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Enel Interim / Quarterly Report 2021

May 6, 2021

4317_10-q_2021-05-06_296ab904-b914-4200-aa2d-867e0114e310.pdf

Interim / Quarterly Report

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First Quarter

Consolidated results May 6th, 2021

Key highlights of the period

Financial results in line with plans Operating performance recovering post COVID-19 Simplification: 82.3% stake in ENIA post merger and PTO completion

EBITDA results in line with expectations

Investments up double digit yoy

Capex by business model and GBL (€bn)

49%

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

  2. It includes renewable managed capacity.

5

Renewable growth: optimally positioned on 2021-23 target and beyond

Early stage

Mature

Renewables Pipeline (GW)

1. As of March 31°, 2021.

  1. It includes storage for around 17 GW in early stage and around 4 in mature pipeline.

  2. It includes capacity in execution and delivered.

17.3 18.2 16 17 17 18 18 19 Q1 2020 Q1 2021 Charging points2 (k) 85 195 +2.3x Retail Enel X and new infrastructures Fiber deployment (Households passed mn) 8.4 11.5 +37% Storage3 (MW) 110 99 Free market power customers (mn) Free market energy sold (TWh)1 10.5 11.5 34.2 34.9 44.7 46.4 - 5 10 15 20 25 30 35 40 45 50 +4% +900k Street lighting (mn) 2.4 2.8 +17% +2% +10% Retail & Enel X

Q1 2020 Q1 2021

B2B B2C

  1. It includes energy losses.

Total power customers (mn)

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

  2. 2021 figure considers perimeter effect for around 25 MW.

Q1 2020 Q1 2021

64.4 63.5

+2x

Demand Response

(GW) 2.9 6.1

Enel Américas: entering a new restructuring phase

Enel Americas' capacity evolution (GW)

Q1 2021 Financial results

Financial highlights (€mn)

  1. As of December 2020.

Ordinary EBITDA

By business line By geography

Renewables and networks account for 70% of the overall EBITDA

Resilient growth in retail and networks operations

More than 75% of EBITDA coming from Europe

  1. It excludes extraordinary items in Q1 2020 (-33 €mn COVID-19) and Q1 2021 (-68 €mn: -13 €mn COVID-19, -23 €mn 'Quota 100', -19 €mn JTF Brazil, -12 €mn Impairment Bocamina, -1 €mn Impairment Iberia).

Global Power Generation

Trading activities normalizing after a strong Q1 2020

Infrastructure and Networks

users (€/cust)

EBITDA +2% yoy net of FX and non recurring items

EBITDA evolution (€mn) EBITDA by geography

Retail +900k customers in free market driven by Romania and Italy

  1. It includes energy losses.

LTM

(€/cust)

Net Ordinary Income

Net Ordinary Income evolution (€bn)

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4

3.8
3.3
2.8
2.3
1.8
1.3		 4.2 0.2 )
(		 (
0.8 )		 (
0.2 )		 (0.4) 2.5 (
2.1 )
0.8
0.3		 0.5
-0.2 Ordinary
EBITDA		 2
∆ Provisions		 ∆Working
capital
& other		 Income
taxes		 Financial
3
expenses		 FFO Capex FCF
PY 4.7 (0.4) (1.5) - (0.4) 2.14 (1.9) 0.24
Delta YoY -12% +47% -47% n.a. -10% +24% +10% 2x
  1. Rounded figures

4.3 4.8

  1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt

  2. Includes dividends received from equity investments

  3. Calculation includes 0.4 €bn provision reversal in Spain reported separately in Q1 2020

Gross debt and liquidity

Debt evolution (€bn) Available liquidity

FY 2021 guidance confirmed

FY 2021 Guidance (€bn)

Full year 2021 guidance confirmed

Value creation from stewardship business model

Full visibility on accelerated delivery of new renewable capacity

AGM on May 20th to approve the 2020 dividend payment

First Quarter 2021 Consolidated results

Annexes

Macroscenario

(%)
GDP		 (%)
CPI		 €1
FX
against		 (€/MWh)
Price
Spot		 (TWh)2
Electricity
Demand
Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020
Italy (1
44)		 (5
80)		 0
58		 0
29		 - - 59
31		 39
60		 78
63		 76
97
Iberia (4
72)		 (4
28)		 0
60		 0
57		 - - 44
41		 35
89		 62
58		 62
24
Latin
America		 - - - - - - - - - -
Argentina (0
81)		 (5
18)		 40
08		 50
43		 107
91		 70
55		 - - 34
92		 35
12
Brazil (0
49)		 (1
42)		 5
20		 3
83		 6
63		 5
52		 25
18		 43
15		 156
92		 153
25
Chile 0
20		 0
28		 2
99		 3
70		 858
69		 910
31		 62
20		 45
30		 19
87		 19
93
Colombia (1
63)		 0
11		 1
65		 3
73		 4
306
29
,		 4
379
10
,		 47
39		 91
98		 17
84		 18
10
Peru (1
92)		 (3
33)		 2
54		 87
1		 39
4		 3
75		 6
88		 6
57		 13
33		 13
00
of
Rest
Europe		 - - - - - - - - - -
Romania (2
00)		 2
69		 3
25		 3
25		 4
89		 4
82		 49
45		 34
48		 16
58		 16
02
Russia (1
19)		 1
38		 5
55		 2
43		 90
39		 85
16		 15
81		 17
80		 223
36		 214
17
North
America		 - - - - - - - - - -
USA 0
53		 0
32		 1
91		 2
10		 1
18		 1
10		 - - 922
33		 886
55
Mexico (3
57)		 (2
15)		 3
95		 3
39		 24
71		 25
23		 - - 72
02		 73
52
Africa
Asia
&
Oceania
,		 - - - - - - - - - -
India 1
02		 3
01		 5
03		 6
67		 85
67		 82
38		 - - 336
91		 309
31
Australia (0
43)		 1
40		 1
00		 2
28		 - - - - - -
South
Africa		 (5
91)		 (0
20)		 4
27		 3
30		 17
68		 19
05		 - - 53
62		 53
91

Group consolidated net capacity: breakdown by technology and geography

MW Hydro Wind Geothermal Solar
&
Other		 Nuke Oil
&
Gas		 Coal CCGT TOTAL
Italy 12
424
,		 771 769 29 - 2
248
,		 583
5
,		 583
4
,		 26
408
,
Iberia 4
748
,		 2
422
,		 - 610 3
328
,		 2
334
,		 2
764
,		 5
445
,		 21
651
,
Latin
America		 10
582
,		 2
272
,		 41 1
876
,		 - 2
683
,		 546 4
165
,		 22
165
,
Argentina 1
328
,		 - - - - 1
169
,		 - 1
922
,		 4
419
,
Brazil 1
269
,		 1
498
,		 - 1
004
,		 - - - 319 4
090
,
Chile 3
551
,		 642 41 545 - 603 320 1
467
,		 7
168
,
Colombia 3
097
,		 - - 86 - 180 226 - 3
589
,
Perù 792 132 - 179 - 731 - 457 2
292
,
Other1 545 - - 62 - - - - 606
of
Rest
Europe		 19 957 - 130 - 4
447
,		 - 814 6
366
,
Romania - 498 - 36 - - - - 534
Russia - 90 - - - 4
447
,		 - 814 5
350
,
Other2 19 368 - 94 - - - - 481
North
America		 53 572
5
,		 72 948 - - - - 6
643
,
Mexico 53 893 - 220 - - - - 165
1
,
Canada - 211 - - - - - - 211
USA - 4
468
,		 72 728 - - - - 5
268
,
Oceania3
Africa
Asia
&
,		 - 519 - 667 - - - - 186
1
,
Total 27
826
,		 12
513
,		 882 4
260
,		 3
328
,		 11
711
,		 8
893
,		 15
007
,		 84
419
,

  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 4
233
,		 407 1
355
,		 15 - 84 2
164
,		 2
281
,		 10
538
,
Iberia 2
356
,		 1
854
,		 - 149 6
909
,		 967 213 2
352
,		 14
800
,
Latin
America		 8
693
,		 1
663
,		 62 778 - 411 656 4
530
,		 16
793
,
Argentina 501 - - - - 77 - 2
729
,		 3
307
,
Brazil 969 1
112
,		 - 284 - - - 355 2
720
,
Chile 2
079
,		 414 62 325 - 74 563 973 4
492
,
Colombia 3
187
,		 - - 32 - 2 93 - 3
315
,
Perù 1
384
,		 137 - 110 - 257 - 473 2
362
,
Other1 572 - - 26 - - - - 598
of
Rest
Europe		 22 603 - 31 - 3
842
,		 - 1
672
,		 6
170
,
Romania - 347 - 7 - - - - 354
Russia - - - - - 3
842
,		 - 1
672
,		 5
513
,
Other2 22 256 - 24 - - - - 302
North
America		 33 4
320
,		 93 376 - - - - 4
823
,
Mexico 33 398 - 130 - - - - 561
Canada - 201 - - - - - - 201
USA - 3
722
,		 93 247 - - - - 4
061
,
Oceania3
Africa
Asia
&
,		 - 250 - 313 - - - - 563
Total 15
337
,		 9
097
,		 1
511
,		 1
662
,		 6
909
,		 5
304
,		 3
032
,		 10
834
,		 53
687
,

  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 11 - - - - - - - 11
Iberia - - - 1 - - - - 1
Latin
America		 - 143 - 75 - - 1 - 219
Argentina - - - - - - - - -
Brazil - 143 - 26 - - - - 169
Chile - - - 49 - - - - 49
Colombia - - - - - - 1 - 1
Perù - - - - - - - - -
Other2 - - - - - - - - -
of
Rest
Europe		 - - - 6 - - - - 6
Romania - - - - - - - - -
Russia - - - - - - - - -
Other3 - - - 6 - - - - 6
North
America		 - - - - - - - - -
Mexico - - - - - - - - -
Canada - - - - - - - - -
USA - - - - - - - - -
Oceania4
Africa
Asia
&
,		 - - - 275 - - - - 275
Total 11 143 - 357 - - 1 - 512

  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 171 59 4 1 235
Iberia 439 18 - 1
873
,		 2
330
,
Latin
America		 2
293
,		 156 28 2
988
,		 466
5
,
of
Rest
Europe		 201 - - 6 207
North
America		 953 - - 1
445
,		 2
398
,
Africa
Asia
&
Oceania
,		 542
1
,		 - - 420 962
1
,
Total 5
600
,		 233 32 6
733
,		 12
598
,

EGP mature pipeline

Infrastructure & Networks KPIs

(TWh)1
Electricity
distributed		 End
users		 (mn) (mn)1
Smart
meters
Q1 Q1 Q1 Q1 Q1 Q1
2021 2020 2021 2020 2021 2020
Italy 54 54 31 31 30 30
8 2 4 4 7 8
Iberia 32 30 12 12 12 12
6 5 3 2 4 2
Latin
America		 34
0		 34
2		 27
8		 27
4		 0
4		 0
4
Argentina 4
0		 4
3		 2
5		 2
5		 - -
Brazil 20
5		 20
2		 18
1		 17
9		 - -
Chile 4 4 2 2 0 0
0 1 0 0 3 3
Colombia 3 3 3 3 0 0
5 6 6 6 1 1
Peru 2
0		 2
0		 1
5		 1
4		 - -
of 4 4 3 2 0 0
Rest 1 0 0 9 9 6
Europe
Romania 4 4 3 2 0 0
1 0 0 9 9 6
Total 125 123 74 74 44 44
6 0 5 0 4 0

Retail KPIs

C E-MARKET SDIR
CERTIFIED
Power Gas
(mn)
Customers
Q1
2021
Q1
2020		 Volumes1
(TWh)		 (mn)
Customers		 Volumes
(bsmc)
Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020
Italy 22 23 23 23 4 4 2 2
4 4 9 4 1 2 0 1
Iberia 10 10 20 21 1 1 1 1
3 6 7 5 7 7 6 6
Latin
America		 27
8		 27
4		 31
9		 30
4		 0
0		 0
0		 0
0		 0
0
of 3 3 2 2 0 0 0 0
Rest 0 0 3 4 1 1 1 0
Europe
Total 63 64 78 77 5 5 3 3
5 4 8 7 8 9 7 7

Enel X KPIs

Points1 Street (mn)
lighting		 Electric (#)
buses		 (MW) Demand (GW)
Charging
Q1
2021		 (k)
Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Storage
Q1
2021		 Q1
2020		 Q1
2021		 Response
Q1
2020
Italy 29
5		 18
2		 1
6		 1
6		 - - 12 13 0
5		 0
3
Iberia 7
5		 5
1		 0
1		 0
1		 - - 20 20 - -
Latin
America		 2
2		 0
9		 1
1		 0
7		 1
313
,		 285 22 14 - -
North
America		 71
9		 59
0		 - - - - 23 16 3
3		 0
8
of
Rest
Europe		 0
3		 - - - - - 22 47 1
1		 0
5
Africa
Asia
&
Oceania
,		 0
4		 - - - - - - - 1
3		 1
3
Other 82
8		 2
0		 - - - - - - - -
Total 194
6		 85
3		 2
8		 2
4		 1
313
,		 285 99 110 6
1		 2
9

Baseload power price & production sold forward

Baseload price
2021 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		 89% 54
0		 58% - -
(€/MWh)1
Iberia		 70
7		 97% 2
74		 62% - -
(USD/MWh)
Brazil		 53
4		 100% 56
2		 100% 56
2		 100%
(USD/MWh)
Chile		 68
9		 100% 64
8		 100% 66
1		 100%
(USD/MWh)
Colombia		 66
6		 100% 63
7		 97% 64
1		 96%
(USD/MWh)
Peru		 56
4		 100% 59
2		 100% 61
6		 100%
  1. Average hedged price; wholesale price for Italy, retail price for Spain. 30

Capex1 (€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
&
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020
Italy 36 25 481 486 72 35 74 72 13 13 8 - 683 631
Iberia 34 31 141 95 54 61 30 19 10 14 2 1 271 222
Latin
America		 20 23 245 264 351 268 - - 5 2 5 2 626 559
Argentina 7 7 22 22 - - - - - - - - 28 29
Brazil 2 2 121 160 131 177 - - - 1 5 2 260 341
Chile 6 5 32 22 187 79 - - 1 - - - 226 106
Colombia 3 3 51 40 19 11 - - 3 1 - - 75 54
Peru 3 6 19 21 1 1 - - 2 - - - 24 27
Other - - - - 13 1 - - - - - - 13 1
of
Rest
Europe		 5 3 43 41 56 32 4 2 - - - - 109 78
Romania - - 43 41 - - 4 2 - - - - 48 43
Russia 5 3 - - - - - - - - - - 5 3
Other - - - - 56 32 - - - - - - 56 32
North
America		 1 - - - 268 239 - - 11 11 - - 280 250
Africa,
Asia
&
Oceania		 - - - - 56 111 - - - 1 - - 57 112
Other - - - - 4 5 - - 13 9 11 6 29 19
Total 96 82 910 886 862 750 108 93 53 49 26 10 2,055 1,870

Asset development Capex1 (€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
&
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020
Italy 24 11 234 171 50 20 - - 14 11 3 - 324 212
Iberia - 1 53 23 41 47 - - 4 2 - - 98 73
Latin
America		 1 3 70 59 331 257 - - 5 1 - - 407 320
Argentina - - 4 2 - - - - - - - - 4 2
Brazil - - 32 35 123 174 - - - - - - 155 209
Chile 1 2 11 5 184 75 - - 1 - - - 196 83
Colombia - 1 17 15 13 7 - - 3 1 - - 33 23
Peru - 1 6 3 - - - - 1 - - - 7 3
Other - - - - 11 - - - - - - - 11 -
of
Rest
Europe		 2 - 12 15 56 32 - - - - - - 70 47
Romania - - 12 15 - - - - - - - - 12 15
Russia 2 - - - - - - - - - - - 2 -
Other - - - - 56 32 - - - - - - 56 32
North
America		 - - - - 266 238 - - 1 - - - 266 238
Africa,
Asia
&
Oceania		 - - - - 55 110 - - - - - - 55 110
Other - - - - 3 3 - - 13 9 2 2 18 13
Total 28 15 369 268 802 706 - - 35 24 5 2 1,239 1,014

Revenues1 (€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
Networks
&		 EGP Retail Enel
X		 Services
Other
&		 Total
Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020
Italy 3,896 6,669 1,746 1,755 566 542 4,289 4,220 95 72 (2,067) (2,343) 8,525 10,915
Iberia 1,271 1,472 612 625 265 214 3,354 3,440 59 55 (1,089) (1,123) 4,472 4,683
Latin
America		 454 402 2,147 2,473 829 750 306 380 43 37 (337) (300) 3,442 3,742
Argentina 30 64 132 205 7 13 - 1 2 1 (1) - 170 284
Brazil 163 44 1,402 1,585 253 150 60 92 3 3 (125) (67) 1,756 1,807
Chile 184 168 287 323 288 264 17 80 10 11 (103) (117) 683 729
Colombia 40 49 153 156 198 220 179 194 16 21 (79) (79) 507 561
Peru 37 77 173 204 35 49 50 13 12 1 (28) (37) 279 307
Other - - - - 48 54 - - - - (1) - 47 54
of
Rest
Europe		 138 165 104 102 83 92 307 320 22 10 (101) (108) 553 581
Romania - - 104 102 51 63 307 320 10 5 (101) (108) 371 382
Russia 138 165 - - - - - - - - - - 138 165
Other - - - - 32 29 - - 12 5 - - 44 34
North
America		 36 4 - - 174 210 - 1 53 26 - - 263 241
Africa,
Asia
&
Oceania		 - - - - 34 25 - - 12 20 - - 46 45
Other (90) (138) 7 7 4 (14) - - 7 3 (122) (80) (194) (222)
Total 5,705 8,574 4,616 4,962 1,955 1,819 8,256 8,361 291 223 (3,716) (3,954) 17,107 19,985

Reported EBITDA1 (€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
&
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020
Italy 109 130 876 857 329 359 712 619 24 3 16 12 2,066 1,980
Iberia 262 428 452 643 155 107 117 241 13 15 (2) 18 997 1,452
Latin
America		 43 76 343 430 429 517 54 58 13 11 (17) (23) 865 1,069
Argentina 14 41 - 9 4 9 2 (2) 1 - (1) - 20 57
Brazil 18 13 175 235 54 75 24 32 (1) (2) (7) (7) 263 346
Chile (24) (13) 33 45 158 187 9 11 (2) - (9) (16) 165 214
Colombia 5 (2) 93 94 142 168 13 11 10 13 - - 263 284
Peru 30 37 42 47 36 36 6 6 5 - - - 119 126
Other - - - - 35 42 - - - - - - 35 42
of
Rest
Europe		 27 49 24 15 46 49 25 15 2 1 1 1 125 130
Romania (1) - 24 15 23 28 25 15 2 2 1 1 74 61
Russia 28 49 - - (1) - - - - - - - 27 49
Other - - - - 24 21 - - - (1) - - 24 20
North
America		 (19) 6 - - 84 116 - - (2) (15) (1) - 62 107
Africa,
Asia
&
Oceania		 - - - - 17 14 - - (1) 2 - - 16 16
Other 3 3 (1) - (8) (24) - - (8) (10) (26) (15) (40) (46)
Total 425 692 1,694 1,945 1,052 1,138 908 933 41 7 (29) (7) 4,091 4,708

Ordinary EBITDA1(€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
&
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020
Italy 110 133 897 867 330 360 715 627 24 4 22 17 2,098 2,008
Iberia 264 428 452 643 155 107 117 241 13 15 (2) 20 999 1,454
Latin
America		 57 76 360 433 429 517 55 58 13 11 (17) (23) 897 1,072
Argentina 14 41 - 9 4 9 2 (2) 1 - (1) - 20 57
Brazil 20 13 192 235 54 75 25 32 (1) (2) (7) (7) 283 346
Chile (12) (13) 33 48 158 187 9 11 (2) - (9) (16) 177 217
Colombia 5 (2) 93 94 142 168 13 11 10 13 - - 263 284
Peru 30 37 42 47 36 36 6 6 5 - - - 119 126
Other - - - - 35 42 - - - - - - 35 42
of
Rest
Europe		 27 49 25 15 46 49 25 15 2 1 1 1 126 130
Romania (1) - 25 15 23 28 25 15 2 2 1 1 75 61
Russia 28 49 - - (1) - - - - - - - 27 49
Other - - - - 24 21 - - - (1) - - 24 20
North
America		 (19) 6 - - 85 116 - - (2) (15) (1) - 63 107
Africa,
Asia
&
Oceania		 - - - - 17 14 - - (1) 2 - - 16 16
Others 3 3 (1) - (8) (24) - - (8) (10) (26) (15) (40) (46)
Total 442 695 1,733 1,958 1,054 1,139 912 941 41 8 (23) - 4,159 4,741

35 1. It excludes extraordinary items in Q1 2020 (-33 €mn COVID-19) and Q1 2021 (-68 €mn: -13 €mn COVID-19, -23 €mn 'Quota 100', -19 €mn JTF Brazil, -12 €mn Impairment Bocamina, -1 €mn Impairment Iberia).

Reported EBIT1(€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
&
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020		 Q1
2021		 Q1
2020
Italy 67 86 589 578 261 285 536 439 13 (7) (1) (4) 1,465 1,377
Iberia 121 322 262 455 103 58 53 200 11 6 (14) 9 536 1,050
Latin
America		 8 26 186 238 342 423 9 (19) 8 9 (17) (25) 536 652
Argentina 1 23 (5) 2 3 9 (2) (14) 1 - (1) - (3) 20
Brazil 16 11 70 108 38 57 (5) (23) (1) (2) (7) (7) 111 144
Chile (32) (29) 22 34 119 145 3 6 (2) (1) (9) (17) 101 138
Colombia 1 (7) 71 65 130 154 9 8 7 12 - - 218 232
Peru 22 28 28 29 28 27 4 4 3 - - - 85 88
Other - - - - 24 31 - - - - - (1) 24 30
of
Rest
Europe		 22 33 3 (7) 30 33 25 7 1 - 1 2 82 68
Romania (1) - 3 (7) 18 23 25 7 1 2 1 - 47 25
Russia 23 33 - - (4) (1) - - - - - - 19 32
Other - - - - 16 11 - - - (2) - - 16 9
North
America		 (18) 6 - - 10 47 - - (12) (24) (1) (2) (21) 27
Africa,
Asia
&
Oceania		 - - - - 6 5 - - (2) 1 - - 4 6
Other 2 2 (1) (1) (10) (25) - - (18) (11) (50) (36) (77) (71)
Total 202 475 1,039 1,263 742 826 623 627 1 (26) (82) (56) 2,525 3,109

From EBITDA to net income1 (€mn)

Q1
2021		 Q1
2020		 ∆
yoy		 Q1
2021		 Q1
2020		 ∆
reported reported ordinary ordinary yoy
EBITDA 4
091
,		 4
708
,		 -13
1%		 4
159
,		 4
741
,		 -12
3%
D&A (1
566)
,		 (1
599)
,		 (1
561)
,		 (1
607)
,
EBIT 2
525
,		 3
109
,		 -18
8%		 2
598
,		 3
134
,		 -17
1%
financial
charges
Net		 (421) (618) (421) (618)
from
method
Net
income
equity
investments
using
equity		 34 (3) 31 14
EBT 2
138
,		 2
488
,		 -14
1%		 2
208
,		 2
530
,		 -12
7%
Income
tax		 (643) (801) (666) (809)
Net
income		 1
495
,		 1
687
,		 1
542
,		 1
721
,
Minorities (319) (440) (328) (440)
Group
income
net		 1
176
,		 1
247
,		 7%
-5		 1
214
,		 1
281
,		 2%
-5

D&A reported (€mn)

1

0 Q1
2021		 Q1
2020		 ∆
yoy
and
Trading
Generation		 223 217 3%
Enel
Green
Power		 310 312 1%
-
Distribution 655 682 4%
-
Retail 285 306 7%
-
Enel
X		 41 33 24%
Others
and
adjustments		 52 49 6%
Total 566
1
,		 599
1
,		 2%
-

Gross debt1structure

Long term debt by currency After swap Interest rate composition

Debt evolution and credit ratings

Net debt evolution (€bn)

Long term credit ratings

  1. It includes foreign exchange derivatives realized in the period

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 5.63 30.15 - - 0.02 4.58 - 0.06 - 40.44
Bank Loans 1.39 - 0.36 3.73 2.19 1.58 0.42 0.26 0.33 10.26
Tax Partnership - - - - - - 0.56 - - 0.56
Other Loans - - - 0.54 0.83 0.38 0.46 0.08 0.02 2.31
Other short term debt 0.25 0.02 - 0.36 0.11 0.61 - - 0.06 1.41
Commercial Paper - - - - 1.84 - 1.49 - - 3.33
Gross debt 7.27 30.17 0.36 4.63 4.99 7.15 2.93 0.40 0.41 58.31
Financial Receivables -0.27 -0.91 -0.42 -0.41 -0.49 -0.78 -0.01 - -0.04 -3.33
Tariff Deficit - - - - -0.85 - - - - -0.85
Other short term financial
receivables		 -1.34 -1.24 - -0.19 -0.03 -0.13 -0.03 - -0.08 -3.04
Cash and cash equivalents -0.90 -0.15 -0.29 -0.31 -0.47 -2.15 -0.11 -0.68 -0.15 -5.21
Net Debt –
Thitd Parties		 4.76 27.87 -0.35 3.72 3.15 4.09 2.78 -0.28 0.14 45.88
Net Debt –
Intercompany		 12.93 -31.88 5.96 7.31 3.00 1.75 0.64 0.22 0.07 -
Net Debt –
Group View		 17.69 -4.01 5.61 11.03 6.15 5.84 3.42 -0.06 0.21 45.88

Debt maturity coverage split by typology (€bn)

  1. Of which 14.9 € bn of long term committed credit lines with maturities beyond March 2022

Balance sheet (€mn)

Balance sheet structure (€bn)

51% Net debt /

Net capital employed

Headcount

1

0 Q1 2021 FY 2020 ∆
Generation and Trading 8,080 8,142 -1%
Enel Green Power 8,432 8,298 2%
Distribution 34,006 34,332 -1%
Retail 6,197 6,324 -2%
Enel X 3,082 2,989 3%
Others and adjustments 6,641 6,632 0%
Total 66,438 66,717 0%

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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