Enel

Investor Presentation • Jul 29, 2020

July 29, 2020

Francesco Starace CEO

Key highlights of the period

Resilient performance	Push on decarbonisation	Group simplification	Visible shareholder remuneration
Net Income +6%	Accelerating coal phase out	Reached 65% in Enel Chile	2020 Ordinary NI set to grow mid high single digit
COVID-19 peaked in Q2	Renewables poised for new record delivery	Ongoing swap on Enel Americas	DPS backed by 0.35 €/sh min. guaranteed (+7% yoy)

Market context deteriorated further over Q2…

Currencies vs. euro1 (∆ yoy)				Electricity demand	(∆ yoy)		Avg. spot power prices (∆ yoy)
	Q2	Q1	H1		Q2	Q1	H1		Q2	Q1	H1
ARS/EUR	-34%	-35%	-34%	Italy	-14%	-5%	-9%	Italy	-51%	-33%	-42%
BRL/EUR	-26%	-13%	-20%	Spain	-13%	-3%	-8%	Spain	-52%	-36%	-44%
		-14%	-15%	Brazil	-9%	-0,5%	-4%	Brazil	-49%	-11%	-23%
CLP/EUR	-15%			Chile	-1%	+4%	+1%	Chile	-33%	-21%	-27%
COP/EUR	-14%	-9%	-12%	Colombia	-8%	+4%	-2%	Colombia		+18% 68%	+35%
PEN/EUR	-1%	+1%	-0.3%	Peru	-23%	-2%	-12%	Peru	-30%	+8%	-14%

…but stimulus approved is set to overcome the crisis and provide support for the next ten years

European level Country level

Unprecedented funds allocation to support a green recovery

• Additional investments in power infrastructures to support short and mid-term recovery
• Further support for long term decarbonisation targets

Simplification Decree

Streamlined processes to support and accelerate investments in green economy

Royal Decree on energy transition

• Renewable capacity auctions to provide price signals
• First time regulation on storage and demand side management
• Additional leeway for T&D investments

Cuenta COVID

• Financial sustainability secured
• Offset to economic impacts still to be defined

Investments confirmed and in line with previous year

Resilient capex program to improve visibility on mid-term targets

Global Power Generation

Renewables capacity overtakes thermal capacity accelerating the decarbonisation path

Emission free share of production² Installed capacity and production evolution¹

(GW)

• 1. Rounded figures. Includes renewable managed capacity (3.7 GW in H1 2019; 3.5 GW in H1 2020). 6 Does not include nuclear (3.3 GW capacity; production of ~13 TWh in H1 2019 and ~13 TWh in H1 2020).
• 1. Emission free production includes nuclear generation and production from managed capacity (~5.4 TWh in H1 2019 and ~5.1 TWh in H1 2020)
  2. 1. Net of asset rotation activities

Decarbonisation

Global Power Generation – Enel Green Power

FY 2019 Built Disposal H1 2020

Consolidated capacity Managed capacity Total capacity

On course to set a new delivery record despite COVID-19 outbreak

0.0 2.0 4.0 6.0 8.0

Global Power Generation – Enel Green Power

Extensive pipeline to support investments acceleration

Decarbonisation

Global Power Generation – Conventional generation

Acceleration of de-coal process vis-a-vis CMD targets

11.7 9.6 6.6 c. 1.0 0.0 2.0 4.0 6.0 8.0 10. 0 FY2019 H1 2020 2022 @CMD Coal capacity evolution 2019-2022 (GW) -18% Coal capacity below 10 GW 2.1 GW coal shut down Revenues from coal 2.6% on total Chile: coal full exit by 2022 (vs 2040) Italy: Brindisi Unit 2 early closure 2022E coal capacity more than halved compared to FY 2019 37.6 6.1 Coal production (TWh) Coal Phase out acceleration

Enabling Infrastructure

Networks

Improvement in quality, ongoing smart meter deployment, reduction in distributed energy due to COVID-19

Improved positioning to leverage electrification trends

H1 2020 Financial results

Alberto De Paoli CFO

Financial highlights (€mn)

FX and COVID-19 impact on demand and bad debt in the first semester (€bn)

Ordinary EBITDA flat yoy despite COVID-19 and strong FX devaluation

Resiliency of European networks supported by solid regulatory frameworks Resiliency of European I&N supported by regulatory frameworks Latam networks exposed to volumes

Integrated margin management protected against market fluctuation

Devaluation of Latam currencies impacted for 350 €mn FX Around 350 €mn FX devaluation impact Net of FX EBITDA +4% yoy Growth in renewables and efficiencies driving Global Power Generation performance

1. Excludes extraordinary items in H1 2019 (+94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out) and H1 2020 (-82 €mn donations and emergency costs, -67 €mn impairment)

Operational efficiency

Efficiencies accelerated in Q2

MWh

Global Power Generation

Performance supported by a 10% increase in unitary margins

2,274 2,296 ⁸¹¹ 1,073 1,20 0 1,70 0 2,20 0 2,70 0 3,20 0 3,70 0 H1 2019 H1 2020 +9% EBITDA by geography EBITDA evolution (€mn ¹ ) 1 29% 25% 9% 32% 5% Italy Iberia North America Latin America RoW H1 2020 3.4 €bn 3,085 3,369 Gross Margin/ 39.9 44.0 Benefit from short position and efficiencies Gross margin/MWh increased by 10% yoy H1 '19: 260 €mn PPA early termination and JV unwinding H1 '20: 170 €mn provision reversal Performance driven by growth of installed capacity

GPG - Enel Green Power

Operating performance driven by new capacity deployed

GPG - Conventional generation and trading

Short position and efficiencies

Infrastructure and Networks

Flat yoy despite volume exposed regulation and FX in Latam

Electrification

Retail Business affected by lockdowns, operations up and running

B2C B2B

-1%

+9%

Profit & loss (€mn)

∆ yoy	H1 2019	H1 2020
-%	8,763	8,794	Ordinary EBITDA
+4%	(3,210)	(3,339)	D&A
-2%	5,553	5,455	EBIT
-10%	(1,241)	(1,119)	Financial expenses1
n.m.	(85)	35	Results from equity investments
+3%	4,227	4,371	EBT
+15%	(1,118)	(1,283)	Income taxes
-18%	(832)	(683)	Minorities
+6%	2,277	2,405	Group net ordinary income2

Net Income increase net of FX devaluation +9% vs previous year
Minorities reduction supported by our simplification effort
Financial expenses -10% yoy thanks to lower refinancing cost
Higher D&A driven by bad debt accruals totalling 130 €mn

• 1. Includes other financial expenses (-77 €mn in H1 2019, -72 €mn in H1 2020)
• 22 2. Excludes extraordinary items in H1 2019 (+49 €mn second tranche earn out Rete Gas, +97 €mn disposals Mercure plant, -154 €mn impairment coal in Chile, -54 €mn impairment coal in Russia) and in H1 2020 (-3 €mn write-down of Funac in Brazil, -22 €mn Slovenske investment impairment, -52 €mn donations and other cost due to COVID-19, -46 €mn impairment in Italy and Iberia, -335 €mn impairment coal in Chile (Bocamina II))

1. Rounded figures

2. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt

3. Includes dividends received from equity investments

Strong financial position

Abundant liquidity to support business continuity

Limited impact on 2020 targets from scenario deterioration

Closing remarks

Solid results despite a challenging environment

Strategy accelerating on global energy trends supporting growth

2020 earnings set to grow mid-high single digit

DPS to increase by at least +7% yoy supported by 0.35 €/sh Minimum DPS

Annexes

Macroscenario

	GDP (%)		CPI (%)		FX against €1		Spot Price (€/MWh)		Electricity Demand (TWh)2
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	(11.39)	0.33	0.02	0.90	-	-	32.23	55.13	143.48	157.60
Iberia	(12.88)	2.11	(0.01)	1.02	-	-	29.05	51.80	114.05	123.55
Latin America	-	-	-	-	-	-	-	-	-	-
Argentina	(11.09)	(2.92)	47.54	54.05	79.18	48.30	-	-	65.03	65.22
Brazil	(9.34)	0.88	2.96	4.20	6.14	4.38	25.55	33.23	286.10	299.45
Chile	(5.76)	1.86	3.41	2.03	923.97	771.21	41.17	56.60	38.94	38.38
Colombia	(5.06)	3.12	3.47	3.23	4,223.00	3,649.42	83.07	61.33	34.51	35.16
Peru	(6.39)	1.93	1.86	2.33	3.98	3.74	5.69	6.57	23.14	26.35
Rest of Europe	-	-	-	-	-	-	-	-	-	-
Romania	(3.51)	4.70	2.80	3.86	4.84	4.73	33.93	47.80	28.89	30.96
Russia	(3.81)	0.76	2.83	5.08	79.96	71.86	14.59	16.97	388.79	403.15
North America	-	-	-	-	-	-	-	-	-	-
USA	(6.18)	2.47	1.25	1.72	1.12	1.14	-	-	1,730.85	1,788.39
M exico	(6.79)	0.03	2.91	4.16	25.83	21.87	-	-	-	-
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-
India	(6.26)	5.46	5.26	2.77	84.78	78.54	-	-	603.19	653.35
Australia	(3.30)	1.65	0.59	1.46	1.63	1.62	-	-	-	-
South Africa	(7.91)	0.52	3.92	4.32	19.49	16.02	-	-	99.27	95.91

Group consolidated net capacity: breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12,408	772	768	28	-	2,389	6,206	4,583	27,154
Iberia	4,748	2,305	-	352	3,318	2,334	2,764	5,445	21,266
Latin America	10,580	1,556	41	1,676	-	2,693	664	4,168	21,377
Argentina	1,328	-	-	-	-	1,169	-	1,922	4,419
Brazil	1,269	782	-	856	-	-	-	319	3,226
Chile	3,548	642	41	492	-	603	439	1,467	7,232
Colombia	3,097	-	-	86	-	184	225	-	3,592
Perù	792	132	-	179	-	737	-	460	2,301
Other1	545	-	-	62	-	-	-	-	606
Rest of Europe	19	895	-	123	-	4,447	-	809	6,293
Romania	-	498	-	36	-	-	-	-	534
Russia	-	-	-	-	-	4,447	-	809	5,255
Other2	19	396	-	88	-	-	-	-	503
North America	77	4,696	72	948	-	-	-	-	5,792
Mexico	53	731	-	220	-	-	-	-	1,003
Canada	-	211	-	-	-	-	-	-	211
USA	25	3,754	72	728	-	-	-	-	4,579
Africa, Asia & Oceania3	-	437	-	392	-	-	-	-	829
Total	27,832	10,661	880	3,519	3,318	11,863	9,634	15,004	82,711

1. Includes Panama, Guatemala and Costa Rica

2. Includes Greece and Bulgaria

3. Includes South Africa, India and Zambia

Group consolidated net production: breakdown by technology and geography

GWh	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	8,381	683	2,846	9	-	136	3,945	2,915	18,915
Iberia	4,714	2,424	-	259	12,672	2,042	655	4,809	27,575
Latin America	17,321	2,532	118	1,382	-	732	1,531	8,745	32,362
Argentina	1,296	-	-	-	-	64	-	5,466	6,826
Brazil	2,245	1,455	-	499	-	-	-	205	4,405
Chile	3,760	811	118	565	-	392	988	2,383	9,018
Colombia	6,585	-	-	77	-	26	543	-	7,231
Perù	2,426	266	-	195	-	250	-	691	3,828
Other1	1,008	-	-	47	-	-	-	-	1,055
Rest of Europe	17	1,073	-	84	-	5,796	-	2,532	9,503
Romania	-	662	-	20	-	-	-	-	682
Russia	-	-	-	-	-	5,796	-	2,532	8,328
Other2	17	412	-	64	-	-	-	-	492
North America	90	7,550	163	728	-	-	-	-	8,531
Mexico	74	529	-	231	-	-	-	-	834
Canada	-	216	-	-	-	-	-	-	216
USA	16	6,805	163	497	-	-	-	-	7,481
Africa, Asia & Oceania3	-	421	-	302	-	-	-	-	-
Total	30,522	14,684	3,127	2,764	12,672	8,706	6,131	19,002	97,608

1. Includes Panama, Guatemala and Costa Rica

2. Includes Greece and Bulgaria

3. Includes South Africa, India and Zambia

Group total additional capacity¹ : breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	2	-	2	-	-	-	-	48	53
Iberia	-	14	-	-	-	-	-	-	14
Latin America	-	-	-	176	-	-	-	-	176
Argentina	-	-	-	-	-	-	-	-	-
Brazil	-	-	-	176	-	-	-	-	176
Chile	-	-	-	-	-	-	-	-	-
Colombia	-	-	-	-	-	-	-	-	-
Perù	-	-	-	-	-	-	-	-	-
Other2	-	-	-	-	-	-	-	-	-
Rest of Europe	-	-	-	-	-	-	-	-	-
Romania	-	-	-	-	-	-	-	-	-
Russia	-	-	-	-	-	-	-	-	-
Other3	-	-	-	-	-	-	-	-	-
North America	-	300	-	210	-	-	-	-	510
Mexico	-	158	-	-	-	-	-	-	158
Canada	-	122	-	-	-	-	-	-	122
USA	-	20	-	210	-	-	-	-	230
Africa, Asia & Oceania4	-	19	-	34	-	-	-	-	53
Total	2	334	2	420	-	-	-	48	806

1. Excludes managed capacity

2. Includes Panama, Guatemala and Costa Rica

3. Includes Greece and Bulgaria

4. Includes South Africa, India and Zambia

Renewable projects in execution: breakdown by technology and geography¹

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	46	59	7	-	-	111
Iberia	118	8	-	258	-	383
Latin America	1,915	4	28	1,516	-	3,463
Rest of Europe	291	-	-	6	-	297
North America	876	-	-	181	-	1,057
Africa, Asia & Oceania	803	-	-	-	-	803
Total	4,048	70	35	1,962	-	6,116

EGP mature pipeline¹

Infrastructure & Networks KPIs

		Electricity distributed (TWh)1 End users (mn)			Smart meters (mn)1
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	98.7	110.9	31.4	31.5	31.3	31.4
Iberia	58.8	62.3	12.2	12.2	12.3	12.0
Latin America	63.8	68.5	27.4	27.2	0.4	0.3
Argentina	8.1	8.3	2.5	2.5	-	-
Brazil	37.5	40.8	17.9	17.8	-	-
Chile	7.8	8.3	2.0	1.9	0.3	0.3
Colombia	6.7	7.0	3.6	3.5	0.1	0.1
Peru	3.7	4.2	1.4	1.4	-	-
Rest of Europe	7.4	7.8	2.9	2.9	0.7	0.5
Romania	7.4	7.8	2.9	2.9	0.7	0.5
Total	228.7	249.5	74.0	73.7	44.7	44.2

Retail KPIs

	Power				Gas
		Customers (mn)1		Volumes2 (TWh)		Customers (mn)1		Volumes (bsmc)
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	23.1	24.3	43.2	47.7	4.1	4.1	2.7	2.9
Iberia	10.5	10.7	39.0	43.1	1.7	1.6	2.6	3.1
Latin America	27.4	27.2	58.4	62.4	0.0	0.0	0.0	0.0
Rest of Europe	3.0	3.1	4.4	4.9	0.05	0.05	0.07	0.01
Total	64.2	65.2	145.0	158.1	5.8	5.8	5.3	6.0

Baseload power price & production sold forward

	Baseload price
	2020	2021
Italy (€/MWh)	60.2	59.8
Iberia (€/MWh)	53.2	53.5

	Production sold forward
		2020	2021		2022
	price	%	price	%	price	%
Italy (€/MWh)1	56.9	100%	52.2	67%	51.2	23%
Iberia (€/MWh)1	73.6	100%	72.1	92%	72.0	30%
Brazil (USD/MWh)	64.8	100%	62.0	100%	53.3	100%
Chile (USD/MWh)	75.2	100%	70.7	100%	66.0	100%
Colombia (USD/MWh)	68.8	100%	72.5	85%	66.5	80%
Peru (USD/MWh)	41.6	100%	43.3	100%	45.7	100%

1. Average hedged price; wholesale price for Italy, retail price for Spain. 37

Capex1	(€mn)
--------	-------

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	55	59	803	843	80	82	135	144	27	23	4	21	1,103	1,172
Iberia	116	132	242	234	221	483	43	36	22	23	5	9	649	918
Latin America	45	71	537	579	572	316	-	-	7	10	0	0	1,162	976
Argentina	10	31	44	97	0	1	-	-	-	-	-	-	55	129
Brazil	8	2	312	304	312	178	-	-	2	4	-	(0)	633	487
Chile	10	13	51	46	230	105	-	-	1	1	0	0	292	164
Colombia	5	17	92	84	23	22	-	-	5	6	-	-	124	128
Peru	12	8	38	48	5	7	-	-	0	-	-	-	55	64
Other	-	-	-	-	2	3	-	-	-	-	-	-	2	3
Rest of Europe	23	30	85	70	69	119	4	7	0	2	0	1	181	227
Romania	-	-	85	70	0	0	4	7	0	2	0	0	90	79
Russia	23	30	-	-	-	-	-	-	-	-	-	-	23	30
Other	-	0	-	-	68	118	-	-	-	-	0	0	68	119
North America	0	0	-	-	740	656	-	-	23	23	-	-	763	679
Africa, Asia & Oceania	-	-	-	-	217	155	-	-	1	0	-	-	219	156
Other	0	-	2	1	14	9	-	-	23	24	22	10	61	44
Total	239	292	1,668	1,726	1,912	1,820	182	187	103	105	33	41	4,137	4,171

Asset development Capex¹ (€mn)

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	26	12	313	411	44	41	-	-	23	23	-	15	407	502
Iberia	1	0	68	91	192	459	-	-	5	1	0	1	266	552
Latin America	5	12	132	187	545	285	-	-	5	6	0	0	688	491
Argentina	0	-	4	39	0	0	-	-	-	-	-	-	4	39
Brazil	-	1	77	93	309	173	-	-	0	0	-	-	386	267
Chile	3	4	12	9	221	95	-	-	1	1	0	0	237	109
Colombia	1	6	35	37	14	16	-	-	5	5	-	-	56	64
Peru	1	2	5	9	0	1	-	-	0	-	-	-	6	12
Other	-	-	-	-	0	1	-	-	-	-	-	-	0	1
Rest of Europe	15	0	33	25	67	118	-	-	0	-	(0)	-	115	143
Romania	-	-	33	25	-	-	-	-	-	-	(0)	-	33	25
Russia	15	-	-	-	-	-	-	-	-	-	-	-	15	-
Other	-	0	-	-	67	118	-	-	-	-	-	-	67	118
North America	-	0	-	-	734	650	-	-	1	2	-	-	735	652
Africa, Asia & Oceania	-	-	-	-	215	154	-	-	1	0	-	-	216	154
Other	-	-	1	-	7	4	-	-	23	24	7	-	38	28
Total	47	25	548	714	1,805	1,710	-	-	58	56	7	16	2,464	2,520

H1 2020 consolidated results Asset management Capex¹ (€mn)

		Conventional Generation & Global Trading		Infrastructure & Networks		EGP	Retail		Enel X			Services & Other	Total
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	28	47	223	214	36	40	-	-	-	-	4	6	292	307
Iberia	115	132	88	86	29	25	-	-	-	-	5	9	237	252
Latin America	40	59	204	187	27	31	-	-	-	-	0	-	272	276
Argentina	10	31	24	39	-	1	-	-	-	-	-	-	34	71
Brazil	8	1	113	88	4	6	-	-	-	-	-	(0)	124	95
Chile	8	9	15	16	9	10	-	-	-	-	0	0	32	35
Colombia	4	11	36	28	8	6	-	-	-	-	-	-	48	44
Peru	11	6	17	15	5	7	-	-	-	-	-	-	33	28
Other	-	-	-	-	1	2	-	-	-	-	-	-	1	2
Rest of Europe	8	30	19	15	1	1	-	-	-	-	0	0	29	46
Romania	-	-	19	15	0	0	-	-	-	-	0	0	20	15
Russia	8	30	-	-	-	-	-	-	-	-	-	-	8	30
Other	-	-	-	-	1	1	-	-	-	-	0	0	1	1
North America	0	0	-	-	5	6	-	-	-	-	-	-	5	7
Africa, Asia & Oceania	-	-	-	-	2	2	-	-	-	-	-	-	2	2
Other	0	-	0	1	7	5	-	-	-	-	16	10	23	16
Total	192	267	535	502	107	110	-	-	-	-	25	25	860	904

Customers Capex¹ (€mn)

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	-	-	266	219	-	-	135	144	4	-	-	-	404	363
Iberia	-	-	86	57	-	-	43	36	18	23	-	-	147	115
Latin America	-	-	201	206	-	-	-	-	1	3	-	-	202	209
Argentina	-	-	17	19	-	-	-	-	-	-	-	-	17	19
Brazil	-	-	122	122	-	-	-	-	1	3	-	-	123	125
Chile	-	-	23	21	-	-	-	-	-	-	-	-	23	21
Colombia	-	-	21	20	-	-	-	-	-	0	-	-	21	20
Peru	-	-	17	24	-	-	-	-	-	-	-	-	17	24
Other	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Rest of Europe	-	-	33	30	-	-	4	7	0	2	-	-	37	38
Romania	-	-	33	30	-	-	4	7	0	2	-	-	37	38
Russia	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other	-	-	-	-	-	-	-	-	-	-	-	-	-	-
North America	-	-	-	-	-	-	-	-	22	21	-	-	22	21
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	1	0	-	-	1	0
Other	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total	-	-	586	511	-	-	182	187	46	49	-	-	813	746

Revenues¹ (€mn)

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	8,763	12,279	3,633	3,680	1,092	957	7,148	8,222	153	128	(4,015)	(3,841)	16,774	21,425
Iberia	2,519	2,859	1,252	1,310	390	329	5,931	7,244	113	122	(1,674)	(2,222)	8,531	9,642
Latin America	674	1,001	4,463	5,518	1,432	1,930	759	814	72	71	(630)	(837)	6,770	8,497
Argentina	88	164	363	750	23	32	2	36	1	-	(2)	(1)	475	981
Brazil	68	126	2,801	3,320	233	360	158	209	5	7	(129)	(224)	3,136	3,798
Chile	336	493	614	739	587	871	140	144	27	29	(274)	(407)	1,430	1,869
Colombia	95	45	303	309	422	492	361	395	37	33	(158)	(159)	1,060	1,115
Peru	87	173	382	400	66	89	98	30	2	2	(67)	(46)	568	648
Other	-	-	-	-	101	86	-	-	-	-	-	-	101	86
Rest of Europe	277	495	191	185	164	132	580	558	22	14	(199)	(183)	1,035	1,201
Romania	-	14	191	185	109	92	580	558	11	7	(201)	(182)	690	674
Russia	275	481	-	-	-	-	-	-	-	-	2	(1)	277	480
Other	2	-	-	-	55	40	-	-	11	7	-	-	68	47
North America	8	5	-	-	459	447	(1)	3	68	145	(4)	-	530	600
Africa, Asia & Oceania	-	-	-	-	44	49	-	-	28	23	-	-	72	72
Other	35	(193)	9	(6)	(6)	(9)	-	-	7	(11)	(382)	(251)	(337)	(470)
Total	12,276	16,446	9,548	10,687	3,575	3,835	14,417	16,841	463	492	(6,904)	(7,334)	33,375	40,967

Reported EBITDA1	(€mn)
------------------	-------

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	180	176	1,873	1,824	745	615	1,134	1,167	9	-	33	81	3,974	3,863
Iberia	605	309	1,121	974	216	183	305	324	25	23	2	44	2,274	1,857
Latin America	125	321	773	1,138	953	1,132	105	173	23	19	(54)	(49)	1,925	2,734
Argentina	50	70	23	242	18	26	(3)	16	-	-	-	(2)	88	352
Brazil	20	53	384	487	118	187	55	83	(3)	(2)	(19)	(23)	555	785
Chile	(3)	121	83	116	366	462	15	19	4	3	(35)	(24)	430	697
Colombia	(4)	10	185	185	314	310	27	39	23	18	-	-	545	562
Peru	62	67	98	108	63	70	11	16	(1)	-	-	-	233	261
Other	-	-	-	-	74	77	-	-	-	-	-	-	74	77
Rest of Europe	77	114	55	47	80	69	39	(6)	3	-	2	2	256	226
Romania	-	(1)	55	47	42	42	39	(6)	4	3	2	2	142	87
Russia	76	115	-	-	(2)	-	-	-	-	-	-	-	74	115
Other	1	-	-	-	40	27	-	-	(1)	(3)	-	-	40	24
North America	10	(5)	-	-	305	297	(1)	3	(20)	43	(1)	-	293	338
Africa, Asia & Oceania	-	-	-	-	22	28	-	-	(1)	(3)	-	-	21	25
Other	4	(10)	(6)	(12)	(30)	(50)	-	-	(16)	(10)	(50)	(54)	(98)	(136)
Total	1,001	905	3,816	3,971	2,291	2,274	1,582	1,661	23	72	(68)	24	8,645	8,907

Ordinary EBITDA¹(€mn)

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	228	82	1,896	1,774	746	615	1,143	1,167	9	-	46	81	4,068	3,719
Iberia	614	309	1,121	974	216	183	305	324	25	23	14	44	2,295	1,857
Latin America	140	321	781	1,138	954	1,132	105	173	23	19	(52)	(49)	1,951	2,734
Argentina	50	70	25	242	18	26	(3)	16	-	-	-	(2)	90	352
Brazil	20	53	389	487	118	187	55	83	(3)	(2)	(18)	(23)	561	785
Chile	12	121	83	116	366	462	15	19	4	3	(34)	(24)	446	697
Colombia	(4)	10	186	185	314	310	27	39	23	18	-	-	546	562
Peru	62	67	98	108	64	70	11	16	(1)	-	-	-	234	261
Other	-	-	-	-	74	77	-	-	-	-	-	-	74	77
Rest of Europe	77	114	56	47	80	69	39	(6)	3	-	2	2	257	226
Romania	-	(1)	56	47	42	42	39	(6)	4	3	2	2	143	87
Russia	76	115	-	-	(2)	-	-	-	-	-	-	-	74	115
Other	1	-	-	-	40	27	-	-	(1)	(3)	-	-	40	24
North America	10	(5)	-	-	306	297	(1)	3	(19)	43	(1)	-	295	338
Africa, Asia & Oceania	-	-	-	-	22	28	-	-	(1)	(3)	-	-	21	25
Others	4	(10)	(5)	(12)	(28)	(50)	-	-	(15)	(10)	(49)	(54)	(93)	(136)
Total	1,073	811	3,849	3,921	2,296	2,274	1,591	1,661	25	72	(40)	24	8,794	8,763

1. Rounded figures. Excludes extraordinary items in H1 2019 (+94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out) and H1 2020 (-82 €mn donations and emergency costs, -67 €mn impairment)

Reported EBIT¹(€mn)

	Conventional Generation & Global Trading		Infrastructure & Networks		EGP		Retail		Enel X		Services & Other		Total
	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Italy	102	46	1,169	1,308	585	467	758	883	(15)	(17)	(1)	19	2,598	2,706
Iberia	356	(35)	752	618	122	102	186	247	10	(1)	(16)	25	1,410	956
Latin America	(708)	(158)	418	737	765	930	(36)	53	19	13	(55)	(52)	403	1,523
Argentina	19	37	13	226	16	23	(16)	(10)	-	-	-	(2)	32	274
Brazil	15	47	152	202	85	140	(44)	6	(4)	(2)	(20)	(24)	184	369
Chile	(776)	(292)	60	92	283	380	3	13	2	3	(34)	(26)	(462)	170
Colombia	(12)	2	131	139	287	281	15	31	22	12	-	-	443	465
Peru	46	48	62	78	45	50	6	13	(1)	-	-	-	158	189
Other	-	-	-	-	49	56	-	-	-	-	(1)	-	48	56
Rest of Europe	52	(37)	14	-	52	46	23	(15)	-	(1)	-	-	141	(7)
Romania	-	-	14	-	32	32	23	(15)	2	2	1	1	72	20
Russia	52	(37)	-	-	(2)	(1)	-	-	-	-	-	-	50	(38)
Other	-	-	-	-	22	15	-	-	(2)	(2)	(1)	(1)	19	12
North America	11	(6)	-	-	170	170	(2)	3	(42)	15	(2)	-	135	182
Africa, Asia & Oceania	-	-	-	-	3	8	-	-	(2)	(4)	-	1	1	5
Other	3	(12)	(7)	(13)	(32)	(50)	-	-	(18)	(13)	(91)	(64)	(145)	(152)
Total	(184)	(202)	2,346	2,650	1,665	1,673	929	1,171	(48)	(8)	(165)	(71)	4,543	5,213

EBITDA from Reported to Adjusted: breakdown by geography (€mn)

H1 2020	Italy	Iberia	South America	Rest of Europe	North & Central America	Africa, Asia & Oceania	Other	Total
Reported	3,974	2,274	1,926	255	293	21	(99)	8,645
Extraordinary items	(94)	(22)	(27)	(2)	(1)	-	(3)	(148)
Ordinary	4,068	2,296	1,953	257	295	21	(95)	8,794
One-offs	156	356	(1)	-	-	-	-	511
Adjusted	3,912	1,940	1,954	257	295	21	(95)	8,283

H1 2019	Italy	Iberia	South America	Rest of Europe	North & Central America	Africa, Asia & Oceania	Other	Total
Reported	3,863	1,857	2,734	226	338	25	(136)	8,907
Extraordinary items	145	-	-	-	-	-	-	145
Ordinary	3,719	1,857	2,734	226	338	25	(136)	8,763
One-offs	-	28	373	-	58	-	-	458
Adjusted	3,719	1,829	2,361	226	280	25	(136)	8,305

EBITDA from Reported to Adjusted: breakdown by business line (€mn)

H1 2020	Conventional Generation & Global Trading	Infrastructure & Networks	EGP	Retail	Enel X	Services & Holding	Total
Reported	1,001	3,816	2,291	1,582	23	(68)	8,645
Extraordinary items	(73)	(32)	(4)	(9)	(2)	(28)	(148)
Ordinary	1,073	3,849	2,296	1,591	25	(40)	8,794
One-offs	166	333	1	21	-	(9)	511
Adjusted	908	3,515	2,295	1,571	25	(31)	8,283

H1 2019	Conventional Generation & Global Trading	Infrastructure & Networks	EGP	Retail	Enel X	Services & Holding	Total
Reported	905	3,971	2,274	1,661	72	24	8,907
Extraordinary items	94	50	1	(1)	(0)	0	145
Ordinary	811	3,921	2,274	1,662	72	24	8,763
One-offs	107	184	79	30	58	-	458
Adjusted	704	3,737	2,194	1,632	15	24	8,305

From EBITDA to net income¹ (€mn)

	H1 2020 reported	H1 2019 reported	∆ yoy	H1 2020 ordinary	H1 2019 ordinary	∆ yoy
EBITDA	8,645	8,907	-2.9%	8,794	8,763	0.4%
D&A	4,102	3,694		3,339	3,210
EBIT	4,543	5,213	-12.9%	5,455	5,553	-1.8%
Net financial charges	(1,119)	(1,241)		(1,119)	(1,241)
Net income from equity investments using equity method	13	(85)		35	(85)
EBT	3,437	3,887	-11.6%	4,371	4,227	3.4%
Income tax	(1,034)	(994)		(1,283)	(1,118)
Net income	2,403	2,893		3,088	3,109
Minorities	456	678		683	832
Group net income	1,947	2,215	-12.1%	2,405	2,277	5.6%

D&A reported (€mn)

1

0	H1 2020	H1 2019	∆ yoy
Generation and Trading	1,185	1,107	7%
Enel Green Power	626	601	4%
Distribution	1,470	1,321	11%
Retail	653	490	33%
Enel X	71	80	-11%
Others and adjustments	97	95	2%
Total	4,102	3,694	11%

Gross debt¹structure

Debt structure by instrument (€bn)

Debt by instrument	Enel Spa	EFI	EFA - EGP SpA and Central Others	Italy	Iberia	Latin America	North America	Europe	Africa, Asia and Oceania	Total
Bonds	8.09	30.00	-	-	0.02	5.06	-	0.06	-	43.23
Bank Loans	0.40	-	0.79	3.88	2.19	1.95	0.23	0.21	0.63	10.28
Tax Partnership	-	-	-	-	-	-	0.71	-	-	0.71
Other Loans	-	-	-	0.52	0.83	0.30	0.40	0.08	-	2.13
Other short term debt	0.45	0.88	-	0.22	0.09	1.08	-	-	0.01	2.73
Commercial Paper	-	2.32	0.69	-	1.35	0.14	-	-	-	4.50
Gross debt	8.94	33.20	1.48	4.62	4.48	8.53	1.34	0.35	0.64	63.58
Financial Receivables	-0.20	-0.86	-0.42	-0.84	-0.50	-0.91	-	-	-0.01	-3.74
Tariff Deficit	-	-	-	-	-0.90	-	-	-	-	-0.90
Other short term financial receivables	-1.44	-0.35	-	-0.54	-0.07	-0.12	-0.02	-	-0.07	-2.61
Cash and cash equivalents	-1.97	-0.19	-0.20	-0.38	-0.38	-1.92	-0.14	-0.63	-0.11	-5.92
Net Debt – Thitd Parties	5.33	31.80	0.86	2.86	2.63	5.58	1.18	-0.28	0.45	50.41
Net Debt – Intercompany	11.01	-35.64	8.24	9.26	3.00	2.00	1.85	0.23	0.05	-
Net Debt – Group View	16.34	-3.84	9.10	12.12	5.63	7.58	3.03	-0.05	0.50	50.41

Debt maturity coverage split by typology (€bn)

1. Of which 14.4 € bn of long term committed credit lines with maturities beyond June 2021

Balance sheet (€mn)

1

Headcount

0	H1 2020	H1 2019	∆ yoy
Generation and Trading	8,541	9,432	-9%
Enel Green Power	7,996	7,957	0%
Distribution	34,485	34,822	-1%
Retail	6,373	6,336	1%
Enel X	2,901	2,808	3%
Others and adjustments	6,529	6,898	-5%
Total	66,825	68,253	-2%

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, 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

Download App

Channels