Enel

Quarterly Report • Jul 20, 2018

Informazione Regolamentata n. 0116-68-2018		Data/Ora Ricezione 20 Luglio 2018 16:09:56	MTA
Societa'	:	ENEL
Identificativo Informazione Regolamentata	:	106515
Nome utilizzatore	:	ENELN04 - Giannetti
Tipologia	:	REGEM
Data/Ora Ricezione	:	20 Luglio 2018 16:09:56
Data/Ora Inizio Diffusione presunta	:	20 Luglio 2018 16:09:57
Oggetto	:	first half Group operating data Report	Enel publishes 2018 second quarter and
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T +39 06 8305 5699 T +39 06 8305 7975 F +39 06 8305 3771 F +39 06 8305 7940

Media Relations Investor Relations

ufficiostampa@enel.com investor.relations@enel.com

enel.com enel.com

ENEL PUBLISHES 2018 SECOND QUARTER AND FIRST HALF GROUP OPERATING DATA REPORT

Rome, July 20th, 2018 – Enel S.p.A. ("Enel") published its Quarterly Bulletin ("Report"), with the Group's operating data relating to the second quarter and the first half of 2018.

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" ().

1

Quarterly Bulletin 1H 2018

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. Group Retail
6. Italian Energy Market
7. Main Financial & Market performance
8. Disclaimer

Italy Iberia South America Europe & North Africa North & Central America Sub Saharan Africa & Asia

34%

Group Retail

5%

1H 2017: 58.2 mn

31%

Italy Iberia South America Europe & North Africa

17%

4%

1H 2018: 64.9 mn

40%

Power customers (mn)

45%

39%

2. Group Net Installed Capacity¹

						2018 Added
	1H 2018		1H 2017		∆ yoy	capacity2
Group	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	27,835	32.2%	27,415	33.1%	1.5%	61
Wind	7,867	9.1%	6,621	8.0%	18.8%	436
Solar & Others	3,281	3.8%	1,516	1.8%	116.3%	1,008
Geothermal	804	0.9%	782	0.9%	2.8%	1
Total Renewables	39,786	46.1%	36,335	43.8%	9.5%	1,506
Nuke	3,318	3.8%	3,318	4.0%	0.0%	-
Coal	15,965	18.5%	15,965	19.2%	0.0%	-
CCGT	15,028	17.4%	15,028	18.1%	0.0%	-
Oil & Gas	12,255	14.2%	12,300	14.8%	-0.4%	-
Total Thermal	46,566	53.9%	46,612	56.2%	-0.1%	-
Total Enel Group	86,352	100%	82,946	100%	4.1%	1,506
Italy	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	12,401	44.9%	12,418	44.9%	-0.1%	0.3
Wind	772	2.8%	772	2.8%	0.0%	1
Solar & Others	80	0.3%	97	0.4%	-17.5%	-
Geothermal	762	2.8%	761	2.8%	0.2%	1
Total Renewables	14,016	50.7%	14,049	50.8%	-0.2%	2.8
Coal	6,340	22.9%	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	49.2%	0.0%	-
Total	27,630	100%	27,662	100%	-0.1%	1.6
Iberia	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	4,761	11.1%	4,764	20.9%	-0.1%	9
Wind	1,750	6.3%	1,618	7.1%	8.1%	132
Solar & Others	14	0.0%	14	0.1%	0.0%	-
Total Renewables	6,525	17.4%	6,396	28.1%	2.0%	141
Nuke	3,318	35.9%	3,318	14.6%	0.0%	-
Coal	5,168	28.5%	5,168	22.7%	0.0%	-
CCGT	5,445	9.3%	5,445	23.9%	0.0%	-
Oil & Gas	2,377	8.9%	2,417	10.6%	-1.7%	-
Total Thermal	16,307	82.6%	16,348	71.9%	-0.2%	-
Total	22,832	100%	22,744	100%	0.4%	141
South America Hydro	MW 10,031	% Weight 51.0%	MW 9,600	% Weight 49.9%	∆ yoy 4.5%	MW 51
Wind	1,666	6.1%	1,092	5.7%	52.6%	304
Solar & Others	1,491	4.2%	771	4.0%	93.4%	103
Geothermal	41	0.3%	21	0.1%	99.0%
Total Renewables	13,229	61.6%	11,484	59.6%	15.2%	459
Coal	835	5.1%	835	4.3%	0.0%
CCGT	4,240	27.8%	4,240	22.0%	0.0%	- - -
Oil & Gas	2,692	5.5%	2,698	14.0%	-0.2%	-
Total Thermal	7,767	38.4%	7,772	40.4%	-0.1%	-
Total	20,996	100.0%	19,256	100%	9.0%	459
Europe & North Africa	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%	106	1.1%	16.0%	-
Total Renewables	883	9.0%	866	8.9%	2.0%	-
Coal	3,623	37.1%	3,623	37.2%	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	91.1%	0.0%
Total	9,761	100%	9,744	100%	0.2%
North & Central America	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	623	14.0%	614	21.6%	1.4%
Wind	2,566	57.8%	2,026	71.2%	26.6%
Solar & Others	1,248	28.1%	204	7.2%	510.8%	905
Total	4,438	100%	2,845	100%	56.0%	905
Sub Saharan Africa & Asia	MW	% Weight	MW	% Weight	∆ yoy	MW
Wind	371	53.4%	371	53.4%	0.0%	- - - - - - - -
Solar & Others Total	323 695	46.6% 100%	323 695	46.6% 100%	0.0% 0.0%	- -

1. It includes additional capacity from non organic growth.

3. Group Net Production

	1H 2018			1H 2017	∆ yoy	2Q 2018
Group	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	33,470	27.6%	27,559	22.7%	21.4%	18,338
Wind	11,398	9.4%	8,494	7.0%	34.2%	5,637
Solar & Others	2,369	2.0%	1,052	0.9%	125.1%	1,286
Geothermal	2,932	2.4%	2,901	2.4%	1.1%	1,456
Total Renewables	50,170	41.4%	40,006	33.0%	25.4%	26,717
Nuke	11,769	9.7%	13,096	10.8%	-10.1%	5,119
Coal	29,482	24.3%	34,843	28.8%	-15.4%	13,260
CCGT	18,022	14.9%	20,447	16.9%	-11.9%	8,355
Oil & Gas	11,675	9.6%	12,772	10.5%	-8.6%	5,460
Total Thermal	70,947	58.6%	81,158	67.0%	-12.6%	32,194
Total Enel Group	121,116	100%	121,164	100%	0.0%	58,911
Italy	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	10,183	38.2%	7,657	28.0%	33.0%	6,400
Wind	741	2.8%	594	2.2%	24.8%	277
Solar & Others	69	0.3%	61	0.2%	13.3%	34
Geothermal	2,836	10.6%	2,883	10.5%	-1.6%	1,415
Total Renewables	13,829	51.9%	11,194	40.9%	23.5%	8,126
Coal	9,878	37.1%	12,382	45.3%	-20.2%	4,294
CCGT	2,714	10.2%	3,432	12.5%	-20.9%	1,009
Oil & Gas	223	0.8%	352	1.3%	-36.7%	106
Total Thermal	12,814	48.1%	16,166	59.1%	-20.7%	5,409
Total	26,644	100%	27,360	100%	-2.6%	13,535
Iberia	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	5,289	15.2%	3,140	8.3%	68.5%	3,243
Wind	2,020	5.8%	1,753	4.7%	15.2%	850
Solar & Others	13	0.0%	14	0.0%	-4.1%	9
Total Renewables	7,322	21.0%	4,906	13.0%	49.3%	4,102
Nuke	11,769	33.8%	13,096	34.8%	-10.1%	5,119
Coal	9,080	26.0%	11,633	30.9%	-21.9%	3,807
CCGT	3,466	9.9%	4,691	12.5%	-26.1%	1,742
Oil & Gas	3,231	9.3%	3,352	8.9%	-3.6%	1,587
Total Thermal	27,546	79.0%	32,772	87.0%	-15.9%	12,255
Total	34,868	100%	37,678	100.0%	-7.5%	16,356
South America	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	16,437	49.6%	15,558	49.6%	5.7%	7,972
Wind	2,662	8.0%	1,397	4.4%	90.6%	1,643
Solar & Others	1,355	4.1%	530	1.7%	155.6%	665
Geothermal	96	0.3%	18	0.1%	435.3%	41
Total Renewables	20,551	62.0%	17,485	55.7%	17.5%	10,322
Coal	1,733	5.2%	1,830	5.8%	-5.3%	890
CCGT	8,960	27.0%	10,023	31.9%	-10.6%	4,335
Oil & Gas	1,895	5.7%	2,043	6.5%	-7.2%	980
Total Thermal Total	12,588 33,139	38.0% 100.0%	13,895 31,398	44.3% 100.0%	-9.4% 5.5%	6,205 16,527
Europe & North Africa1	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	27	0.1%	18	0.1%	47%
Wind	900	4.7%	901	4.7%	0%	7 373
Solar & Others	81	0.4%	86	0.4%	-6%	53
Total Renewables	1,007	5.3%	1,005	5.2%	0%	433
Coal	8,791	46.3%	8,999	46.6%	-2%	4,270
CCGT Oil & Gas	2,881	15.2%	2,302	11.9%	25%	1,269
Total Thermal	6,326 17,998	33.3% 94.7%	7,025 18,325	36.3% 94.8%	-10% -2%	2,787 8,325
Total	19,005	100%	19,331	100%	-2%	8,758
North & Central America2	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	1,534	22.7%	1,187	25%	29%	716
Wind	4,646	68.8%	3,454	73%	34%	2,246
Solar & Others	571	8.5%	75	2%	662%	402
Total	6,751	100%	4,716	100%	43%	3,364
Sub Saharan Africa & Asia3	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Wind	429	60.5%	395	58%	9%	247
Solar & Others Total	281 709	39.5% 100%	287 681	42% 100%	-2% 4%	123 370

1. Includes Romania, Russia, Belgium, Greece, Bulgaria

2. Includes Mexico, Panama, USA, Canada, Guatemala, Costa Rica.

3. Includes South Africa, India.

5

4. Group Infrastructure & Networks

Electricity distributed (TWh)	1H 2018	1H 2017	∆yoy	End users1

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

5. Group Retail

1H 2018	1H 2017	∆yoy	Power customers3	1H 2018	1H 2017	∆yoy
	49.4	4.6%	Italy		26.4	-2.9%
	21.4	-6.5%	Regulated		18.9	-7.6%
	28.0	13.0%	Free Market		7.5	9.1%
	47.2	-5.5%	Iberia		10.9	-1.3%
	37.3	4.3%	South America		18.0	41.7%
	4.9	8.1%	Europe & North Africa		2.8	4.3%
140.3	138.6			64.9	58.2	11.6%
		51.6 20.0 31.6 44.6 38.9 5.2	1.2%	Total	(mn)	25.7 17.5 8.2 10.8 25.6 2.9

Gas sold (bmc)	1H 2018	1H 2017	∆yoy	Gas customers (mn)	1H 2018	1H 2017	∆yoy
Italy	2.9	2.9	1.7%	Italy	4.2	4.0	4.0%
Iberia	3.3	3.3	0.3%	Iberia	1.6	1.5	0.8%
Total	6.3	6.2	1.0%	Total	5.7	5.5	3.1%

1. Net of energy losses.

6. Italian Energy Market

Italy energy balance

GWh	Jan-May 2018	Jan-May 2017	∆ yoy
Hydro	19,941	14,356	38.9%
Thermo	73,134	80,546	-9.2%
- Biomass	7,326	7,387	-0.8%
Geothermal	2,395	2,426	-1.3%
Wind	8,204	7,888	4.0%	72.2
PV	8,631	9,904	-12.9%
Total net production	112,305	115,120	-2.4%
Import	21,909	18,110	21.0%
Export	1,410	2,625	-46.3%
Net import	20,499	15,485	-14.1%
Pumped storage	1,201	1,118	7.4%
Electricity demand	131,603	129,487	1.6%
Source: TERNA				Source: GME

Gas customers (mn)	1H 2018 1H 2017		Avov
Italy		4.0	4.0%
Iberia	1.6	1.5	$0.8\%$
Total	5.7	5.5	$3.1\%$
	$\sim$ $\sim$ $\sim$ $\sim$

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

Pool price (€/MWh)

7. Main Financials & Market performance

Enel Group figures as of Marchr 31st, 2018.
€ mn	1Q 2018	1Q 2017	∆ yoy
Revenues	18,946	19,366	-2%
Reported EBITDA1	4,037	3,917	3%
Ordinary EBITDA1	3,909	3,763	4%
Reported EBIT1	2,538	2,525	1%
Ordinary EBIT1	2,410	2,374	2%
Rep. Group net income1	1,169	983	19%
Group net ord. Income1	1,041	943	10%
EPS (€)	0.11	0.10	19%
FFO2	1,898	1,740	9%
	FY 2017	FY 2016	∆ yoy
Total assets	155,641	155,596	0%
Assets held for sale1	1,970	11	n.m.
Shareholder's equity	52,161	52,575	-1%
Liabilities held for sale	1,729		- -
Financial net debt	37,410	37,553	0%
FFO/Net debt1	27%	28%	-1 p.p.
Net debt1 /Ebitda	2.4x	2.5x	-
Capex3	8,499	8,842	-4%
- Growth	4,922	5,429	-9%
- Maintenance	2,363	2,466	-4%
- Connections	1,214	947	28%

Enel Group figures as of Marchr 31st, 2018.
€ mn	1Q 2018	1Q 2017	∆ yoy
Revenues	18,946	19,366	-2%
Reported EBITDA1	4,037	3,917	3%
Ordinary EBITDA1	3,909	3,763	4%
Reported EBIT1	2,538	2,525	1%
Ordinary EBIT1	2,410	2,374	2%

1,898	1,740	9%	Share Price (€)	4.757	4.694
FY 2017	FY 2016	∆ yoy	P/E	12.2	18.2
155,641	155,596	0%	EV/EBITDA	7.5	7.3
1,970	11	n.m.	Dividend Yield	5.9%	5.0%

27%	28%	-1 p.p.	Moody's	Baa2	Stable
2.4x	2.5x	-	S&P	BBB+	Stable
8,499	8,842	-4%	Fitch	BBB+	Stable

1. Alternative performance indicators not envisaged in the IFRS-EU accounting standards are intended to facilitate the assessment of the Group's performance and financial position. Please refer to the press releases of the related consolidated results for the definition of these indicators.

2. FFO: funds from operations after ∆ WC and provisions 3. Includes capex related to assets held for sale for 369 €mn at FY 2017 and 290 €mn at FY 2016.

Stock performance (01/01/2018 - 19/07/2018)

8. 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 forwardlooking 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.