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Enel Interim / Quarterly Report 2021

Jul 29, 2021

4317_10-q_2021-07-29_c893ed35-a2cd-41c0-95de-c55fd082ca84.pdf

Interim / Quarterly Report

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First Half

Consolidated results July 29th, 2021

Key highlights of the period

Financial results Push on renewables Simplification Shareholder return
Visible
translation of
operating
recovery into
financials		 Significant
acceleration in
RES additions
with +3.6 GW
built over the
LTM		 Earnings
accretion
from Latam
restructuring		 0.38 €/sh
guaranteed
DPS
+6% vs 2020

Delivering on a fully sustainable capex plan, with investments up by 20% yoy

Capex by business model and GBL (€bn)

106 232

3

Global Power Generation

Key highlights

  1. It considers nuclear and renewables (consolidated and managed)

  2. It includes nuclear and renewable managed capacity and production.

Acceleration in renewables additions, 3,600 MW built in the last twelve months

Renewable capacity evolution LTM and outlook1 (GW)

Pipeline enhances visibility on 2021-23 target (and beyond) and ringfences returns

    1. It includes storage for around 32 GW in early stage and around 8 in mature pipeline
    1. It includes capacity in execution and built
    1. Calculated using 2021-23 mature pipeline

Infrastructure & Networks

Electricity distributed1 : quarterly evolution (TWh)

  1. 2020 restated figures

Retail & Enel X

  1. It includes energy losses.

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

H1 2021 Financial results

Financial highlights (€mn)

Solid and visible recovery in the operating performance bodes well for full year target

EBITDA by business line

12

  1. It excludes extraordinary items in H1 2020 (-149 €mn: -82 €mn donations and emergency costs, -67 €mn impairment) and H1 2021 (-641 €mn: -24 €mn COVID-19, -555 €mn energy transition fund, -62 €mn impairment).

2,296 2,198 1,073 961 - 500 1,00 0 1,50 0 2,00 0 2,50 0 3,00 0 3,50 0 4,00 0 4,50 0 5,00 0 H1 2020 H1 2021 Global Power Generation Visible recovery in Q2 driven by new renewable additions 32% 21% 9% 33% 5% Italy Iberia North America Latin America RoW H1 2021 3.2 €bn 3,369 3,159 EBITDA evolution (€mn) EBITDA by geography -6% EGP Conventional Generation & Trading Normalization of trading activities and short position in Spain 145 €mn negative impact from currency devaluation c.250 €mn from new capacity installed H120: ~170 €mn provision rev. in Spain H121: ~200 €mn CO2 regularization, hydro canon in Spain and Texas storm1 Non recurring

Infrastructure and Networks

Performance up by 2% yoy net of Latam FX and non-recurring items in Europe

EBITDA evolution (€mn) EBITDA by geography

users (€/cust)

Retail Up by single digit yoy, back to pre COVID levels

EBITDA evolution (€mn) Free market – Energy sold (TWh)1

B2C B2B

+4%

+11%

-%

+3%

Net Income up by 10% net of FX and non-recurring items

Net Ordinary Income evolution (€bn)

1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 Cash flow (€bn)1

  1. Rounded figures

10.0

    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)

Increasing the share of sustainable finance while further reducing cost of debt

Liability management program

Share of sustainable finance after liability management

Savings on financial expenses around 100 €mn per year from 2022. Crystallising the current low rate curve

Share of sustainable finance sources up by 13 p.p. vs 2020. On track to reach the 48% target in 2023

~500 €mn negative non-recurring impact on financial expenses expected by YE

linked bond

Solid operating recovery and delivery support the achievement of FY targets

Focus on ongoing simplification in Latam to unlock value

Full speed on renewables development backed by growing pipeline

DPS + EPS growth underpins a 2021TSR >10%

First Half 2021 Consolidated results

Annexes

Macroscenario

(%)
GDP		 (%)
CPI		 €1
FX
against		 (€/MWh)
Spot
Price		 (TWh)2
Electricity
Demand
H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020
Italy 16
15		 (18
13)		 1
35		 (0
38)		 - - 66
96		 32
21		 154
81		 143
50
Iberia 19
94		 (21
60)		 2
47		 (0
29)		 - - 58
23		 28
86		 120
35		 113
90
Latin
America
Argentina 18
49		 (19
96)		 46
83		 42
76		 113
89		 78
84		 - - 69
87		 65
03
Brazil 13
03		 (10
86)		 8
35		 2
13		 5
91		 6
13		 29
42		 29
06		 305
11		 286
00
Chile 15
48		 (13
70)		 3
80		 2
63		 871
44		 921
76		 61
94		 42
06		 40
12		 38
94
Colombia 19
14		 (15
54)		 3
63		 2
20		 4
462
50
,		 4
205
78
,		 36
77		 81
89		 35
88		 34
51
Peru 38
53		 (29
87)		 3
25		 1
60		 4
58		 3
96		 7
89		 7
01		 26
63		 23
15
of
Rest
Europe
Romania 14
15		 (9
97)		 0
19		 0
31		 4
95		 4
83		 54
63		 28
69		 31
21		 28
91
Russia 2
86		 (4
59)		 6
50		 3
21		 87
05		 79
70		 15
36		 16
35		 410
21		 388
81
North
America
USA 13
27		 (9
03)		 5
33		 0
73		 1
19		 1
12		 - - 1
795
30
,		 1
730
81
,
Mexico 18
42		 (18
71)		 88
5		 3
33		 23
74		 25
76		 - - 155
45		 149
63
Africa
Asia
&
Oceania
,
India 24
61		 (24
14)		 6
26		 6
23		 88
50		 84
62		 - - 676
92		 602
55
Australia 9
50		 (6
24)		 3
28		 (0
26)		 1
57		 1
68		 - - - -
South
Africa		 17
41		 (17
47)		 4
97		 2
22		 16
99		 19
41		 - - 110
20		 104
16

Group consolidated net capacity: breakdown by technology and geography

MW Hydro Wind Geothermal Solar
&
Other		 Nuke Oil
&
Gas		 Coal CCGT TOTAL
Italy 12
432
,		 786 772 29 - 2
237
,		 5
594
,		 4
583
,		 26
433
,
Iberia 4
747
,		 2
422
,		 - 625 3
328
,		 2
334
,		 2
764
,		 5
445
,		 21
666
,
Latin
America		 10
585
,		 2
402
,		 69 2
020
,		 - 2
682
,		 546 4
165
,		 22
469
,
Argentina 328
1
,		 - - - - 169
1
,		 - 922
1
,		 419
4
,
Brazil 1
272
,		 1
628
,		 - 1
072
,		 - - - 319 4
291
,
Chile 3
551
,		 642 69 621 - 603 320 1
467
,		 7
272
,
Colombia 3
097
,		 - - 86 - 180 226 - 3
589
,
Perù 792 132 - 179 - 730 - 457 2
292
,
Other1 545 - - 62 - - - - 606
of
Rest
Europe		 19 956 - 130 - 4
447
,		 - 829 6
381
,
Romania - 498 - 36 - - - - 534
Russia - 90 - - - 4
447
,		 - 829 5
366
,
Other2 19 368 - 94 - - - - 481
North
America		 53 5
572
,		 72 1
410
,		 - - - - 7
106
,
Mexico 53 893 - 220 - - - - 1
165
,
Canada - 211 - - - - - - 211
USA - 4
468
,		 72 1
191
,		 - - - - 5
730
,
Oceania3
Africa
Asia
&
,		 - 812 - 667 - - - - 1
479
,
Total 27
836
,		 12
950
,		 913 4
881
,		 3
328
,		 11
700
,		 8
904
,		 15
023
,		 85
534
,

  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 9
226
,		 703 2
725
,		 32 - 193 4
015
,		 4
840
,		 21
734
,
Iberia 3
704
,		 2
983
,		 - 495 12
815
,		 1
752
,		 430 5
414
,		 27
592
,
Latin
America		 17
123
,		 005
4
,		 133 1
534
,		 - 1
026
,		 1
359
,		 9
507
,		 34
686
,
Argentina 1
084
,		 - - - - 213 - 5
650
,		 6
947
,
Brazil 2
213
,		 2
893
,		 - 674 - - - 355 6
134
,
Chile 3
817
,		 825 133 549 - 257 1
237
,		 2
360
,		 9
178
,
Colombia 6
229
,		 - - 60 - 6 122 - 6
417
,
Perù 2
521
,		 286 - 205 - 549 - 1
142
,		 4
704
,
Other1 1
259
,		 - - 47 - - - - 1
305
,
of
Rest
Europe		 27 1
034
,		 - 87 - 6
684
,		 - 3
038
,		 10
869
,
Romania - 595 - 20 - - - - 615
Russia - 35 - - - 6
684
,		 - 3
038
,		 9
757
,
Other2 27 404 - 67 - - - - 497
North
America		 56 8
641
,		 162 937 - - - - 9
796
,
Mexico 56 799 - 253 - - - - 1
108
,
Canada - 321 - - - - - - 321
USA - 7
521
,		 162 684 - - - - 8
367
,
Oceania3
Africa
Asia
&
,		 - 580 - 562 - - - - 1
142
,
Total 30
136
,		 945
17
,		 3
020
,		 3
647
,		 12
815
,		 9
654
,		 803
5
,		 22
799
,		 105
819
,

  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 16 14 3 - - - - - 33
Iberia - - - 15 - - - - 15
Latin
America		 - 273 28 219 - - 1 - 522
Argentina - - - - - - - - -
Brazil - 273 - 94 - - - - 367
Chile - - 28 125 - - - - 154
Colombia - - - - - - 1 - 1
Perù - - - - - - - - -
Other2 - - - - - - - - -
of
Rest
Europe		 - - - 6 - - - 16 22
Romania - - - - - - - - -
Russia - - - - - - - 16 16
Other3 - - - 6 - - - - 6
North
America		 - - - 465 - - - - 465
Mexico - - - - - - - - -
Canada - - - - - - - - -
USA - - - 465 - - - - 465
Oceania4
Africa
Asia
&
,		 - 293 - 275 - - - - 568
Total 16 580 31 982 - - 1 16 625
1
,

  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

MW Wind Hydro Geothermal Solar &
Other		 Total
Italy 106 46 4 23 179
Iberia 439 20 - 2,044 2,503
Latin America 2,185 156 - 2,901 5,242
Rest of Europe 201 - - - 201
North America 1,105 - - 1,010 2,115
Africa, Asia & Oceania 1,167 - - 420 1,587
Total 5,203 222 4 6,398 11,827

EGP mature pipeline

Infrastructure & Networks KPIs

(TWh)1
Electricity
distributed		 End
users		 (mn) (mn)1
Smart
meters
H1 H1 H1 H1 H1 H1
2021 2020 2021 2020 2021 2020
Italy 106 101 31 31 30 30
4 0 5 4 8 8
Iberia 64 58 12 12 12 12
2 8 3 2 5 3
Latin
America		 67
3		 63
9		 27
9		 27
4		 0
4		 0
4
Argentina 8
2		 8
1		 2
5		 2
5		 - -
Brazil 40
0		 37
6		 18
3		 17
9		 - -
Chile 8 8 2 2 0 0
0 7 0 0 3 3
Colombia 7 6 3 3 0 0
0 7 7 6 1 1
Peru 4
1		 3
7		 1
5		 1
4		 - -
of 8 7 3 2 0 0
Rest 7 4 0 9 1 7
Europe
Romania 7 7 3 2 1 0
8 4 0 9 0 7
Total 245 231 74 74 44 44
7 1 8 0 7 2

Retail KPIs

Power Gas
Customers (mn) Volumes1 (TWh) Customers (mn) Volumes
(bsmc)
2021 2020 2021 2020 2021 2020 2021 2020
H1 H1 H1 H1 H1 H1 H1 H1
Italy 22 23 45 43 4 4 2 2
2 1 5 2 1 1 5 7
Iberia 10 10 39 39 1 1 2 2
2 5 4 0 7 7 8 6
Latin
America		 27
9		 27
4		 62
9		 58
4		 0
0		 0
0		 0
1		 0
1
of 3 3 3 4 0 0 0 0
Rest 0 0 4 4 1 1 1 1
Europe
Total 63 64 152 0 8 8 5 5
3 2 1 145 5 5 4 4

Enel X KPIs

Points1
Charging
(k)		 (mn)
lighting
Street		 (#)
Electric
buses		 Storage (MW) (GW)
Demand
Response
2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1
Italy 32
3		 19
6		 1
6		 1
6		 - - 32 12 0
8		 0
5
Iberia 8
0		 5
7		 0
1		 0
1		 31 7 21 20 - -
Latin
America		 2
5		 1
0		 1
1		 0
7		 1
333
,		 455 22 14 - -
North
America		 79
9		 61
0		 - - 111 - 42 17 4
1		 3
8
of
Rest
Europe		 1
1		 0
4		 - - - - 20 47 1
1		 0
5
Africa
Asia
&
Oceania
,		 0
7		 - - - - - - - 1
4		 1
3
Other 107
0		 18
5		 - - - - - - - -
Total 231
6		 106
2		 2
9		 2
4		 1
475
,		 462 137 110 7
4		 6
1

Baseload power price & production sold forward

Baseload price
2021 2022 2023
Italy (€/MWh) 52.3 53.9 55.3
Iberia (€/MWh) 47.2 48.4 49.2
Production
sold
forward
2021 2022 2023
price % price % price %
(€/MWh)1
Italy		 51
9		 92% 60
7		 99% 65
0		 20%
(€/MWh)1
Iberia		 70
7
100%		 73
8		 74% ~74 ~20%
(USD/MWh)
Brazil		 57
8
100%		 56
7
100%		 56
8		 100%
(USD/MWh)
Chile		 70
5
100%		 65
7		 100% 66
2		 100%
(USD/MWh)
Colombia		 67
0
100%		 64
5		 100% 64
5		 97%
(USD/MWh)
Peru		 56
4
100%		 59
1		 100% 61
6		 100%
  1. Average hedged price; wholesale price for Italy, retail price for Spain. 31

Capex1 (€mn)

Conventional
Global		 Generation
&
Trading		 & Infrastructure
Networks		 EGP Retail Enel X Services
&		 Other Total
2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1
Italy 97 55 1,088 803 160 80 187 135 40 27 17 4 1,589 1,103
Iberia 100 116 345 242 205 221 67 43 21 22 4 5 744 649
Latin
America		 49 45 674 537 679 572 - - 15 7 3 - 1,419 1,162
Argentina 11 10 57 44 - - - - - - - - 68 55
Brazil 3 8 396 312 291 312 - - 2 2 3 - 694 633
Chile 17 10 72 51 333 230 - - 1 1 - - 423 292
Colombia 7 5 105 92 28 23 - - 7 5 - - 147 124
Peru 12 12 43 38 2 5 - - 6 - - - 64 55
Other - - - - 23 2 - - - - - - 23 2
of
Rest
Europe		 13 23 85 85 98 68 8 4 1 - - - 206 181
Romania - - 85 85 1 - 8 4 1 - - - 95 90
Russia 13 23 - - - - - - - - - - 13 23
Other - - - - 97 68 - - - - - - 97 68
North
America		 2 - - - 669 740 - - 22 23 - - 693 763
Africa,
Asia
&
Oceania		 - - - - 138 217 - - 1 1 - - 139 219
Other - - 1 2 9 14 - - 38 23 36 22 83 61
Total 262 239 2,193 1,668 1,958 1,912 262 182 138 103 61 33 4,873 4,138

Asset development Capex1 (€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
&
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020
Italy 66 26 568 313 108 44 - - 37 23 6 - 786 407
Iberia 3 1 134 68 173 192 - - 7 5 1 - 318 266
Latin
America		 3 5 200 132 641 545 - - 11 5 - - 854 688
Argentina - - 15 4 - - - - - - - - 15 4
Brazil - - 123 77 279 309 - - - - - - 402 386
Chile 2 3 19 12 325 221 - - 1 1 - - 347 237
Colombia - 1 30 35 19 14 - - 6 4 - - 55 55
Peru - 1 14 5 - - - - 4 - - - 18 5
Other - - - - 18 - - - - - - - 18 -
of
Rest
Europe		 6 15 29 33 96 67 - - - - - - 131 115
Romania - - 29 33 1 - - - - - - - 29 33
Russia 6 15 - - - - - - - - - - 6 15
Other - - - - 96 67 - - - - - - 96 67
North
America		 - - - - 664 734 - - 2 1 - - 666 735
Africa,
Asia
&
Oceania		 - - - - 135 215 - - - - - - 135 215
Other - - - 1 5 7 - - 38 23 10 7 53 38
Total 77 47 931 548 1,823 1,805 - - 95 57 17 7 2,943 2,464

Revenues1 (€mn)

E-MARKET SDIR
CERTIFIED
Conventional
Generation
&
Global
Trading		 Infrastructure
Networks
&		 EGP Retail Enel
X		 Services
Other
&		 Total
2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1		 2021
H1		 2020
H1
Italy 3,674 8,763 3,551 3,633 1,173 1,092 8,020 7,148 218 153 (3,636) (4,015) 13,000 16,774
Iberia 2,604 2,519 1,233 1,252 417 390 6,143 5,931 124 113 (2,321) (1,674) 8,200 8,531
Latin
America		 1,019 674 4,464 4,463 1,608 1,432 637 759 97 72 (757) (630) 7,068 6,770
Argentina 72 88 288 363 17 23 - 2 5 1 (1) (2) 381 475
Brazil 341 68 2,923 2,801 435 233 135 158 9 5 (305) (128) 3,538 3,137
Chile 435 336 607 614 584 587 45 140 23 27 (224) (275) 1,470 1,429
Colombia 82 95 306 303 406 422 360 361 37 37 (168) (158) 1,023 1,060
Peru 89 87 340 382 61 66 97 98 23 2 (59) (67) 551 568
Other - - - - 105 101 - - - - - - 105 101
of
Rest
Europe		 241 277 196 191 149 164 577 580 37 22 (180) (199) 1,020 1,035
Romania - - 196 191 92 109 577 580 13 11 (180) (201) 698 690
Russia 241 277 - - 2 - - - - - - 2 243 279
Other - - - - 55 55 - - 24 11 - - 79 66
North
America		 47 8 - - 524 459 5 (1) 118 68 - (4) 694 530
Africa,
Asia
&
Oceania		 - - - - 68 44 - - 26 28 - - 94 72
Other (93) 35 16 9 2 (6) - - 13 7 (161) (382) (223) (337)
Total 7,492 12,276 9,460 9,548 3,941 3,575 15,382 14,417 633 463 (7,055) (6,904) 29,853 33,375

Conventional
Generation
&
Global
Trading		 Infrastructure
EGP
Networks
&		 Retail Enel
X		 Services
Other
&		 Total
H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020
Italy 292 180 1,498 1,873 650 745 1,164 1,134 44 9 (20) 33 3,628 3,974
Iberia 392 605 908 1,121 256 216 250 305 22 25 5 2 1,833 2,274
Latin
America		 175 125 691 773 856 953 109 105 28 23 (37) (54) 1,822 1,925
Argentina 43 50 (4) 23 11 18 3 (3) 3 - (2) - 54 88
Brazil 45 20 368 384 142 118 50 55 (1) (3) (8) (19) 596 555
Chile (1) (3) 57 83 280 366 19 15 (4) 4 (27) (35) 324 430
Colombia 22 (4) 189 185 284 314 25 27 21 23 - - 541 545
Peru 66 62 81 98 62 63 12 11 9 (1) - - 230 233
Other - - - - 77 74 - - - - - - 77 74
of
Rest
Europe		 42 77 53 55 77 80 43 39 5 3 1 2 221 256
Romania (1) - 53 55 36 42 43 39 4 4 1 2 136 142
Russia 43 76 - - (1) (2) - - - - - - 42 74
Other - 1 - - 42 40 - - 1 (1) - - 43 40
North
America		 (22) 10 - - 317 305 5 (1) 6 (20) (2) (1) 304 293
Africa,
Asia
&
Oceania		 - - - - 40 22 - - (2) (1) - - 38 21
Other (12) 4 (13) (6) (18) (30) - - (2) (16) (82) (50) (127) (98)
Total 867 1,001 3,137 3,816 2,178 2,291 1,571 1,582 101 23 (135) (68) 7,719 8,645

E-MARKET
SDIR
CERTIFIED
Conventional
Generation
&
Global
Trading		 Infrastructure
&
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020
Italy 357 228 1,806 1,896 661 746 1,234 1,143 49 9 46 46 4,153 4,068
Iberia 395 614 908 1,121 256 216 250 305 22 25 5 14 1,836 2,295
Latin
America		 197 140 718 781 860 954 111 105 29 23 (34) (52) 1,881 1,951
Argentina 43 50 (4) 25 11 18 3 (3) 3 - (2) - 54 90
Brazil 45 20 387 389 142 118 51 55 (1) (3) (8) (18) 616 561
Chile 21 12 65 83 283 366 20 15 (3) 4 (24) (34) 362 446
Colombia 22 (4) 189 186 285 314 25 27 21 23 - - 542 546
Peru 66 62 81 98 62 64 12 11 9 (1) - - 230 234
Other - - - - 77 74 - - - - - - 77 74
of
Rest
Europe		 42 77 61 56 77 80 45 39 5 3 3 2 233 257
Romania (1) - 61 56 36 42 45 39 4 4 3 2 148 143
Russia 43 76 - - (1) (2) - - - - - - 42 74
Other - 1 - - 42 40 - - 1 (1) - - 43 40
North
America		 (22) 10 - - 318 306 5 (1) 6 (19) (2) (1) 305 295
Africa,
Asia
&
Oceania		 - - - - 40 22 - - (2) (1) - - 38 21
Others (8) 4 (5) (5) (14) (28) - - (1) (15) (58) (49) (86) (93)
Total 961 1,073 3,488 3,849 2,198 2,296 1,645 1,591 108 25 (40) (40) 8,360 8,794

36 1. It excludes extraordinary items in H1 2020 (-149 €mn: -82 €mn donations and emergency costs, -67 €mn impairment) and H1 2021 (-641 €mn: -24 €mn COVID-19, -555 €mn energy transition fund, -62 €mn impairment).

Reported EBIT1(€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
Networks
&		 EGP Retail Enel
X		 Services
Other
&		 Total
H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020		 H1
2021		 H1
2020
Italy 196 102 924 1,169 514 585 779 758 19 (15) (56) (1) 2,376 2,598
Iberia 112 356 538 752 150 122 157 186 (2) 10 (20) (16) 935 1,410
Latin
America		 95 (708) 378 418 521 765 6 (36) 19 19 (36) (55) 983 403
Argentina 13 19 (15) 13 9 16 (6) (16) 2 - (1) - 2 32
Brazil 40 15 161 152 107 85 (22) (44) (2) (4) (9) (20) 275 184
Chile (24) (776) 33 60 203 283 7 3 (4) 2 (28) (34) 187 (462)
Colombia 14 (12) 146 131 260 287 18 15 16 22 - - 454 443
Peru 52 46 53 62 49 45 9 6 7 (1) - - 170 158
Other - - - - (107) 49 - - - - 2 (1) (105) 48
of
Rest
Europe		 28 52 11 14 45 52 38 23 3 - 1 - 126 141
Romania (1) - 11 14 25 32 38 23 3 2 1 1 77 72
Russia 29 52 - - (5) (2) - - (1) - - - 23 50
Other - - - - 25 22 - - 1 (2) - (1) 26 19
North
America		 (22) 11 - - 169 170 4 (2) (14) (42) (2) (2) 135 135
Africa,
Asia
&
Oceania		 - - - - 13 3 - - (4) (2) - - 9 1
Other (13) 3 (13) (7) (24) (32) - - (15) (18) (128) (91) (193) (145)
Total 396 (184) 1,838 2,346 1,388 1,665 984 929 6 (48) (241) (165) 4,371 4,543

From EBITDA to net income1 (€mn)

H1
2021		 H1
2020		 ∆ H1
2021		 H1
2020		 ∆
reported reported yoy ordinary ordinary yoy
EBITDA 7
719
,		 8
645
,		 -10
7%		 8
360
,		 8
794
,		 -4
9%
D&A (3
348)
,		 (4
102)
,		 (3
162)
,		 (3
339)
,
EBIT 4
371
,		 4
543
,		 -3
8%		 198
5
,		 455
5
,		 -4
7%
financial
charges
Net		 (1
061)
,		 (1
119)
,		 (1
051)
,		 (1
119)
,
income
from
equity
investments
using
equity
method
Net		 138 13 68 35
EBT 3
448
,		 3
437
,		 3%
0		 4
215
,		 4
371
,		 6%
-3
Income
tax		 (1
177)
,		 (1
034)
,		 (1
376)
,		 (1
283)
,
Net
income		 2
271
,		 2
403
,		 2
839
,		 3
088
,
Minorities (493) (456) (540) (683)
income
Group
net		 1
778
,		 1
947
,		 -8
7%		 2
299
,		 2
405
,		 -4
4%

D&A reported (€mn)

1

0 2021
H1		 2020
H1		 ∆
yoy
Generation
and
Trading		 471 1
185
,		 60%
-
Enel
Green
Power		 790 626 26%
Distribution 1
299
,		 1
470
,		 12%
-
Retail 587 653 10%
-
Enel
X		 95 71 34%
Others
and
adjustments		 106 97 9%
Total 3
348
,		 4
102
,		 18%
-

Gross debt1structure

Debt structure by instrument (€bn)

Debt by instrument Enel Spa EFI EGP SpA
and
Central
Others		 Italy Iberia Latin
America		 North
America		 Europe Africa, Asia
and Oceania		 Total
Bonds 5.55 32.21 - - 0.02 4.80 - 0.06 - 42.64
Bank Loans 1.39 - 0.34 3.60 2.54 1.88 0.42 0.28 0.36 10.81
Tax Partnership - - - - - - 0.52 - - 0.52
Other Loans - - - 0.52 0.95 0.30 0.52 0.08 0.01 2.38
Other short term debt 0.24 0.04 0.01 0.94 0.24 0.47 - - 0.06 2.00
Commercial Paper - 0.08 - - 1.61 - 2.09 - - 3.78
Gross debt 7.18 32.33 0.35 5.06 5.36 7.45 3.55 0.42 0.43 62.13
Financial Receivables -0.27 -0.91 -0.44 -0.39 -0.50 -0.79 - - -0.04 -3.34
Tariff Deficit - - - - -0.83 - - - - -0.83
Other short term financial receivables -1.25 -0.77 - -0.36 -0.03 -0.15 -0.15 - -0.02 -2.73
Cash and cash equivalents -1.06 -0.28 -0.27 -0.60 -0.18 -1.60 -0.13 -0.61 -0.08 -4.81
Net Debt –
Third Parties		 4.60 30.37 -0.36 3.71 3.82 4.91 3.27 -0.19 0.29 50.42
Net Debt –
Intercompany		 11.93 -34.30 7.46 8.65 3.00 2.34 0.71 0.13 0.08 -
Net Debt –
Group View		 16.53 -3.93 7.10 12.36 6.82 7.25 3.98 -0.06 0.37 50.42

Debt maturity coverage split by typology (€bn)

  1. Of which 15 € bn of long term committed credit lines with maturities beyond March 2022

Balance sheet (€mn)

Balance sheet structure (€bn)

53% Net debt / Net capital employed

Headcount

1

0 H1 2021 FY 2020 ∆
Generation and Trading 8,057 8,142 -1%
Enel Green Power 8,606 8,298 4%
Distribution 33,225 34,332 -3%
Retail 6,192 6,324 -2%
Enel X 3,160 2,989 6%
Others and adjustments 6,683 6,632 1%
Total 65,923 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.

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