Enel S p A : Investor Presentation Updates March 2021

Agenda

The next 10 years

Our ambitionsValue for all

The next 3 years

Our ambitions in medium-term targets

Sustainable growth and valueSustainable 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…

Source: IEA, World Energy Outlook 2020, Sustainable Development Scenario | Grid data from BNEF, NEO2020, Europe Figures 1. Europe

12

Global RES CapacityShare of capacity connected to distribution grids1

Electrified energy consumption

10

8

6

4

2

2.7

(TW)

12.0

0

2019

2040

60%

50%

40%

30%

20%

10%

33%

56%

0%

2019

2040

33

(kTWh)

31

29

27

25

23

21

19

23

33

17

15

2019

2040

4

…and platform-based business models will manage increasing levels of complexity...

Why utility as a platform?

Generation

… while driving data-flows across company structures

From the Sylos age...

…to the digital platform architechture…

...enabling new operating and business models

Platform Operating Model

Enabling innovation, extraction of additional value from existing assets and selling services to third parties

6

…as well as in the digital and platform development journey

Platformisation process

Enel's Platform

Leadership in asset classes and digital & platform open us new ways to create value

Models to create value Ownership business model

Platforms as business enhancer

Direct investments in growing renewables, networks and customers supporting long term sustainable growth

Provide key services, products or know-how enabled by our platforms catalyzing investments of third parties to maximize our and their value creation

Stewardship business model

Platforms as business generator

Activities

Operating platforms

Offer operating platform services to third parties through know how and best practices developed over time

Business platforms

9

Reshaping global energy sector calls for unprecedent investments levels…

Source: IEA, World Energy Investments 2020 and IEA, World Energy Outlook 2020, Sustainable Development Scenario

1 .4 0

Investments share 2020-40

1 .2 0

1 .0 0

0 .8 0

0 .6 0

0 .4 0

0 .2 0

0 .0 0

2020-2040

2010-2019

0 .7 0

0 .6 0

0 .5 0

0 .4 0

0 .3 0

0 .2 0

0 .1 0

0 .0 0

2010-2019

2020-2040

0 .7 0

0 .6 0

0 .5 0

0 .4 0

0 .3 0

0 .2 0

0 .1 0

0 .0 0

2010-2019

2020-2040

…where Enel will keep the leadership going forward…

Investments activated for the energy transition

100.00

~190

90.00

80.00

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00

2021-30

Enel

• 1. It includes equity injections

• 2. Includes leased and served buses

Third parties

…through its ownership business model…

Enel

Third parties

1. Italy and Spain

…and a structured stewardship business model that will catalyse additional third parties investments…

Ownershipmodel

>150 €bn

Stewardshipmodel

~40 €bn

~10 €bn

EnelThird parties

1.

It includes share of income from JVs and capital gains

Capex by cluster

Enel's adjusted EBITDA1

Enel's direct investments ~10 €bn

4.0

2.8

2021-30 ~40 €bn

2021-30 ~17 €bn

Fair Value of JVs & Partnerships

10.1

Renewables	Fiber	Operating platforms
E-transport	Flexibility	Business platforms
& Other	JVs & Partnership

~10 €bn

…creating long term growth…

EBITDA 2020-2030 (€bn)

Net Income 2020-2030 (€bn)

…and sustainable shared value

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 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

Strategicactions

(GW)

Global market share

1 40 .0 0

1 20 .0 0

1 00 .0 0

8 0. 00

6 0. 00

4 0. 00

2 0. 00

0 .0 0

2020

Ownership

~145

2030

Stewardship

Global Power Generation

140 .0

120 .0

The ownership model in GPG: +75,000 MW in 10 years, tripling our capacity

2021-30 Owned capacity

RES Capacity evolution

Capacity split

By geography

100 .0

80.0

60.0

40.0

20.0

0.0

2020

By tech

Capex & Profitability

Gross capex1

~53%

Maintenance

Capacity additions

2030

Countries with integrated presenceCountries with potentialintegrated presence

~60 €bn development

Global Power Generation

The stewardship model in GPG: catalysing capital for accelerated value creation and growth

Stewardship additional capacity

(GW)

30.0

25.0

20.0

15.0

10.0

5.0

3.6

0.0

2020

Additional Capacity

xx

2030

1.

It includes share of income from JVs and capital gains

Capex stewardship model

Value creation

Global Power Generation

Leveraging on

A 206 GW pipeline that is growing worldwide

Renewables Pipeline (GW)

GENERATIONSTORAGE

Mature Pipeline

By technology

By geography

Europe

• 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.

North America

Latin America

RoW

Flags indicate countries with work force presence 1. 2020 expected figures 2. Calculated as added pipeline/actual pipeline

Leveraging on

A worldwide platform-based development1

BD global presence

Global Power Generation

Leveraging on

A worldwide platform-based E&C1

Built capacity evolution (MW)

Flags indicate the countries with work force / assetes 1. 2020 expected figures (except for built capacity)

2.

Automation KPI excluding repowering projects

Global Power Generation

Leveraging on

A worldwide platform-based O&M model1

North & Central

America

>360

RES global presence

Europe

78%

9.7

21%

>3.1k18%

Latin America

Africa, Asia &

72%

13% 14.7

3% 22.8

4%

Oceania

>900

14%

>701.4

Countries

(#)

23

Generating units2 (#)

52%

~16k

Headcount

75%

Capacity (GW)

Hydro

Solar

Wind

Other

48%

Headcount

A big platform

External HC

(#)

~5k

Plants3

A highly digital platform

Remote fleet

100%

Digital workers

An efficient platform

>4.5k

Lost production 2023 vs 2020

(#)

-7%

Opex/MW 2023 vs 20204

Flags indicate the countries with work force/assets	3.	Of which 23 plants operated in JV partnerships
1. 2020 expected figures 2. Of which 7k wind turbines, 5k solar inverters, 1.5k hydro & geo	4.	Opex/MW related to O&M

~1.2k

~86%

-10%

Global Power Generation

Leveraging on

Hybridization of renewables - Battery storage

Value proposition

• ✓ RES risk mitigation, avoiding curtailments for RES

• ✓ Generate additional margins through capacity payments and ancillary services

• ✓ Compliance to regulated tenders

BESS energy storage 2030

Cumulated capex 2021-30

Global Power Generation

Leveraging on

Hybridization of renewables - Green hydrogen

Value propositionMain value drivers

• ✓ Sale of hydrogen to industrial offtakers

• ✓ RES plant optimization

• ✓ Savings on Capex and Opex arising from synergies with RES plant

• ✓ Flexibility services

2020

Green hydrogen capacity

(400)

Production

(Kton)

2023

2030

Global Power Generation

Acceleration in RES capex resulting in a c.80% RES share capacity and production

Capacity evolution1

(GW)

250 .0

200 .0

>170

150 .0

87.6

100 .0

>80%

50.0

56%

0.0

2020

2030Renewables

• 1. It includes renewable managed capacity and nuclear capacity

  Conventional Generation

• 2. It includes renewable managed production and nuclear production

Production evolution2

(TWh)

390.0

340.0

290.0

240.0

190.0

140.0

90.0

217

~400

~80%

53%

-10.0

40.0

2030

2020

Global Power Generation

Accelerating exit from coal to 2027 from 2030

Coal capacity evolution

(GW)

18.0

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

2017

2019

Coal capacity Old Plan (GW)

Coal production (TWh)

2017

2020

2027

Coal production on total

8.9

Coal emissions (mn ton)Plants (#)

2020

2027

Global Power Generation

Boosting reduction target in GHG emissions, in line with 1.5° scenario

500 .000

450 .000

400 .000

350 .000

300 .000

250 .000

200 .000

Scope 11

150 .000

(gCO2eq/kWh)Scope 32 (Mton CO2)

414

298

214

100 .000

50.000

0.0 00

2017

2019

2020

• 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

148

FULL DECARBONIZATION

82

2023

Previous SBTi target

2030

2050

(€bn)

80

70

60

50

40

30

20

10

0

300

(min)

250

200

150

100

50

0

2020

2030

2020

2030

Infrastructure&Networks

Capex expansion set to enhance global leadership position

2021-30 Cumulated capex1

By geography

Regulated Asset Base

(€bn)By nature

80

EuropeAverage 2021-30 capex. (€bn)RoW

Quality & ResiliencyDigitalisation

Connections

70

60

50

40

30

20

10

-

2020

2030

1.

Organic capex

Infrastructure&Networks

Create value without increasing costs for end users

Value creation

15

RAB/end user (€/cl)

800

750

700

650

600

550

500

450

400

2020

2030

End users (mn)

1.

Real Terms. Tariff/end user 2020E.

Opex/end user1 (€/cl)

45

40

35

30

25

20

10

5

-

Quality (SAIDI)

Tariff/end user1

(€/cl)

160

140

2020

2030

30

120

100

80

60

40

20

-

~140

~140

2020

2030

Infrastructure&Networks

Leveraging on

A single global platform

A single platform…

..enhancing key business drivers…

..for a superior performance

Smart meters coverageUser/Remote control pointOpex/End user1 (€/cl)SAIDI (min)

2020

2030

1.

Real Terms

Infrastructure&Networks

Leveraging on

The highest digitalisation expertise

Digitalization investments

Smart meters

Digitalisation KPIs

(mn)

4 6. 50

4 6. 00

4 5. 50

4 5. 00

4 4. 50

4 4. 00

4 3. 50

4 3. 00

4 2. 50

4 2. 00

4 1. 50

4 1. 00

4 0. 50

4 0. 00

3 9. 50

3 9. 00

3 8. 50

3 8. 00

3 7. 50

3 7. 00

3 6. 50

3 6. 00

3 5. 50

3 5. 00

3 4. 50

3 4. 00

3 3. 50

3 3. 00

3 2. 50

3 2. 00

3 1. 50

3 1. 00

3 0. 50

3 0. 00

2 9. 50

2 9. 00

2 8. 50

2 8. 00

2 7. 50

2 7. 00

2 6. 50

2 6. 00

2 5. 50

2 5. 00

2 4. 50

2 4. 00

2 3. 50

2 3. 00

2 2. 50

2 2. 00

2 1. 50

2 1. 00

2 0. 50

2 0. 00

1 9. 50

1 9. 00

1 8. 50

1 8. 00

1 7. 50

1 7. 00

1 6. 50

1 6. 00

1 5. 50

1 5. 00

1 4. 50

1 4. 00

1 3. 50

1 3. 00

1 2. 50

1 2. 00

1 1. 50

1 1. 00

1 0. 50

1 0. 00

9 .5 0

9 .0 0

8 .5 0

8 .0 0

7 .5 0

7 .0 0

6 .5 0

6 .0 0

5 .5 0

5 .0 0

4 .5 0

4 .0 0

3 .5 0

3 .0 0

2 .5 0

2 .0 0

1 .5 0

1 .0 0

0 .5 0

0 .0 0

2005

2010

2015

2020

Infrastructure&Networks

Leveraging on

Distinctive Intellectual Property value

Market share by vendor1

1.

Cumulated since 2000, excluding China

Smart meter as the pivot of a digital network architecture

100

• 1. Europe gross margin per customer

• 2. Europe free market. 2020E.

(€/Cl/y)

150

130

110

90

70

50

30

(TWh)

2020

2030

Avg.

Unitary consumption

(MWh/cl/y)2

90

80

70

60

50

40

30

20

10

0

2020

2030

• 1. Europe gross margin per customer. 2020E.

• 2. 2020E.

(€/cl/y)

400

350

300

250

200

150

100

50

0

200

(Gross Margin, €bn)

2

1.8

1.6

1.4

1.2

0.8

0.6

0.4

0.2

1

0

2020

2030

2020

Commodity

2030

Beyond commodity

Strategicactions

(k)

(mn)

4.5

1 20 0 0

4

1 00 0 0

8 00 0

3.5

3

2.5

6 00 0

2

1.5

4 00 0

1

2 00 0

0.5

0

0

2020

2030

2020

2030

1.

Includes leased and served buses

Customers

Leveraging on

The largest customer base with 70 mn customers1

World's largest customer base in power market

Europe

• 1. Power and gas customers. 2020 expected figures (except for # of customers)

• 2. Real terms

Customers

Leveraging on

Digital platforms to handle the business1

Operating platform for customers at Group's level

1.

Customer segments covered by Enel X plaftorms

B2C

Offering integrated

B2B

with commodity

Home appliances ecosystems

Flexibility services

B2G

Cross segment platforms

Customers

Leveraging on

A growing portfolio of integrated offering

B2C key offering

Charging points (#)

4500

4000

3500

3000

2500

2000

1500

1000

186k

500

0

>4mn

2020

2030

1.

Includes leased and served buses

B2B key offering

Demand Response (GW)

B2G key offering

Electric buses1 (k)

1 20 0 0

25

20

15

10

5

2 00 0

0

1 00 0 0

8 00 0

6 00 0

4 00 0

0

2020

2030

2020

2030

Enel @2030

Value for all

The path to transformation

Decarbonization

Electrification

Digital & Platforms

• 1. Europe

• 2. It includes interoperability points

Creating value for our customers, society and the environment

Customers

Society and Environment

• 1. vs 2019 Europe

• 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

45

• 1. It includes renewables and thermal generation. 2020E.

• 2. Real terms. 2020E.

• 3. Compared to Enel's consumption in 2020

• 4. Europe gross margin per customer. 2020E.

• 5. It includes share of income from JVs and capital gains

Creating value for shareholders

3Y Dividend Policy (DPS €/Share)

3Y Total Return2

• 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

100.00

~190

90.00

80.00

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00

EnelThird parties

• 2. Includes leased and served buses

• 1. Includes equity injections

…driven by investments through the ownership business model…

Enel

Third parties

1. Europe. Commodity only.

…supported by the stewardship business model…

Ownershipmodel

~ 38 €bn

Stewardshipmodel

~10 €bn~2 €bn

EnelThird parties

• 1. Including share of income from JVs and capital gains

• 2. Fair Value of contracts in place as of 2023 calculated for full life

Investments by cluster

Enel's adjusted EBITDA1

Enel's direct investments ~2 €bn

0.3

Value of contracts from 20232

2021-23 ~10 €bn

1.4

2021-23 3.3 €bn

1.6

Fair Value of JVs & Pnships

Renewables	Fiber	Operating platforms
E-transport	Flexibility	Business platforms
& Other	JVs & Partnership

8.6 €bn

4 €bn

… crystallising already in the mid term growth and profitability…

EBITDA (€bn) Net Income (€bn)

35 30 CAGR 20-23 5-6% CAGR 20-30 5-6% FY 2020 25 17.9 20 15 10 ~18 5 0 2020E 2023 2030	12 CAGR 20-30 6-7% 10 CAGR 20-23 8-10% 8 FY 2020 6 5.2 4 5-5.2 2 0 2020E 2023 2030
+300 bps GNI/EBITDA

…on sound financial metrics

FFO/Net Debt

Net debt/EBITDA

Enel @2023

Our ambitions in medium-term targets

1. 65 €bn ownership capex does not include Investments in storage for 5 €bn

Global Power Generation

Renewables ownership business model

2021-23 Owned capacity

RES Capacity evolution

Capacity split

By geography

Capex & Profitability

Gross capex1

By tech

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0

2020

Capacity additions

1. Of which 1.1 €bn asset management

~58%

2023

Countries with integrated presence

Countries with potentialintegrated presence

Global Power Generation

Renewables stewardship business model

Stewardship additional capacity

9.0

(GW)

8.0

7.0

~8

6.0

4.1

5.0

4.0

3.0

3.6

2.0

xx

1.0

0.0

2020

Additional Capacity

2023

1. Margin of contracts in place as of 2023 calculated for full life

Capex stewardship model

Value creation

Global Power Generation

206 GW of highly diversified pipeline fuels future growth ambitions…

(GW)

250 .0

200 .0

150 .0

100 .0

50.0

0.0

Integrated presencePotential integrated presenceOther countries

• 1. As of December 20°, 2020

  Renewable pipeline1

• 2. Includes storage for 11 GW in early stage and 4 in mature pipeline. Excludes 0.2 GW of storage in execution.

Breakdown by growth cluster

Global Power Generation

…with high level visibility on mid term development targets

2021-23 Renewables growth1: addressed share vs pipeline2 (GW)

Target additional capacity

In execution

Residual target

• 1. Including managed capacity

• 2. As of December 2020

Pipeline

Global Power Generation

The next three years will mark a further acceleration of power generation decarbonisation…

Capacity evolution1

(GW)

250 .0

200 .0

>170

150 .0

100 .0

50.0

87.6

56%

0.0

2020

2023

~100

2030

Renewables

• 1. It includes renewable managed capacity and nuclear capacity

  Conventional Generation

• 2. It includes renewable managed production and nuclear production

Production evolution2

(TWh)

390.0

340.0

290.0

240.0

265

~400

190.0

140.0

90.0

2020

217

40.0

-10.0

2023

2030

Global Power Generation

…as well as of growth & profitability

EBITDA evolution

(€bn)

RES Management

2020ERES Growth

EGPConventional generation

• 1. It includes nuclear generation, gas and trading

• 2. It includes renewables and thermal generation. 2020E.

• 3. In real terms.

Conventional generation1

EBITDA/MWh (€/MWh)2

EBITDA/MW (k€/MW)2

Opex/MW (k€/MW)2,3

2020

2023

Δ

• 34 +10%

• 85 +20%

• 30.4 -7%

2023

80

70

60

50

40

30

20

10

300

0

250

200

150

100

50

~100

0

2020

2023

2030

2020

2023

2030

Infrastructure&Networks

Sharp increase in investments leads to a 14% growth in RAB…

Cumulated capex (€bn)

(€bn)

35.00

30.00

25.00

20.00

16.2

15.00

11.8

10.00

2020-22 plan

4.0

5.00

0.00

4.8

2021-23

Quality & Resiliency

2021-30

Avg.

(€bn)

2021-23 Cumulated capex

Group RAB

(€bn)

80

70

2030

60

50

40

30

20

10

-

2020

48

2023

Digitalisation

Connections

RAB IN/RAB OUT (2021-2023)

EuropeRoWEuropeRoW

Infrastructure&Networks

…and progression in digitalization and quality of service

End users and digitalization process

End users (mn)

Share of digitalized end users

2020

100

90

74

~77

80

70

60

50

40

30

20

10

-

2020

2023

2030

Europe

RoW

Share of digitalized end users @2030

1.

In real terms

SAIDI (min)SAIFI (#)Opex/end 1 user (€/cl)Quality and reliability

2020

2023

2030

Infrastructure&Networks

Double digit growth supported by capex accelerationand efficiencies

EBITDA evolution

(€bn)

10.0

0.3

9.5

2020E

• 1. In real terms

  RABEfficiencyRegulatory &

  Tariff

• 2. Margin of contracts in place as of 2023 calculated for full life

RAB/end user (€/cl)

0.5

Opex/end user (€/cl)1

2020

~560 41 104

2023

• 624 +11%

• 34.5 -16%

  Volumes

  2023

  Δ

• 1. Europe gross margin per customer

• 2. Europe Free market. 2020E.

(€/cl/y)

190

170

150

130

2030

110

-10

90

70

50

30

10

2020

2023

Avg. Unitary consumption

(MWh/cl/y)2

(TWh)

(€/cl/y)

400

0

• 1. Europe gross margin per customer. 2020E.

• 2. 2020E.

350

300

250

200

150

100

50

(€bn)

1.4

1.9

1.4

1.2

0.2

1.1

0.4

2020

2023

2030

0.8

0.6

0.4

0.2

1

0

2020

2023

2030

CommodityBeyond commodity

(k)

1 20 0 0

1 00 0 0

8 00 0

6 00 0

4 00 0

2 00 0

0

Public charging points2 (k)

>10

5.5

0.9

2020

2023

(mn)

4.5

4

2030

+17%

3.5

3

2.5

2

1.5

1

0.5

0

2030

2020

2023

• 1. Includes leased and served buses

• 2. Includes interoperability points. 2020E.

Customers

Increasing share of free market customer base

Developed markets (Europe)1

(mn)

Developing economies (Latin America)

1.

Power and gas customers

Customers

42

45. 0

39

40. 0

35. 0

30. 0

25. 0

20. 0

15. 0

10. 0

5.0

0.0

19	5
34
23

2023

2020

35

30

25

20

15

10

5

0

28

29

2020

Free Market

(TWh)

250.0

180

200.0

150.0

43

100.0

137

50. 0

0.0

2020

180

160

140

120

100

80

95

60

40

20

0

2023

2020

Regulated Market

Electricity sold

205

13

+40%

192

2023

117

2023

Customers

Retail and Enel X

Cumulated capex

1

EBITDA/cust.1

(€/cl)

Opex/Custumer

(€/cl)2

• 1. Power and gas customers.

• 2. In real terms. 2020E.

  Ownership - Retail

• 3. It includes interoperability points

EBITDA evolution (€bn)

5

4

4

3

3

2

2

1

-

2020

2023

Stewardship - Enel X

Cumulated capex

EnelThird parties

1

1

0

0

0

0

0.2

-

Bus (k)

Charging points3 (k)

Demand Response (GW)

Storage (MW)

EBITDA evolution (€bn)

0.5

2020

2023

0.9 5.5

~186 ~780

6 10.6

123 527

Enel @2023

Sustainable growth and value

Capex split e EBITDA growth by GBL

Cumulated catalyzed investments 2021-23

Incremental EBITDA 2021-23

RenewablesNetworksThird parties

• 1. Of consolidated Capex

  Conventional generationRetail & Enel X

• 2. Alignment to EU Taxonomy criteria (Climate Change Mitigation)

1

80%/90% EU

Taxonomy eligible1,2

(€bn)

2023 vs 20

Creating value for Enel

4.. Europe gross margin per customer. 2020E.

• 1. It includes renewables and thermal generation. 2020E.

• 2. In real terms. 2020E.

• 3. Compared to Enel's consumption in 2020

5. Including share of income from JVs and capital gains 2020E.

73

Enel @2023

Sustainable finance & financial management

A strong financial position

Source of funds allocation 2021-23

Net debt evolution

(€bn)

60. 0

50. 0

46.2

40. 0

30. 0

20. 0

10. 0

0.0

9.4

Sources of funds

Incremental debt

Gross capex1

1.

Includes capex associated with stewardship model

(40.0)

(€bn)

2 8. 5%

25%

26%

26%

80.0

2 3. 5%

(15.6)Dividends

70.0

60.0

50.0

40.0

30.0

20.08 .5 %

10.0

1 8. 5%

1 3. 5%

- 3 .5 %

2020

2023

2030

FFO/Net debtNet debt/EBITDA

Excellent credit quality and well distributed maturities

Net Debt/EBITDA of top European Utilities1

3.5

Liquidity and debt maturity by year

(€bn)

2.5

1.5

0.5

3

2

1

0

30

3.4x

25

20

15

10

5

0

Available liquidity2

2021

Yearly refinancing on average gross debt

• 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

2022

Maturities/Gross Debt

2023

New plan

2021-23

Last 3 years

A growing share of sustainable finance

Sustainable Finance evolution

Expected impact on cost of debt

120.0

Sustainable sourcesTraditional sources

100.0

80. 0

60. 0

40. 0

20. 0

0.0

Conventional	Sustainability	Sustainable Bond
Bond	benefit	Kd
Kd

(€bn)

EU recovery plan to drive an increase in European investments

EU budget 2021-27

Next Generation EU 2021-24

Enel capex in Europe

Recovery

Plan

2020-22 plan

2021-23 plan

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

• Centralized new funding

• Bond refinancing 8.3 0.9%

• Bank loans 4.7 1.3%

• Emerging markets

• Total 24.0 2.0%

1.

Enel estimates on current cost associated with financial instruments

Financial strategy for 2021-23

Amount (€bn)Expected cost1

• 6.5 0.9%

  Current total cost

• 4.5 6.0%

  4 .1 %

  3 .9 %

  3 .7 %

  3 .5 %

  3 .3 %

  3 .1 %

  Net Financial

  Expenses

  Cost of debt evolution 2020-23

  2020

  2021

  2022

  2023

  Share of sust.

  finance

  Cost of debt

  New PlanCost of debt

  Old Plan

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

1.2

1.1

0.9

0.8

0.7

1

Contracted & regulated activities

1.14

0.6

• 1. As of November 20th 2020.

• 2. Volume sold forward in year n-1

REN development secured

Additional Capacity 2021-23 (GW)Gap to target (GW)

2021-23 pipeline

Merchant

Residual target

Covered by PPA

Forward sales

Hedge w/retail portfolio2

Power production volumes and margins locked in thanks to long customer position in Europe…

Integrated margin - Generation GM vs retail GM

60.0

Hedging position on price driven production

160%

50.0

40.0

30.0

20.0

10.0

-

Generation Gross margin

A

Retail portfolio

2021

2022

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

220

170

120

70

20

>15 yrs10-15 yrs

2020-22

2021-23

Share of PPA sales on total expected production

AAA to A-BBB+ to BBB-BB+ to BB-B+ to CCC-

C&I

Utilities / Discos

5-10 yrs< 5 yrs

84

2021-23

Targets

2021-2023 Financial Targets

Earnings growth

Ordinary EBITDA (€bn)

Net ordinary income (€bn)

Value creation

Guaranteed DPS (€/sh)

Implied Dividend Yield1 (%)

+5% / +6% 8% / 9%

5.2

0.358

4.3%

5.4-5.6

0.38

4.6%

5.9-6.1

0.40

4.8%

6.5-6.7

0.43

5.2%

+6%

1.

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

Closing remarks

Closing remarks

Full Year 2020

Consolidated results

Francesco Starace

CEO

Key highlights of the year

Results & shareholders remuneration

Push on decarbonisationGroup simplificationCredit rating improvements

A remarkable operational and financial performance amidst COVID-19 pandemic

Operational delivery…

…coupled with outstanding financial performance

Top notch delivery, preserving asset continuity and people's health

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

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

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

• 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

Stewardship1

Capex by business model and GBL

10.2

Ownership

1 0. 00

8 .0 0

6 .0 0

4 .0 0

2 .0 0

0 .0 0

FY 2020

Global Power Generation

1.

Retail

It does not include 0.1 €bn of equity injections.

Ownershipmodel

NetworksEnel XOther

• 1. It includes nuclear generation and production from renewable managed capacity.

• 2. It includes nuclear and renewable managed capacity.

GHG emissions (g CO2eq/kWh)

Set new additional capacity record with 3,100 MW built in 2020 notwithstanding COVID-19

Renewable capacity evolution (GW)

Emission free share of production1

Total capacity

57% emission free

65% emission free

3.7

FY 2019

42.1

Built

0.3

-

3.6

45.0

Emission free production +8 p.p.

vs previous year

DisposalFY 2020

Consolidated capacityManaged capacity

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)

38. 00

Coal production on total1

Coal capacity (GW)

Coal capacity on total1

13.0 0

33. 00

28. 00

23. 00

18. 00

13. 00

8.00

12.0 0

11.0 0

10.0 0

9.00

8.00

7.00

6.00

5.00

FY 2019

FY 2020

FY 2019

FY 2020

1.

Does not include managed capacity and production

Renewable pipeline up 1.5x enhances visibility on delivery

Renewables Pipeline (GW)

Capacity addressed

• 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.

Residual target

100