INTERIM FINANCIAL REPORT AT MARCH 31, 2025

Beyond Reports: Enel's Graphic Journey to a Sustainable Tomorrow

The graphic design of Enel's 2025 corporate reporting project powerfully reflects our commitment to building a better future.

The design featured in this publication underscores our strong commitment to translating our Purpose "Build the future through sustainable power" into concrete actions.

Specifically, we are dedicated to actively shaping a better tomorrow by reducing environmental impact through clean, innovative, and responsible energy solutions for future generations.

Our visual narrative is crafted to express Enel's commitment to our long term aim and how we embody our core values: trust, innovation, flexibility, respect, and proactivity. We build trust within our teams and with our stakeholders through clear communication and a focus on our customers. By fostering curiosity and a practical approach, we drive innovation to meet changing needs and create sustainable solutions. Our ability to adapt enables us to seize new opportunities in a rapidly changing world, while our respect for individuality and inclusivity fosters teamwork. Together, we work diligently to achieve results with integrity and responsibility, shaping a sustainable future.

As a result, every element of our corporate reporting resonates with Enel's commitment and core values, creating a narrative designed to inspire others to join us on our journey toward a sustainable future.

INTERIM FINANCIAL REPORT AT MARCH 31, 2025

Build the future through sustainable power PURPOSE

VISION

Drive electrification, fulfilling people's needs and shaping a better world.

Trust Innovation Proactivity Respect Flexibility

VALUES

POSITIONING

Your energy choices, our responsibility. Every day, powered by clean energy.

GUIDE TO NAVIGATING THE REPORT

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1. REPORT ON OPERATIONS

Highlights	11
Foreword	12
Enel organizational model	13
Reference scenario	16
The macroeconomic environment	16
Energy conditions	17
Significant events in the 1st Quarter of 2025	20
Group performance	22
Analysis of the Group's financial position and structure	30
Performance by Segment	35
Thermal Generation and Trading	39
Enel Green Power	43
Enel Grids	49
End-user Markets	55
Holding and Services	61
Definition of performance measures	63
Outlook	65

2. CONSOLIDATED FINANCIAL SITUATION AT MARCH 31, 2025

Condensed Consolidated Income Statement	69
Statement of Consolidated Comprehensive Income	70
Condensed Consolidated Statement of Financial Position	71
Statement of Changes in Consolidated Shareholders' Equity	72
Condensed Consolidated Statement of Cash Flows	74
Notes to the Consolidated financial situation at March 31, 2025	75
Declaration of the Officer responsible for preparing the accounting documentation of Enel SpA pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Financial Intermediation, on the Interim Financial Report at March 31, 2025	96

REPORT ON OPERATIONS

Consolidated financial situation at March 31, 2025

1. Report on Operations

Highlights

	1st Quarter
	2025	2024	Change
Revenue (millions of euro)	22,074	19,432	13.6%
Gross operating profit (millions of euro)	5,974	5,892	1.4%
Ordinary gross operating profit (millions of euro)	5,974	6,094	-2.0%
Profit attributable to the owners of the Parent (millions of euro)	2,007	1,931	3.9%
Ordinary profit attributable to the owners of the Parent (millions of euro)	2,003	2,180	-8.1%
Net financial debt (millions of euro)	56,011	55,767(2)	0.4%
Cash flows from operating activities (millions of euro)	3,445	4,639	-25.7%
Capital expenditure (millions of euro)(1)	2,074	2,587	-19.8%
Total net efficient installed capacity (GW)	81.6	81.0(2)	0.7%
Net efficient installed renewables capacity (GW)	57.3	56.6(2)	1.2%
Net efficient installed renewables capacity (%)	70.2%	69.9%(2)	0.3%
Additional efficient installed renewables capacity (GW)	0.64	0.41	56.1%
Net electricity generation (TWh)(3)	46.67	48.68	-4.1%
Net renewable electricity generation (TWh)(3)	31.66	32.70	-3.2%
Electricity distribution and transmission grid (km)	1,871,522	1,870,283(2)	0.1%
Electricity transported on Enel's distribution grid (TWh)	117.1	120.2	-2.6%
End users (no.)	68,643,131	70,447,362	-2.6%
End users with active smart meters (no.)(4)	45,354,158	45,341,460	-
Electricity sold by Enel (TWh)	63.8	72.9	-12.5%
Retail customers (no.)(5) (6)	55,045,921	60,437,105	-8.9%
- of which free market(5)	23,311,263	23,917,751	-2.5%
Demand response capacity (MW)	9,184	8,127	13.0%
Public charging points (no.)(7)	28,721	27,494(2)	4.5%
Storage (MW)	2,858	2,858(2)	-
No. of employees	60,584	60,359	0.4%

(1) Does not include €1 million regarding units classified as held for sale or discontinued operations (€103 million in the first three months of 2024).

(2) At December 31, 2024.

(3) If generation of the joint ventures and Partnerships was also included, total generation would amount to 50.2 TWh at March 31, 2025 (52.7 TWh at March 31, 2024); similarly, generation from renewable sources would amount to 35.2 TWh at March 31, 2025 (36.7 TWh at March 31, 2024).

(4) Of which 30 million second-generation meters in the 1st Quarter of 2025 and 29.3 million in the 1st Quarter of 2024.

(5) The figure for the 1st Quarter of 2024 reflects a more accurate calculation of the aggregate.

(6) Retail customers include fiber optic customers.

(7) If the figures also included charging points operated through joint ventures, they would amount to 30,130 at March 31, 2025 and 28,809 at December 31, 2024.

Foreword

The Interim Financial Report at March 31, 2025 has been prepared in compliance with Article 154-ter, paragraph 5, of Legislative Decree 58 of February 24, 1998, with the clarification indicated in the following section, and in conformity with the recognition and measurement criteria set out in the international accounting standards (International Accounting Standards - IAS and International Financial Reporting Standards - IFRS) issued by the International Accounting Standards Board (IASB), as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognized in the European Union pursuant to Regulation (EC) no. 1606/2002 and in effect as of the close of the period.

Article 154-ter, paragraph 5, of the Consolidated Financial Intermediation Act, as amended by Legislative Decree 25/2016, no longer requires issuers to publish an interim financial report at the close of the 1st and 3rd Quarters of the year. The new rules give CONSOB the power to issue a regulation requiring issuers, following an impact analysis, to publish periodic financial information in addition to the annual and semi-annual financial reports. In view of the foregoing, Enel intends to continue voluntarily publishing an interim financial report at the close of the 1st and 3rd Quarters of each year in order to satisfy investor expectations and conform to consolidated best practices in the main financial markets, while also taking due account of the quarterly reporting requirements of a number of major listed subsidiaries.

Consolidated financial situation at March 31, 2025

1. Report on Operations

Enel organizational model

ENEL GROUP CHAIRMAN P. Scaroni ENEL GROUP CEO F. Cattaneo STAFF FUNCTIONS ADMINISTRATION, FINANCE AND CONTROL S. De Angelis EXTERNAL RELATIONS N. Mardegan AUDIT A. Spina CEO OFFICE, STRATEGY AND SUSTAINABILITY M. Mossini PEOPLE AND ORGANIZATION E. Colacchia LEGAL, CORPORATE, REGULATORY AND ANTITRUST AFFAIRS F. Puntillo SECURITY V. Giardina GLOBAL SERVICE FUNCTION GLOBAL SERVICES S. Ciurli GLOBAL BUSINESS LINES ENEL GRIDS AND INNOVATION G.V. Armani GLOBAL ENERGY AND COMMODITY MANAGEMENT AND CHIEF PRICING OFFICER C. Machetti ENEL GREEN POWER AND THERMAL GENERATION S. Bernabei ENEL X GLOBAL RETAIL F. Gostinelli COUNTRIES AND REGION ITALY N. Lanzetta IBERIA J. Bogas Gálvez REST OF THE WORLD R.A.E. Deambrogio

The Enel Group structure is organized into a matrix that comprises:

		Global Business Lines

Global Business Lines The Global Business Lines are responsible for managing and developing assets, optimizing their performance and the return on capital employed in the various geographical areas in which the Group operates (Italy, Iberia and ROW - Rest of the World). In compliance with safety, protection and environmental policies and regulations, they are tasked with maximizing the efficiency of the processes they manage and applying international best practices, sharing responsibility for EBIT-DA, cash flows and revenue with the countries.

The Group, which also draws on the work of an Investment Committee,1 benefits from a centralized industrial vision of projects in the various business lines. Each project is assessed not only on the basis of its financial return but also in relation to the best technologies available at the Group level. Furthermore, each business line contributes to guiding Enel's leadership in the energy transition and in the fight against climate change, managing the associated risks and opportunities in its area of competence.

The following provides a brief summary of the primary objectives of each Global Business Line:

Enel Grids and Innovability: ensures the optimal allocation of resources to achieve a high level of reliability and quality for electricity supply services, maximizing performance with respect to the most advanced safety standards and developing technologically advanced grids that can fully exploit any synergies; promotes, harmonizes and coordinates innovation and sustainability processes, supporting the activities of the Global Business Lines and Countries.
Global Energy and Commodity Management and Chief Pricing Officer: optimizes the Group's margin through the active management of its hedging strategy and the exposure to commodity risk, taking account of all commercial/market factors in order to maximize the integrated margin in the markets in which we operate through the optimization of gas and fuel supplies, and local dispatching of thermal and renewable generation, while supporting Enel X Global Retail in defining the commercial strategy.
Enel Green Power and Thermal Generation: provides guidance for a rapid and effective energy transition, growing the portfolio of renewable generation facilities, and manages the corresponding evolution of thermal generation and storage assets with a view to decarbonizing our energy mix in order to meet the needs of customers in all the countries in which we operate; manages the operation and maintenance of Group generation plants in compliance with applicable policies and regulations governing safety, protection and the environment.
Enel X Global Retail: defines the commercial strategy and manages the customer product range for energy, products and services, including electric mobility, ensuring compliance with safety, protection and environmental regulations, maximizing value for the customer and operational efficiency, and supporting margin optimization with Global Energy and Commodity Management.

^1. The Group Investment Committee is made up of the heads of Administration, Finance and Control, Innovability, Legal and Corporate Affairs, Regulatory and Antitrust Affairs, Global Procurement, the geographical areas, and the heads of the business lines.

Region and Countries The Region and Countries are responsible for managing relationships with institutional bodies and regulatory authorities, as well as handling distribution and electricity and gas sales, in their areas, while also providing staff and other service support to the business lines. They are also charged with promoting decarbonization and guiding the energy transition towards a low-carbon business model within their areas of responsibility.

The following functions provide support to Enel's business operations:

Global Service Function The Global Service Function is responsible for managing information and communication technology activities, procurement at the Group level, managing global customer relationship activities, facility management and the associated general services.

The Global Service Function is also focused on the responsible adoption of measures that enable the achievement of sustainable development goals, specifically in managing the supply chain and developing digital solutions to support the development of enabling technologies for the energy transition and the fight against climate change.

Holding Company Staff Functions

The Holding Company Staff Functions are responsible for managing governance processes at the Group level (e.g., Administration, Finance and Control; People and Organization; External Relations; Audit, Legal, Corporate, Regulatory and Antitrust Affairs; Security; CEO Office, Strategy and Sustainability). More specifically, the CEO Office, Strategy and Sustainability function is also responsible for defining strategy, long-term planning and the Group's strategic objectives, guiding the associated decision-making, and ensures the alignment of internal stakeholders with our strategic positioning, aimed among other things at promoting the decarbonization of the energy mix and the electrification of energy demand, key actions in the fight against climate change; defines the strategy, strategic positioning and guidelines in respect of sustainability, manages the execution of projects and monitors their performance; supports the sustainability strategic planning process and supports the preparation of the Sustainability Statement.

Reference scenario

The macroeconomic environment

Global growth prospects showed signs of weakening in the 1st Quarter of 2025, in the context of persistent geopolitical tensions and re-emerging uncertainties on international trade policies. In many countries, both business and consumer confidence deteriorated, also due to expectations regarding increasing customs tariffs by the United States. President Trump's announcement on April 3 exceeded market expectations, raising import-weighted average US tariff from 2.5% at the end of 2024 to 24%, a level not seen since the 1920s. This decision is generating significant stagflation scenarios (slowing economic growth accompanied by rising inflation), with potential repercussions not only in the US but also on a global scale.

The uncertainty stemming from trade policy is having a negative impact on the US economy, with signs of moderating growth. GDP growth is estimated to slow down to 2.3% year-on-year in the 1st Quarter, down from 2024 levels. The deterioration in the economic framework also reflects adverse weather events and the job cuts resulting from the federal government's streamlining program, which could further compress employment and domestic demand in the near term.

Economic recovery remains fragile in the euro area, with GDP growth estimated at 0.2% year-on-year in the first three months of 2025. The industrial crisis in Germany and weak exports continue to hinder a more robust recovery. In addition, the risk of increasing trade protectionism in the United States provides an additional element of vulnerability for the region. Inflation in the euro area fell to 2.2% year-on-year in March, from 2.3% in February, with the quarterly average at 2.3%, confirming the gradual approach to the 2% target set by the European Central Bank.

Latin America showed a mixed economic picture in the 1st Quarter of 2025, with signs of slowdown emerging in Brazil and Chile, and more robust growth in Argentina and Colombia, against a backdrop of persistent inflationary pressures and prudent monetary policies. In Brazil, economic growth is estimated at 3% year-on-year in the 1st Quarter, from 3.6% in the previous quarter, mainly due to weak domestic demand and stagnation in the services sector. Inflation is expected to rise to 5.1% year-on-year, fueled by the unanchoring of expectations and increasing prices of less volatile goods. These developments led the central bank to raise the interest rate to 14.25%.

In Chile, economic growth is estimated at 1.8% yearon-year, from 4% in the previous quarter, mainly reflecting the contraction in mining activity. Inflation is forecast to rise to 4.8% on an annual basis, driven by the increase in regulated electricity prices, with a gradual easing expected in the second half of the year. In Colombia, GDP growth is estimated at 2.3%, supported by a recovery in consumption and domestic demand. However, the disinflation process has stalled, with inflation expected to stabilize at 5.2% on an annual basis, prompting the central bank to suspend rate cuts in March. Price developments are, however, expected to normalize over the course of the year.

The Argentine economy showed a strong momentum in the 1st Quarter, with a year-on-year GDP growth at 3.5%, from 2.1% in the previous quarter, supported by domestic demand and a recovery in exports. The fixed exchange rate regime of the Argentine peso helped contain inflation, which reached its lowest level since 2022, with an expected decrease to 61%, down sharply from 159% in the previous quarter.

Change in consumer price index (CPI)

	1st Quarter
%	2025	2024	Change
Italy	1.83	0.97	0.86
Spain	2.67	3.23	-0.56
Argentina	68.40	272.77	-204.37
Brazil	5.10	4.31	0.79
Chile	4.81	4.00	0.81
Colombia	5.19	7.82	-2.63
United States	2.81	3.27	-0.46
Canada	2.25	2.87	-0.62

Exchange rates

	1st Quarter
	2025	2024	Change
Euro/US dollar	1.05	1.09	-3.7%
US dollar/Argentine peso	1,055.14	833.97	26.5%
US dollar/Brazilian real	5.85	4.95	18.2%
US dollar/Chilean peso	963.71	946.98	1.8%
US dollar/Colombian peso	4,189.05	3,915.50	7.0%

Energy conditions

The commodity market

In the 1st Quarter of 2025, the energy and metals commodity markets showed diversified trends, in contrast to the same period of 2024. The market continues to be influenced by macroeconomic and geopolitical developments, with demand showing signs of recovery in some sectors and supply shocks persisting in others.

Compared to the 1st Quarter of 2024, TTF price strongly increased by 71.3%, to an average of about €47/MWh. The increase reflects the recovery of demand and greater volatility linked to geopolitical tensions and less favorable weather conditions, which put pressure on stocks compared to the previous year.

The benchmark price for coal API2 slightly decreased, to about \$102/ton, down 2.8% compared with the 1st Quarter of 2024. Coal demand is affected by a structural decline in Europe, despite some temporary rebounds.

The price of Brent crude averaged about \$75/bbl, down 8.4% compared with the same period of last year, reflecting the combined effect of weakening global demand and risk factors related to geopolitical tensions in the Middle East and OPEC+ policies, which continue to support prices through production cuts.

On the contrary, the price of CO2 (EU ETS) resumed growth to +23.2%, reaching about €73/ton, with the increase reflecting in particular the increase in gas prices, as well as the positioning of financial operators.

Base metals prices generally increased, driven by expectations of economic recovery and a more accommodative monetary policy stance in Europe and the United States. Copper and aluminum prices increased by +10.7% and +19.4%, respectively, both supported by tight fundamentals and expectations of rising demand, especially for energy transition. Nickel, and battery metals in general, bucked the trend, with prices falling compared with the 1st Quarter of 2024, penalized by continued oversupply.

	1st Quarter
	2025	2024	Change
Market indicators
Average IPE Brent oil price (\$/bbl)	74.9	81.8	-8.4%
Average CO2 price (€/ton)	73.3	59.5	23.2%
Average coal price (\$/t CIF ARA)(1)	102.4	105.4	-2.8%
Average gas price (€/MWh)(2)	47.0	27.4	71.5%
Average copper price (\$/ton)	9,346	8,444	10.7%
Average aluminum price (\$/ton)	2,629	2,201	19.4%
Average nickel price (\$/ton)	15,569	16,588	-6.1%

(1) API2 index.

(2) TTF index..

Electricity and natural gas markets

Developments in electricity demand

	1st Quarter
TWh	2025	2024	Change
Italy	77.4	77.8	-0.5%
Spain	63.5	63.4	0.2%
Argentina	40.4	39.0	3.6%
Brazil	185.6	177.0	4.9%
Chile	21.9	21.7	0.9%
Colombia	20.3	20.5	-1.0%

Source: National TSOs. The figures may change during the year.

In the first three months of 2025, electricity demand in Italy decreased slightly compared with the same period of 2024 (-0.5%), reflecting weak industrial consumption. Electricity demand edged upwards in Spain (+0.2%), on the back of economic growth exceeding expectations. In Latin America, electricity demand is growing in Brazil (+4.9%), Argentina (+3.6%) and Chile (+0.9%), but somewhat declined in Colombia (-1.0%).

Electricity prices

	Average baseload price Q1 2025 (€/MWh)	Change in average baseload price Q1 2025 - Q1 2024	Average peakload price Q1 2025 (€/MWh)	Change in average peakload price Q1 2025 - Q1 2024
Italy	138.0	50.2%	148.6	46.5%
Spain	86.0	92.0%	80.0	86.9%

The increase in gas and CO2 prices led to a strong increase in electricity prices compared with 2024. Prices in Italy and Spain increased by an average of about 50% and 92%, respectively, despite daily volatility remaining very high, particularly in March when prices dropped below €15/MWh on some days.

Natural gas demand

	1st Quarter
Billions of m3	2025	2024		Change
Italy	21.6	19.9	1.7	8.5%
Spain	7.7	7.0	0.7	10.0%

Natural gas demand in Italy

	1st Quarter
Billions of m3	2025	2024		Change
Distribution networks	11.7	11.4	0.3	2.6%
Industry	3.0	3.0	-	-
Thermal generation	6.4	5.0	1.4	28.0%
Other(1)	0.5	0.5	-	-
Total	21.6	19.9	1.7	18.5%

(1) Includes other consumption and losses.

Source: Enel based on data from the Ministry for Economic Development and Snam Rete Gas.

Demand for natural gas in Italy in the first three months of 2025 came to 21.6 billion cubic meters, up 9.1% on 2024. At the sectoral level, sharp increases were recorded in demand for thermal generation, while industrial consumption, residential demand and tertiary sector showed more moderate increases.

In Spain, consumption increased even more sharply, by 10.0%, especially as regards residential demand and thermal generation, while industrial consumption is declining.

Significant events in the 1st Quarter of 2025

Enel places €2 billion perpetual hybrid bonds

On January 7, 2025, Enel SpA successfully launched on the European market new non-convertible, subordinated perpetual hybrid bonds for institutional investors, denominated in euros, for an aggregate amount of €2 billion.

The issue is structured in the following two series:

a €1,000 million bond with annual fixed coupon of 4.250% to be paid until (but excluding) the first reset date of April 14, 2030;
a €1,000 million bond with annual fixed coupon of 4.5% which will be paid until (but excluding) the first reset date of January 14, 2033.
The issue totaled orders in the amount of about €6.8 billion; the positive response from investors allowed the achievement of an average coupon of 4.375%.

Enel launches a triple-tranche €2 billion sustainability-linked bond in the Eurobond market

On February 17, 2025, Enel Finance International NV launched a sustainability-linked bond for institutional investors in the Eurobond market of a total €2 billion, totaling orders for about €5 billion.

The issue, which has an average duration of approximately six years, has an average coupon lower than 3% and is structured in the following three tranches:

€750 million at a fixed rate of 2.625%, with settlement date set on February 24, 2025, maturing on February 24, 2028;
€750 million at a fixed rate of 3%, with settlement date set on February 24, 2025, maturing on February 24, 2031;
€500 million at a fixed rate of 3.5%, with settlement date set on February 24, 2025, maturing on February 24, 2036.

Enel signs a €12 billion committed revolving credit line

On February 19, 2025, Enel SpA and its subsidiary Enel Finance International NV (EFI) signed a committed, revolving, sustainability-linked credit facility for an amount of €12 billion and a maturity of five years.

This facility replaces the previous credit line that had been signed by Enel and EFI in March 2021, and subsequently amended, with an overall value of €13.5 billion. The cost of the new facility varies on the basis of the pro-tempore rating assigned to Enel; based on the current rating, it has a spread of 40 bps above Euribor, with a floor at zero; the commitment fee is equal to 35% of the spread.

The new facility, which has a lower cost than the previous one, can be used by Enel itself and/or EFI, in the latter case with a Parent company guarantee by Enel SpA.

Closing of the acquisition from Acciona Energía of a 626 MW portfolio of hydro plants in Spain

On February 26, 2025, Endesa Generación finalized the acquisition of the entire share capital of Corporación Acciona Hidráulica SL (CAH) from Corporación Acciona Energías Renovables, a company of the Acciona Group. The price refers to 100% of CAH and is equal to €959 million, including adjustments customary for these kinds of transactions.

The portfolio of plants held by CAH is composed of 34 hydro plants, located in northeastern Spain, for a total installed capacity of 626 MW, most of which can be modulated, which generated around 1.3 TWh in 2023.

Enel and Masdar sign new agreement for 446 MW of photovoltaic plants operating in Spain, strengthening their partnership

On March 24, 2025, Enel Green Power España SL, a Group company controlled through Endesa, signed an agreement with Masdar for the sale to the latter of a non-controlling interest of 49.99% of the share capital in EGPE Solar 2, a vehicle encompassing four Endesa photovoltaic assets operating in Spain, for an overall installed capacity of 446 MW.

The agreement provides for a consideration of €184 million for the acquisition of 49.99% of EGPE Solar 2's share capital, and is subject to the adjustments customary for these kinds of transactions. The enterprise value on a 100% basis of EGPE Solar 2 recognized in the agreement is €368 million.

The transaction is not expected to bear any impact on the Group performance, as Enel will continue to maintain control and fully consolidate EGPE Solar 2.

The closing of the deal is expected in the 2nd Quarter of 2025, subject to a number of precedent conditions customary for these kinds of transactions, including clearance from the Spanish government on foreign investments.

Group performance

Operations

Electricity generation

	1st Quarter
	2025	2024		Change
Net electricity generation (TWh)(1)	46.67	48.68	(2.01)	-4.1%
of which:
- renewable (TWh)(1)	31.66	32.70	(1.04)	-3.2%

Total net efficient installed capacity (GW)	81.6	81.0(2)	0.6	0.7%
Net efficient installed renewables capacity (GW)	57.3	56.6(2)	0.7	1.2%
Net efficient installed renewables capacity (%)	70.2%	69.9%(2)	0.3%	-
Additional efficient installed renewables capacity (GW)	0.64	0.41	0.23	56.1%

(1) If generation of joint ventures and Partnerships was also included, total generation at March 31, 2025 would amount to 50.2 TWh (52.7 TWh at March 31, 2024); similarly, generation from renewable sources at March 31, 2025 would be equal to 35.2 TWh (36.7 TWh at March 31, 2024). (2) At December 31, 2024.

Net electricity generated by Enel in the 1st Quarter of 2025 decreased by 2.01 TWh compared with the same period of 2024 (-4.1%), due to lower thermal generation (-1.51 TWh) essentially connected with the decrease in generation from combined-cycle plants (-1.11 TWh), coal-fired plants (-0.27 TWh) and fuel-oil and turbo-gas plants (-0.13 TWh), mainly in Italy, Colombia and Peru, the latter following the sale of a num-

The decrease in generation from renewable sources (-1.04 TWh) is essentially attributable to the decrease in hydroelectric generation (-1.77 TWh), mainly in Ita-

ber of generation assets (-0.8 TWh).

ly, Chile, Argentina and Peru, and in generation from geothermal, biomass and biogas sources (-0.11 TWh), partly offset by the increase in solar generation (0.6 TWh) and wind generation (0.24 TWh) mainly in Brazil and North America.

Nuclear generation increased by 0.54 TWh.

Excluding changes due to the sale of generation assets in Peru in the 2nd Quarter of 2024 (-2.5 TWh) and the acquisition in Spain of 34 hydroelectric plants in 2025, generation in the 1st Quarter of 2025 increased by 0.3 TWh (+0.6%) compared with the same period in 2024.

NET ELECTRICITY GENERATION BY SOURCE (1ST QUARTER OF 2025)

The Group's net efficient installed capacity totaled 81.6 GW, an increase compared with the end of 2024 (81.0 GW). The change is attributable to the acquisition from the Acciona Group of 34 hydro plants located in northeastern Spain, equal to an increase of installed capacity of 0.6 GW.

NET EFFICIENT INSTALLED CAPACITY BY SOURCE (AT MARCH 31, 2025)

At the end of March 2025, the Group's net efficient installed renewables capacity reached 57.3 GW, equal to 70.2% of total net efficient installed capacity.

Electricity distribution

	1st Quarter
	2025	2024		Change
Electricity transported on Enel's distribution network (TWh)	117.1	120.2	(3.1)	-2.6%
End users with active smart meters (no.)(1)	45,354,158	45,341,460	12,698	-
Electricity distribution and transmission grid (km)	1,871,522	1,870,283(2)	1,239	0.1%
End users (no.)	68,643,131	70,447,362	(1,804,231)	-2.6%
SAIDI (average minutes)	178.3	179.2(2) (3)	(0.9)	-0.5%
SAIFI (average no.)	2.3	2.3(2) (3)	-	-

(1) Of which 30 million second-generation meters in the 1st Quarter of 2025 and 29.3 million in the 1st Quarter of 2024.

(2) At December 31, 2024.

(3) The figure for the 1st Quarter of 2024 reflects a more accurate calculation of the aggregate.

Electricity transported on Enel's distribution network

in the 1st Quarter of 2025 amounted to 117.1 TWh, a decrease of 3.1 TWh (-2.6%) compared with the same period in 2024, mainly reflecting the sale of distribution assets held in Peru (-2.3 TWh) and in a number of municipalities in the provinces of Milan and Brescia in Italy (-2.3 TWh, with a total decrease of -1.9 TWh in Italy) and Argentina (-0.1 TWh). This effect was partly offset by an increase in electricity transported in Spain (+1.0 TWh) and Brazil (+0.2 TWh).

Excluding the effects of changes in consolidation scope, electricity distribution increased by 1.5 TWh (+1.2%).

End-user Markets

	1st Quarter
	2025	2024		Change
Electricity sold by Enel (TWh)	63.8	72.9	(9.1)	-12.5%
Gas sold to end users (billions of m3)	2.54	2.88	(0.34)	-11.8%
Retail customers (no.)(1)	55,045,921	60,437,105(2)	(5,391,184)	-8.9%
- of which free market	23,311,263	23,917,751(2)	(606,488)	-2.5%
Demand response capacity (MW)	9,184	8,127	1,057	13.0%
Public charging points (no.)(3)	28,721	27,494(4)	1,227	4.5%
Storage (MW)	2,858	2,858(4)	-	-

(1) Includes fiber optic customers.

(2) The figure for the 1st Quarter of 2024 reflects a more accurate calculation of the aggregate.

(3) If the figures also included charging points operated through joint ventures, the totals would amount to 30,130 at March 31, 2025 and 28,809 at December 31, 2024.

(4) At December 31, 2024.

Electricity sold by Enel in the 1st Quarter of 2025 came to 63.8 TWh, a decrease of 9.1 TWh (-12.5%) compared with the same period in 2024, reflecting both a decrease in the volumes of electricity sold in Italy, Spain and Latin America, and the sale of assets in Peru (-3.2 TWh).

Excluding this last change of consolidation scope, electricity sold decreased by 5.9 TWh (-8.5%).

Gas sold by Enel in the 1st Quarter of 2025 amounted to 2.54 billion cubic meters, a decrease of 0.34 billion cubic meters compared with the same period in 2024, mainly regarding Italy.

Demand response capacity came to 9,184 MW in the 1st Quarter of 2025, up 1,057 MW on the same period in 2024, reflecting increases in Italy (+190 MW), Spain (+62 MW) and the Rest of the World (+805 MW).

Enel public charging points in the 1st Quarter of 2025 increased compared with the same period of 2024 by 1,227, mainly in Italy and Spain.

Finally, storage capacity came to 2,858 MW, unchanged from December 31, 2024.

People at the Enel Group

The Enel Group workforce at March 31, 2025 numbered 60,584, of which 48% employed in Group companies outside Italy. The increase by 225 employees exclusively reflects the positive balance between new hires and terminations (+172) and the acquisition of Corporación Acciona Hidráulica in Spain (+53).

No.	at Mar. 31, 2025	at Dec. 31, 2024	Percentage of total at Mar. 31, 2025	Percentage of total at Dec. 31, 2024
Thermal Generation and Trading	4,970	5,105	8.2%	8.4%
Enel Green Power	8,102	8,269	13.4%	13.7%
Enel Grids	33,456	32,214	55.2%	53.4%
End-user Markets	6,783	7,944	11.2%	13.2%
Holding and Services	7,273	6,827	12.0%	11.3%
Total	60,584	60,359	100.0%	100.0%

Group performance

	Ordinary income statement(1)				Income statement
	1st Quarter				1st Quarter
Millions of euro	2025	2024	Change		2025 2024		Change
Revenue	22,074	19,432	2,642	13.6%	22,074	19,432	2,642	13.6%
Costs	16,551	12,931	3,620	28.0%	16,551	13,133	3,418	26.0%
Net results from commodity contracts	451	(407)	858	-	451	(407)	858	-
Gross operating profit/(loss)	5,974	6,094	(120)	-2.0%	5,974	5,892	82	1.4%
Depreciation, amortization and impairment	1,931	1,891	40	2.1%	1,929	1,891	38	2.0%
Operating profit/(loss)	4,043	4,203	(160)	-3.8%	4,045	4,001	44	1.1%
Financial income	1,950	2,347	(397)	-16.9%	1,950	2,347	(397)	-16.9%
Financial expense	2,633	3,081	(448)	-14.5%	2,633	3,081	(448)	-14.5%
Net financial expense	(683)	(734)	51	6.9%	(683)	(734)	51	6.9%
Share of profit/(loss) of equity-accounted investments	(6)	108	(114)	-	(6)	1	(7)	-
Pre-tax profit (loss)	3,354	3,577	(223)	-6.2%	3,356	3,268	88	2.7%
Income taxes	960	1,024	(64)	-6.3%	960	1,024	(64)	-6.3%
Profit/(Loss) from continuing operations	2,394	2,553	(159)	-6.2%	2,396	2,244	152	6.8%
Profit/(Loss) from discontinued operations	-	-	-	-	-	-	-	-
Profit for the period (owners of the Parent and non-controlling interests)	2,394	2,553	(159)	-6.2%	2,396	2,244	152	6.8%
Attributable to owners of the Parent	2,003	2,180	(177)	-8.1%	2,007	1,931	76	3.9%
Attributable to non-controlling interests	391	373	18	4.8%	389	313	76	24.3%

(1) The ordinary income statement does not include non-recurring items, as defined in the "Definition of performance measures" section. The summary of results presents a reconciliation of reported figures with ordinary figures for the following aggregates: gross operating profit, operating profit, and profit for the period (attributable to owners of the Parent).

Revenue

	1st Quarter
Millions of euro	2025	2024		Change
Sale of electricity	10,958	11,293	(335)	-3.0%
Transport of electricity	3,198	3,026	172	5.7%
Fees from network operators	312	211	101	47.9%
Transfers from institutional market operators	383	453	(70)	-15.5%
Sale of gas	2,065	2,342	(277)	-11.8%
Transport of gas	172	229	(57)	-24.9%
Sale of fuels	374	429	(55)	-12.8%
Fees for connection to electricity and gas networks	230	212	18	8.5%
Revenue from construction contracts	283	244	39	16.0%
Sale of commodities with physical settlement and fair value gain/ (loss) on contracts settled in the period	3,024	43	2,981	-
Sale of value-added services	286	306	(20)	-6.5%
Sale of environmental certificates	56	37	19	51.4%
Sale of assets	-	17	(17)	-
Gain from sale of property, plant and equipment and intangible assets	1	1	-	-
Grants for environmental certificates	42	65	(23)	-35.4%
Sundry reimbursements	117	63	54	85.7%
Tax partnerships	210	135	75	55.6%
Other income	363	326	37	11.3%
Total	22,074	19,432	2,642	13.6%

In the 1st Quarter of 2025, Group's revenue came to €22,074 million, up 13.6% from €19,432 million in the same period of 2024.

The increase is mainly attributable to higher quantities of electricity generated and sold, excluding the effects of changes in consolidation scope mainly reflecting the sale of distribution and generation assets in Peru, and to the increase in revenue of Thermal Generation and Trading from the sale of the commodity on the wholesale market, against a backdrop of rising average prices compared with the same period in the previous year.

Revenue from the sale and transport of electricity decreased by €163 million compared with the 1st Quarter of 2024, mainly reflecting the changes in consolidation scope following the sale of assets in Peru in the 2nd Quarter of 2024 and the acquisition of 34 hydro plants in Spain in the 1st Quarter of 2025. Excluding these changes in consolidation scope, with an overall impact of €361 million, revenue from electricity sale and transport increased by €198 million, mainly reflecting the increase in revenue in Spain, which more than offset the decrease in average rates applied to end users in Italy.

Revenue from the sale and transport of gas decreased by €334 million on the same period of 2024, essentially reflecting the decrease in quantities sold and in average rates applied to end users in Italy.

Consolidated financial situation at March 31, 2025

Costs

	1st Quarter
Millions of euro	2025	2024		Change
Electricity purchases	5,175	4,641	534	11.5%
Consumption of fuel for electricity generation	776	1,004	(228)	-22.7%
Fuel for trading and gas for sale to end users	4,433	1,366	3,067	-
Materials	575	482	93	19.3%
Personnel expenses	1,165	1,176	(11)	-0.9%
Services, leases and rentals	4,187	4,136	51	1.2%
Environmental certificates	217	369	(152)	-41.2%
Other charges related to the electricity and gas system	64	34	30	88.2%
Other charges for taxes and fees	440	341	99	29.0%
Extraordinary solidarity levies	-	202	(202)	-
Other expenses	161	138	23	16.7%
Capitalized costs	(642)	(756)	114	15.1%
Total	16,551	13,133	3,418	26.0%

1. Report on Operations

As with revenue, costs in the 1st Quarter of 2025 increased mainly due to the increase in energy commodity prices, more specifically in contracts for purchasing fuel and gas in Italy and the fair value measurement of related contracts with physical settlement closed in the period.

Ordinary gross operating profit/(loss)

	1st Quarter 2025 2024
Millions of euro				Change
Thermal Generation and Trading	967	958	9	0.9%
Enel Green Power	1,706	1,685	21	1.2%
Enel Grids(1)	2,153	2,167	(14)	-0.6%
End-user Markets(1)	1,169	1,324	(155)	-11.7%
Holding and Services	(21)	(40)	19	47.5%
Total	5,974	6,094	(120)	-2.0%

(1) The figures for the 1st Quarter of 2024 for the End-user Markets and Enel Grids business lines in the Rest of the World have been reallocated, consistent with the regulatory systems in the various countries.

Ordinary gross operating profit decreased by €120 million compared with the same period in 2024, especially reflecting the effects of changes in consolidation scope, mainly regarding the sale of distribution and generation assets in Peru (totaling €179 million) in the 2nd Quarter of 2024, and the acquisition of new hydro plants in Spain (totaling €7 million), finalized in February 2025. Excluding the effects, ordinary gross operating profit increased due to the improved performance of the Integrated Businesses in Spain and Rest of the World and of Enel Grids in Italy.

The ordinary gross operating profit of the Integrated Businesses in the Generation and Trading, Enel Green Power and End-user Markets business lines posted an overall decrease of €125 million. In particular, the increase in renewable generation due to new additional capacity was more than offset by the decrease in the performance of the Retail market in Italy, mainly reflecting the decrease in volumes sold and the normalization of rates applied to end users, as well as the net effects of the sale of assets in Peru and the acquisition of hydro plants in Spain.

The ordinary gross operating profit of Enel Grids is broadly in line with the 1st Quarter of 2024. Excluding the effects of the sale of distribution assets in Peru,

commented earlier, equal to €67 million, Enel Grids margin increased by €53 million, essentially reflecting the positive effect of rate adjustments in Latin America, which more than offset negative effects of exchange rate developments in a number of countries, especially in Brazil.

Gross operating profit amounted to €5,974 million, up €82 million on the same period of 2024, reflecting the effects commented above, as well as the recognition, in the 1st Quarter of 2024, of the extraordinary solidarity levy in Spain, in the amount of €202 million.

	1st Quarter 2024
Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids(1)	End-user Markets(1)	Holding and Services	Total
Ordinary gross operating profit/(loss)	958	1,685	2,167	1,324	(40)	6,094
Extraordinary solidarity levies	-	-	-	-	(202)	(202)
Gross operating profit/(loss)	958	1,685	2,167	1,324	(242)	5,892

Ordinary operating profit/(loss)

	1st Quarter
Millions of euro	2025	2024		Change
Thermal Generation and Trading	749	766	(17)	-2.2%
Enel Green Power	1,253	1,271	(18)	-1.4%
Enel Grids(1)	1,301	1,329	(28)	-2.1%
End-user Markets(1)	810	929	(119)	-12.8%
Holding and Services	(70)	(92)	22	23.9%
Total	4,043	4,203	(160)	-3.8%

Ordinary operating profit for the 1st Quarter of 2025 decreased by €160 million as a result of the effects commented above in relation to ordinary gross operating profit and the increase of depreciation attributable to capital expenditure made during the previous year.

Operating profit/(loss)

	1st Quarter 2025
Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Holding and Services	Total
Ordinary operating profit/(loss)	749	1,253	1,301	810	(70)	4,043
Value adjustments	-	2	-	-	-	2
Operating profit/(loss)	749	1,255	1,301	810	(70)	4,045
	1st Quarter 2024
Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids(1)	End-user Markets(1)	Holding and Services	Total
Ordinary operating profit/(loss)	766	1,271	1,329	929	(92)	4,203
Extraordinary solidarity levies	-	-	-	-	(202)	(202)
Operating profit/(loss)	766	1,271	1,329	929	(294)	4,001

Operating profit in the 1st Quarter of 2025 is in line with the ordinary operating profit and posts an increase of €44 million compared with 2024, reflecting the factors commented earlier and in particular the recognition of extraordinary solidarity levies in the amount of €202 million in Spain in the 1st Quarter of 2024.

Group ordinary profit/(loss)

Group ordinary profit for the first three months of 2025 amounted to €2,003 million (€2,180 million in the 1st Quarter of 2024). The decrease of €177 million is essentially attributable to factors already commented in relation to ordinary operating profit, as well as the decrease in the contribution of equity-accounted investments (€114 million), mainly relating to the classification as assets held for sale of Slovak Power Holding as from December 2024, only partly offset by the decrease in net financial expense (€51 million) relating to the decrease in net debt compared with 2024.

Group profit/(loss)

	1st Quarter
Millions of euro	2025	2024
Group ordinary profit	2,003	2,180
Value adjustments	4	-
Extraordinary solidarity levies	-	(142)
Writedown of certain assets related to the sale of the investment in Slovenské elektrárne	-	(107)
Group profit	2,007	1,931

Group profit amounted to €2,007 million in the 1st Quarter of 2025, an increase of €76 million from €1,931 million in the same period of 2024.

The table above provides a reconciliation of Group

profit with Group ordinary profit, indicating the non-recurring items and their respective impact on performance, net of the associated tax effects and non-controlling interests.

Analysis of the Group's financial position and structure

Net capital employed and funding

The following schedule shows the composition of and changes in net capital employed.

Millions of euro	at Mar. 31, 2025	at Dec. 31, 2024	Change
Net non-current assets:
- property, plant and equipment and intangible assets	110,632	110,451	181	0.2%
- goodwill	13,367	12,850	517	4.0%
- equity-accounted investments	1,555	1,456	99	6.8%
- other net non-current assets/(liabilities)	(1,948)	(2,631)	683	26.0%
Total net non-current assets	123,606	122,126	1,480	1.2%
Net working capital:
- trade receivables	16,024	15,941	83	0.5%
- inventories	3,195	3,643	(448)	-12.3%
- net receivables due from institutional market operators	(3,950)	(4,378)	428	9.8%
- other net current assets/(liabilities)	(9,729)	(10,592)	863	8.1%
- trade payables	(12,274)	(13,693)	1,419	10.4%
Total net working capital	(6,734)	(9,079)	2,345	25.8%
Gross capital employed	116,872	113,047	3,825	3.4%
Provisions:
- employee benefits	(1,388)	(1,614)	226	14.0%
- provisions for risks and charges and net deferred taxes	(6,984)	(6,760)	(224)	-3.3%
Total provisions	(8,372)	(8,374)	2	-
Net assets held for sale	255	265	(10)	-3.8%
Net capital employed	108,755	104,938	3,817	3.6%
Total equity	52,744	49,171	3,573	7.3%
Net financial debt	56,011	55,767	244	0.4%

Net capital employed at March 31, 2025 came to €108,755 million and was funded by shareholders' equity attributable to the owners of the Parent and non-controlling interests in the amount of €52,744 million and net financial debt of €56,011 million. At March 31, 2025 the debt/equity ratio was 1.06 (1.13 at December 31, 2024). The increase in net capital employed mainly reflected:

• an increase in net non-current assets primarily as a result of the increase in assets in respect of service concession arrangements (€310 million), the provisional recognition in goodwill of €495 million representing the difference between the price paid and the fair value of the assets acquired and the liabilities assumed, pending the completion of the price allocation process, with the acquisition of the entire social capital of Corporación Acciona Hidráulica, as well as the fair value measurement of non-current derivatives (€245 million) mainly in respect of designated cash flow hedge entered into to hedge exchange rate risk.

Moreover, the change in property, plant and equipment and intangible assets mainly relates to capital expenditure in the period, including the recognition of new assets in Spain in the amount of €475 million following the acquisition commented earlier, and the positive value adjustment of the value of property, plant and equipment of Argentine companies due to hyperinflation (€165 million), net of higher depreciation for the period.

The increase of €99 million in equity-accounted investments reflects the capital increase in Enel Green Power Australia in the amount of €122 million following the closing on April 1, 2025 of an agreement between Potentia Energy and CVC DIF and Cbus Super relating to the acquisition of a controlling interest in a portfolio of renewable assets of over 1 GW;

• the increase in net working capital mainly reflecting the decrease in trade receivables and in inventories, the increase in net receivables due from institutional market operators, the increase in other net current assets essentially due to the payment of the interim dividend (€2,242 million), as well as the decrease in net financial liabilities (€325 million) and the increase in prepaid expenses (€236 million), only partly offset by the increase in net tax liabilities (€1,910 million).

The increase of total equity in the first three months of 2025 mainly reflects the profit for the period (€2,679 million) and the net increase in perpetual hybrid bonds (€1,074 million). These were partly offset by the coupons paid to holders of perpetual hybrid bonds (€38 million) and dividends distributed to non-controlling interests (€230 million).

Net financial debt

Net financial debt and changes in the period are detailed in the table below:

Millions of euro	at Mar. 31, 2025	at Dec. 31, 2024		Change
Long-term debt:
- bank borrowings	14,809	14,755	54	0.4%
- bonds	43,350	42,282	1,068	2.5%
- other borrowings(1)	2,902	3,027	(125)	-4.1%
Long-term debt	61,061	60,064	997	1.7%
Long-term financial assets and securities	(2,657)	(2,676)	19	0.7%
Net long-term debt	58,404	57,388	1,016	1.8%
Short-term debt
Bank borrowings:
- current portion of long-term bank borrowings	1,655	1,742	(87)	-5.0%
- other short-term bank borrowings	643	344	299	86.9%
Short-term bank borrowings	2,298	2,086	212	10.2%
Bonds (current portion)	4,423	5,318	(895)	-16.8%
Other borrowings (current portion)	394	379	15	4.0%
Commercial paper	647	2,406	(1,759)	-73.1%
Cash collateral and other financing for derivative transactions	680	732	(52)	-7.1%
Other short-term financial borrowings(2)	476	177	299	-
Other short-term debt	6,620	9,012	(2,392)	-26.5%
Long-term loan assets (short-term portion)	(1,154)	(2,174)	1,020	46.9%
Loan assets - cash collateral	(1,488)	(1,982)	494	24.9%
Other short-term financial assets	(311)	(374)	63	16.8%
Cash and cash equivalents and short-term securities	(8,358)	(8,189)	(169)	-2.1%
Cash and cash equivalents and short-term financial assets	(11,311)	(12,719)	1,408	11.1%
Net short-term debt	(2,393)	(1,621)	(772)	-47.6%
NET FINANCIAL DEBT	56,011	55,767	244	0.4%
Net financial debt of assets held for sale	54	61	(7)	-11.5%

(1) Includes "Other non-current financial borrowings" presented under "Other non-current liabilities" in the condensed statement of financial position.

(2) Includes "Other current financial borrowings included in net financial debt" included in "Other current financial liabilities" in the condensed statement of financial position.

Net financial debt amounted to €56,011 million at March 31, 2025, not including the net financial debt of "assets classified as held for sale", an increase of €244 million on December 31, 2024.

In particular, the funding needs generated by capital expenditure in the period (€2,057 million net of grants received equal to €18 million), the payment of dividends (€2,510 million including €38 million in coupons paid to holders of perpetual hybrid bonds) and extraordinary transactions (€1,020 million), mainly relating to the acquisition of the entire social capital of Corporación Acciona Hidráulica by Endesa, were only partly offset by the cash flows generated by operating activities (€3,445 million), the effects of the issuance of perpetual hybrid bonds net of repayments (€1,074 million net of repurchases) and positive effects of exchange rate developments on debt (€976 million).

At March 31, 2025, gross financial debt came to €69,979 million, down €1,183 million compared with December 31, 2024, and is accounted for about 69% by sustainability-linked financing instruments (68% at December 31, 2024).

Consolidated financial situation at March 31, 2025

Gross financial debt

		at Mar. 31, 2025			at Dec. 31, 2024
Millions of euro	Gross long-term debt	Gross short-term debt	Gross debt	Gross long-term debt	Gross short-term debt	Gross debt
Gross financial debt	67,533	2,446	69,979	67,503	3,659	71,162
of which:
- sustainable financing	47,196	784	47,980	45,650	2,549	48,199
Sustainable financing/Total gross debt (%)			69%			68%

1. Report on Operations

More specifically, gross long-term financial debt (including the short-term portion), in the amount of €67,533 million, includes €47,196 million in sustainable financing, and is structured as follows:

bonds in the amount of €47,773 million, including €32,238 million in sustainable bonds, up by €173 million on December 31, 2024 mainly due to the multi-tranche issue of a sustainability-linked bond of €2,000 million, carried out by Enel Finance International in February, almost completely offset by repayments and positive exchange rate developments;
bank borrowings in the amount of €16,464 million, including €14,958 million in respect of sustainability-linked financing, a decrease of €33 million on December 31, 2024;
other borrowings in the amount of €3,296 million, down €110 million on December 31, 2024.

Cash flows

Cash flows from operating activities in the first three months of 2025 was a positive €3,445 million, a decrease of €1,194 million on the same period of 2024, mainly attributable to higher cash requirements connected with changes in net working capital.

Cash flows used in investing activities in the first three months of 2025 absorbed cash in the amount of €3,077 million, compared with €2,435 million in the first three months of 2024.

In particular, in the first three months of 2025 investments in companies or business units included €949 million in respect of the acquisition of the entire capital of Corporación Acciona Hidráulica SL by Endesa Generación net of cash and cash equivalent acquired of €10 million.

Investments in property, plant and equipment, intangibles and contract assets came to €2,075 million in the period, down €615 million compared with the first three months of 2024.

Gross short-term financial debt came to €2,446 million (including €784 million in sustainability-linked financing), a decrease of €1,213 million compared with December 31, 2024 mainly connected to the decrease in commercial paper.

Cash and cash equivalents and short- and longterm financial assets, totaling €13,968 million, decreased by €1,427 million on December 31, 2024, mainly reflecting the decrease in the short-term portion of long-term financial assets, equal to €1,020 million, essentially relating to the repayment of the financing provided for in the agreement with EPH in December 2024 for the sale of the residual interest in the indirect investment in Slovenské elektrárne, and the reduction in cash collateral in the amount of €494 million.

There were no disposals of businesses or business units in the 1st Quarter of 2025, while in the corresponding period of 2024, disposals of businesses or business units came to €265 million and mainly referred to the sale by Enel Green Power North America (EGPNA) of the entire stake held in a number of renewable companies for €249 million net of cash and cash equivalents sold of €4 million.

Cash flows absorbed by other investing/disposal activities in the first three months of 2025 came to €71 million, and mainly regard the disbursement in respect of the capital increase in Enel Green Power Australia (€122 million) following the agreement between Potentia Energy and CVC DIF and Cbus Super for the acquisition of controlling interests in a portfolio of over 1 GW of renewable assets, closed on April 1, 2025. This effect was only partly offset by minor disposals in Iberia and North America.

Cash flows used in financing activities absorbed cash in the amount of €116 million, from €2,371 million in

the corresponding period of 2024, mainly reflecting:

the change as balance between repayments, new borrowings and other changes in financial payables for €1,328 million;
the distribution of dividends in the amount of €2,472 million, plus €38 million paid to holders of perpetual hybrid bonds;
the issue of hybrid bonds for €1,974 million and related repayments for €900 million.

In the first three months of 2025, cash flows used in investing activities in the amount of €3,077 million and cash flows used in financing activities in the amount of €116 million partly absorbed the cash flows from operating activities for €3,445 million. The difference resulted in an increase of €174 million in cash and cash equivalents at March 31, 2025 (net of €78 million associated with the negative developments in the exchange rates of local currencies against the euro).

Capital expenditure

	1st Quarter
Millions of euro	2025	2024		Change
Thermal Generation and Trading	83	111	(28)	-25.2%
Enel Green Power	372	907	(535)	-59.0%
Enel Grids	1,408	1,319	89	6.7%
End-user Markets	195	236	(41)	-17.4%
Holding and Services	16	14	2	14.3%
Total(1)	2,074	2,587	(513)	-19.8%

(1) Does not include €1 million regarding units classified as held for sale (€103 million in the first three months of 2024).

Capital expenditure amounted to €2,074 million in the first three months of 2025, a decrease compared with the same period in 2024.

The Group's capital expenditure is focused above all on grids (€1,408 million, 68% of the total) and renewable energy (€372 million, 18% of the total), in line with the Group's Strategic Plan.

Capital expenditure in distribution activities is increasing (€89 million) with a view to ensuring greater reliability and quality of distribution services, as well as greater resilience for grids in responding to extreme climate events. More specifically, capital expenditure in distribution grids is increasing in Italy and Argentina, partly offset by decreases in Spain, Chile and Colombia.

As regards renewable energy the decrease in capital expenditure mainly regarded assets in North America (€204 million), Chile (€92 million), Brazil (€162 million), Italy (€72 million) and Spain (€44 million). The overall decrease was only partly offset by higher capital expenditure in Colombia (€45 million).

The decrease reflects a different approach to investment selection, with greater focus on operational plants ("brownfield") in order to maximize financial return and profitability.

Capital expenditure in End-user Markets decreased by €41 million, mainly in Italy (€36 million).

Capital expenditure in Thermal Generation and Trading decreased by €28 million, mainly in Italy and Spain.

Performance by Segment

The representation of performance by business line presented here is based on the approach used by management in monitoring Group performance and communicate it to the markets, taking account of the operational model adopted by the Group.

The business line is therefore the main discriminant in the analyses performed and decisions taken by the management of the Enel Group, and is fully consistent with the internal reporting prepared for these purposes since the results are measured and evaluated for each business line taking account of the countries and geographical area in which the Group operates. In this regard, note that starting with the presentation of results of the 1st Quarter of 2025, management deemed appropriate, also in line with the regulatory systems of the various countries, to include the performance of some activities in Latin America, previously allocated to the End-user Markets Business Line, under energy distribution operations of the Enel Grids Business Line. Following this new allocation, the figures of the corresponding period of 2024 in respect of these two business lines have been restated for comparative purposes.

Results by Segment

1st Quarter of 2025

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Holding and Services	Total reporting segment(1)	Eliminations and adjustments	Total
Revenue and other income from third parties	5,104	2,098	4,889	9,950	33	22,074	-	22,074
Revenue and other income from transactions with other segments	3,766	892	651	424	435	6,168	(6,168)	-
Total revenue	8,870	2,990	5,540	10,374	468	28,242	(6,168)	22,074
Net results from commodity contracts	235	(1)	-	216	1	451	-	451
Gross operating profit/(loss)	967	1,706	2,153	1,169	(21)	5,974	-	5,974
Depreciation, amortization and impairment losses	218	451	852	359	49	1,929	-	1,929
Operating profit/(loss)	749	1,255	1,301	810	(70)	4,045	-	4,045
Capital expenditure	83	372(2)	1,408	195	16	2,074	-	2,074

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2) Does not include €1 million regarding units classified as held for sale.

1st Quarter of 2024

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Holding and Services	Total reporting segment(1)	Eliminations and adjustments	Total
Revenue and other income from third parties	1,736	2,081	4,918	10,691	6	19,432	-	19,432
Revenue and other income from transactions with other segments	4,145	917	760	727	460	7,009	(7,009)	-
Total revenue	5,881	2,998	5,678	11,418	466	26,441	(7,009)	19,432
Net results from commodity contracts	112	23	-	(543)	1	(407)	-	(407)
Gross operating profit/(loss)	958	1,685	2,167	1,324	(242)	5,892	-	5,892
Depreciation, amortization and impairment losses	192	414	838	395	52	1,891	-	1,891
Operating profit/(loss)	766	1,271	1,329	929	(294)	4,001	-	4,001
Capital expenditure	111(2)		907(3) 1,319(4)	236(5)	14	2,587	-	2,587

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2) Does not include €9 million regarding units classified as held for sale.

(3) Does not include €57 million regarding units classified as held for sale.

(4) Does not include €31 million regarding units classified as held for sale.

(5) Does not include €6 million regarding units classified as held for sale.

In the table below, ordinary gross operating profit is shown for the two periods under review, for each Business Line, showing the related Geographical Area. It should be noted that ordinary gross operating profit excludes non-recurring items as better explained in the "Definition of performance measures" below. The reconciliation with gross operating profit is provided in the "Group performance" section.

Ordinary gross operating profit/(loss)

		Thermal Generation and Trading			Enel Green Power			Enel Grids
	1st Quarter			1st Quarter			1st Quarter
Millions of euro	2025	2024	Change	2025	2024	Change	2025	2024	Change
Italy	589	652	(63)	532	523	9	1,094	983	111
Iberia	354	293	61	251	247	4	446	463	(17)
Rest of the World	24	10	14	931	914	17	606	722	(116)
Argentina	-	-	-	9	(2)	11	21	7	14
Brazil	(2)	-	(2)	120	144	(24)	364	448	(84)
Chile	6	(27)	33	274	272	2	47	20	27
Colombia and Central America	3	(1)	4	249	212	37	174	180	(6)
Colombia	3	1	2	196	167	29	174	180	(6)
Costa Rica	-	-	-	2	2	-	-	-	-
Guatemala	-	(2)	2	9	7	2	-	-	-
Panama	-	-	-	42	36	6	-	-	-
United States and Canada	6	(13)	19	256	170	86	-	-	-
Mexico	4	11	(7)	8	13	(5)	-	-	-
Rest of the World - other countries	7	40	(33)	15	105	(90)	-	67	(67)
Peru	7	40	(33)	-	72	(72)	-	67	(67)
Europe and Africa	-	-	-	14	34	(20)	-	-	-
Asia and Oceania	-	-	-	1	(1)	2	-	-	-
Other countries	-	-	-	-	-	-	-	-	-
Other	-	3	(3)	(8)	1	(9)	7	(1)	8
Total	967	958	9	1,706	1,685	21	2,153	2,167	(14)

1st Quarter 1st Quarter Change 2025 2024 Change 2025 2024 Change (261) 14 21 (7) 2,993 3,204 (211) 96 5 - 5 1,405 1,256 149 10 (8) (34) 26 1,602 1,651 (49) (1) - (1) 1 30 5 25 3 (4) (9) 5 484 586 (102) (1) (3) (20) 17 344 266 78 7 - - - 447 405 42 7 - - - 394 362 32 - - - - 2 2 - - - - - 9 5 4 - - - - 42 36 6 11 (1) (4) 3 259 140 119 (6) - - - 11 29 (18) (3) - - - 27 220 (193) (8) - - - 7 187 (180) 1 - - - 16 35 (19) 4 - - - 4 (2) 6 - - - - - - - - (32) (27) (5) (26) (17) (9) (155) (21) (40) 19 5,974 6,094 (120)	Holding and Services	End-user Markets
			1st Quarter
		2024	2025
		1,025	764
		253	349
		39	49
		1	-
		3	6
		21	20
		14	21
		14	21
		-	-
		-	-
		-	-
		(13)	(2)
		5	(1)
		8	5
		8	-
		1	2
		(1)	3
		-	-
		7	7
		1,324	1,169

Ordinary gross operating profit/(loss)

Consolidated financial situation at March 31, 2025

Thermal Generation and Trading

Operations

Net electricity generation

	1st Quarter
Millions of kWh	2025	2024		Change
Coal-fired plants	478	747	(269)	-36.0%
Fuel-oil and turbo-gas plants	1,318	1,445	(127)	-8.8%
Combined-cycle plants	6,087	7,199	(1,112)	-15.4%
Nuclear plants	7,134	6,591	543	8.2%
Total net generation	15,017	15,982	(965)	-6.0%
- of which Italy	2,013	2,826	(813)	-28.8%
- of which Iberia	11,263	10,601	662	6.2%
- of which Rest of the World	1,741	2,555	(814)	-31.9%
- of which Chile	1,532	1,438	94	6.5%
- of which Colombia and Central America	134	283	(149)	-52.7%
- of which other countries	75	834	(759)	-91.0%

In the 1st Quarter of 2025 thermal generation decreased by 965 million of kWh compared with the same period of 2024. The decrease in generation from fuel-oil and turbo-gas plants and from combined-cy-

Net efficient generation capacity

cle plants, equal respectively to 127 million of kWh and 1,112 million of kWh, is mainly attributable to the sale of Enel Generación Perú (747 million of kWh) in the 2nd Quarter of 2024 as well as lower generation in Italy.

MW at Mar. 31, 2025 at Dec. 31, 2024 Change Coal-fired plants 4,627 4,627 - - Fuel-oil and turbo-gas plants 4,758 4,766 (8) -0.2% Combined-cycle plants 11,622 11,622 - -

Nuclear plants	3,328	3,328	-	-
Total	24,335	24,343	(8)	-
- of which Italy	10,501	10,501	-	-
- of which Iberia	11,318	11,318	-	-
- of which Rest of the World	2,516	2,524	(8)	-0.3%
- of which Chile	1,965	1,979	(14)	-0.7%
- of which Colombia and Central America	226	226	-	-
- of which other countries	325	319	6	1.9%

Net efficient generation capacity is broadly in line with end-2024.

Performance

	1st Quarter
Millions of euro	2025	2024		Change
Revenue	8,870	5,881	2,989	50.8%
Gross operating profit/(loss)	967	958	9	0.9%
Ordinary gross operating profit/(loss)	967	958	9	0.9%
Operating profit/(loss)	749	766	(17)	-2.2%
Ordinary operating profit/(loss)	749	766	(17)	-2.2%
Capital expenditure	83	111(1)	(28)	-25.2%

(1) Does not include €9 million regarding units classified as held for sale.

The following tables show a breakdown of performance by geographical area in the 1st Quarter of 2025.

Revenue

	1st Quarter
Millions of euro	2025	2024		Change
Italy	5,918	3,473	2,445	70.4%
Iberia	2,399	1,822	577	31.7%
Rest of the World	541	575	(34)	-5.9%
Brazil	248	177	71	40.1%
Chile	167	217	(50)	-23.0%
Colombia and Central America	70	91	(21)	-23.1%
- of which Colombia	70	91	(21)	-23.1%
United States and Canada	15	9	6	66.7%
Mexico	24	32	(8)	-25.0%
Rest of the World - other countries	17	49	(32)	-65.3%
- of which Peru	17	49	(32)	-65.3%
Other	16	19	(3)	-15.8%
Eliminations and adjustments	(4)	(8)	4	50.0%
Total	8,870	5,881	2,989	50.8%

Revenue for the first three months of 2025 amounted to €8,870 million, up €2,989 million on the same period in 2024. The change is mainly attributable to the increase in average prices in the wholesale market in Spain and positive impacts on the fair value measurement of futures contracts with physical settlement in Italy of the rising trend of average energy commodity prices, only partly offset by the effects of decreasing generation in the country.