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Enel Investor Presentation 2023

May 3, 2023

4317_10-q_2023-05-03_2f614bc5-854e-4e76-b6fd-ab13930069e2.pdf

Investor Presentation

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First quarter

Consolidated results May 3rd, 2023

First Quarter 2023

Consolidated results

Francesco Starace

CEO & General Manager

Key highlights

Business performance

5.5 €bn +22% vs PY

FFO improvement

3.7 €bn +4.3 €bn vs Q1 2022 Strategic repositioning

c.11 €bn More than 50% of the 21 €bn disposal program

Ordinary EBITDA bodes well for FY2023 target

Working capital normalization drives FFO improvement

Already closed or announced

Full visibility on 2023 targets

Strong and visible operating delivery across all businesses

Q1 2022 Q1 2023
RES Capacity1 54.8 GW 59.3 GW +4.5 GW
RES Capacity
on total1		 60% 67% +7 p.p.
CO
2		 Fixed power sales
on total2		 ~75% ~75% FLAT
Fixed sales covered by
production1,2
own		 ~90% ~90% FLAT
Storage BTM 59 MW 76 MW +17 MW
Public charging points (k) 18.9 23.5 +4.6k
SAIDI (min) 242 207 -14%

  1. It includes renewable managed capacity and BESS

  2. Core countries

First Quarter 2023

Consolidated results

Alberto De Paoli CFO

Capex tailored to enhance value creation in core countries

Gross capex by business Gross capex by geography

Share of gross capex in core countries

Ordinary EBITDA up double digit

6

Ordinary EBITDA evolution1 (€bn)

Integrated business model drives growth within a normalizing environment

  1. Ordinary figures, it excludes extraordinary items in Q1 2022 (+63 €mn: +103 €mn discontinued operations Greece, Russia and Romania, -9 €mn emergency costs COVID-19, -31 €mn energy transition and digitalization funds) and in Q1 2023 (-698 €mn: -222 €mn solidarity contributions Spain and Romania, -154 €mn Costanera (Argentina), -322 €mn discontinued operations Greece and Romania)

Sound growth in the integrated business

Integrated business: Ordinary EBITDA evolution (€bn)

Normalization of extreme conditions in Europe allows full deployment of integrated business value

Integrated business: focus on Italy

Ordinary EBITDA evolution (€bn)

  1. Retail Free market, not regulated renewables, thermal generation and Enel X services 2. Regulated generation and retail 3. Gas retail and wholesale

Power Free: unitary margin back to normalization driven by integrated commercial management

  1. Unitary margin does not include the impact of any claw-back mechanisms

Grids up by 29% yoy

Grids: Ordinary EBITDA evolution (€bn)

Stable operating performance and regulatory recovery in Rest of Europe drives results

Continued improvement in Grids quality and digitalization

Smart meter

Electricity distributed SAIDI (min.) 1(TWh)

Net Ordinary Income up by 2% versus previous year, driven by a strong EBITDA performance

Profit & loss (€bn)

Q1 20221 Q1 2023 ∆ yoy
Ordinary EBITDA 4.49 5.46 +22%
D&A (1.77) (1.86)
Financial expenses2 (0.39) (0.83)
Income taxes (0.63) (0.74)
Minorities (0.22) (0.52)
Net Ordinary
Income		 1.48 1.51 +2%

Financial Expenses

Temporary increase in financial expenses driven by gross debt dynamics and accounting of currencies

Minorities

Earnings contribution versus PY skewed towards Iberia and RoE drives up minorities in the first quarter

FFO up by 4.3 €bn vs previous year driven by the normalization of working capital dynamics

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

3.2 €bn impact from government measures still to be recovered

Group repositioning delivering results early in 2023, as planned

More than 50% of the repositioning program addressed at attractive multiples

Average EV/EBITDA of closed or announced deals higher than 8x Plan assumption

Pro Forma Net Debt down by around 5 €bn vs Full Year 2022

17 1. HFS FY 2022 0.9 €bn and Q1 2023 2.0 €bn. 2. APM includes impact of assets classified as HFS for 1.1 €bn (0.4 €bn Perú DX, Supply & Enel X, 0.3 €bn Perú GX, 0.2 €bn Romania, 0.2 €bn other) and 0.1 €bn impact associated with Cien (Brazil).

  1. It includes new leases for around 45 €mn.

  2. 1.09 Eur vs USD as of March 31st, 2023

More than 12 €bn reabsorption of exogenous factors vs peak

  1. Of which 18.8 €bn of long term committed credit lines with maturities beyond March 2024

2023 guidance confirmed

Our sustainable and integrated business model continues to deliver strong results

Francesco Starace

CEO & General Manager

Annexes

Macroscenario

GDP (%) CPI (%) FX
against		 €1 Spot
Price		 (€/MWh) Electricity (TWh)
Demand
Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022
Italy 1
48		 6
50		 8
93		 5
67		 157
20		 249
27		 77
70		 80
31
Iberia 3
13		 6
86		 5
06		 7
86		 99
94		 230
33		 63
10		 64
30
Latin
America
Argentina (0
61)		 5
99		 101
42		 52
77		 227
82		 108
00		 - - 36
50		 35
70
Brazil 1
00		 2
42		 5
41		 10
74		 5
54		 6
61		 12
37		 9
74		 158
90		 159
54
Chile (1
15)		 7
16		 11
79		 8
31		 860
36		 844
51		 102
80		 69
23		 20
80		 20
72
Colombia (0
53)		 50
7		 12
05		 10
18		 345
21
5
,		 300
00
4
,		 77
71		 69
87		 19
00		 18
70
Peru 1
73		 2
73		 6
97		 7
88		 4
08		 4
40		 29
60		 21
06		 14
50		 13
72
of
Rest
Europe
Romania 3
80		 4
64		 15
06		 9
01		 4
96		 4
92		 86
41		 184
04		 14
50		 15
80
North
America
USA 2
02		 3
68		 5
88		 8
02		 1
09		 1
17		 - - 1
009
20
,		 1
037
90
,
Mexico 2
97		 1
90		 7
46		 7
27		 19
64		 23
97		 - - 77
17		 73
28
Africa
Asia
&
Oceania
,
India 99
4		 3
96		 6
33		 6
34		 89
57		 85
78		 - - 371
10		 345
53
Australia 2
36		 2
99		 6
96		 5
18		 1
64		 1
54		 - - - -
South
Africa		 0
24		 2
53		 7
18		 5
79		 19
47		 17
33		 - - 50
30		 53
20

Group consolidated net capacity: breakdown by technology and geography

MW Hydro Wind Geothermal Solar
&
Other		 Nuke Oil
&
Gas		 Coal CCGT TOTAL
Italy 12
996
,		 861 776 52 - 2
253
,		 720
4
,		 606
4
,		 26
264
,
Iberia 746
4
,		 2
882
,		 - 665
1
,		 3
328
,		 2
333
,		 644
1
,		 5
445
,		 22
044
,
Latin
America		 10
542
,		 3
517
,		 83 3
845
,		 - 1
520
,		 226 2
760
,		 22
493
,
Argentina 1
328
,		 - - - - 72 - 829 2
228
,
Brazil 1
272
,		 2
588
,		 - 1
234
,		 - - - - 5
094
,
Chile 3
508
,		 797 83 2
043
,		 - 581 - 1
468
,		 8
481
,
Colombia 3
097
,		 - - 274 - 180 226 - 3
777
,
Perù 792 132 - 179 - 687 - 463 2
255
,
Other1 545 - - 115 - - - - 660
of
Rest
Europe		 19 871 - 130 - - - - 1
020
,
Romania - 498 - 36 - - - - 534
Other2 19 372 - 94 - - - - 486
North
America		 53 7
196
,		 72 2
320
,		 - - - - 9
640
,
Mexico 53 893 - 220 - - - - 1
165
,
Canada - 363 - - - - - - 363
USA - 5
940
,		 72 2
101
,		 - - - - 8
112
,
Oceania3
Africa
Asia
&
,		 - 539 - 667 - - - - 1
206
,
Total 28
356
,		 15
866
,		 931 8
678
,		 3
328
,		 6
107
,		 6
590
,		 12
811
,		 82
667
,

  1. Includes Panama, Guatemala and Costa Rica 23

  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 2
654
,		 407 302
1
,		 18 - 11 967
4
,		 2
618
,		 978
11
,
Iberia 506
1
,		 944
1
,		 - 491 6
835
,		 079
1
,		 211 3
615
,		 680
15
,
Latin
America		 9
321
,		 2
719
,		 88 1
536
,		 - 865 72 3
562
,		 18
162
,
Argentina 553 - - - - 172 - 1
537
,		 2
261
,
Brazil 1
088
,		 2
245
,		 - 505 - - - - 3
838
,
Chile 1
995
,		 395 88 846 - 392 - 1
352
,		 5
068
,
Colombia 3
957
,		 - - 41 - 7 72 - 4
079
,
Perù 1
222
,		 78 - 98 - 294 - 673 2
366
,
Other1 506 - - 45 - - - - 551
of
Rest
Europe		 15 617 - 33 - - - - 665
Romania - 389 - 7 - - - - 397
Other2 15 227 - 26 - - - - 268
North
America		 33 5
892
,		 97 687 - - - - 6
709
,
Mexico 33 386 - 134 - - - - 553
Canada - 259 - - - - - - 259
USA - 5
246
,		 97 554 - - - - 5
897
,
Oceania3
Africa
Asia
&
,		 - 266 - 325 - - - - 591
Total 13
530
,		 11
845
,		 1
486
,		 3
090
,		 6
835
,		 1
955
,		 5
251
,		 9
795
,		 53
786
,

  1. Includes Panama, Guatemala and Costa Rica 24

  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 1 - - 1 - - - 10 12
Iberia - - - - - - - - -
Latin
America		 - 95 - 65 - - - 54 214
Argentina - - - - - - - 54 54
Brazil - 23 - - - - - - 23
Chile - 72 - - - - - - 72
Colombia - - - 65 - - - - 65
Perù - - - - - - - - -
Other2 - - - - - - - - -
of
Rest
Europe		 - - - - - - - - -
Romania - - - - - - - - -
Other3 - - - - - - - - -
North
America		 - 36 - 71 - - - - 107
Mexico - - - - - - - - -
Canada - 36 - - - - - - 36
USA - - - 71 - - - - 71
Oceania4
Africa
Asia
&
,		 - - - - - - - - -
Total 1 131 - 138 - - - 64 333

25 1. Excludes managed capacity and BESS

  1. Includes Panama; 3. Includes Greece; 4. Includes India

Renewable projects in execution: breakdown by technology and geography1

MW Wind Hydro Geothermal Solar
&
Other		 BESS Total
Italy 29 8 - 382 1
734
,		 2
152
,
Iberia 9 17 - 1
488
,		 25 1
539
,
Latin
America		 1
339
,		 159 - 1
837
,		 203 3
538
,
of
Rest
Europe		 1 - - 84 - 85
North
America		 - - - 838
1
,		 851 2
689
,
Africa
Asia
&
Oceania
,		 793 - - 93 - 886
Total 2
171
,		 184 0 5
722
,		 2
812
,		 10
889
,

Pipeline

  1. It includes BESS for around 40 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
Q1 Q1 Q1 Q1 Q1 Q1
2023 2022 2023 2022 2023 2022
Italy 53 8 31 31 31 31
2 55 8 6 6 5
Iberia 33 32 12 12 12 12
3 5 5 4 3 2
Latin
America		 31
9		 34
7		 25
5		 28
4		 0
7		 0
7
Argentina 4 4 2 2 0 0
9 2 6 6 0 0
Brazil 17 20 15 18 0 0
5 6 5 5 3 1
Chile 3 4 2 2 0 0
6 1 1 0 4 3
Colombia 3 3 3 3 0 0
7 7 8 7 1 1
Peru 2 2 1 1 0 0
2 1 5 5 0 0
of 3 4 3 3 1 1
Rest 8 1 1 0 3 0
Europe
Romania 3 4 3 3 3 0
8 1 1 0 1 1
Total 122 127 72 75 46 45
2 1 9 4 0 4

Retail KPIs1

EMARKET
SDIR
CERTIFIED
Power Gas
Customers 2
(mn)		 Volumes 2
(TWh)		 Customers (mn) Volumes (bsmc)
Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022
Italy 21
2		 21
8		 23
4		 24
4		 4
6		 4
3		 2
1		 2
1
Iberia 10
5		 10
4		 19
5
19
6		 1
8		 1
7		 1
4		 1
7
Latin
America		 25
5		 28
4		 32
9
33
5		 0
00
0
00		 0
04		 0
07
of
Rest
Europe		 2
9
3
0		 2
3		 2
6		 0
19		 0
14		 0
10		 0
13
Total 60
2		 63
6		 78
2		 80
1		 6
6		 6
2		 3
6		 4
0

Enel X and Enel X Way KPIs

Enel
X		 Way Enel
X
Public
Charging		 (k)
points		 Street lighting
(mn)		 Electric buses
(#)		 Storage (MW) (GW)
Demand
Response
Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022
Italy 18
.7		 15.6 1.6 1.5 154 17 - - 0
9		 0
6
Iberia 3
9		 2
8		 0
.1		 0
.1		 340 165 - - 0
2		 -
South
America		 0
6		 0
3		 1.3 1.2 5,279 2
,598		 0
.5		 0
.5		 0
0		 0
.1
North
America		 - - - - 268 267 74.4 58
3		 3
8		 3
2
&
North
Africa
Europe		 0
3		 0
2		 - - 72 23 - - 1.2 1.2
Africa
. Asia
&
Oceania		 - - 207 207 1.1 - 2
0		 1.6
Other - - - - - - -
Total 23
.5
18
9		 2
8		 6
320
,		 3
277
,		 76
0		 58
8		 8
.1		 6
6

Capex1 (€mn)

EMARKET
SDIR
CERTIFIED
Conventional
Generation
&		 Enel Grids Retail Enel Services Total
Global Trading EGP X & 2
Other
Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022
Italy 72 45 661 464 775 162 92 117 26 16 11 7 1,637 812
Iberia 35 28 183 179 129 109 46 67 10 11 7 9 408 402
Latin
America		 38 21 355 389 291 230 - - 13 10 1 - 698 651
Argentina 8 3 30 32 0 0 - - - - - - 38 35
Brazil - - 225 274 167 105 - - 3 1 - - 396 381
Chile 21 11 24 30 72 108 - - - - 1 - 118 149
Colombia - 1 54 34 40 8 - - 4 4 - - 99 48
Peru 9 6 22 19 5 3 - - 5 4 - - 40 32
Other - - - - 6 5 - - - - - - 7 5
of
Rest
Europe		 - 4 38 20 23 20 3 2 2 2 - - 66 48
North
America		 - - - - 134 496 - - 6 11 3 1 143 507
Africa
, Asia
&
Oceania		 - - - - 31 93 - - 2 1 - - 34 94
Other - - - 4 2 2 - - 15 16 14 14 32 36
Total 145 98 1,237 1,057 1,384 1,111 141 186 74 66 36 32 3,018 2,550

Asset development Capex1 (€mn)

Conventional
Global		 Generation
&
Trading		 Enel Grids EGP Retail Enel X & Services
2
Other		 Total
Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022
Italy 62 35 285 227 752 140 - - 15 10 4 3 1,118 415
Iberia 1 1 83 71 115 95 - - 0 - 4 4 204 171
Latin
America		 - 2 53 58 264 213 - - 9 8 - - 326 282
Argentina 0 - 3 3 - - - - - - - - 3 3
Brazil - - 35 39 159 101 - - - - - - 195 141
Chile - 3 3 6 60 104 - - - 0 - 0 64 113
Colombia - - 10 7 35 3 - - 4 4 - - 49 14
Peru - - 2 4 3 2 - - 4 4 - - 10 9
Other - - - - 5 3 - - - - - - 5 3
of
Rest
Europe		 - 1 10 - 21 18 - - 1 1 0 0 32 20
North
America		 - - - - 113 490 - - - 1 2 1 115 492
Africa
, Asia
&
Oceania		 - - - - 31 92 - - - - - - 31 92
Other - - - - 1 1 - - 15 15 10 10 26 27
Total 63 39 431 356 1,296 1,051 - - 40 35 21 19 1,851 1,499

Revenues1 (€mn)

Conventional
Global		 Generation
&
Trading		 Enel Grids EGP Retail Enel X & Services
2
Other		 Total
Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022
Italy 7,861 13,935 1,835 1,686 790 432 8,110 8,611 157 136 (4,958) (3,263) 13,795 21,537
Iberia 3,478 2,689 611 570 323 284 6,149 6,400 95 87 (3,167) (2,454) 7,489 7,576
Latin
America		 817 668 2,666 2,662 1,091 958 397 411 55 71 (372) (425) 4,654 4,345
Argentina 29 34 210 167 10 8 - - 3 3 (1) (1) 251 211
Brazil 157 226 1,674 1,795 199 157 111 114 7 10 (125) (184) 2,023 2,118
Chile 505 301 360 323 530 451 27 27 12 8 (189) (147) 1,245 963
Colombia 59 49 179 174 238 235 192 211 19 38 - (44) 687 663
Peru 67 58 243 203 56 47 67 59 14 12 (57) (46) 390 333
Other - - - - 58 60 - - - - - (3) 58 57
of
Rest
Europe		 - 7 - - - - - - 18 21 1 (16) 19 12
North
America		 26 24 - - 322 285 1 3 95 89 7 6 451 407
Africa,
Asia
&
Oceania		 - - - - 41 48 - - 29 17 1 - 71 65
Other (4) (35) 16 24 (4) 2 7 - (1) 248 (79) (45) (65) 194
Total 12,178 17,288 5,128 4,942 2,563 2,009 14,664 15,425 448 669 (8,567) (6,197) 26,414 34,136

Reported EBITDA1 (€mn)

Global
Generation
Trading
&		 Enel Grids Renewable
Energies		 Retail Enel
X		 Services
Other
&		 Total
Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 2
Q1
2022		 Q1
2023		 Q1
2022
Italy 158 1,019 912 837 (19) (183) 821 317 19 19 6 22 1,897 2,031
Iberia 853 477 428 409 218 145 129 (161) 19 27 (213) (7) 1,434 890
Latin
America		 1 60 651 552 619 502 82 102 12 23 (34) (17) 1,331 1,222
Argentina (113) 19 (58) (7) (15) 6 (1) 3 1 1 (1) (1) (187) 21
Brazil (4) 26 510 349 124 106 56 59 (1) 1 (9) (4) 676 537
Chile 83 (25) 23 51 228 146 13 17 1 (1) (24) (12) 324 176
Colombia (2) 5 111 110 183 172 6 18 6 17 - - 304 322
Peru 38 36 65 49 61 48 8 5 5 5 - - 177 143
Other (1) (1) - - 38 24 - - - - - - 37 23
of
Rest
Europe		 - (4) - (3) (2) (3) - (1) 1 10 - 8 (1) 7
North
&
Central
America		 (17) 8 - - 155 155 - 3 8 16 (10) (7) 136 175
Africa
, Asia
&
Oceania		 - - - - 18 29 - - 2 - (1) (1) 19 28
Others
and
adjustments		 (15) 4 2 - (6) (2) (2) (3) (2) 221 (28) (24) (51) 196
Total 980 1,564 1,993 1,795 983 643 1,030 257 59 316 (280) (26) 4,765 4,549

Ordinary EBITDA1(€mn)

Global
Generation
Trading
&		 Enel
Grids		 Renewable
Retail
Energies		 Enel
X		 Services
2
Other
&		 Total
Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022
Italy 158 1,019 912 841 (19) (182) 821 317 19 19 6 23 1,897 2,037
Iberia 853 478 428 411 218 145 129 (157) 19 28 (5) (2) 1,642 903
Latam 134 79 652 552 619 502 82 102 12 23 (35) (17) 1,464 1,241
Argentina 19 18 (58) (7) (15) 6 (1) 3 1 1 (1) (1) (55) 20
Brazil (4) 26 510 349 124 106 56 59 (1) 1 (10) (4) 675 537
Chile 84 (6) 24 51 228 146 13 17 1 (1) (24) (12) 326 195
Colombia (3) 6 111 110 183 172 6 18 6 17 - - 303 323
Peru 38 36 65 49 61 48 8 5 5 5 - - 177 143
Other - (1) - - 38 24 - - - - - - 38 23
of
Rest
Europe		 10 27 215 (73) 74 80 26 (138) 5 13 (1) (1) 329 (92)
North
&
Central
America		 (17) 8 - - 155 155 - 3 8 16 (10) (7) 136 175
Africa
&
, Asia
Oceania		 - - - - 18 29 - - 2 - (1) (1) 19 28
Others
and
adjustments		 5 4 4 - (6) (2) (2) (3) (1) 222 (24) (27) (24) 194
Total 1,143 1,615 2,211 1,731 1,059 727 1,056 124 64 321 (70) (32) 5,463 4,486

36 1. It excludes extraordinary items in Q1 2022 (+63 €mn: +103 €mn discontinued operations Greece, Russia and Romania, -9 €mn emergency costs COVID-19, -31 €mn energy transition and digitalization funds) and in Q1 2023 (-698 €mn: -222 €mn solidarity contributions Spain and Romania, -154 €mn Costanera (Argentina), -322 €mn discontinued operations Greece and Romania)

Reported EBIT1(€mn)

Global
Generation
&
Trading		 Enel
Grids		 Renewable
Energies		 Retail Enel
X		 Services
2
&
Other		 Total
Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022		 Q1
2023		 Q1
2022
Italy 123 991 572 526 (97) (254) 578 86 8 7 (12) 4 1,172 1,359
Iberia 721 340 225 210 152 80 44 (205) 8 17 (225) (18) 925 423
Latin
America		 (29) 16 459 374 515 409 14 10 5 18 (38) (20) 926 806
Argentina (124) (2) (75) (14) (17) 4 (5) (3) 1 1 (1) (1) (221) (15)
Brazil (3) 23 386 233 94 80 1 (14) (1) 2 (11) (4) 466 320
Chile 75 (34) 10 35 184 107 9 12 (1) (1) (24) (13) 253 106
Colombia (6) 1 90 87 172 160 2 13 3 13 - - 261 274
Peru 31 29 48 33 53 42 7 2 3 3 - - 142 109
Other (2) (1) - - 29 16 - - - - (2) (1) 25 14
Rest
of
Europe		 0 1 (0) (0) (3) (2) (0) (0) 1 9 1 (1) (2) 8
North
&
Central
America		 (17) 8 - - 51 68 - 2 1 7 (12) (13) 23 72
Africa
, Asia
&
Oceania		 - - - - 5 10 - - 1 (1) (1) (1) 5 8
Others
and
adjustments		 (15) (2) 1 (5) (11) (9) (2) (3) (10) 219 (61) (45) (98) 154
Total 783 1,353 1,257 1,104 611 302 634 (110) 14 276 (348) (94) 2,951 2,831

From EBITDA to net income1 (€mn)

Q1
2023
reported		 Q1
2022
2
reported		 ∆
yoy		 Q1
2023
ordinary		 Q1
2022
ordinary		 ∆
yoy
EBITDA 765
4
,		 549
4
,		 7%
4		 463
5
,		 486
4
,		 21
8%
D&A 1
814
,		 1
718
,		 1
861
,		 1
765
,
EBIT 2
951
,		 2
831
,		 4
2%		 3
602
,		 2
721
,		 32
4%
financial
charges
Net		 (865) (413) (877) (429)
from
method
Net
income
equity
investments
using
equity		 12 43 47 43
EBT 2
098
,		 2
461
,		 -14
8%		 2
772
,		 2
335
,		 18
7%
Income
tax		 (704) (685) (737) (627)
income
Net		 394
1
,		 776
1
,		 2
035
,		 708
1
,
Minorities 411 220 523 224
Discounted
operations		 51 (126) - -
income
Group
net		 1
034
,		 1
430
,		 -27
7%		 1
512
,		 1
484
,		 1
9%

D&A reported1 (€mn)

Q1
2023		 Q1
2022		 ∆
yoy
Generation
and
Trading		 197 211 -6
6%
Enel
Green
Power		 372 341 9
1%
Grids 736 691 6
5%
Retail 396 367 9%
7
Enel
X		 45 40 5%
12
adjustments
Others
and		 68 68 0
0%
Total 1
814
,		 1
718
,		 5
6%

Long-term debt1 structure

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 3.97 42.18 - - 0.01 4.40 1.58 - - 52.14
Bank Loans 1.52 - 0.21 3.79 5.98 2.82 1.17 - 0.10 15.59
Tax Partnership - - - - - - 0.49 - - 0.49
Other Loans - - 0.01 0.53 0.83 0.45 0.79 - 0.01 2.62
Other short term debt 0.40 0.98 0.01 2.27 0.70 0.17 0.14 - 0.01 4.68
Commercial Paper - 2.34 - - 4.51 - 0.88 - - 7.73
Gross debt 5.89 45.50 0.23 6.59 12.03 7.84 5.05 - 0.12 83.25
Financial Receivables - -1.23 -0.76 -0.62 -0.91 -0.89 - - - -4.41
Tariff Deficit - - - - -2.64 - - - - -2.64
Other short term financial receivables -0.40 -0.38 - -0.80 -4.11 -0.07 -0.31 - -0.10 -6.17
Cash and cash equivalents -5.30 -0.08 -0.20 -0.32 -1.02 -2.90 -0.56 -0.03 -0.06 -10.47
Derivative on exchange rates m/l term borrowings1 0.13 -0.74 - - - -0.05 - - - -0.66
Net Debt – Third Parties 0.32 43.07 -0.73 4.85 3.35 3.93 4.18 -0.03 -0.04 58.90
Net Debt – Intercompany 21.54 -54.98 7.70 17.10 4.91 2.94 0.71 - 0.08 -
Net Debt – Group View 21.86 -11.91 6.97 21.95 8.26 6.87 4.89 -0.03 0.04 58.90
  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 18.8 € bn of long term committed credit lines with maturities beyond March 2024

Balance sheet (€mn)

Headcount

Q1 2023 FY 2022 ∆ yoy
Generation and Trading 6,106 6,447 -5.3%
Enel Green Power 9,399 9,397 0.0%
Distribution 30,335 30,262 0.2%
Retail 5,609 5,418 3.5%
Enel X 2,951 2,875 2.6%
Others and adjustments 10,778 10,725 0.5%
Total 65,178 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, 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 Gaia Cherubini Serena Carioti Federica Dori Fabrizio Ragnacci Danielle Ribeiro Da Encarnacao Riccardo Ricci Noemi Tomassi Emanuele Toppi

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