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Enel Interim / Quarterly Report 2023

Nov 7, 2023

4317_10-q_2023-11-07_77732f49-ab08-4801-8140-f532cc69acc0.pdf

Interim / Quarterly Report

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Nine months

Consolidated results November 7th, 2023

Key highlights of the period

Solid and visible operating performance across all businesses

  1. It includes production from renewable managed capacity

  2. It includes renewable managed capacity

  3. Liberalized market, gross of energy losses

Capex deployment to support growth in core countries

Increasing portion of capex in energy infrastructures with visible returns

More than 60% investments allocated to Europe, up by 12 p.p. versus PY

  1. BESS and OCGT

Strong delivery across all businesses drives EBITDA up by 29% versus previous year

7.1 10.4 5.3 0.8 3.3 (0.4) 6.1 9M 2022 Grids Integrated business Stewardship & Other 9M 2023 +29% 12.7 16.4 Stewardship Ordinary EBITDA evolution1 (€bn) EBITDA by geography 49% 21% 24% 2%4% 9M 2023 16.4 €bn Latam Spain North America Italy 2 RoW

  1. Ordinary figures, it excludes extraordinary items in 9M 2022 (-344 €mn: -134 €mn impairments, -26 €mn COVID-19 emergency costs, -94 €mn discontinued operations (Russia, Greece and Romania), -90 €mn energy transition and digitalization funds) and in 9M 2023 (-1,166 €mn: -595 €mn discontinued operations (Greece and Romania), -363 €mn Costanera and Dock Sud (Argentina), -208 €mn solidarity contribution Italy and Spain)

  2. It includes 'Other' which accounted for a delta yoy of around (150) €mn

Sound integrated business growth supported by the macro environment normalization

Ordinary EBITDA evolution (€bn) EBITDA by geography

+46%

Hydro production up by 7 TWh yoy, fully recovering after drought of 2022

Reduced market volatility drives the normalization of electricity prices

Retail grew strongly yoy reverting 2022 headwinds

5

Grids EBITDA up by 15% yoy thanks to supportive regulatory frameworks

Ordinary EBITDA evolution (€bn)

Nine months 2023

Financial results

Net Ordinary Income

Profit & loss (€bn)

9M
2023		 9M 20221 ∆ yoy
Ordinary EBITDA 16.4 12.7 +29%
D&A and Provisions (5.5) (5.5)
Financial expenses2 (2.3) (1.7)
Income taxes (2.5) (1.6)
Minorities (1.0) (0.9)
Net Ordinary
Income		 5.0 3.0 >65%

Financial Expenses

Higher financial expenses driven by interest rates dynamics

Income taxes

Tax rate at around 29%, in line with expectations

Minorities

Minorities on total net income from 23% in 2022 to 17% in 2023, reducing earnings dilution

Solid cash generation with FFO reaching ~11 €bn

Rounded figures

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

  2. Includes dividends received from equity investments.

Significant FFO expansion supported by EBITDA performance and recovery in working capital

Pro Forma Net Debt at around 57 €bn

  1. HFS: FY 2022 0.9 €bn and 9M 2023 1.3 €bn.

    1. Net Capex: 9.4 €bn Gross Capex 350 €mn grants
    1. It includes new leases for around 0.2 €bn and hedges.

  4. Restated figures.

Continued execution of M&A plan

Net Debt
impact (€bn)		 9M 2023
EBITDA (€bn)
Sale of Argentina generation1,2 0.1 -
✔ Deals Exit from Romania2 2.1 0.5
closed Australia1,2
Sale of 50%
stake in		 0.1 -
Sale of PV Assets in Chile 0.5 -
Deals Sale of Perù distribution & supply1 3.1 0.2
announced
(pending		 Sale of
50%
stake in EGP Hellas		 0.3 0.1
Deals
closing)
announced		 Sale 150 MW of solar and
geothermal capacity		 0.3 -

Deals closed and announced worth around 6.5 €bn on Net Debt

  1. Argentina and Australia already included in Net Debt figure, Perù distribution & supply included in HFS for around 0.45 €bn as of September 30th, 2023

  2. Numbers shown do not take into account the impact on Net Debt recorded in 2022

Nine months 2023 2023 Guidance

Full Year 2023: EBITDA and Net Income targets

Upgrading guidance on a robust operating performance Pro-forma Net Debt/EBITDA at 2.4x-2.5x

Nine months 2023 Closing remarks

Closing remarks

Strong operating evolution provides full visibility for future targets 2024-26

Solid cash flow generation supports credit metrics

Sound progresses in the disposals plan

Strategic Plan to be presented on November 22nd, 2023

Nine months 2023

Consolidated results

EBITDA and Net Income: impact of disposals

Full Year 2023: Net Debt

FY2023E Net Debt (€bn)

FY2023 Pro Forma Net Debt set to decline vs. 9M 2023 confirming a proforma ND/EBITDA ratio at 2.4x-2.5x

Macroscenario

GDP (%) (%)
CPI		 €1
FX
against		 (€/MWh)
Spot
Price		 Electricity
Demand
(TWh)
9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022
Italy 0
87		 4
70		 7
70		 7
46		 - - 128
33		 324
23		 232
68		 240
99
Iberia 2
50		 6
46		 3
46		 8
96		 - - 91
13		 187
60		 220
69		 228
83
Latin
America
Argentina (2
10)		 6
11		 113
37		 63
70		 369
79		 144
31		 - - 107
62		 104
20
Brazil 3
30		 3
18		 4
57		 10
44		 32
5		 31
5		 12
96		 10
94		 476
03		 457
83
Chile (0
53)		 20
4		 8
71		 11
14		 941
57		 948
42		 86
91		 103
80		 62
19		 62
43
Colombia 1
30		 9
17		 12
38		 9
33		 4
308
59
,		 4
512
28
,		 105
12		 45
48		 59
45		 62
43
Peru 0
10		 3
10		 7
17		 7
69		 4
00		 3
91		 84
26		 25
04		 44
11		 41
39
of
Rest
Europe
Romania 1
75		 4
22		 10
63		 11
28		 4
97		 4
95		 105
00		 214
70		 40
04		 43
39
North
America
USA 2
36		 2
38		 4
43		 8
32		 1
06		 0
98		 - - 3
211
11
,		 3
274
10
,
Mexico 3
45		 3
76		 5
93		 7
85		 18
42		 19
74		 - - 243
24		 253
87
Africa
Asia
&
Oceania
,
India 6
79		 7
75		 5
75		 6
89		 88
15		 79
72		 - - 176
20
1
,		 137
59
1
,
Australia 2
00		 4
04		 6
07		 6
20		 1
64		 1
53		 - -
South
Africa		 0
57		 2
11		 6
04		 6
67		 20
00		 17
74		 - - 155
50		 163
53

Group consolidated net capacity: breakdown by technology and geography

MW Hydro Wind Geothermal Solar
&
Other		 Nuke Oil
&
Gas		 Coal CCGT TOTAL
Italy 12
997
,		 861 776 54 - 2
354
,		 4
720
,		 4
607
,		 26
369
,
Iberia 4
746
,		 2
882
,		 - 1
665
,		 3
328
,		 2
333
,		 1
644
,		 445
5
,		 22
044
,
Latin
America		 10
545
,		 4
193
,		 83 4
359
,		 - 1
470
,		 226 1
931
,		 22
807
,
Argentina 1
328
,		 - - - - - - - 1
328
,
Brazil 1
272
,		 3
158
,		 - 1
234
,		 - - - - 5
664
,
Chile 3
510
,		 903 83 2
242
,		 - 575 - 1
468
,		 8
780
,
Colombia 3
097
,		 - - 419 - 175 226 - 3
917
,
Perù 793 132 - 302 - 721 - 463 2
412
,
Other1 545 - - 162 - - - - 707
of
Rest
Europe		 19 871 - 193 - - - - 1
083
,
Romania - 498 - 99 - - - - 597
Other2 19 372 - 94 - - - - 486
North
America		 53 7
196
,		 72 2
528
,		 - - - - 9
847
,
Mexico 53 893 - 220 - - - - 1
165
,
Canada - 363 - - - - - - 363
USA - 5
940
,		 72 2
308
,		 - - - - 8
320
,
Oceania3
Africa
Asia
&
,		 - 371 - 357 - - - - 729
Total 28
360
,		 16
374
,		 931 9
156
,		 3
328
,		 6
157
,		 6
590
,		 11
983
,		 82
879
,

  1. Includes Panama, Guatemala and Costa Rica 20

  2. Includes Greece and Germany

  3. Includes 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 11
521
,		 966 3
953
,		 72 - 95 8
408
,		 8
362
,		 33
375
,
Iberia 3
488
,		 4
388
,		 - 2
283
,		 19
357
,		 3
382
,		 718 12
366
,		 45
982
,
Latin
America		 30
024
,		 10
051
,		 273 4
906
,		 - 2
983
,		 419 8
185
,		 56
840
,
Argentina 1
931
,		 - - - - 172 - 1
537
,		 3
640
,
Brazil 3
149
,		 8
494
,		 - 1
614
,		 - - - - 13
257
,
Chile 8
095
,		 1
227
,		 273 2
621
,		 - 974 - 4
361
,		 17
550
,
Colombia 12
295
,		 - - 182 - 46 419 - 12
942
,
Perù 3
045
,		 331 - 366 - 1
792
,		 - 2
287
,		 7
820
,
Other1 1
509
,		 - - 123 - - - - 1
631
,
of
Rest
Europe		 26 1
586
,		 - 174 - - - - 1
787
,
Romania - 922 - 70 - - - - 992
Other2 26 664 - 104 - - - - 795
North
America		 71 15
148
,		 226 3
230
,		 - - - - 18
674
,
Mexico 71 1
089
,		 - 407 - - - - 1
566
,
Canada - 632 - - - - - - 632
USA - 13
427
,		 226 2
823
,		 - - - - 16
476
,
Oceania3
Africa
Asia
&
,		 - 826 - 775 - - - - 1
601
,
Total 45
130
,		 32
965
,		 4
452
,		 11
440
,		 19
357
,		 6
460
,		 9
545
,		 28
913
,		 158
261
,

  1. Includes Panama, Guatemala and Costa Rica 21

  2. Includes Greece and Germany

  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 2 - - 4 - 101 - 11 117
Iberia - - - - - - - - -
Latin
America		 3 771 - 580 - 34 - 54 1
442
,
Argentina - - - - - - - 54 54
Brazil - 593 - - - - - - 593
Chile 2 178 - 199 - - - - 379
Colombia - - - 211 - - - - 211
Perù 1 - - 123 - 34 - - 158
Other2 - - - 47 - - - - 47
&
North
Africa
Europa		 - - - 63 - - - - 63
Romania - - - 63 - - - - 63
Other - - - - - - - - -
North/Central
Americas		 - 36 - 279 - - - - 315
Mexico - - - - - - - - -
Canada - 36 - - - - - - 36
USA - - - 279 - - - - 279
Africa
Asia
&
Oceania
,		 - - - - - - - - -
Total 4 807 - 926 - 135 - 65 937
1
,

22 1. Excludes managed capacity and BESS

  1. Includes Panama

Renewable projects in execution: breakdown by technology and geography1

MW Wind Hydro Geothermal Solar
&
Other		 BESS Total
Italy 29 7 - 384 1
734
,		 2
154
,
Iberia 9 10 - 2
095
,		 - 2
114
,
Latin
America		 524 158 - 1
323
,		 203 2
208
,
of
Rest
Europe		 - - - 84 - 84
North
America		 - - - 1
631
,		 767 2
397
,
Africa
Asia
&
Oceania
,		 693 - - 93 - 786
Total 255
1
,		 175 0 609
5
,		 2
703
,		 9
742
,

Pipeline

  1. It includes BESS for around 61 GW in early stage and around 27 GW in mature pipeline

  2. It includes both renewables and BESS

Mature pipeline1

Enel Grids KPIs1

Electricity 2
distributed		 Grid
customers		 (mn) Smart 2
(mn)
meters
9M 9M 9M 9M 9M 9M
2023 2022 2023 2022 2023 2022
Italy 160 169 31 31 31 31
2 0 8 7 7 6
Iberia 103 102 12 12 12 12
9 0 5 4 4 3
Latin
America		 93
6		 104
5		 25
8		 28
7		 0
1		 0
6
Argentina 13 13 2 2 0 0
9 1 6 6 0 0
Brazil 51 60 15 18 0 0
2 8 6 7 5 2
Chile 10
8		 13
1		 2
1		 2
1		 - -
Colombia 11
3		 11
2		 3
8		 3
8		 - -
Peru 6
4		 6
2		 1
6		 1
5		 - -
of 11 11 3 3 1 1
Rest 4 8 1 1 5 2
Europe
Romania 11 11 3 3 1 1
4 8 1 1 5 2
Total 369 387 73 75 46 45
1 2 3 9 5 7

  1. 2023 figures after the disposal of Enel Goiás (Brazil) for 3.3 mn

  2. 9M 2022 restated

Retail KPIs1

Power Gas
Customers (mn) Volumes (TWh) Customers (mn) Volumes
(bsmc)
9M 9M 9M 9M 9M 9M 9M 9M
2023 2022 2023 2022 2023 2022 2023 2022
Italy 19 21 66 74 4 4 2 3
2 5 6 3 5 5 9 3
Iberia 10 10 59 60 1 1 2 3
5 6 5 1 8 8 8 7
Latin
America		 25
8		 28
7		 96
4		 100
5		 0
0		 0
0		 0
1		 0
4
of 2 3 6 7 0 0 0 0
Rest 9 0 3 5 2 2 2 2
Europe
Total 58 63 228 242 6 6 6 7
4 7 8 3 5 5 0 5

9M 2023 consolidated results Enel X

Enel X
Public Charging points (k) Street lighting (mn) Storage (MW) Demand Response (GW)
9M 2023 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022
Italy 19.7 16.9 1.6 1.5 - - 0.9 0.6
Iberia 5.0 3.3 0.1 0.1 - - 0.2 -
South America 0.8 0.4 1.3 1.2 0.5 0.5 0.0 0.1
North America - - - - 101.6 62.8 4.7 4.6
Europe & North Africa 0.3 0.3 - - - - 1.3 1.2
Africa. Asia & Oceania - - - - 3.3 2 2.3 1.8
Other - - - - - - -
Total 25.7 20.8 3.1 2.8 105.4 65.3 9.4 8.2

Capex1 (€mn)

Global
&		 Generation
Trading		 Enel Grids Renewable Energies Retail Enel X & Services
2
Other		 Total
9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022
Italy 257 237 2,113 1,791 1,326 515 268 382 98 65 51 65 4,114 3,055
Iberia 154 138 601 564 546 493 146 191 30 32 28 32 1,505 1,449
Latin
America		 60 108 1,049 1,344 1,335 1,168 - - 81 41 6 2 2,531 2,664
Argentina 5 38 114 138 0 0 - - 0 0 - 0 119 176
Brazil 1 0 610 873 682 399 - - 48 8 (0) 0 1,340 1,281
Chile 32 48 91 113 375 509 - - 2 1 5 2 505 672
Colombia 5 6 160 142 230 122 - - 13 15 (0) 0 408 285
Peru 17 16 75 78 25 116 - - 19 18 1 0 136 228
Other 0 0 - - 23 22 - - - - - - 23 22
of
Rest
Europe		 0 15 128 85 44 34 8 7 6 4 1 0 187 145
North
&
Central
America		 2 2 - - 723 1,665 - - 26 42 9 5 760 1,714
Africa
, Asia
&
Oceania		 - - - - 123 128 - - 7 7 0 0 131 134
Others
and
adjustments		 0 0 14 85 11 12 - - 47 40 64 58 136 194
Total 473 500 3,905 3,868 4,108 4,015 422 581 297 230 159 162 9,364 9,355
  1. Rounded figures, it includes capex related to asset classified as HFS 29

Asset development Capex1 (€mn)

Global
Generation
&
Trading		 Enel Grids Renewable
Energies		 Retail Enel
X		 Services
2
&
Other		 Total
9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022
Italy 200 188 936 906 1,229 420 - - 67 28 22 18 2,455 1,561
Iberia 8 9 259 246 489 442 - - 1 0 14 13 771 711
Latin
America		 3 4 168 206 1,223 1,101 - - 37 32 4 1 1,435 1,343
Argentina - - 12 23 - - - - 0 0 - - 12 23
Brazil - - 114 127 642 384 - - 9 1 0 - 765 512
Chile 3 4 9 27 336 490 - - 1 1 4 1 352 522
Colombia 0 (0) 31 20 211 104 - - 9 13 (0) 0 251 136
Peru (0) (0) 2 9 18 111 - - 17 17 - 0 37 137
Other - - - - 17 13 - - - - - - 17 13
of
Rest
Europe		 0 8 41 10 35 29 - - 1 0 0 0 77 48
North
Central
&
America		 - - - - 672 1,627 - - 1 2 6 4 679 1,633
Africa
, Asia
&
Oceania		 - - - - 121 123 - - - - - - 121 123
Others
and
adjustments		 - - 13 46 6 6 - - 43 37 37 36 100 125
Total 211 209 1,417 1,414 3,775 3,748 - - 151 99 84 73 5,639 5,543

Revenues1 (€mn)

Global
Generation
&		 Enel
Grids
Trading		 Renewable
Energies		 Retail Enel
X		 Services
2
Other
&		 Total
9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022
Italy 18,401 42,084 5,586 5,203 1,944 1,623 20,714 25,337 518 548 (12
,119)		 (9
,951)		 35,044 64,844
Iberia 8,443 12,970 1,825 1,591 892 615 15,493 22,182 279 227 (7
,751)		 (13
,019)		 19,181 24,566
Latin
America		 1,744 2,462 7,754 8,698 3,969 3,104 1,311 1,263 194 275 (1
,091)		 (1
,316)		 13,881 14,486
Argentina 18 133 726 674 27 29 - (1) 8 14 - (1) 779 848
Brazil 490 757 4,712 5,686 639 542 339 370 27 21 (402) (644) 5,805 6,732
Chile 997 1,220 1,018 1,122 1,884 1,530 87 83 47 35 (520) (476) 3,513 3,514
Colombia 225 157 594 576 840 658 663 621 65 162 (3) (46) 2,384 2,128
Peru 14 195 704 640 364 143 222 190 47 43 (166) (149) 1,185 1,062
Other - - - - 215 202 - - - - - - 215 202
of
Rest
Europe		 - 3 - - - 9 - - 55 47 4 (28) 59 31
North
&
Central
America		 181 183 - - 969 1,021 - 4 232 227 16 26 1,398 1,461
Africa
, Asia
&
Oceania		 - - - - 112 149 - - 65 56 2 1 179 206
Others
and
adjustments		 10 (213) 27 66 110 (8) 8 12 (2) 340 (361) (269) (208) (72)
Total 28,779 57,489 15,192 15,558 7,996 6,513 37,526 48,798 1,341 1,720 (21
,300)		 (24
,556)		 69,534 105,522

Reported EBITDA1 (€mn)

Global
Generation
&
Trading		 Enel Grids Renewable
Energies		 Retail Enel
X		 Services
2
&
Other		 Total
9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022
Italy 1,728 2,249 2,734 2,629 311 (511) 3,108 69 107 84 22 56 8,010 4,576
Iberia 996 1,901 1,294 1,066 628 350 497 30 58 55 (201) (2) 3,272 3,400
Latin
America		 (250) 67 1,727 1,579 1,949 1,588 252 316 54 82 (97) (80) 3,635 3,552
Argentina (315) 76 (54) (65) 3 18 4 7 3 4 (5) (2) (364) 38
Brazil (14) (51) 1,162 982 417 362 160 177 (3) 2 (26) (19) 1,696 1,453
Chile (11) (102) 76 128 651 418 44 49 8 (1) (65) (59) 703 433
Colombia (15) 27 374 377 641 534 22 63 29 57 - - 1,051 1,058
Peru 108 119 169 157 161 149 22 20 17 20 (1) - 476 465
Other (3) (2) - - 76 107 - - - - - - 73 105
of
Rest
Europe		 - 11 - - (2) 6 1 - 2 12 (3) (14) (2) 15
North
Central
&
America		 (32) (1) - - 427 490 (2) 2 31 23 (35) (21) 389 493
Africa
, Asia
&
Oceania		 - - - - 45 73 - - 1 (9) (3) (3) 43 61
Others
and
adjustments		 (3) - (10) 13 68 (28) (2) 4 2 290 (182) (49) (127) 230
Total 2,439 4,227 5,745 5,287 3,426 1,968 3,854 421 255 537 (499) (113) 15,220 12,327

Ordinary EBITDA1(€mn)

Global
Generation
Trading
&		 Enel
Grids		 Renewable
Retail
Energies		 Enel
X		 Services
2
Other
&		 Total
9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022
Italy 1,728 2,263 2,734 2,651 311 (509) 3,108 70 107 84 22 57 8,010 4,616
Iberia 996 1,897 1,295 1,073 628 350 497 32 58 56 6 9 3,480 3,417
Latin
America		 77 259 1,728 1,579 1,963 1,588 252 316 54 82 (97) (80) 3,977 3,744
Argentina 11 76 (54) (65) 17 18 4 7 3 4 (5) (2) (24) 38
Brazil (14) 83 1,163 981 417 362 160 177 (3) 2 (26) (19) 1,697 1,586
Chile (11) (45) 76 128 651 418 44 49 8 (1) (65) (59) 703 490
Colombia (15) 28 374 377 641 534 22 63 29 57 - - 1,051 1,059
Peru 108 119 169 158 161 149 22 20 17 20 (1) - 476 466
Other (2) (2) - - 76 107 - - - - - - 74 105
of
Rest
Europe		 4 57 305 (19) 200 194 53 (137) 16 24 (2) (2) 576 117
North
&
Central
America		 (32) (1) - - 427 492 (2) 2 31 24 (35) (22) 389 495
Africa
, Asia
&
Oceania		 - - - - 45 73 - - 1 (9) (3) (3) 43 61
Others
and
adjustments		 15 4 (4) 23 74 (24) (2) 4 5 293 (177) (79) (89) 221
Total 2,788 4,479 6,058 5,307 3,648 2,164 3,906 287 272 554 (286) (120) 16,386 12,671

33 1. Ordinary figures, it excludes extraordinary items in 9M 2022 (-344 €mn: -134 €mn impairments, -26 €mn COVID-19 emergency costs, -94 €mn discontinued operations (Russia, Greece and Romania), -90 €mn energy transition and digitalization funds) and in 9M 2023 (-1,166 €mn: -595 €mn discontinued operations (Greece and Romania), -363 €mn Costanera and Dock Sud (Argentina), -208 €mn solidarity contribution Italy and Spain)

Reported EBIT1(€mn)

Global
Generation
Trading
&		 Enel
Grids		 Renewable
Energies		 Retail Enel
X		 Services
2
Other
&		 Total
9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022		 9M
2023		 9M
2022
Italy 1,619 2,147 1,717 1,644 63 (752) 2,508 (624) 70 31 (36) 0 5,941 2,446
Iberia 598 1,510 700 472 417 153 215 (140) 24 18 (240) (31) 1,714 1,981
Latin
America		 (280) (139) 1,154 156 1,596 1,284 52 82 32 66 (104) (83) 2,450 1,365
Argentina (320) 11 (89) (93) (1) 13 (7) (9) 3 4 (5) (2) (418) (76)
Brazil (14) (128) 784 (244) 307 275 1 4 (6) 2 (30) (21) 1,042 (112)
Chile (33) (131) 37 83 506 295 32 31 7 (2) (68) (60) 481 216
Colombia 8 15 306 304 598 496 10 43 18 48 - - 940 905
Peru 86 97 116 106 138 125 16 13 10 14 (1) - 365 354
Other (7) (3) - - 48 80 - - - - - - 41 77
of
Rest
Europe		 (0) 12 (0) (0) (3) 5 0 (0) 1 11 (3) (12) (5) 16
North
&
Central
America		 (43) (1) - - 68 218 (1) 1 9 (12) (40) (30) (7) 176
Africa
, Asia
&
Oceania		 - - - - 15 19 - - (3) (12) (3) (2) 9 5
Others
and
adjustments		 (3) (3) (13) 9 48 (46) (2) 5 (22) 273 (276) (156) (268) 82
Total 1,891 3,525 3,558 2,281 2,205 880 2,772 (677) 111 375 (702) (314) 9,835 6,070

From EBITDA to net income1 (€mn)

9M
2023
reported		 9M
2022
reported		 ∆
yoy		 9M
2023
ordinary		 9M
2022
ordinary		 ∆
yoy
EBITDA 15
220
,		 12
327
,		 5%
23		 16
386
,		 12
671
,		 3%
29
D&A (5
385)
,		 (6
260)
,		 (5
527)
,		 (5
456)
,
EBIT 9
835
,		 6
067
,		 62
1%		 10
859
,		 7
215
,		 50
5%
financial
charges
Net		 (2
496)
,		 (1
696)
,		 (2
471)
,		 (1
725)
,
from
method
Net
income
equity
investments
using
equity		 30 55 141 55
EBT 7
369
,		 4
426
,		 66
5%		 8
529
,		 5
545
,		 53
8%
Income
tax		 (2
431)
,		 (1
571)
,		 (2
454)
,		 (1
568)
,
income
Net		 938
4
,		 2
855
,		 6
075
,		 3
977
,
Minorities (835) (533) (1
042)
,		 (931)
Discounted
operations		 150 (564) - -
income
Group
net		 4
253
,		 1
758
,		 141
9%		 5
033
,		 3
046
,		 65
2%

D&A reported1 (€mn)

9M 9M ∆
2023 2022 yoy
Generation
and
Trading		 548 702 -21
9%
Enel 1 1 12
Green 221 088 2%
Power , ,
Grids 2 3 -27
187 006 2%
, ,
Retail 1 1 5%
082 098 -1
, ,
Enel
X		 144 162 -11
1%
Others
and
adjustments		 203 204 -0
5%
Total 5 6 -14
385 260 0%
, ,

Long-term 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 3.16 41.84 0.01 4.62 1.62 51.25
Bank Loans 1.73 0.25 3.68 6.01 3.26 1.08 0.09 16.10
Tax Partnership 0.44 0.44
Other Loans 0.02 0.50 0.83 0.45 0.85 0.01 2.66
Other short term debt 0.29 0.71 2.17 0.30 0.34 0.14 0.01 3.96
Commercial Paper 2.10 0.32 0.54 2.96
Gross debt 5.18 44.65 0.27 6.35 7.47 8.67 4.67 0.11 77.37
Financial Receivables -1.24 -0.81 -0.61 -0.72 -0.95 -0.01 -0.01 -4.35
Tariff Deficit -1.92 -1.92
Other short term financial receivables -0.33 -0.48 -0.43 -2.10 -0.07 -0.33 -0.07 -3.81
Cash and cash equivalents -1.39 -0.01 -0.18 -0.32 -0.33 -1.25 -0.28 -0.04 -0.05 -3.85
Derivative on exchange rates m-I t.
borrowings		 0.27 -0.36 -0.04 -0.13
Net Debt - Third Parties 3.73 42.56 -0.72 4.99 2.40 6.36 4.05 -0.04 -0.02 63.31
Net Debt - Intercompany 17.44 -53.41 7.76 18.34 6.68 2.85 0.26 0.01 0.07
Net Debt - Group View 21.17 -10.85 7.04 23.33 9.08 9.21 4.31 -0.03 0.05 63.31
  1. Fair Value of the Cross Currency Swaps stipulated to hedge the financing with third parties in foreign currency

Debt maturity coverage split by typology (€bn)

Available liquidity1

  1. Liquidity position does not include the credit line guaranteed by SACE

  2. Of which 18.6 € bn of long term committed credit lines with maturities beyond September 2024

35.5

Balance sheet (€mn)

1

Headcount

9M 2023 FY 2022 ∆ yoy
Generation and Trading 5,951 6,447 -7.7%
Enel Green Power 9,086 9,397 -3.3%
Distribution 31,036 30,262 2.6%
Retail 5,388 5,418 -0.6%
Enel X 2,915 2,875 1.4%
Others and adjustments 10,836 10,725 1.0%
Total 65,212 65,124 0.1%

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, Stefano De Angelis, declares that the accounting information contained herein correspond to document results, books and accounting records.

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