Enel — Investor Presentation 2025

Mar 13, 2025

Full Year 2024

Consolidated results March 13th, 2025

Full Year 2024 Consolidated results

Flavio Cattaneo CEO

Opening remarks

Re-building a constructive and continued institutional dialogue, with positive and visible results from the advocacy activity

Visible 2024 delivery on solid performance of the underlying business

De-leverage completion improves balance sheet flexibility to fuel future and additional profitable growth

Shareholder remuneration: 0.47 €/sh DPS for 2024

1. Ordinary figures.

2. It excludes extraordinary items in FY 2023 (-1.714 €mn: Solidarity contribution -208 €mn, M&A -191 €mn, Energy transition and digitalization funds -366 €mn, Discontinued Operations Greece and Romania -889 €mn, Impairment -60 €mn) and in FY 2024 (+1,265 €mn: M&A +2,358 €mn, Energy transition and digitalization funds -258 €mn, solidarity contribution Spain -138 €mn, impairment -90 €mn, FX Chile -607 €mn)

Proactive advocacy activity to support business evolution

• Extension of distribution concession included in the 2025 Budget Law¹
  • 20-year extension
  • Investment plan to address network upgrade and resiliency
  • Upfront payment for the concession renewal to be recognized as RAB
  • Terms and fee magnitude calculation to be defined within 180 days from the approval of the Law¹
• Positive evolution on renewables development and remuneration schemes through FER X and FER 2 decrees
• Hydro concession renewal: process under discussion, need of guaranteeing alignment at European level
• Ongoing process to review grids' regulatory framework in Spain. Most recent outcomes are positive

Gross capex mix defined according to strategic priorities and capital allocation guidelines

• 1. Net of perimeter
• 1. Calculated excluding Perú disposals
• 1. It includes production from renewable unconsolidated capacity
• 1. Gross of energy losses

Capital allocation: leveraging on different models to enhance value creation and maximize returns

Focus on less risky technologies and countries to improve value creation

Continued effort on cash-cost optimization

Addressable cash-cost baseline¹ (€bn) Addressable cash-cost base

3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5

Reducing worthless cash-cost focusing resources and management actions only on value accretive processes and services

Optimization visible across the board: 0.8 €bn of savings since FY 2022

A solid financial position and confirmed focus on environmental sustainability

Shareholder remuneration improves on solid results

0.5 0.6

Dividend policy

2024 DPS (€/sh)

Visible improvement in shareholder remuneration with 9% DPS increase, fully covered by organic and sustainable growth

Full Year 2024 Economic and financial results

Stefano De Angelis CFO

Strong operating delivery and solid cash generation reinstate a sustainable growth trajectory

1. It excludes unconsolidated production; 2. Calculated excluding Perú disposals; 3. Split shown excludes contribution from assets disposed in 2023 and "Other"

Solid and visible returns in grids drives EBITDA up by 8%, net of disposals

Integrated business EBITDA up on normalized renewables and retail performances

EBITDA evolution (€bn)

Retuned REN contribution after an adverse 2023 context; drivers of the change in the results were:

1) resources availability (+6 TWh);

Renewables

Flex. gen. &

Wholesale

Customers

• 2) capacity expansion in USA and Italy (BESS);
• 3) optimized integrated energy management on B2C/SMB fixed sales sourcing (EU);
• 4) Strong LT PPA coverage supporting resiliency against prices volatility (Latam and USA);

B2C and SMB fixed offer portfolio secured with the completion of the pricing rationalization (Italy) Market price scenario in line with plan assumptions; volatility as a new normal adding value to our unique multi-services offer portfolio

Normalization of the thermal generation after the mandatory coal maximization in Italy Increased weight of regulated and flexibility service provider (i.e. capacity market)

Group's hedging strategy in Italy

14

1. Integrated energy management does not include hydro buffer, pumping, ancillary services and regulated generation

2. Retail volumes are 100% related to contracted Customers. "Priced" refers to volumes whose cost of sourcing has been already secured and matched with customers' binding pricing terms

Net Ordinary Income

Profit & loss (€bn)

2021-24 Net Income evolution

¹⁵ Rounded figures "Closed the gap" between Ordinary and Reported: Reported Net Income at 7.0 €bn, almost in line with the Ordinary figure

16

Strong cash generation with FFO reaching almost 14 €bn in 2024

Cash flow (€bn)

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

2. Italian Corporate Tax framework allows to make two advance payments during the year, in June and in November, calculated on the previous year's income. The final balance is paid by June of the following year

3. In 2023, Enel paid in June the extraordinary "solidarity" tax for 0.6 €bn (Italy). This negative extraordinary tax cash-out was more than offset by the 0.8 €bn Corporate Tax positive shift to 2024

4. Capex net of grants

5. It includes "Leasing, FX and hybrids"

Net debt at 55.8 €bn, reducing more than 4 €bn vs previous year

Net debt evolution¹ (€bn)

Successful execution of Group's financial turnround

Best in class balance sheet among integrated utilities…

1. Calculated on mid point of the guidance range

FY 2024: EBITDA and Net Income Pro Forma

Ordinary EBITDA evolution (€bn) Ordinary Net Income evolution (€bn)

flexibility on top

of the secured +3% base-case scenario evolution

Full Year 2024 Closing remarks

A restored financial solidity… Closing remarks Solid economic and financial results confirm Group's delivery capabilities 1 Full Year 2025 guidance fully confirmed on baseload evolution visibility 2 …to capture additional profitable growth opportunities and… 3 …guarantee an attractive shareholders' remuneration 4

Annexes

Update on M&A plan

Net Debt impact

Amount (€bn) Year

	Sale 150 MW of solar and geothermal capacity	0.3	2024
	Partnership with Sosteneo: BESS and open-cycle	1.1	2024
Deals closed	2 Sales of Peru assets	5.0	2024
	Sale of 90% of DX activities of some municipalities in Lombardy	1.2	2024
	Partnership with Masdar: photovoltaic portfolio in Spain	0.8	2024
Acquisitions	Acquisition of hydro plants in Spain	1.0	2025
Deals Deals announced announced	Acquisition of renewables in Australia	-	2025
			22

Macroscenario

	(%) GDP		(%) CPI		€1 FX against		1 (€/MWh) Spot Price		(TWh) Electricity Demand
	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023
Italy	0 48	0 79	1 08	6 03			107 98	127 24	312 28	305 27
Iberia	3 25	2 67	2 88	3 43			62 90	87 43	296 44	295 71
of World Rest
Latin America
Argentina	(1 95)	(1 61)	236 79	127 94	1 067 48 ,	894 54	-	-	144 66	145 89
Brazil	3 03	3 23	4 37	4 60	6 39	5 36	22 68	13 36	699 17	716 28
Chile	2 28	0 30	4 26	68 7	1 031 52 ,	967 78	45 08	74 56	85 49	83 64
Colombia & Central America	1 74	0 71	6 63	11 77	559 16 4 ,	287 88 4 ,	156 33	119 15	82 15	79 97
& Canada USA
USA	2 78	2 89	2 96	4 13	1 04	1 10	-	-	4 411 94 ,	4 270 79 ,
Canada	1 28	1 53	2 39	3 89	1 49	1 46	-	-	595 56	588 92
Mexico	1 34	3 30	4 72	5 55	21 56	18 75	-	-	-	-
Other
Peru	3 14	(0 40)	2 36	6 31	3 89	4 09	28 16	70 67	60 06	58 56
India	6 42	7 75	4 94	5 65	89 20	91 94			1 679 72 ,	1 575 20 ,
Australia	1 02	2 07	3 15	63 5	1 67	1 62			-	-
South Africa	0 65	0 70	4 43	5 91	19 50	20 18			160 39	206 09

Group consolidated net capacity: breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	12 994 ,	874	776	436	-	632 1 ,	160 4 ,	709 4 ,	25 582 ,
Iberia	746 4 ,	2 893 ,	-	2 492 ,	3 328 ,	2 304 ,	241	5 445 ,	21 449 ,
of World Rest	9 957 ,	972 11 ,	83	9 383 ,	-	830	226	468 1 ,	33 919 ,
Latin America and Central America	9 957 ,	301 5 ,	83	159 5 ,	-	511	226	468 1 ,	22 705 ,
Brazil	272 1 ,	3 506 ,	-	845 1 ,	-	-	-	-	6 622 ,
Chile	3 665 ,	903	83	2 051 ,	-	511	-	468 1 ,	8 680 ,
Argentina	1 328 ,	-	-	-	-	-	-	-	1 328 ,
Mexico	52	893	-	220	-	-	-	-	1 164 ,
1 Colombia and Central America	3 640 ,	-	-	044 1 ,	-	-	226	-	910 4 ,
USA & Canada	-	6 296 ,	-	3 867 ,	-	-	-	-	10 163 ,
USA	-	933 5 ,	-	3 867 ,	-	-	-	-	9 800 ,
Canada	-	363	-	-	-	-	-	-	363
Other Countries	-	375	-	357	-	319	-	-	1 052 ,
Peru	-	-	-	-	-	319	-	-	319
2 and Africa Europe	-	203	-	357	-	-	-	-	560
3 and Asia Oceania	-	172	-	-	-	-	-	-	172
Total	27 697 ,	15 739 ,	860	12 311 ,	3 328 ,	4 766 ,	4 627 ,	11 622 ,	80 950 ,

1. Includes Panama, Guatemala and Costa Rica 24

2. Includes Germany, South Africa and Zambia

3. Includes India

Group consolidated net production: breakdown by technology and geography

GWh	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	18 475 ,	1 314 ,	5 240 ,	313	-	291	1 361 ,	7 789 ,	34 783 ,
Iberia	7 660 ,	6 374 ,	-	3 758 ,	24 152 ,	4 309 ,	54	13 474 ,	59 780 ,
of World Rest	38 223 ,	38 390 ,	261	13 321 ,	-	1 006 ,	962	5 148 ,	97 311 ,
and Central Latin America America	36 404 ,	16 924 ,	261	7 636 ,	-	481	962	4 419 ,	67 088 ,
Brazil	5 245 ,	13 327 ,	-	2 168 ,	-	-	-	-	20 740 ,
Chile	13 689 ,	2 161 ,	261	3 627 ,	-	481	-	4 419 ,	24 639 ,
Argentina	2 990 ,	-	-	-	-	-	-	-	2 990 ,
Mexico	150	1 436 ,	-	499	-	-	-	-	2 084 ,
1 Colombia and Central America	14 330 ,	-	-	1 342 ,	-	-	962	-	16 634 ,
Canada USA &	-	20 388 ,	-	4 863 ,	-	-	-	-	25 251 ,
USA	-	19 221 ,	-	4 863 ,	-	-	-	-	24 084 ,
Canada	-	1 167 ,	-	-	-	-	-	-	1 167 ,
Other countries	1 819 ,	1 078 ,	-	822	-	524	-	729	4 972 ,
Peru	1 819 ,	238	-	257	-	524	-	729	3 568 ,
2 and Africa Europe	-	629	-	565	-	-	-	-	1 194 ,
3 and Asia Oceania	-	210	-	-	-	-	-	-	210
Total	64 358 ,	46 078 ,	5 500 ,	17 392 ,	24 152 ,	5 606 ,	2 377 ,	26 411 ,	191 873 ,

1. Includes Panama, Guatemala and Costa Rica 25

2. Includes Germany, South Africa and Zambia

3. Includes India

Group total additional capacity¹ : breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Oil & Gas	Coal	CCGT	TOTAL
Italy	3	-	-	200	-	82	-	102	387
Iberia	-	9	-	223	-	-	-	-	232
of World Rest	155	194	-	1 856 ,	-	-	-	-	2 205 ,
and Central Latin America America	155	194	-	708	-	-	-	-	1 056 ,
Brazil	-	194	-	461	-	-	-	-	654
Chile	155	-	-	81	-	-	-	-	236
Argentina	-	-	-	-	-	-	-	-	-
Mexico	-	-	-	-	-	-	-	-	-
Colombia and Central America	-	-	-	166	-	-	-	-	166
& Canada USA	-	-	-	1 148 ,	-	-	-	-	1 148 ,
USA	-	-	-	1 148 ,	-	-	-	-	1 148 ,
Canada	-	-	-	-	-	-	-	-	-
Other countries	-	-	-	-	-	-	-	-	-
Peru	-	-	-	-	-	-	-	-	-
and Africa Europe	-	-	-	-	-	-	-	-	-
and Asia Oceania	-	-	-	-	-	-	-	-	-
Total	158	203	-	2 278 ,	-	82	-	102	2 823 ,

Renewable projects in execution: breakdown by technology and geography¹

MW	Wind	Hydro	Geothermal	Solar & Other	BESS	Total
Italy	-	2	-	12	589	603
Iberia	24	8	-	408	42	482
of World Rest	336	1	-	580	-	918
Latin America	-	1	-	580	-	581
North America	-	-	-	-	-	-
Other countries	336	-	-	-	-	336
Total	360	10	-	1 001 ,	631	2 002 ,

• 1. Renewables pipeline update as of February 2025
• 1. It includes BESS for around 38 GW in early stage and around 22 GW in mature pipeline
• 1. It includes both renewables and BESS

Pipeline

• 1. Renewables pipeline update as of February 2025. It excludes BESS mature pipeline
• 1. Latin America includes Argentina, Brazil, Chile, Mexico, Colombia and Central America; other countries include Germany, Poland, India, Kenya, Morocco, South Africa, Tunisia and Zambia

Enel Grids KPIs¹

	Electricity	(TWh) distributed	Grid customers	(mn)	(mn) Smart meters
	FY 2024 FY 2023		FY 2024 FY 2023		FY 2024	FY 2023
Italy	217	214	31	31	31	31
	4	1	1	8	0	7
Iberia	138	136	12	12	12	12
	6	5	6	5	5	4
of	125	138	24	25	1	1
World	3	8	8	9	7	1
Rest
Latin America	121 6	117 7	24 8	24 3	1 7	1 1
Brazil	73	70	9	15	3	0
	9	1	15	7	1	6
Chile	14	14	2	2	0	0
	6	2	2	1	4	4
Argentina	17	18	2	2	0	0
	6	1	7	7	0	0
Colombia	15	3	0	3	0	0
	4	15	4	9	1	1
Other countries	3 7	21 1	-	1 6	-	0 0
Peru	3 7	8 5	-	1 6	-	0 0
Africa & Europe	-	12 6	-	-	-	-
Total	481	489	68	70	45	45
	2	4	5	3	2	2

1. FY 2023 restated figures. Figures after the disposal of Enel Perú and grids in Lombardy (Italy).

Enel X Global Retail: Retail KPIs¹

strictly prohibited	emarket sdir storage CERTIFIED

			Power		Gas
	(mn) Customers		Volumes	(TWh)	Customers	(mn)	Volumes (bsmc)
	2024	2023	2024	2023	2024	2023	2024	2023
	FY	FY	FY	FY	FY	FY	FY	FY
Italy	6	18	73	87	0	3	3	4
	14	5	7	2	4	4	4	1
Iberia	10	10	74	77	8	8	3	3
	2	5	4	7	1	1	4	8
of	24	25	125	135	0	0	0	0
World	7	9	4	9	0	0	3	4
Rest
Latin America	24 7	24 3	120 6	117 1	0 0	0 0	0 3	0 2
Other countries	-	1 6	4 8	18 8	-	-	-	0 2
Total	49	54	273	300	5	6	7	8
	5	9	5	9	8	1	1	3

Enel X Global Retail: Enel X¹

trictly prohibited	emarket sdir storage
	CERTIFIED

	Enel X
	Public Charging (k) points FY 2024 FY 2023		Street	lighting (mn)	Storage	(MW)	Demand (GW) Response
			FY 2024 FY 2023		FY 2024	FY 2023	FY 2024	FY 2023
Italy	22 4	19 1	1 6	1 6	-	-	0 7	0 8
Iberia	6 2	5 5	0 2	0 1	-	-	0 1	0 2
of World Rest	1 0	0 9	1 1	1 5	11	113	8 5	8 6
Brazil	-	-	0 3	0 3	-	-	-	-
Chile	0 1	0 8	0 4	0 4	-	-	0 0	0 0
Colombia	0 0	0 0	0 4	0 4	-	-	0 0	0 0
& Canada USA	-	-	-	-	-	107	4 5	4 9
Other countries	-	-	-	0 4	11	7	4 0	3 6
Total	29 6	25 5	2 9	3 3	11	113	9 3	9 6

Capex¹ (€mn)

	Global Generation & Trading		Enel Grids		Renewable Energies		2 Enel Global Retail X		Services & Other		Total
	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023
Italy	269	393	3 530 ,	3 084 ,	1 027 ,	1 982 ,	549	565	47	74	5 422 ,	6 098 ,
Iberia	314	306	901	885	423	782	324	311	17	21	979 1 ,	2 305 ,
of World Rest	103	75	1 499 ,	1 520 ,	1 770 ,	3 127 ,	62	199	14	11	3 448 ,	4 931 ,
Latin America	89	54	1 437 ,	1 265 ,	940	1 882 ,	29	80	14	8	2 509 ,	3 290 ,
Brazil	0	1	868	813	409	945	7	50	2	1	1 287 ,	1 810 ,
Chile	75	38	120	111	328	581	4	7	12	7	539	744
Argentina	-	2	179	103	0	0	-	0	-	-	180	105
Mexico	1	3	-	-	26	21	-	1	-	-	26	25
Colombia & CAM	12	9	270	238	178	335	18	23	-	-	478	605
USA & Canada	1	1	-	-	817	1 003 ,	18	69	0	(1)	836	1 072 ,
Other countries	13	20	62	254	13	242	15	50	(0)	3	102	570
Peru	13	20	62	112	9	56	12	26	(0)	3	96	217
Others and adjustments	0	0	0	24	13	19	50	97	99	87	162	228
Total	686	775	5 930 ,	5 512 ,	3 233 ,	5 910 ,	985	1 172 ,	176	193	11 010 ,	13 563 ,

1. FY 2023 restated figures, it includes capex related to asset classified as HFS for 189 €mn in FY 2024 and for 849 €mn in FY 2023 33

2. Enel X Global Retail includes Enel X Way

Asset development Capex¹ (€mn)

	Global Generation & Trading		Enel Grids		Renewable Energies		2 Enel Global Retail X		Services & Other		Total
	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023
Italy	215	300	1 600 ,	1 471 ,	850	1 780 ,	133	138	9	11	2 807 ,	3 699 ,
Iberia	21	14	212	376	332	693	32	41	1	2	598	126 1 ,
of World Rest	5	9	314	269	1 510 ,	2 859 ,	28	61	10	4	1 868 ,	3 201 ,
Latin America	5	8	310	219	766	1 702 ,	13	23	10	4	1 105 ,	1 957 ,
Brazil	1	1	214	146	359	873	2	3	-	-	575	1 023 ,
Chile	4	4	9	12	268	528	3	5	10	4	294	553
Argentina	-	-	27	12	-	-	-	0	-	-	27	12
Mexico	-	3	-	-	5	6	-	1	-	-	5	9
Colombia & CAM	1	1	60	50	134	295	9	13	-	-	204	359
USA & Canada	-	-	-	-	736	948	3	12	-	-	739	961
Other countries	(0)	0	4	49	8	208	12	26	-	0	24	283
Peru	(0)	0	4	3	8	40	12	25	-	-	24	68
Others and adjustments	-	-	0	23	8	10	47	93	3	31	58	158
Total	240	322	2 126 ,	2 139 ,	2 702 ,	5 342 ,	240	332	23	49	5 331 ,	8 184 ,

1. Enel X Global Retail includes Enel X Way

Revenues¹ (€mn)

	Global Generation & Trading		Enel Grids		Renewable Energies		2 Enel Global Retail X		Services & Other		Total
	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023
Italy	13,775	26,178	9,281	7,610	4,104	3,248	22,869	28,717	(13 ,789)	(16 ,426)	36,240	49,327
Iberia	7,977	11,348	2,561	2,379	1,420	1,217	16,467	20,747	(7 ,129)	(10 ,263)	21,296	25,428
of World Rest	2,497	2,809	11,363	10,228	6,682	7,127	2,458	2,644	(1 ,510)	(1 ,527)	21,490	21,281
Latin America	2 268 ,	2 418 ,	9 837 ,	9 294 ,	4 581 ,	5 085 ,	1 877 ,	1 797 ,	(1 395) ,	(1 252) ,	17 168 ,	17 342 ,
Brazil	796	656	6 102 ,	6 321 ,	946	846	505	545	(664)	(542)	7 685 ,	7 826 ,
Chile	990	1 335 ,	1 542 ,	1 590 ,	1 852 ,	2 570 ,	199	197	(685)	(690)	3 898 ,	5 002 ,
Argentina	1	7	1 301 ,	560	45	28	7	5	1	1	1 355 ,	601
Mexico	128	103	-	-	242	234	21	10	(33)	(18)	358	329
Colombia & CAM	353	317	892	823	1 496 ,	1 407 ,	1 145 ,	1 040 ,	(14)	(3)	3 872 ,	3 584 ,
& Canada USA	65	158	-	-	1 803 ,	1 378 ,	149	321	(26)	(44)	1 991 ,	1 813 ,
Other countries	164	233	1 526 ,	934	298	674	438	530	(78)	(219)	2 348 ,	2 152 ,
Peru	164	233	526 1 ,	933	160	258	240	370	(78)	(219)	2 012 ,	1 575 ,
elisions RoW	-	-	-	-	-	(10)	(6)	(4)	(11)	(12)	(17)	(26)
Others and adjustments	27	(145)	31	42	11	28	67	11	(215)	(407)	(79)	(471)
Total	24,276	40,190	23,236	20,259	12,217	11,620	41,861	52,119	(22 ,643)	(28 ,623)	78,947	95,565

Reported EBITDA¹ (€mn)

	Global Generation & Trading		Enel Grids		Renewable Energies		2 Enel Global Retail X		Services & Other		Total
	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023
Italy	1 658 ,	2 552 ,	5 002 ,	3 566 ,	2 266 ,	555	3 128 ,	4 039 ,	(16)	56	12 038 ,	10 768 ,
Iberia	1 445 ,	727	915 1 ,	648 1 ,	976	820	014 1 ,	722	(161)	(238)	189 5 ,	3 679 ,
of World Rest	62	(218)	3 164 ,	2 260 ,	3 438 ,	3 837 ,	555	407	(131)	(134)	7 088 ,	6 152 ,
Latin America	(51)	(312)	1 935 ,	2 037 ,	2 018 ,	2 620 ,	477	383	(129)	(131)	4 250 ,	4 597 ,
Argentina	-	(322)	(1)	(54)	18	5	30	5	(1)	(5)	46	(371)
Brazil	1	(16)	1 308 ,	1 472 ,	579	548	207	220	(35)	(37)	2 060 ,	2 187 ,
Chile	(41)	49	63	102	662	1 178 ,	81	75	(93)	(89)	672	1 315 ,
Colombia	(16)	(26)	565	517	667	849	152	79	-	-	1 368 ,	1 419 ,
Mexico	5	3	-	-	92	40	7	4	-	-	104	47
USA & Canada	(10)	(60)	-	-	1 184 ,	690	(53)	(15)	(1)	(2)	1 120 ,	613
Other countries	123	154	1 229 ,	223	236	527	131	39	(1)	(1)	1 718 ,	942
Peru	123	154	1 229 ,	223	162	225	125	45	(1)	(1)	1 638 ,	646
Others and adjustments	3	6	(1)	(13)	(53)	(34)	5	(10)	(203)	(293)	(249)	(344)
Total	3 168 ,	3 067 ,	10 080 ,	7 461 ,	6 627 ,	5 178 ,	4 702 ,	5 158 ,	(511)	(609)	24 066 ,	20 255 ,

Ordinary EBITDA¹(€mn)

	Global Generation & Trading		Enel Grids		Renewable Energies		2 Enel Global Retail X		Services & Other		Total
	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023
Italy	1 732 ,	2 718 ,	4 023 ,	3 589 ,	2 266 ,	555	3 159 ,	4 039 ,	61	56	11 241 ,	10 957 ,
Iberia	1 491 ,	739	1 820 ,	1 668 ,	999	826	1 034 ,	780	(5)	39	5 339 ,	4 052 ,
of World Rest	19	113	2 030 ,	2 598 ,	018 4 ,	213 4 ,	474	460	(115)	(132)	6 426 ,	252 7 ,
Latin America	(51)	16	1 935 ,	2 061 ,	2 643 ,	2 439 ,	477	383	(113)	(131)	4 891 ,	4 768 ,
Argentina	-	5	(1)	(54)	18	19	30	5	(1)	(5)	46	(30)
Brazil	1	(16)	1 308 ,	1 496 ,	579	549	207	220	(34)	(37)	2 061 ,	2 212 ,
Chile	(41)	50	63	102	1 269 ,	983	81	75	(78)	(89)	1 294 ,	1 121 ,
Colombia	(16)	(26)	565	517	685	848	152	79	-	-	1 386 ,	1 418 ,
Mexico	5	3	-	-	92	40	7	4	-	-	104	47
Canada USA &	(9)	(60)	-	-	1 205 ,	749	(31)	(15)	(1)	(2)	1 164 ,	672
Other countries	79	157	95	537	170	1 025 ,	28	92	(1)	1	371	1 812 ,
Peru	79	153	95	223	96	224	22	45	(1)	(1)	291	644
Others and adjustments	3	24	(1)	(4)	(15)	(26)	5	(4)	(197)	(282)	(205)	(292)
Total	3 245 ,	3 594 ,	7 872 ,	7 851 ,	7 268 ,	5 568 ,	4 672 ,	5 275 ,	(256)	(319)	22 801 ,	21 969 ,

37 1. FY 2023 Restated figures. Ordinary figures, It excludes extraordinary items in FY 2023 (-1.714 €mn: Solidarity contribution -208 €mn, M&A -191 €mn, Energy transition and digitalization funds -366 €mn, Discontinued Operations Greece and Romania -889 €mn, Impairment -60 €mn) and in FY 2024 (+1,265 €mn: M&A +2,358 €mn, Energy transition and digitalization funds -258 €mn, solidarity contribution Spain -138 €mn, impairment -90 €mn, FX Chile -607 €mn)

1. Enel X Global Retail includes Enel X Way

Reported EBIT¹(€mn)

	Global Generation & Trading		Enel Grids		Renewable Energies		2 Enel X Global Retail		Services & Other		Total
	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	FY 2023
Italy	1 422 ,	2 351 ,	3 549 ,	2 116 ,	1 853 ,	199	1 923 ,	2 987 ,	(84)	(12)	8 663 ,	7 641 ,
Iberia	896	114	1 138 ,	852	543	513	516	210	(201)	(282)	2 892 ,	1 407 ,
of Rest World	(1)	(291)	2 311 ,	1 473 ,	2 188 ,	1 414 ,	140	(61)	(141)	(144)	4 497 ,	2 390 ,
Latin America	(93)	(341)	1 116 ,	1 322 ,	1 347 ,	1 981 ,	172		(107)	(160)	2 435 ,	2 956 ,
Brazil	0	(16)	790	956	359	394	14	9	(40)	(46)	1 123 ,	1 301 ,
Chile	(62)	16	12	51	413	979	59	58	(66)	(69)	357	1 035 ,
Argentina	0	(324)	(144)	(110)	12	2	(12)	(6)	(1)	(4)	(145)	(441)
Mexico	5	1	-	-	54	14	7	4	1	(40)	67	19
Colombia and Central America	(37)	(19)	457	424	508	592	104	44	0	(0)	033 1 ,	041 1 ,
& Canada USA	(14)	(71)	-	-	674	(1 019) ,	(147)	(183)	(1)	(2)	512	(1 275) ,
Other countries	106	121	1 195 ,	151	167	452	114	12	(33)	(1)	1 550 ,	709
Perù	106	117	1 195 ,	150	151	190	118	26	(1)	(1)	1 569 ,	486
Others and adjustments	3	5	(3)	(15)	(70)	(170)	(147)	(93)	(341)	(420)	(558)	(606)
Total	2 320 ,	2 180 ,	6 995 ,	426 4 ,	4 514 ,	2 042 ,	2 432 ,	3 042 ,	(767)	(858)	494 15 ,	10 832 ,

1. Enel X Global Retail includes Enel X Way

From EBITDA to net income¹ (€mn)

	FY 2024 reported	FY 2023 reported	∆ yoy	FY 2024 ordinary	FY 2023 ordinary	∆ yoy
EBITDA	24 066 ,	20 255 ,	18 82%	22 801 ,	21 969 ,	3 8%
D&A	(8 572) ,	(9 423) ,		(8 040) ,	(7 927) ,
EBIT	15 494 ,	10 832 ,	43 04%	14 761 ,	14 042 ,	5 1%
financial charges Net	(3 401) ,	(3 375) ,		(3 331) ,	(3 378) ,
income from equity investments using equity method Net	(210)	(41)		277	226
EBT	11 883 ,	7 416 ,	2% 60	11 707 ,	10 890 ,	5% 7
Income tax	(3 654) ,	(2 778) ,		(3 253) ,	(3 211) ,
Net income	8 229 ,	4 638 ,		8 454 ,	7 679 ,
Minorities	(1 213) ,	(829)		(1 319) ,	(1 171) ,
Discontinued operations	-	(371)		-	-
Group income net	7 016 ,	3 438 ,	104 1%	7 135 ,	6 508 ,	9 6%

Long-term debt¹structure

Debt structure by instrument (€bn)

Debt by instrument	Enel Spa	EFI	EGP SpA and Central Others	Italy	Iberia	Rest of the World	Latam and Central America	USA & Canada	Other countries	Total
Bonds	2 3	41 26	-	-	0 01	4 03	3 33	0 7	-	47 6
Bank Loans	1 34	-	0 17	3 99	6 15	4 85	3 7	1 06	0 09	16 5
Tax Partnership	-	-	-	-	-	0 4	-	0 4	-	0 4
Other Loans	-	-	0 02	0 67	0 85	1 46	0 54	0 91	0 01	3
Other short debt term	0 1	0 63	-	0 16	0 03	0 33	0 33	-	-	1 25
Commercial Paper	-	1 8	-	-	-	0 61	-	0 61	-	2 41
Gross debt	3 74	43 69	0 19	4 82	04 7	11 68	9 7	3 68	0 1	71 16
Financial Receivables	-	-1 26	-0 86	-0 51	-0 58	-0 99	-0 9	-0 01	-0 08	-4 2
Tariff Deficit	-	-	-	-	-0 64	-	-	-	-	-0 64
Other short financial receivables term	-0 47	-0 94	-	-0 28	-0 51	-0 16	0 07	-0 18	-0 05	-2 36
Cash and cash equivalents	-2 19	-	-0 2	-1 06	-0 85	-3 89	-2 77	-0 41	-0 71	-8 19
Net Debt – Third Parties	1 08	41 49	-0 87	2 97	4 46	6 64	4 3	3 08	-0 74	55 77
Net Debt – Intercompany	18 49	-48 36	6 53	17 97	3 52	1 85	1 7	-	0 15	-
Net Debt – Group View	19 57	-6 87	5 66	20 94	98 7	8 49	6	3 08	-0 59	55 77

Debt maturity coverage split by typology (€bn)

Available liquidity

1. Of which 19.4 € bn of long term committed credit lines with maturities beyond December 2025

Balance sheet (€mn)

1

FY 2024 consolidated results

Headcount

	FY 2024	FY 2023	∆ yoy
Generation and Trading	5,105	5,725	-10.8%
Enel Green Power	8,269	8,891	-7.0%
Distribution	32,214	30,946	4.1%
1 Enel X Global Retail	7,944	8,926	-11.0%
Others and adjustments	6,827	6,567	4.0%
Total	60,359	61,055	-1.1%

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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Omar Al Bayaty Head of Group Investor Relations

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Federico Baroncelli Serena Carioti Gaia Cherubini Federica Dori Paolo Germiniani Danielle Ribeiro da Encarnação Riccardo Ricci Alessandro Taddei Noemi Tomassi Emanuele Toppi

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