Enel

Capital/Financing Update • Sep 24, 2025

Informazione Regolamentata n. 0116-71-2025	Data/Ora Inizio Diffusione 24 Settembre 2025 10:49:30		Euronext Milan
Societa'	:	ENEL
Identificativo Informazione Regolamentata	:	210207
Utenza - referente	:	ENELN07 - Giannetti Davide
Tipologia	:	2.2
Data/Ora Ricezione	:	24 Settembre 2025 10:49:30
Data/Ora Inizio Diffusione	:	24 Settembre 2025 10:49:30
Oggetto	:	Enel issues the largest placement by a European utility in 2025, with a multi-tranche 4.5 billion U.S. dollar bond and an average cost equivalent in euros of around 3.6%

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International Press Office Investor Relations

T +39 06 8305 5699 T +39 06 8305 7975 gnm@enel.com enel.com enel.com

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

THIS ANNOUNCEMENT CANNOT BE RELEASED, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OR TO ANY PERSON LOCATED, RESIDENT OR DOMICILED IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OR THE DISTRICT OF COLUMBIA (INCLUDING PUERTO RICO, THE US VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS) OR TO ANY PERSON LOCATED OR RESIDENT IN CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

DISCLAIMER

This announcement does not constitute or form part of any offer to sell or a solicitation of an offer to buy any securities in the US or any other jurisdiction. This announcement does not constitute a prospectus or other offering document. No securities have been or will be registered under the US Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the US or any other jurisdiction. No securities may be offered, sold or delivered within the United States or to, or for the account or benefit of, US Persons (as defined in Regulation S under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state or other securities laws of the US or any other jurisdiction. No public offering is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited or where such offer would be unlawful. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the company and management, as well as financial statements. The distribution of this announcement may be restricted by applicable laws and regulations. Persons who are physically located in those jurisdictions in which this announcement is circulated, published or distributed must inform themselves about and observe any such restrictions.

This announcement is not an invitation nor is it intended to be an inducement to engage in investment activity for the purpose of Section 21 of the Financial Services and Markets Act 2000. This announcement is also directed only at (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). Any investment activity to which this announcement relates will only be available to, and will only be engaged in with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this announcement.

This announcement is not addressed to retail investors. The expression "retail investor" means: (i) a retail client as defined in point 11 of Article 4(1) of Directive 2014/65/EU ("MiFID II"); (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point 10 of Article 4(1) of MiFID II; or (iii) a person that is not a qualified investor as defined in Regulation (EU) 2017/1129 (the "Prospectus Regulation").

The documentation relating to the issuance of the securities is not or will not be approved by the National Commission for Companies and the Stock Exchange (Commissione Nazionale per le Società e la Borsa, "CONSOB") under applicable law. Therefore, the securities may not be offered, sold or distributed to the public in the Republic of Italy except to qualified investors as defined in article 2(e) of the Prospectus Regulation and any applicable provisions of Italian laws or regulations or in other circumstances which are exempted from the rules of the public offering, pursuant to article 1 of the Prospectus Regulation, Article 34-ter of Consob Regulation No. 11971 of 14 May 1999 as amended from time to time, and the applicable Italian laws.

ENEL ISSUES THE LARGEST PLACEMENT BY A EUROPEAN UTILITY IN 2025, WITH A MULTI-TRANCHE 4.5 BILLION U.S. DOLLAR BOND AND AN AVERAGE COST EQUIVALENT IN EUROS OF AROUND 3.6%

• The transaction's size, demand, and the economic conditions achieved represent the market's recognition of the soundness and credibility of the Strategic Plan and its timely execution

Rome, September 24th 2025 - Enel Finance International N.V. ("EFI"), the finance company controlled by Enel S.p.A. ("Enel") 1 , has launched a multi-tranche bond for institutional investors in the US and international markets for a total amount of 4.5 billion US dollars, equivalent to approximately 3.8 billion euros² . The issue, guaranteed by Enel, was around 3 times oversubscribed, with total orders for an amount of approximately 14.4 billion US dollars. The transaction's size, the largest placement by a European utility in 2025 thus far, as well as the demand and the economic conditions achieved represent the market's recognition of the soundness and credibility of the Group's Strategic Plan and its timely execution.

The proceeds of the issuance are expected to be used in order to fund the Group's ordinary financing needs, including refinancing of maturing debt.

The issue is structured in the following four tranches, with settlement date set at September 30th, 2025:

• 1,000 million US dollars at a fixed interest rate of 4.125%, and maturity at September 30th, 2028. The issue price has been set at 99.766% and the effective yield at maturity is equal to 4.209%;
• 1,250 million US dollars at a fixed interest rate of 4.375%, and maturity at September 30th, 2030. The issue price has been set at 99.596% and the effective yield at maturity is equal to 4.466%;
• 1,250 million US dollars at a fixed interest rate of 5.000% and maturity at September 30th, 2035. The issue price has been set at 99.162% and the effective yield to maturity is equal to 5.108%;
• 1,000 million US dollars at a fixed interest rate of 5.750% and maturity at September 30th, 2055. The issue price has been set at 98.663% and the effective yield to maturity is equal to 5.845%.

The issue, which has an average duration of approximately 12 years, has an average cost equivalent in euros of around 3.6%.

The transaction was supported by a syndicate of banks, with: BNP Paribas, Bank of America, Citigroup, Crédit Agricole, Goldman Sachs, HSBC, IMI – Intesa Sanpaolo, J.P. Morgan Securities LLC, Mizuho, Morgan Stanley, Société Générale and Wells Fargo, acting as joint-bookrunners.

In consideration of its characteristics, the issue was assigned a provisional rating of BBB by Standard & Poor's, BBB+ by Fitch and Baa1 by Moody's.

¹ Enel's rating: BBB (stable outlook) for Standard & Poor's, Baa1 (stable outlook) for Moody's and BBB+ (stable outlook) for Fitch.

² Based on the exchange rate as of September 23rd , 2025.

Over the past 10 years, the Enel Group has significantly changed its energy mix: in 2024, renewable capacity reached 73% of the total compared to 41% in 2015, with 83% of the energy generated by the Group being zero-emission compared to 45% in 2015. As a result, in 2024 the intensity of Scope 1 GHG emissions related to power generation was reduced to 101 gCO2eq/kWh (-72% compared to 20173 ), a value far lower than the stated target for 2024 of 140 gCO2eq/kWh.

These results were also possible thanks to the use of sustainable finance instruments, in particular Sustainability-Linked ones, which therefore achieved the objective for which they were introduced. Today, Enel's business model is sustainable and fully in line with the energy transition path.

As a result, the Group no longer needs to resort to financial instruments linked to specific sustainability targets and will adopt an approach that will allow efficient access to global financial markets, continuing to align funding methods with its long-term sustainability objectives towards net-zero emissions, both direct and indirect, by 2040.

Not for release, publication or distribution in or into the United States, Canada, Japan, or Australia, or any other jurisdiction where it is unlawful to do so.

³ Base year of reference for Enel's targets.