Enel

Earnings Release • Jul 22, 2019

Informazione Regolamentata n. 0116-69-2019		Data/Ora Ricezione 22 Luglio 2019 17:59:59	MTA
Societa'	:	ENEL
Identificativo Informazione Regolamentata	:	120906
Nome utilizzatore	:	ENELN07 - Cozzolino
Tipologia	:	REGEM
Data/Ora Ricezione	:	22 Luglio 2019 17:59:59
Data/Ora Inizio Diffusione presunta	:	22 Luglio 2019 18:00:00
Oggetto	:	first half Group operating data Report	Enel publishes 2019 second quarter and
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ENEL PUBLISHES 2019 SECOND QUARTER AND FIRST HALF GROUP OPERATING DATA REPORT

Rome, July 22 nd , 2019 – Enel S.p.A. ("Enel") published its Quarterly Bulletin ("Report"), with the Group's operating data relating to the second quarter and first half of 2019.

The Report, which is published ahead of the approval by the Enel Board of Directors and the disclosure of the performance and financial data contained in Enel's periodic financial reports, is aimed at further strengthening Enel's transparency towards the financial community, in line with best practices in the most advanced markets.

The Report attached to this press release is available to the public at Enel's registered office, on the Enel website (www.enel.com), and - together with this press release - through the authorised storage mechanism "eMarket Storage" ().

Quarterly Bulletin H1 2019

Investor Relations Team investor.relations@enel.com +39 06 8305 7975

www.enel.com/investors Website

Index

1. Group Summary
2. Group Net Installed Capacity
3. Group Net Production
4. Group Infrastructure & Networks
5. Retail
6. Main Financial & Market performance
7. Disclaimer

1. Group Summary

Net Production - breakdown by country

Renewables Thermal

Group Infrastructure & Networks

Retail free market¹

41%

2. Group Net Installed Capacity¹

						2019 Added
	H1 2019		H1 2018		∆ yoy	capacity
Group	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	27,888	32.5%	27,835	32.2%	0.2%	43
Wind	8,679	10.1%	7,867	9.1%	10.3%	579
Solar & Others	1,942	2.3%	3,281		3.8% -40.8%	63
Geothermal	876	1.0%	804	0.9%	9.0%	72
Total Renewables	39,385	45.9%	39,786		46.1% -1.0%	758
Nuclear	3,318	3.9%	3,318	3.8%	0.0%	-
Coal	15,829	18.5%	15,965	18.5%	-0.9%	-
CCGT	14,994	17.5%	15,028	17.4%	-0.2%	-
Oil & Gas	12,250	14.3%	12,255	14.2%	0.0%	-
Total Thermal	46,390	54.1%	46,566		53.9% -0.4%	-
Total Enel Group	85,775	100%	86,352	100%	-0.7%	758
Italy	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	12,422	45.0%	12,401	44.9%	0.2%	11.1
Wind	772	2.8%	772	2.8%	0.0%	-
Solar & Others	30	0.1%	80		0.3% -62.2%	-
Geothermal	763	2.8%	762	2.8%	0.1%	0.6
Total Renewables	13,988	50.7%	14,016		50.7% -0.2%	11.7
Coal	6,340	23.0%	6,340	22.9%	0.0%	-
CCGT	4,535	16.4%	4,535	16.4%	0.0%	-
Oil & Gas
	2,739	9.9%	2,739	9.9%	0.0%	-
Total Thermal	13,613	49.3%	13,613	49.3%	0.0%	-
Total	27,601	100%	27,630		100% -0.1%	11.7
	MW	% Weight	MW	% Weight	∆ yoy	MW
Iberia
Hydro	4,789	21.0%	4,761	20.9%	0.6%	28
Wind	1,750	7.7%	1,750	7.7%	0.0%	-
Solar & Others	14	0.1%	14	0.1%	0.0%	-
Total Renewables	6,553	28.8%	6,525	28.6%	0.4%	28
Nuclear	3,318	14.6%	3,318	14.5%	0.0%	-
Coal	5,052	22.2%	5,168	22.6%	-2.2%	-
CCGT	5,480	24.1%	5,445	23.8%	0.6%	-
Oil & Gas	2,377	10.4%	2,377	10.4%	0.0%	-
Total Thermal
Total	16,227 22,780	71.2% 100%	16,307 22,832		71.4% -0.5% 100% -0.2%	- 28
Latin America	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	10,035	49.1%	10,031	47.8%	0.0%	4
Wind	1,556	7.6%	1,666	7.9%	-6.6%	29
Solar & Others	1,125	5.5%	1,491		7.1% -24.6%	-
Geothermal	41	0.2%	41	0.2%	0.0%	-
Total Renewables	12,756	62.4%	13,229		63.0% -3.6%	33
Coal	814	4.0%	835	4.0%	-2.5%	-
CCGT	4,170	20.4%	4,240	20.2%	-1.6%	-
Oil & Gas	2,687	13.2%	2,692	12.8%	-0.2%	-
Total Thermal	7,671	37.6%	7,767		37.0% -1.2%	-
Total	20,428	100.0%	20,996		100% -2.7%	33
Rest of Europe	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	19	0.2%	19	0.2%	0.0%	-
Wind	741	7.6%	741	7.6%	0.0%	-
Solar & Others	123	1.3%	123	1.3%	0.0%	-
Total Renewables	883	9.0%	883	9.0%	0.0%	-
Coal	3,623	37.1%	3,623	37.1%	0.0%	-
CCGT	809	8.3%	809	8.3%	0.0%	-
Oil & Gas	4,447	45.6%	4,447	45.6%	0.0%	-
Total Thermal	8,878	91.0%	8,878	91.0%	0.0%	-
Total	9,761	100%	9,761	100%	0.0%	-
North America	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	623	13.9%	623	14.0%	0.0%	-
Wind
	3,490	78.0%	2,566	57.8%	36.0%	550
Solar & Others	292	6.5%	1,248		28.1% -76.6%	29
Geothermal	72	1.6%	-	0.0%	n.m.	72
Total	4,476	100%	4,438	100%	0.9%	650
Africa, Asia & Oceania	MW	% Weight	MW	% Weight	∆ yoy	MW
Wind	371	50.9%	371	53.4%	0.0%	-
Solar & Others Total	357 729	49.1% 100%	323 695	46.6% 100%	10.5% 4.9%	34 34

1. Consolidated perimeter excluding managed capacity under JV in North America, Italy, Australia and Mexico equal to around 3.7 GW.

4

3. Group Net Production

	H1 2019			H1 2018	∆ yoy	2Q 2019
Group	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	29,266	25.9%	33,470	27.6%	-12.6%	15,354
Wind	12,752	11.3%	11,398	9.4%	11.9%	6,476
Solar & Others	2,009	1.8%	2,369	2.0%	-15.2%	953
Geothermal	3,040	2.7%	2,932	2.4%	3.7%	1,542
Total Renewables	47,066	41.7%	50,170	41.4%	-6.2%	24,325
Nuclear	13,212	11.7%	11,769	9.7%	12.3%	6,128
Coal	22,130	19.6%	29,482	24.3%	-24.9%	8,595
CCGT	20,131	17.8%	18,022	14.9%	11.7%	9,733
Oil & Gas
	10,349	9.2%	11,675	9.6%	-11.4%	5,011
Total Thermal	65,822	58.3%	70,947	58.6%	-7.2%	29,467
Total Enel Group	112,889	100%	121,116	100%	-6.8%	53,792
Italy	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	8,189	36.0%	10,183	38.2%	-19.6%	5,153
Wind	764	3.4%	741	2.8%	3.0%	322
Solar & Others	29	0.1%	69	0.3%	-58.4%	15
Geothermal	2,812	12.3%	2,836	10.6%	-0.8%	1,407
Total Renewables	11,794	51.8%	13,829		51.9% -14.7%	6,897
Coal	6,495	28.5%	9,878	37.1%	-34.2%	2,683
CCGT	4,347	19.1%	2,714	10.2%	60.2%	2,181
Oil & Gas	138	0.6%	223	0.8%	-38.3%	46
Total Thermal	10,980	48.2%	12,814		48.1% -14.3%	4,910
Total	22,774	100%	26,644		100% -14.5%	11,807
Iberia	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	2,831	9.3%	5,289	15.2%	-46.5%	1,348
Wind	2,059	6.8%	2,020	5.8%	1.9%	951
Solar & Others	15	0.0%	13	0.0%	12.8%	9
Total Renewables	4,905	16.2%	7,322		21.0% -33.0%	2,308
Nuclear	13,212	43.5%	11,769	33.8%	12.3%	6,128
Coal	4,987	16.4%	9,080	26.0%	-45.1%	928
CCGT	4,364	14.4%	3,466	9.9%	25.9%	2,521
Oil & Gas	2,890	9.5%	3,231	9.3%	-10.6%	1,441
Total Thermal	25,453	83.8%	27,546	79.0%	-7.6%	11,017
Total	30,357	100%	34,868		100.0% -12.9%
Latin America	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	17,127	51.5%	16,437	49.6%	4.2%
Wind	2,816	8.5%	2,662	8.0%	5.8%
Solar & Others	1,413	4.3%	1,355	4.1%	4.3%
Geothermal	105	0.3%	96	0.3%	9.3%
Total Renewables	21,462	64.6%	20,551	62.0%	4.4%	10,442
Coal	2,216	6.7%	1,733	5.2%	27.9%
CCGT	8,605	25.9%	8,960	27.0%	-4.0%
Oil & Gas	959	2.9%	1,895	5.7%	-49.4%
Total Thermal	11,780	35.4%	12,588	38.0%	-6.4%
Total	33,242	100.0%	33,139	100.0%	0.3%
						5,240
Rest of Europe1	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	31	0.2%	27	0.1%	15.6%	13,325 8,249 1,505 637 51 1,069 3,763 409 15,683 12
Wind	891	4.8%	900	4.7%	-0.9%	373
Solar & Others	81	0.4%	81	0.4%	0.6%	51
Total Renewables	1,003	5.4%	1,007	5.3%	-0.4%	436
Coal	8,431	45.3%	8,791	46.3%	-4.1%
CCGT	2,816	15.1%	2,881	15.2%	-2.3%	3,914 1,268
Oil & Gas	6,363	34.2%	6,326	33.3%	0.6%	3,116
Total Thermal	17,610	94.6%	17,998	94.7%	-2.2%	8,299
Total	18,613	100%	19,005	100%	-2.1%
North America2	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	1,088	15.2%	1,534	22.7%	-29.0%
Wind	5,761	80.6%	4,646	68.8%	24.0%
Solar & Others	176	2.5%	571	8.5%	-69.2%
Geothermal	122	1.7%	-	0%	n.m.
Total	7,147	100%	6,751	100%	5.9%
						8,735 593 3,066 108 83 3,850
Africa, Asia & Oceania3	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Wind	460	61.0%	429	60.5%	7.3%	259
Solar & Others	294	39.0%	281	39.5%	4.9%
Total	755	100%	709	100%	6.4%	132 392

	1. Includes Romania, Russia, Greece, Bulgaria

1. Includes Mexico, Panama, USA, Canada, Guatemala, Costa Rica. 3. Includes South Africa, India.

4. Group Infrastructure & Networks

Electricity distributed (TWh)	H1 2019	H1 2018	∆yoy	End users1 (mn)	H1 2019	H1 2018	∆yoy
Italy	108.5	111.5	-2.6%	Italy	31.5	31.4	0.1%
Iberia	62.3	62.1	0.3%	Iberia	12.2	12.1	0.7%
Latin America	68.1	49.4	37.8%	Latin America	26.5	26.3	0.6%
Argentina	8.3	9.0	-8.7%	Argentina	2.5	2.5	-2.5%
Brazil	40.4	21.3	89.2%	Brazil	17.1	17.1	0.3%
Chile	8.2	8.1	1.4%	Chile	1.9	1.9	2.5%
Colombia	7.0	6.9	2.3%	Colombia	3.5	3.4	2.7%
Peru	4.2	4.0	3.4%	Peru	1.4	1.4	1.6%
Rest of Europe	7.8	7.7	1.1%	Rest of Europe	2.9	2.8	1.3%
Total	246.7	230.7	6.9%	Total	73.0	72.7	0.4%

(mn) H1 2019 H1 2018 ∆yoy Argentina 8.3 9.0 -8.7% Argentina 2.5 2.5 -2.5% Brazil 40.4 21.3 89.2% Brazil 17.1 17.1 0.3% Chile 8.2 8.1 1.4% Chile 1.9 1.9 2.5% Colombia 7.0 6.9 2.3% Colombia 3.5 3.4 2.7% Peru 4.2 4.0 3.4% Peru 1.4 1.4 1.6%

1.End Users represent the number of distribution delivery points at the end of the period.

5. Retail

Total energy sold (TWh)2	H1 2019	H1 2018	∆yoy	Total power customers4 (mn)	H1 2019	H1 2018	∆yoy
Italy	47.7	51.6	-7.6%	Italy	24.3	25.7	-5.3%
Regulated	17.6	20.0	-12.0%	Regulated	15.4	17.5	-11.9%
Free Market	30.1	31.6	-4.9%	Free Market	8.9	8.2	8.6%
Iberia	43.1	44.6	-3.3%	Iberia	10.7	10.8	-0.9%
Regulated	5.7	6.5	-12.7%	Regulated	4.9	5.2	-4.7%
Free Market	37.5	38.1	-1.6%	Free Market	5.8	5.6	2.6%
Latin America	53.2	38.9	36.8%	Latin America	25.9	25.6	1.4%
Argentina	6.8	7.6	-10.4%	Argentina	2.5	2.5	-2.5%
Brazil3	32.1	17.0	88.6%	Brazil3	16.6	16.3	1.6%
Chile	6.2	6.4	-3.4%	Chile	1.9	1.9	2.5%
Colombia	4.5	4.4	3.3%	Colombia	3.5	3.4	2.7%
Peru	3.5	3.5	1.7%	Peru	1.4	1.4	1.7%
Rest of Europe	4.9	5.2	-5.8%	Rest of Europe	3.1	2.9	5.8%
Total	148.9	140.3	6.1%	Total	64.0	64.9	-1.5%

Gas sold (bmc)	H1 2019	H1 2018	∆yoy	Gas customers (mn)	H1 2019	H1 2018	∆yoy
Italy	2.9	2.9	0.4%	Italy	4.1	4.2	-1.5%
Iberia	3.1	3.3	-7.3%	Iberia	1.6	1.6	4.6%
Romania	0.01	0.03	-63.6%	Romania	0.05	0.04	42.7%
Total	6.0	6.3	-3.9%	Total	5.8	5.8	0.4%

1. Net of energy losses.

2. Consider the full consolidation of Enel Dx Sao Paulo since June 2018.

Total energy sold (TWh)2	H1 2019	H1 2018	∆yoy	Total power customers4 (mn)	H1 2019	H1 2018	∆yoy
	47.7	51.6	-7.6%	Italy	24.3	25.7	-5.3%
Regulated	17.6	20.0	-12.0%	Regulated	15.4	17.5	-11.9%
Free Market	30.1	31.6	-4.9%	Free Market	8.9	8.2	8.6%
Iberia	43.1	44.6	-3.3%	Iberia	10.7	10.8	-0.9%
Regulated	5.7	6.5	-12.7%	Regulated	4.9	5.2	-4.7%
Free Market	37.5	38.1	-1.6%	Free Market	5.8	5.6	2.6%
Latin America	53.2	38.9	36.8%	Latin America	25.9	25.6	1.4%
Argentina	6.8	7.6	-10.4%	Argentina	2.5	2.5	-2.5%
Brazil3	32.1	17.0	88.6%	Brazil3	16.6	16.3
Chile	6.2	6.4	-3.4%	Chile	1.9	1.9	2.5%
Colombia	4.5	4.4	3.3%	Colombia	3.5	3.4	2.7%
Peru	3.5	3.5	1.7%	Peru	1.4	1.4	1.7%
Rest of Europe	4.9	5.2	-5.8%	Rest of Europe	3.1	2.9	5.8%
Total	148.9	140.3	6.1%	Total	64.0	64.9	-1.5%

Gas sold (bmc)	H1 2019	H1 2018	∆yoy	Gas customers (mn)	H1 2019	H1 2018	∆yoy
	2.9	2.9	0.4%	Italy	4.1	4.2	-1.5%
	3.1	3.3	-7.3%	Iberia	1.6	1.6	4.6%
	0.01	0.03	-63.6%	Romania	0.05	0.04	42.7%
	6.0	6.3	-3.9%	Total	5.8	5.8	0.4%

1. Power Customers represent clients with active contracts with Enel.

6. Main Financials & Market performance

Dividends					Multiples
€/share	FY 2018		FY 2017				30/06/2019 30/06/2018	∆ yoy
	Amount	Ex-Date	Amount	Ex-Date
Ordinary (interim)		0.14 01/23/19	0.105	01/22/18	Share Price (€)	6.140	4.757	29.1%
Ordinary (Final)1	0.14	07/22/19	0.132	07/23/18	P/E	12.9	12.2	5.7%
Total DPS	0.28		0.237		EV/EBITDA	8.5	7.2	18.3%
Pay out	70%		65%		Dividend Yield	4.6%	5.5%	-17.8%

FY 2018		FY 2017
Amount	Ex-Date	Amount	Ex-Date
0.14	07/22/19	0.132	07/23/18
0.28		0.237
70%		65%

1. Final dividend 2018 approved by the AGM 2019. Source: Bloomberg.

	Enel Group's Ratings
--	----------------------	--

	Rating	Outlook	Update
Moody's	Baa2	Positive	07/16/2019
S&P	BBB+	Stable	09/19/2018
Fitch	A-	Stable	02/11/2019

Stock performance (01/01/2019 - 16/07/2019)

Source: Bloomberg

7. Disclaimer

This document 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.