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

31 (kTWh)

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)

EBITDA 70 70

74 60 70 2020 38% 60 45 49

40 50 17.9 €bn 50

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 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 12 …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

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

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. cost of -10% 32 investments MW developed 21 Flags indicate countries with work force presence 1. 2020 expected figures 2. Calculated as added pipeline/actual pipeline Global Power Generation Projects 1. / force withwork countries the Flagsindicate A Leveraging on 2020 expected figures (except for built capacity) 2. Automation KPI excluding repowering projectsexcludingrepoweringKPI Automation 2. capacity)built for (exceptfigures expected2020 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 3,106 1,600 2020 96 1 construction Workers Workers (#) 2023 vs 20 lead External Projects Project Under time Improvingefficiency 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 2 30% - 9% 14 22 Global Power Generation 13% North North & Central 14% 1. force/assetswithwork countries the Flagsindicate America Countries A worldwide Leveraging on >360 14.7 2020 expected figures 2. Of which 7k wind turbines, 5k solar inverters, 1.5k hydro & geo& hydro 1.5k solarinverters,5k turbines, windwhich7k Of 2. figures expected2020 (#) 72% America 78% >900 Latin 23 9 .7 21% Generating units RES global presence Africa, Asia & platform Europe Oceania > 2 3.1k (#) >70 ~ 3% 16 52% 18% k - 22.8 1.4 based O&M model based O&M 4% Headcount 75% 48% (#) Capacity Capacity (GW) H >4.5 eadcount Other Wind Solar Hydro k Lost Lost production 4. 4. partnershipsJV in operatedwhich plants Of 23 3. 2023 vs 2020 External HC Remote Opex fleet 1 (#) /MW related to O&M to related /MW Aplatform digital highly Anefficient platform 100% - ~5k Aplatform big 7% 2023 vs 2020 Opex workers Plants Digital /MW 3 4 ~ ~1.2k - 10% 86% 23 Leveraging on Hybridization of renewables - Battery storage

BESS energy storage 2030 Cumulated capex 2021-30 Global Power Generation Power Global 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

2020 2030 % Plants hybridized 0% ~30% with battery storage1 24

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 full Competitive 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 2020 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 2020 0 Chile Green Green hydrogen capacity Spain >17x ~120 2023 ~ 5 Italy >2,000 2030 >90 H 2 development projects underprojects 25 Acceleration in RES capex resulting in a c.80% RES share capacity and production

Capacity evolution1 Production evolution2 Global Power Generation Power Global (GW) (TWh) CO2 emissions (gCO2eq/kWh) ~400 250.0 390.0 2020 2030

340.0

200.0 214 82

>170 290.0

240.0 150.0 217 ~80%

190.0 Emission free production (%)

100.0 87.6 >80% 53% 140.0 2020 2030

56% 90.0 50.0

40.0 65% ~85%

0.0

-10.0 2020 2030 2020 2030 Renewables Conventional Generation 26 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 Generation Power Global (GW) 2017 2020 2027

18.0

16.0 Coal production Coal phase (TWh) 70.5 13.2 - 14.0 16.0 out brought

12.0 forward Coal production 28% 6% - 10.0 11.7 on total from 2030

8.0 8.9 Coal emissions 6.0 65 13.6 - (mn ton)

4.0

2.0 Plants (#) 14 10 -

0.0 2017 2019 2020 2027

Coal capacity Old Plan (GW) 9.6 27 Boosting reduction target in GHG emissions, in line with 1.5° scenario

-80%

500.000 Global Power Generation Power Global

450.000

400.000

350.000 414 300.000 FULL 250.000 298 DECARBONIZATION

200.000 1 Scope 1 150.000 214 (gCO2eq/kWh)100.000 148 50.000 82 0.000 2017 2019 2020 2023 2030 2050

Previous SBTi target 125

Scope 32 25.3 -16% 21.2 (Mton CO2)

28 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 of users operating of all and and quality grids on for scale, (€bn) 10 20 30 40 50 60 70 80 0 ~ 2020 ~ 70% 42 RAB 2030 ~70 ( min 100 150 200 250 300 50 0 ) 2020 259 SAIDI - 61% ~ 2030 100 29 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%

60 ~70

~60 €bn ~60 €bn 50

10% 40 ~42 30

67% 20

~60% 10

- 2020 2030 Europe RoW Quality & Resiliency Digitalisation Average 2021-30 6.0 capex. (€bn) Connections 30 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 -61%

+36% -27% FLAT

800 45 259 min 160

40 750 2030 140 35 41 700 ~760 120 ~140 ~140

650 100

25 30

600 80

550 ~100 min 60

500 40 ~560 10

450 20 5

400 - - 2020 2030 2020 2030 2020 2030 End users 74 ~90 (mn) 31 1. Real Terms. Tariff/end user 2020E. 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 ~350 60% 2020 259 41 performance ~100% ~100 ~200 2030 30 32 Leveraging on An unparalleled scale of our network operations1

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) 44.3 points (k) 214

2nd DSO An efficient platform

Grids (#) Countries (#) Headcount (#) Opex/End User 2023 vs 20202 -17% 11 8 34.7k 33 1. 2020 expected figures (except for smart meters) 2. Real Terms Infrastructure & Networks The highest Leveraging on Digitalization investments 2015 6.5 6.5 €bn - 20 digitalisation 46.50 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 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 44 coverage meters Smart control control point Users/Remote Digitalisation KPIs 100% 2020 ~350 34 Infrastructure & Networks 1. Cumulated Distinctive Leveraging on Unique utility with a >85 >85 since >4 Market share by vendor mn 2000, mn excluding smart meters smart meters produced technology smart meters sold smart meters 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 Smart meter the as pivot of 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 Network and Remote control network RES RES dispatching, Storage Authomation Renewables integration authomation Active Demand Active Demand and architecture flexibility 35 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 39 71 20 50

experience and efficiencies 10

0 30 2020 2030 2020 2030 Avg. Unitary consumption (MWh/cl/y)2 2.5 3.7

36 1. Europe gross margin per customer 2. Europe free market. 2020E. and local businesses B2B 2. 1. Strategic actions - 2020E. margin gross Europepercustomer. 2020E. 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 2020 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 value 2020 1.1 0.9 0.2 Commodity Commodity & +1.7x Beyond commodity 2030 1.9 2 37 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 2.8

2 Strategic actionsStrategic

Global leadership on smart lighting 4000 1.5

1 2000 0.9 0.5

0 0 2020 2030 2020 2030

38 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 9.5k customers 42 mn (#) 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 39

1. Power and gas customers. 2020 expected figures (except for # of customers) 2. Real terms Leveraging on Customers Digital platforms to handle the business1

Operating platform for customers at Group’s level Customer segments covered by Enel X plaftorms

Opex/ customer2 (€/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 2020 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 2020 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 2020 2030 1. 2020 expected figures 2. In real terms 40 Customers 1. A growing Leveraging on 1000 1500 2000 2500 3000 3500 4000 4500 500 0 Includes Includes +23x 186k 2020 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) 2020 +3x B2B B2B key offering 6 offering 2030 ~ 20 10000 12000 2000 4000 6000 8000 0 12x 2020 B2G B2G key offering Electric Electric buses 0.9 1 (k) 2030 >10 41 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 40.00

30.00 100.00 40.00 171 20.00

50.00 20.00 49 10.00 56% >80% 60% 100% 0.00 0.00 0.00 2020 2030 2020 2030 2020 2030

B2C Free Unitary Consumption Thermal production on total Demand Response (GW) (MWh/cl/y)1 35% 16% 2.5 3.7 6 ~20

Green Hydrogen built capacity (GW) EV Charging points2 (#) Digital customers (mn)

0 >2.0 186k >4mn 17 ~45

43 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

300.00 150.00 214

250.00 100.00

50.00 200.00 259 82

0.00

150.00

100.00 2020 2030 50.00 ~100 0.00 Circularity improvement3

2020 2030 100

60 86% 2030 50

40 30 54% 20

Reduction of household 10

~25% 0 spending1 2020 2030

C&I savings from 2030 flexibility2 (€mn) >800 GDP created from local >240 investments4 (€bn)

1. vs 2019 Europe 44 2. Calculated from current contracts up to 2024 3. Materials and fuel consumption expected reduction of the Group’s power fleet throughout the life cycle, compared to 2015. 2020E. 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 2020 2030 >17 €bn Business platforms 10.00

5.00 JVs & Partnership 0.00 71 +2x 2020 2030 10.1 Opex/end users2 (€/cl) 1,2 Opex/MW (k€/MW) 4 B2B customer value (€/cust/y) 2020 2030 2020 2030 2020 2030 41 30 32.6 19.4 200 +70% Opex/customer2 (€/cl) 2020 2030 ~11 €bn savings on fossil fuels by 20303 22.6 14

1. It includes renewables and thermal generation. 2020E. 45 4. Europe gross margin per customer. 2020E. 2. Real terms. 2020E. 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 Return2

Average DY Guaranteed CAGR20 6% ~5% DPS

FY 2020 0.43 >13% 0.40 0.358 0.38 0.35

Earnings 0.20 8%-10% CAGR 20201 2021 2022 2023 2030

Growing dividends to 2030 3Y Total Return ~13%

1. Minimum guaranteed dividend 2. EPS CAGR 2020-23 + Average 3Y DY in the period (Share price @ 8.2€/share) Enel @2023 The next three years Long term transition kicks off now…

Investments activated for the energy transition Ownership model

100.00 2020 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 2020 2023

20.00 ~40 RES managed capacity 3.6 7.6 (GW) 10.00 10 €bn Electric buses2 (k) 0.9 5.5

0.00

2021-30 2021-23 Households passed 11.1 28.9 Stewardship model Stewardship (mn) ~2 €bn1

Enel Third parties 48 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 49 2. 1.

Stewardship model Ownership model bythe …supported Fair Value of Fair Including Enel share of share ~ ~ contracts 1 38 38 €bn 0 0 €bn income Third parties Third 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 50 … 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 FY 202025 8-10% 8

20 FY 2020

17.9 6 15 5.2

4 10 ~18

2 5-5.2 5

0 0 2020E 2023 2030 2020E 2023 2030

+300 bps GNI/EBITDA 51 …on sound financial metrics

FFO/Net Debt Net debt/EBITDA

Stable FY 2020 Stable

2.8 27% +400bps

2.7

25% 2.5x

2.6

FY 2020 2.5

23%

2.4

2.3 25%21%

26% 2.2 2.7x 2.7x

19% 22% 2.1

17%

1.9

1.8 15% 2020E 2023 2030 2020E 2023 2030

52 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 +40% ~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 48.6 35.00 ~65 50.0 60 3.6 30.00

40.0 45 25.00 20.6 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 54 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 Generation Power Global

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 ~61 ~42% 11.5 20.0 45 76%

10.0

0.0 15.7 €bn 2020 Capacity 2023 Countries with integrated additions presence development Countries with potential 55 integrated presence 1. Of which 1.1 €bn asset management Renewables stewardship business model

Stewardship additional capacity Capex stewardship model Global Power Generation Power Global (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 3.6 Fair value of JVs 2.0 xx and Partnerships 900 €mn 1.0 @2023 0.0 2020 Additional 2023 Enel Third parties Capacity

1. Margin of contracts in place as of 2023 calculated for full life 206 GW of highly diversified pipeline fuels future growth ambitions…

Renewable pipeline1 Breakdown by growth cluster Global Power Generation Power Global (GW)

250.0

200.0 Mature Pipeline 22% ~60 GW

150.0 ~120 ~60 GW 55%

100.0 ~206 1 23% 28

50.0 32 ~15 10.5

0.0 Integrated presence Gross Early stage COD COD COD BESS In Potential integrated presence Pipeline 2 beyond 2024-2025 2021-2023 execution Other countries 2026

1. As of December 20°, 2020 2. Includes storage for 11 GW in early stage and 4 in mature pipeline. Excludes 0.2 GW of storage in execution. 57 …with high level visibility on mid term development targets

2021-23 Renewables growth1: addressed share vs pipeline2 (GW) Global Power Generation Power Global 2021-23 Pipeline/Residual target

30.0 ~60 GW 3.5x

25.0 28 Beyond 2023 19.5 GW BY CLUSTER 20.0

Integrated presence 2.4x 15.0 10.5 32 Potential integrated 10.0 2021-23 presence 9.0x 54% 5.0 addressed 9.0 Other countries 4.4x

0.0 Target additional In execution Residual target Pipeline capacity 1. Including managed capacity 58 2. As of December 2020 The next three years will mark a further acceleration of power generation decarbonisation…

Capacity evolution1 Production evolution2 Global Power Generation Power Global (GW) (TWh) CO2 emissions (gCO2eq/kWh)

250.0 ~400 390.0 2020 2023 2030

340.0 200.0 >170 214 148 82 290.0 265

150.0 ~80% 240.0 217 RES ~100 >80% 190.0 Emission free production (%) 100.0 87.6 67% 53% RES 140.0 2020 2023 2030 56% ~70% 90.0 50.0

40.0 65% 77% ~85%

0.0

-10.0 2020 2023 2030 2020 2023 2030 Renewables Conventional Generation 59 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 Generation Power Global (€bn)

+13% 2020 2023 Δ

EBITDA/MWh 2 31 34 +10% FY 20209.0 1.5 0.3 7.7 (€/MWh) 8.0 6.8 4.77.0 (0.9) EBITDA/MW 6.0 2 71 85 +20%

5.0 (k€/MW)

4.0 4.7 6.5 FY 2020 3.0 Opex/MW 2.0 -7% 2.2 (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 60 2. It includes renewables and thermal generation. 2020E. 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 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 2020 ~ 42 +14% RAB (€ 2023 48 bn ) 2030 ~ 70 100 150 200 250 300 50 0 Quality index 2020 259 - 12% 2023 228 - SAIDI SAIDI ( min ~ 2030 100 ) 61 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

25.00 ~60 70 +14% +37% 12% 60 ~ 20.00 70 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 2020 2023 2030 Digitalisation Avg. 5.4 RAB IN/RAB OUT ~1.4 (€bn) 3.9 6.0 (2021-2023) Connections 62 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 2020 2023 2030

+3% 2020 SAIDI (min) 259 228 c.100

100 90 ~77 80 74 ~90 60% 2023 70 SAIFI (#) 2.9 2.5 ~2

60 28 30

40 Opex/end

30 1 41 34.5 30 64% user (€/cl) 20 47 47

- 2020 2023 2030

Europe RoW Share of digitalized end users @2030 100% 1. In real terms 63 Double digit growth supported by capex acceleration and efficiencies

EBITDA evolution

Infrastructure & Networks & Infrastructure 2020 2023 Δ (€bn) RAB/end user +19% +11% (€/cl) ~560 624

10.0 0.3

9.5 0.5 Opex/end user 1 41 34.5 -16% 9.0 (€/cl) FY 2020 0.4 9.5

8.5 0.3

7.78.0 EBITDA/end user 104 124 +19% 7.5 (€/cl) ~8.0 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

64 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 +59% 90

150 through commodity and beyond 80 ~100

130 +28% proposition 70 110

90 50 62

70 40 Strategic actionsStrategic 91

30 Efficiencies unlocked by platform 50 71 39 20 operating model 30 10

-10 2020 2023 2030 2020 2023 2030

Avg. Unitary consumption 2.5 2.6 3.7 (MWh/cl/y)2 65 1. Europe gross margin per customer 2. Europe Free market. 2020E. B2B - Leading energy partner of global and local businesses

Customer value1 B2B Gross margin2

(€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 2020 2023 2030 2020 2023 2030

Commodity Beyond commodity

66 1. Europe gross margin per customer. 2020E. 2. 2020E. 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%

lighting with double digit growth by 10000 3.5 >4

3 2023 8000 >10 3.4

2.5

6000 2.8

2 Strategic actionsStrategic

1.5 Foster sustainability of cities by 4000 5.5

adding >200k public charging points 1 2000

0.9 0.5

0 0 2020 2023 2030 2020 2023 2030

Public charging points2 (k) 79 289

67 1. Includes leased and served buses 2. Includes interoperability points. 2020E.

Increasing share of free market customer base Customers

Customers Electricity sold

(mn) (TWh) 45.0 42 39 250.0 205 40.0 180

200.0 35.0 5 13 Developed 30.0 19 150.0 43 markets 25.0 +40% 20.0 +48%

100.0 (Europe)1 15.0 34 192

10.0 23 50.0 137

5.0

0.0 0.0 2020 2023 2020 2023

180

160

140

25 120

100 20 117

80 Developing 15 28 29 60 95

10 economies 40 (Latin America) 5 20 0

0 2020 2023 2020 2023 68 Free Market Regulated Market 1. Power and gas customers Customers Expanding customer value drives EBITDA up by 36%

EBITDA evolution 2020 2023 Δ (€bn) B2C customer value1 (€/cl/y) 71 91 +30% +36% B2B customer 0.3 value1 (€/cl/y) 200 289 +45% 4.6 0.1 FY 2020 0.4 4.1 0.5 (0.1) 4.5 B2G Revenues 3.43.6 +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

69 1. Europe gross margin per customer. B2B customer value 2020E. 3. Margin of contracts in place as of 2023 calculated for full life 2. In real terms. 2020E.

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 +2.5x 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

1 0.2 CTA

- - Enel Third parties 2020 2023 2020 2023

1 Charging points3 (k) ~186 ~780 EBITDA/cust. 45 58 (€/cl) Demand Response Opex/Custumer (GW) 6 10.6 (€/cl)2 22.6 18.8 Storage (MW) 123 527

70 1. Power and gas customers. Bus (k) 0.9 5.5 2. In real terms. 2020E. 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% +1.7

48 €bn -0.2 34% 36% 80%/90% EU +1.8 Taxonomy eligible1,2

+1.1 Renewables Conventional generation Networks Retail & Enel X

Third parties 72 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 71 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 2020 2023 2020 2023 2 4 Opex/end users (€/cl) Opex/MW2 (k€/MW) B2B customer value (€/cl/y) 300.00 2020 2023 2020E 2023 250.00 289 200.00 41 34.5 32.6 30.4 150.00 200

100.00 2

50.00 Opex/customer (€/cl)

0.00 2020 2023 ~11 €bn savings on fossil fuels 2020 2023 by 20303 22.6 18.8

1. It includes renewables and thermal generation. 2020E. 4.. Europe gross margin per customer. 2020E. 73 2. In real terms. 2020E. 5. Including share of income from JVs and capital gains 2020E. 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% 25% 26% 26%

50.0 9.4 (40.0) 46.2 80.0

23.5%

70.0 40.0

60.0

18.5%

30.0

50.0

40.0 13.5%

20.0 30.0 57 - 58

20.08.5% 45.4 10.0 (15.6)

10.0

3.5% 0.0 - Sources Incremental Gross capex1 Dividends 2020 2023 2030 of funds debt 2.5x 2.7x 2.7x

FFO/Net debt Net debt/EBITDA 75 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% 8.6% 8.4%

3.4x 20

3.5

3 2.5x 2.7x 15 2.5 24.6

2 10

1.5 14.9

1 5

0.5 5.9 5.8 3.2 0 0 2020 20232023 Available 2021 2022 2023 2021-23 liquidity2 Enel Average Peers New plan Last 3 years Yearly refinancing on average gross debt 11.9% 15.0% 76 1. The panel includes integrated European Utilities (EDP, Iberdrola, EDF, E.on, Innogy, Engie, Naturgy). Source: Bloomberg estimates @17/11/2020 2. As of December 31st, 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 2020 52% 2023 48% 2030

40.0 68%

>70% 20.0

0.0 Conventional Sustainability Sustainable Bond Bond benefit Kd Sustainable sources Traditional sources Kd

77 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) 2020 2030 2020 2030 54% 80% 214 82 78 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

79 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% 2020 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

80 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 – 2015-20201 Cumulated EBITDA 2021-23 REN development secured Renewables Production secured 1.14 1.2 Additional Capacity 19.5 58% 1.1 -25% 2021-23 (GW) 80% ~400 TWh 1 60 €bn Gap to target (GW) 9 2021-23 20% 0.9 16% 0.85 0.8 26%

0.7 Contracted & Covered by PPA regulated activities 2021-23 pipeline 0.6 3.5x Forward sales Merchant Residual target Hedge w/retail portfolio2

1. As of November 20th 2020. 2. 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% 50%

- Generation A Retail 2021 2022 Gross margin portfolio

83 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

5% +20% 17% 24% 28%

220 26% ~230 ~230 TWh ~230 TWh 170 191

120 30% 18%

70 52% 49% 58%

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% 11.9 years avg. duration Discos 84 2021-23 Targets 2021-2023 Financial Targets

Earnings growth 2020 2021 2022 2023 CAGR2020

Ordinary EBITDA (€bn) 17.9 18.7-19.3 19.7-20.3 20.7-21.3 +5% / +6%

Net ordinary income (€bn) 5.2 5.4-5.6 5.9-6.1 6.5-6.7 8% / 9%

CAGR Value creation 2020

Guaranteed DPS (€/sh) 0.358 0.38 0.40 0.43 +6%

Implied Dividend Yield1 (%) 4.3% 4.6% 4.8% 5.2%

1. Share price @ 8.20 €/share, as of December 30° 2020. Closing remarks Closing remarks

Global Unparalleled Maximized Sustainable Renewable Networks Customers Value super major worldwide value for all

Best in class Total Return

88 Full Year

Consolidated results Full Year 2020 Consolidated results

Francesco Starace CEO Key highlights of the year

Results & shareholders Push on Group Credit rating remuneration decarbonisation simplification improvements

5.2 €bn +3.1 GW Net Income Merger of EGP New record on Latam into at top of the Moody’s renewable Enel Americas range upgrade to Baa1 built capacity effective as of 0.358 €/sh DPS despite COVID-19 April 1st 2021 (+9% vs 2019)

91 A remarkable operational and financial performance amidst COVID-19 pandemic Operational delivery… …coupled with outstanding financial performance

Continued growth +3.1 GW 2020 Total Shareholder Return3 in renewables Net income

Digitalized end 22% 5.2 €bn users1 +500k DY 5% 14% DPS Increasing Share customer base2 +200k price 17% increase 0.358 €/sh

Enel Euro Stoxx Charging points +104k Utilities

Top notch delivery, preserving asset continuity and people's health 92 1. Smart meters installed in 2020 2. Retail free market customer base 3. From Jan 2020 to December 2020 Enhancing green leadership position entering the new decade

55 Unmatched and proven …to deliver the RES

50 45 track record… super major RES 40 49 35

Capacity 30

25 38 1 32 (GW) 20 RES built capacity (GW) RES capacity (GW) Enel 2nd 3rd

140.00

8.00 3x

~7 120.00

7.00

100.00 60 74 6.00

50 End users 80.00 5.00

1 40 145 (mn) 4.00 3.0 3.1 60.00 30 38

3.00 20 31

40.00 Enel 2nd 3rd 2.00 0.9 68 0.3 20.00 1.00 46 49

0.00 0.00

70 2009 2015 2019 2020 2023 2019 2020 2023 2030 60 70 Customers50 40

1 30 51 (mn) 37 20 Enel 2nd 3rd 93 1. 2019 data for comps. Renewable capacity includes managed capacity. Number of customers includes gas and power Fostering scale, quality and resiliency of the backbone of the energy transition

55 Value creation without increasing costs for end users 50

45 RES 40 49 35

Capacity 30 End users (mn) Quality (SAIDI)

25 38 1 32 (GW) 20 2019 Enel 2nd 3rd -12%

100

90 80 ~90 70

70 60 74 74 294 min 60 74 50 2020

50 61 End users 40 (mn)1 40 30

20 30 38

10 20 31

0 Enel 2nd 3rd 259 min 2015 2019 2020 2030

60 RAB (€bn) ~42 ~70 70 Customers50 40 2030 (min.) ~100

1 30 51 (mn) 37 20 Enel 2nd 3rd 94 1. 2019 data for comps. Renewable capacity includes managed capacity. Number of customers includes gas and power Positioning optimally to benefit from growth of customers’ value

Highly urbanized customer base enhances value

55 50 creation from electrification 45 RES 40 49 35

Capacity 30 2 25 38 Total customers B2C Customer value (€/Cl/y) 1 32 (GW) 20 Enel 2nd 3rd Europe 42 mn

150

130 70 +2x

60 74 110

End users50 Latam 90

1 40 (mn) 70 30 38 50

20 31

30 71 Enel 2nd 3rd 62 95% 10 Urban (10) 28 mn 2019 2020 2030 70 areas

60 5% 70 Rural Customers50 areas 40

1 30 51 (mn) 37 20 Enel 2nd 3rd 95 1. 2019 data for comps. Renewable capacity includes managed capacity. Number of customers includes gas and power 2. Europe, Gross margin per customer Delivering on a fully sustainable capex plan, net of currency impact capex up by 7% yoy

Capex by business model and GBL Ownership model FY 2019 FY 2020 5%4% 10.2 Consolidated RES 42.1 45.0 Stewardship10.00 1 0.7 capacity (GW) 9.5 €bn Smart meter 2.0 (mn) 13.1 18.2

8.00 50% 41% Customers free market 17.2 17.4

Ownership model Ownership (mn)

6.00

Ownership 9.5 4% Stewardship model

4.00 FY 2019 FY 2020 RES managed capacity 3.7 3.6 (GW) 2.00 0.7 €bn 55% 41% Electric buses (unit) 283 912

0.00 Stewardship model Stewardship Household passed (mn) FY 2020 7.9 11.1

Global Power Generation Retail Networks Enel X Other 96 1. It does not include 0.1 €bn of equity injections. Global Power Generation

Production evolution1

Renewables (TWh) Conventional Generation (TWh) xx Production on total

300.0 Production from renewables Capacity 239.4 217.0 Capacity 2 2 overtakes conventional sources on total250.0 on total on greener installed base 200.0 -22% Conventional generation 48% 129.7 101.7 44%

150.0 production down by 22% on a 54% 47% 65% drop in coal production

100.0 Key highlights Key 52% 56%

50.0 +5% 115.3 CO2 emissions declined by 109.6 28% versus 2019 46% 53%

0.0 FY 2019 FY 2020

298 GHG emissions 214 (g CO2eq/kWh) 97 1. It includes nuclear generation and production from renewable managed capacity. 2. It includes nuclear and renewable managed capacity. Set new additional capacity record with 3,100 MW built in 2020 notwithstanding COVID-19

Renewable capacity evolution (GW) Emission free share of production1

45.8 Total capacity 48.6 57% emission free 65% emission free

0.2 0.3

FY 2019 FY 2020 3.7 3.6 239 TWh 217 TWh

2.9 -

45.0 42.1 +3,100 MW Emission free production +8 p.p. vs previous year FY 2019 Built Disposal FY 2020

Consolidated capacity Managed capacity

98 1. Emission free production includes nuclear generation (26.3 TWh in FY 2019 and 25.8 TWh in FY 2020) and production from managed capacity (10.2 TWh in FY 2019 and 9.9 TWh in FY 2020) Further acceleration on coal exit to boost GHG emission reduction

Coal production (TWh) Coal capacity (GW)

xx% Coal production on total1 xx% Coal capacity on total1

-65% -24% Coal production down by 65% yoy

13.00

38.00

12.00

33.00 37.6 11.00 11.7 2.8 GW of coal capacity

10.00 28.00 shut down in 2020

9.00

23.00

8.00 8.9

18.00

7.00 Revenues from coal

13.00 16% 6% 6.00 14% 11% 13.2 2.5% on total

8.00 5.00 FY 2019 FY 2020 FY 2019 FY 2020

Coal phase out brought forward from 2030 to 2027

99 1. Does not include managed capacity and production Renewable pipeline up 1.5x enhances visibility on delivery

Renewables Pipeline (GW)

2021-23 Additional GENERATION STORAGE capacity 2021-23 Pipeline/Residual target +1.5x ~120 3.5x

10.5 19.5 BY CLUSTER 206 GW 9.0 ~ Integrated 2.4x 141 ~60 presence Potential integrated ~15 9.0x 10.5 presence

2 Other countries Gross Gross Early stage Mature BESS In 4.4x Pipeline Pipeline 1 pipeline Pipeline execution @CMD Capacity addressed Residual target 100 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. Infrastructure & Networks

SAIDI (min.) Smart meter1 (mn)

xx Smart meter 2.0

-12% +500k Double digit decrease in SAIDI

during COVID-19 year 45.00

300.00

44.50

290.00 294 44.00 44.3

43.50 Grid digitalization: 280.00 43.8

60% of end users with smart meter 43.00

270.00

42.50

260.00 Key highlights Key

42.00

COVID-19: Europe not affected, 250.00 259 13.1 18.2 in Latam financial impact offset, 41.50 economic recovery under discussion 240.00 41.00 FY 2019 FY 2020 FY 2019 FY 2020

Electricity 1 distributed1 508 485 End users 73.8 74.3 (TWh) (mn) 101 1. 2019 restated figure Retail & Enel X

Retail Enel X and new infrastructures

Free market Free market FY 2019 FY 2020 power customers (mn) energy sold (TWh)1 +2.3x 2 82 186 +200k -7% Charging points (k)

Fiber deployment +41% 18 200 184.0 7.9 11.1 170.7 180 (Households passed mn) 17

160

17 17.4 140 -10%

17 17.2 120 +17% 17 100 145.4 131.4 Street lighting (mn) 2.4 2.8

16 20 38.5 39.4 +2% +12% 16 - Storage (MW) 110 123 FY 2019 FY 2020 FY 2019 FY 2020

Total power Demand Response (GW) 6.3 6.0 customers 64.6 63.7 B2B B2C (mn) 102 1. It includes energy losses. 2. Public and private charging points. It includes interoperability points. Merger of EGP Latam assets in Enel Américas

65% 100% Merger effective as of April 1st 2021

Américas Latin America Enel shareholding post transaction2 >75%

September End December PTO launched th April 2020 2020 March 15 , 2021 2021 PTO launched on 10% of pre- merger share capital @140 CLP/sh

BOD launched Merger Merger the transaction approval completion

103

1. Situation at year end 2020 2. Exchange Ratio 0.41x Total Shareholders Return at 22%

DPS (€/Share) 2020 Total Shareholder Return1

+20% Dividend yield

Guaranteed DPS 5% +9% 0.43 0.40 22% 0.38 0.358 0.328 0.30 17% 2019 2020 2021 2022 2023 Share price increase

2020 DPS above guaranteed 0.35 €/sh Guaranteed DPS double digit growth by 2023 104 1. From Jan 2020 to December 2020 Full Year 2020 Financial results

Alberto De Paoli CFO Financial highlights (€mn)

EBITDA1 Net Income1 FFO Net Debt

17,940 5,197 11,525 45,415 - +9% -1% +1%

FY 2019 17,905 4,767 11,630 45,175

1. Ordinary figures 106 Currencies’ weakness over 2020, electricity demand starts recover in H2

Currencies vs. euro1 (∆ yoy) Electricity demand (∆ yoy)

FY 2020 H1 2020 H2 2020 FY

-9% Italy -5% ARS/EUR -34% -2%

-8% Spain BRL/EUR -24% -3% -5%

-5% Brazil -1% CLP/EUR -13% 2%

2% Chile +1% COP/EUR -13% -%

-2% Colombia -2% PEN/EUR -6% -2%

107 1. Average FX of period FX and COVID-19 impact on demand and bad debt (€bn)

Net of Ordinary FX COVID-19 Bad debt COVID-19 & FX Net of FX and COVID-19, EBITDA would have increased by 9% EBITDA 17.9 1.0 0.73 19.6

COVID-19 impact mainly associated with declining volumes in Latam

D&A (6.7) 0.37 (0.29) (6.6) D&A impacted by bad debt provision increase

Group net Net of FX and COVID-19, ordinary 5.2 0.25 0.30 0.15 5.9 Income Group Net Ordinary Income up by 24%

108 Ordinary EBITDA in line vs PY despite COVID-19 and FX devaluation impact

EBITDA FY 2020

By business model By business line EBITDA net of FX and COVID-19 0.3 +9% versus previous year 4.7

7.7 17.9 €bn1 17.9 €bn1 Generation performance boosted by renewables development 2.2

Around 350 €mn FX devaluation 17.6 0.2 3.2 NetworksDevaluation in Europe of Latam up bycurrencies +2%, Latam impact still impactedaffected by for COVID 350 €mn-19 dynamics FX Net of FX EBITDA +4% yoy Networks Enel X Ownership Conventional EGP Stewardship generation Retail 1. It excludes “Services & Other” for around -0.1 €bn. It excludes extraordinary items in FY 2019 (-201 €mn: +94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, -205 109 €mn impairment coal Italy, -103 €mn impairment coal Iberia, -30 €mn price adjustment Kafireas, -7 €mn impairment coal Russia) and FY 2020 (-1.124 €mn: -759 €mn energy transition fund (-612 €mn Iberia, -131 €mn Italia, -11 €mn Colombia, -4 €mn Chile), -133 €mn donations and emergency costs, -186 €mn impairment Italy, -24 €mn impairment Chile, -9 €mn impairment Spain, -14 €mn other EGP Italy (-4 €mn EF Solare Italia, -10 €mn solar panels and other) Global Power Generation Performance driven by growth in renewables, efficiencies and short position

EBITDA evolution (€mn)1 EBITDA by geography1 EGP Conventional Generation & Trading

10,000 +12% Positive contribution of 5% 9,000 new RES capacity 8,000 6,203 6,951 33% 27% 7,000 FY 2020 6,000 Benefits from short position and 1,585 2,230 7.0 €bn 5,000 gas portfolio management

4,000 11% 24%

3,000 4,721 Ongoing efficiencies in

2,000 4,618 conventional generation

1,000

- FY ‘19: 260 €mn PPA early Italy Latin America FY 2019 FY 2020 termination and JV unwinding Iberia RoW North America Gross FY ‘20: 170 €mn provision reversal Margin/ 39.9 43.2 MWh 110

1. Includes Nuke and Trading; FY 2019 restated. GPG - Enel Green Power Continued delivery on renewable growth drives EGP result in 2020

EBITDA evolution (€mn)1 EBITDA by geography1

+2% 500 €mn positive contribution from 4% new capacity developed 5,200.00 29%

4,700.00 42% FY 2020 4,618 4,721 Benefit from higher volumes 4,200.00 4.7 €bn (+6 TWh yoy)

3,700.00 9% 16% 3,200.00 340 €mn negative impact from FX devaluation

2,700.00

2,200.00 Italy Latin America FY 2019 FY 2020 Net of FX and non recurring items Iberia RoW EBITDA up by 14% North America Opex/MW 37.2 33.3 (k€/MW) 111

1. FY 2019 restated GPG - Conventional generation and trading Production down by 22% yoy, benefits from trading activities and efficiencies

EBITDA evolution (€mn)1 EBITDA by geography1

3,000.00 +41% 1% Gas portfolio management 15%

2,500.00 and short position 5%

2,000.00 FY 2020 2,230 Efficiencies for around 150 €mn 57% 2.2 €bn

1,500.00 mainly in Italy and Spain 22% 1,585

1,000.00 Around 130 €mn negative

500.00 impact from FX

- Italy Latin America FY 2019 FY 2020 170 €mn from provision reversal Iberia RoW in Spain North America Opex/MW 33.7 30.3 (k€/MW) 112

1. FY 2019 restated Infrastructure and Networks EBITDA up by 3% net of currency devaluation and COVID-19 impact

EBITDA evolution (€mn)1 EBITDA by geography1

-6% Quality and efficiency programme 10,000.00 21% 8,228 7,714 drive growth in European networks 27%

8,000.00 2,259 FY 2020 Latam 1,598 Demand contraction impacted 7.7 €bn 2% 6,000.00 networks in Latam 5,969 6,116 4,000.00 50% Strong FX devaluation Europe 2,000.00 impacting for 480 €mn

- FY ‘19: 140 €mn regulatory Italy Latin America FY 2019 FY 2020 settlement in Argentina Iberia RoW FY ‘20: 180 €mn provision rev. Spain Opex/End 42.6 37.3 users (€/cust)

SAIDI (min.) 294 259 113 Retail Increase in customer base in spite of COVID-19

EBITDA evolution (€mn)1 Free market – Energy sold (TWh)2

-3% -4% Free market customer base increase 66.2 64.2 driven by +300k customers in Italy 16.1 17.2 +7% 3,334 3,197 Italy 50.1 47.0 -6% Regulated 600 Volumes contraction in Spain, markets 6% 639 FY 2019 FY 2020 recovery signs in Italy B2C -11% B2B Free 2,734 2,558 markets -6% Opex/customers down by 7% 85.1 75.7 versus previous year 19.4 18.7 -4% Iberia FY 2019 FY 2020 65.7 57.0 -13%

Opex/cust. 22.9 21.2 FY 2019 FY 2020 (€/cust) 114 1. FY 2019 restated; 2. Includes energy losses. Profit & loss (€mn)

FY 2020 FY 2019 ∆ yoy Ordinary EBITDA 17,940 17,905 -%

D&A (6,656) (6,809) -2%

EBIT 11,284 11,096 +2%

Financial expenses1 (2,197) (2,413) -9%

Results from equity investments 134 (88) n.m.

EBT 9,221 8,595 +7%

Income taxes (2,541) (1,960) +30%

Minorities (1,483) (1,868) -21%

Group net ordinary income2 5,197 4,767 +9%

1. Includes other financial expenses (-20 €mn in FY 2020, -158 €mn in FY 2019) 2. Excludes extraordinary items: FY2019 (-2,593 €mn: +97 €mn disposal Mercure plant, +49 €mn second tranche earn out Rete Gas, -1,412 €mn coal impairments and other Italy, -108 €mn impairment USA, -902 €mn coal impairments Iberia, -151 €mn coal impairments Chile, -60 €mn impairment RGRES, -34 €mn Slovenske investment impairment and -72 €mn other); FY2020 (-2,587 €mn: -720 €mn Italy due to asset impairments and devaluation of SVK credit, -424 mn JTF mainly in Iberia and italy, -433 115 €mn Slovenske investment impairment, -86 €mn donations and other cost due to COVID-19, -164 €mn impairment Argentina, -351 €mn impairment Mexico, -338 €mn impairment coal Chile, -66 €mn other impairments GPG, -6 €mn write-down of Funac in Brazil) Net Ordinary Income up by 9% driven by focus on minorities and financial charges

Net Ordinary Income evolution (€bn)

+9% Net income increase net of FX impact +14% yoy

5.5 0.2 0.2 0.4 0.2 5.0 0.0 5.2

4.5 4.8 (0.6) Financial expenses reduction thanks to lower cost of debt

4.0

3.5

3.0 Minorities decreased vs PY also thanks to our simplification effort 2.5

2.0 FY 2019 EBITDA D&A Financial Income Taxes Minorities FY 2020 charges on equity

116 Cash flow (€bn)1

20.0

18.0

16.0 17.9 ( 2.1 ) 14.0 ( 0.4 ) ( 0.4 )

12.0 (1.6)

10.0 ( 2.0 ) 11.5 ( 10.2 )

8.0

6.0

4.0

2.0 1.3

- Ordinary ∆ Provisions 2 Provision ∆Working Income Financial FFO Capex FCF EBITDA reversal in capital taxes expenses 3 Spain & other

PY 17.9 (1.8) (0.0) (1.8) (2.7) 11.6 (10.0) 1.7

Delta YoY -% -17% n.m. -15% -25% -1% +2% -21%

1. Rounded figures 2. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt 117 3. Includes dividends received from equity investments Debt (€bn)

Net debt evolution Gross debt

50 -4%

48 1.0 0.5 4.7 46 45.2 61.5 59.0 44 Hybrids 2.4 (2.3) 45.4 60 45.4 Cash 42 9.0 6.0 50 7.3 7.6 Fin. receivables 40

(1.3) 40 Hybrids 38

30 36 Net debt 20 45.4 34 45.2 10

- 30 Dec 31, FCF Dividends APM New FX1 Dec 31, Dec 31, 2019 Dec 31, 2020 2019 paid leasing 2020 Cost of 4.1% gross debt 3.7% -40 bps

1. It includes foreign exchange derivatives realized in the period 118 Liquidity position and credit metrics Strong financial position with ample liquidity available

Liquidity position and LT debt maturities (€bn)1 Credit metrics

19.0 2019 2020

17.0 NET DEBT 15.0 2.5x 2.5x 2021-23 Maturities 14.9 €bn 13.2 /EBITDA 6.0 13.0 1.9 FFO/NET 11.0 DEBT 26% 25% 24.6 €bn 9.0

7.0 5.9 5.8 Rating Outlook 11.3 18.6 5.0 1.4 1.0 3.2 Moody’s Baa1 Stable

3.0 1.8 4.5 4.8 1.0 1.4

-1.0 S&P BBB+ Stable Available committed 2021 2022 2023 2024-2025 credit lines Bank Loans & Others Bonds Cash Fitch A- Stable

1. As of December 31st, 2020. 119 Accelerating towards next decade goals...

Earnings at top of A solid operating People first: the range roll out supporting proactive measure confirming an long term Top quartile 2020 to protect people outstanding positioning to Total Shareholder and ensure growth in spite of capture energy Return business COVID-19 transition continuity disruption opportunities

120 2021-2023 Annexes Agenda

Macro scenario

Global Power Generation

Financial Infrastructure & Networks annexes Retail

Enel Group

Targets sensitivity

ESG 2021 – 2023 Sustainability Plan annexes Focus on Corporate Governance

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 125 Commodities’ prices

2021 2022 2023 Gas TTF (€/MWh) 14.0 15.5 17.0 Gas Henry Hub ($/mmbtu) 2.4 2.6 2.7 Gas PSV (€/MWh) 15.8 17.2 18.6 Oil Brent ($/bbl) 48.0 55.0 59.0 Coal API2 ($/ton) 57.0 61.0 63.0

CO2 (€/ton) 30.0 31.0 32.0

126 2021-2023 Global Power Generation Consolidated capacity & production1

By technology2 By geography3 Global Power Generation Power Global 18% 17% 1% 1% 5% 8% 11% 13% 8% 26% 1% 14% 14% 31% 9% 4 1% 4 15% 2020 2023 4% 2020 2023

84 GW 10% 1% >90 GW 84 GW >90 GW Capacity Capacity 26% 4% 20% 29% 30% 24% 33% 26%

21% 15% 8%1% 1% 3% 8% 21% 13% 16% 3% 9% 11% 1% 10% 10% 4 11% 4 15% 2020 6% 3% 2023 2020 2023 207 TWh 245 TWh 207 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 128 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 Generation Power Global 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 129 COD 2021-2023 pipeline1 (GW)

By geography By technology

Global Power Generation Power Global COD COD 2021 2022 2023 Total 2021 2022 2023 Total Italy 0.1 1.5 2.0 3.6 Iberia 0.0 1.5 3.5 5.1 Wind 0.0 2.7 8.4 11.1 Latin America 0.2 0.7 4.6 5.4 Solar 0.1 7.7 12.6 20.3 Rest of Europe 0.0 0.8 2.3 3.1 Hydro 0.2 0.0 0.0 0.2 North America 0.0 3.3 4.3 7.6 Geothermal 0.1 0.0 - 0.1 Africa, Asia & Oceania 0.0 2.6 4.2 6.8 Total 0.3 10.5 21.0 31.7 Total 0.3 10.5 21.0 31.7

By geography By COD By technology 11% 22% Italy 35% Iberia 16% 33% Latin America 2022 Wind 31.7 GW 31.7 GW Rest of Europe 31.7 GW 2023 Solar & Other 24% 17% North America 67% 10% Africa, Asia & Oceania 64%

1. Rounded figures 130 2021-2023 Infrastructure & Networks Electricity distributed, End users, Smart meters1

Electricity distributed (TWh) End users (mn) Smart meters (mn) Infrastructure & Networks & Infrastructure

485 512 100 74 77 60 44 49

520

16 80 1 15 1 3.5 70 3 420 3 131 145 40 60 30 12 13 320 28 125 131 50 30 40

220

12 13 20

30 31 32 120 20 214 219 31 32 10 10

0 0

-80 2020 2023 2020 2023 2020 2023

Italy Spain Latin America Rest of Europe 1. Rounded figures 132 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 133 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 134 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%. 135 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) 2020 2023 2020 2023 2020 2023 2020 2023 Italy 22.6 18.7 90.2 94.9 4.1 4.5 4.4 4.2 Free Market 9.5 18.7 59.9 94.9 4.1 4.5 4.4 4.2 Regulated 13.1 - 30.3 - - - - - Iberia2 10.4 10.6 80.8 98.6 1.7 1.8 5.0 5.3 Free Market 5.7 6.1 69.4 85.8 1.4 1.6 5.0 5.2 Regulated 4.8 4.5 11.3 12.8 0.2 0.2 0.1 0.1 Latin America 27.6 29.3 118.4 158.2 0.0 0.0 0.2 0.5 Rest of Europe 3.0 3.3 8.8 11.5 0.06 0.1 0.11 0.2 Total 63.7 61.8 298.2 363.2 5.8 6.5 9.7 10.3

1. Rounded figures 137 2. Iberia includes Spain and Portugal

Italian and Spanish power market Customers

Italy Spain

Customers (mn) Enel Customers (mn) Enel Regulated Free Total Market Share % 2 Regulated Free Total Market Share % 3 Business 2.2 5.0 7.2 37% Business - 0.9 0.9 23% Residential 13.0 16.7 29.7 46% Residential 10.9 17.7 28.7 29% Total 15.2 21.7 36.9 Total 10.9 18.6 29.6 Enel Market Share % 1 86% 44% Enel Market Share % 44% 29%

Energy sold (TWh) Enel Energy sold (TWh)4 Enel Regulated Free Total Market Share % 2 Regulated Free Total Market Share % 3 Business 11.6 191.5 203.1 24% Business 1.4 153.5 154.8 31% Residential 28.9 39.5 68.4 44% Residential 26.8 53.6 80.4 33% Total 40.5 231.0 271.5 Total 28.1 207.1 235.2 Enel Market Share % 1 83% 27% Enel Market Share % 47% 32%

1. Enel estimate based on FY2020; % calculated on total regulated market and total free market (excluding “Salvaguardia); 2. Market Share calculated on total free market; 138 3. Customers: CNMC “Informe de supervision de los cambios de comercializador 2020 published 03/12/20; Market Share calculated on total free market; 4. Energy sold: Internal estimation based on “sectorial energy daily forecast system”. 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

140

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

141

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) 17.9 20.7 - 21.3 17.9 20.7 - 21.3 1% 6% 3% 3% 4% 44% 33% 43% 23% 18% 24% 19% 18% 6% 12% 3% 1% 45% 38% 26% 30%

2020 2023 2020 2023

Networks Enel X Italy Latin America North America Retail EGP Iberia Rest of Europe Africa, Asia & Oceania Conventional generation 1. Rounded figures 142 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 Generation Power Global (€bn) 1% 1% 16% 18% 20% 29%

9 3% 2020 5% 2023 6.9 7.7 12% 8 4.7 €bn 6.5 €bn

7 1.2 9% 6 2.2 42% 44%

5 2

4 Conventional Generation and Trading - By geography

3 6.5 5% 8% 2 4.7 15% 22% 25%

1 2020 2023 0 31% 2.2 €bn 1.2 €bn 2020 2023

36% Conventional generation EGP 57%

Italy Latin America North America 1. Rounded figures 143 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)

12000 2% 2% 21% 10000

8000 36% 9.5 2020 2023 42% 50% 6000 7.7 7.7 €bn 9.5 €bn

4000 27%

2000 20%

0 2020 2023 Italy Latin America Iberia Rest of Europe

1. Rounded figures 144 2. Other is not included in the breakdown

Customers Ordinary EBITDA1 Customers

Ordinary EBITDA Retail - By geography2 (€bn) 3% 3% 6% 11% 17% 2020 2023 5 23% 4.5 4.0 €bn

4.5 3.2 €bn 0.5 63% 4 3.4 74%

3.5

3 0.2

2.5 Enel X - By geography2 2 4.0

1.5 5% 3.2 7%6% 1 22% 32% 0.5 8% 2023 0 2020 47% 0.5 €bn 2020 2023 0.2 €bn 25% 33% 14% Retail Enel X

Italy Latin America North America 1. Rounded figures 145 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

8.2 ~8.2 4.4 ~4.2 0.5 ~0.7

23% 48% 49% 48% 47% 14% 27% 14% 12% 14% 5% 29% 30% 23% 23% 6% 4% 29% 11% 2% 44% 1% 1% 2% 32% 17% 16% 10% 18% 2020 2023 2020 2023 2020 2023

Networks Conventional generation EGP Retail Enel X

1. Rounded figures 146 2. Other is not included in the breakdown EBITDA by GBL (€bn)1

Latam North America Africa, Asia & Oceania

4.1 ~7.1 0.8 ~1.2 0.1 ~0.1

2% 47% 32% 2% 41% 6% 5% 98% 5% 2% 8% 2% 100% 98% 68% 39% 45%

2020 2023 2020 2023 2020 2023

Networks Conventional generation EGP Retail Enel X

1. Rounded figures 147 2. Other is not included in the breakdown

Baseload power price & production sold forward Enel Group Enel

Baseload price 2020 2021 2022 2023 Italy (€/MWh) 38.9 52.3 53.9 55.3 Iberia (€/MWh) 34.0 48.4 49.2 49.7

Production sold forward 2020 2021 2022 2023 price % price % price % price % Italy (€/MWh)1 57.5 100% 51.6 85% 51.6 41% - - Iberia (€/MWh)1 73.9 100% 70.7 97% 73.5 57% - - Brazil (USD/MWh) 45.3 100% 53.6 100% 56.9 100% 57.3 100% Chile (USD/MWh) 75.4 100% 70.3 100% 64.7 100% 65.5 100% Colombia (USD/MWh) 59.6 100% 66.3 100% 63.1 97% 63.8 96% Peru (USD/MWh) 54.5 100% 56.4 100% 59.2 100% 61.6 100%

1. Average hedged price; wholesale price for Italy and Spain. 148 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% 150 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

151 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. Growth accelerators include innovation, 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

155 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

156 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) 157 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

158 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 159 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 161 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 162 Non executive Executive Independent (C) Chair Communication & Marketing CEO’s short-term variable remuneration1

Macro Objective Type of target objective 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 163 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 164 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% 75.2% 56.4%

Chile Américas1,2 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

Not listed companies 74.1% 99.7% 165 1. Enel Americas operates also in Colombia through not listed companies Enel Dx Ceará Enel Dx Rio 2. As a result of the partial voluntary PTO launched on March 15th 2021, Enel is expected to reach up to 82.3% in Enel Americas in April 2021 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.

166 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