3Q & 9M 2021 Results

3Q AND 9M 2021 RESULTS

Paolo Merli - CEO

12 November 2021

DISCLAIMER

This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based. There can be non assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.

AGENDA

• 3Q 2021 Highlights
• • Key Figures
  • Recent Developments
• Results Review
• • Business Environment
  • 3Q 2021 Group EBITDA
  • Results by Segments
• Key Financials
• • Profit & Loss
  • Investments
  • Cash Flow Statement
• 2021 Guidance and Conclusions
• Appendix

HIGHLIGHTS: KEY FIGURES

362

EBITDA (€ mn)

400

99 119

EBITDA Margin

CCGT

Hydro

Solar

Wind

Corporate

CAPEX (€ mn)

367

110

23	56

9M 2020 9M 2021

3Q 2020 3Q 2021

Net Profit (€ mn) 130

79

30

9

9M 2020 9M 2021

3Q 2020 3Q 2021

	9M 2020 9M 2021	3Q 2020 3Q 2021
		NFP (€ mn)
			1,829
Derivatives	1,439
Adj.(1) NFP excl.

IRS Derivatives

			4
31/12/2020	30/09/2021

(1) Adjusted means net of special items and IFRS 16, IFRS9 plus IFRS 5 effects.

RECENT DEVELOPMENTS: ASSET ROTATION

Key terms of ERG Hydro disposal

Strategic Rationale

Agreement signed on August 2:

• Total EV: €1bn
• Total FTE involved: 114
• Positive agreement with Trade Union
• CPs satisfied: antitrust/golden power authorization
• First step to achieve a pure RES W&S portfolio
• Anticipate cash flow to support scale growth in RES
• Lower portfolio merchant exposure
• Enhancing geographical diversification

~110~1,240

(€ mn)

~130

1,000

EV paid by ENEL	Expected(1) price	Expected 2021 ERG	Adj Total EV @
estimated on	adjustments (Derivatives	Hydro net cashflows	31.12.2020
1.1.2022	MTM, other customary	(accounted for in
	adjustments)	ERG's 2021
		statement)

(1) Based on internal estimates at 30/09/2021

5