Enel

Investor Presentation • Nov 24, 2021

Agenda

Francesco Starace, CEO & General Manager

Enel @2030 The context Our strategic actions Our value

Alberto de Paoli, CFO

Capital allocation

The value of integration

2022-24 Strategic Plan

Simplifying and refocusing

EBITDA evolution

Financial management

Targets

Francesco Starace, CEO & General Manager

Closing remarks

Francesco Starace CEO & General Manager

The context

Net zero: the unavoidable journey towards global decarbonization…

Sources: WEO, IEA (2021) Net-Zero by 2050; BNEF (2021), New Energy Outlook; IRENA (2021), 1.5° Scenario

…will see electrification as the most important trigger…

At least a 50% rate of electrification is needed in 2050 in order to reach 1.5°c

At 2050 | Source: Graph – internal elaboration based on IEA (2021), World Energy Outlook 2021 | BNEF (2021), New Energy Outlook | IRENA (2020), Global Renewables Outlook | IRENA (2021), World Energy Transition Outlook

…with underlying trends we presented last year to accelerate further…

Source: IEA Sustainable Development Scenario (IEA- SDS) and IEA NZE

…and decarbonized electricity opening to main benefits for customers

1. Internal elaboration on IEA WEO 2021 | Comparison among NZE and STEPS scenarios 2030. Energy spending is the overall average household energy bill. Greenhouse gases consider household and passenger road transport.

Allocating capital to support a decarbonized electricity supply

Enabling electrification of customer energy demand

Leveraging full value chain's value creation

Bringing forward Sustainable Net Zero.

Allocating capital to support a decarbonized electricity supply

Enabling electrification of customer energy demand

Leveraging full value chain's value creation

Bringing forward Sustainable Net Zero.

An investment plan tailored to address customers' needs…

1. 2021-30 Old Plan included Enel X consolidated capex in stewardship

0

50

100

150

200

250

1. It includes RES capacity and BESS; 2. Power free + regulated + wholesales + PPAs

Ownership capex concentrated in Tier 1 Countries where we will pursue integrated value maximization

13

Foster renewable penetration…

1. It includes 5 GW capacity in 2021E and 6.6 €bn capex in 2021E.

0.0

20. 0

40. 0

60. 0

80. 0

100.0

120.0

140.0

…leveraging on a unique track record …

Built capacity evolution¹ (MW)

Progressive acceleration of our renewables growth over time

…supported by the largest pipeline in the industry…

Renewables pipeline by technology and maturity (GW)

Extensive pipeline secures growth ambitions, covering our future targets towards 2030

1. It includes storage for around 40 GW in Early Stage and around 11 GW in mature pipeline; 2. It includes 0.7 GW of BESS capacity in execution

Growth of our grid infrastructure led by investments in Europe…

…running on a single platform: Grid Blue Sky

DIGITAL INFRASTRUCTURE

Networks Asset value

Automated Planning and Dispatching, smart field execution and advanced resource control

digital network design

Value driven resource allocation &

Customer at the center

Customer interaction automation, advanced service to cash and commercial losses management

Opex/Grid customer -5% Energy Recovery ^∑22-24 (TWh) ~20 Commercial Losses reduction -20%

2024 vs 2020

GLOBAL OPERATING MODEL

Stewardship capex deployed mainly in 'non Tier 1' countries…

Allocating capital to support a decarbonized electricity supply

Enabling electrification of customer energy demand

Leveraging full value chain's value creation

Bringing forward Sustainable Net Zero.

Electrification starts with customers…

Combined offering to enable electrification and affordability Digitalization to enhance customer experience and efficiencies

2021E 2030

0

Global partnerships to promote electrification and Net Zero targets Target 10% market share of multinationals with full range of services

Partner with municipalities for the electrification of public transport Enable services for sustainable, smart and circular cities

The journey to value kicks off with revenues…

120

Customer Revenues (€bn)

Average Revenues ¹ (€/MWh)

Prices to customers remain flat while the portion of services offered will improve

Revenues increase will couple with lower integrated cost…

-40% Integrated cost set to decline on lower cost of energy sold driven by higher penetration of renewables and flat cost of services

…thanks to investments in RES that will abate the cost of energy sold

0

50

100

150

200

250

300

350

Overall cost of energy sold down by -40%

A strategy that will create value to us…

Integrated EBITDA/ Capex¹ ~15%

…and to our customers

2030

>85%

Reduction of household energy spending¹

(%)

~80%

Sales covered by RES production²

GHG emissions household reduction¹

1. Vs. 2020, based on Enel's portfolio of clients in Italy and Spain; 2. Based on Tier 1 countries, free market.

Allocating capital to support a decarbonized electricity supply

Enabling electrification of customer energy demand

Leveraging full value chain's value creation

Bringing forward Sustainable Net Zero.

In 2014, we announced a matrix organisation focused on increasing accountability and profitability…

…and which is now set to evolve further to be fit for the future merging retail operations and Enel X…

…focusing on countries that we consider Tier 1

Starting from now, Countries will be able to optimize the integration between clients' portfolio and assets, ensuring value maximisation

A balanced asset rotation to re-position the Group

Allocating capital to support a decarbonized electricity supply

Enabling electrification of customer energy demand

Leveraging full value chain's value creation

Bringing forward Sustainable Net Zero.

We are bringing forward our Net Zero target by accelerating customer electrification, maximizing value and addressing climate change challenges

Path towards full decarbonization by 2040

Scope 1 emissions¹ (gCO2eq/kWh)

Accelerating the decomissioning of the thermal fleet to achieve full decarbonization

The strategic milestones to become Net Zero across Scopes (1, 2 and 3) by 2040

Our value

Enel positioning at 2030

1. It includes ownership and stewardship; 2. It does not include M&A; 3. Power free + regulated + wholesales + PPAs.

The value we will create to our shareholders in the long term

The value we will create to our shareholders in the medium term

~13% 2021-24 TOTAL RETURN¹

1. Calculated as Dividend Yield21-24 + Earnings CAGR21-24

Alberto De Paoli CFO

2022-24 Capital allocation

An 12% increase in our investment plan highly aligned to SDGs and EU Taxonomy…

(€bn)

Total investments¹

0

10

20

30

40

50

60

Enel's capex (€bn)

1. 2021-23 Old Plan included Enel X consolidated capex in stewardship; 2. Referred only to capex under the ownership model.

…accelerating operating delivery and improving our positioning…

1. Delta calculated versus 2021E; 2. It includes renewable capacity and BESS; 3. Power free + regulated + wholesale + PPAs

…driven by the ownership business model…

Investments deployed into OECD countries increased by 15% vs. previous plan, and represents around 65% of total capex

…and supported by the stewardship model that will create further value

A growing RES deployment on attractive assets return …

1. It excludes stewardship capex for around 0.5 €bn.

1.3

BESS

…and leverages on 98 GW mature pipeline…

1. It includes managed capacity; 2. As of October 2021; 3. It includes 0.7 GW of BESS capacity in execution.

…with a substantial increase in clean energy production

1. It includes renewable managed production and nuclear production; 2. Scope 1 emissions.

0.0 0 10. 00 20. 00 30. 00 40. 00 50. 00 60. 00 70. 00 80. 00 90. 00 100.00 110.00 120.00 130.00 140.00 150.00 160.00 170.00 180.00 190.00 200.00 210.00 220.00 230.00 240.00 250.00 260.00 270.00 280.00 290.00 300.00

Networks investments to enhance value and performance…

~65

…enabling the transition and the electrification of energy consumption

1. It does not include managed customers and volumes and it does not include M&A.

2022-24 The value of integration

Value creation from customer integration well visible early on in the decade…

…with revenues up double digit on stable tariff to customers…

120

Customer Revenues ¹ (€bn)

Average Revenues ¹ (€/MWh)

Long term trends visible in the medium term period

…driven by commodity and services uptake…

~250 ~310 ~25% Electricity sales¹

(TWh) Beyond commodity services

2021E 2024 2030

…and cost of energy sold abated by investments in new renewable capacity

55

0

50

100

150

200

250

300

350

Overall cost of energy sold down by

2022-24 Simplifying and refocusing

Becoming leaner to speed up the transition with a sound earnings accretion

Sources and uses of funds balance 2022-24 (€bn)

12

1. It includes accretion from M&A activities and capital re-deployed in organic growth. Impacts at regime.

2022-24 EBITDA evolution

+12% growth in Group's EBITDA

Cumulated EBITDA by business EBITDA evolution over 2021-2024 (€bn)

EGP EBITDA: +50%

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10. 0 EBITDA evolution over 2021E-2024 (€bn) Financial KPIs

-11%

Δ

Customers EBITDA: +36%

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Networks EBITDA: +16%

EBITDA evolution over 2021E-2024 (€bn)¹

Financial KPIs 99 36.4 575 113 32.6 2024 636 14% -10% +11% Δ ~350 €mn Cumulated EBITDA 2022-24 Stewardship Opex/grid customer (€/cl)² EBITDA/grid customer (€/cl) RAB/grid customer (€/cl)

5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0

Financial management

An accelerated industrial growth coupling with improving FFO/ND and cash conversion…

1. It includes grants and FX.

…supported by sustainable finance at the core of our financial strategy…

…to further reduce the cost of debt…

Financial strategy for 2022-24 Cost of debt evolution 2021E-24

1. Enel estimates on current cost associated with financial instruments

…leveraging on a solid liquidity position

Liquidity and debt maturity by year (€bn) 21.6 5.7% 5.4% 11.0% LT MATURITIES/GROSS DEBT

4.0 3.9 7.9 15.8 2022 2023 2024 2022-24 Available liquidity¹ New plan Old plan Yearly refinancing on average gross debt 9.4% 11.9%

2021E Gross Debt breakdown

0

5

10

15

20

25

30

2022-24 Targets

		2021E	2022	2023	2024
h t w o r g s g n ni r a E	Ordinary EBITDA (€bn)	18.7-19.3	19-19.6	20-20.6	21-21.6
	Net Ordinary Income (€bn)	5.4-5.6	5.6-5.8	6.1-6.3	6.7-6.9
n o ti a e r c e u al V	Fixed DPS (€/sh)	0.38	0.40	0.43	0.43
	Implied Dividend Yield1	5.4%	5.7%	6.1%	6.1%

Wrap up of the 2022-2024 targets

Total Return ~13% Earnings CAGR Average DY

Closing remarks

Closing remarks

Enhancing the value of Customers via an integrated model

A simpler and re-focused organization to drive the change

Bringing forward Net Zero

Visible and stable value to shareholders:

Total Return ~13%

2022-24 Annexes

Annexes

Financial annexes

Macroscenario	81
Enel Green Power	86
Global Infrastructure & Networks	92
Global Customers	96
Enel Group financials	100

ESG annexes

Sustainability strategy	111
Focus on Corporate Governance	127

2022-24 Financial Annexes

2022-24 Macroscenario

GDP and CPI

	GDP (%)
	2022	2023	2024	2022	2023	2024
Italy	4	1	0	1	1	1
	6	7	6	3	2	4
Iberia	6	2	1	1	1	1
	2	6	9	4	5	6
Latin America
Argentina	1	1	1	41	34	28
	6	8	7	8	1	4
Brazil	2	2	2	5	3	3
	3	2	3	5	7	3
Chile	2	3	3	4	3	3
	7	6	4	1	2	0
Colombia	4	3	3	3	3	3
	1	8	8	5	3	1
Peru	4	4	3	4	3	3
	6	0	6	0	2	0
Rest of Europe
Romania	4	2	2	2	2	2
	4	9	4	5	7	7
Russia	2	1	1	4	4	3
	5	8	7	3	1	8
North America
USA	3	1	1	2	2	2
	0	2	4	2	0	0
Mexico	3	2	2	2	2	2
	7	2	1	5	3	6

Target range to provide an ample buffer against currencies volatility

Commodities' prices

	2021E	2022	2023	2024
Gas	34	27	22	19
TTF	4	0	3	0
(€/MWh)
(\$/mmbtu) Gas Henry Hub	3 6	3 3	3 0	2 7
Gas	34	28	23	19
PSV	5	0	0	9
(€/MWh)
(\$/bbl)	68	66	63	62
Oil	0	0	0	0
Brent
Coal	115	90	75	73
(\$/ton)	0	0	5	5
API2
CO2 (€/ton)	52 0	65 0	69 0	74 0

Commodities and electricity demand

(TWh)

Impact on 2022-24 Cumulated

Balanced position on upside/ downside scenario on commodities and demand

2022-24 Enel Green Power

• 1. Rounded figures.
• 1. It excludes managed RES capacity for 3.3 GW in 2021 and 7.6 GW in 2024.
• 1. Percentages are calculated excluding perimeter effects.

Consolidated production¹ 20% 11% 5% 12% 27% 18% 3% 4% 2021E 217 TWh 16% 8% 1% 10% 25% 25% 2% 13% 2024³ 257 TWh 20% 26% 33% 10% 10%1% 2021E 217 TWh 17% 24% 34% 9% 15% 1% 2024³ 257 TWh By technology² By geography² Italy Iberia Latin America North America Rest of Europe Africa, Asia & Oceania Hydro Wind Solar & Other Geothermal Nuke CCGT Coal Oil & Gas 52% share of RES 65% share of RES

• 1. Rounded figures.
• 1. It excludes managed RES production for 9.8 TWh in 2021 and 21.2 TWh in 2024.
• 1. Percentages are calculated excluding perimeter effects.

RES Additional Capacity¹ (MW)

	Hydro		Wind		Geothermal		Solar & Other		Total
	2022	2023	2024	2022	2023	2024	2022	2023	2024	2022	2023	2024	2022	2023	2024
Italy	32	-	-	98	-	50	3	-	-	29	263	546	161	263	596
Iberia	3	13	2	329	77	-	-	-	-	634	1,419	1,514	966	1,509	1,516
Latin America	1	154	-	500	1,224	770	-	-	-	1,244	889	731	1,745	2,266	1,501
Rest of Europe	-	-	-	-	7	650	-	-	-	-	150	154	-	157	804
North America	-	-	-	1,051	-	300	-	-	-	1,474	1,828	1,847	2,525	1,828	2,147
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total	36	168	2	1,977	1,308	1,770	3	-	-	3,382	4,548	4,792	5,397	6,024	6,565
												Managed	736	820	1,674

By technology By geography

Total 6,133 6,844 8,239

COD 2022-24 Mature Pipeline¹(GW)

By geography By technology

	COD
	2022	2023	2024	Total
Italy	0.0	0.6	4.8	5.5
Iberia	0.2	2.8	2.6	5.6
Latin America	0.0	3.0	8.4	11.4
Rest of Europe	0.0	0.8	2.4	3.2
North America	0.6	3.9	6.2	10.7
Africa, Asia & Oceania	0.0	4.3	5.6	9.8
Total RES Pipeline	0.8	15.4	30.0	46.2
Storage	0.2	2.9	5.6	8.6
Total Mature Pipeline	1.0	18.3	35.6	54.9

Italy

Iberia

	COD
	2022	2023	2024	Total
Wind	0.3	1.7	12.1	14.2
Solar	0.4	13.7	17.6	31.7
Hydro	0.0	0.0	0.1	0.2
Geothermal	0.0	0.0	0.2	0.2
Total RES Pipeline	0.8	15.4	30.0	46.2
Storage	0.2	2.9	5.6	8.6
Total Mature Pipeline	1.0	18.3	35.6	54.9

1. Rounded figures.

21%

23%

7%

12%

12%

25%

Sales Portfolio & PPAs key features

duration

2022-24 Global Infrastructure & Networks

Electricity distributed, Grid customers, Smart meters¹

	Electricity	distributed (TWh)	Grid customers2	(mn)	Smart (mn) meters
	2021E	2024	2021E	2024	2021E	2024
Italy	219	230	31 5	31 5	30 9	31 5
Iberia	129	136	12 4	12 7	12 5	12 7
Latin America	136	147	28 2	29 8	0 5	2 8
Rest of Europe	16	17	3 0	3 2	1 0	1 5
Total	500	530	75 1	77 2	44 9	48 4

1. Rounded figures.

2. It excludes ~4 mn managed grid customers.

Current regulatory framework in Europe¹

1. As of November 2021.

2. WACC review by 2022.

3. +1% new capex.

Current regulatory framework in Latin America¹

• 1. As of November 2021.
• 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. The new regulatory period was postponed to 2023 by the government given the pandemic situation.
• 1. Smart meters are not included in the RAB but they will have a regulated remuneration.

2022-24 Global Customers

Power & Gas customers and volumes¹

			Power		Gas
	Customers		Volumes		Customers		Volumes
	(mn)		(TWh)		(mn)		(bsmc)
	2021E	2024	2021E	2024	2021E	2024	2021E	2024
Italy	21	18	98	94	4	4	4	4
	6	1	9	9	1	2	3	0
Free Market	10 1	18 1	69 4	94 9	4 1	4 2	4 3	4 0
Regulated	11 5	-	29 5	-	-	-	-	-
Iberia2	10	10	90	92	1	1	5	4
	2	0	9	5	7	8	2	6
Free Market	5 6	5 8	78 3	80 4	1 5	1 6	5 1	4 5
Regulated	4	4	12	12	0	0	0	0
	6	2	7	1	2	2	1	1
Latin America	28 2	29 6	142 1	155 8	0 0	0 0	0 2	0 6
Rest	3	3	9	9	0	0	0	0
of	0	3	1	9	1	2	2	2
Europe
Total	62	61	341	353	5	6	9	9
	9	0	1	2	9	3	8	5

1. Iberia includes Spain and Portugal.

Italian and Spanish Power Market – Forecast 2021

Italy Spain

		Customers (mn)
	Regulated	Free	Total	market share
Business	1 9	5 2	7 1	38%
Residential	11 4	18 2	29 6	44%
Total	13 3	23 4	36 7
Enel Market Share	86%	43%

		Energy sold (TWh)
	Regulated	Free	Total	market share
Business	10 5	202 2	212 7	25%
Residential	28 5	41 6	70 2	42%
Total	39 0	243 9	282 9
Enel Market Share	76%	28%

	Regulated	Free	Total	market share
Business	1 6	169 9	171 5	29%
Residential	26 3	62 2	88 5	34%
Total	27 9	232 1	260 0
1 Share Enel Market	45%	29%

		Customers (mn)
	Regulated	Free	Total	1 market share
Business	-	0 8	0 9	32%
Residential	10 9	17 9	28 8	33%
Total	10 9	18 7	29 6
1 Share Enel Market	41%	28%

Energy sold (TWh)

Enel estimate based on Forecast 2021 Regulated; % calculated on Total Regulated Market.

Enel estimate based on Forecast 2021 Free; % calculated on Total Free Market (not including Last Resort - "Salvaguardia").

1. Portugal is not included.

1

Enel

	Points1 Charging (k)		Street	lighting (mn)	Electric	(#) buses	Storage	(MW)	(GW) Demand Response
	2021E	2024	2021E	2024	2021E	2024	2021E	2024	2021E	2024
Italy	40	150	1 5	1 9	23	1 903 ,	-	190	1 0	2 .7
Iberia	11	46	0 1	0 1	128	878	-	-	-	0 2
Latin America	4	14	1 3	1 6	1 926 ,	5 863 ,	1	39	-	0 4
Rest of Europe	2	36	-	-	88	970	-	22	1 1	2 1
North America	98	376	-	-	41	2 479 ,	62	174	4 2	4 3
Africa Asia & Oceania ,	8	71	-	-	38	512	15	51	1 .7	3 3
Other	201	408	-	-	-	-	-	-	-	-
Total	364	1 101 ,	2 9	3 6	2 243 ,	12 605 ,	78	476	8 0	13 0

2022-24 Enel Group financials

Gross Capex¹(€bn)

43% 44% 5%5% 3% 42.6 €bn 23% 6% Networks 16% Retail Renewables Enel X Conventional generation

Cumulated gross capex by GBL² Cumulated gross capex by geography³

	Enel Green Power									Global Customers
	Conventional Generation & Trading			Renewables			Global Infrastructure & Networks			Retail			Enel X			Services & Other			Total
	2022	2023	2024	2022	2023	2024	2022	2023	2024	2022	2023	2024	2022	2023	2024	2022	2023	2024	2022	2023	2024
Italy	0.4	0.4	0.2	0.6	0.7	0.8	2.9	3.5	3.4	0.4	0.4	0.5	0.3	0.3	0.2	0.1	0.1	-	4.8	5.5	5.2
Iberia	0.3	0.3	0.3	1.2	0.8	1.1	0.9	1.0	1.0	0.2	0.2	0.2	0.1	0.1	0.1	0.0	0.0	0.0	2.6	2.3	2.6
Latin America	0.2	0.1	0.1	1.7	1.4	1.2	1.5	1.4	1.8	0.1	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0	3.6	3.1	3.1
Rest of Europe	0.1	0.1	0.1	0.2	0.4	1.1	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.5	0.7	1.4
North America	0.0	0.0	0.0	2.4	2.2	2.2	-	-	-	-	-	-	0.0	0.0	0.0	0.0	0.0	0.0	2.5	2.3	2.2
Africa, Asia & Oceania	-	-	-	0.0	0.0	0.0	-	-	-	-	-	-	0.0	0.0	0.0	-	-	-	0.0	0.0	0.0
Total	0.9	0.8	0.6	6.3	5.7	6.6	5.6	6.1	6.4	0.7	0.7	0.7	0.5	0.5	0.5	0.2	-0.1	-0.1	14.2	13.7	14.7
Total Capex 2022 - 2024			2.4			18.6			18.1			2.0			1.4			-			42.6

1. Rounded figures.

2. Services & Other is not included in the breakdown.

Asset Development Capex¹(€bn)

Cumulated gross capex by GBL² Cumulated gross capex by geography³

	Enel Green Power							Global Customers
	Conventional Generation & Trading			Renewables			Global Infrastructure & Networks			Retail			Enel X			Services & Other			Total
	2022	2023	2024	2022	2023	2024	2022	2023	2024	2022	2023	2024	2022	2023	2024	2022	2023	2024	2022	2023	2024
Italy	0.3	0.3	0.1	0.4	0.6	0.6	1.8	2.4	2.2	-	-	-	0.1	0.2	0.1	0.0	0.0	0.0	2.6	3.4	3.2
Iberia	0.0	-	-	1.1	0.7	1.1	0.5	0.5	0.4	-	-	-	0.0	0.0	0.0	-	-	-	1.6	1.2	1.5
Latin America	0.0	0.0	0.0	1.6	1.3	1.1	0.4	0.4	0.6	-	-	-	0.1	0.0	0.0	-	-	-	2.2	1.8	1.7
Rest of Europe	0.0	0.0	0.0	0.2	0.4	1.0	0.1	0.1	0.1	-	-	-	0.0	0.0	0.0	-	-	-	0.3	0.5	1.2
North America	-	-	-	2.4	2.2	2.1	-	-	-	-	-	-	0.0	0.0	0.0	-	-	-	2.4	2.2	2.1
Africa, Asia & Oceania	-	-	-	0.0	0.0	0.0	-	-	-	-	-	-	0.0	0.0	0.0	-	-	-	0.0	0.0	0.0
Total	0.4	0.3	0.2	5.9	5.2	6.2	2.9	3.4	3.4	-	-	-	0.1	0.2	0.3	0.0	0.0	0.0	9.3	9.2	10.0
Total Capex 2022 - 2024			0.9			17.2			9.6			-			0.6			0.1			28.4

1. Rounded figures.

2. Services & Other is not included in the breakdown.

Group Ordinary EBITDA¹(€bn)

By GBL² By geography³

1. Rounded figures.

2. Services & Other is not included in the breakdown.

Enel Green Power Ordinary EBITDA¹

1. Rounded figures.

2. Other is not included in the breakdown.

Ordinary EBITDA (€bn) Renewables - By geography²

Conventional Generation and Trading - By geography²

Infrastructure & Networks Ordinary EBITDA¹

Ordinary EBITDA (€bn) EBITDA - By geography²

1. Rounded figures.

Customers Ordinary EBITDA¹

3.3 4.0 0.3 0.9 2021E 2024 Enel X 3.6 4.9

1. Rounded figures.

0

1

2

3

4

5

6

Ordinary EBITDA by GBLs¹ (€bn)

1. Rounded figures.

Ordinary EBITDA by GBLs¹ (€bn)

Latin America² North America² Africa, Asia & Oceania² 44% 45% 2% 2% 6% 4% 7% 41% 7% 42% 2021E 2024 99% 1% 99% 1% 2021E 2024 100% 59% 2% 41% 2021E 2024 Networks Retail Renewables Enel X Conventional generation ~4.0 ~5.9 ~0.7 ~1.6 ~0.1 ~0.1

1. Rounded figures.

Baseload power price & production sold forward

	Baseload price1
	2021E	2022	2023	2024
Italy (€/MWh)	85.7	88.1	78.9	75.0
Iberia (€/MWh)	89.0	82.9	69.4	59.0

	Production forward2 sold
	2021E		2022		2023		2024
	price	%	price	%	price	%	price	%
(€/MWh)3 Italy	51 9	94%	60 9	100%	70 7	38%	-	-
(€/MWh)3 Iberia	71 1	100%	76 3	88%	~76	~30%	-	-
(USD/MWh) Brazil	59 7	100%	61 6	100%	59 3	100%	53 7	100%
Chile (USD/MWh)	71 8	100%	68 0	100%	67 2	100%	66 2	100%
Colombia (USD/MWh)	67 3	100%	66 0	100%	67 4	97%	67 7	94%
Peru (USD/MWh)	56 3	100%	59 1	100%	61 6	100%	63 1	97%

1. Preclosing 2021 prices, BIP 22-24 prices for the following years. 109

2. Hedged prices and volumes updated @ 30/09.

3. Average hedged price; wholesale price for Italy, retail price for Spain.

2022-24 ESG Annexes

Sustainability strategy

Sustainability strategy and contribution to Sustainable development goals

Value creation
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13 1455 1	14 a more a 10	15 Size	16 AMERICA MST THEN	17 Feeticoses	45 SUSTAINAEL COULCEMES GOALS

Focus on

Just Transition for Enel's People

Innovation

Circular economy

Cyber security

Diversity & inclusion

Sustainability projects

Sustainable supply chain

Health & safety

Environmental sustainability

Enel's main Policies

Just Transition for Enel's People

Enel's strategy for a Just Transition promotes a highly sustainable program to increase people's skills through:

Internal redeployment and upskilling/reskilling processes for people working in coal generation, which is being phased out, enabling them to work in other units, ensuring knowledge transfer

Voluntary early retirement plans

Hiring and upskilling/reskilling programs to acquire new skills and to support the generational mix and the sharing of knowledges

~55% of people leaving coal power plants in 2021 are redeployed and attended upskilling and reskilling programs (80 hours per capita)

Coal redeployed people: ~90% within GPG perimeter, ~10% to other Enel business areas

50% of people leaving coal power plants will be redeployed, attending upskilling and reskilling program. The other 50% will be involved in early retirement plans Overall training dedicated to total employees up to 40% to reskilling and upskilling Strengthening of 'internal training' approach 2021E 2022-2024

Partnerships⁴ ~ 900 Innovation and sustainability partnerships 1. Data from 2015 to 9M 2021 3. Data from 2017 to 9M 2021

Innovation

1. Of which 3 are Hub & Lab and 3 are dedicated to startups

2. Active partnerships as of 9M 2021

Countries reached by direct network

114

Circular economy

Enel's vision of the circular economy stands of five pillars that define the related context and methods of application

Circular Inputs

Production and use model based on renewable inputs or previous life cycles (reuse and recycling)

Life extension Approach to the design and management of an asset or product in order to extend its useful life

Product as a Service

Business model in which the customer purchases a service for a limited time while the company maintains the properties of the product, maximizing the utilization factor and useful life

Shared Platforms Management systems in common among multiple users

New life cycle

Any solution to preserve the value of an asset at the end of a life cycle through reuse, regeneration, upcycling or recycling

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

2. Implementation of strategic circular economy projects focused on the key technologies (e.g. wind, pv, smart meter, EV charging stations, EV batteries) with the aim to reduce the consumption of raw materials. Seven of these are included on Innovation Projects.

3. The goal of cyber exercises is to increase the ability of response, readiness, managing of incidents and training all the involved actors. The related output is a report that provides details of the cyber exercises results

4. 2021 has been characterized by an outstanding performance due to extra commitment and taking advantage of synergies and on-site cross operative opportunities

Cyber Security Framework

Cyber security

Approach

.

Enel adopted a structured cyber security system to manage all cyber risks, assigning a tailored accountability to relevant stakeholders

It includes 8 processes fully applicable to the complexity of regular Information Technology (IT), industrial Operational Technology (OT) and Internet of Things (IoT) environments

It is driven by a "risk-based" approach, which considers the business risk analysis as the basic step of all strategic decisions, and a "cyber security by design" principle, which allows to focus on cyber security topics from the very early stages of system design and implementation

116

Diversity and inclusion

Diversity and inclusion are essential factors in Enel approach to create long term value for all stakeholders

Enel puts in place an organic set of actions aimed at:

Purpose and Actions

allowing expression of people uniqueness ensuring non discrimination, equal opportunities, equal dignity, and inclusion of every person regardless to any form of diversity

promoting cultural conditions for an inclusive and unbiased workplace that ensures a coherent mix of diversity in terms of skills, qualities and experiences that create value for people and business

Targets

Promotion of a systemic approach to the inclusion of people with disabilities

Promotion of an intergenerational, intercultural and bias-free inclusion culture

Global Diversity & Inclusion Policy Global Workplace harassment Policy

Statement against harassment

Sustainability projects with communities

Making the value chains of the Business Lines sustainable

Advancing equity through the business to create equitable outcomes also through its inclusive business model

Expanding the ecosystem of partnerships and collaborations

Creating Shared Value process definition and management Policy

Inclusive Business Model

The CSV model includes the development of sustainable and inclusive products and services in order to meet needs of clients with vulnerability and disabilities

Sustainable Supply Chain

Enel promotes long-term partnerships with its suppliers, aiming at maximizing value creation in various forms: effectiveness, safety, time, quality, performance, revenue, flexibility, risk reduction and sustainability

Qualification system

Environmental impact

It ensures the careful selection and assessment of companies wishing to participate in procurement procedures. The Quantification system ensures the fulfillment of requirements, namely: eco-financial, legal, reputational, ethics, technical, health and safety, environmental

Defining metrics and setting reduction targets is crucial to reach sustainability objectives for our Supply Chain. Metrics are mainly based on Environmental Product Declaration (EPD) for main categories or ISO Carbon Footprint certification

EPD is the declaration validated by third party, according to international standards ISO 14040 and ISO 14025, with the purpose of quantifying and certifying impacts (CO2 emissions, water consumption, soil impact, recycled material, etc.) of the entire lifecycle of a supply

1. For health & safety, environmental and human rights aspects. Rounded figures

2. The 80% of suppliers is also covered by EPD (Environmental Product Declaration) certifying CFP, environmental impacts and circular data.

3. Number of accident with at least one day of absence from work / million worked hours.

issues by everyone

1. Number of accident with more than three days of absence from work / million worked hours..

2. An accident whose dynamic, independently from the damage, could have resulted in a Life Changing Accident or in a Fatal Accident

Data driven performance evaluation

Health & safety

used both for prevention and Consequence Management Focus on serious injuries (absence from work of more than 3 days) and dangerous events (High Potential)

Health & Safety Management system is based on hazard identification, on qualitative and quantitative risk analysis. Certification of the whole Group according to ISO 45001 and relative implementation

Data-driven approach based on digital tools, dashboard and analytics,

Culture dissemination

Safety on supplier management Integration into the procurement processes. Suppliers are monitored both in qualification system, and in the contract execution phase through a control system (e.g. Supplier Performance Management (SPM), Contractor Safety Assessments, Evaluation Groups, operational controls in the field)

A specific function (SHE Factory) promotes the dissemination of a different cultural approach to Health, Safety, Environment

≤185

0.0 00 50. 000 100.000 150.000 200.000 250.000 300.000 350.000 400.000 450.000

367

Full

121

NEW 2030 TARGET Electricity sold to our customers 100% from renewable sources Decarbonization from 2050 to 2040

Scope 1 & 3 integrated power (gCO2eq/kWh)

2017 2021E 2024 2030 2040 2050

≤73

≤130

c. -80%

Environmental Sustainability

Power Sales - Path towards full decarbonization by 2040

Environmental Sustainability Gas sales - Path towards full electrification by 2040

Scope 3 gas retail emissions (MtCO2)

retail business driven by electrification of consumption

Environmental Sustainability Pollutants and waste

Air quality

Enel commitment to improving the air quality in areas where the Group operates is testified by the constant reduction of the main atmospheric pollutants associated with thermal production

Environmental Key Performance Policy

Pollutants

Sulphur dioxide (SO² ) and Dust mainly associated to coal production, but also to Oil & Gas Nitrogen oxides (NOx) mainly associated to gas production

Waste reduction

Constant commitment towards reduction of waste production, as well as to the definition of new methods of reuse, recycling and recovery in the perspective of a circular economy

• 1. Target in line with 2030 Scope 1 emissions reduction target certified by SBTi
• 1. It excludes demolition wastes from decommissioning of thermo power plants

1. International Union for Conservation of Nature 2. CBD/COP/15/5/Add.1 13 October 2021

Biodiversity Management Guideline

• New indicators tested on generation and
• distribution technologies
  • Participation to «Business for Nature Coalition» and to SBTN's Corporate Engagement Program

commitment to halt and reverse biodiversity loss by 2030²

• Improving processes for risk assessment and biodiversity management
• Group indicators and biodiversity
• performance monitoring
• Increasing the partnership framework
• and stakeholder engagement

Environmental Sustainability Biodiversity

Enel is committed to apply the Mitigation Hierarchy principle to avoid and prevent negative impacts respecting the No Net Loss principle when building new infrastructures

aspects of local environments with conservation and a biomonitoring activities

Risk Assessment Enel includes Biodiversity Risks Assessment to evaluate company-wide risk

Action Plan Enel is committed to develop ^a Biodiversity Action Plan taking into account the specific

Targets

2021E

Minimizing the impact of Enel sites on habitats and species included on the Red List of the IUCN¹

Adoption of quantitative biodiversity performance indicators for new infrastructure in line with the

2024

Environmental Sustainability Water

Enel applies an integrated approach for optimal management of use of water resources and their protection

conservation

indicators Policy Water quality Downstream of internal recoveries and reuses, wastewater discharged from the plants is returned to the surface water body. Discharge always takes place downstream of a treatment process that removes any pollutants present to a level where they will not have a negative impact on the receiving water body, in compliance with the limits provided for under national regulations and by operating permits

Strategic goals

Specific Water Requirement target is a ratio between a) all the water withdrawal quotas from surface and groundwater sources, by third parties, from the sea (except the quota of brine) and from wastewater used for processes and for closed-cycle cooling and b) the total production + heat

Enel is constantly monitoring all its production sites located in water stressed areas in order to ensure that water resources can be managed efficiently

Environmental key performance

Enel's main Policies

Human Right Policy (2013)

Commitment to respect all Human Rights along entire value chain, with due regard for cultural, social and economic diversities, and requirement for all stakeholders

Code of Ethics (2002) Commitments on corporate conduct according to standards based on transparency and integrity towards stakeholders – 2002

2021

2021

Latest Update

Zero Tolerance of Corruption Plan (2006)

Commitment to fight corruption, in compliance with the 10th principle of the Global Compact, which requires that business should work against all forms of corruption, including extortion and bribery 2017

Enel Global Compliance Program (2016)

Governance tool aimed at strengthening the Group's ethical and professional commitment to preventing illicits committed outside Italy

Model 231 (2002)

Adoption of Legislative Decree 231/01 which introduced into Italian law a system of administrative and criminal liability for certain types of offenses Constantly updated

Focus on Corporate Governance

Corporate governance structure

1. Out of which 3 Directors drawn from the slate filed by a group of mutual funds and other institutional investors 128

Board nomination and election

BoD's Members Enel's Board of Directors consists of three to nine members who are appointed by the ordinary shareholders' meeting for a term of up to three financial years

The appointment of the entire Board of Directors takes place according to a slate voting system, aimed at allowing the presence of members nominated by minorities totaling 3/10 of

• the Directors elected. If the slate that obtained the majority of the votes cast have not a suitable number of candidates in order to achieve 7/10 of the Directors to be elected, the other candidates necessary to complete the Board shall be drawn from the minority slates
• The slates may be presented by the outgoing Board or by shareholders who, individually or together with other shareholders, own at least 0.5% of the share capital
• The slates must be filed at least 25 days before the AGM and published by the Company at least 21 days before the date of the meeting

Gender balance In order to assure to the less represented gender at least 40% of the seats, the slates containing a number of candidates equal to or over three shall include candidates belonging to different genders

Candidates' qualifications

• A report containing exhaustive information on the background of the candidates,
• accompanied by a statement as to whether or not they qualify as independent, must be filed with the slates

Slate voting system

Board composition

Costanza Esclapon de Villeneuve

Chair (C) Corp. Governance & Sust. C. Michele Crisostomo CEO and General Manager Francesco Starace Cesare Calari (C) Control & Risk C. Nomination & Compensation C. Corp. Governance & Sust. C. Nomination & Compensation C. Samuel Leupold Control & Risk C. Related Parties C. Alberto Marchi (C) Nomination & Compensation C. Control & Risk C. Mariana Mazzucato Corp. Governance & Sust. C. Related Parties C. Mirella Pellegrini Control & Risk C. Related Parties C. Anna Chiara Svelto (C) Related Parties C. Nomination & Compensation C.

Board of Directors Board of Directors' diversity

Experience in International Context

Executive Independent (C) Chair

CEO remuneration Overall structure

Enel position vs the Peer Group¹

Market Cap: between the third quartile and the ninth decile² Revenues: between the third quartile and the ninth decile² Employees: between the median and third quartile²

Compensation at Maximum level

Total Direct Compensation is between the median and the third quartile of the Peer Group for both Target and Maximum levels

1. Eni, FCA, Leonardo, Prysmian, Terna, TIM, EdP, Engie, E.On, Iberdrola, National Grid, Naturgy, Orsted, RWE, Airbus, Royal Dutch Shell, SAP, Schneider Electric, Siemens, Total 2. Data as of December 31, 2019

131

CEO's short-term variable remuneration¹

1. Management by objectives (MBO) 2021

2. (%) Weight in the variable remuneration

3. FI: Work-related accident Frequency Index

4. FA: Number of Fatal Accidents during 2021, except for road events. 2020 target was equal to 7 FA.

Long-term variable remuneration¹ 100% of the base amount is assigned in Enel shares²

Enel's daily VWAP in the three-months period preceding the beginning of the performance period

• 1. (%) Weight in the variable remuneration for the CEO/General Manager
• 1. 100% at Target and 180% at Over II for the other beneficiaries of the LTI Plan 2021
• 1. Renewable sources net consolidated installed capacity /Total net consolidated installed capacity at the end of 2023
• 1. GHG Scope 1 emissions per kWh equivalent produced by the Group in 2023
• 1. At the end of 2023

CEO remuneration Termination agreements

Pro rata temporisrule In case of misalignment between the performance period of the 2021 LTI plan and the term of office of CEO/GM, due to the expiry of its mandate without renewal, a "pro rata temporis" rule for compensation was confirmed¹

It was confirmed a severance payment equal 2 years of fixed compensation payable only in the event of:

Severance payment

• • revocation or non-renewal of the CEO/GM without just cause;
• resignation of the CEO/GM due to a just cause
• No severance payment is provided for in cases of variation in Enel's ownership structure (so called "change of control" provision)

Non competition agreement

It was confirmed the grant by the CEO/GM to the Company, for a consideration equal to 500,000 € (payable in three yearly installments), of the right to activate a non-competition agreement, upon termination of directorship and executive relationship

Should the Board of Directors exercise such option right, the agreement refrains the CEO from carrying out activities in competition with the Enel Group, for a period of one year and within specific Countries² , for a consideration equal to a maximum amount of 3,300,000 €

^1. Specifically, in the event of expiration of directorship relationship without simultaneous renewal of the same – and, therefore, in the event of automatic termination also of the executive relationship – before the LTI 2021 performance period conclusion, it is provided that the CEO/GM shall maintain the right to the assignment of the accrued incentive, based upon the level of achievement of the performance objectives provided under the Plan, and that the final assessment of the incentive will be made pro rata temporis until the date of termination of the directorship and executive relationship 2. Namely in the following Countries: Italy, France, Spain, Germany, Chile and Brazil 134

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.

Investor Relations Team Contact us

Monica Girardi Head of Group Investor Relations

Investor Relations team

Federico Baroncelli Serena Carioti Federica Dori Matteo Marengon Federica Pozzi Fabrizio Ragnacci Noemi Tomassi Emanuele Toppi

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

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