Enel — Interim / Quarterly Report 2018

Jul 31, 2018

July 31, 2018

Highlights

	Ordinary EBITDA +3% FFO +8%, Group Net income +5%
Industrial growth
	~315 €mn growth EBITDA 2019 growth EBITDA secured at around 70%
Operational efficiency
	Cash costs slightly up
Group simplification & APM
	Acquisition of Eletropaulo
Sustainable long-term value creation
	Remarkable steps ahead towards our 2020 SDGs targets

Industrial growth: operational targets by business

1. It includes nuclear capacity

2. It includes production also from renewable managed capacity

3. It includes only power and gas, free customers

Industrial growth: capex¹

85% of growth capex already in execution for 2018-20

1. 1H 2018 figure includes 281 €mn related to assets held for sale

Industrial growth: focus on renewable capacity additions

Capacity additions (GW)

1. Vs production at 1H 2017

Operational efficiency (€mn) 1

Opex flat despite changes in perimeter

1. In nominal terms, rounded figures. Adjustments: 1H 2017 excludes +45 €mn one-offs, 1H 2018 excludes +22 €mn one-offs

2. Includes impact of IFRS 15 for 84 €mn

Active portfolio management: Eletropaulo¹

Company highlights and geographical fit EBITDA evolution 2017-2021

Premium concession with strategic and operational fit with Enel's current presence

• 1. Original values in BRL translated into USD using FX of 3.60 BRL/USD
• 1. Normalized EV/RAB at 2021
• 1. Comparable peers

SDGs - Progress to targets

Local communities (mn	beneficiaries)		Digitalization and cyber security
	1H 20181	20201		1H 2018	2020
High-quality, inclusive and fair education	0.9	✔ 0.8	Internet web applications protected through advanced cyber security solutions	64%	100%
Access to affordable and clean energy (Africa, Asia and Latin America)	2.0	3.0	Setting up of Enel's CERT2 , acknowledgement by CERTs2 of main countries of presence and affiliation with international organizations3	7 countries + affiliation with Trusted Introducer	8 countries
Employment and sustainable and inclusive economic growth	1.7	3.0	Cyber security knowledge sharing events	6	15 per year on average

• 1. Cumulated data and targets from 2015
• 1. Computer Emergency Response Team
• 1. First and Trusted introducer

1H 2018 consolidated results Financial results

Financial highlights (€mn)

^1. Excluding extraordinary items for 146 €mn in 1H 2017 and for 128 €mn in 1H 2018

• 1. 1H 2018 figure includes 281 €mn capex related to asset held for sale
• 1. As of December 2017

Main drivers of the semester vs. 1H 2017

¹ Macro scenario (€mn) 1

Business performance offset negative scenario on currencies

Ordinary EBITDA evolution (€mn)

1. Includes -45 €mn for personnel provisions for CELG, -34 €mn for penalties revaluation in Argentina, +52 €mn for islands settlement in Iberia

2. Includes 84 €mn IFRS impact

3. Relates mainly to Brasil (Volta Grande, CELG and Eletropaulo), US JV and Enel X acquisitions

4. Includes only plan de salida Argentina

Adjusted EBITDA by business (€mn)

Global Renewable Energies: ordinary EBITDA analysis (€mn)

Italy: ordinary EBITDA analysis by business (€mn)

Italian retail market

Power unitary margin in free market (€/MWh)¹

Ordinary EBITDA (€mn) 213 230 904 905 1,117 1,136 1H 2017 1H 2018 Regulated Free +2% Free power

From ordinary EBITDA to net ordinary income (€mn)

Group net ordinary income supported by operating performance and liabilities management

1. Includes other financial expenses (-199 €mn in 1H 2017, -34 €mn in 1H 2018) and results from equity investments (+81 €mn in 1H 2017, +46 €mn in 1H 2018)

Cash flow (€mn)

Remarkable increase in FFO

• 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges)
• 1. Includes dividends received from equity investments
• 1. Funds from operations

Debt and financial expenses (€mn)

Gross and net debt

Liabilities management continues to bear fruits

Closing remarks

Strategy on track supporting Energy Transition

EBITDA growth driven by renewables

Solid Free Cash Flow generation

Fruitful active portfolio management

Full Year targets confirmed

Annexes

Adjusted EBITDA by geography (€mn)

Market context in the period

1. The First price zone (Europe & Urals)

2. Estimated June data, 5. Based on the 1H average exchange rate

Forward Sales Italy and Spain

Italy 2018

1. Including only mainland production.

Italy 2019

Forward sales South America

From EBITDA to net income (€mn)

	2018 reported	2017 reported	∆ yoy	2018 ordinary	1 2017 ordinary	∆ yoy
EBITDA	7,857	7,678	2.3%	7,729	7,532	2.6%
D&A	2,982	2,824		2,982	2,824
EBIT	4,875	4,854	0.4%	4,747	4,708	0.8%
Net financial charges	(1,205)	(1,398)		(1,207)	(1,398)
Net income from equity investments using equity method	46	81		46	81
EBT	3,716	3,537	5.1%	3,586	3,391	5.8%
Income tax	(993)	(1,044)		(991)	(1,003)
Net income	2,723	2,493		2,595	2,388
Minorities	703	646		703	579
Group net income	2,020	1,847	9.4%	1,892	1,809	4.6%

Reported EBITDA matrix (€mn)

		Global Generation & Trading		Global Infrastructures & Networks		Renewable Energies		Retail		e-Solutions		Services & Other	Total	Total
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
Italy	(32)	150	1,855	1,798	670	563	1,136	1,117	7	-	65	39	3,701	3,667
Iberia	167	223	964	923	188	136	351	277	26	-	58	37	1,754	1,596
Latam	241	413	850	858	942	825	-	-	20	-	(39)	(38)	2,014	2,058
Argentina	66	41	119	86	24	16	-	-	-	-	(1)	-	208	143
Brazil	38	70	331	298	202	105	-	-	(2)	-	(13)	(16)	556	457
Chile	41	212	114	129	367	346	-	-	4	-	(25)	(22)	501	665
Colombia	22	21	193	239	276	287	-	-	17	-	-	-	508	547
Peru	74	69	93	106	69	67	-	-	1	-	-	-	237	242
Other	-	-	-	-	4	4	-	-	-	-	-	-	4	4
Europe and North Africa	110	141	60	78	59	82	23	(25)	1	-	1	1	254	277
Romania	1	1	60	78	30	59	23	(25)	1	-	1	1	116	114
Russia	108	140	-	-	-	-	-	-	-	-	-	-	108	140
Slovakia	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other	1	-	-	-	29	23	-	-	-	-	-	-	30	23
North & Central America	(2)	-	-	-	302	218	-	-	(10)	-	-	-	290	218
Africa & Asia	-	-	-	-	27	28	-	-	-	-	-	-	27	28
Other Countries	(16)	(1)	(16)	(5)	(36)	(43)	-	-	(9)	-	(106)	(117)	(183)	(166)
Total	468	926	3,713	3,652	2,152	1,809	1,510	1,369	35	-	(21)	(78)	7,857	7,678

1. Includes Belgium, Greece, France, Bulgaria

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

Ordinary¹EBITDA matrix (€mn)

		Global Generation & Trading		Global Infrastructures & Networks		Renewable Energies		Retail		e-Solutions		Services & Other	Total	Total
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
Italy	(32)	150	1,727	1,798	670	563	1,136	1,117	7	-	65	39	3,573	3,667
Iberia	167	223	964	923	188	136	351	277	26	-	58	37	1,754	1,596
Latam	241	267	850	858	942	825	-	-	20	-	(39)	(38)	2,014	1,912
Argentina	66	41	119	86	24	16	-	-	-	-	(1)	-	208	143
Brazil	38	70	331	298	202	105	-	-	(2)	-	(13)	(16)	556	457
Chile	41	66	114	129	367	346	-	-	4	-	(25)	(22)	501	519
Colombia	22	21	193	239	276	287	-	-	17	-	-	-	508	547
Peru	74	69	93	106	69	67	-	-	1	-	-	-	237	242
Other	-	-	-	-	4	4	-	-	-	-	-	-	4	4
Europe and North Africa	110	141	60	78	59	82	23	(25)	1	-	1	1	254	277
Romania	1	1	60	78	30	59	23	(25)	1	-	1	1	116	114
Russia	108	140	-	-	-	-	-	-	-	-	-	-	108	140
Slovakia	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other	1	-	-	-	29	23	-	-	-	-	-	-	30	23
North & Central America	(2)	-	-	-	302	218	-	-	(10)	-	-	-	290	218
Africa & Asia	-	-	-	-	27	28	-	-	-	-	-	-	27	28
Other Countries	(16)	(1)	(16)	(5)	(36)	(43)	-	-	(9)	-	(106)	(117)	(183)	(166)
Total	468	780	3,585	3,652	2,152	1,809	1,510	1,369	35	-	(21)	(78)	7,729	7,532

1. Excludes extraordinary items for 146 €mn in 1H 2017 and for 128 €mn in 1H 2018

2. Includes Belgium, Greece, France, Bulgaria. Belgium and France deconsolidated at end 2016

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

4. Includes South Africa, India

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

1H 2018	Italy	Iberia	South America	Europe & North Africa	North & Central America	Sub-Saharan Africa & Asia	Other	Total
Reported	3,701	1,754	2,014	254	290	27	(183)	7,857
Extraordinary items	128	-	-	-	-	-	-	128
Ordinary	3,573	1,754	2,014	254	290	27	(183)	7,729
One-offs	-	-	(22)	-	-	-	-	(22)
Adjusted	3,573	1,754	2,036	254	290	27	(183)	7,751

1H 2017	Italy	Iberia	South America	Europe & North Africa	North & Central America	Sub-Saharan Africa & Asia	Other	Total
Reported	3,667	1,596	2,058	277	218	28	(166)	7,678
Extraordinary items	-	-	146	-	-	-	-	146
Ordinary	3,667	1,596	1,912	277	218	28	(166)	7,532
One-offs	-	52	(79)	-	-	-	-	(27)
Adjusted	3,667	1,544	1,991	277	218	28	(166)	7,559

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

1H 2018	Global Thermal Generation & Trading	Global Infrastructure & Networks	Global Renewable Energies	Retail	Enel X	Services & Holding	Total
Reported	468	3,713	2,152	1,510	35	(21)	7,857
Extraordinary items	-	128	-	-	-	-	128
Ordinary	468	3,585	2,152	1,510	35	(21)	7,729
One-offs	-	(22)	-	-	-	-	(22)
Adjusted	468	3,607	2,152	1,510	35	(21)	7,751

1H 2017	Global Thermal Generation & Trading	Global Infrastructure & Networks	Global Renewable Energies	Retail	Enel X	Services & Holding	Total
Reported	926	3,652	1,809	1,369	-	(78)	7,678
Extraordinary items	146	-	-	-	-	-	146
Ordinary	780	3,652	1,809	1,369	-	(78)	7,532
One-offs	52	(79)	-	-	-	-	(27)
Adjusted	728	3,731	1,809	1,369	-	(78)	7,559

Operational efficiency: opex (€mn)

Gross debt¹structure

Debt structure by instrument (€bn)

Debt by instrument	Enel Spa	EFI	Central Others	Italy	Iberia	South America	North & Central America	Europe & North Africa	Sub-Saharan Africa, Asia & Australia	Total
Bonds	9.07	22.53	-	-	0.04	6.41	-	0.07	-	38.12
Bank Loans	1.05	-	-	4.32	1.36	3.29	0.23	0.29	0.23	10.77
Tax Partnership	-	-	-	-	-		- 0.90	-	-	0.90
Other Loans	-	-	-	0.08	0.49	0.30	0.03	-	-	0.90
Other short term debt	0.41	-	-	0.68	0.06	0.40	-	-	-	1.55
Commercial Paper	-	0.93	-	-	1.21	1.15	-	-	-	3.29
Gross debt	10.53	23.46	-	5.08	3.16	11.54	1.16	0.36	0.23	55.52
Financial Receivables	-	-	-0.39	-1.28	-0.51	-1.00	-0.21	-	-	-3.39
Tariff Deficit	-	-	-	-	-0.75		- -	-	-	-0.75
Other short term financial receivables	-1.95	-1.04	-	-0.13	-0.03	-0.04	-0.12	-	-0.04	-3.35
Cash and cash equivalents	-1.33	-0.06	-0.18	-0.23	-0.88	-2.31	-0.16	-1.24	-0.06	-6.45
Net Debt – Third Parties	7.25	22.36	-0.57	3.44	0.99	8.20	0.67	-0.88	0.13	41.59
Net Debt – Intercompany	7.77	-25.16	3.95	7.11	3.69	0.72	1.65	0.24	0.03	-
Net Debt – Group View	15.02	-2.80	3.38	10.55	4.68	8.92	2.32	-0.64	0.16	41.59

Debt maturity coverage split by typology (€bn)

1. Of which 14 €bn of long term committed credit lines with maturities beyond June 2019

Balance sheet (€mn)

Balance sheet structure (€mn)

Italy reported figures (€mn)

	Revenues				EBITDA		EBIT
	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy
Thermal Generation and Trading	8,880	9,360	-5%	(32)	150	n.m	(142)	32	n.m
Infrastructure & Networks	3,813	3,792	1%	1,855	1,798	3%	1,305	1,226	6%
Renewables	1,059	941	13%	670	563	19%	514	428	20%
Retail	8,100	8,073	0%	1,136	1,117	2%	769	847	-9%
e - Solutions	89	-	-	7	-	-	(7)	-	-
Services and Other	(3,566)	(3,494)	2%	65	39	67%	42	16	163%
Total	18,375	18,672	-2%	3,701	3,667	1%	2,481	2,549	-3%

	1H 2018	1H 2017	yoy
CAPEX	986	740	33%
1 Headcount	28,686	28,684	0%

Iberia reported figures (€mn)

	Revenues				EBITDA		EBIT
	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy
Thermal Generation and Trading	2,758	2,938	-6%	167	223	-25%	(138)	(91)	52%
Infrastructure & Networks	1,337	1,277	5%	964	923	4%	602	597	1%
Renewables	388	290	34%	188	136	38%	113	58	95%
Retail	7,412	7,944	-7%	351	277	27%	258	198	30%
e - Solutions	104	-		26	-		26	-	-
Services and Other	(2,305)	(2,489)	-7%	58	37	57%	39	27	n.m.
Total	9,694	9,960	-3%	1,754	1,596	10%	900	789	14%

	1H 2018	1H 2017	yoy
CAPEX	528	350	51%
1 Headcount	9,647	9,711	-1%

South America reported figures (€mn)

	Revenues		EBITDA			EBIT
	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy
Thermal Generation and Trading	1,207	1,452	-17%	241	413	-42%	142	286	-50%
Infrastructure & Networks	4,694	4,641	1%	850	858	-1%	484	467	4%
Renewables	1,410	1,337	5%	942	825	14%	767	676	13%
e - Solutions	59	-		20	-		20	-	-
Services and Other	(777)	(917)	-	(39)	(38)	-	(41)	(42)	-2%
Total	6,593	6,513	1%	2,014	2,058	-2%	1,372	1,387	-1%

	1H 2018	1H 2017	yoy
CAPEX	836	1,381	-39%
1 Headcount	21,363	13,903	54%

Argentina reported figures (€mn)

		Revenues		EBITDA			EBIT
	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy
Thermal Generation and Trading	106	92	15%	66	41	n.m.	49	16	n.m.
Infrastructure & Networks	661	625	6%	119	86	38%	89	62	44%
Renewables	31	25	24%	24	16	50%	23	15	53%
e - Solutions	-	-		-	-		-	-	-
Services and Other	(2)	(3)	-	(1)	-	-	(1)	(2)	-
Total	796	739	8%	208	143	45%	160	91	76%

Ordinary unitary margin (€/MWh)	1H 2018	1H 2017	yoy
Thermal Generation	16.3	12.2	33%
Renewables	21.1	20.6	2%
Distribution	30.8	29.7	3%

Brazil reported figures (€mn)

	Revenues		EBITDA			EBIT
	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy
Thermal Generation and Trading	182	130	40%	38	70	-46%	34	67	-49%
Infrastructure & Networks	2,183	1,974	11%	331	298	11%	108	44	n.m.
Renewables	296	227	30%	202	105	92%	161	82	96%
e - Solutions	6	-		(2)	-		(2)	-	-
Services and Other	(132)	(153)	-14%	(13)	(16)	-19%	(14)	(17)	-18%
Total	2,535	2,178	16%	556	457	22%	287	176	63%

Ordinary unitary margin (€/MWh)	1H 2018	1H 2017	yoy
Thermal Generation	81.9	66.3	24%
Renewables	59.7	74.3	-20%
Distribution	28.2	36.0	-22%

Chile reported figures (€mn)

		Revenues		EBITDA		EBIT
	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy
Thermal Generation and Trading	691	1,004	-31%	41	212	-81%	(15)	153	n.m.
Infrastructure & Networks	792	925	-14%	114	129	-12%	87	100	-13%
Renewables	468	478	-2%	367	346	6%	290	268	8%
e - Solutions	28	-		4	-		4	-	-
Services and Other	(439)	(516)	-15%	(25)	(22)	14%	(26)	(24)	8%
Total	1,540	1,891	-19%	501	665	-25%	340	497	-32%

Ordinary unitary margin (€/MWh)	1H 2018	1H 2017	yoy
Thermal Generation	23.9	23.8	0%
Renewables	70.4	81.0	-13%
Distribution	20.6	23.5	-13%

Colombia reported figures (€mn)

		Revenues		EBITDA		EBIT
	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy
Thermal Generation and Trading	54	61	-11%	22	21	5%	15	15	-
Infrastructure & Networks	678	702	-3%	193	239	-19%	139	189	-26%
Renewables	459	447	3%	276	287	-4%	248	255	-3%
e - Solutions	22	-		17	-	-	17	-	-
Services and Other	(117)	(140)	-16%	-	-	-	-	-	-
Total	1,096	1,070	2%	508	547	-7%	419	459	-9%

Ordinary unitary margin (€/MWh)	1H 2018	1H 2017	yoy
Thermal Generation	260.2	289.7	-10%
Renewables	45.1	42.1	7%
Distribution	37.3	45.5	-18%

Peru reported figures (€mn)

		Revenues		EBITDA		EBIT
	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy
Thermal Generation and Trading	174	165	5%	74	69	7%	59	35	69%
Infrastructure & Networks	380	415	-8%	93	106	-12%	61	72	-15%
Renewables	151	154	-2%	69	67	3%	43	53	-19%
e - Solutions	3	-	-	1	-	-	1	-	-
Services and Other	(87)	(105)	-17%	-	-	-	-	1	n.m
Total	621	629	-1%	237	242	-2%	164	161	2%

Ordinary unitary margin (€/MWh)	1H 2018	1H 2017	yoy
Thermal Generation	46.4	80.5	-42%
Renewables	34.4	36.1	-5%
Distribution	30.5	33.7	-9%

Europe & North Africa reported figures (€mn)

		Revenues		EBITDA			EBIT
	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy
Romania	614	554	11%	116	114	2%	50	46	9%
Russia	476	557	-15%	108	140	-23%	78	111	-30%
Other	43	46	-7%	30	23	30%	23	15	53%
Total	1,133	1,157	-2%	254	277	-8%	151	172	-12%

	1H 2018	1H 2017	yoy
CAPEX	138	153	-10%
1 Headcount	5,651	5,733	-1%

Other countries reported figures (€mn)

	Revenues				EBITDA		EBIT
	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy	1H 2018	1H 2017	yoy
North & Central America	556	365	52%	290	218	33%	164	123	33%
North America	339	179	89%	125	93	34%	42	44	-5%
Mexico	96	70	37%	75	49	53%	53	25	n.m.
Panama	84	81	4%	65	54	20%	59	48	23%
Other	37	35	6%	25	22	14%	10	6	67%
Sub Saharian Africa & Asia	48	46	4%	27	28	-4%	2	7	-71%
Total	604	411	47%	317	246	29%	166	130	28%

North & Central America	1H 2018	1H 2017	yoy
CAPEX	583	813	-28%
1 Headcount	2,218	2,050	8%

Sub Saharian Africa & Asia	1H 2018	1H 2017	yoy
CAPEX	7	21	-67%
1 Headcount	215	198	9%

1. For year 2017 data as of December 2017

Capex by geography¹ (€mn)

Capex matrix¹ (€mn)

		Global Generation & Trading		Global Infrastructures & NetworNs		Renewable Energies		Retail		Enel X	Services	& Other	Total	Total
	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017	2018	2017
Italy	54	22	711	573	89	91	106	43	9	-	18	11	986	740
Iberia	110	74	286	236	75	15	37	19	15	-	5	7	528	350
South America	66	62	524	554	244	765	-	-	0	-	1	0	836	1,381
Argentina	20	9	62	70	1	1	-	-	-	-	-	-	84	81
Brazil	3	6	272	313	59	450	-	-	-	-	1	0	335	770
Chile	29	22	49	34	129	150	-	-	0	-	0	0	208	207
Colombia	9	4	97	87	22	18	-	-	-	-	-	-	128	110
Peru	5	20	45	49	32	145	-	-	-	-	-	-	81	214
Other	-	-	(0)	(0)	0	0	-	-	-	-	0	-	0	0
Europe and North Africa	29	56	53	50	50	45	6	2	-	-	0	0	138	153
Romania	-	0	53	50	0	0	6	2	-	-	0	0	60	52
Russia	23	53	-	-	3	-	-	-	-	-	0	-	26	53
Slovakia
Other	6	3	-	-	46	45	-	(0)	-	-	-	-	52	48
North & Central America	-	-	-	-	848	813	-	-	15	-	-	-	864	813
Africa & Asia	-	-	-	-	7	21	-	-	0	-	-	-	7	21
Other Countries	(0)	-	-	-	10	-	-	-	13	-	14	6	36	7
Total	258	214	1,574	1,413	1,324	1,750	149	64	52	-	37	25	3,395	3,465

Group total net installed capacity: breakdown by technology and geography¹

	1H 2018			1H 2017	∆ yoy	2018 Added capacity
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

Group total net production: breakdown by technology and geography¹

	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

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

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	8	32	10	-	54	104
Iberia	-	5	-	85	-	89
South America	625	20	-	86	-	731
Europe & North Africa	154	-	-	-	-	154
North & Central America	1,350	-	-	104	-	1,454
Sub-Saharan Africa & Asia	279	-	-	172	-	451
Total	2,416	57	10	447	54	2,983

Renewable projects under construction : breakdown by technology and geography1,2

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	8	18	-	-	54	80
Iberia	-	2	-	-	-	2
South America		20	-	86	-	106
Europe & North Africa	154	-	-		-	154
North & Central America	1,203	-	-	104	-	1,307
Sub-Saharan Africa & Asia	-	-	-	138	-	138
Total	1,365	40	-	328	54	1,786

Renewable projects ready to build : breakdown by technology and geography1,2

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	-	14	10	-	-	24
Iberia	-	3	-	85	-	88
South America	625	-	-	-	-	625
Europe & North Africa	-	-	-	-		-
North & Central America	147					147
Sub-Saharan Africa & Asia	279			34		313
Total	1,051	17	10	119	-	1,197

Global Renewable Energies gross pipeline¹

Disclaimer

This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries.

Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Alberto De Paoli, declares that the accounting information contained herein correspond to document results, books and accounting records.

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Monica Girardi Head of Group Investor Relations

Investor Relations team Francisco Basauri Serena Carioti Alessia Di Ninno Federica Dori Fabrizio Ragnacci Federica Todaro Emanuele Toppi

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