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Enel Investor Presentation 2022

Nov 3, 2022

4317_10-q_2022-11-03_0b141995-1cc9-4ff4-8b8c-663e80dafa11.pdf

Investor Presentation

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November 3rd, 2022

Key highlights

FY2022 Shareholder return: 0.40 €/sh fixed DPS

Business performance

Strong and visible operating development across all business

Energy crisis in Europe

Govt measures impact

Government measures weighing on financials

4.4

2.4

FY2021

5.7

H1 9M

Government measures progressively accrued 8 €bn impact

Energy trends in 9M 2022 positive for the future but affected the short term, particularly in Italy

Volumes sold1 (Free market, Fixed price, TWh) Q2 Q3 9M Customers (Free market, mn) Q1 9M ∆yoy 9.7 12.1 31.6 +0.6 +0.4 +1.5 9.9 +0.5 +41% +18% Churn rate (%) 11.8 9.8 8.2 8.2 -6p.p.

Clients growth would have returned +1.7 €bn on EBITDA & +1.2 €bn on Net Income in the 9M

Hydro production (TWh, ∆yoy)

Avg. pool price Italy2 (€/MWh)

Lack of hydro and increase in pool prices overshadowed retail fundamentals

  1. B2C & SME, gross of losses

Abundant liquidity notwithstanding the high volatility in margin call requirements

25.0

30.0

Liquidity position Long Term debt maturities (€bn)

Progressing effort to simplify, re-focus and streamline the Group

Total impact of disposals announced YTD on 2022 Net Debt: c.3.5 €bn

6

7

Stewardship model: signed agreement for the sale of 50% stake in Gridspertise

Delivering smart grids worldwide: fostering the digitalization of advanced metering, networks and field operations.

Agreement with CVC to sell a 50% quota in Gridspertise, transaction to be closed by YE

Enterprise value of 625 €mn1

Net debt positive impact c.300 €mn

  1. Potential deferred payments could bring the EV up to 1,000 €mn (on a 100% basis).

9M 2022 Economic results

EBITDA broadly flat despite a challenging environment

EBITDA evolution1 (€bn)

9 1. Ordinary figures. It excludes extraordinary items in 9M 2021 (-1.353 €mn: -39 €mn emergency costs COVID-19, -1,182 €mn energy transition and digitalization funds, -132 €mn impairment) and in 9M 2022 (-250 €mn: -134 €mn impairments, -26 €mn COVID-19 emergency costs, -90 €mn energy transition and digitalization funds).

  1. Update of the Distribution remuneration activity in Iberia for 2017-2019.

non recurring

  1. Net of Argentina

Integrated margin management: solid performance across geographies offset by Italy and Romania

Italy still affected by increasing volumes sold, lack of hydro and higher sourcing costs

Positive performance in Latam continue to be driven by renewables growth

Iberia benefitted from portfolio management optimization Romania impacted by cap on retail price

Italy: Focus on Q3 – Demand increased more than expected

Fixed price sales (TWh) Churn rate (%)

A combination of higher temperatures and lower churn rate pushed up consumption and created an unexpected open position of

12

Italy: Focus on Q3 – Open position covered at high energy costs

✓ 10 TWh volumes sold

✓ +20% contract repricing vs H1 2022

✓ Costs fully hedged

Q3 2022 Actual EBITDA Q3 2022 Expectations Q3 2022 Actual dynamics

400 €mn EBITDA vs 700 €mn Negative margin

-300 €mn EBITDA

✓ 2 TWh open position

✓ Higher purchase cost

✓ Average pool price at around 470 €/MWh

Negative delta due to higher costs of hedging associated with open position of 2 TWh

FY2022 Ordinary EBITDA guidance (€bn)

FY2022 Ordinary EBITDA guidance confirmed

Net Income evolution

Net Ordinary Income evolution (€bn)

investments deployed and FX impact

Bad Debt increase +0.2 €bn yoy, around 1.3% on revenues in line with historical level

Cost of debt continues to decline (-20 bps yoy) thanks to the accelerated refinancing programme completed last year

FY2022 Net Income guidance

9M 2022 Financial results

Cash flow dynamics strongly affected by working capital volatility

    1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges).
    1. Restated figure.
    1. Includes dividends received from equity investments.

Net Debt at 64 €bn including FX @hedges and disposals announced but still to be cashed in

Net debt evolution (€bn)

FY2022 Net Debt guidance

Net debt evolution to FY2022 (€bn)

Net Debt at YE to range 58-62 €bn on managerial actions to improve cash generation, additional proceeds from disposals and neutralization of the currencies impact

9M 2022 Closing remarks

Operating evolution bodes well for future targets

Focus on cash flow production and balance sheet strengthening

Simplification and corporate streamlining set to support Group's profitability

Dividend policy unchanged

22nd November 2022: presentation of the 2023-2025 Plan

Nine Months 2022

Consolidated results

Annexes

Macroscenario

(%)
GDP		 (%)
CPI		 €1
against
FX		 (€/MWh)
Spot
Price		 (TWh)2
Electricity
Demand
9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021
Italy 4
39		 7
17		 7
47		 1
36		 - - 324
23		 86
25		 240
97		 238
98
Iberia 5
60		 5
88		 8
99		 2
07		 - - 187
60		 77
95		 179
84		 181
76
Latin
America
Argentina 5
06		 11
02		 63
20		 46
98		 144
31		 115
86		 - - 112
29		 102
90
Brazil 3
22		 6
29		 10
61		 7
55		 5
31		 6
16		 10
94		 50
31		 453
53		 454
91
Chile 4
21		 12
31		 11
14		 3
79		 948
42		 926
37		 103
80		 68
13		 62
79		 60
85
Colombia 8
90		 11
18		 9
33		 2
94		 4
512
28
,		 4
520
11
,		 45
48		 31
74		 57
39		 54
54
Peru 2
86		 19
42		 7
69		 3
31		 3
91		 4
85		 25
04		 12
82		 41
55		 40
10
of
Rest
Europe
Romania 6
37		 7
42		 11
27		 3
27		 4
95		 4
94		 214
70		 68
72		 43
75		 46
28
Russia (1
89)		 4
70		 14
28		 6
14		 58
97		 85
76		 17
18		 16
39		 422
76		 410
21
North
America
USA 2
36		 6
20		 8
33		 4
04		 0
98		 1
18		 - - 3
444
57
,		 3
180
00
,
Mexico 2
14		 08
7		 85
7		 25
5		 19
74		 23
45		 - - 231
88		 245
87
Africa
Asia
&
Oceania
,
India 8
02		 10
34		 6
84		 5
18		 79
72		 86
81		 - - 1
125
08
,		 1
042
33
,
Australia 4
31		 5
13		 5
19		 2
53		 1
53		 1
60		 - - - -
South
Africa		 1
81		 6
73		 6
68		 4
26		 17
74		 16
71		 - - 166
80		 167
75

Group consolidated net capacity: breakdown by technology and geography

MW Hydro Wind Geothermal Solar
&
Other		 Nuke Oil
&
Gas		 Coal CCGT TOTAL
Italy 12
995
,		 825 776 29 - 2
253
,		 4
720
,		 4
596
,		 26
194
,
Iberia 4
746
,		 2
602
,		 - 1
197
,		 3
328
,		 2
333
,		 1
644
,		 5
445
,		 21
296
,
Latin
America		 10
542
,		 3
276
,		 69 3
398
,		 - 2
661
,		 226 3
850
,		 24
023
,
Argentina 1
328
,		 - - - - 1
169
,		 - 1
922
,		 4
419
,
Brazil 1
272
,		 2
502
,		 - 1
234
,		 - - - - 5
009
,
Chile 3
508
,		 642 69 1
762
,		 - 581 - 1
468
,		 8
030
,
Colombia 3
097
,		 - - 122 - 180 226 - 3
625
,
Perù 792 132 - 179 - 730 - 459 2
294
,
Other1 545 - - 101 - - - - 646
of
Rest
Europe		 19 1
131
,		 - 130 - 4
447
,		 - 830 6
556
,
Romania - 498 - 36 - - - - 534
Russia - 260 - - - 4
447
,		 - 830 5
537
,
Other2 19 372 - 94 - - - - 485
North
America		 53 6
262
,		 72 1
815
,		 - - - - 8
201
,
Mexico 53 893 - 220 - - - - 1
165
,
Canada - 211 - - - - - - 211
USA - 5
158
,		 72 1
596
,		 - - - - 6
825
,
Oceania3
Africa
Asia
&
,		 - 539 - 087
1
,		 - - - - 626
1
,
Total 28
355
,		 14
635
,		 917 7
656
,		 3
328
,		 11
694
,		 6
590
,		 14
720
,		 87
896
,

  1. Includes Panama, Guatemala and Costa Rica 25

  2. Includes Greece and Germany

  3. Includes Australia, 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
842
,		 954 4
057
,		 52 - 152 12
764
,		 9
342
,		 36
163
,
Iberia 3
409
,		 3
991
,		 - 526
1
,		 20
424
,		 3
339
,		 769 867
15
,		 49
324
,
Latin
America		 25
560
,		 9
613
,		 293 3
533
,		 - 1
966
,		 1
447
,		 14
624
,		 57
036
,
Argentina 1
049
,		 - - - - 216 - 7
516
,		 8
781
,
Brazil 3
314
,		 7
859
,		 - 1
517
,		 - - - - 12
690
,
Chile 6
339
,		 1
283
,		 293 1
500
,		 - 930 1
271
,		 4
903
,		 16
520
,
Colombia 10
120
,		 - - 115 - 35 177 - 10
447
,
Perù 3
205
,		 471 - 317 - 784 - 2
205
,		 6
982
,
Other1 1
532
,		 - - 84 - - - - 1
616
,
of
Rest
Europe		 22 1
691
,		 - 147 - 7
145
,		 - 2
911
,		 11
916
,
Romania - 896 - 36 - - - - 933
Russia - 128 - - - 7
145
,		 - 2
911
,		 10
184
,
Other2 22 667 - 111 - - - - 799
North
America		 142 14
623
,		 228 2
433
,		 - - - - 17
427
,
Mexico 142 1
208
,		 - 403 - - - - 1
753
,
Canada - 492 - - - - - - 492
USA - 12
923
,		 228 2
031
,		 - - - - 15
182
,
Oceania3
Africa
Asia
&
,		 - 1
522
,		 - 868 - - - - 2
390
,
Total 37
975
,		 32
394
,		 4
578
,		 8
559
,		 20
424
,		 12
602
,		 14
980
,		 42
744
,		 174
256
,

  1. Includes Panama, Guatemala and Costa Rica 26

  2. Includes Greece and Germany

  3. Includes Australia, 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 551 32 3 - - - - - 585
Iberia 5 56 - 99 - - - - 160
Latin
America		 1 347 - 476 - 3 - - 826
Argentina - - - - - - - - -
Brazil - 347 - - - - - - 347
Chile 1 - - 441 - 3 - - 444
Colombia - - - 36 - - - - 36
Perù - - - - - - - - -
Other2 - - - - - - - - -
of
Rest
Europe		 - 32 - - - - - - 32
Romania - - - - - - - - -
Russia - 32 - - - - - - 32
Other3 - - - - - - - - -
North
America		 - - - 259 - - - - 259
Mexico - - - - - - - - -
Canada - - - - - - - - -
USA - - - 259 - - - - 259
Oceania4
Africa
Asia
&
,		 - - - 420 - - - - 420
Total 556 466 3 1
255
,		 - 3 - - 2
283
,

  1. Excludes managed capacity

  2. Includes Panama, Guatemala and Costa Rica

  3. Includes Greece and Germany

  4. Includes Australia, South Africa, India and Zambia

Renewable projects in execution: breakdown by technology and geography1

MW Wind Hydro Geothermal Solar
&
Other		 BESS Total
Italy 49 15 - 380 734
1
,		 2
178
,
Iberia 340 20 - 2
084
,		 25 2
469
,
Latin
America		 1
742
,		 159 - 2
360
,		 78 4
338
,
of
Rest
Europe		 - - - 173 - 173
North
America		 970 - - 2
157
,		 736 3
863
,
Africa
Asia
&
Oceania
,		 773 - - - - 773
Total 3
875
,		 194 - 7
153
,		 2
573
,		 13
794
,

Pipeline

Renewables Pipeline (GW) 2022-24 Additional capacity target2

  1. It includes BESS for around 47 GW in early stage and around 22 GW in mature pipeline

  2. It includes both renewables and BESS

EGP mature pipeline1

Enel Grids KPIs

distributed1
Electricity
(TWh)		 Grid
customers		 (mn) (mn)1
Smart
meters
9M 9M 9M 9M 9M 9M
2022 2021 2022 2021 2022 2021
Italy 169 170 31 31 31 30
0 0 7 6 1 9
Iberia 102 98 12 12 12 12
0 8 4 3 5 5
Latin
America		 104
4		 101
9		 28
7		 28
1		 0
6		 0
4
Argentina 13
1		 12
6		 2
6		 2
5		 - -
Brazil 60
7		 60
0		 18
7		 18
3		 0
2		 -
Chile 13 12 2 2 0 0
1 4 1 0 3 3
Colombia 11 10 3 3 0 0
2 8 8 7 1 1
Peru 6
2		 6
1		 1
5		 1
5		 - -
of 11 11 3 3 1 1
Rest 8 9 1 0 2 0
Europe
Romania 11 11 3 3 1 1
8 9 1 0 2 0
Total 387 382 9 0 45 8
1 6 75 75 4 44

Retail KPIs

" E-MARKET SDIR
CERTIFIED
Power Gas
Customers (mn) Volumes1 (TWh) Customers (mn) 2
(bscm)
Volumes
9M 9M 9M 9M 9M 9M 9M 9M
2022 2021 2022 2021 2022 2021 2022 2021
Italy 21 21 74 70 4 4 3 2
5 8 3 1 5 1 3 8
Iberia 10 10 60 60 1 1 3 3
6 2 1 1 8 7 7 5
Latin
America		 28
7		 28
1		 100
5		 95
6		 0
0		 0
0		 0
4		 0
1
of 3 3 7 6 0 0 0 0
Rest 0 0 5 8 2 1 2 1
Europe
Total 63 63 242 232 6 9 7 6
7 2 3 6 5 5 5 5

Enel X KPIs

Points1,2
Charging
(k)		 Street lighting
(mn)		 Electric buses2
(#)		 Storage (MW)
BTM		 Demand
(GW)
Response
9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021
Italy 50
2		 34
9		 1
5		 1
5		 100 - - - 0
6		 0
9
Iberia 12
0		 8
4		 0
1		 0
1		 234 146 - - - -
Latin
America		 7
3		 2
9		 1
2		 1
2		 2
727
,		 1
333
,		 1 - -
North
America		 136
9		 88
6		 - - 267 267 63 43 4
6		 4
2
of
Rest
Europe		 2
8		 3
1		 - - 62 - - 22 2
1		 1
1
Africa
Asia
&
Oceania
,		 6
6		 1
7		 - - 207 - 2 - 8
1		 1
4
Other 213
5		 101
1		 - - - - - - - -
Total 429
3		 239
0		 2
8		 2
8		 3
597
,		 746
1
,		 65 65 8
2		 7
7

Capex1 (€mn)

Conventional
Generation
&
Global
Trading		 Enel Grids EGP Retail Enel X & Services
Other		 Total
9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021
Italy 237 150 1,791 1,672 515 232 382 300 65 46 65 48 3,055 2,448
Iberia 138 175 564 537 493 345 191 120 32 26 32 25 1,449 1,228
Latin
America		 108 69 1,344 1,095 1,168 1,107 - - 41 26 2 5 2,664 2,303
Argentina 38 20 138 106 0 0 - - 0 0 0 0 176 126
Brazil 0 4 873 678 399 453 - - 8 4 0 3 1,281 1,142
Chile 48 19 113 107 509 486 - - 1 1 2 2 672 615
Colombia 6 10 142 137 122 130 - - 15 11 0 0 285 289
Peru 16 16 78 68 116 6 - - 18 10 0 - 228 100
Other 0 0 - - 22 31 - - - - - - 22 32
of
Rest
Europe		 15 21 85 125 34 166 7 11 4 2 0 1 145 326
North
America		 2 3 - - 1,665 1,298 - - 42 32 5 3 1,714 1,336
Africa
, Asia
&
Oceania		 - - - - 128 214 - - 7 4 0 0 134 218
Other 0 0 85 5 12 12 - - 40 43 58 69 194 129
Total 500 418 3,868 3,433 4,015 3,374 581 431 230 179 162 152 9,355 7,988

Asset development Capex1 (€mn)

E-MARKET
SDIR
CERTIFIED
Conventional
Generation
&
Global
Trading		 Enel Grids EGP Retail Enel X & Services
Other		 Total
9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021
Italy 188 105 906 882 420 150 - - 28 37 18 26 1,561 1,200
Iberia 9 3 246 224 442 292 - - 0 3 13 10 711 532
Latin
America		 4 3 206 315 1,101 1,049 - - 32 19 1 1 1,343 1,387
Argentina - 0 23 27 - 0 - - 0 0 - 0 23 27
Brazil - 0 127 206 384 437 - - 1 - - - 512 643
Chile 4 3 27 27 490 473 - - 1 0 1 1 523 505
Colombia 0 0 20 37 104 115 - - 13 11 0 0 136 163
Peru 0 0 9 18 111 1 - - 17 8 - - 137 27
Other - - - - 13 22 - - - - - - 13 22
of
Rest
Europe		 8 8 10 43 29 163 - - 0 0 0 0 48 214
North
America		 - - - - 1,627 1,282 - - 2 2 4 3 1,633 1,287
Africa
, Asia
&
Oceania		 - - - - 123 210 - - - - - - 123 210
Other - - 46 - 6 8 - - 37 42 36 31 125 81
Total 209 119 1,414 1,464 3,748 3,152 - - 99 103 73 72 5,543 4,910

Revenues1 (€mn)

Conventional
Global		 Generation
&
Trading		 Enel
Grids		 EGP Retail Enel
X		 Services
&
Other		 Total
9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021
Italy 42,084 17,162 5,203 5,354 1,623 1,786 25,337 12,351 548 360 (9
,951)		 (5
,284)		 64,844 31,729
Iberia 12,970 4,422 1,591 1,845 615 535 22,182 9,358 227 183 (13
,019)		 (4
,028)		 24,566 12,315
Latin
America		 2,462 1,786 8,698 7,544 3,104 2,929 1,263 998 275 151 (1
,316)		 (1
,229)		 14,486 12,179
Argentina 133 119 674 483 29 26 (1) - 14 8 (1) - 848 636
Brazil 757 672 5,686 5,172 542 1,062 370 232 21 11 (641) (501) 6
,735		 6
648
,
Chile 1,220 727 1,122 927 1,530 932 83 68 35 35 (480) (368) 3
,510		 2
321
,
Colombia 157 134 576 462 658 640 621 555 162 61 (45) (274) 2
,129		 1,578
Peru 195 134 640 500 143 99 190 143 43 35 (149) (86) 1,062 825
Other - - - - 202 170 - - - 1 - - 202 171
of
Rest
Europe		 316 393 378 300 397 234 1,989 901 79 56 (440) (271) 2,719 1,613
North
America		 183 78 - - 1,021 744 4 4 227 177 26 12 1,461 1,015
Africa
, Asia
&
Oceania		 - - - - 149 110 - - 56 47 1 - 206 157
Other (206) (46) 66 26 (9) 8 12 - 340 21 (308) (223) (105) (214)
Total 57,809 23,795 15,936 15,069 6,900 6,346 50,787 23,612 1,752 995 (25
,007)		 (11
,023)		 108,177 58,794

E-MARKET SDIR
CERTIFIED
Conventional
Global		 Generation
&
Trading		 Enel
Grids		 EGP
Retail		 Enel
X		 Services
&
Other		 Total
9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021
Italy 2,249 (50) 2,629 2,383 (511) 887 69 1,639 84 118 56 (49) 4,576 4,928
Iberia 1,901 958 1,068 1,361 349 285 30 392 55 39 (3) 10 3,400 3,045
Latin
America		 68 220 1,578 1,263 1,588 1,277 316 180 82 49 (80) (59) 3,552 2,930
Argentina 76 71 (65) - 18 17 7 9 4 4 (2) (3) 38 98
Brazil (51) 82 981 763 362 246 177 87 2 (2) (19) (13) 1,452 1,163
Chile (102) (59) 128 96 418 352 49 31 (1) 1 (59) (42) 433 379
Colombia 28 44 377 284 534 439 63 37 57 32 - (1) 1,059 835
Peru 119 83 157 120 149 99 20 16 20 14 - - 465 332
Other (2) (1) - - 107 124 - - - - - - 105 123
of
Rest
Europe		 57 56 (19) 98 193 124 (137) 58 24 10 (2) 2 116 348
North
America		 - (35) - - 491 409 1 3 23 25 (22) (15) 493 387
Africa
, Asia
&
Oceania		 - - - - 74 61 - - (9) - (4) (1) 61 60
Other 4 (21) 23 (24) (24) (42) 4 (2) 293 (8) (77) (184) 223 (281)
Total 4,279 1,128 5,279 5,081 2,160 3,001 283 2,270 552 233 (132) (296) 12,421 11,417

Ordinary EBITDA1(€mn)

Conventional
Global		 Generation
&
Trading		 Enel
Grids		 EGP Retail Enel
X		 Services
&
Other		 Total
9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021
Italy 2,263 478 2,651 2,728 (509) 904 70 1,726 84 125 57 58 4,616 6,019
Iberia 1,897 959 1,073 1,361 350 285 32 392 56 39 9 11 3,417 3,047
Latin
America		 259 253 1,579 1,294 1,588 1,282 316 183 82 50 (80) (56) 3,744 3,006
Argentina 76 71 (65) - 18 17 7 9 4 4 (2) (3) 38 98
Brazil 83 82 981 782 362 246 177 88 2 (2) (19) (13) 1,586 1,183
Chile (45) (28) 128 105 418 356 49 32 (1) 2 (59) (39) 490 428
Colombia 28 44 377 285 534 440 63 37 57 32 - (1) 1,059 837
Peru 119 85 158 122 149 99 20 17 20 14 - - 466 337
Other (2) (1) - - 107 124 - - - - - - 105 123
of
Rest
Europe		 57 58 (19) 105 194 124 (137) 61 24 10 (2) 3 117 361
North
America		 (1) (35) - - 492 411 2 3 24 25 (22) (15) 495 389
Africa
, Asia
&
Oceania		 - - - - 73 61 - - (9) - (3) (1) 61 60
Other 4 (4) 23 6 (24) (21) 4 (2) 293 (4) (79) (87) 221 (112)
Total 4,479 1,709 5,307 5,494 2,164 3,046 287 2,363 554 245 (120) (87) 12,671 12,770

38 1. It excludes extraordinary items in 9M 2021 (-1.353 €mn: -39 €mn emergency costs COVID-19, -1,182 €mn energy transition and digitalization funds, -132 €mn impairment) and in 9M 2022 (-250 €mn: -134 €mn impairments, -26 €mn COVID-19 emergency costs, -90 €mn energy transition and digitalization funds). 9M 2021 restated figure

Reported EBIT1(€mn)

Conventional
Global		 Generation
&
Trading		 Enel
Grids		 EGP
Retail		 Enel
X		 Services
Other
&		 Total
9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021		 9M
2022		 9M
2021
Italy 2,147 (189) 1,644 1,521 (752) 681 (624) 1,096 31 67 - (106) 2,446 3,070
Iberia 1,510 550 472 805 153 114 (140) 254 18 9 (31) (29) 1,982 1,702
Latin
America		 (139) 97 156 787 1,284 850 82 (33) 66 36 (83) (59) 1,365 1,679
Argentina 11 23 (93) (17) 13 14 (9) 6 4 4 (2) (3) (76) 27
Brazil (128) 73 (244) 447 275 185 4 (91) 2 (3) (21) (13) (112) 598
Chile (131) (91) 83 61 295 238 31 14 (2) 1 (60) (43) 216 180
Colombia 15 31 304 219 496 403 43 27 48 23 - - 905 703
Peru 97 63 106 76 125 79 13 12 14 10 - - 354 240
Other (3) (1) - - 80 (68) - - - - - 1 77 (68)
Rest
of
Europe		 (461) 35 (83) 31 151 76 (151) 42 21 7 (3) (2) (526) 189
North
America		 (1) (35) - - 218 172 1 3 (12) (2) (30) (20) 176 118
Africa
, Asia
&
Oceania		 - - - - 19 18 - - (12) (2) (3) (2) 4 14
Other 3 (23) 20 (25) (43) (53) 4 (2) 277 (23) (186) (252) 75 (378)
Total 3,058 435 2,210 3,118 1,030 1,858 (829) 1,360 388 92 (336) (470) 5,521 6,393

From EBITDA to net income1 (€mn)

9M
2022		 9M
2021		 ∆ 9M
2022		 9M
2021		 ∆
reported reported yoy ordinary ordinary yoy
EBITDA 12
421
,		 11
417
,		 8
8%		 12
671
,		 12
770
,		 -0
8%
D&A (6
900)
,		 (5
024)
,		 (5
456)
,		 (4
836)
,
EBIT 521
5
,		 6
393
,		 -13
6%		 215
7
,		 934
7
,		 -9
1%
2
financial
charges
Net		 (1
723)
,		 (1
891)
,		 (1
725)
,		 (1
882)
,
from
method
Net
income
equity
investments
using
equity		 55 428 55 122
EBT 3
853
,		 4
930
,		 -21
8%		 5
545
,		 6
174
,		 -10
2%
Income
tax		 (1
561)
,		 (1
662)
,		 (1
636)
,		 (2
071)
,
income
Net		 2
292
,		 3
268
,		 3
909
,		 4
103
,
Minorities (533) (763) (932) (814)
Group
income
net		 1
759
,		 2
505
,		 -29
8%		 2
977
,		 3
289
,		 -9
5%

D&A reported (€mn)

1

0 9M
2022		 9M
2021		 ∆
yoy
and
Trading
Generation		 221
1
,		 693 76%
Enel
Green
Power		 1
130
,		 1
143
,		 1%
-
Enel
Grids		 3
069
,		 1
963
,		 56%
Retail 1
112
,		 910 22%
Enel
X		 164 141 16%
Others
and
adjustments		 204 174 17%
Total 6
900
,		 5
024
,		 37%

Gross debt1structure

Debt structure by instrument (€bn)

Debt
by instrument		 Enel Spa EFI EGP SpA
and
Central
Others		 Italy Iberia Latin
America		 North America Europe Africa, Asia and
Oceania		 Total
Bonds 4.52 40.44 - - 0.01 5.11 - - 0.07 50.15
Bank Loans 5.61 - 0.25 3.94 5.79 3.19 0.50 - 0.37 19.65
Tax Partnership - - - - - - 0.52 - - 0.52
Other
Loans		 - - - 0.46 1.08 0.45 0.71 0.07 0.02 2.79
Other short term debt 2.35 1.78 - 0.86 2.02 0.87 0.25 0.47 0.10 8.70
Commercial Paper - 6.62 - - 4.61 - 3.04 - - 14.27
Gross debt 12.48 48.84 0.25 5.26 13.51 9.62 5.02 0.54 0.56 96.08
Financial Receivables - -1.24 -0.74 -0.47 -0.98 -0.91 -0.01 - - -4.35
Tariff Deficit - - - - -2.10 - - - - -2.10
Other short term financial receivables -1.39 -0.41 - -2.11 -8.88 - -0.44 - -0.09 -13.32
Cash and cash equivalents -0.63 -0.01 -0.19 -2.52 -0.57 -1.76 -0.43 -0.36 -0.10 -6.57
Net Debt –
Thitd Parties		 10.46 47.18 -0.68 0.16 0.98 6.95 4.14 0.18 0.37 69.74
Net Debt
–
Intercompany		 10.34 -56.47 7.75 24.70 7.77 4.45 0.78 0.40 0.28 -
Net Debt
–
Group View		 20.80 -9.29 7.07 24.86 8.75 11.40 4.92 0.58 0.65 69.74

Debt maturity coverage split by typology (€bn)

Balance sheet (€mn)

Headcount

1

0 9M
2022		 FY
2021		 ∆
yoy
Generation
and
Trading		 7
704
,		 7
847
,		 2%
-
Enel
Green
Power		 9
682
,		 8
989
,		 8%
Enel
Grids		 33
663
,		 33
263
,		 1%
Retail 6
102
,		 6
148
,		 1%
-
Enel
X		 2
865
,		 3
352
,		 15%
-
Others
and
adjustments		 365
7
,		 6
680
,		 10%
Total 67
381
,		 66
279
,		 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.

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