Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

Enel Interim / Quarterly Report 2023

Jul 26, 2023

4317_10-q_2023-07-26_c73c0e22-0fef-4094-bc2c-56562caee2d2.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

First Half

Consolidated results July 26th, 2023

First Half 2023

Consolidated results

Flavio Cattaneo

CEO & General Manager

Management's priorities

Capital allocation tailored to maximize risk-adjusted returns and secure long-term value and growth

Improving efficiencies across all activities to improve profitability

Group's streamlining to focus on core activities and geographies

A sustainable integrated business model to foster energy transition and tackle climate change

Fast and effective onboarding, focus on execution

Capital allocation tailored to maximize risk-adjusted returns and secure long-term value and growth 1 2 3

  • Capital Allocation defined through a structured assessment of investments profitability and risk profile
  • Flexible and differentiated approach to maximize capacity/production plan leveraging on value creation differential spread CASH COST1 JUNE

Improving efficiencies across all activities to improve profitability

  • Extended returns-based spending review and monitoring 100% of the Cash Cost (new process already launched in June)
  • Immediate focus on cash costs to bring efficiencies forward

Group's streamlining to focus on core activities and geographies

  • Increased focus on reducing non-core geographies exposure to support the Disposal Program and improve Capital Returns (Australia and Greece)
  • New and leaner organization to improve accountability and enable efficiencies: C-levels reduced by around 25%

~60% 40% Addressing repositioning program to deleverage 21 €bn Progress on disposal plan YEAR END 2022 YEAR END 2023 YEAR END 2024 5.9 Total 5.9 2.8 21 €bn Q1 H1 Closed or announced 5.0 Advanced negotiation 6.01 ~4.0 12.2

First Half 2023

Consolidated results

Stefano De Angelis CFO

Key highlights of the period

Sound and resilient operating delivery across all businesses

  1. It includes renewable managed capacity and BESS

  2. It includes production from renewable managed capacity and nuclear

Capex tailored to enhance value creation in core countries

58% 42% H1 2023 6.4 €bn Gross capex by business Gross capex by geography +11% +6%

Delta yoy

Share of gross capex in core countries/activities

Ordinary EBITDA up double digit within a normalizing environment

4.5 6.7 3.7 0.6 2.2 (0.2) 4.2 0.2 H1 2022 Grids Integrated business Stewardship H1 2023 +29% 8.3 10.7 Stewardship Ordinary EBITDA evolution1,2 (€bn) EBITDA by geography 45% 24% 24% 2%5% H1 2023 10.72 €bn Latam Spain North America Italy RoW

9 1. Ordinary figures, it excludes extraordinary items in H1 2022 (-95 €mn: -18 €mn emergency costs COVID-19, -75 €mn energy transition and digitalization funds, -2 €mn discontinued operations) and in H1 2023 (-1.063 €mn: -208 €mn solidarity contributions Spain, -367 €mn Costanera and Dock Sud (Argentina), -488 €mn discontinued operations Greece and Romania)

  1. It does not include 'Services & Other'.

Grids supported by positive regulatory frameworks and efficiencies across all countries

Net Ordinary Income up by more than 50% versus PY, driven by a strong EBITDA performance

Financial Expenses

Trend driven by gross debt dynamics and interest rate environment

Assets under disposal or held for sale weighing on total level for the period

Income taxes

Tax rate in line with previous year

Minorities

Different geographical mix on earnings drives minorities evolution

FFO up by almost 7x vs previous year thanks to working capital recovery

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

  2. Includes dividends received from equity investments.

Quarterly dynamics mostly affected by non-operating items; 2H set to improve

  1. HFS: FY 2022 0.9 €bn and H1 2023 1.9 €bn.

  2. APM includes impact of assets classified as HFS for 1.0 €bn mainly 0.5 €bn Perú DX, Supply & Enel X, 0.4 €bn Perú GX, 0.1 €bn Romania.

  3. It includes new leases for around 0.2 €bn and hedges.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Net Debt/EBITDA evolution

Net Debt/EBITDA evolution1

Strengthening of credit ratio: Net debt/EBITDA on track to reach Full Year 2023 target

We confirm Full Year 2023 guidance

First Half 2023

Consolidated results

Flavio Cattaneo

CEO & General Manager

Closing remarks

Capital allocation tailored to maximize risk-adjusted returns and secure long-term value and growth Cash generation

Improving efficiencies across all activities to improve profitability

Group's streamlining to focus on core activities and geographies

improvement and financial discipline

0.43 €/sh DPS confirmed Maintaining a visible and sustainable dividend covered by operating cash flows

First Half 2023 Consolidated results

Annexes

Macroscenario

(%)
GDP		 (%)
CPI		 €1
FX
against		 (€/MWh)
Spot
Price		 (TWh)
Electricity
Demand
2023
H1		 2022
H1		 2023
H1		 2022
H1		 2023
H1		 2022
H1		 2023
H1		 2022
H1		 2023
H1		 2022
H1
Italy 1
29		 5
77		 8
65		 6
70		 - - 136
21		 249
09		 150
63		 158
01
Iberia 3
14		 7
01		 3
88		 8
40		 - - 89
41		 205
94		 144
11		 150
65
Latin
America
Argentina 0
41		 6
30		 107
37		 56
80		 280
09		 131
28		 - - 72
43		 69
50
Brazil 3
31		 2
97		 4
55		 11
33		 5
22		 5
51		 12
60		 10
16		 311
21		 308
22
Chile (0
73)		 6
29		 10
25		 9
90		 874
66		 967
68		 105
89		 98
35		 41
60		 41
60
Colombia 2
55		 10
10		 12
86		 8
58		 4
552
63
,		 4
334
79
,		 82
31		 49
09		 38
80		 41
60
Peru 1
90		 3
63		 8
01		 25
7		 3
96		 4
01		 42
65		 22
81		 29
20		 27
30
of
Rest
Europe
Romania 2
83		 4
34		 12
87		 11
72		 4
96		 4
95		 79
51		 170
35		 27
02		 29
54
North
America
USA 2
10		 2
74		 4
88		 8
32		 1
09		 1
05		 - - 2
067
00
,		 2
076
00
,
Mexico 3
31		 2
02		 6
59		 7
52		 18
67		 21
09		 - - 159
60		 161
40
Africa
Asia
&
Oceania
,
India 4
44		 8
52		 5
41		 6
81		 88
99		 82
36		 - - 769
60		 750
81
Australia 1
97		 3
09		 6
65		 5
60		 1
64		 1
52		 - -
Africa
South		 0
49		 1
23		 6
82		 6
18		 20
59		 17
06		 - - 102
10		 108
65

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
283
,		 4
720
,		 4
607
,		 26
298
,
Iberia 4
746
,		 2
882
,		 - 1
665
,		 3
328
,		 2
333
,		 1
644
,		 5
445
,		 22
044
,
Latin
America		 10
545
,		 3
833
,		 83 3
984
,		 - 1
470
,		 226 1
931
,		 22
073
,
Argentina 1
328
,		 - - - - - - - 1
328
,
Brazil 1
272
,		 2
904
,		 - 1
234
,		 - - - - 5
410
,
Chile 3
510
,		 797 83 2
043
,		 - 575 - 1
468
,		 8
475
,
Colombia 3
097
,		 - - 274 - 175 226 - 3
771
,
Perù 793 132 - 302 - 721 - 463 2
412
,
Other1 545 - - 132 - - - - 677
of
Rest
Europe		 19 871 - 193 - - - - 1
083
,
Romania - 498 - 99 - - - - 597
Other2 19 372 - 94 - - - - 486
North
America		 53 7
196
,		 72 2
382
,		 - - - - 9
702
,
Mexico 53 893 - 220 - - - - 1
165
,
Canada - 363 - - - - - - 363
USA - 5
940
,		 72 2
163
,		 - - - - 8
174
,
Oceania3
Africa
Asia
&
,		 - 371 - 667 - - - - 1
038
,
Total 28
360
,		 16
014
,		 931 8
945
,		 3
328
,		 6
086
,		 6
590
,		 11
983
,		 82
237
,

  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 7
296
,		 681 2
632
,		 45 - 26 6
340
,		 4
544
,		 21
565
,
Iberia 2
627
,		 3
307
,		 - 1
357
,		 12
441
,		 2
104
,		 311 7
343
,		 29
490
,
Latin
America		 17
973
,		 6
161
,		 176 3
088
,		 - 2
054
,		 230 6
146
,		 35
830
,
Argentina 957 - - - - 172 - 1
537
,		 2
665
,
Brazil 2
152
,		 5
115
,		 - 1
007
,		 - - - - 8
274
,
Chile 3
683
,		 849 176 1
707
,		 - 866 - 3
271
,		 10
553
,
Colombia 8
030
,		 - - 90 - 18 230 - 8
368
,
Perù 2
238
,		 197 - 200 - 999 - 1
338
,		 4
971
,
Other1 913 - - 85 - - - - 997
of
Rest
Europe		 26 1
055
,		 - 82 - - - - 1
163
,
Romania - 654 - 20 - - - - 674
Other2 26 401 - 62 - - - - 488
North
America		 59 10
714
,		 165 1
860
,		 - - - - 12
798
,
Mexico 59 674 - 274 - - - - 1
007
,
Canada - 459 - - - - - - 459
USA - 9
581
,		 165 1
586
,		 - - - - 11
332
,
Oceania3
Africa
Asia
&
,		 - 607 - 547 - - - - 1
155
,
Total 27
980
,		 22
526
,		 2
974
,		 6
980
,		 12
441
,		 4
184
,		 6
881
,		 18
033
,		 101
999
,

  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 - - 3 - 35 - 11 51
Iberia - - - - - - - - -
Latin
America		 3 411 - 231 - 34 - 54 732
Argentina - - - - - - - 54 54
Brazil - 339 - - - - - - 339
Chile 2 72 - 26 - - - - 99
Colombia - - - 65 - - - - 65
Perù 1 - - 123 - 34 - - 158
Other2 - - - 17 - - - - 17
&
North
Africa
Europa		 - - - 63 - - - - 63
Romania - - - 63 - - - - 63
Other - - - - - - - - -
North/Central
Americas		 - 36 - 134 - - - - 170
Mexico - - - - - - - - -
Canada - 36 - - - - - - 36
USA - - - 134 - - - - 134
Africa
Asia
&
Oceania
,		 - - - - - - - - -
Total 4 447 - 430 - 69 - 65 1
016
,
  1. Includes Panama

Renewable projects in execution: breakdown by technology and geography1

MW Wind Hydro Geothermal Solar
&
Other		 BESS Total
Italy 29 7 - 386 1
734
,		 2
155
,
Iberia 9 16 - 2
095
,		 1 2
121
,
Latin
America		 1
022
,		 158 - 1
672
,		 203 3
055
,
of
Rest
Europe		 1 - - 84 - 85
North
America		 36 - - 1
776
,		 767 2
579
,
Africa
Asia
&
Oceania
,		 693 - - 93 - 786
Total 1
790
,		 181 0 6
105
,		 2
704
,		 10
780
,

Pipeline

Renewables Pipeline (GW) 2023-25 Additional capacity target2

10.7 0.9 9.4 21 GW Capacity in execution Built capacity Residual target

  1. It includes BESS for around 33 GW in early stage and around 25 GW in mature pipeline

  2. It includes both renewables and BESS

Mature pipeline1

Enel Grids KPIs1

Electricity 2
distributed		 Grid (mn)
customers		 2
(mn)
Smart
meters
H1 H1 H1 H1 H1 H1
2023 2022 2023 2022 2023 2022
Italy 103 110 31 31 31 31
1 3 8 7 7 6
Iberia 67 66 12 12 12 12
0 1 5 4 4 3
Latin
America		 62
1		 69
2		 25
6		 28
5		 0
8		 0
6
Argentina 9 8 2 2 0 0
2 5 6 6 0 0
Brazil 33 40 15 18 0 0
9 6 5 6 4 2
Chile 7 8 2 2 0 0
1 5 1 1 4 4
Colombia 7 7 3 3 0 0
5 4 8 8 1 1
Peru 4 4 1 1 0 0
3 1 6 5 0 0
of 7 7 3 3 1 1
Rest 3 8 1 1 4 0
Europe
Romania 7 7 3 3 1 1
3 8 1 1 4 0
Total 239 253 73 75 46 45
6 4 1 7 3 5
  1. 2023 figures after the disposal of Enel Goiás (Brazil) for 3.3 mn

Retail KPIs1

Power Gas
Customers (mn) Volumes (TWh) Customers (mn) (bsmc)
Volumes
H1 H1 H1 H1 H1 H1 H1 H1
2023 2022 2023 2022 2023 2022 2023 2022
Italy 19 21 43 47 4 4 2 2
7 6 7 7 6 4 5 9
Iberia 10 10 37 38 1 1 2 2
5 5 7 5 8 8 2 9
Latin
America		 25
6		 28
5		 63
8		 66
4		 0
00		 0
00		 0
09		 0
16
of 2 3 4 4 0 0 0 0
Rest 9 0 3 9 20 16 15 17
Europe
Total 58 63 149 157 6 6 5 6
8 6 5 5 6 3 0 1

Enel X and Enel X Way KPIs

Enel X
Way		 Enel
X
Public
Charging		 points
(k)		 Street lighting
(mn)		 Storage (MW) Demand
(GW)
Response
H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022
Italy 19
2		 16
.4		 1.6 1.5 - - 0
9		 0
6
Iberia 4.7 3
0		 0
.1		 0
.1		 - - 0
2		 -
South
America		 0
.7		 0
3		 1.3 1.2 0
.5		 0
.5		 0
.1		 0
.1
North
America		 - - - - 95
6		 61
.1		 4.7 4.5
Africa
Europe
&
North		 0
3		 0
2		 - - - - 1.3 1.2
Africa
. Asia
&
Oceania		 - - - - 2
2		 - 2
3		 1.6
Other - - - - - - - -
Total 24
9		 20
0		 3
0		 2
8		 98
3		 61
6		 9
3		 7.9

Capex1 (€mn)

Conventional
Generation
&
Global
Trading		 Enel
Grids		 EGP Retail Enel
X		 Services
2
&
Other		 Total
H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022
Italy 166 170 1,446 1,104 1,007 392 189 258 66 42 28 22 2,903 1,988
Iberia 112 92 417 359 376 289 99 129 20 21 14 16 1,038 905
Latin
America		 55 49 717 817 854 727 - - 34 28 2 1 1,662 1,622
Argentina 7 8 71 80 0 0 - - - - - - 77 88
Brazil 1 1 439 536 417 247 - - 14 3 (1) - 870 787
Chile 31 25 57 67 253 364 - - 1 - 2 1 344 457
Colombia 2 3 107 87 152 65 - - 8 12 - - 269 167
Peru 15 12 43 46 15 34 - - 11 13 1 - 85 105
Other - - - - 17 17 - - - - - - 17 17
Rest
of
Europe		 - 13 80 52 33 25 6 4 4 3 - - 122 98
North
America		 1 1 - - 479 1,056 - - 15 21 6 4 502 1,081
Africa
, Asia
&
Oceania		 - - - - 107 99 - - 5 3 - - 112 102
Other - - - 59 7 9 - - 32 28 45 40 84 136
Total 335 324 2,660 2,390 2,862 2,597 294 392 176 146 96 83 6,424 5,931

Asset development Capex1 (€mn)

Conventional
Generation
&
Global
Trading		 Enel
Grids
EGP		 Retail Enel
X		 Services
2
&
Other		 Total
H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022
Italy 128 135 645 541 949 334 - - 46 17 13 10 1,781 1,038
Iberia 5 5 190 145 341 259 - - 0 - 9 8 545 418
Latin
America		 2 1 115 87 778 686 - - 18 23 2 - 915 797
Argentina 0 - 7 9 - - - - - - - - 7 9
Brazil - - 76 52 393 238 - - 1 - - - 470 290
Chile 2 1 7 11 218 351 - - - 0 2 0 229 364
Colombia - - 23 9 141 54 - - 7 10 - - 170 73
Peru - - 2 5 12 32 - - 11 13 - - 24 50
Other - - - - 14 12 - - - - - - 14 12
of
Rest
Europe		 - 7 24 5 26 22 - - 1 0 0 0 52 35
North
America		 - - - - 441 1,041 - - 1 1 4 3 446 1,046
Africa
, Asia
&
Oceania		 - - - - 105 95 - - - - - - 105 95
Other - - - 59 4 5 - - 30 26 23 28 57 119
Total 135 148 974 838 2,645 2,443 - - 97 68 51 50 3,902 3,548

Revenues1 (€mn)

Global
Generation
&
Trading		 Enel
Grids		 Renewable
Energies		 Retail Enel
X		 Services
2
&
Other		 Total
H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022
Italy 12,589 26,622 3,733 3,431 1,378 968 14,166 15,411 347 339 (8
,195)		 (6
,247)		 24,018 40,524
Iberia 5,628 6,249 1,216 1,177 629 502 10,471 12,861 189 155 (5
,041)		 (6
,132)		 13,092 14,812
Latin
America		 1,399 1,456 5,187 5,559 2,399 1,975 835 842 121 211 (739) (874) 9,202 9,169
Argentina 23 82 456 394 18 19 - - 6 8 - - 503 503
Brazil 322 486 3
,179		 3
680
,		 420 343 224 241 15 13 (271) (415) 3,889 4,348
Chile 780 668 695 694 1,217 944 58 57 29 23 (354) (312) 2,425 2,074
Colombia 133 98 379 375 503 446 413 422 40 140 (1) (46) 1,467 1,435
Peru 141 122 478 416 108 92 140 122 31 27 (114) (97) 784 682
Other - - - - 133 131 - - - - 1 (4) 134 127
Rest
of
Europe		 - 19 - - - 1 - - 35 27 2 (28) 37 19
North
&
Central
America		 66 86 - - 624 663 - 1 156 159 10 22 856 931
Africa
, Asia
&
Oceania		 - - - - 77 105 - - 37 30 1 - 115 135
Others
and
adjustments		 (11) (59) 14 39 5 (11) 1 9 (2) 263 (232) (201) (225) 40
Total 19,671 34,373 10,150 10,206 5,112 4,203 25,473 29,124 883 1,184 (14
,194)		 (13
,460)		 47,095 65,630

Reported EBITDA1 (€mn)

Global
Generation
&
Trading		 Enel
Grids		 Renewable
Energies
Retail		 Enel
X		 Services
2
&
Other		 Total
H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022
Italy 737 1,551 1,859 1,741 146 (368) 2,051 312 68 53 22 55 4,883 3,344
Iberia 1,002 956 857 832 439 260 297 (176) 38 41 (207) (5) 2,426 1,908
Latin
America		 (243) 118 1,208 1,093 1,117 952 174 226 33 58 (64) (45) 2,225 2,402
Argentina (311) 47 (58) (38) (6) 12 3 6 2 3 (4) (2) (374) 28
Brazil (10) 62 852 683 271 234 106 124 (2) (1) (17) (11) 1,200 1,091
Chile (2) (84) 53 97 317 202 30 35 3 (2) (43) (32) 358 216
Colombia 4 18 241 248 373 347 21 49 17 46 - - 656 708
Peru 78 77 120 103 114 97 14 12 13 12 - - 339 301
Other (2) (2) - - 48 60 - - - - - - 46 58
Rest
of
Europe		 - 17 - - (2) 5 - - 2 11 (1) (18) (1) 15
North
&
Central
America		 (35) (11) - - 299 313 (2) 1 11 22 (13) (13) 260 312
Africa
, Asia
&
Oceania		 - - - - 34 55 - - (1) (11) (2) (1) 31 43
Others
and
adjustments		 (7) 4 (6) 10 (32) (22) (6) 2 (5) 222 (92) (37) (148) 179
Total 1,454 2,635 3,918 3,676 2,001 1,195 2,514 365 146 396 (357) (64) 9,676 8,203

Ordinary EBITDA1(€mn)

Global
Generation
&
Trading		 Enel
Grids		 Renewable
Energies		 Retail Enel
X		 Services
2
&
Other		 Total
H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022		 H1
2023		 H1
2022
Italy 737 1,555 1,859 1,752 146 (367) 2,051 313 68 53 22 56 4,883 3,362
Iberia 1,002 952 858 838 440 261 297 (174) 38 41 - 6 2,635 1,924
Latin
America		 84 176 1,208 1,093 1,135 952 174 226 33 58 (64) (45) 2,570 2,460
Argentina 15 47 (58) (38) 12 12 3 6 2 3 (4) (2) (30) 28
Brazil (10) 62 852 683 271 234 106 124 (2) (1) (17) (11) 1,200 1,091
Chile (2) (27) 53 97 317 202 30 35 3 (2) (43) (32) 358 273
Colombia 4 18 241 248 373 347 21 49 17 46 - - 656 708
Peru 78 77 120 103 114 97 14 12 13 12 - - 339 301
Other (1) (1) - - 48 60 - - - - - - 47 59
of
Rest
Europe		 9 48 282 (50) 134 139 40 (115) 11 18 - (1) 476 39
North
&
Central
America		 (35) (11) - - 299 314 (2) 1 11 22 (13) (12) 260 314
Africa
, Asia
&
Oceania		 - - - - 34 55 - - (1) (11) (2) (1) 31 43
Others
and
adjustments		 10 2 - 17 (28) (19) (6) 2 (2) 225 (90) (71) (116) 156
Total 1,807 2,722 4,207 3,650 2,160 1,335 2,554 253 158 406 (147) (68) 10,739 8,298

33 1. Ordinary figures, it excludes extraordinary items in H1 2022 (-95 €mn: -18 €mn emergency costs COVID-19, -75 €mn energy transition and digitalization funds, -2 €mn discontinued operations) and in H1 2023 (-1.063 €mn: -208 €mn solidarity contributions Spain, -367 €mn Costanera and Dock Sud (Argentina), -488 €mn discontinued operations Greece and Romania)

Reported EBIT1(€mn)

Global
&		 Generation
Trading		 Enel Grids Renewable Energies Retail Enel X & Services
2
Other		 Total
2023
H1		 2022
H1		 2023
H1		 2022
H1		 2023
H1		 2022
H1		 2023
H1		 2022
H1		 2023
H1		 2022
H1		 2023
H1		 2022
H1		 2023
H1		 2022
H1
Italy 664 1,478 1,184 1,075 (15) (533) 1,640 (160) 45 20 (15) 18 3,503 1,899
Iberia 740 693 458 444 304 129 112 (287) 18 15 (233) (35) 1,399 958
Latin
America		 (291) (43) 829 698 897 757 45 56 20 46 (67) (47) 1,433 1,467
Argentina (316) 4 (78) (54) (9) 9 (4) (3) 2 3 (4) (2) (409) (43)
Brazil (10) (14) 598 419 202 179 5 (7) (3) (1) (19) (12) 773 564
Chile (18) (103) 27 65 225 121 21 22 2 (3) (45) (33) 212 69
Colombia (6) 9 198 199 350 322 13 37 10 39 - - 565 606
Peru 63 62 84 70 99 83 10 7 9 8 - - 265 230
Other (4) (1) - - 30 43 - - - - 1 - 27 42
of
Rest
Europe		 (0) 17 1 0 (3) 4 0 (0) 1 10 (1) (1) (3) 31
North
&
Central
America		 (36) (11) - - 86 134 (2) - (3) (3) (16) (19) 29 101
Africa
, Asia
&
Oceania		 - - - - 14 14 - - (3) (13) (2) - 9 1
Others
and
adjustments		 (7) 1 (7) 9 (45) (33) (6) 2 (21) 213 (158) (126) (244) 66
Total 1,070 2,136 2,464 2,226 1,237 473 1,789 (390) 57 288 (492) (210) 6,125 4,523

From EBITDA to net income1 (€mn)

2023
H1
reported		 2022
H1
reported		 ∆
yoy		 2023
H1
ordinary		 2022
H1
ordinary		 ∆
yoy
EBITDA 9
676
,		 8
203
,		 18
0%		 10
739
,		 8
298
,		 29
4%
D&A 3
551
,		 3
680
,		 3
644
,		 3
671
,
EBIT 6
125
,		 4
523
,		 35
4%		 7
095
,		 4
627
,		 53
3%
financial
charges
Net		 (1
621)
,		 (995) (1
588)
,		 (1
022)
,
from
method
income
equity
investments
using
equity
Net		 27 62 101 62
EBT 531
4
,		 3
590
,		 26
2%		 608
5
,		 3
667
,		 52
9%
Income
tax		 (1
519)
,		 (1
007)
,		 (1
565)
,		 (996)
Net
income		 3
012
,		 2
583
,		 4
043
,		 2
671
,
Minorities 570 259 764 514
Discounted
operations		 71 (632) - -
Group
income
net		 2
513
,		 1
692
,		 48
5%		 3
279
,		 2
157
,		 52
0%

1

D&A reported1 (€mn)

H1
2023		 H1
2022		 ∆
yoy
Generation
and
Trading		 384 499 -23
0%
Enel
Green
Power		 764 722 5
8%
Grids 454
1
,		 450
1
,		 0
3%
Retail 725 755 -4
0%
Enel
X		 89 108 -17
6%
Others
and
adjustments		 135 146 -7
5%
Total 3
551
,		 3
680
,		 -3
5%

Long-term debt1 structure

Debt structure by instrument (€bn)

Debt
by
instrument		 Spa
Enel		 EFI EGP
SpA
Central
and
Others		 Italy Iberia Latin
America		 North
America		 Europe Africa
Asia
,
and
Oceania		 Total
Bonds 3
93		 41
63		 - - 0
01		 4
67		 1
58		 - - 51
82
Bank
Loans		 1
52		 - 0
19		 3
70		 6
03		 3
14		 1
50		 - 0
10		 16
18
Partnership
Tax		 - - - - - - 0
46		 - - 0
46
Other
Loans		 - - 0
01		 0
50		 0
85		 0
46		 0
82		 - 0
01		 2
65
Other
short
debt
term		 0
24		 0
70		 0
01		 1
72		 0
51		 0
21		 0
18		 - 0
01		 3
58
Commercial
Paper		 - 3
61		 - - 0
42		 - 0
79		 - - 4
82
debt
Gross		 5.69 45.94 0
21		 5.92 7.82 8
.48		 5.33 - 0
.12		 79
.51
Financial
Receivables		 - -1
23		 -0
79		 -0
62		 -0
81		 -0
96		 -0
01		 - -0
01		 -4
43
Tariff
Deficit		 - - - - -2
15		 - - - - -2
15
Other
short
financial
receivables
term		 -0
39		 -0
52		 - -0
28		 -3
13		 -0
04		 -0
31		 - -0
07		 -4
74
Cash
and
cash
equivalents		 -1
91		 - -0
20		 -0
68		 -0
69		 -2
42		 -0
22		 -0
03		 -0
04		 -6
19
borrowings1
m/l
on exchange
Derivative
rates
term		 0
18		 -0
03		 - - - 0
01		 - - - 0
16
Debt
– Third
Parties
Net		 3
.57		 44.16 -0
.78		 4.34 1.04 5.07 4.79 -0
03		 - 62
.16
Debt
Net
– Intercompany		 15
64		 -55
73		 8
53		 21
31		 6
70		 3
21		 0
26		 0
01		 0
07		 -
Debt
– Group
View
Net		 19
21		 -11.57 7.75 25
65		 7.74 8
28		 5.05 -0
02		 0
07		 62
.16
  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 June 2024

36.1

Focus on disposals

Sale of Argentina GX o Costanera o Central Dock Sud Sale of Perú distribution & supply Exit from Romania Sale of 50% stake in EGP Hellas Net Debt impact: 300 €mn in 2023 Sale of 50% stake in Australia Net Debt impact: 145 €mn in 2023 Expected closing Pending CP Closed Q4 Q3 Expected closing Pending CP Local Antitrust Foreign Investment Consent Latam & European repositioning Asset base optimization Q4 EU Antitrust FIRB & EU merger control Q4

Sale of PV Assets in Chile Net Debt impact: c.500 €mn in 2023

Q4 Local Antitrust

Balance sheet (€mn)

1

Headcount

H1 2023 FY 2022 ∆ yoy
Generation and Trading 6,061 6,447 -6.0%
Enel Green Power 9,304 9,397 -1.0%
Distribution 30,853 30,262 2.0%
Retail 5,447 5,418 0.5%
Enel X 2,921 2,875 1.6%
Others and adjustments 10,983 10,725 2.4%
Total 65,569 65,124 0.7%

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.

Contact us

Monica Girardi Head of Group Investor Relations

Investor Relations team

Federico Baroncelli Serena Carioti Gaia Cherubini Federica Dori Fabrizio Ragnacci Danielle Ribeiro Da Encarnacao Riccardo Ricci Noemi Tomassi Emanuele Toppi

Contacts

Email [email protected] Phone +39 06 8305 7975

Investor Relations App

iOS Android

Channels

More from Enel

Capital/Financing Update 2026
May 19
Capital/Financing Update 2026
May 19
Report Publication Announcement 2026
May 13
Report Publication Announcement 2026
May 13
Interim / Quarterly Report 2026
May 13
Interim / Quarterly Report 2026
May 13
Board/Management Information 2026
May 13
Board/Management Information 2026
May 13
Notice of Dividend Amount 2026
May 12
Declaration of Voting Results & Voting Rights Announcements 2026
May 12
View all filings →