Enel

Investor Presentation • Nov 7, 2023

Nine months

Consolidated results November 7th, 2023

Key highlights of the period

Solid and visible operating performance across all businesses

1. It includes production from renewable managed capacity

2. It includes renewable managed capacity

3. Liberalized market, gross of energy losses

Capex deployment to support growth in core countries

Increasing portion of capex in energy infrastructures with visible returns

More than 60% investments allocated to Europe, up by 12 p.p. versus PY

1. BESS and OCGT

Strong delivery across all businesses drives EBITDA up by 29% versus previous year

7.1 10.4 5.3 0.8 3.3 (0.4) 6.1 9M 2022 Grids Integrated business Stewardship & Other 9M 2023 +29% 12.7 16.4 Stewardship Ordinary EBITDA evolution¹ (€bn) EBITDA by geography 49% 21% 24% 2%4% 9M 2023 16.4 €bn Latam Spain North America Italy ² RoW

1. Ordinary figures, it excludes extraordinary items in 9M 2022 (-344 €mn: -134 €mn impairments, -26 €mn COVID-19 emergency costs, -94 €mn discontinued operations (Russia, Greece and Romania), -90 €mn energy transition and digitalization funds) and in 9M 2023 (-1,166 €mn: -595 €mn discontinued operations (Greece and Romania), -363 €mn Costanera and Dock Sud (Argentina), -208 €mn solidarity contribution Italy and Spain)

2. It includes 'Other' which accounted for a delta yoy of around (150) €mn

Sound integrated business growth supported by the macro environment normalization

Ordinary EBITDA evolution (€bn) EBITDA by geography

+46%

Hydro production up by 7 TWh yoy, fully recovering after drought of 2022

Reduced market volatility drives the normalization of electricity prices

Retail grew strongly yoy reverting 2022 headwinds

5

Grids EBITDA up by 15% yoy thanks to supportive regulatory frameworks

Ordinary EBITDA evolution (€bn)

Nine months 2023

Financial results

Net Ordinary Income

Profit & loss (€bn)

	9M 2023	9M 20221	∆ yoy
Ordinary EBITDA	16.4	12.7	+29%
D&A and Provisions	(5.5)	(5.5)
Financial expenses2	(2.3)	(1.7)
Income taxes	(2.5)	(1.6)
Minorities	(1.0)	(0.9)
Net Ordinary Income	5.0	3.0	>65%

Financial Expenses

Higher financial expenses driven by interest rates dynamics

Income taxes

Tax rate at around 29%, in line with expectations

Minorities

Minorities on total net income from 23% in 2022 to 17% in 2023, reducing earnings dilution

Solid cash generation with FFO reaching ~11 €bn

Rounded figures

1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges).

2. Includes dividends received from equity investments.

Significant FFO expansion supported by EBITDA performance and recovery in working capital

Pro Forma Net Debt at around 57 €bn

1. HFS: FY 2022 0.9 €bn and 9M 2023 1.3 €bn.

2. 1. Net Capex: 9.4 €bn Gross Capex 350 €mn grants
3. 1. It includes new leases for around 0.2 €bn and hedges.

4. Restated figures.

Continued execution of M&A plan

			Net Debt impact (€bn)	9M 2023 EBITDA (€bn)
		Sale of Argentina generation1,2	0.1	-
✔	Deals	Exit from Romania2	2.1	0.5
	closed	Australia1,2 Sale of 50% stake in	0.1	-
		Sale of PV Assets in Chile	0.5	-
	Deals	Sale of Perù distribution & supply1	3.1	0.2
	announced (pending	Sale of 50% stake in EGP Hellas	0.3	0.1
	Deals closing) announced	Sale 150 MW of solar and geothermal capacity	0.3	-

Deals closed and announced worth around 6.5 €bn on Net Debt

1. Argentina and Australia already included in Net Debt figure, Perù distribution & supply included in HFS for around 0.45 €bn as of September 30th, 2023

2. Numbers shown do not take into account the impact on Net Debt recorded in 2022

Nine months 2023 2023 Guidance

Full Year 2023: EBITDA and Net Income targets

Upgrading guidance on a robust operating performance Pro-forma Net Debt/EBITDA at 2.4x-2.5x

Nine months 2023 Closing remarks

Closing remarks

Strong operating evolution provides full visibility for future targets 2024-26

Solid cash flow generation supports credit metrics

Sound progresses in the disposals plan

Strategic Plan to be presented on November 22nd, 2023

Nine months 2023

Consolidated results

EBITDA and Net Income: impact of disposals

Full Year 2023: Net Debt

FY2023E Net Debt (€bn)

FY2023 Pro Forma Net Debt set to decline vs. 9M 2023 confirming a proforma ND/EBITDA ratio at 2.4x-2.5x

Macroscenario

	GDP	(%)	(%) CPI		€1 FX against		(€/MWh) Spot Price		Electricity Demand (TWh)
	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022
Italy	0 87	4 70	7 70	7 46	-	-	128 33	324 23	232 68	240 99
Iberia	2 50	6 46	3 46	8 96	-	-	91 13	187 60	220 69	228 83
Latin America
Argentina	(2 10)	6 11	113 37	63 70	369 79	144 31	-	-	107 62	104 20
Brazil	3 30	3 18	4 57	10 44	32 5	31 5	12 96	10 94	476 03	457 83
Chile	(0 53)	20 4	8 71	11 14	941 57	948 42	86 91	103 80	62 19	62 43
Colombia	1 30	9 17	12 38	9 33	4 308 59 ,	4 512 28 ,	105 12	45 48	59 45	62 43
Peru	0 10	3 10	7 17	7 69	4 00	3 91	84 26	25 04	44 11	41 39
of Rest Europe
Romania	1 75	4 22	10 63	11 28	4 97	4 95	105 00	214 70	40 04	43 39
North America
USA	2 36	2 38	4 43	8 32	1 06	0 98	-	-	3 211 11 ,	3 274 10 ,
Mexico	3 45	3 76	5 93	7 85	18 42	19 74	-	-	243 24	253 87
Africa Asia & Oceania ,
India	6 79	7 75	5 75	6 89	88 15	79 72	-	-	176 20 1 ,	137 59 1 ,
Australia	2 00	4 04	6 07	6 20	1 64	1 53	-	-
South Africa	0 57	2 11	6 04	6 67	20 00	17 74	-	-	155 50	163 53

Group consolidated net capacity: breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12 997 ,	861	776	54	-	2 354 ,	4 720 ,	4 607 ,	26 369 ,
Iberia	4 746 ,	2 882 ,	-	1 665 ,	3 328 ,	2 333 ,	1 644 ,	445 5 ,	22 044 ,
Latin America	10 545 ,	4 193 ,	83	4 359 ,	-	1 470 ,	226	1 931 ,	22 807 ,
Argentina	1 328 ,	-	-	-	-	-	-	-	1 328 ,
Brazil	1 272 ,	3 158 ,	-	1 234 ,	-	-	-	-	5 664 ,
Chile	3 510 ,	903	83	2 242 ,	-	575	-	1 468 ,	8 780 ,
Colombia	3 097 ,	-	-	419	-	175	226	-	3 917 ,
Perù	793	132	-	302	-	721	-	463	2 412 ,
Other1	545	-	-	162	-	-	-	-	707
of Rest Europe	19	871	-	193	-	-	-	-	1 083 ,
Romania	-	498	-	99	-	-	-	-	597
Other2	19	372	-	94	-	-	-	-	486
North America	53	7 196 ,	72	2 528 ,	-	-	-	-	9 847 ,
Mexico	53	893	-	220	-	-	-	-	1 165 ,
Canada	-	363	-	-	-	-	-	-	363
USA	-	5 940 ,	72	2 308 ,	-	-	-	-	8 320 ,
Oceania3 Africa Asia & ,	-	371	-	357	-	-	-	-	729
Total	28 360 ,	16 374 ,	931	9 156 ,	3 328 ,	6 157 ,	6 590 ,	11 983 ,	82 879 ,

1. Includes Panama, Guatemala and Costa Rica 20

2. Includes Greece and Germany

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	11 521 ,	966	3 953 ,	72	-	95	8 408 ,	8 362 ,	33 375 ,
Iberia	3 488 ,	4 388 ,	-	2 283 ,	19 357 ,	3 382 ,	718	12 366 ,	45 982 ,
Latin America	30 024 ,	10 051 ,	273	4 906 ,	-	2 983 ,	419	8 185 ,	56 840 ,
Argentina	1 931 ,	-	-	-	-	172	-	1 537 ,	3 640 ,
Brazil	3 149 ,	8 494 ,	-	1 614 ,	-	-	-	-	13 257 ,
Chile	8 095 ,	1 227 ,	273	2 621 ,	-	974	-	4 361 ,	17 550 ,
Colombia	12 295 ,	-	-	182	-	46	419	-	12 942 ,
Perù	3 045 ,	331	-	366	-	1 792 ,	-	2 287 ,	7 820 ,
Other1	1 509 ,	-	-	123	-	-	-	-	1 631 ,
of Rest Europe	26	1 586 ,	-	174	-	-	-	-	1 787 ,
Romania	-	922	-	70	-	-	-	-	992
Other2	26	664	-	104	-	-	-	-	795
North America	71	15 148 ,	226	3 230 ,	-	-	-	-	18 674 ,
Mexico	71	1 089 ,	-	407	-	-	-	-	1 566 ,
Canada	-	632	-	-	-	-	-	-	632
USA	-	13 427 ,	226	2 823 ,	-	-	-	-	16 476 ,
Oceania3 Africa Asia & ,	-	826	-	775	-	-	-	-	1 601 ,
Total	45 130 ,	32 965 ,	4 452 ,	11 440 ,	19 357 ,	6 460 ,	9 545 ,	28 913 ,	158 261 ,

1. Includes Panama, Guatemala and Costa Rica 21

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	2	-	-	4	-	101	-	11	117
Iberia	-	-	-	-	-	-	-	-	-
Latin America	3	771	-	580	-	34	-	54	1 442 ,
Argentina	-	-	-	-	-	-	-	54	54
Brazil	-	593	-	-	-	-	-	-	593
Chile	2	178	-	199	-	-	-	-	379
Colombia	-	-	-	211	-	-	-	-	211
Perù	1	-	-	123	-	34	-	-	158
Other2	-	-	-	47	-	-	-	-	47
& North Africa Europa	-	-	-	63	-	-	-	-	63
Romania	-	-	-	63	-	-	-	-	63
Other	-	-	-	-	-	-	-	-	-
North/Central Americas	-	36	-	279	-	-	-	-	315
Mexico	-	-	-	-	-	-	-	-	-
Canada	-	36	-	-	-	-	-	-	36
USA	-	-	-	279	-	-	-	-	279
Africa Asia & Oceania ,	-	-	-	-	-	-	-	-	-
Total	4	807	-	926	-	135	-	65	937 1 ,

22 1. Excludes managed capacity and BESS

1. Includes Panama

Renewable projects in execution: breakdown by technology and geography¹

MW	Wind	Hydro	Geothermal	Solar & Other	BESS	Total
Italy	29	7	-	384	1 734 ,	2 154 ,
Iberia	9	10	-	2 095 ,	-	2 114 ,
Latin America	524	158	-	1 323 ,	203	2 208 ,
of Rest Europe	-	-	-	84	-	84
North America	-	-	-	1 631 ,	767	2 397 ,
Africa Asia & Oceania ,	693	-	-	93	-	786
Total	255 1 ,	175	0	609 5 ,	2 703 ,	9 742 ,

Pipeline

1. It includes BESS for around 61 GW in early stage and around 27 GW in mature pipeline

2. It includes both renewables and BESS

Mature pipeline¹

Enel Grids KPIs¹

	Electricity	2 distributed	Grid customers	(mn)	Smart	2 (mn) meters
	9M	9M	9M	9M	9M	9M
	2023	2022	2023	2022	2023	2022
Italy	160	169	31	31	31	31
	2	0	8	7	7	6
Iberia	103	102	12	12	12	12
	9	0	5	4	4	3
Latin America	93 6	104 5	25 8	28 7	0 1	0 6
Argentina	13	13	2	2	0	0
	9	1	6	6	0	0
Brazil	51	60	15	18	0	0
	2	8	6	7	5	2
Chile	10 8	13 1	2 1	2 1	-	-
Colombia	11 3	11 2	3 8	3 8	-	-
Peru	6 4	6 2	1 6	1 5	-	-
of	11	11	3	3	1	1
Rest	4	8	1	1	5	2
Europe
Romania	11	11	3	3	1	1
	4	8	1	1	5	2
Total	369	387	73	75	46	45
	1	2	3	9	5	7

1. 2023 figures after the disposal of Enel Goiás (Brazil) for 3.3 mn

2. 9M 2022 restated

Retail KPIs¹

			Power		Gas
	Customers	(mn)	Volumes	(TWh)	Customers	(mn)	Volumes (bsmc)
	9M	9M	9M	9M	9M	9M	9M	9M
	2023	2022	2023	2022	2023	2022	2023	2022
Italy	19	21	66	74	4	4	2	3
	2	5	6	3	5	5	9	3
Iberia	10	10	59	60	1	1	2	3
	5	6	5	1	8	8	8	7
Latin America	25 8	28 7	96 4	100 5	0 0	0 0	0 1	0 4
of	2	3	6	7	0	0	0	0
Rest	9	0	3	5	2	2	2	2
Europe
Total	58	63	228	242	6	6	6	7
	4	7	8	3	5	5	0	5

9M 2023 consolidated results Enel X

	Enel X
	Public Charging points (k)			Street lighting (mn)	Storage (MW)		Demand Response (GW)
	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022
Italy	19.7	16.9	1.6	1.5	-	-	0.9	0.6
Iberia	5.0	3.3	0.1	0.1	-	-	0.2	-
South America	0.8	0.4	1.3	1.2	0.5	0.5	0.0	0.1
North America	-	-	-	-	101.6	62.8	4.7	4.6
Europe & North Africa	0.3	0.3	-	-	-	-	1.3	1.2
Africa. Asia & Oceania	-	-	-	-	3.3	2	2.3	1.8
Other	-	-	-	-	-		-	-
Total	25.7	20.8	3.1	2.8	105.4	65.3	9.4	8.2

Capex¹ (€mn)

	Global &	Generation Trading	Enel	Grids	Renewable	Energies		Retail	Enel	X	&	Services 2 Other		Total
	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022
Italy	257	237	2,113	1,791	1,326	515	268	382	98	65	51	65	4,114	3,055
Iberia	154	138	601	564	546	493	146	191	30	32	28	32	1,505	1,449
Latin America	60	108	1,049	1,344	1,335	1,168	-	-	81	41	6	2	2,531	2,664
Argentina	5	38	114	138	0	0	-	-	0	0	-	0	119	176
Brazil	1	0	610	873	682	399	-	-	48	8	(0)	0	1,340	1,281
Chile	32	48	91	113	375	509	-	-	2	1	5	2	505	672
Colombia	5	6	160	142	230	122	-	-	13	15	(0)	0	408	285
Peru	17	16	75	78	25	116	-	-	19	18	1	0	136	228
Other	0	0	-	-	23	22	-	-	-	-	-	-	23	22
of Rest Europe	0	15	128	85	44	34	8	7	6	4	1	0	187	145
North & Central America	2	2	-	-	723	1,665	-	-	26	42	9	5	760	1,714
Africa , Asia & Oceania	-	-	-	-	123	128	-	-	7	7	0	0	131	134
Others and adjustments	0	0	14	85	11	12	-	-	47	40	64	58	136	194
Total	473	500	3,905	3,868	4,108	4,015	422	581	297	230	159	162	9,364	9,355

1. Rounded figures, it includes capex related to asset classified as HFS 29

Asset development Capex¹ (€mn)

	Global Generation & Trading				Enel	Grids	Renewable Energies			Retail		Enel X		Services 2 & Other		Total
	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022
Italy	200	188	936	906	1,229	420	-	-	67	28	22	18	2,455	1,561
Iberia	8	9	259	246	489	442	-	-	1	0	14	13	771	711
Latin America	3	4	168	206	1,223	1,101	-	-	37	32	4	1	1,435	1,343
Argentina	-	-	12	23	-	-	-	-	0	0	-	-	12	23
Brazil	-	-	114	127	642	384	-	-	9	1	0	-	765	512
Chile	3	4	9	27	336	490	-	-	1	1	4	1	352	522
Colombia	0	(0)	31	20	211	104	-	-	9	13	(0)	0	251	136
Peru	(0)	(0)	2	9	18	111	-	-	17	17	-	0	37	137
Other	-	-	-	-	17	13	-	-	-	-	-	-	17	13
of Rest Europe	0	8	41	10	35	29	-	-	1	0	0	0	77	48
North Central & America	-	-	-	-	672	1,627	-	-	1	2	6	4	679	1,633
Africa , Asia & Oceania	-	-	-	-	121	123	-	-	-	-	-	-	121	123
Others and adjustments	-	-	13	46	6	6	-	-	43	37	37	36	100	125
Total	211	209	1,417	1,414	3,775	3,748	-	-	151	99	84	73	5,639	5,543

Revenues¹ (€mn)

	Global Generation &		Enel Grids Trading		Renewable Energies		Retail		Enel X		Services 2 Other &		Total
	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022
Italy	18,401	42,084	5,586	5,203	1,944	1,623	20,714	25,337	518	548	(12 ,119)	(9 ,951)	35,044	64,844
Iberia	8,443	12,970	1,825	1,591	892	615	15,493	22,182	279	227	(7 ,751)	(13 ,019)	19,181	24,566
Latin America	1,744	2,462	7,754	8,698	3,969	3,104	1,311	1,263	194	275	(1 ,091)	(1 ,316)	13,881	14,486
Argentina	18	133	726	674	27	29	-	(1)	8	14	-	(1)	779	848
Brazil	490	757	4,712	5,686	639	542	339	370	27	21	(402)	(644)	5,805	6,732
Chile	997	1,220	1,018	1,122	1,884	1,530	87	83	47	35	(520)	(476)	3,513	3,514
Colombia	225	157	594	576	840	658	663	621	65	162	(3)	(46)	2,384	2,128
Peru	14	195	704	640	364	143	222	190	47	43	(166)	(149)	1,185	1,062
Other	-	-	-	-	215	202	-	-	-	-	-	-	215	202
of Rest Europe	-	3	-	-	-	9	-	-	55	47	4	(28)	59	31
North & Central America	181	183	-	-	969	1,021	-	4	232	227	16	26	1,398	1,461
Africa , Asia & Oceania	-	-	-	-	112	149	-	-	65	56	2	1	179	206
Others and adjustments	10	(213)	27	66	110	(8)	8	12	(2)	340	(361)	(269)	(208)	(72)
Total	28,779	57,489	15,192	15,558	7,996	6,513	37,526	48,798	1,341	1,720	(21 ,300)	(24 ,556)	69,534	105,522

Reported EBITDA¹ (€mn)

	Global Generation & Trading		Enel	Grids	Renewable Energies		Retail		Enel X		Services 2 & Other		Total
	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022
Italy	1,728	2,249	2,734	2,629	311	(511)	3,108	69	107	84	22	56	8,010	4,576
Iberia	996	1,901	1,294	1,066	628	350	497	30	58	55	(201)	(2)	3,272	3,400
Latin America	(250)	67	1,727	1,579	1,949	1,588	252	316	54	82	(97)	(80)	3,635	3,552
Argentina	(315)	76	(54)	(65)	3	18	4	7	3	4	(5)	(2)	(364)	38
Brazil	(14)	(51)	1,162	982	417	362	160	177	(3)	2	(26)	(19)	1,696	1,453
Chile	(11)	(102)	76	128	651	418	44	49	8	(1)	(65)	(59)	703	433
Colombia	(15)	27	374	377	641	534	22	63	29	57	-	-	1,051	1,058
Peru	108	119	169	157	161	149	22	20	17	20	(1)	-	476	465
Other	(3)	(2)	-	-	76	107	-	-	-	-	-	-	73	105
of Rest Europe	-	11	-	-	(2)	6	1	-	2	12	(3)	(14)	(2)	15
North Central & America	(32)	(1)	-	-	427	490	(2)	2	31	23	(35)	(21)	389	493
Africa , Asia & Oceania	-	-	-	-	45	73	-	-	1	(9)	(3)	(3)	43	61
Others and adjustments	(3)	-	(10)	13	68	(28)	(2)	4	2	290	(182)	(49)	(127)	230
Total	2,439	4,227	5,745	5,287	3,426	1,968	3,854	421	255	537	(499)	(113)	15,220	12,327

Ordinary EBITDA¹(€mn)

	Global Generation Trading &		Enel Grids			Renewable Retail Energies			Enel X		Services 2 Other &		Total
	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022
Italy	1,728	2,263	2,734	2,651	311	(509)	3,108	70	107	84	22	57	8,010	4,616
Iberia	996	1,897	1,295	1,073	628	350	497	32	58	56	6	9	3,480	3,417
Latin America	77	259	1,728	1,579	1,963	1,588	252	316	54	82	(97)	(80)	3,977	3,744
Argentina	11	76	(54)	(65)	17	18	4	7	3	4	(5)	(2)	(24)	38
Brazil	(14)	83	1,163	981	417	362	160	177	(3)	2	(26)	(19)	1,697	1,586
Chile	(11)	(45)	76	128	651	418	44	49	8	(1)	(65)	(59)	703	490
Colombia	(15)	28	374	377	641	534	22	63	29	57	-	-	1,051	1,059
Peru	108	119	169	158	161	149	22	20	17	20	(1)	-	476	466
Other	(2)	(2)	-	-	76	107	-	-	-	-	-	-	74	105
of Rest Europe	4	57	305	(19)	200	194	53	(137)	16	24	(2)	(2)	576	117
North & Central America	(32)	(1)	-	-	427	492	(2)	2	31	24	(35)	(22)	389	495
Africa , Asia & Oceania	-	-	-	-	45	73	-	-	1	(9)	(3)	(3)	43	61
Others and adjustments	15	4	(4)	23	74	(24)	(2)	4	5	293	(177)	(79)	(89)	221
Total	2,788	4,479	6,058	5,307	3,648	2,164	3,906	287	272	554	(286)	(120)	16,386	12,671

33 1. Ordinary figures, it excludes extraordinary items in 9M 2022 (-344 €mn: -134 €mn impairments, -26 €mn COVID-19 emergency costs, -94 €mn discontinued operations (Russia, Greece and Romania), -90 €mn energy transition and digitalization funds) and in 9M 2023 (-1,166 €mn: -595 €mn discontinued operations (Greece and Romania), -363 €mn Costanera and Dock Sud (Argentina), -208 €mn solidarity contribution Italy and Spain)

Reported EBIT¹(€mn)

	Global Generation Trading &		Enel Grids		Renewable Energies		Retail		Enel X		Services 2 Other &		Total
	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022	9M 2023	9M 2022
Italy	1,619	2,147	1,717	1,644	63	(752)	2,508	(624)	70	31	(36)	0	5,941	2,446
Iberia	598	1,510	700	472	417	153	215	(140)	24	18	(240)	(31)	1,714	1,981
Latin America	(280)	(139)	1,154	156	1,596	1,284	52	82	32	66	(104)	(83)	2,450	1,365
Argentina	(320)	11	(89)	(93)	(1)	13	(7)	(9)	3	4	(5)	(2)	(418)	(76)
Brazil	(14)	(128)	784	(244)	307	275	1	4	(6)	2	(30)	(21)	1,042	(112)
Chile	(33)	(131)	37	83	506	295	32	31	7	(2)	(68)	(60)	481	216
Colombia	8	15	306	304	598	496	10	43	18	48	-	-	940	905
Peru	86	97	116	106	138	125	16	13	10	14	(1)	-	365	354
Other	(7)	(3)	-	-	48	80	-	-	-	-	-	-	41	77
of Rest Europe	(0)	12	(0)	(0)	(3)	5	0	(0)	1	11	(3)	(12)	(5)	16
North & Central America	(43)	(1)	-	-	68	218	(1)	1	9	(12)	(40)	(30)	(7)	176
Africa , Asia & Oceania	-	-	-	-	15	19	-	-	(3)	(12)	(3)	(2)	9	5
Others and adjustments	(3)	(3)	(13)	9	48	(46)	(2)	5	(22)	273	(276)	(156)	(268)	82
Total	1,891	3,525	3,558	2,281	2,205	880	2,772	(677)	111	375	(702)	(314)	9,835	6,070

From EBITDA to net income¹ (€mn)

	9M 2023 reported	9M 2022 reported	∆ yoy	9M 2023 ordinary	9M 2022 ordinary	∆ yoy
EBITDA	15 220 ,	12 327 ,	5% 23	16 386 ,	12 671 ,	3% 29
D&A	(5 385) ,	(6 260) ,		(5 527) ,	(5 456) ,
EBIT	9 835 ,	6 067 ,	62 1%	10 859 ,	7 215 ,	50 5%
financial charges Net	(2 496) ,	(1 696) ,		(2 471) ,	(1 725) ,
from method Net income equity investments using equity	30	55		141	55
EBT	7 369 ,	4 426 ,	66 5%	8 529 ,	5 545 ,	53 8%
Income tax	(2 431) ,	(1 571) ,		(2 454) ,	(1 568) ,
income Net	938 4 ,	2 855 ,		6 075 ,	3 977 ,
Minorities	(835)	(533)		(1 042) ,	(931)
Discounted operations	150	(564)		-	-
income Group net	4 253 ,	1 758 ,	141 9%	5 033 ,	3 046 ,	65 2%

D&A reported¹ (€mn)

	9M	9M	∆
	2023	2022	yoy
Generation and Trading	548	702	-21 9%
Enel	1	1	12
Green	221	088	2%
Power	,	,
Grids	2	3	-27
	187	006	2%
	,	,
Retail	1	1	5%
	082	098	-1
	,	,
Enel X	144	162	-11 1%
Others and adjustments	203	204	-0 5%
Total	5	6	-14
	385	260	0%
	,	,

Long-term 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	3.16	41.84			0.01	4.62	1.62			51.25
Bank Loans	1.73		0.25	3.68	6.01	3.26	1.08		0.09	16.10
Tax Partnership							0.44			0.44
Other Loans			0.02	0.50	0.83	0.45	0.85		0.01	2.66
Other short term debt	0.29	0.71		2.17	0.30	0.34	0.14		0.01	3.96
Commercial Paper		2.10			0.32		0.54			2.96
Gross debt	5.18	44.65	0.27	6.35	7.47	8.67	4.67		0.11	77.37
Financial Receivables		-1.24	-0.81	-0.61	-0.72	-0.95	-0.01		-0.01	-4.35
Tariff Deficit					-1.92					-1.92
Other short term financial receivables	-0.33	-0.48		-0.43	-2.10	-0.07	-0.33		-0.07	-3.81
Cash and cash equivalents	-1.39	-0.01	-0.18	-0.32	-0.33	-1.25	-0.28	-0.04	-0.05	-3.85
Derivative on exchange rates m-I t. borrowings	0.27	-0.36				-0.04				-0.13
Net Debt - Third Parties	3.73	42.56	-0.72	4.99	2.40	6.36	4.05	-0.04	-0.02	63.31
Net Debt - Intercompany	17.44	-53.41	7.76	18.34	6.68	2.85	0.26	0.01	0.07
Net Debt - Group View	21.17	-10.85	7.04	23.33	9.08	9.21	4.31	-0.03	0.05	63.31

1. Fair Value of the Cross Currency Swaps stipulated to hedge the financing with third parties in foreign currency

Debt maturity coverage split by typology (€bn)

Available liquidity¹

1. Liquidity position does not include the credit line guaranteed by SACE

2. Of which 18.6 € bn of long term committed credit lines with maturities beyond September 2024

35.5

Balance sheet (€mn)

1

Headcount

	9M 2023	FY 2022	∆ yoy
Generation and Trading	5,951	6,447	-7.7%
Enel Green Power	9,086	9,397	-3.3%
Distribution	31,036	30,262	2.6%
Retail	5,388	5,418	-0.6%
Enel X	2,915	2,875	1.4%
Others and adjustments	10,836	10,725	1.0%
Total	65,212	65,124	0.1%

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, Stefano De Angelis, declares that the accounting information contained herein correspond to document results, books and accounting records.

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Monica Girardi Head of Group Investor Relations

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Federico Baroncelli Serena Carioti Gaia Cherubini Federica Dori Fabrizio Ragnacci Danielle Ribeiro Da Encarnacao Riccardo Ricci Noemi Tomassi Emanuele Toppi

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