Enel — Interim / Quarterly Report 2025

Nov 13, 2025

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Nine months 2025 Consolidated results November 13[th] , 2025

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Nine months 2025 Consolidated results

Flavio Cattaneo Group’s CEO

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Execution of strategic priorities supports 2025 delivery

Financial Discipline and Selective Capital allocation are re-shaping Enel Assets’ Portfolio

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Ordinary Ordinary
Profitability, Steady EBITDA growth, higher predictability EBITDA Net Income
1 flexibility and and quality 17.3 €bn 5.7 €bn
resilience
1% yoy [1] 5% yoy [1]
~30%
Improved EBITDA conversion into Net +5 p.p.
2 Efficiency effectiveness and Income and cash (FFO) ~25%
2020-22 [2] FY2025E
Financial and Shareholder remuneration TSR
3 environmental Apr. 23- Nov. 25 [3]
sustainability +76%
84% emission free production
EBITDA
Net Income/
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1. 2024 Pro Forma. Pro Forma numbers are calculated excluding the perimeter of disposed assets (Perù and grids in Lombardy as full consolidated assets; Slovenske Elektrarne as equity consolidated perimeter effect) 2. Average, figures do not include disposed assets P&L impacts ( i.e. Open Fiber, Mooney, Gridspertise ). 3. From April 12[th] 2023 to November 4[th] 2025.

2

Enel Group Ordinary EBITDA: 9M 2025 overview by country

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EBITDA by geography (€bn)[1]

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17.1 17.3
4.5 4.5
4.0 4.2
8.8 8.7
9M 2024 9M 2025
Pro Forma
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Positive and resilient business evolution in Latam offset currencies dynamics Colombia reported a solid performance driven by a good water resource availability

Remarkable positive net cash flow in USA

“Other Countries” Renewables have been restructured and

reset as a growth platform

Strong Integrated business management supports economic and financial performance

Integrated business affected by lower hydro volumes versus 2024

2025 Ordinary EBITDA guidance confirmed , Net ordinary income expected slightly above the top end of guidance range

1. Rounded figures. Split does not include Other for -93 €mn in 2025 and -148 €mn in 2024.

3

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Nine months 2025 Consolidated results

Stefano De Angelis Group’s CFO

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9M 2025 delivering on Plan’s strategic pillars

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Capital allocation Group’s operations Sustainability
Financial and
Profitability, Efficiency and
1 2 3 environmental
flexibility and resiliency effectiveness
sustainability
Ordinary EBITDA
ND/EBITDA [1] (ltm)
1.2 €bn addressable
17.3 €bn
2.5x
cash-cost base
+1% yoy [1]
Emission free
Ordinary Net Income
2027 efficiency target production [2]
5.7 €bn
80% achieved 84%
+5% yoy [1]
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Solid business model with ample and flexible Balance-Sheet headroom to expand the Asset Base and afford an appealing shareholders’ remuneration

1. 2024 Pro Forma.

2. It considers nuclear and renewable production (consolidated & deconsolidated).

5

1

Steady execution of the Portfolio Strategy forges an increasingly resilient business model

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Industrial Plan execution delivers a substantial
improvement of the business results leveraging on:
Assets’ quality: returns visibility, balanced risk profile,
~90% Group Net Income stable and resilient business environment
~75% Group Ebitda (+10 p.p. [1] )
Assets’ profitability : focus on EBITDA conversion rate
into Cash Generation ( FFO ) and Net Income
EBITDA EBITDA
Contribution (€bn) [2]
Net Income
(€bn)
Rest of the 9M25
World
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Compared to 2020-22 average 2. Rounded figures.

6

2

Turning around the business foundations delivers a structural higher EBITDA conversion into sustained long-term returns

2020-22 Investment Cycle :

2023-27 New Investment Cycle: Focus on Countries with secured, visible returns

Focus on Latam and USA Renewables…

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Cumulated gross Capex
Groups’ EBITDA (€bn)
1.2 60% +10p.p. ~75%
1.0 On Grids ~65%
0.8 ~ 19 €bn ~ 23 €bn [2]
0.6
2020-22
0.4 2025-27
37.8€bn 38% of Group
0.2 ~35% Flat ~43 €bn EBITDA
~55% EU ~45% 0.0
Integrated ROW <2020 2023 Net Income/
Liberalized Market 75% EBITDA [1] ~25% +>5p.p. ~30%
Avg. 2025E
2020-22
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…delivering poor upside in RoW EBITDA contribution especially if matched with the related rise in Financial Cost and D&A

The turnaround of the business portfolio and a more efficient and effective allocation of Cash Cost (Investment+Opex) drive a sound EBITDA expansion

1. Average, adjusted figures excluding mainly non-recurring items 2. Mid point of the guidance range.

7

3

Improved Cash Conversion and strict Financial Discipline provide financial support for the SBB Programs: on track to complete ~2.5 €bnpport for the SBB Programs: on track to complete ~2.5 €bnort for the SBB Programs: on track to complete ~2.5 €bngrams: on track to complete ~2.5 €bnrams: on track to complete ~2.5 €bnplete ~2.5 €bnlete ~2.5 €bn

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support for the SBB Programs: on track to complete ~2.5 €bnpport for the SBB Programs: on track to complete ~2.5 €bnort for the SBB Programs: on track to complete ~2.5 €bngrams: on track to complete ~2.5 €bnrams: on track to complete ~2.5 €bnplete ~2.5 €bnlete ~2.5 €bn
Total [1] Total [2] Total
€bn1.0 Enel S.p.A €bn3.5 €bn1.0 Endesa €bn2.0 €bn0.4 [3] Enel Americas $bn0.4
2 [nd] tranche completed for 470 mn USD executed
1 €bn Share buy-back from
442 €mn (17 mln shares)
Aug. 1 [st] to Dec 31 [st] , 2025
Successful completion
3 [rd] tranche of 500 €mn with 279% acceptance
631 €mn already executed ongoing from October 15 [th]
Enel shareholding after the
2025 to February 28 [th ] 2026
cancellation of the shares
80.5 mn Shares purchased will equal to 85.7%
as of Nov 2025
Investing in own industrial assets
Improving EBITDA conversion into Net income
Higher economic interest in Endesa and
EAM increase Enel SpA EPS/DPS
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• Enel S.p.A SBB program approved on May 22[nd ] 2025: maximum 500 million shares, total outlay of up to 3.5 billion euros. 2. Endesa total SBB Framework Program 2 €bn, approved by the shareholders meeting on April 29[th] , 2025, 1[st] tranche for LTI purposes. 3.Exchange rate EUR/USD 1.1723, payment date October 1[st ] .

8

Solid set of results despite FX impacts above expectation and industry’s temporary headwinds

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EBITDA [1] (€bn) Net Income [1] (€bn) Net Debt (€bn)
Normalized
+3%
+1% +5% (0.6 €bn)
17.1 17.3
11.3 10.9
5.5 5.7 58.2 57.5
6.0 6.5
9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025
Pro Forma Pro Forma
Net Debt/
2.5x 2.5x
EBITDA (ltm)
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1. 9M 2024 restated, EBITDA split does not include Other for -221 €mn in 2024 and -130 €mn in 2025.

9

Acceleration on grid’s investments to sustain energy transition and foster future growth

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Grids
Grids’ share of
Capex (€bn) RAB (€bn)
Group’s EBITDA
+14% +1.3 €bn
6.5 €bn
4.7
4.1
1.1
1.0 38%
0.6
3.6
0.6 9M 2025
45.7
Europe 17.3 €bn 44.4
3.0 ~80% 62%
2.5 12.5 €bn FX
+3 p.p. [1]
exposed
9M 2024 1 9M 2025
9M 2024 9M 2025
Pro Forma
Italy 20.9 22.0 +5%
Grids investments up by 14%
Delivering on Strategic Plan priorities Iberia [2] 11.2 11.2 -
Latam 12.2 12.5 +2%
(€bn)
RAB
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1. 2024 Pro Forma, restated. 2. 2024 restated

10

Integrated strategy: greener asset base, coupled with world leading storage capacity and matched with the best-customer segmentspacity and matched with the best-customer segmentsacity and matched with the best-customer segmentsy and matched with the best-customer segments and matched with the best-customer segmentsgmentsments

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capacity and matched with the best-customer segmentspacity and matched with the best-customer segmentsacity and matched with the best-customer segmentsy and matched with the best-customer segments and matched with the best-customer segmentsgmentsments
Renewables
Integrated Business
EBITDA
9M 2024 9M 2025 BESS + PUMPING (GW) Flex. Gen
Capacity [[1]] 64.6 67.8 +3.2 &Wholesale Renewables
(GW) GW 11.5 22%
10.4
72% 72%
on total [[1]] 9M 2024 9M 2025 9M 2025 47%
10.9 €bn
6.7GWh (~1GW) BESS awarded in Italy
(MACSE auction), with delivery in 2028 Customers
31%
Customers
Power liberalized: B2C & SME Power B2C & SME sales (% on total)
-7% vs 2024 [3 ] on -1.5 TWh hydro
Sales (TWh) [[2]]
production in Italy and lower tax
52.6 52.2 9M 2024 9M 2025
incentives in US
23.1 23.5
41% +1 p.p. 42%
+2% vs 2024 [3 ] Lower EBITDA recorded
29.5 28.6 in Italy is more than offset by the
55% +12 p.p. 67%
improved performance in Iberia
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9M 2024 9M 2025 BESS + PUMPING (GW)
Capacity [[1]] +3.2
64.6 67.8
(GW) GW 11.5
10.4
RES production
72% 72%
on total [[1]] 9M 2024 9M 2025
6.7GWh (~1GW) BESS awarded in Italy
(MACSE auction), with delivery in 2028
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Customers
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Power liberalized: B2C & SME Power B2C & SME sales (% on total)
Sales (TWh) [[2]]
52.6 52.2 9M 2024 9M 2025
23.1 23.5
41% +1 p.p. 42%
29.5 28.6
55% +12 p.p. 67%
9M 2024 9M 2025
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1. 2024 Pro Forma. It includes consolidated and deconsolidated capacity 2. Gross of losses, rounded figures 3. 2024 Pro Forma

11

P&L breakdown: Ordinary net income/Ordinary EBITDA > 30%

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Net income evolution (€bn)

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Lower bad debt in
Europe for
around 0.4 €bn
17.3 -0.4 €bn non-cash M&A/
disposals , o/w -0.3 €bn
Slovenske equity reserves
(5.9) write-off
(2.0)
(2.6)
- 4.3 €bn Gross (1.1) (0.5)
Debt reduction yoy 5.7 5.2
- Lower cost of debt
Ordinary D&A Net financial Taxes Minorities Net ordinary Extr. items Reported
EBITDA and expenses 1 income net income
provisions
2024 ordinary net income [2]
∆ yoy +0.2 (0.1) +0.3 - (0.1) 5.5 +5%
Pro forma
+0.2
1. It includes income on equity
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1. Pro Forma

12

Cash Conversion and Debt Coverage confirmed as Top Pick in the Industry

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FFO (€bn)

Net Debt (€bn)

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Net Debt/
2.5x
EBITDA (ltm)
(3.8) €bn ΔWC
(0.55) €bn Δ Provisions
0.3 €bn Claw Back
(1.36) €bn Taxes ~ 0.9 €bn ΔWC Capex Total Shareholders’
remuneration: 7 €Bn
FFO/ND
17.3 25%
(ltm) 57.5
(1.9) 55.8 (2.5) 5.9
11.1 (2.6) 1.1
(2.6)
(1.7) 8.5
Cash 8.5
Capex
FFO-Capex 2.5
Ordinary ∆ ∆NWC Financial FFO Dec. 31, FFO-Capex Other Shares Dividends Sept. 30,
EBITDA Provisions Adj. expenses Adjusted 2 2024 Changes buyback paid 2025
& Taxes 1
Rounded figures
1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks & charges).
2. FFO adjusted excludes: (i) NWC change related to Capex Payables, included in the capital expenditure and (ii) one-off items related to relevant previous years’ accrual (Claw-back cash-out refers to H1 ‘23 accrual)
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13

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9M 2025 Consolidated results

Annexes

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9M 2025 consolidated results

Macroscenario

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	GDP(%)	GDP(%)	CPI(%)	CPI(%)	FX against €(January-Sept avg)	FX against €(January-Sept avg)	Spot Price (€/MWh)1	Spot Price (€/MWh)1	Electricity Demand(TWh)	Electricity Demand(TWh)
	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024
Italy	0.57	0.48	1.79	1.00	-	-	116.42	102.15	233.27	236.01
Iberia	2.91	3.38	2.54	3.06	-	-	63.92	52.40	193.94	192.57
Rest of World	-	-	-	-	-	-	-	-	-	-
Latin & Central America	-	-	-	-	-	-	-	-	-	-
Brazil	2.20 3.30		5.20 4.22		6.32 5.70		33.83 17.72		564.88 560.31
Chile	2.53 2.13		4.47 4.19		1,070.47 1,018.71		60.21 48.77		63.64 64.51
Argentina	5.28(2.66)		48.83 262.74		1,612.69 1,082.30		- -		110.02 110.27
Mexico	0.68 1.47		3.85 4.80		21.80 19.29		- -		- -
Colombia	2.33 1.60		5.09 7.08		4,619.42 4,330.13		53.65 173.76		62.58 61.61
USA & Canada	-	-
USA	1.77 1.32	2.93 1.31	2.69 2.01	3.03 2.56	1.12 1.56	1.09 1.48	- -	- -	3,436.25 -	3,375.61 -
Canada
Other Countries	-	-	-	-	-	-	-	-	-	-
Peru	3.19	2.95	1.53	2.45	4.06	4.08	25.91	28.75	45.65	44.74
India	7.40	6.82	2.72	4.71	96.87	90.67	-	-	-	-
Australia	1.69 0.95		3.20 2.80		1.75 1.64		- -		-	-
South Africa	0.97 0.56		3.10 4.94		20.28 20.08		- -		-	-

1.As of September 30[th] , 2025

15

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9M 2025 consolidated results

Group consolidated net capacity: breakdown by technology and geography

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Solar &
MW Hydro Wind Geothermal BESS Nuke Oil & Gas Coal CCGT TOTAL
Other
Italy 12,995 874 776 447 1,688 - 1,633 4,160 5,507 28,081
Iberia 5,369 3,001 - 2,669 11 3,328 2,293 241 5,445 22,357
Rest of World 9,957 11,972 83 9,683 1,667 - 821 226 1,468 35,878
Latin America 9,957 5,301 83 5,459 210 - 497 226 1,468 23,201
Brazil 1,272 3,506 - 1,845 - - - - - 6,622
Chile 3,665 903 83 2,084 203 - 497 - 1,468 8,902
- - - - - - - -
Argentina 1,328 1,328
Mexico 52 893 - 220 - - - - - 1,164
1
Colombia and CAM 3,640 - - 1,310 7 - - 226 - 5,184
USA & Canada - 6,296 - 3,867 1,457 - - - - 11,620
USA - 5,933 - 3,867 1,457 - - - - 11,258
Canada - 363 - - - - - - - 363
Other Countries - 375 - 357 - - 325 - - 1,057
Peru - - - - - - 325 - - 325
Europe and Africa 2 - 203 - 357 - - - - - 560
Asia and Oceania3 - 172 - - - - - - - 172
Total 28,321 15,848 860 12,799 3,367 3,328 4,747 4,627 12,420 86,316
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1. Includes Panama, Guatemala and Costa Rica. 2. Includes Germany, South Africa and Zambia. 3. Includes India

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9M 2025 consolidated results

Group consolidated net production: breakdown by technology and geography

	GWh		Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy			13,102	904	3,909	548	-	99	837	3,899	23,298
Iberia			6,885	4,124	-	2,887	19,065	3,242	89	10,085	46,377
Rest of World			26,604	27,882	81	11,581	-	862	169	4,299	71,478
Latin America			26,604	12,923	81	5,918	-	655	169	4,299	50,649
Brazil			3,410	10,047	-	1,970	-	-	-	-	15,427
Chile			7,998	1,545	81	2,288	-	655	-	4,299	16,866
Argentina			1,890	-	-	-	-	-	-	-	1,890
Mexico			112	1,331	-	370	-	-	-	-	1,813
Colombia and CAM 1			13,195	-	-	1,290	-	-	169	-	14,654
USA & Canada			-	14,346	-	5,300	-	-	-	-	19,646
USA			-	13,549	-	5,300	-	-	-	-	18,849
Canada			-	797	-	-	-	-	-	-	797
Other Countries			-	612	-	364	-	208	-	-	1,184
Peru			-	-	-	-	-	208	-	-	208
Europe and	Africa	2	-	439	-	364	-	-	-	-	803
Asia and Oceania		3	-	173	-	-	-	-	-	-	173
Total			46,590	32,911	3,990	15,016	19,065	4,203	1,095	18,283	141,153

1. Includes Panama, Guatemala and Costa Rica. 2. Includes Germany, South Africa and Zambia. 3. Includes India

17

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9M 2025 consolidated results

Group total additional capacity[1] : breakdown by technology and geography

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MW	Hydro	Wind	Geothermal	Solar & Other	BESS	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	1	-	-	10	514	-	-	-	798	1,323
Iberia	623	108	-	177	5	-	-	-	-	914
Rest of World	-	-	-	300	-	-	-	-	-	300
Latin America	-	-	-	300	-	-	-	-	-	300
Brazil	-	-	-	-	-	-	-	-	-	-
Chile	-	-	-	33	-	-	-	-	-	33
Argentina	-	-	-	-	-	-	-	-	-	-
Mexico	-	-	-	-	-	-	-	-	-	-
Colombia and CAM	-	-	-	267	-	-	-	-	-	267
USA & Canada	-	-	-	-	-	-	-	-	-	-
USA	-	-	-	-	-	-	-	-	-	-
Canada	-	-	-	-	-	-	-	-	-	-
Other Countries	-	-	-	-	-	-	-	-	-	-
Peru	-	-	-	-	-	-	-	-	-	-
Europe and Africa	-	-	-	-	-	-	-	-	-	-
Asia and Oceania	-	-	-	-	-	-	-	-	-	-
Total	624	108	-	487	519	-	-	-	798	2,537

1.Excludes JV and stewardship capacity

18

9M 2025 consolidated results

Pipeline

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Renewable projects in execution: breakdown by technology and geography[1]

2025-27 Additional capacity target[2]

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Solar &
MW Wind Hydro Geothermal BESS Total
Other
Italy - 2 - 12 802 816
Iberia 24 8 - 572 5 608
Rest of World 336 2 - 654 568 1,561
Latin America - 2 - 556 548 1,107
North America - - - - - -
Other Countries 336 - - 98 20 454
Total 360 11 - 1,238 1,375 2,985
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3.0
 12 GW
7.2
1.7
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Added capacity Capacity in execution Residual target

Total ~ 90GW Pipeline[3]

• 1.It Includes consolidated, JV and stewardship capacity

• It includes both renewables and BESS

• 3.Of which 20.5 GW of BESS

19

9M 2025 consolidated results

Mature pipeline[1]

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By geography[[2]]

By COD

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By technology By geography [[2]] By COD
4% 2%
13% 10%
18%
37%
59.4 GW 59.4 GW 14% 59.4 GW
28%
59%
27% 88%
Wind 2026
Solar Italy USA & Canada 2027
Iberia Other countries >2027
Hydro & Other
Latam and Central America
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2.Latin America includes Argentina, Brazil, Chile, Mexico, Colombia, Guatemala and Panama; other countries include Germany, India, Morocco, South Africa, Tunisia and Zambia

1.It excludes BESS mature pipeline

20

9M 2025 consolidated results

Enel Grids KPIs[1]

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	Electricity distributed(TWh)	Electricity distributed(TWh)	Grid customers(mn)	Grid customers(mn)	Smart meters(mn)	Smart meters(mn)
	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024
Italy	156.1	163.0	31.2	31.9	31.1	31.8
Iberia	109.0	105.7	12.7	12.6	12.6	12.5
Rest of World	90.6	94.6	25.1	24.7	2.3	1.6
Latin America	90.6	90.9	25.1	24.7	2.3	1.6
Brazil Chile Argentina Colombia	54.8	54.8	16.1	15.9	1.9	1.1
	10.9	11.1	2.2	2.2	0.4	0.4
	13.5	13.5	2.8	2.7	0.0	0.0
	11.5	11.5	4.0	3.9	0.1	0.1
Other Countries	-	3.7	-	-	-	-
Peru Europe & Africa	-	3.7	-	-	-	-
	-	-	-	-	-	-
Total	355.7	363.3	69.0	69.2	45.9	45.8

1. 9M 2024 restated figures. 2025 figures after the disposal of Enel Perú and grids in Lombardy (Italy).

21

9M 2025 consolidated results

Enel X Global Retail: Retail KPIs[1]

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Power Gas
Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc)
9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024
Italy 13.9 14.8 43.2 56.7 4.0 4.0 2.0 2.4
Iberia 9.7 10.2 56.6 56.5 1.7 1.8 2.1 2.4
Rest of World 25.0 24.6 88.3 95.6 0.0 0.0 0.2 0.2
Latin America 25.0 24.6 88.3 90.7 0.0 0.0 0.2 0.2
Other Countries - - - 4.8 - - - -
Total 48.6 49.6 188.1 208.7 5.7 5.8 4.3 5.0
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1.9M 2024 restated figures. 2025 figures after the disposal of Enel Perú.

22

9M 2025 consolidated results

Enel X Global Retail[1] : Enel X

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	Enel X	Enel X	Enel X	Enel X	Enel X	Enel X	Enel X	Enel X
	Public Charging points(k)		Street lighting (mn)		Storage (MW)		Demand Response(GW)
	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024
Italy	23.7	21.3	1.6	1.6	-	-	0.8	0.6
Iberia	6.6	6.1	0.2	0.2	-	-	0.1	0.1
Rest of World	1.1	1.0	1.1	1.1	11	119	9.0	8.4
Brazil	-	-	0.3	0.3	-	-	-	-
Chile	1.0	1.0	0.4	0.4	-	-	0.0	0.0
Colombia	0.0	0.0	0.4	0.4	-	-	0.0	0.0
USA & Canada	-	-	-	-	-	108	4.6	4.5
Other Countries	-	-	-	-	11	11	4.3	3.9
Total	31.3	28.4	2.9	2.9	11	119	9.9	9.1

1.Rounded figures. 9M 2024 restated figures.

23

9M 2025 consolidated results

Capex[1] (€mn)

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	Global Generation & Trading	Global Generation & Trading	Enel Grids	Enel Grids	Renewable Energies	Renewable Energies	Enel X Global Retail	Enel X Global Retail	Services & Other	Services & Other	Total	Total
	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	2 9M 2024	9M 2025	9M 2024	9M 2025	9M 2024
Italy	90	190	3,031	2,534	392	609	319	402	103	137	3,935	3,873
Iberia	161	189	619	603	204	261	210	237	14	11	1,208	1,301
Rest of World	77	65	1,088	1,082	452	1,352	18	44	2	8	1,637	2,552
Latin America	75	54	1,088	1,021	375	687	13	15	2	8	1,553	1,784
Brazil Chile Argentina Mexico Colombia & CAM	0	0	680	636	80	346	1	5	1	1	762	989
	68	48	90	84	60	233	1	2	1	7	219	374
	-	-	136	99	0	0	-	-	-	-	137	99
	1	(0)	-	-	13	16	-	-	-	-	13	16
	7	6	182	201	221	92	11	7	-	-	421	307
USA & Canada	1	0	-	-	68	651	3	16	-	0	72	667
Other Countries	1	12	-	61	10	14	2	14	-	(0)	13	100
Peru Europe & Africa Asia & Oceania	1	12	-	61	-	9	-	12	-	(0)	1	94
	-	-	-	-	9	3	-	-	-	-	9	3
	-	-	-	-	1	2	2	2	-	-	3	4
Others and adjustments	0	0	0	0	5	7	26	29	27	28	58	65
Total	328 445		4,738	4,220	1,054	2,229	572	712	145	185	6,838	7,790

1.Rounded figures. 9M 2024 restated figures, it includes capex related to asset classified as HFS for 2 €mn in 9M 2025 and for 188 €mn in 9M 2024

24

9M 2025 consolidated results

Asset development Capex[1] (€mn)

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	Global Generation & Trading	Global Generation & Trading	Enel Grids	Enel Grids	Renewable Energies	Renewable Energies	Enel X Global Retail	Enel X Global Retail	Services & Other	Services & Other	Total	Total
	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	2 9M 2024	9M 2025	9M 2024	9M 2025	9M 2024
Italy	50	161	1,614	1,269	255	511	56	96	76	129	2,052	2,167
Iberia	15	7	162	175	159	196	14	27	0	0	350	406
Rest of World	1	3	338	292	299	1,204	1	23	1	6	640	1,528
Latin America	1	3	338	286	262	577	1	8	1	6	604	880
Brazil Chile Argentina Mexico Colombia & CAM	0	0	237	208	44	313	(5)	3	-	-	276	524
	1	3	27	10	25	192	1	2	1	6	54	213
	-	-	23	15	-	-	-	-	-	-	23	15
	-	-	-	-	0	4	-	-	-	-	0	4
	0	0	52	53	192	68	6	3	-	-	250	124
USA & Canada	-	-	-	-	31	618	0	3	-	-	31	621
Other Countries	-	(0)	-	6	6	9	-	12	-	-	6	27
Peru Europe & Africa Asia & Oceania	-	(0)	-	6	-	8	-	12	-	-	-	26
	-	-	-	-	6	1	-	-	-	-	6	1
	-	-	-	-	0	0	-	-	-	-	0	0
Others and adjustments	-	-	0	-	4	3	25	27	2	1	31	31
Total	66 171		2,114	1,737	716	1,915	97	173	79	137	3,073	4,132

1.9M 2024 restated figures, Rounded figures

25

9M 2025 consolidated results

Revenues[1] (€mn)

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	Global Generation & Trading	Global Generation & Trading	Enel Grids	Enel Grids	Renewable Energies	Renewable Energies	~~2~~ Enel X Global Retail	~~2~~ Enel X Global Retail	Services & Other	Services & Other	Total	Total
	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024
Italy	13,865	9,398	6,654	6,071	3,075	3,120	13,213	17,189	(6,787)	(10,614)	30,020	25,164
Iberia	5,631	5,464	1,881	1,918	948	993	12,428	11,942	(4,976)	(4,563)	15,912	15,754
Rest of World	1,718	1,942	8,234	10,190	4,494	5,215	558	591	(1,096)	(1,160)	13,908	16,778
Latin America	1,641	1,728	8,234	8,448	3,459	3,825	283	286	(1,055)	(1,039)	12,562	13,248
Brazil Chile Argentina Mexico Colombia & CAM	756	571	4,747	4,858	655	694	53	51	(594)	(508)	5,617	5,666
	627	794	1,186	1,245	1,627	1,849	106	110	(442)	(500)	3,104	3,498
	-	1	965	903	31	32	-	6	-	(1)	996	941
	75	95	-	-	151	174	2	3	(9)	(20)	219	252
	183	267	1,336	1,442	995	1,076	122	116	(10)	(10)	2,626	2,891
USA & Canada	30	67	-	-	954	1,125	154	144	(39)	(37)	1,099	1,299
Other Countries	47	147	-	1,742	81	265	124	164	1	(78)	253	2,240
Peru Europe & Africa Asia & Oceania	47	147	-	1,742	-	160	-	23	-	(78)	47	1,994
	-	-	-	-	71	96	49	60	-	-	120	156
	-	-	-	-	10	9	75	81	-	-	85	90
RoW elisions	-	-	-	-	-	-	(3)	(3)	(3)	(6)	(6)	(9)
Others and adjustments	(1)	7	11	20	9	17	23	47	(180)	(153)	**(138) **	(62)
Total	21,213 16,811		16,780 18,199		8,526 9,345		26,222 29,769		(13,039) (16,490)		59,702	57,634

1.9M 2024 restated figures, Rounded figures

26

9M 2025 consolidated results

Reported EBITDA[1] (€mn)

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	Global Generation & Trading	Global Generation & Trading	Enel Grids	Enel Grids	Renewable Energies	Renewable Energies	Enel X Global Retail	Enel X Global Retail	Services & Other	Services & Other	Total	Total
	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	~~2~~ 9M 2024	9M 2025	9M 2024	9M 2025	9M 2024
Italy	1,196	1,549	3,401	2,961	1,857	2,046	2,273	2,313	16	2	8,743	8,871
Iberia	1,173	995	1,335	1,399	712	732	940	865	6	(187)	4,166	3,804
Rest of World	(335)	42	1,772	3,122	2,549	2,929	116	72	(48)	(97)	4,054	6,068
Latin America	3	(60)	1,772	1,778	1,887	1,993	102	115	(35)	(91)	3,729	3,735
Brazil Chile Argentina Mexico Colombia & CAM	(2)	(1)	1,041	1,156	361	446	11	7	(16)	(25)	1,395	1,583
	(17)	(58)	107	63	760	895	56	61	(17)	(65)	889	896
	-	1	125	35	23	13	-	3	(1)	(1)	147	51
	7 15	2 (4)	- 499	- 524	57 686	58 581	- 35	(1) 45	- (1)	- -	64	59
											1,234	1,146
USA & Canada	(17)	(12)	-	-	621	714	7	(53)	(1)	(5)	610	644
Other Countries	(321)	114	-	1,344	41	222	7	10	(12)	(1)	(285)	1,689
Peru Europe & Africa Asia & Oceania	20	114	-	1,344	-	161	(1)	11	(12)	(1)	7	1,629
	(341)	-	-	-	35	60	3	2	-	-	(303)	62
	-	-	-	-	6	1	5	(3)	-	-	11	(2)
Others and adjustments	4	-	14	2	(7)	(22)	14	27	(118)	(155)	**(93) **	(148)
Total	2,038	2,586	6,522	7,484	5,111	5,685	3,343	3,277	(144)	(437)	16,870	18,595

1.9M 2024 restated figures, Rounded figures

27

9M 2025 consolidated results

Ordinary EBITDA[1] (€mn)

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	Global Generation & Trading	Global Generation & Trading	Enel Grids	Enel Grids	Renewable Energies	Renewable Energies	Enel X Global Retail	Enel X Global Retail	Services & Other	Services & Other	Total	Total
	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	2 9M 2024	9M 2025	9M 2024	9M 2025	9M 2024
Italy	1,196	1,549	3,401	2,961	1,857	2,046	2,273	2,313	16	2	8,743	8,871
Iberia	1,173	995	1,335	1,362	712	732	940	865	6	16	4,166	3,970
Rest of World	7	(2)	1,780	1,885	2,557	2,864	136	92	(34)	(83)	4,446	4,756
Latin America	4	(60)	1,780	1,780	1,892	1,993	123	115	(33)	(77)	3,766	3,751
Brazil Chile Argentina Mexico Colombia & CAM	(2)	(1)	1,043	1,156	362	446	11	7	(16)	(25)	1,398	1,583
	(16)	(58)	110	64	762	895	57	61	(15)	(51)	898	911
	-	1	127	35	23	13	-	3	(1)	(1)	149	51
	7 15	2 (4)	- 500	- 525	57 688	58 581	- 55	(1) 45	- (1)	- -	64	59
											1,257	1,147
USA & Canada	(17)	(12)	-	-	624	714	6	(33)	(1)	(5)	612	664
Other Countries	20	70	-	105	41	157	7	10	-	(1)	68	341
Peru Europe & Africa Asia & Oceania	20 - -	70 - -	- - -	105 - -	- 35 6	96 60 1	(1) 3 5	11 2 (3)	- - -	(1) - -	19	281
											38	62
											11	(2)
Others and adjustments	5	-	13	2	(7)	(22)	14	27	(118)	(155)	**(93) **	(148)
Total	2,381	2,542	6,529	6,210	5,119	5,620	3,363	3,297	(130)	(220)	17,262	17,449

1.Ordinary figures, It excludes extraordinary items in 9M 2025 (-392 €mn: -341 €mn release of equity reserves after Slovenské Elektrarne closing, -16€mn corporate restructuring plan and value adjustments and -35 Impairment and other) and in 9M 2024 (+1,146 €mn: -202 €mn solidarity contribution Spain, +1.332 €m Perú, +16 €mn impairment and other).

28

9M 2025 consolidated results

Reported EBIT[1 ] (€mn)

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	Global Generation & Trading	Global Generation & Trading	Enel Grids	Enel Grids	Renewable Energies	Renewable Energies	Enel X Global Retail	Enel X Global Retail	Services & Other	Services & Other	Total	Total
	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	9M 2024	9M 2025	~~2~~ 9M 2024	9M 2025	9M 2024	9M 2025	9M 2024
Italy	1,046	1,377	2,323	1,899	1,529	1,793	1,681	1,494	(47)	(49)	6,532	6,513
Iberia	729	586	721	823	425	498	576	472	(24)	(216)	2,427	2,163
Rest of World	(381)	(8)	921	2,308	1,640	2,173	69	(50)	(57)	(105)	2,192	4,318
Latin America	(36)	(92)	921	1,002	1,436	1,586	71	92	(36)	(74)	2,356	2,514
Brazil Chile Argentina Mexico Colombia & CAM	(5)	(1)	469	628	225	309	(2)	(0)	(21)	(28)	666	906
	(35)	(73)	49	12	543	730	49	60	(14)	(45)	593	684
	(0)	1	(2)	(63)	23	8	(0)	3	(1)	(1)	20	(52)
	7	2	-	-	36	38	(0)	(1)	0	(0)	43	39
	(3)	(20)	405	426	609	501	24	30	(0)	0	1,035	936
USA & Canada	(18)	(15)	-	-	187	400	(5)	(141)	(0)	(5)	164	239
Other Countries	(327)	99	-	1,306	17	187	3	(1)	(21)	(26)	(328)	1,566
Peru Europe & Africa Asia & Oceania RoW Elisions	14	99	-	1,306	(0)	150	(1)	7	(12)	(1)	1	1,562
	(341)	-	-	-	14	39	2	(2)	(0)	(0)	(326)	38
	-	- -	- -	- -	3 -	(2) -	2 -	(6) (0)	(0) (9)	(0) (26)	5	(8)
	-										(9)	(26)
Others and adjustments	5	(0)	11	1	(40)	(34)	(28)	(17)	(173)	(216)	**(226) **	(267)
Total	1,399	1,955	3,976	5,030	3,554	4,430	2,297	1,899	(302)	(586)	10,924	12,728

1.9M 2024 restated figures, Rounded figures

29

9M 2025 consolidated results

From EBITDA to net income[1] (€mn)

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9M 2025 9M 2024 9M 2025 9M 2024
∆ yoy ∆ yoy
reported reported ordinary ordinary
EBITDA 16,870 18,595 -9.3% 17,262 17,449 -1.1%
D&A (5,946) (5,867) (5,853) (5,804)
EBIT 10,924 12,728 -14.2% 11,409 11,645 -2.0%
Net financial charges (2,045) (2,310) (1,995) (2,310)
Net income from equity investments using equity method (41) (6) (12) 194
EBT 8,838 10,412 -15.1% 9,402 9,529 -1.3%
Income tax (2,567) (3,403) (2,629) (2,676)
Net income 6,271 7,009 6,773 6,853
Minorities (1,035) (1,139) (1,070) (1,007)
- - - -
Discontinued operations
Group net income 5,236 5,870 -10.8% 5,703 5,846 -2.4%
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1.Rounded figures

30

9M 2025 consolidated results

Gross debt[1] structure

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By currency
By currency Interest rate composition
After swap
50%
17%
85%
67.7 €bn 67.7 €bn 67.7 €bn
3%
5%
4%
3%
3% 8% 83%
1%
38%
EUR USD BRL CLP
COP CHF GBP Other Floating Fixed + Hedged
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Long term credit ratings

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Rating Outlook
S&P BBB Stable
Moody’s Baa1 Stable
Fitch BBB+ Stable
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1. In nominal terms

31

9M 2025 consolidated results

Debt structure by instrument (€bn)

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EGP SpA and LATAM and
Rest of the USA and
Debt by instrument Enel Spa EFI Central Italy Iberia Central RoW-Other Total
World Canada
Others America
Bonds 2.21 41.95 - - 0.01 3.92 3.31 0.61 - 48.09
Bank Loans 1.30 0.40 0.14 4.02 5.66 4.48 3.5 0.90 0.08 16.00
Tax Partnership - - - - - 0.21 0 0.21 - 0.21
Other Loans - - 0.01 0.60 0.92 1.41 0.63 0.77 0.01 2.94
Other short term debt 0.03 0.11 - 0.15 0.03 0.40 0.35 - 0.05 0.72
Commercial Paper - - - - 0.64 0.61 - 0.61 - 1.25
Gross debt 3.54 42.46 0.15 4.77 7.26 11.03 7.79 3.10 0.14 69.21
Financial Receivables - -0.48 -0.96 -0.20 -0.60 -1.07 -0.99 -0.01 -0.07 -3.31
Tariff Deficit - - - - -0.67 - - - - -0.67
Other short term financial receivables -0.49 -1.46 - -0.09 -0.19 -0.50 -0.32 -0.11 -0.07 -2.73
Cash and cash equivalents -2.14 -0.02 -0.35 -0.48 -0.20 -1.77 -1.31 -0.33 -0.13 -4.96
Net Debt – Third Parties 0.91 40.5 -1.16 4.00 5.60 7.69 5.17 2.65 -0.13 57.54
Net Debt – Intercompany 20.8 -48.52 4.09 18.69 3.52 1.42 1.31 - 0.11 -
Net Debt – Group View 21.71 -8.02 2.93 22.69 9.12 9.11 6.48 2.65 -0.02 57.54
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32

9M 2025 consolidated results

Debt maturity coverage split by typology[1] (€bn)

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Available liquidity

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32.9
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8.2
5.0
Bonds Bank Loans and Others
23.2 €bn
18.2 2.7 8.8 8.2 8.3 6.3 24.7
3.4 2.6 2.9
1.3
Available committed 0.7 5.4 5.6 5.4 5
credit lines [1] 2
Cash 2025 2026 2027 2028 2029 After 2029
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1.Of which 17.9 €bn of long term committed credit lines with maturities beyond September 2026

2.Short Term not included (+1.25 €bn Commercial paper, +0.72 €bn, other short term)

33

9M 2025 consolidated results

Balance sheet (€mn)

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9M 2025 FY 2024 Δ%
Net financial debt 57,535 55,767 +3.2%
Shareholders' equity 49,788 49,171 +1.3%
Net capital employed 107,323 104,938 +2.3%
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34

9M 2025 consolidated results

Headcount

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9M 2025 FY 2024 Δ%
Generation and Trading 4,745 5,105 -7.1%
Enel Green Power 7,328 8,269 -11.4%
Grids 34,492 32,214 +7.1%
1
Enel X Global Retail 6,767 7,944 -14.8%
Others and adjustments 1 7,860 6,827 +15.1%
Total 61,192 60,359 +1.4%
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35

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9M 2025 consolidated results - Disclaimer

This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.’s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. Certain numbers in this presentation are rounded, while certain figures may have been restated. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries.

Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Stefano De Angelis, declares that the accounting information contained herein correspond to document results, books and accounting records.

36

Contact us

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Omar Al Bayaty Head of Group Investor Relations

Serena Carioti – Equity and Credit Analysts Noemi Tomassi Esteci Yamil Medina Luciano

Paolo Germiniani - Equity Investors and Reporting

Davide Abete

Danielle Ribeiro da Encarnação Alessandro Taddei

Federico Baroncelli - Fixed Income Investors and ESG Alessia Accili Bianca Brancati Jaime Andres Rodrigues Perez Emanuele Toppi

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Contacts

Email investor.relations@enel.com Phone +39 06 8305 7975

Investor Relations App

iOS

Android

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Website

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Enel.com

37