Enel — Interim / Quarterly Report 2021

Nov 4, 2021

Nine months

Consolidated results November 4th, 2021

Key highlights of the period

Financial results	Investments	Push on renewables	Shareholder return
Remarkable growth of operating KPIs Financial performance affected by temporary headwinds	Capex up double digit yoy to fuel future growth	4 GW built over the LTM On track to reach more than 5 GW in 2021	0.38 €/sh guaranteed DPS 5% dividend yield

…overshadowed by temporary headwinds and currencies devaluation weighting on EBITDA…

1. Rounded figures. It excludes extraordinary items in 9M 2020 (-441 €mn: -101 €mn donations and emergency costs COVID-19, -124 €mn impairment, -213 €mn energy transition and digitalization funds, -3 €mn other) and 9M 2021 (-1.353 €mn: -39 €mn emergency costs COVID-19, -1,182 €mn energy transition and digitalization funds, -132 €mn impairment)

…and on Net Income

Ordinary Net Income evolution¹ (€bn) Focus on FX and temporary headwinds¹ (€bn)

20% increase in capital deployed to fuel future growth

Capex by business model and GBL (€bn)

1. It includes nuclear and renewable managed capacity. It includes nuclear generation and production from renewable managed capacity.

2. Rounded figures. It includes renewable managed capacity.

A growing pipeline to support delivery on additional capacity target

• 1. It includes storage for around 36 GW in early stage and around 11 in mature pipeline
• 1. It includes capacity in execution and built
• 1. Calculated using 2021-23 mature pipeline

9M 2020 9M 2021 Charging points² (k) 137 245 Retail Enel X and new infrastructures Fiber deployment (Households passed mn) 9.5 12.8 Free market power customers (mn) Free market energy sold (TWh)^{1 127 139} +9% +1.2mn Retail & Enel X

Total power customers (mn) 17.4 18.6 9M 2020 9M 2021 Demand Response (GW) 5.9 7.7 Storage (MW) 136 195 64.0 63.2 29 31 97 108 9M 2020 9M 2021 Street lighting (mn) 2.7 2.8 B2B B2C +11% +7%

1. It includes energy losses.

2. Public and private charging points. It includes interoperability points.

+31%

+46%

+79%

+34%

+4%

Continued focus on active portfolio management activities 10 527 MW of hydro capacity in Italy Avg. annual production of 1.5 TWh c.1,000 €mn Enterprise Value ~100 €mn EBITDA contribution @2022 Transaction to be completed at the beginning of 2022 Signed agreement with ERG Simplification in Latam 82.3% stake in Enel Américas after EGP Américas merger and PTO 15.6 GW Enel Américas capacity post merger EGM approved the creation of Enel Colombia, Enel Americas stake post merger at 57.345%

9M 2021 Financial results

13

Non recurring

Global Power Generation

Strong operating performance offset by lack of resources

EBITDA evolution (€mn)

Infrastructure and Networks

yoy performance broadly flat if adjusted for non recurring items @9M2020

1. 180 €mn provision reversal in Spain and 270 €mn Resolution n.50 in Italy.

Retail Strong rebound back to pre-COVID levels

1,810 2,010 ^{487 353} 9M 2020 9M 2021 2,297 2,363 Iberia Italy Italy EBITDA up by 4% driven by +140 €mn free market contribution Uplift in volumes in Italy, stable volume and margins in Spain Opex/customers flat yoy Free markets Regulated markets +10% -25% LTM Opex/cust. (€/cust) 21.0 21.0 +3%

EBITDA evolution (€mn)

Liability management & minorities to benefit from window opportunities in the financial market

Net Ordinary Income evolution (€bn)

Charges on equity

Extensive liability management program to reduce cost of debt

Cash flow (€bn)¹

• 1. Rounded figures
• 1. Calculation includes 0.4 €bn provision reversal in Spain reported separately in Q1 2020
• 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt
• 1. Includes dividends received from equity investments

Debt evolution

Net debt evolution (€bn) Gross debt (€bn)

Operating growth in line with expectations

Managerial actions implemented to unlock future value

+20% investments to support the Group's positioning over plan period

Resilient business model absorbs temporary impacts, FY2021 guidance confirmed

Nine months 2021 Consolidated results

Annexes

Macroscenario

	GDP	(%)	CPI	(%)	€1 FX against		Price Spot	(€/MWh)	(TWh)2 Electricity Demand
	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020
Italy	6 62	(9 79)	1 35	(0 06)	-	-	86 25	35 60	239 01	225 14
Iberia	83 5	(10 50)	2 07	(0 18)	-	-	95 77	31 88	181 79	81 175
Latin America
Argentina	9 20	(11 64)	46 98	44 77	115 86	88 66	-	-	103 99	99 10
Brazil	6 51	(0 67)	7 55	2 87	6 16	6 45	50 48	25 72	453 95	431 02
Chile	11 72	(7 87)	3 81	3 10	926 37	916 46	68 13	36 37	60 94	58 03
Colombia	8 58	(7 92)	2 94	2 84	4 520 11 ,	4 477 59 ,	31 74	65 84	54 92	52 31
Peru	9 88	(14 20)	3 31	1 79	4 85	4 20	12 82	7 72	40 15	35 76
of Rest Europe
Romania	66 7	(4 20)	0 45	(0 17)	94 4	89 4	68 72	30 27	46 22	43 43
Russia	5 06	(2 70)	6 13	3 03	85 76	90 18	16 39	16 12	600 06	565 57
North America
USA	5 83	(3 78)	4 00	1 26	1 18	1 17	-	-	3 059 91 ,	2 787 32 ,
Mexico	7 86	(9 83)	5 25	3 35	23 45	25 94	-	-	245 04	236 39
Africa , Asia & Oceania
India	9 96	(9 62)	5 18	6 71	86 81	86 47	-	-	1 049 26 ,	936 94
Australia	-	-	-	-	-	-	-	-	-	-
South Africa	6 53	(7 40)	3 70	3 31	16 71	19 80	-	-	167 91	160 95

Group consolidated net capacity: breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12 434 ,	786	773	28	-	2 253 ,	5 583 ,	4 593 ,	26 450 ,
Iberia	4 743 ,	2 422 ,	-	625	3 328 ,	2 333 ,	2 764 ,	445 5 ,	21 661 ,
Latin America	10 585 ,	2 672 ,	69	2 659 ,	-	2 682 ,	546	4 167 ,	23 380 ,
Argentina	1 328 ,	-	-	-	-	1 169 ,	-	1 922 ,	4 419 ,
Brazil	1 272 ,	1 898 ,	-	1 196 ,	-	-	-	319	4 685 ,
Chile	3 551 ,	642	69	1 096 ,	-	603	320	1 467 ,	7 747 ,
Colombia	3 097 ,	-	-	86	-	180	226	-	3 589 ,
Perù	792	132	-	179	-	730	-	459	2 294 ,
Other1	545	-	-	101	-	-	-	-	646
of Rest Europe	19	957	-	130	-	4 447 ,	-	829	6 382 ,
Romania	-	498	-	36	-	-	-	-	534
Russia	-	90	-	-	-	4 447 ,	-	829	5 366 ,
Other2	19	368	-	94	-	-	-	-	481
North America	53	589 5 ,	72	1 410 ,	-	-	-	-	123 7 ,
Mexico	53	893	-	220	-	-	-	-	1 165 ,
Canada	-	211	-	-	-	-	-	-	211
USA	-	4 486 ,	72	1 191 ,	-	-	-	-	5 748 ,
Oceania3 Africa Asia & ,	-	812	-	667	-	-	-	-	479 1 ,
Total	27 834 ,	13 237 ,	914	5 519 ,	3 328 ,	11 715 ,	8 893 ,	15 035 ,	86 475 ,

1. Includes Panama, Guatemala and Costa Rica

2. Includes Greece

3. Includes Australia, South Africa, India and Zambia

Group consolidated net production: breakdown by technology and geography

GWh	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	13 479 ,	940	4 108 ,	51	-	382	6 883 ,	8 609 ,	34 451 ,
Iberia	4 864 ,	3 853 ,	-	806	19 895 ,	2 965 ,	461	9 736 ,	42 581 ,
Latin America	24 909 ,	7 033 ,	214	2 362 ,	-	1 771 ,	1 909 ,	14 894 ,	53 092 ,
Argentina	1 530 ,	-	-	-	-	268	-	8 687 ,	10 486 ,
Brazil	3 039 ,	314 5 ,	-	083 1 ,	-	-	-	355	9 791 ,
Chile	5 431 ,	1 267 ,	214	805	-	540	1 774 ,	3 771 ,	13 802 ,
Colombia	9 511 ,	-	-	93	-	9	135	-	9 749 ,
Perù	3 392 ,	452	-	314	-	953	-	2 081 ,	7 193 ,
Other1	2 006 ,	-	-	66	-	-	-	-	2 072 ,
of Rest Europe	27	1 552 ,	-	144	-	11 628 ,	-	4 236 ,	17 588 ,
Romania	-	813	-	34	-	-	-	-	847
Russia	-	80	-	-	-	11 628 ,	-	4 236 ,	15 945 ,
Other2	27	659	-	109	-	-	-	-	796
North America	145	12 658 ,	220	1 655 ,	-	-	-	-	14 678 ,
Mexico	146	1 298 ,	-	373	-	-	-	-	1 817 ,
Canada	-	448	-	-	-	-	-	-	448
USA	-	10 912 ,	220	282 1 ,	-	-	-	-	12 413 ,
Oceania3 Africa Asia & ,	-	1 067 ,	-	766	-	-	-	-	1 833 ,
Total	43 425 ,	27 103 ,	4 541 ,	5 783 ,	19 895 ,	16 747 ,	9 253 ,	37 475 ,	164 222 ,

1. Includes Panama, Guatemala and Costa Rica

2. Includes Greece

3. Includes Australia, South Africa, India and Zambia

Group total additional capacity¹ : breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	17	14	4	-	-	5	-	10	50
Iberia	-	-	-	15	-	-	-	-	15
Latin America	-	543	28	857	-	-	1	-	1 429 ,
Argentina	-	-	-	-	-	-	-	-	-
Brazil	-	543	-	217	-	-	-	-	760
Chile	-	-	28	601	-	-	-	-	629
Colombia	-	-	-	-	-	-	1	-	1
Perù	-	-	-	-	-	-	-	-	-
Other2	-	-	-	39	-	-	-	-	39
of Rest Europe	-	-	-	6	-	-	-	16	22
Romania	-	-	-	-	-	-	-	-	-
Russia	-	-	-	-	-	-	-	16	16
Other3	-	-	-	6	-	-	-	-	6
North America	-	81	-	465	-	-	-	-	546
Mexico	-	-	-	-	-	-	-	-	-
Canada	-	-	-	-	-	-	-	-	-
USA	-	81	-	465	-	-	-	-	546
Oceania4 Africa Asia & ,	-	293	-	275	-	-	-	-	568
Total	17	930	32	1 620 ,	-	5	1	26	2 631 ,

1. Excludes managed capacity

2. Includes Panama, Guatemala and Costa Rica

3. Includes Greece

4. Includes Australia, South Africa, India and Zambia

Renewable projects in execution: breakdown by technology and geography¹

enei
	4

MW	Wind	Hydro	Geothermal	Solar & Other	Total
Italy	106	47	3	28	183
Iberia	439	23	-	2 044 ,	2 506 ,
Latin America	2 021 ,	156	-	2 303 ,	480 4 ,
of Rest Europe	205	-	-	89	294
North America	275 1 ,	-	-	805 1 ,	3 079 ,
Africa Asia & Oceania ,	779	-	-	420	199 1 ,
Total	825 4 ,	225	3	6 688 ,	11 741 ,

EGP mature pipeline

Infrastructure & Networks KPIs

	(TWh)1 Electricity distributed		End users	(mn)	(mn)1 Smart meters
	9M	9M	9M	9M	9M	9M
	2021	2020	2021	2020	2021	2020
Italy	169	159	31	31	30	30
	1	0	6	5	9	8
Iberia	98	93	12	12	12	12
	6	1	3	3	5	3
Latin America	101 9	96 8	28 1	27 6	0 4	0 4
Argentina	12 6	12 1	2 5	2 5	-	-
Brazil	60 0	57 1	18 3	18 1	-	-
Chile	12	11	2	2	0	0
	4	8	0	0	3	3
Colombia	10	10	3	3	0	0
	8	2	7	6	1	1
Peru	6 1	5 6	1 5	1 4	-	-
of	9	11	3	3	0	0
Rest	11	4	0	0	1	8
Europe
Romania	11	11	3	3	1	0
	9	4	0	0	0	8
Total	381	360	0	74	44	44
	5	3	75	3	8	4

Retail KPIs

E-MARKET SDIR
CERTIFIED

		Power			Gas
		(mn) Customers		Volumes1 (TWh)		(mn) Customers	Volumes (bsmc)
	9M	9M	9M	9M	9M	9M	9M	9M
	2021	2020	2021	2020	2021	2020	2021	2020
Italy	21	22	70	67	4	4	2	3
	8	9	1	3	1	1	8	1
Iberia	10	10	60	60	1	1	3	3
	2	5	1	6	7	7	7	5
Latin America	28 1	27 6	95 6	87 5	0 0	0 0	0 1	0 1
of	3	3	6	6	0	0	0	0
Rest	0	0	8	6	1	1	1	1
Europe
Total	63	64	232	222	5	5	6	6
	2	0	6	0	9	8	8	8

Enel X KPIs

E-MARKET SDIR CERTIFIED

	Charging	Points1 (k)	lighting (mn) Street		Electric buses (#)		(MW) Storage		Demand (GW) Response
	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020
Italy	34 9	22 0	1 5	1 6	-	-	32	12	0 9	0 3
Iberia	8 4	6 0	0 1	0 1	146	7	21	20	-	-
Latin America	2 9	3 1	2 1	1 1	333 1 ,	932	22	36	-	-
North America	88 6	64 1	-	-	267	-	98	21	4 2	3 9
of Rest Europe	1 3	0 5	-	-	-	-	22	47	1 1	0 5
Africa Asia & Oceania ,	1 7	-	-	-	-	-	-	-	1 4	3 1
Other	107 0	43 1	-	-	-	-	-	-	-	-
Total	245 0	137 0	2 8	2 7	1 746 ,	939	195	136	7 7	5 9

Baseload power price & production sold forward

		Baseload price
	2021 2022 2023
(€/MWh) Italy	52 3	53 9	55 3
(€/MWh) Iberia	47 2	48 4	49 2

	Production sold forward
	2021		2022		2023
	price	%	price	%	price	%
(€/MWh)1 Italy	51 9	94%	60 9	100%	70 7	38%
(€/MWh)1 Iberia	71 1	100%	76 3	88%	~76	~30%
(USD/MWh) Brazil	59 7	100%	61 6	100%	59 3	100%
(USD/MWh) Chile	71 8	100%	68 0	100%	67 2	100%
(USD/MWh) Colombia	67 3	100%	66 0	100%	67 4	97%
(USD/MWh) Peru	56 3	100%	59 1	100%	61 6	100%

1. Average hedged price; wholesale price for Italy, retail price for Spain. 31

Capex¹ (€mn)

E-MARKET SDIR
CERTIFIED

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP		Retail	Enel	X	&	Services Other	Total
	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020
Italy	150	90	1,672	1,291	232	138	300	220	68	43	27	10	2,448	1,792
Iberia	175	179	537	401	345	313	120	78	35	30	17	17	1,228	1,018
Latin America	69	66	1,095	860	1,107	936	-	-	27	22	4	1	2,303	1,884
Argentina	20	17	106	70	-	3	-	-	-	-	-	-	126	90
Brazil	4	8	678	496	453	463	-	-	4	2	3	-	1,142	970
Chile	19	17	107	90	486	412	-	-	2	1	1	1	615	521
Colombia	10	9	137	149	130	50	-	-	12	13	-	-	289	221
Peru	16	15	68	54	6	6	-	-	10	5	-	-	100	80
Other	-	-	-	-	31	2	-	-	-	-	-	-	31	2
of Rest Europe	21	40	125	131	166	122	11	6	2	1	1	-	326	301
Romania	-	-	125	131	2	1	11	6	2	1	1	-	140	139
Russia	21	40	-	-	-	-	-	-	-	-	-	-	21	40
Other	-	-	-	-	164	121	-	-	-	-	-	-	164	121
North America	3	1	-	-	1,298	1,137	-	-	34	27	-	-	1,335	1,166
Africa, Asia & Oceania	-	-	-	-	214	299	-	-	4	2	-	-	218	301
Other	-	-	5	8	12	18	-	-	60	34	53	41	130	101
Total	418	376	3,433	2,691	3,374	2,964	431	304	230	159	101	69	7,988	6,562

Asset development Capex¹ (€mn)

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP		Retail	Enel	X	&	Services Other	Total
	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020
Italy	105	44	882	563	150	73	-	-	53	37	11	3	1,200	720
Iberia	3	13	224	129	292	267	-	-	11	9	1	-	532	418
Latin America	3	8	315	223	1,049	892	-	-	20	20	-	-	1,387	1,142
Argentina	-	-	27	6	-	3	-	-	-	-	-	-	27	9
Brazil	-	-	206	134	437	454	-	-	-	1	-	-	643	589
Chile	3	5	27	20	473	397	-	-	2	1	-	-	505	423
Colombia	-	2	37	55	115	37	-	-	11	13	-	-	163	107
Peru	-	1	18	7	1	-	-	-	8	5	-	-	27	13
Other	-	-	-	-	22	-	-	-	-	-	-	-	22	-
Rest of Europe	8	23	43	47	163	119	-	-	-	1	-	-	214	191
Romania	-	-	43	47	1	-	-	-	-	-	-	-	43	47
Russia	8	23	-	-	-	-	-	-	-	-	-	-	8	23
Other	-	-	-	-	162	119	-	-	-	-	-	-	162	119
North America	-	-	-	-	1,282	1,123	-	-	5	2	-	-	1,287	1,126
Africa, Asia & Oceania	-	-	-	-	210	297	-	-	-	-	-	-	210	297
Other	-	-	-	7	8	12	-	-	59	34	14	12	81	65
Total	119	88	1,464	969	3,152	2,784	-	-	148	102	26	15	4,910	3,959

Revenues¹ (€mn)

E-MARKET SDIR
CERTIFIED

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP		Retail	Enel	X	&	Services Other	Total
	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020
Italy	16,534	12,487	5,354	5,515	1,786	1,584	12,351	10,704	374	215	(5,298)	(5,731)	31,101	24,774
Iberia	4,535	3,851	1,845	1,892	535	559	9,358	8,826	186	169	(4,032)	(2,585)	12,427	12,712
Latin America	1,786	963	7,405	6,553	2,929	2,137	998	1,109	152	151	(1,230)	(951)	12,040	9,962
Argentina	119	120	483	515	26	34	-	1	8	4	-	(3)	636	671
Brazil	672	106	5,033	4,115	1,062	335	232	226	12	16	(499)	(191)	6,512	4,607
Chile	727	472	927	953	932	898	68	201	35	40	(371)	(415)	2,318	2,149
Colombia	134	140	462	448	640	620	555	524	61	56	(274)	(247)	1,578	1,541
Peru	134	125	500	522	99	98	143	157	35	35	(86)	(96)	825	841
Other	-	-	-	-	170	152	-	-	1	-	-	1	171	153
of Rest Europe	393	406	300	289	234	244	901	852	58	34	(273)	(281)	1,613	1,544
Romania	1	-	300	289	138	148	901	852	22	18	(274)	(282)	1,088	1,025
Russia	392	404	-	-	7	-	-	-	-	-	1	1	400	405
Other	-	2	-	-	89	96	-	-	36	16	-	-	125	114
North America	78	21	-	-	744	700	4	-	196	137	(7)	(8)	1,015	850
Africa, Asia & Oceania	-	-	-	-	110	73	-	-	47	40	-	(1)	157	112
Other	(271)	13	26	21	8	(13)	-	1	23	10	(225)	(521)	(439)	(489)
Total	23,055	17,741	14,930	14,270	6,346	5,284	23,612	21,492	1,036	756	(11,065)	(10,078)	57,914	49,465

Reported EBITDA¹ (€mn)

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP		Retail	Enel	X	&	Services Other	Total
	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020
Italy	(50)	292	2,383	2,922	886	1,033	1,639	1,648	104	6	(34)	65	4,928	5,966
Iberia	957	722	1,361	1,585	285	312	393	430	32	34	17	2	3,045	3,085
Latin America	220	213	1,124	1,109	1,278	1,432	179	147	46	60	(56)	(75)	2,791	2,886
Argentina	71	71	-	29	18	26	9	(7)	3	2	(2)	(3)	99	118
Brazil	82	33	623	575	246	179	87	78	(2)	1	(13)	(23)	1,023	843
Chile	(59)	11	96	121	353	574	30	19	-	6	(41)	(49)	379	682
Colombia	44	8	285	266	439	444	37	39	30	35	-	-	835	792
Peru	83	90	120	118	99	98	16	18	14	16	-	-	332	340
Other	(1)	-	-	-	123	111	-	-	1	-	-	-	123	111
of Rest Europe	58	96	98	100	124	128	58	62	7	3	3	2	348	391
Romania	(1)	-	98	100	53	58	58	62	6	7	3	2	217	229
Russia	59	95	-	-	2	(3)	-	-	-	-	-	-	61	92
Other	-	1	-	-	69	73	-	-	1	(4)	-	-	70	70
North America	(35)	12	-	-	410	446	3	-	11	(15)	(2)	(2)	387	441
Africa, Asia & Oceania	-	-	-	-	61	37	-	-	(1)	(1)	-	-	60	36
Other	(22)	6	(24)	(2)	(43)	(12)	(2)	-	(16)	(19)	(174)	(73)	(281)	(100)
Total	1,128	1,341	4,942	5,714	3,001	3,376	2,270	2,287	183	68	(246)	(81)	11,278	12,705

Ordinary EBITDA¹(€mn)

E-MARKET SDIR
CERTIFIED

	Conventional Global	Generation & Trading	&	Infrastructure Networks		EGP	Retail		Enel	X	&	Services Other	Total
	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020
Italy	496	383	2,758	2,951	925	1,038	1,726	1,658	115	6	168	82	6,188	6,118
Iberia	958	946	1,361	1,585	285	314	393	430	32	34	17	26	3,046	3,335
Latin America	253	232	1,154	1,118	1,283	1,433	183	147	47	60	(53)	(74)	2,867	2,916
Argentina	71	71	-	31	18	26	9	(7)	3	2	(2)	(3)	99	120
Brazil	82	33	643	581	246	179	88	78	(2)	1	(13)	(23)	1,044	849
Chile	(28)	30	104	121	356	574	31	19	1	6	(38)	(48)	426	702
Colombia	44	8	286	266	441	444	37	39	30	35	-	-	838	792
Peru	85	90	121	119	99	99	18	18	14	16	-	-	337	342
Other	(1)	-	-	-	123	111	-	-	1	-	-	-	123	111
of Rest Europe	59	97	106	101	124	128	60	62	7	3	5	2	361	393
Romania	(1)	-	106	101	53	58	60	62	6	7	5	2	229	230
Russia	60	96	-	-	2	(3)	-	-	-	-	-	-	62	93
Other	-	1	-	-	69	73	-	-	1	(4)	-	-	70	70
North America	(35)	12	-	-	411	447	3	-	11	(14)	(1)	(2)	389	443
Africa, Asia & Oceania	-	-	-	-	61	37	-	-	(1)	(1)	-	-	60	36
Other	(22)	7	(24)	(2)	(43)	(10)	(2)	-	(16)	(18)	(173)	(72)	(280)	(95)
Total	1,709	1,677	5,355	5,753	3,046	3,387	2,363	2,297	195	70	(37)	(38)	12,631	13,146

1. It excludes extraordinary items in 9M 2020 (-441 €mn: -101 €mn donations and emergency costs COVID-19, -124 €mn impairment, -213 €mn energy transition and digitalization funds, -3 €mn other) and 9M 2021 (-1.353 €mn: -39 €mn emergency costs COVID-19, -1,182 €mn energy transition and digitalization funds, -132 €mn impairment)

Reported EBIT¹(€mn)

E-MARKET SDIR
CERTIFIED

	Conventional Global	Generation & Trading	Infrastructure &	Networks	EGP		Retail		Enel	X	&	Services Other	Total
	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020	9M 2021	9M 2020
Italy	(189)	161	1,521	1,827	681	803	1,096	1,084	47	(29)	(87)	15	3,069	3,861
Iberia	549	374	805	1,035	113	164	254	275	-	11	(19)	(26)	1,702	1,833
Latin America	98	(649)	647	598	851	1,130	(32)	(32)	34	50	(59)	(77)	1,539	1,020
Argentina	23	28	(18)	17	14	23	6	(29)	3	2	(2)	(3)	26	38
Brazil	73	26	308	239	186	131	(91)	(38)	(3)	(1)	(14)	(23)	459	334
Chile	(91)	(765)	62	87	238	452	14	(2)	-	4	(42)	(51)	181	(275)
Colombia	30	(4)	219	187	403	405	27	25	23	33	-	-	702	646
Peru	63	66	76	68	79	71	12	12	10	12	-	-	240	229
Other	-	-	-	-	(69)	48	-	-	1	-	(1)	-	(69)	48
of Rest Europe	35	65	31	39	75	84	41	37	4	(1)	3	1	189	225
Romania	(2)	-	31	39	36	43	41	37	4	4	2	1	112	124
Russia	37	64	-	-	(5)	(4)	-	-	-	-	-	-	32	60
Other	-	1	-	-	44	45	-	-	-	(5)	1	-	45	41
North America	(35)	11	-	-	173	232	3	-	(21)	(44)	(2)	(2)	118	197
Africa, Asia & Oceania	-	-	-	-	18	11	-	-	(3)	(3)	-	-	15	8
Other	(23)	4	(25)	(4)	(53)	(16)	(2)	-	(31)	(22)	(244)	(131)	(378)	(169)
Total	435	(34)	2,979	3,495	1,858	2,408	1,360	1,364	30	(38)	(408)	(220)	6,254	6,975

From EBITDA to net income¹ (€mn)

	9M 2021	9M 2020		9M 2021	9M 2020
	reported	reported	∆ yoy	ordinary	ordinary	∆ yoy
EBITDA	11 278 ,	12 705 ,	-11 2%	12 631 ,	13 146 ,	-3 9%
D&A	(5 024) ,	(5 730) ,		(4 836) ,	(4 935) ,
EBIT	6 254 ,	6 975 ,	-10 3%	7 795 ,	8 211 ,	-5 1%
financial Net charges	(1 752) ,	(1 725) ,		(1 742) ,	(1 725) ,
from Net income equity investments using equity method	428	5		121	45
EBT	4 930 ,	5 255 ,	-6 2%	6 174 ,	6 531 ,	-5 5%
Income tax	(1 662) ,	(1 576) ,		(2 071) ,	(1 901) ,
Net income	3 268 ,	3 679 ,		4 103 ,	4 630 ,
Minorities	(763)	(758)		(814)	(1 037) ,
Group income net	2 505 ,	2 921 ,	-14 2%	3 289 ,	3 593 ,	-8 5%

0	9M 2021	9M 2020	∆ yoy
Generation and Trading	693	375 1 ,	-50%
Enel Green Power	143 1 ,	968	18%
Distribution	963 1 ,	2 219 ,	-12%
Retail	910	923	-1%
Enel X	153	106	44%
Others and adjustments	162	139	17%
Total	5 024 ,	5 730 ,	-12%

Gross debt¹structure

Debt structure by instrument (€bn)

Debt by instrument	Enel Spa	EFI	EGP SpA and Central Others	Italy	Iberia	Latin Americ a	North America	Europe	Africa, Asia and Oceania	Total
Bonds	5.29	33.78	-	-	0.02	4.59	-	0.06	-	43.74
Bank Loans	1.40	-	0.32	3.74	2.40	2.16	0.42	0.34	0.37	11.15
Tax Partnership	-	-	-	-	-	-	0.52	-	-	0.52
Other Loans	-	-	-	0.49	0.94	0.32	0.62	0.08	0.01	2.46
Other short term debt	0.27	0.11	-	0.67	0.57	0.56	-	-	0.09	2.27
Commercial Paper	-	1.23	-	-	3.70	-	2.59	-	-	7.52
Gross debt	6.96	35.12	0.32	4.90	7.63	7.63	4.15	0.48	0.47	67.66
Financial Receivables	-0.27	-0.97	-0.44	-0.39	-0.50	-0.84	-	-0.03	-0.01	-3.45
Tariff Deficit	-	-	-	-	-0.94	-	-	-	-	-0.94
Other short term financial receivables	-1.24	-0.68	-	-0.31	-0.21	-0.15	-0.21	-	-0.06	-2.86
Cash and cash equivalents	-2.12	-0.22	-0.22	-0.34	-0.57	-1.59	-0.26	-0.55	-0.15	-6.02
Net Debt – Thitd Parties	3.33	33.25	-0.34	3.86	5.41	5.05	3.68	-0.10	0.25	54.39
Net Debt – Intercompany	13.98	-36.30	7.37	8.18	3.00	2.86	0.68	0.14	0.09	-
Net Debt – Group View	17.31	-3.05	7.03	12.04	8.41	7.91	4.36	0.04	0.34	54.39

Debt maturity coverage split by typology (€bn)

1. Of which 15.3 €bn of long term committed credit lines with maturities beyond March 2022

Balance sheet (€mn)

Balance sheet structure (€bn)

55% Net debt / Net capital employed

Headcount

0	9M 2021	FY 2020	∆
Generation and Trading	7 960 ,	8 142 ,	2% -
Enel Green Power	8 910 ,	8 298 ,	7%
Distribution	33 066 ,	34 332 ,	4% -
Retail	6 171 ,	6 324 ,	2% -
Enel X	3 266 ,	2 989 ,	9%
Others and adjustments	6 648 ,	6 632 ,	0%
Total	66 021 ,	66 717 ,	1% -

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. Certain numbers in this presentation are rounded, while certain figures may have been restated. 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.

Contact us

Monica Girardi Head of Group Investor Relations

Investor Relations team

Federico Baroncelli Serena Carioti Federica Dori Matteo Marengon Federica Pozzi Fabrizio Ragnacci Noemi Tomassi Emanuele Toppi

Contacts

Email investor.relations@enel.com Phone +39 06 8305 7975

Investor Relations App

iOS Android

Channels