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Investor Presentation Agenda Investor Presentation Agenda The next 10 years Enel @2030 Our ambitions Value for all The next 3 years Our ambitions in medium-term targets Sustainable growth and value Enel @2023 Sustainable finance & financial management De-risking targets 2021-23 Targets & Closing remarks FY 2020 consolidated results 2021-2023 annexes 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 4 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 5 … 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 … … ProductProduct Equipment Equipment Commodity Commodity Enabling innovation, extraction of IT Data additional value from existing assets features and selling services to third parties 6 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 43% (GW) (mn) (mn) 55 EBITDA 70 70 50 74 60 70 2020 38% 60 45 49 40 50 17.9 €bn 50 35 40 40 30 51 30 38 30 19% 25 32 38 31 37 20 20 20 Enel 2nd 3rd Enel 2nd 3rd Enel 2nd 3rd 70 mn customers2 TSR 2015-20204 +164% 7 1. It Includes managed capacity 3. 2019 data for comps 2. Power and gas customers 4. From December 31st 2015 to December 31st 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 8 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 9 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 RENEWABLES 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 NETWORKSNETWORKSNETWORKS 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 END USE USE END END USE ~0.1 2010-2019 2020-2040 0.10 EFFICIENCY EFFICIENCY EFFICIENCY 0.00 2010-2019 2020-2040 10 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 2020 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 2020 2030 RES managed capacity 20.00 3.6 ~25 ~40 €bn (GW) 10.00 Electric buses2 (#) 912 >10k 0.00 2021-30 model Stewardship ~10 €bn1 Demand Response (GW) 6 ~20 Enel Third parties Household passed (mn) 11.1 34 11 1. It includes equity injections 2. Includes leased and served buses …through its ownership business model… Capex by GBL Value creation KPIs 2021-30 150 €bn 5% > 3% EBITDA/ ~11% Capex (%) Ownership model Ownership 46% 2021-30 RAB/end +35% >150 €bn 46% user B2C customer 2x value (€/cl/y)1 ~40 €bn Renewables Conventional generation Networks Retail Stewardship model Stewardship Enel Third parties 12 1. Italy and Spain …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 13 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 FY 2020 FY 25 2020 20 17.9 5.220 15 ~18.0 15 5.0-5.2 10 10 5 5 0 0 2020E 2030 2020E 2030 14 …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 15 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 48.6 ~120 Strategic actionsStrategic growth and create value 40.00 3.6 20.00 45 65 Stewardship business model to 0.00 support value creation 2020 2030 Ownership Stewardship 17 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 Generation Power Global 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 2020 Capacity 2030 additions development Countries with Countries with potential 18 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 Generation Power Global (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 3.6 xx 0.0 2020 Additional 2030 Enel Third parties Capacity 19 1. It includes share of income from JVs and capital gains Leveraging on A 206 GW pipeline that is growing worldwide Renewables Pipeline (GW) Mature Pipeline Global Power Generation Power Global GENERATION STORAGE By technology By geography +1.5x ~120 19% 35% 53% ~206 ~60 GW ~60 GW 15% 46% 141 ~60 ~15 1% 31% 10.5 Gross Gross Early stage Mature BESS In Europe Pipeline Pipeline pipeline Pipeline execution North America @CMD Latin America RoW 20 1. As of December 31°, 2020. It excludes 0.2 GW of storage capacity in execution. 2. It includes storage for around 11 GW in early stage and around 4 in mature pipeline. Leveraging on A worldwide platform-based development1 BD global presence Global Power Generation Power Global 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 rate2 >60% growth yoy +50% >75 ~30 An efficient platform Countries (#) 2021-23 2023 vs 20 Development >1 €bn Avg.
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