Capital Markets
November 24th,2020 Our next 10 years Agenda
The next 10 years Francesco Starace Our ambitions CEO & General Manager Enel @2030 Value for all
The next 3 years
Our ambitions in medium-term targets
Alberto De Paoli Sustainable growth and value Chief Financial Officer Enel @2023 Sustainable finance & financial management
De-risking targets
2021-23 Targets
Francesco Starace Closing remarks Francesco Starace CEO & General Manager Enel @2030 The next 10 years The energy world will be completely transformed over the next decades…
12 (TW) 10 8 12.0 6 Global RES Capacity 4 +4x 2 2.7
0 2019 2040
60%
50%
40%
30% 56%
Share of capacity connected to 20% +23 pp distribution grids1 10% 33%
0% 2019 2040
33
31 (kTWh)
29
27
25
23 33 21 +43% Electrified energy consumption 19 17 23
15 2019 2040
5 Source: IEA, World Energy Outlook 2020, Sustainable Development Scenario | Grid data from BNEF, NEO2020, Europe Figures 1. Europe …and platform-based business models will manage increasing levels of complexity...
Why utility as a platform? Generation sources Consumer Services Scale & efficiency Utility Replicability of ‘plug & play’ models, as a marginal costs close to zero ‘platform’ Prosumer Value for customers Smart services designed around prosumers Wholesale market kWh, kW, ΔkW Sustainability ESG drives profitability and lowers risks Distributed energy Open Innovation Quick innovative solutions DSO implementation and open to ecosystems TSO 6 … while driving data-flows across company structures
From the Sylos age... …to the digital platform ...enabling new operating and architechture… business models
Customers Platform Business Model Business needs Creating new shared value from the relationship with ecosystems Decoupling Countries
Platform Operating Model
Product … Product
Equipment Commodity Enabling innovation, extraction of IT Data additional value from existing assets features and selling services to third parties
7 Enel is the leader in the asset classes that are at the center of this transformation…
74 mn 49 GW RES capacity1 end users RES capacity3 End users3 Customers3 44% (GW) (mn) (mn)
55
EBITDA 70 70
50
38% 74 60 70 2020E 60 45 49
40 50 ~18.0 €bn 50
35
40 40 30 51
30 38 30 18% 25 32 38 31 37
20 20 20 Enel 2nd 3rd Enel 2nd 3rd Enel 2nd 3rd 70 mn customers2 TSR 2015-20204 +163% 8 1. It Includes managed capacity 3. 2019 data for comps 2. Power and gas customers 4. From December 31st 2015 to November 20th 2020 …as well as in the digital and platform development journey
Platformisation process Enel’s Platform
CURRENT FUTURE
>2020 Global development, E&C and asset management platforms
Global development and asset 2016-19 management platforms
Setting the Enel as an array Customer operation digital foundations of platforms global platform
✓ Pillars digitalization ✓ Digital Platform B2C: E-Home, (customer, asset, people) architecture B2B: Flexibility services B2G: Smart cities solutions ✓ 100% applications in ✓ New operating & Customer operation global platform business models Cloud 9 Leadership in asset classes and digital & platform open us new ways to create value
Models to create value Activities Ownership business model Operating platforms
Direct investments in growing renewables, Offer operating platform services to third networks and customers supporting long parties through know how and best term sustainable growth practices developed over time Platforms as Business platforms business enhancer Develop new products and services Stewardship business model enabling new business opportunities
Joint Ventures & Partnerships Provide key services, products or know- how enabled by our platforms catalyzing Co-investments opportunities to enhance investments of third parties to maximize value creation where platforms enable third our and their value creation parties’ investments
Platforms as 10 business generator Reshaping global energy sector calls for unprecedent investments levels…
Investments Yearly Average investments share 2020-40
1.40
(USD trl) 1.20 >4x
1.00
0.80 1.2 2.5 0.60 45% 2.6 0.40
0.20
0.00 0.3 RENEWABLES
2 2010-2019 2020-2040
~3x 0.70
0.60
1.5 >2x 0.50
0.40 0.6 0.30 24%
0.20
0.10
1 0.3 NETWORKS 0.00 0.9 2010-2019 2020-2040
0.5
0.70 0.60 >5x 0.50 ~0.7 0.40
0 0.30 25%
0.20
END END USE ~0.1
2010-2019 2020-2040 0.10 EFFICIENCY 0.00
2010-2019 2020-2040 11
Source: IEA, World Energy Investments 2020 and IEA, World Energy Outlook 2020, Sustainable Development Scenario …where Enel will keep the leadership going forward…
Investments activated for the energy transition Ownership model
100.00 2020E 2030 ~190 90.00 Consolidated RES ~45 ~120 capacity (GW)
80.00 >150 €bn RAB (€bn) 42 ~70
70.00
60.00 % Digitalized users 60% ~100% Ownership model Ownership
50.00
40.00 ~160 Stewardship model
30.00 2020E 2030 RES managed capacity 20.00 ~4 ~25 ~40 €bn (GW)
10.00 Electric buses2 (#) 812 >10k
0.00
2021-30 model Stewardship ~10 €bn1 Demand Response (GW) 6 ~20 Enel Third parties Household passed (mn) 10.7 34 12 1. It includes equity injections 2. Includes leased and served buses 1. Italy andItaly 1. Stewardship model Ownership model its …through Enel Spain > ~40 150 Third Third parties €bn €bn ownership business model ownership 46% Networks Renewables Capex Capex GBL by >150 >150 2021 5% €bn - 30 3% Retail generation Conventional 46% … Value creation KPIs value(€/cl/y) B2C customer user RAB/end Capex(%) EBITDA/ 1 2021 + ~11% 35 2x - % 30 13 …and a structured stewardship business model that will catalyse additional third parties investments…
Capex by cluster Enel’s adjusted EBITDA1 Enel’s direct investments ~10 €bn
>150 €bn 4.0 2.8
Ownership model Ownership Fair Value of JVs 2021-30 2021-30 & Partnerships ~40 €bn ~17 €bn ~10 €bn
10.1
~40 €bn ~10 €bn Renewables Fiber Operating platforms E-transport Flexibility Business platforms
Stewardship model Stewardship & Other JVs & Partnership
Enel Third parties 14 1. It includes share of income from JVs and capital gains …creating long term growth…
EBITDA 2020-2030 (€bn) Net Income 2020-2030 (€bn)
35 35 CAGR CAGR
30 30 6-7% 5-6%
25
25
20
20
15 ~18.0 15 5.0-5.2
10
10
5
5
0
0 2020E 2030 2020E 2030
15 …and sustainable shared value
Decarbonization Electrification Digital & Platforms
~25% reduction of household ~3x improvement in service >200 mn saved BoE1 spending3 quality (SAIDI)
80% Scope 1 GHG emission 40% GHG emissions 85% GHG emission reduction reduction from 2017 households reduction4 from cloud platformization6
>100 €bn GDP created >140 €bn GDP created from >800 €mn C&I savings from from local investments2 electrification investments5 flexibility7
1. Barrel of oil equivalent. Compared to Enel’s consumption in 2020. 2. 2021-30 cumulated. Related to the full life assessment of projects through ownership/stewardship 16 models for GPG. 3. vs 2019 Europe. 4. vs 2019. 5. 2021-30 cumulated. Related to the full life assessment of projects through ownership/stewardship models for Global I&N and Enel X. 6. Avg. reduction related to IT activities due to shift from data center to cloud. 7. Calculated from current contracts up to 2024 Enel @2030 Our ambitions Renewables Super Major with the world as geographic footprint
3x RES capacity increase 2021-30 catalyzed investments1 (GW) Triple our renewable capacity by 2030 Global market 2.5% >4% share Support profitability through global ~145 20 footprint and integrated position 140.00 ~25 120.00
100.00 3x 2021-30 Bolster our pipeline to enable 80.00 85 €bn 60.00 ~49 ~120
Strategic actionsStrategic growth and create value
40.00 ~4
20.00 ~45 65 Stewardship business model to 0.00 support value creation 2020E 2030 Ownership Stewardship 18 1. Investments in storage of 5 €bn not included The ownership model in GPG: +75,000 MW in 10 years, tripling our capacity
2021-30 Owned capacity Capex & Profitability Global Power Global GenerationPower
RES Capacity evolution Capacity split Gross capex1
140.0 By geography By tech Maintenance
120.0 5 EBITDA/ Capex 100.0 ~53% 80.0 ~75 ~11% 46% ~75 GW ~65 €bn 32 54% 60.0 ~120 28 ~47% IRR-WACC
40.0 150 bps 20.0 ~45
0.0 ~60 €bn 2020E Capacity 2030 additions development Countries with Countries with potential 19 1. Investments in storage of 5 €bn not included integrated presence integrated presence The stewardship model in GPG: catalysing capital for accelerated value creation and growth
Stewardship additional capacity Capex stewardship model Global Power Global GenerationPower (GW) Value creation
30.0
25.0 Enel’s adjusted 4.3 €bn ~25 EBITDA 21-301 20.0 2021-30 ~18 ~2 ~20 €bn 15.0 ~21
10.0 Fair value of c.3.0 €bn JVs and
5.0 Partnerships ~4 xx 0.0
2020E Additional 2030 Enel Third parties Capacity
20
1. It includes share of income from JVs and capital gains Leveraging on A 141 GW pipeline that is growing worldwide
Renewables Pipeline (GW) Mature Pipeline Global Power Global GenerationPower By technology By geography
GENERATION STORAGE 21% ~68 53% 38% ~57 GW ~57 GW 13% 141 46% ~57 1% 29% 7 ~9 Europe Gross Early stage Mature BESS 2 In execution North America Pipeline 1 pipeline Pipeline Latin America RoW 21 1. As of October 31°, 2020. It excludes 0.2 GW of storage capacity in execution. 2. It includes storage for around 4 GW in early stage and around 3 in mature pipeline. Leveraging on A worldwide platform-based development
BD global presence Global Power Global GenerationPower North & Central Europe Headcount A big platform America >240 Headcount External HC ~ 120 (#) >450 (#) ~1,000
Africa, Asia & A highly adaptive & growing platform Latin America Oceania Pipeline yearly Pipeline renewal rate1 >60% growth yoy +50% >75 ~30
An efficient platform
Countries (#) 2021-23 2023 vs 20 Development >1 €bn Avg. cost of -10% 32 investments MW developed 22 Flags indicate countries with work force presence 1. Calculated as added pipeline/actual pipeline Global Power Generation Projects 1. / force withwork countries the Flagsindicate A Leveraging on Automation KPI excluding repowering projectsexcludingrepoweringKPI Automation Headcount (#) managed worldwide (#) 2010 Built 489 382 45 capacity assetes platform 2015 924 800 58 evolution - based (MW) 2,841 1,275 2018 73 E&C 2020E 3,151 1,600 96 construction Workers Workers (#) 2023 vs 20 lead External Projects Project Under time Improving efficiency Improving Acommunity global ~ Focus on delivery on Focus - 12.3k ~96 25% Headcount per Countries with MW MW execution opened Sites automation 2023 vs 20 solutions Sites with 1 30% - 9% 14 23 Global Power Generation 13% North North & Central 14% 1. force/assetswithwork countries the Flagsindicate America Countries A worldwide Leveraging on >360 14.7 Of which 7k wind turbines, 5k solar inverters, 1.5k hydro & geo& hydro 1.5k inverters, solar 5k windturbines,7k which Of (#) 72% America 78% >900 Latin 23 9 .7 21% Generating units RES RES global presence Africa, Asia & platform Europe Oceania > 1 3.1k (#) >70 ~ 3% 16 52% 18% k - 22.8 1.4 based O&M model based O&M 4% Headcount 75% 48% 3. 2. (#) Opex partnershipsJV in operatedwhich plants Of 23 Capacity Capacity (GW) /MW related to O&M to related /MW H >4.5 eadcount Other Wind Solar Hydro k Lost Lost production 2023 vs 2020 External HC Remote fleet (#) Aplatform digital highly An efficient platform Anefficient 100% - ~5k Aplatform big 7% 2023 vs 2020 Opex workers Plants Digital /MW 2 3 ~ ~1.2k - 10% 86% 24 Leveraging on Hybridization of renewables - Battery storage
BESS energy storage 2030 Cumulated capex 2021-30 Global Power Global GenerationPower Projects under Value proposition Italy development USA Actual BESS RES electricity and BESS Spain & integration provides competitive Portugal Colombia decarbonization offer
Main value drivers Peru ✓ RES risk mitigation, avoiding ~20 TWh ~5 €bn curtailments for RES ✓ Generate additional margins through capacity payments and ancillary services ✓ Compliance to regulated tenders
2020E 2030 % Plants hybridized 0% ~30% with battery storage1 25
1. Calculated on ~95 GW additional capacity Global Power Generation 1. bundling RES electricity and green H Hybridization Leveraging on ✓ ✓ ✓ ✓ Calculated Competitive full decarbonization offer decarbonization Competitivefull with with green hydrogen % Plants hybridized Flexibility from synergies with plant RES Opex Capex and Savings on RES plant Sale hydrogen of to on ~ 95 GW GW 95 optimization services Main Value additional value proposition capacity 1 industrial industrial drivers 2020E of renewables renewables of 0% offtakers arising >8% 2030 2 supply Production - ( kton (MW) Green hydrogen ) 1,100 1,600 2,100 2,600 (400) 100 600 USA 2020E 0 0 Chile Green Green hydrogen capacity Spain >17x ~120 2023 ~ 5 Italy >2,000 2030 >90 H 2 development projects underprojects 26 Acceleration in RES capex resulting in a c.80% RES share capacity and production
Capacity evolution1 Production evolution2 Global Power Global GenerationPower (GW) (TWh) CO2 emissions (gCO2eq/kWh) ~400 250.0 390.0 2020E 2030
340.0
200.0 218 82
>170 290.0
240.0 150.0 216 ~80%
190.0 Emission free production (%)
100.0 88 >80% 54% 140.0 2020E 2030
55% 90.0 50.0
40.0 66% ~85%
0.0
-10.0 2020E 2030 2020E 2030 Renewables Conventional Generation 27 1. It includes renewable managed capacity and nuclear capacity 2. It includes renewable managed production and nuclear production Accelerating exit from coal to 2027 from 2030
Coal capacity evolution Global Power Global GenerationPower (GW) 2017 2020E 2027
18.0
16.0 Coal production Coal phase (TWh) 70.5 12.9 - 14.0 16.0 out brought
12.0 forward Coal production 28% 7% - 10.0 11.7 on total from 2030
8.0 8.9 Coal emissions 6.0 65 13 - (mn ton)
4.0
2.0 Plants (#) 14 10 -
0.0 2017 2019 2020E 2027
Coal capacity Old Plan (GW) 9.6 28 Boosting reduction target in GHG emissions, in line with 1.5° scenario
-80%
500.000 Global Power Global GenerationPower
450.000
400.000
350.000 414 300.000 FULL 250.000 298 DECARBONIZATION
200.000 1 Scope 1 150.000 218 (gCO2eq/kWh)100.000 148 50.000 82 0.000 2017 2019 2020E 2023 2030 2050
Previous SBTi target 125
Scope 32 25.3 -16% 21.2 (Mton CO2)
29 1. Scope 1 by 2030, consistent with the 1.5 pathway of the Science Based Target Initiative and the IEA 1.5 scenario 2. Scope 3 related to gas retail activities by 2030, consistent with the 2C pathway of the Science Based Target Initiative quality and resiliency Global leader in networks
Strategic actions Ensure leadership leadership Adoption of a a platformof Adoption model model at Monetize critical know how how critical Monetize know the the Footprint non non proprietary assets to lowest the of future of networks future guarantee highest by cost number expansion across level management management of end end of users operating of all and quality grids on for scale, (€bn) 10 20 30 40 50 60 70 80 0 2020E ~ 42 70% RAB 2030 ~70 ( min 100 150 200 250 300 50 0 ) 2020E 281 SAIDI - 64% ~ 2030 100 30 Capex expansion set to enhance global leadership position
2021-30 Cumulated capex1 Regulated Asset Base Infrastructure & & Networks Infrastructure (€bn) By geography By nature
80 ~40% 23% ~70%
70
60 ~70
~60 €bn ~60 €bn 50
10% 40 42 30
67% 20
~60% 10
- 2020E 2030 Europe RoW Quality & Resiliency Digitalisation Average 2021-30 6.0 capex. (€bn) Connections 31 1. Organic capex Create value without increasing costs for end users
Value creation Quality (SAIDI) Tariff/end user1 Infrastructure & & Networks Infrastructure (€/cl) RAB/end user (€/cl) Opex/end user1 (€/cl) 2020 -64%
+35% -27% FLAT
800 45 281 min 160
40 750 2030 140 35 41.4 700 ~760 120 ~140 ~140
30
650 100
25 30
600 80
20
550 ~100 min 60 563 15 500 40
10
450 20 5
400 - - 2020E 2030 2020E 2030 2020E 2030 End users 74 ~90 (mn) 32 1. Real Terms Infrastructure & Networks 1. Real A single Leveraging on Terms A single global platform … platform .. enhancing Flexibility Resiliency Efficiency Reliability Digitalization key business drivers businesskey … user Opex/End coverage meters Smart SAIDI (min) SAIDI control control point User/Remote ..for a ..for 1 (€/cl) superior 2020E ~350 60% 281 41 performance ~100% ~100 ~200 2030 30 33 Leveraging on An unparalleled scale of our network operations
Enel current positioning in networks Infrastructure & & Networks Infrastructure Europe A big platform
1st DSO External HC Grids length (#) 51.4k (mn km) 2.2 2nd DSO
A highly digitalized network Latam 1st DSO Smart meters Remote control (mn) 44.9 points (k) 214
2nd DSO An efficient platform
Grids (#) Countries (#) Headcount (#) Opex/End User 2023 vs 20201 -17% 11 8 34.7k 34 1. Real Terms Infrastructure & Networks The highest Leveraging on Digitalization investments 2015 6.5 6.5 €bn - 20 digitalisation 48.50 10.00 10.50 11.00 11.50 12.00 12.50 13.00 13.50 14.00 14.50 15.00 15.50 16.00 16.50 17.00 17.50 18.00 18.50 19.00 19.50 20.00 20.50 21.00 21.50 22.00 22.50 23.00 23.50 24.00 24.50 25.00 25.50 26.00 26.50 27.00 27.50 28.00 28.50 29.00 29.50 30.00 30.50 31.00 31.50 32.00 32.50 33.00 33.50 34.00 34.50 35.00 35.50 36.00 36.50 37.00 37.50 38.00 38.50 39.00 39.50 40.00 40.50 41.00 41.50 42.00 42.50 43.00 43.50 44.00 44.50 45.00 45.50 46.00 46.50 47.00 47.50 48.00 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50 8.00 8.50 9.00 9.50 ( mn massive roll out in early2000 2005 21 ) 1 st operator to implement expertise 2010 27 Smart Smart meters 2015 38 2020 45 coverage meters Smart control control point Users/Remote Digitalisation KPIs 2020E 100% ~350 35 Infrastructure & Networks 1. Cumulated Distinctive Leveraging on Unique utility with a >85 >85 since >4 Market Market share by vendor mn 2000, mn excluding smart meters smart meters produced technology smart smart meters sold 444 China mn Intellectual PropertyIntellectual 7% 20% proprietary 19% Vendor Vendor Enel 1 3 1 activation Digital home services smart home devices TLC TLC for field application Smart meter meter Smart the as pivotof a Ultra broad , connection to Optical fiber Sensors Sensors networks and IoT Secondary substations value - band digital LV LV network remote control MV network Network and and Remote control network RES RES dispatching, Storage Authomation Renewables integration authomation Active Demand and architecture flexibility 36 B2C – Reference energy choice, enabling electrification of the customer base
Customer value1 Volume sold2
(€/Cl/y) (TWh) Increasing customer value enabling electrification through platforms
100 150
Allowing electrification of ~2x 90 2.5x 130
80 ~100 consumption through integrated 70
110
offering of commodity and services 60
50 90
40 Strategic actionsStrategic
70 Digitalization to enhance customer 30 40 70 20 50
experience and efficiencies 10
0 30 2020E 2030 2020E 2030 Avg. Unitary consumption (MWh/cl/y)2 2.5 3.7
37 1. Europe gross margin per customer 2. Europe free market and local businesses B2B 1. Strategic actions - Europe gross margin margin gross Europepercustomer consumption Leading energypartner of global multinationals multinationals countries countries Promote Promote the Expand Expand in core and emerging Supporting B2B customers in fostering fostering 10% market share of value sustainability of of processes through services and and the proposition efficiency electrification electrification of with full with range full of an digitalization integrated integrated and (€/cl/y) (€/cl/y) 100 150 200 250 300 350 400 50 0 2020E Customer Customer value 200 ~1.7x 2030 1 (Gross (Gross Margin, €bn) 0.2 0.4 0.6 0.8 1.2 1.4 1.6 1.8 0 1 2 Commodity Beyond Beyond commodity 2020E 1.1 0.9 0.2 Commodity Commodity & +1.7x Beyond commodity 2030 value 1.9 38 B2G - Trusted partner to support cities in their decarbonization and sustainability path
Electric buses1 Street lighting (k) (mn) Allow decarbonisation through electrification of public transport
12000 4.5
Enable services for sustainable, 4 +1.5x
10000
3.5 >4 smart and circular cities >10 8000 ~12x 3
2.5
6000 2.9
2 Strategic actionsStrategic
Global leadership on smart lighting 4000 1.5
1 2000 0.8 0.5
0 0 2020E 2030 2020E 2030
39 1. Includes leased and served buses Leveraging on Customers The largest customer base with 70 mn customers1
World’s largest customer base in power market
Europe A big platform
Total Customers Headcount 42 mn 9.5k customers (#) 70 mn (#)
Latam A highly digitalized customer base
Total Digital Digital Customers interactions 1 mn customers (#) 17 mn per day (#) 95%
28 An efficient platform mn Urban 2 areas 5% Opex/Customer 2023 vs 2020 -17% Rural areas 40
1. Power and gas customers 2. Real terms Leveraging on Customers Digital platforms to handle the business
Operating platform for customers at Group’s level Customer segments covered by Enel X plaftorms
Opex/ customer1 (€/cl) 25.00 B2C B2B B2G
20.00
15.00 22.6 Zero back office 10.00 14.0 5.00 Offering integrated with commodity
- Home 2020E 2030 Flexibility Smart cities appliances services solutions ecosystems
50.00 Digital customers (mn)
45.00
40.00
35.00
30.00 Cross segment platforms
25.00 45 Digital 20.00 17
15.00
10.00 E-Pay Der.Os Interactions 5.00 Homix 0.00 Distributed Smart 2020E 2030 Financial energy home solutions Services optimization EvOs YoUrban Corporate cust. (TWh) 140.00 Mobility 120.00 Municipalities 100.00 130 Platform Customized 80.00 & citizens 60.00 108
40.00
offering 20.00 0.00 Integrated customer operations 2020E 2030 1. In real terms 41 Customers 1. A growing Leveraging on 1000 1500 2000 2500 3000 3500 4000 4500 500 0 Includes Includes ~175k 2020E +23x Charging Charging points (#) leased B2C B2C key and served offering portfolio of portfolio buses >4mn 2030 integrated 10 15 20 25 0 5 Demand Response (GW) 2020E +3x B2B B2B key offering 6 offering 2030 ~ 20 10000 12000 2000 4000 6000 8000 0 12x 2020E B2G B2G key offering Electric Electric buses 0.8 1 (k) 2030 >10 42 Enel @2030 Value for all The path to transformation
Decarbonization Electrification Digital & Platforms
Total renewable capacity (GW) Free customers volumes (TWh) End users (mn)
RES share % digitalized
350.00 100.00
140.00 on total 90.00 end users 300.00
120.00 80.00
~145 250.00 70.00 100.00 >90
60.00 200.00 280 80.00 50.00 74
150.00 60.00 174 40.00 30.00 100.00 40.00
20.00
50.00 20.00 49 10.00 55% >80% 60% 100% 0.00 0.00 0.00 2020E 2030 2020E 2030 2020E 2030
B2C Free Unitary Consumption Thermal production on total Demand Response (GW) (MWh/y)1 34% 16% 2.5 3.7 6 ~20
Green Hydrogen built capacity (GW) EV Charging points2 (#) Digital customers (mn)
0 >2.0 ~175k >4mn 17 ~45
44 1. Europe 2. It includes interoperability points Creating value for our customers, society and the environment Customers Society and Environment
SAIDI GHG Emissions scope 1 (min/y) (gCO2eq/kWh)
200.00
300.00 150.00 218
250.00 100.00
50.00 200.00 281 82
0.00
150.00
100.00 2020E 2030 50.00 ~100 0.00 Circularity improvement3
2020E 2030 100
90
80
70 60 86% 2030 50
40 30 54% 20
Reduction of household 10
~25% 0 spending1 2020E 2030
C&I savings from 2030 flexibility2 (€mn) >800 GDP created from local >240 investments4 (€bn)
1. vs 2019 Europe 45 2. Calculated from current contracts up to 2024 3. Materials and fuel consumption reduction of the Group’s power fleet throughout the life cycle, compared to 2015 4. 2021-30 cumulated. Related to construction sites phase through ownership/stewardship models for Global Power Generation, Global I&N and Enel X Creating value for Enel
Decarbonization Electrification Digital & Platforms
EBITDA/MWh1 (€) 2021-30 Enel’s adjusted EBITDA from stewardship model5
45.00 +29% 40.00 4.0 35.00
30.00 40 B2C customer value4 (€/cust/y) 2.8 25.00 Operating platforms
20.00 31 15.00 2020E 2030 >17 €bn Business platforms 10.00
5.00 JVs & Partnership 0.00 70 +2x 2020E 2030 10.1 Opex/end users2 (€/cl) 1,2 Opex/MW (k€/MW) 4 B2B customer value (€/cust/y) 2020E 2030 2020E 2030 2020E 2030 41.4 30 32.6 19.4 200 +70% Opex/customer2 (€/cl) 2020E 2030 ~11 €bn savings on fossil fuels by 20303 22.6 14
1. It includes renewables and thermal generation 46 4. Europe gross margin per customer 2. Real terms 5. It includes share of income from JVs and capital gains 3. Compared to Enel’s consumption in 2020 Creating value for shareholders
3Y Dividend Policy (DPS €/Share) 3Y Total Return1
Average DY Guaranteed CAGR20 >7% ~5% DPS
0.43 >13% 0.40 0.38 0.35
Earnings 0.20 8%-10% CAGR 2020 2021 2022 2023 2030
Growing dividends to 2030 3Y Total Return ~13%
47
1. EPS CAGR 2020-23 + Average 3Y DY in the period (Share price @ 8.2€/share) Alberto De Paoli Chief Financial Officer Enel @2023 The next three years Long term transition kicks off now…
Investments activated for the energy transition Ownership model
100.00 2020E 2023 ~190 Consolidated RES 90.00 ~45 ~60 capacity (GW)
80.00 38 €bn RAB (€bn) 42 48
70.00
60.00 48 % Digitalized users 60% 64% Ownership model Ownership
50.00
40.00 Stewardship model ~160 30.00 2020E 2023
20.00 ~40 RES managed capacity ~4 7.6 (GW) 10.00 10 €bn Electric buses2 (k) 0.8 5.5
0.00
2021-30 2021-23 Households passed 10.7 28.9 Stewardship model Stewardship (mn) ~2 €bn1
Enel Third parties 50 1. Includes equity injections 2. Includes leased and served buses 1. Europe. Commodity Commodity Europe. 1.
Stewardship model Ownership model business model the investments…driven by through Enel ~ ~38 10 10 €bn €bn only Third Third parties . … 43% Networks Renewables Capex Capex GBL by ~38 2021 5% €bn 7% - 23 Retail generation Conventional 45% ownership ownership Valu value B2C customer user RAB/end Capex(%) EBITDA/ e e creation KPIs (€/cl/y) 1 2021 +26 + ~12%>12% 11 % % - 23 51 2. 1.
Stewardship model Ownership model bythe …supported Fair ValueFair of Including Enel share of share ~ ~ contracts 1 38 38 €bn 0 0 €bn income Third Third parties in place from JVs and capital gainscapital andJVs from as of 2023of ~ 2 €bn calculated for full life for stewardship business stewardship Enel’s direct investments Investments cluster by E Renewables - transport ~10 2021 ~ 2 €bn €bn - 23 & Other Flexibility Fiber model… 1.4 Enel’s JVs JVs Partnership & Business platforms Operating platforms 2021 3.3 3.3 €bn 0.3 - adjusted 23 1.6 EBITDA Value JVs JVs & Fair ValueFair of from 2023 from 8.6 € 4 € of 1 contracts contracts Pnships bn bn 2 52 … crystallising already in the mid term growth and profitability…
EBITDA (€bn) Net Income (€bn)
CAGR 20-30 CAGR 20-30
35 12 CAGR 20-23 5-6% 6-7%
30 5-6% 10 CAGR 20-23 25 8-10% 8
20
6
15
4 10 ~18
2 5-5.2 5
0 0 2020E 2023 2030 2020E 2023 2030
+300 bps GNI/EBITDA 53 …on sound financial metrics
FFO/Net Debt Net debt/EBITDA
Stable Stable
2.8 27% +400bps
2.7
25%
2.6
2.5
23%
2.4
2.3 21%
26% 2.2 2.7x 2.7x
19% 22% 2.1
2
17%
1.9
1.8 15% 2020E 2023 2030 2020E 2023 2030
54 Enel @2023 Our ambitions in medium-term targets Power Generation The renewable super major
Total RES capacity Cumulated catalyzed investments1 19.5 GW of new capacity (GW) (€bn) 2023 installed capacity halfway through 2030 targets
90.0 +39% ~145 ~85
80.0 68 50.00 Unchanged profitability levels ~25 45.00 under the ownership model vs 70.0 ~20
40.00 60.0 8 ~120 previous plan ~49 35.00 ~65 50.0 60 ~4 30.00
40.0 25.00 20.6 ~45 20.00 Mature pipeline covers targets by 30.0 3.8 15.00
20.0
Strategic actionsStrategic 3x, supporting growth ambitions 10.00 16.8
10.0
5.00
0.0 0.00 CO2 emissions down by 65% 2020 2023 2030 2021-23 2021-30 vs. 2017 Ownership Stewardship 56 1. 65 €bn ownership capex does not include Investments in storage for 5 €bn Renewables ownership business model
2021-23 Owned capacity Capex & Profitability Global Power Global GenerationPower
RES Capacity evolution Capacity split Gross capex1
70.0 By geography By tech
60.0 1.1 EBITDA/ IRR-WACC
50.0 15.4 24% Capex (bps) ~58% 4.2
40.0 15.4 GW 16.8 €bn
30.0 >12% ~200 ~60 ~42% 11.5 20.0 ~45 76%
10.0
0.0 15.7 €bn 2020E Capacity 2023 Countries with integrated additions presence development Countries with potential 57 integrated presence 1. Of which 1.1 €bn asset management Renewables stewardship business model
Stewardship additional capacity Capex stewardship model Global Power Global GenerationPower (GW) Value creation
EBITDA 300 €mn
9.0 Cumulated 21-23
8.0
7.0 2021-23 ~8 3.3 0.5 6.0 3.8 €bn Future value of +1.3x 4.1 1 5.0 contracts vs 2020
4.0
3.0 ~4 Fair value of JVs 2.0 xx and Partnerships 900 €mn 1.0 @2023 0.0 2020E Additional 2023 Enel Third parties Capacity
58
1. Margin of contracts in place as of 2023 calculated for full life 141 GW of highly diversified pipeline fuels future growth ambitions…
Renewable pipeline1 Breakdown by growth cluster Global Power Global GenerationPower (GW)
141.0
121.0 Mature Pipeline 22% 68 101.0 ~57 GW
81.0 2 ~57 GW 141 58% 61.0 22 20%
41.0 xx 33
21.0 7 48.7 8.7
1.0 8.6 Integrated presence Gross Early stage COD COD COD BESS In Potential integrated presence -19.0 Pipeline 2 beyond 2024-2025 2021-2023 execution Other countries 2026
1. As of October 31°, 2020 2. Includes storage for 4 GW in early stage and 3 in mature pipeline. Excludes 0.2 GW of storage in execution. 59 …with high level visibility on mid term development targets
2021-23 Renewables growth1: addressed share vs pipeline2 (GW) Global Power Global GenerationPower 2021-23 Pipeline/Residual target
30.0 ~57 GW 3x
25.0 24 Beyond 2023 19.5 GW BY CLUSTER 20.0
Integrated presence 2.7x 15.0 8.7 33 Potential integrated 10.0 2021-23 presence 4.4x 45%
5.0 10.8 addressed Other countries 3.2x
0.0 Target additional In execution Residual target Pipeline capacity 1. Including managed capacity 60 2. As of October 2020 The next three years will mark a further acceleration of power generation decarbonisation…
Capacity evolution1 Production evolution2 Global Power Global GenerationPower (GW) (TWh) CO2 emissions (gCO2eq/kWh)
250.0 ~400 390.0 2020E 2023 2030
340.0 200.0 >170 218 148 82 290.0 265
150.0 ~80% 240.0 216 RES ~100 >80% 190.0 Emission free production (%) 100.0 88 67% 54% RES 140.0 2020E 2023 2030 55% ~70% 90.0 50.0
40.0 66% 77% ~85%
0.0
-10.0 2020E 2023 2030 2020E 2023 2030 Renewables Conventional Generation 61 1. It includes renewable managed capacity and nuclear capacity 2. It includes renewable managed production and nuclear production …as well as of growth & profitability
EBITDA evolution
Global Power Global GenerationPower (€bn)
+13% 2020E 2023 Δ
EBITDA/MWh 2 31 34 +10% 9.0 1.5 0.3 7.7 (€/MWh) 8.0 6.8
7.0 (0.9) EBITDA/MW 6.0 2 71 85 +20%
5.0 (k€/MW)
4.0 4.7 6.5
3.0 Opex/MW 2.0 -7% (k€/MW)2,3 32.6 30.4 1.0 2.1 1.2 0.0 2020E RES Growth RES Conventional 2023 Management generation1
EGP Conventional generation
1. It includes nuclear generation, gas and trading 62 2. It includes renewables and thermal generation 3. In real terms. Global leader in networks for scale, Infrastructure and Network quality and resiliency
Strategic actions Quality and efficiency of network efficiencyand of network Quality Profitability driven Stable regulatoryframeworks provide visibility on returns Capex 400 400 €mn by our RAB supported deployment digital efficiencies growth transformation by more more bythan fuels 10 20 30 40 50 60 70 80 0 2020E 42 +14% RAB RAB (€ 2023 48 bn ) 2030 ~ 70 100 150 200 250 300 50 0 Quality index index Quality 2020E 281 - 19% 2023 228 - SAIDI SAIDI ( min ~ 2030 100 ) 63 Sharp increase in investments leads to a 14% growth in RAB…
Cumulated capex (€bn) Group RAB Infrastructure & & Networks Infrastructure (€bn) (€bn) 2021-23
35.00 Cumulated capex
30.00
80
25.00 ~60 70 +14% +37% 12% 60 ~70 20.00 16.2 48 50 42 15.00 11.8 4.8 40 15 16.2 €bn 23% 11 10.00 4.0 11.4 30
20 5.00 7.8 65% 31 33 10
0.00
- 2020-22 2021-23 2021-30 plan Quality & Resiliency 2020E 2023 2030 Digitalisation Avg. 5.4 RAB IN/RAB OUT ~1.4 (€bn) 3.9 6.0 (2021-2023) Connections 64 Europe RoW Europe RoW …and progression in digitalization and quality of service
End users and digitalization process Quality and reliability Infrastructure & & Networks Infrastructure End users (mn) Share of digitalized end users 2020E 2023 2030
+3% 2020E SAIDI (min) 281 228 c.100
100 90 ~77 80 ~74 ~90 60% 2023 70 SAIFI (#) 3.1 2.5 ~2
60 28 30
50
40 Opex/end
30 1 41.4 34.5 30 64% user (€/cl) 20 47 47
10
- 2020E 2023 2030
Europe RoW Share of digitalized end users @2030 100% 1. In real terms 65 Double digit growth supported by capex acceleration and efficiencies
EBITDA evolution
Infrastructure & & Networks Infrastructure 2020E 2023 Δ (€bn) RAB/end user +19% 11% (€/cl) 563 624
10.0 0.3
9.5 0.5 Opex/end user 1 41.4 34.5 -17% 9.0 0.4 9.5 (€/cl)
8.5 0.3
8.0 EBITDA/end user 107 124 16% 7.5 ~8.0 (€/cl)
7.0
6.5 Stewardship model
6.0 EBITDA 0.1 €bn 5.5 Cumulated 21-23
5.0 Future value of contracts 2020E RAB Efficiency Regulatory & Volumes 2023 2 +1.8x Tariff vs 2020
66 1. In real terms 2. Margin of contracts in place as of 2023 calculated for full life B2C – Reference energy choice, enabling electrification of the customer base
Customer value1 Volumes sold2
+10 mn free market customers on (€/cl/y) (TWh) end of regulated segment and integrated commercial offering
190
100 Initial take up of electrification push 170 +55% 90
150 through commodity and beyond 80 ~100
130 +30% proposition 70 110
60
90 50 62
70 40 Strategic actionsStrategic 91
30 Efficiencies unlocked by platform 50 70 40
20 operating model 30 10
10
0
-10 2020E 2023 2030 2020E 2023 2030
Avg. Unitary consumption 2.5 2.6 3.7 (MWh/cl/y)2 67 1. Europe gross margin per customer 2. Europe Free market B2B - Leading energy partner of global and local businesses
Customer value1 B2B Gross margin
(€bn) +10% increase in customer value (€/cl/y) in first 3 years supported by integration of beyond commodity
2 400 1.9
1.8 Value generation driven by 350 +45% +27% 1.6
300 1.4 platform-based management 1.4
250 289 1.2 1.1 0.4
1 200 0.2
0.8 Strategic actionsStrategic Acceleration of PPAs and energy 150 200 1 0.6 0.9
100
services addressing sustainability 0.4
50 needs 0.2
0 0 2020E 2023 2030 2020E 2023 2030
Commodity Beyond commodity
68 1. Europe gross margin per customer B2G - Trusted partner to support cities in their decarbonization and sustainability path
Electric buses1 Street lighting
Steep acceleration for E-buses with (k) (mn) a six-fold increase of fleet deployed
4.5 Stronger leadership on public 12000 +6x +17%
4
lighting with double digit growth by 10000 3.5 >4
3 2023 8000 >10 3.4
2.5
6000 2.9
2 Strategic actionsStrategic
1.5 Foster sustainability of cities by 4000 5.5
adding >200k public charging points 1 2000
0.8 0.5
0 0 2020E 2023 2030 2020E 2023 2030
Public charging points2 (k) 79 289
69 1. Includes leased and served buses 2. Includes interoperability points
Increasing share of free market customer base Customers
Customers Electricity sold
(mn) (TWh) 45.0 42 39 250.0 205 40.0 198
200.0 35.0 5 13 Developed 30.0 19 48 150.0 markets 25.0 +28% 20.0 +48%
100.0
1 15.0 34 192 (Europe) 150 10.0 23 50.0
5.0
0.0 0.0 2020E 2023 2020E 2023
180
35
160
30
140
25 120
100 20 117
80 Developing 15 108 28 29 60
10 economies 40 (Latin America) 5 20 0
0 2020E 2023 2020E 2023 70 Free Market Regulated Market 1. Power and gas customers Customers Expanding customer value drives EBITDA up by 36%
EBITDA evolution 2020E 2023 Δ (€bn) B2C customer value1 (€/cl/y) 70 91 +30% +36% B2B customer 0.3 value1 (€/cl/y) 200 289 +45% 4.6 0.4 0.1 4.1 0.5 (0.1) 4.5 B2G Revenues 3.6 +60% vs 2020
3.1
2.6 3.3 Opex/Customer 2 22.6 18.8 -17%
2.1 (€/cl)
1.6 Stewardship model
1.1
0.6 EBITDA Cumulated 21-23 1.4 €bn
0.1
-0.4 2020E B2C B2B B2G Efficiency FX & Other 2023 Future value of contracts vs 20203 +2.6x
Fair Value of JVs & Partnerships 3.1 €bn
71 1. Europe gross margin per customer 3. Margin of contracts in place as of 2023 calculated for full life 2. In real terms
Retail and Enel X Customers
Ownership - Retail Stewardship - Enel X
Cumulated capex EBITDA evolution (€bn) Cumulated capex EBITDA evolution (€bn)
1 61% 5 Digital 74% 4 +25% 1 +5x 4
0 2021-23 3 2021-23
3 1.7 €bn 4.3 €bn 0 2 4.0 0.5 0 2 3.2 26%
39% 1
0 CTA 1 0.1 - - Enel Third parties 2020E 2023 2020E 2023
1 Charging points3 (k) ~175 ~780 EBITDA/cust. 45 58 (€/cl) Demand Response Opex/Custumer (GW) 6 10.6 (€/cl)2 22.6 18.8 Storage (MW) 124 527
72 1. Power and gas customers Bus (k) 0.8 5.5 2. In real terms 3. It includes interoperability points Enel @2023 Sustainable growth and value Capex split e EBITDA growth by GBL
Cumulated catalyzed investments 2021-23 Incremental EBITDA 2021-23
(€bn) 1 ~90% SDG aligned 2023 vs 20
6% 16% 8% +1.8
48 €bn -0.9 34% 36% 80%/90% EU +1.5 Taxonomy eligible1,2
+1.2 Renewables Conventional generation Networks Retail & Enel X
Third parties 74 1. Of consolidated Capex 2. Alignment to EU Taxonomy criteria (Climate Change Mitigation) Creating value for Enel
Decarbonization Electrification Digital & Platforms
EBITDA / MWh1 (€) B2C customer 2021-23 Enel’s adjusted value4 (€/cl/y) EBITDA from stewardship model5 +10% 100.00 35.00 90.00 0.3 80.00
70.00 30.00 91 34 60.00 Operating platforms 31 50.00 25.00 70 40.00 1.4 30.00 3.3 €bn Business platforms
20.00 20.00
10.00 1.6 JVs & Partnership
15.00 0.00 2020E 2023 2020E 2023 2 4 Opex/end users (€/cl) Opex/MW2 (k€/MW) B2B customer value (€/cl/y) 300.00 2020E 2023 2020E 2023 250.00 289 200.00 41.4 34.5 32.6 30.4 150.00 200
100.00 2
50.00 Opex/customer (€/cl)
0.00 2020E 2023 ~11 €bn savings on fossil fuels 2020E 2023 by 20303 22.6 18.8
1. It includes renewables and thermal generation 4.. Europe gross margin per customer 75 2. In real terms 5. Including share of income from JVs and capital gains 3. Compared to Enel’s consumption in 2020 Enel @2023 Sustainable finance & financial management A strong financial position
Source of funds allocation 2021-23 Net debt evolution
60.0 (€bn) (€bn)
28.5% 26% 26%
50.0 9.4 (40.0) 46.2 ,80.0 22% 23.5%
,70.0 40.0
,60.0
18.5%
30.0
,50.0
,40.0 13.5%
20.0 ,30.0 57 - 58 48 - 49 ,20.08.5% 10.0 (15.6)
,10.0
3.5% 0.0 - Sources Incremental Gross capex1 Dividends 2020E 2023 2030 of funds debt 2.7x 2.7x 2.7x
FFO/Net debt Net debt/EBITDA 77 1. Includes capex associated with stewardship model Excellent credit quality and well distributed maturities
Net Debt/EBITDA of top European Utilities1 Liquidity and debt maturity by year
(€bn) Maturities/Gross Debt
30 5.1% 8.8% 9.6%
25
3.4x 20
3.5
3 2.7x 2.7x 15
2.5 25.4
2 10
1.5 15.9
1 5
0.5 6.0 6.7 3.2 0 0 2020E 20232023 Available 2021 2022 2023 2021-23 liquidity2 Enel Average Peers New plan Last 3 years Yearly refinancing on average gross debt 11.9% 14.8% 78 1. The panel includes integrated European Utilities (EDP, Iberdrola, EDF, E.on, Innogy, Engie, Naturgy). Source: Bloomberg estimates @17/11/2020 2. As of September 30th, 2020 A growing share of sustainable finance
Sustainable Finance evolution Expected impact on cost of debt
+16pp >20pp 120.0 -15/-20 bps
100.0
30% 80.0 32%
60.0 2020E 52% 2023 48% 2030
40.0 68%
>70% 20.0
0.0 Conventional Sustainability Sustainable Bond Bond benefit Kd Sustainable sources Traditional sources Kd
79 The synergy between private and public sources
Sustainability-Linked Private Sources Public Sources
Commercial Bonds Loans and RCFs Loans Papers
1 1 Size 4.4 €bneq 8.4 €bn eq 10.0 €bn 0.8 €bneq
KPIs
Pricing adj.
55% @2021 RES Capacity/Total Capacity 125 gCO2eq/kWh 60% @2022 RES Capacity/Total Capacity @2030
RES capacity on total CO2 emissions (gCO2eq/kWh) 2020E 2030 2020E 2030 51% 80% 218 82 80 1. Programme size – Enel , EFI and Endesa, KPIs set for Endesa differ from Enel’s ones EU recovery plan to drive an increase in European investments
EU recovery plan1 Enel capex in Europe
(€bn) (€bn)
2000.0 750 Just transition
1800.0 Flexible generation Loans 1600.0 360 1,824 +52% Circularity & innovation
1400.0 Grants2 390 1200.0 24.2 Digitization 1000.0 Resilience 1,074 ~40% to EU 60% 800.0 Hosting capacity Countries of 15.9 600.0 presence Enel
400.0 business aligned 200.0 Transport electrification
0.0 Energy efficiency EU budget Next Recovery 2020-22 2021-23 2021-27 Generation Plan plan plan EU 2021-24
81 1. Excludes Innovation and Modernization Fund resources coming from the ETS that are out of MFF and Next GEN EU; 2 Includes 6€B of Invest EU guarantees. Further reduction in cost of debt
Financial strategy for 2021-23 Cost of debt evolution 2020-23
Amount Expected Current 32% 48% (€bn) cost1 total cost
Centralized new 4.1% 4.0% 6.5 0.9% 3.9% funding 3.9% 3.8% 3.7%
3.7% Bond refinancing 8.3 0.9% 3.8% 3.5% 3.7% 3.6% 3.3% 3.4%
Bank loans 4.7 1.3% 2.1% 3.1% 3.3% 2020E 2021 2022 2023 Emerging markets 4.5 6.0% 6.0% Net Financial 2.2 2.2 2.2 2.2 Expenses Total 24.0 2.0% 3.7% Share of sust. Cost of debt Cost of debt finance New Plan Old Plan
82 1. Enel estimates on current cost associated with financial instruments Enel @2023 De-risking targets 2021-2023 targets will maintain a low risk profile
Decreasing risk perception Business model highly visible and stabilized
Enel Beta – 2015-Current Cumulated EBITDA 2021-23 REN development secured Renewables Production secured 1.14 1.2 Additional Capacity 19.5 56% 1.1 -25% 2021-23 (GW) 80% 422 TWh 1 60 €bn Gap to target (GW) 10.8 2021-23 14% 20% 0.9
0.85 0.8 30%
0.7 Contracted & Covered by PPA regulated activities 2021-23 pipeline 0.6 ~3x Forward sales Merchant Residual target Hedge w/retail portfolio1
84
1. Volume sold forward in year n-1 Power production volumes and margins locked in thanks to long customer position in Europe…
Integrated margin – Generation GM vs retail GM Hedging position on price driven production
160%
60.0 Delta Pool price Integrated 140% STABLE indexed margin hedged STABLE 50.0 Hedging of margins 1 Coal & Gas based on Large vs 2019 120% 4% scenario/market customers
40.0 100%
Renewables 80% 30.0 + Nuke Natural hedging Residential, Small & 60% 20.0 with Medium 92% 96% 40% retail portfolio customers
10.0 20% 36%
0%
- Generation A Retail 2021 2022 Gross margin portfolio
85 1. Calculated on same 2019 mix …with Power Purchase Agreements offering long term visibility in RoW
Growth of PPA portfolio PPAs key features
(TWh) By Off-taker rating By Duration
6% +24% 16% 12% 25% 31% 220 237 237 TWh 237 TWh 170 191
120 22%
70 22% 66% 49% 56%
20 AAA to A- BB+ to BB- >15 yrs 5-10 yrs 2020-22 2021-23 BBB+ to BBB- B+ to CCC- 10-15 yrs < 5 yrs
Share of PPA sales on total Utilities / expected production C&I 20% 80% 12.2 years avg. duration Discos 86 2021-23 Targets 2021-2023 Financial Targets
Earnings growth 2020E 2021 2022 2023 CAGR2020
Ordinary EBITDA (€bn) ~18 18.7-19.3 19.7-20.3 20.7-21.3 +5% / +6%
Net ordinary income (€bn) 5.0-5.2 5.4-5.6 5.9-6.1 6.5-6.7 8% / 10%
CAGR Value creation 2020
Guaranteed DPS (€/sh) 0.35 0.38 0.40 0.43 ~7%
Implied Dividend Yield1 (%) 4.3% 4.6% 4.9% 5.2%
88
1. Share price @ 8.2€/share Closing remarks Closing remarks
Global Unparalleled Maximized Sustainable Renewable Networks Customers Value super major worldwide value for all
Best in class Total Return
90 2021-2023 Annexes Agenda Page
Macro scenario 94
Global Power Generation 97
101 Financial Infrastructure & Networks annexes Retail 106
Enel Group 109
Targets sensitivity 119
ESG 2021 – 2023 Sustainability Plan 123 annexes Focus on Corporate Governance 130
Contact us 137 2021-2023 Financial annexes 2021-2023 Macro scenario GDP, CPI, FX
GDP (%) CPI (%) FX against €1 2021 2022 2023 2021 2022 2023 2021 2022 2023 Italy 5.1 2.8 1.4 1.0 1.0 1.2 n. m. n. m. n. m. Iberia 7.7 3.9 1.9 1.1 1.3 1.4 n. m. n. m. n. m. Latin America
Argentina 4.0 2.3 2.0 34.6 24.8 18.1 109.5 120.4 131.1
Brazil 4.8 2.5 2.4 2.2 3.2 3.5 4.8 4.6 4.6
Chile 5.2 4.3 3.9 2.3 2.5 2.8 806 776 783
Colombia 4.0 4.3 3.8 3.0 3.1 3.0 3,711 3,618 3,646
Peru 6.9 4.4 4.0 2.0 2.3 2.4 3.7 3.7 3.8 Rest of Europe
Romania 3.1 2.5 2.2 2.9 2.7 2.7 4.9 4.9 4.9
Russia 4.9 3.8 1.9 4.1 3.6 3.9 77.0 76.8 78.3 North America
USA 8.9 3.6 1.5 1.2 2.0 2.0 1.12 1.13 1.14
M exico 3.2 2.1 2.0 3.4 3.3 3.2 24.7 24.7 25.1
1. Year end 95 Commodities’ prices
2020E 2021 2022 2023 Gas TTF (€/MWh) 8.5 14.0 15.5 17.0 Gas Henry Hub ($/mmbtu) 2.0 2.4 2.6 2.7 Gas PSV (€/MWh) 10.3 15.8 17.2 18.6 Oil Brent ($/bbl) 39.0 48.0 55.0 59.0 Coal API2 ($/ton) 48.0 57.0 61.0 63.0
CO2 (€/ton) 25.0 30.0 31.0 32.0
96 2021-2023 Global Power Generation Consolidated capacity & production1
By technology2 By geography3 Global Power Global GenerationPower 18% 17% 1% 1% 5% 8% 11% 13% 7% 26% 1% 14% 14% 32% 9% 4 1% 4 15% 2020E 2023 4% 2020E 2023
84 GW 10% 1% >90 GW 84 GW >90 GW Capacity Capacity 26% 4% 20% 29% 30% 24% 33% 26%
19% 15% 9%1% 1% 3% 8% 20% 13% 16% 3% 11% 11% 1% 10% 10% 4 11% 4 15% 2020E 6% 3% 2023 2020E 2023 206 TWh 245 TWh 206 TWh 245 TWh 26% 13%
25% 33% 27% Production Production 26% 34% 30%
Hydro Wind Solar & Other Geothermal Italy Latin America North America Nuke CCGT Coal Oil & Gas Iberia Rest of Europe Africa, Asia & Oceania 98 1. Rounded figures. 2. It excludes managed RES capacity for 3.6 GW in 2020 and 7.6 GW in 2023. 3. It excludes managed RES production for 9.8 TWh in 2020 and 20 TWh in 2023. 4. Percentages are calculated excluding perimeter effects RES additional capacity1 (MW)
Hydro Wind Geothermal Solar & Other Total 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023
Global Power Global GenerationPower Italy 19 - - 129 - 360 6 15 - 17 532 445 171 548 805 Iberia 4 6 - 34 396 450 - - - 705 1,024 1,250 743 1,426 1,700 Latin America - 3 3 1,020 601 600 28 - - 1,370 1,262 470 2,418 1,866 1,073 Rest of Europe - - - 201 511 721 - - - 7 20 50 208 531 771 North America - - - 490 550 300 - - - 465 730 550 955 1,280 850 Africa, Asia & Oceania ------Total 23 9 3 1,874 2,058 2,431 35 15 - 2,564 3,568 2,765 4,495 5,651 5,199 Managed 1,324 807 1,990
1. Rounded figures Total 5,819 6,458 7,189 By technology By geography
8% Italy 45% 20% 20% Iberia Wind Latin America 19.5 GW 19.5 GW Solar & Other 17% Rest of Europe 55% North America 8% 27% Africa, Asia & Oceania
1. Rounded figures 99 COD 2021-2023 pipeline1 (GW)
By geography By technology
Global Power Global GenerationPower COD 2021 2022 2023 Total COD Italy 0.0 2.5 0.7 3.2 2021 2022 2023 Total Iberia - 1.6 3.6 5.2 Wind 0.0 3.5 7.4 10.8 Latin America 0.0 1.1 9.4 10.5 Solar 0.1 7.9 14.5 22.5 Rest of Europe 0.0 0.9 0.7 1.7 North America 0.0 3.3 4.4 7.7 Hydro 0.0 0.0 0.0 0.1 Africa, Asia & Oceania - 2.0 3.2 5.2 Geothermal 0.0 0.0 - 0.0 Total 0.1 11.5 21.8 33.4 Total 0.1 11.5 21.8 33.4
By geography By COD By technology
15% 9% Italy 32% Iberia 16% 35% Latin America 2022 Wind 33.4 GW 33.4 GW 23% Rest of Europe 33.4 GW 2023 Solar & Other North America 65% 32% 5% Africa, Asia & Oceania 68%
1. Rounded figures 100 2021-2023 Infrastructure & Networks Electricity distributed, End users, Smart meters1
Electricity distributed (TWh) End users (mn) Smart meters (mn) Infrastructure & & Networks Infrastructure
468 512 100 74 77 60 45 49
90
520
50
16 80 1 15 1 3.5 70 3 420 3 145 40
130 60 30 12 13 320 28 131 50 30 119 40
220
12 13 20 30 31 32 120 20 203 219 31 32 10 10
20
0 0
-80 2020E 2023 2020E 2023 2020E 2023
Italy Spain Latin America Rest of Europe 1. Rounded figures 102 Networks regulation: high visibility across the full business plan
South America Infrastructure & & Networks Infrastructure Europe 2020 2021 2022 2023 2024 WACC 2020 2021 2022 2023 2024 WACC 3 Italy 5.9% Brazil 12.3% 11.64% Iberia1 5.6% Colombia 7.5% Romania2 6.4% Chile 12.46% 2021-23 BP Argentina Peru1 12% 2021-23 BP
Highly visible frameworks in almost all countries Stable and mature regulations in all countries Discussions ongoing in Peru and Argentina
1. WACC nominal pre-tax 103 2. + 1% new capex 3. Blend of Rio, Cearà, Goias and Eletropaulo Current regulatory framework in Europe1
Italy Iberia Romania
Infrastructure & & Networks Infrastructure WACC real pre tax 5.9% 5.6%2 6.4%4 2020
Next Regulatory 20243 2026 2024 Period
Regulatory Period 4+4 6 5 Length (years)
Metering Owned by Owned by Owned by Ownership DSO DSO DSO
Smart meter Yes No Yes inclusion in RAB
1. As of November 2020 104 2. Nominal pre tax 3. WACC review by 2022 4. + 1% new capex Current regulatory framework in Latin America1
Argentina Brazil Chile Colombia Peru
Infrastructure & & Networks Infrastructure WACC real pre tax 12.46% 12.3% 7.5%2 11.64% 12.0%2,6 2020
Next Regulatory 2022 2023 Nov 2020 2024 2022 Period
Regulatory Period 5 (Rio, Goias) 5 4 5 4 Length (years) 4 (Ceará, São Paulo)
Metering Owned by Owned by Owned by Owned by Owned by Ownership DSO DSO users/DSO users/DSO users4
Smart meter To be To be Yes Yes No5 inclusion in RAB3 defined defined 1. As of November 2020 2. Return rate before taxes, for Chile it is an estimation given that the real WACC post-tax will be 6.0%. 105 3. Chile and Peru uses a Price Cap based on VNR (NRC – New Replacement value) 4. Excluding a pilot project approved by the local regulator, involving 10k smart meters, Smart Meters will be DSO property when the deployment is approved. 5. Smart meters are not included in the RAB, but they will have a regulated remuneration. 6. Nominal term 2021-2023 Retail
Power & gas customers and volumes1 Customers
Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 2020E 2023 2020E 2023 2020E 2023 2020E 2023 Italy 22.7 18.7 98.0 94.9 4.2 4.5 4.5 4.2 Free Market 9.7 18.7 64.4 94.9 4.2 4.5 4.5 4.2 Regulated 13.0 - 33.7 - - - - - Iberia2 10.5 10.6 91.4 98.6 1.7 1.8 5.1 5.3 Free Market 5.7 6.1 78.5 85.8 1.4 1.6 5.0 5.2 Regulated 4.8 4.5 13.0 12.8 0.2 0.2 0.1 0.1 Latin America 27.7 29.3 132.8 158.2 0.0 0.0 0.1 0.5 Rest of Europe 3.0 3.3 8.9 11.5 0.1 0.1 0.1 0.2 Total 63.9 61.8 331.2 363.2 5.9 6.5 9.8 10.3
1. Rounded figures 107 2. Iberia includes Spain and Portugal
Italian and Spanish power market – forecast 2020 Customers
Italy Spain
Customers (mn) Enel Customers (mn) Enel Regulated Free Total market share 1 Regulated Free Total market share 2 Business 2.3 4.9 7.1 38% Business 0.3 0.8 1.1 34% Residential 13.0 16.5 29.6 47% Residential 10.8 17.6 28.4 34% Total 15.3 21.4 36.7 Total 11.0 18.4 29.4 Enel Market Share % 85% 45% 1 Enel Market Share 2 43% 29%
Energy sold (TWh) Enel Energy sold (TWh) Enel Regulated Free Total market share 1 Regulated Free Total market share 2 Business 11.3 188.5 199.8 25% Business 1.4 151.1 152.5 30% Residential 30.6 38.9 69.5 44% Residential 26.1 54.7 80.8 32% Total 41.9 227.4 269.3 Total 27.5 205.8 233.3 Enel Market Share % 80% 28% 1 Enel Market Share 2 47% 33%
Enel estimate based on Forecast 2020 Regulated; % calculated on Total Regulated Market Enel estimate based on Forecast 2020 Free; % calculated on Total Free Market (not including Last Resort - “Salvaguardia”). 1. Comparing with 2019, data have been adjusted to reflect the availability of the growth, on a monthly basis, of free market data provided by the Authority (approx. equal to 2pp) 108 2. Portugal is not included 2021-2023 Enel Group Gross Capex1 (€bn)
Cumulated gross capex by GBL2 Cumulated gross capex by geography3
3% 10% Networks Italy 4% 42% 8% Retail 36% Iberia 7% ~39.0 €bn Conventional generation ~39.0 €bn Latin America Enel X 26% Rest of Europe EGP North America 44% 20% Africa, Asia & Oceania
Global Power Generation Conventional Generation Global Infrastructures Services EGP Retail Enel X Total & Trading & NetworNs & Other
2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 Italy 0.3 0.6 0.3 0.4 1.0 1.3 2.4 2.8 3.0 0.4 0.3 0.4 0.1 0.2 0.2 0.1 0.1 0.1 3.7 5.0 5.2 Iberia 0.3 0.2 0.2 0.6 1.7 1.5 0.8 0.9 0.9 0.1 0.1 0.2 0.0 0.1 0.1 0.0 0.0 0.0 2.0 3.0 2.9 Latin America 0.1 0.2 0.2 2.0 1.2 1.1 1.6 1.8 1.6 0.1 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 3.9 3.2 3.0 Rest of Europe 0.0 0.1 0.1 0.2 1.1 1.0 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 - - - 0.5 1.4 1.3 North America 0.0 0.0 0.0 1.6 1.3 0.6 ------0.0 0.0 0.0 - - - 1.6 1.4 0.6 Africa, Asia & Oceania ------0.0 0.0 0.0 - - - 0.0 0.0 0.0 Total 0.8 1.1 0.8 4.9 6.3 5.5 5.0 5.5 5.7 0.6 0.5 0.6 0.4 0.3 0.3 0.2 0.2 0.3 11.9 14.0 13.1 Total Capex 2021 - 2023 2.7 16.8 16.2 1.7 0.9 0.7 39.0
110
1. Rounded figures. Cumulated figures do not include 1 €bn of equity injections 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown Asset development capex1 (€bn)
Cumulated development capex by GBL2 Cumulated development by geography3
13% 2% 33% Networks Italy 5% Retail 10% 35% Iberia ~26.4 €bn Conventional generation ~26.4 €bn Latin America Enel X Rest of Europe EGP 22% North America 60% 20% Africa, Asia & Oceania
Global Power Generation Conventional Generation Global Infrastructures Services EGP Retail Enel X Total & Trading & NetworNs & Other 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 Italy 0.2 0.5 0.2 0.2 0.9 1.2 1.5 1.9 2.0 - - - 0.1 0.1 0.1 - - - 2.1 3.4 3.6 Iberia 0.0 0.0 0.0 0.6 1.6 1.4 0.4 0.5 0.5 - - - 0.0 - - 0.0 0.0 0.0 1.1 2.2 2.0 Latin America 0.0 0.0 0.0 1.9 1.1 1.0 0.5 0.6 0.5 - - - - 0.0 0.0 0.0 0.0 0.0 2.5 1.7 1.6 Rest of Europe 0.0 0.1 0.1 0.2 1.1 1.0 0.1 0.1 0.1 - - - 0.0 0.0 0.0 - - - 0.3 1.3 1.2 North America - - - 1.5 1.3 0.5 ------0.0 0.0 0.0 - - - 1.6 1.3 0.5 Africa, Asia & Oceania ------0.0 0.0 0.0 - - - 0.0 0.0 0.0 Total 0.3 0.6 0.3 4.6 6.0 5.2 2.6 3.0 3.1 - - - 0.2 0.2 0.2 0.0 0.1 0.1 7.7 9.9 8.9 Total Capex 2021 - 2023 1.2 15.7 8.7 - 0.6 0.2 26.4
111
1. Rounded figures. Cumulated figures do not include 1 €bn of equity injections 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown Group Ordinary EBITDA1
By GBL2 By geography3 (€bn) (€bn) ~18 20.7 - 21.3 ~18 20.7 - 21.3 1% 6% 3% 3% 4% 44% 33% 44% 25% 18% 24% 19% 17% 6% 12% 3% 1% 44% 38% 26% 30%
2020E 2023 2020E 2023
Networks Enel X Italy Latin America North America Retail EGP Iberia Rest of Europe Africa, Asia & Oceania Conventional generation 1. Rounded figures 112 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown Global Power Generation Ordinary EBITDA1
Ordinary EBITDA EGP - By geography2
Global Power Global GenerationPower (€bn) 1% 1% 17% 18% 20% 27%
9 4% 2020E 5% 2023 6.8 7.7 12% 8 4.7 €bn 6.5 €bn 9% 7 1.2 6 2.1 42% 44%
5 2
4 Conventional Generation and Trading - By geography
3 6.5 7% 8% 2 4.7 18% 17% 25% 1 2020E 2023 0 31% 2.1 €bn 1.2 €bn 2020E 2023
36% Conventional generation EGP 58%
Italy Latin America North America 1. Rounded figures 113 2. Other is not included in the breakdown Iberia Rest of Europe Africa, Asia & Oceania Infrastructure & Networks Ordinary EBITDA1
Ordinary EBITDA EBITDA by geography2
Infrastructure & & Networks Infrastructure (€bn)
10000 2% 2%
9500 23% 9.5 9000 36% 42% 2020E 49% 2023
8500 ~8 €bn 9.5 €bn
8000 26% ~8.0 7500 20%
7000 2020E 2023 Italy Latin America Iberia Rest of Europe
1. Rounded figures 114 2. Other is not included in the breakdown
Customers Ordinary EBITDA1 Customers
Ordinary EBITDA Retail - By geography2 (€bn) 2% 3% 7% 11% 18% 2020E 2023 5 23% 4.5 4.0 €bn
4.5 3.2 €bn 0.5 63% 4 3.3 73%
3.5
3 0.1
2.5 Enel X - By geography2 2 4.0
1.5 4% 3.2 7%6% 1 25% 32% 0.5 8% 2023 0 2020E 49% 0.5 €bn 2020E 2023 0.1 €bn 22% 33% 14% Retail Enel X
Italy Latin America North America 1. Rounded figures 115 2. Other is not included in the breakdown Iberia Rest of Europe Africa, Asia & Oceania EBITDA by GBL (€bn)1
Italy Iberia Rest of Europe
~7.9 ~8.2 ~4.3 ~4.2 ~0.5 ~0.7
23% 49% 49% 49% 47% 25% 14% 15% 14% 13% 5% 29% 30% 23% 26% 1% 5% 4% 27% 11% 44% 1% 1% 2% 33% 16% 16% 1% 10% 18% 2020E 2023 2020E 2023 2020E 2023
Networks Conventional generation EGP Retail Enel X
1. Rounded figures 116 2. Other is not included in the breakdown EBITDA by GBL (€bn)1
Latam North America Africa, Asia & Oceania
~4.5 ~7.1 ~0.8 ~1.2 ~0.1 ~0.1
2% 32% 47% 2% 41% 6% 5% 98% 5% 2% 68% 2% 8% 100% 98% 39% 45%
2020E 2023 2020E 2023 2020E 2023
Networks Conventional generation EGP Retail Enel X
1. Rounded figures 117 2. Other is not included in the breakdown Baseload power price & production sold forward
Baseload price 2020E 2021 2022 2023 Italy (€/MWh) 37.0 52.3 53.9 55.3 Iberia (€/MWh) 32.6 47.2 48.4 49.2
Production sold forward 2020E 2021 2022 2023 price % price % price % price % Italy (€/MWh)1 56.9 100% 51.7 85% 51.7 26% - - Iberia (€/MWh)1 73.9 100% 71.6 96% ~ 70.8 43% - - Brazil (USD/MWh) 45.8 100% 50.0 100% 52.4 100% 53.5 100% Chile (USD/MWh) 75.7 100% 69.4 100% 64.9 100% 66.0 100% Colombia (USD/MWh) 58.3 100% 67.2 90% 65.4 90% 67.5 90% Peru (USD/MWh) 53.9 100% 56.5 100% 59.2 100% 61.6 100%
1. Average hedged price; wholesale price for Italy and Spain. 118 2021-2023 Targets sensitivity Risks and opportunities: commodities and volumes
Cum. 2021-23 EBITDA impact (%) Mitigation factors
1 0.8 Increasing renewable production 0.6 0.9 +10% 0.4
0.2
across commodities 0
-0.2
-0.4
-0.6 -0.8
COMMODITY -10% -0.8 Forward hedging strategy -1
0.8
0.6 Long customer position and forward sales +1% 0.4 0.6
0.2
electricity demand 0
VOLUME -0.2
-1% -0.4 -0.5
-0.6 Very diversified customer base
Total 2021-23 impact (1.3%) 1.5% 120 Risks and opportunities: currencies
2021-23 EBITDA & Net Income impact (+/-10% USD/LOC FX1)
(€bn) Net 2021-23 Cumulated Ebitda Income EBITDA by currency BRL 0.9 0.3 2021-23 Cum. 2 EBITDA impact 0.1 0.0 1.5 ARS 11% +10% 1.9 1 CLP 0.2 - 3.2% (2.5%) 0.5 0.5
0 Other 0.7 0.1 60 €bn cum 21-23 64% 25% 2021-23 Cum. 0 Cum 21-23 -0.2 -0.4 BRL (0.7) (0.2) Net. Income impact -0.4
-0.6
-0.8 ARS (0.1) (0.0) 2.8% (2.2%)
-1 EUR -1.2 -1.5 10% -1.4 (0.1) -
- CLP USD -1.6 -1.8 (0.6) (0.1) Latin America -2 Other
121 1. EUR/USD @Plan. Rounded figures Ebitda Net Income % on 2021-23 cumulated 2021-2023 Environmental, Social and Governance annexes 2021-2023 Sustainability Plan Sustainable business model, driving change through growth accelerators
2021 – 2023 Sustainability Plan
*1
1. Growth accelerators include innovation, cyber security, digital supports, circular economy and sustainable finance People we work with
Plan actions 2020E1 2021-23 targets
Gender - % of women in selection 44% women involved in 50% women involved in processes1 recruiting processes recruiting processes
• 100% of people involved • 100% of people involved Climate survey2 • 86% of people participating • 87% of people participating
• 100% of people involved • 100% of people involved Performance appraisal2 • 99% of people appraised • 99% of people appraised
Reskilling and upskilling – Promote and plan reskilling and upskilling programs for Enel people in order to support the energy transition
125 1. Selection processes involving blue collar workers and the USA perimeter are not included as local legislation to protect anti-discrimination practices in the recruiting phase does not allow to monitor this data 2. Eligible and reachable people having worked in the Group for at least 3 months during 2020 Local and global communities
Plan actions 2020E1 2030 targets2
High-quality, inclusive and fair education ~ 2.1 mn beneficiaries 5.0 mn beneficiaries in 20302
Access to affordable and clean energy ~ 9.6 mn beneficiaries 20.0 mn beneficiaries in 20302
Employment and sustainable ~ 2.9 mn beneficiaries 8.0 mn beneficiaries in 2030 and inclusive economic growth
126 1. Cumulated figures since 2015 2. Target increased Environmental sustainability
Plan actions 2020E 2030 targets
1 -54% vs 2017 Reduction of specific Nox emissions -70% in 2030 (vs 2017) (0,36 g/kWheq)
1 -87% vs 2017 Reduction of specific SO2 emissions -90% in 2030 (vs 2017) (0,11 g/kWheq)
-95% vs 2017 Reduction of specific dust emissions1 -97% in 2030 (vs 2017) (0,006 g/kWheq)
Reduction of specific water requirements1 n.a. -65% in 2030 (vs 2017)
1. Redefined in line with the new 2030 Scope 1 emission reduction target certified by the Science Based Targets initiative (SBTi) 127 Innovation
2020E Plan actions 2021-23 targets
New geographies opened for scouting 2 in addition to active Innovation hubs 10 • Enhance the reach of our New lab 1 Launch of 350 Proof of innovation ecosystem to Concept to test innovative to a total of labs 22 find the best solutions solutions worldwide Crowdsourcing challenges launched >50 • Create value by solving more Global call for startups 1 business line needs through the exploitation of open Proof of Concept launched ~100 innovation tools (collaboration with startups, crowdsourcing, partners, Scale-up of 100 academia, intelligence, Solutions under scale-up in the business >30 solutions to boost the technology communities, Strategic Plan solution design activities) accomplishment
128 Cyber security
2020E Plan actions 2021-23 targets
Risky emails blocked (#) 1.8M every day Execution of 36 cyberexercises Cyberexercises involving industrial cyberexercises involving executed on industrial plants/sites (#) 14 industrial plants/sites plants/sites
Internet domain detected for suspect illicit use of the brand (#) 675
Disseminating the Fake corporate profiles detected in social networks (#) 226 information security 15 cyber security culture and changing knowledge sharing events people’s behavior in order per year to reduce risks
1. As of September 2020 129 Focus on Corporate Governance Corporate governance structure
78%
Shareholders’ meeting Audit firm BoD’s composition
11% 11%
1 Board of Statutory Board of Directors Auditors (3 members) Non executive Executive (9 members2) Independent
Nomination and Control and Risks Related Parties Committee Corporate Governance and Compensation Committee Committee Sustainability Committee
1. Chair can be considered independent in accordance with Unified Financial Act criteria 131 2. Out of which 3 Directors drawn from the slate filed by a group of mutual funds and other institutional investors Board composition
Board of Directors Board of Directors’ diversity
Chair Michele Crisostomo 33% (C) Corp. Governance & Sust. C. 44% CEO and Age Gender Francesco Starace General Manager diversity 22% diversity 45% 56% (C) Control & Risks C. Cesare Calari Nomination & Compensation C. 48-52 53-56 57-66 Male Female Costanza Esclapon Corp. Governance & Sust. C. de Villeneuve Nomination & Compensation C. 22% 3 Control & Risks C. 1 3 Samuel Leupold Related Parties C. 4 Tenure 11% Skill Control & Risks C. Alberto Marchi diversity diversity (C) Nomination & Compensation C. 6 67% 5 Corp. Governance & Sust. C. Mariana Mazzucato Related Parties C. 1-3 years 4-6 years Energy Control & Risks C. Mirella Pellegrini Over 6 years Accounting, Finance & Risk Management Related Parties C. Strategy Nomination & Compensation C. Anna Chiara Svelto Expertise in International Environment (C) Related Parties C. Legal & Corporate Governance 132 Non executive Executive Independent (C) Chair Communication & Marketing CEO’s short-term variable remuneration1
Macro objective Objective Type of target Weight2 Entry (50%) Target (100%) Over (150%) Ordinary consolidated Profitability 35% 5.25 €bn 5.35 €bn 5.41 €bn Economic net income
Efficiency Group Opex 20% 8.28 €bn 8.12 €bn 8.04 €bn Economic
Cash and debt FFO/Consolidated net 15% 24.4% 24.9% 25.2% Financial management financial debt
3 3 3 Safety in the FI ≤ 0.80 FI ≤ 0.78 FI ≤ 0.76 Safety 15% & & & ESG workplace FA4≤ 7 FA4≤ 7 FA4≤ 7
COVID 19 Remote management Average IT Average IT Average IT 15% ESG emergency of operations5 logins 80% logins 84% logins 88%
1. Management by objectives (MBO) 2020 2. (%) Weight in the variable remuneration 133 3. FI: Work-related accident Frequency Index 4. FA: Number of Fatal Accidents during 2020, except for road events 5. Average daily logins recorded during the period March-December 2020 to the ten main IT applications used within the Enel Group compared to the period January-February 2020 Long-term variable remuneration1
Macro objective Objective Type of target
Weight5 Target (130%)6 Over I (150%) Over II (280%)6 Enel’s TSR from Enel’s TSR from Enel’s TSR > Performance TSR2 50% 100% to 110% 110% to 115% 115% of TSR Market of TSR Index of TSR Index Index
Profitability ROACE3 25% 39.4% 40.0% 40.6% Financial
Renewable capacity Environmental 15% 59.7% 59.9% 60.0% ESG on total4
CO2 emissions ≤ 220 ≤ 215 ≤210 Environmental 10% 7 7 7 ESG reduction gCO2eq/KWh gCO2eq/KWh gCO2eq/KWh
100%8 of the base amount is assigned in Enel shares, whose number is determined on the basis of the arithmetical mean of Enel’s daily VWAP in the three-months period preceding the beginning of the performance period
1. Long-Term Incentive (LTI) Plan 2020. Performance period: January 1, 2020 – December 31, 2022. 30% payment (if any) in the 4th year. 70% payment (if any) in the 5th year (deferred payment) 2. Average TSR Enel compared to average TSR EUROSTOXX Utilities Index-EMU, calculated in the three-month period preceding the beginning and the end of the performance period 134 3. Cumulative for the 3-year period 2020-2022 4. Renewable sources net consolidated installed capacity /Total net consolidated installed capacity at the end of 2022 5. (%) Weight in the variable remuneration 6. For the CEO/General manager. 100% at target and 180% at Over II for the other beneficiaries of the LTI Plan 2020 7. As at 2022 8. For the CEO/General manager. 50% for the other beneficiaries of the LTI Plan 2020 Enel group’s listed companies
70.1% 64.9% 65.0% 56.4%
Chile Américas1 Russia
93.5% 99.1% 99.9% 100% 100%
Enel Gx Chile Enel Dx Chile Enel Argentina Enel Brasil Enel Perú 96.5%
92.6% 75.7% Enel Gx Piura 83.2% 83.6% Pehuenche Enel Gx Costanera Enel Dx Perú Enel Gx Perú
74.1% 99.7% Not listed companies 135 1. Enel Americas operates also in Colombia through not listed companies Enel Dx Ceará Enel Dx Rio 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. 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.
136 Contact us
Contacts Email [email protected] Phone +39 06 8305 7975
Investor Relations App Monica Girardi iOS Android Head of Group Investor Relations
Investor Relations team Federico Baroncelli Serena Carioti Federica Dori Federica Pozzi Fabrizio Ragnacci Channels Noemi Tomassi Emanuele Toppi Website Enel.com