OPEN POWER FOR A BRIGHTER FUTURE.

WE EMPOWER SUSTAINABLE PROGRESS.

Interim Financial Repo at March 31, 2023

We live in an increasingly interconnected world where the companies that will continue to thrive in the long run will be those able to act collectively, creating and sharing value with all stakeholders. This is what the graphic design of the Enel Group's Corporate Reporting expresses through the development of connected and balanced forms. Elements inspired by nature, whose movement offers a narration of harmony, growth and evolution.

OPEN POWER FOR A BRIGHTER FUTURE.

WE EMPOWER SUSTAINABLE PROGRESS.

Interim Financial Report at March 31, 2023

Enel is Open Power

VISION

challenges.

Open Power to tackle some of the world's biggest

PRINCIPLES OF CONDUCT

Make decisions in daily activities and take responsibility for them.
Share information, being willing to collaborate and open to the contribution of others.
Follow through with commitments, pursuing activities with determination and passion.
Change priorities rapidly if the situation evolves.
Get results by aiming for excellence.
Adopt and promote safe behavior and move proactively to improve conditions for health, safety and well-being.
Work for the integration of all, recognizing and leveraging individual diversity (culture, gender, age, disabilities, personality, etc.).
Work focusing on satisfying customers and/or coworkers, acting effectively and rapidly.
Propose new solution and do not give up when faced with obstacles or failure.
Recognize merit in co-workers and give feedback that can improve their contribution.

MISSION

Open access to electricity for more people.
Open the world of energy to new technology.
Open up to new uses of energy.
Open up to new ways of managing energy for people.
Open up to new partnerships.

VALUES

Trust
Proactivity
Responsibility
Innovation

Report on Operations

	8
Highlights	11
Foreword	12
Enel organizational model	13
Reference scenario	15
The macroeconomic environment	15
Energy conditions	17
Significant events in the 1st Quarter of 2023	20
Group performance	22
Analysis of the Group's financial position and structure	31
Performance by primary segment (Business Line) and secondary segment (Geographical Area)	35
Thermal Generation and Trading	40
Enel Green Power	46
Enel Grids	52
End-user Markets	58
Enel X	62
Holding, Services and Other	66
Definition of performance indicators	69
Outlook for operations	71

Condensed consolidated financial statements at March 31, 2023

Condensed Consolidated Income Statement	75
Statement of Consolidated Comprehensive Income	76
Condensed Consolidated Statement of Financial Position	77
Statement of Changes in Consolidated Shareholders' Equity 78
Condensed Consolidated Statement of Cash Flows	80
Notes to the condensed consolidated financial statements at March 31, 2023	81
Declaration of the Financial Reporting Officer of Enel SpA on the Interim Financial Report at March 31, 2023, pursuant to the provisions of Article 154-bis, paragraph 2, of the Consolidated Law on Financial Intermediation	118

1. Report on Operations

Highlights

		1st Quarter
SDG		2023	2022	Change
	Revenue (millions of euro)	26,414	34,136(1)	-22.6%
	Gross operating profit (millions of euro)	4,765	4,549(1)	4.7%
	Ordinary gross operating profit (millions of euro)	5,463	4,486	21.8%
	Profit attributable to the owners of the Parent (millions of euro)	1,034	1,430	-27.7%
	Ordinary profit attributable to the owners of the Parent (millions of euro)	1,512	1,484(2)	1.9%
	Net financial debt (millions of euro)	58,901	60,068(3)	-1.9%
	Cash flows from operating activities (millions of euro)	3,417	(703)(4)	-
	Capital expenditure on property, plant and equipment and intangible assets (millions of euro)(5)	2,873	2,533	13.4%

	Total net efficient installed capacity (GW)	82.7	84.6(3)	-2.2%
7	Net efficient installed renewables capacity (GW)	53.8	53.6(3)	0.4%
7	Net efficient installed renewables capacity (%)	65.1%	63.4%(3)	2.7%
7	Additional efficient installed renewables capacity (GW)	0.27	1.08	-75.0%
	Net electricity generation (TWh)(6)	53.8	59.2	-9.1%
7	Net renewable electricity generation (TWh)	29.9	26.8	11.6%
9	Electricity distribution and transmission grid (km)	2,026,483	2,024,038(3)	0.1%
9	Electricity transported on Enel's distribution grid (TWh)	122.2	127.1(7)	-3.9%
	End users (no.)	72,852,049	75,414,229	-3.4%
9	End users with active smart meters (no.)(8)	45,965,120	45,294,820(7)	1.5%
	Electricity sold by Enel (TWh)	78.2	80.1(7)	-2.4%
	Retail customers (no.)	66,830,584	69,726,663(7)	-4.2%
	- of which free market	28,231,500	25,965,050	8.7%
11	Storage (MW)	761	760(3)	0.1%
11	Public charging points (no.)(9)	22,651	22,112(3) (7)	2.4%
11	Demand response (MW)	8,103	6,650	21.8%
	No. of employees	65,178	65,124(3)	0.1%

(1) The figure for the 1st Quarter of 2022 has been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of profit/(loss) connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

(2) For a more accurate representation, the taxes relating to ordinary items in the 1st Quarter of 2022 have been adjusted to take account of the extraordinary nature of the solidarity levy recognized during the 1st Quarter of 2022 in the total amount of €41 million. This adjustment also involved the recalculation of "profit for the period" and the amount "attributable to owners of the Parent" for the same period.

(3) At December 31, 2022.

(4) In order to improve presentation, for comparative purposes only, realized financial income and expense connected solely with loans have been reclassified under a new item "Collections/(Payments) associated with derivatives connected with borrowings" in the section on cash flows from financing activities.

(5) Does not include €145 million regarding units classified as "held for sale" or "discontinued operation" (€17 million in 2022).

(6) 56.9 TWh including managed renewable capacity (61.8 TWh in the 1st Quarter of 2022).

(7) The figure for the 1st Quarter of 2022 reflects a more accurate calculation of the aggregate.

(8) Of which 26.0 million second-generation meters in the 1st Quarter of 2023 and 23.4 million in the 1st Quarter of 2022.

(9) If the figures also included charging points of joint ventures, they would amount to 23,516 at March 31, 2023 and 22,617 at December 31, 2022.

Foreword

The Interim Financial Report at March 31, 2023 has been prepared in compliance with Article 154-ter, paragraph 5, of Legislative Decree 58 of February 24, 1998, with the clarification indicated in the following section, and in conformity with the recognition and measurement criteria set out in the international accounting standards (International Accounting Standards - IAS and International Financial Reporting Standards - IFRS) issued by the International Accounting Standards Board (IASB), as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognized in the European Union pursuant to Regulation (EC) no. 1606/2002 and in effect as of the close of the period.

Article 154-ter, paragraph 5, of the Consolidated Financial Intermediation Act, as amended by Legislative Decree 25/2016, no longer requires issuers to publish an interim financial report at the close of the 1st and 3rd Quarters of the year. The new rules give CONSOB the power to issue a regulation requiring issuers, following an impact analysis, to publish periodic financial information in addition to the annual and semi-annual financial reports. In view of the foregoing, Enel intends to continue voluntarily publishing an interim financial report at the close of the 1st and 3rd Quarters of each year in order to satisfy investor expectations and conform to consolidated best practice in the main financial markets, while also taking due account of the quarterly reporting requirements of a number of major listed subsidiaries.

Enel Group Chairman

M. Crisostomo

Enel organizational model

Enel Group Chairman	Enel Group CEO
M. Crisostomo	F. Starace


Holding		ADMINISTRATION, FINANCE AND CONTROL A. De Paoli COMMUNICATIONS			PEOPLE AND ORGANIZATION G. Stratta
Function					LEGAL AND CORPORATE AFFAIRS
		R. Deambrogio			G. Fazio
		INNOVABILITY			AUDIT
		E. Ciorra			S. Fiori

		GLOBAL PROCUREMENT	GLOBAL CUSTOMER OPERATIONS		GLOBAL DIGITAL SOLUTIONS
		F. Di Carlo	N. Melchiotti		C. Bozzoli

	Global
		Business Line


			Global Energy and	Enel Green Power
			Commodity	and Thermal	Enel X	Global
		Enel Grids A. Cammisecra	Management C. Machetti	Generation S. Bernabei	Global Retail F. Venturini	e-Mobility E. Ripa



Country
and Region
ITALY N. Lanzetta
IBERIA
J. Bogas Galvez
EUROPE S. Mori
AFRICA, ASIA AND OCEANIA S. Bernabei
NORTH AMERICA
E. Viale LATIN AMERICA
M. Bezzeccheri

The Enel Group structure is organized into a matrix that comprises

Global Business Lines

The Global Business Lines are responsible for managing and developing assets, optimizing their performance and the return on capital employed in the various geographical areas in which the Group operates. In addition, in compliance with safety, protection and environmental policies and regulations, they are tasked with maximizing the efficiency of the processes they manage and applying best international practices, sharing responsibility for EBITDA, cash flows and revenue with the countries.

The Group, which also draws on the work of an Investment Committee,(1) benefits from a centralized industrial vision of projects in the various Business Lines. Each project is assessed not only on the basis of its financial return but also in relation to the best technologies available at the Group level, which reflect the new strategic line adopted, explicitly integrating the SDGs within our financial strategy and promoting a low-carbon business model. Furthermore, each Business Line contributes to guiding Enel's leadership in the energy transition and in the fight against climate change, managing the associated risks and opportunities in its area of competence. The main goals of each Global Business Line are as follows:

Enel Grids: ensures the reliability and quality of supply service through efficient, resilient and digital grids;
Global Energy & Commodity Management: optimizes the Group's margin by managing it as a single portfolio, seeking the best balance;
Enel Green Power & Thermal Generation: accelerates the energy transition, expanding installed renewable capacity;
Enel X Global Retail: optimizes the integrated margin by managing the supply of energy, services and innovative solutions;
Global e-Mobility: manages the portfolio of electric mobility solutions in both existing and new countries; innovates and develops new mobility solutions.

Regions and Countries are responsible for managing relationships with institutional bodies and regulatory authorities, as well as selling electricity and gas, in each of the countries in which the Group is present, while also providing staff and other service support to the Business Lines. They are also charged with promoting decarbonization and guiding the energy transition towards a low-carbon business model within their areas of responsibility.

The following functions provide support to Enel's business operations:

Global Service Functions

Regions and Countries

Holding Company Functions Funzioni di Holding

The Global Service Functions are responsible for managing information and communication technology activities and procurement at the Group level and managing global customer-related actions. The Global Service Functions are also focused on the responsible adoption of measures that allow the achievement of sustainable development objectives, in particular in managing the supply chain and developing digital solutions to support the development of enabling technologies for the energy transition and the fight against climate change.

The Holding Company Functions are responsible for managing governance processes at the Group level. The Administration, Finance and Control Function is also responsible for consolidating scenario analysis and managing the strategic and financial planning process aimed at promoting the decarbonization of the energy mix and the electrification of energy demand, key actions in the fight against climate change.

⁽¹⁾ The Group Investment Committee is made up of the heads of Administration, Finance and Control, Innovability, Legal and Corporate Affairs, Global Procurement, and the heads of the Regions and the Business Lines.

Reference scenario

The macroeconomic environment

In the 1st Quarter of 2023, macroeconomic conditions were characterized by a more resilient than expected real economy at the global level. This was a carryover from the economic recovery registered the previous year despite the presence of numerous adverse factors such as persistent inflationary pressures and the restrictive monetary policy stances of central banks. In many countries, the labor market remains tight, with unemployment rates at historically low levels and an ample supply of vacancies, which is pushing up real wages and generating further upward pressure on inflation. Taking these factors into consideration, the estimated growth rate of world GDP was around 2.1% on an annual basis in the 1st Quarter of 2023.

The United States registered strong economic performance in the 1st Quarter, with GDP expanding by 2.0% year-on-year, displaying a resilient labor market, which recorded an estimated unemployment rate of 3.5%, in line with the low levels that marked last year. However, various factors such as the persistent inflation dynamics in the services sector, driven in particular by the strong growth in nominal wages, and the consequent monetary policy restriction deployed by the Federal Reserve, represent a threat to the trend in the coming quarters.

Despite the real economy performing better than expected last year, and inflation peaking in the 4th Quarter of 2022, the economic environment for the euro area in the 1st Quarter of the year continues to be characterized by weak GDP growth, with output growing by 1.4% year-onyear. Even looking forward, the euro-area economies are exposed to a range of unfavorable developments, such as the impact of the ongoing monetary tightening, whose impact on the real economy have not yet fully unfolded, given that the European Central Bank has not yet announced the end of its program to raise its key interest rates. Furthermore, even if overall inflation is shown clear evidence of slowing down, with the average annual inflation rate to 8% in the 1st Quarter of 2023, concerns about the persistence of the "core" component continue to give cause for concern, negatively impacting consumption and private investment.

In Latin America, the 1st Quarter of the year, economies showed great resilience but remained threated by high inflation and very strained labor markets, which are fueling domestic inflationary pressures. In Brazil, economic performance in the 1st Quarter was encouraging, with an expected GDP growth rate of 1.0% on an annual basis in the period. On the inflation front, prices continued to increase, rising 5.3% year-on-year in the 1st Quarter, as they inherited the inflationary impetus of previous quarters, fueled by resilient domestic demand and an accommodative fiscal policy. Conversely, in Chile, the 1st Quarter of the year confirmed a contraction in output (by an expected -1.2%), in line with the performance recorded in the 2nd Half of last year. The dissipation of the fiscal stimulus as a result of the termination of the possibility of withdrawing pension fund contributions early to facilitate the post-pandemic economic recovery, the current high levels of inflation, and the restrictive monetary policy adopted by the central bank are placing a strain on the Chilean economy. In Colombia, the real economy recorded stronger-than-expected growth in the 1st Quarter, buoyed by resilient domestic demand thanks to the fiscal stimulus and higher public spending and investments. However, in the first three months of the year, inflation averaged 13.3%, which confirms that the country's inflationary conditions will be among the slowest to normalize in Latin America.

Change in consumer price index (CPI)

%		1st Quarter
	2023	2022	Change
Italy	9.53	6.03(1)	3.50
Spain	5.00	7.87	-2.87
Argentina	101.87	52.70(1)	49.17
Brazil	5.34	10.74	-5.40
Chile	11.77	8.30	3.47
Colombia	13.29	7.83	5.46
Peru	8.57	6.22	2.35

(1) The figures for the 1st Quarter of 2022 reflect a more accurate determination of the index.

Exchange rates

	1st Quarter
	2023	2022	Change
Euro/US dollar	1.07	1.12	-4.5%
Euro/British pound	0.88	0.84	4.8%
Euro/Swiss franc	0.99	1.04	-4.8%
US dollar/Japanese yen	132.39	116.35	13.8%
US dollar/Canadian dollar	1.35	1.27	6.3%
US dollar/Australian dollar	1.46	1.38	5.8%
US dollar/Russian ruble	73.39	91.69	-20.0%
US dollar/Argentine peso	192.67	106.67	80.6%
US dollar/Brazilian real	5.19	5.22	-0.6%
US dollar/Chilean peso	810.73	808.17	0.3%
US dollar/Colombian peso	4,756.09	3,907.98	21.7%
US dollar/Peruvian sol	3.82	3.80	0.5%
US dollar/Mexican peso	18.65	20.50	-9.0%
US dollar/Turkish lira	18.87	13.95	35.3%
US dollar/Indian rupee	82.25	75.24	9.3%
US dollar/South African rand	17.76	15.21	16.8%

Energy conditions

The commodity market

Commodity price tensions eased in the 1st Quarter of 2023, continuing the improvement first seen in the last quarter of 2022. This reflected a number of factors, first and foremost the high level of gas and coal stocks and flows in Europe, combined with an outlook for declining demand.

Compared with the 1st Quarter of last year, TTF quotations decreased by 43%, on some days even approaching the price levels observed before the energy crisis. The causes of the decline are to be found in the high level of inventories, reflecting a generalized contraction in demand due to both economic and weather factors. Furthermore, on the supply side, the large flows of LNG arriving in Europe were sufficient to offset the absence of Russian gas.

Tracking the trend in gas prices, the benchmark price for the coal market also contracted sharply (-35%), reflecting both a decline in demand and the resolution of disruptions along the supply chain, which expanded supply.

Oil prices also decreased (-15.5% compared with the same period of the previous year). This trend was primarily driven by the high level of inventories in a context of divergent demand, which is growing in Asian countries and contracting in the West. Russian output of these two commodities has, despite the sanctions, found new markets in Asia, partially shifting the supply chains of these nations.

The price of CO2 rose moderately (+4.6%), confirming its resilience compared with other commodities. Part of the increase was attributable to the base effect comparison with February 2022 data, when the price experienced a sharp drop following the escalation of the conflict between Russia and Ukraine.

During the first three months of 2023, metal prices remained broadly stable. Compared with the same period of the previous year, the metal that saw the greatest drop in price was aluminum, with a contraction of around 26%, while the price of copper contracted by around 10% and that of nickel by 7%. The sharp increases in the early months of last year, triggered by the global strains on the metal markets as a result of the outbreak of the Russia-Ukraine conflict, gave way over the following months to concerns about slow growth, with economies struggling under high inflationary pressures and rapidly rising interest rates. The 1st Quarter of this year substantially confirmed this dynamic, when despite continuing supply tensions (for copper in particular), the demand for metals remained relatively weak as the large western economies grappled with inflation and Chinese growth failing to take off despite stimulus measures.

	1st Quarter
	2023	2022	Change
Market indicators
Average IPE Brent oil price (\$/bbl)	82.2	97.3	-15.5%
Average price of CO2 (€/ton)	87.0	83.2	4.6%
Average price of coal (\$/t CIF ARA)(1)	148	229	-35.4%
Average price of gas (€/MWh)(2)	54.1	95.6	-43.4%
Average price of copper (\$/t)	8,920	9,991	-10.7%
Average price of aluminum (\$/t)	2,398	3,249	-26.2%
Average price of nickel (\$/t)	26,045	28,113	-7.4%

(1) API2 index.

(2) TTF index.

Electricity and natural gas markets

Developments in electricity demand

TWh	1st Quarter
	2023	2022	Change
Italy	77.7	80.3	-3.2%
Spain	63.1	64.3	-1.9%
Argentina	36.5	35.7	2.2%
Brazil	158.9	159.5	-0.4%
Chile	20.8	20.7	0.5%
Colombia	19.0	18.7	1.6%
Peru	14.5	13.7	5.8%

Source: National TSOs. The figures may change during the year.

In the first three months of 2023, electricity demand in Italy decreased by 3.2% compared with the same period in 2022, reflecting both decline in the impact of temperatures on consumption and a contraction in industrial demand, which was affected by high electricity prices. The decrease in Spanish demand was more contained (-1.9%), with the greatest decrease being recorded in the domestic sector. As for Latin America, electricity demand is growing in all the countries in which the Group operates. Brazil is an exception, with demand easing slightly. The other countries in the area registered increases of varying size, ranging from 5.8% in Peru to 0.5% in Chile.

Electricity prices

	Average baseload price Q1 2023 (€/MWh)	Change in average baseload price Q1 2023 - Q1 2021	Average peakload price Q1 2023 (€/MWh)	Change in average peakload price Q1 2023 - Q1 2022
Italy	157.3	-37.0%	172.4	-37.0%
Spain	97.5	-57.0%	104.3	-56.0%

The decrease in gas and coal prices led to a contraction in electricity prices compared with 2022, despite the fact that tensions remain given the large distance separating current prices with pre-crisis levels. In particular, prices in Italy have decreased by an average of 37%, with levels reflecting both the current level of gas prices and a shortage of hydroelectric output and French nuclear generation, which has not yet returned to its full output potential. In Spain, the contraction was more than 50%, thanks to the abundant availability of renewables combined with low local gas prices.

Natural gas demand

Billions of m3	1st Quarter
	2023	2022		Change
Italy	20.3	25.2	(4.9)	-19.4%
Spain	7.9	9.5	(1.6)	-16.8%

Natural gas demand in Italy

Billions of m3	1st Quarter
	2023	2022		Change
Distribution networks	11.5	14.0	(2.5)	-17.6%
Industry	3.0	3.4	(0.4)	-11.8%
Thermal generation	5.3	7.2	(1.9)	-26.4%
Other(1)	0.5	0.6	(0.1)	-16.7%
Total	20.3	25.2	(4.9)	-19.4%

(1) Includes other consumption and losses.

Source: Enel based on data from the Ministry for Economic Development and Snam Rete Gas.

Demand for natural gas in Italy in the first three months of 2023 amounted to 20.3 billion cubic meters, down by almost 20% on 2022. At the segment level, sharp decreases were recorded in demand for thermal generation and heating, while the decline in industrial consumption was smaller but still significant.

In Spain, consumption also decreased, falling by 16.8% compared with the same period in 2022.

Significant events in the 1st Quarter of 2023

Enel places new €1.75 billion of perpetual hybrid bonds to refinance some of its outstanding hybrid bonds

On January 9, 2023, Enel SpA launched the issue of non-convertible, subordinated, perpetual hybrid bonds for institutional investors on the European market, denominated in euros, with an aggregate principal amount of €1.75 billion (the "New Securities"). At the same time, Enel also announced, in a separate notice, the launch of voluntary tender offers to repurchase for cash and subsequently cancel, in a total aggregate principal amount equal to the principal amount raised with the New Securities, any and all of the €750 million perpetual hybrid bond with first call date in August 2023, as well as part of the outstanding \$1,250 million hybrid bond maturing September 2073 with call date in September 2023, subject to satisfaction of a number of conditions.

Taking account of the principal amount raised through the issue of the New Securities and the principal amount of securities purchased in connection with the tender offer for euro-denominated securities, the capped maximum amount of acceptance of offers under the concurrent tender for its \$1,250 million hybrid bond maturing September 2073 with call date in September 2023 does not apply. Enel therefore agreed to repurchase all of the offers validly tendered for dollar-denominated bond by the early tender deadline in the total nominal amount of \$411,060,000.

Enel launches a €1.5 billion sustainability-linked bond

On February 14, 2023, Enel Finance International NV launched a dual-tranche sustainability-linked bond for institutional investors in the total amount of €1.5 billion. The new issue envisages for the first time the use by Enel of multiple key performance indicators (KPIs) for each tranche. One tranche of the bond combines a KPI linked to the EU taxonomy with a KPI linked to the United Nations Sustainable Development Goals (SDGs). The other tranche is linked to two KPIs related to the Group's decarbonization trajectory by way of direct and indirect greenhouse gas emissions reduction.

Sale of thermal generation assets in Argentina

On February 17, 2023, the Enel Group, acting through its subsidiary Enel Argentina, closed the sale to Central Puerto SA, an energy company, of the Group's stake in the Enel Generación Costanera thermal generation company for about \$45 million.

In addition, on March 29, 2023, YPF and Pan American Sur SA exercised their respective pre-emption rights for:

the purchase by YPF of the shares held by Enel Américas in Inversora Dock Sud SA and indirectly of the shares it holds in Central Dock Sud SA; and
the purchase by Pan American Sur SA of the shares held by Enel Argentina in Central Dock Sud SA.

The sale was completed on April 14, 2023 for a total of about \$52 million (€42 million).

Enel signs agreement to sell its Romanian operations to PPC

On March 9, 2023, Enel SpA signed an agreement with Greek company Public Power Corporation SA (PPC) for the sale of all the equity investments held by the Enel Group in Romania. The agreement establishes that PPC will pay a total of approximately €1,260 million, equivalent to an enterprise value of about €1,900 million (on a 100% basis).

Group performance

Operations

			1st Quarter
SDG		2023	2022	Change

	Net electricity generation (TWh)(1)	53.8	59.2	(5.4)
	of which:
7	- renewables (TWh)	29.9	26.8	3.1
	Total net efficient installed capacity (GW)	82.7	84.6(2)	(1.9)
7	Net efficient installed renewables capacity (GW)	53.8	53.6(2)	0.2
7	Net efficient installed renewables capacity (%)	65.1%	63.4%(2)	1.7%
7	Additional efficient installed renewables capacity (GW)	0.27	1.08	(0.81)

9	Electricity transported on Enel's distribution grid (TWh)(3)	122.2	127.1	(4.9)
9	End users with active smart meters (no.)(3) (4)	45,965,120	45,294,820	670,300
9	Electricity distribution and transmission grid (km)	2,026,483	2,024,038(2)	2,445
	End users (no.)	72,852,049	75,414,229	(2,562,180)
	Electricity sold by Enel (TWh)(3)	78.2	80.1	(1.9)
	Gas sold to end users (billions of m3)	3.6	4.0	(0.4)
	Retail customers (no.)(3)	66,830,584	69,726,663	(2,896,079)
	- of which free market	28,231,500	25,965,050	2,266,450

11	Demand response capacity (MW)	8,103	6,650	1,453
11	Public charging points (no.)(5)	22,651	22,112(2) (3)	539
11	Storage (MW)	761	760(2)	1

(1) 56.9 TWh including managed renewable capacity (61.8 TWh in the 1st Quarter of 2022).

(2) At December 31, 2022.

(3) The figure for the 1st Quarter of 2022 reflects a more accurate calculation of the aggregate.

(4) Of which 26.0 million second-generation smart meters in the 1st Quarter of 2023 and 23.4 million in the 1st Quarter of 2022.

(5) If the figures also included charging points of joint ventures, they would amount to 23,516 at March 31, 2023 and 22,617 at December 31, 2022.

Net electricity generated by Enel in the 1st Quarter of 2023 decreased by 5.4 TWh compared with the same period of 2022 (-9.1%), attributable to lower thermal generation (-8.3 TWh), mainly as a result of the lower contribution of combined-cycle (-4.3 TWh) and fuel oil and turbogas (-4.1 TWh) generation, mainly in Argentina, Chile, Italy and Spain and Russia, the latter reflecting the full deconsolidation of Russian companies, which resulted in a reduction of net electricity generation of 6 TWh.

Generation from renewable sources increased by 3.1 TWh compared with the same period of 2022, notably hydroelectric power (+1.4 TWh) mainly in Colombia and Spain, and wind (+1.1 TWh) above all in the United States, Brazil and Spain.

Net electricity generation by source (1st Quarter of 2023)

25.2%

The Group's total net efficient installed capacity decreased by 1.9 GW in the 1st Quarter of 2023, mainly as a result of the decommissioning of oil & gas and combined cycle plants in Argentina (2.2 GW), only partially offset by the installation of 0.13 GW of new solar capacity in the United States and Colombia and 0.14 GW of new wind capacity in Chile, Canada and Brazil.

18.2%

Net efficient installed capacity by source (at March 31, 2023)

63.3% at Dec. 31, 2022

36.7% at Dec. 31, 2022

At the end of March 2023, the Group's net efficient installed renewables capacity reached 53.8 GW, equal to 65% of total net efficient installed capacity.

Electricity transported on the Enel distribution network in the 1st Quarter of 2023 amounted to 122.2 TWh, down 4.9 TWh (-3.9%) compared with the same period of 2022, mainly in Italy (-2.6 TWh), Brazil (-3.1 TWh) and Chile (-0.5 TWh), partly offset by an increase in volumes transported in Spain (+0.8 TWh) and Argentina (+0.7 TWh).

Electricity sold by Enel in the 1st Quarter of 2023 amounted to 78.2 TWh, a decrease of 1.9 TWh (-2.4%) compared with the year-earlier period.

Quantities sold decreased in Brazil (-1.5 TWh), Italy (-1.0 TWh) and Romania (-0.3 TWh), partly offset by an increase in volumes in Argentina (+0.6 TWh) and Chile (+0.3 TWh).

Gas sold by Enel in the 1st Quarter of 2023 amounted to 3.6 billion cubic meters, a decrease of 0.4 billion cubic meters on the same period of 2022.

Enel charging points increased by 539 in the 1st Quarter of 2023, primarily in Iberia and Latin America.

The Enel Group workforce at March 31, 2023 numbered 65,178, of whom about 51% were employed in companies outside of Italy. The increase of 54 reflects the positive balance between new hires and terminations (420) and the change in the consolidation scope (-366) reflecting the sale of Enel Generación Costanera in Argentina.

No.
	at Mar. 31, 2023	at Dec. 31, 2022	Percentage of total at Mar. 31, 2023	Percentage of total at Dec. 31, 2022
Thermal Generation and Trading	6,106	6,447	9.9%	10.4%
Enel Green Power	9,399	9,397	15.2%	15.2%
Enel Grids	30,335	30,262	49.0%	49.0%
End-user Markets	5,609	5,418	9.1%	8.8%
Enel X	2,951	2,875	4.8%	4.7%
Holding, Services and Other	7,419	7,325	12.0%	11.9%
Total continuing operations	61,819	61,724	100.0%	100.0%
Total discontinued operations	3,359	3,400
TOTAL	65,178	65,124

Group performance

Ordinary income statement(1)					Income statement
Millions of euro	1st Quarter		1st Quarter
	2023	2022	Change		2023		2022(2) Change
Revenue	27,474	34,958	(7,484)	-21.4%	26,414	34,136	(7,722)	-22.6%
Costs	21,381	31,628	(10,247)	-32.4%	21,009	30,741	(9,732)	-31.7%
Net results from commodity contracts	(630)	1,156	(1,786)	-	(640)	1,154	(1,794)	-
Gross operating profit	5,463	4,486	977	21.8%	4,765	4,549	216	4.7%
Depreciation, amortization and impairment losses	1,861	1,765	96	5.4%	1,814	1,718	96	5.6%
Operating profit	3,602	2,721	881	32.4%	2,951	2,831	120	4.2%
Financial income	2,177	1,952	225	11.5%	2,174	1,944	230	11.8%
Financial expense	3,054	2,381	673	28.3%	3,039	2,357	682	28.9%
Total net financial income/ (expense)	(877)	(429)	(448)	-	(865)	(413)	(452)	-
Share of profit/(loss) of equity-accounted investments	47	43	4	9.3%	12	43	(31)	-72.1%
Pre-tax profit	2,772	2,335	437	18.7%	2,098	2,461	(363)	-14.8%
Income taxes	737	627(3)	110	17.5%	704	685	19	2.8%
Profit from continuing operations	2,035	1,708(3)	327	19.1%	1,394	1,776	(382)	-21.5%
Profit/(Loss) from discontinued operations	-	-	-	-	51	(126)	177	-
Profit for the period (owners of the Parent and non-controlling interests)	2,035	1,708(3)	327	19.1%	1,445	1,650	(205)	-12.4%
Attributable to owners of the Parent	1,512	1,484(3)	28	1.9%	1,034	1,430	(396)	-27.7%
Attributable to non controlling interests	523	224	299	-	411	220	191	86.8%

(1) The ordinary income statement does not include non-recurring items. The summary of results presents a reconciliation of reported figures with ordinary figures for the following aggregates: gross operating profit, operating profit, and profit for the year (attributable to owners of the Parent).

(2) The figures for the 1st Quarter of 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

(3) For a more accurate representation, the taxes relating to ordinary items in the 1st Quarter of 2022 have been adjusted to take account of the extraordinary nature of the solidarity levy recognized during the 1st Quarter of 2022 in the total amount of €41 million. This adjustment also involved the recalculation of "profit for the period" and the amount "attributable to owners of the Parent" for the same period.

Revenue

Millions of euro	1st Quarter
	2023	2022(1)		Change
Sale of electricity	13,963	16,312	(2,349)	-14.4%
Transport of electricity	2,864	2,732	132	4.8%
Fees from network operators	457	176	281	-
Transfers from institutional market operators	363	(5)	368	-
Sale and transport of gas	3,189	2,985	204	6.8%
Sale of fuels	930	1,240	(310)	-25.0%
Fees for connection to electricity and gas networks	205	185	20	10.8%
Revenue from construction contracts	263	387	(124)	-32.0%
Sale of commodities with physical settlement and fair value gain/ (loss) on contracts settled in the period	2,970	8,983	(6,013)	-66.9%
Sale of value-added services	400	322	78	24.2%
Other income	810	819	(9)	-1.1%
Total	26,414	34,136	(7,722)	-22.6%

(1) The figures for the 1st Quarter of 2022 have been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

In the 1st Quarter of 2023, revenue decreased due to a decrease in sales prices of commodities and quantities generated, traded and transported.

The decrease in revenue also reflects the impact of the exit from the consolidation scope of a number of companies sold in 2022 (primarily Fortaleza, Celg Distribuição SA - Celg-D (Enel Goiás), Enel Transmisión Chile and a number of South African companies) and the gain on the sale of the interest held in Ufinet (€220 million) in the 1st Quarter of 2022.

Costs

Millions of euro	1st Quarter
	2023	2022(1)		Change
Electricity purchases	7,073	11,781	(4,708)	-40.0%
Consumption of fuel for electricity generation	2,124	1,581	543	34.3%
Fuel for trading and gas for sale to end users	5,260	11,016	(5,756)	-52.3%
Materials	575	630	(55)	-8.7%
Personnel expenses	1,229	1,148	81	7.1%
Services, leases and rentals	3,703	4,189	(486)	-11.6%
Environmental certificates	861	634	227	35.8%
Capital losses and other costs on the disposal of equity investments	154	-	154	-
Extraordinary solidarity levies	208	-	208	-
Other operating expenses	548	400	148	37.0%
Capitalized costs	(726)	(638)	(88)	-13.8%
Total	21,009	30,741	(9,732)	-31.7%

As with revenue, costs in the 1st Quarter of 2023 also decreased significantly mainly due to the decrease in commodity prices and the reduction in volumes purchased.

Net results from commodity contracts

Net results from commodity contracts entered into primarily for hedging purposes in the 1st Quarter of 2023 posted a decrease of €1,794 million, due mainly to fluctuations in market prices.

Ordinary gross operating profit

Millions of euro	1st Quarter
	2023	2022		Change
Thermal Generation and Trading	1,143	1,615	(472)	-29.2%
Enel Green Power	1,059	727	332	45.7%
Enel Grids	2,211	1,731	480	27.7%
End-user Markets	1,056	124	932	-
Enel X(1)	64	321	(257)	-80.1%
Holding, Services and Other(1)	(70)	(32)	(38)	-
Total	5,463	4,486	977	21.8%

(1) Figures for the 1st Quarter of 2022 have been adjusted to take account of the transfer of certain net assets and related revenue and expenses from the Business Line Enel X to the new Business Line Enel X Way.

Ordinary gross operating profit increased by €977 million on the same period of 2022. In particular, the integrated business of Global Power Generation, Trading and Global Retail posted an overall increase of €755 million, due primarily to an increase in renewable generation, the optimization of provisioning costs and the higher margins achieved by End-user Markets, especially with residential customers and small and medium-sized enterprises.

As part of the integrated business, Global Retail posted positive results in Italy and Spain.

In addition, the ordinary gross operating profit of Enel Grids in Brazil and Italy increased due to rate adjustments and in Romania due to the recognition of price differentials on quantities connected to grid losses (€214 million).

These effects were partly offset by the recognition during the 1st Quarter of 2022 of the capital gain deriving from the partial sale of the equity investment held in Ufinet in the amount of €220 million.

Gross operating profit

Gross operating profit amounted to €4,765 million (€4,549 million in the 1st Quarter of 2022). Extraordinary items amounted to a total of €698 million and regarded charges connected with the disposal of Enel Generación Costanera (a total €154 million), extraordinary solidarity levies in Spain (€208 million) and Romania (€14 million) and changes in the classification of the results of discontinued operations in Romania and Greece.

Millions of euro	1st Quarter 2023
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other	Total
Ordinary gross operating profit/(loss)	1,143	1,059	2,211	1,056	64	(70)	5,463
Non-recurring profit/ (loss) on mergers and acquisitions	(154)	-	-	-	-	-	(154)
Extraordinary solidarity levies	-	(14)	-	-	-	(208)	(222)
Ordinary profit/(loss) from discontinued operations	(9)	(62)	(218)	(26)	(5)	(2)	(322)
Gross operating profit/(loss)	980	983	1,993	1,030	59	(280)	4,765

Millions of euro	1st Quarter 2022(1)
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X(2)	Holding, Services and Other(2)	Total
Ordinary gross operating profit/(loss)	1,615	727	1,731	124	321	(32)	4,486
Energy transition and digitalization costs	(19)	-	(2)	(4)	(1)	(5)	(31)
Ordinary profit/(loss) from discontinued operations	(31)	(83)	70	137	(4)	14	103
COVID-19 costs	(1)	(1)	(4)	-	-	(3)	(9)
Gross operating profit/(loss)	1,564	643	1,795	257	316	(26)	4,549

(2) Figures for the 1st Quarter of 2022 have been adjusted to take account of the transfer of certain net assets and related revenue and expenses from the Business Line Enel X to the new Business Line Enel X Way.

Ordinary operating profit

Millions of euro	1st Quarter
	2023	2022		Change
Thermal Generation and Trading	946	1,398	(452)	-32.3%
Enel Green Power	673	373	300	80.4%
Enel Grids	1,454	1,019	435	42.7%
End-user Markets	650	(249)	899	-
Enel X(1)	18	281	(263)	-93.6%
Holding, Services and Other(1)	(139)	(101)	(38)	-37.6%
Total	3,602	2,721	881	32.4%

Ordinary operating profit for 1st Quarter of 2023 increased by €881 million, taking account of the developments discussed above for ordinary gross operating profit and an increase in depreciation and amortization as a result of the entry into service of new plants built in the last 12 months.

Operating profit

Millions of euro	1st Quarter 2023
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other and eliminations	Total
Ordinary operating profit/ (loss)	946	673	1,454	650	18	(139)	3,602
Non-recurring profit/ (loss) on mergers and acquisitions	(154)	-	-	-	-	-	(154)
Extraordinary solidarity levies	-	(14)	-	-	-	(208)	(222)
Ordinary profit/(loss) from discontinued operations	(9)	(48)	(197)	(16)	(4)	(1)	(275)
Operating profit/(loss)	783	611	1,257	634	14	(348)	2,951

Millions of euro	1st Quarter 2022(1)
	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X(2)	Holding, Services and Other and eliminations(2)	Total
Ordinary operating profit/ (loss)	1,398	373	1,019	(249)	281	(101)	2,721
Energy transition and digitalization costs and impairment losses	(19)	-	(2)	(4)	(1)	(5)	(31)
Impairment losses	-	-	-	(2)	-	-	(2)
Ordinary profit/(loss) from discontinued operations	(25)	(70)	91	145	(4)	15	152
COVID-19 costs	(1)	(1)	(4)	-	-	(3)	(9)
Operating profit/(loss)	1,353	302	1,104	(110)	276	(94)	2,831

Profit/(Loss) from discontinued operations

Profit/(Loss) from discontinued operations, equal to €51 million in the 1st Quarter of 2023 (a loss of €126 million in the 1st Quarter of 2022), reports the effects of classifying under discontinued operations the companies in Romania and Greece in accordance with "IFRS 5 - Non-current assets held for sale and discontinued operations". More specifically, the figures include the effects of the further adjustment in respect of Romanian companies of €179 million (net of tax effects) to align their carrying amount at March 31, 2023 with their estimated realizable value based on negotiations under way with the counterparty. It should be noted that the 2022 figures have been adjusted solely for the purposes of like-for-like comparison with 2023. For more information, see note 5 to the condensed consolidated financial statements at March 31, 2023.

Group ordinary profit

Group ordinary profit in the first three months of 2023 amounted to €1,512 million, compared with €1,484 million in the same period of the previous year. More specifically, the increase in operating profit was partly offset by the deterioration in finance operations as a result of the rise in interest rates and the concomitant increase in average net financial debt for the period, as well as an increase in profit going to non-controlling shareholders due to the increases in profits achieved above all in Spain, Romania and Latin America.

Group profit

Millions of euro	1st Quarter
	2023	2022
Group ordinary profit	1,512	1,484(1)
Non-recurring profit/(loss) on mergers and acquisitions	(131)	-
Extraordinary solidarity levies	(159)	(41)(1)
Ordinary profit/(loss) from discontinued operations	(153)	-
Writedown of certain assets related to the sale of the investment in Slovenské elektrárne	(35)	-
Other writedowns	-	(7)
COVID-19 costs	-	(6)
Group profit	1,034	1,430

(1) For a more accurate representation, the taxes relating to ordinary items in the 1st Quarter of 2022 have been adjusted to take account of the extraordinary nature of the solidarity levy recognized during the 1st Quarter of 2022 in the total amount of €41 million. This adjustment also involved the recalculation of "ordinary profit for the period" and the amount "attributable to owners of the Parent" for the same period.

Group profit amounted to €1,034 million in the 1st Quarter of 2023, a decrease of €396 million (27.7%) compared with €1,430 million recorded in the same period of 2022.

The table above provides a reconciliation of Group profit with Group ordinary profit, indicating the non-recurring items and their respective impact on performance, net of the associated tax effects and non-controlling interests.

Analysis of the Group's financial position and structure

Net capital employed and related funding

The following schedule shows the composition of and changes in net capital employed.

Millions of euro
	at Mar. 31, 2023	at Dec. 31, 2022	Change
Net non-current assets:
- property, plant and equipment and intangible assets	104,177	106,135	(1,958)	-1.8%
- goodwill	13,188	13,742	(554)	-4.0%
- equity-accounted investments	1,315	1,281	34	2.7%
- other net non-current assets/(liabilities)	(4,306)	(5,139)	833	16.2%
Total net non-current assets	114,374	116,019	(1,645)	-1.4%
Net working capital:
- trade receivables	17,321	16,605	716	4.3%
- inventories	4,124	4,853	(729)	-15.0%
- net receivables due from institutional market operators	(3,182)	(1,083)	(2,099)	-
- other net current assets/(liabilities)	(9,246)	(11,193)	1,947	17.4%
- trade payables	(15,166)	(17,641)	2,475	14.0%
Total net working capital	(6,149)	(8,459)	2,310	27.3%
Gross capital employed	108,225	107,560	665	0.6%
Provisions:
- employee benefits	(2,193)	(2,202)	9	0.4%
- provisions for risks and charges and net deferred taxes	(6,438)	(5,997)	(441)	-7.4%
Total provisions	(8,631)	(8,199)	(432)	-5.3%
Net assets held for sale	5,511	2,789	2,722	97.6%
Net capital employed	105,105	102,150	2,955	2.9%
Total equity	46,204	42,082	4,122	9.8%
Net financial debt	58,901	60,068	(1,167)	-1.9%

Net capital employed at March 31, 2023 came to €105,105 million and was funded by shareholders' equity attributable to the owners of the Parent and non-controlling interests in the amount of €46,204 million and net financial debt of €58,901 million. At March 31, 2023 the debt/equity ratio was 1.27 (1.43 at December 31, 2022). The increase in net capital employed mainly reflected an increase in net working capital, mainly related to the payment of dividends and the reduction in trade payables as a result of the reduction in commodity prices and developments in the fuel supply chain. These effects were partly offset by the increase in amounts due to institutional market operators in Italy and Spain.

Total equity at March 31, 2023 increased by €4,122 million, primarily due to comprehensive income for the period of €3,091 million (of which €1,445 million recognized through profit or loss and €1,646 million in equity) and the issue of new subordinated non-convertible perpetual hybrid bonds, net of instruments redeemed, equal to €986 million.

Net financial debt

The Enel Group's net financial debt and changes in the period are detailed in the table below.

Millions of euro
	at Mar. 31, 2023	at Dec. 31, 2022		Change
Long-term debt:
- bank borrowings	14,398	15,261	(863)	-5.7%
- bonds	50,667	50,079	588	1.2%
- other borrowings(1)	2,738	2,851	(113)	-4.0%
Long-term debt	67,803	68,191	(388)	-0.6%
Long-term financial assets and securities	(3,895)	(4,213)	318	7.5%
Net long-term debt	63,908	63,978	(70)	-0.1%
Short-term debt
Bank borrowings:
- current portion of long-term bank borrowings	1,195	890	305	34.3%
- other short-term bank borrowings	1,704	1,320	384	29.1%
Short-term bank borrowings	2,899	2,210	689	31.2%
Bonds (current portion)	1,472	1,612	(140)	-8.7%
Other borrowings (current portion)	369	333	36	10.8%
Commercial paper	7,727	13,838	(6,111)	-44.2%
Cash collateral on derivatives and other financing	2,428	1,513	915	60.5%
Other short-term financial borrowings(2)	549	1,721	(1,172)	-68.1%
Other short-term debt	12,545	19,017	(6,472)	-34.0%
Long-term loan assets (short-term portion)	(3,153)	(2,838)	(315)	-11.1%
Loan assets - cash collateral	(5,436)	(8,319)	2,883	34.7%
Other short-term financial assets	(735)	(2,266)	1,531	67.6%
Cash and cash equivalents with banks and short-term securities	(10,472)	(11,119)	647	5.8%
Cash and cash equivalents and short-term financial assets	(19,796)	(24,542)	4,746	19.3%
Net short-term debt	(4,352)	(3,315)	(1,037)	-31.3%
Net currency derivatives connected with borrowings	(655)	(595)	(60)	-10.1%
NET FINANCIAL DEBT	58,901	60,068	(1,167)	-1.9%
Net financial debt connected with net assets held for sale	1,952	892	1,060	-

(1) Includes other non-current financial borrowings presented under "Other non-current liabilities" in the statement of financial position.

(2) Includes current financial borrowings included in "Other current financial liabilities" in the statement of financial position.

Net financial debt amounted to €58,901 million at March 31, 2023, a decrease of €1,167 million on December 31, 2022, attributable primarily to positive cash flows from operations and the net financial debt classified under liabilities associated with assets available for sale, especially in Peru.

These positive effects were partly offset by the funding needs for: (i) investments in the period (€3,018 million including €145 million reclassified as available for sale); (ii) the payment of dividends totaling €2,107 million, including coupons paid to holders of hybrid bonds in the amount of €33 million; and (iii) the effects of the issue of a subordinated non-convertible perpetual hybrid bond.

At March 31, 2023, gross financial debt amounted to €83,247 million, a decrease of €6,171 million on December 31, 2022.

Gross financial debt

Millions of euro		at Mar. 31, 2023		at Dec. 31, 2022
	Gross long term debt	Gross short term debt	Gross debt	Gross long term debt	Gross short term debt	Gross debt
Gross financial debt	70,839	12,408	83,247	71,026	18,392	89,418
of which:
- sustainable financing	43,625	7,864	51,489	42,561	13,977	56,538
Sustainable financing/Total gross debt (%)			62%			63%

More specifically, gross long-term financial debt (including the current portion) amounted to €70,839 million, of which €43,625 million in sustainable financing, and breaks down as follows:

bonds in the amount of €52,139 million, of which €30,946 million in sustainable bonds, an increase of €448 million on December 31, 2022. In February, Enel Finance International issued a €1,500 million multi-tranche sustainability-linked bond, partly offset by the deconsolidation of the bonds of a number of South American companies, repayments and positive exchange rate developments;
bank borrowings in the amount of €15,593 million, of which €12,679 million in sustainable loans, which decreased by €558 million on December 31, 2022;
other borrowings in the amount of €3,107 million, a decrease of €77 million on December 31, 2022.

Gross short-term financial debt came to €12,408 million, of which €7,864 million in sustainable loans, a decrease of €5,984 million on December 31, 2022, mainly due to a decrease in commercial paper.

Cash and cash equivalents and short-term and long-term financial assets came to €23,691 million, down by €5,064 million on December 31, 2022, mainly attributable to a reduction in cash collateral paid and other short-term financial assets (€2,883 million and €1,531 million, respectively).

Net gain/(loss) on exchange rate derivatives connected with borrowings, regarding the fair value of cross currency swaps hedging loans denominated in foreign currency with third parties, showed a net loss of €655 million, from €595 million at December 31, 2022.

Cash flows

For more details on cash flows, please see note 9 to the condensed consolidated financial statements at March 31, 2023.

Capital expenditure

Millions of euro	1st Quarter
	2023	2022(1)		Change
Thermal Generation and Trading	137	98	39	39.8%
Enel Green Power	1,290	1,095	195	17.8%
Enel Grids	1,199	1,057	142	13.4%
End-user Markets	138	186	(48)	-25.8%
Enel X	73	65	8	12.3%
Holding, Services and Other	36	32	4	12.5%
Total(2)	2,873	2,533	340	13.4%

(1) The figures for the 1st Quarter of 2022 have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way included under "Holding, Services and Other".

(2) The figure does not include €145 million regarding units classified as "held for sale" (€17 million in 2022).

Capital expenditure amounted to €2,873 million in the first three months of 2023, an increase on the 1st Quarter of 2022 registered by nearly all business lines.

The Enel Group, guided by energy efficiency and energy transition objectives, continued to invest above all in renewables. In particular, the increase mainly involved the Italy (€568 million), Brazil (€62 million), Colombia (€31 million) and Spain (€21 million). These increases were only partially offset by lower investments in the United States (€283 million), Canada (€80 million), India (€60 million) and Chile (€36 million).

Investment in distribution assets also increased, especially in Italy, in order to enhance grid resilience in response to increasingly volatile weather events.

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

The representation of performance by Business Line presented here is based on the approach used by management in monitoring Group performance for the two periods under review, taking account of the operational model adopted as described above.

With regard to disclosures for operating segments, as management reports on performance by business sector, the Group has therefore adopted the following reporting sectors:

primary segment: Business Line;
secondary segment: Geographical Area.

The Business Line is therefore the main discriminant in the analyses performed and decisions taken by the management of the Enel Group, and is fully consistent with the internal reporting prepared for these purposes since the results are measured and evaluated first and foremost for each Business Line and only thereafter are they broken down by Geographical Area.

The following chart outlines these organizational arrangements.

		HOLDING
Regions/		Global Business Lines
Countries	Thermal Generation	Trading	Enel Green Power	Enel Grids	Enel X	End-user Markets	Services
Italy
Iberia
Europe
Africa, Asia and Oceania
No h America
Latin America

The organization continues to be based on matrix of Business Lines (Thermal Generation and Trading, Enel Green Power, Enel Grids, End-user Markets, Enel X, Holding and Services/Other) and Geographical Areas (Italy, Iberia, Europe, Latin America, North America, Africa, Asia and Oceania, Central/Holding).

Results by primary segment (Business Line) for the 1st Quarter of 2023 and 2022

1st Quarter of 2023(1)

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other	Total reporting segment	Eliminations and adjustments	Total
Revenue and other income from third parties	5,798	1,772	4,299	14,065	438	42	26,414	-	26,414
Revenue and other income from transactions with other segments	6,380	791	829	599	10	486	9,095	(9,095)	-
Total revenue	12,178	2,563	5,128	14,664	448	528	35,509	(9,095)	26,414
Net results from commodity contracts	(527)	101	-	(211)	-	(3)	(640)	-	(640)
Gross operating profit/ (loss)	980	983	1,993	1,030	59	(279)	4,766	(1)	4,765
Depreciation, amortization and impairment losses	197	372	736	396	45	68	1,814	-	1,814
Operating profit/(loss)	783	611	1,257	634	14	(347)	2,952	(1)	2,951
Capital expenditure	137(2)	1,290(3)	1,199(4)	138(5)	73(6)	36	2,873	-	2,873

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2) The figure does not include €8 million regarding units classified as "held for sale or "discontinued operations".

(3) The figure does not include €95 million regarding units classified as "held for sale or "discontinued operations".

(4) The figure does not include €38 million regarding units classified as "held for sale or "discontinued operations". (5) The figure does not include €3 million regarding units classified as "held for sale or "discontinued operations".

(6) The figure does not include €1 million regarding units classified as "held for sale or "discontinued operations".

1st Quarter of 2022(1) (2) (3) (4)

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other	Total reporting segment	Eliminations and adjustments	Total
Revenue and other income from third parties	12,891	1,405	4,132	15,026	642	40	34,136	-	34,136
Revenue and other income from transactions with other segments	4,397	604	810	399	27	427	6,664	(6,664)	-
Total revenue	17,288	2,009	4,942	15,425	669	467	40,800	(6,664)	34,136
Net results from commodity contracts	731	93	-	311	-	5	1,140	14	1,154
Gross operating profit/ (loss)	1,564	643	1,795	257	316	(40)	4,535	14	4,549
Depreciation, amortization and impairment losses	211	341	691	367	40	68	1,718	-	1,718
Operating profit/(loss)	1,353	302	1,104	(110)	276	(108)	2,817	14	2,831
Capital expenditure	98	1,095(4)	1,057	186	65(5)	32	2,533	-	2,533

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(3) The figures for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way, which are shown under "Holding, Services and Other".

(4) The figure does not include €16 million regarding units classified as "held for sale" or "discontinued operations".

(5) The figure does not include €1 million regarding units classified as "held for sale or "discontinued operations".

In addition to the above, the Group also monitors performance by geographical area, classifying results by region/ country.

In the table below, ordinary gross operating profit is shown for the two periods under review with the goal of providing a view of performance not only by Business Line, but also by Geographical Area.

It should be noted that ordinary gross operating profit excludes non-recurring items. For a reconciliation with gross operating profit, please see the section "Group performance".

Ordinary gross operating profit(1) (2)

Millions of euro		Thermal Generation and Trading		Enel Green Power			Enel Grids
	1st Quarter			1st Quarter			1st Quarter
	2023	2022	Change	2023	2022	Change	2023	2022	Change
Italy	158	1,019	(861)	(19)	(182)	163	912	841	71
Iberia	853	478	375	218	145	73	428	411	17
Latin America	134	79	55	619	502	117	652	552	100
Argentina	19	18	1	(15)	6	(21)	(58)	(7)	(51)
Brazil	(4)	26	(30)	124	106	18	510	349	161
Chile	84	(6)	90	228	146	82	24	51	(27)
Colombia	(3)	6	(9)	183	172	11	111	110	1
Peru	38	36	2	61	48	13	65	49	16
Panama	-	(1)	1	30	16	14	-	-	-
Other countries	-	-	-	8	8	-	-	-	-
Europe	10	27	(17)	74	80	(6)	215	(73)	288
Romania	10	(3)	13	58	57	1	215	(73)	288
Russia	-	30	(30)	(1)	3	(4)	-	-	-
Other countries	-	-	-	17	20	(3)	-	-	-
North America	(17)	8	(25)	155	155	-	-	-	-
United States and Canada	(14)	8	(22)	123	127	(4)	-	-	-
Mexico	(3)	-	(3)	32	28	4	-	-	-
Africa, Asia and Oceania	-	-	-	18	29	(11)	-	-	-
South Africa	-	-	-	11	23	(12)	-	-	-
India	-	-	-	3	1	2	-	-	-
Other countries	-	-	-	4	5	(1)	-	-	-

Other	5	4	1	(6)	(2)	(4)	4	-	4
Total	1,143	1,615	(472)	1,059	727	332	2,211	1,731	480

(1) Ordinary gross operating profit excludes non-recurring items. For a reconciliation with gross operating profit, see the section "Group performance".

(2) The figures for the 1st Quarter of 2022 for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related revenue and expenses to the new Business Line Enel X Way, which are shown under "Holding, Services and Other".

Ordinary gross operating profit(1) (2)

(1) Ordinary gross operating profit excludes non-recurring items. For a reconciliation with gross operating profit, see the section "Group performance". (2) The figures for the 1st Quarter of 2022 for the Business Line Enel X have been adjusted to take account of the transfer of certain net assets and related

revenue and expenses to the new Business Line Enel X Way, which are shown under "Holding, Services and Other".

	End-user Markets			Enel X			Holding, Services and Other			Total
1st Quarter			1st Quarter		1st Quarter			1st Quarter
2023	2022	Change	2023	2022	Change	2023	2022	Change	2023	2022	Change
821	317	504	19	19	-	6	23	(17)	1,897	2,037	(140)
129	(157)	286	19	28	(9)	(5)	(2)	(3)	1,642	903	739
82	102	(20)	12	23	(11)	(35)	(17)	(18)	1,464	1,241	223
(1)	3	(4)	1	1	-	(1)	(1)	-	(55)	20	(75)
56	59	(3)	(1)	1	(2)	(10)	(4)	(6)	675	537	138
13	17	(4)	1	(1)	2	(24)	(12)	(12)	326	195
6	18	(12)	6	17	(11)	-	-	-	303	323	(20)
8	5	3	5	5	-	-	-	-	177	143	34
-	-	-	-	-	-	-	-	-	30	15	15
-	-	-	-	-	-	-	-	-	8	8
26	(138)	164	5	13	(8)	(1)	(1)	-	329	(92)	421
26	(138)	164	4	3	1	-	-	-	313	(154)	467
-	-	-	-	-	-	-	-	-	(1)	33	(34)
-	-	-	1	10	(9)	(1)	(1)	-	17	29
-	3	(3)	8	16	(8)	(10)	(7)	(3)	136	175	(39)
-	-	-	8	16	(8)	(10)	(7)	(3)	107	144	(37)
-	3	(3)	-	-	-	-	-	-	29	31	(2)
-	-	-	2	-	2	(1)	(1)	-	19	28	(9)
-	-	-	-	-	-	-	-	-	11	23	(12)
-	-	-	-	-	-	-	-	-	3	1
-	-	-	2	-	2	(1)	(1)	-	5	4
(2)	(3)	1	(1)	222	(223)	(24)	(27)	3	(24)	194	(218)
1,056	124	932	64	321	(257)	(70)	(32)	(38)	5,463	4,486	977

Thermal Generation and Trading

Mauro, Piombino, Livorno, Elba Island representative, Enel Green Power and Thermal Generation Italy - Former Piombino thermoelectric plant, site undergoing redevelopment as part of the energy transition process.

Operations

Net electricity generation

Millions of kWh	1st Quarter
	2023	2022		Change
Coal-fired plants	5,251	5,160	91	1.8%
Fuel-oil and turbo-gas plants	1,955	6,077	(4,122)	-67.8%
Combined-cycle plants	9,794	14,052	(4,258)	-30.3%
Nuclear plants	6,835	7,113	(278)	-3.9%
Total net generation	23,835	32,402	(8,567)	-26.4%
- of which Italy	7,596	7,670	(74)	-1.0%
- of which Iberia	11,740	12,482	(742)	-5.9%
- of which Latin America	4,499	6,233	(1,734)	-27.8%
- of which Europe	-	6,017	(6,017)	-

Thermal generation in the 1st Quarter of 2023 decreased by 8,567 million of kWh on the same period in 2022, essentially reflecting a decrease in generation both from combined-cycle plants (4,258 million kWh) and from fuel-oil and turbogas plants (4,122 million kWh), mainly in Russia, following the disposal of the whole interest held in PJSC Enel Russia, Argentina, with the disposal of Enel Generación Costanera, and Iberia.

Net efficient generation capacity

MW
	at Mar. 31, 2023	at Dec. 31, 2022		Change
Coal-fired plants	6,590	6,590	-	-
Fuel-oil and turbo-gas plants	6,107	7,204	(1,097)	-15.2%
Combined-cycle plants	12,811	13,895	(1,084)	-7.8%
Nuclear plants	3,328	3,328	-	-
Total	28,836	31,017	(2,181)	-7.0%
- of which Italy	11,579	11,569	10	0.1%
- of which Iberia	12,751	12,751	-	-
- of which Latin America	4,506	6,697	(2,191)	-32.7%

Compared with the end of 2022, net efficient generation capacity decreases by 2,181 MW mainly reflecting the sale of the fuel-oil/turbogas and combined-cycle plants of Enel Generación Costanera in Argentina.

Performance

Millions of euro	1st Quarter
	2023	2022		Change
Revenue	12,178	17,288(1)	(5,110)	-29.6%
Gross operating profit/(loss)	980	1,564(1)	(584)	-37.3%
Ordinary gross operating profit/(loss)	1,143	1,615	(472)	-29.2%
Operating profit/(loss)	783	1,353(1)	(570)	-42.1%
Ordinary operating profit/(loss)	946	1,398	(452)	-32.3%
Capital expenditure	137(2)	98	39	39.8%

(2) The figure does not include €8 million regarding units classified as "held for sale" or "discontinued operations".

The following table breaks out revenue from thermal and nuclear generation for the Thermal Generation and Trading area.

Revenue from thermal and nuclear generation

Millions of euro	1st Quarter
	2023	2022	Change
Revenue(1) (2)
Revenue from thermal generation	4,264	4,326	-1.4%
- of which: coal-fired generation	1,312	1,479	-11.3%
Revenue from nuclear generation	367	429	-14.5%

Revenue from thermal generation as a percentage of total revenue	16.1%	12.7%
- of which: revenue from coal-fired generation as a percentage of total revenue	5.0%	4.3%
Revenue from nuclear generation as a percentage of total revenue	1.4%	1.3%

(1) The revenue analyzed refers to that for the segment and include transactions with third parties and the intersegment transactions of each segment with the others.

The following tables show a breakdown of performance by Geographical Area in the 1st Quarter of 2023.

Revenue(1)

Millions of euro	1st Quarter
	2023	2022		Change
Italy(1)	7,861	13,935	(6,074)	-43.6%
Iberia(1)	3,441	2,689	752	28.0%
Latin America	817	668	149	22.3%
- of which Argentina	29	34	(5)	-14.7%
- of which Brazil	157	226	(69)	-30.5%
- of which Chile	505	301	204	67.8%
- of which Colombia	59	49	10	20.4%
- of which Peru	67	58	9	15.5%
North America	26	24	2	8.3%
Europe	-	7	(7)	-
- of which Romania	-	7	(7)	-
Other	22	29	(7)	-24.1%
Eliminations and adjustments	11	(64)	75	-
Total	12,178	17,288	(5,110)	-29.6%

Revenue in the first three months of 2023 amounted to €12,178 million, a decrease of €5,110 million compared with the same period of 2022. The change mainly regarded Italy and is largely attributable to a decrease in gas and electricity sales, which reflected a decline in average prices during the period. This was partly offset by an increase of €396 million in revenue in Spain compared with the same period of 2022, mainly attributable to the remuneration of additional costs for the generation of power in the extra-peninsular territories.

Ordinary gross operating profit/(loss)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	158	1,019	(861)	-84.5%
Iberia	853	478	375	78.5%
Latin America	134	79	55	69.6%
- of which Argentina	19	18	1	5.6%
- of which Brazil	(4)	26	(30)	-
- of which Chile	84	(6)	90	-
- of which Colombia	(3)	6	(9)	-
- of which Peru	38	36	2	5.6%
- of which Other countries	-	(1)	1	-
North America	(17)	8	(25)	-
Europe	10	27	(17)	-63.0%
- of which Romania	10	(3)	13	-
- of which Russia	-	30	(30)	-
Other	5	4	1	25.0%
Total	1,143	1,615	(472)	-29.2%

Ordinary gross operating profit decreased by €472 million, essentially reflecting an increase in provisioning costs, taking due account of hedging strategies, and differences in the fair value measurement of outstanding commodity contracts, which reflected the high volatility of average prices for the period.

The change was partly offset by the increase in ordinary gross operating profit in Spain for the reasons noted under revenue.

Gross operating profit came to €980 million (€1,564 million in the first three months of 2022) mainly reflecting the factors discussed in the comments on ordinary gross operating profit and the differing impact in the two periods being compared of non-recurring items (€163 million in the 1st Quarter of 2023), which was primarily attributable to costs connected with the Enel Generación Costanera

disposal in Argentina (€154 million) and the reclassification of a number of companies as discontinued operations (€9 million). In the 1st Quarter of 2022, non-recurring items totaled €51 million.

Ordinary operating profit/(loss)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	123	991	(868)	-87.6%
Iberia	721	341	380	-
Latin America	104	35	69	-
- of which Argentina	8	(2)	10	-
- of which Brazil	(3)	23	(26)	-
- of which Chile	76	(15)	91	-
- of which Colombia	(6)	1	(7)	-
- of which Peru	31	29	2	6.9%
- of which Other countries	(2)	(1)	(1)	-
North America	(17)	8	(25)	-
Europe	10	20	(10)	-50.0%
- of which Romania	10	(3)	13	-
- of which Russia	-	23	(23)	-
Other	5	3	2	66.7%
Total	946	1,398	(452)	-32.3%

The change in the ordinary operating profit essentially reflects the factors discussed in the comments on ordinary gross operating profit and the decrease of €20 million in depreciation, amortization and impairment losses compared with the corresponding period of the previous year.

Operating profit for the first three months of 2023 amounted to €783 million (€1,353 million in 2022) reflecting the factors discussed for ordinary operating profit as well as the change in extraordinary items already noted under gross operating profit.

Capital expenditure

Millions of euro	1st Quarter
	2023	2022		Change
Italy	72	45	27	60.0%
Iberia	35	28	7	25.0%
Latin America	30	21	9	42.9%
North America	-	4	(4)	-
Total	137(1)	98	39	39.8%

(1) The figure does not include €8 million regarding units classified as "held for sale" or "discontinued operations".

The increase in capital expenditure in the 1st Quarter of 2023 mainly regards Italy and reflects the conversion of a number of plants as part of energy transition projects.

Enel Green Power

Davide, Shift Manager, Enel Green Power and Thermal Generation Italy - 3SUN Gigafactory, Catania, one of the largest PV manufacturing plants in Europe.

Operations

Net electricity generation

Millions of kWh 1st Quarter
	2023	2022		Change
Hydroelectric	13,530	12,166	1,364	11.2%
Geothermal	1,486	1,581	(95)	-6.0%
Wind	11,845	10,690	1,155	10.8%
Solar	3,078	2,396	682	28.5%
Other sources	12	12	-	-
Total net generation	29,951	26,845	3,106	11.6%
- of which Italy	4,382	4,330	52	1.2%
- of which Iberia	3,940	2,979	961	32.3%
- of which Latin America	13,663	12,001	1,662	13.8%
- of which Europe	666	749	(83)	-11.1%
- of which North America	6,709	6,029	680	11.3%
- of which Africa, Asia and Oceania	591	757	(166)	-21.9%

Net electricity generation increased in the 1st Quarter of 2023 reflecting an increase in hydroelectric, wind and solar generation.

Hydroelectric generation expanded mainly in Colombia (+484 million kWh), Iberia (+369 million kWh), Chile (+148 million kWh) and Italy (+148 million kWh).

Wind generation recorded its most significant increases in North America (+641 million kWh, notably in the United States with an increase of +653 million kWh, marginally offset by a decrease in output in Mexico), Brazil (+464 million kWh), Iberia (+393 million kWh) and India (+104 million kWh), partially offset by a reduction in South Africa (-281 million kWh).

Solar generation expanded, mainly in Chile (+347 million kWh), Iberia (+199 million kWh), Brazil (+67 million kWh) and the United States (+44 million).

Net efficient generation capacity

	at Mar. 31, 2023	at Dec. 31, 2022		Change
Hydroelectric	28,356	28,355	1	-
Geothermal	931	931	-	-
Wind	15,866	15,735	131	0.8%
Solar	8,672	8,534	138	1.6%
Other sources	6	6	-	-
Total net efficient generation capacity	53,831	53,561	270	0.5%
- of which Italy	14,685	14,683	2	-
- of which Iberia	9,293	9,293	-	-
- of which Latin America	17,987	17,827	160	0.9%
- of which Europe	1,020	1,020	-	-
- of which North America	9,640	9,532	108	1.1%
- of which Africa, Asia and Oceania	1,206	1,206	-	-

The increase in net efficient capacity is mainly due to the construction of new solar plants in Colombia and the United States as well as new wind plants in Chile, Brazil and Canada.

Performance

Millions of euro	1st Quarter
	2023	2022		Change
Revenue	2,563	2,009(1)	554	27.6%
Gross operating profit/(loss)	983	643(1)	340	52.9%
Ordinary gross operating profit/(loss)	1,059	727	332	45.7%
Operating profit/(loss)	611	302(1)	309	-
Ordinary operating profit/(loss)	673	373	300	80.4%
Capital expenditure	1,290(2)	1,095(3)	195	17.8%

(2) The figure does not include €95 million regarding units classified as "held for sale" or "discontinued operations".

(3) The figure does not include €16 million regarding units classified as "held for sale" or "discontinued operations".

The following tables show a breakdown of performance by Geographical Area in the 1st Quarter of 2023.

Revenue(1)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	790	432	358	82.9%
Iberia	323	284	39	13.7%
Latin America	1,091	958	133	13.9%
- of which Argentina	10	8	2	25.0%
- of which Brazil	199	157	42	26.8%
- of which Chile	530	451	79	17.5%
- of which Colombia	238	235	3	1.3%
- of which Peru	56	47	9	19.1%
- of which Panama	40	42	(2)	-4.8%
- of which Other countries	18	18	-	-
North America	322	285	37	13.0%
- of which United States and Canada	262	229	33	14.4%
- of which Mexico	60	56	4	7.1%
Africa, Asia and Oceania	41	48	(7)	-14.6%
Other	72	63	9	14.3%
Eliminations and adjustments	(76)	(61)	(15)	-24.6%
Total	2,563	2,009	554	27.6%

The increase in revenue is mainly attributable to greater quantities generated and sold in Italy, Chile, Brazil and Iberia.

Ordinary gross operating profit/(loss)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	(19)	(182)	163	89.6%
Iberia	218	145	73	50.3%
Latin America	619	502	117	23.3%
- of which Argentina	(15)	6	(21)	-
- of which Brazil	124	106	18	17.0%
- of which Chile	228	146	82	56.2%
- of which Colombia	183	172	11	6.4%
- of which Peru	61	48	13	27.1%
- of which Panama	30	16	14	87.5%
- of which Other countries	8	8	-	-
North America	155	155	-	-
- of which United States and Canada	123	127	(4)	-3.1%
- of which Mexico	32	28	4	14.3%
Europe	74	80	(6)	-7.5%
- of which Romania	58	57	1	1.8%
- of which Russia	(1)	3	(4)	-
- of which Greece	17	20	(3)	-15.0%
Africa, Asia and Oceania	18	29	(11)	-37.9%
Other	(6)	(2)	(4)	-
Total	1,059	727	332	45.7%

The increase in ordinary gross operating profit in the 1st Quarter of 2023 mainly regarded Italy, Iberia, Chile and Brazil and is essentially attributable to the impact of an increase in quantities produced and sold, as well as a decrease in sourcing costs.

Gross operating profit amounted to €983 million (€643 million in the 1st Quarter of 2022) reflects the extraordinary solidarity levy in Romania (€14 million) as well as the reclassification under discontinued operations of several companies (€62 million).

EMARKET SDIR
CERTIFIED

Ordinary operating profit/(loss)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	(97)	(253)	156	61.7%
Iberia	152	80	72	90.0%
Latin America	515	409	106	25.9%
- of which Argentina	(17)	4	(21)	-
- of which Brazil	94	80	14	17.5%
- of which Chile	184	107	77	72.0%
- of which Colombia	172	160	12	7.5%
- of which Peru	53	42	11	26.2%
- of which Panama	26	12	14	-
- of which Other countries	3	4	(1)	-25.0%
North America	51	68	(17)	-25.0%
- of which United States and Canada	26	47	(21)	-44.7%
- of which Mexico	25	21	4	19.0%
Europe	58	67	(9)	-13.4%
- of which Romania	53	52	1	1.9%
- of which Russia	(2)	2	(4)	-
- of which Greece	8	13	(5)	-38.5%
- of which Other countries	(1)	-	(1)	-
Africa, Asia and Oceania	5	10	(5)	-50.0%
Other	(11)	(8)	(3)	-37.5%
Total	673	373	300	80.4%

The increase in ordinary operating profit reflects the developments discussed for ordinary gross operating profit. Compared with the same period of 2022, depreciation, amortization and impairment losses increased by €32 million as a result of new capital expenditure in recent years.

Operating profit for the 1st Quarter of 2023 amounted to €611 million (€302 million at March 31, 2022), reflecting the developments discussed for gross operating profit and ordinary operating profit.

Capital expenditure

Millions of euro	1st Quarter
	2023	2022		Change
Italy	730	162	568	-
Iberia	129	108	21	19.4%
Latin America	291	230	61	26.5%
North America	134	496	(362)	-73.0%
Europe	-	20	(20)	-
Africa, Asia and Oceania	4	77	(73)	-94.8%
Other	2	2	-	-
Total	1,290(1)	1,095(2)	195	17.8%

(1) The figure does not include €95 million regarding units classified as "held for sale" or "discontinued operations". (2) The figure does not include €16 million regarding units classified as "held for sale" or "discontinued operations".

Capital expenditure in the 1st Quarter of 2023 increased by €195 million compared with the same period of the previous year. In particular, the change was attributable to:

an increase of €568 million in Italy, mainly on battery storage solutions (BESS);
an increase of €61 million in Latin America, mainly in Brazil and Colombia;
an increase of €21 million in Iberia, largely on solar plants,

partly offset by a decrease of capital expenditure on wind plants;

a decrease of €362 million in North America, mainly reflecting a decrease in spending on wind and solar plants;
a decrease of €73 million in Africa, Asia and Oceania, mainly regarding solar plants and wind facilities in India and Australia;
a decrease in investment in wind plants in Europe.

Operations

Electricity transport

Millions of kWh	1st Quarter
	2023	2022		Change
Electricity transported on Enel's network(1)	122,187	127,061	(4,874)	-3.8%
- of which Italy(1)	53,163	55,805	(2,642)	-4.7%
- of which Iberia	33,327	32,507	820	2.5%
- of which Latin America(1)	31,914	34,669	(2,755)	-7.9%
- of which Europe	3,783	4,080	(297)	-7.3%
End users with active smart meters (no.)(1)	45,965,120	45,294,820	670,300	1.5%

(1) The figure for the 1st Quarter of 2022 has been restated.

In the 1st Quarter of 2023, electricity transported on the grid decreased (-3.8%) mainly attributable to:

Italy (-4.7%), where there was a decrease in the demand for electricity distributed to customers connected at low, medium, high and very high voltage. The figure for electricity distributed to other distributors also decreased slightly compared with the previous year;
Latin America (-7.9%), particularly Brazil and Chile, due to the disposal in December 2022 of Celg Distribuição SA - Celg-D (Enel Goiás) and Enel Transmisión Chile SA, respectively.

Average frequency of interruptions per customer

	at Mar. 31, 2023	at Dec. 31, 2022		Change
SAIFI (average no.)
Italy	1.7	1.6	0.1	6.2%
Iberia	1.3	1.3	-	-
Argentina	6.6	5.3	1.3	24.5%
Brazil	3.7	4.5	(0.8)	-17.8%
Chile	1.3	1.6	(0.3)	-18.8%
Colombia	4.1	3.9	0.2	5.1%
Peru	2.8	2.9	(0.1)	-3.4%
Romania(1)	2.7	2.6	0.1	3.8%

(1) The figure at December 31, 2022 has been adjusted.

Average duration of interruptions per customer

	at Mar. 31, 2023	at Dec. 31, 2022		Change
SAIDI (average minutes)
Italy(1)	43.2	41.8	1.4	3.3%
Iberia(1)	66.9	64.3	2.6	4.0%
Argentina	1,144.3	892.0	252.3	28.3%
Brazil	455.0	547.3	(92.3)	-16.9%
Chile(1)	144.0	158.6	(14.6)	-9.2%
Colombia(1)	324.7	310.7	14.0	4.5%
Peru(1)	629.9	610.3	19.6	3.2%
Romania(1)	92.0	90.4	1.6	1.8%

(1) The figure at December 31, 2022 has been adjusted.

As indicated in the tables above, the level of service quality improved in most geographical areas, although the SAIDI indicator for outages in Argentina is still high, due in particular to faults in high-voltage transmission systems not operated by the Group.

Grid losses

	at Mar. 31, 2023	at Dec. 31, 2022		Change
Grid losses (average %)
Italy	4.8	4.7	0.1	2.1%
Iberia	7.0	7.0	-	-
Argentina	17.8	17.1	0.7	4.1%
Brazil	13.4	13.5	(0.1)	-0.7%
Chile	5.3	5.1	0.2	3.9%
Colombia	7.5	7.5	-	-
Peru	8.1	8.2	(0.1)	-1.2%
Romania	8.4	8.5	(0.1)	-1.2%

Performance

Millions of euro	1st Quarter
	2023	2022		Change
Revenue	5,128	4,942(1)	186	3.8%
Gross operating profit/(loss)	1,993	1,795(1)	198	11.0%
Ordinary gross operating profit/(loss)	2,211	1,731	480	27.7%
Operating profit/(loss)	1,257	1,104(1)	153	13.9%
Ordinary operating profit/(loss)	1,454	1,019	435	42.7%
Capital expenditure	1,199(2)	1,057	142	13.4%

(2) The figure does not include €38 million regarding units classified as "held for sale" or "discontinued operations".

The following tables show a breakdown of performance by Geographical Area in the 1st Quarter of 2023.

Revenue(1)

Millions of euro 1st Quarter
	2023	2022		Change
Italy	1,835	1,686	149	8.8%
Iberia	611	570	41	7.2%
Latin America	2,666	2,662	4	0.2%
- of which Argentina	210	167	43	25.7%
- of which Brazil	1,674	1,795	(121)	-6.7%
- of which Chile	360	323	37	11.5%
- of which Colombia	179	174	5	2.9%
- of which Peru	243	203	40	19.7%
Other	96	134	(38)	-28.4%
Eliminations and adjustments	(80)	(110)	30	27.3%
Total	5,128	4,942	186	3.8%

The increase in revenue is attributable to Italy, notably as a result of the increase in rates for 2023 provided for in Regulatory Authority for Energy, Networks and the Environment (ARERA) Resolution no. 720/22 and no. 721/22 published in December 2022, and to Spain due to an increase in volumes transported.

Ordinary gross operating profit/(loss)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	912	841	71	8.4%
Iberia	428	411	17	4.1%
Latin America	652	552	100	18.1%
- of which Argentina	(58)	(7)	(51)	-
- of which Brazil	510	349	161	46.1%
- of which Chile	24	51	(27)	-52.9%
- of which Colombia	111	110	1	0.9%
- of which Peru	65	49	16	32.7%
Europe	215	(73)	288	-
Other	4	-	4	-
Total	2,211	1,731	480	27.7%

Ordinary gross operating profit increased:

in Europe, mainly as a result of the recognition of price differentials on quantities connected with grid losses in Romania (€214 million);
in Latin America and particularly in Brazil, reflecting the recognition of income of €96 million by Enel CIEN following the contractually agreed transfer of transmission assets operated on a concession basis to the new concession holder, as well as rate adjustments connected with rising inflation and positive exchange rate developments;
in Italy and Spain, mainly reflecting developments discussed for revenue.

Gross operating profit amounted to €1,993 million (€1,795 million in the 1st Quarter of 2022) reflecting the developments discussed for ordinary gross operating profit and the classification under "Profit/(Loss) from discontinued operations" of the revenue/expense items connected with assets held in Romania (€218 million).

Ordinary operating profit/(loss)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	572	529	43	8.1%
Iberia	225	212	13	6.1%
Latin America	459	374	85	22.7%
- of which Argentina	(75)	(14)	(61)	-
- of which Brazil	386	233	153	65.7%
- of which Chile	10	35	(25)	-71.4%
- of which Colombia	90	87	3	3.4%
- of which Peru	48	33	15	45.5%
Europe	194	(94)	288	-
Other	4	(2)	6	-
Total	1,454	1,019	435	42.7%

The increase in ordinary operating profit was essentially attributable to the factors already discussed for ordinary gross operating profit, as well as to the increase in depreciation and amortization due to investments made.

Operating profit amounted to €1,257 million (€1,104 million in the 1st Quarter of 2022) reflecting the factors already discussed for gross operating profit and ordinary operating profit.

Capital expenditure

Millions of euro	1st Quarter
	2023	2022 Change
Italy	661	464	197	42.5%
Iberia	183	179	4	2.2%
Latin America	355	390	(35)	-9.0%
Europe	-	20	(20)	-
Other	-	4	(4)	-
Total	1,199(1)	1,057	142	13.4%

(1) The figure does not include €38 million regarding units classified as "held for sale" or "discontinued operations".

Capital expenditure increased by €142 million on the year-earlier period.

customer connections and investments to improve service quality (e-grid and DSO 4.0 projects).

The increase is attributable to Italy, for an increase in new

End-user Markets

Barbara, Channel manager Spazio Enel Partner Emilia-Romagna and Marche - Spazio Enel Partner, Cingoli, Province of Macerata.

Operations

Electricity sales

Millions of kWh 1st Quarter
	2023	2022		Change
Free market	49,612	47,696	1,916	4.0%
Regulated market	28,559	32,366	(3,807)	-11.8%
Total(1)	78,171	80,062	(1,891)	-2.4%
- of which Italy	23,411	24,399	(988)	-4.0%
- of which Iberia	19,493	19,593	(100)	-0.5%
- of which Latin America	32,944	33,450	(506)	-1.5%
- of which Europe	2,323	2,620	(297)	-11.3%

(1) The figures for the 1st Quarter of 2022 reflect a more accurate calculation of volumes sold.

The decrease in electricity sold in the 1st Quarter of 2023 substantially regards both customer segments (business to consumer and business to business) of the regulated market in Italy, Brazil and Spain, mainly reflecting a decrease in the number of customers compared with the year-earlier period. Volumes sold on the free market increased in both segments.

Natural gas sales

Millions of m3	1st Quarter
	2023	2022 Change
Business to consumer	1,811	1,897	(86)	-4.5%
Business to business	1,753	2,143	(390)	-18.2%
Total	3,564	4,040	(476)	-11.8%
- of which Italy	2,056	2,148	(92)	-4.3%
- of which Iberia	1,363	1,694	(331)	-19.5%
- of which Latin America	43	73	(30)	-41.1%
- of which Europe	102	125	(23)	-18.4%

The decrease in gas sold in the first three months of 2023 mainly reflects a decrease in sales in Spain and Italy.

Performance

Millions of euro	1st Quarter
	2023	2022		Change
Revenue	14,664	15,425(1)	(761)	-4.9%
Gross operating profit/(loss)	1,030	257(1)	773	-
Ordinary gross operating profit/(loss)	1,056	124	932	-
Operating profit/(loss)	634	(110)(1)	744	-
Ordinary operating profit/(loss)	650	(249)	899	-
Capital expenditure	138(2)	186	(48)	-25.8%

(2) The figure does not include €3 million regarding units classified as "held for sale" or "discontinued operations".

The following tables show a breakdown of performance by Geographical Area in the 1st Quarter of 2023.

Revenue(1)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	8,110	8,611	(501)	-5.8%
Iberia	6,149	6,400	(251)	-3.9%
Latin America	397	411	(14)	-3.4%
- of which Brazil	111	114	(3)	-2.6%
- of which Chile	27	27	-	-
- of which Colombia	192	211	(19)	-9.0%
- of which Peru	67	59	8	13.6%
North America	1	3	(2)	-66.7%
Other	6	-	6	-
Eliminations and adjustments	1	-	1	-
Total	14,664	15,425	(761)	-4.9%

Revenue in the 1st Quarter of 2023 decreased by 4.9%, mainly in Italy and Spain in connection with electricity sales (€1,163 million) as a result of lower sales prices, only partly offset by an increase in revenue from gas sales (€605 million).

Ordinary gross operating profit/(loss)

Millions of euro		1st Quarter
	2023	2022		Change
Italy	821	317	504	-
Iberia	129	(157)	286	-
Latin America	82	102	(20)	-19.6%
- of which Argentina	(1)	3	(4)	-
- of which Brazil	56	59	(3)	-5.1%
- of which Chile	13	17	(4)	-23.5%
- of which Colombia	6	18	(12)	-66.7%
- of which Peru	8	5	3	60.0%
North America	-	3	(3)	-
Europe	26	(138)	164	-
Other	(2)	(3)	1	33.3%
Total	1,056	124	932	-

Ordinary gross operating profit in the 1st Quarter of 2023 increased by €932 million compared with the same period of 2022 essentially due to an increase in the free market in Italy, Spain and Romania, which essentially reflected lower provisioning costs in an environment of stabilizing sales prices.

Gross operating profit amounted to €1,030 million (€257 million in the 1st Quarter of 2022) and, in addition to being impacted by the factors discussed for ordinary gross operating profit, does not include the ordinary results associated with Romanian assets classified as "discontinued operations" pursuant to IFRS 5 (€26 million).

Ordinary operating profit/(loss)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	578	86	492	-
Iberia	44	(201)	245	-
Latin America	14	12	2	16.7%
- of which Argentina	(5)	(3)	(2)	-66.7%
- of which Brazil	1	(12)	13	-
- of which Chile	9	12	(3)	-25.0%
- of which Colombia	2	13	(11)	-84.6%
- of which Peru	7	2	5	-
North America	-	2	(2)	-
Europe	16	(145)	161	-
Other	(2)	(3)	1	33.3%
Total	650	(249)	899	-

Ordinary operating profit, including depreciation, amortization and impairment losses of €406 million (€373 million in the 1st Quarter of 2022), reflects the effects noted above for ordinary gross operating profit and the increase in depreciation, amortization and impairment losses, which mainly regarded writedowns of trade receivables, primarily recognized in Italy and Spain.

The operating profit for the 1st Quarter of 2023 amounted to €634 million (-€110 million in the 1st Quarter of 2022), reflecting the factors noted with regard to the gross operating margin and the increase in depreciation, amortization and impairment losses in Italy and Spain noted above.

Capital expenditure

Millions of euro	1st Quarter
	2023	2022		Change
Italy	92	117	(25)	-21.4%
Iberia	46	67	(21)	-31.3%
Europe	-	2	(2)	-
Total	138(1)	186	(48)	-25.8%

(1) The figure does not include €3 million regarding units classified as "held for sale" or "discontinued operations".

The decrease in capital expenditure is mainly attributable to Italy and Spain.

Enel X

Alessandro, Enel X Store, Corso Francia, Rome - Urban area for recharging electric vehicles and smart solutions for home energy efficiency.

Operations

	1st Quarter
	2023	2022		Change
Demand response (MW)	8,103	6,650	1,453	21.8%
Lighting points (thousands)	3,037	2,807	230	8.2%
Storage (MW)	761	760(1)	1	0.1%

(1) At December 31, 2022.

Demand response assets increased, mainly in North America (+591 MW), Japan (+354 MW), Italy (+269 MW) and Spain (+155 MW). Lighting points increased mainly in Italy, Brazil and Chile, while storage was essentially unchanged.

Performance(1)

Millions of euro 1st Quarter
	2023	2022		Change
Revenue	448	669(2)	(221)	-33.0%
Gross operating profit/(loss)	59	316(2)	(257)	-81.3%
Ordinary gross operating profit/(loss)	64	321	(257)	-80.1%
Operating profit/(loss)	14	276(2)	(262)	-94.9%
Ordinary operating profit/(loss)	18	281	(263)	-93.6%
Capital expenditure(3)	73	65	8	12.3%

(3) The figure for the 1st Quarter of 2023 does not include €1 million regarding units classified as "held for sale" (€1 million in the 1st Quarter of 2022).

The following tables show a breakdown of performance by Geographical Area in the 1st Quarter of 2023.

EMARKE SDIR
CERTIFIED

Revenue(1) (2)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	157	136	21	15.4%
Iberia	95	87	8	9.2%
Latin America	55	71	(16)	-22.5%
- of which Argentina	3	3	-	-
- of which Brazil	7	10	(3)	-30.0%
- of which Chile	12	8	4	50.0%
- of which Colombia	19	38	(19)	-50.0%
- of which Peru	14	12	2	16.7%
North America	95	89	6	6.7%
Europe	18	21	(3)	-14.3%
Africa, Asia and Oceania	29	17	12	70.6%
Other	34	273	(239)	-87.5%
Eliminations and adjustments	(35)	(25)	(10)	-40.0%
Total	448	669	(221)	-33.0%

Revenue in the 1st Quarter of 2023 decreased by €221 million compared with the same period of 2022, mainly due to the recognition in 2022 of the capital gain on the sale by Enel X International of 1.1% of its investment in Ufinet (€220 million).

Ordinary gross operating profit/(loss)(1)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	19	19	-	-
Iberia	19	28	(9)	-32.1%
Latin America	12	23	(11)	-47.8%
- of which Argentina	1	1	-	-
- of which Brazil	(1)	1	(2)	-
- of which Chile	1	(1)	2	-
- of which Colombia	6	17	(11)	-64.7%
- of which Peru	5	5	-	-
North America	8	16	(8)	-50.0%
Europe	5	13	(8)	-61.5%
Africa, Asia and Oceania	2	-	2	-
Other	(1)	222	(223)	-
Total	64	321	(257)	-80.1%

Ordinary gross operating profit decreased mainly due to the negative impact of the decrease in revenue noted above.

operating profit in 2022 amounted to €5 million, and regarded the classification under "Profit/(Loss) from discontinued operations" of the revenue and cost items associated with the assets held in Romania.

Gross operating profit amounted to €59 million, a decrease of €257 million. The difference with ordinary gross

Ordinary operating profit/(loss) (1)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	8	7	1	14.3%
Iberia	8	18	(10)	-55.6%
Latin America	5	18	(13)	-72.2%
- of which Argentina	1	1	-	-
- of which Brazil	(1)	2	(3)	-
- of which Chile	(1)	(1)	-	-
- of which Colombia	3	13	(10)	-76.9%
- of which Peru	3	3	-	-
North America	1	7	(6)	-85.7%
Europe	3	12	(9)	-75.0%
Africa, Asia and Oceania	1	(1)	2	-
Other	(8)	220	(228)	-
Total	18	281	(263)	-93.6%

Developments in ordinary operating profit, including the impact of depreciation, amortization and impairment losses amounting to €46 million (€40 million in the 1st Quarter of 2022), were substantially attributable to the factors noted in the discussion of ordinary gross operating profit for the period and to the increase in depreciation and amortization recognized.

Operating profit amounted to €14 million (€276 million in the 1st Quarter of 2022) reflecting the factors noted for gross operating profit and the increase in depreciation and amortization.

Capital expenditure(1)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	26	16	10	62.5%
Iberia	10	11	(1)	-9.1%
Latin America	13	9	4	44.4%
North America	6	11	(5)	-45.5%
Europe	1	1	-	-
Africa, Asia and Oceania	2	1	1	-
Other	15	16	(1)	-6.3%
Total(2)	73	65	8	12.3%

(2) The figure for the 1st Quarter of 2023 does not include €1 million regarding units classified as "held for sale" (€1 million in the 1st Quarter of 2022).

Capital expenditure increased mainly in Italy, reflecting investment on the development of global technology platforms for the digital management of its business, and Latin America.

Holding, Services and Other

Monica, architectural design new locations, Servizi Italia - Historic building designed by Giò Ponti in Via Carducci, Milan headquarters of the Enel Group since 1962.

Performance(1)

Millions of euro	1st Quarter
	2023	2022		Change
Revenue	528	467(2)	61	13.1%
Gross operating profit/(loss)	(279)	(40)(2))	(239)	-
Ordinary gross operating profit/(loss)	(70)	(32)	(38)	-
Operating profit/(loss)	(347)	(108)(2)	(239)	-
Ordinary operating profit/(loss)	(139)	(101)	(38)	-37.6%
Capital expenditure	36	32	4	12.5%

(1) The figures for the 1st Quarter of 2022 have been adjusted to take account of the transfer of certain net assets and related revenue and expenses from the Business Line Enel X to the new Business Line Enel X Way.

The following tables show a breakdown of performance by Geographical Area in the 1st Quarter of 2023.

Revenue(1) (2)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	197	178	19	10.7%
Iberia	122	100	22	22.0%
Latin America	2	5	(3)	-60.0%
North America	10	10	-	-
Europe	1	-	1	-
Other	267	216	51	23.6%
Eliminations and adjustments	(72)	(42)	(30)	-71.4%
Total	528	467	61	13.1%

Revenue in the 1st Quarter of 2023 increased by €61 million on the same period in 2022. The change in revenue mainly regards services provided in Italy and Spain, including the involvement of Enel X Way Srl and Enel Global Services Srl to other Group companies.

Ordinary gross operating profit/(loss)(1)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	6	23	(17)	-73.9%
Iberia	(5)	(2)	(3)	-
Latin America	(35)	(17)	(18)	-
- of which Argentina	(1)	(1)	-	-
- of which Brazil	(10)	(4)	(6)	-
- of which Chile	(24)	(12)	(12)	-
North America	(10)	(7)	(3)	-42.9%
Europe	(1)	(1)	-	-
Africa, Asia and Oceania	(1)	(1)	-	-
Other	(24)	(27)	3	11.1%
Total	(70)	(32)	(38)	-

The increase in the ordinary gross operating loss in the first three months of 2023 is attributable to Latin America and Italy, reflecting an increase in costs for services, which more than offset a change in revenue for the provision of services to other Group companies.

The gross operating loss increased by €239 million on the 1st Quarter of 2022 mainly reflecting the factors described above in relation to ordinary gross operating loss. The non-recurring items mainly regard the extraordinary solidarity level in Spain of €208 million.

Ordinary operating profit/(loss)(1)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	(13)	5	(18)	-
Iberia	(18)	(14)	(4)	-28.6%
Latin America	(36)	(19)	(17)	-89.5%
- of which Argentina	(1)	(1)	-	-
- of which Brazil	(11)	(4)	(7)	-
- of which Chile	(24)	(14)	(10)	-71.4%
North America	(12)	(12)	-	-
Europe	(2)	(1)	(1)	-
Africa, Asia and Oceania	(1)	(1)	-	-
Other	(57)	(59)	2	3.4%
Total	(139)	(101)	(38)	-37.6%

Developments in the ordinary operating loss for the first three months of 2023 are essentially in line with the increase in the gross operating loss.

The operating loss increased by €239 million on the 1st Quarter of 2022, reflecting the factors cited with regard to the gross operating loss.

Capital expenditure(1)

Millions of euro	1st Quarter
	2023	2022		Change
Italy	11	8	3	37.5%
Iberia	7	9	(2)	-22.2%
Latin America	3	1	2	-
Other	15	14	1	7.1%
Total	36	32	4	12.5%

The increase of €4 million in capital expenditure in the first three months of 2023 is attributable to an increase in expenditure in Italy and North America.

Definition of performance indicators

In order to present the results of the Group and analyze its financial structure, in the Interim Financial Report at March 31, 2023 Enel has prepared separate reclassified schedules that differ from the schedules envisaged under the IFRS-EU adopted by the Group and contained in the condensed interim consolidated financial statements. These reclassified schedules contain different performance indicators from those obtained directly from the condensed interim consolidated financial statements, which management believes are useful in monitoring the performance of the Group and representative of the financial performance and position of our business.

With regard to those indicators, on April 29, 2021, CON-SOB issued warning notice no. 5/21, which gives force to the Guidelines issued on March 4, 2021 by the European Securities and Markets Authority (ESMA) on disclosure requirements under Regulation (EU) 2017/1129 (the Prospectus Regulation), which took effect on May 5, 2021 and replace the references to the CESR Recommendations and those contained in Communication no. DEM/6064293 of July 28, 2006 regarding the net financial position.

The Guidelines update the previous CESR Recommendations (ESMA/2013/319, in the revised version of March 20, 2013) with the exception of those concerning the special issuers referred to in Annex no. 29 of Delegated Regulation (EU) 2019/980, which were not converted into Guidelines and remain applicable.

The Guidelines are intended to promote the usefulness and transparency of alternative performance indicators included in regulated information or prospectuses within the scope of application of Directive 2003/71/EC in order to improve their comparability, reliability and comprehensibility.

In line with the regulations cited above, the criteria used to construct these indicators are the following.

Gross operating profit: an operating performance indicator, calculated as "Operating profit" plus "Depreciation, amortization and impairment losses".

Ordinary gross operating profit: defined as "Gross operating profit" from core business connected with the Ownership and Stewardship business models, plus the ordinary gross operating profit of discontinued operations. It does not include costs connected with corporate restructurings and any extraordinary solidarity levies charged to companies operating in the energy industry.

Ordinary operating profit: defined as "Operating profit" from core business connected with the Ownership and Stewardship business models, plus the ordinary operating profit of discontinued operations.

It is calculated by adjusting "Operating profit" for the effects of transactions not connected with core operations referred to with regard to ordinary gross operating profit and excluding significant impairment losses on assets and/ or groups of assets following impairment testing (including reversals of impairment losses) or classification under "Assets held for sale".

Group ordinary profit: it is defined as "Group profit" generated by Enel's core business connected with the Ownership and Stewardship business models.

It is equal to "Group profit" adjusted primarily by the solidarity tax on energy companies for 2022, as well as the items discussed under "Ordinary operating profit", net of any tax effects and non-controlling interests.

Net non-current assets: calculated as the difference between "Non-current assets" and "Non-current liabilities" with the exception of:

"Deferred tax assets";
"Securities" and "Other financial assets" included in "Other non-current financial assets";
"Long-term borrowings";
"Employee benefits";
"Provisions for risks and charges (non-current portion)";
"Deferred tax liabilities".

Net working capital: calculated as the difference between "Current assets" and "Current liabilities" with the exception of:

"Current portion of long-term loan assets", "Factoring receivables", "Securities", "Cash collateral" and "Other financial assets" included in "Other current financial assets";
"Cash and cash equivalents";
"Short-term borrowings" and the "Current portion of long-term borrowings";
"Provisions for risks and charges (current portion)";
"Other financial liabilities" included in "Other current liabilities".

Net assets held for sale: calculated as the algebraic sum of "Assets held for sale" and "Liabilities included in disposal groups held for sale".

Net capital employed: calculated as the algebraic sum of "Net non-current assets" and "Net current assets", "Pro-

visions for risks and charges", "Deferred tax liabilities" and "Deferred tax assets", as well as "Net assets held for sale".

Net financial debt: a financial structure indicator, determined by:

"Long-term borrowings", "Short-term borrowings" and "Current portion of long-term borrowings", taking account of "Long- and short-term financial borrowings" included respectively in "Other non-current financial liabilities" and "Other current financial liabilities";
net of "Cash and cash equivalents";
net of the "Current portion of long-term loan assets", "Current securities" and "Other financial assets" included in "Other current financial assets";
net of "Non-current securities" and "Non-current financial assets" included in "Other non-current financial assets";
net of "Cash flow hedge derivative assets on exchange rates connected to loans" and "Fair value hedge derivative assets on exchange rates connected to loans";
"Cash flow hedge derivative liabilities on exchange rates linked to loans" and "Fair value hedge derivative liabilities on exchange rates connected to loans".

More generally, the net financial debt of the Enel Group is determined in accordance with Guideline 39, issued on March 4, 2021, by ESMA, applicable as from May 5, 2021, and with warning notice no. 5/21 issued by CONSOB on April 29, 2021.

Main changes in the consolidation scope

In the two periods under review, the consolidation scope changed as a result of a number of transactions. For more information, please see note 4 of the notes to the condensed consolidated financial statements at March 31, 2023.

Outlook for operations

The Group Strategic Plan for 2023-2025, presented in November 2022, is based on simplification and focusing on the geographical areas that will make it possible to fully seize the opportunities associated with the energy transition.

In particular, the Strategic Plan seeks to:

focus on an integrated industrial supply chain towards sustainable electrification;
achieve strategic repositioning of businesses and geographical areas of operation;
ensure growth and financial soundness by combining the growth of ordinary profit with stronger credit metrics as early as 2023.

In pursuing these objectives, between 2023 and 2025 the Group expects to invest a total of around €37 billion, of which 60% in support of the Group's integrated commercial strategy (generation, customers and services) and 40% on grids, to support their role as enablers of the energy transition.

The Plan will focus on four strategic actions.

• Balancing client demand and supply to optimize risk/ reward profile.

By 2025, the Group expects to sell around 80% of its electricity volumes in the six core countries with fixedprice contracts. The Group also expects to satisfy 100% of fixed-price sales with its own generation and longterm power purchase agreements (PPAs), envisaging that around 90% be covered by carbon-free sources, to further ensure the evolution of the Group's margins.

• Decarbonization to ensure competitiveness, sustainability and security.

By 2025, the Group expects to add approximately 21 GW of installed renewable capacity (of which some 19 GW in core countries), positioning itself well towards achieving its decarbonization objectives, in line with the Paris Agreement.

• Strengthening, developing and digitalizing grids to enable the transition.

The Group's strategy for grids concerns five of the six core countries, namely Italy, Spain, Brazil, Chile and Colombia.

• Rationalization of business portfolio and geographical areas.

The Group plans a further rationalization of its structure, exiting some businesses and geographical areas that are no longer aligned with its strategy, in order to redefine the Group structure, maximizing shareholder value.

As a result of the strategic actions described above, the Group's ordinary EBITDA is expected to reach €22.2-22.8 billion in 2025, compared with €19.7 billion in 2022.

Group ordinary profit is expected to grow to €7.0-7.2 billion in 2025, compared with €5.4 billion in 2022.

Enel's dividend policy remains simple and predictable, with a DPS of €0.43 in the 2023-2025 period, up from €0.40 in 2022. Furthermore, the DPS in 2024 and 2025 should be considered as a sustainable minimum.

The following are planned for 2023:

a continuation of the investment policy in renewable energy to support industrial growth and as part of the decarbonization policies followed by the Group;
further investments in distribution grids, especially in Italy, with the aim of improving service quality and increasing the flexibility and resilience of the grid;
a continuation of the investment policy dedicated to the electrification of consumption, with the aim of enhancing the growth of the customer base, as well as continuous efficiency improvement through global business platforms.

In the light of the strong performance registered in the 1st Quarter, we confirm the guidance provided at the presentation of the 2023-2025 Business Plan: the Group's ordinary EBITDA is expected to reach €20.4-21.0 billion in 2023, with a Group ordinary profit of €6.1-6.3 billion and net financial debt of €51-52 billion.

Condensed consolidated financial statements at March 31, 2023

Condensed Consolidated Income Statement

Millions of euro	1st Quarter
	Notes	2023	2022(1)
Total revenue	7.a	26,414	34,136
Total costs	7.b	22,823	32,459
Net results from commodity contracts	7.c	(640)	1,154
Operating profit		2,951	2,831
Financial income		1,672	1,636
Financial expense		2,604	2,080
Net income/(expense) from hyperinflation	3	67	31
Total net financial income/(expense)	7.d	(865)	(413)
Share of profit/(loss) of equity-accounted investments	7.e	12	43
Pre-tax profit		2,098	2,461
Income taxes	7.f	704	685
Profit from continuing operations		1,394	1,776
Attributable to owners of the Parent		1,024	1,493
Attributable to non-controlling interests		370	283
Profit/(Loss) from discontinued operations	5	51	(126)
Attributable to owners of the Parent		10	(63)
Attributable to non-controlling interests		41	(63)
Profit for the period (owners of the Parent and non-controlling interests)		1,445	1,650
Attributable to owners of the Parent		1,034	1,430
Attributable to non-controlling interests		411	220
Earnings per share
Basic earnings per share
Basic earnings per share		0.10	0.14
Basic earnings per share from continuing operations		0.10	0.15
Basic earnings/(loss) per share from discontinued operations		-	(0.01)
Diluted earnings per share
Diluted earnings per share		0.10	0.14
Diluted earnings per share from continuing operations		0.10	0.15
Diluted earnings/(loss) per share from discontinued operations		-	(0.01)

(1) The figure for the 1st Quarter of 2022 has been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

Statement of Consolidated Comprehensive Income

Millions of euro	1st Quarter
	2023	2022(1)
Profit for the period	1,445	1,650
Other comprehensive income/(expense) that may be subsequently reclassified to profit or loss (net of taxes)
Effective portion of change in the fair value of cash flow hedges	1,557	10
Change in the fair value of hedging costs	(31)	(62)
Share of the other comprehensive expense of equity-accounted investments	65	(211)
Change in the fair value of financial assets at FVOCI	1	-
Change in translation reserve	59	2,454
Cumulative other comprehensive income that may be subsequently reclassified to profit or loss in respect of non-current assets and disposal groups classified as held for sale/ discontinued operations	8	(30)
Other comprehensive income/(expense) that may not be subsequently reclassified to profit or loss (net of taxes)
Remeasurement of net liabilities/(assets) for defined-benefit plans	(9)	2
Change in fair value of equity investments in other companies	(4)	-
Cumulative other comprehensive income that may not be subsequently reclassified to profit or loss in respect of non-current assets and disposal groups classified as held for sale/discontinued operations	-	-
Total other comprehensive income for the period	1,646	2,163
Comprehensive income for the period	3,091	3,813
Attributable to:
- owners of the Parent	2,321	3,214
- non-controlling interests	770	599

(1) The figure for the 1st Quarter of 2022 has been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

Condensed Consolidated Statement of Financial Position

Millions of euro
	Notes	at Mar. 31, 2023	at Dec. 31, 2022
ASSETS
Non-current assets
Property, plant and equipment and intangible assets		104,177	106,135
Goodwill		13,188	13,742
Equity-accounted investments		1,315	1,281
Other non-current assets(1)		24,783	26,248
Total non-current assets	8.a	143,463	147,406
Current assets
Inventories		4,124	4,853
Trade receivables		17,321	16,605
Cash and cash equivalents		10,388	11,041
Other current assets(2)		25,514	33,564
Total current assets	8.b	57,347	66,063
Assets classified as held for sale	8.c	10,803	6,149
TOTAL ASSETS		211,613	219,618
LIABILITIES AND EQUITY
Equity attributable to the owners of the Parent	8.d	32,192	28,657
Non-controlling interests		14,012	13,425
Total equity		46,204	42,082
Non-current liabilities
Long-term borrowings		67,803	68,191
Provisions and deferred tax liabilities		16,806	17,800
Other non-current liabilities		14,967	15,887
Total non-current liabilities	8.e	99,576	101,878
Current liabilities
Short-term borrowings and current portion of long-term borrowings		15,444	21,227
Trade payables		15,166	17,641
Other current liabilities		29,931	33,430
Total current liabilities	8.f	60,541	72,298
Liabilities included in disposal groups classified as held for sale	8.g	5,292	3,360
TOTAL LIABILITIES		165,409	177,536
TOTAL LIABILITIES AND EQUITY		211,613	219,618

(1) Of which long-term financial assets and other securities at March 31, 2023 equal respectively to €3,431 million (€3,766 million at December 31, 2022) and €464 million (€447 million at December 31, 2022).

(2) Of which short-term portion of long-term financial assets, short-term financial assets and other securities at March 31, 2023 equal respectively to €3,153 million (€2,838 million at December 31, 2022), €6,171 million (€10,585 million at December 31, 2022) and €84 million (€78 million at December 31, 2022).

Total equity

Statement of Changes in Consolidated Shareholders' Equity

Share capital and reserves attributable to the owners of the Parent

Millions of euro	Share capital	Share premium reserve	Treasury share reserve	Reserve for equity instruments - perpetual hybrid bonds	Legal reserve	Other reserves	Translation reserve	Hedging reserve
At December 31, 2021	10,167	7,496	(36)	5,567	2,034	2,313	(8,125)	(2,268)
Distribution of dividends	-	-	-	-	-	-	-	-
Coupons paid to holders of perpetual hybrid bonds	-	-	-	-	-	-	-	-
Equity instruments - perpetual hybrid bonds	-	-	-	-	-	-	-	-
Reserve for share-based payments (LTI bonus)	-	-	-	-	-	3	-	-
Monetary restatement (IAS 29)	-	-	-	-	-	-	-	-
Change in the consolidation scope	-	-	-	-	-	-	-	-
Transactions in non-controlling interests	-	-	-	-	-	-	(40)	(11)
Comprehensive income for the period	-	-	-	-	-	-	1,759	299
of which: - other comprehensive income	-	-	-	-	-		1,759	299
- profit for the period	-	-	-	-	-	-	-	-
At March 31, 2022	10,167	7,496	(36)	5,567	2,034	2,316	(6,406)	(1,980)
At December 31, 2022	10,167	7,496	(47)	5,567	2,034	2,332	(5,912)	(3,553)
Distribution of dividends	-	-	-	-	-	-	-	-
Coupons paid to holders of perpetual hybrid bonds	-	-	-	-	-	-	-	-
Equity instruments - perpetual hybrid bonds	-	-	-	986	-	-	-	-
Reserve for share-based payments (LTI bonus)	-	-	-	-	-	-	-	-
Monetary restatement (IAS 29)	-	-	-	-	-	-	-	-
Change in the consolidation scope	-	-	-	-	-	-	128	-
Transactions in non-controlling interests	-	-	-	-	-	-	-	-
Comprehensive income for the period	-	-	-	-	-	-	(6)	1,264
of which: - other comprehensive income	-	-	-	-	-	-	(6)	1,264
- profit for the period	-	-	-	-	-	-	-	-
At March 31, 2023	10,167	7,496	(47)	6,553	2,034	2,332	(5,790)	(2,289)

Statement of Changes in Consolidated

Share capital and reserves attributable to the owners of the Parent

Shareholders' Equity

Non controlling interests	Equity attributable to owners of the Parent	Retained earnings	Reserve from acquisitions of non controlling interests	Reserve from disposal of equity interests without loss of control	Actuarial reserve	Reserve from equity accounted investments	Reserve from measurement of financial instruments at FVOCI	Hedging costs reserve
12,689	29,653	17,801	(843)	(2,378)	(1,325)	(721)	10	(39)
(413)	-	-	-	-	-	-	-
-	(30)	(30)	-	-	-	-		-
-	-	-	-	-	-	-	-

-	3	-	-	-	-	-	-	-
73	93	93	-	-	-	-	-	-
(1)	24	-	-	-	-	24	-	-
317	(309)	-	(261)	-	(2)	-	-
599	3,214	1,430	-	-	1	(214)	-
								(61)
379	1,784	-	-	-	1	(214)	-
220	1,430	1,430	-	-	-	-	-	-
13,264	32,648	19,294	(1,104)	(2,378)	(1,326)	(911)	10
13,425	28,657	15,797	(1,192)	(2,390)	(1,063)	(476)		(22)
(296)	-	-	-	-	-	-	-
-	(33)	(33)	-	-	-	-	-
-	986	-	-	-	-	-	-
-	-	-	-	-	-	-	-
104	130	130	-	-	-	-	-	- -
12	131	-	-	-	3	-	-	-
(3)	-	-	-	-	-	-	-

770	2,321	1,034	-	-	(4)	64	(1)
359	1,287	-	-	-	(4)	64	(1)	(30)
411	1,034	1,034	-	-	-	-	-
								- (111)
14,012	32,192	16,928	(1,192)	(2,390)	(1,064)		(412)	(23)

Condensed Consolidated Statement of Cash Flows

Millions of euro	1st Quarter
	2023	2022
Profit for the period	1,445	1,650
Adjustments for:
Net impairment losses on trade receivables and other receivables	294	288
Depreciation, amortization and other impairment losses	1,781	1,479
Net financial (income)/expense	877	411
Net gains from equity-accounted investments	(13)	(43)
Income taxes	702	661

Changes in net working capital:
- inventories	817	(259)
- trade receivables	(1,293)	(2,264)
- trade payables	(2,233)	122
- other contract assets	(8)	(14)
- other contract liabilities	(83)	(73)
- other assets/liabilities	1,723	(2,268)
Interest expense and other financial expense and income paid and received(1)	(574)	(322)
Other changes	(18)	(71)
Cash flows from operating activities (A)(1)	3,417	(703)
of which discontinued operations	(132)	(269)
Investments in property, plant and equipment, intangible assets and non-current contract assets	(3,018)	(2,550)
Investments in entities (or business units) less cash and cash equivalents acquired	-	(1,223)
Disposals of entities (or business units) less cash and cash equivalents sold	34	21
(Increase)/Decrease in other investing activities	180	127
Cash flows used in investing activities (B)	(2,804)	(3,625)
of which discontinued operations	(65)	(46)
New long-term borrowing	1,598	3,959
Repayments of borrowings	(977)	(1,603)
Other changes in net financial debt	(722)	1,406
Collections/(Payments) associated with derivatives connected with borrowings(1)	65	(4)
Payments for acquisition of equity investments without change of control and other transactions in non controlling interests	-	15
Issues/(Redemptions) of hybrid bonds	986	-
Coupons paid to holders of hybrid bonds	(33)	(30)
Dividends and interim dividends paid	(2,074)	(2,090)
Cash flows used in financing activities (C)(1)	(1,157)	1,653
of which discontinued operations	136	265
Impact of exchange rate fluctuations on cash and cash equivalents (D)	57	201
Increase/(Decrease) in cash and cash equivalents (A+B+C+D)	(487)	(2,474)
Cash and cash equivalents at the beginning of the period(2)	11,543	8,990
Cash and cash equivalents at the end of the period(3)	11,056	6,516

(1) In order to improve presentation, for comparative purposes only, realized financial income and expense connected solely with loans have been reclassified under a new item "Collections/(Payments) associated with derivatives connected with borrowings" in the section on cash flows from financing activities.

(2) Of which cash and cash equivalents equal to €11,041 million at January 1, 2023 (€8,315 million at January 1, 2022), short-term securities equal to €78 million at January 1, 2023 (€88 million at January 1, 2022), cash and cash equivalents pertaining to "Assets held for sale" in the amount of €98 million at January 1, 2023 (€44 million at January 1, 2022) and cash and cash equivalents pertaining to "Discontinued operations" equal to €326 million at January 1, 2023 (€543 million at January 1, 2022).

(3) Of which cash and cash equivalents equal to €10,388 million at March 31, 2023 (€5,884 million at March 31, 2022), short-term securities equal to €84 million at March 31, 2023 (€75 million at March 31, 2022), cash and cash equivalents pertaining to "Assets held for sale" in the amount of €320 million at March 31, 2023 (€68 million at March 31, 2022) and cash and cash equivalents pertaining to "Discontinued operations" equal to €264 million at March 31, 2023 (€489 million at March 31, 2022).

Notes to the condensed consolidated financial statements at March 31, 2023

1. Accounting policies and measurement criteria

The accounting standards adopted, the recognition and measurement criteria and the consolidation criteria and methods used for these condensed consolidated financial statements at March 31, 2023 are the same as those adopted for the consolidated financial statements at December 31, 2022 (please see the related report for more information). In addition, as from January 1, 2023 the following amendments of accounting standards have become applicable to the Enel Group.

• "Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies", issued in February 2021. The amendments are intended to support entities in deciding which accounting policies to disclose in the financial statements. The amendments to "IAS 1 - Presentation of Financial Statements" require companies to disclose their material accounting policy information rather than their significant accounting policies. A guide on how to apply the concept of materiality to disclosures of accounting policies is provided in the amendments to "IFRS Practice Statement 2 - Making Materiality Judgements".

In the absence of a definition of "significant" in the IFRSs, in the context of disclosures of accounting policies, the term has been replaced with "material". In this regard, the definition of material was changed in October 2018, and aligned with the IFRSs and the Conceptual Framework and, therefore, was largely understood by primary users of the financial statements. Disclosure of accounting policies in accordance with IAS 1 is material if, taken together with other information included in the financial statements, it can reasonably be expected to influence the decisions that the primary users of general purpose financial statements make on the basis of those financial statements.

In assessing the materiality of disclosures of accounting policies, it is appropriate to consider both the amount of the transactions, other events or conditions, and their nature. However, although a transaction, other event or condition – to which the disclosure of accounting policies refers – may be material, this does not imply that the corresponding disclosure is material for the purposes of the financial statements.

The amendments to IFRS Practice Statement 2 seek to illustrate how to assess whether the disclosure of an accounting policy is material for the purposes of the financial statements, providing guidance. These amendments aim to: (i) clarify that the assessment of the materiality of disclosures of accounting policies should follow the same guide applicable in the assessment of the materiality of other disclosures, thus considering both qualitative and quantitative factors; (ii) emphasize the importance of providing disclosures of accounting policies that are specific to the Group; (iii) provide examples of situations where generic or standardized information, which summarizes or duplicates the requirements of IF-RSs, can be considered disclosures of material accounting policies.

• "Amendments to IAS 8 - Definition of Accounting Estimates", issued in February 2021. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The definition of changes in accounting estimates has been replaced with a definition of accounting estimates as "monetary amounts in financial statements that are subject to measurement uncertainty". In order to clarify the interaction between an accounting policy and an accounting estimate, IAS 8 was amended to state that an accounting policy could require the measurement of items in financial statements at monetary amounts that cannot be directly observed, and therefore must be estimated (since they involve uncertainty in the measurement). In these circumstances, accounting estimates are made to achieve the objective established by the accounting policy, including the use of judgments and assumptions based on the most recent reliable information available. The amendments explain how valuation techniques and inputs should be used to develop accounting estimates and establish that such techniques include both measurement and estimation techniques. To provide greater guidance, the amendments clarify that the effects on an accounting estimate of a change

in an input or valuation technique are changes in accounting estimates, unless they result from the correction of prior period errors. Furthermore, changes in accounting estimates resulting from new information are not corrections of errors.

• "Amendments to IAS 12 - Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction", issued in May 2021. The amendments clarify that the exemption from initial recognition envisaged by the

standard no longer applies to transactions that give rise to taxable and deductible temporary differences of the same amount. The exemption from initial recognition under IAS 12 prohibits the recognition of deferred assets and liabilities relating to the initial recognition of assets or liabilities in a transaction that does not constitute a business combination, and does not affect either accounting or taxable income. The changes, as illustrated, have narrowed the scope of the exception.

The application of the amendments has not had a material impact in this Interim Financial Report.

• "IFRS 17 - Insurance Contracts", issued in May 2017 in replacement of IFRS 4. Essentially defines the recognition, measurement, presentation and disclosure criteria for insurance contracts, including reinsurance contracts issued and held. The new standard:

requires the provision of updated information on the obligations, risks and performance of insurance contracts;
improves the transparency of financial information, providing greater confidence to investors and analysts in understanding the insurance sector;
introduces a single accounting model for all insurance contracts.

The application of the amendments has not had an impact in this Interim Financial Report.

2. Restatement of comparative disclosures

Discontinued operations

The consolidated income statement and statement of consolidated comprehensive income in the condensed consolidated financial statements at March 31, 2022 have been adjusted to take account of the presentation of discontinued operations as required by the "IFRS 5 - Non-current assets held for sale and discontinued operations".

For more details, please refer to the note "Discontinued operations".

Millions of euro	1st Quarter
	2022	IFRS 5	2022 restated
Total revenue	34,958	(822)	34,136
Total costs	33,435	(976)	32,459
Net results from commodity contracts	1,156	(2)	1,154
Operating profit	2,679	152	2,831
Financial income	1,662	(26)	1,636
Financial expense	2,104	(24)	2,080
Net income/(expense) from hyperinflation	31	-	31
Total net financial income/(expense)	(411)	(2)	(413)
Share of profit/(loss) of equity-accounted investments	43	-	43
Pre-tax profit	2,311	150	2,461
Income taxes	661	24	685
Profit from continuing operations	1,650	126	1,776
Attributable to owners of the Parent	1,430	63	1,493
Attributable to non-controlling interests	220	63	283
Loss from discontinued operations	-	(126)	(126)
Attributable to owners of the Parent	-	(63)	(63)
Attributable to non-controlling interests	-	(63)	(63)
Profit for the period (owners of the Parent and non-controlling interests)	1,650	-	1,650
Attributable to owners of the Parent	1,430	-	1,430
Attributable to non-controlling interests	220	-	220

EMARKET SDIR
CERTIFIED

Millions of euro		1st Quarter
	2022	IFRS 5	2022 restated
Profit for the period	1,650	-	1,650
Other comprehensive income/(expense) that may be subsequently reclassified to profit or loss (net of taxes)
Effective portion of change in the fair value of cash flow hedges	10	-	10
Change in fair value of hedging costs	(60)	(2)	(62)
Share of the other comprehensive expense of equity-accounted investments	(211)	-	(211)
Change in the fair value of financial assets at FVOCI	-	-	-
Change in translation reserve	2,422	32	2,454
Cumulative other comprehensive income that may be subsequently reclassified to profit or loss in respect of non-current assets and disposal groups classified as held for sale/discontinued operations	-	(30)	(30)
Other comprehensive income/(expense) that may not be subsequently reclassified to profit or loss (net of taxes)
Remeasurement of net liabilities/(assets) for defined-benefit plans	2	-	2
Change in fair value of equity investments in other companies	-	-	-
Cumulative other comprehensive income that may not be subsequently reclassified to profit or loss in respect of non-current assets and disposal groups classified as held for sale/discontinued operations	-	-	-
Total other comprehensive expense for the period	2,163	-	2,163
Comprehensive income for the period	3,813	-	3,813
Attributable to:
- owners of the Parent	3,214		3,214
- non-controlling interests	599		599

The figures presented in the comments and the tables of the notes to these condensed consolidated financial statements at March 31, 2023 are uniform and comparable with each other.

Segment reporting

This year, the figures at March 31, 2022 relating to the Enel X Business Line were adjusted to take account of the transfer of certain net assets and the related revenue and expenses to the new Enel X Way Business Line included under the "Holding, Services and Other" segment. This change affected segment disclosures but did not produce any changes in the overall figures for the Group, although a number of reclassifications of values were carried out within the various business lines. The data presented in the comments and in the tables of the notes to these condensed consolidated financial statements at March 31, 2023 are uniform and comparable.

3. Argentina - Hyperinflationary economy: impact of the application of IAS 29

As from July 1, 2018, the Argentine economy has been considered hyperinflationary based on the criteria established by "IAS 29 - Financial reporting in hyperinflationary economies". This designation is determined following an assessment of a series of qualitative and quantitative circumstances, including the presence of a cumulative inflation rate of more than 100% over the previous three years. For the purposes of preparing these condensed consolidated financial statements and in accordance with IAS 29, certain items of the balance sheets of the investees in Argentina have been remeasured by applying the general consumer price index to historical data in order to reflect changes in the purchasing power of the Argentine peso at the reporting date for those companies.

Bearing in mind that the Enel Group acquired control of the Argentine companies on June 25, 2009, the remeasurement of the non-monetary balance sheet figures was conducted by applying the inflation indices starting from that date. In addition to being already reflected in the opening balance sheet, the accounting effects of that remeasurement also include changes during the period. More specifically, the effect of the remeasurement of non-monetary items, the components of equity and the components of the income statement recognized in the first three months of 2023 was recognized in a specific line of the income statement under financial income and expense. The associated tax effect was recognized in taxes for the period.

In order to also take account of the impact of hyperinflation on the exchange rate of the local currency, the income statement balances expressed in the hyperinflationary currency have been translated into the Group's presentation currency (euro) applying, in accordance with IAS 21, the closing exchange rate rather than the average rate for the period in order to adjust these amounts to current values.

The cumulative changes in the general price indices from December 31, 2018 to March 31, 2023 are shown in the following table:

Periods	Cumulative change in general consumer price index
From July 1, 2009 to December 31, 2018	346.30%
From January 1, 2019 to December 31, 2019	54.46%
From January 1, 2020 to December 31, 2020	35.41%
From January 1, 2021 to December 31, 2021	49.73%
From January 1, 2022 to December 31, 2022	97.08%
From January 1, 2023 to March 31, 2023	20.54%

In the 1st Quarter of 2023, the application of IAS 29 generated net financial income from hyperinflation adjustments (gross of tax) of €67 million.

The following tables report the effects of IAS 29 on the balance at March 31, 2023 and the impact of hyperinflation on the main income statement items for the 1st Quarter of 2023, differentiating between that concerning the revaluation on the basis of the general consumer price index and that due to the application of the closing exchange rate rather than the average exchange rate for the period in accordance with the provisions of IAS 21 for hyperinflationary economies.

Millions of euro
	Cumulative hyperinflation effect at Dec. 31, 2022	Hyperinflation effect for the period	Exchange differences	Change in consolidation scope	Cumulative hyperinflation effect at March 31, 2023
Total assets	1,989	371	(333)	(115)	1,912
Total liabilities	555	(74)	(89)	(42)	350
Equity	1,434	445(1)	(244)	(73)	1,562

(1) The figure includes the profit for the first three months of 2023, equal to €211 million.

EMARKET SDIR
CERTIFIED

Millions of euro	1st Quarter 2023
	IAS 29 effect	IAS 21 effect	Total effect
Revenue	13	(24)	(11)
Costs	61(1)	(27)(2)	34
Operating income	(48)	3	(45)
Net financial income/(expense)	2	(2)	-
Net income/(expense) from hyperinflation	67	-	67
Pre-tax profit/(loss)	21	1	22
Income taxes	(190)	(14)	(204)
Profit for the period (owners of the Parent and non-controlling interests)	211	15	226
Attributable to owners of the Parent	132	(18)	114
Attributable to non-controlling interests	79	33	112

(1) The figure includes the impact on depreciation, amortization and impairment losses of €22 million.

(2) The figure includes the impact on depreciation, amortization and impairment losses of (€1) million.

4. Main changes in the consolidation scope

At March 31, 2023, the scope of consolidation had changed with respect to March 31, 2022 and December 31, 2022, as a result of the following main transactions.

2022

On January 3, 2022, Enel Produzione SpA acquired 100% of ERG Hydro Srl (subsequently renamed Enel Hydro Appennino Centrale Srl then merged into Enel Produzione SpA as from December 1, 2022), owner of generation plants with an installed capacity of about 527 MW and an annual output of approximately 1.5 TWh, for around €1,267 million; in December 2022, the identification of the fair value of the acquired assets and liabilities was completed, with the recognition of goodwill of approximately €349 million.
On February 17, 2022, Enel Green Power España acquired 100% of Stonewood Desarrollos SLU for about €14 million, representing the licenses acquired for the development and construction of photovoltaic systems. The acquisition had no impact on profit or loss.
On March 3, 2022, Enel X Germany sold its entire stake in Cremzow KG and Cremzow Verwaltungs for about €12 million.
On June 30, 2022, Enel Green Power SpA sold to Al Rayyan Holding LLC (controlled by the Qatar Investment Authority) 50% of its stake in EGP Matimba NewCo 1 Srl, indirect owner of six companies in South Africa with an installed capacity of about 740 MW, for about €108 million, which has been paid in full.
On July 25, 2022, Enel X Srl sold to Mooney SpA, for about €140 million, settled in the form of financial receivables, its entire stakes in Enel X Financial Services,

CityPoste Payment, PayTipper and Junia Insurance and their subsidiaries.

On August 24, 2022, Enel Brasil SA, a subsidiary of Enel Américas, closed the sale of its entire stake in CGTF - Central Geradora Termelétrica Fortaleza SA a ENEVA SA for a consideration of about €89 million. The transaction had a negative impact on profit or loss of about €210 million, including impairment losses on assets of €73 million, a capital loss of €135 million and transaction costs connected with the sale of €2 million.
In the first nine months of 2022, Enel Green Power Romania acquired 100% of Prowind Windfarm Bogdanesti, Prowind Windfarm Deleni, Prowind Windfarm Ivesti and Prowind Windfarm Viisoara for a total of about 35 million.
On October 12, 2022, Enel finalized the sale of its entire stake in PJSC Enel Russia, equal to 56.43% of the latter's share capital, to PJSC Lukoil and the Closed Combined Mutual Investment Fund "Gazprombank-Frezia", for a total of about €137 million. The transaction had a negative impact on reported Group net income of around €1.5 billion, mainly reflecting the release of a currency translation.
On December 9, 2022, Enel Chile SA finalized the sale of its entire 99.09% stake in the share capital of listed Chilean power transmission company Enel Transmisión Chile SA to Sociedad Transmisora Metropolitana SpA,

controlled by Inversiones Grupo Saesa Ltda, for about €1.3 billion. The transaction generated a capital gain of about €1.1 billion.

On December 22, 2022, Enel closed the sale of a 50% quota in its wholly-owned subsidiary Gridspertise Srl to the international private equity fund CVC Capital Partners Fund VIII for a total of approximately €300 million. The transaction had a positive impact on profit or loss of about €520 million.
On December 23, 2022, Enel Green Power India Private Limited finalized an agreement with Norfund following which the latter made an investment in Avikiran Surya India Private Limited by subscribing shares issued by the company totaling 49% of the paid-up share capital. The

Other changes

In addition to the above changes in the consolidation scope, the following transactions, although they do not represent transactions involving the acquisition or loss of control, gave rise to a change in the interest held by the Group in the investees:

on March 1, 2022, the merger between Emgesa SA ESP (acquiring entity), Codensa SA ESP, Enel Green Power Colombia SAS ESP and ESSA 2 (merged entities) was completed. The new name of the surviving company is Enel Colombia SA ESP. Following the transaction, the Group's stake in Emgesa SA ESP (now Enel Colombia SA ESP) increased from 39.89% to about 47.18%;
on March 24, 2022, Enel X International Srl finalized an agreement with a holding company controlled by Sixth Cinven Fund and a holding company controlled by Seventh Cinven Fund to indirectly acquire about 79.4% of the share capital of Ufinet Latam SLU (for €1,320 million) and at the same time sold 80.5% of the share capital of that company to Seventh Cinven Fund (for €1,186 million). Enel X International also received about €207 million from Ufinet as a distribution of available reserves. Consequently, Enel X International now holds an indirect stake of 19.5% in Ufinet, of which it had previously held 20.6%. The transaction generated a positive net cash flow of about €73 million and had a positive impact on operating performance of about €220 million;
on June 15, 2022, Enel Kansas LLC sold 50% of its stake in Rocky Caney Holdings LLC for about €34 million. Following the transaction, the interest of Enel Kansas LLC in Rocky Caney Holdings LLC decreased from 20% to

transaction had a negative impact of about €4 million on profit or loss, of which €2 million from the remeasurement at fair value of the residual interest and a capital loss of €2 million.

• On December 29, 2022, Enel Brasil SA, a subsidiary of Enel Américas SA, finalized the sale of its entire stake in the Brazilian power distribution company Celg Distribuição SA – Celg-D (Enel Goiás), equal to about 99.9% of the latter's share capital, to Equatorial Participações e Investimentos SA, a subsidiary of Equatorial Energia SA, for a total of about €1.5 billion (of which about €269 million for the equity portion and about €1.2 billion as repayment of intercompany loans). The transaction had a negative impact on profit or loss of about €1 billion.

10%. The transaction generated a capital gain of about €7 million;

on June 16, 2022, EGPNA REP Holdings LLC sold 50% of its stake in EGPNA Renewable Energy Partners LLC for about €60 million. Following the transaction, EGPNA REP Holdings LLC holds 10% of EGPNA Renewable Energy Partners LLC. The transaction generated a capital loss of about €7 million;
on July 14, 2022, Enel, acting through its wholly-owned subsidiary Enel X, acquired 50% of the share capital of Mooney SpA. Based on an enterprise value of 100% for Mooney of €1,385 million, Enel X paid a total of about €225 million (including price adjustment) for the equity portion and about €125 million for the purchase of an existing claim of Schumann Investments SA against Mooney;
on December 2022, Enel Green Power Hellas SA sold the entire stake held in associated companies of the Cyclades. The transaction did not have a significant impact on profit or loss;
on December 6, 2022, Enel X Chile SpA sold its entire stake in Sociedad de Inversiones K Cuatro SpA, Suministradora de buses K Cuatro SpA and Enel X AMPCI Ebus Chile SpA for €35 million (uncollected as of December 31, 2022). The transaction did not have a significant impact on profit or loss;
on December 30, 2022, Enel Green Power Canada Inc. sold its 49% stake in Pincher Creek LP and Riverview LP for €56 million. The transaction did not result in the loss of control in the companies.

2023

• On February 17, 2023, the Enel Group, through its subsidiary Enel Argentina, closed the deal for the sale to energy company Central Puerto SA of the Group's stake in the thermal generation company Enel Generación Cos-

tanera for €42 million, which have been collected in full. The transaction resulted in the recognition of a capital loss of €132 million.

Sale of Enel Generación Costanera

As commented above, on February 17, 2023 the Enel Group sold its stake in the thermal generation company Enel Generación Costanera for €42 million, which have been collected in full.

Millions of euro
Sale price	42
Total net assets sold	(39)
Release of OCI reserve	(135)
Gain/(Loss) on sale	(132)

5. Discontinued operations

Within the European area, the Enel Group has decided to dispose of important business lines, particularly in Russia (sold in 2022), Romania and Greece, leading to their assets being reclassified as discontinued operations for the purposes of "IFRS 5 - Non-current assets held for sale and discontinued operations".

Note that the performance figures for Russia are included exclusively in the comparative figure for the 1st Quarter of 2022 as the sale was completed last year.

The consolidated income statement reports the profit/ (loss) from discontinued operations in a separate line denominated "Profit/(Loss) from discontinued operations".

In accordance with the provisions of IFRS 5, which governs the presentation in the financial statements of profit or loss and the disclosures to be provided in the explanatory note on non-current assets held for sale and discontinued operations, the income statement below reports the results of discontinued operations for 2023 and 2022.

The items are shown net of intercompany transactions which have been completely eliminated.

The figures for 2022, presented for comparative purposes only, pursuant to "IFRS 5 - Non-current assets held for sale and discontinued operations", have been restated to ensure they are uniform and comparable with those for 2023.

Millions of euro	1st Quarter
	2023	2022	Variazione
Revenue	1,070	826	244
Costs	1,020	976	44
Pre-tax profit/(loss) from discontinued operations	50	(150)	200
Income taxes	(1)	(24)	23
Profit/(Loss) from discontinued operations	51	(126)	177

The following provides a breakdown by country.

Millions of euro		1st Quarter	1st Quarter
	2023	Greece	Romania	2022	Russia	Greece	Romania
Total revenue	1,070	28	1,042	826	149	21	656
Costs	807	25	782	976	122	15	839
Impairment	213	-	213	-	-	-	-
Total costs	1,020	25	995	976	122	15	839
Pre-tax profit/(loss) from discontinued operations	50	3	47	(150)	27	6	(183)
Current taxes	33	-	33	(24)	6	1	(31)
Deferred taxes	(34)	-	(34)	-	-	-	-
Income taxes	(1)	-	(1)	(24)	6	1	(31)
Profit/(Loss) from discontinued operations	51	3	48	(126)	21	5	(152)

In accordance with the provisions of IFRS 5, the facts and circumstances that led to the reclassification are described below.

Russia

On October 12, 2022, Enel SpA closed the sale of the entire stake held in PJSC Enel Russia. Upon completion of the sale, Enel sold all power generation assets in Russia, which include approximately 5.6 GW of conventional capacity and approximately 300 MW of wind capacity at various stages of development, ensuring continuity for its employees and customers.

The performance figures for Russia are included exclusively in the comparative figures for the 1st Quarter of 2022.

Romania

Following the agreements signed on December 14, 2022 and February 4, 2023, on March 9, 2023, Enel SpA signed an agreement with Greek company Public Power Corporation SA (PPC) for the sale of all the equity stakes held by the Enel Group in Romania. The agreement provides that PPC will pay a total of approximately €1,260 million, equivalent to an enterprise value of about €1,900 million (on a 100% basis). The overall transaction is expected to generate a total positive effect on the Group's consolidated net debt of approximately €1.7 billion, of which almost €0.1 billion in 2022 and the remaining amount in 2023, alongside a cumulative negative impact for 2022-2023 on reported Group net income amounting to approximately €1.4 billion, of which around €0.6 billion related to the release of the foreign exchange reserve to be booked in 2023.

Greece

Enel Green Power has begun the process of finding a potential investor interested in a partnership for the management and development of Enel Green Power Hellas within the Stewardship business model.

The status of the negotiations under way suggest that a sale is highly probable. Accordingly, the requirements established by "IFRS 5 - Non-current assets held for sale and discontinued operations" have been met for the classification of the Greek assets as discontinued operations.

The transaction is expected to close by September 30, 2023.

For more details on the financial position by business line and geographical area of assets classified as discontinued operations, please see the section "Performance by primary segment (Business Line) and secondary segment (Geographical Area)".

The details of cash flows relating to discontinued operations are provided below, as already separately shown in the condensed consolidated statement of cash flows.

Millions of euro		1st Quarter
	2023	2022	Change
Cash flow from operating activities - discontinued operations	(132)	(269)	137
Cash flow used in investing activities - discontinued operations	(65)	(46)	(19)
Cash flow from/(used) in financing activities - discontinued operations	136	265	(129)
Cash flow - discontinued operations	(61)	(50)	(11)

6. Segment reporting

The presentation of performance and financial position by Business Line and Geographical Area presented here is based on the approach used by management in monitoring Group performance for the two periods being compared.

Performance by primary segment (Business Line)

1st Quarter of 2023(1)

	Thermal	Enel				Holding,	Total	Eliminations
Millions of euro	Generation and Trading	Green Power	Enel Grids	End-user Markets	Enel X	Services and Other	reporting segment	and adjustments	Total
Revenue and other income from third parties	5,798	1,772	4,299	14,065	438	42	26,414	-	26.414
Revenue and other income from transactions with other segments	6,380	791	829	599	10	486	9,095	(9,095)	-
Total revenue	12,178	2,563	5,128	14,664	448	528	35,509	(9,095)	26.414
Total costs	10,671	1,681	3,135	13,423	389	804	30,103	(9,094)	21.009
Net results from commodity contracts	(527)	101	-	(211)	-	(3)	(640)	-	(640)
Depreciation and amortization	196	375	728	119	40	67	1,525	-	1.525
Impairment losses	3	2	32	307	6	1	351	-	351
Impairment gains	(2)	(5)	(24)	(30)	(1)	-	(62)	-	(62)
Operating profit	783	611	1,257	634	14	(347)	2,952	(1)	2.951
Capital expenditure	137(2)	1,290(3)	1,199(4)	138(5)	73(6)	36	2,873	-	2,873

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2) Does not include €8 million regarding units classified as "held for sale" or "discontinued operations".

(3) Does not include €95 million regarding units classified as "held for sale" or "discontinued operations".

(4) Does not include €38 million regarding units classified as "held for sale" or "discontinued operations".

(5) Does not include €3 million regarding units classified as "held for sale" or "discontinued operations".

(6) Does not include €1 million regarding units classified as "held for sale" or "discontinued operations".

1st Quarter of 2022(1) (2) (3)

Millions of euro	Thermal Generation and Trading	Enel Green Power	Enel Grids	End-user Markets	Enel X	Holding, Services and Other	Total reporting segment	Eliminations and adjustments	Total
Revenue and other income from third parties	12,891	1,405	4,132	15,026	642	40	34,136	-	34,136
Revenue and other income from transactions with other segments	4,397	604	810	399	27	427	6,664	(6,664)	-
Total revenue	17,288	2,009	4,942	15,425	669	467	40,800	(6,664)	34,136
Total costs	16,455	1,459	3,147	15,479	353	512	37,405	(6,664)	30,741
Net results from commodity contracts	731	93	-	311	-	5	1,140	14	1,154
Depreciation and amortization	206	334	683	106	34	68	1,431	-	1,431
Impairment losses	6	8	29	306	7	-	356	-	356
Impairment gains	(1)	(1)	(21)	(45)	(1)	-	(69)	-	(69)
Operating profit	1,353	302	1,104	(110)	276	(108)	2,817	14	2,831
Capital expenditure	98	1,095(4)	1,057	186	65(5)	32	2,533	-	2,533

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2) The figure for the 1st Quarter of 2022 has been adjusted, for comparative purposes only, to take account of the classification under the item "Profit/(Loss) from discontinued operations" of revenue connected with the assets held in Russia (which were sold in 2022), Romania and Greece as the requirements of IFRS 5 for their classification as discontinued operations have been met.

(4) Does not include €16 million regarding units classified as "held for sale" or "discontinued operations".

(5) Does not include €1 million regarding units classified as "held for sale" or "discontinued operations".

Performance by secondary segment (Geographical Area)

1st Quarter of 2023(1)

Millions of euro	Italy	Iberia	Latin America	Europe	North America	Africa, Asia and Oceania	Other, eliminations and adjustments	Total
Revenue and other income from third parties	13,749	7,487	4,626	24	442	71	15	26.414
Revenue and other income from transactions with other segments	46	2	28	(5)	9	-	(80)	-
Total revenue	13,795	7,489	4,654	19	451	71	(65)	26.414
Total costs	11,894	5,314	3,441	20	298	52	(10)	21.009
Net results from commodity contracts	(4)	(741)	118	-	(17)	-	4	(640)
Depreciation and amortization	552	460	338	-	114	14	47	1.525
Impairment losses	173	105	72	1	-	-	-	351
Impairment gains	1	(56)	(6)	-	(1)	-	-	(62)
Operating profit	1,171	925	927	(2)	23	5	(98)	2.951
Capital expenditure	1,592(2)	410	689(3)	1(4)	143	6(5)	32	2.873

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(2) Does not include €44 million regarding units classified as "held for sale" or "discontinued operations".

(3) Does not include €8 million regarding units classified as "held for sale" or "discontinued operations".

(4) Does not include €65 regarding units classified as "held for sale" or "discontinued operations".

(5) Does not include €28 million regarding units classified as "held for sale" or "discontinued operations".

1st Quarter of 2022(1) (2)

			Latin		North	Africa, Asia and	Other, eliminations and
Millions of euro	Italy	Iberia	America	Europe	America	Oceania	adjustments	Total
Revenue and other income from third parties	21,488	7,571	4,320	20	399	65	273	34,136
Revenue and other income from transactions with other segments	49	5	25	(8)	8	-	(79)	-
Total revenue	21,537	7,576	4,345	12	407	65	194	34,136
Total costs	20,736	6,561	3,148	15	244	37	-	30,741
Net results from commodity contracts	1,230	(125)	25	10	12	-	2	1,154
Depreciation and amortization	516	431	324	1	99	20	40	1,431
Impairment losses	155	104	93	(1)	4	-	1	356
Impairment gains	-	(67)	(1)	-	-	-	(1)	(69)
Operating profit	1,360	422	806	7	72	8	156	2,831
Capital expenditure	812	402	650	47	508	78(3)	36(4)	2,533

(1) Segment revenue includes both revenue from third parties and revenue from transactions with other segments.

(3) Does not include €16 million regarding units classified as "held for sale" or "discontinued operations".

(4) Does not include €1 million regarding units classified as "held for sale" or "discontinued operations".

Financial position by primary segment (Business Line)

At March 31, 2023

	Thermal Generation and	Enel Green	Enel	End-user		Holding, Services	Total reporting	Eliminations and
Millions of euro	Trading	Power	Grids	Markets	Enel X	and Other	segment	adjustments	Total
Property, plant and equipment	8,292	42,314	40,726	193	537	790	92,852	(3)	92,849
Intangible assets	375	5,730	20,257	4,193	667	600	31,822	-	31,822
Non-current and current contract assets	19	70	689	-	82	42	902	(13)	889
Trade receivables	6,453	3,600	7,030	9,029	672	991	27,775	(8,917)	18,858
Other	5,316	(271)	3,193	2,172	458	2,787	13,655	(4,718)	8,937
Operating assets	20,455(1)	51,443(2)	71,895(3)	15,587(4)	2,416(5)	5,210	167,006	(13,651)	153,355

Trade payables	7,018	3,870	4,228	7,111	715	1,260	24,202	(8,463)	15,739
Non-current and current contract liabilities	60	259	7,541	24	20	20	7,924	(44)	7,880
Sundry provisions	4,063	931	3,233	419	101	1,098	9,845	(66)	9,779
Other	3,627	1,451	8,790	4,961	168	2,057	21,054	(4,814)	16,240
Operating liabilities	14,768(6)	6,511(7)	23,792(8)	12,515(9)	1,004(10)	4,435(11)	63,025	(13,387)	49,638

(1) Of which €555 million regarding units classified as "held for sale" or "discontinued operations".

(2) Of which €3,310 million regarding units classified as "held for sale" or "discontinued operations".

(3) Of which €4,333 million regarding units classified as "held for sale" or "discontinued operations".

(4) Of which €1,338 million regarding units classified as "held for sale" or "discontinued operations".

(5) Of which €137 million regarding units classified as "held for sale" or "discontinued operations". (6) Of which €128 million regarding units classified as "held for sale" or "discontinued operations".

(7) Of which €326 million regarding units classified as "held for sale" or "discontinued operations".

(8) Of which €561 million regarding units classified as "held for sale" or "discontinued operations".

(9) Of which €427 million regarding units classified as "held for sale" or "discontinued operations".

(10) Of which €11 million regarding units classified as "held for sale" or "discontinued operations".

(11) Of which €3 million regarding units classified as "held for sale" or "discontinued operations".

At December 31, 2022

	Thermal Generation and	Enel Green	Enel	End-user		Holding, Services	Total reporting	Eliminations and
Millions of euro	Trading	Power	Grids	Markets	Enel X	and Other	segment	adjustments	Total
Property, plant and equipment	8,530	41,519	40,377	44	553	805	91,828	(3)	91,825
Intangible assets	397	5,723	20,035	4,172	647	623	31,597	-	31,597
Non-current and current contract assets	-	50	500	-	72	53	675	(11)	664
Trade receivables	7,667	3,730	5,706	8,426	618	1,304	27,451	(9,715)	17,736
Other	7,928	540	2,551	2,716	480	2,535	16,750	(7,897)	8,853
Operating assets	24,522(1)	51,562(2)	69,169(3)	15,358(4)	2,370(5)	5,320	168,301	(17,626)	150,675

Trade payables	8,034	4,173	4,297	8,647	705	1,394	27,250	(9,187)	18,063
Non-current and current contract liabilities	95	323	7,527	76	10	22	8,053	(89)	7,964
Sundry provisions	3,979	921	3,263	380	101	1,095	9,739	(68)	9,671
Other	3,475	1,802	6,691	6,740	300	4,454	23,462	(7,908)	15,554
Operating liabilities	15,583(6)	7,219(7)	21,778(8)	15,843(9)	1,116(10)	6,965(11)	68,504	(17,252)	51,252

(1) Of which €190 million regarding units classified as "held for sale" or "discontinued operations".

(2) Of which €1,951 million regarding units classified as "held for sale" or "discontinued operations".

(3) Of which €1,855 million regarding units classified as "held for sale" or "discontinued operations".

(4) Of which €1,160 million regarding units classified as "held for sale" or "discontinued operations".

(5) Of which €80 million regarding units classified as "held for sale" or "discontinued operations".

(6) Of which €87 million regarding units classified as "held for sale" or "discontinued operations".

(7) Of which €185 million regarding units classified as "held for sale" or "discontinued operations".

(8) Of which €390 million regarding units classified as "held for sale" or "discontinued operations".

(9) Of which €476 million regarding units classified as "held for sale" or "discontinued operations". (10) Of which €11 million regarding units classified as "held for sale" or "discontinued operations".

(11) Of which €4 million regarding units classified as "held for sale" or "discontinued operations".

Financial position by secondary segment (Geographical Area)

At March 31, 2023

Millions of euro	Italy	Iberia	Latin America	Europe	North America	Africa, Asia and Oceania	Other, eliminations and adjustments	Total
Property, plant and equipment	31,424	23,008	21,598	2,213	13,516	981	109	92,849
Intangible assets	3,213	16,182	10,764	327	593	124	619	31,822
Non-current and current contract assets	50	15	494	259	17	33	21	889
Trade receivables	7,125	4,936	5,356	1,356	239	59	(213)	18,858
Other	4,225	2,501	1,561	251	339	49	11	8,937
Operating assets	46,037(1)	46,642	39,773(2)	4,406(3)	14,704	1,246(4)	547	153,355

Trade payables	8,224	2,399	4,884	455	1,047	130	(1,400)	15,739
Non-current and current contract liabilities	4,214	3,231	40	443	-	-	(48)	7,880
Sundry provisions	3,300	3,222	2,394	93	96	31	643	9,779
Other	6,209	2,754	4,861	617	1,988	63	(252)	16,240
Operating liabilities	21,947(5)	11,606	12,179(6)	1,608(7)	3,131	224(8)	(1,057)	49,638

(1) Of which €304 million regarding units classified as "held for sale" or "discontinued operations".

(2) Of which €4,523 million regarding units classified as "held for sale" or "discontinued operations".

(3) Of which €4,304 million regarding units classified as "held for sale" or "discontinued operations".

(4) Of which €542 million regarding units classified as "held for sale" or "discontinued operations".

(5) Of which €46 million regarding units classified as "held for sale" or "discontinued operations".

(6) Of which €426 million regarding units classified as "held for sale" or "discontinued operations". (7) Of which €938 million regarding units classified as "held for sale" or "discontinued operations".

(8) Of which €46 million regarding units classified as "held for sale" or "discontinued operations".

At December 31, 2022

Millions of euro	Italy	Iberia	Latin America	Europe	North America	Africa, Asia and Oceania	Other, eliminations and adjustments	Total
Property, plant and equipment	30,327	23,167	21,099	2,397	13,722	1,002	111	91,825
Intangible assets	3,200	16,173	10,534	331	602	129	628	31,597
Non-current and current contract assets	73	9	493	48	19	16	6	664
Trade receivables	7,086	4,369	5,037	1,127	268	66	(217)	17,736
Other	4,947	2,929	1,498	294	250	63	(1,128)	8,853
Operating assets	45,633(1)	46,647	38,661(2)	4,197(3)	14,861	1,276(4)	(600)	150,675

Trade payables	9,595	3,220	4,813	483	1,261	119	(1,428)	18,063
Non-current and current contract liabilities	4,188	3,351	35	443	-	1	(54)	7,964
Sundry provisions	3,008	3,458	2,378	69	97	32	629	9,671
Other	4,323	3,144	4,480	637	1,893	66	1,011	15,554
Operating liabilities	21,114(5)	13,173	11,706(6)	1,632(7)	3,251	218(8)	158	51,252

(1) Of which €251 million regarding units classified as "held for sale" or "discontinued operations".

(2) Of which €307 million regarding units classified as "held for sale" or "discontinued operations".

(3) Of which €4,125 million regarding units classified as "held for sale" or "discontinued operations".

(4) Of which €553 million regarding units classified as "held for sale" or "discontinued operations".

(5) Of which €64 million regarding units classified as "held for sale" or "discontinued operations". (6) Of which €76 million regarding units classified as "held for sale" or "discontinued operations".

(7) Of which €961 million regarding units classified as "held for sale" or "discontinued operations".

(8) Of which €52 million regarding units classified as "held for sale" or "discontinued operations".

The following table reconciles segment assets and liabilities and the consolidated figures.

at Mar. 31, 2023	at Dec. 31, 2022
211,613	219,618
1,315	1,281
12,192	12,329
1,640	1,674
19,118	28,583
10,388	11,041
9,701	10,925
2,774	2,159
1,130	951
153,355	150,675

165,409	177,536
67,803	68,191
4,982	5,895
-	-
12,408	18,392
3,036	2,835
11,236	16,994
8,706	9,542
1,923	1,623
2,284	1,047
3,393	1,765
49,638	51,252

Information on the condensed consolidated income statement

Revenue

7.a Revenue - €26,414 million

Millions of euro	1st Quarter
	2023 2022(1)			Change
Sale of electricity	13,963	16,312	(2,349)	-14.4%
Transport of electricity	2,864	2,732	132	4.8%
Fees from network operators	457	176	281	-
Transfers from institutional market operators	363	(5)	368	-
Sale and transport of gas	3,189	2,985	204	6.8%
Sale of fuels	930	1,240	(310)	-25.0%
Connection fees to electricity and gas networks	205	185	20	10.8%
Construction contracts	263	387	(124)	-32.0%
Sale of environmental certificates	50	18	32	-
Sale of value-added services	400	322	78	24.2%
Other sales and services	213	217	(4)	-1.8%
Total IFRS 15 revenue	22,897	24,569	(1,672)	-6.8%
Sale of commodities under contracts with physical settlement	2,637	9,651	(7,014)	-72.7%
Fair value gain/(loss) on commodity sales contracts with physical settlement closed during the period	332	(667)	999	-
Grants for environmental certificates	79	38	41	-
Sundry reimbursements	55	86	(31)	-36.0%
Gain on sale of subsidiaries, associates, joint ventures, joint operations and non-current assets held for sale	101	228	(127)	-55.7%
Gain on sale of property, plant and equipment and intangible assets	2	6	(4)	-66.7%
Other revenue	311	225	86	38.2%
Total revenue	26,414	34,136	(7,722)	-22.6%

In the 1st Quarter of 2023 revenue from the "sale of electricity" amounted to €13,963 million, down €2,349 million on the same period of the previous year (-14.4%). The decrease, which was largely accounted for by Italy (€1,416 million) and Spain (€1,132 million), mainly reflected a decrease in electricity sale prices and was only partly offset by the increase in revenue in Latin America.

"Transfers from institutional market operators" increased by €368 million on the 1st Quarter of 2022, mainly due to an increase in transfers for extra-peninsular generation in Spain, which offset the decrease in revenue associated with the decline in wholesale electricity prices.

The increase in revenue from the "sale and transport of gas" of €204 million on the 1st Quarter of 2022 was mainly attributable to the updating of rates for expiring contracts on the free market.

Revenue from the "sale of fuels" decreased by €310 million with the decrease primarily being registered by Enel Global Trading as a result of lower gas prices.

The decrease in revenue from the "sale of commodities under contracts with physical settlement", measured at fair value through profit or loss within the scope of IFRS 9 (-€7,014 million), mainly regarded the sale of gas. This effect was partly offset by an increase in revenue from the fair value measurement of closed contracts compared with the 1st Quarter of 2022 (€999 million) mainly regarding gas.

The following table shows the net gain or loss on contracts for the sale or purchase of commodities with physical settlement measured at fair value through profit or loss.

Millions of euro	1st Quarter
	2023	2022	Change
Fair value gain/(loss) on contracts for energy commodities with physical settlement (within the scope of IFRS 9) closed in the period
Sales contracts
Sale of electricity	328	1,236	(908)	-73.5%
Fair value gain/(loss) on closed contracts	73	212	(139)	-65.6%
Total electricity	401	1,448	(1,047)	-72.3%

Sale of gas	2,277	8,388	(6,111)	-72.9%
Fair value gain/(loss) on closed contracts Total gas	254 2,531	(882) 7,506	1,136 (4,975)	- -66.3%

Sale of emissions allowances	4	26	(22)	-84.6%
Fair value gain/(loss) on closed contracts	7	3	4	-
Total emissions allowances	11	29	(18)	-62.1%

Sale of guarantees of origin	28	1	27	-
Fair value gain/(loss) on closed contracts	(2)	-	(2)	-
Total guarantees of origin	26	1	25	-
Total revenue	2,969	8,984	(6,015)	-67.0%
Purchase contracts
Purchase of electricity	891	1,318	(427)	-32.4%
Fair value gain/(loss) on closed contracts	209	265	(56)	-21.1%
Total electricity	1,100	1,583	(483)	-30.5%

Purchase of gas	3,230	8,842	(5,612)	-63.5%
Fair value gain/(loss) on closed contracts	287	(877)	1,164	-
Total gas	3,517	7,965	(4,448)	-55.8%

Purchase of emissions allowances Fair value gain/(loss) on closed contracts	48 (3)	101 89	(53) (92)	-52.5% -
Total emissions allowances	45	190	(145)	-76.3%

Purchase of guarantees of origin	50	3	47	-
Fair value gain/(loss) on closed contracts	(6)	-	(6)	-
Total guarantees of origin	44	3	41	-

Total costs	4,706	9,741	(5,035)	-51.7%
Net revenue/(costs) on contracts for energy commodities with physical settlement (within the scope of IFRS 9) closed in the period	(1,737)	(757)	(980)	-
Gain/(Loss) from measurement of outstanding contracts for energy commodities with physical settlement (within the scope of IFRS 9)
Sales contracts
Electricity	184	(411)	595	-
Gas	222	(7,104)	7,326	-
Emissions allowances Guarantees of origin	(40) -	145 (5)	(185) 5	- -
Total	366	(7,375)	7,741	-
Purchase contracts
Electricity	260	1,263	(1,003)	-79.4%
Gas	405	(8,686)	9,091	-
Emissions allowances	(115)	22	(137)	-
Guarantees of origin	55	4	51	-
Total	605	(7,397)	8,002	-
Gain/(Loss) from measurement of outstanding contracts for energy commodities with physical settlement (IFRS 9)	(239)	22	(261)	-

TOTAL NET REVENUE/(COSTS) ON CONTRACTS WITH PHYSICAL SETTLEMENT (IFRS 9)	(1,976)	(735)	(1,241)	-

The gain on sale of entities in the 1st Quarter of 2023 came to €101 million, mainly accounted for by the income recognized by Enel CIEN following the transfer of transmission assets operated on a concession basis to the new concession holder.

"Other revenue" showed an increase of €86 million, primarily attributable to an increase in income from tax partnerships (€21 million) and income registered in Chile as a result of a number of amendments of the contract with our supplier Metka.

Costs

7.b Costs – €22,823 million

Millions of euro	1st Quarter
	2023	2022(1)		Change
Electricity purchases	7,073	11,781	(4,708)	-40.0%
Consumption of fuel for electricity generation	2,124	1,581	543	34.3%
Fuel for trading and gas for sale to end users	5,260	11,016	(5,756)	-52.3%
Materials	575	630	(55)	-8.7%
Personnel	1,229	1,148	81	7.1%
Services, leases and rentals	3,703	4,189	(486)	-11.6%
Depreciation, amortization and impairment losses	1,814	1,718	96	5.6%
Environmental certificates	861	634	227	35.8%
Capital losses and other costs on the disposal of equity investments	154	-	154	-
Extraordinary solidarity levies	208	-	208	-
Other operating expenses	548	400	148	37.0%
Capitalized costs	(726)	(638)	(88)	-13.8%
Total	22,823	32,459	(9,636)	-29.7%

Costs for "electricity purchases" decreased as a result of lower volumes purchased at decreasing average prices compared with the first three months of 2022, mainly in Italy (€3,622 million) and Spain (€1,131 million). The item includes the results from the fair value measurement of electricity purchase contracts with physical settlement closed in the first three months of 2023, which posted a decrease of €56 million compared with the corresponding period of 2022.

The increase in costs for "consumption of fuel for electricity generation" reflects the effect of the use of first-in inventories in the production cycle.

The decrease in costs for the purchase of "fuels for trading and gas for sale to end users" essentially reflects the price effect of commodities, especially gas, and developments in volumes handled.

The decrease was offset by the results from the fair value measurement of gas purchase contracts with physical settlement closed in the first three months of 2023, up €1,164 million compared with the corresponding period of 2022.

The costs for "materials" decreased by €55 million, essentially reflecting an increase in the consumption of materials in inventories as well as the decrease the results from the fair value measurement of CO2 purchase contracts with physical settlement closed in the first three months of 2023.

In the first three months of 2023, the increase of €81 million in costs for "personnel" mainly reflects the increase in costs for wages, salaries and other personnel remuneration, in the amount of €69 million as a result of new hiring.

The Enel Group workforce at March 31, 2023 numbered 65,178, of which 33,209 employed abroad. In the first three months of 2023, the workforce increased by 54, reflecting the balance between new hires and terminations (+420) and the change in consolidation scope (-366), mainly reflecting the disposal of Enel Generación Costanera in Argentina.

The overall change compared with December 31, 2022 breaks down as follows:

Balance at December 31, 2022	65,124
Hirings	1,239
Terminations	(819)
Change in consolidation scope	(366)
Balance at March 31, 2023	65,178

The decrease in costs for "services, leases and rentals" is mainly due to the decrease in costs for wheeling in Italy and Spain as a result of a decline in average prices, partly offset by an increase associated with value-added services in Italy and North America.

The rise in "depreciation, amortization and impairment losses" mainly reflects an increase in depreciation and amortization as a result of new capital expenditure in the renewable energy and distribution sectors.

Costs of "environmental certificates" increased by €227 million, due in particular to the developments in the prices of CO2 commodity and an increase in the volume of guarantees of origin purchased.

"Capital losses and other costs on the disposal of equity investments" essentially regard the capital loss on the disposal of Enel Generación Costanera SA (€132 million).

"Extraordinary solidarity levies" regard the extraordinary solidarity levy in Spain.

"Other operating expenses" increased by €134 million, mainly due to the effect of the increased impact of the Bono Social program in Spain (€77 million).

"Capitalized costs" increased by €88 million, mainly reflecting greater investments in the distribution sector in Italy, for an increase in new customer connections and service quality, greater investment in distribution lines in Latin America and greater investment in renewable plants mainly in Italy and North America.

7.c Net results from commodity contracts - €(640) million

Net results from commodity contracts showed net expense of €640 million in the first three months of 2023 (net income of €1,154 million in the same period of 2022) and break down as follows:

• net expense on commodity derivatives totaling €401 million (net income of €1,132 million in the first three months of 2022), including derivatives designated as cash flow hedges and derivatives measured at fair value through profit or loss. More specifically, net expense

7.d Net financial income/(expense) - €(865) million

Net financial expense increased by €452 million on the same period of 2022.

More specifically, financial income in the first three months of 2023 came to €1,672 million, an increase of €36 million on the same period of 2022 (€1,636 million). The change mainly reflected an increase of €111 million in interest income at the effective rate, mainly in respect of short-term financial investments, partially offset by a €68 million decrease in other income from the adjustment of liabilities covered by fair value hedges.

from derivatives settled in the period amounted to €604 million (net income of €987 million in the 1st Quarter of 2022) and the net fair value gain from measurement of outstanding derivatives came to €203 million (net gain of €145 million in the 1st Quarter of 2022);

• net fair value loss through profit or loss on outstanding energy commodity contracts with physical settlement amounting to €239 million (net gain of €22 million in the 1st Quarter of 2022).

Financial expense in the first three months of 2023 amounted to €2,604 million, an increase of €524 million on the 1st Quarter of 2022. The change mainly reflected an increase of €337 million in interest expense, reflecting the combined effect of the increase in interest rates and the increase in average debt in the period.

Finally, income from hyperinflation adjustments recognized by the Argentine companies in application of IAS 29 concerning accounting for hyperinflationary economies amounted to €67 million in the first three months of 2023, an increase of €36 million on the same period of 2022 (€31 million).

7.e Share of profit/(loss) of equity-accounted investments - €12 million

The share of profit of equity-accounted investments in the first three months of 2023 amounted to €12 million, down €31 million on the same period of 2022. The change mainly reflected a decline in the share of the profit of Slovak Power Holding (€26 million) and Mooney (€8 million), partly offset by an increase in the share of the profit of Rusenergosbyt (€8 million).

7.f Income taxes - €704 million

Income taxes for the 1st Quarter of 2023 amounted to €704 million, equal to 34% of pre-tax profit (compared with 28% in the first three months of 2022). The increase in the tax rate essentially reflected:

• the different impact of mergers and acquisitions in the first three months of 2023 compared with the same period of the previous year (essentially due to the tax treatment of of the income generated by the partial sale of Ufinet in 2022, while the sale of Enel Generación Costanera in 2023 had no tax impact);

• the non-deductibility of the extraordinary solidarity level in Spain.

Information on the condensed consolidated statement of financial position

Assets

8.a Non-current assets - €143,463 million

Property, plant and equipment and intangible assets, including investment property, amounted to €104,177 million at March 31, 2023, a decrease of €1,958 million. The change is mainly attributable to the classification as assets held for sale of assets held in Peru (€3,532 million) depreciation and amortization in the amount of €1,515 million and the exchange loss of €75 million attributable mainly to the depreciation of the US dollar against the euro. These negative impacts were partially offset by investments in the period (€2,650 million) and the value adjustment of tangible assets of Argentine companies as they operate in a hyperinflationary economy (€358 million).

Goodwill amounted to €13,188 million, a decrease of €554 million, mainly attributable to the classification in Peru of generation and distribution assets and the associated liabilities as assets held for sale (€571 million).

Equity-accounted investments amounted to €1,315 million, an increase of €34 million compared with the end of the previous year, mainly reflecting:

changes in the OCI reserves for cash flow hedge derivatives (€64 million) mainly related to Slovak Power Holding;
the profits attributable to the Group (€12 million) mainly of Rusenergosbyt, Gridspertise Srl and Spanish companies and North American companies, only partially offset by the losses of Mooney.

These effects were partly offset by exchanges losses (€33 million), as well as dividends distributed by Spanish companies (€13 million).

Other non-current assets include:

Millions of euro
	at Mar. 31, 2023	at Dec. 31, 2022		Change
Deferred tax assets	9,701	10,925	(1,224)	-11.2%
Non-current financial assets and securities included in net financial debt	3,895	4,213	(318)	-7.5%
Other non-current financial assets	8,297	8,116	181	2.2%
Amounts due from institutional market operators	298	282	16	5.7%
Other long-term amounts due(1)	2,592	2,712	(120)	-4.4%
Total	24,783	26,248	(1,465)	-5.6%

(1) The item includes investments in contract assets of €224 million at March 31, 2023 and €1,174 million at December 31, 2022.

The decrease of €1,465 million in the period is essentially due to:

a decrease in "deferred tax assets", mainly due to the decrease in deferred tax assets linked to developments in the fair value of cash flow hedge derivatives, as well as the reclassification of deferred tax assets under assets held for sale;
an increase in "other non-current financial assets", largely attributable to the increase in financial assets in respect of service concession arrangements in Brazil (€243 million), partially offset by the decrease in the fair value of derivative contracts (€57 million), which were entered into to hedge the price risk on commodities;
a decrease in "non-current financial assets and securities included in net financial debt", mainly due to the decrease in financial assets in respect of cash deposits;
a decrease in "other long-term amounts due", mainly reflecting:
- a decrease in tax assets (€34 million), mainly attributable to Brazil in respect of the dispute regarding the application of the PIS/COFIN taxes in that country;
- a decrease in security deposits (€28 million);
- a decrease in non-current assets deriving from contracts with customers (€36 million) mainly referring to assets under development resulting from public-to-private service concession arrangements recognized in accordance with IFRIC 12.

8.b Current assets - €57,347 million

Inventories amounted to €4,124 million, a decrease of €729 million, most of which was recognized in Italy, Spain and Latin America, essentially reflecting the combined effect of a decrease in fuel inventories and a reduction in average prices for the period compared with 2022.

Trade receivables amounted to €17,321 million, an increase of €716 million, essentially accounted for by Spain (€674 million) and Latin America (€173 million).

Other current assets break down as follows:

Millions of euro
	at Mar. 31, 2023	at Dec. 31, 2022	Change
Other current financial assets included in net financial debt	9,408	13,501	(4,093)	-30.3%
Other current financial assets	9,710	15,082	(5,372)	-35.6%
Tax assets	2,774	2,159	615	28.5%
Amounts due from institutional market operators	1,071	1,033	38	3.7%
Other short-term amounts due	2,551	1,789	762	42.6%
Total	25,514	33,564	(8,050)	-24.0%

The decrease in the period of €8,050 million is due to:

a decrease in "other current financial assets", essentially attributable to the fair value measurement of derivative financial instruments (€5,369 million). This mainly refers to trading derivatives and cash flow hedges stipulated to hedge the price risk on commodities which are affected by the fall in commodity prices;
a decrease in "other current financial assets included in net financial debt" mainly due to the decrease in assets in respect of cash collateral paid to counterparties in derivatives transactions (€2,883 million).

The change in the period was partly offset by:

an increase in "tax assets" relating essentially to VAT credits (€403 million);
an increase in "other short-term amounts due" mainly regarding an increase in prepaid expenses, essentially in respect of fees for water diversion for industrial use and insurance premiums, and an increase in assets in respect of settled commodity derivatives (€248 million), primarily in Italy and Spain.

8.c Assets classified as held for sale - €10,803 million

The item essentially includes assets measured at the lower of cost, understood as their net carrying amount, and their estimated realizable value, which, due to management decisions, meet the requirements of "IFRS 5 - Non-current assets held for sale and discontinued operations" for their classification in this item.

Millions of euro		Reclassification from/to current and non-current assets	Disposals and changes in the consolidation scope	Impairment	Exchange	differences Investments	Other changes
	at Dec. 31, 2022							at Mar. 31, 2023
Property, plant and equipment	3,304	2,855	(139)	(213)	(36)	142	(65)	5,848
Intangible assets	334	677	(12)	-	(8)	3	(11)	983
Goodwill	-	570	-	-	1	-	(2)	569
Deferred tax assets	211	142	(55)	-	(1)	-	(34)	263
Equity-accounted investments	27	-	-	-	-	-	-	27
Non-current contract assets	-	-	-	-	-	-	-	-
Other non-current assets	125	36	(10)	-	(2)	-	216	365
Non-current financial assets	138	-	(5)	-	-	-	5	138
Current financial assets and securities	43	1	(3)	-	-	-	(3)	38
Other current financial assets	9	2	-	-	-	-	(14)	(3)
Cash and cash equivalents	425	253	(14)	-	(3)	-	(77)	584
Inventories, trade receivables, and other current assets	1,533	334	(48)	-	(5)	-	177	1,991
Total	6,149	4,870	(286)	(213)	(54)	145	192	10,803

In the 1st Quarter of 2023, changes in assets classified as held for sale compared to December 31, 2022 included:

Peru: the electricity distribution and supply assets held by Enel Distribución Perú SAA, the advanced energy services activities of Enel X Perú SAC and the generation assets held by Enel Generación Perú, since based on the state of negotiations at the 1st Quarter of 2023, they meet the requirements of IFRS 5;
Guatemala: the transmission assets held in Guatemala;
Argentina: completion of the sale of Enel Generación Costanera, previously classified as held for sale. For more

information on the financial effects of the sale please see the section "Main changes in the consolidation scope".

For a breakdown of the balance of assets held for sale and discontinued operations at March 31, 2023, please see the comments in the Integrated Annual Report at December 31, 2022. Note that the value of the net assets held in Romania was adjusted to the expected sale price with the recognition, in the 1st Quarter of 2023, of an additional value adjustment of €213 million, which was reported in the income statement under "Profit/(Loss) from discontinued operations".

Liabilities and equity

8.d Equity attributable to the owners of the Parent - €32,192 million

The increase of €3,535 million in the first three months of 2023 in equity attributable to the owners of the Parent mainly reflects profit recognized through profit or loss for the period (€1,034 million), the recognition of the profit recognized through other comprehensive income (€1,287 million) and the change in perpetual hybrid bonds (€986 million), resulting from the issue of new bonds in the amount of €1,738 million, net of transaction costs, partly offset by the repurchase and subsequent cancellation of previous bonds in the amount of €752 million, including transaction costs.

8.e Non-current liabilities - €99,576 million

Long-term borrowings amounted to €67,803 million (€68,191 million at December 31, 2022). They consist of bonds totaling €50,667 million (€50,079 million at December 31, 2022), bank borrowings of €14,398 million (€15,261 million at December 31, 2022) and other borrowings of €2,738 million (€2,851 million at December 31, 2022).

The item decreased by €388 million, due to the decrease in bank borrowings (€863 million), essentially attributable to the reclassification of a portion to short term and other borrowings (€113 million) mainly due to the decrease in lease liabilities.

These effects were partly offset by the increase in bonds (€588 million) essentially attributable to new issues.

Provisions and deferred tax liabilities amounted to €16,806 million at March 31, 2023 (€17,800 million at December 31, 2022) and include:

employee benefit liabilities totaling €2,193 million, essentially unchanged from December 31, 2022;
provisions for risks and charges amounting to €5,907 million (€6,056 million at December 31, 2022). The item includes, among others:
- the litigation provision of €660 million (€652 million at December 31, 2022);
- the nuclear decommissioning provision of €566 mil-

lion (€581 million at December 31, 2022);

the plant dismantling and site restoration provision of €2,581 million (€2,686 million at December 31, 2022);
the provision for taxes and duties of €286 million (€313 million at December 31, 2022);
the provision for early termination incentives and other restructuring plans of €216 million (€231 million at December 31, 2022);
the provision for restructuring programs connected with the energy transition of €780 million (€789 million at December 31, 2022);
deferred tax liabilities amounting to €8,706 million (€9,542 million at December 31, 2022), with the decrease of €836 million mainly attributable to deferred taxation on cash flow hedge derivatives, the impact of exchange differences in Latin America and the reclassification of deferred tax liabilities relating to companies classified as held for sale and discontinued operations.

Other non-current liabilities amounted to €14,967 million (€15,887 million at December 31, 2022), a decrease of €920 million, substantially reflecting the change in the fair value of financial derivatives (€913 million), mainly in respect of derivatives used to hedge commodity price risk and exchange risk.

8.f Current liabilities - €60,541 million

Short-term borrowings and current portion of long-term borrowings amounted to €15,444 million (€21,227 million at December 31, 2022), and included short-term borrowings of €12,408 million (€18,392 million at December 31, 2022) and the current portion of long-term borrowings of €3,036 million (€2,835 million at December 31, 2022). The item decreased by €5,783 million, primarily reflecting the decrease in short-term borrowing (€5,984 million) mainly due to a reduction in commercial paper.

Trade payables amounted to €15,166 million (€17,641 million at December 31, 2022), down €2,475 million, mainly reflecting the decrease in commodity prices and normal developments in the fuel provisioning cycle.

Other current liabilities break down as follows:

Millions of euro
	at Mar. 31, 2023	at Dec. 31, 2022		Change
Amounts due to customers	2,109	2,094	15	0.7%
Amounts due to institutional market operators	4,252	2,115	2,137	-
Current financial liabilities	11,236	16,994	(5,758)	-33.9%
Amounts due to employees and social security institutions	699	732	(33)	-4.5%
Tax liabilities	4,207	2,670	1,537	57.6%
Other	7,428	8,825	(1,397)	-15.8%
Total	29,931	33,430	(3,499)	-10.5%

The change in the period is essentially due to:

a decrease in "current financial liabilities", largely attributable to the decrease in the fair value of derivative financial instruments of €6,034, mainly regarding trading derivatives and derivatives hedging commodity price risk. This effect was slightly offset by the increase in accrued financial liabilities of €240 million;
a decrease in "other" liabilities, mainly regarding dividends paid in the 1st Quarter of 2023.

These factors were partially offset by:

an increase in "tax liabilities", primarily regarding liabilities for value-added tax (€1,025 million) as well as the estimated income tax liability for the period (€299 million);
an increase in "amounts due to institutional market operators", especially in Italy and Spain.

8.g Liabilities included in disposal groups classified as held for sale - €5,292 million

The item includes liabilities included in disposal groups classified as held for sale, that, in view of the decisions taken by management, meet the requirements of "IFRS 5 - Non-current assets held for sale and discontinued operations" for classification under this item.

Millions of euro		Reclassification from/to current and non-current liabilities	Disposals and change in consolidation scope	Exchange differences	Other changes
	at Dec. 31, 2022					at Mar. 31, 2023
Long-term borrowings	775	661	(27)	(5)	(333)	1,071
Provisions for risks and charges, non-current portion	33	30	-	(1)	-	62
Deferred tax liabilities	240	522	(74)	(6)	(44)	638
Post-employment and other employee benefits	23	4	(3)	-	-	24
Non-current financial liabilities	69	-	-	-	(7)	62
Non-current contract liabilities	442	-	-	-	1	443
Other non-current liabilities	179	19	(2)	-	2	198
Short-term borrowings	642	218	-	(4)	588	1,444
Long-term borrowings, current portion	18	101	(3)	(1)	5	120
Provisions for risks and charges, current portion	33	10	-	-	24	67
Other current financial liabilities	12	8	-	-	(11)	9
Trade payables and other current liabilities	894	378	(37)	(5)	(76)	1,154
Total	3,360	1,951	(146)	(22)	149	5,292

The balance of liabilities included in disposal groups classified as held for sale and discontinued operations at March 31, 2023 refers mainly to the cases indicated in the section "Assets classified as held for sale", which readers are invited to consult.

Information on the condensed consolidated statement of cash flows

9. Cash flows

Cash flows from operating activities in the first three months of 2023 was a positive €3,417 million, up €4,120 million from the negative amount in the same period in 2022, mainly reflecting decreased cash requirements connected with changes in net working capital.

Cash flows used in investing activities in the first three months of 2023 absorbed cash in the amount of €2,804 million, compared with €3,625 million in the first three months of 2022.

More specifically, investments in property, plant and equipment, intangibles and non-current contract assets came to €3,018 million in the 1st Quarter of 2023, of which €145 million reclassified as held for sale, an increase on the same period of the previous year.

There were no investments in companies or business units, net of cash and cash equivalents acquired. In the first three months of 2022, they amounted to €1,223 million and mainly referred to the acquisition by Enel Produzione SpA of 100% of ERG Hydro Srl (now Enel Hydro Appennino Centrale Srl), for €1,196 million, net of cash and cash equivalents acquired of €69 million, and the acquisition by Enel Green Power España of a number of companies that owned wind and photovoltaic plants for €19 million.

Disposals of businesses or business units, net of cash and cash equivalents sold, amounted to €34 million and mainly refer to the sale by Enel Argentina of the entire stake held in Enel Generación Costanera for €28 million, net of cash and cash equivalents sold of €14 million.

Cash flows from other investing activities in the first three months of 2023 came to €180 million and mainly reflect the indemnity received from the new concession holder of Enel CIEN (in Brazil) for the transfer of the transmission assets held under a concession arrangement upon the expiry of that arrangement in the total amount of €152 million (of which €96 million refer to the recognition of income of the same amount).

Cash flows used in financing activities absorbed cash in the amount of €1,157 million, from €1,653 million generated in the first three months of 2022, mainly reflecting:

a net decrease as the balance between repayments, new borrowings and other changes in financial payables for €101 million;
distribution of dividends in the amount of €2,074 million, plus €33 million paid to holders of perpetual hybrid bonds;
the issue of hybrid bonds for €986 million.

In the first three months of 2023, cash flows used in investing activities in the amount of €2,804 million and cash flow used in financing activities of €1,157 million fully absorbed the cash flows from operating activities for €3,417 million. The difference was covered by an increase in the use of cash and cash equivalents, which decreased by €487 million at March 31, 2023 (net of €57 million associated with the positive developments in the exchange rates of local currencies against the euro).

10. Net financial position

The net financial position is reported below in accordance with Guideline 39, issued on March 4, 2021 by ESMA and applicable as from May 5, 2021, and with warning notice no. 5/2021 issued by CONSOB on April 29, 2021, which replaced references to the CESR Recommendations and the references in Communication no. DEM/6064293 of July 28, 2006 regarding the net financial position.

The net financial debt at March 31, 2023 and December 31, 2022, is reconciled with net financial debt as provided for in the presentation methods of the Enel Group in the table below.

EMARKET SDIR
CERTIFIED

Millions of euro
	at Mar. 31, 2023	at Dec. 31, 2022		Change
Liquidity
Cash and cash equivalents on hand	27	35	(8)	-22.9%
Bank and post office deposits	6,831	8,968	(2,137)	-23.8%
Liquid assets	6,858	9,003	(2,145)	-23.8%
Cash equivalents	3,530	2,038	1,492	73.2%
Securities	84	78	6	7.7%
Short-term loan assets	6,171	10,585	(4,414)	-41.7%
Current portion of long-term loan assets	3,153	2,838	315	11.1%
Other current financial assets	9,408	13,501	(4,093)	-30.3%
Liquidity	19,796	24,542	(4,746)	-19.3%
Current financial debt
Bank debt	(1,704)	(1,320)	(384)	-29.1%
Commercial paper	(7,727)	(13,838)	6,111	44.2%
Other short-term borrowings(1)	(2,977)	(3,234)	257	7.9%
Current financial debt (including debt instruments)	(12,408)	(18,392)	5,984	32.5%
Long-term bank borrowings (current portion)	(1,195)	(890)	(305)	-34.3%
Bonds issued (current portion)	(1,472)	(1,612)	140	8.7%
Other borrowings (current portion)	(369)	(333)	(36)	-10.8%
Non-current financial debt (current portion)	(3,036)	(2,835)	(201)	-7.1%
Current financial debt	(15,444)	(21,227)	5,783	27.2%
Net current financial debt	4,352	3,315	1,037	31.3%
Non-current financial debt
Bank borrowings	(14,398)	(15,261)	863	5.7%
Other borrowings(2)	(2,738)	(2,851)	113	4.0%
Non-current financial debt (excluding current portion and debt instruments)	(17,136)	(18,112)	976	5.4%
Bonds	(50,667)	(50,079)	(588)	-1.2%
Trade payables and other non-interest-bearing non-current liabilities with a significant financing component	-	-	-	-
Non-current financial debt	(67,803)	(68,191)	388	0.6%
Financial assets in respect of "Assets classified has held for sale"	683	543	140	25.8%
Financial liabilities in respect of "Liabilities included in disposal groups classified as held for sale "	(2,635)	(1,435)	(1,200)	-83.6%
Net financial debt as per CONSOB instructions	(65,403)	(65,768)	365	0.6%
Long-term financial assets and securities	3,895	4,213	(318)	-7.5%
Net exchange rate derivatives associated with borrowings	655	595	60	10.1%
( - ) Financial assets in respect of "Assets classified has held for sale"	(683)	(543)	(140)	-25.8%
( - ) Financial liabilities in respect of "Liabilities included in disposal groups classified as held for sale"	2,635	1,435	1,200	83.6%
NET FINANCIAL DEBT	(58,901)	(60,068)	1,167	1.9%

(1) Includes current financial borrowings included in "Other current financial liabilities" in the statement of financial position.

(2) Includes other non-current financial borrowings presented under "Other non-current financial liabilities" in the statement of financial position.

The net position as per CONSOB instructions does not include derivatives designated as hedges for hedge accounting purposes or entered into for trading purposes as they are used for hedging.

At March 31, 2023, non-current derivative assets in the amount of €3,913 million (€3,970 million at December 31, 2022), are reported under "Other non-current assets" in the condensed consolidated statement of financial position; current derivative assets in the amount of €9,461 million (€14,830 million at December 31, 2022) are reported under "Other current assets" in the condensed consolidated statement of financial position; non-current derivative liabilities in the amount of €4,982 million (€5,895 million at December 31, 2022) are reported under "Other non-current liabilities" in the condensed consolidated statement of financial position; and current derivative liabilities in the amount of €10,107 million (€16,141 million at December 31, 2022) are reported under "Other current liabilities" in the condensed consolidated statement of financial position.

Other information

11. Related parties

As an operator in the field of generation, distribution, transport and sale of electricity and the sale of natural gas, Enel carries out transactions with a number of companies directly or indirectly controlled by the Italian State, the Group's controlling shareholder.

The table below summarizes the main types of transactions carried out with such counterparties.

Related party	Relationship	Nature of main transactions
Single Buyer	Fully controlled (indirectly) by the Ministry for the Economy and Finance	Purchase of electricity for the enhanced protection market
Cassa Depositi e Prestiti Group	Directly controlled by the Ministry for the Economy and Finance	Sale of electricity on the Ancillary Services Market (Terna) Sale of electricity transport services (Eni Group) Purchase of transport, dispatching and metering services (Terna) Purchase of postal services (Poste Italiane) Purchase of fuels for generation plants and natural gas storage and distribution services (Eni Group)
ESO - Energy Services Operator	Fully controlled (directly) by the Ministry for the Economy and Finance	Sale of subsidized electricity Payment of A3 component for renewable resource incentives
EMO - Energy Markets Operator	Fully controlled (indirectly) by the Ministry for the Economy and Finance	Sale of electricity on the Power Exchange (EMO) Purchase of electricity on the Power Exchange for pumping and plant planning (EMO)
Leonardo Group	Directly controlled by the Ministry for the Economy and Finance	Purchase of IT services and supply of goods

In addition, the Group conducts essentially commercial transactions with associated companies or companies in which it holds non-controlling interests.

Finally, Enel also maintains relationships with the pension funds Fopen and Fondenel, as well as Fondazione Enel and Enel Cuore, an Enel non-profit company devoted to providing social and healthcare assistance.

All transactions with related parties were carried out on

normal market terms and conditions, which in some cases are determined by the Regulatory Authority for Energy, Networks and the Environment.

The following tables summarize transactions with related parties, associated companies and joint arrangements carried out in the first three months of 2023 and 2022 and outstanding at March 31, 2023 and December 31, 2022.

Millions of euro

	Single Buyer	EMO	ESO	Cassa Depositi e Prestiti Group	Other	Total 1st Quarter 2023	Associates and joint arrangements	Overall total 1st Quarter 2023	Total in financial statements	% of total
Income statement
Revenue	-	909	(99)	927	51	1,788	40	1,828	26,414	6.9%
Other financial income	-	-	-	-	-	-	57	57	2,174	2.6%
Electricity, gas and fuel	859	2,133	-	353	-	3,345	2	3,347	14,443	23.2%
Services and other materials	-	35	-	608	4	647	110	757	4,292	17.6%
Other operating expenses	2	43	-	9	-	54	-	54	1,771	3.0%
Net results from commodity contracts	-	-	-	9	-	9	(5)	4	(640)	-0.6%
Other financial expense	-	1	-	-	-	1	17	18	3,039	0.6%

Millions of euro

	Single Buyer	EMO	ESO	Cassa Depositi e Prestiti Group	Other	Total at Mar. 31, 2023	Associates and joint arrangements	Overall total at Mar. 31, 2023	Total in financial statements	% of total
Balance sheet
Other non-current asset	-	-	-	3	1	4	1,900	1,904	24,783	7.7%
Trade receivables	-	104	7	1,103	35	1,249	257	1,506	17,321	8.7%
Other current assets	-	8	22	75	14	119	191	310	25,514	1.2%
Long-term borrowings	-	-	-	447	-	447	323	770	67,803	1.1%
Other non-current liabilities	-	-	-	11	8	19	8	27	14,967	0.2%
Short-term borrowings and current portion of long-term borrowings	-	-	-	89	-	89	32	121	15,444	0.8%
Trade payables	859	241	118	1,115	4	2,337	177	2,514	15,166	16.6%
Other current liabilities	-	-	-	39	34	73	9	82	29,931	0.3%
Other information
Guarantees given	-	20	-	11	58	89	-	89
Guarantees received	-	-	-	134	36	170	-	170
Commitments	-	-	-	276	-	276	-	276

Millions of euro

	Single Buyer	EMO	ESO	Cassa Depositi e Prestiti Group	Other	Total 1st Quarter 2022	Associates and joint arrangements	Overall total 1st Quarter 2022	Total in financial statements(1)	% of total
Income statement
Revenue	-	1,420	32	864	51	2,367	58	2,425	34,136	7.1%
Other financial income	-	-	-	-	-	-	40	40	1,944	2.1%
Electricity, gas and fuel	2,374	3,342	-	1,041	-	6,757	36	6,793	24,356	27.9%
Services and other materials	-	31	1	872	12	916	38	954	4,841	19.7%
Other operating expenses	3	28	-	2	-	33	-	33	1,034	3.2%
Net results from commodity contracts	-	-	-	9	-	9	1	10	1,154	0.9%
Other financial expense	-	-	-	2	-	2	5	7	2,357	0.3%

Millions of euro
	Single Buyer	EMO	ESO	Cassa Depositi e Prestiti Group	Other	Total at Dec. 31, 2022	Associates and joint arrangements	Overall total at Dec. 31, 2022	Total in financial statements	% of total
Balance sheet
Other non-current asset	-	-	-	-	-	-	1,885	1,885	26,248	7.2%
Trade receivables	-	220	6	1,040	38	1,304	259	1,563	16,605	9.4%
Other current assets	-	-	30	63	2	95	167	262	33,564	0.8%
Long-term borrowings	-	-	-	447	-	447	327	774	68,191	1.1%
Other non-current liabilities	-	-	-	9	8	17	9	26	15,887	0.2%
Short-term borrowings and current portion of long-term borrowings	-	-	-	89	-	89	35	124	21,227	0.6%
Trade payables	1,211	305	6	1,097	(1)	2,618	192	2,810	17,641	15.9%
Other current liabilities	-	-	-	26	43	69	22	91	33,430	0.3%
Other information
Guarantees given	-	20	-	11	58	89	-	89
Guarantees received	-	-	-	134	36	170	-	170
Commitments	-	-	-	149	-	149	-	149

In November 2010, the Board of Directors of Enel SpA approved a procedure governing the approval and execution of transactions with related parties carried out by Enel SpA directly or through subsidiaries (Enel Procedure for Transactions with Related Parties). The procedure (available at https://www.enel.com/investors/bylaws-rules-and-policies/transactions-with-related-parties/) sets out rules designed to ensure the transparency and procedural and substantive propriety of transactions with related parties. It was adopted in implementation of the provisions of Article 2391-bis of the Italian Civil Code and the implementing regulations issued by CONSOB with Resolution no. 17221 of March 12, 2010, as amended (the "CONSOB Regulation").

12. Contractual commitments and guarantees

The commitments entered into by the Enel Group and the guarantees given to third parties are shown below.

Millions of euro
	at Mar. 31, 2023	at Dec. 31, 2022	Change
Guarantees given:
- sureties and other guarantees granted to third parties	3,824	4,296	(472)
Commitments to suppliers for:
- electricity purchases	65,374	64,878	496
- fuel purchases	59,216	96,996	(37,780)
- various supplies	2,642	2,449	193
- tenders	6,892	6,165	727
- other	8,704	6,889	1,815
Total	142,828	177,377	(34,549)
TOTAL	146,652	181,673	(35,021)

Commitments for electricity at March 31, 2023 amounted to €65,374 million, of which €15,991 million refer to the period April 1, 2023-2027, €19,354 million to the period 2028-2032, €12,255 million to the period 2033-2037 and the remaining €17,774 million beyond 2037.

Commitments for the purchase of fuels are determined with reference to the contractual parameters and exchange rates applicable at the end of the period (as prices are variable and mainly denominated in foreign currency). At March 31, 2023 they amounted to €59,216 million, of which €13,223 million refer to the period April 1, 2023- 2027, €29,477 million to the period 2028-2032, €11,043 million to the period 2033-2037 and the remaining €5,473 million beyond 2037.

The decrease in commitments for the purchase of fuels, equal to €37,780 million, mainly reflects the decrease in gas prices in the 1st Quarter of 2023.

"Other" guarantees mainly include commitments for environmental compliance and increased volumes envisaged in the new investment plan.

13. Contingent assets and liabilities

Compared with the consolidated financial statements at December 31, 2022, which the reader is invited to consult for more information, the following main changes have occurred in contingent assets and liabilities.

Brindisi Sud thermal generation plant - Ash dispute - Italy

With regard to the criminal investigation initiated by the Public Prosecutor's Office of the Court of Lecce in 2017 concerning the use of fly ash in Brindisi Sud power plant, involving accused individuals and Enel Produzione SpA pursuant to Legislative Decree 231 of June 8, 2001, on January 20, 2023, it was learned that the ruling issued during

Hydroelectric concessions - Italy

In implementation of the "Simplifications Decree" (Decree Law 135 of 2018 ratified with Law 12 of February 11, 2019) which modified the Italian regulations governing largescale hydroelectric concessions, introducing a series of innovations regarding (i) the granting of such concessions upon their expiry and the valorization of the assets and works connected to them to be transferred to the new concession holder; (ii) concession fees, establishing a fixed and variable component of fees, as well as an obligation to provide free power to public bodies (220 kWh of power for each kW of average nominal capacity of the facilities covered by the concession), various regions (Lombardy, the hearing of October 7, 2022 acquitting all of the defendants of the charges because "the alleged offense did not occur", as well as Enel Produzione SpA, declaring that the administrative offense alleged had not occurred as there were no predicate offenses, became final on December 23, 2022.

Piedmont, Emilia-Romagna, Friuli-Venezia Giulia, the Province of Trento, Calabria, Basilicata, Abruzzo and Umbria) enacted regional laws.

In particular, in application of these new regulations, most recently the regions of Abruzzo and Umbria (the latter on April 6, 2023), requested payment of the fixed portion of the fee. Enel Green Power Italia and Enel Produzione challenged the payment notices from the region of Abruzzo before the Superior Public Water Resources Court, and intend to challenge before the same Court those received from the region of Umbria for 2023.

Criminal proceeding against e-distribuzione concerning an accident - Italy

On July 1, 2021, e-distribuzione SpA was notified of a proceeding against a number of its employees and managers and e-distribuzione SpA itself pursuant to Legislative Decree 231/2001, initiated by the Public Prosecutor's Office of Taranto, following the accident that occurred on the night between June 27 and 28, 2021 in which an employee of a contractor was injured and subsequently died.

During the investigative phase, an unrepeatable technical assessment was ordered and the report of the Technical Consultant of the Public Prosecutor, dated December 15, 2021, was filed and incorporated in the Public Prosecutor's case.

A notice of dismissal of charges was subsequently sent to some of the defendants and the subcontractor with whom the deceased worker was employed. A notice of conclusion of the preliminary investigation pursuant to Article 415-bis of the Code of Criminal Procedure was sent to the remaining defendants and on April 17, 2023, a notice was served to set the preliminary hearing before the Preliminary Hearing Judge of the Court of Taranto for May 23, 2023.

BEG litigation

Italy

Following the claims for damages submitted by BEG on November 3, 2022, by which the plaintiff advanced the same claims for damages as those in the proceeding previously filed by that company on December 29, 2021 before the same Court of Milan, which were subsequently extinguished, serving a new writ of summons against the same defendants, with the exception of the Italian State, which BEG declared it did not wish to involve in this judgement, Enel and Enelpower appeared before the court in view of the hearing of May 9, 2023, in order to contest the claim, which is considered entirely specious and unfounded, like the previous similar initiative.

France

With regard to the proceeding initiated by ABA to render the ruling of the Albanian court enforceable in France, following the appearance of Enel and Enelpower in the proceedings initiated in June 2021 by ABA before the Cour de Cassation for the appeal of the ruling denying its claim

Environmental incentives - Spain

With regard to the investigative proceeding initiated – following the Decision of the European Commission of November 27, 2017 on the issue of environmental incentives for thermoelectric plants – by the Commission's Directorate-General for Competition pursuant to Article 108, paragraph 2, of the Treaty on the Functioning of the European Union (TFEU), in order to establish whether the incentive for environmental investment for coal plants envisaged

Bono Social - Spain

In relation to the various financing schemes for the Bono Social adopted by the Spanish Government and ruling no. 212/2022 of February 21, 2022 with which the Tribunal Supremo partially upheld the appeals filed by Endesa SA, Endesa Energía SAU and Energía XXI Comercializadora de Referencia SLU (Endesa) and other companies in the energy sector against the third scheme for financing the Bono Social, and for co-financing with government authorities of the supply to vulnerable consumers, envisaged in Article 45, paragraph 4 of Spain's Electricity Industry Law no. 24 of December 26, 2013, Royal Decree Law 7/2016 of December 23 and Royal Decree 897/2017 of October 6, in the absence of voluntary compliance by the authorities, on Noissued by the Paris Court of Appeal on May 4, 2021, the hearing for the final discussion of the case was held on March 28, 2023, preceded by the filing of the opinion of the Advocate General with the Cour de Cassation, which denied ABA's appeal. The issue of the ruling is pending. With reference to Enel's proceeding to obtain release of the precautionary attachments granted to ABA and which are no longer valid as a result of the appeal ruling, the final hearing of the appeal proceeding in which ABA challenged the aforementioned release order was held and a ruling is pending. At the same time, Enel had initiated proceedings against the original debtor to recover the assets seized.

Luxembourg

With regard to the proceeding initiated by ABA to obtain enforcement of the ruling of the Court of Tirana in Luxembourg, which is still pending before the court of first instance owing to a number of procedural delays, on March 31, 2023 ABA appointed new legal counsel after its previous counsel quit. The proceeding, which was initially suspended, resumed with the documentary phase.

in Order ITC/3860/2007constituted State aid compatible with the internal market, on February 1, 2023, the Court of Justice of the European Union (CJEU) joindered the appeals filed by Naturgy and EDP España in which Endesa Generación had intervened, and resolved to issue a ruling without a public hearing for discussion. The Advocate General's conclusions are expected to be issued on July 13, 2023.

vember 10, 2022 and then on March 29, 2023 the companies filed a petition for enforcement of the ruling, with the involvement of the State Advocate General to submit a defense, requesting immediate payment of the uncontested damages amounting to about €152 million concerning the costs of financing the regulated segment of the market, as well as the payment of additional amounts quantified in the technical appraisals conducted by the companies, which requested their ratification by the Court. The proceeding is currently pending.

GNL Endesa Generación SA arbitration proceeding - II

In March 2023, a liquefied natural gas (LNG) producer initiated an arbitration proceeding within the context of a proceeding for the revision of the price of a long-term supply contract for LNG against Endesa Generación SA, demanding payment of some \$411 million. The amount of the claim could be revised by the plaintiff depending on market developments in months up to the completion of arbitration proceeding, which is scheduled for the 1st Half of 2024. The company believes that this counterclaim is unfounded.

Furnas-Tractebel litigation - Brazil

With regard to the proceeding brought in October 2009 by Tractebel against CIEN (today Enel CIEN) in relation to the latter's alleged breach of a contract for the supply of electricity from Argentina through the Argentina-Brazil interconnection to Tractebel, the ruling of first instance in favor of Enel CIEN issued on February 16, 2023, was appealed by Tractebel on March 20, 2023 and the appeal proceedings are currently pending. The amount involved in the dispute is estimated at about R\$679 million (about €122 million), plus interest, revaluation and damages to be quantified.

Cibran litigation - Brazil

With regard to the second case, filed in 2006 by Companhia Brasileira de Antibióticos (Cibran) against the Enel Group company Ampla Energia e Serviços SA (today Enel Distribuição Rio de Janeiro) to obtain damages for alleged losses incurred as a result of the interruption of electricity service by the Brazilian distribution company between 1987 and 1994, in addition to non-pecuniary damages, the ruling issued on November 6, 2019 was in favor of Enel Distribuição Rio de Janeiro. It became final on March 24, 2023 following the denial of Cibran's last appeal on March 7, 2023.

The remaining four proceedings relating to the years 2001-2002, which were suspended pending the decision relating to the case described above, have yet to resume. The value of all the disputes is estimated at about R\$729 million (about €131 million).

Socrel - Brazil

With regard to the legal action filed by Serviços de Eletricidade e Telecomunicações Ltda (Socrel) against Enel Distribuição São Paulo concerning a claim for damages for losses suffered as a result of a series of events, which culminated with an alleged unlawful termination by the Group company of a series of contracts between the parties, which are alleged to have caused Socrel's liquidity crisis, in a ruling of March 27, 2023 the Tribunal de Justiça do Estado de São Paulo denied the entire substance of the Socrel claim. The time limit for an appeal is pending. The value of all the dispute was quantified at R\$306 million (about €55 million).

Gabčíkovo litigation - Slovakia

With regard to the proceedings brought by Vodohospodárska Výstavba Štátny Podnik (VV) against Slovenské elektrárne (SE) for alleged unjustified enrichment by the latter (estimated at about €360 million, plus interest) in the period 2006-2015, the following developments have occurred:

(i) with regard to the proceedings concerning 2006- 2008: (a) with regard to the proceeding for 2006, on April 18, 2023 SE filed an extraordinary appeal before the Supreme Court against the appellate ruling of December 6, 2022; (b) with respect to the proceeding relating 2007, the Court of Appeal, in a ruling dated January 31, 2023, notified to SE on April 12, 2023, voided the decision of first instance, referring the case back to the Court of Bratislava for a new judgment; (c) the proceeding relating to 2008 is still pending;

(ii) the proceedings relating to the years 2011, 2014 and 2015 are all pending before the court of first instance and briefs have been exchanged between the parties. For proceedings relating to the years 2011 and 2015 hearings before the court of first instance were postponed a number of times due to the pandemic and are currently postponed until a date to be determined, while hearing at first instance of the proceeding for 2014 is scheduled for July 4, 2023;

(iii) the proceedings relating to the years 2009, 2010 and 2013, between December 2022 and January 2023 both SE and VV filed appeals against the rulings relating to the years 2009, 2010 and 2013 and the appellate proceedings are currently pending;

(iv) as regards the proceeding relating to the year 2012, on February 2, 2023 SE was notified of the appellate ruling upholding the ruling of first instance denying of both VV's claim and SE's counterclaim. Both VV and SE, on March 17, 2023 and March 31, 2023, respectively, have filed an extraordinary appeal with the Supreme Court against the appellate ruling and the proceeding is pending.

Tax litigation in Brazil

ICMS - Ampla, Coelce and Eletropaulo

The States of Rio de Janeiro, Ceará and São Paulo issued a number of tax assessments against Ampla Energia e Serviços SA (for the years 1996-1999 and 2007-2017), Companhia Energética do Ceará (2003, 2004, 2006-2012, 2015, 2016 and 2018) and Eletropaulo (2008-2021), challenging the deduction of ICMS (Imposto sobre Circulação de Mercadorias e Serviços - tax on the circular of goods and services) in relation to the purchase of certain non-current assets. The companies challenged the assessments, arguing that they correctly deducted the tax and asserting that the assets, the purchase of which generated the ICMS, are intended for use in their electricity distribution activities. The companies are continuing to defend their actions at the various levels of adjudication.

The estimated amount involved in the proceeding at March 31, 2023 was about €103 million.

ICMS - Coelce

The State of Ceará has filed various tax assessments against Companhia Energética do Ceará SA over the years (for tax periods from 2015 to 2018), demanding the ICMS (Imposto sobre Circulação de Mercadorias e Serviços - tax on the circular of goods and services) on the subsidies paid by the Federal government against the regulatory discounts granted to certain consumers.

The company has appealed the individual assessments, defending its actions at the various levels of jurisdiction.

The estimated amount involved in the proceeding at March 31, 2023 was about €62 million.

PIS/COFINS - Eletropaulo

Starting from June 2017, the Federal Tax Authority served a number of tax assessment notices against Eletropaulo (for the 2013-2018 tax periods) contesting the offsetting of tax credits relating to social security contributions (PIS and CO-FINS), requesting the payment of those contributions.

The tax authorities argue that the company has claimed PIS and COFINS credits for the purchase of goods and services that cannot be considered fiscally relevant since they are not essential for the distribution of electricity. Furthermore, it disputes the claim of a tax credit associated with "non-technical" losses on the electricity purchased.

The company has promptly defended the accuracy of its calculations in the various levels of jurisdiction and argued the validity of the offsets claimed.

The estimated amount involved in the proceeding at March 31, 2023 was about €52 million.

14. Subsequent events

Enel Perú signs an agreement to sell its distribution, supply and advanced energy services' assets to CSGI

On April 7, 2023, Enel Perú SAC, a subsidiary of Enel SpA controlled through Enel Américas SA, signed an agreement with the Chinese company China Southern Power Grid International (HK) Co. Ltd (CSGI) to sell the entire equity stakes held by Enel Perú in power distribution and supply company Enel Distribución Perú SAA and in Enel X Perú SAC, the latter providing advanced energy services.

The agreement establishes that CSGI will acquire Enel Perú's equity stakes in Enel Distribución Perú SAA (equal to around 83.15% of the share capital) and Enel X Perú SAC (equal to 100% of the share capital), for a total consideration of around \$2.9 billion, equivalent to an enterprise value of about \$4 billion (on a 100% basis).

DECLARATION OF THE FINANCIAL REPORTING OFFICER OF ENEL SpA ON THE INTERIM FINANCIAL REPORT AT MARCH 31, 2023, PURSUANT TO THE PROVISIONS OF ARTICLE 154-BIS, PARAGRAPH 2, OF THE CONSOLIDATED LAW ON FINANCIAL INTERMEDIATION

Pursuant to Article 154-bis, paragraph 2, of Legislative Decree 58/1998, it is hereby certified that the accounting information contained in the Interim Financial Report at March 31, 2023, approved by Enel SpA Board of Directors on May 3, 2023, corresponds with that contained in the accounting documentation, books and records.

Rome, May 3, 2023

Enel SpA The officer responsible for the preparation of the Company financial reports (Alberto De Paoli)

Concept design and realization Gpt Group

Copy editing postScriptum di Paola Urbani

Publication not for sale

Edited by Enel Communications

Disclaimer This Report issued in Italian has been translated into English solely for the convenience of international readers

Enel Società per azioni Registered Office 00198 Rome - Italy Viale Regina Margherita, 137 Stock Capital Euro 10,166,679,946 fully paid-in Companies Register of Rome and Tax I.D. 00811720580 R.E.A. of Rome 756032 VAT Code 15844561009

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PRINCIPLES OF CONDUCT

MISSION

VALUES

Contents

1.

Report on Operations

Highlights

Foreword

Enel organizational model

Global Business Lines

Global Service Functions

Reference scenario

The macroeconomic environment

Change in consumer price index (CPI)

Exchange rates

Energy conditions

The commodity market

Electricity and natural gas markets

Developments in electricity demand

Electricity prices

Natural gas demand

Natural gas demand in Italy

Significant events in the 1st Quarter of 2023

Enel places new €1.75 billion of perpetual hybrid bonds to refinance some of its outstanding hybrid bonds

Enel launches a €1.5 billion sustainability-linked bond

Sale of thermal generation assets in Argentina

Enel signs agreement to sell its Romanian operations to PPC

Group performance

Operations

Net electricity generation by source (1st Quarter of 2023)

Net efficient installed capacity by source (at March 31, 2023)

Group performance

Revenue

Costs

Net results from commodity contracts

Ordinary gross operating profit

Gross operating profit

Ordinary operating profit

Operating profit

Profit/(Loss) from discontinued operations

Group ordinary profit

Group profit

Analysis of the Group's financial position and structure

Net capital employed and related funding

Net financial debt

Gross financial debt

Cash flows

Capital expenditure

Performance by primary segment (Business Line) and secondary segment (Geographical Area)

Results by primary segment (Business Line) for the 1st Quarter of 2023 and 2022

1st Quarter of 2023(1)

1st Quarter of 2022(1) (2) (3) (4)

Ordinary gross operating profit(1) (2)

Thermal Generation and Trading

Operations

Net electricity generation

Net efficient generation capacity

Performance

Revenue from thermal and nuclear generation

Revenue(1)

Ordinary gross operating profit/(loss)

Ordinary operating profit/(loss)

Capital expenditure

Enel Green Power

Operations

Net electricity generation

Net efficient generation capacity

Performance

Revenue(1)

Ordinary gross operating profit/(loss)

Ordinary operating profit/(loss)

Capital expenditure

Operations

Electricity transport