Enel — Investor Presentation 2019

Nov 26, 2019

Capital Markets Day

Strategic Plan 2020-22

Agenda

Francesco Starace CEO & General Manager	Our positioning
	Sustainability = Value. Our delivery over time
	Our vision
Alberto De Paoli Chief Financial Officer	2020-2022	Our vision in numbers
		Financial management & Sustainable finance
	Strategic plan	De-risking long term targets
		Earnings & targets

Francesco Starace Closing remarks

Capital Markets Day

Strategic Plan 2020-22

Francesco Starace CEO & General Manager

Our positioning

A sustainable and fully integrated business model delivering value for shareholders

4

1. Socially Responsible Investors as of July 2019

Enel's leadership in the new energy world

1. By number of end users. Publicly owned operators not included

2. By installed capacity. Includes managed capacity for 3.4 GW

3. Including customers of free and regulated power and gas markets

Sustainability = Value Our delivery over time

A sustainable business model that has delivered growth and improved visibility

Asset development & customer

Other

EBITDA 19.1% 26.7%

We have focused our capital allocation on renewables…

46 GW Installed capacity¹ 37 GW Installed capacity 2015 2019E >1.2k plants 31 Countries 3 GW Built capacity 11% EBITDA/CAPEX 1 GW Built capacity 11% EBITDA/CAPEX …to become the world leader in renewables

Grid expansion and digitalisation have driven efficiencies and created value

We focused on customers and platforms to seize future opportunities

• 1. Retail free power market, excluding energy sold through PPA in Latin America. Regulated customers: 38.4mn in 2015 and 47.8mn in 2019E
• 1. Calculated on Gas and Power free market

A pervasive innovation and digitalisation process drives change in our organization

1. Digitalization capex

Sustainability=Value

Delivery on strategic pillars

1. Including managed capacity for 3.4 GW

2. Plan 2015-19 pro forma, does not include large hydro

3. Asset rotated in the period on invested capital

Value creation and shareholders remuneration

Our vision

Our strategy addresses dynamically the evolution of sector trends

Our vision

Global outlook: decarbonisation through new renewable capacity and services

1. Source: BNEF NEO 2019, BNEF long term energy storage

Our

vision

Global Power Generation: a new global business line to accelerate decarbonisation

1. Excluding nuclear and managed capacity. Nuclear EBITDA in 2019E c.500 €mn.

Our vision

Phasing out of coal production over the plan period and beyond… 120.0

2020-22 GROWTH CLUSTERS	GW
Fleet decarbonisation in Italy, Spain and Chile	5.4
Development through PPA mainly in Brazil and US	5.1
Other developments in countries of presence / new markets	1.1
Development in new markets through JVs	2.5
TOTAL	14.1

Further acceleration of renewable additions fueled by organic development

The largest and most diversified pipeline of the industry is fueling future growth ambitions

Our vision

High level visibility on deployment goals

2020-22 Renewables growth¹ : addressed share vs pipeline² (GW)

Our vision

Strategy strongly supports our path towards full decarbonisation by 2050

1. Scope 1 by 2030, consistent with the Well Below 2C pathway of the Science Based Target Initiative and the IEA B2DS scenario

2. Scope 3 related to gas retail activities by 2030, consistent with the 2C pathway of the Science Based Target Initiative

0.00

0.20

0.40

0.60

0.80

1.00

1.20

Global outlook: electricity is winning the energy battle

35.0 40.0

Retail will position ahead of electrification trends, paving the way for further growth

10 12

26

200.0

New services enable decarbonisation and electrification of consumption

Global outlook: networks as the backbone of a sustainable electric system

28

33

2018 2040

0 10 20

DSO role stands out as pivotal in the transition: a key enabler and a unique value creation opportunity

1. Source: World Energy Investment and WEO

2. Internal elaborations on WEO data.

Our vision

Development of Infrastructure and Networks centered on digitalisation, quality and efficiency

Smart meters (mn)

Towards a platform company

A fully sustainable capex plan

Sustainable, profitable, digitalised and customer centric

		2015	2019E	2022
Renewables focus	RES capacity/Total capacity1 Owned	41%	50%	60%
CO Footprint 2	Specific CO emissions g/kWh 2	409	319	220
Coal power plants	#	19	14	7
Networks end users	mn	61	73	75
Smart meters 2.0	mn	-	13.1	28.8
Retail customers	mn in the free market2	17	23	35
Demand response	GW	-	6.3	10.1
Charging points	'000	-	82	736

Purpose driven strategy promotes sustainable value creation for shareholders

Our vision

2020-2022 Strategic Plan

Strategic plan at a glance

Focus on profitability, value creation and balance sheet

2020-2022 Our vision in numbers

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Organic capex up by 11% to pursue strategic vision

Sound EBITDA growth reflecting strategic priorities…

Platforms 1. 2019-21 Proforma to include IFRS 16

1. EBITDA 2022 includes -100 €mn related to Holding

…supported by ongoing delivery and focus on efficiencies

Profitability of generation enhanced by decarbonisation

Conventional generation focuses on flexibility and efficiencies

42

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Renewable capex tailored to maximise economic value of decarbonisation

Renewable capex to maximise economic value of decarbonisation

Higher share of organic capex increases EBITDA evolution

Retail EBITDA growth due to platformisation and related activities

Networks capex focused on quality and efficiencies

1. Calculated as weighted average on end users

2. Quality on services rewards/penalties and losses reduction economic impact on gross margin

Infrastructure & networks set to improve cash generation

1. Excluding Argentina

2. Including not unbundled activities in Latin America

Enel X will capture new opportunities with customers

~12% of 2020-2022 capex to generate ~ 800€mn EBITDA post 2022

2020-2022 Financial management & Sustainable finance

Debt evolution reflecting capital allocation dynamics

Improving credit metrics

Net debt/EBITDA FFO/Net debt

Continued reduction in cost of debt

Our journey to Sustainable Finance…

• 1. Green Bond issuance dated 21st January, 2019
• 1. SDG Linked Bond issuance dated 10th October, 2019
• 1. Percentage of consolidated renewable capacity on total capacity at 2021
• 1. Reduction of Scope 1 GHG emissions 70% per kWh by 2030 from a 2017 base-year.
• 1. Including CCIRS on US dollar coupon into euros

…will support cost of debt reduction throughout the period

De-risking long term targets

2020-22 EBITDA centered on sustainable businesses and benefitting from improved risk profile

50.00

55.00

60.00

Operating deployment: renewables' contribution to growth secured across the board

Operating deployment: over 90% of generation energy margin covered by sales to customer base

Currency exposure: a low bottom line impact from volatile currencies

-10% +10%

Excellent credit quality and well distributed maturities

Maturities/Gross Debt

1. The panel includes integrated European Utilities (EDP, Iberdrola, EDF, E.on, Innogy, Engie, Naturgy). Source: Bloomberg estimates @19/11/2019

2. As of September 30th, 2019

2020-2022 Earnings & Targets

Sustainable strategy delivers earnings growth of 27%

Steady operational growth driving net income performance

Sustainable finance and managerial actions granting adequate and cheap funding

Active portfolio management to simplify the structure while improving value creation and risk profile

Old Plan

Visible value creation for our shareholders

Earnings growth	2019E	2020	2021	2022	2019-22 CAGR
Ordinary EBITDA (€bn)	17.8	18.6	19.4	20.1	+4.1%
Net ordinary income (€bn)	4.8	5.4	5.8	6.1	+8.3%

Value creation					2019-22 CAGR
Pay-out ratio	70%	70%	70%	70%	-
Implicit DPS (€/sh)	0.33	0.37	0.40	0.42	+8.4%
Minimum guaranteed DPS (€)	0.32	0.35	0.37	0.40	+7.7%

Closing remarks

Closing remarks

Accelerating decarbonisation through renewables growth and coal phase out

Future proofing operations ahead of electrification of consumption

Solid balance sheet with ample liquidity

Sustainable value creation for all stakeholders

Significant growth opportunities beyond the plan

2020-2022 Annexes

Agenda

Page

Financial annexes	Macro scenario	71
	Conventional generation	74
	EGP	77
	Infrastructure & Networks	81
	Retail	85
	Enel Group	89

	2020 – 2022 Sustainability Plan	97
ESG	Focus on People Centricity
annexes	Focus on Corporate Governance	102
	Focus on Innovation & Cybersecurity	108

2020-2022 Financial annexes

2020-2022 Macro scenario

Macro scenario

GDP, CPI, FX

		GDP (%)			CPI (%)		FX against €1
	2020	2021	2022	2020	2021	2022	2020	2021	2022
Italy	0.5	0.6	0.7	1.3	1.5	1.7	n. m.	n. m.	n. m.
Iberia	2.0	1.7	1.5	1.7	1.8	1.9	n. m.	n. m.	n. m.
Latin America
Argentina	(1.3)	1.4	1.8	48.6	34.8	22.9	77.8	95.2	115.2
Brazil	2.6	2.6	2.5	4.1	3.9	3.7	4.4	4.5	4.7
Chile	3.0	2.9	2.9	3.0	3.0	3.0	753	752	752
Colombia	3.2	3.2	3.3	3.0	3.0	3.0	3,768	3,868	3,908
Peru	3.8	3.9	3.9	2.3	2.5	2.5	3.9	3.9	3.9
Rest of Europe
Romania	2.3	2.1	2.0	2.8	2.6	2.6	4.8	4.9	4.9
Russia	1.7	1.7	1.5	4.0	3.7	4.0	72.6	72.0	72.3
North America
USA	1.9	1.8	1.9	2.0	2.0	2.0	1.2	1.2	1.2

Commodities' prices

	2019E	2020	2021	2022
Gas TTF (€/MWh)	18.2	19.2	19.5	19.7
Gas Henry Hub (\$/mmbtu)	2.9	3.1	3.1	3.1
Gas PSV (€/MWh)	20.8	20.9	21.1	21.3
Oil Brent (\$/bbl)	68.0	65.0	65.0	66.0
Coal API2 (\$/ton)	73.0	75.0	76.0	78.0
CO (€/ton) 2	23.5	23.5	24.0	24.5

2020-2022 Conventional generation

Installed capacity¹ (GW)

	Nuke				CCGT					Coal					Oil & Gas		Total
	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022
Italy	-	-	-	-	4.5	4.6	4.6	4.6	6.3	6.2	6.2	5.6	2.7	2.4	2.4	2.4	13.6	13.2	13.2	12.6
Iberia	3.3	3.3	3.3	3.3	5.5	5.5	5.5	5.5	5.1	2.8	0.2	0.2	2.3	2.3	2.3	2.1	16.2	13.9	11.3	11.1
Latin America	-	-	-	-	4.2	4.2	4.2	4.2	0.8	0.7	0.7	0.7	2.7	2.7	2.7	2.7	7.7	7.5	7.5	7.5
Rest of Europe	-	-	-	-	0.8	0.8	0.8	0.8	-	-	-	-	4.4	4.4	4.4	4.4	5.3	5.3	5.3	5.3
North America	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total	3.3	3.3	3.3	3.3	15.0	15.0	15.0	15.0	12.2	9.6	7.1	6.6	12.2	11.9	11.8	11.6	42.7	39.9	37.3	36.5

75 1. Rounded figures. Latin America includes: South America, Costa Rica, Guatemala and Panama. Rest of Europe includes: Romania, Russia, Greece and Bulgaria. North America includes: Mexico, USA and Canada. Africa, Asia & Oceania includes: South Africa, India and Zambia

Production¹ (GWh)

		Nuke					CCGT		Coal					Oil & Gas			Total
	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022
Italy	-	-	-	-	9.6	11.0	10.0	9.0	14.2	16.9	17.8	16.0	0.2	0.1	0.1	0.1	24.0	28.1	28.0	25.1
Iberia	26.3	26.4	26.1	26.5	7.2	9.2	10.1	11.1	8.7	8.5	3.3	0.1	9.9	8.7	8.5	8.4	52.1	52.8	48.0	46.1
Latin America	-	-	-	-	16.7	14.8	14.2	13.3	4.1	2.0	1.0	0.8	2.1	1.9	2.4	2.0	22.8	18.6	17.6	16.2
Rest of Europe	-	-	-	-	5.8	4.9	5.7	5.8	13.1	-	-	-	13.9	12.8	12.7	12.9	32.9	17.7	18.4	18.7
North America	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total	26.3	26.4	26.1	26.5	39.2	40.0	40.0	39.2	40.0	27.3	22.1	16.9	26.1	23.5	23.8	23.4	131.7	117.3	112.0	106.0

2020-2022 EGP

EGP

Consolidated capacity¹ (GW)

			Hydro				Wind		Geothermal						Solar & Other		Total
	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022
Italy	12.4	12.4	12.4	12.5	0.8	0.8	1.0	1.3	0.8	0.8	0.8	0.8	0.0	0.0	0.0	0.2	14.0	14.0	14.2	14.7
Iberia	4.8	4.8	4.8	4.8	2.3	2.5	2.6	3.2	-	-	-	-	0.4	0.6	1.4	2.2	7.4	7.9	8.8	10.2
Latin America	10.6	10.6	10.6	10.7	1.6	2.4	3.3	3.7	-	0.1	0.1	0.1	1.2	2.3	3.2	4.0	13.4	15.3	17.2	18.5
Rest of Europe	0.0	0.0	0.0	0.0	0.9	1.0	1.2	1.2	-	-	-	-	0.1	0.1	0.1	0.1	1.0	1.1	1.3	1.3
North America	0.1	0.1	0.1	0.1	4.7	5.6	6.1	6.6	0.1	0.1	0.1	0.1	0.7	0.9	1.1	1.3	5.6	6.7	7.4	8.0
Africa, Asia & Oceania	-	-	-	-	0.5	0.5	0.5	0.5	-	-	-	-	0.4	0.8	0.8	0.9	0.9	1.3	1.3	1.4
Total	27.9	27.9	27.9	28.1	10.7	12.7	14.6	16.4	0.9	0.9	0.9	0.9	2.8	4.8	6.7	8.8	42.3	46.3	50.1	54.2

Consolidated production¹ (GWh)

	Hydro			Wind Geothermal			Solar & Other				Total
	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022
Italy	17.0	17.3	17.2	17.0	1.3	1.3	1.5	2.2	5.6	5.6	5.6	5.7	0.1	0.1	0.1	0.3	24.0	24.3	24.4	25.2
Iberia	5.3	6.9	6.9	6.9	4.0	5.7	6.4	7.6	-	-	-	-	0.1	0.7	1.7	3.3	9.4	13.3	15.0	17.8
Latin America	37.2	41.9	42.6	42.9	8.5	6.7	11.4	14.7	0.3	0.4	0.6	0.6	2.8	4.1	7.0	9.6	48.7	53.1	61.5	67.8
Rest of Europe	0.0	0.0	0.0	0.0	1.9	2.2	2.5	3.3	-	-	-	-	0.2	0.2	0.2	0.2	2.1	2.4	2.7	3.5
North America	0.3	0.3	0.3	0.3	12.9	18.9	21.6	23.4	0.3	0.4	0.3	0.3	0.5	1.7	2.1	2.6	13.9	21.2	24.3	26.6
Africa, Asia & Oceania	-	-	-	-	1.0	1.2	1.0	1.0	-	-	-	-	0.6	1.3	1.4	1.5	1.6	2.5	2.3	2.5
Total	59.9	66.4	66.9	67.1	29.6	36.1	44.4	52.2	6.2	6.3	6.6	6.6	4.1	8.0	12.4	17.4	99.7	116.8	130.3	143.3

EGP

Consolidated additional capacity and pipeline¹ (GW)

Consolidated additional capacity by technology

COD 2020-2022 Pipeline by geography

	COD
	2020	2021	2022	Total
Italy	-	0.9	0.4	1.3
Iberia	-	1.0	1.9	2.9
Latin America	-	0.4	4.6	5.0
Rest of Europe	0.0	0.0	0.1	0.1
North America	0.2	3.7	1.8	5.7
Africa, Asia & Oceania	0.1	2.4	2.1	4.6
Total	0.3	8.4	10.9	19.6

Consolidated additional capacity by technology

• Italy
• Iberia
• Latin America
• Rest of Europe
• North America
• Africa, Asia & Oceania

1.	Rounded figures
----	-----------------	--	--

1. Excluding Jvs for 2.5 GW

2020-2022 Infrastructure & Networks

Electricity distributed, End users, Smart meters¹

			Electricity distributed (TWh)			End users (mn)			Smart meters (mn)
	2019E	2020	2021	2022	2019E	2020	2021	2022	2019E	2020	2021	2022
Italy	226.1	226.5	226.8	227.1	31.5	31.5	31.5	31.6	31.4	31.4	31.4	31.6
Iberia	125.4	127.0	128.4	129.8	12.2	12.3	12.4	12.4	12.2	12.3	12.4	12.5
Latin America	136.6	139.8	143.5	147.1	26.6	27.1	27.6	28.1	0.4	0.6	1.1	1.6
Rest of Europe	15.7	16.0	16.2	16.4	2.9	2.9	3.0	3.0	0.7	0.8	1.0	1.2
Total	503.8	509.3	514.9	520.4	73.2	73.8	74.4	75.1	44.7	45.1	45.9	46.8

Current regulatory framework in Europe¹

83 1. As of November 2019

Current regulatory framework in Latin America¹

	Argentina	Brazil	Chile	Colombia	Peru
WACC real pre tax 2019	12.5%	12.3%	10.0%2	11.79%	12.0%2
Next Regulatory Period	2022	2023	Nov 2020	2020	2022
Regulatory Period Length (years)	5	5 (Rio, Goias) 4 (Ceará, São Paulo)	4	5	4
Metering Ownership	Owned by DSO	Owned by DSO	Owned by users/DSO	Owned by users/DSO	Owned by users4
Smart meter inclusion in RAB3	Yes	Yes	No	No	No4

84 1. As of November 2019

1. Return rate before taxes

2. Chile and Peru uses a Price Cap based on VNR (NRC – New Replacement value)

3. Excluding a pilot project approved by the local regulator, involving 10k smart meters, which will be included in Enel assets base from 2021

2020-2022 Retail

Power & gas customers and volumes¹

		Power			Gas
	Customers (mn)			Volumes (TWh)	Customers (mn)		Volumes (bsmc)
	2019E	2022	2019E	2022	2019E	2022	2019E	2022
Italy	23.9	18.5	106.8	92.6	4.1	4.4	4.9	4.7
Free Market	9.3	18.5	67.3	92.6	4.1	4.4	4.9	4.7
Regulated Market	14.6	-	39.5	-	-	-	-	-
Iberia	10.6	10.7	99.1	103.1	1.7	1.8	5.8	5.6
Free Market	5.9	6.6	85.6	90.2	1.4	1.6	5.7	5.4
Regulated Market	4.8	4.1	13.6	12.9	0.2	0.2	0.1	0.1
Latin America	27.1	29.2	163.4	180.9	-	-	0.2	0.5
Rest of Europe	3.1	3.9	10.0	12.9	0.1	0.2	0.2	0.3
Total	64.8	62.2	379.4	389.5	5.9	6.5	11.1	11.1

Power unitary margin and opex per client

		Power unitary margin (€/MWh)1	Opex per client (€/cl)
	2019E	2022	2019E	2022
Italy	21.2	20.2	27.1	22.9
Iberia	9.3	9.8	36.8	30.5
Latin America	3.2	3.0	14.3	12.5
Rest of Europe	6.4	10.4	13.3	11.3

Italian power market – forecast 2019

1 Enel estimate based on Forecast 2019; % calculated on Total Italian Regulated Market

2 Enel estimate based on Forecast 2019; % calculated on Total Italian Free Market (not including Last Resort - "Salvaguardia")

2020-2022 Enel Group

Gross Capex¹ (€bn)

			Global Generation
		Conventional Generation & Trading			EGP			Global Infrastructures & NetworNs			Retail			Enel X			Services & Other		Total
	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022
Italy	0.2	0.1	0.2	0.3	0.6	0.8	1.9	1.8	1.8	0.3	0.3	0.2	0.1	0.1	0.1	0.1	0.1	0.1	2.8	3.0	3.3
Iberia	0.4	0.3	0.2	0.6	1.0	1.4	0.6	0.7	0.7	0.1	0.1	0.1	0.0	0.1	0.1	0.0	0.0	0.0	1.8	2.1	2.4
Latin America	0.2	0.1	0.2	2.0	1.5	1.0	1.4	1.3	1.3	0.1	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0	3.7	3.0	2.6
Rest of Europe	0.1	0.0	0.0	0.2	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	-	-	-	0.4	0.3	0.3
North America	0.0	0.0	0.0	1.1	0.8	0.7	-	-	-	-	-	-	0.1	0.0	0.0	-	-	-	1.2	0.9	0.8
Africa, Asia & Oceania	-	-	-	0.1	0.1	0.1	-	-	-	-	-	-	0.0	0.0	0.0	-	-	-	0.1	0.1	0.1
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-	-	-	0.1	0.1	0.0	0.0	(0.1)	(0.1)	0.2	0.0	0.0
Total	0.7	0.5	0.6	4.4	4.0	4.1	4.0	4.0	3.9	0.4	0.4	0.4	0.4	0.4	0.3	0.2	0.0	0.0	10.1	9.3	9.3
Total Capex 2020 - 2022			1.9			12.5			11.8			1.2			1.1			0.2			28.7

1. Rounded figures

2. Services & Other is not included in the breakdown

Asset development capex¹ (€bn)

			Global Generation
		Conventional Generation & Trading			EGP		Global Infrastructures & NetworNs			Retail				Enel X			Services & Other		Total
	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022
Italy	0.1	0.1	0.2	0.2	0.4	0.6	1.0	1.0	0.9		-	- -	0.1	0.1	0.1	0.0	0.0	0.0	1.5	1.7	1.9
Iberia	0.0	0.0	0.0	0.6	0.9	1.3	0.2	0.2	0.1		-	- -	0.0	0.0	0.0	-	-	-	0.8	1.2	1.5
Latin America	0.0	0.0	0.0	1.9	1.4	0.9	0.4	0.4	0.3		-	- -	0.1	0.0	0.1	-	-	-	2.4	1.8	1.3
Rest of Europe	0.0	0.0	0.0	0.2	0.1	0.1	0.1	0.0	0.0		-	- -	0.0	0.0	0.0	-	-	-	0.3	0.2	0.1
North America	-	-	-	1.1	0.8	0.7	-	-	-		-	- -	0.0	0.0	0.0	-	-	-	1.1	0.8	0.7
Africa, Asia & Oceania	-	-	-	0.1	0.0	0.1	-	-	-		-	- -	-	-	-	-	-	-	0.1	0.0	0.1
Other	-	-	-	-	-	-	-	-	-		-	- -	0.0	0.0	(0.1)	0.0	(0.2)	(0.1)	0.0	0.0	-0.1
Total	0.2	0.2	0.3	4.0	3.7	3.7	1.7	1.6	1.4		-	- -	0.2	0.2	0.1	0.0	(0.1)	(0.1)	6.2	5.5	5.5
Total Capex 2020 - 2022			0.7			11.5			4.7			-			0.5			(0.2)			17.2

1. Rounded figures

2. Services & Other is not included in the breakdown

Asset management capex¹ (€bn)

		Conventional Generation & Trading			EGP			Global Infrastructures & NetworNs			Retail			Enel X			Services & Other		Total
	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022
Italy	0.0	0.0	0.0	0.1	0.1	0.1	0.4	0.4	0.4	-	-	-	-	-	-	0.1	0.1	0.0	0.6	0.6	0.6
Iberia	0.3	0.3	0.2	0.1	0.1	0.1	0.2	0.3	0.3	-	-	-	-	-	-	0.0	0.0	0.0	0.6	0.6	0.6
Latin America	0.1	0.1	0.2	0.1	0.1	0.1	0.6	0.5	0.5	-	-	-	-	-	-	0.0	0.0	0.0	0.8	0.7	0.8
Rest of Europe	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-	-	-	-	-	-	-	-	-	0.1	0.1	0.1
North America	0.0	0.0	0.0	0.0	0.0	0.0	-	-	-	-	-	-	-	-	-	-	-	-	0.0	0.0	0.0
Africa, Asia & Oceania	-	-	-	0.0	0.0	0.0	-	-	-	-	-	-	-	-	-	-	-	-	0.0	0.0	0.0
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-	-	-	-	-	-	0.0	0.0	0.0	0.1	0.0	0.0
Total	0.5	0.4	0.4	0.3	0.3	0.3	1.3	1.3	1.4	-	-	-	-	-	-	0.1	0.1	0.1	2.3	2.1	2.1
Total Capex 2020 - 2022			1.2			1.0			3.9			-			-			0.4			6.5

1. Rounded figures

2. Services & Other is not included in the breakdown

Customers capex¹ (€bn)

			Global Generation
		Conventional Generation & Trading			EGP		Global Infrastructures & NetworNs			Retail				Enel X		Services & Other			Total
	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022	2020	2021	2022
Italy	-	-	-		- -	-	0.4	0.4	0.4	0.3	0.3	0.2	0.0	0.0	0.0		- -	-	0.7	0.7	0.7
Iberia	-	-	-		- -	-	0.2	0.2	0.2	0.1	0.1	0.1	0.0	0.0	0.0		- -	-	0.3	0.3	0.3
Latin America	-	-	-		- -	-	0.4	0.4	0.4	0.1	0.0	0.0	0.0	0.0	0.0		- -	-	0.5	0.5	0.5
Rest of Europe	-	-	-		- -	-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		- -	-	0.1	0.1	0.1
North America	-	-	-		- -	-	-	-	-	-	-	-	0.0	0.0	0.0		- -	-	0.0	0.0	0.0
Africa, Asia & Oceania	-	-	-		- -	-	-	-	-	-	-	-	0.0	0.0	0.0		- -	-	0.0	0.0	0.0
Other	-	-	-		- -	-	-	-	-	-	-	-	0.0	0.1	0.1		- -	-	0.0	0.1	0.1
Total	-	-	-	-	-	-	1.1	1.1	1.1	0.4	0.4	0.4	0.2	0.2	0.2	-	-	-	1.7	1.7	1.7
Total Capex 2020 - 2022			-			-			3.2			1.2			0.6			-			5.0

1. Rounded figures

2. Services & Other is not included in the breakdown

Ordinary EBITDA¹

				Global Generation
		& Trading	Conventional Generation				EGP			& NetworNs	Global Infrastructures		Retail					Enel X				Services & Other		Total
	2019E	2020	2021	2022		2019E 2020	2021	2022	2019E 2020		2021	2022	2019E 2020		2021	2022	2019E 2020		2021	2022	2019E 2020		2021	2022	2019E 2020		2021	2022
Italy	0.1	0.1	0.2	0.2	1.2	1.3	1.4	1.4	3.8	3.7	3.7	3.9	2.2	2.3	2.3	2.3	0.0	0.0	0.1	0.1	0.2	0.2	0.2	0.2	7.6	7.6	7.8	8.0
Iberia	0.7	0.7	0.7	0.7	0.3	0.5	0.6	0.7	2.0	1.9	1.9	1.8	0.6	0.7	0.7	0.8	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	3.7	3.8	4.0	4.2
Latin America	0.7	0.4	0.5	0.5	2.2	2.4	2.6	2.8	2.3	2.6	2.7	3.0	0.3	0.4	0.4	0.4	0.1	0.1	0.1	0.1	(0.1)	(0.1)	(0.1)	(0.1)	5.5	5.8	6.3	6.8
Rest of Europe	0.2	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.5	0.5	0.5	0.6
North America	0.0	0.0	0.0	0.0	0.7	0.7	0.8	0.8	-	-	-	-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-	-	-	-	0.8	0.7	0.8	0.8
Africa, Asia & Oceania	-	-	-	-	0.1	0.1	0.1	0.1	-	-	-	-	-	-	-	-	0.0	0.0	0.0	0.0	-	-	-	-	0.1	0.1	0.1	0.1
Other	0.0	0.1	0.1	0.1	0.0	(0.1)	(0.1)	(0.1)	0.0	0.0	0.1	0.1	-	-	-	-	0.0	0.1	0.1	0.1	-0.1	-0.1	-0.3	-0.7	(0.2)	0.0	0.3	(0.1)
Total	1.6	1.4	1.6	1.7	4.6	5.1	5.6	5.9	8.2	8.3	8.5	8.9	3.2	3.4	3.5	3.6	0.1	0.2	0.4	0.5	0.1	0.1	(0.2)	(0.5)	17.8	18.6	19.4	20.1
Total EBITDA 2020 - 2022				4.7				16.6				25.7				10.5				1.1				(0.6)				58.0

1. Rounded figures

2. Services & Other is not included in the breakdown

Baseload power price & production sold forward

	Baseload price
	2019E 2020 2021 2022
Italy (€/MWh)	56.0	60.2	59.8	58.8
Iberia (€/MWh)	50.2	53.2	53.5	53.3

	Production sold forward
	2019E		2020		2021		2022
	price	%	price	%	price	%	price	%
Italy (€/MWh)1	53.6	100%	59.0	70%	57.2	10%	-	-
Iberia (€/MWh)1	49.3	100%	52.5	96%	52.1	46%	-	-
Brazil (USD/MWh)	59.6	100%	65.9	100%	67.0	100%	71.0	100%
Chile (USD/MWh)	74.2	100%	76.5	100%	72.2	100%	67.0	100%
Colombia (USD/MWh)	63.4	100%	69.5	94%	73.8	80%	67.3	75%
Peru (USD/MWh)	54.1	100%	53.8	100%	57.7	100%	60.5	100%

1. Average hedged price; wholesale price for Italy and Spain. 95

2020-2022 Environmental, Social and Governance annexes

2020-2022 Sustainability Plan

Sustainable business model, driving change through innovation

2020-2022 Focus on People Centricity

Engaging People we work with

Plan actions	2019E	2020-2022 targets
Gender - % of women in selection processes1	42% women involved in recruiting processes	50% women involved in recruiting processes
Promotion of digital skills' dissemination among all employees	40% of people involved in digital skills training	100% of people involved in digital skills training
Performance appraisal2	• 100% of people involved • 99% of people appraised	• 100% of people involved • 99% of people appraised
Climate survey2	• 100% of people involved • 86% of people participating	• 100% of people involved • 87% of people participating

1. It excludes the seclection processes involving the blue collars

2. Eligible and reachable people having worked in the Group for at least 3 months

Engaging local Communities

Plan actions	2019E	2020-2022 targets
High-quality, inclusive and fair education	1.2 mn beneficiaries	2.5 mn beneficiaries in 20301
Access to affordable and clean energy	7.8 mn beneficiaries	10.0 mn beneficiaries in 20301

Employment and sustainable and inclusive economic growth

2.1 mn beneficiaries

8.0 mn beneficiaries in 2030¹

2020-2022 Focus on Corporate Governance

Corporate governance structure

1. Out of which 3 directors drawn from minority slates

^1. Chairperson can be considered independent in accordance with TUF criteria 103

Board composition

P. Grieco		Chairperson (C) Corp. Governance & Sust. C.
F. Starace		CEO and General Manager
A. Antoniozzi		Corp. Governance & Sust. C Related Parties C.
A. Bianchi		(C) Nomination & Compensation C. Related Parties C.
C. Calari		Nomination & Compensation C. Related Parties C.
P. Girdinio		Control & Risks C. Nomination & Compensation C.
A. Pera		Control & Risks C. Nomination & Compensation C.
A. Svelto		Control & Risks C. (C) Related Parties C.
A. Taraborrelli		(C) Control & Risks C. Corp. Governance & Sust. C

Non executive Executive Indipendent (C) Chairperson

Short-term variable remuneration¹

Macro objective		Objective
		2 Weight	Entry (50%)	Target (100%)	Over (120%)
Profitability	Ordinary consolidated net income	40%	4.66 €bn	4.75 €bn	4.80 €bn	Economic
Cash and debt management	FFO/Consolidated net financial debt	30%	26.5%	27.3%	27.6%	Financial
Efficiency	Group Opex	20%	8.94 €bn	8.76 €bn	8.68 €bn	Economic
Safety	Safety in the workplace	10%	FI3=0.99 & FA4≤8	FI3=0.97 & FA4≤ 8	FI3=0.94 & FA4≤ 8	ESG

1. Management by objectives (MBO) 2019

2. (%) Weight in the variable remuneration

3. FI: Work-related accident Frequency Index

4. FA: Number of Fatal Accidents during 2019, except for road events

Long-term variable remuneration¹

Macro objective	Objective			Type of target
		Weight4	Target (100%)	Over I (150%)	5 Over II (280%)
Performance	2 TSR	50%	Enel's TSR from 100% to 110% of TSR Index	Enel's TSR from 110% to 115% of TSR Index	Enel's TSR > 115% of TSR Index	Market
Profitability	3 ROACE	40%	38.1%	38.6%	39.2%	Financial
Environmental	CO emissions 2 reduction	10%	≤ 345 gCO /KWheq6 2	≤ 335 gCO /KWheq6 2	≤ 325 gCO /KWheq6 2	ESG

1. Long-Term Incentive Plan (LTI) 2019-2021. 30% payment (if any) in the 4th year. 70% payment (if any) in the 5th year (deferred payment)

2. Average TSR Enel compared to average TSR EUROSTOXX Utilities Index-EMU.

3. Cumulative for the period 2019-2021

4. (%) Weight in the variable remuneration

5. For the CEO/General manager. 180% for the other beneficiaries of the LTI Plan 2019-2021

6. In 2021

Focus on Corporate Governance

2020-2022 Focus on Innovation & Cybersecurity

Innovation

Cyber security

	Plan actions	2020-2022 targets
2.1mn blocked1 Risky emails (#) every day
325K Connections to dangerous blocked1 (#) websites every day	Coverage of web applications exposed to internet with advanced cyber security application solutions	100% of internet web applications protected through advanced cyber security solutions
Web applications protected through 100% advanced cyber security solutions (%) total ytd	Disseminating the information security culture and changing people's behaviour in order to reduce risks	15 cyber security knowledge sharing events per year

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.

This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries.

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

Contact us

Monica Girardi Head of Group Investor Relations

Investor Relations team

Federico Baroncelli Francisco Basauri Serena Carioti Federica Dori Federica Pozzi Fabrizio Ragnacci Noemi Tomassi Emanuele Toppi

Contacts

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

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