Enel — Investor Presentation 2022

Mar 16, 2023

Full Year

Consolidated results March 16th, 2023

Full Year 2022 Consolidated results

Francesco Starace CEO

Key highlights

Business performance and managerial actions secured operating and financial trajectory of the Group

4

3

2

1

2022 Results hit the guidance thanks to our integrated and resilient business model

Operating evolution fully in line with our strategic guidelines

Final phase of strategic repositioning: execution well advanced

0.40 €/sh DPS for 2022 2023 fixed DPS entails high single digit growth

Enel's Integrated business model absorbed the shocks of 2022

Ordinary EBITDA by business Ordinary EBITDA evolution (€bn)

1. It includes delta capital gain for (0.95) €bn and recurring contribution from stewardship for 0.1 €bn

4

Operating delivery capabilities pushed results above targets and supported a structural growth

Net debt within guidance in spite of 5 €bn impact from governments' measures still to be recovered

2022 continued to show a strong operating delivery, along our strategic guidelines

A strong RES development, notwithstanding supply chain disruptions, de-risks our generation

Yearly additions¹ (GW) 2023-25 Additional capacity target¹

11.2

Residual target covered around 7x by the 2023-25 mature pipeline 5.5 GW to be added in 2023, 100% already in execution Ready to accelerate energy independence in Europe: ~130 GW projects in pipeline in Italy and Iberia

Leveraging on forward hedged generation, fixed price sales protected customer base from energy shocks

Digital networks ready to host the accelerated roll out of distributed generation

Simplification efforts embedded in our strategic vision…

1. Deal closed

2. It includes impact of assets classified as HFS and capital gain from stewardship model

Simple and predictable shareholder remuneration

Dividend per share (€/share)

Solid and visible improvement in shareholder remuneration with TSR at 110%¹from 2015

Full Year 2022 Financial results

Alberto De Paoli CFO

Results unaffected by volatile environment: guidance exceeded at EBITDA and Net Income level

^1. Ordinary figures, it excludes extraordinary items in FY 2021 (-1,977 €mn: -53 €mn donations and emergency costs COVID-19, -1,590 €mn energy transition and digitalization funds, -334 €mn HFS Greece, Russia and Romania) and in FY 2022 (+235 €mn: +702 €mn M&A activities, -33 €mn donations and emergency costs COVID-19, -137 €mn HFS Greece, Russia and Romania, -297 €mn energy transition and digitalization funds)

15 €bn investments deployed in 2022 to secure future EBITDA growth

Gross capex by business and geography

1. It includes "Services & Other" for around 0.2 €bn and capex related to assets classified as HFS for 0.2 €bn

EBITDA above guidance on sound business performance

1. The split does not include "Services & Other" for around (0.2) €bn

2. Core countries

Integrated business: geographical diversification ensured economics protection

Group Ordinary EBITDA

Integrated business: Ordinary EBITDA evolution (€bn)

1. Split does not include "Services & Other"

2. It excludes 'Non Recurring items'

Integrated business: focus on Italy

EBITDA evolution (€bn) Ordinary EBITDA evolution (€bn)

1. Retail Free market, not regulated renewables, thermal generation Enel X services 2. Regulated generation and retail 3. Gas retail and wholesale 4. Trading and generation services

Power Free: dynamics in Italy

Fixed sales and coverage (TWh)

Unitary margin dynamics (€/MWh)

Unitary margin down 70% yoy impacted by unexpected higher sourcing costs not passed through customers' bills

Grids up by 8% yoy, supported by the positive performance in Latam

Group Ordinary EBITDA Grids ordinary EBITDA evolution (€bn)

1. Split does not include "Services & Other"

2. It excludes 'Non Recurring items'

Capex deployment to foster RAB growth

Gross capex by nature RAB (€bn) 42 ⁴⁵ 1.3 FY 2021 FY 2022 +4% Positive regulatory frameworks Tariff increase approved end of June (c.+12%) Enel Dx Sao Paulo Tariff increase approved in April (c.+25%) Enel Dx Ceara 50% 18% Quality & Resiliency Digitalisation Connections FY 2022 5.7 €bn Enel Dx Río Tariff increase approved in March (c.+17%) Perimeter RAB up by 7% 43

net of perimeter effect

Net Income above guidance, driven by growth in EBITDA and lower financial expenses

Net Ordinary Income evolution (€bn)

FFO: +8 €bn in Q4 driven by the expected recovery in working capital

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

1. Includes dividends received from equity investments.

Q4 2022: Initial recovery of the impact of governments' measures

2021 Stock

Net Debt at 60 €bn in line with mid-point of the guidance range

25 1. Restated figure

1. It includes foreign exchange derivatives realized in the period and new leases for 0.5 €bn.

The Group's liquidity remained strong and stable over the period in spite of extreme volatility

19.5 5.4 8.0 5.3 3.6 2.2 3.7 1.4 1.4 FY 2022 9M 2022 H1 2022 Q1 2022 25.1 25.9 24.7 30.6² Liquidity position Cash Available committed credit lines¹ Liquidity position FY 2022 30.6² €bn 9.3 9.3 20.7 14.4 Government measures Gross Debt impact from margin calls, governments measures and energy context (€bn) Margin calls Energy market context

1. Of which 19.1 €bn of long term committed credit lines with maturities beyond December 2023

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

Cost of debt trending down thanks to proactive liability management implemented in 2021

Cost of Gross Debt Average LT Debt maturity (years)

Full Year 2022 Closing remarks

Francesco Starace CEO

Strong 2022 results despite extreme volatility

Operational and financial resiliency back tested in the last three years

Focus on accretive simplification and on growth on integrated margin countries in line with strategy

Strategic development continued despite energy crisis

Full Year 2022 Consolidated results

Annexes

Macroscenario

	GDP	(%)	CPI	(%)	FX against	€1	Spot Price	(€/MWh)	Electricity	(TWh) Demand
	2022 FY	2021 FY	2022 FY	2021 FY	2022 FY	2021 FY	2022 FY	2021 FY	2022 FY	2021 FY
Italy	3 92	6 72	8 20	1 87	-	-	304 02	125 46	315 61	319 32
Iberia	5 47	5 52	8 39	3 09	-	-	167 66	111 93	235 08	241 88
Latin America	-	-	-	-	-	-			-	-
Argentina	5 26	10 40	72 43	48 41	189 53	117 01	-	-	90 80	138 22
Brazil	3 03	5 32	9 28	8 30	5 66	6 50	10 80	43 00	610 99	609 16
Chile	2 82	11 85	11 64	4 52	910 12	968 29	98 51	66 24	75 97	81 49
Colombia	7 50	11 02	10 18	3 50	5 190 39 ,	4 604 52 ,	48 43	34 03	44 55	73 75
Peru	2 73	13 65	88 7	3 98	08 4	4 54	34 64	7 74	46 24	53 95
of Rest Europe	-	-	-	-	-	-			-	-
Romania	4 50	5 31	13 80	5 05	4 94	4 97	206 28	114 77	57 48	62 29
North America	-	-	-	-	-	-	-	-	-	-
USA	2 08	5 95	7 99	4 69	1 07	1 14	-	-	3 710 93 ,	4 080 54 ,
Mexico	3 05	4 94	7 90	5 69	20 87	23 46	-	-	331 68	320 60
Africa Asia & Oceania ,	-	-	-	-	-	-			-	-
India	6 92	8 27	6 69	5 14	88 53	85 01	-	-	1 355 40 ,	1 365 58 ,
Australia	3 58	21 5	6 62	2 82			-	-	254 20	247 20
South Africa	2 35	4 91	6 85	4 55	18 23	18 17	-	-	214 79	221 06

Group consolidated net capacity: breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12 995 ,	861	776	51	-	2 253 ,	4 720 ,	4 596 ,	26 252 ,
Iberia	4 746 ,	2 882 ,	-	1 665 ,	3 328 ,	2 333 ,	1 644 ,	5 445 ,	22 044 ,
Latin America	10 542 ,	3 422 ,	83	3 779 ,	-	2 618 ,	226	3 853 ,	24 524 ,
Argentina	1 328 ,	-	-	-	-	1 169 ,	-	1 922 ,	4 419 ,
Brazil	1 272 ,	2 565 ,	-	1 234 ,	-	-	-	-	5 071 ,
Chile	3 508 ,	725	83	2 043 ,	-	581	-	1 468 ,	8 409 ,
Colombia	3 097 ,	-	-	208	-	180	226	-	3 711 ,
Perù	792	132	-	179	-	687	-	463	2 255 ,
Other1	545	-	-	115	-	-	-	-	660
of Rest Europe	19	871	-	130	-	-	-	-	1 020 ,
Romania	-	498	-	36	-	-	-	-	534
Russia	-	-	-	-	-	-	-	-	-
Other2	19	372	-	94	-	-	-	-	486
North America	53	160 7 ,	72	2 249 ,	-	-	-	-	9 532 ,
Mexico	53	893	-	220	-	-	-	-	1 165 ,
Canada	-	327	-	-	-	-	-	-	327
USA	-	5 940 ,	72	2 029 ,	-	-	-	-	8 041 ,
Oceania3 Africa Asia & ,	-	539	-	667	-	-	-	-	1 206 ,
Total	28 355 ,	15 735 ,	931	8 540 ,	3 328 ,	7 204 ,	6 590 ,	13 894 ,	84 578 ,

1. Includes Panama, Guatemala and Costa Rica 32

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	11 584 ,	1 256 ,	5 407 ,	64	-	171	17 260 ,	12 718 ,	48 460 ,
Iberia	4 477 ,	5 709 ,	-	1 855 ,	26 508 ,	4 450 ,	997	20 719 ,	64 715 ,
Latin America	35 443 ,	12 428 ,	382	4 901 ,	-	2 885 ,	1 466 ,	18 089 ,	75 594 ,
Argentina	1 550 ,	-	-	-	-	350	-	9 220 ,	11 121 ,
Brazil	4 468 ,	10 116 ,	-	2 024 ,	-	-	-	-	16 608 ,
Chile	9 768 ,	694 1 ,	382	2 160 ,	-	239 1 ,	264 1 ,	708 5 ,	22 215 ,
Colombia	13 272 ,	-	-	151	-	38	202	-	13 663 ,
Perù	4 128 ,	618	-	450	-	1 259 ,	-	3 160 ,	9 615 ,
Other1	2 257 ,	-	-	117	-	-	-	-	2 374 ,
of Rest Europe	26	2 254 ,	-	177	-	7 145 ,	-	2 911 ,	12 513 ,
Romania	-	1 194 ,	-	43	-	-	-	-	1 237 ,
Russia	-	128	-	-	-	145 7 ,	-	2 911 ,	10 184 ,
Other2	26	932	-	134	-	-	-	-	093 1 ,
North America	197	19 859 ,	327	3 001 ,	-	-	-	-	23 385 ,
Mexico	197	1 598 ,	-	518	-	-	-	-	2 313 ,
Canada	-	674	-	-	-	-	-	-	674
USA	-	17 587 ,	327	2 484 ,	-	-	-	-	20 398 ,
Oceania3 Africa Asia & ,	-	1 749 ,	-	1 350 ,	-	-	-	-	3 099 ,
Total	51 728 ,	43 255 ,	6 117 ,	11 349 ,	26 508 ,	14 652 ,	19 722 ,	54 436 ,	227 767 ,

1. Includes Panama, Guatemala and Costa Rica 33

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	68	3	21	-	-	-	-	643
Iberia	5	337	-	567	-	-	-	-	908
Latin America	1	492	14	857	-	3	-	4	370 1 ,
Argentina	-	-	-	-	-	-	-	-	-
Brazil	-	409	-	-	-	-	-	-	409
Chile	1	83	14	722	-	3	-	-	822
Colombia	-	-	-	122	-	-	-	-	122
Perù	-	-	-	-	-	-	-	4	4
Other2	-	-	-	14	-	-	-	-	14
& North Africa Europa	-	32	-	-	-	-	-	-	32
Romania	-	-	-	-	-	-	-	-	-
Russia	-	32	-	-	-	-	-	-	32
Other3	-	0	-	-	-	-	-	-	0
North/Central Americas	-	898	-	693	-	-	-	-	1 591 ,
Mexico	-	-	-	-	-	-	-	-	-
Canada	-	116	-	-	-	-	-	-	116
USA	-	782	-	693	-	-	-	-	1 475 ,
Oceania4 Africa Asia & ,	-	-	-	420	-	-	-	-	420
Total	557	1 827 ,	17	2 559 ,	-	3	-	4	4 965 ,

34 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	-	373	734 1 ,	2 144 ,
Iberia	9	20	-	1 357 ,	25	1 410 ,
Latin America	1 638 ,	159	-	2 067 ,	203	4 067 ,
of Rest Europe	1	-	-	84	-	85
North America	36	-	-	1 724 ,	851	2 610 ,
Africa Asia & Oceania ,	793	-	-	93		886
Total	2 506 ,	187		5 697 ,	2 812 ,	11 203 ,

Pipeline

Renewables Pipeline (GW) 2023-25 Additional capacity target²

1. It includes BESS for around 48 GW in early stage and around 26 GW in mature pipeline

2. It includes both renewables and BESS

Mature pipeline¹

Enel Grids KPIs¹

	Electricity	distributed2 (TWh)	Grid customers	(mn)	Smart	2 (mn) meters
	2022	2021	2022	2021	2022	2021
	FY	FY	FY	FY	FY	FY
Italy	220	226	31	31	31	31
	4	9	7	6	6	4
Iberia	131	131	12	12	12	12
	8	2	5	4	3	2
Latin America	139 9	136 4	25 4	28 2	0 7	0 6
Argentina	17 5	16 7	2 6	2 5	-	-
Brazil	81	80	15	18	0	0
	7	4	4	4	2	1
Chile	3	16	2	2	0	0
	17	6	1	0	4	3
Colombia	15	6	3	3	0	0
	1	14	8	7	1	1
Peru	8 3	8 1	1 5	1 5	-	-
of	15	16	3	3	1	1
Rest	5	0	1	0	3	0
Europe
Romania	15	16	3	3	1	1
	5	0	1	0	3	0
Total	507	510	72	75	45	45
	7	6	7	2	8	2

1. 2022 figures after the disposal of Enel Goiás (Brazil)

Retail KPIs

EMARKET SDIR CERTIFIED

		Power			Gas
	Customers	(mn)	Volumes1	1 (TWh)	Customers	(mn)	Volumes	(bscm)
	FY	FY	FY	FY	FY	FY	FY	FY
	2022	2021	2022	2021	2022	2021	2022	2021
Italy	21	21	97	92	4	4	4	4
	4	8	2	8	6	2	7	4
Iberia	10	10	79	79	8	1	9	2
	5	3	0	5	1	7	4	5
Latin America	25 4	28 3	135 1	127 9	-	-	0 3	0 2
of	2	3	9	9	0	0	0	0
Rest	9	0	8	3	2	1	3	2
Europe
Total	60	63	321	309	6	6	10	9
	2	4	1	4	6	0	2	9

Enel X and Enel X Way KPIs

	Enel	X Way	Enel X
	Public Charging	points (k)	Street	lighting (mn)	Electric	buses (#)	Storage	(MW) BTM	Demand	(GW) Response
	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021
Italy	18 3	15.2	1.6	1.5	154	17	-	-	0 6	1.0
Iberia	3 .7	2 .4	0 .1	0 .1	294	146	-	-	0 2	-
Latin America	0 .4	0 3	1.3	1.2	4,326	2 ,491	1	-	0 .1	-
North America	-	-	-	-	268	267	73	52	4.6	4.1
of Rest Europe	0 3	0 2	-	-	72	-	-	22	1.2	1.1
Africa , Asia & Oceania	-	-	-	-	207	125	1	6	1.9	1.5
Other	-	-	-	-	-	-	-	-	-	-
Total	22 6	18 .1	3 0	2 8	5,321	3 046 ,	75	80	8 .5	7.7

Capex¹ (€mn)

EMARKET SDIR CERTIFIED

	Conventional Global	Generation & Trading	Enel	Grids		EGP		Retail	Enel	X	Services &	2 Other	Total
	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021
Italy	408	303	2,714	2,554	821	406	460	427	96	69	141	84	4,641	3,843
Iberia	271	334	860	873	833	713	248	196	45	40	58	44	2,315	2,201
Latin America	289	143	1,903	1,663	2,106	1,864	-	-	77	46	8	6	4,384	3,722
Argentina	81	56	164	166	1	1	-	-	-	-	-	-	246	222
Brazil	1	6	1,235	991	772	748	-	-	23	11	1	1	2,032	1,757
Chile	83	40	153	166	817	754	-	-	1	1	6	5	1,061	966
Colombia	11	18	220	225	286	273	-	-	25	17	-	-	542	533
Peru	17	23	132	115	201	41	-	-	28	16	-	-	377	195
Other	95	-	-	-	29	47	-	-	-	-	-	-	125	48
of Rest Europe	17	34	140	192	53	204	13	20	5	4	1	2	228	456
North America	7	8	-	-	2,408	2,237	-	-	66	41	9	5	2,490	2,292
Africa, Asia & Oceania	-	-	-	-	189	318	-	-	15	10	-	-	203	329
Other	-	-	40	13	18	30	-	-	69	74	115	148	242	266
Total	992	822	5,657	5,296	6,428	5,773	721	643	373	285	332	289	14,503	13,108

1. Rounded figures, it includes capex related to asset classified as HFS 41

Asset development Capex¹ (€mn)

	Conventional Global	Generation & Trading	Enel	Grids		EGP		Retail	Enel	X	Services &	2 Other	Total
	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021
Italy	316	207	1,318	1,355	632	244	-	-	47	39	37	34	2,351	1,879
Iberia	16	15	388	408	749	635	-	-	1	3	33	20	1,187	1,082
Latin America	123	17	398	454	1,954	1,753	-	-	50	32	3	2	2,528	2,258
Argentina	13	-	21	42	-	-	-	-	-	-	-	-	34	42
Brazil	-	-	279	285	722	721	-	-	2	1	-	-	1,003	1,007
Chile	15	16	36	41	769	726	-	-	1	1	3	2	825	785
Colombia	-	-	42	59	259	249	-	-	21	15	-	-	321	323
Peru	-	-	20	28	188	29	-	-	26	14	-	-	234	72
Other	95	-	-	-	16	29	-	-	-	-	-	-	111	29
of Rest Europe	9	13	32	67	43	197	-	-	1	1	1	1	85	279
North America	-	-	-	-	2,329	2,190	-	-	3	4	8	4	2,341	2,198
Africa, Asia & Oceania	-	-	-	-	180	311	-	-	-	-	-	-	180	311
Other	-	-	33	-	14	21	-	-	55	71	63	64	165	156
Total	464	251	2,169	2,285	5,901	5,351	-	-	158	150	145	125	8,837	8,162

Revenues¹ (€mn)

	Conventional Global	Generation & Trading	Enel	Grids		EGP		Retail	Enel	X	Services &	2 Other	Total
	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021
Italy	55,389	22,816	6,963	7,326	2,149	2,725	32,666	19,818	742	504	(14,401)	(7,772)	83,508	45,417
Iberia	17,488	8,344	2,258	2,489	935	900	27,764	16,177	365	266	(15,977)	(7,124)	32,833	21,052
Latin America	3,858	2,390	12,956	10,366	4,164	4,235	1,687	1,393	373	271	(1,703)	(1,698)	21,335	16,957
Argentina	145	165	1,000	688	35	37	-	2	15	11	(1)	(2)	1,194	901
Brazil	959	957	7,762	7,109	739	1,551	507	349	30	22	(777)	(685)	9,220	9,303
Chile	2,268	899	2,562	1,262	2,076	1,375	114	93	74	64	(667)	(512)	6,427	3,181
Colombia	218	186	753	630	822	884	807	760	193	127	(42)	(379)	2,751	2,208
Peru	268	183	879	677	201	141	259	189	61	47	(205)	(117)	1,463	1,120
Other	-	-	-	-	291	247	-	-	-	-	(11)	(3)	280	244
of Rest Europe	14	(3)	(8)	-	40	1	-	-	83	50	(42)	(34)	87	14
North America	218	100	-	-	1,702	1,147	9	7	247	243	38	16	2,214	1,513
Africa, Asia & Oceania	-	-	-	-	196	175	-	-	70	67	-	(1)	266	241
Other	(632)	(1,044)	863	61	(19)	(11)	26	4	329	27	(293)	1,488	274	525
Total	76,335	32,603	23,032	20,242	9,167	9,172	62,152	37,399	2,209	1,428	(32,378)	(15,125)	140,517	85,719

Reported EBITDA¹ (€mn)

	Conventional Global	Generation & Trading	Enel	Grids		EGP		Retail	Enel	X	Services &	2 Other	Total
	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021
Italy	2,578	(277)	3,676	3,455	(564)	1,160	447	2,223	122	145	48	(73)	6,307	6,633
Iberia	2,587	859	1,615	1,872	631	840	353	545	75	59	(31)	8	5,230	4,183
Latin America	535	289	3,282	1,780	2,319	1,803	434	259	127	93	(118)	(81)	6,579	4,143
Argentina	77	96	88	2	21	24	30	12	5	5	(3)	(3)	218	136
Brazil	(55)	132	1,276	1,100	506	334	233	134	4	1	(22)	(18)	1,942	1,683
Chile	336	(107)	1,219	136	747	532	66	43	18	20	(93)	(59)	2,293	565
Colombia	26	58	486	385	673	600	77	49	74	50	-	-	1,336	1,142
Peru	153	112	213	157	203	141	28	21	26	17	-	(1)	623	447
Other	(2)	(2)	-	-	169	172	-	-	-	-	-	-	167	170
of Rest Europe	3	(5)	(23)	(23)	(1)	(15)	-	-	31	4	17	34	27	(5)
North America	(20)	(38)	-	-	986	696	4	6	(7)	36	(23)	(16)	940	684
Africa, Asia & Oceania	-	-	-	-	93	110	-	-	(7)	2	(3)	(2)	83	110
Other	14	(15)	564	16	13	(24)	5	-	311	(13)	(155)	1,521	752	1,485
Total	5,697	813	9,114	7,100	3,477	4,570	1,243	3,033	652	326	(265)	1,391	19,918	17,233

Ordinary EBITDA¹(€mn)

	Conventional Global	Generation & Trading	Enel	Grids		EGP		Retail	Enel	X	Services &	2 Other	Total
	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021
Italy	2,735	464	3,707	3,836	(562)	1,184	448	2,311	122	153	50	34	6,500	7,982
Iberia	2,583	844	1,621	1,877	631	840	356	547	76	62	(20)	21	5,247	4,191
Latin America	737	350	2,445	1,810	2,372	1,809	435	263	127	94	(119)	(79)	5,997	4,247
Argentina	76	97	88	3	21	24	30	12	5	5	(3)	(3)	217	138
Brazil	81	132	1,489	1,120	506	334	233	136	4	1	(23)	(18)	2,290	1,705
Chile	399	(49)	168	144	798	536	67	44	18	21	(93)	(57)	1,357	639
Colombia	29	58	487	385	674	601	77	49	74	50	-	-	1,341	1,143
Peru	154	114	213	158	203	141	28	22	26	17	-	(1)	624	451
Other	(2)	(2)	-	-	170	173	-	-	-	-	-	-	168	171
Rest of Europe	45	81	(61)	96	244	177	(126)	(41)	50	19	(5)	5	147	337
North America	(20)	(39)	-	-	988	699	4	6	(6)	36	(24)	(15)	942	687
Africa, Asia & Oceania	-	-	-	-	93	110	-	-	(7)	2	(3)	(2)	83	110
Other	14	2	564	44	13	(4)	5	-	311	(10)	(140)	1,624	767	1,656
Total	6,094	1,702	8,276	7,663	3,779	4,815	1,122	3,086	673	356	(261)	1,588	19,683	19,210

45 1. It excludes extraordinary items in FY 2021 (-1,977 €mn: -53 €mn donations and emergency costs COVID-19, -1,590 €mn energy transition and digitalization funds, -334 €mn HFS Greece, Russia and Romania) and in FY 2022 (+235 €mn: +702 €mn M&A activities, -33 €mn donations and emergency costs COVID-19, -137 €mn HFS Greece, Russia and Romania, -297 €mn energy transition and digitalization funds)

Reported EBIT¹(€mn)

	Conventional Global	Generation & Trading	Enel	Grids		EGP		Retail	Enel	X	Services &	2 Other	Total
	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021	FY 2022	FY 2021
Italy	2,424	(1,465)	2,326	2,119	(885)	886	(548)	1,421	(39)	39	(28)	(198)	3,251	2,801
Iberia	2,024	(1,205)	815	1,089	371	609	72	343	27	13	(70)	(47)	3,239	802
Latin America	(59)	87	1,660	1,133	1,890	1,274	167	(45)	103	74	(122)	(85)	3,640	2,439
Argentina	(286)	27	52	(25)	14	18	14	4	5	5	(3)	(3)	(205)	25
Brazil	(135)	120	(86)	676	378	253	29	(114)	4	1	(25)	(19)	165	917
Chile	299	(181)	1,160	87	574	375	44	19	18	19	(95)	(62)	2,000	257
Colombia	(55)	41	391	297	624	552	57	31	58	39	-	-	1,075	959
Peru	122	84	144	98	168	107	24	16	18	10	-	(1)	475	313
Other	(3)	(3)	-	-	132	(30)	-	-	-	-	1	-	130	(33)
of Rest Europe	8	-	(8)	-	5	(14)	-	-	31	8	(5)	(2)	32	(9)
North America	(20)	(39)	-	-	592	226	3	5	(50)	-	(33)	(24)	492	168
Africa, Asia & Oceania	-	-	-	-	18	15	-	-	(12)	(1)	(2)	(1)	4	13
Other	7	(21)	538	(13)	(21)	(45)	5	-	284	(38)	(278)	1,455	535	1,338
Total	4,385	(2,642)	5,332	4,326	1,970	2,951	(300)	1,723	344	94	(538)	1,099	11,193	7,551

From EBITDA to net income¹ (€mn)

	FY 2022 reported	FY 2021 2 reported	∆ yoy	FY 2022 ordinary	FY 2021 ordinary	∆ yoy
EBITDA	19 918 ,	2 17 233 ,	15 6%	19 683 ,	19 210 ,	2 5%
D&A	(8 725) ,	(9 682) ,		(7 554) ,	(6 975) ,
EBIT	193 11 ,	7 551 ,	48 2%	12 129 ,	12 235 ,	-0 9%
financial charges Net	(2 456) ,	(2 744) ,		(2 507) ,	(2 827) ,
from method Net income equity investments using equity	4	571		27	102
EBT	8 741 ,	5 378 ,	62 5%	9 649 ,	9 510 ,	1 5%
Income tax	(3 523) ,	(1 620) ,		(2 622) ,	(2 831) ,
Net income	5 218 ,	3 758 ,		7 027 ,	6 679 ,
Minorities	(1 238) ,	(668)		(1 636) ,	(1 086) ,
Discounted operations	(2 298) ,	99		-	-
Group income net	1 682 ,	3 189 ,	-47 3%	391 5 ,	593 5 ,	-3 6%

D&A reported (€mn)

	FY 2022	FY 2021	∆ yoy
Generation and Trading	1 312 ,	3 455 ,	0% 62 -
Green Enel Power	1 507 ,	1 619 ,	9% 6 -
Grids	3 782 ,	2 774 ,	36 3%
Retail	1 543 ,	1 310 ,	17 8%
Enel X	308	232	32 8%
Others and adjustments	273	292	6 5% -
Total	8 725 ,	9 682 ,	9 9% -

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	4.36	41.09	-	-	0.01	4.62	1.61	-	-	51.69
Bank Loans	1.53	-	0.23	3.81	5.99	3.29	1.19	-	0.11	16.15
Tax Partnership	-	-	-	-	-	-	0.50	-	-	0.50
Other Loans	-	-	0.02	0.54	0.86	0.45	0.81	-	0.01	2.69
Other short term debt	0.39	0.95	-	1.72	1.01	0.33	0.14	-	0.01	4.55
Commercial Paper	-	7.23	-	-	4.99	-	1.62	-	-	13.84
Gross debt	6.28	49.27	0.25	6.07	12.86	8.69	5.87	-	0.13	89.42
Financial Receivables	-	-1.23	-0.81	-0.53	-1.26	-0.87	-	-	-0.01	-4.71
Tariff Deficit	-	-	-	-	-2.34	-	-	-	-	-2.34
Other short term financial receivables	-0.39	-0.58	-0.02	-1.71	-6.21	-1.20	-0.38	-	-0.10	-10.59
Cash and cash equivalents	-4.87	-0.18	-0.16	-1.56	-0.87	-2.02	-1.37	-0.03	-0.06	-11.12
Derivative on exchange rates m/l term borrowings1	0.06	-0.57	-	-	-	-0.08	-	-	-	-0.59
Net Debt – Third Parties	1.08	46.71	-0.74	2.27	2.18	4.52	4.12	-0.03	-0.04	60.07
Net Debt – Intercompany	19.10	-58.29	7.54	21.88	5.68	3.29	0.72	-	0.08	-
Net Debt – Group View	20.18	-11.58	6.80	24.15	7.86	7.81	4.84	-0.03	0.04	60.07

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 19.1 €bn of long term committed credit lines with maturities beyond December 2023

Balance sheet (€mn)

Headcount

	FY 2022	FY 2021	∆ yoy
Generation and Trading	6,447	7,847	-17.8%
Enel Green Power	9,397	8,989	4.5%
Distribution	30,262	33,263	-9.0%
Retail	5,418	6,148	-11.9%
Enel X	2,875	3,352	-14.2%
Others and adjustments	10,725	6,680	60.6%
Total	65,124	66,279	-1.7%

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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Monica Girardi Head of Group Investor Relations

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

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