Enel S p A : Interim Financial Report at March 31, 2024

INTERIM FINANCIAL REPORT AT MARCH 31, 2024

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INTERIM FINANCIAL REPORT AT MARCH 31, 2024

CONTENTS

.	REPORT ON
OPERATIONS	7
Highlights		9
Foreword		10
Enel organizational model	11
Reference scenario		14
The macroeconomic environment	14
Energy conditions	16
Significant events in the 1st Quarter
of 2024		18
Group performance		20
Analysis of the Group's financial
position and structure	27
Performance by primary segment
(Business Line) and secondary
segment (Geographical Area)	31
Thermal Generation and Trading	37
Enel Green Power		41
Enel Grids		47
End-user Markets	53
Holding and Services	57
Definition of performance measures	59
Outlook		61

	CONDENSED
.	CONSOLIDATED
FINANCIAL
STATEMENTS AT
MARCH 31, 2024	63
Condensed Consolidated Income
Statement		65
Statement of Consolidated
Comprehensive Income	66
Condensed Consolidated Statement
of Financial Position		67
Statement of Changes in
Consolidated Shareholders' Equity	68
Condensed Consolidated
Statement of Cash Flows	70
Notes to the condensed
consolidated financial
statements at March 31, 2024	71
Declaration of the officer
responsible for the preparation
of the Company financial reports
pursuant to the provisions
of Article 154-bis, paragraph 2,
of Legislative Decree 58/1998	99

5

6	Interim Financial Report at March 31, 2024

1 Report on Operations

2 Condensed consolidated financial statements at March 31, 2024

1.

REPORT ON

OPERATIONS

7

8	Interim Financial Report at March 31, 2024

1 Report on Operations

2 Condensed consolidated financial statements at March 31, 2024

HIGHLIGHTS

		1st Quarter
SDG		2024		2023	Change
	Revenue (millions of euro)	19,432		26,414	-26.4%
	Gross operating profit (millions of euro)	5,892		4,765	23.7%
	Ordinary gross operating profit (millions of euro)	6,094		5,463	11.6%
	Profit attributable to owners of the Parent (millions of euro)	1,931		1,034	86.8%
	Ordinary profit attributable to owners of the Parent (millions of euro)	2,180		1,512	44.2%
	Net financial debt (millions of euro)	60,696		60,163(1)	0.9%
	Cash flows from operating activities (millions of euro)	4,639		3,482(2)	33.2%
	Capital expenditure on property, plant and equipment and intangible assets	2,587		2,873	-10.0%
	(millions of euro)(3)
	Total net efficient installed capacity (GW)	81.3		81.4(1)	-0.1%
7	Net efficient installed renewables capacity (GW)	55.8		55.5(1)	0.5%
7	Net efficient installed renewables capacity (%)	68.6%		68.2%(1)	0.6%
7	Additional efficient installed renewables capacity (GW)	0.41		0.27	51.9%
	Net electricity generation (TWh)(4)	48.68		53.79(5)	-9.5%
7	Net renewable electricity generation (TWh)	32.70		29.95(5)	9.2%
9	Electricity distribution and transmission grid (km)	1,900,955		1,899,419(1)	0.1%
9	Electricity transported on Enel's distribution grid (TWh)	120.2		122.2	-1.6%
	End users (no.)	70,447,362		72,852,049	-3.3%
9	End users with active smart meters (no.)	45,341,460		45,965,120	-1.4%
	(6)
	Electricity sold by Enel (TWh)	72.9		78.2	-6.8%
	Retail customers (no.)	60,308,129		66,733,014(5)	-9.6%
	- of which free market	23,917,657		28,133,930(5)	-15.0%
11	Storage (MW)	1,733		1,730(1)	0.2%
11	Public charging points (no.)(7)	25,044		24,281(1)	3.1%
11	Demand response capacity (MW)	8,127		8,103	0.3%
	No. of employees	60,905		61,055(1)	-0.2%

1. At December 31, 2023.
2. In order to improve presentation, for comparative purposes only, realized financial income and expense on interest rate hedge derivatives, a total €65 mil- lion in the 1st Quarter of 2023, included in the section on cash flows from financing activities, have been reclassified under the item "Interest expense and other financial expense and income paid and received" included in cash flows from operating activities.
3. Does not include €103 million regarding units classified as held for sale or discontinued operations (€145 million in 2023).
4. If net generation operated through joint ventures was also included, total generation would amount to 52.7 TWh at March 31, 2024 (57.0 TWh at March 31, 2023); similarly, generation from renewable sources would amount to 36.7 TWh at March 31, 2024 (33.1 TWh at March 31, 2023).
5. The figure for the 1st Quarter of 2023 reflects a more accurate calculation of the aggregate.

(6) Of which 29.3 million second-generation smart meters in the 1st Quarter of 2024 and 26.0 million in the 1st Quarter of 2023. The overall decrease reflects the sale of assets held in Romania (1.3 million smart meters at March 31, 2023).

1. If the figures also included charging points operated through joint ventures, they would amount to 26,188 at March 31, 2024 and 25,337 at December 31, 2023.

Highlights 9

FOREWORD

The Interim Financial Report at March 31, 2024 has been prepared in compliance with Article 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 (Internation- al Accounting Standards - IAS and International Financial Reporting Standards - IFRS) issued by the International Accounting Standards Board (IASB), as well as the interpretations of the International Financial Reporting 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.

Article 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 report at the close of the 1st and 3rd Quarters of the year. The new rules give CONSOB the power to issue a regulation requiring issuers, following an impact analy- sis, to publish periodic financial information in addition to the annual and semi-annual financial reports. In view of the foregoing, Enel intends to continue voluntarily publishing an interim financial report at the close of the 1st and 3rd Quarters 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 quarterly reporting requirements of a number of major listed subsidiaries.

10 Interim Financial Report at March 31, 2024