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Investor Presentation June 2020 Agenda Investor Presentation – Strategic Plan 2020-22 Our positioning Sustainability = Value. Our delivery over time Our vision Our vision in numbers Financial management & Sustainable finance 2020-2022 Strategic plan De-risking long term targets Earnings & targets FY 2019 consolidated results Q1 2020 consolidated results Annexes Investor Presentation Strategic Plan 2020-22 Our positioning A sustainable and fully integrated business model delivering value for shareholders Our positioningOur EBITDA by business Total shareholder return 2015-20191 160% 9% 140% 120% 26% 100% 18% 80% 2019 60% 136% 17.9 €bn 40% 1% 20% 46% 57% 0% Enel FTSE MIB Euro Stoxx 46% Utilities SRI2 10.8% 1. From Jan 1st 2015 to Dec 31st 2019 4 2. Socially Responsible Investors as of December 2019 Enel’s leadership in the new energy world Our positioningOur 1st network # End users 1 operator 74 mn Renewable capacity World’s largest player2 in 46 GW renewables # Customers Largest retail customer base 70 mn worldwide3 1. By number of end users. Publicly owned operators not included 5 2. By installed capacity. Includes managed capacity for 3.7 GW 3. Including customers of free and regulated power and gas markets Sustainability = Value Our delivery over time A sustainable business model that has delivered growth and improved visibility Sustainability=Value EBITDA dynamics (€bn) CAPEX and financial KPIs evolution Traditional model Sustainable model CAGR 2012-15: -1.7% CAGR 2015-19: +4.5% +27% 12.00 ~10 €bn 19 10.00 18 ✔ ~8 €bn 23% Other 8.00 17 16 ✔ 6.00 35% 15 Asset 17.9 4.00 14 15.8 77% development & 13 15.5 15.0 2.00 65% customer 12 11 - 20121 2014 2015 2019 2015 2019 2.5x Net debt/ 2.5x ✔ Target achieved EBITDA 19.1% Net income/ 26.7% EBITDA 7 1. FY 2012 restated in 2013 according to IAS 19 We have focused our capital allocation on renewables… Sustainability=Value Generation capex: 2015 vs 2019 Renewable and Thermal Production (TWh) -17% 300 17% 244 250 34% ~36% 203 200 4.6 €bn 5.1 €bn 89 ~49% 99 150 66% 100 83% 1551 1031 50 2015 2019 0 2015 2019 ~70% % Development ~80% ~40% % RES Capacity ~50% Capex /Total % RES Production/ Renewables Thermal generation Total 8 1. Excluding nuke (39.8 TWh in 2015 and 26.3 TWh in 2019) …to become the world leader in renewables 2015 2019 Installed capacity1 Sustainability=Value Installed capacity 37 GW 46 GW Built capacity Built capacity 1 GW 3 GW EBITDA/CAPEX EBITDA/CAPEX 11% >1.2k 31 11% plants Countries 9 1. Including managed capacity by 3.7 GW Grid expansion and digitalisation have driven efficiencies and created value 2015 2019 Sustainability=Value End Users End users Bogotá Ceará 61 mn 73 mn Goiás Smart meters Smart meters Lima Rio de Janeiro 38.5 mn 44.7 mn Sao Paulo Smart meters 2.0 Santiago Smart meters 2.0 Buenos Aires 0 mn 13.1 mn 2.2 mn 11 ~43 €bn Networks Opex/End user Grids RAB Opex/End user km 57 € 42.5 € 10 We focused on customers and platforms to seize future opportunities Sustainability=Value Customers – key metrics New deployments 1 Energy sold (TWh) 2015 2019 +19% Charging 180 points3 0 k 80 k 160 140 120 159 100 134 80 60 Demand 40 Response 0 GW 6.3 GW 20 - 2015 2019 Power cust. (mn)1 ~12 ~17 Battery storage 0 MW 110 MW Gas cust. (mn) ~5 ~6 EBITDA2 Established a leading position /Customer (€/cl) ~84 ~118 in new services and infrastructures 11 1. Retail free power market, excluding energy sold through PPA in Latin America. Regulated 3. Private and public charging points customers: 38.4mn in 2015 and 46.9mn in 2019 2. Calculated on Gas and Power free market A pervasive innovation and digitalisation process drives change in our organization Sustainability=Value Platformisation process 2017-19 Total investment1 < 2015 2019 > 2020 Pre-Digital Full migration Platform operating ~4.5 strategy to cloud model €bn 2017-19 Cumulated benefit2 Fragmented IT 100% applications in New business ~1.5 platforms Cloud models €bn No economies of Closing of 100% of Platformisation of scale data centers existing businesses 12 1. Digitalization capex 2. EBITDA level Delivery on strategic pillars ✔ Sustainability=Value Industrial Growth ✔ Operational Efficiency ✔ Active Portfolio Management Impact on Group Net Income EBITDA (€bn) Cost Savings (€bn) (€bn) 18 2 0 17 1 0 16 17.9 1 15 17.0 0 1 1.4 14 0.3 13 1 1.1 0 0.2 12 1 0 11 0 10 0 0 9 8 - - 2019 2019 Plan Actual 2019 2019 (Plan 2015-19) 2015-19 2015-19 (Plan 2015-19) RES capacity Opex I&N Asset 41 461 51.7 42.5 ~5% ~10% (GW) (€/end user) Rotation3 End users Opex 65 73 60.3 38.4 (mn) Thermal2 (k€/MW) 13 1. Including managed capacity for 3.7 GW 2. Plan 2015-19 pro forma, does not include large hydro 3. Asset rotated in the period on invested capital Value creation and shareholders remuneration 1 Sustainability=Value Value creation spread (bps) Shareholder return – DPS (€/sh) +250 +105% 400 0.35 350 0.30 370 ✔ 0.328 300 0.25 ✔ 0.28 250 0.20 ~0.24 200 ✔ 0.15 ✔ 150 0.18 0.16 0.10 100 MIN 120 0.21 0.28 0.32 DPS 0.05 50 - - 2015 2019 2015 2016 2017 2018 2019 EPS 0.28 0.32 0.36 0.40 0.47 ✔ Target achieved 14 1. Calculated as the difference between ROIC and WACC Our vision Our strategy addresses dynamically the Our visionOur evolution of sector trends Decarbonisation Enabling Ecosystems Infrastructure & Platforms Electrification 16 Global outlook: decarbonisation through new vision Our Our renewable capacity and services Share of renewables on global capacity1 Flexibility and storage2 Demand Response 250 (GW) 200 150 200 100 3.5x 31% 145 35% 50 57 2018 2040 - Total capacity Total capacity 2020 2030 2040 7.2 TW 15.5 TW 65% 69% 1,400 Storage (GW) 1,200 1,000 800 1,095 600 45x 400 Global renewable installed capacity 200 25 346 4x - 2020 2030 2040 17 1. Source: IEA WEO 2019 SDS Scenario 2. Source: BNEF NEO 2019, BNEF long term energy storage decarbonisation Global Power Generation: a new global business vision Our line to accelerate decarbonisation 1 2019 Consolidated Capacity1 (GW) # sites 60.0 85 81 87 Accelerate and facilitate the 55.0 50.0 54 decarbonisation path ~1,300 45.0 48 40.0 42 35.0 39 30.0 37 33 25.0 Extract synergies and maximize # people 2015 2019 2022 return on investments ~16,000 Consolidated Production1 (TWh) 244 203 223 Enhance transition technologies 165.0 145.0 155 EBITDA 125.0 143 105.0 85.0 99 103 65.0 89 80 ~5.8 €bn 45.0 Optimize workforce skillset 25.0 2015 2019 2022 18 Total Thermal generation Renewables 1. Excluding nuclear and managed capacity. Nuclear EBITDA in 2019E c.500 €mn. decarbonisation Phasing out of coal production over the plan vision Our period 120.0and beyond… 100.0 80.0 Coal production 60.0 (TWh) 92.0 40.0 64.4 20.0 37.6 74% 0-2 16.9 10.4 0.0 2012 2018 2019 2022 2024 2030 Coal on total 19 p.p. production 31.1% 25.7% 16.4% 6.8% 3.9% <1% (%) Coal capacity 61% (GW) 17.6 15.8 11.7 6.6 3.1 < 2 19 decarbonisation …with an accelerated renewables deployment vision Our 2020-22 GROWTH CLUSTERS GW Target of capacity to be added (GW) Fleet decarbonisation in Italy, Spain and Chile 5.4 1.8x Development through PPA mainly in Brazil 16 and US 5.1 14 12 Other developments in countries of 1.1 10 presence / new markets 8 14.1 ✔ 11.6 6 7.8 4 Development in new markets through JVs 2.5 2 2018-20 2019-21 2020-22 Plan Plan Plan TOTAL 14.1 ✔ Target achieved 20 decarbonisation Further acceleration of renewable additions vision Our fueled by organic development Additional capacity evolution: 2019-21 vs 2020-22 plan Renewable capacity evolution (GW) +22% +31% Total capacity 45.9 45.7 59.8 (2.2) 5.6 3.7 3.4 14.1 54.2 2.6 (1.8) 1.7 42.3 42.2 +28% 11.6 65% 14.1 FY 2019 Old plan BSO JVs Organic New plan 2019E Additional Portfolio 2022 2019-21 2020-22 capacity rotation 21 decarbonisation The largest and most diversified pipeline of the vision Our industry is fueling future growth ambitions Renewables pipeline (GW) Breakdown by technology As of October 2019 As of December 2019 100.0 31.4 GW 90.0 1% 80.0 47% 70.0 60.0 58.6 40.0 GW 50.0 40.0 90.0 2.1 52% 3.6 6.1 30.0 20.0 xx 29.6 10.0 19.6 0.0 Wind Solar Gross Early stage COD 2025 COD 2024 COD 2023 COD Hydro Pipeline and beyond 2020-22 22 decarbonisation High level visibility on deployment goals vision Our 2020-22 Renewables growth1: addressed share vs pipeline2 (GW) 2020 ~100% 40.0 GW 30.0 Coverage 2021 69% by year 2020-22 pipeline 25.0 2022 35% ~ 3.4x 23.0 Residual target Beyond 2022 20.0 15.0 65% addressed 14.1 Pipeline 10.0 9.1 17.0 ~ 8.0x 2020-22 Residual target 5.0 5.0 0.0 Target additional Addressed Residual target Pipeline capacity 23 1.
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