Enel S p A : Interim Financial Report at September 30, 2025 (interim financial report 30september2025)

INTERIM FINANCIAL REPORT AT SEPTEMBER 30, 2025

Build the

FUTURE through

SUSTAINABLE POWER.

Beyond Repoks: Enel's Graphic Journey to a Sustainable Tomorrow

The graphic design of Enel's 2025 corporate repoking project powerfully reflects our commitment to building a better future.

The design featured in this publication underscores our strong commitment to translating our Purpose "Build the future through sustainable power" into concrete actions.

Specifically, we are dedicated to actively shaping a better tomorrow by reducing environmental impact through clean, innovative, and responsible energy solutions for future generations.

Our visual narrative is crafted to express Enel's commitment to our long-term aim and how we embody our core values: trust, innovation, flexibility, respect, and proactivity. We build trust within our teams and with our stakeholders through clear communication and a focus on

our customers. By fostering curiosity and a practical approach, we drive innovation to meet changing needs and create sustainable solutions. Our ability to adapt enables us to seize new oppokunities in a rapidly changing world, while our respect for individuality and inclusivity fosters teamwork. Together, we work diligently to achieve results with integrity and responsibility, shaping a sustainable future.

As a result, every element of our corporate repoking resonates with Enel's commitment and core values, creating a narrative designed to inspire others to join us on our journey toward a sustainable future.

INTERIM

FINANCIAL REPORT

AT SEPTEMBER 30, 2025

Build the future through sustainable

power

PURPOSE

VISION

Drive electrification, fulfilling people's needs and shaping a better world.

Trust Innovation Proactivity Respect Flexibility

POSITIONING

VALUES

Your energy choices, our responsibility.

Every day, powered by clean energy.

CONTENTS

GUIDE TO NAVIGATING THE REPORT

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1. REPORT

ON OPERATIONS

Highlights 11

Foreword 12

Enel organizational model 13

Reference scenario 16

The macroeconomic environment 16

Energy conditions 17

Significant events

in the 3rd Quaker of 2025 20

Group operations 22

Group performance 26

Analysis of the Group's

financial structure 33

Performance by Segment 38

Thermal Generation

and Trading 43

Enel Green Power 49

Enel Grids 57

End-user Markets 63

Holding and Services 69

Definition of performance

measures 72

Outlook 74

1. CONSOLIDATED FINANCIAL SITUATION

AT SEPTEMBER 30, 2025

Condensed Consolidated

Income Statement 79

Statement of Consolidated Comprehensive Income 80

Condensed Consolidated Statement of Financial Position 81

Statement of Changes in Consolidated Shareholders'

Equity 82

Condensed Consolidated Statement of Cash Flows 84

Notes to the consolidated financial situation

at September 30, 2025 85

Declaration of the officer responsible for preparing

the accounting documentation of Enel SpA pursuant

to Akicle 154-bis, paragraph 2, of the Consolidated Law

on Financial Intermediation, on the Interim Financial Repok

at September 30, 2025 116

‌1

REPORT ON OPERATIONS

10

‌Highlights

Nine months

2025 2024 Change

Revenue (millions of euro)	59,702	57,634	3.6%
Gross operating profit/(loss) (millions of euro)	16,870	18,595	-9.3%
Ordinary gross operating profit/(loss) (millions of euro)	17,262	17,449	-1.1%
Profit attributable to owners of the Parent (millions of euro)	5,236	5,870	-10.8%
Ordinary profit attributable to owners of the Parent (millions of euro)	5,703	5,846	-2.4%
Net financial debt (millions of euro)	57,535	55,767(2)	3.2%
Cash flows from operating activities (millions of euro)	9,093	8,393	8.3%
Capital expenditure (millions of euro)(1)	6,836	7,602	-10.1%

Total net efficient consolidated capacity (GW)(3)	86.3	83.8(2)	3.0%
Net efficient consolidated renewables capacity (GW)(3)	61.2	59.5(2)	2.9%
Net efficient consolidated renewables capacity (%)	70.9%	71.0%(2)	-0.1%
Additional efficient consolidated renewables capacity (GW)	1.22	1.99	-38.7%
Storage (GW)	3.4	2.9(2)	17.2%

Efficient unconsolidated capacity (GW)	6.60	6.30(2) 4.8%
Total efficient installed capacity (GW)	92.90	90.10(2) 3.1%

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Consolidated net electricity generation (TWh)	141.15	147.24 -4.1%
Consolidated net renewable electricity generation (TWh)	98.51	102.02 -3.4%

Electricity distribution and transmission grid (km)	1,831,651	1,870,283(2) -2.1%
Electricity transpoked on Enel's distribution grid (TWh)	355.7	363.3 -2.1%
End users (no.)	68,988,287	69,207,231 -0.3%
End users with active smak meters (no.)	45,943,761	45,835,563 0.2%

Electricity sold by Enel (TWh)	188.1	208.7 -9.9%
Retail customers (no.)(4)	54,606,064	55,608,476 -1.8%
- of which free market(4)	22,772,638	23,902,642 -4.7%

Demand response capacity (MW)	9,909	9,132 8.5%
Public charging points (no.)	29,838	28,314(2) (5) 5.4%

No. of employees

61,192

60,359(2) 1.4%

1. Does not include €2 million regarding units classified as held for sale (€188 million in the nine months of 2024).

2. At December 31, 2024.

3. Following an update to the calculation methodology, the figure includes the efficient capacity of Battery Energy Storage Systems (BESS) as renewables capacity.

4. The figure for the nine months of 2024 reflects a more accurate calculation of the aggregate.

5. The figure at December 31, 2024 reflects a more accurate calculation.

Foreword

The Interim Financial Repok at September 30, 2025 has been prepared in compliance with Akicle 154-ter, paragraph 5, of Legislative Decree 58 of February 24, 1998, with the clarification indicated in the following section, and in conformity with the recognition and measurement criteria set out in the international accounting standards (International Accounting Standards - IAS and International Financial Repoking Standards - IFRS) issued by the International Accounting Standards Board (IASB), as well as the interpretations of the International Financial Repoking Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognized in the European Union pursuant to Regulation (EC) no. 1606/2002 and in effect as of the close of the period.

Akicle 154-ter, paragraph 5, of the Consolidated Financial Intermediation Act, as amended by Legislative Decree 25/2016, no longer requires issuers to publish an interim financial repok at the close of the 1st and 3rd Quakers of the year. The new rules give CONSOB the power to issue a regulation requiring issuers, following an impact analysis, to publish periodic financial information in addition to the annual and semi-annual financial repoks. In view of the foregoing, Enel intends to continue voluntarily publishing an interim financial repok at the close of the 1st and 3rd Quakers of each year in order to satisfy investor expectations and conform to consolidated best practice in the main financial markets, while also taking due account of the quakerly repoking requirements of a number of major listed subsidiaries.

12

‌Enel organizational model

ENEL GROUP CHAIRMAN

P. Scaroni

ENEL GROUP CEO

F. Cattaneo

STAFF

FUNCTIONS

ADMINISTRATION, FINANCE AND CONTROL

S. De Angelis

EXTERNAL RELATIONS

N. Mardegan

AUDIT

A. Spina

CEO OFFICE, STRATEGY AND SUSTAINABILITY

M. Mossini

PEOPLE AND ORGANIZATION

E. Colacchia

LEGAL, CORPORATE, REGULATORY AND ANTITRUST AFFAIRS

F. Puntillo

SECURITY

V. Giardina

GLOBAL SERVICE

FUNCTION

GLOBAL

BUSINESS LINES

GLOBAL SERVICES

S. Ciurli

GLOBAL ENERGY 13

ENEL GRIDS AND INNOVATION

G.V. Armani

AND COMMODITY MANAGEMENT AND CHIEF PRICING OFFICER

L. Ceppatelli

ENEL GREEN POWER AND THERMAL GENERATION

S. Bernabei

ENEL COMMERCIAL

F. Gostinelli

COUNTRIES

AND REGION

ITALY

N. Lanzetta

IBERIA

J. Bogas Gálvez

REST OF THE WORLD

R.A.E. Deambrogio

The Enel Group structure is organized into a matrix that comprises:

Global Business Lines

Global Business Lines, which are responsible for managing and developing assets, optimizing their performance and the return on capital employed in the various geographical areas in which the Group operates (Italy, Iberia and ROW - Rest of the World). In compliance with safety, protection and environmental policies and regulations, they are tasked with maximizing the efficiency of the processes they manage and applying best international practices, sharing responsibility for EBITDA, cash flows and revenue with the countries.

The Group, which also draws on the work of an Investment Committee,1 benefits from a centralized industrial vision of projects in the various business lines. Each project is assessed not only on the basis of its financial return but also in relation to the best technologies available at the Group level. Fukhermore, each business line contributes to guiding Enel's leadership in the energy transition and in the fight against climate change, managing the associated risks and oppokunities in its area of competence. The following provides a brief summary of the primary objectives of each Global Business Line:

• Enel Grids and Innovation: ensures the optimal allocation of resources to achieve

a high level of reliability and quality for electricity supply services, maximizing performance with respect to the most advanced safety standards and developing technologically advanced grids that can fully exploit any synergies; promotes, harmonizes and coordinates innovation and sustainability processes, suppoking the activities of the Global Business Lines and Countries;

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• Global Energy and Commodity Management and Chief Pricing Officer: optimizes the Group's margin through the active management of its hedging strategy and the exposure to commodity risk, taking account of all commercial/market factors in order to maximize the integrated margin in the markets in which we operate through the optimization of gas and fuel supplies, and local dispatching of thermal and renewables generation, while suppoking Enel X Global Retail in defining the commercial strategy;

• Enel Green Power and Thermal Generation: provides guidance for a rapid and

  effective energy transition, growing the pokfolio of renewables generation facilities, and manages the corresponding evolution of thermal generation and storage assets with a view to decarbonizing our energy mix in order to meet the needs of customers in all the countries in which we operate; manages the operation and maintenance of Group generation plants in compliance with applicable policies and regulations governing safety, protection and the environment;

• Enel Commercial: defines the commercial and marketing strategy and manages

  the customer product range for energy, products and services, including electric mobility up to the sale through the various commercial channels, ensuring compliance with safety, protection and environmental regulations, maximizing value for the customer and operational efficiency, and suppoking margin optimization with Global Energy and Commodity Management. Manages the entire customer journey, from activation to billing and suppok, with the aim of improving customer satisfaction and value while optimizing the cost of service and cash flow. Maximizes operational excellence and customer centricity by exploring new service models to improve productivity and effectiveness, driving the transformation needed to ensure long-term competitiveness.

  1. The Group Investment Committee is made up of the heads of Administration, Finance and Control, Innovability, Legal, Corporate, Regulatory and Antitrust Affairs, Global Procurement, and the heads of the Geographical Areas and the Business Lines.

‌Region

and Countries

The Region and Countries are responsible for managing relationships with institutional bodies and regulatory authorities, as well as handling distribution and electricity and gas sales, in their areas, while also providing staff and other service suppok to the business lines. They are also charged with promoting decarbonization and guiding the energy transition towards a low-carbon business model within their areas of responsibility.

The following functions provide suppok to Enel's business operations:

Global Service Function

The Global Service Function is responsible for managing information and communication technology activities, procurement at the Group level, managing global customer relationship activities, facility management and the associated general services. The Global Service Function is also focused on the responsible adoption of measures that enable the achievement of sustainable development goals, specifically in managing the supply chain and developing digital solutions to suppok the development of enabling technologies for the energy transition and the fight against climate change.

Holding Company Staff Functions

The Holding Company Staff Functions are responsible for managing governance 15

processes at the Group level (e.g. Administration, Finance and Control; Personnel and Organization; External Relations; Audit, Legal, Corporate, Regulatory and Antitrust Affairs; Security; CEO Office, Strategy and Sustainability). More specifically, the CEO Office and Strategy and Sustainability Function is also responsible for defining strategy, long-term planning and the Group's strategic objectives, guiding the associated decision-making, and ensures the alignment of internal stakeholders with our strategic positioning, aimed among other things at promoting the decarbonization of the energy mix and the electrification of energy demand, key actions in the fight against climate change; defines the strategy, strategic positioning and guidelines in respect of sustainability, manages the execution of projects and monitors their performance; suppoks the sustainability strategic planning process and suppoks the preparation of the Sustainability Statement.

Reference scenario

The macroeconomic environment

The nine months of 2025 confirm a stabilization of the global economy, despite the slowdown in international trade, new tensions on tariffs and a more uncekain geopolitical context. Global growth kept a moderate pace, suppoked by services and more favorable financial conditions than at the stak of the year. Industry showed signs of recovery, albeit uneven across areas and sectors, while after a first half of resilient consumption, global demand was affected by a slowdown in trade and lower push for investments. Although far from the peaks of 2023, inflation remains persistent in several countries, especially in the services component.

In the euro area, the nine months of the year showed modest growth, held back by the weak performance of manufacturing and declining external demand. Consumption benefited from the gradual improvement in

in the disinflation process but caution in the face of still-present wage pressures.

In Latin America, economic trends were mixed in the 3rd Quaker of 2025, with signs of a slowdown in a context of cautious monetary policies and a delicate balance between suppoking growth and controlling inflation.

In Argentina, GDP is estimated to have increased by 3.2% on an annual basis, down from 6.3% in the previous quaker, while average quakerly inflation is expected at 34.8%, down sharply from 43.4% in the 2nd Quaker.

In Brazil, GDP is expected to grow by 1.9% in the 3rd Quaker, slightly down from 2.2%, with average quar-

16

purchasing power and the decline in energy prices, but business confidence remained fragile. In the 3rd Quaker, euro-area headline inflation stood at 2.1% on an annual basis, suppoked by the decline in energy and food prices, while core inflation decreased more slowly due to service costs and wage rigidity. After cutting interest rates by 0.25 percentage points at its June meeting, the European Central Bank kept them unchanged over the summer, with the deposit rate at 2%, against a backdrop of gradual disinflation and still weak activity.

In the United States, the labor market showed signs of cooling accompanied by a more contained consumption dynamic. Industrial production held up, suppoked by private investment and a strong technology sector, but trade suffered from tariff increases. In the 3rd Quaker, US headline inflation is estimated to stand at 2.9% on an annual basis, suppoked by service prices and rising housing costs. After the July cut, the Federal Reserve cut its key interest rates fukher by 0.25 percentage points in September, bringing the target range to 4.00-4.25%, showing greater confidence

terly inflation at 5.1%, down moderately from 5.4% in the previous quaker. The central bank maintains a cautious stance, progressing towards containing inflation and the expected stak of a gradual rate cut cycle by the end of the year.

In Colombia, GDP growth is expected to increase to 3.0% from 2.1% in the previous quaker, suppoked by expansionary fiscal policy and real wage growth. Inflation remained under pressure, with an average quarterly growth of 5.1%, slightly above the 5.0% in the previous three months, while expectations of rising prices prompted the central bank to keep key interest rates unchanged from its May 2025 meeting.

In Chile, economic activity confirmed signs of moderate growth in the 3rd Quaker, with GDP expected to increase by 2.0% on an annual basis, suppoked by rising private real incomes. Inflation fell in the last six months of the year, allowing the central bank to stak a cycle of rate cuts in July. The mining sector benefited from recovering copper prices and increased demand from Asia.

‌Change in consumer price index (CPI)

Nine months

%	2025	2024	Change
Italy	1.79	1.00	0.79
Spain	2.54	3.06	-0.52
Argentina(1)	49.18	262.74	-213.56
Brazil(1)	5.19	4.22	0.97
Chile	4.47	4.19	0.28
Colombia	5.09	7.08	-1.99
United States(1)	2.69	3.03	-0.34
Canada(1)	1.96	2.56	-0.60

1. Inflation figures are the best estimates available at the repoking date and will be subject to revisions by national statistical institutes in the coming months.

Average exchange rates

Nine months

	2025	2024	Change
Euro/US dollar	1.12	1.09	2.8%
US dollar/Argentine peso	1,180.57	887.07	33.1%
US dollar/Brazilian real	5.65	5.24	7.8%
US dollar/Chilean peso	956.90	937.30	2.1%
US dollar/Colombian peso	4,128.90	3,980.71	3.7%

Energy conditions

The commodity market

The nine months of 2025 continued to be characterized by overall weakness in the oil market. Weak global demand, weighed down by subdued growth in China and the economic slowdown in Europe, did not provide suppok to prices, with the average price of Brent at about $70 a barrel, down from $81.7 a barrel in the same period of the previous year. The average price fell fukher to $68 a barrel in the 3rd Quaker, reflecting oversupply on the market, while new voluntary cuts announced by producing countries failed to stabilize prices.

European gas prices also showed decreasing trends. In the 3rd Quaker of 2025, the average TTF price was

€32.4/MWh, down from €35.3/MWh in the same period of 2024. The decrease was driven by continuous weakness of industrial demand and rapidly filling European storage facilities, which offset the impact of Asian competition for LNG. Nevekheless, the January-September 2025 average price was €38.3/MWh,

17

up from €31.4/MWh in the same period of 2024, reflecting ongoing geopolitical tensions and the higher demand recorded in winter.

The European API2 coal index continued its stabilization phase in 2025, with a January-September 2025 average price of $100.6/ton, down from $110.4/ton in the same period of 2024. In the 3rd Quaker of 2025, the average price was $98.9/ton, down from $114.3/ ton in the same period of 2024. This trend reflects the persistent weakness of electricity demand in Europe, suppoked by renewables growth and high storage levels, while supply remains abundant despite some temporary logistical restrictions.

The average CO2price in the nine months of 2025 was €72.4/ton, up from €64.9/ton in the same period of 2024 (€76/ton in the 3rd Quaker of 2025, up from €67/ton in the same period of 2024), suppoked by the progressive tightening of the European ETS

system, with decreasing emissions cap and fewer free allowances available, in addition to expectations linked to the CBAM (Carbon Border Adjustment Mechanism) and the inclusion of new sectors.

In the nine months of 2025, base metal prices recorded an overall increasing trend. Copper benefited from supply disruptions and demand driven by the energy transition, while aluminum benefited from Chinese

production restrictions and tougher environmental policies. Prices increased for both metals also in the 3rd Quaker, reflecting both a cyclical recovery in industrial demand and the effect of trade tensions following the introduction of 50% tariffs on steel and aluminum by the United States as well as new tariffs on copper. These developments contributed to further fueling volatility, consolidating an upward trend in prices over the course of 2025.

Nine months

2025

2024

Change

Market indicators

Average IPE Brent oil price ($/bbl)	69.9	81.7	-14.5%
Average CO2 price (€/ton)	72.4	64.9	11.6%
Average coal price ($/t CIF ARA)(1)	100.6	110.4	-8.9%
Average gas price (€/MWh)(2)	38.3	31.4	22.0%
Average copper price ($/t)	9,556	9,137	4.6%
Average aluminum price ($/t)	2,566	2,369	8.3%

1. API2 index.

2. TTF index.

Electricity and natural gas markets

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Developments in electricity demand

3rd Quaker Nine months

2025	2024 Change	TWh	2025	2024	Change
80.7	83.9 -3.8%	Italy	233.2	236.0	-1.2%
65.4	63.8 2.5%	Spain(1)	188.6	182.7	3.2%
36.6	36.8 -0.6%	Argentina	110.3	110.3 -
186.4	185.8 0.3%	Brazil	570.9	560.3	1.9%
21.5	21.2 1.4%	Chile(2)	63.8	64.5	-1.1%
21.6	20.8 3.8%	Colombia	62.6	61.6	1.6%

Source: National TSOs

1. Mainland.

2. Sistema Eléctrico Nacional.

In the 3rd Quaker of 2025 electricity demand in Italy decreased slightly compared with the same period of 2024 (-3.8%), reflecting both the slowdown in economic activity and lower demand for cooling in the months of July and August. By contrast, demand in Spain grew by 2.5%, thanks to solid economic momentum. In the nine months of 2025, compared to the same period

in 2024, diverging trends are confirmed. Demand decreased in Italy by 1.2%, but increased by 3.2% in Spain.

In Latin America, data for the 3rd Quaker of 2025 show significant growth in Colombia (+3.8%) and, to a lesser extent, Chile (+1.4%) and Brazil (+0.3%). In Argentina, however, demand is slightly down (-0.6%).

‌Electricity prices

Change in average

Change in average

Average	baseload price	Average peakload	peakload price
baseload price Q3	Q3 2025	price	Q3 2025
2025	-	Q3 2025	-
(€/MWh)	Q3 2024	(€/MWh)	Q3 2024

Italy	110.3	-7.5%	111.0	-9.2%
Spain	66.5	-15.5%	42.5	-32.0%

Electricity prices in Italy showed a downward trend (-7.5%) in the 3rd Quaker of 2025, reflecting the decline of gas prices, in pakicular. In Spain the decline

of the average price of electricity was even more marked (-15.5%) thanks above all to strong renewables generation.

Natural gas demand

3rd Quaker

Nine months

2025	2024	Change	Billions of m3	2025	2024	Change
11.0	11.7	(0.7) -6.0%	Italy	43.4	42.4	1.0	2.4%
6.0	5.7	0.3 6.1%	Spain	19.5	18.4	1.1	6.0%

Demand for natural gas in Italy decreased by 6.0% in the 3rd Quarter of 2025 on the same period of 2024, but it increased over the nine-month period by 2.4%. On the contrary, in Spain, consumption

Natural gas demand in Italy

3rd Quaker

growth was confirmed also in the 3rd Quarter, with an increase of 6.1% which is also reflected in the cumulative figure for the nine months.

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Nine months

2025	2024 Change	Billions of m3	2025	2024	Change
2.7	2.7 - 1.1%	Distribution networks	18.2	17.9	0.3	1.4%
2.8	2.7 0.1 2.1%	Industry	8.8	8.6	0.1	1.4%
5.4	6.2 (0.8) -12.4%	Thermal generation	15.5	14.9	0.6	4.0%
0.2	0.2 - -1.6%	Other(1)	1.0	0.9	-	4.5%
11.0	11.7 (0.7) -6.0%	Total	43.4	42.4	1.0	2.4%

(1) Includes other consumption and losses.

Source: Enel based on data from the Ministry for Economic Development and Snam Rete Gas.

Natural gas demand in Italy decreased in the 3rd Quaker of 2025, mainly reflecting the decline in thermal generation (-12.4%). Considering the nine months of the year, the balance is still positive compared to

2024, with widespread growth in all sectors, driven in pakicular by the increase in demand for thermal generation (+4.0%), especially in the first months of the year.

Significant events

in the 3rd Quarter of 2025

Enel agrees on a €756 million multiborrower and multicurrency financing with EIFO and Citi

On July 25, 2025, the Group signed an agreement aimed at granting multicurrency facilities from Citi and Denmark's Expok and Investment Fund (EIFO), for up to €756 million. The first facility for $500 million (equivalent to around €430 million) was signed by Enel Finance International (EFI).

Enel finalizes the agreement to purchase Cetasa, owner of a pokfolio of wind plants and wind projects in Spain

price for the share buyback at $105.23, equal to the weighted average price over the 90 days prior to July 30, 2025, plus a 15% premium.

The transaction was finalized on October 1, 2025, with a total outlay of €421 million. Following the transaction, the Group increased its interest in Enel Américas SA from 82.27% to 85.71%.

Enel launches a share buyback program of up to €1 billion to pay additional remuneration to shareholders

On July 31, 2025, in implementation of the resolution of the Shareholders' Meeting of May 22, 2025, the Company's Board of Directors approved the launch of

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On July 31, 2025, Enel announced that Enel Green Power España SLU, a Group subsidiary controlled through Endesa, finalized an agreement to buy 37.5% and 25% of the capital of Cetasa from Caja Rural de Soria and Caja Rural de Navarra, respectively. Cetasa is the owner of a 99 MW pokfolio of operating wind plants in the province of Soria, plus a fukher 30 MW in wind projects under development. Following the agreement, Enel Green Power España SLU increased its interest in Cetasa to 100%. The enterprise value on a 100% basis recognized in the agreement is equal to

€60 million.

Enel Américas SA approved a share buyback program

On July 31, 2025, the Board of Directors of the Chilean listed subsidiary Enel Américas SA approved the call of an Extraordinary Shareholders' Meeting held on August 28, 2025 to resolve on the approval of a share buyback program, regarding a maximum of 4% of Enel Américas' share capital, with a duration of 90 days from the date of the Shareholders' Meeting.

The Board of Directors meeting immediately after the Extraordinary Shareholders' Meeting set the purchase

a share buyback program for a total outlay of up to €1 billion and a maximum number of shares not exceeding 495 million in any case, equivalent to approximately 4.87% of Enel's share capital.

The program, extending from August 1 until no later than December 31, 2025, is aimed at providing shareholders a remuneration in addition to the distribution of dividends, as a result of the cancellation of treasury shares purchased for this purpose. For the purposes of executing the program, Enel appointed an authorized intermediary who can make decisions on the purchases in full independence, also in relation to their timing, and in accordance with daily price and volume limits consistent with both the authorization granted by the Shareholders' Meeting of May 22, 2025, and with the provisions of Akicle 5 of Regulation (EU) 596/2014 and Akicle 3 of Delegated Regulation (EU) 2016/1052.

The cancellation of the treasury shares purchased under the program is carried out without reduction of the share capital, in accordance with the resolution of the Shareholders' Meeting of May 22, 2025, and by means of several deeds in a fractional manner.

As of September 30, 2025 Enel has purchased shares for a total €631 million and holds 91,622,961 treasury shares, equal to about 0.9012% of share capital.

‌Enel finalizes the placement of a

$4.5 billion multi-tranche bond at an average cost equivalent in euros of around 3.6%

On September 24, 2025, Enel Finance International NV, the finance company controlled by Enel SpA, launched a multi-tranche bond for institutional investors in the US and international markets for a total $4.5 billion, equivalent to about €3.8 billion.

The issue, guaranteed by Enel, was around 3 times oversubscribed, with total orders for approximately $14.4 billion. The issue was structured in four tranches with settlement date at September 30, 2025, and had an average duration of approximately 12 years and an average cost equivalent in euros of about 3.6%.

The proceeds of the issuance are expected to be used in order to fund the Group's ordinary financing needs, including refinancing of maturing debt.

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Group operations

Operations

Electricity generation

Nine months

2025 2024

Change

Consolidated net electricity generation (TWh)(1)

141.15

147.24 (6.09) -4.1%

of which:

- renewable (TWh)(1)

98.51

102.02 (3.51) -3.4%

Total net efficient consolidated capacity (GW)(2)	86.3	83.8(3)	2.5	3.0%
Net efficient consolidated renewables capacity (GW)(2)	61.2	59.5(3)	1.7	2.9%
Net efficient consolidated renewables capacity (%)	70.9%	71.0%(3)	-0.1%	-
Additional efficient consolidated renewables capacity (GW)	1.22	1.99	(0.77)	-38.7%
Storage (GW)	3.4	2.9(3)	0.5	17.2%

Efficient unconsolidated capacity (GW)(4)	6.60	6.30(3)	0.30	4.8%
Total efficient installed capacity (GW)	92.90	90.10(3)	2.80	3.1%

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1. 151.75 TWh including output of unconsolidated renewables capacity (159.48 TWh in the nine months of 2024). Similarly, renewables generation in the nine months of 2025 would total 109.1 TWh (114.26 in the nine months of 2024).

2. The efficient capacity of Battery Energy Storage Systems (BESS) is included as renewables capacity.

3. At December 31, 2024.

4. Managed capacity under the Stewardship business model.

Net electricity generated by Enel in the nine months of 2025 decreased by 6.09 TWh on the same period of 2024 (-4.1%).

The decrease reflected a decline in output from traditional sources (-2.29 TWh), attributable to decreased recourse to coal-fired plants (-0.64 TWh), combined-cycle plants (-1.48 TWh) and fuel oil and tur-bogas plants (-0.17 TWh) mainly in Italy, Colombia and Peru, (the latter following the disposal of a number of generation companies).

Renewables generation decreased (-3.51 TWh) mainly reflecting a decrease in hydroelectric generation (-3.43 TWh) mainly in Italy, Chile, Argentina, Brazil and Peru, pakly offset by an increase in generation in Colombia

and Spain (the latter following the acquisition of 34 hydro plants), wind generation (-1.44 TWh) mainly in Spain, the United States, Chile, Italy and Peru, and geothermal, biomass and biogas generation (-0.16 TWh), pakly offset by an increase in solar generation (1.52 TWh) mainly in Brazil, Italy, Colombia and Nokh America.

Nuclear generation declined by 0.29 TWh.

Excluding the changes attributable to the above-men-tioned disposals of generation assets in Peru during the nine months of 2024 (3.19 TWh) and the acquisition in 2025 of 34 hydro plants and a number of wind plants in Spain (-1.14 TWh), electricity generation in the nine months of 2025 decreased by 4.04 TWh (-2.8%) over the same period of 2024.

‌NET ELECTRICITY GENERATION BY SOURCE (NINE MONTHS OF 2025)

33.0%

Hydroelectric

34.0% in the nine months of 2024

23.3%

Wind

23.3% in the nine months of 2024

10.6%

Solar

9.2% in the nine months of 2024

2.9%

Geothermal and other

2.8% in the nine months of 2024

13.5%

Nine months of 2025

Total 141.15 TWh

147.24 TWh

in the nine months of 2024

TOTAL RENEWABLE SOURCES: TOTAL TRADITIONAL SOURCES:

Nuclear

13.1% in the nine months of 2024

12.9%

Combined-cycle

13.4% in the nine months of 2024

3.0%

Fuel-oil and turbo-gas

3.0% in the nine months of 2024

0.8%

Coal-kred

1.2% in the nine months of 2024

69.8%

69.3% in the nine months of 2024

30.2%

30.7% in the nine months of 2024

The Group's total net efficient consolidated capacity increased to 86.3 GW, from 83.8 GW at the end of 2024, reflecting the acquisition in Spain of 34 hydro plants from the Acciona Group and a pokfolio of wind plants from Caja Rural de Soria and Caja Rural de

Navarra (0.7 GW), a new thermal combined-cycle plant in Italy (0.8 GW), the increase in Battery Energy Storage System (BESS) capacity in Italy (0.5 GW) and higher solar capacity (0.5 GW).

23

NET EFFICIENT CONSOLIDATED CAPACITY BY SOURCE (AT SEPTEMBER 30, 2025)

32.8%

Hydroelectric

33.0% at December 31, 2024

18.4%

Wind

18.8% at December 31, 2024

14.8%

Solar

14.7% at December 31, 2024

3.9%

BESS

3.4% at December 31, 2024

1.0%

Geothermal and other

1.0% at December 31, 2024

at September 30,

2025

Total 86.3 GW

83.8 GW

at December 31,

2024

TOTAL RENEWABLE SOURCES:

70.9%

70.9% at December 31, 2024

TOTAL TRADITIONAL SOURCES:

29.1%

29.1% at December 31, 2024

14.4%

Combined-cycle

13.9% at December 31, 2024

5.5%

Fuel-oil and turbo-gas

5.7% at December 31, 2024

5.3%

Coal-kred

5.5% at December 31, 2024

3.9%

Nuclear

4.0% at December 31, 2024

Electricity distribution

Nine months

	2025	2024	Change
Electricity transpoked on Enel's distribution grid (TWh)	355.7	363.3	(7.6)	-2.1%
End users with active smak meters (no.)(1)	45,943,761	45,835,563	108,198	0.2%
Electricity distribution and transmission grid (km)	1,831,651	1,870,283(2)	(38,632)	-2.1%
End users (no.)	68,988,287	69,207,231	(218,944)	-0.3%
SAIDI (average minutes)(3)	140.6	138.5	2.1	1.5%
SAIFI (average no.)(3)	1.9	1.8	0.1	-

1. Of which 30.4 million second-generation smak meters in the nine months of 2025 and 30.2 million in the nine months of 2024.

2. At December 31, 2024.

3. The figure for 2024 was restated following an update of the calculation method from LTM (last twelve months) to YTD (year-to-date).

Electricity transpoked on Enel's distribution grid in the nine months of 2025 came to 355.7 TWh, down 7.6 TWh (-2.1%) on the same period of 2024, mainly reflecting the sale of distribution assets in Peru (-3.7 TWh) and in a number of municipalities in the provinces of Milan and Brescia in Italy (-6.6 TWh).

Thus, excluding the effects of the above-mentioned changes in the scope of consolidation in the two peri-

The number of Enel end users with active smak meters at September 30, 2025 increased by 108,198, mainly reflecting increases in Brazil (+734,551), Spain (+82,401), Chile (+3,603) and Colombia (+13), pakly offset by decreases in Italy (-712,267) and Argentina (-103).

The number of Enel end users at the end of the nine months of 2025 decreased by 218,944 on the same period of 2024 (-0.3%). The decrease is mainly attributable

24

ods under review, electricity distribution increased by

2.7 TWh (+0.8%), mainly reflecting an increase in volumes transpoked in Spain (+3.3 TWh).

End-user Markets

to the already mentioned disposal of distribution assets in the provinces of Milan and Brescia in Italy (-718,387), only pakly offset by increases in the Rest of the World (+422,322), mainly in Latin America, and Spain (+77,121).

Nine months

	2025	2024	Change
Electricity sold by Enel (TWh)	188.1	208.7	(20.6)	-9.9%
Gas sold to end users (billions of m3)	4.3	5.0	(0.7)	-14.0%
Retail customers (no.)(1) (2)	54,606,064	55,608,476	(1,002,412)	-1.8%
- of which free market(2)	22,772,638	23,902,642	(1,130,004)	-4.7%
Demand response capacity (MW)	9,909	9,132	777	8.5%
Public charging points (no.)(3)	29,838	28,314(4) (5)	1,524	5.4%

1. Total retail customers include fiber optic customers.

2. The figure for the nine months of 2024 reflects a more accurate calculation of the aggregate.

3. If the figures also included charging points of joint ventures, they would amount to 31,347 at September 30, 2025 and 29,629 at December 31, 2024.

4. At December 31, 2024.

5. The figure at December 31, 2024 reflects a more accurate calculation of the aggregate.

‌Electricity sold by Enel in the nine months of 2025 amounted to 188.1 TWh, a decrease of 20.6 TWh (-9.9%) on the same period of 2024 reflecting a decrease in quantities in Italy, Brazil, Chile, Argentina and Colombia and the disposal of assets in Peru (-4.8 TWh). Excluding this last change, the decrease in electricity sold is 15.8 TWh (-7.8%).

Gas sold by Enel in the nine months of 2025 amounted to 4.3 billion cubic meters, a decrease of 0.7 billion cubic meters on the same period of 2024 (-14.0%).

People at the Enel Group

The Enel Group workforce at September 30, 2025 numbered 61,192, of which 29,603 employed outside Italy. In the nine months of 2025, the workforce increased by 833, reflecting the positive balance be-

Enel's public charging points numbered 29,838 in the nine months of 2025, an increase of 1,524 compared with December 31, 2024, in Italy, Spain and Latin America.

Demand response capacity in the nine months of 2025 amounted to 9,909 MW, up 777 MW compared with the same period of 2024, mainly in Italy, the United States, Australia, South Korea and the United Kingdom.

tween new hires and terminations (+797) and changes in the scope of consolidation (36) mainly following the acquisition of Corporación Acciona Hidráulica SL in Spain.

No.	at Sept. 30, 2025	at Dec. 31, 2024	Percentage of total at Sept. 30, 2025	Percentage of total at Dec. 31, 2024
Thermal Generation and Trading	4,745	5,105	7.8%	8.4%
Enel Green Power	7,328	8,269	12.0%	13.7%
Enel Grids	34,492	32,214	56.4%	53.4%
End-user Markets	6,767	7,944	11.1%	13.2%
Holding and Services	7,860	6,827	12.7%	11.3%
Total	61,192	60,359	100.0%	100.0%

25

Group performance

Ordinary income statement(1) Income statement

Revenue	59,702	56,251	3,451	6.1%	59,702	57,634	2,068	3.6%
Costs	42,978	38,368	4,610	12.0%	43,370	38,605	4,765	12.3%
Net results from commodity contracts	538	(434)	972	-	538	(434)	972	-
Gross operating profit/(loss)	17,262	17,449	(187)	-1.1%	16,870	18,595	(1,725)	-9.3%
Depreciation, amokization and impairment losses	5,853	5,804	49	0.8%	5,946	5,867	79	1.3%
Operating profit/(loss)	11,409	11,645	(236)	-2.0%	10,924	12,728	(1,804)	-14.2%
Financial income	4,946	4,535	411	9.1%	4,946	4,535	411	9.1%
Financial expense	6,941	6,845	96	1.4%	6,991	6,845	146	2.1%
Total net financial income/(expense)	(1,995)	(2,310)	315	13.6%	(2,045)	(2,310)	265	11.5%
Share of profit/(loss) of equity-accounted investments	(12)	194	(206)	-	(41)	(6)	(35)	-
Pre-tax profit/(loss)	9,402	9,529	(127)	-1.3%	8,838	10,412	(1,574)	-15.1%
Income taxes	2,629	2,676	(47)	-1.8%	2,567	3,403	(836)	-24.6%
Profit/(Loss) from continuing operations	6,773	6,853	(80)	-1.2%	6,271	7,009	(738)	-10.5%
Profit/(Loss) from discontinued operations	-	-	-	-	-	-	-	-
Profit for the year (owners of the Parent and non-controlling interests)	6,773	6,853	(80)	-1.2%	6,271	7,009	(738)	-10.5%
Attributable to owners of the Parent	5,703	5,846	(143)	-2.4%	5,236	5,870	(634)	-10.8%
Attributable to non-controlling interests	1,070	1,007	63	6.3%	1,035	1,139	(104)	-9.1%

Millions of euro

Nine months

2025 2024

Change

Nine months

2025 2024

Change

26

(1) The ordinary income statement does not include non-recurring items, as defined in the section "Definition of performance measures". The summary of results presents a reconciliation of repoked figures with ordinary figures for the following aggregates: gross operating profit, operating profit, and profit for the period (attributable to owners of the Parent).

Foreword

In light of the Group ongoing reorganization and the finalization of the divestment program in 2024, the table below repoks financial information as prepared for management purposes, in order to provide a consistent and comparable representation of the Group performance and allow a better understanding of underlying developments.

The information, prepared on the basis of "like-for-like" management data, reflects the changes in the consolidation scope in application of the Group strategy to focus on core countries and business lines, as if these had been in place since the beginning of the period.

‌Nine months

Like for like

Millions of euro	2025	2024	Change		2025	2024	Change
Revenue	59,702	57,634	2,068	3.6%	59,702	55,605	4,097	7.4%
Ordinary gross operating profit/(loss)	17,262	17,449	(187)	-1.1%	17,262	17,109	153	0.9%
Ordinary operating profit/(loss)	11,409	11,645	(236)	-2.0%	11,409	11,363	46	0.4%
Group ordinary profit/(loss)	5,703	5,846	(143)	-2.4%	5,703	5,455	248	4.5%

Like-for-like figures for the nine months of 2024 are presented for the purposes indicated above, to allow a consistent comparison of operating developments

based on the scope of consolidation existing at the beginning of 2025.

Therefore, they exclude the following transactions:

Nine months 2024 Ordinary gross

Millions of euro	Revenue	(loss)	profit/(loss)	profit/(loss)
Carrying amount	57,634	17,449	11,645	5,846
Gains from the sale of assets in Peru	(1,347)	-	-	-
Sale of assets in Peru	(579)	(249)	(191)	(116)
Sale of distribution assets in municipalities of Milan and Brescia	(87)	(75)	(75)	(54)
Sale of investment in Slovenské elektrárne	-	-	-	(208)
Other	(16)	(16)	(16)	(13)
Like-for-like value	55,605	17,109	11,363	5,455
Revenue
	Nine months

operating profit/ Ordinary operating

Group ordinary

27

Millions of euro	2025	2024	Change
Sale of electricity	29,960	33,134	(3,174)	-9.6%
Transpok of electricity	9,514	9,087	427	4.7%
Fees from network operators	1,031	686	345	50.3%
Transfers from institutional market operators	1,207	1,403	(196)	-14.0%
Sale of gas	3,664	4,242	(578)	-13.6%
Transpok of gas	424	356	68	19.1%
Sale of fuels	975	1,048	(73)	-7.0%
Fees for connection to electricity and gas networks	726	631	95	15.1%
Revenue from construction contracts	866	762	104	13.6%
Sale of commodities with physical settlement and fair value gain/(loss) on contracts settled in the period	8,181	1,572	6,609	-
Sale of value-added services	883	933	(50)	-5.4%
Sale of environmental cekificates	87	219	(132)	-60.3%
Sale of assets	22	1,358	(1,336)	-98.4%
Gain from sale of propeky, plant and equipment and intangible assets	13	51	(38)	-74.5%
Grants for environmental cekificates	176	244	(68)	-27.9%
Sundry reimbursements	323	262	61	23.3%
Tax paknerships	415	696	(281)	-40.4%
Other income	1,235	950	285	30.0%
Total	59,702	57,634	2,068	3.6%

At September 30, 2025, Group revenue came to

€59,702 million, up 3.6% from €57,634 million in the corresponding period of 2024.

The increase on like-for-like basis is equal to €4,097 million and mainly reflects higher revenue from the Thermal Generation and Trading business, with the sale of commodity on the wholesale market, within a framework of rising average prices compared

Costs

with the same period of 2024, as well as the increase in revenue from the transpok of electricity and gas, mainly in Italy, and in retail revenue in Spain. These factors have more than offset the decrease in retail revenue in Italy, connected to the repositioning in the customer pokfolio, which led to a decrease in average rates applied and a decrease in volumes in the top and corporate segments.

Millions of euro	2025	2024	Change
Electricity purchases	13,104	13,895	(791)	-5.7%
Consumption of fuel for electricity generation	2,035	2,628	(593)	-22.6%
Fuel for trading and gas for sale to end users	10,014	3,921	6,093	-
Materials	1,731	1,677	54	3.2%
Personnel expenses	3,456	3,470	(14)	-0.4%
Services, leases and rentals	12,078	12,101	(23)	-0.2%
Environmental cekificates	933	1,130	(197)	-17.4%
Other charges related to the electricity and gas system	232	186	46	24.7%
Other charges for taxes and fees	1,084	992	92	9.3%
Capital losses and other costs on the disposal of equity investments	342	1	341	-
Extraordinary solidarity levies	-	202	(202)	-
Other expenses	583	558	25	4.5%
Capitalized costs	(2,222)	(2,156)	(66)	-3.1%
Total	43,370	38,605	4,765	12.3%

Nine months

28

As commented above for revenue, costs also increased in the period ended September 30, 2025, mainly reflecting the increase in prices of energy commodities, in pakicular gas in Italy, which impacted on fair value measurement of gas purchase contracts with physical settlement closed in the nine months of 2025.

Costs in the period also include the charges relating to the finalization of the sale of a residual interest in Slovenské elektrárne due to the release in profit or loss of negative equity reserves in respect of that company (€341 million).

‌Ordinary gross operating profit/(loss)

Nine months

Millions of euro	2025	2024(1)	Change
Thermal Generation and Trading	2,381	2,542	(161)	-6.3%
Enel Green Power	5,119	5,620	(501)	-8.9%
Enel Grids	6,529	6,210	319	5.1%
End-user Markets	3,363	3,297	66	2.0%
Holding and Services	(130)	(220)	90	40.9%
Total	17,262	17,449	(187)	-1.1%

(1) Performance data for the nine months of 2024, regarding the End-user Markets and Enel Grids segments in the Rest of the World were reallocated in line with the regulatory systems of the various countries. Moreover, following a new organizational arrangement, the performance and financial data of the 3SUN subsidiary were reallocated from Enel Green Power to the Holding and Services Business Line.

Ordinary gross operating profit decreased by €187 million (-1.1%) compared with the same period of 2024. Excluding the effects commented in the foreword, and considering like-for-like operating figures, the ordinary gross operating profit increased by €153 million and also reflects the effects of adverse exchange rate developments (for a total €355 million), mainly in Brazil (€152 million), Colombia (€75 million) and Argentina (€73 million).

Net of these changes, the like-for-like ordinary gross operating profit increased by €508 million, thanks to the performance of Integrated Businesses in Spain and Enel Grids in Italy, as a result of the strong acceleration of investment, implemented staking from 2023. These effects more than offset the decrease in the retail segment in Italy with the normalization of the offering pokfolio for retail customers and the decrease in quantities sold.

Gross operating profit/(loss) 29

Gross operating profit came to €16,870 million (€18,595 million in the nine months of 2024), a decrease of €1,725 million, mainly reflecting the effects mentioned in relation to ordinary gross operating profit, as well as the recognition, in the nine months of 2024, of income from the sale of electricity generation and distribution assets in Peru (€1,347 million)

and charges for extraordinary solidarity levies in Spain (€202 million). These effects were compounded by the recognition in the 2nd Quaker of 2025 of charges relating to the finalization of the sale of a residual interest in Slovenské elektrárne due to the release in profit or loss of negative equity reserves in respect of that company (€341 million).

Millions of euro

Nine months 2025

Thermal Generation

and Trading

Enel Green

Power Enel Grids

End-user Markets

Holding

and Services Total

Ordinary gross operating profit/(loss)	2,381 5,119		6,529	3,363	(130)	17,262
Gain/(Loss) of mergers and acquisitions	(341) -		-	-	-	(341)
Corporate restructuring plans and other non-recurring charges	(2)	(5)	(7)	(20)	(14)	(48)
Impairment losses	-	(3)	-	-	-	(3)
Gross operating profit/(loss)	2,038	5,111	6,522	3,343	(144)	16,870

Nine months 2024(1)

Thermal Generation

Enel Green

End-user

Holding

Millions of euro	and Trading	Power	Enel Grids	Markets	and Services	Total
Ordinary gross operating profit/(loss)	2,542	5,620	6,210	3,297	(220)	17,449
Gain/(Loss) of mergers and acquisitions	44	65	1,274	-	(15)	1,368
Extraordinary solidarity levies	-	-	-	-	(202)	(202)
Impairment losses	-	-	-	(20)		(20)
Gross operating profit/(loss)	2,586	5,685	7,484	3,277	(437)	18,595

(1) Performance data for the nine months of 2024 regarding the End-user Markets and Enel Grids segments in the Rest of the World were reallocated in line with the regulatory systems of the various countries. Moreover, following a new organizational arrangement, the performance and financial data of the 3SUN subsidiary were reallocated from Enel Green Power to the Holding and Services Business Line.

Ordinary operating profit/(loss)

30

Nine months

Millions of euro	2025	2024(1)	Change
Thermal Generation and Trading	1,742	1,911	(169)	-8.8%
Enel Green Power	3,655	4,365	(710)	-16.3%
Enel Grids	3,983	3,756	227	6.0%
End-user Markets	2,317	1,982	335	16.9%
Holding and Services	(288)	(369)	81	22.0%
Total	11,409	11,645	(236)	-2.0%

(1) Performance data for the nine months of 2024 regarding the End-user Markets and Enel Grids segments in the Rest of the World were reallocated in line with the regulatory systems of the various countries. Moreover, following a new organizational arrangement, the performance and financial data of the 3SUN subsidiary were reallocated from Enel Green Power to the Holding and Services Business Line.

Ordinary operating profit at September 30, 2025 decreased by €236 million compared to the same period of 2024.

On a like-for-like basis and reflecting the develop-

ments already discussed for ordinary gross operating profit and higher depreciation and amokization of investments entering service in the previous 12 months, the ordinary operating profit increased by €46 million.