Enel

Investor Presentation • Nov 24, 2020

Capital Markets

November 24th,2020

Our next 10 years

Francesco Starace CEO & General Manager

Enel @2030 The next 10 years

The energy world will be completely transformed over the next decades…

…and platform-based business models will manage increasing levels of complexity...

Why utility as a platform?

implementation and open to ecosystems

… while driving data-flows across company structures

From the Sylos age... …to the digital platform architechture…

...enabling new operating and business models

Platform Business Model

Creating new shared value from the relationship with ecosystems

Platform Operating Model

Enabling innovation, extraction of additional value from existing assets and selling services to third parties

Enel is the leader in the asset classes that are at the center of this transformation…

1. It Includes managed capacity

2. Power and gas customers

3. 2019 data for comps

4. From December 31st 2015 to November 20th 2020

…as well as in the digital and platform development journey

Leadership in asset classes and digital & platform open us new ways to create value

Models to create value

Ownership business model

Direct investments in growing renewables, networks and customers supporting long term sustainable growth

Platforms as business enhancer

Stewardship business model

Provide key services, products or knowhow enabled by our platforms catalyzing investments of third parties to maximize our and their value creation

Platforms as business generator

Activities

Operating platforms

Offer operating platform services to third parties through know how and best practices developed over time

Business platforms

Develop new products and services enabling new business opportunities

Joint Ventures & Partnerships

Co-investments opportunities to enhance value creation where platforms enable third parties' investments

Reshaping global energy sector calls for unprecedent investments levels…

Source: IEA, World Energy Investments 2020 and IEA, World Energy Outlook 2020, Sustainable Development Scenario

…where Enel will keep the leadership going forward…

Enel Third parties 2021-30 >150 €bn Ownership model ~40 €bn ~190 Stewardship model ~10 €bn¹ ~160

Investments activated for the energy transition

Stewardship model ~45 ~120 42 ~70 60% ~100% RAB (€bn) % Digitalized users Consolidated RES capacity (GW) 2020E 2030 ~4 ~25 812 >10k 6 ~20 Electric buses² (#) Demand Response (GW) RES managed capacity (GW) 2020E 2030 Household passed (mn) 10.7 34 Ownership model

1. It includes equity injections

2. Includes leased and served buses

…through its ownership business model…

Stewardship model ~40 €bn Ownership model

Enel Third parties

…and a structured stewardship business model that will catalyse additional third parties investments…

Capex by cluster Enel's adjusted EBITDA¹ Business platforms Operating platforms JVs & Partnership 2.8 10.1 4.0 2021-30 ~17 €bn 2021-30 ~40 €bn Ownership model >150 €bn Stewardship model ~40 €bn ~10 €bn Enel's direct investments ~10 €bn Renewables E-transport Flexibility & Other Fiber Fair Value of JVs & Partnerships ~10 €bn

Enel Third parties

…creating long term growth…

…and sustainable shared value

1. Barrel of oil equivalent. Compared to Enel's consumption in 2020. 2. 2021-30 cumulated. Related to the full life assessment of projects through ownership/stewardship models for GPG. 3. vs 2019 Europe. 4. vs 2019. 5. 2021-30 cumulated. Related to the full life assessment of projects through ownership/stewardship models for Global I&N and Enel X. 6. Avg. reduction related to IT activities due to shift from data center to cloud. 7. Calculated from current contracts up to 2024

Enel @2030 Our ambitions

Renewables Super Major with the world as geographic footprint

Triple our renewable capacity by 2030 Support profitability through global footprint and integrated position Bolster our pipeline to enable growth and create value Stewardship business model to support value creation

Strategic actions

The ownership model in GPG: +75,000 MW in 10 years, tripling our capacity

2021-30 Owned capacity

Capex & Profitability

The stewardship model in GPG: catalysing capital for accelerated value creation and growth

Leveraging on A 141 GW pipeline that is growing worldwide

1. It includes storage for around 4 GW in early stage and around 3 in mature pipeline.

Leveraging on A worldwide platform-based development

BD global presence

Countries (#) 32 Headcount Latin America Europe Africa, Asia & Oceania >240 ~ 120 >75 2021-23 Development investments >1 €bn 2023 vs 20 Avg. cost of MW developed -10% Headcount (#) >450 External HC (#) ~1,000 A big platform Pipeline yearly renewal rate¹ >60% A highly adaptive & growing platform An efficient platform ~30 Pipeline growth yoy +50%

Built capacity evolution (MW)

		A global community
External Workers (#)	~12.3k	Countries with opened Sites	14
		Focus on delivery
Projects Under construction	~96	Sites with automation solutions1	30%
		Improving efficiency
2023 vs 20 Project lead time	-25%	2023 vs 20 Headcount per MW execution	-9%

Flags indicate the countries with work force / assetes

1. Automation KPI excluding repowering projects

Leveraging on A worldwide platform-based O&M model

Remote fleet 100% Digital workers ~86% External HC (#) ~5k Plants² ~1.2k Lost production 2023 vs 2020 -7% Opex/MW 2023 vs 2020³ -10% A big platform A highly digital platform An efficient platform Countries (#) ²³ Generating units¹(#) ~16k Headcount (#) >4.5k Headcount North & Central America >360 Europe >3.1k Africa, Asia & Oceania >70 Latin America >900 Hydro Solar Wind Other 78% Capacity (GW) 21% 9.7 14% 13% 72% 14.7 18% 3% 75% 4% 22.8 24 52% 48% 1.4

RES global presence

Flags indicate the countries with work force/assets

1. Of which 7k wind turbines, 5k solar inverters, 1.5k hydro & geo

2. Of which 23 plants operated in JV partnerships

3. Opex/MW related to O&M

Leveraging on Hybridization of renewables - Battery storage

Value proposition

RES electricity and BESS integration provides competitive decarbonization offer

Main value drivers

• ✓ RES risk mitigation, avoiding curtailments for RES
• ✓ Generate additional margins through capacity payments and ancillary services
• ✓ Compliance to regulated tenders

Leveraging on Hybridization of renewables - Green hydrogen

Value proposition

Competitive full decarbonization offer bundling RES electricity and green H2 supply

Main value drivers

• ✓ Sale of hydrogen to industrial offtakers
• ✓ RES plant optimization
• ✓ Savings on Capex and Opex arising from synergies with RES plant
• ✓ Flexibility services

Green hydrogen capacity

Acceleration in RES capex resulting in a c.80% RES share capacity and production

1. It includes renewable managed production and nuclear production

Accelerating exit from coal to 2027 from 2030 Coal capacity evolution

1. Scope 1 by 2030, consistent with the 1.5 pathway of the Science Based Target Initiative and the IEA 1.5 scenario

Global Power Generation

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

Global leader in networks for scale, quality and resiliency

Capex expansion set to enhance global leadership position

(mn)

1. Real Terms

Create value without increasing costs for end users

Leveraging on A single global platform

A single platform… ..enhancing key business drivers…

..for a superior performance

2020E 2030 60% ~100% 41 30 Smart meters coverage Opex/End user¹(€/cl) ~350 ~200 User/Remote control point SAIDI (min) 281 ~100

Leveraging on An unparalleled scale of our network operations

Enel current positioning in networks

Leveraging on The highest digitalisation expertise

Leveraging on Distinctive Intellectual Property value

Market share by vendor¹

Smart meter as the pivot of a digital network architecture

B2C – Reference energy choice, enabling electrification of the customer base

~100 2020E 2030 Increasing customer value enabling electrification through platforms Allowing electrification of consumption through integrated offering of commodity and services Digitalization to enhance customer experience and efficiencies Customer value¹ Volume sold² 2.5x (€/Cl/y) (TWh) 2.5 3.7 Avg. Unitary consumption (MWh/cl/y)² 2020E 2030 ~2x

1. Europe gross margin per customer

2. Europe free market

B2B - Leading energy partner of global and local businesses

B2G - Trusted partner to support cities in their decarbonization and sustainability path

Leveraging on The largest customer base with 70 mn customers¹

World's largest customer base in power market

1. Real terms

Leveraging on Digital platforms to handle the business

Operating platform for customers at Group's level Customer segments covered by Enel X plaftorms Zero back office 14.0 2020E 2030 Opex/ customer¹ (€/cl) Digital Interactions 17 45 2020E 2030 Digital customers (mn) B2C B2B B2G Home appliances ecosystems Offering integrated with commodity Smart cities solutions Flexibility services Customized offering ^{108 130} Corporate cust. (TWh) Cross segment platforms Homix Smart home solutions EvOs Mobility Platform E-Pay Financial Services YoUrban Municipalities & citizens Der.Os Distributed energy optimization Integrated customer operations

2020E 2030

Leveraging on A growing portfolio of integrated offering

B2C key offering	B2B key offering
Charging points (#)	Demand Response (GW)	Electric buses1 (k)

Enel @2030 Value for all

The path to transformation

Creating value for our customers, society and the environment

281 ~100 2020E 2030 SAIDI (min/y) ~25% >800 Customers Reduction of household spending¹ C&I savings from flexibility² (€mn) 2030 1. vs 2019 Europe Society and Environment 218 82 2020E 2030 GHG Emissions scope 1 (gCO2eq/kWh) GDP created from local investments⁴(€bn) >240 2030 54% 86% 2020E 2030 Circularity improvement³

1. Calculated from current contracts up to 2024

2. Materials and fuel consumption reduction of the Group's power fleet throughout the life cycle, compared to 2015

3. 2021-30 cumulated. Related to construction sites phase through ownership/stewardship models for Global Power Generation, Global I&N and Enel X

Creating value for Enel

1. Compared to Enel's consumption in 2020

Creating value for shareholders

Alberto De Paoli Chief Financial Officer

Enel @2023 The next three years

Long term transition kicks off now…

Investments activated for the energy transition

1. Includes leased and served buses

…driven by investments through the ownership business model…

…supported by the stewardship business model…

Enel Third parties

1. Including share of income from JVs and capital gains

2. Fair Value of contracts in place as of 2023 calculated for full life

… crystallising already in the mid term growth and profitability…

…on sound financial metrics

Enel @2023 Our ambitions in medium-term targets

Power Generation The renewable super major

Strategic actions

Total RES capacity ~45 60 ~120 ~4 8 2020 2023 2030 Cumulated catalyzed investments¹ 19.5 GW of new capacity 2023 installed capacity halfway through 2030 targets Unchanged profitability levels under the ownership model vs previous plan Mature pipeline covers targets by 3x, supporting growth ambitions CO2 emissions down by 65% vs. 2017 16.8 3.8 2021-23 2021-30 +39% (GW) (€bn) 20.6 ~85 Ownership Stewardship ~145 68 ~49

1. 65 €bn ownership capex does not include Investments in storage for 5 €bn ⁵⁶

76% Countries with integrated presence Countries with potential integrated presence 15.4 GW By geography ~58% By tech ~42% 2021-23 Owned capacity RES Capacity evolution Capacity split ~45 ~60 15.4 2020E Capacity additions 2023 Capex & Profitability 11.5 1.1 16.8 €bn Gross capex¹ >12% ~200 EBITDA/ Capex IRR-WACC (bps) 15.7 €bn development 57

Renewables ownership business model

Renewables stewardship business model

141 GW of highly diversified pipeline fuels future growth ambitions…

Renewable pipeline¹ Breakdown by growth cluster 8.6 68 2 22 ^{33 7} 8.7 Gross Pipeline Early stage COD beyond 2026 COD 2024-2025 COD 2021-2023 BESS In execution Mature Pipeline ~57 GW 58% 22% ~57 GW Integrated presence Potential integrated presence Other countries ² (GW)

1. Includes storage for 4 GW in early stage and 3 in mature pipeline. Excludes 0.2 GW of storage in execution.

…with high level visibility on mid term development targets

2021-23 Renewables growth¹ : addressed share vs pipeline² (GW)

Global Power Generation

The next three years will mark a further acceleration of power generation decarbonisation…

1. It includes renewable managed capacity and nuclear capacity

2. It includes renewable managed production and nuclear production

…as well as of growth & profitability

2.1 1.2 4.7 1.5 0.3 (0.9 ) 6.5 2020E RES Growth RES Management Conventional generation 2023 6.8 7.7 +13% (€/MWh) 2 EBITDA/MW (k€/MW) 2 Opex/MW (k€/MW)2,3 EBITDA evolution (€bn) 1

EGP Conventional generation

• 1. It includes nuclear generation, gas and trading
• 1. It includes renewables and thermal generation
• 1. In real terms.

Infrastructure and Network Global leader in networks for scale, quality and resiliency

Sharp increase in investments leads to a 14% growth in RAB…

…and progression in digitalization and quality of service

47 47 ~90 28 30 2020E 2023 2030 End users and digitalization process End users (mn) Share of digitalized end users 2020E 2023 281 228 3.1 2.5 SAIDI (min) SAIFI (#) 2020E 60% 2023 64% Quality and reliability 2030 c.100 ~2 100% Share of digitalized end users @2030 Opex/end user (€/cl)¹ 41.4 34.5 ³⁰ +3% Europe RoW ~74 ~77

Infrastructure & Networks

Double digit growth supported by capex acceleration and efficiencies

RAB/end user (€/cl) Opex/end user (€/cl)¹ EBITDA/end user (€/cl) 2020E 2023 563 624 41.4 34.5 107 124 Δ 11% -17% 16% +19% ~8.0 9.5 0.3 0.4 0.5 0.3 2020E RAB Efficiency Regulatory & Tariff Volumes 2023 EBITDA evolution (€bn) EBITDA Cumulated 21-23 0.1 €bn Stewardship model +1.8x Future value of contracts vs 20202

B2C – Reference energy choice, enabling electrification of the customer base

		Customer value1		Volumes sold2
+10 mn free market customers on end of regulated segment and integrated commercial offering	(€/cl/y)			(TWh)
Initial take up of electrification push through commodity and beyond proposition	190 170 +30% 150 130 110		100 90 80 70 60	+55%		~100
Efficiencies unlocked by platform operating model	90 70 70 50 30 10	91	50 40 30 20 10	40	62
	-10 2020E	2023	0 2030	2020E	2023	2030
			Avg. Unitary consumption (MWh/cl/y)2	2.5	2.6	3.7

Strategic actions

B2B - Leading energy partner of global and local businesses

+10% increase in customer value in first 3 years supported by integration of beyond commodity

Value generation driven by platform-based management

Acceleration of PPAs and energy services addressing sustainability needs

Customer value¹

(€/cl/y)

(€bn)

Commodity Beyond commodity

B2G - Trusted partner to support cities in their decarbonization and sustainability path

1. Includes leased and served buses

2. Includes interoperability points

Strategic actions

Increasing share of free market customer base

1. Europe gross margin per customer

2. In real terms

71

Retail and Enel X

0.8 5.5

72

Bus (k)

1. Power and gas customers

2. 1. In real terms
3. 1. It includes interoperability points

Enel @2023 Sustainable growth and value

Capex split e EBITDA growth by GBL

Cumulated catalyzed investments 2021-23 Incremental EBITDA 2021-23

1. Of consolidated Capex

2. Alignment to EU Taxonomy criteria (Climate Change Mitigation)

Creating value for Enel

1. In real terms

Enel @2023

Sustainable finance & financial management

A strong financial position

1. Includes capex associated with stewardship model

Excellent credit quality and well distributed maturities

25.4 3.2 6.0 6.7 15.9 2021 2022 2023 2021-23 5.1% 8.8% 9.6% New plan Last 3 years Available liquidity² 2.7x 2.7x 3.4x 2020E 2023 Enel Average Peers Maturities/Gross Debt Yearly refinancing on Net Debt/EBITDA of top European Utilities¹ Liquidity and debt maturity by year (€bn) 11.9% 14.8% 2023

average gross debt

1. The panel includes integrated European Utilities (EDP, Iberdrola, EDF, E.on, Innogy, Engie, Naturgy). Source: Bloomberg estimates @17/11/2020

2. As of September 30th, 2020

78

A growing share of sustainable finance

1. Programme size – Enel , EFI and Endesa, KPIs set for Endesa differ from Enel's ones

EU recovery plan to drive an increase in European investments

Further reduction in cost of debt

1. Enel estimates on current cost associated with financial instruments

Enel @2023 De-risking targets

2021-2023 targets will maintain a low risk profile

Power production volumes and margins locked in thanks to long customer position in Europe…

…with Power Purchase Agreements offering long term visibility in RoW

2021-23 Targets

2021-2023 Financial Targets

Earnings growth	2020E	2021	2022	2023	CAGR 2020
Ordinary EBITDA (€bn)	~18	18.7-19.3	19.7-20.3	20.7-21.3	+5% / +6%
Net ordinary income (€bn)	5.0-5.2	5.4-5.6	5.9-6.1	6.5-6.7	8% / 10%

Value creation
Guaranteed DPS (€/sh)	0.35	0.38	0.40	0.43	~7%
Yield1 Implied Dividend (%)	4.3%	4.6%	4.9%	5.2%

Closing remarks

Closing remarks

2021-2023 Annexes

Agenda

2021-2023 Financial annexes

2021-2023 Macro scenario

1. Year end 95

	GDP (%)			CPI (%)				€1 FX against
	2021	2022	2023	2021	2022	2023	2021	2022	2023
Italy	1 5	2 8	1 4	1 0	1 0	1 2	n. m.	n. m.	n. m.
Iberia	7 7	3 9	1 9	1 1	1 3	1 4	n. m.	n. m.	n. m.
Latin America
Argentina	4 0	2 3	2 0	34 6	24 8	18 1	109 5	120 4	131 1
Brazil	4 8	2 5	2 4	2 2	3 2	3 5	4 8	4 6	4 6
Chile	5 2	4 3	3 9	2 3	2 5	2 8	806	776	783
Colombia	4 0	4 3	3 8	3 0	3 1	3 0	3 711 ,	3 618 ,	3 646 ,
Peru	6 9	4 4	4 0	2 0	2 3	2 4	3 7	3 7	3 8
of Rest Europe
Romania	3 1	2 5	2 2	2 9	2 7	2 7	4 9	4 9	4 9
Russia	4 9	3 8	1 9	4 1	3 6	3 9	0 77	76 8	78 3
North America
USA	8 9	3 6	1 5	1 2	2 0	2 0	1 12	1 13	1 14
M exico	3 2	2 1	2 0	3 4	3 3	3 2	24 7	24 7	25 1

GDP, CPI, FX

Commodities' prices

	2020E	2021	2022	2023
Gas TTF (€/MWh)	8.5	14.0	15.5	17.0
Gas Henry Hub (\$/mmbtu)	2.0	2.4	2.6	2.7
Gas PSV (€/MWh)	10.3	15.8	17.2	18.6
Oil Brent (\$/bbl)	39.0	48.0	55.0	59.0
Coal API2 (\$/ton)	48.0	57.0	61.0	63.0
CO (€/ton) 2	25.0	30.0	31.0	32.0

2021-2023 Global Power Generation

Consolidated capacity & production¹

1. Rounded figures. 2. It excludes managed RES capacity for 3.6 GW in 2020 and 7.6 GW in 2023. 3. It excludes managed RES production for 9.8 TWh in 2020 and 20 TWh in 2023.

2. Percentages are calculated excluding perimeter effects

15%

Capacity

Production

15%

		Hydro			Wind			Geothermal			Solar & Other			Total
	2021	2022	2023	2021	2022	2023	2021	2022	2023	2021	2022	2023	2021	2022	2023
Italy	19	-	-	129	-	360	6	15	-	17	532	445	171	548	805
Iberia	4	6	-	34	396	450	-	-	-	705	1,024	1,250	743	1,426	1,700
Latin America	-	3	3	1,020	601	600	28	-	-	1,370	1,262	470	2,418	1,866	1,073
Rest of Europe	-	-	-	201	511	721	-	-	-	7	20	50	208	531	771
North America	-	-	-	490	550	300	-	-	-	465	730	550	955	1,280	850
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total	23	9	3	1,874	2,058	2,431	35	15	-	2,564	3,568	2,765	4,495	5,651	5,199
												Managed	1,324	807	1,990

(MW)

1. Rounded figures Total 5,819 6,458 7,189

RES additional capacity¹

COD 2021-2023 pipeline¹ (GW)

		COD
	2021	2022	2023	Total
Italy	0.0	2.5	0.7	3.2
Iberia	-	1.6	3.6	5.2
Latin America	0.0	1.1	9.4	10.5
Rest of Europe	0.0	0.9	0.7	1.7
North America	0.0	3.3	4.4	7.7
Africa, Asia & Oceania	-	2.0	3.2	5.2
Total	0.1	11.5	21.8	33.4

By geography

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

By geography By technology

			COD
	2021	2022	2023	Total
Wind	0	3	7	10
	0	5	4	8
Solar	0	7	14	22
	1	9	5	5
Hydro	0	0	0	0
	0	0	0	1
Geothermal	0 0	0 0	-	0 0
Total	0	11	21	33
	1	5	8	4

By technology

2021-2023 Infrastructure & Networks

Electricity distributed, End users, Smart meters¹ Electricity distributed (TWh) End users (mn) Smart meters (mn)

Italy Spain Latin America Rest of Europe

Networks regulation: high visibility across the full business plan

1. Blend of Rio, Cearà, Goias and Eletropaulo

Current regulatory framework in Europe¹

	Italy	Iberia	Romania
WACC real pre tax 2020	5.9%	5.6%2	6.4%4
Next Regulatory Period	20243	2026	2024
Regulatory Period Length (years)	4+4	6	5
Metering Ownership	Owned by DSO	Owned by DSO	Owned by DSO
Smart meter inclusion in RAB	Yes	No	Yes

• 104 1. As of November 2020
• 1. Nominal pre tax
• 1. WACC review by 2022
• 1. • 1% new capex

Current regulatory framework in Latin America¹

• 1. As of November 2020
• 1. Return rate before taxes, for Chile it is an estimation given that the real WACC post-tax will be 6.0%.
• 1. Chile and Peru uses a Price Cap based on VNR (NRC New Replacement value)
• 1. Excluding a pilot project approved by the local regulator, involving 10k smart meters, Smart Meters will be DSO property when the deployment is approved.
• 1. Smart meters are not included in the RAB, but they will have a regulated remuneration.
• 1. Nominal term

2021-2023 Retail

Power & gas customers and volumes¹

			Power				Gas
	Customers (mn)		Volumes (TWh)		Customers (mn)		Volumes (bsmc)
	2020E	2023	2020E	2023	2020E	2023	2020E	2023
Italy	22.7	18.7	98.0	94.9	4.2	4.5	4.5	4.2
Free Market	9.7	18.7	64.4	94.9	4.2	4.5	4.5	4.2
Regulated	13.0	-	33.7	-	-	-	-	-
Iberia2	10.5	10.6	91.4	98.6	1.7	1.8	5.1	5.3
Free Market	5.7	6.1	78.5	85.8	1.4	1.6	5.0	5.2
Regulated	4.8	4.5	13.0	12.8	0.2	0.2	0.1	0.1
Latin America	27.7	29.3	132.8	158.2	0.0	0.0	0.1	0.5
Rest of Europe	3.0	3.3	8.9	11.5	0.1	0.1	0.1	0.2
Total	63.9	61.8	331.2	363.2	5.9	6.5	9.8	10.3

Italian and Spanish power market – forecast 2020

Italy Spain

		Customers (mn)		Enel
	Regulated	Free	Total	1 market share
Business	2 3	4 9	7 1	38%
Residential	13 0	16 5	29 6	47%
Total	15 3	21 4	36 7
Enel Market Share %	85%	1 45%

	Energy	sold	(TWh)	Enel
	Regulated	Free	Total	1 market share
Business	11 3	188 5	199 8	25%
Residential	30 6	38 9	69 5	44%
Total	41 9	227 4	269 3
Enel Market Share %	80%	1 28%

		Customers (mn)		Enel
	Regulated	Free	Total	2 market share
Business	0 3	0 8	1 1	34%
Residential	10 8	17 6	28 4	34%
Total	11 0	18 4	29 4
2 Enel Market Share	43%	29%
		Energy sold (TWh)		Enel

				Enel
	Regulated	Free	Total	2 market share
Business	1.4	151.1	152.5	30%
Residential	26.1	54.7	80.8	32%
Total	27.5	205.8	233.3
2 Enel Market Share	47%	33%

Enel estimate based on Forecast 2020 Regulated; % calculated on Total Regulated Market

Enel estimate based on Forecast 2020 Free; % calculated on Total Free Market (not including Last Resort - "Salvaguardia").

1. Comparing with 2019, data have been adjusted to reflect the availability of the growth, on a monthly basis, of free market data provided by the Authority (approx. equal to 2pp)

2. Portugal is not included

2021-2023 Enel Group

Gross Capex¹ (€bn)

Conventional generation

Cumulated gross capex by geography Cumulated ³ gross capex by GBL²

	Global Power Generation
		Conventional Generation & Trading			EGP		Global &	Infrastructures NetworNs			Retail			Enel X			Services & Other			Total
	2021	2022	2023	2021	2022	2023	2021	2022	2023	2021	2022	2023	2021	2022	2023	2021	2022	2023	2021	2022	2023
Italy	0.3	0.6	0.3	0.4	1.0	1.3	2.4	2.8	3.0	0.4	0.3	0.4	0.1	0.2	0.2	0.1	0.1	0.1	3.7	5.0	5.2
Iberia	0.3	0.2	0.2	0.6	1.7	1.5	0.8	0.9	0.9	0.1	0.1	0.2	0.0	0.1	0.1	0.0	0.0	0.0	2.0	3.0	2.9
Latin America	0.1	0.2	0.2	2.0	1.2	1.1	1.6	1.8	1.6	0.1	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0	3.9	3.2	3.0
of Rest Europe	0.0	0.1	0.1	0.2	1.1	1.0	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	-	-	-	0.5	1.4	1.3
North America	0.0	0.0	0.0	1.6	1.3	0.6	-	-	-	-	-	-	0.0	0.0	0.0	-	-	-	1.6	1.4	0.6
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	0.0	0.0	0.0	-	-	-	0.0	0.0	0.0
Total	0.8	1.1	0.8	4.9	6.3	5.5	5.0	5.5	5.7	0.6	0.5	0.6	0.4	0.3	0.3	0.2	0.2	0.3	11.9	14.0	13.1
Total Capex 2021 - 2023			2.7			16.8			16.2			1.7			0.9			0.7			39.0

Asset development capex¹ (€bn)

Conventional generation

	Global Generation Power
	Conventional Generation & Trading			EGP		Global &	Infrastructures NetworNs			Services Retail Enel X & Other			Total
	2021	2022	2023	2021	2022	2023	2021	2022	2023	2021	2022	2023	2021	2022	2023	2021	2022	2023	2021	2022	2023
Italy	0.2	0.5	0.2	0.2	0.9	1.2	1.5	1.9	2.0	-	-	-	0.1	0.1	0.1	-	-	-	2.1	3.4	3.6
Iberia	0.0	0.0	0.0	0.6	1.6	1.4	0.4	0.5	0.5	-	-	-	0.0	-	-	0.0	0.0	0.0	1.1	2.2	2.0
Latin America	0.0	0.0	0.0	1.9	1.1	1.0	0.5	0.6	0.5	-	-	-	-	0.0	0.0	0.0	0.0	0.0	2.5	1.7	1.6
Rest of Europe	0.0	0.1	0.1	0.2	1.1	1.0	0.1	0.1	0.1	-	-	-	0.0	0.0	0.0	-	-	-	0.3	1.3	1.2
North America	-	-	-	1.5	1.3	0.5	-	-	-	-	-	-	0.0	0.0	0.0	-	-	-	1.6	1.3	0.5
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	0.0	0.0	0.0	-	-	-	0.0	0.0	0.0
Total	0.3	0.6	0.3	4.6	6.0	5.2	2.6	3.0	3.1	-	-	-	0.2	0.2	0.2	0.0	0.1	0.1	7.7	9.9	8.9
Total Capex 2021 - 2023			1.2			15.7			8.7			-			0.6			0.2			26.4

Group Ordinary EBITDA¹

• 1. Rounded figures
• 1. Services & Other is not included in the breakdown
• 1. Other is not included in the breakdown

Global Power Generation Ordinary EBITDA¹

1. Rounded figures

2. Other is not included in the breakdown

EBITDA by geography Ordinary EBITDA ² 49% 26% 23% 2% 2020E ~8 €bn 42% 20% 36% 2% 2023 9.5 €bn ~8.0 9.5 2020E 2023 Italy Iberia Latin America Rest of Europe (€bn)

Infrastructure & Networks Ordinary EBITDA¹

1. Other is not included in the breakdown

Customers Ordinary EBITDA¹

Retail Enel X

2020E 2023

4.0

0.5

4.5

(€bn)

1. Other is not included in the breakdown

3.2

0.1

3.3

EBITDA by GBL (€bn)¹

1. Rounded figures

2. Other is not included in the breakdown

EBITDA by GBL (€bn)¹

1. Rounded figures

2. Other is not included in the breakdown

Baseload power price & production sold forward

	price Baseload
	2020E	2021	2022	2023
Italy (€/MWh)	37 0	52 3	53 9	55 3
Iberia (€/MWh)	32 6	47 2	48 4	49 2

	Production forward sold
		2020E	2021		2022		2023
	price	%	price	%	price	%	price	%
Italy (€/MWh)1	56 9	100%	51 7	85%	51 7	26%	-	-
Iberia (€/MWh)1	73 9	100%	71 6	96%	~ 70 8	43%	-	-
Brazil (USD/MWh)	45 8	100%	50 0	100%	52 4	100%	53 5	100%
Chile (USD/MWh)	75 7	100%	69 4	100%	64 9	100%	66 0	100%
Colombia (USD/MWh)	58 3	100%	67 2	90%	65 4	90%	67 5	90%
(USD/MWh) Peru	53 9	100%	56 5	100%	59 2	100%	61 6	100%

2021-2023 Targets sensitivity

Risks and opportunities: commodities and volumes

Mitigation factors

Increasing renewable production

Forward hedging strategy

Long customer position and forward sales

Very diversified customer base

Risks and opportunities: currencies

2021-23 EBITDA & Net Income impact (+/-10% USD/LOC FX¹ )

2021-2023 Environmental, Social and Governance annexes

2021-2023 Sustainability Plan

Sustainable business model, driving change through growth accelerators

2021 – 2023 Sustainability Plan

1. Growth accelerators include innovation, digital supports, circular economy and sustainable finance

People we work with

Reskilling and upskilling – Promote and plan reskilling and upskilling programs for Enel people in order to support the energy transition

1. Selection processes involving blue collar workers and the USA perimeter are not included as local legislation to protect anti-discrimination practices in the recruiting phase does not allow to monitor this data 2. Eligible and reachable people having worked in the Group for at least 3 months during 2020

Local and global communities

Environmental sustainability

Plan actions	2020E	2030 targets
Reduction of specific No emissions1 x	-54% vs 2017 (0,36 g/kWh ) eq	-70% in 2030 (vs 2017)
emissions1 Reduction of specific SO 2	-87% vs 2017 (0,11 g/kWh ) eq	-90% in 2030 (vs 2017)
Reduction of specific dust emissions1	-95% vs 2017 (0,006 g/kWh ) eq	-97% in 2030 (vs 2017)
Reduction of specific water requirements1	n.a.	-65% in 2030 (vs 2017)

1. Redefined in line with the new 2030 Scope 1 emission reduction target certified by the Science Based Targets initiative (SBTi)

Innovation

Cyber security

Focus on Corporate Governance

Corporate governance structure

1. Chair can be considered independent in accordance with Unified Financial Act criteria 131

2. Out of which 3 Directors drawn from the slate filed by a group of mutual funds and other institutional investors

Board composition

45% 33% 22% 3 6 5 4 1 3 67% 11% 22% 56% 44% CEO and General Manager Francesco Starace Chair (C) Corp. Governance & Sust. C. Michele Crisostomo Cesare Calari Costanza Esclapon de Villeneuve Alberto Marchi Mariana Mazzucato Mirella Pellegrini Anna Chiara Svelto Samuel Leupold Age diversity Tenure diversity Gender diversity Skill diversity 48-52 53-56 57-66 Male Female 1-3 years 4-6 years Over 6 years Strategy Energy Expertise in International Environment Legal & Corporate Governance Non executive Executive Independent Communication & Marketing (C) Control & Risks C. Nomination & Compensation C. Accounting, Finance & Risk Management Corp. Governance & Sust. C. Nomination & Compensation C. Control & Risks C. Related Parties C. Control & Risks C. (C) Nomination & Compensation C. Corp. Governance & Sust. C. Related Parties C. Control & Risks C. Related Parties C. Nomination & Compensation C. (C) Related Parties C. (C) Chair Board of Directors Board of Directors' diversity 132

CEO's short-term variable remuneration¹

Macro objective			Objective			Type of target
		2 Weight	Entry (50%)	Target (100%)	Over (150%)
Profitability	Ordinary consolidated net income	35%	5.25 €bn	5.35 €bn	5.41 €bn	Economic
Efficiency	Group Opex	20%	8.28 €bn	8.12 €bn	8.04 €bn	Economic
Cash and debt management	FFO/Consolidated net financial debt	15%	24.4%	24.9%	25.2%	Financial
Safety	Safety in the workplace	15%	FI3≤ 0.80 & FA4≤ 7	FI3≤ 0.78 & FA4≤ 7	FI3≤ 0.76 & FA4≤ 7	ESG
COVID 19 emergency	Remote management of operations5	15%	Average IT logins 80%	Average IT logins 84%	Average IT logins 88%	ESG

1. Management by objectives (MBO) 2020

2. (%) Weight in the variable remuneration

3. FI: Work-related accident Frequency Index

4. FA: Number of Fatal Accidents during 2020, except for road events

5. Average daily logins recorded during the period March-December 2020 to the ten main IT applications used within the Enel Group compared to the period January-February 2020

Long-term variable remuneration¹

100%⁸ of the base amount is assigned in Enel shares, whose number is determined on the basis of the arithmetical mean of Enel's daily VWAP in the three-months period preceding the beginning of the performance period

1. Long-Term Incentive (LTI) Plan 2020. Performance period: January 1, 2020 – December 31, 2022. 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, calculated in the three-month period preceding the beginning and the end of the performance period

2. 1. Cumulative for the 3-year period 2020-2022 4. Renewable sources net consolidated installed capacity /Total net consolidated installed capacity at the end of 2022
3. 1. (%) Weight in the variable remuneration 6. For the CEO/General manager. 100% at target and 180% at Over II for the other beneficiaries of the LTI Plan 2020

4. As at 2022 8. For the CEO/General manager. 50% for the other beneficiaries of the LTI Plan 2020

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 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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