0)	-	0	3	232	270
Other	1	0	-	-	54	40	-	-	-	-	(0)	(0)	55	41
North & Central America	(6)	-	-	-	711	751	-	8	3	0	(0)	-	708	759
Africa, Asia & Oceania	-	-	-	-	58	57	-	-	(4)	-	-	-	54	57
Others	(26)	(15)	(20)	(28)	115	(76)	-	-	(16)	(0)	(212)	(227)	(159)	(346)
Total	1,117	1,856	7,569	7,378	4,543	4,056	2,921	2,440	124	-	(116)	(175)	16,158	15,555

Rounded figures. Excludes extraordinary items for +98 €mn in FY 2017 and for +193 €mn in FY 2018

Reported EBIT¹(€mn)

	Global Generation & Trading			Global Infrastructures & NetworNs		Global Renewable Energies		Retail	Enel X			Services & Other		Total
	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017	FY 2018	FY 2017
Italy	(247)	-	2,508	2,319	828	745	1,379	1,361	(9)	-	39	45	4,498	4,470
Iberia	(274)	191	1,220	1,367	208	12	494	286	37	-	39	(14)	1,724	1,842
South America	266	442	1,112	1,212	1,651	1,628	-	-	55	-	(107)	(87)	2,976	2,970
Argentina	89	70	83	358	39	29	-	-	-	-	(1)	-	210	231
Brazil	(1)	106	414	178	309	238	-	-	(1)	-	(42)	(39)	679	483
Chile	30	165	193	177	701	733	-	-	19	-	(34)	(23)	909	1,052
Colombia	37	28	290	361	488	500	-	-	37	-	-	-	851	890
Peru	111	73	132	138	107	122	-	-	-	-	-	-	350	333
Other	-	-	-	-	7	6	-	-	-	-	(30)	(25)	(23)	(19)
Rest of Europe	170	210	54	68	195	66	(2)	(41)	2	-	-	4	420	306
Romania	-	2	54	68	40	84	(2)	(41)	2	-	-	1	95	114
Russia	170	208	-	-	(1)	-	-	-	-	-	-	3	169	210
Other	-	-	-	-	156	(18)	-	-	-	-	-	-	156	(18)
North & Central America	(6)	-	-	-	491	559	-	-	(31)	(7)	-	1	454	553
Africa, Asia & Oceania	-	-	-	-	10	15	-	-	-	-	-	-	10	15
Other	(27)	(16)	(20)	(28)	115	(76)	-	-	(22)	(13)	(228)	(231)	(182)	(364)
Total	(118)	827	4,874	4,938	3,498	2,949	1,871	1,606	32	(20)	(257)	(282)	9,900	9,792

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

FY 2018	Italy	Iberia	South America	Rest of Europe	North & Central America	Africa, Asia & Oceania	Other	Total
Reported	7,304	3,558	4,370	516	708	54	(159)	16,351
Extraordinary items	193	-	-	-	-	-	-	193
Ordinary	7,111	3,558	4,370	516	708	54	(159)	16,158
One-offs	135	-	(37)	-	(9)	-	(9)	80
Adjusted	6,976	3,558	4,407	516	717	54	(150)	16,078

FY 2017	Italy	Iberia	South America	Rest of Europe	North & Central America	Africa, Asia & Oceania	Other	Total
Reported	6,863	3,573	4,204	543	759	57	(346)	15,653
Extraordinary items	-	-	98	-	-	-	-	98
Ordinary	6,863	3,573	4,106	543	759	57	(346)	15,555
One-offs	(4)	283	(82)	-	100	-	-	298
Adjusted	6,867	3,290	4,187	543	659	57	(346)	15,257

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

FY 2018	Global Thermal Generation & Trading	Global Infrastructure & Networks	Global Renewable Energies	Retail	Enel X	Services & Holding	Total
Reported	1,117	7,697	4,608	2,921	124		(116) 16,351
Extraordinary items	-	128	65	-	-	-	193
Ordinary	1,117	7,569	4,543	2,921	124		(116) 16,158
One-offs	(8)	124	(7)	(4)	(10)	(15)	80
Adjusted	1,125	7,445	4,551	2,925	134		(101) 16,078

FY 2017	Global Thermal Generation & Trading	Global Infrastructure & Networks	Global Renewable Energies	Retail	Enel X	Services & Holding	Total
Reported	1,963	7,378	4,047	2,440	-		(175) 15,653
Extraordinary items	107	-	(9)	-	-	-	98
Ordinary	1,856	7,378	4,056	2,440	-		(175) 15,555
One-offs	333	(135)	100	-	-	-	298
Adjusted	1,524	7,513	3,956	2,440	-		(175) 15,257

From EBITDA to net income¹ (€mn)

	FY 2018 reported	FY 2017 reported	∆ yoy	FY 2018 ordinary	FY 2017 ordinary	∆ yoy 1
EBITDA	16,351	15,653		4.5% 16,158	15,555	3.9%
D&A	6,451	5,861		6,365	5,819
EBIT	9,900	9,792	1.1%	9,793	9,736	0.6%
Net financial charges	(2,048)	(2,692)		(2,370)	(2,779)
Net income from equity investments using equity method	349	111		81	118
EBT	8,201	7,211	13.7%	7,504	7,075	6.1%
Income tax	(1,851)	(1,882)		(1,864)	(1,855)
Net income	6,350	5,329		5,640	5,220
Minorities	1,561	1,550		1,580	1,511
Group net income	4,789	3,779	26.7%	4,060	3,709	9.5%

D&A reported (€mn)

	FY 2018	FY 2017	∆ yoy
Italy	2,806.0	2,393.0	17%
Iberia	1,834.0	1,731.0	6%
South America	1,394.0	1,234.0	13%
North and Central America	254.0	206.0	23%
Europe	96.0	237.0	-60%
Other	67.0	60.0	12%
Total	6,451.0	5,861.0	10%

Gross debt¹structure

Debt structure by instrument (€bn)

	Enel Spa	EFI	Central Others	Italy	Iberia	South America	North & Central America	Rest of Europe	Africa, Asia & Oceania	Total
Bonds	9.01	25.59	0	0	0.03	5.34	0	0	0	39.97
Bank Loans	1.05	0	0	4.36	1.54	2.91	0.11	0.32	0.36	10.65
Tax Partnership	0	0	0	0	0	0	0.86	0	0	0.86
Other Loans	0	0	0	0.08	0.48	0.27	0.04	0	0	0.87
Other short term debt	0.29	0.02	0	0.38	0.08	0.4	0	0	0.08	1.25
Commercial Paper	0	1.45	0	0	0.91	0.03	0	0	0	2.39
Gross debt	10.35	27.06	0	4.82	3.04	8.95	1.01	0.32	0.44	55.99
Financial Receivables	-0.13	-0.68	-0.35	-1	-0.51	-1.03	-0.23	0	-0.02	-3.95
Tariff Deficit	0	0	0	0	-0.85	0	0	0	0	-0.85
Other short term financial receivables	-1.26	-1.49	0	-0.46	-0.03	0	-0.11	0	-0.06	-3.41
Cash and cash equivalents	-2.01	-0.1	-0.2	-0.14	-0.24	-2.39	-0.12	-1.31	-0.18	-6.69
Net Debt – Third Parties	6.95	24.79	-0.55	3.22	1.41	5.53	0.55	-0.99	0.18	41.09
Net Debt – Intercompany	8.54	-27.39	4.58	7.4	3.01	3.12	0.41	0.27	0.06	0
Net Debt – Group View	15.49	-2.6	4.03	10.62	4.42	8.65	0.96	-0.72	0.24	41.09

Debt maturity coverage split by typology (€bn)

Of which 13.8 €bn of long term committed credit lines with maturities beyond December 2019

Balance sheet (€mn)

Balance sheet structure (€mn)

Headcount

	FY 2018	FY 2017	∆ yoy
Italy	28,134	28,684	-2%
Iberia	9,763	9,711	1%
South America	20,858	13,903	50%
Rest of Europe	5,684	5,733	-1%
North & Central America	2,232	2,050	9%
Africa, Asia & Oceania	241	198	22%
Others	2,360	2,621	-10%
Total	69,272	62,900	10%

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. 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.

Monica Girardi Head of Group Investor Relations

Investor Relations team

Federico Baroncelli Francisco Basauri Serena Carioti Alessia Di Ninno Federica Dori Fabrizio Ragnacci Federica Todaro Noemi Tomassi Emanuele Toppi ⁵⁵

Contacts

Email [email protected] Phone +39 06 8305 7975

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4317_10-k_2019-03-21_1fabbd1a-4a9e-48a2-b868-7b4ecc01d61c.pdf

Key highlights of the period

Financial targets delivery

Industrial growth: capex

Continued delivery on renewables growth

Group's decarbonization

Enel X

Driving efficiencies across all businesses

Portfolio management and simplification

Deals executed Recent transactions

Our commitment to SDGs – Communities & people

Shareholder remuneration

FY 2018 consolidated results Financial results

Financial highlights (€mn)

Ordinary EBITDA evolution (€bn)

Ordinary EBITDA by business line

Global Renewable energies

EBITDA evolution¹ (€ bn)

1. Rounded figures

Global Infrastructure and networks

1. Rounded figures. 17

EBITDA evolution¹ (€bn)

From Ordinary EBITDA to Net Ordinary Income

Debt and financial expenses (€bn)

Solid improvement in profitability, returns, and credit metrics

FY 2018 consolidated results Annexes

Macroscenario

FY 2018 consolidated results Dx KPIs

Gross debt¹structure

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Enel

4317_10-k_2019-03-21_1fabbd1a-4a9e-48a2-b868-7b4ecc01d61c.pdf

Key highlights of the period

Financial targets delivery

Industrial growth: capex

Continued delivery on renewables growth

Group's decarbonization

Enel X

Driving efficiencies across all businesses

Portfolio management and simplification

Deals executed Recent transactions

Our commitment to SDGs – Communities & people

Shareholder remuneration

FY 2018 consolidated results Financial results

Financial highlights (€mn)

Ordinary EBITDA evolution (€bn)

Ordinary EBITDA by business line

Global Renewable energies

EBITDA evolution1 (€ bn)

1. Rounded figures

Global Infrastructure and networks

1. Rounded figures. 17

EBITDA evolution1 (€bn)

From Ordinary EBITDA to Net Ordinary Income

Debt and financial expenses (€bn)

Solid improvement in profitability, returns, and credit metrics

FY 2018 consolidated results Annexes

Macroscenario

FY 2018 consolidated results Dx KPIs

Gross debt1structure

Investor Relations team

Contacts

Channels

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EBITDA evolution¹ (€ bn)

EBITDA evolution¹ (€bn)

Gross debt¹structure