Enel

Quarterly Report • Oct 23, 2018

Informazione Regolamentata n. 0116-86-2018		Data/Ora Ricezione 23 Ottobre 2018 18:37:10	MTA
Societa'	:	ENEL
Identificativo Informazione Regolamentata	:	109780
Nome utilizzatore	:	ENELN04 - Cozzolino
Tipologia	:	REGEM
Data/Ora Ricezione	:	23 Ottobre 2018 18:37:10
Data/Ora Inizio Diffusione presunta	:	23 Ottobre 2018 18:37:11
Oggetto	:	months Group operating data Report	Enel publishes 2018 third quarter and nine
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T +39 06 8305 5699 T +39 06 8305 7975 F +39 06 8305 3771 F +39 06 8305 7940

Media Relations Investor Relations

ufficiostampa@enel.com investor.relations@enel.com

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ENEL PUBLISHES 2018 THIRD QUARTER AND NINE MONTHS GROUP OPERATING DATA REPORT

Rome, October 23rd , 2018 – Enel S.p.A. ("Enel") published its Quarterly Bulletin ("Report"), with the Group's operating data relating to the third quarter and nine months of 2018.

The Report, which is published ahead of the approval by the Enel Board of Directors and the disclosure of the performance and financial data contained in Enel's periodic financial reports, is aimed at further strengthening Enel's transparency towards the financial community, in line with best practices in the most advanced markets.

The Report attached to this press release is available to the public at Enel's registered office, on the Enel website (www.enel.com), and - together with this press release - through the authorised storage mechanism "eMarket Storage" ().

1

Quarterly Bulletin 9M 2018

Investor Relations Team investor.relations@enel.com +39 06 8305 7975

www.enel.com/investors Website

Index

1. Group Summary
2. Group Net Installed Capacity
3. Group Net Production
4. Group Infrastructure & Networks
5. Group Retail
6. Italian Energy Market
7. Main Financial & Market performance
8. Disclaimer

1. Group Summary

Net production evolution (GWh) Italy Iberia South America Europe & North Africa North & Central America Sub Saharan Africa & Asia

Net Production - breakdown by country

Renewables Thermal 28% 11% 45% 2% 11%2% 26% 13% 44% 2% 13%2% 19% 41% 17% 23% 18% 41% 16% 25% 9M 2017: 59,743 GWh 9M 2018: 74,572 GWh 9M 2018: 113,192 GWh 9M 2017: 124,727 GWh

Group Infrastructure & Networks Italy Iberia South America Europe & North Africa North & Central America Sub Saharan Africa & Asia

Group Retail

31%

17%

5%

9M 2018: 64.8 mn

39%

Power customers (mn)

45%

40%

9M 2017: 58.2 mn

5%

19%

2. Group Net Installed Capacity¹

						2018 Added
	9M 2018			9M 2017	∆ yoy	capacity2
Group	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	27,835	32.8%	27,404	32.7%	1.6%	62
Wind	7,438	8.8%	7,082	8.4%	5.0%	634
Solar & Others	2,296	2.7%	1,954	2.3%	17.5%	1,112
Geothermal	804	0.9%	802	1.0%	0.2%	1
Total Renewables	38,372	45.2%	37,243	44.4%	3.0%	1,808
Nuke	3,318	3.9%	3,318	4.0%	0.0%	-
Coal	15,965	18.8%	15,965	19.0%	0.0%	-
CCGT	15,028	17.7%	15,028	17.9%	0.0%	-
Oil & Gas	12,248	14.4%	12,302	14.7%	-0.4%	-
Total Thermal	46,560	54.8%	46,613	55.6%	-0.1%	-
Total Enel Group	84,932	100%	83,856	100%	1.3%	1,808
Italy	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	12,402	44.9%	12,418	44.9%	-0.1%	0.9
Wind	772	2.8%	772	2.8%	0.0%	1
Solar & Others	80	0.3%	97	0.4%	-17.5%	-
Geothermal	762	2.8%	761	2.8%	0.2%	1
Total Renewables	14,017	50.7%	14,049	50.8%	-0.2%	3.4
Coal	6,340	22.9%	6,340	22.9%	0.0%	-
CCGT	4,535	16.4%	4,535	16.4%	0.0%	-
Oil & Gas	2,739	9.9%	2,739	9.9%	0.0%	-
Total Thermal	13,613	49.3%	13,613	49.2%	0.0%	-
Total	27,630	100%	27,662	100%	-0.1%	2.2
Iberia	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	4,761	20.9%	4,744	20.9%	0.3%	9
Wind	1,750	7.7%	1,618	7.1%	8.1%	132
Solar & Others	14	0.1%	14	0.1%	0.0%	-
Total Renewables	6,525	28.6%	6,377	28.1%	2.3%	141
Nuke	3,318	14.5%	3,318	14.6%	0.0%	-
Coal	5,168	22.6%	5,168	22.7%	0.0%	-
CCGT	5,445	23.8%	5,445	24.0%	0.0%	-
Oil & Gas	2,377	10.4%	2,417	10.6%	-1.7%	-
Total Thermal	16,307	71.4%	16,348	71.9%	-0.2%	-
Total	22,832	100%	22,724	100%	0.5%	141
South America	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	10,031	47.8%	9,600	48.0%	4.5%	51
Wind	1,666	7.9%	1,362	6.8%	22.3%	304
Solar & Others	1,491	7.1%	1,208	6.0%	23.4%	103
Geothermal	41	0.2%	41	0.2%	0.0%	-
Total Renewables	13,229	63.0%	12,211	61.1%	8.3%	459
Coal	835	4.0%	835	4.2%	0.0%	-
CCGT	4,240	20.2%	4,240	21.2%	0.0%	-
Oil & Gas	2,686	12.8%	2,699	13.5%	-0.5%	-
Total Thermal Total	7,761 20,990	37.0% 100.0%	7,774 19,985	38.9% 100%	-0.2% 5.0%	- 459
Europe & North Africa	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	19	0.2%	19	0.2%	0.0%	-
Wind	741	7.6%	741	7.6%	0.0%	-
Solar & Others	123	1.3%	106	1.1%	16.0%	-
Total Renewables	883	9.0%	866	8.9%	2.0%	-
Coal	3,623	37.1%	3,623	37.2%	0.0%	-
CCGT	809	8.3%	809	8.3%	0.0%	-
Oil & Gas Total Thermal	4,447	45.6%	4,447	45.6%	0.0%	-
Total	8,878 9,761	91.0% 100%	8,878 9,744	91.1% 100%	0.0% 0.2%	- -
North & Central America	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	623	20.6%	623	20.4%	0.0%	-
Wind	2,137	70.7%	2,218	72.8%	-3.6%	198
Solar & Others	264	8.7%	204	6.7%	29.0%	1,008
Total	3,024	100%	3,045	100%	-0.7%	1,206
Sub Saharan Africa & Asia	MW	% Weight	MW	% Weight	∆ yoy	MW
Wind Solar & Others	371 323	53.4% 46.6%	371 323	53.4% 46.6%	0.0% 0.0%	- -

Total 695 100% 695 100% 0.0% - 1. Consolidated perimeter excluding managed capacity under JV in US, Italy, Australia and Mexico equal to around 4.4 GW. 2. It includes additional capacity from non organic growth.

3. Group Net Production

	9M 2018		9M 2017		∆ yoy	3Q 2018
Group	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro
	49,964	26.6%	41,243	22.4%	21.1%	16,494
Wind	16,345	8.7%	12,411	6.7%	31.7%	4,947
Solar & Others	3,880	2.1%	1,739	0.9%	123.1%	1,510
Geothermal	4,383	2.3%	4,351	2.4%	0.7%	1,451
Total Renewables	74,572	39.7%	59,743	32.4%	24.8%	24,403
Nuke
	18,458	9.8%	19,967	10.8%	-7.6%	6,689
Coal	47,713	25.4%	52,491	28.5%	-9.1%	18,232
CCGT	28,562	15.2%	32,306	17.5%	-11.6%	10,540
Oil & Gas	18,458	9.8%	19,965	10.8%	-7.5%	6,783
Total Thermal	113,192	60.3%	124,727	67.6%	-9.2%	42,245
Total Enel Group	187,764	100%	184,471	100%	1.8%	66,648
Italy	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	14,452	35.7%	11,425	28.7%	26.5%	4,268
Wind	932	2.3%	871	2.2%	7.0%	191
Solar & Others	108	0.3%	93	0.2%	17.0%	39
Geothermal	4,233	10.5%	4,311	10.8%	-1.8%	1,397
Total Renewables	19,725	48.7%	16,700	41.9%	18.1%	5,896
Coal	15,581	38.5%	17,891	44.9%	-12.9%	5,703
CCGT	4,817	11.9%	4,755	11.9%	1.3%	2,103
Oil & Gas	363	0.9%	496	1.2%	-26.9%	140
Total Thermal	20,761	51.3%	23,142	58.1%	-10.3%	7,946
Total	40,486	100%	39,842	100%	1.6%	13,842
Iberia	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	6,957	12.5%	4,253	7.3%	63.5%	1,667
Wind	2,618	4.7%	2,437	4.2%	7.4%	598
Solar & Others	22	0.0%	22	0.0%	-1.7%	8
Total Renewables	9,596	17.3%	6,713	11.5%	42.9%	2,274
Nuke	18,458	33.2%	19,967	34.3%	-7.6%	6,689
Coal	15,899	28.6%	17,917	30.8%	-11.3%	6,819
CCGT	6,513	11.7%	8,327	14.3%	-21.8%	3,047
Oil & Gas	5,081	9.1%	5,299	9.1%	-4.1%	1,850
Total Thermal	45,952	82.7%	51,509	88.5%	-10.8%	18,406
Total	55,548	100%	58,222	100.0%	-4.6%	20,680
South America	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	26,297	51.5%	23,688	49.3%	11.0%	9,860
Wind	4,559	8.9%	2,419	5.0%	88.5%	1,896
Solar & Others	2,109	4.1%	905	1.9%	133.0%	754
Geothermal	150	0.3%	40	0.1%	279.8%	54
Total Renewables	33,115	64.8%	27,012	56.2%	22.6%	12,564
Coal	2,535	5.0%	2,737	5.7%	-7.4%	803
CCGT	12,938	25.3%	15,547	32.4%	-16.8%	3,977
Oil & Gas	2,502	4.9%	2,719	5.7%	-8.0%	607
Total Thermal	17,975	35.2%	21,002	43.7%	-14.4%	5,388
Total	51,090	100.0%	48,054	100.0%	6.3%	17,951
Europe & North Africa1	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	27	0.1%	18	0.1%	47%	0
Wind	1,211	4.1%	1,325	4.3%	-9%	311
Solar & Others	136	0.5%	144	0.5%	-6%	55
Total Renewables	1,373	4.6%	1,487	4.9%	-8%	366
Coal	13,698	45.8%	13,946	45.6%	-2%	4,907
CCGT	4,295	14.4%	3,677	12.0%	17%	1,413
Oil & Gas	10,511	35.2%	11,451	37.5%	-8%	4,186
Total Thermal	28,504	95.4%	29,074	95.1%	-2%	10,505
Total	29,877	100%	30,561	100%	-2%	10,872
North & Central America2	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	2,233	23.2%	1,858	28%	20%	699
Wind	6,294	65.4%	4,679	70%	35%	1,648
Solar & Others	1,096	11.4%	156	2%	603%	525
Total	9,623	100%	6,693	100%	44%	2,872
Sub Saharan Africa & Asia3	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Wind	731	64.1%	680	62%	8%	302
Solar & Others	409	35.9%	419	38%	-2%	129

1. Includes Romania, Russia, Belgium, Greece, Bulgaria

2. Includes Mexico, Panama, USA, Canada, Guatemala, Costa Rica.

3. Includes South Africa, India.

4. Group Infrastructure & Networks

Electricity distributed (TWh)	9M 2018	9M 2017	∆yoy	End users1 (mn)		9M 2018 9M 2017	∆yoy
Italy	169.9	171.3	-0.8%	Italy	31.5	31.5	-0.1%
Iberia	84.4	84.5	-0.1%	Iberia	12.2	12.1	0.9%
South America	83.4	67.7	23.1%	South America	26.4	19.0	39.0%
Europe & North Africa	11.6	11.5	1.5%	Europe & North Africa	2.9	2.8	2.5%
Total	349.2	335.0	4.3%	Total	72.9	65.4	11.6%

5. Group Retail

Energy sold (TWh)2	9M 2018	9M 2017	∆yoy	Power customers3 (mn)		9M 2018 9M 2017	∆yoy
Italy	78.7	77.2	1.9%	Italy	25.4	26.3	-3.4%
Regulated	30.3	33.3	-9.0%	Regulated	17.0	18.6	-8.6%
Free Market	48.4	43.9	10.2%	Free Market	8.4	7.7	8.9%
Iberia	68.0	72.5	-6.2%	Iberia	10.8	10.9	-1.4%
South America	65.2	55.8	16.9%	South America	25.6	18.1	41.3%
Europe & North Africa	7.8	7.6	2.6%	Europe & North Africa	3.0	2.8	5.5%
Total	219.7	213.1	3.1%	Total	64.8	58.2	11.3%

Gas sold (bmc)	9M 2018	9M 2017	∆yoy	Gas customers (mn)		9M 2018 9M 2017	∆yoy
Italy	3.4	3.4	0.1%	Italy	4.1	4.0	2.6%
Iberia	4.6	4.5	2.4%	Iberia	1.6	1.6	2.7%
Romania	0.03	-	-	Romania	0.04	-
Total	8.0	7.9	1.8%	Total	5.8	5.6	3.4%

1. Net of energy losses.

6. Italian Energy Market

Italy energy balance

GWh	Jan-Ago 2018	Jan-Ago 2017	∆ yoy
Hydro	34,967	27,512	27.1%
Thermo	118,353	130,731	-9.5%
- Biomass	11,812	11,916	-0.9%
Geothermal	3,801	3,895	-2.4%
Wind	11,623	11,177	4.0%
PV	17,097	18,303	-6.6%
Total net production	185,841	191,618	-3.0%
Import	33,203	28,573	16.2%
Export	2,296	3,966	-42.1%
Net import	30,907	24,607	-14.1%
Pumped storage	1,584	1,623	-2.4%
Electricity demand	215,164	214,602	0.3%

Source: TERNA Source: GME

1.End Users represent the number of distribution delivery points at the end of the period.

(mn)	9M 2018 9M 2017	∆yoy

Gas customers (mn)	9M 2018 9M 2017		Avov
Italy	4.1	4.0	2.6%
Iberia	1.6	1.6	2.7%
Romania	0.04
Total	5.8	5.6	3.4%

1. Power Customers represent clients with active contracts with Enel.

Pool price (€/MWh)

7. Main Financials & Market performance

	Enel Group figures as of June 30th, 2018.
€ mn	1H 2018	1H 2017	∆ yoy
Revenues	36,027	36,315	-1%
Reported EBITDA1	7,857	7,678	2%
Ordinary EBITDA1	7,729	7,532	3%
Reported EBIT1	4,875	4,854	0%
Ordinary EBIT1	4,747	4,708	1%
Rep. Group net income1	2,020	1,847	9%
Group net ord. Income1	1,892	1,809	5%
EPS (€)	0.20	0.18	9%
FFO2	4,361	4,036	8%
	FY 2017	FY 2016	∆ yoy
Total assets	155,641	155,596	0%
Assets held for sale1	1,970	11	n.m.
Shareholder's equity	52,161	52,575	-1%
Liabilities held for sale	1,729		- -
Financial net debt	37,410	37,553	0%
FFO/Net debt1	27%	28%	-1 p.p.
Net debt1 /Ebitda	2.4x	2.5x	-
Capex3	8,499	8,842	-4%
- Growth	4,922	5,429	-9%
- Maintenance	2,363	2,466	-4%
- Connections	1,214	947	28%

	Enel Group figures as of June 30th, 2018.
€ mn	1H 2018	1H 2017	∆ yoy
Revenues	36,027	36,315	-1%
Reported EBITDA1	7,857	7,678	2%
Ordinary EBITDA1	7,729	7,532	3%
Reported EBIT1	4,875	4,854	0%
Ordinary EBIT1	4,747	4,708	1%

4,361	4,036	8%	Share Price (€)	4.412	4.861
FY 2017	FY 2016	∆ yoy	P/E	11.4	18.9
155,641	155,596	0%	EV/EBITDA	6.9	7.4
1,970	11	n.m.	Dividend Yield	5.4%	3.7%

27% 28% -1 p.p. Moody's Baa2
Stable
2.4x 2.5x - S&P BBB+ Stable
8,499 8,842 -4% Fitch BBB+ Stable

1. Alternative performance indicators not envisaged in the IFRS-EU accounting standards are intended to facilitate the assessment of the Group's performance and financial position. Please refer to the press releases of the related consolidated results for the definition of these indicators.

2. FFO: funds from operations after ∆ WC and provisions 3. Includes capex related to assets held for sale for 369 €mn at FY 2017 and 290 €mn at FY 2016.

Stock performance (01/01/2018 - 23/10/2018)

8. Disclaimer

This document 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 forwardlooking 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.

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.